Children and video games Essay Example | Topics and Well Written Essays - 1000 words

Children and video games - Essay Example Video games are commonly known as time wasters by parents and educational experts. Many educational experts define video games as tools that corrupt children's brains. However even with the studies video games also have positive impacts on children, these positive impacts include the development of the brain and increases the communicational levels of children. In the world, almost 80% of the children play video games at least once a month, some of them are addicted spending almost 13 hours of video games per week (8-12 years old). Those of the age 13-18 years spend fourteen hours a week playing video games, an hour more than those of 8-12 years old (metrics 2.0, 2007). In most cases, stopping the children from playing video games is difficult as video games are prominent in most of their lives. Past evidence proves that gaming has more advantages than disadvantages, especially in the development of the brain and improvement in the social life. When a child plays video games, his or her brain is in a real workout, many of the video games require the child to use a lot of skill in order to win through the levels. In this, the kids have the chance to engage the high level of thinking, skills not even in school. Some of these skills include gained when playing video games include, fine motor, hand-eye coordination, and spatial skills, following instructions and problem solving and logic. Children who play violent games have high levels of aggressive thoughts and are more violent, behaviors, and feelings.

Distributed Database Essay Example | Topics and Well Written Essays - 3000 words

Distributed Database - Essay Example Best customers are those who subscribe to 7day, 52week, EZPay {automatic payment from credit card} subscriptions. 2. Existance in the marketplace and we have touched them. By building "complete" universe of households with extended demographics, and by attaching "touch" or contact histories to individuals, can determine what is working on what types of customers (and what isn't working). We need to build touch history over time. Value increase as more history is accumulated. 3. We build a loyalty model based on a subscriber's payment history. Loyalty can be defined as overall duration as subscriber, number of consecutive payments (with unbroken service), etc. We can then create a profile of a "loyal" subscriber and more effectively identify likely churners vs. likely loyal subscribers. This is a very important step in the data warehousing project, as the foundation of the data warehousing system is the data model. A good data model will allow the data warehousing system to grow easily, as well as allowing for good performance. In data warehousing project, the logical data model is built based on user requirements, and then it is translated into the physical data model. This project uses Dimensional modeling, which is the name of the logical design technique often used for data warehouses. It is different from entity-relationship modeling.Entity relationship modeling is a logical design technique that seeks to eliminate data redundancy while Dimensional modeling seeks to present data in a standard framework that is intuitive and allows for high-performance access. Every dimensional model is composed of one table with a multi part key, called the fact table, and a set of smaller tables called dimensional tables. Each dimension table has a single part primary key that corresponds exactly to one of the components of the multi part key in the fact table. This characteristic star like structure is often called a star join. A fact table, because it has a multi part key made up of two or more foreign keys always expresses a many-to-many relationship. The

Shopping Bags Case Study Example | Topics and Well Written Essays - 2000 words

Shopping Bags - Case Study Example The company has traditionally held the view that new acquisitions are as close to Barcelona as possible because logistics costs can be kept down. Opening new stores so far away from Mercadona’s central location is a huge risk and has the potential to backfire. The reason why Mercadona chose to expand to these coastal towns is that competition is fierce in Barcelona and there is not much room for growth. Mercadona sees Cartegena, Albacete, etc. as open for competition between market competitors was small. Mercadona’s main rivals in these areas are independent grocers, traditional stores, and only a few hypermarkets. Many of the large chains have stayed away from these low population areas because the target market is much smaller than it is in Barcelona. Mercadona used to primarily operate as a warehouse and distributor. The company’s efficiency of its logistic system allowed it to offer lower prices than many of its competitors. However, this strategy has been re fined over the past few years and the company is now officially a retailer. Instead of targeting consumers on the low end, Mercadona now focuses on high quality products and has also diversified its range from standard food and beverages. A company going through this kind of change would expect to take a few years to readjust to a new marketing strategy, and the company’s income statement shows that this is the case. Although sales were healthy at 300,000,000 Euros, the cost of goods sold is 246,000,000. This figure makes up more than 80 percent of sales, which does not leave a high gross margin and leaves even less for profit. After operating costs and amortization is accounted for, the company is left with a net profit of 480,000 Euros, discounting interest and taxes. While the company is not in the worst financial shape possible, the sharp focus of its marketing strategies and objectives has taken its toll on the company. Mercadona’s main rivals such as Dia, Caprabo , and Valvi all made before-tax profit of 4 percent on sales, yet Mercadona made less than one-third of a percent. If Mercadona wants to compete better within the hypermarket industry, then it needs to find some way to reduce its cost of goods sold. It would not be logical to try and increase sales because the company is already selling at the high end of the market and so prices are already relatively high. The only thing that the company can do is to find a way to reduce production costs so that its gross profit margin and net profit are higher than the present figures. In order to achieve this, Mercadona needs to concentrate on the stores that it has now, particularly in Barcelona, and try and consolidate the gains that it has already made. The one positive thing about the company’s current position is that at least it has stores further down the coast, whereas many of its main rivals are yet to expand to those areas. Still, Barcelona offers the largest market and a signif icant number of sales, so this is where Mercadona needs to focus all of its energies on for the time being. 2. In this case I can see three main segments that are interlinked: those within walking distance of the company’s stores, housewives who cook every day, and the working class. Because parking is limited in the city of Barcelona, there are very few car spaces available for shopper to park their cars. As a result, many of the company’

Gary Nash Essay Example | Topics and Well Written Essays - 2500 words

Gary Nash - Essay Example Jensen. While the former never wrote or lectured on issues of race in early America, Gary Nash seeks to emulate the progressive nature of Merrill Jensen’s research and writing. The scope of Race and Revolution is the years just prior to the American Revolution through the decades following the signing and ratification of the U.S. Constitution. In the broadest sense, the book chronicles the evolving social, political and economic realities of the African-American experience during these years. Individual experiences are shared in an effort to show the differences between three distinct periods of time within the scope of the book. During the pre-Revolutionary War years, the rights and privileges of freed blacks are examined. Their equality in society and economic matters is highlighted. The pre-war years also seemed to hold a universal agreement by whites that it wasn’t a matter of if slavery would be abolished but when. Many held that slavery was incompatible with the ideals held by the founders of the republic. During the war, many African-Americans joined the British in their fight against the colonists. The British offered immediate emancipation to any slave that would join their ranks. Many slaves left their families and masters behind. These years of recovery saw a lessening of support for the abolition of slavery. Nash details the political and personal decisions that weakened the cause of the abolitionists and moved popular opinion towards a less optimistic view of black Americans, both free and enslaved. By the ratification of the U.S. Constitution, it was clear that African-Americans of all social classes and degrees of emancipation would not be granted full part in the new republic. They were to be insulted, degraded and relegated to second-class citizenship if free and continued servitude if enslaved. The final portion of the book examines the social evolution of institutions such as the establishment of

Impact of Announcing Dividends on Shares Prices of Corporations Listed Dissertation

Impact of Announcing Dividends on Shares Prices of Corporations Listed in the Dubai Financial Market - Dissertation Example 1.2 Name and role of the researcher 1.3 Summary With the development of trade and business, the face of the financial markets has changed completely. Regulatory authorities of different countries have realized the increasing importance of business for economic developments. In this process, they strive to encourage the business environment through various means. In order to encourage industrialization within a country, a huge amount of investments is required. However, it is not always possible for the government to provide the entire capital for developing growth oriented economic structure. In this process, multiple financial markets play a very crucial role in shaping an economy. The primary objective of financial markets is to avail necessary capital for industrial development from different sources. Therefore, financial markets act a mediator that transforms the ideal and potential capital for productive purposes. Besley and Brigham have explained that the financial market helps to â€Å"facilitate flow of fund† from different sources, and in case of developed countries, â€Å"financial markets help efficiently allocate excess funds of savers to individuals and organisation in need of funds for investment or consumption† (Besley and Brigham, 2007, p.89). ... Among these, the financial market is the most prominent in terms of generating funds for public listed companies. The capital market helps to raise long term funds from different retail or institutional investors and the entire mechanism is technically processed though the stock exchanges. The capital markets deal in two sub markets i.e. stock market and bond market (CBL Economic Review, 2009). The investments transaction process between the investors and companies are done by the stock exchange and the stock prices are generally determined automatically based on the prevailing demand and supply. However, the stock prices remain for short run as demand and supply of stock is uncertain and tends to change every now and then (Gray, Cusatis and Woolridge, 2003, p.31). However, there are also other factors that influence the demand and supply of a stock. Basically, multiple internal factors like company performance, dividend, competition etc and external factors like inflation, market st ructure, economic cycle etc are responsible for influencing demand and supply (Khan and Zuberi, 1999, p.47). This research paper will attempt to analyse the role of dividend announcement influencing a stock price while focusing on the companies listed in the Dubai Financial market. Dividend is one of the internal factors that influence stock prices. In fact, when the managements of public listed companies announce the issue of dividends, the stock prices are influenced and there are other changes which can also be traced in relation to the stock. Dividend is â€Å"any distribution made by a company to its shareholders whether in money or other property† (CCH Editors, 2009, p.119).

Ethic week 3 Project Essay Example | Topics and Well Written Essays - 500 words

Ethic week 3 Project - Essay Example According to Siekman (2011), women are denied advancement to higher positions as evident in Duke’s case yet women employees account for about 72% of the company’s hourly employees and with only 33% of Wal-Mart store managers. The Supreme Court ruled in favor or Wal-Mart and against women’s class action this has helped Wal-Mart in maintaining its policy of no unionized workers since this would give them a bargaining power. Legal issues refer to matters that are protected by law or regulation and involve all persons within their jurisdiction (Lehman & DuFrene, 2010). Ethical issues are matters concerned with doing what is morally right. However, an overlapping relationship exists between them in that what is unethical is considered to be illegal in some instances while in others, unethical issues are considered to be legal. In others, what is illegal is considered to be ethical. In this regard, businesses have to consider law and ethics as two different things. An example of unethical but legal issue is Wal-Mart’s labor practices and policy which has forced most vendors to set their commodities at extremely low prices for them to be sold in Wal-Mart Stores. For vendors, the best way was consider aligning their production costs to those of Wal-Mart since it is within its standards of ethical conduct. An illegal but ethical issue includes the recent Vermont that makes it illegal for pharmaceutical company to give $25 or more gifts to personnel or doctors and imposes $10,000 for each violation. For the pharmaceutical companies, the best way is to act within the law as they lobby legal changes. Often, credit history check on new employees is used to gauge their responsibility level in that employees should be reliable and their past credit conduct like paying bills would be best to proof reliability. Credit checks also include information about an applicant’s former employers who

Innovation Prowess Leadership Strategies for Accelerating Growth Essay Example for Free

Innovation Prowess Leadership Strategies for Accelerating Growth Essay Innovation management Introduction   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Innovative management is a strategy in which a company manager utilizes all the available resources and develops a working community where ingenuity and innovativeness work together with practicality in order to formulate reforms. Today’s fast changing business environment calls for innovation management which will help companies to achieve their long term objectives. Innovation management will help companies to maintain competitive advantage. Long term sustainability of a company may be determined by its ability to expertly direct innovation assets to address a swiftly changing economic and market setting. Innovation management includes the activities, decisions and practices that propel an opinion to realization for the rationale of breeding business worth. This paper is about software development by Samsung Company. The Company has come up with an advanced wireless disk drive that is the champion in the Google industry (Day, 2013).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Samsung unlike Apple reveal good consumerist skills in the course of innovativeness. The Company usually manufactures differentiated products that ensure that consumers choose from variety of Samsung devices. For example, Samsung products are of high quality with OS and software thus thriving well especially in OS and android market. Samsung have advanced strategic capacity which enable them hang about as the greatest threat to Apple. For example, their marketing strategies are outstanding. They augmented their cost of advertisement from $78 million to $401 million. In addition Samsung association capability is first-class. They exceedingly believe in providing people with opportunities to excel. They slot in the five hub values in every action taken which enable them to prosper. They are dedicated in ensuring that they are socially and environmentally liable wherever they are operating from (Michell, 2010).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Innovation management is very important owing to the fact that Samsung Company have to work under tight budget and the increased demand from the customer who prefer high quality products and services at affordable prices. Innovation management emphasizes on production of new technologies, products and services. Samsung is also known as the giant electronic maker, it is planning to launch the advanced wireless disk drive to the android users. The advanced disk drive Crystal Disk Mark chronological read and writes scores of 300MB/sec and 250MB/sec are around three times as fast as the swiftest hard disks from any other company and the disk’s LaCie’s small-file scores are excellent: its 300KB and 250MB/sec write and read results of 700MB/sec places the advanced disk drive at the front line. The advanced disk drive is expected to be more durable as compared to other disks. Durability is more important than speed and capacity. Ide ntifying and implementing investments repetitively and effectively make up the vital purpose of innovation management. Various decisions that are prepared in Samsung Company affect the succession and eventual success of superior ideas. New innovative ideas must be aimed at solving an existing business problem or growing an opportunity (Ernst, 2007).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Successful innovation management in Samsung Company follows the following guidelines; first, whether the potential innovation is aligned with the company’s strategy. Second, how the proposed change will add value to the customer. That is how the advanced wireless disk drive will add value to the customer, the third guideline is the amount of investment that is required and whether the investment will generate good returns. Whether the advanced disk drive will attract more customers? Forth, the possible impact of innovation to the current business and whether it would affect the existing returns. Also, the time frame for the effect to be realized and the impact to the business, how the innovation will alter or disrupt current markets; whether the new idea will generate additional revenue or reduces operating costs, the other guideline is how the latest innovations improve existing or build up new obstacles to competition and finally whether there is an effortless access to the competencies required to apprehend the new idea.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The new strategy that Samsung Company should slip in when launching the advanced wireless disk drive is pricing strategy. They should employ customer-based pricing. Samsung Company is well-known for hasty production of differentiated products thus penetration pricing will work best. The purpose of penetration pricing is to enlarge market share of the product. Samsung Company by the use of penetration pricing will be able to raise prices once they penetrate the market. The new strategy will draw many customers to buy the wireless disk drive and other products. The long term gain is that Samsung will accomplish a higher market share as compared to other rivalry companies in the industry. Samsung products are somewhat differentiated and owing to price inelasticity of demand in the market; this new strategy will work best for Samsung. This will be a very competitive tool for Samsung as they launch the advanced wireless disk drive and other inn ovative products. Retrieved from http://www.samsung.com/africa_en/aboutsamsung/Samsung Company is conversant that innovation management requires an innovation framework that will enable effective and repetitive change which will increase the capacity of the company to generate high quality goods and services. Innovation encourages the need for rapid change and rejuvenation, potentially affecting all sectors of a company. Samsung does not engage its workers in long working hours like Apple and Google since they believe in innovativeness. Transform is usually opposed which calls for necessary rewards and incentives to endorse the required innovation. The weekly meetings and workshop with the team of 8 members will be very significant since it will help me to diagnose the hindrances to innovation in the company (ArguÃÅ'ˆden, 2011).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The workshop and meetings will be exceptionally useful in understanding how verified framework to make the company more inventive. The workshop and weekly meetings will help us to find out examples of appropriate practice in innovation management and compose an action plan that will boost the innovation performance of the company. The other chief benefits of holding weekly meetings and workshops in Samsung Company include; gain awareness of how to develop excellent ideas that focus on adding value to the customer. For example, Samsung is planning to launch the advanced wireless disk drive and other products such as Galaxy S4 and Galaxy S5. Samsung operates under the philosophy of ‘people first.’ Second, help to gain self-assurance to manage the company’s assortment and shield the most innovative ideas. Third, help people to gain capacity to borrow ideas from chief management team for the company’s innovation acti on plan. Third, help individuals to gain ability to endorse an organizational culture that embraces creativity and innovativeness. It also helps to increase the alertness of apposite application of strategies so as to improve company presentation. Finally, help to build up confidence to communicate about the need for innovation and how to achieve it (Chang, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The new idea of advanced wireless disk drive must offer competitive advantage to attract new clients, maintain existing clients and cut-down the production cost with an aim of maximizing profits. Innovation is not hard but it is a complex process which involves change. Change on the other hand necessitates learning. High improbability and likelihood makes innovation management very complex, since it calls for the learning speculation to be concentrated on the areas of alteration that represent the highest possibility or uncertainty for gradual sustainability and intensification of the company. For more than 70 years, Samsung has focused on advancing the world through diversification that has led to advanced technology fashion, skyscraper, hotels, medicine, petrochemicals, semiconductors, finance and plant construction. Samsung Electronics lead takes the top position in the global market in high-tech digital media and electronic manufacturi ng. Through innovative, reliable services and products, talented personnel, collaboration with customers and other stakeholders, and responsible approach to business and global citizenship, Samsung is moving the world in imaginative new commands (Bessant, 2009).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   There are several external and internal triggers facing Samsung Company; however, there are many potential solutions to these problems. Three pillars of innovation must also be considered in development of innovation framework. These pillars include strategy, competency and management. Innovative competency of the company will depend on the set of capabilities and the history. Samsung main objective is making a better world through innovation. Powerful framework is based on commitment and competence which will help the company to propel forward. As the company manager it is vital to come up with strategies in the resource allocation. The strategies will also be significant in improving the existing processes and products, finding adjacencies and discovering totally new markets. A competent firm is required to manage its innovation in an appropriate manner. Samsung have to be hasty in its production so that it can cope with competition from Apple and Google. People everywhere, regardless of their earnings; desire to use superior and innovative products. Thus Samsung Company has to come up with strategies to make their products more affordable to the customers. People have different tastes, budgets, preferences and lifestyles. Through provision of innovative products that offer value for money, the company will meet different needs of the clients all over (Ghemawat et al, 2011).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The diversification strategy should focus on ensuring that the new product gives the customers confidence that the product will deliver on its promise so that they feel their money is spent appropriately. Improving brand quality will make business sense and enhance the company’s capacity to improve the lives of the low-income customers. The Samsung Company has the necessary resources, skills and the will to produce high-quality products at a lower price which meet the customer’s demands. Samsung Company must to come up with innovative strategies such as diversification strategy since the competitors are not willing to move back from breakthrough designs, very responsive and mass customizing variety strategies among other strategies that enhance production of superior products (Kenny, 2009).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The innovation team will be of great importance since they will help in generation of a set of innovation activities which amalgamates the activity into a regular cycle of running the company. The following phases in innovation management will assist Samsung to amalgamate the set of innovation activities in order to realize a fruitful end (Trauffler et al, 2007).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   They include: Setting the objectives for the process   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Innovation is all about change and starts with a goal in mind. The major problem is developing a strategy that will ensure provision of quality products at affordable prices which will attract more customers as well as retaining the existing customers. The team of innovation management has come up with diversification strategy that solves this predicament. Once the goal is identified, it will be discussed by all the members in the problem solving team. I am the leader of the team being in charge of other 8 members. These individuals are professional functional areas. The team will have weekly meetings and workshops where they will provide feedback and suggestions regarding their personal experience with the company’s product and services. I will be the leader of the team and I will oversee all the parts of the process from the beginning to the end (Hill, 2012). Cooperation   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   As an innovation team in Samsung Company we will work together so that rather than raising separate ideas, we can amalgamate them and develop a collaborative solution. This will be achieved through the weekly meetings and workshops. I have great experience as a manager in the company thus there is no need of hiring a trained business coach to facilitate the discussions. In addition, the prosperity of Samsung Company can be attributed to the uphill struggle and proficiency of its employees, whose mutual efforts boost the company’s competitive advantage and speed up innovation. It is also doubtless that the previous success would have been impractical without the intense interest and packed support from all stakeholders. Retrieved from http://www.samsung.com/us/aboutsamsung/ Combination of ideas   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The team highlights the ideas, and then they select the most suitable ones and then evaluate to see whether they can be combined to come up with an excellent idea. In deed, bold ideas will be complementary to each other and will combine to a better result. The whole result is likely to intensify with every member contributing to the process. The success of this combined ideas require representative from every stakeholder in the process. This is because these stakeholders are experts and have crucial information that individuals from other departments could not raise. As the team leader I will ensure that every angle of innovative process is covered. The business idea is to develop an advanced wireless disk drive. Evaluation of Innovation   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   This is a very crucial aspect of innovation management; however, it is usually ignored. When the most suitable ideas are fine-tuned, combined, and polished they should be subjected to peer review for evaluation. This will ensure the efficacy of the idea of advanced wireless disk drive. Deprived ideas will be identified in the evaluation stage before Samsung commits its funds, time and resources to them. Evaluation stage will also help the team to select idea with great potential from the other ideas that seem to have equal chances of success. This is the stage where the innovation team can alter the strategy of innovation with a lot of ease as compared to later stages. The stages after evaluation stage are more costly and thus require a lot of caution. The advanced wireless disk drive will enable customers to; access their Media Wirelessly, stream media wirelessly to Tablets or Smartphones among others, customers can also stream to up to 4 diverse devices concurrently, the drive also can operate the disk drive as a moveable DVD Writer and finally the wireless disk drive can as well be paired with Samsung Smart TV. The advanced disk drive is the quickest of all other wireless disk drives. Testing the ideas   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Once the innovation team identifies the potential idea, in this case developing an advanced wireless disk drive, they will test it so that they can identify the weak areas that require development. One of the most common method of testing service delivery or product quality is creation of test group. This will enable the innovation team, the customers, and the investors to familiarize with the new product in terms of its functioning and the necessary changes to be made to improve the product. The strategy is to ensure that the product raise interest as well as generating more orders. Customers will get interested to the high-quality products such that they will order more products from the company. Execution of the innovation implementation   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   If the idea of advanced wireless disk drive passes through the testing process, it can be further modified and changed until it is ready to be implemented as a component of the company offerings. The execution of implementation is unique for every business. Unless the idea of advanced wireless disk drive calls for alteration of marketing strategies, then this step for innovation management process should be basic for the company. It will be effortless for Samsung Company to move from testing of the product to the execution if the new product were able to create interest and generate orders in the testing stage (Zacharias, 2011). Assessment of Innovation Life-cycle   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   This is the step that follows after the execution of the business idea. Implementation should be closely monitored and assessed regarding the targets to be set. If the target is unattainable, the idea will be turned down calling for developments. Customer is always considered in the execution stage, the team will design measuring systems which can measure the value added to the customer through application of new strategies. Samsung work under the philosophy of ‘people first.’   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The next step after assessment is starting again, identify new strategies, solutions and inspirations and taking them through the cycle until the company come up with appropriate strategies that ensure value is added to the customers. Over the last two decades, Samsung Electronics utilized a series of turn around strategies that basically altered the approach of managing Samsung Company. The employees will be forced to learn from the new speed. Creativity calls for speed in the processes, inventory turns, functions, data access and market response. The style of management which includes control and command is obsolete and the modern way of business success is accommodating new technologies as well as open leadership styles where leaders consider other people’s opinions. The innovation team has to determine how the problem is defined in order to come up with appropriate strategy. For example, Samsung identified the problem associated to access of media. They decide to solve the problem by developing an advanced wireless disk drive where people can stream at ease. This will help the company to develop and raise ideas based on the need and how to improve the brand while maintaining low prices. Capacity to come up with new ideas should be one of the most crucial priorities in an organization. Retrieved from http://www.samsung.com/us/aboutsamsung/   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Innovation process will also include the Samsung’s internal and external elements. The team of innovation includes eight members who are company employees, customers and other stakeholders in the company. The innovation process will consider the following: Industry and cultural context.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   This refers to the environment and culture existing in Samsung Company. Samsung Company main objective is to produce first-rated product and services. The company officials also are very considerate since they respect other people’s opinions. This cultural background has greatly contributed to the expansion of the company since the employees have learnt to work under minimum supervision. The relationship between employees and the supervisors is excellent. The company is also deeply concerned with the future path of the employees and thus provides mentoring, training and essential coursework as well as coaching them. The company is also concerned about the employee’s social life and thus offers flexibility in schedules (Michell, 2010).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Employee’s opinions are also taken seriously so as to involve them in decision making. Decision making is very important and everyone should be involved since decision made will affect every individual related to the company operations. This employee relationship enhances engagement thus workers are motivated and thus will be crucial to company’s performance. Samsung Company recognizes that a company is its people, thus they operate under the value of integrity. Operations in Samsung are guided by moral values which ensure respect, complete transparency, fairness, for all employees as well as stakeholders (Mellor, 2003). Organizational context   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Samsung’s structure is very distinct because although there are representatives in every sector; respect remain paramount in the company. Employees respect their bosses and works under minimum supervision. Moral ethics is fundamental principle in Samsung Company. Samsung Company believes in use technology and innovation instead of control and command. The main goal is to be the best company in product and service. Customer satisfaction is the main objective since Samsung seeks to produce high-quality products while maintaining low prices. Company culture is very crucial since it can shape or break down the company. Samsung operates under team-based culture where employees participate on all levels. Samsung Company’s culture is adaptive and hence has enabled Samsung to outshine its competitors (Haig, 2004).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Adaptive culture accommodates change which is very essential for innovation management. It is very imperative for Samsung Company to understand its culture since it will learn to shape it according to their wish. The company’s culture has experienced changes due to hiring and replacement of employees. New employees bring new values and practices to the company’s culture. Thus it is vital to access the company culture by listening to comments from suppliers, customers and the employees. The common behaviors and noticeable symbols comprise the company culture. The team should also determine the desired company culture before any change is implemented. Samsung innovation team must find out the appropriate culture that suit the company in its desired future situation. The team will also review the company’s mission, values and vision to ensure that the culture being designed will support them effectively. Samsung Company c ulture is aligned to its strategic goal (Krug, 2009).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Aligning company culture to the strategic goals includes; developing a strategy that endorses the good things in the current culture and correcting the unaligned sectors, the team should brainstorm developments in the formal laws and daily duties, the team should develop strategic plan of the desired behaviors and actions, the innovation team should communicate the recent culture to all employees, and finally the innovation team should also over-communicate the recent culture and its practices to every individual. Strategic model of innovation   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Samsung electronic main focus is strategic innovation endeavors on product improvement which are usually addition and convey diminutive new significance. Though the aim might be to improve the brand quality it is also good to consider company culture, resources and network. Samsung can avoid diminishing returns from increased competition by creating a new model for the product. The more the innovation team will succeed in advancement of unique features in their production, product and marketing the more the innovation will be. Samsung uses four main areas to come up with a successful new business model of innovation for secure competitive advantage.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The first chief area is the core strategy which implies how the company will compete. The innovation team will develop core strategy such that it includes the company mission with key objectives such as strategic intent and value proposition. The company can use the strength of the current strategy or consider generating a new one. The core strategy should focus on competitive markets, defining the environment, customers and segment. A strategic core strategy is different from that of the competing firms and builds on the company’s features and strengths. Samsung Launch of advanced wireless disk drive is a significant step that enables customers to enjoy the quickest wireless streaming from SMART hub. Retrieved from http://www.macworld.com/article/1162103/samsung_announces_new_optical_drive_with_wi_fi_connectivity.html   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The innovation team will also focus on strategic resources. Samsung will also highlight the areas that require reorganization and improvement of the existing staff. The team should understand the company’s patents, brands and infrastructure. The company resources are expensive to imitate as they are associated to high cost and thus scare off competing firms. The company should use its strengths to improve competition.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Customer interface is the other key factor to consider, where Samsung considers the market and the existing competition. Samsung should identify the type of service, channels and support involved or that it controls with the available one so that they can add value to the product. Samsung innovation team should also use its client’s insight and use every opportunity to improve market understanding and how the market understands the company. Understanding the information requirements of chief customers and their dynamic interaction with the product or company is very important in strategic innovation. Pricing strategies might also be considered since the new product might alter the company’s practices (Michell, 2010).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Value network is another crucial factor to take into consideration. Samsung should consider the value network from the top to bottom of the value chain. The company stabilizes when it attract more finances and better partnership as compared to its competitors. The rapport between company and its suppliers influence opportunities for faster changes, price and quality of a product. The partners of the company can supply critical solutions and mechanism to the product, or create synergies or symmetries to augment sale. If Samsung innovation costs are projected to be high, the innovation team can consider a coalition even with the competing firm to enhance radical change in the market. The framework of meta-innovation is very important strategy to apply since it challenges the firms to think beyond product quality, markets and processes. Innovation does not necessarily have to be a high cost, but it should be an appropriate idea (Chang, 2008). 4. Knowledge deployment   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Samsung is committed to inspire people across the world by developing innovative products, new technologies and creative solutions. Samsung is changing rapidly to cope with the changing world. The company is relentless in innovation and pursuit of discovery thus creating possibilities. The launch of the wireless disk drive among other excellent products has enabled Samsung to be a world-class company. Samsung innovation has enabled advancement in technology, skyscraper, medicine, semiconductors, hotels, plant construction, finance and petrochemical among other significant application that help to push industries forward. Through creation of superior product and services, Samsung struggle to augment the lives of people across the world and ensuring positive change to the world. Samsung believe in power to connect people to what they are today with what they aspire to be in future. Samsung Company is the leader in high-tech digital products such as LCD and color television, EMS micro chip and mobile phones (Michell, 2010). 5. Methods of collaboration   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Samsung has taken full advantage as a latecomer and outshined various leading companies by employing a powerful engineering of core technology. Samsung does not engage its workers in long working hours, but it believes in innovation management. Samsung work under the philosophy of ‘people first’ thus they are able to develop products that attract more customers. For example, the wireless disk drive is a very advanced tool that will enable customers to enjoy wireless streaming among other uses. Samsung has never thought of quitting transformation and innovation. History reveals how, Kun-Hee Lee, Samsung chairman is excellent in deciding and forecasting. Samsung is also able to be the world leading company because of continuous development and investment. Samsung also changed from massive imitational production to independent product development based on digital technology. Samsung endeavors to make an integrated world through g lobal citizenship and responsible approach to business as well as collaboration with their customers and stakeholders (Krug, 2009). 6. Protecting innovation   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   This paper explains how Samsung internalization in China helps it secure a competitive advantage. Samsung has three lasting forces namely promotion force, force of internal motivation and organization force. Promotion force is the company and entrepreneurship culture which control strategic decision making and approach of development of a company and determine the character of a company. Force of internal motivation is the capacity in engineering of key technology and its application which forms Samsung’s competence. Organizational force is under scientific management which enables Samsung to execute its strategy. Samsung company management involves innovation in reducing transaction cost as well as innovation in utilizing capital. Retrieved from http://www.samsung.com/us/aboutsamsung/ 7. Managing risks: failure and imitation   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Diversification is the key strategy that enables Samsung to cope with risk and uncertainty. Samsung philosophy is ‘people first’ which enable them to develop products that align with customer’s needs. Samsung chairman is also excellent in forecasting and deciding power which has greatly helped the company to develop products that attract more customers. Samsung success is not measured in terms of achievement, but how they have improved the lives of the people. Samsung also manage risks by changing rapidly to cope with the changing world. Samsung is a leading company in production of high-tech digital products which are unique. For example, the launching of wireless disk drive is a significant step where customers will be attracted by the drive unique characteristics. Samsung strive to make a better world through innovation, trustworthy goods and services. Samsung utilizes diversification which helps it to produce differ entiated products ranging from LCD and color television, smart phones and EMS memory chip. Customers are able to choose from variety of Samsung products which place the company at a competitive advantage. Samsung also utilizes cost-benefit analysis which helps the company to manage risks and uncertainty. Samsung measure the efficacy of a strategy by testing the ideas mainly through insights from customers, employees or other stakeholders (Kenny, 2009). 8. Commercialization   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Samsung products are widely used across the world. Samsung has enhanced the growth of many businesses that use their high-tech products. Samsung strive to make the world integrated through advanced technology, finance, medicine, semiconductors, hotels skyscraper, petrochemicals, and plant construction among others. Samsung is made up of more than 78 distinct companies and joint ventures in an extensive assortment of businesses. Samsung objective is to diversify into medicine, health and biotechnology. Samsung is recognized as the leader in technology and is now ranks as a top 10 global brand. Diversification strategy has also helped Samsung to develop different products of high quality at cheaper prices as compared to products from other companies; for instance, Samsung receive massive sale of smart phones. The company also project that the newly launched advanced wireless disk drive will attract more customers and gain more orders (Arguà Å'ˆden, 2011). References About Samsung. (n.d.). Samsung. Retrieved May 22, 2014, from http://www.samsung.com/africa_en/aboutsamsung/ ArguÃÅ'ˆden, R. Y. (2011). Keys to governance Strategic leadership for quality of life. Basingstoke: Palgrave Macmillan. Bessant, J. R. (2009). Innovation. London: DK. Chang, S. (2008). Sony vs. Samsung: the inside story of the electronics giants battle for global supremacy. Singapore: Wiley. Day, G. S. (2013). Innovation Prowess Leadership Strategies for Accelerating Growth.. New York: Wharton Digital Press. Ernst, H. (2007). Innovation orientation, innovativeness and innovation success. Wiesbaden: Gabler. Ghemawat, P., Siegel, J. I. (2011). Cases about redefining global strategy. Boston, Mass.: Harvard Business Pub..Haig, M. (2004). Brand royalty: how the worlds top 100 brands thrive and survive. London: Kogan Page. Hill, K. (2012). International directory of company histories. Detroit, Mich.: St. James Press. Kenny, G. (2009). Diversification strategy how to grow a business by diversifying successfully. London: Kogan Page. Krug, J. A. (2009). Corporate strategy. London: SAGE. Mellor, R. B. (2003). Innovation management (1. ed.). NÃÆ' ¦rum: Globe. Michell, T. (2010). Samsung Electronics and the struggle for leadership of the electronics industry. Singapore: Wiley. Samsung Receives 49 Awards across Multiple Product Categories at CES 2014. (2014, January 15). Health Beauty Close-Up, 23, 43. (2014). Samsung S5 to feature biometric access control and secure mobile PayPal. Biometric Technology Today, 2014(3), 1.Samsung announces new optical drive with Wi-Fi connectivity. (n.d.). Macworld. Retrieved May 22, 2014 http://www.macworld.com/article/1162103/samsung_announces_new_optical_drive_with_wi_fi_connectivity.html (2007). Samsung does six sigma: A case study on supply chain management. Strategic Direction, 23(9), 15-17. Trauffler, G., Tschirky, H. (2007). Sustained innovation management: assimilating radical and incremental innovation management. Basingstoke [England: Palgrave Macmillan in association with the European Institute for Technology and Innovation Management. Trott, P. (2008). Innovation management and new product development (4th ed.). Harlow, England: Financial Times/Prentice Hall. Welcome to Samsung. (n.d.). Samsung. Retrieved May 22, 2014, from http://www.samsung.com/us/aboutsamsung/ Zacharias, N. (2011). An integrative approach to innovation management patterns of companies innovation orientation and customer responses to product program innovativeness. Wiesbaden: Gabler Verlag. Source document