The Granddaddy Of Total Quality Management(TQM) Essay Example For Students

The Granddaddy Of Total Quality Management(TQM): Essay Dr. W. Edwards Deming was known as the ?Granddaddy of all out quality-administration. All out Quality Management (TQM) can give associations the motivating force for positive change, blending the workforce and making a domain that gives an organization the serious edge. To succeed, be that as it may, TQM must be in excess of a watchword. On the off chance that it is viewed as an irritation or a reason for representatives to exploit the business, it wont work. TQM must turn into a method of corporate life. That has been the objective of Deming for more than forty years. W. Edwards Deming sorted out an overall counseling practice for a long time.. His customers included assembling organizations, phone organizations, railroads, bearers of engine cargo, shopper specialists, statistics methodologists, emergency clinics, legitimate firms, government offices, and research associations in colleges and in industry. The effect of Dr. Demings lessons on American assembling and administration associations has been significant. He began changes with his TQM thoughts that are improving the HR offices around the United States. President Reagan even granted the National Medal of Technology to Dr. Deming in 1987. He got the Distinguished Career in Science grant from the National Academy of Sciences in 1988. We will compose a custom paper on The Granddaddy Of Total Quality Management(TQM): explicitly for you for just $16.38 $13.9/page Request now Dr. Deming got numerous different honors, including the Shewhart Medal from the American Society for Quality Control in 1956 and the Samuel S. Wilks Award from the American Statistical Association in 1983. The American Statistical Association set up the yearly Deming Prize for development of value and productivityin 1980. Dr. Deming was an individual from the International Statistical Institute. He was chosen in 1983 to the National Academy of Engineering, and in 1986 to the Science and Technology Hall of Fame in Dayton. He was additionally accepted into the Automotive Hall of Fame in 1991. Dr. Demings various honors were merited. His training has kept going for an amazing duration starting with his doctorate in scientific material science from Yale University in 1928, what's more, he has earned respect degrees from the University of Wyoming, Rivier College, the University of Maryland, Ohio State University, Clarkson College of Technology, Miami University, George Washington University, the University of Colorado, Fordham University, the University of Alabama, Oregon State University, the American University, the University of South Carolina, Yale University, Harvard University, Cleary College, and Shenandoah University. Yale University likewise granted him the Wilbur Lucius Cross Medal. What's more, Rivier College granted to him the Madeleine of Jesus Award. A various of books, movies, and tapes plot his life, his hypothesis, and the act of his techniques around the world. Of his books, Out of Crisis and The New Economics have even been converted into numerous unknown dialects. Dr. Deming is notable for his work in Japan, where from 1950 forward he showed top administration and specialists techniques for the board of value. This preparation helped change the economy of Japan. In acknowledgment of his commitments, the Union of Japanese Science and Engineering (JUSE) initiated the yearly Deming Prizes for accomplishments in quality and constancy of item, and subsequently, the Emperor of Japan granted the Second Order Medal of the Sacred Treasure to Dr. Deming in 1990. In Out of Crisis, Dr. Deming diagrams his fourteen focuses for the board. He comprehended that a director of individuals needs to comprehend that all individuals are extraordinary. Not rank individuals however comprehend that the exhibition of anybody is administered to a great extent by the region that he works in, and is the duty of the executives. Beneath we can perceive what Dr. Deming educated in his style of the board. Demings 14 Points of Management:1. Make consistency of direction toward progress of item and administration, with the expect to get serious and to remain in business, and to give occupations. .ub6d81f2efb487d179115619866dcab63 , .ub6d81f2efb487d179115619866dcab63 .postImageUrl , .ub6d81f2efb487d179115619866dcab63 .focused content zone { min-tallness: 80px; position: relative; } .ub6d81f2efb487d179115619866dcab63 , .ub6d81f2efb487d179115619866dcab63:hover , .ub6d81f2efb487d179115619866dcab63:visited , .ub6d81f2efb487d179115619866dcab63:active { border:0!important; } .ub6d81f2efb487d179115619866dcab63 .clearfix:after { content: ; show: table; clear: both; } .ub6d81f2efb487d179115619866dcab63 { show: square; progress: foundation shading 250ms; webkit-change: foundation shading 250ms; width: 100%; mistiness: 1; progress: haziness 250ms; webkit-progress: darkness 250ms; foundation shading: #95A5A6; } .ub6d81f2efb487d179115619866dcab63:active , .ub6d81f2efb487d179115619866dcab63:hover { obscurity: 1; change: murkiness 250ms; webkit-change: murkiness 250ms; foundation shading: #2C3E50; } .ub6d81f2efb487d179115619866dcab63 .focused content territory { width: 100%; position: relat ive; } .ub6d81f2efb487d179115619866dcab63 .ctaText { fringe base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: intense; edge: 0; cushioning: 0; content enhancement: underline; } .ub6d81f2efb487d179115619866dcab63 .postTitle { shading: #FFFFFF; text dimension: 16px; textual style weight: 600; edge: 0; cushioning: 0; width: 100%; } .ub6d81f2efb487d179115619866dcab63 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; outskirt: none; fringe span: 3px; box-shadow: none; text dimension: 14px; text style weight: striking; line-stature: 26px; moz-outskirt range: 3px; content adjust: focus; content design: none; content shadow: none; width: 80px; min-stature: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/basic arrow.png)no-rehash; position: outright; right: 0; top: 0; } .ub6d81f2efb487d179115619866dcab63:hover .ctaButton { foundation shading: #34495E!important; } .ub6d81f2efb487d17 9115619866dcab63 .focused content { show: table; tallness: 80px; cushioning left: 18px; top: 0; } .ub6d81f2efb487d179115619866dcab63-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .ub6d81f2efb487d179115619866dcab63:after { content: ; show: square; clear: both; } READ: Mother Teresa (1659 words) Essay2. Embrace the new way of thinking. We are in another financial age. Western administration must stir to the test, must get familiar with their duties, and take on initiative for change. 3. Stop reliance on review to accomplish quality. Kill the requirement for review on a mass premise by building quality into the item in any case. 4. End the act of granting business based on sticker price. Rather, limit all out expense. Advance toward a solitary provider for any one thing, on a drawn out relationship of faithfulness and trust. 5. Improve continually and always the arrangement of creation and administration, to improve quality and efficiency, and along these lines continually decline costs. 6. Organization preparing at work. 7. Organization authority. The point of management ought to be to help individuals and machines and contraptions to make a superior showing. Oversight of the executives needs upgrade just as management of creation laborers. 8. Drive out dread, with the goal that everybody may work adequately for the organization. 9. Separate obstructions between offices. Individuals in inquire about, structure, deals, and creation must fill in as a group, to anticipate issues of creation and being used that might be experienced with the item or administration. 10. Take out trademarks, appeals, and focuses for the work power requesting zero deformities and new degrees of profitability. Such urgings just make antagonistic connections, as the greater part of the reasons for low quality and low efficiency have a place with the framework and along these lines lie past the intensity of the work power. 11. a. Wipe out work gauges (shares) on the processing plant floor. Substitute administration. b. Wipe out administration by objective. Dispense with the board by numbers, numerical objectives. Substitute initiative. 12. a. Evacuate hindrances that loot the hourly specialist of his entitlement to pride of workmanship. The duty of bosses must be changed from sheer numbers to quality. b. Evacuate obstructions that ransack individuals in the board and in building of their entitlement to pride of workmanship. This implies, bury alia, abolishment of the yearly legitimacy rating and of the board by objective. 13. Establishment an enthusiastic program of instruction and personal growth. 14. Set everyone in the organization to work to achieve the change. The change is everybodys work. In the event that an organization strives to execute Dr. Demings thoughts on the board, they are probably going to see an improvement in their inside and out condition. Preparing workers so as to fill a position handily and effectively, benchmarking to recognize territories that need improvement, and reexamining their way to deal with execution evaluation, are altogether signs of absolute quality administration that can bring about a fruitful venture for every one of those included. Works Cited:Deming, W. Edwards. Out of the Crisis. Cambridge: MIT/CAES. 1986Deming, W. Edwards. The New Economics, second version. Cambridge:MIT/CAES. 1994Sherman, Arthur, George Bohlander, and Scott Snell. Overseeing HumanResources. Cincinnati: South-Western College. 1998

Interesting Quotes From Novel Alas, Babylon

Intriguing Quotes From Novel 'Tsk-tsk, Babylon' Pat Franks exemplary novel Alas, Babylonâ is loaded up with provocative statements. Distributed inâ 1959, the bookâ takes place in Florida and isâ centered around the Braggs. One of the primary books of the atomic age, Alas, Babylon has a distinctlyâ post-prophetically catastrophic twisted. With this gathering of statements, sorted by part, acclimate yourself with the writing that made this novel so unique.â Parts 1-2 Critical you meet me at Base Ops McCoy early afternoon today. Helen and kids traveling to Orlando today around evening time. Too bad Babylon. (Ch. 1)Standing a far distance off for the dread of her torment, saying, Alas, tsk-tsk, that extraordinary city Babylon, that powerful city! For in one hour is thy judgment come. (Ch. 2)Sure. Time on track. You dont fire everything at a similar moment. You shoot it so everything shows up on track at the equivalent instant. (Ch. 2) Parts 4-5 Peewee might be a mouse on board transport, however hes a tiger in a Tiger. On the off chance that I sent him up with requests to kill the moon, hed attempt. (Ch. 4)So here comes our nearby Paul Revere, he welcomed Randy. What are you attempting to do, scare my significant other and girl to death? (Ch. 4)Ben Franklin, gazing toward the south, stated, I dont see any mushroom cloud. Dont they generally have a mushroom cloud? (Ch. 5)Edgar wavered. To decline to money government investment funds securities was guardian blasphemy so terrible that the chance at no other time had entered his head. However here he was, confronted with it. No, he chose, we dont money any securities. Tell those people that we wont money any securities until we discover where the administration stands, or if. (Ch. 5) Sections 6-9 As Chief Executive of the United States, and Commander in Chief of the Armed Forces, I thus announce a condition of boundless national crisis until such time as new races are held, and Congress reconvenes. (Ch. 6)Whos winning? Nobodys winning. Urban communities are biting the dust and ships are sinking and airplane is going in, yet nobodys winning. (Ch. 6)In four months, Randy stated, weve relapsed 4,000 years. More, perhaps. 4,000 years prior the Egyptians and Chinese were more edified than Pistolville is at this moment. Not just Pistolville. Figure what should get going on in those pieces of the nation where they dont even have products of the soil and catfish. (Ch. 8)I consider most us detected this reality, however we were unable to acknowledge it. No issue how well we comprehended reality it was essential that the Kremlin comprehend it as well. It takes two to make a harmony however just one to make a war. So everything we could do, while vowing not to strike first, was line up our lead officers. (Ch. 9)It was a wolf, Randy said. It wasnt a canine any more. In occasions such as these mutts can transform into wolves. You did perfectly, Ben. Here, reclaim your firearm. (Ch. 9) Sections 10-13 No. An organization under military law. So far as I probably am aware Im the main dynamic Army Reserve official around so I surmise its up to me. (Ch. 10)The finish of the corn and weariness of the citrus crop had been inescapable. Armadillos in the sweet potatoes was misfortune, however endurable. Yet, without fish and salt their endurance was in question. (Ch. 12)Ben Franklin was credited with finding another wellspring of food, and was a saint. Peyton was just a young lady, fit for sewing, pot washing, and making beds. (Ch. 12)It was confirmation that the administration of the United States despite everything worked. It was likewise helpful as tissue. Following day, ten handouts would purchase an egg, and fifty a chicken. It was paper, and it was cash. (Ch. 13)We won it. We truly clobbered em! Harts eyes brought down and his arms hung. He stated, Not that it makes a difference. (Ch. 13)

Book Riots Deals of the Day for February 22nd, 2019

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Student Debt Should Not Be Eligible For The Minimum Amount...

Introduction Present time’s workforce has become very competitive due, to the increase in many people having a bachelor’s degree, at minimum. Currently, 40 million people are victims of student debt, our country’s all-time high rate. One factor that plays into student debt is, the loans that the federal government distributes. As of 2016, the highest amount of money you can receive from the government in student loans, as just the student alone, meaning no cosigner, is $6,500.00. This amount is distributed through three separate loans including, Direct Unsubsidized Stafford Loan, Direct Subsidized Stafford Loan and the Perkins Federal Loan. Not every student is eligible for the maximum amount of these loans. The main reason a student†¦show more content†¦Student debt is doing nothing but increasing and there are no regulations on tuition and/or interest rates of student loans, or even additional assistance with increasing cost of attendance. Overview of Current Knowledge Throughout the year’s higher education has become more popular and the number of students grows each year. Unfortunately, the amount of money it costs to finance your education grows as well, and along with that comes student debt. Student debt has reached an all-time high in the United States of America, and according to CNN, the amount of debt has reached 1.2 trillion dollars. The Institute College Access has said that at least 70 percent of all students are in some type of debt directly corresponding to their college education. Not only is the demand for educational degrees growing in the work fields, but the amount of debt a single person has coming out of college. There is not one state where the average amount of debt is under $22,000.00 and the national current average of debt is $28,950.00 says the Institute for College Access. In a recent study from the Institute for College Access the amount of debt in a 10-year time period, 2004-2014 rose from 65% to 69%, while a verage debt at graduation rose at more than twice the rate of inflammation. As mentioned before the lump sum of $6,500.00 is distributed through three separate loans including, Direct Unsubsidized Stafford Loan, Direct

Racism in the Bluest Eye - 752 Words

Racism in â€Å"The Bluest Eye† Several examples of racism are encompassed in The Bluest Eye by Toni Morrison. Characters who are members of the black community are forced to accept their status as the â€Å"others†, or â€Å"outsiders†, which has been imposed on them by the white community. In turn, blacks assign this status to other individuals within the lighter-skinned black community. In this novel, characters begin to internalize the racism presented by these people, and feel inferior. The stereotype torments them mentally, and in some cases, to the point of insanity. The character most affected by racism is Pecola Breedlove. Pecola Breedlove’s character is defined by several different types of racism. It is present in her family, especially†¦show more content†¦Racism becomes one of the most critical themes in the novel and causes the most destruction. In The Bluest Eye, the reader can see how Toni Morrison demonstrates the effects of racism on the black community. In Pecola’s case, she is driven to the edge of insanity, where she longs to be a white person with beautiful blue eyes, and who lives in a world where racism does not exist. She longs for that world where nobody will hurt her anymore because she is not one of the â€Å"others†. White people did not have to deal with the same dilemmas as black people did, and could never understand the consequences of beingShow MoreRelatedRacism In The Bluest Eye Essay1730 Words   |  7 Pages Racism In The Bluest Eyes The Bluest Eye tells a tragic story of a young girl named Pecola who desperately wishes for beautiful blue eyes. Pecola believes that the only way she will ever be beautiful is if she has blue eyes. This story takes place in the 1970’s, a time where African Americans were second class citizens in society. They were often exploited and dehumanized because of the way they looked, and this will leave a long lasting effect. Americans would often think that the only wayRead MoreTheme Of Racism In The Bluest Eye924 Words   |  4 Pages Racism, a word once used sparingly, has today become a part of colloquial speech. Although racism is an epidemic, so is same-race discrimination. In the novel â€Å"The Bluest Eye,† written by Toni Morrison, this idea of same-race discrimination is given the limelight throughout. The novel focuses on the African American community within Lorain, Ohio and the complexities of physical beauty and social status that lean over its residents. A character emphasized for her entitlement and being one who practicesRead MoreRacism in The Bluest Eye Essay710 Words   |  3 PagesRacism in The Bluest Eye There is really nothing more to say--except why. But since why is difficult to handle, one must take refuge in how. When bad things happen to us, the first thing we ask ourselves is why? Most of the time however, the answer to why is not readily available to us, and sometimes there is not an answer at all. Racism has been a concept which has existed from the beginning of human civilization. For some reason, the whites believed they were superiorRead MoreThe Bluest Eye Racism Analysis1336 Words   |  6 PagesIn The Bluest Eye, Toni Morrison depicts racism all throughout the novel. Discrimination is very heavy in the 1940s, and the protagonist Pecola Breedlove experiences that. Pecola is a lower-class black girl who is constantly picked on for not only her looks, but her uncontrollable family situation. Maureen Peal is a new girl that arrives at Pecola’s school, and she is an upper-class, wealthy black girl. When Maureen goes out for ice cream with Pecola, Frieda, and Claudia, the girls talk about menstruationRead MoreRacism in Toni Morrisons The Bluest Eye Essay1955 Words   |  8 Pages Since childhood, we all have been taught that â€Å"racism is bad† and should be avoided at all costs. We have been told that â€Å"everyone is a child of God and we are all created equal.† In fact, Americans are praised for the so-called equality they possess. However, renowned author Toni Morrison sheds light on the sheltered and unspoken truth that everyone—to some extent—is racist. â€Å"Home† is a reflective essay in which Morrison explains that her triumphs against racist ideologies are evident throughoutRead MoreEssay about Racism and Sexism in the Bluest Eye1798 Words   |  8 PagesToni Morrison, the author of The Bluest Eye, centers her novel around two things: beauty and wealth in their relation to race and a brutal rape of a young girl by her father. Morrison explores and exposes these themes in relation to the underlying factors of black society: racism and sexism. Every character has a problem to deal with and it involves racism and/ or sexism. Whether the characters are the victim or the aggressor, they can do nothing about their problem or condition, especially when concerningRead MoreRacism And Sexism In Toni Morrisons The Bluest Eye2105 Words   |  9 PagesHow does racism and sexism play a part in the novel, The Bluest Eye? Have you ever experienced or seen racism and/or sexism and you were not able to help make the situation better? Throughout the novel The Bluest Eye, the author, Toni Morrison takes us on a journey of an eleven-year-old girl named Pecola Breedlove whose love for blond hair and blue eyes affects how she perceives everyone around her. The novel takes place in Lorain, Ohio where Morrison grew up. Pecola wishes for blue eyes because sheRead MoreBluest Eye1268 Words   |  6 Pagesa black African could write a good book† (Satwase). In the Bluest Eye Toni Morrison uses wrong and discomfort to show the crushing consequences that come from racism. In 1950 America, racial discrimination was implied by different skin colors. The Bluest Eye shows ways in which white beauty standards hurt lives of black females, blacks that discriminate on each other and the community’s bias on who you were. Toni Morrison uses the racism of the 1950 s and shows that It is the blackness that accounts Read MoreAnalysis Of Tony Morrison s The Bluest Eye 1263 Words   |  6 Pages Pecola’s Eyes and Vision Tony Morrison is a famous, exciting, American writer, describes as a major figure of the entire African American nation within the American community. â€Å"The Bluest Eye† published in 1970, is one of the most impressive novels of the author describing the Great American Depression. The contexts and the structure of the story looks as if it was written for children. This realistic story describes the manner of life and reality of the African American, suffering form the pressureRead MoreAnalysis Of Tony Morrison s The Bluest Eye 1314 Words   |  6 PagesvvPecola’s Eyes and Vision Tony Morrison is a famous, exciting, American writer, describes as a major figure of the entire African American nation within the American community. â€Å"The Bluest Eye† published in 1970, is one of the most impressive novels of the author describing the Great American Depression. The contexts and the structure of the story looks as if it was written for children. This realistic story describes the manner of life and reality of the African American, suffering form the pressure

Facebook considers opening site to children Free Essays

Facebooks manager of privacy safety had announced that the social network has â€Å"thought a lot† about opening up the site to children under the age of thirteen to get the opportunity to access on to Facebook. Similarly, Facebook had changed its policies that allow children under thirteen to put public post online that can be viewed by everyone in the world. Therefore, this may effect children’s life. We will write a custom essay sample on Facebook considers opening site to children or any similar topic only for you Order Now Opening the site to children under the age of thirteen is a bad idea due to many issues. First, it might cause cyber bullying on the social medias; second, it might effect the children and their families’ communication; and third, it might cause kidnapping, rape or murder cases. Cyber bullying is an anti-social behavior and this is related to technologies and the internet. First, cyber bullying is referring any kind of aggressive behavior through social media. Cyber bullying could happen by text, Facebook posting, Tweet, Skype, or E-mail, but most constantly happen on Facebook. Cyber bullying usually resulting in trauma victim, can also cause low cademic achievement, interpersonal, alienation, there may even produce retaliatory attacks forced the victim or the victim turned to bullying others; it also has some impact in the offender, the offender adult crime, alcohol abuse is quite high, with the offender characteristics, 60% male perpetrators for crimes committed before the age of 24, non-male offender characteristics only 23%. So if Facebook do allows children under the age of 13, there might be a chance to increase the cyber bullying cases. Second, communication between the children and their family is very important, but f Facebook allows children to gain access to Facebook, it will affect the communication the children and their family. A family with good communication between each other might involve lots of technological activities; indeed, technology may become a tool or media for the communication between each other. For example, some people do not like to tell things face to face, but they open their heart through online chatting or messages (Facebook chatting); in this way, technology become a media to connect children and parents. Thus, it even improved the communication between children and parents. This will definitely effect the children and families’ communications, by not communicating with each other. So if Facebook allows children access on to Facebook under the age of 13, it may effect the communication between the children and their families’. Third, allowing children of the age of 13 or under gain access to Facebook might cause kidnapping, raping and murdering cases. Now a day, a lot of teens have Facebook accounts, and they enjoy using it. Chatting online with strangers turned going out in real life and this will lead them to getting kidnaped, raped or murdered; the crimes creates a fake nternet profile on Facebook and start chatting to the innocent teen or children, after they got the teen’s or child’s trust, and convincing them to go out together in real life. Thus, the crimes such as kidnaps, rapes or murders them during the time when they are outside. Because these cases already happened to a lot of teenagers, it will increase possibly of the teens and childrens getting involve will kidnap, rape or Facebook opening site to children under the age of 13 to get the opportunity to access on to Facebook is extreme dangerous, because it will effect children’s life, etal health, education or the negative effects and causes above. Also, it takes up a lot of time on an online world and playing all the cyber games; instead in reality they may think it is not. Sometimes, people or things on the internet are fake and it is not trust worthy. Furthermore, the teenagers should be ware of the strangers on Facebook, must not share any personal information with them, or else they can find you and kidnap, rape or murder you. Due to many issues, Facebook should re-discuss and make an correct decision, because this will cause or effect many things that no one will want to happen. How to cite Facebook considers opening site to children, Papers

The external pricing decision Essay Example

The external pricing decision Paper The uses of Hubbart formula can have certain advantages and disadvantages. The Hubbart formula can establish the price over a period of time or a wide range of establishments. However, it requisite rate of return on owners capital employed, and works back to the total revenue that needs to be generated from accommodation. In addition to the required data, it also calls for the full cost, that is all the variable costs plus some share of fixed cost, and hence it is in fact a cost based pricing through the external pricing decision. Definitely, the company would like to attain what they are yearning for, nonetheless, this kind of approaches may appear to be too subjective and arbitrary, and it is acting as a method of allocating the fixed costs as well. Apparently, tourism is a seasonal industry and always influences by the global changes; therefore the occupancy of the hotel may vary according to different seasons and different incidents. Such as, a few months ago, there was a terrorism in Bali, after the Bali Blast, the travelers are not willing to travel to Bali since Bali seems to be a considerable dangerous place for them to travel. As a result, the occupancy of the hotels in Bali decreases significantly. Furthermore, we have to concern about the location of the hotel too, if it situates in Britain Brighton (the southern part of England where it is along the coastal area where it is a seaside resort), then the summer time will be the peak period of tourism, as a result, the seasonal prices should incline as well. We will write a custom essay sample on The external pricing decision specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The external pricing decision specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The external pricing decision specifically for you FOR ONLY $16.38 $13.9/page Hire Writer As long as the hotel does not concern about this factor, then they will suffer from a great loss since there will be less visitors during the winter, and hence the occupancy within that period will be relatively lower. It appears that the occupancy that we use in the Hubbart formula is the average rate, yet it will amend noticeably in different months, so it is necessary to anticipate the monthly occupancy. It is certain that the demand for the tourism industry (e. g. hotels bedrooms) is always elastic, so it is unlikely that the tourism operating sectors (e.g. accommodation sector hotel) to set the prices according to the cost of the goods and services produced. As a result, it is essentially important for the company to realize the significance of charging the price that the market will bear, instead of charging the price according to their wishes. Thus, the full cost techniques can then applied to see if this obtainable price covers the full cost of the product or services, and how much profit can be made at this price. Last but not least, it is often said that pricing decisions are extremely complex. In addition to the incorporation of the basic cost and financial data, the Star Hotel should also add in other internal and external considerations, including macro-economic, environmental, political and social factors and also it should take the other factors non-financial and non-quantifiable nature (such as behavioral factors) into their concerns and considerations. To put it briefly, if the above disadvantages can be avoided, it may escape from the inefficiencies that automatically built into the costing system and the uncompetiveness and ongoing to the track of success. Pricing is closely related to the decision that managers in both profit-making and non profit-making sectors. Providing that the total revenues are not in excess of total expenses the firm must subsequently go into liquidation. Overwhelmingly, there are defined rules of pricing. In my point of view, the Star Hotel can either use the Hubbart Formula or Market-based Pricing, which is one way of the external pricing methods as well. It implicates that the price will be charged for goods and services offered to the travelers outside an organization on market prices. It is because the goods and services produced by the Star Hotel are in reality sold in a highly competitive market since there are other suppliers offering identical or near-identical products. Consequently, the suppliers will be competing fiercely in respect of price, quality, reliability, and services. Undoubtedly, the Star hotel is one of the participants in the tourism industry, and we can identify it as a tourism-operating sector. Moreover, the demand for the tourism products is actually elastic, meaning that the lower price is offered, the more units will be sold. By using this method, Star Hotel should firstly categorize its target market and evaluate its position in the market. Afterwards, the price can be set. Overwhelmingly, different markets will have its own price since dissimilar demands occur and also hotels have different abilities, such as some are better in services and some are famous for its quality products. Then an interpretation of the sales according to the source of reservations and category of client is necessary for a further review since it will disclose the standard achievable room rate. As a result, it is indispensable for the Star hotel to base its price per room on what is being charged in the market. Or else, if it charges more than the market price, their sales will be reduced. On condition that it charges less than the market, its sales will increase in short term but the market will quickly adjust to a lower level of selling prices. Furthermore, the market conditions largely determine a suppliers selling prices; it is particularly significant to ensure that tight control is exercised over costs. Otherwise, the gap between total sales and total costs (i. e. the profit) will be insufficient to guarantee an adequate return on capital employed. In case, external price determination is concerned, including both market oriented and cost oriented methods, we can generalize by arguing that prices tend to be governed by the market. And so it is important to ensure that unyielding management is exercised over costs, as there will normally be little opportunity to raise the selling price.

Free Essays on The Winter Sundays

â€Å"† â€Å"The Winter Sundays† is a poem we have recently read in class. I understood many concepts from reading this piece. We also held many class discussions on it to help better out understands and hear other point of views on the poem. The poem is about a boy who lived his life poorly and is now about thirty years older and looking back. Robert Hayden grew up in Texas, around the 1960's. Robert is reiterating to the reader how his life was when he was a young kid. The life style he had was of a poor families life. He wished he could have the things the surrounding children had around him, and usually questioned why he didn’t. The speakers father had a great role in why the family had the kind of life style they did. it was not done purposely but he could not do much. Roberts father worked hard and came across many hardships. He nonstop worked, and didn’t have much time for much else. He wasn’t around enough to enjoy the bringing up of his own children. With some families today it is still the same way. Some families are not as fortunate as others and have to like a life even under the middle class. There is nothing wrong with that kind of life style. There are many ways people can get out of living like that. Main example, and this was talking about in class, is education. Not too many people realize how important education is. Robert didn’t realize how hard his father had to work just to keep everyone alive and in check. As a young, naive, misunderstanding child it is hard to grasp why someone has to live the way they do. The father had to sacrifice many good times for work. Leisure time with the family usually is a must amongst families. Some parents can’t afford to give that to their loved ones, due to hard work. Having to work hard can be a result of many things. The father might not have been well educated, could not be given a better job due to ethnicity, etc. Roberts father has endu... Free Essays on The Winter Sundays Free Essays on The Winter Sundays â€Å"† â€Å"The Winter Sundays† is a poem we have recently read in class. I understood many concepts from reading this piece. We also held many class discussions on it to help better out understands and hear other point of views on the poem. The poem is about a boy who lived his life poorly and is now about thirty years older and looking back. Robert Hayden grew up in Texas, around the 1960's. Robert is reiterating to the reader how his life was when he was a young kid. The life style he had was of a poor families life. He wished he could have the things the surrounding children had around him, and usually questioned why he didn’t. The speakers father had a great role in why the family had the kind of life style they did. it was not done purposely but he could not do much. Roberts father worked hard and came across many hardships. He nonstop worked, and didn’t have much time for much else. He wasn’t around enough to enjoy the bringing up of his own children. With some families today it is still the same way. Some families are not as fortunate as others and have to like a life even under the middle class. There is nothing wrong with that kind of life style. There are many ways people can get out of living like that. Main example, and this was talking about in class, is education. Not too many people realize how important education is. Robert didn’t realize how hard his father had to work just to keep everyone alive and in check. As a young, naive, misunderstanding child it is hard to grasp why someone has to live the way they do. The father had to sacrifice many good times for work. Leisure time with the family usually is a must amongst families. Some parents can’t afford to give that to their loved ones, due to hard work. Having to work hard can be a result of many things. The father might not have been well educated, could not be given a better job due to ethnicity, etc. Roberts father has endu...

Sexy

Sexy Sexy Sexy By Maeve Maddox The adjective sexy is a US coinage. According to OnlineEtymologyDictionary, it was first used in 1923 to describe smoldering silent screen star Rudolf Valentino. Sexy to describe the sexual attractiveness of individuals and the sexual aspect or content of things is still probably the most common use of the word: George Clooney Voted Sexiest Man Alive (Again) Joan Crawford proves that you can be a powerful and sexy screen presence even after the age of forty. Out of Sight has been voted the sexiest film of all time in a poll of industry insiders for an American magazine. Can minors go to video stores and buy or rent sexy, violent movies without parental consent? Nowadays, however, sexy is used to describe things that have nothing to do with sexual attraction or content: The 101 sexiest cars of all time Houses with the world’s sexiest garages Homelessness is not a sexy cause unless it’s around Thanksgiving. Not too many mayors  find it very  sexy  to stand next to a fixed sewer or repaired bridge. Childcare and children’s services, in the general public’s view, is not sexy; it is not at the top of people’s agenda. Somewhere in the 1950s, sexy acquired the meaning â€Å"appealing, liable to excite interest, not boring.† The word is especially popular in the marketing industry: How to Make Your Product Look Sexy on Facebook Build a strong foundation for your marketing – now that’s sexy. A retail experience needs to be dynamic, energetic, [and] sexy. The most successful company is the one with the sexy logo, the sexy ads, the sexy products, and the sexy packaging. Considering that the purpose of advertising is to cause consumers to lust after products, I suppose that the extended meaning is not much of a stretch. Just as I felt confident to say that sexy in these contexts is simply a synonym for â€Å"not boring,† I came across a marketing site with the headline â€Å"Sexy Doesn’t Mean ‘Not Boring.’ † According to this site, â€Å"Helpful is the new sexy.† Marketers will continue to use sexy as shorthand for attention-getting, but for me, sexy seems more suitable as an adjective for beautiful people like Antonio Banderas or Cote de Pablo than for an insurance blog. When it comes to describing the appeal of advertising and merchandise, writers may want to explore other words that convey the idea of appealing to human craving and covetousness. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:16 Substitutes for â€Å"Because† or â€Å"Because Of†Comma Before ButShore It Up

Cheating cannot disappear in the school Research Paper

Cheating cannot disappear in the school - Research Paper Example Further, a cursory analysis with regards to the scope and impacts of unlimited cheating will be discussed. Firstly, it must be understood cheating is something of a social phenomena within the world. Although the impacts of cheating within scholastics have only recently come to a broad level of understanding, the fact of the matter is that cheating is a type of social problem that traces its origins back to the innate desire for an individual to gain a competitive advantage over his/her peers with the least amount of effort. Ultimately, the human spirit is one that continually seeks for self betterment and a level of advantage over their fellow students (Bing et al. 29). Oftentimes, this desire to be better engages the individual to try harder and exert their selves more fully. However, oftentimes, the case is that the individual seeks a shortcut with regards to maintaining an advantage and reaching a desired goal. This shortcut can either be the reduction in the overall quality of t he work that they represent or it can be referenced with regards to the fact that the seek to cheat in one form or the other as a means of providing themselves the benefits that had previously been mentioned. Regardless of the way in which cheating is defined, it must be understood cheating is not localized to the University or secondary education systems. Rather, from an early age, children are made aware of the fact that cheating is very much a part of adult life. From the way in which a colleague takes advantage of another and claims his/her own work as their own, the manner in which the government is cheated out of taxes (and individuals brag about this), or the manner through which deception is utilized in business deals, the young stakeholders presented with a litany of different situations in which cheating is both allowed and even promoted. Recognizing that cheating is a defensible approach to effecting the goals that they wish to accomplish, students engage in this process with not nearly enough reservations with regards to the negative ramifications of such a process can necessarily engage. Ultimately, the practice of cheating is reinforced within a young individual due to the fact that the process itself is oftentimes rewarded within both the adult world and the scholastic world. One does not need to look very hard to find a situation in which cheating within the corporate dynamic has provided an individual, or indeed entire corporation, with a great deal of benefit Orwell as compared to those that would have chosen the more ethical and/or moral approach. By much the same token, cheating within the scholastic realm has proven to be beneficial in many instances as well. A key proof of the situation has to do with the fact that information has recently been revealed that Moammar Gaddafi’s son, Saif, had plagiarized his PhD dissertation while studying in London. Naturally, proof of this

Create Assignment Example | Topics and Well Written Essays - 500 words

Create - Assignment Example Executive Assistant position suctioning for parlay of customer service, demonstrated organization, project management and communication skills proven by 10 years of affluent, profitable self-employment. Personable, motivated business professional with college degrees and a prosperous 10-year profitable small business ownership track record. Talent for speedily adapting technology- currently completed Microsoft Office Suite certificate course. Tactful and diplomatic with non-professionals and professionals at all levels. Acquainted to handle confidential, sensitive records. Established history of producing timely, accurate reports that meet stringent HMO along with insurance guidelines. Versatile and flexible- able to retain a sense of humor even under pressure. Competent and posed with established ability to quickly transcend cultural differences. Good team-building skills. Thrive in environments driven by

European Trade Routes 1100-1500 Essay -- essays research papers

If there was ever an important period historians, and people could put a finger on, this would be it. This is the important period where the world’s countries, kingdoms, and dynasties established trade routes. This is the period where countries were made and countries were destroyed because of the importance of trade and the importance of building a fundamental, religious, and economical way of life. This paper will discuss the goals and functions of trades, and traders, and a historical analysis of world trade. This paper will also get into world trade patterns, of The Americas, Sub-Saharan Africa, The Indian Ocean, The Silk routes, China and The South China Sea, Europe and The Mediterranean, and The Atlantic Exploration.   Ã‚  Ã‚  Ã‚  Ã‚  The goals and functions of world trade today vary from when it started. Long distance trading today is a big part of everyday life for us. Most of our products, as you can see, come from China, Japan, Italy and other places across the ocean. Where would we be today if long distance trading wasn’t a part of everyday life? Asia and Europe play a huge part in our lives, and in what we eat, function with, and for children, play with. When long distance trading first started, it wasn’t as important as it is now. Traders mostly supplied goods for the rich who could afford these valuable goods, and afford the long distance accommodations. Supplies like gold, spices, silks, and others were sold to the rich and they were valued depending on weight and distance of the trade. A large part of the exchange economy was local, dealing with crops, and local manufactured products. The only problem with this was that it wasn’t pricey and it didn’t weigh much compared to long distance supplies, which made it difficult to make any profit whatsoever. Sometimes, to help out locals and the upper echelon, goods were traded for other goods instead of money. The most important part of trade was having a market to trade with. If there was no market, there was no business, and if there is no business there was no jobs, and money coming in for locals in that area. (The Worlds History, Spodek, 2001, Ch. 12)   Ã‚  Ã‚  Ã‚  Ã‚  Free market economy, which is still tremendously popular today, as it was when trade first started, is a big part of trade. Free market economy is when traders seek personal benefits by buying supplies an... ...acteriaceae. It is the infectious agent of bubonic plague, and can also cause pneumonic plague and septicemic plague.†(http://en.wikipedia.org/wiki/Pasteurella_pestis) In 1331 the infection entered China and began to spread, killing enormous amounts of people. This plague wiped out half of China since the Mongols passed through, and because this plague was so horrific, Mongol power weakened as a result of this. Europeans had no immunity toward new diseases, thus wiping out 1/3 of the population that swept across the continent. (The Worlds History, Spodek, 2001, Ch. 12)   Ã‚  Ã‚  Ã‚  Ã‚  When you talk trade, and the foundations of powerful dynasties, you think China. When Marco Polo finally arrived in China in 1275, he described the ruler, Kublai Khan as the mightiest man. China was so advanced with riches, elements, and respect from underlings, that any of these could describe the comments Marco Polo had for Kublai Khan. Still, silk, porcelain, and tea, Chinas greatest products, attracted merchants from all around the world looking to trade.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  

Coach Inc. case analysis Essay

Coach, Inc. is an upscale American leather goods company known for women’s and men’s handbags, as well as items such as luggage, briefcases, wallets and other accessories (belts, shoes, scarves, umbrella†¦). The firm was founded in 1941, in a loft in New York as a partnership called the Gail Manufacturing Company. As of July 2, 2011, the company operates in over 20 countries with more than 1,100 retail stores and around 15,000 employees worldwide. Today, Coach Inc. has distribution, product development and quality control operations in the US, France, Italy, Japan, Hong Kong, China and South Korea. From 2001 to 2011, Coach launched a series of activities to take great control over the brand in the Asian markets, and it also accelerated its European expansion with the help of its European joint venture partner in 2011. Continuous innovation and affordable price are two keys for Coach to conduct international business. In addition, owing to its multi-channel retail n etwork, Coach, Inc. has successfully enhanced its brand image all over the world. Luxury goods industry is highly competitive due to a low market-entry barrier. It has experienced ups and downs during the 2000s. And in recent years, the industry has recovered and developed rapidly. More and more luxury goods corporations have expanded their operations in emerging markets through Internet and e-commerce. The future outlook of this industry is optimistic. The competitions in the luxury goods industry are pretty intense. Many competitors of Coach are from France and Italy such as Louis Vuitton, Hermà ¨s, Gucci, and Prada. Having superior brand recognitions and strong impacts on global luxury goods market make them become dangerous rivals of Coach, Inc. Even though Coach Inc. has come up with good strategy, it still suffered from harsh competition. The profit margin was still below the level achieved prior to the onset of a slowing economy in 2007 and its share price had experienced a sharp decline during the first six months of 2012. Due to the changing environment and harsher competition, it was not clear whether the company’s recent growth could be sustained and its competitive advantage could hold in the face of new accessible luxury lines launched by such aggressive and successful luxury brands as Michael Kors, Salvatore†¦ Therefore, I recommend that Coach thinks about spending money working on TV commercials, or cooperating with some world-famous jewelry brands to raise the brand aw areness. It also needs to consider expanding in China so as to cut down operating expenses and better meet the Ch ­inese customers’ growing needs. Question 1. What are the defining characteristics of the luxury goods industry? What is the industry like? Economics define a luxury good as one for which demand increase as income increase. Luxury goods are said to have high income elasticity of demand: as people become wealthier, they will buy more and more of the luxury good. This also means, however, that should there be a decline in income its demand will drop. Unlike inferior goods, they are related to price and high-income individuals. A luxury corporation may establish its image via pricing, exclusivity, limited availability, quality and location. High pricing gives the product its prestigious nature, and implies high quality. Luxuries may be services. The hiring of full-time or live-in domestic servants is a luxury reflecting disparities of income. Some financial services, especially in some brokerage houses, can be considered luxury services by default because persons in lower-income brackets generally do not use them. Luxury brands in general, relied on creative designs, high quality, and brand reputation to attract customers and build brand loyalty. Price sensitivity for luxury goods was driven by brand exclu sivity, customer-centric marketing, and to large extent some emotional sense of status and value. The luxury goods market has been on an upward climb for many years. The market for luxury goods was divided into three main categories: haute-couture, traditional luxury, and the growing submarket â€Å"accessible luxury†. At the apex of the market was haute couture with it very high-end â€Å"custom† product offering that catered to the extremely wealthy. Luxury goods manufacturers believed diffusion brand’s lower profit margins were offset by the opportunity for increased sales volume and the growing size of the accessible luxury market and protected margins on such products by sourcing production to low-wage countries. Eye-catching utilization of their products by prominent figures in society leads to increasing demands for luxury good items and it is a growing industry with the global luxury goods market growing 9% per year. These consumers buy their products for satisfaction and to boost their self-esteem rather than for ease or comfort. All these components blend in the context of a successful business of the luxury goods. The industry has performed well, particularly in 2000. In that year, the world luxury goods market –  which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage, handbags. The luxury-goods business needs people to feel good about spending money. The luxury goods industry is global in scope. In 2005, Italy (27%), Replica Armani Swiss France (22%), Switzerland (19%), US (14%) controlled a combined 82% of the worldwide luxury goods industry sales. In 2006, the industry was expected to grow by 7%. Much of this growth can be attributed to increasing income and wealth in developing European countries, China, and changes in consumer buying habits. Additionally, the entry of big box stores into the distribution chain has opened the market to middle-income consumers, who earn substantially less that the $300,000 household. The luxury goods industry is under drastic change and at different levels. This has an impact on Coach’s business because they have two different types of stores. Two different types of stores of Coach On one hand they have factory stores who sell at a discounted price and on the other hand they have full-priced stores or flagship stores which cater to higher end consumers. While the factory stores are being hit by the American financial crisis due to the lack of disposable income for the middle class, full-price stores or flagship stores have brighter future with an increasing number of millionaires. Question 2. What is competition like in the luxury goods industry? What competitive forces seem to have the greatest effect on industry attractiveness? What are the competitive weapons that rivals are using to try to outmaneuver one another in the marketplace? Is the pace of rivalry quickening and becoming more intense? Why or why not? The competition in the luxury goods is very strong. The financial crisis (2007-2009) had a great effect on the luxury goods industry. This led to a huge decline in sale in United States, Japan and Europe. Therefore, the competition in old market and especially emerging market is extremely intensive. In the emerging market (China, India and Southeast Asia), from 2% of industry sales in 2001, they had 20% of industry sale in 2011. Thousands of companies compete in this fields, which are mainly from  Italy, France, Swiss and United states. According to Merrill Lynch, the most valuable luxury brands in terms of annual revenues in 2011 were Louis Vuitton, Gucci, Hermes and Cartier. The competition in the luxury goods industry is extremely intense due to a low market-entry barrier, that is, not all the corporations in this industry can gain great achievements. Many companies had to withdraw from the market because of being short of effective follow-up financial support. Nowadays, this industry provides services for two types of clients: to the rational consumers, some companies choose to offer affordable luxury goods w hich are classic styles and won’t be outdated for a long time; and to the fashion-conscious customers, plenty of firms try to supply higher-priced products whose designs are keeping up with the newest fashion trends. Luxury goods industry has experienced ups and downs during the 2000s. The world’s top brands such as Louis Vuitton, Gucci, and Hermes all generated benefits of more than 100% at the end of 1999. In 2000, the industry continued performing well in the global financial markets. However, the changes took place in the following years. Luxury goods industry was strongly impacted by the adverse effects of wars, diseases, and global economic recession. Fortunately, it soon started recovering with the support of its loyal customers who were eager to buy luxuries to demonstrate their wealth and status. Recently, with the rapid development of Internet and e-commerce, more and more luxury goods corporations have successfully marketed their products in emerging markets. And they will constantly optimize their goods and services to meet the international customers’ higher demands in the future. So on the basis of above analysis, luxury goods industry is promising. Coach Inc. is the biggest name of luxury goods in the United States. Coach’s market share in the U.S. handbags market fell from 19% to 17.5% between 2011 and 2012. This share was mostly grabbed by competitor Michael Kors, whose market share has risen from 4.5% to 7% in the same period. This discouraging trend hasn’t been reversed in the past year as comparable store sales fell by approximately 15% in the holiday quarter. This drop in sales was due to lower traffic in Coach’s stores as shoppers were turned off by the lack of online flash sales over the quarter. Sales have now fallen for the third straight quarter in succession and management expects sales to fall further in the second half of the fiscal year. The bright spots for Coach in this  quarter were sales in China, which were up by 25%, and the sales of handbags priced above $400, in North America. The disappointing thing for the company is that these high-priced handbags only comprise about a fifth of their handbag products and this means that the company is losing out to competitors on nearly 80% of their product lines in this division. The main competitor of Coach in the US is Michael Kors, having grown its revenues between 58% and 67% in the last three years, posted a revenue growth of 59% in the holiday quarter. This growth is an ominous sign for Coach as Michael Kors hasn’t reached its full store capacity yet. The store count for Michael Kors’ stood at 284 by the end of the previous quarter or approximately 70% of its stated long term target of 400 stores. Without having reached its full store capacity yet, it is possible that Michael Kors isn’t meeting the full demand for its products and there is still potential room for growth. This is a challenging scenario for Coach. One of the competitive forces that have a great effect on industry attractivenes s is the threat of new entrants and how hard it is to build up a brand name that can compete with the likes of Coach, Louis Vuitton, Dolce & Gabbana, and Versace. It takes deep financial pockets and great commitment to create luxury image with well-known brand and superior quality. Thus making it costly for new entrants to gain exposure and market share. Luxury items are known for their superior quality and to some people, the status that they carry. New entrants must build this status from the ground up, which can prove difficult without sufficient resources. Even if new competitors enter the luxury goods market with high quality products, they cannot compete with established fashion brands easily. Another competitive force can be the bargaining power with suppliers. A high end leather producer would like to be linked to the luxurious brand names of Coach and Louis Vuitton. The power industry members have over suppliers is in favor of the globally known luxury brand which is known to produce quality goods. Competitors use many weapons to beat the competitors in the luxury goods industry. The competitive weapons that rivals are using to try to outmaneuver one another in the marketplace mostly lie in the mode of pricing and offering economy levels of products. H igher quality is a must use weapon in the luxury industry. Higher quality is one of the most important weapons First is to hire celebrities to build a stronger brand image to help sell products and obtain a higher status. For instance Louis Vuitton, who utilizes celebrities such as Jennifer Lopez, Uma Thurman, and Naomi Campbell to promote its brand image, Or other brand name, Gucci, use Camilla Belle, Salma Hayes or Brad Pitt for advertising their name. Introducing new fashion trends and product innovation is another weapon used in the luxury industry. Big brands such as Hermes always held a fashion show annually in France to promote their late trends, and many people follow this trend to feel more confident and fashionable. But perhaps the most overlooked weapon is customer service, where some industry members are failing. According to the Luxury Institute, more than half of luxury store shoppers are unhappy with their shopping experience and that could lead to losing customers. Providing superior customer service like companies such as Giorgio Armani, who topped the Luxury Instituteâ€℠¢s research, can not only lead to customer satisfaction but brand loyalty as well. The pace of rivalry quickening and becoming more intense nowadays. No companies want to lose their market shares. All of them have the impressive strategy to develop and pass their competitors. Moreover, the globalization makes a chance for the product can easily export and import, therefore they can reach to emerging market with new customers, such as China, Southeast Asia or India. Moreover, the handbag market encompasses dynamic players and an expanding consumer base, which is expected to flourish due to increasing demand from emerging markets and strong performances by the international luxury brands. It is true that the rivalry is quickening and becoming more intense because not only the differences between the companies are becoming less but also because the market is expanding by a great pace and it is important to engulf a better part of the market share to maintain sustainability. Question 3. How is the market for luxury handbags and leather accessories changing? What are the underlying drivers of change and how might those driving forces change the industry? The market for the luxury handbags and leather accessories is highly competitive. Recently, Coach Inc. is the market leader in the US market. But the market for luxury handbags and leather accessories is now changing rapidly because of many reasons.  Firstly, the middle class is expanding and become younger and they are gaining disposable income to spend on luxury goods with different agendas than previous generations. Secondly, they also have different perspective on change, financial smarts, and have a very strong opinion and style on dressing up. Industry members need to account for the differences between the two, specifically how these differences affect their luxury goods buying habits. Finally, there has been the change in generations. The change from Generation X to Generation Y consumers has ar rived and they are gaining disposable income to spend on luxury goods with different agendas than previous generations. Coach was founded in 1941 and began producing ladies handbags with simple and extremely resilient to wear and tear, but over the next 40 years, Coach was able to grow at a steady rate by setting prices about 50 percent lower than those of more luxurious brands, adding new models and establishing accounts with retailers such as Bloomingdale’s and Saks Fifth Avenue. In 1996, Reed Krakoff – a top Tommy Hilfiger designer as a Coach’s new creative director believed new products should be based upon market research rather than designers’ instincts about what would sell, so the design process launched new collections every month to be satisfy with customers. By 2000, the changes to Coach’s strategy and operations built the brand into a sizeable lead in the â€Å"accessible luxury† segment of the leather handbags and accessories industry and made it a solid performer in Sara Lee’s business lineup. Therefore, the market for luxury handbags and leather accessories has changed through time from the beginning to now, also the changing has depended on both the favor of customers and the difference from existing handbags to be unique ladies Coach’s handbags and new creative monthly collections. The value of the global personal luxury goods market was reported at $191 billion for 2011 by Bain & Co. up 10% from the previous year. In the same report luxury leather goods are estimated at $28 billion for 2011. Luxury leather goods are a rapidly growing category, with a 16% growth from 2010 to 2011. The leather goods category is at times also grouped with luggage, with bags, wallets and purses accounting for 57.1% of the global luggage and leather. The market for luxury handbags is rapidly growing in the U.S., which has helped Coach a great deal, seeing that 36% of its revenues come from handbags as seeing in Exhibit 4 (C-77). From 2002 to 2006 the overall market size for U.S. handbags grew doubled and has been a  main contributor for Coach’s growth personally. Some analyst believe that this can be linked to consumers trading up from brands such as Banana Republic and DKNY, while others link it to the rise in wealth. The world is now full of information. This gives consumers some bargaining leverage. With the internet and other technological advances, consumers are well informed and can know the latest fashion trends at the click of a button. A research done in 2007, surveyed 7,705 college students in the US and their findings were that 97% owned a computer, 94% owned c ell phones, 34% use websites as primary sources for news, and 28% write blogs. This means that a large majority of the new generation is heavily entrenched in technology and able to do extensive research on their products before making purchases. They not only have internet search engines like Google or Yahoo, but they have each other to communicate from an end consumer’s perspective. There are even websites set up to talk about the experience when buying luxury goods found at Style.com. Style.com – Leading US fashion website The demand for customer service is also increasing. When paying a lot of money, they want superior customer service, not the average one. The customers pay a high price, whether it is for quality or status, they expect to get their money’s worth. Because more and more people demand luxury goods, they demand better customer service along with it. With the demand for customer service becoming more apparent, industry members can expect a more intense competition in regards to customer service to satisfy this demand. Also, changing societal concerns, attitudes, and lifestyles represents another industry driving force for a number of reasons. First, changing preferences by middle class consumers towards luxury goods inevitably created a new segment in accessible luxury goods. Without the changes in the way these consumers thought about the brands and wanting to own something more elite without having an elite price tag, Coach (among other companies) was able to capitalize on this o pportunity. With new accessories coming out in all shapes and sizes every day, it is absolutely essential that firms keep in tune with changes in the external environment – particularly with one’s consumers. Last, but not least, there is an increasing demand on services on customers in the luxury goods industry so  that customers are willing to pay more money to receive good services with high prices, whether it is for quality or status. There are many other drivers of the luxury goods market as mentioned below: Tourists are changing their consumption habits, seeking out new destinations (e.g., Dubai, South East Asia, Australia) and showing more savvy in the items they purchase Each year, more â€Å"HENRYs† (High Earnings, Not Rich Yet) become potential customers, with ten times as many HENRYs as ultra-affluent individuals The rise of the middle class in emerging countries is polarizing the competitive arena, becoming a â€Å"new baby boom sized generation† for luxury brands to target. Absolute luxury items (consisting of high-end products with no logo, highest quality materials, and exquisite craftsmanship) lead the way Despite some recovery of spending on apparel, leather goods and other accessories will continue growing faster than other categories Watch consumption has sharply decelerated as retailers de-stock and as Chinese luxury consumers slow their purchasing Cosmetics are slowing down in mature markets, while still delivering growth in emerging markets High consumer confidence among the affluent, increased store openings in American cities, and intensive investment in linking physical and digital shopping are all fueling United States sales growth. The impact of 12 percent sales growth across Central and South America (notably Brazil and Mexico) will result in overall growth of five to seven percent in the Americas In Asia, growth in China is stabilizing to an expected seven percent, while South East Asia will experience 20 percent growth driven by a wave of new store openings, and increasing strength and relevance of second-tier markets Japan returns to a strong growth story of five percent as the country’s monetary policy depreciates the yen and pushes local consumption Europe remains a challenge for the industry; as tourism slows, as tourists spend less per visit, and as Europeans, especially in southern Europe, curtail spending—Bain expects flat-to-two percent growth Middle East is growing at a steady pace, with Dubai continuing as the center of gravity and the only city attracting foreign luxury consumers (e.g. Russians, Indians, Africans) There has been many changes such as changes in who buys the product, c hanges in industry’s long-term growth rate, changes in cost and efficiency The driving forces can change the industry by 1. Superior customer experience Luxury will depend more than ever on word-of- mouth promoters who share their delight with products and experiences Consumers expect every interaction in stores, online, and on mobile devices to be premium, differentiated, and targeted to their tastes and preferences Marketing must maintain a persistent drumbeat of innovation in media and messaging to keep consumers connected to what’s new. 2. Flawless retail management Physical and digital storefronts are accelerating their arms race for offering more compelling engagement to wow the luxury shopper The era of the disengaged, formal shopping experience is ending. Shoppers now expect inviting and personalized service to welcome them into the store As store networks grow into new markets and tap new segments, the bar is raised for ensuring the right products are in the right stores in the right quantities. 3. People excellence Brands are investing more in top management talent from strategy to finance to supply chain to back office operations The store employee serves as brands’ direct face to shoppers, with brands expending significant resources on training and development of people on the front lines Luxury players are more and more putting the customer first in their strategies. Question 4. What key factors determine the success of makers of fine ladies handbags and leather accessories? There are many key factors that determine the success of makers of fine ladies handbags and leather accessories including these following elements: Coach, Inc. has consistently fashioned their product line to coexist with the newest styles and seasons. This Spring Coach is introducing a new â€Å"scribble line† that consists of a poly cotton material and bright colors. These new products were tested at fifteen stores and were â€Å"enormously well received†, says CEO Lew Frankfort. Coach Inc. is expecting to increase sales in February thanks to the new â€Å"scribble line† and Valentine’s Day. In an effort to keep up with the broadening competition Coach, Inc. has is planning to add up to nine more stores in the United States along with two more in Japan. Coach Inc. sales have been  helped by the recent innovative accessories such as the PDA leat her holder. The diverse product line consists of women’s handbags, key fobs, belts, electronics accessories, cosmetic cases, gloves, hats, scarves, watches, shoes, and sunglasses. By having a large product line, it allows for the company to diversify and differentiate. Similarly, Coach frequently introduces new products which are indicative of a commitment to diversifying its product lines. Coach’s diverse product line Thanks to the changes to Coach’s strategy and operations to build a sizeable lead in the â€Å"accessible luxury† segment of the leather handbags and accessories industry a solid performer in Sarah Lee’s business lineup, in October 2000, spinning off Coach through an IPO is a part of a restructuring initiative designed to focus the corporation on food and beverages. Therefore, Coach Inc. proved the ability to manufacture high quality products while increasing margins by outsourcing production to lower cost markets and Coach did in having around 80% of its products outsourcing in 2000. The evidence for that is the quadrupled growth in annual sales was from $555 million in 1999 to more than $4.2 billion in 2012, reflecting their success in identifying and capitalizing quickly on opportunities for growth. The coach brand is one of the most recognized handbag and accessory brands in the World. Coach is committed to leading the fine accessories market by designing and producing the finest quality of accessories including handbags, luggage, travel accessories, wallets, outerwear, eyewear, gloves, scarves, and fine jewelry for both men and women. Using a multi-channel distribution strategy Coach is presently able to have 200 stores in the United States alone with locations in eighteen countries outside the United States, as well as a full colored catalogue and an online store at www.coach.com. Online store of Coach A well-known and well-respected brand name is clear advertising. The Luxury Institute rated Coach’s advertisements atop their ranking for print advertisements in regards to the overall Luxury Ad Effectiveness Index in 2006. Wealthy consumers said that Coach’s message were â€Å"bold and to the  point† and â€Å"extremely eye catching† with its use of black and white photography and lack of other distractions. Coach is very strong when it comes to brand image. As indicated by the case, Coach held a 25 percent share of the U.S. luxury handbag market and was the second best-selling brand in Japan, with an 8% market share. To earn strong market share, Coach offers a â€Å"winning combination of styling, quality, and pricing† that essentially operates off the premise that they would target the new accessible luxury goods segment. Besides strong brand image, Coach also possesses strong distribution capabilities. For example, in the United States, Coach products could be found in approximately 900 department stores, 218 Coach full-price stores, and 86 Coach factory outlet stores in addition to sales generate from their website. Essentially a strong distribution network allows for Coach to position their luxury goods as accessible (without tarnishing their image). Coach has since it has distribution, product development, and quality control in the United States, Italy, Hong Kong, China, and South Korea. Coach currently uses a multi-channel distribution strategy. The products are sold through direct mail catalogs, on-line store, e-commerce websites, 200 retail stores and its 76 factory stores. The catalog has had increasingly popularity and has been an important advertising and sales tool for Coach, both domestically and abroad. In addition, Coach launched its online store at www.coach.com. Coach has also spread to various retailers and departments stores to increase sales. To improve and market the brand, boutiques have been set up in the department stores. Through this distribution strategy and advertising campaign Coach has become one of the most well recognized brands in the United States and is rapidly gaining recognition internationally, especially in Japan. With an established global brand, strong demand for innovation in technology remains high, Coach has introducing a new collection on a monthly basis. For example, Coach utilizes its website to generate sales worldwide. While some businesses think that web development is easy, maintaining a sophisticated website on a global scale that not only considers cultural elements, language, and product lines, can be a daun ting task. Besides web development, Coach also needs strong technology to maintain quality control  with its product lines. Because Coach’s products are luxury goods, consumers essentially expect quality with minimal defects. By maintaining and continuously investing in technology in order to innovate products and minimize defects, Coach not only assures quality to their customers, but also justifies their premium prices over one of the major problems facing all luxury goods – knockoffs. Coach is, â€Å"America’s number one accessible luxury accessories brand, and the fastest growing imported handbag and accessory brand in Japan.† Without marketing and design it would not be possible for Coach to receive such distinguished titles. In 2004 marketing and design costs reached 63.5 million. As a result Coach was able to penetrate new markets such as Japan and strengthen their position in existing ones. Coach recently announced the next phase of its growth strategy Japan. It involves capitalization on the significant growth opportunity that exists with the domestic Japanese consumers. The company expects sales to more than double during the next four years to over 80 billion yen by 2009. F urthermore, Coach announced that it is strengthening its leadership team at Coach Japan, or CJI, later this spring. Coach will also add two executives who will be responsible for all Coach retail and factory store strategy and operations. In addition, CJI will shortly be announcing the appointment of its first Executive Vice President and Chief Operating Officer, a new position for the company. The Chief Operating Officer will spearhead logistics initiatives as well as oversee administrative, finance and information technology functions. To sum up, to determine the success of makers of luxury handbags and leather accessories, Coach need to have the significant key factors which there are the ability to manufacture high quality products while increasing margins by outsourcing production to lower cost markets, strong brand image, strong global distribution capabilities, diverse product line and strong innovative technology. Question 5. What is Coach’s strategy to compete in the ladies handbag and leather accessories industry? Has the company’s competitive strategy yielded a sustainable competitive advantage? If so, has that advantage translated into superior financial and market performance? 1. Coach’s strategy to compete in the ladies handbag and leather accessories. Coach’s strategy is  to offer distinctive, easy recognizable luxury products that were extremely well made and provided excellent value. The company has used the best-cost strategy. The company’s array of products included ladies handbags, leather accessories such as key forbs, electronic accessories, and cosmetic cases. Coach pursues this strategy by many ways: Coach positioned its brand in the lower part of the accessible and affordable luxury pyramid. This particular market provides a larger opportunity relatives to that of more exclusive brands. Coach targeted the top 20 percent of Americans by households’ income, as opposed to the top 3 to 5 percent targeted by most European luxury brands. Coach has focused on sales in China, Japan and the United States because these three countries lead global luxury goods spending. Coach has flexible sourcing. All of Coach’s production was outsourced to contract manufacturers, with vendors in China accounting for 85 percent of its products requirements. Vendors located in Vietnam and India produced the remaining 15 percent of Coach products requirements. Management control quality throughout the process with product development offices in Hong Kong, China, South Korea, India, and Vietnam. This broad-based, global manufacturing strategy was designed to optimize the mix of cost, lead times, and construction capabilities. The company’s procurement process selected only the hi ghest-quality leathers and its outsourcing agreements with quality offshore manufacturers contributed to the company’s reputation for high quality and value. Coach launched new collection every month. The market research design process developed by Executive Creative Director Reed Krakoff provided the basis of Coach’s differentiated product line: each quarter, major consumers research is undertaken to define product trends, selections and consumers designs. Monthly product launches enhanced the company voguish image and gave consumers reason to make purchases on a regular basis. Lew Frankfort said the increase was attributable to monthly product launches that â€Å"increase the frequency of consumer visits† and women’s changing style preferences of â€Å"using bags to complement their wardrobes in the same way they used to use shoes†. A retail analyst agreed that the frequent product introductions is â€Å"a huge driver of traffic and sales and has enabled them to capture the†¦customer who wants the newest items and fashions†. Coach sought to make  customer services experiences an additional differentiating aspect of the brand. It had agre ed since its founding to refurbish or replace damaged handbags, regardless of the age of the bag. The company provided store employees with regular customer services training programs and scheduled additional personnel during peak shopping periods to ensure all customers were attended to satisfactorily. Customers are allowed to order merchandise for home delivery if the particular handbag or color wasn’t available during a visit to a Coach store. 2. The company’s competitive strategy yielded a sustainable competitive advantage thanks to its strategy to have both full-price stores and factory store. In 2011, Coach had 345 full-price retail stores in the United States, which comprised 70 percent of its total US outlets. Full-price stores were divided into three categories-core locations, fashion locations, and flagship stores. Under Coach’s tiered merchandising strategy, the company’s flagship stores carried the most sophisticated and high-priced items, while core stores carried widely demand lines. The company’s fashion locations tend to stock a blend of Coach’s best-selling lines and chic specialty bags. Coach had 143 factory stores by 2011. About 75 percent of factory store inventory was produced specifically for Coach factory stores, the remaining 25 percent was made up of overstock items and discontinued models. Coach’s 10 to 50 percent discount offered a year round full-price poli cy in full-price stores. Handbags sold in Coach full-price stores ranged from $200-$500, which was well below the $700-$800 entry-level price charged by other luxury brands. So the buyers could get a branded product in an affordable value. Coach’s products price Therefore, Coach’s factory stores target customers who might not otherwise buy Coach products. Both full-price stores and factory stores customers were equally brand loyal, but there was a distinct demographic difference between the shopper segments. It means that each type of consumer does not affect the other. During these economic times, it may seem as though the factory store shoppers might reduce spending. However, these same economic times have little effect on full-priced shoppers due to their amount of wealth. This might be able to help Coach in its struggle between being an exclusive brand or just another common brand. Coach has many product lines- items with  appealing attributes, assorted upscale features. Coach Inc. designed and marketed women’s handbags; leather accessories such as key fobs, belts, electronic accessories and cosmetic cases; and outwear such as gloves, hats and scarves. Coach also designed and marketed leather business cases and luggage. C oach is production emphasis- build in upscale features and appealing attributes at lower cost than rivals. The outsourcing agreements allowed Coach to maintain a sizeable pricing advantage relative to other luxury handbag brands in its full-price stores as well.  Moreover, Coach is marketing emphasis. Coach’s wholesale distribution international markets involved department stores, freestanding retail locations, shop-in-shop locations, and specialty retailers in 18 countries. The company mailed about 4.1 million catalogs to strategically selected households in the US during 2006 and place another 3.5 million catalogs in Coach retail stores for customers to pick up during a store visit 3. That advantage has translated into superior financial and market performance both in the United States and worldwide. In 2011, Coach had 169 retail locations in Japan, which generated $748 million in sales. In 2012, Coach had 66 stores in China, up from 41 stores in 2011. Coach anticipated recording fiscal 2012 revenues in China approximately $300 million. Coach’s products were sold in approximately 970 wholesale locations in the U.S. and Canada. From 2002 to 2006, Coach has been growing faster than the handbag market in the U.S. This has resulted in Coach continuously gaining market share. Which, in 2002 was 19% and just four years later Coach was holding 26% of the U.S. handbag market share in the U.S. and also had total revenues of $2.6 billion in 2008, a 26.9% increase from 2006. As of June 2008, it operated 289 retail stores and 102 factory stores in the United States, five retail stores in Canada. This is not satisfying enough as Coach expects the number of factory st ores to top out at around 100 in the U.S. while the full-priced stores could reach up to 350. Coach’s wholesale distribution in international markets involved department stores, freestanding retail locations, shop-in-shop locations, and specialty retailers in 18 countries. In 2006, international wholesale accounts amounted to $147 million and have grown some 7.8 percent per year to reach approximately $230 million in 2011. Question 6. What are the resource strengths and weaknesses of Coach Inc.? What competencies and capabilities does it have that its chief rivals don’t have? What new market opportunities does Coach have? What external threats do you see that could adversely impact the company’s future wellbeing? Strengths Coach is very strong when it comes to brand image. As indicated by the case, Coach held a 25 percent share of the U.S. luxury handbag market and was the second best-selling brand in Japan, with an 8% market share† .To earn strong market share, Coach offers a â€Å"winning combination of styling, quality, and pricing† that essentially operates off the premise that they would target the new accessible luxury goods segment. Besides strong brand image, Coach also possesses strong distribution capabilities. The company works closely with its distributors to sell its products through domestic as well as overseas department stores. It also markets its products by making effective use of Internet, like sending emails to its selected customers and updating the information on its website in time. These retail channels truly boost Coach’s presence in global markets and promote its brand. For example, â€Å"in the United States, Coach products could be found in approximately 900 department stores, 218 Coach full-price stores, and 86 Coach factory outlet stores† in addition to sales generate from their website. Essentially a strong distribution network allows for Coach to position their luxury goods as accessible (without tarnishing their image). Another strength Coach has is the diverse product line consisting of women’s handbags, key fobs, belts, electronics accessories, cosmetic cases, gloves, hats, scarves, watches, shoes, and sunglasses. By having a large product line, it allows for the company to diversify and differentiate. Similarly, Coach frequently introduces new products which are indicative of a commitment to diversifying its product lines. Moreover, when it comes to the financial performance, Coach, Inc. has handed in a satisfactory answer to the public over the years. In 2011, the revenues of the company were $4,159 million, an increase of 15.3% compared with 2010. Besides, its operating profit and net income reached $1,305 million and $881 million in the same year, an increase of 13.5% and 19.8% over 2010 respectively. Finally, one of Coach’s greatest strengths is excellent customer service when it comes to taking care of their customers. In an effort to show value-added benefits, Coach  refurbishes damaged handbags and provides â€Å"Special Request service† to allow consumers to custom order a product if a â€Å"particular handbag or color wasn’t available during a visit to a Coach store†. Weaknesses With locations all over the United States, one of Coach’s biggest weaknesses is also one of its previously mentioned strengths: accessibility. With so many retail stores attempting to sell high-cost inventory, Coach inevitably puts itself in a situation with a high risk/high reward situation. Currently, the strategy has paid off because middle class consumers have started to purchase luxury goods; however, as the case states, Coach’s most loyal consumers visited the store once every two months and made a purchase once every seven months with an average customer purchasing around four handbags per year. While consumers are benefited in accessibility, the question remains when sales begin going sour, can Coach endure the high costs of so many retail stores and any left-over inventory? Coach has had a high level of inventory. As of 2011, the value of the company’s merchandise inventories was $422 million, an increase of over 16% over 2010. It is obvious that large inventories damage a corporation’s liquidity. Therefore in order to clear inventories, Coach may have to make a painful decision to cut prices, which could have an apparent negative effect on the firm’s profitability. Though Coach, Inc. is a luxury brand aiming at the international market, its operations heavily rely on American market. The evidence was that the US represented 74.6% of Coach’s total revenues in 2006. Such a market concentration may put the company at risk of having to suffer a slump in demand for Coach’s products caused by American economic slowdown or recession. Opportunities While Coach currently has a strong base in international markets, as standards of living around the world continue to increase, Coach can really exploit the opportunity to invest overseas particularly in developing nations such as China. In Japan, there are many young single ladies whose age is between 25 to 30 are pretty fashion conscious and willing to pay much more than their American peers for similar western luxury goods in order to demonstrate their good personal taste. So it is advisable for Coach to take the business opportunity of excavating such a vast latent market. The  Chinese market for luxury goods was predicted to increase to 24% of global revenue by 2014, which would make it world’s largest market for luxury goods. Along the same lines of globalization, Coach can increase its market share through development of sales via their website. While Coach currently operates an e-commerce site, it still remains to be seen on how sophisticated it really is. Coach could look into some potential new avenues of possibly adding some customization features or, at the very minimum, enhance the functionality and friendliness of their site so that they can generate sales from individuals not within range of their other stores. Threats As nations become more and more sophisticated in the ways that they are able to produce counterfeit products, one of the biggest threats that faces Coach is the ability of these knockoffs to serve as substitute products. To illustrate the extent of counterfeit goods, â€Å"in 2006, more than $500 billion worth of counterfeit merchandise were sold in the United States and internationally;† moreover, these staggering numbers illustrates the global problem confront many industries (Thompson C-106). This is a particularly dangerous threat to Coach because any time one of these fake products has defects, consumers, unknowingly, may associate it with a defective product. In addition, consumers who want their reference group members to think that they can afford high-end products may not want to pay premium prices for those products so they rely on the affordability of an identical product for half the price. As an American-based company offering fine leather goods, Coach has proved to be extremely successful in the domestic market. However, when the company launches its global expansion, it has to be confronted with lots of strong foreign rivals. So Coach should pay more attention to maintain its competitive advantages, or its dangerous competitors, such as LVMH Moà «t Hennessy †¢ Louis Vuitton S.A., The House of Gucci, and Hermà ¨s International S.A. will encroach on its market shares. Like most products, particularly luxury goods, Coach is impacted based on the economy. When the economy is down and consumers do not have a lot of spending money, so is Coach’s bottom line. In recent years, the consumers in the US have reduced their spending as a result of high interest rates and rising fuel prices. Under this kind of pressure, Americans tend to cut down their unnecessary expenses, especially the costs of luxuries. Consequently, the US Coach would lose a large number of customers which leads to poor sales. With luxury goods, consumers often find such products to be extremely elastic so dramatic drops in income will result in dramatic drops in sales of Coach’s product lines; moreover, this is particularly d angerous because of the high cost associated with maintaining high-cost inventory and facilities. Question 7. What recommendations would you make to Lew Frankfort to improve the Coach’s competitive position in the industry and its financial and market performance? Short-Term Recommendations Elevate Men’s Product Offering Currently, Coach concentrates on designing and offering women’s products, especially the handbags. The company only supplies the customers with a small part of men’s accessories which merely represent 2% of the total net sales.1 But in fact, an increasing number of men today have a great appetite for western luxury goods. They have the same desire for fashion products and prepare to spend much money on packing themselves. So Coach should do its utmost to meet men’s demands. Recruit Talented Fashion Designers Brilliant fashion designers are in high demand in luxury goods industry since a brand’s soul is the design of its products. So in order to set a good brand image as well as instill new vitality into the enterprise, Coach, Inc. needs to recruit more talented designers who are extremely sensitive to the pulse of fashion and have the ability to design a number of marketable products. Ally With Strong Jewelry Brands In many countries and areas throughout the world, Coach is considered as a mid-range luxury brand rather than a world’s top brand like LVMH, Gucci, Hermà ¨s, Prada and so forth. This phenomenon may be caused by Coach’s cheaper price. To compete against these powerful opponents and draw more attention from the upper-class customers, Coach can think about allying with a group of world-class jewelry companies to try to combine varieties of jewelries with its products. On the one hand, this practice is a sign of seeking novelty. On the other hand, it can also enhance Coach’s fame. Long-Term Recommendations Upgrade Brand Image In 2006, it took Coach’s 4.8% of net sales to design, advertise, and market its merchandise.2 However, the result was disappointing. The corporation’s reputation is still not as good as its international rivals. Actually, according to Coach’s performance in the past few years, it is clear that there is no big problem in product design and marketing, so Coach should take more advertising strategies into consideration besides Internet. For example, TV commercials, as a kind of cyclic visual stimulation, are much more eye-catching and effective than emails, catalogs and information listed on the websites. Curb Counterfeit Trade In international business, it is extremely significant for Coach to protect all its intellectual property rights so as to maintain the competitive advantages. Nevertheless, no matter how many efforts the company made, counterfeiting still happens frequently and shows an upward trend. At this time, Coach, Inc. should further improve the technological content of products to make it difficult to imitate and counterfeit. In addition, since Coach, Inc. operates in many countries, the company could strive to persuade the foreign governments to enact and amend their intellectual property laws, which can legally protect Coach’s interests. Expand in China As an emerging market, China has attracted more and more foreign investments from multinational enterprises in the past few decades. China is an ideal place for international investors because it offers cheap labor force, rich natural resources, huge potential market, as well as stable political and economic environment. What’s more, as a result of Chinese fast economic development, the number of Chinese customers who have a strong desire for the world-famous luxuries has dramatically increased in recent years. Thus it is advisable for Coach to set up factories and retail stores in China so as to both reduce operating expenses and better satisfy the growing needs of Chinese customers.