Competition in the Golf Industry

An Analysis of â€Å"Competition in the Golf Industry† It is unknown when the game of golf originated, but it is believed that people began playing in Europe during the middle ages. In the United States, golf was a sport primarily played by the wealthy individuals until tournaments began being televised. Since then, golf has grown to be a very lucrative industry with over 27 million golfers nationwide by the end of the 1990’s. â€Å"Competition in the Golf Equipment Industry,† a case study written by John E. Gamble of the University of South Alabama, is an overview of the problems currently facing major companies in the golf equipment industry: technological limitations (due to golf’s governing organizations), a decline in the number of golfers, and the economic recession, and the threat of counterfeit products. These limitations are causing leading competitors in the golf industry, namely Calloway Golf, to rethink their strategies in 2010. PLAC Analysis for Calloway Golf Ely Reeves Calloway Jr. , Calloway’s original owner, CEO and President, bought a manufacturing company of hickory shaft wedges and putters in 1983. Calloway, originally restricted to reproducing antique golf clubs, has extended its product breadth across the golf equipment industry. Calloway Golf now encompasses drivers (with the introduction of Big Bertha), putters (with the acquisition of Odyssey), irons (designed to compete against Titleist), golf balls (with the acquisition of Top-Flite), footwear and clothes branding, and GPS units (with the acquisition of UPlay). See Timeline in Appendix 1. Calloway has differentiated itself from its competitors by its innovation, beginning with the success of their driver, Big Bertha, which initiated the technology race among firms. Calloway and its’ competitors introduce more innovative products every 12-18 months to remain competitive. Furthermore, Calloway has acquired several firms since its origination in 1983 in order to expand its product breadth. Although in 2009, Calloway Golf Company was the â€Å"second largest seller of drivers and fairway woods,† revenues have declined by 17% in 2009 compared to the first six months of 2008. Challenges facing this firm will be assessed in the SWOT analysis. SWOT Analysis for the golf industry, Calloway Golf & Recommendations See Appendix 2 for Matrix Strengths: Calloway’s technological innovation in making a driver that pushed the limits of USGA standards shows motivation to become the best. Marketing to recreational golfers in an attempt to help them enjoy the game more by offering an opportunity to drive 6-10 yards further was a benchmark and pushed Calloway’s product to the best golf product of the century by a two-to-one margin. Calloway’s recognizable name also gives them a competitive edge. Weaknesses: Although these technological advances may have boosted sales, there is still little evidence that these advances help golfers lower their scores. Another weakness of the industry is sustainability. With the development of new products every 12-18 months, it is crucial that companies market their products and have strong sales shortly after introduction. Also, a weakness with Calloway’s golf balls was their brand image with the acquisition of Top-Flite golf balls, which quickly coined the game â€Å"Rock-Flight. † Opportunities: Although sales have declined 5. 7% during 2008, continued marketing efforts and remaining a household name could prove beneficial to all firms after the recession has subsided. Due to the recession, discretionary spending has declined and savings has risen, but this could quickly change after a turn in the economy. Furthermore, Calloway has recently cut their endorsements of PGA professionals to only encompass 10 men’s PGA professionals and 5 women. If they expanded these numbers, it would give them more brand exposure and possibly higher revenues since many recreational golfers base their decisions on the type of equipment successful, professional golfers are using. Threats: There are a number of threats affecting the golf industry as a whole: effects of technological limitations by USGA, a decline in the number of golfers due to the economy and lack of leisure time, and the rise of counterfeiting. The state of the current economy paired with the decline in the number of golfers, has caused companies to focus more on price and volume. Counterfeiting is largely attributable to the decisions by executives to outsource for cheaper labor to manufacturers in China; who can produce a golf club for less than $3 per club. Recommendations Companies currently operating within the golf industry, specifically Calloway Golf, must change their current marketing approaches and strategies to withstand the recession and threats facing the industry. Although Calloway has a strong R&D department that tends to remain competitive with products and technology, there have been little results in reference to scores. It is imperative that if companies are going to market a product that will help golfers drive further and straighter that the results depict this so that not to damage the brand name of a product. Secondly, due to the decline in equipment sales and the number of golfers, prices are dropping and companies are outsourcing to maintain the volume needed to remain competitive. Companies must be cautious and aware so that counterfeiting may be reduced. This reduction would also allow companies to reduce their pricing and have more sales without the competition of these cheaply priced knock-offs. In the instance of Calloway, an increase in marketing and endorsements would boost their sales due to brand recognition. Calloway has recently fallen to second place in the amount of sales of drivers. In aiding in cutting down on counterfeiting, lowering prices, and increasing marketing and endorsements, Calloway may have the opportunity to reposition themselves as number one in the marketplace. Appendix 1 Calloway Timeline 1983- Ely Reeves Calloway, Jr. purchased a 50% interest in a Temecula, California manufacturer and marketer of hickory shafted wedges and putters for $400,000. 1985-Ely Reeves Calloway, Jr. , hired aerospace and metallurgical engineers to design the most technologically advanced golf clubs. 1991- Introduction of Big Bertha 1996- Acquisition of Odyssey (leading brand of putters)

The Da Vinci Code EPILOGUE

Robert Langdon awoke with a start. He had been dreaming. The bathrobe beside his bed bore the monogram HOTEL RITZ PARIS.He saw a dim light filtering through the blinds. Is it dusk ordawn? he wondered. Langdon's body felt warm and deeply contented. He had slept the better part of the last two days. Sitting up slowly in bed, he now realized what had awoken him†¦ the strangest thought. For day she had been trying to sort through a barrage of information, but now Langdon found himself fixed on something he'd not considered before. Could it be? He remained motionless a long moment. Getting out of bed, he walked to the marble shower. Stepping inside, he let the powerful jets message his shoulders. Still, the thought enthralled him. Impossible. Twenty minutes later, Langdon stepped out of the Hotel Ritz into Place Vendà ´me. Night was falling. The days of sleep had left him disoriented†¦ and yet his mind felt oddly lucid. He had promised himself he would stop in the hotel lobby for a cafe au lait to clear his thoughts, but instead his legs carried him directly out the front door into the gathering Paris night. Walking east on Rue des Petits Champs, Langdon felt a growing excitement. He turned south onto Rue Richelieu, where the air grew sweet with the scent of blossoming jasmine from the stately gardens of the Palais Royal. He continued south until he saw what he was looking for – the famous royal arcade – a glistening expanse of polished black marble. Moving onto it, Langdon scanned the surface beneath his feet. Within seconds, he found what he knew was there – several bronze medallions embedded in the ground in a perfectly straight line. Each disk was five inches in diameter and embossed with the letters N and S. Nord. Sud. He turned due south, letting his eye trace the extended line formed by the medallions. He began moving again, following the trail, watching the pavement as he walked. As he cut across the corner of the Comedie-Franà §aise, another bronze medallion passed beneath his feet. Yes! The streets of Paris, Langdon had learned years ago, were adorned with 135 of these bronze markers, embedded in sidewalks, courtyards, and streets, on a north-south axis across the city. He had once followed the line from Sacre-Coeur, north across the Seine, and finally to the ancient Paris Observatory. There he discovered the significance of the sacred path it traced. The earth's original prime meridian.The first zero longitude of the world.Paris's ancient Rose Line. Now, as Langdon hurried across Rue de Rivoli, he could feel his destination within reach. Less than a block away. The Holy Grail ‘neath ancient Roslin waits. The revelations were coming now in waves. Sauniere's ancient spelling of Roslin†¦ the blade and chalice†¦ the tomb adorned with masters' art. Is that why Sauniere needed to talk with me? Had I unknowingly guessed the truth? He broke into a jog, feeling the Rose Line beneath his feet, guiding him, pulling him toward his destination. As he entered the long tunnel of Passage Richelieu, the hairs on his neck began to bristle with anticipation. He knew that at the end of this tunnel stood the most mysterious of Parisian monuments – conceived and commissioned in the 1980s by the Sphinx himself, Fran;ois Mitterrand, a man rumored to move in secret circles, a man whose final legacy to Paris was a place Langdon had visited only days before. Another lifetime. With a final surge of energy, Langdon burst from the passageway into the familiar courtyard and came to a stop. Breathless, he raised his eyes, slowly, disbelieving, to the glistening structure in front of him. The Louvre Pyramid. Gleaming in the darkness. He admired it only a moment. He was more interested in what lay to his right. Turning, he felt his feet again tracing the invisible path of the ancient Rose Line, carrying him across the courtyard to the Carrousel du Louvre – the enormous circle of grass surrounded by a perimeter of neatly trimmed hedges – once the site of Paris's primeval nature-worshipping festivals†¦ joyous rites to celebrate fertility and the Goddess. Langdon felt as if he were crossing into another world as he stepped over the bushes to the grassy area within. This hallowed ground was now marked by one of the city's most unusual monuments. There in the center, plunging into the earth like a crystal chasm, gaped the giant inverted pyramid of glass that he had seen a few nights ago when he entered the Louvre's subterranean entresol. La Pyramide Inversee. Tremulous, Langdon walked to the edge and peered down into the Louvre's sprawling underground complex, aglow with amber light. His eye was trained not just on the massive inverted pyramid, but on what lay directly beneath it. There, on the floor of the chamber below, stood the tiniest of structures†¦ a structure Langdon had mentioned in his manuscript. Langdon felt himself awaken fully now to the thrill of unthinkable possibility. Raising his eyes again to the Louvre, he sensed the huge wings of the museum enveloping him†¦ hallways that burgeoned with the world's finest art. Da Vinci†¦ Botticelli†¦ Adorned in masters' loving art, She lies. Alive with wonder, he stared once again downward through the glass at the tiny structure below. I must go down there! Stepping out of the circle, he hurried across the courtyard back toward the towering pyramid entrance of the Louvre. The day's last visitors were trickling out of the museum. Pushing through the revolving door, Langdon descended the curved staircase into the pyramid. He could feel the air grow cooler. When he reached the bottom, he entered the long tunnel that stretched beneath the Louvre's courtyard, back toward La Pyramide Inversee. At the end of the tunnel, he emerged into a large chamber. Directly before him, hanging down from above, gleamed the inverted pyramid – a breathtaking V-shaped contour of glass. The Chalice. Langdon's eyes traced its narrowing form downward to its tip, suspended only six feet above the floor. There, directly beneath it, stood the tiny structure. A miniature pyramid. Only three feet tall. The only structure in this colossal complex that had been built on a small scale. Langdon's manuscript, while discussing the Louvre's elaborate collection of goddess art, had made passing note of this modest pyramid. â€Å"The miniature structure itself protrudes up through the flooras though it were the tip of an iceberg – the apex, of an enormous, pyramidical vault, submerged below like a hidden chamber.† Illuminated in the soft lights of the deserted entresol, the two pyramids pointed at one another, their bodies perfectly aligned, their tips almost touching. The Chalice above. The Blade below. The blade and chalice guarding o'er Her gates. Langdon heard Marie Chauvel's words. One day it will dawn on you. He was standing beneath the ancient Rose Line, surrounded by the work of masters. What better place for Sauniere to keep watch? Now at last, he sensed he understood the true meaning of the Grand Master's verse. Raising his eyes to heaven, he gazed upward through the glass to a glorious, star-filled night. She rests at last beneath the starry skies. Like the murmurs of spirits in the darkness, forgotten words echoed. The quest for the Holy Grail is the quest to kneel before the bones of Mary Magdalene. A journey to pray at the feet of the outcast one. With a sudden upwelling of reverence, Robert Langdon fell to his knees. For a moment, he thought he heard a woman's voice†¦ the wisdom of the ages†¦ whispering up from the chasms of the earth.

Identity in contemporary society Essay

How does class influence identity in contemporary society?The class structure involves some degree of shaping our identities. Income and paid work are important sources of individual and collective identity. Social class is a means of classifying the economic and social divisions of a society, which involve some degree of inequality. For example classifying some people as poor, working class or middle class. We may adopt or contest these representations. People define their economic position through ideas about the incomes and opportunities of others, therefore identities are influenced by income, whether we imagine peoples incomes to be in the middle or if we see it as between the rich and poor. There are two main traditions within the concept of social class and its effect on identity. These traditions are in the works of Karl Marx (1818-1883) and Max Weber (1864-1920). While they differ in the understanding of class and society, they share views on classes structured out of economic relationships. The Marxist theory of class shows that the class a person belongs to is a fundamental part of their identity. For Marx, society generated two main classes, a capital-owning class and a property less class. They called these the ruling class and the working class or the bourgeoisie and the proletariat. Class is rooted in the economic organization of production i.e. those groups who own factories, farms, coal mines or raw materials. These groups look after their own interests, live in similar surroundings and send their children to similar schools. Marx believed that class consciousness is particularly important to our understanding of identity. This is an awareness of a shared class interest and the existence of classes with opposing interests. Class consciousness would emerge through solidarity and collective action. For Marx, the key factor is private ownership of economic resources. Max Webers theory saw class as important when forming an identity. Weber saw class as a group of individuals who have certain interests in common; this  is known as market position, for example having similar opportunities for earning income through work or trade. Weber recognised that status is also important within social groups. Status is the different amounts of prestige, honour or social standing that is attached to different social groups. So where we live, manner of speech, our schooling and leisure habits decide our social class. This would suggest maybe status could have as much influence on identity as class. Webers theories would suggest that although, like Marx, agreed that different classes exist, Status was the key factor in deciding our identities and which group we belong to. Class is becoming more diverse with wider reference points within the structures. Some sociologists have gone as far as to say class is dead; (Pakulski and Waters, 1996), although a survey in 1996 showed that two thirds of those interviewed felt that there is one law for the rich and one for the poor (Adonis and Pollard, 1998, p.11)Sociologists and political scientists have argued that there has been a shift from collective to individual identities and also a shift from occupation to consumption patterns. It was argued that well paid working class were adopting middle class values, therefore eroding class identity. A study at Vauxhalls Luton car plant (Goldthorpe et al., 1969), on car workers attitudes and class identity showed signs of a fragmenting working-class identity and a new one developing. This would suggest that work based identities are becoming less important. The change in employment structures as well as job stability has maybe caused this shift. Peter Saunders put forward that consumption and lifestyle are now more important in shaping identities than occupation-based class. He argued that there was a growing division between those who could satisfy their consumption needs, through housing, cars and private health care and those who relied on public transport and state provided housing and health care. Saunders was criticized for being unable to prove that consumption influences peoples identities. To conclude, social class can provide us with a sense of belonging and how we can relate to the world around us. Who we are and what we do and have, change over time and economic structures such as inequality have an effect on our ideas of who we are and can be. However, although societies exist and function within class structures it does not mean that all members of that society identify with a class. It seems as class is becoming more diverse, it is becoming less important within identity as individuality becomes more valued and encouraged. REFERENCE Adonis, A. and Pollard, S. (1998) A Class Act, Harmondsworth, Penguin. Goldthorpe, J., Lockwood, D., Bechhoffer, F. and Platt, J. (1969) The Affluent Worker: Industrial Attitudes and Behaviour, Cambridge, Cambridge University PressPakulski, J. and Waters, M. (1996) The Death of Class, London, Sage.

Economics Assignment Example | Topics and Well Written Essays - 500 words - 4

Economics - Assignment Example The policy will become costly because the government will be forced to implement the same policy of buying up the surplus of wheat to prevent price from falling. Moreover, the policy 2 is costly than the policy 1 when the government faces a problem in dealing with the excess wheat it bought. The policy is costly because if government opts to purchase the wheat, but it sells it to developing countries at a rock bottom prices. The government can also sell the surplus to farmers by feeding animals or offering it at a reduced price prices to those in need of it, in other countries. However, the policy of paying the farmers the supply price is costly than that of buying the surplus because the price paid to farmers in inevitably higher than the price received from the sale of surplus. 1f) both Policies will produce equal net economic benefit because the cost associated with both policies affect the society directly, and are subtracted from the producer and consumer surplus. From the graph, the net economic benefit is shown by the triangle Q1P1QE. a) In the real world environments, firms are not identical because technology changes continually and diverse firms have different histories. The change in technology will cause the firm to reduce the cost of production, and in turn causes downshift of in each firm’s marginal cost curve. Meanwhile, the short run supply curve that is the total of the firm’s marginal cost curves will shifts downwards. According to Lipsey and Chrystal (2007, 146), the firm’s produces economic profits and output at which price equals marginal cost. In the perfect competition, the marginal cost curve is greater and stiffer than average cost curve. Meanwhile, there will be no new entrants attracted to the industry because the average cost minimizing output is greater. In the short run, the entry of new firms shifts the supply curve to the right. Each firm old and new will cover its total cost by producing at a

Market Failure and Government Intervention Essay

Market Failure and Government Intervention - Essay Example Market failure is a situation that describes a situation where the effects of demand and supply do not allocate their resources appropriately. This will, therefore, lead to a situation that defines market failure as a marketplace where the unauthorized price system leads to an extremely high or low allocation of resources for specific economic activities. Market failure is always inherent to the market and consequently causes the market equilibrium allocation to be inadequate. In relation to the theorem of welfare economics, there is a possibility that under absolute conditions the allocation of resources in the long-run competitive equilibrium is efficient. Unfortunately, most of the markets always fail in the allocation of various economic and environmental resources thus making the overall allocation of resources inadequate. Adam Smith’s invisible hand is always a major principle in the allocation of resources. Various economists always refer these types of problems to approve the role for government intervention. A prominent economist once urged that existence of a free market always find it challenging to do away with the need for the government (Aldridge, 2005). In a situation where the positive externalities extremely exceed private benefits, the good produced or services provide become non-profitable in the market context, there will be always some benefits associated with goods or services that are allocated free. For example, one puts security lights in his or her compound to light the compound and neighbors use the light too to light their compounds free. The problem is that the market system cannot easily supply goods or services provided that are jointly consumed (Besanko, 2011). Consequently, for a market to work appropriately a two-party agreement is quite preferable. When non-paying parties cannot easily be excluded from the benefits of goods or services where the problem of the free rider arises. Good examples for such a situation include street lighting, roads, bridges, and drainage systems.

Ehnancing level of engagement with performance with data in the Dissertation

Ehnancing level of engagement with performance with data in the allocation and use of Seychelles - would an integrated VFM code - Dissertation Example This culminated to extremely high debt ratios for this nation. Nonetheless, the government needs reforms in the public sector to curb the current problems it is facing. Reforms have been adopted in the various sectors and progress being followed by major bodies like the World Bank and UN Human Development. The allocation and use of resources in this nation shows a huge gap as compared to large nations. Russian being one of them has had adoption of better allocation of resources and aiding institutions develop performance indicators and institutionalize these in budget formulation (Diamond & IMF, 2005, 22). This exacerbates the dire need for evaluating value for money in government spending and finding insights in to areas that the VFM code is lacking and should be integrated. Analysis of the interview 1. VFM processes that are in use and how can they be enhanced through the adoption of a more integrated VFM based approach 67% of the respondents have outlined VFM practices in Educatio n sector. However, there is need to have monitoring unit and review process. 33% of the respondent stated that VFM and performance budgeting will be introduced in 2015. 33% of the interviewee have expressed that VFM is in use in the Auditor’s general office in Seychelles. The reduced number of staff however, is hindering the optimal function of this department. 2. VFM be integration into decision making and resource allocation cycles A SMART analysis is recommended by 33% of the respondent to be used in introducing performance budgets in the budget process. 100% of the respondents state that there is need to have a public monitoring unit or a reviewing body to review budget spending. 33% state that a specific department should be set aside for this purpose only. 3. Feasibility and desirability of the VFM model adaptation in Seychelles 100% response indicate that the integration of this model is a costly agenda but with time it will be fully inducted i.e. 2015. The need for a VFM code is highly vital as expressed by 100% of the respondents. 4. Challenges likely to be encountered and the scope for changes in this direction Ineffective monitoring and implementation unit Lack of good administration in analysis projects Cultural impact – acceptance and gradual change Funding for Research and implementation of the Model in full Bulk budget allocation 100% indicate that there is need to do thorough research in countries that have integrated VFM successfully. There will be gradual implementation of the model by 2015. 5. Form of an integrated VFM code for Seychelles The modest methods recommended are Cost benefit analysis; the 3e’s analysis and the trend analysis deferred form the confidence levels. However, the respondents do not have a clear method to be used. However, there are insights into doing research work in countries that have implemented VFM models successfully. Enhancing levels of engagement with performance data policy Definition of Va lue for Money Code Value for money’ is a term that is used to show an explicit commitment to enabling the best results possible are achieved from the money spent. In the UK Government, VFM has been used to depict a concern for more transparency and accountability in spending

Article Report Essay Example | Topics and Well Written Essays - 1000 words - 1

Article Report - Essay Example As it is, therefore, a person’s career is a key life constituency evolving around work and time. Apart from the provision of income, work offers a sense of purpose, challenge and self-fulfillment. It is a source of interactive life challenges via social networking that often powers on creativity with a sense of identity as an end result. Quite simply, career is a life journey with either the choice of a beaten path or another to navigate (Baruch, 2004). Andolsen’s article entitled â€Å"Six Steps to Your Successful Career Path† is an informative, career guide that engenders navigation principles of self-assessment, decision making and life planning towards a successful career path for RIM professionals. Notably, the multifaceted approach of the modern career training is pushing the employer to the periphery out of the mainstream control of employee-skills (Baruch, 2003). The circumstantial phenomenon leaves â€Å"expertise† as the most treasured and sought-after strategic resource by the employer (Bartlett and Ghoshal, 2002; Andolsen, 2008). With a background of â€Å"a dusty filing system†, the scarcity of the prized resource has informed a structured career path for RIM practitioners aimed at attaining relevance in an era of a digitized managerial control. In a bid to start off RIM practitioners towards the foregoing painstaking journey, Andolsen provides a useful six-step career planning framework ful ly fitted with self-evaluative mechanisms for a dynamic career prospects (Andolsen, 2008). Career is essentially a â€Å"vehicle† for the realization of the self. More accurately, it is a vehicle through which the individual begins a constructive conception of the self in the sense of the world (Adamson, 1997). It is no wonder, therefore, that the interrogation of the self begins the Andolsen’s six-step career planning framework