International Business Entry Modes Free Essays

Introduction An international entry mode is an institutional agreement necessary for the entry of a company’s products, technology and human capital into a foreign country or market. The reluctance of firms to change entry modes once they are in place, and the difficulty involved in doing so, make the mode of entry decision a key strategic issue for firms operating in today’s rapidly internationalizing market place. The choice of mode will depend on internal characteristics (eg firm size, international experience) and external characteristics (eg the sociocultural distance between the host country and the home country) as well as the trade-off between desired mode characteristics (risk adverse, control and flexibility). We will write a custom essay sample on International Business Entry Modes or any similar topic only for you Order Now The diagram below conveys 3 broad categories of modes of entry, and their fundamental trade offs. Further to the issues discussed above, no matter which of three of the export modes the manufacturer uses in a market, it is important to think about what level of ‘mindshare’ the manufacturer occupies in the mind of the export partner, as there has been a strong proven correlation between mindshare levels and how willing the export intermediary is to place on company brand in front of another, or how likely the intermediary is to defect. Good mind share will depend on scoring well across the three drivers of commitment and trust, collaboration and mutuality of interest common purpose. Export Modes Baring in mind the factors discussed above we will now review the different types of entry modes, beginning with export modes, as they are typically the modes used in initial entry to international markets, as they require a lower financial investment than other modes and can be viewed as a ‘toe in the water; for in experienced and smaller firms or where there may be risks (eg political, economic environmental) preventing FDI. The three major types of exporting are indirect, direct and cooperative. Indirect export modes are modes in which the exporting manufacturer uses independent organizations located in a producer’s country, they include the use of an export buying agent, a broker, an export house, a trading company, or a piggyback. Indirect export modes may be appropriate for firms with limited- rather than long term- international expansion objectives. For example, if international sales are primarily used as a means of disposing of surplus production. The lack of contact with firms abroad will provide limited information to develop a plan for international expansion. In the use of such modes, there is limited control over the marketing mix (other than product). A direct export mode may be more appropriate in gaining a little more control, in which the manufacturer sells directly to an importer, agent or distributor in the foreign target market. The local party will bring the advantage of existing distribution networks, and will provide good local market knowledge. However, a company must be careful in entering into contracts as they can be difficult and costly to terminate, and can go wrong when there is a conflict in interests (e. . it may sell rivals goods or competing product lines). Similarly, there is a serious disincentive for the agent/distributor in that if it performs well and develops the market, it risks being replaced by a subsidiary of the principal. Intermediate modes As a firm gradually evolves towards more foreign based operations, Intermediate modes will become more suitable modes of entry. This will likely include firms possessi ng some sort of competitive advantage that are unable to exploit this advantage because of resource constraints. Intermediate modes take the form of contract manufacturing, licencing, franchising, a joint venture or a strategic alliance. Contract manufacturing- where manufacturing is contracted to an external foreign partner provides a low risk and potentially low cost mode of entry. Benetton and Ikea are a good example of companies who successfully rely on a contractual network of small overseas manufacturers. Benetton has over 80% of its production outsourced to 450 contractors (located in low cost production countries such as India and China). As a result of the money saved on labour, Benetton can sell products 20% cheaper, helping it to maintain a low cost position in comparison to competitors. Of course, this method may not be appropriate for every company as there is a loss of knowledge and intellectual property rights, and the transaction costs involved must also be considered. Licensing differs from contract manufacturing in that more value chain functions have been transferred to the licensee. In outsourcing production and downstream activities a licensor irm can concentrate on its core competences and therefore will remain technologically superior in its product development- for example Apple licenses its brand to manufacturers of accessory products, and the BBC licenses rights to broadcast TV shows around the world. However a lack of control over licensor operations and therefore quality may lead a company to use franchising (a sub variant of licensing) in which the franchisor gives a right to the franchisee agains t a payment, EG a right to use a total business concept/system, including the use of trademarks/brands, against some agreed royalty. Franchising not only provides a greater degree of control than licensing, but It can also be seen as low cost and low risk as the franchise are the ones investing in the necessary equipment and know-how. This entry mode has been seen to generate great successes for companies such as McDonalds who now franchises 25000 restaurants globally. However, it should be noted that there is still a lack of full control over franchisee’s operations, which can result in problems with cooperation, communications, quality control etc, and a risk of damage to the company’s international reputation if some franchisees underperform (‘’free-riding’’). Another intermediary mode that will allow greater control is a joint venture, in which 2 ‘parent’ companies create a new ‘child’ company. This high degree of control and local knowledge is a clear advantage of such an entry mode. The shared knowledge and resources gained through a JV as compared with wholly owned subsidiaries will bring many advantages such as economies of scale. However of course there is a loss of confidentiality and flexibility, and the use of double management will raise questions about how the company is split- 50/50? If 50/50, it is difficult for the board to make decisions, if at all! Hierarchical modes of entry allow the highest degree of control for a firm, while at the same time, the highest degree of risk as the firm completely owns and controls the foreign entry mode. To have a wholly owned subsidiary a firm can either acquire an existing company (acquisition) or build on its own operations from scratch (greenfield/brownfield investment). An acquisition will provide rapid entry, access to distribution channel, an existing customer base. This may be the only feasible way of establishing a base in the host country in saturated markets, or where there are substantial entry barrier and therefore little room for a new entrant. Of course, as with intermediary modes, there is the issue of contracts, negotiation and the different management styles between companies. If difficulties (eg no appropriate acquisition) are encountered with acquisitions, it may lead firms to prefer to establish greenfield (new facility) and brownfield (existing facilities) operations. Out of the two- greenfield is seen as an advantageous option because the new plant will involve the latest technology and equipment, avoiding the problem of trying to change the traditional practices of an established concern. Although this is a big investment for a company involving slow entry into the foreign market, the returns are long term and the firm has control over the entire operation. Conclusion It cannot be stated categorically which alternative is the best. There are many internal and external conditions which affect this choice and it should be emphasized that a manufacturer wanting to engage in global marketing may use more than one of these methods at the same time (Petersen and Welch, 2002). Such ‘mode packages’ may take the form of a concerted use of several operation modes in an integrated, complementary way. Zara is a good example of this- in markets where the hierarchical model is used, there is high growth potential and relative low sociocultural distance between the home country of Spain and target market. The intermediate modes (usually joint venture and franchising) are mainly used in countries where the sociocultural distance is relatively high. For example in 1999, Zara entered into a 50-50 JV with the German firm OTTO Versand, which had experience in the distribution sector and market knowledge in one of Europe’s largest markets, Germany. Whereas franchising is used by Zara in high risk countries which are socio-culturally distant or have small markets which allow sales forecast such as Andorra, Puerto Rico or the Philippines. How to cite International Business Entry Modes, Essay examples International Business Entry Modes Free Essays Introduction An international entry mode is an institutional agreement necessary for the entry of a company’s products, technology and human capital into a foreign country or market. The reluctance of firms to change entry modes once they are in place, and the difficulty involved in doing so, make the mode of entry decision a key strategic issue for firms operating in today’s rapidly internationalizing market place. The choice of mode will depend on internal characteristics (eg firm size, international experience) and external characteristics (eg the sociocultural distance between the host country and the home country) as well as the trade-off between desired mode characteristics (risk adverse, control and flexibility). We will write a custom essay sample on International Business Entry Modes or any similar topic only for you Order Now The diagram below conveys 3 broad categories of modes of entry, and their fundamental trade offs. Further to the issues discussed above, no matter which of three of the export modes the manufacturer uses in a market, it is important to think about what level of ‘mindshare’ the manufacturer occupies in the mind of the export partner, as there has been a strong proven correlation between mindshare levels and how willing the export intermediary is to place on company brand in front of another, or how likely the intermediary is to defect. Good mind share will depend on scoring well across the three drivers of commitment and trust, collaboration and mutuality of interest common purpose.  Control Key and Word – Text and Graphics. Export Modes Baring in mind the factors discussed above we will now review the different types of entry modes, beginning with export modes, as they are typically the modes used in initial entry to international markets, as they require a lower financial investment than other modes and can be viewed as a ‘toe in the water; for in experienced and smaller firms or where there may be risks (eg political, economic environmental) preventing FDI. The three major types of exporting are indirect, direct and cooperative. Indirect export modes are modes in which the exporting manufacturer uses independent organizations located in a producer’s country, they include the use of an export buying agent, a broker, an export house, a trading company, or a piggyback. Indirect export modes may be appropriate for firms with limited- rather than long term- international expansion objectives. For example, if international sales are primarily used as a means of disposing of surplus production. The lack of contact with firms abroad will provide limited information to develop a plan for international expansion. In the use of such modes, there is limited control over the marketing mix (other than product). A direct export mode may be more appropriate in gaining a little more control, in which the manufacturer sells directly to an importer, agent or distributor in the foreign target market. The local party will bring the advantage of existing distribution networks, and will provide good local market knowledge. However, a company must be careful in entering into contracts as they can be difficult and costly to terminate, and can go wrong when there is a conflict in interests (e. . it may sell rivals goods or competing product lines). Similarly, there is a serious disincentive for the agent/distributor in that if it performs well and develops the market, it risks being replaced by a subsidiary of the principal. Intermediate modes As a firm gradually evolves towards more foreign based operations, Intermediate modes will become more suitable modes of entry. This will likely include firms possessi ng some sort of competitive advantage that are unable to exploit this advantage because of resource constraints. Intermediate modes take the form of contract manufacturing, licencing, franchising, a joint venture or a strategic alliance. Contract manufacturing- where manufacturing is contracted to an external foreign partner provides a low risk and potentially low cost mode of entry. Benetton and Ikea are a good example of companies who successfully rely on a contractual network of small overseas manufacturers. Benetton has over 80% of its production outsourced to 450 contractors (located in low cost production countries such as India and China). As a result of the money saved on labour, Benetton can sell products 20% cheaper, helping it to maintain a low cost position in comparison to competitors. Of course, this method may not be appropriate for every company as there is a loss of knowledge and intellectual property rights, and the transaction costs involved must also be considered. Licensing differs from contract manufacturing in that more value chain functions have been transferred to the licensee. In outsourcing production and downstream activities a licensor irm can concentrate on its core competences and therefore will remain technologically superior in its product development- for example Apple licenses its brand to manufacturers of accessory products, and the BBC licenses rights to broadcast TV shows around the world. However a lack of control over licensor operations and therefore quality may lead a company to use franchising (a sub variant of licensing) in which the franchisor gives a right to the franchisee agains t a payment, EG a right to use a total business concept/system, including the use of trademarks/brands, against some agreed royalty. Franchising not only provides a greater degree of control than licensing, but It can also be seen as low cost and low risk as the franchise are the ones investing in the necessary equipment and know-how. This entry mode has been seen to generate great successes for companies such as McDonalds who now franchises 25000 restaurants globally. However, it should be noted that there is still a lack of full control over franchisee’s operations, which can result in problems with cooperation, communications, quality control etc, and a risk of damage to the company’s international reputation if some franchisees underperform (‘’free-riding’’). Another intermediary mode that will allow greater control is a joint venture, in which 2 ‘parent’ companies create a new ‘child’ company. This high degree of control and local knowledge is a clear advantage of such an entry mode. The shared knowledge and resources gained through a JV as compared with wholly owned subsidiaries will bring many advantages such as economies of scale. However of course there is a loss of confidentiality and flexibility, and the use of double management will raise questions about how the company is split- 50/50? If 50/50, it is difficult for the board to make decisions, if at all! Hierarchical modes of entry allow the highest degree of control for a firm, while at the same time, the highest degree of risk as the firm completely owns and controls the foreign entry mode. To have a wholly owned subsidiary a firm can either acquire an existing company (acquisition) or build on its own operations from scratch (greenfield/brownfield investment). An acquisition will provide rapid entry, access to distribution channel, an existing customer base. This may be the only feasible way of establishing a base in the host country in saturated markets, or where there are substantial entry barrier and therefore little room for a new entrant. Of course, as with intermediary modes, there is the issue of contracts, negotiation and the different management styles between companies. If difficulties (eg no appropriate acquisition) are encountered with acquisitions, it may lead firms to prefer to establish greenfield (new facility) and brownfield (existing facilities) operations. Out of the two- greenfield is seen as an advantageous option because the new plant will involve the latest technology and equipment, avoiding the problem of trying to change the traditional practices of an established concern. Although this is a big investment for a company involving slow entry into the foreign market, the returns are long term and the firm has control over the entire operation. Conclusion It cannot be stated categorically which alternative is the best. There are many internal and external conditions which affect this choice and it should be emphasized that a manufacturer wanting to engage in global marketing may use more than one of these methods at the same time (Petersen and Welch, 2002). Such ‘mode packages’ may take the form of a concerted use of several operation modes in an integrated, complementary way. Zara is a good example of this- in markets where the hierarchical model is used, there is high growth potential and relative low sociocultural distance between the home country of Spain and target market. The intermediate modes (usually joint venture and franchising) are mainly used in countries where the sociocultural distance is relatively high. For example in 1999, Zara entered into a 50-50 JV with the German firm OTTO Versand, which had experience in the distribution sector and market knowledge in one of Europe’s largest markets, Germany. Whereas franchising is used by Zara in high risk countries which are socio-culturally distant or have small markets which allow sales forecast such as Andorra, Puerto Rico or the Philippines. How to cite International Business Entry Modes, Papers

Macau Pension Fund free essay sample

According to the Act 84/89/M, Social Security fund would provide subsidies or assistance for unemployed, sick and retired people. This was the so-call â€Å"the first tier of social security†. At the same time, SSF was positioned as a financially independent fund under the local government. In Macau, Pension fund is included in the SSF, and there is no separation between the management of pension fund and SSF. Instead, pension fund is considered as an expense from the aspect of financial management. All the working people, including non-permanent and permanent residents, are required to contribute to SSF in each month. If they have contributed enough amounts, they can get part of or all the pension fund payment after retirement. Since 1993, the government was gradually enlarging the coverage of pension fund beneficiary. So far, most unemployed or workless people, such as housewife, could join the voluntary contributions program. After certain periods of contribution, those people are also entitled to the pension fund payment from SSF once they are over 60. 2. 0 Current Problems As a financially independent fund, SSF is supposed to maintain the operation with the contribution as its major income. However, government funding has already become the most important income of SSF in recent years. In 2010, government budget and funding from gaming tax accounted for 92% of the total income of SSF (see figure 1). For the pension fund, many people stated that the pension fund payment, maximum MOP 2,000, is not enough under the high-inflation economy. Some academies also claim that the contribution is not enough to maintain the budget balance of SSF. After all, government announced the predictable deficit of SSF since 2014 and bankruptcy in 2020 without government funding, which cause the heated discussion in Macau. 3. 1 Insufficient Contribution According to the SSF regulation, a resident who have contributed to SSF for 30 years is qualified to get MOP 2,000 per month after retirement at 65. Actually the monthly contribution to SSF has been fixed at MOP 45 per person since 1998, which means the total contribution in 30 years would be returned in 9 months after retirement. Figure 1: Income of SSF in 2010 The contribution in 2010 only accounted for 5. 35% of the annual income of SSF and 24. 4% of the pension fund payment. In other words, the contribution is obviously insufficient to support the pension fund payment. The pension fund payment has been increased from MOP 800 in 1995 to MOP 2,000 recently, so as other subsidies and assistances. Therefore, the government kept increasing funding for SSF to prepare for the increasing outcome. Millions (MOP) Figure 3: Social security expenditures by SSF 3. 2 Insufficient Pension Fund Payment According to the poverty line set up by Economic Cooperation and Development (OECD), the people with an income level lower than half of median income should be considered as poor people. Referring to 2011 median income published by Macau Statistics and Census Service, people have income lower than MOP 5,000 per month should be classified as needy. However, the maximum amount of pension fund payment is MOP 2,000, only 40% of the poverty line. The payment is even lower than the minimum subsistence index for one-person family, which is MOP 3,000 after the adjustment by Macau government on 1 Apr 2012. In view of this, some communities and organizations have called for further raise of pension fund payment. 3. 3 Inefficient Management Rate of Return Percentage Inflation Rate Figure 2: Investment return of SSF balance and Macau inflation rate Given the enlarging funding from government, the balance of SSF have increased from MOP 1. 5 billion in 2006 to MOP 6. 2 billion in 2010. However, it has been shown in Figure 2 that the investments return of SSF balance is just a bit higher than the inflation. During the financial crisis, there was even a negative return recorded in 2008. By ignoring year 2008, there is still a downward trend of the return. According to the 2010 annual report of SSF, 72. 43% of SSF balance was deposited into local bank, the remaining proportion was entrusted to fund managing company for only low-risk investments. Under the fix-rate hedging between MOP and HKD, the interest rate of Macau is close to interest rate in Hong Kong, which is similar to US interest rate. Since the 2008 financial crisis, Fed has applied the ultra low interest rate and the interest rate is believed to be maintained until 2014. So, a 72. 43% of deposit in an investment portfolio is reasonably considered as inefficient. 3. 4 Irregular government subsidies In 2008 Macau government introduced the â€Å"Wealth Partaking Scheme†. Each permanent resident will receive the cash check issue by government and each non-permanent residents would received 60% of the partaking amount to permanent resident. The aim of the scheme is to share the result of economic development under the high-inflation economy. However, in some people’s view, the scheme has been considered as supplement of social security and thus expected to transfer the scheme into regular subsidies. Beside the partaking scheme, Macau government established the â€Å"Central Saving Plan† – to inject certain capital into individual account of all the permanent attained the age of 22 in the year. The government claimed that the plan is â€Å"the second tier of social security† and the plan will enhance the living security of retired people. Under the government regulation, people could withdraw the saving fund only when they are over 65 or in urgent needs.

Businesss Puma Company Brand Essay Example For Students

Businesss Puma Company Brand Essay Outline1 Puma Company Brand1.1 1. Executive Summary1.2 1.1 Introduction1.3 1.1.2 Macro –environmental factors1.4 1.1.3 Rivalry between rivals1.5 1.1.4 Selling schemes1.6 1.1.5 Strategic group mapping to place rivals1.7 Strategic Group Map on Footwear Mark1.8 2 Puma’s strengths and failing1.9 2.1 Strength1.10 2.1.2 Failing1.11 Poor trade name Image1.12 Luck of clients1.13 2.1.3 Virtuality1.14 2.1.4 Virtuality as strength for cougar1.15 Information sharing1.16 Hi engineering substructure1.17 Virtual warehouse1.18 3 Wining schemes1.19 3.1 Fits the Company’s state of affairs good1.20 Addition in orders1.21 Global branded Gross saless growing1.22 Amalgamate gross revenues1.23 Puma embarked on stage IV1.24 Puma’s stockholders value1.25 Good balance sheet1.26 3.1.2 Competitive advantage1.27 Knowledge and Expertise1.28 3.1.3 Better company public presentation1.29 Selling run1.30 Use of engineering1.31 4. Coup detat1.32 4.1 Strategic benefits1.33 6. Bibliography Puma Company Brand 1. Executive Summary Puma AG is a transnational company that is based in German and industries high athletic and sportswear places both for adult females and work forces, It was founded by Rudolf Dassler after a difference with his brother Adi Dassler with whom they had founded the Dassler Schuhfabrik in 1924. Puma had a really hapless trade name image that show a diminution in its market portion and prompted cougar to alter it strategic determinations to better on its image, this procedure of alteration was led by Jochen Zeitz Puma CEO based on stages one to four of strategic program to alter puma’s image so that it can vie favourable in the market place and within a twosome of old ages Jochen Zeitz had alteration puma’s trade name image into one of the most desirable and sought after trade name of athletic wear and footwear worn both buy famous persons and manner followings all over the word. 1.1 Introduction Puma was founded in Dassler Schuhfabrik, Herzogenaurach, Germany by Rudolf Dassler after a difference with his brother Adi Dassler with whom they had founded the Dassler Schuhfabrik in 1924. Until early 2003 cougar had a really hapless trade name image that show a diminution in its market portion and prompted cougar to alter it strategic determinations to better on its image, this procedure of alteration was led by Jochen Zeitz Puma CEO based on stages one to four of strategic program to alter puma’s image so that it can vie favourable in the market place and within a twosome of old ages Jochen Zeitz had alteration puma’s trade name image into one of the most desirable and sought after trade name of athletic wear and footwear worn both buy famous persons and manner followings all over the word. This study is divided in three parts, Part one presents the factors that influenced cougar to alter it trade name image and it farther goes to depict these factors under Macro-environmental analysis establishing on market tendencies, competition between clients and strategic group function. The 2nd portion presents the puma’s resources and capablenesss in footings of strengths and failing every bit good every bit virtuallity every bit seen as strengthens and the 3rd portion of the study presents puma’s winning schemes establishing on cougar state of affairs that fits the company, sustainable completive advantages and as a better acting company. Harmonizing to instance survey of Puma AG ( in Thompson, A.A. , Strickland, A.J. and Gamble, J. ( 2005 ) Crafting and Executing Strategy ( Fourteenth Edition ) , McGraw-Hill, New York, pages C411- C432 ) , The environmental and competitory factors that influenced Puma’s strategic determination to better its Brand image is identified under Macro- environmental factors, competition between rivals and strategic group function as below. 1.1.2 Macro –environmental factors Lack of societal credence of Puma trade name from the upper category clients who were non willing to have on the trade name because they considered to of hapless quality and were sold â€Å"dirt-cheap† Puma’s trade name was compromised and this a affected it’s value for illustration Rudi’s boy wanted cougar merchandises to make all the clients of all societal back land and this move was seen by the upper category people as some thing below them and they can non be seen have oning the same trade name as people on public assistance receivers. In order for cougar trade name to be accepted as a high quality trade name of value, force cougar to alter and better its trade name so that it can be socially accepted by clients. Change in clients gustatory sensation and manner for illustration there was high demand for supports ware and manner dresss tend that was oriented toward high value and lifestyle merchandises, this alteration in clients demand influenced cougar to alter it’s trade name image to run into the clients turning demand Demographic alteration in association football market for illustration their was a high demand to react to demands of both childs playing on local pitch and subjects soccer squad playing professional at international degree that required high quality trade name and in order for cougar to tap in to these demographic alteration cougar needed to better its trade name image. Market alteration of 1980 when athleticss trade name became more dynamic and consumers taste diversified into new and more exciting high monetary value that make merchandises more desirable this forced cougar to alter its trade name image so that they can bear down high monetary value as clients associate high monetary values with quality of trade name or merchandise and the more extremely charged the more desirable the trade name. Introduction of niches in the market offered attractive growing rates both incumbent and new market participants for illustration skateboarding markets, golf athleticss, athleticss equipments for out door activities made puma alteration its trade name image, for illustration for cougar to bask this attractive growing its trade name has to be of high quality. Unifying of industries to organize one large group for illustration Rosso joined forces with several other industries in northern Italy to organize Genius group this was seen as a menace because this means more resources and strong fiscal base and this led to high disconnected planetary market and for cougar to last in a extremely disconnected market it needed to alter its trade name image Puma’s trade name was disreputable and had lost specailised athleticss traders in its distribution web in order for cougar to derive its distribution web it had to better on its trade name image 1.1.3 Rivalry between rivals Puma greatest competitions are from the undermentioned rivals: Nike Inc Nike is the figure one athleticss trade name in universe over and from the instance survey Based in USA Has got sub trade name like Tiger words and Michael Jordan Adidas Salomon AG Deals on nucleus athleticss ( association football, sports A ; skiing ) Has got stronger fiscal resources Has got it’s selling and design sections in Germany and France Prada Sports Luxury trade name It has entered in to athleticss sections four old ages ago Deals in voguish manner wear of high monetary values Diesel Based in Italy Manner trade name, majoring in dark glassess, footwear Rivals entered the market such as Adidas, Nike, Rebook among others entered the market and made competition for market portion was really high and these rivals had better quality trade name than cougars and among them, they shared 27 % of the market portion, this stiff competition influenced cougar to better on it’s trade name image to last to last in the competitory market Nike was the biggest rival of all and it had the largest market portion for illustration Nike was became the world’s largest athleticss equipment industry in the late 1980 and keep this place since so. Puma was covering in about indistinguishable merchandises like cougar but its trade name was hapless so in order to hold a portion in the market topographic point cougar needed to better on its trade name image. Adidas-Salomon was besides another rival that entered the market as the 2nd world’s largest manufacturer of athleticss equipment industry in universe with about $ 6.5 billion in gross revenues and was present in every state this put cougar in a really hard state of affairs and in order for cougar to hold a favourable portion in the market it needed to alter its trade name Reebok besides entered the market at the clip when cougar trade name was hapless, Reebok was the universe tierce largest participant in the athleticss market, Reebok identified footwear industry as a cardinal market and began to sharply into abroad market this expand was seen as a menace to puma and to last it puma had to alter its trade name image Prada though a luxury bran, it besides started trade in sportswear four old ages ago and this is a menace for Puma and because though the monetary value for Prada trade name is high, it high quality goods do attack client who are willing to pass for illustration super starts, this is a menace to puma because cougar has to non merely with Prada but with Nike, Adidas and Reebok for clients. 1.1.4 Selling schemes Acquisitions of groups for illustration Rosso bought out other spouses and embarked on growing and enlargement this means more competition for market portions as he built a solid and huge distribution platform across five continents describing one-year gross revenues of $ 330 million with luxury trade name merchandising denims for every bit much as $ 100- $ 200 a brace doing it’s trade name more appealing to clients and in order for cougar to last Such a hash market, it needed to alter its trade name image Inventions as a selling scheme for illustration Nike diversified his merchandise portfolio to aim people of ages 20 -30 with enthusiastic athleticss entreaty, Reebok changed its selling scheme and began passage toward football, baseball and association football which Puma was one of puma merchandise line and in order for cougar to pull new clients it has to alter it trade name image for illustration cougar planing and new functionality in new aggregations and launched retro expressions of the 1970s/80s All companies engaged in monolithic advertizement for their trade name a consciousness so that they can vie favourable in the market for illustration in Nike selling scheme, it focused on patronizing immense events and popular events, Reebok besides sponsored popular events and had a licensing understanding with national basket association that increased its trade name consciousness To vie with each other favorability each company outsource production and natural stuffs where their cost was inexpensive and labor was available this enables each company to cut on production cost. Product distinction causes restraints on competition for illustration the is high competition for illustration between Nike, Adidas and Reebok because thought there is high trade name designation in the market they about dealt in similar athleticss equipments which offer client the use. 1.1.5 Strategic group mapping to place rivals Strategic Group Map on Footwear Mark From the strategic group function, the competition between Puma and Nike is really low and puma doesn’t pose a menace because Puma doesn’t adequate market portions as compared to Nike, This is because Puma is a phase where its trade name is hapless and clients are non willing to purchase puma merchandises and this explains why the place of cougar and Nike are far a portion from each The close placement of Nike, Adidas and Reebok are and narrow and about tight because they are viing for about the same size for illustration the competition between Adidas and Reebok are about of the same size in market portion and they have to maintain viing for the market with no laterality from Adidas and Reebok as a prima competition, this is because the cost of production is low and so is the cost of labor The cost of exchanging from one trade name to another is really low for clients the competition houses because clients can freely purchase from another from Nike, Adidas and Reebok particularly where there is no trade name royalty that’s why they are so near together Nike, Adidas and Reebok entered the market about at the same clip when puma’s trade name image needed bettering this cause high competition for the market portions and for clients and this explains why less room for enlargement for Nike, Adidas and Reebok that needs to protect it’s market portion from Puma The cost of production was low between the competition houses as most of had outsourced all production and natural stuff where they were cheap to bring forth, this made the market so unstable and due to high competition for the market portion. 2 Puma’s strengths and failing 2.1 Strength Puma had coaction with some of the celebrated interior decorators from different cultural back land for illustration puma’s new undertakings were developed under the supervisings of trendsetters like Yashuiro Mihara and Jil smoothers which are strongly influenced by kickboxing. This cooperation and coaction opened a new broad market for cougar for illustration where high manner meets sportswear, for illustration this coaction led cougar to produced high quality trade name that suppers starts like Madonna were happy to be spotted wear puma trade name and this made many manner and trade name wearer purchase more of cougar merchandises Puma launched new aggregations which blended with athleticss, life style and manner for illustration cougar curato places, unala cropped woven women’s ware which are really sport stylish and voguish, such causal sportswear became similar really twenty-four hours sort of wear for certain age group for illustration the immature starts who identified themselves with cougar logo and manner, this made it easy for cougar to aim and make the right market as at the right clip as puma knew it’s market and clients good Variable Cost and Unit Selling Price EssayBased on both Barney’s work and the definition in the lexicon, a sustainable competitory Advantage is defined as long term benefit of implementing some alone value-creating scheme non presently being implemented by any known or possible rivals along with the incapableness to double the benefits of this scheme. Factors that have enabled cougars achieve sustainable competitory advantage are identified below Knowledge and Expertise Puma has utilizations expertness in design cognition with major competences in all parts of design and selling for illustration with the acquisition of Puma by PPR group has enabled cougars to utilize PPR big base design squad to bring forth high quality of desirable trade names, this cognition and expertness makes puma completive set a portion from it’s chief rivals. Brand as completive advantage Pumas trade name is so strong and dynamic harmonizing to Zeitz that by 2003 puma’s popularity was so strong that mega starts like Madonna was proud to have on Puma’s, This trade name image and associations of it’s trade name with international starts is of competitory advantage in merchandising of dress and footwear because it brings about promotion for cougar and trade name consciousness and open up locales for other chances for illustration by 2003 cougar marks a trade to be the official provider of dress and footwear to the FIA universe mass meeting title-holder. Expansion into other market Puma has been spread outing its market particularly in China, for illustration cougar has unfastened many shops in Olympic small town in China to showcase new aggregation and run into the demand for Puma’s footwear demand, this enlargement has attacked new clients and cougar has provided support to single athleticss personality for illustration, the CEO of Puma is quoted as â€Å" If we find the right individual we will see partnering with those Chinese athleticss starts† ( China daily describe 26,2007 ) Advanced merchandises Puma has a advantage in footwear, dress and accoutrements because it a batch easier for cougar but manner know who with the aid of interior decorators and the CEO of cougar has the apprehension of manner â€Å"the new combination of elements of past† in which when cougar spots a new tendency alternatively of doing a new trade name, puma uses it old trade name to plan and this counted for 10 % of footwear, dress and accoutrements based on the old design and this besides made puma a tendency starting motor. In footwear cougar besides collaborated with sought after interior decorators like Stella McCartney, Alexander McQueen to bring forth new line of women’s and men’s footwear which was launched in the spring of 2006 Broad consumer entreaty Puma offer a really diverse merchandise line for everyone and this histories for the wide client entreaty because there is merchandise for everyone. In the spring aggregation of 2003 did Carter for both male and female for illustration Nuala merchandise line with cropped woven bloomerss and Nuala Nylon coat for adult females every bit good as Kings US Secret Service association football shirts that catered for both work forces and adult females. Puma besides ventured into Action athleticss line for emerging athleticss like BMX skateboarding and downhill mountain bicycling making Pt series offering causal footwear and dress and accoutrements for such events Relational market asserts Puma has got greater bond with its clients this has forged a working relationship work with clients to industries extremely alone and customized trade names for illustration in the instance survey cougar promoted the â€Å"top victor thrift† a aggregation of 510 alone and single places that were created out of recycle fabrics from Jeans and ties, with the purchase of such points, clients allowed to come in puma’s sole community on the web. Supplies to run into the assorted demands of consumers Puma’s major provider was Yue Yuen, the largest provider of footwear, so when the demand for peculiar footwear goes up cougar is more readily meets the demand from changeless supply of branded merchandises from YueYuen. Intellectual market asserts Puma has great in deepness cognition sing clients demands and penchants for illustration cougar has gained cognition and credibleness in athletic wear and equipment, this was a consequences of many old ages of trading on the same merchandise line and which made it really easy to hold competitory advantage over others manner industry, this cognition made it easy for cougar to re-launch merchandises that clients most prefer to hold. 3.1.3 Better company public presentation Selling run Puma participated in assorted selling runs to originate client trade name consciousness for illustration it sponsored large events, chose music telecasting channel which was known for its immature audience who tired to distinguish themselves and targeted them with cougar adverts, this has resulted in o better public presentation because it improved trade name consciousness which in bends led to high gross revenues public presentation. Out sourced production Puma outsourced all productions and natural stuff procurances in European were to expensive and natural Martial were inexpensive in Asians states, this allow cougar to cut down it’s working capital and let cougar to shorten the production and enable full quality control of input factors, this consequences in a better company public presentation because it enables cougars to run into the market needs efficaciously and salvage a batch of money from holding its production and stuff from a inexpensive beginning Use of engineering Puma invention of the â€Å"cell technology† which introduced the froth –free midsole where alone designs were made by single designs and athleticss work forces were convinced to have on pumas merchandises for illustration cougar introduced the All-In-One ‘UniQT’ for the Cameroon football squad at the 2004 African Cup of Nations. The new ‘UniQT’ is the replacement of the sleeveless shirt worn by the Cameroon squad in the 2002 African Cup of Nations, this has resulted in to break company public presentation because with the alone manners of athleticss wear more and more promotion was being done for cougar and doing the trade name more known hence doing puma merchandise line good known and increasing gross revenues Harmonizing to ( Carty, Victoria 2001, 34-66 ) â€Å"Almost all administrations of any sensible size have some sort of strategic planning† and strategic planning direction was/is a chief portion of cougar schemes of a better public presentation company for illustration cougar knew that rhythm for each athletics differ from athletics to feature and establishing on the general regulation of thrum that a rhythm lasts for 12 to15 old ages with 5 to 8 old ages of a merchandise popularity and that it’s demand lowers, this indicates that investings in new merchandise line demand to be planned good in progresss and this is what cougar did for illustration in 2003 cougar entered the cricket market get downing in Austria, South Africa and Africa where cricket going trendy and was expected to be grow in popularity. Planing and clocking market trends This planning and timing scheme makes Puma a better acting company because it’s easier for cougar to come in other subjects markets fast as its presence in the market is good known and every bit good as the trade name which in bend led to increase in gross revenues of footwear, accoutrements and dress. Collaborations with other spouses Collaborations with other spouses with athletic trade names for cougar for illustration the coaction with McQueen, this coaction brought the footwear, accoutrements and dress closer to the universe of high manner by for illustration this coaction lead to Puma opening up a shop in New York ace hip meatpacking territory a long side Alexander McQueen’s flagship shop. This aggregation was unveiled in September 2007 gross revenues growing and enlargements Puma direction confirmed addition in gross revenues on of footwear, dress and accoutrements for based on the fiscal consequences for the first one-fourth of 2008 this has come as a consequence of cougar outsourcing production and stuff to developing states where labor is inexpensive every bit good as cost of production, together with monolithic advertizement and selling, cougar gross revenues in all the three key markets saw high gross revenues growing. Puma has continued to open and spread out more in retail and retail- now how for illustration in 2007 cougar opened up 25 shops making more involvement in the shops and spread outing its customer’s base and determining the place of retail stores that aids to bring forth more growing and trade names quality. 4. Coup detat Take over is dealing that takes topographic point between two or more companies where one company lose it’s control to another company for illustration Puma relinquished all it control to Pinault Printemps Redoute, this return over come finalised by July ( Daily News, Record, 2006 111-123 ) Puma and Pinault Printemps Redoute will strategically profit from this move as discussed below 4.1 Strategic benefits PPR Economies of graduated tables Puma and Pinault Printemps Redoute will profit both from economic systems of graduated tables by uniting production and bring forthing big volume of footwear/luxury goods, the return over enables to both companies to bring forth goods economically by to the full using the works machineries during production clip for illustration by jointly bring forthing and new design save cost and by utilizing both engineerings the companies improve on development clip doing new designs to make clients on clip. Puma’s Economies of graduated table Puma uses the expertness and design cognition of PPR group this has enable Puma to bring forth high trade names enabling cougar to put it self as category apart from it’s rivals Synergies Synergies between cougar and Pinault Printemps Redoute is much greater than cougar or Pinault Printemps Redoute runing entirely, strategically puma will profit more because it will be given opportunity to broaden it merchandise line so that it has market for each sections in the market for illustration in the footwear, accoutrements, dress, snowboarding and skating and Pinault Printemps Redoute will go on bring forthing its luxury merchandise scope, this trade name distinction by cougar and Pinault Printemps Redoute will enable the houses fair good in the oligopoly markets. PPR group Growth Pinault Printemps Redoute has strategically benefit from growing in two ways, this can be internal or external, the return over will enable the company to turn fast and quickly for illustration to the Pinault Printemps Redoute web site, Puma’s 2007 part to PPR group amounted to ˆ1,718 million, that’s a rise of 3.6 % as compared to 2006 before the return over, in 2007 cougar contributed runing income of ˆ 236 million to PPR group that’s operating net income at 13.8 % gt ; after take over at 27.1 % control of cougar, Pinault Printemps Redoute increased in interest to 62.1 % on completion of the offer but this growing can besides attributes to sale residuary interest in France Printemps to RREEF and the Borletti Group every bit good as the acquisition by Redcats USA of united Retail Group Puma’s enlargement and Growth Puma benefited from this move through enlargement shiping on Phase IV of its strategic programs which included broade ning the merchandise line into non puma trade name every bit good as enlargement onto other parts. For illustration Puma benefitted from this move by spread outing to china markets where it opened up new shops to run into the footwear demand by showcasing it’s new aggregation in Olympic small town in readying for 2008 Olympics Reduce competition Strategically both Puma and Pinault Printemps Redoute will cut down competition between themselves and increase their market power to vie with other houses such as Nike and Adidas for illustration with a combine market, both companies will hold equal portion of market size which will be able to kill of competition from other trade names such as Adidas, Nike and Reebok which has strong competition with Puma for market portions for athletic wear and athleticss equipments Increased liquidness of ownership portions of the company Pinault Printemps Redoute has benefited from the return over by having a commanding interest in by selling monetary value portion of ˆ330 which raised tonss of liquid hard currency money for PPR and it commanding interest made PPR major determination doing refering cougar. High portion monetary value Puma benefited from the return over through portions sold at a monetary value of ˆ330 tot some of puma portion holders this besides made puma stockholder who bought portion in PPR it’s portion holder who benefits financially if PPR trades good on the stock market Stronger Financial base Until early 1980- 1990, Puma had a really hapless trade name image that show a diminution in its market portion and prompted cougar to alter it strategic determinations to better on its image, this procedure of alteration was led by Jochen Zeitz Puma CEO based on stages one to four of strategic program to alter puma’s image so that it can vie favourable in the market place and within a twosome of old ages Jochen Zeitz had alteration puma’s trade name image into one of the most desirable and sought after trade name of athletic wear and footwear worn both buy famous persons and manner followings all over the word. Puma is invariably introducing utilizing engineering, growing and trade name run consciousness. Puma’s hereafter is bright with a healthy. hypertext transfer protocol: //www.ppr.com/front__sectionId-454_Changelang-en.html 6. Bibliography hypertext transfer protocol: //about.puma.com/ ( Accessed on 19/07/08 ) hypertext transfer protocol: //www.ppr.com/front__sectionId-195_Changelang-en.htm ( Accessed on 19/07/08 ) Case 23 Puma AG, Lutz Kaufmann, The WHU Otto Beisheim Graduate School of Management ( Accessed on 12/05/08 ) hypertext transfer protocol: //www.slideshare.net/vitusmaren/marketing-plan-of-puma/ ( Accessed on 26/06/08 ) Bharadwaj, Varandaraj and Fay ( 1993 ) Stainable Competitive Advantage in Conceptual Model and Research Proposition Alderson ( 1965 ) The Search for Deferential Advantages Hall ( 1980 ) Survival Strategies in hostile Environments Henderson ( 1983 ) The Anatomy of Competition Porter ( 1985 ) Competitive Advantage: Creating and prolonging Superior public presentation Barney ( 1991 ) Firm Resources and Sustained Comparative Advantage hypertext transfer protocol: //www.pumabiz.com/downloads/58.pdf ( Accessed 26/07/08 )

Attitude Toward Women free essay sample

Even though in today’s society women play a major role in just about every career available, such acknowledgement hasn’t always existed. When Death of a Salesman by Arthur Miller was written women played a totally different role. During this time period men have always been favored and believed to be superior of woman; still existing in such a way in some third world countries and even in Latin communities. In this story Miller tends to portray women in two different categories: the whores and the housewives. In this play Miller portrays women as extremely disrespected and merely used as sex slaves. The main female character, Linda Loman, is the typical wife of the early 20th century. She is there for her husband to offer her full support no matter what decision he makes. She is portrayed as being a patient, tactful, and considerate wife by showing her husband the lovely gesture of taking of his shoes to make him more comfortable. We will write a custom essay sample on Attitude Toward Women or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Willy even states that Linda is his â€Å"foundation and [his] support† (Pg #). Also Willy doesn’t seem to fully appreciate the wife he has. Whenever Willy complains about his arch supports killing him, Linda responds by telling him to â€Å"[take] an aspirin† and even goes as far as to ask him if she should get it for him, so it can soothe him ( Pg #). Yet Willy just ignores her suggestion and continues on with his story about him being fine while driving and observing the scenery. That conversation brings a dismissive attitude towards Linda. She does everything she can to fulfill her husband’s needs, yet she doesn’t receive the same treatment. Linda seems to be accepting of the role she plays in the Loman household. Miller portrays her as a very gullible woman who believes that her husband will provide everything she needs. That’s why when Biff finds out that his father has been having an affair with another woman he hides it from Linda, because he knows that such news would devastate her. Also this woman that Willy is having an affair with has the illusion that Willy will leave his wife for her. Apparently Willy is just using her as a sex slave because no matter what he always comes back to his wife and sons. Miller uses this woman along with two other women, Miss Forsythe and her friend, as sexual slaves, or whores. Due to the father figure that Happy has, he is bound to treat women the same way. Happy only cares about fulfilling his sexual need and does not want to be tied down in anything serious throughout his young age. (Pg#) So when he meets Miss Forsythe, he immediately puts his charm on and invites her to cancel on her date and join him later on that night for dinner. Even though he does not care anything for her he orders her to follow his suggestion because he knows that she can’t deny the fact that this charming man is trying to â€Å"meet up† with her later on that night. He also orders her to bring a friend so they can accompany him and his brother, Biff, as well as his father who would later be showing up to the dinner invitation, but have an early leave. The simple fact that she accepted and showed up to this â€Å"dinner† gives him the satisfaction of having power of these women. It can be assumed that Miss Forsythe along with her friend are both whores, and will later fall under the charm of Happy and give him sexual pleasure. (Pg #) Also in Act 1, both Biff and Happy, talk about women as trophies, or badges of honor. This seems to be the general attitude of men towards women, one of arrogance. As well as being ignored by her husband at certain times, Linda is not allowed to give her opinion unless Willy asks her, which based on the play it hardly ever happens. Linda tries to give her opinion on the whole Swiss/American cheese incident. Willy asks her why she got American instead of the Swiss cheese that he so ever liked. When she responds that maybe he would like the change he cuts her off and yells at her stating that he doesn’t want a change, and all he wanted was Swiss cheese. He even goes as far as saying that the room stinks and orders Linda to open the windows. Due to all his anger, he doesn’t realize that the windows are open, and Linda takes all this with infinite patience (Pg #). Anytime she tries to give her opinion she is always interrupted or she is shut down by her husband. Linda’s intelligence only goes as far as that of Willy’s because the man of the house is supposed to be the smart one. Being influenced by society she is always on the outside looking in. When she is around her sons her insight on things is clear but when she is around her Willy her vocabulary diminishes to, â€Å"Yes Dear. or â€Å"What, Dear? † In conclusion women may be considered a minority and not be acknowledge as capable of making any decision, such as Linda is. At the same time they can bring a great deal of power to this society, which as of today, has been proved very efficient. On the other hand, not much has change on the whole perspective on women used as sex slaves. As of today women are still giving sexual favors to many single and married men. Such things have not change but yet nothing in life ever changes completely.

Largest Cities in the World

Largest Cities in the World The 9th edition of the National Geographic Atlas of the World, published in 2011, estimated the urban area population of the worlds largest cities, those with a population above 10 million people, which they termed megacities. The population estimates for the worlds largest cities below are based on population estimates from 2007. Population numbers for the worlds largest cities are rounded since they are incredibly difficult to determine precisely; millions within most megacities live in poverty in shantytowns or other areas where accurate census taking is near impossible. The following eighteen largest cities in the world are all those with a population of 11 million or more, based on the National Geographic atlas data. 1. Tokyo, Japan - 35.7 million 2. Mexico City, Mexico - 19 million (tie) 2. Mumbai, India - 19 million (tie) 2. New York City, United States - 19 million (tie) 5. Sao Paulo, Brazil - 18.8 million 6. Delhi, India - 15.9 million 7. Shanghai, China - 15 million 8. Kolkata, India - 14.8 million 9. Dhaka, Bangladesh - 13.5 million 10. Jakarta, Indonesia - 13.2 million 11. Los Angeles, United States - 12.5 million 12. Buenos Aires, Argentina - 12.3 million 13. Karachi, Pakistan - 12.1 million 14. Cairo, Egypt - 11.9 million 15. Rio de Janeiro, Brazil - 11.7 million 16. Osaka-Kobe, Japan - 11.3 million 17. Manila, Philippines - 11.1 million (tie) 17. Beijing, China - 11.1 million (tie) Additional lists of population estimates for the largest cities in the world can be found in my Largest Cities of the World collection of lists.

Employment Negotiation Assignment Example | Topics and Well Written Essays - 1750 words

Employment Negotiation - Assignment Example Those who are confident, show sincere interest, and have the proper skills for the job are most likely to get hired. The BATNA form is filled out below. My degree and my experience support my desirable outcome. Monster.com (2010) describes the company as, "Cricket Communications, a subsidiary of Leap Wireless headquartered in San Diego, CA, is an affordable wireless service providing flat-rate unlimited products over high-quality, all-digital wireless networks that feature the latest technology. Cricket serves customers across the United States and is a pioneer of unlimited wireless services with no long-term commitments or credit checks required." The position is a full-time managerial position over staff. Their website is www.cricket.com. Cricket Communications, a subsidiary of Leap Wireless headquartered in San Diego, CA, is an affordable wireless service providing flat-rate unlimited products over high-quality, all-digital wireless networks that feature the latest technology. Cricket serves customers across the United States and is a pioneer of unlimited wireless services with no long-term commitments or credit checks required. ... Their website is www.cricket.com. Explain the job market, and how your product/service (knowledge, skills, etc.) compares to others in the market. Attach the job posting or develop an appropriate job description. I believe my knowledge and skills will apply appropriately to the job description and is comparable with others in the market. The job posting is as follows: Retail Business Manager Cricket Communications, a subsidiary of Leap Wireless headquartered in San Diego, CA, is an affordable wireless service providing flat-rate unlimited products over high-quality, all-digital wireless networks that feature the latest technology. Cricket serves customers across the United States and is a pioneer of unlimited wireless services with no long-term commitments or credit checks required. Cricket offers customers access to a variety of the latest phones and mobile applications such as unlimited text, instant and picture messaging, Mobile Web, popular games and ring-tones. We are a fast growing, entrepreneurial, fast-paced, fun place to work. We offer competitive pay; performance-based bonuses; free mobile phone and service; paid time off; and advancement opportunities. Cricket values diversity and inclusion - when everyone is included, the possibilities are UNLIMITED! To learn more about other career opportunities, Cricket Culture and benefits please visit: http://www.mycricket.com/aboutcricket/careers /. Position Overview - Retail Business ManagerAssumes direct responsibility for all day-to-day store operations, including: Targeted sales achievement Store financial management Merchandising/promotional activities Customer service and retention Audits Employee training Merchandising/promotional activities Inventory management Cash

Mythology Essay Example | Topics and Well Written Essays - 750 words - 1

Mythology - Essay Example Mythology also enters the discourse when it comes to symbolisms of national pride. Specific colors and figures upon the varying national flags all carry important historical and mythological stories behind them (McClure and Leonard, 2004, pp. 1-6). National emblems have their own mythological backgrounds as well. These figures serve as important testaments to the events that molded and formed the sovereign nation that they are today. National emblems and flags are not the only factors dictate the presence of symbolic mythology. Culture is also a field where myths reside. In the case of American mythological importance, the Grand Canyon in Arizona is a place of great interest. The area holds deep American heritage which is an important factor for the nation’s identity and culture. It reminds them of the early and the indigenous settlers who dwelt along the site. Stories of American myths on Indian tribes and the mythological beings attached to them are part of the structure of what early American culture is about (McClure and Leonard, 2004, 331-336). When it comes to modern day myths, the impact of such stories does not greatly influence the view that I look at the constant flow of history in the modern society that I dwell in. However, myths from the past like that of the stories confined within ancient American tribes make me think about the flow of unexplained powers of nature that may or may not exist. Such makes me wonder whether natural forces narrate the everyday lives of people. It makes me contemplate about one’s adherence to the will of nature’s spirit. The worldview of a particular people can also be affected by myths. This can be seen in the philosophical values of the Japanese people. The mythological stories of Kobo Daishi are of great significance to the formation of the mentality that the Shinto-Buddhists have. The symbolic events that happened in the stories of Kobo show the precepts of Buddhism and thus, a background which explains the Japanese attitude. Hence, the mentioned myths explain the simplicity, asceticism and practicality of the people through the influence of their religious oath (McClure and Leonard, 2004, 360). . Aside from the Japanese, the Jewish have their Waters of Eternal Life (McClure and Leonard, 2004, 361-363). Like the mentioned, mythologies create a huge influence in modern society. To emphasize the roles of myths in the modern era, religious tales are the most influential. These form the standards of ideological and religious belief thus, creating a way-of-life for a certain group of people. I have not personally travelled to any sacred place but I am greatly familiar with the Grand Canyon of Arizona. From an observer’s stand point, I presume that there is, indeed, a huge difference between secular places and the Grand Canyon. First of all, the aura of the place is entirely unique. The Grand Canyon is rich of the Native American heritage which entails a great deal of cul tural significance for the American nation as a whole. When topic of travelling is concerned, souvenirs make a great deal because it functions as a testament to the first hand experience that a certain individual has in the presence of a particular landmark. Souvenirs transform into an artefact or a relic which gives proof that a person had seen the splendour of a specific place. For my personal hobby, I collect book that spans to non-fiction, fiction, the occult and the