Time flies, final exam is come to the corner. To cope with my fear towards accounting subject, I consistently practice the tutorial question so that I can familiar with the exam paper. Seriously, wish that I will not panic in the exam hall! I think the area that this subject should be improved is students tend to familiar with the computerized tutorial question, thus they might not perform well in exam as they are required to write on the paper on exam itself. Thus, tutor might give some practice for students in class to train their speed and let them know well what they should do in the exam.

(109 words)      

Reflective Journal for Introduction of Management

                By the first days of attending lecture, we are given a brief introduction into this module. The program structure, assignments and examinations was explained by our lecturer, Miss Natasya. My expectation for this module was just simply excited as I looking forward to my group assignment where we are required to analysis and evaluate a company business activity through conducting an interviewing with a manager. Compared to group assignment given by others module, this group assignment gave me an opportunity to explore to outside world, do something that is more different and challenge.

            The important of managers in an organization, their skill, roles, and responsibilities is lecture in the first week too. It was pretty easy for me as I take People and Organization in my foundation year where it was quite similar with this module. I expect to learnt more in this semester as it is important to learn how to manage people and work well with them within the company as well as the skills used by the manager.

            The first things I learnt to be a good manager is the four function of management. There are four management functions which are planning, organizing, leading and controlling. In fact, being a good manager, we have to achieve the organization goals by the help of those management functions attach with Fayol’s 14 Principles of management. The following weeks I expected to learn the most effective leadership styles in recruiting, retaining, and motivate employees in nowadays working environment. Ranging from management history and the approaches peoples have used in management, to how business environment and the organization cultures affect management decisions. By right, I would able to learnt from past management blunders and avoid them by using the right management approach which are more aligned to the culture of the organization   to ensure smoother management of the business.

            Come to the more personal point of view, after 12 weeks of learning Introduction to Management, I’m able to learn something deeper than the management theories, for instants, the motivation theories I able to learnt something news which are Content theories and Process theories. This topic is one of the important topic to study because a good manager have the responsibility to motivate each of everyone in the organization to ensure the maximum outcome is achieve. Besides, I learnt a lot from the leadership theories where it give me the direction on leadership approach and acts as a guidance for me to work in various places with  with different employees. For example the situational leadership teaches me how to react and deal with different situation in different point of time.

This module is relatively important to my work life in the future. With the knowledge of management, I learnt to be a good manager in planning, organizing, leading and controlling the overall organization. I learnt to deal with people and manage them in the way they are wishing to be treated. This module had made my future more brighter in the senses that  I had a better understanding on managing business world !
                                                                                           (511 words)

Reflective Journal II for Introduction to Accounting

         The mid-term exam was a challenge for me in the sense that I didn't know how well I am in this module. When come to the mid-term exam, I studies hard through the weekly tutorial question from my accounting lab. Thus, I conclude that the weekly tutorial section had did help me a lot as I can review on the question and answer when I doing my revision and preparation. The format of test is actually familiar as the tutorial question where I managed to handle it during the test. I'm totally satisfied with the result of my mid-term test where I did put hard effort on it.

(108 words)

Reflective Journal for Quantitative Method

Being honest, when Miss Jayasutha, our lecture of this module posts up the group assignment question, I was stunned. I had no idea on it and god blessed everything went well as we managed to pass up our group assignment before the due date. The research project was interesting in the way that it preview of quantitative method did applied into our real life without realizing by us. For instance, from the group assignment, I learnt to utilize quantitative methodologies taught in this course while understanding the applicability and skills that had been taught by Miss Jayasutha, my lecturer as well as tutor. Not to deny that I learnt a lot from the group assignment and it will help me get prepared for my final exam.

First of all, the group assignment require us to collect data from World Wide Web about selling price and sizes of house, analysis and interpret the data by using statistical software and technique learnt from tutorial section. Upon this research project, we managed to get closer with each others as we spend quite a lot of time in finding the data. The independent approaches of my group members had lead to the successfulness competence of our group project. As a group leader, I set up meeting and divide job for them based on the strength and ability of each of them through the observation while we gather together. Not to admit that we actually faced some struggles among ourselves with the meeting time and also problems arises from collecting the data. Surprisingly, they did a good job through collaboration and I did appreciate the shared of knowledge throughout the research process. Compiling the data and make it into a full graph in excel is not difficult part for us as Microsoft Excel is a convenience tool when comes to computing mathematics when the information is given. While comes to the interpreting part, it seems tough but somehow we managed to produce a cohesive report with all the theory and concept while explain the statics numerical number, data and graph into relevant sentences. While comes to question two, it is not a hard part for us as each of us have the knowledge of probability since secondary school.

After this research project, we had learnt to strengthen our ability to solve statistical questions and have a well understanding on each topic. Apart from that, we build a strong relationship among four of us, a strong teamwork lead a better works. I proud of my group members and appreciate them as well. For more personal point of view, I found that I had actually being far more familiar with constructing table through Microsoft Excel and had a better understanding on the linear regression concept and the hypothesis test. To determine the topic and problem I faced, I done a lot of research and studies especially when considering how little I really know about the theory or concept. One of the good examples is the hypothesis test. To my surprise, the following lectures (lecture 10 and 11) I able to catch up and learnt well as it look similar with the step in hypothesis test.

This group assignment enabled me to pin out my strength and weaknesses throughout the process. What’s more not just understand the complexity of analysing and interpreting the data, but also applied them in my future career as a banker. No doubt that the skills and technique I learnt in this module will be useful and vital for me to get more job opportunity in the future.

(594 words)

All summer long, the tech world has been abuzz as to when Apple will launch its coveted new product, the iPhone 5(Horowitz, 2012). According to Apple Press Info, iPhone 5 pre-orders doubled previous year record, topped 2 million units in first 24 hours worldwide, said the company, Apple Inc (Apple Inc, 2013).  Demand for iPhone 5 had far more exceeds the expectation specially compared to the sales record set by previous model, Iphone 4. This resulted part of the pre-orders request has to be delay for delivery (Bloomberg and Reuters, 2012). 

 Even though it has not been a year after the launch of Iphone 4, yet blockbuster Iphone 5 has become the focus of the public. From the article, it highlighted that due to the better features with Iphone 5, the excess demand had lead to a shortage of products in the market. According to a record by Techcrunch, Apple sold out their preorder stock within 60 minutes, which are 20 times quicker than the iPhone 4s where took 22 hours to reach this mark (Gallagher, 2012). The shortage of Iphone 5 can be discussed using market equilibrium concept as following.

In Diagram 2.1, it shows the graph of supply and demand of IPhone 5. The market is in equilibrium when the supply curve and demand curve intersect while the corresponding price is equilibrium price and the corresponding quantity is equilibrium quantity. From diagram 2.1 above, E1 is the equilibrium point of iPhone 5 where the quantity demanded and quantity supplies are equal. Economist also refers equilibrium as market- clearing because of the quantity demanded and quantity supplies are same there is no surplus nor shortage occurs. Neither producers nor consumers tend to change the price or quantity, which is an important situation for equilibrium.

Based on the sales performance upon launching, it has definitely proved Apple Company had successfully launched their marketing campaigns which lead to the phenomenon as underproduction. Underproduction has lead to a market failure where lead to a dead weight loss in total surplus (consumer surplus and supplier surplus), which means Apple Company is regarded as inefficient Company. However, the causes would need to further examine when it is a blockbuster product. Public do have a very high expectation on their product due to their success of getting innovation for traditional product. Furthermore, there has been word-of-mouth marketing campaign had also helped to boost the performance of the new feature within Iphone 5. 

 Diagram 2.2 People queue up in Newcastle for the new iPhone 5

As long as Apple underestimates the demand for a hot new product, Apple will have loyal customers clamouring for the new devices; in fact, they’re willing to lines up for hours before stores open to buy a new product as shown in diagram 2.2. Apple Firm successfully create marketing buzz as Apple are reported had price advantages in securing key components, manufacturing capacity, capital equipment, and airfreight capacity (Iqbaljhr, 2013).

In Figure 2.3 below, it illustrate how does market responds to underproduction and the likely effect of it.

In theory, when the original demand curve shift to the new demand curve (D2) intersects with the original supply curve at a new point (E2), the new equilibrium price (market price) should have moved to a higher level at P2. However, due to the fixed pricing policy by Apple to ensure the value-in-use for their products, this had shifted the demand curve and leading a temporary shortage of iPhone 5 between Q1 to Q3.

This has indirectly locating a price cap as well as price cap on the Iphone 5. In order to meet the demand of customers, there are black market in existence where Iphone 5 are illegally sell at above market price by third party or customers choose to switch their preference to another brand. It is also likely that users will go for a forged Iphone 5 as it can be bought at a much lower price and was available in the market anytime.  Again, the market is inefficient and leads to dead weight lose in total surplus.

            The proportion of dead weight loss shared between buyer and supplier is much depended on their elasticity. Elasticity is the measures of relationship between how much the quantities demanded and supplied of a product will responds to the change in price change for the particular goods. When a percentage fall in price can lead to a higher raise in percentage for quantity demanded, it can then be regarded as elastic curve as shown in figure 2.4. 

Apple firm is operating in an Oligopoly structure, as there are only a few close competitor in the Smartphone industry like Samsung, Nokia and HTC. To succeed in this industry, brand loyalty is the key (Louis, 2013). The elasticity of demand curve wills also dependent on the marketing mix strategy of its competitor which is also kinked curve.

The price elasticity of demand for iPhone 5 is simply inelastic when there is no price war between the peer industry and are people are willing to purchases it disregard of its price.This is an element of brand loyalty. Furthermore, iPhone users appeared to be more rich and “high techs” in such a way that iPhone comes with IOS 6; the world’s most advance operating system, which enhance system’s performance (Apple Inc, 2013).In Figure 2.5, it shows a steep inelastic demand curve where in quantity demanded for Iphone 5 is smaller than the change in price.

From another perspective, if there is price war between the Smartphone companies, the offered price by Apple Company would likely to change more than the quantity demanded. This is because each and every brand posses different type of technology advancement in their products which makes users difficult to compare all products on apple to apple basis. Thus, any reduction in price will lead to the perception of value for money.

In oligopoly markets, technology advancement is considered as an artificial barrier to entry. Apple firm differentiate themselves with their competitors through model changes, advertising, proliferation of brands and so forth where all are legal business practices that to be used in the oligopoly industries. Apple firm do have to consider the actions of other firms and their behaviour is interdependent as shown as Diagram 2.6. 

As a model of oligopoly, Apple firm pricing sought to explain “stickiness” of oligopolistic prices as a natural result of non-collusive behaviour (Riley, 2012). In equilibrium, the marginal social benefit (price) of their products exceeds the marginal social cost. Output of Apple firm will tend to be lower as I mention earlier and at higher prices to consumers. The kinked demand curve model assumes that Apple firms reach a stable profit-maximizing at price, P1 and output, Q1and have little incentive to alter prices. Not to forget that Apple firm maintain their current price if any one firm raises its price or any price reduction by any single firm.

In conclusion, Apple Firm frequently maintains their position of dominance in an oligopoly market because it is too costly or difficult for potential rivals to enter the markets. Somehow, Apple firm has an ownership of scarce resources of their output and successfully creates a market buzz. Furthermore, as a strong brand, Apple firm successfully creates brand loyalty, “locks in” existing customers and deters the entry lead the firm to gain a higher market share. Back to the main article, a shortage of supplied for iPhone 5 might lead to existing of black market. Normally, the prices in black market are lower than market price because black market does not pay any taxes. In some country, the black market exist even iPhone 5 had not launched out yet. They most probably will sell at a higher price because the product is limited in that particular country. It is an illegal trading and you will be penalized of get caught for buying product from black market and might be sue by the Apple Company too.Think twice before your action!

(1439 words)

References

Apple Inc (2013) iPhone 5 Pre-orders Top Two Million in First 24 Hours. Available at:
http://www.apple.com/pr/library/2012/09/17iPhone-5-Pre-Orders-Top-Two-Million-in-First-24-Hours.html [Accessed 21 May 2013]

Bloomberg and Reuters (2012) iPhone 5 pre-orders double previous record, top 2 million. Available at: http://www.thestar.com/business/2012/09/17/iphone_5_preorders_double_previous_record_top_2_million.html [Accessed 4 May 2013]

Gallagher, B. (2012) iPhone 5 Pre Order Sells Out 20X Faster Than 4s, Further Highlighting Apple’s Dominance. Available at: http://techcrunch.com/2012/09/14/iphone-5-pre-order-sells-out-20x-faster-than-4-and-4s-further-highlighting-apples-dominance/ [Accessed 7 May 2013]

Horowitz, J. (2012) iPhone 5 Release Date: September 21 Likely to Be Launch Day. Available at: http://www.policymic.com/articles/13287/iphone-5-release-date-september-21-likely-to-be-launch-day [Accessed 6 May 2013]

Iqbaljhr (2013) Apple Inc. Pro and Con. Available at: http://www.studymode.com/essays/Apple-Inc-Pros-And-Cons-1544054.html [Accessed 7 May 2013]

Louis, T. (2013) The Apple Monopoly. Available at: http://www.tnl.net/blog/2012/02/26/the-apple-monopoly/#sthash.bxHNmDPO.Uc5dZxgJ.dpbs [Accessed 4 May 2013]

Riley, G. (2012) Oligopoly –Non Collusive Behavior. Available at: http://www.tutor2u.net/economics/revision-notes/a2-micro-oligopoly-overview.html [Accessed 4 May 2013]

Reflective Journal - Microeconomics

Throughout the nine week of learning “Microeconomic”, I have a better understanding on how economic works in the world and it actually applied into our real world. I did my basic economic since my foundation year and I enjoy learning it is an interesting and fun subject for me. Although Microeconomics since more tougher in degree but somehow I learnt to cope with it and gained deeper knowledge on it.

In general, economy is a social organization through which decisions about what, how and for whom to produce are made. Besides, there are four factors of production which is labor, land, capital and entrepreneur which enables us to have a better understanding on how these inputs made economic profit through output produced. Conclusion of chapter one is I have more familiar with economic term such as allocative efficiency and productive efficiency throughout the first topic. I learnt to think more deeply and applied it in my future studies such as investment.

What’s more, demand and supply makes me have a better understanding on the market structure and how equilibrium system works. In lecture 2, I get to learnt how people respond to prices and how demand and supply affects prices as well as quantity demanded and quantity supplied. Linking to lecture 2, lecture 3 explores us to the business environment through price elasticity and the important in making economics decisions. After tutorial class, I manage to differentiate price elasticity in inelasticity, unit elastic, or elastic, and range them from zero to infinity.

Different from other lecture, Chapter 4 involves more government interaction and critical thinking. The concept of consumer surplus, producer surplus, total surplus and the effect of tax and its connection with the price elasticity of demand, as well as how price ceiling and price floor affect the market equilibrium help me gaining knowledge on how an illegal market operates enables me to have a better scope of understanding in complex world economy.  Moreover, critical thinking is significant because there required many employers regardless of the job prospect.

Apart from able to distinguish between short run and long run production time frames, I’m also able to describe the law of diminishing return, determine increasing, constant and decreasing returns to scale. I still remember that in lecture 5 & 6, I nearly give up when went through the progressive tough of dealing and calculate with TFC, TVC, MC, AFC, AVC and ATC. Somehow, I get used with it after tutorial section and I believed that it will benefit me in determining the outcome condition of the company I work with more easily through graph, product schedules and product curves.

For some people, the competition world in microeconomic such as perfect competition, monopoly and monopolistic competition might be a toughest subject among all due to its application questions which involve critical thinking compared to management which is just memorizing and applying. For me, in term of reading, learning and understanding, I able to analyse various economic, political, and social issue that had a significant impact on business world. Overall, this module had taught me to be a smart producer and rational consumer while helping me solve uncounted problem when facing economic uncertainty.
                                                                                                                          (531 words)

Reflective Journal - English For Business Purpose

First of all, let me have a short briefing on Academic Integrity before go into the main topic where why it is important. Academic Integrity is defined as a culture of honest and mutual trust; it is the ways to show the acknowledgement of other’s ideas works and images where the knowledge was being developed. (UWE, 2012)In my point of view, Academic Integrity is important for all members of University, no matter whom you are, having a responsible manner is adhering to honest method of learning and teaching.

What's more, academic integrity did show the level of honestly of a particular student when doing their work. With the advancement of technology, information is at your finger tips. Being a student, we should not have the behaviour of “cheating” where we copying other’s idea from World Wide Web and paste it in our work without giving any credit to them. Plagiarism considers as academic dishonestly and it was an act of fraud. Sadly to say that it was a shame for being an educated student with an irresponsible attitude. Thus, College and school play an important role in primary responsibility for resolving academic dishonesty allegations and also responsible for administering relevant policies and procedures.

Obviously, I had made a clear stand about the importance of Academic Integrity. Adjacent to this, I would like to discuss about the important to adhere the rules of academic integrity. By adhering to the rules of academic integrity, it actually helps a lot in identify those sources which needed to be referenced as well as avoid assessment offences such as penalties. Indeed, academic integrity ensures that students will be graded fairly plus giving recognition to person’s who comes up with the idea.

As I just mention the important of academic integrity and reason adhere the rules, well I would like to thanks Taylor’s University for stresses on academic integrity. I had learnt the proper way of referencing while avoiding plagiarism in the beginning week through the subject “English for business purpose”. Being honest, it actually a tough process for me when I first doing the UWE harvard referencing in my individual assignment which require at least 2 online sources and 2 written sources. I spent quite a number of hours research for reliable material from both sources. It actually a “Lifelong Learning” to me as being a business student I believed that I need to done more research paper in the future.

In the mean time, I learnt to locate, utilise and extract information of others while applying academic integrity in the process of doing my works. Paraphrasing, summarising, citation and referencing are what I practice all the time. Successfully, I avoid myself from plagiarism, academic dishonestly and punishment.  Last but not least, I hope to practice and apply academic integrity while being equipped with Taylor’s Graduate Capabilities during my work life, as it would help me to become a trustworthy person by building a strong reputation and holding a strong value.

(496 words)

Reference:

University of West England (2012) Harvard Referencing at UWE: Avoiding Plagiarism. Bristol: University of West England

Accounting

Reflective Journal 1:

          Throughout weeks of studying “Introduction to Accounting” I found that it really useful and helpful in my future career as a banker. The most basic things that every business needs are able to measure the success of its operation through the financial report prepared at the end of the year. I found that accounting is important for every individual and company as it is the most basic systematic manner in recording a business transaction. This module makes me have a clear understanding of the method used to record, analysis and report the data in financial report.

                                                                                                                                                (96 words)