Production And Operations Management A Product Is...

The focus of any business is to provide needs of customer by providing military and supplies, and in this procedure generate value for customers and solve their trouble. Production and operations management talks about applying big business association and management concepts in formation of supplies and military (1). PRODUCT: A product is defined as the thing offered for deal. A product can be a facility or an item. It can be material or in virtual form. Every product is made with some particular cost and each is sold at a price. The price depends on the quality, marketing etc (2). Product can be different object for different people like for customer product is mix of utilities because customer expects some uses from product. For†¦show more content†¦It is that action where by resources, flowing within a defined arrangement, are joint and changed in a controlled manner to add value in according to the policy communicated by management. It does not activate in separation from the other organization system. There exists a feedback about the performance, which is necessary to manage and improve performance of the system. (Schematic production system) CLASIFICATION OF PRODUCTION SYETEM 1. Job-shop production: Job-shop production is used to manufacturing of one or more quantity of any product which is designed and created as per requirement of particular customers within prefixed period and cost. 2. Batch production: Batch production is used to produce limited numbers of products in regular interval. In this type of production job passes through different batches and each lot have different direction. 3. Mass production: Mass production is used to produce very large quantity of product of same configuration. In this production parts produce continuously with short cycle time of production. 4. Continuous production: In continuous production services are arranged as particular cycle of production operations from first to finished product. In this type of production products are made to flow through different conveyors (4). MANAGEMENT: Management is defined as perfect combination of art and science of accomplishment science of accomplishment things completed by the public, by organizing, coordinating,

The Search For Happiness By Benjamin Franklin And Jonathan...

Oscar Chavez Professor Hellenbrand English 473 15 October 2015 The Search For Happiness As two prominent heroes of the 18th century, Benjamin Franklin and Jonathan Edwards mastered the art of religious theology and the sciences. Although their uprisings differed, they shared a drive for success and individual approach. Sharing an interest in similar fields, their ideals of religion and fulfillment became very different, which helped shape their own future endeavors. I will consider Edwards and Franklin to be a few of the last â€Å"Do it all† men of the 18th century. Jonathan Edwards was born on 1703 in East Windsor, Connecticut to a middle class protestant family. Edwards went to school for ministry after graduating from Yale, and unlike Benjamin Franklin, he did live up to his families expectancies and became a well-known preacher at the age of 26. In his Personal Narrative, Edwards speaks on the inner sins that haunt him, and his newfound happiness in God’s grace. He also discusses his progress and devotion to God. At a younger age, Edwards questioned Gods Sovereignty and his nonbelief in predestination led him to further ask how could one man decide another mans faith? â€Å"my mind had been wont to be full of objects against the doctrine of God’s sovereignty, in choosing whom He would to eternal life and rejecting whom he pleased; leaving them eternally to perish, and be everlasting tormented in hell† (180). Edwards and Anne Bradstreet both share these puritan conflictsShow MoreRelatedMena Abduljabbar. History 108. Mr. Solheim . I Am Writing1199 Words   |  5 Pagestwo Americans Jonathan Edwards and Benjamin Franklin, who are hard workers, and self-sacrificing as young men. they wrote personal narratives, in which they tell of youth happenings and of their adult attempting for moral perfection. The reasons I chose those two people are that they spent their lives searching for perfection. Edwards try to find perfection through God while Franklin improved himself through his own. Both believed in a godly creator, but they differed in how happiness was achievedRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pages48-1992 Printed in the United States of America 2 4 6 8 9 7 5 3 1 C ONTENTS Introduction Michael Adas 1 1 World Migration in the Long Twentieth Century †¢ Jose C. Moya and Adam McKeown 9 †¢ 2 Twentieth-Century Urbanization: In Search of an Urban Paradigm for an Urban World †¢ Howard Spodek 53 3 Women in the Twentieth-Century World Bonnie G. Smith 83 4 The Gendering of Human Rights in the International Systems of Law in the Twentieth Century †¢ Jean H. Quataert Read MoreLibrary Management204752 Words   |  820 PagesBasic Research Methods for Librarians Ronald R. Powell and Lynn Silipigni Connoway Library of Congress Subject Headings: Principles and Application, Fourth Edition Lois Mai Chan Developing Library and Information Center Collections, Fifth Edition G. Edward Evans and Margaret Zarnosky Saponaro Metadata and Its Impact on Libraries Sheila S. Intner, Susan S. Lazinger, and Jean Weihs Organizing Audiovisual and Electronic Resources for Access: A Cataloging Guide, Second Edition Ingrid Hsieh-Yee IntroductionRead MoreManagement Course: Mba−10 General Management215330 Words   |  862 PagesTheory Behavioral Management Theory Administrative Management Theory Scientific Management Theory 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 behind the evolution of management theory is the search for better ways to utilize organizational resources. Advances in management thought typically occur as managers and researchers ï ¬ nd better ways to perform the principal management tasks: planning, organizing, leading, and controlling human and other

Business Plan for Sustainable World †Free Samples to Students

Question: Discuss about the Business Plan for Sustainable World. Answer: Introduction: Business planning is essential for its entire existence. All successful business, reviews its business plan regularly (Chambers Humble, 2017). It helps to ensure the process to meet its objectives. It is also necessary to review the present performance in a regular basis to adopt most appropriate strategies to ensure growth. For this study, the researcher has selected a business plan on Pty Ltd. The company is small company and a business planning adviser in Sydney. The author will compare this plan with Growth Management Strategies (GMS) is a small firm in an aim to serve the small business clients through logistical, business strategies and technical services. A comparative analysis will help to determine how much the adopted strategies are helpful to meet the business objectives in future. The main role of a business plan is to set its objectives. With the setting of the objectives of the business plan, the organisation will try to prepare its road map. Hence, the setting of an appropriate strategy is necessary (McKenzie, 2017). In the current business plan Pty Ltd, the author has set few objectives which are its main target and which needs to be fulfilled. The objective of Pty Ltd. is to provide best business planning to its clients. On the other hand, GMS has set few objectives like : Help to access the SBA (Small Business Administration) loan on Startup. Enhance client base up to 450% in next three years. Hence, from both the objectives it has been identified that Pty Ltd. objectives are not stated clearly whereas GMS objectives are clearly stated. Pty Ltd. business goal is not specific. It is very hard to identify which parameters they have set for their future development. Operations of the business plan denote the location of the business and who are the suppliers and customers. It is necessary to be clear about operation process of each and every business plan (Finch, 2016). This will help to help to run the business in a strategic way. For Pty Ltd., it has been identified that the business will operate with one business employee (managing director) and the business will be operated through the home. All necessary equipment are obtained already. For GMS, the employees will be altogether two and business will be run through a small office (Bplans, 2018). Hence, it has been identified that Pty Ltd. has a clear operation plan compared to GMS. Operation plan needs to be clearly stated in terms of the success of the business. Marketing strategy helps to determine the success of the business. Market strategies enable the entrepreneurs to be familiar with the marketing aspects. It will help in defining the target market. Also, it generates profit for the entrepreneurs within the competitive environment through pricing, distribution, strategies for promotion. Marketing strategy indicates the industry growth potential for the proposed company and allows in developing estimates for the future endeavour (Gabler et al. 2017). Marketing strategies are identified that Pty Ltd. has done a survey before preparing the business plan. The survey is conducted on : Australian Statistics Bureau Interviews with several business entities personally A brief survey on SME (Small Medium Enterprise) who already used consultants Online literature and statistical site Market analysis and marketing plan of Pty Ltd. and GMS Through the market analysis, it is necessary to identify the industry area and its market potentials. It is really important for every business (Armstrong et al. 2015). There is a demand for the business consulting services in the SME in Australia. Business growth declines in December to January due to Christmas and summer holiday.There are several competitors of this business, though they provide different types of services also. The business plan of Pty Ltd. also shows the internal environment to determine the potentiality of the business. Through the SWOT analysis the business strengths, weakness, Opportunities and Threats are identified. In the marketing plan, the products and target market are identified. The promotional strategies are also identified which will help to promote the business among the market. Pricing strategy also identified trough a proper market research. Pty Ltd. has set $120 per hour a standard rate and this rate must enable advantage for this organisation. F or every start-up it is necessary to analyse marketing strategy after 6 months. In GMS marketing plan it has been identified that market growth is present at the very beginning. It shows the market growth area will be the Boston/Cambridge Metro area and which will be able to generate 3% growth and which will be ideal for lending SBA programs. This signifies that apart from the market growth, the customer base of the company depends upon the solid reputation and service needs. Through the analysis of the market segmentation, it has been identified performance issue and management discord etc. help to differentiate the market. With the calculation the market analysis is presented year on year basis. GMS also presents the target market segmentation strategy. The strategy is divided into tier basis. In the first tier, the company will be able to maintain consistent cash flow and second tier the company expected revenue will be $501-$3 million. In the third tier, the company will be able to generate a good customer base. Pty Ltd. has presented its marketing plan and strategy through a organised way. It is essential to present marketing strategy in a proper way which will help to determine the organisation plan to meet its objectives. This also determines the future obligations and help to plan accordingly. GMS market analysis and strategy show the process is presented in a calculative way. The marketing strategy helps to identify the future market of the organisation. At present, through the GMS marketing strategy, it has been identified that they are focused on their target market and customer service. Suitable customer service and on-time payment to the employees can help to generate good entrepreneurship strategy. The setting of the marketing strategy of both the companies are justified, internal analysis of industry is missing in GMS marketing strategy though. Moreover, these strategies will surely help them to reach their business goals. Financial strategies adopted by Pty Ltd. and GMS: Pty Ltd. has presented the financial analysis with the calculation of basic income and expenses. The gross cost of the goods has been identified as 60% and forecast has for only one year as it is difficult to forecast for the long time period. Business financing also evaluates the potentiality of the business for the industry. Business profit distribution also analysed to generate the idea about the market growth of the business. In financial forecasts, net profit margin, break-even point and market based earning for the start-up are analysed. At the end projected profit and loss statement analysed through calculation using Microsoft Excel. GMS the financial plan is based on the corresponding cash flow amount and pending of SBA loan. The financial plan is projected on the basis of three years. The break-even analysis has helped to determine the monthly revenue break even, assumptions etc. In this business plan cash flow is also presented along with profit and loss statement. In this plan, the business ratio is also presented through calculation with the help of Microsoft Excel. Financial projection is necessary for every startup. Financial analysis helps to determine the total cost and expenses of the business. It also generates the profit and loss for future endeavour. Profit and loss are the main point of every business (Kotler, 2015). Every business starts with the assumption of profit through the business. Hence, calculation of profit and statement, break-even analysis and projected net profit margin are integral for a good business plan. In Pty Ltd., it has been identified that the financial projection is stated properly with calculation. The budgeting and cash flow statement Pty Ltd presents the actual business cost and how the applied cost will be mitigated in one year. For GMS, the financial projections also present through calculation. Break-even analysis and expected profit and loss statement of GMS have helped to determine its market potentiality and future expectation. Plan and effective resource allocation for the success of a business plan: A business plan helps to play the most important role in resource allocating to meet projected business objectives (Kotler, 2015). Business plan is necessary for start up business because this business plan will help to determine the future obligations and to adopt necessary step to mitigate the critical situation. It is also necessary to review the business plan on a regular basis so that it will generate the expected resource allocation to work properly with the adopted strategy (Muzellec et al. 2015). Resourcing is necessary to meet the target of the business. The resources may be available in existing business plan. Hence recruiting is necessary. Business organisation has to recruit suitable staffs for their business. Recruitment of efficient staffs for the business is essential because business will be able to meet its objectives with their continuous effort. Hence, in recruiting more staff and spending or buying equipment which may require more fund for the business. Generally, it is obviously better funding for future growth by generating revenue. It is essential to budget precisely to determine the resource of a particular department. It is undoubtedly true that resourcing should be prioritised for the success of the business plan (Baker, 2014). Hence, funding and resourcing are an integral part of every business plan. The assured fund will help to collect resource which will enable in generating profit. Pty Ltd. Needs to allocate proper resource for its business. Use of SMART objectives for the successful business plan: Use of SMART objectives strategy helps the business to set a proper target which will be able to generate assured revenue. SMART objectives are Specific, Measurable, Achievable, Realistic and Timely. Specific: objectives should be specific to the business goal Measurable: Business objectives should be measurable so that it could be achieved Achievable: Objectives should be achievable Realistic: Realistic objective setting will help the business to achieve growth very fast. Timely: Objectives should be set for a limited time frame which will drive the business to meet within the timeframe. Hence the use of SMART objective strategy helps to generate a positive outcome for the business. Specific target helps the business realise the necessity of the target and they achieve it. It is essential to supervise the employee performance, team or product through proper performance indicators. These are profit and sales figure with given period, new product development milestones, statistics of market share. Target setting also helps the employees to visualise where are suitable for the organisation and what is their target. Clear objective setting and proper monitoring help the business to reach its goal. It is necessary to review the business plan: For the every successful business plan, it is necessary to review the business plan on a regular basis. After setting the business plan it is necessary to monitor it on a regular basis. Business plan cycle will be effective to review the business plan. In some business, this cycle may be a regular process through regular update and monitor. In some business, the annual plan has been broken into the quarterly operational plan. It has been identified that sales driven business may require monthly operation plan with weekly review and target. It is most important for every successful business, any major events in the targeted business marketplace can indicate to review the business objectives. Monitoring the business plan can help to mitigate any future issues and also helps to take the initiatives for future difficulties. It is essential for the Pty Ltd to review its business plan on a regular basis so that business will run smoothlessly in future. Recommendation: A successful business plan requires a proper and precise target or objectives. Target is also necessary for the performance appraisal of the employees. Busines plan of Pty Ltd. needs to set its objectives with the SMART objective strategy. For the sophisticated business plan, it is necessary to integrate all the business unit into a single document of strategy. This can be a complex strategy but it is crucial for every business. It is also important to implement stakeholder policy in the plan. It is suitable to set the budgets of each unit and it can be the most important process. Use of Information technology can also help to analyse the projected business proposal on a regular basis. In Pty Ltd., it is necessary to allocate resource and monitor the business plan regular basis. This will help to construct a good business plan and helps to establish a solid startup. Budget and stakeholder are the two integral parts of the business. A business plan is impossible without of budgeting. It is essential to prepare a justified budget to run a business because future profit depends upon the budgeting of the business. For the successful business plan it is necessary to prepare cash flow statement and breakeven analysis. These will help the business to be aware about the critical stage of the business and necessity of future investment if requires. Hence, a successful business requires review in each and every quarter so that the business may avoid any financial downturn in future. Conclusion: In the conclusion, it can state that Pty Ltd. has surely set for a successful business but it needs some specification and review. This will help to enable them to meet the business objectives. SMART objectives are helpful and necessary for the successful business plan. All the marketing plan and strategy are analysed by Pty Ltd. are justified and appropriate. Those are necessary to reach the organisational goal. If any changes happen in the marketplace then the organisation needs to review its objectives accordingly. Reference: Armstrong, G., Kotler, P., Harker, M., Brennan, R. (2015).Marketing: an introduction. Pearson Education. Baker, M. J. (2014).Marketing strategy and management. Palgrave Macmillan. Bplans.com (2018). Business Consulting Business Plan Sample - Market Analysis | Bplans. Bplans.com. Retrieved 17 April 2018, from https://www.bplans.com/business_consulting_business_plan/market_analysis_summary_fc.php Chambers, I., Humble, J. (2017).Plan for the planet: a business plan for a sustainable world. Routledge. Finch, B. (2016).How to write a business plan. Kogan Page Publishers. Gabler, C. B., Panagopoulos, N., Vlachos, P. A., Rapp, A. (2017). Developing an environmentally sustainable business plan: An international B2B case study.Corporate Social Responsibility and Environmental Management,24(4), 261-272. Kotler, P. (2015).Framework for marketing management. Pearson Education India McKenzie, D. (2017). Identifying and spurring high-growth entrepreneurship: experimental evidence from a business plan competition.American Economic Review,107(8), 2278-2307. Muzellec, L., Ronteau, S., Lambkin, M. (2015). Two-sided Internet platforms: A business model lifecycle perspective.Industrial Marketing Management,45, 139-150. Rogers, T., Davidson, R. (2015).Marketing destinations and venues for conferences, conventions and business events(Vol. 14). Routledge.

Effects Of Genetic Engineering On Agriculture Essay Example For Students

Effects Of Genetic Engineering On Agriculture Essay The Effects Of Genetic Engineering On Agriculture Essay Agribiotechnology is the study of making altered agricultural products. Agribusiness is trying to alter the genes of already existing products to try to enhance the biocompetitiveness and adaptability of crops by enhancing plant resistance to drought, salinity, disease, pests and herbicides. They are going to try to enhance their growth, productivity, nutrient value, and chemical composition. The old way of doing this was through selective breeding, special fertilizer, and hormones. This seems now somewhat outdated with todays technology. Genetic engineering comes with many downfalls. Increased production through genetic engineering could exhaust nonrenewable resources more rapidly and fail to feed a larger and more dependent human population. In Africa, and South and Central America, super breeds of crops, irrigation and hydroelectric dams, chemical fertilizers, pesticides, and agripoisons exported to less developed countries produced great short-term profits but destroyed already existing, more regenerative, traditional farming practices, ultimately destroying the communities and fragile land. Natural deserts, swamps and salt marshes need to be preserved to protect biodiversity and the integrity of the Earths ecology. Introducing genetically engineered organisms into the environment means that these areas could be invaded by these new species therefore furthering loss of natural ecosystems. A major concern of farmers and scientists regarding engineered crops is that they are afraid that these new plants which would be resistant to herbicides and other chemicals would breed with a nearby weedy relative and thus creating a superweed that would be resistant to herbicides. These plants would then choke out the crops. Another example of this would be with Pseudomonas syringae. This is a common bacterium on plants that causes frost to form on them. The lipoprotein coating of this bacterium is blown from the plants and soil into the atmosphere. Once in the upper atmospheric regions, these particles act as nuclei around which water collects and freezes to form ice. Some scientists consider this process absolutely essential for rain to fall. Genetic engineers are working on a strain of P. syringae that would not form frost on plants. Some scientists are concerned that these strains could conceivably cause serious climatic perturbations that inhibit rainfall and cause drought. Farmers fields are not the only places that are threatened. Scientists are looking for a way to destroy lignin, an organic substance that makes trees rigid, by use of a genetically engineered enzyme. They believe that it would be of use to clean up the effluent form paper mills or for decomposing biological material for energy. This poses a threat to forests because it could destroy massive amounts of them by eating away their lignin. We could end up with no trees. Engineers could try to create organisms with a suicide gene so they only live for a very short time, but they would be alive long enough to do damage. These engineers and businesses, like Pioneer, Sandoz, Imperial Chemical Industries, Dow, Ciba-Geigy, Monsanto, Upjohn, Elanco, and Pitman-Moore to name the leading corporations in agribiotechnology, dont understand the impact that these engineered organisms can have on the existing fragile ecosystems. It is clear that the biotechnology industry is potentially one of the most serious threats to the biodiversity and ecological integrity of planet Earth. The threat will become a reality if this technology is applied with the same values and attitude toward life and the biosphere that sanctioned and promoted the wholesale application of pesticides and the development of capital-intensive monoculture farming and forestry. But this is not to say that this new technology could not be used appropriately. For example, it could be used to engineer plants to help halt the spread of deserts; to develop microorganisms and plants to synthesize essential biologics, such as insulin and antibodies; to help in water treatment to remove pesticides (bioremidiation), heavy metals, and other industrial and agrochemical poisons. Scientists must be extremely cautious about releasing genetically engineered organisms into the environment. The deliberate and accidental release of exotic, nonindigenous plant and animal species has caused considerable harm to the ecosystem already. Modern agriculture operates so close to the edge of disaster that the U.S. .u19b9b2f27eb7fae13c50d429adcf30b8 , .u19b9b2f27eb7fae13c50d429adcf30b8 .postImageUrl , .u19b9b2f27eb7fae13c50d429adcf30b8 .centered-text-area { min-height: 80px; position: relative; } .u19b9b2f27eb7fae13c50d429adcf30b8 , .u19b9b2f27eb7fae13c50d429adcf30b8:hover , .u19b9b2f27eb7fae13c50d429adcf30b8:visited , .u19b9b2f27eb7fae13c50d429adcf30b8:active { border:0!important; } .u19b9b2f27eb7fae13c50d429adcf30b8 .clearfix:after { content: ""; display: table; clear: both; } .u19b9b2f27eb7fae13c50d429adcf30b8 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u19b9b2f27eb7fae13c50d429adcf30b8:active , .u19b9b2f27eb7fae13c50d429adcf30b8:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u19b9b2f27eb7fae13c50d429adcf30b8 .centered-text-area { width: 100%; position: relative ; } .u19b9b2f27eb7fae13c50d429adcf30b8 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u19b9b2f27eb7fae13c50d429adcf30b8 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u19b9b2f27eb7fae13c50d429adcf30b8 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u19b9b2f27eb7fae13c50d429adcf30b8:hover .ctaButton { background-color: #34495E!important; } .u19b9b2f27eb7fae13c50d429adcf30b8 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u19b9b2f27eb7fae13c50d429adcf30b8 .u19b9b2f27eb7fae13c50d429adcf30b8-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u19b9b2f27eb7fae13c50d429adcf30b8:after { content: ""; display: block; clear: both; } READ: The Traditional Budgeting And Its Criticisms Accounting Essay Department of Agriculture Research Service spent $23.5 million in 1991 on biological control programs. 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My Kind of Love Paragraph for Changing Self Essay free essay sample

Change is a constant in everyone’s lives; it’s the thing that remains while everything else transforms. In my related material of the song ‘My kind of Love’ written by Emeli Sande demonstrates just how true that statement is. In the video, Emeli visits a sick friend in the hospital, and decides to take her out to town to boost her morale, if not her health. The concept of the song was inspired by the period of time Sande was a med student. One of the things that inspired her was the patients and the interaction that they had with there loved ones during their time of illness. Because when people arrived at the hospital, money and status became irrelevant and only health mattered, which sparks an honesty between people and that’s the type of love she’s singing about. The music devices in this production are phenomenal doing everything in their power to make the listener feel. We will write a custom essay sample on My Kind of Love Paragraph for Changing Self Essay or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page A smart choice was the key she wrote the song in, she used the F minor scale, which is a scale known for passion, its key signature has 4 flats in it giving the scale an emotional edge therefore giving the song an emotional edge. In the first verse, she starts with a progressing dynamic with the piano alone and her vocals; â€Å"Sometimes the truth wont make you happy,† which is immediately making you fell the sadness of that statement. Then as the dynamic slowly builds she states â€Å"But don’t ever question that my heart beats only for,† which shows her giving her power away to then lead up to the texture of layers of instruments increasing and developing the strong and powerful chorus where she sings â€Å"Cause when you’ve given up. When no matter what you do it’s never good enough†¦Ã¢â‚¬  and the tone of her voice that she sings it in is almost a whine for the purpose of creating a more heartfelt sound. The lyrics of the chorus are gorgeous because they truly present the hurt and pain of her experience â€Å"†¦When you never thought that it could ever get this tough. That’s when you feel my kind of love. † These lyrics and the melody in which they are sung; plus the 5 other harmonies underneath her vocal, immediately pluck the strings of your heart. Like in â€Å"The Glass Jar† the writer is trying to demonstrate how you need to take a walk in their shoes for a day or a night in the persona of â€Å"The Glass Jar† and then you’ll know how they feel and how they experience things. Self change plays a huge part of this song, because she’s saying even when you have given up, and when your kind of love no one else can experience, to still stand tall and move forward she’s proving to herself how strong she is and how much she can handle even when she has given up. So its change in her inner self to take that step forward while the things around her collapse and transform. Yet, her heart still beats for the person she cares so much about and that’s how she expresses her kind of love.

Social computing in global businesses

Social computing in global businesses Introduction Human beings have always lived in groups and societies from the beginning of their existence on the planet. Being in groups and congregations fulfilled many basic human needs, such as, safety, cooperation in getting food, water or shelter. The presence of societies and groups also helped in getting approval from others. Humans like to interact with one another and be heard, accepted and followed.Advertising We will write a custom essay sample on Social computing in global businesses specifically for you for only $16.05 $11/page Learn More This human tendency and need for belonging to groups is what ignited the spark of social computing; the phenomenon will be the focus of this white paper. The establishment of societies, groups and interactions that connect many people online is just an imitation of human behaviour in the real world. The difference is that social computing uses IT and the internet as the main medium of communication rather than face-to-face communication used in real life. During the course of this paper we will try to cover some information about social computing. We will discuss its meaning and definition; then we will briefly talk about its history and how it came to existence in its modern form. The different types of social computing applications and mediums will be mentioned and how they are used to create and promote interactions between people. The use of social computing for businesses takes a different path than the one used for personal interactions. For organisations to utilise social computing, they have to know the benefits they can gain from using such a powerful tool. The different benefits companies can get from using social computing will also be discussed. This will illustrate to the reader that it is not just individuals who can benefit from social computing, but businesses can also gain enormously from such tools. In order to show how some global businesses have used social computing, we will also include some examples of companies that are actively using social computing to improve their business practices. Focus will also be given to their communication strategies with all members of their value chain. Additionally, since we know that our audience is in the U.A.E., we will discuss how organisations and businesses in the United Arab Emirates can use the power of social computing to improve their profitability and their relationships with customers, suppliers, staff and all the other entities that they deal with. Definition of social computing Social computing started during the 1960’s with the recognition of the idea that computers are used for communication and not just for computation (McDonald 12). Social computing can be defined as â€Å"the shared and interactive aspect of online behaviour† (Rouse 30). Some of the major elements of social computing include blogs, wikis, instant messaging, Twitter, social networking, RSS, and social bookmarking sites (Rouse 9).Advertising Looking for essay on communications media? Let's see if we can help you! Get your first paper with 15% OFF Learn More Social computing is the practice of expanding the contacts of our business and/or social relations through creating connections with individuals. The supreme potential of the Internet promotes social computing through web-based groups created for that purpose. Social computing creates interconnected Internet communities that help persons to make contacts. Web sites dedicated to social computing are many, such as, Friendster, Linkedin, Spoke, and Tribe Networks, IBM and Microsoft. Social computing is a collection of technologies driving a remarkable evolution of the Web in growth and investment. Social computing is based on digital systems that support online social interaction. Social interactions can occur through email, sharing photos, and instant messaging. Such interactions are typically social for the reason that they are mainly about communicating with people. Also, there are other kinds of online social activities such as creating a web page, offering something on eBayâ„ ¢, following others on Twitterâ„ ¢, and editing in Wikipedia. These activities involve people that one may not know. Social computing is about how digital systems support social interactions. It engages people by providing communication mechanisms for interactions, chatting, sharing information, processing and displaying traces of online interfaces (McDonald 15). History of Social Computing Social computing has been around for quite some time. Some people may say that it dates back to the 1960s. At that time, scientists and experts in IT started to realise that computers can be used for communication as well as computation. In 1961 Simon Ramo discussed the possibility of many people being connected together through the use of computers. He said it is a degree of citizen participation unthinkable today. (Ramo 1) In 1968 a book written by Licklider and Taylor called The Computer as a Communication Device was published. The book spoke about the emergence of interactive communities that joined people from different geographical areas together. They had common interests and were using IT systems as their main method of communicating. Even though the discussion about using computer systems to connect people started in the early 1960s, it wasnt until the 1970s that computer-based communication had started. The earliest systems that utilized computers in communication between people included Emissary and Eis systems. They were used for what experts called computer conferencing. Furthermore, in the 1970s the University of Illinois introduced PLATO Notes. Mailing lists were introduced for the first time ever on ARPANET (Advanced Research Projects Agency Network). (Licklider and Taylor 2).Advertising We will write a custom essay sample on Social computing in global businesses specifically for you for only $16.05 $11/page Learn More After these programs opened the door, the 1980s saw an increase of IT systems that used computers to connect people. Social interactions through online text conversations increased, and bulletin boards emerged. Also the 80s saw the introduction of Internet Relay Chat and USENET. USENET was started as an online community that users could utilise to communicate with each other. They could discuss different issues of mutual concern through posts and threads on topics. Another way of using computers for communication in the 1980s was bulletin boards. They mimicked traditional bulletin boards used by people to post topics or issues of interest to different members of society. In the 1990s advances continued in IT infrastructure, and so did developments in communication technology. The introduction of the web in the 90s helped to advance social computing greatly. It caused a revolution by increasing connection speeds and bandwidth s. Nonetheless, when the web first started, social interactions and communication between people were limited to content that people used to upload on webpages. Most of them shared links with other users; this is quite different from the social computing that exists today. Webpage uploads were the beginning of dramatic changes in the way people interacted with each other over extended geographical areas. Little regard would be given to distance or natural barriers in this platform. The internet actually made the idea of social computing in its current sense a reality. People didn’t have to be on the same local network or in the same area in order to interact and communicate with each other. In the late 1990s and the beginning of the 21st century, IT systems became more capable of facilitating communication between people and entities in a way that used computational power. Not only did this allow people to interact directly with each other, but it also fed results back into t he system in a way that enriched social interactions. The systems became more tailor-made for individual users. An example of this application is feedback or suggestions that one gets when using search engines like Google, YouTube, Amazon or EBay. Nowadays social computing applications and functions are an essential part of almost any website. Businesses have recognized the importance of such applications and are using them very heavily to increase interactions with customers, suppliers and other members of the value chain. This increased dependency on social computing is causing these websites and applications to become an integral part of people’s daily lives.Advertising Looking for essay on communications media? Let's see if we can help you! Get your first paper with 15% OFF Learn More Types of social computing applications One of the types of social computing applications that create the aboves of successful use of social computing As discussed earlier, social computing leads to staff improvement. A company that demonstrated these abilities was IPC Inc. It is a healthcare institution that used social software to harness distributed knowledge. Physicians in this company faced daily challenges that were new to them. Many of these professionals used social software to contact other physicians. Through this avenue, they could converse about clinical matters or patient challenges. Their version of social software provided them with access to about 1000 doctors in real time. If a physician had to make a critical decision about a certain patient, and was uncertain about it, all he had to do was communicate with the other physicians. The hospital improved its response times as well as its quality of care. Besides, it led to greater physician satisfaction because doctors were not working alone (Miller et al. 19). Some companies embrace social software in order to increase business performance or boost financial revenue. One organisation that enjoyed this reward was OSIsoft. The company identified a challenge that social networking could solve; poor problem resolution. Prior to implementation of enterprise social computing, the customer support department was unable to respond quickly and accurately to customer inquiries. This minimised customer satisfaction and hence business outcomes. After the adoption of social software, OSIsoft easily accessed experts based on relevant topics. Customer support staff could also engage in ongoing discussions with engineers about technical issues that customers needed to know. All learning was documented through wiki articles. Some of the information came from call logs while others stemmed from experts. Employees took on the responsibility of creating knowledge as it was not just a duty assigned to a small team. I n the end, problem resolution improved dramatically. Customers were satisfied and this increased the amount of business they brought to the company. OSIsoft reaped tangible financial results because of social media use (Miller et al. 27). Most firms utilise social computing in order to boost their marketing strategies. In fact, when one talks about social technology, most people will automatically think about Twitter and Facebook. While consumer driven applications are vital in organisations, deeper analyses of collaborative tools need to be done (O’Driscoll 29). However, it is still necessary to look at case studies of companies that harnessed these consumer-driven technologies. One company that demonstrated the power of social networking in marketing was Toyota. In 2010, the company had quality control issues with their automobiles. They needed to recall a vast number of units, and this took a toll on their brand image. The company decided to target social networking websit e users in order to minimise this damage. At any one time, there were almost a dozen Toyota employees monitoring Facebook and other social networking websites for commentaries about the company. The workers would respond to complaints and comments as soon as they arose thus ensuring that Toyota would not fall prey to negative publicity. After about 6 months, not only had the firm managed to salvage its reputation, but it expanded its Facebook fan base by about ten percent (Messinger et al. 190). Therefore, social computing allows companies to target consumers directly concerning various aspects of marketing, such as, branding. Educational institutions have also used social computing to improve marketing performance. One such entity was Phoenix University. It has several online programs that it offers students all around the world. In order to enhance their experience, the institution created documentaries that talk about the institutional rules and regulations. Furthermore, the firm needed to reach a vast pool of potential clients. It did this by publishing reviews and video testimonials on YouTube. These allowed interested individuals to access information at their fingertips. Furthermore, it placed the firm at the top of search results about online tertiary institutions (Messinger et al. 220). Retail organisations can also use social computing in order to learn about and meet client needs. Best Buy is an example of a company that successfully did this. It asked Facebook members about their best vampire movies. The company acted on those responses by placing all the popular ones on sale. As such, Best Buy demonstrated that social computing can be a low-cost strategy of getting feedback from customers. This enables firms to meet their needs directly and more effectively. Aside from the marketing function, some firms have used social computing in order to facilitate communication. As Peter Kim explains in a YouTube video on the power of people, a certain restau rant in Texas utilised its Facebook page as a platform for strengthening its ties with staff members. The area in which the restaurant was located was burnt by a huge fire. Many of the company’s employees lost their belongings and homes as a result. Employees used the restaurant’s Facebook page to air out their grievances. It was a place where they could get solace from colleagues. The organisation leveraged on social computing to enhance its business-to-employee relationship (Kim). How to use social computing to improve business practices in UAE Social computing can revolutionise the way companies carry out businesses in the UAE. It is not enough for companies to use social media in order to market new products or reach new clientele; firms need to create sustained value through this phenomenon. UAE companies need to use social computing to develop their business in all realms; that is, in supplies, human resources, operations, marketing and public relations (Dachis G roup 5). Firms in this country need to apply the concept when dealing with collaboration between two or more employees. They should also embrace it when optimising their supply chains. Social computing can also lead to better business to customer engagement. The phenomenon can contribute to organisational strategy in the area of connections, analytics, culture and even content exchanges. Companies in the UAE need to realise that social computing will cause them to harness market trends that can drive their business models into the future (Parameswaran Whinston 765). Employees and consumers have altered their power over brands as well as IT processes. Workers are using social computing to get past the chain of command inherent in previous technological tools or processes. Customers are taking control of how their brands are perceived, so organisations in the UAE need to embrace this business-transforming idea (IBM 8). In order to understand how social computing will gain relevance i n the UAE business climate, firms need to demonstrate certain features after its adoption. Social business can assist firms in becoming engaged. They will become deeply connected to employees, partners, and most importantly, customers. As a result, most of these organisations will become more efficient and productive. Social computing will also increase transparency in an organisation by elimination of boundaries that may exist in a company. Sometimes these boundaries can prevent a business from sharing information or utilising certain assets. Lack of transparency may also minimise access to experts, social computing would eradicate that problem. Social business would also improve business practices in the UAE by eliminating boundaries in the above mentioned areas. Companies will also increase their rates of doing business if they take on social computing. They can anticipate problems and address them early on. Firms can also harness new opportunities that will give them an edge ove r their competitors (Schwartz 1). Social computing enables businesses to capture knowledge, and hence boost their financial outcomes. For UAE organisations to compete favourably, they need to harness as much information as possible. However, the business climate in the country has changed; a lot of companies exist and transactions take place virtually. This calls for a different approach to harnessing knowledge from stakeholders in order to boost a company’s competiveness (Schwartz 1). Social computing can improve communication within UAE organisations and outside. Companies can reach their customers, suppliers and partners in real time in order to have conversations with them. Workers can share ideas and insights about certain challenges and thus boost organisational outcomes. Furthermore, the phenomenon will also assist UAE firms in improving staff performance. First organisations can attract appropriate talent through collaborative media. They can also retain talent by all owing their staff to mix work priorities with social needs. This creates a community that has high levels of organisational loyalty. Perhaps one of the most direct and obvious benefits of social computing is strengthening marketing efforts in the UAE. These applications will allow companies to reach customers in new and exciting ways. They will facilitate relationship marketing and also expand consumer pools (Parameswaran Whinston 765). Conclusion Social computing empowers businesses to increase creativity, organise business strategies and strengthen social interactions. This means that they can reach new clients, facilitate better internal communication, keep up with industry trends, increase business outcomes (financial returns), strengthen employee commitment and communicate with partners more easily. Social computing leads to better financial, human resource, marketing and communication outcomes. Bughin, Jacques, Angela Byers Michael Chui. How social technologies are extendin g the organisation. Nov. 2011. Web.. †¹mckinseyquarterly.com/High_Tech/Strategy_Analysis/How_social_technologies_are_extending_the_organization_2888†º Dachis Group. The definition of social business. June 2012. Web. †¹dachisgroup.com/2012/06/the-definition-of-social-business/†º Fun, Rachael Christian Wagner. â€Å"Weblogging: A study of social computing and its impact on organisations†. IT and value creation 45.2(2008): 242-250. Print. IBM. IBM social business. 2012. Web.. †¹ibm.com/smarterplanet/us/en/socialbusiness/overview/index.html†º Kim, Peter. The power of people. 2012. Web.. †¹https://www.youtube.com/watch?v=VIMR3uHMWz4†º Licklider, Jack Taylor Robert. The computer as a communication device 1968. Web.. †¹comunicazione.uniroma1.it/materiali/20.20.03_licklider-taylor.pdf. †º McDonald, David. Social Computing, 2011. Web. †¹interaction-design.org/encyclopedia/social_computing.html†º Messinger, Paul, Eleni Strou lia, Kelly Lyons, Michael Bone, Run Niu, Kristen Smirnov, Stephen Perelgut. â€Å"Virtual worlds – past, present and future: new directions in social computing.† Online communities and social network 47.3(2009): 204-228. Print. Miller. Megan, Aliza Marks Marcelus DeCoulode. Social software for business performance.2011. PDF file. Web.. †¹deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/TMT_us_tmt/us_tmt_%20Social%20Software%20for%20Business_031011.pdf†º O’Driscoll, Tony. â€Å"Transforming collaboration with social tools.† Technology Forecast 3: 1-68. 2011. Web. Parameswaran, Manoj Andrew Whinston. â€Å"Social computing: an overview.† Communications of the Association for Information Systems 19(2007): 762-780. Print. Ramo, Simon. Teaching machines and programmed learning: a source book. Washington, DC: NEA, 1961. Print. Rasmus, Daniel Rob Salkowitz. Social computing in the enterprise 2009. PDF file. 22 Jun. 2012 †¹ http://download.microsoft.com/download/8/3/A/83A83256-4BC7-4512-9C73-2B6AB50F144E/Social_Computing_in_the_Enterprise.pdf†º Rouse, M. Social computing. 2010. Web.. †¹http://searchwinit.techtarget.com/definition/social-computing-SoC†º Schwartz, Jonathan. â€Å"If you want to lead, Blog.† Harvard Business Review Nov. 2005: 1. Print.

Management Teams Essay Example | Topics and Well Written Essays - 1500 words

Management Teams - Essay Example Belonging to a team means that you are part of something larger than yourself like the mission of your organization. Even though you are designated to a specific rank and branch of the company, you are grouped together with other employees to achieve a final target that is beneficial to the whole company including you. (Jones; George, 2003) For example, if you are the chief engineer of a construction company and you are asked to head the production of a recreational facility, you cannot enforce your own decisions over others. You have to listen to what the others have to say and consider any complications or drawbacks pointed out by the designers, accountants, workers, etc. This lack of coordination can lead to a series of catastrophic events bad for both, the company and you. No matter how qualified or experienced you are, a brainstorm of ideas from a group of lesser-qualified staff is always better than a single sharp mind. This shows that the effectiveness of a team relies more on the mutual understanding and cooperation of its members rather than their individual achievements. I hereby pronounce the title statement to be true. You may bring out the best people to find and make a team, but it may still not be the maximum. The best violinists or cellists do not make the greatest orchestra. The best players do not make the greatest sports team. Similarly, in business, the best accountants or marketers do not achieve the finest results. You may have all the right ingredients but not knowing the recipe will never result in a perfect product. (Baker, 2000). An excellent example to demonstrate this is the Apollo Syndrome, a phenomenon discovered by Dr. Meredith Belbin, which states that a group of highly intelligent people often perform worse than a group of less able people. He was one of the early discoverers of Team Building and took special measures to select candidates for his experiments. He observed their abilities and took aptitude tests to examine their skills. Although the Apollo teams were predicted to exceed every other group in the competition, they nearly always ended up at the bottom. This failure to excel above all others, including teams relatively much less qualified, was due to certain reasons mentioned below. The members spent a lot of time in destructive debates and arguments trying to convince other members to accept their ideas, and pointing out errors in other people's theories. This led nearly all the arguments to dead ends. They found it tough to reach a unanimous decision and even if they did so, the decision would not stick together. They were found to follow their own procedures without giving any heed to what the other members were doing. Due to this lack of coordination, the group was found to be tough to manage. They refrained from confrontations of each other, which made it extremely difficult to make a unanimously accepted decision. Sometimes, they realized what was going on but instead of taking the right steps, they over-compensated by putting in irrelevant effort. (Belbin, 1981) In today's world of business, concepts such as internal evaluations, promotions, forced rankings, rewards, aggressive client policies, and active union relations are a common practice, and thus force

Critically evaluate the use of Anti suit injunctions in International Essay

Critically evaluate the use of Anti suit injunctions in International Arbitration - Essay Example However, the general perception is that anti-suit injunctions are an interference with disputes that are currently in foreign courts. Arbitration tribunals lack the coercive power that the courts have. As a result, the arbitration process faces several procedural challenges among them the lack of a consolidated proceeding for a common dispute. Thus, parallel proceedings can have divergent outcomes despite arising from a similar dispute3. Lack of precedence also means that awards obtained in specific arbitrations are not applicable to other cases. Strategic delays and their accompanying additional costs as well as breach of procedural deadlines also pose other challenges to the arbitration process. Therefore, anti-suit injunctions are a counter measure against international arbitration. Their employment in a proceeding is to protect public policy or jurisdiction where there are comity issues in the foreign jurisdiction. Comity is the recognition that a nation allows another in reference to judicial, executive and legislative acts. It gives due regard to international duty, convenience and the rights of all persons (citizens or otherwise) under a nations protection4. The subject of anti-suit injunctions in English courts is a controversial one with regard to the relationship between the English courts and foreign jurisdictions5. The 1966 Arbitration Act is a conceptual legislative framework that guides international and domestic arbitration in England and Wales (herein the UK). It has influences from the UNCITRAL Model Law (1985) on International Commercial Arbitration. The Brussels I regulation also has an influence on the decisions of anti-suit injunction in Private International Law. The European Union (EU) also allows the English court jurisdiction on the matter of equity where it applies double standards between the member and non-member states. The

Strategy & Sensemaking HR Essay Example | Topics and Well Written Essays - 1250 words

Strategy & Sensemaking HR - Essay Example Therefore, a strategy is the business game plan for each firm, or organization. Business strategies are thus a selection of ideas and assets in meeting a business long term goals in the market. A business strategy exists in three phases; the first phase is creating the strategy, the second is implementing the strategy, and the last phase is evaluating the strategy to indentify how well a business has done in meeting its goals and objectives. According to Hambrick & Fredrickson (4), a strategy involves pieces of small elements that coherently integrate to form the whole. Hambrick & Fredrickson further explain that a strategy is a central, externally oriented and integrated goal plan of how the business plans to achieve its overall objectives. This report aims at applying the meaning of strategy, in understanding how General Electric (GE) Company has been able to attain its competiveness and leadership in the market today. General electric mainly specializes in diversified financial and technological services. The company’s main products range from power generational services, aircraft engines, household appliances, water processing, medical imaging among other industrial products (Bloomberg, 2012). Through strategic management and elaborate strategies in the HR, marketing, and production departments, the company has achieved setting benchmarks and leadership in the market, and is a major global competitor in sever al sectors as indicated above. GE has portrayed impressive strategies in its marketing department in the recent past. According to Comstock, Gualti & Liguori (2010), 10 years ago, GE had no remarkable marketing organization in its strategies. The company had developed a culture that its modern technologies were too good; the products could even market themselves with no elaborate strategy. The company’s staffs in the marketing specification were

Relationship Between Learning and Growth in Business

Relationship Between Learning and Growth in Business Introduction The introductory chapter begins with a description of the context of the present study and a presentation of the fundamental issue addressed in this empirical investigation. The significance of intangible assets in knowledge era, objectives, conceptual framework and contribution value of this study is also addressed in this chapter. 1.1 Research Context This section presents the broad context within which this empirical investigation is undertaken. The current problems and significance of intangible assets in knowledge era are explained. Traditionally, profit and loss figures in the balance sheet and annual financial reports are used as the main financial performance indicators for the action previously taken monitoring and crafting short term strategies. Accounting for intangible assets starts with documenting the various categories of expenses. Profit (or loss) is derived from the financial difference between sales revenue and operating cost. The costs include the expenses in brand building, customer database, training, product development, information technology, etc. These are usually treated as part of the operating cost and marketing expenses. The investment of tangible assets such as equipment, machinery, building, etc. is also recorded in balance sheet. This simple accounting record mechanism is no longer sufficient in the knowledge based economy. There is no linkage with long term strategies to compete with global competitors and survive in dynamic economic. Since an increasing share of market value in this era is not represented by inventory or physical assets. Investments in intangible assets are usually not documented in a proper systematic manner because of data non-availability. Consequently, reasonable estimates of the future performance potential of an organization could not be provided to the management. It is intriguing to note that the cause-effect relationships between marketing, production and human resource and financial performance have not so far been made operational. Prior to the knowledge era, business lived in the world of tangibles, which worked well with the traditional accounting practices. However, things are different in todays world of intangibles. Modern management style and strategic crafting have adapted in response to global competition and volatile economic environment. The industrial age management has been replaced by the knowledge age leadership, with corresponding transformational effects on the economy and workplace (Figure 1.1). The focus on tangible assets in the industrial age has shifted to intangible assets in the knowledge age. This paradigm shift encourages organizational employees to utilize their knowledge in line with organizational goals. Globalization is the main driver of knowledge economy. Toffler (1990) proposed knowledge as the key success factor in the present competition. Knowledge can be transferred by information flow from manufacturers to customers. Organization knowledge could be frequently managed by well- organized people in organization. Knowledge and information technology form an important part of intangible assets. With the realization of this paradigm shift, issues concerning intangible assets are now more widely researched and practiced. Figure 1.1 The shift in management style from industrial age to the knowledge age Intangible assets are of increasing importance for the corporate value creation  processes of all kinds of organizations. In 1978, intangible assets were determined to constitute only 5% of all assets, while they become 78% of all assets today. Some 50 to 90 percent of the value created by a firm in todays economy is estimated to come from the management of the firms intellectual capital rather than from the use and production of material goods (Guthrie and Yongvanich, 2004). Some public and private sector organizations do not attempt to incorporate the value of intangible assets. Sonnier et al. (2007) examined 150 high technology companies and found that management may want to reduce the level of disclosure to conceal sensitive strategic information in order to maintain a competitive advantage. As such, management reporting and financial statements will become increasingly irrelevant as a tool supporting meaningful decision making. Forward-thinking management has to ensure that in tangible assets are identified, monitored, built and leveraged. Financial profit alone could not guarantee the long term survival of companies. To be sustainable, companies need to understand and be able to manage intangible factors, including organizational learning and growth, internal process and external structure. Management that aspires for sustainable business growth and industrial leadership in the twenty-first century has to focus on superior management skills and knowledge under limited resources. Augier and Teece (2005) and Johanson (2005) reported that human capital, knowledge and other intangible assets have emerged as key to business performance in the economic systems. The intangible assets are the competitive edge over competitors. Srivastava et al. (1998) suggested the framework linking market-based assets to shareholder value which could be considered as the subset of present study. The market investment in brand and customer-profile databases leads to cash flows via a combination of price and share premiums, faster market penetration, reduced distribution, sales and service costs, and increased loyalty and retention. Brands are economic assets which are to create value shareholders and develop competitive advantage (Doyle, 2001). During the last three decades, brand is widely recognized as playing the key role in business. Brands influence customer choice, but the influence varies depending on the market in which the brand operates. Ittner (2008) suggested several pre vious studies that provided at least some evidence that intangible asset measurement is associated with higher performance. Several previous studies are limited by over-reliance on perceptual satisfaction or outcome variables, inadequate controls for contingency factors, simple variables for capturing complex measurement practices, and the lack of data implementation practice. In this study, the Balanced Scorecard strategy map (Kaplan and Norton, 2004) is chosen to provide a framework to illustrate how strategy links intangible assets to value creating processes. The reasons for choosing Balanced Scorecard as the stage to build the framework for the present research are as follows: First, Balanced Scorecard is a practical approach to measure the intangible assets that has been widely used in a variety of organizations over the past two decades. Second, through the strategy map concept, Balanced Scorecard provides the linkage the relationship between intangible assets and business performance including the interrelationship between intangible assets elements: 1) Learning and growth affect internal process 2) Internal process affects external structure 3) External structure affects business performance. The measures in the four perspectives are linked together by cause-effect relationships. The company builds the core competence and training to support the i nternal process. The internal process creates and delivers the customer value proposition. When the customers are satisfied, the sales and profit are delivered in terms of financial performance which is the key measure of business performance. 1.2 Research Objectives Since developed economies have become knowledge-based and technology intensive, view of the firm has significantly changed and intangible assets have become fundamental determinants of value and control. There are three fundamental elements of intangible assets which are learning and growth, internal process and external structure (Sveiby, 1997; Kaplan and Norton, 2004). The ultimate goal of firm is to maximize the business performance (financial performance, sales performance and customer fulfillment). This study aims to establish empirically the cause-effect relationship between learning and growth, internal process, external structure and business performance, including the interrelationships between the elements leading to business performance. 1.3 Expected Contributions of the Study There are two key areas of expected outcomes of the study. First, the impact of intangible assets on business performance is expected to be empirically established. In particular, the cause-effect relationship between learning and growth, internal process and external structure would be identified and analyzed. This is so that the detail underlying the relationships can be implemented in practice. Second, it is expected that the effect of business size, business sector and establishment age on the causal links between intangible assets and business performance would be established. As there are various types of firms business (service and non-service), sizes of business (large and SME), establishment age in the industry, this study would provide the pattern of cause-effect relationships between intangible assets and business performance in each business characteristic. Given the expected outcomes, the expected academic contributions of the present study would be to encourage similar studies to establish the causal links between intangible assets and business performance in other types of economies. The study would also provide the foundation for the field of intangible asset management For business practitioners, top management will benefit from the understanding of cause-effect relationship and the realization of the importance of intangible assets (learning and growth, internal business process and external structure) and business performance. With the clearer understanding, proper budget allocation and intangible assets management will be more properly focused and controlled to increase sustainable competitive advantage. The intangible assets are the strategic key to a sustainable competitive advantage and future economic profit. 1.4 Conceptual Framework During last decade years, intangible assets are widely expanded and researched. The value of intangible assets is likely to grow over time if the firm undertakes successful intangible assets management. The intangible assets in each fundamental element (learning and growth, internal process and external structure) are selected and classified as shown in Table 1.1. More detail explanation is given in Chapter 2. Table 1.1 Framework of intangible assets indicators The cause-effect relationship is covered in strategic mapping (Kaplan and Norton, 2004). There have also been several studies, e.g. Huselid and Becker (1997), Hitt et al. (2001), Liu and Tsai (2007), that examined the relationship between learning and growth and business performance as explain in more detail in Chapter 2. The main hypotheses in the present study are shown in Figure 1.2. Figure 1.2 Research hypotheses testing model H1: Learning and Growth is positively related to Internal Process H2: Internal Process is positively related to External Structure H3: External Structure is positively related to Business Performance H4: Learning and Growth is positively related to Business Performance 1.5 Outline of Methodology The research hypotheses formulated in this study were tested in the mail survey or questionnaire of registered company at the Thai Chamber of Commerce. The initial step in the analysis of the data collected focuses on examining the frequency distribution and the mean and standard deviation for each item or variable considered in this research. The next step in data analysis is to assess the validity of measures. Here the study uses item-total correlation, confirmatory factor analysis and the Cronbach alpha coefficient. The initial data analysis, and reliability and correlation analyses are performed using the SPSS statistical package. Furthermore, the structural equation modeling (SEM) EQS program (Bentler, 1995) is used to perform the confirmatory factor analysis, discriminant validity tests and testing of the structural model. The entire step-by-step model fit process from data collection by field survey questionnaires is shown in Figure 1.3. More details of research methodology ar e provided in Chapter 3. 1.6 Structure of the Thesis The thesis is structured on the basis of five chapters, which represent the different stages that are involved in the overall research process. Chapter 1 has covered the research context, current problems, purpose and expected contribution of the studies. Chapter 2 provides an extensive review of definition of intangible assets, intangible assets value and the Balanced Scorecard strategic mapping. This detail provide support to conceptual model of the study and the set of research hypotheses of the study which links learning and growth, internal process and external structure to business performance through cause-effect relationship. Chapter 3 presents the step-by-step research methodology used to conduct the study. It illustrates a range of important methodological issues including the research design, sampling, questionnaire development process, data collection and measurement of model variables. The Structural Equation Modeling (SEM) technique is briefly explained. Chapter 4 provides results of validity testing of the constructs and hypotheses of the present study by using EQS program for SEM technique and Statistical Package for Social Science (SPSS) program. Not only the results of the main research hypotheses testing model, but also other possible models are explored. Chapter 5 presents a summary of the major findings and conclusions of the study. It also suggests the long-term strategic implications of the study finding for top management. Finally, consideration is given to the limitations of this empirical investigation and suggestions are made for potential directions and strategies for future research. Literature Review This chapter reviews the definition of intangible assets and its value. The previous correlation empirical research between intangible assets and performance are reviewed. 2.1 Introduction There have been a large number of studies in intangible assets during the last two decades (see Figure 2.1). Intangible assets are involved in the customers, external structure, human resources, and internal process. The intangible assets are defined as non-financial assets without physical substance that are held for use in the production or supply of goods or services or for rental to others, or for administrative purpose (Epstein and Mirza, 2005). Intangible asset is an accounting term, but intellectual capital is a noun used in the management field. They both refer to the same thing. Therefore, Edvinsson and Malone (1997) and Tseng and Goo (2005) pointed out that intangible assets and intellectual capital are synonyms. Intangible assets are identifiable and controlled by the enterprise as a result of past events, and from which future economic benefits are expected to flow. Figure 2.1 Research development on intangible assets 2.2 Intangible Asset Element Classification Several studies have variously attempted to categorize intangible assets as summarized in Table 2.1. Some categorizations are in more common use than others. Table 2.1 Approaches for the categorization of intangible assets The purpose model of the above intangible assets researchers is summarized by Bontis (2000) in Table 2.2. Table 2.2 Purpose of intangible model In Table 2.1 and Table 2.2, there are the intangible elements correspond in each study. Wingren (2004) proposed that framework the correspond to intangible assets framework presented by Sveiby (1997) and Kaplan and Norton (1992) in Figure 2.2. Wingren (2004) mentioned that the Balanced Scorecard is primarily tool for internal development and evaluating the market value of the company for long run. Bose and Thomas (2007) implemented the concept of Balanced Scorecard to a company and they claimed that the formulating of Balanced Scorecard fits the strategic interest of the organization to achieve sustainable competitive advantage. The Balanced Scorecard encapsulates the short and long-term strategies. The motivation and evaluation of employee to achieve goal in BSC is rather than using it just as a measuring tool. When intangible assets are addressed and defined, there are four practical approaches to measure the intangible assets (Luthy, 1998): 1. Direct Intellectual Capital Method (DIC) Estimate the value of intangible assets by identifying its various components. Once these components are identified, they can be directly evaluated, either individually or as an aggregated coefficient. 2. Market Capitalization Method (MCM) Calculate the difference between a companys market capitalization and its stockholders equity as the value of the intellectual capital or intangible assets. 3. Return on Asset Method (ROA) Average pre-tax earnings of a company for a period of time are divided by the average tangible assets of the company. The result is a company ROA that is then compared with its industry average. The difference is multiplied by the companys average tangible assets to calculate an average annual earning from the intangibles. Dividing the above value of average earnings by the companys average cost of capital or an interest rate once can provide an estimate of the value of its intangible assets or intellectual capital. 4. Balanced Scorecard Method (BSC) The various components of intangible assets or intellectual capitals are identified and indicated. Indices are generated and reported in scorecards or graphs. Wingren (2004) has chosen to use the BSC concept because BSC contains outcome measures and the performance driver of outcomes, linked together in cause-effect relationships. There are linkages between customer, internal process and learning/growth with financial performance. The financial performance is the outcome and visible to the observers. 2.3 Intangible Assets in Balanced Scorecard Among the above four approaches, the Balanced Scorecard is by far the most well-known, although its original intent was not meant to be the measure for intangible assets, as discussed by Marr and Adams (2004) and Mouritsen et al. (2005). The Balanced Scorecard may be used to measure all the intangible assets in Table 2.1. Bose and Thomas (2007) recently applied the Balanced Scorecard in an empirical study of the Foster Brewing Group. The formulating of a scorecard that best fits the strategic interest of the organization is considered vital. In their view, the Balanced Scorecard is never really complete because the business environment (new competitors, changing customer demand, etc.) is dynamic and constantly evolving. As is already well-known, the Balanced Scorecard was introduced by Kaplan and Norton (1992) as a tool to link financial performance with non-financial performance dimensions: learning and growth, internal process and customer perspectives. Linkages and relationships between customers, internal process and learning/growth with financial performance are shown in Figure 2.3. The Balanced Scorecard acts as a measurement system, a strategic management system, and a communication tool. Seggie et al. (2007) made an argument for the Balanced Scorecard to be the measurement tool in marketing to measure non-financial assets and provide the organization with a long-term perspective. The Balanced Scorecard is at least partially forward-looking and partially geared toward the long-term performance of the firm. The Balanced Scorecard concept has been examined the performance measurement of bonus plan in major financial services firm. Ittner et al. (2003) recommended that the future research on Bal anced Scorecard adoption and performance consequences must move to encompass the entire implementation process. . The concept of cause-effect relationship separates the Balanced Scorecard from other performance management systems. The measures appearing on the scorecard should be linked together in a series of cause-effect relationships to tell the organizations strategic story. Increasing promotional expenses will lead to the increase in brand value. Increased brand value will lead to higher sales revenue The investment of human capital will create the continuous learning and growth in the organization. When the employees have more experience and knowledge, they can create the internal process which serves and fulfills customer satisfaction. The profit and revenue are the final outcomes of this causal chain. Heskett et al. (1994) explained that the linkage of the above model that investment in employee training leads to improvement in service quality. Better service quality lead to higher customer satisfaction. Higher customer satisfaction leads to increased customer loyalty. Increased customer loyalty generates increased revenues and margins. The following are five principles of successful Balanced Scorecard users (Kaplan and Norton, 2004): 1. Mobilize change through executive leadership 2. Translate the strategy into operational term 3. Align the organization to the strategy 4. Make strategy everyones job 5. Make strategy a continual process Intangible assets can be considered very much part of the Balanced Scorecard. Intangible assets are linked mainly to the marketing and human resources. Following is the review of intangible assets in Balanced Scorecard by Kaplan and Norton (1992) and intangible asset monitored by Sveiby (1997) are reviewed. By using the categories developed by Hall (1993), Sveiby (1997), Shaikh (2004) and Roos et al. (1997) reviewed and classified the intangible assets into a framework of internal structure, external structure, and employee competence as shown in Table 2.3. Table 2.3 Framework of intellectual capital/ intangible assets indicators From the above table, the intangible assets are reviewed as follows. 1. Learning and Growth The learning and growth is the capacity of employee to act in a wide variety of situations. Employee is the most valuable asset of the company in the highly competitive market. It is the one asset that creates uniqueness to the company and differentiates the company from the competitors. Sveiby (1997) emphasized employee capability as a key asset for organization growth. Employee satisfaction refers primarily to job and what employees perceive as offerings. Employee satisfaction is positively related to organizational commitment. There are several studies mentioned that human resource is effect to business performance. Huselid (1999) and Hand (1998) have reported the existence of a positive and significant relationship between investments in human resources and the market value of companies. Huselid and Becker (1997) found that there is a strongly positive relationship between a high performance human resource systems and firm performance. Bontis et al. (2000) found that human capita l had positive effect on customer retention and loyalty regardless of industry type. Hitt et al. (2001) and Hurwitz et al. (2002) found that human capital has a positive effect on performance. Also, human capital is shown to have moderate cause-effect relationships with strategy and firm performance. Moon and Kym (2006) confirmed that human capital, structural capital and relational capital have direct impact on intellectual capital. Liu and Tsai (2007) surveyed 560 managers from major Taiwanese hi-tech companies and found that knowledge management has a positive effect on operating performance. Lin and Kuo(2007) also investigated that human resource management influences operational performance indirectly through organizational learning and knowledge management capability. Knowledge is one of learning and growth perspective. In knowledge era, the knowledge management has been widely studies. The knowledge is lost by the organization when the employees leave the firm (Ordonez de Pablos, 2004). McKeen et al.(2006) founded that knowledge management was positive significant to overall organization performance (product leadership, customer intimacy and operational excellence) which is part of internal and customer perspectives in Balanced Scorecard. Organization performance was significant to financial performance. There was no significant direct relationship between knowledge management and financial performance. The knowledge sharing is a key issue in order to enhance the innovation capability that is one of internal process (Saenz et al., 2009). There is also the linkage of learning and growth and internal process. Forcadell and Guadamillas (2002) studies a firm used knowledge management to develop a process of continuous innovation which is in the inter nal business process perspective. 2. Internal Process The internal process includes patents, concepts, models, information technology systems, administrative systems and organizational culture (Aaker, 1991). Such leading companies as GE, Sony, IBM, or Ford used to cover a wide variety of products, but after finding that they could not sustain all product lines, they switched to selective products, while improving the intangible factors, quality and innovation. Deng et al. (1999) suggested that patent attributes are statistically associated with stock return and market to book ratio. Research and Development is one of intangible assets which is the most importance performance. Chu et al. (2008) founded that the valuation of assets and long-term focused in operation of US ICs firms are higher than the firms in Taiwan. 3. External Structure The external structure includes relationship with customers and suppliers. The Balanced Scorecard is concerned only customer value proposition, but the external structure covers supplier. The external structure also encompasses brand-names, customer loyalty, customer satisfaction and the companys reputation or goodwill. In the brand valuation terminology, brand is a large bundle of trademarks and associated intellectual property rights. Cravens and Guilding (1999) reported that brand valuation is one of the most effective means for business to bring accounting and marketing closer for the purpose of strategic brand management and effective means of communication between marketing and accounting. A branded business valuation is based on a discounted cash flow analysis of future earnings for that business discounted at the appropriate cost of capital. The value of the brand business is made up of a number of tangible and intangible assets. There are 2 brand evaluation models 1) research-based approaches measure consumer behavior and attitudes that have an impact on the economic performance of brands. No financial value on brands is in this model 2) purely financially driven approaches. Relationship Between Learning and Growth in Business Relationship Between Learning and Growth in Business Introduction The introductory chapter begins with a description of the context of the present study and a presentation of the fundamental issue addressed in this empirical investigation. The significance of intangible assets in knowledge era, objectives, conceptual framework and contribution value of this study is also addressed in this chapter. 1.1 Research Context This section presents the broad context within which this empirical investigation is undertaken. The current problems and significance of intangible assets in knowledge era are explained. Traditionally, profit and loss figures in the balance sheet and annual financial reports are used as the main financial performance indicators for the action previously taken monitoring and crafting short term strategies. Accounting for intangible assets starts with documenting the various categories of expenses. Profit (or loss) is derived from the financial difference between sales revenue and operating cost. The costs include the expenses in brand building, customer database, training, product development, information technology, etc. These are usually treated as part of the operating cost and marketing expenses. The investment of tangible assets such as equipment, machinery, building, etc. is also recorded in balance sheet. This simple accounting record mechanism is no longer sufficient in the knowledge based economy. There is no linkage with long term strategies to compete with global competitors and survive in dynamic economic. Since an increasing share of market value in this era is not represented by inventory or physical assets. Investments in intangible assets are usually not documented in a proper systematic manner because of data non-availability. Consequently, reasonable estimates of the future performance potential of an organization could not be provided to the management. It is intriguing to note that the cause-effect relationships between marketing, production and human resource and financial performance have not so far been made operational. Prior to the knowledge era, business lived in the world of tangibles, which worked well with the traditional accounting practices. However, things are different in todays world of intangibles. Modern management style and strategic crafting have adapted in response to global competition and volatile economic environment. The industrial age management has been replaced by the knowledge age leadership, with corresponding transformational effects on the economy and workplace (Figure 1.1). The focus on tangible assets in the industrial age has shifted to intangible assets in the knowledge age. This paradigm shift encourages organizational employees to utilize their knowledge in line with organizational goals. Globalization is the main driver of knowledge economy. Toffler (1990) proposed knowledge as the key success factor in the present competition. Knowledge can be transferred by information flow from manufacturers to customers. Organization knowledge could be frequently managed by well- organized people in organization. Knowledge and information technology form an important part of intangible assets. With the realization of this paradigm shift, issues concerning intangible assets are now more widely researched and practiced. Figure 1.1 The shift in management style from industrial age to the knowledge age Intangible assets are of increasing importance for the corporate value creation  processes of all kinds of organizations. In 1978, intangible assets were determined to constitute only 5% of all assets, while they become 78% of all assets today. Some 50 to 90 percent of the value created by a firm in todays economy is estimated to come from the management of the firms intellectual capital rather than from the use and production of material goods (Guthrie and Yongvanich, 2004). Some public and private sector organizations do not attempt to incorporate the value of intangible assets. Sonnier et al. (2007) examined 150 high technology companies and found that management may want to reduce the level of disclosure to conceal sensitive strategic information in order to maintain a competitive advantage. As such, management reporting and financial statements will become increasingly irrelevant as a tool supporting meaningful decision making. Forward-thinking management has to ensure that in tangible assets are identified, monitored, built and leveraged. Financial profit alone could not guarantee the long term survival of companies. To be sustainable, companies need to understand and be able to manage intangible factors, including organizational learning and growth, internal process and external structure. Management that aspires for sustainable business growth and industrial leadership in the twenty-first century has to focus on superior management skills and knowledge under limited resources. Augier and Teece (2005) and Johanson (2005) reported that human capital, knowledge and other intangible assets have emerged as key to business performance in the economic systems. The intangible assets are the competitive edge over competitors. Srivastava et al. (1998) suggested the framework linking market-based assets to shareholder value which could be considered as the subset of present study. The market investment in brand and customer-profile databases leads to cash flows via a combination of price and share premiums, faster market penetration, reduced distribution, sales and service costs, and increased loyalty and retention. Brands are economic assets which are to create value shareholders and develop competitive advantage (Doyle, 2001). During the last three decades, brand is widely recognized as playing the key role in business. Brands influence customer choice, but the influence varies depending on the market in which the brand operates. Ittner (2008) suggested several pre vious studies that provided at least some evidence that intangible asset measurement is associated with higher performance. Several previous studies are limited by over-reliance on perceptual satisfaction or outcome variables, inadequate controls for contingency factors, simple variables for capturing complex measurement practices, and the lack of data implementation practice. In this study, the Balanced Scorecard strategy map (Kaplan and Norton, 2004) is chosen to provide a framework to illustrate how strategy links intangible assets to value creating processes. The reasons for choosing Balanced Scorecard as the stage to build the framework for the present research are as follows: First, Balanced Scorecard is a practical approach to measure the intangible assets that has been widely used in a variety of organizations over the past two decades. Second, through the strategy map concept, Balanced Scorecard provides the linkage the relationship between intangible assets and business performance including the interrelationship between intangible assets elements: 1) Learning and growth affect internal process 2) Internal process affects external structure 3) External structure affects business performance. The measures in the four perspectives are linked together by cause-effect relationships. The company builds the core competence and training to support the i nternal process. The internal process creates and delivers the customer value proposition. When the customers are satisfied, the sales and profit are delivered in terms of financial performance which is the key measure of business performance. 1.2 Research Objectives Since developed economies have become knowledge-based and technology intensive, view of the firm has significantly changed and intangible assets have become fundamental determinants of value and control. There are three fundamental elements of intangible assets which are learning and growth, internal process and external structure (Sveiby, 1997; Kaplan and Norton, 2004). The ultimate goal of firm is to maximize the business performance (financial performance, sales performance and customer fulfillment). This study aims to establish empirically the cause-effect relationship between learning and growth, internal process, external structure and business performance, including the interrelationships between the elements leading to business performance. 1.3 Expected Contributions of the Study There are two key areas of expected outcomes of the study. First, the impact of intangible assets on business performance is expected to be empirically established. In particular, the cause-effect relationship between learning and growth, internal process and external structure would be identified and analyzed. This is so that the detail underlying the relationships can be implemented in practice. Second, it is expected that the effect of business size, business sector and establishment age on the causal links between intangible assets and business performance would be established. As there are various types of firms business (service and non-service), sizes of business (large and SME), establishment age in the industry, this study would provide the pattern of cause-effect relationships between intangible assets and business performance in each business characteristic. Given the expected outcomes, the expected academic contributions of the present study would be to encourage similar studies to establish the causal links between intangible assets and business performance in other types of economies. The study would also provide the foundation for the field of intangible asset management For business practitioners, top management will benefit from the understanding of cause-effect relationship and the realization of the importance of intangible assets (learning and growth, internal business process and external structure) and business performance. With the clearer understanding, proper budget allocation and intangible assets management will be more properly focused and controlled to increase sustainable competitive advantage. The intangible assets are the strategic key to a sustainable competitive advantage and future economic profit. 1.4 Conceptual Framework During last decade years, intangible assets are widely expanded and researched. The value of intangible assets is likely to grow over time if the firm undertakes successful intangible assets management. The intangible assets in each fundamental element (learning and growth, internal process and external structure) are selected and classified as shown in Table 1.1. More detail explanation is given in Chapter 2. Table 1.1 Framework of intangible assets indicators The cause-effect relationship is covered in strategic mapping (Kaplan and Norton, 2004). There have also been several studies, e.g. Huselid and Becker (1997), Hitt et al. (2001), Liu and Tsai (2007), that examined the relationship between learning and growth and business performance as explain in more detail in Chapter 2. The main hypotheses in the present study are shown in Figure 1.2. Figure 1.2 Research hypotheses testing model H1: Learning and Growth is positively related to Internal Process H2: Internal Process is positively related to External Structure H3: External Structure is positively related to Business Performance H4: Learning and Growth is positively related to Business Performance 1.5 Outline of Methodology The research hypotheses formulated in this study were tested in the mail survey or questionnaire of registered company at the Thai Chamber of Commerce. The initial step in the analysis of the data collected focuses on examining the frequency distribution and the mean and standard deviation for each item or variable considered in this research. The next step in data analysis is to assess the validity of measures. Here the study uses item-total correlation, confirmatory factor analysis and the Cronbach alpha coefficient. The initial data analysis, and reliability and correlation analyses are performed using the SPSS statistical package. Furthermore, the structural equation modeling (SEM) EQS program (Bentler, 1995) is used to perform the confirmatory factor analysis, discriminant validity tests and testing of the structural model. The entire step-by-step model fit process from data collection by field survey questionnaires is shown in Figure 1.3. More details of research methodology ar e provided in Chapter 3. 1.6 Structure of the Thesis The thesis is structured on the basis of five chapters, which represent the different stages that are involved in the overall research process. Chapter 1 has covered the research context, current problems, purpose and expected contribution of the studies. Chapter 2 provides an extensive review of definition of intangible assets, intangible assets value and the Balanced Scorecard strategic mapping. This detail provide support to conceptual model of the study and the set of research hypotheses of the study which links learning and growth, internal process and external structure to business performance through cause-effect relationship. Chapter 3 presents the step-by-step research methodology used to conduct the study. It illustrates a range of important methodological issues including the research design, sampling, questionnaire development process, data collection and measurement of model variables. The Structural Equation Modeling (SEM) technique is briefly explained. Chapter 4 provides results of validity testing of the constructs and hypotheses of the present study by using EQS program for SEM technique and Statistical Package for Social Science (SPSS) program. Not only the results of the main research hypotheses testing model, but also other possible models are explored. Chapter 5 presents a summary of the major findings and conclusions of the study. It also suggests the long-term strategic implications of the study finding for top management. Finally, consideration is given to the limitations of this empirical investigation and suggestions are made for potential directions and strategies for future research. Literature Review This chapter reviews the definition of intangible assets and its value. The previous correlation empirical research between intangible assets and performance are reviewed. 2.1 Introduction There have been a large number of studies in intangible assets during the last two decades (see Figure 2.1). Intangible assets are involved in the customers, external structure, human resources, and internal process. The intangible assets are defined as non-financial assets without physical substance that are held for use in the production or supply of goods or services or for rental to others, or for administrative purpose (Epstein and Mirza, 2005). Intangible asset is an accounting term, but intellectual capital is a noun used in the management field. They both refer to the same thing. Therefore, Edvinsson and Malone (1997) and Tseng and Goo (2005) pointed out that intangible assets and intellectual capital are synonyms. Intangible assets are identifiable and controlled by the enterprise as a result of past events, and from which future economic benefits are expected to flow. Figure 2.1 Research development on intangible assets 2.2 Intangible Asset Element Classification Several studies have variously attempted to categorize intangible assets as summarized in Table 2.1. Some categorizations are in more common use than others. Table 2.1 Approaches for the categorization of intangible assets The purpose model of the above intangible assets researchers is summarized by Bontis (2000) in Table 2.2. Table 2.2 Purpose of intangible model In Table 2.1 and Table 2.2, there are the intangible elements correspond in each study. Wingren (2004) proposed that framework the correspond to intangible assets framework presented by Sveiby (1997) and Kaplan and Norton (1992) in Figure 2.2. Wingren (2004) mentioned that the Balanced Scorecard is primarily tool for internal development and evaluating the market value of the company for long run. Bose and Thomas (2007) implemented the concept of Balanced Scorecard to a company and they claimed that the formulating of Balanced Scorecard fits the strategic interest of the organization to achieve sustainable competitive advantage. The Balanced Scorecard encapsulates the short and long-term strategies. The motivation and evaluation of employee to achieve goal in BSC is rather than using it just as a measuring tool. When intangible assets are addressed and defined, there are four practical approaches to measure the intangible assets (Luthy, 1998): 1. Direct Intellectual Capital Method (DIC) Estimate the value of intangible assets by identifying its various components. Once these components are identified, they can be directly evaluated, either individually or as an aggregated coefficient. 2. Market Capitalization Method (MCM) Calculate the difference between a companys market capitalization and its stockholders equity as the value of the intellectual capital or intangible assets. 3. Return on Asset Method (ROA) Average pre-tax earnings of a company for a period of time are divided by the average tangible assets of the company. The result is a company ROA that is then compared with its industry average. The difference is multiplied by the companys average tangible assets to calculate an average annual earning from the intangibles. Dividing the above value of average earnings by the companys average cost of capital or an interest rate once can provide an estimate of the value of its intangible assets or intellectual capital. 4. Balanced Scorecard Method (BSC) The various components of intangible assets or intellectual capitals are identified and indicated. Indices are generated and reported in scorecards or graphs. Wingren (2004) has chosen to use the BSC concept because BSC contains outcome measures and the performance driver of outcomes, linked together in cause-effect relationships. There are linkages between customer, internal process and learning/growth with financial performance. The financial performance is the outcome and visible to the observers. 2.3 Intangible Assets in Balanced Scorecard Among the above four approaches, the Balanced Scorecard is by far the most well-known, although its original intent was not meant to be the measure for intangible assets, as discussed by Marr and Adams (2004) and Mouritsen et al. (2005). The Balanced Scorecard may be used to measure all the intangible assets in Table 2.1. Bose and Thomas (2007) recently applied the Balanced Scorecard in an empirical study of the Foster Brewing Group. The formulating of a scorecard that best fits the strategic interest of the organization is considered vital. In their view, the Balanced Scorecard is never really complete because the business environment (new competitors, changing customer demand, etc.) is dynamic and constantly evolving. As is already well-known, the Balanced Scorecard was introduced by Kaplan and Norton (1992) as a tool to link financial performance with non-financial performance dimensions: learning and growth, internal process and customer perspectives. Linkages and relationships between customers, internal process and learning/growth with financial performance are shown in Figure 2.3. The Balanced Scorecard acts as a measurement system, a strategic management system, and a communication tool. Seggie et al. (2007) made an argument for the Balanced Scorecard to be the measurement tool in marketing to measure non-financial assets and provide the organization with a long-term perspective. The Balanced Scorecard is at least partially forward-looking and partially geared toward the long-term performance of the firm. The Balanced Scorecard concept has been examined the performance measurement of bonus plan in major financial services firm. Ittner et al. (2003) recommended that the future research on Bal anced Scorecard adoption and performance consequences must move to encompass the entire implementation process. . The concept of cause-effect relationship separates the Balanced Scorecard from other performance management systems. The measures appearing on the scorecard should be linked together in a series of cause-effect relationships to tell the organizations strategic story. Increasing promotional expenses will lead to the increase in brand value. Increased brand value will lead to higher sales revenue The investment of human capital will create the continuous learning and growth in the organization. When the employees have more experience and knowledge, they can create the internal process which serves and fulfills customer satisfaction. The profit and revenue are the final outcomes of this causal chain. Heskett et al. (1994) explained that the linkage of the above model that investment in employee training leads to improvement in service quality. Better service quality lead to higher customer satisfaction. Higher customer satisfaction leads to increased customer loyalty. Increased customer loyalty generates increased revenues and margins. The following are five principles of successful Balanced Scorecard users (Kaplan and Norton, 2004): 1. Mobilize change through executive leadership 2. Translate the strategy into operational term 3. Align the organization to the strategy 4. Make strategy everyones job 5. Make strategy a continual process Intangible assets can be considered very much part of the Balanced Scorecard. Intangible assets are linked mainly to the marketing and human resources. Following is the review of intangible assets in Balanced Scorecard by Kaplan and Norton (1992) and intangible asset monitored by Sveiby (1997) are reviewed. By using the categories developed by Hall (1993), Sveiby (1997), Shaikh (2004) and Roos et al. (1997) reviewed and classified the intangible assets into a framework of internal structure, external structure, and employee competence as shown in Table 2.3. Table 2.3 Framework of intellectual capital/ intangible assets indicators From the above table, the intangible assets are reviewed as follows. 1. Learning and Growth The learning and growth is the capacity of employee to act in a wide variety of situations. Employee is the most valuable asset of the company in the highly competitive market. It is the one asset that creates uniqueness to the company and differentiates the company from the competitors. Sveiby (1997) emphasized employee capability as a key asset for organization growth. Employee satisfaction refers primarily to job and what employees perceive as offerings. Employee satisfaction is positively related to organizational commitment. There are several studies mentioned that human resource is effect to business performance. Huselid (1999) and Hand (1998) have reported the existence of a positive and significant relationship between investments in human resources and the market value of companies. Huselid and Becker (1997) found that there is a strongly positive relationship between a high performance human resource systems and firm performance. Bontis et al. (2000) found that human capita l had positive effect on customer retention and loyalty regardless of industry type. Hitt et al. (2001) and Hurwitz et al. (2002) found that human capital has a positive effect on performance. Also, human capital is shown to have moderate cause-effect relationships with strategy and firm performance. Moon and Kym (2006) confirmed that human capital, structural capital and relational capital have direct impact on intellectual capital. Liu and Tsai (2007) surveyed 560 managers from major Taiwanese hi-tech companies and found that knowledge management has a positive effect on operating performance. Lin and Kuo(2007) also investigated that human resource management influences operational performance indirectly through organizational learning and knowledge management capability. Knowledge is one of learning and growth perspective. In knowledge era, the knowledge management has been widely studies. The knowledge is lost by the organization when the employees leave the firm (Ordonez de Pablos, 2004). McKeen et al.(2006) founded that knowledge management was positive significant to overall organization performance (product leadership, customer intimacy and operational excellence) which is part of internal and customer perspectives in Balanced Scorecard. Organization performance was significant to financial performance. There was no significant direct relationship between knowledge management and financial performance. The knowledge sharing is a key issue in order to enhance the innovation capability that is one of internal process (Saenz et al., 2009). There is also the linkage of learning and growth and internal process. Forcadell and Guadamillas (2002) studies a firm used knowledge management to develop a process of continuous innovation which is in the inter nal business process perspective. 2. Internal Process The internal process includes patents, concepts, models, information technology systems, administrative systems and organizational culture (Aaker, 1991). Such leading companies as GE, Sony, IBM, or Ford used to cover a wide variety of products, but after finding that they could not sustain all product lines, they switched to selective products, while improving the intangible factors, quality and innovation. Deng et al. (1999) suggested that patent attributes are statistically associated with stock return and market to book ratio. Research and Development is one of intangible assets which is the most importance performance. Chu et al. (2008) founded that the valuation of assets and long-term focused in operation of US ICs firms are higher than the firms in Taiwan. 3. External Structure The external structure includes relationship with customers and suppliers. The Balanced Scorecard is concerned only customer value proposition, but the external structure covers supplier. The external structure also encompasses brand-names, customer loyalty, customer satisfaction and the companys reputation or goodwill. In the brand valuation terminology, brand is a large bundle of trademarks and associated intellectual property rights. Cravens and Guilding (1999) reported that brand valuation is one of the most effective means for business to bring accounting and marketing closer for the purpose of strategic brand management and effective means of communication between marketing and accounting. A branded business valuation is based on a discounted cash flow analysis of future earnings for that business discounted at the appropriate cost of capital. The value of the brand business is made up of a number of tangible and intangible assets. There are 2 brand evaluation models 1) research-based approaches measure consumer behavior and attitudes that have an impact on the economic performance of brands. No financial value on brands is in this model 2) purely financially driven approaches.