Coopers Creek Wine Management Essay Example for Free

Coopers Creek Wine Management Essay 1.0 Introduction Coopers Creek, established in 1982, became one of New Zealand’s more successful medium-sized wineries by following a strategy of resource leveraging via networks of co-operative relationships with other New Zealand winemakers in the domestic and export markets. This strategy allowed Andrew Hendry, the managing director, to consciously manage the growth of the company to retain the benefits of small size. However, with increasing globalisation of the wine industry, the changing nature of export markets, the early maturity of the New Zealand industry and the constrained supply facing New Zealand wine makers, Andrew Hendry was faced with the decision of how to position a smaller company for the future. He had to decide whether the network-based strategies that served the company so well continued to be appropriate under conditions of industry concentration, increasing competition and emerging globalisation. (Robbins S, 2006) 1.1 The NZ wine industry When Andrew Hendry established Coopers Creek, the New Zealand environment was highly regulated. By 1984, the New Zealand government had initiated a programme of deregulation, which included devaluation of the New Zealand currency, exchange rate flotation and general anti-inflationary measures. (Porter M, 2001) The opening of New Zealand’s domestic market meant that businesses had to improve their efficiency substantially over a short period. The agricultural sector sought out new markets, to replace the loss of their traditional dependence on the UK market with its increasing commitment to its European trading partners, and new products, reflecting a growing awareness that much of New Zealand’s exports were of a commodity nature. This period saw growing exports to Australia, the United States, Japan and the rest of Asia and exports of predominantly sheep meat and dairy produce being accompanied by more fresh fruit, venison and wine. A further response to fiercer competi tion at home and in overseas markets was an increasingly strong focus on quality, a case in point being the New Zealand wine industry. The New Zealand wine industry accepted the consequences of the liberalisation  of the domestic economy and recognised the need to understand how on-going changes in the international economic environment affected its prosperity and how to plan accordingly. Building from a low international base in the 1980s ($4.5 million in exports in 1987), New Zealand wine exports achieved phenomenal growth and accounted for $168 million in 2007, comfortably exceeding the $100 million by 2007 target set in 1999. The UK market was the most important export market for the industry in 2007, and at $84 million it accounted for around 50.22 per cent of total exports by value and 54.28 per cent by volume. Europe accounted for 66 per cent of exports with 85 per cent of that going to the UK. Four large firms, namely Corbans, Montana, Nobilo and Villa Maria, dominated the wine industry in New Zealand in 1999. The following year, Montana purchased Corbans and Nobilo was bought by BRL/Hardy of Australia. Between them, these large firms accounted for around 80 per cent of all exports in 2007, with another 17 medium-sized companies, of which Coopers Creek was one, handling 16 per cent in combination. For the most part, industry participants exported between 30 and 35 per cent of their production, but a few producers had much higher export intensity. (Wheelen, 2006) 2.0 Key Issues The key issues are: (Study Guide, 2008) (1)Despite entering early maturity, coopers creek remained constrained by issues of supply. (2)The cost of new land for grape planting was rising and more previously marginal land became economic to grow on, the problem was still one of access to capital for these resources. (3)A possible over supply of grapes in New Zealand, which could lead to heavy discounting. (4) A contraction in ownership within distribution companies in New Zealand and in USA, which could lead to certain markets being effectively closed to coopers creek. (5)Protection of strategically important grape supplies so the can insure they still get a proportion of the very highest quality grapes. 3.0 Planning 3.1 Life Cycle From a demand perspective, the worldwide wine consumption has stagnated. According to the Wine Institute, there is only a 2.04% growth in wine consumption from 1997 to 2001. In fact, worldwide consumption dropped from 227,875 hectoliters to 226,646 between 1999 and 2000. Generally there is a drop in consumption from the traditional wine drinking countries like France and East European countries, whilst demand has growth significantly from China. (Grant R, 2005) The production of wine has shifted from the traditional vineyards in France to the rest of the world. There are New-World Wines from Australia, New Zealand and South Africa. These wines are generally thought to be of moderate to high quality and are essentially challenging the traditional wine producers on the quality front. Furthermore, there are wines coming out from China and India. Because of the lower wages in these countries, wines can now be produced at a fraction of the costs of the French vineyards. Price has now become a big challenge that the traditional wineries have to face. Some authors even suggest that the Old-World producing countries like France has followed growth decline and now has entered a second life phase. While the New-world countries are in an emerging or growth phase As the industry moves towards maturity phase of its life cycle, the pace of consolidation will increase. (Times of India,2007) 3.2 PESTEL Analysis The following is a review of the major environmental factors, which will impact the industry to a large extent. A closer examination of the more important factors amongst them will allow for a tighter integration between the external environmental factors and the corporate strategy chosen for Coopers. Political factors Government regulation has always played a major role in the WI. There are increasing concerns that there will be new barriers and trade impediments to trade in the WI. One such example is the trade disagreement between US and European Union in the level of farm subsidies that the US alleged that the EU farmers receive. The same allegations may also be similarly levied on the European vineyards. In the Wine Institute report on International Trade Barriers to U.S. Wine 2006, European wine producers were noted to have received certain subsidies . Tariffs also have been the most important barrier to the international wine trade. Some governments impose unusually high tariffs on wine imports. Recent announcement in the media like India opening its market and slashing duties on imported wine and spirits bring good news to the industry, as this will allow them to enter this lucrative untapped market. Though due to WTO pressure the tariff has been reducing, which has lead to major wine producing countries imposing various non-tariff trade barriers. One such non-tariff trade barriers are research fundings made available by local governments to improve the overall harvest yields and quality of the countrys grapes . Economical factors The rising number of middle class worldwide has led to an increasing appreciation of wine and demand for wine. In developing economies of China and India, this class of consumer is expected to increase significantly over the next decade. With the continued increase of economic growth rates for both countries, these consumers can now afford to consume wine is expected to grow significantly as well . The effect of currency fluctuations on the WI will continue to play an integral part in influencing the WI. The proportion of wine being exported outside the wine producing country has increased. Even in a traditionally large wine consuming market, the proportion of wine, which ends up in foreign land, has been increasing. The continuing trend of exporting to new markets such as India and China is going to increase as wine producers cope with the declining wine demand in traditional home markets As a result, the wine producers exposure to fluctuations in currency exchange rates will increa se further. Socio-cultural factors The increased spending power, sophistication of the middle class in many countries with increased tendency of copying the west has helped to increase the demand for wine consumption. This growing group of earners from various countries is often well traveled highly educated consumers with needs and wants for the better things in life. The number of middle class across Asia is expected to grow by 1 billion in the next 8 years . With the shift in demographics in the developing countries, there will be more wine drinkers in the future. Increasingly, there are also more scientific evidences that there are health benefits to be derived from moderate drinking of wine especially red wine. As a result, there is an increasing acceptance of the beverage as health-product leading to a healthy heart. Technological factors Innovation and technological factors continue to drive improvement in production yields and better storage of wine. The Australian WI today has transformed itself from a small cottage industry to one of the largest exporter of wines internationally, even to the extent of eclipsing some of the older Old-World countries. The great leap forward for Australia can be attributed to the Australian wine producers clustering to innovate and improve existing processes. (Read C, 2006) The growth of e-commerce infrastructure and the increasing acceptance of buying things online have led to new opportunities for wine connoisseurs and wine producers alike. With this new technology, niche wine growers are able to reach out to the individual wine consumers without being drowned out by the marketing noise generated by the large wine producers. The ability to ship small quantities directly to individual wine drinkers without passing through layers of middlemen may mean that small niche growers may be able to find their position in a market dominated by large brand names . Environmental factors Within the Food and Beverage (FB) industry, the WI is markedly different from the other products due to the fact that FB products are limited by market, while the WI is limited by resource (land and grapes). Reason being wine is grown in moderate climates and on certain types of soil. Sudden climatic changes may adversely affect production yields or may even destroy crops all together. The significant changes expected in the environment from global warming, rising sea levels, rising carbon emissions and increasing acidity in the waters will all add to contribute to the adverse conditions for which growers will find themselves in. These conditions together with a scarcity of good arable land may act to constrain or even reduce the industrys supply. On the positive side, in one of the rare articles published in Newsweek on the positive effects of global warming, the author highlights that fast melting of Artic glaciers and increase in global temperatures may lead to opening of new vine yards in many parts of the world with weather conditions similar to the Frances Champagne region. Legal factors External environmental legal factors have acted in line with other environmental factors changes. For example, the advent of the Internet e-commerce has resulted in changes in legislation for wine sales, which crosses state lines in the United States . In addition, the origin of the grapes used to make wines also became a contentious issue for many wine-producing countries. The origin of these grapes and the proportion of local grapes used became an issue for branding and labeling of wines; as governed by new local legislation controlling wine labeling. 4.0 Organising 4.1 Porters 5 forces analysis We have analyzed Coopers internal environmental factors using Porters Five Forces analysis. Being in a specialized industry, it is not easy for another player to just come in wanting a portion of the pie. The WI requires specialized skill sets, special knowledge and extensive experience to stay competitive. It also needs very high investment especially for equipments used for processing of wine. This indirectly induces high entry cost which  is work as a barrier of for new entrants. There is also the expected retaliation faced by new entrants from existing players. Coopers together with other existing players may collaborate to deter competitors from coming in. For example, Coopers may start dropping its price and the other existing players may follow suit leading to a price war. On the whole, the force of threat of entry is low here. 4.2 Threat of Substitutes This industry faces stiff competition from not only other wineries but also from other alcoholic drinks such as beer, spirit and pre-blended mixed drinks and carbonated drinks. Product-for-product substitution is also possible should customers of Coopers decide to try out other brands/types of wine. For the health conscious, bottled water, energy drinks and natural fruit juices also provide competition. Possibility of generic substitution is also there where as customers may prefer to spend on purchasing cigarettes rather than drinking wine. Thus, there is a high force of threat of substitutes in this industry. 4.3 Threat of entry Competitive rivalry among existing firms is evident in this industry. Larger companies are acquiring smaller wine producers to monopolize the market resulting in dynamic competition amongst these companies. As the WI is at its mature stage, companies start to take market share from competitors to survive. As there are too many wine producers, adding on to the high power of buyers, companies may decide to go for price wars due to high fixed costs to gain market share. This industry has high entry and exit barriers due to the extensive capital investment and knowledge skill set needed. In addition one must have sustainable resource, as it takes several years for wine to mature. This means that industry players do not have many choices. Again this induces competition amongst them and price wars and low margins situations are likely to happen. Based on the information above, the groups came to the conclusion that the industry is Medium Attractive. 5.0 Directing 5.1 Porters Generic Competitive Strategies Using Porter generic competitive strategies, we find that Coopers has the ability to outperform its competitors by adopting a strategy of Focus Differentiation. Porter proposed that a firms competitive advantage in an industry is determined by its competitive scope – i.e., the breadth of companys target market coupled with companys unique resource (product range, distribution channels, target market etc.), For Coopers the scope of the target market is narrow. It is mainly targeting niche markets for premium wines in the wine drinking markets of Europe, US, Australia, Japan and a few emerging Far Eastern Asian markets. When targeting niche markets, the company either can go for Cost Focus or Differentiation Focus. Coopers should not be following the Cost focus strategy as NZWI compete in the high quality premium category wines. Reduction of overall cost is achievable only to a certain extent, as this industry is highly capital intensive with many inherent costs along the supply chain. Instead Coopers should concentrate either on particular market segment, or product line segment or geographic market with high growth potential or all three. By following a differentiation strategy Coopers would be able to better focus its resources capabilities to the serve the special needs of a narrow strategic target more effectively than its competitors. 5.2 Bowmans strategic clock Using Bowmans competitive strategy clock† too, Coopers falls under category 5, Focused Differentiation. This strategy is similar to the Porters generic model, which tries to provide high-perceived product benefits justifying a substantial price premium usually to a selected niche market segment. Coopers can use this strategy in new markets, by targeting sales into the same niches in more countries. While in established markets Coopers could even adopt Category 4 Differentiation –with price premium by offering better wine at the same price or by pricing it slightly higher than competitive brands in the same price bracket, to take advantage of the fact that fine quality wine will always demand a premium and at the same  promote it as premium category. (Meredith R, 2007) Cost Leadership may not be sustained for Coopers because of some of the following reason: Competitors can imitate – differentiation may not be sustainable it can easily replicated by competitors like South African or South American wine producers Bases of differentiation become less important to buyers Competing on just quality to demand high price may not be enough. For example in price conscious markets like UK, Holland and Germany, wines from South American and South were seen as better value than NZ wine Target segment can become structurally unattractive: Structure erodes This could happen for Coopers target market in US, restaurants and boutique retailers. They may form a group for centrally sourcing activities to drive down costs, somewhat similar to what happened with Tesco Supermarket Chain (UK). (Aylward, 2006) Demand disappears – there may be new research findings in future that may lead to lower consumption of wine. Or even they may be new legislation banning consumption of alcohol products in public places similar to that of smoking, which may lead to total disappearance of a target segment. From the evaluation of Coopers core competencies, the followings were recognized. Coopers is a typical entrepreneurial venture in that the founding entrepreneur, Andrew, had driven its development and growth. A critical factor of success of Coopers is Andrews ability to build relationships, within the context of an innovative and flexible approach, in order to leverage critical resources to pursue growth. Coopers strategy was based on having a carefully controlled but finite quantity of wine to sell every year. With Andrews commitment to quality, it has earned itself a relatively good reputation in the industry. From the evaluation of the KSF of the WI, the followings were recognized. Historically, the NZWI had focused on the production of premium wines, given its constrained supply, small scale, high cost structures and distinctive ‘clean and green growing conditions. Availability of consistent high quality products that has strong brand value and recognition are highly sought after and considered KSFs. 6.0 Monitoring 6.1 Wineries Both management employees of wineries play a key role and yield great power in terms of the quantity type of wine to be produced. Great deal of collaboration exists between the local wineries to share knowledge costs. 6.2 Grape growers Being key players, they control the quality and quantity of grapes grown. Many of the wineries are backward integrated by owning lands or having long-term contracts with individual producers. Power of suppliers is low. 6.3 Industry Associations Wine Organizations in NZ like Wine Institute, former Wine Guild with backing of the NZ government are very powerful. All Wineries have to take up compulsory memberships and contribute towards funding running of the organizations. These key roles of these organizations are promoting NZ wine in international markets, lobbying with foreign governments to open new markets, lowering of trade restrictions and tariffs etc. They also initiate research programmes and training for the entire industry, funded by the wineries. (Zalan T, 2005) 6.4 Consumers The final end user, this group needs to be well informed kept satisfied by providing high quality premium products with consistent quality and availability at affordable prices. Power high. 6.5 NZ Government NZ government is a key player with considerable power who has played a  pivotal role in the development of the NZWI. The government has been implementing new legislations in consultation with NZWI to meet the current market requirements. Some examples would include changes in government policy in the 1980s making it favorable for local manufacturers to export to foreign markets . (Harvard University, 2007) 6.6 Distributors, Retailers, Buyers Buyers like Supermarkets are powerful players who dictate the price type of wine stocked on shelves. WI is a buyer driven industry, where buyers hold a lot of power. 6.7 Domestic and Foreign investors This group needs the minimal amount of effort. They are satisfied as long as they get a good return on their investments. 7.0 Critical Analysis 7.1 Competitor Analysis The world WI is currently experiencing a situation of over-production. In the EU alone, it was reported by Food Drink.com that there is a surplus o f 1.5bn litres of wine, enough for every European Union citizen to take roughly four free bottles each. Millions of Euros have been spent to turn these excess wines into industrial alcohol. (All Things, 2006) The WI is a highly fragmented, with over a million wine companies around the globe. None of the firms control more than 1% of the retail sales, with top 10 players controlling 11% of the global market share (based on volume) . These industry competitors come from different wine growing countries and continents. This is especially true for Old-World Countries in Europe (France, Italy, Spain, Portugal and Germany) accounts for 60% of the world wine production and 80% of world trade . In contrast, the New-World Producers (Australia, South Africa, Argentina, Chile, USA, New Zealand) wines are more consolidated. On average these countries appear to be more structurally attractive compared to Old-World Countries. Moreover, in the last decade the industry structure has been undergoing dramatic change. There is a growing trend of consolidation. Cash flow rich alcoholic beverage  companies are investing in the WI as their own markets of beer and spirits are maturing. 7.2 Stakeholder analysis The WI being a competitive industry has a varied, vibrant and balanced group of stakeholders, with frequent and varied channels of communication. All the forces involved try to build consensus within which the primary decisions in the industry are made. 7.3 Life-Cycle Analysis We have identified Coopers to be in the phase of Mature stage in the life-cycle model. In view of its competitive conditions, we also identify there may be many competitors which are likely to resort to price-cutting strategy for volume. Therefore one of Coopers directive is to differentiate its product portfolio through leveraging on its enhance brand equity to promote customers retention and loyalty within its existing customer-based and new customer groups whilst consistently driving cost efficiency through economies of scales and innovative efficient ways of bringing cost down. (Pape E, 2007) 7.4 Positioning analysis Coopers currently enjoy relatively good brand equity amongst its market segment. To infuse the same branding principle across distinctive first label allows them to capitalize on its already successful branding strategy, further maximizing the returns of their marketing investment especially for the second label. 7.5 Value chain analysis Through new ways of doing things such as possible bottling in import markets to reduce shipping costs, backward integration either through ownership or long term leasing with good quality of vineyards across NZ and beyond, could potentially reduce their overall cost per unit yet enabling them to utilize cost advantage strategy to expand the perceived value for the brand. 7.6 Business profile analysis This growth strategy do not require a complete reinvention of wheels, it  capitalizes on the existing goals and values of the group, its resources and capabilities, its structure and management systems and its industry environment to further produce enhanced features and products thus major increase in expenditures is not expected, instead an increase in financial perform is forecasted due to the additional opportunities from new market penetration. (Heijbroeck, 2003) 8.0 Recommendations: 1.The expansion of the cooper’s creek network of export markets and the development of second labels. These second label wines could generally be sold at lower prices thus protecting the price status of the Coopers Creek labels but gaining extra sales volume for the company. In most cases the second labels will sell through different distributors. 2.The above strategy will also help with over reliance on a few key distributors. In the case of the rapidly growing US market, coopers creeks have not appointed one exclusive national importer. Instead they will sell to some 20 independent importer/distributors in different states either by direct shipment from the winery or out of a warehouse in California. This will ensure the company doesn’t become a victim of the rationalisation of a large importers or distributors catalogue of wines carried. (Kogut B, 2006) 3.The steady acquisition of control of the vineyards producing their best grapes. That has taken the form of either complete acquisition by purchase, long term leases or the establishment of joint ventures with the vineyards under cooper creek’s management and tied up under long term supply contracts. In the last two years they have purchased three vineyards, leased one and entered one joint venture with an existing contract grape grower. They are currently looking at two further existing vineyards with a view to purchase or lease. 4.Continue to produce consistently high-quality products. 5. Maintain and increase its brand equity and recognition as a premium wine producer. 6.Establish international supply management to facilitate its global market operations. 7.Maintain or improve its already good relationships with stakeholders. 8. Ensure there is cost efficiency in its operations so as to maximise profit with minimum cost. 9.Last but not least, continue innovating in terms of its product and marketing. †¢Current  turnover is NZ$5.5M †¢Current production is at 1100tonnes per year (approx 85,000 cases) and aiming to be 1800tonnes by 2008 †¢They should purchase more of their own vineyards in the Hawkes Bay region in the last few years which would prove beneficial to them. †¢They should increase production of Pinot Noir which is one of their best vineyards by 400% and this will become a feature varietals alongside Sauvignon Blanc and Chardonnay for the future †¢All wine is made on site at their Auckland vineyard. On site facilities include Cellar door tasting room and retail shop, Plant buildings (tanks) and bottling line, warehouse and barrel store, landscaped gardens with picnic areas and children’s playground. (Johnson, 2005) A cellar/courtyard wine bar will open for lunches and private group bookings late 2003. Plans have been drawn up for a cafà ©/function centre but as yet no time frame as to when maybe initiated, which should be implemented soon. (Nielson A, 2006) 9.0 Conclusion It can be concluded, the NZWI is still considered to be at an early maturity phase of its lifecycle, as evidenced by a small number of takeovers and increasing concentration. As the industry matures, there is a need for NZ wine producers to retain focus on quality, differentiated products, while holding their premium price position. In addition, they need to play to their strengths in white wines and introduce more red wines into their portfolio. (Ghoshal S, 2007) As a company, Coopers needs to realize the trend toward deteriorating industry profitability is a constant threat in mature industries. As rivalry encourages overinvestment in capacity, international competition increases, and as differentiation is undermined by commoditization, attaining a competitive advantage becomes essential to achieving positive economic profits. Cost is the overwhelmingly important key success factor in most mature industries and three cost drivers tend to be especially important: Economies of scale, low-cost inputs and low overheads. Cost efficiency in mature industries is rarely a basis for sustainable  competitive advantage; it is typically a requirement for survival. Deteriorating performance among mature companies typically triggers the adoption of turnaround strategies, of which the company must choose the most suitable one for its profile. Coopers have so far maneuvered its way past the many problems that plague other producers. However, more emphasis might be needed in terms of differentiating itself from the other NZ brands. It would have to build on its brand equity, and continue to leverage on Andrews contact network. Most importantly, the establishment of a succession-planning project would also has to be included in future strategic plans so that the company will continue to prosper should Andrew decide to depart or retire. (Robbins S, 2006) 10.0 BIBLIOGRAPHY: 1. (Johnson, 2005) Johnson, Scholes Whittington , Exploring Corporate Strategy, Prentice Hall, 2005 2. (Porter M, 2001) Porter Michael E., The Competitive Advantages of Nations, The Macmillan Press Ltd., 2001 3. (Wheelen, 2006) Wheelen, Thomas L. and Hunger, David J., Strategic Management and Business Policy, Prentice Hall, 2006 4. (Grant R, 2005) Grant, Robert M., Contemporary Strategy Analysis, Blackwell Publishing, 2005 5. (Read C, 2006) Read, Charlotte, Stakeholder Consensus Marketing. An explanatory national competitivess model for the New Zealand Wine Industry, September 2, 2006 6. (All Things, 2006) All Things Considered. Washington D.C., Global Warming Endangers California Wine Industry, December 5, 2006 7. (Times of India,2007) India plans duty cuts on wine, spirits, http://timesofindia.indiatimes.com/NEWS/India_Business/India_plans_duty_cuts_on_wine_spirits/articleshow/1897262.cms, April 12 2007 8. (Pape E, 2007) Pape E., Bordeaux Meets Beijing; Chinas eager oenophiles are reviving the flagging French Wine Industry, Newsweek, April 16, 2007 9. (Meredith R, 2007) Meredith, R. and Hoppough, S., Why Globalization Is Good, Forbes, New York, April 16, 2007 10. (Aylward, 2006) Aylward, D. K. and Glynn, J., SME Innovation within the Australian Wine Industry: A Cluster Analysis, 2006 11. (Smith J, 2006) Smith, J.M, The e-Commerce Pendulum, Brandweek, September 18, 2006 12. (Pape, 2007) Pape, Eric Vineyards on the move Newsweek, April 2007 13. (Nielson A, 2006) Nielson, A., Harvard Journal of Law and Public Policy, Vol.29, Iss 2, Spring 2006 14. (Asimov E, 2005) Asimov, E., New York Times. (Late Edition (East Coast). New York, N.Y., August 31, 2005 15. (Zalan T, 2005) Zalan, T., Global, Local or Semi-Global? The Case of the Wine Industry, Australian Centre for International Business, Working Paper, No. 6, August 2005 16. (Heijbroeck, 2003) Heijbroeck, Arend M.A., Consequences of the globalization in the wine industry, Report made by Rabobank International, Symposium International, October 8 2003 17. (Ghoshal S, 2007) Ghoshal, S, Global strategy: An organizing framework. Strategic, Management Journal 8, 2007 18. (Kogut B, 2006) Kogut, B., Designing global strategies: Comparative and competitive value-added Chains, Sloan Management Review (Summer), 2006 19. (Porter M, 2004) Porter, M. E.,Clusters and the new economics of competition, Harvard Business Review, November-December 2004 20. (Harvard University, 2007) How Competitive Forces Shape Strategy. Harvard Business Review, March-April 2007 22. (Slater S, 2002) Slater S. Malcolm, Michael Porter. Notes on Diversification As a Strategy. Harvard School Publishing, 2002 23. (Slater F, 2002) Slater F. Stanley, Olson. Eric, A Fresh Look at Industry and Market Analysis, Business Horizons. Kelly School of Publishing, January-February 2002. 24. (New Zealand Growers, 2006) New Zealand Wine Growers Research Committee, Research Development Strategic Plan, December 2006 25. (Robinson J, 2008) Robinson, Jancis, The Fast-Changing World Of Wine, http://www.sifst.org.sg/pdf/article-thefastchanging.htm. 26. (Robbins S, 2006) Robbins S., Bergman, R., Stagg, I. Coulter, M. @006, Management, 4th Edition, Prentice Hall, Sydney. 27. (Study Guide, 2008) Foundations od Management Study Guide 2008, Southern Cross University.

Music in the Information Age :: mp3 digital music

The idea that music is information tends to turn people's heads. The art of information stands as the largest growing field in both business and society. How does the age-old art of music fit into this category? Can music even be considered information? The rising popularity of mp3's proves that people value music as a source of information. Hundreds of groups are advertising their band on the web at mp3.com, from popular music groups to those struggling to make a name in society. The web sites serve as a vehicle for bands to display their message to the public in an uncensored atmosphere. This atmosphere cannot be presented solely through record labels because the labels monitor what the public sees. Music speaks to the public through its words and sound. Musicians use the web as a source to present the information their music holds. Music as a form of information implies that music has the ability to influence those people who listen. The record label gives the public a chance to purchase compact discs and tapes, to attend music concerts and to acquire paraphernalia to support the band. However, record labels restrict a band's ability to present a true, unveiled, and strong message. The labels keep a music group in a position where the group will attract the highest number of "customers" or "followers." As a result, the web opens a field of free advertising for these label connected groups. One of the biggest users of the web is Public Enemy, an old rap group who holds strong views. Their web site draws attention to different issues of politics and racial equality, issues that would be difficult to present with a record label dictating the ultimate end product for a band. Public Enemy, themselves, states on their site (www.public-enemy.com) that their next tour is "More than a tour, this is a campaign." The acce ss to a huge source of information, the internet, allows the group to present true reasons for their performances. These reasons can get lost in the process of marketing, but Public Enemy grasps onto the meaning of their music, to address political issues that surround society. Their ability to advertise would seriously decrease without the use of the web. It remains the strongest and quickest vehicle for bands to release the image desired by their music to the greatest number of people. As a result of the freedom of music and its message, the road of communication widens.

Internet Marketing: A blessing or a curse Essay

Internet marketing is a phenomenon that was introduced recently due to the sudden boom in the usage of internet. People have not only become used to the internet and its ease, in fact, they have become so reliant and dependant on it that it can qualify as an addiction these days. Now, life without internet has become unimaginable for all age groups and backgrounds (Benkler, 2006). This is something that marketers capitalized on. Marketers aim to reach their consumers and catch their attention in whatever way possible through whatever medium that is the most effective and efficient. Every target market/segment uses internet; that is, the entire customer base is available to the marketer online; thus, using the internet as a platform to promote their product is nothing but a wise idea. Marketers had flooded the television, thinking that customers are now more easily available on the TV compared to newspapers and posters. As strange as it may sound, gradually, the amount of people of ages 18 – 26 watching TV has reduced (Ginster, 2005). Viewing of TV shows, movies and programs are easier online on either the home website or Youtube because of the ease of timing and general conveniences. Thus, at the end of the day, it is all about internet marketing if a marketer wants the product to succeed (Malan, 2006). The reason for this is that there is a product purchase journey which has steps such as familiarization and awareness as the first ones – the internet is used as a medium to instil the familiarity and position the product in the appropriate manners in the heads of the potential customers. (Mangold & Faulds) Internet marketing’s basic tools are emails, websites, advertisements on various websites, youtube, social media like Facebook and Twitter. However, it is not limited to these tools – when an online record of all the customers is kept to provide them with better customized and personalized service, this is called an Electronic Customer Relationship Management Database. This has become more and more critical today because of the increasingly sharper customers each day who need to be provided with value and will not settle for something that does not meet the expectations and the promise made by the companies. Blessings  Internet marketing has helped companies cut down on their advertising budgets and save up a lot of finances that were earlier utilized for heavy marketing all over the cities and countries. However, in the case of internet marketing, every customer, no matter which corner of the world they are physically present at can access the same advertisement and look at the brochures etc. The geographical advantage helps the marketers a lot, but not just them (Bove, 2000). The customers are also at an advantage because they can look at the product, research on it and purchase it according to their convenience. This also increases the purchasing frequency of the customers along with the speed of transaction, creating an advantage for the company (Story, 2008) Another advantage is that the marketers do not need to worry about keeping a track or record of all the transactions. There is an automatic electronic record generated as and when activity takes place. There are several methods of doing that – per click, per purchase, per action etc. This way, the statistics can help the marketers figure out what is more popular amongst the customers. In a way, via internet marketing, the marketer can receive feedback about the campaign instantly and make amendments and more appealing (Czepiel, 1990) Tools like Facebook, Twitters, Linkedin are used so much by almost everybody that even if the marketer gives one single ad to be placed right next to a Facebook page, a huge difference can be made. Curse In a way, internet marketing creates a barrier between those users who have a fast internet connection and those who own a slower one. These advertisements sometimes have pictures and videos which are heavy to download and cannot be accessed with a low quality internet connection. In some areas, the internet is always low – thus, this in a way limits the customer market and the number of people they can target. (Anonymous, 2008) The establishment and installation of internet marketing as a system in the organization needs a few initial costs which are pretty huge. These include higher technology equipments and programs that help design internet advertisements (Kotler & Armstrong, 1996). For customers, sometimes it is a turn off because buying a product without holding it is a little more of a gamble than usual. The sense of touch, sight, smell and taste in some cases is very important for the customer to be able to judge how well the product fits into his/her requirements (Strativity Group, Inc. , 2009). Very importantly, sometimes, the internet becomes so messy and cluttered with ads and information and the advertisement put by the marketer does not remain visible, evident and unique anymore. It becomes part of that clutter and eventually feels annoying and unappealing to the eyes. Keeping everything aside, the biggest curse of internet marketing is the security concern. Information provided by both the marketers and the customers is confidential for them and they do not want it to be disclosed it to anybody (Bitner, 1995); however, when it comes to the internet, nothing is guaranteed – hacking is extremely common. Also, online purchases that charge the money on the credit card before the delivery of the item have no guarantee. There is also no guarantee of the security of the credit card number added to the website for payment (Gentle, 2009) Conclusion My personal opinion is that internet marketing has been a blessing and not a curse for all of us. The reason for this is that as customers, it has helped us mature because of being right there in front of us all the time. Our awareness levels have increased and our understanding of a product and its analysis is just a click away. Everything has become so convenient and quick. It has helped us gain more perspective because information is only a second away. There are issues as well but everything has issues; if the usage is done properly and if a structure which does not have all of the above mentioned issues is developed, then internet marketing can be a complete blessing for all.

Critical Thinking And Critical Writing Essay - 1759 Words

During this semester of English 112, I have learned a lot about different research techniques as well as different writing strategies. Although, I feel that I have grown as a writer this growth did not lack growing pains. This course differed greatly from the English 111 and 113 courses that I have taken in previous semesters. It proved to be one of the most challenging English classes that I have taken so far in my academic career. There were many elements of the pre-writing process introduced during the past sixteen weeks, such as writing a preliminary draft and annotated bibliography, that I have never been exposed to before. The critical reading, critical thinking, and critical writing process in this course definitely stretched me as a writer and student. There were three writing styles practiced during this course along with three different genres. The first paper written was in the MLA (Modern Language Association) writing style coupled with the humanities genre, the second wa s written in the APA (American Psychological Association) writing style coupled with the social science genre, and the third paper written was in the CSE (Council of Science Editors) writing style which was coupled with the sciences genre. These different genres gave great insight as well as a different perspective to my chosen topic, pregnancy. Although, I feel I have a better knowledge of these different types of writing styles and critical writing procedures, I still have room for growth as IShow MoreRelatedCritical Thinking Academic Writing2742 Words   |  11 PagesCRITICAL THINKING AND ACADEMIC WRITING Question: Explain how you would apply Critical Thinking Skills in reading and writing as a student of Health Care. TABLE OF CONTENTS CONTENTS PAGE 1.0 INTRODUCTION 1 2.0 Application of Critical Thinking Skills in reading and writing as a student of Health care 5 2.1 Interpretation 6 2.2 Analysis 6 2.3 Evaluation 7 2.4 Inference 8 2.5 Explanation 8 2.6 Self-Regulation 9 3.0 Conclusion 10 ReferencesRead MoreCritical Thinking On Business Writing1262 Words   |  6 PagesCRITICAL THINKING IN BUSINESS WRITING Introduction and Purpose: Women on board are bringing in diversity and intellect to the organization. The main idea of the article is to show how diversity in teams led to higher profitability and greater client satisfaction. The essence and central theme of this article is that increased number of women in an organization has increased its collective intelligence. There has been a strong correlation between the number of women on board and in the company’sRead MoreAunt Ester : A Critical Thinking And Writing About Literature1685 Words   |  7 PagesTroy Heck English 104 Critical Thinking and Writing about Literature Dr. Slack April 27, 2016 Aunt Ester’s significance in August Wilson’s plays August Wilson uses a woman named Aunt Ester as the main character in five of his ten paly in the Pittsburg cycle. â€Å"Gem of the ocean† is the first of the plays that we actually see Aunt Ester and she becomes more that just a voice the reader. â€Å"Gem of the Ocean† is a play depicting the life of newly freed slaves living in the Hill District of PittsburgRead Moreâ€Å" Literacy Is Far More Than Reading and Writing; It Involves Critical Thinking as Well†2392 Words   |  10 Pagesâ€Å" Literacy is far more than reading and writing; it involves critical thinking as well† Within today’s teaching practices literacy has come to be a major part of the course curriculum when teaching early years, it has numerous definitions and meanings to individual people as it continues to be developed through our rapidly changing world. The definition of literacy â€Å" has to do with having the skills and knowledge to create, locate, analyse, comprehend and use a variety of written, visual, auralRead More The Process of Writing: Composing through Critical Thinking, by Roberta Allen and Marcia Mascolini2005 Words   |  9 Pagesparagraph? With some simple things to keep in mind, you too can write better. The book entitled, The Process of Writing: Composing through Critical Thinking, by Roberta Allen and Marcia Mascolini, taught you everything from thinking before you write to putting things together, all the way to how to prepare specific forms of essays. Its definitely something you should read before even thinking about another paper. First of all, before you can write and actual paper, you must first go through certainRead MoreSemester Reflection994 Words   |  4 Pagesdifficulties writing English assignments especially in terms of grammar. During the first week of the semester, I sat down, organized my thoughts and comprehended that throughout the semester, I had to achieve all that I had planned for. As a student of English, I had planned that throughout the semester, I had to improve my skills as a scholar, writer and critical thinker. Now that the semester has ended, I can reflect all the semester activities to depict how my writing skills and critical thinking skillsRead MoreFirst Year Students Need Their Fundamental Study Skills to Make the Necessary Adjustments to Achieve Their Successful Journey at University1351 Words   |  6 Pagesyear students need their fundamental study skills to make the necessary adjustments to achieve their successful journey at university. The main points that will be outli ned in this essay are the importance of becoming a critical thinker, verbal skill linked with academic writing and note taking skill is related to referencing skill. First year students need their fundamental study skills to build the necessary adjustments to be successful at university. Before I expand my composition, I willRead MoreCritical Reflection On The Course Experience Essay1197 Words   |  5 PagesCornell Instructor Thomas Riddle Hum 115 –FJT -06 April 29, 2016 Critical Reflection on the Course Experience in Humanities 115 I have not always been a critical thinker, but throughout my course of study at Guilford Technical Community College (GTCC), I have considerably progressed in academic discipline that allows my critical analysis skills from the beginning of the semester flourish to now. Taking Humanities 115, critical thinking enable this success throughout my semester courses. It was a challengeRead MoreCritical Thinking Application Essay example1049 Words   |  5 PagesCritical Thinking Application Teaching higher order thinking skills is not a recent need. It is apparent that students, at all levels of education, are lagging in problem-solving and thinking skills. Fragmentation of thinking skills, however, may be the result of critical thinking courses and texts. Every course, especially in content subjects, students should be taught to think logically, analyze and compare, question and evaluate. Implications for Teaching Thinking must be practiced inRead MoreCritical Thinking Essay1163 Words   |  5 PagesINTRODUCTION Critical thinking has been defined in great depth over thousands of years yet comparison of many of these definitions show the emphasis alters between what characteristic is deemed most important for each individual. However the definition alters, the same three important principles are always included: scepticism, open-mindedness and objectivity. It is important for each individual to conclude his or her own definition of critical thinking to enable a specific authenticity that

The Inequality of Women in the Enlightenment Essay

Battle of the Sexes: Inequality of Women During the Enlightenment The Enlightenment was a period when clusters of philosophers, writers, scholars, and aristocrats sharply debated standards and assumptions about womens rights in society. Issues that pertained to widening the womens sphere into more than just the household, questioning the ability of women to logic as men, and debating egalitarian co-educational opportunities for both boys and girls. This was a time when women started to come forth as intellectuals in response to the unbalanced status given to the â€Å"weaker† sex. Both male and female Enlightenment thinkers had opinions that spanned across each side of the issues. Jean-Jacque Rousseau, who in his novels, such as Emile,†¦show more content†¦From obiendience to the father, to not subordinated to the husband, women are constantly chained with oppression. Rousseau stresses that feelings and passions are directed to the women, and that wit and rationale a re for the men. Wollstonecraft, on the other hand, tries to bring together passion and rationale, rather than separating them and dividing one for women and one for men. Instead of trying to imply that women deserve the opportunity to take on the â€Å"mans roles,† Wollstonecraft tries to prove that by combinding both traits will better society as a whole. She provides a solution for men to, â€Å"generously snap our chains, and be content with rational fellowship instead of slavish obedience, they would find us more obervant daughters, more affectionate sisters, more faithful wives, more senseable mothers- in a word, better citizens† (Wollstoncraft, The Enlightenment Reader, Page 628). Wollstoncraft agrees with Rousseaus ideals of women needing to be good mothers and respectable wives, but she adds that men also need to take up more responsibilities in the household. She continues support the notion that men too need to be good fathers and decent husbands that meet an intellectual partnership with their wives; furthermore, both species can discuss rational thoughts as indistinguishable citizens in the household. It is only when there is gender symmetry in theShow MoreRelatedThe Enlightentment of Age of Reason Sparked Change1049 Words   |  4 PagesThe Enlightenment brought new thinking, making people closely examine the world around them, which sparked change. Also known, as the Age of Reason there was a questioning of authority as people became enlightened and this caused new thoughts such as liberalism, conservatism, skepticism, and Francis Bacon’s empiricism brought over from the scientific revolution. The Enlightenment was a maturity of mankind to higher level thinking, not just following the status quo. It was a raise in education againstRead MoreBoundless Lack Of Freedom And Inferiority848 Words   |  4 Pages which in turn caused inequality, a lack of freedom and inferiority to occur. Immanuel Kant (2016) explores and deconstru cts the notion of enlightenment in ‘An Answer to the Question: What is Enlightenment?† by claiming that people with power cause fear in others, which has created a society that has restrictions and rules to control and ‘guide’ the general public. On the other hand, Mary Wollstonecraft (2016) highlights the inferior status that has been imposed upon women by those with power, whichRead MoreImmanuel Kant And Mary Wollstonecraft888 Words   |  4 Pagesthat binds around our wrists and ankles, but this could be removing the limitations that are put on specific people based on their status or gender. 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DeclarationRead MoreThe French Revolution And The Enlightenment1601 Words   |  7 PagesThe Enlightenment was an extensive intellectual, philosophical, and cultural movement that spread throughout Europe, predominantly England, France and Germany during the 18th century. The Scientific Revolution, which began in the 16th century, gave way to a new and revolutionary way of thinking. It encouraged independent thought, the capacity to ask questions, and a progressive attitude. Additionally, the enlightenment arose during a time when there was absolute monarchy and an extremely powerfulRead MoreReligion: Gender Inequality1395 Words   |  6 PagesIn world religion, gender inequality has always been a great concern. This inequality did not exist based on the concepts of original religion but through cultural influence and social manipulation. The essence of Buddhism originated from a human being (known as Buddha). And Buddha is the one who achieved the highest enlightenment. Often in Buddhism concept, there was confusion about how much devotion is required to achieve the great â€Å"Enlightenment† for monk or nun. Women in the Buddhism face muchRead MoreThe Theory Of Government, Science And The Nature Of Human Beings1466 Words   |  6 Pagesthought for the Enlightenment in the late 18th and early 19th century was laid down in the 17th century with the commencement of reason. The authority of the Catholic Church had been broken by radicals, such as Martin Luther, and the liberation from orthodoxy meant that there was no longer a single authority. People began to examine the world with reason rather than faith.This intellectual curiosity eventually led to the Era of Enlightenment. The central ideals of the Enlightenment ultimately ledRead MoreVoltaire s Candide : The Enlightenment Principle Of Reason1201 Words   |  5 Pagesfour values of the Enlightenment: hope, progress, natural law, and reason. 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The enlightenment period encouraged the people toRead MoreEnlightenment Rationalism and Romantic Subjectivism1187 Words   |  5 Pagesï » ¿Enlightenment Rationalism and Romantic Subjectivism In the eighteenth century social theories had a huge impact on individuals within a society. Two social theories in particular came to be during radical times. The enlightenment rationalism theory was based on human reason and rational thought. The romantic subjectivism theory was based on the importance of individual freedom with an emphasis on the subjective mind and culture. These two social theories were both highly influential during their

Smoking Must Be Banned from All Public Places Essay

In this lifetime, all the public seems to be worried about is effects of global warming. Everyone is trying to make the environment safer so that Earth does not combust within the next 50 years. Yes, that is a global crisis, but there is one forming right under the publics’ nose, literally. The effect of second- and third- hand smoke is something that has become a hot topic and put on the back burner until recently. Some states have adopted a law that prevents smoking in places like restaurants and bars, but that isn’t far enough. Banning smoking in all public places will significantly improve the health of innocent bystanders, which is something the public should want to strive for. More than 42,000†¦show more content†¦Ã¢â‚¬Å"It is especially toxic for babies still in the womb [and] infants†¦Ã¢â‚¬  (Nordqvist). Tar can remain in the lungs one inhaled. Second-hand smoke has almost the same effects as first-hand. It can cause cancers, heart problems, and lung problems if chronic exposure is evident. Third-hand smoke is also something that has come about in the last few years. Third-hand smoke is smoke that can be found on clothes, hair, and in ventilation systems of smoking establishments. In recent years, many states have taken steps forward in banning smoking in public places. Approximately 21 states are 100 percent smoke-free in non-hospitality workplaces, restaurants, and bars (â€Å"†). Although the other 29 states are not 100 percent smoke-free, cities and counties within these states have taken it upon themselves to pass local laws prohibiting smoking in such public areas (â€Å"†). Since some of these laws have been implemented, heart attack hospitalizations fell an average 15 percent, while stroke hospitalizations fell 16 percent and hospitalizations for respiratory disease fell 24 percent (Szabo). Smoking bans have also reduced health care costs in Starkville, Miss., by $302,000 (Szabo). Although tiny steps have been taken in the fight against second-hand smoke, it is not enough. More information should be readily available and made public about theShow MoreRelatedShould Smoking Be Banned?895 Words   |  4 PagesPeople smoke all over the world. Smoking has been around for many decades. Controlling the usage of smoking depends on the smoker. Believe it or not, the government has a huge part on this. In some countries, smoking in public or enclosed areas is banned. In the United States, the owner of any public place has the right to put a â€Å"No Smoking Area† sign. Unfortunately even with these regulations, the smoker doesn’t realize how smoking can be harmful to them and their surroundings; people are simplyRead MorePersuasive Essay Smoking885 Words   |  4 Pagessuch as smoking. People smoke for numerous reasons. These reasons include: socializing, coping with emotions, parental influences, advertising, and for the thrill of risk takin g behaviors. In consequence, many people are unaware of the negative aspects to smoking. Smoking not only affects the individual but has negative impacts on others that are around the smoker and the environment as well. In result of these harmful aspects of smoking, smoking should be banned in public places. Smoking shouldRead MoreThe Debate of Banning Smoking in Public Places Essays718 Words   |  3 PagesThe Debate of Banning Smoking in Public Places â€Å"There is no difference between a smoker and a suicide, only that one takes longer to kill themselves than the other†. Everyone has their rights, and if you want to smoke or not should be your choice because you are doing the damage to your own body. But if it’s supposed to be your choice and every gets their own choice then when you smoke in public places or wherever anyone is around you, you are making that choiceRead MoreThe Negative Consequences Of Public Smoking1347 Words   |  6 PagesThe Negative Consequences of Public Smoking Smoking is known to be one of the most dangerous medicine and can come with some seriously negative to one’s lungs. Research studies have shown that second- hand smoking can be equally as bad. According to the 1964 Surgeon General’s Report, â€Å"2.5 million adults who were nonsmokers died because they breathed secondhand smoke† (Centers for Disease Control and Prevention). To those who own restaurants, oversee public places, and others in charge of entertainmentRead MoreThe Ripple Effect of Smoking1133 Words   |  5 PagesThe Ripple Effect of Smoking It has become common knowledge that smoking is bad for people’s health, nonetheless people continue to smoke. To be honest, that is fine. If people want to endanger themselves by smoking then I wish them a swift and peaceful end (though most smokers die a slow and agonizing death). What is not acceptable is the effect that smoke has on non-smokers who have almost no way of getting away from smoke unless they want to stay in their house. Smokers affect everyoneRead MoreShould Smoking Be Banned?1326 Words   |  6 Pagesthough people are well equipped with the knowledge of how unhealthy smoking can be and what can it causes to their hearts and lungs, they still choose to smoke. Nowadays smoking becomes a trend like a social media, and especially teenagers, are participating in this as well. Although smoking makes you a person feel relaxed from the stress, it harms the body of the smokers in the long run. We have known that smoking can kill us from past 50-60 years, and according to the World Health Organization (WHO)Read More Smoking should be banned all over the United States Essay1657 Words   |  7 Pages Smoking is an activity that has been around for many years for people to use and adapt into their lifestyle. It is a tool that many people use to help reduce the stresses of life and put them in a comfortable position that enables them to cope with the hectic lifestyle they are living. However, smoking has been scientifically proven to cause many types of cancer, the most common being lung cancer resulting in numerous deaths across the United States. According to BBC, Smoking is a greater causeRead MoreBanning Tobacco Advertising Ban On The Public Health Of Their People976 Words   |  4 Pagesplan to soon pass a bill banning Tobacco companies from displaying any source of advertising or sponsoring any public events. The advertising ban took effect from May 1, 2004. 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According to WHO (World Health Organization),Read MoreShould Electronic Cigarettes Be Banned?911 Words   |  4 PagesBACKGROUND While the rate of traditional cigarette smoking in the United States, including California, has decreased, the rates of electronic cigarette smoking, known as vaping, has drastically increased. In 2013 2.6 percent of all Americans used electronic cigarettes, including 3.5 percent of all Californians. While the 2015 statistic for California has not been released, nationwide that number has jumped to 10 percent1. Electronic cigarettes are often marketed as a safe alternative to traditional

Apparent Provisions Cannot Be Recognized †Myassignmenthelp.Com

Question: Discuss About The Apparent Provisions Cannot Be Recognized? Answer: Introducation The recognition of provisions is driven by AASB 137 in accordance to which the following three conditions are required to be met (AASB, 2010). A present obligation should arise based on the events in the past. In order to settle these obligations, it must be likely that economic resource outflow would be required. The amount of outflow can be estimated in a reliable manner. It is essential that all the above conditions need to be met and failure of even one condition would lead to non-recognition as a provision (Deegan, 2014). In relation to the given case including Shire Pty Ltd, the following points are noteworthy in relation to the recognition of provisions. A present obligation does exist for the company as there is a warranty that the company offers whereby it would repair or replace the tools which tend to become dysfunctional within 12 months of purchase. This clearly provides legal rights to the customers and a legal obligation for the company which it has to meet on account of the commitment it has given.Since, the company would need to either repair or replace the tools under warranty, therefore, it is apparent that there would be outflow in terms of financial resources. This is because both in repair or providing a new tool, economic resources would be utilised. With regards to reliable estimation, till recently the warranty was pegged at 3% of the sales which was a reliable estimation. However, offlate this is proving to be less as the machine is getting older and hence the tools quality is not as good as before. Further, as the machine is getting older, there is risk of more dip in quality. Besides, between the two partners, there is lack of clarity on the future course of action regarding this problem. As a result, reliable estimation of warranties is difficult in the present scenario. On account of the above discussion, it is apparent that provisions cannot be recognised. A better way to capture the likely outflow of economic resources would be in the form of contingent liability as the increasing warranty outflow cannot be reliably estimated. Also this would also have adverse impact on the reputation of the business. This problem is further compounded due to inherent differences between the partners. Also, the accountant Brooke is not of much help in this regard considering the lack of experience. Thus, recognition of contingent liability currently would be appropriate (Deegan, 2014). Reference AASB (2010), Provisions, Contingent Liabilities and Contingent Assets, AASB Website, [online] management at https://www.aasb.gov.au/admin/file/content105/c9/AASB137_07-04_COMPoct10_01-11.pdf [Accessed September 9, 2017] Deegan, C. (2014). Financial Accounting Theory, 4th edn. Sydney: McGraw-Hill