Media Images And Self Concepts - 1259 Words

In my article about media images and self-concepts, they start off by talking about how different research method have created different assumptions about how media affects us. The article states that quantitative methods (number based data) suggest that people are influenced through media. This differs from interpretive work which show that individuals have the power to resist the ideas media is giving to you and be critical about it. Interpretive approaches focus on the symbolic interactionist perspective which states that nothing has inherent meaning and meaning is created by humans interacting with one another. Human give meaning to situations because they adapt to the environment they are in because according to symbolic interactionists individuals can control their environment. As a society we cannot be separated from each other. The article states that the meaning you get from a specific media source is not directly there and how we interpret the messages creates that specific meaning. The meaning derived from interaction with one another guides how society behaves. The actions that people engage in because of the meaning given to situations makes them interpret the process due to these interactions. Media images may alter ideas of what we considered normal or ideal which can coincide with deviance. If a thought, feeling, or action is out of the social norm it is considered deviant. So media can show deviant actions or non-deviant actions to persuade their audience.Show MoreRelatedMedia Images Influence On Adolescent Girls Self Concept Essay1094 Words   |  5 Pages Melissa Milkie’s article, Media images’ influence on Adolescent Girls’ self-concept, explores forms of media, more specifically magazines directed at teen girls, that effect young girls’ self -concept. Milkie demonstrates how our self-concepts are impacted by what we perceive others think of us and how we use the â€Å"third-person effect† in where we underestimate how much influence the media actually has on ourselves compared to others (54). Some of the major points of the article are the researchRead MoreThe Factors That Shape An Individual s Self Concept Essay1663 Words   |   7 Pageslf-concept refers to the mental image or idea that an individual holds regarding themselves. An individuals’ self-concept continually develops in each of the life stages and is seen to be closely related to the social as well as the emotional development. As such, a person views themselves differently depending on the environment in which they are. Self-concept in an individual takes various steps to being formed. The most important step is the initial one which happens while one is still a childRead MoreInfluence of Media and Culture on Self Image1724 Words   |  7 PagesIs culture today experiencing information overload leading to self confusion? Having access to information twenty-four hours a day does not necessarily have a positive impact on society and self image. Media content despite its public charge does not exactly mirror real self image. Mass communication with television ads and movies offer an unrealistic view of the everyday person in various aspects of life. Media can have a positive or negative influence on culture and the way people view their livesRead MoreFactors That Influence the Development of Individuals Self Concept1687 Words   |  7 Pagesinfluence the development of individuals self concept. I am going to outline how factors can influence the development of individuals self-concept, firstly, I will to define what is self-concept. Self-concept self concept is about the way we view ourselves. There are two sides of our self concept and these include: our self-esteem, which is how we feel about out selves that is the the worth and value that you as a person attribute to yourself, and self-image, which is how we see ourselves forRead MoreThe Self Essay1414 Words   |  6 PagesThe Self Our perception is often skewed by what the media or what others deem as attractive and beautiful. Self-concept affects individuals directly through interpersonal communications and how others perceive several aspects of our behaviour and attitudes. Self-Esteem and Body Image are also common factors which help define who we are, and are significant in today’s society. These three issues today, can have a huge impact on an individual’s development and overall personality. By definition, perceptionRead MoreHow Does Self Discrepancy Of Media Influenced Body Image Affect Adolescents Self Esteem?1235 Words   |  5 PagesSection A: Project Details Title: How does self-discrepancy of media-influenced body image affect adolescents’ self-esteem? Abstract: Research has shown that exposure to thin-ideal media is related to body dissatisfaction. Consequently, the accumulated dissatisfying emotions regarding one’s body can evolve into distorted body perception. Such disturbed body image has been evident as associated with low self-esteem. Nonetheless, little research has sought to elucidate the rationales for these perplexedRead MoreMedias Influence on Body Image Essay example1550 Words   |  7 Pages1.0 Introduction The media have been criticized for portraying the thin women as â€Å"ideal† .This research plans to look at the effects of media on the body image of women. This cumulates the findings of empirical studies that observe the effects of media on body image. This study will also look at the different social comparison theories that relate media and body image. It will also investigate the different sources of media that have an impact on the body image of women. It also scopes to findRead MoreMedia s Influence On Body Image942 Words   |  4 PagesA body image is a subjective combination of all the thoughts, emotions, and judgments that an individual may perceive about his or her own body. Each individual has a unique perception of his or her own body. This image is strongly influenced and often times skewed due to the increasing pressure created from outside, societal factors. With a world that is continuously creating new forms of social media and entertainment, individuals ar e constantly exposed to images that supposedly define bodily perfectionRead MoreThe Effects Of Social Media On Young Girls And Women Alike1474 Words   |  6 PagesSocial media plays an immense role in the way that stereotypes about attractiveness is conveyed in regards to body image. As Gerbner and Gross wrote in 1976, the cultivation theory states that high frequency viewers of television are more susceptible to media messages and the belief that they are real and valid. The subjection to social media can cause an idealistic view amongst young girls and women alike. Among the mechanisms of human agency none is more central or pervasive than beliefs of personalRead MorePuriteen Case1419 Words   |  6 Pagessuccess of such products depended upon an appealing image for the brand and only if consumers’ ideal self image is effectively mapped with the brand perception. PURPOSE OF THE ANALYSIS DONE BY PETE DOZIER Dozier, Vice President of Marketing at Puriteen, applied the Self Theory to develop the marketing plan for Henry’s. The purpose of the Marketing Research carried out by him was to measure the self and ideal self images of the female consumers and the image they held for the three different perfume brands

Sales Procedures and Logistics of Usha Martin - 6187 Words

ON SALES PROCEDURES amp; LOGISTICS PREPARED FOR AND PRESENTED TO (WIRE amp; WIRE ROPE SPECIALITY DIVISION, RANCHI) UNDER THE GUIDANCE OF Mr. ARUN KUMAR DEY (Assistant Manager) (Sales Co-ordination) SUBMITTED BY NIKHIL KIRAN BBA, BIT MESRA, RANCHI.(2008-11) ANKIT KHANDELWAL BBA, BIT MESRA, RANCHI.(2008-11) VIKASH KUMAR DUBEY BBA, BIT MESRA, RANCHI.(2008- 11) DECLARATION CERTIFICATE This is to certify that the work presented in the project entitled â€Å"SALES PROCEDURES AND LOGISTICS OF USHA MARTIN†Ã¢â‚¬ ¦show more content†¦The name was changed to Usha Martin Black Ltd. in 1979 and further changed to Usha Martin Industries Ltd.(UMIL) in 1983. 1962 –the production was started and the turnover that year was 996 MT and Rs.22.34 lakhs respectively. 1965 - UMIL promoted Usha Ismal Ltd. (UIL) in collaboration with CCL Systems Ltd of UK for the manufacture of fittings and accessories, equipment for pre-stressed concrete system, wire ropes and wire ropes splicing equipment at Ranchi. UIL merged with UMIL in 1990 and became a division of the company 1969-promoted Usha Brecko Ltd. To design, construct and erect Arial ropeway. 1971 - UMIL promoted Usha Alloy Steels Limited (UASL) for the manufacture of billets at Jamshedpur. UASL merged with UMIL in 1988. 1975 - UASL acquired an ongoing rolling mill at Agra. 1975 - UMIL set up its Machinery Division at Bangalore for the manufacture of Wire Drawing and allied machines in technical collaboration with Marshall Richards Barcro Limited (MRB) of UK. 1979 - In order to obtain steady supply of wire rods for its wire rope plant, UASL set up a Wire Rod Rolling Mill at Jamshedpur. 1980-Promote Usha Siam steel industry Ltd. in Thailand to manufacturing wire, wire rope , and auto control cables. 1986-Promote Usha Beltrone Ltd. To manufacture Jelly filled. 1987 - UMIL, along with Bihar State Electronics Development Corporation, promoted UshaShow MoreRelatedSales Procedures and Logistics of Usha Martin6181 Words   |  25 Pages ON SALES PROCEDURES amp; LOGISTICS PREPARED FOR AND PRESENTED TO (WIRE amp; WIRE ROPE SPECIALITY DIVISION, RANCHI) UNDER THE GUIDANCE OF Mr. ARUN KUMAR DEY (Assistant Manager) (Sales Co-ordination) SUBMITTED BY NIKHIL KIRAN BBA, BIT MESRA, RANCHI.(2008-11) ANKIT KHANDELWAL BBA, BIT MESRA,

How Can an Individual’s Sense of Identity be Communicated Through Their Choice of Music Free Essays

In today’s society individuality can be expressed in many different ways. The use of physical adornments such as clothes and makeup are the first things that spring to mind when discussing ways and methods of identification. However, with the mass media having such a huge influence on the young people of today, it is becoming very easy to determine one’s identity through the music they enjoy listening to. We will write a custom essay sample on How Can an Individual’s Sense of Identity be Communicated Through Their Choice of Music? or any similar topic only for you Order Now This essay seeks to determine how an individual identity can be clearly communicated through choices of music. To a certain extent, music has had an interesting effect on the way individuals express their sense of identity. The 1960’s Mods and Rockers are a good example of this. Two different types of people existing in the same society, who were easily distinguished to the type of clothing they wore and their social activities- it could be argued that this has certain relevance to tastes in music. The Mods were, of course, happy to settle for the newly released music of the time. Whereas the Rockers weren’t satisfied with the new renditions and so preferred to stick with classic rock music. This eventuated in the two groups leading wholly different ways of life, and the appearances and attitudes of both groups became a likeness of the particular ‘identities’ which are recognizable in society today. Today, there is a greater variety of music available to the mass public, and this has inevitably resulted in many different identities being formed. The 1980’s trance scene along with the new input of R ‘n’ B and Hip Hop (Black rap style music) has influenced a number of new music acts to recreate versions of the biggest hits. This has helped in creating a new identity that many nightclubs cater for. What is known as the ‘Kev’, ‘Townie’ or ‘Shaz’ has been formed! These short names are used to describe people of a certain identity. Usually people of these youth subgroups are fans of hard dance music which they listen to on a regular basis on their personal CD players in public places and are also well known for their up to date flashy mobile phones, sports clothing and tacky jewellery, as well as the occasional baseball cap. There is a rather large congregation of ‘Kevs/Townies’ on Saturday nights when they drive their flashy cars around the town centre. ‘Moshers’, ‘Goths’, ‘Metallers’ or ‘Grungers’ all form another subgroup which relies almost completely on music taste which is quite the opposite to the group discussed in the last paragraph. ‘Grungers’ are people who usually prefer to listen to music such as Nirvana and Red Hot Chili Peppers, and just generally most forms of rock and metal music. Their sense of dress is relatively easy to identify, as a certain identity has been created by the huge mass of youngsters turning to the ‘Grunger’ image in the last few years. The ‘hoodie’ has become a highly symbolic item of clothing, which many of the group members will wear when congregating. This can be teamed with baggy jeans and trousers, multiple piercings, dyed hair, visible tattoos and other common objects such as various bracelets and jewellery, although hardly ever gold or silver. The two groups previously discussed are the two huge societies in which the members’ behaviour is almost completely influenced by popular music. As it is possible to see from the descriptions above, an individuals’ sense of identity can be relatively easy to configure when using popular music as the determining factor. Due to this, increasing amounts of youth subgroups are being formed purely by musical taste. How to cite How Can an Individual’s Sense of Identity be Communicated Through Their Choice of Music?, Papers

Business Strategy Annual Report and Financial Statements 2015

Question: Discuss about the Report for Business Strategy of a Annual Report and Financial Statements 2015 ? Answer: Introduction TESCO PLC has been selected for the purpose of answering the tasks given in the assignment. Jack Cohen founded TESCO in the year 1919 from a small market in London. Gradually, the company has grown and at present operates in 12 different countries including Europe, America and Asia. It is in the retail business of selling grocery through its retail chain-stores. At present, it employs more than 530,000 employees and is engaged in providing best possible service to its customers. With the advent of the internet, TESCO has been engaged in offering its products online in an effective manner. Building trust and penetrating the market by rendering proper and effective customer services has been one of the most important goals of the company. With this objective, TESCO has grown by addressing the requirements of its customers. Along with customer satisfaction, TESCO is also engaged in imparting its social responsibilities to the full extent. Teamwork and providing a suitable working enviro nment to its employees has been the base of the company that motivates for better outputs. The company has a code of business conduct that it adheres to while conducting its business activities. 1. The selected organization in the study is Tesco Plc. It is one of the most common and enlisted company in the British Stock exchange. There are different kinds of organizational goals and organizational objectives of different organization. There are different kinds of organizational goals of TESCO. This part of the study will analyze how the organization has developed its goals, missions, visions, and strategy. The ultimate objective of this particular organization is to develop a proper business plans and operation which will result the organization towards the becoming the leading retail store in the entire United Kingdom. Based on the development process of the recent business plans of TESCO, the company wants to develop its business operations in the BRICS nations. The five developing and emerging country in the world are Brazil, Russia, India, China, and South Africa. TESCO is a multinational company, which operates its business across the major cities of the globe. There ar e different kinds of mission and vision of this particular organization. The mission and vision of TESO is to organize its business in the emerging and developing nations of the world, which include BRICS nations. The goals and objective of the organization is to develop a proper business plans and strategies, which will ensure towards becoming leading organization in the entire United Kingdom. The other business objectives of this particular organization are to offer all the products and services to all the customers at a reasonable price. The entire retail sector industry falls under the notion of the perfectly competitive market structure (Smith 2012). The features of the perfectly competitive market structure are very much different and unique as compared with other marketing structure. The entry and exit of this particular market structure are free. There are no barriers in the entry and exit of any particular market. The level of competition always remains high in this particular market structure. In order to develop a proper business structure the organization needs to develop a proper investigation procedure, which conclude about all the important factors towards the development process of a proper marketing plans and operations. 2: The second part of the study will conclude the different elements, which are included towards formulating strategic plans of the organizations. Business sustainability is one of the most crucial parts in the overall business operations. There are certain plans and procedures, which are included in the development process of a proper business, plans. Technology is one of the major factors, which are emphasized in the overall decision-making process. The role of technology towards the development process of the organizational activity is very much significant. The entire trend of shopping has been changed entirely with the application of the modern technology (Johnston and Bate 2013). The main goals and objectives of the selected organization are to analyze the entire situation in order to develop a digital marketing plans and operations. The concept of the digital marketing plan will allow the entire customer to apply the notion of the online shopping. The customers will be benefit ed in certain ways. It will allow the customers to save time and money simultaneously. Development of a proper digital marketing plan in the organization will allow the company to be benefited in certain ways. 3. There are two kinds of marketing tool, which this particular organization, TESCO develops in the development process of a proper business plans and operations. The application of Ansoff Matrix and the application of the BCG Matrix are the most common and important marketing tool which the organization needs to develop in the process of the organizational plans and procedure. The applications of the two marketing tools have different of utility. TESCO has used the notion of the Ansoff Matrix in the process of developing proper marketing penetration strategy (Short et al. 2013). There are four important factors, which are highlighted in the development process of this particular marketing tool. Market penetration, product development, market development, and diversification are the four important factors, which needs to be highlighted in the overall process of this particular marketing plans and operations. Existing products and new products are the two important points, which need to be analyzed in a proper manner. BCG Matrix is the other marketing tool, which is highlighted in this part of the study. The application of BCG matrix will allow the organization to emphasize towards the development process of modern and new products. It will allow TESCO to organize a strong and proper business plan in order to develop and market new products in the overall business activities. 4. This part of the assignment will help the readers to conclude about the situation analysis process of the selected organization. The notion of the situation analysis procedure will allow TESCO to conclude about the internal environment analysis as well as the external analysis process. With the help of the SWOT Analysis tool, the organization will be able to determine both internal environment analysis as well as external analysis. The four factors, which are included in this particular marketing, are Strength, Weakness, Opportunity, and Treats (Annual Report and Financial Statements 2015 Tesco PLC Annual Report and Financial Statements 2015 Annual Report and Financial Statements 2015 2016). The first two factors in this particular marketing tool will analyze the internal environment and on the other hand, the remaining two factors are used to determine the external environment analysis. The strength of this particular industry is its brand name. Supply chain management, customer service, research and development, product customization are the important factors which are included in the development process. On the other hand, the weakness of this particular industry is to analyze the market size and growing demand. The entire retail sector industry falls under the notion of the perfectly competitive market structure. It maintains a huge customer base and a huge market structure in order to develop a proper business plans proceedings. It is one of the markets, which is at a growing stage. All the firms maintain a good business plans and operations in the overall market structure. However, there are certain weaknesses, which are highlighted in the study, are analyzed in a proper manner. Knowledge of proper culture is another important point, which needs to organize in a proper manner. The threats, which are highlighted in this particular study, are increase in level of competition, market diversification (Importance of Stakeholder Analysis in Management Plans 2016).5. The section of the study will highlight the importance of the PESTEL Analysis. The application of the PESTEL Analysis includes six different factors in the organization. The six factors are political, economical, social, technological, environmental and legal are the important factor which are included in the development process of this particular marketing tool (PESTLE Analysis for Tesco | PESTLE Analysis 2016). The following table illustrates the analysis: Political - Implementation of taxation norms has increased government revenue in the form of VAT - Affect on sales revenue generation - Implementation of tax with respect to obesity Economic - Recovery after the global financial crisis - Increase in GDP - Growth in the supermarket industry - Lack of disposable income results in substitution effect where cheap food products generated revenue for the company Social - Decrease in birth rate increased life expectancy rate and resulted in a shift in the tastes of individuals - Changes in the business environment - Corporate Social Responsibility Technology - Use of online shopping by consumers have increased - Developments in the supply chain management system - Technologies used by its competitors have to be evaluated in order to gain a competitive advantage Environmental - Global warming and its associated effects - Minimizing the use of non-renewable sources of energy - Use of bio- energy Legal - Reforms in the agricultural policy - Reforms in Companies Act - Regulations floated by the Prudential Regulatory Authority (SWOT analysis and PESTEL analysis OF Tesco 2015) 6. The impact of stakeholders analysis on business activities is significant. As an organization is an artificial legal person, it has to depend on its stakeholders for undertaking the required business activities. Stakeholders are key to the success of an organization. They play an active role in the entire decision making process of the concern. Some of the major decisions in which stakeholders play an important role are as follows (Tesco plc 2016): Investment decisions Financing decisions Marketing decisions Expansion decisions All the above decisions collectively form the backbone of the business enterprise. Therefore, active participation of the stakeholders in the entire process has become indispensable (Sage 2016). Thus, a proper analysis of the stakeholders is of utmost importance and should be carried on in an effective and efficient manner. 7. TESCO has been actively engaged in expanding its business activities beyond its national borders. Over the years, TESCO has expanded to Europe, Asia, the USA and other southern countries of the globe (Apenko 2014, pp.28-34). In essence, it has become important to address the cultural issues arising out of such expansions. Building trust among these new stakeholders has been one of the priorities of the company along with strengthening of its balance sheet and competitiveness in the UK. Therefore, addressing the issues of the local communities and customers is one of the objectives of the company. In order to address this issue, the company should organize workshops and interaction sessions. Existing and new employees can be trained and informed about the manner in which the company wants to undertake its business activities in a particular company (Strategic Report 2015 2016). 8. Expansion of business has been one of the most important objectives of TESCO. Over the years, the company has resorted to various international market entry strategies and has expanded its business in Europe, the USA, Asia and in many more countries. It has successfully resorted to various inorganic modes of expansion in the form of joint ventures, mergers and acquisitions (Hitt, Ireland and Hoskisson 2012). These strategic alliances have expanded the market share and scope of business of TESCO throughout the world and have helped it to become one of the market leaders in retail industry. TESCO gained entry to the United States through its wholly owned subsidiary called the Greenfield Investment (GI). The table below demonstrates the manner in which different strategies have been used by the company to gain entry to markets beyond its national boundaries (Tesco plc 2016). Country Strategy China Joint Venture South Korea Joint Venture Thailand Joint Venture Malaysia Acquisition Japan Acquisition Turkey Acquisition Ireland Acquisition Slovakia Acquisition Hungary Acquisition Poland Acquisition Czech Republic Acquisition USA GI (Wholly Owned Subsidiary) TESCO directed its international market entry strategies in order to become one of the most important retailers of the present industry. Its activities in Europe and Asia have been successful. However, entering the US market was a daunting task for the company, as it had to compete with some of the biggest retailers of the country like Albertsons LLC, Walmart Supercentres, Delhaize Group, etc. The success of the company lies in its diversification capacity and understanding of the local markets, especially markets that are composed of high cultural mix of the targeted customers (Tesco plc 2016). The other important point of these strategies is sustainable growth and success in the long run. The company has successfully used its diversification capabilities in order to formulate strategies that will increase profits and maximize the wealth of its stakeholders in the long run. The inorganic mode of expansion is the best option chosen by the company as it provides a smoother entry to in ternational markets as compared to conventional methods (Hill, Jones and Schilling 2014). Theses business ventures are transparent and less time consuming. Time is the essence of business expansion. It takes a considerable amount of investment and time to set up a new business in a foreign market and it also carries excessive amount of business risk of setting up a new business. On the other hand, inorganic methods provide a company with the opportunity of expending less of valuable resources and cater to expansion with the help of local logistics. Thus, the alternative strategies adopted by the company are appropriate and beneficial (Tesco plc 2016). 1.1: As mentioned above, TESCO has resorted to various inorganic modes of expansion. Among the various strategies availed, joint venture can be said to be one of the best options for a number of reasons as stipulated below (Tesco plc 2016): JVs are a convenient mode of entering into a foreign market Investments are lower than other modes, viz. mergers, de-mergers, acquisitions, etc. Lesser compliance requirements Local support provided by the JV partner Does not require building of a brand name Market penetration becomes easy Development of core competencies by partner firms Responsibilities are divided Collective decision making Better co-ordination that leads to successful marketing activities TESCOs joint venture in Asia has led to a successful expansion of the market share for the company. South Korea is one such country where the company successfully penetrated the market by collaborating with Samsung Corporation (Tesco plc 2016). TESCO acquired the distribution unit of Samsung along with its managerial rights. This gave the company a suitable opportunity to reach extreme corners of the company by utilizing the existing distribution channels. Acquiring managerial rights gave TESCO all the required decision making powers that helped it to achieve its pre-determined objectives. TESCO experienced same amount of success in China. It entered into a joint venture with Ting Hsin International (THI) in 2006 by acquiring 50% of the companys chain-store shares. This provided TESCO with an unimaginable advantage as it got well established chain of store where it could sell its products. This is considered to be one of the revolutions of the retail industry (Tesco plc 2016). Later in 2006 TESCO increased its stake to 90% that gave a boost to its decision making process. This venture proved to be very successful as the chain-store was one of the leaders in the retail industry. It also gave an added advantage to TESCO, as most of its employees were local including the top brass. Therefore, it can be seen that alternative expansion strategies availed by TESCO has proved to be very successful for the company and increased its revenue generation to a great extent along with an expansion of its overall market share in the international retail industry (Tesco plc 2016). 1.2: Implementation of expansion strategies are very crucial and the decision has to be taken by the management with due care. Any loopholes in a strategy may result in a total failure of a business venture along with severe financial losses (Long 2015). Therefore, the personnel delegated this sensitive task must have the following roles and responsibilities: Should possess full knowledge of the objectives to be achieved Should have a proper plan to implement the strategies Should resort to effective communication within and outside the organization by discussing the plan with all the concerned people Shall take feedback from all the concerned departments and personnel Shall segment the entire implementation plan The plan should be implemented in a phased manner so as to evaluate its success or failures Proper training of the required personnel Constant monitoring and performance evaluation Analyzing and addressing risks in implementing expansion strategies Comply with the required and relevant rules and regulations, nationally and internationally Devise a proper internal control and internal check system so that the implementation process progresses in a devised and authentic manner The above are some of the major responsibilities and roles that managers have to play. Other important and additional responsibilities may arise, as cross border business is a mixing of different cultures (Tesco plc 2016). Depending on the evaluations, alterations might have to be carried out according to the requirement of the situation. These activities are of immense importance as the success or failure of the entire operation depends on proper completion of such roles and responsibilities. 1.3: Implementation is the most important part of a business activity as in this stage a paper plan has to be executed in the practical world. Therefore, implementation activities have to be undertaken very carefully and with all precision (Stevens and Dykes 2013). Implementing an expansion strategy has many requirements. These resources have to be procured in such a manner that they prove to be profitable in the long run for the company. Following are the main types of resources that are required to implement a new strategy (Tesco plc 2016): Financial Resources An expansion of business cannot take place without sufficient funds. However, before resorting to accumulating funds, an organization has to identify and evaluate investment opportunities are suitable for the business. Selection of a proper investment opportunity involves scanning of various opportunities and selecting the most suitable one. Then comes the financing part of the business activity. Procurement of funds involves a certain cost (Gohel and Gondalia 2013). The return from deployment of financial resources has to be more from the cost of procuring such funds. Otherwise, the business venture will result in a total failure. Financing decisions includes accumulation of funds from external sources and internal sources such as credit, bank overdrafts, issue of shares and debentures and utilization of retained earnings. Human Resources The next big important resource is human resource. Business requires skilled and unskilled people to carry out the business activities. An organization has to evaluate whether its present human resource strength enough to handle the business expansion or not (Tesco plc 2016). Some existing and experienced employees are deployed in new business areas in order to provide a right direction. On the other hand, local people are recruited as they provide local logistics and information about the new market. Therefore, both existing and new human resources are important to successfully implement an expansion strategy (Tesco plc 2016). Physical Resources Physical resources include setting up of new production facilities at the new place of business. Procurement of raw material and storing them in the local warehouse also are vital physical resources that are required to carry on the business in a successful manner (Tesco plc 2016). 2.1 Setting out targets and implementing formulated strategies are common activities of an organization. These strategies have to be planned and implemented successfully in order to achieve sustainable growth in the long run. Strategies can be long-term, medium-term and short-term (Tesco plc 2016). However, if due care is not taken while implementing these strategies, the whole business venture may fail and lead to severe financial looses for the organization (Mentis 2012). In order to prevent such a catastrophe, organizations adhere to SMART targets in order to successfully implement a strategy. The below table shows the true meaning of SMART targets: S Specific M Measurable A Achievable R Realistic T Time Constrained The following points are to be considered while setting targets while implementing a new strategy: The goals set by an organization have to be specific in order to make them achievable The targets set shall be measurable so that the strategy can be evaluated and re-engineered if required The targets set should be achievable in order for it to be successful The goals shall be practical and realistic so that they can be achieved in a proper manner There should be a time limit to achieve the set targets. This provides effectiveness and overall efficiency to the implementation process Therefore, it can be seen that the above five elements are very important and should be strictly adhered to while implementing a new strategy. This is essential of achieve the overall goal of the entire business project. SMART targets provides a proper structure to the implementation process and helps to achieve the goals in a strategic manner (Tesco plc 2016). References Annual Report and Financial Statements 2015 Tesco PLC Annual Report and Financial Statements 2015 Annual Report and Financial Statements 2015. (2016). [online] Available at: https://www.tescoplc.com/files/pdf/reports/ar15/download_annual_report.pdf [Accessed 5 Mar. 2016]. Apenko, S.N., 2014. Leadership of human resources and project teams in the management of strategic changes in the organization.Strategic Management,19(1), pp.28-34. Gohel, H. and Gondalia, V., 2013. Executive Information Advancement of Knowledge Based Decision Support System for Organization of United Kingdom.International journal of advanced and innovative research, pp.41-50. Hill, C., Jones, G. and Schilling, M., 2014.Strategic management: theory: an integrated approach. Cengage Learning. 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