12 Step Meeting. Summary

Meeting How did the meeting start? It all started with an opening speech from the guest speaker who was once an alcoholic and has been sober for over rays. Was one of the 12 Steps discussed, or many? Yes, all 12 steps were discussed In brief during the meeting since It was the first 12 steps meeting for this new group. Was there a personal testimonial? Yes, the floor was opened to all members who are willing to share their personal testimonies. Eleven people shared their personal testimonies during the meeting.What did you like about the meeting? The sense of belonging that was given to each member without condemnation was very inspiring to me. Members were able to share their personal alcohol issues without been ashamed or laughed at by other members. What did you dislike? It requires genuine honesty for success. For which individuals does a 12 step approach work best? This works best for individuals who are ready to be committed to the program and also ready to welcome the support group into his life by been open minded.Which individuals does a 12 step not work well? Anyone who doesn't open up to members for support. Please include a one to two page typed summary of the meeting which incorporates an overview of the meeting along with your thoughts, feelings, and overall experience. The meeting started with an opening speech by the guest speaker who also was an alcoholic and has been sober for arrears. The guest speaker started by sharing his personal issues with alcohol, how he overcame it and the consequences he suffered while he was an alcoholic.The guest speaker was able to relate with each member based on the common ground they all share that is, alcoholic. He then opens the floor to members to share their personal testimonial with the group. Eleven members stood up to share, and they all began their statement the same way; â€Å"My name is†¦ And I'm and alcoholic†. The 12 steps were introduced to the new members and how to use each step was d iscussed. The speaker spoke about the challenges and temptations he faced in other to remain sober and how he overcame each imitation each day till date.Also, also reinforced on the importance for staying focus and truthful to the program. Each member took the pledge to remain truthful to the program and to stick to its requirements. The meeting was an eye opening experience for me because each member was able to relate with one another regardless of their race, culture or socioeconomic class. They all developed an open relationship with one another. I came to conclusion that, having a sense of belonging is the best support group

Potential Hazards to Health, Safety and Security Essay

Make sure that I am aware of, and follow, my settings health, safety and security procedures before I start work. Ensure that before I begin any work activities I check and use any risk assessments examine the areas in which I work and any equipment I have to use to ensure that they are safe, hazard free and conform to legal and the settings requirements for health and safety, remove, where possible, hazards that might pose a health and safety risk to myself and others. Take account of individuals’ needs, wishes, preferences and choices, while ensuring my own and the safety of individuals, key people and others when carrying out my work activities. Operate within the limits of my own roles and responsibilities in relation to health and safety. Seek additional support to resolve health and safety problems where necessary. Report health and safety issues to the appropriate people and complete health, safety and security records according to legal and organisational requirements. Minimise risk. Identify and work with others to minimise potential risks in the place where I am working. Ensure that my own health and hygiene does not pose a threat to others. Ensure that the appropriate people know where I am at all times. Check for hazards and health, safety and security risks while I am working, taking appropriate action if there is the likelihood of an accident, injury or harm. Check that people who are present have a right to be there. Use approved methods and procedures when undertaking potentially hazardous work activities, including using correct moving and handling techniques wearing correct personal protective clothing appropriate to the situation, environment and activities using and storing equipment and materials dealing with spillages and disposal of waste. Take appropriate and immediate action to deal with health and environmental emergencies, including fire, security, serious and minor accidents and first aid. Record and report on incidents and emergencies accurately, completely, within confidentiality agreements, and according to the settings policies and legal requirements.

Christian religion Essay

A crucifix is not a mere cross, but a representation of Jesus’ body or corpus. Thus, the latin term corpus christi. Whereas, a cross is a geometrical figure consisting of two lines or bars perpendicular to each other, dividing one or two of the lines in half. The crucifix is crucial to the Christians because it’s the principal symbol of the Christian religion. It is primarily used in the Catholic, Anglican, Lutheran and Eastern Orthodox Churches and emphasizes Christ’s sacrifice which is his death by crucifixion. Prayer in front of a crucifix is often part of devotion for Christians, especially those worshipping in a church, and private devotion in a chapel. The person may sit, stand, or kneel in front of the crucifix, sometimes looking at it in contemplation, or merely in front of it with head bowed or eyes closed. In the Catholic Mass, and Anglican Holy Eucharist, a procession begins Mass in which a crucifix is carried forward into the church followed by lector and servers, the priest, deacon, along with some of the other items used in the service such as the Gospels and the altar candles. The crucifix is also one of the most effective means of averting or opposing demons, as stated by many exorcists, including the famous exorcist of the Vatican, Father Gabriele Amorth. In folklore, it is considered to ward off vampires, incubus and succubus. â€Å"I never witnessed nor even heard about an exorcism without a crucifix, though several students in eighth and ninth grades were prime candidates for such a ritual. †(Gabriel Amorth) Anglican, Roman Catholic, Orthodox, Coptic, and confessional Lutheran Christians generally use the crucifix in public religious services. The standard, four-pointed Latin crucifix consists of an upright stand and a crosspiece to which the sufferer’s arms were nailed. The Eastern Christian crucifix includes two additional crossbars: the shorter nameplate, to which INRI was affixed; and the shorter stipes, to which the feet were nailed, which is angled upward toward penitent thief St. Dismas and downward toward impenitent thief Gestas. It is thus eight-pointed. The corpora of Eastern Orthodox crucifixes tend to be two-dimensional icons that show Jesus as already dead, as opposed to the depictions of the still-suffering Jesus that can be found in some other Churches. They believe the crucifix is in keeping with Scripture, which states that â€Å"We preach Christ crucified, unto the Jews a stumbling block, and unto the Greeks foolishness. †(Rudolph Koch) . Citations: Old Christian Symbols, Rudolf Koch Tree of Jesse Directory, Malcolm Low Crucifix Lane, Kate Mosse Wellness Exorcism, Donald Ardell Jewish Encyclopedia, Kaufmann Kohler

Comparison Between Jesus In Christianity And Mohammed In Islam Essay

Comparison Between Jesus In Christianity And Mohammed In Islam - Essay Example He was born in "Bethlehem" in Palestine (Knight, 2009a). Jesus was the son of "Mary". She gave birth to him without having a sexual relationship with any man ("Jesus and Mohammed", 2006). Jesus' message was to believe in God and to be peaceful with people. In order to deliver this message, he "performed miracles which include turning water into wine, walking on water, cursing a fig tree, healing the sick, multiplying a small meal to feed a large crowd, casting demons out of people, and raising the dead back to life". Also, Jesus was teaching people by telling stories (or "parables"). His message puts God's mercy before his punishment. Jesus started to gain followers. The Jews didn't like Jesus for 2 reasons: 1. The parables told by Jesus "condemned the pride and hypocrisy of Jewish leaders". 2. His message became popular because it focused on God's mercy ("Jesus and Mohammed", 2006). At the "Last Supper", Jesus expected that he will be betrayed and killed. "Judas Iscariot" was one of the people who believed in Jesus' message. He turned against him and cooperated with the Jews. The Jews decided to execute Jesus. They executed him by "crucifixion, which is a slow and painful death by asphyxiation". Jesus was 30 ("Jesus and Mohammed", 2006). Mohammed was born in 570 in "Mecca" in Arabia (Davidmann, 2003). He was "was born to the Quraish tribe. His father Abdulla died before he was born" (Boyce, 2003). His mother died when he was six years old. His grandfather, "Abd al-Muttalib" became responsible for him. Mohammad lived with his grandfather until he died when he was eight. After that, his uncle, "Abu Talib", decided to take care of him. With the help of Abu Talib, Mohammed had the chance to work for a woman called "Khadija". He worked with her caravan. Khadija was a rich woman. She also had a husband but he died. Soon after that, Mohammed married Khadija. Mohammed was 25 and Khadija was 40 (Gottheil, Montgomery, & Grimme, 2002). The first revelation came to Mohamm ed when was forty. He "received a call from the Angel Gabriel, and thus began his active career as the prophet of Allah and the apostle of Arabia" (Knight, 2009b). Mohammed told his wife, Khadija, what happened to him. She believed him. Mohammed started to preach about Islam, but not too many people believed him in the early days of his message (Davidmann, 2003). Early believers included "Mohammed's friend Abu Bakr, his cousin Ali, and Mohammed's slave Zaid" (Boyce, 2003). Mohammed began to preach about his message in Mecca.

The Managerial Accounting Process in General Electric Inc Term Paper

The Managerial Accounting Process in General Electric Inc - Term Paper Example Planning of operations primarily involves the budgeting process. It is associated with the cost of producing a unit of product. Thereafter, the actual performance of the firm is compared along with the budgeted amounts and controlling occurs in those sectors where the difference seems to be significant (CSN, 2011). Simultaneously, along with the development of managerial accounting principles, the traditional accounting system also witnessed a rapid development. However, there are good numbers of firms which are still following the traditional accounting system. But with the increasing global competition and evolution of technologies, production oriented operations are becoming more and more complex. Firms need to do an effective evaluation of the cost that they incur for producing goods so that proper pricing of those goods can be done, which will generate sufficient revenues for the company. Precise cost information is very crucial for every aspect of the business, be it pricing po licies, product designs or performance reviews. These requirements saw the inception of activity based accounting over two decades ago and now is widely used in the US, Europe and Pacific. Similar to managerial accounting, activity-based costing not only includes the evaluation of a company from a financial perspective but also from the wholesome perspective as it includes both financial and non-financial data in its reporting (Gupta & Galloway, 2003). The following section will involve a thorough analysis of the managerial accounting process followed in General electric Inc thereby explaining the significance of Activity-based costing towards the financial performance of the company. Moreover, comments will be made as to whether the use of activity-based costing system will add to the benefits of the company or not. Thereafter, emphasis will be laid on the use of standard costing by General Electric (GE). Standard costing is basically used by companies for comparing standard cost s et by the company with the actual cost that is incurred. Hence it draws attention to the performance of the company with respect to the goal that is set by the company. The fifth part of the project enlightens the benefits of the relevant cost for the future projects of the company. It helps the management of the company to take any crucial decision regarding the acceptance of the project or take make or buy decision. Â  

How far has law moved away from binary understandings of sex and Essay

How far has law moved away from binary understandings of sex and gender Critically discuss with reference to AT LEAST one aspec - Essay Example In the years where the feminist movement was strong, the clamour for laws in relation to gender discrimination was very much significant. In the years which followed said movement, civil provisions were implemented, primarily those seeking to prevent the proliferation of abusive and discriminatory gender-based acts. This paper will now discuss how far the law has moved away from binary understandings of sex and gender. It will critically discuss this issue with reference to the understanding of sex and gender and the gendering of the body. This essay is being carried out in order to establish a thorough review of available studies on gender bias and legal processes which seek to prevent and manage its manifestation. It is also being carried out in order to provide this student a detailed understanding of the available legal processes which have been put in place in relation to gender-based issues and activities. Body The terms sex and gender are often interchanged in their use or app lication. Even if they may refer to similar things, they actually refer to various aspects in a person’s life1. Sex is the anatomical difference between the sexes largely based on how they have developed from birth and to the person’s adolescent years. ... Under these conditions, the social constructs and gender expectation indicate that males are expected to play rough, and females to have a gentler and more refined side4. Males are expected to be physically strong and to play with cars and toy soldiers; females are expected to be physically weak and to play with dolls and non-violent games. The different interpretation and understanding of gender is the main issue for this essay. The current laws are varied based on the countries and the type of societies involved. In the international sphere however, the United Nations has set forth primary laws which are aimed towards protecting the rights of women, veering away from the binary understandings of sex or specific gender descriptions and roles5. The extent to which the law has moved away from binary understandings of sex and gender is a matter which can be evaluated based on specific topics, including the sexing of the body through male and female circumcisions and the sexing of the c hild. When considering the importance of legal gender, it is important to address different questions that help ensure its significant understanding. Some of these issues are legal by nature and others refer to more social considerations6. The current UK laws on legal gender recognize the male and female designations of individuals which are required for UK birth certificates7. These designations indicate legal sex and gender. These designations are also founded on sexual or anatomical considerations. A legal precedent in the UK on gender refers to the Corbett v. Corbett case in 1970 where the husband of a transsexual named April asked the courts to nullify their marriage because April was legally a male at

Demonstrative Communication Paper Essay Example | Topics and Well Written Essays - 1000 words

Demonstrative Communication Paper - Essay Example The important aspect of demonstrative communications is to listen and respond. Highlighting the importance of listening Kahane (2007) in the book â€Å"Solving Tough Problems: An Open Way of Talking, Listening, and Creating New Realities† argues, â€Å"Listening requires opening ourselves. Our typical patterns of listening in difficult situations are tactical, not relational. We listen what we expect to hear. We sift through other’s views for what we can use to make our own points.† (p. x) Listening and responding are like alternative beats of the same heart. Demonstrative Communication can be Effective and Positive Demonstrative communication involves sending and getting wordless information. Its use is to strengthen verbal communication, though it has the capacity to stand alone and deliver messages of its own. Among all non-verbal communications, facial expressions are most common and important and they account for majority of the communications. Similarly â⠂¬Å"Body Language is very relevant to management and leadership, and to all aspects of work and business where communications can be seen and physically observed among people. Communication includes listening. In terms of observable body language, non-verbal (non-spoken) signals are being exchanged whether these signals are accompanied by spoken words or not.†(Body†¦) Demonstrative communication buttresses verbal communication. To cite an example, the style of the apparel, the disciplined handshake, and the friendly half-smile speaks a lot about the personality and inner world of an individual. When these qualities get assimilated with the verbal presentation, the final outcome is bound to be sterling. In a personal encounter, what you speak is important, but how you speak what you speak is more important. Kevin Hogan (1999) in his book â€Å"Talk Your Way to the Top—Communication Secrets to Change Your Life† argues â€Å"Communication is far more than what you say. It’s how you say â€Å"it.† Communication is about listening and talking and the act of mutually disclosing inner feelings and thoughts to others.†(p.17) Each and every movement of the various parts of the body has something to reveal about the personality of an individual. The tone of a casual â€Å"hello† is like holding the mirror for the goings on in the mind, whether one is an aggressive personality or a calm and collected individual. A person can know what the estimate of others by the non-verbal signals transmitted towards him. Such a reaction can be employed for immediate corrective measures to enable the concerned individual to work for his advantage. For example, you are told the price of a newly launched car model; you take a step back and exclaim â€Å"My God!† The salesman, well-versed in the art communication, is able to gauge your thinking process that probably he is not the one of the possible buyer of a high-priced car and will think of showing him cheaper, alternative models. Possibility of Ineffective and Negative Demonstrative Communication In a given day, one uses different types of demonstrative communications without being actually aware of the fact that one is doing so. They just become part of life. Tattoo marks, the pendant, the favorite color, the perfume, hairstyles, the apparel, are all examples of demonstrative communication. One reveals some part of the personality by such embellishments. They are meant to be the positive

Social Entreprenurism Case Study 2 Coursework Example | Topics and Well Written Essays - 1000 words

Social Entreprenurism Case Study 2 - Coursework Example For example, laws are passed to deter cases of unfair treatment to employees while numerous organizations examine the business operations of a company in relation to environmental preservation, use of non-hazardous raw materials, and what not. It is through the marriage of these two ‘formerly contradictory’ concepts that social entrepreneurship came to existence. As such, some of the key issues that social entrepreneurship confronts are as follows: (1) how important are social values in the formation of a company’s business strategy? and (2) how do these values guide the overall operations of a company—specifically, in the way it manages its external publics? These questions will be answered through a critical examination of the case assigned—Ibrahim Abouleish’s Sekem. In the end, this paper aims to reinforce its thesis that the proper integration of social values into the business operations of a social enterprise lies in the adoption of an ‘innovation strategy’. According to Leadbeater (2007),â€Å"a social enterprise offers a new way to do business that is animated by a social purpose† (p. 2). Unlike a normal business enterprise that measures its success through the attainment of its set objectives (whether sales growth, market expansion, operational efficiency, or brand building), a social enterprise assesses its success by the positive social impacts it has contributed to the society. As further commented by Leadbeater (2007), â€Å"many social enterprises, however, internalise their social mission as they make it central to the way they operate† (p. 3). In this regard, profit-maximization is regarded as a tool to further the enterprise’s social goals. Going back to the case study, it could be claimed that Sekem’s foundation was built around the goal of sustainable human development. Its values, therefore, are rooted on the goal of being able to contribute to the comprehensive development of the

Quantitative Methods for Computing Assignment Example | Topics and Well Written Essays - 1500 words

Quantitative Methods for Computing - Assignment Example This paper involves discussion and analysis of a questionnaire carried out in united kingdom on their view on adoption of near mobile technology by the banks and other financial institutions (NFC forum 2011). Some of the companies which are carrying out experiments on the use of near field technology into the mainstream use are: NOKIA, SAMSUNG and GOOGLE. However adoption of this technology has come with several issues in terms of drawbacks, though this technology come several too which will be described in this paper. This paper will discuss the pros and drawbacks of this technology in UK and help banks which are attempting to add value to their core business function through the adoption of this technology. Based on several interviews, this paper provides some recommendations for managers wishing to take full advantage of the business benefits of NFC technology (rose 2012). This technology is ISO-based and tends to build on radio-frequency identification (RFID) communication protoc ol and also incorporates standards used in other contactless card technology (NFC forum 2011). Contactless payments involves the use of devices that make use radio-frequency identification so as to make secure payments, these include: debit and credit cards, smart cards and key fobs. The RFID chip and antennae enables users to wave the card or fob across the reader when making payments. The use of NFC technology in United Kingdom was started in the year 1997 by Mobil gas stations but financial institutions like banks adopted the technology in 2008 which involves the use of master card. These banks are; Citibank, American Express bank, Barclays bank, HSBC and the royal bank of Scotland group. Barclaycard was the first institution in UK to offer contactless cards in 2008. The use of NFC technology in United Kingdom was initiated by the orange mobile phone firm when it partnered with Barclaycard in 2010. Mobile phone with contactless technology was initiated in United Kingdom in 2011; these phones had master card paypass and visa Paywave, these services were assigned to the embedded secure element and SIM card. The number of these secure phones is increasing in united kingdom though initially they were available in small scale(carton et al. 2012). The Near field communication technology has been incorporated in contactless card standard hence making it possible to use devices which are NFC-enabled instead of credit and debit cards thereby reducing the weight to customers, For instance, there has been a prooval of a number of NFC – enabled smartphones to be used with Paywave, NFC-enabled makes it possible for users to make payments by using their phone devices in the place of credit or debit cards (visa 2012). Procedure A questionnaire containing several questions which focused on the financial industry in UK was designed. These questions were meant to review on the views of bankers and other financial institution managers on the adoption of NFC technology in banking focusing mainly on the limitations and advantages of NFC technology. The research was about contactless technology in UK though a lot of emphasis was put on NFC technology. Thirty people were given the questionnaires and were given a period of two days to fill them. The study ensured none of the questioned could interact with the other since it was carried in different part of United Kingdom. The questions asked are

Smart Grid Essay Example for Free

Smart Grid Essay The current electricity infrastructure in the Unites States consists of one way â€Å"communication† between the electric company and the homes receiving the electricity with the communication coming from the electric company to the homes. The current electricity infrastructure in the United States is more than 100 years old and because of this fact, it is outdated resulting in a great lack of efficiency. There is no way for the electricity company to obtain information from the individual homes pertaining to actual usage. Smart grids allows for two way communications between the electricity company and the homes allowing both electric companies and homes to operate more efficiently. This two way communication will allow home users to cut costs by efficiently utilizing energy. Smart grids will also allow the electricity companies to raise prices when the demand is high and lower prices when the demand is low. Mirroring the price advantage, smart grids will allow the user to dictate the usage of appliances that may have a significant impact on their utility bills. Knowledge of the user’s consumption will also help in making decisions that the electricity company can use to be more efficient. Smart grid technology is the evolution of the current electricity infrastructure that will continue to evolve if accepted. Development of smart grids will need management inputs especially when deciding the benefits, or lack thereof. The financial issues that are already on the table and future issues will determine whether or not smart grids will ultimately become a detriment or a true asset. Management will also have to make decisions in the design or redesign process so that the final product is as efficient as possible. Organizations could be affected depending on the opinion of the end user. If the end user, for whatever reason, decides that smart grids are not beneficial enough and refuse to buy into the system, the organizations will feel the negative impact throughout due to this lack of participation. If people decide to simply stop using appliances or turn down temperatures instead, the organizations will lose money. Issues with technology will essentially be based on the fact that the entire system will need to be redesigned and implemented. There will be great costs involved in all of the aspects needed for smart grids. Between the networks needed for two ways communication, monitoring devices at the electricity company as well as the dashboard needed at each home will result in a very high operating and implementation cost. There are various situations that would hamper the development of smart grids. I feel the main hindrance would be the attempt to get end users comfortable with the user interface. Although people are more tech savvy today, a poorly designed and difficult to use user interface will frustrate people to the point that they would no longer buy into the concept. On that same note, some people will question whether letting the electricity company control their devices is in their best interest. They will understandably question the integrity of electricity companies and wonder if they are actually and honestly trying to save them as much money as possible of just enough money to seem efficient. The ultimate cost of developing smart grids and the means of financing it is also a point that could hamper the development. Although assistance will be gained from the government, the remaining costs have to either be funded privately or by the end user. The transition itself could also hamper development. The simple concept of switching from the current infrastructure to smart grids will not be an easy task especially if there is some backlash from the consumer. Another area of our infrastructure that could use smart technology is water. Just like smart grids, some type of smart technology for water could curtail the over usage of water that is prevalent today. The over usage of sprinklers, showers, tubs, pools could be exposed if they were monitored. Most people do not and will not realize this over usage until it is shown to them. Smart water technology can show the consumer the adequate levels for pools or the tub, the adequate time needed to water a lawn or take a shower. There are always signs about being wasteful with water, â€Å"dry days† to conserve water, and â€Å"watering times† that people can use their watering devices. With smart water technology, these things can be done electronically and could alleviate the issues of having those people who do not care about water conservation ignoring the need. Water conservation is just as important as energy conservation and I feel that people would be more trustful and willing to let a company control this aspect of their everyday lives without feeling like profits are the forefront of the actions. I’m not for or against my home or community being a part of a smart grid but if I HAD to make a decision I would so no. I think that there is enough education out here to realize the need to conserve energy and the tools needed to do it. Mainly the simple fact of turning down or off appliances when it is not needed will suffice. A product such as the NEST thermometer does the same thing as a smart grid would without the intrusion of the electricity company. The cost of a NEST thermometer would be a great deal less than having to invest in the installation of a dashboard for the home. Also, would everyone be forced to buy into smart grids or would those on smart grids have a separate electricity company to deal with. And if so, what is the end result of having to separate the two in the same neighborhood, on the same street. Would they still pay the same rates or will those who decide not to switch end up paying more, or vice versa. I simply feel that there would be more issues to deal with if the switch was made instead of just educating people on how to personally conserve energy like we currently do.

Nature And Purpose Of The Conceptual Framework Accounting Essay

Nature And Purpose Of The Conceptual Framework Accounting Essay Introduction The accounting conceptual framework has been criticized for not providing an adequate basis for standard setting. This inadequacy is evidenced through the FASBs standards becoming more and more rule-based. Nevertheless, no empirical evidence has been gathered to support the criticisms of the conceptual framework. We analyzed the five qualitative characteristics of accounting information from the conceptual framework in conjunction with an individuals intention to use/rely on financial statements. Using structural equation modelling, we found that only one qualitative characteristic, reliability, affected a persons intention to use financial statements. Additionally, it appears that the greatest factor that influences whether an individual rely on financial statements is their familiarity with accounting. Based on our findings, it appears that not only does the conceptual framework need to be altered, but it also needs to be changed to help create principle-based accounting standards that are useful to all people, regardless of their background. Criticism has been directed towards the Financial Accounting Standards Board (FASB) for not requiring firms to report information that is interpretable and useful for financial statements users (CICA, 1980). The FASBs conceptual framework is the core in which all accounting standards are derived. Therefore, the accounting conceptual framework must embody a set of qualitative characteristics that ensure financial reporting grants users of economic statements with sufficient information for assessments. The U.S. financial accounting conceptual framework was established between late 1970s and early 1980s. Statement of Financial Accounting Concepts (SFAC) No. 2 (1980) indicates that there are five main qualitative characteristics of accounting information; understandability, relevance, reliability, comparability, and consistency. Nature and Purpose of the Conceptual Framework The conceptual frame work has some disadvantages. It is broad based in nature and principles and may not help when actually producing the financial statement. Its standards contents may conflict with those of other boards. This framework, with minor changes, still provides the basis for the FASBs standard setting today. Statement of Financial Accounting Concepts (SFAC) No. 2 (1980) develops and discusses the qualitative characteristics that make accounting information useful. SFAC No. 2 separates the qualitative characteristics as possessing either user-specific or decision-specific qualities. The overall user-specific characteristic of accounting information is that it must be understandable. Today, the accounting conceptual framework is being blamed for accounting standards becoming rule-based, which leads to the structuring of transactions (Nobes, 2005; SEC 108(d)). In fact, FASB has even acknowledged that the conceptual framework might be inadequate for current accounting standar ds (AICPA, 2002). The conceptual framework was formed with the intention of providing the backbone for principle-based accounting standards (Nobes, 2005). However, the Securities and Exchange Commission (SEC) has recently criticized the accounting standards setting board for becoming overly rules-based, which paves the way for the structuring of transactions in the companys favour (SEC 108(d)). Critics of the framework have stressed that the move towards rule-based standards are a consequence of inadequacies in the accounting conceptual foundation. Nobes (2005) argues that the need for rule-based accounting standards is a direct result of the FASB trying to force a fit between standards and a conceptual framework that is not fully developed. A coherent and strong conceptual framework is vital for the development of principle-based accounting standards and the progression towards convergence in international accounting standards. However, researchers are unaware of any empirical evidence that supports the criticisms of the current conceptual framework. Additionally, none of the critics have looked at the conceptual framework from the most important viewpoint, the users perspective. Therefore, the rationale of this paper is to practically analyze the sufficiency of the conceptual framework, from a users perspective, in relation to an individuals reliance on financial statements for decision making. We developed a survey instrument to analyze an individuals intention to rely on financial statements using Ajzens (1991) Theory of Planned Behaviour. We found that the reliability characteristic of the conceptual framework represented the only significant dimension of a persons attitude affecting their intention to rely on financial statements. However, the understandability characteristic was approaching significance. Within the context of the theory of planned behaviour, social pressures was not significant influe nce on the intention to use/rely on financial statements, yet familiarity with accounting was found to significantly influence intention. The conceptual framework and potential financial statement users intentions can be analyzed within the context of Ajzens (1991) Theory of Planned Behaviour. Ajzen (1991) indicates that empirical evidence suggests that we can determine an individuals intention to perform behaviour through analyzing their attitude, subjective norms, and perceived behavioural control. Within this perspective, we adapted Ajzens (1991) theory of planned behaviour to an individuals propensity to rely on accounting financial statements as shown in the figure below (figure 2): (Draw a figure) The purpose of this study was to provide an empirical analysis to the criticism against the FASBs conceptual framework. Our overall results suggest that the current conceptual framework does not adequately align the objectives of financing reporting with the users of financial statements. Nevertheless, available findings have some interesting implications for the conceptual framework and future standard setting. Reliability is the only qualitative characteristic that has a positive statistical significant relationship with intention. The accounting profession is facing a choice between reliability and relevance in financial reporting, as there is an inherent trade-off between reliability and relevance (Paton and Littleton, 1940; Vatter, 1947). Reliable information possesses the characteristic of objectivity and verifiability, which is associated with historical cost accounting. Relevance, on the other hand, pertains to any information that will influence the users financial decision. Many times the most relevant information is often current or prospective in nature. Thus, we cannot have accounting information that maximizes the characteristics of both relevant and reliable because relevant information is not always verifiable. We would have expected to see relevance as a significant factor in users intention to use financial statements since the recent accounting standards have moved toward fair value accounting measures, which are considered to be more relevant than reliable information (Ciesielski Weirich, 2006). However, our results show that reliability is a significant factor. The current accounting curriculum could be the cause of our results since it is rooted in Paton and Littletons historical cost approach, which focuses on reliability of information. In the context of the Theory of Planned Behaviour, we found that familiarity to be a statistically significant factor to an individuals intention to use financial statements. Thus, as an individual becomes more familiar with financial statements, he or she is more likely to have the intention to use or rely on them when making decision. An ANOVA analysis provides further support for this as it indicates that intention to use or rely on financial statements is significantly different between accounting majors and non-accounting majors. This provides evidence that accounting could be becoming too difficult for individuals who are not proficient in accounting to understand. It appears that the movement towards rule-based accounting standards could be a contributing cause of this disparity in intention. That is, the accounting standards have become so technical upon their execution that the average reader of accounting can no longer discern the main objective of each financial statement element. This finding is troubling to accounting since it contradicts the primary objective of accounting, which is to offer practical book-keeping information for judgment making. Book-keeping information should be useful for all people who want to use it rather than only being useful to those who understand it. Additionally, under no circumstances, should accounting information provide an advantage to individuals who happen to be experts within the field. Accounting should be a tool and not a barrier At the-present, the accounting profession is grappling with a problem, which it has identified as the need for a conceptual framework of accounting. This framework has been painstakingly developed over centuries, and it is merely the professions task to fine tune the existing conceptual framework because of the need for continual development due to changing conditions. This conceptual framework has never been laid out in explicit terms; consequently, it is continually overlooked. A conceptual framework has been described as a constitution, an articulate arrangement of interconnected objectives and rudiments that can guide to reliable standards and that stipulates the character, purpose, and confines of financial book-keeping and fiscal statements. For many accountants, the conceptual framework project is difficult to come to grips with because the subject matter is abstract and accountants are accustomed to dealing with specific problems. In resolving those problems, accountants may unconsciously rely on their own conceptual frameworks, but CPAs have not previously been called on to spell out their frameworks in systematic, cohesive fashion so that others can understand and evaluate them. It is essential that a framework be expressly established so that the FASB and those evaluating its standards are basing their judgments on the same set of objectives and concepts. An expressly established framework is also essential for preparers and auditors to make decisions about accounting issues that are not specifically covered by FASB standards or other authoritative literature. It is considered that if the conceptual framework makes sense and leads to relevant information, and if financial statement users make the necessary effort to fully understand it, their confidence in financial statements and their ability to use them effectively will also be enhanced. No one who supports the establishment of a conceptual framework should be labouring under the illusion that such a framework will automatically lead to a single definitive answer to every specific financial accounting problem. A conceptual framework can only provide guidance in identifying the relevant factors to be considered by standard setters and managers and auditors in making the judgments that are inevitable in financial reporting decisions. A Classical Model of Accounting: The Framework Expanded Historically, the particularized information, which constituted the emergence of accounting, was embedded in a framework for control of human behaviour. With the advent of exchange replacing a sustenance society, and with exchange ultimately producing a private economy, accounting derived its second, and in modern times considered its most important, function as a planning instrument. The classical model simply states that behavioural patterns do exist in the structural development of accounting; that is, given a stimulus there will be a response which is direct reaction (an expected reaction) to that stimulus. One can relate this model to the classical model in economics, in which supply and demand for a commodity react in an expected manner due to a change in price. Figure 3 is a geometric illustration of the classical model. The special features of the model are: (a) Stimulus (S) = Demand; Response (R) = Supply (b) Equilibrium (E) = Stimulus = Response (c) Environmental Condition (EC) = Price (d) Accounting Concept (AC) = Product A Test of the Validity of the Model If the classical model does exist in accounting, the historical observations (see table I) should then bear testimony to its existence. The evidence to support this model is purely historical. However, no parallel should be drawn between this thesis (stimulus/Response) and Toynbees (1946, 88) line of inquiry: Can we say that the stimulus towards civilization grows positively stronger in proportion as the environment grows more difficult? Consequently, the criticism directed at his work should not be considered even remotely as applicable to this inquiry (Walsh 1951, 164-169).On the other hand, only in the extreme can the accusation levelled at Kuhn [1962] be directed here, that the conceptual framework (classical model of accounting) as presented may subsume too many possibilities under a single formula (Buchner 1966, 137). More appropriately, this study is undertaken along the lines suggested by Einthoven (1973, 21): Accounting has passed through many stages: These phases have been largely the responses to economic and social environments. Accounting has adapted itself in the past fairly well to the changing demands of society. Therefore, the history of commerce, industry and government is reflected to a large extent in the history of accounting. What is of paramount importance is to realize that accounting, if it is to play a useful and effective role in society, must not pursue independent goals. It must continue to serve the objectives of its economic environment. The historical record in this connection is very encouraging. Although accounting generally has responded to the needs of its surroundings, at times it has appeared to be out of touch with them. The purpose of this line of inquiry is to put into perspective concepts which have emerged out of certain historical events. (In this treatise, accounting concepts are considered to be interlocking with accounting measurement and communication processes; thus, whenever the term concept is used herein, it is to be understood that accounting measurement and communication processes are subsumed under this heading.) These concepts collectively constitute, or at least suggest, a conceptual framework of accounting. The classical model is postulated as follows: For any given environmental state, there is a given response function which maximizes the prevailing socio-economic objective function. This response function cannot precede the environmental stimulus but is predicated upon it; when such response function is suboptimal, the then existing objective function will not be maximized. In a dysfunctional state, a state in which environmental stimulus is at a low level a level below pre-existing environmental stimuli, disequilibrium would ensue. In any given environment, the warranted response may be greater or less than the natural or actual response. When environmental stimuli cease to evoke response, then the socio-economic climate will be characterized by stagnation as the least negative impact of disequilibrium conditions, and decline when such environmental stimuli are countercyclical. Stage 1 In this period, (1901 to 1920) the environmental stimulus was corporate policy of retaining a high proportion of earnings [(Grant 1967, 196-197); (Kuznets 1951, 31); (Mills 1935, 361,386-187)]. This period is the beginning of corporate capitalism. The term corporate capitalism is used because it emphasizes the role in capital formation which corporations have ascribed to themselves. Hoarding of funds by corporations has reduced the role and importance of the primary equity securities market. The resource allocation process has been usurped by corporations (Donaldson 1961, 51-52, 56-63). The implication of such a condition is accentuated in the following statement: It is the capital markets rather than intermediate or consumer markets that have been absorbed into the infrastructure of the new type of corporation. (Rumelt 1974, 153). The hard empirical evidence of this condition was revealed by several tests of the Linter Dividend Model, which maintains that dividends are a function of profit, and are adjusted to accommodate investment requirements [(Kuh 1962, 48); (Meyer and Kuh 1959, 191); (Brittain 1966, 195); (Dhrymes and Kurz 1967, 447)]. Given the new role assumed by the corporation in capital formation, the investment community (investing public) became concerned with the accounting measurement process. The accounting response was verifiability (auditing) to demonstrate the soundness of the discipline. Productivity of existing measurements had to be verified to satisfy the investors and creditors. The Companies Act 1907 required the filing of an audited annual balance sheet with the Registrar of Companies [(Freer 1977, 18); (Edey and Panitpadki 1956, 373); (Chatfield 1956, 118)]. Thus, auditing became firmly established. The function of auditing measurements is the process of replication of prior accounti ng. Accounting is differentiated from other scientific disciplines in this aspect of replication. Replication is a necessary condition in sound disciplines; however, replication is generally undertaken in rare instances. In accounting, on the other hand, replication is undertaken very frequently for specified experiments business operations at the completion of the experiments business (operating) cycle. These experiments business operations, cover one year; at the end of the year, the experiments are reconstructed on a sampling basis. Auditing is the process by which replication of accounting measurements are undertaken. Publicly held and some privately held corporations are required to furnish audited annual financial statements which cover their business activities on an annual basis. Stage 2- This period, (1921 to 1970) witnessed the reinforcement of corporate retention policy. This condition shifted the emphasis of the investor to focus on the Securities market in the hope of capital gains, because of the limited return on investment in the form of dividends. Indubitably, investors concern was shifted to market appreciation through stock price changes reflecting the earnings potential of the underlying securities (Brown 1971, 36-37, 40-41, and 44-51). With the securities market valuation of a companys share (equity) inextricably linked to the earnings per share, the emphasis is placed on the dynamics of accounting as reflected in the income statement. The Companies Act of 1928 and 1929 explicitly reflect this accounting response by requiring an income statement as a fundamental part of a set of financial statements [(Freer 1977, 18); (Chatfield 1974, 118)]; although an audit of such statement was not explicitly stipulated, it was implied. The accounting response of this period is extension of accounting disclosure [(Chatfield 1974, 118); (Blough 1974, 4-17)].The Wall Street Crash of 1929 and subsequent market failures constitutes the environmental stimulus. In the U.S.A., the Securities Act of 1933 and then the Securities and Exchange Act of 1934 were enacted, providing for a significant involvement of the government in accounting. Stage 3- This period is characterized by the social awareness that business as well as government must be held socially accountable for their actions. Business can transfer certain costs to other segments of society, thus business benefits at the expense of society; and government can not only squander hard earned dollars but through its policies affect adversely the welfare of various segments of society. This awareness is epitomized in the thesis posited by Mobley [1970, 763]: The technology of an economic system imposes a structure on its society which not only determines its economic activities but also influences its social well-being. Therefore, a measure limited to economic consequences is inadequate as an appraisal of the cause-effect relationships of the total system; it neglects the social effects. The environmental stimulus of corporate social responsibility evoked the accounting response of socio-economic accounting a further extension of accounting disclosure. The term socio-economic accounting gained prominence in 1970, when Mobley broadly defined it as the ordering, measuring and analysis of the social and economic consequences of governmental and entrepreneurial behaviour. Accounting disclosure was to be expanded beyond its existing boundaries beyond the normal economic consequences to include social consequences as well as economic effects which are not presently considered (Mob1ey 1970, 762). Approaches to dealing with the problems of the extension of the systemic information are being attempted. It has been demonstrated that the accounting framework is capable of generating the extended disclosures on management for public scrutiny and evaluations [(Charnels, Co1antoni, Cooper, and Kortanek 1972); (Aiken, Blackett, Isaacs 1975)]. However, many measurement problems have been exposed in this search process for means to satisfy the systemic information requirement of this new environmental stimulus [(Estes 1972, 284); (Francis 1973)]. Welfare economics, as a discipline, has always been concerned with the social consequences of governmental and entrepreneurial actions, but the measurement and communication problems are, and always have been that of the discipline of accounting (Linowes 1968; 1973). The Conceptual Framework: A Continuing Process Presented above, the stimulus/response framework exhibiting structural adequacy, internal consistency and implemental practicality has demonstrated, unequivocally, its effectiveness over the centuries. The systemic information of financial accounting is the connective tissue of time in a financial perspective. The systemic information of managerial accounting is non-connective, but rather reflects events in a decision-making perspective. This can be best illustrated in the table below: (Draw a table) The process of concept-formation is a special type of learning. The formation takes time and requires a variety of stimuli and reinforcements. The process is never fully determinate for even when the concept is well, it can suffer neglect or inhibition and it can be revived by further reinforcement or modified by new stimulation (Emphasis added.) (Meredith; 1966, 79-80). A body of concepts and interlocking measurement and communication processes (types of information stocks and flows; constraints on information allowable values and methods of measurement; media of communication quantitative and qualitative) has been developed over the centuries. This set of concepts and interlocking measurement and communication processes has emerged as responses to specific stimuli at specific points in time to satisfy specific information needs. It is this body of concepts and interlocking measurement and communication processes, which is subject to amplification and modification that constitutes the conceptual framework of accounting. Possibly, with other modifications or amplifications deemed necessary, the conceptual framework as presented above can serve as an expressly established framework to enable preparers and auditors to make decisions, which would conform and be upheld, about accounting issues that are not specifically covered by FASB standards or authoritative literature. A conceptual framework is necessary because in the first place, to be constructive, paradigm setting must develop and connect to a reputable body of perceptions and objectives. A severely developed theoretical outline should facilitate the FASB to issue additional functional and reliable standards in due course. A coherent set of principles and regulations should be the outcome, since they would be constructed upon a similar basis. The framework should augment fiscal statement users indulgence of and self-assurance in economic reporting, and it has to improve comparability amongst companies fiscal reports. Secondly, latest and emerging realistic problems ought to be more rapidly unravelled by reference to an existing outline of fundamental supposition. It is complicated, if not unfeasible, for the FASB to recommend the appropriate accounting action promptly for circumstances like this. Accountants in practice, nevertheless, ought to resolve such exertions on a routine basis. With the application of excellent verdict and with the facilitation of a commonly acknowledged conceptual scaffold, practitioners may discharge certain options promptly and then centre their attention on a tolerable dealing. Over the years various associations, commissions, and concerned persons developed and printed their personal theoretical frameworks. However, no particular framework was unanimously acknowledged and relied on practically. Identifying the necessity for a commonly acknowledged structure, the FASB in 1976 initiated effort to construct a conceptual structure that would possibly be a foundation for setting book-keeping principles and for reconciling fiscal reporting disagreements. The FASB has given out six Statements of Financial Accounting Concepts that recount to monetary reporting for commerce schemes. These include: 1, Objectives of Financial Reporting by Business Enterprises, that presents objectives and intentions of book-keeping. 2, Qualitative Characteristics of Accounting Information, that inspects the descriptions that make book-keeping information helpful. 3, Elements of Financial Statements of Business Enterprises, that offer descriptions of objects in economic statements, for instance, revenues, assets, expenses and liabilities. 4, Recognition and Measurement in Financial Statements of Business Enterprises, that lays down elementary acknowledgment and dimension standards and direction on the kind of information that should be officially integrated into economic assertions and at what time. 5, Elements of Financial Statements, which substitutes number 3 and increases its extent to comprise non-profit institutes.6, Using Cash Flow Information and P resent Value in Accounting Measurements, that gives a structure for using probable expectations of cash flows and outline principles as a foundation for measurement. The figure below is an overview of the conceptual framework. (Diagram) In the initial stage, the purposes classify the aspirations and rationale of book-keeping. Ideally, book-keeping principles developed with accordance to a theoretical structure will upshot in book-keeping reports that are extra helpful. At the subsequent stage are the qualitative descriptions that make book-keeping information functional and the essentials of monetary report, that is, liabilities, assets, among others. In the third stage are the dimension and acknowledgment perceptions employed in instituting and affecting book-keeping principles. These conceptions include suppositions, ideologies, and restrictions that illustrate the current reporting atmosphere. First Level: Basic Goals The major goals of monetary reporting are to give information which is: (1). Helpful to those concerned with the creation of savings and credit judgment and have a sensible perception of commerce and financial performance. (2). Useful to current and prospective financiers, creditors, as well as other users in gauging the quantities, instances, and ambiguity of prospective cash flows and (3). Concerns financial capital, claims to such possessions, and the adjustments in them. The goals consequently, begin with a broad concern regarding information that is valuable to financier and creditor assessments. That apprehension constricts to the financiers and creditors concern in the outlook of accepting cash from their investments or credits to commerce ventures. Ultimately, the goals centre on the monetary declarations that provide information useful in the assessment of prospective cash flows to the business enterprise. This advancement is known as judgment effectiveness. It has been said that the golden rule is the central message in many religions and the rest is elaboration. Similarly, decision usefulness is the message of the conceptual framework and the rest is amplification. In giving information to users of monetary reports, general-purpose financial statements are prepared. These reports give the most helpful information feasible at negligible expenditure to diverse consumer groups. Principal to these goals is the conception that consumers require logical acquaintance of commerce and economic book-keeping issues to comprehend the facts contained in economic reports. This fact is essential. It implies that in the groundwork of monetary statements, a stage of rational proficiency on the part of consumers can be alleged. This has an effect on the method and the scope to which data is accounted for. Second Level: Fundamental Concepts The objectives of the first level are concerned with the purposes and intentions of book-keeping. Between the second and third levels, it is essential to give particular theoretical construction blocks that elucidate the qualitative descriptions of book-keeping knowledge and describe the essentials of monetary reports. These theoretical construction blocks outline a connection involving the why of book-keeping (the goals) and the how of book-keeping (acknowledgment and capacity). Qualitative Descriptions of Book-keeping Facts Deciding on a suitable accounting technique, the quantity and kinds of facts to be revealed, and the layout in which data ought to be presented entails establishing which option provides the most helpful information for assessment making intentions (judgment convenience). The FASB has recognized the qualitative descriptions of book-keeping facts that differentiate enhanced (extra valuable) facts from substandard (less valuable) facts for assessment creation intentions. Additionally, the FASB has acknowledged particular restrictions (cost-benefit and materiality) as a component of the conceptual structure. The descriptions might be analysed as a hierarchy. Assessment Creators (Users) and Understandability The makers of judgement differ extensively in the nature of assessments they formulate, the way they formulate these assessments, the facts they already have and any other relevant information that they may acquire from their own trusted sources, and their aptitude to process the facts. For knowledge to be helpful there ought to be a correlation (relationship) involving these consumers and the judgment they create. This connection, understandability, is the eminence of facts that authorizes realistically knowledgeable users to distinguish its connotation. To demonstrate the significance of this connection; suppose that IBM Corp. gives a three-month income statement (interim statement) that illustrates temporary income way down. This statement gives appropriate and dependable facts for assessment creation intentions. A number of users, upon evaluation of the statement, choose to retail their stock. While others do not comprehend the content and importance of the report, they are aston ished when IBM proclaims a lesser year-end share and the worth of the stock turns down. Therefore, even though the facts presented were exceedingly appropriate and consistent, it was futile to those who did not comprehend it. Prime Qualities: Reliability and Relevance Importance and dependability are the two major virtues that make book-keeping information helpful for assessment making. As assured in FASB Concepts Statement No. 2, the qualities that distinguish bet

Multinational Apparel Specialist Retailer Marketing Essay

Multinational Apparel Specialist Retailer Marketing Essay HM Hennes Mauritz AB HM or the group, founded in 1947 and headquartered in Stockholm, Sweden, is a multinational apparel specialist retailer and famous for its fast-fashion clothing for men, women, teenagers and children (Larenaudie, 2004). Besides the companys primary and eponymous chain, the group also operates through four independent brands: Collection of Style (COS), Monki, Weekday, and Cheap Monday (HM, 2011a). Growing with the business concept to offer fashion and quality at the best price, by the end of 2011, the group has grown one of the largest global apparel retailers with presence in 43 markets and nearly 2500 stores (HM, 2011a). HM operates within only a single segment: sale of clothing and cosmetics (MarketLine, 2012), which locates the company as a fast-fashion retailer in global apparel industry. High level of rivalry among competitors has been witnessed within the global apparel industry. And the fluctuating price of raw materials, unpredictability of fashion trends and increasing demand of real-time update from consumers also pose challenges towards fashion retailers. However, HM, as one of the fast-fashion pioneers, has an outstanding and steady performance over the years. There are various factors contributing to HMs outstanding performance. Combined with the industrys key success factors, it is essential for a fashion retailer to balance cost efficiency with differentiation, have strong brand-consciousness and global expansion. Also, the continuously heated corporate social responsibility (CSR) issue remains the key to HMs success. Therefore, this dissertation aims to achieve three goals: To analyse HMs performance based on the global apparel retailing industrys key success factors To competitively analyse HMs position against its competitors, especially Zara (Inditex Group) To reach recommendations for the companys future strategy This chapter serves as a general overview of the paper and aims to help readers with the guideline of thoughts in the dissertation. Chapter Two discusses literature review and methodology. Chapter Three focuses on analysis of global apparel retailing industry with Five Forces Analysis, PESTLE Analysis and Key Success Factors of the industry. Chapter Four is the main analysis of HM, starting based on four key success factors: cost efficiency; brand-consciousness; global expansion; and CSR, followed by competitive positioning of the company, financial analysis, SWOT analysis, and ending with recommendations. Chapter Five is the conclusion of the dissertation. Due to personal limitation of knowledge and reach of resources, several parts of discussions in the dissertation could not be conducted in-depth. No dependable survey and data collections have been conducted due to personal limitation of time and financial support. The dissertation is mainly based on figures and data collected from second-hand resources. Chapter 2: Literature Review and Methodology Literature Review This section serves as a theoretical support for the validity of the analysis of global apparel retailing industry in Chapter Three and analysis of HM in Chapter Four. Industry Analysis The analysis of global apparel retailing industry is conducted with Five Forces Analysis (Chapter 3.2), PESTLE Analysis (Chapter 3.3) and Key Success Factors (Chapter 3.4). Five Forces Analysis developed by Michael Porter illustrates five factors determining the level of competition and profitability within an industry (Grant, 2010). The framework is widely used in industry analysis and is conducted by analysing five sources of competitive pressure: buyer power, supplier power, new entrants, substitutes, and rivalry (Grant, 2010) (see Figure 1). Figure 1: Porters Five Forces framework (Grant, 2010) PESTLE Analysis is a framework to clarify and discuss the external macro-environment that affects an industry which stands for Political, Economic, Social, Technological, Legal, and Environmental factors (Nejati et al, 2008). Key Success Factors of an industry is identified by analysing the factors that help a firm survive and thrive within the market environment (Grant, 2010). By analysing two main criteria what do customers want and how does firm survive competition the shared key elements of customer desire and the nature of rivalry could be identified (Grant, 2010) (see Figure 2) Figure 2: Identifying Key Success Factors (Grant, 2010) Combining Five Forces Analysis with PESTLE Analysis, industry environment could be discussed in details in Chapter Three. After the analysis of industry environment, key success factors will be reached by the model to serve as the basis for company analysis in Chapter Four. Marketing Mix Marketing mix model, also known as the 4Ps, is the combination of Price, Product, Promotion and Place, adopted by companies to explore their unique selling points (McCarthy, 1960) (see Figure 3). Figure 3: Marketing Mix 4Ps (McCarthy, 1960) By employing marketing mix model in Chapter 4.2, the unique marketing combination of HM has been analysed. International Product Life Cycle Theory The product life cycle (PLC) theory explains the basic development of products and motivations for international trade (Ajami Goddard, 2006). The theory describes four discrete stages in a product life cycle: introduction, growth, maturity, and decline (Vernon, 1966) (see Figure 4). Figure 4: Product Life Cycle Theory (Vernon, 1966) The PLC theory has been widely adopted in analysis of international business and trade (Ajami Goddard, 2006). In Chapter 4.2 and Chapter 4.4.1, the theory has been used in explaining HMs product and market select and entry in global expansion progress. Uppsala Model The Uppsala Model suggests that a companys global expansion is a gradual process reliant on market knowledge and incremental decisions (Johanson and Vahlne, 1977; Frynas Mellahi, 2011). The theory is based on the assumption that firms expand globally with logical steps, based on the gathered information from foreign markets, which will lead to greater involvement of market commitment to more international business activities (Johanson and Vahlne, 1977; Frynas Mellahi, 2011). The model is based on two steps. First, when starting foreign market selection and entry, firms normally start expanding to neighbouring countries or countries with small psychic distance (Frynas Mellahi, 2011). Then after gathering experiential market knowledge, the firm expand to foreign markets step by step (Frynas Mellahi, 2011). Figure 5: Uppsala Model (Frynas Mellahi, 2011) The Uppsala Model helps understand a companys choice and plan in international market selection and mode of entry. In Chapter 4.4, Uppsala Model is employed to better illustrate the global expansion strategy of HM. Corporate Social Responsibility The European Commission defines Corporate Social Responsibility as: A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis (Commission of the European Communities, 2001) The importances of CSR has been analysed by Porter and Kramer (2006) as follows: Figure 6: Importance of Corporate Social Responsibility (Porter and Kramer, 2006) In Chapter 4.5, the theory has been used to discuss and analyse HMs involvement in CSR activities and its effects. Market Positioning A firm can achieve its competitive advantages in either of two methods: either it can supply an identical product or service at a lower cost or it can supply a product or service that is differentiated in such a way that the customer is willing to pay a price premium that exceeds the additional cost of the differentiation (Grant, 2010), which defines two different approaches to achieve competitive advantages: cost leadership and differentiation. Combining the two approaches with the firms competitive scope either industry-wide or single segment Michael Porter has defined generic strategies as follows (Grant, 2010) (Figure 7): Figure 7: Porters Generic Strategies (Porter, 1980) And a firm should focus on either one of the strategies above and avoid stuck in the middle (Porter, 1980). By defining the firms strategy of achieving competitive advantages, the firm could be positioned in the market. Market positioning is about where you are located in the marketplace, largely as judge by customers, compared to the rest (Piercy, 2009) In Chapter 4.6.1, the market positioning theory has been used to analyse HMs competitive positioning within the market and serve as basis to comparative analysis against its competitors. Methodology As to the methodology of this dissertation, phenomenological paradigm is adopted due to the explanatory and descriptive nature of the analysis. Qualitative approach is implemented in the dissertation for that quantitative method requires the collection and interpretation of abundant accurate primary data to make sure reaching reliable conclusions, while the analysis of HM largely depends on secondary data and research group releases and third party opinions. Due to the limitation of my personal knowledge, further research might be needed for more accurate information to be acquired. Chapter 3: Industry Analysis HM operates within only a single segment: sale of clothing and cosmetics (MarketLine, 2012), which locates the company as a fast-fashion retailer in global apparel industry. The following chapter examines the industry with an overview, Five Forces Analysis, PESTLE Analysis and then comes up with Key Success Factors of the industry. 3.1 Industry Overview The apparel retail industry consists of the sale of menswear, womenswear, childrenswear, clothing accessories, hosiery and footwear within the global market including North America, South America, Western Europe, Eastern Europe, MEA and Asia-Pacific (MarketLine, 2012). Figure 8: Industry Overview of Global Apparel Industry (MarketLine, 2012) The global clothing retailing industry has witnessed moderate growth in recent years. In FY2011, the total revenue of the industry had reached $1175.4 billion, a 2.7% growth between FY2007 and FY2011 (Figure). In all categorical segments, the womenswear segment remained most profitable in FY2011, representing 51.1% of the total value of the industry (Euromonitor International, 2011). Figure 9: Global Apparel Retail Industry Value; Global Apparel Retail Industry Geography Segmentation (MarketLine, 2012) 3.2 Five Forces Analysis As introduced in Chapter 2.1.1, the market will be analysed from five aspects: buyer power, supplier power, substitutes, new entrants and degree of rivalry. The analysis will take individual consumers as key buyers, manufacturers and wholesalers as key suppliers, and other retailers as players. Figure 10: Forces driving competition in the global apparel retail industry (MarketLine, 2011) 3.2.1 Buyer Power In global apparel retail industry, buyers are mostly individual consumers. As clothing has been recognised as symbols of fashion taste and social status, buyer power is weakened by design patterns and branding of a retailer (Bhardwaj and Fairhurst, 2010). However, the low switching costs of consumers strengthen buyer powers due to various choices on market. Furthermore, apparel retailers are at the end of the value chain. In a market where fashion trends change quickly and unpredictably, they have to offer buyers as demanded. This enhances buyer power. Overall, buyer power in this industry is assessed as moderate. 3.2.2 Supplier Power Major suppliers in the industry are clothing manufacturers and wholesalers, which are normally small to medium sized firms (MarketLine, 2011). In most countries, the supplier sector is fragmented because of the absence of diversity among suppliers (MarketLine, 2011). And further fragmentation is made by the retailers ability to outsource from foreign countries, especially from low-wage and labour-intensive regions such as China and India (Deloitte, 2011). However, the law of national minimum wage in some countries raises the labour power of suppliers. So overall, supplier power is assessed as moderate. 3.2.3 New Entrants Moderate growth has been witnessed in global apparel industry, making less people attracted to the market. However, with low barriers to entry and low requirement to start up a business in the industry, there are high possibilities for individuals to enter. And low switching costs for consumers and lack of variety in product differentiation in the market is beneficial for new entrants to compete. However, in some countries (e.g. the US) the market is majorly occupied by some large corporations from scale economies and strong buyer power (MarketLine, 2011). Regulation in the industry has remained little but recently corporate social responsibility issues have been heated among consumers (Idowu Filho, 2008). These factors prove that new entrants are strong threats. 3.2.4 Substitutes There are no substitutes for apparel. However, major substitute for retailing is to buy clothes directly from manufacturers (Zentes et al, 2011). This option is strengthened by the increase of online stores. Online shopping has been increasingly accepted by consumers (Peck et al, 2011). And by running online fashion stores, large amount of overhead could be avoided. There are still niche substitutes like home-made and couture clothing, or second-hand clothing (MarketLine, 2011). However, substitute threats are assessed as weak. 3.2.5 Degree of Rivalry The global apparel clothing industry is considered as fragmented (Jones, 2006). There are large numbers of small size retailers with the same product differentiation. And with increasing number of retailers expanding products to accessories and other diversities, rivalry in the industry has been intensified. With a moderate growth and low requirement of market entry, a high degree of rivalry has been resulted. In conclusion, the global apparel retailing industry is fragmented with moderate growth, weak threat from substitutes, moderate buyer power and supplier power. Low barrier to entry and low requirement for entrants have resulted in strong threats of new entrants and further led to high degree of rivalry. 3.3 PESTLE Analysis As discussed in Chapter 2.1.1, the macro-environment of the industry is analysed by PESTLE analysis regarding political, economic, social, technological, legal and environmental aspects (Grant, 2010). Political As for global apparel retailers, legislations vary among different countries and areas (Cobra, 2011). Every retailer in the industry must follow government regulations regarding goods and labour (Graham Richardson, 1997). And the political stability is also crucial for fashion retailers as it would directly affect their sales situation and asset safety (Aspers, 2010). Economic For fashion apparel retailers, economic trends are crucial for their strong impacts on consumer behaviours and purchasing powers. For example, in 2011, the global economic recession had negative effects on fashion retailers (Euromonitor International, 2011). Because consumers with lower disposable income regard clothing as functional item, while with higher disposable income branding became important as a symbol of social status and fashion taste (MarketLine, 2012). Price fluctuation of raw materials cotton price for apparel retailers has significant impacts on the industry (MarketLine, 2012). Interest rates also would affect sales and high interest rates lead to difficulties to trade overseas (Arnold, 2010). Moreover, currency situation is important as the exchange rate influences the value and trades of retailers (Browne, 2000). Social Increasing attentions from public have been focused on corporate social responsibilities (CSR) of apparel retailers, mainly regarding labour conditions, such as protection of workers rights, maintaining safe working conditions, reasonable wage and no child labours (Idowu Filho, 2008). Also, for global fashion retailers, cultural differences between counties are crucial due to different fashion trends, consumer behaviours, or local customs. Technological The development of technology has enabled global apparel retailers with e-commerce and international trade more effectively (Euromonitor, 2011). And with the implementation of high technology, supply chain has changed significantly with global outsourcing, real-time update, and continuous replenishment (Lopez and Fan, 2009). Moreover, online shopping has been increasingly accepted by consumers, which initiated a new channel for retailers to cut costs by less middlemen and no store rent (Peck et al, 2011). Law Global apparel retailers need to follow different government legislation regarding employment and production (Graham Richardson, 1997). For instance, in some countries, such as the UK, there is national minimum wage to protect employees rights (Low Pay Commission, 2011). And tariffs from international trade are also important for international retailers to abide by. Environmental Environment protection has remained a heated issue among apparel retailing industry, especially issues like chemical restrictions and pollutions during production (Euromonitor International, 2011). It is also crucial for retailers to save energies and materials and reduce environmental impacts during product life cycle (PLC) (Chapter 2.1.3). From the above analysis, global apparel industry largely depends on political stability, government legislation, high-technology, public relations. And fluctuating price of source remains a major challenge to apparel retailers. 3.4 Key Success Factors As introduced in Chapter 2.1.1, Key Success Factors of apparel retail industry is analysed with the Grant model by examining the demand and competition of the industry as following Figure 11: Identifying Key Success Factors of Global Apparel Retailing Industry (Grant, 2010) Therefore, from the analysis above, for a global apparel retailer, cost efficiency is one of the crucial factors for that low cost ensures profitability and efficiency indicates fast responding time to meet demand, allowing fashion and quality at the best price (HMs business concept, HM, 2011a). Brand strategy also plays a key role in apparel retailers success as it facilitates customer loyalty. Differentiation of style in fashion industry positions the companys competitiveness and brand image in the market. Global expansion strategy of an apparel retailer is also essential as choices of global markets and international strategy decide retailers future development, global presence and even profitability (Deloitte, 2011). The continuously heated issue of corporate social responsibility also remains the key to companys brand image among public and future growth. It plays a vital role in companys success due to the heated social issue of environmental protection and labour conditions (I dowu Filho, 2008) In the following chapter, the company will be analysed starting based on key success factors to seek for unique interpretation of HMs performance. Chapter 4: Analysis of HM This Chapter is mainly focuses on analysis of HM, starting by analysis based on four key success factors of the industry, followed by competitive positioning analysis, financial analysis, and SWOT analysis, and ended with recommendations. 4.1 Operations Strategy HMs business concept is to offer fashion and quality and the best price (HM, 2011a). To make sure the company follows the leading fashion trends, quality of designing and lead time of distribution are important (Slack et al, 2010). And the offer of best price needs to rely on the basis that cost from each stage has been minimised. 4.1.1 Reduction of Costs Cost-consciousness at every stage remains the key to HMs operations (ZavrÃ…Â ¡nik, 2007). To achieve the growth target with offering best price, HM has a professional buying team (HM, 2011a). The company arranges its buying activities according to decisions from design team (MarketLine, 2011). The buying team achieves lowest cost by purchasing in bulk with the right products from the right market (ZavrÃ…Â ¡nik, 2007). With no factories itself, the company outsources its product manufacturing to approximately 700 suppliers, mostly in Asia and Europe (HM, 2011a). The manufacturing locations are divided by the level of fashion-sensitiveness: the fashion-sensitive collections are normally manufactured within Europe to cut the lead time while the cost-sensitive and sustainable collections are produced in Asia to allow the lowest possible price and achieve economies of scale (HM, 2011a). Furthermore, HM focuses on building long-term relationships with suppliers and manufacturers (HM, 2011a). HM does not own any factories (HM, 2011a), so quality control over the whole process might be a problem. Due to fast responses to fashion trend, there is usually not enough time to perform detailed quality control. Therefore the company has been involved in accusation of poor quality. So, dependable suppliers could not only provide HM with lowest price, but also ensure the quality of products from long-term cooperation and mutual understanding. Moreover, as a fast-fashion retailer, HM has lead time from weeks up to six months (HM, 2011a), which is slower than its strongest competitor Zara (Inditex Group) of maximum 14 days. However, faster responses indicate higher cost, HM focuses on reduction of cost and achieves balance between fast-fashion and price, allowing averagely 30% 50% lower price than Zara (Larenaudie, 2004) 4.1.2 Speed of Responses HM holds the point that the right lead time should be balanced between price, time and quality instead of pursuing merely short lead time (Euromonitor, 2012). However, as a fast-fashion retailer, quick responding to fashion trends, consumer demand and other market changes is still key for the company (Grant, 2010). The company achieves fast responses by integrating downstream and being efficient at every stage (HM, 2011a). HM has a professional design team. The in-house design team, headquartered in Stockholm with over 150 internal designers, focuses on combining inspirations and information from multiple resources such as news, travelling, streetstyle and various exhibitions and catwalks (J.P.Morgan, 2012). This cross-functional designing could ensure the quick response to market change. High technology has also been used by HM to ensure the speed and efficiency of supply chain and enable changes could be made quickly enough and design agreement then could be fasten (Bruce and Daly, 2006). HM has conducted top-class computerised design software and built common IT platform that enables quick information exchange between the process of designing, production and warehouse. The group set only limited stocking area in each store to keep maximum area for display. So the replenishment needs to be backed up by effective distributions according to the daily sales. The immediate sales data communication serves as a strong basis for fast response and efficiency at every stage. With this in-house design and outsourced production process, HM claimed that their lead time could range from weeks to up to six months: fashion-conscious within weeks and sustainable and classics could be months (HM, 2011a), achieving balance between price, quality and time. 4.2 Marketing Mix Strategy After analysing the cost and efficiency strategy of the company, marketing strategy will be analysed first with the companys unique marketing mix (Chapter 2.1.2). Price HM makes effort to differentiate its brand image from other fast-fashion retailers with competitive low price (ZavrÃ…Â ¡nik, 2011). The company makes efforts to offer best possible price in spite of fluctuating costs of raw materials. However, the price range of HM products varies according to designs, current interest rates, and tariffs (Larenaudie, 2004). Product Clothing is the main product for HM. The company offers a wide range of designs for clothing, from classics to basics, to designs following the latest fashion trends. In addition, HM expands product mix to make the most of sales opportunities, such as make-up and costume jewellery at competitive prices, and home furnishings for young households (Euromonitor, 2011). Furthermore, as fashion trends intertwined (Steele, 2011), the new sustainable collection and classics collection enable a longer Product Life Cycle (Chapter 2.1.3) to maximise the design and avoid quick decline. Promotion Marketing promotion is crucial for apparel retailers to build the brand image (Cooklin, 2006). Various methods could be adopted, such as advertising, social media presence, personal selling, publicity, presentations (Cooklin, 2006). For HM, inviting guest designers has been a major attraction to customers (Euromonitor International, 2011). Also, HM has two major fashion seasons annually spring season and autumn season, and two sales season summer sales and the Christmas and New Year season (HM, 2011a). The two sales seasons promote products and attracts more customer visits with even lower prices. Place HM has strong global presence with over 2500 stores by the end of 2011 (MarketLine, 2011). However, the majority of HMs store-based apparel sales come from Europe, with Germany contributing the most, followed by the UK and France (Euromonitor International, 2011). In addition, HM has a growth target to increase the number of stores by 10% to 15% every year (HM, 2011a). But the company does not own any store facilities. By renting store premises the company could achieve flexibility to the best level and make sure store locate at the best possible position. And the company has leading distribution system enabling continuous replenishment based on real-time update sales data (Bruce and Daly, 2006). 4.3 Brand and Multi-Channel Strategy In the fashion retail industry, brand image is crucial in building customer loyalty (Bhardwaj and Fairhurst, 2010). HM is the most important brand for the group and enjoys strong presence internationally. With only limited investment in advertisement on TV, HMs collections with famous guest designers and celebrities have been the major hit to attract customers. From Karl Lagerfeld for HM in 2004, M by Madonna in 2007, Jimmy Choos shoes and bags in selected stores in 2009, to the exciting autumn hit Versace for HM in 2011 and Marni at HM in 2012, the guest collections fully showed attraction to customers, which interlink the price-conscious brand together with great design and quality (Euromonitor, 2011). As a mass-production fashion retailer, HM could raise brand impacts globally by cooperation with celebrities and famous brands to create the feeling of luxury and limit edition for its own customers. By collaboration with HM, luxurious brands could open up customer market with lower disposable income. Figure 12: Images of HMs Collections by Guest Designers and Celebrities (Versace, Madonna, Jimmy Choo) (HM Annual Report) In addition, HM sells not only through store premises, but also over the internet and catalogue books, which with brand strategy, composes together HMs multi-channel strategy. HM has made positive progress by promoting limited online sales globally allowing consumers in areas with no HM stores to purchase online, which boosts global brand image for HM and generates sales (MarketLine, 2011). The company also produces own online webzine HM Life, linking to its online stores and fashion items with latest trends (Euromonitor International, 2012). Furthermore, HM has successfully combined social media strategy to build up its brand and customer loyalty with Facebook page, twitter account, YouTube account and special online social hub (MarketLine, 2011). For example, HMs Facebook page has competitive engagement rate of 2% (likes, comments, share, etc.). And the presence of free smartphone app for its brand is available to keep customers update with new products and sales. Figure 13: Images of HMs Social Media Network: Facebook Page, Twitter Page and Youtube Page (HM, 2012) With the success of clothing, HM further extend the product range to maximise sales opportunities by selling low cost make-up and jewellery and home furnishing (MarketLine, 2011). Following Inditex, the group has transferred into multi-brand channels. Besides HM, the group also has four independent brands, namely COS, Monki, Weekday and Cheap Monday, allowing the company expand its network further and avoiding saturation in European market (Euromonitor, 2011). However, these brands still only have limited presence globally. 4.4 Domestic and Global Strategy With a unique strategy and clear brand identity, a fashion retailer should then develop its global expansion for further growth. The global expansion strategy and process could be better illustrated with Uppsala Model theory (Chapter 2.1.4). 4.4.1 Market Selection and Entry HM, headquartered in Sweden, started expansion into neighbouring countries Norway (1964) and Denmark (1967) (MarketLine, 2011), and followed by entering other countries and regions (Chapter 2.1.4) (Appendix 1). As introduced in Chapter 2, similar culture or shared borders could all reduce psychic distances between foreign customers and can encourage the companys global expansion (Ghemawat, 2001). Western Europe still witness HMs majority of sales growth, which shows the effects of shorter psychic distances. Following Uppsala model (Chapter 2.1.4), after gathering market knowledge and analysis of potential growth, the company entered global market by acquisitions and with greater levels of market commitment (Appendix 1). With an ambitious growth target of 10% to 15% increase in store numbers every year (HM, 2011a), the company strategically selected global markets and made effort to expand globally step by step. Gradually, the brand established its global name among consumers. However, the dominance of Western Europe leaves HM reliant on this region (Euromonitor, 2011). Economic recession within the Eurozone could influence the sales directly, and saturation would limit HMs further growth potential. At the meantime, the apparel industry in other districts prospers, especially Latin America, with a forecast sales value growth of 25%, where HM is absent (Euromonitor, 2011). Eastern Europe and Asia Pacific is also forecast with high sales value growing potential of 32% and 33% respectively (Euromonitor, 2011). 4.4.2 Domestic Strategy After selection and entry into global market, HM has witnessed strong global growth. Compared with international market, domestic market has moderate performance. However, headquartered in Sweden, HM still possesses large portion of market share (Euromonitor, 2012). The companys sales growth in Sweden remains steady (Figure 14). With strong purchasing power, consumers in Sweden tend to buy clothes for enjoyment over necessity. Most of sales were conducted in store purchasing over the past five years (Figure 1

Final essay :: essays research papers

1.  Ã‚  Ã‚  Ã‚  Ã‚  The Clinton-Lewinsky affair is a very good example of the concentric circle model. Thinking of it in the way explained in the book, â€Å"as a pebble being dropped in still water.† That is exactly what happened in this story. The ripples were the different people that were actually involved in and knew of the story in the first place, before it got out to the public. The media’s knowledge of the story started when Michael Isikoff tracked down Linda Tripp, because of tips he received from other people. It is funny to me how the story for the media began which was because there had been rumors that Clinton had asked Monica Lewinsky to perjure, which would have been illegal. What is so funny to me about that is, when the news actually hit the public, the story seemed to change to the fact that Clinton had an affair. Which is exactly what the Newsweek and other news outlets were not interested in reporting. 2.  Ã‚  Ã‚  Ã‚  Ã‚  Internet has evolved over the last ten years. It has continually expanded and become every more a part of the media’s conglomeration. And the future of the internet is looking very good. Because technology has always surpassed itself, coming out with new and better products on an continual basis. Today the internet is accessible in most schools and children are becoming more computer literate. I believe that one day the internet will surpass all other forms of media. As more people start to become computer literate they will use the internet more. Business’s make billions of dollars a year from the internet. Allowing people to shop in the convenience of their own home has been a huge plus for these business’s. This is a very profitable venue for a business because they don’t have all the expenses of an actual store, such as employees and the physical store. 3.  Ã‚  Ã‚  Ã‚  Ã‚   The White House Press Secretary has a very unique relationship with the media. The person who has this job more than likely has an abundant amount of information the media would like to know. This goes along very well with what libertarians believe. Which is â€Å"that people are involved in a life-long quest for knowledge, truth and wisdom.† They â€Å"imagined a word of many diverse publications that there would be room for every outlook.† That, â€Å"truth-seeking individuals exchange ideas in an unstructured, free-wheeling marketplace.† And finally that â€Å"all citizens engaging in great dialogues through the media seemed naà ¯ve to some people.

Essay --

The question today’s society is facing is marijuana. Should marijuana remain illegal or become legalized in the United States of America. Marijuana is a dry shredded mix of flowers, stems, seeds and leaves of the hemp plant called Cannabis sativa. People usually smoke it as a cigarette or in a pipe. Marijuana is the most commonly abused illegal drug in the United States. Abusing marijuana can cause problems with memory, learning, and social behavior. Although marijuana has negative side effects it also has medicinal properties that help aid people with needs. First there is some terminology you should know. Marijuana legalization is laws or policies that make the possession and use of marijuana legal under state law. Marijuana decriminalization are laws or policies adopted in a number of state and local jurisdictions which reduce the penalties for possession and use of small amounts of marijuana from criminal sanctions to fines or civil penalties. Medical marijuana are state laws which allow an individual to defend him or herself against criminal charges of marijuana possession if the defendant can prove a medical need for marijuana under state law. There are 7 strains of marijuana; dried flower; kief; hashish; tincture; hash oil; infusion; pipe resin. Dried flower generally refers to the dried flowers and leaves of the female marijuana plant. This dried flower strain of marijuana is the most widely consumed form which contains 3%-22% THC. Cannabis varieties used to produce industrial hemp has less than 1% of THC. All other strains of marijuana come from this dried flower state. The second strain of marijuana is kief, which is a powder and can be sifted from leaves and flowers of the marijuana plant. This strain can then be comp... ...heir crop to protect the marijuana from wood Marijuana 5 rats. Now this may not seem like it affects the environment because most people think of the air, carbon footprints, and emissions however this could affect animals, which are indeed apart of the environment. Every organism on Earth plays an important role in the ecosystem. In recent Alaska news petitioners are currently gathering signatures all over the state in order to reach the requirements to initiate for the August 2014 primary election ballot that will make possession of marijuana level for adults and regulate it’s cultivation and sale in manners similar to alcohol. As of December 1, 2013 they have gathered a total of 40,886 gross signatures, which leaves them another 4,114 signatures left to reach the requirements to make initiative towards making the possession of marijuana on the ballot. (mpp.org)

Why Marijuana Should Be Decriminalized

Connor Biro – 2577567 English 102 Price 4/5/13 Why Marijuana Should Be Decriminalized in the U. S. â€Å"Marijuana, in its natural form, is one of the most therapeutically active substances known to man† (qtd. in Rosenthal and Kubby 49). The DEA’s Administrative Law Judge, Francis L. Young, stated this in the matter of Marijuana Medical Rescheduling Petition, in 1988 when attempting to list marijuana as a Schedule II drug (Keene 93). Marijuana, or â€Å"weed,† is made from the leaves and flowers of the hemp plant cannabis sativa.In 1937, cannabis was made illegal with the passage of the Marijuana Tax Act. Since it was criminalized, billions of dollars have been spent in marijuana –related incarcerations. Marijuana consumption should be decriminalized in the United States for both medical and recreational use because it could prove medically, economically, and socially beneficial for the nation. The first reason marijuana should decriminalized in the United States is for its medicinal value. Marijuana can be used to treat an assortment of diseases and disorders, and also helps in pain relief.Patients suffering from glaucoma, an ocular disease where the eye is subject to increased pressure that damages the optic nerve, eventually leading to blindness, can be treated with marijuana to help reduce the pressure on the eye (Keene 92). For individuals suffering from epilepsy, a brain disorder in which an individual may has repeated seizures over time, marijuana can potentially prevent seizures at a very affordable price (Rosenthal and Kubby 50). Marijuana also helps relieve the side effects of chemotherapy, which include loss of appetite and nausea (Keene 91).Finally, marijuana helps individuals suffering from chronic pain caused by diseases such as fibromyalgia, arthritis, and cancer (Rosenthal and Kubby 50). Although, it appears that marijuana should be available at every pharmacy, behind every counter, after reading about its medi cinal properties, it is not. The second reason marijuana should be decriminalized in the U. S. is because it can improve our nation economically. So far marijuana has been legalized in 14 states, for medical use only. If marijuana were to be legalized more jobs would be reated, more money would be made in advertising businesses, and a significant amount of tax revenue made (Bradford). By comparing the taxes of liquor and cigarettes, it is concluded that the government could make about seven billion dollars a year in revenue just from state licenses, taxes and fees (Rosenthal and Kubby 26). Marijuana does not only provide medical uses, but industrial uses as well. Hemp, the nonpsychoactive sister of marijuana, is a very unique plant that has many useful qualities. Hemp has the longest fiber in the plant kingdom and is also known for its very strong and durable characteristics (Rosenthal and Kubby 28).The industrial applications that hemp can be used for include insulation, textiles, clothing, paper and most importantly, rope (Rosenthal and Kubby 28). In ancient China (around 8000 or 7000 B. C. ), archaeologists have found proof that hemp was a main crop for thousands of years, originally used as fabric, then eventually the Chinese found other uses like using the hemp fibers for rope and paper, and even mixing it with other grains as a food source (Keene 29). If marijuana were to be legalized, the manufacturers could export products such as the ones previously mentioned.As long as marijuana remains an illegal import, there is no way for the government to regulate its sale as well (Rosenthal and Kubby 75). The final reason marijuana should be decriminalized in the U. S. is because it can prove to be socially beneficial to the nation. Marijuana is listed as a Schedule I drug, along with heroin, LSD, and PCP, meaning the government believes it has a high potential for abuse, there is no current medical use in treatment in the U. S. , and that there is no acceptable use even under medical supervision (Rosenthal and Kubby).Millions of arrests and thousands of people are thrown in jail for marijuana charges, ranging from minor offenses, such as paraphernalia, to major offenses like illegally importing marijuana into the U. S. Police officers shouldn’t be wasting their time arresting youths with minor offenses like marijuana possession. If marijuana was decriminalized, teenagers arrested with minor charges related to marijuana would not have their lives ruined with marijuana-related crimes on their record (Rosenthal and Kubby 81-82). Another reason the nation’s society would be improved is by removing the young adults from the marijuana business.These young entrepreneurs succumb to the fast, easy money involved in dealing marijuana and ruin their chances of having a bright future. Marijuana should be decriminalized so the nation can benefit medically, socially, and economically. Legalizing marijuana just seems like the most logical thing to do, especially when the nation’s government is in such a tremendous amount of debt. It is presently legal to own and smoke small amounts of marijuana in Colorado and Washington. Over 65 million Americans use marijuana either occasionally or regularly (Rosenthal and Kubby IX).So why waste millions of dollars on the criminalization of marijuana charges, and lose the opportunity to make money off of this highly used plant? Citations Keene, Ann. Marijuana: It’s Effect on Mind & Body. New York: Chelsea House Publishers,1992. Print. Rosenthal, Ed, and Steve Kubby. Why Marijuana Should Be Legal. New York City: Thunder’sMouth Press. 2003. Print. Bradford, Harry. â€Å"14 Ways Marijuana Legalization Could Boost The Economy. † The HuffingtonPost. TheHufiingtonPost. com, Inc. 7 November, 2012. Web. 1 April. â€Å"Should Marijuana Be a Medical Option? † Medical Marijuana. ProCon. org, Inc. 6 May, 2009. qWeb. 28 March.