Letter From Growing Homes Southeast Over The Past Year

I would like to take this time to thank you for allowing me the opportunity to be a part of Growing Homes Southeast over the past year. However, over the past months it seems as though there have been quite a few misunderstandings between Growing Homes and me. Therefore, I am writing this document to clear up the misunderstanding. In no instance, do I have any reason to lie or be dishonest. Although you all may feel as though I haven’t been totally honest with you, I view this situation as a misunderstanding of what I was actually trying to accomplish or who I am as a person. In no case am I writing this document for you to feel sorry for me, but for you to gain an understanding. Prior to these past few months Sitrenia, Latasha, and I have had a face-to-face conversation. During this time, Sitrenia made me aware of some issues that occurred during the time the first foster child moved into my home. Like I stated at that point, I wasn’t aware of some of the rules that took place during that time. Considering the fact that, I was new to this program I requested to have a policy and procedure manual to help me understand the â€Å"Dos and Don’ts† of Growing Homes. Up until this day, I still haven’t received the manual, but here we are again at this same point where you all feel as though I broke a rule that I wasn’t unaware of. When I say unaware, I mean I didn’t know that since I haven’t had a child in my home for almost five months I had to make Growing Homes awareShow MoreRelatedThe War Of The Vietnam War1729 Words   |  7 Pagesspread of communism all around the world. This is what lead to the gruesome war that lasted over a decade in Vietnam. A great deal of social changed happened all over the world, but particularly in America as the Vietnam War dragged on. 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Anti Dumping Actions By Comparing Them With Other Federal...

quickly challenge anti-dumping actions by comparing them with other federal governments. But, there has also been a deletion in the agreement, and this deletion is that of â€Å"Public Interest.† In a particular condition, whereby dumping as well as injury has clearly been proven, the positive gains coming from it to the consumers is far more in comparison to the business losses that are incurred by product producers. This is where the â€Å"Public Interest† is strongly highlighted and categorically means the imposition of significant trade duties, and only possible under the conditions, whereby, the community interest is important. The â€Å"Public Interest† clause provided in WTO becomes effective, only if there is detailed operational definition provided to the term, and alongside there are serious factors that need clear depiction, analysis and complete understanding thereof. 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The Financial Performance Of A Firm Using Theory Of Constraints Accounting Essay Example For Students

The Financial Performance Of A Firm Using Theory Of Constraints Accounting Essay Today, companies have become progressively competitory and driven by net incomes. This is an epoch of cut pharynx competition where every investor, including the smallest stockholders to the institutional purchasers expects high dividends from the companies. To last this sort of a competitory market, companies are progressively seeking to happen a beginning of sustainable competitory advantage. It is an advantage or an border over a rival, which can non be easy replicated by any other company and provides a sort of value for the client which tends to fulfill their demands better than others. To make so, companies are now seeking to happen their forte or niches within every industry sector. Some are besides now seeking to happen out wholly new sectors where development of a new market is possible. New technological inventions such as biotechnology, nanotechnology and cybernetics have led to a new strain companies which are still to set up their land and contemplate a suited scheme. Al l of this has been made possible with a batch of extremist and incremental invention. But the fact of the affair is, nil of this graduated table would hold been possible without scheme. Strategy defines how a company operates or the laminitiss want it to run. It highlights every of import facet of a company from its placement to its mark market to its competitory forces. This scheme is so used by the determination shapers while taking any determinations related to accomplishing the administration s short term and long term ends. Any administration has several sections working together to accomplish these ends. To accomplish those, companies attempts to implement seting several systems and patterns in topographic point which would let an administration to work expeditiously and efficaciously. But during the class of operation, any company experiences several restraints. Constraints of such nature provide competitory advantage to company. To make so, Dr. Eliyahu Goldratt came up with the construct of Theory of restraints and Throughput accounting. The basic thought around which TOC is based every company has some restraint which obstructs direction to accomplish end on larger graduated table. Deciding such restraints would non merely add value to the administration but can besides go a beginning of distinction for it. The extension of this theory is the throughput accounting. Outline1 Statement of the job:2 Purpose of the survey:3 Significance of the survey:4 Methodology:5 Theory of restraints:6 Constraints-7 Stairss in TOC-8 Applications-9 Accounting Concepts:10 Cost Accounting-11 Restrictions:12 Activity Based Costing-13 Advantages:14 Disadvantages:15 Throughput Accounting-16 Formulas:17 Advantages:18 Restrictions:19 Scheme:20 21 The Procedure:22 STEP1- Identifying Possible Problems:23 A Ratios24 200925 201026 LIQUIDITY RATIOS:27 Current Ratio 28 Quick Ratio29 Working Capital30 Asset Turnover31 PROFITABILITY RATIOS:32 Gross Profit Margin33 Tax return on Asset34 SOLVENCY RATIOS:35 Entire Debt to Equity36 Fixed Assets to Equity37 STEP 2- Parameters of Evaluation38 STEP 3- Evaluation and testing39 STEP 4- Selection and sorting of Constraints40 Decision: Statement of the job: Measurement systems serve as a mechanism for accessing both the advancement and effectivity of an administration in accomplishing its ends. A measuring system includes both fiscal and operational steps. Financial steps such as net income and ROI provide information about the overall fiscal public presentation of the administration in the old periods. These fiscal public presentation intimations towards the future public presentation of the administration as a whole. Techniques such as ABC costing and Throughput accounting service as techniques to merely look at a house via Numberss. It is frequently said that ABC is long term and Throughput accounting is short term manner of acquiring information about a house s public presentation. But the recent coming of distinction within companies, these bing methods and ways to place and decide restraints are no longer sufficient. They show portion of the image and non the whole. This can be attributed to the fact that the scheme of all administrations has become so complex, the definition of a restraint for an administration has besides evolved with it. Now, companies no longer aim merely efficiency and cost effectivity but besides reactivity, creative activity of maximal client excess, maximise value and alliance of every determination with the overall scheme of the house. Therefore, it can be said that scheme is besides a really of import portion to analyze the public presentation of any house. But there is theoretical account or program on paper boulder clay now to make so the TOC manner. Purpose of the survey: This survey is an effort at looking at the job the TOC manner. It tries to incorporate scheme to the fiscal analysis of a house. By making so, any director seeking to look for betterments or an analyst accessing the public presentation of a house will hold a more clear thought as to what the house is making, why is it making so, and is it right. It can besides be said that one of the aim of the survey is to supply a more holistic and an incorporate position of managerial, operational and fiscal facets taking to a more sound and accurate determination devising which would let the house to turn in long term and besides increase the client degree of satisfaction. Significance of the survey: This survey can be used by directors while they look for betterments in their ain companies. It will let them to take correct determinations which will profit them in accomplishing the long term ends of an administration instead than traveling for short term additions merely. It can besides profit fiscal analyst of external houses by giving them a more just thought about the company s public presentation by non merely being biased towards the fiscal ratio analysis or costing of the house. Since it is a more holistic attack, it will let the analyst to analyze and detect whether the house will execute good as a long term investing. Methodology: The research paper will analyze the company Zara vesture from both fiscal and strategic position and measuring its fiscal facet and whether it is complaint with its overall scheme. Comparison between its public presentation and public presentation of similar companies will besides be done to turn out that such integrating is possible. Literature Review- Theory of restraints: TOC is a construct designed by Dr. Eliyahu M. Goldratt which gives an administration an overall direction doctrine to accomplish its concluding end of more net income. The strength of a concatenation is determined by the weakest nexus in the concatenation is basic thought about which it is based. It means that even though u might better the strength of any of the cricks in a concatenation, if the weakest nexus s public presentation is non improved so the strength does nt better. Suppose there is a fabricating unit running at an overall efficiency of 55 % . It best machine is 73 % efficient and the worst is 32 % . There is no point in this sort of efficiency because the existent overall efficiency of the full works is determined by the worst machine. The footing of this construct is that any administration or a manageable system has some restraints which hamper its growing chances of efficiency of working. The TOC procedure identifies and resolves these restraints to give an administration sustainable competitory advantage. The premise in this theory is that any administration can be measured and controlled by fluctuations on three steps: Throughput- it is the rate at which a system generates money through gross revenues. Operational expenses- it is all the money a systems spends in change overing stock list to throughput. Inventory- to avoid shortages companies purchase things excess and heap it up and here capital required for this is considered. These three facets together constitutes as THROUGHPUT ACCOUNTING which will be explained tardily in this subdivision of the paper itself. Constraints- A restraint is anything that inhibits the administration from achieving more of its aim. There are many ways that restraints can demo up, but a nucleus rule within TOC is that there are non 10s or 100s of restraints. There is at least one and at most a few in any given system. Constraints can be internal or external to the system. An internal restraint arises when market demand is more than company can provide. In such a instance administration should bring out the restraint and follow 5 measure concentrating theoretical account to take it. An external restraint is a status when the system can bring forth much more than required by market. In such a state of affairs organisation should concentrate on mechanisms to construct demand in the market. Types of ( internal ) restraints Equipment: The manner equipment is presently used limits the ability of the system to bring forth more scalable goods / services. Peoples: when there is deficit of skilled people it becomes a critical restraint. And in many instances mental theoretical accounts held by people lead to constraint. Policy: Policy can be written or unwritten but it stops system from doing more. TOC is different from restraints coming up in mathematical optimisation, where as in TOC restraint is used as concentrating instrument for direction. In optimisation, the restraint is written into the mathematical looks to restrict the range of the solution ( X can be no greater than 5 ) . Now in this instance restraint is thing which prevents an administration from acquiring more throughput for ex. Breakdown is non a restraint, restraint can be people, policies, equipment etc. Stairss in TOC- The five chief stairss of TOC are depicted in Fig 1. TOC is based on the rule that the rate of end attainment is restricted by at least one restraining procedure. Merely by maximizing flow via the restraint will better overall throughput. Consider end of an administration is expressed so the stairss are: Identify the restraint in footings of resources or policy that prevents increasing throughput. Decide method to work the restraint so to acquire maximised capacity through that procedure. Align all the procedures to determination Make alterations to interrupt the restraint i.e. to Promote the restraint Once restraint is removed travel back to step one and retrieve non to allow inertia go a restraint. The five focusing stairss aim to guarantee ongoing betterment attempts are cantered around the organisation s restraints. In the TOC literature, this is referred to as the Process of On-going Improvement ( POOGI ) . Applications- The focusing stairss, or thisA Procedure of On-going ImprovementA has been applied toA Manufacturing, A Project Management, Supply Chain / Distribution generated specific solutions ( mention Fig 2 ) . TOC has applications non merely in operations but in selling, gross revenues, finance etc. Applications in these countries are: Operations- Within fabrication operations andA operations direction, TOC works on rule of PULL instead than PUSH. And method used is Drum-Buffer-Rope ( DBR ) A and a fluctuation called Simplified Drum-Buffer-Rope ( S-DBR ) . This is a fabricating executing technique, based on 3 constituents as theA drumA which is the physical restraint of the works: the work Centre or machine or operation that limits the ability of the full system to bring forth more. The remainder of the works follows the round of the membranophone. They make certain the membranophone has work and that anything the membranophone has processed does non acquire wasted. TheA bufferA protects the membranophone, so that it ever has work fluxing to it. Buffers in DBR have clip as their unit of step, instead than measure of stuff. This makes the precedence system operate purely based on the clip an order is expected to be at the membranophone. Traditional DBR normally calls for buffers at several points in the system: the restraint, synchronism points and at transporting. S-DBR has a buffer at transportation and manages the flow of work across the membranophone through a burden planning mechanism. TheA ropeA is the work release mechanism for the works. Orders are released to the store floor at one buffer clip before they are due. When excess work is pumped into system than its bounds of buffer will bring forth too-high work-in-process and decelerate down the full system. Supply chain/Logistics- TOC for supply concatenation focal points on o refilling to ingestion theoretical account, instead than a prognosis theoretical account. TOC-Distribution TOC-VMI ( seller managed stock list ) Finance and accounting- The solution for finance and accounting is to use holistic thought to the finance application. This has been termedA throughput accounting. It surveies impact of investings and operational alterations in footings of impact throughout the concern which is an alternate toA traditional cost accounting. The primary steps for a TOC position of finance and accounting are: Throughput ( T ) , Operating Expense ( OE ) and Investment ( I ) . Throughput is calculated from Gross saless ( S ) Wholly Variable Cost ( TVC ) . Totally Variable Cost normally considers the cost of natural stuffs that go into making the point sold. Project management- Critical Chain Project ManagementA ( CCPM ) is used which is grounded on the feeling that all undertakings look like workss and all activities congregate to a concluding deliverable. So to protect the undertaking, there must be internal buffers to protect synchronism points and a concluding undertaking buffer to protect the overall undertaking. Selling and sales- TOC has found its application in selling and gross revenues besides. Here it is clearly acknowledged forA gross revenues procedure technology. As DBR can be applied to gross revenues procedure in same manner as it is applied to operations. ( see reengineering the Gross saless Process book mention below ) . This is applicable when restraint is process itself or when it is need to better efficiency of gross revenues procedure which includes funnel managementA and transition rates. Accounting Concepts: Accounting was invented to supply a just reply to the inquiry how does one measure the public presentation of house in a given specific clip period? The inquiry was complex as concern of a house is ongoing and does non get down and halt with the period start and terminal day of the months. The orders or undertakings at any point of clip would be at assorted phases of adulthood which means that order reaching, executing, closing, payments and grosss, can cross across measuring periods. As a consequence there were following quandary: If purchase of natural stuff is made in one period, which is so converted to finished goods and sold in following period. In which period should the grosss and disbursals be accounted? Any mistake might give an wrong appraisal of the period public presentation of the house. If the existent money received for an order, sold in twelvemonth 1, is in twelvemonth 2, when should we account the gross revenues to supply a just image about public presentation of the house? The Big Knight Switch EssayMenace of new entrants: in any industry which is turning at a rapid gait, other companies besides identify an chance and seek to come in the same concern. Therefore, to make so they try to capture the market portion of an bing company by giving several new offers at a cheaper rate. Hence bing companies try to maintain the tallness of the barrier every bit high as possible to non let this menace to turn. Menace from rivals: bing rivals are ever a menace. There is ever a opportunity that a company s merchandise of service will acquire replicated or a better merchandise will be launched by a rival, both of these instances are a menace for a company. Menace of replacement: if rivals can non vie for the same merchandise, they can besides impact a company s market portion by establishing replacement for that peculiar merchandise. Sometimes, this can besides go on by accident like in the instance of nomadic phones accidently replacing tickers as a replacement. Dickering power of purchaser: consumers or clients ever expect really high value for a lowest cost possible. Although this is non ever possible for companies, companies need to distinguish their merchandises every bit much as possible for non falling into this trip and ever fulfilling the clients at the same clip. Dickering power of the provider: providers try to acquire the best monetary value for their merchandise, to command their bargaining power, a company must ever make complete market research and ever have other providers in option. As the figure of provider s lessening, consecutively their bargaining power additions. Methodology To make this research, it was of import to understand that how the definition of the restraints itself had evolved. When we consider any companies scheme, it follows a peculiar method for a ground. This ground is to fulfill its mark clients. To make so, companies have to understand client demand and supply them with the merchandise consequently. It can besides go on that the company will hold to make something which might increase its operational disbursals but the client is ready to bear this cost and hence, company has to follow this scheme. Although, this is non seeable while making the fiscal appraisal of a house, it is of import and does come to illume while making the strategic audit. For understanding restraints, the construct of tradeoff has to be understood. Tradeoff is the method of predicting something for deriving something else in return of higher value. For illustration, more the extra capacity, lesser is the waiting clip. Similarly higher the stock list, greater is the reactivity of a company. So it all comes down to what is suited to a house s scheme. The undermentioned theoretical account was constructed on this footing. Therefore, it is of import to hold certain parametric quantities set while measuring whether something is really a restraint for a company or a concern necessity. And even if it is concluded that it is a restraint, so to a mark must be set as to what has to be done with it. To make this, a theoretical account has been shown in the figure below. The intent of this theoretical account is to supply a basic model for five things: Identifying possible job countries. Measuring whether they are restraints. Puting a mark value beyond which it would non be a restraint any longer. For internal usage, supplying all possible solutions to interrupt the restraint. For an external entity, it provides a footing for rating of public presentation of the company. Identify all possible jobs Parameters for rating Porters generic scheme Porters five forces Demand prediction Throughput accounting ( throughput, operating disbursals, stock list ) TOC Process Feats Choice of appropriate restraint Evaluation and showing Kind by Precedence Choice restraint Subordinate Broken and no inactiveness Elevate The Procedure: The procedure followed in the theoretical account consists of the undermentioned phases: Identifying Possible Problems: job countries can be identified via assorted beginnings. The balance sheet and the P A ; L statements normally are used by both directors and analyst to measure. Ratio analysis by and large presents the large image and makes the designation procedure much easier and convenient. Parameters of rating: to understand the company, its scheme has to be understood. The balance sheets merely give one portion of the information ; the remainder has to be evaluated on the discretion of the director or analyst. Understanding the house s scheme at this phase gives prospective to the tester to measure all the job countries. The parametric quantities for rating are: Porter s generic scheme Porter five forces Demand prediction Throughput accounting: Throughput Operating disbursals Inventory It is of import to observe that all these parametric quantities are internal to the administration provide the image for the scheme of the house under the scanner merely and non its rivals. Evaluation and showing: based on the list of job countries and combined with the cognition of the scheme of the house, it becomes easy for the judge to place the existent Problems and extinguish those from the list which are really compliant with the house s scheme. Choice of restraints: here these jobs identified antecedently are now termed as restraints. Kind by Precedence: segregation of all these restraints is of import. There are several methods which can be used. These restraints can be either prioritise harmonizing to cost to profit ratio or even Pareto analysis leads to designation of the 20 % restraints which are most of import. This now gives an external judge or analyst a just appraisal of how the house is executing and on what footing it should be evaluated, the following measure is for directors of the administration merely. TOC Procedure: the restraints identified can now be resolved utilizing the TOC procedure as shown in the figure and explained in the literature. This is done utilizing the five stairss mentioned above. Analysis of the Survey Data Zara vesture is one of the most celebrated names in the manner industry for its vesture and accoutrements. Based in Spain, it is a flagship concatenation shop of Inditex group. It is besides know to establish the maximal figure of merchandises ( about 10000 ) every twelvemonth thereby offering its clients a really big assortment. I chose this company because when its rivals were outsourcing their ain production which included companies like Versace and Emporio Armani and were drastically seeking to cut down their operating disbursals, this company was the lone one to forbear themselves from making so. This measure in bend led to the addition in the trade name equity of the company which will be explained subsequently in this paper. The balance sheet and P A ; L statement of ZARA vesture for the twelvemonth 2009-2010 and 2010-2011 is given in Table 1 and table 2 severally. Using the theoretical account shown antecedently to this company, the consequence is as follows: STEP1- Identifying Possible Problems: The tabular array below depicts all the of import ratios which can be derived from table 1 A ; 2. Their analysis is as follows: A Ratios 2009 2010 CURRENT RATIO 0.8 0.51 QUICK RATIO 0.61 0.36 Working Capital -7,589,345 -18,415,558 ACCOUNT RECEIVABLE TURNOVER 10.56 7.86 Inventory Employee turnover 25.18 19.18 CURRENT ASSET TURNOVER 3.16 2.37 ASSET TURNOVER 0.33 0.24 GROSS PROFIT MARGIN 0.38 0.36 OPERATING Net income Margin 0.35 0.31 Net Net income Margin 0.15 0.1 Tax return ON ASSETS 0.05 0.03 RETURN ON EQUITY 0.08 0.04 Entire DEBT TO EQUITY 0.75 0.67 Entire DEBT RATIO 0.43 0.4 Long TERM DEBT TO EQUITY 0.49 0.39 FIXED ASSETS TO EQUITY 1.11 1.1 The ratios which highlight the job countries in ZARA are as follows: LIQUIDITY RATIOS: Current Ratio In 2009, the company had merely 51 cents worth of current assets for every dollar of liabilities. This grew to 80 cents in 2010 bespeaking increasing tendency on liquidness, nevertheless the company is still unable to back up its short-run debt from its current assets and company have liquid job. Since their current ratio to moo, they may be able to raise it by ; Paying some debts. Increasing your current assets from loans or other adoptions with a adulthood of more than one twelvemonth. Converting non-current assets into current assets. Increasing your current assets from new equity parts. Puting net incomes back into the concern. Quick Ratio . In both old ages, Zara s speedy ratio is lower than 1 and it means we they can non pay their short-run liabilities, but their speedy ratio is acquiring better from 2009 to 2010. They may increase their current assets or diminish the current liabilities. Zara is a fabrication company, so that current assets should be greater than current liabilities. Working Capital Zara s working capital is excessively low but once more they are acquiring better from 2009 to 2010. They must hold more on the job capital. They should increase entire current assets or diminish entire current liabilities. Asset Turnover Their plus turnover is excessively low, nevertheless 2010 is better than 2009. They should seek to increase their plus turnover. PROFITABILITY RATIOS: Gross Profit Margin Zara s gross net income is low, it may bespeak that competition has increased or that the company s merchandises have become less competitory or both. If gross net income border additions, either they increase their gross revenues or diminish their COGS. So, they should increase their figure of gross revenues points alternatively of increasing gross revenues monetary value. Tax return on Asset Zara s return on plus is really low. They have a liquidness job and it causes problems on profitableness and solvency. However, entire plus is turning from 2009 to 2010. SOLVENCY RATIOS: Entire Debt to Equity A high debt to equity ratio by and large means that a company has been aggressive in financing its growing with debt. This can ensue in volatile net incomes as a consequence of the extra involvement disbursal. If a batch of debt is used to finance increased operations ( high debt to equity ) the company could potentially bring forth more net incomes than it would hold without this outside funding. If this were to increase earning by a greater sum, so the debt cost so the stockholders benefit as more net incomes are being spread among the same sum of stockholders. This can take bankruptcy which would go forth stockholders with nil. Fixed Assets to Equity Zara s fixed plus to equity ratio is greater than 1, so that they finance their debts with fixed assets. This means that some of the fixed assets owned by Zara are financed by long term debt. STEP 2- Parameters of Evaluation Zara vesture is a premium vesture trade name providing to a really little group of premium mark clients. Hence it can be said that it follows focus distinction schemes from the porter s generic schemes. The company believes in holding a really antiphonal supply concatenation. To make so, it controls most of the supply itself from production to logistics to transporting to even the retail shops which sell the merchandises to the terminal consumer. It merely outsource 25 % of its production to other makers that to the 1s which are easy to do and make nt necessitate much customisation. If evaluated on footings of throughput accounting, so the followers can be calculated for 2010: Throughput = Gross saless = $ 7.7 billion Operating Expenses = OPEX ( Balance sheet ) + Direct labour + Manufacturing Expenses + Selling and administrative costs = 4.8 + 0.3 = $ 5.1 billion Inventory = $ 200 million STEP 3- Evaluation and testing After holding evaluated the ratios while sing the scheme of Zara, it can be said that since Zara tends to aim reactivity more, and as the client demand so, the operating disbursals will ever be given to be high. Its low net income border can be accounted for because of the menace from the rivals which shows that Zara needs to distinguish its merchandises and non merely its services even more. Another major restraint for Zara is the long term debt which can impact its fixed assets and refund of some of them has now become perfectly necessary. It current assets are lower because of low degrees of stock list which is good for the company. High operating disbursals can be accounted for the fact that Zara produces complicated merchandises and besides attempts to hold a certain degree of extra capacity to cut down waiting clip, which is the tradeoff it has to do. STEP 4- Selection and sorting of Constraints The two major restraints which are really of import for Zara sing its long term strategic program are as follows: Menace from rivals: although Zara provides high degree of service and highest assortment of merchandises, it merchandises have non differentiated themselves which is doing the company to cut down its net income borders. Retained earnings- the company has been giving off all of its net net income to stockholders and has non kept any maintained net incomes for the past 2 old ages which does nt let the company to pay its short term duties which would do liquidness issues. Long term debts- if the company is non careful with long term debts, it may hold to refund those by selling its fixed assets thereby cut downing the worth of the company. Decision and restrictions Decision: After holding completed this paper, I have come to the decision that scheme is an indispensable portion for accessing the public presentation of a company. Strategy of a company can and should be linked to every facet of concern for right rating and besides earlier taking any determination within the administration. Companies are germinating and introducing in every manner possible, in such a dynamic work environment, the importance of scheme additions. Looking at the house merely from a fiscal position is non plenty ; it besides has to be accessed whether the house or the company has the ability to execute in the long term Appendix Fig 1- Theory of constraintsC: UsersAmolDesktopTOC Steps.gif Fig 3- ABC vs Traditional Costing Fig 2- Applications of TOC hypertext transfer protocol: //upload.wikimedia.org/wikipedia/commons/e/e3/PorterGenericStrategies.png Fig 4- Porter s generic schemes hypertext transfer protocol: //upload.wikimedia.org/wikipedia/commons/6/66/Porters_five_forces.PNG Fig 5- porter s five forces