Development of the Online Broker Industry

Development of the Online Broker Industry Introduction The purpose of this report is to gain an understanding of the enterprise development by studying the Openshaw case and the development of the online broker industry since then and likely developments in the future. Openshaw Plant Machinery is an online equipment broker that was established in 1998. The founders Neville and Sue Openshaw recognised the lacking of a central and convenient place for business to trade new or second-hand equipment and machinery in the industry. Openshaw staffs have extensive experience from working in many areas of various industries and can deliver excellent service to its customers. A wide range of contracts is strength of Openshaw (Openshaw Plant Machinery 2011). Discussion In this section, I will firstly give a brief background about the online broker/trade industry. Macro-environment and industry environment analysis will be discussed including analysis of recent developments and likely future developments in the industry. The industry Openshaw belongs provides a platform for buying, selling, and sourcing new and used equipment and machinery. It has extensive links with machinery manufactory industry as well as brokerage industry. In the report, I will focus on the online brokerage industry. The online brokerage sector is relatively new. However, the traditional retail brokerage industry has been around for a long time. Online equipment brokerage might be a bit under the radar since most of the brokerage companies or individual brokers work on financial services, such as stock exchange, mutual fund, insurance, and real estate. It was made possible after the development of internet and World Wide Web.ÂÂ   Since then, as the information technology develops, the industry has grown rapidly and represents one of the most successful applications of e-commerce (Bakeos et al 2005). Nowadays, due to the volatile nature of most industries, companies have to adapt new technologies to maintain competitive and keep up with the society. Information technology, especially Internet, offers extraordinary level of convenience and flexibility and subsequently has changed the way the business usually run. People now have the technology to communicate from basically wherever and whenever they like (Lonney, Jessup Valacich 2004). In online brokerage sector, although the quality of online brokerage service might be lower than traditional approach, it offers lower associated cost and more flexibility and grows rapidly worldwide (Bakeos et al 2005). In the future, there are a number of areas that are worth to watch out for. More customers generated content this is will be very helpful for increase the awareness and transactions, because customers trust other customers rather than what the website claim. Therefore, providing the opportunity and encouraging customers to write a review or blog about their trading experience on the website could turn out to be a plus for an online brokerage business. Improvement on products and services- No doubt, the growth and profitability of e-commerce will encourage more business enter the industry. Existing online brokerage companies have to continually improve their products and tools, enhance the flexibility and convenience, and develop better customer support. Video and visual information As we known, human being obtain information quicker with images than just plain text (Audette 2010). Although text is very informative and requires less effort to produce, videos and images are more eyes catching. Also, people, in many occasions, prefer information in a more visualised format. Thus, web-based business can benefit significantly from visual information. Visual browsing and searching are likely to get more attention in the near future. Nowadays, internet speed and technology enable people to view picture and video easily. People can compare products with on-website videos to help them make the right decision. Engaging social media -The success stories about Facebook and twitter shows how important is the social media. Twitter had increased about 40 million accounts in three months and there are about 110 million Tweets a day across the world (Chiang 2011).ÂÂ   Companies have started to employ social media for product marketing, customer communication, and idea generation (Menchaca 2010). Similarly, online broker should do the same thing to engage with customers. Service offered through multiple e-channels-Online equipment broker like Openshaw can offer customer the opportunity to be really innovative and participate in the process of developing equipment that meets the special needs of customers. Online brokers can set up video and/or skype conference between customers and manufacturers who are 20,000 km away and discuss the whole design, costing, and building process. Also, the once the equipment is installed, customers will have 24/7 online support to ensure the machinery working safe and sound. Macro-environment analysis The environment for an organisation includes those factors outside the organisation that influence its strategy. For example, businesses have not much option regarding the company tax policy in many countries. Macro-environment is one of two sections of the external environment. It has impact on almost all the industries and overall economic growth. The analysis of the macro-environment could potentially provide information about what have affected the industry in the past as well as what is going to affect the industry in the future. Mangers and scholar have categorised these macro-environment factors in to groups including economic, political, legal, social/cultural, demographic, sustainability, international, environmental, and technology factors. Government use political and legal system to regulate business environment. The New Zealand government, like other developed countries, mainly allows the market regulate itself. New Zealand political and legal systems are very stable and are very unlikely to pose any political risk to the companies that operate in New Zealand. On the other hand, policy variation between parties and political decision affected by major events could have impacts on business operation. For example, governments support on rebuilding Christchurch CBD may have a positive result for online equipment brokerage sector.ÂÂ   However, the emission trading scheme would have little impact on the industry. Changes in society and culture change consumers demand and consequently affect companys strategy and industrys profitability. If a company can predict and prepare for these changes, the company is likely to succeed. The Do-It-Yourself (DIY) spirit is a piece of culture of New Zealand. Online equipment broker industry could use this factor and extend its products range in order to include more equipment that is suitable for DIY purpose. Certainly, the economy is one of the environmental factors that would have most impact on industries and businesses. Economic factors include taxation, interest rate, inflation, exchange rate, and GDP. These factors affect not only behaviour of customers, but also the behaviour of companies. For example, the strong NZ dollar makes the export goods less attractive yet makes import goods more affordable to domestic consumers. The global financial crisis has affected New Zealand economy although New Zealand and Australia are thought to escape relatively well and have 2 to 3 percent growth in the near future (Sun 2010). In the online equipment brokerage sector, the low interest rate could have a positive effect as the lower rate makes the asset investment more attractive. Additionally, the tax reduction for both individual and business may increase the revenue of the industry in the future. People like new technology and most of us cannot survive without it. Internet, mobile phone, video games, and HD TVs are parts of our everyday life. For many products and services, technology can decrease expenses, increase quality and productivity, and lead to innovation. Advances in technology will ultimately generate benefit for both consumers and the company offering the products and services. In some industry, technological factors are vital for establishing competitive advantages and maintain market position. The industry where Openshaw belongs to particularly requires technology inputs, especially associated with Internet and Web applications. At the end, technology makes the online brokerage system work and it should be able to make the industry better. Industry environment The other part of the environment analysis is the industry environment. The industry environment normally affects companies profitability and market position in a particular industry. Industry environment consists with factors like buyers power, suppliers power, competitors, substitutes, and new entrants. Professor Michael Porter suggested that the profitability of a company in an industry count on five competitive forces (Porter 2008).ÂÂ   These five ‘forces are threat of new entrants, bargaining power of buyers, bargaining power of suppliers, threat of substitute products or services, and rivalry among existing competitors (Figure 1, Porter 2008). Porters fiver forces model is commonly used for business analysis and research. However, it does not take into account for innovation and change and it is only applicable to industry level in many situations. Existing companies may have the pressure from new entrants on price and costs and may have to invest more to compete. The threat of new entry is likely to be low if the entry barriers are high. Such barriers include customer switching costs, capital investment, economies of scale, access to distribution channels, and government restriction (Porter 2008). For the online equipment broker sector, the threat of new comer is reasonably high. The capital requirement for online brokerage business is little and the customers can easily switching among providers. In addition, there is no obvious government intervention. Powerful suppliers can affect an industry by charging higher prices and limiting quality and quantity of the products. Suppliers will have more power if there are not many them, switching among suppliers are too costly, suppliers do not depend on the industry, there is no substitute for what suppliers provide, and the supplier enter the industry (Porter 2008). Although the suppliers, in this case, the equipment manufacturers, do not depend on online brokers and there is no substitute products, one of the features of Openshaw is it has extensive contacts and can source equipment from many suppliers and countries. Thus, the power of suppliers for online equipment brokers is moderate. Powerful buyers, on the other hand, can drive the price down and demand better quality and more variety products and services. The buyers have more bargaining power if there are few buyers in the market, the products are undifferentiated, the cost of switching providers is little, and the buyers enter the industry and produce the product (Porter 2008). Based on these measurements, because buyers do not always have extensive contacts with equipment manufacturers and Openshaws service is differentiated, the buyers power for online equipment broker is low. However, the number of buyers for the industry is relatively small. The threat of a substitute is high if the substitute has a better price-performance ratio compared to the industry offering and the cost of switching to the substitute is low (Porter 2008). In this case, direct communication between buyers and manufacturers can be the substitute of Openshaws broker service. However, customers will have to spend a lot of time and effort on dealing with manufacturers. Although the cost of switching to substitute is low, the threat of a substitute for online brokerage industry is low. The level of competition of an industry is determined by a number of reasons including numbers of similar size competitors, industry growth rate, exit barriers, and competitors business commitment. To my knowledge, there are not many online equipment brokers within New Zealand and the level of competition is relatively low. In addition, the costs of leaving the industry are low because the initial capital investment is low and there are not much assets for this type of ecommerce. Overall, if the industry has high entry barriers, many small and equal suppliers and buyers, few substitutes, and not much hostile competitors, the organisations in the industry are likely to make good profit from the market. Although the threat of new entrants is high and the buyers are moderate powerful for online equipment broker industry, the power of suppliers, threat of a substitute and rivalry among competitors are fairly low. The online equipment broker sector should, therefore, has a sound industry environment and potential good profitability. Conclusion In the case of Openshaw, the first mover strategy was the key for its establishment and success. Starting up Openshaw was an entrepreneurial action because there was no such online equipment broker at that time, which is only 13 years ago. Its success should be attributed by the combination of entrepreneurial actions and strategic management. Entrepreneurial actions and strategic management are important for business growth independently, yet they generate synergy that increases the value of their individual outcomes (Ireland, Camp, Hitt and Sexton 2001). Entrepreneurship is mainly about innovation and growth while strategic management focuses on competitive advantage. However, they have a common goal, to generate profit. Innovation can create competitive advantage and competitive advantage subsequently increases growth. The strategy that Openshaw used was the first mover strategy. Evidence suggested the first movers in a particular industry usually have long lasting benefits over th e later comer (Suarez and Lanzolla 2008). However, Suarez and Lanzolla (2008) also pointed out that this strategy likely success if the pace of both market and technology evolution is smooth. This is actually the case of Openshaw. When the company was established, the Internet technology has been well developed and the consumers have accepted the technology and have started to enjoy the benefit of it. In the future, the company should keep the focus on integration of entrepreneurship and strategic management. The network approaches to internationalisation might be a good strategy for Openshaw. The study carried out by Loane and Bell (2006) indicates that small entrepreneurial companies will obtain knowledge and resource, such as networks, to internationalise rapidly suggesting social and business networks are valuable resource for small firms. Although, ecommerce business has incredible growth potential, it creates unique challenges for both existing companies and new comers (Saini and Johnson 2005). The overall environment condition for online equipment broker is reasonable. The domestic and international economic growth is one of the major impact factors for the industry in the near future. Openshaw and other existing companies should keep eyes on new entrants as well as continue on their entrepreneurial and strategic development and actions.

Assess the Short Term Impact of the Economic Crisis on the League of Nations Essay

The League of Nations was created in January 10th 1920. It worked by the principle of collective security, in which all disputes threatening war would be submitted to the League and any member resorting to war would have broken the Covenant, and would face collective action by other members. However, permanent members such as Britain and France, had veto powers to reject decisions to safeguard their own national interests. Thus, unanimity was never achieved. However the league was not initially as powerful as it seemed as it lacked basic requirements such as a police force and authority overall. Therefore the great depression was not the only factor which had an impact on the league as there remained many faults in the way the league was run. The global economic crisis of 1929 affected nearly all great powers. It led to countries who owed money to each other drowning in huge debt e. g. Austria’s bank, which went bust. During the economic crisis, every country imposed high duties on imports in an effort to protect its own industries. This increased tensions between countries as they were all trying to reproduce their own economy and secure themselves as the most powerful country, but revealed the Leagues weaknesses. This is supported by a historian who states, â€Å"The situation really began to drift out of control with the onset of the great depression, it brought unemployment and living standards to most countries causing extreme right wing governments to come into power in Japan and Germany together with Mussolini, they refused to keep with the rules and took a series of actions which revealed the Leagues weakness. Japan was affected by the economic crisis of 1929, so aimed to rebuild its economy. However they did this by acquiring the south Manchurian Railway, while completely ignoring the League’s aim of avoiding aggression. China was angered by this and considered the League for help and support, so the League decided to set up an enquiry headed by Lord Lytton, who rejected Japanese claims and called for a withdrawal of Japanese forces as they refused to recognise Manchukuo as a separate state. However little did China now that the Leagues minor efforts would go to waste once Japan withdraws from the League in 1933 because without its own armed forces the League could not compel Japan to comply with the commissions demands. This shows the Leagues major weakness as it freely allowed countries to leave whenever the conditions didn’t suit them, indicating no clear system and a sense of being powerless. Robert Wolfson and John Laver share the same view as they state â€Å"this was in a sense, the moment of truth for the League – how would it deal with a member who rejected its decisions? , he later indicates â€Å"if collective security is not used effectively in Manchuria there may be a European war in 10 years’ time. † Furthermore, distracted by the great depression, the European powers and U. S lacked the will and resources to oppose Japanese militarism. The League therefore failed to live up to its ‘collective security’ and exposed how weak they were, this is backed up by Tony Howarth who states, â€Å"The invasion of Manchuria had two important side effects – putting aside for a moment its dreadful revelation that the League was powerless in the face a determined aggressor. First it raised the prestige of the Japanese army. Second, it made it possible for the army to pressurise the Japanese government to undertake a policy of armed expansion. † Here we can clearly see that the League was unable to deal with the more powerful and larger states as they were lacking power and authority, this is perfectly linked to the cartoon David Low drew in 1933 where it shows Japan getting away with trampling over the League and a League official freely allowing them to get away with the aggression (giving flowers) . This shows the League being humiliated and blames the weak leaders and not the League itself as they were not taking serious action in order to prevent Japans invasion of Manchuria, this links back to the global economic crisis as it was primarily the great depression which affected the League as the crisis was a result from the 1929 catastrophe. On October 3rd 1935 Italian troops invaded Abyssinia from Eritrea and Italian Somaliland. The League stated that Italy were the aggressors and imposed limited sanctions – they failed to place sanctions on Oil which was needed to enable the continuation of war. Sanctions were not increased or universally applied, even after it emerged that Italian forces were making use of Chemical weapons against civilians. Instead of imposing sanctions the British and French foreign ministers came up with the Hoare-Laval Pact. This pact would end the war but would grant Italy large areas of Abyssinia. This pact weakened the Leagues position as Britain and France (2 leading members) were prepared to give way to Italy. However Antony Eden reveals his contradictory views in his Telegram, â€Å"There is neither sign of any weakening in overwhelming support for the covenant which was feature of debate in Assembly nor any sign that members of the League would be unwilling to shoulder their obligations should situation demand it. The only nation which has shown a marked lack of enthusiasm for effective action under the covenant is France. Antony the British Minister favoured the League so this source can be biased as his interests would without doubt lay upon the League, however he blames France for not following the basic rules of the covenant and does not focus much on Italy’s invasion of Abyssinia, indicating that maybe he was fine with the invasion. However, A. J. P Taylor shares contrary views as he states that â€Å"There is no concrete interest in the state of Abyssinia. Mussolini was concerned to show off Italy’s strength and not require practical gain. Taylor suggests that Italy only did what they did in order to gain security for their country while having no intentions of causing conflicts and having selfish aims. Therefore did not invade Abyssinia for economic reasons. What is more, is that the global economic crisis brought right wing leaders into power e. g. Adolf Hitler, who was looked upon as a great leader and last resort in Germany who could introduce reforms and change Germany’s economy for the better, especially after they were blamed for the outbreak of the war and faced major reparations which worsened their economy, far more than any other major countries economy. The great depression gave Hitler the opportunity to aggressively campaign in order to secure Lebensraum and recover territories lost, this frustrated Leagues efforts to maintain peace as they were not living up to their policy of ‘collective security’. Germany left the League of Nations in 1933, which made it even harder for the other great powers to control and regulate actions taken by Hitler. An example of Hitler’s daring improvisations was the re-occupation of the Rhineland in March 1936, which could no longer be dealt with by the League of Nations as it lost the control to interfere with what Germany did. Therefore in general the great depression had a major impact on the League of Nations as it exposed every bit of the Leagues weakness, as supported by Robert Wolfson and John Laver who states â€Å"each of these coincidences and accidents made it all the easier for a collective security system to fail. † However it is fair to say that the League itself was not initially powerful. It lacked authority and had no police force whatsoever, hence the reason why powers were continuously threatening to leave the League, such as Japan and Germany’s withdrawal in 1933. This undermined the Leagues power as it simply failed to control the League’s members and what was worse it that any country could join the League when it suited them, which caused divisions and conflicts as the policy of ‘collective security’ was not turning out to be very successful as it primarily was thought to be. During Neville Chamberlain’s speech, he stated â€Å"the league of nations and the policy of collective security to which we have given so whole – hearted support with such disappointing results†¦. We should therefore abandon the idea of the League and give up the ideals for which the League stands† He is clearly undermining the Leagues power and indicating that they did not live up to what they promised. Chamberlain shares the views that the League might have been able to sort out little problems but it was clearly unable to stop major crisis as the Nations would have to find another way to deal with that. Hitler’s Mein Kampf reveals how he felt about the League of Nations, â€Å"they did not realise that in most cases they were dealing with persons who had no backing whatsoever, who were not authorized by anybody to conclude any sort of agreement whatsoever; so that the practical result of every negotiation with such individuals was negative and the time spent in such dealings had to be reckoned as utterly lost. † Here Hitler is expressing how the League were clearly not organised and had no authoritative figure or system whatsoever which is a major setback and a failure of how the League was run overall. Another major issue was the fact that the U. S. A and USSR did not join the League. This was a problem as these were the only 2 powers near enough and strong enough to take effective action, however were not members of the League, which is why the League lacked power and authority. â€Å"America’s consistent refusal to use nothing more than words in support of the League had shown just how toothless and helpless the international community was when it came to enforcing and upholding the peace. A dangerous precedent had been set. † This can be linked to the cartoon called ‘the gap in the bridge’, which shows a gap in the bridge and a keystone which represents USA, not joint to the bridge, preventing the League from being stable and unable to function without USA’s support, so consequently all the foreign nations try to pull USA into the League as they are desperate for a Nation which is military and economically stable, hence tied and dependent on the US. In conclusion the global economic crisis had a huge impact on the League as it exposed its weaknesses and undermined its authority and power. †the existence of the League caused cabinets and foreign ministers to wobble between the old and the new diplomacy, usually securing the benefits of neither, as the Manchurian and Abyssinian cases amply demonstrated. † However the setup and running of the League itself lacked enforcement powers and had no real machinery of collective security. Ironically, therefore the Leagues actual contribution turned out to be not deterring aggressors, but confusing the democracies. † Hence after analysing many contemporary sources and historian views it was mainly the global economic crisis which had an impact on the League of Nations as it highlighted and exposed the weaknesses of the League while undermined its system of ‘collective authority’.

Growing Up As A Latino Child - 1678 Words

Growing up as a Latino child, I never realized the segregation within my community in the city of Baldwin Park. I attended public schools with students that came from the same background and struggles as my own. It made sense living in an area with similar Latino families because I thought that was the way things were supposed to be. Even today in America. communities are segregated and made up of people with similar backgrounds. I never questioned why we were not surrounded by people that were African American, Asian, or any other race differing from my own. As I grew older, I started to realize how this was a problem because it did not allow for the community to be diverse. Today, I believe that by not being exposed to other cultures at†¦show more content†¦Consequently, these kind of habits can lead to the upholding of a system of advantage based on race. Specifically, racism is a system of advantage that continues to be perpetuated in the education system through ignoran ce and lack of information, which is affecting society through violence and inequality. In her essay â€Å"Defining Racism: Can We Talk?,† Beverly Daniel Tatum writes about racism being a system of advantage in which white people are the superior race. Additionally, Tatum emphasizes that the perpetuation of this system is a result of misinformation and lack of acknowledgement of racism in the education system continuing in society through schools, communities, and work places. Tatum writes, â€Å"There is still a great deal of segregation in our communities. Consequently, most of the early information we receive about ‘others’ — people racially, religiously, or socioeconomically different from ourselves — does not come as the result of firsthand experience† (Tatum 123). We are taught in the education system about racism from the perspective of white people, leaving out the experiences of people of color. Because the information we receive doe s not come from firsthand experience, it means the information we are sometimes told is usually incomplete, distorted, and shaped by cultural stereotypes (Tatum 124). Misinformation is taught to us in schools because it is one of the principal ways in which white people remain at the top of the hierarchy while people

Essay on Workplace Bullying - 1084 Words

Workplace Bullying Angela Barbato BUS 600 Management Professor Frank Bucaria February 8, 2014 Workplace bulling is abusive behavior that creates an intimidating and uncomfortable work environment that affects another person or persons safety or well-being (Qualia Soup, 2014). The article Workplace Bullying: Costly and Preventable by Wiedmer, T.L. (2011) discusses work place bullying and its effects on productivity and the work environment. Workplace bulling is malicious behavior by a person or group of people that causes others to be uncomfortable, fearful, and sometimes threatened. Ultimately, it affects the person’s ability to be productive. As stated in the article, bullying can take†¦show more content†¦The WBI is the first and only U.S. organization dedicated to the eradication of workplace bullying that combines help for individuals, research, books, public education, training for professionals-unions-employers, legislative advocacy, and consulting solutions for organizations. (Workplace Bullying Institute, 2014). The institute has helped through thousands of interviews to confirm what types of employees bullies usually target. The bully usually focuses on skilled employees that have the ability to be successful and who are usually brighter than the bullies. The principal weapons that bullying bosses and coworkers employ were alienating the targets from social interaction and withholding vali dation forcing other coworkers to separate themselves for fear they will become targets (Workplace Bullying Institute, n.d.). A situation that was observed several years ago was an example of a male employee by the name of Mike being bullied by his female employer, Susan. Her dislike for Mike was evident to the rest of the team. She would use nonverbal cues when he spoke in meetings to show her distaste for him. He would work harder than anyone else would on her team, yet he had the worst performance appraisals and rarely received a merit increase. 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