Customer Management Plan - Free Essay Example

Sample details Pages: 10 Words: 3003 Downloads: 10 Date added: 2017/06/26 Category Management Essay Type Research paper Level High school Did you like this example? Customer Management Plan Contents Page Our Brand Page 3 The Market Page 3 The Shop Page 3 Servicescape Page 4 Service Service Quality Page 5 Measuring Service Quality Page 5 Service Recovery Service Plan Page 6 Customers Loyalty Page 7 Total Customer Experience Page 7 Customer Feedback Page 8 Customer Use of Service Blueprint Page 10 ReferencesPage 11 Our Brand Rubia Coffee are a new chain of coffee shops that will offer more value per drink than any other chain coffee shop. The way that Rubia Coffee will do this is by offering a large variety of coffee beans for completely different flavours even for those classic orders, happy and enthusiastic staff, a relaxing environment in each shop, and also offer a large range of high quality foods to complement our drinks. Each coffee will be made by a highly trained employee to guarantee a high quality drink. Weà ¢Ã¢â€š ¬Ã¢â€ž ¢ll also offer multiple counters to order at to make sure each customers wait is kept to a minimum. This is rarely offered at other chain coffee shops. The name Rubia comes from the word Rubiaceae which is the name is the all coffee plants fall under as all different strains of coffee plants are in the Rubiaceae family (Hawaii Tropical Botanical Garden. 2013) Don’t waste time! Our writers will create an original "Customer Management Plan" essay for you Create order The Market The UK coffee shop market now has a net worth of  £1.401 (Helena Spicer. 2013). This is predicted to continue rising until at least 2018 according to a Mintel report [1]. The market leader is Costa Coffee with 1656 outlets which is a 27% increase from 2011-2013 whereas Starbucks has 730 units which has decreased from 739 in the same time period. This may be because Costa Coffee has dominated the market and has taken many of the most convenient places for high footfall. In an Infographic report done by Helena Spicer about customers of coffee shops she found that 44% of people enjoyed something that theyà ¢Ã¢â€š ¬Ã¢â€ž ¢ve drank before, 38% said they like something they canà ¢Ã¢â€š ¬Ã¢â€ž ¢t have at home, and 33% of those interviewed buy their drinks based on low prices. However according to this report 27% of customers find the branded coffee shops are not good value for money and 65% of customers go to coffee shops due it ità ¢Ã¢â€š ¬Ã¢â€ž ¢s convenience (Spicer, H. 20 13). Our Target market is those customers whose gross annual household income is above  £25,000 whilst still catering for those that do not meet this by offering a saver menu. The reason this is our target market as 44% of those in this segment go to at least 1 chain coffee shop on a regular basis (Mintel. 2013). The Shop Our shops shall be around the average size of 202 sqm (Edinburgh Council. 2011). This is because these shop are usually placed in easy to access areas. Within these shops there shall be at least 20 seats for customers and 15 tables. This is so the customer can sit with their order and consume it on site if they wish even though many customers take their drinks and/or food off site. Fig 1 Rubia Coffee Layout The design of the average outlet for Rubia Coffee caters for multiple different customers. The stooled area caters for customers that may be by themselves but would like to sit down. The tabled eating area is for customers that are with either a group of friends or a spouse. The Waiting Area is also near the door for those customers that wish to consume their order off site. The arrows in Fig 1 show the flow of customers around the shop. This flow of customers will keep the shop from getting crowded. The design of the average outlet is also beneficial for the emplo yees as well. This is due Servicescape Servicescaping now has a higher significance in the design of any outlet whether it be for retail or service. This is because the servicescape can have a direct and indirect effect of the customer view on the quality of the service (Reimer, A. Kuehn, R. 2005). When designing a shop layout Rubia Coffee find that it is very important to create an atmosphere that the customer find relaxing but also feel like the place they are in has a quality feel to it. This is why in our shops there are relaxing colours such as greens and blues as well as relaxing music in the background. Service Service Quality When looking at service quality you need to look at what impacts service quality. According to Parasuraman, Zeithaml, And Berry there are 5 determinants to service quality. These are tangibles, reliability, responsiveness, assurance, and empathy (Parasuraman, A., Berry, L., Zeithaml, V. 1991) The reliability of the service is the ability to perform the service dependably and accurately. This aspect is when employee training and proper planning is need to make sure that the service is carried out the way it should be. Tangibles for the service quality are the physical appearance of the facilities (Buttle, F. 2009). This includes equipment using for making and preparing the foods and drinks. The staff also come under the tangibles for the service quality. This will ensure that employees are well dressed in the correct Rubia Coffee attire which shows a smart yet friendly persona of the staff. Responsiveness shows the willingness for the employees and manage rs to help customers and provide the efficient service. This will be achieved by high quality training and also the caring personalities of the employees. Assurance is the ability of the employees in ensure trust and confidence in their role shop to the customers with their knowledge. This is also achieve via high quality training and as well as their enthusiasm in their job role. The last part of the SERVQUAL Model is Empathy. This is the individualised attention to customers that Rubia Coffee employee will give to each customer. This could be assisting a person in a wheelchair or if a customer is a regular, acknowledging them when they enter the cafÃÆ' ©. These determinants will be used to keep high levels of service quality. As these determinants are easily understandable. Each manager shall be able to implement new procedures that will keep the standard of each determinant high. Measuring Service Quality Service quality shall be measured by looking at the numbe r of repeat customers an outlet has. As this indicates that the quality of the service that you are providing is satisfactory for that customer to keep returning back to the same outlet rather than finding an alternative. Another method of measure the service quality would be by giving customers a small form with an incentive of a money off voucher for their next purchase. These forms will contain a small amount of questions regarding the determinants of service quality/the SERVQUAL instruments (Berry, L. Zeithaml, V. Parasuraman, A. 1994). These questions shall be a rating system of 1 to 5, with 1 being very bad and 5 being excellent. They will also have spaces for comments in which to improve certain areas of the SERVQUAL determinants. Service Recovery Plan A service recovery plan can be defined as à ¢Ã¢â€š ¬Ã‹Å"all the actions taken by a company to resolve a service failureà ¢Ã¢â€š ¬Ã¢â€ž ¢ (Buttle, F. 2009). To be able to make a Service Recovery Plan we first need to know what the service failure is. When there is a service failure the root cause needs to be identified. As services can fail in multiple of different ways the failure can be from a technical side or functional service quality meaning the service isnà ¢Ã¢â€š ¬Ã¢â€ž ¢t up to standard. Therefore the locus of the failure needs to be found. This will be achieved via customer complaints. After the locus is found the stability of the failure needs to be calculated. Was it just a one off? Or does this happen on a frequent basic? After the stability is calculated it needs to be checked to see how controllable the failure is. Is the failure because of employees not being able to perform correctly or is it due to something that is out of Rubia Coffeeà ¢Ã¢â€š ¬Ã¢â€ž ¢s control. This negative impacts of service failure can be a decline in customer confidence, loss of revenue, and even a decrease in employee moral which may lead to a reduction in employee performance (Komunda, M. Osarenkhoe , A. 2012) To be able to find the locus of the service failure customers need to be able to easily complain about the issue. This process needs to be a well thought-out and planned process to satisfy aggrieved customers (Komunda, M. Osarenkhoe, A. 2012). A customer can complain in two different ways. The first way being the first being public action, and the second being private action. Public action is when a customer send their complaint/s To the firm that the service failure occurred at, Or by complaining to a third party which could a reviewing website Or by taking legal action to seek compensation for the dissatisfactory service. Private action is when a customer either Switches provider of the service. Or by talking about the company with a negative word of mouth. Many customers do not complain about a service failure (Komunda, M. Osarenkhoe, A. 2012) which not only negatively impacts them with receiving a dissatisfactory service but this dissatisfactory service can happen to many other customers as well. This is why is important to make the complaints procedure as easy as possible for the customers not only for their benefit but for Rubia Coffeeà ¢Ã¢â€š ¬Ã¢â€ž ¢s benefit. There will be three different way in which Rubia Coffee shall deal with complaints. This will be by distributive justice, procedural justice, and interactional justice (Buttle, F. 2009). Distributive justice shall be achieved if the customer want a material good for their compliant. This may be another coffee for free or what they ordered or for a discount on their next purchase. They customers may also be satisfied with just a complaint however a free replacement will always be offered. Procedural justice is when the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s evaluation of the service failure and the attempt to fix this failure is used to try and to fix as well as improve the service failure. However most customer do not wish to fill in a long form or to write letters to the company. A formal letter of apology and a material compensation should be given to the customer if they wish to gain procedural justice. Interaction justice should always be used with customer complaints as interactional justice is when the customer is satisfied with the empathy, politeness, courtesy, and effort that either the employee or manager gives them in order to correct the service failure. The procedure that should be followed when receiving a complaint would be Apologise for the inconvenience of the issue. Offer to replace their order and/or offering a discount on their next order if needed. If the customer still isnà ¢Ã¢â€š ¬Ã¢â€ž ¢t satisfied contact manager for a formal apology from that outlet. The manager should offer more discount if needed. If the customer is still not satisfied the manager should ask them to step to one side to write down what happened from the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s point of view. Then ask for their personal address for the head office to send them a formal apology on behalf of the company as well as an acceptable level of compensation. Customers Loyalty Many happy customers that are actively buying from one company may feel that the company doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t value them from the volume of goods that they purchase not being recognised (Peel, J. 2002). There are two different types of loyalty to a company. There is behavioural loyalty and attitudinal loyalty. Both of these types of loyalty are critical to a businessà ¢Ã¢â€š ¬Ã¢â€ž ¢s operation. Behavioural loyalty is when a customer intends to repurchase the same brand to maintain the relationship with that brand. Customers to do possibly for peace of mind due to not having to find alternatives to that brand. The way the Rubia Coffee intend to increase behavioural loyalty is by offering a reliable, efficient, cost effective, and high value for money service thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s second to none. This way more people should intend to repurchase from our brand. As linking back to the views the market has à ¢Ã¢â€š ¬Ã…“27% of customers find the branded coffee shops are not good value for moneyà ¢Ã¢â€š ¬Ã‚ . If we reduce this number significantly more potential customers will buy from our brand by increasing the possible demand for those looking for good value for money. Attitudinal loyalty is when a customer identifies themselves with a brand. This may be due to their business ethics or this may be due to that the brand is in fashion. The way we will do this is by keeping good business ethics buying our supplies at a fair price for small coffee bean farmers and larger corporations. Rubia Coffee also intend to be proactive in future changes in government policies rather than reactive. Being proactive from policy changes shows that our company is able to change for the better without being forced too. The way that Rubia Coffee will reward customers will be by those that are in our loyalty scheme. This scheme will be run by our loyalty cards, our emailing list, and to those that have our smartphone app. Those that are in this sc heme will benefit by getting a free singular purchase after a number of paid purchases and by receiving discounts to certain produce at random time intervals. This way customer will have to monitor our offers to receive the discount when it is released. Total Customer Experience The definition of total customer experience or TCE is a à ¢Ã¢â€š ¬Ã‹Å"totally positive, engaging, enduring, and socially ful ¬Ãƒâ€šÃ‚ lling physical and emotional customer experience across all major levels of oneà ¢Ã¢â€š ¬Ã¢â€ž ¢s consumption chain and one that is brought about by a distinct market offering that calls for active interaction between consumers and providersà ¢Ã¢â€š ¬Ã¢â€ž ¢ (Bernacchi, M. Kesavan, R. Mascarenhas, O. 2006). This means that the customer is fully satisfied with the whole experience that the service provides as they feel like the business truly cares about them and their experience. Total customer experience can be used to increase the amount lasting customer loyalty. As throughout the whole interaction from the customer consuming our service, TCE is always there. The customer consuming our service is shown in the customer blueprint on page 10. The way that Rubia Coffee capture TCE is by providing the best experience a customer can receive for buying from a coffee shop. The way this is done is by a high standard of training for our staff, by employee kind and friendly staff that are also highly productive, an optimal level of technology to make the experience for the customer easier without too much technology being used which could put certain customers off, and also by serving you in an environment that is clean, relaxing and perfect ambiance. Customer Feedback There are a multiple of different ways in which customer feedback can be collected each have their own benefit also the most common demographic of the outlet can determine with method of getting customer feedback is use. Customers can give their feedback through fill ing out a small simple form which shall be placed in a small display case next to each till. This way customers that want to leave feedback can pick up the form and customers wonà ¢Ã¢â€š ¬Ã¢â€ž ¢t feel forced into leaving possible false positive feedback. We wish to reward these people that leave us feedback so random forms will have a mark of them that only appears under UV light which will give the customer a single free drink. Another way in which customers can give feedback is by leaving feedback for a specific outlet on our website. This feedback shall be more in-depth than the form in each Rubia Coffee outlet. If the customer wishes to put their email address on the feedback form they will receive an email thanking them for their feedback and will contain a QR code which they can print off or show on their smartphone to take in any Rubia Coffee outlet and receive a 25% an order. This method of feedback can be more open to false data however the information that is needed t o be inputted into the form limits the amount of false data as a whole new false identity would have to be made and they will also be a limit on how many times a single person can leave feedback per year. This will not stop the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to complain about an issue in an outlet. Fig 2 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Coffee with beans Customer Use of Service Blueprint References Bernacchi, M. Kesavan, R. Mascarenhas, O. (2006). Lasting customer loyalty: a total customer experience approach.Journal of Consumer Marketing. 23 (7), p399. Berry, L. Zeithaml, V. Parasuraman, A. (1994). Alternative scales.Journal Of Retailing. 70 (3), p203. Buttle, F. (2009). Creating Value For Customers. In: Buttle, FCustomer Relationship Management à ¢Ã¢â€š ¬Ã¢â‚¬Å" Concepts and Technologies. Oxford: Elsevier Ltd. p203-209. Edinburgh Council. (2011).Edinburghà ¢Ã¢â€š ¬Ã¢â€ž ¢s Shopping Centres.Available: https://webcache.googleusercontent.com/search?q=cache:boSxdG_w9koJ:www.edinburgh.gov.uk/download/downloads/id/5261/planning_information_bulletin_2011_no_8-edinburgh_s_shopping_centres_1986-2011+cd=4h. Last accessed 22/04/2014. Figure 1.Rubia Coffee Layout(2014) [Image] At:https://i167.photobucket.com/albums/u135/fredrip/Untitled_zps0dfd611a.png (Accessed on 19.04.14) Figure 2.Coffee With Beans(2014) [Image] At: https://www.freegreatpicture.com/cat/photo-16317 ( Accessed on 20.04.14) Hawaii Tropical Botanical Garden. (2013).Rubiaceae.Available: https://www.htbg.com/search.php?family=Rubiaceae. Last accessed 25/04/2014. Helena Spicer. (2013).Executive Summary Coffee Shops. Pp.1-4.Available: https://academic.mintel.com/sinatra/oxygen_academic/attachment/id=638274seq=1. Last accessed p1-4. Komunda, M. Osarenkhoe, A. (2012). Effects of service recovery on customer satisfaction and loyalty.Business Process Management Journal. 18 (1), p83-85. Mintel. (2013).Who Buys Coffee Out of Home and Where do they Go?.Available: https://academic.mintel.com/display/684220/. Last accessed 20/04/2014. Parasuraman, A., Berry, L., Zeithaml, V. (1991), Refinement and reassessment of the SERVQUAL scale,Journal of Retailing. 67, p.420-450. Peel, J. (2002). New Perspectives on Loyalty. In: Peel, JCRM: Redefining Customer Relationship Management. Woburn, MA: Digital Press. 161. Reimer, A. Kuehn, R. (2005). The impact of servicescape on quality pe rception.European Journal of Marketing. 39 (7/8), p789. Spicer, H. (2013).Infographic Overview.Available: https://academic.mintel.com/download/pdf/report_infographic/638274/. Last accessed 22/04/2014. 1 | Page

Hans Holbein, the Ambassadors - 1554 Words

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I am sure Holbein painted the Crucifix for a reason. Maybe he is trying to indicate that people are so overwhelm by the progress of science that they start to forget about the importance ofShow MoreRelated Hans Holbein, The Ambassadors Essay1522 Words   |  7 Pages Hans Holbein The Ambassadors amp;#10086;Introduction The Ambassadors is one of the most complex and arguably portrait which Holbein had painted. The purpose of this report is to analyze Han Holbein?fs painting, ?gThe Ambassadors?h. The main task of this report is to uncover the meaning of this painting, as it still remains unclear. Firstly, I will give a short introduction about the painter. Then, I will examine the characteristics of the people and the objects in the painting. Lastly, I willRead MoreArt Is A Great And Powerful Form Of Expression977 Words   |  4 Pagesform of expression. Artist such as Hans Holbein, have been immortalized within his paintings. 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Architecture Assessment Method And Assessment Methodology...

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Symbolic Interactionism And Social Structure - 1190 Words

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CriticalRead MoreSociological Accounts on Individuals Acquiring Their Identities591 Words   |  3 Pagesand Perspectives, chapter 12, p 885) The main sociological accounts on this issue are: Functionalism, Symbolic Interactionism, Marxism, Feminism and Giddens concept of structuration. Functionalism ------------- Functionalism is too deterministic. It emphasizes the roles and identities to relatively passive human are shaped by the needs of the social system. It tends to see all the identities as passive identities (e.g., class identity) and give no choiceRead MoreMajor Theoretical Sociological Perspectives: Similarities and Differences1507 Words   |  7 PagesAbstract What are the three major sociology perspectives in regards to social issues? They are Symbolic Interactionism perspectives, Functionalism perspectives, and Conflict Theory perspectives. These perspectives offer sociologists abstract examples for explaining how society affects people, and vice versa. 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How to Structure a Dissertation Free Essays

How to Structure a Dissertation? Chapter and Sections Explained | General Structure of a Dissertation Many students are confused about the dissertation structure requirements given to them by their tutors, and getting this wrong will affect their final grade. Below you will find an easy to follow guide to structure a dissertation. It is recommended that you create the titles and subtitles before you fill the dissertation with content, and determine how long each chapter will be to make up the required dissertation word count. We will write a custom essay sample on How to Structure a Dissertation or any similar topic only for you Order Now How to structure a dissertation The following guide gives you the general rules of dissertation structure used for dissertations that include primary research: ? Title Page Make sure that you check the information that needs to be included in the title page. Some institutions ask for the total word count and your supervisor’s name, as well as your personal and course information. ? Dedication This page is often neglected by students, but has an important role in structuring your dissertation. You need to dedicate your work to a person, institution, or cause. As an example, you might dedicate your dissertation to the institution that supported your research. ? Acknowledgements This short part of your dissertation will acknowledge the support and help you received from your tutors, institution, or colleagues. ? Abstract A summary of the dissertation, including purpose and findings. ? Table of Contents ? Introduction This introduces the study and establishes the research context. It should include a statement of the problem under consideration, the objective of the research, what or who is included in the study, and an overview of the structure of the dissertation. ? Literature Review This gives an extensive background to relevant theories. It should explore and critique past research and any explanatory models. It should end with the research questions to be answered by the study. ? Methodology This part of the dissertation structure sets out the way the study was carried out, and should include subsections, such as: i. Research philosophy ii. Approach and strategy iii. Data collection and analysis iv. Issues with access to subjects / data, v. Reliability vi. Validity and applicability vii. Ethical issues and any limitations related to your research ? Results This section sets out the results of your study. The emphasis is upon raw data rather than interpretations and conclusions, and you might want to create tables or/and charts to improve the structure of the dissertation and present your results more clearly. ? Discussion This part of the dissertation discusses the results in a wider context, and links with themes drawn out during the literature review are considered. Further, you will have to critique the theses and theories discussed in the literature review section based on the results of the study. You need to state whether the evidence provides support for the research hypothesis. Each research question is discussed with reference to the evidence. This section also provides a brief recapitulation of the literature review and methodology. ? Conclusion This dissertation section summarises the study. No new material is to be introduced here, but drawbacks of the study can be included, and recommendations for future research can be made. ?References These must be listed in the format approved by your university. ?Appendices This important part of the dissertation includes questionnaires, tables, transcripts of interviews and statistical outputs. As appendices are not part of your total word count , they can be useful for holding information where you are worried your word count is too high. Chapters of a Dissertation Explained The main purpose of the dissertation structure is to present your research and ideas in a logical way. If you know how to structure a dissertation the correct way, you are more likely to get it right the first time, instead of being asked to make amendments for months before it can be accepted by your institution. The introduction’s purpose is to inform the reader about the purpose and setting of the study. The literature review shows your institution that you have completed the required background studies. To state your methodology, you must be aware of different research approaches and methods in your selected academic field. The Results section of the dissertation must be structured in a way that the outcomes are easily interpreted by the reader. You can voice your criticism and reflect on the findings and theories in the Discussion section. In the Conclusion and Recommendations section of the dissertation, you must show that your research has delivered important knowledge for a certain industry or field of study. The Literature Review Structure In this section, you need to compare and contrast the views of different authors on the issue you are researching, highlight the gaps and contradictions in current literature, and demonstrate how your study is related to current and past research. If you are confused about what to include in this dissertation section, ask our our site experts on structuring your literature review. The Correct Dissertation Methodology Structure You will need to state your research philosophy: either positivism, interpretivism, or post-positivism. In the next section, you have to state your research approach, followed by strategy and research design, data collection and analysis methods, and finally the ethical considerations, validity, and generalisability of the research, as well as the limitations of the study. For a full guide on how to structure a methodology chapter, check out our detailed our site guide on methodology structure. How to Clarify the Dissertation Structure Requirements Most colleges and universities publish their guidelines on dissertation structure. You might want to clarify the word count requirements and referencing guidelines for each chapter with your professor before you start working on your dissertation. Remember that each field of study and institution have their own specific requirements for word count, formatting referencing, and chapters, so you must obtain information and should not rely on general information on structuring a dissertation. You might need to seek further advice and guidance on how to structure a dissertation and what to include in each chapter. If you have any specific queries or questions, you can submit your question to the our site support page, and get an expert in your academic field give you further guidance. Do you need help writing your dissertation or thesis? Contact Us Today Summary Reviewer Admin – Robert Gil Review Date 2017-07-25 Reviewed Item Structuring a dissertation Author Rating 5 How to cite How to Structure a Dissertation, Essays

Planning Auditing and Professional Practice

Question: Discuss about the Planning Auditing and Professional Practice. Answer: Introduction: Planning pays a crucial role in carrying out the proceedings in a systematic manner. In regard to auditing, the planning occurs at every stage throughout the entire auditing process; however, it has greater significance at the initial stage of auditing. The standards of auditing require that the auditor should plan his work adequately before taking the actual work under process (Delaney Whittington, 2010). The auditing planning not only assists in allocation of the resource optimally, but it also assists the auditor in identifying the crucial areas of auditing and thus, finding out any critical risk factor related to those areas. At the initial stage, the auditor should plan to study the business environment in which the company operates and based on this study, a preliminary assessment of inherent and control risk should be made (Delaney Whittington, 2010). In the current case, the auditor has to plan for audit of City Ltd which is property developer in Australia. In this regard it is crucial that the auditor studies the business environment and the circumstances in which the company is operating (Gray Manson, 2007). The study of the circumstances reveals that the company is in problematic situation that indicate a serious risk to its business. Thus, the auditor needs to be alert while preparing the audit plan in regard to the audit of City Ltd. Following are the major points the auditor should consider in its planning document: The study of the circumstances reveals that there is slump in the commercial property industry in Brisbane, where the company operates. The sluggish demand in the market is going to affect the companys revenues in the upcoming years (ISA 315, 2009). Further, there been passed an order by the government of the state which provides for abundance the office spaces in the city. This implies that the demand for the commercial spaces is going to be affected adversely (ISA 315, 2009). Further, the fact that company has many construction projects under process without any buyer being secured also adds to the business risk. In this situation, the company might fail and go into liquidation (ISA 315, 2009). In this case Web Ltd has enhanced its IT capabilities by installing new computer software. From the auditors perspective, its a change in the record maintenance system of the company and thus; it requires careful attention while formulating the audit plan. In this regard, following are the points that the auditor should consider as crucial: There has been a change in the information system due to installation of new software. This change may have crucial impact on the entire auditing process and particularly on the evidence collection process (Pickett, 2006). Further, the change in the information system also has impact on the internal controls. Thus, the auditor should include in its plan a rigorous verification of the internal controls (Pickett, 2006). Further, the auditor should focus its verification of the areas where the change in the information system is having great bearing in regard to improvement in the quality of management reporting. Lastly, the auditor should not forget to evaluate the impact of change in the information system on the risk assessment. The auditor should consider the risk of manipulations in the financial statements which arises due to the change in the information system (Pickett, 2006). In the current case, audit planning for Beauty Pty Ltd which is engaged in manufacturing and selling the cosmetic products is under consideration. In this case, it could be observed that there has been a new event which is opening of an overseas branch by the company. The audit needs to emphasis this fact while preparing an overall audit plan in regard to financial audit of the company (Pickett, 2006). The following are the crucial issues which auditor should take into consideration while preparing overall audit plan: In regard to the branch operations, the auditor should include in its planning document, the assessment of materiality of the foreign branch. If the branch operations are material considering the overall operations of the company, the auditor needs to take assurance that the records of branch operations are free of risk and misstatements (ISA 600, 2009). In case the branch is being audited by another auditor, the company auditor can use the report of branch auditor subject to compliance with the provisions of auditing standard 600. Thus, if it is the case, the planning documents should include the steps to use the report of branch auditor (ISA 600, 2009). The purpose and the result of both the tests such as test of controls and the substantive test are different (Johnstone, Gramling, Rittenberg, 2015). The test of controls is performed to check the adequacy of the internal control system. On the other hand, the purpose to apply substantive test is to gather corroborative evidences which confirm the amount of items presented in the financial statements of the company. Thus, first and foremost, it is the auditors objective which will affect the decision as to application of the test of controls or the substantive test (Johnstone, Gramling, Rittenberg, 2015). Further, another crucial factor is the assessment of the inherent and control risk and the detection risk. The inherent and control risk can be reduced by enhancing the level of substantive testing while detection risk can be reduced by enhancing the level of test of controls. Thus, if the combined level of inherent and control risk is assessed as high, the auditor will have to take more rigorous testing of the book records which implies decision to use substantive testing (Johnstone, Gramling, Rittenberg, 2015). On the other hand, if the detection risk is assessed as high, the auditor will have to apply test of controls. In the current case of Vroom Ltd, the detection risk is assessed as high in the case of measurement and completeness of depreciation expense. In this case, the auditors approach could be observed to be emphasizing more on application of test of controls. Thus, the auditor relies more on applying the test of controls rather than substantive testing in this case. In another case, inherent and control risks are assessed as high in regard to valuation of the vehicles. The auditors strategy gets changed to rely more on substantive testing rather than test of controls in this case. Further, in the case when the auditor assesses medium risk, the strategy of the auditor changes to apply test of controls as primary mechanism to obtain audit evidences. In this case, the substantive testing has been used to a minimal extent only (Johnstone, Gramling, Rittenberg, 2015). In the current case of Vroom Ltd, the preliminary assessment of audit risk in relation to the depreciation expense reveals that inherent and control risks are low but the detection risk is high. The high detection risk indicates that the auditors substantive checking may not be able to detect the error or fraud in regard to depreciation expense. Keeping this in mind, the auditor designs a strategy to apply the test of controls more stringently while at the same time reducing the substantive testing. In this strategy, the auditor should use following procedures to verify the accuracy and completeness of depreciation expense: Firstly, the auditor should verify the accounting system, its process and level of automation. Further, the competency of the staff operating the accounting system should also be considered (King, 2011). The auditor should ensure that adequate records in relation to fixed assets are maintained and kept up to date. The auditor should verify the checks and controls on the acquisition and sale of fixed assets. Further, the auditor should ensure that acquisition and sale of fixed asset is made with the sanction of appropriate authority (King, 2011). If necessary perform recalculations for depreciation on test check basis (King, 2011). Accounting is a comprehensive process that involves various steps such as recording, summarizing, classifying, and presenting the events and circumstances in the form of reports. The accounting process produces important information relating to the financial performance and position of the business which is communicated through reports and statements such as annual report, income statement, and the statement of financial position (Gray Manson, 2007). The communication of the accounting information is not only made to the shareholders, but it is also made to other stakeholders such as government and the lenders. The shareholders, government, and the lenders, all are outsiders and do not take part in the preparation of the information which is communicated to them. Thus, there remains a risk that the information communicated to them is free of errors and fraudulent influence or not. In order to mitigate the risk of error or fraud, it becomes necessary to subject the financial statemen ts of the company to auditing. The auditing is about examining that whether the information conveyed by the financial statements is true and complete. The financial statements of the company are audited by an impendent third party so that creditability of the information is enhanced. The auditing of the financial statements is always carried out before communicating the information to the stakeholders (Gray Manson, 2007). References Delaney, P.R. Whittington, O.R. (2010). Wiley CPA Exam Review 2011, Auditing and Attestation. John Wiley Sons. Gray, I. Manson, S. (2007). The Audit Process: Principles, Practice and Cases. Cengage Learning EMEA. ISA 315. 2009. Identifying and assessing the risks of material misstatement through understanding the entity and its environment. Retrieved January 24, 2017, from https://www.ifac.org/system/files/downloads/a017-2010-iaasb-handbook-isa-315.pdf ISA 600. 2009. Special ConsiderationsAudits Of Group Financial Statements (Including The Work of Component Auditors). Retrieved January 24, 2017, from https://www.ifac.org/system/files/downloads/a033-2010-iaasb-handbook-isa-600.pdf Johnstone, K., Gramling, A., Rittenberg, L.E. 2015. Auditing: A Risk Based-Approach to Conducting a Quality Audit. Cengage Learning. King, A.M. 2011. Internal Control of Fixed Assets: A Controller and Auditor's Guide. John Wiley Sons. Pickett, K.H.S. 2006. Audit Planning: A Risk-Based Approach. John Wiley Sons.

Implications of Efficient Market Hypothesis †Free Samples to Students

Question: Discuss about the Implications of Efficient Market Hypothesis. Answer: Introduction: It is crucial for an analyst or investor to select the shares for making an investment as various skills and knowledge is required by the analyst to investigate over the risk and return of the company. Usually, two methods are taken into consideration by the analyst to conduct this study which is technical and fundamental analysis. In technical analysis, share prices are analyzed and according to that and other factors, future movement is the share pricing is depicted whereas in fundamental analysis, financial performance of the company is evaluated and macro economic data is also investigated to analyze the future movements in share prices of the company. In technical analysis and fundamental analysis, various tools are used. However the most famous tools which have been used in this paper are moving average and line chart (technical) and PE Multiple and dividend discount model (fundamental). In this report paper, two portfolios have been prepared which includes 10 stocks each. Out of these portfolios, one portfolio has been prepared according to the technical analysis and other one has been prepared according to the fundamental analysis. The stock analysis for making an investment starts by evaluating the companys financial performance and position. Further, historical prices trends of the stock are analyzed to make a better decision about the investment in the stock. Thus, two methods are taken into consideration by the analyst to conduct this study which is technical and fundamental analysis (Schlichting, 2013). These methods are quite crucial to analyze the stock. However, it has been observed that various challenges are there which has been paused by efficient market theories and behavioral finance theories in which the analysis of stock and selection stocks is done. The efficient market hypothesis theory and behavioral finance theory provide an observation about the market (Schlichting, 2013). Even the stock selection by delivering out a complete analysis of fundamental aspects and technical aspects could not be avoided by the possibility of beating when behavioral finance influences persist. The theories of finance and fundamental concepts like Harry Markowitzs modern portfolio theory and Sharpes capital asset pricing model have offered a strong basis to investigate over the selection of the stocks and performance of the stock (Elton, et al., 2009). The above fundamental theories are based on a belief that entire investors act realistically. Further, fundamental theories also assume that the stock market is efficient and always remain similar all the times due to the reason that the entire required information is accessible by all the participants in the market all the times (Elton, et al., 2009). Though, the behavioral finance theory opposes the observation that entire investors are sensible. Further, efficient market hypothesis theory depict that the view of capital markets are always efficient. It must be kept in brain that the models and techniques which has been used in fundamental analysis and technical analyzes are always based on an assumption that the investors are sensible and capital markets are resourceful (Schlichting, 2013). Thus, the conflicts are always existed among the fundamental results and technical results and the behavioral finance results and efficient market theories results. The investors struggle to hit the market by investigating over the stocks which are methodically covering the fundamental and technical aspects, but the EMH states that it is not easy to beat the market (Ackert and Deaves, 2009). Additionally, the behavioral finance concepts states that investors could not always be sensible which depicts that the decisions made by them for buying and selling the stocks could not always be validated on the fundamental analysis and technical analysis. The choice of investors to buy and sale the shares are sometimes affected by behavioral power (Ackert and Deaves, 2009). Such as in the year of 2008 when the global financial crisis has taken place in USA and affected the economy of USA as well as other countries like United Kingdom (UK), China and Australia. The fundamental concepts depicts that the financial crisis of USA in 2008 must have affected the US only, but it left an impression over the entire world. The worldwide capital markets went into gloominess when the global financial crisis has been encountered in the US (Baker and Nofsinger, 2010). The main reason behind this gloominess in all the capital markets and economy was the behavioral influences. It has been observed that when the United States stocks had fell down, the other companys investors such as the UK, Australia and China had also begun to lose their faith and they have started selling their hold stock. And thus the huge selling made the company weak and it directly made an impact over the share price of the company (Baker and Nofsinger, 2010). The behavioral finance mainly affects over the understanding of capital markets, the EMH also offers sight of another side of the capital market. The behavioral finance principle states that investor could not be sensible and the EMH depicts that the capital market could not be unproductive (Kurth, 2013). The EMH theory is based on an idea that the securities prices incorporate entire required information, and thus, it become impossible for investors to take benefit of the information gap and with the help of it, make excessive gains. In other words, the EMH depicts that the investors could not find the securities undervalued or overvalued to make chances to earn more profits. though, the financial fundamental concepts has been established in the CAPM and Gordons growth rate model which provides an idea that the securities could be overvalued or undervalued in the market. Financial fundamental principles depicts that the securities which are trading in the market could not always be traded in their faire value (Kurth, 2013). Rational and methodology: The methodology includes entire framework which helps in selecting the data and analytical equipments to draw a conclusion from the selected information. It is crucial to adopt a suitable methodology for completing the research work in a very effective and efficient manner. In this report the capital market has been taken into consideration, in which the stock has been analyzed, and it has found out that whether the selected stocks would be able to beat the market or not (Phillips and Stawarski, 2016). The selected methodology for this report comprises stock selections two primary methods which are fundamental and technical methods. The fundamental analysis and technical analysis offers different concept which are based on diverse parameters of selecting the stocks (Palicka, 2011). Since, as both methods are based on diverse principles and concepts so, none no method is superior on other. In fact, it could be said that both the methods such as technical and fundamental could be known as each others complementary method. The fundamental analysis outcomes in stocks selection which are quite strong in context of financial performance at the same time the technical analysis focuses over the growth in the prices along with the financial performance of the company which offers them the best basis to choose a good stock (Palicka, 2011). For this report, it has been found that the stock of Keppel Corporation which is financial strong as the return of the company is quite strong (Yahoo finance, 2017). Further, according to the fundamental analysis it has been comprised that the stock named by Courts Asia Limited is quite strong as the return of the equity is 8.83% (Yahoo finance, 2017). Hence, the fundamental analysis over the selection of the stocks would be good in context of the financial performance. At the same time the stocks which have been selected according to the tec hnical analysis would also offer a good return to the shareholders (Palicka, 2011). It has been observed that it is a good choice for the analyst and investors to analyze the stock according to both the methods as due to it, the result would be sensible and it would help the investor to make a better investment. According to the current research, 2 portfolios have been prepared which includes 20 stocks which have been selected according to the fundamental and technical analysis. Fundamental portfolio has been prepared according to the two main tools of fundamental methods which are Dividend discount model and PE multiple methods. In this report, the stock which has been named by great Eastern limited has been taken into consideration for PE multiple model and dividend discount model. PE Multiple Models: The intrinsic value of Great Eastern limited has been applied over the PE multiple models according to the following details: PE Multiple Model Industry PE ratio 23.50 EPS of Great Eastern 0.14 Intrinsic Value 3.29 The intrinsic value of the stock has been depicted in the above given table is SGD 3.29 which is quite higher than the share price of the stock and thus the share price of the company is undervalued. Dividend discount model: Dividend discount model is a tool of fundamental analysis which has been taken into consideration to analyze the intrinsic value of the stock. The intrinsic value of Great Eastern limited has been calculated as below: Dividend Discount Model Dividend expected 0.10 Growth rate 2% Discount rate 5.00% Intrinsic Value 3.34 It has been observed through this model that the intrinsic value of the stock is SGD 3.34 which is depicting that the stock is overvalued as the current market price of the company is quite lower than the intrinsic value of the company. Technical analysis is most common used model. Technical portfolio has been prepared according to the two main tools of technical methods which are line chart and moving average. In this report, the stock which has been named by Frasers Centre point limited has been taken into consideration for Line chart model and moving average model. It has been observed through the above line chart that the trend line which has been shown in the chart depicting that various ups and downs have been faced by the company in context of fluctuations in the share price. Currently the share price of the company is growing up. Thus by relying over the current scenario, it could be said that the investment in this company would be worthy. The moving average analysis has been done over the Frasers Centre point limited and it has been found that the average of the stock price is SGD 1.94. The moving average could be taken as a cut off level which depicts that the price of the stock is according to the level and thus there are quite more chances for the stock price to be enhanced. Thus by relying over the current scenario, it could be said that the investment in this company would be worthy. Activities in Fundamental Portfolio Two activities have been performed in preparing the fundamental portfolio. Under the first activity, 500 shares of Jardine Cycle and Carriage Limited have been bought at the rate of S$41.34 per share on June 25, 2017. The decision to buy 500 shares of Jardine Cycle and Carriage Limited has been taken to manage the profits to sell those shares in the peak season. Further, under the second activity, 5000 shares of Wilmar international Limited has been purchased on August 5, 2017 at the rate of S$3.6201 (Appendix-2). The amount which has been received on selling the 300 shares of Jardine Cycle and Carriage Limited has been used in buying the shares of Wilmar international Limited. Looking at the fundamentals of Wilmar international Limited, it has been estimated that the stock would grow in near future therefore the decision to enhance the holdings more in the company has been made. Two activities have been performed in preparing the technical portfolio also. Under the first activity, 1000 shares of Frasers Centre point Limited had bought on August 5, 2017 at the rate of S$ 2.201 (Appendix-2). It has been observed that the stock price has been decreased; as a result, the decision of buying more shares have been taken as it would offer more profit to the company. Under the second activity, the funds which have been released from Frasers Centre point Limited has been deployed in buying the shares of Tiong Seng Holdings limited on August 20, 2017. The preliminary analysis of Frasers Centre point Limited showed probable in the stock; accordingly, it has been considered the finest option to organize the released amounts. Through the above analysis it has been found that both the portfolios would be offer more profits of the investors as the portfolios have been set after considering and analyzing every single aspect of the stock and various tools have been used for this report. Conclusion: Thus through this report, it could be concluded that both the portfolios are quite impressive and would offer he profit to the investor as the portfolios have been set after considering and analyzing every single aspect of the stock and various tools have been used for this report. References: Ackert, L. and Deaves, R. 2009. Behavioral Finance: Psychology, Decision-Making, and Markets. Cengage Learning. Baker, H.K. and Nofsinger, J.R. 2010. Behavioral Finance: Investors, Corporations, and Markets. John Wiley Sons. Elton, E.J., Gruber, M.J., Brown, S.J., and Goetzmann, W.N. 2009. Modern Portfolio Theory and Investment Analysis. John Wiley Sons. Kinsky, R. 2011. Charting Made Simple: A Beginner's Guide to Technical Analysis. John Wiley Sons. Krantz, M. 2016. Fundamental Analysis for Dummies. John Wiley Sons. Kurth, S. 2013. Critical Review about Implications of the Efficient Market Hypothesis. GRIN Verlag. Madura, J. 2014. Financial Markets and Institutions. Cengage Learning. Palicka, V.J. 2011. Fusion Analysis: Merging Fundamental and Technical Analysis for Risk-Adjusted Excess Returns. McGraw Hill Professional. Phillips, P.P. and Stawarski, C.A. 2016. Data Collection: Planning for and Collecting All Types of Data. John Wiley Sons. Schlichting, T. 2013. Fundamental Analysis, Behavioral Finance and Technical Analysis on the Stock Market. GRIN Verlag. Yahoo finance. 2017. Frasers centre point limited. [Online]. Available at: https://in.finance.yahoo.com/q/ks?s=C31.SI [Accessed on: 4 September 2017]. Yahoo finance. 2017. Jardine Cycle and carriage limited. [Online]. Available at: https://sg.finance.yahoo.com/quote/RE2.SI/key-statistics?p=RE2.SI [Accessed on: 04 Sept 2017].