Multinational Corporation and Country Nationals

In the ongoing decade, global human asset the board (IHRM) experienced huge research development because of the expansion number of associations started to broaden their organizations into abroad markets. Worldwide Corporation (MNC) is the term used to depict a business with abroad activity. A portion of the fundamental purposes behind the development of enthusiasm for IHRM are: 1) the quantity of MNC has expanded with fast development of worldwide rivalry which brought about expanded versatility of human asset. 2) Effective HRM methodology has been perceived as determinant of accomplishment or disappointment of association. ) It is increasingly hard to practice control and execution of corporate technique over remote auxiliaries with various culture and foundation. (Fernando, 2006)In this article, we will examine the distinction among universal and residential human asset the board and the difficulties that association confronted while choosing, creating, propelling and keeping up t he representatives for the abroad task and how these issues will influence the technique of the association. At long last, the article will reason that IHRM is unpredictable, troublesome and basic to worldwide business achievement. Stone, 2008) It faces a great deal of difficulties when contrasted with residential human asset the executives chiefly because of the geographic scattering and multiculturalism. Characterizing International Human Resource Management (IHRM) There is no agreement about what the term IHRM covers albeit most investigations in the zone have customarily centered around the zone of exile (Brewster and Harris, 1999). Taylor et al. (1996) characterize IHRM as a scope of individuals the board capacities, procedures and exercises which include thought of more than one national context.Difference between Domestic Human Resource Management and International Human Resouce Management IHRM has comparative human asset exercises as residential human asset the executives as ide from that it is at a worldwide level. Whether or not they are explicit to one or a few nations, the outer limitations, for example, political, lawful, financial and social can altogether impact the manner in which HR capacities are done and the HR administrator should anticipate the HR, do securing for the opportune individuals in the correct number at the ideal time, prepare and create, aintain and inspire the representatives. As expressed by Dowling and Welch (2005), the complexities of working in various nations and utilizing distinctive national classes of laborers are a key variable that separates local and global HRM. Household HRM included representatives inside just a single national limit while IHRM manages three national or nation classes: the parent nation where the firm is normally headquartered; the host nation where an auxiliary might be found; and different nations which might be the wellspring of work, account or research and development.In expansion, there are t hree sorts of representatives of a universal firm: parent-nation nationals (PCNs); have nation nationals (HCNs) and third-nation nationals (TCNs) (Dowling, Welch and Schuler, 1999). Dowling (1988) contends that the intricacy of global HRM can be ascribed to six factors, for example, more HR exercises; the requirement for a more extensive point of view; greater inclusion in employees’ individual lives; change in accentuation as the workforce blend of exiles and local people shifts; hazard presentation and more extensive outer influences.Types of representatives Managers can be recruited three kinds of representatives: parent nation nationals; have nation nationals and third nation nationals. Parent nation nationals (PCNs) are occupants of the worldwide business headquarter who are moved to one of its abroad tasks. Despite the fact that interchanges and coordination with base camp is regularly encouraged when PCNs are utilized since they share a typical culture and training fou ndation with headquarter however the quantity of PCNs utilized in an association is limited.This is because of the significant expense in migrating and keeping up them in have nation and the absence of information on nearby laws, culture, financial conditions, social structure and political procedures. Host nation nationals (HCNs) are occupants of the host nation and are the most widely recognized decision of mid-level and lower-level employment. Utilizing HCNs is well known in light of the fact that they know about neighborhood laws, culture and monetary. Despite the fact that HCNs might be less expensive than PCNs yet HCNs may not be acquainted with the firm’s corporate culture nor its business practices.Third nation nationals (TCNs) are residents of neither the headquarter nor of the host nation. They are well on the way to be utilize in upper-level or specialized positions. Ostracize Expatriates are individuals working and living in nations other than their local nation. TCNs and PCNs are on the whole known as exiles. Association as a rule takes incredible consideration in choosing ostracize as significant jobs are typically alloted to them and the expense of moving incorrectly individual abroad is colossal. It is known as exile disappointment when the ostracize return homes before the task is completed.The cost of disappointment would bring about immediate and aberrant expense to the associations and the exile. The aberrant expenses are more earnestly to evaluate in cash terms and it incorporates making the association lose its piece of the overall industry and exile may lose confidence. Dowling and Welch (2005) had presumed that components directing execution would include: life partner/accomplice disappointment; failure to adjust; challenges with family modification in the new area; culture and language troubles. RecruitmentRecruiting and afterward conveying individuals to situate where they can perform viably is an objective of most associations whether local or worldwide. Enlistment in universal setting is no simple activity. Cross-national contrasts in work esteems impact how alluring a firm is seen to be inside some random culture since what people need from a business may fluctuate across culture. (Caligiuri, Lepak and Bonache, 2010) Therefore, organizations ought to receive various arrangements of determination practice and enrollment message dependent on the way of life of the nation they are recruiting.In MNCs, most positions are filled by HCNs as it is less expensive than employing exile and they are increasingly acquainted with the neighborhood culture, financial aspects and business condition. Yet, it is as yet basic to utilize ostracize in the board job since they would do well to comprehension of the way of life and business foundation. Ostracize choice is substantially more troublesome than local choice. The HR supervisor may have tough screening process as these ostracize will be generally being utilize in th e executives level that has more prominent obligation regarding the business.Therefore, just experienced competitors will be chosen for abroad task. Then again, applicants are turning out to be progressively specific with respect to their decision of abroad task making it increasingly hard for exile to be utilized. Choice is frequently led through supervisor’s meeting of up-and-comers. With exile being utilized in the board job could imply that they are the ones talking the HCNs. For this situation, it would be particularly testing as practices might be deciphered through a social focal point and unintended inductions might be made.Caligiuri, Lepak and Bonache (2010) had reasoned that firm that devotes an opportunity to respond to the key inquiries regarding representative capabilities universally †and, thus, adequately chooses for them inside the different nations where it works †includes an upper hand inside its worldwide workforce for executing worldwide business technique. Preparing and Development The target of preparing and advancement is to encourage learning among the hierarchical individuals and to create improved and increasingly proficient specialists, who, thusly, can upgrade authoritative intensity and effectiveness.As contrasted with household association, worldwide association faces various novel difficulties in preparing and creating capacity. This is because of that worldwide firms contrast in their activities from those of local firms as far as geographic scattering and multiculturalism. (Adler, 2002) It might be troublesome when deciphering preparing material; along these lines it is imperative to comprehend the significance of affectability to neighborhood language and culture. Sims (2002) states that how individuals learn and the strategies for preparing with which they are agreeable differ across cultures.In request to make progress in oversea task, it is imperative to prepare the representatives dependent on the financia l matters and practices of outside nations. Dessler G. (2008), presumed that abroad up-and-comer required unique preparing like concentrating on the effect of social contrasts, gives verifiable information about the objective nation and gives aptitude working in regions like language and alteration and adjustment abilities. It is extremely testing when come to structuring preparing and improvement programs for global organization. A remarkable preparing program for every auxiliary is required dependent on the nation language and culture.Performance Management Performance Management (PM) is a vital HRM process that empowers the quick administrator to assess the employee’s work execution and commitment towards the organization’s objectives and awards as results of execution assessment or examination. Preparing and advancement plan can be gotten from PM to improve the presentation of the representatives. As is expressed by Armstrong (1994), PM includes the connections to hierarchical methodology, defining singular execution objectives, giving customary criticism on progress towards those objectives, giving chances to improving and connecting result and rewards.The extent of PM in global organizations (MNCs) is a lot more extensive and confounded that in household organizations. This is because of that MNCs work in numerous nationals with different kinds of worker gatherings. (Sculli

Economic concept Essay - 550 Words

Economic concept (Essay Sample) Content: Oil Demand in USAStudent NameUniversity NameCourse Name and NumberInstructor NameDate of SubmissionWalsh (2014) in the Financial Times online newspaper writes an article titled U.S. Oil Demand Grew Faster Than Chinaà ¢Ã¢â€š ¬s in 2013. That Wonà ¢Ã¢â€š ¬t Last. The article looks at the unexpected rise in both production and demand for petroleum in the USA economy. It comes out to show that oil demand in the recent years has been on the decrease in recent years since the 2008 financial crises. This has seen the daily increase for oil in the USA become lesser compared to that of China which has been on a steady rise.Improved drilling and better hydraulic fracturing in areas around North Dakota and Texas has resulted in enlarged daily supply of Oil in USA (Walsh). Statistics from the International Energy Agency (IEA) showed that oil production in the United State had risen to 990,000 barrels per day in 2013. This indicated a 15% increase in the supply compared to the p revious year. It is not only production that increased in 2013, but also the demand increased. Walsh reports that, in the year 2013, the demand for oil rose by 390,000 barrels per day in the United States.The article notes that, the big rise in the demand for oil in 2013, made the demand of oil rise higher than that of China in that year which rose by 295,000 bbd. This implied that, not only USA producing more oil, but it was consuming more of the oil.The increasing demand for oil could be a symbol of better performance of the economy. This would indicate a better performance of the United State economy which had recorded decrease in oil consumption in the 4 previous years following the 2008 financial crises. The graph below shows the demand curve for oil in United States in the recent years according to the article.71437511303017240251870710762000188023500109537580010DailyDemandofOil28194001263653667125692151980 2008 2012 2013 YearsEconomic growth usually go hand in hand with the demand for more energy (Shealy Dorian, 2007). Thus a direct relationship exist between economic growth and demand of oil.150495043751515049502533015001647824222885EnergyDemandEconomic growthEconomic growth would mean that more people would be involved in businesses, while many more would drive to work increasing oil consumption. The unexpected increase in demand for oil would suggest that the Unites State Economy is recovering from its previous worst performance. Luckily, as the economy rebounds, more oil is being produced to cover up the extra required oil.Walsh (2014) says that, "But even if the U.S. economy does reboundà ¢Ã¢â€š ¬and boom times in the petrochemical industryÂdonà ¢Ã¢â€š ¬t necessarily translateÂto the rest of...

The Development Of An Individual s Identity - 977 Words

The development of an individual’s identity although it varies among individuals usually requires both the primary and secondary level of socialization. Whether in intimate family circles or social institutions, the socialization process that occurs makes us who we are. On the basis of this, I will explain how agents in both primary and secondary socialization process has shaped the way I developed myself and how they will also continue to shape me throughout my life. I will do this by exploring some tenets of Charles H. Cooley Looking Glass Self, Erik Erikson Stages of Development and Erving Goffman’s Dramaturgy and the Presentation of Self. In my analysis these theories are blended together to highlight their application in the development of myself. Coming from a very supportive and stable family (and extended family), my needs as an infant were met, this allowed me to develop trust that people(especially family members) will always be there for me. The supportive environment enabled me to learn self-sufficiency and also gain confidence in line with Erikson’s first and second stages of development (Trust vs. mistrust and Autonomy vs Shame and Doubt). Although I experienced a positive psychosocial crisis in the first stage and during the early part of the 2nd stage, there was also a negative crisis that spilled into the 3rd stage (Carl Belanger, 2015). As a Tongue sucking child, my family expected me to outgrow this during the later part of my Toddlerhood. Failing toShow MoreRelatedMead s Theory Of Self And Society1518 Words   |  7 PagesMead s Theory of Self and Society According to this theory, Mead suggested that people live in a world that is in a large part constructed in accordance with social and societal norms. He believed that objects, events, and behaviors come from the interpretation people give them, and interpretations vary from one group to another. 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Each of Erikson s stages of psychosocial development is marked by a conflict for which successful resolution will result in a favourable outcome, and by an important event that this conflict resolves itself around. Favorable outcomes of each stage are sometimesRead MoreTheory Description Of The Theory Essay1403 Words   |  6 PagesTheorist Theory Description Characteristics of the Theory Process Application of Learning Mechanisms of Change Reaction when theory is applied Basic Observation Outcomes Bandura (1977) Social Learning Theory: Albert Bandura s Social Learning Theory believes that learning occurs in a social context through observation, imitation, and direct instruction. It comprises of attention, retention, reproduction, and motivation. *Attention *Retention *Reproduction *Motivation *Attention – this implies

Important Law Enforcement Facts - 19721 Words

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Steam Engine free essay sample

The Steam Engine The wonderful progress of the present century is, in a very great degree, due to the invention and improvement of the steam engine, and to the ingenious application of its power to kinds of work that formerly taxed the physical energies of the human race. ~Robert H. Thurston The steam engine can easily be considered the single most important invention of the entire industrial revolution. There is not one part of industry present in todays society that can be examined without coming across some type of reference or dependence upon the steam engine. But, who deserves the credit for this great invention? Some give the credit to James Watt while others claim that Thomas Newcomen was the original inventor. However, the idea of the using the power of steam to the advantage of human beings has been around practically since the beginning of time. But, no practical uses for steam emerged until the 17th century. The majority of people will tell you that the steam engine was invented by James Watt. But, this is far from the truth. Like all other great inventions and great discoveries, the steam engine came about after centuries of work by numerous scientists, engineers and even writers. It came from a compilation of work and theories that took centuries to complete. If James Watt was not the first to create the steam engine, who was? How did James Watt end up with all of the credit for the invention? Was he just the one that was there at the right time and in the right place? Is it true that James Watt discovered the steam engine when he observed the lid of a kettle lifting as water boiled within? Those are the questions that we are out to answer. But, keep in mind that nventions only become successful when they are not only needed, but when mankind is so far advanced in intelligence as to appreciate and to express the necessity for them, and to at once make use of them~Robert H. Thurston. The idea using the power of steam to our advantage goes back nearly twenty-one centuries. A learned writer in ancient Alexandria, named Hero, wrote a manuscript describing various devices and ideas of the time. Although it is not proven that Hero was the inventor of any of these devices, he is given credit for the earliest mention of steam power. Hero describes a method to open the doors of a temple with the action of a fire on the alter at the front of the temple. The picture below on the left shows Heros plan. A series of pipes runs between the alter and the temple doors. The force of the steam created by the fire on the alter is strong enough to open the temple doors. The essential principle that Hero used was to change heat energy into mechanical energy or work. Supposedly, Hero continued his work and ended up creating what is often called the First Steam Engine.    Heros engine is featured on below on the right. The cauldron or bowl like portion AB holds water. There is a steam tight cover place over top of the cauldron. Two pipes extend from the lid and suspend a globe directly above the cauldron. The water is heated, causing steam to be created and forced through the pipes. The globe then fills with steam. Pipes K and H are located on opposite sides of the globe and allow the steam to escape when the pressure becomes uneven. The escaping steam then causes the globe to spin on its axis. The power of steam has always existed in our environment. It has been shown constantly through natural occurrences all around us. But, man did not make the power of steam useful until the beginning of the Christian era. Even after the development of Heros engine, it took hundreds of years until any single person found a practical use for this awesome power. Humans never saw a need to harness the power of steam because the labor and toil of slaves and animals was sufficient for everything that needed to be done. Experiments with steam began to resurface again near the end of the sixteenth century. A man named Matthesius preached about what was believed to be a steam engine and its remendous results which may follow the volcanic action of a small quantity of confined vapor(Thurston, 10). It is believed that the first attempt to actually make steam use practical occurred in 1543 upon a naval ship. Blasco de Garay, a Spanish naval officer, attempted to move the paddle wheels of the ship with what could possibly be considered a steam engine. This account however is not well credited because nothing is really known about the make-up of the so called steam engine except that it contained a vessel of boiling water.   Ã‚  Ã‚   In 1601, Giovanni Battista della Porta described a machine that could be used to raise a column of water with the use of steam. He described this machine in a work entitled Spiritali.    Portas work included a vacuum created by the condensation of steam into which water would flow. Portas apparatus, was called the Pneumatica.    Portas machine was described as being able to raise water with steam pressure. Although Portas machine was never applied to any practical uses, he accurately described the necessary presence of a vacuum created by steam to raise the water. Another man that is mistakenly given a lot of credit for the invention of the steam engine is Edward Somerset, Marquis of Worcester. The Marquis has been hailed as the originator of the machine that was used to raise water by the force of fire. However, the Marquis never actually built such a machine. The only machine that he ever constructed was capable of raising water to a height of forty feet, but this was done by a manual pump in 1663. The Marquis was all talk and no action. He tried to convince everyone around him through his writing that he was capable of raising water with fire. But, nobody ever saw him actually achieve his claim. He may have had some pretty convincing plans about a way to make his claim work, but the Marquis failed every time. Other people that can be credited with work on the steam engine are Jacob Besson a professor of Mathematics anc Natural Philosophy at Orleans, Agostino Ramelli an Italian writer, Leonardo da Vinci a mathematician, engineer, poet and painter, Florence Rivault, Salomon de Caus,   Giovanni Branca, David Raseye, Thomas Grant, and Edward Ford. All of these men made contributions to the idea of the steam engine before Newcomen and Watt were ever even born. Thomas Savery   became the first man to produce a workable apparatus for raising water. Saverys apparatus was able to draw water up by suction to a height of approximately twenty-six to twenty-eight feet. The water was able to reach this height due to atmospheric pressure and the condensation of steam within the closed vessel. Savery was the first to make the necessary connection between steam power and atmospheric pressure. Without adding in atmospheric pressure, steam power may have never been harnessed. Savery became the first to put the method of raising water by fire to use for draining mines. In 1698, Savery patented his design. It is believed that Thomas Newcomen simultaneously came up with the idea of the fire engine. Newcomen was born to a good family but received very little schooling. Newcomen was the first man to work on the steam engine who was a practical tradesman. He did not waste his time with philosophers or royal proteges. Newcomen was an iron monger in Dartmouth. Because of his lower class standing, Newcomen was not quickly accepted or recognized for his achievements or contributions to the steam engine. It is believed that Newcomen had no prior knowledge of the work of his predecessors in the area of the steam engine. His engine was introduced in 1712 and was basically a combination of the boiler used in Saverys engine with a cylinder and pump. The Newcomen model was unlike other engines up to this time. It was the first engine that was actually self acting. The make up of the engine went a little something like this. The cylinder housed a piston that was forced to move up and down due to atmospheric pressure and steam pressure. There was a boiler that produced the steam and a cock that allowed a jet of cold water to condense the steam and vary the pressure within the engine. As the piston was forced up and down the handle of an attached lever was forced to move as well. This apparatus was used to successfully raise water from mines. Newcomens engine was so successful that   it was still being used in the twentieth century. Modern day steam engines can easily be traced back to Newcomens design. The driving force behind Newcomens engine was a vacuum that was created by the condensation of steam back into water. He was definitely the first to make a huge advance in the development of the steam engine. There is actually a Newcomen Engine still around today. It resides at the Henry Ford Museum in Dearborn, Michigan. However, Newcomen is unfortunately overshadowed by the well known James Watt. Beginning in 1765, Watt was incorrectly labeled the inventor of the steam engine. James Watt was born in Greenock, Scotland. Around 1769, he was assigned the task of repairing a Newcomen engine that was deemed inefficient. The Newcomen engine however was the best engine available at the time. Watt eventually added a separate condenser to Newcomens engine. This caused the steam to condense in a separate vessel instead of within the cylinder itself. This conserved heat energy that had been lost due to alternately heating and cooling the cylinder. Watts addition saved almost %75 of the fuel that had previously been used by the engine. Because of this improvement, a new era of steam engines arose. It was almost a rebirth for the entire industry. Although Watt did not initially invent the steam engine, he was given a lot of credit for it at this point. Watts addition ended up being the single greatest improvement ever made to the engine. A New England writer was quoted in an article as stating, s Minerva sprang, mature in mind, in full stature of body and completely armed, from the head of Jupiter, so the steam engine came forth, perfect at its birth, from the brain of James Watt(Thurston, 3). It is statements like these that take the credit away from the people that deserve it and give it to the one person who just happened to be in the right place at the right time. James Watts addition to the steam engine most likely would have been overlooked had it been added years before. He just lucked out and happened to make the addition when the people were ready to accept it. As Thurston says, Inventions only become successful when they are not only needed, but when mankind is so far advanced in intelligence as to appreciate and to express the necessity for them, and to at once make use of them(Thurston, 3). Watt ended up with the majority of the credit for the steam engine because all of the men before them were basically ahead of their time. The people were not technologically advanced enough or mentally ready to accept and appreciate their work. Watts addition to the steam engine caused its production and overall usefulness to skyrocket in the 1800s.

Medtronics Strategies

Description of the Situation Medtronic was established in 1957 by Earl Bakken who made a great contribution in the development of pacemakers (Christensen, 2002). The company became the leader in the sphere of pacemaker production.Advertising We will write a custom case study sample on Medtronic’s Strategies specifically for you for only $16.05 $11/page Learn More There were two major factors that secured the company’s leading position. In the first place, the company had a few competitors at that time. Medtronic came up with really helpful products which met consumers’ requirements and expectations. The company had a considerable portion (about 70 per cent) of the market share in 1960s. However, the company faced a lot of difficulties in 1970s up to 1986. First, many competitors entered the market. Secondly, many talented employees left the company as the company’s competitors offered more favorable conditions and were regarde d as more promising. The quality of Medtronic’s product decreased. The company failed to develop new products which could fit rapidly changing demands of consumers. More so, employees argued that one of the major problems was that there were far too many ideas and projects which led to many failures (Christensen, 2002, p. 4). Finally, inappropriate communication within the company negatively affected the company’s performance. In 1986, however, the things changed. Ken Anderson managed to obtain the support of executive to launch a new product which proved to be very successful.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Activitrax, the new product developed, was one of a kind as it paced patients’ hearts to â€Å"beat more rapidly when they were working hard† and, at the same time, it paced â€Å"their hearts to beat more slowly when they were asleepâ €  (Christensen, 2002, p. 4). This made the patients feel stronger. This product made Medtronic a leader again. However, it is important to note that it is not about the product itself. Mike Stevens reshaped the company’s strategies to make it one of the world leaders. Thus, Stevens managed to improve communication within the company. He also reshaped the process of decision making. He outlined several key processes which optimized the process of product development. The major principles Stevens pursued were: speed, platform strategy, project documentation, phase definition, rhythm, and market inputs. Stevens’ actions proved to be successful as Medtronic is now one of the world leaders in the sphere. However, now the company faces a great challenge as it needs to hold the high position, which can be rather difficult. Evaluation Criteria When analyzing challenges the company faces, it is important to focus on such factors as product development strategies, communicat ion within the company, human resources management and marketing strategies. These factors can considerably affect the development of the company. It is important to provide an in-depth analysis of these factors as it will help to work out the most successful strategies which will help the company to maintain its leading position. Evaluation of the Situation In the first place, it is important to analyze communication within Medtronic. Stevenson has changed it considerably. In the first place, it is important to note that oral-based patterns were largely changed into written-based ones.Advertising We will write a custom case study sample on Medtronic’s Strategies specifically for you for only $16.05 $11/page Learn More In other words, when some important decisions are made, certain written reports are made where all the major points are revealed. Thus, employees involved in this or that project have an opportunity to stick to the plan. Of course, there can hardly be misunderstanding when departments have such reports on most important projects. Apart from this, there is proper communication between departments which eliminates (or at least minimizes) any delays. As far as product development strategies are concerned, the company’s platform strategy enables the company to develop products at lower costs and in a shorter period of time. Thus, the company does not need to develop new platforms for new products very often as they develop the platform that can be adjusted in different directions according to certain parameters. Admittedly, this reduces the time span which, in its turn, enables the company to introduce new products which meet various requirements of the rapidly changing market. Besides, the company focuses on patients’ needs when developing new products. For instance, there is a need to develop a pacemaker which is safe in MRI environment and Medtronic has been working on such kind of product (Sutto n et al., 2008). Thus, the company develops products which are potentially successful as they meet specific requirements of consumers. Furthermore, the marketing strategy of the company is also winning. For instance, the company has worked out a consumer-oriented marketing strategy. Thus, the company focuses on customers’ needs. The company also collaborates with healthcare institutions to raise awareness about the advantages of pacemakers.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More It is also important to note that the company has reshaped its pricing policy. Now the company provides low cost pacemakers at low prices while setting fair prices on other models. As far as human resources management is concerned, it is important to note that the company invests in its staff. The company keeps coaching and training its employees. However, there is rather high rate of turnover: many highly skilled employees tend to leave the company. Therefore, it is important to focus on these issues. Structured Discussion of the Strength, Weaknesses, Risks and Opportunities Strength One of the company’s strengths is its platform strategy. This strategy has enabled the company to become one of the world leading pacemaker manufacturers. Thus, Medtronic introduces more new products at a shorter period of time. The company’s new marketing strategy is also a winning one. It enables the company to successfully market new products. The company has also chosen a customer-ori ented strategy. Therefore, Medtronic tries to understand real needs of pacemaker users to come up with ideas to meet those requirements. Finally, the company’s project management has also been improved drastically. The projects are carried out in accordance with specific plans and particular deadlines. Weaknesses One of the weaknesses of the company is that it still loses employees. Thus, people who have been trained are leaving to join other companies. This negatively influences the company’s performance. Of course, this trend should be changed so that the company’s investments into its employees can be repaid. Risks Though the company has become one of the leading pacemaker producers, there are still several challenges. In the first place, the company has come up with really successful products. Thus, there are concerns that there will be no opportunity for further development (Christensen, 2002). Thus, the company’s engineers will need to be really pre cise and far-seeing. Medtronic â€Å"brings into fashion† new products which are highly valued. Therefore, it is extremely important to maintain high quality of products and unique approach of the company. Opportunities Nonetheless, there are a lot of opportunities to develop the business. In the first place, the pacemakers still need improvements to meet specific need of the patients. The company is now working on new models to meet these requirements. Sutton et al. (2008) report on one of such projects. Apart from opportunities concerning product development, the company has many opportunities in the sphere of marketing. In the first place, the demand of pacemakers is now increasing in developed countries as ‘baby boomers’ are reaching the age when pacemakers are necessary. At that, the number of competitors has drastically decreased over the past decade. More so, economic growth in many developing countries of Asia, Eastern Europe and South America has made pa cemakers affordable for many citizens of those countries. It goes without saying that this market offers many opportunities for Medtronic. Qualifications It is important to note that the company has developed effective project management strategies. Thus, all projects are planned in detail. Employees have to report about the work completed at certain stages (or phases). This helps to meet the deadlines and, as a result, to introduce new products on time. Evaluation Action Plan Strength The company’s platform strategy has proved to be effective. Therefore, it is important to keep to it. Thus, the company will continue developing platforms which can be adjusted in accordance with numerous parameters. However, it is also important to keep working on creation of new platforms which can meet consumers’ requirements that constantly appear. As for the company’s marketing strategy, it also needs special attention. The company should work out successful strategies to ent er the market of developing countries. However, the company should work out specific programs for each country. It is essential to make sure that strategies chosen can be effective in this or that region. This is quite a great challenge the company has to face. As has been mentioned above the company has chosen a consumer-oriented approach which is winning in present-day environment. Of course, the company will need to carry out surveys and some research to define the features which can be valued by patients as well as cardiologists. Finally, the new project management strategies exploited have enabled the company to regain its leading position. However, the company has to make sure the phase strategy remains effective. Thus, it is always important to make sure that the plans worked out are executable and deadlines are realistic. At the same time, the plans should be rather flexible to be effective in the rapidly changing market. Finally, the company should pay special attention to communication strategies. Many companies are often overwhelmed by bureaucratic trends. Thus, written and oral communication should be balanced in Medtronic. Weaknesses It is also important to deal with human resources management strategies. Thus, Stevenson claims that they pay much attention to their employees’ development (Christensen, 2002). However, the company still loses employees. Therefore, it is important to work out a new system of values to make employees more loyal. Apparently, coaching and training are not enough. It is necessary to provide more opportunities for promotion. Apart from this, the employees should have more freedom to bring their ideas to life. For instance, Christensen (2002) states that some employees have left the company to be able to realize their ideas, which was impossible within Medtronic. Thus, the company should address this issue to make the employees more loyal. In this way, the company’s investments into the staff will be repaid. Reference List Christensen, C.M. (2002). We’ve got rhythm! Medtronic Corporation’s cardiac pacemaker business. Harvard Business School, Case 698-004. Sutton, R., Kanal, E., Wilkoff, B.L., Bello, D., Luechinger, R., Jenniskens, I., Hull, M. Sommer, T. (2008). Safety of magnetic resonance imaging of patients with a new Medtronic EnRythm MRI SureScan pacing system: Clinical study design. Trials, 9(68), 1-8. This case study on Medtronic’s Strategies was written and submitted by user Maleah Pate 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.

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buy custom External Financing essay External funding is a highly variable figure for the United States corporate sector. Acme can raise its funds from sources outside of the company. There are various types of external financing which the company may use. These sources include debt financing, equity financing, cash flow lending and corporate bond and debentures (Schulz Wasmeier, 2008). Megginson Smart (2000) say that external funding is extremely unpredictable in the United States because of the market trends and lending rates. The use of external financing involves high legal and transaction costs. The company should note that the outstanding nature of external funding needs of Acme means that $500M will be exceedingly variable from year to year for the company (Megginson Smart, 2000). Sources of external funding Debt Financing Acme can obtain external financing from debt financing which means borrowing money. Schulz Wasmeier (2008) says that in the course of debt financing, in return the creditor will receive the promise that the principal and interest on the debt will be repaid by the company. The interest rate to be paid by Acme characteristically includes the so called market rate of interest rate plus a risk premium because Acme is a well established company and certain will be collaterals used to secure the debt. Acme will pay its interest rate depending on the maturity of the loan and the volume of the loan. Apart from specific loan agreements such as mutual or syndicated loans, common types of debt financing that Acme can use includes overdraft funding, and loans against asset (Schulz Wasmeier, 2008). Merson (2011) noted that debt finance will allow Acme to raise cash without giving any share capital or equity. This type of external financing can balance interest payments against tax and therefore there is a good reason to expect debt finance to be relatively cheap. Merson (2011) noted that in theory debt finance has a lot in its favor. However in practice, it may not be asy to obtain. Banks lend their money in return for interest. There are several types of debt finance which include overdraft and obtaining loans against assets. Overdraft funding is uncertain for the bank and Acme. This is because an overdraft can be called in at any time, hence it is a high-risk strategy for the multinational to rely on it for longer-term financing (Merson, 2011). From Acmes point of view it will pay high interest rates to reflect the risk. Obtaining financing through loans against asset is the most common way a bank can make sure that its position is protected. This implies that if Acme goes under, the bank can lay claim to and sell the asset against which it had secured the debt (Merson, 2011) Cash Flow Lending The second type of external financing that can be used by Acme is cash flow lending. Since Acme is an established company with a good track record, the firm can take advantage of cash flow lending. Merson (2011) noted that in this type of financing, instead of taking security against specific assets, a bank relies on the cash flow that the business expects to generate (p. 124). In this context, the bank will look for safeguards in the form of guarantees based on such measures as profitability, enterprise value and ratios comparing profit with interest. If the agreements are breached, the bank has the right to recall the loan (Merson, 2011). One disadvantage of this type of financing is that the bank generally puts measures in place that allow it to take control of the companys cash flow if it defaults on loan repayments. Its advantage is that cash flow lending is more focused than asset based lending on the ability for a business to repay its debts (Merson, 2011). Corporate Bond and Debentures Acme can also obtain financing through corporate bond and debentures. Merson (2011) mentioned that a corporate bond or debenture is long-term debt instrument with a maturity date, a redemption value and a coupon. Acmes bbonds will be traded on markets. Merson (2011) noted that the markets discernment of the riskiness of the debt is mirrored in its market price, which in turn affects the real interest rate earned by the obtainer of the bond. The main disadvantage of this form of financing is that bond markets are regulated, and sourcing money in this way can be costly, and consumes more management time. Its advantage is that a corporate bond will enable Acme to access financing without the help of a bank. This might allow Acme to raise money for a lower interest rate. Merson (2011) says that this type of financing may allow Acme to put its debt out for a longer period than a bank might be prepared to countenance. The fourth type of external financing that can be used by Acme is equity financing. In the United States this is known as stock ownership. Merson (2011) says that equity financiers of Acme will not be comfortable with security but they look instead at the robustness of the offer, the quality of the prospect, the return it will generate and the companys ability to repay the investment. Through equity financing, Acme is likely to incur high cost of capital than a debt financing and will likely cause a drop in earnings per share for the company and in turn unenthusiastically impact the companys share price (Stowell, 2010). The equity financing option will strengthen the companys balance sheet and may lead to a higher bond rating from a credit financing agency. This may result in lower future bond financing costs and higher long term value for the company (Stowell, 2010). Debt financing usually has a lower cost of capital, but may weaken Acmes balance sheet and reduce financial flexibility. Acme and its banker must consider the risk adjusted cost of debt when comparing this form of financing with an equity financing. Equity financing and cash flow lending are the best options for Acme. Cash flow lending is the best option is because it is more centered than asset based lending on the capability of the company to repay its debts. Buy custom External Financing essay