Annual Report of the Two Companies

Question: Talk about the Annual Report of the Two Companies. Answer: Presentation: The two recorded organizations taken for the examination is BHP billion Ltd and Bougainville Copper Limited. The BHP billion Ltd is a worldwide oil, mining and metals organization with its headquarter situated in Melbourne, Australia having all out resources worth 124.6 billion (Asx.com.au 2016). Bougainville Copper Limited is an Australian gold, copper, silver mining organization and its headquartered is in Papua New Guinea. The yearly detailing of both the organizations has been broke down regarding the standard of AASB. Regardless of whether the revealing arrangement of the organizations agrees to the prerequisite of AASB measures. According to the measures, the revealing of the financials of the organizations are set up as indicated by the structure for the broadly useful, which is planned in an approach to address the issues of the clients of the regular money related data. The structure is a consistence system or it is said that it is a reasonable structure. Here, the investiga tion would be regarding the announcing prerequisite of those worried about the administration of companies and of the bookkeepers. The individual who has the commitments identified with the responsibility and the vital bearing of the element is the one accused of administration of partnerships (Careyetal 2014). Conversation: AASB theoretical structure and prerequisites and whether the picked substance agrees to it. The prerequisites of the AASB standard for the announcing substance concerning the applied structure and administration of companies is talked about beneath. The budget summaries of the revealing substance must be set up from the entitys viewpoint as entire instead of the point of view of the financial specialists, leasers or the loan specialists. The substance setting up the unconsolidated fiscal reports needs to uncover how it can acquire the merged articulations. The element while choosing the estimation premise, factors considered while choosing ought to be given. The data revealed in a successful and proficient manner in the budget summary make it increasingly significant. It is a commitment to the portrayals of the benefits, liabilities, costs and salary in a steadfast way (Bond et al. 2016). The announcements of the money related data are an essential wellspring of data in regards to the budgetary presentation of the substance. For instance, the costs and salary in the announcement of benefit and misfortune, delineates the entitys money related execution. In any case, such things could be accounted for outside benefit and misfortune articulation and remembered for other thorough salary. At the point when cost and pay identifies with the liabilities or resources estimated at current qualities. On the off chance that the concerned entitys buying intensity of the capital contributed or the support of such capital, at that point budgetary capita idea is to be received by the element. On the off chance that the element is worried about its working capacity, at that point the physical idea of capital is to be utilized. The budget reports of the revealing substance ought to give portray the idea of unrecognized things or the perceived things that is predictable with the definition and the hazard related with the component. The data about the dangers related with the advantages and liabilities of the detailing substance would help in evaluating the stewardship of the administration towards the assets of element and furthermore the capacity of the element to create incomes (Chandetal 2015). Examination of the yearly report of BHP Billion Ltd The methodology of the organization to the basic worldwide difficulties depends on their contract esteems. The association is agreeable with all the standards and guidelines, which is essential to their activities. It likewise guarantees that the dangers emerging from rebelliousness is limited. The motivation behind the money related report for the current year that is 2015, has been set up as per the prerequisites of the Australian Corporations, Act 2001 and UK organizations Act, 2006. The detailing structure additionally agrees to the Australian Accounting Standards, which is being equal to IFRS that is International Financial Reporting principles. The understandings of the report is according to it is given by the AASB for the year 2015. The bookkeeping standard received by the organization just because which incorporate the change to AASB/132 of the monetary instruments and this explain the measures of counterbalancing the budgetary liabilities and resources. IFRIC level 21 is th at the obligation of paying a duty is perceived when such exercises gets activated for which the installments is happening. Such selections of corrections didn't have any material effect and in this way it doesn't have made any repetition to the earlier year budget report (Zhuang 2016). The organization likewise consents to the AASB 15 Revenue from contracts with the clients, under which the hour of perceiving the income and the sum to be perceived have been changed identifying with its assurance. It depends on the rule that the element perceives the income with the goal that the exchange of administrations and merchandise to the guaranteed client has been delineated. The organization likewise consents to the new bookkeeping gauges of AASB 9 Financial instruments under which the estimation and arrangement of monetary resources has been changed. It depends on the methodology of guideline based for the advantage arrangement and the model of business and the attributes of income in which the benefit is held drive it. The budget summaries have been drawn dependent on the standards of the chronicled costs. Be that as it may, some other budgetary resources and afterward monetary instruments identifying with subordinates are conveyed at a reasonable worth. The noncurrent r esources named held for dispersion or deal are estimated at the reasonable worth less expenses or the conveying esteem whichever is lower. The budget reports have been incompliance with the AASB 5 for the Non-current resource held available to be purchased and suspended tasks. This is delineated in the announcements, which is repeated for a similar impact since the budgetary year 2013. The substance records of BHP Billion plc are set up as per the principles of UK organizations Act, 2006 (Aasb.gov.au 2016). Figure 1: indicating the Directors announcement (Source: made by creator) Figure 2: demonstrating the Market exposure (Source: made by creator) Figure 3: indicating the Remuneration report Source: (made by creator) The base pay is surveyed every year except the pay of CEO would remain would not be updated. The scorecard weighting has been expanded in light of the significance of the compensation advisory group set on security. The level of the inferable benefit stayed unaltered. Examination of yearly report of Bougainville Copper Ltd: The organization sets it up budget reports as per the principles of PNG organizations Act, 1997 and with the International budgetary standard revealing. The announcements have been set up under the show of chronicled cost according to the revaluation of monetary resources ready to move. At the point when the budget summaries are set up in congruity with the guidelines of worldwide budgetary standard detailing then it requires the assessments of certain basic bookkeeping. In the process applying the bookkeeping arrangements, the organization needs to practice its decisions. The advantages of mines were initially expressed at chiefs valuation or costs and in this way devalued at the rate thought about fitting by the organization (Bhpbilliton.com 2016). The organization has not embraced the new principles of IFRS 9/AASB 9on the money related instrument on the characterization and estimation of liabilities, budgetary resources, acknowledgment of hindrance misfortunes and fence bookkeeping. The organization has not adjusted to the new principles on the grounds that the translations are not compulsory for the organization has not early received the detailing time of the year 2015 and in this manner it. The element is of the view in the wake of directing examinations that the revised norms would not have any material effect on the future or the current detailing time frames and on the predictable exchanges (Dakis 2016). From the above examination of the chose two organizations, BHP Billion Ltd and Bougainville Copper Ltd set up their budget report, which agrees to the AASB gauges. In any case, there are some new guidelines set by the AASB, which isn't consolidated by these organizations in the arrangement of the fiscal reports. BHP billion Ltd has embraced the gauges set by AASB under area 132 and IFRIC 21 yet there are no material effects on the BHP Billion gathering. In any case, it is explored by the organization that different guidelines would have sway in the budgetary year starting in 2016, so it would receive its bookkeeping necessities with gauges set by AASB. Then again, Bougainville Copper Ltd doesn't think about the selection of the new measures required, as it would not have any material effect on the future or current announcing time of the element (Bcl.com.pg 2016). Figure 4: indicating the Directors report Source: (made by creator) Figure 5: demonstrating the Auditors report (Source: made by creator) Figure 6: indicating the Remuneration report (Source: made by creator) Tending to the uniqueness in corporate revealing through the consideration of judiciousness in the theoretical structure Reasonability is crucial in accomplishing lack of bias and it goes about as alert under the occasion of vulnerability. At the point when organization practice reasonability, it implies that the liabilities and costs are not downplayed, likewise the pay and resources are not exaggerated. Judiciousness helps in tending to the uniqueness in the corporate announcing of the substance in various manners. Judiciousness assists with tending to the worry of the financial specialists drawback dangers and the element practicing reasonability would have the option to adjust the enthusiasm of supervisors and investors in this manner decreasing good peril. The update of the term reasonability would help in tending to the announcing uniqueness as need was felt to

Cafeteria Food Essay Example for Free

Cafeteria Food Essay A few people feel that school cafeterias ought to be required to give low-fat as well as veggie lover lunch alternatives to suit the government’s dietary rules, yet all understudies don't eat the equivalent. In my paper about cafeteria food, I will clarify what understudies need in their food. I will likewise share the preferences in the food and what we can do to improve it. Cold pizza, half-cooked burgers and earthy colored lettuce sounds frightful. Numerous understudies from various states and regions need to manage that consistently at their schools. The food from the cafeterias used to be acceptable, with a sweet flavor, however over the most recent couple of years the food had taken an alternate flavor, a flavor that can't go on without serious consequences by the understudies. The understudies need a superior quality in their food, don’t they? It’s time for a change, a change to food, so understudies can be fulfilled while their eating, a change to food that can be extremely justified, despite all the trouble. In actuality, we understudies pay cash to the area consistently and this is what we get? It’s time for a change. Everyone realizes that eating well was from the past. In any case, presently understudies and not really just understudies eat cheap food like McDonalds or Taco Bell. Presently everyone does, which can be a decent and an awful thing. The progressions of the food’s taste has made numerous understudies to not eat at school, or even made understudies to bring lunch, and this indeed makes the school lose cash. Truth be told is the loss of cash making the school give understudies low quality food? On the off chance that the schools would serve understudies food from places like Pizza Hut and Subway I can ensure that most or all understudies would eat at the cafeterias and it would profit to both school and understudies. These kinds of nourishments would be so extraordinary to have in schools, however lamentably the locale and the legislatures have made a move and unjustifiably, they have set down laws that restrict these food sources in the schools. They have settled these laws since they need us as understudies to eat healthy, yet on the off chance that they need to keep us solid, for what reason would they say they are giving us food with an awful and terrible taste? Likewise, with these laws they keep understudies like me away from eating an excess of â€Å"junk† food since they can cause corpulence. Be that as it may, do they continue giving us food that isn't even worth the measure of cash our folks provide for the administration consistently? On the off chance that they were the ones who eat the entirety of the terrible food given by the cafeteria they would of become weary of eating cold pizza and uncooked burgers with earthy colored lettuce simply like we the understudies do. Taking everything into account, we as a whole comprehend what the administration and the educational system is attempting to do with this good dieting program. They need to advance smart dieting propensities with an end goal to forestall heftiness. Despite the fact that nourishment is significant, understudies feel that there is a superior method to have solid food without demolishing the taste. Along these lines, with an end goal to keep understudies sound and leave with their stomachs fulfilled we should all meet up to understand that we are the ones that need to endure the school day with the food.

Blog Archive Career Assessment and Faculty Development at Harvard Business School

Blog Archive Career Assessment and Faculty Development at Harvard Business School With today’s new MBAs facing a mixed job market, Harvard Business School (HBS) has put together an arsenal of resources to help students in their job search. Students begin by completing an online self-assessment before they even arrive on campus. The CareerLeader tool, developed by two members of the HBS faculty, helps incoming students identify their life interests, professional skills, and “work/reward” values. When they arrive on campus, first-year students then participate in a class that helps them interpret their CareerLeader results while discussing cases on the careers of HBS alumni. Later in the semester, but before official recruiting begins, students can attend Industry Weeks, which are on-campus programs and panels that provide overviews of a variety of industries and address how to plan a successful industry-specific job search. These are taught by career coaches, alumni, Career Services staff members, and company representatives. First years can also join Career Teams, which are small groups of first-year students who use exercisesâ€"facilitated by “trained leaders”â€"to help identify and advance their professional goals. Students may also arrange to meet with a career coach for one-on-one guidance or take advantage of one of the many student clubs that help prepare their members for interviews. Clearly, HBS is committed to helping its students not just find jobs, but find the “right” jobs. Meanwhile, the HBS faculty is working hard to stay at the top of their game. In  the school’s tradition of faculty-to-faculty mentoring, HBS established the C. Roland Christensen Center for Teaching and Learning (named for the late HBS professor) in 2004 to promote and support teaching excellence and innovation. The center conducts research on pedagogical innovation and teaching effectiveness related to gender and diversity issues and helps faculty members refine their teaching styles and techniques. The center also offers professors classroom observations and the opportunity to do pre-class planning, receive within-term troubleshooting/post-term feedback, and conduct case and course development. For more information on HBS or 16 other leading MBA programs, check out the free  mbaMission Insider’s Guides. Share ThisTweet Harvard University (Harvard Business School) Blog Archive Career Assessment and Faculty Development at Harvard Business School With today’s new MBAs facing a mixed job market, Harvard Business School (HBS) has put together an arsenal of resources to help students in their job search. Students begin by completing an online self-assessment before they even arrive on campus. The CareerLeader tool, developed by two members of the HBS faculty, helps incoming students identify their life interests, professional skills, and “work/reward” values. When they arrive on campus, first-year students then participate in a class that helps them interpret their CareerLeader results while discussing cases on the careers of HBS alumni. Later in the semester, but before official recruiting begins, students can attend Industry Weeks, which are on-campus programs and panels that provide overviews of a variety of industries and address how to plan a successful industry-specific job search. These are taught by career coaches, alumni, Career Services staff members, and company representatives. First years can also join Career Teams, which are small groups of first-year students who use exercisesâ€"facilitated by “trained leaders”â€"to help identify and advance their professional goals. Students may also arrange to meet with a career coach for one-on-one guidance or take advantage of one of the many student clubs that help prepare their members for interviews. Clearly, HBS is committed to helping its students not just find jobs, but find the “right” jobs. Meanwhile, the HBS faculty is working hard to stay at the top of their game. In  the school’s tradition of faculty-to-faculty mentoring, HBS established the C. Roland Christensen Center for Teaching and Learning (named for the late HBS professor) in 2004 to promote and support teaching excellence and innovation. The center conducts research on pedagogical innovation and teaching effectiveness related to gender and diversity issues and helps faculty members refine their teaching styles and techniques. The center also offers professors classroom observations and the opportunity to do pre-class planning, receive within-term troubleshooting/post-term feedback, and conduct case and course development. For more information on HBS or 16 other leading MBA programs, check out the free  mbaMission Insider’s Guides. Share ThisTweet Harvard University (Harvard Business School)

The Effects Of Natural Resources On A National Scale

Introduction Natural resources, are a key to humanity’s existence, and are often consider the cause of most conflicts, ranging from simple, disputes between neighbours to full, international conflicts that require U.N intervention . It is human nature to want more material possessions, and natural resources, like oil, water, natural gas, minerals and precious metals, are often considered to be the most pure of these possessions. On a national scale, the world leaders have a responsibility to look after these resources, but as countries with varying political ideologies grow ever closer to one another, conflict over who’s resources are who’s, seems inevitable. According to a research paper published in 2012 by academia at the Massachusetts†¦show more content†¦[2] Not surprisingly, the Middle East has frequently been at the centre of political debate and conflict, particularly in the Persian Gulf region. The Persian Gulf is home to nearly all the Middle Eastern supply of crude oil, and contains the largest offshore oil field in the world, the ‘Safaniya Oil Field’ as it is known, is regarded with so much value, that the US spent over 8 trillion USD attempting to protect it. [3] The US also used other huge amounts of military expenditure to protect inland oil fields within Iraq, and promised the Iraqi oil sector 2.05 billion USD in order to fully modernize the oil drilling apparatus. However, according to other international sources, it could take up to 100 billion USD of US money to fully complete the long-term reconstruction of the Iraqi oil industry. [4] Iraqi oil production has been on the increase since 2007, but this gradual increase has since stalled, once again prohibiting the U.S plan of gaining a substantial profit from the 12th largest oil producing country in the world. This, among other reasons is due to the loss of Iraqi workers after the Iraq war. Although sporadic violence continues, the country is considered stable enough to host workers and their families safely; the amount of Iraqi men that are unemployed is decreasing. This directly correlates

U.s. Military Policy Policies - 1677 Words

Barack Obama, the 44th president of the United States, began his presidency dealing with many foreign policy issues left behind by his predecessor, George Bush. President Bush was unable to solve many foreign policy problems faced by our country prior to leaving office. Some of these included the wars in Iraq and Afghanistan, the Arab-Israeli conflict, illegal immigration, and improving U.S. relations with Cuba. President Obama was faced with the question of how to handle the number troops in Iraq and Afghanistan and ultimately how to end or lessen U.S. military involvement in these nations. Similar to other presidents, President Obama had to tackle improving the relationship between Arabs and Israelis. He was also faced with the problem of how to handle illegal immigrants and border patrol. A weak relationship between the U.S. and Cuba was another foreign policy issue that President Obama was faced with having to improve. This is President Obama’s last year as president. Over all, he has done a decent job with foreign policy, excelling in some areas, and falling short in others. Background Information Barack Hussein Obama was born on August 4th, 1961, in Honolulu, Hawaii. He was elected the 44th president of the United States of America in 2008, and won a Nobel Peace Prize in the following year. President Obama was the first African American president of the United States. He was 48 years old when he was elected president. President Obama attended Occidental College inShow MoreRelatedU.s. Military Regime And Its Policies1118 Words   |  5 PagesGeneral Ne Win’s seizure of power in 1962, the military regime controlling Myanmar has called itself many things. Throughout the 1960s to 80s, it was the Burmese Socialist Programme Party; during the late 80s to 90s, it was State Peace and Development Council; and in the present day they’re known as the State Law and Order Restoration Council. 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Value of Life Essay - 897 Words

Human life is full of meaning. As humans, we assign value to many things. However, what happens when we assign a specific value to a human life? This is the issue being presented in the article, â€Å"What is a Life Worth,† by Amanda Ripley. The government is determining a monetary value to a human life, and it does not appeal to the masses. There are many problems with the cold calculation, and most people cannot see the other side of the numbers. The economic value of a human life is calculated based on the income the person was receiving, but when the check is given to a loved one of a small amount, the compensation is misinterpreted as an overall value of the human life. The true value of a human life should not be combined with the†¦show more content†¦However, these parents have mixed the monetary value of their daughter, and the actual life value of their daughter. The father made sure that he would received some sort of economic justification for the death o f his daughter, he does not understand that the government is trying to help the people by attempting to secure an economic stability for the families involved. The equation for the financial claim gives a clearer understanding to the monetary value given by the government. The true value of a human life may be determined based on the outlook a person may have. Many people who have experienced some traumatic life-threatening event or witnessed a loss of a loved one may have different perspectives on how life should be valued, or if there is a value at all. In â€Å"Hamlet’s Soliloquy,† Hamlet violently grieves the loss of his mother, and many other loved ones. He describes the pain that he has endured and questions if it is worth it to carry on, and to continue living. Hamlet does not see the point in life and cannot assign a positive value to life, while considering suicide. 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Marketing strategy social Retail Enterprises

Question: Discuss about the Marketing strategy social Retail Enterprises. Answer: Introduction Strategic management is the continuous process of planning, monitoring, analysis and assessment of the various important aspects of the business in order to meet the objectives and goal of the organizations. Hence, it can be said that the success of any organization vastly depends on the success of the strategic management of that organization (Hill, Jones and Schilling 2014). The main aim of the study is to analyze and evaluate the various aspects of strategic management for Myer Australia. Myer is one of the largest departmental store chains in Australia. The company was founded in the year of 1900 and the founder was Sidney Myer. Sidney Myer came to Melbourne as a penniless Russian migrant. The departmental store industry of the retail industry in Australia is one of the major industries that contribute a lot for the economic success of the country. For this reason, there is a fare scope for Myer to expand its business in the country. The main products of the company are womens we ar, mens wear, childs wear, beauty products, fragrance and cosmetics, footwear, electrical tools and many others. The major market of the company is the retail or departmental store market (Myer.com.au 2017). Macro Environmental Analysis Some major external factors have significant impact on the business of any organization. These factors are called the macro environmental factors. The main purpose of this analysis is to analyze and evaluate the impact of those factors on the business of the organization (Baker 2014). There are two major tools for the macro environmental analysis. They are the SWOT Analysis and the PESTEL analysis. The macro environmental analysis of departmental store industry in Australia is done below with the help of these two tools. SWOT Analysis The SWOT analysis helps to identify the strengths and weaknesses of an organization or an industry. Based on that the opportunities and threats can be identified. The SWOT analysis of the departmental store industry in Australia is done below: Strengths The domestic market of the departmental store industry in Australia is a large one The barriers of entry in the market is a strength of this industry as the new companies have to face many difficulties Weaknesses Low productivity of this industry is a weakness The cost of production of this industry is high compared to the profitability The high intense competition is a weakness The high rate of tax is a weakness Opportunities There is a fare scope of new acquisition The scope of venture capital is creating opportunities Threats The frequent change in price is a threat The increase in labor cost is a threat Another threat is the low cash flow The limit in the financial capital is a threat Table 1: SWOT Analysis (Source: Bull et al. 2016) Pestle Analysis PESTEL analysis is one of the major tools to evaluate the impacts of various macro environmental factors on the organization. There are six factors in the PESTEL analysis. They are Political, Economic, Social, Technological, Environmental and Legal factors (Grnig and Khn 2015). The PESTEL analysis helps to assess the external risks of the organization. In case of Myer, the PESTEL analysis will help the organization to identify the risks that can be posed from the external environment. This is how PESTEL analysis can be applied to Myer scenario. All these aspects are discussed below: Political Factors: The political situation of the country affects the business of Myer. The stable political condition helps the growth of the industry and attracts foreign investors and trading partners. On the other hand, the unstable political condition discourages the business as well as the investors. The political condition in the retail industry is stable (Grimmer, Miles and Grimmer 2016). Economic Factor: The economic condition of the country has a great impact on the retail industry of Australia. The recent global financial crisis has affected the retail industry largely. As a result, the cost of production has increased and the level of profitability has decreased (Ho 2014). Social Factor: Social factor is another important aspect of the macro environment. The various social factors like the choice and preferences of the customers, the economic condition of the buyers and others have a large impact on this particular industry. Technological Factor: The introduction of various kinds of technologies has a great positive impact on the departmental store industry in Australia. These technological changes help this particular industry to perform in a more effective way (Rothaermel 2015). Environmental Factor: The retail or departmental store industry in Australia has become more environments friendly. The businesses have become more conscious about the effects of their businesses on the environment. The retail industry is taken various environmental initiatives. They are the introduction of green products that are not harmful for the environment; the introduction of energy efficient and energy conservation business operations; the introduction of three Rs that is reduce, reuse and recycle; the strategy for water conservation; the introduction of environmental charity and others. Legal Factor: The basic legal frameworks for the retail industry are the taxation policies, recruitment policies, employment management policies and others. These laws have effects on the business of departmental store industry in Australia. Based on the above analysis it can be said there are both strengths and weaknesses in the departmental store industry in Australia. The large size of the industry is creating many business opportunities for the companies in it. However, it can be seen that the global financial crisis is affecting the business of departmental store industry in Australia. This is the reason the cost of production and the labor cost of increasing and the portion of profit is decreasing. However, it can be said that with the help of proper business strategies, there is a fare business opportunity of this industry (Van Leeuwen et al. 2015). Porters Five Forces Model Analysis The main purpose of the analysis of Porters Five Forces model is to analyze and evaluate the extent of competitive rivalry in a particular industry. There are five factors in the Porters Five Forces Model (Suwardy and Ratnatunga 2014). The analysis of Porters Five Forces in respect to the departmental store industry in Australia is discussed below: Threat of New Entrance: This is a major barrier in the departmental store industry in Australia. The new companies face many difficulties to establish favorable supply contracts and leases as the suppliers do not want to provide credit to the new companies. The reason is lack of goodwill. On the other hand, it is impossible for the new companies to be competitive in this particular industry. Hence, the large retrial stores enjoy this advantage (Ulubeyli 2017). This situation provides more opportunities for Myer to expand its business. The only way to do this is to make effective business strategies that will give Myer the opportunity to introduce superior products in the market. Bargaining Power of the Suppliers: The suppliers have moderate amount of power, as there is many large retailers in this industry. The large companies use to exploit their relationship with the suppliers. It is the advantage of the suppliers to have a tie-up with the large corporation in this industry. Myer has more than 1200 suppliers across 12 different business sectors. The aim of Myer is to achieve 100 percent compliance with their suppliers. Currently, Myer has a healthy relationship with their suppliers that allow them to share information among them. Bargaining Power of the Buyers: In case of individually, the buyers do not have significant amount of power. It is difficult for buyers to bargain with the retailers in the markets. However, as a whole, the buyers have a significant amount of power. Due to the huge number of buyers, they have the power to control the price and quality of the products (Sutton-Brady, Kamvounias and Taylor 2015). Threat of the Substitutes: Wide range of products is available in the departmental or retail stores. Companies are providing the exact same products in different competitive prices. In this situation, the buyers can get the same product in different other stores at their preferable prices. This aspect of the industry affects the business of the companies. The retailers that offer superior and unique quality of products enjoy the necessary competitive advantage over the others (Phillips 2014). Competitive Rivalry: The extent of competition in the departmental store industry in Australia is very high as there is existence of some large companies. They are Myer, David Jones, Dimmeys and many others. All the companies provide superior quality of producers and this is the reason for the intense revelry in this industry. In addition, due to have goodwill in the market of the large corporations, the new and small companies cannot compete with them. This reason increase the extent of rivalry among the existing large companies (Medlin and Ellegaard 2015). The above discussion states that there is a lot of competition in the departmental store industry of Australia. The existence of large corporations has increased the level of competition. As a result, the buyers are getting superior quality of products as all the companies are providing superior quality of products to get the necessary competitive advantage. On the other hand, it is nearly impossible for the new companies to enter into this highly competitive market. Due to the presence of same products in many stores, the buyers have a significant amount of power to influence the price of the products. Competencies As per the above discussion, it can be observed that there are some major competencies of Myer. One of the major co potencies of Myer is the supply chain management of the company. Myer has a well-designed and improved supply chain management for their business. The supply chain management of the company is not about the distribution centers. The supply chain management of the company ensures the proper implementation of the entire end-to-end process. The supply chain management of the company includes the initial process, sourcing, distribution center and store management. Another important competency of Myer is the innovation in the various aspects of their business. The growth of the company is supported by the innovation. Myer has been successful to implement innovations in every aspect of their business. These are the two major competencies of Myer. However, some weak areas of the company need effective strategies to become efficient. They are the high labor cost, high cost of p roduction and many others. Conclusion and Recommendations The above discussion states that some major areas of Myer need effective strategies. The first area is the high competition that the company is facing. Due to continuously increasing competition, the company is losing its market share. In this case, the organization needs to make effective strategies to get the necessary competitive advantage. The company is facing challenge in the cost management sector as the cost of production is increasing. For this purpose, the company needs to employ effective cost management strategies to overcome this hurdle. The increasing global financial crisis is another challenge that the company is facing. With the help of effective financial strategies, the organization can overcome this financial crisis. Based on the analysis, some recommendations are provided below: It is recommended that the company should employ effective cost management strategies in order to reduce the cost of production. This step will increase the profitability of the company. It is recommended that Myer should take strategic steps to make the supply chain of the company more efficient. With the help of more effective supply chain strategies, the company can achieve the objectives of the organization. It is recommended that the company should develop effective strategies management strategies in order to achieve the ultimate goal of the organization. From the whole study, it can be observed that there are some business areas of Myer that is not as effective as it needs to be. These business areas need proper business strategies to revive. Hence, it is also recommended that the strategic managers of the organization need to develop and implement effective business strategies. The above study also shows that the lack of strategies has a long-term effect on the business of Myer. Thus, the adoption of effective business strategies will be helpful for Myer for the long run of the business. The future business of Myer will be beneficial from todays effective business strategies. References Baker, M.J., 2014.Marketing strategy and management. Palgrave Macmillan. Bull, J.W., Jobstvogt, N., Bhnke-Henrichs, A., Mascarenhas, A., Sitas, N., Baulcomb, C., Lambini, C.K., Rawlins, M., Baral, H., Zhringer, J. and Carter-Silk, E., 2016. Strengths, weaknesses, opportunities and threats: A SWOT analysis of the ecosystem services framework.Ecosystem services,17, pp.99-111. Myer (2017). [online] Myer. Available at: https://www.myer.com.au/p/about-myer/the-company/about-us/history/ [Accessed 17 Feb. 2017]. 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