Marginalized Masculinity in the Snatch Movie Free Essay Example, 1250 words

The characters overly are of a virility and masculinity presentation. These people apparently are at ease in London due to their protagonist, physical violence and rough manners. Any character in the film who do not display any kind of these normless traits is perceived as feminine or homosexuals. London area is, therefore, under cordon by the marginalized community in order to survive the wrath of the Whites and Anglo Saxon Protestants. The marginalized characters also survive through a submissive view of the London society (Ritchie 145). They cordially reject femininity and responsibility and to some extent, desperately challenge the London authorities. The London society as a whole, throughout the movie, has not been seen as a relenting role player on the marginalized groups of individuals. It engages on a perfect scrutiny of challenging underclass representation as an appealing subculture. Lastly, retrieving diamond and boxing matches bring various cultural experiences between t hese characters together, which improves their survival mechanisms in London. The survival implications of illegal boxing, snuggery and diamond smuggling though may seem confusing in searching for a way of living in London sounds perfectly sensible after watching this movie. We will write a custom essay sample on Marginalized Masculinity in the Snatch Movie or any topic specifically for you Only $17.96 $11.86/page Therefore, this film primarily describes the survival of various communities as immigrants to various cities, towns and nations with London being an example.

Havana Two Faces of the Antillean Metropolis - 1209 Words

For those who have not studied Cuba, it is simply ‘that socialist island in the Caribbean’, reducing a fascinating history to one label. The book ‘Havana: Two faces of the Antillean Metropolis’ by Scarpaci, Segre and Coyula helps to debunk this myth through the story of its capital city and its citizens proving that Havana, and by extension Cuba, is a complex, contradictory country where â€Å"history has left its handprint on every street corner† (back cover). The general theme in Cuban studies is that Cuba is a country of many contradictions and dichotomies; the book perpetuates this idea through its exploration of Havana emphasizing dichotomies such as those between the Spanish and American Influence, pre and post-revolution, capitalist and socialist Cuba, and the Havana experienced by tourists and locals. Havana: Two faces of the Antillean Metropolis explores the fascinating city of Havana throughout the turbulent history of Cuba, from Spanish colonization, through the American era and the revolution of 1959 to the early 2000’s. It is one of a limited number of novels on Havana written in English and part of a series exploring cities around the world (foreword). One of the most striking features of the book is the varied backgrounds of the three authors; Scarpaci, a professor of urban affairs from the United States, Segre a professor of architecture and urbanism from Brazil and Coyula, the only Cuban of the group, an architect and planner from Havana (foreword). ContraryShow MoreRelated Geography of Cuba Essay605 Words   |  3 Pagesaccessible to many harbors. Cuba has a unique advantage over the other Carribean islands because of its accessibility to harbors, which allows for the transport of agricultural goods easily and efficiently to foreign markets. Two hundred rivers can be found in Cuba, however only two are navigable. The Sagua la Grande in central Cuba is a big source of hydroelectric power for the island, as well as many waterfalls found throughout Cuba. The Cauto River, found in the southeast, is slightly navigable for

Environmental fit analysis - Free Essay Example

Sample details Pages: 10 Words: 3097 Downloads: 1 Date added: 2017/06/26 Category Marketing Essay Type Compare and contrast essay Did you like this example? INTRODUCTION: Since organizations are recognizing the importance of managing their human resources as effectively as possible as well analyzing the factors that might affect the organization supply and demand levels and its costs many are devoting more time, attention, skill and effort to have a competitive edge. Therefore, for this essay I have choose Tescos and Waitroses supermarket to look at their grocery industry PEST and SWOT analysis and how this organizations performs the recruitment and selection of personnel. Tesco is a leading retailer in the UK and one of the largest food retailers in the world. Don’t waste time! Our writers will create an original "Environmental fit analysis" essay for you Create order Also, is one of the biggest private sector employers in the UK. Around 86% of all sales are from the UK. Tesco also, operates in 12 countries outside the UK, including China, Thailand, Poland, South Korea and Japan and Turkey. On the other hand, Waitrose owned by the John Lewis Partnership, operates 137 stores, mainly in the South-east of the UK and currently employs more than 27.000 staff. Stores are of small to medium size, conveniently located. Waitrose is recognized for its focused differentiation strategy targeting the upmarket with a wide range of quality, fresh and organic products. This document will discuss some areas regarding human resources department in an organization such as basic concepts, implementation and models of recruitment and selection processes. RESEARCH AND METHODOLOGY: In the lack of internal contacts within the organizations chosen, this essay is based on information found via Internet search, books and journals. MAIN FINDINGS: PEST Analysis: A different number of frameworks have been developed to classify the vast number of possible issues that might affect an industry. A PEST analysis is one of the frameworks that categorize environmental influences as political, economic, social and technological forces. For a PEST analysis it is important to identify the factors that might affect a number of variables that are likely to influence the organization supply and demand levels and its costs (Kotter and Schlesinger, 2005). The analysis examines the impact of each of these factors on the business. The results can then be used to take advantage of opportunities and to make contingency plans for threats when preparing business and strategic plans (Lawson, 2006). Based on the results from of the PEST analysis the market grocery is a good industry to be in as can be seen is positive (+76). See appendix table 1 for the grocery industry PEST analysis. The result shows that the food and grocery market is typically very robus t and recession proof. Food sales are at the core of the supermarkets and spending on food has been growing. Non foods sales account for an increasing share of Supermarkets incomes. For example, most of the UK supermarkets are large and carry a complete line of non food products such as cosmetics, non-prescription drugs, kitchen wares, insurances and petrol stations. From the customer point of view, most of the positive factors have been score based on social and technological issues where environmentally friendly strategies and new technological advances benefices both the customer and for the organizations. For example, take away and convenience intended to save resources such as time and energy or frustration. Most of the supermarkets stores such as Tesco have convenience stores like petrol stations where the consumer can save time as he fill the car with petrol or wash it, the customer can do his shopping. From the point of view of the organizations since supermarkets tries to c oncentrate on satisfying consumers needs, they need to have in mind that there are several other factors that could affect them, such as external environments for instance, Legislation. The food and grocery market is subject to many pieces of stringent legislation surrounding food safety and distribution. For example, supermarkets in UK can be affected in several ways because of politicians different law agreements. For example, as it can be seen in media new laws implied that supermarkets have to compare their products with their competitors products or changes made by the government in income taxes, changes on VAT on goods and changes in tobacco and alcohol laws, all this would have a large positive or negative impacts on supermarkets. Tesco SWOT analysis: This international expansion is part of Tescos strategy to diversify and grow the business. Tesco has established itself as the largest organization of the industry within the UK; its position is strong and has a stable trend. But, intense competition in both domestic and international markets could adversely affect its profitability. However, despite the onset of the economic downturn Tesco reveals its 2008 financial results of annual pre-tax profits rise by ten per cent over the last year. The retailer recorded profits of pound;3.13 billion per year as turnover exceeded pound;1 billion per week over the 12-month period. Overall sales were recorded at pound;59.4 billion, the highest on record for a retailer in the UK. Tesco chief executive Sir Terry Leahy attributed the firms success to a commitment to a long-term consistent strategy. For example, the introduction of buy-one-get-one-free-later deals to help shoppers cut down on food waste. Under the offers, consumers will be able to postpone getting their free second promotional product until a later shopping trip. This would avoid perishable items sitting in the fridge or fruit bowl and then being thrown away if they are not eaten on time. Wa itrose SWOT analysis: Waitrose is well positioned the market and very competitive. A difference from Tesco, Waitrose focuses his strategy targeting the upper market with a wide range of quality and fresh products. Waitrose strengths are for instance, the partnership with John Lewis that provides expertise and already familiar and tested supply links. Also, Waitrose was one of the first retailers to develop Own Brands. Own brand lines carry over 16.000 products including sandwiches and fresh meals. Waitrose is promoted for a fresh and healthy lifestyle leading supermarket chain in food quality and range. As in this days society place more pressure on environmental issues; equally customers put more emphasis on healthy eating and organic food and most are opposed to GM-food. Therefore, Waitrose fully serves this trend with its fresh, quality foods and their own label. Furthermore, Waitrose is undertaking a range of activities to maintain their green image like for example, Bag for Life, publishes an Environmental Report and Fair-trade Bananas. Also, a wide range of social programmes are sponsored. Waitrose actively promotes its commitment to providing British products and offers products through partnerships with farms and dairies. Furthermore, mayor threats come from others supermarkets that also positioned their own brand labels targeting the upmarket like for example, Tesco Finest which can offer their products at lower prices. Because consumers will generally buy their groceries at the most convenient place with the lowest price and since the products they buy are identical in every chain they dont mind which shop they buy their goods from. Indeed, Waitrose has a good reputation for stocking quality products but this has led to a perception of being expensive. An additional threat in that Waitrose has concentrated on the food and drinks market, choosing not to diversify as much as Tesco, this can affect grow and incomes. Consequently, their market s hare cannot really be improved unless they build more stores and expand to other brands labels. Recruitment and selection: A study by Rioux and Bernthal (no dated: 1) based on survey results from 162 members of the DDI HR Benchmark Group quote: Better recruitment and selection strategies result in improved organizational outcomes. The more effectively organizations recruit and select candidates, the more likely they are to hire and retain satisfied employees Human resource recruitment is the process of identifying and attracting potential candidates from within and outside an organization to begin evaluating them for future employment. The goal of recruitment is to ensure that when a vacancy occurs, the organization has a number of reasonably qualified applicants to choose from (Armstrong, 2006). The process of staff recruitment and selection is becoming increasingly complex and Human Resource (HR) strategies means that the successful outcome of these processes is vital for job performance. Workforce comprises people who are different and share different attitudes, needs, desires, values and work behaviours (DNetto and Sohal, 1999). Once candidates are identified, an organization can begin the selection process. This includes collecting, measuring and evaluating information about the candidate qualifications for a specified position. Organizations use these processes to increase the probability of hiring individuals who possess the accurate skills and abilities to be successful at their jobs in which managers and other can choose from a pool of applicants most likely person or persons to succeed in the job given management goals and legal requirements (Rioux and Bernthal, no dated). Consequently, Effective recruitment is essential to the successful functioning of an organization. Successful recruitment depends on finding people with the necessary skills, expertise and qualifications to deliver organisational objectives and the ability to make a positive contribution to the values and aims of the organization (Canterbury Christ Church University, 2009). Process: Recruitment is a big investment and is very important that an organization get the process right, fair and consistent to recruit the right person for the job. Getting that right person takes more than simply checking out the technical details of their application in an interview. Of course they need to have the right skills to do the job,but skills and knowledge alone do not necessarily guarantee a positive contribution to the organisation (Canterbury Christ Church University, 2009). For example, for leadership and management roles, in particular, there is a need to know more about candidate interpersonal skills and behaviours, their values and their ability to cope with a range of different situations (Canterbury Christ Church University, 2009). Putting in place a fair and consistent recruitment process is critical in ensuring to make the right decision. It w ill also safeguard and enhance the reputation as a fair and effective employer (Canterbury Christ Church University, 2009). Consequently, recruitment and selection have been always been critical process for organizations (Bratton and Gold, 2007). Attracting and selecting the right employees is a critical strategic human resources management decision in all organizations irrespective of their size, structure or sector (Baker and McKenzie, 2009; Marchington and Wilkinson, 2008). For example, a survey in the UK by the chartered institute of Personnel and Development found that 85 per cent of organizations experience recruitment process difficulties such as, lack of experience and specialist skills being the most frequent factors (Bratton and Gold, 2007). Moreover, other keys of staffing for instance, HR planning, labour, turnover and recruitment are often downplayed because attention is focused on how selection decisions can be improved by using new or sophisticated techniques proce ss (Marchington and Wilkinson, 2008). These techniques to recruitment and selection tend to emphasize the power of employers. Traditional approaches attempt to attract a wide choice of candidates for vacancies before screening of those who do not match the criteria set in job descriptions and personnel specifications (Bratton and Gold, 2007). Figure 1 for example, shows an overall view of the stages of recruitment and selection and the connections of these processes to human resource planning. Recruitment method in Tesco and Waitrose: The number and categories of people required should be specified derived from the human resource plan. For both stores HR planning is vital as the stores are growing. Tesco and Waitrose need people across a wide range of both store based and non store jobs: In stores: Checkout staffs, stock handlers, supervisors as well as many specialists, such as pharmacists and bakers. Distribution: skilled people in stock management and logistics. Head office: human resources, legal services, property management, marketing, accounting and information technology. The superstores need to recruit on a regular basis for both the food and non food parts of the business. Positions become available because jobs are created as the company opens new stores in the UK or expands internationally such the case of Tesco. Also, vacancies arise as employees leave the company when they retire or resign, or get promotion to other positions within store. The companies use a workforce planning tables to establish the likely demand for new staff planning. For example, Tescos process runs each year from the last week in February. There are quarterly reviews in May, August and November. The superstores seek to fill many vacancies from within the company. They recognise the importance of motivating its staff to progress their careers with the company. Tesco for example, practises a talent planning process. This encourages people to work their way through and up the organisation. Through an annual appraisal scheme, individuals can apply for bigger jobs. Employe es identify roles in which they would like to develop their careers with Tesco. Their manager sets out the technical skills, competencies and behaviours necessary for these roles, what training this will require and how long it will take the person to be ready to do the job. This helps Tesco to achieve its business objectives and employees to achieve their personal and career objectives. On the other hand, Waitrose practises The Waitrose Graduate Scheme that offers a range of programmes for well rounded graduates with the potential to become leaders of our unique business. Advertising: The two organizations advertise jobs in different ways. The process varies depending on the job available. They first looks at its internal talent plan to fill a vacancy. For external recruitment, Tesco advertises vacancies via the Tesco website www.tesco-careers.com, Waitrose advertises via www.waitrosejobs.com in partnership with John Lewis. This means that people can increase their chan ces of recruitment in other kind of jobs such as in clothes, furniture, home-wares, electrical and fashion stores. Also, both of them advertise through vacancy boards in stores. The chosen applicants have an interview followed by attendance at an assessment centre for the final stage of the selection process. People interested in store-based jobs can approach stores with their CV or register though Jobcentre Plus. The stores prepare a waiting list of people applying in this way and call them in as jobs become available. Selection process: It involves choosing the most suitable people from those that apply for a vacancy, whilst keeping to employment laws and regulations. Screening candidates is a very important part of the selection process. This ensures that those selected for interview have the best fit with the job requirements. Both organizations use a screening selection process where selectors will look carefully at each applicants CV. A candidate who passes screening pro cess attends an assessment centre. The assessment centres take place in store and are run by managers. They help to provide consistency in the selection process. Applicants are given various exercises, including team working activities or problem solving exercises. These involve examples of problems they might have to deal with at work. Candidates approved by the internal assessment centres then have an interview. Line managers for the job on offer take part in the interview to make sure that the candidate fits the job requirements. CONCLUSION: For both supermarkets growth have been excellent for the business, they have shown an increase in turnover despite the economic downturn. Although, Waitrose has shown steady growth it is important for Waitrose to challenge Tesco either by thinking of international expansion or on price. On the other hand, the growing importance of environmental issues means that supermarkets will have to provide to consumers better green alternatives and also governed by price. This is a sensitive issue as they will have to balance their public stand on environment without losing consumers due to the increase in prices. Waitrose seems to be very well placed on these issues due to its various and recent green initiatives. This presents an opportunity to Tesco where they can improve and have bigger benefits. Treats to these organizations can be legislation with stringent laws on food and drinks. Tesco and Waitrose will have to follow more and more packaging and labelling policies to deal with t hese, which can be an additional financial trouble for the companies. On the other hand, as organizations respond to economic and technological pressures. Jobs change accordingly. Therefore, planning is vital if a business is to meet its future demands for staff. Tesco and Waitrose have many job opportunities, from management to apprentice posts. Both organizations have clear organisational structures, detailed job descriptions and person specifications. It provides user friendly ways of applying for jobs and a consistent approach to recruitment and selection. RECOMMENDATIONS: As one of the downsides of supermarket shopping is the queuing system, supermarkets should increase the self checkout machines; this can help solve this problem. Internet shopping seems to be growing. However, Waitrose should take additional advantage of this way of shopping. A lot of emphasis and pressure has been added to big companies in reducing carbon footprint and increasing energy efficiency. Organizations will have to invest more on green issues, especially Tesco, as Waitrose has more ethical issues, like sale of organic food and the ethical treatment of animals. Unlike Tescos expansion plan, Waitrose is not present in international markets. This can lead to trouble especially if there is some problem within food retailing in the UK. Waitrose should have a source of extra growth. They can see the opportunity of expansion and have international market. Supermarkets need to be able to ensure that the management of human resources contributes to support broad goals and also, building a strong relationship between HR management and employees. REFERENCES: Andidas.com. (2002). Environmental Fit Analysis. Waitrose. Andidas.com (2003). A Guide for Trainee Graduate Retail Managers and Middle-Level Managers. Waitrose. P 1-30. Armstrong, M. (2003). A handbook of human resource management practice. Ninth edition. London: Kohan Page Limited. Armstrong, M. (2006). A handbook of human resource management practice. Tenth edition. London: Kohan Page Limited. Datamonitor (2006). Tesco SWOT Analysis. P 1-10. Bach, S. (2005). Managing Human Resources: Personnel Management in Transition. Fourth edition. Oxford: Blackwell Publishing. Baker and McKenzie. (2009). Australian Master Human Resources Guide. Seventh edition. Australia: McPherson printing group. Bratton, J and Gold J. (1999). Human Resource Management: Theory and Practice. Second edition. Houndmills: Macmillan Press Ltd. Bratton, J and Gold J. (2007). Human Resource Management: Theory and Practice. Fourth edition. Houndmills: Palgrave Macmillan Press Ltd. Canterbury Christ Church University (2009). Recruitment and selection overview. [Internet]. Available at: lt;https://www.canterbury.ac.uk/business-management/CLMD/recruitment-and-selection/Home.aspxgt;. [Accessed, 24 November 2009]. Courtney, R. (2002). Strategic management for voluntary non-profit organizations. London: Routledge. Marchington, M and Wilkinson, A. (2008). Human Resource Management at work: people management and development. Fourth edition. London: Chartered Institution of Personnel and Development. Rioux, S. M and Bernthal, P. (no dated).Recruitment and Selection Practices. Development Dimensions International. P. 1-4. Storey, J. (1992). Developments in the Management of Human Resources. London: Blackwell.

The Video Game Industry Essay - 1651 Words

The Video Game Industry The video gaming industry has come a long way from the first home based gaming system since the Magnavox Odyssey. Through the decades, the video game industry has rapidly improved the technology to home gaming, and made arcades nonexistence. The major video gaming titans of today are Nintendo, Microsoft Xbox, and Sony Playstation. These three have been in war with each other the past ten years, and neither show signs of defeat. However the two leading competitors of high sales in the gaming industry are Microsoft Xbox and Sony Playstation. Both developers have been head to head on technological advancements and consumer marketing. Sony uses their advanced design of game console and their secrecy of their project to†¦show more content†¦Everyones watching to see how this battle plays out, because each company is pursuing a very different strategy. Sony and Microsoft are gunning for pure performance systems, while Nintendo is shooting at fun, playable games that rely more on i ts unique controllers than impressive graphics hardware. Sony hasnt demonstrated any units nor leaked significant information about the machine. This is a smart marketing strategy. Leaking information only dilutes the power of the final product launch and does nothing to actually satisfy consumers. Withholding information, on the other hand, builds buzz and word-of-mouth interest. Think of the power Apple gets from all the secrecy around its products. Sony is doing the same thing. Sony is a marketing company. It sells as much style and excitement as it does electronics. Sonys brand has in the past commanded premium prices because of Sonys savvy marketing. The companys future relies on the PlayStation 3 and the technology that comprises it. Until November because its two most exciting pieces of technology werent ready - the Cell processor chip and the Blu-ray drive. The complexity of the chip, co-developed with IBM and Toshiba, delayed the manufacture of a large enough quantity of co nsoles for a system launch. The Blu-ray Disc was jointly developed by the Blu-ray Disc Association (BDA), a group of the worlds leading consumer electronics, personal computer and media manufacturers (including Apple, Dell,Show MoreRelatedVideo Games And The Video Game Industry1290 Words   |  6 Pagesthe gaming demographic, but the industry hasn’t done much to make them feel welcome. During the last decade, the mainstream video game industry has seemed to operate under the same apparent assumptions: girls don’t play big action games, boys like the sexualization of girls in video games and won’t play as a female character unless she is heavily sexualized, and that girls play video games for the attention of boys. 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Just like today, 1983 was looking great for the future of video games. However, unlike today, 1983 did not go great for the video game industry, it went awfully. In 1983, the video game industry crashed and has not fully recovered to the value of the mar ketRead MoreVideo Games : The Video Game Industry1574 Words   |  7 PagesThe video game industry is one that continues to grow exponentially with consumers spending over $22 billion dollars on the gaming industry in 2014 (association, 2015). This popularity brings the opportunity to produce a stream of games that continue to expand in their nature and impact on their audience. Video games are now artistic, social and collaborative, with many allowing massive numbers of people to participate simultaneously (htt). The collaboration of the video gaming industry doesn’t stopRead MoreThe Effects Of Video Games On The Video Game Industry791 Words   |  4 PagesAn Atmosphere Unknown This is the future of the video game industry. Imagine looking through the eyes of your favorite video game character but in reality, you are actual sitting on the couch. Look to the left and you see R2-D2 trying to communicate to you. To the right, you have rebel fighters shooting at storm troopers that are attacking your home planet. Virtual reality lets you do all of this from the comfort of your home. However, Augmented reality lets you do this as well, but it is less virtualRead MoreCompetitive Positioning in the Video Game Industry639 Words   |  3 Pagesonline, PC, console, handheld and mobile game publisher with leading positions across every major category of the rapidly growing interactive entertainment software industry.†1 The video game industry of today looks vastly different than it did 10 years ago, with the stark contrast being that many firms are designing their games to be more family-friendly; the stereotypes of video games no longer being just in the realm of teenage boys. All in all, the industry is faring well with reported sales ofRead MoreVideo Game Industry : Nintendo And Sony2289 Words   |  10 PagesINTRODUCTION Nowadays, the video game industry is one of the faster growing sectors in the world and it is unbelievably expected to increase its revenues for the years ahead. Big giant’s companies as Nintendo, Sony and Microsoft are constantly competing and technology and innovation are vital to keep pace with this demanding and challenging field. This essay will discuss two companies within the video games industry, Nintendo and Sony, trying to define their international strategies and their proceduresRead MoreHome Video Game Industry Analysis Essay862 Words   |  4 PagesSubject: The Home Video Game Industry: Industry Analysis History In 1949 the video game was thought of for the first time by an engineer named Ralph Baer but it would be years before video games would enter the spotlight.1 In 1972 Steve Bushnell started the first gaming company Atari. Until 1978 there were very few games for the home system. In 1982 Atari releases a newer version and sales start to sore. In 1985 Nintendo enters the market with the NES. Nintendo still outsells both companiesRead More1970s: The Birth of Video Game Industry Essay1718 Words   |  7 PagesIntroduction 1970s was considered as the birth of video game industry, the phenomenon of gaming was growing and home gaming console Home-Pong which was a one-game-only console was invented by Atari, since then, the gaming industry has become very profitable, and more and more genre of video games were created. Although video games have become more and more popular as time changes, it still has to face the criticism, ‘media panic’. Meida panic happens when a new media appears; people will have aRead MoreFive Forces Analysis of the Video Game Industry943 Words   |  4 PagesAnalysis of the Video Game Industry The video game industry is the economic sector involved with the development, marketing and sale of video and computer games. It includes video game consoles, game software, handheld devices, mobile games and online games. The video gaming industry has been growing exponentially in recent years with Sony, Microsoft and Nintendo competing for the higher profits in the market. This essay will analyze each of the five forces acting on the industry: threat of new

Sales Report Example Free Essays

Table of Contents Executive Summary3 Part 1: GSM Personnel Specification4 1. Experience4 2. Qualifications4 3. We will write a custom essay sample on Sales Report Example or any similar topic only for you Order Now Required skills5 Part 2: Key issues and Recommendations6 1. Introduction6 2. Key issues6 2. 1 Motivation and job satisfaction6 2. 2 Recruitment and selection7 2. 3 Training and development7 2. 4 Key account management8 2. 5 Sales team structure8 3. Conclusion9 4. Recommendations10 4. 1 Change the reward system10 4. 2 Set up the formal recruitment and selection process11 4. 3 Set up a standardized training11 4. 4 Restructure the sales team with the new role of KAM13 . 5 Action Plan15 4. 6 Expected Outcomes16 5. Limitations17 6. Bibliography18 7. Appendices19 7. 1 The recruitment process19 7. 2 Sales people calculation19 Executive Summary The report is divided in two parts. The first part ‘Personnel Specification’ is aimed to identify the required main skills areas of the new GSM. Those are: * Five to eight years sales experience and management; * University degree of business or marketing management; * Excellent and proven communication skills and interpersonal skills; * Ability to reate a work environment and culture to stimulate individual’s development and motivation; * Ability to negotiate and high levels in numeracy and literacy skills; * Personal traits: high motivation, ambition in sales, enthusiasm, full commitment, and ability to work under high pressure. The second part, which is the most important part of this report, consists two main sections: key issues and recommendations. The key issues have been identified through analyzing our current company’s situations and related theories. Those key issues are: * Low motivation and decreasing job satisfaction; * The lack of formal recruitment and selection process; * The lack of quantity and quality in training and development; * The missing role of Key Account Management in the sales operation; * The inappropriate sales team structure. Based on the analysis of key issues, the fully detailed recommendations are provided in the end of this report, following with an Action Plan and expected outcomes. Part 1: GSM Personnel Specification AccuClean is in crucial need of a new General Sales Manager, who will be in charge of the sales team in all regions and report directly to the Managing Director, Peter Ward. Our company is facing several leadership problems and lack of focus in sales team. The new GSM is expected to bring the new fresh leadership style and able to manage the sales team in all regions to achieve the highest performance and long-term development. The personnel specification of GSM will be illustrated in details. Experience The new GSM is expected to have at least 7 to 8 years sales experience, preferably in B2B market (CPSA, 2012; Myjobs, 2012; Reed, 2012). The experience in B2B sales market is very important for our company since our customers are ranging from small to large sized companies, and many of them are with us more than ten years. He/she has a minimum of 5 years experience in business management, marketing and sales strategies and planning, and financial oversight (Inc, 2012; Myjobs, 2012). With these experiences, the new GSM is able to diagnose the management problems within our sales operation, and bring in his/ her new approach in leadership style, in order to improve sales team’s performance as well as increase the motivation and satisfaction of sales people. However, we should be very flexible in selecting candidates based on experience. If a candidate had excellent qualifications regarding his/ her education and 2-3 years experienced, we should not exclude him/ her from our shortlist. The requirement of sales experience is likely to cause a problem of excluding potential candidates (Jobber and Lancaster, 2006). Qualifications The candidate needs to have Bachelor degree of Business or Marketing Management (CPSA, 2012). The university degree is necessary since the good educational background will help the new GSM a lot in management. Besides, the combination of education and experience for the GSM position is ideal for long-term development of our sales force. Required skills The new GSM is required to have excellent and proven oral communication skills (Inc, 2012). In addition, the candidate needs to prove his/ her skills in exceptional customer facing and interpersonal skills to enable difficult situations to be overcome successfully (JCT600, 2012). Communication skills are the most crucial qualities of sales people, especially sales manager (Jobber and Lancaster, 2006). Furthermore, the new GSM should be able to create a workplace environment and culture that allows all the sales people in the team to develop and excel their jobs (JCT600, 2012). This requirement is essential since the current leadership style in our sales operation does not seem to work very well and need a crucial change and improvement. The potential candidate is able to negotiate effectively and at the highest level together with excellent numeracy skills and literacy skills (JCT 600, 2012). For both short-term and long-term development of our sales force, these skills are necessary. Besides, the most two important basic qualities that a good sales person must have are empathy and ego drive (based on the study of Mayer and Greenberg, 1964, cited in Donaldson, 2007). Empathy is defined as â€Å"the important central ability to feel as the other fellow does in order to be able to sell a product or service† (Donaldson, 2007, p. 60). Ego drive is a desire to want and need to make a sale (Donaldson, 2007). Both of these basic qualities are a must for our potential GSM since in order to be a good sales manager, he/ she should be a good sales person. Last but not least, we are looking for a new GSM with high motivation, ambition in sales, enthusiasm, full commitment, and ability to work under high pressure (Mathews and Redman, 2001, cited in Jobber and Lancaster, 2006). Part 2: Key issues and Recommendations 1. Introduction Part 2 is aimed to illustrate the key issues regarding our sales operation in AccuClean. The analysis based on our current situation and theory is presented for every issue. Recommendations are coming in the end of this report, followed by the Action Plan and expected outcomes. All the key issues and recommendations are ordered according to its priority of taking urgent actions. Key issues 1. 1 2. 1 Motivation and job satisfaction Motivation is â€Å"the amount of effort that a salesperson expends on each activity or task associated with the job† (Donaldson, 2007, p. 230). Many factors are believed to cause positive motivation, such as monetary reward, workload, promotion, degree of recognition, supervisory behaviour, targets, and tasks (based on Adams’s inequity theory, Jobber and Lancaster, 2006). In AccuClean, the first factor that causes the low motivation in the sales team is bonus system, which is perceived by many staffs as unfair. The bonus system in AccuClean is set based on achieving a sales figure above the individual sales target, starting from 5% above target sales with a bonus of 5% basic salary. Last year, only nine sales people out of 71 have been able to achieve the bonus, which gives the evidence about the inappropriate bonus system. In addition, the salary is based on individual negotiations when they joined the company, which might lead to unfairness between individual sales people in the team. According to Vroom’s expectancy theory, it is assumed that â€Å"people’s motivation to exert effort is dependent upon their expectations for success† (Jobber and Lancaster, 2006). It means to what extent AccuClean sales people believe by working harder (increase effort), they will achieve 5% above target sales (high expectancy), and that higher sales will lead to higher salary – bonus of 5% of basic salary (high instrumentality), and higher salary is very important for them (high valence). Moreover, during the merger, there were several sales staffs left to join competitors, which may result from the lack of motivations. According to Herzberg’s motivation- hygiene theory, working conditions and company policies are two of the hygiene factors, which cause dissatisfaction, thus, lead to low motivation (Donaldson, 2007). Bonus as money is the only type of rewards that is used in AccuClean, nevertheless, there are many more types of rewards that could also be applied, in order to motivate various types of sales people. The suggested bonus system will be illustrated in the recommendation part in the end of this report. 2. 2 Recruitment and selection Bob Carter is in charge of the selection process for new sales people. However, he has no formal system for recruitment and selection as well as no job description. Formal selection process is crucially important to ensure the quality of sales persons, which can have a substantial effect on sales turnover (Jobber and Lancaster, 2006). Furthermore, hiring a sales person is very costly, much more than the basic salary. Therefore, selecting the right person for the right position is essential, and can be achieved through setting up a formal selection procedure. Another problem is Carter’s way of selection – ‘he knows a good sales person as soon as he sees one’. This bias can harm the screening process, which is part of the recruitment process (see Appendix 5. 1). Either selecting the wrong person or dropping good persons is costly (Donaldson, 2007). Donaldson defines job description as the roles and duties attached to a specific position in the organization (2007). It is necessary for AccuClean to prepare job descriptions for any new positions in the sales team, to ensure the responsibility of each team members, thus, no role ambiguity can occur. 2. 3 Training and development Training is one way for sales managers to improve the performance of the sales people under their controls, broadly to meet the company objectives (Donaldson, 2007). Training and development for sales people in AccuClean are lacked due to several reasons. Any trainings or development relies on the management style and differs in every ASM. There is no formal training process since Carter believes that sales people learn best ‘on the job’. Indeed, there are many kinds of training, which includes individual on-the-job training as Carter’s opinion (Donaldson, 2007). However, good trainings can also be achieved through company-specific programs that are organized in a standardized and professional manner. The irregular and occasional training sessions, usually occur when introducing new products (currently in AccuClean), might lead to the lack of knowledge about products and new skill practices. As the merger of one cleaning chemicals and the other in cleaning machinery, training should have been taken at the early stage of the merger, in order to support sales people in both companies about the company objectives and targets, the knowledge of different and new products, competitors and their products, selling procedure and techniques (Jobber and Lancaster, 2006). 2. 4 Key account management Area sales teams are responsible for all accounts regardless their size and importance. The treatment for key accounts, medium-size accounts or small accounts is much dependent on each ASM’s view, its current mix of accounts in the area and experience. There are in fact 21 customers; each has accounts worth over ? 4 million. Those customers are important to our business and need to be prioritized as key accounts since the loss of even one of them would significantly cause a radical drop in sales and profits (Jobber and Lancaster, 2006). Key account management seems currently necessary, in order to serve our key customers with special treatment in all areas of marketing, administration, and service (Jobber and Lancaster, 2006). In addition, key account management will help to develop a close relationship between our company as supplier and our customers, in order to enhance the communication and co-ordination between us, thus, create more in-depth penetration of DMU, which includes push and pull opportunities for buying decisions (Jobber and Lancaster, 2006). 2. 5 Sales team structure The sales territories of AccuClean, which are merely geographic based, have not been changed since the merger. Geographic structure is traditional and the most widely used type of sales organization in the UK. It has several advantages such as simplicity, shorter journey times, low travel costs, and less potential for conflicts over responsibility (Donaldson, 2007). However, geographic structure has some drawbacks, which might influence to the effectiveness of the sales team and its management. Examples of disadvantages are the need to sell full range, broad expertise needed, and overhead costs for more layers of management evolved (Donaldson, 2007). In order for the sales team to work more productively and better management, it is necessary to make some changes concerning our sales team structure (see Recommendations, section 4). The number of sales people in AccuClean is currently more than necessary, compared to the number of customers. Figure 1 illustrates the current sales people in each ASM as well as the actual needed sales people based on the number of customers in each area. Territory| Number of customers| Current number of sales people| Actual number of sales people| Spare sales people| Midlands| 1973| 26| 18| 8| South| 1545| 22| 14| 8| North| 1196| 16| 11| 5| Scotland/ North Ireland| 499| 7| 5| 2| UK total| 5264| 71| 47*| 24*| Figure 1: Number of Sales people (* approximate number) 1 2 Conclusion Five key issues that have been listed and analyzed above are low motivation and decreasing job satisfaction, informal recruitment and selection process, unstandardized and the lack of regular training, the lack of key account management, and the ineffective sales team structure. Those issues are the most urgent in AccuClean that need to be solved as soon as possible, in order to improve the sales team to work more effectively. Recommendations 4. 1 Change the reward system Bonus (monetary reward), which is the only form of reward using in AccuClean, shows its limitation, therefore, improving the bonus system is crucial. The starting point of 5% should be set lower and dependent on different products and accounts. There should also be other chances to get commission, which can be based on the annual sales revenue and profits. In addition to the monetary reward, AccuClean can apply many other types of rewards such as promotion or workload (based on Adam’s inequity theory, Jobber and Lancaster, 2006). Not all sales people highly value money; some of them might place higher value on promotion, responsibility or recognition. Thus, the variable of rewards will motivate different type of sales people, in order to maximize the expectancy and value of reward (Vroom’s expectancy theory, Jobber and Lancaster, 2006). A study of sales force practices by Chartered Institute of Marketing showed that sales people are mostly motivated by individual meetings with supervisor to discuss career, job problems, etc. The second ranked motivating factors is ‘regular accompaniment in the field by the sales manager’ (Jobber and Lancaster, 2006). These methods of improving leadership style should be aware by ASMs and higher management. 4. 2 Set up the formal recruitment and selection process The formal recruitment process is proposed as below (according to Jobber and Lancaster, 2006, p. 384). Bias in selecting applicants should be minimized by carefully preparing job description and personal specification. Of course, the experience of employer should be used during the selection process. However, those five steps above should be strictly followed to avoid any mistakes during recruitment. 4. Set up a standardized training Good training programs will help to equip our sales people with sufficient knowledge and skills. Besides, it plays as a motivation factor for sales people and positively influences the job satisfaction. 4. 3. 1 When should our company train our sales employees? According to Donaldson (2007, p. 208), the training should be held properly when: * New sales person is recruited * A sales person takes on a new terr itory * New products * New business, new market segments * Company new policies or procedure * Selling habits are poor or inappropriate An individual is being considered for promotion The sales techniques are very important to train all sales people in the organization (69% of North European firms providing sales techniques training). The market and customer knowledge is also essential in training (42% of firms providing this, based on Roman and Ruiz, 2003, cited in Donaldson, 2007). 4. 3. 2 Who should do the training? Sales trainer can be senior managers (i. e. ASMs, GSM), technical specialists (from Production department), external specialists, or inside experienced sales people (i. e. from other ASMs). In many cases, training is more likely to be provided by inside company specialists, who not only have the best understanding about the organization and individual needs, but also can tailor training programs to suit both internal and on-the-job requirements (Donaldson, 2007). 4. 3. 3 Where should training be done? The training can be organized in internal single location (different ASMs), a centralized external location or a decentralized location (on the job). It depends on the purpose of training and variable factors to decide where to hold the training. Below is the nine possible options that are proposed by Donaldson (2007, p. 210). 4. 3. 4 What methods of training should be used? Lectures, films, role playing, case studies, or in-the-field training are options of training methods (Jobber and Lancaster, 2006). Each has its advantages and limitations. The point is how to use them properly for different training purposes, in order to achieve the best results and highest satisfaction of participants. 4. 4 Restructure the sales team with the new role of KAM New proposed sales team structure is presented in Figure 2 with two radical changes. ASM North and ASM Scotland will be combined into Regional Sales Manager of North and Scotland * Key Account Manager is added to our sales team structure as one independent function Figure 2: Sales Team Structure (proposed) The Regional Sales Managers are formed to ensure the number of sales people is interrelated to the number of customers in each region. The number of customers in the North and Sco tland, which is 1196 and 499 respectively, is much fewer than the number of customers in Midlands and South (1973 and 1545 respectively). Therefore, it is appropriate to merge two ASMs North and Scotland together, in order to enhance the performance in the broader area, and increase the influence on organization’s decision-making of sales people in the North and Scotland area. The Key Account Manager is added to be in charge of all key accounts in the whole UK. KAM’s responsibility is to manage all sales people, who are managing those key accounts in different regions. Moreover, KAM is also responsible for potential key accounts and complex DMUs. The communication and leadership style are crucially important to be successful in managing sales people in different areas. Monthly meeting can be organized and the advanced record system (computer based) should be built up to develop the whole sales team’s communication flows in long-term. This proposed sales team structure is based on all forms of selling simultaneously: KAM for very big accounts, general territory representatives (Regional Sales Managers) for the medium and small- sized accounts (Jobber and Lancaster, 2006). The number of sales people in AccuClean is currently more than necessary, as calculation based on the current number of customers. In fact, it is difficult to get rid of 24 sales people at once, and should not be done in that way. AccuClean can evaluate sales people in the whole company by their performance, motivation and achievement in past years. In a period of 12 months, it is expected to dismiss six sales people. After two years, 12 sales people in total will be fired. AccuClean may attract more customers in the future and need more sales people; therefore, it is dependent on the situation at the time to decide how many more sales people have to leave. 4. 5 Action Plan 4. 6 Expected Outcomes Limitations The merger of two ASMs North and Scotland into one Regional Sales might cause problem in the span of control. The new RSM will manage 20-23 sales people, which might lead to the role ambiguity and lack of coaching and supervision. The Action Plan illustrates many tasks that need to complete in the first year, thus, it might be very challenging in the first year for the new GSM. It is a tough decision to fire some sales people in the next two years. It might cause several problems within the sales team concerning rumours or miscommunication. Therefore, it is necessary to have a serious evaluation based on a formal checklist and consultancy from different people in the team. Furthermore, the training needs to be held at the beginning of the year, to inform the sales team about new changes, thus, reduce miscommunication. Bibliography CPSA (2012) Sales Manager Job description [Online]. Available from : http://www. cpsa. com/pdf/src/tools/Sample%20Sales%20Manager%20Job%20Description. pdf [Assessed 16 December 2012]. Donaldson, B. (2007) Sales Management. 3rd ed. NewYork: Palgrave MacMillan. Inc (2012) General Manager Job description [Online]. Available from : http://www. inc. com/tools/general-manager-job-description. html [Assessed 16 December 2012]. JCT 600 (2012) General Sales Manager Job description [Online]. Available from : http://www. jct600. co. uk/data/cm/careers/1028. pdf [Assessed 16 December 2012]. Jobber, D. And Lancaster, G. (2006) Selling and Sales Management. 7th ed. England: Pearson Education Limited. Myjobs (2012) Senior Sales Manager (Oil Machinery) [Online]. Available from : http://myjobs. classifiedpost. com/index. php/Job-Search/ENGINEERING-GENERAL-BUSINESS-DEVELOPMENT-ACCOUNT-MANAGEMENT-Job-Description/SENIOR-SALES-MANAGER-OIL-MACHINERY/597925 [Assessed 16 December 2012]. Reed (2012) General Manager – Milton Keynes [Online]. Available from : http://www. reed. co. uk/jobs/general-manager-milton-keynes/22306659#/jobs/general-sales-manager-in-milton-keynes [Assessed 16 December 2012]. Appendices 3 4 7. 1 The recruitment process 7. 2 Sales people calculation The Figure 1 calculation will be illustrated in details as below. Based on: Number of sales people = (Number of customers x Number of call pa) / (number of calls per day x Number of working days per year) Suppose there are 225 work days per year, 12 times calling per customer per year (once a month) Each sales person supposes to make 40 calls per week, 10 of those are to be made to prospects. Therefore, each sales person has to make: (40-10)/5 = 6 calls per day. * Number of sales people in Midlands = (1973 x 12) / (6 x 225) = 18 * Number of sales people in South = (1545 x 12) / (6 x 225) = 14 * Number of sales people in North = (1196 x 12) / (6 x 225) = 11 * Number of sales people in Scotland/ North Ireland = (499 x 12) / (6 x 225) = 5 How to cite Sales Report Example, Essay examples

Material Misstatement of Revenue System Free Samples to Students

Question: Discuss about the Material Misstatement of Revenue. Answer: Introduction: SWOT analysis helps in analyzing the aspects which are strength of the company; factors which could be weak points of the company; prospects which can be helpful for the company to make further development or to realize growth in business; factors which can cause threat for the company can also be identified through this analysis(Fine, 2011). Through the analysis Woolworths can analyze the external and internal factors of business environment which could help in developing its business projects and the threats and the weakness can be identified and planning could be made to manage those weak aspects. SWOT analysis for Woolworths is summarized below- Strength Strong product Portfolio Strategic Acquisitions Strong connections with suppliers Strong foundation in Australia Higher return on investment facilitate leverage growth Brand strength Geographical situation related with shopping centers aids access to the market. Weakness v Lack of global presence v Low risk acceptance v Steady operational scale can create issue in managing change. v Highly unplanned work pool Opportunities Increase in population Increase in online opportunities New prospects of sourcing in South-East Asia Prospects of diversification in new market Prospect for acquisitive growth Threat Highly competitive Industry Increase in labor rates Low consumer confidence Fully discuss the potential impact of your analysis on the Woolworths audit Strength- Woolworths has strong foundation in Australia which is one of the strength for the company(Porter, 2011). Another strength of the company is that the relationship with the suppliers is well established. Strong relationship with the suppliers facilitate company to carry out its business activities and the supplies are made by suppliers within timeframe and at best price. Leverage growth is enjoy by company as the return on investment is also higher. The stores of the company are located at accessible locations. This factor is one of the strength for the company as the customers like to purchase from the stores which are easily accessible (Bird, 2015). Woolworths product portfolio is also strong which facilitates in generating profit and getting more business. Presence of Woolworths in private label market is well established and the consumers use to prefer shopping of private level brands in comparison to national brands and reason for this is, private label brands are more cheaper comparatively to national brands(Sarsby, 2016). For that reason, Woolworths has strong portfolio and well positioned in terms of private level brands and this tends to increase in profits and revenue. Weakness- The factors which are weakness of the company can affect the business process of company. Woolworths lacks in the global presence as more stores are not established worldwide. Another weak factor is that company`s risk accepting aspects are also low and without taking risk company cannot achieve higher profits(Bird, 2015).Steady operational scale of Woolworths is also a weak factor as it can create issue in managing change. Business activities are not well planned which is the most weak aspect of the company. As the roles and responsibilities of the employees are not well defined which give rise to the confusions. Opportunities-There is opportunity of growth in online business. Now a days, people wants to make their purchasing in less consuming time. Online business would help the company to increase its business in addition to realize higher profit (Mangum and Kerr, 2012). Population is increasing day by day which is also an opportunity for growth of business as the increase in population will tend to increase in sale(Sarsby, 2016). There is new prospect for Woolworths to establish its store in South-East Asia as its market is emerging. This opportunity can help the company to create its global presence. Threat- It is being analyzed from the SWOT analysis that Woolworths has threat from its competitors. There is enormous competition in the business of supermarket. One of the main competitor of Woolworths is Coles, which is Wesframer`s subsidiary. Little differentiation is there in between Coles and Woolworths which makes difficult for the company to endure a competitive advantage(Fine, 2011). More Savings Every Day is the marketing campaign of Woolworths and tough competition is faced by the company by the marketing campaign of Coles i.e. Down Down. Intense competition can affect the market share of Woolworths. Due to heavy taxes, confidence of consumers for buying has been decreased by 6.8% to 92.9. Therefore, consumers tends to save more money and this could affect the retail business of company. Increase in the rates of labor can also be threat for the company as the company`s cost will increase. At last, this can be concluded from the SWOT analysis of Woolworths that opportunities can be grasped by the company to overcome from the issues which are weak points and the threats can also be managed by developing some plan and holding the prospects for overall growth. In order to assess inherent risk involve in the financial statements or business operations of Woolworth limited, it is required to understand what inherent risk is. Inherent risk can be defined as the risk which is not under the control of business organization but are present in operational market or activities undertaken by the business organization. Inherent risk in auditing terms can be defined as the risk of material misstatement in the financial statements of the business organization. In other words, it can be defined as the material omission or error that is present in financial statements of the business organization. Explain why the account balance is at significant risk of material misstatement Substantive audit procedure can be defined as the process of identifying and collecting conclusive audit evidences that support correctness or prove material misstatement of financial statements. Internal control system is the internal process of business organization used in day to day or operational activities of the entity. These are adapted to control and detect fraud and error during operational activities. Following are internal control that to mitigate risk of identified assertion: SPECIFIC ACCOUNT BALANCE Inventory Account Interest or financial cost Sales Account (a) Explain why the account balance is at significant risk of material misstatement. Since Woolworth is engaged in many businesses and these businesses are of different nature. In some businesses, treatment and presentation of inventories are different from other. Therefore it is very much important for management to record and account inventory at correct value. Since many purchase rebates, discount allowed and other cost related to inventory are required to be considered (Mohammed, 2017). Inventory in retail business is huge in no and therefore this leads to inherent risk in Woolworths financial statements. Therefore in this case, there is inherent risk inventory account or in inventory management. On the basis of analysis of financial statements, it can be analyzed that Woolworth limited is engaged in many business operations and for the same they had taken huge funds internationally. Therefore inherent risk related to internal financial market like swapping risk, foreign currency fluctuating risk, difference in economic conditions of two different countries and many other consideration are kept in mind. Woolworth limited has obtained financial assistance from international market and this has posed to be inherent risk in auditing process (Wright, 2016). There is possibility of material misstatement in the interest cost or financial cost balance and it is not under the control of business organization. From the analysis of financial statements, it can be analyzed that sales revenues account shown in the income statement is at significant risk of material misstatement. Sales account of Woolworth limited represents sales revenues from different source or from different business operations. Woolworth limited is engaged in many business operations or in many businesses that posses different types and different levels of risk. Significant material risk in sales account or balance can be because of many reasons like diversified business operations, different types of products and services, different revenue recognized methods used in recording and presenting sales revenue and many other factors. (b) Explain the key assertion at risk of not being valid. Inventory Account: In this case, key assertions that are at risk in case of inventory balance is not being valid are as follows: Existence- According to this assertion, inventory balance shall exist and shall match with the inventory balance disclosed in the financial statements during the reporting period. Completeness- According to this assertion, assets and liabilities present or exist during the previous year shall exist during the reporting period and shall be recognized in the financial statements. Valuation- Most important assertion that can be present or at risk of not being valid in the financial statements is valuation of inventory. Since inventory of the Woolworth limited is complex in term of diversity and of huge volume, therefore there is possibility of not valuing each inventory reliably. Interest or financial cost Accuracy- Assertion that poses risk of being not valid is of accuracy in terms of calculation and recording or presentation of interest cost or finance cost of Woolworth limited. Since Woolworth has been involved in taking finance assistance internationally therefore there is high risk of not measuring finance cost accurately. Sales Account: Occurrence: According to this assertion, account balance is at risk of material misstatement in terms of transactions are occurred during the reporting period and are related to business organization only. In case of sales revenue account, occurrence assertion can be at risk of material misstatement as there is risk of revenue earned and recognized during the reporting period. Sales revenue shall be related to reporting period and shall be received during the reporting period of Woolworth limited. (c) Detail one (1) relevant substantive audit procedure to address the assertion at risk as identified in b) above. Inspection (Valuation): In this type of substantive audit procedure, inspection of level of inventories will be done. Physical verification shall be undertaken for assessing risk of material misstatement in inventories account (Glover, Prawitt Drake, 2015). Physical inventory shall be matched with the inventory level in system. Analytical procedures (Accuracy): In order to assess interest or finance cost of Woolworth limited, analytical procedure shall be used to analyses risk of material misstatement in financial statements. In this process, financial data of past few years will be taken into account and then analysis shall be done for analyzing the trend (Popescu Dascalu, 2012). Enquiry and external confirmation (Occurrence): Occurrence assertion of sales account shall be analyzed using substantive audit procedure of enquiry and external confirmation from the debtors and other parties. (d) Detail one (1) relevant practical internal control that would mitigate the risk in relation to the assertion at risk as identified in b) above. Valuation- Store manager along with other supervisor shall have the authority of inventory management. There shall be three step material intake, issue and balance matching process (Dan, 2011). Accuracy- Interest shall be calculated by undertaking risk involve in currency fluctuation and shall be authorized by financial manager. Interest calculation and overall interest shall be verified by internal auditor in concurrent audit (Lee et al., 2014). Occurrence- Sales shall be recorded when complete consideration has been received by Woolworth. Sales receipt shall be authorized by sales assistant, discounts shall be authorized by sales supervisor and all these shall be verified by sales manager. References Bird, G. (2015). Competitive Advantage: How To Gain Competitive Advantage, Stay One Step Ahead and Win! Kindle Edition. Bohm, A., Hm , A. B. (2013). The Swot Analysis. Grin Verlag . Dan Eugen Cosmin. (2011). Enhancing Assets' Protection Through An Adequate Monitoring Of Internal Control System By Internal Audit. Annals of the University of Oradea : Economic Science, 1(2), 491-497. Fine, L. (2011). The SWOT Analysis. Kindle Edition. Fox, D. (2016). Thinking about SWOT analysis. Kindle Edition. Glover, S., Prawitt, D., Drake, M. (2015). Between a Rock and a Hard Place: A Path Forward for Using Substantive Analytical Procedures in Auditing Large PL Accounts: Commentary and Analysis. Auditing, 34(3), 161-179. Lee, J., Kang, M., Oh, Y., Pyo, G. (2014). Does continuous auditing enhance the quality of financial reporting? Korean evidence. Asia-Pacific Journal of Accounting Economics, 1-24. Mangum, Catherine, and Stephen Thomson Kerr. (2012) Centrally Planned Innovation. 1st ed. Mohammed Abba. (2017). Moderating Effect of Internal Control System on the Relationship Between Government Revenue and Expenditure. Asian Economic and Financial Review, 7(4), 381-392. Parker, S. M. (2015). Swot Analysis: An Easy to Understand Guide. CreateSpace Independent Publishing Platform. Popescu, M., Dascalu, A. (2012). Improving the internal control system within universities. Bulletin of the Transilvania University of Brasov. Economic Sciences. Series V, 5(1), 101-106. Porter, D. (2011). How to perform your own SWOT analysis (Entrepreneurs Brief Guide Book 3). Kindle Edition. Sarsby, A. (2016). Swot Analysis: A Guide to Swot for Business Studies Students. Spectaris Ltd. Wright, W. (2016). Client business models, process business risks and the risk of material misstatement of revenue. Accounting, Organizations and Society, 48, 43.