History of Accounting in Nigeria - 725 Words

History of Accounting in Nigeria The institutionalization of Accounting started in Britain, from where Accounting was imported to Nigeria. During the preindependence period, in Nigeria, especially before the establishment of the Collages of Arts and Sciences (particularly the one in Ibadan), people who wanted to enroll into accounting profession had to be trained through article ship. This meant that, they had to be attached as apprentices to those in the profession already. When the College of Arts and Sciences in Ibadan (now university of Ibadan) was established, it offered courses in accounting; students were prepared for the intermediate level of ACCA (Chartered Association of Certified Accountants), a British Accounting Body. In†¦show more content†¦To date, one must pass the qualifying professional Examinations of the Institute before she/he become a member, that is a professional Accountant. However, there are provisions for exemption of some stages or subjects, depending on the result shown by the academic transcript of a student. For example, a B.Sc. Accounting graduate from a recognized and accredited University would be exempted from foundation and PE1, while a B.Sc. Accounting graduate from a recognized but non-accredited university would only be exempted from Foundation stage. Other exemption guidelines and many more information about the Institute are contained in its students’ Regulations and Syllabuses. Since 1981, another accountancy body—the Association of National Accountants of Nigeria (ANAN) had been working hard to be registered and obtain recognition of the government. It was on 25th August, 1993 that the Association was granted its charter by Decree no 76 of 1993. It became the second recognized body of accountants in Nigeria. From the period of it recognition up to December 1995, the Association was granting automatic membership to applicants. The association has the plan of convincing the government to allow accounting graduates to attend its Accountancy College for the period of nine months before proceeding to their National Service (NYSC). At the college, students would beShow MoreRelatedCompany Analysis : Salam Oil And Gas Company1445 Words   |  6 Pagesindependent marketer in Oil and Gas Business, This is a business plan on a mere context of entering the oil and gas business in Nigeria and every business like investing in oil and gas start-up need a fore planning on how the business is going to survive in a country where the politicians, businessmen and bureaucrats put almost all their investment due to the fact that, Nigeria is one of the biggest oil producing nation in the world with a very huge oil deposits around the South –South, South-East andRead MoreThe Bombing Of Radical Violence1 059 Words   |  5 Pageslimited scope of attention should also turn to other countries throughout the world, which are experiencing similar and often more fatal events. Since June 2015, Turkey has experienced seven major bombings, five of which were claimed by ISIL, accounting for 229 deaths in the span of 9 months. Major cities, home to well over millions of Turkish civilians, such as the capital Ankara, Istanbul and DiyarbakÄ ±r were all targets. Through that time where was the worldwide support for Turkey? Where wasRead MoreSWOT Analysis of Shell in Nigeria1364 Words   |  5 Pagesis owned by the Shell Transport and Trading Group of Great Britain. These two companies have worked together since 1903. Shell includes companies like Shell Petroleum of the USA (which wholly owns Shell Oil of the USA and many subsidiaries), Shell Nigeria, Shell Argentina, Shell South Africa, and other individual subsidiaries (shell.com). Shells parent, Royal Dutch/Shell Group is the worlds second largest private sector energy corporation in the world, behind Exxon/Mobil and ahead of British PetroleumRead MoreBoko Haram : A Serious Problem1628 Words   |  7 PagesThe State of Nigeria has experienced a growing number of militants across the county. Over the past three years, there has been an increasing threat posed by growing numbers of homegrown terrorists that have managed to become a serious problem to the nation. In recent times, several te rror attacks have been mounted in major towns and cities spread across the country. The major religious terrorist group, Boko Haram, has caused chaos in these areas causing substantial damage in the regions over whichRead MoreThe Ethics Of Business Ethics757 Words   |  4 Pagesbusinesses, small and large, to follow business ethics. There is a particular framework businesses are to follow. However, the reoccurring news headlines of poor business ethics prove differently. Poor business ethics include bribery, corporate accounting scandals, and environmental issues. Business ethics does not provide a list of correct ethical business decisions; rather, it reflects a standard of business to improve decisions. Often times unethical situations will result from choosingRead MoreProgressive Education : Setting An Agenda For Sustainable Development998 Words   |  4 PagesEducation in developing nations: A Case Study-Nigeria According to statistics provided by UNESCO, there are about 10.5 million Nigerian children that are out of school. This accounts for 47 percent of the world’s population of Out of School Children, the highest in the world. According to the UNICEF, the exponential growth in Nigeria’s population has put immense pressure on the public services and infrastructure. With children under 15 years of age accounting for about 45 per cent of the country’s populationRead MorePoor Numbers : How We Are Misled By African Development Statistics992 Words   |  4 Pagesstatistics and what to do about it’ by Morten Jerven Poor Numbers’ overarching message to data users is to take care when using statistics. Morten Jerven, former Economic History PhD student and current Assistant Professor of International Studies, has written many articles about African growth, particularly on the reliability of growth accounting and evidence. He uses a multidisciplinary approach, combining statistical, historical and ethnographic methods to analyse the production and dissemination of nationalRead MoreThe Accounting Profession and Nat39077 Words   |  157 PagesTHE JOURNAL OF ACCOUNTING ANAN Volume 1, No 1, March 2009 Published by: Nigerian College of Accountancy, Jos Postgraduate Professional College and Training Arm of ANAN ...Advancing the Science of Accountancy EDITORIAL BOARD Prof. Edet Robinson Iwok, Ph.D, FCNA Prof. A. A. Okwoli, Ph.D, FCNA Prof. Abimaje Akpa, Ph.D, FCNA Prof. B. C. Osisioma, Ph.D, FCNA Prof. Edet B. Akpakpan, Ph.D, FCNA, Prof. A. C. Ezejulue, Ph.D, FCNA Prof. A. S. Mikailu, Ph.D, FNIA Chairman, Education, TrainingRead MoreThe Effects of Credit Management on the Profitability of Manufacturing Companies in Nigeria (a Case Study of Guiness Nigeria Plc3653 Words   |  15 Pagesneed to be a global set of accounting standards. As companies compete globally for scarce resources, investors and creditors as well as multinational companies are required to bear the cost of reconciling financial statements that are prepared using national standards. It was argued that a common set of practices will provide a â€Å"level playing field† for all companies worldwide (Murphy, 2000). IFRS are standards and interpretations adopted by the International Accounting Standards Board (IASB). TheyRead MoreConsequences Of Globalisation For Sub Saharan Africa1506 Words   |  7 Pagesworld increases in FDI, social enterprise and the manufacturing sector suggest that there is hope for the continent; with historical social unrest and political deviance thus far preventing wide-spread economic growth and development. Africa has a history of political and civil unrest dating back to the late 19th century and the start of the colonial occupation of African nations. Since independence many nations have struggled with undemocratic governments famous for corruption, embezzlement and money

Mad Men The Center Of American Advertising Industry

Mad Men is one of those shows that you often hear about but never really paid attention to watch. Many people have told me that it is a show simply about the 1960s and that just turned me away. It was until I came to college, decided I wanted to be a communications major who would later work in an advertising agency out of college that it sparked my interest. Mad Men is a critically acclaimed AMC show based centered around the fictional Sterling-Cooper Agency on Madison Avenue in New York City; which is said to be the center of American advertising industry. â€Å"Mad Men† was a term coined by those in the industry in reference about themselves. The show already has so much value built in that reflects the time period all within the pilot†¦show more content†¦The gender inequality exists in the show; men and women work for different reasonings. Men like Don Draper and his fellow co-workers are there for power, money, and status. Women like Joan likes to be the queen bee; she acts as the head honcho of all the women in the workplace. Joan is a very strong female character for time of sexism. Though she gives direction to people like Peggy to work and keep themselves busy and really to find a husband in the long as she says to Peggy that if you work hard enough, you do not need to work another day and you will be in another country referring to finding a wealthy man to marry. As Joan shows Peggy around on her first day, she lets Peggy know that Don is not necessarily looking for a secretary but rather a mix of a mother and a waitress. The work setting of Sterling-Cooper is very much believable. Since it is more of a mid-sized agency, you generally do not know every single person and apparently that is true especially for the head creative director, Don. When Don was meeting with the head of Jewish Department store, he immediately went for the male who happened to be an employee of his in the creative department. This scene even sheds some light o n gender roles in the 60s. Don had automatically assumed it was not Rachel. Gender roles and sexuality plays has a big part in Mad Men. There are often jokes about women and who is sleeping with who as normal casual conversation at work among all the men. And this too speaks toShow MoreRelatedThe Effects Of Fast Food On The Food Industry2319 Words   |  10 Pagesfound that 31 percent of American men and 33 percent of American women have a body mass index of 30, at least. This means that in society today, they are considered obese (Human Diet, 2014). 1/3 of children are overweight or obese. 2/3 of adults are overweight or obese (McCarthy, 2010).What is causing this mad epidemic outbreak? Media is enticing the eyes of many viewers by the way they present themselves (What Causes Obesity, 2006). Advertisements in the fast food industry are persuading people toRead MoreThe Effects Of Drug Abuse On The United States1717 Words   |  7 Pagesthat â€Å"27 million people aged 12 or olde r have used an illicit drug in the past 30 days† (Hedden, Kennet, Lipari, Medley, Tice, 2015). As gun violence has become a popular topic in America over the past few years due to its’ related deaths, many Americans’ fail to realize that more people are dying from drug overdose than by weapon. In today’s society, controversy regarding drug abuse has taken a forefront due to various media outlets in our technologically possessed world. In order to grasp the underlyingRead MoreEssay on The Fast Food Culture is Detroying America4188 Words   |  17 Pages The typical American diet, with its emphasis on fast food and frozen food, is a consumption pattern reflective of, and symptomatic of, our production patterns -- what kind of jobs we find ourselves going to day-in and day-out, and the way these jobs encourage us to see the world we live in. If people are more apt to think of themselves as consumers rather than producers, if gratification is associated with consumption rather than working, doing, and making, we have only to bear in mind that thisRead MoreBaskin Robbins7250 Words   |  29 PagesPlan 6 Target market 6 Image 6 Marketing mix 7 Product 7 Place 8 Price 8 Promotion 9 People 9 Industry trends 10 Global trends 10 1. Industry growth 10 2. Political outlook 11 3. Violent actions 11 4. Mad Cow 12 Local trends 12 1. Free trade policies 12 2. Raises in petrol prices 13 3. Industry growth 13 4. Demographic growths 14 5. 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Candler had acquired complete ownership of the Coca-Cola business. Pemberton was forced to sell because he was in a state of poor health and was in debt. He had paid $76.96 for advertising, but he only made $50.00 in profits. Candler acquired the whole company for $2,300. Within four years, Candlers merchandising flair helped expand consumption of Coca-Cola to every state and territory. 1893 - In January Coca-Cola was registeredRead MoreBusiness Journalism in India26104 Words   |  105 Pagessector was free to talk to the investors. As a result every part of the industry is ready to build scale and realize its potential. * Film companies have been professionalizing, publishing is expanding all over the country, broadcasters have more options like the DTH and broadband to sell television signals, and radio is finally free to licence fees. The capital is reaching these at the right time. Therefore, the industry will deliver. * The India Media Business by Vanita Kohli Khandekar Read MoreSocial Classes in the Great Gatsby Essay3919 Words   |  16 Pagestwenties. He is referred to as a member of the Lost Generation. His books deal with the idealism and the disillusion of the post-World-War-1 decade and also with the struggle of the American society to find spiritual happiness and material wealth (Di Bacco 525). Long describes Fitzgerald as central to the American twenties or historian of the golden twenties. He names the Jazz Age (177). In his novel The Great Gatsby Fitzgerald describes the social circumstances in the USA in the 1920s with

The Relationship Between Inflation And Unemployment On Growth

INTRODUCTION 1.1 Background of the Study Three ultimate macroeconomic goals which every government strives to achieve in order to ensure sound macroeconomic policy are maintenance of relative stability in domestic prices, attainment of a high rate of employment or full employment and achievement of a high rapid and sustainable economic growth. The relationship between inflation and unemployment on growth remains a controversial one in both theory and empirical findings. Originating from the Latin American context in the 1950s, the issue has generated an enduring debate between structuralists and monetarists. The structuralists believe that inflation is essential for economic growth, whereas the monetarists see inflation as detrimental to economic progress. There are two aspects to this debate: (a) The nature of the relationship if one exists and (b) The direction of causality. Friedman (1973) succinctly summarized the inconclusive nature of the relationship between inflation and unemployment on economic growth as follows: ―historically, all possible combinations have occurred: inflation and unemployment with and without development, no inflation and unemployment with and without development. The main problems facing the economy of Iraq today are unemployment and inflation. These problems are persistently complex and cause economic and social dilemma to the economy as a whole. The inability of government to provide a lasting solution to these twin challenges has contributedShow MoreRelatedEconomic Growth Between Emerging And Developed Economics Essay1181 Words   |  5 PagesNowadays, the various economic growth patterns are very common in both emerging and developed economy. The countries that are having most advanced economy and highly developed capital markets with high levels of liquidity is called developed country. Developed countries are most ly located in North America and Western Europe, including nations like the U.S, Germany, U.K., Canada, Australia, New Zealand and Japan. Emerging countries can be identifying with rapid growth rate and development but lowerRead MoreInflation And Unemployment Essay1260 Words   |  6 PagesHistorically, the relationship between inflation and unemployment has been studied, debated, and been used as economic indicators to explain the overall health of the economy. Both inflation and unemployment will fluctuate and change based on phases of the business cycle. From a simplistic view, high levels of inflation and unemployment indicate that the economy is not operating at is an optimal level of output. During periods where inflation and unemployment are high, individuals are saving moreRead MorePhillips Curve Methodology Is Used On An Information Set Of 35 Years Essay1623 Words   |  7 Pageshelps in analyzing the relationship in the middle of inflation and unemployment. There is a non -relative negative relationship in the middle of inflation and unemployment (if unemployment is decreased than there is a rising value level in the economy). There is a long-run and easygoing relationship in the middle of inflation and unemployment over the above-mentioned period in Pakistan. There is a momentary relationship (stuns) in the short-run, while there is a lasting relationship (stuns) over the longRead MoreThe Theory Of Growth And Development1499 Words   |  6 PagesBalami (2006) In the long run, the rate of growth of (per capita) GDP is determined by population growth and the rate of technical progress. 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Unemployment can be counted by using the claimant count which includes all those who are unemployed and actually claiming benefit in the form of Jobseekers Allowance. Inflation is a sustained increase in general price levelRead MoreMonetary Policy On The Connections Between Money, Banks, And Credit960 Words   |  4 Pages This paper focuses on Monetary Policy, which centres on the connections between money, banks, and credit to lenders. In addition, this paper will cover the effect on macroeconomic factors such as GDP, unemployment, inflation, and interest rates. With many combinations of monetary policy, the paper covers the optimal balance between economic growth, low inflation, and a reasonable rate of unemployment. 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In this essay, the controversial topic will be discussed by viewing different economists’ opinions on that according to time sequencing. Inflation is an increase in price levels within an economy. Basically it means that you will have to pay more for the same goods. Unemployment is even more straightforward. It means that

Case Study Speeker V. South Bay County School District

TO: Attorney Cusker FROM: Latrice Morris DATE: November 1, 2014 RE: Speeker v. South Bay County School District Facts Oliver Wendell Holmes High School took part in a community wide health fair. The school set up a booth and asked their students to participate. The teachers gave extra credit to the students that attended the health fair, and the student would have to sign in at the schools booth to verify their attendance. Susie Speeker, a student at Oliver Wendell Holmes High School, attended the fair with her family. While at the community wide health fair, Susie held up a sign which stated marijuana should be legalized for compassionate use. A fellow student that attended the same school as Susie took a picture of her holding the sign and published it in the school newspaper. The principal of the school saw the photo and suspended Susie for violating the schools policy by promoting illegal drugs at a school function. Since Susie’s suspension, she claims that she has been harassed by other students and teachers at her school. Susie claims that her grades have dropped which could result in l imited college choices. As a result, Susie claims her civil rights under 42 U.S.C Â § 1983 were violated. Issues 1. Did the school district have the right to suspend Susie for her actions? 2. Assuming that the school district was not justified in its actions, does Susie have a claim under 42 U.S.C. Â § 1983? Brief Answer 1. No, the school did not have the right to suspend Susie because

The Impact Of Immigration On Hong Kong Essay - 1970 Words

Jonathan Cheng Michelene Perez ENGL 1010D- 50D Jan 15, 2014 Prof Draft The Effect of Immigrants in Hong Kong Hong Kong is a big city. She has four hundred and twenty-six square mile, but seven million people live in there. Even though so many people in here, the government still allows one hundred and fifty immigrants from China to live in Hong Kong each day. The people continued coming, even after the immigration laws had relaxed. We will have more and more people to live Hong Kong. If we still have one hundred and fifty immigrants to come to Hong Kong every day, we will have eight million people in 2016. It is a huge population for a city. It will affect the social resources for citizens. The immigrants have brought a lot of negative and positing affecting welfare, housing, and economy. First of all, the medical, education, and comprehensive social security assistance in Hong Kong is not sufficient for the citizen. The medical is part of the welfare in Hong Kong. The government will help pay part of the bill, if go to the public hospitals. Also, the e mergency ambulances have promised to will arrive within 12 minutes from the time of call to the arrival of an ambulance at the street address. Now, we have more people live in here, so the requirement of the emergency calls is increased. The emergency ambulances are not enough. Each car has to work sixteen to twenty times every day. If we have a serious accident, the emergency ambulances are not enough. Before theShow MoreRelatedHong Kong Housing Problem Is Not Only Attributed to the High Population Density1219 Words   |  5 PagesHong Kong Housing Problem is not only attributed to the High Population Density Every Hong Kong citizen knows one of the grave troubles in Hong Kong is housing problem. The order of severity can be apparently reflected by many figures in recent research studies. †Rents up 22 per cent in Hong Kongâ€Å" (2011) remarks that â€Å"the price of renting two-bedroom accommodation rose by 22% to US$2,830 a month between 2009 and 2010â€Å" ( ¶2). Subcommittee on Building Safety and Related Issues (2010) also observesRead MoreDiscrimination Against Immigrant Labor Essay964 Words   |  4 PagesThe global mobility of human resources between countries is a key driving force of the currently ongoing economic and regional development all over the world. It is indisputable that the immigration of international labour force would exert many positive and important impacts on the economic, cultural and social structure of both migrant-receiving and migrant-sending countries. Actually, the trend of temporary and permanent immigrants increasing in some western countr ies began to gain momentum inRead MoreGlobalization Is Affecting The People Of Hong Kong1281 Words   |  6 PagesRough Draft #1 Hong Kong is a region of China that has a tumultuous past. It was colonized by the British, captured by Japan, given back to the British, and eventually losing its sovereignty to China. The people of Hong Kong are an interesting mixture of economic classes, races, religions, and opinion. Recently, they’ve been in the news due to their protests for the hope of democracy in the region. This paper is an examination of how globalization is affecting the people of Hong Kong, and how theyRead MoreEssay on The Aging Population of the Last Century967 Words   |  4 Pagesrate. Immigration is a direct and fastest way to replace the shortage of worker in the market. Many countries in the world has experienced the aging population problem, different countries have different ways to solve it. Canada is importing the young labor force all over the world to replace the labor supply due to the lost cause by aging. The immigratants help to replace the position that the Canadians do not to work on. Also, â€Å"the Conference Board of Canada has found that immigration has aRead Moreshould same sex marriage be legalized in hk?1052 Words   |  5 Pagesï » ¿HKIED Academic Writing Skills ( CLE - 1163 - 01E ) Name: CHAN, TAK KEUNG Student number:11089661 (Year1 ) Name: YUEN, HO YEE Student number: 1108968 ( Year 1 ) THESIS STATMENT: SAME SEX MARRIAGE SHOULD NOT BE LEGALIZED IN HONG KONG In 2013, there are 0.7 percent of all population in the world is homosexuality. ( Posner, 2013 ). There also are many protest demonstration to raise public awareness about against discrimination in homosexuality or fight for legal homosexual marriageRead MoreQuestions On Rationale For Study Essay1884 Words   |  8 PagesFor example, Hong Kong has a multi-cultural environment due to the vital role performed by the multi-national citizens’ structure. The various cultures in Hong Kong were increased, accompanying the increasing numbers of immigrants. As a result of this, the differences among cultures were also enlarged. This proposal is going to evaluate the reasons why new immigrants, even the mainland Chinese immigrants who have similar culture to Hong Kong, are treated differently from the Hong Kong-born citizensRead MoreRelationship Between China and Hong Kong4329 Words   |  18 Pagesbetween Hong Kong and mainland using concepts introduced in this course. Introduction Hong Kong, located at the southern coastal of China, fully shows the diversification of culture, with a mix characteristics of different backgrounds. Hong Kong is currently under the rule of the PRC as a special administrative region, with the practice of ‘One country, two system’. Hong Kong exercises capitalism under the rule of the British government and thus continues its practice after the handover. Hong KongRead MoreEssay on The Fear of Fat Criterion Within the DSM IV1626 Words   |  7 Pagesmay cause one to overlook or disregard the pressures of societal systems, such as immigration or poverty, on the mental and physical well being of an individual. If ‘fat phobia’ is indeed a culturally constructed definition of anorexia nervosa, it lacks a strong psychological and biological foundation, and is therefore questionable in the eyes of many researchers and clinicians. To observe the impact of culture on attitudes towards eating and perception of body shape, Lake, StaigerRead MoreJd Wetherspoon976 Words   |  4 Pagesfacilities and so on. Therefore American needs more nature resource than before. Firstly, immigration helps late Twentieth Century Massachusetts economy in America. More specifically, during in 1970s, as population of Massachusetts move to other place and Massachusetts of birth rate decreased sharply. Massachusetts suffered from urban flight, closing industrial, and so on. However, in 1980s considerable immigrations that come from different countries settled in Massachusetts, which bring a host of laborsRead MoreMainland China Visitor: Impact of Hong Kong4377 Words   |  18 Pagesabout that the Mainland China visitor affecting Hong Kong tourism industry. For evidence for the most of Mainland people accounted for traveler in Hong Kong. The evidence will be mentioned the profile of them such as states and period by Yip Hiu Yi’s individual report. Lam Chi Longs individual assignment mentioned that spending of Mainland China traveler. According this report, we knoew whether they can substantially raise the revenue of Hong Kong. Moreover, â€Å"Zero-fee tour was a hot topic in recent

Vital In Driving Its Business Around World †Myassignmenthelp.Com

Question: Discuss About The Vital In Driving Its Business Around World? Answer Introduction Car sales.com Ltd is the largest online auto motive business in Australia. The company has been listed in the ASX and was founded in 1997. The current C.E.O is Cameron McIntyre who took over reigns in March 2017. The company offers online advertisement services for people and specifically Australians who want to buy or sell cars, trucks, motorcycles, boats e.t.c(Tan and Robinson, n.d.). The company has also been credited for developing world leading technology and advertising solutions that are vital in driving its business around the world. The company is based in Richmond, Australia which is also its main geographic area of activity. Like most listed companies, Carsales.com ltd closes its books on 30th June of every year. Therefore, ending date of the last financial year was 20th June 2016. The companys share was trading at $14.22 at the ASX on 14September 2017. On 20th March 2017 the company issued an interim dividend of 18.7 cents per share. Industry situation and company plans As the largest marine, motorcycle and auto mobile classified company or business venture in Australia, it has become a local brand in the country and a leader in the industry. The company is attracting more and more Australians willing to sell and buy automobiles from their websites. In fact, carsales.com has become so popular that its websites has some of the highest traffic in internet search for selling and buying of automobiles. The industry situation is also looking increasingly very well. The industry has witnessed an upsurge of people in Australia willing to buy and sell their motor-vehicles via the websites(Balasundaram, 2012). This is an industry that is growing exponentially and carsales.com and its peers are happy for the industry. With a growing industry, the company has been a focal point of meeting between dealers, consumers, sellers, advertisers and manufacturers. It has employed at least 600 people in Australia. Company future plans as the leading automobile classified business, its ahead of its peers in the industry. Carsales.com aims at developing an advertising solution and a technological hub that is world leading. It aims at expanding its business across the world and has already build an extensive network in the pacific asia region. It also holds great business interests in Thailand, Brazil, Malaysia and South Korea(Balasundaram, 2012). Financial Statement Analysis Statement of financial position The gross profits for carslaSes.com are $ 372 million in 2017, $ 344 million in 2016 and $312 million in 2015 respectively. There is an increase in gross profit mainly due to increase in business for the classified business. Also by the end of financial year 2014 the companys gross profit stood at $ 289 million. The income from operations is $ 167million in the year 2017, $ 165 in the year 2016 and $153 million in the year 2015. Net income from operations is also increasing partly due to good business strategies(Easton et al., n.d.). Net income for the business is $ 109 million in the year 2017, $ 109 million in year 2016 and $ 103 million in the year 2015 respectively. As it is seen, there is stagnation in net profit for the year 2016 and 2017 and this can be attributed to increased cost of doing business in the year2017. This is after increase in net income from $ 103 million in the year 2015(Robinson et al., 2015). In 2014, the net income stood at $ 105 million . Common size statement analysis technique ASSETS 2017 % 2016 % 2015 % 2014 % Total Revenue 372 0% 344 0% 312 0% 289 0% Operating Expenses Cost of revenue total 34 9.1% 30 8.7% 26 8.3% 24 8.34% Selling, Adm expenses 162 43.5% 114 33.1% 112 35.8% 96 33.21% Depreciation 9.97 2.68% 7.53 2.1% 6.93 2.21% 5.97 2.06% Unusual expenses (0.27) -0.17% (1.89) -0.05% (0.97) -0.31% (0.79) -0.02% Total Operating Expenses 205 55.1% 179 52% 163 52.24% 156 53.9% Net income b4 Taxes 161 43.3% 162 47.1% 163 52.24% 164 56.74% Net income after taxes 113 30.4% 114 33.1% 114 36.5% 114 39.44% Net income B4 extra items 109 29.3% 109 31.69% 107 34.29% 105 36.33% NET INCOME 109 109 107 105 Revenue recognition changes In the development of the activity of administration of the system of commercial exchanges of electric energy (ASIC) in the wholesale market and as agent with representatives of the agents participating in the Colombian electric market, the Company collects in favor of third parties the money related to the transactions carried out by the constituents in that market and distributes them to the beneficiary agents(Tan and Robinson, n.d.). Based on the Public Accounting Regime, as mentioned in note, The Company's investments for classification purposes are classified into three categories as follows: i) liquidity management, including resources placed in securities debt or equity instruments, national or foreign entities, as well as derivatives, in order to obtain profits from short-term price fluctuations; (ii) for policy purposes, including debt securities, the purpose of which is to hold them to maturity or at least one year from the date of purchase; and iii) equity, which include s equity securities in controlled, uncontrolled and jointly controlled entities. Equity investments correspond to resources placed in participatory securities of national or foreign entities, represented in shares or shares or shares of social interest, which may or may not allow the company to control, share control or exercise significant influence over decisions of the issuing entity(WAHLEN, 2017). The changes arising from each valuation carried out on investments for liquidity management and those used for policy purposes are recognized in the results. Trends and items that might be different from the industry Firstly, the revenue recognition item is different in all industry norms. The other significant changes in accounting policies in this industry are the depreciation or amortization of assets where the vehicle value is amortized. Also historical cost will change in reporting. Statement of Financial position The companys financial statements have been prepared as per the international financial reporting standards and guidelines(IFRS) as well as the international accounting standards guidelines (IAS). For the Balance sheet Assets should be equal to liabilities and capital. 2017 2016 2015 2014 Total Assets(figures in millions AUD) 539 546 492 474 Total Liabilities (figures in millions AUD) 268 290 265 250 Total equity(figures in millions AUD) 272 256 227 224 Total liabilities+Equity(millions) 539 546 492 474 Common size statement analysis Assets 2017 % 2016 % 2015 % 2014 % Cashand short term inv 40 7.4% 29 5.3% 27.5 5.4% 24.5 4.9% Total receivables 45 8.3% 42 7.6% 36 7.3% 33 6.6% Total inventory 0.83 0.15% 1.11 0.2% 1.87 0.38% 1.67 0.33% Prepaid expenses 3.17 0.59% 3.16 0.58% 3.21 0.65% 3.01 0.6% Total Assets 89 16% 75 13.7% 68 13.8% 58 11.7% PPE 7.29 1.35% 6.61 1.2% 5.92 1.21% 5.32 1.07% Goodwill 170 31.5% 170 31.1% 147 29.8% 137 27.6% Intangibles 30 5.5% 22 4.02% 9.11 1.8% 7.31 1.4% Long-term inv 238 44% 267 48.9% 257 52.23% 227 45.7% Total Assets 539 546 492 496 Liabilities Accounts payable 18 6.7% 16 5.5% 14 5.3% 12 4.2% Accrued expenses 27 10% 23 7.9% 21 7.9% 18 6.3% Capital leases 1.76 0.66% 1.78 0.61% 1.88 0.7% 1.78 0.62% Other current liabs 20 7.46% 17 5.86% 12 4.5% 6 2.1% Total current liabilities 66 24.6% 58 20% 49 18.5% 41 14.4% Total long term debt 191 71.3% 225 77.5% 212 0.8% 206 72.5% Total debt 193 72% 227 78.3% 214 0.8% 208 73.2% Defferedincome tax 2.92 1.1% 1.73 0.6% Minority interest 5.54 2.1% 4.18 1.4% 2.31 0.8% 1.71 0.6% Other liabilities 1.32 0.4% 1.04 0.3% 1.17 0.4% 1.15 0.4% Total liabilities 268 290 265 284 Shareholders equity Common stock 106 38.9% 99 38.6% 92 38.3% 90 44.3% Retained earnings 174 63.9% 157 61.3% 134 55.8% 112 55.18% Unrealized gain 0.03 0 Other equity (8.66) (0.3) 1.17 1.02 Total equity 272 256 240 203 Significant policies in regards to PPE The property plant and equipment is treated as according to IAS 16, where the PPE is measured at cost at the initial stage and subsequently measured using revaluation model where depreciation is done so as to get the book values(Mendelsohn, n.d.). The inventory is accounted for and measured at the lower of cost and net realizable value and uses FIFO to measure cost. Carsales.com ltd accounts goodwill by subtracting fair market value of tangible assets from the total net worth of the business(Tan and Robinson, n.d.). Compare operating cash flows with net income 3yrs The total cash and cash equivalent from operating activities in the year 2017 was $125 million. In 2016, the total cash and cash equivalent from operating activities was $ 123 million while in 2015, the total cash and cash equivalent from operating activities was $ 102 million(WAHLEN, 2017). In comparison, the net income for the three years stood at $ 109 million for 2017 and 2016 while in 2015 the net income was at 103 million Australian dollars.in 2014, the companys net income stood at $ 96 million dollars. Investing activities The company seems to be investing and expanding as shown in the cash flow statement investing activities. In the financial year 2017, the companys total cash from investing activities was $ 17 million(Mendelsohn, n.d.). In the year 2016 the company had a negative investment cash inflow of $ 37 million while in the third year 2015, the company total cash investment stood at a negative $ 63 million.lastly, in 2014, the companys cash investment was at negative $ 56 million. This shows that its expansion strategies in new investment are paying off(Bergevin, 2002). Companys most important source of financing From the cash flow , statement, the companies most important financing source is payment of dividends. The total cash dividend paid in 2017 is $ 86 million in 2017, in the year 2016, the company paid dividend worth $ 84 million while in 2015, the companys paid an equivalent of $ 71 million in dividend.in 2014, the company paid a dividend of $ 65 million after the board meeting. This is the single largest item in financing activities of the company which is listed in the ASX(Elliott and Elliott, 2006). Overall cash and cash equivalent from the cash flow is increasing. As shown from the financial reports, the year 2017 net cash flow was $ 11 million an increase from the previous year which was at $ 1.89 million. In 2015, the net change in cash was at $ 0.78 million which is the least in the 3 years. This clearly shows that money is starting to stream in as cash(Bergevin, 2002). Ratio analysis Ratio Formula 2017 2016 2015 2014 Industry Liquidity Ratio Current ratio Current Ratio = Current Assets Current Liabilities 89/338= 0.26 75/314= 0.24 68/281= 0.24 63/276= 75/340= 0.220 Receivable turnover Net Annual Credit Sales ((Beginning Accounts Receivable + Ending Accounts Receivable) / 2 45/113= 0.398 42/109= 0.385 36/116= 0.310 33/116= 0.284 47/117= 0.401 Profitability Ratio Profit margin Net Income * Net Sales 89/338= 26.3% 75/314= 23.9% 68/281= 24.2% 63/276= 22.8% 83/337= 22.18% ROA Net income/ average total assets 89/539= 0.165 75/546= 0.137 68/492= 0.138 63/472= 0.133 77/546= 0.141 Long-term solvency ratios ratio Formulae 2017 2016 2015 2014 Industry Debt to equity Total liabilities/total equity 268/272=0.98 290/256=1.13 265/227=1.18 232/203=1.14 1.75 Debt ratio Total debt/total assets 193/539=0.3 227/456=0.49 214/492=0.43 214/496=0.43 0.53 Cash flow adequacy formulae 2017 2016 2015 2014 Cash flow yield (operating activities-netcashflows)/netincome (125-11)/109=1.04 (123-1.89)/109=1.11 (102-0.78)/103=0.98 (95-0.6)/103=0.92 0.75 Cash flows to sales Cashflow from operating activities/sales revenue*100 125/372*100=33.6% 123/344*100=35.7% 102/312*100=32.6% 95/296=32.09% 28% Market strength ratio Formulae 2017 2016 2015 2014 Price earnings Market value per share/E.P.S 12.44/0.45=27.6 11.7/0.45=26 12.1/0.43=28.1 11.8/0.45=26.2 19.1 Dividends yield Cash dividend per share/market value per share 0.4/12.44=0.032 0.37/11.7=0.032 0.34/12.1=0.028 0.32/11.9=0.026 0..16 The strengths of the firm lies in it being the market leader in terms of market share as well as more innovations that it introduces compared to its competitors(Thomsett, 2006). Also it has a very experienced board of directors and management. The firms weaknesses include over expansion that takes up a lot of its operating cash leading to liquidity problems(Bergevin, 2002). Conclusion Carsales.com will continue to lead if the management of the company puts in measures that help in its growth strategies. This includes; Investing in technology that will make the company expand in other territories like the Asia pacific, Brazil, Malaysia, Singapore and Thailand. Expansion strategy means that the company will have to increase its current workforce and therefore increasing its operations cost(Bergevin, 2002). The company should also look at business strategies like mergers and acquisitions of smaller companies in the same industry so as to increase its dominance and therefore increase its profits. Other strategies will include divesting or reinvesting its cash in other sectors to spread its risk in the company. This will include investing in money markets and properties with the approval of the shareholders(Bergevin, 2002). The company is a strong performer and this is as shown in its financial reports(Guerard, 2013). The company is also the leader in automobile sales classified. Rationale for the decision The companys strong position is brought in by its expansion strategy and its market leadership. References Balasundaram, N. (2012). Ratio analysis. [Place of publication not identified]: Lap Lambert Academic Publ. Bergevin, P. (2002). Financial statement analysis. Upper Saddle River, N.J.: Prentice Hall. Easton, P., McAnally, M., Sommers, G. and Zhang, X. (n.d.). Financial statement analysis valuation. Elliott, B. and Elliott, J. (2006). Financial accounting, reporting and analysis. New York: Finanical Times/Prentice Hall. Guerard, J. (2013). Introduction to financial forecasting in investment analysis. New York, NY: Springer New York. Lewis, M. (2009). Panic. New York, NY: W.W. Norton. Mendelsohn, L. (n.d.). Trend forecasting with intermarket analysis. Robinson, T., Henry, E., Pirie, W., Broihahn, M. and Cope, A. (2015). International Financial Statement Analysis. Somerset: Wiley. Tan, C. and Robinson, T. (n.d.). Asian financial statement analysis. Thomsett, M. (2006). Fundamental analysis. Hoboken, N.J.: J. Wiley and Sons. WAHLEN, J. (2017). financial reporting, financial statement analysis and valuation. [s.l.]: cengage learnin

Marketing Management Imperial

Questions: In your role as a marketing advisor to a new client which has established domestic market leadership, you are required to;1 Critically review the current market environment by using a marketing audit framework.2. Summarise the audit through a focused actionable SWOT analysis3. Select ONE marketing opportunity and then explain with justification how this can be commercialised over the next three year period with specific attention to proposals for the following:3.1 Market Attractiveness3.2 Market Segmentation and Market Targeting3.3 Impactful Brand Value Propositions to secure a competitive position 3.4 Specific, relevant, marketing mix plans for the next 3 years to build customer loyalty3.5 Marketing Resource requirements4. Justify this innovation in terms of potential financial contributions through revenue grow, cash flow and profit contribution Answers: Introduction The report will focus on identifying the market opportunity that is available for Imperial. The product has already established itself in the UK market. The market opportunity available for the product will be explored in the report. Prior to the discussion of the market opportunity, an existing market analysis of the product has been conducted. The internal and external market factors affecting the product have been analyzed for the product. As the domestic markets are becoming mature and saturated, it has become fashionable for the organizations to seek for the opportunities of growth in the foreign country. The communication system has become faster with the development of new technologies; it is easier to enter into business in the International markets. Imperial is a well established soft drink company in UK. It is one of the largest manufacturers of soft drinks in UK (Monaghan, 2014). They manufacture non alcoholic drinks. It has survived in the domestic market for the last 20 years. They offer range of drinks of different flavors. The flavors are quite popular amongst the customers in UK. But it receives severe competition from other reputed beverage companies with strong worldwide presence. They receive severe competition from big well known brands like Coca-cola, PepsiCo. Thus Imperial has to struggle to maintain the market share. It must expand itself in the global market in order to remain competitive. 1. Review of current market environment A market analysis of Imperial has been presented. An analysis of the external market and the internal market has been presented. The external market analysis has been done using PEST while the internal market analysis has been presented using the Porters 5 forces. External Market analysis PEST Framework The macro environmental analysis can be done using PEST framework. The external factor that has been affecting Imperial for the past years has been identified. The external factors affecting the organization are the laws in the country, barriers of trade, change in the demography and policies of the government. Political factors The political factors can be explained by the various policies of the government which acts as intervention in the economy. The political system in UK is a multi party system. It is one of the most important tools of strategic management that can be implemented by various organizations for the analysis of the macro environmental factors affecting the organization. Imperial will be able to set its future goals and objectives on the basis of the environmental analysis. The political factors can be explained by the extent of intervention that is imposed by the Government. The major interventions of the Government can be in the form of policies of taxation, tariffs, restrictions of trade, environmental and labor laws. The political stability of the economy will affect the business to a considerable extent. The issues in the regulatory framework by the Government can affect the business. The political condition in UK is favorable for the growth of Imperial. UK is one of the developed nati ons in the world. There is certain amount of intervention from the Government in the industries. The intervention from the Government is seen in terms of fixation of rates of tariff, tax rates and various laws that has been implemented by the Government. There are various regulations that have been provided by the Government regarding the health and safety of the workers and the consumers. Thus Imperial has to abide by the health and safety regulations (Mirzaee Ghazani and Khalili Araghi, 2014). Economic factors The economic condition of the country is crucial for the success of the business. The purchasing power of the consumers will be affected by the economic condition of the country. The consumers with high level of income will have greater purchasing power. The affordability power of the consumers will rise. The economic condition of UK is stable. The economy of UK has been performing well due to the rise in the business and the confidence of the consumers. The credit conditions of the home have been better and the global economic conditions have improved. The encouraging factor is that the growth of the economy in UK is broad based and there has been an increase in the investment in the business. The growth of the economy has been forecasted at 3.1% while the earlier prediction has been 2.8%. The growth of Britain has been the highest in the short term growth. The Bank of England has kept the rate of interest low so that that it can bring more investments. The business scenario is favo rable for Imperial. The sales of Imperial in the domestic market of UK have been increasing every year. However a major fall was seen in the business aftermath the global financial crisis in 2009. There was contraction in the GDP of the country. But it recovered from the situation since 2012 (Cooke, 2007). Social factors Imperial is a UK based company so it is overwhelmed by the western culture. There is division in the society of UK into upper, middle and lower class. The soft drink is popular among the consumers in UK in all rungs of the society. But the major problem faced by Imperial is the severe competition in the beverage industry. There are already established companies like Coca-Cola and PepsiCo. It is difficult for Imperial to maintain its market share amongst the competitors. Thus it has to constantly reinvent itself in order to maintain its competitive advantage. The consumers have easy access to the substitute drinks. The culture of UK is mixed. 86% of the population in UK is white, 7.5% of the population is Asian and 3.3% of the population in UK is black. On the other hand, 2.2% of the population in UK belongs to the mixed culture. The business of Imperial is affected by the rise in the competition. It is a matter of great concern for the business (Wynarczyk and Watson, 2005). Technological factors Over the past decade there has been vast innovation in the field of technology. This has increased the exposure of Imperial to the residents of UK. The technological developments have increased the scope of Imperial to reach out to wide range of customers. The customers can have easy access to the company via the internet. The various promotional activities by Imperial are easily available to the customers via the internet. The discounts and offers are updated in their website. This has increased the customer strength of Imperial over the years. Imperial has been continuing its operations of promotional activities using social media platform like Face book, Twitter and you tube. It has been easier to communicate with the customers using the social media platform. The customers are aware of the various offering of the company along with the discounts that will attract the customers towards the company. The massive growth of the social media platform has served has as a tool for the ea sy communication with the customers. This has increased the strength of the customers of Imperial over the years and they have formed a strong holding in UK. Legal factors There are minimum basic legal obligations that are posed by the Government in UK which has been followed by Imperial over the years. They abide by the minimum legal standards of UK. Imperial has followed the jurisdiction of UK in terms of ingredients in the drinks as well as packaging. The legal standards for food processing have been followed by Imperial (Cave, 2005). Environmental factors The sales of Imperial have been affected by the environmental changes in UK over the past years. The temperature of UK is extremely cooler during the winter season. The climate in winter is drier and the eastern region has less windy climate. There are severe natural calamities that the country suffers. The natural calamities include hurricanes, earthquake, forest fires and other calamities which have severe impact on the environment. The sale of Imperial is hampered during the period of the natural calamities. Thus it is difficult for Imperial to maintain its sales in such difficult conditions. There has been significant rise in the cost of transportation which has increased the logistics cost of the company. The prices of the cold drink had to increase in such a condition. The company has to maintain a good image in front of the customer. Thus it has to make investments in the packaging of food. This will bring a positive impact towards the customers with the increase in the brand value (Web resources for international economics business: (Formerly titled Internet resources for international economics business, 2002). Internal Market Analysis The internal market analysis of Imperial has been done using Porters five forces. Porters five forces The framework for the analysis of the level of competition of Imperial can be done using Porters five forces analysis. The framework is used as a measure for scanning the environment. The scanning of the micro economic factors is done using Porters five forces framework. The model is used to analyze the existing competition in the market and it will help the company to take various strategies depending on the existing position of the company in the market. The five forces that are used to analyze the competitive advantage of Imperial includes threat of new entrants, bargaining power of the customers, bargaining power of the suppliers, threat from the substitutes and intensity of rivalry. Threat of new entrants UK market is a highly profitable market and there is threat of new entrants in the market. Various organizations will try to gain from the profitable market in UK. The return from the investment is high in UK. Thus in such a highly profitable market, the threat of new entrants will be high. The market structure of UK is profitable for business. In case of similar structured markets like oligopolistic and perfectly competitive markets, there are no barriers for entry and exit. But in case of monopoly markets the barrier of entry in the market is high (Hernndezà ¢Ã¢â€š ¬Ã‚ Espallardo and Delgadoà ¢Ã¢â€š ¬Ã‚ Ballester, 2009). In case of Imperial, the market in which it operates is perfectly competitive. There are competitor brands like Coca cola and Pepsi Co that has large market share. At the same time there is threat of high competition from new beverage companies. On the other hand, the already established beverage brands in the foreign countries want to venture the market of UK. They will serve as threat for Imperial. Threat of substitute products The threats of substitute products for the Imperial are the alternative products that are consumed by the customers. There are various factors that can influence the customers to switch to alternative products. Thus the potential factors that can influence the buyers switch to the alternative products are the relative price performance of the substitutes, switching cost of the buyers, level of differentiation of the products, differences in quality and the ease of substitution. There are various alternatives present in the market that threaten the market share of drinks sold by Imperial. Thus it can be said that the threat from the substitute is high. Bargaining power of the customers The price of drinks of Imperial is done by competitive pricing technique. The power of bargaining of the customers has affect on the sale of Imperial drinks. The power of bargaining of the buyers is medium in the market. The bargaining power of the buyers is medium in the market. There is existence of close substitutes in the market which can affect the sales of Imperial. Thus the power of the customers influences the sales of drinks of Imperial (Dorling, Scott and Deakins, 2006). Bargaining power of suppliers The bargaining power of the suppliers has low effect on the sales of Imperial. The existence of few suppliers in the market can have significant power over the firms but the in case of Imperial, the situation is different. There is existence of large number of suppliers. This reduces the power of bargaining of the suppliers. Over the years, Imperial has established itself as one of the reputed companies in UK. Thus company has maintained good relationship with the suppliers. Intensity of rivalry The intensity of rivalry for the beverage market is high in UK. There are large multinational beverage companies like Coca-cola and PepsiCo. They are famous chain of beverage companies with high brand value. But Imperial has been constantly reinventing them to establish as a reputed beverage company in UK. But it has to keep a close eye on the strategies of the competitors while formulating its own strategies. Thus it can be said that the threat of rivalry is high in case of Imperial (Lu, Liu and Wang, 2010). 2. SWOT analysis On the basis of market analysis of Imperial, SWOT analysis of Imperial has been provided. Strengths Imperial is one of the reputed non alcoholic beverage brands in UK. Imperial has been retaining the loyalty of the customers over the years. Imperial has responded rapidly to the global economic down turns and recovered well. Weakness 1. The drinks offered by Imperial have heavy reliance on the carbonates. This can affect the brand in future as the consumers are becoming more health conscious. 2. The products of Imperial are sold in the domestic market. It should start venturing the International market to increase its market share. Opportunities Imperial can start manufacturing healthy food drinks as the consumers are shifting their choice from the carbonated drinks to the healthy food drinks. Imperial can explore the emerging markets like China and India. It represents a good volume of opportunities for Imperial. Threat Imperial faces threat from strong competitors like PepsiCo. They have global presence which has affected the market share of Imperial. 3. Market opportunity Imperial has established itself in the domestic market. The special venture unit of Imperial can devise strategies for the company so that it can explore the Asian market. The Asian market is an emerging market with high rate of growth opportunities. The Asian market is highly attractive. 3.1 Market Attractiveness Especially for the companies in the West, Asia has emerged as one of the most attractive markets in the world. It is important to have knowledge of the Asian market before venturing into the market. There are various challenges faced by companies during expansion in the foreign markets. It requires intensive interaction with the customers. The sales growth in the Asian market is magnificent. The stagnation of the domestic market has opened the doors for the global markets. The annual compound growth rate of Asias GDP is at 4.7% from the year 2005 to 2010. However the growth of North America has remained fixed to 1%. The rate of growth in the Asian market remains highly attractive and it is projected that the GDP growth will increase by over 5.6% per annum through 2015. Amongst the various countries in the Asian continent, China and India are the most attractive markets for business. The strength of the consumers is very high (Morath, Krieger and Krupp, 2015). 3.2 Market Segmentation and Market Targeting Imperial will focus on the Chinese market at the beginning of its venture. Then it will diverge its business in the Indian market. The major customers of Imperial will be the people from all age groups. At first the beverages will be sold in the urban markets of China. Later on they will explore the rural market of China. The management operations in China will be looked after by a group of administrative personnel who will be analyzes the market on a regular basis to maintain their reputation in the Chinese market. The beverages will be sold in the supermarkets and other shops in China. Once it has established itself in the urban market in a year , it will explore the rural market of China. Imperial has to make extensive marketing to establish their brand in the foreign market. The target market strategy for Imperial in China will be based on making the right choice of product for the right customers. The marketing strategy of the company will convey the sense of quality of the product in every picture of the product. They will promote the product so that the customers will understand the value of the product. At the beginning, Imperial will face tough competition from the already established brands in China. It will be difficult for Imperial to establish itself in the Chinese market. Thus it has to make huge investment on marketing its product in China. It has to establish the distribution channel in China. Imperial has to develop the relationships with the suppliers, distributers and the retailers. This will ensure a strong presence of the brand in the Chinese market. 3.3 Brand Value Proposition The value proposition of Imperial is to offer the customers with refreshment and enjoyment at prices that are reasonable. The company will ensure that after drinking the product the consumers will have peace in the body and mind. Thus the major intension s of Imperial is as follows Imperial will market the benefit and not the product. They will ensure that the customers are satisfied. They will develop strong relationship with the customers and the suppliers. They will market the company so that its brand value is maximized. The value proposition of Imperial will be communicated via personal selling, advertisements, sales literature, catalogues and referrals. The advertisements will emphasize on the approach of company towards maximizing the satisfaction of the customers (Jackson, 2006). 3.4 Marketing mix The marketing mix will be an important element of delivering quality products to the customers at quality price. There is high degree of exposure of the competitors in the Chinese market. Thus the marketing mix of the company will be on the basis of the drawing the existing customers of the older brands towards Imperial. This requires a well planned marketing mix. Product Imperial will offer the range of beverages in various flavors to the customers in the Chinese market. The flavors of the product will include lime, orange, mint and regular drink. They will target customer from all age groups but especially it will attract the students and the working group. The service to the customers will be enhanced through infrastructure support in the form of merchandising and credit facilities. There will be alternative facilities for distributing the products (Cohen and Winn, 2007). Price Imperial will follow a competitive pricing strategy. The price of the beverage drinks will be based on the price charged by the competitors. Initially the price will be low than the competitors so that Imperial can make a strong presence in the market. The price will accommodate the mark ups that are prevailing in the industry. Imperial will offer discounts to the customers. This will help the company to make a strong presence in the market and establish customer loyalty. The prices charged by Imperial will be extremely competitive. Place Imperial will focus on the urban market of China at the initial stage. The product will be sold at all the super markets in China. It will be available in the local shops in China. Later it will venture the rural markets of China. For this purpose, Imperial has to maintain a network of suppliers. The distribution network at China has to be well connected. This can be achieved by offering extra payment to the suppliers at the initial stage. The relationship with the suppliers will serve as an effective tool for making its presence prominent in China. The competitive advantage of Imperial will increase and it will be an established brand in China. The product will be sold at the supermarket at special discounts on specific days of the week. This will attract more customers towards the product (Cherni and Kentish, 2007). Promotional Strategy The promotional strategy of Imperial will be based on informing the customers about the product offering of the company. The advertisements will feature top models and actors promoting the product. The social media like facebook and twitter will serve as an effective tool for communicating with a wider audience. The promotional strategy of Imperial will be based on driving the overall strategy of the company to make a strong presence in the Chinese market by offering quality product at competitive prices. The company can leverage their presence by using quality brochures and other sales literature which will include the promotional materials like pens, stickers. The company will arrange for small promotional events at the shopping malls to raise awareness among the public about the product offering of Imperial. Free samples of the drink will be offered at the event. This will enhance the association of the customers with the new brand in their country. 3.5 Marketing resource requirements Imperial will market its requirements from its home country. At the initial stage Imperial will source its products from the manufacturing unit in UK. Later on they will set up manufacturing units in China. But at the initial stage the resource will be met from the UK manufacturing unit of Imperial. But Imperial will maintain a strong network of suppliers in the Chinese market. They will be responsible for channelizing the product throughout the Chinese market. There will be head office in Beijing and branch offices in other parts of China. The management team will be responsible for looking after the entire marketing, sales and operational activities of Imperial. They will communicate regarding the requirements to UK team on a regular basis. This will be achieved by effective supply chain management. An ERP framework for supply chain management can be established to maintain the logistics and distribution network in China (Xue et al., 2005). 4. Justification of the innovation The innovation strategy of Imperial can be justified by the potential contribution of the company in terms of growth in the revenue, cash flow and contribution to the profitability. The break even analysis of the strategy of Imperial has been provided. 4.1. Income statement Profit and loss Year 1 Year 2 Year 3 Sales 1,465,026.00 1,613,629.00 1,805,144.00 Cost of Sales 810,975.00 902,072.00 1,010,441.00 Other - - - Total cost of sales 810,975.00 902,072.00 1,010,441.00 Gross margin 654,051.00 711,557.00 794,703.00 Percentage of Gross Margin 45% 44% 44% Expenses Sales and Marketing 440,000.00 484,000.00 532,400.00 Payroll 130,200.00 130,200.00 130,200.00 Depreciation 11,200.00 11,200.00 11,200.00 Rent 35,000.00 36,500.00 38,000.00 Insurance 4,100.00 4,200.00 4,300.00 Utilities 4,350.00 4,850.00 5,150.00 Total operating expenses 624,850.00 670,950.00 721,250.00 PBIT 29,201.00 40,607.00 73,453.00 Tax expense 2,920.10 4,060.70 7,345.30 Interest expense 1,900.00 1,910.00 1,920.00 Net profit 24,380.90 34,636.30 64,187.70 Net profit per sales 2% 2% 4% 4.2 Cash Flow Statement Cash flow Year 1 Year 2 Year 3 Cash receipt Cash from operational activities Cash sales 366,506.00 403,156.00 451,535.00 Cash from receivables 821,688.00 1,181,687.00 1,317,933.00 Cash from operations 1,188,194.00 1,584,843.00 1,769,468.00 Net receipt from investment 78,000.00 - - Cash received 1,110,194.00 1,584,843.00 1,769,468.00 Cash spending 331,201.00 331,201.00 384,000.00 Payment of bills 977,834.00 1,179,478.00 1,245,267.00 Cash spent on operations 1,309,035.00 1,510,679.00 1,629,267.00 Sales tax paid out - 25,000.00 - Cash spent 1,309,035.00 1,535,679.00 1,629,267.00 Net cash flow -198,841.00 49,164.00 140,201.00 Conclusion It is evident from the analysis that Imperial can explore the Asian market in order to increase the competitive advantage. The Company will explore the Chinese market. There are already established beverage companies in China but the company can establish itself in the Chinese market by its promotional and marketing activities. It has to establish itself as a quality product in China. This will be able to increase the market share of the company. The Chinese market is a highly established market. In order to establish itself in the Chinese market it has to implement innovative strategies that will make a strong hold of the company in the market. Imperial will flourish in the market by its competitive strategy. The profitability of the company will increase and it be will be able to venture into other parts of the Asian market. References Cave, M. (2005). Competition and the exercise of market power in broadcasting: a review of recent UK experience.INFO, 7(5), pp.20-28. Cherni, J. and Kentish, J. (2007). Renewable energy policy and electricity market reforms in China.Energy Policy, 35(7), pp.3616-3629. 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