Why Did Stalin Come to Power and Not Trotsky - 1370 Words

History Essay: Why Stalin Not Trotsky Stalin’s race to become the all mighty ruler fully started after Lenin died of a stroke on the 21st of January 1924. With Lenin gone, Stalin started to eliminate the other members of the Communist Party: Trotsky, Zinoviev, Kamenev, Rykov, Tomsky and Bukharin. He very cleverly switched between the left wing and the right wing, by making alliances with one wing the suddenly breaking with them, only to join the other wing, going against everything that they had just achieved. Stalin knocked out all other party members along the way even those who were considered to be his friend. His violent childhood, misguided early life and the death of his first wife caused him to lose all sense of emotion turning†¦show more content†¦There is no doubt that Stalin was very lucky within the communist party with the timing of Lenin’s death. If Lenin had not suffered from a stroke, then he would have had the chance to exclude Stalin from the communist party. In Lenin’s e yes Stalin was considered very rude, aggressive in his methods and dangerous to the people. However Lenin could not expell Stalin orally, so he wrote in it is his testament instead. â€Å"Comrade Stalin having become the General Secretary has immeasurable power in his hands, and I am not sure he knows how to use that power with sufficient caution. Lenin’s testament was never read out to the public or the communist party because Stalin, Zinoviev and Kamenev decided it was better that Trotsky was not in power and to keep Stalin on Zinoviev’s and Kamenev’s side. Stalin was very clever with the methods in which he used to progress himself in the party however they were very risky. These risks included misinformation, drastic internal shifts within the communist party and turning party members against each other. Some of the reasons as to why Stalin could take such risks was because he had the control over the communist party and he also had a large wealth of peo ple following him. Due to his â€Å"pay your respects to the great leader†Show MoreRelatedStalins Emergence as Leader Essay1091 Words   |  5 PagesVladimir Ilyich Lenin died at age 53 and a major struggle for power in the Soviet Union began. A triumvirate led by Joseph Stalin succeeded Lenin. By 1928, Stalin had assumed absolute power, ruling as an often brutal dictator until his death in 1953. But how is it that Stalin emerged as the new leader of the Soviet Union. In this essay I am going to explore the reasons to how and why this happened. Stalin held a very powerful and very important position, as the generalRead MoreOctober Revolution and Animal Farm1439 Words   |  6 Pagescom/Orwell/site/opinion/essays/rhodi.html 1. 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This made Kirov very popular in the party and when there was a vote in the Central Congress for the Politburo, Kirov received more votes than Stalin - although these votes mysteriouslyRead MoreStalin s Power Of The Communist Party Essay3755 Words   |  16 PagesHow was Stalin able to assume control of the Communist Party by 1929? The assumption of power by Joseph Stalin was arguably one of the most significant periods of Bolshevik Russia’s history. Stalin is recognised as one of the most influential men to have ever lead Russia, and he did so through the largest war the world has ever faced, World War II, and through the beginning of one of the most tense periods of modern history, the Cold War. 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Critically discuss relevant SME and entrepreneurial theory and provide critical thinking regarding marketing practice using examples and supporting evidence. - Free Essay Example

Sample details Pages: 11 Words: 3181 Downloads: 5 Date added: 2017/06/26 Category Marketing Essay Type Critical essay Did you like this example? Introduction The emergence and growth of small to medium enterprises (SMEs) globally has generated increasing interest into research on how the strategy and tactics of these companies differ from or overlap with general marketing theories, as well as theories designed for multinational corporations (MNCs) (Bridge, ONeill, Cromie, 2003, p. 123). Through definition, SMEs benefit from less financial and human resources than their large corporate competitors, yet some of these companies managed to gain a competitive position in their respective industries (Chaston Mangles, 2002, p. Don’t waste time! Our writers will create an original "Critically discuss relevant SME and entrepreneurial theory and provide critical thinking regarding marketing practice using examples and supporting evidence." essay for you Create order 67). With less financial resources dedicated to marketing and significantly smaller marketing teams, SMEs revolutionised areas of marketing through the need to find more creative ways to gain a good position in the market (Burns, 2007, p. 259). Whilst marketing in the traditional sense through extensive paid for advertising campaigns and price competitiveness requires extensive funds, SMEs have a need for more cost effective campaigns with tangible results, as their ability to invest in marketing initiatives is significantly lower (Storey Greene, 2010, p. 33). In order to respond to this practical need, an increasing number of scholarly research projects are focusing on tracing the successful strategy of SMEs that thrive in conquering a significant market share (Knight, 2000, p. 13). The impact of the perceived success of small companies has generated a paradigm shift in the entrepreneurial world, hinting at the fact that a well executed vision counts more than a companys cash fl ow. At the same time, the influence of the internet and globalisation has made its impact felt on the ability of SMEs to advance beyond their capability to serve local customers (Dholakia Kshetri, 2004, p. 311). Often opting for the most effective means of marketing, SMEs have indeed become the role models of other companies in their attempt to communicate with and gain the loyalty of customers (Lu Beamish, 2001, p. 567). As such, this essay is analysing the relevance of standard marketing practice to SMEs and also the innovative solutions employed by small or medium businesses and their impact on the academic knowledge regarding marketing. Drawing a parallel between available scholarly knowledge and practice exemplified through the successful marketing initiatives of SMEs, this essay attempts to draw a clear conclusion in regards to the emerging paradigm shift in marketing. Entrepreneurship and organisational structure in SMEs Entrepreneurs usually become owner-managers of SMEs through launching their business idea and gaining the necessary funding for it from grants, loans or self-funded initiatives (Stokes Wilson, 2010, p. 35). Due to the fact that the entrepreneur is in charge of all the decision making of a firm, SMEs are often faced with operational and strategic challenges that their large corporate counterparts do not experience (Stokes, Wilson, Mador, 2010, p. 194). On the other hand, SMEs have the advantage of an organisational structure that presents closer working relationships within the company, which can aid the business to become an industry leader (Chaston, 2000, p. 166). To start with, setting the vision of a company and attempting to inspire all members of a business to share the views of the senior management is a challenging task (Southon West, 2002, p. 94). More often than not, large corporations struggle with the resonance of their vision throughout the entire corporation more th an small businesses, for obvious reasons. The hierarchical management structures often met in MNCs are inexistent in small corporations, where the success of the team is seen as a result of equal effort from all those involved in the business (Adler, 2001, p. 220). As such, the contact between the leaders of the business and the end employees is more common in SMEs (Bolton Thompson, 2000, p. 82). The leaders and employees of a business are the first and sometimes most important brand ambassadors of a company (Morhart, Herzog, Tomczak, 2009, p. 122). The relationships within a company are usually reflected in the behaviour of employees with external stakeholders and a strong corporate reputation usually stems from the cohesion inside a company (Kuhn, 2008, p. 1227). Close contact with all other members involved in the operations of a firm and constant communication leads to a strong vision and innovative ideas, due to constant exchange of information, often in face to face setti ngs (Crotts Turner, 1999, p. 116). On the other hand, the complex and formalised communication matrix that can be identified in large companies may inhibit the exchange of views and ideas and may lead to the loss of meaning of the values and vision of a firm, also inhibiting innovation (Dougherty, 1992, p. 180). Market research capabilities Uncovering the demands and opportunities of the market can be a complex issue, hence why large corporations delegate this task to teams within the research and development (RD) function of the company (Von Zedtwitz Gassmann, 2002, p. 573). The subtleties involved in the market research, including tactics of audience profiling and anticipation of demands require specific skillets (Schindehutte, Morris, Pitt, 2009, p. 93). As already mentioned, SMEs have significantly lower human resources that they can rely on for the purpose of market research and development. As such, they either rely on commonly available market research released by market research companies, due to its accessibility. However, this does not allow SMEs to gather the knowledge necessary to respond to relevant market demand in a quick manner. In addition to this, publicly available information can also be accessed by similar competitors, therefore not offering any of the companies using it the competitiveness of i nnovation (Wong, 2005, p. 270). Traditional market research conducted through expensive face to face, phone or post methods are more accessible to large corporations that can invest the capital in these initiatives. The internet, particularly social media platforms have opened up new methods, which are much cheaper and arguably more effective for conducting market research (Deakins Freel, 2009, p. 143). Granted, large corporations can still use an effective mix of the old and new methods, which would offer them a competitive edge over SMEs, but the depth of the research is only relevant when it can be effectively put into practice (Greenhalgh, Robert, Macfarlane, Bate, Kyriakidou, 2004, p. 603). The ability to analyse data obtained via any market research method and turn this into relevant information for marketing purposes is still closely linked with the talent available within a company, and once again the MNCs have an edge over SMEs. Nonetheless, the flexibility of operatio ns of SMEs is the core advantage of these companies over MNCs, as they can easily modify products and services to suit the needs of their consumer (ORegan, Ghobadian, Gallear, 2006, p. 35). In the toy industry for instance, the product offerings of smaller businesses translates into significantly lower costs incurred by changes, than in the case of large corporations who have are dealing with higher volume of products. Opportunity marketing In terms of market research and responsiveness, one of the advantages of SMEs is the close ties they can develop with local communities, making them stronger as competitors to large corporations in specific regions (Perrini, Russo, Tencati, 2007, p. 290). The debate regarding localisation of international businesses in specific regions is a result of the perceived influential power of SMEs, as the flexibility of smaller businesses to take advantage of the opportunities presented by each specific market is significantly higher. Whilst global businesses rely on the recognition of brand name and reputation, SMEs rely on the convenience they can offer in the market due to proximity of shops or familiarity with the demands of the local customer base (Stokes, 2002, p. 85). In regards to opportunity marketing, SMEs can build a competitive edge for themselves through responding to immediate needs of local consumers due to the flexibility in operations that they benefit from (Rae, 2007, p. 72). As such, distributors of toys in the UK, for instance, can take advantage of important events in the local community better than MNCs, as they will be aware of local community events for children faster than the global brands present in the area. The low capital requirement for market entry in the toy manufacturing industry is an advantage for the entrepreneurial initiatives in the industry (Ecorys Research and Consulting et al., 2013, p. 36). The multitude of options for supply chain management in the UK, through local manufacturing facilities or import of products from overseas is luring for entrepreneurs that can identify a market need in a particular area of the industry or a specific region (Kirby, 2003, p. 269). Although the price competitiveness of large toy chains such as Toys R Us is quite a high threat to the entry of SMEs in this industry, local businesses can take advantage of their knowledge regarding the more subtle needs of the consumers in their attempt to w in over the market share (Michman Mazze, 2001, p. 201). Positioning is paramount for the success of smaller businesses over their multinational competitors, and the ability to take advantage of proximity of schools is an important factor in the success of SMEs (Patten, 2001, p. 14). Whilst MNCs have an intrinsic need to find or build large stores to accommodate their extensive product range, SMEs can take advantage of strategically placed boutique stores in the vicinity of areas where the footfall of customers can make a significant difference to their financial returns. The product offerings of SMEs can be tailored to suit the needs of their local customer base and individuals with significant entrepreneurial talent will identify the gap in the market which is not fulfilled by MNCs (Davenport, 2005, p. 683). Innovation and word of mouth marketing The perceived risks associated with innovation may represent a higher threat for SMEs, due to their investment power, but the focus on niche product offerings could significantly reduce this risk. Therefore, innovation in the context of small business ventures needs to be seen as the ability to respond to the needs of a niche consumer base, usually referring to a local consumer base and their immediate need (Freel, 2000, p. 27). Whilst MNCs in the toy industry have to balance out the needs of a large consumer base with their ability to market new products, due to the need to respond to the desires of all of their customers, niche small businesses can venture into offering tailored products without endangering their strategy and operations (Carson, Cromie, McGowan, Hill, 1995, p. 54). In addition to this, the marketing of large corporations is usually concerned with the ability of their messages to appeal to a large consumer base, whilst smaller businesses can easily tailor thei r marketing tactics to appeal to a specific consumer group (Dalgic Leeuw, 1994, p. 39). Through the ability to take advantage of specific needs and wants of local consumers, SMEs have higher chances of being featured in local press or radio, therefore being able to develop more lucrative public relations initiatives. For example, entrepreneurs in the toy industry can identify important school events that they can sponsor, therefore gaining important exposure for their brand and becoming known to the relevant consumer base. Research of these opportunities is not easily accessible to MNCs, therefore leaving a gap in the market for SMEs to gain popularity over the well established chain stores. These initiatives increase the opportunity for SMEs to take advantage of both opportunity marketing and word of mouth marketing. Children and their parents are the target consumer groups of the companies in the toy manufacturing industry and whilst these groups are sensitive to advertising, there is still significant reliance on impulse buying for these products (Seiter, 1992, p. 240). As a result of this, even though SMEs are less likely to have the funds necessary for investment in standard marketing tactics such as extensive ad campaigns on TV channels, this is not necessarily seen as a barrier in the toy industry. The ability to reach the customer in person and persuade them to make a purchase is still important in the toy industry and SMEs have the added advantage of proximity to the customer and the chance to reach out into the community at key moments, when the need for their products increases (Brown, 1990, p. 180). The importance of CSR Entrepreneurs in the toy industry must realise the primary importance of safety and quality of the products sold (TIE, 2013, p. 2). Increasing concerns of outsourcing of manufacturing and testing to production facilities in developing countries have impacted on the reputation of MNCs. Therefore, the ability to demonstrate a commitment to local or national manufacturing can significantly impact on the perception of customers in regards to the quality of products and the overall image of the small companies (Spence Schmidpeter, 2003, p. 93). This can diminish the impact of pricing tactics used by MNCs, as customers are willing to pay premium prices for products that they perceive as safe and durable for their children (Trudel Cotte, 2009, p. 62). Therefore, instead of seeking to compete with their large corporate opponents from a price perspective, SMEs in the toy industry should focus on quality of products instead and demonstrate that their corporate social responsibility (CSR ) abilities are significantly higher than those of mass manufacturers of toys (Perrini, 2006, p. 307). The profitability of SMEs can therefore be increased by persuading customers to pay premium prices that reflect the added value of locally sourced products and services. In the context of SMEs, effective marketing of products demonstrates that the purchase of a product is part of a cycle that enables the entire economy of a region to prosper (Du, Bhattacharya, Sen, 2010, p. 10). Managing to demonstrate how a customers investment impacts on the employability of the region is paramount in the success of SMEs over MNCs, through effective communication with the consumers that outlines how the profits of a company are invested back into the larger economy of a region. Conclusion Whilst this paper does not ignore the issues faced by SMEs due to the significantly lower financial and human resources available to them, it outlines the strategies and tactics to overcome any of these issues. Through effective marketing tactics that take into account the needs of local customers, as well as the ability to demonstrate how quality and safety is reflected in the premium pricing of toys sold by SMEs in the UK, the smaller entrepreneurial initiatives of individuals can have a significant competitive edge over the MNCs present in the region. Developing lucrative partnerships with local schools and media outlets can impact on the success of SMEs through the ability to create a stronger reputation of the company and meaningful relationships with the targeted consumers. To conclude, whilst there are significant distinctions between SMEs and MNCs, there is not an innate need to reinvent the wheel in terms of marketing, only to tailor the tactics to the abilities and nee ds of a company. Whilst innovation, opportunity, word of mouth and CSR are equally as important to both types of companies, the manner in which the leaders of the companies can take advantage of these marketing drivers is significantly different. The success of SMEs is possible through focusing on smaller scale research of needs and wants of consumers and the ability to develop innovative solutions to respond to these without being hindered by the price competitiveness of MNCs. Bibliography Adler, P. S. (2001). Market, hierarchy, and trust: The knowledge economy and the future of capitalism. Organization Science , 12 (2), 215-234. Bolton, B., Thompson, J. (2000). Entrepreneurs: Talent, Temperament, Technique. Oxford: Elsevier Butterworth Heinemann. Bridge, S., ONeill, K., Cromie, S. (2003). Understanding Enterprise, Entrepreneurship and Small Business. Basingstoke: Palgrave Macmillan. Brown, K. D. (1990). The Childrens Toy Industry in Nineteenth-Century Britain. Business History , 32 (2), 180-197. 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Deakins, D., Freel, M. (2009). Entrepreneurship and Small Firms. Maidenhead: McGraw-Hill Education. Dholakia, R., Kshetri, N. (2004). Factors impacting the adoption of the internet among SMEs. Small Business Economics , 23 (4), 311-322. Dougherty, D. (1992). Interpretive barriers to successful product innovation in large firms. Organization Science , 3 (2), 179-202. Du, S., Bhattacharya, C. B., Sen, S. (2010). Maximizing business returns to corporate social responsibility (CSR): The role of CSR communication. International Journal of Management Reviews , 12 (1), 8-19. Ecorys Research and Consulting; Idea Consult; Danish Technological Institute; Euromonitor International. (2013). Study on the competitiveness of the toy industry. Rotterdam: ECSIP Consortium. Freel, M. S. (2000). Strategy and structure in innovative manufacturing SMEs: the case of an English region. Small Business Economics , 15 (1), 27-45. Greenhalgh, T., Robert, G., Macfarlane, F., Bate, P., Kyriakidou, O. (2004). 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In search of the drivers of high growth in manufacturing SMEs. Technovation , 26 (1), 30-41. Patten, D. (2001). Successful Marketing for the Small Business. Milton Keynes: Mailcom. Perrini, F. (2006). SMEs and CSR theory: evidence and implications from an Italian perspective. Journal of Business Ethics , 67 (3), 305-316. Perrini, F., Russo, A., Tencati, A. (2007). CSR strategies of SMEs and large firms. Evidence from Italy. Journal of Business Ethics , 74 (3), 285-300. Rae, D. (2007). Entrepreneurship à ¢Ã¢â€š ¬Ã¢â‚¬Å" From Opportunity to Action. Basingstoke: Palgrave Macmillan. Schindehutte, M., Morris, M. H., Pitt, L. F. (2009). Rethinking Marketing: The Entrepreneurial Imperative. Upper Saddle River, NJ: Pearson. Seiter, E. (1992). Toys are us: Marketing to children and parents. Cultural Studies , 6 (2), 232-247. Southon, M., West, C. (2002). The Beermat Entrepreneur: What You Really Need to Know to Turn a Good Idea into a Great Business. Harlow: Pearson Education Ltd. Spence, L. 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Financial Statements Analysis for Heinz - 2859 Words

ABOUT THE HEINZ COMPANY The Heinz Company was incorporated in Pennsylvania on July 27, 1900. It manufactures and markets food products throughout the world. The company is mainly organized into the following reportable segments: * North America Consumer Product: The segment includes the manufacturing and selling of ketchup, condiments, snacks, and other products into the grocery channels in the U.S. as well as the Canadian business. * Europe: This segment includes products across all of the company’s categories throughout Europe. * Asia Pacific: Includes the company’s operations in Australia, New Zealand, India, Japan, China, South Korea, Indonesia and Singapore across all of the company’s categories. *†¦show more content†¦Organic sales growth, that is excluding the effect of acquisitions, divestitures and foreign exchange impact, demonstrate the company’s resilience over a difficult economic climate. As Table I demonstrates, the company has s hown organic sales growth for the past four fiscal periods, though it is important to point out that price increases have accounted for the majority of organic sales growth, and that organic sales are growing at a decreasing rate. FY11 marked the first period since 2009 in which volume growth was actually positive. However HNZ is not the only company that has seen volume slide; it has been a key characteristic of the packaged food industry to sacrifice volume in order to maintain margins. Emerging markets were an important driver of the organic sales growth shown in FY11 with combined price and volume growth of 14.4% compared to the prior fiscal year. TABLE I: Organic Sales Growth The company is well positioned to continue to grow sales as its 15 top brands showed organic sales growth of 3.8% compared to FY10. Additionally, during 2011 HNZ completed the acquisition of an 80% stake of Coniexpress, a Brazilian manufacturer of tomato-based sauces and other condiments with annual sales of USD325MM. Similarly, the company completed the acquisition of Food Star, a Chinese manufacturer of soy sauces with annual sales of USD100MM. As a result of these acquisitions, theShow MoreRelatedSwot Analysis: H.J. Heinz Company Essay912 Words   |  4 PagesSWOT Analysis: H.J. Heinz Company Mission/Vision Statement: The only real vision statement Heinz offers is to ‘have a bottle of ketchup on every table. This vision statement reinforces the notion that Heinz only produces ketchup. It is unnecessary for Heinz to further identify themselves with ketchup. The ketchup market is not going to continue to expand much more than it has already. Since Heinz is synonymous with ketchup already, and customers are aware of this high quality productRead MoreSwot Analysis: H.J. Heinz Company Essay993 Words   |  4 PagesSWOT Analysis: H.J. Heinz Company Mission/Vision Statement: The only real vision statement Heinz offers is to ‘have a bottle of ketchup on every table. This vision statement reinforces the notion that Heinz only produces ketchup. It is unnecessary for Heinz to further identify themselves with ketchup. The ketchup market is not going to continue to expand much more than it has already. Since Heinz is synonymous with ketchup already, and customers are aware of this high quality productRead MoreApplication For Making An Organization Context1719 Words   |  7 Pages bar chart will be used to analyze information. Question for the CR Which food you like in the restaurant CR has targeted almost all classed people as their target customers. On this basis, they have manufactured their products. From the product analysis, it has been clear that people like various types of food in the restaurant and they are willing to buy well for with a high price. So, their possible market is very big and that is why; they need comprehensive plan. The time of going (Approximately)Read MoreHeinz Sdsgdaghagh4206 Words   |  17 Pagesdefinitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission (the â€Å"SEC†) by Kraft Foods Group, Inc. (â€Å"Kraft†) on June 2, 2015 (the â€Å"Definitive Proxy Statement†) relating to the transactions contemplated by the Agreement and Plan of Merger, dated as of March 24, 2015 (the â€Å"Merger Agreement†), among H.J. Heinz Holding Corporation, a Delaware corporation (â€Å"Heinz†), Kite Merger Sub Corp., a Virginia corporation and a direct wholly owned subsidiary of Heinz (â€Å"Merger Sub I†)Read MoreHeinz Case12213 Words   |  49 PagesH.J. Heinz Company A Managerial Accounting Perspective Jarrod Brinker Mita Harkness Michelle Panatex Kathy Rodriguez Michel Valbrun Memo 1 DESCRIPTION OF BUSINESS 1.1 Identification and mapping of processes 2 METHODOLOGY 2.1 Explanation of Methodology 2.2 Effort in Methodology Refinement 3 REGRESSION ANALYSIS 3.1 Predictive Analysis 3.2 Interpretation of Findings 4 COST-VOLUME-PROFIT ANALYSIS 4.1 Breakeven Analysis Read MoreResearch Methodology in Functional Areas1513 Words   |  7 Pagesbusiness model that rendered them vulnerable to the difficulties encountered. Recognizing the relevance of research in business planning has become even more crucial in the current economic scenario with funding getting difficult as banks, other financial institutions and venture capitalists are bound to put business propositions through a most rigorous assessment process. Research indicates that many ventures fail on account of market and industry factors. Yet,very often we come across ambitiousRead MoreThe Wealth Of Waste : The Economics Waste Water1372 Words   |  6 Pages Book review The wealth of waste: The economics of waste water use in agriculture. Winpenny. J, Heinz. I, Koo-oshima. S. Rome, Italy: Food and Agriculture organisation of the United Nations, 2010. 129 pages. Water is one of the valuable resources on earth. Due to extensive usage and diminishing resources , we are facing severe water scarcity. It is estimated that only 9000- 14,000 km3 of fresh water is available for use of humans per year (FAOWATER, 2008)Read MoreResearch Methodology in Functional Areas1504 Words   |  7 Pages model that rendered them vulnerable to the difficulties encountered. Recognizing the relevance of research in business planning has become even more crucial in the current economic scenario with funding getting difficult as banks, other financial institutions and venture capitalists are bound to put business propositions through a most rigorous assessment process. Research indicates that many ventures fail on account of market and industry factors. Yet,very often we come across ambitious Read MoreEstimating Cost of Capital in Uncertain Times2035 Words   |  9 PagesH.J. HEINZ: ESTIMATING COST OF CAPITAL IN UNCERTAIN TIMES Case Analysis San Ramon Section I (Early Class) 05/23/2014 Animesh Dalakoti Kimberly Donellan Mark Garcia Priit Newlin Kevin Stupfel Case Summary: In this case study, we estimate the weighted average cost of capital (WACC) for H. J. Heinz Company by analyzing its financial conditions as well as macroeconomic variables post 2007-2009 recession years. H. J. 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Financial Accounting of an Instruction

Question: Describe about the Financial accounting of an Instruction? Answer: One of the major scopes of the task is to identify the compliance statutory requirement of the organisations (Body, 2008). Apart from that, the scope of the task will also highlight the policy and procedure of the organisations. Policy of the company: The organization tries to make sure that everything it does to remain based on the high quality management practices and is very much has legal frameworks along with complaint that will provide the business environment to minimize the risk to all who operates within it (Benedict Elliot, 2011). Scope of the organization The above policy will give the staff to covers the entire required statutory and compliance training which will exemplifies some of the major concern areas within the organization are given below: -Given equal prospects, diversity and cross culture business environment -provide the right kind of financial services to the customers -Keeping up with employment (Berry, 2009). -Managing the Information -Research group and governance -Health and safety learning for employees -Checklist on maintaining of the laws (Bhattacharyya, 2010) Statutory requirement of the organization will help the organization to achieve the sanction of license and permission which is required by the laws of the nations for creating process of opening of new business or the expansion of the business (Bienstock Mentzer, 2008). Identifying the requirement: Some of the major act that is needed to be followed while fulfilling up the statutory requirement are factories act , PF and ESI act and payment of wages act , shop and establishment act etc in order to complete the process. Apart from the above , the major act that is needed to be followed are : Labour legislation act Minimum wages act Bonus act Professional tax act has been fulfilled by the company or not. Statutory management services Licensing and registration of the company: IT is one of the most important laws which must be fulfilled as per the various labour laws act. Registration of the company requires memorandum of association and article of association in order to be the law abiding company rather than being called illegal (Brigham, 2010). Preparation of financial statements: Managing of proper receipt and payment along with revenue generation of company is very much made as per periodical basis. This will company to enough chances of keep ways from the laws of taxation (Brigham Houston, 2009). Preparation of statutory report: statutory report must be made in order to understand whether company has done their proper filing of the company or not. Apart from that, the requirement will also give an enough scope to inspect whether the company has renewed its licenses or not or any other problems regarding law. Examination of current practices: As per the Reviewing of the current practices like Coles retail store give below: Topic Related legislations are followed or not HoD Admin Sales Finance Licenses along with registration AOA and MOA is up to date ABN act (Australian business number) N/A N/a N/A Race equity Race amendment act 2006 Gender equality Gender equality act 2007 Hygiene maintaining AS 3806 Tax returns filing Tax filing number (TFN) No No manual handling of operations Data protection act 1998 and regulation of 2004 Preparation of financial statements TRAC act N/A No Involve others Some of the major member who will be needed to complete the job are : Identification of members Board of directors CPA Company secretary HR manager Board of directors are one most important part who are needed to be involve the stator requirement making process in order keep them informing happening of the company. CPA are financial reporter who are very much in require to work as per the laws and without hiding the facts (Duchac, 2006). Company secretary manages and control the entire operation of licensing to renewing the MOA and AOA. Lastly, involvement of the HR manager will look after the equal opportunity along with right set of behavior towards job are been provided or not. Recommendations: The statutory compliance report will be submitted via electronic and as well in paper format to the compliance officer and the board of directors. As the report is guidance documents that helps the members as well as regulatory body to revise the company performance and its fulfillment of regulations as per the companys law (Ebers Wied, 2007).. Besides that, report will be submitted very much secured network of electronic format so that it does not goes in wrong hand. One of the major recommendation for the company is to fulfill the sewerage tax which has been pending since the 2008. Apart from that , company has not been shown its most recent takeovers of Australia for which disclosure is been pending that is needed to be taken care before the date of 31st march 2015 (Elmaleh, 2009). Determine how you would generate report The report will be generated every year and before every annual general meeting of the company. During the time AGM, disclosure of the report of the statutory requirement will give the embers to sink their teeth into the part of the statutory report which is yet to be completed when the deadline is near. Statutory report of the company will address the issues like central registration (service tax, PAN, TFN), state registration (VAT and professional tax) are duly completed or not. Apart from that, it will also determine renewal of the ABN number (Australian business number) and along with GST is fulfilled duly or not etc (Fleming Vasigh, 2010). Form CL08 is very much requiring to cancel the license. The report also suggest that, if the company will be assume that licence of the sick unit of the Australia will be closed by not renewing the annual compliance certificate then the Coles management is wrong. In order to close or cancel the license company must lodge CLO8 form. Failure to do so will create breach of law which will also regard as penalties (Gowthorpe, 2007). Code of professional conduct Code of professional conduct has made the sum of norm for the organizations to helps them practical support and clarification. This law does not diminish the power of board member instead it work as per Tax Agent Services Act 2009 (TASA). However, the information given in the CPC is not an actual legal structure because it changes from time to time (Tpb.gov.au, 2015). The Professional code of conduct is very much a code which will help to achieve the goal of professional and ethical standard of the registered tax agents and BAS agents (Harrison, 2008). While assessing the file of the company, if there is any major discrepancies between the documentation and client information then as per the principles of the professional code of conduct, Disclosing the information relating to client dealings without the consent of the client will be illegal (www.financialcounsellingaustralia.org.au, 2015). Although there is code of conduct of honesty and integrity which suggest that, taxation laws must be made as per the client personal affairs which includes the looking after the client asset as in the best interest of the client. Without the consent of the client no information is passed to the third part without the consent of the client is been one of the major part of professional code of conduct. Since the discrepancies have been occurred then, filing of suit against the third part must be done because as an tax agent I need to work as per best interest for the clients (Api.org.au, 2015). Apart from that, the discrepancies information must be given to the client as soon as possible in order to take the large course of action against the defaulter under tax assessment act 1997. Income tax return case As per the professional code of conduct, suggestion must be based on the competent. Here competent defines the fully proficient and suitable to provide the information regarding the required task (Tpb.gov.au, 2015). While giving the knowledge to the friend, an agent must have knowledge, skills, expertise and others resources in those areas. As a professional tax agent I must convey the existing client to consult his/her friend with me personally and give the information that requires handling all of the ITR problems. The information must have the total expenses, total income, laws relating the state and central has been followed or not etc are some of the major queries that is needed to be looked before advising anything or rather coming to any kind of decision making (Buffett Clark, 2008). Before giving any kind of suggestion, ensuring that, taxation laws must be fulfilled along with TASA act must be fulfilled. Under the tax regulation act 1997 without having prior information of client no request can be proceed. Besides that, while advising, client rights and duties must be state clearly under the taxation laws in order get the benefit of taxations . Along with that, client major responsibility of supplying the accurate and complete information as per his receipt and expenditure under the taxation laws will ensure to stay right side of the law. Suggestion for the overseas trip As the case given, the client has been member of the company for many years, the document and evidence of the for the overseas trip for the conference has given by the client before going for filing the ITR (Button, Pezzini Rossiter, 2010). As per the professional code of conduct, I would suggest client to show the receipt and payment of expenditure of the overseas trip rather than only showing the images or the videos. Besides that, after the evidence and other documents of travel expenditure which includes, fooding, accommodations, leisure and the length of trip along with travel fares will be needed for keeping accurate reasonable amount (Calomiris, 2010). Apart from that, the decision of tax deduction is also bed on the travel allowance received or not received. If the client did not receive the travel allowance for the tip then, Overseas travel (Europe) Written evidence Travel diary Travelling for less than 6 nights consistently Yes No Travelling more than 6 nights Yes No If you receive the travel allowance then, Overseas travel (Europe) Written evidence Travel diary Travelling for less than 6 nights consistently Information required for the entire expenditure No Travelling more than 6 nights Information required for the entire expenditure Exception of law to the members of crew NO Other general people Yes From the above information, as an tax agent, while writing off the expenditure within the tax exemption , travelling allowance evidence must be needed to support the evidence while expecting the tax (Calomiris Herring, 2011). Difference between legislative requirements and code of professional conduct Legislative requirements: Legislative requirement give the agent to follow the certain norms while performing their duties. There are number of regulations are made for the tax agents in order to fulfill their duties under the laws and regulations. One of the major difference of legislative requirement and code of conduct is that, code of conduct is been made as per the tax agent and legal is made for both agent and tax payer (Cheng Yang, 2013).. Besides that, other difference is that, legislative requirement is must be fulfilled by the company because breach which will make the company in wrong side of the law. Legislative requirement are very much different from the code of conduct because the legislative requirement are made for every human being and organization. It comprises of various laws starting from fraudulent to murder to other various crimes (Cortese, 2006). Code of professional conduct: Whereas, code of conduct is made for the tax agents and BAS agents. These tax agents must be work as per the legislation requirement such as BAS agent section 20-5 of TASA. Code of conduct is only for the person who is filing the tax on behalf of the client. Code of ethics is very much limited to tax agents and other BAS agents where as legislative requirement is made for everyone. Professional Code conduct is only for professional and tax payers who are filing their returns (Creedy, 2009). Tax agents work as per the legislation set by the tax agent service act 2009. Code of conducts is very different from the legislation requirement because code of conduct strictly based on codes such as honesty , integrity, independent , confidentiality and competency. Legal requirement is based companys performance, branches, its employees and its surroundings. It is basically norms needed to be followed if breached it would be unlawful (Ato.gov.au, 2015). Acting a tax agent While assessing the tax agent of divorced couple business jointly own and control by the married couple once treated as das the partnership as per the federal tax of Australia. Since the couple is divorced, therefore both of them have can run the same business as they have now become the business partner (Asic.gov.au, 2015). As the business can be run by both because business is altogether a separate legal entity and the owner are separate entity. Apart from that, now both them have to file the ITR (Income tax return) on the separately as now they are no more a couple. As a separate and single businessman, they can file ITR on the basis of their income earned. No one can use another name or take advantages of another income as both are being separated (Api.org.au, 2015). In this case both of the individuals are no more announce as couple but as business partner. As partners the business is owned and control by both of the couple and salary and income is being received as per their shares of the investment or as per the investment ratio. Both of the couple must have separate banks accounts and joint account must be dissolved as both them are no more married. Principles for the Code of Professional Conduct for agents You must take reasonable care in ascertaining a clients state of affairs, to the extent that ascertaining the state of those affairs is relevant to a statement you are making or an activity you are undertaking on behalf of the client. This principle of the code of professional conduct is falls under the 9 number clause. Here reasonable care states that, taking care at the time of reasonable situation. These all range of factors is totally depend upon the various factors including tax agent services and level of expertise and experience of the client (www.financialcounsellingaustralia.org.au, 2015). In order to become the tax agent some of the major qualities that are required are competent persons, skilled, expertise, qualification in the major filed etc are some major requirement for being an tax agents. While describing the case, asking the client right set of questions based on the expertise and knowledge in the same area will be give the tax agent right and significant information. Apart from that, if the client has not disclosed the entire information or hiding the information then , the agent must be enquiring the complete information and accuracy of the information for which it needs the evidence (Warren, 2010). Apart from that, if the information is been established previously by client is been accurate and has no doubt then the information must be supplied by the client taken in to considerations. Moreover, if the information supplies is very much inconsistent and poor then further enquiry can be conducted or examining the records are some of the major responsibility conducted by tax agents. If the tax agent without enquiring and willfully goes does the ITR filing of the client then the entire fault will be on the tax agents as he/she was responsible for the claim . if the information does not provided the tax agent then the client can claim against the tax agents because he need to supply the entire information of client (Russell, 2008). Client again can sue the tax agent under not performing the professional code of conduct. Describe the process use to determine task The organizational must fulfill the requirement such as : -equity and free of discriminations -Ethically standard -Employee engagement process - monetary and non monetary recognitions -tax paid -Industrial and workplace code of practices Some of the legislation requirement the business may be require are given below: -Company values and environment - work place procedures and assurance of the quality -goals and objectives must be clear -consistency in improvement Australian government has made some of the legislation under OHS for the Australian companies who are conducting business in Australia Morales (Pedraza, 2011). Development of the effective working team comprises of enhancing the innovation and creativity, developing the skills and knowledge and looking to improving the effectiveness and efficiency of the workers. Along with that, setting of priorities and managing the deadline which will help the company to achieve the goals. Some of the task and details are given below: Machinery While operating the machine one must not be in drugs or alcohol Besides that, only trained officer need to operate the machine Electricity Never operate under faulty cords Dont mix electricity with water Lifting Lifting of heavy machinery alone is big No-No Look for helps Planning the lift if the lift is very much large Accounting Managing the accounting by IFRS norms Proper investigation and operating under the proper enquiry before coming to the conclusions (Lewis et al. 2009). Managing team Participative form of leadership, NO blaming policy and proper employee engagement process would help to complete the task Ethical practices in the financial services industry The code of ethics practice used by the financial services industry expresses the values and responsibilities. Some of the major code of ethics within the Australian financial services industry is very much enforceable by law which states that commitment to deliver certain standard of practice (Lewis et al. 2009).. Code of practice are very much has enhance the standard of industry along with complementing legislative requirement and along with that developing the consumer confidence in the particular industry. As per the ASIC (Australian securities and Investment commission) code of conduct helps them to follow the code of conduct (RG 183) (Asic.gov.au, 2015). Some of the major codes of practice by Australian banking association are given below: Application of code: the code of banking practice is being commences on 2103 which specifies new banking services provided to customers. The code also speaks giving the guarantee on behalf of customers (Api.org.au, 2015). Key commitments: Some of the major key commitments given here are very much based on the standard practices which are required to improve the banking sector. Promoting for the better informations for decision making will give the customer enough options for choosing their banking services they like. Compliance with laws by applying the relevant law while selling of their financial products for instance privacy law and money laundering act 2006. Information about the services: Information regarding the term and conditions are mention in clear and wide letters so that it will be helpful for the general people to understand. The terms and conditions are very much maintain the confidentiality and obligations for handling the complaints and the make way for the customer to overcome the difficulty level (Hogan, 2012). Resolving the disputes: As per the Code of Compliance Monitoring committee (CCMC) for fair recommendations and use of external expertise as per demand of customers. Besides that, CCMC websites annual report are is to cooperate and comply with the reasonable for of request. Internal disputes resolution will help in handling the disputes within the internal management (Garnaut, 2010). The standard code for internal disputes suggest that, standard code of ethics regulatory guides 165 presents that actual implications to empower CCMC which notify that, person who are investing the disputes must be able to complete and resolve the issues within the 21 days in the financial service sectors. Some of the code of practices for financial advisors is given below: Respect: One of the most important part of the code of ethics where the financial advisors respect the entire people who are very much comes for the opinions and suggestions (Creedy, 2009). Code of conduct expresses the belief system which is pillar of the financial service industry. Responsibilities to self: As an financial advisors there are number of the responsibilities towards them such as showing them right path while advising them for investment. Responsibilities of the advisors are to bring transparency within their business practices (Cortese, 2006). Apart from that, financial advisers must be take care of his/her duties to improve their physical and mental well being by reducing their work load. Importance of setting of goals Setting of goals is one of the most important part of the every organizations. Setting goals must be very much real and are able to satisfy the time and place of the business. Setting of goals is one of the toughest parts for every organization because it must satisfy the vision of the company (Cheng Yang, 2013). While setting the Goals the goal must be evaluated on the basis of the SMART objectives: Specific: The Goals must be specific and not merely vague. The goal of the company must be specific to its capacity and requirement. Specification is related to the company investment and its actual outcomes. Measurable: The goal must be measureable in terms ROI (return on investment). Besides that, the goal also be measurable in terms of timing of achieving the objectives of the company. Achievable: The goal must be achievable. The goal set must be authentic so that it can be achieved within the given period of time. Goal must be breakdown in short term format to achieve it (Cheng Yang, 2013). Realistic: The goal must be real because it can be achievable. Goals must be real in terms of achieving the rate of return and time. Time: The goals must be real because it must be achieved as per the given time. The goal which is completed within the given time limit helps the company to set the bigger in future. This helps the company to reach at higher position and creates the higher brand value in competitive market (Lewis et al. 2009). Change in technology and work practices Change in technology has made the world and work simpler and easier. Technologies has made the company globalised and information more local. With help of technologies and change management within the organization ahs helped the company to gain the large customer base. Some of the technology advances that ahs change face of the companies are : SAP ERP: SAP ERP is one of the major invention that has changed face of technology by integrating the global business at one place (Russell, 2008).. ERP system is software which reduce the work of paper that makes the environment more ecological and carbon free. E-commerce: E-commerce is another place that has made the world glocal (Global + local). With the help of E-commerce financial services companies and along with retail sector has been able to sell their products in worldwide (Warren, 2010). E-commerce is one of the major platform that has embrace the secondary market via online trading of shares of NASDAQ and DAX where the investors can purchase or invest in different part of index throughout the world. Limitations on people working in the financial sector Some of the major limitations of the financial sector are given below: Lack of quality advising: One of the major limitation occurred in terms of decision making where the lack of training and proper practical knowledge regarding the financial products can create poor decision making for investors. Apart from that, lack of quality judgment is also can crates financial loss for the investors and for the company (Hogan, 2012). Good quality comprise of the right kind of approach and practice in clarifying the rights and duties of both client and practicenor. This will be lacking if there is no training and development within the financial sector has been achieved. Low trusts and confidence: The lack of quality can turn into the low trust and confidence which will again can create the conflict of interest between the client and the agent (Garnaut, 2010). This may ruin the customers confidence of the investor investing in the capital market of financial service sector. Lack of knowledge about the products: Lack of knowledge of products can create big issues and discrepancies that may creates huge looses for the client and the investors. Lack of knowledge and training for selling of the financial products like MBS, derivative instrument and current account etc will be misjudge as per the risk taking capacity of the investors (Api.org.au, 2015). Reference List Books Benedict, A, Elliot, B., (2011). Financial Accounting: An Instruction. 5th ed. Mason: South-Western Cengage Learning. Berry, A., (2009). Financial Accounting: an introduction. 4th ed. California: Random House. Bhattacharyya, A. K. (2010) Principles and Practice of Cost Accounting, 2nd ed. Oxford: Butterworth Heinemann. Bienstock, C. C. Mentzer, J. T. (2008) Sales Forecasting Management, Thousand Oaks, CA: Sage Publications Brigham, E. (2010) Financial Management: Theory and Practice. 5th ed. London: Routledge. Brigham, E., Houston, J., (2009) Fundamentals of Financial Management. 5th ed. London: McGraw-Hill Buffett, M. and Clark, D. (2008) Warren Buffett and the Interpretation of Financial Statements. 4th ed. London: Palgrave Macmillan. Button, R., Pezzini, S. and Rossiter, N. (2010) Understanding the price of new lending to households, Bank of England Quarterly Bulletin, 50(3), 17282. Calomiris, C. W. (2010) Beyond Basel and the Dodd-Frank Bill, Mimeo: Columbia Business School. Calomiris, C. W. and Herring, R. (2011) Why and How To Design an Effective Contingent Capital Requirement, Columbia Business School Working Paper, February Duchac, J, E., (2006). Financial Accounting: an integrated statements approach. 3rd ed. New York: John Wiley Sons. Ebers, M., Wied, S., (2007). SWOT Analysis Robert Mondavi and the Wine Industry. 6th ed. London: McGraw-Hill Education. Elmaleh, M., (2009). Financial Accounting: A Mercifully Brief Introduction. 7th ed. Princeton, NJ: Princeton University Press. Fleming, K., Vasigh, B., (2010). Foundations of Airline Finance: Methodology and Practice. 5th ed. USA: Douglas Brooks. Gowthorpe, C., (2007). Financial Accounting: for non specialists. 5th ed. London: Routledge. Harrison, W., (2008). Financial Accounting. 5th ed. Heidelberg, New York: Springer Verlag. Journals Body, J. (2008). Design in the Australian Taxation Office. Design Issues, 24(1), 55-67. doi:10.1162/desi.2008.24.1.55 Cheng, H., Yang, C. (2013). Some Taxation Theorems in the Hotelling Model. Australian Economic Papers, 52(3-4), 143-158. doi:10.1111/1467-8454.12013 Cortese, C. (2006). Taxation and the Australian Superannuation System: An International Comparison. Australian Accounting Review, 16(39), 77-85. doi:10.1111/j.1835-2561.2006.tb00362.x Creedy, J. (2009). Personal Income Taxation: From Theory to Policy. Australian Economic Review, 42(4), 496-506. doi:10.1111/j.1467-8462.2009.00565.x Garnaut, R. (2010). Principles and Practice of Resource Rent Taxation. Australian Economic Review, 43(4), 347-356. doi:10.1111/j.1467-8462.2010.00616.x Hogan, L. (2012). Non-renewable resource taxation: policy reform in Australia*. Australian Journal Of Agricultural And Resource Economics, 56(2), 244-259. doi:10.1111/j.1467-8489.2012.00583.x Lewis, K., Sandquist, K., Stark, A., Grenyer, B. (2009). Towards a national psychology ethics code: Systematic analysis of Australian professional and registration board standards. Aus. Psychologist, 44(4), 263-269. doi:10.1080/00050060903062746 Morales Pedraza, J. (2011). A model of a code of ethics for tissue banks operating in developing countries. Cell And Tissue Banking, 13(4), 607-622. doi:10.1007/s10561-011-9279-8 Russell, D. (2008). Overview of Australian taxation of foreign trusts. Trusts Trustees, 14(8), 537-541. doi:10.1093/tandt/ttn098 Warren, N. (2010). The Henry Review, State Taxation and the Federation. Australian Economic Review, 43(4), 409-421. doi:10.1111/j.1467-8462.2010.00614.x Websites Api.org.au,. (2015). The Australian Property Institute - Leading the property profession. Retrieved 17 March 2015, from https://www.api.org.au/menuitem/professional-and-technical-standards/code-of-professional-conduct Asic.gov.au,. (2015). Codes of practice | ASIC - Australian Securities and Investments Commission. Retrieved 17 March 2015, from https://asic.gov.au/for-consumers/codes-of-practice/ Ato.gov.au,. (2015). Keeping travel expense records | Australian Taxation Office. Retrieved 17 March 2015, from https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Vehicle-and-travel-expenses/Other-travel-expenses/Keeping-travel-expense-records/ TheAustralian,. (2015). Embrace change or we risk being left behind. Retrieved 17 March 2015, from https://www.theaustralian.com.au/opinion/embrace-change-or-we-risk-being-left-behind/story-e6frg6zo-1226499469340 Tpb.gov.au,. (2015). 0304 Code of Professional Conduct. Retrieved 17 March 2015, from https://www.tpb.gov.au/TPB/Obligations/Code_of_professional_conduct/TPB/Obligations/0304_Code_of_Professional_Conduct.aspx www.financialcounsellingaustralia.org.au,. (2015). financial counseling Australia. Retrieved 17 March 2015, from https://www.financialcounsellingaustralia.org.au/FCA/media/CorporateMedia/Code-of-Ethical-Conduct-Final-Pdf-feb-2012.