Critically assess theories of Transaction Cost Economics and Resource Essay - 1

Critically assess theories of Transaction Cost Economics and Resource Based View in terms of their usefulness in explaining firm - Essay Example This is a theory that tries to explain why companies exist, why they outsource activities to the external environment, and why they expand.The theory argues that companies try to minimize the bureaucratic costs of exchanges within the company, and that companies try to minimize the cost of exchanging resources with the environment.In their operations, the companies therefore, analyse the bureaucratic costs of conducting in-house activities, and the costs of exchanging resources with the environment (Williamson, 2010; Boneta, Peris-Ortizb & Gil-Pechuanb, 2010; McIvor, 2009). The market and the institutions are considered different forms of coordinating, and organizing economic transactions. The firm makes a decision basing an analysis on this theory to find out an appropriate move; whether to outsource or use internal resources. If such an analysis reveals high external costs, the firm will not outsource since it will have determined that it has the capability to perform its operation s cheaply. This means the firm will grow. When the external costs are lower than the internal bureaucratic costs, it is advisable to outsource the activities to be performed in the market. Such acts lead to minimized transaction and bureaucratic costs. Using the internal bureaucratic means of operation when the cost is higher than the transaction costs in the market reduces the firm’s growth rate or intentions.... After creation of the competitive advantage, a firm is able to sustain it over longer periods of time. The firm will then be able to protect itself against resource transfer, imitation, or substitution (Revilla, Cordeiro & Sarkis, 2011; Flynn, Morita & Machuca, 2010). When firms in a specific industry are competing in a market, these respective firms must have some unique resources that improve performance more that other companies. This creates the competitive advantage of a firm. If for example a firm has a unique strategy of acquiring customers, it will beat the other firms in the market, and gain more market share. This will be its competitive advantage. Not all firms therefore, should have the same resources that give a certain firm a competitive advantage. Such a resource or resources must be difficult to duplicate or imitate through other means (Flynn, Morita & Machuca, 2010). Usefulness in Explaining Firms’ Internationalising Strategies The transaction cost economics t heory explains why firms exist, expand and outsource certain activities. Internationalising a strategy means using the same strategy internationally. A firm may have its headquarters in Atlanta, but has found ready market in various other states, and countries outside United States. If this firm analysed its strategies, and found out that using one type of strategy, or by using certain strategies, the transaction costs and the internal bureaucratic costs are minimized, it will continue to use the same strategies internationally. Specific strategies therefore, ensure a new firm exists in a region; a firm expands to certain regions and survives or outsources to survive in the market. Analysing this considering the Resource Based

Perceptual completion experiment Essay Example | Topics and Well Written Essays - 1000 words

Perceptual completion experiment - Essay Example There are other reasons too, like ‘cortical scotoma’. There have been numerous studies on the process of perceptual completion and various theories on how this process occurs have been put forward. The first person to notice the phenomenon of filling-in was the inventor of kaleidoscope, Sir David Brewster in the nineteenth century. In 1832, he wrote, â€Å"Though the base of the optic nerve is insensible to light that falls directly upon it, yet it has been made susceptible of receiving luminous impressions from the parts which surround it, and†¦the spot†¦in place of being black, has always the same color as the ground† (Crossland and Rubin, 2007). The phenomenon wasn’t studied for a long time until the twentieth century. In the recent times, however, this phenomenon has been largely studied using something called as ‘artificial scotomas’. V.S. Ramachandran and Richard Gregory developed â€Å"artificial scotoma†. In artificial scotoma, a small object such as a small dot is surrounded by a background noise. After steadily looking at the object for some time, the object vanishes in the background noise. (Pessoa & Weerd, 2003) But ‘filling in’ is not only influenced by the area around the blind spot. It is also influenced by attention and extended distance as shown by Ramachandran. If two orthogonal lines, one black and one white, of equal lengths, are running through the blind spot, you do not see a grayish smear at the centre. Instead, the line on which you focus more is more easily completed by perceptual completion. Now, if, one of the lines is longer, the line that is longer is more easily completed. (Pessoa & Weerd, 2003) Dennett, however, argues that there is no ‘filling-in’ but ‘finding out’. Dennett argues that our brain simply ignores the blind spot and there is no neural process involved in doing this. He further argues that if brain knows what

“The Iliad” by Homer Essay Example for Free

â€Å"The Iliad† by Homer Essay â€Å"The Iliad† is known to be the most famous Greek poems written by a blind poet Homer. The Iliad is dated circa 8th century BC, although now some scholars such as Martin West and Richard Seaford prefer to date it in the 6th-7th century BC. The Iliad† tells about events taking place during the last year of Lion siege (about 10th century BC) or Trojan War. The Iliad belongs to a tradition of Greek oral poetry – epic poem. It is a long poem telling readers about historical events involving ancient gods, heroic deeds and ancient heroes. Since the Iliad is too lengthy, it is loosely organized. What is more interesting is that not every event or episode of the poem is absolutely connected with the main story line. It means that digressions are rather common in the poem. It is possible to notice the difference between epic genre and dramatic genre where all episodes tend to be closely connected with the plot and all digressions are uncommon. It is a distinguishing feature of The Iliad. Actually, the poem promotes the ideal sod war-like society. The main theme of the â€Å"The Iliad† is glorification of the war. There is an idea that the novel even celebrates war, because all the characters are judged by their competence, bravery and courage in the battles. It seems that the poem supports the war, because such judging extends even to the gods.   Iliad proclaims that to fight means to prove honor and bravery. Furthermore, the poem proclaims that war is predominant over the family life and has to be always on the first place for all men. For example, Achilles is the greatest warrior in the Greek army. Achilles wins eternal glory because he always rejected long, uneventful, calm and comfortable home life. Paris preferred not to fight and therefore he was scorned by his family and beloved woman. Paris is shown to be more subjected to women’s tenderness i.e. love and other feelings being inherent to humans. According to Homer, such qualities aren’t attributes of real hero. Summing up Homer’s hero is strong, courage, brave and always ready to fight and to die. Achilles is an ideal of Greek hero for Homer. References Fitzgerald, Robert (translt.). (1991). The Iliad of Homer. New York, USA: Penguin

J Js Fish and Chips Business Plan

J Js Fish and Chips Business Plan 1.0 Vision To become one of the fastest take away fish and chips restaurants providing customers with the most fresh, tasty and high quality products. 1.1 Mission Statement J Js Fish and Chips will be an inspiring restaurant with a great atmosphere, with a fresh and high quality sea food selection and superior service. We are dedicated to employee welfare and training. The employees of J Js fish and chips restaurant will be treated fairly and with respect as they are part of the success of the business. J Js Fish and chips will be an inexpensive experience for all our customers that will inspire customers to return in the future. The fish and chip restaurant will provide customers with a reasonably priced yet at the same time high quality food range. 1.2 Business core values When making decisions consider how will it impact on the lives of your customers and stake holders. Commitment in having high quality products and services at all times and maintaining consistency Being efficient in your productivity example reducing wastage Inspiring and motivating employees to do their best and implementing a reward system as an incentive. Encourage creativity and new ideas and celebrating small success to achieve big in the future Encouraging respect for each other and increasing teamwork and growth Implement the awareness of healthy eating 1.3 Distinctive Competencies Fast, fresh and high quality seafood that will have a wide range of selections in terms of different seafood types. Highly experienced manager in hospitality industry providing quality products and services Specialising only with seafood Supporting and endorsing healthy choices Quick and reliable service in attending to customer orders in an efficient and effective manner Providing a healthy alternative for your customers 1.4 Competitive strategy and goals: 1.5 Broad business strategies Existing and serving in the current market and expand in the next five years. Prevent misleading conduct and behaviour Proactive and more friendly staff Increase market share Satisfying customer needs 1.6 Broad business objectives 1. Having a revenue 30% higher than Cost of Goods Sold and a profit of at least 15-20% by 2013 2. remaining consistent in proving high quality products and services by focusing and improving strategy. 3. Create and maintain good customer relationship by always keeping customers satisfied through reducing waiting time on food orders. 4. Expanding and promoting J Js Fish and chips by implementing continuous improvements 5. Expanding your advertising and marketing thus sales by 10% each year continually for the first 5 years. 1.7 Description of idea/product The product range that will be offered will mainly consist of fish and chips. It is recommended that you offer at least 5 different types of seafood to satisfy different customer needs, regardless of the seafood type the customer chooses it will come with a serving of hot chips. The fish and chips will be 100% fresh as they are ordered daily and cooked as requested. The meals will be offered at different portions depending on the needs of the customer. As a part of the meal customers will be offered a range of sauces to accompany their meals these include; tartae sauce, chilli, barbeque sauce and tomato sauce. All products are 100% fresh and are supplied by local certified suppliers. The business main focus is customer satisfaction by providing fresh and tasty fish and chips with a reasonable price. 1.8Competitive advantage: Providing fresh, healthy and tasty products as it is ordered on a daily basis Offering a wide variety of healthy options example salad or grilled fish Price competitiveness compared to market industry Prime location as it is in the centre of Fairfield Providing quality service by putting customers needs first Providing highly competent employees by providing them with training on a regular basis Providing an aesthetically pleasing environment (Please refer to operations appendix) 1.9 Your main competitors After undertaking extensive primary and secondary research it was concluded that your main competitors were in the proximity of Fairfield shopping centre. (Please refer to group appendix 4.3). The products offered by your competitors are fairly different in comparison to what J Js Fish and chips will be offering however pricing strategy is very similar except that J Js fish and chips is portionally lower compared to the competitive prices. (Please refer to group appendix 4.1 and 4.2) 2.0 Economic, social, political, legal and technological environment 2.1 Legal Structure and Ownership We recommend that you operate as a sole trader, when identifying which business structure would best suit your situation, when considering which legal structure you should use the following where measured and reflected Advantage Start-up costs Control of business operations Disadvantage Unlimited liability Death of owner may result in ceasing the business 2.2 Barriers to entry A barrier to entry is where a new business is restricted in entering the industry due increase in competition. Competitors will reduce profitability for the existing entities as a result of gaining market share. The barriers to entry for the hospitality industry are lower compared to other industries (D.Bowie and F.Buttle 2004). Some of the barriers to entry are: the threat of new entrants, the threat of substitutes, Capital requirement, (Please refer to group appendix 5.1) 2.3Licences, permits, standards and compliance As rules and regulations develop and expand they will continue to influence the hospitality industry. The standards which your business needs to comply with is the NSW Food Act 2003, which includes ensuring food is safe for sale which is suitable for human utilization, to prevent misleading conduct and to guarantee that application of the Food Standards code. As your business is in the field of the hospitality industry you will be required by the Food Act 2003 to inform and advise the authorities of your food handling activities. If you fail to meet this requirement then a heavy penalty will be enforced. Another important and very crucial Act that needs to be implemented and followed is the Occupational Health and Safety Act 2000. This Act is important as it ensures the safety and health of working conditions for the employees and employers; this is done by providing research, education and training in the area of occupational health and safety. (Refer to management) 2.4 Market and industry, size of market, trends, the target market, and consumer behaviour The following trends were found for the hospitality industry for 2003-2004 and 2006-2007. à ¢Ã¢â€š ¬Ã‚ ¢ According to Australian Bauera of Statistics (ABS) in Australia by the end of 2004 there were 15,083 cafe and restaurant businesses operating. Which included 13286 restaurant and cafes and 1796 catering businesses. à ¢Ã¢â€š ¬Ã‚ ¢ There were 1.1 million places available for new restaurant and cafe (ABS 2007). à ¢Ã¢â€š ¬Ã‚ ¢ By the end of June 2007 the numbers of restaurant and cafe businesses in Australia were 13987. Thus in 3 years period there was a decrease of 7.2% in restaurant and cafe businesses (ABS 2007). à ¢Ã¢â€š ¬Ã‚ ¢ In the period of 2003-2004 total income generated by cafe and restaurant businesses were $10129.6m which is on average of $671600 per business in comparison to 2007 statistics of income generated by restaurant and cafe $693700 per business (ABS 2007). à ¢Ã¢â€š ¬Ã‚ ¢ Most of the cafes and restaurants were small businesses and about 63% having less than ten employees during 2003-2004 (ABS 2007). 2.5 Market There is a global increase in demand of fish and chips restaurants, such as rapid according to Yum 2010 increase in sales at its Pizza Hut and KFC restaurants in china (Yum 2010). U.S same restaurants the sales were up by 1%. McDonalds corporation is also planned to have more than 2000 stores by 2013 in mainland China (Appendix 12.5). As mentioned above the global demand for the fish and chips restaurants are increasing however in Australia there has been 0.6% declined in trend growth in restaurant and cafes as consumers are cut back on discretionary spending and there has been an increase in sales of food in retail sector by 1.8% as consumers are looking for ways to save, thus instate of going to restaurants or cafes they just buy food from retail stores and saves (Isobel Drake 2009). In June 2007 there were 145546 people were employed my restaurants and cafes where as in the year of 2003-2004 there were 15000 employed by restaurants and cafes. There has been a decrease (ABS 2007). Also as mentioned above there has been 7.2% declined in restaurant and cafe businesses in 2007 (Appendix 12.5). 2.6Target Market According to the primary research that was undertaken we came to the conclusion that the main target market for your business would be school and university students between the ages of 11-24, in saying this another age group which you would base your marketing at is business people. We came to this conclusion that students would be highly likely to purchase fish and chips as it is a cheaper alternative and it is something quick to eat. As for business people, the research that was undertaken concluded that 45% of business people would purchase lunch on a daily basis. Also the surveys brought back a result that majority of the business people enjoyed eating fish and chips in comparison to other junk foods, in particular in the area where your business will be operating as there are numerous businesses operating there We undertook primary research and came to the conclusion that families are another market which you should target. Families tend to want to go out together and have a nice lunch or dinner that is not too expensive and to be provided with good customer service and quality food, all of which your business can provide. Therefore we recommend that your target market should be students, business people, and families, we recommend that as you expand your business later on that you will also expand your target market. (Please refer to group Appendix 3.1) 3.0Market Strategy 3.1 Price Price is the final figure that you will be charging your customers for the services provided. It is recommended that the price you charge your customers is a reasonable amount, because if you are overcharging them, they are inclined to go to your competitors. By providing a reasonable price to customers it will give you the opportunity to generate an attractive margin of revenue while at the same time providing value to customers. Thus the price of the products and services that the business will provide will be based on expenses which include variable and fixed expenses and industry average price. (Please refer to appendix 6 for meal prices). Another pricing strategy that you may want to consider in future is implementing regular discounts to encourage customers to return J Js Fish and chips on a systematic basis. It is an imperative to (http://www.entrepreneur.com/marketing/article70824.html). 3.2 Promotion Promotion is one of the most important and crucial aspects of the business, it involves transferring all your ideas to your target market. It is important that your customers are informed about the products and services you will offer therefore it is extremely important that you select the correct advertising mechanisms. Based on the research which was undertaken the most efficient and effective advertising mechanisms include Pamphlets Newspaper Website Internet social websites such as Face book These advertising mechanisms are recommended to be used as they are affordable and easy to implement. (Please refer to appendix for advantages operations) (http://www.entrepreneur.com/marketing/article70824.html). 3.3 Place Your business will operate in the suburban area of Fairfield, the location of your business can affect the amount of sales generated. Because if you choose to locate your business where the target market is minimal then it is going to be difficult to be able to sell your product and services. The amount of people passing your business is important it is crucial to consider the surroundings near the location of your business. 3.4 Product The product range is mainly fish and chips. There are four types of seafood which comes with chips. So the consumers can choose any types of fish they like and it comes with chips. The fish are 100% fresh as they are ordered daily and fried as it is order. Also chips are 100% fresh and they are also fried as they are ordered. The fish and chips dish come into vary sizes. They are small meals and large fish and chips meals. There are also 3 types of sauce ranging: tomato sauce, chilli sauce and barbecue sauce. There is also the option of buying the chips by itself, which comes in small, medium and large size. All products are 100% fresh and are supplied by local certified suppliers. The business main focus is customer satisfaction by providing fresh and tasty fish and chips with a reasonable price. 3.5 Process Processing refers to the way the business is set up from where the customer orders all the way through to customer delivery. The business system should be set up in a way that has high efficiency and minimum waiting time. Having poorly designed processes can make it difficult for employees to perform well. Procedures need to be put into place to deal with activities such as Customer complaints Serving customers Answering phone calls Being productive and helpful with customers Training employees to use equipment By implementing these processes it will make it easier to function around the working environment. It is important to implement a procedure where you will provide customers with a quick, efficient and effective service as it is highly likely that they dont want their time being wasted waiting. (For customer waiting time please refer to operations) The business should have a system where frontline and staff on the background can do their job in the most efficient way and be able to communicate effectively (refer to operation). 3.6 People: J Js Fish and chips will not be able to operate efficiently and effectively without good employees. Employees will need to provide good service to customers hence employees will need to be able to interact with customers. Your employees are the first who will interact with the customers and therefore it is extremely important that the employees have the skills and knowledge on how to deliver accommodating and supportive customer service. Hence training staff members to be compassionate and respectful when performing their job is an imperative, as it will ensure the success of your business. If you are providing high quality food and high quality customer service it will have a positive effect on your business. A way to improve and to generate pleasant working environment is by encouraging team work between employees and providing incentives to motivate employees to interact within business activities. It is recommended that your business will have at least 4 employees including yourself, hence facilitating the business to manage any amendments that may occur example an employee is ill and cant attend to work. The most significant areas staff may require training will be Using new machinery Communication skills Selling techniques Using new materials and equipment Customer service Using the Point of sale system (POS) (Refer to management section for staff training) 3.7 Physical evidence The way your product and service appears in the market has a big impact on success of the business. People form an opinion about the business from what they observe in the first minute of interaction. The physical appearance of things such as staff presentation, image of the restaurant, presentation of the food and the environment will all impact on the success of the business. As these aspects allow customers to perceive the way your business operates and the quality that your business will offer. J Js Staff members will all wear a certain and unique T-Shirt that will consist of the business logo on the right hand side. This will help to identify the employees of J Js Fish and chips as they will be neatly presented and will uphold a high level of professionalism. Group Appendix: Primary Research Appendix 1: Maximum price willing to pay for certain products: 1.1 The Maximum price Customers willing to spend on hot chips Responses Received 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Total Average Cost Standard Deviation Median Price $ $3.75 $2.50 $1.50 $6.00 $2.80 $7.00 $3.40 $3.60 $4.25 $4.00 $5.00 $4.50 $5.50 $4.00 $3.00 $3.50 $3.65 $3.90 $2.95 $4.00 $5.90 $3.65 $4.95 $2.50 $3.90 $99.70 $3.99 1.23 $3.70 After analysing the market the average price a customer was willing to pay for hot chips was $3.99, the standard deviation of 1.23 and a median of $3.70. Therefore it is recommended that you base your pricing of the hot chips on this information. We advise you to consider the following prices for your servings of hot chips, so that you are catering for all your customer needs. Small: $2.50 Medium: $3.70 Large: $6.00 1.2 The Maximum price customers are willing to spend on a meal of prawns and chips Responses Received 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Total Average Cost Standard Deviation Median Price $ $8.00 $8.50 $7.90 $6.00 $7.50 $6.50 $7.00 $8.00 $8.00 $4.50 $5.00 $5.50 $6.50 $7.50 $9.00 $6.50 $6.50 $7.00 $7.50 $7.00 $6.50 $6.00 $7.90 $8.00 $6.50 $174.80 $6.99 1.09 7.00 After analysing the market the average price a customer was willing to pay for a meal of Prawns and chips is $6.99, the standard deviation of 1.09 and a median 7.00, therefore it is recommended that you base your price on this information provided by the customers. 1.3 The Maximum price Customers willing to spend on scallops and chips Responses Received 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Total Average Cost Standard Deviation Median Price $ $8.00 $9.00 $10.50 $11.00 $6.00 $6.5.0 $7.9.0 $7.5.0 $6.00 $9.50 $9.00 $6.00 $12.00 $11.00 $10.00 $7.00 $8.50 $8.00 $9.00 $6.50 $10.50 $8.00 $8.50 $7.50 $7.90 $211.30 $8.45 1.70 8.25 After analysing the market the average price a customer was willing to pay for a meal of scallops and chips is $8.45, the standard deviation 1.70 and a median 8.25, therefore it is recommended that you base your price on this information. Roughly it is recommended to charge your customers between $7.00-8.50. 1.4 The maximum price customers willing to spend on Scallops 3 piece meal Response received 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Total Average Cost Standard Deviation Median Price$ $5.00 $4.50 $3.00 $6.00 $3.50 $4.00 $3.00 $3.50 $4.00 $5.50 $5.00 $3.00 $2.50 $3.00 $3.60 $3.70 $4.00 $4.50 $5.00 $5.50 $6.00 $3.00 $3.50 $2.00 $3.00 $99.30 $3.97 1.10 3.65 After analysing the market the average price a customer was willing to pay for 3 pieces of scallops was $3.97 the standard deviation 1.10 and a median 3.65, therefore it is recommended that you base your price on this information. Roughly it is recommended to charge your customers between $3.00-4.00. 1.5 The maximum price customers willing to spend on grilled fish and chips Response received 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Total Average Cost Standard Deviation Median Price$ $6.50 $7.50 $8.90 $9.00 $5.00 $7.90 $8.00 $8.80 $8.50 $7.90 $9.00 $5.90 $6.95 $7.35 $8.50 $7.30 $8.10 $9.35 $5.95 $6.95 $8.90 $8.10 $9.00 $5.10 $189.45 $7.58 1.35 5.45 After analysing the market the average price a customer was willing to pay for grilled fish and chips was $7.58 the standard deviation 1.35 and a median 5.45, therefore it is recommended that you base your price on this information. Roughly it is recommended to charge your customers between $5.40-6.50. 1.6 The maximum price customers willing to spend on Calamari and chips Response received 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Total Average Cost Standard Deviation Median Price$ $4.50 $3.00 $5.00 $6.80 $8.00 $4.80 $5.20 $3.90 $7.50 $6.50 $6.00 $7.00 $8.00 $8.50 $4.80 $3.80 $7.20 $8.20 $5.00 $4.90 $6.40 $5.60 $4.95 $6.20 $9.10 $150.85 $6.50 1.47 5.00 After analysing the market the average price a customer was willing to pay for Calamari and chips was $6.50 the standard deviation 1.47 and a median 5.00, therefore it is recommended that you base your price on this information. Roughly it is recommended to charge your customers between $6.50-7.60. 1.7 The maximum price customers willing to spend on Calamari and chips Response received 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Total Average Cost Standard Deviation Median Price$ $4.00 $7.00 $6.00 $8.00 $6.50 $9.25 $4.50 $8.00 $6.00 $6.00 $4.00 $7.50 $7.00 $6.50 $8.15 $6.75 $9.00 $8.00 $6.90 $7.00 $6.50 $6.00 $5.50 $7.00 $6.50 $167.55 6.70 1.34 6.00 After analysing the market the average price a customer was willing to pay for fish and chips was $6.70 the standard deviation 1.34 and a median 6.00 therefore it is recommended that you base your price on this information. Roughly it is recommended to charge your customers between $5.95-6.95. 1.8 The maximum price customers willing to spend on Garden salad Response received 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Total Average Cost Standard Deviation Median Price$ $3.50 $4.00 $6.00 $6.50 $4.00 $4.50 $3.50 $3.00 $5.00 $5.50 $3.50 $3.00 $2.00 $7.50 $5.00 $4.00 $3.00 $3.50 $3.90 $3.80 $3.60 $4.00 $4.50 $3.50 $3.50 $103.80 $4.15 1.21 4.00 After analysing the market the average price a customer was willing to pay for salad was $4.15 the standard deviation 1.21 and a median 4.00 therefore it is recommended that you base your price on this information. Roughly it is recommended to charge your customers between $3.00-4.50 1.9 The Maximum price customers willing to spend on fish and salad Response received 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Total Average Cost Standard Deviation Median Price$ $6.50 $5.00 $7.50 $9.00 $4.50 $6.00 $5.00 $8.50 $5.70 $5.95 $8.50 $6.00 $5.00 $5.50 $6.50 $6.50 $9.00 $4.00 $650 $5.00 $5.50 $3.00 $6.50 $3.50 $6.00 $147.15 $5.89 1.50 6.50 After analysing the market the average price a customer was willing to pay for fish and salad was $5.89 the standard deviation 1.50 and a median 6.50 therefore it is recommended that you base your price on this information. Roughly it is recommended to charge your customers between $5.50-6.65. Appendix 2: Primary Research 2.1 Our findings indicate that 65% (29 out of the 45 people surveyed) of your target markets prefer to purchase medium sized hot chips over small or large size. The next choice indicated that 25% (11 people) preferred small size and 10% (5 people) preferred the larger size. 2.2 Our survey results displayed that 70%that out of the 45 participants 70% preferred to drink some sort of a soft drink when eating their meals compared to 30% of participants preferred water with their meals. 2.3 Our findings advocate that 67% of the people that contributed with the survey prefer fish as there most favourite type of seafood followed by scallops and calamari at 15% each, with 3% of the participants didnt like seafood at all. 2.4 Our survey results indicate that 55%, 25 of the people who undertook the survey where not healthy conscious compared to the 45%, 20 of the people surveyed who were health conscious and would prefer a more healthy menu. 2.5 Our findings indicate that 68% of participants were more concerned with the taste of the product and that taste was a major factor that influenced their decisions whilst the other 32% were concerned with the health side of things and that health was the deciding factor for them 2.6 From the people that were surveyed a result came back that 50% of the people would eat fish and chips at least once or twice a week, followed by 25% of people who rarely ate fish and chips, and another 15% who ate fish and chips at least 3-4 times a week with the remaining 10% never eating seafood. 2.7 Our findings advocate that from the participants surveyed that the majority at 60% ate some sort of seafood at least once or twice a week, followed by 11% who occasionally consumed some sort of seafood, another 10% ate seafood on a daily basis which left 9% of people who either ate seafood sometimes or rarely. This meant that there was a remaining 1% that never ate seafood. From this survey it is clearly evident that your business will need to provide a wide range of seafood products. 2.8 The survey results concluded that 85% of the individuals who participated would be happy for a new fish and chips shop to open in the heart of Fairfield which

Comparing Carbohydrate Requirements for the Atkins Diet and the Food Py

Comparing Carbohydrate Requirements for the Atkins Diet and the Food Pyramid Guide â€Å"Carbohydrates are an organic compound that serves as a major energy source for the body† (Dictionary.com). These carbohydrates convert to sugars that trigger insulin production, which our body needs for certain processes, and triggers fat storage (Health-Doc.com). According to the Institute of Medicine, adults should get 45 to 65 percent of their calories from carbohydrates. That is roughly seven servings based on a 2000 calorie diet. At least one of the two carbohydrate diet plans states something different. The Atkins diet requires a limited amount of carbohydrates for consumption while the Food Pyramid Guide developed by USDA and supported by the Department of Health and Human Services allows for many more servings. The Atkins diet requires that in the first two weeks of the diet you eat no more than twenty grams of carbohydrates a day. Twenty grams of carbohydrates a day is the equivalent of one slice of bread or one serving of carbohydrates a day. Afte...

John Jays Hammond JR. :: essays research papers fc

John Hays Hammond, JR. John Hammond was one of the greatest electrical and mechanical inventors of his time. The things he invented during his lifetime impacted history a great deal. According to John Pettibone, John Hays Hammond, Jr. was born in 1888 in San Francisco, California (Pettibone 1). Most of his life Hammond was known as Jack. He was the second son and namesake of a world-famous mining engineer, who was the friend, confidant, and almost running mate of William Howard Taft. Jack’s father grossed a supposed one million dollars a year as well as bonuses at the South African gold and diamond fields where his father relocated his family in 1893. While in South Africa, Jack’s father got imprisoned by accident and in prison got really sick. Mark Twain was on tour of Africa and visited the prison and soon afterwards the Hammond family moved to recuperate in England (Dandola1-2). Young Hammond became devoted to studying life in the past and castles after his family relocated to England in 1898. At the beginning of the century his family moved back to the United States. Years later, as a marriage gift for his wife Irene, Hammond started building a medieval castle home in Gloucester, MA. In 1929 the couple took up residence in the castle and in 1930 revealed it as a museum (Pettibone 1). To invent, John Hays Hammond would at no time have to look far for ideas. He was born into an educated family in 1888 and some of the family’s associates included Nikola Tesla, the Wright brothers, and Thomas Edison. Hammond was both a realistic and fanciful inventor; his attractions varied from culinary and music to torpedoes and electronics (John 1). In New Jersey where John Hammond enlisted at the Lawrenceville School in 1903, his first invention came along. To elude the school’s 8:00 PM rule for lights out, Hammond was delighted to install into a lot of his friend’s dorms a sensor and an over current protection device that automatically turned off the rooms lighting as the door was opened. Hammond was disappointed years afterwards, that he had not listened to Edison’s advice, when a device similar to his became commonplace in vehicles and refrigerators. Edison had told him: Patent all your ideas, and get yourself a good lawyer (John 1). Jack never lost interest in medieval history, which became one of his passions after he was exposed to castles while enrolled in an English prep school.

Philippine Literature Essay

Multilingualism became one of the key factors why unity cannot be thoroughly assessed in a specific country. It became the basis here in our country that having many languages implies a rich culture, diverse culture but carries with it the brand that national unity might be generally impossible due to regionalistic factors. Our country experienced so many shifts in language policy. Colonizers from Spain and America became the key contributors for it to happen. Looking back on the time of Spanish regime. Not all people can speak Spanish so the Spaniards made serious efforts to use Spanish to teach and speak it and make it as a national language. During that time, increasing number of tagalong users were growing. Slowly, it established the title as one of the major local language and until now, was strengthened and included as part of the school curriculum. To counter the growing number of Filipinos using other foreign languages, local literatures emerged to battle out the western culture. Filipinos during that time made use of their local language that is commonly spoken on that specific place and then use this language to write literary pieces like poets, production of drama; and sometimes as a form of entertainment during fiestas, other writers create a play using the foreign language emphasizing how it is awkward to speak the foreign language using ridicule included in the play. Though Filipinos made serious efforts to preserve the culture, some are slowly being converted to use the foreign language, and that approach is in the form of a religion. During the Spanish regime, it became a must to use Spanish as a medium of speaking while inside the church. And many people was moved that if they will not do church work, they will not go to heaven, they became a â€Å"panatiko† without realizing that religion; Roman Catholicism; became the way for the Spaniards totally colonize the culture and imply the Spanish culture.