The Consumer Credit Act 1974 - Free Essay Example

Sample details Pages: 7 Words: 1961 Downloads: 8 Date added: 2017/06/26 Category Law Essay Did you like this example? 1.Peterà ¢Ã¢â€š ¬Ã¢â€ž ¢s Purchase of The TV It is likely that Peter will have a claim as against his credit card company. Under section 75 of The Consumer Credit Act 1974, consumers paying for goods with a credit card are protected by a provision that allows them to make a claim directly against their credit card company or the supplier if they discover problems with the goods or services purchased. This is why many people pay with a credit card. Don’t waste time! Our writers will create an original "The Consumer Credit Act 1974" essay for you Create order The sections, which is based on the idea of a à ¢Ã¢â€š ¬Ã…“business connectionà ¢Ã¢â€š ¬Ã‚  between the creditor and the supplier, applies only in the case of a regulated agreement- that is only where the price of the goods is more than  £100 or less than  £30,000.00[1] and only if the cardholder is an individual, not a company and only applies to credit cards. The credit card issuer and the supplier are jointly liable if the consumer has a valid claim for misrepresentation and/or breach of contract by the supplier. The section states that à ¢Ã¢â€š ¬Ã…“he shall have a like claim against the creditor, who, with the supplier, shall accordingly be jointly and severally liable to the debtor. The card issuer is liable not merely for the amount of the credit advanced under the transaction or the price of the goods or services bought but for all reasonably foreseeable consequential loss which may of course run into hundreds of thousands of pounds and thus goes beyond what is required in Community law under Article 11 of the current Consumer Credit Directive. The connected-lender-liability applies only in respect of regulated consumer credit card agreements and not to the use of debit cards. The Card Company may therefore be liable for loss, including even consequential loss to Peter, such as the insolvency of the company. Because the liability is joint and several, the card holder can elect to sue the company without taking steps against the supplier first. The reason for this provision[2] is that although the two contracts made by the card holder à ¢Ã¢â€š ¬Ã¢â‚¬Å" one with the supplier and the other with the card company à ¢Ã¢â€š ¬Ã¢â‚¬Å" are independent of each other, the supplier and the card issuer are in a joint venture. This means that in some respects the card holder is vulnerable in comparison with the other parties. Card holders who purchase defective good would have no right to refuse immediate payment to the card issuer, whereas they might be able to withhold payment to the supplier until the goods were replaced or the defect remedied. It does not matter that only part of the payment was made by credit card[3]. Therefore Peter may be able to recover the cost of the television from his credit card company. 2.Peters Stolen Debit Card Card issuers will bear the full loss for all transactions not authorised by the Customer after the issuer has been told of the mishap à ¢Ã¢â€š ¬Ã¢â‚¬Å" unless the customer has acted fraudulently or maybe with à ¢Ã¢â€š ¬Ã…“gross negligence. This is important in relation to the transactions made before Peter has reported his card as being stolen .The Banking Code suggests that the bank will not be liable for money fraudulently spent if the card holder himself has been fraudulent and also, probably will not be liable if the card holder has been grossly negligent. Some examples of what the banks suggest would amount to gross negligence are suggested in the Code. It woul d be grossly negligent for card holders and this includes writing the PIN down on the card or on anything usually kept with it. The Ombudsman considers that gross negligence means à ¢Ã¢â€š ¬Ã…“if not recklessness, something more than mere carelessness.à ¢Ã¢â€š ¬Ã‚  In these circumstances the bank may be able to defend itself against a challenge by the customer to the debit, by reference to the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s behaviour. These fall into two types: (a) where the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s carelessness in drawing up the cheque has facilitate the making of forgery; and (b) where the customer knows of the forgery and has not informed the bank. These estoppels preventing the customer from disputing the bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s debit in certain circumstances, are founded on duties owed by the customer to the bank which arise from the banking relationship. In Joachimson, Atkin L J said: à ¢Ã¢â€š ¬Ã…“the customer, on his part, undertakes to exercise reasonable care in executing his written orders so as not to mislead the bank or facilitate forgery[4].à ¢Ã¢â€š ¬Ã‚  Estoppels are an all or nothing concept they either bar the Claimant completely or will not work at all[5]. This means that when a party relies on estoppel, any contributory negligence of the other party may not be taken into account. It operates: (a) if there is a statement of fact, or an omission to speak where there is a duty à ¢Ã¢â€š ¬Ã¢â‚¬Å" mere silence, omission or failure to act cannot amount to a representation on which an estoppel can be based; (b) the other person relies upon that statement or its omission; and (c) he or she suffers detriment from that reliance, or the circumstances are such that it is inequitable to allow the other person to go back on what he or she has said or omitted to say. The situation here would fall into the first category, i.e. as being a result of Peterà ¢Ã¢â€š ¬Ã¢â€ž ¢s carelessness. The customer has a duty to draw cheques carefully, so that fraud is not facilitated. The first of these duties of the customer goes back to the case of Young v Grote[6] where a customer left blank signed cheques with his wife when he went away. His wife, unaccustomed to business matters, passed one to the clerk to fill out, who filed it out in such a way that he could later fraudulently raise the amount to be cashed. The court held that the à ¢Ã¢â€š ¬Ã…“gross negligenceà ¢Ã¢â€š ¬Ã‚  of the customer estopped him from claiming that the bank should not debit his account, and he was held to be liable for the loss. The principle was accepted by the House of Lords in London Joint Stock Bank v Macmillan and Arthur.[7] Here, one of the duties of the confidential clerk of a firm of merchants was to fill in cheques and present them to partners for signature. A partner signed one such cheque, which had not words and only figures à ¢Ã¢â€š ¬Ã…“2.0.0à ¢Ã¢â€š ¬Ã‚  written on it. The clerk then inserted the words à ¢Ã¢â€š ¬Ã…“one hu ndred and twenty poundsà ¢Ã¢â€š ¬Ã‚  and altered the figures to read à ¢Ã¢â€š ¬Ã…“120.0à ¢Ã¢â€š ¬Ã‚ . He presented the cheque and was paid cash. The House of Lords held that the firm had been negligent and was estopped from suing the bank. The customer was bound to take usual and reasonable care in drawing the cheque to prevent forgery. If the cheque is drawn so that it invites à ¢Ã¢â€š ¬Ã…“an increase in the amount by forgery if the cheque should get into the hands of a dishonest person, forgery is not a remote, but a very natural consequence of negligence of this description[8]à ¢Ã¢â€š ¬Ã‚  It would seem that the circumstances here fit with the cases described above and on the facts it would appear that Peter has been à ¢Ã¢â€š ¬Ã…“grosslyà ¢Ã¢â€š ¬Ã‚  negligent and therefore the bank will not be liable for paying the mandates and he will not be able to recover the money from the bank as she will be estopped from doing so. The Code Makes it plain à ¢Ã¢â€š ¬Ã ¢â‚¬Å" that compensation for losses will be limited to any amounts wrongly charged to customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s accounts and any interest on those amounts. Consequential loss is not recoverable. In relation to the transactions that were made after the card was reported stolen Peterà ¢Ã¢â€š ¬Ã¢â€ž ¢s liability for transactions not authorised by him will be limited to a maximum of  £50 in the event of misuse before the card issuer has been notified that a card has been lost or stolen or that someone else knows the PIN. 3.Peters Digital Cash Card A digital cash card is an instrument with a computer chip embedded in it which can be à ¢Ã¢â€š ¬Ã…“chargedà ¢Ã¢â€š ¬Ã‚  by a bank with part of its customers current account balance or a line of credit, enabling it to be used for, and to record, a series of transactions until the available balance is exhausted. Electronic money is defined in the E-Money Directive as monetary value stored on a chip card (pre-paid card or electronic purse) or on a computer memory (network or software money) and which is accepted as a means of payment by undertakings other than the issuer. Under the Directive, electronic money must be redeemable for cash at equal value and issuers of electronic money are required to implement safeguards against money laundering. In implementing the Directive at national level, the authorities in some member states decided that in certain circumstances, by supplying pre-paid phone cards, mobile operators in practice issue electronic money and that therefore they should comply with existing EU rules concerning its issuance. This consultation aims to help establish among other things whether it is necessary for the rules which apply to electronic money to be applied in full to pre-paid phone cards. The Banking code recommends customers treat these digital cash cards like cash in a wallet as any money left on the card at the time it is lost or stolen will be lost in the same way as it would be if a wallet was lost. It goes on, however, to provide the same assurance of limiting customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ liability for such loss to  £50 (unless they have acted with fraud or gross negligence) as banks provide for ordinary cards[9]. Much of the rules on digital cash cards will of course depend on how they are developed. The most common method used for cardholder verification at present is to give the cardholder a PIN (Personal Identification Number) which he or she has to remember: the cardholder has to type in the PIN at each request for signing a message, or perhaps only once per session (e.g. when the card is inserted in the card reader). PINs, however, have several disadvantages, including the risk of being stolen or abused. The only truly effective method of Cardholder Verification is the measurement of a physiological characteristic unique to an individual and incapable of fraudulent replication or abuse. Such biometrics include Iris and Retinal s cans, Face or Hand geometry, and of course DNA, but the most likely and most acceptable attribute is the fingerprint. As such cards are not common use yet is difficult to assess Peterà ¢Ã¢â€š ¬Ã¢â€ž ¢s liability as it is difficult to say how secure they should be and to comment on the standard of care that will be owed by both Peter and the bank. It may be that the bank owe a higher duty of care because biometrics are used, which should make them impenetrable. Bibliography Legislation S I 1983 No 1571 (Consumer Credit (Increase of Monetary Amounts) Order 1983) Consumer Credit Act 1974 Reports and Codes Crowther Committee in para 6.6.20 of its 1971 Report Banking Code (1999) Cases Avon County Council v Howlett [1983] 1 ALL ER Jarrett v Barclays Bank plc; Jones v First National Bank PLC; First National Bank Plc v Peacock [1997] 6 Bank L R 66 London Joint Stock Bank v Macmillan and Arthur [1918] AC 777 Young v Grote (1827) 4 Bing Books Cransto n R, (2005) à ¢Ã¢â€š ¬Ã…“Principles of Banking Lawà ¢Ã¢â€š ¬Ã‚ , Oxford University Press Ellinger E, Lomnicka E Hooley R, (2002) à ¢Ã¢â€š ¬Ã…“Modern Banking Lawà ¢Ã¢â€š ¬Ã‚ , Oxford University Press Geva B, (2002) à ¢Ã¢â€š ¬Ã…“Bank Collections and Payment Transactionsà ¢Ã¢â€š ¬Ã‚  Oxford University Press 308-309 Penn G Wadsley J, (2000) à ¢Ã¢â€š ¬Ã…“The Law and Practice of Domestic Bankingà ¢Ã¢â€š ¬Ã‚ , Sweet and Maxwell 1 Footnotes [1] See S I 1983 No 1571 (Consumer Credit (Increase of Monetary Amounts) Order 1983) [2] See for example Crowther Committee in para 6.6.20 of its 1971 Report [3] Jarrett v Barclays Bank plc; Jones v First National Bank PLC; First National Bank Plc v Peacock [1997] 6 Bank L R 66 [4] [1921 3 K B 110 at 127 [5] See for example Avon County Council v Howlett [1983] 1 ALL ER [6] (1827) 4 Bing [7] [1918] AC 777 [8] [1918] AC 777 at 789-790 [9] Banking Code (1999 paragraph 4.13

Defining Play Essay - 1033 Words

Introduction Defining play can be very difficult. The term play can be used to illustrate a wide range of behaviors and activities, and can be perceived as both essential and insignificant to the child at the same time. Santrock (2012, p.437) suggests a definition of play as a pleasurable activity that is engaged in for its own sake. However, this is argued by Kernan (2007, p.5) who states that none of the potential definitions are broad enough to encompass all of the meanings associated with play. Despite the lack of such universal definition, Rennie (2003, p.22) claims, that we can recognize play across barriers of language, of culture, even of species, which conveys its importance in the life and development of children, as it is†¦show more content†¦165 and Wood Attfields 1996, p.76.) 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Corporate Social Responsibility Initiatives For Small...

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Business Decision Making Facelift Ltd.

Question: Describe about the roles of modern inventory system (MIS) of Facelift Ltd.? Answer: Company profile: The main business of Facelift Ltd. is to sell office furniture in the UK market. They have more than 100stores in UK. More than 8000 employees are working in this organization, and they have huge project to increase the turnover significantly. For this reason a market research is required, which help to determine that whether the company should diversify their business or move in the same way. Role of MIS in an inventory system: MIS helps to organize all the companys data in a computerized database system. It helps to collect all the data of a company like sales, manufacturing, and inventory. From all this data owner of the company can spot that how efficiently each departments are operating their work. It also helps to know that how well inventory system works. In facelift ltd, the roles of inventory management are given below: Preventing out of stock conditions- MIS always has a database of stock. So, it always prevents facelift ltd. from out of stock condition. Avoiding duplication- MIS has the database of all the available items. So, it helps to avoid duplication of an item. Valuing inventory- the amount which the company achieves by selling of finished goods is known as value of inventory.MIS can calculate the sales value of facelift ltds existing inventory. This help in counting assets of the company. Counting- MIS monitors sales on a daily basis. So, that facelift can count the items which are selling faster and can stock up those items immediately. Producing report- facelift ltd. can monitor their inventory level with the help MIS. They can use this database for having a report of sales and inventory, purchasing or manufacturing. References BusinessNewsDaily.com, (2015).Decision-Making Techniques and Tools. [online] Available at: https://www.businessnewsdaily.com/6162-decision-making.html [Accessed 17 Feb. 2015]. Guy, T., KaÃÅ' rnyÃÅ' , M. and Wolpert, D. (2013).Decision making and imperfection. Berlin: Springer. Medical Decision Making Reviewers, 2013. (2014).Medical Decision Making, 34(3), pp.276-278.

Effective Business Communication Employee Job Performance

Question: Describe about the Effective Business Communication for Employee Job Performance. Answer: Topic The topic chosen for critically analysing the article is Explaining Employee Job Performance: The Role of Online and Offline Workplace Communication Networks. Every organization makes certain investment for building a virtual information and communication technology (ICT) for enhancing communication which affects employee performance. This research work focuses specifically on social networks for explaining job performance (Zhang Venkatesh, 2013). The variables explored in this paper are offline and online ties in relation with job performance. Social networks can be defined as a set of linkages which explains the interactional patterns among people (Merchant, 2012). Objectives The main objective of this study is to seek understanding of the effects or impact of technological the employee performance at work. The research study engages online and offline workplace communication networks for understanding the performance of employees. The researchers attempt to distinguish between online and offline communication networks at the workplace so that the interdependent and independent functions can be identified while affecting job performance. Further, the researchers also attempt to differentiate between direct and indirect ties in an online and offline technological environment while affecting access to important resources. Further, the research article aims to make theoretical contributions for affecting the impact of technology on job performance. Additionally, the research article aims to make contribution to organizational behaviour research where the relationship between social networks and job performance is clearly established. The thesis of this resea rch article is to differentiate between direct and indirect ties in an online and offline communication environment to explain the ways in which it enables or restricts workers access to significant resources (Zhang Venkatesh, 2013). Methodology The methodology adopted for conducting this research study is quantitative analysis. The study was conducted in a Fortune 500 telecommunication company in the United States (Zhang Venkatesh, 2013). The data was collected using primary method of data collection through quantitative method for measuring reliability and validity of the scales. The respondents involve software engineers, technical leads and business analysts. The population for this research study is 120 out of which the sample size was chosen as 104 people (Zhang Venkatesh, 2013). Questionnaires were distributed to the participants and data was collected from them during normal business hours. The participants were requested to submit their responses within a week after receiving the survey. Each day the participants were reminded to complete the survey. The organization allowed the workers to fill the survey within their working hours. Additionally, they were provided with an incentive of $50 for every completed surv ey for increasing the response rate (Zhang Venkatesh, 2013). The research model was tested using the hierarchical regression analysis. A pilot study was also conducted among the students with a population of 55 students and sample size of 52 students (Zhang Venkatesh, 2013). The data was collected from the students at the end of their semester before their exams where an incentive of $10 was offered for participation (Zhang Venkatesh, 2013). A pilot study was conducted where the students completed the survey in an hours time (Zhang Venkatesh, 2013). Argument The main argument of this research paper is that the employee network critically affects the access to significant resources which directly contributes to job performance. The research study argues that a workers network ties have a significant function in impacting the significant resources (Bloom et al., 2014). Also, these significant resources are a mechanism to positively contribute to efficient job performance. It is argued that online and offline networks significantly affect job performance of the employees (Kim Park, 2013). The researchers argue that the employees having large number of ties in the online and offline networks can obtain benefit as well as disadvantages from it (Andreeva Kianto, 2012). From the previous or existing literature, it has been found that the complementary resources have a certain effect on the job performance outcomes (Kim Noh, 2012). These resources result in enhancing the firm performance. Further, after analyzing the differences between onlin e and offline communication networks, it is argued that network ties in online and offline networks provide access to resources that are complementary to each other, such that missing benefits of one network can be obtained from the other network and the limitations or constraints of one network can be offset by the other network (Camisn Villar-Lpez, 2014). Implications The research article has both theoretical and practical implications. Going through the theoretical implications, the research study significantly adds to the Information System success. As the effect of technology on employees job performance is identified, the success rate of IS can be explored (Li, Veliyath, Tan, 2012). Further, the incorporation of the social network theory adds to the theoretical knowledge. Secondly, this research study helps in enhancing the understanding of ICT and its effects on job performance. This is of significant importance to both academic researchers and practitioners. Thirdly, the understanding of social network theory adds to the knowledge base. This research can be beneficial for the organizations as they can maximize the benefits of ICTs and enhance employee performance (Wong Dow, 2011). Not only the understanding, this research study encourages and motivates the employees at the organization to create more ties for expanding the benefits obtaine d by ICTs (Chang et al., 2012). The organizations can increase or enhance their job outcomes. The research study can be used by the managers to train or educate the workers so that they can reflect on their online and offline networks. The organizations can also achieve competitive advantage and reduce their overall cost. By illustrating the importance of online and offline communication media, a better understanding can be gained by the managers and employees to enhance organizational performance (Huijts, Molin, Steg, 2012). Findings The findings of this study state that the cause loadings were more than 0.70 and cross-loadings was less than 0.20 (Zhang Venkatesh, 2013). The above results indicate that the convergent and discriminant validity is supported. The online and offline communication networks with both direct and indirect ties have a significant correlation with the job performance. There was no multicollinearity identified (Zhang Venkatesh, 2013). The research study drew from social network theory was helpful in establishing the variables affecting job performance. It is found that the employees have higher trust, emotional closeness and social support with better communication networks. Alternatively, it is found that there is weak tie with infrequent and distant relationship among the employees if they have low communication networks. There was fast receipt of information as the distance between people was minimized. The benefit of knowledge spillover was enjoyed by the employees (Zhang Venkatesh, 2013). Strengths The main strength of this research study is that it theorizes employees ties in both online and offline communication network at the workplace. The research article has a strong introduction as it lists the variables considered in the study in details. A thorough background to the social network theory is provided which is the main component of the research. The authors examine different networks and ties for a better understanding on behaviours and interactional patterns. The author makes the research stronger by establishing a clear distinction between online and offline communication networks. A table is presented which lists the prior research establishing relationship between students academic or employees job performance. This table is a strong part of the research study as it summarizes the type of networks, categorization of online and offline networks, controls, major findings, direct or indirect ties. Moreover, an appendix is attached which mentions the questions asked in t he survey for analysing the online and offline communication network patterns. This research is beneficial for the organizations as well as employees so that they can maximize the benefits of ICT (Zhang Venkatesh, 2013). Weaknesses The research study has a few limitations which have been addressed as under. The importance of incorporating technology is well explored in the paper, but the different fragments of technology is not analysed in the paper. The research study only considers face to face communication technologies and does not analyse telephonic communication which is a significant mode of offline communication. However, it is further argued that telephone communication may also be considered as an online mode of communication. Hence, the research article lacks clarity on the categorization of telephonic communication. Another weakness of this research article is that the authors have only examined direct and indirect ties of network. The other structural properties have been ignored such as network constraints, barriers or holes that adversely affect performance. Another factor such as friendship network has also not been considered which also leaves a certain impact on the job performance. If the exp ertise level of the employees is not known, then the information may not be useful. The third weakness is that the research paper only considers communication frequency for collecting network data. The research study lacks in qualitative method of data collection so that the data can be explored in a descriptive manner (Zhang Venkatesh, 2013). References Andreeva, T. Kianto, A. (2012). Does knowledge management really matter? Linking knowledge management practices, competitiveness and economic performance.Journal Of Knowledge Management,16(4), 617-636. https://dx.doi.org/10.1108/13673271211246185 Bloom, N., Garicano, L., Sadun, R., Van Reenen, J. (2014). The Distinct Effects of Information Technology and Communication Technology on Firm Organization.Management Science,60(12), 2859-2885. https://dx.doi.org/10.1287/mnsc.2014.2013 Camisn, C. Villar-Lpez, A. (2014). Organizational innovation as an enabler of technological innovation capabilities and firm performance.Journal Of Business Research,67(1), 2891-2902. https://dx.doi.org/10.1016/j.jbusres.2012.06.004 Chang, Y., Chang, H., Chi, H., Chen, M., Deng, L. (2012). How do established firms improve radical innovation performance? The organizational capabilities view.Technovation,32(7-8), 441-451. https://dx.doi.org/10.1016/j.technovation.2012.03.001 Huijts, N., Molin, E., Steg, L. (2012). Psychological factors influencing sustainable energy technology acceptance: A review-based comprehensive framework.Renewable And Sustainable Energy Reviews,16(1), 525-531. https://dx.doi.org/10.1016/j.rser.2011.08.018 Kim, S. Noh, M. (2012). Determinants Influencing Consumers' Trust and Trust Performance of Social Commerce and Moderating Effect of Experience.Information Technology Journal,11(10), 1369-1380. https://dx.doi.org/10.3923/itj.2012.1369.1380 Kim, S. Park, H. (2013). Effects of various characteristics of social commerce (s-commerce) on consumers trust and trust performance.International Journal Of Information Management,33(2), 318-332. https://dx.doi.org/10.1016/j.ijinfomgt.2012.11.006 Li, W., Veliyath, R., Tan, J. (2012). Network Characteristics and Firm Performance: An Examination of the Relationships in the Context of a Cluster.Journal Of Small Business Management,51(1), 1-22. https://dx.doi.org/10.1111/j.1540-627x.2012.00375.x Merchant, G. (2012). Unravelling the social network: theory and research.Learning, Media And Technology,37(1), 4-19. https://dx.doi.org/10.1080/17439884.2011.567992 Wong, J. Dow, K. (2011). The Effects of Investments in Information Technology on Firm Performance.Journal Of Information Technology Research,4(3), 1-13. https://dx.doi.org/10.4018/jitr.2011070101 Zhang, X., Venkatesh, V. (2013). Explaining Employee Job Performance: The Role of Online and Offline Workplace Communication Networks.Mis Quarterly,37(3), 695-722.

Organisational Culture Jc Penney free essay sample

Do you think JC Penney was justified in appointing Mike Ullman, an outsider, as CEO instead of Vanessa Castagna, considering that Castagna was instrumental in turning around JC Penney in the early 2000s? Soon afterwards, Castagna left the company. What are the pros and cons of â€Å"bringing in an outsider† and promoting from within†? Discuss too the impact of such decisions on the morale of the employees. JC Penney is a mid range chain of American department stores, which was first started by James Cash Penney 1902, when he was offered a one third partnership in a new store with Guy Johnson and Thomas Callahan called The Golden Rule. The store was a dry goods and clothing store in Kemmerer, Wyoming and from here the chain spread rapidly throughout the United States changing its name to JC Penney in 1913 when James Penney took a greater ownership of the chain. At about this time several partners met at Salt Lake City to draft â€Å"The Penney Idea†, a set of business principles that were to guide the business from then on. We will write a custom essay sample on Organisational Culture Jc Penney or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Wikipedia. com viewed 9th September 2007. Over the years the chain of the department stores continued to grow through a system where the managers put equity into their stores giving them more control over what was sold. As a result the merchandising system was decentralised while all its competitors had a more centralised system allowing them to know what was in stock at any one time, what was moving and what was not; and to be able to advertise on a national basis. With the intense competition found in the retail sector in the late 1990s, JC Penney began to find its place in the market was under pressure and profits began to decline. At this stage it made the new appointments of Allen Questrom as the CEO and Vanessa Castagna as the new COO. Castagna came to JC Penneys with a great deal of merchandising experience gained from other retail chain stores. With this experience she helped Questrom turn around JCP by centralising the buying system, decreasing the number of lines sold, closing down non performing outlets and re-imaging the lines sold to the customers.This plus the selling of a number of the company’s other interests left it in a very good financial position avoiding what looked like possible disaster. These changes brought JCP into line with its competitors and in doing this Castagna showed excellent management skills. The share market also approved, as can been seen with shares rising from about $20 when she joined the company in 1999 to over $40 when she quit in March 2005, as can be seen in Diagram1. Diagram 1 http://investing. businessweek. com/research/stocks/charts/charts. sp? symbol=JCP viewed 9th September 2007. Even though Castagna showed great management skills she did not necessarily show the vision or leadership skills that were necessary to take JCP the next step further were it could attract, train and keep good staff as well as present a new image that would excite and attract new customers and ensure old customers kept coming back. Kotter (1996, pg 25) stated, â€Å"Management is a set of processes that can keep a complicated system of people and technology running smoothly.The most important aspects of management include planning, budgeting, organising, staffing, controlling, and problem solving. Leadership is a set of processes that creates organisations in the first place or adapts them to significantly changing circumstances. Leadership defines what the future should look like, aligns people with that vision, and inspires them to make it happen despite the obstacles. † When Myron E. Ullman joined JC Penney as Chairman and CEO late in 2004 he found that the company had maintained a rigid old world culture that discouraged new recruits and stifled creative thinking.Morale amongst employees was high, but only because the company had just avoided disaster and Ullman felt to increase morale and retain quality staff the culture within the organisation had to change dramatically. He had a vision to take the company to the industry leadership level through the â€Å"Long Term Plan† which has been updated over the last couple of years and can be summarised as follows: Annual Report (2006, Pg 4) †¢Develop strong enduring relationships with customers †¢Inspir e customers with our merchandise and services †¢Being the preferred choice for a retail career Establish JCP as the growth leader in the retail industry Unlike Castagna, Ullman has displayed high cognitive leadership abilities allowing him to see the underlying problems within JCP and act on them with innovative ideas. Of the five factors that make up Cognitive Intelligence, he shows high levels in all of them. †¢Experienced in retail industry. Gathered information about JCP before acting †¢Creativity was shown through in range of cultural change initiatives †¢Recognised when people are engaged with work they relate better to customers †¢Showed farsightedness through the â€Å"Long Term Plan† Putting 164 hrs into Retail Academy showed openness Ullman has proven that he is Strategic Leader as shown by Daft (2005, Pg 510-53). †¢His Mission was simple and it was to take the company to the Industry Leadership Level. This gave the organisation something to aim at for the future, established a standard of excellence and it reflected high ideals. †¢The Mission is in the form of the â€Å"Long Term Plan†. It defines the JCP’s character, core values, remains mostly constant over a five year period and provides a basis for creating the Mission. The strategy formulation is the cultural change initiatives that were required to build a customer focused culture. It was unfortunate that Castagna resigned from her position as the COO only some months after Ullman began in his role, as together, when considering their abilities, they would have made a very good team. However in light of the leadership skills and abilities that Ullman brought to JCP, it was a gamble that was worth the risk that the board took. Stone (2005, pg 192) lists the following advantages and disadvantages of promoting from within or outside an organisation: From OutsideAdvantages †¢Pool of Talent is bigger †¢New insights, skills and know-how can be introduced into the organisation †¢It is sometimes cheaper and easier hire employees †¢Outside employees are not members of existing cliques Disadvantages †¢Attracting and selecting new employees is more difficult †¢New employee adjustment and orientation takes longer †¢Morale may suffer among existing employees who have been passed over †¢Incumbent’s performance or personality is below what was expected or is acceptable From WithinAdvantages †¢Have knowledge of candidate’s strengths and weaknesses †¢Candidate already knows the organisation †¢Employee morale and motivation are enhanced †¢Return on investment in training and development is enhanced †¢Can generate a succession of promotions †¢Organisation needs to hire only entry level candidates Disadvantages †¢Employees may promoted beyond their level of competence †¢Employee infighting for promotions can affect morale †¢Inbreeding can stifle creativity and innovation †¢System can become bureaucratic Excellent training and development programs become necessary One would only image the impact on morale when the head on an organisation was sourced from outside the group and then to find the COO, whom it was widely expected to have taken on this role, to offer her resignation and leave. The mood at JCP which was quite high because of the recent turn aroun d in financial fortunes would dissipated very quickly. However the low morale that had resulted would have turned around once the cultural initiatives that were implemented started showing positive effects. Some analysts consider that culture change is driven from the top, whereas, others say that it is the system that drives change, not top management. Give your comments with reasons. DuBrin, Dalglish and Miller (2006, Pg. 429-30) define organisational culture, in three components: †¢The Artefact Level This includes the physical layout of the premises, the terminology, the signs, rituals and stories of the organisation. In the case of JC Penney, this would include such things as the expectation to always dress formally, the ban on decorating and personalising cubicles and the addressing of managers in a formal manner. The Value Level This is the individual’s sense of what ought to be, as distinct from what is. These are statements made about the organisation, what it does, and how it does it, which reflect the culture. The Penney Idea is an example of this, the document espousing values such as being agreeable, moral leadership, thriftiness and the need for employees to conduct themselves in a particular way both on the job and at home. †¢The Underlying Set of Assumptions These assumptions develop when values become so entrenched they are taken f or granted and are assumed to be unchangeable. After being in existence for over one hundred years JCP had entrenched values that would take concerted efforts to change. DuBrin, Dalglish and Miller (2006, Pg. 430) also identify four ways in which the organisational culture can be influenced: †¢The beliefs and values of the organisations founder. James C Penney bought his first shop in 1902, was the CEO until 1917 and remained as the Chairman of the Board until 1946 and after that as the Honorary Chairman until his death in 1971, Wikipedia. com viewed 9th September 2007.With this long connection and the organisation bearing his name it is easy to understand why the organisational culture had not changed and was one that reflected his ideals and that of a bygone era. †¢The social norms of the country in which the organisation first developed. According to the Annual Report 2006, Pg. 9, JCP has 1,026 stores in the USA and a further 7 stores in Puerto Rico. The South American influence can be seen in lines of clothing developed that are specifically aimed at the Hispanic population. Requirement to adapt to external pressures and the need to survive. In the case of JCP, changes in the culture began to come about from the near financial collapse in the late 1990s and the plummeting value of its shares on the stock market as can be seen on Diagram 1. It was first essential that the organisations procedures where brought up to industry standards. This was done by Questrom and Castagna and later in order to make JCP to an industry leader Ullman and team brought about significant changes in an attempt to completely revamp the culture. Internal Integration and problems with it. In 1922, the President of JCP Earl C. Sams was apparently critical of the informality of staff calling each other by their first names as he believed that it did not show enough dignity and respect. Although nothing was conveyed to the employees of JCP, they began the formal tradition of addressing each other by their surnames. Limerick and Cunnington (1993, Pg. 184) also states that, â€Å"We also do not assume that the founder or the CEO of an organisation has the unilateral control over culture.On the contrary, a host of individuals and interest groups are normally trying to shape the culture according to their vision or interests. But we do assert that CEOs in general, and founders in particular, form a very powerful, if not dominant, influence on corporate culture. † It can be seen James Penney had left a long lasting influence over the culture of the organisation, with his death in 1971, there was the opportunity for the CEO to change the culture, providing it was done in a careful and considerate manner in order for it to be taken seriously and not o offend employees. When Myron Ullman was appointed chairman and CEO, rather than make large encompassing changes he listened to employees, gathered ideas and spoke to other people who had been through the same process, and little by little he started making changes that had positive effects to the culture. The effect of these changes filtered through to the value placed on the company by the share market (which can be seen in Diagram 1), with shares rising from $40 per share at the time he took over as CEO to about $65 per share as 9th September 2007. Wha t are the lessons to be learned from the JC Penney culture change initiatives? What do you see as the key components in its having achieved it goals, at least in the near term? How can JC Penney keep the momentum of change rolling in its favour in the future? When Myron Ullman first joined JC Penney he wanted to create a customer focused culture and in trying to do so he came across significant opposition due to the ingrained culture that was very formal and rigid going back over one hundred years.Once having assessed JCP’s culture and being mindful on how it prided itself on its corporate tradition, Ullman set about making symbolic changes: He also started in-house training programs, which were not the norm in the retail industry due to the high turnover rates. The argument was that if training was provided employees would be more willing to invest their careers with JCP and as a result it would be a cure to the retention problem of high staff turnover. The programs were: †¢The Retail Program, which was like an intense graduate school on retail, strategy and team development for their managers.In these training groups it was reinforced that the members were the future of the organisation and it was also believed that the well trained managers helped train their subordinates. †¢The graduates of these programs would in turn take courses titles â€Å"Leading a Store† Another type of initiative that was introduced by Ullman was the repositioning of its brand, the first in its 105 year history, with the slogan â€Å"Every Day Matters† with all its employees trained in the new initiatives.The lessons learned from the culture change initiatives were, that although resistance by employees was met, if management were committed to and persisted with meaningful changes over the long term the culture can change and employees will become more positive in regard to positions which in turn should flow through to customers. The positive results to the initiatives can be seen in: †¢The second survey of employees which showed an increase job satisfaction from 67 per cent in 2005 up to 73 per cent in 2006. The increased ability to attract graduates from the best professional retail schools. The bottom line increased with Operating Profit going from $1,275mill in 2004 to $1,631mill in 2005 up to $1,922mill in 2006, Annual Report (2006, Pg 20). The key components in JCP having achieved its goal to date, has been having an effective leader and team who have: †¢Been patient so as to ensure that they listen, learn and understand the problems and issues that the organisation faces. To surround themselves with capable and trustworthy people who are able to perform their roles to the level that is required †¢While keeping a focus on what is trying to be achieved, making small but significant changes within the working environment to ensure improvement in job satisfaction. †¢Ensuring employees are equipped to perform their roles eg ongoing training. Daft (2005, Pg 564-69) gives a number techniques to maintain a healthy culture that could be used to maintain the momentum of change.They are: †¢Ceremonies, they are special events which are for the benefit of an audience, they reinforce specific values, create bonds and celebrate achievements. Eg. Celebrate certain milestones or achieving targets. †¢Stories which are repeated frequently and shared amongst employees, they can illustrate and reinforce important cultural values. The story can be factual or fictional and relate to JCP’s motto â€Å"Every Day Matters† †¢Symbols, can be an object, act, or event and convey cultural values. An example of this is the replacement of art with photos of employees and pictures of certain organisational sites on the corporate office walls. Specialised Language. The use of slogans or sayings can express key corporate values such as the â€Å"Every Day Matters† slogan. †¢Selection and Socialisation. Ensuring the right people are hired is essential then they must be socialised by instilling good values, high self esteem and confidence. †¢Daily Action. Leaders must signal and support important cultural values through daily actions. Employees learn what is valued most in a company by watching what attitudes and behaviours leaders pay attention to and reward, how they act in organisational crises and how their own behaviour match the companies values.

How to Write an Essay on Sample Essay Questions on Sat Composition

How to Write an Essay on Sample Essay Questions on Sat CompositionIf you want to write a sample essay, you have to know the proper essay question format. Now, writing is not that difficult, but knowing the correct format will make it easier for you. In fact, there are many sample essay question formats, and you can use them as guidelines if you know what you are doing. Following the sample format is always recommended because it is in accordance with the standards.This is the first type of question, which you can find in the sample sit exam on sat compositions. When you look at the sample essay question format, you can see that the first thing you should do is prepare the topics for the essay. This will be very important. Writing a whole essay without having any idea of the topic will not work. Remember that before you start writing a topic, you need to have an idea about it.You can also use sample essay questions on sat composition to help you when you are writing. When you are writ ing a sample essay on sat compositions, you should do two things. First, you need to know what topic you will write about. Second, you need to know how to properly compose your essay on this topic. Although there are lots of tips on the internet, you need to remember that writing a good article is not something that you can just learn from the internet.If you want to learn how to write an article, the best way is to use sample essay questions on sat composition. When you have a topic in mind, you need to do some research before you actually start writing your essay. The following are some of the things that you need to check if you want to know how to compose your essay on your topic.If you have some ideas, but no ideas on where to start, you can look at some essays written by experts on the same topic. This is a great idea because they already have an idea of the topic. It is very simple to learn what kind of essay topic you need to write in order to get accepted in the school. Thi s is very beneficial because you will be able to write better and easier if you know how to compose your essay.You can also try looking at samples of essays written by others who are accepted in the college. These are great resources because they provide a lot of information on how to correctly compose your essay. They can also help you in writing the essay to the letter.You also need to make sure that you have the proper title for your essay. Although the title is not the most important part of a paper, it is the first thing that gets noticed by the professor. This is why you should make sure that the title is well-written and does not contain grammatical errors.Finally, make sure that you have an outline for your essay. The outline is very important because it will help you organize the content of your essay. The outline will also give you a rough idea of the word count for your essay.