Summary Essay Example | Topics and Well Written Essays - 250 words - 120

Summary - Essay Example The first step to financial freedom is developing specific financial goals that appreciate the difference between needs and wants; saving extensively and investing in ventures which assure financial security in future. One must clearly understand the difference between assets and liabilities i.e. assets bring in money while inabilities take out. Step number three is investing; after saving enough then train your money to go out, work and bring more for you. Taking up a life or long term disability policy especially to cover the bread winner is important in the financial security of a family. It is a safety tool that can get you out of some unexpected events and huge debts. Understanding taxes and fees is crucial as it helps one save on taxes and also on investment fees. Lastly is ensuring regular reevaluation and revision of the plan as financial decisions are usually dynamic and strategies must change with time. In conclusion therefore a secure financial future requires that we take timely and sound financial decisions such as setting specific & precise financial goals, understanding our assets and liabilities, knowing how taxes and fees work, and investing strategically. Regular reviews of the financial plan helps make priority changes that align the goals to ones current life position. It is thus extremely to track and monitor our financial goals for

Classs Design-Project Presentations Essay Example | Topics and Well Written Essays - 500 words - 1

Classs Design-Project Presentations - Essay Example I personally had to conduct deep research pertaining to my model before I could decide which particular areas I would focus on my presentation. The assignment took much longer to study and develop the concepts than recapitulate them in the final presentation, Such extensive research sufficiently educated the students in their respective subjects. Having gone through all of the presentations, I have reached the conclusion that the nature of modern designs emphasizes upon usability without having to compromise upon style. Be it a washing machine, hanger, or a vending machine, one thing that is common in all of them is style and user-friendliness. It is good to find out that we are going to have some extremely stylish and user-friendly furniture in near future. I particularly liked the concept because the subject of the assignment was quite off the track on which conventional assignments are made. Even the making of the presentation was no less interesting. This was one assignment that I enjoyed making because 75 percent of the work was done in powerpoint and only 25 percent was done in MS word. I enjoyed developing pictures and explaining the concepts with respect to them. As they say that one picture is worth one thousand words. I found the concept of teaching the subject through powerpoint slides extremely useful as powerpoint allows the lecturer to make frequent use of pictures to elaborate complex concepts. More often than not, I found a momentary look at the pictures sufficient to convey to me the whole idea that the words would deliver.

Regulating Iron Metabolism

Regulating Iron Metabolism Introduction Iron is an essential nutrient for many organisms as it aids in numerous cellular processes such as oxygen transport and DNA synthesis. In overload, iron generates free radicals that damage both proteins and lipids. On the other hand, a deficiency of iron undermines cell proliferation. Iron metabolism: an outline An adult manages to take up around 1-3mg of iron a day, in order to make up for any losses through sweat, urine and dying red cells. Non-heme iron is taken up by red cells through bivalent metal transporters, also heme iron is taken up by red cells though an undefined mechanism. Regulation of iron metabolism Keeping a constant cellular iron content is important and therefore the body has developed precise mechanisms for the regulation of uptake storage and export of iron. The Iron-Responsive Element (IRE)/ Iron Regulatory Protein (IRP) regulatory mechanism consists of a mechanism responsible for regulating post-transcriptional gene expression to maintain iron homeostasis. It involves two RNA binding proteins Iron-regulatory protein 12 (IRP 1, IRP 2) and a regulatory RNA elements known as Iron Responsive Elements. IRE/IRP interactions control the expression of mRNA sequences that encode for proteins responsible for iron acquisition (divalent metal transporter 1 and transferrin receptor 1), storage of iron (H-ferritin and L-ferritin) iron utilization (erythroid 5-aminolevulinic acid synthase), energy (mitochondrial aconitase), and iron export (ferroportin) (Muckhentaler, et al., 2008). The processes responsible from binding IRP1 and IRP2 to IRE are regulated mainly by iron levels, although other stimuli do exist, such as hypoxia and nitric oxide. In cells which have high iron levels, the IRP/IRE binding activity is low as IRP 1 2 are incapable of binding to IRE. In such conditions, IRP1 would set up an iron-sulphur cluster (Fe-S) which in turn transforms into cytosolic aconitase, whereas IRP2 would become degraded through the action of the proteosome. This means that only in iron-depleted cells would the IRP proteins bind to IRE. Both IRP 1 2 hinder translation initiation when bound to the 5’Untranslated Region of IRE, by inhibiting the binding of the small ribosomal sub-unit to the mRNA sequence (Muckenthaler, et al., 1998). In addition, when IRP1 is bound to a cap proximal IRE, and hence the cap binding complex (eIF4F) is produced. At this point the small ribosomal sub-unit does not incorporate in the presence of IRP1 which hinders any interactions needed between the cap binding complex and the small ribosomal sub-unit. The association of IRP 1 with the 3’IRE of transferrin receptor 1 reduces its turnover by hindering the cleavage of a restriction site and eventually its mRNA degradation (Binder, et al., 1994). The mechanism that stabilizes IRP mRNA has not yet been well investigated for other 3’IRE containing mRNA’s like CDC14A and DMT1, which contain one 3’IRE site and could require other factors in order to be regulated. Therefore, it can be said that the binding of IR P 1 2 ensures iron balance and no over expression of target mRNA molecules. The IRP/IRE system was primarily described as a non-complex post-transcriptional gene expression which regulates the formation of ferritins and transferrin receptor 1. The discovery of other mRNA sequences associated with this system has increased the complexity and has enhanced the role of IRP proteins to connect different pathways, which are regulated by iron metabolism. Assessment of Iron Status Iron studies are a group of tests that are performed in order to evaluate the status of the iron stores as well as the concentration of iron in serum. Tests that are performed when an Iron profile is ordered may include: Serum iron Total Iron-Binding Capacity (TIBC) and/or Unsaturated Iron-Binding Capacity (UIBC) Transferrin Ferritin Transferrin receptor Transferrin Saturation Serum iron is a measure of the amount of iron present in blood and usually does not diminish until iron stores are depleted. It is ordered normally as a follow-up when low levels of haemoglobin and haematocrit are observed on a complete blood count. An increased level of iron can be due to ingestion of iron (e.g. food or medication) or ineffective erythropoiesis. On the other hand low iron levels might be the result of: infection, menstruation, inflammation, malignancy or iron deficiency. Total Iron-Binding Capacity (TIBC) is also used to measure the status of iron in blood. It can be either measured or else calculated based on the level of transferrin in the blood. TIBC and serum iron can then be used to calculate percentage transferrin saturation, which is a much better index for iron status than serum iron or TIBC alone, using the flowing calculation: The 26.1 value is used as a constant to convert Transferrin to an equivalent TIBC concentration. UIBC is normally used as an alternative to TIBC. Percentage transferrin saturation (TSAT) is a measurement of the amount of iron which is effectively bound to transferrin, therefore indicting the amount of iron which is available to sustain erythropoiesis. A low TSAT may be indicative of infection, erythropoiesis, inflammation or iron deficiency. Whereas, an elevate value might mean haemochromatosis, liver disease, ineffective erythropoiesis or recent ingestion of dietary iron. Transferrin is the plasma protein responsible for the transport of iron inside the body. It is also habitual to test for transferrin (apart from TIBC or UIBC) as this is a better indicator of the patient’s nutritional status and to some extent an indicator of liver function, since transferrin is produced in the liver. Low levels of transferrin can be observed with liver disease, however transferrin may also drop in malignant tumors and if not enough dietary protein is taken up. On the other hand, high levels can be observed with iron deficiency and during pregnancy. Iron can be stored intracellularly in the form of ferritin. Ferritin is a protein which stores iron in a non-toxic form. It is a sizeable molecule with a core of ferric hydroxide phosphate. It is considered to be the best indicator of iron stores in the body. Low levels of ferritin are normally indicative of iron deficiency or a response to therapy involving erythropoietin, whereas high levels might be due to inflammation, malignancy or infection. Soluble transferrin receptor (sTFR) does not necessarily feature in an iron panel; however it is worth mentioning since it helps distinguishing between iron deficiency anemia and anemia of chronic disease. It is normally ordered in the case that an iron panel does not give enough information to reach a conclusive diagnosis. Usually to evaluate the status of iron stores ferritin is the preferred indicator. However, it is an acute phase reactant, meaning that it can give a falsely elevated value with inflammation or chronic disease. Seeing a, sTFR is not an acute phase reactant, it can be used as an alternative in case chronic disease is suspected.

Running Training Essay -- Compare Contrast Papers

Running Training For the past several years runners all over the world have been trying to figure out and arguing over the simple question: â€Å"Is high mileage training better than low mileage, during training season?† Kenyan’s in Africa have been running unbelievable amounts of mileage for years, and tend to always be in the top field in any race over five thousand meters. While Africans have been leading the fields for years, where do the best US runners end up? Not in the lead pack! Perhaps they are training too hard to be like their Kenyan counterparts. I think a lot of runners believe that if they train like the runners from Kenya that they will have the same results. When in truth they end up running themselves into the ground. Perhaps that is why there are others that think that if they train light and more to their athletic ability level that they will have better results. Many runners think that less mileage is better for a runner during training season, as does George Sheehan who wrote the essay titled â€Å"Training: More or Less.† In his essay he claims that he believes the optimal distance for athletes is twenty to twenty-five miles per week, including speed work, and races. While his theory on training might be correct for his level of training, it may not be sufficient for other runners who are serious about training with all they have. Many believe that in order to get better they must put in the miles on the road, which will get their legs used to the stress put on their muscles and feet during the course of a race. As a distance runner for the Buena Vista University Cross Country and Track team, in Storm Lake, Iowa, my experience with low mileage training and high mileage training came out wit... ... further distances. Runners are entitled to their own opinion, because everybody’s bodies are different and are more fit for running different levels of mileage. While those runners are training with low mileage, others who are against running low mileage because they believe that getting the body used to running further distances will improve their running. The above research gave plenty of examples of how there is a rebuttal going on where some runners believe that less training means more output, as well as how some believe that more training means more output. Examples are given throughout the paper to support both ideas. Works Cited Hage, Jim. When Less Really is Less. 15 Apr. 2002 . Sheehan, George. Training: More or Less. 1991. 15 Apr. 2002 .

Vioxx Recall

IntroductionMerck, one of the world’s leading pharmaceutical markets, had enjoyed a long reputation as one of drug companies that prioritize ‘ethical and socially responsible’ as their company’s main core values. They once had been recognized as â€Å"most admired company† for unbelievably seven successive years by Fortune magazine and also persistently listed as one of best companies to work for. With their flawless and honorable reputation, no wonder Merck ranked fourth in sales, fifth in assets and market values, and first in profits; where they earned $7.33 billion in 2005 (Lawrence, 2006).However, no one would have thought that someday, this company’s stability will be in questioned. That’s what happened in 2004. The company’s best-selling prescription painkiller, Vioxx turned out from a â€Å"blockbuster drug† to â€Å"blockbuster disaster† when it is believed that it increased the risk of heart attacks and st rokes. Consequently, Merck had to deal with many challenges; the plunge in the stock’s price, lawsuits, investigations and others. Until, in September 2004, Merck had to pull Vioxx off the market to focus on taking responsibilities for every trouble they have caused. This report will discuss in summary about what had happened; the behavior of  Merck towards risk associated with Vioxx, safety measures that should have been taken, the recall of Vioxx and some recommendations; which all will be explained further later on.Socially Responsible and Ethical MannerThis section will focus on the action of Merck; whether they have acted ethical and socially responsible with regard to Vioxx, and these actions will be addressed in terms of drug development and testing, marketing and advertising, relationships with government regulators and policy makers, and the handling of the recall. Also, this section will provide a few suggestions; what could or should Merck have done differently, if anything. George W. Merck, the company’s long-time CEO once said that, â€Å"We try never to forget that medicine is for the people, not for the profits. As long as we remembered that, the profits will follow; they never fail to appear†. This statement then decided to be set as their priority and guidance for every of their actions. However, did they really have acted ethical and socially responsible towards this value? No, they’re not. Why?Drug Development and TestingLet’s take a look at the situation first. Back in the old days; before the drug was approved, there are some doubt on the safety of prescribing Vioxx. Although it is still in the early stage, research made by Merck scientist suggests that there are high cardiovascular risks associated with the prescription of Vioxx. This was confirmed as stated in an e-mail by Dr. Alise Reicin (one of the Merck scientists), according to The Wall Street Journal. In the e-mail, she expressed her concerns in the possibility of cardiovascular events prior to prescribing Vioxx.She also had planned to communicate those results to her senior management; however, nothing’s happened. In 2000 (when Vioxx already in market), a research financed by Merck was conducted. This study; code-named VIGOR was designed to study gastrointestinal side effects by comparing it with the effects of taking naproxen (Aleve). The results of VIGOR later suggest that although Vioxx are easier on the stomach compared to naproxen, it also contribute to risks of suffering heart-attacks fives time higher.However, they denied the risks inherent in Vioxx by simply stating that the findings were in favor of the  heart-protective effect in naproxen. In 9 March 2000, Dr. Edward Scolnick; the company’s research director finally admitted the presence of cardiovascular risks inherent in Vioxx. Then, they considering to reformulate Vioxx by adding an agent to prevent blood clots (in the meantime, might reduce c ardiovascular risk), but somehow, they dropped the project. Analyzing from the situation above, clearly that Merck have not acted ethical and socially responsible in the Vioxx’s development and testing.Why? Here are the reasons. At first, if Merck already knew about Vioxx’s dangers and defects, especially in the development phase, they should never ever try to even put the drug in the market for prescription. Instead, they should finance and urge their research or scientist team to try reformulating the drug so that the harmful side effects can be removed, or at the very least, minimized. As for the results of VIGOR; where Vioxx was already there in the market, they should not denied whatever test or research that have been made and was proven to be true. Alternatively, Merck should have taken the drug off the market right then and explored other options to improve the drug. 2.2 Marketing and advertisingAs a fact, the advertising technique used by Merck and other drug companies at that time was Direct-to-Consumer (DTC). Granted by the FDA in 1997, this technique allows companies to directly advertise their prescriptions to respective target customers. To seize the opportunities, Merck then employed tens of thousands of sales representatives; mostly attractive young men and women. These people will then go to promote the drugs; often around the doctors’ offices where they will talk about the drugs and give out free sample.Aside of that, Merck also snatch the occasion by placing numerous ads on television, magazines and newspapers. One example of famous ad for Vioxx will be the ad featuring Olympic figure skating champion, Dorothy Hamill. In the ad, she slither elegantly across an outdoor ice rink, and later telling the commercial viewers that she would not let arthritis stop her. By all means, Merck did not act in an ethical manner in this term too. Why? Firstly, it does not communicate the full aspects of the products well enough; no messa ge regarding the safety precaution. This is illustrated in the Dorothy’s commercial, where the ad did not convey their message strong enough about it safety.It is afraid might exposed patients to prescribe  without having knowledge about the medicines, whether it is safe or not. Thus, what Merck could do differently is that, they should disseminate the full features about the drug, especially if the drug does inherent some risk in prescribing it. In addition; they can also convey the message simply by labeling or tag the bottle of the drug with some safety and precaution measures. In terms of DTC advertising, they should not put pressures on the doctors, because this might forced these doctors to recommend drugs that might not suitable for the patients. One way to deal with this approach is to forbid companies from giving gift or other forms of briberies in attempt to persuade doctors to bring their drugs to the attention of patients; since this is what Merck do behind the door.Relationships with government regulators and policymakersBack in the United States, the main body that regulate and conduct clinical trials to measure the safety and effectiveness’s of a drug before it can be sold to the public was the Food and Drug Administration (FDA). To relate with this context, one of the reason why Merck became the leader in pharmaceutical industries is because it’s strong influence â€Å"at the top†. By lobbying, Merck and other drug companies consistently donate large sums of money to political parties, and this benefits them in terms of influence they had over some superiors, even at the FDA.The unethical actions of Merck were demonstrated during the â€Å"one-by-one† discovery of Vioxx’s bad side effects; where Merck keeps ignore the findings over and over again with various excuses. It is undisputable that such actions might be simply because those influences they thought they had over the regulators. If analyzed ca refully, their actions in handling the controversy might be influenced by the notion of â€Å"bribe† they have done over the past years; where they donate money to political parties. Thus, the act of so-called â€Å"donation† should be prohibited (fortunately, it was banned in 2003).Handling of the recallThough Merck consistently irresponsible socially and ethically in the way they dealt with the Vioxx situation, the handling of Vioxx recall from the pharmaceutical market seems to be managed appropriately and in a professional manner by Merck. On September 30, 2004, Vioxx was officially withdrawn from market associated with Merck press conference. In addition, Merck also revealed that the Vioxx issue was being investigated by the US  Justice Department, the Securities Exchange Commission and the US Congress. In this context, the only thing that Merck should have done differently is that whenever they found out any risk associated with their drugs, they shouldnâ€℠¢t wait any longer, even for one week, to withdraw their drugs out of the market.Rate of stakeholdersIn this section, the focus will be converged on the best ways to protect consumers of prescription medicines. This section also will outline what are the specific roles of stakeholders available in assuring the safety and effectiveness of prescription medicines. And by the term ‘stakeholders available’, explanation of the roles will be viewed from four perspectives of pharmaceutical companies, government regulators and policymakers, patients and their physicians and the court system.Pharmaceutical companiesNot just Merck, other pharmaceutical companies also should realize that they have a huge responsibility to ensure the safety of their respective customers, so that it can benefits themselves in return. As for Merck, who having â€Å"try to never to forget that medicine is for the people, not for the profits† as their touchstone of core values, they should have b een a better pharmaceutical companies in protecting their consumers. How? There are various ways to do so.First and foremost, and the most basic one is to remember the idea that medicines is for people, not for the profit. As long as they put people first, it is possible that customers will keep their loyalty with the company. Aside of that, companies also should realize that they are accountable to conduct more research and testing on their drugs before it can be placed in a market; so that nothing bad happened to their customers in the future. In addition, if their drugs do possess some risks in consuming it, at least put some warning or safety labels so that patients aware of that risk before prescribing it. 3.2 Government regulators and policymakersThis might be harsh, but the fact that all the problems occurred in the case of Merck and Vioxx are not just because of them alone, but the FDA too. If  FDA pays more attention, awareness and inspect on the safety of Vioxx more rigo rously, Vioxx may not be in the market at all, and thus might save people’s life. As a lesson, the following recommendations might help government to not let the same thing happened.First, drug-area regulators should ensure all new drugs that are going to be released to the public have been tested long enough and proven to be safe. In addition, all government regulators and policymakers in the field of pharmaceutical industries also should bear in mind that they have a huge responsibility in protecting the public against any harmful and risky drugs, so that they will not go easy on the companies that do not abide the law.Patients and their physiciansAside of government and pharmaceutical companies, consumers also should know their responsibility in protecting themselves against various harmful and risks associated with prescription medicines. One way to ensure the effectiveness and safety of a drug before prescribes it, is by looking for extra information about the prescripti on medicines. Consumers can do that by asking for opinion from their physicians and other experts, or even by accessing Internet. This way, patients will have the knowledge whether the drugs is harmful or not. On the other hand, physicians should be more aware against any types of bribes and kept in mind to avoid it no matter what, and be more honest to their patients to guide them about the safety of prescription medicines.The court systemTo protect consumers of prescription medicines, what the court system can do is to be more strict in the jurisdiction against any company that do not abide the law in assuring the safety of drugs, and zero tolerance with those who attempt to involve in briberies.Suggestion for ImprovementsPrior to this case study, it can be said that the main reasons why there are so many risky and harmful drugs in market are because the pressures put on the FDA to approve new drugs faster by consumers and drug companies alike. This led the FDA to sometimes overlo ok the risk and safety of certain drugs because of the pressure to meet the demands for these medicines. In this context, one of the changes that can be made is the FDA should extend the  time of approval of new drugs so that any necessary research can be made. This thus led to a better knowledge about the safety of the drugs before it can be sold into a market.Aside of that, DTC advertising system also need to be monitored continuously so that any acts of bribe such as gift, donation, etc. can be avoided. Lastly, it is suggested that all present system that regulates the law and policy of pharmaceutical industries to put some restrictions and even punishment for those companies that simply do not comply with the standards set.ConclusionThrough the case study, it can be said that Merck was indeed a successful company in their time. Although their low-point period was kept â€Å"in the eye of the storm† more than whatever success, honors, and recognition they did achieved be fore, Merck should be more appreciated for whatever great things that they have done in the past years. If only Merck do patience a little bit and not to rush with the introduction of Vioxx; instead they spent a longer time in minimizing the risks inherent in Vioxx to a much more safer, it is possible that Merck might continue to be one of the most successful company in today’s world.Unfortunately, the past cannot be changed. What was left for Merck now is to build back their image, but it’s all depends on the company itself. Should or shouldn’t they? Of course they should. Everybody deserved a second chance. Yes, Merck did not act socially and in ethical manner before, but if they do get back to do what they were used to do; of course, without all those illegal and immoral behavior, comeback sure to follow.

External analysis soffee culture Essay

1.0 Introduction: – For an organization to survive and grow, they must have strong build strategy. Strategy is defined as a tool to assist organizations to achieve its long-term goals Hubbard, Rice & Beamish (2010). These goals are the prime reason for an organization to exist and strategies are developed to achieve these goals. Fig. 1.1- ESC model for strategy development Hubbard, Pocknee and Taylor’s (1996), explains the strategy making process via ESC model. Fig 1.1 shows the ESC (Environment, Strategy & Capabilities) model to describe the strategy making process for an organization. Strategies are made keeping a number of factors in consideration. Environment stands for Macro and industry based environment and factors that effect the operation of an organization. Environment is discussed more in detail in later part of this report. Business strategies are made considering the interest of stakeholders, company’s mission and value statement and values of the organizations. Capabilities for an organization are their resources, staff, economy of working and systems available for an organization to work in. This section is also discussed in details in this report. Also, to make effective strategies companies need to generate and gather information, analyze that information, process and implement those chosen strategies. Hubbard, Rice & Beamish (2010) explains that final part of strategy implementation is to review and monitor the strategies to find the gaps in results and fill those gaps accordingly to improve company performance. 2.0. Macro Environment Analysis Hubbard, Rice, Beamish (2010), explains that all the factors outside the organization that effect the business are studied under external environment analysis. These factors effect the strategy formulations, vision and mission planning and future organizational business. Environment analysis comprises of two major elements i.e. Macro environment analysis and Industry environment. Macro environment includes all the broad forces that surround and effect the organization and are as follows:- 2.1 Economic Dimension:- Economic dimension of an organization is the overall financial condition of the economy where organization is operating. Most important economic factors for an organization is GDP, inflation rates, exchange rates, taxation rates and wages rates. These factors define the economic dimension of an organization. Example: – Starbucks business in US during Global Financial Crisis During GFC, Starbucks was forced to pay more for its resources and to cover these additional expenses; company was forced to increase its product prices. But with the rise in interest rates and less borrowing/spending power of customers in the market, Starbucks had no option other than bearing the costs itself without increasing the prices. This additional burden forced Starbucks to close 600 stores in July 2008 (page 151, Howard Schultz, 2011). This example clearly explains the effect of Economic conditions on an organization when low purchasing power of customers lead to less demand and its effect on an organization. 2.2 Political/Legal Dimension: – This refers to the government regulations of business and its general effect, relationship with it. Its important for an organization as it defines what the organization can do and what they cannot. Customs, policies, regulations of a particular country affects the business of a international organization. 2.3 Technological Dimension: – This factor defines the resources available to operate its business in a country. It defined how an organization can convert its resources into products and services. Technology is applied with the discretion of the organization but its availability and form depends on the general environment. 2.4 Socio cultural: – Socio cultural dimensions include the culture, social effect and trends, customs, values and demographic patterns and trends in a particular demographic area. This includes the patterns people are used to and defined the future for the company with respect to its products. Example: – Starbucks in planning to expand its business in Asian countries and is planning to change 5000 year old tea-drinking culture into coffee culture (Ed Liston, 2011). Asian countries have a strong culture of consuming tea and have significant medicinal beliefs as well. Starbucks is planning to expand its business in these countries directly challenging the socio cultural dimension (page 296-305, Howard Schultz, 2011). This strategy can have mixed effects on the business. It’s a direct competition between old traditional beliefs and habits v/s young coffee drinking generation. There are no significant results available on the topic, but will be an interesting topic to work. This strategy can affect Starbucks business dramatically. 2.5 Sustainability: – It’s a new trend mostly visible in developed countries to develop sustainable business practices to address environmental issues. Companies are expected to follow guidelines, to develop their sustainable image. This includes fair work practices, focus towards general environmental damages, deforestation, ecological concerns etc. Example: – Starbucks fostering Sustainability Starbucks tag their stores as green and try to design the stores with recyclable products, reused cabinets, natural colors, and efficient lights. Company’s agricultural methods are organic, using no petrochemical based fertilizers and insecticides, and they are beneficial to the environment and water (page 317-321, Howard Schultz, 2011). Starbucks also offers 10% discount if customers bring their own coffee mugs (page 161-165, Howard Schultz, 2011). Starbucks has been busy promoting their environment involvement by developing new environmental strategies and by minimizing their carbon footprint (Starbucks Website). 3.0 Industry Analysis/ Porter’s five forces Analysis: – Fig. 1.3 – Porter’s Five Forces Model Industry analysis is used to determine the factors that influence the profitability of an organization. As shown in fig 1.3, industry analysis consists of five main forces. Porter (2008) describes these forces as the main drivers of profitability for an organization Fig 1.3. 3.1 Competitors/ Threat of new entrants: – For an organization, competitors are those individuals or groups that can reduce the revenue or can share the revenue. New or existing organizations that compete for their business, survival and growth are termed as competitors. It can be from existing market players or new entrants to the market. Mostly organizations compete for customers, revenue but competition can also be for the resources as labor/staff, new technology or patents to ensure future revenue growth. 3.2 Suppliers: – In a producing industry, suppliers play an important role by providing resources to an industry to offer services/products to the customers. This depends on the industry-supplier relationship. If suppliers are strong, they can offer resources at a higher price to get the profit share in the organization and vice versa. Thus, in a industry its very important to have consistent and reliable suppliers. Example: – Starbucks coffee bean suppliers Starbuck buys its coffee from East Africa, Arabian Peninsula, Southeast Asia and Latin America. Starbucks has its approved suppliers list and to be part of that list, suppliers have to undergo a series of tests and pass some checklists. Once Starbucks approves their supplier, the company helps the suppliers to grow coffee sustainably (page 317-318, Howard Schultz, 2011). Starbucks helps their suppliers by providing knowledge, help, funds and trainings. This helps to develop the strong relationship with the suppliers and also ensures the quality of the harvest. Thus in this case both suppliers and the industry are in win-win situation. 3.3 Bargaining power of buyers: – Porter (2008) explains that if the buying power of buyer is strong, that implies that the buyer has more options to choose from and the industry has more competition. 3.4 Substitutes: – Porter (2008) explains that if the products/services of different business or company can satisfy the needs of the customers, depicts that there is a substitute available to the customers. It leads to the competition in terms of price, quality and added values to the products. 3.5 Industry Rivalry: – In a traditional economic model, if there is rivalry among the organizations in the industry, then it drives profits to zero. But there is not perfect competition and in this case companies thrive to take competitive edge over other companies. A firm can switch costs, reduce product cost, increase add on values, offer better customers service to gain the competitive edge. Example: – Starbucks competitive edge Starbucks markets their sustainable and green approach towards environment (page 147-148 & 317-318, Howard Schultz, 2011). In this modern era, with more educated groups emerging, Starbucks is attracting more educated customers. With its initiative towards green earth and working for environmental issues, customers are supporting the brand and thus Starbucks is earning reputation and revenues. The above-mentioned example is in relation with Philip Kotler’s (2001), strategy of Marketing and is proving worth full for Starbucks. 4.0 Resources, Capabilities and Creation Of Values Fig. 1.4- Resource, Capabilities and Creation of Value According to resource-based view to develop the competitive advantage over other companies, organization must have resources and capabilities that are the best in the market. In fig. 1.4, Hubbard, Rice & Beamish (2010), explains that for an organizations there are four necessary conditions to pioneer the market. These conditions are outlined as below: – 4.1 Resources: – Resources are the main factor that decides the organization’s future. Hubbard, Rice & Beamish (2010), have used VRIO/VRINE model to describe these resources better and resources must be: – Valuable: – Organization should monitor the market and its customers carefully and must have the resources to deliver the value to the customer. Customer needs are volatile in nature and keep changing, thus organizations must enhance and upgrade their resources according to the demand. Rare: – Resources of an organization should be rare and hard to imitate by the competitors. These rare resources provide a competitive edge to the organization and must be scarce to some degree of demand in the market. Inimitable: – Resources should not be easily inimitable, and should be sophisticated to imitate. It’s hard to keep inimitable resources in technological sector as long as the technology is a patent. Non-Substitutable: – Resources should be non substitutable, i.e. there cannot be any substitute to the particular resource. Organized: – Resources of an organization should be arranged and organized according to their requirement. They should be readily available when and where required and should be properly deployed as per requirement to deliver the best quality to the customers. Exploitable: – Resources should be readily accessible and available to different sectors across the organization to transform them to add value to the customers. Capabilities: – Capabilities stand for the organization’s ability to convert the available resources to customer value. It’s the ability of an organization to utilize its resources in an efficient manner. Organizations should have dynamic capabilities so that they can manage their knowledge, learn from them and also brings out new innovations as per requirement. Example: – Starbucks Logistics Chain: – As mentioned above Starbucks gets its coffee beans from East Africa, Arabian Peninsula, Southeast Asia and Latin America. Different regions specialize in different blend of coffee. A perfect coffee is not just a single origin, but is a mix of different beans. Starbucks has the capability to gather beans from different regions and make a perfect blend to deliver across all its stores worldwide. Its not easy to document this capability and thus not easily imitable. This is a competitive edge that Starbuck has over its competitors to pick, mix and deliver the beans faster than any other competitor in the market. Organizations should monitor and review their operations to check the purpose of the operation. Capabilities should be valuable to the customers, they should be rare, and difficult to imitate by competitors, specific to the organization and should be better than the competitors in the market. In order to manage the capabilities organizations should exercise their capabilities across their business. These above discussed conditions should work in closely coordinated manner to develop a competitive edge over its customers and should bring better value for the customers. For example Starbucks have strong inbound logistics that in relation to Porter’s value creating activity is a competitive edge to create customer value. 5.0 Bibliography: – Hubbard, Pocknee and Taylor’s (1996), â€Å"Practical Australian Strategy†, Ch. 5, Prentice Hall Australia, Sydney. Hubbard, G. & Beamish, P. (2011). â€Å"Strategic management: Thinking, analysis and action†, 4th ed., Pearson Education: Australia. Hubbard, Rice, & Beamish, (2011), â€Å" Strategic Management: Thinking, Analysis and Action†, 4th ed., Pearson Education, Australia. Michael E. Porter (2008), â€Å"The Five Competitive Forces that Shape Strategy†, Harvard Business Review, p.86-104, Harvard Business Publication, Boston, USA. Ed Liston (2011), â€Å" What is more popular: Coffee or Tea†, Blog on www. Stockriters. Com, Viewed on 05th Jan’12. Kotler Philip (2001),† A Framework for Marketing Management†, Prentice-Hall, Inc. 1997, Pearson Education Company, New Jersey, USA. Starbucks website viewed on 4th Jan’12, http://www.environmentalgraffiti.com/business/news-starbucks-contribution-sustainability. Howard Schultz & Joanne Gordon (2011), â€Å"Onwards: How Starbucks Fought for its life without losing its soul†, John Willey & Sons, United Kingdom.