Tag: Introduction

  • Advantages and Disadvantages of Traditional Economy

    Advantages and Disadvantages of Traditional Economy

    Explore the advantages and disadvantages of traditional economy: from subsistence-level production to sustainable resource management. Learn the key differences between cultural customs and modern economies with this blog post.

    Advantages and Disadvantages of Traditional Economy: A Comprehensive Guide

    A traditional economy is an economic system that relies on customs, traditions, and cultural beliefs to determine the production, consumption, and distribution of goods and services. In a traditional economy, economic decisions guide by long-standing customs and practices that have stood passed down from generation to generation. This type of economy often found in rural and indigenous communities. Where the way of life deeply rooted in traditional practices and where self-sufficiency and sustainability are prioritized.

    In a traditional economy, people often engage in subsistence agriculture and hunting, rely on barter for trade, and have limited access to modern technology. While traditional economies may face challenges in the face of globalization and modernization. Also, They have advantages in promoting social cohesion, preserving cultural heritage, and sustainable resource management.

    Advantages and Disadvantages of Traditional Economy Image
    Photo from ilearnlot.com

    Introduction to Traditional Economy

    A traditional economy is an economic system that relies on customs, traditions, and cultural beliefs to determine the production, consumption, and distribution of goods and services. This type of economy primarily found in rural and indigenous communities. Where the way of life deeply rooted in traditional practices and customs. Also, Traditional economies have existed for centuries, enabling communities to sustain themselves and preserve their cultural heritage. Study of Advantages and Disadvantages of Traditional Economy below are;

    Characteristics of Traditional Economy

    1. Barter System: In a traditional economy, the barter system is often used for trade. Goods and services are exchanged directly, without the use of currency. Also, This mutual exchange allows for the satisfaction of diverse needs within the community.
    2. Subsistence Agriculture and Hunting: Agriculture and hunting are the primary means of sustenance in traditional economies. People grow crops and raise livestock for their consumption rather than for commercial purposes. Also, This self-sufficiency helps communities meet their basic needs without excessive reliance on external markets.
    3. Close-knit Community: Traditional economies are typically characterized by close-knit communities where cooperation and communal sharing are highly valued. Each member of the community contributes to the well-being of the whole, fostering a sense of social cohesion and collective responsibility.
    4. Limited Technological Advancements: Traditional economies often have limited access to modern technology and rely on traditional tools and techniques for production. While this may limit productivity compared to technologically advanced economies, it also ensures the preservation of traditional skills and practices.
    5. Custom and Tradition: Economic decisions in traditional economies stand guided by customs, traditions, and societal norms, which pass down from generation to generation. These customs help maintain social order and provide a sense of continuity and identity within the community.
    6. Limited Division of Labor: There is a limited division of labor in traditional economies. With most individuals performing a wide range of tasks necessary for survival. This fosters a sense of self-sufficiency and interdependence among community members.
    7. Sustainability and Resource Management: Traditional economies emphasize sustainable practices and resource management to ensure the long-term well-being of the community. They often have intricate knowledge of local ecosystems and implement strategies for preserving natural resources and maintaining environmental balance.

    Advantages of Traditional Economy

    1. Social Cohesion and Community Identity: Traditional economies emphasize strong social ties and community cooperation. The reliance on communal resources and interdependence fosters a sense of unity and collective responsibility. Traditional economic activities often involve shared labor, mutual support, and reciprocal relationships. Leading to a tightly-knit community where cultural traditions and values are preserved.
    2. Sustainable Resource Management: Traditional economies have historically developed sustainable practices for managing natural resources. They often have a deep understanding of local ecosystems and employ techniques that prioritize long-term resource preservation. Also, This focus on sustainability helps prevent overexploitation and ensures the continued availability of resources for future generations.
    3. Reduced Dependence on Cash Economy: Traditional economies often rely less on cash-based transactions and instead favor bartering or non-monetary exchanges. This can be advantageous in regions where cash is scarce or inaccessible. Bartering allows communities to meet their needs by exchanging goods and services directly. Enabling resource distribution without the need for extensive monetary transactions.
    4. Preserving Cultural Heritage: Traditional economies are intimately tied to cultural values, rituals, and practices. These economies often provide a platform for the preservation and transmission of cultural heritage from one generation to the next. By engaging in traditional economic activities, communities can maintain their unique identity, protect traditional knowledge systems, and pass on essential skills and crafts.

    Disadvantages of Traditional Economy

    1. Limited Economic Growth: Traditional economies often experience limited economic growth and development. This is due to their focus on subsistence and the absence of market-oriented activities. Without a formal market structure, it becomes difficult to accumulate capital and invest in productivity-enhancing technologies. As a result, traditional economies may struggle to generate substantial wealth and expand their economic opportunities.
    2. Technological Disadvantage: Traditional economies face challenges in keeping up with technological advancements. The lack of access to modern tools, machinery, and knowledge can hinder productivity and competitiveness. Without the means to adopt new technologies, traditional economies may find it difficult to increase production or engage in value-added activities. This technological gap can further isolate these economies from the benefits of globalization.
    3. Dependency on Natural Resources: Traditional economies heavily rely on natural resources for sustenance. This can be sustainable when resources are managed properly. It also makes these economies vulnerable to environmental changes and the depletion of resources. Factors such as climate change, deforestation, and overfishing present significant challenges to traditional livelihoods and the overall well-being of the community. This dependency can hinder long-term economic stability.
    4. Limited Access to Infrastructure and Services: Traditional economies often have limited access to modern infrastructure, healthcare, education, and other essential services. The lack of access to these services can perpetuate inequalities between traditional and urban communities. It can also hamper the socioeconomic development of traditional economies. Making it difficult for them to compete with more developed regions. This limited access to infrastructure and services can hinder the overall progress and well-being of the community.

    Challenges of Traditional Economy

    1. Limited Economic Growth: Due to the focus on subsistence and lack of market-oriented activities. Traditional economies may experience limited economic growth and development. The absence of a formal market structure can hinder the accumulation of capital and investment in productivity-enhancing technologies.
    2. Technological Disadvantage: Traditional economies often struggle to keep up with technological advancements, which can hinder productivity and competitiveness. The lack of access to modern tools, machinery, and knowledge may limit their ability to increase production or engage in value-added activities.
    3. Dependency on Natural Resources: Traditional economies heavily rely on natural resources for sustenance. Making them vulnerable to environmental changes and depletion of resources. Factors such as climate change, deforestation, and overfishing can have detrimental effects on traditional livelihoods and the overall well-being of the community.
    4. Limited Access to Infrastructure and Services: Traditional economies may have limited access to modern infrastructure, healthcare, education, and other essential services. This lack of access can hinder socioeconomic development and perpetuate inequalities between traditional and urban communities.

    Conclusion

    Traditional economies play a significant role in preserving cultural heritage and sustainable practices. While they face challenges in a rapidly changing world, their emphasis on communal values, resource management, and adaptability continues to contribute to the resilience of many indigenous communities. Preserving and valuing traditional economies is crucial for maintaining cultural diversity, and environmental sustainability, and fostering inclusive development. What are the Advantages and Disadvantages of Traditional Economy? As we navigate toward a more interconnected global society, recognizing and respecting the contributions of traditional economies can help us strike a balance between progress and the preservation of ancient wisdom.

  • An introduction to order of operations: Definition, Rules, and Examples

    An introduction to order of operations: Definition, Rules, and Examples

    How Can an Order of Operations Calculator Help You? The order of operations is widely used in mathematics to calculate the problems of math expression perfectly. This form allows using of a sequence of mathematical symbols such as multiply, divide, addition, & subtraction.

    Here are the articles to explain, An introduction to Order of Operations Calculator: Definition, Rules, and Examples

    It is usually used all over the world to get a similar result by applying the correct sequence of operations in math expression problems. In this article, we will cover all the general basics of the order of operations calculator along with solved examples.

    An introduction to Order of Operations Calculator Definition Rules and Examples Image
    An introduction to Order of Operations Calculator: Definition, Rules, and Examples

    What is the order of operations?

    In mathematics, the order that is used to solve the mathematical expression correctly is known as the order of operations. Also, It provides a sequence of operations that are applied to the math expressions to get the correct result.

    The following are two well-known techniques of the order of operations that are frequently used all over the world.

    1. PEMDAS Rule
    2. BODMAS Rule

    In western countries (United States, United Kingdom, Canada, etc.), the PEMDAS rule is used to solve math expression problems. While in Asian countries (India, Pakistan, Sri Lanka, etc.), the BODMAS rule is used.

    Techniques of the order of operations

    Here is a brief introduction to both techniques of the order of operations.

    (i) PEMDAS Rule

    The PEMDAS rule is widely used in western and European countries for solving the expressions of mathematics in a perfect sequence. The PEMDAS stands for:

    • P for Parentheses “( )”
    • E for Exponent “^”
    • M for Multiplication “* or x”
    • D for Division “/”
    • A for Addition “+”
    • S for Subtraction “-”

    (ii) BODMAS Rule

    The BODMAS rule is widely used in Asian countries for solving the expressions of mathematics in a perfect sequence. The BODMAS stands for:

    • B for Brackets (brackets can be braces or parenthesis)
    • O for Order of (exponent “^”)
    • D for Division “/”
    • M for Multiplication “* or x”,
    • A for Addition “+”
    • S for Subtraction “-”.

    How to calculate the order of operations?

    The problems of the math expression can be solved easily with the help of the PEMDAS and the BODMAS rules. Below are a few steps to solve the problems of PEMDAS and the BODMAS rules.

    1. Firstly, evaluate the parenthesis, brackets, and braces that are present in the given math expression. Evaluate the leftmost parenthesis or braces first if there is more than one parenthesis or braces.
    2. After that evaluate the power, exponent, or order of the terms that are present in the math expression. Evaluate the leftmost exponent or order term first if there is more than one exponent or order.  
    3. Then evaluate the division and multiplication terms of the math expression from left to right.
    4. Lastly, evaluate the addition and subtraction operations from left to right.

    Following are a few examples of the order of operations.

    Example 1: By the PEMDAS rule

    Evaluate 63 + (112 – 8) * 44 – 40/8 + (43 + 17) – 2 (16 * 4) – 8 by using the PEMDAS rule.

    Solution

    Step I: Firstly, write the given math expression.

    63 + (112 – 8) * 44 – 40/8 + (43 + 17) – 2 (16 * 4) – 8

    Step II: Evaluate the parenthesis that is present in the above math expression.

    63 + (104) * 44 – 40/8 + (43 + 17) – 2 (16 * 4) – 8

    63 + 104 * 44 – 40/8 + (60) – 2 (16 * 4) – 8

    Also, 63 + 104 * 44 – 40/8 + 60 – 2 (64) – 8

    63 + 104 * 44 – 40/8 + 60 – 128 – 8

    Step III: Now evaluate the exponent terms present in the given math expression.

    (6 x 6 x 6) + 104 * 44 – 40/8 + 60 – 128 – 8

    216 + 104 * 44 – 40/8 + 60 – 128 – 8

    216 + 104 * (4 x 4 x 4 x 4) – 40/8 + 60 – 128 – 8

    Also, 216 + 104 * 256 – 40/8 + 60 – 128 – 8

    Step IV: Now solve the multiplication and division terms from left to right.

    216 + 104 * 256 – 40/8 + 60 – 128 – 8

    216 + 26624 – 40/8 + 60 – 128 – 8

    Also, 216 + 26624 – 5 + 60 – 128 – 8

    Step V: Solve the addition and subtraction terms from left to right.

    26840 – 5 + 60 – 128 – 8

    26835 + 60 – 128 – 8

    26895 – 128 – 8

    26767 – 8

    26759

    Step VI: Write the given math expression with the result.

    63 + (112 – 8) * 44 – 40/8 + (43 + 17) – 2 (16 * 4) – 8 = 26759

    To avoid such a large number of steps to solve the math expression, use a PEMDAS calculator.

    PEMDAS Calculator
    PEMDAS Calculator

    Follow the steps below to solve math expressions using a calculator.

    Step i: Write the given math expression into the required input field.

    Step ii: Click the calculate button below the input field.

    Also, Step iii: The result will show in a fraction of a second with steps.

    Step iv: Hit the show more button to view the solution with steps.

    Example 2: By the BODMAS rule

    Solve 12 – (7 + 11) * 6 + 93 – 40/5 – (60 * 3 + 12) + 5 (2 * 14) / 44 by using the BODMAS rule.

    Solution

    Step I: Firstly, write the given math expression.

    12 – (7 + 11) * 6 + 93 – 40/5 – (60 * 3 + 12) + 5 (2 * 14) / 44

    Step II: Evaluate the parenthesis present in the given math expression.

    12 – (7 + 11) * 6 + 93 – 40/5 – (60 * 3 + 12) + 5 (2 * 14) / 44

    12 – (18) * 6 + 93 – 40/5 – (60 * 3 + 12) + 5 (2 * 14) / 44

    Also, 12 – 18 * 6 + 93 – 40/5 – (180 + 12) + 5 (2 * 14) / 44

    12 – 18 * 6 + 93 – 40/5 – (192) + 5 (2 * 14) / 44

    12 – 18 * 6 + 93 – 40/5 – 192 + 5 (28) / 44

    Maybe, 12 – 18 * 6 + 93 – 40/5 – 192 + 140 / 44

    Step III: Now solve the exponent terms present in the given math expression.

    12 – 18 * 6 + 93 – 40/5 – 192 + 140 / 44

    12 – 18 * 6 + (9 x 9 x 9) – 40/5 – 192 + 140 / 44

    Also, 12 – 18 * 6 + (729) – 40/5 – 192 + 140 / (4 x 4 x 4 x 4)

    12 – 18 * 6 + 729 – 40/5 – 192 + 140 / 256

    Step IV: Now solve the division and multiplication terms from left to right.

    12 – 18 * 6 + 729 – 40/5 – 192 + 140 / 256

    12 – 108 + 729 – 40/5 – 192 + 140 / 256

    Also, 12 – 108+ 729 – 8 – 192 + 140 / 256

    12 – 108+ 729 – 8 – 192 + 0.55

    Step V: Solve the addition and subtraction terms from left to right.

    12 – 108+ 729 – 8 – 192 + 0.55

    -96 + 729 – 8 – 192 + 0.55

    633 – 8 – 192 + 0.55

    625 – 192 + 0.55

    433 + 0.55

    433.55

    Step VI: Write the given math expression with the result.

    12 – (7 + 11) * 6 + 93 – 40/5 – (60 * 3 + 12) + 5 (2 * 14) / 44 = 433.55

    Conclusion

    Now you are witnessed that solving the problems of math expression by using the PEMDAS and BODMAS is not a difficult task, as well as the order of operations calculator. You have to follow the sequence of operations to get the correct result.

  • 10 Problems in Business Financial Analysis Example

    10 Problems in Business Financial Analysis Example

    This Essay article Discussion the 10 Problems Existing in Business Financial Analysis Example. Due to the rapid changes in the operating environment of businesses, the diversification of demand, goal orientation and analysis methods, and the participation of multi-department and multi-level personnel, some businesses do not pay attention to financial analysis, financial analysis cannot identify needs, positioning is unclear, and the Guiding the future, failing to find benchmarks for comparison, not considering risks, ignoring capital costs, not incorporating non-financial indicators, lacking dynamic analysis, and not analyzing the overall ten major problems.

    Here are the articles to explain, the 10 Problems Existing in Business Financial Analysis Example!

    The process of solving these problems is the process of emancipating the mind, raising awareness, changing functions, identifying the position, and serving the development strategy of the business’s accounting work. You may also like to know about ERP systems in Financial Management Essay.

    Introduction

    Business financial analysis example refers to the professional analysis of the production, operation, and financial activities of the business according to the different purposes of information use, starting from the financial point of view, comparing the objectives and benchmark indicators, revealing the differences between the results of the activities and the objectives, and exploring the driving factors for the differences. , the process of proposing alternative solutions.

    Due to the rapid changes in the operating environment of businesses, the diversification of demand, goal orientation, and analysis methods, as well as the participation of multi-department and multi-level personnel, some businesses have some problems in financial analysis. This paper puts forward ten common questions, hoping to inspire the financial analysis work of businesses.

    The following 10 common problems in business financial analysis example below are;

    Problem 1: Emphasis on accounting and light on financial analysis.

    At present, China is still in a period of economic transition. On the one hand, due to market and own reasons, some investors’ investment decisions and managers’ management decisions seldom rely on financial information support, resulting in an insufficient demand for financial information from users.

    On the other hand, due to corporate accounting standards and institutional adjustments Frequently, to keep up with the changes, the accounting personnel of most business fails to properly handle the relationship between the adjustment of corporate accounting and accounting work, service, operation, and management, and spend a lot of time and energy on learning new standards, new systems and adjustments.

    In the accounting system and accounting information system, there is little time for financial analysis, so it is difficult to provide effective financial information products for business decision-makers through financial analysis. Under the circumstance that accounting stands handled by the standards imposed by the state. And the demand and supply of businesses for financial analysis are insufficient. Most businesses still emphasize accounting and neglect financial analysis.

    Problem 2: I can’t find the demand, and I don’t know who to serve.

    In reality, some corporate financial personnel do not know or fully understand the needs of relevant parties for accounting work, which makes them unclear who the accounting work should serve. It reflects in the financial analysis that they are not clear who should provide financial services. Analyze products and what products should offer.

    The financial departments of these companies do not use to connect with business units. And stand used to operating from the headquarters, positioning the department as a condescending functional department of the headquarters, not knowing the “customers” of financial analysis, and unwilling to provide personalized financial services for business departments. need. One mode of financial analysis goes all over the world, and only one financial analysis product produces. Business Financial Analysis Example reports are professionally obscure and difficult to understand.

    Problem 3: The positioning is unclear and the function is unclear.

    Some businesses have an unclear understanding of the positioning and function of financial analysis, unilaterally attach importance to business financial analysis examples, analyze very carefully, and the problems prompted by the analysis results are also in place. However, after the analysis, there is no more. They mistake financial analysis as the core of strategy execution analysis rather than strategy and strategic action plans. As a result, more and more problems stand found in financial analysis. And the role of financial analysis seems to be more and more important. But the company is still taking the old road, and the strategy execution may deviate from the target, or there are many difficulties.

    Problem 4: Only examine the past, not guide the future.

    Affected by the manager’s controlling thinking habits, some businesses stand accustomed to financial analysis and inspection of the activities that have stood completed, unchanged, and have resulted in the past, but cannot analyze and communicate based on the past, combined with the present, and focus on the future. Financial analysis that does not serve the future will only find past problems and be content with what has existed achieved.

    In the collection and processing of information. The financial analysis of these businesses is mainly based on internal and static information. And rarely uses dynamic environmental information provided by external competitors. So the financial analysis results cannot stand used for dynamic adjustment of corporate strategies. Guidance and help, then it is unknown whether it is Sunshine Avenue or thorny bushes that go down this road.

    Problem 5: I can’t find a benchmark, I don’t know the pros and cons.

    Because there is no strategy, the strategy is not clear. Or the strategy has not existed and transformed into an executable standard. Some companies are not clear about the industry competition. Do not find or find external benchmarks, and do not analyze or analyze their strengths and weaknesses. There are no opportunities and threats. Internally, there is a lack of a clear marching line and stage goal to reach the strategic goal. And it is not even clear which stage the company has reached.

    The result of not being able to find an external benchmark is accustomed to self-comparison. Accustomed to comparing the company’s plan, compared with the same period in the past. Whether there is a problem with the plan and the past or the current problem, is unknown. If there is no correct comparison, there will be no real motivation, and the correct direction cannot be found.

    Problem 6: Does not consider risks, or is too conservative.

    Some businesses lack risk awareness and do not conduct risk analysis in decision-making. In the past, they were lucky and courageous. They never considered or rarely considered risks in financial analysis, and did not make risk adjustments to the analysis results. As a result, the decision-making level of the business exaggerates its capabilities. Likes to impact small probability events, and cannot see the abyss ahead.

    When the risk becomes a loss, the business has fallen into a situation where it is impossible to recover from redemption. Due to the lack of a correct understanding of risks, some businesses are afraid of risks, or lack a risk management system and a risk responsibility system, can’t see the opportunities hidden in the risks, and miss the development opportunities, so that the backwardness will be eliminated.

    Problem 7: Excluding capital costs, affects efficiency.

    Some businesses have deep pockets and large stalls, especially some monopoly businesses. Project analysis and internal accounting do not take into account the cost of capital occupation. And the business units that occupy a large amount of capital in the business are a burden to contribute. To become bigger, such businesses sometimes acquire a large number of low-profit businesses regardless of capital cost. Although these businesses have been profitable for many years. The return on net assets is much lower than the market interest rate. Occupying a lot of resources of shareholders and society to operate inefficiently.

    Problem 8: Emphasis on financial indicators and light on non-financial indicators.

    Although the assumption of monetary measurement provides the convenience of processing corporate information for accounting work. It also tends to make some companies only focus on the results and ignore the process. Some companies focus on the analysis of financial indicators and neglect the analysis of non-financial indicators. The process of analysis is from large results to small results; only numerical results are obtained. But the connotation of the numbers is not clear, and the driving factors for the results can never be found. And no problem-solving is involved in an action plan.

    Businesses based on value management tend to reduce costs and strengthen asset structure and other more accessible goals. They often ignore the influence of many external uncontrollable factors. They are difficult to measure in monetary terms and omit some non-monetary external strategic information. The response to threats and opportunities is slow; the internal evaluation is only based on financial indicators. And the new business with core competitiveness that is related to the long-term development of the business is rejected.

    Problem 9: Used to use static analysis, lack of dynamic analysis.

    Some businesses are accustomed to using static thinking, static business development strategy, static market environment, static production and operation plan, and static employee needs and abilities to conduct static analysis of businesses. These companies seldom pay attention to external and internal changes, seldom dynamically revise and improve their strategic planning, and seldom adjust their action plans. Therefore, it is difficult to keep up with the times, keep pace with the times, and keep pace with the times.

    Problem 10: Without dissecting the whole, the individual analysis is insufficient.

    Some large businesses and large groups are getting bigger and bigger, and their financial analysis is becoming more and more macroscopic. They did not conduct a financial analysis of each branch center, business process, and operation unit of the business like dissecting sparrows, so they could not analyze the strategic contribution of individuals, so it was difficult to tap and cultivate the core competitiveness of the business; If the analysis is not objective and in place, it will lead to the phenomenon of inefficient crowding out the resources of strategic units and efficient divisions, and the inefficiency of the overall resource allocation of the business will ultimately affect the overall efficiency of the business.

    Conclusion

    The above 10 problems exist more or less in the financial analysis of most businesses, and the process of solving these ten problems will also be to emancipate the mind, raise awareness, change functions, identify positioning, and serve the development strategy of businesses in the accounting work of business. At the same time, it is also a process for businesses to correctly use financial analysis and scientific and refined management.

    10 Problems Existing in Business Financial Analysis Example Image
    10 Problems Existing in Business Financial Analysis Example; Photo by Mimi Thian on Unsplash.
  • Consumer Behavior in Marketing Meaning Definition

    Consumer Behavior in Marketing Meaning Definition

    What is the Meaning and Definition of Consumer Behavior in Marketing? Consumer behavior is the finding out about how character customers, groups, or groups select, buy, use, and dispose of ideas, goods, and offerings to fulfill their wishes and wants. It refers to the moves of the buyers in the marketplace and also the underlying factors for these actions.

    Here are the articles to explain, Meaning and Definition of Consumer Behavior in Marketing!

    Marketers count on that through appreciation of what motivates the buyers to purchase precise items and services. They will be capable to determine—which merchandise is wanted in the marketplace. Which is obsolete, and how fine to current the items to the consumers.

    The learn about purchaser conduct assumes that buyers are actors in the marketplace. The standpoint of position concept assumes that buyers play quite a several roles in the marketplace. Starting from the provider of the record, from the consumer to the payer, and the disposer, also buyers play these roles in the choice process.

    The roles additionally range in exclusive consumption situations. For example, a mom performs the function of an influencer in a child’s buying process. Whereas she performs the position of a disposer of the merchandise fed on through the family.

    Introduction to Consumer Behaviour;

    Consumer Behaviour or Buyer Behaviour refers to the conduct that displays. With the aid of the character whilst they are buying, consuming, or disposing of any specific product or service. These behaviors can affect by way of more than one factor. Moreover, it additionally includes looking for a product and evaluating of product. Where the patron evaluates unique features, purchases, and consumption of the product. Later the post-purchase conduct of the product is studied. This indicates purchaser pride or dissatisfaction with the place it includes the disposal of the product.

    The clients whilst shopping for a product go thru many steps. Finding out about patron conduct helps to recognize how shopping for selection stands made and how they seem to be for a product. Moreover, perception of purchaser conduct additionally helps entrepreneurs to recognize the what, where, when, how, and why of the consumption of merchandise consumption. These assist entrepreneurs or agencies to comprehend the cause at the back of the buying of merchandise by way of buyers and how it satisfies them. Among different factors, fundamental wishes like refuge and starvation alongside a craving for psychological success tends patron to purchase a positive product or service.

    Meaning and Definition of Consumer Behavior;

    Some chosen definitions of consumer behavior are as follows:

    According to Engel, Blackwell, and Mansard;

    “consumer behavior is the actions and decision processes of people who purchase goods and services for personal consumption”.

    According to Louden and Bitta;

    “consumer behavior is the decision process and physical activity, which individuals engage in when evaluating, acquiring, using or disposing of goods and services”.

    Consumer behavior is the finding out about how personal customers, groups, or companies select, buy, use, and dispose of ideas, goods, and offerings to fulfill their desires and wants. It refers to the moves of the buyers in the market and also the underlying explanations for these actions.

    Consumer Behavior in Marketing Meaning Definition Image
    Consumer Behavior in Marketing Meaning Definition; Photo by Clay Banks on Unsplash.
  • Effective Communication between Editors and Authors

    Effective Communication between Editors and Authors

    Effective communication between editors and authors is an important part of editing work and an important way to improve the quality of publications.

    Here are the articles to explain, the Effective Communication between Editors and Authors!

    In this article, we adopt different effective communication methods for different situations of manuscripts. And pay attention to playing and educating a role in the process of communication with authors. To communicate effectively, editors should also focus on cultivating service awareness and improving their quality.

    Introduction;

    The phrase “a good article is revised” has the same reasoning in scientific journal articles. Because the author will have certain problems or less in the article. Then, from reviewing, and withdrawing to proofreading, all links require editors to communicate with authors. Communication with authors is part of the daily work of journal editors. It is an important task for a responsible editor to effectively communicate with the author. So that it can revise according to the requirements of the reviewers or the publication requirements of the journal.

    Adopting a positive and effective communication method can increase the understanding and trust between editors and authors. And at the same time increase the author’s favorable impression of the journal, injecting potential for the long-term development of the journal. Regarding the way of communication, Zhang Lin believes that different authors should treat differently and that it varies from person to person. At the same time, author-oriented thinking and smooth communication channels should also establish.

    The author’s unit;

    It is a university journal, and most of the authors of the article are graduate students. Jiang Fengxia believes that it is necessary to maintain a positive attitude when communicating with postgraduate authors. Use mentality to win so that more good articles are present in people’s vision. No matter what method of communication stands used, editors must improve their cultivation, including ideological quality and business ability. Colleges and universities are important positions for cultivating talents.

    Similarly, editors of college journals should also give full play to the function of educating people in their effective communication with authors. Only by letting the journal truly play the role of educating students in the process of colleges and universities, can the editorial work is done in place, truly serve the students of colleges and universities and the future development of colleges and universities, and provide the content for college principals to build the journal. Good basic guarantee.

    This article stands introduced based on work practice and the experience of communicating with the author. To provide references for other editors in the process of communicating with the author.

    Establish a convenient way of communication;

    To communicate with the author, first of all, it is necessary to establish a convenient communication channel. In addition to the editing platform, the commonly used communication is the office phone. The office phone also has certain inconveniences. First, due to the limitation of office hours, the editor is also busy when the editor is at work. Or the editor in charge of going out has something to do. So the author cannot contact them after calling many times. Telephone communication can affect other people’s work.

    Now that multimedia stand developed, it is most convenient to directly establish QQ or WeChat communication with the editor in charge. Both parties stand satisfied that using QQ to communicate, not only can they communicate at any time. If there is a problem, also reduce the interference to others. Using the current form of new media to communicate is not only convenient. But also can adapt to the time of both parties to communicate at the right time. Promote the effectiveness of communication between the two parties, and avoid interference with each other’s lives.

    This is an important development in the current establishment of convenient ways of communication. And, it is also an aspect that needs to stand paid attention to in the process of effective communication between editors and authors in the future.

    Different ways of communication between editors and authors;

    Adopt different communication methods for rejected manuscripts and manuscripts to accept;

    The opinions of experts at the stage of withdrawing manuscripts play a decisive role in deciding. Whether to accept the manuscript and also play a major reference in the further revision of the manuscript to accept. No matter what communication route stands taken, it is to use language or writing. For rejected manuscripts, the language of comments in the manuscript must be euphemistic, standardized, rigorous, and sincere, summarizing the overall problems of the article, and affirming the advantages and value of the article.

    It is not possible to completely deny the author’s ideas or the writing of the composition, but only euphemistic language. Write the reasons why it is not suitable for publication. Therefore, some authors are very grateful, to supplement the data or re-write according to the comments. And then submit it to this journal, the quality has stood greatly improved before. However, if the rejecter adopts hard language at the stage of rejection, it will be psychological harm to the author.

    There will also be a certain shadow in future writing. Which makes it difficult to form new language forms and innovate. Their writing methods for the form and content of the writing. Also, it will hinder the author’s future writing development. The suggestions for revision of manuscripts to stand accepted or revised and re-reviewed mainly refer to the opinions of experts, and must be specific. Since most of the authors of the journal are graduate students who are new to the writing of papers. The editor-in-charge should give a concise summary of the article as a whole. As well as refine the specific revision points, so that the author can target them.

    Some expert opinions are relatively general;

    Such as: “writing or professional terminology exists not standardized”, “the preface needs to be concise, and individual statements in the main body need to be clear” or “the conclusion needs to be deducted and concise”, but they stand not specifically pointed out in the article, resulting in some authors comparing I was confused and had no idea when revising, so in the process of revising, I couldn’t get a satisfactory manuscript many times.

    Therefore, when editors write withdrawal opinions, they must first thoroughly understand the content of the article. Understand the meaning of experts, and understand the problems in the article. In this process, sometimes it is necessary to communicate with experts and list the problems in the article one by one. So that authors can make better revisions and further improve the quality of the manuscript. This is the key link to improving the quality of manuscripts. The author cleanses the shortcomings of his ing and can improve it in future writing. Providing good help for his e-development and the quality of future manuscripts.

    Adopting different communication methods for different revisions;

    Errors in articles manifest in different ways and require different communication with the author. Some are intellectual errors, some are careless, and some are inconsistent in format or inconsistent with the publication format of this journal, and different communication methods stand required for different revisions. If it is an intellectual error, be sure to ask the question carefully, or be able to find relevant literature for the author to refer to.

    For example, in one author’s article, different varieties of a plant stood subjected to stress treatment. And relevant indicators stood measured to judge their stress resistance. When the author carefully looked at his article, he found that the conclusion was wrong. Malondialdehyde is the product of damage to the cell membrane. The higher the content, the more serious the damage to the plant. And the varieties with high malondialdehyde content in this article are more resistant. So I communicated with the author and found that the author’s meaning of the malondialdehyde index was unclear.

    When analyzing it with software;

    It was regarded as a resistance index. After communication, a reasonable conclusion was obtained. In terms of standardization and standardization of articles. Editors have the rich practical experience and can find more problems and should provide more guiding opinions. For example, the Latin genus or species names and gene symbols of organisms are usually italicized. While transcription factors and protein symbols are in the normal font. Sometimes the unit of quantity stands not standardized, or the wording is wrong. This can be modified after confirming with the author.

    However, if the mistakes are caused by carelessness. Such as the superscript of the literature, the subscript of the molecular formula. And, the format of a certain article in the reference is inconsistent with the publication. These small places can be modified by the author, or they can be modified by themselves, saving time and energy.

    Communication requires a relaxed and harmonious atmosphere;

    If there are many problems in the article, and the author has not made enough revisions many times. It is a convenient choice to communicate by phone or go to the editorial department for face-to-face communication. Authors who are on-campus graduate students are always apprehensive and nervous. At this time, the editor should be approachable, reduce the psychological pressure on the students, not be arrogant, have a gentle attitude, explain the revision requirements in detail to the author, and at the same time pay attention to respect and patiently listen to the author’s ideas.

    Get along with the author as equals as friends. When talking with the author, you may wish to use humor to ease the atmosphere, so that the author can relax in a relaxed atmosphere, which is also conducive to communication, and increases the author’s favor and trust in the editorial department, which is conducive to the next step. work in progress. A harmonious and pleasant communication atmosphere can ensure the effectiveness of communication, and can truly achieve the development of manuscript quality in the process of communication.

    Play an educative role in the process of communication;

    As a teacher in a college, educating people permeates all work, and as a college journal, also bears such an important responsibility. First of all, the work attitude is patient, loving, and sincere, so that author feels the editor’s seriousness and enthusiasm, and shows the editor’s professional ethics. Among the postgraduate authors, the academic morality is weak, and the bad phenomenon of fraud occurs from time to time, and then there is the situation that the writing is not standardized and the writing attitude is not correct.

    The phenomenon of multiple submissions for one manuscript still exists. After discovery, we must communicate patiently and explain the importance of integrity to students. With the development of society, people’s integrity is becoming more and more important. In particular, the falsification of experimental data is even more unacceptable. Once found, communicate with the author promptly communicating, consider the author’s perspective, persuade and educate sincerely and euphemistically, and require the author to write realistically.

    Other journals;

    University journals should shoulder the responsibility of cultivating authors’ academic ethics; as well as cultivating their rigorous academic attitude and honest and trustworthy work style. Because the State Press and Publication Administration has high requirements on the quality of publications and implements the “three-inspection and three-proof” system, the editor will carefully check it again and again to eliminate possible errors, and therefore will ask the author to confirm it again and again.

    Authors often say thank you to the teacher, thank you for correcting mistakes over and over again, and learn from the professional attitude of editing teachers; some authors say that this is the first time I have written an article, and I don’t understand many things. I feel that I have grown a lot, and I am very grateful to the editorial teacher for his patient guidance. At this time, we feel that all the hard work is worthwhile, and at the same time; we can optimize the quality of the journal and enhance its influence of the journal.

    Effective communication requires editors to improve their city

    Editors should have a sense of service;

    The service consciousness of editors is the professional quality that editors should have. Editors should establish a sense of serving the author, think from the perspective of the author; and, experience the author’s mood from the author’s point of view. “Think of what the author thinks and worry about what the author is worried about”; will resolve the conflict between the editor and the author; which is the ideological basis for the editor to communicate effectively with the author.

    Editors should continue to participate in learning and improve their business literacy;

    As an editor, having relevant editing skills and high professionalism is the basis for doing a good job. Editors should often participate in relevant professional training, and participate in academic lectures in related disciplines to broaden their academic horizons. In addition to editing knowledge, as an editor in charge of a professional column, he should be familiar with the major of the column he is in charge of. Zhu Chunhua believes that he should pay close attention to the latest progress and disciplinary trends so that he has a keen academic insight so that in the process of reviewing and revising manuscripts Can better grasp the content of the manuscript.

    Arm yourself with traditional culture and educating knowledge in the new era to improve your ideological quality;

    Traditional culture is the treasure of the Chinese nation. On many occasions, it is emphasized that we should attach importance to the study of traditional culture and actively improve the humanistic quality of individuals. At the same time, we must attach importance to the study of socialism with Chinese characteristics in the new era and the study of “not forgetting the original intention and remembering the mission”, and strengthen our political literacy, improve our service awareness, and implement it in our work.

    In general, effective communication between editors and authors is an important part of editorial work. Which is related to the quality of published manuscripts. Effective communication with authors can save time, improve efficiency, and improve the quality of manuscripts. At the same time, it also allows authors to have more goodwill and trust in the journal. Which is conducive to broadening the channels for manuscripts and plays an important role in improving the quality of the journal.

    Of course, different editors have different effective communication methods. As long as the purpose of serving the author remains unchanged, they can always maintain their patience, love, and sincerity. They will be able to communicate and communicate smoothly with the author.

    Effective Communication between Editors and Authors Image
    Effective Communication between Editors and Authors; Photo by Jason Goodman on Unsplash.
  • What are the Human Resource Policies and Procedures?

    What are the Human Resource Policies and Procedures?

    Human Resource Policies and Procedures; They can define as “continuing guidelines on the approach the organization intends to adopt in managing its people”. They exist formal rules adopted by a business that defines how to employ, train, assess, and reward the personnel, forming the philosophies of the organization; which lead to the principles that managers exist supposed to practice when coping with HR matters.

    Here is the article to explain, How to define the Human Resource Policies and Procedures?

    Consequently, human resource policies and procedures help in the decision-making process concerning staff when HR practices unfold. The assignment looks at an HR policies concept that promises to help organizations to manage various situations in the working environment. The central statement that this part attempted to discuss and debate is:

    Introduction;

    According to Salinas O. in his Article “Other concepts and tools in Human Resources”. Policies of recruitment, implementation, maintenance, development, and control of Human resources are vital for the proper performance of the workforce in the company.

    “In our opinion, the policies set by the company will never be unnecessary, just poorly developed or they have not been designed”.

    Advantages and Disadvantages of Human Resource Policies and Procedures;

    The main claim made for human resource policies and procedures is that when they exist well-organized; it can eliminate potential misinterpretations between employees and employers defining their rights and obligations within the firm.

    Ramey & Sniffen claim that;

    “Sound human resource policy is a necessity in the growth of any business or company”.

    Authors believe that recognition of this necessity usually appears after the increase in time and money wasted on resolving human resource issues. These resources could exist well spent on production, marketing, and planning for growth.

    Effective, consistent, and fair human resource decisions exist often made more time-consuming by a lack of written, standardized policies and procedures. The advantages of written HR policies may sound obvious, but there are also disadvantages.

    According to Armstrong, formal policies can be inflexible, constrictive, and platitudinous. Moreover, policies exist often expressed in abstract terms that may lead managers to get confused over abstractions.

    It appeared that even though HR experts tend to believe that written policies are a necessity, employees are usually against them; it as written records may become dangerous and can be used against them in a lawsuit and vice versa; the organization can become a subject to similar attacks.

    Organizational Analysis;

    We can notice examples that show us the relationship between cause and effect of the poorly developed policies; which further lead to organizational problems and low productivity. This can reflect in the following organizational examples analyzed below; however, some of the organizations mentioned have adopted some human resource policies and procedures which brought a positive impact on the organization.

    Organizational Examples;

    Wright et al. argue that companies start treating people as a human capital of competitive advantage; which can take through the human resource policies and procedures that best leverage HR practices and its performance. Hilton International’s UK hotels perceive this idea as being fundamentally concerned with the deployment of a service culture; throughout the organization by paying special attention to line manager involvement in human resource practice.

    HR policy stands also designed to address gender issues with an emphasis on equal opportunities and efficiency concerns. Not taking these issues seriously usually leads to sexual discrimination, particularly among the woman’s workforce sector.

    Examples of Human Resource Policies and Procedures Company;

    A study conducted by Standing describes the lack of reference to gender issues mostly in developing countries. It is exemplified that in Zimbabwe women’s formal sector employment is mainly in the service sector and women stand at the lower end of the hierarchy and salary grades. It exists also noted that in Uganda, only 3.7% of women are employed in professional, technical, clerical, and managerial occupations.

    LG Electronics India Company;

    LG Electronics India had come up with a new and improved HR Policy by introducing the Joyful Working 5 (JW5) program. To accelerate and strengthen the Culture at LGEIL as the survey stood conducted within the company; which mainly focused on the monotony employees are facing at work and the boredom they are undergoing. Such policy created the platform for both the employees and employers in a better understanding and pleasant work environment; which not only helped the company create a compelling future; but also build the culture of striving for the number one position in the industry.

    NHS Direct or UNISON Company;

    NHS Direct was planning to redundant some of their employees in the next few months. With the formal company policies in place; the UNISON union committee had fought back with the statement that NHS Direct has breached policy for reasons; which include failing to consult with UNISON’s collective committee that there were plans to issue an advance notice of redundancies.

    As a result, NHS Direct’s director of human resources said;

    “If the proposal is accepted, we would, wherever possible, offer staff alternative employment at nearby NHS Direct sites, and redundancies would only take effect as a last resort”.

    Blue Cross Company;

    This is a case about Blue Cross Company; according to Larson, Susan Baldwin working for Blue Cross Company claimed she existed subjected to various profanities and sexual innuendo from her boss. Blue Cross immediately interviewed Scott Head, the alleged harasser, and three other employees, but no one substantiated Baldwin’s claims. Rather than terminating or disciplining the supervisor, Blue Cross gave him a warning and offered to hire an industrial psychologist to counsel both him and Baldwin. She refused. When Baldwin refused Blue Cross’s subsequent offer to transfer her to another location, she stood terminated. Her lawsuit followed quickly.

    The court found that Blue Cross was not liable for discrimination for terminating Baldwin because, “Firing an employee because she will not cooperate with the employer’s reasonable efforts to resolving her complaints is not discrimination based on sex, even if the complaints are about sexual harassment”. The court also found that Blue Cross was not liable for the alleged acts of its supervisor; because it exercised reasonable care to promptly correct harassing behavior; as soon as it existed reported, and Baldwin unreasonably failed to take advantage of the remedial actions Blue Cross offered.

    Sharon Coleman a former legal secretary;

    A case about Sharon Coleman a former legal secretary in July 2008, won a legal battle in the European Court of Justice against her employers Attridge Law (now called EBR Attridge LLP); whom she accused of discriminating against her at the workplace and of having forced her into accepting voluntary redundancy.

    As Coleman had a 4-year-old son who existed disabled, born with a medical condition that led to his having difficulties in breathing and hearing. According to Coleman, she existed treated differently at work from other employees, who had normal children. By the law of Flexibility in the Workplace & Discrimination by Association, Coleman sued the company and won her legal battle.

    Eli Lilly & Company;

    Eli Lilly & Company (Lilly) world’s leading Pharmaceuticals Company; which claims to have a very good diversity program running at the company and existed also widely regarded as a very good employer, faced a federal lawsuit regarding the company’s human rights policies and practices. On April 20, 2006, a class-action lawsuit stood filed with the US District Court, Southern District of Indiana, by four black employees who had worked at Lilly. The lawsuit charged the company with being hostile and biased against them because of their race. Lilly stood accused of discriminating against the black employees based on race and denying them fair wages, promotions, performance evaluations, and discipline.

    General Electric Company;

    In terms of renovation, reinvention, transformation, or redesign; General Electric has done emphasis on having a good working relationship and keeping the best atmosphere for their employees. According to Immelt J, people are the most important value in General Electric. Therefore, the ability to recruit the best people in the world is a competitive advantage without comparison. A strategic point in the management of RH is the communication chain, at the same time; the leaders must be able to represent employers and employees. Clear human resource policies and procedures are essential so employees could understand their company and gain a sense of belonging.

    Harley Davison Company;

    Harley Davison has a human resources system based on formal training and learning management. The result of this is that their employees share a positive attitude that exists associated with the development and competitiveness of this Company.

    Harley Davison institutionalizes its commitment to learning and created the University of Harley to develop leaders, translating values into action with an emotional performance in which the value attached to learning applies and, the evaluation of individual performance shapes a new organization in which the learning share and it is the ingredient that binds employees.

    IKEA Company;

    For the Swede Ingvar Kamprad Founder of IKEA company, who started his idea in 1943, thinking about the necessities of the common people and nowadays his company has branches in 36 countries of Europe, Asia, North America and Oceania with more than 200 stores, the protection, and care of his employees is and will be one of the most important policy, doing of them, a company with high social responsibility.

    Currently, IKEA has more than 105.000 employees, for this reason; their greatest concern for them give their employees a good balance between work and personal life; therefore, they have kept flexibility in their tasks and activities, suitable schedules, plans of professional development, support in different studies as college or universities and medical coverage; consequently of their policies in RH and programs for employees, IKEA has received several awards.

    Walmart Company;

    WALMART is a company that is in the top 5 of the greatest companies in the world. Its success is based mainly on “customers and employees” the policies created around the employees were essential in his goals; Sam Walson founder offered their employees, benefits, and gains, they were part of the excellent results.

    In other words, Sam Walson wanted his employees to be members, encouraging cashiers to managers to think about how owners, ideas very successful likewise, for him, was fundamental to have employees with new ideas, clear thoughts, and a positive minds without bad habits from their previous jobs.

    Nestlé Company;

    Nestlé was a result of the merger in 1905 of the Anglo-Swiss Condensed Milk, founded in 1866, with (Farine Lactea) Nestlé SA.; Founded in 1867 by Henri Nestlé; who invented a product that continues to save the lives of children and newborn – infant formula for babies whose mothers cannot breastfeed; its success is the sum of a long and distinguished history, part of its success is based on the thought; that their partners should achieve a good balance between their careers and their privacy. Not only because it reinforces loyalty, satisfaction and it improves productivity; also it has a positive impact on the reputation of the Company and attracts and motivates employees.

    Microsoft Company;

    According to the list of Best Workplaces 2007, Microsoft has existed designated; as the company with a better working environment, the study includes credibility, respect, fairness, pride, and camaraderie. According to it, the Microsoft executives are fulfilling their promises in creating career and training opportunities and properly assigning functions (promotions to worthy people); the company involves employees in decision-making takes into account their suggestions, recognizes his work, and allows flexibility.

    American Express Company;

    Employee networks are a key element of American Express’ success in supporting diversity in the workplace. Currently, American Express has 10 networks open to all employees organized around topics of interest to African-American, Asian, Christian, Gay & Lesbian, Hispanic, Jewish, and Native American employees, as well as for People over 40, People with Disabilities, and Women. These networks provide support to American Express’ business objectives, including enhancing marketing efforts in targeted communities, supporting employee recruitment and retention initiatives, and participating in outreach and volunteer programs.

    These networks have also been instrumental in helping to introduce new policies and benefits to employees. For example, GLOBE, the company’s gay and lesbian network, was instrumental in having domestic partner benefits introduced back in 1997. And WIN, the women’s network, worked with management to introduce a customized companywide alternative work arrangements policy; as well as a free backup childcare center in several locations throughout the United States.

    ENRON Company;

    Mishandling of the resources human policies can lead to failure. Such as is the case of ENRON one of the seven biggest companies in the United States; the problem existed focused on a poor policy of recruitment and selection, due to, the chosen people with high qualifications; but they were not suitable for the position, besides people hired by just friendship, taking wrong decisions in critical situations.

    This is the case of Cindy Olson who was HR Vice-President of ENRON. She did not have enough knowledge about United States laws regarding employee benefits, giving wrong advice on investment over stock options. The previous point represents a serious violation of the financial legislation in the United State of America.

    Conclusions;

    Looking at the evidence provided, it seems that the production and maintenance of formal human resource policies and procedures records exist applied in ways that assure that personnel management policies are in use. Companies typically have to make revisions to established HR policies regularly; otherwise, there is a danger of those policies becoming outdated as the company grows; and as the regulatory and business environments in which it operates evolve.

    On the other side, Policies can make today and changed tomorrow who can stop the management from doing that? Most research on human resource (HR) policies in the workplace suggests that formal policies can contribute to variation in discrimination by altering employers’ behaviors. We consider an alternative manner by which HR policies influence formal discrimination complaints; human resource policies and procedures, especially those targeting employees, can raise employees’ rights awareness and encourage them to seek remedies for discrimination at work.

    What are the Human Resource Policies and Procedures Image
    What are the Human Resource Policies and Procedures?
  • What is Alternative Business Structure (ABS)?

    What is Alternative Business Structure (ABS)?

    What is Alternative Business Structure (ABS)? They what help to do; An alternative business structure could be a firm that has non-lawyers in its possession and management structure; this enables corporations to involve key those who bring further expertise and skills. The non-lawyer is often concerned through investment or as a partner or director.

    Here is the article to explain, What is Alternative Business Structure (ABS)?

    Before 2007, once the Legal Services Act stood passed, any thus solicitor doing business in a very legal capability for the general public had to try and do so in a very firm that solicitors in hand. Once the act stood passed, they came onto the scene and allowed each non-solicitors and solicitor to have legal service corporations. If you have obtained their license, you’ll offer legal services as a non-legal organization; this enables law corporations to manage by non-lawyers. ABS structures conjointly permit law corporations to supply over simply legal services. Law corporations created as ABS will have outside investors, which is one of the most important attracts of this feature.

    Introduction to Alternative Business Structures (ABS);

    Alternative Business Structures (ABS) has had and will continue to have, transformational implications in delivering legal services. ABSs entered the UK’s legal landscape through the Legal Services Act 2007 and officially began operating on 6 October 2011. In essence, ABSs have diluted ownership restrictions in favor of non-lawyers, allowing both non-lawyers and lawyers to manage the law firm business. This has similarly brought new entrants to the market and more external investment. This paper will critically assess the transformational impact ABSs have had in delivering legal services, examining both their positive and negative consequences. A case study will then undertake, with national law firm Irwin Mitchell’s decision to operate as an ABS discussed. What they are helping to do below are;

    An ABS performance will work where:

    • An established lawyer-owned firm needs to require a non-lawyer partner.
    • An established house needs its non-lawyer to follow the manager to become a co-owner.
    • A professional person needs to line up a house with a non-lawyer partner/owner, and.
    • A non-legal enterprise sees legal services as complementary and sets up a standalone business.

    Time for a change;

    As Nick Hood has noted:

    “When the Legal Services Act 2007 was enacted, it’s doubtful that its sponsors could have foreseen a Cyprus-based construction consulting firm embracing the concept to enhance its international credibility. Nor would they have anticipated it bringing together Bucks County Council & the Bucks Fire Authority as law services providers.”

    And indeed, it has been an era of considerable change. This transformation has seen businesses as diverse as trucking giant Stobarts entering the legal market, stands licensed to set up a firm of solicitors under ‘One Legal Ltd’. For the Stobart Group, which already owns a claims management company, an insurance broker, and Stobart Barristers; this means they can effectively operate as a ‘one-stop shop’. As the Legal Director of the Stobart Group noted:

    “[Stobart] can broker the insurance, then handle the claim, deal with the litigation, and provide an advocate”.

    Report;

    But of course, any evaluation of ABS’s must consider the underlying reason why they existed introduced. A 2001 Office of Fair Trading (OFT) report entitled ‘Competition in Professions’ provides the answer. This report formed the basis for a subsequent White Paper entitled ‘The Future of Legal Services’; itself leading to the Legal Services Act 2007 mentioned earlier. The 2001 OFT report provided that:

    “Markets generally work best for consumers when there is unrestricted competition between existing suppliers and unrestricted potential competition from new suppliers and new forms of supply.”

    As such, the chief reason ABSs existed introduced was to increase competition between existing ‘traditional’ law firm suppliers and encourage the introduction of new suppliers; both to benefit consumers in the forms of a greater degree of choice, potentially higher quality of service, and potentially a lower cost. Further, with new entrants to the market has come much external investment; “such as private equity or venture capital, to inject into legal businesses by outside investors”.

    Example;

    A well-publicized example of the colossal amounts of money existing injected into legal businesses by outside investors is that of private equity firm Duke Street Capital and national professional services firm Parabis Group. Duke Street Capital, which already invested £200 million into Parabis Group, invested a further £13 million in December 2014 to help fund the Group’s development of its ABS models. Parabis Group’s ABSs include Plexus Law, Cogent Law, Acumen, Casus Legal, and Greenwoods Solicitors.

    Speaking of the impact of the numerous ABS licenses existing issued and to the extremely wide range of recipient businesses, Stephen Mayson has provided that:

    “To pretend that these developments don’t matter, or won’t make any difference to the buying of legal services, is plain nonsense… This is not the time to resist, deny or challenge; it is time to reinvent the delivery of legal services. Not just changing a few of the moving parts, but fundamentally re-thinking what lawyers and law firms do”

    A word of warning;

    Evaluating Mayson’s comments; “undeniably, ABSs offer new ways of working for the lawyers who embrace them and new ways of accessing legal advice for the clients who choose them”. However, such developments and quest for reinvention mustn’t ride roughshod over professional ethics and principles. With non-lawyer owners and external investment comes the introduction of commercial norms, primarily the pursuit of profit above all else. Lord Neuberger has expressed concern over this issue, and speaking to the Association of Liberal Lawyers, stated that:

    “Such a professional ethos cannot assume to be in the forefront of the minds of hard-nosed businessmen who want to maximize a return on their investment… An external investor in a legal business may well want the firm only to carry out the most remunerative work.”

    Merits;

    There is merit in his Lordship’s concerns. Although it would be too naïve to suggest that commercial factors have not entered the law; they have existed tempered by practitioners’ professional obligations, towards both clients and the court. However, one can readily envisage legal practitioners operating in an ABS existing subjected to ethical challenges; which play off the obligations mentioned above with their obligations towards their external owners.

    As an indicative example, in the motor claims insurance sector, RBS roughly retains around a 30% market share. If RBS had 40% ownership of one particular ABS, a client, pursuing an insurance claim; may well find their solicitor is standing employed by the company who will have to ultimately pay out their claim.

    As Lord Neuberger rightly, and further notes:

    “The regulatory bodies will need to work hard to ensure that such pressures are minimized and neutralized. If they fail to do so and allow a culture of conflict to arise and one where that conflict is quietly resolved in the investors’ favor, we run the risk of losing a properly robust and independent legal profession.”

    However, opposing this view, one must also recognize the great benefits that ruthless commerciality can bring the legal profession.

    Research;

    Indeed, very recent research published by the Legal Services Board in July 2015 shows that solicitors practicing in newly created ABS firms:

    “Have higher levels of innovative activity of all types than other Solicitors. This is consistent with ABS Solicitors’ higher level of investment, staff engagement, and external involvement in innovation … ABS Solicitors are … more likely to introduce new legal services, with potential benefits for service users. They are also more likely to engage in strategic and organizational innovation.”

    The findings of the research are perhaps not that astonishing given “the mood music [that ABSs] have created, encouraging innovation and change”. Asides from an innate commerciality and access capital to invest, from a real, practical perspective; ABSs also have the added advantage over their ‘traditional’ law firm competitors in being able to establish; their own bespoke IT systems, often from scratch, rather than inheriting or having to make do with out-dated systems that are no longer fit for purpose.

    The advantages are obvious and numerous, including, for example, better communication between staff, improved service delivered to the customer, and more effective case management. Additionally, not existing confined to the “antediluvian working practices and petty partnership politics”; which have sadly characterized many ‘traditional’ law firms results in opportunities for ABSs to develop attractive, novel alternatives; working patterns, and remuneration packages developed in the commercial arena.

    But, unfortunately, as Hood notes:

    “One inescapable downside of bringing hard-headed commercial business attitudes and financial discipline to the cozy, coddled legal world is that investors will walk away from failing ventures without a trace of sentiment.”

    Case study – Irwin Mitchell;

    Irwin Mitchell was one of the first law firms to license by the SRA as an ABS. It has multiple licenses which cover a wide range of its business operations and indeed, most recently, has entered into a joint venture with insurer ensure and will form an ABS accordingly. Below, the reasons why Irwin Mitchell decided to apply for ABS status exist discussed; and the transformational impact it has had in delivering its legal services considered. This will ultimately explain why, as one of Irwin Mitchell’s practitioners has exclaimed, “becoming an ABS was right”.

    As Irwin Mitchell’s Chief Executive John Pickering has provided:

    “We decided that we wanted to become an alternative business structure because it would better suit our ability to grow our business and if need be and if we wanted to bring in external investment. It would also help fit with the development of our legal and related services,”

    Two chief factors can derive from Pickering’s comments, business growth, and external investment. Focusing on the first factor, business growth, how have Irwin Mitchell used the ABS model, to achieve business growth, and how has this transformed their delivery of legal services?

    According to Pickering, Irwin Mitchell sought “to restructure the business completely”. Achieving this, they eradicated strict delineations between practice areas; this being a defining feature of many ‘traditional’ law firms, and now operate through two practices, business legal services, and personal legal services. Each division stands headed by a separate chief executive. This move, Pickering notes, existed made “to be very client-focused and client-facing in terms of how we run the business”. This bold decision, it stands suggested, reflects commercial instinct; an instinct to streamline, drive down costs and simplify.

    Other things;

    Additionally, Irwin Mitchell took advantage of the diluted ownership restrictions to place non-lawyers in senior positions of ownership. Glyn Barker, former Vice-Chairman of PWC, and Mel Eggleston, Senior Partner at KPMG, existed made a chairman-designate and a Non-Executive Director, respectively. Accordingly, Irwin Mitchell was able to acquire the commercial insight and invaluable management expertise of two extremely experienced individuals; who were operating at the upper echelons of the ‘Big Four’. Vitally, they were able to put them in positions of real control and influence.

    In Pickering’s own words, such hires reflect Irwin Mitchell’s “clear intention to take advantage of the opportunities we think will arise from becoming an ABS”. Moreover, it is interesting to note that accountancy firms, KPMG and PWC themselves being perfect examples, have gone through transformations from small, standalone accountancy practices to fully-fledged, diverse professional services organizations, offering many business services. The recruiting of Barker and Eggleston by Irwin Mitchell; therefore, arguably reflects “an envious nod to the success of accounting firms in becoming proper businesses”.

    Ultimately, as a result of the changes Irwin Mitchell have made since becoming an ABS, and of course not existing confined to the traditional legal model, has resulted in what Pickering has provided is:

    “A much more cohesive way of delivering our business. The management structure which underpins this, the divisional structure with all of its machinations behind that, enables us to run the business in a much more efficient and organized way.”

    Merits or Pros or Advantages of Alternative Business Structure (ABS);

    Merits or Pros or Advantages of ABS for Consumers;

    There are many benefits to Alternative Business Structure (ABS) for the consumer. Someone looking for legal assistance who heads to an ABS-type firm will probably face lower legal costs. If a client needs help with a wide variety of things; they might be able to find all of the assistance they’re looking for in one place.

    Beginning your business as an ABS could be the decision that gives you the edge over your competitors. Clients will likely appreciate the convenience of various services offered; and, you’ll have the ability to grow with more possibilities for investors.

    Merits or Pros or Advantages of ABS for Law Firms;

    Law firms can help from choosing to form an ABS for their practice in several ways. As previously said, the ability for ABS firms to offer various services is a huge draw. A firm can market itself as an all-encompassing assistance provider in a particular area when they’re able to protect more bases.

    When a law enterprise forms as a typical business structure, like a skilled limited liability company or a corporate law firm, it must own by only lawful professionals. Corporate law firms may only have attorneys as investors. However, this is not the issue with ABS. Employees of the business who are not attorneys can own interest in the enterprise. This could lead to better worker retention and maybe even a better environment throughout the business.

    Demerit or Cons or Disadvantages of Alternative Business Structure (ABS);

    Demerit or Cons or Disadvantages of ABS for Consumers;

    Some believe that the likely drawbacks of Alternative Business Structure (ABS) are too much to choose this structure. But many don’t find these drawbacks to be disadvantageous. Some worry that more ABS firms will drive out smaller enterprises and lead to fewer choices for consumers.

    If a law firm stands business structure as an ABS; they could run into difficulty trying to expand or provide assistance overseas. Individual foreign nations do not yet accept ABS. This could be an issue for a client who wants to stick with a certain enterprise as they move overseas or travel.

    Demerit or Cons or Disadvantages of ABS for Law Firms;

    There are a few possible drawbacks that a law firm might face if they choose to form as an ABS. Some worry that, if a firm is run by non-attorneys, it is likely to have legal work handled by non-lawyers. This already happens in certain areas of the law. For example, much of the work involved in conveyance and deed of assignment matters manage by non-legal professionals. However, ABS companies reserved certain legal activities for only the lawful professionals employed there.

    Conclusion;

    In conclusion, Alternative Business Structure (ABS) has had a transformational impact in delivering legal services. Their introduction through the Legal Services Act 2007 and operation commencing 2011 has created much furor over how legal services are to offer to consumers. This paper has examined the impact ABSs have had in this regard. The change they have occasioned in the legal profession has been discussed; with the example of the Stobart Group being put forward along with the vast amounts of external investment which have poured in.

    In this respect, the role private equity houses are having cannot be understated, financing, in large part, businesses wishing to offer legal provision under an Alternative Business Structure (ABS) license. The various positives and negatives of ABSs’ introduction were then examined. Whilst commercial practice must not curtail solicitors’ professional obligations and principles, devaluing the legal profession in the process; the benefits such a commercial mentality can bring were put forward, primarily increased innovation which can benefit the consumer.

    Last, a case study was undertaken on Irwin Mitchell, the first top-20 UK law firm to operate as an ABS. This posited the reasons why its decision to become an ABS has transformed the way; it delivers its legal services, most notably, the significant restructuring of its practices into two clear divisions. In all, whilst there are right “no cookie-cutter ABSs”, as the Legal Services Board has conclusively found, Alternative Business Structure (ABS) has higher levels of innovation than; their ‘traditional’ law firm counterparts and, in turn, have had a related transformational impact on how legal services are delivered in the UK.

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    What is Alternative Business Structure (ABS)?
  • Law of Equity Essay Maxims Equitable Remedies

    Law of Equity Essay Maxims Equitable Remedies

    What is the Law of Equity? Maxims, Equitable Remedies, and its Essay; The law of equity began in the court of chancery which stood set up because a fair and just remedy could not give through common law as monetary compensation was not suitable; and, sometimes a well-deserving plaintiff was denied because the writs were quite narrow and rigid. Courts stood guided by the previous decisions and that’s how the twelve maxims existed formulated.

    Here is the article to explain, What is the Law of Equity? also define the Maxims, Equitable Remedies, and its Essay!

    These maxims limit the granting of equitable remedies for those who have not acted equitably. The decisions of the court of chancery and common law were constantly conflicting. This rivalry existed ended in The Earl of Oxford’s case 1615. In which the king stated ‘Where common law and equity conflict equity should prevail’. The two courts are now unified and the same judges give decisions out common law and equity.

    Introduction to Equity Law;

    “Equity is Not Past the Age of Childbearing”. The law relating to equity is largely built on precedent. The rules have stood built upon by previous situations which they have dealt with. Although there has been a lot of disagreement about changing laws and adding to the law of equity; the rules that have stood accepted by proceeding judges became precedent and stand now known as maxims and used as guidelines by the court. I agree with the statement by Denning as equity is born from the interpretation of judges and their problem-solving abilities.

    There are a lot of different rules regarding equity that have all existed created through precedent. It is my opinion that although Equity dates back hundreds of years and the law is still just as relevant. There are alterations to the law as recent as the 1975 Eves V Eves case. I think that as long as there are judges to create precedent there can be new law created in equity.

    The Maxims of Equity;

    These are the general legal principles that have stood adopted through threw following precedent regarding equity. These maxims are the body of law that has developed about equity and this helps to govern the way equity operates. All maxims are discretionary and courts may choose whether they wish to apply these principles.

    Equity will not suffer a wrong to be without a remedy:

    This maxim developed as common law had no new remedies only monetary damages. Maxim must treat with caution as today’s laws stand made by the Oireachtas. Maxim can use by the beneficiary of a trust whose rights existed not recognized by the common law. Equitable remedies such as injunctions or specific performance may give. Attempts to alter this maxim in recent times by Lord Denning were unsuccessful.

    Equity follows the law:

    Courts will firstly apply common law and if this is not fair then an equitable remedy will be provided. This maxim sets out that equity is not in place to overrule judgments in common law but rather to make sure that parties don’t suffer injustice.

    He who seeks equity must do equity:

    A remedy will only be provided where you have acted equitably in the transaction. This maxim is discretionary and is concerned with the future conduct of the plaintiff.

    He who comes to equity must come with clean hands:

    This maxim link to the previous maxim and relates to the past conduct of parties. They must not have had any involvement in fraud or misrepresentation or they will not succeed in equity. A beneficiary failed in their action against the trustees to pay her back the assets of the trust she had already received as a result of a misrepresentation of her age.

    Delay defeats equity:

    Laches is an unreasonable delay in enforcing a right. If there is an unreasonable delay in bringing proceedings the case may exist disallowed in equity. Acquiescence is where one party breaches another’s rights and that party doesn’t take any action against them they may do not allowed to pursue this claim at a later stage. These may exist used as defenses about equity cases.

    For a defense of laches, courts must decide whether the plaintiff has delayed unreasonably in bringing forth their claim and the defense of acquiescence can use; if the actions of the defendant suggest that they are not going ahead with the claim; so it is reasonable for the other party to assume that there is no claim.

    Equality is Equity:

    Where more than one person exists involved in owning a property the courts prefer to divide property equally. Prefer to treat all involved as equals. In the case of a business, any funds leftover from dissolution should stand divided equally.

    Equity looks to the intent rather than the form:

    The principle established in. This maxim is where the equitable remedy for rectification stood established this allows for a contract to correct when the terms do not correctly record. This maxim allows the judge to interpret the intentions of the parties if the terms don’t record properly.

    Equity looks on that as done which ought to have been done:

    The judges look at this contract from the enforceable side and the situation they would be in had the contract stood completed.

    Equity imputes an intention to fulfill an Obligation:

    If a person completes an act that could exist regarded as fulfilling an original obligation it will take as such.

    Equity acts in personam:

    This maxim states that equity relates to a person rather than their property. It applies to property outside a jurisdiction provided that a defendant is within the jurisdiction. English court ordered specific performance on land in the US.

    Where the equities are equal, the first in time prevails:

    Equity law, Where two parties have the right to possess an object the first one with the interest will prevail.

    Where the equities are equal, the law prevails:

    Where two parties want the same thing and the court can’t honestly decide who deserves it most they will leave it where it is

    Equitable Remedies;

    The following Equitable Remedies below are;

    Injunction;

    This is an order by the court to make a party complete an action or to make them refrain from doing an action. It exists awarded to protect a legal right rather than compensate for the breach of one. If a party breaches this court order it is a serious offense and can merit arrest or possible jail sentence. The reason for injunctions is that money would be an inadequate remedy for breaching the person’s right.

    An injunction is a discretionary remedy that courts will only grant if they feel it is just and equitable in the circumstances to do so. Interim and interlocutory injunctions are temporary and last up until a specified date or until a trial hearing. Injunctions can exist used to stop trespass, pass off, prevent illegal picketing, and freeze assets. The conduct of the parties will also affect whether the judge will grant them an injunction.

    Interlocutory Injunction;

    Granted before a court hearing because the plaintiff may suffer unrepairable damage if the right exists breached which cannot exist compensated by money. The plaintiff must prove to the judge that there is sufficient reason to believe that the damage will exist caused to them.

    Three-stage test on granting interlocutory injunctions existed introduced in the English case (American Cyanamid) this stood accepted and followed as law in the Irish case:

    • If it is a serious and fair issue that will tried you need not prove it’ll be a successful claim.
    • Set out if damages would be a suitable remedy. It must be impossible to quantify damages and must give an undertaking which means in the event of an injunction not being granted they must compensate the other party for any losses.
    • Whether it is convenient or not to grant the injunction. The need for the plaintiff to protected must outweigh the right of the other party to grant the injunction.
    Qui Timet Injunction;

    Prevents an act before it has stood committed it may fear or could have existed threatened. The plaintiff must show that there is a strong possibility of this happening and the consequences of the act will be extremely damaging. The burden of proof is higher than a normal injunction.

    Mareva Injunction;

    This type of injunction can also stand known as a freezing injunction. Where one feels that they have a substantial case against the other they can apply to the courts for this only if they feel that the other may move of hiding assets. To gain this type of injunction plaintiffs must prove that they have a substantial case and must also prove that the assets are at risk. It must also be convenient to grant it.

    This type of injunction stood introduced in the Nippon Case 1975 by Lord Denning where the defendant owed money to the plaintiff he existed not allowed to take out the amount he had owed from his account. This became another instrument of law when it stood confirmed in the Mareva Case.

    Anton Piller Order;

    This can also be known as a search order. It was thought of to prevent the defendant from destroying anything that could exist used by the plaintiff in court to assist their trial. It is granted without the other party’s knowledge to maintain the element of surprise. The order requires the defendant to allow the plaintiff or a representative to enter his premises and to collect what is relevant for evidence.

    If the defendant does not follow the order then he shall be held in contempt of court. It is only granted where it is deemed to be necessary where it is feared that vital evidence will be destroyed. The order takes its name from the 1976 Anton Piller KG v Manufacturing Processes Ltd case

    Specific Performance;

    Is a form of injunction where a court orders an individual to complete a specific task which is generally part of a contract. This remedy is discretionary and only used when an individual cannot exist compensated by money. If they do not complete the contract they will exist held in contempt of court.

    Rescission;

    This remedy aims to return parties to the position they were in before they entered into the contract. The main grounds for rescission are mistake, misrepresentation, undue influence, and unconscionable transactions.

    Law of Equity Essay Maxims Equitable Remedies Image
    Law of Equity Essay Maxims Equitable Remedies; Image by Free-Photos from Pixabay.
  • Star Network Topology Essay Advantages Disadvantages Usage

    Star Network Topology Essay Advantages Disadvantages Usage

    Star Network Topology Essay, Benefits, Advantages, Drawbacks, Disadvantages, and their Usage; SYNOPSIS – This study focused on a star network topology. A star network is a local area network in which all devices directly link to a central point called a hub. Star topology looks like a star but not exactly a star. The findings from the study revealed that in star topology every computer connects to a central node called a hub or a switch.

    Here is the article to explain, Advantages, Disadvantages, and Usage of Star Network Topology!

    A hub is a device where the entire linking standards come together. The data that is transmitted between the network nodes passes across the central hub. The project further goes on to explain the advantages, disadvantages, and usage of star network topology. The centralized nature of a star network provides ease while also achieving isolation of each device in the network. However, the disadvantage of a star topology is that the network transmission is largely reliant on the central hub. If the central hub falls short then the whole network is out of action.

    Star networks are one of the most common computer network topologies that used in homes and offices. In a Star Network Topology, it is possible to have all the important data backups on the hub in a private folder, and this way if the computer fails you can still use your data using the next computer in the network and accessing the backup files on the hub. It has been realized that this type of network offers more privacy than any other network.

    Introduction to Star Network Topology;

    The main objective of this project is to discuss the advantages, disadvantages, and usage of star network topology. A topology is a physical structure of a network. Star topology is a network structure comprising a central node to which all other devices attach directly and through; which all other devices intercommunicate. The hub, leaf nodes, and the transmission lines between them form a graph with the topology of a star.

    Star is one of the most and oldest common topologies in the local area network. The design of star topology comes from a telecommunication system. In a telephone system, all telephone calls are managed by the central switching station. Just like in star topology each workstation of the network connects to a central node, which is known as a hub. Hub is a device where the whole linking mediums come together. It is responsible for running all activities of the network. It also acts as a repeater for the data flow.

    Generally, when building a network using two or more computers, you need a hub. It is possible to connect two computers directly without the need for a hub but when adding a third computer to the network, we need a hub to allow proper data communication within the network. In a Star Network, the whole network is reliant on the hub. Devices such as file servers, workstations, and peripherals are all linked to a hub.

    Data define;

    All the data passes through the hub. When a packet comes to the hub it moves that packet to all the nodes linked through the hub but only one node at a time successfully transmits it. Data on a star network exceeds through the hub before continuing to its target. Different types of cables exist used to link computers such as twisted pair, coaxial cable, and fiber optics. The most common cable media in use for star topologies is unshielded or shielded twisted-pair copper cabling. One end of the cable plug in the local area network card while the other side connects with the hub.

    Due to the centralization in a star topology, it is easy to monitor and handle the network making it more advantageous. Since the whole network is reliant on the hub, if the whole network is not working then there could be a problem with the hub. The hub makes it easy to troubleshoot by offering a single point for error connection at the same time the reliance is also very high on that single point. The central function is cost-effective and easier to maintain.

    Star topology also has some drawbacks. If the hub encounters a problem then the whole network falls short. In a Star Network Topology, it is possible to have all the important data backups on the hub in a private folder, and this way if the computer fails you can still use your data using the next computer in the network and accessing the backup files on the hub.

    BACKGROUND STUDY;

    In this section, the researcher has clarified and explained in detail some of the advantages, disadvantages, and usage of star topology. These three concepts are the main core of this project.

    Benefits or Advantages of Star Network Topology;

    The following benefits or advantages of the star network topology below are.

    Isolation of devices:

    Each device isolate by the link that connects it to the hub. By so doing it makes the isolation of the individual devices simple. This isolation nature also prevents any noncentralized failure from affecting the network. In a star network, a cable failure will isolate the workstation that it links to the central computer, but only that workstation will isolate. All the other workstations will continue to function normally, except that they will not be able to communicate with the isolated workstation.

    Simplicity:

    The topology is easy to understand, establish, and navigate. The simple topology obviates the need for complex routing or message passing protocols. As noted earlier, the isolation and centralization simplify fault detection, as each link or device can probe individually. Due to its centralized nature, the topology offers the simplicity of operation.

    If any cable is not working then the whole network will not affect:

    In a star topology, each network device has a home run of cabling back to a network hub, giving each device a separate connection to the network. If there is a problem with a cable, it will generally not affect the rest of the network. The most common cable media in use for star topologies un-shields twisted-pair copper cabling. If small numbers of devices utilize in this topology the data rate will be high. It is best for short distances.

    You can easily add new computers or devices to the network without interrupting other nodes:

    The star network topology works well when computers are at scattered points. It is easy to add or remove computers. New devices or nodes can easily add to the Star Network by just extending a cable from the hub. If the hub adds a device for example a printer or a fax machine, all the other computers on the network can access the new device by simply accessing the hub. The device need not install on all the computers in the network. The central function is cost-effective and easier to maintain. If the computers are reasonably close to the vertices of a convex polygon and the system requirements are modest. And also when one computer falls short then it won’t affect the whole communication.

    Centralization:

    The star topologies ease the chance of a network failure by linking all of the computers to a central node. All computers may therefore communicate with all others by transmitting to and receiving from the central node only. Benefits from centralization: As the central hub is the bottleneck, increasing the capacity of the central hub or adding additional devices to the star, can help scale the network very easily. The central nature also allows the check-up of traffic through the network. This helps evaluate all the traffic in the network and establish apprehensive behavior.

    Easy to troubleshoot:

    In a star network, the whole network is reliant on the hub so if the entire network is not working then there could be a problem with the hub. This feature makes it easy to troubleshoot by offering a single point for error connection ad at the same time the dependency is also very high on that single point

    Better performance:

    Star network prevents unnecessary passing of the data packet through nodes. At most 3 devices and 2 links involve in any communication between any two devices which are part of this topology. This topology encourages a huge overhead on the central hub, however, if the central hub has plenty of capacity, then a very high network used by one device in the network does not affect the other devices in the network. Data Packets send quickly as they do not have to travel through any unnecessary. The big advantage of the star network is that it is fast. This is because each computer terminal attaches directly to the central computer.

    EASY INSTALLATION:

    Installation is simple, inexpensive, and fast because of the flexible cable and the modular connector.

    Drawbacks of Disadvantages of Star Network Topology;

    The following drawbacks or disadvantages of the star network topology below are.

    If the hub or concentrator fails, the nodes attached disable:

    The primary disadvantage of a star topology is the high dependence of the system on the functioning of the central hub. While the failure of an individual link only results in the isolation of a single node, the failure of the central hub renders the network inoperable, immediately isolating all nodes.

    The performance and scalability of the network also depend on the capabilities of the hub.

    Network size is limited by the number of connections that can be made to the hub, and performance for the whole network is limited by its throughput. While in theory traffic between the hub and a node isolated from other nodes on the network, other nodes may see a performance drop if traffic to another node occupies a significant portion of the central node’s processing capability or throughput. Furthermore, the wiring up of the system can be very complex.

    The primary disadvantage of the star topology is the hub is a single point of failure:

    If the hub were to fall short the whole network would fail as a result of the hub being connected to every computer on the network. There will be a communication breakdown between the computers when the hub fails.

    Star topology requires more cable length:

    When the network is being extended then there will be the need for more cables and this result in intricate installation.

    More Expensive than other topologies:

    It is expensive due to the cost of the hub. Star topology uses a lot of cables thus making it the most costly network to set up as you also have to trunk to keep the cables out of harm’s way. Every computer requires a separate cable to form the network. . A common cable that exists used in Star Network is the UTP or the unshielded twisted pair cable. Another common cable that exists used in star networks is the RJ45 or the Ethernet cables

    Usage of Star Network Topology;

    Star topology is a networking setup used with 10BASE-T cabling (also called UTP or twisted-pair) and a hub. Each item on the network connects to the hub-like points of a star. The protocols used with star configurations are usually Ethernet or local-talk. Token Ring uses a similar topology, called the star-wired ring.

    Star Topology is the most common type of network topology used in homes and offices. In the Star Topology, there is a central connection point called the hub which is a computer hub or sometimes just a switch. In a Star Network, the best advantage is when there is a failure in the cable then only one computer might get affected and not the entire network.

    Star topology exists used to ease the probabilities of network failure by connecting all of the systems to a central node. This central hub rebroadcasts all transmissions received from any peripheral node to all peripheral nodes on the network, sometimes including the originating node. All peripheral nodes may thus communicate with all others by transmitting to, and receiving from, the central node only.

    Other Use;

    Star network exists used to transmit data across the central hub between the network nodes. When a packet comes to the hub it transfers that packet to all nodes connected through a hub but only one node at a time successfully transmits it.

    In local area networks where the star topology exists used, each machine is connected to a central hub. In contrast to the bus topology, the star topology allows each machine on the network to have a point-to-point connection to the central hub and there is no single point of failure. All of the traffic which transverses the network passes through the central hub. The hub acts as a signal booster or repeater which in turn allows the signal to travel greater distances.

    When your network must increase stability and speed; the star topology should consider. When you use a hub, you get centralized administration and security control, low configuration costs, and easy troubleshooting. When one node or workstation goes down, the rest of your network will still be functional.

    APPENDIX;

    As the name suggests, this layout is similar to a star. The illustration shows a star network with five workstations or six if the central computer acts as a workstation. Each workstation shows as a sphere, the central computer shows as a larger sphere and is a hub, and connections show as a thin flexible cable. The connections can be wired or wireless links.

    The hub is central to a star topology and the network cannot function without it. It connects to each separate node directly through a thin flexible cable (10BASE-T cable). One end of the cable plug into the connector on the network adapter card (either internal or external to the computer) and the other end connects directly to the hub. The number of nodes you can connect to a hub determines by the hub.

    CONCLUSION;

    A star network is a local area network in which all computers are directly connected to a common central computer. Every workstation indirectly connects to every other through the central computer. In some star networks, the central computer can also operate as a workstation. A Star Network Topology is best suited for smaller networks and works efficiently when there is a limited number of nodes. One has to ensure that the hub or the central node is always working and extra security features should add to the hub because it’s the heart of the network.

    To expand a star topology network, you’ll need to add another hub and go to a “star of stars” topology. In a Star Network Topology, it is possible to have all the important data backups on the hub in a private folder, and this way if the computer fails you can still use your data using the next computer in the network and accessing the backup files on the hub.

    Benefits Advantages Drawbacks Disadvantages Usage of Star Network Topology Essay Image
    Benefits, Advantages, Drawbacks, Disadvantages, and Usage of Star Network Topology Essay; Image by OpenClipart-Vectors from Pixabay.

    References; Advantages, Disadvantages, and Usage of Star Network Topology. Retrieved from https://www.ukessays.com/essays/technology/star-network-topology.php?vref=1

  • What is the Internationalization? Meaning Definition Advantages

    What is the Internationalization? Meaning Definition Advantages

    Internationalization Meaning and Definition with its Advantages; With the globalization of the world economy, the number of companies that are active globally is increasing at the same time. Although international business as a concept has existed since the days of the East India Company and lasted into the first decades of the 20th century, the expansion of international companies was halted due to the two world wars. Then there is the hesitant move to internationalize the operations of multinational companies.

    Here is the article to explain, What is the Internationalization? with their main points of Introduction, Meaning, Definition, Benefits, Advantages, and its Factors.

    What really made the company’s global expansion possible was the Chicago School of Economic Thought, fueled by the legendary economist Milton Friedman, who defended neoliberal globalization. This ideology, which gradually began in the early 1970s, became a major force to be reckoned with in the 1980s and became the norm in the 1990s. The result of all this is the rapid expansion of global companies around the world.

    In this way, the international business grew in scope and size to the point where it is today. The world economy dominates by multinational companies from around the world. What was originally a western corporate phenomenon has now spread to firms from the east (from countries such as India and China). This module examines the phenomena of international business from various perspectives, such as B. The characteristics of international businesses, their influence on local economies, target economies, and the way they must operate and succeed in the global competition for ideas and profits.

    Above all, international business must ensure that it combines a global perspective and local adaptations, leading to glocal phenomena; where it must think globally and act locally. In addition, international companies need to ensure that they do not violate local laws while returning their profits to their home countries.

    Introduction to Internationalization.

    In addition, consideration should give to employment issues and the conditions of work governing global business operations. With so many third-world countries liberalizing and opening up their economies; there is no better time to do international business than right now. This balance by the counterbalancing force of the ongoing economic crisis has dealt a crushing blow to the world economy. The third force that defines international business is that third-world countries are not only ready to welcome foreign investment; but, are also trying to emulate international business and become like that. Hence, these aspects discussing in detail in the following article.

    Lastly, doing international business must ensure that several operating procedures and norms are sensitive to local cultures and customs; while sticking to their brands which develop for the world market. This is the challenge we discuss earlier as “global” alignment. Any company operating in more than one country can describe as an international company. International business refers to trade and investment operations carried out by companies across national borders.

    Companies can collect, acquire, produce, market and carry out other value creation processes at the international level and on an international scale. Business associations can also participate in cooperation with business partners from various countries. Apart from individual companies, governments and international institutions can also conduct international business transactions. Companies and countries can exchange various types of physical and mental assets. These assets can be in the form of products, services, capital, technology, knowledge, or jobs.

    Meaning and definition of internationalization.

    Expansion through internationalization is an organizational strategy in expanding outside the national market. The need to expand through internationalization arises when an organization has reached its full potential of internal expansion and seeks opportunities to expand across national borders.

    However, moving to a global scale is no easy task. Organizations must adhere to strict criteria for price, quality, and on-time delivery of goods and services; which may vary from country to country.

    Expansion through internationalization can be done through one of the following Target and Strategies:

    International Target:

    Companies pursue an international value creation strategy by offering these products and services in overseas markets where they are not available. This can be achieved by exercising tight control over activities abroad and providing standard products with little or no differentiation.

    Multilateral Target:

    As part of this strategy, companies offering different services offer personalized products and services that are suited to local conditions in overseas markets. This can of course be an expensive task as research and development, production and marketing have to be carried out taking into account local conditions in different countries.

    Global Target:

    Global companies rely on a profitable structure and offer these products and services in specific overseas markets where they have experience. In this way, standard products or services are offered to certain countries around the world.

    Transnational Target:

    According to this strategy, companies are pursuing a combined approach of transnational and global strategies. Companies rely on both cost-effective structures and local responses; H. following local conditions. In this way, the company offers its standard products and services while ensuring that they are appropriate to local conditions in the countries in which it operates.

    Internationalization of Business.

    Let’s attempt to discover the motives why an enterprise would like to go global. It is essential to be aware that there are many challenges in the route of internationalization, however, we’ll focal point on the tremendous attributes of the system for the time being.

    There are 5 principal motives why an enterprise can also choose to go global;

    First-mover Advantage;

    It refers to getting into a new market and experience the benefits of being first. It is handy to rapidly begin doing enterprise and get early adopters with the aid of being first.

    Opportunity for Growth;

    Growth viable is a very frequent motive for internationalization. Your market may also saturate in your domestic us of a and consequently, you can also set out on exploring new markets.

    Small Local Markets;

    Start-ups in Finland and Nordics have continually seemed at internationalization as a fundamental method from the very starting due to the fact their neighborhood market is small.

    Increase of Customers;

    If clients are in brief supply, it may additionally hit a company’s doable for growth. In such a case, groups may also seem to be for internationalization.

    Discourage Local Competitors;

    Acquiring a new market may additionally mean discouraging different gamers from getting into the equal enterprise area as one corporation is in.

    Benefits or Advantages of Internationalization.

    There are a couple of benefits of going international. However, the most hanging and impactful ones are the following four.

    Product Flexibility.

    International corporations having merchandise that don’t truly promote properly ample in their neighborhood or regional market can also locate a plenty higher consumer base in worldwide markets. Hence, a commercial enterprise residence having a world presence want no longer dump the unsold inventory of merchandise at deep reductions in the neighborhood market. It can search for some new markets where the merchandise promotes at a greater price.

    An enterprise having worldwide operations may also additionally locate new merchandise to promote internationally which they don’t provide in the nearby markets. International groups have a wider target audience and therefore they can promote a large vary of merchandise or services.

    Less Competition.

    Competition can be a neighborhood phenomenon. International markets can have much less opposition where the groups can seize a market share quickly. This thing is mainly nice when superb and most beneficial merchandise is available. Local agencies may also have identical first-class products, however, global corporations may also have little opposition in a market the place an inferior product is available.

    Marketing in various international locations reduces the vulnerability to occasions of one country. For example, the political, social, geographical, and non secular elements that negatively affect us may additionally be offset by using advertising the identical product in an exceptional country. Moreover, dangers that can disrupt commercial enterprise can be minimized through advertising internationally.

    Learning New Methods.

    Doing commercial enterprise in greater than one u. s . a . gives magnificent insights to research new approaches of carrying out things. This new expertise and trip can pave the way to success in different markets as well.

    Globalization.

    Although globalization and internationalization are used in an equal context, there are some important differences.

    • Globalization is a ton large technique and frequently consists of the assimilation of the markets as a whole. Moreover, when we speak about globalization, we take up the cultural context as well.
    • Globalization is an intensified manner of internationalizing a business. In prevalent terms, international corporations are large and extra huge than low-lying worldwide enterprise organizations.
    • Globalization capability the intensification of cross-country political, cultural, social, economic, and technological interactions that result in the formation of transnational enterprise organizations. It additionally refers to the assimilation of economic, political, and social initiatives on an international scale.
    • Globalization additionally refers to the costless cross-border transition of items and services, capital, knowledge, and labor.

    Factors Causing Internationalization (Globalization) of Businesses.

    There are many elements associated with the trade of technology, worldwide policies, and cultural assimilation that initiated the manner of globalization. The following are the most essential elements that helped globalization take structure and unfold it drastically;

    The Reduction and Removal of Trade Barriers.

    After World War II, the General Agreement on Tariffs and Trade (GATT) and the WTO have decreased tariffs and more than a few non-tariff obstacles to trade. It enabled extra international locations to discover their comparative advantage. It has a direct influence on globalization.

    Trade Negotiations.

    The Uruguay Round of negotiations (1986–94) can be viewed as the actual boon for globalization. It is viewed as a massive set of measures that had been agreed upon completely for liberalized trade. As a result, the world exchange extent improved using 50% in the following 6 years of the Uruguay Round, paving the way for groups to span their choices at a global level.

    Transport Costs.

    Over the remaining 25 years, sea transport prices have plunged 70%, and the airfreight expenses have nosedived 3–4% annually. The result is a improvement in worldwide and multi-continental alternate flows that led to Globalization.

    Growth of the Internet.

    The enlargement of e-commerce due to the increase of the Internet has enabled corporations to compete globally. Essentially, due to the availability of the Internet, customers are involved to purchase merchandise online at a low rate after reviewing the nice offers from more than one vendors. At the identical time, online suppliers are saving a lot of advertising and marketing costs.

    Growth of Multinational Corporations.

    Multinational Corporations (MNCs) have characterized world interdependence. They embody countless countries. Their sales, profits, and the drift of manufacturing are reliant on various nations at once.

    The Development of Trading Blocs.

    The ‘regional exchange agreement’ or ‘regional trade agreement’ (RTA) abolished interior change limitations and changed them with a frequent exterior tariff towards non-members. Trading blocs in reality promote globalization and interdependence of economies using alternate creation.

    What is the Internationalization Meaning Definition Advantages Image
    What is the Internationalization? Meaning Definition Advantages; Image by Pete Linforth from Pixabay.