Uniform accounting standards produce Essay Example for Free

Uniform accounting standards produce Essay In the last decade, various countries around the globe have shifted towards a uniform accounting standards or the International Financial Reporting Standards (IFRS). The main motive behind this movement is to come up with a global language for accounting which will be comparable and understandable beyond the borders of a nation. As of today about 120 countries require IFRS for domestically listed companies, although only about 90 countries have fully conformed to IFRS . While some argue that it is necessary to have a system of accounting that is clear and transparent to global investors and companies, some others are skeptic about it being efficient. Furthermore, some feel that the costs of implementing IFRS can be too high and hence uniform accounting will not be worth the cost. Hence, critically analyzing IFRS and understanding its impact on accounting principles will help us to recognize the costs and benefits of this system. One of the main objectives of IFRS is to increase the efficiency and transparency in accounting. However, the main tension in the model rests due to the non- uniform nature of firms as well as nations. For instance, countries differ on myriad ways such as capital and labor markets, nature of government, involvement of government in the company and so forth. Similarly, firms differ from each other in various ways including size, growth, types of products, geographical location and technological advancement . Therefore, coming up with a detailed accounting system or a set of principles to fit all of these can be challenging. Thus, IFRS uses a principle based system, rather than a rule based system which wi ll allow the companies to apply IFRS according to their situation and prepare their statements. However, this flexibility can itself be seen as a big down- side of this system. This will provide a way for companies to manipulate the statements which in turn can encourage fraud. Trancy Coenen comparing the fraud under the system of GAAP and IFRS says that, As IFRS is largely based on judgment in applying principles, it only stands to reason that the risk of fraud in the financial statements will increase with the change . For example, Fair Value judgment is one of the corner stones of IFRS system of accounting. However, it is unclear as to who gets to value things and how can these figures checked for reliability. Thus, IFRS, which is created to form a uniform and transparent system of accounting can itself lead to non-uniform accounting practices with very little information about who makes the judgment behind numbers presented in  the financial statements. Furthermore, another crucial concern that rises with the implementation of IFRS is the balance between the capital alloc ation benefit of a uniform accounting standard against the social cost of forcing diverse firms to adhere to the same rigid standard says Korok Ray, a professor of Economics from George Washington University . Hence, for a small company the cost of shifting from its current accounting practice to IFRS might be too high whereas for a big company it might be small. Furthermore, the time in which all the companies will have to shift from their old system to IFRS can decrease the quality of the financial statements. Lack of experience in this new system of accounting can also increase mistakes making the system less accurate . Nevertheless, it is undeniable that in an increasingly more globalized world, a cross-border accounting system will immensely benefit firms and investors. This system will lead to investment comparisons between various countries, making investors better off. In fact, Marc Fogarty, a Certified Public Accountant says that the single set of standards will cut down the costs to which foreign companies investing in the U.S. markets will have to adhere. He also believes that, the U.S. GAAP standards along with other strict accounting regulations have long been deterrent to foreign companies trying to raise money in the U.S. capital markets . Small investors will be benefited from this change, as they will have an access to more financial information which can be easily understood. In short, implementing IFRS will lead to easy to understand, clear and efficient financial data which will be made available to the general public. Just the implementation of IFRS does not mean investors are prot ected against fraud or misrepresentation of a company’s financial statement. In addition, IFRS also has numerous short term problems that can have a huge impact on its initial adaption and implementation. However, company’s and investors can protect themselves against risks by learning IFRS which will increase their understanding of the financial statement. This will not only help them to critically analyze the numbers represented on the statement but also help them to better compare and contrast one statement from the other nationally or internationally.

Prime Minister: British System of Government

Prime Minister: British System of Government INTRODUCTION This essay mirrors the roles of the Prime Ministers and their Cabinet members, and discusses how dominant the role of Prime Minister is in the British system of Government, and to what extent can the power be exercised. The essay begins with a vivid explanation of what the core executive arm of the British government is made up of, what position the Prime Minister stands for in the business of coordinating the affairs of the well-meaning British citizens. Moreover, on the other hand, this essay seeks to address the roles Prime Ministers have played in the Civil Service and the changes they have effected in the past decades. The next point will describe, compare and contrast the leadership styles of some dignitaries who have served in the capacity of a Prime Minister to the British government in the twentieth century to the present Leader Gordon Brown. The next important area this essay will address includes historical decisions former Prime Ministers have made in shaping the British polity and policy formulation. We will resume our discussion with a brief consideration of the structure of the British system of government and gladly guide our discussion into the roles and powers of the Prime Minister in the affairs of the government. THE BRITISH SYSTEM OF GOVERNMENT The British system of government is known to be Europes oldest parliamentary democracy. The British parliament was established in the eleventh century and, after King John signed the Magna Charta in the year 1215, it came into power and became the main figure in the British system of government. By this singular act, England piloted the idea of democracy in the whole of Europe. The British constitution, unlike that of most of other countries in Europe and the world at large, is not written as a single document. It is partly formed by statute, and partly by common law and conventions respectively. The constitution can be altered by an Act of Parliament, and/or by general agreement to change convention(s) (Coxall et al, 2003:179-181; 2006: 182-189; Kavanagh 2006: 247-250). Britain is a constitutional monarchy and currently has her Royal Highness Queen Elizabeth II as the head of state. Practically, she reigns but does not rule. The country is administered, in the queens name, by the Government comprising of a body of ministers, which is referred to as the Cabinet and consists of 22 leading ministers, who are responsible to carrying out Parliamentary functions. The origin, traditions, customs and beliefs of the Great Britain are derived from its four countries (England, Scotland, Wales, and Northern Ireland). Each of these countries is well represented in the British Parliament, which sits at Westminster (at the heart of London) this is the ultimate legislative authority in the kingdom. The Parliament is composed of three arms: the Sovereign, the House of Lords, and the House of Commons (Coxall et al, 2003:182-186; 2006: 185-190; Kavanagh 2006: 247-250). In practice, the Sovereign arm officially summons and dissolves the Parliament and generally begins every new yearly assembly with a speech from the throne. The House of Lords consists of traditionally inherited peers and peeresses, which also includes the law Lords. They are so appointed to undertake the judicial duties of the House, and the Lords Spiritual (made up of the Archbishops of Canterbury and York and other 24 bishops). On the other hand, the House of Commons is elected by universal adult suffrage and made up of Members of Parliament (MPs) there are approximately 650 seats for the MPs. The chief responsible officer of the House is the Speaker, who is elected by the MPs to take charge of the affairs of the house and presides over the house meetings. The ultimate authority for lawmaking resides in the House of Commons (Coxall et al. 2006: 185-188; Kavanagh 2006: 250-251). Every five years, a general election must be conducted only citizens who are eighteen (18) years of age and above are allowed to participate in the voting exercise; and candidates for various elective positions must be over 21. There are four major political parties, namely: Social Democratic, Labour, Liberal, and Conservative parties The winning party forms the Government. Ministers are chosen by the Prime Minister (leader of winning party). The second party becomes official Opposition to the ruling party and forms the Shadow-Cabinet. MPs who are members of the Opposition blocs are called back-benchers. THE PRIME MINISTER In modern era, the United Kingdoms Prime Ministers lead a major political party, and command a majority in the House of Commons (the Legislative arm), who is also the leader of the Cabinet (the Executive arm). However, it should be noted that under the British system of government, there is a unity of powers rather than separation. The Premiership was not deliberately created as an official position, but has however, evolved into a much structured official power. The office gradually evolved over three hundred years, and defined by customs in the form of conventions that later became generally accepted by everyone. The Prime Ministers relationship with the Sovereign, Parliament and Cabinet was completely defined by these conventions until the twentieth century. Despite its growing supremacy in the constitutional chain of command, the Premiership was accorded with little formal recognition the legal imaginary tale upheld was that the Sovereign still governed directly. For example, many of the Prime Ministers legislative and powers are largely derived from Royal sanctions and are still formally vested in the Head of State the Sovereign (Coxall et al, 2003:180-182; 2006: 185-190; Kavanagh 2006: 247-250). Under this arrangement, UK appears to possess two independent executives: the Prime Minister and the Sovereign. However, the notion of the crown settles this paradox. The Royal Crown stands as a symbol of the states authority to govern making laws and executing them, imposing taxes and collecting them, declaring war and making peace. Until the Glorious Revolution of 1688, the Sovereign had worn the Crown and exercised the powers it stands for. Thereafter, Parliament gradually took Sovereigns out of the corridor of political powers to a more neutral position. Parliament placed the Crown in commission, thereby entrusting its authority to responsible Ministers including the Prime Minister and the Cabinet crew, who are made accountable for their policies and actions to the Parliament and the people Great Britain. Nevertheless, the Sovereign still wears the Crown and her sanction powers are still legally intact in practice, Parliament has taken everyday governance from her, leaving her with three constitutional rights: to be kept informed, to advise, and to warn (Coxall et al. 2006: 185-188; Kavanagh 2006: 247-250). The Prime Minister is responsible for recommendations of dignitaries for honour in the various annual special honours lists. The Prime Minister has a distinctive role in the area of national security; being the national leader, the PM represents the country at global events, such as, playing host to heads of government of other countries and international conferences, (Coxall et al, 2003:187-189; 2006: 182-202). The PM also appoints top civil servants. Dating back to the late seventies, it is gathered that quite a lot of key reforms of the civil service has evolved. Margaret Thatcher (the then Prime Minister) highly scrutinised the civil service commission; her civil servant reforms meant making the civil servants more efficient. This effectively reduced the numbers of civil servants in office. The Blair government also continued with this reform. This reform was, however, formally initiated by the previous Conservative government, (Martin 2003:69-70). Notwithstanding, the leadership styles of Prime Ministers have varied historically. Thatcher is famous with having a dominant leadership style in which she had a direct approach, however, the political writer Martin J Smith has described her leadership style as being autocratic. Generally, the Prime Minister seeks advice from the Chancellor of the Exchequer and treasury before economic, foreign policy proposal are made, nevertheless, the final decisions are made by the PM who is central in shaping policies. Over the past forty-five years in the UK government, Prime Ministers had to take an important role in various schemes bothering the different quarters of the economy such as challenges facing the industrial trade unions and issues in Northern Ireland. On the other hand, PMs might delve into areas they fervently believe in, which might sometimes risk being displeasing to other ministers. For example while Margaret Thatcher bought in the poll tax, James Callaghan the PM during the late seventies intervened in educational and health matters, however, Tony Blair, on his opinion, put into operation the millennium dome, had an enthusiastic interest in law and order and supported President Bush in the Iraq war. Gordon Brown has made several decisions (such as cl osing the gaps that exits in the tax haven) that he believes will lead his people out of the current financial crisis. The PM has the power to advise the monarch the arrangement of disbandment of parliament within a five-year period. This strengthens the PMs authority against the oppositional parties; however this political weapon can sometimes flop, for instances James Callaghan in failing to call for a general election in 1978, while his predecessor Edward Heath called an election in 1974, can mean defeat. Final decisions on election dates are generally made after proper consultations with chief whips and cabinet have been initiated. Historically, British Prime Ministers possess distinctive responsibilities to discharge healthy governance to the people of Great Britain, notably in world wars and recent crisis like foot and mouth and fuel crisis. Prime Ministers importantly must govern in a democratic way, by getting a consensus if they are to do well in office. The support of the party gives the prime minister the right and influence to carry out their duties, relationships within the party are paramount and are two way. The relationships the PM has between cabinet ministers and close associates do not necessary have to do with personally as generally they are part of a structural relationship which is linked by the rules of the Whitehall circle, which are made up of institutions of governments, past policy decisions and by outside political and economic matters. Cabinet ministers and the prime minister have resources available to them; however, to achieve this they have to go through a process of exchange. This clearly has to do with the particular framework, which the prime minister would have achieved on the election result, if the PM were unpopular in the polls, and then they become more reliant on others for advice (Coxall et al 2003: 187-193; 2006: 182-202). A prime minister has the most authority after an election victory. CONCLUSION The PM achieves little or nothing in office if they do not have the support of their cabinet ministers. Furthermore, the Prime Minister being in office is based on legitimacy; hence, the PM is reliant on the cabinet. Tony Blair, being aware of how support is vital, owed his position, in many ways, to Browns loyalty. In return, Blair has given Gordon Brown the authority and autonomy to administer the governments socio-economic policies/affairs. Although, Blairs leadership style making of executive decisions which he (Blair) feels is best for the country irrespective of what the bulk of the cabinet members think is more superior to Browns. In conclusion, British Prime Ministers are clearly in a powerful position of authority in the British system of government, which has evolved over time. REFERENCES Coxall B., Robins L., and Leach R. (2006): British Politics. Palgrave Macmillan. Coxall B., Robins L., and Leach R. (2003): Contemporary British Politics. Palgrave Macmillan, 4th ed. Kavanagh D. (1996): British Politics: Continuities and Change. Oxford University Press, 3rd ed. Kavanagh D. (2006): British Politics: Continuities and Change. Oxford University Press, 6th ed. Martin J. S. (2003): Governing as New Labour. Palgrave Macmillan

Hallucinogen Essay example -- essays research papers

Hallucinogen While many drugs speed up or depress the central nervous system, there is a class of drugs that distorts how we feel, hear, see, smell, taste, and think. Called hallucinogens because users often hallucinate, or experience nonexistent sensations, these drugs are also known as psychedelic, or mind-bending, drugs. Some hallucinogens come from natural sources; others are made in laboratories. Examples of natural hallucinogens are mescaline, psilocybin, DMT, and marijuana. Mescaline, which has been used by American Indians in religious ceremonies, comes from the peyote cactus. Psilocybin, also used by the Indians and believed to have supernatural powers, is found in about 20 varieties of mushrooms. Once ingested, psilocybin is converted to psilocin, which is responsible for the drug's hallucinogenic sensations. DMT (dimethyltryptamine) is a short-acting hallucinogen found in the seeds of certain West Indian and South American plants. In the form of snuff, called cohoba, it has been used in religious ceremonies in Haiti. Marijuana is a plant belonging to the hemp family . The active principle responsible for the drug's effects is tetrahydrocannabinol (THC), obtained from the amber-colored resin of the flowering tops and leaves of the plant. Hashish is also made from this resin. Of all drugs, synthetic and natural, the most powerful is LSD, or lysergic acid diethylamide. Twenty micrograms, an almost infinitesimal amount, is sufficient to produce a hallucinogenic effect; just 3 pounds (1.4 kilograms) could induce a reaction in all the inhabitants of New York City and London. This extraordinary potency makes LSD especially dangerous since it is usually impossible to determine how much is contained in doses offered by drug dealers. LSD is chemically derived from ergot, a parasitic fungus that grows on rye and other grains. An odorless, colorless, and tasteless substance, LSD is sold on the street in tablets, capsules, and sometimes liquid form. It is usually taken by mouth but can be injected. Often LSD is placed on a blotter or other absorbent paper and marked into small squares, each representing one dose. Synthetic hallucinogens with effects resembling those of LSD include DET (diethyltryptamine), a synthetic compound similar to DMT, and DOM (2,5- dimethoxy-4-methylamphetamine), a compound that combines some of the properties of mescaline and amphet... ...ects of hallucinogens are dilated pupils, raised body temperature, increased heart rate and blood pressure, sweating, loss of appetite, sleeplessness, dry mouth, and tremors. The long-term effects are less certain. LSD users may experience involuntary flashbacks during which the drug's effects reappear without warning. Such flashbacks can occur days, months, or even years after the drug was last used. Some LSD users develop organic brain damage, manifested by impaired memory and attention span, mental confusion, and difficulty with abstract thinking. It is still unclear whether such damage can be reversed when LSD use is halted. Although hallucinogens can pose a threat to health when used indiscriminately, they may also have therapeutic uses in medicine when administered under controlled circumstances. A synthetic form of THC, the active principle in marijuana, has been approved for prescription use by persons who suffer from the severe nausea that often accompanies cancer chemotherapy and for whom other antinausea drugs are unsuitable or ineffective. LSD was once used to treat persons with certain mental disorders, but such use was abandoned because of the drug's harmful effects.

The Shepard’s Keeper :: Essays Papers

The Shepard’s Keeper Throughout time there has been at least one constant that I am aware of. That constant is art. One particular piece of art stands out and catches the eye. That piece of art is The Shepherdess and Her Flock constructed and perfected by Jean Francois Millet. When one makes a certain judgment on a piece of art, one must be precise and certain about that judgment. When observing Millet’s piece I will take in to consideration three things to make my judgment: use of color, theme, and meaning. The Shepherdess and Her Flock catches the eye very quickly. The painting consists of a shepherdess tending to her sheep in some remote hills perhaps and most likely in Western Europe. The shepherdess herself is standing just a few paces ahead of her flock while they are all grouped together tightly apparently feeding. She is holding a staff while studying the ground. The look on her face makes her seem like she is disturbed for some unknown reason. The shepherdess is wearing many articles of clothing. Her first layer is blue and reaches down to her ankles. The next layer appears to be some kind of shawl. The shawl is cream colored and only reaches just past her waist. The final piece of clothing is red and only covers her head. The grass beneath the shepherdess, which covers the entire land, has bald spots and contains dandy lions giving it great character. This is the grass on which the flock is feeding on. Watching over the sheep is a shepherd dog stand just to the right of the flock. The dog stands very proudly and has a great pride in his job. The sky in this work is covered entirely with clouds. The only bare spot in the sky is at the very top of the painting where the clouds begin to split. Millet’s work appears to be set early in the morning. Looking beyond the flock as far as the painting will allow, one can see some hills and trees and perhaps a small village or town. This painting is overwhelming with beauty and style and elegance. Millet comes to the edge of perfection is his work, The Shepherdess and Her Flock. When an artist creates a piece, in this case a painting, the artists must take into consideration the colors that he/she uses.

Do not go gentle into that Good Night and for Eleanor Boylan talking with God :: comparison compare contrast essays

Pain and Sorrow in Thomas’ â€Å"Do not go gentle into that Good Night† and Sexton’s â€Å"for Eleanor Boylan talking with God†Ã‚   The end our road that is life, is death and the second we begin to live, we begin to die. A rendition of death and the loss of a loved one is expressed in two different lights in Dylan Thomas’ â€Å"Do not go gentle into that Good Night† and Anne Sexton’s â€Å"for Eleanor Boylan talking with God†. Both express the fear and vulnerability of losing someone you thought should live forever Thomas’ message is an imperative one a dark and tangible energy whereas Sexton’s tone is more passive and quiet and more driven by sorrow than anger. But as there is an underlying sense of sorrow in Thomas’ villanelle, there is also a sense of quiet anger. In â€Å"For Eleanor Boylan Talking With God†, Sexton expresses the pain of losing a loved one. There is a surreal quality to the poem, Sexton seems to write as she thinks with a thought inciting a memory; she communicates her feelings in a very literal concrete way but the poem is still very abstract because there is so little linking these images, adding on to the feeling that you are looking into Sexton’s very mind and heart. She talks about Eleanor, a friend who is more beautiful than her mother; this intimate compliment can be interpreted as more dear than even her mother. An aspect of Eleanor that Sexton respects is her closeness with God, there is a child-like trust depicted when the author writes about Eleanor in the kitchen â€Å"motioning to God†. Possibly because Eleanor is wearing a lemon-colored sundress, the reader imagines her with a smile and she feels the acceptance at her own death that Sexton cannot find. Eleanor has more faith than the author in God and who has maintained this faith even when she is dying. Sexton wrote that God â€Å"had a face when she was six and a half† meaning he was a tangible figure. The six-year-old Sexton had a familiarity with God, she knew what he looked like; he was her friend, as is the feeling in most children about God. But this image of god has become a huge jellyfish that covers the sky. There is no comfort in a slimy jellyfish and Sexton does not find any comfort in God.

HCF Company Essay

Evaluate the option of continue or shutdown of the Malaysian or Thailand operations. Should HCF consider starting its own label? Regarding to the case, HCF have two options either to continue or shutdown operations in Malaysia or Thailand. If they choose to shutdown operation in both Malaysia and Thailand, HCF should consider a few things. Firstly, the shutting down all factories in Malaysia and Thailand would costly around RM4.3 million. The costs are refer to the sale of Penang and Butterworth factories ( RM8.5 million), Chieng Mai and Jitra (RM1.2 million) and redundancy payments around RM3.0 million at minimum. Here, there have advantage and disadvantage of pulling down operation in Malaysia and Thailand. One of the effect of closing down is harm HCF reputation as quality manufacture for both men’s and women’s clothes. In additions, closing down the factories in Malaysia and Thailand causes HCF loss of human capital. As said by Teoh Chin Teh, Factory Operation Direc tor, a large number of employees would have to be retrenched and most of them are working with HCF more than 10 years. Thus, it will affect to workers if Malaysia factories are closed. Secondly, HCF has an option to close down the factories in Jitra and Chieng Mai only. The costs of shutting down both factories are RM1.2 million. Besides that, Jitra and Chieng Mai are located in rural area and will make HCF hard to find new buyers to sell the factories rather than Penang and Butterworth factories which is located in strategic location. Other than that, HCF can save cost of workers in Jitra and Chieng Mai and concentrated the operation in Penang and Butterworth. Regarding the issue about HCF plan to have their own label, they should take a few consideration before proceed with the planning. First, the cost for setup the label is RM32.1 million (fixed costs and advertising costs). Besides, the probability id producing own label is small about 70% while the successful is only 30%. Thus, HCF should not yet started their own label until the companies getting stable and have profit.

Digital Marketing Plan Essay

Introduction In the current age of advanced technology and media, where customers have access to broad marketing information any time, it is not easy for a business organization to grow and develop efficiently without implementing sound marketing strategies. Such strategies should mainly include digital marketing because of the broad use of computers and adoption of internet and other associate devices. With insignificant investment on web based marketing and creation of website, a large population of customers and new markets may be highly attracted by such marketing technique. The present paper major in providing a digital marketing plan for Bagel Nash Limited. The hospitality industry, is normally fast changing and dynamic sector. It constitutes to the leading sectors in the global economy, considering its turnover and transactions. As a result, hotel sector is highly sophisticated and competitive industry. As Bagel Nash has greatly grown and operating in many nations in the globe, it is now a must for Bagel Nash Ltd to adopt a digital marketing strategy to enable the company stay ahead of its competitors. Adoption of digital marketing strategy will also enable the company to attract and retain a large population of customers, market share, and maximize its profits in the today’s competitive environment whose customers have enough information regarding the market (Chaffey & Ellis-Chadwick 2012, p. 15). Digital marketing is one of the current fast cheap and growing solutions that enable companies to attract maximum  customers under no boundaries. If Bagel Nash adopts a digital marketing strategy, the company will find it easy to send messages to its potential customers, and as a result, this strategy will end up attracting many new customers (Ryan & Jones 2012, p. 56). The economy of the today’s world is actually demanding every business owner to look for the best marketing deals he or she can find. Usually, one can only find these deals on the internet. Digital marketing helps companies to maximize their exposure to consumers who are highly looking for the products and services of the companies. This aspect makes digital marketing more operative than any other form of advertising. Increasing the exposure of the company through adoption of digital marketing is highly portrayed by big firms especially McDonald’s (Parkin 2009, p. 67). Digital marketing will have numerous benefits for both Bagel Nash Ltd and its customers. However, on the other hand, adoption of digital marketing strategy has some drawbacks, which arose from the use of technology and internet marketing as well as its popularity of the target market. When using digital marketing Bagel Nash will not cut back its marketing budget in the current economy. Instead, this fast food organization will only focus on using its marketing budget efficiently by investing in digital marketing campaigns (Chaffey & Ellis-Chadwick 2012, p. 25). Actually, this is the appropriate time for Bagel Nash Corporation to review its marketing plans and bring digital marketing into its focus due to the rising costs of marketing using traditional Medias such as Magazines, which do not give the company a guarantee that it is actually targeting its potential customers. Situation analysis There are very view business organizations that operate without marketing in the current era of information communication and technology. If fortunately, a certain business is efficiently growing, this does not entail that the organization has captured all the entire market leaving no more growth opportunities. If an organization is already progressing, such an organization can perform much better by adopting a digital marketing strategy, thus enabling it to increase its market share (Chaffey 2000, p. 157). If an individual has a business in the modern marketplace, it will definitely be hard to run it with implementing a marketing strategy and not enough running a local newspaper advertisement to maximize the business  exposure (Bird & Bird 2007, p. 78). In addition, running an advertisement on a local TV station is currently useless because the most appropriate forms of marketing are those based on online marketing. In summary, before an organization starts getting the advantage of a large consumer base the organization should ensure that it attracts them to its website, and that is when the tools of online marketing come into action. There is need to present goods and services in a visually and clear appealing manner on the organization’s website. The website, will be the â€Å"store† of the company on the internet. The services and food substances offered by Bagel Nash will be convenient to access, having fair prices, and clearly defined delivery methods (Ginty, Vaccarello & Leake 2012, p. 134). The company should also add a blog to its website for the purpose of providing fresh content, innovations, and photos for customers to have a look. Adding a blog will also aid in satisfying the criteria of the search engine f or active renewal as well as use. Adding a blog to the company’s website also helps during replacement of the search engine (Chaffey 2008, p. 143). Other popular approaches that can be used to help Bagel Nash to market its website are social media sites such as Facebook, Twitter, link building, Buzz, and other tactics of search engine optimization (Wind & Mahajan 2001, p. 89). The company can also market the website through the use of Google tools such as Google Local in order to maximize its online exposure. Despite the benefit of all these methods and tools, where an organization can promote its website using online marketing, organizations still have to deal with some issues that are related with digital marketing (Chaffey & Ellis-Chadwick 2012, p. 45). Online security issue is the key concern with customers who prefer online shopping and need some kind of security to be sure that the information they will be provide for their transaction cannot be accessed by other users or abuse in future. A company can resolve this matter of security by acquiring some verification certificates for online security and incorporating them on its website (Kaufman 2014, p. 90). Other concerns of online marketing include viral marketing, annoying banner ads that may discourage customers, placing much information about products and services on the home page that is unnecessary to the customers, and problems when searching for a product or service on the website (Payne, Frow & Cambridge University Press 2013, p. 79). Therefore, it is recommended that, before an  organization launches a digital marketing strategy, it should clearly understand whether the customer do online shopping frequently and whether they have skills of surfing the internet. As far as Bagel Nash is concerned, its target market is tourists and people who like fast foods and are always updated about the latest trends in fast food industry (Greenberg & Kates 2014, p. 115). Therefore, these people rely on internet to get new updates about hospitality services and do interactions most of their time on the internet. Objectives Achieving although challenging objectives are already set for the company to achieve in the next three years. Due to the current poor economic status that the company is operating in, achieving these objectives in the first year will be slow. The objective of the first year will be to build brand awareness to the market. Bagel Nash will aid in maximizing the awareness of its fast food products and services and their availability as well. We have already created the company’s page on Facebook, which has more than 1,000 customer â€Å"likes†. Theses â€Å"likes† are for people from different countries around the world. The company’s marketers will promote the website by using other main social networking sites, in-store advertisements, and emails. Optimization of search engine and updating process of the company’s data will be carried out more efficiently in order to ensure the website is always in front in searching results using different search eng ines. During the year, the company will also introduce secure online shopping which will aid in improving the company’s growth rate. The rate of growth of the company with increase from 6% of 2014 to 10% before the first year ends. In the following year Bagel Nash will be growing steady growth and will be among the leading search engines. In this year, the company will highly focus on introducing innovative technology and ensure that it uses the latest web technologies to enable attraction of new visitors. The growth rate in this year will be expected to increase by 7% because the company will open new branches in other countries. Bagel Nash will offer online selling to the countries it will be operating in (Ferrell 2014, p. 56). In the third year, the company will revive for the world’s economy, hopefully. The company will be able to capture a 25% market share. For British, aggressive marketing technique to maximize its market share. Online shopping  will be introduced to Britain countries in order to facilitate the company’s valuable customers as well as maximizing its market share. As a result, this will increase footfall-struggle attracting new customers (Dholakia 2002, p. 57). Strategy The following are the strategies that will be used to make the digital marketing plan more successful. Facebook lookalike audience- Using Facebook, lookalike audience will enable the company to reach new customers who will be interested in the services of the company because they are like the existing customers the company cares about. Using Custom Audiences, the company can decide to develop a similar audience that aims at targeting people who have similar characteristics with the Custom Audience list (Marich 2013, p. 76). For instance, if the company has over 5,000 contacts in its marketing database, the company can upload this contacts onto Facebook and enable targeting a demographic that is similar to the existing buyers. Email marketing- another strategy that will be used is email marketing. This fast food company will double the number of emails it sends per month. In case the company has compelling content of information that it would like to send to customers, it will be easy to inform all the subscribers that are in company’s email list via email communications. It is logical to argue that, email marketing is the leading digital channel used by many companies for ROI (Hemann 2013, p. 89). Bagel Nash will start strategizing highly on making email marketing a digital marketing strategy. Better blogging- most customers like referring to the content of a company’s blog as the â€Å"match a company should use to start the fire.† The marketers of Bagel Nash LTD will try to come up with a compelling content of the company’s blog. A compelling blog content always has a potential of ranking well in all search engines. 90% of blog accesses are new and therefore, this will act as a driver for the website traffic of the company. In addition, the blog will also be used to serve as a Twitter and Facebook post content and also as a puzzle for email marketing campaigns. By ensuring that the blog of the company has better content, its web traffic will rise as well as the content becoming more compelling. Digital PR- one can build contribution of the content through implementation of Digital PR strategy. Reaching out to several websites and sending them using a solid pitch, they  can end up writing an article of the company or try to feature the Company’s CEO on a blog post. The more people talk about the company and its services and Tweeting and chatting about the company, the more the company will be exposed in the upcoming years. Unique promotion- the marketers will brainstorm a very unique form of promotion that will attract more people and, as a result, this unique promotion will drive enormous publicity for the company in the next three years. The unique promotion of Bagel Nash will come up with user made jingle contest and photo upload promotion to entice its great buffs on social media networks to fully understand the services offered by the company in a clever way. In case this promotion will become successful, it will be ranked as one of the most popular promotions for the company in the next years. We expect that this digital marketers plan will hit if the above discussed strategies are implemented properly. In the list of the above discussed strategies are new while some have been being used for the past years. If these strategies will be incorporated properly, the company will have a perfect development and growth for the next three years using a digital marketing perspective. The strategies will highly contribute towards attraction of new customers and as a result increase sales and profit of the company. Tactics The most commonly used tactic by many companies is e-mail marketing. However, most studies conclude that even if e-mail marketing is broadly used digital marketing tactic because it is measurable and less costly, services offered by Bagel Nash Company need other tactics to coordinate with e-mail marketing. Discussed below are the tactics that will be used during the implementation of digital marketing plan. Social media- marketers tend to focus highly on social media and spend more money on it than other digital marketing tactics. This is due to the fact that this tactic is the most commonly used online activity in most countries. Just like any other tactic such as e-mail marketing, social has a higher capability of retaining customers and increase the company’s exposure. In addition, social media has low negative impact regarding rewarding existing customers (Greenberg & Kates 2014, p. 25). Referral marketing- referral marketing is the leading tactic in terms of acquiring customers and shaping conversions. Most people are aware of referral marketing and argue that it is among the efficient  tactics. Bagel Nash will use referral marketing to lead generation possibilities (Fenwick & Wertime 2013, p. 34). The tactic will enable the company to attract new customers as well as building stronger customer relationship. The marketers of Bagel Nash will enjoy one of the main advantages of this digital marketing tactic. Referral marketing will highly optimize the sales volume of the company, giving the company a qualified predictions that will increase its sales funnel (Vassos 2006, p. 95). Referral marketing will help the company’s marketers achieve a more qualified appearing from customers due to their satisfaction. Referral marketing is a very good tactic used in many organizations to attract and retain customers. It is a methodical customer cycle that is based on the strength of effect (Jones & Silverstein 2009, p. 58). Content marketing- according to most studies, content marketing is the second leading digital marketing strategy after social media when it comes to matters of spending. In addition, content marketing is ranked as the most effective tactic in the area of achieving marketing goals such as retention and awareness. Customers seek advice and information on fields they have interest. Therefore, Bagel Nash will put much effort to give its customers relevant information to enable it gain authority on its field by being a reliable and helpful resource (Ginty, Vaccarello, & Leake 2012, p. 145). According to economics such as Jeremy Chandler, content marketing portrays the company’s human side to people. The website developers will be encouraged to make use of personal voice and try by all means not to eliminate human voice on the company’s website (Lee & Ebrary 2001, p. 98). Customers tend to become more addicted to organizations that offer reliable content about their goods and services and incorporating content marketing into the digital marketing strategy will help in attracting and retaining a large population of customers (Bailey 2011, p. 67). In order to attract more customers and achieve the set goals, it will be necessary to combine all the above discussed tactics into the digital marketing plan. In additional, Bagel Nash should not at any time forget treating its customers with quality care. Action Successful implementation actions of digital marketing can bring significant advantages to an organization. Digital marketing will be the main effective means of achieving the goals and objectives of Bagel Nash LTD. The marketers  will ensure that they build up a reliable customer relationship as well as business contacts through the use of digital tools. These will not only be used to communicate with the customers but also to get their suggestions and comments. Secondly, it will be of great advantage to contact marketing research in order to enable the marketers use the appropriate platform for the digital marketing strategy. It is important to understand the target group of customers in order to choose the correct channel of reaching them (Wilson 2001, p. 123). Another action that will be put into practice is considering the benefits achieved through the use of different digital channels in order to choose the suitable one. Email marketing will be one of the most effective means of reaching the company’s target audience. The marketers will make use of this tool and design a quality content that can attract more customers. Controls- Bagel Nash is among the leading fast food restaurants in Britain and always focuses on the quality of food and services it offers to its customers. The staff members are all the time ready to improve the company’s marketing system and implement digital strategies. With the availability of both external and internal controls the marketing management will be able to upgrade the current marketing system and evaluate performance accordingly (Flores & Palgrave Connect (Online service) 2014, p. 67). The management of the company is always in a process of improving their food and services and always ready to hear the views of their customers (Thomas 2011, p. 90). The company already focuses on improving customer services and the introduction of the new digital marketing strategies will enable the company improve customer satisfaction and attract more customers. The marketing department will comprise of advertisement manager, advertisement analyst, promotion manager, promotion analyst, sales manager, and market research analyst. Implementation plan table Conclusion In conclusion, digital marketing is broadly being used by a large number of companies. In the current age of advanced technology and media, where customers have access to broad marketing information any time, it is not easy for a business organization to grow and develop efficiently without implementing sound marketing strategies. Implementing digital marketing strategy will highly contribute towards the growth and development of Bagel Nash Ltd. Bibliography Bailey, M 2011, Internet marketing: An hour a day, Indianapolis, Ind: Wiley Technology Publishing. Bird, D, & Bird, D 2007, Commonsense direct & digital marketing, London: Kogan Page. Chaffey, D 2000, Internet marketing: Strategy, implementation and practice, Harlow, Engl. [u.a.: Financial Times/Prentice Hall. 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