MA205- Elementary Statistics Essay Example | Topics and Well Written Essays - 2250 words

MA205- Elementary Statistics - Essay Example e as the central theoremn states that if there is a large number of independent and identiacally distributed random variable, then the distribution of their sum tend to be normally distributed as the number of these variables increase indefinitely therefore the distribution does not have to normally distributed. (c) A sample of 100 taken , probability will be between 198 and 220 Z = mean - X/ standard deviation 198=> 198 - 211/ 9 = -1.444 Z = 0.07493 220 => 220 - 211/ 9 = 1 Z= 0.15865 Area between the two Z points Prob. = 1- (0.07493+0.15865) Prob. = 0.76642 Unit test three 1. 99 %Mean = 2 Standard deviation = 10 SD= SD/ (N)1/2 2. 160 infants Mean = 5.98 SD= 3.5 95% confidence level = (5.98 -( 3.5 X 1.6) X (5.98 +( 3.5 X 1.6) = 95% = 0.38 X 11.58 = 95% 3. (a) Paralyzed (48.0 - (8.1 X 1.04) X (48.0 + (8.1 X 1.04) = 98% (39.576) X (56.424) = 98% None polarized (56.7 - (8.1 X 1.04 ) X (56.7 + (8.1 X1.04 ) = 98% (48.276) X (65.124) = 98% (b) Conclusion The two confidence intervals are different; therefore there is a difference in the two means. 4. (a) Type I: when we reject the null hypothesis when it should be accepted. (b) Type II: when we do not reject the null hypothesis when it should be rejected. (c) Z= 2.33 P value is 0.4901 5. (a) null hypothesis H0 : U Ha : U = 15 (b) t= 0.6107 P value = 0.7269 T critical is greater therefore we accept the null hypothesis 6. (a) H0: U Ha: U =22000 (b) (c) t calculated = 21819/ 1295 = 16.84 T critical = 1.29 T critical is less than T calculated therefore we reject the null hypothesis (d) Because we have rejected the null hypothesis it is still true to state that the tires last 22000 miles... T critical is greater than T calculated so we accept the null hypothesis that the change as a result of training is equal to zero, therefore the training makes some positive change towards those who are mentally retarded.

Closing the Output Gap in the United Kingdom Essay

Closing the Output Gap in the United Kingdom - Essay Example Of course, actual output is the recorded GDP of a given time that can be in nominal or real values. The nominal value refers to the prefers of the GDP synchronic to the prices or price reference of a given year while the real GDP can be valued in terms of a base or a reference prices of a reference year. Dornbush et al. (2008, p. 15) explained that the concept of an output gap provides a way of measuring the magnitude of the cyclical deviations of actual output from the potential output. The concept â€Å"potential output† is also interchangeable with the term â€Å"trend output† (Dornbusch et al. 2008, p. 15). From the economic perspective of Dornbusch et al., the output gap is negative during a recession and positive during an expansion (2008, p. 15). In a recession, resources are unemployed and actual output is below potential output. In contrast, during a positive gap or expansion, workers overtime and machineries are utilized more than the usual (Dornbusch 2008, p. 15). Positive gap or expansion is also known as an economic recovery (Dornbusch 2008, p. 15). For Mankiw (2006, p. 425), potential output or full employment output is more accurately the natural rate of output because â€Å"it shows what the economy produces when the unemployment is at its natural or normal rate†. At the same time, Mankiw pointed out that â€Å"the natural rate of output is the level of production toward which the economy gravitates in the long run† (2004, p. 425). According to classical viewpoint, the potential output or the natural rate of output depends on labour, capital, natural resources, and technological knowledge and, therefore, shifts in the potential output or natural rate of output depend on changes in the said variables (Mankiw 2004, p. 425). An output gap can promote price volatility.  

In your study team you are required to analyse the UK Brewing Essay

In your study team you are required to analyse the UK Brewing industry. You have been provided with a report prepared by the Bri - Essay Example Further, governments are levying more and more taxes on this industry to regulate the monetary crisis. UK BEER INDUSTRY Beer is called the national drink of UK. However, the present statistics have reported that beer consumption has decreased in UK by 3.1% in last 12 months (BBPA, 2008, p. 3). This reduction in the consumption of beer is causing UK brewing industries to downsize and even close their breweries. There are a number of key factors that are causing the decrease in the rate of consumption of beer. Major factors causing the shift in consumption patterns can be categorized into change in trends, financial, political and economic issues. FACTORS AFFECTING UK BEER INDUSTRY CHANGE OF TRENDS The rate of beer consumption in UK has been affected hugely by the shift in trends that has resulted into a change of preferences. According to BBPA’s report, â€Å"Since 1979, per capita consumption of beer has fallen by 33 per cent.† (BBPA, 2008, p. 3) It further stated that â€Å"men fell from 17.2 units a week in 1998 to 14.9 in 2006. By women, it fell from 6.5 units to 6.3, having been at 7.6 in 2002† (BBPA, 2008, p. 8). ... Beer used to be a popular drink a century ago, but today the introduction of sodas, various juices and drinks have lessened its charm and popularity despite being UK’s national drink. 2. Demographic Shift The migration and settlement of the people from all over the world in UK can also be regarded as an important factor in lowering the rate of consumption of beer. The ever increasing population of Muslims in UK has also resulted in the reduction of alcohol consumption as Muslims refrain from drinking beer and other alcoholic products. 3. Ban The ban on alcohol consumption within workplaces is also affecting the sale of beer. A restriction on drinking alcoholic products while travelling has also led to a reduction in the sales of beer as a lesser number of people want to go against the law. Though there are toasts raised and wines served in social gatherings and business parties, the average decrease is quite prominent. 4. Health Consciousness The increase in the health conscio usness is also causing people to avoid drinking alcohol. It is further promoted by anti drug agencies and nutritionists who regard alcohol as an additional burden on the wallet, a threat to lives of drinkers and the people around them, and a ticket to one’s journey to prison cells. FINANCIAL ISSUES Along with the changing trends, financial issues are affecting the brewing industry badly. People have found things more important to buy than a pint of beer. Beer is now considered as a luxury since it has become extremely expensive due to the imposition of new government regulations. Major factors contributing to the financial issues causing lesser consumption of beer include the ever increasing prices of beer, lesser affordability due to unemployment and

Closing the Output Gap in the United Kingdom Essay

Closing the Output Gap in the United Kingdom - Essay Example Of course, actual output is the recorded GDP of a given time that can be in nominal or real values. The nominal value refers to the prefers of the GDP synchronic to the prices or price reference of a given year while the real GDP can be valued in terms of a base or a reference prices of a reference year. Dornbush et al. (2008, p. 15) explained that the concept of an output gap provides a way of measuring the magnitude of the cyclical deviations of actual output from the potential output. The concept â€Å"potential output† is also interchangeable with the term â€Å"trend output† (Dornbusch et al. 2008, p. 15). From the economic perspective of Dornbusch et al., the output gap is negative during a recession and positive during an expansion (2008, p. 15). In a recession, resources are unemployed and actual output is below potential output. In contrast, during a positive gap or expansion, workers overtime and machineries are utilized more than the usual (Dornbusch 2008, p. 15). Positive gap or expansion is also known as an economic recovery (Dornbusch 2008, p. 15). For Mankiw (2006, p. 425), potential output or full employment output is more accurately the natural rate of output because â€Å"it shows what the economy produces when the unemployment is at its natural or normal rate†. At the same time, Mankiw pointed out that â€Å"the natural rate of output is the level of production toward which the economy gravitates in the long run† (2004, p. 425). According to classical viewpoint, the potential output or the natural rate of output depends on labour, capital, natural resources, and technological knowledge and, therefore, shifts in the potential output or natural rate of output depend on changes in the said variables (Mankiw 2004, p. 425). An output gap can promote price volatility.  

Finance for E-Business (Report) Essay Example | Topics and Well Written Essays - 2750 words

Finance for E-Business (Report) - Essay Example BT Group plc is listed on stock exchanges in London and New York.† (btplc.com). The group has four (4) principal lines of business: BT Global Services; Openreach, BT Retail and BT Wholesale. The principal activities of the group include: â€Å"networked IT services, local, national and international telecommunications services, and higher value broadband and internet products and services† (btplc.com).) The ratios below and an explanation as to their use will indicate to you why this particular company’s share may or may not be recommended. However, as you will find out, there are limitations to these ratios. Profitability ratios are usually calculated in order to perform vertical analysis or to compare one year with another. These ratios include net profit margin and gross profit margin. Figures are also taken from the balance sheet and used for the calculation of specific ratios to determine how well the fixed assets were utilised. These ratios are known as asset management ratios. These include asset turnover ratios and return on capital employed. Shareholder or investment ratios such as return on equity, earnings per share and price earnings ratio are some of the other ratios that are useful here. A number of these ratios will be used to assess the financial performance of BT group over the past three (3) years. â€Å"It is impossible to assess profits or profit growth properly without relating them to the amount of funds (capital) that were employed in making the profits. The most important profitability ratio is therefore return on capital employed (ROCE), which states the profit as a percentage of the amount of capital employed† (BPP 2009) The figures above show the return on capital employed for the past three (3) years.. ROCE fell sharply from 11.86% in 2008 to 1.5% in 2009. However it increased in 2010 to 11.63%. These

Misinterpretation of Symbols Essay Example for Free

Misinterpretation of Symbols Essay Now days people tend to have a fashion use for certain symbols such as the heart, cross, peace sign, etc. without taking in consideration that it might offend others. Symbols are used worldwide to represent many things like religion and emotions, but we have to keep in mind that some symbols look or are the same in many cultures but they do not always have the same meaning. Many societies have forgotten the original meaning of a symbol, replacing it with a more modern one, to prove this I decided to quiz four of my friends. I showed them five different symbols and asked them to tell me the first thing that came to their minds. The symbols I used consisted of four that have been around for many years and one relatively new. The pentagram, the inverted cross, the trident, the swastika and the heartogram. I started with the easiest one, the heartogram, which happens to be a logo created by the band HIM, though recently it has taken the meaning of love and hate or live and death. All four recognized this symbol from the band and knew the meanings for it. When I showed them the trident, three responded to represent the Devil, and one said it’s the symbol for Poseidon, the sea God. I was actually surprised that this was his first response, when I asked him why was his this first response he said was,† I remember seeing it in the ‘the Da Vinci code’ movie†. I am glad that he could remember such a tiny detail of that movie. Another famous symbol is the inverted cross, all four responded that it represents evil, the Devil and metal bands. They found it shocking when I informed them that before it had all those meanings, it originally is a trademark of Saint Peter, the first Pope, at first they did not believe me so I showed them what I had found on my research. Before Saint Peter was crucified he requested that he be crucified upside down because he did not feel worth of dying in the same way as Jesus. We all found ironic that those who wear this symbol to show their admiration to the Devil are actually showing humility towards God. The fourth symbol I showed my friends was the pentagram, again another symbol the before the twentieth century did not have any association with evil. All four of my friends said it represents the man, but that is not its only meaning. The first drawings found of the pentagram are of unknown meaning, but as time passed it became the symbol for many things. It has represented from marking the direction in Sumerian texts, represented the five visible planets, symbol to the planet Venus and the goddess, to being the official seal of the city of Jerusalem. It can represent the five elements, air, fire, earth, water and spirit. A more religious association is to the five wounds of Christ. One more thing that I found interesting is the layout of Washington DC, where some streets form the pentagram, with the pentagon being in the middle, the white house at the apex and the other monuments at the other points. Last we have the swastika; we all know it is a symbol that had been used by Hitler to represent racism and the â€Å"white supremacy† of neo-Nazis. Before the use that Hitler gave this symbol, it has also been used in Egypt, China and India. The swastika also represents the sun and the four directions in some cultures. When I was researching the swastika symbol I came across an article about the marines posing in a picture with the U. S. flagged as well as a flag with the notorious Nazi SS symbol. The marines though that the SS represented their own sniper scouts team. I came to the conclusion that not everything is as it appears to be, one must always be sure of the symbols they use in a daily life, we might offend many people without even knowing about it. In most of the cases were we happened to offend someone we can apologized for our ignorance. In the end I think all of us should take some time to learn about other cultures just as we ask those who come from around the world here to learn ours.

Marketing Implementation Plan for New Product

Marketing Implementation Plan for New Product 1. Executive Summary:- With the ever increasing ratio of crime in the UK and all around the world, an unprotected property has become extremely vulnerable, day or night. This is why, in the presence of current environment it is of utmost importance to keep your loved ones safe at home by protecting it with a professional burglar, fire and intruder alarm system. After more than 40 years of success in the current business line, it has been thought that the Weather Seal Holdings (Weather Seal) has now got the right strength to diversify its business. Thereby, I have seen an opportunity to introduce Home Security System as a new product for company to be marketed sold at competitive cost to its existing and new customers through its branch at Romford, Essex (UK). As a result of kind approval by the companys branch regional manager and area managers (project sponsors), I have fascinated an opportunity to develop a project report regarding introduction and marketing plan of this new product for company. Time period allocated/authorized by Weather Seal branch management for the completion of project work is Six Weeks. The final project report will be submitted to the said project sponsors at Romford Branch (UK) for final vetting and valuation. It would then be on the excretion of branch management to send the report to company head office at Ches hire (UK). This project experience could give me a personal learning experience of how to introduce new products to companies. Hoping this project report would gain necessary attention of Weather Seal regarding launch of new product in marketplace and thereby creating cutthroat competition for companies like ADT, Chubb securities etc. The report will be important for the company to launch the fascinating new product among its product range enabling it to not only to diversify its business line but also generate extra revenue in the near future. Findings will be discovered through the data provided by the company, through company risk assessment form to be completed by customers, by acquiring few statements about the company performance from selected customers and assessing home security and crime survey reports being published by the institutions like Home Office (UK), The British Crime Survey etc. These findings will help the company in launching the new product at right levels. The strategic marketing implementation plan will be proposed in order to present important factors of success in future such as marketing budgets, marketing tactics and advertising options. Environmental analysis will be presented in order to critically analyze the marketing aspects by using the tools such as SWOT analysis and Porters Five Forces Model etc., will help in building the marketing strategies and objectives by highlighting the factors such as Marketing Mix(Product, Price, Promotion Place)), Target Audiences and examining all possible strategic options including financial projections. The conclusion and recommendation about the new product will be presented in terms of product usefulness for the customers, profit generations, customer satisfaction and different sort of tactics being recommended to increase sales in future. 2. Introduction To The Business:- Weather Seal Holdings (Weather Seal) has been the Britains largest privately owned manufacturer installer of PVC-u replacement windows, doors, rooflines and conservatoires. The company was founded in 1968 under the prestigious mono of â€Å"The Pride of the Nation†. Since its foundation, huge commercial and public projects has tested companys technology from time to time and more than a million domestic customers are witness to weather Seals craftsmanship. The company continues to grow and in a period of 14 years i-e. From 1995 to 2009, Weather Seal has become a  £75.0 Million company. The company is now renowned as an award winning service provider to its customers. The product qualities are of highest possible standards and second to noe.. The head office of the company is located at the heart of the country on the M6 motorway network at Winsford Cheshire (UK). The company has 21 local branches servicing the UK and 07 Installation Depots all around the country. Weather Seal has got over 1000 trained personnel nationwide and 24 hour customer service response. Local staff includes: Designers Surveyors Fitters Service and Installation Engineers Administrators The company rightly claims that with Weather Seal the customers are dealing with the industry No. 1 as it has achieved every industry standard. Among its competitors like Euro Glazing, Everest Group etc, Weather Seal provides 10 year Platinum Guarantee for all of its products. This is the only guarantee worth having is issued by the company who design, manufacture and install the entire product range themselves. Weather Seal wants to introduce a sophisticated and state of an art Home Security System all around the UK market place. As an Initial phase, company wants to utilize the services of its Romford branch in this regard, which is located in the South region of the company. 2.1 Introduction To The Branch Management:- As project work has been conducted under the supervision and guidance of Romford branch management and that is the premises where the final project report would be submitted. Therefore, it is thought to describe the branch management structure as follows: Owners Mr. Ian Blackhurst and Mr. Brian Kennedy Group Head Marketing Sales Mr. Tony Reilly Director Sales Marketing (South) Mr. Mushtaq Zaman Divisional Manager (South) Mr. Kevin Brookman Romford Branch Regional Manager (South) Mr. Muhammad Ovais Hafeez Romford Branch Area Manager (South) Mr. Mudassar Nawaz Khan 2.2 Aims and Objectives:- Aims:- The aim of this project report is to introduce the desired state of an art Home Security System as a new product to Weather Seal Holdings and also present an appropriate marketing implementation plan. Objectives:- The essential objectives of this report are: Present the complete description of the new product and propose the most appropriate manufacturing partner in order to make the new business a successful operation of revenue generation in future. Identify the target audience assess the customer thinking about the company and new product enabling the company to attain the better customer range for the new product. To present the appropriate marketing strategy by using tools such as environmental analysis, marketing mix and financial projections for the new product. 2.3 Name of the New Product:- The name of the sophisticated home security system (new product) will be PowerMax+ Wireless Alarm Control Home Security System (PAS) 2.4 Product Overview:- The PowerMax+ (PAS) is the latest, advanced and state of an art wireless alarm control home security system that provides protection against burglary, fire and tampering. In addition, it can be used to control lights and electrical appliances within the customer household and/or to monitor the activity of elder or disabled people left at home. Status information is presented visually and verbally, and in most cases a recorded voice prompts customer to take correct action. The PowerMax+ is governed by a control panel designed to collect data from various sensors that are strategically located within and along the perimeter of the protected site. In the disarmed state, the system provides the customer with visual and verbal status information, and initiates an alarm if smoke is detected or upon disturbance in a 24-hour zone (a zone which is active 24-hours a day). In the armed state, the system initiates an alarm upon detection of disturbance in any one of the armed zones. Customer will need a 4-digit security code to master the system, and he/she can authorize 07 other persons to use the system by providing them with their own security codes. Moreover, customer can obtain up to 08 multi-function key-ring transmitters that will allow the customer and other users to control major functions without approaching the control panel. 2.5 Key Product Features:- PAS will offer the customers a personal security guard watching customers family and home 24 hours a day seven days a week 52 weeks a year. The Key features are: Latest technology Invisible two beams, thermal velocimatic system Motion sensor Wireless (no messy installation) Smoke alarm (optional) Flood alarm (optional) Up to 04 members of family / friends as contacts via text, land line or pager Latch key for kids Access remotely (if away from home) via landline or mobile Can connect up to 15 different electrical appliances (computer, lights etc) with additional X-10 units Back up battery if electricity goes down Pet friendly Panic button (elderly) wrist, pocket etc Fire button Save on the insurance policy Secured by design (police approved) Security guard access to premises in case of no contact with alarm Complete peace of mind Leave voice message for the family Codes for false alarm and under duress 2.7 Proposed Partner Company for New Product Business:- Honeywell Security and Communications will be the partner of Weather Seal in the manufacturing of PAS and cater off the customer needs from alarm response centre. This will be the perfect partnership for UK customers security needs. Weather Seal Holdings and Honeywell Security and Communications will jointly deliver a winning combination of expertise in selected home security system, and a proven track record of quality and a firm commitment to their customers. Honeywell Security and Communications is one of the worlds largest manufacturers of security systems, with 30 million security systems installed. Weather Seal is one of the UKs leading home improvement companies with a strong heritage in making peoples homes more stylish, energy efficient and secure. Security focused, the fusion of two well-known names in the UK will eventually give their customers the peace of mind that their home security will be in the safe hands. Why Weather Seal:- With a UK wide sales, installation and service network, customers can be safe in the knowledge that they are putting their trust in a reputable business that is here to stay. The Weather Seal name and brand synonymous with the home improvement market for in excess of 40 years and have worked on more than 200,000 peoples homes. The company started out in the business with a clear focus on providing the products that would make its customers houses warmer, safer, more efficient and a great place to live. The security elements of Weather Seal doors and windows are something that company has always taken really seriously. With this as central to companys approach and off course through continual research and development, Weather Seal products have undoubtedly set new heights in security with style in relevant industry. Why Honeywell:- Part of a global technology and manufacturing leader with revenues in excess of $30 billion, Honeywell Security and Communications has been designing and manufacturing security systems since 1923. With expertise in every area of security, the company provides advanced security solutions for residential and commercial applications. Honeywell works closely with professional security installers and alarm monitoring providers to ensure our products are designed and manufactured with the flexibility to be tailored to each individual customers security needs. Be it private homes or global corporations, around I million customers trust their security to the company each year. Designed for customer convenience, Honeywell intruder alarm systems like PowerMax+ have a wide range of user-friendly features gives the customers peace of mind that their property is secured, with round the clock monitoring in the hands of professionals. 2.8 Importance of the Topic:- This is an interesting project studies as this will offer an opportunity to the renowned company like Weather Seal to introduce a diversified new product in the market place thus enhancing its business line. Companies are becoming more global day by day and to be able to have a critical insight of the marketing strategies and implementation plan of a new Home Security System product of successful UK Company can be an important reference when conducting other marketing activities. This project study will offer an opportunity to Weather Seal to create massive partnership with globally recognized company like Honeywell in order to successfully run its new product in UK market place. As a result of this partnership, Weather Seal could make a global presence with the help of Honeywell and thereby giving more competition threat to its competitors. As a part of research, risk assessment questionnaire has been presented to the customers to be filled out by them in direct interaction with them. The response from customers would enable Weather Seal to better understand the customers security urgency level. The project studies helps researcher in understanding how to introduce new product by making the appropriate marking strategy and provides an opportunity to look into insight of the Weather Seal operational activities. 3. Literature Review:- Most break-ins are opportunistic, not planned and with statistics revealing that burglaries are on the rise day by day not only in the UK but globally, thereby, now is the time for the consumers to take next step in protecting their homes and thus their loved ones too. Summarized important facts that evoked Weather Seal to work on the idea of introducing PowerMax+ Wireless Alarm Control Home Security System as a new business product and researcher to introduce this new product to the company are as follows: Households with no security measures in place are 10 times more likely to be burgled than those with such simple security measures. Results from the British Crime Survey demonstrated that having security measures in place was strongly associated with lower level of victimization. Government officials predict that the economic slow down will lead to â€Å"upward pressure† on levels of property crime. As property crime increases, insurers demand better security to stem losses. 1.7 million burglaries were reported to police in England and Wales during 2007/2008. Home burglaries recorded by the police have risen by 4%, the largest rise in seven years for the period July-September 2008. On the basis of these facts and figures and data already revealed the research has been made via internet to explore the best possible system in order to develop the desired new product for the Weather Seal. As a result of internet research, Stage-Gate System of product development has been shortlisted. STAGE-GATE THE ROADMAP FOR NEW PRODUCT DEVELOPMENT:- The need for lean, rapid and profitable new product development has never been greater. Product life cycles are shorter, competition is more intense and customers are more demanding. Companies that fail to innovate face a grim future. The problem is that winning with new products is not easy. An estimated 46% of the resources that companies devote to the conception, development and launch of new products go to projects that do not succeed they fail in the marketplace or never make it to market. Leading companies have overhauled their product innovation processes, incorporating the critical success factors discovered through best practice research, in the form of a Stage-Gate new product development process. According to several independent research studies (i.e. Product Development Management Association, AMR Research, Booz-Allen Hamilton, etc.) between 70-85% of leading U.S. companies now use Stage-Gate to drive new products to market. A Stage-Gate System is a conceptual and operational road map for moving a new-product project from idea to launch. Stage-Gate divides the effort into distinct stages separated by management decision gates (gatekeeping). Cross-functional teams must successfully complete a prescribed set of related cross-functional activities in each stage prior to obtaining management approval to proceed to the next stage of product development. How Does the Stage-Gate ® Product innovation begins with an idea and ends with the successful launch of a new product. The steps between these points can be viewed as a dynamic process. Stage-Gate divides this process into a series of activities (stages) and decision points (gates). Stages are where the action occurs. The players on the project team undertake key activities to gather information needed to advance the project to the next gate or decision point. Stages are cross-functional (there is no research and development or marketing stage) and each activity is undertaken in parallel to enhance speed to market. To manage risk, the parallel activities in a certain stage must be designed to gather vital information technical, market, financial, operations in order to drive down the technical and business risks. Each stage costs more than the preceding one, resulting in incremental commitments. As uncertainties decrease, expenditures are allowed to rise and risk is managed. In addition to the discover stage, there are five key stages: Stages The structure of each stage is similar: Activities: The work the project leader and the team must undertake based upon their project plan. Integrated analysis: The project leader and teams integrated analysis of the results of all of the functional activities, derived through cross-functional interaction. Deliverables: The presentation of the results of the integrated analysis, which must be completed by the team for submission to the gate. Preceding each stage is a decision point or gate which serves as a Go/Kill and prioritization decision point. Gates are where mediocre projects are culled out and resources are allocated to the best projects. Gates deal with three quality issues: quality of execution; business rationale; and the quality of the action plan. Gates The structure of each gate is similar: Deliverables: Inputs into the gate review what the project leader and team deliver to the meeting. These are defined in advance and are the results of actions from the preceding stage. A standard menu of deliverables is specified for each gate. Criteria: What the project is judged against in order to make the go/kill and prioritization decisions. These criteria are usually organized into a scorecard and include both financial and qualitative criteria. Outputs: Results of the gate review. Gates must have clearly articulated outputs including: a decision (go/kill/hold/recycle) and a path forward (approved project plan, date and deliverables for the next gate agreed upon). What are the benefits of using Stage-Gate ®? The Stage-Gate Product Innovation system has been referred to as the single most important discovery in product innovation empowering almost 85% of all North American companies to achieve improved returns on their product development dollars and to achieve new growth. When implemented properly, Stage-Gate delivers tremendous impact: Accelerates speed-to-market Increases likelihood of product success Introduces discipline into an ordinarily chaotic process Reduces re-work and other forms of waste Improves focus via gates where poor projects are killed Achieves efficient and effective allocation of scarce resources Ensures a complete process no critical steps are omitted The results: A more effective, efficient, faster process that improves the companys (in this case Weather Seal) product innovation results. 4. Cost Incurred on Facilities and Resources Utilized:- Following are some of the items and their approximate costs that were required for the conduction of project work. 5. Sources and Methods:- In order to answer the key aspects of the project studies i.e. how to introduce new product for the company and how to prepare the marketing plan, secondary and primary research will be collected. Both types of research are essential in this project work as they offer crucial results regarding finalization of project report. Furthermore, qualitative data has been collected instead of quantitative data, this is because the available time was not enough to collect and analyze a wide range of data. Secondary Research:- The secondary research consists of â€Å"reanalysing data that have already been collected for some other purpose† (Saunders, Lewis and Thornhill, 2003: 188). In this project studies, we will be interested in information about this national level company overall, the importance and impression of the company in the marketplace and among its customers prior to the launch of new product and off course the utmost important strategic marketing issues affiliated with it. One of the main books used for this is Principles of Marketing (Kotler et al, 2005). These sorts of usage create the part of theoretical frame. The information needed to conduct the project will be collected through the use of external sources of secondary data such as published books and online articles and survey reports. However, the main part of the research focuses on the introduction of new product for the company. In order to collect all the necessary information the researcher will gather internal sources of secondary research. This information includes corporate documentation such as company reports and earlier marketing plans which are available due to solid professional relationship of the researcher with the branch management. The internal sources of secondary research will be backed-up by other external sources such as published general statistics and industry statistics, which have been collected through the use of the internet. Some of the most relevant information collected from online sources regarding UK burglary, fire and child abductions incidents and statistics will be presented in Appendix. This informa tion will be essential to collect and analyzed in order to make the company enable to assess the urgency of new home security system product among the UK citizens. Although secondary research has a number of advantages such as the fact that it is readily available, it saves money and it is not time consuming it also has some disadvantages. In order to use secondary data effectively it is important to make sure that the data is relevant to the specific issue addressed and that it has been classified in a way that is consistent with the study at hand. This consists in making sure that such things as variables and measurements are â€Å"in line† with those used in the investigation. It is also important to make sure the data is accurate and that it comes from the original source and not an intermediate or third-hand report (Ghauri and Gronhaug, 2002). Primary Research:- The secondary research conducted, will be further backed up, by some primary research. This is â€Å"data gathered and assembled specifically for the project at hand† (Zikmund, 1994: 40). 5.2.1 Security Risk Assessment Check Questionaire:- The Weather Seal will create Security risk assessment check questionnaire and researcher will carry the assessment visits with company assessor to observe and record the individual customer needs for statistical purposes. The said questionnaire will be closed end and enable the company and researcher to approve or disapprove the installation of PowerMax+ Wireless Alarm Control Home Security System at the premises. This will also enable the company to estimate the correct number of new product to be remained in stock. The Security risk assessment check questionnaire will be presented in the Appendix. Customer Survey Questionnaire:- As business can only run on the basis of customers. Therefore, it is critically important for Weather Seal to explore the customer views about the company and its new product. A sample close end survey questionnaire will be presented to 50 selected customers along with Security risk assessment check questionnaire to be directly filled by the customers during our visit at their premises. The responses against the survey questionnaire would enable the company to assess the attitude of customers towards the company and its new product. 5.2.3 Interviews:- No specific interviews will be conducted. This is due to the already available massive customer pool of the company all around the UK. However, the researched has suggested the company to publish the comments of few prestigious customers of the company about its performance and customer support and services. These comments will be published in the company new product brochure for the product promotional purposes. Few customer comments will be presented in Appendix. Data Analysis and Interpretations:- After conducting both the primary and secondary in depth researches, it has become possible to present the key findings and data analysis both in terms of figures and percentages. Data Analysis -Secondary Research:- British Crime Figures:- As a result of this type of research, the following key findings have been revealed relating to British crime figures: A home is burgled in UK every 20 seconds. Marketing Implementation Plan for New Product Marketing Implementation Plan for New Product 1. Executive Summary:- With the ever increasing ratio of crime in the UK and all around the world, an unprotected property has become extremely vulnerable, day or night. This is why, in the presence of current environment it is of utmost importance to keep your loved ones safe at home by protecting it with a professional burglar, fire and intruder alarm system. After more than 40 years of success in the current business line, it has been thought that the Weather Seal Holdings (Weather Seal) has now got the right strength to diversify its business. Thereby, I have seen an opportunity to introduce Home Security System as a new product for company to be marketed sold at competitive cost to its existing and new customers through its branch at Romford, Essex (UK). As a result of kind approval by the companys branch regional manager and area managers (project sponsors), I have fascinated an opportunity to develop a project report regarding introduction and marketing plan of this new product for company. Time period allocated/authorized by Weather Seal branch management for the completion of project work is Six Weeks. The final project report will be submitted to the said project sponsors at Romford Branch (UK) for final vetting and valuation. It would then be on the excretion of branch management to send the report to company head office at Ches hire (UK). This project experience could give me a personal learning experience of how to introduce new products to companies. Hoping this project report would gain necessary attention of Weather Seal regarding launch of new product in marketplace and thereby creating cutthroat competition for companies like ADT, Chubb securities etc. The report will be important for the company to launch the fascinating new product among its product range enabling it to not only to diversify its business line but also generate extra revenue in the near future. Findings will be discovered through the data provided by the company, through company risk assessment form to be completed by customers, by acquiring few statements about the company performance from selected customers and assessing home security and crime survey reports being published by the institutions like Home Office (UK), The British Crime Survey etc. These findings will help the company in launching the new product at right levels. The strategic marketing implementation plan will be proposed in order to present important factors of success in future such as marketing budgets, marketing tactics and advertising options. Environmental analysis will be presented in order to critically analyze the marketing aspects by using the tools such as SWOT analysis and Porters Five Forces Model etc., will help in building the marketing strategies and objectives by highlighting the factors such as Marketing Mix(Product, Price, Promotion Place)), Target Audiences and examining all possible strategic options including financial projections. The conclusion and recommendation about the new product will be presented in terms of product usefulness for the customers, profit generations, customer satisfaction and different sort of tactics being recommended to increase sales in future. 2. Introduction To The Business:- Weather Seal Holdings (Weather Seal) has been the Britains largest privately owned manufacturer installer of PVC-u replacement windows, doors, rooflines and conservatoires. The company was founded in 1968 under the prestigious mono of â€Å"The Pride of the Nation†. Since its foundation, huge commercial and public projects has tested companys technology from time to time and more than a million domestic customers are witness to weather Seals craftsmanship. The company continues to grow and in a period of 14 years i-e. From 1995 to 2009, Weather Seal has become a  £75.0 Million company. The company is now renowned as an award winning service provider to its customers. The product qualities are of highest possible standards and second to noe.. The head office of the company is located at the heart of the country on the M6 motorway network at Winsford Cheshire (UK). The company has 21 local branches servicing the UK and 07 Installation Depots all around the country. Weather Seal has got over 1000 trained personnel nationwide and 24 hour customer service response. Local staff includes: Designers Surveyors Fitters Service and Installation Engineers Administrators The company rightly claims that with Weather Seal the customers are dealing with the industry No. 1 as it has achieved every industry standard. Among its competitors like Euro Glazing, Everest Group etc, Weather Seal provides 10 year Platinum Guarantee for all of its products. This is the only guarantee worth having is issued by the company who design, manufacture and install the entire product range themselves. Weather Seal wants to introduce a sophisticated and state of an art Home Security System all around the UK market place. As an Initial phase, company wants to utilize the services of its Romford branch in this regard, which is located in the South region of the company. 2.1 Introduction To The Branch Management:- As project work has been conducted under the supervision and guidance of Romford branch management and that is the premises where the final project report would be submitted. Therefore, it is thought to describe the branch management structure as follows: Owners Mr. Ian Blackhurst and Mr. Brian Kennedy Group Head Marketing Sales Mr. Tony Reilly Director Sales Marketing (South) Mr. Mushtaq Zaman Divisional Manager (South) Mr. Kevin Brookman Romford Branch Regional Manager (South) Mr. Muhammad Ovais Hafeez Romford Branch Area Manager (South) Mr. Mudassar Nawaz Khan 2.2 Aims and Objectives:- Aims:- The aim of this project report is to introduce the desired state of an art Home Security System as a new product to Weather Seal Holdings and also present an appropriate marketing implementation plan. Objectives:- The essential objectives of this report are: Present the complete description of the new product and propose the most appropriate manufacturing partner in order to make the new business a successful operation of revenue generation in future. Identify the target audience assess the customer thinking about the company and new product enabling the company to attain the better customer range for the new product. To present the appropriate marketing strategy by using tools such as environmental analysis, marketing mix and financial projections for the new product. 2.3 Name of the New Product:- The name of the sophisticated home security system (new product) will be PowerMax+ Wireless Alarm Control Home Security System (PAS) 2.4 Product Overview:- The PowerMax+ (PAS) is the latest, advanced and state of an art wireless alarm control home security system that provides protection against burglary, fire and tampering. In addition, it can be used to control lights and electrical appliances within the customer household and/or to monitor the activity of elder or disabled people left at home. Status information is presented visually and verbally, and in most cases a recorded voice prompts customer to take correct action. The PowerMax+ is governed by a control panel designed to collect data from various sensors that are strategically located within and along the perimeter of the protected site. In the disarmed state, the system provides the customer with visual and verbal status information, and initiates an alarm if smoke is detected or upon disturbance in a 24-hour zone (a zone which is active 24-hours a day). In the armed state, the system initiates an alarm upon detection of disturbance in any one of the armed zones. Customer will need a 4-digit security code to master the system, and he/she can authorize 07 other persons to use the system by providing them with their own security codes. Moreover, customer can obtain up to 08 multi-function key-ring transmitters that will allow the customer and other users to control major functions without approaching the control panel. 2.5 Key Product Features:- PAS will offer the customers a personal security guard watching customers family and home 24 hours a day seven days a week 52 weeks a year. The Key features are: Latest technology Invisible two beams, thermal velocimatic system Motion sensor Wireless (no messy installation) Smoke alarm (optional) Flood alarm (optional) Up to 04 members of family / friends as contacts via text, land line or pager Latch key for kids Access remotely (if away from home) via landline or mobile Can connect up to 15 different electrical appliances (computer, lights etc) with additional X-10 units Back up battery if electricity goes down Pet friendly Panic button (elderly) wrist, pocket etc Fire button Save on the insurance policy Secured by design (police approved) Security guard access to premises in case of no contact with alarm Complete peace of mind Leave voice message for the family Codes for false alarm and under duress 2.7 Proposed Partner Company for New Product Business:- Honeywell Security and Communications will be the partner of Weather Seal in the manufacturing of PAS and cater off the customer needs from alarm response centre. This will be the perfect partnership for UK customers security needs. Weather Seal Holdings and Honeywell Security and Communications will jointly deliver a winning combination of expertise in selected home security system, and a proven track record of quality and a firm commitment to their customers. Honeywell Security and Communications is one of the worlds largest manufacturers of security systems, with 30 million security systems installed. Weather Seal is one of the UKs leading home improvement companies with a strong heritage in making peoples homes more stylish, energy efficient and secure. Security focused, the fusion of two well-known names in the UK will eventually give their customers the peace of mind that their home security will be in the safe hands. Why Weather Seal:- With a UK wide sales, installation and service network, customers can be safe in the knowledge that they are putting their trust in a reputable business that is here to stay. The Weather Seal name and brand synonymous with the home improvement market for in excess of 40 years and have worked on more than 200,000 peoples homes. The company started out in the business with a clear focus on providing the products that would make its customers houses warmer, safer, more efficient and a great place to live. The security elements of Weather Seal doors and windows are something that company has always taken really seriously. With this as central to companys approach and off course through continual research and development, Weather Seal products have undoubtedly set new heights in security with style in relevant industry. Why Honeywell:- Part of a global technology and manufacturing leader with revenues in excess of $30 billion, Honeywell Security and Communications has been designing and manufacturing security systems since 1923. With expertise in every area of security, the company provides advanced security solutions for residential and commercial applications. Honeywell works closely with professional security installers and alarm monitoring providers to ensure our products are designed and manufactured with the flexibility to be tailored to each individual customers security needs. Be it private homes or global corporations, around I million customers trust their security to the company each year. Designed for customer convenience, Honeywell intruder alarm systems like PowerMax+ have a wide range of user-friendly features gives the customers peace of mind that their property is secured, with round the clock monitoring in the hands of professionals. 2.8 Importance of the Topic:- This is an interesting project studies as this will offer an opportunity to the renowned company like Weather Seal to introduce a diversified new product in the market place thus enhancing its business line. Companies are becoming more global day by day and to be able to have a critical insight of the marketing strategies and implementation plan of a new Home Security System product of successful UK Company can be an important reference when conducting other marketing activities. This project study will offer an opportunity to Weather Seal to create massive partnership with globally recognized company like Honeywell in order to successfully run its new product in UK market place. As a result of this partnership, Weather Seal could make a global presence with the help of Honeywell and thereby giving more competition threat to its competitors. As a part of research, risk assessment questionnaire has been presented to the customers to be filled out by them in direct interaction with them. The response from customers would enable Weather Seal to better understand the customers security urgency level. The project studies helps researcher in understanding how to introduce new product by making the appropriate marking strategy and provides an opportunity to look into insight of the Weather Seal operational activities. 3. Literature Review:- Most break-ins are opportunistic, not planned and with statistics revealing that burglaries are on the rise day by day not only in the UK but globally, thereby, now is the time for the consumers to take next step in protecting their homes and thus their loved ones too. Summarized important facts that evoked Weather Seal to work on the idea of introducing PowerMax+ Wireless Alarm Control Home Security System as a new business product and researcher to introduce this new product to the company are as follows: Households with no security measures in place are 10 times more likely to be burgled than those with such simple security measures. Results from the British Crime Survey demonstrated that having security measures in place was strongly associated with lower level of victimization. Government officials predict that the economic slow down will lead to â€Å"upward pressure† on levels of property crime. As property crime increases, insurers demand better security to stem losses. 1.7 million burglaries were reported to police in England and Wales during 2007/2008. Home burglaries recorded by the police have risen by 4%, the largest rise in seven years for the period July-September 2008. On the basis of these facts and figures and data already revealed the research has been made via internet to explore the best possible system in order to develop the desired new product for the Weather Seal. As a result of internet research, Stage-Gate System of product development has been shortlisted. STAGE-GATE THE ROADMAP FOR NEW PRODUCT DEVELOPMENT:- The need for lean, rapid and profitable new product development has never been greater. Product life cycles are shorter, competition is more intense and customers are more demanding. Companies that fail to innovate face a grim future. The problem is that winning with new products is not easy. An estimated 46% of the resources that companies devote to the conception, development and launch of new products go to projects that do not succeed they fail in the marketplace or never make it to market. Leading companies have overhauled their product innovation processes, incorporating the critical success factors discovered through best practice research, in the form of a Stage-Gate new product development process. According to several independent research studies (i.e. Product Development Management Association, AMR Research, Booz-Allen Hamilton, etc.) between 70-85% of leading U.S. companies now use Stage-Gate to drive new products to market. A Stage-Gate System is a conceptual and operational road map for moving a new-product project from idea to launch. Stage-Gate divides the effort into distinct stages separated by management decision gates (gatekeeping). Cross-functional teams must successfully complete a prescribed set of related cross-functional activities in each stage prior to obtaining management approval to proceed to the next stage of product development. How Does the Stage-Gate ® Product innovation begins with an idea and ends with the successful launch of a new product. The steps between these points can be viewed as a dynamic process. Stage-Gate divides this process into a series of activities (stages) and decision points (gates). Stages are where the action occurs. The players on the project team undertake key activities to gather information needed to advance the project to the next gate or decision point. Stages are cross-functional (there is no research and development or marketing stage) and each activity is undertaken in parallel to enhance speed to market. To manage risk, the parallel activities in a certain stage must be designed to gather vital information technical, market, financial, operations in order to drive down the technical and business risks. Each stage costs more than the preceding one, resulting in incremental commitments. As uncertainties decrease, expenditures are allowed to rise and risk is managed. In addition to the discover stage, there are five key stages: Stages The structure of each stage is similar: Activities: The work the project leader and the team must undertake based upon their project plan. Integrated analysis: The project leader and teams integrated analysis of the results of all of the functional activities, derived through cross-functional interaction. Deliverables: The presentation of the results of the integrated analysis, which must be completed by the team for submission to the gate. Preceding each stage is a decision point or gate which serves as a Go/Kill and prioritization decision point. Gates are where mediocre projects are culled out and resources are allocated to the best projects. Gates deal with three quality issues: quality of execution; business rationale; and the quality of the action plan. Gates The structure of each gate is similar: Deliverables: Inputs into the gate review what the project leader and team deliver to the meeting. These are defined in advance and are the results of actions from the preceding stage. A standard menu of deliverables is specified for each gate. Criteria: What the project is judged against in order to make the go/kill and prioritization decisions. These criteria are usually organized into a scorecard and include both financial and qualitative criteria. Outputs: Results of the gate review. Gates must have clearly articulated outputs including: a decision (go/kill/hold/recycle) and a path forward (approved project plan, date and deliverables for the next gate agreed upon). What are the benefits of using Stage-Gate ®? The Stage-Gate Product Innovation system has been referred to as the single most important discovery in product innovation empowering almost 85% of all North American companies to achieve improved returns on their product development dollars and to achieve new growth. When implemented properly, Stage-Gate delivers tremendous impact: Accelerates speed-to-market Increases likelihood of product success Introduces discipline into an ordinarily chaotic process Reduces re-work and other forms of waste Improves focus via gates where poor projects are killed Achieves efficient and effective allocation of scarce resources Ensures a complete process no critical steps are omitted The results: A more effective, efficient, faster process that improves the companys (in this case Weather Seal) product innovation results. 4. Cost Incurred on Facilities and Resources Utilized:- Following are some of the items and their approximate costs that were required for the conduction of project work. 5. Sources and Methods:- In order to answer the key aspects of the project studies i.e. how to introduce new product for the company and how to prepare the marketing plan, secondary and primary research will be collected. Both types of research are essential in this project work as they offer crucial results regarding finalization of project report. Furthermore, qualitative data has been collected instead of quantitative data, this is because the available time was not enough to collect and analyze a wide range of data. Secondary Research:- The secondary research consists of â€Å"reanalysing data that have already been collected for some other purpose† (Saunders, Lewis and Thornhill, 2003: 188). In this project studies, we will be interested in information about this national level company overall, the importance and impression of the company in the marketplace and among its customers prior to the launch of new product and off course the utmost important strategic marketing issues affiliated with it. One of the main books used for this is Principles of Marketing (Kotler et al, 2005). These sorts of usage create the part of theoretical frame. The information needed to conduct the project will be collected through the use of external sources of secondary data such as published books and online articles and survey reports. However, the main part of the research focuses on the introduction of new product for the company. In order to collect all the necessary information the researcher will gather internal sources of secondary research. This information includes corporate documentation such as company reports and earlier marketing plans which are available due to solid professional relationship of the researcher with the branch management. The internal sources of secondary research will be backed-up by other external sources such as published general statistics and industry statistics, which have been collected through the use of the internet. Some of the most relevant information collected from online sources regarding UK burglary, fire and child abductions incidents and statistics will be presented in Appendix. This informa tion will be essential to collect and analyzed in order to make the company enable to assess the urgency of new home security system product among the UK citizens. Although secondary research has a number of advantages such as the fact that it is readily available, it saves money and it is not time consuming it also has some disadvantages. In order to use secondary data effectively it is important to make sure that the data is relevant to the specific issue addressed and that it has been classified in a way that is consistent with the study at hand. This consists in making sure that such things as variables and measurements are â€Å"in line† with those used in the investigation. It is also important to make sure the data is accurate and that it comes from the original source and not an intermediate or third-hand report (Ghauri and Gronhaug, 2002). Primary Research:- The secondary research conducted, will be further backed up, by some primary research. This is â€Å"data gathered and assembled specifically for the project at hand† (Zikmund, 1994: 40). 5.2.1 Security Risk Assessment Check Questionaire:- The Weather Seal will create Security risk assessment check questionnaire and researcher will carry the assessment visits with company assessor to observe and record the individual customer needs for statistical purposes. The said questionnaire will be closed end and enable the company and researcher to approve or disapprove the installation of PowerMax+ Wireless Alarm Control Home Security System at the premises. This will also enable the company to estimate the correct number of new product to be remained in stock. The Security risk assessment check questionnaire will be presented in the Appendix. Customer Survey Questionnaire:- As business can only run on the basis of customers. Therefore, it is critically important for Weather Seal to explore the customer views about the company and its new product. A sample close end survey questionnaire will be presented to 50 selected customers along with Security risk assessment check questionnaire to be directly filled by the customers during our visit at their premises. The responses against the survey questionnaire would enable the company to assess the attitude of customers towards the company and its new product. 5.2.3 Interviews:- No specific interviews will be conducted. This is due to the already available massive customer pool of the company all around the UK. However, the researched has suggested the company to publish the comments of few prestigious customers of the company about its performance and customer support and services. These comments will be published in the company new product brochure for the product promotional purposes. Few customer comments will be presented in Appendix. Data Analysis and Interpretations:- After conducting both the primary and secondary in depth researches, it has become possible to present the key findings and data analysis both in terms of figures and percentages. Data Analysis -Secondary Research:- British Crime Figures:- As a result of this type of research, the following key findings have been revealed relating to British crime figures: A home is burgled in UK every 20 seconds.