Financial Principals And Techniques In Real Business Environments Finance Essay - Free Essay Example

Sample details Pages: 13 Words: 3758 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? As a student for my study subject Managing Financial Principles and Techniques I am going to try to share my knowledge through this assignment what I have learn from the my Unit and what I have achieved. Through this assignment I want to show the understanding on the Financial Principles and Techniques which are used in real business environment. Forecasting is base on the assumptions that the condition on the which forecast has been done remain same at the time of implementation of the period or time for which forecast has been done. In the business forecasting of cost and revenue are mostly done for future picture of the organization can be view on basis of that. Don’t waste time! Our writers will create an original "Financial Principals And Techniques In Real Business Environments Finance Essay" essay for you Create order Fixed costs are those that do no change in the budget year with changes in the volume of output or sales. Fixed cost remains constant during a specified period of time and over a specified range of output. This means that when the level of output is decreased the fixed cost per unit of output increases, and conversely when the level of output increases the fixed cost per unit decreases. This is the problem with allocating fixed costs to unit product costs. The fixed cost per unit will depend upon the number of units produced. Some examples of fixed costs are business rates, insurance premiums, management salaries, rent, taxes and depreciations etc. Variable Cost: Variable costs change in relation to change in the level of output or sales. This type of cost will vary with any change in production. If the factory stops production it will not use materials or power for the plant. The direct labor costs will also fall away, although perhaps not in direct relationship with a change in production. Some examples of variable costs are direct material, direct labor and plant power usage. Total Cost: This is the total of all costs, fixed and variable, at a certain level of output. For example, if a factory has fixed overhead costs of 200,000 p.a. and the cost of direct materials and labour is 9 per unit of production then the total cost when the level of production is 35,000 units will be: Fixed costs 200,000 Variable costs (9 X 35,000) 315,000 Total cost 515,000 Unit cost (515,000/35,000) 14.71 If production is increased to 40,000 units then: Fixed costs 200,000 Variable costs (9 X 40,000) 360,000 Total cost 560,000 Unit cost (560,000/40,000) 14.00 Contribution: Contribution is the value of sales less variable cost of the sales. For example, if a company sells 20,000 units for 15 each when the variable cost of sales per unit is 7 and fixed costs are 90,000 p.a. the result would be: Sales (20,000 X 15) 300,000 Variable costs (20,000 X 7) 140,000 Contribution 160,000 Fixed costs 90,000 Net profit 70,000 The contribution towards overheads and profits is equal to 20,000 X unit contribution. That is 20,000 X (15 7) = 160,000. Since the fixed overheads are only 90,000 the net profit is 70,000. Break-even point: In the example above we have a unit contribution of 8. Therefore, to break even and cover the 90,000 fixed costs we would need to sell 11,250 units. This is simply the fixed costs divided by the unit contribution (90,000/8 = 11,250). By selling 11,250 units with a unit contribution of 8 we will make a total contribution of 90,000 towards fixed overheads. Then, since fixed overheads are also 90,000, we will make neither a profit nor a loss but will break even. Sales (11,250 X 15) 168,750 Variable costs (11,250 X 7) 78,750 Contribution 90,000 Fixed costs 90,000 Profit/(loss) 0 The break-even point occurs when 11,250 units are sold. If more units than this are sold then company will make a profit of 8 per units. For example, in another 10,000 units were sold (21,250 in total) the profit would be 80,000 (10,000 X 8). Proof below: Sales (21,250 X 15) 318,750 Variable costs (21,250 X 7) 148,750 Contribution 170,000 Fixed costs 90,000 Profit 80,000 Marginal Cost: Selling prices are determined by the interaction of the market forces of supply and demand. When setting selling prices the sale director will be mindful of competitive prices and the choices that customers have in terms of alternative suppliers and products. However, knowing the unit contribution that a certain selling price brings can help an organization make better pricing and business decisions. It is close to the end of year for a company that has so far made sales of 500,000 against variable cost of 300,000. Fixed costs for the year are 900,000, so it will make a profit of 110,000. It has just received an order for 10,000 units of a product that has a variable cost of 6 and a full/total cost of 10. The best price the salesman can get is 9. Should it accept the order? In this case the answer is yes, it should accept the order. This is because it will obtain a contribution of 30,000, being 10,000(9 6). It will be 30,000 better off even though it is selling each unit at less than its total cost. The conclusion that the order should be accepted is based on the assumption that the company has no other orders to accept before the year end. Even though the unit selling price of 9 produce a contribution towards overheads of 3 per unit. Accordingly, the company is better off accepting the order than declining it. At this point any selling price above the variable cost of 6 will improve the bottom line. Advantages: Show the relative contributions of products. Shows clearly the exact relationship between cost, selling price and volumes. Helpful in pricing and outsourcing decisions. Shows how to overall profit can be maximized. Separates variable and fixed costs so that better business decisions can be made. Does not arbitrarily allocated fixed or indirect overheads to products in an unrealistic way. Disadvantages: Does not show the full (fully absorbed) cost of a product. Does not enable the profit (after all costs) of a product to be determined. Discounted payback: This method still asks when does payback happen? but it takes an additional factor into account the so-called time value of money. It considered a further option: that instead of using the money to finance a capital expenditure project, the business could simply put it in the bank, or into a safe, predictable investment to produce a return which, for the sake of argument, we will assume to be in the form of interest. In other words, given that the business could be earning, say, 8 per cent interest any way, it asks What are the future inflows really worth as an alternative use of the money? After all, if the business can earn 8 per cent with little or no risk, the proposed project must offer a return of at least 8 per cent! Otherwise why bother with it? In the discount payback method, the future cash flows are discounted at a pre-determined interest rate (basically at the rate that could be earned elsewhere, with minimal risk), the effect of which is to strip out the presumed interest, leaving the principal element of the net cash inflow. Matrix Plc Interest rate is 12% Discout rate = (investment / [1.0 + Rate of Interest/100] x 100 = (1,10,000 / [1+0.12] x 100 Year Cash inflow Cash Outflow Net cash flow Cost of capital Present value 0 110,000 (-110,000) (-110,000) 1 40,000 40,000 x 0.893 = 35,720 2 35,000 35,000 x 0.797 = 27,895 3 30,000 30,000 x 0.712 = 21,360 4 25,000 25,000 x 0.636 = 15,000 5 20,000 20,000 x 0.567 = 11,340 112,215 NPV = 2215 ( 110,000 112,215) = 2,215 As per the above example 5 years measured but as per the criteria of the assignment three years to be calculate as per that 84,975. Task 2: Sources of Finance: For all the businesses, maintaining enough finance is very crucial for their existing and potential operations. The organizations have to deals with day to day expenses along with to find the potentials of the new ventures. There have many options for getting finance. There are two types of finance (1) Internal (2) External and they are: Overdraft: Organization has an option of using overdraft facility which is an external source of finance and cannot be used for a longer span. Whenever the company is in need of, it can interact with their bank and avail the overdraft facility given by their bank. Interest on overdraft is mainly on daily basis. The main advantage of this source is bank will charge the interest on the amount that company withdraws as per its requirement. If it borrows less money, the interest too will be less. But disadvantage of this source is the company can use it only for a short term period. Company can use overdraft financing if their requirement is for short term. Debentures: Debentures are the company can consider for long term and the company can pay back this loan by several years. The main advantage of this option is they are more secure and there would not be any changes in interest and hidden charges as well. In most of the cases, debentures are given by tying to the financing of any asset. When the company choose this option, gets loan on assets like land or building, it is known as mortgage debenture. Debentures are usually manageable by the debenture holder. The preferable aspect of debentures is that debenture holders can not be having any voting rights and the interest paid to them is considered as the expenses in the companys financial statements. If company has assets like buildings, land, machines they can go for this option. Line of Credit from creditors: This is one of the easiest and bit chipper sources of finance. The organization can buy goods or raw materials on credit and pay it later. Line of credit means the supplier the one who supplies raw materials to the company. If the company uses the cash from line of creditors, it can use that cash to pay for other expense. I suggest this is one of the most considerable options as the company will not have to pay an interest up to certain time limit. Grants: Grants also can be considered as an option if the company has specific problems or they are dealing with some specified areas which are entitled some grants from the government, and then they can apply for grants in the local council or other government bodies. Local councils will help the company to sort out certain issues by financial aids. This is the most preferable option as the company will have to pay nothing in return. Venture Capital: Venture Capital is a kind of private equity available to the company to create return through trade sale of that respective company. There are chances of failure and the success both or it could provide average returns as well. In this way it is highly risky option. It gets increased in exchange of shares. Leasing: Company can choose the option of taking a lease which is of two types operating lease and finance lease. Lease is a contract between two parties and the person or company who takes lease has to pay an agreed amount to the leasing company. Company can use external source of finance to extend their business. Personal Savings: It is an internal source of finance if it is available to the company. Most of the companies spare money as provision for their new potential ventures to increase their business areas or to start a new venture. If the company is planning to start a new business, using their current savings, that money can be counted as personal savings. Bank Loan: Company has an option of taking a commercial loan from a bank by using stock or property as a security. It can get an unsecured loan for small amount. Taking a loan from a bank is bit expensive in terms of interest and the processing charges and an organization must consider all the other options before choosing this option. Selling useless assets: The organization can sell useless fixed assets or scrap e to fulfill its requirement for finance. This is one of the best options for acquiring finance as the company will get the finance without raising extra financial burden and can get rid of the useless assets. From the point of view of the share holder of the company debentures are fixed rated borrowing from the general public. When company takes overdraft means that company have short of working capital and its give negative effect on their creditors that company is running out of money. Line of credit company gets if there is a good relationship with suppliers means that company can use cash received money to their daily expenses rather than pay to their creditor. When company get a grant for any social welfare programme which relate to general public it shine companys image. Venture capital changes the company position and their profitability and it also affect the shareholder if company fail in capital venture it create loss and ultimately companys reputation. Leasing for long term means company has to pay fixed amount every decided term interval to whom has lease. Bank loan is the long term and company has to pay interest on it and also payback the principal amount of the loan to the bank in desire time period. Alpha plc is planning to make their own production units for that they need 250,000. For this they cant be relay on sources like personal savings, overdraft, bank loan can be acceptable but as per the terms and condition decided through the discussion at the banks policy. Debenture can be issued for the amount and fixed interest should be given to the debenture holders. As well as new equity shares can be brought by the board of directors through AGM agenda and get green signal from AGM to take new IPO or Rights issue of share to get the amount. In my opinion to get the big amount for years to cover (in form of profit) so it is advisable that in form of equity or rights issue or IPOs form of finance is the best because it does not make any fixed expenditure after getting the money or to give return on that money regular basis but it is also risky because if company cant perform well on the project companys prestige and share prices both will effect in negative. Task 3: Investment appraisal techniques: There are many investment appraisal techniques are being used some of them are Accounting rate or return, Discounting future cash flow, Net present value and internal rate of return. Accounting rate of return (ARR): The accounting rate of return is a way of comparing the profits you expect to make from an investment to the amount you need to invest. Advantage: The only advantage that can be claimed for ARR is simplicity of calculation. Disadvantage: 1. ignores the timing of outflows and inflows. It will not calculate separate for each project just calculates without considering time factor. 2. Uses a measure of return the concept of accounting profit. Profit has subjective elements, is subject to accounting conversions and is not as appropriate for investment decision making as the cash flows generated by the project. 3. There is no universally accepted method of calculating ARR. Discounted future cashflow (DCF): Money has a time value. If you have money now, you can use it for example, by putting in deposit. Conversely, if you want money now but will only get it in the future, you would have to pay to borrow it. The further you look ahead, the greater the risk are, if you expect an investment to return 1,000 in a years time, you may well be right. If you are looking ten years into the future, things might well have changed. Advantages: Clear, consistent decision criteria for all projects. Same result regardless of risk preferences of investors. Quantitative, decent level of precision, and economically rational. Not as vulnerable to accounting conventions (depreciation, inventoruy valuation, and so forth). Factors in the time value of money and risk structures. Relatively simple, widely taught, and widely accepted. Simple to explain to management: If benefits outweigh the costs, do it! Disadvantages: The use of DCF overcomes some of the disadvantages of the traditional techniques but it must be stressed that DCF itself has problems and contains many assumptions so thsat it should be used with care and with an awareness of its limitations. Net present value (NPV): The NPV calculates the present value of all cashflow associated with an investment; the initial investment outflow and the future cashflow returns. The higher the NPV the better. Advantages: Gives consideration to the time value of money. Considers all relevant cash flows. Commonly uses and understood. Disadvantages: Makes assumptions as to the cost of capital. More difficult to calculate; needs table of discount factors. Internal rate of return (IRR): Work out the discount rate that would give an investment an NPV is zero. This is called the IRR. The higher the IRR the better. IRR can compare to the own cost of capital, or the IRR on alternative projects. Advantages: Like NPV, it deals with discounted cash flows and is based upon the time value of money. Although percentage nature of the IRR may make it more acceptable. The cost of capital is required for use as the discount rate with NPV but, as has been indicated its calculations is difficult. Calculations of the IRR does not require a precise cost of capital discount rate and a projects IRR can be compared with an approximation of the cost of capital, avoiding dispute about the precise discount rate to use. The board can decide whether the IRR is sufficiently above the approximate cost of capital for the project to be acceptable. The difference between the IRR and the cost of capital indicates the additional return for risk that the project provides. Disadvantages: If there are negative annual net cash flows later than year 0, this may lead to more than one possible IRR. In this situation IRR must be used with great care. If company has to rank mutually exclusive projects, choosing the project with the highest IRR may result in a suboptimal outcome. Class Exercise: 1. Return on Capital employed = Profit before interest tax X 100 Capital employed Year 2008 Year 2009 = 22,428 X 100 = 30,270 X 100 71,121 18,81,137 = 31.53 % = 1.6 % 2. Profit Margin = Profit before interest tax X 100 Sales Year 2008 Year 2009 = 22,428 X 100 = 30,270 X 100 5,50,664 6,58,860 = 4.07 % = 4.59 % 3. Asset turnover = Sales____ Capital employed Year 2008 Year 2009 = 5,50,664 = 6,58,860 71,121 18,81,137 = 7.47 : 1 = 0.35 : 1 4. Current ratio = Current Assets Current liabilities Year 2008 Year 2009 = 2,53,753 = 5,76,984 2,12,813 3,62,420 = 1.19 : 1 = 1.59 : 1 5. Quick ratio = Current assets Stock Current liabilities Year 2008 Year 2009 = 2,53,753 336 = 5,76,984 865 2,12,813 3,62,420 = 1.19 : 1 = 1.59 : 1 6. Debtors collection period = Trade Debtors X 365 Credit Sales Year 2008 Year 2009 = 63,533 X 365 = 4,07,474 X 365 5,50,664 6,58,860 = 42 Days = 226 Days 7. Creditors payment period = Trade Creditors X 365 Credit Purchase Year 2008 Year 2009 = 4,049 X 365 = 3,559 X 365 75,120 1,18,926 = 20 Days = 11 Days 8. Stock days or inventory = Stock X 365 Cost of sales Year 2008 Year 2009 = 168 X 365 = 600 X 365 74,784 1,18,397 = 0.82 Days = 1.85 Days 9. Debt ratio = Total debt Total Assets Year 2008 Year 2009 = 2,12,813 = 19,99,458 2,83,934 22,43,557 = 0.75 : 1 = 0.89 : 1 If we think over the liquidity ratio, basically current ratio is 2:1 then it means company has 2 assets and against that 1 liability which shows good condition of the company. In Alpha Plc current ratio is 1.19 : 1 that means company has 1.19 assets and 1 liability and in 2009 the ratio rise up and becomes 1,59 : 1 which shows companys better condition in 2009. As per efficiency ratio Alpha plcs debtors collection period is 42 days in 2008 that means whatever company sale to its customers that it can cover its money within 42 days but in comparison of that in 2009 rise up 226 days which is not good for the future of company. Task 4: Payback: This is the time that it takes for the cash flows an investment project to cover or equal the cash outflows. Although, as we shall see, this method has certain inadequacies, it is used as a quick and simple measure of a projects viability. The pay-back period is measured in years or months and obviously the shorter the period, the more attractive the project will be in pay-back terms. Advantages: Easy to understand and calculate Looks for breakeven point Bias towards short payback and therefore lower risk. Forecasting long term is difficult so focus breakeven and early project result. Disadvantages: Limited to B/E on payback not overall investment return. Does not consider time value of money. Scale of project. Low risk of do nothing option. ROCE: ROCE can be useful in investment appraisal. This measure of return shows the percentage that profits earned on an investment compared with the cost of the investment. There are several different definitions of ROCE, profits and investment. Advantages: Full investment returns not only B/E. Widely used popular. % is easily understood. Company assessment based on this project assessment is appropriate. Disadvantages: No time value for money. Complex, different way of calculating. % does not look at scale of investment. Accounting return not cash flow. Calculating different ratios: M.K Plast Plc Particulars Value ( m) Stock 3.2 Debtor 0.9 Bank 3.5 Credit 5.0 Long team loan 5.0 Ordinary share capital 7.4 Reserves 2.5 Sales for years 30.7 Purchase for year 25.5 Cost of sales for year 28.2 Ordinary dividend 7.5 Corporate tax 0.75 Number of ordinary share bleach 0.50 Current market price 1.08 Net profit after tax and profit dividend 15 Debtors collection period (days) = Debtors Credit sales X 365 days = 0.9 30.7 x 365 days = 10.70 days Creditors payment period days = Trade creditors Credit purchase x 365 days = 5.0 25.5 x 365 days = 71.56 Stock turnover (days) = Average stock x 365 days cost of sales = 3.2 28.2 x 365 days = 41.41 days Capital gearing percentage = Long-term loans (including preference shares) Capital (Ordinary shares + reserves) x 100 1 = 1.8 x 100 50+3.7 = 3.35 Earnings per share = net profit corporation tax and preference dividends Number of issued ordinary shares = 15, 00,000 50, 00,000 = 0.3 Price earnings ratio = Market price of ordinary share (in pence) Earnings per ordinary share (in pence) = 108 30 = 6 pence Dividend cover = Net profit after corporation tax and preference dividends Ordinary dividends = 15 000 00 7, 50,000 = 2 As show in the above equation debtor get 10 days credit and company get 71 days credit for that company will not need any extra working capital for their purchases also they can purchase more and sale them through that rotation or turnover they can create big amount of profit. Stock turnover is 41 days means company sales all of their stocks in 41 days they need another stock after that. Earning per share is a barometer for investor to invest in a company how the company earn per their investment and how much it is profitable or advisable to invest in such kind of company in this company EPS is 30 pence per share which is low so, investor might not attract the investor and company has to perform better for their sustainability. Companys price earning ratio is 6 pence, Means Company earning is not so good in terms of current price which is 108 pence. Dividend cover is 2 it means company get more profit in terms of their dividend given policy they are not making reserves and they pass their profit to the shareholder directly it is not advisable to do.

Hrm 510 Assignment 1 Essay - 1553 Words

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1. What is motivation, and why is it important in the study of consumer behavior? Can motives be measured, and if so, how? Motivation is made of intrinsic and extrinsic factors that drive people to act and behave. This is very important to consumer behavior because unlocking what motivates people will help marketers be able to more efficiently assess the needs of their consumers and to better reach them through messages. Unfortunately, there is not just one thing that influences a person’s motivation, but rather a series of theorized needs. There are many studies and theories on what motivates people, but the lists are often disagreed about and disputed; however, the most recognized theory about motivation is Maslow’s hierarchy of†¦show more content†¦Self-reporting is usually done through questionnaire administered by a researcher, often employing the Likert scale. People are asked how they feel about a statement by responding â€Å"strongly agree† to à ¢â‚¬Å"strongly disagree.† If the person taking the questionnaire to too aware of the goal of the question, they may respond differently than how they actually feel. That said, when the self-report is able to gather honest answers, it can be quite useful. The other way to measure consumers’ motives is through qualitative research. Qualitative research is similar, in a way, to a Rorschach test; both are projective techniques. Similar to an analyst looking for subconscious meaning in a patient’s identification of an inkblot, qualitative researchers look for meaning in the test taker’s response to a stimuli with an unclear message. By doing this, the researcher hopes to find a subconscious motivation within the consumer. This method seems to have the least objective results and often the data can be misread to fit the researcher’s hypothesis. The next way to measure consumer motivation is through motivational research. Motivational research is based of f of Freud’s psychoanalytic theory of personality which believes that unconscious desires, like sex, are behind a person’s motivation. Motivational research looks at a consumer’s choice in product and searches for the underlying and/or hidden meaning. An example given in the textbook is that women like to bake cakes in order to fulfill

Resting Metabolic Rate And Progressive Submaximal Exercise...

EXERCISE PHYSIOLOGY LAB APK4110L - Section # 008 Carissa Insinga 9/22/16 LAB REPORT #2 Resting Metabolic Rate Progressive Submaximal Exercise Test Mike Haischer Introduction In these experiments we talked about the Resting Metabolic Rate and Progressive Submaximal Exercise Testing to determine a subjects’ carbon dioxide production to oxygen consumption. This was done by having examples provided for us to calculate the RMR by using a formula, (X ml/kg/min x weight in kg) / 1000 mL= # L/min, to determine the number of calories burned at rest, as well having subjects perform the standardized treadmill test for 12-15 minutes for the Progressive Submaximal Exercise Testing. Resting Metabolic Rate is the energy expenditure at rest in well rested, fasted state in a supine position. For an accurate reading of RMR, one should not eat or drink within 6 hours before testing, refrain from any physical activity 12 hours prior, and no caffeine/tobacco/medication consumption beforehand. The purpose of finding RMR is to find the number of kilocalories that are required each day. RMR can be depend on factors such as body composition, genetics, gender, and age. A Progressive Submaximal Exercise Test is a test that estimates VO2 max, oxygen consumption, and is performed by gradually increasing the intensity of exercise. This test helps predict the maximal aerobic capacity of an individual as well as measuring the heart rate and VO2 max. WhileShow MoreRelatedSports Performance Evaluation Ioan Stoian National Institute Of Sports Medicine1378 Words   |  6 PagesExercise is termed as an activity requiring physical effort to improve health and fitness. Scientists can use fitness as a measure to compare one person to another (Haskel). Fitness tests can be conducted in a field or lab based setting (Point-of-care athlete testing, a new approach of sport performance evaluation Ioan Stoian National Institute of Sports Medicine, Bucharest, Romania). Fitness as a standard must be quantified to be able to compare individuals (Safrit). Predicting VO2Max can be doneRead MoreEffects of Vigorous and Moderate Exercise on Health-Related Outcomes10786 Words   |  43 Pagesï » ¿Effects of vigorous and moderate exercise on health-related outcomes Introduction In many developed countries, physical inactivity is becoming a public health problem as a result of fewer numbers of people embracing physical activity(Wardle and Steptoe, 2003). Population-based studies that have been conducted in USA and other developed countries in Europe suggest that the education level of individuals directly affects their physical activity (Trost et al., 2002). Thus those with lower levels

Psychodynamic and Behavioral Theories to Psychotherapy

Question: Discuss about the Psychodynamic and Behavioral Theories to Psychotherapy. Answer: Introduction: Counseling outcome also referred as the therapeutic change, measures extent up to which therapeutic goals are achieved after the completion of the therapeutic regimen. There are different forces of psychotherapy theories corresponding to significant historical developments in psychotherapy theory and counseling. First three forces of counseling and psychotherapy are psychodynamic, cognitive behavioural and existential therapies. Psychodynamic therapies: First force of the counseling and psychotherapy theories is psychodynamic theories of personality and psychotherapy. These psychodynamic theories are the most intricate portion of the psychological theories. For the first time work on the psychodynamic theories was carried out by Sigmund Freud through psychotherapy named psychoanalysis. Psychodynamic and psychoanalytic terminologies confound many people. However, work by Freuds considered as psychoanalytic and work after that considered as psychodynamic. Psychodynamic therapists focus more on patients with depression and anxiety because these patients need more psychology counseling (Ferruccio Mark, 2012). According to this psychoanalysis theory, individuals present and future is mostly influenced by his/her past. Change and progression in the individual can be effectively achieved by invading in the past and becoming aware of the past instances. Working of the psychoanalysis is mainly based on the two factors like working alliance and transference. Both these factors has significant role in the psychoanalysis. In working alliance there is the successful analysis of the client and it depends on the balanced and supportive relationship between the therapist and the client. In transference, client unintentionally express feelings in front of the therapist and therapist makes conclusion of the clients past through these feelings. Psychoanalysis is very accurate in understanding feelings of the clients through interpretations by the therapist and reflections by the client (Hayes, 2000). Psychodynamic theory is helpful in explaining the personality of the client both in conscious and uncons cious state; however more emphasis is given to unconscious state. This unconscious mind always would be constant struggle. Most of the negative behavior has its own cause and it is mostly related to the unconscious state. Psychodynamic theory states that diverse conflicts at the childhood are responsible for the different personality characters of the person. According to psychodynamic theory, human actions and functions are specifically based on the integration of drives and forces within the person and diverse characters of the personality. Few people argued that psychodynamic theories are unscientific because these theories are more subjective in nature and it would be difficult to study it scientifically (Purton, 2014). Cognitive-Behavioural therapies : Cognitive-Behavioural Theories are the second forces of the counseling and psychotherapy theories. It is mainly based on two foundations like Cognitive and Behavioral foundation of the individual. In cognitive approach different types of therapies are available and these therapies are ranging from the solely cognitive to the behavioral and humanistic components. According to cognitive therapy person develops emotional impenetrability due to dilemma in thought process. Albert Ellis' Rational Emotive Therapy and Beck's Cognitive Therapy are the prominent cognitive psychotherapies available and these are problem-oriented, directive, and educational. Cognitive therapies brought positive changes in the clients by identifying and replacing unreasonable or maladaptive thoughts. Behavioral therapies are theoretically and technically varied from the cognitive therapies. Behavioral therapies are based on the principle of alteration in the bothersome behavior w ith the help of principles of learning theory. In general, behavioral therapies are not much concerned about the causes behind the altered behavior (Prochaska Norcross, 2013). Techniques used in the behavioral therapies are specific and replicable. As these behavioral therapies are specific, therapeutic relationship in these therapies varied from one therapy and technique to another. Behavioral therapist understands clients very well and they are open and honest in their job. As congnitive-behavioural therapy gave more emphasis on the uniqueness of the individual, it also distinguishes individual from other people and presents individual as contrast as compared to the other individual. Cognitive- behavioural therapist prefers clinets to respond to them and therapist fascilitate this by supporting to cope up with negative events and providing the freedom. Cognitive-behavoural thearapy prefers to develop skills in the clients so that these clinets would be in good shape to choose and act in the direction of developing their own destiny. This results in the self-actualization in the client. In the recent years affects and emotions were given more emphasis in case of cognitive-behavioural therapy. According to cognitive-behavioural therapy, emotions of the clinets are required to be explored because emotions are directly related to the activities to control, master and emphasize internal events of the client (Holmes et al 2009). Cognitive-behavioral therapy states that healthy condition of the client is able to accommodate anxiety and trying to suppress the negative effects due to the anxiety. According to Rogers cognitive-behavioral, therapy changes can occur in the clients as these clients become more aware of the emotional feedback and use this to modify their relations with the therapist. Gestalt therapy also identified that the awareness acquired by the clients, is helpful for the bringing chnagfes in the clients. This awareness also would be helpful for the client to guide themselves towards the positive change and restrict themselves form the negative experiences. Cognitive- behavioral therapy emphasizes on the exploring different types of awareness and behaviours through different experiments. Existential-Humanistic therapies : This is the third force of the psychotherapy. Most important process of the counseling like listening skills were obtained from the Existential-Humanistic force of the psychotherapy. Existential theories are based on the genuine information about mind, body, experience and environment. Therapeutic relationship has its importance in two ways in existential therapy like as source of information for therapy and during process of the therapy. Existential therapists understand their clients and share their feeling, however they never lose their genuine relationship with the client. Existential theories can be categorized into traditional and humanistic existential theories. Traditional theories are mainly based on the traditional psychoanalytical procedures and humanistic theories are mainly based on the present conditions. Humanistic theories are more positive in nature and direct the client towards the meaningful aim in the life. Existential therapy st resses existence of the individual to the surrounding world and existence of the people is directly related to the environment surrounding the individual (Iacovou Weixel-Dixon, 2015). There is the existence of the different humanistic existential therapies like Carl Rogers' Person Centered therapy, Viktor FrankPs Logotherapy and Fritz Perls' Gestalt Therapy. Carl Rogers' Person-Centered Therapy suggests that there is a difference between a person's self-image and actual condition, which is termed as incongruent. These realities created by individuals on their own. This dual reality in the person produces splitting up in the mind of the person and finally leads to the emotional distress. Carl Rogers' Person-Centered Therapy has significant contribution to the evolution and development of the psychotherapy (Dryden, 2002). Integration of theories: In recent times, it has been proved that approaches used in the existential psychotherapy can be used effectively for the advancement of cognitive-behavioral therapy. As a result existential therapy can also be utilized as complement to the cognitive-behavioral therapy. These are also the characteristics of human being, hence integration of these two theories can proved to be more fruitful in the psychotherapy and counseling. Cognitive-behavioral therapy and existential therapy are based on the specific individuals and human beings also have their own freedom to think and act. Both cognitive-behavior therapy and existential therapy are based on the experience of the individual and makes conclusions based on the verbal processes instead of interpretations. However, integration of the existential and cognitive - behavioral therapy is not possible in all the cases. Loss on interest in life and hopeless thoughts about the future are very specific existential prob lems in the psychotherapy. These types of typical existential problems cannot be handled using traditional cognitive-behavioral therapy. Because, future is generally considered to be handled in the last relapse phase on the cognitive behavioral therapy. Hence, more research needs to be done for handling such difficult clients (Hayes 2004; Trower et al., 1988). In existential therapy, exploration of the existing things has more importance as compared to the non-existing things. In cognitive-behavioral therapy also more emphasis was given to existing things as compared to the non-existing things. Few approaches are followed in psychotherapy which has existence both in cognitive-behavioral therapy and existential therapy. These approaches are comprised of phenomenological approach, current approach, rational approach, training for coping skills, plan for the future, use of experimental techniques, conscious choice, consciousness, intentionality, freedom and non working with non-existing things (Beskow Miro 2004). In cognitive-behavioral therapy more emphasis was given to the uniqueness of the individual and according to the existential therapy, persons unique existence gets affected by the surrounding environment. By virtue of integration of the cognitive-behavioral therapy and existential therapy, these both issues can be addressed effectiv ely. According to cognitive-behavioral therapy basic schemas developed in the early childhood and adolescence are due to the postulation about self, others and the world. In the similar way, existential therapy also based on the existence of evidence from the past. In general, Cognitive and behavioural therapy accepts existential perspective (Young et al 2003). These forces of the psychotherapy had major contribution for the evolution and development of the psychotherapy research, advancement and practice. For each of the forces therapeutic approach is different and unique to each force of the psychotherapy. Each of these approaches was derived from the individual theoretical principles. As a result, each of these forces develops different therapeutic methods with varied therapeutic relationship. Influences of theories: Being a counselor, these theories brought many positive and productive changes in me. Psychodynamic theory helped me to understand the unconscious motivations of the client which would be helpful in altering the problematic and unacceptable behavior, feelings and thought process of the client. Psychodynamic theories also helped me to work very closely with the clients. From the psychodynamic theory, I understand that patient can understand about themselves. I could understand this fact through interactions with them during therapeutic relations. Psychodynamic theory helped to link unconscious thoughts of the client from childhood experiences and clients current behavior. Desensitizing is a classical conditioning action mentioned in the behavioral therapy. This desensitizing action helped me to reduce the phobia in clients due to repeated actions of anxiety. Operant conditioning was also mentioned in behavioral therapy. This operant conditioning helped to decid e upon giving rewards for positive behavior and punishment for the negative behavior of the client. As cognitive-behavioral therapy incorporates both thoughts and behaviors of clients, it helped me to get complete insight into the clients thinking. Cognitive-behavioral therapy helped me to work in the direction of changing thought process of the client. By changing thought process of the client, I could change the behavior of the client because people changes according to their own feelings. Cognitive-behavioral therapy helped me to understand the clients external stimuli and corresponding changes in the behavior and learning ability. This theory helped me to make clients recognize about the negative thought pattern and change it to the positive thought pattern. Psychodynamic theory is related to the unconscious thoughts and cognitive-behavioral theory is related to the conscious thoughts. These two theories together helped me to understand both conscious and unconscious feelings of the client (McLeod, 2009). Existential-Humanistic Theories helped me utilize clients full potential to bring positive changes in them and to make rational choices. Existential-Humanistic Theories thought me to concern about clients and to respect for clients. Existential-Humanistic Theories helped me to work more towards the client-centered therapy. By virtue of this, I tried to keep myself away from the whole authorities of the clients inner experience. Existential-Humanistic Theories helped me to understand the free will and self determination of the client. Cognitive behavioral theory is focused on the future development and Existential-Humanistic Theories are based on the past experience. Hence, both these theories together helped me to understand past of the client and also helped me to plan for the future of the client (Marty, 2012). As a counselor, these psychological theories helped me to build strong association with client and counsel them in the proper way. References: Beskow, A.P. Miro, M.T. (2004). Cognitive psychotherapy and the development of consiousness. Living with conviviality. Intellecta DocuSys, Goteborg. Dryden, W. (2002). Handbook of Individual Therapy . SAGE Publications Ltd. Ferruccio, O. Mark, J. S. (2012). Theory and Practice of Experiential Dynamic Psychotherapy. Karnac Books. Hayes, N. (2000). Foundations of Psychology. Cengage Learning EMEA. Hayes, S.C. (2004). Acceptance and commitment therapy and the new behavior therapies: Mindfulness, acceptance, and relationship. In: Hayes SC, Follette VM, Linehan MM, editors. Mindfulness and acceptance: Expanding the cognitive-behavioral tradition. New York: The Guilford Press. Holmes, E.A, Lang, T.J., Deeprose, C. (2009). Mental Imagery and Emotion in Treatment across Disorders: Using the Example of Depression. Cognitive behavioral therapy, 20, 1. Iacovou, S. Weixel-Dixon, K. (2015). Existential Therapy: 100 Key Points and Techniques. Routledge. McLeod, J. (2009). Introduction To Counselling. McGraw-Hill Education. Marty, S. (2012). Psychodynamic, Affective, and Behavioral Theories to Psychotherapy. Charles C Thomas Publisher. Prochaska, J. O., Norcross, J. C. (2013). Systems of Psychotherapy: A Transtheoretical Analysis. Cengage Learning. Purton, C. (2014). The Trouble with Psychotherapy: Counselling and Common Sense. Palgrave Macmillan. Trower, P., Casey, A., Dryden, W. (1988). Cognitive-behavioural Counselling in Action. SAGE Publications Ltd. Young, J.E., Weishaar, M.E., Klosko, J.S. (2003). Schema Therapy: A Practitioners Guide. New York, Guilford.

Marketing and Management at Grupo Mexico

Question: Discuss about the Marketing and Management at Grupo Mexico. Answer: Management at Grupo Mexico decides to focus on market opportunities opened up by NAFTA. What management orientation does this reflect? Ethnocentric Polycentric Regiocentric Geocentric Grupo Mexico understands the significance of diversity and the management view opportunities by the global scale. Interestingly, it focuses on the approach or ways that business activities are undertaken in a particular country depending on the standard of communication. In fact, the company applies geocentricity by hiring mix people from various locations depending on their skills than the home country. The geocentric approach has made the conglomerate competitive. In much of Europe, the telecommunications industry is experiencing both deregulation and privatization. Which of the driving forces behind global marketing does this represent: National differences Myopia Economic trends Technology The increased internationalization rate has increased the exposure to trade between countries. At the start of the globalization period, the advanced economies increased trade openness. The impact of increased trade is evident in the marketization and privatization of state corporations. With the rapid technological changes, the former natural monopolies have diminished as the changes have promoted international competition. World Bank (2005) acknowledged the advent of cell phones, satellites, and the internets have made communication and trade effective thus defining the global marketing. Which of the following industries is characterized by product development cycles of 5-10 years and product development costs in excess****** $******million: Semiconductors Furniture Pharmaceuticals Soft drinks Automobiles The lifecycle of branded medicines would span beyond twenty years as the research and development may last for 5-10 years before commercialization (Ciociola, 2014). A "quick and dirty" method that can serve as a rule of thumb to help marketers compare the relative values of currencies is to check the price of a ________ in different countries. Big Mac Snickers bar Can of Coke Pack of Marlboros Liter of gasoline The Big Mac index is the global exchange rates that the marketer can use to compare whether a currency is valued at the correct level. According to D.H and R.L.W. (2016), this index depends on purchasing-power-parity theory. In most cases, the base currency that is used to determine the value of another currency is the U.S dollar. Which of the following statements is correct: Japan and the United States both have a balance of payments deficit Japan and the United States both have a balance of payments surplus Japan has a balance of payments deficit; the United States has a balance of payments surplus Japan has a balance of payments surplus; the United States has a balance of payments deficit Since the 1980s, the U.S has continuously reported deficits in its current accounts due to the ballooning budget deficits that has ensured its currency remains high while making its industries weakly competitive. On the other hand, Japan has reported continuous surpluses on its current accounts as reflected in a high competitiveness of its industries and a weak yen. With massive capital exports, Japan has prevented its currency from appreciating (Eurostat, 2016). Vietnam is the newest member of ASEAN. True False The ASEAN was incepted in 1967 by five member countries including Malaysia, Indonesia, Singapore, Thailand, and the Philippines with the intention of promoting economic and political integration and regional stability. Vietnam joined this bloc in 1995 as the seventh member, while the tenth member of this economic bloc is Cambodia that obtained membership in 1999 as reported by the U.S Department of State (n.d.). Antigua, the Bahamas, St. Lucia, and Jamaica are all members of CARICOM. True False The Caribbean Community (CARICOM) has twenty countries with full membership standing at fifteen while Associate Members are standing at five. Apart from the listed members, other members include Barbados, Belize, Guyana, Haiti, Trinidad Tobago, Suriname, Dominica, Grenada, Montserrat, St Kitt and Nevis, and St Vincent the Grenadines. If one were to apply Hofstede's concepts of social values to an analysis of Japan, one would conclude that: Individualism and masculine values are culturally predominant Collectivism and feminine values are culturally predominant Individualism and feminine values are culturally predominant Collectivism and masculine values are culturally predominant Japan is a masculine society that emphasizes assertiveness, competitiveness, and excellence. This countrys national culture is founded on moderate power-distance, a high long-term orientation, very strong masculinity, and moderate individualism. It also characterizes very high uncertainty avoidance. Relative advantage, communicability, and divisibility are all aspects of: Hofstedes social values framework Lees SRC framework Ritzers McDonaldization thesis Rogers diffusion theory Halls low- and high-context culture framework The McDonalds model focuses on efficiency, predictability, calculability, and control and it involves rationalization. According to Ritzer (1998), the McDonaldization process breaks tasks into smaller components until it has been broken down to a minimum thus find the best strategy to accomplish the work efficiently. A U.S. company is exempt from the Foreign Corrupt Practices Act if a host-country citizen serving as an agent for the company pays a bribe to a government official in the host country. True False This law is supposed to illegalize companies and supervisors or managers from influencing foreign officials with any personal rewards and payments. In fact, this law applies to everyone with a certain degree of links to the U.S and participates in foreign corrupt practices. Based on this nationality principle, the official engages in such unethical activity may face prison (Luthans Doh, 2014). Mexico, Italy, and Canada are among the many countries supporting the U.S. trade embargo of Cuba. True False These three countries are among the strongest U.S allies, but they are among the leading contributors of tourists to Cuba as identified by Spielmann (2013). They have thus opposed the embargo against Cuba as applied the United States (Ramos, 2015). References Ciociola, A.A. et al. (2014). How drugs are developed and approved by the FDA: current process and future directions. American Journal of Gastroenterol, 109 (5), 620-623. D.H R.L.W. (2016, Jul 21). The Big Mac index. The Economist. Retrieved from https://www.economist.com/content/big-mac-index Eurostat. (2016). Balance of payment statistics. Retrieved from https://ec.europa.eu/eurostat/statistics-explained/index.php/Balance_of_payment_statistics Luthans, F. Doh, J. (2014). International management culture, strategy, and behavior, (9th Ed.). New York, NY: McGraw-Hill. Ritzer, G. (1998). The McDonaldization thesis: Explorations and extensions. London: Sage. Spielmann, P. J. (2013, Oct 29). UN General Assembly votes against US Cuba embargo. Associated Press. Retrieved from https://www.breitbart.com/news/da9nut1o0/ U.S Department of State. (n.d). Association of Southeast Asian Nations (ASEAN). Retrieved from https://www.state.gov/p/eap/regional/asean/ World Bank. (2005). Economic growth in the 1990s: Learning from a decade of reform. Washington, DC: World Bank.