Harrods Research Paper Example | Topics and Well Written Essays - 1500 words

Harrods - Research Paper Example Graphs illustrated and explained in the report gives a clear idea about the position of Harrods in the market as compared to its competitors. Secondary research is conducted using credible industry sources such as Market Researech.com, Hoover’s, Harrods website, and other online database. Company Overview Harrods is a luxurious, high-end retailer, founded in London in 1834 and possess a rich heritage and history that makes them the world’s most famous department store (Harrods). The department store is situated on Brompton Road in Knightsbridge, London, England, being the one of the largest department stores in the world (store occupying 4.5acre and selling space over one million square feet across over 330 departments). As Mahoney points out, Harrods is the second-biggest store and offering an extensive section of products, a world-class shopping experience and greater customer service. The Harrods brand also stands for other business undertaken by the company which in cludes Harrods Bank, Harrods Aviation, Air Harrods and Harrods Estates. The Harrods group of companies holds its motto â€Å"Omnia Omnibus Ubique – All things for All People Everywhere† (Harrods). Though operating only in London, it has become an international retail icon with superior brand responsiveness among global consumers. History shows that the firm has gone beyond being a high-quality branded store and product designer to a fashionable society, a status icon for celebrities and commoners equally. The store faces about 300,000 customers visiting during peak days, and has a workforce of 5000 employees from more than fifty different countries. The Harrods Ltd. was sold to Qatar Holding LLC for $ 2.2 billion in 2010. The products sold through the firm’s brand ranges across women’s and men’s wear, children’s products and toys, wine and spirits, kitchen products and appliances, beauty products, bags, and accessories. Company process Reven ue: - The lion’s part of Harrods’ revenues comes from its luxury retail division operating at Knightsbridge location. The rest come from the divisions at Heathrow and Gatwick airports and from its four subsidiaries, namely, Harrods Bank, Harrods Aviation, Air Harrods and Harrods Estates. Cost: - The Costs of the company include (i) Costs of Goods Sold, (ii) Marketing and Advertising, and (iii) Other Operating Costs. The costs of goods sold include purchase of inventory, storing costs, store construction and maintenance, transportation and shipment, and other administrative expenses. The marketing and advertising costs include all the expenses incurred by the company with regard to the promotional purpose through print or audiovisual media. And other operating costs include all other expenses borne by the business while functioning. Financial Analysis Nicolini, Papaioannou, Rasheed & Subject report that on peak days Harrods receives over 300,000 customers and during sal e events, the firm takes in about $1.813 million every hour. Since the firm possesses strong brand awareness in the UK market, it does not give importance to funding on traditional methods of brand advertising or using print or news media as their public association can take the role of buzzing about the firm. Though not affected by the recent meltdown in financial markets, financial analysts forecast its future impacts on the consumer behavior and ultimately on the market. As Graham reports, the Managing director

Economical Development of Chine Literature review

Economical Development of Chine - Literature review Example From the 1979 to 2005, the GDP of China has grown at an average of 9.6% annually (Morrison, 2006, p.3). At this pace at the end of the year 2010 China has became the second largest economy of the world after the United States. Before the year, the economy of Japan was the second largest economy. During the financial crisis, the export business of Japan has decreased but in the other hand the manufacturing industry of China has grown. The pace of economic growth of China has made the analysts to forecast that China will replace the United States as the largest economy of the world (BBC, 2011). The economic prosperity of a country can measure by the per capita personal income of the people of the country, the employment growth of the country, the population growth of the country, the average educational qualification of the people of the country (Muskegon Area Sustainability Coalition, 2012). For developing a country, it is necessary to develop all the parameters, which has mentioned e arlier by the researcher. Therefore, for developing all these parameters the banks and the government have to take necessary steps like to form some policies, which would help to increase the income of the fellow citizens. China has taken such steps for improving the financial condition of the people and the country. In the decade of 1960 and 1970s, the banks acted as the cahier of the Chinese government. There was no equity market that time in China. In the decade of 1980s, two major reforms changed the structure of the Chinese economy. The commercial banking function of the country has separated from the central banking function. The mono-banking system of the country also broke by the government. There are three tiers in the banking system. The first tier of the banking system comprises of the policy banks of China, which includes the Agricultural Development Bank, Import and Export bank and the state development banks. The objective of these banks is to provide the needed financ e to the government for various projects. Industrial and Commercial Bank of China, Agricultural Bank of China, Construction Bank of China and Bank of China are among the second tier banks of China. During the reform period, the second tier banks have provided a large amount of loan to the government and the people also. The third tier banks of China include Huaxia bank, Shenzhen Development Bank, Pudong Development Bank, which are the regional banks of China, and the main financer of the state owned enterprises. There are also the financial institutions like the urban credit cooperatives and the rural credit cooperatives. The third tier banks and the non-banking financial institutions of China are more profit-oriented organizations. The loan rate of these organizations is more flexible and they are not there to lend to the government like the first and second tier banks. The first and second tier banks i.e. the policy banks and the four main banks (which are of the second tier) owne d by the central government completely, where, the third tier banks are owned by the states, or the large state owned enterprises or they owned by multiple shareholders. From the year 2001, the Chinese government has agreed to list minority stakes of the commercial bank in the stock market and the stakes are there for the foreign investors. Though it has been reported that the development was not so successful; but