Audit Evidence Essay Example | Topics and Well Written Essays - 1500 words

Audit Evidence - Essay Example These are all physical items owned by a business; these may include Land, motor, buildings and other freehold property. Besides these physical assets there is also another class of assets referred to as intangible assets, this class contains such items as patents, copyrights and good will. What the auditor does in looking for audit evidence is that he checks these particular items individually for things like physical location for those it can be verified. Items which may require verification are buildings and freehold property. The auditor also considers amortizations for intangible assets such as goodwill and patents. The other class of assets is the Current assets that include fast moving goods of the business and other short term items of the business among these are the inventory, account receivables, and liquid money that is held by the business. It should however be noted that all the items may not involve the same methods of gathering the evidence as some tend to offer a complicated documentation process while others have a simpler system thus for the auditor to decide what method to use he has to consider each of these items and determine which of the items requires what method. In the following discussion I wish to determine what method to use in each of the selected items in the current assets namely inventory and account receivables. Under the examination method different modes are used by the auditor depending on the item involved. (Elder, Bisley and Arens 2008) Inventories These require physical counts by the auditor to verify the amounts indicated in the records, this verification may involve several methods - The client does the counting and the auditor simply observes and does test counting for some of the items. -The auditor does literal counting for all inventories Other procedures touching on inventory involve examination of purchase invoices and sales reports for a given period. Also determining whether the inventory is pledged or is subject to liens. Accounts receivables These all debts owned to the business what the auditor needs to check when it comes to these is whether some are overdue and also check on the ones that may look very s8uspicious.These may include recurrent accounts with very huge balances etc Checking of these accounts mainly provide evidence on rights and obligations. Advantage of this method of evidence gathering The auditor gets first hand information, this

Business plan for a media product - The Reading Series Essay

Business plan for a media product - The Reading Series - Essay Example with Riverbank technical manager Paul Winters, the series was first commissioned by then Riverbank manager Denis Clifford in 2004 and it was commissioned again by previous Riverbank manager Marcella Bannon in 2005, in 2006 commissioned again by new manager John O’Brien and due to its success in the community, has been commissioned again for another series by existing Riverbank manager John O’Brien to run for three years. We are planning to form a company which will be working formally on these footings and would engage into professional activities of arranging such gatherings all over the place in order to bring out the most amazing talents of the world and In doing so we believe that we will not only be serving the art but also providing healthy and competitive entertainment to our consumers. We believe that our company will be one of its own as it will offer unique opportunities to brightest talents with ready access to those who can provide them opportunities to show their talent. Our basic aim therefore would be to form a link between the writers and the professional publishers who can publish the talents identified by us. â€Å"The Riverbank Reading Series aims to introduce the community to various types of literature (fiction, non-fiction, columns, journalism and to a lesser extent poetry) by having a broad range of authors, writers and journalists read from their work. We aim to keep our audiences happy and entertained by accompanying readings with video projections, lighting and music and by generally creating a relaxed atmosphere of fun and humor. We also aim to keep the evenings short and sweet (an hour or so) so that the readings can be given their full attention by the audience.† Our company will be primarily a small scale company with initial paid up capital of Euro 1.000 Million. We will be a small scale company with employee level of just 25 people in its initial phase however we intend to increase our human resource base by recruiting our

Economy Of South Africa Economics Essay

Economy Of South Africa Economics Essay South Africas economy is the largest in Africa and is 24 of its GDP in terms of PPP.A quarter of the population is unemployed and real unemployment rate is 40. South Africa has a comparative advantage in agriculture, mining and various manufacturing products. It has shifted from a primary and secondary economy to an economy driven primarily by the tertiary sector which accounts for an estimated 65% of GDP. Its economy is reasonably diversified with key economic sectors including mining, agriculture and fishery, vehicle manufacturing and assembly, food-processing, clothing and textiles, telecommunication, energy, financial and business services, real estate, tourism, transportation, and wholesale and retail trade. The unemployment rate is over 25%, and the poor have limited access to economic opportunities. Including this many issues such as crime, have in turn hurt investment and growth, having a negative effect on employment. Crime is considered a major constraint on investment. South Africa has struggled through the late 2000s recession, and the recovery has been largely led by private and public consumption growth, while export volumes and private investment have yet to fully recover. The long-term potential growth rate of South Africa under the current policy environment has been estimated at 3.5%.Per capita GDP growth has proved mediocre, though improving, growing by 2.2% over the 2000-09 decade. This is a table of the trend of South Africas gross domestic product at market prices estimated by the  International Monetary Fund: Year GDP, USD bln US Dollar Exchange in early January Unemployment rate Per Capita Income,  % of USA 1980 80.547 0.8267 Rand 9.2 22.6 1985 57.273 2.0052 Rand 15.5 9.8 1990 111.998 2.5419 Rand 18.8 13.1 1995 151.117 3.5486 Rand 16.7 13.2 2000 132.964 6.1188 Rand 25.6 8.5 2005 246.956 5.6497 Rand 26.7 12.4 2010 363.655 7.462 Rand 24.9 15.5 2015 (fcast) 510.937 22.8 18.0 Economic overview of South Africa (Sector wise) Natural resources Mining has been the main driving force behind the history and development of Africas most advanced and richest economy. Large scale mining started with the discovery of a diamond on the banks of the Orange River in 1867 by Erasmus Jacobs and the subsequent discovery and exploitation of the Kimberley pipes. The Witwatersrand Gold Rush and the subsequent rapid development of the gold field are the biggest of all. Though minings contribution to the national GDP has fallen from 21% in 1970 to 6% in 2011, it represents 60% of exports. The mining sector accounts for up to 9% of value added. In 2008, the countrys estimated share of world platinum production amounted to 77%; kyanite and other materials, 55%; chromium, 45%; palladium, 39%; vermiculite, 39%; vanadium, 38%; zirconium, 30%; manganese, 21%; rutile, 20%; ilmenite, 19%; gold etc. It also accounted for nearly 5% of the worlds polished diamond production. The countrys share of world reserves of platinum metals amounted to 89%; hafnium, 46%; zirconium, 27%; vanadium, 23%; manganese, 19%; rutile, 18%; fluorspar, 18%. It is worlds third largest exporter of coal. Agriculture and food processing The agricultural industry contributes 10% of formal employment, relatively low compared to other parts, as well as providing work for laborers and contributing 2.6% of GDP. Due to the aridity of the land, only 13.5% can be used for crop production. Agriculture sector face problems of increased foreign competition and crime. Maize production, which contributes to a 36% has also experienced negative effects due to climate change. South Africas critical exports include edible fruit and nuts, beverages, preserved food, tobacco, cereals, wool , miscellaneous food, sugar, meat, milling products and starch. Important imports include: cereals, meat, soya-bean oil cake, soya-bean oil and its fractions, tobacco, palm oil and its fractions, spices, coffee, tea, and preserved food. The competitive pressures from China and India resulted in decline of exports for the food, textiles and paper sub-sectors. Manufacturing The manufacturing industry contributes just 13.3% of jobs and 15% of GDP. Labor costs are low, and the cost of the transport, communications and general living is higher. The automotive industry is about 10% of South Africas manufacturing exports, contributes 7.5% to the countrys GDP. BMW, Ford, Volkswagen, Daimler-Chrysler, General Motors and Toyota all have production plants in South Africa and the large component manufacturers are Arvin Exhaust, Bloxwitch, Corning and Senior Flexonics. Companies producing in South Africa can take advantage of low production costs and access to new markets due to trade agreements with the European Union and the Southern African Development Community. Service industry Telecommunications infrastructure provides efficient service to urban areas as to cellular and internet services. In 1997, Telkom, was partly privatised and entered into a strategic equity partnership with SBC, a U.S. telecommunications company. In exchange of providing certain services for 5 years, Telkom assumed an obligation to facilitate network modernisation and expansion into the unserved areas. Five companies provides service to 20 million subscribers and South Africa considered to have the 4th most advanced mobile telecommunications network worldwide. Business process outsourcing South Africa and particularly the Cape Town region established itself as a successful Call center and business process outsourcing destination with a highly talented pool of productive labor. The Carphone warehouse, Delta airlines and others have established inbound call centers within Cape Town as a means of utilizing Cape Towns low labor costs and talented labor. Tourism South Africa is a popular tourist destination, with around 860,000 arrivals per month. Revenue equaling between 1% and 3% of GDP is generated by the tourism industry. Among the main attractions are the picturesque culture, the game reserves and local wines. Financial services The country has a sophisticated financial structure with the JSE Securities Exchange, a large and active stock exchange in terms of total market capitalization as of March 2009. The banking industry regulated by the South African Reserve Bank is dominated by four local players: Nedbank, ABSA, Standard Bank and First Rand. Banks operating in South Africa, when left with short of liquidity, need to borrow from the SARB at a fluctuating repo rate. Income Distribution South Africa is affected by vast differences in incomes and wealth. The high level of overall income inequality has accentuated: the countrys Gini coefficient increased by four percentage points, and income has concentrated in the top decile. Rural poverty rates remain higher than those in urban areas, urban poverty rates are rising and rural rates seem to be falling. Between-race inequality also remains a central issue and many blacks in the country still live in poverty. National Income Dynamics Study (NIDS) data suggests that 47% of South Africans live below the poverty line: 56% of blacks live in poverty compared to 2% of whites. Human Poverty Index ranked South Africa 85 out of 135 countries. A 2011 study published by the University of Cape Town found that nearly 40% are black, where this group had once been almost exclusively white. While only 29% of the absolute wealthiest South Africans are black, this jumps to 50% among the entry-level. Current Economic scenario Trends: Monetary Policy   The primary objective of monetary policy in the country is to achieve and maintain price stability and balanced economic development. Price stability reduces uncertainty and therefore, provides a favourable environment for growth and employment. Moreover low inflation contributes to the protection of the purchasing power of all South Africans specially poor. The Bank has full operational autonomy. Monetary policy is set by the Banks Monetary Policy Committee,  which conducts monetary policy within a flexible  inflation-targeting framework and  it allows for inflation to be out of the target range as a result of first-round effects of a supply shock. This flexibility does not relieve the Bank of its responsibility with respect to returning inflation to within the target range but allows for interest rate smoothing over the cycle. GDP Growth Rate of South Africa GDP % (Yearly) Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 GDP % 0.6 3 2.6 3 1.9 3.5 4.9 5 5.1 3.1 -1.8 2.8 3.1 Inflation Rate of South Africa Inflation rate (consumer prices) (%) Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Inflation rate 5.5 5.3 5.8 9.9 5.9 4.5 4 5 6.5 11.3 7.2 4.5 5 Unemployment Rate of South Africa Unemployment rate (%) Year 1999 2000 2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 Unemployment rate (%) 30 30 37 37 26.2 26.6 25.5 24.3 22.9 24 23.3 24.9 Imports of South Africa Imports (Billion $) Year 1999 2000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Imports 26 27.6 28.1 26.6 33.89 39.42 52.97 61.53 90.57 66.01 77.04 102.6 Exports of South Africa Exports (Billion $) Year 1999 2000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Export 28 30.8 32.3 31.8 36.77 41.97 50.91 59.15 86.12 66.54 76.86 104.5 Foreign Exchange rates in South Africa (Dec., 2012) Tthe comparison of South African rand with top ten countries as per trade. South African Rand 1.00 ZAR inv. 1.00 ZAR Euro 0.087595 11.416206 US Dollar 0.114545 8.730185 British Pound 0.071077 14.06928 Indian Rupee 6.204247 0.16118 Australian Dollar 0.109217 9.156089 Canadian Dollar 0.11348 8.8121 Emirati Dirham 0.420736 2.37679 Swiss Franc 0.106176 9.418325 Chinese Yuan Renminbi 0.71349 1.401561 Malaysian Ringgit 0.349072 2.864742 foreign Direct investment Foreign direct investment flows to South Africa from 43.6% in the first half of 2012 compared to the same period last year, while FDI rose by 5%. The decline in FDI to Africas biggest economy came amid an 8% drop in global FDI inflows because of heightened global economic uncertainty. The report said FDI inflows to South Africa fell to $1.7-billion in the first six months of 2012 , reflecting sluggish domestic economic growth as well as a slowdown in developed economies. The IMF forecasts South African GDP growth of 2.6% this year, and recently cut its 2013 growth forecast to 3% from a July projection of 3.3%, due to its close links to struggling Europe. The IMF has also trimmed its 2012 forecast for Africa to 5% from 5.4% but raised its projection for 2013 to 5.7% from 5.3%. SOUTH AFRICA BALANCE OF TRADE C:UsersMicrosenseDesktopsouth-africa-balance-of-trade.png SOUTH AFRICA INDUSTRIAL PRODUCTION C:UsersMicrosenseDesktopsouth-africa-industrial-production.png Industrial Production in South Africa increased 2.50 percent in October of 2012 over the same month in the previous year. Industrial Production in South Africa is reported by the Statistics South Africa. In South Africa, industrial production measures the output of businesses integrated in industrial sector of the economy such as manufacturing, mining, and utilities.

eBay Analysis Essay -- Case Study SWOT Business Model, solution

I. eBay’s Vision II. eBay’s Business Model III. Industry Analysis Background Porter’s five forces SWOT analysis IV. eBay Financials V. Summary and Recommendations I. eBay’s Vision: eBay was founded in the San Jose living room of Pierre Omidyar back in September 1995. The basic vision Omidyar had when he founded what became eBay was to create a person to person trading community based on democratic market principles; these principles allowed for a free flow of information, communication and ultimately transaction on tens of millions of items through the internet. Along with the help of Meg Whitman, a skilled branding manager, and a senior staff from such heavily branded companies as PepsiCo and Disney, they established a strong mission for the company- that eBay be a company that is in the business of connecting people, not selling them things. This founding vision set the course for eBay’s explosive growth, making it the world's online marketplace for the sale of goods and services by a diverse community of individuals and businesses. II. eBay’s Business Model Since its inception in 1995, eBay has become the market leader and innovator in the online auction industry and its brand has accordingly become synonymous with e-commerce. Rapid growth and being the first to market served eBay’s competitive strategy of differentiation well; there was really nothing like it out there: unique service, broad range of products and global reach. In addition, their target audience was quite diverse-on the buyer side you had everyone from hobbyists and collectors to the bargain hunters; on the seller side you had antique dealers, casual sellers, mom-and-pop businesses selling unique items and finally large well-known corporations liquidating their inventory. Buyers and sellers are brought together in a manner where sellers are permitted to list items for sale, buyers to bid on items of interest and all eBay users to browse through listed items in a fully automated way. The items are arranged by topics, where each type of auction has its own category . In terms of its core compentencies, eBay has both streamlined and globalized traditional person-to-person trading in the national and international arena, which had typically been conducted through such forms as garage sales, collectibles shows, flea markets and more, with their web interfac... ...ompetition. eBay has proven itself successful as the first to market-it should use its experience to be the first to market in places like India or Poland. Exhibit 1. SWOT analysis of eBay Strengths †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Brand image †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ability to sell unique products/product diversity †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Sheer volume of transactions †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Community and feedback forum †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Safety features †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Keen acumen in managing the value chain †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Senior management †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Strong financials-revenue growth, profit margin, stock price, etc. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  First to market  Ã‚  Ã‚  Ã‚  Ã‚  Weaknesses †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Inability to sell at high volumes †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Slower response to infrastructure overload †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Fraud cases/nonpayment to sellers Opportunities †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Value chain partners/alliances/acquisitions †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Developing nations going online †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Their wider view of market penetration †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Fixed price transaction  Ã‚  Ã‚  Ã‚  Ã‚  Threats †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Technology threats such as viruses, power outages, system overload †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Loss of market share in online auction industry †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Revenue/market share loss due to fixed price auctions †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  High profile fraud cases/security breaches †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Political unrest, currency volatility in developing markets

Health Is Wealth Essay

Health means state of being well in body or mind. Wealth means riches or being rich. So what is more important health or wealth? Clearly health is superior parameter over wealth. But how to be healthy. You have to eat healthy food. Where from these healthy food will come at this market condition. Straight way from money. Again we have reached on wealth. So we can see one is running cbehind other in a circular path. But only money is not important for being healthy. Peace and happiness is also attached for being healthy. So what does it means? The more wealth and more happiness cannot lead to good health. But sufficient wealth and sufficient happiness and peace can result healthiness. So the proverb is justified that â€Å"health is wealth†. And wealth is not health but a parameter of health. Without money you cannot recover health. Try to earn some money for your health. So, do not spoil your health for earning more wealth. All of us are very much familiar with the proverb â€Å"Health is Wealth†. But it is very unfortunate that we always remain attached very much to acquire wealth. Attached word is not justified, actually maximum of us are at a state of madness to achieve and satisfy our hunger of money. Health is not cared while dealing one`s target of becoming rich . It is only taken as a subject of life when one starts loosing health and enters into home of illness. Until this stage money was coming smartly and after becoming ill money starts to drain out . Net result becomes zero on monitory basis and negative on the scale of â€Å"Health is Wealth†. That means there should be a balance of putting our life business. Health is above all priorities. Tips of keeping us healthy and wealthy- First of all we try to know what bigger diseases are; which affects us and finally damage our life. These are Sugar, Blood Pressure, Headache, Indigestion diseases etc. I am not a doctor but have very much common sense about the killer reason of these diseases. I am giving her a very top secret to keep us free from disease and to keep us completely healthy. It`s a killer tips what I am going to disclose here. Before knowing the tips we have to know the reason of today`s disease. It is tension, tension and tension. Tension is such a parameter of today lifestyle; which is producing these diseases in many cases. Stress is the physical and mental state of deviation from the natural condition of mindset  and body behavior . Then how to get escaped from tension. First simple tip is that our sleep must be sound. To achieve this we must correct our metabolic activity. It is a medical term but is very simple to correct it by walking at least 4 km per day. Also remember one shaayaraana lines for getting rid of tension-I lived simply, blown away every stress into smoke, I accepted my fate w hat I got. I forgot and forgot what I lost. How to control health without losing wealth: In absolute sense it will be very impractical to say that there is a magic of keeping oneself healthy. But there is guaranteed formula of remain less affected from disease. Suppose if it is told to give a disease to someone then it is possible for small diseases only like loose motion, Malaria etc. To give loose motion is very easy. Just give someone to eat rich, bad oil fry food. Similarly put someone among strong mosquitoe`s area and it is sufficient to inject malaria in him.

Nursing Home Carez Advocacy, Inc Marketing Plan

MM522 Marketing Plan Of Nursing Home CareZ Advocacy, Inc. Sherry Y Montique December 11, 2011 Marketing Management 1. 0 Executive Summary Where would you want to live if you needed daily assistance? In your home, of course. Nursing Home CareZ Advocacy aims to be a guiding factor in transitioning you or your loved one into that new home. Nursing homes and assisted living facilities have become an indelible part of our health care landscape. These facilities provide 24 hour inpatient nursing and supportive care to residents whose disability or condition necessitate the availability of nursing care on an extended basis. It is estimated that over 40% of Americans will use one of these entities at some point in their lives. Nursing Home CareZ Advocacy, Inc is committed to helping people live better. Simply put our goal is getting the community the help it needs to care for the people they love. The nucleus is to educate the elderly population who are in transition from one phase of their lives to another. Through specialized training and experience, of the two personnel the operation of NHCA is to assist the unwilling aging and disable population with the unwanted transition of being admitted into a nursing home or assisted living community. Because this of life altering process can be deemed traumatic because of the unfamiliarity, many of the residents are confused and unhappy with the impending experience that lies ahead. Nursing Home CareZ Advocacy will be there to walk the resident and families through this process with as less stress as possible as they adjust to their new home with as much pride and knowledge possible. As the services of NHCA are uncharted there will be critical issues to overcome however; to ensure that the business is successful Nursing Home CareZ will create an aggressive market strategy to include direct marketing, networking, and creating community relationships to continually garner referral sources. Staying on top of the ever changing needs of the aging population and following the Medicare and Medicaid regulations will keep Nursing Home CareZ aligned with the target market. Nursing Home CareZ Advocacy’s marketing mix will comprise the approaches of pricing, product, promotion and distribution. The 1st years start up cost to include the integrated marketing communication budget is $13,320. 00. Market research showed the need for this service because of the continual growth of the aging population and the inability of family members being able to take care of their loved ones at home. With this reality, long term care facilities will continue to be the place required to provide the care to our seniors and persons with disabilities or short term medical care. The marketing plan will assist NHCA in the following areas to gauge performance: * Revenue and Expenses monthly * Customer satisfaction * Success of community involvement and relationship building Nursing Home CareZ Advocacy, Inc. will position itself as the premier first line of contact to long term care transition. The positioning will ensure leveraging to gain a competitive edge in the industry with knowledge, integrity and a passion to help others. NHCA, expects to become profitable by the end of the 1st year, and has projection of $240. 000 in gross revenue for year two. 2. 0 Situation Analysis: Nursing Home CareZ Advocacy Inc. time line for inception is immediate, with a targeted goal of 6 months to 1 year. Issues facing the successful creation of this company would be the lack of education and knowledge of long term care and regulations, laws, rights and processes of Medicare and Medicaid. The community partners could contribute to the critical issues if social worker and community case managers and such failed to refer potential consumers to the company for services. However, the management skills, experience and vast knowledge base of NHCA, Inc. will provide a solid base for the target market to have a successful transaction into any long term care facility. 2. 1 Market Summary In this century, the rate of growth of the elderly population (persons 65 years old and over has greatly exceeded the growth rate of the population of the century as a whole (U. S. Census Bureau, 2011). The elderly increased by a factor of 11, from 3 million in 1900 to 33 million in 1994 (U. S. Census Bureau, 2011). In the comparison, the total population, as well as the population less than 65 years old, tripled (U. S. Census Bureau,). Under the Census Bureau’s middle series projections, the number of persons 65 years old and over would more than double by the middle of the next century to 80 million (U. S. Census Bureau, 2011). According to the U. S. Census Bureau, it reported the aging population of persons 65 years and older, numbered 39. 6 million in 2009. They represented 12. 9% of the U. S. population, about one in every eight Americans. By 2030, there will be about 72. 1 million older persons, more than twice their number in 2000. People 65+ growth will report as 19% of the population by 2030. (U. S. Census Bureau, 2011 and Administration on Aging, 2011) Today’s census reports that the total US population in 2010 was 308, 745,538 up 9. 7% from 2000. Of that number 13. % are persons 65 years and older. This is makes up for more than 50% of the adult population. The Census Bureau projections seem to be heading in the right direction. (U. S. Census Bureau, 2011) Shirley Chisholm once said, â€Å"Service is the rent we pay for the time we live on this earthâ€Å". (Women’s History, 2011) Changes in Social Security, Medicare and Medicaid may force older adults to ma ke unforeseen changes in their lifestyle in order to remain independent. Long term care is an option that most dread due to the lack of affordable and accessible placement options available to them. Today, almost 80% of Americans are living beyond the age 65. Forty percent of Americans age 65 or older will require Long Term Care before death (McMahon, 2009). With this impending implosion in growth of baby boomers, nursing homes and assisted living will continue to be the option for ongoing care of our elderly. As families are forced to place their loved ones into nursing homes and assistant living facilities, there is so much to take in and they will need to have a full understanding of their options in this transition. Nursing Home CareZ Advocacy, Inc. ill be there to assist those residents and family members with understanding the woes of the transition into their new life and hold their hand through the process. 2. 2 SWOT Analysis Strengths: * 20 years in the health care industry with 10 years of strong middle management experience * 5 years in the long term care industry as a Business Office Manager * Vast knowledge of what is needed for successful transition/admission and s tay at nursing homes * Strategic alliance with hospital case managers, social workers and community agencies and lawyers * In house Notary Public Strong knowledge base of existing governmental regulations as they relate to long term care Weaknesses: * Company has no brand recognition * Owner has very limited experience as a full time advocate in this field * Low to no financial capital; limited startup funds * Owner is not a licensed social or case worker * In home startup business * No establish network connections for community resources Opportunities: * Expand business to cover larger geographical area * Possible growth potential to bring on employees based on need and experience * Find location and create building space to accommodate larger client base * Potential growth through use of social media and client referrals * Potential contract/ referral source with existing long term care facilities to act on their behalf Threats: Recessionary economy means the potential clients may not be willing to spend * Target market financial resources may hinder their ability to seek the services of the company * Competitive market of existing adult and aging services may prevail because of brand name * Governmental rules and regulations may change and the need for advocacy may diminish * Nursing homes and assisted living organizations may employ staff to provide the same services 2. 3 Competition The Department of Health and Human Services under the guidance of the Security of Health and Human Services, created Medicare and Medicaid programs with grant funding to assist families of all ages to live and survive on a dignified level. With our aging population, the need to focus on their care came to the forefront, so Medicaid State programs were created to pay for home health services including skilled nursing care, home health care, personal care, chore services, and durable medical equipment. (Center for Medicare & Medicaid 2011) The target market can qualify for Medicaid in order to receive the following services through the referral source of Aging and Adult agencies. Depending on the needs of an individual, the target market may receive help with personal needs such as bathing, dressing, cooking, and cleaning from a home health agency while at home with family members. Because of certain insurance guidelines, licensed healthcare workers can only give these skilled nursing services and other medical services. Skilled nursing care ncludes services and care that can only be performed safely and correctly by a licensed practical nurse (LPN), registered nurse (RN), or physical therapist. Most seniors and families are unfamiliar with these types of services and do not have a clue how to obtain them. That is where organizations such as those listed below come into play. Aging and Adult Services, located in Norristown, Pa offers their services to the residents of Montgomery County Pennsylvania, is one of the compe ting agencies that Nursing Home CareZ Advocacy, Inc. (NHCA) has to contend with. AAS offers many different services to the senior market such as care management, family caregiver support program, domiciliary care, nursing home transition, and protective services to their clients. 2 services that AAS provide which are direct threats or competitive to the existence of NHCA are the Information and Referral (I&R), and Comprehensive Geriatric Assessment, and Pre-Admission Assessment services collectively. These services assist the community with the pre-knowledge base of the potential admission into nursing homes or assisted living facilities. The Information and Referral service attempts to link consumers with appropriate resources. I & R are available to the consumer by calling or visiting any of their agency’s five offices. (MCAAS. montcopa. org 2011). The Comprehensive Geriatric Assessment and the Pre-Admission Assessment services offer the consumer assessments to determine whether they are appropriate for placement into long-term care facilities and at what level. With these services Aging and Adult can then refer the consumer or their loved ones or families to nursing facilities in their geographical areas. They then can provide them with a list of items that will assist them with this new change in their life style or transition. (mcaas 2011) COSA is the other agency that will be a threat to NHCA as it provides very similar services of Aging and Adult but, to the consumer or residents of Delaware County, Pennsylvania. Their mission/goal is to provide or enable senior citizens to maintain their independence and dignity, while living on their own with community resources available to them. (COSA 2011) COSA receives federal and state funding because they serve as Area Agency on Aging. COSA is slight different from Aging and Adult services because their main goal is helping the senior population to remain in their home as long as possible, even when they are eligible for nursing home care. They are encouraging the families of the senior to help provide the care that is needed in a home based as opposed to in a long-term care facility. COSA is an informational resource service for person of any age needing assistance on benefits and services available to the older person. COSA 2011) With each of these two organizations services they offer many community based services for seniors and their families, but with Nursing Home CareZ Advocacy Inc. , it will provide the personal one on one care that the resident and family need to make the transition into the nursing home or assist living. Nowhere in the market research was it uncovered that this type of service is offered or provided with Aging and Adult or COSA. Now, is there a possibility that there is a potential for th is service to one day be added, yes. However, the target market is plentiful enough to allow for this. The population of the aging adults continues to grow which will allow for the need of referral resources, which the aging and adult program will continue, just as NHCA can expand and grow with the population. With researching potential competition to this new company, it was found that The Centers for Medicare and Medicaid Services (CMS) in association with Office of the Assistant Secretary for Planning and Evaluation (ASPE) sponsored the Nursing Home Transition Demonstration Program which is designed to provide transition options to nursing home residents who wish to move back into the community. The grant funded service was given to 12 states in 1998 with Pennsylvania being one of the state’s fortunate to participate. (ASPE. HHS. gov 2011) This type of service is not considered a threat to the organization however, it is very similar but works on the back end of residents that are living in nursing homes or assist living. These are great resources to return into the community to continue to live happy and productive lives. 2. 4 Product (Service) Offering Nursing Home CareZ Advocacy, Inc. s an independent company that will be there to assist those in need of understanding the process of being admitted into a long-term care facility. This process is considered life altering and many people are confused and unhappy about what is about to happen to themselves or their loved one. Services being offered are designed to help alleviate the stress of dealing with the pressures of this change. The service will assist families and the target market while transitioning and adjust ing into a new phase of life. There are many questions and situations that come with moving into long term care nursing and often the families and residents are not prepared and need someone to hold their hands during this process. Families of newly admitted residents into nursing homes, find themselves unknowledgeable of what to expect and thus unprepared to place their loved one in the home. Because of this they make decisions that could backfire and cause damages or add additional stress of the move. Some families have a power of attorney, some are guardians and some are just the family and they are not sure what they can and cannot do for their loved one. Through extensive research it was determined; there is a need for this service. Experience and working practice of the potential owner of NHCA revealed the need was great and something was missing from the target markets’ transition process into the long term care facility. Intervention was required to assist the consumer so the business solution was created. As the Business Office Manager of a nursing home, the target market and families come into the facility with questions as to the appropriate way of handling the admission process according to the guidelines and rights set by Medicare and Medicaid. The major concern often that residents and families have is related to the financial aspect of being admitted into the long-term care facility and how to handle the legal process. Nursing home admission personnel and the social workers of the hospital are often unknowledgeable of this aspect and cannot provide the correct answers. When the medical need for a person to transition into a nursing home or assisted living has been determined, the referral process beings by searching for an appropriate facility based on the need of the resident. One factor that comes up in the search is the cost of the facility and most importantly, who will pay for this stay? This question can easily be answered with throwing out numbers or by saying; â€Å"you will not have to pay for a thing, your health insurance will cover it†. Well, the truth is, that is not totally correct. This is where the expertise of Nursing Home CareZ Advocacy, Inc. ill come into play. Explaining this process in detail and walking the client through the steps is a part of the benefits of the company. There is more to transitioning into a long-term care facility, then health insurance. The consumer has to have an assessment done to determine if the resident was appropriately placed and for how long. Once this happens then the resident can be made a ware of the financial responsibility. There may be internal personnel that can assist residents and families with this information, but they can only intercede to such level, because it becomes a conflict of interest. Nursing homes can only assist to a point without affecting the rights of the resident. With NHCA, the resident will have the personal care of someone being there to help gather all of the necessary items, to make the stay at home successful. This would not be limited to, use of a notary public a minimal or no cost. Direction and assistance on completing Power of Attorney request. Help with completing the Medical Assistance Long Term Care grants and gathering of the documents needed to ensure eligibility of the grant. Residents often require a guardian over their person and medical needs and NHCA can assist with locating attorneys to assist with this process. Some of the target market have homes or apartments in the community and they are assessed as appropriate to return to the community after a short stay in the home and they are unsure of how to handle the payment of household bills while in the nursing facility, NHCA services can explain the most helpful way of approaching this obstacle by contacting those vendors and arranging the most appropriate solutions. Listed below are some examples of the services Nursing Home CareZ Advocacy Inc. will provide, to the target market: * Medicaid long term care grant application completion assistance * Notary public * Financial Management assistance * Power Attorney guidance * Guardianship Process assistance * Hands on assistance with documentation gathering * Notification to community vendors of residents’ inability to pay * Assistance with selling of home in the community and placement of personal possessions * Personal banking assistance Assistance with setting up transportation for personal needs outside of nursing facility * Referral source for family services to cope with the stress of loved ones being in the home * Attend resident medical care conferences with the family to provide additional support * Referral source to personal care aides while in nursing facility * Home Modification assistance (designed for return back home to community) * Question filtering (provide answers to all qu estions or direct to local answers) When doing the market search development, it was discovered that this need was not totally being met. Two examples were: Rosemarie has a sister who recently entered into a nursing facility and the sister has a trust fund that determines her to be a private pay resident for about one year. Towards the end of the year, Rosemarie will need to complete a Medicaid application for her sister and she truly was confused as to what was needed and the steps to follow in completing the application. She requires assistance to complete the application and she had many questions. The nursing facility was only able to assist to a certain degree, but Rosemarie still needs help. This is where Nursing Home CareZ Advocate Inc. could assist Rosemarie to help her sister to continue to receive the care she receives and deserves while in her nursing home. Another, example is Virginia. Virginia has been admitted into a nursing home with her medical insurance as her primary payer source. The consumer was given the information that her insurance will cover the stay in the nursing home for the entire time. The resident found out that the information was false. The health insurance decided to stop paying in the middle of the stay. The consumers’ personal finance was not as those of Rosemarie’s sister. Virginia did not have the money and thus she needed to apply for a Medical Assistance grant for the nursing home. She also did not understand her responsibility and was not comfortable with the staff of the nursing home to provide her with the correct information for her benefit. Again, this would be a great opportunity for her to utilize NHCA, an outside neural party, to walk her through this process while providing her comfort in knowing she is secure in making her decisions. 2. 5 Keys to Success For Nursing Home CareZ Advocacy Inc. to be successful, the company must continue to stay on top of the ever changing needs of the aging population. The Centers for Medicare and Medicaid regulations are very important to the viability of long-term care services and NHCA must be able to provide services that align with the rights of said target market. This being said means, having a vast knowledge of the regulations and the rights of the consumer once in the nursing facility. The main selling point is being available to answer any and all road blocks that the target market may encounter. Having the resources and referral knowledge is a critical piece to the success of the business. The competition provides a huge referral base to the target market, so NHCA will need to keep the networking window open to expand the knowledge offering. Another factor NHCA will need to be success is to maintain a high level of ethics, trust and moral character while working for and with the target market. The aging population came from a time when your work ethics and your loyalty meant something. Nursing Home CareZ Advocacy Inc. ill be based with the desire to help the target market of the aging population and make the transition and stay in the long term care facility as comfortable as possible and stress free as possible. Communication will be another key factor to success. 2. 6 Critical Issues Nursing Home CareZ Advocacy Inc. as a service based company will need to do the following items to get the word out and advertise its’ benefit to the potential target market, the aging population. The marketing strategy will begin by utilizing the internet by creating a web page describing the company’s service ability. It will also utilize networking with nursing homes, assisted living facilities, and continuum care facilities, local hospital social workers and community case workers, community event planning, in-services’, visits to senior centers and adult day centers, and by creating relationships with the community areas on aging referral agencies. 3. 0 Marketing Strategy The key to the marketing strategy is to focus on meeting the needs of the elderly persons, persons requiring inpatient long term care needs and the families who love them. The children would like what is best for their parents and loved ones along with peace of mind, and relief from guilt while assisting them with the transition into long term care nursing. Nursing Home CareZ Advocacy, Inc can provide this service to them and more while ensuring their loved one maintains their existing quality of life, dignity, respect and pride. NHCA is able to address the questions and concerns of the market segments because, of the compassion it possesses and the vast knowledge foundation of long term care services. . 1 Mission Statement Nursing Home CareZ Advocacy, Inc is committed to helping people live better. Simply put our goal is getting the community the help it needs to care for the people they love. The nucleus is to educate the elderly population who are in transition from one phase of their lives to another. Founded in 2011, NHCA’s vision is to provide assistance, guidance and knowledge to the desires of long term care bound individuals. Nursing Ho me CareZ strives to challenge the perceptions of long term care. The NHCA team passionately pursues excellence, and accountability in providing future residents and families the tools necessary for a happy, healthy and productive life in the nursing facility. With the goal of arming the clients with the knowledge required to promote independence and self-esteem, the Nursing Home CareZ Advocacy team will help people live better lives, one life at a time. Values are fundamental to every organization’s success. It is with this in mind that Nursing Home CareZ Advocacy, Inc will effectively demonstrate the core values of respect, integrity, pride, compassion, responsiveness and dignity. These principles will guide the actions and foundation of its existence. We strive for a nurturing atmosphere that encourages this organization as it ensures these values are touched by all in the community it serves. 3. 2 Marketing Objectives * Build Nursing Home CareZ Advocacy, Inc Name Recognition in the community and among referral sources. * Become #1 choice among referral source with assisting families in transitioning into assisted living or skilled nursing services * Focus on relationship marketing techniques Develop/implement marketing ideas to increase professional referrals * Inform target audience (those needing immediate in-patient nursing care) about features and benefits of our product and its competitive advantage, leading to a 10 percent increase in sales in one year. * Develop campaign/program to build the Nursing Home CareZ Advocacy brand consisting of (but not limited to) special events and relationship-building tactics. * Increase a steady stream in marketing pre sence * Maintain positive and strong growth each quarter (based on hospital and assisted living census) 3. 3 Financial Objectives * Raise adequate funding for start-up Begin development implementation for the on-going funding needs of years two and three * To acquire 60 to 70 clients/potential residents within the first six months of start-up * Increase the profit margin by 1% per quarter (based on hospital census) through effective marketing relationship with community based organizations To fund the start up cost Nursing Home CareZ Advocacy has secured a low interest loan for $20,000 and pulled personal finances of $10,000. One of the largest items that NHCA will acquire in the start of the start-up budget is a computerized medical records system to track the client base. The other start-up needs are minimal in cost and can be managed. The cost for each client to receive services from NHCA will range $250. 00 for minimal services to $1000. 00 for full service. A successful first year would bring in $120. 000in revenue. In order for NHCA to meet the goal of the first six months target of $60,000, the client base will need to be at least 60 residents at $1,000. 00 per case. However, the business would be on track for its goals if the six month mark would come in at $45,000. That would allow for 10 clients at $750. 00 per case. If the business begins on this track, the target goal of 1% in the 3rd and 4th quarter will be met. 3. 3 Target Markets The overall populations we wish to serve are older people (65 and older), in need of daily assistance, who value community and the contributions of their peers. According to the US Census Bureau the 2010 census poll reported persons 65 years and older to be 1,959,307. (US Census 2011) â€Å"The percentage of the population over 75 is growing rapidly, thanks to better nutrition, preventative health care, and living conditions in our country over the course of the last century, not to mention the Baby Boomers. At the same time, the increasing kinds of career opportunities for women, and the growing cost of health care, have contributed to a nursing shortage which threatens the quality of professionally-provided elder care. † (Bplans – 2011) â€Å"Almost half the workforce today is female, meaning that most workers male and female have no one at home to provide care to older ailing or infirm relatives. † (Bplans 2011 – â€Å"Moen and Yu 2000†) As families are forced to place their loved ones into nursing homes and assistant living facilities, they will need to have a full understanding of their options in this transition. The Census analysis of the 20 mile-radius of the business base area indicates a large concentration of individuals over 65 years of age (38. 5%). This target area will include a cross over into two adjoining counties; Montgomery County and Delaware County. This is a combine population of the 1,388,853 county residents in Pennsylvania. Total population in Montgomery County in 2010 was 799,874. Demographics include 79. 0% Caucasian; 8. 7% African American, 6. 4% Asian, 4. 3% Hispanic or Latino and 2. 0 % of persons reported as other race or two or more races. 51. 5% of the population was female. 8. 5 were male. 26. 1% of the target market lives alone and 9. 95 living with others (family members). The age breakdown of seniors is 60-64(4. 0%), 65-74 (7. 4%), 75-84 (5. 5%), and 85 years and older (2. 0%) totaling 165,924 persons. (US Census 2011) Total population in Delaware County was 588,979 in 2010. The demographics include 14. 3% persons were 65 years and older. The age breakdown for seniors is 60-64 (5. 3%), 65-74 (6. 7%), 75-84 (5. 1%), and 85 years and older (2. 5%) totaling 109,394 persons. 52. 1% was female and 47. 9 were male. 72. 5% of the population was white; 19. % was African American; 4. 7% was Asian; 3. 0% was Hispanic or Latino and 2. 2% was persons of other races. Median household income in 2009 was $61,848 and home ownership was 72. 2%. Persons below poverty level reported at 9. 3%. Persons aged 25 years and older with graduate degrees reported 34. 4%. 27. 4% of the target market in Delaware County lives alone. (US Census 2011) Of the 275,318 potential target market needing the services of Nursing Home CareZ Advocacy, has been reduced by 60% given the factors of persons healthy enough to care for themselves and having family member to care for them. The number becomes 96,361 persons 65 and older in both counties. This number may appear low but in actuality it is significantly high. These people will need nursing home care or already receive care base on their medical needs. The target market of 96,361 can become potential clients/customers in need of answers and solutions to the process of admittance into a long term facility. Of these potential clients who live in sub-counties which are within 12-16 miles of the home office, it is estimated about 35 %( 26,499. 28) will have the means $250 to $1000 ($68,333. 50 average Median income) to pay for the services. Based on the 2010 census data from US Census. com) The target market also refers to the influencer, the family member of the persons needing long term care services. An Adult child of the prospective resident, 35– 70 years of age, married with children, and lives nearby or in another city or state. He or she currently provides some assistance to the parent and their s earch for a long term care facility is prompted by an incident or recommended by healthcare professional. Their need is quick and they are usually on a schedule – most often come to us in a crisis mode. (phdmkt. om 2011) During the research process to zero in on the target market, it was discovered the market could be expanded to cover persons aged less than 65 years of age, because of the mounting need for nursing home services based on medical needs. Based on marketing conversations there are persons who live alone and are unable to care for themselves or require more than a home aid every so often to care for them. NHCA has the potential to expand the market base to include those persons. This market group could produce a quick turnaround by getting well faster and discharging home, thus allowing for new clients. Medical care needs will never cease and long term care needs will always be at a forefront therefore, Nursing Home CareZ Advocacy can easily develop a large client base and expand to more counties inside Pennsylvania within the next three to five years. 3. 5 Positioning Nursing Home CareZ Advocacy, Inc will position itself as the premier first line contact of long term care transition. This positioning will be achieved by leveraging NHCA’s competitive edge: existing industry experience and knowledge, integrity, community relationships, and a passion to help others. NHCA is a hands-on resource service that aims to assist the elderly population with transitioning into the long term care phase of their lives with ease and self respect. Dealing with health issues is worrisome as it is without having to enter into a nursing home or such, and not understanding all that is involved in the process. With the impending implosion in the growth of baby boomers, and unexpected medical needs, nursing homes and assisted living communities will continue to become an option of the future. With this being the case, the management team of NHCA will be able to use its vast industry knowledge, practice skills and personal passion for helping others to assist the clients gain the understanding required to help the transition into long term care become a difficult free and dignified occurrence. 3. 6Strategies The single most important objective of Nursing Home CareZ Advocacy, Inc is to position itself as the premier long care term advocacy informational provider, serving the elderly and medical needs targeted market even if they are not in the age bracket of the senior population. The marketing strategy of NHCA will focus on meeting the needs of the elderly persons, persons requiring inpatient long term care needs and the families who love them. The company will focus on creating customer awareness concerning what services are being offered, which will support in developing the customer base. The point that NHCA will seek to communicate to its target market is that it offers the best education and personal service to the elderly population who are in transition from one phase of their lives to another. Providing future residents and families of long term care the tools essential for a happy, healthy and productive life in the nursing facility is the primary goal. This message will be transpire through a variety of methods. The first will be the Nursing Home CareZ Advocacy Web site, which will provide a source of service information and offer the consumer the opportunity a free consultation to discuss their concerns. Time will be devoted into ensuring the site will provide as much information about the company, the owners, and its professionalism so the customer will come away with a since of comfort n knowing that they will be taken care of during this unexpected time in their lives. Other avenues of marketing methods will be local advertising. The target areas will be local nursing homes, community resource services, hospitals, senior center, and day programs and doctors offices. The goal is to leave brochures, business cards and leaflets with the social workers, office managers o r care workers of each entity. Information will also be sent out at the request of those who viewed the web site. The cost to produce the printed literature will be minimal as it will be on the need bases and much will be found on the web site. Another method will be the use of the social media. This is where the cost of advertising will be the least to non-existent. Social media sites of today have thousands of people on them and it will be a brilliant way of promoting the service and the company. Word of mouth will also be an excellent communicator. 3. 7 Marketing Mix Nursing Home CareZ Advocacy, Inc’s marketing mix is comprised of the following approaches to pricing, product, promotion, and place/distribution. Pricing – The pricing strategy used by NHCA is a mix between penetration and psychological pricing to capture a gain in the market share and once this is achieve the price will increase slightly. This will also be based on a sliding scale of financial qualification and the service needs of each client. When the idea was created it was determined that the focus was not on high profits, rather on serving the greater good and those who require assistance at living a more. It was mentioned that the cost for each client to receive services from NHCA will range $250. 0 for minimal services to $1000. 00 for full service. A successful first year will bring in $120,000. 00 in revenue. In order for NHCA to meet this target goal at the end of the first fiscal year, the client base will need to be at least 120 potential residents at $1,000. 00 per case. However, business would be on track to cover its expenses and still maintain a place in the market if at the end of the six month the rev enue is at $45,000. That would allow for 10 clients at $750. 00 per case per month. As the business grows, the revenue budget can increase to double in year two to $240,000. 0 which constitute additional 120 clients or more based on the service needs required. Place/Product – Nursing Home CareZ Advocacy, Inc will be a direct channel service provider. With the sensitivity of medical care and needs, which are private and personal in nature the market segment for NHCA, as consultant of services will be best suited at handling the distribution of service. Many of the clients will come through referral sources. The location of the company is a home office, set up to accommodate 2 desks, a conference table for 4 and seating for 3. The approach to potential clients will be hands on. After receiving the referral of a person requesting help or has concerns with transitioning into a long term care facility, they will be contacted via telephone to introduce the company, determine the need and set up a meeting. For those families that are unable to come to the office for a meeting, NHCA will go to them. Meeting the resident at the hospital or nursing home will never be an issue. Assuring the resident or family is extremely comfortable with the process is important. The outcome of success knows, the client has a full understanding of what happened to them or their loved one and the transition was smooth and done with dignity. Educating and empowering the client is a number one goal of NHCA and this will happen as the client is walked through the move. Once the client accepts the services of NHCA, the next step is answering all questions, assist with paperwork required for the admission process or with the Medical Assistance application based on financial need. A transition into a long term care facility can be nerve raking, confusing and full of anxiety for the strongest and healthiest person however, with that being said finances always becomes an issue. Past knowledge and statistics show that nursing homes or assistant living facilities have gained reputations for taking everything from their residents upon admission to their facilities. Educating and empowering the client on their rights and responsibilities is a number one goal of NHCA and this will happen as they are walked through the new phase of life. If the resident requires assistance with banking, guardianship or contacting community vendors, NHCA will be there to handle this for the resident or family member. Nursing Home CareZ Advocacy will assist the resident or family until all matters have been conducted and the residents’ stay is secure and free of financial concerns. IMC Promotion â€Å"Your way home is through our caring hands†. Nursing Home CareZ Advocacy will be dedicated to providing the highest level of quality service with compassion and commitment through exceptional standards for the aging population. It is the hope of NHCA, that the residents and families who seek assistance will receive thoughtful, quality care today and tomorrow. Integrated Marketing Communications Budget Quite a few advertising efforts will be used to promote the business. The marketing mix will consist of direct marketing, social media, the company’s web site and some advertising. Promoting the business will start with promoting myself as the owner and founder. Creating a bio to hand out to the local referral sources will begin the promotional stage of getting off the ground running. Exposing the business to Special Events, Open Houses, Healthcare Fairs, Senior Expos, etc, identify local groups, churches, senior groups, etc. nd build Nursing Home CareZ’ reputation as â€Å"source† for aging issues through seminars/lectures, and educate the local communities about senior living options. The promotional process will follow as: * Print advertising * Direct mail * Broadcast advertising on radio (or Internet sites or social media) Advertise by visiting the local hospitals, senior community centers, local churches, the area M edicaid public assistance offices and adult and aging organizations to introduce myself and hand out business cards, flyers or brochures. There is minimal cost in visiting with the exception of handing out business cards and brochures. Cost of purchasing 5000 business cards is $55. 00 and the creating custom brochures cost is $800. 00. Advertise on several of the social media sites to utilize the word of mouth affect. Face Book, Twitter, Blogs, Linked In, Biznik and on Craig’s List. The social media has been prone to take the smallest post and spread it like wild fire. Even though many of these sites are young than the target market target, they can still reach the families of the target market and those you may work in the industry of which NHCA is catering to. Advertise by hosting or attending several community events that are geared towards healthcare services. * Participation in community projects * Fairs – Health Fairs or Job Fairs * Give-a-ways of pens or pencils, and post-it notes * Coupons at the bottom of the flyers giving a 20% discount within a 2 month time span * Trade Shows – local convention centers host shows which the target market or family members attend such as arts and crafts, flowers, cooking lessons and pet shows. The cost of attending the community events will be $3000. 00. Most community fairs for free to participate as many are awareness driven. The cost to purchase custom pens, pencils and post-it note pads to distribute are as follows: 2000 pens $365. 00, 500 pencils $227. 00, and 500 post-it notes $230. 00. The coupons does not generate an expense and the cost of trade show for 2 days at 7 hours each day averages $2000. 00 Advertise in The Times Herald daily newspaper weekly newspaper and on the web viewer ship: 1/4 page 6 columns x 5† inch ad for 2 months, then monthly for two additional months. Cost: $1100. 00. Advertise in The Delaware County Times daily newspaper, weekly: 25 words per week for 12 weeks. Cost: $900. 00. The company’s website will be utilized to advertise and promote the business by informing them of the services. The target market will have basic information designed to peak their interest enough to want to place a telephone call to inquire further. Building the web site with the initial start up cost: $120. 00 Found a web designer and web host in one for a minimal cost. Steps taken to launch the web site are: submitting the website to search engines like Google, Ask Jeeves, and Bing and to web directories. Putting the website address in the email address, on the flyers, brochures, and on the business cards is the next step. By registering the company’s website for more than one year, will keep the search engines from classifying the company as a spam organization. Collecting and analyzing the data will assist in further developing the marketing strategy. Becoming a member of the Social Medias such as Face Book, Twitter, You Tube help strengthen the community relationship with the social workers of the hospital, assist living communities, and the referral based resources. Using multimedia devices on the website will assist in further interaction with the target market. The design of the website will be user friendly as the target market may or may not have experience with computers. 3. 8 Marketing Research As stated previously in this plan, the growth rate of the elderly population persons 65 years old and over has greatly exceeded the previous census predictions, an as they are getting older they are requiring more medical care. (U. S. Census Bureau, 2011). The elderly increased by a factor of 11, from 3 million in 1900 to 33 million in 1994 (U. S. Census Bureau, 2011). Today, almost 80% of Americans are living beyond the age 65. Forty percent of Americans age 65 or older will require Long Term Care before death (McMahon, 2009). Families are unable to care for mom or dad, aunt or uncle so the nursing homes and assisted living will continue to be the option for ongoing care of the elderly. In trying to determine if this service business would be a worthwhile endeavor, the owner sat down to asked a few questions with an existing nursing home administrator, wound care nurse, community case worker and a marketing director. As a result of the questions asked such as; can you tell me when families are approached at the hospital for discharge planning as their loved one just fell and fracture their hip, what is the attitude or knowledge base of what happens to the elderly in the home? The response was; ‘the first thing that came to the family members mind was abuse or neglect, or that the home was going to rob their mother or father blind. This comment is common to many who do not have a full understanding of what happens as their loved one transition into long term care. Another most important question is how or who will pay for my loved one to stay in the nursing home? Will her rights be protected and how much say will I have in the care of my parent or loved one? The last comments that came up, was the guilt the families feels when having to decide place the mother or father into a long term care home. As families are forced to place their loved ones into nursing homes and assistant living facilities, there is so much for them to take in; they will need to have a full understanding of their options in this transition. Nursing Home CareZ Advocacy has the good fortune of being affiliated with existing nursing homes and has an excellent work history and knowledge base to have recognized the issues current residents of nursing homes were facing. As a Business Office Manager for the last 10 years, the owner has the leverage of understanding the ins and outs of admission processes of long term care and the steps taken to make for a smooth transition. In the final decision process in this impending situation, the owner of NHCA also talk with case managers, county assistance office employees and several local attorneys’ who handle the guardianship processes on behalf of nursing home. All agreed, with positive feedback, there was a problem. An outside liaison is needed to assist residents and their families with coming to terms with their new home. By offering the service, it is allowing a sense of empowerment and a sense of peace. Transitioning into a long term care facility for these residents, with a knowledge base of what lies ahead and knowing their new home will truly be their home will make it all worth it. References 1. Advanced Marketing: One Stop for Newspaper Advertising. (2011). Retrieved from https://www. le-services. com. 2. Center for Advocacy for the Rights and Interests of the Elderly (CARIE). (2011). Help for People in Nursing Homes. Retrieved from http://www. carie. org/programs-services/advocacy-services/help-for-people-in-nursing-homes 3. Center for Medicare and Medicaid Services. 2011). Nursing Homes Overview and Payments 4. Delaware County Office of Services for the Aging (COSA). (2011). Retrieved from http://www. co. delaware. pa. us/depts/cosa. html 5. Department of Health & Human Services: Administration on Aging. (2011). Aging Statistics. Retrieved from http://www. aoa. gov/aoaroot/aging_statistics/index. aspx 6. Eiken, S. & Heestand, A. (2003). Pennsylvania Transition to Home Program . Retrieved from http://aspe. hhs. gov/daltcp/reports/2003/PAtrans. htm 7. Green Leaf Health Care Assisted Living. (2011). Professional Healthcare Development Marketing Plan. Retrieved from http://www. phdmkt. com/images/sample%20marketing%20plan%2007. pdf accessed 8. Keller, K. & Kotler, P. (2009). Marketing Management. Pearson Prentice Hall: Upper Saddle River, NJ 9. Lewis, J. (2011). About Women’s History: Shirley Chisholm Quotes. Retrieved from http://womenshistory. about. com/od/quotes/shirleychisholm. htm 10. Marketing Plan Objectives and Strategies. (2011). Retrieved from http://www. smallbusinessnotes. com/starting-a-business/marketing-plan-marketin

Tactile, Tangible, and Tractable

Tactile, Tangible, and Tractable Tactile, Tangible, and Tractable Tactile, Tangible, and Tractable By Mark Nichol What’s the difference between tactile and tangible? Very little- and they are cognate, sharing the same Latin source- but there is a subtle distinction in their use. Tactile, from the Latin term tactilis, by way of the French word tactile, and ultimately from the verb tangere, meaning â€Å"touch,† refers to things that can be touched and to the action of touching. For example, very young children, who learn about the world by manipulating objects, are said to be highly tactile. Unlike tangible, tactile does not have a direct antonym. Tangible, meanwhile, also derived from tangere, pertains more generally to things that can be touched. A tangible reward, for example, is something that can actually be handled, such as a trophy, as opposed to an intangible reward, such as an accolade; the word also applies to things that can be realized rather than simply conceived of. (Like, tactile, it has an intermediate and identical French form; it comes from a Latin noun derived from tangere that refers to touchable things.) An etymologically unrelated but similar-looking synonym is tractable. It’s most common sense is â€Å"manageable,† but it can also mean â€Å"touchable.† Its antonym, intractable, refers to a problem (or a person) that is very difficult to manage. A handful of additional words have similar meanings. Palpable is a direct synonym of tangible but can also simply mean â€Å"obvious† or â€Å"unmistakable.† Perceptible means â€Å"able to be noticed with one’s senses.† Appreciable and ponderable both have that same meaning and an additional sense of â€Å"measurable.† Sensible also applies to what can be perceived but has additional related meanings, as well as pertaining to having good sense. Manifest has literal and figurative senses, pertaining either to something clearly shown or visible or to something easy to recognize or understand. Only palpable and sensible have direct antonyms (impalpable and insensible). Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Congratulations on or for?50 Synonyms for â€Å"Idea†Grammatical Case in English

Procure the Perfect Length for Your CV

Procure the Perfect Length for Your CV Procure the Perfect Length for Your CV Achieving the perfect length for your curriculum vitae (CV) can be highly confusing. A quick Internet search reveals that the perfect length should be anywhere between two to 20 pages (not a lot of help). While around five pages is a generally accepted length, ultimately your CV is relative to your experience and the job to which you’re applying. Here are some tips: Know Yourself Take time to evaluate your experience. If youve just been graduated, you’ll have less background and work history and your CV will be shorter. That’s to be expected. Also consider how much experience you have that’s related to the particular job for which you’re applying. If youve done a lot of volunteer work that relates to the position, your CV will be longer. Consider the experience your recruiter wants to see. Know Your Audience Determine what your recruiter/potential employer desires from a candidate. This will give you a better idea for the CV length. A position in academia will call for an extensive CV (often including all relevant research and publications). An entry-level position at a manufacturing company will not require as much information as one in academia. The key here is to balance what the recruiter wants to see with what you have to show. Give enough information for the employer to request an in-person interview. Don’t overwhelm him or her with information worthy of a novel. Consult The Experts If you’re still confused about the length of your CV, consider getting help from professionals who offer CV writing services. They’ll know the ideal length for someone in your field. can help you with length or write your CV for you.

Case study on tata nano

Sunsilk was introduced in 1989 in Pakistan with three variants related to hair types. Endorsement of a hair stylist was the first step in building the image of the brand as a hair care expert. With the competition from local and multinational companies due to rationalization of excise duties, Sunsilk has not been able to gain the desired share in the market. To strengthen the brand, LBPL decided to re-launch Sunsilk with a premium range consisting of four variants in January 2000. In 2001, due to the constant research of their affiliated hair care institutes, the need of a shampoo for oily hair was observed and they launched a new variant of Sunsilk having citrus extracts. 1. 2 Background: LBPL, the largest consumer goods producing company in Pakistan, was incorporated here in 1948 and started building their factory at Rahim Yar Khan. This factory was inaugurated formally in 1951 by the then Governor General of Pakistan. LBPL moved into the personal care product business in 1981. It has gained a major market share due to the introduction of quality brands likeSunsilk, Lifebuoy, Lux and Fair Lovely. Lever Brothers was the recipient of Management Association of Pakistan (MAP) and Karachi Stock Exchange awards in recognition of its performance. For the purpose of MAP award, it was judged the best among the companies that have performed well in the areas of Financial Discipline, Management practices such as Risk Management, Corporate Governance, Social Responsibility and Research Development. Lever Brothers is committed to investment and modern production facilities thereby contributing to economic growth and employment opportunities. 1. 3 Statement of Problem: Their main target market is females between the ages group 16-40 belonging to the two upper income classes. But in their promotional activities, they cover the whole market irrespective of these classes. Competitors’ Review: The major competitor of Sunsilk in the rural areas is Bio Amla while in the urban areas, Sunsilk faces cutthroat competition with PG. The main advantage of Bio Amla is its Herbal composition and low price, which attract the rural market, but in terms of quality, they are far behind Sunsilk. In urban areas, Sunsilk is acting as a market challenger against PG. Sunsilk has got the advantage of keeping their prices lower than PG shampoos but PG has captured a bigger share of the market due to its intense promotional activities. 1. 4 Objectives of the study: 1. To carry out the review of literature on brand, brand awareness and consumer behavior. 2. To study the socio economic characteristics of women consumers in Bangalore. 3. To identify the factors influencing brand awareness of Sunsilk shampoo. 4. To identify and interpret the factors involved in quality and benefits offered in the shampoo product. 5. To know the impact of brand awareness in sales improvement of the shampoo product. 1. 5 Research Methodology: Literature survey has been carried out using research journals, books and websites. Socio economic stratum of women consumers have been identified using socio economic classification grid during personal interview at individual households. Factors influencing brand awareness of shampoo products have been analyzed with the data collected from questionnaire. Comparative study has been carried out based on advertisement awareness with the competitor. Pareto analyses have been used to identify the major quality problems in the shampoo product. 1. 6 Company Objectives: Neither our own nor our major competitors’ objectives are simple or obvious. There are many choices between short term and long-term profit, between growth and cash flow, between growth in assets and growth in earnings, between proportions of earnings paid to share holders as dividends or reinvested. It is reasonable to assume that these different objectives of different competitors predetermine some of their strategies and tactical behavior. Assess the concept of product acceptability, credibility and perceived benefits. Examine consumer’s assessment of the product, in terms of product performance and related benefits. Explore consumers’ reaction towards packaging. Understand consumers’ perception of quality advertisement in terms of its impact. 2. Chapter II 2. 1 Mission Statement: The New Sunsilk Shampoo aims at fulfilling the needs of its target market by offering a high quality, assessment of the concept in terms of its acceptability, credibility and perceived benefits, that it offers a healthy choice shampoo alternative to the targeted consumer. The theme of the product shall be anchored around the motto: â€Å"Softness, shine and manageability of Hair† Figure 1 2. 2 Packaging: The packaging design for the New Sunsilk range is extremely exciting and has been developed by Brown Inc. UK. The packaging makes the brand look expert and modern. This packaging makes the brand look more contemporary and hi-tech. It ensures more emphasis on the variants that have already been a part of the product but never been communicated to the customer that well. This new packaging has clearly identified that there is a separate product for each hair type. Currently, the range consists of: Yellow Sunsilk with Bio Proteins from Vegetable Extracts: Normal hair needs wholesome nourishment. New Sunsilk with Bio Protein extracted from Vegetable milk has nutrients that deeply penetrate each hair strand, to nourish it leaving hair strong and beautiful. Black Sunsilk with Melanin from Plant Extracts: Dull hair needs a rich black shine. New sunsilk with Melanin extracted from plants serves this purpose very effectively. It helps in the growth and retention of the black color of hair, giving it a rich black shine. . Green Sunsilk with Fruitamins Vitamins from fruit Extracts: Thin and limp hair needs extra body and volume. New sunsilk with Fruitamins has natural extracts from fruit that contains Vitamins. These vitamins help in giving extra body, shine and amazing manageability to the thinning and lifeless hair. Pink Sunsilk with essential Oils from Flower Extracts: Dry hair needs wholesome conditioning, extra shine and styleability. New Sunsilk with essential oils makes the dry hair full of life. Its especial ingredients moisturize each hair right to its tips leaving it shiny and beautiful. Orange Sunsilk with active nutrients from Citrus Extracts: The advanced formula of orange Sunsilk is the result of the latest research. This shampoo is especially designed for oily hair type that looks flat and greasy due to the excess of moisture. New sunsilk with active ingredients from citrus extracts cleans the excess oil off hair while its nutrients deeply penetrate each hair strand to nourish it. Customer Review of Product Usage Figure 2 2. 3 Pricing Objectives: Lever claims to practice value-based pricing in which the customers’ perception of the product’s price provides a starting point for developing the marketing mix of the product. The research department determines this price usually by using focus groups. The price of RS 3 for Sunsilk shampoo sachets shows how the price also reflects a concern to make the purchase more convenient, since the rupee is dominated in this value. The primary importance of this value-based pricing is that the product demand will be much higher if its price is in line with the customer’s perception of its value. One crucial concern for value-based pricing is strict management of cost in order to be able to make a profit at the value-based price. After the initial price is determined, Lever then uses target costing in order to achieve the required profits. With the marketing plan now being termed as ‘Annual Contract’ the importance of meeting the profit margin requirements has increased. Target costing thus provides an essential tool to manage cost effectively. The characteristic of monopolistic competition typifying the market sets the threshold for pricing. This market consists of many buyers and sellers trading over a range of prices. The key element is differentiation, which allows the seller to gain market share in contrast to competitors. Given this market condition, Lever differentiates its products and also sells them in different price ranges to cover at least a large portion of the market. Also this makes Lever more sensitive to price changes of competitors’ products. Last year PG revised their prices which has increased the prices of their shampoos considerably but Sunsilk has maintained its prices and their prices are much lower than PGs’, which is a major blow to PG because being a poor country people go for products which are within the range of Rs. 100. Figure 3 2. 4 Promotion objectives: Build top of the line consumers’ awareness. Creating a personality of the brand. Besides having these general objectives, the advertising objectives are set avoiding to the advertising strategy for each product, e. g. Sunsilk advertising objectives since it was being re-launched were: To increase the usage. Conditioning benefits. Makes the hair appear clean and shiny. Imparts a feeling of freshness-due to fragrance. Easy to manage, silky, soft hair. Unique shampoo for every hair type. Effectively communicate brand promise. 2. 5 Advertisement objectives: The advertisement of a product should follow the smile approach that is: S Simple M Memorable I Interesting with relevant information L Linked to the brand E Emotionally involved and liked. The advertisement should be in line with the past ad (if any). The ad should have a good advertising idea. Advertising should meet the brief Message clearly communicated Advertising should fit the brands personality An add is usually changed after 18 months TARP(Target Audience Rating Points) 2. 6 Advertising strategy: A product’s particular advertising strategy also depends on the level of competition involved with each product. For example shampoo ads previously used to provide emotional benefits but when PG entered the shampoo market with it’s shampoo Pantene, it revamped the whole situation, Pantene ads promoted the shampoo’s functional benefits, which greatly appealed the consumers. Levers seeing this trend changed its advertising strategy for Sunsilk so that Sunsilk advertisements also promoted the shampoo’s functional benefits. Thus Lever evaluates the product’s present position in the market, the promotion objectives it wants to achieve and the level of competition involved while setting the advertising strategy for a product. Elida Hair Institute does a lot of research and they come up with innovation in the product. Elida provides credibility that Sunsilk is not locally made but it is based on a lot of research by internationally accredited institutions. Lever believes that messages about product delivered by credible sources can be very persuasive. Hence Nabila who is an hair care expert endorses Sunsilk and more value is added to the brand. Consumers relate to products itself, they can relate to a human being who consumers believe is an expert so if Nabila is an expert so is Sunsilk. Nabila a recognised and highly qualified hair stylist is used by Sunsilk in its ads because they want to bring out an expert’s image. Sunsilk has come up with a new promotional campaign GOOD HAIR DAYS in six major cities in collaboration with famous hair stylists of the country. 2. 7 Advertising Evaluation: Lever also carriers out on extensive evaluation process. Target audience rating points are used to evaluate a product. Households are monitored in various cites to get consumers response and feedback. R-Lintas carriers out in own evaluation proceeds for its advertisement. Weekly figures are presented by research department. Regarding sales which have been carried out by extensive surveys. Products manager themselves have to visit the Consumers’ View of Sunsilk Advertisements Figure 4 2. 8 Distribution Objective: â€Å"To reach as many towns and villages as we can† Lever has 150 distributors whose function is to sell to wholesalers directly. There are different distributors for different areas. They are carefully selected and their performance is constantly evaluated. They appear extremely satisfied with their channel systems and have a good rapport with them. We feel that this is essential since these are not too many levels, thereby preventing channel complexity and allowing Lever greater control. Lever’s statements were verified by our consumer survey, which revealed that the retailers were very satisfied with Lever’s distribution system, which allowed well-stocked shelves. This is an added advantage, since the consumers undergo habitual buying behavior. Sunsilk has a very good distribution network all over the country. They have struggled hard to adopt such channels that guarantee the perfect results regarding the placement of their product. These distributors are given clear instructions regarding the selection of the retailer and to make sure that the retailer; Knows about the significant characteristics of the product. Places the product along with its major competitors like PG. Displays the sachets distinctly. They give off and on offers as trade promotion incentives to their distributors. The distributors contribute to the promotion of Sunsilk by word of mouth. 2. 8. 1 Strengths Lever Brothers Pakistan Limited is one of the largest organizations in Pakistan. Company has advanced technology and well skilled professionals. The New Sunsilk Shampoo is a high quality product in terms of hair protection. The target market is educated, professionals and belongs to premium and middle class. Company totally owned, systematic distribution network, transparent communication system. Participative management style Very good distribution network all over Pakistan, in all major and small cities. 2. 8. 2 Weaknesses: Competitor has strong promotional activities. Imported brands also available in the market. Customers are offered better alternatives by the competition. 2. 8. 3 Opportunities: Population expanding at a rapid rate. Consumers are becoming more quality conscious Current capacity utilization is 80%, which can be further broadened with the increase in demand. Customer base is increasing with effective marketing. Baby shampoo is another area where Lever Brothers can make huge gains. Shampoo plus conditioner and anti-dandruff shampoos are another area where lever brothers can earn huge profits. Rural areas are a large prospective market where they can introduce Sunsilk. 2. 8. 4 Threats: Political and Economic factors. Partial Government policies. High rate of competition. Local and Foreign competition. Smuggling via Afghan Trade Transit is one of the big hurdles faced by Sunsilk. Supplies from Indonesia and Thailand is another important issue. 3. Chapter III 3. 1 Summary: This marketing plan forms the basis of the introduction of an innovative and unique productby Sunsilk. The analysis allows us to the best strategies to help our product be successfulwith the internal and external environments which we have analyzed at our bestunderstanding. Sunsilk Hair Colour Shampoo will be marketed as a unique and convenientproduct for consumers who need and want to colour their hair. And we would like tomaintain the company’s status as the 2nd brand leader in hair care industry in Pakistan. Themarketing strategies will enable us to reach the target sale ofRs 50 million by end of first year and also bring awareness to the consumers in the sixmonths about the new product, and reach at least 80% consumers in Pakistan. The hair colourindustry is currently in the growth stage and the number of people who wish to colour theirhair is growing day by day. Customer have been introduced by hair colouring products andthere is a existing industry for colour in Pakistan, but Sunsilk Hair colour Shampoo is a newinnovative product which is convenient for consumers to use and also less harmful then otherproducts available. IntroductionThis plan has been prepared as an assignment for Marketing Strategies and Operations classat London Business School of Finance. The plan will provide background information aboutthe current environment in which Hair colour products are operating in Pakistan. It will alsodiscuss the present state of hair colour products in general, which will include information onthe company and its interest in extending product range in Pakistan, and give a broader ideaof how the brand will be introduced and marketed in the current environment. Company BackgroundSunsilk is a product of United Kingdom, which was launched in 1954. Sunsilk wasintroduced by Unilever (LBPL), who are the largest consumer goods producing company inPakistan, especially in personal care products. Unilever was found in 1930 by AntoniusJohannes Jurgens and William Hulme Lever. It was incorporated here in 1948 at Rahim YarKhan. Sunsilk was introduced in 1989 in Pakistan with three different types of shampoos fordifferent hair texture. Getting Support from hair stylist was the first step in constructing theimage of the brand as a hair care expert. In beginning of introduction of Sunsilk brand, it wasbeing raided by other competitors, in which, sunsilk was not able to gain the desired share inthe market 3. 2 CONCLUSION The survey helped in understanding the consumer perception on brand awareness and position of product in the market. It was observed that consumer’s expectations were, Quality, benefits offered and packaging of shampoo product. Based on the results obtained, integrated marketing communication was suggested, as a result an improvement of 8% to 12. 6% was observed in target population. Lagging quality Attributes have been identified for the improvement of sales by 45. 39%. Suggestions towards improving brand awareness through quality attributes have been made. 3. 3 Recommendations: Lever, Pakistan realizes the huge potential of the rural markets, i. e. 72% of the total population, but has not yet developed a successful strategy to penetrate this market. The success of Levers Hindustan should be emulated, which has successfully captured the rural market by two key strategies; firstly, by developing a strong distribution infrastructure and secondly, by adapting the packaging and pricing to this market. Lever should increase the buying of raw materials from local markets so that it does not have to suffer excessively from devaluation and continuous increase in tariff rates. This would also negate the adverse affect on sales volume due to smuggled foreign product. Lever should introduce a smaller (100 ml) pack of Sunsilk shampoo in order to capture the lower income segment. Lever should enter into WEB Marketing. The Legacy Soccer Foundation sponsored mainly by Levers, should be emulated by Levers Pakistan in the area of cricket since it is the most popular sport in Pakistan. Levers could also provide consumers with a hot line number where they can call in to complain or to ask specific questions about Lever’s products. These hot line numbers can also advise consumers about their hair type and other hair related queries. Such a strategy would highlight Levers concern for the public as well as helping it to gain market share. They should increase the frequency of their advertisements on electronic and print media. They should introduce 2 in 1 composition, i. e. shampoo plus conditioner which is the demand of a huge potential market.

Prescription Drug Costs in Primary and Secondary Care UK Dissertation

Prescription Drug Costs in Primary and Secondary Care UK - Dissertation Example the negative value of the mean indicates that generally, the NHS drug tariff prices for the generic drugs are substantially higher than the prevailing retail market price for the branded drugs. The results of the paired samples t-test also showed that there were no significant difference on the costs of generic drugs based on the prices indicated in the NHS drug tariff and the prevailing retail market prices for the branded drugs. This result is absurd because in majority of the drugs considered in this t-test, the generic prices are generally higher than the branded medicines. This finding, however corroborates the results of Kanavos (2007) that the NHS is reimbursing the pharmacies significantly higher than the actual acquisition cost dispensed by the pharmacies. 16 Table 5. Distribution of Branded NHS Drugs with no Generic Equivalent 17 Table 6. Distribution of Generic NHS Drugs with no Branded Equivalent 17 4.4. Comparison of free prescriptions between England and Wales 23 4.5. T he issue of over-prescribing by UK General Practitioners 26 4.7. Wastage of prescription drugs 31 5.0. Results and Implications 33 5.1. Summary of findings 33 5.2. Implications for health care 35 While over-prescribing of drugs appear to be forced choices by physicians who are limited to prescribing only drugs approved for inclusion in the designated PCT formularies, the ramifications of the practice are brought to bear not only on the national coffers, but also on the risk of patients’ illness progressing in severity either because they are overwhelmed of the multiplicity of their medications or simply choose not to adhere to the regimen for whatever reason. Overprescribing also leads to drug wastage. Another implication of overprescribing is becoming more dangerous for large populations... Any drug has its own benefit – risk ratio. As enunciated by Brekenbridge. It is high time that people realise that medication is not all on the benefit side, as â€Å"there is no such thing as a free lunch with drugs† (Brekenbridge, as cited in Laurance, 2011. Drugs need to be taken as instructed, no more, no less. Over-prescribing is definitely out of the question. It should be all academic at this point that over-prescribing catalyses many repercussions, including higher risk of more serious illness, drug wastage, draining the NHS budget, illegal drug trade, and worst, morbidity and mortality. In this regard, continuing professional education for doctors, especially in drug pharmacology should be a fixed installation in the human resources development programme of NHS. Meanwhile, generic substitution seem to be a promising option for doctors to help save on drug expenditures. However, block decisions for generic substitution of branded medication should not be resorte d to. This matter is not a one-size fits all. Decisions should always be evidenced-based and done with the best interest of patients in mind. While there are cases where generic drugs are comparable in efficacy with their branded precursors, there are also generic drugs which compare poorly with branded medicines. Physicians who prescribe generics should always be on the lookout for non-performing substitutes.