Compare or Contrast Public and Private Companies

In today’s highly commercial world, one of the key objectives of starting a business is to make profit. While this might be true and important to every business, â€Å"most people believe that a business should not focus solely on profitability, but on the quality of products and services it offers to its customers†.This essay will discuss the various perspectives on the topic and will to a large extent agree with the view that businesses should not just focus on profit, by looking at customer desire for high quality product and their willingness to pay, then highlighting how focus on quality can lead to lower cost of product and profitability; as well as how quality influence organisation to be socially responsible, sustainable and profitable.First, a strong reason to concentrate on improving quality of product or services of an organisation is the fact that customers desires high quality good, and are willing to pay for value added. This was corroborated by (Nagar and Rajan 2001), who found out that â€Å"poor product quality reduces customer goodwill and loyalty which in turn affects future revenues as dissatisfied customers take their business elsewhere or pay less for the firm’s product. Such a product and the firm producing it acquire a bad reputation since poor product quality leaves a lasting impression on the consumer who perceives it as a low quality brand. In order for a product to be a perceived as a premium brand, a firm must continually improve on the quality of its products or services. A satisfied customer base lead to good brand perception and will open the door to numerous repeated purchases and referrals which will in turn help the firm to grow its market share, become more competitiveness and increase its profitability.Focusing on quality significantly lowers cost of production at long run. Operations Management (Russell and Taylor, 2000) explains that, manufacturing of products to a high quality standard through implem entation of quality management system have a large impact on overall quality cost reduction, it also argues that it saves time and money by reducing the amount of defective products that could result in wastes, thereby lowering significantly the costs of production, as well as cost to re-work defective products.Without a quality management system, poor-quality and defective products may finds their way into the market, through to the customer leading to warranty claims, product returns and in extreme litigation from product liability or injury to the customer. This may have a serious financial implication to the company as the costs associated with product recall and warranties would be enormous and in extreme case the damages imposed due to litigation could make the company insolvent, leading to a total collapse.However, an opposing view on this is that profit maximization is should be the main focus of the business as long as it pays its taxes and operates within the ambit of the law (Friedman, 1962). Certainly, this view may have worked for organisations in the 1800’s; it definitely does not apply in today’s modern and globalised world. The perspective is not only very narrow in view; it also fails to take into consideration other stakeholders who are affected by its activities of, but can also affect its existence.To these types of organisations, making ethical decisions is seen only from the viewpoint costly and profit. Organisations operating for profit alone are yet to appreciate the advantages of good corporate social responsibility and capitalize on it to grow their businesses in a sustainable and socially responsible manner. This drive for profit has led many to slash of employee’s benefits and salaries benefits; pollute the environment and cause permanent damage to the ecosystem all in bid to improve their bottom-line and many have earned a very bad reputation, suffer product boycott and tarnish their corporate image.In concludi ng this essay, as much as profit is very essential to the survival of a business, I want to agree that businesses should focus more on the improving quality of its products or services. This can be clearly seen to from the fact customer expects high quality at good value always, and because improving the quality will eventually bring down cost of production for a company. As well, quality focus drives a company to take ethical decisions and operate in a socially responsible and sustainable manner.It may be tempting for a business to sacrifice quality in order maximize its profit. However, it benefits will only be in the short term. A simple focus on profit maximization could destroy the continued existence of the business, not to mention the society in which it operates. A firm aiming extreme profit might purposefully cut corners during a project, knowing it gets the perks of a better quarter for now; knowing a future management team will have to deal with the damage of spill-induce d lawsuit, fines, and a haul-up to it at the Criminal Court.

Practical Detail B Tech Mechanical Heat Transfer Lab

The equipment consists of a metallic container in which steam generation takes place. The lower portion houses suitable electric heater for steam generation. A special arrangement is provided for the container for filling the water.The glass cylinder houses two water cooled copper condensers, one of which Is chromium plated to promote drop wise condensation and the other is in its natural state to give film wise condensation. A connection for pressure gauge Is provided. Separate connections of two condensers for passing water are provided. One Rota meter with appropriate can be used for measuring water flow rate in one of the condensers under test. A digital temperature Indicator provided has multiplying connections.Which measures temperatures of steam, two condensers, water inlet & outlet temperature of condenser water flow. To find the heat transfer coefficient for Drowses condensation and Film wise condensation process. Condensers : One chromium plated for drop wise condensation & one natural finish for Film wise condensation otherwise identical in construction. 19 mm outer did. 170 mm length. Fabricated from copper with reverse flow in concentric tubes. Fitted with temperature sensor for surface temp Measurement.M. S. Fabricated construction comprising test section & steam generation section. Test section provided with glass cylinder for visualization of the process. Suitable water heater. 1) Temperature Indicator: Digital 0-199. 9 0 C with multinational switch. 2) Temperature Sensors : RD PUT – 100 Type 3) Rota meter for measuring water flow rate. 4) Pressure Gauge: Dial type 0-2 Keg/cam Dimensions Mall unit 1 OFF Heating Elements : Instrumentation Web S tit : www. Etherealness. Com Email: [email  protected] reengineering. Com, [email  protected] Com

What are the most useful insights that psychology has contributed to Essay

What are the most useful insights that psychology has contributed to the study of foreign policy - Essay Example er of a foreign policy†, according to Morgenthau, â€Å"can be ascertained only through the examination of the political acts performed and of the foreseeable consequences of these acts.† (1978:5). By this, not only the performance of the political leaders could be traced out, but also, from the predictable consequences the objectives of their acts can be surmised. Foreign policy, as a discipline, is as old as human society itself is, though as a study, it is the invention of eighteenth century. â€Å"Foreign policy practice does not come into language†, states Benedict Anderson (1991), â€Å"until Jeremy Bentham coins the term ‘international relations’ in the 18th century†. The world has emerged as an enormous global village in the contemporary era. No country on the planet can survive while living in a state of isolation or without interacting with other countries. In order to meet their everyday needs, all the countries seek out foreign assistance and support. Even the biggest economies of the world devise foreign policy to entail international markets, for not only acquiring raw material and sale their finished products according to their growing needs, but also they look for strategic bondage and diplomatic cohesion more emphatically. In addition, countries seek political, economic and technological backing for the uplift of their nation. Rationalism is the key to construct national and international strategy. Psychology, being one of the most significant disciplines and a vast phenomenon of analysing the mind and perception of an individual and his personality, has won appreciable popularity as the source of scientific examination of human behaviour. It not only determines individual’s attitude and behaviour, but also carries weight while estimating the policies of nations at large. A step taken by a sovereign while co-operating or conflicting with some other state(s) maintain some psychological aspects in its wake. This leads towards the formation of

International trade ( Economic ) Essay Example | Topics and Well Written Essays - 500 words

International trade ( Economic ) - Essay Example In the perception of many in the developing world, the IMF has played major roles in helping countries overcome financial problems such as those that occurred in Mexico, Brazil, Argentina and Mexico, and Turkey. The problem with Turkey sticks out like a sore thumb: the country has had it eighteenth program with the IMF but its problem persists. In 1997, the IMF thrust itself into prominence when it intervened in the Asian Financial Crisis as countries such as Malaysia, Singapore, the Philippines – and more particularly, South Korea, Thailand, and Indonesia -- saw the value of their currencies plummet to unprecedented lows. The timely assistance provided by the world financial body helped these countries tide over the crisis but the process was fraught with painful adjustments and even triggered harsh criticism of IMF policy measures in these countries as to their appropriateness, given the peculiar domestic macroeconomic conditions. South Korea obtained a $55 billion credit from the IMF with certain attached conditions. South Korea was to open its economy and banking system to foreign investors and eliminate trade-related subsidies and import licensing, thereby making it vulnerable to foreign competition . The IMF also required the country to maintain a low inflation rate of 5 per cent. This was inconsistent with th e fact that the fall in the value of the Korean won and subsequent rise in import prices would create pressures on domestic prices. The unpleasant consequence of this was that the high interest rates made all the more difficult for South Korean companies to service their debts, thus the IMF was criticized for exacerbating the crisis these companies were facing instead of abating them. By applying cut-and-dried solutions to problems in countries with unique problems, the IMF opened itself to criticism of lack of

Models of Organized Crime Essay Example | Topics and Well Written Essays - 500 words

Models of Organized Crime - Essay Example Thus, respected members of society: policemen or law officers are bribed and coerced into allowing these individuals to follow through with their plans. There are two models that seek to explain the presence of organized crime in society: the bureaucratic/corporate model and the patrimonial/patron-client model (Abadinsky 2003). This essay seeks to understand the reasons and influence these two models play on organized crime. The bureaucratic model survives on the tandem of efficiency. It is essential for large operations and activities. Thus, the individuals involved in conducting these organized crimes focus on bringing a degree of competence to the system to ensure it functions properly. This system works under Weber's definition of the various elements to an organization (1947). It needs rules, specialized training, division of labor and an authority. Thus the corporate model functions under one leader who is at the top according to the pyramidal system of authority. There is a system of specialized workers who function under this leader. And the authority maintains its power through various laws: vows of silence when communicating with a law officer. Thus, the larger the organization becomes, the more important it becomes to control it through this system of laws and power.

Pricing Strategy River Side Cafe Essay Example | Topics and Well Written Essays - 750 words

Pricing Strategy River Side Cafe - Essay Example This gives River Side Cafe a distinct competitive advantage over its competitors as its unique Mexican style attracts and retains coffee and tea lovers at its premises. Therefore, the premium pricing strategy is the best strategy for River Side Cafe to adopt because it is also a new entrant into the market with the hope of maximizing its revenues especially in the first stages of the cafe’s product life cycle (Smith, 2011). River Side Cafe is a new player in the tea and coffee industry. As such, it has to curve out a name for itself in the beverages service industry in order to attract and retain loyal customers. However, it faces stiff competition from established industry players who already have reputable brand names and command a large share of the market. These include the likes of Tchibo, Nestle, Wal-Mart and Starbucks. These companies have a wide capital outlay to expand and promote their business thereby remaining relevant in the market over a long period. Therefore, River Side Cafe has to establish its own competitive advantages in order to enter this strongly guarded beverages market. Owing to its unique features in brewing and serving coffee and tea, the cafe also incorporates a pricing strategy in order to penetrate the market further (Jensen, 2013). Premium pricing is the best pricing strategy for the cafe to use in entering the beverages business under such competitive markets. This strat egy gives the cafe class, style and prestige as well as promoting its clients’ base through word of mouth references. Being a new kid in the block and charging high prices for their products and services attracts high-end consumers as well as establish a reputable

Applying qualitative research methodology to an educational problem Paper

Applying qualitative methodology to an educational problem - Research Paper Example roach is most appropriate using structured and semi-structured interview templates, observational research scenarios, or a blend of survey assessments designed to examine subject responses. Are the study habits of online versus traditional students different? This research question can be answered using the structured and semi-structured interview. First, an appropriate sample population must be determined based on researcher tools at his or her disposal and the feasibility of getting consistent results from students in the online environment. For this study, using interactive media tools, online interviews can be conducted using chat technology and similar social networking sites. Recruiting the population would involve achieving participation with the online college or university website to distribute a notice that interviews for academic study habits are available and to register for this event. This could achieve a potential sample population of 5 to 15 students, depending on willingness to participate in the online interview. Personal interviews with traditional, on-campus students could be conducted at any local college or university, with a recruitment sample of 5-15 students additionally who might be willing to be interviewed for this research study. The interviews will ask specific questions pertaining to study habits, to both the traditional and online students. Questions such as Do you prefer to study alone or in groups? and similar templates will spotlight behavioral responses regarding the performance of studying. These would be determined based on the available secondary literature on the subject and the professional/expert theories regarding previously-examined study behaviors of both groups. This secondary research could potentially create a template of potential interview questions which remove issues of researcher bias or other situations which may impact validity. The interview format is most appropriate for this study because it allows the