MRKT Research Paper Example | Topics and Well Written Essays - 5000 words

MRKT - Research Paper Example As a result of this revolution, the world has been automatically transformed into a single well connected global entity. It needs special highlighting of the fact that the technological revolution that has affected both the developed as well as the developing markets has brought a tremendous change in the nature and behaviour of the masses around the world. The consumers and masses of the present day increasingly prefer to live a dual life. This dual life promotes physical presence in the real world as well as virtual presence in the internet connected world. In order to stay connected to their virtual selves in the virtual world, the masses prefer to use various smart technology devices like Smartphones, I-pads, tablets. It is highly interesting to mention that the intense acceptance and usage of the technological devices has resulted in enormous acceptance of the multiple social networking sites. From the marketing point of view, it has to be said that for the purpose of better com munication of value to the customers as well as the target audience, creation of relevant product which will satisfy the needs existing in the market is of tremendous importance. For the purpose of acquiring knowledge and needs of the masses, it becomes highly essential on the part of the marketers to engage in the process of market research. Recognizing the trend of the young consumers to stay online for a considerable part of the day as well as night, marketers entitled with the responsibility of communicating the values of various kinds of products and services, are focusing on the process of engaging with their customers through the online platform. The online marketers in order to attract more and more of the online target audience are designing various kinds of interesting web enabled applications which automatically collects and tracks the users data as well as various other relevant specification. Needless to mention that in the bid to browse the highly interesting applicati ons, the online community of consumers ends up revealing a considerable amount of personal data. This essential data is being mined by the data scientists and data experts using the technology of Big Data. However, it has to be mentioned that the needs and demand related to normal products and services is highly different as compared to products and services that belongs to the health care sector. It has to be stated that for the purpose of significant understanding of the attitudes of the public as well as the trends of the consumers in regards to various healthcare products and services, a much specialised kind of research and market survey has to be conducted. While discussing about the various kinds of research data that is often considered by the private as well as government organizations belonging to the healthcare sector, the focus and importance has to be given on health survey data, general consumer based information as well as administrative data which is resulted from mu ltiple health care delivery systems (Goodby and et.al, 15). For the purpose of generation of relevant data, organizations belonging to the healthcare category often collect a lot of data which are generated as a possible by product of various operations of the organization. Now with the fast changing consumer needs and demands, the organizations providing services and products of the health care s

Samsung Electronics Management Style

Samsung Electronics Management Style Samsung Electronics is a Korea-based consumer electronics company. The case describes Samsungs journey from a company focused on manufacturing to one known for the excellence of its product design. It discusses how the company came to use design as a differentiator and for competitive advantage. It describes the steps that Samsung took on the people, process, and system fronts to improve its design capabilities. The case also talks about Samsungs design philosophy, and ends with a brief discussion on the use of design as a competitive advantage. Like all companies in the business of high tech, Samsung must bring innovative products to market faster while ensuring high quality and holding down costs. It is also faced with the challenge of working with global business partners and its own geographically dispersed facilities. Samsungs strategy for meeting its mission of technology-based value innovation relies heavily on what it calls a digital convergence revolution. This revolution features two parts: a digital product development infrastructure (involving design, validation and manufacturing) and digital collaboration. During the period covered by the case study Samsung underwent significant change. How would you characterise the type of change that it underwent? Balogun Hope Haileys analytical framework may be useful for this purpose. According to Balogun.J and Hope Hailey.V there are four types of strategic changes namely Adaptation, Reconstruction, Evolution and Revolution. During the changes that Samsung underwent it will be highlighted exactly the way in which to company changed, whether the change was done over time or whether the change was suddenly implemented. Samsung shows signs of Reconstruction. Reconstruction is a rapid change and it may involve a great deal of confusion but it does not require a fundamental paradigm shift in the way the company does things. (Balogun.J and Hope Hailey.V, 1999)Reconstruction may be a turnaround situation where there is a need for a major structural change or a major cost cutting programme to deal with declining financial performances or changing market conditions. Yun and his management team decided to take steps that would push Samsung out of it a precarious financial position. Therefore he reconstructed the company by layoff of 30,000 employees which represented a third of its entire workforce. This major cost cutting programme was done so that they could get out their debt. Yun and the management team also decided to close down many Samsung factories for two months in order to get rid of their excessive inventory that did not sell. Yun and the team also made major changes when they sold off two billion dollars worth of businesses, like pagers and electric coffeemakers, which were perceived to be marginal significance for the firms future. These types of changes helped the company regain their losses which was a major structural and financial need for the company. Yun wanted to implement a strategy that would separate Samsung from their competitors. Therefore he pushed the firm to develop its own products rather than coping these products of other firms that had been developed. Yun placed a lot of emphasis on the development of products that would impress the customers with their attractive designs and advanced technology. Therefore Yun was reconstructuring the way Samsung has been doing business and wanted the company to reach higher standards where they can be seen as a quality brand and compete with the bigger companies. As a result Samsung reconstruction underwent a major design turnaround from a poorly designed product to a product that will be an in-house design. The next major step that Yun took was to recruitment of new managers and engineers, many of whom had developed considerable experience in the United States. The recruitment of managers and the engineers had a major turnaround due to the fact that it allowed them to start developing their own products and be innovative. He then also discarded Samsungs seniority-based system to a merit-based system for advancements. A merit-based system are based on ones performance meaning that the employees could feel more open to expressing their ideas to help the company reach its goals with the knowledge that they will be rewarded for it. Therefore this turnaround helped the company to have a better relationship with their employees and create a system that would allow them to feel open to express their ideas and creativity. Another major change that Yun made was to hire a marketing whiz, called Eric Kim, which worked hard to create a more upscale image for the company and its products. Eric implemented a major turnaround when he moved Samsungs advertising away from 55 different advertising agencies around the world and then he placed them into one firm. The reason for this change was to create a consistent global brand image for Samsungs product. He therefore got Samsung out of big discount chains and placed more of Samsungs products into more upscale specialty stores. Reconstruction of the firms bureaucratic was implemented in order to reduce it to get faster approvals for new product budgets and marketing plans, thus speeding up their abilities to seize opportunities. Because of the bureaucratic turnaround situation it allowed Yun to make heavy investments into key technologies and it allowed them to push out a wide variety of digital products. How significant was Jong- Yong Yuns role in the change process? Samsungs CEO Jong-Yong Yuns philosophy of continuous improvement has helped Samsung get out of their financial crisis and making it stronger than ever. Yun specifically applied an industrial engineering concept to Samsung in order to cut production times and increase workers productivity. Although he initially met resistance in implementing industrial engineering in the firm, Yun sponsored in-house training sessions for workers. He also trained 1,550 managers in Industrial Engineering concepts. Yuns plans involved product innovation, process innovation and personnel innovation. Samsung Electronics not only shot to the front of the pack internationally but also lifted its parent  Samsung Group  to the number one spot in South Koreas all-important business rankings. Therefore because of Yuns efforts, which drew heavily on industrial engineering concepts, Samsung Group stood at the top of South Koreas giant industrial conglomerates. At the heart of Yuns strategic plan for Samsung Electronics were the three Ps: product, process, and personnel innovation. In the area of product innovation Yun moved quickly to extract Samsung from those businesses that were marginal or no longer producing an acceptable rate of return for the company. As a result Samsung Electronics reduced its television output and did away with such marginal product lines as dishwashers, electronic pagers, and juicers. These products were replaced with such high-tech, high-margin goods as flat-panel displays, MP3 music players, and advanced mobile phones. Among the processes  streamlined  by Yun was the global supply chain, which was changed from a monthly to a weekly system. Under the new system the company changed their focus from make-to-stock to make-to-order production. With the reduction in inventories cash flow improved. In the area of personnel innovation Yun instituted a system of global product management under which each of Samsung Electronics 14 divisions was directed by a global product manager who was responsible for every phase of that divisions operations. (Pedler, M., Burgogyne, J. and Boydell, T. 1997.)  Yun also decided to give his subordinates greater autonomy meaning he empowered the employees. Yuns role played a major role for the success of the company and increased their profits. Yuns achievement in masterminding the sharp turnaround  at Samsung Electronics is the reason why the company is successful. Yuns role in the change process was important as he made major changes to the system. Yun changed the momentum of the company; he changed the bureaucratic system to allow the employees to express their ideas which lead to Samsung been innovative. Yun role in the change process allowed the Samsungs products to be viewed as a higher-priced brand rather than before where it was perceived as a lower-priced appliance. It also became an established low cost supplier of various components to larger and better-known manufactures around the world. Therefore Yuns role helped the company to tap into their resources that they had and to use them to change how processes were done. Yun also changed the process by recruiting the managers and the engineers. Yun laid the foundation for the new change that was implemented and without the guidance and standards that was set by Yun the change processes would not have been successful. Yun played a role in each aspect of Samsungs change and help the company get of their financial problems. Yun was very dedicated to his work and risked a lot for the company. Yun and his management team took time to make sure that the changes they were implementing would be successful and that it would speed up the research and development of new products. Yuns role in the change process gave the customers a better impression on the firms products. His role also allowed Samsung to reduce complexity in the early stages of the design cycle. This then resulted in the firm been able to get the products to the manufactures quickly with minimal problems and at the lowest possible costs. Therefore Yun truly played a significant role in the change process and he helps advance Samsung in digital technologies. Yuns strategy to focus on the higher-end products has clearly enhanced the firms brand image and has led the company to be profitable. In fact many executives in the industry of US have said they are astounded by the ability of the firm to generate a superior brand image. This would not have been possible if Yun was not playing a part in the change process as it was his thinking that allowed this to happen. What methods did Samsung use to promote innovation and the diffusion of ideas across the organisation? Firstly Samsung promoted innovation by deciding to push the firm to develop its own products rather than to copy those products that other firms have developed. Yun placed a great amount of emphasis on the development of products that would impress the customers with their attractive designs. Yun also reoriented the firm and helped it develop new capabilities by recruiting the managers and engineers. Yun put the new managers and engineers through a four week boot camp that was intended to create incentives for new talent. Samsung rigid seniority/based system was replaced with a merit base system that allowed advancement to take place, it also allowed the employees to know that their efforts and ideas are not overlooked and that good ideas are rewarded. As a result the above efforts Samsung started launch an array of products that was designed to make a big impression on the customers. Another large part of the success of Samsungs innovation and ideas was that they regularly got information from the retailers about the new features that customers wanted to see in their electronic devices. This close link with the retailers helped Samsung to come up with best selling products and to create the digital products that the customers were looking for and the actual design preferences of the products. Samsung managers who have worked for competitors say they have to go through far fewer layers of bureaucracy than they had in the past to win approval for new product, budgets and marketing plans, speeding up their ability to seize opportunities. Therefore Samsung reduced the bureaucratic obstacles. Because the bureaucratic obstacle was reduced it allowed Yun to make investments into key technologies that allowed the innovative products to be designed. Samsung claims that it has been able to reduce the time that it takes to go from a new product concept to rollout to as little as six months. Due to the above ideas of how to better run the business it resulted in allowing the efforts of the firms top managers, engineers and designers to be expressed and to be acknowledged for their ideas. It allowed them to better communicate with the top managers about their ideas. Samsung advances in digital technologies have helped with them increasing their chances of getting a better position in the market. They have promoted their innovation by combining their computers, consumer electronics and communications to be the prime leader. Samsung had also created the post of chief design officer to make sure that designers can get their ideas to the top managers. The engineers are pushed to find ways to work with the designs that are presented to them. Yun has also worked closely with Chin to summon engineers and designers from across the firm to mix wireless, semiconductor and computer expertise in order to pursue its vision of domination of the digital home. Samsung had even opened or expanded design centres to help the designers observe the way that consumers actually use the various products. Therefore by giving them this opportunity they know how to be innovative when it comes to designing the products. The designers were able to watch from behind a two-way mirror to see how the customers responded to a particular design. With this the designers were able to go back and work on the necessary things that needed to be implemented in order to make sure the products are what the customers want. This forced the designers to think out of the box and be creative and come up with ideas that would impress the customers. The designers are basically rewarded when they see their hard work and ideas been appreciated by the customers if the product is up to their standards. Samsung at the end of the day relies on the attractiveness of its products therefore Samsung ensures that the employees are happy and are able to express their ideas. To what extent is Samsung a learning organisation? A  learning organization  is the term given to a company that facilitates the learning of its members and continuously transforms itself. (Pedler, M., Burgogyne, J. and Boydell, T. 1997).  Learning organizations develop as a result of the pressures facing modern organizations and enables them to remain competitive in the business environment. A learning organization is characterised by five main features namely: systems thinking, personal mastery, mental models, shared vision and team learning. (Peter Senge,1990) An approach of Samsung was to be innovation and to promote a learning organization.   The most recent and widely accepted notion of learning organization today is one which is characterized by an organizational culture that fosters the improvement of the employees, their productivity and the overall operation and performance of the business through continuous learning (Gilley Maycunich, 2000, p. 5). Theoretically, Samsung maintained a significant capacity to renew all the processes and they remained competitively ready to create products that the customers wanted, therefore the employees got opportunities the identify the customers need because of Samsung been a organization learning. Continuous learning and change is valued through learning organizations. The main concern for Samsung is about the market share, productivity and profitability and it is understood that learning is the key element in obtaining these business results. The creation of capabilities that are previously not established is the idea of learning and Samsung has allowed its employees to be exposed to learning. Moreover, the principle assumption of the learning organization is the improvement of the learning capacity of the individual is similar to the organizations performance. According to Ruffa Morato,( 2009) Samsungs Six Sigma Academy was established to educate the employees and build up the team of quality specialists with problem solving abilities. Samsung spent 3.6 percent of payroll costs on education and training, a very high percentage as compared to firms such as Xerox, NUMMI, Saturn, IBM and Motorola. (Type Pad, 2007) Samsung does not only make investments in education and training but it also creates incentives in order to help motivate each employee and organizational learning. Each employee is given the opportunity to set the learning objectives and learning themes with the consent of the supervisor (Bae Kim, 2004, p.188). Periodic interviews are carried out to assess the progress and discuss the steps to speed up the learning before a final evaluation is given by the end of the year. (Ruffa Morato, 2009).The assessment will decide the actual learning points and promotion of the employees. Samsung also provided the employees with advance technologies so that the employees are able to do their work. The fact that Samsung also sent their designers to boot camp to find creative ideas, it shows their interest to their employees and their interest in trying to ensure that they reach their potential. Samsung had learned as an organisation to be more innovative and creative to reach their goals and to grow. Samsung has invested in their employees to come up with ideas that will wow the customers. They have brought the right employees to work together to create a quality brand image. Therefore Samsung is a learning organisation to the extent that it invests in its own employees as one of their main focuses. CONCLUSION: The competitiveness of the global marketplace has required organizations to become innovative not only in the products and services they create but as well as in their strategies and approaches. Indeed, Samsungs success manifests the substantial returns from innovating within the organization. This involved the styles of the senior marketers to effect the innovation by encouraging participation and involvement of the employees. Samsung recognized that the innovation lies in its most important asset the people. As such, it made innovations in the workplace to empower the employees. This includes training the employees and providing incentives for them. The company has been and continues to strive to become the world leader in the electronics and communication industry by innovating in each and every aspect of its business. Harvard Referencing: Baker, W.E., Sinkula, J.M. (1999), The synergistic effect of market orientation and the learning organization on organizational performance,  Journal of the Academy of Marketing Science, Vol. 27 No.4, pp.411-27 Balogun.J and Hope Hailey.V, 1999, Exploring Strategic Changes, Prentice Hall Barber, Ben, South Koreas Troubles Are Blamed on Chaebols,'  Washington Times, December 25, 1997. Brooke, James, Samsung Tries to Keep Outgrowing Economic Woes,  International Herald Tribune, April 28, 2003. Dempsey, Michael, Jong-Yong Yun of Samsung Electronics,  Financial Times, February 4, 2002. Pedler, M., Burgogyne, J. and Boydell, T. 1997.  The Learning Company: A strategy for sustainable development. 2nd Ed. London; McGraw-Hill. Peter Senge (1990) ,   The Fifth Discipline: The art and practice of the learning organization, Doubleday, New York,.page .105,164 Ruffa Morato ,  Company Case Studies Technorati Tags:  company case study,  Essay samples, September 30, 2009, retrieved 7 July, http://ivythesis.typepad.com/term_paper_topics/2008/09/sample-essay-sa.html Wrigley, N., Currah, A. (2003), The stresses of retail internationalisation: lessons from Royal Aholds experience in Latin America,International Review of Retail, Distribution and Consumer Research, Vol. 13 No.3, pp.221-43.

Santa Claus :: essays research papers

Santa Claus   Ã‚  Ã‚  Ã‚  Ã‚  One of the most important imaginary figures on this earth, who has touched the hearts and souls of many children, is Saint Nicholas. St. Nick, better known as Santa Claus, is notorious for bringing gifts to children that are in need. Known for having a huge belly and a gigantic heart, Santa Claus brings hope to kids who are hopeless and smiles to those who have lost theirs. While snuggled in their bed, desperately trying to catch a wink of sleep, children around the world await the arrival of St. Nick. Dressed in red and with a jolly old smile, he manages to fulfill the dreams of kids throughout millions of miles. Santa Claus brings a whole new meaning to the season of Christmas.   Ã‚  Ã‚  Ã‚  Ã‚  Despite his buxom body and his bag of goods, St. Nick succeeds in fitting down various narrow types of chimney's. Quickly yet quietly, he sneaks in and out of houses, leaving only gifts, milk stains and cookie crumbs as evidence of his presence. And he sets off to the next home, hoping that a lit fire place would not come to his surprise.   Ã‚  Ã‚  Ã‚  Ã‚  The task of fulfilling the dreams of millions of children is not an easy one. It requires many trusted helpers. These helpers include parents, grandparents, brothers, sisters, and of course elves and reindeer. Reindeer play an important role in the scheme of things. Without the famous Dasher, Dancer, Prancer, Vixen, Comet, Cupid, Donner, Blitzen or Rudolph, Santa would not have any transportation. They fly faster than a speeding bullet, yet never seem to miss a single home. Together, Santa, the elves, and the reindeer work to make the Miracles of Christmas happen.   Ã‚  Ã‚  Ã‚  Ã‚  St. Nick not only showers children with gifts, he also instills in them that giving is far more important than receiving. By setting this example, the feeling of Christmas becomes alive within each and every one of our hearts. Therefore, we are able to look at Christmas, through a whole new perspective.   Ã‚  Ã‚  Ã‚  Ã‚  Santa Claus also gives children an escape from the harsh reality of today's world. He gives kids something to believe in when there is nothing really to look forward to. St. Nick actually is a savior for many kids who have had to mature pass their age.   Ã‚  Ã‚  Ã‚  Ã‚  The look on the children's face, when they awake Christmas morn, fulfills not only their hearts but the people around them.

Industrialize or Perish

â€Å"Industrialize or Perish† Industries refer to units that are engaged in the business activity of converting raw materials or semi-finished goods into finished or final goods, which are then made available to the final consumers. For any economy to flourish industrialization is very essential. Industries act as major accelerators of economic development in a country. There are many advantages of having a good industrial system functioning in a country. Especially in a developing country like India, Industries are of utmost importance.They provide the vast population with better employment opportunities, better standard of living, better supply of goods and services and so on. However, in a vast country like India it is important that the functioning of these industries be monitored. Here comes the need for a strong and efficient Industrial Policy. In order to see to that the industries function in the desired manner it is essential that these industries be kept under obser vation and also the government works on the functioning of these industries. Industrial Policy is an important document which lays a wide canvas and sets the tone for implementing promotional and regulatory roles of the government. † – K. Aswathappa Thus, it is clear from the above definition that an Industrial Policy lays down a definite framework that governs and monitors the functioning of the industries in a country. It is essential to understand the importance or reasons behind having a strong and efficient Industrial Policy in any country: a. Balanced Development of industries b. Meet National Priorities c. Regulate Expansion of Private Industries d. Prevent Concentration of Wealth in Few Hands e.Monitor Foreign Trade Three Major Industrial Policies in India: There have been three major industrial policies in the Indian Industrial context. The first was Industrial Policy Resolution of 1948. This resolution soon after the independence focused on accepting the role of both private and public sector units in the country, role of small and cottage industries and also remarked that the small and cottage industries are major employing industrial units. This resolution also divided the industries into four categories – Industries where state had monopolies, mixed sector, the field of government control and the field of private enterprise.This resolution did not give much importance for the welcoming of foreign capital. Second important industrial policy was Industrial Policy of 1956. This policy focused on accelerating the rate of economic growth and speeding of industrialization, importance of public sectors, prevent monopolies and reducing income disparities. This policy was highly criticized for giving importance for the development of public sector units rather than the private enterprises. Third and the most important is the Industrial Policy of 1991. This year is also called as the year of economic reforms in India.This marked the majo r shift of the Indian Economy from closed to open economy. Liberalization, Privatization and Globalization was introduced in the economy in order to encourage competition in the economy. This policy focused on the following spheres Abolishing Industrial Licensing, Encouraging Foreign investment and foreign trade agreements, reducing the importance of public sector units and liberalizing the restrictions on the working of industries. Recent Developments in Industrial Policy: Change is inevitable and nothing can escape change. So are the industrial sector and the industrial policy.Over the years the industrial policy has gone through many changes and developments. Some of the recent developments in Industrial sector Policy are as follows: a. Liberalization: The Industrial Policy of earlier years focused more on stringent rules and regulation. The tariff policies, trade regulations etc were strict and prevented the development of industries. This policy was used in order to protect som e industries. However, now after the reforms in 1991 the scenario has completely changed. The economy is now more liberal in terms of tariff and foreign trade rules.This has increased the investment in certain sectors and has also increased the overall national income. Liberalization has also enabled the economy to be self sufficient. This will reduce the dependence of the domestic economy on foreign economy. b. Globalization: Today the Indian market is merged with the global market. This has increased the competition for domestic industries leading to better quality goods, efficient working of the organization and also reduced prices. Globalization has added on more jobs for the citizens within the country.Now global markets have made it possible for the consumers to choose from a wide variety of products. It also increases the foreign trade of the country. c. Reduced Role of Public Sector: The role of public sector over the years has reduced. Due to this there is a reduction in hi ndrances such as Bureaucracy and Red-Tapism. Thus, the reduced role of public sector has certainly helped the economy to grow and develop efficiently and effectively. This has also reduced the burden on the government budgets. Also, many sick units have now been converted into private enterprises.Thus, this has also increased the revenue of the country. d. De-licensing: There was a license raj before the introduction of the 1991 reforms. Now the economy is relived of this. The government in order to encourage investment has abolished the compulsory licensing for all industries except a few that are strategic and defense related and which seek governmental supervision. De-licensing is the major change that has improved the total investment in the economy. Larger investment means better services and better supply of goods. Also, de-licensing has increased the scope for more and more industrial units to be set up. . Foreign Technological Agreements: In recent times there has been a gre at importance given for foreign technological agreements. Due to import of foreign technology into the country the efficiency of the domestic industries have improved. Also, this has helped the domestic companies flourish not only within the geographical boundaries of a country but also globally. f. Consumer is King: Due to the increase in competition for domestic industries the consumers have been benefited a lot. The consumers have a vast range of products to choose from and also globalization has put a stop for the expansion of Monopolies. . Autonomy to Private Sector: Over the years there has been many measures adopted in order to give more autonomy for private enterprises. Some of the measures are disinvestment, privatization, etc. h. Importance of Small Scale Industries: The importance of the small and cottage industries are highlighted in all the industrial policy resolutions. The small scale industries are encouraged for the numerous benefits they provide the economy with su ch as, employment, increase in the national income, increase in exports, etc. i.Importance of Information Technology: In recent years the importance of IT sector has increased tremendously. This has led to flourishing of Business Process Outsourcing (BPOs) and Knowledge Process Outsourcing (KPOs). Thus, these were some of the recent development or trends in the Industrial Policy of India. Reference: 1. Essentials of Business Environment – K. Aswathappa 2. en. wikipedia. org 3. Study on Industrial Policy and Services – European Commission 4. What is the importance of industries to our country? – Saptarshi Dutta (PreserveArticles. com)

Internal Alignment Essay

Executive Summary We recommend a single internal structure that includes all job families, and uses the same job point evaluation plan to evaluate all positions. The single structure will allow us to evaluate employees on an equal level and it will be easier for the employees to follow. The job point evaluation consists of a grand total one thousand points with 25% weighted towards Education, 20% weighted towards Experience, Technical, and Creativity/Innovativeness, and lastly 15% weighted towards Skills & Abilities. Internal Strategy The recommended internal alignment for FastCat would be to have a single structure based on compensable factors relevant to their success. Each factor has different levels based on the requirements needed for the factor. For example, there are only three levels for creativity, while there are five levels for experience (Refer to Exhibit 1 in the Job Manual). This allows FastCat to cover the entire company with the factors chosen, yet still be specific enough for the individual jobs. This design will help FastCat direct employee goals towards company goals, and still be fair to the employees. It also will help FastCat be more cost-effective, in that the jobs will be thoroughly evaluated based on the levels they receive for each factor. There are five factors chosen to be the most important for FastCat they are: Education, Experience, Technical, Creative/Innovative, and Skills & Abilities. The first factor, Education, was chosen because of FastCat’s need for highly educated peop le. The software that FastCat designs calls for specific knowledge that a degree can provide. Experience was chosen because of its importance to FastCat. Almost every job at FastCat requires at least some experience in that certain area; therefore experience was deemed extremely important for FastCat. Technical ability refers to the amount of impact an error would make for FastCat. For example, an Administrative Assistant miss-spelling something will not have a huge impact on FastCat’s business, however, a Technical Marketing Consultant going after the wrong segment will have a profound impact on FastCat. The Creative/Innovative factor for FastCat is also extremely important. The mission statement for FastCat even states that â€Å"We must produce innovative, high-quality solutions.† Last, Skills & Abilities was chosen because of the  range that the factor could cover, as well as the fact that we can select the most important items relative to FastCat. This internal alignment will allow FastCat to strictly define some factors, while leaving other factors more loosely defined, in order to support employee development. This system will also be extremely simple for employees to follow, and to see the way that the system has been set up, in order to ensure fairness. The structure will also be similarly easy to administer, as well as to communicate to employees. It will be easy to administer because the jobs are already evaluated, and will not change anytime in the near future. Another reason why it will not be difficult to administer is because employees will be able to see the differences in pay, and why they are the way they are. The recommended way of communicating this plan to employees is by giving each employee a copy, and then holding several small meetings in which employees can ask questions about the new structure. Rationale for Recommendations The recommendations we proposed for FastCat will benefit the company for its future success, and will help the company regain its competitive edge, while also achieving its compensation objectives. The first recommendation is for FastCat to use a single internal structure. Since the company is currently undergoing some restructuring, this system will be easy to help reorganize those departments, and it provides for a much less bureaucratic working environment. Also, a single internal structure will allow for better management because rather than having the manager’s focus on trying to organize and understand two or more structures; they can simply focus on one. Second, we recommend that FastCat use a job point evaluation system. By using this point system the company can clearly state what they feel are important skills, and can place a numeric value to them. This way the most qualified employees are easily identified, and the employees can be correctly compensated for their w ork. This system will also help direct employees towards FastCat’s objectives. Lastly, we recommend that Fast Cat include five compensable factors that will help the company get back in all consumers’ evoked set. The five compensable factors we recommend would be Education, Experience, Technical (error), Creative/Innovative, and Skills & Abilities. To help Fast Cat in its future success they are going to need highly educated people who have the experience in the market, but make  little technical errors in doing their job. Also, they will need people who are creative/innovative to help create new products, but these people must also posses the skills and abilities necessary to complete their job. This system will also help direct employees towards FastCat’s objectives. By placing emphasis on creativity and technical ability, FastCat can direct employee behavior towards their objectives. Overall, these recommendations will help Fast Cat achieve their compensation objectives, because the single internal structure is easy to understand and organize , the job point evaluation and compensable factors will help to select the correct amount of compensation for each job. However, while there are many benefits to these recommendations there are some risks associated with them. Listed below you will find some of the risks, and potential solutions for the risks, associated with the proposal for FastCat. Risk 1: Since it is recommend that FastCat use a single internal structure some employees may feel they will not be recognized for achieving certain goals. Potential Solution 1: FastCat can have some other ways of recognizing employee’s when they achieve goals. For example, FastCat having Employee of the Month, Profit Sharing, Gain Sharing, or just recognition for employees by management or the President of FastCat. Risk 2: Managers and/or employees may feel that it is not fair to place them on the same level as non-managerial or managerial employee. Potential Solution 2: Explain to employees how the point system works, and why they are on the same level. Especially emphasize the Skills & Abilities Level 2 and above Ranks, where managerial skills are listed. This will show the employees that FastCat is paying more for managers. However, there may be another factor that places the employee and manager within the same point range. Risk 3: If an employee ranks high on the job point evaluation then he/she may feel as if they are indispensable. This could cause them to not be focused or to slack off on their responsibilities. Potential Solution 3: FastCat could occasionally remind employees that their compensation is based on the fact that they are doing their job. If an employee believes he/she is indispensable, and therefore either slacks off or becomes not focused; then maybe FastCat should remind them of employment at will. Risk 4: Since FastCat does value creativity and innovation, employees who are in positions where creativity and innovation are not needed could feel that any ideas they do have would not  be very important. Potential Solution 4: FastCat could have a suggestion box, or encourage all employees that have an idea to tell their superior. FastCat would need to tell employees something to the effect of: there are no bad ideas, just ones that are not yet developed. This would encourage employees to voice any ideas they have, and feel like their ideas are valued. Overall, our recommendations provide more benefits than risks to the company, benefits such as: helping FastCat to be successful in the future, helping the company regain its competitive edge, while also achieving its compensation objectives. However, as with all things, there are some risks, but as long as FastCat is aware of those risks and handles them promptly they should have no problem succeeding using our recommendations.