Analysis of Kentucky Fried Chicken-Free-Samples for Students

KFC founded by Colonel Harland Sanders, also known as Kentucky Fried Chicken, is an American fast food chain popular for their fried chicken items. They have their headquarters in Louisville, Kentucky. It is the world’s second largest chain of restaurant after McDonalds with its presence in almost 20,000 locations globally in 123 countries (Alviola IV et al.,2014). KFC was one of the foremost American restaurants to expand internationally in Canada, Mexico and United Kingdom in the mid 1960s. The KFC chain is a subsidiary of the Yum brands, a brand that also owns pizza hut and taco bell chains (Kelly & Swinburn, 2015).   KFC’s original product was the fried chicken piece that was seasoned by Sander’s secret recipe of 11 herbs and spices. However, since the 1990s they expanded their menu to include chicken fillet burgers, wraps, salads, side dishes like French fries and soft drinks. A PESTEL analysis is a method used to analyze and monitor the external marketing environment that has its impact on an organization, which is used to identify threats and weaknesses of the firm. PESTEL stands for political, economic, social, technological, environmental and legal. Political factors study how and to what extent the government intervenes into the functioning of the economy. This includes the policies of the government, the political stability or instability in the market, tax policy, foreign trade policy, environmental law, legal law and trade restrictions. India has a steady government. The labor force is expensive and the companies have to pay high taxes, which reduces the profit rate in the country. The government has given freedom to the companies to do their business there way (Samnani, 2014). KFC designs the pricing structure keeping in mind the income of the people that way KFC can cater to all the classes. The political climate of India is friendly towards international businesses, which is an advantage for KFC. The operation of KFC is affected by the government rules and policies regarding the fast food industry. Currently government is controlling the fast food restaurants because of the various health issues and obesity related proble ms attached to it. KFC maintains a good relation with the government by paying taxes properly and increasing employment opportunities for the masses and follows the legal rules and restriction. Economic factors have important impact on how an organization work and how profitable they are. Economic factors include the rate of economic growth, interest rates, inflation, income of the consumers, exchange rates and so on. KFC is struggling in many economies like china where their sales are declining due to its health factors (Schrà ¶der & McEachern, 2005). With the growing health consciousness among the people, the sale of KFC is declining in many economies. Every outlet of KFC gives employment to around 10-15 people in a way it curbs unemployment ("Home | KFC", 2018). India’s economic condition is extremely good and per capita is high. Population being low resources is abundant. Though earlier the target of KFC was the upper classes, later on they changed their target market to include the middle-income group. The economic condition of India is an advantage for the company as this increases its sales. This area involves the social and cultural beliefs of the consumers. This includes population growth, age distribution, career attitudes and so on. These factors are extremely important because this directly affects how marketers understand their consumers. In the social issues KFC luring of children to their unhealthy food, unethical treatment of animals and low wages to employees are widely criticized (Shoyemi, 2014). It is rumored that the chicken used by KFC are genetically modified to store more fat, which makes the chicken incapable to carry its own body weight. Many animal welfare organizations like PETA condemn KFC for such heinous issues. The social system in India is beneficial for the further growth of the company. The banking system is also strong and literacy rates are high. India being a capitalistic economy the income of the people are high, and the busy schedule of the people makes them resort to these fast food restaurants. KFC very tactfully adapts to the culture of the country they operate in. the busy lifestyle of the masses makes them resort to these unhealthy fast foods. The growing awareness about the harmful effects of fast food is proving to be a threat for KFC. The technological progression of the country affects the organization’s marketing and daily operations India has a very high per capita income and literacy rate. There technological development is also very advanced (Kelsey, 2015). Thus internet usages and exposure to advanced technology is high. KFC uses strategy to introduce new technology when they feel it is needed.   In the technological era KFC has started mobile apps with the help of which ordering and payment online is made possible. In a developing country like India this acts as an opportunity because this increases its sales and growth. With the growing concern on environment, this factor has come to the forefront in the recent years. It has become extremely important due to the scarcity of raw materials. KFC buys their packaging materials from companies that contribute to deforestation (Tiwari, 2017) This particular company also uses underage children to work for them in order to pay fewer wages to them. KFC’s treatment of the chickens used for the meal is said to be injected to make them obese. This harms the chicken and makes them extremely toxic for human consumption. This also poses several difficulties for the chickens that sometimes die because of the injections. The educated people condemn these various factors since they pose as a threat for the KFC chain. This includes the health and safety factors, advertising standards, equal opportunities, consumer laws and rights, product safety and product labeling. Every company need to know what is legal and what is not in the economy they are operating. For organizations that are global this is a difficult area to act because every country has different rules and laws (Smith et al.,2014). The government in India changes after every five years, corruption level is low. International companies are invited to start their business but their profit is low because of the high taxes. The government gives enough freedom to the firms to conduct their business and does not intervene unnecessary in the daily workings. KFC has to abide by the legal rules and regulations laid down by the government of India for the smooth operations. The above analysis clearly provides an overview of the external environmental conditions faced by the company KFC. The external environmental conditions form an important part of the company and often it is seen that they are beyond the control of the company. The company however, can utilize the external environmental conditions by turning the risks or threats faced by it into future opportunities. Global diversity can be defined as the process by means of which one company can distinguish itself from another not only on the basis of the services provided by them but also on the basis of the strategies as well as the global plan followed by them. This is an important process by means of which the various companies can adapt themselves to the global market and it also allows them to work as per the needs and the requirements of the customers. The company Kentucky Fried Chicken uses the various aspects of global diversity to market its products in more than 198 different countries of the world ("Home | KFC", 2018). The company KFC, in India itself has more than 350 outlets, thereby making India as one the largest center of its business ("Home | KFC", 2018). America is another country where the products of the company KFC are in much demand ("Home | KFC", 2018). The company KFC, as a matter of fact has its headquarters in Kentucky, United States of America ("Home | KFC", 2018). The cultural characteristics of the country India on the basis of the Hofstede’s cultural model would reveal the following facts- Figure 1: Hofstede’s Cultural Insights for India Source: ("Country Comparison - Hofstede Insights", 2018) The above figure clearly indicates that the Indian people score low on the individualism quotient, which means the people like to work in groups and group culture is prevalent there ("Country Comparison - Hofstede Insights", 2018). The people of India score very high on the power distance score which means that the people appreciate the hierarchy system prevalent at their work place and they are very dependent on their bosses or the higher authorities for the performance of their job roles ("Country Comparison - Hofstede Insights", 2018). The score of India on the Hofstede’s culture for the aspect of masculinity indicates that the Indian society is driven by competition, success and achievement ("Country Comparison - Hofstede Insights", 2018). The low score of the nation for the aspect of uncertainty avoidance indicates that the people have low preference for avoiding uncertainty ("Country Comparison - Hofstede Insights", 2018). The cultural characteristics of the country United States of America on the basis of Hofstede’s cultural model would reveal the following facts- Figure 2: Hofstede’s cultural insights for United States of America Source: ("Country Comparison - Hofstede Insights", 2018) The above figure clearly indicates that the people of the United States of America are very individualistic and like to work in an individualistic manner (Taras, Steel, & Kirkman, 2012). The low score on the power distance aspect indicates that the people of the United States of America do not endorse the inequality of the division of power in the society ("Country Comparison - Hofstede Insights", 2018). The high score on the aspect of masculinity indicates that the people of the United States of America are driven by factors like success, competition and achievement ("Country Comparison - Hofstede Insights", 2018). The low score on the uncertainty avoidance indicates that the people of America are fairly tolerant towards the changes in technology, innovations and the desire to try out new things ("Country Comparison - Hofstede Insights", 2018). Therefore, from the above discussion it becomes clear that if the American company, Kentucky Fried Chicken (KFC) is to expand its business in India then it will have to take into consideration the various aspects of the culture of the Indian nation. The company will especially have to make adjustments in the aspects of power distance, individualism, uncertainty avoidance as well as masculinity. KFC opened its first outlet in India at Bangalore in the year 1995 ("Home | KFC", 2018). The company currently owns more than 350 outlets in the nation ("Home | KFC", 2018). This is a reflection of the successful collaboration of the company KFC with the franchise Yum ("Yum! Brands – A World with More Yum!", 2018). It is to be noted that the company has transformed some of the traditional products offered by it in order to suit the taste as well as the needs of the Indian customers (Sania, Kalpina, & Javed, 2015). It is to be noted that in the initial phase the company had to face some protest as the regards the type of raw materials used by it for the preparation of its products. Then there were others who protested to the non-vegetarian products sold by the outlets ("Home | KFC", 2018). The company KFC, therefore in order to capture the needs as well as the requirements of the customers started its new brand of products and food items with the slogan â€Å"So Veg, So Goodâ €  ("Home | KFC", 2018). This plan was introduced as part of its Indian-specific promotional strategy, which was much appreciated by the Indian customers. The second important strategy adopted by the company in a bid to capture the Indian market was the introduction of the 5-in-1 meal boxes and the use of the local dabbawalas for the purposes of the delivery of the products to the office goers (Shoyemi, 2014). It is to be noted that the Indian dabbawalas are known for their efficiency as well as timely delivery services (Shoyemi, 2014). Therefore, this strategy proved to a vital one for the company as it not only enabled them to procure a reliable delivery system but also enabled them to capture the office goers customers of the nation. Another, important strategy utilized by the company is the introduction of the new system of Watt a Box, which is similar in many respects to the traditional 5-in-1 meal boxes of the company with the only difference being that in this particular r espect the customers can order their meals over the phone (Hussain, 2014). The company even follows effective pricing policy as well as provides discount services in a bid to attract more customers to its outlets. These in short are some of the strategies, which the company has utilized over the years to capture the market of the Indian nation. The company offers a wide range of products to its Indian customers like Hot & Crispy Chicken, Chicken Zinger Burger, Fiery Grilled bucket chickens, Rice Bowlz and various others ("Home | KFC", 2018). The company also provides a wide range of vegetarian products to the Indian customers. This is something which is not seen among the range of products offered by the company in its American outlets. The pricing strategy followed by the company in its Indian outlets is different from the ones which it follows in its American market. The company follows a pricing strategy in its Indian market as per the needs and the requirements of the customers and the market conditions. The company uses the social media and newspapers for the purposes of promotion of its products. The company in order to attract more customers had tie up with various other companies like Yum brands and Pepsi Co ("Home | KFC", 2018). They even offer attractive offers like combo meals and others to attract the customers. The primary supplier of raw materials for the company is Venky’s, which is the largest supplier of raw chickens in India ("Home | KFC", 2018). The operational strategy followed by the company in India are listed below- It is to be noted that the business of the company grew by 8% in the country of India in the year 2017 ("Home | KFC", 2018). The company owns more than 350 outlets in the country ("Home | KFC", 2018). The supplier system of the company in the country India is shown by the following figure- The primary competitors of the company KFC in India are McDonalds, Subway, Domino’s and various others ("Home | KFC", 2018). Initially, the target customer base of the company was just the office going population and to capture that customer the company effectively utilized the services of the dabbawalas. However, over the years, the focus of the company has changed significantly and to grab the attention of the other part of the population of the nation, the company started to focus on its vegetarian menu. The company, presently, is trying to grab the attention of the younger generation of the Indian population in the age range of 18-40 ("Home | KFC", 2018). It is commonly seen that the people in this particular age range are the ones who live a fast life and are more open to the kind of products offered by the company KFC. Risk can be defined as the potential situation in which a person or an organization stands to lose or gain something of considerable value (McNeil, Frey, & Embrechts, 2015). It is to be noted that risk forms an important aspect in the process of business management (Schermerhorn et al., 2014). It is often that the companies which are willing to come out of their comfort zone and take considerable amount of risks are the ones which succeed in the longer run (McNeil, Frey, & Embrechts, 2015). The company, KFC is an example of this particular doctrine. The company KFC is one of the largest and most loved brands of the United States of America. The company could have stayed content with its monopoly of the business world. However, the company undertook a considerable amount of risk when it decided to venture into the market of India. It is to be noted that the culture as well as the eating habits of India is completely different from the country of the United Nations of America. There wa s a considerable element of risk involved in the process. However, the company decided to take the risk and judging by the performance of the company in the recent few years in the Indian nation it would be fair to say that the risk taken by the company KFC paid off. The company in the recent times has enjoyed considerable success in the Indian nation. However, there are some risks as well which the company faces in the country of India- The company KFC can manage the above listed risks by various effective strategies like the ones mentioned bellow- Therefore, from the above discussion it becomes clear that the companies need to take various factors into consideration for the purpose of doing business in other countries of the world. It is normally seen that various companies embark on the path of globalization without taking into consideration the cultural, political, environmental, legislative and other aspects of the countries in which they are about to open their business centers. This often instead of expanding the business of the company causes several problems for the parent companies. Therefore, it is advisable for the companies to take into consideration the internal as well as the external environments of the countries into consideration before opening their business centers into those countries. The companies also need to take into consideration the various risks faced by them and develop effective risk management strategies which would mitigate the risks faced by them. It is often seen that an effective management of risks can lead to the overall growth as well as the development of the company concerned. Alviola IV, P. A., Nayga Jr, R. M., Thomsen, M. R., Danforth, D., & Smartt, J. (2014). The effect of fast-food restaurants on childhood obesity: a school level analysis.  Economics & Human Biology,  12, 110-119. Cotti, C., & Tefft, N. (2013). Fast food prices, obesity, and the minimum wage.  Economics & Human Biology,  11(2), 134-147. Country Comparison - Hofstede Insights. (2018).  Hofstede Insights. Retrieved 7 February 2018, from https://www.hofstede-insights.com/country-comparison/the-usa/ Country Comparison - Hofstede Insights. (2018).  Hofstede Insights. Retrieved 7 February 2018, from https://www.hofstede-insights.com/country-comparison/india/ Home | KFC. (2018).  Online.kfc.co.in. Retrieved 7 February 2018, from https://online.kfc.co.in/ HUSSAIN, S. (2014). The impact of sensory branding (five senses) on consumer: A case study on KFC (Kentucky Fried Chicken).  International Journal of Research in Business Management,  2(5), 2347-4572. Kelly, S., & Swinburn, B. (2015). Childhood obesity in New Zealand.  The New Zealand medical journal,  128(1417), 6-7. Kelsey, J. (2015).  Reclaiming the future: New Zealand and the global economy. Bridget Williams Books. Klijn, F., Kreibich, H., De Moel, H., & Penning-Rowsell, E. (2015). Adaptive flood risk management planning based on a comprehensive flood risk conceptualisation.  Mitigation and Adaptation Strategies for Global Change,  20(6), 845-864. McNeil, A. J., Frey, R., & Embrechts, P. (2015).  Quantitative risk management: Concepts, techniques and tools. Princeton university press. Samnani, A. (2014). Macro-environmental factors effecting fast food industry.  Food Science and Quality Management,  31, 37-40. Sania, U., Kalpina, K., & Javed, H. (2015). Diversity, employee morale and customer satisfaction: The three musketeers.  Journal of Economics, Business and Management,  3(1), 11-18. Schermerhorn, J., Davidson, P., Poole, D., Woods, P., Simon, A., & McBarron, E. (2014).  Management: Foundations and Applications (2nd Asia-Pacific Edition). John Wiley & Sons. Schrà ¶der, M. J., & McEachern, M. G. (2005). Fast foods and ethical consumer value: a focus on McDonald's and KFC.  British food journal,  107(4), 212-224. Shoyemi, A. O. (2014).  Consumers' perception of international quick service restaurants in Nigeria: a case study of Kentucky Fried Chicken (KFC)  (Doctoral dissertation, Dublin Business School). Shoyemi, A. O. (2014).  Consumers' perception of international quick service restaurants in Nigeria: a case study of Kentucky Fried Chicken (KFC)  (Doctoral dissertation, Dublin Business School). Smith, C., Gray, A. R., Fleming, E. A., & Parnell, W. R. (2014). Characteristics of fast-food/takeaway-food and restaurant/cafà ©-food consumers among New Zealand adults.  Public health nutrition,  17(10), 2368-2377. Taras, V., Steel, P., & Kirkman, B. L. (2012). Improving national cultural indices using a longitudinal meta-analysis of Hofstede's dimensions.  Journal of World Business,  47(3), 329-341. Tiwari, M. (2017). KEYWORDS PESTEL Ps-Product, Price, Promotion, and Place.  RECENT TRENDS AND CHALLENGES IN INTERNATIONAL BUSINESS-A CASE STUDY ON GROWTH STRATEGY OF KFC., (210). Wang, S. Y., Yiu, K. F. C., & Mak, K. L. (2013). Optimal inventory policy with fixed and proportional transaction costs under a risk constraint.  Mathematical and Computer Modelling,  58(9-10), 1595-1614.

Consumer Behaviour Business Degree with Marketing Assignment

Consumer Behaviour Business Degree with Marketing - Assignment Example Marketers need to know what their customers need and want and they also need to know how their customers make decisions about buying and using products. As such, this report for Starbuck’s senior executives seeks to explore different factors that influence the behaviour of different customers towards a particular product or service. The report is divided into two parts and the first part is mainly concerned with establishing the extent to which motivation and the benefits sought by the customers go hand in hand towards the satisfaction of the needs of the targeted consumers. The second part seeks to establish the significance of understanding the family life-cycle and family decision making in order to make the organisation to be in a position to market their products and services more successfully. The report will also focus on how the marketers can focus on different factors which influence customer behaviour in order to positively change it through the effective use of diff erent elements of the marketing mix. Recommendations will be given in both cases. 1. Motivation of the customers is mainly influenced by their behaviour hence it is imperative for the marketers at Starbuck’s to first establish the behaviour of their consumers in order to be better positioned to satisfy their needs. Hawkins et al (1998, p.7) define customer behaviour as â€Å"the study of individuals, groups, or organisations and processes they use to select, secure, use and dispose of products, services, experiences or ideas to satisfy needs and the impacts these processes have on consumer and society.† This definition implies that there are indirect influences on consumer decisions. As such, any profit oriented organisation must satisfy the needs and wants of the customers. The realisation that long term survival of companies is only possible if customer satisfaction has been achieved has led the companies and their employees to motivate the customers towards their pr oducts. In their quest to satisfy their needs, customers also seek to derive benefits from consumption of particular products hence the attempt to satisfy these benefits by the marketers goes hand in hand with the concept of motivation. To understand motivation is to understand why customers do what they do. The philosophy of marketing rests on the premise that customers’ needs are the starting point from which all other activities can be planned (Cant, 2002). However, there is need to take a motivational approach to establish the needs of the customers which influences their buying behaviour. Basically, motivation occurs when a need is aroused that the customer wants to satisfy. A need refers to something physical or psychological that the body must have to function and develop (Cant, 2002). As such, motivation is the driving force within the individuals that drives them to act in a particular way. According to Kotler & Armstrong (2004), a motivated person is ready to act an d he is influenced by his or her own perceptions of the situation. People have different perceptions of the same stimulus and when they act, they learn something new. In the process, they acquire beliefs and attitudes that will shape their behaviour if they are satisfied that they will derive benefits f

Employee Health Insurance Plans Assignment Example | Topics and Well Written Essays - 750 words

Employee Health Insurance Plans - Assignment Example The first factor that was considered is the issue of price and the financial implications that each of the four plans would have on both the company and the employees. Of all the four plans, Empire health plan was the cheapest in the individual category at $ 4,217. The family package for Empire health plan was relatively expensive compared to Metroplus although the difference was insignificant (Morrisey, 2008). Regardless, the main emphasis was put on the individual plan cost because employees had the right to opt out of the family plan. For maximum benefits and to attract the backing of the employees, Empire health plan was considered the ideal plan in this front. Another factor that was important in coming up with the decision was the performance measure of each of the four health plans. In particular, aspects to do with adult health and children care were considered and analyzed against state averages. In this aspect, Empire still stood out beating the other three health plans by a big margin. Empire had better scores in all the measures of adult health except in managing medications where it came in second. For instance, in managing cardiovascular conditions empire was the only plan that had all the measures at par with the statewide averages. Aetna on the other hand, had lesser averages in controlling high blood pressure and cholesterol management. The same was true for Oxford and Metroplus health plans. Empire excelled in the other performance measures as well. For example, in managing preventive care, it had the best averages in all the measures. Despite having lesser than statewide average score in adult BMI assessment, its score was relatively better than all the others. The same trend was reflected in the other variables such as managing acute illnesses, respiratory conditions and diabetes. All these variables are important considerations in both female and male adult employees and

Game Theory Research Paper Example | Topics and Well Written Essays - 2000 words

Game Theory - Research Paper Example The theorem is generally used in economics studies, when there is a repetition of the number of games (Policonomics, â€Å"Game theory III: Folk theorem†). Game Theory has major contribution on repetitive games, wherein individual players have complete knowledge regarding the strategies of the other players. In Folk Theorem, there is a concept i.e. Nash Equilibrium. This concept is identified to have an outcome of one in a game, as the players are not facilitated with the opportunity of having an incentive by deviating from their choice on the basis of the choices of opponents. Contextually, players are not able to have incremental benefits, as others are identified to be grounded on their strategies (MIT, â€Å"Game Theory†). The objective of the current study is to attain comprehensive understandings regarding Folk Theorem by understanding its applications and citing examples prevalent to the real life world. This comprehensive understandings regarding Folk Theorem would eventually abolish all the myths relevant to it. The origin of Folk Theorem is still uncertain, however, it is believed by most of the researchers that the theorem has originated during the late fifties of the 20th century. However, in a very short period of time, the theorem has gained extensive popularity. Since, there is an uncertainty regarding the origin of the theorem, it is therefore termed as Folk Theorem. In mathematical conception, Folk Theorem is the one, which is believed and discussed as well as used extensively, however it is not published. Therefore, the theorem is also known as General Feasibility Theorem, but, the name Folk Theorem is popularly renowned (Policonomics, â€Å"Game theory III: Folk theorem†). Folk Theorem is a decisive part of the Game Theory, which is majorly related to economics. The theorem has an extensive role in the Game Theory that has repeated number of events (MIT, â€Å"Game Theory†). In this regard, it is elaborated that the theorem suggests that

Taoism Religion Essay Example | Topics and Well Written Essays - 1250 words

Taoism Religion - Essay Example It does not matter whatever religion exists as long as the person becomes a good being to himself and to others. Basically, religions do not only teach morals but also focus on way of life. Rituals are being conducted to help the faithful improve themselves fully as a religious leader assists the religious members in their struggle to be good. The main focus of the paper is the religion Taoism. Taoism came from China as the country had a long history of formation. Taoism became an important part of the history of China though the origin of Taoism is hard to distinguish as it came from complicated roots and Chinese religions mixed as interactions happened. Other religions in China are Confucianism, Buddhism and popular religion. These religions flourished and interact with one another and cultural and traditional mixtures occur resulting to the Chinese religion. Taoism in particular cannot be distinguished easily as it encompasses almost everything about life. Its existence can be com pared to water that composes all bodies of water and even clouds and rain. The discovery of the ultimate purpose is not the same for everybody as pathways are different in that religion as the prominent quality is compared to water that never flows in the same way again. ... Taoism can also be analyzed based on its etymology. The religion comes from the word tao which means road or path as the same term was also used by non-Taoist people. Tao became prominent in Chinese philosophy as their beliefs tend to shape a method or technique and norms of conduct. The term tao first appeared as a philosophical word in the book Analects of the Confucians. They consider tao as the method of behavior for both individual and nation as they pertain to the term as a principle. For the Taoists, the term is not just a principle, it is substance in actuality. Chuang Tzu gave an explanation on the tao and belief of Taoists. According to him, tao is not a substance or a thing only but tao is the sum total of all existence including wastes as a questioner clarified his claim. The main concern of Taoism is the balance of forces which is constant and inseparable that the human mind cannot comprehend its existence. The belief states that humans are indivisible and parts of the o neness as the age of humanity is the same as the age of the sky and earth. As tao is considered as both method and entity, the question arose regarding the purpose of the method. The positive action has no basis in tao. In terms of morals, tao advocates relativity as right and wrong can pertain to the same object depending on the point-of-view. The advice for Taoist practitioners tends to be selfless and let the natural course maneuver the lives of the faithful. They follow the rhythms of nature and environment. Such characteristic of Taoism is called contemplative Taoism which is complemented by the so-called purposive Taoism. As the contemplative Taoism allows calmness for the practitioner, the purposive

Religion Experience Research Paper Example | Topics and Well Written Essays - 750 words - 1

Religion Experience - Research Paper Example It is important to note that Roman Catholic and some of its splinter affiliates has the majority believers population among the Christians and the world at large and this explains why this is a globally observed period with internationally recognized periods of Holiday (Catholic University of America,2002). It is important to understand the underlying concepts that constitute the entire season and the subsequent holidays which have a lot of meaning to the Christian faithful. East results from the lent season which constitutes 40 days after which the Pentecost season begins lasting 50 days. Due to its focus on this symbolic event in the life of Jesus from whom the Christian believers derive their spiritual identity, it remains the central point on which all other religious activities calendar is drawn. It is worth to note that the Easter season is dotted with many other special days before and after and one such a day is Ash Wednesday. This an exclusive day which marks the first day of Lent and falls within the months of February 14th and March 11th at an estimated six and half weeks prior to Easter. Archival records of the early Christianity indicate varied length of lent which was later fixed at 40 days from the 7th century. The lent period is set at 40 days which is consistent with the period Jesus took starving in the wilderness. In respect of that doctrine, believers are expected to go through a period of fasting and sacrificing much of their time praying and helping the needy in the society (Wilkinson & Charing, 2004). This solidifies the faith by an action slogan that is much talked about in the bible and other theological scholarly works. Abstinence from sexual intercourse from every believer is equally expected during this special season as it is generally dedicated to the service of God. The most common mark of celebrating this Ash Wednesday is the smearing of ash on the forehead of the participants as a symbol of penance and this is attached to blessings. It is worth to note that some aspects of this event have changed over time. This is in regard to the application of ash on the forehead exclusively on participants which has lately changed to a case where ash is given to the entire congregatio n during the service and all members in attendance are marked. The religious connotations that were directed towards this event have equally changed from the traditional likening of human being to dust and the new idea of preaching repentance (Catholic University of America, 2002). It is also important to notice that this ash is derived from the burnt palm fronds which previously had been used during the Palm Sunday. Within the larger concept of the Easter season, on-catholic churches like the Eastern Orthodox celebrate clean Monday which begins with the lent period and the only difference in the catholic version is skipping of Sunday with a claim that Jesus resurrected on Sunday. During the Easter season, Passion Sunday is also celebrated as a commemoration to the maiden entry of Jesus to Jerusalem before he was crucified some days later. The event actually proceeds through a procession of palm fronds which constitutes blessing and the same are later burnt to produce ash for the ne xt year’s Ash Wednesday. There are fifty days of Easter season between the end of lent and the Holy Saturday. It is important to note that Holy Saturday is very significant in respect to the celebration of the Easter holiday. This is the day when most Christians across the world begin to prepare for Easter services (Wilkinson & Charing, 2004). In the historic periods of the Christianity people engaged in an overnight fasting in preparation for baptismal of new

Advanced corporate reporting Case Study Example | Topics and Well Written Essays - 750 words

Advanced corporate reporting - Case Study Example In this report, we will discuss the differences between rules-based and principles-based of revenue recognition standard. Then, we will discuss the recognition criteria for revenue in both the old and new standards. The consistency of the new standard with conceptual framework will also be discussed. This will be followed by discussing the implications of new standard implemented and consequences of the significant changes. Rules-based standards as the name implies, provide sets of detailed rules that must be followed when preparing financial statements. Non-compliance of rules could cause a fine punishment or possible of lawsuits. With rules-based accounting standards, it will help to reduce the risk of misstatement of financial reports and increase the accuracy of financial information, given the explicit instructions for every situation as the Financial Accounting Standards Board (FASB) of the US may anticipate (DePamphilis 2012, 327). However, rules-based standards can be very complex too when preparing financial statements. Some people might look for loophole of rules and regulations to manipulate organisations’ financial figures. Principles-based standards are general guidelines that accountants must use as basis to prepare the financial statements. It is a simple way to apply and provide guidance for accountants to ensure good reporting. Under rules-based, there is less disclosure as what is required is to follow the rules required under a given standard. An example is different old standard on revenues where there is need to follow the requirement for a company is a specific industry to follow the industry specific requirement to recognize revenue. The principles-based accounting standard will have less rules but much will depend on the professional judgement of the accountant who will prepare the financial statement as properly guided the principles of preparing the accounts. In other words, under the