Master of Business Administration Essay Example for Free

Master of Business Administration Essay Pricing policy refers to the policy of setting the price of the product or products and services by the management after taking into account of various internal and external factors, forces and its own business objectives. Pricing Policy basically depends on price theory that is the corner stone of economic theory. Pricing is considered as one of the basic and central problems of economic theory in a modern economy. Fixing prices are the most important aspect of managerial decision making because market price charged by the company affects the present and future production plans, pattern of distribution, nature of marketing etc. Generally speaking, in economic theory, we take into account of only two parties, i. e. , buyers and sellers while fixing the prices. However, in practice many parties are associated with pricing of a product. They are rival competitors, potential rivals, middlemen, wholesalers, retailers, commission agents and above all the Govt. Hence, we should give due consideration to the influence exerted by these parties in the process of price determination. Broadly speaking, the various factors and forces that affect the price are divided into two categories. They are as follows: I External Factors (Outside factors) 1. Demand, supply and their determinants. 2. Elasticity of demand and supply. 3. Degree of competition in the market. 4. Size of the market. 5. Good will, name, fame and reputation of a firm in the market. 6. Trends in the market. 7. Purchasing power of the buyers. 8. Bargaining power of customers 9. Buyers behavior in respect of particular product II. Internal Factors (Inside Factors) 1. Objectives of the firm. 2. Production Costs. 3. Quality of the product and its characteristics. 4. Scale of production. 5. Efficient management of resources. 6. Policy towards percentage of profits and dividend distribution. 7. Advertising and sales promotion policies. 8. Wage policy and sales turn over policy etc. 9. The stages of the product on the product life cycle. 10. Use pattern of the product. Objectives of the Price Policy: A firm has multiple objectives today. In spite of several objectives, the ultimate aim of every business concern is to maximize its profits. This is possible when the returns exceed costs. In this context, setting an ideal price for a product assumes greater importance. Pricing objectives has to be established by top management to ensure not only that the company’s profitability is adequate but also that pricing is complementary to the total strategy of the organization. While formulating the pricing policy, a firm has to consider various economic, social, political and other factors. The Following objectives are to be considered while fixing the prices of the product. 1. Profit maximization in the short term The primary objective of the firm is to maximize its profits. Pricing policy as an instrument to achieve this objective should be formulated in such a way as to maximize the sales revenue and profit. Maximum profit refers to the highest possible of profit. In the short run, a firm not only should be able to recover its total costs, but also should get excess revenue over costs. This will build the morale of the firm and instill the spirit of confidence in its operations. 2. Profit optimization in the long run The traditional profit maximization hypothesis may not prove beneficial in the long run. With the sole motive of profit making a firm may resort to several kinds of unethical practices like charging exorbitant prices, follow Monopoly Trade Practices (MTP), Restrictive Trade Practices (RTP) and Unfair Trade Practices (UTP) etc. This may lead to opposition from the people. In order to over- come these evils, a firm instead of profit maximization, and aims at profit optimization. Optimum profit refers to the most ideal or desirable level of profit. Hence, earning the most reasonable or optimum profit has become a part and parcel of a sound pricing policy of a firm in recent years. 3. Price Stabilization Price stabilization over a period of time is another objective. The prices as far as possible should not fluctuate too often. Price instability creates uncertain atmosphere in business circles. Sales plan becomes difficult under such circumstances. Hence, price stability is one of the pre requisite conditions for steady and persistent growth of a firm. A stable price policy only can win the confidence of customers and may add to the good will of the concern. It builds up the reputation and image of the firm. 4. Facing competitive situation One of the objectives of the pricing policy is to face the competitive situations in the market. In many cases, this policy has been merely influenced by the market share psychology. Wherever companies are aware of specific competitive products, they try to match the prices of their products with those of their rivals to expand the volume of their business. Most of the firms are not merely interested in meeting competition but are keen to prevent it. Hence, a firm is always busy with its counter business strategy. 5. Maintenance of market share Market share refers to the share of a firm’s sales of a particular product in the total sales of all firms in the market. The economic strength and success of a firm is measured in terms of its market share. In a competitive world, each firm makes a successful attempt to expand its market share. If it is impossible, it has to maintain its existing market share. Any decline in market share is a symptom of the poor performance of a firm. Hence, the pricing policy has to assist a firm to maintain its market share at any cost. Ques2. Explain the important features of long run AC curve. Ans: Long run AC curves Long run is defined as a period of time where adjustments to changed conditions are complete. It is actually a period during which the quantities of all factors, variable as well as fixed factors can be adjusted. Hence, there are no fixed costs in the long run. In the short run, a firm has to carry on its production within the existing plant capacity, but in the long run it is not tied up to a particular plant capacity. If demand for the product increases, it can expand output by enlarging its plant capacity. It can construct new buildings or hire them, install new machines, employ administrative and other permanent staff. It can make use of the existing as well as new staff in the most efficient way and there is lot of scope for making indivisible factors to become divisible factors. On the other hand, if demand for the product declines, a firm can cut down its production permanently. The size of the plant can also be reduced and other expenditure can be minimized. Hence, production cost comes down to a greater extent in the long run. As all costs are variable in the long run, the total of these costs is total cost of production. Hence, the distinction between fixed and variables costs in the total cost of production will disappear in the long run. In the long run only the average total cost is important and considered in taking long term output decisions. Important features of long run AC curve 1. Tangent curve Different SAC curves represent different operational capacities of different plants in the short run. LAC curve is locus of all these points of tangency. The SAC curve can never cut a LAC curve though they are tangential to each other. This implies that for any given level of output, no SAC curve can ever be below the LAC curve. Hence, SAC cannot be lower than the LAC in the ling run. Thus, LAC curve is tangential to various SAC curves. 2. Envelope curve It is known as Envelope curve because it envelopes a group of SAC curves appropriate to different levels of output. 3. Flatter Unshaped or dish-shaped curve. The LAC curve is also U shaped or dish shaped cost curve. But It is less pronounced and much flatter in nature. LAC gradually falls and rises due to economies and diseconomies of scale. 4. Planning curve. The LAC cure is described as the Planning Curve of the firm because it represents the least cost of producing each possible level of output. This helps in producing optimum level of output at the minimum LAC. This is possible when the entrepreneur is selecting the optimum scale plant. Optimum scale plant is that size where the minimum point of SAC is tangent to the minimum point of LAC. . Minimum point of LAC curve should be always lower than the minimum point of SAC curve. This is because LAC can never be higher than SAC or SAC can never be lower than LAC. The LAC curve will touch the optimum plant SAC curve at its minimum point. A rational entrepreneur would select the optimum scale plant. Optimum scale plant is that size at which SAC is tangent to LAC, such that both the curves h ave the minimum point of tangency. In the diagram, OM2 is regarded as the optimum scale of output, as it has the least per unit cost. At OM2 output LAC = SAC.

Little Women Essay -- Literary Analysis, Louisa May Alcott

â€Å"Captured the nuances that still move me to laugh and cry† (Delamar xiii). Louisa May Alcott is such a wonderful woman who was known not only as a great writer, but also a fighter for justice and advocate of human rights. No matter how many difficulties Louisa faced in her life, she had succeeded in achieving her dream. She wrote one of the greatest books of her era, Little Women. She participated in anti-slavery activities, and was a non-official feminist. She worked hard for fans and neither for fame nor money. Louisa May Alcott is example for all of the people in the world. Louisa May Alcott was born in a poor but full of love family. She grew up with the kindness of her father and loveliness of her mother. Louisa May Alcott’s father was a writer, and a great influence on her. Her mother was a pioneer in the women’s suffrage and abolitionist movement. Louisa showed interest in writing when she was the child. She used her father’s dictionary and philosophy book to study when no one saw (Delamar 3-5). Her family moved many times, and only when she got fourteen, she had her first personal room (Shealy xix). Louisa May Alcott and her three sisters got education at home by her father. In spite of her poor and hard life, she tried to overcome hardships. When Louisa May Alcott turned seventeen, she was such a beautiful woman, who was tall and charming. She had great blue eyes and brown hair. However, she would never get married because she thought that a woman could take care of herself without a man’s supports (Delamar 34). Because of her difficult life, she began to work at an early age. She worked as a governess, a seamstress, and a teacher. When she was fifteen, she taught some of her younger playmates. During her teaching and... ... appetite, and all her sicknesses teased her, she continued work. She was not able to write by her right hand, but she forced herself to learn how to write by her left hand. Louisa May Alcott worked on Jo’s Boys, and she knew that it would be her last story (Delamar 136). On March 4, Louisa May Alcott came to visit her sick father for the last time, and he died on that same day. Two days later, she followed her father without any regret. She left behind a wonderful work; all her books, letters and journals are part of American history (Matteson). In spite of hard life, she achieved everything she wanted. Louisa May Alcott is analogy of perfect and free woman. She proved that hard working can help to achieve dream. People read her book up till now. â€Å"One thing she gained was something she never dreamed of – Louisa May Alcott achieved immortality.† (Delamar 142).

Evaluative Analysis of “Barn Burning”

William Faulkner’s short story entitled â€Å"Barn Burning† is a depressive manifestation of discrimination and oppression in the society. Many people especially slaves experienced in this kind of situation. Even if they were not convicted of any malicious act, they will become the prime suspect or the criminal of any unlawful actions towards the ruling class. Despite of the Abner’s character as a father and a worker contacted to the character of the main protagonist, Abner’s son. This story illustrated the circumstances and conflicts within the family in the eyes of a child.Sartoris loves his father so much but he could not tell his father how much because his father refuses to interact with his family due to successive problems in his work. In this case, the actions of the father always mould the situation of the family for he was the source of strength, weaknesses, failure, and success of everyone that gives unpredicted experience in each of the family members. â€Å"Barn Burning† is a story of a family who was being deprived in their society. Because the place was just a small county, every actions of each family or even a person were seen by everyone especially those in the ruling class.Abner Snopes, the father was suspected of burning the barn of his neighboring farmer. Despite of the fact that he was only suspected to do the unlawful action, he was already connoted as a â€Å"barn burner†. In a small place, they conduct a trial wherein they must know the reasons and evidences of burning the barn. They keep on asking Abner but he did not speak for his own yet, he almost remains silent and unpredictable. The Court of Peace dismissed the case and asked Abner to leave the county, which was the only way to â€Å"solve† the problem.Abner and his family went out the county. As they went away from their previous location, a new landlord and aristocrat went by their lives. Major de Spain owns the house they occupie d. He wants Abner to pay him a hundred dollars for the rent but Abner could not able to pay him that amount that is why de Spain told him to give him twenty bushels of corm from his farm to be the payment of their stay. Abner could not say anything because he knows that he has nothing to offer due to their lack of profit and their previous problem in their county.He did not accept what de Spain wanted but he did not also refused because he does not have any power over him. Satoris, Abner’s son did not want to pay de Spain because these were the only things they have. If they give it to de Spain, they will suffer more. Abner could not find a way, until one night while eating, de Spain’s rug partially burned. Abner did not know what to do; his temper went up again and releases his anger to his family especially to Satoris for it was always there to watch his actions. One day, they went to the Justice again.The Justice knew that de Spain’s rug burned because Satori s have told him, for the reason that Satoris think that it was the only way to defend his father from probable punishment due to accidental burning of the rug, but it does not happen. The Justice asked Abner to pay more than the bushels of corn because of the burned rug. Abner did not say anything that made the case dismissed again. Abner’s mind and heart was full of problems and heartache, which was seen by Satoris even if he refused to confess. Until one night, Abner decided to burn de Spain’s barn as his revenge to him for his inhumane actions towards him and his family.Abner runs toward the trees in the dark and went to de Spain’s barn. Satoris followed him but he could not find his father because of the darkness. He saw de Spain and warned him that his father would burn his barn. After de Spain heard Satoris’s confession, he went to the trees and find Abner with his horse. While Satoris was finding his father, he heard two shots of gun that made him think if this would be the assassination of his father or his brother’s gun whom to be his father’s accomplice. Due to tiredness, he did not saw his father. He went home when the sun rises and thinks of his father with fear, sadness, and revenge in his heart.Personally, I can say that the main protagonist in this story is Satoris because the story went on from his perspective as a child even if the author uses third person point of view. The narrator did not speak for the father but for the son who seemed to grow with unusual scenario and an irony of innocence and maturity within his heart and mind. After what had happened to his father, Satoris wants to comfort and give his father the strength but Abner refuses to communicate with his family especially with Satoris for he knew that he was just a child not knowing anything in the real world, which was the opposite of his recognition to his son.This scenario was seen throughout the story from the beginning up to the end that Abner did not give Satoris a chance to show his capability to help his father to minimize his circumstances. The words â€Å"get back into the wagon† were always the dialogue of Abner when he did not want Satoris to tell the truth. Aside from this, he only speaks to Satoris when he is mad as if Satoris and his family member were his punching bags. Punching bags means his way of releasing his anger by way of shouting and yelling at them. â€Å"You were fixing to tell them.You would have told him,† He didn't answer. His father struck him with the flat of his hand on the side of the head, hard but without heat, exactly as he had struck the two mules at the store, exactly as he would strike either of them with any stick in order to kill a horse fly, his voice still without heat or anger: â€Å"You're getting to be a man. You got to learn. You got to learn to stick to your own blood or you ain't going to have any blood to stick to you. Do you think either of them, an y man there this morning, would?Don't you know all they wanted was a chance to get at me because they knew I had them beat? Eh? † Later, twenty years later, he was to tell himself, † If I had said they wanted only truth, justice, he would have hit me again. † But now he said nothing. He was not crying. He just stood there. â€Å"Answer me,† his father said. (Faulkner, n. d. ) This situation is one of the most significant interactions between the father and the son where we could see that a father will always be the authority while the son will always beneath the authority’s actions and words.However, it also shows that Satoris wants to tell his father to listen to him – to what he wants to say and what he wants to make him feel despite of everything but he could not because he knew that his father was already numb by all their tragic situations. Another issue emerged in the story is the formulation of family versus morality. The contradiction b etween family and morality evolved from the beginning and developed within the middle up to the end of the story. It was a circumstance for Abner because he was the connected between the two – he was the bridge to the interrelating and opposing factors within him.Abner wanted to gain his and his family’s morality after what happened to them in the county that is why he chose to went away from their place, but the life and survival of his family was in the county, it was very hard for him to decide as the father and the ruling power. The story also demonstrated how Abner became powerful within his family where his words would be the rule while within his landlord and the justice, he was nothing but a farmer – a low class farmer without eyes to see, ears to hear, and mouth to speak.If Abner's violation of his own code is the impetus for Sarty's breaking away, why didn't the whole Snopes family run defiantly to the de Spain's home? It is because this breach of stan dards comes at an impressionable stage of Sarty's life, while he still bares â€Å"the terrible handicap of being young, the light weight of his few years . . . not heavy enough to keep him footed solid in [the world], to resist it and try to change the course of its events† (220). This â€Å"handicap† allows him, unlike the others, to see the wrong committed by his father and to strive to prevent its disastrous consequences.Many issues are needed to discuss in the story that emerged and developed throughout the flow of the narrative such as political, social, cultural, and personal aspects of the characters. In terms of political aspect, the situation within Abner and the Justice happens in reality. The Justice depends on the ruling class or the elite rather than the people who need him like Abner and his family. His dismissal of the case signifies that Abner was just a small person who cannot pay the Justice’s job as the same as what his landlord used to do to win the battle in the court.This political issue shows that there is no hope for people like Abner who needs the help of law but they close their doors because Abner cannot pay them huge amounts like those others. Social problem in this story was seen through the problem of morality. Discrimination was taken place in this story in different angles such as the discrimination towards the capabilities of a child, the discrimination towards low class people, and the discrimination towards women.Discrimination towards children can be seen within the clash between the father and the son wherein, the son cannot show what he got because he was just a kid, which was shown by his father. Discrimination towards low class people can be seen within the clash between Abner and his landlord, wherein his landlord keep on telling him that he could not be able to rise from poverty because he was a â€Å"Barn Burner† and he will always be the barn burner as long as he lives. On the other hand, the discrimination towards women can be seen through the characters of Abner’s wife, sister, and his daughters.All of them have no voice in their family. They just keep on asking themselves what is happening without any confrontation between them and Abner. The character of Abner’s wife was weak as what the narrator illustrated wherein she only used to cry and to shout when Abner is doing something unusual, but there is no resolution within her – just an explosion of her feelings through tears and yell. Cultural issues also emerged within the family. Their family culture was seen when they went to their new house. All of them have their own tasks, from the father, the mother, the aunt, up to the children.However, the emergence of the conflict did not come from their tasks but from their own beliefs as individuals. Abner’s belief as a father did not match from the belief of the mother and his son Satoris but the same with his other son whom to be his acco mplice in the end. Despite of the fact that they are a family, their culture did not match from one another, which resulted more problems and conflicts between them. Personal issues were the primary problem in the story. All of the characters have their own problems, fears, and failures as individuals.Even if they get along as a family, they tend to clash because of their own perspectives and ideologies that are different from one another. Aside from these, their personal issues increased because of their environmental issues or their issues within their environment such as the people around them. Through this, personal issues became the real point of attack of each character to establish their characterization. When it comes to the characters in the story, protagonists correlate one another in order to build their own depiction. However, the father made its character become part of each of the characters in the story.His actions and words manifest significantly towards the realizat ions and ideologies of other characters especially his family. His words became the rule; his scream was the echo of the house, while his face became the image of law in their house. â€Å"If you ain't going to tote, go on and set up the wash pot,† the first said. â€Å"You, Sarty! † the second shouted. â€Å"Set up the wash pot! † His father appeared at the door, framed against that shabbiness, as he had been against that other bland perfection, impervious to either, the mother's anxious face at his shoulder.â€Å"Go on,† the father said. â€Å"Pick it up. † The two sisters stooped, broad, lethargic; stooping, they presented an incredible expanse of pale cloth and a flutter of tawdry ribbons. â€Å"If I thought enough of a rug to have to git hit all the way from France I wouldn't keep hit where folks coming in would have to tromp on hit,† the first said. They raised the rug, â€Å"Abner, † the mother said. â€Å"Let me do it. † â€Å"You go back and git dinner,† his father said. â€Å"I'll tend to this. † (Faulkner, n. d. ) As a whole, all the characters in the story were mould based on the character of Abner.His weaknesses, strengths, failure, and success became their foundation to have their own perspective in life. Despite of the fact that they have encountered cultural, political, personal, and social issues, all of them are connected to the execution of Abner in different situations even the Justice and the landlord expose its character to make the life of Abner more miserable. Justification towards this issue can be seen throughout the story where all their eyes were set to Abner’s actions and expressions.Therefore, I can say that fatherhood is a sensitive responsibility towards family and morality. A man’s family always depends on his strategies and capabilities as the provider of his home. However, his capability to discriminate the strengths of his family members is a lso an emerging conflict for the reason that because of his power, he tends to dominate their own principles without recognizing that it may be the solution to their problem, which resulted failure, inconvenience, and miscommunication within the family. Works CitedFaulkner, William. â€Å"Barn Burning. † Literature: Reading, Reacting, Writing. Ed. Laurie G. Kirszner and Stephen R. Mandell. Fort Worth: Harcourt, 1997. 216-30. Faulkner, William â€Å"Barn Burning by William Faulkner† (n. d. ) Retrieved on October 30, 2007 from http://www. nku. edu/~peers/barnburning. htm Meyers, Michael. The Bedford Introduction to Literature. Boston, MA: Bedford Books of St. Martin’S Press, 1999. ________. â€Å"Barn Burning:† Family vs. Morality. (n. d. ) Retrieved on October 30, 2007 from http://members. aol. com/danieledg1/barn. html

The New Tax Law Through President Obama s Term, Congress

With possibly the last changes to the tax law through President Obama’s term, Congress agrees on making many of the â€Å"Tax Extenders† permanent. These so-called â€Å"Tax Extenders† are tax provisions that Congress has passed over the past few years with short-term expiration dates, at which point the provision would lapse. Typically, after the provision lapsed, Congress would retroactively reinstate the provisions, thus extending its life through the current tax year. This has led to some tax planners relying on the hopes that Congress will reinstate these provisions, without the explicit knowledge that they would do so. Therefore, the now permanent provisions (those that have been extended without a set expiration date) are able to give tax planning professionals more certainty in their projections. The act made several changes to Section 529 Plans alongside with these â€Å"extenders†. The chart below briefly summarizes the new tax law changes from t he PATH Act of 2015 that most closely affect individuals and small businesses. It should be noted that this does not encompass all aspects of the act, as there are several changes that apply to larger corporations, IRS reform, and the prevention of fraud and abuse. *Adapted from â€Å"Congress Approves (Mostly Permanent) 2015 Tax Extenders Legislation For QCDs And More!† by Michael Kitces Permanent Provisions Qualified Charitable Distributions (QCD) – In 2006, Congress allowed qualified distributions from IRAs to be directly given toShow MoreRelatedApril M. Rodriguez. Professor Heaton. Engl 1301. 04/19/2017.1370 Words   |  6 Pages04/19/2017 The Obama Presidency Although the United States has been regarded as having dominant world power amongst other nations, the truth lies far from its holdings. During the George W. 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