The Prevalence of Teenage Suicides Nowadays Free Essays

During the high schooler years, youths experience a wide range of changes. These progressions cause numerous teenagers to feel just as they are the main ones that have these sentiments and that nobody can support them. The youngster that builds up these kinds of attitude for the most part has little assistance from loved ones to conquer the sentiments that might prompt self destruction. We will compose a custom article test on The Prevalence of Teenage Suicides Nowadays or then again any comparable subject just for you Request Now Self destruction is the point at which somebody attempts to execute oneself. High schooler self destruction depends on a similar thought, yet it is for individuals that are young people. Around 5,000 young people execute themselves consistently. That makes youngster self destruction the third driving reason for death for adolescents close to mishaps and wrongdoing. The idea of executing oneself as an answer for issues at school is normal for grade school and school kids. On the evaluation school side, 9% consider self destruction, 2% genuinely think about self destruction, and 1-% endeavors it. On the school side, the numbers duplicate by multiple times. An incredible 43% consider it, 15% truly think about it, and 5% endeavor it (1). The genuine number of suicides is higher than the evaluated one since they are not delegated suicides. They are named mishaps or survivors of wrongdoing. A vehicle that collided with a tree could be called a mishap, however in the event that the vehicle was working impeccably and the driver was not affected by medications or liquor it would be known as a self destruction. Youthful guys are multiple times bound to end it all than youthful females. Females are progressively ineffective while ending it all since they are increasingly well-suited to ingest medications or slit their wrists. Specialists despite everything have the opportunity to spare them. Then again, young men all the more generally hang themselves or bounce off tall structures. The utilization of guns in adolescent suicides is about the equivalent for both genders. When that specialists get to them, they’re dead. It has been discovered that there are more white youngsters than dark adolescents who execute themselves; and that young people in the western zone of the United States are bound to be self-destructive in light of the fact that more individuals own guns in the West (2). Adolescents are in a transitional period among adolescence and adulthood, and this can prompt disarray and tension on occasion. Teenagers with a satisfactory encouraging group of people of companions, family, strict association, peer gatherings, or extracurricular exercises may have an outlet to manage their ordinary disappointments. Teenagers without a satisfactory encouraging group of people, in any case, may feel disengaged and confined from their family and companion gathering. It’s these adolescents who are at expanded hazard for self destruction on the off chance that they can't manage their issues. Sheslow further underscores the significance of an encouraging group of people for teenagers who have endured physical or sexual maltreatment and the individuals who have poor associations with their folks. Specialists at the American Psychiatric Association (APA) state that teenagers considering self destruction frequently face issues that are out of their control - separate, liquor addiction of a relative, or presentation to abusive behavior at home, for instance. A family ancestry of melancholy or self destruction is another critical hazard factor. Since burdensome ailments may have a hereditary part, a few teenagers might be inclined to endure significant sadness. Sentiments of defenselessness and uselessness may go with the downturn. Sentiments of insufficiency and uselessness are significant hazard factors for self destruction. A high schooler, for instance, who encounters rehashed disappointments at school, who is overpowered by brutality at home, who is detached from friends, or who faces the social disgrace of homosexuality alone is probably going to experience such sentiments. â€Å"If he considers himself to be insufficient and useless and he accepts what's to come is unchangeable, these are away from indications of conceivable trouble,† says Dr. Sheslow (3). Now and then youngsters will endeavor to numb the agony of those emotions with liquor or medications. Substance misuse is a significant hazard factor for self destruction, says the APA, alongside the statement of fierce emotions (4). There are around five finishes paperwork for self destruction. The first is sadness. They might be discouraged about getting a â€Å"F† on their math test or have had a demise in the family. The subsequent sign is discussing self destruction. They may make statements like â€Å"I’m need to murder myself,† or â€Å"You won’t need to stress over me much longer.† The third sign is parting with a portion of their most valued belongings or working out their will. A few people part with their preferred garments, sound systems, or even their vehicles. The fourth sign is that they begin facing amazingly risky challenges. They may go paddling without a real existence preserver, attempt to fix electrical apparatuses without anyone else, quit wearing their safety belt, and go driving while they are smashed. The fifth sign for self destruction is being unexplainable lively or glad. At this point they presumably have made up their brains about self destruction ( 5). Anybody can be a casualty of youngster self destruction. It could be the elite player of the football crew, the young lady who has the cutest person in school, or the hyper-quickened truly shrewd child down the road. Everybody has pressure and everybody needs to manage it, yet not every person manages pressure a similar way. For instance one-individual may play a game to discharge and assuage their strains, however another may begin being discouraged and acting naturally ruinous. As you may see there are various things included when conversing with teenagers about self destruction. A portion of these things included should be looked are things, for example, social height of the pre-adult, if there is evident substance misuse, and how the youngster is acting in school. On the off chance that a juvenile ever considers self destruction the parent or watchman ought to promptly look for help. In opposition to prevalent thinking, individuals who talk about self destruction are probably going to finish. Focus on expressions, for example, â€Å"It’s no utilization, I’d be in an ideal situation dead.† Also be dubious if a kid who has been discouraged abruptly gets bright or cheerful. This extraordinary emotional episode may show that he accepts self destruction will be an answer for every one of his issues. The most effective method to refer to The Prevalence of Teenage Suicides Nowadays, Essay models

Short Answer Questions Essay Example | Topics and Well Written Essays - 1500 words

Short Answer Questions - Essay Example I feel like this is a dependable and substantial evaluation since it was an appraisal completed in a non-undermining and casual way. Under this setting, there is a more prominent possibility for the student to open up and speak the truth about her emotions, contemplations, challenges, and adapting needs. I likewise accept this to be a solid and substantial evaluation since it utilizes open-finished inquiries and these inquiries help the students be less limited by set inquiries and decisions. They can even make their own appearance and self-appraisal dependent on the inquiries presented and give an ardent and mindful reaction to the inquiries. Q-1c. Think about another technique for evaluation utilized by you or your partner to survey your student identifying with a similar region of learning. Think about the two evaluation strategies and results, and portray how these techniques supplemented or potentially repudiated one another. Clarify how you settled any inconsistencies. Organize d meetings were additionally utilized by me and my partner in evaluating the student in a similar zone of learning. In looking at these two appraisal techniques, there is huge difference seen. One uses open-finished inquiries, and organized meetings utilizes close-finished inquiries. ... completed in a progressively easygoing setting and way, with no desire for their outcomes being utilized as a strategy for evaluation with respect to the student. In the organized meetings, it is completed in a less easygoing way with the student in all probability situated on a table addressing organized inquiries. The student is likewise mindful for this situation that the individual in question is being met for an evaluation of his adapting needs. Generally, these two strategies supplemented one another. The casual meeting gave a premise to the evaluation of the adapting needs, and the organized meeting assisted with filling in the spaces and holes found in the casual meeting. The two strategies for appraisal gave methods for affirming the learner’s tolerant necessities. As a result, what might not have been uncovered in one meeting has been uncovered in the other kind of evaluation. Evaluation 2. Input:- Think about meetings when you gave positive and increasingly basic cr iticism to your learner(s). Q-2a. Investigate your experience of giving positive input to learner(s) (I) officially, in coordinated meetings; and (ii) casually, when cooperating. Use guides to outline the favorable circumstances and detriments of every strategy. In giving positive input officially, the student was careful from the outset since she believed that she would have been reproved. Notwithstanding, when she got the positive criticism, she was a lot of satisfied. She additionally was satisfied about being singled out for the positive input. She was likewise anxious to discuss the great work that she had the option to do and was anxious to get more criticism on how she could improve her work further. In the casual setting, any positive input I gave the student was additionally generally welcomed, particularly when I supplemented her before the other

Expertise How Hard Is It to Become an Expert at Something

Expertise How Hard Is It to Become an Expert at Something Inspiration Print How Hard Is It to Become an Expert? By Kendra Cherry facebook twitter Kendra Cherry, MS, is an author, educational consultant, and speaker focused on helping students learn about psychology. Learn about our editorial policy Kendra Cherry Updated on August 07, 2019 More in Self-Improvement Inspiration Happiness Meditation Stress Management Spirituality Holistic Health Brain Health Technology Relationships View All In This Article Table of Contents Expand What Exactly Is Expertise? How Long Does It Take? Can Anyone Become an Expert? How to Gain Expertise View All Back To Top Expertise is what separates the amateur from the true master in almost any field, from medicine to science to sports to artistic performance. The idea of whether experts are born or made relates to the age-old nature versus nurture debate in psychologyâ€"do genetics or experience play more of a role in shaping who we are? In recent years, there has been a considerable amount of attention paid to the made aspect of the debate. Expertise is acquired through dedicated practice, many experts in the field suggest. But how exactly do people go about becoming experts? Are some people simply born with the requisite talent, or can anyone become an expert with the proper study and training? What Exactly Is Expertise? While it might be easy to point out who is and is not an expert, agreeing on a formal definition of expertise is not always so easy. Is it about how much you know? Is it about being able to perform an action well? And at what point does a person move from being merely good at something to being a bona fide expert? Expertise is consensually defined as elite, peak, or exceptionally high levels of performance on a particular task or within a given domain, explained researcher Lyle E. Bourne, Jr. of the University of Colorado, Boulder and his colleagues in an article published in the journal Frontiers in Psychology. One who achieves this status is called an expert or some related term, such as virtuoso, master, maven, prodigy, or genius. These terms are meant to label someone whose performance is at the top of the game. An experts field of expertise can be almost anything from craftsmanship, through sports and music, to science or mathematics. So why do we so often label expertise with different terms? Each word tends to have its own subtle nuance that conveys what type of expert a person might be. If their expertise is perceived as being the result of hard work and practice, we might describe them as a master or a virtuoso. If people see their abilities as arising from pure inborn talent, they might be referred to as a genius or a prodigy. Some of the critical components of expertise are knowledge, skill, and achievement. People who become experts tend to acquire a body of knowledge that makes them one of the most informed individuals in their field. They also possess the skills that they need to determine when and how to utilize their knowledge. Such skills are often learned, but they can also be influenced by natural talent and ability. Finally, people who possess expertise also tend to excel in their field and achieve far above and beyond what the average person does. How Long Does It Take? Recently, a popular idea has emerged that the key to becoming an expert was devoting at least 10,000 hours to the study and practice of a subject. In a 1993 study, researchers found that the most accomplished violinists at a music academy had spent an average of 10,000 hours practicing their instrument by the age of 20. Pop psychology author Malcolm Gladwell coined the phrase the ten-thousand-hour rule in his best-selling 2008 book Outliers. Gladwell pointed to the results of the music study as well as observations that musical greats The Beatles had likely spent around 10,000 hours practicing playing music during the early 1960s. Gladwell also suggested that tech-entrepreneur Bill Gates had devoted 10,000 hours to practicing programming before he created Microsoft. According to Gladwell, a person could become an expert in nearly any field as long as they were willing to devote the requisite 10,000 hours to studying and practicing the subject or skill. The idea has become enormously popular outside of academics, but just how true are the claims? Can spending 10,000 hours on a subject really guarantee that you will become an expert? Anders Ericsson of the University of Florida is a world-renowned expert on peak performance and author of Peak: The New Science of Expertise. He has studied experts from all walks of life including areas such as chess, sports, music, and medicine. He is also the researcher behind the study from which Gladwell drew his conclusions about what it takes to become an expert. Ericcson points out a few key problems with the ten-thousand-hour rule: First, while the students in the music study were very good violinists by age 20, they were not masters. In other words, they were excellent players, but that did not necessarily mean they were masters of their craft. Ericsson suggests that it is sometimes around the 20,000- to 25,000-hour mark that people truly become experts or masters of a skill or subject.Secondly, not all skills are the same. Some skills require far fewer than 10,000 hours to reach the expert level, while others require much more.Ericsson also points out that Gladwells interpretation of his research is flawed. While Gladwell assumed that all of the violinists in the music study had put in the 10,000 hours of practice, that number was really only an average. Half of the violists studied by Ericsson and his colleagues spent less than 10,000 hours practicing their instruments by the age of 20, while half spent more. When It Comes to Elite Performance, Does Talent or Practice Matter More? Can Anyone Become an Expert? Ericsson believes that what separates the amateur from the expert is what is referred to as deliberate practice. Ordinary practice can help people become skilled at a task, but gaining true expertise involves practicing in a way that pushes the boundaries of current skill levels and knowledge. Such practice is highly concentrated and involves working on things that are outside of your current skill-level, setting goals, and receiving training and instruction from a qualified teacher. Just putting in 10,000 hours rehearsing the same things over and over again is not enough to become a true expert. Instead, concentrated, goal-directed, deliberate practice that stretches your abilities beyond your comfort zone is what you should pursue if you want to gain expertise in any area. While Ericsson believes that deliberate practice is the key to becoming an expert, not all researchers agree with his conclusions. Some recent studies have found that while the deliberate practice is certainly important, it is not the only factor that explains the differences between the skilled and the unskilled. While psychologists are not yet sure exactly which factors might also play a role, personality traits, physical characteristics, and overall intelligence may matter as well. So can you really become an expert in anything as long as you are willing to devote the time and effort to it? Its a question that psychologists continue to ponder, although there is little doubt that practicing regularly will lead to an improvement in both skills and knowledge. Whether you might eventually be able to become a true master in that specific domain is something that may only be known once you try. Before you decide to pursue it, consider whether you have the interest, dedication, and time to commit to gaining expertise in that domain. How to Gain Expertise So what does it really take to gain true expertise? What steps do you need to follow in order to become an expert? It Takes Work While the 10,000-hour rule is more pop-psych myth than reality, there is one aspect of the idea that is accurateâ€"becoming an expert takes a great deal of effort. People who become experts in any field devote a tremendous amount of time, energy, and hard work toward learning and practicing their skill. If you want to master something, you need to be willing to put in the time. It might not take exactly 10,000 hours, but it will take a lot. It Takes Deliberate Practice One study found that out of three different types of study preparation, the deliberate practice was the most effective. Researchers looked at participants in the National Spelling Bee and compared study methods with performance. Deliberate practice, defined as studying and memorizing words alone, was more effective than reading for pleasure and being quizzed by others as a study method. Interestingly, the deliberate practice was also rated as the least enjoyable and most difficult study technique. Participants who persisted with the technique also possessed higher levels of the personality trait called grit, also known as mental toughness. The researchers suggest that this mental toughness may sometimes be an important part of being able to stick with deliberate practice. While it was less intrinsically rewarding, those with grit were able to persevere and keep their eyes on their long-term goals, making them more likely to stick with the deliberate practice and more likely to perform better during competition. One recent study, however, found that deliberate practice may actually be less important than previously believed. Researchers Brooke Macnamara, David Z. Hambrick and Frederick Oswald found that the amount of accumulated practice did not play a major role in explaining individual differences when it came to performance or skill. In a meta-analysis of previous studies, the researchers found that practice accounted for just 12 percent of the individual differences found in performance. However, a practice still mattered. On almost all of the studies included in the analysis, there was a positive relationship between practice and performance. The more people practiced, the better they performed in their area of interest. What the researchers found was that the domain itself also mattered. When it came to education, practice only accounted for four percent of differences in individual performance. This number jumped up to 18 percent for sports, 21 percent for music, and 26 percent for games. In other words, practice played a greater role in improving performance for activities such as music, athletics, and games, and less of a role for professional or educational performance. So what else might be important in the development of expertise? It Takes Challenge Practice is essential for developing a skill, but becoming an expert requires constantly challenging yourself to do better, learn more, and acquire new knowledge and skills. Simply rehearsing the same skills over and over again will make you better in those areas, but it wont lead to true expertise. The seminal educational psychologist Lev Vygotsky proposed an important learning concept known as the zone of proximal development. This zone included the skills that were just outside of a persons current ability level. While a person might not yet be able to do these things on their own, they can achieve them with the assistance of a more skilled mentor. By continually reaching for these new skills, mastering them, and then progressively expanding this zone of proximal development, people are able to learn and develop their abilities. Becoming an expert requires constantly working within this zone of proximal development. Even once you have become very good at a skill within a particular domain, this does not mean that even greater expertise is out of reach. More learning, more knowledge, and better performance are still possible with further challenge and practice. A Word From Verywell While we often think that its intelligence that separates the experts from the rest of us, research suggests that true expertise has more to do with acquired knowledge than inborn mental abilities. Some people might be born with natural resources including physical abilities and access to the tools they need that allow them to achieve this expertise more readily. But becoming an expert takes effort and practice, no matter what your natural ability levels are at the start. And even the experts are not always perfect. Experts do make mistakes, but theyre also ready to catch their own errors and eager to learn from them. Mistakes are a form of feedback. They tell us not only what not to do, but also provide information on what we might try instead. Experts are able to spot these mistakes, correct course, and apply this knowledge in the future. Researchers continue to debate exactly what it takes to become an expert. There is no doubt, however, that it requires time, practice, and dedication.

The launch of fiat 500 - Free Essay Example

Sample details Pages: 15 Words: 4360 Downloads: 9 Date added: 2017/06/26 Category Business Essay Type Analytical essay Did you like this example? Introduction On 4th July 2007, Fiat Auto the Flagship division of Fabbrica Italiana Automobili Torino (FIAT) re-launched its heritage brand the Fiat 500. It was exactly 50yrs after the launch of Fiat 500 on 4th July 1957, which not only helped Fiat in post World War-II recovery but also provided mass motorization to Italians. Luca De Meo, CEO, Fiat Auto, on the re-launch occasion stated that â€Å"This is the car that gave ordinary Italians four wheels for the first time; that transformed a country and a company.† (Duff 2007) In its 18yrs of career between 1957 and 1975, 3,893,294 Fiat 500s were built sold, which provided millions of Italians and Europeans individual mobility (The Fiat 500 2007). Don’t waste time! Our writers will create an original "The launch of fiat 500" essay for you Create order Post 1970 with beginning of free trade in Europe, Fiats market share eroded continuously. Foreign companies such as Volkswagen, Renault, Ford, Peugeot, Honda and Toyota became prominent players in the Italian car market threatening survival of Fiat. In 2004 Sergio Marchionne got appointed as the CEO of Fiat Group and directed the massive restructuring of the ailing business. The re-launch of Fiat 500 was one of the important strategic tools in rejuvenating Fiat. On the re-launch occasion Sergio commented that â€Å"I want Fiat to become the Apple of automobiles. And the 500 will be our iPod.† (Colleen 2007) â€Å"The 500 has always been in the hearts of Italians, and I think therefore that it will be a great success.† (Colleen 2007)- Silvia Depaoli, president of the Fiat 500 Club Italia. Fiat 500 Strategy: As per Ansoff (1957) growth matrix, Fiat adapted a product development strategy. Fiat leveraged the brand heritage of 500 in Italy (Europe) by re-launching it. Fiat adapted a market led paradigm and followed a relationship approach for success of 500. In the heart of 500s strategy was to keep the audience engaged from the very beginning and knowing them. As per Hambrick Fredrickson (2001), a good strategy should be able to be refined into five elements: Arena, Vehicle, Differentiator, Staging pacing and Economic logic. Following is the breakdown of 500s strategy, which is discussed in detail in the later part of this paper using Porter Wiersema framework. Arena (Where will we be active?): Fiat mainly focused on Italian and European customer for 500. It chose to focus on small car segment as demand for small fuel efficient cars was going up in European market because of rising fuel prices. For promotion of 500, Fiat chose to focus equally on online and offline media. As Fia t was targeting young-at-heart professionals and city-car drivers, and these customers spend time on the web. The online campaigning formed an effective and efficient bellow the line and soft communication tool for Fiat for targeting a broad customer segment. Vehicles (How will we get there?): The prime vehicle of the whole strategy was to take advantage of 500s heritage significance in Italian consumers. The success of re-launch of BMW Mini and Volkswagen Beetle proved the market for retro models. So Fiat also adapted the same strategy of re-launching its heritage 500. â€Å"The 500 has always been in the hearts of Italians, and I think therefore that it will be a great success,† said Silvia Depaoli, president of the Fiat 500 Club Italia (AutoNews 2007). Fiat diligently tried to attract customers sentiment for 500 through advertising campaigns, car rallies blogs. Further in the designing process of 500, Fiat included enthusiasts to participate and contribute to 500s desi gn. Differentiators (How will we win?): The unparalleled differentiator in Fiat 500 strategy was the huge range of options for customisation. It was unprecedented in small car segment. Practically a customer could customise 500 in 549,936 ways (Tagliabue 2007). Attractive finance options were also made available for 500. Further 500 was satisfying the emission norms of Euro 5, which was supposed to be implemented 2yrs later of the launch. The extended after sales services also formed a great differentiator in Fiats strategy. Additionally, the new Fiat 500 was designed by Frank Stephenson, the designer of new Mini and Beetle. All these differentiators helped Fiat positioning 500 in the target customer segment. Staging pacing: Initially, Fiat targeted for a sale of 120,000 units per annum with a breakeven point of 85,000 units. And further as 500 was in the heart of Italians, Fiat choose to launch 500 initially in Italy then to roll out to whole Europe. (AutoNews 2007) Econo mic logic (How will returns be obtained?): In Europe Fiat is known for in-expensive cars. However, for 500, Fiat charged a premium price by banking on 500s heritage value. At a conference in Prague, Fiat CEO, Luca De Meo remarked â€Å"I am not a fan of introducing [more] low-cost cars in Europe, we did it for years, and we went almost bankrupt.† (Maxwell 2007) Further to achieve an economy of scale Fiat decided to share the platform with Ford and use components from Fiat Panda. Porter and Treacy Wiersema frameworks: Porters framework (1980): In the strategic positioning matrix, a firm gets its strategic position depending upon the width of industry, it targets and the type of competitive advantage it chooses. The strategic position helps a firm in reducing the rivalry in its industry (Sanders 2009). Fiat adapted the broad differentiation strategy for 500. Fiat targeted a broad market for 500, maintaining its old image of peoples car. Sergio Marchionne said â€Å"I want Fiat to become the Apple of automobiles. And the 500 will be our iPod.† (Colleen 2007) And for the strategic advantage, Fiat chose differentiation. Fiat differentiated 500 by offering product customisation and enhanced services while charging a premium price (ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬10,500 for the basic model and could run up to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬14,000 as per customisation (Tagliabue 2007)). As per Treacy and Wiersema (1993) framework Fiat adapted the value discipline of ‘customer intima cy for 500. Fiat 500 was projected as a car for everyone: â€Å"it is the car of the people, made by the people, for the people. The 500 is the ‘New Fiat and the ‘New Fiat belongs to everyone.† (Weenen 2007) By adapting customer intimacy Fiat offered a wide range of options to tailor 500 and enhanced after sales services to attract and satisfy customers. Fiat developed a unique market proposition by adapting customer intimacy and differentiation. Following are the elements of the proposition. Pre-launch campaign: Fiat tried to develop customer intimacy well before the launch of 500. It started a pre-launch online campaign â€Å"500 wants you†. In this campaign, enthusiasts were welcomed to join the competition of designing accessories for 500 and winning free accessories with the purchase of new 500. Over 3,000,000 enthusiasts participated and submitted their idea to the project. Fiats approach for designing of the new 500 was distinct and was very ap pealing to Fiat fans. Additionally, Fiat tried to reconnect with Italians through starting new fan clubs and blogs on the internet. XXIV Fiat 500 Rally: Fiat organised a grand rally for old 500s on 6th, 7th 8th of July 2007 in Garlenda, Italy just one day after the official launch of new 500. 1400 models including vintage models of 500 from all over the world participated in the rally, which helped in awakening Italians sentiment for 500. On this occasion Dante Giacosa 500 Multimedia Museum was also inaugurated, which features special models, designs, books, magazines, photographs and videos of 500 that provided Italy mass motorisation. Further on this occasion a new 500 was brought to the rally location through the air by a helicopter. (The New Fiat 500 at the ‘XXIV Fiat 500 Rally in Garlenda 2007) All these events got extensive media coverage and helped Fiat in its above the line communications. Patriotic advertisements: More than a year before the launch of 500, Fiat started advertising 500 with an aim to connect 500 with customers sentiment. In Italy Fiat advertised 500 by patriotic slogans such as â€Å"If youre Italian, you have to buy a Fiat† â€Å"The new Fiat belongs to all of us†. In Italy Fiat offered extras such as side stripe in colours of Italian flag. In France the slogan used was â€Å"The new Fiat is your history too.† (Tagliabue 2007) Through the campaigns, rallies and advertisements Fiat tried grabbing attention of Italians, excite interest in enthusiasts and create desire for 500. Extended options for customisation: The most unique about 500 was the extended range of options for customisation. Customers can tailor their 500 in more than 549,936 ways (Tagliabue 2007). Some of the options were 12 colours including six vintage colours with tri-coat. Pink colour to attract women customers. 15 types of upholstery including luxurious Cordura and Frau Leather. Seven types of interior trims. Full range of engines (1.2 8v Fire, 1.4 16v Fire and 1.3 16v Multijet). 9 types wheel rims. 19 types of stickers. Hand-stitched leather steering wheel covers. Electric fragrance diffuser with three types of fragrances. Coloured key case matching cars colour and many more. Extended payment options: The privilege of customisation was also made extended to payments and services. For example, in the â€Å"500 Cents† package a customer will pay only five Euros a day without any down payment as a part of the purchase plan. And in the â€Å"50 to 500† package, the customer will make a 50% down payment and rest payable after two years (Weenen 2007). Enhanced after sales services : Fiat 500 was initially offered with 5years/500,000km manufacturers guarantee and 24hrs roadside service. Further for periodical maintenances, Fiat offered to pick up the car from the customers place and customers mobility was made assured by reimbursement of taxi fare (Weenen 2007). The re-launching event: Fiat made re-launch of 500 a national event in Italy and organised it on the bank of PoRiver in Turin. In the event, pictures of famous people with old 500 and Italian history with old 500 were projected on huge screens. 7000 people from 63 countries includin g ministers, entrepreneurs, businesspeople, sports stars, and over thousand journalists attended the event. The whole event cost $16.4 million to the company. This event along with the XXIV Fiat 500 Rally formed a strong above the line communication tool for Fiat, as all these events were aired live on Italian mass media. Some of the other elements in the proposition which helped Fiat to develop customer intimacy: Mascot and logo campaign: Fiat launched an online competition for designing an official mascot and logo for it. Participants could download an online brief and submit their ideas to Fiat. Pregnant mom competition: The competition was only for pregnant moms, who thought would deliver a baby on the same day of re-launch of 500 (4th July 2007). And the winner of the competition was offered a new 500 as the prize. Analysis: Using all of these above mentioned methods and tools, Fiat has tried to follow customer intimacy. Nevertheless Fiat widely adapted â€Å"customer intimacy†, but there are also some signs of the third discipline â€Å"product technology leadership†. Fiat 500 was launched with Euro 5 emission standards, which was more than two years of the legislation deadline. It was also the first time that a compact car had achieved a 5-star, the highest rating possible, in the frontal EuroNCAP collision tests. Further seven airbags including a knee bag and BlueMe technology was also offered as a standard fitting, which was a novelty in small car segment (Tagliabue 2007). The BlueMe technology has been developed in association with Microsoft, which includes eco drive that helps the driver to drive in a kinder to environment and fuel efficient way, voice activated navigation system MP3 player. So it can be concluded that Fiat followed â€Å"customer intimacy† value proposition widely along with â€Å"product technology†. How do Fiats marketing strategies match its competitive position? A firms competitive position depends on its internal resources capabilities, the strategic group, the industry environment and the macro environment. Fiat adapted a differentiation and customer intimacy strategy as per Porter and Treacy Wiersema frameworks. In this part Fiats internal resources capabilities, the Italian car industry and macro environment have been examined to analyse the match between Fiats strategy and its competitive position. As Fiat was more focused on Italian market the following analysis is focused on the Italian car market and macro environment. Marketing environmental audit: In 2006, the European car industry surged by 17%, making Europe the fastest growing car market in the world. The proliferation of cars on European streets led to the congestion problem, as unlike United States, which is a large country with wide open spaces, European streets lack open space. Congestion along with rising fuel price made small cars more appealing to customers. This drove all major car manufacturers to focus on fuel efficient small cars, which can move around the cities quickly and safely. Following the market demand, major manufacturers launched small cars such as BMWs Mini, VWs Beetle and Fiats Panda. Value volume of Italian car market: Between 2005 and 2007 there has been a steady growth in Italys car industry both by volume and value. In 2007 with 2.5 million units sold, the market was worth $72billion. Analysts forecast that the Italian new car industry will be of $92billions in 2014, a rise of more than 30% since 2007. So there have been ample business opportunities for car manufacturers in Italian market. Industry life cycle: The steady growth trend of Italian car industry, the proliferation of large numbers of car manufacturers and aggressiveness of consumer has led to maturity phase of the industry. In this phase of industry life cycle, product features and differentiation plays the key role in success of a product. Companies should look for new innovations, product development and marketing mix to compete successfully (Kotler 1999, p. 630). Fiats innovation for 500 in terms of technology specifications and engaging customers in product development were matching requirements of the industry life cycle. Further its diligent marketing mix helped generate sentiment and customer for 500. Porters five force analysis (Porter 1980): The Italy new car market has a large number of buyers as 2.5 million units have been sold in 2007. The lower switching cost, availability of substitutes and easy accessibility of comparative information on the web drove threat of substitutes to be very high. Further Fiat cars were perceived as of low quality cars with low reliability. So, threat of substitute for Fiat was very high. However, buyer power of individual customers was moderate, because an individual lacks scale and scope to have a bargain with a car manufacturer but can choose a substitute product. Key inputs for this industry are steel and labour. The manufacturer has little control over the price of the inputs as prices are determined by market forces. So supplier power is also moderate. Threat of new entrants at the time of launch of 500 was low, as this industry requires a very high capital investment, return on investment is very low in comparison to other industries and the exit barriers are high. However, fol lowing the opening of European market in 1970, the Italian car market was already flooded with car manufacturers such as Peugeot, Volkswagen, General Motors, Renault, Ford, Honda and Toyota. So, the degree of rivalry was very high. Fiat lost its majority market share and its share of 52% in 1990 shrunk to less than 28% in 2003 (Jain 2007). From Porters five force analysis of Italian car industry, it implies that Fiats marketing strategy for 500 matches external market conditions. Degree of rivalry and threat of substitute were two major concerns for Fiat as the industry was getting more and more fragmented with the presence of a large number of players. And because of low product quality, Fiats brand identity was on stakes and product differentiation was at the lowest level. Fiats strategy of choosing differentiation and customer intimacy supported overcoming of these two barriers. The customisation options and pre-launch campaign (500 Wants you) allowed Fiat to develop a car, th at customers wanted. Further the rallies and patriotic advertisements helped Fiat to consolidate the fragmented car market and invigorate sentiments for 500. Environmental scanning PESTEL Analysis of Italy: Political: The opening up of European economy in 1970 allowed major auto manufacturers enter European and Italian market. This increased market competition. However, Fiat used its political clout in Italy to keep competition away. There were restrictions on Japanese car manufacturers on the number of cars they can import into Italy. Further, Fiat also utilised its political clout to get subsidises and concessions (Jain 2007). Economy: As per CIA World Factbook 2007 few of the major economic indicators are: Per capita GDP: $32,100 (ranked 22 in world), Urbanisation: 68% and Un-employment rate: 6.8%. High corporate tax of 31.4% (EU average 25.04%). (Datamonitor, Italy 2007) Social: 66.3% of total population is in the age group of 15 to 64 (CIA Factbook 2007), which is the target segment for Fiat 500. The graduation level in Italy has increased from 19% in 2002 to 39% in 2006. (Datamonitor, Italy 2007) Environmental: Carbon emission has increased to 474millions in 2007 from 448millions in 2002. So, the Italian government is planning to stringent emission laws. (Datamonitor, Italy 2007) Technological Legal: As Fiat 500 was one of the small cars with advance technologies, which are rare in this segment, so there was no known macro level technological effect on Fiat. No known legal issues related to re-launch of 500. Considering the PESTEL analysis of Italy, Fiats marketing strategies are in line with political, economy and environmental conditions of Italy. The per capita GDP and purchasing power make Italy an attractive market for car manufacturers. Further the new 500 was satisfying Euro 5 standards at the time of launch, which was two years ahead of regulation deadlines. Gap Analysis: The gap analysis will help us know whether Fiat could meet the needs of its customers. Post 1990, the prime reason for declination of Fiat was the lack of innovation and deterioration of quality of vehicles. Between 1995 and 2001 Fiat spent $4.5billion on RD in comparison to Volkswagens $20billion and Renaults $9billion (Economist 31st Jan 2003, cited by Momin 2008). The Fiat became synonymous with â€Å"Fix It Again Tony†, â€Å"Fehler In Allen Teilen† (defect in every part) and â€Å"Fur Italien Ausreichende Technik† (sufficient technology for Italy). Fiats market share in Italy fell down drastically from 52% in 1990 to below 28% in 2003 (Jain 2007). The BCG matrix analysis will help in revealing the reason for the gap and low RD expenditures. BCG Matrix: The primary reason for low RD expenditures was un-related acquisitions between 1990 and 2001. Some of Fiats acquisitions were Toro, Italys 3rd largest insurance company, Montendison, Italys largest private power production company and Case New Holland, an agriculture equipment manufacturer. Fiat also diversified into banking, telecom and pharmaceuticals sectors through acquisitions. Fiat neglected its cash cow (automobile business) and invested its financial and managerial resources on stars, dogs and question marks. This deprived the core auto business of the capital it required, resulting gaps in product range. Further, these acquisitions led to a debt burden of $5.6billions in 2003 (Phani 2003 p. 100, cited by Momin 2008). All these debt burdens and lost focus led to 75% utilisation of operational capacity at the manufacturing units, which is an essential performance indicator in manufacturing industry. Further in the last decade of twentieth century, Fiat focu sed on emerging markets such as Argentina, Brazil, Turkey, China and South America neglecting the mature markets such as North America Western Europe where growth was moderately low but demand was constant. Because of all these mismanagement, during the recession of 2001, Fiat was on the verge of bankruptcy, but was saved by a $2.8billion bank bailout. (Jain 2007) Turnaround strategy to fill the gap and rectify cash usage: In 2004, Sergio Marchionne took charge as the CEO of Fiat and embarked upon a massive restructuring program with a layoff of 6000 personnel. The same year Fiat showcased Trepiuno, a prototype similar to 500 at the Geneva Motor Show. The model attracted good review from all over the world and prompted Fiat to work on 500. The new 500 was designed by Frank Stephenson, who had successfully redesigned BMWs Mini. To reduce cost, 500 shared the platform, engine and other electrical equipment from Fiat Panda, another compact car. In 2005, Fiat centralised its RD a nd innovation functions and could acquire 80 new patents the same year. In 2006, Fiat radically increased its RD expenditures budget to $7.05billions for 2006-08. Further Fiat changed its purchasing policies. It started centralised purchasing and sourcing from low wage countries. This helped Fiat save 28% of material cost thus reducing production cost considerably and invest in RD. Segmental Positioning of Fiat: In spite of initial success of 500, industry analysts were skeptical about 500s success. As per them, although 500 has performed well in Italy and France, its success in other geographic regions is doubtful. Their apprehension was that, Fiat is generally known for manufacturing inexpensive small cars and its attempt to place 500 with BMWs Mini might not work. According to S. Whitwell, customers do prefer BMW Mini, not only for its nostalgic value but also for the quality reputation of BMW brand. And 500 may do well in Italy and some parts of Southern Europe. However, it is not iconic enough to get acceptance in other markets (Maxwell 2007). To counter competition from other incumbents Fiat pitched 500 against Mini. The 500 was priced ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬10,500 for the basic model and could run up to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬14,000 with customisation (approximately around $13,600 and $21,000), little lower than price of mini ($18,050 $25,400). The pricing was to provide 500 the price advantage over Mini while charging a premium for the heritage value. In the above segmental positioning by Morrison-Jones (2006), Fiat has the medium brand perception and placed in differentiated product category. Where as BMW commands high brand perception and placed in luxure car segment. However, Volkswagen is placed in similar category as that of Fiat. According to Stephen Cheetham, customers may not feel to pay a premium price for 500 except in Italy where Fiat has a strong brand and good will (Maxwell 2007). Fiats world market sales: It is clear from the above sales figures that, Italy and Brazil are the primary market for Fiat. Though there is not much variance in sales figure in Brazilian market, Italys car sales eroded continuously between 2000 and 2005. Nevertheless, following the restructure in 2005, in 2006 sales improved. In 2006, number of units sold in Italy touched 852,000 and European market share increased to 7.5% from 6.5% of 2005. (Edmondson 2007) Kotlers Product Levels model (1969): As per this model, Fiat 500 is a level 5 potential product. 500s long heritage confirms its three core levels i.e. core benefits, generic product and expected product. The extended scope for customisation, finance or payment options, safety features and enhanced after sales service confirmed augmentation and differentiation of 500. Confirmation of Euro 5 standards and Fiats enthusiasm for innovation of 500 by launching 500 convertible and sports version, makes 500 a potential product. Marketing Audit (SWOT) From the above analysis of Fiats internal, external and macro environment, Fiats strengths, weaknesses, opportunities and threats are summarised. Strengths: Fiats one of the key strengths is the strong sentiment of Italians for Fiat. In 2000, GM had acquired 20% of share of Fiat and was ready for a complete takeover if Fiat wished so. During the restructuring process in 2005, GM agreed to hand back its Fiat shares for $2billions. This break-up was well received in Italy and Fiats advertisements proclaimed, â€Å"Fiat is all-Italian again†. (Jain 2007) Style look of Fiat 500 and options for customisation Euro 5 emission standard and Level 5 safety standard. Heritage value of 500 as it provided mass motorisation to Italy. A level 5 product in Kotlers product level model. Enhanced innovation capability after increase in RD expenditures. In-line with industry life cycle. Weakness: Lack of scale in comparison to its competitors. Peoples perception of Fiat as manufacturer of inexpensive cars. Tarnished quality image of Fiat cars. Opportunity: Increasing demand for small and fuel efficient cars. Increasing demand for retro cars. Rising purchasing power of Italians. Threats: High degree of rivalry and threat of substitutes in new car market. Low profit margin and high operational cost corporate tax. Analysis: From the SWOT analysis, it can be deduced that, Fiat has satisfactorily utilised its strengths for developing the marketing strategy for new 500 to cease the opportunities in the automobile market. By sharing platform and components with Panda, Fiat has minimised its weakness of lack of scale. Through extensive RD and involving people in the development of 500, Fiat has improved its brand perception. Further, the differentiation and customer intimacy strategy had helped Fiat to minimise the threats of high rivalry and substitutes. Conclusion: The sales phenomenon of 500 in Italy and France was very much appreciating for Fiat. The demand for 500 in first two days of launch exceeded its two quarters production. It received 57,000 dealer orders, where as it was planning to sell 50,000 to 60,000 units that year. Many customers were ready to pay a premium price to get the car that year. From the above graph it is clear that with the launching of 500 and restructuring, Fiats operating profit improved drastically. Further delighted with the success of 500, Fiat planned to launch 500 convertible and sport edition of 500. References: Ansoff, Igor. (1957). Strategies for Diversification. Harvard Business Review. AutoNews. (2007). Fiat CEO Sergio Marchionne has big plans for little Fiat 500. 24hrs a Day Auto News. July 01, 2007. https://www.autonews24h.com/Auto-Industry/Fiat/1887.html (accessed April 04, 2010). Colleen, Barry.(2007). Fiat has big aspirations for little 500. July 04, 2007. https://www.thestar.com/article/232343 (accessed April 02, 2010). Datamonitor. (2007).â€Å"New Cars in Italy.† Datamonitor, Marketline,Reference Code: 0171-0358, December 2009. Duff, Mark. (2007). Cinquecentos return marks Fiats revival. July 4, 2007. https://news.bbc.co.uk/1/hi/business/6268522.stm (accessed April 1, 2010). Edmondson, Gail.(2007). Europes Car Market: The 06 Report Card, Business Week. Jan 19th, 2007. https://www.businessweek.com/globalbiz/content/jan2007/gb20070119_132541.htm?chan=search (accessed April 05, 2010). Fredrickson, Hambrick. (2001). Are You Sure You Have a Strategy? Academy of Management Executive 15, no. No.4 (2001). Jain, Shanul.(2007). Fiat Relaunching the 1950s Fiat 500: Replicating the Minis Success? Case Study, India: IBSCDC, 2007. Kotler, Philips.(1999). Principles of Marketing. 1999. Maxwell, Kenneth. (2007). Fiat Steers Upmarket With ‘500. The Wall Street Journal. July 5, 2007. https://online.wsj.com/article/SB118358796972957515.html?mod=googlenews_wsj (accessed on April 2nd, 2010). Momin, Parvez. (2008). New Fiat 500: Revival of a Heritage Brand. India: IBSCDC, 2008. Morrison-Jones, Tom. (2006). The Corporate Level Strategy of Fiat Spa. Phani, Madhav. (2003).â€Å"Fiat Auto Time for overhaul†. Chartered Financial Analyst, Icfai Press. Porter, M E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: New York: Free Press. Sanders Carpenter. (2009). Strategic Management. Pearson Education. Tagliabue, John. (2007). Fiat appealing to Italian patriotism and nostalgia to sell its 500 model. Aug 10, 2007. https://www.nytimes.com/2007/08/10/business/worldbusiness/10iht-fiat.4.7078934.html (accessed on April 02, 2010). The Fiat 500, an icon of our time. March 22, 2007. https://www.duemotori.com/news/auto_news/11582_The_Fiat_500_an_icon_of_our_time.php (accessed on April 2, 2010). â€Å"The New Fiat 500 at the ‘XXIV Fiat 500 Rally in Garlenda.† 500 Wants You. July 9th, 2007. https://www.fiat500.com/de/news_interna.asp?menu_or=newsid=91 (accessed on April 03, 2010). Treacy and Wiersema. (1993). Three Paths to Market Leadership, Customer Intimacy and other value disciplines, Harvard Business Review, Jan-Feb 1993. Weenen, Frank de Leeuw van.(2007). New Fiat 500 In Depth. World Car Fans. July 4th, 2007. https://www.worldcarfans.com/10707054067/new-fiat-500-in-depth (accessed on April 03, 2010).

Business And Law An Important Part Of The Regulation Of...

Business and Law in my country Haiti Student X University of the People BUS 3305 Introduction Law is an important part of the regulation of all system; it intervenes in every domain. In this essay we will try to show three ways law affects business in my country, Haiti, we will also try to describe the nature and source of the law involved, and describe impacts of the law on business (both positive and negative), and suggest ways that the law could be improved. By studying this legal environment of business it will help us understand how to reduce liability risks and identify the links between business and the law. Three ways in which the law affects business in my home country. Describe the nature and source of the law involved, give†¦show more content†¦However, the foreign investor who resides in Haiti must obtain a residence permit. Reasons for the law The State wants the Haitian investor and the foreign investor to enjoy the same rights and privileges. In order to facilitate local or foreign investments in the country and not to create blockages, the State has sought to facilitate and simplify the investment process in terms of conditions to be met in order to invest in the country. Impact of the law on business (positive or negative) This law arranges on the one hand and deranged on the other hand. To invest in the country, it is likely that the investor becomes owner in the country, which guarantees the right of real estate for the needs of his company. This implies that he has the same rights and prerogatives as the Haitian investor in achieving the main purpose of his business. As a general rule, Haitian law prohibits any foreigner from being a real estate owner. But clearly stipulates that for the needs of the realization of a company the foreigner is authorized there. What is problematic, is that these foreigners become owners of several buildings and own more than one land, sometimes without the knowledge of the state and sometimes with the complicity of the state. It is in this part where this law derange because it serves as a warehouse to possess several lands to worry about falling under the yoke of the law. Ways that the law could be improved We need to make theShow MoreRelatedInfluences of Business Environment Essay1347 Words   |  6 PagesThe business environment is constantly changing as time goes by. There are several factors that affect the aspects of the business environment such as benefits, costs, and risks of conducting business. The type of business, economic, government, and legal influences are major contributors to the business environment, Riordan Manufacturing, Huffman Trucking, Kudler Fine Foods, McBride Financial Services, The Elias Group, and Smith Systems are business that are affecting by those influences. 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Read What an Old Pro Thinks About Evaluation Topics

Read What an Old Pro Thinks About Evaluation Topics For suitable growth for a writer and faster progress in picking out evaluation essay topics, it is strongly suggested for a writer to experience free evaluation essays to be able to have a pool of suggestions to borrow from. A writer may also form evaluation essay topics by studying what's happening in society. There are lots of great evaluation essay topics and a writer can pick the one which appeals to her or his interests. If topics for evaluation essay are unavailable, then the writer is absolutely free to decide on any topic of their own interest. So the major criterion ought to be your interest in this issue and its relevance to your field of specialization. Look for the primary and secondary sources on the provided topics before you begin your very first draft. Choosing the right topics might take a while in case you don't have a list of sample topics facing you. Whether you wish to order an instance of an evaluation essay, get access to another collection of excellent topics, buy an outline to enhance your odds of successfully completing an assignment in time or employ a skilled proofreader to confirm your paper, you may always rely on us. An evaluation essay can help you find out about the caliber of an object you want to know more about. Supervisor notes are by and large destroyed when the performance evaluation period is over. If so, your evaluation is going to be a beaten job. It is a fact that every evaluation will involve the inclusion of some type of opinion, as a way to be carried out correctly, the evaluati on should not read as though it's opinionated. Once more, in the event the criteria, judgments and evidence are clear, the general thesis ought to be also. You cannot compose a great evaluation essay whenever you have rich evidence for a single criterion and no evidence for a different. A total thesis also needs to be offered. Your evaluation won't be completed until all essential official transcripts are received. No matter what kind of project you're planning, the odds are that you have to convince other people to approve your ideas and provide you with the job. Evaluate each side of the chosen subject to stop from producing your evaluation essay sound biased. You're unlikely to accomplish that by writing your proposal from your viewpoint, describing only your requirements. Your proposal is going to be tailored to a particular circumstance and need. New Questions About Evaluation Topics Also note you can also comment on one another's comments. Free range parenting since you can see, there are a fantastic number of us eful, informative and intriguing topics to write about and evaluate. You could also request a difficult copy of the document from the contact given below. Make sure you have presented enough basic info and details, or so the reader will be prepared to agree with your evaluation. Evaluation Topics - the Conspiracy A review of the advantages and disadvantages of marijuana would want to get altered subject to the several facets of Japanese culture. No matter if it is a performance evaluation essay sample or a different type, you will discover essential info to contemplate in your writing. Each tackles a specific evaluation-related subject, and several propose solutions to common evaluation difficulties and direct viewers to additional instruments and resources. It is very important to establish it as it's not going to make your evaluation look to be an opinion. There are 3 things one must have as a way to form a fantastic evaluation essay. If you neglect to compose a superior evaluation paper or don't understand how to get stated for any reason, you shouldn't panic since there's a good way out. It is very important to remember your proposal is inclined to be read by different individuals in your company. It is an impossible task to turn into a seasoned writer by reading tips about how to turn into a writer. Studies have indicated that any individual arrested as a result of drug abuse is subject to quite a harsh sentence. In case you're not sure regarding the content of your upcoming essay, consider trying to find relevant advice online. To receive your project approved or to obtain the budget and support you require, you are going to have to convince others in your organization. Obviously, given the selection of the thousands of prospective projects, each project proposal will differ dramatically from the subsequent one. Don't worry-writing a project proposal isn't nearly as hard as it may sound. Thus a superior project proposal should not be all about you.

Accounting Theory Research and Development

Question: Discuss about the Accounting Theory for Research and Development. Answer: Introduction This study deals with understanding the differences between Research and Development. In this particular assignment, importance of Research and Development has been identified that helps business firms in gaining high revenues in the upcoming financial year (Rehfuess et al. 2013). There is no hard and fast rule that if a company spends huge on Research and Development, then it will achieve the desired profits. Discussion on the nature of differences between Research and Development Research and Development in industry is intimately related with given process by which new products as well as new forms of old products with the help of technological innovation. Research and Development reveals the systematic use of scientific knowledge for improving manifestations for not meeting with universal approval. It helps in developing new knowledge as well as application of scientific or engineering knowledge for connecting with knowledge for other aspects (Harper, Jones and Marcus 2013). Research= Basic Experimental Research Development= Exploitation of discoveries Research and Development in Business proves critical for marketing aspects. Intense competition has made research and development important prospects. Conducting research and development activities will help business firm for analyzing consumers trends, needs as well as demands. There is no guarantee that higher spending to Research and Development will lead to higher profits, greater market share as well as more creativity and better products and services (Harper, Jones and Marcus 2013). This particular concept will investigate activities whereby business takes deliberate decisions for conducting certain activities. It has an intention for general strategic actions for future growth actions. It aims in discovering attributes that will lead to new products, procedures as well as bringing improvement in the existing products or services. Discussion on how Research and development are accounted for and why firms engage in Research and Development Business firms engages in research and development so that they have better understanding of present market condition and deliver goods and services. Research and Development helps high-tech firms on the cutting edge of advancement of new technology (Rehfuess et al. 2013). Most of the consumer goods companies aims at spending large sum of money especially on improved old products. For instance, Gillette spends lot of money on Research and Development every year for ongoing attempts in designing of more effective shaver. On the contrary, some other company believes in spending small percentages of their revenues on Research and Development like under 5% (Rehfuess et al. 2013). Research and Development is important for business firm because firms should understand changing market condition as it is crucial to survive in the fast changing environment. It helps business firm to cope up with continuous technological change as well as intense competition among nearest competitors (Harper, Jones and Marcus 2013). It will help business firm in getting idea on changing consumer preferences and considers as fundamentals to marketing. Advantages are markets that come from understanding of marketing needs. RD will give efficient production process for business organization. Conclusion At the end of the study, it is concluded that Research and Developmental activities provides great help to the business organization. This is because conducting market research will help in gaining information regarding customer changed trends and preferences. Addition to that, it gives proper understanding regarding current market position and business offerings in the near future. Reference List Harper, C., Jones, N. and Marcus, R., 2013. Research for development: A practical guide. Sage. Noyes, J., Gough, D., Lewin, S., Mayhew, A., Michie, S., Pantoja, T., Petticrew, M., Pottie, K., Rehfuess, E., Shemilt, I. and Shepperd, S., 2013. A research and development agenda for systematic reviews that ask complex questions about complex interventions. Journal of clinical epidemiology, 66(11), pp.1262-1270.