netrashetty
Netra Shetty
Benchmark Electronics Inc (NYSE: BHE) is an EMS, ODM, and OEM company[3] based in Angleton, TX.[4] It provides contract manufacturing services.
Key Findings
With regards to the Key Findings and extensive performance of key account managers and sales managers, Grace’s Cuisine should do some evaluation regarding the completion of the whole project. I as the account managers should also consider the implications of non-compliance in relation to other aspects of the audit, particularly the reliability of management representations (Abbott, P. & Sheldon, I. 1996). In this regard, I need to reconsiders the risk assessment and the validity of management representations, in case of non-compliance not detected by the entity’s internal controls or not included in management representations. The implications of particular instances of non-compliance will depend on the relationship of the perpetration and concealment, if any, of the act to specific control activities and the level of management or employees involved (Arter, 2002). I should, as soon as practicable, either communicate with those charged with governance, or obtain audit evidence that they are appropriately informed, regarding non-compliance that comes to the auditor’s attention. However, I need not do so for matters that are clearly inconsequential or trivial and may reach agreement in advance on the nature of such matters to be communicated. If in the non-compliance is believed to be intentional and material, I should communicate the finding without delay. I may conclude that withdrawal from the engagement is necessary when the entity does not take the remedial action that I consider necessary in the circumstances, even when the non-compliance is not to the financial statements.
Conclusion
The general, long-term development of the restaurant and food industry is one characterised by a series of evolutionary periods that at times can best be described as revolutionary in nature. In line with this observation, Grace’s Cuisine needs to constantly be on the lookout for strategies which would help in maintaining their market leadership. Meaning to say, sales and marketing strategies for Key Account Managers and Sales Managers need to be considered by Grace’s Cuisine. Problems in the industry today appear from so many angles, at so many levels and in so many directions that their pursuit without a regular path will soon become lost in details. Porter’s five force model will help any organisation determine the direction in which they are going to take through an analysis of the five forces: suppliers, buyers, competitive rivalry among firms currently in the industry, product substitute and competitive entrants to the industry. Using this tool and other business analysis procedures, Grace’s Cuisine, as well as other firms, is challenged to understand an industry’s profit potential and the strategy necessary to establish a defensible competitive position, given the industry’s structural characteristics. Overall, the restaurant and food industry in which Grace’s Cuisine belongs is a highly attractive industry which contributes a large share of the total profits of Grace’s Cuisine. With the intensity of rivalry kept in check by the restaurant and food giants, high threat of industry entry, low supplier and buyer power, prospects for Grace’s Cuisine holds much promise.
Aside from this, managers’ practices and marketing procedures of products should be also observed in Grace’s Cuisine. For more than four decades, advertising and marketing researchers have been intrigued by the symbolic properties of products (Umiker-Sebeok, 1987). During that period, it has become increasingly clear that the consumption of any product is richly embroidered by the symbolism of the practices, rituals, and texts surrounding it and, further, that the connotation and meanings associated with products are crucial to understanding their exchange value in the marketplace and the way the consumer behaves and perceived the products and services (Hirschman, Scott and Wells, 1998).
In Grace’s Cuisine, consumers play an important role for the company to create a strategic technique in launching the new products. And that the behaviour of the consumers has a significant role in making the product lasts and recognised. In general, consumer behaviour varies from time to time and the only thing that the company can do is to provide strategic ways in making the consumer buy or purchase the products may it be new or old products.
Twice a year, during the spring and fall, IBM conducts a tracking study in 14 languages in 27 countries throughout Europe, North and South America, and Asia. One of every six sites where an IBM S/390 Parallel Enterprise Server is in use is sampled. With the basic purpose of capturing trend data on enterprise server, or mainframe, computing, the study tracks information on a variety of topics, including perceptions of IBM and competitive products, product demand, future acquisition plans, preferred marketing channels and preferred product information sources.
Respondents are asked about the computing equipment they have installed, their future acquisition plans, and their impressions of the various vendors. "This study is the most extensive sampling of the view of large customers inside or outside IBM," says Ed Hogarty, manager of market research and business support, System 390 brand marketing, IBM, Poughkeepsie, N.Y. "We track how we’re doing on an ongoing basis, anything from sales and service to product capabilities, announcement effectiveness, and awareness and purchase intent. We keep it broad because the primary purpose is to track trends, not to get a deeper understanding of customer wants and needs."
The study helps IBM see how successful it is in penetrating key industries and also gives an idea of how IBM and competitive equipment is used at both large and small businesses. "The survey represents solid, quantitatively supported data points. We analyze it and then review it with the sales force in each of the countries and get their interpretations, and come back with a set of the top 10 issues that the field is wrestling with, to which we then respond," Hogarty says.
The respondents, both IBM customers and non-customers, have responsibility for making computer system acquisition decisions at their respective companies. For the most part, the interviews are conducted by telephone, but some respondents are also given the option to complete the survey via diskette. IBM is exploring the Internet as another option.
Interviews are conducted by Princeton, N.J.-based research firm RONIN Corp., at its international Call Centre in London and by another research supplier. RONIN conducts the European and Asian interviews using Results for Research, a RONIN-developed project management research tool and CATI package. The software simplifies the navigation of complex questionnaires through a database driven system, allowing interviewers to select items from extensive lists. For example, interviewers working on the IBM project are required to select a computer model from a list of 4,000 brands and models.
To make sure results are consistent and applicable across each geography, the questionnaires are kept identical, with country-specific responses displayed only for the countries where they apply. The CATI package allows for questions and responses to be filtered on a country basis, which simplifies the cleaning, coding, and analysis processes, says Elizabeth McNair, senior project manager, RONIN Corporation.
Accurate translations
With so many languages to work in, accurate translation is a major component of successfully conducting IBM’s tracking study. For consistency purposes, RONIN uses two translation firms, one for European languages and another for Asian languages. In addition, IBM personnel in the respective countries review the questionnaire to ensure proper translation of technical terms.
Large-scale global or international studies require a simple and straightforward translation process. Prior to starting the translation process, approval and finalization of the questionnaire are essential to avoid repeated translation, project delays and added costs. RONIN typically conducts an English language pilot test to identify what, if any, changes must be made to the questionnaire before translation occurs. Clients attend these tests and changes are made to the CATI program in real time, allowing for immediate testing of new question or response wording.
McNair offers these tips to keep in mind when conducting international research:
Thoroughly investigate potential sample sources to make sure they are able to provide a representative sample of the universe to be studied. Request documentation from each sample source about the demographics of the file, and verification steps performed to ensure proper coverage. A few questions to ask include: Does it cover all regions/cities of the country? Are all vendors represented? Are all size companies and industries included? What proportion of the universe is covered? Are there any biases in the companies which are covered or omitted? How is the sample source assembled? How is it updated?
Interview length varies by language and country and is typically longer than studies conducted in the U.S. For example, a 20-minute English language survey could take 18 minutes in Italian due to the speed of the spoken language. The same survey would take approximately 23 minutes in French due to respondents’ tendency to elaborate on their answers. Japanese interviews would be even longer.
Use native language interviewers to enhance the comfort level of respondents and to increase cooperation rates. RONIN has found that by using native language speakers, respondents from those countries are more willing to participate and also find it easier to converse. This is particularly important for qualitative open-ended questions, or questions such as awareness and brand image, where subtle nuances must be identified.
Use a single call center for a given geography to provide a single point of contact and consistency of results across countries and languages, with rapid turn-around. "We maintain maximum control over the project, always knowing precisely where it stands in all countries, and are able to expedite any changes or special instructions that are to be implemented worldwide. Briefings, training, and pilots can be conducted and monitored simultaneously," McNair says.
For analysis and reporting purposes, remember that a few select countries are not representative of Europe as a whole. In many cases, research is typically conducted in France, Germany, Italy, and the U.K. However, countries such as Spain, Sweden, Switzerland or Poland are typically left out of the mix. Consequently, the data should only be interpreted for the surveyed countries.
Key Findings
With regards to the Key Findings and extensive performance of key account managers and sales managers, Grace’s Cuisine should do some evaluation regarding the completion of the whole project. I as the account managers should also consider the implications of non-compliance in relation to other aspects of the audit, particularly the reliability of management representations (Abbott, P. & Sheldon, I. 1996). In this regard, I need to reconsiders the risk assessment and the validity of management representations, in case of non-compliance not detected by the entity’s internal controls or not included in management representations. The implications of particular instances of non-compliance will depend on the relationship of the perpetration and concealment, if any, of the act to specific control activities and the level of management or employees involved (Arter, 2002). I should, as soon as practicable, either communicate with those charged with governance, or obtain audit evidence that they are appropriately informed, regarding non-compliance that comes to the auditor’s attention. However, I need not do so for matters that are clearly inconsequential or trivial and may reach agreement in advance on the nature of such matters to be communicated. If in the non-compliance is believed to be intentional and material, I should communicate the finding without delay. I may conclude that withdrawal from the engagement is necessary when the entity does not take the remedial action that I consider necessary in the circumstances, even when the non-compliance is not to the financial statements.
Conclusion
The general, long-term development of the restaurant and food industry is one characterised by a series of evolutionary periods that at times can best be described as revolutionary in nature. In line with this observation, Grace’s Cuisine needs to constantly be on the lookout for strategies which would help in maintaining their market leadership. Meaning to say, sales and marketing strategies for Key Account Managers and Sales Managers need to be considered by Grace’s Cuisine. Problems in the industry today appear from so many angles, at so many levels and in so many directions that their pursuit without a regular path will soon become lost in details. Porter’s five force model will help any organisation determine the direction in which they are going to take through an analysis of the five forces: suppliers, buyers, competitive rivalry among firms currently in the industry, product substitute and competitive entrants to the industry. Using this tool and other business analysis procedures, Grace’s Cuisine, as well as other firms, is challenged to understand an industry’s profit potential and the strategy necessary to establish a defensible competitive position, given the industry’s structural characteristics. Overall, the restaurant and food industry in which Grace’s Cuisine belongs is a highly attractive industry which contributes a large share of the total profits of Grace’s Cuisine. With the intensity of rivalry kept in check by the restaurant and food giants, high threat of industry entry, low supplier and buyer power, prospects for Grace’s Cuisine holds much promise.
Aside from this, managers’ practices and marketing procedures of products should be also observed in Grace’s Cuisine. For more than four decades, advertising and marketing researchers have been intrigued by the symbolic properties of products (Umiker-Sebeok, 1987). During that period, it has become increasingly clear that the consumption of any product is richly embroidered by the symbolism of the practices, rituals, and texts surrounding it and, further, that the connotation and meanings associated with products are crucial to understanding their exchange value in the marketplace and the way the consumer behaves and perceived the products and services (Hirschman, Scott and Wells, 1998).
In Grace’s Cuisine, consumers play an important role for the company to create a strategic technique in launching the new products. And that the behaviour of the consumers has a significant role in making the product lasts and recognised. In general, consumer behaviour varies from time to time and the only thing that the company can do is to provide strategic ways in making the consumer buy or purchase the products may it be new or old products.
Twice a year, during the spring and fall, IBM conducts a tracking study in 14 languages in 27 countries throughout Europe, North and South America, and Asia. One of every six sites where an IBM S/390 Parallel Enterprise Server is in use is sampled. With the basic purpose of capturing trend data on enterprise server, or mainframe, computing, the study tracks information on a variety of topics, including perceptions of IBM and competitive products, product demand, future acquisition plans, preferred marketing channels and preferred product information sources.
Respondents are asked about the computing equipment they have installed, their future acquisition plans, and their impressions of the various vendors. "This study is the most extensive sampling of the view of large customers inside or outside IBM," says Ed Hogarty, manager of market research and business support, System 390 brand marketing, IBM, Poughkeepsie, N.Y. "We track how we’re doing on an ongoing basis, anything from sales and service to product capabilities, announcement effectiveness, and awareness and purchase intent. We keep it broad because the primary purpose is to track trends, not to get a deeper understanding of customer wants and needs."
The study helps IBM see how successful it is in penetrating key industries and also gives an idea of how IBM and competitive equipment is used at both large and small businesses. "The survey represents solid, quantitatively supported data points. We analyze it and then review it with the sales force in each of the countries and get their interpretations, and come back with a set of the top 10 issues that the field is wrestling with, to which we then respond," Hogarty says.
The respondents, both IBM customers and non-customers, have responsibility for making computer system acquisition decisions at their respective companies. For the most part, the interviews are conducted by telephone, but some respondents are also given the option to complete the survey via diskette. IBM is exploring the Internet as another option.
Interviews are conducted by Princeton, N.J.-based research firm RONIN Corp., at its international Call Centre in London and by another research supplier. RONIN conducts the European and Asian interviews using Results for Research, a RONIN-developed project management research tool and CATI package. The software simplifies the navigation of complex questionnaires through a database driven system, allowing interviewers to select items from extensive lists. For example, interviewers working on the IBM project are required to select a computer model from a list of 4,000 brands and models.
To make sure results are consistent and applicable across each geography, the questionnaires are kept identical, with country-specific responses displayed only for the countries where they apply. The CATI package allows for questions and responses to be filtered on a country basis, which simplifies the cleaning, coding, and analysis processes, says Elizabeth McNair, senior project manager, RONIN Corporation.
Accurate translations
With so many languages to work in, accurate translation is a major component of successfully conducting IBM’s tracking study. For consistency purposes, RONIN uses two translation firms, one for European languages and another for Asian languages. In addition, IBM personnel in the respective countries review the questionnaire to ensure proper translation of technical terms.
Large-scale global or international studies require a simple and straightforward translation process. Prior to starting the translation process, approval and finalization of the questionnaire are essential to avoid repeated translation, project delays and added costs. RONIN typically conducts an English language pilot test to identify what, if any, changes must be made to the questionnaire before translation occurs. Clients attend these tests and changes are made to the CATI program in real time, allowing for immediate testing of new question or response wording.
McNair offers these tips to keep in mind when conducting international research:
Thoroughly investigate potential sample sources to make sure they are able to provide a representative sample of the universe to be studied. Request documentation from each sample source about the demographics of the file, and verification steps performed to ensure proper coverage. A few questions to ask include: Does it cover all regions/cities of the country? Are all vendors represented? Are all size companies and industries included? What proportion of the universe is covered? Are there any biases in the companies which are covered or omitted? How is the sample source assembled? How is it updated?
Interview length varies by language and country and is typically longer than studies conducted in the U.S. For example, a 20-minute English language survey could take 18 minutes in Italian due to the speed of the spoken language. The same survey would take approximately 23 minutes in French due to respondents’ tendency to elaborate on their answers. Japanese interviews would be even longer.
Use native language interviewers to enhance the comfort level of respondents and to increase cooperation rates. RONIN has found that by using native language speakers, respondents from those countries are more willing to participate and also find it easier to converse. This is particularly important for qualitative open-ended questions, or questions such as awareness and brand image, where subtle nuances must be identified.
Use a single call center for a given geography to provide a single point of contact and consistency of results across countries and languages, with rapid turn-around. "We maintain maximum control over the project, always knowing precisely where it stands in all countries, and are able to expedite any changes or special instructions that are to be implemented worldwide. Briefings, training, and pilots can be conducted and monitored simultaneously," McNair says.
For analysis and reporting purposes, remember that a few select countries are not representative of Europe as a whole. In many cases, research is typically conducted in France, Germany, Italy, and the U.K. However, countries such as Spain, Sweden, Switzerland or Poland are typically left out of the mix. Consequently, the data should only be interpreted for the surveyed countries.