Being Self-Employed free essay sample

Favorable circumstances and inconveniences of acting naturally utilized Being independently employed methods possessing your own endeavor and running it. On one hand, it may look wonderfully stunning, temptingly simple, very worthwhile and a general faultless arrangement. Be that as it may, then again, there is a whole other world to it than what meets the eye. Like each beneficial thing throughout everyday life, there are a couple of negative focuses appended to the independent work too. The favorable circumstances and disservices are identified with this vocation decision. Right off the bat, all the significant burdens of independent work can be added as one major bit of terrible news: no one is dealing with independently employed. There is no huge daddy to go to. The independently employed are separated from everyone else and liable for themselves and frequently for a ton of others as well. Also, they are not paid for days off and they should pay for their own medical coverage. There is no kid care appropriation. It isn't sure that each representative has this sort of inclusion and advantages however no independently employed has them. We will compose a custom paper test on Acting naturally Employed or on the other hand any comparative theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page On the off chance that independently employed can't work or there is no work for them they don't get paid. They additionally can't have any significant bearing for joblessness benefits. In any case, something very similar that makes independent work unnerving is the thing that makes it appealing and courageous. No one is dealing with independently employed, yet as opposed to looking on that as terrible news, it becomes as uplifting news: it implies that the independently employed are in control. They are answerable for themselves and frequently for others as well. There is no enormous daddy to instruct them, how to do it and when to do it. Nor would they be able to be terminated. They have more control of their time and life. Thus, in the event that they need to work until three in the first part of the day the entire week to take four vacation days to go skiing †they can. In the event that they need to begin day late so they can eat with companions or family †they can. On the off chance that they are not feeling great and they need to remain at home †they can. On the off chance that they have good thought †they can attempt it. One of the more subtle preferences is the chance of more cash for a similar work. All in all, in spite of the fact that it appears to be a troublesome decision, most canny experts have confronted every one of these contemplations and have concluded that since they will live just a single time, acting naturally utilized is additionally satisfying and progressively fun.

Medical Experimentations Essay Example | Topics and Well Written Essays - 1000 words

Clinical Experimentations - Essay Example In taking a gander at hereditary designing, the very reason for such research is human DNA. Clearly this suggests the supreme need of human testing on probably some level. Additionally, testing the changed hereditary material which has been altered in light of a legitimate concern for treating infections and diseases, subjects having homologous DNA is a need. This outcomes in somewhat of a dangerous incline which makes an interest for unbending guidelines administering clinical preliminaries including hereditarily based techniques pending FDA and clinical audit board endorsement. At the end of the day, modified DNA in a cell which has 23 sets of chromosomes must be embedded into a life form having a similar number of homologous chromosomes so as to be practical. Science separates species partially by their number of chromosomes just as the quantity of chromosomes every gang inside homologous sets. Research morals keeps on being very dubious encompassing undeveloped cell look into. Undifferentiated organism inquire about be that as it may, endeavors to bring about the implantation of foundational microorganisms into sick or seriously harmed people. The explanation undeveloped cells are so significant experimentally and medicinally is that they are fit for turning into a cell. Immature microorganisms obviously start from hatchlings who are as yet experiencing the procedures of cell separation. At the point when undeveloped cells are presented to various synthetic concoctions in the body, they basically are â€Å"assigned† to turn into a particular sort of cell relying upon the substance they are presented to, â€Å" Some of the most genuine ailments, for example, disease and birth absconds, are brought about by issues that happen some place in this procedure. A superior comprehension of typical cell advancement will permit us to comprehend and maybe right the mistakes th at cause these clinical conditions†(Department of Health and Human Services, 2007). The moral issue comes in to play when the subject of where the undifferentiated organisms started from surfaces. Stem

Critical Review Essay Topics

Critical Review Essay TopicsCritical review essay topics can be very tricky. While there are many different types of Essay topics, you must have a good grasp of the types of essays that can be written on a particular topic, and your critical analysis skills will be put to the test. You must also keep in mind that you may have to do much more than just write about a subject; you must go into the Essay topics to find a way to relate to the people in your study.One of the most common types of Critical essay topics is to write an essay about a certain event or situation that you have been through. You can choose to go into detail about the event, but it is not required. Many times people decide to write about the experience they have had with a person, and then relate the experience to the person they are writing about. Others find it difficult to write about events that have happened in the past, and it is therefore a necessity for them to use other means to bring that experience into t he present.The first aspect of Critical review essay topics is the ability to put your experiences into an outline. This is where you will want to get as much information as possible on the topic so that when it comes time to put the essay together, it will be easier for you to draw a good outline. If you can't put your experiences into an outline, there are ways that you can bring them in through an exercise that requires you to put your life and circumstances into a pattern that can be easily traced.Many Critical review essay topics are drawn from current events, which allows you to talk about how things change and what is going on in the world around you at the time. For this reason, it is essential that you make sure that the events that you are talking about our current events. There are many different ways to approach this, and your choice should be made according to the topic that you are writing about.For Critical essay topics, it is important that you present yourself in th e best light possible. You do not want to be the person who comes across as being overly negative, because it could ruin the person you are trying to portray. It is the same with writing about your experiences; it is very important that you put your experiences into a positive light, so that it can relate to the person reading your work.The third aspect of Critical review essay topics is making sure that you offer up your opinion to the reader. The essay is not written by one person; it is written by many people who will read the essay. The Essay itself should not matter; the truth is that the critical reviews are not coming from the author; they are coming from other people who will read your work and judge the content accordingly.It is also important that you are able to make your point as clearly as possible. Many people have trouble finding the right words to express themselves, and you will want to be sure that you have the proper words. This means that you should always ensure that you have the correct word, and that you know how to use it correctly.These are all aspects of Critical review essay topics that you will want to consider. You must make sure that you have a plan for writing, and that you offer up a clear outline of your thoughts. Once you have completed your outline, you will then want to focus on the basics and skills needed to write a well-written essay.

One Child Policy of China Socio-Economic Effects

China is world’s most populous and fastest emerging economy that is seen as a continent in it instead of being part of Asia. In recent years, developed nations have been surprised by the acceleration of development in country that they give examples of success stories based on China’s market. Apart from China’s sophisticated with complex economic and political system, China also demonstrate interesting trends in several different prospects of society that are often neglected by intellectuals. There main focus is always on economic and political reform, But in this essay main focus is on the china’s population and the cultural rituals of family, gender and marriage. To add more, further elaboration will be addressed on the changing trends†¦show more content†¦Joint family is a common practice among populations. Paternal side is considered higher compared to the maternal. Moreover, couples often desires to have boy over girl due to the agricultural background. Girls are considered someone else’s property since she marries and goes to other house. Most money is spent on son’s marriage compared to girls since it is taken as expenses of same house. Advancement of China and the increased literacy has huge impact on these normal rituals. There have been significance changes in these practices and they remain significantly distinct in Urban and rural areas. For instance, free marriage is promoted now. Rural women, unlike before have more freedom, they have their own choice in migrating to the new cities to work where they are often seen as the â€Å"cheap† labor. Unlike traditionally, women are economical independent of their husbands. There is huge gap between urban and rural China, especially when it comes to the gender equality. This fact, adds further complexity in explaining the marital and family situations. Rural china still reflects on following their ancestral customs whereas the urban China is following the footsteps of the developed nations. There is increasing preference for nuclear family. Furthermore, urbanizations have changed beliefs of people when it comes to children. Having children was considered first priority before, but now most of theseShow MoreRelatedIntensification of the Human Rights Issue in China1110 Words   |  4 PagesThe human rights issue in China is intensifying as China exercises limitations on dissidents and activists. Different reports on TV have clearly shown the restrictions towards issues as faith and religion as well as other issues related to the rights. In spite of the fast socio-economic change and the development that the technology is bringing, China is and continues to be a one-party, authoritarian state that obliges people not to be free. The freedoms of expression, the freedom to exerciseRead MoreA Theoretical Socio Economic Approach1675 Words   |  7 PagesAccording to Laville and Nyssens’s book, ‘Towards a theoretical socio-economic approach’, a community-based business is a trading organization which has the capability to rebuild and develop social capital in a community destroyed or depleted by contemporary business thinking. ( Laville, J. L. and Nyssens, M. 2001), Compared to the traditional enterprise’s ownership rights held by investors, different persons including investors hold the property rights of community-based enterprise, workers, managersRead MoreChina s One Child Policy964 Words   |  4 PagesThus, by 1975, the Chinese government had reversed their policy on population growth (Clarke), adopting the slogan â€Å"Later, Longer, Fewer.† This campaign urged couples to have two to three children and to begin reproducing at a later age, as well as promoting improved sanitation and healthcare to as to increase life expectancy (â€Å"5 Things to Know About China’s 1-Child Policy†). In 1979, the Chinese government introduced the One-Child Policy, which consisted of a set of regulations governing the approvedRead MoreThe Domestic Business Environment of China2549 Words   |  11 PagesIntroduction China has already experienced a substantial growth in the field of international business because aside from its local companies going international, many international companies from different countries have already started to dominate the Chinese market. As a result, it was perceived that the Chinese economy will continue to grow at a relative pace and would be stable enough to be derailed easily by sudden crises. But even though the Chinese economy is now getting popular in theRead MoreThe World Bank : Professional Organization Report Essay1477 Words   |  6 Pagesincrease global economic growth. Created in 1944 they have locations in five countries, each managed by their host country and are headquarter in Washington, DC. With over 10,000 employees the World Bank supplies countries with the tools needed to progress and sustain. According to the â€Å"What We Do† page The World Bank has two missions which they base all their work on. The first is to bring down to below three percent the number of people living on $1.99 and to promote the economic growth of theRead MoreSocio-Economic Consequences of China’s ‘One-child per Couple’ Population Policy2118 Words   |  9 Pagespopulation growth began to increase during the Ming Dynasty, and increased dramatically throughout Qing. The population grew around 65million in the late 14th century to more than 400 million in 1949 (Spengler 1962: 112). Since the People Republic of China was founded, Mao had seen the population growth as favorable to industrialization, and he believed that population growth empowered the country (Potts 2006). In the 1950s, the government began to realize that the food supply would soon become insufficientRead MoreThe Global Problem Of Gender Imbalance1273 Words   |  6 Pages163 million women are missing in A sia, but no one is looking for them. These missing women were victims of sex-selective abortions, pushed onto the Asian population by a patriarchal society in a way to control population growth. Mara Hvistendahl’s â€Å"Missing: 163 Million Women† focuses on the causes, consequences, and global implications of the gender imbalance in congruence with sharing of local practices. Kwame Anthony Appiah offers cosmopolitan concepts of taking interest in practices that lendRead MoreOverpopulation Is A Foremost Challenge That Humans Face Today1431 Words   |  6 PagesA Debate over Overpopulation Overpopulation is a foremost challenge that humans face today. According to www.Worldometeres.info, the human population is heading to 7.5 billion, and at our current birthrate, we are adding nearly one billion more people every twelve years. Issues such as dependence on natural resources, degradation of the environment, poverty, and unemployment, are root issues caused by overpopulation. Though opponents of this theory, such as Erle C. Ellis, use archaeological recordsRead MoreWesternization Is The Result Of The Contact Between Western And Non Western Cultures962 Words   |  4 Pagesglobalization through the Washington Consensus, a reform package designed by Washington D.C. comprised of a set of specific economic policy prescriptions for critically economically unstable developing countries, the International Monetary Fund (IMF), and the World Bank. In 2000, globalization was heightened through the emergence of the economies of countries including India, China, Brazil, and Russia (the BRICs). In recent decades, as opposed to during colonial and recent post-colonial times, westernizationRead MoreThe Implementation Of Population Control Against Poverty1320 Words   |  6 Pagesits degradation. Therefore, non-coercive population control should be instituted more extensively. Increased population control can effectively slow involuntary population growth. Historically, policies have taken on two major forms. One involves authoritarian enforcement, such as China’s One Child Policy or India’s sterilizations. The other, which this author espouses, includes media campaigns, sex education, reduction of infant mortality, and increased access to contraceptives and abortion . Jeffrey

The Importance Of Cultural Awareness Essay - 1426 Words

The Importance of Cultural Awareness Introduction Recently, one of my mother’s colleagues lost her father. The deceased lived in one of the urban areas of Nairobi and the family of the colleague saw it fit to bury their loved one the weekend after he passed. To them, this was an appropriate decision as any delays would rack up higher bills for the family and would be a waste of time. However, the extended paternal family of the deceased, who lived in rural areas, would hear none of it. It was their custom to mourn before burying their dead and would carry out this period as long as necessary. To them, a burial occurring soon after death implied there was something wrong with the deceased and that the family wanted to get it out of the way as soon as possible. Cross cultural misunderstanding created complications in the process and the colleagues’ family eventually had to concede to appease the other. According to the Merriam-Webster Dictionary culture is â€Å"the customary beliefs, social forms, and material traits of a racial, religious, or social group† or â€Å"the beliefs, customs, arts, etc., of a particular society, group, place, or time.† It can even be the manner in which a person processes information, acts or labors that governs an area or organization, like a school. (Culture [Def. 2]., n.d.) A culture is formed by a group of people handing down their mannerisms, way of life, food, art and language to their successors. Culture will both directly and indirectly affect theShow MoreRelatedImportance Of Cultural Awareness799 Words   |  4 PagesCultural Awareness is the ability to accept and recognize the different beliefs, values and customs that people have based on their origins. Having this awareness is extremely beneficial and important. There are several benefits involved with cultural awareness. Cultural Awareness allows a person to build much more successful professional and personal relationships in such a diverse environment and society. This is important because it allows people to reach their at-most potential in life. I thinkRead MoreThe Importance Of Cross Cultural Awareness834 Words   |  4 PagesThe Importance of Cross-Cultural Awareness Introduction Large corporations as well as small businesses can reap the benefits of expanding operations into overseas markets. The overseas expansion process does take time and requires careful planning. Cross-cultural differences need to be examines as the may require you to alter your business processes (Joseph, 2015). Cultural differences must be researched and rehearsed to successfully conduct business overseas. I have served the past 26 years inRead MoreAn Alaysis of the Importance of Cross Cultural Awareness for Managers Working in the Banking Industry in Saudi Arabia2462 Words   |  10 PagesGLOBALISATION AN ALAYSIS OF THE IMPORTANCE OF CROSS CULTURAL AWARENESS FOR MANAGERS WORKING IN THE BANKING INDUSTRY IN SAUDI ARABIA Rashed Alzhrany Due Date: 07/ 01 / 2013 Abstract introduction Now days, the world becomes a one village. Although, there are different kinds of management styles and cultures impact on business management in the world, employees needs to increase their awareness to achieve the organisationRead MoreCultural Self Awareness And Cultural Intelligence1024 Words   |  5 PagesCultural self-awareness is strongly linked to development of a cultural intelligence for a number of reasons. Thus, this essay will critically reflect on what cultural self-awareness is and its importance on how it develops ones cultural intelligence. Before we discuss about cultural self-awareness and cultural intelligence, it is important to understand what culture is and how it impacts on our society. Culture is a complex subject that can be defined in various ways. Spencer-Oatey (2012) suggestedRead MoreA Reflective Report on Interpersonal Management1150 Words   |  5 Pages13030219 Words: 1046 December 26th 2014 The purposes of this essay is to analyse the improtances of Interpersonal management skills for successful management, and to reflect on a verbal interpersonal cultural based difference people have personally experienced and how develop the cross cultural awareness for more effective management. Interpersonal management skills for successful management In the last decade, with the fast development of the business in the world, the interpersonal management skillsRead MoreMulticultural Awareness As A Clinical Mental Health Counselor965 Words   |  4 PagesJournal: Multicultural Awareness This paper will introduce and define the need for Multicultural awareness as a clinical mental health counselor. It will further explore examples of various topics in Multicultural counseling such as: Racial and ethnic diversity, gender and social economic status. As a result of this research, in Multicultural awareness, the self-assessment rendered the identity of myself. It allowed me to realize what and who I was as â€Å"other.† In realizing who I was as â€Å"other†, IRead MoreThe Factors That Necessitate And Influence The Teaching Of Culture851 Words   |  4 Pagesthe importance of culture, however, it’s presence in the curriculum remains sparse for a number of reasons including â€Å"lack of time, uncertainty about which aspects of culture to teach, and the lack of practical techniques† (Mao, p. 144). Additionally, the majority of language proficiency tests that score and identify students’ abilities are mainly testing for mechanical knowle dge and examinees’ skills at sitting for tests, leaving cultural knowledge untouched. The shift in interest in cultural knowledgeRead MoreThe Importance Of Cultural Competency On A Healthcare Organization1021 Words   |  5 PagesImportance of Culture Competency in a Healthcare Organization The information in this paper is based on interviews from two executives, research, and personal experiences. Further it will define cultural competency and provide the viewpoints from two executive level employees on the importance of developing a culturally competent environment for their patients and staff in the healthcare setting. Cultural competency from the health care perspective is defined according to † (Betancourt, J.R.Read MoreStudents Are Not Entering The Classroom With The Knowledge And Understanding Of Multicultural Education762 Words   |  4 Pagesentering the classroom with the knowledge and understanding of the importance of multicultural literature. The students are suffering due to the lack of diverse reading literature incorporated into units of reading study. There is a need for staff developments and in-services to help educate teachers on ways to provide multicultural literacy awareness in primary schools. Objectives †¢ To heightening the awareness of the importance of multicultural literature in early grades. †¢ To prepare educatorsRead MoreHeightening Awareness On The Importance Of Using Multicultural Literature974 Words   |  4 PagesHEIGHTENING AWARENESS ABOUT THE IMPORTANCE OF USING MULTICULTURAL LITERATURE Heightening Awareness about the Importance of Using Multicultural Literature In their paper, Heightening Awareness about the Importance of Using Multicultural Literature, the authors, Susan A. Colby and Anna F. Lyon, express the importance how teachers should create an awareness on the importance of multicultural literature in today’s classrooms, and how the role of literature of this type plays an important role in the

Operations Management Improving McDonalds Burger...

Improving a Burger Assembly Process Slide 1 The process of assembling a toasted sandwich was assessed for McDonalds, using a paten they had sought to register. The process starts with the customer placing an order, the second stage being a check to see there are any heated bread products ready. The process has a number of short but simple stages following this, which need to be efficient in order for McDonalds to meet their operational targets serving customers in a rapid manner with good quality sandwiches. No process is ever likely to be perfect; therefore it is worth re-examination to identify potential improvements. Slide 2 When examining the current process to identify potential improvements, the first stage is to assess whether or not the employees are compliant with the existing system. If there is some non-compliance, then assess where it is occurring and why it is occurring (Slack et al., 2009). The noncompliance may give clues on where and how improvements may be made; it is even possible employees may have improved the system informally. The next stage is to look at how the process may be improved. This may include using a time and motion study to look at the way the different components or actions fit together and identifying any steps which are duplicated, redundant, create a waste (including wasted movement or labor) or may be improved (Slack et al., 2009). Slide 3 Examining the process, looking specifically at the preparation of a hamburger orShow MoreRelatedManaging Flows Of Mcdonald s Essay1541 Words   |  7 PagesManaging flows of McDonald’s The process in the back office can be seen as using ‘just-in-time’ system (JIT), which means all the foods are produced at exactly when they are needed with perfect quality and no waste (Slack at el., 2011). When orders are displayed on an electronic board, staffs begin to reprocess the processed foods like bread and beef to finished foods using specialized equipment and standard procedures immediately. This means maintaining quality while controlling the time in productionRead MoreMcdonald s : A Successful Organization1266 Words   |  6 PagesMcDonald’s is a prime example of a successful organization which has stood the test of time. The company was founded in 1955 by Ray Kroc and Richard McDonald (â€Å"Our History McDonald’s†) As a child I was drawn to McDonald’s due to the popular toys that came with a Happy Meal. Fast-forward to present day I now understand how the company has not only survived but remained successful and loved by milli ons. Visiting McDonald’s I was able to witness their day to day operations, structure and the processRead MoreA Visit At Mcdonald s An Interesting Assignment Essay1556 Words   |  7 PagesA visit to McDonald’s is an interesting assignment. McDonald’s organization is a clear example of mechanistic management, also is known as the Frederick Maslow Tylor Classical Perspective the mechanistic management. This perspective combines both Max Weber bureaucracy theory and hierarchical structure and Henri Fayol administrative principals. Mechanism refers to the way management and employees perform their duties. In an organization like McDonald’s, it is clear how this mechanism works. IfRead MoreEssay about Operations Management: McDonalds Competitive Advantage3016 Words   |  13 PagesAbout McDonald’s 4 Process of McDonalds 4 Operations management 5 Operations managers 5 Operation strategy of McDonald’s 5 Pricing strategies of McDonalds 6 Innovation at McDonalds to improve operations and services 7 Inventory management 8 The Just-in-Time (JIT) Approach 9 Just- in-Time (JIT) Approach in McDonald’s 9 Advantages and benefits of JIT approach 10 Capacity management 11 Capacity strategies 11 McDonalds capacity strategy 11 Quality management 12 Quality management strategiesRead MoreThe Importance Of Management At Mcdonald s And Google Essay1600 Words   |  7 PagesIn what ways are management of companies different or how are they similar to one another? And what is the importance of management in how a company runs nowadays? Many of us question about why knowing the history of management is important to Managers? According to (Samson et al, 2012, Page 53) â€Å"A historical perspective provides a broader way of thinking; a way of searching for patterns and determining whether they recur across time periods.† In the history of management, many trends have appearedRead MoreMcdonalds Market Structure5301 Words   |  22 Pagesexceptional performance. McDonalds brand mission is to be a customers favorite place and way to eat. McDonalds worldwide operations are aligned around a global strategy called the Plan to Win, which center on an exceptional customer experience – People, Products, Place, Price and Promotio n. They are committed to continuously improving theirs operations and enhancing customers experience. McDonalds place the customer experience at the core of all they do.  McDonald’s customers are the reason forRead MoreStrategic Planning of Mcdonalds5829 Words   |  24 Pagesthis journal is available at http://www.emerald-library.com/ft McDonalds: ``think global, act local  ± the marketing mix McDonalds: ``think global, act local Claudio Vignali Principal Lecturer, Manchester Metropolitan University, Manchester, UK 97 Keywords Globalization, Marketing mix, Marketing management, Fast-food industry, Marketing, Franchising Abstract Focuses on the marketing mix of McDonalds. Highlights how the company combines internationalisation and globalisationRead MoreMcdonalds Value Chain Analysis5751 Words   |  24 Pages2010 Management Information System: McDonald’s case study Idris Sugiarto (21671532) McDonald’s is no doubt the world’s most powerful brand in quick service restaurant industry in terms of market share and brand value. Committed in quality, service, cleanliness, and value, McDonald’s must deliver its product to consumers with consistency and efficiency. This report will explore how McDonald’s corporation maintains its operational excellence through support from integration of sophisticated technologiesRead MoreEssay on Mcdonalds in Vietnam4753 Words   |  20 PagesMCDONALD’S IN VIETNAM By Ayodeji Akin Abiri Table of Contents Abstract 1.0 Introduction 3 1.1 Background note 4 1.2 Global Strategy 5 2.0 McDonald’s In Vietnam 8 2.1 Entry Strategy 9 2.2 PESTEL analysis of Vietnam 9 2.3 SWOT analysis of HCM city 11 2.4 Expansion strategy 12 2.5 Franchising in Vietnam 13 2.6 Drive-thru restaurants 13 2.7 LocalizationRead MoreOperations Managment14673 Words   |  59 PagesKey operations questions Chapter 1 Operations management âž ¤ What is operations management? âž ¤ Why is operations management important in all types of organization? âž ¤ What is the input–transformation– output process? âž ¤ What is the process hierarchy? âž ¤ How do operations processes have different characteristics? âž ¤ What are the activities of operations management? Chapter 2 Operations performance âž ¤ Why is operations performance important in any organization? âž ¤ How does the operations function incorporate

Merck Case Study free essay sample

Merck was established in 1891 to improve human and animal health through the development of innovative products. Merck currently has two reportable segments, the Pharmaceutical Segment and the Vaccines and Infectious Diseases Segment. Merck sells products through several channels including wholesalers, retailers, hospitals, clinics, government and managed health services providers. In the 1980’s the Merck was very successful in producing 10 major new drugs and had a very healthy pipeline. In later years, Merck has entered into joint ventures with many other pharmaceutical companies in order to expand its pipeline. In the last several years Merck has experienced a decline in revue do to several of their exclusive drugs going off-patent. Merck is currently the eighth largest pharmaceutical firm in the world. In 2009, Merck plans to further expand through a merger with Schering-Plough. This will make Merck the second largest pharmaceutical company in the world. Mission Statement Analysis The mission of Merck is to provide society with superior products and services by developing innovation and solutions that improve the quality of life and satisfy customer needs, and to provide employees with meaningful work and advancement opportunities, and investors with a superior rate of return. † Merck’s mission statement touches on many of the key factors that a mission statement should embody. The mission statement mentions providing society with superior products. In the pharmaceutical industry, Merck’s customers are anyone in society that may benefit from one of its products. The mission statement focuses on the people their business may affect including customers, investors and employees. Although Merck is a well known company, the mission statement does not describe the nature of the business in which they operate. As the statement mentions their business os to improve the quality of life, this could describe many businesses and products. The statement also neglects to mention the focus and market segments in which they compete. Internal Assessment Strengths Diversified Business Segments – Merck has business segments in Pharmaceuticals, Vaccines, Animal Health and Consumer Health. This allows Merck to diversify its revenue streams. The consumer health division allows Merck to compete outside the prescription drug market. Merck continually works o diversify its portfolio through internal and external ventures. In 2008, Merck focused on new Bio Ventures Division, which uses a unique technology platform for new and follow-on biologics. (Merck 2008 10K) * Strong Research and Development – Merck spent an average of $4. B on research and development over the last three years. Their research and development efforts not only work to create new products that will help better their customers’ living, but also work to find additional uses for existing drugs which will extend the patent life and preserve existing revenue streams. * Increased presence in emerging markets through the merger with Schering-Plough. As Merck is seeing a decline in domestic revenue, due to the expiration of patents, such as Flosamax in 2006, they are concentrating more on growth opportunities in emerging markets. Increased pipeline in vaccines and biologics through the merger with Schering-Plough. As two of Merck’s most profitable drugs are coming off patent in the next four years, accounting for 35% of forecasted revenue, by merging with Schering-Plough, Merck’s revenue from expiring patents is reduced to 21%. * Distribution Channels – Merck has well established distribution channels in which the company’s professional representatives communicate the effectiveness and value of their products. They market and sell though a variety of channels including drug wholesalers, hospitals, physician distributers and government entities. Weaknesses * Research and Development – although Merck spends in upward of $4B on research and development annually, the pharmaceutical business is heavily reliant on the success of a costly R amp; D department. In the last several years, Merck’s individual R amp;D department has not been able to keep pace with declining revenues from existing products. It is only through Mergers and Acquisitions that Merck has supplemented this income. Large Balance, $1. 4B in goodwill on Merck’s Balance Sheet – the goodwill on Merck’s balance sheet is primarily attributable to past acquisitions. * Almost $4B in long-term debt on the balance sheet * Patent Expiration in the next four years, the two highest sales producing pharmaceutical products will go off patent. Patents on Merck’s Cozaar and Singulair will expire in February 2010 and August 2012, respectively, exposing about $8. 2 billion worth of sales to generic competition. This equates to about 35% of Merck’s forecasted revenue in 2012 [and 29% of 2009 revenues]. Competitive Pricing – Merck is sometimes forced to lower prices of products, either ones that have gone off patent to maintain market share in the product, as well as for products that are still on patent in order to compete with rival products for the same treatment that are marketed by competitors The Internal Factor Evaluation Matrix Based on the IFE Matrix, Merck registers a score of 2. 5 which is an average score. This indicates that Merck is steady in its control of the internal factors that affect its operations. It also indicates that there is room for improvement in these areas and that a strategy should be formulated to maximize their strengths and minimize the company’s weaknesses. The factors that strongly hurt Merck’s rating are the expensive cost of research and development for the company, which is key to its success. Additionally the expiration of patents on strong revenue producing products makes it critical to replace that revenue in order to continue on pace. External Assessment Opportunities * Demographic: The aging of America can be an opportunity for Merck. As the baby boomer generation is reaching its retirement age, the population is shifting to a greater number of people in their sixties and older. Statistics show that the over 65 age group uses three times more drugs than the younger population. As Merck has had success in arthritis and cholesterol medicines already, there is going to be a greater demand for drugs that make living longer possible as well as more comfortable. * Viruses and Epidemics: As Merck’s sales from vaccines and infections increases, there are opportunities for Merck to capitalize on new epidemics. The recent history of the H1N1 flu virus made the production of a new flu vaccine very profitable for some firms that had the capacity to produce it rapidly. * Advertising – the permitting of DTC (direct-to consumer) advertising is allowing pharmaceutical companies the opportunity to reach out directly to consumers and educate them on the available drugs and they may enhance their lives. Additionally it also discusses the side effects of the side effects of the drugs and how they may interact with existing drugs and conditions in one’s life. Emerging Markets Merck is focused on increasing its presence in emerging market. They have shifted their investments from mature market to emerging markets. In 2008, while their domestic sales declined 9%, foreign sales rose 10% (Merck 2008 10K). * Mergers and Acquisitions – Merck and many other big pharma companies have trended towards acquiring other competitors in order to strengthen their pipelines and diversify their product base. Merck’s merger with Schering-Plough will increases its presences in the biologics field of vaccines. Threats * Increased Government Regulation Beginning in 2009, the FDA implemented a series of reforms that include stricter monitoring of drug adverse events, more funding for the agency, stronger ability to force product recalls, more scientific expertise within the agency, more transparency. While the tightened regulations and increased transparency will eventually improve the overall quality of pharmaceutical products, companies will have to adjust to the stricter standards and stronger enforcement Lawsuits. The possibility of a lawsuit due to side-effects of the products Merck provides to consumers is a serious threat. The 2007 settlement of the Vioxx Lawsuit cost Merck $750 million in settlements to date. Additionally there are several other ongoing lawsuits which Merck is a currently undergoing. * Generic Drug Products – The threat of a less expensive substitute product is always a possibility in the pharmaceutical industry. Not only do company’s scramble to reproduce existing products once they go off patent, but other substitute generics are sometimes vailable to threat the same illnesses at a lower cost. Other consumer supply channels: the aging of the population has also given rise to an increased need for cheaper drugs. The high cost of prescription drugs in the United States, has forced customers to look elsewhere, mainly Canada. * Economic Forces – with a recession beginning in 2008 and the high unemployment rates, there is a decline in US spending and customers who have insurance. This lack of insurance can cause potential customers to forgo medical treatments or uses cheaper generic substitutes. The External Factor Evaluation Matrix The external factor evaluation matrix suggests that Merck does a slightly above average job at dealing with extern forces that impact their business. The key drivers of their external score are the changing demographics of the population which indicate a growing need for the products Merck provides. Additionally focuses on new markets and expanding globally should provide new revenue streams for Merck. In order to maintain and expand growth potential, mergers, joint ventures and collaborations with competitors are key strategies that Merck should capitalize on. The results of the Competitive Profile Matrix (CPM) reveal the Merck excels in segment/ product diversity. Its consumer products division, vaccines and pharmaceuticals division offer differentiation in products and revenue streams. The CPM also reveals that Merck needs to focus its resources and strategy on improving global expansion and its pipeline to counteract expiring patents. Competitive Analysis: Porters Five Forces Rivalry among competing firms – The Pharmaceutical business is highly competitive and the high cost of Research and Development makes it difficult to compete in the industry. Merck competes with rivals on several of their main revenue producing drugs, for example, Merck’s Zocor, used to treat high cholesterol is in direct competition with Pfizer’s Lipitor. Merck is also faces direct competition from new products that competitors may develop that treat the same diseases better or have less side-effects. Potential entry of new competitors – As the cost of producing new pharmaceutical products is high, it is difficult to enter in the business. The threat of new entrants merges from generic drug manufacturers entering into the same drug production as Merck after products are released from patent protection. Potential development of substitute products Competition for existing drugs, even those protected by patents is fierce given that the number of compounds available to treat diseases increases annually. Additionally generics are rapidly being developed to replicate existing products when they come off patent. There is also a push from many generic drug producers to argue for products to be released from patent earlier than the initial patent expiration date. This can have an adverse impact on projected revenues for Merck. Bargaining power of suppliers – Merck is subject to certain restrictions when dealing with suppliers. It needs to work only with suppliers that comply with current Good Manufacturing practices and other regulations. This restricts the available suppliers for Merck and gives their suppliers bargaining power. Bargaining power of consumers – Merck faces pressure from customers where there are alternate products or alternate channels to obtain certain drugs.