The Truth On The Keys Of Success - 1190 Words

The Truth to the Keys of Success How exactly do you define success? Does it mean to have a large house, expensive car and absolutely no financial problems? Does it mean that you have the best up-to-date technology and have the best style of clothing? As success may be defined differently for everybody, everyone’s goal in life is to succeed one way or another, but rather, many people struggle with attaining it. Today, society and media has given us the misperception as to what success is truly defined as. But if we set goals, and put in hard work and dedication, success can be achieved. Success and happiness may be correlated, but it does not have any correlation with materials and goods that you may own or desire to own, but is more of a broad feeling and concept to understand. Society wants us to believe that the keys to success involve only having a significant amount of money and fame. Although that’s not necessarily true, money is always put into a comparison to happiness. For instance, when you purchase an item, while it is still brand new, you claim to be satisfied with your ideal choice, but you all of a sudden start losing interest in your previous decision, and soon, this particular item becomes bland. Even though money supports you to purchase your conveniences and comforts, an individual needs much more extravagance to live a successful life. Money does make life easier, but not necessarily better. A significant amount of money cannot make an individual becomeShow MoreRelatedEssay on A Few Good Men Clip Analysis 1143 Words   |  5 Pageswill stand in line for hours and pay top dollar to see. The key to success is finding ideas that appeal to a mass audience. Viewers are the lifeline of any production company so making something for ever yone is a savvy business move for the film industry. To cover all bases, there are over fourteen different genres of movies. Film making is not a solo effort. It is a collaboration between the actors, directors, producers and other key contributors. This combined effort or mise-en-scene includesRead MoreEmily Dickinsons Tell All the Truth but Tell It Slant Explication 944 Words   |  4 PagesDickinson’s â€Å"Tell all the Truth but tell it slant-† brings to light the overwhelming theme of how one should tell the truth. It also illuminates the development of the extended metaphor of comparing truth to light. From the very beginning of the poem, the speaker is instructing on the best way to tell the truth. Dickinson, through a use of a specific technique of rhyming, literary elements, and different forms of figurative language, establishes the importance of not telling the truth all at once. 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Some times they lie because they don’t want to hurt anyone s feelings.Some times they lie to get rid of truth because they are too scared to face the reality.In these all conditions, peopleRead MorePassage Analysis Techniques of Persuasion Essay1230 Words   |  5 PagesPassage 6 – In Defense of Astrology 1[Astrology needs to be taken more seriously as an art and science that can contribute to human well-being.] 2[A great deal of evidence points to the truth of astrology.] 3[Astrology has been practiced for over six thousand years], and 4[millions of people have based their lives and life choices on it.] 5[Until the eighteenth century, astrology was even used as a form of medical diagnosis.] 6[Its diagnoses and prescriptions were considered at theRead MoreBenefits Of Online Marketing Success709 Words   |  3 Pagesa better than full-time income. Did you know that the most successful of these Internet marketers all share certain essential keys to success in common? 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Key Facts About the Battle of Gonzales

On October 2, 1835, rebellious Texans and Mexican soldiers clashed in the small town of Gonzales. This small skirmish would have much larger consequences, as it is considered to be the first battle of Texas War of Independence from Mexico. For this reason, the fight at Gonzales is sometimes called the Lexington of Texas, referring to the place which saw the first fighting of the American Revolutionary War. The battle resulted in one dead Mexican soldier but no other casualties. Prelude to Battle By late 1835 tensions between Anglo Texans - called Texians - and Mexican officials in Texas. The Texians were becoming more and more rebellious, defying rules, smuggling goods into and out of the region and generally disrespecting Mexican authority every chance they could. Thus, Mexican President Antonio Lopez de Santa Anna had given the order that the Texians be disarmed. Santa Annas brother-in-law, General Martà ­n Perfecto de Cos, was in Texas seeing that the order was carried out. The Cannon of Gonzales Some years previously, the people of the small town of Gonzales had requested a cannon for use in defense against Indian raids, and one had been provided for them. In September 1835, following orders from Cos, Colonel Domingo Ugartechea sent a handful of soldiers to Gonzales to retrieve the cannon. Tensions were high in the town, as a Mexican soldier had recently beaten up a citizen of Gonzales. The people of Gonzales angrily refused to return the cannon and even arrested the soldiers sent to retrieve it. Mexican Reinforcements Ugartechea then sent a force of some 100 dragoons (light cavalry) under the command of Lieutenant Francisco de Castaà ±eda to retrieve the cannon. A small Texian militia met them at the river near Gonzales and told them that the mayor (with whom Castaà ±eda wished to speak) was unavailable. The Mexicans were not allowed to pass into Gonzales. Castaà ±eda decided to wait and set up camp. A couple of days later, when told that armed Texian volunteers were flooding into Gonzales, Castaà ±eda moved his camp and continued to wait. The Battle of Gonzales The Texians were spoiling for a fight. By the end of September, there were some 140 armed rebels ready for action in Gonzales. They elected John Moore to lead them, awarding him the rank of Colonel. The Texians crossed the river and attacked the Mexican camp on the misty morning of October 2, 1835. The Texians even used the cannon in question during their attack, and flew a makeshift flag reading â€Å"Come and Take it.† Castaà ±eda hastily called for a cease-fire and asked Moore why they had attacked him. Moore replied that they were fighting for the cannon and the Mexican constitution of 1824, which had guaranteed rights for Texas but had since been replaced. The Aftermath of the Battle of Gonzales Castaà ±eda did not want a fight: he was under orders to avoid one if possible and may have sympathized with the Texans in terms of states rights. He retreated to San Antonio, having lost one man killed in action. The Texan rebels did not lose anyone, the worst injury being a broken nose suffered when a man fell off a horse. It was a short, insignificant battle, but it soon bloomed into something much more important. The blood spilled that October morning marked a point of no return for the rebellious Texians. Their victory in Gonzales meant that disgruntled frontiersmen and settlers all over Texas formed into active militias and took up arms against Mexico. Within a couple of weeks, all of Texas was up in arms and Stephen F. Austin had been named commander of all Texan forces. For the Mexicans, it was an insult to their national honor, a brazen challenge by rebellious citizens which needed to be put down immediately and decisively. As for the cannon, its fate is uncertain. Some say it was buried along a road not long after the battle. A cannon discovered in 1936 may be it and it is currently on display in Gonzales. It also may have gone to the Alamo, where it would have seen action in the legendary battle there: the Mexicans melted down some of the cannons they captured after the battle. The Battle of Gonzales is considered the first true battle of the Texas Revolution, which would continue through the legendary Battle of the Alamo and not be decided until the Battle of San Jacinto. Today, the battle is celebrated in the town of Gonzales, where there is an annual re-enactment and there are historical markers to show the various important locations of the battle. Sources Brands, H.W. Lone Star Nation: The Epic Story of the Battle for Texas Brands, H.W. Lone Star Nation: The Epic Story of the Battle for Texas Independence. Paperback, Reprint edition, Anchor, February 8, 2005. Henderson, Timothy J. A Glorious Defeat: Mexico and its War with the United States. 1st Edition, Hill and Wang, May 13, 2008.

Euthanasi Murder Or Mercy - 1375 Words

Euthanasia:Murder or Mercy? Imagine having to witness a family member suffer through many years of pain and not being able to do anything about it. This,however, can be resolved through euthanasia. Euthanasia is an intentional act that involves a doctor or physician ending a patient s life so that the patient may stop suffering from a harmful disease (Nordqvist 2016). It is a solution in which doctors can help patients with terminal diseases, such as Lou Gehrig’s Disease, to end their suffering because they do not want the patients to live a life in which they have to endure such pain and agony. 87% of the people believe and support the fact that euthanasia is beneficial for those with terminally ill diseases (â€Å"Euthanasia Statistics†Ã¢â‚¬ ¦show more content†¦How exactly in this situation is â€Å"Do no harm,† being interpreted here? Is letting a patient who has a terminal disease, continue to live their life full of pain and suffering, not causing harm to the patient? Rather, the patient could end their suffering through a painless death (Torrey 2016). It is the doctor s job to make sure that their patient is living a life with happiness and hope rather than suffer and all their thoughts of hope vanishing (Andersen 2014). A doctor named Philip Nitschke said â€Å" Over time the Hippocratic Oath has been changed on number of occasions†¦. References to women not studying medicine and doctors not breaking the skin have been deleted† (â€Å"Top 10†¦.† 2013). The oath has been changed in order to fit today s society (â€Å"History Hippocratic†). Doctors break the Hippocratic Oath by letting their patients continue to live a life of pain, by doing so, they are doing more harm than good because a patient is living in immense suffering, when the doctor could ease the patients suffering (Andersen 2014). One opposition of euthanasia comes back to the Hippocratic Oath being broken, especially on the â€Å"Do no harm,†part. The anti-euthanasia activist view doctors killing their patients to end their suffering as worsening the patient’s conditions rather than help. Many believe that doctors tend to make many mistakes and are killing their patients through their mistakes. People feel killing the patient is doing more than just

Empirical Research on Entrepreneurial Orientation - MyAssignmenthelp.c

Question: Discuss about the Empirical Research on Entrepreneurial Orientation. Answer: Introduction The aim of this report is to learn the service marketing of a company whose get benefits by initiating a good relationship marketing program in their company. The business organization must start initiative related to the relationships in the marketing and with the other industries and organizations. There are various profits in making good relations with the business organizations (Ballantyne, and Varey, 2008). It also benefits the customers if there are good relations between the business organizations. There are various types of segment that can be targeted to establish good relations and to promote relationship marketing program. Such kind of program not only benefits the organization but also the customers. There are various ways by which the companies can target and encourage a long term relationships that are profitable in nature. In this report, all the ways and criteria will discuss related to the relationship marketing program and its promotion to the customers and other parties related to the business. It allows the marketers to know more about the company. It helps in the brand positioning and creation of the brand value (Jacob, and Ulaga, 2008). I am a marketing consultant, writing this business report to the marketing manager of Myer Company to let them know the benefits of relationship marketing programs. The company can also use effective tactics related to the market relations for the company. The report will also provide various recommendations that can be used to have better result in the relations with parties and customers (Vaaland, Heideand Grnhaug, 2008). The requirement is to make changes in the exiting relations and then to establish effective and long term relation with the other business organizations. The chosen company in this report is Myers holdings limited. It is one of the famous companies of Australia as it has an old history. There is various division of this company as they provide a large variety of products and services to their customers. The company still required to have strong relations with the parties to have effective management in their company (Lusch, and Vargo, 2014). The purpose of establishing good relation with the parties is to have the effectiveness of the company with the related companies, customers and within the market. It helps in achieving the satisfaction and loyalty of the customers (Zott, Amit, and Massa, 2011). An overview of the company Myer group is one of the largest groups in the Australia and the company is operating since 1900. They do business related to the style, lifestyle, and fashion products. It is one of the largest departmental stores as the turnover of the company is more than $ 3.1 billion in the year 2014. There are 11 core products that are offered by the company under the brand of Myer that includes women wear, menswear, lifestyle product and many other products. The company has more than 65 stores in Australia and more than 100 stores in all over the world. The Myer Company provide discount stores Myer stores, grace bros, supermarkets, etc. now the aim of the company is to enhance the customer and marketing relations by a program relationship marketing program. As the company want to increase the sale, they want to adopt new techniques and this relation marketing program is one of the part of those project (Blocker, and Flint, 2007). There are various types of benefits a company like Myer can get after enhancing relationship marketing in their company. It is one of the universally accepted facts that the customer is king. It is related to the understanding that company must have good relations with the customers who can provide benefits to the company in future. The relationship marketing is basically represents that the concept can be shifted within the marketing (Payne, Storbacka, and Frow, 2008). The company must focus on the retention of relationship with the stakeholders and customers. The basic theory of relations marketing says that to build effective relations with the existing customers and stakeholders instead of making new one. On the basis of this assumption, the company Myer tries to build effective relations with the company customers and stake holders like suppliers, government union and regulators, shareholders, brokers, customers, competitors, etc. The other parties with whom the company try to have good realties are the retailers, stores, super markets, wholesalers, distributors, etc. (Lovelock, 2011) It is due to the fact that they are the supply chain management team of the company that helps the company to have effective and efficient delivery of the products and services to the customers. If the company is able to have good relations with the same, it will help in future growth and development of the profits and sales of the company (Vargo, and Lusch, 2011). Benefits with the customers Building good relation with the customers may help Myer company to have effective management of the business organization in various types of field. It will provide loyal business customers to Myer with whom the company can deal for a longer period of time in the future. It is very essential for the future growth and development of the company. The stakeholders have a strong impact on Myer Company as they are the one who supplies all the material to the company (Verhoef, Lemon, Parasuraman, Roggeveen, Tsiros, and Schlesinger, 2009). It will provide long term relations with the customers, loyal customers, develop trust customers, etc. there is a mutual understanding between the two parties and the communication becomes easy for the dealing. The customers are the group of people who are required to have extra attention. It becomes very uneasy to handle a customer who is unsatisfied and draining. It helps the company to increase the sale, mouth to mount promotion, rewards for lifetimes, career advancement; etc. It can be developed by developing the people skills, identification of the needs of the relation, scheduling time to build the relations, positive behaviour, management of the boundaries, etc. The customers will also receive various types of benefits after having good relations with the company. They will provide adequate lead time to the company. The good relation with the other part personalise the relationships and help to gather and collect the information. It is not a complicated process to develop relation with the other parties and stakeholders. It can be done by building good communication, treat them in a good and fair way, trust and loyalty and also to pay them or others on time (Madhavaram, and Hunt, 2008). In this way, it will become easy for Myer to have good relation and ultimately to have benefits out for the same. Good quality of products- When Myer company build good relation with the other parts like suppliers, they will supply good material which ultimately affects the quality of the products and service s and the company will be able to have higher satisfaction of the employees. It will help to add cash to the bottom line of Myer (Franke, Keinz, and Steger, 2009). Timeless The timely delivery of the products is the best and reliable way in the eyes of the customers. It will slow down the risk of the inventory and lower down the cash needs of Myer. Competitiveness- the supply of the products at good price and on time will provide bet pricing, quality, technological advancement, knowledge of the market and industry trends and pricing of the products. Innovation and changes- In order to have innovation in the production of the Myer products, the suppliers play a vital role. They understand the company and accordingly provide material to the same. It helps to promote new ideas, services and products. Finance and credit- This is the most beneficial profit to have good relations in the market. It will help to create credit in the market. It provides financial leverage to Myer Company. The company can also ask and tap to have more and additional financing. It helps in developing a good relation of trust, loyalty and considerable company. It is related to the postponed debt, extended terms on the new supplies and purchase, investment in the company and loan. These all options will bring effective cash position in Myer Company (Daymon, and Holloway, 2010). In this way, the company must focus on the retention of relationship with the stakeholders and customers. The basic theory of relations marketing says that to build effective relations with the existing customers and stakeholders instead of making new one. The segmentation of target customers The segment should be targeted by the organisation for a relationship marketing programme because it will provide a deep knowledge about the segment of the customers that are required to be targeted. It is very relevant to target the right customers" because it is imperative to the success of the relationship marketing programme for the company Myer (Parasuraman, and Colby, 2007). The company Myer has started a program related to the customers that is customer loyalty program in which more than 3 million customers are the members of the same. It is one of the leading programs for the customers in the entire Australia. The 60% of the sales of the company are because of this program. The customers themselves spend 15 % on the non-members so that they can also join the same program to grab the benefits and to provide benefits to the company (Metters, and Marucheck, 2007). The company target the segment of the customers by dividing them according to various aspects like demographic segmentation, personal attributes, age, personality types, geographic location, frequency of buying, etc. The analysis of the potential customers in the market is a key to step in the market easily. The process of segmentation provides long- term profitability, business opportunities, etc. (Matthyssens, and Vandenbempt, 2010) Myer Company tries to target their customers by segmentation of the customers according to the audience and their types. The company Myer try to segment the customers to get better efficiency in the process of advertisement as they segment the fashion products according to the size and trend. The company observed that expending money on the advertisement do not help when the targeted audience is not correct (Giacalone, and Rosenfeld, 2013). Myer customers are targets by the various approaches and strategies. The most common method used in Myer to segment the target customers demographic segmentation which the customers are divided according to personal attributes. It can be done according to age wise, class wise, college-educated, customers between 24-35, middle class, etc. there are other criteria also according to which the market segmentation can be done like personality types, location, geography, Buying frequency of the customer, etc. Segmentation of the market Criteria of segmentation Demographic segmentation They take the segmentation on the basis of population, age, occupation, marital status, characteristics, etc. Physiographic segmentation This is the segmentation that is distributed according to the lifestyles, fashion and interest of the customers. Behaviour segmentation The segmentation of behaviour is distributed according to the products like on different colour, brand loyal, brand switchers, and so on. Geographic segmentation These types of segmentation are based on the country, city, region, and other basis of geography. Benefits sought This types of segmentation is takes place on the basis of status, values, ethics, convenience, etc. Suggestion of the ways by which management may encourage long-term profitable relationships with the segments There are various ways by which company can encourage good and long term relations with their customers. It helps in creating value for the company. It can become possible when Myer produces all the goods and services according to the needs and demand of the customers (Wales, Gupta, and Mousa, 2013). It should link with the aim and objectives of the company too. The requirement is to identify the potential customers and relate them with the future profits. According to Myer, the customers can boost the customers by up gradation of the technology. As Myer has now transformed the stores as digital stores to engage the customers and their journey with the company. According to them, the retailers also change their stores into digitalised stores. There is a change in the perspective of the customers as they are adopting the digital changes in their lives (Vogel, Evanschitzky, and Ramaseshan, 2008). To make Myers customers more loyal and retain, they have spend a huge amount of money that $ 600 million in last five years based on the major four pillars that is Customer-led offers Wonderful experiences to the customers while shopping Omni-channel shopping A productivity step change They also said that there are three major streams to make the customer happy that is Product that is required to be placed at the right place and at the right time The second part is related to the strategy of the company in the investments that is related to the services provided by the company (Watson, and Noble, 2007). It is all about the experience that customers get after shopping in the stores. The last and their element are related to the Omni-channel. There are various types of changes take place in the management and marketing of this company (Payne, Storbacka, and Frow, 2008). The boost in-store has known as Myer hub in which they serve their customers through digitally enable caretakerin the departmental store. This hub has various kiosks at the store and other places that provide number of services that includes free gift wrapping, Wi-Fi connectivity, a coffee shop click and collect services, etc. it is one of the successful change they had made for the customers which is not found on the other stores (Kayaman, and Arasli, 2007). These kinds of services add a value added services that provides relief to the customers and sparkles the name of the company (Tsiotsou, and Ratten, 2010). They also started a concept of personalised shopping for the fashion conscious customers who wants to experience an exciting and personalised shopping experience. In this, they provide data and information related to the history of their shopping done before by them. It reveals the purchase history, her likes and preferences, size, colour, and other information. It provides the customers solution (Thamizhvanan, and Xavier, 2013). In this way, the customers feels relaxed and relieved as they can use their own history for the current shopping. The company Myer also collaborated within one of the famous online shopping application eBay so that they can also turn them as first virtual reality store (Brodie, Hollebeek, Juri?, and Ili?, 2011). The customers can use this app by putting their phones in a set of shoptical and VR glasses and to have a real experience of shopping. In this way, the company is willing to provide a different experience to their customers by improving and changing the experience the customers getting today (Van Doorn, Lemon, Mittal, Nass, Pick, Pirner, and Verhoef, 2010). Marketing metrics and its success on the company Marketing metrics of Myer is related to the numeric data that allow marketers to evaluate their performance against organisational goals. We would also use marketing metrics to determine if the strategies that are identified before were successful or not (Homburg, Stierl, and Bornemann, 2013). The success of the company is related to the customers. They will also receive various types of benefits after having good relations with the company. They will provide adequate lead time to the company. The good relation with the other parties personalise the relationships and help to gather and collect the information. It is not a complicated process to develop relation with the other parties and stakeholders. It can be done by building good communication, treat them in a good and fair way, trust and loyalty and also to pay them or others on time. In this way, it will become easy for Myer to have good relation and ultimately to have benefits out for the same. The success of the company is related to the effective marketing metrics of the company. There are various types of marketing metrics followed by the Myer Company. There are various ways by which the company can get and gather information about the marketing condition of the company. It is very relevant to create dashboard of the customers like google. Google will provide exact data related to the company and its reviews in the market. It can be done simply clicking on the custom report tab, then select a new report option and specify the metrics that can be included n the report. Marketing metrics to show that the above ideas are successful or not NEW MYER TARGET MARKET AND THE RESULT OF CHANGES Sales Target average sales growth greater than 3 % between 2016 2020 FY 2016 sales up by 2.9 % Sales/ SQM Target greater than 20 % improvement by 2018 Sales per square meter increased by 5.6 % EBITDA Target EBITDA growth ahead of the sales growth by the end of 2017 EBITDA shows a done by 7.6 % Total sales up by 2.9 % ROFE Target ROFE greater than 15 % by 2010 ROFE is 9.1 % Recommendations It is recommended that the company should focus on the program started by them to enhance the relationship marketing with their customers. The one key way and method by which the company can make the customers happy and relate them with the company for a longer period of time is by analysing the demand and to sell the products and services according to the needs and wants of the customers. They have to be very patient and effective while building relations with the customers. It is very relevant to get to know about the area of interest of the customers and accordingly work to make them happy with the goods and services of the company. There is a need to go beyond the practices and tactics played by the competitors and substitutes companies like Woolsworth, Wesfarmers, etc. the company should also focus on the each and every customers related to the company and provide them equal importance. It is one of the major points that most of the companies forget to follow. The company must respond to the customers emails, reviews, messages, calls, etc. it provides the customers a level of satisfaction and connection with the company. They feel important and valued. Myer also concentrates on the connectivity of the company with the customers. It is vital for the companies to be more than an email id. There must be customer care numbers, phone calls, pages, applications, etc. There is various division of this company as they provide a large variety of products and services to their customers. The company still required to have strong relations with the parties to have effective management in their company (Lusch, and Vargo, 2014). The purpose of establishing good relation with the parties is to have the effectiveness of the company with the related companies, customers and within the market. It helps in achieving the satisfaction and loyalty of the customers. The company must focus on the retention of relationship with the stakeholders and customers. It can be done by building good communication, treat them in a good and fair way, trust and loyalty and also to pay them or others on time. In this way, it will become easy for Myer to have good relation and ultimately to have benefits out for the same. Conclusion To conclude the present report, we can say that service marketing and the relation in the services marketing plays a vital role as it define the company and its relation with the customers and other parties related to the same. It helps in sustaining of loyal customers in the company as it is a very strong aspect for Myer and other companies too. It helps Myer to minimize the cost so that they can get the new customers, efficient way to manage the operation cost, etc. the management of loyal customers influence the other customers to use a purchase the brand. The maintenance of customers relation helps the company for the better future opportunity not only for the company but also for the customers. The concept of relationship marketing has now become a well recognised and applied way by which Myer company and other companies sell themselves to the customers. It is one of the cultivated and constructive ways that Myer Company can use for the better relation with the customers. There are lots of benefits that can be gained by the company after having effective relationship marketing. The applicability and adoption of the relationship marketing is an approach through which Myer Company can face big challenges in an easy way. The business organisations that are dealing with services like Myer Company required having relation marketing in their company. The study is all about building relationship with the customers and other parties train the employees for the same and make the organisations a familiar and friendly one so that in future the company can get benefits out of the same. It helps in free advertisement of the companys products and services, positive word of mouth suggestions for the potential and future customers, customer loyalty, trust of the customers, savings that are great for the business organization, increase in the sales of the products and services even in the off season, retention of the customers, etc. the overall impact of this is that Myer will get higher profits, improve in the overall function an operations of the company. References Ballantyne, D. and Varey, R.J., 2008. The service-dominant logic and the future of marketing.Journal of the Academy of Marketing Science,36(1), pp.11-14. Blocker, C.P. and Flint, D.J., 2007. Customer segments as moving targets: Integrating customer value dynamism into segment instability logic.Industrial Marketing Management,36(6), pp.810-822. Brodie, R.J., Hollebeek, L.D., Juri?, B. and Ili?, A., 2011. Customer engagement: conceptual domain, fundamental propositions, and implications for research.Journal of Service Research,14(3), pp.252-271. Daymon, C. and Holloway, I., 2010.Qualitative research methods in public relations and marketing communications. Routledge. Franke, N., Keinz, P. and Steger, C.J., 2009. Testing the value of customization: when do customers really prefer products tailored to their preferences?.Journal of marketing,73(5), pp.103-121. Homburg, C., Stierl, M. and Bornemann, T., 2013. Corporate social responsibility in business-to-business markets: how organizational customers account for supplier corporate social responsibility engagement.Journal of Marketing,77(6), pp.54-72. Jacob, F. and Ulaga, W., 2008. The transition from product to service in business markets: An agenda for academic inquiry.Industrial marketing management,37(3), pp.247-253. Lovelock, C., 2011.Services Marketing, 7/e. Pearson Education India. 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Accounting Revaluations and Earnings Management

Question: Discuss about the Accounting Revaluations and Earnings Management. Answer: Introduction: According to AASB, (2013), the fair value of the accounting practice is based on the conceptualization of fair price. According to the accounting concept and economics, the fair value accounting is considered as the value of any form product, asset or service. These are based on the reasonable, the estimation based on an impartial approach of the prospective value of the market, and the item acquired for a specific period. The measurement of the value of is dependent on the factors such as substitution, manufacturing and acquisition of the item. The fair value accounting concept also considers the value of the alternatives, which are the losses in the nature. It is also based on the utility and the production capacity of a particular item at a certain period. Then fair value is also estimated on the supply and the demand situation of in a given time. It also considers the risk factors in the various types for the accounting values. Moreover, the fair value concept of accounting also considers the cost of capital and the utility of personal recognized assets (Hu, Percy Yao 2015). The Global financial crisis is observed as the period of the lost desirables of the properties due to the absence of the process for the different sources of the active markets. This in particular has made the system more complicated in nature for the determining of the fair values. Thus, it is evident that the modification pertaining to the rules needs to be implemented for further modification. Although it has been observed that the fair value accounting did not have any sort of negative impact on the GCF as it is observed to provide the investors by furnishing the necessary details on the subprime positions of the company (Greenberg et al., 2013). For the purpose of this discussion, BHP Billiton Limited has been selected. With respect to fair value accounting in the mining industry, it has been observed that this particular industry is capital intensive in nature. It has been observed that this particular industry has high amount of noncurrent assets, as per the recommendations given by IFRS this type of business should involve itself to revalue its assets frequently. As per the guidelines given by IFRS, the nature of business involves risk of impairment losses, possibility of gain by devaluation and huge capital through the evaluation of assets. The fair value consideration is particularly useful for considering the impairment in the various parameters, which come into existence of the topic (Beisland Frestad 2013). Moreover, for the evaluation of the processes in this particular industry, IFRS has highlighted on the issues related to IFRS 6 of Exploration and Evaluation of Mineral Resource. This particular regulation has cl arified the different processes related to exploration and evaluation related to detection of mineral resources for obtaining legal authority for exploration in a particular region and at that meant of commercial feasibility of the resources (Smith Smith, 2014). Discussion As stated by Demerjian et al., (2016), The concept of fair value accounting is based on three-tiered hierarchy , which states the first level assets signifies the most accurate measurement of the fair values in active market. The second level assets are categorized as those assets where there is an absence of active markets and the distinguishable prices are unutilized in nature. The third level assets are categorized as those assets where there is absence of any significant input and the reason it is done using internal models and anticipation methods of the valuation process (Palea, 2014). The different types of pros and cons of this particular industry seen in different fields of application of fair value with an augmented focus on the considerations made due to global financial crisis. The pros of fair value accounting are advocated through the reduction in the misstatements pertaining to different types of accounting entries, which leads to accurate information. The business of this particular nature segregated to follow the disclosures and the requirements, which have been discussed in IAS 16 property, plant and equipment, act or as stated in IAS 38 act of intangible assets. The limitation of the conservation of historical price issues can be solved by the treatment of fair value accounting method. As per the AASB 13 guidelines, fair value accounting is particularly useful when the real times and the relevant valuation are required from beforehand for both non-transactional and transactional processes. In terms of the presentation of material financial information the concept of fair value is of paramount importance for maintaining transparency, neutrality and maintaining integrity in the presentation of financial report of the company. The cons of fair value accounting are seen in its dependency on the market values in terms of the revaluing of assets. This evaluation can create immense amount of fluctuation and changes in the market price. Additionally this can result in a negative image of the company where the business shows a fall in the value of the assets (Lee Park 2013). The application of this method can show company is responsible for displaying stability in the financial statement after every session or fall in the market prices; this is not only unethical as per the practices of AASB but also untrue in nature. In various cases, the role of this method has shown negative repercussions particularly on the global financial crisis in 2008. It has been observed that the strategic report of the BHP Billiton clearly mentions about the changes on the derivatives related to fair value. The annual report of the company further states that a good understanding of both the technical requirements and intrinsic values of the individual customers is reflected through the fair value of the products said by BHP Billiton Limited. As per the annual report of the company, the remuneration given by the company at present the company produces more than 41% from the face value of the fair value amount. It further states that the individual advisor of the committees calculates the amount and these are termed as the Kepler Associates by the company. The company report further states that the fair value does not take into consideration the forfeiture of the conditions on the awards. In the annual report of the company, it has been observed that BHP Billiton Limited is responsible for using fair value for long-term incentive scheme. As per t he scheme, the fair value computation is done by multiplication of the face value by the word and fair value factor of 41% of present design of the plan as evaluated by the Kepler Associates of the company. The company has further declared that share-based payments are in accordance with AASB and the amortization of the fair values equity and instruments as such have been granted to the executives of the company either as per financial year 2015 or 2014. In the annual report of 2015, BHP Billiton has clearly declared that the fair value change in the derivatives included a loss of USD 107 million that was unrealized in the previous years (Bhpbilliton.com, 2016). As it has been previously discussed about the various levels of the categorization of fair value treatment, the measurement of fair value at BHP Billiton limited is considered as a level 3 fair value. This is considered based on the input values used in the fair value measurement of the company. It has been further shown that the deferred tax balance of the company includes a composition of nontax depreciable adjustment related to the fair value. The net finance cost of the company includes the fair value change on the hedged loans, non-hedging derivatives and hedging derivatives. Some of the other financial risk management has been shown by the present practice of fair value in cross currency and interest rates types, commodity contracts, derivative contracts and forward exchange contracts (Bhpbilliton.comm, 2016). Conclusion The study discusses about the method of fair value treatment in accounting for the purpose of true and fair value judgment of the financial statements of a particular organization in a more accurate manner. This method was evolved after it was observed that historical cost accounting technique was not sufficient to adhere to the needs of financial reporting. Although there are several pros of the implementation of fair value accounting method in the recent times the consideration of this method has created several controversies. The main complication in the mining industry has advised due to the absence of relevant guidelines for the evaluation methods. Moreover, the accounting concept is only effective in items, which are unique in nature such as patents and equipments and also the different types of items such as electronic and technology-related items which gets replaced over time by a more advanced product. The fair value method of accounting is only useful in suggesting a techni que for accounting of the products but does not demonstrate on how the product is to be classified and which process is to be implemented for evaluation of the items. It has been observed that over the time Australian accounting standards Board with assistance from IASB has been able to resolve several issues. The introduction of new standard as per AASB 13 the accountants are able to measure the financial items with more uniformity and accuracy. Reference list AASB, C.A.S., 2013. Fair Value Measurement Beisland, L. A., Frestad, D. (2013). How fair-value accounting can influence firm hedging. Review of Derivatives Research, 16(2), 193-217. Bhpbilliton.com. (2016). [online] Available at: https://www.bhpbilliton.com/~/media/bhp/documents/investors/annual-reports/2015/bhpbillitonannualreport2015_interactive.pdf?la=en [Accessed 13 Sep. 2016]. Bhpbilliton.com. (2016). [online] Available at: https://www.bhpbilliton.com/~/media/bhp/documents/investors/annual-reports/2015/bhpbillitonannualreport2015.pdf?la=en [Accessed 13 Sep. 2016]. Demerjian, P. R., Donovan, J., Larson, C. R. (2016). Fair value accounting and debt contracting: Evidence from adoption of SFAS 159. Journal of Accounting Research. Greenberg, M.D., Helland, E., Clancy, N. and Dertouzos, J.N., 2013. Fair Value Accounting, Historical Cost Accounting, and Systemic Risk. Rand Corporation Hu, F., Percy, M. and Yao, D., 2015. Asset revaluations and earnings management: Evidence from Australian companies. Corporate Ownership and Control, 13(1), pp.930-939 Hu, F., Percy, M. and Yao, D., 2015. Asset revaluations and earnings management: Evidence from Australian companies. Corporate Ownership and Control, 13(1), pp.930-939 Lee, C., Park, M. S. (2013). Subjectivity in fair-value estimates, audit quality, and informativeness of other comprehensive income. Advances in Accounting, 29(2), 218-231. Palea, V. (2014). Fair value accounting and its usefulness to financial statement users. Journal of Financial Reporting and Accounting, 12(2), 102-116. Smith, S.R. and Smith, K.R., 2014. The journey from historical cost accounting to fair value accounting: The case of acquisition costs. Journal of Business and Accounting, 7(1), p.3