Investments in Computer Integrated Manufacturing Technology Essay

Investments in Computer Integrated Manufacturing Technology - Essay Example By thoroughly realizing and examining these questions that need to be addressed, then we will be able to come to a much more informed and understanding viewpoint on this subject matter at hand, and as well we will be able to thus come up with new and innovative strategies in regards to what methods and means should be taken in order to put a more positive spin on this matter overall. This is what will be dissertated in the following. There are truly many different benefits when we speak of the term CIM (computer-integrated manufacturing) issues, and what CIM really is needs to be properly understood before any further measures can be taken in this regards. In all actuality, CIM is "a manufacturing philosophy in which the functions for the organization, from product definition to the disposition of the final product, are achieved using computer, communication, and information technologies" (Wikipedia, 2007). There are basically three different components that are considered and known as being essential in regards to the implementation of flexible design and manufacturing in this regards, and this includes that of the following three components: the means for data storage, retrieval, manipulation and presentation; the mechanisms by which to sense state and modify substance; and lastly, the methodologies by which to unite them. The CIM phase is the phase which is "used to describe the complete automation of a manufacturing plant, with all processes functioning under computer control and digital information tying them together" (Rockford Consulting Group, 1999). Basically then the CIM phase is without a doubt one of the most crucial, and there are quite obviously many different benefits that are gained from CIM overall. Why Might DCF Methods not Take These Benefits Into Consideration When Evaluating CIM Investments There are actually again quite a few answers when it comes to the reasoning as to why DCF methods may not take the benefits that are concluded as being from CIM processes into consideration when they are evaluating CIM investments; first we must understand what the DCF really is, in order to understand better. The DCF (discounted cash flow) is a means in this regards which uses certain methods of analysis which have both in the past and recently come under certain criticism. It really began in the 1980s when the use of these DCF methods began coming under this criticism, and in particular they were found to be especially deficient when they were being used to evaluate investments in CIM technologies, as many critics claimed and pressed to argue the fact that these DCF methods of analys

China Petroleum and Chemical Corporation Essay Example for Free

China Petroleum and Chemical Corporation Essay The net profit figure of RMB 19,011 reported under PRC GAAP was increased to RMB 21,593 under IFRS. The increase of RMB 2,582 under IFRS was due to the following reasons: Dep. and disposal of oil and gas properties RMB3,044 Acquisition of subsidiaries 443 Capitalization of general borrowing costs 389 Gain from issuance of shares by subsidiary 136 Gain from debt restructuring 82 Revaluation of land use rights 18 4,112 Unrecognized losses of subsidiaries (182) Pre-operating expenditures (169) Effect on taxation (1,179)(1,530) 2,582 The net profit figure of RMB 21,593 reported under IFRS was increased to RMB 25,577 under U. S. GAAP. The increase of RMB 3,984 under U.S. GAAP was due to the following reasons: Dep. of revalued PPE RMB 3,998 Disposal of PPE 1,316 Capitalized interest on invest.in associates 141 Reversal of deficits on revaluation of PPE 86 Foreign exchange gains and losses76 Reversal of impairment of long-lived assets 47 Exchange of assets23 Capitalization of PPE12 5,699 Deferred tax effect of U.S. GAAP adjustments (1,715) 3,984 2.The differences for CPCC between PRC GAAP and IFRS, and between IFRS and U.S. GAAP are given in the case. As mentioned in the case, treatments of the following items under PRC GAAP and IFRS are different: Depreciation and disposal of oil and gas properties Capitalization of general borrowing costs Acquisition of subsidiaries Gains from issuance of shares by a subsidiary Gains from debt restructuring Revaluation of land use rights Unrecognized losses of subsidiaries Pre-operating expenditures Impairment loses on long-lived assets Government grants (Refer pp.5-72 5-75 in the textbook) Treatments of depreciation and disposal of oil and gas properties seem to have a significant impact on reported profit. As mentioned in the case, treatments of the following items under IFRS and U.S. GAAP are different: Foreign exchange gains and losses Capitalization and revaluation of property, plant and equipment Exchange of assets Impairment of long-lived assets Capitalization of interest on investment in associates Goodwill amortization Companies included in consolidation Related party transactions (Refer pp.5-77 – 5-82) Treatments of depreciation of revalued property, plant and equipment, and disposal of property, plant and equipmentseem to have a significant impact on reported profit 3.U.K. readers of the financial statements may not find them very useful, as the information is not reconciled to the U.K. GAAP. There are differences between U.K. GAAP and IFRS, and between U.K. GAAP and U.S. GAAP. With the adoption of IFRS in the EU, this may not be a major problem anymore. However, UK companies use IFRS as adopted by the EU which in some cases differs from the IFRS issued by the IASB. 4.U.S. readers should find the information useful. However, it would be better for them if the information was reconciled directly from PRC GAAP to U.S. GAAP. 5.When a company is listed on a foreign stock exchange, it is always useful to explain the differences, if any, between accounting standards used in  preparing financial statements, and those that are stipulated by the listing requirements. The need for such explanation is reduced if the two sets of standards are comparable. However, differences can still exist due to different interpretations of the requirements. Therefore, the approach taken by CPCC can be recommended to other companies.

Attracting Motivating And Retaining Generation Y Management Essay

Attracting Motivating And Retaining Generation Y Management Essay Generation Y that closely referred to as millennial is latest member in the multigenerational workforce. In fact they are the newest and the last members of the workforce, born between 1982 and 2003. Although they grew up with technology and never knew a time without mobile phones and the internet, they have some values held by traditionalists like patriotic and willing to fight for freedom. They often think in bullet points and are ravenous researchers. Speed is important and they prefer rapid feedback. Moreover, they perform best when their abilities are identified and matched with challenging work. These years companies in different countries faced different challenges such as attracting, managing and retaining the new population of workers. Members of Generation Y have an incredible amount of talent but they also have incredibly high expectations about their work environment, growth opportunities and rate of advancement. In other hand, financial crisis leads to downsizing in companies. In spite of the fact that there might be a near-term surplus of labor, the lack of existing skillful workers is obvious. It is vital to companies focused on new generation of Y workers and supplies their requirements; besides, this question came to mind that is should they just discharge the issues as just another generation gap that will eventually weaken away. Ignoring the generation Y is impossible because of big size of its population. As a group, they are nearly as large as the baby boomers generation. As such, generation Y will make up an increasing part of your workforce. Generation Y has a lot to offer. They are confident, connected, optimistic and technical savvy. Generation Y would also be a growing part of your customer base and becoming increasingly influential factor that affects the buying process. We say that technology is becoming a critical factor for business success, on view of the fact that when these different workforces will work all together, the multi generational differences in attitudes, approaches, and styles related to work could create conflicts that in turn could considered as potential threats against reaching organizational goals. Besides, this situation will decrease or even destroy employees motivation, as we know motivation can be induced by the employer or reside within the employee and the key to motivating employees is remembering that not all employees are the same. In order to ac hieve motivation, managers must know each employee and must have a wide range of motivational techniques available, since each employee has a different set of values and personal experiences that brought them to where they are today. If management could come up with these actions, they could raise the organization towards its goals. In addition, for most companies retaining talent and developing future leaders are organizational goals, hence to meet these goals, companies must understand the needs of todays diverse workforces. Since failure to embrace these differences will result in not only having limited talent required for success, but also an employee population that is not engaged as they could be. Therefore, the level of engagement is critical to an organizations overall activities. In this study, we have investigated about behavioral differences that could lead to diverse motivational levels, retention strategies in challenging labor shortage, and the effected of leadership to management style in that by knowing about these conditions, the organizations not only could prevent the failures that are more probable for them, but also could achieve their goals more rapidly. As such to be successful in managing generation Y, employers needs to know how to attract, retain and motivate these leaders of the futur e. Literature Review Generation Y has been deeply affected by several trends of the 1990s and 2000s: a renewed focus on children, family, scheduled and structured lives, multiculturalism, terrorism, heroism, patriotism, parent advocacy, and globalization. Coincidentally, Generation Y has been socialized with several core messages: be smart you are special, leave no one behind, connected 24/7, achieve now, and serve your community (Martin, 2005). It likes to reject old-fashion media and advertising feeds. Playing video games, and watch DVDs are more interesting for them rather than TV programs. Those in Generation Y tend to live with their parents before college, plan to return to their parents home after college, and are less at home in the real world than in the virtual world in which they spend more than six hours a day online. As a consumer, Generation Y is likely to be independent and not brand loyal. Conventional inside the home, it leans to be fashionable and sophisticated in the marketplace (Wei ss, 2003). Generation Ys entrance in to the workplace would seem to present many opportunities in todays ever-more competitive organizations in which high-performing workers are an asset, and demographic shifts point to impending labor shortages. Generation Y workers would seem to be a timely addition. According to the Southard and Lewis (2004) generation are mostly goal- oriented; besides, they tried to develop and improve themselves. They strongly believed on financial and personal success (Breaux, 2003). According to the Lewis (2003) Y generation feel that they would be disposed to force into a job that they evaluate it attracting and vital whilst their knowledge about this new job is too low. Some of Generation Ys characteristics may make it easier to manage than Gen X. Generation Y tends to value teamwork and fairness and is likely to be more positive than Gen X on a range of workplace issues including work-life balance, performance reviews, and availability of supervisor (What You Need to Know, 2003). Moreover, Generation Y descriptors include attributes predictive of high performance. Generation Y workers are inclined to he sociable, hopeful, talented, collaborative, inclusive, and civic-minded. Besides, Raines (2002) mentioned that in order to be skillful with high technically knowledge, they try to be open-minded, achievement-oriented, and able capable to be multi-tasking. Cautiously they are optimistic and enthusiastic about their future. Generation Y is likely to have a solid work ethic and entrepreneurial spirit. Based on the Pekala (2001) it leans to not only respect talent, especially traditionalists, but also strength, collaboration, energy, compliance, good qu ality, and responsibility. Generation Y has a strong sense of company loyalty, is at least as satisfied with supervisors as are older workers, is as content as the others with the amount of praise received, and is as satisfied as the others with amount of vacation time and work flexibility or hours required. Additionally, Generation Y feels no more workplace stress than the other workers and is as satisfied as the others with retirement and health benefits (Saad, 2003). At the same time, Generation Ys entrance to the workforce seems to present some challenges. Although Generation Y workers tend to be more positive than Gen X about working in general, Generation Y tends to be less satisfied than Gen X with their jobs and employers. Present study tries to explain different dimensions of the dissatisfaction. Further, Generation Y is more open than Gen X to leaving for something better. Generation Y is likely to equate job satisfaction with a positive work climate, flexibility, and the opportunity to learn and grow more than any prior generation. Generation Y tends to have less respect for rank and more respect for ability and accomplishment. Cui et al. (2003) mentioned that Y generation like to trade more salary for job it thinks is significant at a firm where it experiences good feelings. Generation Y tends to value respect and wants to earn it. Having freedom to execute is a significant behavior in Y generation (Dealing with Your New Generational Mix, 2004). Additionally, Generation Y workers are likely to dislike menial work, lack skills for dealing with difficult people, and be impatient (Raines, 2002). Less than half of these young people form youngest generation like to introduce themselves as talent people who are ready to enter the work environments. The problem shoes itself when these young people technical talent are not fitted with communication skills, independent thoughts,and time managing (Pekala, 2001). In a survey by Mercer Human Resource Consultant (2002) it was disclosed that generation Y rating employers lower than other employees do on being treated fairly, getting necessary cooperation from others, and having opportunity to do interesting and meaningful work (The Next Generation, 2003). Furthermore, employees in generation Y like to have immediate enjoyment rather than investing for a long time and effort (Southard and Lewis, 2004); consequently, they preferred to invest on some especial projects. The Y generation employees like to be negotiators and questions in different events. Base Lewis (2003) cited that The forty hour workweek doesnt apply and how meetings become why meetings. Tulgan as an Intergenerational management expert explained the problems that challenge Y generation based on the Breaux (2003) as below: Generation Yers is like Xers on steroids. They are the most high-maintenance generation to ever enter the work force (Breaux, 2003). Discussion/ Issues Scheduling to attract, manage, and retain the new employees generation is a considerable challenge toward the companies. But its a challenge that companies simply cannot afford to ignore. Generation Y is nearly as large as the baby boomer generation, and is expected to have nearly as big an impact on business and society. Generation Y are said to be un loyal, have poor communication, are impatient and has no respect for authority and they spend to much time on the internet instead on concentrating on the real work ( Sprague and Caroline, 2008) Generation Y are already entering the workforce and their numbers will increase over time. The issues is the companies that dont figure out how to harness this growing resource are likely to find themselves at a distinct disadvantage, not only in the talent market, but in the broader market as well. After all, Generation Y is not just the next generation of workers; they are also the next generation of consumers, and as such will ultimately determine whether future businesses succeed or fail. Here are some specific things companies can do today. There are 3 main Generation Y issues and challenges faced by companies. They are: 3.1 Attracting The most pressing challenges are how to attract the Generation Y. The tasks is daunting because this generation has different attitudes and expectations that the other generations. Companies are thinking hard and fast on attracting the new millennium workforce. Due to the fact that generation Y has seen a lot of job turbulence, recession in their lifetime and they have seen their parents loosing their jobs, generation Y are more interested in taking their own responsibility for their own employability by constantly improving and building on their own job skills. As such, they are more interested in organization that offers it employees professional development, continuing education and career coaching. Some other benefits cited as valuable by generation Y are extra vacation time, access to health club and social gathering tied to the workplace. Generation Y also looks at the opportunity of career mobility within the organization as an attracting factor. While the market for employees is a competitive one, paying high range of salary is not a excellent strategy to find new skillful people. Find out how you can present your companies to these new workers to attract and retain them. Some companies are tackling the challenges of recruiting and retaining Generation Y using innovative strategies tailored to Generation Y characteristics. These methods which are contained supplying on site academic leadership, arranging official tutorial agenda to increase Y generation associability, and giving early chances to perform consequential job. To better reach Generation Y, some are streamlining the recruitment process and providing longer vacations after shorter service. As a same reason, some companies arrange inclusive intranet sites, for possibly conversion of unexploited managerial leave into cash, and letting conversion related to health into deferred reward accounts (Southard and Lewis, 2004). Some companies are literally going where Generation Y workers are, connecting with them through the media and locations such as Internet cafes and video game stores. Or they recruit Generation Y through on-site career-day seminars in which ranking personnel share their own success stores. Some companies are using their Generation Y employees as the first out reachers to peer Generation Y candidates in an effort to quicken the pace of recruitment. In this way, the companies aim to both engage their Generation Y employees more fully and to create a workplace ally for the Generation Y candidate (Employing Generation Why, 2004). 3.2 Motivating Based on the Herzberg definition, motivation is concluded from different definition such as the challenge of the works, with achievement, recognition, the work itself, responsibility, advancement, and growth. Dissatisfaction comes from the maintenance factors, which represent those lower-level needs that employees assume will be adequately met. High level administrators with acceptable work conditions are the samples of these kinds of workers needs. Few managerial or professional people would say these job factors motivate them most. Yet, the minute a boss or working conditions becomes a principal concern, factors such as interesting job content and opportunity for advancement lose their power to motivate. As a conclusion, executing a job in its different aspects relies on the satisfaction of both motivation and maintenance needs. Motivation level of a worker will affect by factors such as age, personal, outside environments, and the worker current life situation and career. For instance, steady employment and good pay often rank higher among all generations during times of economic uncertainty. When the economy is flourishing, employees tend to take these maintenance factors for granted; when unemployment and inflation are high, their principal motivators change. On view of the fact that when these different workforces will work all together, the multi generational differences in attitudes, approaches, and styles related to work could create conflicts that in turn could considered as potential threats against reaching organizational goals. Besides, this situation will decrease or even destroy employees motivation, as we know motivation can be induced by the employer or reside within the employee and the key to motivating employees is remembering that not all employees are the same. In order to achieve motivation, managers must know each employee and must have a wide range of motivational techniques available, since each employee has a different set of values and personal experiences that brought them to where they are today. If management could come up with these actions, they could raise the organization towards its goals. In addition, for most companies retaining talent and developing future leaders are organizational goals, hence to meet these goals, companies must understand the needs of todays diverse workforces. Since failure to embrace these differences will result in not only having limited talent required for success, but also an employee population that is not engaged as they could be. Work life balance can be offered in the form of flex time that would allow employees to work over one day, and work less hours on the next day. Employee growth and development could be management training programs that allow employees to advance their careers. Employee wellness programs would allow employees to stay physically fit, and the organization could have training programs to promote safe work habits. Employees need to be recognized for their work, and management could be trained to offer more praise to employees for tasks completed correctly. Organizations can make employees feel more involved simply by holding meetings where they have a voice for their ideas, and concerns from the employees can be heard by management. By utilizing these practices an organization could expect the organizational improvements, employee well being, and retaining the elusive Generation Y worker. 3.3 Retention Retention means that an employee work with the company until the end of their contract date and it is useful for both employee and company. If they find unfair situation in their job condition, they will explore a better opportunity and they will shift to the new job. Consequently one of the important duty of company manager is to find the best employee and try to keep them and prepare acceptable work condition for them. Pay the salary and extra rewards are not a way to bring satisfy to them. Compared to baby boomers and other generations in the workforce, Generation Y tend to be more concerned about meaningful work and relationships with coworkers, attitudes that are the key for employers to remember in retention efforts. Generation Y are hardly the first to long for a job that offers more than a paycheck and a way to fill their days. They are a socially conscious generation. Participating in charity work and green activites which help the environment improvement is a dream for Y generation. Sustainability and green are the hot words today. Generation Y are very interested in social and environmental happenings through the media as well as their employer. It can be as simple as spending a day rebuilding or renovating a house for somebody in the community, planning ways to make your office green, having local nonprofit come in to discuss volunteer or donation opportunities. With getting everybody inv olved by creating the emotional equity, making it a bit difficult for them to leave the firm. Recommendation The following has seen to be the strategies in attracting, motivating and retaining the generation Y into the work-force: Flexibility This can be seen in creating learning opportunities, sponsored learning capabilities, long range career planning, promote employee mobility within organization and cross country training opportunities. Work Life Balance This is a social aspect where flexible working schedules are design, developing a formal or informal networking circle for career development, hosting social or charitable events that is tied up to work. The work life balance initiatives were aspects such as paid leave to care for dependents, flextime, study assistance, eldercare, and time off to attend non work events, job sharing, telecommuting, on-site healthcare, and various other things the Generation Y workers are wanting in a career. Access to Technology -This strategy is linked to the organization adaptation of new technology in increasing work productivity. This is looked at where the workforce are equipped with state of the art laptops, access to internet, i-phones, PDA, video conferencing, e-learning and many more. This group of people would not live without cable television and access to mobile phones. With the focus on technology, flexible work schedules and spaces are also crucial to Generation Y. Offering the employees the benefit of arriving at work an hour early or later gives them the flexibility to schedule life issues such as daycare, eldercare or doctor appointment. Sense of purpose and meaning to the job -This stress on core values, rich corporate culture, sense of achievement and contribution to the achievement of organization goals. The generation Y also looks at branding. The organization brand plays a pivotal role in attracting the generation Y to join and contribute with the sense of belonging. Good Management i.) Management style Flat line management is top choice lately and for a lot of good reasons. Generation Y tend to be a bit self-centered. They will not stay in their job if they feel unsatisfied and there is no challenge role in their job. Generation Y particular were encouraged to find the perfect fit in their selection of everything from childhood activities to a college and they now seek a similar sense of place in their job. ii.) Mentoring and Feedback Generation Y has grown up hyper scheduled. Generation Y has been coached and tutored and guided and over-parented at every step of the way in their short lives so far. They thrive on one-on-one, personalized attention. Creating an environment that solicits input from employees demonstrates to them that their opinions are valued, ergo, they are valued. In return, they feel more valued and loyal to the company. Compensation-Fair compensation is still important to the employees. Organizations must offer an appealing compensations package include tangible rewards such as pay (base salary, stock etc) and benefits (i.e. health care, paid vacation etc) and intangible rewards such as learning and development and a satisfying working environment. Even though base salary and benefits constitutes hygiene factors for Generation Y, other parts of the compensation package will work as motivators. As the title and salary are no longer the number one priorities, Generation Y are more interested in self-fulfillment and work-life balance. 5.0 Conclusion The workforce deficit that is proposed to occur in 2014 is expected to be remedied by the generation Y workforce. However, problems with retention in employment with this group have been widespread across America. There is no set procedure to be implemented in order to retain this workforce; however the proposed model does encompass the problems associated with retaining these people. The model lays the foundation for organization specific procedures to be written from, and according to past experiences and research these methods should greatly reduce turnover in this group. Further research should be conducted to measure the effectiveness of these factors in employee retention of people who are categorized into generation Y. 6.0 Limitation Although recognizing and considering the different attitudes and needs of four types of generation could help the management for achieving the organizational goals, some limitation could be realized in this situation in that some researchers have found before too. As a case in point a new model of human resource solutions for achieving intergenerational interaction in organization that adopted from theories of Park (1950) and Kubler-Ross (1969) could be considered. Most of the researchers have divided the human resources into four different generation types and in turn they have detected and allocated some characteristics for each generation. It could not be considered these specifications would be the same for all the human beings in all the societies and task environment absolutely. Moreover, the combinations of different generation within the work environments or even societies are different from each other. Therefore, the outcome of studying in different situations could be somewhat different from each other. The generation groups who differ from the conventional culture usually cannot participate in defining the rules and standards used to make meaning. Hence, coordinating of these different group workers in such a task environment is often very controversial. The group that would be dominant among the other task groups in the work area usually spread their own beliefs and attitudes as if its views and approaches are universal and accepted by all other groups and members. Assimilation among these groups promotes self-alienation by engendering self-denigration where individuals differ from the neutral accepted norm. In addition it could provide the condition for covering or even demolishing individual beliefs and customs.

The Future for Chicago Public Housing :: Sociology

The Future for Chicago Public Housing In big cities across America, the consensus is public housing doesn't work. And in Chicago, it's coming down. Chicago began using federal housing dollars to blow up or knock down high-rise public housing in 1993. The plan shifted into high gear when the city signed a $1.5 billion deal with the US Department of Housing and Urban Development. Under the plan for transformation, Chicago will destroy more public housing than any city in the country. There are families being pushed out of their homes, out of the city and the communities that they want to stay in. (Haney), Suzanne. "Street Wise" This is major impact on the city, from this comes segregation and the economy fails. Mayor Richard Daley and his administration promised people in Chicago affordable housing and now Daley has gone back on his word. Where has all that money gone that Mayor Daley has promised to millions of people who continue to struggle everyday? If you take a look around in Chicago there are more condos arising than housing for those really in need of the help. Mayor Daley and be Administration decided to take from people who are making over $75, 000 a year. They think by taking 30% of their money they will be able to help restore peoples housing to make it affordable. Why cant the government pay money to help people find an affordable house? Because affordability has become a national problem, causing housing prices to have gone up faster then people in Chicago can make money or can afford the cost of living. Hanney, Suzanne. ?Street Wise? November 17 2000 Secretary Martinez has put forth the effort. He awarded the largest amount of homeless assistants in the nations history more than $1.1 billion to fund thousands of local housing and service programs. in every state in the nation, This is part of the Bush administration focus on the resources on permanent housing and services. 95% of the residents are under Chicago Housing Authority (CHA) are on some kind of public assistance versus New York which only need 25% of public assistance. Chicago uses up this 95% of public assistance towards putting up expensive condos that range from $75,000-$100,000. They do this to try to compare up to New York's standards. Chicago?s Public Housing Projects, source The Economist, July 11, 1998. Mayor Daley goes on to say working together, all Chicagoans. We can make every window that looks out of the Chicago housing Authority (CHA) a window of opportunity. But that the key word here is opportunity, Mayor Daley has not giving any body under cha the opportunity for any thing. Mayor Daley takes these people homes from them and put up condo.

Fast Food Industry Essay

â€Å"Fast food † this term was recognized in dictionary by Merriam-web star in year 1951 mostly we need small capital requirement to start a fast – food restaurant; small individually owned fast – food restaurant have become common throughout the world. Franchises are the part of restaurant chains which operations is to provide standardize food stuffs to the different locations for examples Pizza Hut, KFC, McDonald, Dunkin Donets, and many others. For starting any fast food business the capital requirement are relatively low than any other business. That is the reason all over the world individually owned fast food restaurant are increasing. The term fast food is use for which can be prepared and served quickly than other meal, minimum preparation time is considered for fast food, generally this term refers to food sale in restaurants and stores with low time preparation and served to customers in form of packaged for take away / takeout. This research was conduct to find out the factors for customer satisfaction. The feeling of pleasure and disappointment is known as Satisfaction. If the product was not satisfied person feelings then it will be dissatisfied, and if product satisfied person feelings after the use they will be satisfied. Customer is the key role in any business, without any customer it’s difficult to do business, and that the fact it’s the necessary work closely with your customer. Because customer can also create your business. Business runs though customer, without the customer there is no business. Satisfaction is an individual feeling of pleasure or the disappointment, if their expectation level meets, their level of satisfaction also increasing but if not then disappointment comes. Customer satisfaction is very important for every organization; either they are service sector or the private sector. It’s not every time to satisfy your customer. Since there are so many customers using products. And every customers uses it differently, take it differently, and speak it differently. The most dangerous part for any organization is word of mouth. You can’t stop every person’s mouth, even if you give your best of best, they still argue on your products which are not good for some time. Some customers likes your product and after use they speak good words for the product. But some use your product, and speak wrong word of mouth for the product. MAJOR PLAYERS. There are certain main players of fast food industries. Which are as follows. 1. McDonald corporation 2. Burger king 3. Wendy’s/Arby’s group 4. Starbucks corporation 5. Pizza hut 6. Dominos corporation 7. Yum! Brands, Inc 8. Popeye’s SWOT ANALYSIS Strengths: 1. Quick Service: – one of the biggest strengths of fast food is that it provides quick service. The biggest advantage of this is that it saves a lot of time. And in this modern world time is money hence quick service is the biggest strength. 2. Affordable: – Usually fast food is priced at a very affordable rate which starts from rupees 2. Though the prices are low in the fast food industry, the quantity is more and hence value for money. 3. Attraction: – The advertisements of fast food are very flashy and appealing especially to the youth and the younger generation. One of the most important people in the buying decision are the kids who are influenced by ads on TV who in turn influence their parents. Hence it boosts the sales. Weakness: Different Preferences: – India is a land of diversity. People in India have different preferences and taste. The fast food industry cannot cater to all the tastes and preferences of people. For e. g. some people eat Non – Veg and some don’t eat non – veg, thus creating a problem. Such problems have risen at KFC and McDonalds. Another difference in preference can be seen in the choice of the type of food. Some people prefer South Indian while some prefer North Indian. So a south Indian joint selling masala dosa , cannot start selling chole nature as per customers’ preference. 1. Lack of customization: – Fast food is usually pre-made and pre-packed and not fresh from the oven. So once the dish is made it cannot be altered according to the customer’s choice or preference. For e. g. a McDonalds burger is prepared much before the customer purchases it and he has to buy it as it is. Even if the customer wants the burger without onion or cheese still he has to purchase it due to lack of customization. 2. Unhygienic and unhealthy: – Most of the times though being tasty the oil content in fast food is very high. Hence people are now moving away from fast food. The fast food prepared is also unhygienic especially at the road side joints. Hence these are considered weaknesses to the fast food industry. Opportunities: 1. Growing nuclear families: – nowadays it is said to be the age of fast food. Parents and kids especially prefer fast food due to its quick service and for it’s satisfying appetite at affordable prices. This is a growing opportunity for the industry because families nowadays prefer eating out, rather than cooking at home. 2. Urban lifestyle: – The growth story of India is not limited to metro cities. Now it has also found its way into some rural areas and some semi – urban cities. Fast food joints are not a thing of big cities now. People in cities and towns are now having additional incomes in their pockets. Eating out now is a normal thing for the homely people in the semi urban areas. Threats: 1. Oppositions from various organizations: – Due to the various preferences in the food some opposition is received by the fast food industry. As reported in the papers organizations like PETA are opposing the use of beef fat in the items of McDonalds. There was also a huge hullabaloo when Kentucky Fried Chicken (KFC) was being introduced to India. This is a major threat to the fast food industry. 2. Location: – One of the major threats in India is from the location point of view. Fast food joints can’t be opened in certain locations even though there might be evidence of major consumer demand in the area. For e. g. A Hindu dominated area might pose a threat to joints serving beef related products since the cow is considered sacred to them. 3. Ready- to-eat: – Nowadays ready to eat products are more in demand in the market owing to the fact that consumers have to take minimum trouble in preparation out of which the results are healthy food, rich nutritional value, easy on pockets and higher value for money as compared to the foods available in a fast food joint. 4. Health Concerns: – Due to the low quality ingredients used in the majority of local fast food joints, the sanitation and the hygiene factors which are mostly not maintained, have given cause to various medical and other health related organizations and certain NGO’s who have taken it up to voice these issues and bring it to the attention of the general public. Thus directing the attention of the public to change the tastes to foods that are more hygienic and safe. Here canned foodstuffs stand to gain advantages. LITRETURE REVIEW. Customer Satisfaction: According to Zairi (2000) the feeling of pleasure and expectation fulfillment is known Satisfaction. If the product will not satisfied customer feelings they will be dissatisfied. and if product satisfied them after the use customer will be satisfied and become loyal to that product or brand. In other words customer satisfaction is goods or services which fulfill the customer expectation in terms of quality and service for which fulfill the customer satisfaction in terms of quality and services for which he paid. If customer satisfaction develops they will become loyal to that product and brand or their loyalty will be good for the company in the sense as a profit. Customer satisfaction is the part of marketing and play important , because if your customer is satisfied with your services or products, your position will be good in the market. Oliver (1981) describe in his study that customer satisfaction is the part of marketing and play important role in the market. In any organization satisfaction of customer is more important, because if your customer is satisfied with your services or products. Your position will be good in the market. In old times customers satisfaction was not too much important and people were not focused on the quality. But now a days competition is taught and customer is aware of all the products and companies due to education and learning environment and this is the reason that every business is concern to fulfill properly customers need and wants. Concerning all types of business organization customer satisfaction is the most important issue, and considered as most reliable feedback, for the excellence of any business organization (T .W . , 2001). Veloutsou (2005) describes in his study regarding customer satisfaction tangible products and services, there is a distinction . The distinction between tangible and intangible goods becomes coz different factors of customers satisfaction, and that is why they should be treated separate and distinct. Churcill (1982) customer satisfaction has overall reaction of expectation of consumption with a product or service on the base of perception, evaluation and psychological reaction. According to Kottler. (2000) satisfaction is the sum of attributes of products and services. Kurniawan (2010) customer satisfaction can change over the period of time, it is a dynamic process. The individual’s perception about the product’s or service’s performance leads to customer satisfaction Tat, Sook-Min , Ai-Chin, Rasli , & Hamid, (2011). Determinants of customer satisfaction: Huang (2011) promotions is different form of activities for attracting and getting attention of customer to purchase the product and services through personal selling and public relations, sales promotions and advertising. According to kurniawan (2010) promotion of product or services helps in the best way to builds relationship with customers, because everyone is looking for the best suitable deal for them. Athanasspoulos (2000) describe that customers want to see for what they are looking for. Myers (1998) promotion is reducing the feeling of guilt which is associated with the use of different product and service which result to customer satisfaction. Schefter (2000) another common factor which is useful for device customer satisfaction is website. Website is the advanced way use for the promotion, to aware the customer and satisfied them with offering vast array of functions and feature. Before making choice of product offering, potential customer has opportunity through website to make a detailed comparison Khatibi (2007). When information like discounted products travels in the public, could increase the level of customer satisfaction Kandampully (2002). Takeuchi (1983) quality is standard of something which consumer measure against the other different things; quality can be measured by giving grade, merit, attributes etc to the products and services. Consumer cannot differentiate between quality and its requirements. Service quality is evaluated when the out customer compare his/her perception and expectation of service delivery Gronroos (1984) By recognized the need of measures of service quality many researchers most often use service quality to measure customer satisfaction Zeithami (1985). For evaluating and estimating various dimension of service quality is the instrument accepted as standard Kurniawan (2010). Zeithami (1985) it is a scale with multiple items goods validity and reliability, many researchers use this instrument to understand and find the service expectation and consumer perception for improving the service quality. The expectation of the customer is important factor. The more service quality near to customer expectation more satisfaction and vice a versa Ayse Ozfer Ozcelik (1998). Customer satisfaction is reflected when he recognized the quality. While using the web, the (user interface) web is service and customer is user. They surf the internet retrieve the information and share the information when interact over the internet with others. The quality of internet service plays a greater role than service quality providing to the customers in other sectors, like hotel and hospital Kurniawan (2010). Schwager (2007) describe in his study that in the new millennium providing customers a unique experience is major key to capture the market and their heart and mind. Satisfaction or dissatisfaction is the consequences of customers consumption or experiences of services or expectation. Kurniawan (2010) Branding is one of the factor which has been identified repeatedly customer selection in selected product. Branding has impact on purchase decision of customers. The more a brand is succeeded in their earlier period the more value for its brand can be generated. Kuaniawan (2010) company formal introduction is today is branding. Brand is a set of guidelines or promise in customers mind. Brand is a product which adds other dimensions some way to differentiate it from other product Boukili (2008). Brand helps the customers the product and how he describe the company to others, opportunities can avail by branding. Branding by the American marketing association as a â€Å"Name†, sign, symbol or combination of them to identify and to differentiate the goods and services and seller, or from their competitors† . Lim (2010) customers ultimate satisfaction may have significant affect of atmosphere. Physical surroundings are helpful to create image in the mind of customer and to influence their behavior. Physical atmosphere of restaurant have the significant impact on the customer satisfaction. Lightning, furnishing, sent, music and different other atmospheric factors among them influence on customer satisfaction. Skinders(2009) there are millions of product in the world having different prices. Pricing a product is difficult thing to do. Prices are set according to the value of the product. Price from marketing mix Han (2009) state that one of the most flexible element that change quickly. In the literature of Khan (2011) marketing the most important factor indicated the customer satisfaction is price. Because the most of the customer estimate the value of the product or obtain service through price. Lim (2010) for the customer it is not necessary that a better quality can be better taste, If customer like the taste of food he/she will be willing to pay for it. Based on previous researches, in customer satisfaction and taste, there is a significant correlation found between them. Researchers found good taste of food have positive influence on customer satisfaction and it also increase the customer retention rate which is also depends on customers satisfaction. Therefore, restaurant focus on the taste of the food and services that has influences on customers satisfaction. RESEARCH FRAMEWORK Figure 1 influence show the theoretical framework of the study. There are two variables discussed in this study, i. e. independent and dependent variables. Customers satisfaction on fast food industry showing dependency on promotion, service quality, customer expectation, Brand, Physical Environment, Price and Taste of the product. Independent VariablesDependent Variable.

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buy custom Philosophy in Literature essay Henry Fleming is also known as the youth because he was the youngest among the people who went to war. He is said to have a different mind, all the time he was getting ready to go to battle. But the good thing with Henry Fleming is that, he never gave up, and always had some side motivation he related to some of the lessons he acquired during his life. There is a point when he is said to have had a thought of escaping the battled, but he remembered what his swimming coach told him about courage. Although he sometimes used to run away from the battle, he realized it was a worthy cause to take, for if he had not escaped, maybe he would have died with one of his comrades. If Henry Fleming had escaped the battle field completely, he would not have won the battle, and he would have been called a coward boy. He was a boy who was concerned about his community, and his personal image. It is depicted in the book how he did not want his colleague to disclose that he had escaped from the battle field, hence he does not make it a big deal for him when he was almost giving up in life, hence he had written a letter to his family as a sign of dearth. This story would be told by the aged to address the younger, showing them that life has challenges and one has to take some risks in order to become respectable in the community. The story would be told to motivate the young people who might have low self esteem so as to motivate them to take a certain challenge in life, bearing in mind all the available risks, but consequently undertaking the risk. The story can also e told to people who have not decided on doing a certain activity or pursuing a certain course. This story has more relevance to the current youths, who are reluctant and have fear of taking any risks in their life. As clearly illustrated by Henry Fleming, he only achieved fame and respect as well as class after persevering the challenges and the risks for being in the battle fields, where he witnessed some of his comrades losing their lifes The boy, who cried wolf By Vladimir Nabokov, is one of known best selling article, which has rich deep literature. The novel revolves around a boy who runs home crying wolf! Wolf! And in real sense there is no wolf. The implication of the story is to involve trick and convey the message that meaningful literature has purposeful trickery. The story outlines the aspect of imagination, as available in any figurative speech, which leads the reader or the listener to get carried with imagination. This happens for a period of time, till the reader misses the reality when it downs. As depicted in the Vladimir Nabokov novel, the boy used to go home crying wolf, until people got used to his story, and they could no longer take him serious because of her repeated constant calls. A day dawned when a real wolf chased the boy, and as usual the boy cried wolf! Wolf! And people assumed that it was just as always. Unfortunately, the boy was attacked by the wolf, and eaten by the wolf. Although the boy died, people regretted neglecting his cry, but they said it was his jokes that they did not help him. The boy died after being eaten by the wolf the boy allways cried about. My opinion is, when you keep wishing about having or encountering something, it will surely happen to you one day. No matter how bad or good ones wish or dream is, one day it will come to be a reality. The boy always cried wolf was following him, and after sometime it appeared to him. In addition, in another perspective, it can also be interpreted that, it is always good to tell the truth. Case in point, if only the boy kept his mouth shut, and only says the truth when the wolf appears, people would not have assumed him, and they would have come for his rescue. This story has a moral lesson that it is good to always say the truth, and people will always take you seriously. Alternatively, one should always have a positive wish towards his or her life. In other words, life gives back what one asks for. The boy kept calling wolf, and eventually he was killed by a wolf. This story can be directed to the young generation who turn deaf ear to the elders, and end up telling a lie to fit in their needs. The teenagers lie to the elders in order to get what they want, without taking into consideration the consequences of their lie. The story can also be told to those people who are less privileged in the society, for it is these people who have uncouth wishes for themselves. It should come to them as a lesson that in life, an individual are necessary to possess a positive vision . Having a positive attitude towards life is a strong state of the mind which enables an individual to be both strong psychologically and mentally and works to ensure that there is the building or creation of a strong personality. Buy custom Philosophy in Literature essay