Financial Statements Essay Example | Topics and Well Written Essays - 1500 words

Financial Statements - Essay Example This project aims at studying and analyzing the annual report of Home Depot as submitted to the United States SEC in the year 2008. The basic financial statements including the income statement, the balance sheet and the cash flow statements of the company are studied and mapped against the managerial decision making processes of the company in the specific year under study. The consolidated statement of earnings of Home Depot indicates that the company has been extremely proficient in generating revenues in 2008. The total revenue in 2008 was USD 77349 million. The operating expenses of the company were USD 18755 million. This indicates that the company was much efficient in generating high revenues while being able to maintain much lower operating expenses. The net earnings of Home Depot in 2008 were USD 4395 which is favorable when mapped against the industry requirements. In overall, as per the consolidated statement of earnings of Home Depot, the company was performing at a standard level in the year 2008 (Home Depot Inc., 2008, p. 4). The consolidated statement of earnings or the income statement of a company summarizes the revenues that a company has earned during the period of reporting through the sale of its products and services. Also, it includes the expenses that a company has made to produce the revenues during the same period. These expenses may include the selling expenses, overheads, general expenses and depreciation of the assets. The comparison of the revenues and the expenses of a company show the net operating profit of a company. After the deduction of various statutory deductions like taxes and interest expenses, the consolidated statement of earnings of a business represents the net earnings of the company over a specific period of time. The key business decisions like how the return on investment for the company can be improved are

Presentation for the Global marketing into CVs and Wallgreen PowerPoint

For the Global marketing into CVs and Wallgreen - PowerPoint Presentation Example The company has stores in more than 32 states and is expanding gradually in Florida. The expectations of the Florida market have been beyond anticipations due to customer acceptance and better sales figures in the new areas of expansion. Another marketing strategy used is altering the format of the stores, which has generated high margins of profit. CVS has moved from a 9600 square feet prototype convention to bigger and better free standing facilities, which has seen $22 billion in sales and ranked second among competitors in 2012 (Callegarri, 2003). On the other hand, Walgreens has based its marketing strategies on customers. This has resulted into a huge shift in direction. The strategies used include: identifying the customer need; building relationships internally between customer service, IT and operations and marketing departments; a clear outcome and goal and marketing communication; and making the company system simpler. This has seen Walgreens open more stores to cater for customer need as a marketing strategy. Another marketing strategy used by Walgreens is customer initiatives such as the launch of Customer Centric Retailing initiative in 2008, which brought huge profit margins (Nulman,

English Literature Appreciation of the Beauties of Nature

English Literature Appreciation of the Beauties of Nature Appreciation of the Beauties of Nature There is appreciation for the beauties of nature in almost every Romantic work that we have read. The two works that I saw it the most in were â€Å"Nutting† and â€Å"The Legend of Sleepy Hollow†. These two works had very detailed descriptions of the beauties of nature, which really made you appreciate those beauties. Romantic writers such as Wordsworth and Irving really make you see how much they appreciate nature. In â€Å"Nutting† there were many details of the beauties of nature. I think that the best example of this would have to be â€Å"More ragged than need was! Oer pathless rocks,Through beds of matted fern, and tangled thickets†. Even though Wordsworth was talking about how tough this stuff was making it to get through the woods he is using this to show his appreciation of these beauties of nature. I think he was probably doing the same thing in saying â€Å"Motley accoutrement, of power to smile At thorns, and brakes, and brambles,and in truth†. These lines are also showing unpleasant things in nature that are also considered a beauty. Almost every line in Wordsworth’s â€Å"Nutting† describes some beauty of nature. I really like this because it was very descriptive and easy to read. I also really like nature and Wordsworth’s descriptions made me relate to some of things he was talking about. â€Å"Nutting† is a perfect example of how R omanticists expressed their appreciation of the beauties of nature. â€Å"The Legend of Sleepy Hollow† is also an excellent example of Romanticisms appreciation of the beauties of nature. There are many examples in this work that can make you actually picture what is being seen by the characters in the story. The best example of Irving’s appreciation of the beauties of nature was when Icabod went to Katrina Van Tassel’s house. Irving described her farm so well that almost any one could see what he was talking about. â€Å"Swallows and martins skimmed twittering about the eaves; an rows of pigeons, some with one eye turned up, as if watching the weather, some with their heads under their wings or buried in their bosoms, and others swelling, and cooing, and bowing about their dames, were enjoying the sunshine on the roof†, this is just one example of Irving’s descriptiveness of things in nature. Another example of Irving’s appreciation of the beauty of nature is when he said â€Å"His stronghold was situated o n the banks of the Hudson, in one of those green, sheltered, fertile nooks in which the Dutch farmers are so fond of nestling.   A great elm tree spread its broad branches over it, at the foot of which bubbled up a spring of the softest and sweetest water, in a little well formed of a barrel.† With this descriptiveness you can almost taste how sweet the water was. He also makes you feel like you are sitting on the bank of the Hudson river. Irving also did a good job of describing the things in nature that Icabod was passing as he was on his way home from the Van Tassel’s house. Even though the things he was talking about had some superstitions to them such as Major Andre’s Tree which was really scary to Icabod in the dark, but would have probably been beautiful in the daylight. Before Icabod came upon Major Andre’s Tree, he had to cross Wiley’s Swamp which Irving described by saying â€Å"a small brook crossed the road, and ran into a marshy and thickly-wooded glen, known by the name of Wileys Swamp.† Irving definitely did a very excellent job describing the beauties of nature in â€Å"The Legend of Sleepy Hollow†. He even made things in nature that looked bad at first look beautiful after he got done describing them. Irving went about Romanticism a lot different than most of the other Romanticists, but the one thing he really had in common was his appreciation for beauty in nature. I really think that it is funny that â€Å"The Legend of Sleepy Hollow† was really supposed to be kind of scary story, but ended up showing a whole lot of beauty in all of the things that Irving described in this story. Overall, Wordsworth’s â€Å"Nutting† and Irving’s â€Å"The Legend of Sleepy Hollow† both describe very well a lot of the beauties of nature. I think that they really represented romanticism very well. They were both very descriptive writers and what they wrote was very comprehendible. The style of both writers was really different with Wordsworth’s work being a poem and Irving’s work being more of a short story. They were both very well written and both really showed an appreciation for the beauty of nature. I really enjoyed reading both of these works because of all of the detailed descriptions of things in nature. â€Å"Nutting† Really reminded me of the days before deer season I spend out in the woods scouting out the area with the most oak trees that have the most acorns. I also could really relate to Icabod being spooked by things he was seeing and hearing in the dark on his way home from Katrina Van Tassel’s house. I have often heard some of the same sounds and saw some of the spooky shadows while walking through the woods in the dark as Icabod did. Wordsworth and Irving both did an excellent job in showing their appreciation in the beauties of nature. That is why I have to say that these were two excellent works of Literature.

The Lack Of Women in Arizona Politics, Specifically the United States Congress :: Essays Papers

The Lack Of Women in Arizona Politics, Specifically the United States Congress Arizona has been referred to as the "state of the woman" in recent literature. Last year, the state made history when it became the first to elect females to all top five executive positions of the state, see Jimena Valdes' essay. These elections indicate that women have gained much equality in Arizona politics based on their state success. However, if one is to study the representation of Arizona women in national politics, it is apparent that there is still a definite lack of woman in this area of politics. Currently, there are no women representing Arizona in the United States Congress, and there have only ever been two, Isabella Greenway and Karan English. This essay discusses the reasons behind this misrepresentation of woman in Arizona national politics; such as economic inequality, the lack of support from well-known male politicians, strong family bias, which has been a result of the powerful Republican political force that exists in Arizona, and the alienation of wome n when they are finally elected to the United States Congress. I: Isabella Selmes Greenway: Socialite and Businesswoman Isabella Greenway was the first Arizona congresswoman, and unlike many other woman of her time, she had strong political support from the first family, which was the main reason behind her nomination to Congress in 1933. Isabella Greenway first entered politics as a supporter of Franklin Roosevelt, who became a very close friend as a result of Greenway’s long relationship with his wife (Office 1). This of course was an extremely important step in her establishment of a political career. Because of her close friendship with the first family, Isabella Greenway had every opportunity to watch Franklin Roosevelt in his political career, and then use her acquired knowledge to move into a political career of her own, in the Democratic party. This was a unique opportunity, and there is no doubt that she would not have entered into politics if there had not been this friendship between her and the Roosevelts. In Greenway’s lifetime, female politicians were an extremely r are species, and it was only because of this strong political backing from the first family, that she became the first Arizona Congresswoman. Isabella Greenway’s nomination also came as a result of her wealth, which was also a unique property for a woman living in her time, and would not have come about if her two rich husband’s had not died.

Billabong Case Study

Introduction Billabong International Limited (BBG) produces surf wear, sports apparel and accessories for the surf, skate and snowboard markets (Macquarie, 2012). The firm recorded an 18. 4% decrease in net profit to A$119. 1 million in 2011 (Billabong Shareholder Review 2010/2011). After intense acquisition efforts, which saw Billabong buying over 11 brands (Appendix A), the company was forced to undergo a major restructuring, closing 150 stores and cutting 400 jobs worldwide (AAP, Feb 2012).The report will be analyzing the Billabong brand, specifically its surf wear in Australia, to identify the underlying crucial issues that must be addressed. Current opportunities and threats that Billabong can leverage on will be prioritized, then weighed against the firm’s internal strengths and weaknesses in order to increase sales. Solutions in line with Billabong’s mission of striving to set new benchmarks through youthful lifestyle brands and experiences will be explored. Situ ation Analysis & Problem IdentificationTo identify the key issues and opportunities that Billabong is facing, an analysis was conducted on the following five areas. Appendix B shows the consolidated list of issues Billabong faces. 1. Customers (Appendix C) The Customer Experience Cycle was used to identify key opportunities such as improving the Purchase context through greater interactivity with customers. Another opportunity was to promote an eco-friendly way to dispose of used products while gaining rewards. 2. Competitors and Context (Appendix D, E & F)A PEST analysis of the Australian market reveals a demographic shift to the under -15s market (Euromonitor 2012), which was an opportunity for Billabong to target. Using Porter’s Five Forces (Appendix E), a Positioning Map and Competitor Threat Analysis (Appendix F) to analyse the boardsport industry confirmed that competition from a few big surf brands was high and that all had a strong brand following and highlighted the need to differentiate its products from them. 3. Company (Appendix G) The Balanced Scorecard was used to measure Billabong’s performance.They had high brand awareness of 86% in Australia but a lower conversion rate of 46% (Billabong 2012), which presents an opportunity to target those already aware of Billabong. 4. Collaborators (Appendix H) Billabong has yet to explore the opportunity to â€Å"unsource†, allowing for customer collaborations in designing boardshorts. Another area to explore could be coopetition with surf brands to tackle problems which affect the surf wear industr y. Through an opportunity and threat matrix, the consolidated lists of issues were prioritized. Opportunity Matrix Threat MatrixThose with the highest probability of success and attractiveness in the Opportunity Matrix and those with highest probability of occurrence and seriousness in the Threat Matrix were taken into consideration as key issues. Those chosen were the most pressing issues th at Billabong would be able to address with a good chance of success. Key Issues/Opportunities Key Objectives Undifferentiated surf wear products To produce a new product line that is among competitors not available by other surf wear brands by 2013. Low conversion rate despite high brand To increase conversion rate to 52% and awareness brand loyalty by 7% by 2014.Surf wear is declining in popularity as a To revive the popularity of surf wear as form of casual apparel due to increasing casual wear and increase sales by 10% availability of cheaper alternatives from the 34% of Active Lifestyle consumers. Australians are increasingly To create an environmentally friendly environmentally conscious product range by end of 2012. Shifting demographics to under 15s Create activities for consumers under 15s to garner 50% brand awareness by 2014. Solution Scenarios & Implications Solutions to the identified key issues/opportunities were gathered from the Active SWOT, ERRC Grid and CEC (Appendi x I, J, C).The What if analysis (Appendix K) was used to consolidate the solutions. Active SWOT Scenario 1 Building a new Billabong Customer Experience Key Issues Addressed With the main objective of increasing conversion rate by 6%, Billabong physical stores will be revamped to offer 1. Low conversion rate despite a new surf experience for customers. high brand awareness The Sense Value, from the CEC, is an important factor 2. Undifferentiated surf wear products among competitors 3. Shifting demographics to under 15s in the retail experience as stimulating the five senses causes it to be memorable and engaging.As identified in the ERRC grid, Billabong Surf Villages will be constructed at popular surf beaches to be closer to potential customers. A surf school will be created to give under 15 year old customers surfing lessons and to introduce them to Billabong’s products through a starter kit. Interactivity and a multisensory experience in physical stores will be implemented through surfboard simulators so that customers can try how their apparel feels like while surfing. Surf enthusiasts will be hired as sales associates to spread the passion of surfing to customers and to increase retail expertise – a weakness highlighted in he Active SWOT. Scenario 2 Differentiating Billabong’s surf wear products Key Issues Addressed Differentiate Billabong’s surf wear through value adding rather than reducing price. Reversible boardshorts (one 1. Undifferentiated surf wear products among competitors side featuring a formal design and the other a fun design) will be introduced as a main differentiating point from competitors in the market. Low conversion rate despite high brand awareness To capitalise on the individuality of surfers, their Self Esteem Value, customization of apparel will be 3. Surf wear is declining in popularity as a form of casual ntroduced through Billabong’s e-commerce site and boutique stores. apparel due to increasin g availability of cheaper To create exclusivity and reduce over-supply, Billabong alternatives can reduce the quantity per collection and increase the frequency of collections to keep up with trends. Collaborations with well known fashion designers, celebrities or pro surfers can be explored for limited edition ranges. Billabong can introduce a customer innovation platform, where customers give feedback or submit designs through their e-commerce site and physical stores. This ensures that styles remain relevant. A CRM system can e installed to track customers’ purchases and predict successful collections. Scenario 3 Incorporating Environmental Sustainability to achieve a competitive advantage Key Issues Addressed 1. Australians are increasingly environmentally conscious Billabong will either engage in a coopetition with a supplier or competitor to invest in green research and development for the surf wear industry. The brand can also rely on its strength of superior research and 2. Undifferentiated surf wear development skills highlighted in the Active SWOT. products among competitors An innovative way to engage customers and 3. Surf wear is declining in ifferentiate themselves from competitors in the popularity as a form of casual Disposal Context (from the CEC) is to launch an apparel due to increasing environmental disposal programme for Billabong availability of cheaper wetsuits and boardshorts. It would allow customers to alternatives recycle their used ones in exchange for a discount on their next purchase. Billabong could adopt a green approach from business practices to the design of the physical retail outlets. These solutions would motivate environmentally conscious consumers to purchase their products even if it is more expensive than casual wear alternatives.Scenario 4 Transformational Strategy Key Issues Addressed Billabong aims to focus on product and experience to 1. Undifferentiated surf wear products among competitors appeal to the acti on sports core and active lifestyle segment (Billabong, 2012). It will focus on simplifying its business by cutting down on style duplications and Low conversion rate despite leverage on the Billabong brand to translate the high brand awareness customer experience across channels including their ecommerce and physical store. Customer insights research will be undertaken. Customer driven innovation capability will also be mplemented. Its retail stores will be revamped to be more customer centric and retailing IT systems will be updated to gather more customer insights through its point of sales. The lack of retail expertise will also be addressed. Recommendation & Justification This matrix helps prioritize which of the 4 scenarios from Billabong is more urgent and which would have a greater impact upon the company. We can see that Scenario 2 is rated high in urgency and high in potential impact. Therefore it is recommended that Billabong conduct a detailed planning and implementation of this scenario immediately.This is urgent because Billabong’s product line is the core of it’s business; if it’s products are not attractive, creating other strategies should be secondary. Furthermore, a Risk and Return Analysis (Appendix L) on the recommended solution shows that the returns are much higher than the risks involved. Surf wear brands look similar due to limited styles. Customers have low switching costs and can easily purchase another surf brand or fast fashion brand. However, with differentiated products such as reversible boardshorts, Billabong offers greater value at its existing price.Furthermore, differentiated products would lead to an increased conversion rate among customers once they see the value in purchasing Billabong’s products over others. Costs incurred to manufacture such boardshorts are high; a budget of $1. 5 million was allocated. Several factors that Billabong has to consider are the specialised equipments, hygiene (i . e. shorts must be safe and clean to be worn on both sides in the same day) and materials used. In addition, Billabong will introduce customization services at it’s boutique stores and ecommerce platform to appeal to customers’ individuality.By being able to customize their surf wear, customers would find greater value in their purchase versus off -the-rack. To ensure Billabong apparels are trendsetters, quantity per collection will be limited to 500 pieces per design. With that, Billabong can introduce more collections per year aligning with current trends. By limiting quantity, it ensures Billabong inventory moves quickly before the season changes. This reduces the risk of selling excess inventory through heavy discounting (Walters 2012) and obsolete products.Billabong will introduce a new product line by 2013, the limited edition collection, which will be available for sale in Billabong’s boutiques only. These collections feature collaborations with fashion designers and pro surfers. Quantity will be limited to 300 pieces throughout Australia to ensure exclusivity. Such collaborations are likely to cost Billabong $3. 5 million. However, the returns are much higher as the limited quantity encourages customers to make purchases faster. To facilitate customer participation, Billabong can introduce a platform to collect customers feedback on what they would like to see in the upcoming collections.A Customer Relationship Management (CRM) system will be installed at sales points to track customers purchases and best selling apparel in order to launch similar successful collections in near future. Although the remaining three scenarios solve similar problems i. e. undifferentiated surf wear products amongst competitors, however, the returns as seen in KPI measurement below would enable Billabong to achieve its key objective of increase of 6% conversion rate and 7% increase of brand loyalty through the various initiatives. Objectives Measures Target Initiatives (actions Budget (in (KPI) (Current) ased on scenario planning) $) Financial 1. Monthly 1. Increase 1. Launch 1 new 1. $70,000 Perspective sales profit sales by collection each 15% by 2015 month, instead of the 1. Increase in current plan of revenue launching new collections once every 3 months. 2. Decrease 2. Operational 2. Reduce 2. Lock in several costs expenses costs by main suppliers to gain 2. $800,000 10% by 2015 EOS Customer 1. Brand loyalty 1. Repeated Perspective conversion rate purchases 1. Track 1. $500,000 purchases using CRM system 1. Increase in brand loyalty 2. Improve brand 2. Market brand 2. Increase 2. Exclusivity of perception arket Billabong’s products shares by (Limited edition line) shares 2. $1,000,000 15% by 2015 3. Improve 3. Customer 3. Increase product offerings Satisfaction rate satisfaction rate by 10% 3. Value-added 3. $2,500,000 product – reversible shorts by 2015 Capabilities 1. Number of 1. Increase 1. Customers persp ective customized by 15% by collaborators / Mass 1. $850,000 products 2015 customization 2. Delivery 2. Percent of 2. Reduce 2. Invest in quality quality product failures product management control / rejections failure by 1. Customization 2. $600,000 20% by 2015 Innovation 1. Number of 1. Implement 1.Introduce a Perspective feedback from 15% of platform to collect customers that customer customers’ feedback 1. Usage of Billabong feedback customer’s implemented feedback 1. $500,000 Conclusion To be able to differentiate its product offering would give Billabong a competitive edge over the few big players in the market who have all been competing on the same dimensions for the past decade. The focal point is to understand consumers through the CRM system and the information is crucial in order to design products and activities that appeal to them; increasing conversion rate and building loyalty to Billabong.By keeping its mission statement in mind of continuously setting a new standard in board sports through youthful lifestyle brands and experiences, the brand will be able to increase sales by selling the right product and offering the best experience. (2096 words) Appendix Appendix A: Sub Brands under Billabong International Sub Brand Description Element A line of shoes for technical skate footwear and for girls. Von Zipper Eyewear, accessories and premium apparel targeting the boardsports and general action sports sectors. Kustom Surf inspired footwear brand.Palmers Surf Surf hardware brand specialized in the manufacturing of surfboard wax and surfing accessories, including deck grip and legropes. It also offers an apparel range of t-shirts, boardshorts and walkshorts, as well as workwear. Honolua Surf Inspired by the iconic Hawaiian waterman and has a strong presence Company in Hawaii. Nixon Offers watches and accessories. Xcel Offers specialty wetsuits and a sun protective product line. Tigerlily Markets swimwear and apparel products in Austra lia. Sector 9 Skateboard brand specializing in skate longboards. DaKine Engages in the design and development of technical bags and ccessories for the surf, skate, snowboard, ski, mountain bike, windsurf and kite disciplines. RVCA Lifestyle brand offering apparel in the action sports category. Appendix B: Consolidated table of issues/opportunities identified Opportunity Customer Increase consumers’ sensory experience by creating a Billabong Surf Village. Increase relational and selfexpansion value by hiring surf enthusiasts to impart knowledge to customers and increase sense of belonging. Encourage a personalised experience by introducing a CRM system which caters to individual customer preferences. Introduce a simulated surf machine into selected retail utlets to increase element of fun and adventure; entertainment value. Raise status value of Billabong products by increasing exclusivity; create limited edition items. Threat Emphasize customers’ individual identities through customization of boardshorts. Create an incentive for customers to dispose of their Billabong products in an environmentally friendly manner. Launch a tradein program where customers may exchange their old boardshorts for a discount on a new pair. Context Value add Billabong’s products Lower buyer confidence and their surfer experience on affects discretionary spending other avenues beyond price reating price conscious differentiation. consumer New market of customers under- Demographic shift decreases 15s the usual 15-39 years old sports consumption age group. Increasing convergence of surf Increasing convergence of wear and casual clothing leads surf wear and casual clothing to opportunities for greater leads to threat of substitute differentiation among surf brands Body size shift and high Surfwear is decreasing in concerns of Body Image leads to popularity and fashionability a trend towards end-user (due to moving trend) customization and innovative shapewear. Gro wing environmental Government support, GST tax onsciousness among reprieve, stronger Australian Australians and the growth of eco dollar and better network and ethical clothing brands infrastructure give rise to more e-tailer competitors who offer lower prices and the ability to do price comparison. Innovations in green surf wear technology and creation of sustainable materials Growth of m-commerce and proliferation of smartphones leads to new retail formats A real driver for growth in the Australian luxury goods market from ordinary middle-class Australians shows an opportunity for collaboration with luxury fashion brands. Competitors Little differentiations between roducts leads to low switching cost and lower brand loyalty Little differentiations between surfer experience provided by Billabong, Quiksilver and Hurley Surfwear and other offshore e-tailers poses a strong threat as online buying becomes more popular with Australian customers. â€Å"Windows shoppers† who are on line shoppers who try products in physical shop with the intention to buy from an offshore e-tailer. To introduce customer customisation and more innovative surf wear technology into product range Collaborator Customer collaboration through â€Å"Unsourcing† allowing peer-to-peer support among user or through esign collaboration (The Economist 2012) Supplier Collaboration through collaboration with green supplier for new sustainable materials and green technology like ecosupreme suede to be incorporated into Billabong products Competitor Collaboration to tackle problems which affects the surf wear industry in general – to increase overall interest in the surfing culture or environmental isssues Company High brand awareness, low conversion rate. Convert remaining 54% of those already aware of Billabong into customers. Cut down on number of designs, Designs not catering to focus on those popular with consumers needs customers.Re-evaluate which designs are favoured by mar ket. Cut down number of suppliers in order to achieve economies of scale. Appendix C: Customer Experience Cycle The Customer Experience Cycle (CEC) explains Billabong’s current value proposition and the proposed improvements. Fig 1: Customer Experience Cycle Billabong’s existing value proposition (red dots): Search Context ? Functional Value: W hen searching for information about Billabong, customers would desire a website that provides all that they need in one place, so as to achieve their objective easily. Billabong provides a comprehensive website that fulfills this. Sense Value: Customers would like an interactive experience when searching for information as it would make things more interesting and break the monotony. ? Linking Value: Customers would appreciate having a place that connects them to other people who may provide information to them. Billabong currently has platforms such as Facebook which facilitate this. ? Entertainment Value: Since Billabong is se lls apparel, customers who search are likely to be searching leisurely, and not for urgent purposes. As such, they would enjoy having a fun website which provides information while also being engaging.Billabong uploads videos of their team of surfers, which engages the customers. ? Convenience Value: Information about Billabong is easily obtained online through its website or at any retail outlet in Australia. Purchase Context ? Functional Value: Billabong’s retail outlets and it’s e-commerce platform provide customers with the features needed to purchase their products, which achieves the desired outcome of buying new products from Billabong. ? Confidence Value: W hen purchasing Billabong products online, customers desire for it to be safe and reliable, without the risk of having their credit card details stolen.Billabong certifies its e-commerce platforms to be safe, using online security programs Mcafee Secure and Norton Secured to protect consumers. ? Convenience V alue: It is important for customers to be able to purchase Billabong’s products quickly and easily. For it to be convenient, a store selling their products should be easily accessible. Billabong owns 287 stores in Australasia (Billabong 2012), even if 50% were in Australia alone, that would be 143 stores, not including its wholesale outlet. This indicates that it should be easy for a consumer to find a store selling Billabong products near to where they are.Purchasing online makes it even more convenient to purchase Billabong products. Use Context ? Functional Value: Billabong’s products must be able to fulfill the basic purpose that the consumer bought it for. An example would be that boardshorts should be lasting and comfortable to wear, as expected of surf wear. Billabong has been known for its high quality products (Billabong 2012), which indicates that customers are satisfied with the function of their products. ? Linking Value: Billabong customers want to be asso ciated and be part of the Billabong’s community which brings surfers together.Billabong does this well through various surf events such as Billabong Pipe Masters and Australian Open of Surfing (Billabong 2012). Their Facebook page is also a platform for customers to network with each other. ? Confidence Value: Billabong customers desire to have apparel that can withstand the rough water and weather conditions; reliable surf wear that can be worn repeatedly. As mentioned, Billabong has been known for its high quality products which satisfy customers. Billabong’s proposed value proposition (blue dots) Search Context ?Relational Value: In order to increase a sense of belongingness when customers begin to search for Billabong products, they could start a customer collaboration. Unsourcing: An online forum controlled by Billabong, with contributions by customers. They could share about their experience with Billabong products and recommend what to buy (The Economist 2012). Billabong could also hold contests where customers design boardshorts, with the winning design being produced and sold in retail outlets. Customers would feel a part of the Billabong family as they contribute towards the brand. It also helps Billabong to understand what customers want.Purchase Context ? Sense Value: W hen a retail environment stimulates the five senses, it would become a memorable experience for customers. Billabong could open a Surf Village by the beach, where there are a combination of retail outlets, eateries and surf classes are held. Having retail outlets by the sea would also enhance the sight, sound and smell of the Billabong surf experience. ? Relational Value: Store assistants should be friendly and able to hold a conversation with customers. Towards high-value customers, they should be able to greet the person by name. This would cause customers to feel a sense of belonging. Self-Esteem Value: Billabong could adopt a Customer Relationship Management (CRM) system, whereby it tracks purchase history of individual customers. When customers login to the e-commerce platform, the system could provide personalised suggestions for each customer based on their purchase history. It would make the customer feel valued and become a personalised experience. ? Entertainment Value: Customers would enjoy a fun experience while shopping at the retail outlet. A simulated surf machine could be placed in selected outlets to entice customers to surf, leading to higher conversion rates.It would be fun and also a way to attract more people to learn surfing. ? Self-Expansion Value: In order to facilitate customer’s learning experience, Billabong could hire surfer enthusiasts to work as store assistants. Their job would be to engage customers in conversation about surfing skills and knowledge, also to pass on the passion of surfing to customers. Another idea would be to include a surfing school in Billabong’s Surf Village, where newcomers are w elcome to take lessons. Every purchase of a pair of Billabong boardshorts could entitle a customer to a discounted price for a surf esson. Hence, customers would be encouraged to participate in the surfing experience. Use Context ? Status Value: As Billabong’s target market consists of aspirational surfers as well as actual surfers, they would value clothes that speak of their â€Å"surfer status†. Billabong could aim to raise its status value through sponsorships of surf-related movies. Strong Billabong brand placement could be used in the cast’s wardrobe, accessories and filmed in it’s retail outlets. Billabong could also produce limited edition apparel, which only sells for a short season.This would increase it’s exclusivity as a brand and as a result, increase its status. ? Self-Esteem Value: Customers value experiences that emphasize their individual identity. In response to this value, Billabong could create a platform for customization of bo ardshorts and other surf apparel. It could be designed on Billabong’s website then submitted online, or at the actual retail outlet itself, where computer terminals are available for customers to design the clothes. Wearing clothes that are customized yet branded would increase the customer’s sense of identity as an individual. Disposal Context Price Value: If customers were able to obtain a cash discount when disposing of their old surf apparel, they would make the effort to do so. Billabong could launch a program where customers trade-in their old surf apparel for a discount on their next purchase. ? Self-Esteem Value: Australians pride themselves in being environmentallyfriendly, therefore, being able to recycle their surf wear would appeal to them as it emphasizes their identity. ? Convenience Value: The recycling surf wear program must be convenient for customers as well, so that it can be done quickly without much effort.Recycling bins could be made available in the shops and customers would allowed to trade in shorts at any of Australia’s many Billabong outlets. ? Self-Expansion Value: The recycling project would boost customer’s learning experience and be a new initiative for many. They would learn how to properly dispose of their surf wear through a novel programme. APPENDIX D: PEST Analysis General Industry Analysis – Billabong Forces (Australia) Implications Political / Legal ? Push for online retail ? presence Domestic brick-and-mortar retailers must adapt to multi- Australian Retailers channel retailing to stayAssociation (ARA) is pushing competitive. local retailers to adopt an online store or upgrade their ? Rise of local and foreign current online or mobile internet retailers with wide presence to facilitate range of surf brands as product, location and strong competitors. opening hour searches (Euromonitor 2012) ? Carbon Taxes ? Australia is set to introduce a Australia has obligations tax on carbon emission in under the Climate Change July 2012 which taxes Convention and the Kyoto companies as well as rail Protocol to reduce its transport and domestic carbon footprint aviation for each tonne of Euromonitor 2012) to CO2 emitted. encourage Australia to move towards a clean energy ? future. Apparel industries in Australia are unlikely to be liable however they will feel an indirect impact through various increasing costs, namely through freight and electricity costs. ? There is growing consumer scrutiny of the processes used to manufacture and source products. ? Green Sustainability ? industry is to align green The Green Party in Australia credentials with value-for- is today a significant political money fashion. force (Euromonitor 2012). ? Tariff Barriers Australian governments ontinued protection of the domestic clothing and The challenge for apparel ? Trade tariff barriers on foreign export increase the price of goods produced by Billabong’s foreign manufacturing industry throu gh the maintenance of (Hawaiian Island Surf & tariff barriers (TPJ Sport) and Californian International 1999) ? competitors – Hawaiian (Pacific SunWear). No GST Taxes on imported ? Online channels will become goods a more popular shopping Online shoppers have won a choice due to savings from reprieve from goods and taxes and stronger Australian services tax (GST) on dollar. More local retailers mported goods worth less have to catch up with an than A$1,000 (US$1,030). online presence. Economic ? Weaken Consumer’s ? Creating a price-conscious consumption – price being a Confidence Severe floods, the global more important determinant economic downturn and with consumers spending less increased unemployment on clothing by looking for rate – from 0. 1% to 5. 2% cheaper options. (Australian Bureau of Statistics 2012) have ? Rise of value clothing made weaken consumer’s available via cheap imports confidence affecting from China or online channels. discr etionary spending. ? Many Australian retailers use xtensive and prolonged sales ? Spend per capita and activity to coax customers back volume per capita declined which might not be sustainable between 2005 and 2010 in the long run. (Euromonitor 2012). ? Appreciation of the ? Australian dollar Offshore retailers are of interest to local consumers due With an increase of about to appreciation of the 31% against the US dollar Australian dollar and the (April, 2012). 1. 00AUD = relatively lower prices available 1. 05526USD (XE, 17 Sep on surf apparels abroad. 2012) Social ? Thrifty Characteristics of ? Rise in price-conscious consumption – consumers want the Australians he best possible value for their Despite the strong economy, a purchases. consumer sentiment survey conducted by the Boston Consulting Group (BCG) ? This includes measures such as revealed that Australian waiting for the next inevitable shoppers were among the most worried and financially wave of industry-wide pri ce insecure in the Developed slashing, purchasing fewer items World, with many planning or seeking value offerings additional reductions in their through mass merchandisers, discretionary spending shifting down to a lower price (Euromonitor 2012). band. ? ? Consumers seek clothing suited Body Image o all body shapes and sizes. According to a survey Garments that flatter and conducted by Mission compliment a range of body Australia on 30,000 under-25 types are a crucial aspect of the participants – Body Image is trend towards end-user apparently the number one customization. concern for young Australians, ahead of the environment and family issues. ? Shift in average body size ? Sportswear have great potential Men in Australia are also for design features that cater to undergoing a body size shift. larger body sizes, with The average male weight innovations in shapewear and rose from 77. 4kg in 1989-1990 ther performance-enhancing to 83. 6kg in 2004-2005 support garments. (Eur omonitor 2012). Weight gain is not just due to ? Compression sporting garments fat, with muscle bulk deemed are likely to drive growth in desirable by many â€Å"Aussie sportswear as consumers blokes. † become better informed about their benefits for optimum muscle performance and recovery. ? Demographic shift ? Critically, there will be a squeeze As seen in fastest-growing age on the traditionally core 15-39 band over the coming decade year old sports consumption age will be the over-65s, followed band. by the under-15s (Euromonitor 012). ? Sporting Culture ? Apparel items can provide a key Sporting activities play a incentive to participating in central role in Australian physical activity and sports. This cultural life signifies a growing need for well- Australians are currently designed and correctly-fitting encouraged to adapt simple, clothing which enhance everyday changes for better performance as well as injury health as part of the â€Å"Measure prevention. Up† nationwide public awareness campaign (Euromonitor 2012) ? Extreme sports/expeditions ? Specialist apparel is facing challenge to merge consumer is currently ranked as no. 10 nterest in sport with growing in a Euromonitor demand for value fashion as International from FDS seen in the example of Stella International's â€Å"Supporting McCartney has a line of Sport† survey as one of the sportswear with Adidas. top 10 self reported sports interest (Euromonitor 2012). ? Beach Culture ? Australian male has always prided himself on being laid back With the vast majority of and casual, this impulse has Australians living within a short been replaced among many by distance from the beach, the an urge to succeed and reflected influence of the beach culture by the greater demand for suits, s significant, particularly in dress shirts and ties. However Sydney and up the east coast there must be strong emphasis of Queensland. This was on how price conscious their reflected by Australian fashion tastes tended to consumers spending of A$29 become. per capita spending on swimwear (Euromonitor 2012). ? Dressing Down ? Euromonitor (May 2012) also Inexpensive, everyday fashion has steadily become the primary revealed trends of Australians type of fashion purchased by dressing down in times of Australian shoppers. economic uncertainty. Australians are dressing down and filling their wardrobes with nexpensive, clothing, according to the AMP Capital Shopping Centres Shopping Intent Report (2012). ? Attitude to Luxury Products / Services ? There is a real driver for growth in the Australian luxury goods market coming from ordinary Research by American Express Business Insights published on fashion website middle-class Australians who are looking to splash out on something special. This shows fashioinmag. com appears to an opportunity for collaboration confirm the appeal of luxury with luxury fashion brands. products and services to a new group of luxury consumers, referred t o as the newcomers, who are not articularly rich but who are spending a lot in high-end fashion and restaurants (Euromonitor 2012). By 2010, newcomers‘ share of luxury spending represented 14% of the total luxury spending in Australia. ? Domestic Holidays ? Though there is a rising outbound tourism due to the Australia contains a wide appreciation of the Australian variety of holiday options dollar and cheap fares from low within its own borders making cost carriers, domestic holidays Domestic holidays typically are still more common involve visits to the rural and outnumbers the number of coastal areas that are in close oreign holidays taken by nearly proximity to Australia‘s major cities. ? nine to one (Euromonitor 2012). Given various choices for ? This reveals an opportunity to types of holidays, market boardsports as a tourism respondents ranked nature activity within Australia holidays, (beaches, especially in coastal areas like waterways, wilderness and Secret Har bour (Perth), Noosa wildlife) first in terms of (Sunsine Coast), Bondi Beach interest, followed by holidays (Sydney), Boomerang Beach involving relaxation, health (Pacific Palms) and many more and indulgence; (travelintelligence. com) entertainment, nightlife and hopping; arts, culture, history and heritage; and food and wine. ? Key principal motivations behind tourism includes ‘to get away from everyday life, and to do/experience something new’. Other motives also include ‘to master a skill’ and ‘to engage in challenging physical activities’ (Cooperative Research Centre for Sustainable Tourism) ? Eco – Consciousness ? among Australian Eco-friendly brands are tipped to show upbeat growth consumers over the next five years, albeit from a low base. Deadly bushfires in Southeastern Australia and prolonged periods of drought across the region have brought issues of climate

Kitchen Tools and Equipments

In the Preparation of Food Before Cooking A. Measuring and Weighing utensils 1. Measuring cups a. Dry Ingredients – Utensils for measuring various amounts of dry or sticky ingredients accurately. They must be filled to the top and leveled off. B. Liquid Ingredients – utensil to accurately measure lulls volume of Ingredients. Often In both metric and American units. 2. Measuring quart – 3. Measuring spoon – utensils for measuring small amounts of both dry and liquid ingredients accurately. 4. Dietetic scales 5.Thermometers – Useful device for determining cooking done-news, especially in meats. Can be metal and inserted and read while cooking or an instant-read type. Categories Include: candy, meat, oven and refrigerator for food storage. 6. Timers B. Cutlery and Aids in Chopping, Paring, Slicing, Pounding, etc. 1. Can opener device used to cut open metal cans using 2 blades and a rotating handle device. 2. Cleaver 3. Chopper – 4. Corer  œ 5. Cutting board – Protective tool for cutting. This way counter tops are not marred. It can be sanitized and stored In a dry place. 6. Food mill – .Grater and shredder – A cutting tool used to shred or grate foods like potatoes, cabbage, cheese or if the surface is fine, to zest lemons or ginger 8. Grinder – 9. Ice pick- 10. Juicer – Device for easy extraction of Juice from citrus and other fruits and vegetables. 11 . Kitchen knife – All purpose large knife used to slice, mince, chop, cube and dice. 12. Kitchen sharpener – Device to ensure that all blades are sharp for easy cutting and few accidents due to dull knives. 13. Kitchen shears – Tool used to cut foods and materials used in the kitchen. 14. Meat saw – 15.Meat tenderfeet – Hammer-like device used to pound thick portions of meat till they are thinner and more tender. 16. Mortar and pestle – 17. Paring knife – All purpose small knife used a s an extension of the hand for small cuts, garnishes, paring or coring. 18. Peeler – Tool to remove the outer layer of fruits and vegetables. 19. Salad maker – 20. Utility plates, bowls, and trays (tins or enamel) C. Tools for Mixing, Blending, Straining, and Rolling 1 . Blender – Electric piece of cooking equipment used for fine chopping, grinding and liquefying ingredients. 2. Basting spoon – 3.Colander – A bowl with holes to allow liquids to pass through. Used for separating beater – Tool used to speedily mix or whip ingredients. The fore-runner of the electric mixer. 5. Sifter – Small device used to move dry ingredients across a screen area to remove any lumps and mix and aerate them. 6. Ice cream maker – 7. Kitchen tool set – 8. Mixer, electric – Electric device that can vary the speed at which ingredients are mixed. Some models have specialized attachments for other tasks such as making pasta, grinding meat and freezing ice creams. 9. Mixing bowls (a set of 1, 2, 3, 4 sets) –These basic kitchen utensils have varying sizes and can be in metal, plastic or glass/ ceramic. Used for mixing ingredients. 10. Pastry wire blender – Hand held utensil used to â€Å"cut† firm shortening or butter into small pieces while mixing with flour mixtures which is the first step in making most pastry. 11. Rolling pin – Tool used to flatten dough for rolls, pizza, cookies or crusts. 12. Rubber scraper or rubber spatula – Used for mixing, folding soft ingredients and to remove ingredients from a bowl or plate. 13. Slotted spoon – Used to stir foods that are in liquids and to separate the lid foods from the liquids when serving. 14.Tea strainer – 15. Turner – Used to flip flapjacks or burgers or serve bars and cake. 16. Utility plates – II. Equipment for Surface of Top-of-Stove Cooking and for Baking A. Surface or top-of-stove cooking 1 . Bread to aster – 2. Casseroles with lid – Glass or ceramic baking container, often with a matching lid. 3. Coffee maker – 4. Covered skillet or chicken fryer – 5. Double broiler – Pan used to gently cook foods in an upper pan while it sits above another pan of hot to boiling water. 6. Dutch oven – 7. Egg poacher – 8. Frying pan – 9. Griddles – 10. Kitchen tongs – Utensil used to lift and hold foods while they are being cooked or served. 1. Pressure cooker – 12. Racks-assorted to fit saucepans – 13. Roaster pans with rack – 14. Saucepans – 15. Saucepans – 16. Steamer – 17. Turner – 18. Tea kettle – Vessel used to hold hot water for making and pouring tea. Can be of metals, ceramic or glass. 19. Waffle iron – B. Baking Utensils 1 . Baking pans – Baking pan traditionally used for breaking, but also useful for meatloaf, loaf cakes and banana bread. Can be me tal, glass or ceramic. 2. Cake 3. Cookie sheets – Thin, flat metal pan with no or only shallow sides used to bake a rarity of foods. 4.Custard cups – Small glass bowl handy in the kitchen for breaking an egg, holding small amounts of ingredients or for small mixing Jobs. 5. Casseroles 6. Jelly roll pans – Larger, flat baking pan with shallow sides used for making sheet cakes, bars and Jelly roll cakes. 7. Muffin or cupcake pans – Pan that is divided into many smaller sized compartments to hold foods so that they bake evenly and quickly; Often lined with paper liners. 8. Pie plate – Metal or glass or ceramic pan shaped slightly larger at the top than the bottom for easier removal off fruit filled pastry. 9. Roasting pans with racks – 10. Ring molds –