Student’s Name

Instructor’s Name

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A product concept for Geico Company

Lillian and Leo Goodwin established Geico in 1936. Sixty years later, it became a subsidiary of Berkshire Hathaway (Geico par. 3). The product concept focuses Geico insurance company’s health policies. The company offers health products including medical, dental, and visional policies (Geico par. 1). However, it does not offer medical policies to retirees past the age of sixty-five (Geico par. 2).

THE SWOT ANALYSIS

Strengths (Internal Analysis). The company has built trust in its clients for more than 70 years (Geico par. 5). The company has already positioned its brand in the market. It also operates a website where customers can have unlimited access the services. The company’s investor (Berkshire Hathaway) has a large pool of funds that would help it start and run new projects.

Weaknesses (Internal analysis). The clients have little awareness of company’s agent office locations. The company has also limited their insurance adverts mainly to car insurance products. Most of its services do not show any unique features compared to the products in the market. There has been a negative publicity to their marketing approach, where the audience has perceived their adverts as immature.

Opportunities (External analysis). Insurance companies are adamant to give medical insurance covers since the product record losses for most of them. The cover is expensive for consumers, making them reluctant to take them up.

The government intervened the situation by forming the Obama Care policy, which made it almost compulsory to get a health insurance cover, by taxing the uncovered US citizens. Obama Health Care is likely to cost $1.3 trillion the taxpayers. The government intervention plans showed that it would be willing to support ideas that made medical insurance sustainable to the citizens.

Threats (External analysis). Wrong diagnosis and drug prescribing errors were common mistakes by medical officers. Prescribing errors were either mechanical; like dispensing wrong drugs and wrong dosage or judgmental like improper counseling. Research showed that 21.3% of the patients aged more than sixty-five years were using at least a drug under inappropriately prescription (Worst Pills par. 2). U.S hospitals data showed that 11-17% of medical errors resulted from wrong dispensations. An estimated result of adverse drug events is 750,000 deaths and injuries on an annual basis (US Pharmacist par. 14).

Poor diagnosis and wrong prescriptions also had a high economic risk. The 750,000 deaths and injuries resulted in $5.6 million in excess to hospitals. Patients under the adverse drug events ended up getting longer hospitalization by 8 – 12 days that resulted in $16,000 – $24,000 cost implication for a patient.

THE PRODUCT CONCEPT

The Geico medical insurance product can improve the product by formulating a Medicare monetary system specifically, an online monetary portal for the prospective clients. The portal will show the health record of the client. Once a patient visits the medical center, the medical practitioners will record patient’s symptoms, tests they carry out, and the prescription or any other recommendations they give to the client. The system will hold the medical practitioners accountable for their diagnosis. The medical centers would compensate the client for any wrong prescription or diagnosis. The portal will also give options where the doctors can refer a patient in case problem requires more specialized attention than they can offer. The portal will also rate the medical centers depending on the other clients’ health records and feedback.

Adding the feature will reduce the medical compensation cost, which would have resulted from professional negligence, hence reducing the overall cost of the covers.

The health records on the online feature will also create an avenue for an individualized appraisal and not the current generalized appraisal for issuing medical covers.

Work cited

Geico. Frequently Asked Questions, 2014. Web 7 Oct 2014 <https://www.geico.com/associates/retirees/faq/>.

Geico. GEICO at a Glance,  2014. Web. 7 Oct 2014 <https://www.geico.com/about/corporate/at-a-glance/>.

Geico. Health and Well being, 2014. Web. 7 Oct 2014. <http://careers.geico.com/about-geico/total-rewards-program/health-and-well-being/>.

US Pharmacist. Types and Frequency of Errors, 2008. Web 7 Oct 2014. <http://www.uspharmacist.com/continuing_education/ceviewtest/lessonid/105916/>

Worst Pills. n.d. Misprescribing and Overprescribing of Drugs, n.d. web 7 Oct 2014. <http://www.worstpills.org/public/page.cfm?op_id=3>.

Walmart and its Urban Expansion Strategy

Student’s Name

University/College

Wal-Mart Stores Inc. is a retail corporation operating over eleven thousand stores in twenty-seven countries. Sam Walton founded Wal-Mart in 1962. It is among the world largest retails corporations. The company continues to grow as it implements its expansion strategies to reach its clients, in the United States and across the borders. Recently the Wal-Mart opened stores in Los Angeles and now plans to open more in Chicago. The focus is now whether the company should venture into the new target market, amid complaints from the public.

Wal-Mart should expand to Chicago in spite of the rising disputes like wage crisis and other employee benefits. Wal-Mart should first, plan on meeting with all the stakeholders, and strategize on ways of settling their grievances. Both the Wal-Mart and the community of Chicago residents will benefit from the opening of the stores. The expansion will create six hundred job opportunities leading to economic growth and development. Wal-Mart ought to agree to the demands of the Chicago Federation of Labor.

The federation represents a large population including labor coalition, civic groups, and religious groups. Disagreeing with the federation would cause further animosity between them and these groups. The firm should bend some of its policies to accommodate the demands of the federation. Additionally, agreeing with the federation will link them with the public. An economist from the University of Illinois held a rally and talked on the negative effects of establishing the stores.

He argued that Wal-Mart would only aid in costing more job opportunities than it would offer (Norman, 2010). Such cases are likely to decrease since people will listen more to the federation than to anyone else or the company itself since, the community has perceived the demands of the labor federation as beneficial to all. The federation demanded that the supermarket should not sell groceries in its stores since competition will affect local producers. It also demanded that Wal-Mart should not take part in union politics.

After cooperating with the federation and establishing a democratic ground, Wal-Mart can start a dialogue with other stakeholders, to explain the significance of setting up the stores to the community. Preferably, the firm would be more convincing by demonstrating to them using towns where the stores have been successful. Wal-Mart will also need to explain its position on some of the major issues that are causing the opposition. Their issues include the wage crisis and its opposition to unionization.

It will need to discuss on creating a fair wage system, which is not exploiting the employees. It should offer benefits to its workers in order to increase their productivity and efficiency. Most urban areas have by-laws that govern the operations in the area. Wal-Mart will have to familiarize with the by-laws for a successful expansion plans. The firm should also develop policies that will explain their reasons to expand in the urban areas. The firm should come up with public awareness strategies to change impression of the brand to the public.

The interest of the public comes first; Wal-Mart should strategize on ways of giving their employees and the public the best package to prevent conflicts that would delay their expansion plans in urban areas (Norman, 2010). Moreover, the company will need the people to own the business for it to grow in the region. Wrangles will affect the business and could prevent it from breaking-even in the region, which will be unsustainable to the investors.

References

Norman, A. (2010, March 18). New Study: Wal-Mart Brings Zero Jobs to Chicago [Blog post]. Retrieved from http://www.huffingtonpost.com/al-norman/new-study-wal-mart-brings_b_417808.html

1. Riverview Hospital Case Study

CASE STUDY

RIVERVIEW COMMUNITY HOSPITAL

ASSESSING HOSPITAL PERFORMANCE

Riverview Community Hospital is a 210-bed, not-for-profit, acute care hospital with a long-standing reputation for providing quality healthcare services to a growing service area.  Riverview competes with three other hospitals in its metropolitan statistical area (MSA) – two not-for-profit and one for-profit.  It is the smallest of the four but has traditionally been ranked highest in patient satisfaction polls.

Hospitals are accredited by the Joint Commission, an independent not-for-profit organization whose mission is to improve the safety and quality of healthcare provided to the public through accreditation and related services. (For more information on the Joint Commission, visit their website at www.jointcommission.org.)  Although accreditation is optional for hospitals, it is generally required to qualify for governmental (Medicare and Medicaid) reimbursement, and hence the vast majority of hospitals apply for accreditation.  Riverview passed its latest Joint Commission accreditation with “flying colors” receiving full accreditation, the highest of the accreditation categories.

In recent years, competition among the four hospitals in Riverview’s service area has been keen but friendly.  However, a large for-profit chain recently purchased the for-profit hospital, which has resulted in some anxiety among the managers of the other three hospitals because of the chain’s reputation for aggressively increasing market share in the markets they serve.

Relevant financial and operating data for Riverview are contained in Exhibits 1.1 through 1.4, and selected industry data are contained in Exhibits 1.5 and 1.6. (Note that the industry data given in the case are for illustrative purposes only and do not represent actual data for the years specified. Assume that you have just joined the staff of Riverview Community Hospital as a special assistant to the CEO.  On your first day on the job, the CEO Melissa Randolph, stated that the best way to get to know the financial condition of the hospital is to conduct a thorough financial statement analysis; thus she assigned you the task.  Although you also believe that this is a good way to get started, you wonder whether Melissa has any ulterior motives.  Perhaps the hospital is having problems and she thinks that you can spot them or perhaps she wants to test your analytical skills.  Melissa is from the “old school” of hospital management and has been looking for someone to bring modern management methods to the hospital.

In any event, she has already scheduled a financial performance analysis presentation at the next board of trustees meeting as a way for you to meet the board members.  To help you structure your presentation, Melissa suggested that you make the following points;

1. Briefly interpret three key financial statements for Riverview Community Hospital.
2. Present an overview of the hospital’s financial position using the Du Pont equation as a guide.
3. Use ratio analysis to identify the hospital’s specific financial strengths and weaknesses. But, she warned, the board is not going to appreciate a lengthy dialogue with too many individual ratios.  Focus on key findings and one or two ratios per category—don’t put them to sleep!  Also, use graphs or other techniques to summarize the data.
4. Summarize your evaluation of the hospital’s financial condition. However, don’t just rehash the numbers; rather, present your views on the potential underlying economic and managerial factors that might have caused any problems that surfaced in the financial and operating analysis.
5. Make any recommendations that you believe the hospital should follow to ensure future financial soundness.

Sample Introduction and Background

Introduction

The Riverview Community Hospital is a non-profit hospital that exists in a competitive business environment, which comprises of three other major hospitals. The financial position of the hospital is inadequate for the prevailing economic challenges. Some of the major tussles that the premise faced include the need to increase the patient volumes, maintenance of a good cost to revenue ratio, and elevating returns. The paper will give a detailed study of operational and financial indicators of patient characteristics that would enable the Hospital to excel in the urban statistical vicinity that it serves.

Background

The hospital had the capability to hold two hundred employees. According to surveys, on customer service feedback and Joint Commission Endorsements, the hospital had built a repute of quality service. Despite this achievement, it went through fiscal pressures due to the nature of the market…

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Assignment Samples 2: Operations Decision
Due Week 6 and worth 300 points

Using the regression results and the other computations from Assignment 1, determine the market structure in which the low-calorie frozen, microwavable food company operates.

Use the Internet to research two (2) of the leading competitors in the low-calorie frozen, microwavable food industry, and take note of their pricing strategies, profitability, and their relationships within the industry (worldwide).

Write a six to eight (6-8) page paper in which you:

1. Outline a plan that will assess the effectiveness of the market structure for the company’s operations. Note: In Assignment 1, the assumption was that the market structure [or selling environment] was perfectly competitive and that the equilibrium price was to be determined by setting QD equal to QS. You are now aware of recent changes in the selling environment that suggest an imperfectly competitive market where your firm now has substantial market power in setting its own “optimal” price.
2. Given that business operations have changed from the market structure specified in the original scenario in Assignment 1, determine two (2) likely factors that might have caused the change. Predict the primary manner in which this change would likely impact business operations in the new market environment.
3. Analyze the major short run and long cost functions for the low-calorie, frozen microwaveable food company given the cost functions below. Suggest substantive ways in which the low-calorie food company may use this information in order to make decisions in both the short-run and the long-run.

TC = 160,000,000 + 100Q + 0.0063212Q2
VC = 100Q + 0.0063212Q2
MC= 100 + 0.0126424Q

1. Determine the possible circumstances under which the company should discontinue operations. Suggest key actions that management should take in order to confront these circumstances. Provide a rationale for your response. (Hint: Your firm’s price must cover average variable costs in the short run and average total costs in the long run to continue operations.)
2. Suggest one (1) pricing policy that will enable your low-calorie, frozen microwavable food company to maximize profits. Provide a rationale for your suggestion.

(Hints:

• In Assignment 1, you determined your firm’s market demand equation. Now you need to find the inverse demand equation. Having found that, find the Total Revenue function for your firm (TR is P x Q). From your firm’s Total Revenue function, then find your Marginal Revenue (MR) function.
• Use the profit maximization rule MR = MC to determine your optimal price and optimal output level now that you have market power. Compare these values with the values you generated in Assignment 1. Determine whether your price higher is or lower.)

1. Outline a plan, based on the information provided in the scenario, which the company could use in order to evaluate its financial performance. Consider all the key drivers of performance, such as company profit or loss for both the short term and long term, and the fundamental manner in which each factor influences managerial decisions.

(Hints:

• Calculate profit in the short run by using the price and output levels you generated in part 5. Optional: You may want to compare this to what profit would have been in Assignment 1 using the cost function provided here.
• Calculate profit in the long run by using the output level you generated in part 5 and cost data in part 3 and assuming that the selling environment will likely be very competitive. Determine why this would be a valid assumption.)

1. Recommend two (2) actions that the company could take in order to improve its profitability and deliver more value to its stakeholders. Outline, in brief, a plan to implement your recommendations.
2. Use at least five (5) quality academic resources in this assignment. Note: Wikipedia does not qualify as an academic resource.

Your assignment must follow these formatting requirements:

• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
• Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

• Analyze short-run and long-run production and cost functions.
• Apply macroeconomic concepts to changes in global and national economies and how they affect economic growth, inflation, interest rates, and wage rates.
• Evaluate the profit-maximizing price and output level for given operating costs for monopolies and firms in competitive industries.
• Use technology and information resources to research issues in managerial economics and globalization.
• Write clearly and concisely about managerial economics and globalization using proper writing mechanics.

Click here to view the grading rubric.

Essay #1 – Rhetorical Analysis

Our first essay assignment is to produce a rhetorical analysis of one of the assigned readings from Chapter 3.  You will need to apply the tools of rhetorical analysis discussed in class and covered in Chapter 2 to complete this essay (carefully review pp.31-50, specifically, for a detailed explanation about writing a rhetorical analysis).  Be sure to make frequent, specific references to the text you are analyzing.  Think of the audience for your text as everyone in the class—in other words your peers—so consider them as you shape your essay.  The Rhetorical Analysis should be about 4-6 double-spaced pages in length.Text book is  Global Issues, Local Arguments, Edited by June Johnson, Third Edition.

Questions you should consider and explain with examples include, but are not limited to:

• Did the author present a unique and interesting argument?
• Were you impressed by the depth and breadth of the research presented, or by the analogies and examples used to make the points?
• What choices did the author make in presenting information?
• How effective was the whole package: ethos, logos, and pathos?
• Was the tone and language effective for the situation and audience?
• Would its intended audience (in your opinion) be inclined to agree, or be put off by the argument?

Basically, you must explain how this argument contributes to the public conversation on this issue.

Almost any of readings from Chapter 3 could be used for this analysis, including:

• David Sirota, “We Are What We Trade”
• Global Exchange’s “Twelve Reasons to Oppose the World Trade Organization”
• Nicole Cesmat “Uncove[RED]”
• Ha-Joon Chang’s “My Six-Year Old Son Should Get a Job”
• Paul Craig Roberts “Watching Greed Murder the Economy”
• Jeffery Sachs’ “Bangladesh: On the Ladder of Development”
• Bob Jeffcott’s “Sweat, Fire and Ethics”
• Allan Tanny, “Tariffs and the Perils of Freer Trade”