Personal Reflection On The Social Work Profession - 847 Words

My paper is a personal reflection on my understanding of the social work profession, as I get ready for my field placement. I will reflect on my evolving sense of professional identity, and will discuss my growth in terms of self-awareness. I will further deliberate about my knowledge of the Social Work profession. My current understanding of the profession, and activities, tasks and roles that I may undertake in a placement situation The Social Work profession in Ontario is a complete, accredited program that is acknowledged by the Ontario College of Social Workers and Social Service Workers (OCSWSSW). The profession is oriented to social justice, and social workers try to bring about change through real change and transformation. Social Work is geared towards achieving optimal psychosocial function (Maclean, 2009) for the client, through a holistic approach that utilises professional knowledge, values and skills. The scope of practice for Registered Social Workers includes assessment, diagnoses, treatment and evaluation of individuals, couples, families, groups, organizations and communities (CASW Code of Ethics, 2008). Activities, tasks and roles that I may undertake in my field placement, are those based on the theory that I have learnt in my academic program. I hope to transfer the theory into real-life practice. The NOC code for Social Workers, as presented by Maclean (2009), lists about twenty roles delegated to the profession. I anticipate that under supervision, IShow MoreRelatedSelf Awareness And The Social Work1603 Words   |  7 PagesSelf-awareness and the use of self is a key component in social work practice. Depending upon how one integrates their personal being and accompanying thoughts, experiences, emotions, and consciousness into the helping profession has a profound impact on whether that integration is positive or negative, particularly when it comes to that of one’s relationships with their clients. While remaining impartial is often critical to effective social work practice, the complete separation of self from one’sRead MoreHealth Care : Social Work Essay1161 W ords   |  5 PagesThis paper will focus on what health care; social work is. It will also discuss my personal self-reflection on how I will prepare to work with individuals, families, and communities affected by disease, illness and public health issues. Lastly a brief self- appraisal of my skills will be processed along with my hope to assist individuals, families and communities in a healthcare context. To introduce what health care, social work, is it’s important to examine it from a historical standpoint. DueRead MoreReflective Reflection Essay999 Words   |  4 Pagesoutcomes. This essay will focus on how reflective practice is critical for professional life, and how the use of reflection and theory can be used by counselling practitioners to inform their practice. Reflective practice is a complex concept and has many alternate definitions and understandings of what reflective practice actually means. By breaking down the two parts and defining reflection as â€Å"serious thought or consideration†, and practice as â€Å"the actual application or use of an idea, belief, orRead MoreSelf Care Pl An Essential Tool Within The Health Care Profession969 Words   |  4 Pagesessential tool within the health care profession. A plan not only helps create balance in one s life, but it also assists in maintaining professional standards as a service provider. In this type of work can be taxing on an individual s mental, physical and spiritual mentality, as such, can affect the mannerism in which a professional engages with their clientele. As a social worker it is our responsibility to maintain the ethical values of our profession. The following is a discussion of my intendedRead MorePersonal Values And Social Work Values1443 Words   |  6 Page s...............................................................................3-4 PERSONAL VALUES VS SOCIAL WORK VALUES.......................................................4 ETHICAL REASONING.....................................................................................................5 AMBIGUITY IN RESOLVING CONFLICT......................................................................5-6 REFLECTION....................................................................................Read MoreEthical Ethics And Ethical Issues1311 Words   |  6 Pagesethical issues that are frequently complex and thought provoking. Readers are further implored to examine their personal, moral and ethical value systems and codes they work from in an attempt to assist them in developing an informed ethical conscience for making sound moral and ethical judgments. The author presents ethical dilemmas throughout the book which readers are encouraged to work through. The book is comprised of 14 chapters which are subdivided into three parts with respective part titlesRead MoreProfessional Identity And Social Work1395 Words   |  6 PagesProfessional Identity in Social Work. There are certain guidelines, expectations and ethical codes to be adhered to in all disciplines in the healthcare system and social work is of no exception to this. The following piece shall explain how the social work discipline requires from its members, that they obtain a professional identity and assimilate this identity not only into their work life but also into an extensive amount of their private life as well. Clients and/or patients have to placeRead MoreReporting Studying senior social science subjects was the most influential factor which provided a1600 Words   |  7 PagesReporting Studying senior social science subjects was the most influential factor which provided a wonderful opportunity to discover my abilities and develop skills and confidence in critical thinking and systematic research processes. Especially, getting an A+ for a psychology report assignment and genuinely enjoying the process have given me a sense of competence in performing similar tasks such as planning and conducting experiments, analysing results, and evaluating research processes. AfterRead MoreCognitive Coaching1394 Words   |  6 PagesThe Effects of Cognitive Coaching on Education and in Supporting Teacher Leadership â€Å"Creating a profession of teaching in which teachers have the opportunity for continual learning is the likeliest way to inspire greater achievement for children, especially those for whom education is the only pathway to survival and success† (Sumner, 2011, p. 10). Educators today are required to have a different set of skills to effectively prepare students to be global competitors in the workplace. EducatorsRead MoreWhere Do I Go From Here?1368 Words   |  6 Pagesfield of Social Work has greatly increased. I have learned that values and ethics are crucial in succeeding in social work and helping a client overcome an issue. The National Association of Social Work (NASW) created the Code of Ethics, which professional Social Workers can refer to and know how to best handle a situation (2008). The text, From the front lines: Student cases in social work ethics, states that the Code of Ethics should be a professional’s guide to constantly refer in social work pr actice

Human Trafficking And Its Effects On Society - 1173 Words

Human trafficking is organized crime where human beings are controlled and exploited (Merriam-Webster). Despite slavery being illegal in the United States and countless countries around the world, human trafficking known as the modern slavery still exists both domestically and internationally. There are multiple forms of human trafficking such as forced labor, sex trafficking, child exploitation, organ and tissue trafficking, and people smuggling (INTERPOL). Specifically looking at sex trafficking there are issues in ensuring that individuals can lead successful lives in the aftermath of victimization. Sex trafficking is defines as sexual exploitation of an individual s body in exchange for money or goods. Often these victims are†¦show more content†¦Despite the valiant effort, these acts failed to protect women and children. Since the 1990s steps have been taken to both address and educate people on human and sex trafficking. A recent stride in education was in 2011 President Obama declared January Human Trafficking Awareness Month (Yong 2011). Find Recent Event THEORY Applying the Marxist conflict theory, one can see a perpetuating system of capitalism. The class system has some economic depth, but the true measure is the supply and demand of the system. The sex industry has illegal practices, but has proven to be one of the most profitable businesses (Beeks and Amir 2006). The bourgeoisie (upper class) are comparable to the traffickers, these individuals run the system of oppression. They create the laws, enforce them, and have the most financial and social gain. The middle class does not exist in the traditional Marxist model, but in the sex trafficking system, there seems to be a middle class. This middle class are the individuals that allow the system to exist; these individuals are both consumers and third-party bystanders that assist in the dealings. This class of individuals have a range of socio-economic backgrounds and there is no true stereotype. The lower class are the victimized individuals, who become slaves to the sex indust ry. These individuals are forced to provide the services to make money forShow MoreRelatedHuman Trafficking And Its Effects On Society1273 Words   |  6 Pagesalmost identical. Human trafficking, or â€Å"the modern slavery,† is defined as the â€Å"organized criminal activity in which human beings are treated as possessions to be controlled and exploited (as by being forced into prostitution or involuntary labor)† by Merriam Webster Dictionary (np). At any given time this affects 2.4 million people, 80% of whom are sexually exploited. This paper will highlight the tragic past of human trafficking for sexual exploitation and its current effect on society. To begin withRead MoreHuman Trafficking And Its Effects On Society2954 Words   |  12 PagesNothing drives our emotions or influences our understanding of horrific stories-than those of the modern-day trafficking. Human trafficking is a very problematic issue in our society today and more victims are being taken advantage of whether it’s through slavery, sexual exploitation, organ trade, or even forced labour. In most cases, the victims of trafficking is often known to be transferred from one country to another and forced to work for a benefit of the crime. In other words, it’s very commonRead MoreHuman Trafficking And Its Effects On Society2231 Words   |  9 PagesHuman Trafficking When the word slavery is heard, what usually comes to mind? For me, something of the past that usually involves the deportation by means of force of Africans into a colonizing America. The word usually makes me reflect on all of my history classes that I’ve been in throughout the years learning about how tragic it was, and how we, over the course of many years, abolished it. If you asked me a couple weeks ago what I knew about modern slavery, I would tell you that it’s a smallRead MoreHuman Trafficking And Its Effects On Society2095 Words   |  9 Pagesof women have disappeared due to sexual labor and trafficking in Moldova, Ukraine, and Russia. There are people around the world suffering from psychological damage, PTSD, anxiety, flashbacks, fear, insomnia, depression, sleep disorders, panic attacks, self-blame, and suicidal thoughts. Men and women are locked in factories at night to prevent escape. Traffickers use their patterns of travel to move terrorists. The prof its made from human trafficking are part of the funding power for conflict and corruptionRead MoreHuman Trafficking And Its Effects On Society1206 Words   |  5 PagesHuman rights are something that everyone receives as soon as they are born in the world. These rights are given to everyone just for simply living on the earth no matter their race, sex, religion, or ethnicity. When someone tries to take one of those rights away it is called a human rights violation. A right that is interesting is the Right to Freedom. Something that violates the Right to Freedom is human trafficking, which also violates the 13th Amendment which abolished slavery in 1865, with theRead MoreHuman Trafficking And Its Effects On Society1156 Words   |  5 Pageslabor or sex. In today society pimp is glorified as a lady’s man. In reality pimp are not lady’s men, pimps are criminal. The relationship between pimps and prostitutess is not what the society, imagining it more brute than what peo ple perceive. Many people think that pimps are harmless because of the movies and the songs. Society needs to look deeper than the surface when it comes to pimps and prostitutes, that the relationship is master and slave as in human trafficking. The pimp is a person thatRead MoreHuman Trafficking And Its Effects On Society Essay1829 Words   |  8 Pages Human Trafficking Imagine an individual having a pet that they raised and loved for, then one day that pet got taken away from them by another individual. The one who stole the animal then claims it as their own and forces the pet to breed with another and then keeps it locked in a cage until they find a new use for it. They barely provide it with the efficient amount of attention and feed it only enough to not starve it out. Picturing this is disgusting and hard to imagine to happen to suchRead MoreHuman Trafficking And Its Effects On Society Essay1751 Words   |  8 PagesHuman Trafficking is one of the many horrors that occur across the world that is not spoken about enough in society. Human trafficking can include organ trafficking, prostitution, child pornography, forced labor, debt bondage, child labor and child soldiers. In all cases of human trafficking, human beings are controlled and exposed for profit the most common type of profit being money. People who are victims of human trafficking can be found working in a myriad of places such as massage parlorsRead MoreHuman Trafficking, the Modern Slavery1034 Words   |  5 PagesGlobal Perspectives Essay #2 Human Trafficking Causes and Effects Human Trafficking, The Modern Slavery Introduction Human trafficking is a big problem all around the world. Every year, thousands of men, women and children are kidnapped by traffickers, and forced into sexual exploitation and slavery. In this essay, I will talk about the causes of human trafficking and what effects it has on the victims, families, and society. Causes The cause of human trafficking is mainly the organizedRead MoreHuman Trafficking Is A Grave Crime And A Serious Violation Of Human Rights1555 Words   |  7 PagesHumana Trafficking Introduction Human trafficking refers to the practice of recruiting, transferring, transporting, receiving, or harboring people through the use of force, threat, or other forms of abduction, coercion, deception, fraud, as well as abuse of power or vulnerability position (Segrave 2). Human trafficking is a grave crime and a serious violation of human rights as it involves a broad range of human exploitations, including forced labor, sexual exploitation, slavery practices, as well

Nike Financial Analysis free essay sample

Nike  is a company that has thoroughly embedded itself into the psyche of people around the world. Its a company that started with humble origins from selling footwear in the basement to becoming the behemoth in the athletic industry. Bill Bowerman, University of Oregon track ; field coach, and Phil Knight, middle-distance runner under Bowerman co-founded Nike. Nike was first established as Blue Ribbon Sports in 1964 as a partnership and the name Nike was officially adopted on May 30, 1978. The infamous Nike Logo Swoosh, was created for a fee of $35 by Carolyn Davidson, a graphics design student.In 1980, Nike becomes a publicly traded company with the completion of its Initial Public Offering of 2,377,000 shares of Class B Common Stock on New York Stock Exchange with the stock symbol NKE. Today, Nike employs over 27,000 people across the globe, and has net revenue in excess of $13 billion. The purpose of this paper is to provide investors with comprehensive information on Nike, its financial health and activities, its strength and weaknesses, and whether Nike creates value to its shareholders. This paper will analyze Nikes capital structure, scope of international operations, recent stock performance, and dividend policy. We will examine how Nikes international operations are conducted, its criticisms and strengths. Nikes debt ratios, dividend payout ratios, dividend yield, and interest coverage ratios over the previous 5 years will be discussed and compared with industry benchmarks. Its bond ratings and the relation between the operating characteristics and its leverage will also be analyzed. Managers for Nike are creating value for shareholders by expanding Nike operations in foreign markets as much as possible. Nikes sales and earnings outpaced Wall Street estimates FY 06. Nikes sales reached $15 billion and its earnings per share were up 18%.Over the past 5 years, Nikes earnings per share on compounded rate were up 20%, gross margins averaged 42% and in the past year, Nike delivered 44% margins in a period of rising costs. The current managers are maximizing shareholders wealth but in the footwear industry, Nikes performance still falls. The footwear industry averaged about 14. 25%, while Nikes growth in stock was 10. 48%. If the increase in value of shares is a benchmark of performance for managers, Nikes performance is unimpressive. Nike has a Price to Book (MRQ) ratio of 3. 97, while the industry Nike competes in has a ratio of 3. 96.S;P 500 has a Price to Book (MRQ) ratio of 3. 90. Nike has a Price to Tangible Book (MRQ) ratio of 4. 26, while the industry has a ratio of 4. 44, and the S;P 500 has a ratio of 7. 22. The Nike brand itself is the biggest strength of Nike. Its other strengths include international operations where it is expanding aggressively, innovation of new products and ability to connect with its consumers. Peoples perception of Nike as an exploiter of workers in developing nations, might cause considerable damage to its brand, and the poor performance of its stock relative to its industry is also one of its weaknesses.Nikes managers must maximize shareholders wealth, which is not at its optimum level. As a world-renowned multi-national corporation, Nike has a presence in almost every nation. Nike itself started by importing athletic shoes from a Japanese company called Onitsuka Tiger Company. Nike earns more revenues from its international operations than its domestic market. Nike earned about $6. 5 billion FY 2005 from its international operations, compared to $5. 1 billion from its domestic market. International operations appear to be a key driver of Nikes growth. Nikes international operations are divided into 3 different regions.The EMEA region oversees operations in Europe, Middle East, and Africa. The Asia Pacific Region oversees operations in East Asia, South Asia, Southeast Asia, and the Pacific. The Americas region oversees operations in South America, and North America (excluding United States). Europe, Middle East, ; Africa (EMEA) is headquartered in Hilversum, Netherlands. In terms of revenue, the EMEA is Nikes second largest region. EMEA region contributed about $4. 3 billion in revenues for Nike. Of these, footwear revenues contributed $2. 5 billion, apparel revenues contributed $1. 5 billion and equipment revenues contributed $284. million. FY05, 31% of Nike brand revenue was generated by sales in the EMEA region. This region is also the third largest in terms of manufacturing. EMEA region employs about 6,000 Nike employees, and has about 104 contract factories. These factories in addition, employ 29,242 workers. The Asia Pacific region is Nikes third largest in terms of revenue, and the largest in terms of manufacturing. Nike has 13 branch offices and subsidiaries in the Asia Pacific region. China has become both a source country and a vital market for Nike. Asia Pacific region has 3,282 Nike employees approximately.The region also has 252 contract factories located in North Asia, and 238 contract factories located in South Asia. Combined, these factories employ 550,821 workers. Nikes revenues for year 2004 from its Asian operations were about $1. 6 billion. Of these revenues, approximately $855 million were from footwear sales, $612 million from apparel sales and $146 million from equipment sales. The Americas region is the smallest in terms of revenue 2nd largest in regards to manufacturing. The first Nike shoe ever contracted out was done in Mexico in 1971. For year 2003, the region provided Nike with revenues of $624 million.Of these revenues $412 million were from footwear sales, $166 million from apparel sales and $47 million from equipment sales. This region has approximately 1076 Nike employees and additional 44,568 workers working in 137 total contract factories. Nike has branch offices and subsidiaries in five countries. Some of the challenges that Nike has faced and still faces are in regards to its manufacturing facilities and violation of labor laws. Nike has been accused on numerous occasions of employing children in its factories or exploiting workers in developing countries.In response to these allegations, Nike implemented strict standards for manufacturing facilities, including minimum age, air quality, mandatory education programs, expansion of micro-loan programs, factory monitoring, and enhanced transparency of Nikes corporate responsibility practices. In order to better its image, Nike even ceased orders from Pakistan in November 20, 2006 as the soccer-ball manufacturer there failed to correct labor-compliance violations. Examination of Nikes debt ratios reveals that the company has less debt in proportion to its assets.In 2002, Nike had a debt ratio of . 404 with total assets being worth about $6. 44 billion, and total debt of $2. 60 billion. In 2003, Nikes debt ratio increased to . 415, its total assets increased by $378. 1 million, and its total debt increased by $226. 4 million. Debt ratio fell to . 394 in 2004, and fell further in 2005 to . 358. In the year 2006, Nikes debt ratio increased to . 363, and had total assets of $9. 87 billion and total debt of $3. 58 billion. Examination of Nikes interest coverage ratio reveals that the firm can sufficiently pay outstanding debt. If one were to take only Nikes interest coverage ratios into account, it can be said that Nike generates sufficient revenue to satisfy interest expenses. In the year 2002, Nike had an interest coverage ratio of 22. 43. This further increased to 29. 04 the following year with EBIT amounting $1. 25 billion and interest expense amounting to $42. 9 million. In the year 2004, interest coverage ratio increased phenomenally to 59, with EBIT being $1. 48 billion and interest expense being $25 million. Finally for the year 2005, the interest coverage ratio was 388. 485 with EBIT being $1. 86 billion and interest expense being $4. million. Nike has a 5-year average leverage ratio of 1. 5, the industry leverage ratio is about 1. 5, and S;P 500 Index has a leverage of 4. 9. The firms leverage shows that Nike is using long-term debt, and it is measurable and appropriate. The operating characteristics include volume of sales in tune of $13,739. 7 million FY 2005, $12,739. 7 million sales in 2004, $10,697. 0 million sales in 2003, 9893. 0 million sales in 2002, and 9488. 8 million sales in 2001. These financial conditions indicate that Nike, Inc. percentages are not high and provide protection for the stockholders.Nikes bond ratings by Moody for Senior Unsecured loan has a rating of A2, an Aa3 rating for Credit Default Swap, Aaa for Equity-Implied, and an A2 rating for Bond-implied. Nike pays dividends to its shareholders every quarter. In the past 5 years, Nikes dividends ranged from $. 12 a share in March of 2002 to $. 37 a share in December of 2006. Nikes dividend rate is much higher than both the industry average, and the S;P 500 Index. For the last 12 months, the dividend rate paid by Nike was 1. 48; while the industry average was . 32, and the S;P index dividend rate was . 74. Nikes annual dividend yield is about 1. 0%, while the payout ratio is 24%. K-Swiss, one of Nikes competitors has an annual dividend rate of . 20, annual dividend yield of . 60% and a payout ratio of 9%. Skechers USA, another competitor, paid no dividends. The dividend yield of S;P 500 was 2. 06%, while the dividend yield in the footwear industry was 1. 44%. The payout ratio for the footwear industry was 20. 37%, and the S;P payout ratio was 28. 23%. Although, S;P 500 performed better than Nike in regards to dividend yield and payout ratio, one has to take into account that in footwear industry, Nikes dividend yield and payout ratio were considerably higher than its competitors. In regards to its dividend policy, Nike is very attractive, and is very much ahead of the pack. Nike also has a Dividend Reinvestment Plan (DRIP) and allows its shareholders to participate in it through its Nike Direct-SERVICE Program. Through this program, shareholders can convert their cash dividends into shares at a significant discount to the current share price. Nike has a market value of $24. 41 billion. Approximately 1. 33 million shares are traded daily on average. Over the course of 5 years, Nikes stock price went from $56. 92 as of Jan 2, 2002 to $97. 45 as of Dec 11, 2006 an increase of 71. 5%. The graph below illustrates Nikes 5 Year trend. In the recent year, the firms shares were traded as high as $99. 30, and as low as $75. 52. The firm started with a stock price of $85. 95 in the beginning of the year and as of December 12, 2006 closed at $96. 57 a . 90% decrease from the previous day. The stock performance trend reveals that Nike experiences a greater loss during the months of August and September, and greater gains in October thru December, which is the holiday season. The graph below shows Nikes stock performance trend in the recent year. The chart below shows growth in Footwear Industry in comparison to SP 500 index. In conclusion, Nikes future growth would primarily derive from its foreign operations. As the footwear industry in the domestic market has slowed, Nike has to expand aggressively in foreign markets. Nike pays more dividends in comparison to its competitors; the firm should reinvest that money in aggressive expansion in foreign markets rather than giving back the shareholders the profit. Nikes returns are also significantly less than the SP 500 index and within its own industry.

Supply Chain Management as an Indispensable Business Component

Product and Service Differentiation Supply chain management is an indispensable component for organizations in managing the supply of their products into the market, starting from the industry to the final consumer. This is the case with pharmaceutical firms.Advertising We will write a custom report sample on Supply Chain Management as an Indispensable Business Component specifically for you for only $16.05 $11/page Learn More A firm needs to competitively stay in the market ahead of others by creating competitive strategies and aligning them with organizational goals, objectives, and vision. This is particularly the case with pharmaceutical firms where prices of medicines are tightly controlled by the government. For a firm to create competitive advantage over its rivals, strategic approaches incorporated in the pursuit of its goals include product and service differentiation. Clever company executives realize that there are no controls over these areas and endeavor to strategically exploit them to the competitive advantage of a firm. To aggressively and innovatively pursue a firm’s strategic goal and remain competitive, a firm incorporates several approaches discussed below. Increasing the Product Range Sustainable profits, a wide market, strong market position, and a strong image are core elements company executives innovatively factor into a firm’s pursuit of its strategic goals to competitively remain in the market. A firm may differentiate its core activities by diversifying them to gain sustainable profits. These are achieved by increasing the product range offered by a firm in addition to the sale of medicine, a core business activity. Firm managers realize that diversifying a firm’s product range increases its market base and profit generation. This has the additional effect of improving a company’s image, increasing the customer base, and advertising the name of the company. Training Staff to B e Helpful and Knowledgeable Customers determine the profitability of a company. A satisfied customer will always tell another customer about a service or a product. In addition to that, a satisfied customer will always go back for more. To achieve this, company executives train staff to better equip them for better service provisions and product delivery. Staff training equips staff with appropriate work related technical skills leading to personal development. This is a motivational factor for employees and their managers. Companies however, should adopt the most cost effective training methods appropriate for employee working conditions. Specific job procedures and technical knowledge span areas companies should concentrate on in the training process. According to the Staff Training document, training strategies in the technical field can be external, internal, or online (2). Thorough investigations about one’s job should be done by company executives before training commen ces. Technical trainings are at times short as the knowledge gained is exact (Staff Training, 2).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More On the other hand, on-the-job procedures require an accumulation of knowledge and focuses on knowledge and skills transfer. This involves old employees taking new employees through work related procedures and activities. Thus, employees become effectively equipped with the knowledge and skills to provide better services and improve company image. The contents and skills needed for the training should be clearly identified and defined in the process. In the process, training procedures should be identified and documented, and training approaches determined also. A staff training program should incorporate methods of delivery. These may be formal, informal, or on-line as mentioned above. Working with Manufactures Details such as the condition of th e goods on arrival, deviations or consistency with the agreed upon price, quantity of products delivered, reliability and integrity of documentation, the delivery time, and the ability to sustain a product’s packaging are critical elements when working with manufacturers and suppliers. The performance of a supplier can be rated on the technical skills of its employees, management competency, management approaches to enforcing controls, ability to consistently supply the required products, its financial stability, and its strategic abilities in terms of its capital needs. Supplier reliability is influenced by the attention performance appraisal staff gets from the supplier firms, individual attitudes, maintenance levels of manufacturing equipments, quality control enforcement mechanisms, effective housekeeping, and the level of technical expertise of the supplying firm. This ensures inventory control and reliable and sustainable stock levels. This leads to customer satisfactio n and places a firm at a competitive advantage over its rivals. Value Addition Services Any firm on the fringes of success must factor value addition services to its products and service delivery. This is not the core business of a firm, but is a promoting strategy for increased consumer spending on a product or service.Advertising We will write a custom report sample on Supply Chain Management as an Indispensable Business Component specifically for you for only $16.05 $11/page Learn More A firm may strategize on a cost effective approach in offering value addition to its customers. These services can be outsourced or developed in-house. Value added services may add additional costs to a company but the benefits out weigh incurred costs. Some of the benefits include customer satisfaction, better ratings, increased consumption of its products and services, better responses to customer concerns, better analysis of customer behavior, more information on pr oduct innovation in line with customer needs and wants, and better customer involvement in product innovations. Advertising To persuade the market and gain a bigger share and maintain a strong position, pharmaceutical firms have to continuously advertise the range of their products to the consumer. Consumers well equipped with appropriate knowledge about current company products are likely to develop positive minds in their buying process. Besides advertising their products, firms include their names in adverts to create a good image about them and their products. Advertising targets various groups of consumers. These include individuals, various governmental and non-governmental organizations, and other groups of interest. Advertising should target each group’s needs and the best products and strategy to satisfy their needs and wants. In addition to that, advertising should be environmentally friendly and should generate feelings about environmental conservation and preserva tion. This generates increased product consumption, increased confidence, and better branding. Different media can be used to reach various audiences. These include the internet and radio among others. Sales promotions, marketing mix, and other advertising strategies competitively place a firm ahead of its rivals. The marketing concept of product, place, price, and promotion should be vital in the marketing strategy. The product element spans packaging, product warranties, product quality, and safety. Price spans discounts, skimming and other strategies, flexibility in pricing, and seasonal discounts. Place spans market size, distribution channels, warehousing, and inventory controls. Promotion includes public relations, the communication budget, and the push and pulls approaches in marketing among other elements (Marketing 1). Automated Dispensing System One strategic advantage of a firm is to incorporate an automatic dispensing system in its products and services delivery. This te chnology facilitates service and product delivery. Employees incorporate their skills in the use of this facility in enhancing and improving productivity in the workplace. The resulting benefits span employee, customer, and management satisfaction and work level productivity.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Works Cited Marketing. Internet Center for Management and Business Administration, Inc. 2002-2010. 14 Aug. 2010. http://www.netmba.com/marketing/mix/Â  2002-2010. website NetMBA.com Staff Training. Preliminary Strategies. 14 Aug.2010. Web. This report on Supply Chain Management as an Indispensable Business Component was written and submitted by user WendellVaughn to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.