Corporate Governance and Ethical Responsibility Research Paper - 2

Corporate Governance and Ethical Responsibility - Research Paper Example When the standard of care has been breached by medical practitioners and damage can be proven as a result, patients can take appropriate legal action (Johnson, 2010). Duty of care guarantees compliance to established Federal statutes. Secondary stakeholders, internally, are the physicians and nurses accountable for ensuring compliant medical procedures and patient oversight. Dr. DoRight must work with these staff members daily ensuring adequate supervision of their activities. Concurrently, this stakeholder group maintains certain protections under employment law that mandate the extent to which Dr. DoRight can intervene and establish disciplinary procedures. A third stakeholder group is the governance board charged with overseeing hospital operations and strategic developments. The Executive Committee and Regional Compliance Manager have responsibilities for ensuring compliance to established legalities in the medical field. In tandem, the governance stakeholders must ensure alignme nt of operational activities with established hospital regulations developed internally. Conflicts of Interest with Stakeholders The first conflict of interest requiring analysis is the relationship between Dr. DoRight and the governance board members. The governance system maintains responsibility for ensuring the publicized integrity and reputation of the hospital, which is a fundamental form of corporate protectionism. Dr. DoRight’s allegations (and they are only currently allegations) of staff misconduct poses future, potential reputation problems for the hospital if investigation determines that several years have passed without taking appropriate action for criminal misconduct by nurses and physicians. The governance board and Dr. DoRight also maintain responsibility for ensuring duty of care for patients, thrusting them all into a significant conflict of interest for protecting both the hospital public image and also ensuring patient standards of care. Additionally, th e many corporations and community organizations that conduct business with the hospital pose another conflict of interest for Dr. DoRight. Dr. DoRight has received numerous accolades for excellence in executive function, including the Medical Business Executive of the Year award in 2011. Dr. DoRight must determine whether to spare his reputation that has been gleaned through years of community and corporate trust-building whilst also maintaining responsibility to expose legal non-compliance that jeopardizes patient safety and security. Dr. DoRight likely asks himself whether self-protectionism or community/corporate stakeholder needs should be considered the most primary objective when considering what he believes is occurring in the organization. Has Dr. DoRight Fulfilled His Ethical Obligations? Dr. DoRight has not fully fulfilled his ethical obligations in this case. He certainly took the appropriate steps by informing his superiors (those with power to investigate and punish the se acts) which does speak toward his maintaining some form of ethical foundation and ethical value system. However, tort law can also provide potential consequences that give him personal

Cytochrome b6f complex Essay Example | Topics and Well Written Essays - 2500 words

Cytochrome b6f complex - Essay Example As one of the major photosynthetic protein that is widely been explored in the study of biochemistry, the cytochrome b6f complex is commonly found not only in green algae but also in cyanobacteria (Baniulis et al., 2009; Whitelegge et al., 2002). Each time the plants undergo photosynthesis, the cytochrome b6f complex plays a significant role in the process of transferring the electro-chemical proton 11 across the thylakoid membrane (Laisk, Nedbal and Govindjee, 2009, p. 159). In other words, the thylakoid membrane in plants is responsible in introducing some protons within the close surroundings of the thylakoid. As part of analyzing the biochemistry and role of cytochrome b6f complex in the photosynthesis of plants, this study will purposely gather and make use of several scientific-based literature in discussing not only the relationship between the Cytochrome b6f complex and its biochemical structure but also the basic modes of enzyme catalysis in relation to some specific example s. Relationship between Functions of Cytochrome b6f Complex to their Structures To be able to clearly explain the relationship betwen the functions of cytochrome b6f complex and its biochemical structure, it is necessary to first explore the biochemical structure of cytochrome b6f complex followed by discussing the main function of cytochrome b6f complex. ... According to Whitelegge et al. (2002), the structure of cytochrome b6f complex is complex due to the fact that cytochrome b6f complex is composed of as much as eight (8) different polypeptide subunits (Baniulis et al., 2009; Dashdorj et al., 2005; Genji et al., 2004). In line with this, several studies strongly suggest that cytochrome b6f complex is complex since it is composed of a total of seven (7) prosthetic groups (Baniulis et al., 2008; Cramer et al., 2004). Several studies explained that the structure of cytochrome b6f complex is composed of four large subunits between 17 to 32 kDa such as the membrane bound c-type cytochrome f (PetA), cytochrome b6 (PetB), the Rieske iron-sulfur protein which is also known as the Rieske ISP (PetC), and the subunit IV (PetD) (Baniulus et al., 2011; Cramer, Hasan and Yamashita, 2011; Yan and Cramer, 2003; Schneider et al., 2002; Whitelegge et al., 2002). According to Baniulus et al. (2011), petA, petB, petC, and petD are classified as large sub units that can interact well with the redox-active prosthetic groups. Serving as the â€Å"picket fence† type of structure that surrounds the core of cytochrome b6f complex’s four (4) larger subunits, the structure of cytochrome b6f complex is also composed of four (4) other hydrophobic subunits (3.2 to 4.2 kDa) which include the PetG, PetL, PetM, and PetN (Baniulus et al., 2011; Whitelegge et al., 2002). For example, Kugler et al. (1998) mentioned that the chloroplast cytochrome b6f complex is composed of seven (7) different subunits including very small proteins such as PetG, PetL, and PetM proteins. After conducting an ex-ray structure analysis, Genji et al. (2004) found out that the biochemical structure of cytochrome b6f complex in blue-green algae is crystal in form. Because of

Effects of the Researcher on Analysis Results

Effects of the Researcher on Analysis Results MERA HEERALAL-MAHABIR DESCRIPTION OF ASSIGNMENT Respond on the following quote â€Å"Analysis reveals the person making the analysis not really the piece itself.†, David Lodge 1935 Novelist and Playwright According to Lester (2010), â€Å"Analysis is a way of the mind that not only engages with the outside world, but also internalizes its lesson and learns from them† (pg. 115). It is the separation of an intellectual or material whole into its constituent parts for individual study. It is the dissection and careful study of a â€Å"piece† something to learn about its parts, what they do and how they are connected to each other. This study is a detailed examination of the elements or structure of some kind of text or act whether it is a poem, film, advertisement or book. Personal perspectives are important because they reveal much about the person making the comment (Lester 2010 p. 122). Some people may say that such views have limited use simply because they are so personal and subjective, and that these interpretations cannot be comprehensive beyond the individual. This, therefore, does not disclose much with regard to how others might make meaning of an image, advertisement, play or other text or acts. A noteworthy event, image or painting, that is considered a work of art mot times generate personal reaction, indicative about the culture from which it came from. I agree with the notion that an analysis is a reflection of the person making the analysis and not of the piece itself because of one’s cultural background, personal experiences, and educational status, all of which inform an individual’s opinion of a text. Fiske, (1982) states that when â€Å"the cultural groups we belong to comprise a large majority in our community or nation, we are less likely to be aware of the content of the messages they send us. Cultures shared by dominant groups often seem to be natural, normal, the way things are done. We only notice the effect of cultures that are different from our own, attending to behaviours that we label exotic or strange, misunderstandings in semiotics are considered to be the result of cultural differences and not at communication failure† (pg. 2). The decoder brings aspects of his or her cultural experience to bear upon the codes and signs which make up the text. Therefore, when members of a dominant culture decode or make meaning of something, it is more than likely that that interpretation would be similar in nature among those members. Thus text rooted in dominant ideologies can be interpreted through such ideological frames and appear natural. In this case the analysis refle cts the ideology of the text, which in this example is the dominant ideology. Such an example can be seen in the sometimes cultural rationale we ascribe to the wearing particular clothing (leather jackets or winter boots) or to food choices (KFC), as everyday rationale ascribes meaning and significance to that choice. The same meaning and significance is used by the encoders to spread that dominant ideology through the powerful media. Some may argue that this acceptance of false consciousness is the result of a lack of analysis to a particular event, text or experience but it can be considered the result of little or no analysis; it can be the result of analysis through ideological lens. Logically, if a culture shares the same codes and conventions, members will interpret and ascribe meaning that are similar. However, even people belonging the same culture may not always have the same interpretation because of personal experiences. Theorist, Stuart Hall (1980), states that meaning is not simply fixed or determined by the sender. He argues that the message is never transparent and the audience is not a passive receiver of meaning as one would like to believe. For example, a news item that features refugees from war torn Egypt that aims to provide a compassionate account of their plight does not promise that people will decode it to feel sympathetic towards the refugees. People from another war-torn country who share the same culture and religion will be sympathetic and feel strongly that other countries should help based on a humanitarian basis. On the other hand, people of another culture, say American culture (individualistic culture), may think the opposite. Anothe r example, is Carnival in Trinidad and Tobago. People who subscribe to the ‘carnival culture’ may accept a men gyrating (â€Å"wining†) on a semi-nude women in the streets of the city during the celebration. A viewer from another culture, however, say from an Islamic-Middle-Eastern country may find this act to be outrageous and shameful. Even persons who share the same Trinidadian culture may not approve of this kind of behaviour. Negative, personal experiences may also cause persons to have an undesirable attitude towards the festival of carnival. People are not entirely free agents and immune to the effects of the culture they inhabit. Thus, when people generate ,meaning from say, for example, a movie , they are inevitably affected by the culture they live in in ways of which they are unaware. The culture, in other words, speaks through them. Hall (1980) states that messages are decoded and interpreted in different ways depending on the individual’s cult ural background. An analysis is a reflection of the person making the analysis because of his personal experiences as reflected in the type of readings he makes of the subject being analysed For example, because Caribbean people had a negative historical experience of racial bias practiced by a ‘white colonial’ people, they would certainly have a kind of bias towards that race in general. Drawing on a personal example, as a teenager working at a popular bank in Port of Spain, where at that time only persons of â€Å"high colour† were employed, a brown-complexioned East Indian person like myself, had many experiences of racism displayed toward me. This would certainly carry a certain amount of bias in my analysis of any piece’ done by a ‘white’ person. So instead of taking the dominant reading for something, I might go for the negotiated or oppositional reading. According to Hall (1980), a person might decide to take a dominant-hegemonic position, where he accep ts the encoded meaning. He takes the connotated meaning from, say, a television newscast and decodes the message in terms of the referenced code in which it has been encoded. If one subscribes to an oppositional reading, he totally ignores the encoded message even though he understands it. He decodes it in a contrary way. He may also go along with the negotiated reading where he compromises between the hegemonic and oppositional views. Because an audience simply does not passively accept a text, they do not always take the dominant reading. Depending on the reading a person adopts, the analysis would be quite different in all three cases. An analysis done by someone holding an elite status, is likely to be different from that of a middle class or low-income group. Several factors may contribute to this difference. For example, if someone from this upper elite class were to analyse a painting by Cazabon, he would most likely be educated, widely-read and would have more knowledge and appreciation of the fine arts. He would most likely know the name of the artist, his other works, and the artistic style being used. The elite analyst would also probably make references to other artistic traditions and make comparisons with other artists using that style. He would perhaps compare the work being analysed with other works done locally, regionally and internationally. The analysis by the elite will be informed by his experience of being more exposed through education, communication and travel. Foreign travel will assist the elite to acquire first-hand knowledge and would be more likely to identify the genre, medium, metaphors and symbolism of the work. The low-income analyst may not have an appreciation for fine arts because he is caught up more with the daily struggles of live in order to survive such as acquiring the basic needs of food, shelter and clothing. Because of the upper class upbringing and training (education), and because one might be more widely read, one can give a more in-depth analysis of an artistic piece. The elite analyst is also likely to be more articulate. Personal perspectives are significant because they reflect much about an individual making an analysis. Whilst consideration of other views would make the analysis more comprehensive and well-rounded, it still rests with the individual analyst ‘take’ on the piece being analysed. Factors that contribute to the type of analysis that will emerge depend on the cultural background, personal experiences and educational status of the individual making the analysis. This decision however, most times is supported by the ideological influence of dominant power structures in society. Thus it can therefore, be said that analysis is a reflection of the person making the analysis and not the text or act itself. BIBLIOGRAPHY Fiske, J. (1990) Introduction to Communication Studies, Routledge: London. p. 2. Print Hall, S. (1980) â€Å"Encoding /decoding.† Culture, Media, Language. Ed. Stuart Hall et al. New York: Routledge. Print. Lester, P.M. (2011) Visual Communication: Images with messages, Wadsworth: Boston.p.122. Print. Semiotics for Beginners: Encoding/Decoding users.aber.ac.uk/dgc/Documents/S4B/sem08c.html. Web. 19 Mar. 2013. Web.

ANCIENT GREEK WOMEN :: essays research papers

Ancient Greek Women In ancient Greek society women lived hard lives on account of men's patriarch built communities. Women were treated as property. Until about a girl’s teens she was "owned" by her father or lived with her family. Once the girl got married she was possessed by her husband along with all her belongings. An ancient Greece teenage girl would marry about a 30-year-old man that she probably never met before. Many men perceived women as being not being human but creatures that were created to produce children, please men, and to fulfill their household duties. A bride would not even be considered a member of the family until she produced her first child. In addition to having a child, which is a hard and painful task for a teenage girl in ancient civilization to do, the husband gets to decide if he wants the baby. A baby would be left outside to die if the husband was not satisfied with it; usually this would happen because the child was unhealthy, different looking, or a gi rl. Women had very few rights, they lived as prisoners, serving men 24 hours a day. Women were sheltered from society, restricted to their husbands and their husbands houses, crying out for help and justice but there is no one to there to hear their screams. In the play Antigone when the title character had to sneak out of the house to meet up with Ismene. Ancient Greek men ruled a lot like over protective fathers with teenage daughters. Men were also scared of women gaining confidence and begin thinking on their own or worse taking action or speaking out against men, like in the play Antigone where Antigone confronts Creon by burying Polyneices after Creon strictly stated that no one bury him. If someone were to bury him, the whole Polis would stone them to death. When Creon found out that someone buried Polyneices, he did not even consider that it could have been a women that did it. Why were women treated like animals? Greek society would not function without women, everything a man needs for proper living, food, clothing, wealth, sex, the continuance of human existence were all traits that women inquired. However women are also highly sexual beings that could overpower, hypnotize, and stimulate men's minds and soles. Similarly in modern society where a lot of men have lost families, jobs, money and their lives due to sexual addiction.

Current Liabilities and Payroll Accounting

Teaching Objectives:Make clear the concepts such as current and long-term liabilities and their characteristics, known liabilities, estimated liabilities, contingent liabilities and payroll accounting. Teaching Focus: how to define, classify, measure, report, and analyze these liabilities so that this information is useful to business decision makers. What is liability? A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events.Classifying LiabilitiesLiabilities can be classified into current liabilities and long-term liabilities according to term of payment. Current liabilities are obligations due to be paid or settled within one year or the operating cycle, whichever is longer. They are usually settled by paying out current assets such as cash. notes payable, mortgages payable, bonds payable, and lease obligations)Long-term LiabilitiesLong-term liabilities are obligations not due within one year or the operating cycle, whichever is longer. (notes payable, mortgages payable, bonds payable, and lease obligations)Known LiabilitiesMost liabilities arise from situation with little uncertainty. They are set by agreements, contracts, or laws and are measurable. These liabilities are Known Liabilities, also called definitely determinable liabilities. Known Liabilities include accounts payable, notes payable, payroll, sales taxes payable, unearned revenues and lease obligations Known Liabilities— Sales Taxes Payable Sales taxes are stated as a percent of selling prices. The seller collects sales taxes from customers when sales occur and remits these collections to the proper government agency. Since sellers currently owe these collections to the government, this amount is a current liability. Example:On May 15, 2009, Max Hardware sold tools and supplies for $7,500 that are subject to a 6% sales tax. $7,500 ? 6% = $450 Known Liabilities—unearned revenues Unearned Revenues (also called deferred revenues, collections in advance, and prepayments) are amounts received in advance from customers for future products or services. Example: On May 1, 2009, A-1 Catering received $3,000 in advance for catering a wedding party to take place on July 12, 2009. Known Liabilities—Short-term Note Payable A written promise to pay a specified amount on a definite future date within one year or the company’s operating cycle, whichever is longer.  NOTE GIVEN TO EXTEND CREDIT PERIODA company can replace an account payable with a note payable. A common example is a creditor that requires the substitution of an interst-bearing note for an overdue account payable that does not bear interest. Example: On August 1, 2009, Matrix, Inc. asked Carter, Co. to accept a 90-day, 12% note to replace its existing $5,000 account payable to Carter. Matrix would make the following entry: On October 30, 2009, Matrix, Inc. pays the note plus interest to Carter. Interest expense = $5,000 ? 12%   (90 ? 360) = $150NOTE GIVEN TO BORROW FROM BANKA bank nearly always requires a borrower to sign a promissory note when making a loan. When the note matures, the borrower repays the note with an amount larger than the amount borrowed. This difference between the amount borrowed and the amount repaid is interest.FACE VALUE EQUALS AMOUNT BORROWEDOn September 1, 2009, Jackson Smith borrows $20,000 from American Bank. The note bears interest at 6% per year. Principal and interest are due in 90 days (November 30, 2009). On November 30, 2009, Smith would make the following entry: $20,000 ? 6% ? (90 ? 360) = $300PAYROLL LIABILITIESEmployers incur expenses and liabilities from having employees.   FICA Federal Insurance Contributions Act (FICA)   Medicare Taxes Employers must pay withheld   taxes to the Internal Revenue Service (IRS)   Federal Income Tax State and Local Income Taxes Employers must pay the taxes withheld from employees’ gross pay to the appropriate government agency? Voluntary Deductions Amounts withheld depend on the employee’s request. Examples include union dues, savings accounts, pension contributions, insurance premiums, and charities. Employers owe voluntary amounts withheld from employees’ gross pay to the designated agency. Gross pay is the total compensation an employee earns including wages, salaries, commissions, bonuses, and any compensation earned before deductions. Wages usually refer to payments to employees at an hourly rate. Salaries usually refer to payments to employees at a montly or yearly rate. Net pay, also called or take-home pay, is gross pay less all deductions. Payroll deductions, commonly called withholdings, are amounts withheld from an employee’s gross pay, either required or voluntary. Required deductions result from laws and include income taxes and Social Security taxes. Voluntary deductions, at an employee’s option, include pension and health contributions, union dues, and charitable giving.   WithholdingsRECORDING EMPLOYEE PAYROLL DEDUCTIONSThe entry to record payroll expenses and deductions for an employee might look like this. $4,000 ? 6. 20% = $248 $4,000 ? 1. 45% = $58EMPLOYER PAYROLL TAXESEmployers pay amounts equal to that withheld from the employee’s gross pay.RECORDING EMPLOYER PAYROLL TAXESThe entry to record the employer payroll taxes for January might look like this Current Liabilities and Payroll Accounting Teaching Objectives:Make clear the concepts such as current and long-term liabilities and their characteristics, known liabilities, estimated liabilities, contingent liabilities and payroll accounting. Teaching Focus: how to define, classify, measure, report, and analyze these liabilities so that this information is useful to business decision makers. What is liability? A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events.Classifying LiabilitiesLiabilities can be classified into current liabilities and long-term liabilities according to term of payment. Current liabilities are obligations due to be paid or settled within one year or the operating cycle, whichever is longer. They are usually settled by paying out current assets such as cash. notes payable, mortgages payable, bonds payable, and lease obligations)Long-term LiabilitiesLong-term liabilities are obligations not due within one year or the operating cycle, whichever is longer. (notes payable, mortgages payable, bonds payable, and lease obligations)Known LiabilitiesMost liabilities arise from situation with little uncertainty. They are set by agreements, contracts, or laws and are measurable. These liabilities are Known Liabilities, also called definitely determinable liabilities. Known Liabilities include accounts payable, notes payable, payroll, sales taxes payable, unearned revenues and lease obligations Known Liabilities— Sales Taxes Payable Sales taxes are stated as a percent of selling prices. The seller collects sales taxes from customers when sales occur and remits these collections to the proper government agency. Since sellers currently owe these collections to the government, this amount is a current liability. Example:On May 15, 2009, Max Hardware sold tools and supplies for $7,500 that are subject to a 6% sales tax. $7,500 ? 6% = $450 Known Liabilities—unearned revenues Unearned Revenues (also called deferred revenues, collections in advance, and prepayments) are amounts received in advance from customers for future products or services. Example: On May 1, 2009, A-1 Catering received $3,000 in advance for catering a wedding party to take place on July 12, 2009. Known Liabilities—Short-term Note Payable A written promise to pay a specified amount on a definite future date within one year or the company’s operating cycle, whichever is longer.  NOTE GIVEN TO EXTEND CREDIT PERIODA company can replace an account payable with a note payable. A common example is a creditor that requires the substitution of an interst-bearing note for an overdue account payable that does not bear interest. Example: On August 1, 2009, Matrix, Inc. asked Carter, Co. to accept a 90-day, 12% note to replace its existing $5,000 account payable to Carter. Matrix would make the following entry: On October 30, 2009, Matrix, Inc. pays the note plus interest to Carter. Interest expense = $5,000 ? 12%   (90 ? 360) = $150NOTE GIVEN TO BORROW FROM BANKA bank nearly always requires a borrower to sign a promissory note when making a loan. When the note matures, the borrower repays the note with an amount larger than the amount borrowed. This difference between the amount borrowed and the amount repaid is interest.FACE VALUE EQUALS AMOUNT BORROWEDOn September 1, 2009, Jackson Smith borrows $20,000 from American Bank. The note bears interest at 6% per year. Principal and interest are due in 90 days (November 30, 2009). On November 30, 2009, Smith would make the following entry: $20,000 ? 6% ? (90 ? 360) = $300PAYROLL LIABILITIESEmployers incur expenses and liabilities from having employees.   FICA Federal Insurance Contributions Act (FICA)   Medicare Taxes Employers must pay withheld   taxes to the Internal Revenue Service (IRS)   Federal Income Tax State and Local Income Taxes Employers must pay the taxes withheld from employees’ gross pay to the appropriate government agency? Voluntary Deductions Amounts withheld depend on the employee’s request. Examples include union dues, savings accounts, pension contributions, insurance premiums, and charities. Employers owe voluntary amounts withheld from employees’ gross pay to the designated agency. Gross pay is the total compensation an employee earns including wages, salaries, commissions, bonuses, and any compensation earned before deductions. Wages usually refer to payments to employees at an hourly rate. Salaries usually refer to payments to employees at a montly or yearly rate. Net pay, also called or take-home pay, is gross pay less all deductions. Payroll deductions, commonly called withholdings, are amounts withheld from an employee’s gross pay, either required or voluntary. Required deductions result from laws and include income taxes and Social Security taxes. Voluntary deductions, at an employee’s option, include pension and health contributions, union dues, and charitable giving.   WithholdingsRECORDING EMPLOYEE PAYROLL DEDUCTIONSThe entry to record payroll expenses and deductions for an employee might look like this. $4,000 ? 6. 20% = $248 $4,000 ? 1. 45% = $58EMPLOYER PAYROLL TAXESEmployers pay amounts equal to that withheld from the employee’s gross pay.RECORDING EMPLOYER PAYROLL TAXESThe entry to record the employer payroll taxes for January might look like this

Popularity of Fast Food Production Essay

Introduction The popularity of fast food production today is a direct result of busy families. In today’s society both husband and wife usually obtain full-time careers. These careers take up much of the family’s time and energy. Children of these families are usually very active in many extracurricular activities such as, Boy Scouts, football, baseball, and basketball. With all of the practice, games, and outings, these activities consume a great amount of the family’s time. In this fast paced life people find it more and more convenient to grab some food on the way home than to prepare a full meal for their family. Families find it more convenient to have someone else do the cooking and cleaning than to take more time away from each other and do it themselves. Single people find it easier to pick-up some fast food than cook a big meal for one person. It is also a result of the most obvious, people these days are just lazier than people in our past were. A person who forgot their lunch at home is more likely to choose fast food over a restaurant because of the cost difference. They could go to a fast foodrestaurant for fewer tk. than they could go to a restaurant where they would spend for one meal. Actually, it is the result of time and convenience and sometimes it is a result of the low cost. Popularity of Fast Food The growing popularity of fast food has brought about ruthless competition in the fast food industry. Fast food chains are constantly trying to please growing consumer demand by selling more food at lower prices. In order to do so, these fast food giants continuously incorporate new â€Å"efficient† business practices which provide better services to customers resulting in bigger sales and larger profit margins. In most cases, these practices are obvious. For instance, precooked hamburger patties, computer systems, and drive-throughs were each introduced to minimize production time in turn allowing for increased sales. Nevertheless, less obvious business practices have also been implemented which most consumers fail to recognize. All together, increased fast food popularity has led to the adoption ofbusiness practices involving the careless treatment of modern day farm animals. * First of all, fast food is prepared from unhealthy meat. Most animals raised as food for fast foodrestaurants come from â€Å"factory farms. † At each of these factory farms millions of animals live torturous lives. Fast food companies choose to purchase from these farms because they minimize all production costs and provide cheaply. * Fast Food Growth- Comparison * History Fast food is the term given to food that can be prepared and served very quickly. While any meal with low preparation time can be considered to be fast food, typically the term refers to food sold in a restaurant or store with preheated or precooked ingredients, and served to the customer in a packaged form for take-out/take-away. The term â€Å"fast food† was recognized in a dictionary by Merriam–Webster in 1951. Outlets may be stands or kiosks, which may provide no shelter or seating,[1] or fast food restaurants (also known as quick service restaurants). Franchise operations which are part of restaurant chains have standardized foodstuffs shipped to each restaurant from central locations. he concept of ready-cooked food for sale is closely connected with urban development. In Ancient Rome cities had street stands that sold bread, sausages and wine. Pre-modern Europe. In the cities of Roman antiquity, much of the urban population living in insulae, multi-storey apartment blocks, depended on food vendors for much of their meals. In the mornings, bread soaked in wine was eaten as a quick snack and cooked vegetables and stews later in the day at a popina, a simple type of eating establishment. In the Middle Ages, large towns and major urban areas such as London and Paris supported numerous vendors that sold dishes such as pies, pasties, flans, waffles, wafers, pancakes and cooked meats. As in Roman cities during antiquity, many of these establishments catered to those who did not have means to cook their own food, particularly single households. Unlike richer town dwellers, many often could not afford housing with kitchen facilities and thus relied on fast food. Travellers, as well, such as pilgrims en route to a holy site, were among the customers. United Kingdom In areas which had access to coastal or tidal waters, ‘fast food’ would frequently include local shellfish or seafood, such as oysters or, as in London, eels. Often this seafood would be cooked directly on the quay or close by. The development of trawler fishing in the mid nineteenth century would lead to the development of a British favourite fish and chips, and the first shop in 1860. A blue plaque at Oldham’s Tommyfield Market marks the origin of the fish and chip shop and fast food industries in Britain. After World War II, turkey has been used more frequently in fast food. As well as its native cuisine, the UK has adopted fast food from other cultures, such as pizza, Chinese noodles, kebab, and curry. More recently healthier alternatives to conventional fast food have also emerged. United States. As automobiles became popular and more affordable following the First World War, drive-in restaurants were introduced. The American company White Castle, founded by Billy Ingram and Walter Anderson in Wichita, Kansas in 1921, is generally credited with opening the second fast food outlet and first hamburger chain, selling hamburgers for five cents each. Walter Anderson had built the first White Castle restaurant in Wichita in 1916, introducing the limited menu, high volume, low cost, high speed hamburger restaurant. Among its innovations, the company allowed customers to see the food being prepared. White Castle was successful from its inception and spawned numerous competitors. Franchising was introduced in 1921 by A&W Root Beer, which franchised its distinctive syrup. Howard Johnson’s first franchised the restaurant concept in the mid-1930s, formally standardizing menus, signage and advertising. The United States has the largest fast food industry in the world, and American fast food restaurants are located in over 100 countries. Approximately 2 million U. S. workers are employed in the areas of food preparation and food servicing including fast food in the USA. FAST FOOD INDUSTRY IN BANGLADESH Fast food culture was started in the early nineties. In Bangladesh it has mainly geared towards the younger end of the market and the employees of the corporate sector. The fast food culture in Bangladesh has taken the country by storm. The first fast food shop started its business in the Bailey road of Dhaka. After that, a number of fast food shops started to grow exponentially in different places of the Dhaka city. Local entrepreneurs are leaders in pioneering the fast food industry of Bangladesh. New brands i. e. Swiss, Helvetia etc. are to name of some Bangladeshi fast food shops formed in franchising system. In early 2000, Bangladesh experienced the entry of the first international brand of fast food franchise in the country. Pizza Hut and KFC entered into Bangladeshi market having franchise with Transom Foods Limited (TFL). Both Pizza Hut and KFC are subsidiaries of the world’s largest restaurant company Yum! Restaurants International. TFL has opened three Pizza Huts and three KFC outlets in Bangladesh in a span of five years. Pizza Hut opened its flagship restaurant in 2003 at Dhaka. Following its grand success in Dhaka, the Chittagong outlet was opened in 2005. The third Pizza Hut restaurant was launched in Dhaka in 2008. Meanwhile, Kentucky Fried Chicken (KFC) perceived as high-quality fast food in a popular array of complete meals to enrich the consumer’s everyday life. TFL successfully launched the flagship KFC in 2006 and gained attention of the people with its taste, high standard of hygiene, cleanliness, interior attractiveness, affordable pricing etc. Following its enormous success in Dhaka, the second and third outlets were opened in 2008. ————————————————- Globalization In 2006, the global fast food market grew by 4. 8% and reached a value of 102. 4 billion and a volume of 80. 3 billion transactions. In India alone the fast food industry is growing by 41% a year. McDonald’s is located in 126 countries and on 6 continents and operates over 31,000 restaurants worldwide. [20] On January 31, 1990 McDonald’s opened a restaurant in Moscow, and broke opening day records for customers served. The Moscow restaurant is the busiest in the world. The largest McDonald’s in the world is located in Orlando, Florida,USA[21] There are numerous other fast food restaurants located all over the world. Burger King has more than 11,100 restaurants in more than 65 countries. [22] KFC is located in 25 countries. [23] Subway is one of the fastest growing franchises in the world with approximately 39,129 restaurants in 90 countries as of May 2009,[24] the first non-US location opening in December 1984 in Bahrain. [25] Pizza Hut is located in 97 countries, with 100 locations in China. [26] Taco Bell has 278 restaurants located in 14 countries besides the United States. [27] Current Market Size Economists at the National Restaurant Association estimated total foodservice sales for 2011 at ? 313 billion, representing a 5 percent increase over 2010. That means consumers spent an average of ? 855 million per day on food away from home. According to the National Restaurant Association’s Foodservice Industry Forecast, fast food comprised the largest segment of this market, capturing 47. 8 percent of the Takas spent. The report attributes this success to â€Å"fast food’s ability to meet consumers’ desire for value and convenience. † It was further estimated that at least 64 percent of all fast food purchases were consumed off-premises. According to Technomic, Inc. , a food industry consulting firm, almost half of consumer food Takas are spent on meals prepared away from home. In addition, food expenditures rise significantly as income increases according to the Bureau of Labor Statistics’ Consumer Expenditure Survey Data. Industry Trends This significant trend of consumers purchasing prepared meals is so pervasive that the foodservice industry has coined a new term to describe it: â€Å"home-meal replacement. † Many businesses are shifting their focus to meet the growing demands of consumers: * Most supermarkets now include a deli, bakery, and a prepared-foods section. Also, many offer fast-food service. * Boston Market has continued to expand its product lines and market share. * Famous chefs, such as Wolfgang Puck, are offering high-end prepared meals in upscale supermarkets. * Fast-food chains such as KFC, Pizza Hut and Taco Bell have formed alliances to offer multiple product lines under one roof. There are also several economic and cultural trends that have contributed to this growing demand: * Increasing number of women in the workforce * Increasing number of woman-owned businesses * Growing number of higher-income households * Americans working longer hours * Decreasing amount of leisure time * Premium placed on convenience * Trend toward purchasing personal services (i.e. , personal-trainers, house-cleaning services, home shopping services). According to Foodservice Solutions, a hospitality consulting firm: â€Å"Home-meal replacement is not a luxury today – it’s a necessity. People don’t want to take the time to cook; they have too many other things to do. People want high-quality prepackaged foods†¦ to make life easier. â€Å"| Entrepreneur Magazine selected â€Å"Personal Chef Services† as one of the top service businesses to start today: â€Å"Convenience-craving consumers are always looking for a way to do things better, faster and cheaper. Often, that means turning to a specialty-services entrepreneur who knows how to get the job done right. Those with culinary competence can likely find a hungry clientele among the ranks of America’s busy working families. â€Å"| Growth Potential of the Market Based on the National Restaurant Association’s Foodservice Industry Forecast, the percentage of food Takas spent away from home has grown from 25 percent in 1955 to 50 percent today. More importantly, the proportion of the food budget spent on meals away from home increases significantly as income increases. Households with incomes of ? 70,000 spent 81 percent more per capita (? 1,278 per person) on food away from home than the average income-reporting household (? 705 per person) according to the Consumer Expenditure Survey conducted by the Bureau of Labor Statistics. Also contributing to the potential growth in the market is the rise in affluent households documented by the Current Population Survey from the Bureau of the Census. From 1990 to 1994 the number of households earning ? 50,000 to ? 74,999 increased by 16. 4 percent; households earning ? 75,000 to ? 99,999 increased 36. 1 percent; and households earning ? 100,000 or more increased by 61. 1 percent in the same period. Affluent Households Gaining Ground Change in Number of Households| | Household Income| Increase (Decrease) in Number of Households| Percent Change| Less than ? 35,000| (1,638,000)| -3. 0%| ?35,000 to ? 49,999| (331,000)| -2. 0%| ?50,000 to ? 74,999| 2,310,000| +16. 4%| ?75,000 to ? 99,000| 1,841,000| +36. 1%| ?100,000 or more| 2,496,000| +61. 1%| Total| 4,479,000| +5. 0%| Source: Bureau of the Census A personal chef service is uniquely positioned to take advantage of the increasing demand for fast food, growing health concerns, and the rise in high-income households. Affluent working couples want â€Å"fast food,† but they want it upscale, healthy, and convenient. The founders of Truly Unique Personal Chef Service report that their business has grown 10 to 15 percent every year since opening in 1992. Many of their clients said they were getting bored with going out to restaurants and wanted something different. Customer Profile Creative Cuisine’s’ target customer will be families with two working, professional parents who are too busy to cook every night but are fed up with takeout and restaurant food. Their specific demographics are as follows: Household Income: Over ? 100,000 Age: 35 to 55 Education: College degree and/or advanced degree Marital Status: Married couples or high income single Job: Professional status (one or both partners) Children: Preferably ages 7 to 18 Homeowners: Preferably Location: Live in neighborhoods with high concentration of affluent families Customer Benefits Here are just a few of the benefits to customers if they hire Creative Cuisine: * 6 hours per week more free time (1 hour per day cooking/acquiring meal plus 1 hour per week grocery shopping) * Very convenient. * Meals customized to personal tastes * More variety * Health and nutrition benefits * Less stress * Client feels pampered * It makes life easier * Don’t have to cook * Less grocery shopping * Minimal kitchen clean-up * Peace of mind The Competition There are a handful of other personal chef services in the metropolitan area; however, since this is still a new business concept, there remains a large untapped market. Most competition for home-meal replacement exists from neighborhood restaurants, upscale fast-food outlets and supermarket prepared meals. Following is a competitive analysis of the various meal replacement alternatives: Fast Food Industry in 2012 at a Glance It is no secret: Americans love fast food. And its not just us! The Golden Arches have spread across the globe, and emerging markets are one of the fastest growing areas in the industry. But the fast food industry is not without its challenges, especially in the United States. From rising food costs, economic recession and changing perceptions about health, many fast food franchises have been feeling some heat. But rather than flee from this challenge, the fast food industry has been adopting new practices and offering new products. Modern society is on the go, and there is plenty of demand for a quick bite at all times of the day. Fast food franchising opportunities exist in the â€Å"traditional† spaces like burgers and pizza, but are also sprouting up in healthy and unique ways as well. The Industry The fast food industry, also known as Quick Service Restaurants (QSR), has been serving up tasty morsels for as long as people have lived in cities. The modern system of fast food franchising is believed to have started in the mid 1930’s when Howard Johnson franchised his second location to a friend as a means to expand operations during the Great Depression. And oh how it has grown! As cars became commonplace, the drive-thru concept brought explosive growth to the idea of food-on-the go. â€Å"Fast Food† was added to the Merrion-Webster dictionary in 1951 and U. S. fast food companies are now franchised in over 100 countries. In the U. S. alone there are over 200,000 restaurant locations! Revenue has grown from $6 billion in 1970 to $160 billion last year, an 8. 6% annualized rate. Fast food franchises focus on high volume, low cost and high speed product. Frequently food is preheated or precooked and served to-go, though many locations also offer seating for on-site consumption. For stands, kiosks or sit-down locations, food is standardized and shipped from central locations. Consumers enjoy being able to get a familiar meal in each location, and menus and marketing are the same in every location. What’s Been Going Wrong? There have been challenges for the fast food industry in recent years that have been pressuring profit margins. The industry as a whole has proven robust enough to withstand these challenges, though some players have done better than others. Over the last decade there has been increased focus on the quality of food served in fast food restaurants. Typically highly processed and industrial in preparation, much of the food is high in fat and has been shown to increase body mass index (BMI) and cause weight gain. Popular books such as Fast Food Nation and documentaries like Super Size Me have increased public awareness of the negative health consequences of fast food. Fast food companies have responded by adopting healthier choices and have had some measure of success, but the shadow of bad press still hangs over the industry. Rising commodity prices have also significantly crunched many fast food franchises. With food and beverage inputs making up approximately 33% of costs, higher prices for livestock, corn, wheat and more have seriously shrunk margins over the past decade. In such a fiercely competitive space it is impossible to force a price increase on customers, so profit margins are often south of 10%. The recent economic recession did lower commodity prices, but the recession brought on its own complications, and now prices for commodity inputs are on the rise again. Fast food had been thought to be largely recession proof, and indeed the industry did not suffer nearly as much as other discretionary spending sectors. In fact, there was some increase in consumer visits as people choose cheaper fast food options over fast casual or traditional restaurant choices. But overall, the recession hurt spending, and consumers overall purchased less with each trip. Fast food franchises fared reasonably well but still felt some pain. Market saturation is also a relevant issue in the fast food industry today, at least in the U. S. There is a McDonald franchise is in almost every town, and it usually sits in a row with several competitors. With so many competitors which offer similar products there are fewer customers per location. Increasingly fast food restaurants are also losing market share to fast casual, a relative newcomer in the restaurant space. Where do we Go from Here? Busy citizens still need quick meal options, and fast food restaurants are fighting these challenges with gusto. Now offering healthy choices to battle the stigma of unhealthy food, some quick service restaurants now focus on fresh or organic products. From franchises focused solely on salads or healthy wraps to the lower calorie options offered at traditional burger franchises such as Wendy’s or McDonald’s, consumers are able to make better choices†¦if they want! Fast food franchises are also focusing on expanding into new product lines, such as the coffee initiative in the McCafe. Intended to offer competition to Startbucks, McDonalds is luring customers back into their stores, hoping they will purchase food as well. Many franchises have been exploring other meal times such as breakfast and the mid-afternoon snack for growth opportunities and to increase real estate utilization. The industry is most effectively battling saturation within the United States by creating a much more diverse range of offerings. Sure, there is a McDonalds in every town, but there are very few crepe franchises†¦yet! From new cultural cuisines to fresh takes on a traditional story, there are many moretypes of quick service restaurants than ever before. The fast food industry is still a large and diverse industry with plenty of opportunity. As one would hope, challenge is being answered with innovation, and fast food franchises are responding with new offerings, pricing and strategies to lure consumers back in. Non-traditional fast food franchises are springing up and gaining traction, and more creativity will always be welcome! Consumers are now on the look-out for new ways to eat fast and healthy. And as the industry continues to evolve and the economy strengthens, fast food franchise profitability will continue to grow. Porter’s five forces industry analysis for Krispy Kreme Saturday, January 29th, 2011 at 9:00 am. What is Porter’s Five Forces? Well I doubt there is any need to explain one of the most famous strategic tools around but just in case, it is a tool to analyse the external industry to find the root causes of profitability. Again seeing an example is useful and below is a five forces analysis of Krispy Kreme. Rivalry among existing competitors (High +++) * High concentration of rivals e. g. Starbucks and local chains * Static market growth * High fixed costs * Perishable products (food and drink) A large number of competitors in the industry are all competing for the same customers. Coffee chains (e. g. Costa, Starbucks) are all competing to be number one in the market and have similar corporate goals. While product differentiation is limited, there is fierce differentiation by product range, brand and store ambience (e. g. seating). There are zero switching costs for customers, which promotes price wars. Market growth is static, which promotes fierce fighting for market share, and there is saturation of competition due to the limited number of prime locations available for outlets. Smaller chains have to pay a premium for prime sites or settle for less desirable locations. Threat of new entrants (Medium +) * Large capital requirements required to build chain of stores * Favourable locations are already occupied * Economies of scale in distribution and raw ingredients (lower per unit costs due to the experience curve) * Product and brand differentiation Capital requirements for individual stores are low, however new entrants wishing to compete on a like basis with national store networks, distribution channels, brand equity development and advertising, face large capital requirements to gain market share. This is reflected in the large number of individual outlets compared with the small number of large, proven top specialty eateries. The UK commercial property market is landlord-driven and controlled; premium locations in the UK are scarce and command high prices with most of the favourable locations within town centres, airports and train stations already being occupied by existing competitors. Threat of substitutes (Medium +) * Large choice of alternatives with similar products e. g. energy drinks, cakes, biscuits, ice-cream, chocolate * No switching costs. Although a consumer can choose from multiple substitutes (e. g. desserts, pastries or drinks), speciality eateries compete based on convenience and opportunity. Most people buy from speciality eateries when travelling, shopping or meeting people. This is evidenced by the location of the eateries, which is concentrated around high footfall locations such as train stations, business districts and shopping centres. For a consumer this becomes a competitive choice rather than a substitute choice (e. g. do I buy a coffee from Starbucks or Costa). Other substitutes come from full menu eateries such as restaurants and fast-food outlets with a smaller threat from supermarkets. Bargaining power of suppliers (Low) * Vertically integrated businesses with only commoditised raw ingredients * Large number of suppliers to choose from and low switching costs Bargaining power of buyers (Low) * Buyers are fragmented and numerous * Although there are no switching costs for the buyer the food and drink market is part of the fabric of society Conclusions and Recommendations. Fast food consumers of Bangladesh, especially the university students, considered brand reputation as the most important factor when choosing fast foods followed by nearness and accessibility, similarity in taste, cost and quality relationship, discount and taste, clean and hygiene, salesmanship and decoration, fat and cholesterol, and self-service. The recent upset in the fast food industry of Bangladesh was created by the discovery of unethical practices conducted by several fast food businesses resulted in consumers putting their trusts on renowned fast food brands only. Thereby it is seen that the fast food houses with reputed brand name and recognition i. e. KFC, BFC, Pizza Hut, Coopers etc. are carrying out their businesses in a usual manner even in the toughest time of the industry. The majority of the fast food brands that passed with flying colors during the mobile courts inspection for quality maintenance were able to either establish or revitalize their brand reputation. Eventually as suggested by the research findings, the university students will select such fast food brands that have brand reputation. Besides the brand reputation, the other important factors were nearness and accessibility, similar taste of fast food, cost and quality relationship, discount and taste. In case of nearness or proximity and accessibility factor, consumers prefer to go to the fast food outlets that are close from their own home or study institutions. It is seen that the fast food shops in Bangladesh has already considering the factors by establishing their outlets near big corporate houses and private universities. Especially, in Dhaka city this practice is seen in Bailey road where majority of fast food shops are located. Near Bailey road, there are 3 girls’ school and collages, and 3 boys’ school and 2 collages in walking distance. Almost similar situation prevails in Gulshan, Banani area of the city where KFC and Pizza Hut outlets are situated near 3 private universities. It is understandable from the situation that the students studying at these institutions consider these nearby fast food outlets whenever they decide to consume fast foods. There is an opportunity here however, for new fast food shops to compete with the existing fast food outlets. Since establishing a new outlet in an already competitive business space is expensive and difficult, the new fast food businesses can introduce mobile fast food outlets. Through mobile fast food outlets, new fast food businesses can deliver their fast foods that are already cooked fresh in their shops, but kept hot and delivered to the students instantly with their own choice of accompanying taste enhancers i. e. tomato sauce, cheese etc. These mobile fast food outlets could be on top of a mini-truck, van etc. The similar taste of the fast food factor refers to the fact that no matter which fast food outlet a particular fast food item is bought from, the taste should be similar. For example, if a chicken burger is bought from an outlet of KFC, the taste would be similar to any other chicken burger bought from any other KFC outlet. The taste could differ from other fast food shops as the different business use taste as differentiating factor in case of food items. But the businesses have to keep in mind that too much difference in taste of similar fast food items makes the consumers confused. The cost and quality relationship is also an important factor considered by the consumers of fast food. If the cost of a fast food item is high, it is usually considered to be carrying high quality and vice versa. So, the businesses of fast food products have to be careful in setting the prices of the fast food items. The pricing should be such as it offers the right amount to value to the consumers in a competitive price that at the same time ensures adequate profit margins for the fast food businesses. Finally in terms of discount and taste factor, the consumers consider the availability of discounts in fast food outlets. Usually these discounts are offered as group discounts i. e. arranging a party or social gathering at a reduced price package etc. Consumers consider this option when choosing fast food products. They might not immediately use this factor but it puts the fast food shop in their consideration set for later use. This study recommends that the fast food producers or distributors at Dhaka city should focus more on the brand reputation, nearness or proximity and accessibility, cost, quality, discount, and similarity in taste factors. If they are able to fulfill these needs, university students of Bangladesh will be induced to buy and consume fast food whenever they are out of their houses. However, there is an ample scope to conduct further study on the preference factors used by the office-goers, housewives, and visitors in buying fast food to determine if there are any more common or unique factors prevailing among these different groups that might be important in making decisions regarding the choice of fast food items in Bangladesh. Abstract. Fast food industry is a high growing sector of Bangladesh. It is concerned with the tastes and habits of the people. The food-taking habit especially in fast food segment has been changing very fast over last decade among the people of Dhaka – the capital city of Bangladesh. The reasons could be attributed by the increase of awareness, growth of education, development of information technology, and expansion of television channels and print media in Bangladesh. Hence, this paper aims at identifying the preference factors of fast food consumers living in Dhaka city. This study was conducted among the university students who usually eat fast food at their leisure time. To conduct the study, a total of 250 respondents were interviewed with a structured questionnaire. Both descriptive and inferential statistics were used in analyzing the data. Multivariate analysis technique like factor analysis was performed to identify the preference factors of the fast food student-consumers of Bangladesh. Multiple regressions were run to identify the relationship between the factors identified and the overall preference of the consumers. Results show that the consumers give most importance on brand reputation of the food item followed by nearness to receive and accessibility, similarity of taste with previous experience, cost and quality of the food, discount and taste, cleanliness and hygiene, salesmanship and decoration, fat and cholesterol level, and self-service factors. This study suggests that the brand reputation, nearness and accessibility, similarity in taste, and cost and quality relationship should be emphasized to improve the attraction of the university students towards the fast food items in Bangladesh.