The Sole Proprietorship And Partnership Forms Business Essay

The Sole Proprietorship And Partnership Forms Business Essay When I doing this assignment I know that Business environment is that which surrounds a business. It affects a business. It is dynamic in the sense it keeps changing. Since it is composed of many factors, it is important for a company to study and monitor its environment carefully. This is so that the business does not go wrong in its planning process for its current and future plans. The changes in the environment may be good or bad for a particular business. They can affect the business in a positive or a negative way. It becomes essential to monitor the environment, especially the external, uncontrollable part of the environment. Since there are innumerable components that make up the total environment, a careful understanding of each and the implications of the changes of each factor need to be done. This facilitates the strategic planning process. Just as a human being take decisions based on his or his surrounding environment, example: parent, siblings, peer group, teachers, ro le models, health, attitude, socio-economic status. Other than that, when I doing this assignment I understand that Sole Proprietorship and Partnership. I also know that A business owned by a single owner is referred to as a sole proprietorship. The owner of a sole proprietorship is called a sole proprietor. A sole proprietor may obtain loans from creditors to help finance the firms operations, but these loans do not represent ownership. The sole proprietor is obligated to cover any payments resulting from the loans but does not need to share the business profits with creditors. Typical examples of sole proprietorships include a local restaurant, a local construction firm, a barber shop, a laundry service, and a local clothing store. About 70 percent of all firms in the United States are sole proprietorship. But because these firms are relatively small, they generate less than 10 percent of all business revenue. The earnings generated by a sole proprietorship are considered to be personal income received by the proprietor and are subj ect to personal income taxes collected by the Internal Revenue Service. Introduction of Business When I study this subject, I understand the importance of business. I know that, business can be defined as a person, partnership, or cooperation that seeks to provide goods and services to others at a profit. Besides that, this course can have a major impact on your career direction and future success regardless of whether you major in business, the sciences, or the liberal arts. Whatever you major may be, you are likely to end up pursuing a career in a business setting. For example, if you major in science, you may work for a biotechnology firm and can benefit from an understanding of business concepts such as managing an organization, working with employees, and managing employees. If you select journalism as a major, you may work for a media or publishing firm and, therefore, can benefit from an understanding of business concepts such as providing a product desired by consumers. Business concepts such as creating ideas, leadership, teamwork, and quality control are relevant to al most everyone, no matter what career is chosen. An Introduction to Business course provides the foundation of business knowledge that can enable you to utilize your talents in the business world. It also provides you with an overview of many different business worlds. It also provides you with an overview of many different business topics, allowing you to determine the specific field of business. Introduction of Business Environment Business environment is that which surrounds a business. It affects a business. It is dynamic in the sense it keeps changing. Since it is composed of many factors, it is important for a company to study and monitor its environment carefully. This is so that the business does not go wrong in its planning process for its current and future plans. The changes in the environment may be good or bad for a particular business. They can affect the business in a positive or a negative way. It becomes essential to monitor the environment, especially the external, uncontrollable part of the environment. Since there are innumerable components that make up the total environment, a careful understanding of each and the implications of the changes of each factor need to be done. This facilitates the strategic planning process. Just as a human being take decisions based on his or his surrounding environment, example: parent, siblings, peer group, teachers, role models, health, attitude, socio-econom ic status. 1.2 The Economic and Legal Environment People are willing to start new businesses if they believe that the risk of losing their money isnt too great. Part of that risk involves the economic system and how government works with or against businesses. Government can do a lot to lessen the risk of starting businesses and thus increase entrepreneurship and wealth. For example, a government can keep taxes and regulations to a minimum. Another way for government to actively promote entrepreneurship is to allow private ownership of businesses. In some countries, the government owns most businesses, and theres little incentive for people to work hard or create profit. All around the world today, however, governments are selling those businesses to private individual to create more wealth. One of the best things the governments of developing countries can do is to minimize interference with the free exchange of goods and services. 1.3 The Technological Environment Technological factors sometimes pose serious problems. A firm that unable to cope with technological changes may not be survived. Further, the differing technological environment of different markets or countries may be called for product modifications. Besides that, Technology also is the most important elements of the macro environment. Furthermore Technology is the human being innovation and it literally wonder Technology helps to human being go to the moon, travelling the spaceships, other side of the globe with few hours. Advances in the technologies have facilitated product improvements and introduction of new products and have considerably improved the marketability of the products. The fast changes in technologies also create problems for enterprises as that render. Plants and product obsolete. Today adopt changers in technology to achieve successful in business and industry. Internet and telecom system also is the important part of technological development in the world. These things today changed whole world. It changes people and business operation. It leads to many new business opportunities apart from the many existing systems. Technological environment characteristics are outlined: The find of technological change Opportunities are arising out of technological developments. Risk and uncertain is the major feature of the technological developments. Research and development role to country Technology and business activities are to be highly considerable, interrelated and interdependent. Technology output/fruits available to society through business activities in this way improve the quality of life in the society. Therefore, technology nurtured by business. 1.4 The Social Environment Demography is the statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income. The particularly interested in the demographic trends that most affect business and career choices. Managing Diversity has come to mean much more than recruiting and keeping minorities and women. Many more groups are now included in diversity efforts. For example, the list of 26 diversity groups identified by Federated Department Stores includes seniors, the disable, homosexuals, atheists, extroverts, introverts, married people, singles, and the devout. 1.5 The Global Environment The global environment may affect all firms directly or indirectly. Some firm rely on foreign countries for some of their supplies or sell their products in various countries. They may even establish subsidiaries in foreign countries where they can products and sell to them. Even if a firm is not planning to sell its products in foreign countries, it must be aware of the global environment because it may face foreign competition when it sells its product locally. Furthermore, global economic conditions can affect local economic conditions. It economic condition weaken in foreign countries, the foreign demand for U.S. products will decrease. Consequently, sales by U.S. firms will decrease, and this may result in some layoffs. The general income level in the United state will decline, and U.S. consumers will have less money to spend. The demand for all products will decline, even those that are sold only in the United States. Thus, even firms that have no international business can be affected by the global environment. 1.5.1 How Global Changes Affect You As businesses expand to serve global markets, new jobs will be created in both manufacturing and service industries. U.S. exports are expected to continue to increase under new trade agreements that will lead to expansion of the job market both in the United States and globally. Global trade also means global competition. The students who will prosper are those who are prepared for the markets of tomorrow. That means that you must prepare yourself now to compete in a rapidly changing worldwide environment. Conclusion Introduction of Ownerships When entrepreneurs establish a business, they must decide on the form of business ownership. There are three basic forms of business ownership: sole proprietorship, partnership, and corporation. The form that is chosen can affect the profitability, risk, and value of the firm. The business ownership decision determines how the earnings of a business are distributed among the owners of the business, the degree of liability of each owner, the degree of control that each owner has in running the business, the potential return of the business, and the risk of the business. These types of decisions are necessary for all business. Sole Proprietorship A business owned by a single owner is referred to as a sole proprietorship. The owner of a sole proprietorship is called a sole proprietor. A sole proprietor may obtain loans from creditors to help finance the firms operations, but these loans do not represent ownership. The sole proprietor is obligated to cover any payments resulting from the loans but does not need to share the business profits with creditors. Typical examples of sole proprietorships include a local restaurant, a local construction firm, a barber shop, a laundry service, and a local clothing store. About 70 percent of all firms in the United States are sole proprietorship. But because these firms are relatively small, they generate less than 10 percent of all business revenue. The earnings generated by a sole proprietorship are considered to be personal income received by the proprietor and are subject to personal income taxes collected by the Internal Revenue Service. Characteristics of Sole Proprietors Sole proprietors must be willing to accept full responsibility for the firms performance. The pressure of this responsibility can be must greater than any employees responsibility. Besides of this, Sole proprietors must also be willing to work flexible hours. They are on call at all times and may even have to substitute for a sick employee. Other than that, their responsibility for the success of the business encourages them to continually monitor business operations. They must exhibit strong leadership skills, be well organized, and communicate skill well with employees. Many successful sole proprietors had precious work experience in the market in which they are competing, perhaps as an employee in a competitors firm. For example, restaurant managers commonly establish their own restaurant. Experience is critical to understanding the competition and the behavior of customers in a particular market. Advantages of a Sole Proprietorship Easy Organization Establishing a sole proprietorship is relatively easy. The legal requirements are minimal. A sole proprietorship need not establish a separate legal entity. The owner must register the firm with the state, which can normally be done by mail. The owner may also need to apply for an occupational license to conduct a particular type of business. The specific license requirements vary with the state and even the city where the business is located. Complete control Having only one owner with complete control of the firm eliminates the chance of conflicts during the decision on the menu, the prices, and the salaries paid to employees. Lower Taxes Because the earnings in a proprietorship are considered to be personal income, they may be subject to lower taxes than those imposed on some other forms of business ownership. Total Decision-Making Authority Because the sole proprietor is in total control of the operations, he or she can respond quickly to changes, which is an asset in a rapidly shifting market. The freedom to set the companys course of action is a major motivational force. For those who thrive on the enjoyment of seeking new proprietors thrive on the feeling of control they have over their personal financial futures and the recognition they earn as the owners of their business. Disadvantages of a Sole Proprietorship The Sole Proprietor Incurs All Losses Just as sole proprietors do not have to share the profits, they are unable to share any losses that the firm incurs. For example, assume you invest $10,000 of your funds in a lawn service and borrow an additional $8,000 that you invest in the business. Unfortunately, the revenue is barely sufficient to pay salaries to your employees, and you terminate the firm. You have not only lost all of your $10,000 investment in the firm but also are liable for $8,000 that you borrowed. Since you are the sole proprietor, no other owners are available to help cover the losses. Unlimited Liability A sole proprietor is subject to unlimited liability, which means there is no limit on the debts for which the owner is liable. If a sole proprietors is sued, the sole proprietor is personally liable for an judgment against that firm. Limited Skills A sole proprietor has limited skills and may be unable to control all parts of the business. For example, a sole proprietor may have difficulty running a large medical practice because different types of expertise may be needed. Limited Funds A sole proprietor may have limited funds available to invest in the firm. Thus, sole proprietors have difficulty engaging in airplane manufacturing, shipbuilding, computer manufacturing, and other business that require substantial funds. Sole proprietors have limited funds to support the firms expansion or to absorb temporary losses. A poorly performing firm may improve if given sufficient time. But if this firm cannot obtain additional funds to make up for its losses, it may not be able to continue in business long enough to recover. Partnership A business that is co-owned by two people or more than two people is referred to as a partnership. The co-owners of the business are called partners. The co-owners must register the partnership with the state and may need to apply for an occupation license. About 10 percent of all firms are partnerships. Besides of this, in a general partnership, all partners have unlimited liability. That is, the partners are personally liable for all obligations of the firm. Conversely, in a limited partnership, the firm has some limited partners, or partners whose liability is limited to the cash or property they contributed to the partnerships. Limited partners are only investors in the partnership and do not participate in its management, but because they have invested in the business, they share its profits or losses. A limited partnership has one or more general partners, or partners who manage the business, receive a salary, share the profits or losses of the business, and have unlimited liab ility. The earnings distributed to each partners represent personal income and are subject to personal income taxes collect by the IRS. Disadvantages of Partnerships Lack of Continuity If one partner dies, complications arise. Partnership interest is often nontransferable through inheritance because the remaining partner may not want to be in a partnership with the person who inherits the deceased partners interest. Partners can make provisions in the partnership agreement to avoid dissolution due to death if all parties agree to accept as partners those who inherit the deceaseds interest. Control is shared The decision making in a partnership must be shared. If the partners disagree about how the business should be run, business and personal relationships may be destroyed. Some owners of firms do not have the skills to manage a business. Unlimited Liability General partners in a partnership are subject to unlimited liability, just like sole proprietors. Profits Are Shared Any profits that the partnership generates must be shared among all partners. The more partners there are, the smaller the amount of a given level of profits that will be distributed to any individual partner. Conclusion Of my opinion I would like to choose Sole Proprietors, because it is better than Partnerships. Besides that, it is lower taxes because the earnings in a proprietorship are considered to be personal incomes, they may be subject to lower taxes than those imposed on some other forms of business ownership. Other than that, Sole Proprietors make us easy and quickly do decision and making authority. Because the sole proprietor is in total control of the operations, he or she can respond quickly to changes, which is an asset in a rapidly shifting market. The freedom to set the companys course of action is a major motivational force. For those who thrive on the enjoyment of seeking new proprietors thrive on the feeling of control they have over their personal financial futures and the recognition they earn as the owners of their business. Other than that, Sole proprietors is much more better than Partnerships because of Partnerships much more disadvantages then Sole Proprietors. If one partn er dies, complications arise. Partnership interest is often nontransferable through inheritance because the remaining partner may not want to be in a partnership with the person who inherits the deceased partners interest. Partners can make provisions in the partnership agreement to avoid dissolution due to death if all parties agree to accept as partners those who inherit the deceaseds interest.

The Impact of Public Policies on Young Voters

On December 21, 1970, the Supreme Court of the United States made a decision that would drastically affect the lives of many yong adults/ By a vote of five to four, the Court declared that eighteen year olds could vote in National Elections provided they meet the normal requirements of citizenship, residency, and registration issued by their homes states (Mitchell 1). This was a great step for youths in both political and nonpolitical aspects in the way that it shows responsibility and awareness in our society. Since the majority of those affected by this policy are either in school or full time members of the woking field, they will likely recieve a lower income, therefore feeling the impact of the rising cost of living and education. Public policies have a great impact on the eitheen to twenty year old voters. For example, economic policies affecting their basic life chances and policies regarding their lifestyle and personal liberties. By its policies, government can grant or deny substantial benefits to young workers and students. Likewise, it can impose heavy burdens and controls such as budget cuts. These cuts could cause state legislators to reduce spending on education and increase tuition and/or fees. That could cause great controversy among youth who depend on government funds to better their education, possibly setting back their efforts. Since the erly 1900's, youth have shown leadership by expressing their ideas and opinions with strong and persuasive actions, many of which contribute to their awareness and impact on society today. For example, if our government can trust our youth to be mature and capable of enlisting in the military at the age of eighteen, then they are mature enough to vote as to who the commander in chief will be. If one is considered capable of scarificing thier life for the lives of America by handling both the mental and physical burdens brought by war, then one should be capable of deciding their own factors of life. There are also many downsides to a fresh group of voters. For example, manyt youths may not choose or qualify to vote. Since some of the youth come from lower classs, they will most likely be unable to pass the qualifications in reading or other catagories because of the lack of basic education. If a youth comes from a family of wealth, odds are their family will greatly influence their choice in elections on if they vote democratic or republic (Mitchell 3). As citizens of the United States, the constituiton allows us the right to vote when we are eighteen. To depel of this right, legislatures would have to pass a bill in the house of representatives and have that bill ratified in the senate to repeal the ammendment. This would have profound effects on the population, especially among the sector of the population who falls in the age caegories of 18 and 20. This would cause major riots and extreme outbreaks that would be non-beneficial to the government. However, to fail to vote in the interest of protecting their rights and benefits, or to change it by incluuding other benefits, des not seem wise. The ability to vote is a great advantage if used correctly. If one qualifies for the ability to vote it is to their advantage to voice their opinions in order that they might make a chang. The ability to vote opens doors for many changes and profressions. By including a more divers representation of people, we will have a better and stronger government. Including views from the yound and old to the rich and poor, we will b able to better understand the people of America. For a government to run properly, it should represent all of its people and not just a select group. By allowing our youth th be capable of the responsiblity to votem we are slowly taking a step forward to this unity amongst our government. In an effort to get Americans involved with the political process, we should make every effort to educate Americans in the ways of politics. Since yout is, of all age groups, the most flesible and able to learn, 18 is the perfect age to begin the molding of a new, political mind. With the ability to vote, we can voice our opinions on taxes and wages along with other things sicj as entertainment and clothign, all which may effect our lives on a daily basis. With the ability to speak out in a sophisticated, mature matter, with a vote, one's chances of being heard is greater.

Retail Information System Essay

1. What are the benefits of 7-Eleven’s Retail Information System? 1) Increase sales opportunities and gain profits i) Retail Information System can amass information about customer demand, pricing, and interest in new products, such as Diet Pepsi, Zero Coke, Slurpee. Analysis of the data shows which items are selling well in which stores, which items customers are most interested in, seasonal demand for items and which items are most profitable to sell in the first place. Then, 7-Eleven can depend on the above data to order the exact quantities of products & get the maximum of profit. ii) Insights gleaned from the data also help 7-Eleven develop new products such as its fresh-food offerings that attract new customers and increase transaction size. For examples, now some 7-Eleven have the fast food counter to sell the fast food like fish ball, dumplings. It is very popular and meets the needs of the market. 2) Reduce excess inventory Through the Retail Information System, management uses this information to identify sales trend, improve product assortment, eliminate slow-moving products from inventory, and increase same-store sales by stocking products that are high in demand. It can avoid the excess inventory and save the inventory cost includes the expensive rental expenses. 3) Easy to control the inventory Retail Information System provides store managers with information on daily, weekly, and monthly sales of each item to help them determine which items to order the exact quantities they need for their stores. Managers use this information plus their on-the-spot knowledge of the neighborhood to make final order decision. Further, 7-Eleven’s orders for fresh food items are aggregated at 7-Eleven headquarters and transmitted to fresh food suppliers and bakeries for preparation and delivery the next day. It reduces the product spoilage and save the unnecessary costs. 4) Increase the competitiveness of the market 7-Eleven uses the information that they can get the respond to the needs of the customers. By tracking and analyzing its data, it knows its customers as intimately as it did when store owners talked to each customer face-to-face. Understand the customers’ need then increase the sales thus increase the competitiveness of the market. 2. Which of the strategies does the Retail Information System support? Retail Information System supports the strategies of Strengthening customer and supplier intimacy. 7-Eleven through the system to analyze the data shows which items are selling well in which stores, which items customers are most interested in, seasonal demand for items and which items are most profitable to sell in the first place. These information can give it to suppliers then they can determine to import which products from the wholesale, which season import which items, which items would import more to get most profitable. Further, these data can also give it to supplier to develop new products such as its fresh-food offerings that attract new customers. Moreover, the system consolidates these orders and transmits them to suppliers for preparation and delivery the next day of food & drink. It can reduce the transportation costs. Through making transactions in general easier and more user friendly for both customers and suppliers, the intimacy of the firm and customer/supplier will increase. This offers great incentive for both customer and supplier to continue doing business with 7-Eleven. Use information systems to develop strong ties and loyalty with customers and suppliers. It also discovers unsuspected problems, detect unrealized potential, and create a dynamic synergy with customers. They often merge their operations with those of their customers. In the integration of their operations, suppliers become more than merely useful. To tighten long-term relationship and create brand loyalty with customers and suppliers, including increasing switching costs. In conclusion, Strengthening customer and supplier intimacy lead to win-win situation.

Victor Frankenstein a Tragic Hero Essay - 759 Words

Critic Northrop Frye once commented that Tragic heroes are so much the highest points in their human landscapes (Frye 1). Few characters illustrate this characteristic of a tragic hero better than that of Victors Frankenstein, the protagonist of Mary Shelleys Frankenstein. His story is one of a brilliant man whose revolutionary ideas brought suffering to himself, his family and friends, and his creation. Victor is an instrument as well as a victim to this suffering throughout his story. From the early chapters of the novel, Victor narrates a childhood, schooling, and career filled with an unstoppable thirst for learning. He pours over books in youth, and later attends university studying meticulously and eventually coming to a†¦show more content†¦The creature once says, â€Å"All men hate the wretched; how then, must I be hated, who am miserable beyond all living things! Yet you, my creator, detest and spurn me, they creature, to whom thou art bound by ties only dissoluble by the annihilation of one of us† (Shelley 83). He wonders himself why, in all of his suffering, he has been created at all. He was not even granted the bride he was promised by Victor. This unfortunate existence led the creation to turn to anger and rage. Blind ambition drove his creator, who could not foresee the level of destruction he would give when the reality of his plans was finally realized. Frankenstein stands as a victim, along with the very people he treasures most, to his own deeds. Victor noted, For this I had deprived myself of rest and health. I had desired it with an ardour that far exceeded moderation; but now that I had finished, the beauty of the dream vanished, and breathless horror and disgust filled my heart (42). The fruit of his experimentation, his monster, murders many of those close to the scientist. He loses his long time friend, Henry Clerval, as well as his wife, Elizabeth, to his creation. His younger brother William and his beloved servant Justine were also brought to their sad ends at the hands of the creation. The monster brings fear and suffering to all those he meets, if not by cold blooded murder, then by the sheer horror of his corpselike appearance. Though notShow MoreRelatedDramatic Literature : The Tragic Hero1607 Words   |  7 Pagesprotagonist, known as the tragic hero, is driven towards their inevitable demise by a fault in their personality. This defect in character, or tragic flaw as it is most commonly known, leads the tragic hero towards a succession of poor decisions that affects not only the tragic hero, but those around them as well. The tragic flaw can come in a variety of forms, although the most common flaws include greed, lust, power, ambition, and obsession. 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Should the Police Be Allowed to Impose Brain Scans on...

Should the police be allowed to impose brain scans on suspects, assuming that brain scans can help proving mens rea? The English criminal justice system is based upon a â€Å"range of decisions and procedures from the investigations and questioning of people† which develop the common sense ideas of free will and responsibility for conduct. Imposing Brain scans on suspects by the police excludes the system from procedures of investigation and questioning, which is known to be justice. Brain scans can be used for the element of the criminal law of mens rea, which is required under the criminal justice system to convict one of crime. However the presumption of innocence and a fair trial would be under threat as one would have been proven guilty†¦show more content†¦This is due to the fact that police officers will have evidence taken from the defendant’s brain scans, which produces â€Å"70 to 90 per cent of accuracy†. Thus, the defendant would have been proven guilty, before commencing trials. As well as, it is believed here that the use of brain scans by police and ev idence would misdirect the Jury, as Dr Farahany states that jurors often tend to believe that science is the objective truth, therefore showing that if police officer are given the right to use brain scans on suspects, evidence taken from the scans in court would be regarded more sufficient than â€Å"witness interviews, testimony by the accused under cross examination, and even the persons body language†. United States v. John W. Hinckley Jr. present the above argument due to Jury not finding Hinckley not guilty by the reason brain scan image was central to jury’s decision. Also, due to the Brain scans being â€Å"70 to 90 per cent† accurate, this producing a defence for a defendant to argue that the scan in inaccurate, causing the process of scans to be a waste of time. As previously seen In R v Bà ©land the Supreme Court of Canada ruled that the results of a polygraph examination are not admissible as evidence. As the test had relied upon ones sweat an d heart palpitations which delivered inaccurate results. This has also been seen to be the reason why polygraph examinations were excluded as evidence in the English Criminal justice system. ThereforeShow MoreRelatedStrategy Safari by Mintzberg71628 Words   |  287 Pagestogether? Henry replied. They both thought that Joe would make an excellent member of the team. So the safari was launched. We did not, however, write this as a textbook or some sort of academic treatise. From the outset, we believed that the book should have as much relevance for managers and consultants in practice as students and professors in the clasroom. So we set out to write an easily accessible explanation of the fascinating field of strategic management. 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Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, (201)748-6011, fax (201)748-6008, website http://www.wiley.com/go/permissions. To order books or for customer service please, call 1-800-CALLRead MorePractical Guide to Market Research62092 Words   |  249 Pagesremember, as if yesterday, my very first assignment; I was asked to research the market for dock bay seals. I had no idea what they were and, as a new graduate, was too timid to ask. Furthermore, it was 1969 and there were few text books telling me how I should go abou t the task. I soon learned that with a tongue in my head I could easily ask and keep asking and eventually I would find the answers. 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Barnes and Noble Case Study free essay sample

Barnes and Noble (BN) bookstore was started as a student book-exchange store. It later evolved into book retail superstores, and also incorporated online retailing, college bookstores and an ebook store. With more than 600 stores today, BN is the largest bookstore in the nation. As large as they are, they have faced a lot of challenges as well. BN started as a very innovative business. In fact, they were the first bookstore to air television ads. They were very memorable and still remain in the heads of truly loyal customers even 40 years later. They were also the first bookstore to sell best-selling books at a huge discount in order to sell more and get their name out there. They expanded throughout the country and it was almost as though they became an instant favorite overnight. They made their stores friendly with cafes and comfortable seats to sit in, so one could enjoy a book without the hassle of everyday life to get in the way. They tended towards the slower lifestyle and wanted their customers to be able to have a place they could escape to with their story and enjoy. As can be seen, BN was incredibly versatile and able to change with customer demands. They were a superstore giant and received great respect, even from those working against them. Decades ago, BN’s main competitors were Borders, Waldenbooks, local bookstores and libraries. Borders, their biggest competitor, went out of business in 2011 due to their inability to maintain their brick and mortar stores based on their declining sales. That left Barnes and Nobles in the lead, and their other competitors have also had to downsize or were wiped out of the competition. In an attempt to investigate BN further and provide more background information, a SWOT analysis was performed. Strengths One of the main strengths of Barnes Noble is the wide variety of selection of books and book-related products they offer. For seven consecutive years, they were awarded the title of â€Å"Pinnacle of all bookseller brands. † They also foresaw the rise of mobile devices and concentrated on technological changes. They opened an ebook store to sell online items such as electronic books, newspapers and magazines. Their website and applications were made available not only on desktops and laptops, but also on iPads, iPhones and several other digital platforms. Investing early in the digital market initially gave them a competitive edge . Also, as a result of being able to hold a dominant market position, the company can negotiate lower prices and thus provide customers with savings. Weaknesses One of their biggest weaknesses is having to spend so much money on legal proceedings that affect profitability. Lawsuits such as reduction in salaries and shareholders’ complaints against board of directors have massively incurred expenses on the company. Also, when compared to their competitors Amazon and Walmart, BN has a much higher fixed cost, which leaves them prone to price wars, dropping revenues and economic declines. Furthermore, BN depends on limited inventory suppliers. This puts them in a risky situation since they do not have a long standing agreement made with any of their suppliers. There is no guarantee that BN will not face a blackout in the delivery of merchandise by their suppliers. Opportunities The hold BN has on the college market, with revenues increasing year by year already, has a big potential for growth since the college textbook market is stable. Many individual bookstores are operating at a loss and that provides opportunities for BN to acquire them. BN’s image also can be put into one of those â€Å"Go-Green† groups since one of the publishers they purchased in 2003, Sterling, publishes eco-friendly planners, articles and journals. BN is also one of the top players in magazine and newspaper retail. With the customer trust they have gained, and the dominant market presence they have acquired, BN has much potential to be USA’s largest retailer in the magazine and newspaper industry. Threats The recent economic decline caused government to cut budgets to educational institutions. Consequently, colleges have to reduce the number of accepted students and cut courses, which affects the sales of the college bookstore segment of BN. The increasing popularity of e-books and cheap e-book rentals also puts retail brick-and-mortar bookstores at a disadvantage. The immense competition pressure imposed by iPad and Android tablets on the Nook also proves as an undeniable threat. Assessment Barnes Noble has a lot on their plate, and they are in a lot of trouble if they don’t change how they are operating and try to be attractive to old customers that left and new customers that could potentially bring them profit. They have emerged into a new technological field that they did not plan on entering when they opened up their first book store. Only time will tell how they react to the situation they are in and if they can succeed and change in today’s market. BN has outlived its long time competitor, which means that BN has been doing something right, but at the cost of losing millions each year as well as their previously great stock prices. BN spread itself thin in multiple markets, and the reaction of the general public is changing from paperback to tablet reading. Over the past few years of this trend, they have lost about 94% of their pre-tax earnings, and things aren’t looking up. An assessment of their challenges will prove if the company will sink or float in the future. The company has been around for a long time and has become a family name. Their problem is going to be if they can change with the times and with what the future generations will want after they work with the current generations. Change is essential to every company. BN so far has done a good job of that up until the paperless tablet era. They introduced the Nook to try to keep up, but the facts are showing that they cannot keep up the way they are operating. E-readers have been a hot category for the past few years. They seemed to have so much potential when they came in around 2007 with the ability to store hundreds of books and lightweight. However, with the emergence of full-featured tablet pcs and their shrinking size and price, the future of e-readers such as Amazon’s Kindle Fire and BN’s original Nook is fading. People would more likely read e-books on versatile tablets that are also capable of web-browsing and gaming, than be limited to only reading. Market researcher IDC estimated 2012 global e-reader shipments at 19. 9 million units, down 28% from 27. 7 million units in 2011. This attributes to the drastic drop in revenues for NOOK section as shown in Figure 1. The underlying shares sold short (SSS) for retail segment of BKS are waning approximately 7 percent annually. They are closing 20-30 stores per year. Fig 1. Comparison of revenues and EBITDA for Q1 2013 and Q1 2014 As seen in the comparison, BKS retail segment had 1 billion revenues for Q1 2014, which is a 9. 9% decrease from the previous year. The EBITDA of the company also declined 12 million compared to last year. The switch to a paperless environment is not the only reason why BN’s retail book sales have been plummeting. Amazon, the most formidable competitor to BN, offers more variety, lower prices and free shipping. Also Amazon has a detailed review system that is much preferable than BN’s anonymous reviewing system that is neither dependable nor helpful. Amazon was estimated to have sold around 22. 6% of all the books in the U. S while BN has captured just 17. 3% of the market. People in this generation have started to go paperless and want less and less to do with buying hard copies of books. Why carry multiple books when you can go paperless? That’s the thought of today’s population, so that is why hard copies of books are losing their place in the market. Books are no longer needed in today’s world. They are heavy, bulky and take up a lot of space. Electronic versions of books, however, are convenient, easy and ultimately weigh nothing. They keep your place when you leave, and aren’t damaged by misuse or harsh conditions. Electronic books contain all the information of a normal printed book except they cost less and are a more sustainable alternative to the paper books. E-books usually have extra features such as instant content that is not possible to include in a printed textbook. They can also be updated instantly without the need to be reprinted. Consequently, customers with convenient gadgets such as the iPad or the Galaxy Note, are more inclined for the ebook option these days and this makes retail bookstores a dying business. The next issue stems from the previous problem the tablet world. E-readers have hit a dead end on what was once a promising road. They originally were the latest and greatest craze. Everyone wanted a Nook when they first emerged into the market. Books were plentiful, and buying electronic books from the internet store was cheaper than paying for the supplies, gas and time to go to the store to buy a hardcopy. E-readers like the Nook had the screen resemblance of a book and had built in lights in order to read at night. This was very useful to users, as their biggest problem was that their eyes would hurt from looking at a screen for too long. The screen was made in a way that there wasn’t a screen like that on a typical tablet, but that like a page of a book. Eventually, tablets started to make their way into the world and became very popular and gained market share against many different electronic devices. The Apple and Android devices dominated the industry, because they were able to do so much more and people were willing to pay the more expensive bill to have the best technology on the market. A user could do so many more things with advanced and fast hardware and software. They could install apps in order to read books, check email, browse the web, and even play games. The Nook struggled to compete and was left in the dust by these competitors. The last issue BN needs to address is their new Nook, and how it isn’t living up to expectations or able to compete in today’s market. Apple’s iPad, Google’s Nexus 7, and Amazon’s Kindle are the serious completion for BN’s Nook. The rivalry between the companies is growing, and they each want to be better than the others. Last year, BN saw their revenue grow from people who owned their Nook and bought books through the pre-installed application on it. Unfortunately, they saw their Nook sales decrease because they decided to sell the Nook for less than they previously did in hopes of selling more and gaining more market share. Not only did the old Nook e-reader fail but the new Nook HD , which was supposed to resurrect the sales in Nook as a new tablet, also proved unsuccessful. The tablet had a nice design and competitive specs compared to other tablets. However, the extremely limited and expensive app selection puts the new Nook at a complete disadvantage to the Android tablets and IOS tablets that have millions of both free and paid apps in their app stores. The new Nook also lacks the productivity to provide customers with seamless easy use. The fact that Amazon is selling their Kindle at $59. 99 even makes the situation worse for Nook. The threat of more store closings is a real possibility if they don’t react to the problems they are facing. They can see that their profits are not great from book sales, yet they keep open hundreds of brick and mortar stores across the country. They have very large operating costs because of this, and are not making up for the amount of people that are visiting the store and buying items on a daily basis. How BN is Adapting As the bookselling industry continues to undergo transformation, Barnes Noble has adopted several strategies to stay afloat. The progression movement toward an electronic world inspired BN to enter it themselves. In addition to publishing electronic versions of products, one of the prominent strategies adopted by BN was to introduce their own e-reader. Originally successful, the Nook was meant to give BN a greater stake in the e-book market to produce revenues outside of traditional print. As the brand grew, a new line, Nook HD, was produced in an attempt to infiltrate the tablet market. In addition to expanding into the electronic world, BN turned its attention to a niche in the market, college bookstores, which it infiltrated nationwide. The failure to adapt successfully has inspired BN to launch a restructuring process, attack competitors and even consider going public. Nook In 2010, the largest marketing campaign in company history was launched to promote the Nook brand. The retailer spent over $13. 7M on the campaign, which included domestic print, broadcast, online display and outdoor advertising. This marked the company’s first television appearance in over a decade. For the first time, BN reached out to other outlets for product sales, distributing the Nook brand to American electronics retailers such as Best Buy. 7 Senior analysts predicted that most people of the time had never even read an e-book. In an attempt to reach out to these people, BN decreased its music merchandise to accommodate Nook display space in over 720 stores nationwide. To compete with rivals like Apple’s iPad and Amazon’s Kindle Fire, the Nook is constantly being updated with better quality and new features, but so far the Nook is failing to compete with the iPad and Kindle. In response, BN has also decided to form partnerships with third parties to develop different versions of the Nook. Reports have leaked information implying Microsoft, currently a 17. 6 percent stakeholder in the Nook business, is being eyed as a potential buyer of the business. If true, BN faces the tough choice of taking a chance on the Nook brand, which lost $177M last year, or selling the brand and removing themselves from the e-reader market. Based on recent activities, one would believe BN has picked the former. BN has begun offering the Nook HD+ this year at a reduced price – starting at $149. For perspective, Apple’s cheapest iPad is $399 and Amazon’s cheapest comparable Kindle is $229. Additionally, BN recently announced that they will be releasing several updated versions this year that are cheaper and offer more features than the Nook HD+. The competitive pricing might be coming too late though. BN has dug themselves into a pretty deep hole and will need a lot of help pulling themselves out. Though originally a good idea, the Nook lost purpose when it switched from a simple, paperless reader to a full-blown tablet. Trying to compete with the iPad and Kindle Fire was a poor decision. In order for the Nook brand to survive, there needs to be a return back to the basics, which BN is doing with its launching of the new Nook GlowLight this November. If BN ventures too far into the electronics industry, it will be outperformed by industry giants like Apple and Samsung. BN would be better off selling out to Microsoft than investing further in Nook HD products. Restructuring The losing battle against Apple and Amazon has led to the resignation of William Lynch Jr. , the chief executive of BN. It has also promoted the restructuring of BN upper management. 4 The failure of many past companies started with poor management. Realizing the need for change, BN began their transition at the top and worked down. In an appropriate move, BN did a full analysis of its management structure. During this process, BN found the attempts of its managerial staff to recognize the need and their ability to switch over to the online retail world to be inefficient and failing. By the time BN decided to release barnesandnoble. com in 1997, the company was two years behind Amazon, which had quickly implemented an online book store in 1995. College Marketing To further combat the decline of the industry, BN has expanded into college campuses across the country. As of 2012, BN has on-campus marketing capabilities in more than 640 campus bookstores, a 53% increase from 2009. The campus presence has allowed BN to thrive in a tough industry. Despite an increasing shift toward e-textbooks, 64. 2% of students still purchase their textbooks through on-campus bookstores. BN should focus heavily on this market moving forward, as it has a lot of potential to be significant and is expanding. In 2010, 21 million students enrolled in higher-degree US education, an increase of 37% since 2000. Of those, the average student spends roughly $900 per semester on textbooks and related course materials. BN’s hold on the market is keeping the competition from entering the college scene. For example, Amazon began offering its own textbook services, but the lack of physical space makes Amazon a weaker dealer of college textbooks. BN must find a way to stay ahead of their college competition, because if they grow complacent, BN will lose market share quickly. Creating an Environment In an attempt to pull consumers in the doors, BN has created a welcoming, leisure environment in their stores over the past decade. Couches and tables have been installed to establish areas similar to a setting found at Starbucks. This process has been seen as a successful and financially acceptable venture, possibly because BN has partnered with Starbucks to bring their high-end coffee to stores, along with the Cheesecake Factory to offer brand-name food items. In the store, visitors can take advantage of free wi-fi to utilize their e-readers. Every electronic material in BN’s chain can instantly be read for free when in stores, or customers can grab their favorite magazine, newspaper or book for leisure reading. With e-readers, customers have their pages bookmarked until their next visit. The stores are decorated to create an at-home atmosphere and contain brightly colored children’s sections, often accompanied by a stage for story hours and performances. BN has promised to keep a busy calendar of events in their stores, such as book signings or Mystery Night, where local authors can gather to talk about their mystery pieces and developing plots. Lowering Competitors Other than focusing only on internal affairs, BN has taken an additional approach. BN has made several moves with the hopes of hindering their competition. For example, to counter Amazon’s increasing presence in the electronic publishing market, BN recently stated that it would no longer carry titles published by Amazon in store showrooms. The effects of this are much greater than one might appreciate. A book predicting to sell thousands to millions of copies needs to be available outside of the electronic world, mostly for exposure but for other reasons as well. This has led best-selling authors and agents to drift away from signing up with Amazon as a publisher. Conclusions In order for Barnes and Nobles to stay in the market of competition, they are going to have to come up with a very new and innovative technological idea that the entire world wants. They need to think of things before the competition, and then continuously be better than them. They need to finalize their management and downsize to have just the necessary people that can run the company and come up with new ideas. If someone isn’t pulling their weight, they shouldn’t be kept within the company. Barnes and Nobles is essentially two companies, with the bookstores and the e-book store. The two need to mesh in order to be successful. Also, they need to use their space wisely. They have thousands of square feet of stores, but they need to find out what their customer wants in order to use the space effectively and ultimately putting the customer first and giving them what they want. They are the dominant book seller, so chances are that if they were to go out of business, it will be a huge problem, especially for college campus’. Despite the declining print industry, along with the poor choices BN has made along the way, there is still a light at the end of the tunnel. BN is still the largest bookseller in the United States. Additionally, traditional book competitors have become quite limited after the loss of Borders and Waldenbooks, along with the decline of public libraries across the country. That may have just given them their chance to succeed because there are very few physical stores left that can compete with the empire Barnes and Nobles has created.