Ch 9 Business Law - 1572 Words

Chapter 9 Formation of Traditional and E-Contracts TRUE/FALSE QUESTIONS 1. Contract law does not distinguish between promises that create only moral obligations and promises that are legally binding. False. 2. In contract law, intent is determined by the personal or subjective intent, or belief, of a party. False, intent is determined by the objective theory of contracts 3. A bilateral contract comes into existence at the moment promises are exchanged. True, â€Å"promise for a promise† 4. If a voidable contract is avoided, the promisee, but not the promisor, is released from it. False, both parties are released from it 5. A request or invitation to negotiate is an offer. False, an offer is a promise to do or refrain from doing something†¦show more content†¦c. a unilateral contract. d. no contract. 5. Signe offers to sell Thomas her textbook but conditions the sale on Thomas ac ­cepting the offer by March 1. Signe may revoke the offer a. before Thomas accepts the offer. b. before March 1, whether or not Thomas has accepted the offer. c. only after Thomas accepts the offer. d. only after March 1. 6. Mark is creating Nu2U.com, a Web site through which he will enter into contracts over the Internet. Important terms to include in his offers include a. provisions specifying the remedies if the contract is breached. b. a detailed history of his business. c. glowing reviews from former customers. d. his educational background. 7. Deb buys a song through eSongs, an online music vendor. Before completing the purchase and downloading the song, Deb must review a provision stating that she will not make and sell copies of the song and is required to click â€Å"I agree.† This provision is a. a browse-wrap term. b. a click-on agreement. c. a shrink-wrap agreement. d. none of the choices. 8. On behalf of Bobble Head Manufacturing Company, Carmela types her name at the bottom of an e-mail purchase order and submits the order to Designer Parts Company. Under the UETA, Carmela’s typed name qualifies as a. a â€Å"signature.† b. a statement of future intent. c. an assignment. d. a preliminary negotiation. 9. Chicken Egg Farms promises to pay Dex $500 to install a sump pump in its warehouse. Dex com ­pletes theShow MoreRelatedMontesquieus Greatest Mark on Philosophy Essay1522 Words   |  7 Pagesthinkers of the French Enlightenment, the baron de Montesquieu stands out as an especially impassioned advocate for moderation. Montesquieu, of course, left his greatest mark on the philosophy of the governance through his great work The Spirit of the Laws. Though certainly his earlier work The Persian Letters sowed the seeds of many of the ideas featured in his chef d’œuvre. In particular, Montesquieu spends some time in both works examining the universe of possible governments. But he advocatesRead MoreCrosswell1474 Words   |  6 PagesPEPPERDINE UNIVERSITY THE GEORGE L. 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Nursing Delivery Systems Nursing Care Delivery System

Nursing care delivery system describes how organizations deliver care to their patients. Any care delivery system is defined by these elements; Nurse/patient relationship and decision-making, work allocation and/or patient assignments, communication between members of the health care team, and management of the unit environment (Koloroutis. 2004.) In other words, nursing care delivery model defines how work is organized, who is going to perform what tasks, who is responsible for nursing care and clinical outcomes, and who makes decisions. Without knowing the concept of nursing care delivery system in their work settings, nurses may not be able to determine what changes might make a difference and develop efficient health care environment for patients and nursing professionals. Therefore, it is very beneficial for nurses to know their care delivery system and analyze the advantages and disadvantages in terms of quality of care, patient satisfaction, job satisfaction, and cost-effectiveness. They are expected to take role in leadership or managing in current health care settings. In this paper, the team nursing care delivery model will be focused. The team nursing model was developed by Dr. Eleanor Lambertsen in response to the improved technology and shortage of professional nurses in the early 1950s. Moby’s health dictionary (2008) defines the team nursing as â€Å"a decentralized system in which the care of a patient is distributed among the members of a group working inShow MoreRelatedNursing Delivery Systems : Nursing Care Delivery System Essay1011 Words   |  5 PagesNursing Care Delivery Systems Prior to adapting a nursing care delivery system, a healthcare organization would need to consider the fallowing factors, e.g., the type of health care setting, the organizational structure and resources, management staffing, supplies, physical layout, and the patients’ needs. However, no nursing care delivery system is written on stone. Thus, at any given time, a hospital can modify or adapt a new care model to align care in response to patient needs. Total PatientRead MoreNursing Care Model Delivery System1567 Words   |  7 Pagesthe nursing care model delivery system, that is used in my practice setting. 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Statutory Disclosure Analysis of Annual Report Free Essays

Below Is the analysis of annual report of consumer product (Hub Seen) and instruction company (Sunday) in compliance to the financial reporting standard. FRR 107 statement of cash Flows Sunday is using direct method while Hub Seen is using indirect method in presenting their Cash Flow Statements in the respective Annual Reports. Direct Method is preferable since this method shows the cash payment and receipts which are this Information are useful to the users of the financial statement In predicting future cash flow. We will write a custom essay sample on Statutory Disclosure Analysis of Annual Report or any similar topic only for you Order Now Thus Sunday is using method that more relevance to the user while Hub Seen is using method that less relevance for the users. FRR 121 The Effects of Changes in Foreign Exchange Rates Both Sunday and Hub Seen are exposed to the foreign exchange difference. For Sunday, it is arises from operation of its subsidiary that located outside Malaysia. While Hub Seen foreign currency difference Is mostly due to the purchases that denominated In other currencies from Its functional currency. But Hub Seen did not engaged with any formal hedging activities since the transaction is at an acceptable level where as, Sunday is applying natural hedging which is to reduce its risk in foreign currency by borrowing in the country they invested so that they can match he borrowing cost to the revenue earned. Therefore, the foreign exchange risk is reduced. So this information Is useful for the users since the Information Is relevant to predict the future In safeguarding their Investment In the respective companies. FRR 118 Revenue Both companies recognized its revenue according to the approved standard to the extent that it is probable economic benefits flow to the companies. Similar revenues that recognized by both companies are sale of goods, dividend, interest and rental income. The deferent is that, Sunday have more source of income which is sales of repertories under development, land and property Inventories; sale of services, rights and enjoyment; club subscription fees and time share revenue. It Is useful to the users of financial statement when they want to make decision in which industry to invest in or when they want to diversified their portfolios. FRR 119 Employee Benefits Both companies are compliance to the standard in disclosing the defined contribution plan and short term employee benefits to the users. But Sunday have another employee benefit that Is share based compensation that allows the employees to acquire share of Sunday at net of directly attributable transaction cost. Sunday is volunteering in providing such benefit to the employees. So this kind of benefit may improve the motivation of the employees in discharging their duties exceed expectation. Thus, this motivation will lead Sunday in higher performance which is this relevant information is useful to the users in predicting future performance of the company. FRR 124 Related Party Disclosures Key management personnel are considered related party to the company. Therefore, the companies need to disclose the total compensation paid to them. Hub Seen only provided short term employee benefit and defined contribution plan to their key management personnel while Sunday also providing share based payment in addition to the other two types of compensation. This shows that Sunday are more concern with the compensation paid to their key personnel since the key personnel are involving in decision making of the company which determine the company future performance. Therefore, by providing extra compensation compared to other company like Hub Seen, the key management personnel will be happy and motivated n discharging their duties diligently and with due care. FRR 124 Inventories Both companies stated their inventories at lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. But Sunday is using weighted average method while Hub Seen is using first in first out method (FIFO) in determining their cost. For Hub Seen, using this method will show the highest profit compared to weighted average method (WA) and last in first UT method (LIFO) because of the nature of inflation. Even though higher reported gross profit is seem to be favorable to the investor, still this will resulted in higher tax to be paid by Hub Seen. Maybe one of the reason Hub Seen adopted FIFO instead of other method is that, they are engaging in selling perishable item which is not suitable to use LIFO since the left inventories will be obsolete and thus, invaluable. How to cite Statutory Disclosure Analysis of Annual Report, Papers

3M Safety - Marketing Strategies And Plans Click To Get Solution

Question: Discuss about the Marketing Strategy and Plan for 3M Safety. Answer: Introduction Process of the marketing is a crucial element for every organization. Marketing can be defined as an action of selling product and services by identifying the needs and wants of the customers. It also includes research, development and advertising. Every organization needs marketing to sell its products to its targeted customers. This report is basically provides the framework of marketing strategy and plan of the 3M company. The report is on marketing analysis of the company for developing marketing plan. Along with this, factors i.e. competitors analysis, SWOT analysis, target market, marketing mix of the company is also analyzed for making marketing plan. 3M Company is a well known technology company which serves customers and society with innovative products and services in Australia. One of the products of 3M Company is 3M Safety (hard hats) for which marketing plan has been done in this report. The company has strong market position in the Australian market. The company has aro und 650 employees and 11 locations in the Australia. Product lines of 3M Company are liquid filtration, car repair, microbiology products and automatic products (3M, 2016). The customer service department of the company gets around 80,000 orders of the product in every month. The services of the company include automotive, commercial, communications, consumer, design and construction, electronics, energy, health care, manufacturing, mining, oil and gas, safety, and transportation markets in Australia. Today 3m has its operations in more than 60 countries with more than 40 business units. Strategic values of the 3M Company are: To provide higher and best returns to the shareholders by quality and growth, To satisfy the customers by the unique products and services, To work for the welfare of the society, community and environment, and To become a successful country so that employees can feel proud working with it (3M, 2016). Target market of the company: Target market includes attracting the customers from different market. Target market is most significant part of marketing which includes research on consumers hobbies, tastes, interests and needs is done. Basically the concept of target market is that market where any company wants to sell its product and services including set of customers who are targeted. Target market is very crucial part for a companys marketing strategy. 3M Company serves globally with unique products that have been divided into different target markets. The product 3M safety is for the engineers to protect their head and face. For this product, hard hats, target market can be engineers and contractors who work of the constructions. The aim of this product is to deliver protection, safety and comfort (Marketwatch, 2016). Market (Environmental) analysis for the product 3M Safety Macro Environment Macro environment refers to the external environment of the business that cannot be controlled by the company. These factors impact on the performance and strategies and also influence its decision making power of the company. These factors include global, economic, demographics, legal/political, socio cultural, technologies factors. There are also some major internal and controllable factors in macro environment such as industry environment and competitors environments that affects organizations decision making (Turnbull Valla, 2013). There are two types of macro environment: External environment, and Internal environment. External environment A companys external environment consists of all those factors and influences from outside of the company while launching new product. Simply, it means those important factors which affects on companys directions, goals, business model, strategy. External environment includes four major aspects i.e. political aspect, economic aspect, social aspect and legal aspect (Penaloza, Toulouse, Visconti, 2013). Political aspects: 3M Company operates globally and there are different policies and rules imposed by different government in different countries where it is operated. The company adopts and follows each of the regulation imposed by the government. By doing this, company ensures that it is able to launch new product 3M safety successfully and effectively in different political environment. Along with this, company also has its own business strategy to overcome the government limitations and restrictions. Economic aspects: 3m Company is largest and competitive company with many product lines in the market. It has different product line such as electronic and health care, energy, industrial, safety and graphics etc. So, the company has stable economic stability for launching new products. Although there are many risks while operating globally but 3M Safety is able to do struggle to get good economic condition in the market. Social aspects: Every company has to face the some situations created by the society. 3M Company is also affected by the situations in the society where it is launching its new product. Company does not differentiate any customer from other customers. Company always tries to give equal chance to take advantage of the services in the society. The product 3M safety is for the engineers to protect their head and face. Technological aspects: 3M Company always tries to develop new products with the help of current technology such as IT system and internet so that it may be able to reach to its customers across the world. Company has used advanced technology for making this product. Advanced technology helps the company to know the latest development of the business. Along with this, company uses such technology which is suitable for its customers. Internal environment Internal environment includes insider f actors of the company and these factors can be controlled by the company itself. There are main two parts in the internal environment. Those parts are industry analysis and competitors analysis (Ghuman, 2010). Industry analysis: It means the production of the group of products and services by the company where substitutes of those products and services are available. 3M Safety is well known for its services in the Market. The product offers safety and protection to the engineers and workers. Along with this, company has first developed wireless tracking technology named Radio frequency identification (Havaldar, 2005). Competitors analsysis: This environment refers to the collection of information about competitors business, strategy, strength, weakness, and capabilities to operate the business (Brumfitt, 2001). Hard hats named 3M Safety have made a strong image among the customers in the market which makes it different from the competitors. This company is famous because it serves its customers with the same services but in the better quality from the competitors. Because of its quality services, company gets competitive advantages. There are many branches of the company across the world and they serve their customers effectively. Micro environment Todays world is now being so much competitive. Micro environment is an important factor for any company. This environment plays a significant role in the business operation for generating profit and revenue and fulfilling the customers needs and expectations. Macro environment includes three main factors i.e. competitors, public and customers. Competitors: Competitors refer to those people who make the business environment active and identify new ideas of doing business. They always create a good competitive environment and maintain a cooperative situation of business. 3M Safety has been made with unique quality compared to its competitors. 3M directly deals with customers and sometimes through numerous wholesalers, retailers, distributors, and dealers. Main competitors of the company are Johnson Johnson, Reece Australia, Queensland sugar, Ruralco Holdings, JK international etc. Public: It includes the community and society of the people by which company seeks for the success in the market.3M is trying to offer which is better for the public. The strategic goal of the company is to get success with the people that may be connected directly or indirectly with the company. Public includes customers, employees, media, partners and investors. Customers: Customers are the key parts f any business. If a company targets right customers for the product then it will lead success in the market. 3M safety offers safety and protection to its customers. The aim of this product is to retain existing customers and acquire new customers such as contractors, engineers from the market. The making company always focuses on the quality of products which is suitable for the customers. The product has got higher customer satisfaction level compared to its competitors. SWOT analysis of 3M SWOT analysis refers to the analysis of strength, weakness, opportunities and threats which identifies the helpful and harmful factors of the company. These four aspects for the product 3M safety are described below: Strength: 3M Safety has strong and diversified business in the local and international market with best services. It always tries to give best services to the customers. The product has strong brand image in international market. Because of the quality of this product, company generates good revenue and profit every year. This is a product with brand loyalty (Richards, 2010). Weakness: despite of strengths, the product has some weakness also. One of the weaknesses is that there is little weaker performance of 3M safety in the segmented areas. There is a lack of synergy in the business unit of the company. The company is more focused on the competitors and their activities. Along with this, company has weak marketing strategy to promote the product compared to competitors. Opportunities: continuously global expansion may be an opportunity for 3M safety. By the mergers and acquisitions, company can expand its business of 3M safety in the international market. Apart from this, company can invest more in other market for this product. Threats: Rules, regulations and policies imposed by the government may be one of the major threats for the 3M safety because the success of the product is affected by the legal and regulatory processes. Another threat can be cost of raw material in the country. Difference and fluctuation in the costs of labor may be affecting the operations of the business. Currency rates may also affect the success of the product because most of the sales of the 3M safety are in foreign market. Thus, currency rates may be other threats for the company. Objectives 3M Company has made the product for the safety of working persons named 3M safety. It is hard hats which are mainly designed for the protections of head and face of the engineers. The product hard hats provide comfort, safety, security and protection. This marketing plan of hard hats is to promote this product among the people. Objective of making this product is to ensure the safety and protection of customers. The hard hats are light weighted with different customization pattern. The hard hat is easy to adjust on the head and it has lens which protect the eyes. The main goal of the company by making hard hats is to provide safety and protection the engineers and construction workers. Marketing mix of 3M Marketing mix is one of the tools of marketing which is used for the marketing purpose by the company in the market. Marketing mix includes four Ps i.e. Product, Price Place and Promotion (Baker, 2003). Product: 3M safety hard hats have wide range of benefits i.e. safety, protection, comfort of eyes head and face. Now, company should focus to innovate in this product rather than introducing new products. Price: Price is a crucial factor which determines the future of any particular product or service of the company. 3M Company should focus on competitive prices with attractive offers for hard hats to acquire more and more customers. For targeting new customers, company should move in the pricing compared to competitors (Keegan, 2002). Place: The place refers to the appropriate channel to deliver the products and services to the customers. For targeting the customers for hard hats, 3M Company should use strong channels such as internet marketing, smart phones, computers etc. Company should include the best possible technology in its business operation to target new customers. Promotion: Promotion is very important for a business. Without promotional activities, a company cannot sale its products. To promote the product 3M safety hard hats, it is necessary that 3M Company should include new innovations in the promotional activities. Company can focus more on social media marketing through facebook, twitter to promote its products. Company can send e-mails to the consumers and can increase engagement of customers in the business (Pride Ferrel, 2008). Conclusion From the above discussion, it has been analyzed that 3M Company has maintained its brand name globally. It has wide range of products and services to serve the customers. This report has been basically discussed about the marketing strategy and plan of the hard hats. The report is on marketing analysis of the company for developing marketing plan for a product named 3M safety. By the SWOT analysis, it has been analyzed that 3M safety has strong position and strong revenue in the market. But, there are some weaknesses of the product such as weak marketing strategy and only focus on competitors strategy. These are the weaknesses from which company has to overcome. By adopting new strategies like social media marketing and shifting in price, company would be able to get success in its new product. References 3M, (2016), About 3M, accessed on 21st September 2016 from https://www.3m.com.au/3M/en_AU/company-au/?WT.mc_id=www.3m.com.au#pBus 3M, (2016), 3M Business Groups, accessed on 21st September 2016 from https://solutions.3m.com.au/wps/portal/3M/en_AU/about-3M/information/about/businesses/ Turnbull, P. W., Valla, J. P., (2013).Strategies for international industrial marketing. USA: Croom Helm Richards, B., (2010), 3M: Strengths, Weaknesses, Opportunities, Threats, accessed on 21st September 2016 from https://www.fool.com/investing/general/2010/08/03/3m-strengths-weaknesses-opportunities-threats.aspx Marketwatch, (2016), 3M targets new products to aid sales growth, accessed on 21st September 2016 from https://www.marketwatch.com/story/3m-targets-new-products-to-aid-sales-growth-2016-03-29-144852358 Brumfitt, K., (2001), The Competitive Business Environment, UK: Nelson Thornes Ltd. Baker,M.J., (2003), The Marketing Book (5th), Burlington: Linacre house, Jordon hill Pealoza, L., Toulouse, N., Visconti, L. M., (2013),Marketing management: A cultural perspective, USA: Routledge Ghuman, K., (2010), Management: Concepts, Practice Cases, USA: Tata McGraw-Hill Education Havaldar, K. K., (2005), Industrial Marketing: Text and Cases, USA: Tata McGraw-Hill Education Keegan, (2002), Global Marketing Management, IND: Pearson Education India Pride, W. Ferrel, (2008), Marketing, USA: Cengage Learning