Saturday, March 14, 2020
Human Resources Management Expatriate Adjustment Management Introduction International corporations need to have an effective international human resources management team that is able to make sound decisions on the right way to develop their human capital; generally there are three ways that they can develop the work force.Advertising We will write a custom essay sample on Human Resources Management: Expatriate Adjustment Management specifically for you for only $16.05 $11/page Learn More The ways are localization approach, expatriates approach and third country approach. Whichever the method, it should ensure they maintain quality and quantity workforce; the department of human resources in multinationals can be central point, head office, or/and at the foreign country level (Hollinshead and Leat, 1995). The approach of expertise involves the foreign company sending people from the country with knowledge and experience to manage and operate a foreign investments; human resources are the driving force of an organisa tion, thus they need to be well managed to develop an orchestrate team and tap their intellectual knowledge effectively. When expatriates are deployed, there is physical relocation of the expatriate, probably his or her family, and if the expatriate has a team of operation, they may go together. The relocation destabilizes the psychological comfort of the expatriate and exposes him or her to another life and cultural setting different from what he or she is used to; the instability may reduce the efficiency of the manager. To ensure that the expatriate adjust effectively and fast, there are some human resources management strategic functions that need to be undertaken (Hampden-Turner and Trompenaars, 2000). This paper analyzes human resources actions multinational corporations (MNCs) should take to facilitate expatriates adjustment. The theory of Expatriates MNCs have the role of maintaining qualified and efficient human capital; when they decide that they are going to human resourc es finances with expatriates, they should ensure they offer the expatriates assistance that facilitates quick and effective adjustment. The rate at which they adjust to new environment will determine how well their intellectual knowledge will be tapped and how they will be able to attain their objectives and mission in the foreign company.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The cost of deploying experts is high thus their failure is detrimental to an organisation thus they need to be given the right tools and supports to effectively perform. Failure can occur in two main ways; when he underperforms or returns home without having completed the task or when he takes a long time before adjusting and producing results for the company. There are cases that MNC have expatriates in their foreign mission only or they may have as holding a certain office as others are occupied by the operating countries locals; in whichever version adjustment or the so called cost of orientation or familiarization has to be incurred. When sending expatriates, there are three main ways of approach, they are, flexpatriates and impetrates (Bamber and Lansbury, 1998). MNCs can be divided into multi-domestic, global, transnational or international; they all have different features and characteristics however when it comes to development of staffs and facilitation of expatriates adjustments, there is no difference. There are some basic functions that should be looked in when managing expatriates; they start from preparation to orienting an expert back to country of origin. In general, expatriates adjustment is influenced by three main factors: individual adjustment factors, environmental issues factors, and position-related issues. All the areas must be well addressed early enough before the expert has messed up with the assignment given (Hoogvelt, 2001). The actions to facili tate fast adjustments are: Foreign mission preparing and Planning MNCs operates a chain of business establishments in foreign countries; when they are developing them, they should know the best approach they are going to use for human resources and enact such appropriate measures to have the work force on board. When determining the individual or individuals to send for a foreign mission; the company is limited to certain factors like the level of knowledge, education, foreign experience, and work experience of the person to get the post.Advertising We will write a custom essay sample on Human Resources Management: Expatriate Adjustment Management specifically for you for only $16.05 $11/page Learn More When selecting the particular person to engage, the initial action is to determine the task that he is going to undertake in the foreign country; for instance when an engineer is needed, the search will be limited to engineers in the company or the MNC will seek someone with an engineering experience from the holding countryÃ¢â¬â¢s labour force. MNCs prefer to use the staffs they have for such assignments as they are aware of their potential, however they may outsource some expatriates in some areas. In the case that task to be undertaken needs an existing team, then the MNC has no option other that sending the team (Triandis, 2006). With the tasks and the kind of employees needed, the MNC adopts at least two methods of outsourcing for these people; internal recruitment (focus on people who have been working in the company and have such required skills and experience) and external recruitments (this is where the company seeks to use people whom have never worked for the company but have a proven record of high performance). In whichever the approach, the IHRM team should ensure they get the most qualified people for the mission; this stage is crucial since if a point or step is missed, then the company stand to suffer (Trudel ,2009) Under internal recruitment, it can take the form of direct appointment of people whom the management think they can perform the task or it can be through application after the offer has been placed in the MNCs job advertising board. In direct appointment, IHRM teams should objectively analyze the performance, experience and exposure that a candidate has, approaches a potential expatriate or team of expatriates. When using direct appointment, care should be taken not to force or dictate terms on the expatriate; free will should be allowed as well as time to rethink the decision by the appointed party. One mistake that MNCs when appointing an expatriate is to deny them their free mind and free thought; when they appoint a certain party, they pose as if they are glorying and promoting the party which may result to negative perception and attitude that results to issues of adjustments.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More When appointed, the appointee should be allowed to consult his immediate family members, friends and colleagues. The offer should define all aspects of the assignment like benefits, functions, family, the duration of the assignment, and what next after the accomplishment of the assignment (Shaffer, Harrison and Gilley, 1999). When the exercise involves choosing an external person whom the company has not had a working experience with, the right approach is to handle the process as any other recruitment but some special attributes placed on the expatriate like any foreign experience, the nationality and the existence of proven track record. The company should understand that the expatriate will have to consume company resources by virtual of his employment over and above the agreed salary or contact fee, thus there is need to ensure that the best candidate has been chosen. At the preparing and planning stage, there is one thing that is outstanding and a fact, the expatriate must be w illing to be deployed in the foreign mission; the psychological preparedness starts with the acceptance and embracing of the task. When an expatriate moves at his own free will, then ensuring that he adjusts is fast and more effective. Mentoring, Coaching, preparing, and psychological preparation Candidates chosen should be mentored, Coached, and prepared by the company; the process is wide and depends with the mission, experience of the candidate, and the country of venture. In the case the candidate has an experience in the country of venture (return expatriates), the preparation may not be so intense since he is aware of what to expect; when preparing the candidates, those people close to the person should be involved, they include people like the family, close friends, personal mentors, and colleagues. Psychological preparedness involves touching almost all corners of someoneÃ¢â¬â¢s life to ensure they adjust effectively; they may involve the services of a counsellor to work o n the mind part of the expatriates as well as friends to support the person, and the family. The main subject to learn in this stage is cross-cultural differences that the expert is likely to face in his assignment. If there are people who have similar experiences, they should be consulted to give in-depth and informed information to the potential assignee. Preparing involves offering the expatriate and the family with cultural intelligence skills to be able to live in harmony in the foreign country and adjust effectively, if the country uses a different language than the language that the expert understands, measures should be put in place to ensure that the expert and the team learn the language. When training such things like language, those people whom the expatriatesÃ¢â¬â¢ will move with should also be a party to the training, the people may involve spouse and children (Shaffer, Harrison and Gilley, 1999). Mentorship, pilot survey and initial orientation This stage only happe ns after the company has been satisfied that the candidate and the parties involved have been psychologically prepared; then a mentor should be looked for to facilitate in preparing the concerned party. A mentor should be a person who have had an experience with a foreign mission successfully if possible in the country of the mission; the role of the mentor is to discuss and share his experience in the foreign country or mission in the efforts of widening the thinking capacity of the person and offering a different experience. In the case the company has an establishment already running in the foreign country, it is crucial for the company to plan the sending of a mentor to the expatriate, the mentor may be a person in the management of the company or someone with a pool of knowledge that he can prepare the expatriate effectively. After spending some time and bonding with the mentor, they are then supposed to visit the country of assignment; this may be the first visit if the expatr iate has never had an experience with the country of mission (Tayeb, 2005). The visit is crucial and plays an important role in the entire adjustment; when in the visit, the expert get to learn, feel and experience some of the things that he had been trained and advised on; he is able to create a certain perception, attitude and feeling about the county and the people in general. It should be noted that the report from the visit (informal), will go a long was in creating a certain perception to his children, spouse, friends and people who matters in the mission. There are sometimes that after the mission the expatriate may wish to withdraw from the mission, he should be listened to (Harzing, 1999). Physical relocation stage After all plans have been made, the final second final stage of the process of relocation; MNCs should take the responsibility of relocating the expatriate with the family if they are going together; they should be guaranteed that all things are in order. The fir st few days may be time to orient oneself with the new environment, thus the company should not expect the expatriate to be working, and some finances should be provided for basic social things like shopping, clubbing and exercise. If there are kids, they should be mentored to develop new friends and mix with the new environment (Briscoe and Schuler, 2004). In the case that there was a foreign company; the management in the company should be encouraging and supportive of the expert, they should give him well welcome and guide him on how the country operates and the way he should conduct himself. Social function and team building are important in orienting and relaxing the environment that the expert is working. Maintain a mentor is important since he is likely to be free with the expatriate so he or she can be able to keep the expatriate company all through. There are times that an expatriate may have issues to express or feels that the set targets are far from being attained as he had expected. These situations require the intervention of top management; when operating in the international arena, a company has to manage a diverse work force; managing diverse human capital has continued to be a challenge to human resources managers (Scullion and Starkey, 2000). Effective training and performance evaluation One major role that strategic international human management (SIHM) plays is to manage diverse human capital performance; performance management is a continuous process through which the output of human capital is gauged to ensure that goals are consistently being met in an effective and efficient manner. After the expatriate have settled and started working, there is need for an effective appraisal and evaluation method to ensure that his performance level can be gauged irrespective of the operating environment. There is the possibility that the adjustment was not effective thus during appraisal, areas of future training and mentoring will be established. T he outcome after a certain period and the strategies set by the expatriate and team should be effectively evaluated to ensure they are in course. The appraisal takes the same way like in normal employees appraisal, however there may be some problems encountered by the team, which they had not anticipated (Brewster, Sparrow and Vernon, 2007). When evaluating expatriate performance, there is need to involve some social factors like culture shocks, loneliness, and hangovers and homesick, to ensure that the appraisal result can be effective and offer such sound information that can result to improvement of the expatriates roles. When appraising an expatriate, management have the role of ensuring that issues that he has brought are address appropriately, training should be continuous and areas that the expatriate needs self improvement addressed. There are high chances of stressing moments in the working life of the expatriate, policies to psychologically support the expatriate, his or h er spouse and offspring should be enacted, in some cases, it may involve the foreign mission of the country (Edwards and Ferner, 2002). Motivational measures should be put in place to ensure that employees are loyal to the organization and they work efficiently. This ranges from attractive salaries or/and benefits, to developing a good working environment. This ensures that employees are retained as assets in the organization (Bratton and Gold, 1999). Conclusion International human resources management should ensure they have the right number of employees in foreign companies; there are three method of deploying in foreign outlets, use of expatriates, localization, and use of third country employees. When using expatriates, the company should enact policies that facilitate quick and effective adjustments or the expatriates; when they adjust fast, they become an asset to the company with ease. An effective expatriate deployment strategy has five main stages as preparing and planning, coaching and mentorship, pilot survey and initial orientation, relocation and orientation, and effective performance management. An effective adjustment program should focus on the expatriate, the family, close friends, colleagues and any other person who will be affected by the relocation; they should be prepared psychologically using experts like counsellors and mentors. References Bamber, G. and Lansbury, R. D., 1998. International and Comparative Employment Relations; A study of industrialised market economies. Sydney: Allen and Unwin. Bratton J., and Gold. J. ,1999 Human Resource Management; Theory and Practice. New York: Macmillan Business. Brewster, C., Sparrow, P., and Vernon, G. ,2007. International Human Resource Management. New York: CIPD. Briscoe D., and Schuler, R. ,2004. International Human Resource Management. New Jersey: Routledge. Edwards, T. and Ferner, A., 2002. The renewed American challenge.: A Review of Employment Practice in US multinationals. Industrial Rela tions Journal, 33(2), pp. 94-111. Hampden-Turner, C. and Trompenaars, A., 2000. Building cross-cultural competence: How to create wealth from conflicting values. New York: John Wiley and Sons. Harzing, A.W.,1999. Managing the Multinationals: An International Study of Control Mechanisms in Multinational Companies. Massachusetts: Edward Elgar. Hollinshead, G., and Leat, M., 1995.Ã Human Resource Management; An International and Comparative Perspective. New York: FT Pitman. Hoogvelt, A., 2001. Globalization and the Postcolonial world; The new political economy of development. New York: Palgrave Macmillan. Scullion, H. and Starkey, K., 2000. The changing role of the corporate human resource function in the international firm. International Journal of Human Resource Management, 11(6), pp.1061-1081. Shaffer, M.A., Harrison, D.A. and Gilley, K.M.,1999. Dimensions, determinants and differences in the expatriate adjustment process. Journal of International Business Studies, 30(3), pp. 557- 581. Tayeb, M.H., 2005. International Human Resource Management, a Multinational Company Perspective. Oxford: Oxford University Press. Triandis, H.C., 2006. Cultural Intelligence in Organizations. Group and Organization Management, 31(1), pp. 20-26. Trudel, J. M., 2009. International Human Resources Management: A New Challenge. Portuguese Journal of Management Studies, 14(2), pp. 149-161.
Wednesday, February 26, 2020
Forming an S Corporation in Mississippi - Research Paper Example The S corporations are liable for tax on individual, integrated gains and passive returns (Goldstein & Davidson, 1992). Necessary documentation, filling fees, and filing For an entity to qualify for S corporation status, it must be a domestic corporation with shareholders, defined trust, and estates and should not constitute partnerships, corporations or nonresident foreign shareholders. Furthermore, it should not have more than 100 members, have one kind of stock, and not be an ineligible business entity (McQuown, 2004). In order to become an S corporation, the corporation must submit Form 2553 Election by a Small Business Corporation (PDF format) signed by the owners. The Mississippi S Corporations are for those who focus on the limited liability and the bureaucratic composition of corporations but containing a pass-through taxation of the business earnings (McQuown, 2004). The Mississippi S Corporation is simply a set business that becomes an S Corporation when its shareholders el ect the outstanding tax status with the Internal Revenue Service (IRS) by filing an Internal Revenue ServiceÃ¢â¬â¢s Form 2553filed with the Internal Revenue Service (McQuown, 2004). This form is for electing tax categories. This is a mandatory requirement outlined in the state laws of Mississippi and the federal laws. The regulation as a sole entity that is different from its owners recognizes a Mississippi S Corporation. The S corporation owners enjoy partial liability for the arrears, obligations and liabilities accrued by the entity as well as a liability from possible lawful action. Protection of stakeholder individual assets is a key principle that Mississippi business owners want to incorporate. Usually, owners cannot lose more than the level they brought in the corporation. However, if the corporation is liquidated, the owners will not be liable for debts incurred. In case someone sues the concern and is, liable the courts can use the corporationÃ¢â¬â¢s asset to fulfill t he judgment. However, if those assets do not satisfy the judgment, the courts will not be able to take ownersÃ¢â¬â¢ possessions (McQuown, 2004). There are exceptions to ownersÃ¢â¬â¢ limited liability to keep in mind. Usually, an exception to an ownerÃ¢â¬â¢s limited liability occurs when the corporation has irresponsibly laid people or been used to extend fraud (Goldstein & Davidson, 1992). A Mississippi S Corporation does not pay income taxes. Although, an S Corporation that has more than one alien stakeholder files duty returns, the owners must embrace their share of the corporationÃ¢â¬â¢s profits or losses on their personal tax returns, as is done in single proprietorship, partnership and by a Limited Liability Company (Goldstein & Davidson, 1992). The tax law gives employees of the corporation the opportunity to enjoy exceptional fringe benefits on a tax-free basis. They can get provided group term life insurance up to $50,000, health insurance coverage, dependent care as sistance up to $5,000, education up to $5,250, adoption aid and more (Goldstein, S. & Davidson, 1992). They can are also covered with medical reimbursement plans. In order to register a business as an S corporation the state of Mississippi requires an Articles of Incorporation or Certificate of Incorporation (Goldstein, S. & Davidson, 1992). Before forming an S corporation in Mississippi, the individuals must file legal documents with Mississippi state authorities so as be allowed to create a Mississippi
Monday, February 10, 2020
Develop a three year professional action plan - Essay Example Health care would in fact be the number one industry in the United States. Operations research-type analysis and application for the complex problems involved would be of benefit to any health care system. The largest problem, there are not enough people considering careers in the health care industry. Currently, the health care industry in the United States faces many of the same issues confronting other industries, but there would be some significant political differences. Simultaneously, health care would be representative of a huge segment of the economy, and it needs our help. The people working as part of the healthcare system are generally dedicated to providing the best possible service. The problem is, the workforce and, more importantly, management, do not possess the necessary training or knowledge to make the best use of the available resources. Under these particular circumstances, it would be doubtful that any private industry would survive with the level of waste and inefficiency commonly seen in health care. Healthcare is a business like no other known business model. There would be multiple decision-makers with conflicting goals and objectives. The first consideration should be the acute care hospital. At this time, most hospitals in the United States, and in the case of Canada virtually all, are not-for-profit, independent corporations. Glouberman and Mintzberg would identify four different management groups for which they utilize the term four worlds within the hospital environment. Clinical operations are managed in a downward focus due to doctors and nurses and their focus on patient care. Managers and trustees focus in an upward consideration toward those who control or fund the institution. Moreover, employees, in this case managers and nurses, would practice some management within the institution, while doctors and trustees would manage outside the hospital as from the outside in, since they are technically not employees and are thus independent of its formal authority. The world of cure, which is characterized by short, intensive and essentially non-personal medical interventions, would be considered a quadrant of this particular ideal. Typically, North American doctors would not work directly for the hospitals. They are in fact private entrepreneurs who possess admission privileges at a hospital. There are a few who would consist as salaried hospital employees, but the majority would in fact consistently work on a fee-for-service basis with the hospital. To maximize their income, doctors would often make brief appearances whenever the patient requires a cure and intervention or treatment of some form. From this point they would move forward. As a potential healthcare manager it is best to understand the political and other interrelationships between doctors, nurses, hospital personnel and administration. Health care managers face another sector, which represents the world of care. This is the world represented by nurses. Nurses are providers who work directly for the hospital on salary and typically account for the largest component of its operating budget. They work in their own internal management hierarchy and have a unique relationship with patients. They are
Thursday, January 30, 2020
Minimum wage Essay While poverty continues to increase in several areas of the world, economist tries their best to find a way to offer a feasible solution. One of the most common answers that can ordinarily be found in economical debate would be the issue of the establishment of a minimum wage. Setting a minimum wage is a policy tool that ought to increase the income of the working class in a certain community or country. Seemingly this premise gives the minimum wage policy easy to understand. Ideally, an increase in the minimum wage results to an increase in income that is suppose to alleviate low income households into a higher social status. In fact, this policy tool has been commonly used to alleviate poverty levels in the third world countries. Most regions in the Latin America adopted this policy sometime in their past. Nonetheless its positive and negative effects are still subject to careful analysis and thoughtful criticism. This paper would focus on the effect of an increase in minimum wage on different countries primarily between a first world and a third world country. In doing so, the paper would attempt to review the literature presented by Gindling and Terrell (2007) along with the dataÃ¢â¬â¢s gathered by Powers. From such literature I have gathered the importance or the role of unemployment rate on the changes in poverty level. The several discussions shall be related to the surveys, theoretical models and dataÃ¢â¬â¢s that are gathered as of June 2007. The econometric analysis that would be use would also be based on the regression that was formerly made by Powers. Literature Review From the different articles that flooded the economic circle, there were several debates that concerned the utility that could be derived with the implementation of minimum wage. The proponents of the positive impacts of an increase of the minimum wage in reducing low income household according to the study made by Gindling and Terrell believes that it would only be effective and limited in the formal sector. Those who compose this Ã¢â¬Å"formal sectorÃ¢â¬ are the employees who receive more than or equal to the minimum wage. Those people that argue against the minimum wage does so under the assumption that the market and economy today is highly affected by a close competition brought about by globalization. In line with this, the current governments would be required to create the most attractive business milieu for the investors. Thus, the government, most especially of the Ã¢â¬Å"developing countryÃ¢â¬ would most likely impose lower minimum wages or might even argue to abolish it (Lee, 2002). In a brief discussion, a minimum wage implies a law that was legislated in order to ensure that worker/s will receive a minimum amount of payment for a certain amount of performance made. This law was created in able to protect the workers, most especially those who low income earners from possible exploitation and abuse from their employers. Most of the low wage earners were composed of unskilled laborers and have mostly received low level of proper education, if any. At the same time, insuring that this type of workers will receive a minimum wage would result to a lower level of poverty. This will be the case since it is standard that upon setting the minimum wage factors such as the daily living standards of a person and the purchasing power are taken into consideration. Such procedures would make a minimum wage law more effective and beneficial for the worker/s. Gindling and Terrell in their study of the situation of the economy of Honduras provided insights regarding the different factors that may affect the family income. The first thing that they believed that one should consider in instituting a minimum wage would be the person/s that the policy will apply. The person/s involved and the labor market in which they belong are important in the considerations since the more competitive a market is, the higher the unemployment rate it will produce. It is important to note because the demand for labor usually determine the number of person that shall be displaced upon the possible increase in the minimum wage. The second factor would be on the possible effect of the minimum wage changes on the workers that are not cover with the implementation of such policy. This is important to note since those people who would lose their job because of the increase in minimum change increases the available supply of labor in the sector that was not covered by minimum change. Such sector includes self-employed individuals or individuals who are underpaid. Factors Affecting Minimum WageÃ Another factor that Gindling and Terrell believe to create an impact on the family income is the social status in which the family belongs. The increase in minimum wage is meant to reduce poverty. Nonetheless, the families that might have been affected by the changes in minimum wage might not be included in the families along or under the poverty line. This is an important factor since it would determine if the increase in minimum wage would have an impact on the middle class or the lower class. If the minimum wage increase would affect only or greatly on the middle class, the gap between the middle and the lower class would inevitably widen. The last thing to consider would be the view that a society takes regarding what a minimum wage shall cover. In some cases the minimum wage is based on the worker familyÃ¢â¬â¢s basic need. In other society the workerÃ¢â¬â¢s personal basic needs is the one which is considered. Thus, in effect, it would be relevant to consider the number of the working member in the family or the number/s of bread winner/s. Effects of Minimum Wage The effects of a minimum wage depend upon the household and the family that responds to the requirements of the labor market. A family might be able to benefit in an increase of minimum wage if there are two or more members of that family that are would receive or affected by the increase in minimum wage. Nonetheless, if instead of gaining from the minimum wage increase, some earners in the family was removed from the job resulting from the laying off of workers that company resulted into, to be able to effectively provide other workers with a minimum wage without decreasing the company income. The family would suffer more poverty than they have experienced before. The effects of minimum wage also differ with respect to gender, age and ethnicity. More often than not women due to their high expense, having more leaves and being more prone to illness due to a Ã¢â¬Å"weaker body structureÃ¢â¬ are more susceptible than man when lay offs occur. Thus, for those families that are single handedly supported by a female, an increase in minimum wage is not actually good news. Also, people who are already approaching their golden age or those who are closing to retirement age are usually subjected to layoffs since they are considered to be less productive than the young ones. Lastly, there are areas were ethnic discrimination is still an issue. Problems with Minimum Wage According to the research made by Gindling and Freeman, the main objective of creating a minimum wage is not to decrease the number of employment; it is actually to equally distribute income to the low wage earners. The cost cutting procedure that usually resulted as an effect of the increase in minimum wage cost the job of the workers more prominently those who are in the bottom ladder of production. Since these people do not have enough skills, experience and education, they would find it very hard to look for a new job. In such case, instead of alleviating poverty, the increase in minimum wage results to an increase in poverty. In the view of Richard Berman, the government upon imposing the law on minimum wage increase imposes such command to the employers on how much they should give. However, the government does not have the authority to command the employers regarding who are the people that should and should not be hired. Such situation is what causes the employers to layoff the less productive workers. It also made them employ less people and employ only those who posses more than enough qualification that would fit for the job and for the wage. The drastic effect that such situation results into is a little bit complicated. First and foremost the amount of available employment would be greatly reduced. With lesser opportunity for those who does not have jobs and with an additional number of unemployed produced from the layoffs, unemployment would greatly increase. In the long run the family of those who are unemployed would suffer lower income and would fall under or stay under the poverty line. Another effect would be on how employers would choose their employees. Since employees cause more, aside from a reduction in the number of employees, as explained above, employers would also tend to increase their qualifications for possible employees. Thus, employers would tend to hire people who are better qualified, that is that they have attained higher level of education and/or skilled. Those who includes in the highly educated employees are usually compose of the younger generations. Also, one cannot expect someone below the poverty line to get the best education available since it is most like that higher education is expensive. The skilled laborers on the other hand are only a few and would more or less attain some degree of education. This leaves the adult unskilled worker/s less preferable for a usual low wage job. With this in mind, one could assume that the probability of unskilled adults to work on jobs that would be affected by the increase in minimum wage, very low. It is more likely that would seek and settle to an underpaid job to be able to somehow support themselves and their family or they might not work at all. What may follow is a further increase in poverty, rather than a reduction. Another possible scenario involves chances of higher prices in commodities. As a usual flow in economics, the expenses that were received by the company would be passing on to their consumers in able to maximize profit. Sometimes this kind of reaction may lead to a lower quality in the services and the products produced by the company. Further more, the employers might ask the employees to work for much longer hours and workers might be subjected to a low quality of working environment with additional task. Minimum Wage and Poverty in the United States According to Gindling and Terrell (2007), using the study that was conducted by Blackburn and Addison in 1999, an increase in the minimum wage had a positive effect on the level of junior high school dropouts from 1983 to 1996. This can somehow be interpreted that less junior high school and teenagers stop from schooling in able to help their parents earn family income or that there have been more students who are able to continue going to school. Neumark and Wascher in 2002 conduct a study through the use of US CPS data. Their research demonstrates that an increase in the minimum wage both have a positive effect on the probability of families to fall into poverty and to escape poverty. The impact of the Neumark and Wascher study is that there is a redistribution of income among the poor.
Wednesday, January 22, 2020
Even though genetically modified organisms were created to grow more food there are negative aspects to these types of crops that are harmful to humans and animals. Therefore GMOÃ¢â¬â¢s should be studied more because there are positive impacts but harmful side effects. Genetically modified organisms is an organism whose genetic material has been changed using genetic engineering techniques. Organisms that have been genetically modified include microorganisms such as bacteria and yeast, insects, plants, fish, and mammals. GMOÃ¢â¬â¢s are the source of genetically modified foods, and are also widely used in scientific research and to produce goods other than food. Some negative impacts of GMOÃ¢â¬â¢s are the rise in autoimmune diseases, toxic effects, allergy risks, financial impacts, and cross pollination or contamination. The rise in autoimmune diseases, infertility, and chronic diseases may be associated with the introduction of genetically modified foods. The American academy of environmental medicine, consider the role of genetically modified foods in the nations health crisis, and advise their patients to avoid all genetically modified foods whenever possible. Genetically modified foods also share certain toxic effects on the liver, pancreas, kidneys, and reproductive system that may cause cancer in these organs. The widespread use of recombinant hormones-a genetically modified substance- in the agriculture industry is associated in IGF-1, a growth hormone that, in excess can lead to cancer. GMO foods have many allergy risks to people. Genetic modification often mixes or adds proteins that arenÃ¢â¬â¢t native to the original plant or animal, causing new allergic reactions in the body. Modifying plants genetically forms viruses, bacteria, and othe... ... indoors and the gardener controls the season. It is also a great way to spend wholesome, quality time with your family. In conclusion, there are many alternatives rather than using GMO. There may be many positive impacts of genetically modified foods but there are way more negative, harmful side effects and consequences when creating, eating, or using gmo foods. GmoÃ¢â¬â¢s do not only affect the health of the human population but it also affects nature around us. Nature has itÃ¢â¬â¢s own natural cycle and genetically modified organisms diserupt the natural cycle. Killing one harmless species of insects may seem insignificant but it disrupts the food chain and animals or species that rely on them will die off and so will the rest up the food chain. Scientists should study more on the GMOÃ¢â¬â¢s so the negatives turn into positives so it doesnÃ¢â¬â¢t affect people as much or at all.
Tuesday, January 14, 2020
Executive Summary BBQfun will be the leading outdoor-lifestyle retailer, catering to the growing need for furnishing new and renovated dwellings in the greater Brisbane area. The assortment offer of BBQs, outdoor furniture and BBQ accessories will position BBQfun as best inclass for outdoor-lifestyle retailing. BBQfun will reinvent the way people shop for outdoor-lifestyle products. BBQfun will build its reputation on offering the fullest assortment of products possible in our chosen fields, incorporating both local and imported goods with products sold on easy to manage long-term payment plans. Our after sales service and 3 year guarantees will find traction with a market dominated by low-quality. Situation Analysis BBQfun is close to entering its fifth year of operation. Te initial rollout of stores has been well received, and marketing is now critical to its continued success and future profitability. The store offers wide-ranging outdoor-lifestyle items on easy to manage payment terms and supplies a three year guarantee on every item sold. The basic market need is for quality, fashionable and unique outdoor-lifestyle items that caters to the house-proud needs of our market. Market Summary BBQfun possess good information about the market and knows a great deal about the common attributes of our most prized and loyal customers. BBQfun will leverage this information to better understand who is served, their specific needs, and how BBQfun can better communicate with them. Market Demographics Ã¢â¬ ¢ Accessibility. The patron can gain easy access to the store with minimal wait. Ã¢â¬ ¢ Customer service. The patron will be impressed with the after sales service and Guarantees. Ã¢â¬ ¢ Competitive pricing. All products/services will be competitively priced relative to comparable high-end outdoor-lifestyle lines. Above all, BBQfun believes that easy to access stores with extensive choices in our chosen fields, that are sold on an easy to manage payment plan with a three year guarantee are the keys to our customerÃ¢â¬â¢s needs and wants. Market Trends The market trend for outdoor-lifestyle stores is headed toward a more sophisticated and informed customer. The outdoor-lifestyles patron today relative to yesterday is more sophisticated in a number of different ways. Ã¢â¬ ¢ Item quality. The preference for high-quality items is increasing as customers are learning to appreciate the qualitative differences. Ã¢â¬ ¢ Unique. Our patrons appreciate the opportunity to include outdoor-lifestyles in their home that stand out from the mass produced and sold low quality items. Ã¢â¬ ¢ Selection. People are demanding a larger selection of choices, they are noÃ longer accepting a limited offer in outdoor-lifestyles. The reason for this trend is that within the last couple of years there has been an explosion of media in the form of TV shows and magazines that have promoted exotic and different outdoor-lifestyles. Our patrons no longer need to accept a limited number of options. With more choices, patrons have become more sophisticated. This trend is intuitive as you can observe a more sophisticated patron in larger city markets such as Sydney or Melbourne where there has been more choices available. BBQfun strongly believes that customers are more interested in range of products, after sales service and easy to manage payments than any other issues. These are the reasons that they will shop with us and become loyal patrons. Technological developments with the broadband rollout across greater Brisbane and Australia is opening up significant opportunities for internet shopping and for providing information for our customers about our product range. Market Growth In 2008, the National outdoor-lifestyle market reached $300 million dollars. Outdoor lifestyle sales are estimated to grow by at least 6% for the next few years. This growth can be attributed to several different factors. The greater disposable household income from the two income families, the greater availability of affordable and interesting quality imports with the high value of the Australian dollar and the marketing by popular TV shows like Ã¢â¬ËHomes BeautifulÃ¢â¬â¢ and Ã¢â¬ËBetter Outdoor-lifestylesÃ¢â¬â¢. Economy Based on economic forecasts, BBQfun assumes that interest rates are staying steady and so will have no affect on disposable income. The same assumption is made about employment levels, where BBQfun assumes that unemployment levels remain the same at 4.7%. Political From research carried out, BBQfun identified that the Government focus and emphasis in future legislative direction will be about Ã¢â¬Ëgrowing the economyÃ¢â¬â¢ and Ã¢â¬Ëpopulation base which BBQfun sees as a positive for their business model. There is also a strong push for environmentally sound business practices in the legislative framework. BBQfun, as business operating in Australia, will abide by the law in all its dealings and comply with all legislation that impacts on its business activities. SWOT Analysis The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats facing BBQfun. Strengths Ã¢â¬ ¢ Excellent staff who are highly skilled and knowledgeable about outdoor-lifestyles. Ã¢â¬ ¢ Great retail space that is bright, functional and efficient for a commercial urban district. Ã¢â¬ ¢ High customer loyalty among repeat customers. Ã¢â¬ ¢ Assortment offerings that exceed competitors offerings in quality, range and accessibility. Weaknesses Ã¢â¬ ¢ A limited marketing budget to develop brand awareness due to the lack of critical mass and store cover. Ã¢â¬ ¢ The struggle to continually fund the growing long term repayment plans taken out by our customers. Opportunities Ã¢â¬ ¢ A growing market in a high growth area with a significant percentage of the target market still not aware of BBQfunÃ¢â¬â¢s offer. Ã¢â¬ ¢ Increasing sales opportunities outside of our target area Ã¢â¬â greater Brisbane. Threats Ã¢â¬ ¢ Competition from local independents that can reduce prices as owner operators lower than our staff run stores. Ã¢â¬ ¢ Competition from National chains moving into the Brisbane market. Ã¢â¬ ¢ A slump in the economy reducing customerÃ¢â¬â¢s disposable income spent on outdoor-lifestyles. Competition National Competition Ã¢â¬ ¢ The Yard: has a limited selection but significant depth. All Australian made. No significant marketing or promotion. The price point is high, but the quality of products are quite good. Not in Brisbane. Mostly in Sydney and Melbourne. Ã¢â¬ ¢ BBQÃ¢â¬â¢s R us: Broad range of outdoor-lifestyle products including trinkets and furnishings. Lots of cheap imports. Concentrating on established markets. Strong in the replacements segment. Not in Brisbane. Mostly in Melbourne and Adelaide. Ã¢â¬ ¢ Outdoorz: Large operations of only a few stores per city. Mass markets outdoor lifestyles at good value prices. No imported goods. Extensive advertising. Low to medium quality. Not in Brisbane. Strong in the replacement segment rather than new and refurbishedÃ dwellings. Strong in other capital cities. Local Competition Ã¢â¬ ¢ All independents. These stores are owned by individual owner operators. Ranges vary according to owner preferences. Very little imports. Mostly retailing Australian manufactured goods. Collectively their average item sale price is $250, have a market share of 48%, and are growing at about 8% per year. BBQfun do not see the competitors changing their marketing strategy or product offer in the foreseeable future. Growth and Share Analysis New dwellings Ã¢â¬â growth in potential customers 10%. Estimated Brisbane customer numbers in 2010 is 95,000. Renovations Ã¢â¬â growth in potential customers 7%. Estimated Brisbane customer numbers in 2010 is 35,000. Replacement Ã¢â¬â growth in potential customers 5%. Estimated Brisbane customer numbers in 2010 is 120,000. Service Offering BBQfun has created a outdoor-lifestyles range of retail products that are differentiated and superior to competitors. Customers can see the quality of the product as it is displayed in the stores. The following are characteristics of the product: 1. BBQfunÃ¢â¬â¢s credit offer is backed by a top tier bank. 2. Imported products make up 33% of the assortment. 3. The 3 year guarantee is unique in the market place. 4. Broadest possible range in chosen fields. BBQfunÃ¢â¬â¢s prides itself on providing service that is on par if not better than any of the local independent stores and far in excess of the national chains. BBQfun will ensure that all aspects that are involved in the delivery of satisfaction to the customer will work using an integrated approach. At a GlanceÃ¢â¬âThe Prototype BBQfun Store: Ã¢â¬ ¢ Location: a commercial, suburban neighbourhood, or urban retail district. Ã¢â¬ ¢ Design: bright and functional. Ã¢â¬ ¢ Size: 1,000 to 1,500 m2. Ã¢â¬ ¢ Employees: 15 to 20 full time plus casuals Ã¢â¬ ¢ Types of transactions: 60% cash, 40% on long term repayment plan. Keys to Success Location. BBQfunÃ¢â¬â¢s site selection criteria are critical to success. Scott Bremmer, former partner of an international chain, helped us identify the following site selection criteria: Ã¢â¬ ¢ New dwelling populations. Ã¢â¬ ¢ Shopping patterns requiring easy access. Ã¢â¬ ¢ Customer car parking counts. Critical Issues BBQfun is still in the speculative stage as a possible franchise concept or joint venture. Its critical issues are: Ã¢â¬ ¢ Committed to sales growth which allows for greater options in import assortments and in reduced price with volume buys. This will promote our uniqueness and contribute to improved profit margins. Ã¢â¬ ¢ Continue to finance the easy manage long term repayment plan for customers. Ã¢â¬ ¢ Locate in easy access sites close to the growing markets in new dwelling development. Marketing Strategy BBQfunÃ¢â¬â¢s advertising budget is set at $250,000 for the year. The advertising program will target local letter-box drops, radio and magazines. BBQfunÃ¢â¬â¢s will do direct mail and local advertising, with coupon inserts in the BrisNews magazine likely to be the most successful of the campaigns. BBQfun will try to get articles about BBQfun into the BrisNews magazine. Previous features in the BrisNews magazine has seen a dramatic increase of sales immediately after the article was published. Mission BBQfunÃ¢â¬â¢s mission is to provide customers with the most extensive assortment of quality outdoor-lifestyle products available in the market. Our after sales service is second to none supported by our easy to manage long term repayment plans which make unique, imported and high quality outdoor-lifestyle affordable to all. BBQfun exist to attract and maintain outdoor-lifestyle customers wishing to purchase products that give our customers pride in their homes. Our services will exceed the expectations of our customers. Marketing Objectives 1. Increase sales from $15million per year to $20million per year in the nextÃ three years 2. Increase our loyalty customers list from 10,000 to 16,000. 3. Establish brand recognition in Brisbane so that at least 2 in 3 people recognise our brand in a random survey taken in 18 months time. 3.3 Financial Objectives 1. A double-digit growth rate for each future year. 2. Reduce the overhead per store through disciplined management of expenses. 3. Continue increase our gross profit margins. Target Marketing The market can be segmented into three target populations: Ã¢â¬ ¢ New dwellings Ã¢â¬â generally want to purchase entire suites. Typically shopped as couples. Price sensitive to a point but co-ordination is the highest priority. Ã¢â¬ ¢ Renovations Ã¢â¬â demand for high quality and different items. Unique and exotic over rides price concerns. Ã¢â¬ ¢ Replacement Ã¢â¬â basic functional products that replace and broken or worn item. Single shopper. Cheap price required. The BBQfun customers are mostly aged between 20 and 50, making up 50% of the new and renovated dwelling market. Outdoor-lifestyle stores have been very successful in stand alone, extensive car park access, close to new housing estates being established. These areas have families who have household disposable incomes of over $40,000 per year. Combining several key demographic factors, BBQfun arrives at a profile of the primary customer as follows: Ã¢â¬ ¢ Sophisticated people who are house proud. Ã¢â¬ ¢ Shoppers who will drive to an easy to access store. Ã¢â¬ ¢ A customers who requires payment plans to spread their commitment over an extended period. Ã¢â¬ ¢ Renovators and new home builders Ã¢â¬ ¢ 20-50 year olds Positioning BBQfun will position itself as a broad assortment, quality, unique outdoor-lifestyle retailer. Brisbane consumers who appreciate high-quality and uniqueness will recognize the value and unique offerings of BBQfun. Patrons will be single as well as families, ages 20-50. BBQfunÃ¢â¬â¢s positioning will leverage their competitive edge: Ã¢â¬ ¢ Product. The product will be wide ranging, quality and unique. It offers the house proud customer a differentÃ option from the cheap mass produced offer prevalent in the market Ã¢â¬ ¢ Service. BBQfun offer the only 3 years guarantee in the market. Our easy play payment scheme is just what our mortgage repaying customers welcome. Our experienced staff can assist with product knowledge second to none in the industry. By offering a superior service in range and uniqueness, BBQfun will excel relative to the competition and achieve our objectives. Strategy Pyramids The single objective is to position BBQfun as the premier outdoor-lifestyles store in the greater Brisbane area, commanding a majority of the market share within five years. The marketing strategy will seek to first create customer awareness regarding their services offered, develop that customer base, and work toward building customer loyalty and referrals. The message that BBQfun will seek to communicate is that BBQfun offers the widest, most exotic, easy access outdoor-lifestyle products in Brisbane. This message will be communicated through a variety of methods. The first will be direct mail. The direct mail campaign will be a way to communicate directly with the consumer. BBQfun will also use ads and inserts in Brizzy magazine.The last method for communicating BBQfunÃ¢â¬â¢s message is through a grassroots PR campaign. This campaign will invite people from Brizzy for lunch to get articles written about BBQfun into the news. Because of this level of effectiveness and low/zero cost, BBQfun will work hard to get press in the Brizzy. BBQfun also believe that the local patrons far prefer to receive information from the store via flyers in the letterbox. Marketing Mix BBQfunÃ¢â¬â¢s marketing mix is comprised of these following approaches to pricing, distribution, advertising and promotion, and customer service. Ã¢â¬ ¢ Pricing. While BBQfun will price at comparable prices for comparable quality, it will not be cheap. We push value over cheap and back this up with a 3 year guarantee. Ã¢â¬ ¢ Distribution. BBQfun products will be distributed through a chain of retail stores which customers can access easily via the large car parking arrangements. Ã¢â¬ ¢ Advertising and Promotion. The most successful advertising will be ads and inserts in the Brizzy as well as a PR campaign of informational articles and reviews also within the Brizzy. Promotions will take the form of in store entertainment and competitions with prizes to exotic overseas destinations. Ã¢â¬ ¢ Customer Service. BBQfunÃ¢â¬â¢s philosophy isÃ that whatever needs to be done to make the customer happy must occur, this investment will pay off with a fiercely loyal customer base who is extremely vocal to their friends with referrals. Product development It is envisaged that new products will be developed on a regular basis in line with changes in customer taste which is targeted at every 12 months. The plan for product testing is to engage market research firms. By getting feedback from these firms, changes can be made or products Ã¢â¬ËcannedÃ¢â¬â¢ so that only tested and proven products make it onto the store assortment list. Marketing Research During the initial phases of the marketing plan development, several focus groups were held to gain insight into a variety of patrons of outdoor-lifestyle stores. These focus groups provided useful insight into the decisions, and decision making processes, of consumers. An additional source of market research that is dynamic is a feedback mechanism based on a suggestion card system in store. The last source of market research is competitive analysis/appreciation. BBQfun management will continually visit local outdoor-lifestyle stores for two reasons. The first is for competitive analysis, providing BBQfun with timely information regarding other storeÃ¢â¬â¢s service offering. The second reason is that local business owners, are often part of an informal fraternal organization where they support each otherÃ¢â¬â¢s business. Financials, Budgets, and Forecasts This section will offer a financial overview of BBQfun as it relates to the marketing activities. BBQfun will address Break-even Analysis, sales forecasts, expense forecasts, and how those link to the marketing strategy. Break-even Analysis The Break-even Analysis indicates that $1.1 million in sales per year will be needed to reach the break-even point. Fixed costs are estimated at $150,000. Variable costs are 40% of sales, therefore sales of $1.0 million will be sufficient to pay for the fixed and variable cost. Sales Forecast The first year of the plan will be used to get the cafe up and running. By year two things will get busier. Sales will gradually increase with profitability being reached by the beginning of year two. Gross profit isÃ anticipated at 50%. Ongoing sales forecasting will be to use the services of CannonÃ¢â¬â¢s Consultants who will advise on all aspects of the marketing function that BBQfun will be engaged with. Cannons will also be given access to the marketing cost data so that they can periodically examine and validate marketing costs in line with industry benchmarks. They have always been the preferred consultants because they are locally based unlike the national group of consultants, Brown & Holingsworth, based in Melbourne.
Monday, January 6, 2020
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