Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholdersâ equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are as follows:
| Common stock, $20 stated value (500,000 shares authorized, 363,000 shares issued) | $7,260,000 |
| Paid-In Capital in Excess of Stated ValueâCommon Stock | 834,900 |
| Retained Earnings | 32,541,000 |
| Treasury Stock (25,900 shares, at a cost of $19 per share) | 492,100 |
The following selected transactions occurred during the year:
| Jan. | 22 | Paid cash dividends of $0.09 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $30,339. |
| Apr. | 10 | Issued 80,000 shares of common stock for $23 per share. |
| Jun. | 6 | Sold all of the treasury stock for $25 per share. |
| Jul. | 5 | Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $26 per share. |
| Aug. | 15 | Issued the certificates for the dividend declared on July 5. |
| Nov. | 23 | Purchased 33,000 shares of treasury stock for $19 per share. |
| Dec. | 28 | Declared a $0.10-per-share dividend on common stock. |
| 31 | Closed the two dividends accounts to Retained Earnings. |
| Required: | |||
| A. | Enter the January 1 balances in T accounts for the stockholdersâ equity accounts listed. | ||
| B. | Journalize the entries to record the transactions, and post to the eight selected accounts. No post ref is required in the journal. Refer to the Chart of Accounts for exact wording of account titles. | ||
| C. | Prepare a retained earnings statement for the year ended December 31, 20Y5. Assume that Morrow Enterprises had net income for the year ended December 31, 20Y5, of $1,218,500. For those boxes in which you must enter subtractive or negative numbers use a minus sign. The word âLessâ is not required.* | ||
| D. | Prepare the Stockholdersâ Equity section of the December 31,
20Y5, balance sheet. For those boxes in which you must enter
subtractive or negative numbers use a minus sign.*
|
| CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Morrow Enterprises Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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ted corporate transactions
Instructions
Chart of Accounts
Amount Descriptions
T Accounts
Journal
Retained Earnings Statement
Stockholdersâ Equity
X
Instructions
Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholdersâ equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are as follows:
| Common stock, $20 stated value (500,000 shares authorized, 363,000 shares issued) | $7,260,000 |
| Paid-In Capital in Excess of Stated ValueâCommon Stock | 834,900 |
| Retained Earnings | 32,541,000 |
| Treasury Stock (25,900 shares, at a cost of $19 per share) | 492,100 |
The following selected transactions occurred during the year:
| Jan. | 22 | Paid cash dividends of $0.09 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $30,339. |
| Apr. | 10 | Issued 80,000 shares of common stock for $23 per share. |
| Jun. | 6 | Sold all of the treasury stock for $25 per share. |
| Jul. | 5 | Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $26 per share. |
| Aug. | 15 | Issued the certificates for the dividend declared on July 5. |
| Nov. | 23 | Purchased 33,000 shares of treasury stock for $19 per share. |
| Dec. | 28 | Declared a $0.10-per-share dividend on common stock. |
| 31 | Closed the two dividends accounts to Retained Earnings. |
| Required: | |||
| A. | Enter the January 1 balances in T accounts for the stockholdersâ equity accounts listed. | ||
| B. | Journalize the entries to record the transactions, and post to the eight selected accounts. No post ref is required in the journal. Refer to the Chart of Accounts for exact wording of account titles. | ||
| C. | Prepare a retained earnings statement for the year ended December 31, 20Y5. Assume that Morrow Enterprises had net income for the year ended December 31, 20Y5, of $1,218,500. For those boxes in which you must enter subtractive or negative numbers use a minus sign. The word âLessâ is not required.* | ||
| D. | Prepare the Stockholdersâ Equity section of the December 31,
20Y5, balance sheet. For those boxes in which you must enter
subtractive or negative numbers use a minus sign.*
|
X
Chart of Accounts
| CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Morrow Enterprises Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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X
Amount Descriptions
|
Amount Descriptions |
|
| Cash balance, July 31, 20Y5 | |
| Cash dividends | |
| Common stock, $20 stated value (500,000 shares authorized, 363,000 shares issued) | |
| Common stock, $20 stated value (500,000 shares authorized, 423,290 shares issued) | |
| Common stock, $20 stated value (500,000 shares authorized, 456,290 shares issued) | |
| Decrease in retained earnings | |
| Excess over stated value | |
| For the Year Ended December 31, 20Y5 | |
| From sale of treasury stock | |
| Increase in retained earnings | |
| Net income | |
| Net loss | |
| Paid-in capital, common stock | |
| Retained earnings | |
| Retained earnings, December 31, 20Y5 | |
| Retained earnings, January 1, 20Y5 | |
| Stock dividends | |
| Total | |
| Total paid-in capital | |
| Total stockholdersâ equity | |
| Treasury stock |
In: Accounting
Fukui Prefecture is situated on the northwest coast of Japan,
over 400 kilometers west of
Tokyo. In 2014, over 95 percent of Japanese-produced eye-glass
frames were made in Fukui
Prefecture, principally in the cities of Fukui and Sabae. In the
early 20th century, the Fukui
economy was dominated by agriculture. Taking advantage of the
seasonal lull in
employment during the winter months, Mr Masunaga Gozaemon and his
brother Kohachi
started a business in the village of Shono to manufacture celluloid
eye-glass frames.
Initially, the quality of Fukui-made eyeglasses was low. To raise
standards, Mr
Gozaemon established a guild like system in which full-fledged
craftsmen could set up their
own businesses. Production took off during World War I, and by
1937, the Fukui industry
comprised 70 factories employing 800 workers, and producing 1.5
million pairs of eyeglasses
a year.
In the 1980s, Fukui manufacturers perfected the production of
titanium frames. These
are light and sturdy, and cause fewer allergies than conventional
metals, but require
considerable skill to make. The strong tradition of craftsmanship
in Fukui enabled the
production of titanium frames.
Mr Shoji Gozaemon, great grandson of the pioneer, Masunaga
Gozaemon,
emphasized, âOne of the characteristics of Japanese craftsmanship
is a kind of redundancy of
detail. There is a tendency to pay careful attention to the
minutest details. The spirit of
Japanese craftsmanship often involves spending more time and effort
over producing
something than is strictly necessaryâ (Nippon.com 2012).
Besides manufacturers of eye-glass frames, the Fukui industry also
includes
manufacturers and suppliers of lenses, sunglasses, reading glasses,
parts, materials such as
titanium wire and preformin, and machines and tools.
With the entry of low-cost Chinese manufacturers into the market,
the manufacturing
of eye-glasses in Fukui prefecture peaked in 1992. Within twenty
years, by 2012, 40 percent
of Fukui eye-glass manufacturers had gone out of business, and
employment and production
dropped by one-third. Another challenge is demographic. Japan is a
rapidly ageing society.
In just eight years between 2011-17, the working population of
Sabae fell by 11 percent to
30,000.
One possible response is automation. Fund manager, Howard Smith,
asserts that
âwith chronic depopulation challenges in rural areas, most
companies must adapt or die. That
involves planning for succession and investing heavily in
automationâ (Financial Times,
2018).
(c) 2018. I.P.L. Png. This case is based in part on âSabae, Fukui:
A Town with an Eye for Designâ,
Nippon.com, 24 April 2012, âLuxottica Group Invests in âmade in
Japanââ, Press Release, Luxottica
Group, 6 March 2018, and âMade in Japan: can handcrafted glasses
survive an automated world?â
Financial Times, 4 April 2018.
2
Mr Ryozo Takeuchi is chairman of Takeuchi Optical, founded in 1932
and presently
employing 80 persons. Mr Takeuchi is also president of the Fukui
Optical Association. He
describes automation as a buzz-word, and maintains that metal
frames must be finished by
hand. In his factory, titanium frames pass through the hands of ten
different workers and are
then polished for 72 hours in a bath of pulverized walnut
shells.
Another response has been to shift away from the previous OEM
(original equipment
manufacturing) model, in which Fukui produced eye-glasses and parts
for international
brands such as Prada and Dior. In 1996, Fukui manufacturer Boston
Club launched its own
brand, Japonism, and followed up in 2002, by opening a retail store
in the fashionable
Minami-Aoyama district of Tokyo.
Chief designer of Boston Club, Kasashima Hironobu, remarked,
âTraveling to
international fairs overseas ⊠brought home to me that constantly
emphasizing the technical
know-how we have built up over the years is not enough to make us
internationally
competitive. ... We need to promote the worldview expressed by our
brand and appeal to the
consumer by emphasizing the values that lie behind itâ (Nippon.com
2012).
Boston Clubâs previous strategy had been to design products that
could only be made
with Japanese technology. Turning design convention on its head,
Boston Club decided to
emphasize durability â to produce eyeglasses which could be used
for life. It developed the
new Rudder Hinge which can be detached and replaced when necessary.
With replaceable
parts, the frames can be used almost indefinitely.
In 2003, over 20 Sabae manufacturers joined to develop an industry
brand, â291.â In
2008, they opened Glass Gallery 291, a retail outlet in the Aoyama
district of Tokyo and then
another outlet in the Megane Museum at Sabae. In 2017, Masunaga
Optical, the company
founded by pioneer Masunaga Gozaemon, employed 173 workers at its
factory, and operated
retail stores in Tokyo, Osaka, Nagoya, and Nara.
However, not all Fukui eye-glass manufacturers have been able to
adapt. Some lack
the managerial expertise or capital. Looking out from his factory,
Mr Takeuchi pointed to
three businesses that had recently gone bankrupt.
Some owners are selling. Founded in 1966, Fukui Megane presently
employs 170
workers and specializes in making titanium and solid gold frames.
It pioneered multi-colored
gold frames and is still the only the producer in the world. In
March 2018, Fukui Megane
sold a 67 percent stake to multinational eyeware manufacturer,
Luxottica, which owns brands
including Ray Ban and Oakley, and manufactures for brands such as
Chanel, Prada, and
Giorgio Armani.
Luxottica Group Executive Chairman, Mr Leonardo Del Vecchio,
explained that âThe
acquisition of Fukui Megane represents a first step for the entry
of our Group in the world of
Japanese production. We intend to continue investing to recreate a
productive pole of
excellence in Sabae, in line with the Luxottica model. For the
first time in the history of
3
eyewear, we will have under the same roof two great artisan schools
such as the Italian and
the Japanese onesâ (Luxoticca 2018).
The aging ownership of other Fukui eye-glass manufacturers without
successorship
plans presents an opportunity for mergers and acquisitions.
Specialists, Nihon M&A Center,
M&A Capital Partners, and Strike, can help find buyers and
consolidate and automate the
industry.
In 2007, former investment banker, Mr Kenzo Matsumura, bought five
companies
that were spun off from the merger of Japanese toy manufacturers
Tomy and Takara. Among
them was a trading house that sold reading glasses through a
television shopping channel. Mr
Matsumura expected that, in a fast ageing society, the demand for
reading glasses would
boom. However, the reading glasses were bad and hardly profitable.
The cost of production
was 3,300 Yen, the trading house charged a wholesale price of 3700
Yen, while the television
channel priced the glasses at 10,000 Yen.
The condition of the factory in Sabae was parlous. In Mr
Matsumuraâs words, âThe
machinery was battered and looked 40 years old. There were women
doing lens coatings by
hand. Everything was manual. The defect rate was 30 percentâ
(Financial Times, 2018).
Major lens manufacturers like Hoya and Nikon outsourced production
to China and
Thailand. Mr Matsumura criticized their strategy, âIf you fully
automate a factory, you can
be in Japan running that factory more productively and at lower
cost than in Chinaâ
(Financial Times, 2018).
He set up an automated factory in Chiba prefecture, east of Tokyo,
which produces
Hazuki reading glasses at a rate of 20,000 a day. Shrouded in
secrecy, with further
automation, the factory is expected to triple the rate of
production.
Hazuki has also repositioned the product as a sophisticated fashion
item, while
maintaining the retail price at 10,000 Yen. In February 2018,
during the Winter Olympics,
Hazuki spent US$5 million on television advertising, which led to a
spectacular boost in sales.
Questions:
1. With reference to the Japanese eye-glass manufacturing industry,
discuss why productivity differs within an industry.
2. What does a buyer get from acquiring a Fukui manufacturer of
eye-glass frames?
Compare the benefits to Luxoticca vis-Ă -vis a private equity
firm.
3. Do you agree with Mr Takeuchi that automation is a
buzz-word?
4. If you were Mr Matsumura, where would you locate your factory?
Discuss the advantages and disadvantages of locating in a
cluster.
In: Economics
Question - Write a Client class with a main method that tests the data structures as follows:
public class ArrayStack<E> implements Stack<E>
{
public static final int CAPACITY=1000; // default array
capacity
private E[ ] data; // generic array used for storage
private int t = -1; // index of the top element in stack
public ArrayStack( ) { this(CAPACITY); } // constructs stack with
default capacity
public ArrayStack(int capacity) { // constructs stack with given
capacity
data = (E[ ]) new Object[capacity]; // safe cast; compiler may give
warning
}
public int size( ) { return (t + 1); }
public boolean isEmpty() {return (t == -1); }
public void push(E e) throws IllegalStateException {
if (size( ) == data.length) throw new IllegalStateException("Stack
is full");
data[++t] = e; // increment t before storing new item
}
public E top( ) {
if (isEmpty( )) return null;
return data[t];
}
public E pop( ) {
if (isEmpty( )) return null;
E answer = data[t];
data [t] = null; // dereference to help garbage collection
t--;
return answer;
}
}
LinkedStack code:
public class LinkedStack<E> implements Stack<E>
{
private SinglyLinkedList<E> list = new
SinglyLinkedList<>( ); // an empty list
public LinkedStack( ) { } // new stack relies on the initially
empty list
public int size( ) { return list.size( ); }
public boolean isEmpty( ) { return list.isEmpty( ); }
public void push(E element) { list.addFirst(element); }
public E top( ) { return list.first( ); }
public E pop( ) { return list.removeFirst( ); }
}
public class ArrayQueue<E> implements Queue<E>
{
// instance variables
private E[ ] data; // generic array used for storage
private int f = 0; // index of the front element
private int sz = 0;
private static int CAPACITY = 1000;
// current number of elements
// constructors
public ArrayQueue( ) {this(CAPACITY);} // constructs queue with
default capacity
public ArrayQueue(int capacity) { // constructs queue with given
capacity
data = (E[ ]) new Object[capacity]; // safe cast; compiler may give
warning
}
// methods
/** Returns the number of elements in the queue. */
public int size( ) { return sz; }
/** Tests whether the queue is empty. */
public boolean isEmpty( ) { return (sz == 0); }
/** Inserts an element at the rear of the queue. */
public void enqueue(E e) throws IllegalStateException {
if (sz == data.length) throw new IllegalStateException("Queue is
full");
int avail = (f + sz) % data.length; // use modular arithmetic
data[avail] = e;
sz++;
}
/** Returns, but does not remove, the first element of the queue
(null if empty). */
public E first( ) {
if (isEmpty( )) return null;
return data[f];
}
/** Removes and returns the first element of the queue (null if
empty). */
public E dequeue( ) {
if (isEmpty( )) return null;
E answer = data[f];
data[f] = null; // dereference to help garbage collection
f = (f + 1) % data.length;
sz--;
return answer;
}
}
LinkedQueue code:
public class LinkedQueue<E> implements Queue<E>
{
private SinglyLinkedList<E> list = new
SinglyLinkedList<>( ); // an empty list
public LinkedQueue( ) { } // new queue relies on the initially
empty list
public int size( ) { return list.size( ); }
public boolean isEmpty( ) { return list.isEmpty( ); }
public void enqueue(E element) { list.addLast(element); }
public E first( ) { return list.first( ); }
public E dequeue( ) { return list.removeFirst( ); }
}
ArrayList Code:
public class ArrayList<E> implements List<E> {
// instance variables
public static final int CAPACITY=16; // default array
capacity
private E[ ] data; // generic array used for storage
private int size = 0; // current number of elements
// constructors
public ArrayList( ) { this(CAPACITY); } // constructs list with
default capacity
public ArrayList(int capacity) { // constructs list with given
capacity
data = (E[ ]) new Object[capacity]; // safe cast; compiler may give
warning
}
// public methods
/** Returns the number of elements in the array list. */
public int size( ) { return size; }
/** Returns whether the array list is empty. */
public boolean isEmpty( ) { return size == 0; }
/** Returns (but does not remove) the element at index i. */
public E get(int i) throws IndexOutOfBoundsException {
checkIndex(i, size);
return data[i];
}
/** Replaces the element at index i with e, and returns the
replaced element. */
public E set(int i, E e) throws IndexOutOfBoundsException {
checkIndex(i, size);
E temp = data[i];
data[i] = e;
return temp;
}
/** Inserts element e to be at index i, shifting all subsequent
elements later. */
public void add(int i, E e) throws IndexOutOfBoundsException,
IllegalStateException {
checkIndex(i, size + 1);
if (size == data.length) // not enough capacity
throw new IllegalStateException("Array is full");
for (int k=size-1; k>= i; k--) // start by shifting
rightmost
data[k+1] = data[k];
data[i] = e; // ready to place the new element
size++;
}
/** Removes/returns the element at index i, shifting subsequent
elements earlier. */
public E remove(int i) throws IndexOutOfBoundsException {
checkIndex(i, size);
E temp = data[i];
for (int k=i; k< size-1; k++) // shift elements to fill
hole
data[k] = data[k+1];
data[size-1] = null; // help garbage collection
size--;
return temp;
}
// utility method
/** Checks whether the given index is in the range [0, nâ1].
*/
protected void checkIndex(int i, int n) throws
IndexOutOfBoundsException {
if (i < 0 || i >= n)
throw new IndexOutOfBoundsException("Illegal index: " + i);
}
/** Resizes internal array to have given capacity >= size.
*/
protected void resize(int capacity) {
E[ ] temp = (E[ ]) new Object[capacity]; // safe cast; compiler may
give warning
for (int k=0; k < size; k++)
temp[k] = data[k];
data = temp; // start using the new array
}
/** Inserts element e to be at index i, shifting all subsequent
elements later. */
}
In: Computer Science
Based on article below, Which distribution channel structure was adopted by IKEA in Russia? Please provide evidence to support your answer.
(word limit: 250)
IKEA is a leading home furnishing company with around 340 stores in 40 countries, selling a range of some 10â000 articles and having more than 150â000 employees. The company was founded in 1943 by Ingvar Kamprad in SmĂ„land, a province in Southern Sweden where people are renowned for working hard, being thrifty and innovative, and achieving big results with small means. Today, the IKEA group is controlled by a private foundation and the company is thus not on the stock market. Ingvar Kompradâs innovative idea was to offer home furnishing products of good function and design at prices much lower than competitors by using simple cost-cutting solutions that did not affect the quality of products. This is a prominent philosophy at IKEA, which is now realizing its ambitious plans in Russia. IKEA opened its first store in Moscow, Khimki, in March 2000, followed by one more in Moscow in 2001, one in St Petersburg in 2003, and one in Kazan in March 2004. In 2012, IKEA had 14 stores in Russia and some of them in distant places such as Novosibirsk (2007) and the newest ones in Ufa (2011) and Samara (2012). All Russian operations are controlled as fully owned ventures by the IKEA group. IKEA is characterized by a strong brand based on its vision to create a better everyday life for many people. A set of explicit values is linked to the vision and plays a guiding principle in the strategy development. The values are the foundation of a culture called internally the âIKEA Wayâ, which is an expression of lKEA's history, the product range, the distribution system, the management style, the human resource idea, etc. Brand and cultural values coincide and affect the strategy, organizational processes product development and customer relationship. Thus the key value of cost-consciousness that lies at the heart of IKEA's flat-package concept dictates the necessity of global sourcing, define the customer relationship where 'IKEA does a half and customers do a half' and guides the product design, choice of material and logistics. The value of simplicity is reflected in the fast planning process, behaviours and routine governed by common sense, straightforward relationships with suppliers and customer as well as in the product development process. By linking vision and values, IKEA thus create a firm platform for entering a new market. In each new market lKEA enters it must recreate its company culture from scratch. In Moscow that included the replication of the store design and layout in accordance with the latest version of the existing store and extensive cultural education that was implemented by the team of experienced IKEA people. It was the overall company vision that guided the desire to establish business in Russia; most particularly, the impression that few companies in Russia focused on solving the needs of the many people by offering attractive products at reasonable prices. However, knowledge of the Russian market when IKEA initially decided to open its first store in Moscow was very scarce. No special market research was carried out before setting up the store. IKEAâs basic strategy is to neither adjust the style of products to local needs nor follow the competitorsâ products development was central as the cornerstone in preserving the IKEA concept and image: âThe range is supposed to be IKEA â unique and typical IKEAâ. All products are divided into four major categories or styles â Scandinavian, Country, Modern, and Young Swede â which are clearly distinguished in all business areas across the store. One of the reasons why IKEA was successful with its standard product ranges in Russia was the fact that several of these IKEA ranges emphasis the modern style, which is very different from the traditional Russian style but is attractive and fresh for the Russian customers because it symbolizes change. An important factor in the market approach was to identify needs that are not fully recognized and to teach customers what IKEA is about. IKEA's retail proposition is based to a large extent on its Swedish roots and history, which is, in turn, very different from Russian traditions. Therefore, learning as much as possible about the local culture and customer needs was considered essential. For example, lKEA made home visits to customers to talk to people, see how they lived and used their homes and to identify potential needs and wants not fully acknowledged by customer themselves. Understanding local family conditions and furnishing traditions then provided a basis for the effective introduction and marketing of the IKEA concept. As exemplified by a store manager, the main priority for Russians is normal living costs; then comes the car and TV; and afterwards maybe a trip abroad. The idea of changing people's priorities by explaining to them that a beautiful home does not have to cost a fortune and they can afford both the wardrobe and a trip abroad is an essential leitmotif of the marketing campaigns in Russia. The importance of aligning the IKEA concept with the desired image was critical from the very beginning. The intention was to build an image with a low price brand that also guaranteed attractive and modern products of good quality. To achieve this, IKEA has faced many challenges such as: high customs fees; the requirement to purchase more from the local producers; difficulties in finding and developing suppliers in Russia; still low buying-power of Russian customers etc. For IKEA, it was critical to associate the low price with the desired significance. An increased capacity and bigger volumes by the Russian suppliers will allow the company to cut costs and reduce prices in Russia as well as to export the Russian made furniture to its other markets. As a matter of fact, IKEA prices are still very high for many ordinary Russians. For example, even in St Petersburg, the second-largest city, shopping power is, according to different estimate, 30 to 50 per cent lower than in Moscow, where an average purchase value equals that in Stockholm. But for Russian customers low price was very strongly related to unattractive products of poor quality, and one challenge has been to overcome this and explain how it is possible to offer good product at low prices. Therefore, it has also been an ambition to provide the Russian market with the best and most attractive IKEA products. Marketing communications became an important tool in creating the right image of IKEA in Russia. The ways to communicate the image were many: the outdoor product ads (price), image ads in the glossy magazine, TV (though IKEA has used this very restrictively due to high cost), and articles in the newspapers (press coverage has become very broad and quite positive towards the IKEA culture and philosophy). Another very important communication means in Russia is the buzz network or word-of mouth communication that works very effectively. In addition, IKEA had an open and friendly approach towards Russian journalists. This was in sharp contrast to most other large organizations. IKEA was completely open to the journalists and introduced them to the IKEA way and values by organizing press trips to Ălmhult in Sweden to learn how the range is created. The result was that the press coverage of IKEA in Russia became much more positive. In the spring of 2009 IKEA thus had 11 stores operating in Russia. Most of these locations were mega mall shopping complex operated by IKEA. The shopping complex at the Tyoplyi Stan site in Moscow for example accommodate around 210,000 square meters of retail space and 240 retail outlets. The mega malls were treated as a separate business, and were an addition to IKEA's core concept. Normally, IKEA does not manage or develop shopping centres but this was considered necessary in Russia due to its lack of an existing structure of large branded stores and external as well as central shopping centres of a Western kind. Previously, many Russians have shopped for furniture as well as other products in outdoor markets or at smaller, local stores. From IKEAâs perspective developing a whole mega mall was part of attracting Russian customers to the stores. As a whole, IKEA has made substantial investments in Russia, and turnover is increasing rapidly. However, a major principle has been that monetary returns are needed to back up further expansion: âAs soon as we make a profit, I can see at least ten years ahead when we will need all the money that is generated in Russia. So, the day when we will start to take out profit from Russia and use it in other countries is perhaps 15 years away'.
In: Operations Management
QUESTION: Mr. Horwell is unsure that NOBU has the resources to support the entire IMC you suggested in Q3(advertising, personal selling, public relations, social media marketing, sales promotion). Please rank the promotional mix tools (1= highest priority to 4= lowest priority) and justify.
Traveling in Nobu Style: Converting Restaurant Patrons to Hotel Guests The name âNobuâ is synonymous with an exceptional Japanese dining experience, perfected by chef Nobu Matsuhisa over a more than 30-year career. Matsuhisa, together with actor Robert De Niro and restaurateur Drew Nieporent, opened the first Nobu restaurant in 1994 and to date, there are now 38 Nobu restaurants worldwide. But if you talk to Trevor Horwell, the CEO of Nobu Hospitality, Nobu represents much more than just a restaurant experience. Itâs a true lifestyle brand that also encompasses a relatively small, but growing portfolio of luxury hotels, too â eight of which are open now, and eight more are in the pipeline. Horwellâs primary focus as CEO is to continue to grow the Nobu Hotels brand and as he opens up dinersâ eyes to the fact that cannot only eat at a Nobu but stay at one, too, he hasnât forgotten the brandâs origins in the process. âWe donât normally do a hotel unless we think that a Nobu Restaurant can do well in that location,â said Horwell. âThatâs very important because what we want to do first and foremost is to make sure there is a draw for locals, and that really comes down to the Nobu Restaurant.â Horwell said the majority of his Nobu hotel restaurant diners â 80 percent on average â are local residents, not hotel guests. âItâs not like a tourist restaurant. We like to attract the locals. We want that built-in customer.â âWe are defined by the restaurant, in a way,â he said. âWe play to our strengths. If you look at the hotel business today, the majority of hotels are suffering because they donât lead with food and beverage. donât have strong food-and-beverage concepts, and a lot of hotels are losing money. Today, we play to our strengths because that is one area that we do very, very well, and we bring in locals.â The idea to launch Nobu Hotels, he said, came from the fact that when Nobu Restaurants were located inside of a hotel, they âwere the draw for the hotel and we were bringing in customers.â âIf I only convert 5 percent of my customers in Nobu Restaurant to stay in our hotels, then at the end of the day, weâre filling out hotels. Itâs not a tall order to do that, and you can do that very well and very quickly if you offer the right product.â Nobu Hotels has the advantage of having built its brand over a 24-year period with its restaurants first, followed by the first Nobu hotel that opened within Caesars Palace Las Vegas in 2013. âThe first focus for us, really, is to expose the brand to our restaurant customers,â Horwell said. âWe touch all types of Nobu customers. And we also provide instant identity. If you put âNobu Hotelâ on a hotel, the word âNobuâ says something and it attracts a certain type of customer.â Horwell said that, for example, when the first Nobu opened, the hotel had âmore than one billion media impressions.â So, whatâs next for the brand, and how does Horwell plan to grow Nobu Hotels? He explained, âWeâre not driven by reservations systems because weâre small. It isnât as if we need a huge reservations system to fill a 400-room hotel. Thatâs why a lot of these corporations do well, because they have the reservations platform to fill the big hotels.â Nobu Hotels, by comparison, average anywhere from 100 to 150 rooms generally. âThe reason why those young lifestyle brands have emerged is because theyâre like us. They are entrepreneurial, theyâre unique because itâs a concept thatâs come from the heart, from whoever is the original founder. But when itâs absorbed by a corporation, the whole thing changes. At the end of the day, the specialness is lost because then the corporationâs running it, and then, I think you lose what your original concept was all about. I think thatâs the biggest issue.â Horwell also doesnât necessarily think of Nobu Hotels as occupying a place in luxury hospitality, instead referring to the brand as âspecial.â âI look at our hotels not as luxury,â he said. âI look at them as special. I like us to be special, in each location weâre in. âLuxuryâ is a word thatâs used too much in terms of âeverything is luxury today.â For us, weâre âspecial.'â âThatâs why Iâm saying, from a company perspective, weâre very entrepreneurial. Todayâs evolving luxury traveler is seeking âyouthfulnessâ no matter what age they are, and they are âvery curious and very adventurous. Because of that, itâs important for hospitality brands, Nobu included, to not just say theyâre unique but to really offer unique experiences. He pointed to Nobu Ryokan Malibu in California as an example. The 16-room retreat overlooks the beach and is right by the ocean, and right next door to the Nobu Restaurant in Malibu. It becomes a destination, and thatâs something Nobu wants to offer. Itâs also a different concept from what the other Nobu Hotels have. While Nobu Hotels are places where thereâs an emphasis on bringing in the locals, the Ryokans are meant to be more private. âThe Ryokan is actually a place where people donât want to necessarily be seen,â Horwell explained. âItâs a hideaway, a retreat. You can only book through a general manager and itâs a special place.â He added, âWe will do more Ryokans, definitely, in locations that we think is right.â A major focus for Nobu Hotels is to grow the company and the brand with the right talent and partners, as well as make sure that the Nobu Hotels brand is reaching the right consumers. âThe most important thing, from our perspective, is to build a relationship with our existing customers,â he said. âItâs about, first and foremost, on digital, working our databases. We like to do that through email, through a lot of channels. We just brought on a new head of digital. Capturing data is very, very important now, and thatâs something that is a main focus and her team.â âI think the main thing for us is the customer relationship management (CRM) because you can do so much with it,â he said. âYou can know your customer. Itâs one part of the business that we are heavily focused in in and we can extract a lot of information from that.â In addition to beefing up its customer relationship management system, Nobu is also testing out a loyalty partnership, of sorts. The Nobu London Shoreditch joined Design Hotels last year, giving the property access to distribution on Design Hotelsâ site, as well as a connection to the Starwood Preferred Guest loyalty program. Three Nobu hotels are also members of Leading Hotels of the World. âA lot of our customers arenât driven by points,â he said. âWhen I travel, I donât go for points. I want to stay in a hotel where I enjoy the staff, the food and beverage, the products â all of that â and I will pay a premium for it.â Appendix A Additional Information about NOBU Nobu Hotels "A Place to go and be seen" By âwrappingâ the concept of a luxurious boutique hotel around energized public spaces, Nobu Hotels creates powerful stages for shared experiences of excitement and escapism. Featuring the best of everything with imaginative new restaurants, high- energy bars, relaxing rejuvenation, distinctive service, remarkable retail and an air of celebrity, Nobu Hotels will afford guests and privileged owners the most exclusive entry into unparalleled experiences that lay at the crossroads of innovation and imagination. Source: Excerpted from âNobu Hotels CEO on a Restaurant-First Approach to Hospitalityâ by D. Ting. Skift â March 22, 2018. +Experts and image from Nobu restaurant and hotel website
In: Operations Management
Based on article below, What internal and external factors impacted the pricing decisions of IKEA in the Russian market?
(word limit: 250)
IKEA is a leading home furnishing company with around 340 stores in 40 countries, selling a range of some 10â000 articles and having more than 150â000 employees. The company was founded in 1943 by Ingvar Kamprad in SmĂ„land, a province in Southern Sweden where people are renowned for working hard, being thrifty and innovative, and achieving big results with small means. Today, the IKEA group is controlled by a private foundation and the company is thus not on the stock market. Ingvar Kompradâs innovative idea was to offer home furnishing products of good function and design at prices much lower than competitors by using simple cost-cutting solutions that did not affect the quality of products. This is a prominent philosophy at IKEA, which is now realizing its ambitious plans in Russia. IKEA opened its first store in Moscow, Khimki, in March 2000, followed by one more in Moscow in 2001, one in St Petersburg in 2003, and one in Kazan in March 2004. In 2012, IKEA had 14 stores in Russia and some of them in distant places such as Novosibirsk (2007) and the newest ones in Ufa (2011) and Samara (2012). All Russian operations are controlled as fully owned ventures by the IKEA group. IKEA is characterized by a strong brand based on its vision to create a better everyday life for many people. A set of explicit values is linked to the vision and plays a guiding principle in the strategy development. The values are the foundation of a culture called internally the âIKEA Wayâ, which is an expression of lKEA's history, the product range, the distribution system, the management style, the human resource idea, etc. Brand and cultural values coincide and affect the strategy, organizational processes product development and customer relationship. Thus the key value of cost-consciousness that lies at the heart of IKEA's flat-package concept dictates the necessity of global sourcing, define the customer relationship where 'IKEA does a half and customers do a half' and guides the product design, choice of material and logistics. The value of simplicity is reflected in the fast planning process, behaviours and routine governed by common sense, straightforward relationships with suppliers and customer as well as in the product development process. By linking vision and values, IKEA thus create a firm platform for entering a new market. In each new market lKEA enters it must recreate its company culture from scratch. In Moscow that included the replication of the store design and layout in accordance with the latest version of the existing store and extensive cultural education that was implemented by the team of experienced IKEA people. It was the overall company vision that guided the desire to establish business in Russia; most particularly, the impression that few companies in Russia focused on solving the needs of the many people by offering attractive products at reasonable prices. However, knowledge of the Russian market when IKEA initially decided to open its first store in Moscow was very scarce. No special market research was carried out before setting up the store. IKEAâs basic strategy is to neither adjust the style of products to local needs nor follow the competitorsâ products development was central as the cornerstone in preserving the IKEA concept and image: âThe range is supposed to be IKEA â unique and typical IKEAâ. All products are divided into four major categories or styles â Scandinavian, Country, Modern, and Young Swede â which are clearly distinguished in all business areas across the store. One of the reasons why IKEA was successful with its standard product ranges in Russia was the fact that several of these IKEA ranges emphasis the modern style, which is very different from the traditional Russian style but is attractive and fresh for the Russian customers because it symbolizes change. An important factor in the market approach was to identify needs that are not fully recognized and to teach customers what IKEA is about. IKEA's retail proposition is based to a large extent on its Swedish roots and history, which is, in turn, very different from Russian traditions. Therefore, learning as much as possible about the local culture and customer needs was considered essential. For example, lKEA made home visits to customers to talk to people, see how they lived and used their homes and to identify potential needs and wants not fully acknowledged by customer themselves. Understanding local family conditions and furnishing traditions then provided a basis for the effective introduction and marketing of the IKEA concept. As exemplified by a store manager, the main priority for Russians is normal living costs; then comes the car and TV; and afterwards maybe a trip abroad. The idea of changing people's priorities by explaining to them that a beautiful home does not have to cost a fortune and they can afford both the wardrobe and a trip abroad is an essential leitmotif of the marketing campaigns in Russia. The importance of aligning the IKEA concept with the desired image was critical from the very beginning. The intention was to build an image with a low price brand that also guaranteed attractive and modern products of good quality. To achieve this, IKEA has faced many challenges such as: high customs fees; the requirement to purchase more from the local producers; difficulties in finding and developing suppliers in Russia; still low buying-power of Russian customers etc. For IKEA, it was critical to associate the low price with the desired significance. An increased capacity and bigger volumes by the Russian suppliers will allow the company to cut costs and reduce prices in Russia as well as to export the Russian made furniture to its other markets. As a matter of fact, IKEA prices are still very high for many ordinary Russians. For example, even in St Petersburg, the second-largest city, shopping power is, according to different estimate, 30 to 50 per cent lower than in Moscow, where an average purchase value equals that in Stockholm. But for Russian customers low price was very strongly related to unattractive products of poor quality, and one challenge has been to overcome this and explain how it is possible to offer good product at low prices. Therefore, it has also been an ambition to provide the Russian market with the best and most attractive IKEA products. Marketing communications became an important tool in creating the right image of IKEA in Russia. The ways to communicate the image were many: the outdoor product ads (price), image ads in the glossy magazine, TV (though IKEA has used this very restrictively due to high cost), and articles in the newspapers (press coverage has become very broad and quite positive towards the IKEA culture and philosophy). Another very important communication means in Russia is the buzz network or word-of mouth communication that works very effectively. In addition, IKEA had an open and friendly approach towards Russian journalists. This was in sharp contrast to most other large organizations. IKEA was completely open to the journalists and introduced them to the IKEA way and values by organizing press trips to Ălmhult in Sweden to learn how the range is created. The result was that the press coverage of IKEA in Russia became much more positive. In the spring of 2009 IKEA thus had 11 stores operating in Russia. Most of these locations were mega mall shopping complex operated by IKEA. The shopping complex at the Tyoplyi Stan site in Moscow for example accommodate around 210,000 square meters of retail space and 240 retail outlets. The mega malls were treated as a separate business, and were an addition to IKEA's core concept. Normally, IKEA does not manage or develop shopping centres but this was considered necessary in Russia due to its lack of an existing structure of large branded stores and external as well as central shopping centres of a Western kind. Previously, many Russians have shopped for furniture as well as other products in outdoor markets or at smaller, local stores. From IKEAâs perspective developing a whole mega mall was part of attracting Russian customers to the stores. As a whole, IKEA has made substantial investments in Russia, and turnover is increasing rapidly. However, a major principle has been that monetary returns are needed to back up further expansion: âAs soon as we make a profit, I can see at least ten years ahead when we will need all the money that is generated in Russia. So, the day when we will start to take out profit from Russia and use it in other countries is perhaps 15 years away'.
In: Operations Management
Based on Article below,Discuss the promotion mix for IKEA in Russia and its effectiveness. How would you improve it?
(word limit: 300)
IKEA is a leading home furnishing company with around 340 stores in 40 countries, selling a range of some 10â000 articles and having more than 150â000 employees. The company was founded in 1943 by Ingvar Kamprad in SmĂ„land, a province in Southern Sweden where people are renowned for working hard, being thrifty and innovative, and achieving big results with small means. Today, the IKEA group is controlled by a private foundation and the company is thus not on the stock market. Ingvar Kompradâs innovative idea was to offer home furnishing products of good function and design at prices much lower than competitors by using simple cost-cutting solutions that did not affect the quality of products. This is a prominent philosophy at IKEA, which is now realizing its ambitious plans in Russia. IKEA opened its first store in Moscow, Khimki, in March 2000, followed by one more in Moscow in 2001, one in St Petersburg in 2003, and one in Kazan in March 2004. In 2012, IKEA had 14 stores in Russia and some of them in distant places such as Novosibirsk (2007) and the newest ones in Ufa (2011) and Samara (2012). All Russian operations are controlled as fully owned ventures by the IKEA group. IKEA is characterized by a strong brand based on its vision to create a better everyday life for many people. A set of explicit values is linked to the vision and plays a guiding principle in the strategy development. The values are the foundation of a culture called internally the âIKEA Wayâ, which is an expression of lKEA's history, the product range, the distribution system, the management style, the human resource idea, etc. Brand and cultural values coincide and affect the strategy, organizational processes product development and customer relationship. Thus the key value of cost-consciousness that lies at the heart of IKEA's flat-package concept dictates the necessity of global sourcing, define the customer relationship where 'IKEA does a half and customers do a half' and guides the product design, choice of material and logistics. The value of simplicity is reflected in the fast planning process, behaviours and routine governed by common sense, straightforward relationships with suppliers and customer as well as in the product development process. By linking vision and values, IKEA thus create a firm platform for entering a new market. In each new market lKEA enters it must recreate its company culture from scratch. In Moscow that included the replication of the store design and layout in accordance with the latest version of the existing store and extensive cultural education that was implemented by the team of experienced IKEA people. It was the overall company vision that guided the desire to establish business in Russia; most particularly, the impression that few companies in Russia focused on solving the needs of the many people by offering attractive products at reasonable prices. However, knowledge of the Russian market when IKEA initially decided to open its first store in Moscow was very scarce. No special market research was carried out before setting up the store. IKEAâs basic strategy is to neither adjust the style of products to local needs nor follow the competitorsâ products development was central as the cornerstone in preserving the IKEA concept and image: âThe range is supposed to be IKEA â unique and typical IKEAâ. All products are divided into four major categories or styles â Scandinavian, Country, Modern, and Young Swede â which are clearly distinguished in all business areas across the store. One of the reasons why IKEA was successful with its standard product ranges in Russia was the fact that several of these IKEA ranges emphasis the modern style, which is very different from the traditional Russian style but is attractive and fresh for the Russian customers because it symbolizes change. An important factor in the market approach was to identify needs that are not fully recognized and to teach customers what IKEA is about. IKEA's retail proposition is based to a large extent on its Swedish roots and history, which is, in turn, very different from Russian traditions. Therefore, learning as much as possible about the local culture and customer needs was considered essential. For example, IKEA made home visits to customers to talk to people, see how they lived and used their homes and to identify potential needs and wants not fully acknowledged by customer themselves. Understanding local family conditions and furnishing traditions then provided a basis for the effective introduction and marketing of the IKEA concept. As exemplified by a store manager, the main priority for Russians is normal living costs; then comes the car and TV; and afterwards maybe a trip abroad. The idea of changing people's priorities by explaining to them that a beautiful home does not have to cost a fortune and they can afford both the wardrobe and a trip abroad is an essential leitmotif of the marketing campaigns in Russia. The importance of aligning the IKEA concept with the desired image was critical from the very beginning. The intention was to build an image with a low price brand that also guaranteed attractive and modern products of good quality. To achieve this, IKEA has faced many challenges such as: high customs fees; the requirement to purchase more from the local producers; difficulties in finding and developing suppliers in Russia; still low buying-power of Russian customers etc. For IKEA, it was critical to associate the low price with the desired significance. An increased capacity and bigger volumes by the Russian suppliers will allow the company to cut costs and reduce prices in Russia as well as to export the Russian made furniture to its other markets. As a matter of fact, IKEA prices are still very high for many ordinary Russians. For example, even in St Petersburg, the second-largest city, shopping power is, according to different estimate, 30 to 50 per cent lower than in Moscow, where an average purchase value equals that in Stockholm. But for Russian customers low price was very strongly related to unattractive products of poor quality, and one challenge has been to overcome this and explain how it is possible to offer good product at low prices. Therefore, it has also been an ambition to provide the Russian market with the best and most attractive IKEA products. Marketing communications became an important tool in creating the right image of IKEA in Russia. The ways to communicate the image were many: the outdoor product ads (price), image ads in the glossy magazine, TV (though IKEA has used this very restrictively due to high cost), and articles in the newspapers (press coverage has become very broad and quite positive towards the IKEA culture and philosophy). Another very important communication means in Russia is the buzz network or word-of mouth communication that works very effectively. In addition, IKEA had an open and friendly approach towards Russian journalists. This was in sharp contrast to most other large organizations. IKEA was completely open to the journalists and introduced them to the IKEA way and values by organizing press trips to Ălmhult in Sweden to learn how the range is created. The result was that the press coverage of IKEA in Russia became much more positive. In the spring of 2009 IKEA thus had 11 stores operating in Russia. Most of these locations were mega mall shopping complex operated by IKEA. The shopping complex at the Tyoplyi Stan site in Moscow for example accommodate around 210,000 square meters of retail space and 240 retail outlets. The mega malls were treated as a separate business, and were an addition to IKEA's core concept. Normally, IKEA does not manage or develop shopping centres but this was considered necessary in Russia due to its lack of an existing structure of large branded stores and external as well as central shopping centres of a Western kind. Previously, many Russians have shopped for furniture as well as other products in outdoor markets or at smaller, local stores. From IKEAâs perspective developing a whole mega mall was part of attracting Russian customers to the stores. As a whole, IKEA has made substantial investments in Russia, and turnover is increasing rapidly. However, a major principle has been that monetary returns are needed to back up further expansion: âAs soon as we make a profit, I can see at least ten years ahead when we will need all the money that is generated in Russia. So, the day when we will start to take out profit from Russia and use it in other countries is perhaps 15 years away'.
In: Operations Management
This is a javascript assignment/study guide for an exam. There are 25 steps that are outlined by // comments...
<html>
<head>
<style type="text/css">
body {font-family:Comic Sans MS;}
</style>
<script language="javascript">
<!--
function fred()
{
//
// There are 25 questions related to the HTML objects shown on the
page
// They are all in the form named "twocities".
//
// Each part of the assignment below instructs you to manipulate or
examine
// the value of the HTML elements and place an answer in one
// of twenty-five span blocks that appear on this page.
//
// e.g., for span block named "ans1" you will say:
//
// ans1.innerHTML = "some string";
//
//
// the questions 1 through 15 below use the string value from the
textarea named "begins"
// stored in a variable named "beg" like this:
beg=document.twocities.begins.value;
len_beg=beg.length;
//
// *** First remove all the periods, commas and hyphens from the
"beg" string before you answer questions 1 through 15
//
//
// ***(1) how many words are the string named "beg"? (words not
characters)
// *** show the answer in the span block with id = "ans1"
//
//
// ***(2) store words in the string "beg" in an array.
// *** show the first and last elements of the array in the span
block with id="ans2"
//
//
// ***(3) show each word in the array produced in (2) above on one
line separated by commas
// *** in the span block with id="ans3"
//
//
// ***(4) create a new string using the value of "beg" where all
the characters are capitalized
// *** show the new string in the span block with id="ans4"
//
//
// ***(5) count the number of times the letters "a", "e", "i", "o",
"u" appear in the string "beg"
// *** show these 5 counts on one line separated by commas in the
span block with id="ans5"
//
//
// ***(6) show the location of each occurence of the character "e"
in the string "beg"
// *** on one line separated by commas in the span block with
id="ans6"
//
//
// ***(7) show the location where each word begins in the string
named "beg"
// *** show the answers on one line separated by commas in the span
block with id="ans7"
//
//
// ***(8) place the words in the string "beg" in a table with a one
pixel border,
// *** with a gray backgound. Use only ten cells per row. Empty
cells should contain
// *** the word "null". Show the table in the span block with
id="ans8"
//
//
// ***(9) replace each occurence of the blank character in "beg"
with the character "*"
// *** show the result in the span block with id="ans9"
//
//
// ***(10) sort the words in array created in (2) into alphabetical
order
// *** show the results in the span block with id="ans10" on a
single line
//
//
// ***(11) show the ASCII character number of each character in the
string "beg"
// *** separate each value with a comma and place the result on a
single line in the span block
// *** with id="ans11"
//
//
// ***(12) count the number of words in the string "beg" that have
2,3,4,5 or 6 characters
// *** show these five counts on a single line separated by commas
in the span block with id="ans12"
//
//
// ***(13) create a new string that contains the words in the
string "beg" in reverse order
// *** show this new string on a single line in the span block with
id="ans13"
//
//
// ***(14) create a new string that contains the characters in the
string "beg" in all capital letters
// *** show this new string on a single line in the span block with
id="ans14"
//
//
// ***(15) store the number of times the letter "a" appears in the
string "beg" in 1st location;
// *** store the number of times the letter "b" appears in the
string "beg" in 2nd location;
// *** store the number of times the letter "c" appears in the
string "beg" in 3rd location;
// *** store the number of times the letter "d" appears in the
string "beg" in 4th location;
// *** etc.
// *** show the 26 counts on one line separated by commas in the
span block with id="ans15"
//
//
// ***(16) Examine the radio buttons and produce a list of the
three "values" of the radios buttons separated by commas on a
single line
// in the span block with id="ans16"
//
// ***(17) Show the value of the radio button which is checked and
its elements number separated by a comma on a line by itself
// *** in the span block with id="ans17"
//
//
// *** (18) Show the elements number and value of the six
checkboxes in a six-row, two-column table with a 2 pixel
border
// *** in the span block with id="ans18"
//
//
// ***(19) Examine the checkboxes and produce a list of the
"values" of the checkboxes that are checked. Separated the values
by commas on a single line
//
//
// ***(20) Show the values of all the options in the select (drop
down menu) named "book3chapters" in an fifteen-column one row table
with a 2 pixel border border
// *** in the span block with id="ans20"
//
//
// ***(21) Show the value of the select (drop down menu) named
"book3chapters" which is selected and its selectedIndex value
separated by a comma on a line by itself
// *** in the span block with id="ans21"
//
//
// *** Retrieve the value of the textarea named "beg" again and
store it in a variable named "beg2", DO NOT REMOVE ANY
CHARACTERS
// *** You will use this string for questions 22 and 23
//
// *** (22) Show the text phrases that are separated by commas in
the string "beg2" . Each phrase should be on a line by
itself.
// *** Place the result in the span block with id="ans22"
//
//
// *** (23) Capitalize the first letter of each phrase from #22
bove (phrases are separated by commas) in the original string
"beg2".
// *** Place each phrase should be on a line by itself.
// *** Place the result in the span block with id="ans23"
//
//
// *** (24) Make the third radio button ("The Track of The Storm")
checked.
// *** Make ALL six of the checkboxes be checked.
// *** Make the select named "book3chapters" (the drop down menu)
show "Fifty-Two" as the selection
// *** Place the string "DONE!" in the span block with
id="ans24"
//
// *** (25) Place the famous last line of the book (without quotes)
in the span block with id="ans25"
//
}
-->
</script>
</head>
<body>
<CENTER>
<TABLE border="2" width="100%">
<TR><TD width="120" valign="middle" align="center"
bgColor="#bbbbbb"><center><IMG align="top" alt="capt
webb" border=2 src="captsm.gif"><BR><span
STYLE="font-size:8px">Capt. Horatio T.P.
Webb</span></center></TD>
<TD valign="middle" bgColor="#bbbbbb" colSpan="2"
align="center"><center><B>ASSIGNMENT #1
Javascript<br>MIS 3371 Transaction Processing
I<BR>Parks -- Spring 2016</B><BR><span
STYLE="font-size:10px">Version 1 -- Last Updated 9:00 AM
1/12/2016</span></center></TD></TR></table></center>
The text used in this assignment is from Charles Dicken's novel "A
Tale of Two Cities" written in 1859<br>Read it at the free
online book site:<br>Project Gutenberg: <a
href="http://www.gutenberg.org/cache/epub/98/pg98.txt">http://www.gutenberg.org/cache/epub/98/pg98.txt</a>
<form name="twocities">
<p>All the HTML elements below are in a form named
"twocities". View "Source" to see the 25 questions.
<p>
<table border="1" cellspacing="0" width="100%">
<tr><td valign="top">1. The textarea below is named
<b>begins</b><br>It contains the opening text of
the book (form elements number 0)
<br><textarea style="margin:6px;" name="begins" rows="10"
cols="80">It was the best of times, it was the worst of
times,
it was the age of wisdom, it was the age of foolishness,
it was the epoch of belief, it was the epoch of incredulity,
it was the season of Light, it was the season of Darkness,
it was the spring of hope, it was the winter of despair,
we had everything before us, we had nothing before us,
we were all going direct to Heaven, we were all going direct the
other way --
in short, the period was so far like the present period,
that some of its noisiest authorities insisted on its being
received,
for good or for evil, in the superlative degree of comparison
only.</textarea></td>
<td valign="top">2. The novel "A Tale of Two Cities" is
divided into 3 books named below.<br>
There are 3 radio buttons below are named:
<b>books</b><br>(form elements 1 →
3).
<br>Their values are: "1", "2" and "3"
<p><input type="radio" name="books" value="1" checked>
Recalled To Life
<br><input type="radio" name="books" value="2"> The
Golden Thread
<br><input type="radio" name="books" value="3"> The
Track of The Storm
</td>
</tr>
<tr><td valign="top">3. The titles of the six chapters
of the first book are shown below.
<br>The 6 checkboxes below are named: <b>c1</b>
→ <b>c6</b> (form elements 4 → 9).
<br>
Their values are the same as the text that appear to the right of
each checkbox.
<br> <input type="checkbox" name="c1" value="The
Period">The Period
<br> <input type="checkbox" name="c2" value="The
Mail" checked>The Mail
<br> <input type="checkbox" name="c3" value="The
Night Shadows">The Night Shadows
<br> <input type="checkbox" name="c4" value="The
Prepartion" checked>The Preparation
<br> <input type="checkbox" name="c5" value="The
Wine Shop">The Wine-shop
<br> <input type="checkbox" name="c6" value="The
Shoemaker" checked>The Shoemaker</b>
</td><td valign="top">4. The select (drop down menu)
below is named <b>book3chapters</b>
<br>(form elements number 10).
<br>The fifteen options are the titles of the fifteen
chapters in Book 3.
<br>The values of the 15 options are the same as the option
text shown on the select below:
<p>
<select name="book3chapters">
<option value="In Secret">In Secret
<option value="The Grindstone">The Grindstone
<option value="The Shadow">The Shadow
<option value="Calm in Storm">Calm in Storm
<option value="The Wood-sawyer">The Wood-sawyer
<option value="Triumph">Triumph
<option value="A Knock at the Door">A Knock at the Door
<option value="A Hand at Cards">A Hand at Cards
<option value="The Game Made">The Game Made
<option value="The Substance of the Shadow">The Substance of
the Shadow
<option value="Dusk">Dusk
<option value="Darkness">Darkness
<option value="Fifty-two">Fifty-two
<option value="The Knitting Done">The Knitting Done
<option value="The Footsteps Die Out For Ever">The Footsteps
Die Out For Ever
</select></b></td></tr></table>
</form>
<p>
<ol>
<li><span id="ans1">Contents of the span block with
id="LuL"</span>
<li><span id="ans2">Contents of the span block with
id="ans2"</span>
<li><span id="ans3">Contents of the span block with
id="ans3"</span>
<li><span id="ans4">Contents of the span block with
id="ans4"</span>
<li><span id="ans5">Contents of the span block with
id="ans5"</span>
<li><span id="ans6">Contents of the span block with
id="ans6"</span>
<li><span id="ans7">Contents of the span block with
id="ans7"</span>
<li><span id="ans8">Contents of the span block with
id="ans8"</span>
<li><span id="ans9">Contents of the span block with
id="ans9"</span>
<li><span id="ans10">Contents of the span block with
id="ans10"</span>
<li><span id="ans11">Contents of the span block with
id="ans11"</span>
<li><span id="ans12">Contents of the span block with
id="ans12"</span>
<li><span id="ans13">Contents of the span block with
id="ans13"</span>
<li><span id="ans14">Contents of the span block with
id="ans14"</span>
<li><span id="ans15">Contents of the span block with
id="ans15"</span>
<li><span id="ans16">Contents of the span block with
id="ans16"</span>
<li><span id="ans17">Contents of the span block with
id="ans17"</span>
<li><span id="ans18">Contents of the span block with
id="ans18"</span>
<li><span id="ans19">Contents of the span block with
id="ans19"</span>
<li><span id="ans20">Contents of the span block with
id="ans20"</span>
<li><span id="ans21">Contents of the span block with
id="ans21"</span>
<li><span id="ans22">Contents of the span block with
id="ans22"</span>
<li><span id="ans23">Contents of the span block with
id="ans23"</span>
<li><span id="ans24">Contents of the span block with
id="ans24"</span>
<li><span id="ans25">Contents of the span block with
id="ans25"</span>
</ol>
<br><input type="button" value="this button executes the
function fred()" onClick="fred()">
</body>
</HTML>
In: Computer Science
5 Lessons Learned from the Mattel Product Recalls of 2007:
Learning from the faults of others can be a useful training tool. However, when itâs your companyâs name being tossed around in discussions of what not to do, you need to do somethingâŠfast. In 2007, toy company Mattel embarked on four major product recalls. The recalls were the result of large quantities of lead found in the paint used in a number of their products. Mattel, like many other companies, uses contractors in China to manufacture products. This case raises supply chain concerns, bringing to light the importance of quality control and keeping an eye on the actions of your overseas operations and partners.
Here are 5 key lessons learned from the crisis at Mattel:
1. Always Act Fast
A quick reaction won't solve all of your problems, but failing to do so, will open up a new can of worms to deal with.
Confront the issues, donât hide from them. In Mattelâs case, the company was very public about the recalls and the CEO even issued a public apology. A quick reaction makes it easier for companies to cope with and take control of the situation. Reacting quickly helps companies score âbonus pointsâ with the public, slightly reducing the negative impact that the recall has on the companyâs reputation. When companies are slow to react or spend most of their time placing blame on others, the public reacts negatively, criticizing companies for their negligence and irresponsibility. A quick reaction wonât solve all of your problems, but failing to do so, will open up a new can of worms to deal with.
2. Keep an Eye on Your Supply Chain
To save on costs, Mattel has shipped manufacturing overseas to China. Having multiple offices and operation sites makes it difficult to keep an eye on day-to-day operations. According to the Financial Times Press article âTrouble in Toyland: New Challenges for Mattelâand âMade in Chinaâ,â one of the main issues in the lead paint crisis at Mattel was that the Chinese contractors had subcontracted the painting of the toys to another company that used inferior and unauthorized products. A lot of companies get caught in similar traps.
3. Take Responsibility
Be the bigger person and take the blame- public finger pointing isnât going to get you anywhere. In the Reuters article âMattel Sued Over Toy Recall,â it was reported that Mattelâs CEO stated that the company was increasing the aggressiveness of toy testing methods, which would likely result in additional recalls as a precautionary measure.
4. Tighter Regulations and Inspections
In the Wall Street Journal article, âMattel Settles Suit Over Lead in China-Made Toys,â author John Kell writes:
âToy makers were hurt by a number of product recalls in 2007, leading to millions of dollars in costs for testing, legal expenses, advertising and product returns. Mattel recalled millions of toys that year, including those produced under licenses for characters including Elmo, Big Bird, Barbie and Polly Pocket. The issue later led to mandatory federal toy-safety standards, which included testing and tough new regulations for lead and chemicals in products intended for children under 12.â
5. Take Action and Communicate
During a crisis, such as the one experienced by Mattel, a lot of business leaders say that changes are going to be made and policies will be followed more consistently- but do they actually follow up on their word once the storm has passed? Donât say something just to look good in front of the public, they will know if you mean it or not. I recommend giving weekly updates and using the power of social media to communicate to consumers about the progress your company makes as it works toward a solution. If 100 products have been tested, let the public know. There are enough resources available to you today to control the media and communicate your commitment to your consumers. Itâs never more important than in a time of crisis to communicate and reassure the public that things will be alright.
Question:
Of the 5 lessons identified in this article, which one do you believe is the most important one for businesses to follow? (Select just one). Explain your answer and be specific.
In: Economics
Personal Trainer, Inc. owns and operates fitness centers in a dozen Midwestern cities. The centers have done well, and the company is planning an international expansion by opening a new âsupercenterâ in the Toronto area.
Background
Cassia Umi, president, heads Personal Trainerâs management team. Three managers report to her at the firmâs Chicago headquarters: Janet McDonald, manager, finance; Tai Tranh, manager, sales and marketing; and Reed Curry, manager, operations. The managers who run the 12 existing centers all report to Reed. Cassia wants the new supercenter to emphasize a wide variety of personal services and special programs for members. If the supercenter approach is successful, it will become the model for Personal Trainerâs future growth. Cassia personally selected Gray Lewis, a manager with three years of fitness center experience, to run the new facility.
The new supercenter will feature a large exercise area with state-of-the-art equipment, a swimming pool, a sporting goods shop, a health food store, and a snack bar. In addition, the center will offer child care with special programs for various ages, a teen center, and a computer café. Cassia also wants members to have online access to customized training programs and progress reports.
Personal Trainer currently uses BumbleBee, a popular accounting package, to manage its receivables, payables, and general ledger. Membership lists and word processing are handled with Microsoft Office products.
Cassia believes the new supercenter will require additional data management capability, and she decided to hire Patterson and Wilder, an IT consulting firm, to help Personal Trainer develop an information system for the new operation. The firm assigned Susan Park, an experienced consultant, to work with the Personal Trainer team. Susanâs first task was to learn more about business operations at the new center, so she requested a meeting with Gray. After some small talk, the discussion went like this:
Susan: Tell me about your plans for the new operation. Iâm especially interested in what kind of information management youâll need.
Gray: Cassia thinks that weâll need more information support because of the size and complexity of
the new operation. To tell the truth, Iâm not so sure. Weâve had no problem with BumbleBee at
the other centers, and I donât really want to reinvent the wheel.
Susan: Maybe we should start by looking at the similarities â and the differences â between the new
center and the existing ones.
Gray: Okay, letâs do that. First of all, we offer the same basic services everywhere. That includes the exercise equipment, a pool, and, in most centers, a snack bar. Some centers also sell sporting goods, and one offers child care but not child-fitness programs. It is true that weâve never put all this together under one roof. And, I admit, weâve never offered online access. To be honest, Iâm not absolutely sure what Cassia has in mind when she talks about 24/7 Web-based access. One more feature â we plan to set up two levels of membership â letâs call them silver and gold for now. Silver members can use all the basic services, but will pay additional fees for some special programs, such as child fitness. Gold members will have unlimited use of all services.
Susan: So, with all this going on, wouldnât an overall system make your job easier?
Gray: Yes, but I donât know where to start.
Susan: Gray, thatâs why Iâm here. Iâll work with you and the rest of the team to come up with a solution that supports your business.
Gray: Sounds good to me. When can we start?
Susan: Letâs get together first thing tomorrow. Bring along an organization chart and think about how you plan to run the new facility. Weâll try to build a model of the new operation so we can identify the business functions. When we know what the functions are, weâll know what kind of information is needed or generated by each function. That will be our starting point.
Tasks
In: Computer Science