Reporting Money to Customs at the Canadian Border

When traveling to and from Canada, there are rules surrounding what youre allowed to bring into and out of the country. Canadians returning home must declare any goods they purchased or otherwise acquired while out of the country. This includes things like gifts, prizes, and awards, including items that will be shipped later. Anything purchased at a Canadian or foreign duty-free shop also must be declared.   A good rule of thumb when returning to Canada through customs: If youre not sure whether or not  something needs to be declared, its better to declare it and clear it with border personnel. It would be much worse to fail to declare something that officers discover later. Officials can seize any goods being illegally imported into Canada and, if  caught, youre likely to face penalties and fines. If you try to bring a firearm or other weapon into Canada without declaring it, you could face criminal charges. Bringing Money Into Canada There are no limits to the amount of money that travelers may bring into or take out of Canada. However, amounts of $10,000 or more must be reported to customs officials at the Canadian border.  Anyone who fails to report amounts of $10,000 or more could find their funds seized, and face a penalty between  $250 and $500. If you are carrying $10,000 or more in coins, domestic and foreign bank notes, securities such as travelers checks, stocks, and bonds, you must complete a Cross-Border Currency or Monetary Instruments Report - Individual Form E677. If the money is not your own, you should complete Form E667 Cross-Border Currency or Monetary Instruments Report - General. The form should be signed and handed to a customs officer for review. Completed forms are sent to the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) for assessment and analysis. Non-Canadians Visiting Canada Anyone bringing goods into Canada must declare them to a border officer. This rule applies to cash and other items of monetary value. Its a good idea to have some idea of exchange rates because the minimum amount required to be declared is $10,000 in Canadian dollars. Personal Exemptions for Returning Canadians Canadian residents or temporary residents returning to Canada from a trip outside the country and former Canadian residents returning to live in Canada may qualify for personal exemptions. This allows them to bring a certain value of goods into Canada without having to pay the regular duties. Theyll still have to pay duties, taxes and any provincial/territory assessments on the value of goods above the personal exemption. Future Issues at the Border The Canada Border Services Agency keeps a record of violations. Travelers into and out of Canada who develop a record of infractions may have issues crossing the border in the future and may be subject to more detailed examinations. Tip: The best course of action for anyone entering Canada, whether youre a citizen or not, is to have your identification and travel documents readily available.   Be honest and be patient, and youll be on your way quickly.

A Poem Of Changgan By Li Po - 864 Words

The poem I read for this assignment is â€Å"A Poem of Changgan† by Li Po. I was surprised by that I can find a Chinese poem in the website. Li Po is one of the greatest poets in China and wrote hundreds of poems during his lifetime. This poem describes a merchant woman’s love story. Li was using a young woman live in Changgan as first person in the poem, and the poem is based on her narrative of her life. In the poem, young woman’s husband was traveled to another place for business purpose, and she has to stay home and waiting for him to come back home. It is very uncommon for a woman to travel with her husband for business in that era. The poem portrays her love, her loneliness, and her eagerness to see her husband through both physical and emotional expressions. The poem started with descriptions of her childhood with her husband. The first line, â€Å"My hair had hardly covered my forehead†, reveals that she was in her early age because her hair hasn’t fully grown. â€Å"Green plum† and â€Å"bamboo horse† can combine together to form a Chinese idiom, which means a boy and a girl have known each other since their childhood. They have a happy childhood and spend a great amount of time together. I can imagine their childhood when I read through first stanza. â€Å"Picking†, â€Å"playing†, â€Å"trotting†, and â€Å"throwing† illustrate their childhood through various actions and provide a detailed image for readers. The first stanza end with â€Å"Both of us young and happy hearted†, I think this line emphasize

Total Revenue Free Essays

The principle that a till will maximize its prompt (or minimize Its losses) by producing the output at which marginal revenue and marginal cost are equal, provided product price is equal to or greater than average variable cost. (McConnell, 2010) According tour text the MR.=MAC rule applies to all firms whether they are purely competitive, monopolistic, unapologetically competitive or logistically. We will write a custom essay sample on Total Revenue or any similar topic only for you Order Now (McConnell, 2010) Using Microsoft Excel. Graph the data in Columns 9 and 10. 4. The profit maximizing or (loss minimizing) output for this firm is 9. That is the last output quantity where the marginal revenue ($165) exceeds the marginal cost ($162). There is an economic profit after producing more than a quantity output of 3. This is the point where Total Revenue exceeds the Total Cost. 5, A firm in pure competition Is considered a â€Å"appreciate† because a firm that Is In pure competition cannot attest their product’s price changing the amount to the product that it sells. They can only maximize the product’s economic profit (or minimize its loss) by adjusting its output How to cite Total Revenue, Papers

Events after the Reporting Period Financial Reporting

Question: Describe about the Events after the Reporting Period for Financial Reporting. Answer: The provisions as regards computation and discloser of deprecation are contained in the AASB 1021. In respect of the change in the rates and method of depreciation, the provisions of paragraph 6.3 this standard require that effect of such change must be given in the current year financial statements and the depreciation for the future years must be computed considering such changes (AASB 1021, 1997). Further, the standard also provides that the prior period financial statements should not be given any effect in respect of the changes in the rate and method of deprecation (AASB 1021, 1997). Applying these provisions to the current case of Rainyday Ltd, the depreciation for the financial year 2015-16 would change as has been worked out below: S.No. Description Amount ($) A Cost of manufacturing equipment 500,000.00 B Life 10 C Residual value 0 D Depreciation per year (A-C/B) 50,000.00 E Depreciation for 2013-14 and 2014-15 (D*2) 100,000.00 F Written down value on 01.07.2015 (A-E) 400,000.00 G Revised life 6 H Revised depreciation from 2015-16 and onwards (F/G) 66,666.67 Thus, it can be observed from the above that the depreciation for the financial year has changed from $50,000 to $66,666.67 as a result of change in the effective useful life of the equipment. The change in the depreciation is non-adjusting item for the previous financial years; therefore, the directors of Rainyday Ltd are advised not to make any adjustments in the accounts for this change for the previous financial years 2013-14 and 2014-15. 1(b) As per the provisions of the AASB 108, the adjustment for the errors and omissions of the previous periods is given in the current financial statements by restating the assets, liabilities, and the equity. Further, tax effect of such adjustment is accounted for in accordance with the provisions of AASB 112, Income Taxes (AASB 108, 2013). In the case of Rainyday Ltd, the repair expense of $25,000, which remained unaccounted in the year 2015, need to be adjusted in the books in the year 2016. The adjusting journal entries for Rainyday Ltd are given below: Journal for Prior Period Adjustments: Rainyday Ltd 2015-16 Date Description Debit ($) Credit ($) 5-Jul-16 Repair expense 25000 Cash 25000 30-Jun-16 Retained earnings 25000 Deferred tax 7500 Repair expense 25000 1(c) As per the provisions AASB 9, the measure fall in the fair value of the equity instrument is recognized in the financial statements (AASB 9, 2010). Further, the provisions of the AASB 110 entail that the events taking place after the closer of the financial year but before the finalization of the financial statements, should be adjusted (AASB 110, 2011). Therefore, Rainyday Ltd should adjust the loss of $350,000 ($800,000-$450,000) in the profit and loss account for the financial year 2015-16 by passing the following journal entry: Journal: Rainyday Ltd 2015-16 Date Description Debit ($) Credit ($) 30-June-16 Profit and loss account 350000 Equity investment account 350000 1(d) In the current situation, the since the debtor of the company has gone bankrupt before the finalization of the financial statements, the event is adjusting nature as per the AASB 110 (AASB 110, 2011). Therefore, the RainydayLtd should write off the remaining amount $450,000 as well in the financial year 2015-16 itself by passing the following journal entry: Journal: Rainyday Ltd 2015-16 Date Description Debit ($) Credit ($) 30-June-16 Profit and loss account 450000 Bad debts 450000 2. Journal for share issue: Sunny Ltd Date Description Debit ($) Credit ($) 31-Jan-16 Cash Trust 1,890,000.00 Application 1,890,000.00 (For application money on ordinary shares received) 31-Jan-16 Cash 30,000.00 Share options 30,000.00 (Issue of 60000 share options at 50c each) 12-Feb-16 Application 1,890,000.00 Share capital 1,800,000.00 Share allotment 90,000.00 (For shares allotted and excess money received on application adjusted toward allotment) 12-Mar-16 Cash 1,890,000.00 Cash Trust 1,890,000.00 (Transfer on allotment of shares) 12-Mar-16 Allotment 600,000.00 Share capital 600,000.00 (Allotment money due on 600000 shares) 12-Mar-16 Cash 493,000.00 Allotment 493,000.00 [Allotment money received on 580000 shares=$580000-$90000)] 20-Mar-16 Share capital 80,000.00 Share forfeited (630000/600000*20000)=21000 shares*$3 63,000.00 Allotment 17,000.00 (20000 shares forfeited) 5-Apr-16 Cash 74,000.00 Share forfeited ($4-$3.70)*20000 6,000.00 Share capital 80,000.00 (20000 forfeited shares reissued @ $3.70 per share) 5-Apr-16 Share forfeited ($63000-$6000) 57,000.00 Share re-issue costs 3,600.00 Cash 53,400.00 (Balance in share forfeit after meeting reissue cost paid back) 30-Jun-16 Cash (50000*$4.2) 210,000.00 Share capital 210,000.00 (50000 shares issued against 50000 options allotted) 30-Jun-16 Share options 30,000.00 Share capital 25,000.00 Lapsed options reserve 5,000.00 (Write-off of options exercised, and lapsed) 3. Computation of current tax Amount ($) Amount ($) Accounting profit before tax 190,750.00 Add: Adjustments for taxation purpose Depreciation equipment (Accounting) 40,000.00 Depreciation - motor vehicles (Accounting) 15,000.00 Entertainment expenses (not tax deductible) 4,500.00 Provision for annual leave 11,000.00 Provision for warranties 6,900.00 Rent payable 6,000.00 83,400.00 Less: Adjustments for taxation purpose Prepaid insurance 3,000.00 Government grant (exempt from income tax) 30,000.00 Depreciation equipment (taxation) 60,000.00 Depreciation - motor vehicles (taxation) 12,000.00 Taxable profit 169,150.00 Tax Rate 30% Current Tax 50,745.00 Temporary Differences Tax base Carrying amount Taxable temporary differences (liability) Deductible temporary differences (asset) Prepaid insurance - 3,000.00 3,000.00 Equipment 340,000.00 360,000.00 20,000.00 Motor vehicles 48,000.00 45,000.00 3,000.00 Provision for annual leave - 11,000.00 11,000.00 Provision for warranties - 6,900.00 6,900.00 Rent payable - 6,000.00 6,000.00 Total 23,000.00 26,900.00 Deferred Tax Asset/ liability Amount ($) Deductible temporary differences (asset) 26,900.00 Less: Taxable temporary differences (liability) 23,000.00 3,900.00 Tax Rate 30% Deferred Tax Asset 1,170.00 Journal Entries S.No. Description Debit ($) Credit ($) 1 Deferred tax asset 1,170.00 Profit and Loss 1,170.00 2 Profit and Loss 50,745.00 Current tax 50,745.00 4 Journal Entries Date Description Debit ($) Credit ($) 1-Jul-13 Equipment 800,000.00 Cash 800,000.00 30-Jun-14 Depreciation expense 152,000.00 Accumulated depreciation-equipment 152,000.00 [($800000-$40000)/5] 30-Jun-14 Accumulated depreciation-equipment 152,000.00 Equipment 152,000.00 30-Jun-14 Profit and loss 152,000.00 Depreciation expense 152,000.00 1-Jul-14 Equipment 82,000.00 Revaluation reserve 82,000.00 $800,000-$152,000=$648,000 (WDV) ($730,000-$648,000= Revaluation reserve) 30-Jun-15 Depreciation expense 115,000.00 Accumulated depreciation-equipment 115,000.00 [$730000-$40000]/6 30-Jun-15 Accumulated depreciation-equipment 115,000.00 Equipment 115,000.00 30-Jun-15 Profit and loss 115,000.00 Depreciation expense 115,000.00 30-Jun-16 Profit and loss 201,333.33 Revaluation reserve ($82000/6) 13,666.67 Impairment loss [($730000-$115000)-$400000] 215,000.00 30-Jun-16 Impairment loss 215,000.00 Equipment 215,000.00 30-Jun-16 Depreciation expense 72,000.00 Accumulated depreciation-equipment 72,000.00 [($400000-$40000)/5] 30-Jun-16 Accumulated depreciation-equipment 72,000.00 Equipment 72,000.00 30-Jun-16 Profit and loss 72,000.00 Depreciation expense 72,000.00 30-Sep-16 Cash 390,000.00 Accumulated depreciation 339,000.00 Loss on disposal 71,000.00 Equipment 800,000.00 30-Sep-16 Revaluation reserve ($82000-$13666.70) 68,333.33 Profit and loss 2,666.67 Loss on disposal 71,000.00 5. As per the provisions of the AASB 136, the allocation of the impairment loss of a cash generating unit is made first to the goodwill and then to the other assets in the proportion of their carrying amounts. However, it should be kept in mind that the allocation of the impairment loss in such a manner does not result in excess of the amount that would have been calculated considering a particular asset singly (AASB 136, 2010). In accordance with the relevant provisions of AASB 136, the computation and allocation of the impairment loss of CGUs of Movies Ltd is presented below: Computation of impairment loss for cash generating units Cash Generating Units Cinema ($) DVD Sales ($) A. Fair value less cost to sell 780,000.00 318,000.00 B. Value in use 900,000.00 290,000.00 C. Recoverable value (higher of A and B) 900,000.00 318,000.00 D. Carrying amount of cash generating unit 1,019,000.00 326,000.00 E. Impairment loss (D-C) 119,000.00 8,000.00 Allocation of impairment loss: Cinema Carrying amount ($) Impairment loss allocated Max limit (individual impairment) Goodwill 45,000.00 5,301.98 Furniture and fittings 205,000.00 24,153.47 Electrical equipment 110,000.00 12,960.40 Land and buildings 625,000.00 73,638.61 75,000.00 Licence 25,000.00 2,945.54 1,000.00 1,010,000.00 119,000.00 Allocation of impairment loss: DVD Sales Carrying amount ($) Impairment loss allocated Max limit (individual impairment) Furniture and fittings 25,000.00 873.36 Electrical equipment 10,000.00 349.34 **Land and buildings 179,000.00 6,253.28 4,000.00 Goodwill 15,000.00 524.02 229,000.00 8,000.00 **Note: In case of land and building, the impairment loss considering land and building as single asset comes to $4,000, but the in CGU allocation it comes to $6,253.28. As per provisions of AASB 136, max amount that can be allocated would be $4000 only. Journal Entries Date Description Debit ($) Credit ($) 30-Jun-16 Profit and loss 127,000.00 Impairment loss-Cinema 119,000.00 Impairment loss-DVD Sales 8,000.00 30-Jun-16 Impairment loss-Cinema 119,000.00 Goodwill 5,301.98 Furniture and fittings 24,153.47 Electrical equipment 12,960.40 Land and buildings 73,638.61 Licence 2,945.54 30-Jun-16 Impairment loss-DVD Sales 5,746.72 Furniture and fittings 873.36 Electrical equipment 349.34 **Land and buildings 4,000.00 Goodwill 524.02 References AASB 110. (2011). Events after the Reporting Period. Retrieved September 13, 2016, from https://www.aasb.gov.au/admin/file/content105/c9/AASB110_07-04_COMPdec09_01-11.pdf AASB 136. (2010). Impairment of Assets. Retrieved September 13, 2016, from https://www.aasb.gov.au/admin/file/content105/c9/AASB136_07-04_COMPjun09_01-10.pdf AASB 1021. (1997). Deprecation. Retrieved September 13, 2016, from https://www.aasb.gov.au/admin/file/content102/c3/AASB1021_8-97.pdf AASB 108. (2013). Deprecation. Retrieved September 13, 2016, from https://www.aasb.gov.au/admin/file/content105/c9/AASB108_07-04_COMPdec09_01-11.pdf AASB 9. (2010). Financial Instruments. Retrieved September 13, 2016, from https://www.aasb.gov.au/admin/file/content105/c9/AASB9_12-10.pdf

The Impact of Marketing Innovation and Creativity on Service Firms

Abstract Marketing has experienced a dramatic shift from what it used to be in the past years when production was the center of concern to many firms. The service industry has experienced growth in the United Kingdom and currently there are several firms offering various services, from entertainment banking services, hospitality, transport, healthcare, to education, legal and communication services.Advertising We will write a custom proposal sample on The Impact of Marketing Innovation and Creativity on Service Firms specifically for you for only $16.05 $11/page Learn More There are a host of firms offering services in this country. Each line of service has numerous of players offering either the same product or very close substitute. This makes market competition very stiff. A firm that is not able to adapt to the market demands will find itself edged out of the market. This calls for the firms to develop marketing strategies that are responsive to mark et demands and which are able to withstand the pressures of the market. Innovation and creativity in marketing offers the best strategy for firms to get competitive advantage over the competitors. This paper focuses on creativity and innovation in the service firms, with a bias on banking and entertainment sectors. The researcher will apply the use of direct observation (i.e. by participating in some of the activities to get first hand information), interviews and questionnaires in the process of collecting data. From the literature review, it is evident that innovation is a tool that any serious firm cannot afford to assume if it is to succeed in the current competitive marketplace. Introduction Technology has completely changed the way business units approach the marketing issues. There has been an increasing concern of environment conservation that marketers have to observe when positioning their product in the market. The stakeholders’ demands that the firm must explain t he amount of carbon that is released into the environment before the product can be released into the market. The customers are also becoming more aware of their needs and alternative units where they can access the products.Advertising Looking for proposal on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The constantly fluctuating economy makes the market very unpredictable and the cost of production is always changing with sporadic oil prices. The marketer must go against all these odds, and deliver to the market, quality service that is affordable, and can comfortable produce profit to the business. This puts the marketing department at a very precarious position as it has to balance the profitability and the need to retain customers in the market through competitive market prices. Innovation and creativity offers the best way through which a firm can navigate the highly competitive market. Through creative marketing design that incorporates the market demands, a firm is able to attract a good number of customers in the market, hence increase its market share. Marketing innovation and creativity in the service firm is very important because unlike goods, a service may not be tested through seeing or touching. The marketer must therefore be in a position to make the customer appreciate the value that the service offers without having to see it physically. Research Aims With unpredictable market, increasing number of firms offering products in the same line, increased cost of production and delivery of products to the market and increasing environmental concerns, a marketer finds himself at a very difficult situation. S/he must be in a position to respond to the market forces appropriately. As a student of marketing, the main aim of this research is to create an understanding of marketing innovation and creativity among the stakeholders in the service industry, especially the banking and entertai nment sectors. The researcher aims to create an awareness of creativity and how firms can apply it when conducting business in the current competitive market. The researcher also intends to develop an informative dissertation that will not only be important to practicing marketers but also to the students and other scholars who will be interested in conducting further research in the same field latter on. This should be a rich source of information that will help transform the way in which marketing firms conduct their business within the United Kingdom and other European nations. The researcher aims at equipping the stakeholders with information that will transform their marketing approach into that which is technology sensitive.Advertising We will write a custom proposal sample on The Impact of Marketing Innovation and Creativity on Service Firms specifically for you for only $16.05 $11/page Learn More Research Objectives The researcher was interested in achieving the following objectives: To ascertain the positive impact of creativity and innovation on service firms; with bias on the banking and entertainment sectors. To ascertain the cost implications that is associated with innovation and creativity in marketing operations. To ascertain other non cost constraints that a firm may be forced to withstand when employing innovations and creativity in marketing. To ascertain the level to which firms in the United Kingdom have embraced the use of innovative ideas in running their marketing operations. To bring to focus, direct and indirect benefits that service firms in other locations outside Europe, especially in the United States and China, have incurred by successfully embracing creativity and innovation in marketing. With this, the researcher hopes to inculcate the culture of creativity and innovativeness in the service firms operating in United Kingdom. Scope of the Study The scope of this study is limited to service firms w ithin the United Kingdom, with limited reference to firms in the United States. The researcher limits the research to service firms, especially the Banking and Entertainment sectors. The study will ascertain the implications of innovation and creativity on these firms. The timeline for the study runs for three months, between the months of September and December. Justification of the Study The world has been turned into a global village by technology. A firm in the United States can easily finds its market in the United Kingdom. With a market that has no restriction as to the entry of firms, it remains open to competition from firms that operate in it. The biggest concern to these firms is not the current strong competitor, but the new ones whose marketing strategies are not yet known. The change in the market place has never been such unpredictable. It therefore calls for the service firms that operate in this market to know that it is not an island market that is closed to externa l competitors. They should appreciate that the market demands creativity and innovativeness from the players in order to stay afloat. This is what the research is based on. It fully crates an informative awareness among the players, in bid to making everyone appreciate the need for the same. Literature Review and Conceptual Framework Many scholars have done a lot of research about this topic and some of the works are published while others are yet to be published. The service industry has experienced a massive growth in the past one decade, with the English football rated as the most popular in the world.Advertising Looking for proposal on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More There has been an increasing need for more information in this field. The rise in fraudulent activities in the banks, the increasing need for entertainment in the country among other emerging trends have seen the need for innovation and creativity be on the rise. Definitions Kabana (2010, p.589) defines innovation as the inventions of new ideas in solving current problems in a better way. It is the use of technology to bring to life creative methods of approaching marketing in a way that will make the whole process much easier and more effective. Andrzej and Buchaman (2007, p.36) define creativity as the imaginative capability of an individual to come with new ideas and approaches every time he or she faces a similar problem or issue. Services are products that are satisfy the needs of an individual but they are intangible. Marketing creativity therefore refers to bringing in creative ideas in the process of marketing of services, with an aim of gaining competitive advantage over th e rival firms. The marketplace is very competitive and every business unit must make a concerted effort to understand the requirement of the demanding customers. This will enable them design their products to reflect these requirements. Need for innovation and Creativity by Service Firms The market currently is characterized by a customer who is very knowledgeable. Technology has made the world a global village where information flows freely. The social media, the mass media and other forms of communication has made the customer more knowledgeable about the market offerings. They know what they want and where to get them. The market is also flooded with many firms offering similar products. This makes the marketplace very competitive. As a marketer, there is need to not only understand the dynamic customers, but also the competitors in terms of their strengths and weaknesses. Charles Darwin once said that survival is always for the fittest, and that the moment one is not fit enough, then he/she will be eliminated from the existence (Garvin 1988, p.69). This is the principality that is there in the marketplace. Firms must be fit enough to face the daunting challenge that is in the market, failure of which, they will automatically be faced out of the market. Service Marketing in United Kingdom According to Harvard Business Review (2011, p. 13), United Kingdom is one the world’s developed nations with very strong economy. This nation is technologically advanced. This scholarly article asserts that the service sector in this country is well developed, with competitors that are technologically advanced. The service sector, particularly the entertainment sector requires the players to invent new ideas in order to be relevant. A customer who comes to watch a movie in London may not be amused if he comes to the Manchester city and is subjected to the same item without any modifications. It will be boring and at times the customer may be forced to look for other forms of entertainment other than movies. For this reason, this scholar observes that the movie makers must make an effort to create new scenes whenever they go to theatre. This calls for a high level of creativity on the side of the movie maker. S/he must be creative enough to come up with news ideas that have originality and ability to capture attention of those seeking entertainment. The banking sector is not safe from this demand for creativity either. Carson (2008, p.41) reports that Barclay Bank has continuously registered a massive loss from fraudsters who are able to manipulate the system and make away with the company finances. The bank must therefore develop its systems to be foolproof in order to be safe from the constant loss it has experienced from this group which has perfected the art of breaking into this system. It must be innovative enough to develop mechanisms of that are able to protect its data base from undesirable elements that may pose danger to the bank Imp act of Innovation and Creativity on Service Firms Del, Best and Coney (2005, p. 63) observes that there has been a massive growth of service firms in United Kingdom because of their ability to apply innovation and creativity in their marketing strategies. This has seen them grow in the market share to regions beyond Europe. Sports have also embraced creativity. English premier league is the most popular and widely watched football in the world. These scholars explain that football has embraced creativity in many aspects. Unlike before when the fields were maintained by watering them so that the natural grass could be kept at desirable heights to protect the players, currently all the fields in England are carpeted, eliminating the cumbersome practice of maintaining the grass. The carpet is much safe. The teams have also embraced creativity in their management. Football is completely commercialized in this country, unlike what it used to be in the recent past. With the invention of t he DSTV, the English matches are streamed in real time for the lovers of this game worldwide. Some of the popular teams in this country like Manchester United, Arsenal, Chelsea, Manchester City, Aston Villa among host of others have following beyond Europe. So successful are the teams that many of the fanatics have died supporting them in countries beyond. Through creativity it has emerged to be one of the most lucrative service industries in the country. Both the players and the team management must make a concerted effort to be more creative and innovative in order to maintain this following. They must ensure that they deliver to their customers, new products, even though this may appear rather absurd in a game like football where the style expected of players in the field has relatively remained the same. The banking sector has also embraced technological innovativeness. They have currently gotten into cheque truncating system that provides both the customers with security from t he fraudsters who have been a major threat to them. Their system has also been changed to flex in order to increase efficiency in operations. Research Design and Methodology Approach of the Research This research plans to incorporate all the stakeholders in the service industry irrespective of their position in the various firms. This population will then be sampled to have a manageable number that is within the scope of time and finance available for the researcher. Population The researcher intends to sample a population of about126 individuals from various service firms within four cities in the United Kingdom: London, Manchester, Liverpool and Birmingham. The four cities will be our sample population which will be a representative of the entire nation. The sample will be drawn from professionals in various service firms, especially the banking and entertainment sectors. The sample population will be strictly limited to the locations named above because of the limited time availa ble for the research. Sampling Method The researcher intends to use stratified sampling method in a bid to counter bias that may come from one quarter of the service sector. Even though snowball sampling may work in this case as the aim of the research is to come up with a generalized idea that may be applicable to all the firms in the service sector, it is advisable to use stratified sampling. Other sampling methods may also be applicable in this research, and future researchers may be advised to try them, but the researcher prefers stratified sampling method for this research. Sources of Data Although there are several researchers who have done a lot of work in this field and published a lot of very resourceful, the researcher intends to use primary data as much as possible. The researcher intends to go to the fields and collect raw information from the respondents. This is specifically so because this sector is in a continuous change. This therefore means that information that wa s gathered one year earlier may not be the same information that will be available today. These changes are very important to take note of as it will help the researcher determine the rate at which this industry experiences changes. Secondary sources of information may only be used in case there is need to compare what the condition was in some past days in comparison to what it is today; to predict what it will be tomorrow. The secondary data will be from books, journals, newspapers and other online libraries rich in the information about this field. Data Collection Instruments The researcher intends to use three methods in the collection of the primary data. Although there are other methods of data collection (like electronic methods) that may be used to collect data, the financial scope and time available restricts the researcher to the three methods of data collection instruments. Direct Observation (Participation) The researcher will use survey as the first method of collecting data. In this regard, the researcher intends to participate in the activities of the service sector as a customer (especially in the banking and entertainment sector) to get a fast hand experience of how innovation and creativity is impacting the service sector. This is important because it will be useful when determining bias or falsified information from respondents when other methods of collecting data are employed. The information collected using this method will act as the hypothetical result and we would only be verifying it by the use of other methods. This method may be time consuming and very demanding on the side of the researcher as it requires a lot of keenness. However, it is one of the most reliable sources as it enables the researcher experience the actual impact of innovation and creativity in this industry. Questionnaires The researcher also intends to use questionnaires to gather information from some firms. This is so because; there is information that cannot be gathered by the researcher through observation. The researcher will therefore have to request the executives and individuals working within the service firms to volunteer such information be responding to the questionnaires that will be distributed to them. The questionnaires will be structured in a manner that will allow the respondents give more details in their work, other than just having a fixed Yes and No structured format. They will be mailed to the respondents and be collected after one month. Accompanying the questionnaire will be a cover latter that will be introducing the researcher to the respondent, and explaining the importance of the research to the researcher and to the industry as a whole. The questionnaires are appropriate where there is need to gather information from a wider geographical area, which is the case in this research. Interviews The last method will be face to face interviews that will be conducted by the researcher from among the selected respondents. This will help the researcher gather information that may otherwise be difficult to get through the other two methods. Information that may be sensitive may be collected through this method as the researcher will be available to convince the respondent that the information provided will be handled with care and that researcher will not reveal the identity of the respondent as is demanded by the research ethics. The interviews are also important because the researcher will be able to determine instances where the respondent is providing biased information just by reading the facial expressions. It is also easier to identify falsified information through this method. This method will only cover a smaller population because of financial and time constraints that are involved, especially if the respondents are located in various regions that are widely spread. Data Analysis There will be two sources of data available for analysis: the primary source, and the secondary source that will basically be employed when there is need for comparison of what the situation had been in the past in relation to what it is in the present. The researcher will employ both qualitative and quantitative analysis of the data. With the primary source of data as our main focus, the researcher intends to group the data into three groups depending on their method of collection. Data collected through questionnaires will be approached through quantitative means as they will be received in mass. This information will be very vital in testing our pre-determined hypothesis as we are able to determine the number of respondents whose response are supporting or disputing the hypothesis. Because of the large number of data from this method, we will need to determine how the information varies, what the middle ground is and how far the extreme ends are. This calls for Analysis of Variance (ANOVA) method of data analysis. This will ensure that the result is as near the true face of the market as is possible. Data gathered from direct observations will be given qualitative analysis. This is because the researcher directly participated in it and got a first hand experience on it. It is not subject to any form of bias; save from that which may come from the researcher himself (in which case the ethics restricts the researcher from such), and misinformation that comes from individuals who may be relied on to provide the information. This data will be analyzed to bring to focus how specific service firms have either benefitted or suffered due to innovations and creativity in this field. The researcher intends to apply the use of statistical tools in coming up with values that reflects on the market variability and the statistical units of the firms that have had both positive and negative impacts of marketing innovation and creativity Limitations and Delimitations There are some limitations that are expected during the process of gathering data, data analysis and data presentation s. The research touches on the service industry, an industry where some professions are considered unethical and immoral. When there be a need to gather information from individuals in this field on a face to face basis, chances are high that they may refuse to be responds for fear of intimidations or such related concerns. Some of the executives holding viable information are known to have undue procedural processes when one needs to have interview with them. This may be prohibitive in terms of time. Some respondents may provide information that does not reflect his/her actual feelings, or the facts on the ground. This may result in untrue data that is not reflective of the factual information on the ground. To counter some of these challenges, the researcher plans to conduct an interview that covers a larger sample populations in areas suspected to be in a position to provide unreliable information. This is done so in an attempt to neutralize the possible element of misinformation . The researcher will also explain to the respondent the importance of the study, and the need to provide information that reflects the truth. The researcher also intends to make prior appointment with executives with limited time available for such interviews. Ethical Concerns The researcher understands and appreciates the ethical concerns that a research requires, and wishes to positively apply them in this research. The researcher appreciates that it is not only illegal to reproduce other scholar’s work, but also immoral act that shows cowardice, lack of creativity and high standard of laziness. The researcher appreciates that such actions do not add any value to the field of study as the result of the study will not bring in anything new. For this reason, the researcher will refrain from any acts of plagiarism, and if there is need to refer to what other scholars have done, and then their work will appropriately be referred to according to the demands of the copywriter. T he researcher also intends to maintain a high sense of professionalism in their activities. It is not lost to the researcher that there are some issues that are very sensitive to the society and may raise emotions when referred to. The researcher will avoid subjects that may affect the respondents negatively, or issues that they may not want to talk about due to security reasons or other factors. If this can not be avoided, then the researcher intends to cloth the message in a manner that will not negatively impact on the respondent. Any communication received from the respondents in whatsoever form, will be treated with privacy it deserves, without revealing the identity of the respondents. All the respondents will be briefed on the importance of the research, and the implications that the research will have on them. They will be given a chance to ask questions that relate to this topic or any other question that relates to the research. The respondents will be allowed enough time to complete the questionnaires so tat they may not feel pressured when answering the questions raised in the questionnaires. Any information that may result in negative publicity will be avoided a much as possible. Timetable The research is expected to run for the period between the months of September to December 2011. The following is a time table scheduling the activities that will be done on various days within the stipulated time frame. Time Activity 16thto 30thSeptember Identification of the sample locations, identifying specific firms that will be visited, allocating the necessary time for each. 1stto 15thOctober Structuring the questionnaires that will be distributed in the sample locations indentified. The questionnaires will also aid the process of direct interviewing. 16thto 30 October Distribution of the questionnaires in the locations pre-determined. Conducting interviews from among the sample population 1stto 15thNovember Direct participation of the research er in the field, gathering directly, the data which is relevant to the research. 16thto 30thNovember Gathering the questionnaires from the locations that they were distributed. Arranging them in readiness for analysis. 1stto 15thDecember Analyzing the data using the tools described above. Presenting the analyzed data in tabular and pictorial forms. Format and Presentation After data analysis, the researcher intends to present the findings in tables, graphs, and other pictorial formats that will make the information easy to consume by those who will need it. The graphs will provide a presentable way of summarizing a large piece of information on just one page. The pictorials will help in visualizing the report in order to facilitate clarity in the data presented. The tables will be useful in giving comparison of the cities and how they are affected by the marketing innovations. Conclusion The business environment has become challenging and dynamic following many uncertainties in the environment. Many organizations operating in different environments are forced to use different strategies to maintain their competitiveness. However, marketing remains a vital option since it creates value for the firm. Marketing creativity could be attained through various strategies especially with the use of information technology. Creativity in marketing communication and distribution strategies could help an organization gain competitive advantage in low cost and high revenue performance. Due to this, creativity and innovation in marketing is a must for organizations seeking to dominate the market. Marketers must embrace technology in an effort to coming up with innovative ideas that will be thrilling to the customers. It is through this that the marketers will form attachment between them and the customers, ensuring that their respective firms stay afloat the competition. This paper focuses on creativity and innovation in the service firms, with a bias on banking and e ntertainment sectors. The researcher will apply the use of direct observation (i.e. by participating in some of the activities to get first hand information), interviews and questionnaires in the process of collecting data. From the literature review, it is evident that innovation is a tool that any serious firm cannot afford to assume if it is to succeed in the current competitive marketplace. List of References Andrzej, A Buchaman, A 2007, Organizational behavior, Prentice Hall international, London. Carson, A 2008, Organizational theory: A libertarian perspective, BookSurge, Washington. Del, I, Best, J Coney, K 2005, Consumer behavior, Tata McGraw Hill, New York. Garvin, D 1988, Managing quality, Free Press, New York. Harvad Business Review, 2011, Smart rules: Six ways to get people to solve problems without you, Harvard Business School. Web. Kabani, S 2009, The Zen of social media, an easier way to build credibility, generate buzz, and increase revenue, Benbella Books Inc., Da llas. This proposal on The Impact of Marketing Innovation and Creativity on Service Firms was written and submitted by user Uriah R. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Extremophiles essays

Extremophiles essays The term extremophiles is applied to groups of microorganisms that live and thrive in places where most living creatures could not survive. Extremophiles can be grouped into two categories; Bacteria, simple celled creatures whose cells lack a nucleus, and eukarya, whose cells are more complex. The habitats of extremophiles include a wide range of environments each containing its own unique creature specially adapted to that particular place. Each of those groups has a lot of commercial and scientific value that scientists are exploring eagerly. The first group of extremophiles is the Thermophiles. By definition these are microbes that thrive in very hot environments. To be considered an extremophile in this type environment, the microbe needs to be able to thrive and reproduce in temperatures in excesses of 45 degrees Celsius. There is a second class of thermophiles called hyperthermophiles, which enjoy temperatures above 80 degrees Celsius. There are a select few that can actually survive at temperatures above 100 degrees Celsius, the boiling point of water. As a comparison, no multicellular animals or plants have been found that can tolerate an environment above 50 degrees Celsius. The discovery of these interesting creatures is very recent, with the first discoveries dating back about thirty years ago and recent discoveries being more and more common with commercial potential driving the research. One of the main uses of these types of microbes is in the revolutionary PCR technology. PCR stands for polymerase chain reaction. This technology is the basis for forensic science, biological research, medical diagnosis and screening for genetic susceptibility for diseases like cancer, etc. In PCR, an enzyme called DNA polymerase copies repeatedly a snippet of DNA producing an enormous supply. The process requires both a hot and cold temperature at different points in the process. By using ...

SLP 3 - Time Warp Essay Example | Topics and Well Written Essays - 1250 words

SLP 3 - Time Warp - Essay Example The pricing allocation thus tabulated as follows. The table above is a clear indication of Sally’s pricing and R&D product growth decision for the years 2012 to 2015; it shows the progress in its products X5, X6 and X7. Starting with product X5: setting the product price at $272, R&D total budget will be $22, 000,000, we can thus allocate 30% to the R&D, set the fixed cost at $4,400,000, target profit at $5,000,000, and variable cost per unit at $134. This will give a R&D costs at $6,600,000. From our profit expectation of $5,000,000 with the indicated price, we need to sell 115,942 units, which will give us sales revenue of $31,536,231.88, and ROS stands at 15.85%. Profit allocation $1,000,000 For the second year, which is 2013, our target profit will be $7,000,000. The fixed costs will be $5,000,000, while the variable cost per unit stands at $140. If prices are maintained at $272, then we have to sell 140,909 units to achieve that profit. For this year, the sales revenue wi ll be $38,327,327.73. While the ROS will stand at 18.26%, which is an indication of a positive change and growth from the first year by growth rate of 2.41 %, this shows a progress in the company’s development. ... This implies that the sales team needs to triple their efforts because this will mean an increase of almost 150% in sales: a rise from 140,909 units to 542,902 units. However, this is because the plans are combined for the two final years as the economy is expected to be stable during this period thus the need to stabilize the sales (Duffie & Singleton, 2003). An analysis of the second product that is X6 indicates that, plans are expected to be carried out in the same way as X5 because all these products are the one driving the growth of the company. However, Product X6 is of higher demand, and it is scarce in production. Therefore, its price will be more than the one of product X5. For this case, year one (2012), the selling price is set to be $410. Since the expected profit for this year was $5,000,000, the fixed cost was $4,400,000, and the cost unit/price will be $160. Using this information, from the CVP calculator, it implies that we need to sale 64,000 units of this product to achieve that expected profit. The sales revenue from this will stand at $26,240,000.00, while the ROS is 19.05%. With these results, the company does not need to discontinue any product because there are positive returns up to this point. For the year 2013, the firm expects a profit from this product to be $12,000,000, and its fixed cost stands at $35,000,000. Calculations from the CVP calculator indicate that the firm has to sell about 224,960 units of the product, and the sales revenue will be $92,233,600.00. While ROS for this year amounts to 13.01%, this shows a decline on the ROS from the previous 19.05% to 13.01%. Profits expectations for each product through the four years 2012 2013 2014 2015 X5 $5,000,000 $7,000,000 $10,000,000 $12,000,000 X6 $5,000,000 $10,000,000