Cobit Assessment Matrix - 19376 Words

2009 Capital Investment Ltd COBIT ASSESSMENT MATRIX COBIT 4.1 AS AN ASSESSMENT TOOL FOR ERP {Page 1 of 109} COBIT ASSESSMENT MATRIX 1. INTRODUCTION: At a certain point in time, every organization has to take steps to change/improve itself and its processes to comply with its own goals and that of its clients. The ultimate goal of a business is growth and that can be done in a continuous or a phased fashion. Everyone in the organization tries to hold on to their known state of operations, organization and processes stating that things have worked fine or are working fine. However this can only work up to a certain point where operations based on goodwill, minor adjustments or ad-hoc solutions no longer work and more drastic†¦show more content†¦Activity—The main actions taken to operate the COBIT process Application program—A program that processes business data through activities such as data entry, update or query. It contrasts with systems programs, such as an operating system or network control program, and with utility programs, such as copy or sort. Audit charter—A document appr oved by the board, which defines the purpose, authority and responsibility of the internal audit activity Authentication—The act of verifying the identity of a system entity (e.g., user, system, network node) and the entity’s eligibility to access computerised information. Designed to protect against fraudulent logon activity, authentication can also refer to the verification of the correctness of a piece of data. Automated application control—A set of controls embedded within automated solutions (applications) {Page 4 of 109} COBIT ASSESSMENT MATRIX Balanced scorecard—A coherent set of performance measures organised into four categories. It includes traditional financial measures, but adds customer, internal business process, and learning and growth perspectives. It was developed by Robert S. Kaplan and David P. Norton in 1992. Benchmarking—A systematic approach to comparing an organisation’s performanceShow MoreRelatedInformation Technology Audit1278 Words   |  6 PagesIS/IT Auditor IT Auditor often is the translator of business risk, as it relates to the use of IT, to management, someone who can check the technicalities well enough to understand the risk (not necessarily manage the technology) and make a sound assessment and present risk-oriented advice to management. IT auditors review risks relating to IT systems and processes, some of them are: 1. Inadequate information security (e.g. missing or out of date antivirus controls, open computer ports, open systemsRead MoreInformation Management And Techn ology Strategy1782 Words   |  8 PagesReport of VicRoads against precise criteria of COBIT 5 framework and seeks to provide recommendations on the basis of key findings of the assessment. Some of the key features of this strategic plan evaluation report are stated below. ïÆ'Ëœ COBIT 5 Framework is chosen as the standard ICT governance framework to evaluate the content of the strategy report. ïÆ'Ëœ IT-related Goals, Metrics, Process Practices, Inputs and Outputs of Key enabling processes of COBIT 5 Process Reference Model are chosen are as evaluationRead MoreWhat s The Difference Between Hitrust And Hipaa?859 Words   |  4 Pagesare taking preventive measures in order to avoid breaches and possible fines. However, healthcare organizations are confused on what measures they need to take in order to protect healthcare information HITRUST and HIPAA are two unique types of assessments that share the common objective of safeguarding protected healthcare information but otherwise are different in how they are setup. HITRUST takes a risk based approach and HIPAA takes a compliance based approach. HIPAA - (Health Insurance PortabilityRead MoreWhat Is Business Continuity And Disaster Recovery Strategy878 Words   |  4 Pages7 years Payroll records: 7 years Customer records: Permanent Method of retention is up to each facility to determine, it is recommended that at least two copies of each type of record (Tarantino, 2006). Business Impact Assessment (BIA) The business impact assessment is used to identify the effect of disruptions that occur during a disaster and then is used to identify ways to reduce and/or eliminate the risk (Hiles, 2002). Since Gulfstream is a global enterprise we will incorporate severalRead MoreCyber Risks And Security Control1337 Words   |  6 Pagesmost – and know where to implement those controls in their expanding borderless enterprise. However, every control everywhere is not financially sustainable. A risk-based perspective, leveraging threat-based assessments based on attack scenarios, complements a traditional Risk and Controls Matrix, and empowers a more effective GRC program. Growing volume and sophistication of cyber attacks Cyber risks are constantly changing. Think about the rate of change in your business, its use of technology andRead MoreCobit Framework21120 Words   |  85 PagesCOBIT 3rd Edition  ® Framework July 2000 Released by the COBIT Steering Committee and the IT Governance InstituteTM The COBIT Mission: To research, develop, publicise and promote an authoritative, up-to-date, international set of generally accepted information technology control objectives for day-to-day use by business managers and auditors. AMERICAN SAMOA ARGENTINA ARMENIA AUSTRALIA AUSTRIA BAHAMAS BAHRAIN BANGLADESH BARBADOS BELGIUM BERMUDA BOLIVIA BOTSWANA BRAZIL BRITISH VIRGINRead MoreSystem Audit12707 Words   |  51 PagesIT audit, purpose Types of IT audits, history of IT audit, major events that have prompted the use of and been solved using IT audit techniques. IT Audit process outline; process and phases. Planning the audit, materiality, risk assessment. 2) Effective information system audit. Evaluation of controls, types and tests of controls. Audit sampling, sampling methods, sample evaluation. 3) Audit automation and system testing: Computer assisted audit techniques. Traditional vsRead MoreThe Classification Of Dynamic Games1546 Words   |  7 Pagesattacker) general-sum and zero sum games Let us consider a game where there are two players, with payoffs represented by the following matrix: B^1=[ââ€"  (ÃŽ ²_11^1ÃŽ ²_12^1@ÃŽ ²_21^1ÃŽ ²_22^1 )] and B^2=[ââ€"  (ÃŽ ²_11^1ÃŽ ²_12^1@ÃŽ ²_21^1ÃŽ ²_22^1 )] If the player 1 has an action set of A1 = {ÃŽ ±11, ÃŽ ± 21 } and the player 2 has an action set of A2 = {ÃŽ ±12, ÃŽ ± 22 } , the payoff to the first player is matrix B^1 and to the second player is B^2 . When we have a zero sum game the payoff for both players is always zero: B^1+B^2=0 If we considerRead MoreHow Game Theory Can Be Viewed As A Conflict Resolution Scenario4589 Words   |  19 Pagesthere is a defending mechanism, it is possible the system to reboot because of different reasons. We can model the game as a continuous Markov process with a transition probability that can be represented by a matrix. The interaction between the players in the game will affect this transition matrix in a way that depends on the different strategies that they use. The whole process is represented as a Markov decision process (MDP) by Filar and Vrieze [10] where the transition probabilities are subjectRead Moreais homework 1 5329 Words   |  22 Pagessynchronization, system consistency makes it difficult to change versions of a program, and user training is greater. PROBLEMS: 17. a. ALU – CPU component b. CD-ROM - secondary storage c. keyboard – input equipment d. Modem – data communications e. dot-matrix printer – output equipment f. POS device - input equipment g. MICR reader - input equipment h. laser printer - output equipment i. flash memory – secondary storage j. OCR reader - input equipment k. magnetic (hard) disk – secondary storage

Is Word Policing Ruining College - 1275 Words

Is Word Policing Ruining College? If you keep a close eye on the news, you have heard of situations dealing with the issue of free speech on college campuses. This topic has been a hot button issue throughout recent years. Numerous institutions have become more politically correct in an effort to make their students feel safer on campus. Many people, however, claim that â€Å"word policing†, or telling students that they are not allowed to use certain vocabulary, is a violation of their right to free speech. In the articles â€Å"The Betrayal of Liberty on America’s Campuses† by Alan Charles Kors and â€Å"’Nigger’: The Meaning of a Word† by Gloria Naylor, readers are shown just how ridiculous the practice of word policing can be. Additionally, the article â€Å"Regulating Racist Speech on Campus† by Charles R. Lawrence III challenges the common arguments in favor of word policing. Based on the evidence presented in these articles, I b elieve that word policing is preventing college students from having honest and educational conversations on campus. Our nation faces many challenges. Racism and sexism are among them and although these issues may be sensitive to talk about at times, no student should be left out of discussions for not knowing the â€Å"right† words to use. Word policing is something that has no place on college campuses, as Kors writes â€Å"Those things that threaten free and open debate and those things that threaten academic freedom are the direct enemy of liberty† (Kors 337). As aShow MoreRelatedPolice Brutality : The Rights Of Every Man Essay1391 Words   |  6 Pagesthroughout the nation and has changed regulations within the police force. C. Speaker Credibility: For the last 4 years, I have been engaged in becoming more knowledgeable about Criminal Justice. I acquired college courses for 3 years in high school and decided my major would be Criminology, B.S. in college. Withal, I am interested in the facts regarding police conduct towards citizens. D. Thesis: Police brutality has escalated throughout the nation because regulations altered in the police force. ERead MoreIncidence, Causes and Solutions to Cybercrime4329 Words   |  18 Pagesthe name of Prof. Odinga (absu.org), which contained virus.         Jonah, a graduate student at a University in South-South Nigeria was arrested for threatening to detonate an improvised explosive device (IED), also known as roadside bomb, in the college campus. The alleged e- mail was sent from the account of another student to the vice president for student services. However the mail was traced to be sent from the account of Jonah.   6.    Computer vandalism-    Vandalism means deliberately destroyingRead MoreData, Analytics, and Competitive Advantage14733 Words   |  59 Pagesring. The ChoicePoint case resulted in a $15 million fine from the Federal Trade Commission.[17] In 2011, hackers stole at least 60 million e-mail addresses from marketing firm Epsilon, prompting firms as diverse as Best Buy, Citi, Hilton, and the College Board to go through the time-consuming, costly, and potentially brand-damaging process of warning customers of the breach. Epsilon faces liabilities charges of almost a quarter of a billion dollars, but some estimate that the total price tag for the

Change Management A Board Culture Of Corporate Governance

1.A brief introduction According to O’Donovan (2003), corporate governance is an internal system that includes policies, processes and people, which serves the requirements of shareholders and other stakeholders, by directing and controlling management activities with good business savvy, objectivity and integrity. O Donovan, G. (2003). Change Management-A Board Culture of Corporate Governance. Corporate Governance International, 6(3), 28-37. Over the first decade of the twenty-first century, a number of massive company scandals and collapses, such as the Healthsouth scandal in 2003, American Insurance Group scandal in 2005 and Lehman Brothers scandal in 2008 increased the attention to public, firms and governments about the importance of corporate governance and it showed that corporate governance is a critical element of the risk management. Executive compensation can motivate executive to work for the growth of business and it is expected to match the directors’ performance. However, the directors’ pay and their performance sometimes mismatch and it is unsustainable and harms the interest of shareholders. To encourage the stronger working relationships between company boards and shareholders, UK government published the ‘Enterprise and Regulatory Reform Act 2013’ on June 2013. By giving shareholders of UK quoted companies the power with binding vote on directors’ pay (hereafter referre d to as say on pay). At least 50 per cent of a firm s shareholders have toShow MoreRelatedIntroduction 2 Corporate governance Requirements†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...†¦.3 The link betwwen1700 Words   |  7 PagesIntroduction 2 Corporate governance Requirements†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...†¦.3 The link betwwen Governance, Risk management, and Compliance (GRC) 4 The major procedures to apply the overview requirements 5 The importance of corporate governance practices 6 The benefits of corporate governance practices 7 Conculison†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..8 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..9 Introduction Recently the globalization of financial sector, and banking marketsRead MoreHow Corporate Governance And The Breakdown Of Each Sector ( Private Versus Public )1598 Words   |  7 PagesIntroduction Corporate Governance is the system of rules, practices and processes in which a company is controlled and directed. â€Å"It essentially involves balancing the interests of the many stakeholders in the company.† (Investopedia). These can include shareholders, management, customers, suppliers, financiers, government and the community depending on the type of company. It provides the framework for attaining any company’s objectives. As western culture transitions into a more globalizedRead MoreHong Kong Establishing an Audit Committee for Companies799 Words   |  3 Pagesindependent non executive of director wit sufficientand appropriate financial experience. Shareholders should be provided with information about the composition, role and function of the audit committee in order to assess its effectiveness. Corporate Governance Disclosure Source Details of the composition of the audit committee, the work undertaken during the year and the number of times the audit committee met during the year. GR Details of the composition of the audit committee. HKSA recommendationRead MoreFinancial Management And Corporate Social Responsibility1216 Words   |  5 PagesIntroduction With constant changes in the business world these days as well as the significant growth of organization, there are such key concerns on not only the issue of financial management or corporate social responsibility, but also the importance of ethics and governance, in which how an organization manages its business acting in the best interests of public and stakeholders. Indeed, there has been several of the failure of governance, fraud or bankrupt of large scale organizations in recentRead MoreCorporate Governance in Three Economies Germany, Japan and the United States1484 Words   |  6 Pages Corporate Governance in Three Economies: Germany, Japan and the United States 1. Strategy, Governance Concepts and Business Terminology: 1. Corporate governance 6. Legal structure 11. Crossholding 2. meeting of shareholders 7. Outstanding share 12. Limited liability companies 3. Long-term financing 8. Supervisory board 13. shareownership 4. Bond and equity market 9. Pension funds 14. Direct and Indirect households 5. Board of directors 10. Management board 15. InsideRead MoreExecutive Summary : Martha Stewart1706 Words   |  7 PagesMSO. Unfortunately for Stewart, there were some underlying issues that would eventually cause major problems for her and her company. Many of these problems sprouted from a lack of corporate governance, and it could be said that some of these issues could have been avoided if there had been better corporate governance policies in place. One of the biggest problems MSO faced was Stewart’s involvement in the company. Much of the success of her company relied on her image. She was very popular andRead MoreTransparency in Corporate Governance1507 Words   |  7 PagesCORPIRATE GOVERNANCE McBride Financial Services - Transparency in Corporate Governance University of Phoenix May 4, 2009 Transparency is imperative with respect to corporate governance due to the crucial nature of reporting financial information to maintaining investor and consumer confidence. The lack of devotion to corporate governance policies will send the message that the company is unbalanced and the leadership is not incorporating the highest level of integrity with change initiativesRead MoreCorporate Governance And Role Of Managers1698 Words   |  7 PagesContents INTRODUCTION 1 CORPORATE GOVERNANCE AND ROLE OF MANAGERS 1 STAKEHOLDERS AND THEIR NEEDS 2 LEADERSHIP AND MANAGEMENT PROCESS 3 DIFFERENT CORPORATE GOVERNANCE MODEL AND STRATEGIES 4 CONCLUSION 6 REFERENCES 6 INTRODUCTION This assignment is aiming to identify and critically evaluate the role of institutional investors in gaining better corporate governance. Institutional investors are those organizations, groups of people, families with large pool of money for investment and they systematicallyRead MoreTheories of Corporate Governance1320 Words   |  6 PagesTheories of Corporate Governance The philosophical foundations of corporate governance Edited by Thomas Clarke Contents Preface Acknowledgements ‘Introduction: Theories of Governance – Reconceptualizing Corporate Governance Theory After the Enron Experience’ Thomas Clarke PART 1 ECONOMIC FOUNDATIONS ix xi 1 31 34 45 ‘The Managerial Revolution in American Business’ Alfred D. Chandler Jr ‘The Impact of the Corporation on Classical Economic Theory’ Adolf A. Berle PART 2 AGENCY THEORY Read MoreStrategic Analysis Of Pfizers Strategic Analysis1257 Words   |  6 Pages Second, those concepts will be applied to the case of Pfizer in order to analyze its corporate governance, organizational structure and strategic leadership. The analysis of Pfizer will be followed by its evaluation to identify the major problem the company is facing and propose a solution. A short conclusion will close the report. 2. CONCEPTS All organizations have to establish management and governance arrangements that are appropriate for their businesses, and meet the requirements of their

Should the US Government Bail Out and Subsidize the...

1) Should the US government bail out and/or subsidize the American maritime industry? If not, why not? If so to what extent? There is little argument among national policymakers that the American economy was severely horsewhipped by the Great Recession of 2008, and that the country has only recently recovered sufficiently for economists to breathe a sigh of relief that the corner has been turned. Likewise, there is virtually no argument among national policymakers that a healthy maritime industry is also an essential component of the American economy. Finally, there is significant historic precedent. The U.S. government has bailed out other industries and sectors in the past that were viewed as being too large to fail because of the potential adverse impact on the American economy. For instance, in his editorial, Rebuilding America and Creating Jobs - A Jones Act Initiative, Munoz (2011) writes, After bailing out the auto industry with $25 billion in loans and guarantees, the governm ent turned around and provided another $25 billion for the industry to retool its plants to compete on world markets. The experiment succeeded, and American cars and trucks are now among the best in the world (2). Moreover, it is national policy to support the maritime industry. According to Section 1, Purpose and policy of United States, 46 App. U.S.C. 861, 2002: It is necessary for the national defense and for the proper growth of its foreign and domestic commerce that theShow MoreRelatedMarketing Mistakes and Successes175322 Words   |  702 Pageswritten permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc. 222 Rosewood Drive, Danvers, MA 01923, website www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, (201)748-6011, fax (201)748-6008, website http://www.wiley.com/go/permissions. To order books or for customer service please, call 1-800-CALL

Discussion Topic †Egocentric Thinking Free Essays

How does conducting research move you away from the problem of egocentric thinking that was discussed on page 21 in the Paul and Elder critical thinking booklet? As humans we are sometimes stuck in our own beliefs. We believe what we are told and what we’ve always known. â€Å"We do not naturally appreciate the point of view of others nor the limitations in our own point of view† (Simmons, 2011). We will write a custom essay sample on Discussion Topic – Egocentric Thinking or any similar topic only for you Order Now By conducting research, we are able to encounter other views that are more factual with actual research behind it. We only have so much to offer based on our experiences. If we research other’s work from around the world, we are now open to so many more possibilities. A critical thinker is one that would research often to find multiple perspectives and then take that Information to form an educated response. A non- critical thinker would be the one to stick to their own beliefs based on what they know from personal experience. * How might conducting your inquiry research project contribute to your professional knowledge base, rather than relying on your intuitive knowledge base to make decisions? By conducting my own Inquiry research project, I will be able to see many perspectives and ideas related to my topic by professionals from all over. Because I am a new teacher, I really rely on other’s work because they’ve had so much more experience than me. They’ve put in the time for all that research that I would have never known otherwise. We all live in different areas so my research results may only work for the student’s In my area. It’s important to get a variety of research so that you can compile them to get a more well-rounded result. How does the skill of making decisions based on critically reviewing and conducting research differentiate you as a professional educator? By making decisions based on reviewing and research, differentiates me because I am not Just taking what I know from my own classroom and sticking with what I know. I am able to research professional articles to open my mind and allow new ideas in. A teacher that researches often and tries new ideas in their classroom, will have more of an Impact and become a better-rounded professional with much more to add to this profession. How to cite Discussion Topic – Egocentric Thinking, Papers

Example of an Ice Breaker Speech free essay sample

Yesterday when I opened my fridge I saw a big slab of ice in the freezer which I found unusual and went about picking my ice cream . Today morning my sister proudly brought a small sharp spike and said, hey Anushka take this. I said for what? And she said you remember, you told me about your role as ice breaker. I brought a slab of ice and here is an item which will help you to break the ice. I found it very funny and explained about the YLP and what breaking the ice really meant. Good Evening Ma’am, Toastmaster of the Day and all my fellow toastmasters†¦and wish I had some dramatic things to say like I was born in an airplane, ship, or in spaceship on its way to the moon . My family is interesting with a hyper younger sister, , dramatic mom and adventurous dad, They have an IT temperament and feel everything can be structured and here I am believing that world is an imperfect place and fun must be part of everyday life. We will write a custom essay sample on Example of an Ice Breaker Speech or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page At the age of 3, I joined the Happy Home Nursery where I won my first certificate for securing the third place in a running race. The next year, I was put into the Indian High School where I have been studying there ever since. Now, I am in Grade 9. When I was 7 years old, I expressed my interest to play the keyboard to my parents who enrolled me at Melody Makers where have been learning since then. I am currently in Grade 5 and am preparing myself to take the Trinity Guildhall Exam in May, after which I will move on to grade 6, two more grades before I graduate. In line with this, I am passionate about music and play the keyboard rather well that’s what my friends and family say. So the iPod, mobile Mp3’s are my companions which are disliked by my parents. I am an avid reader wanting to read lots more in addition to the books that I have already read like The Da Vinci Code, Pride and Prejudice, the Lost Symbol, Percy Jackson series and so on. I play tennis and have imbibed the habit of collecting coins and stamps of many countries. Moving on and alongside the activities mentioned above, I aspire to pursue Medicine as my chosen career which alongside being a great profession will help me to be part of the well being of mankind. I am keen serve the society and also do research for discovering path breaking methods to alleviate the sufferings. I have a strong comment to make on homework given, while homework itself is a good idea to build on the work done in class, I feel home work should not be repetitive of what is done in class and either be developed to enhance on what we have learnt in class or should e eliminated as learning in class and follow on studies is good enough. Being teenagers there is so much more to do than do mundane repetitive activities. So here I am well rounded up in thoughts by aspiring to reach the stars and would like to close with a quote said by Lillian Dickson, â€Å"Life is like a coin. You can spend it any way you wish, but you only spend it once† Thank You

Corporate Strategic and Functional Management

Questions: 1.Critically examine the relationship and the need for compatibility between corporate strategic and functional management policies? 2.Analyse the internal and external influcence on corporate objectives and strategy? 3.Demonstrate the need for flexibility in strategic management and the practical limits of quantifying corporate strategy? Answers: Introduction The WM Morrison Supermarket Plc. Is a United Kingdom based retailer that was established in 1899 with its headquarters in Bradford. The retailer is the 4th largest supermarket in the united Kingdom after it took over Safeway in 2004. WM Morrison is known for offering one of the best qualities of grocery and other food products. The company has also been known to offer one of the best customer care services through well trained staff so that they can attract more customers to work in the Morrison shop. Some strategies that they have used are the hot services which were introduced to colleagues in all the stores. Staff are also well motivated which ensures that they work together as a team in order to achieve their goals(morrisions, 2017). The main objective for this essay is to analyze the strategies that the company can use as they plan to expand their services to the Chinese market. This will be done by conduct the companys environmental analysis to find out what they need to if the y have to penetrate the new markets. 1. Relationship and the need for compatibility of corporate strategies and policies The current corporate strategy for Morrison looks at driving the top line through strengthening the brand image, offering high quality products and creating a leading range. The company does this by offering their customers the best fresh food in the united Kingdom. They also provide their customers with added value and best experience when it comes to a shopping environment(morrisions, 2017). This is important as it ensures there is always customer loyalty in what they do. Morrison has also been able to build up new stores around the United Kingdom and other parts of the world which ensures easy access for their customers(Alvesson Willmott, 2014). The other best strategies that they company uses is to increase efficiency which has been well realized through introducing a new solution for the five manufacturing produce for the companies sites. These solutions have been good when it comes to efficiency in the company. another strategy was also realized through increased network efficiency which was done well by reducing the cost and ensuring smooth action throughout the retailer supply chains. The other strategy of the company was realized through capturing growth. This is important for the company as it has enabled it create new thing through leveraging vertical integration and fresh(morrisions, 2017). In addition, value credentials have been able to develop a very compelling and distinctive fresh food experience through offering their customers with nice food at a very affordable prices throughout different seasons. 2. Analysis of Morrisons Internal and External Influence on corporate objective and strategy In order to understand the companys external environment well, the Porters five force model has been used. This model enables a situation outlook of the current marketing environment for the company through identifying and analyzing forces which affect the retail industry(Bhagat Bolton, 2008). Rivalry The 4th biggest retailer plans to expand its markets to China, it is bound to face a lot of rivalry from the already established companies in the industry. it is also important to note that the retail and supermarket industry has a lot of rivalry meaning that the other top 3 supermarkets in the world will already have occupied the Chinese markets and the globe. These include Tesco, Asda and Sainsburys and Co-op. In particular, Tesco remains to be the market leader in the industry with over 27.9% of market share, this is followed by Sainsbury which owns more than 16.5% and Asda that holds a share of 15.7% in the markets(kantarworldpanel, 2017). In its 4th position, the company has a market share of about 10.6%. Tesco and Asda and Sainsbury also have about 60 % of the market share which is credited to its size. The two supermarkets are also multinationals that have business around the globe. This makes the threat of rivalry at all times high. As depicted in the table below: Above: Market Position for Morrison Source: (kantarworldpanel, 2017) Threat of new entrants when looking at the threat of new entrants in the Chinese market, there is also a global competition that continue to penetrate the Chinese market. Companies like Walmart and Ocado have already tried their luck with china. Other companies like the German owned Lidl is also reported to have open a chain in china, which means that the threat will continue to rise. In addition, there are also internal competitors in china that the company will have to deal with. Cooperatives for example have a plan of expanding their businesses through opening their own chain of supermarkets so as to gain more market share and increase their competition level(Dibb, et al., 2006). This shows that the threat of entrants will be an issue for Morrisons expansion to china. Power of Buyers This looks at the aspect of customers. With regard to Morrisons, customers in china will continue to have a big say in its expansion. This is because they will always compare prices of other local supermarkets chains and that of Morrison. This means that they will be easy to switch from one supermarket to the other, in relation to prices in offer. Morrisons need to thus understand that all customers will look at value for their money. One of the best ways that the company can win here is to come up with a price strategy of keeping the cost of their products low as they enter the market. This will satisfy customers and ensure that more of their products contain great offers, special offers like buy one get one free(Akpoyomare, et al., 2012). They can also introduce new products at half prices and reduce to clear stock. This is important as it will create customer loyalty to their products. Substitutes This is also another issue when entering a new environment. As it is with the current market trends, franchised and individual groceries continue to be challengers. This includes budgens and londis which is a convenience for local buyers. However, it is important to note that they companys own brand products need to be able to substitute other local brands in the Chinese markets(Askarian, et al., 2010). This is the only way that will be able to penetrate. One of the ways they can do this is to also use a pricing strategy while ensuring quality which is better that those found in the local markets. As it has done in China, the company is able to excel at this by replacing locally produced food with their own through increasing taste, amount of food per price tag and ensuring more offer for almost all products that are liked by customers in china(Campbell, 2015). As it is with most food products, it can be said that currently the substitute level is medium for the company. The Power of suppliers this is also a major force during market expansion for any industry. as the moment the company has its own manufacturing farms and factories(Bhagat Bolton, 2008). This is helpful as it reduces the power of suppliers while in the united kingdom. The situation will however be very different as it enter the Chinese market. The company will need to find new business relationship with local manufacturers and farmers(HRMag, 2008). They can do this by creating partnership with local farmer to ensure that there is constant supply of their products and raw materials for manufacturing or packaging own products. SWOT Analysis In strategic analysis a SWOT analysis is a tool for analyzing some of the main issues that come out of a business environment and the abilities of the company to attain the basic picture regarding its own strategic position. As Morrison plans to expand to china, the following thus will be its SWOT analysis (Strengths, Weakness, Opportunities, Threats)(Armstrong Kotler, 2012). Strengths One of the strengths that the company will enjoy with its expansion is that it is very different from other supermarkets expanding in china. This is because it bases its business on production of only fresh food. In the united kingdom, the company has its own fresh food production and distribution center which have also been lauded for being fast when it comes to delivery. The other strength that the company can take to china is that its main strategic focus over the years has been of customers. This has been well depicted with the introduction of HOT to all member of staff. This stands for Hello, Offer, Thank you(morrisions, 2017). The main inspiration behind such a service was to enable the company build a close relationship with its customer. If the same is adopted in china, the company will be able to achieve high quality, loyalty and increase of customer service in a warn, natural friendly and personal service. This will also enable customers feel that they are very important for the company, it will make them feel that they are the new members of the Morrisons family(Baker, 2016). As it is already witnessed in the united kingdom, due to their customer focus strategy, the visiting numbers of customers has always been steady and increasing. Their price strategy is also another strength, this is done through making offers, selling goods at low process that others and giving free gifts for high paying customers. Weakness For a long time, the major weakness for Morrisons has been failure to provide an online shopping system. Given that it is the 4th biggest supermarket in the united kingdom, this was a big lag. As it can be observed over the world, other retailers like Ocado have highly benefited from online retailing system, it will thus take some time before the company is able to penetrate in this lines. One of the ways it can do this is to embrace new technologies with regard to its overall supply chains(Baskerville, 2003). In addition, as it is found in the United Kingdom, most of the retailer branches have been built on super stores, also , most of their store are located in remote areas. It will be important that they ensure new stores in china are situated in places that are strategically convenient to target customers. The company has also for a long time not known for non-food products like clothes and electronics(Askarian, et al., 2010). This means that buyers will have to move to different shops to access what they are looking for. This will be a great pointer to ensure that the new stores in china are all time convenient for their customers since they prefer places that have almost everything under one roof(Alvesson Willmott, 2014). Opportunities The main opportunity that Morrison has during expansion to china is to focus on non-food products though providing variety of their products. This is one of the major opportunities that ensure the development of clothes and clothes. It will also enable the company to expand more and introduce new products to their consumers. In 2011, Morrisons opened their firs local convenience store in IIKley, Yorkshire. The M Local has also been focusing highly on fresh food which are sold at very competitive prices. According to statistics these products are about 4-11% cheaper than other products sold at multinationals like Tesco and Sainsburys local. This strategy can also be applied in china as a great expansion opportunity , they should be able to build up smaller local stores and enable an increase of its market share(Akpoyomare, et al., 2012). Threats One of the main threats of expansion is the global concern for environmental protection. Given that the company manufactures and produces its own food items, there is bound to be issues with having environmental friendly expansion. Most of their packaged products will generate extra landfilling waste in china(Carter Easton, 2011). It will also increase the number of rival retailer that will use this issue to drive them out of china. In this regard, they need to make partnerships with local manufactures of packaging bags, production and farmers so that the issue is shared among the locals. 3. Need for Flexibility in Strategic Practices A companys competency will always look at the collective learning of the business and ways in which they are able to coordinate different strategies and integrate various technologies and skills to ensure expansion. Some of the main competencies for a company will have to do with its objectives, mission and vision as this is what makes it unique and enable it gain competitive advantage and development in future(Baker, 2016). For the company to excel in the market, it will need to come up with a decentralized mission and vision for china. This will involve introducing new strategies that will be customer focused among other reward schemes. They need to conduct a market research that will enable them know and understand the customer need of the Chinese people which could be different from that of the united kingdom. They need to observe the preference of these customers so that they can foresee their shopping habit and place their stock above that of their competitors. Also its mission and vision should be one that focuses on promoting its business in china only and not as a multinational. One of the ways they can do this is through offering vouchers for customers who spend to a certain amount of money, here they will be given a money off discount on the full grocery shop(Bhagat Bolton, 2008). In addition, they will need to come up with convenience stores that will be strategically placed all around china. They also need to ensure that their mission and vision supports they online shopping experience as this will ensure the middle aged and working generation also embraces their expansion. Conclusion In conclusion, Morrisons expansion to china is a possible breakthrough. This is because the company provide high quality of food at a very friendly price. The company also offers the best standard to their customers service through ensuring that their employees are well trained. The other expansion factor is that the company is able to understand customers shopping habit, they are able to meet customers expectations and increase loyalty. Through a proper cost leadership strategy Morrison continue to enable the growth of cost advantage through growth of efficiency and low cost products. Lastly, the company has been slow when it comes to the opening of international stores. Other multinationals like Ocado and Tesco have already taken ground with is an advantage over Morrison. It is however important to note that Morrison needs to realize that expansion is the only way they can stay relevant to the national and international markets. In addition, they should embrace new technologies thr ough online shopping, offers for new products providing gifts as this will increase their market share. Morrisons expansion in the Chinese market is a great step for Morrison it will enable the retailer rise in the industry and create more opportunities for becoming a market leader in the supermarket business. References Akpoyomare, O., Adeosun, L. Ganiyu, R., 2012. Differentiation and Positioning Strategy: A Toss of the Same Coin.. International Journal of Management and Sustainability, 1(2), pp. 53-65. Alvesson, M. Willmott, H., 2014. Identity Regulation as Organizational Control: Producing the Appropriate Individual.. Journal of Management Studies, Volume 39, pp. 619-644. Armstrong, G. Kotler, P., 2012. Marketing: An Introduction. In: 11, ed. NY: Prentice Hall, pp. 76-97. Askarian, M., Heidarpoor, P. Assadian, O., 2010. A total quality management approach to waste management. Waste Management, 30(11), pp. 2321-2326. 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