Financial Reporting Problem Essay Example for Free

Financial Reporting Problem Essay Abstract In this paper we will discuss Walmart’s Balance sheet and Income Statement. We will analyze the company’s total assets at the end of the most recent annual reporting year and to why it is important. We then will talk about the company’s total assets, how much cash and cash equivalents did the company have, as well as, the amount of accounts payable at the most recent year, and from the previous year. What the company’s net revenues are from the last three annual reporting periods, the change in dollars in the company’s net income from the most recent annual reporting period to the previous annual reporting period. We will talk about the company’s total assets at the end of the most recent year and the previous year from the annual reporting period. Lastly, we will discuss as to what information that has been obtained within this paper that would be important to a potential investor, employee and so forth. Financial Reporting Problem, Part 1 Total Assets The total assets for Wal-Mart as of January 31, 2013 were $203,105,000. The reason this is important for a company or business to know, is so the business can have a better understanding of how much the company is worth. Knowing how much a company is worth is beneficial because the assets can be used as collateral for a loan. Also knowing the assets and comparing total assets to previous years can show if a company is growing and expanding or shrinking. For Wal-Mart, the comparison from the previous year shows that the total assets increased. As of January 31, 2012 the company showed total assets of $193,406,000. With the comparison from January 31, 2012 to the current figure from January 31, 2013 Wal-Mart grew and/or expanded in total assets by 9,699,000. Cash and Cash Equivalent The total cash and cash equivalent for the end of the year for Wal-Mart as of January 31, 2013 is 7,781,000. Knowing the total cash and cash equivalent will help the company to know how much the company has to spend. No organization has the intention of spending more money then what the company has available. If a company has very low cash or cash equivalent then the company will need to consider if a loan is needed. In consideration for a loan total expenses needs to be considered. If a company like Wal-Mart has enough cash to pay all expenses then a loan isnt needed, but if the expense exceeds the cash then a loan is needed. Also another factor to consider on getting a loan is if the money coming into the company will be enough to pay the loan back. Accounts Payable The accounts payable for the end of the most recent annual reporting period that ended January 31, 2013 is 1,061,000. Knowing the accounts payable helps a company to know one of the companies expenses. This is important because if the companies accounts payable are higher than the money coming in, that could be a problem for the business. Comparing to previous years accounts payable can show many different problems or benefits for the business. Net Revenues Walmart Inc. net revenues from the last three annual reporting periods are as follows; On January 31st, 2011 in the amount of $421,849,000. On January 31st, 2012 the net revenues were; $446,950,000 and on January 31st, 2013 it totaled to the amount of $469,162,000. From looking at the reports Walmart Inc. has had an increased from 2011 to 2012 in the amount of $25,101,000 and from 2012 to 2013 has increased to $22,212,000. Net Revenue helps account for certain price reductions, adjustments and refunds. This is necessary to get the general measure of the real top line rather than the bottom line. Net Income Looking at Walmart’s income statement from the net income of 2013 on January 31st it totaled in $16,999,000. The change from 2012 and 2013 is a increase in $1,300,000. The net income from 2012 is $15,699,000. From looking at the statement and seeing that there is a loss due to nonredeemable and redeemable non-controlling interest the company has lost net income by 16,998,000 within 2013 but in 2012 only had a 609,000 difference, and in 2011 had a 1,289,000 difference from 2013. When it comes to Net Income it is closely followed and play a huge role in ratio analysis. Shareholders take a close look at the net income due to their compensation of the company. If a business is not generating enough profit, the values of shares fall. It is important to know that net income does not measure to how much cash a company has earned during a given period. Change in Dollars of Net Income The change in dollars of Walmart’s net income from 2013 is 16,999,000 and from 2012 it is only a million dollar difference of 15,999,000. Total Assets in Recent Year from Annual Reporting Wal-Mart has reported its accounting period for fiscal year 2013; accounting period ends on January 31st of each year. Wal-Mart’s current total of assets as of fiscal year 2013 is $203,105,000.00. Wal-Mart continues to grow in consecutive years with an average increase in assets of $10,000,000 dollars a year for the past five years. The earnings per share have increased 10.6 percent increasing their shares to $5.02. The company has made earnings in addition of $22 billion make it a $ 466 billion dollar corporation. It is with no doubt that the success of the corporation continues on the rise. The corporation owns 4,000 locations in the United States alone adding $10 billion alone in net sales. Further from generating income and investing in growth and assets Wal-Mart has always researched and invested in ways to reduce expenses and operating costs. Strategies such as training front line and middle managers in operating cost reductions and implementing sales and inventory syste ms have greatly reduced operating costs in the current successful years. Total Assets from Previous Annual Report In fiscal year 2012, Wal-Mart had a total of earning of $15.8 billion  with a closing total of net sales of $443.9 billion. Since 1992 Wal-Mart has made and increased a total net worth of sales of $400 billion dollars. The corporation strategy for 2012 was to continue to invest in growth and re-enforce in what separates them from their competitors, their low incomparable low merchandise prices. A very unique idea that required greater investments and growth was that of creating a merchandise corporation to the public that provided a one stop be all shopping store. The corporation concentrated in providing its customers a broad assortment of merchandise which provided customers in a sense a time saving tool in a high tempo life style generation. Wal-Mart’s obvious and epic success of how effective and efficient their corporation strategies are. In addition Wal-Mart continues to re-invest in its online market and expanding its online strategy. Important Information Wal-Mart received a total of $332 million in common stock in the year of 2013 alone. In 2012 Wal-Mart returned dividends to its investors worth $60 billion in shares. A high number of their investors are Wal-Mart associates averaging an increased percentage of stocks by the yearly. A yearly accounting period of accounting provides the corporation’s accounting state which in return provides transparency to its current investors and a corporate overview of potential new investors. Internally Wal-Mart benefits from these reports in projecting new investments. Strategic Management can influence how much can be reinvested while at the same time have oversight of how expenses, employee and associate management, and operating costs have to be considered before any over spending incurs. Overall an accounting report is essentially the backbone of a corporation. The accounting structure requires having a solid foundation in a corporation in order to have a successful business. Accountin g is the measurement of how much a business fails or it is successful. References http://c46b2bcc0db5865f5a76-91c2ff8eba65983a1c33d367b8503d02.r78.cf2.rackcdn.com/88/2d/4fdf67184a359fdef07b1c3f4732/2013-annual-report-for-walmart-stores-inc_130221024708579502.pdf

Leadership Study Essay -- Leadership

The ability to be a leader has been studied extensively. Throughout this extensive study, some have pointed to leadership being a born trait (Northouse, 2012) while others point to the ability to learn the skills associated with becoming a great leader (Hughes, Ginnett and Curphy, 2012). While each side has its own valid points, one way to argue either way to see these skills in action. Whether these skills are seen in a high school student government association or the office of a large nationwide non-profit, they are present. The study of leadership has led to the description of several different styles of leadership. These styles include legitimate, expert, information, connections, referent, coercion and reward power. No matter the type of experiences a person has, they will most likely see these types of power. Legitimate power may be one of the easiest forms of power to identify. Hughes and colleagues (2012) refer to legitimate power as one’s formal or official authority. This power is mostly appointed, but can be given through democratic processes (Sager, 2008). A leader who asks someone to complete a task or assigns a specific role to someone can be seen as legitimate. Local culture, as defined by the bureaucratic and chain of command within an organization, is a great way to identify who has legitimate power. A call center environment is a great example of this legitimate power hierarchy. Within one such environment the company was divided amongst several different leaders. The top of the hierarchy was the channel manager, who is held accountable to the client. Below this level are two managers who assign the task of contacting customers to those employees who make direct contact with clients. These two managers mon... ...l and the organization. Works Cited Culley, M.R. and Hughes, J. (2008). Power and public participation in a hazardous waste dispuit: A community case study, American journal of community psychology, 41, 98-114. DOI: 10.1007/s10464-007-9157-5. Hughes, R., Ginnett, R., & Curphy, G. (2012). Leadership: Enhancing the lessons of experience. (7 ed.). Montouri, Amsterdam: McGraw-Hill/Irwin. Northouse, P. (2012). Leadership: Theory and practice. (6 ed.). Thousand Oaks, California: Sage Publishing. Sager, J. (2008) Sources of power. In Rothman, J, Erlich, J.L. and Tropman, J.E. (Eds.), Stratgeies of community intervention (pp. 425-446). Peoesta, Iowa, Eddie Bowers publishing co. inc.. Strom, S. (9 July 2008) Funds misappropriated at 2 non-profit groups. New York Times. Retrieved from http://www.nytimes.com/2008/07/09/us/09embezzle.html?_r=1 on May 25, 2012.

Eudora Welty Research Paper

She was the oldest of three children and the only girl of a very close-knit family. Her father, Christian Webb Welt, was an Ohio native who worked for an Insurance company. Her mother, Mary Chastens Welt, had been a schoolteacher In West Flagella. Welt's mother, being a schoolteacher, loved to read and Influenced Welt to read at a young age. In her biography, Welt tells about her earliest memories of her parents reading to her and to each other at night.She was always surrounded by books and was always reading. Her love of reading led her to graduate high school and further her education, which most girls during this time did not do. Welt had potential that did not go to waste. Eduardo Welt became a well-known, skilled writer who used her own background and experiences to help shape her stories into something captivating, stressing the importance of place in each and every story (Kerosene). She began her studies at the Mississippi State College for Women. Here, she helped start a lit erary magazine.Two years later, she began studying at the university of Wisconsin and earned her bachelor's degree there. After Informing her arenas that she wanted to become a writer, her father suggested she have something else to fall back on. Upon his advice, she decided to study advertising at the Columbia university School of Business. The job industry was tough when she graduated, so Welt decided to move back to Jackson (Machismo). After moving back home to Jackson, she began working for a local radio station and wrote about the society of Jackson for the Commercial Appeal in Memphis.Five years after taking this job, she began working for the Works Progress Administration, which was a government program established during the Depression, as a publicity gent. Welt thoroughly enjoyed this Job, which enabled her to travel all over Mississippi and see things she had never seen before. The people she saw amazed her and worried her at the same time. She used a cheap camera to captu re pictures of everything she saw and documented It for the WAP. She wished for these pictures to be published, but they only went so far as to be exalted In New York.She also interviewed various people, each one intriguing her more and more (Prose). Through her experiences working with the Works Progress Administration, she got a huge feel of Southern life outside of Jackson. This was the starting point for her future in writing her stories. Location was of great importance in Welt's stories. She believed that place was what made stories seem real and complete. One of Welt's famous quotes is, â€Å"A place that ever was lived in is like a fire that never goes out. Jackson was her home all of her life, and it was what she knew best. She Incorporated this familiarity and Intimacy so flawlessly into her work and It is this that draws the reader in. It is so apparent that heart Is put Into her writings. Although most of her stories are set In the deep south, most critics Greer that he r work Is all-inclusive and not narrowed Just to southern living, language, and customs (Moloch). She Is able to detach from what she knows best and observe other aspects of the world.Neither of her parents were originally from Living in New York for a few years also broadened her horizons. She said it best when she said, â€Å"Through travel I first became aware of the outside world; it was through travel that I found my own introspective way into becoming a part of it. † With all of her experiences tied together piece by piece, story by story, Eduardo Welt became a well-known, award winning writer (Discussions). Eduardo Welt explained in her autobiographical work, One Writer's Beginnings, how her fiction stories grew from this â€Å"sheltered life† that she lived.This book was published later, in 1984, and consisted of three different lectures that she gave at Harvard University, with the sections being titled: â€Å"Listening†, â€Å"Learning to See†, and â€Å"Finding a Voice†. She used this book to give an explanation of what makes a writer become a writer and to show her natural roots. She explains how she converted this part of her life into a new and different perception, and from this, she wrote her fiction. Using a series of expressive memories, she described in detail her life as she was growing up.She used memories that she felt were â€Å"significant†, which kept the reader wanting to read more, instead of growing bored. She says it best herself in only a few sentences: â€Å"Long before I wrote stories, I listened for stories. Listening for them is something more acute than listening to them. I suppose it's an early form of participation in what goes on. Listening children know stories are there. When their elders sit and begin, children are Just waiting and hoping for one to come out, like a mouse from its hole. (Welt) Welt's first published short story of her career was written in 1936 called â€Å"De ath of a Traveling Salesman†.She sent this story, along with a letter, to the editors of a magazine called Manuscript. The magazine published her story and her letter in their June issue. The story was very well written for it to be her first, and showed that she knew what she was doing. Two admired publications, the Atlantic and the Southern Review, allowed Welt's work to appear their magazines within Just two years Cones). Her talent in her first story was recognized by the author Katherine Anne Porter. Porter went on to write a complimentary preface for Welt's first book, A Curtain of Green, full of Welt's short stories.This introduction boosted the American awareness of Welt's work. Welt's first novel, Delta Wedding, was published in 1946 (Discussions). A few decades after Welt's career launched, around 1956, she began having troubles at home. Her brother's arthritis became more severe, disabling him and also causing heart problems. Just as this problem occurred, Welt's mo ther had a series of strokes. The strokes took a huge toll on Welt's mother, and it left her all but blind. More problems followed these already troubled times. Her other brother fell into a depression, and it wasn't his first.He was also afflicted with the same arthritis that had taken over their brother (Mars). For almost ten years, Welt fought through many battles, seeing family members and friends close to her suffer through illnesses, some less fortunate in their struggle than others. Theses hardships limited her writing, but in the long run, they only made her and her work stronger. She was finally able to finish her novel, Losing Battles, in 1970 (Vandalized). This was the one piece of work that took Welt the longest to make. In reviewing the book for the

Analyse The Business Model Of Supermarket Chain Aldi - Free Essay Example

Sample details Pages: 8 Words: 2427 Downloads: 6 Date added: 2017/06/26 Category Statistics Essay Level High school Did you like this example? Analyse the business model of supermarket chain Aldi Introduction Aldi, a German supermarket chain, entered the UK market in 1990 and now operates a network of over 500 stores (Aldi, 2014). The competitive landscape for UK supermarkets is fierce (Sandberg, 2013) with many different strategies being adopted, each aligned to a different segment of the market. Aldi focuses on delivering a basic, value for money shopping experience (Naslund, 2013). Don’t waste time! Our writers will create an original "Analyse The Business Model Of Supermarket Chain Aldi" essay for you Create order Such a cost leadership strategy and lower cost structure enables discount companies to enter and take a larger percentage share of the market (Harvard Business Review, 2005). As consumers focus on saving money in times of recession, the business model used by Aldi presents an opportunity to save money on weekly food shopping whilst still buying healthy food. Supermarkets following a low cost leadership strategy often stock the same product as their rivals but deliver it under a different service model (Harvard Business Review, 2005). Smaller companies, such as Aldi, do not spend as much time publicising their plans or marketing their products, this can create competitive advantage as they are less exposed to public opinion. This leads to an information gap, however it also allows them to develop and grow quickly whilst adapting to the changing trends (Skordili, 2013). The increased demand for cheaper food is better served by discount retailers. It also removes a significant cost a ssociated with in store branding, technology and functionality, enabling the same or similar products to be offered cheaper. The external business environment is made up of two elements; the general macro environment which takes a wide lens view of the environment in which the business operates and the micro view which focuses on the specific industry or sector in which the business operates (McLean, 2005). The external environment refers to events or trends, which are relevant to the business, as well as being uncontrollable by the business. The external environment directly contributes to the success or failure of the business, for example in 2010 Aldi left the marketplace in Greece citing unfavourable external factors as the reason (Skordili, 2013). By understanding the external environment leaders make better decisions (Kefalas, 1981); knowing the likely impact of that decision and knowing what might affect the organisation in the future. The external business environment is changing faster than ever (Mason, 2007) and therefore being able to understand, anticipate and adapt to changing trends is a key leadership skill (Kotter, 1996). This essay presents an analysis of the external business environment in which Aldi UK operates. Analysis of the general macro environment using PEST before a more focused analysis of the retail supermarket sector is conducted using Porters Five Forces Model in order to draw conclusions. The External Business Environment Stacey (2011) explains that the dynamic of this macro external market place can be categorised into a number of headings for the purpose of analysis. PEST allows a business to periodically scan the environment to anticipate future trends as well as identify current challenges. PEST scanning splits the environment into 4 key factors: Political, Economic, Social and Technology. This is a commonly used, simple model which allows the general market to be scanned. The micro external environment was described by Porter as being concerned with getting raw materials to consumers, suppliers to buyers and how the connection are made in a competitive way (Linstead, Fulop and Lilley, 2004). In this model the specific sector or market in which the organisation operates is analysed, this allows the specific market challenges within that sector to be understood for that organisation. To undertake this micro level analysis Porter created a model called the Five Forces which looks at the interac tion between the forces. At the heart of the model is competitive rivalry which is impacted by 4 other forces: Power of suppliers Threat of new entrants Power of customers Threat of substitutes Porter argued success was created by the organisations ability to negotiate with suppliers to get the right prices which enable a low cost leadership model or enable larger margins. By putting itself in this position the organisation remains in the driving seat. PEST Analysis There are a number of factors which Aldi need to consider as part of their PEST analysis of the UK marketplace. The Political Environment The UK elections in May 2015 may result in a change of government. A new government may impose new legislation, tax implications and market conditions. Furthermore, with some of the parties pledging a European referendum as part of their campaign, such a move could lead to the UK leaving the European Union which, as a German company, may present a further risk which will need to be addressed. Employment legislation continues to change on a regular basis, 2015 has already seen significant changes with the introduction of shared parental leave (ACAS, 2015). There are continued discussions around the extension of paternity leave. Such changes have an economic impact on the business but also create risk that staff may take a case to tribunal. It is proposed that zero-hour contracts will be abolished in 2015 (ACAS, 2015), as a supermarket it is likely that seasonal staffing is used in busy periods such as Christmas. Without zero hour contracts this could become harder to staff and more expensive. As a European company, EU legislation is also a factor to consider as any change at a EU level will also have a direct impact on the organisation. The Economic Environment As the UK economy moves out of recession, there could be a change of buying behaviour from low-cost stores back to mainstream supermarkets. This shift could have a detrimental effect on market share. Aldi may need to consider how to compete in such conditions, if at all. During times of financial pressure consumers turn to cheaper food suppliers (Skordili, 2013), which has created an ideal market for Aldi in the UK and has contributed to its growth. This may in turn change demand, supply and fundamentally affect pricing creating instability in the company as customers go back to higher priced competitors. A change in government may also create a different in tax requirements, which could become more costly. Success is created through a finely tuned supply chain, with distribution and logistical capability becoming one of the key competitive weapons available (Sandberg, 2013). Aldi operates a model which has created success in Germany where the main point of competition is price, with consumers preferring lower levels of service and a narrower choice to enable a lower price (Fernie and Arnold, 2002). The Social Environment Discount chains could be met with a degree of social stigma, as the economy rises individuals may want to shop at more expensive leading names such as Tesco, Sainsburys or even Waitrose. The UK has an aging population (Cracknell, 2010), an older workforce may be more costly in terms of sickness and present further problems for employers. With the introduction of auto-enrolment for pension schemes this adds a further cost to the business as employers will have to contribute to employees pensions. As competitors such as Asda, Tesco and Sainsburys introduce a more diverse range of products including clothing, non food items, opticians, chemists, travel agencies and more which could see a change of buying behaviour. Competitors also offer a 24 hour opening service, as the way people work becomes more diverse over time will this see a change in buying habits. Aldi may need to consider this strategy as a way to maintain market share. This will carry increased costs both in terms of overheads and staffing costs. There have been a number of international companies highlighted in the press due to their accounting practice and what this means in terms of where they pay their tax (Barford and Holt, 2013) This could lead to a change in favour by UK consumers who may feel increased loyalty to UK established firms. By operating a narrower product range, Aldi has moved away from abundance of choice and created a streamlined shopping experience. Busy family life may benefit from this approach of making the shopping process quicker and more focused. The Technological Environment Online and mobile shopping is becoming increasingly popular (Butler, 2013), currently not offered by Aldi this may be a strategy that needs to be considered. This may also need to be enhanced with other technology led initiatives such as in-store media, self-checkout and access to Wifi. Technological infrastructures are a key component of the supply chain of the modern business, intelligent stock management and supply is key to success. Point of sale systems and checkout facilities are significantly different in larger stores, Aldi operates a traditional conveyor belt approach with no options for self service. Enhanced service from competitors such as offering to pack up bags for consumers creates a different in store experience however the average time per person will increase. Five Forces Analysis Within the grocery sector in the UK there is fierce competitive rivalry. A micro analysis is presented below: Threat of New Entrants à ¢Ã¢â€š ¬Ã¢â‚¬Å" Low The threat of new entrants is relatively low due to the cost of entry and the competitive environments. The cost requirement for a new brand to establish itself in the market is high. Building a large retail estate network coupled with stock levels will take significant investment. As Tesco enters a period of decline, due to what is widely considered unethical practice, bad financial management and abuse of power (Proud, 2015). This may lead to a decline in consumer favour leading to opportunities for merger and acquisition of the brand. Threat of Substitute Products à ¢Ã¢â€š ¬Ã¢â‚¬Å" Medium / HighBy offering a narrow product range, Aldi remains agile to changing trends. Products can be changed quickly in the event of changing market trends. Aldi operates relatively small stores therefore limiting the number of products that can be offered. Substituted could therefore be offered by larger stores, with more space to offer an increased product range. The Bargaining Power of Suppliers Low Supermarkets have greater bargaining power than suppliers, often pushing for discounts and favourable terms due to the scale of buying power (Proud, 2015). Suppliers may favour larger orders from the bigger competitors, therefore are less willing to offer discounts and offers to the Aldi chain. However Aldi still operates a chain of 500 stores so has a degree of buying power in its own right. It also has the additional power to buy across multiple countries in order to get favourable terms. The Bargaining Power of Buyers à ¢Ã¢â€š ¬Ã¢â‚¬Å" High Buyers can make choices about which supermarket to use very easily based on offers, availability of items and ease of access. Aldi does not offer a loyalty scheme so there is no additional incentive to return week on week. Rivalry among Existing Firms à ¢Ã¢â€š ¬Ã¢â‚¬Å" High The sector is subject to intense rivalry with a focus on cost. Many brands offer to match prices of their competitors and undertake price comparison activities. This fierce rivalry leads to aggressive marketing campaigns with each player trying to win market share from the other. This increase competitive activity creates additional costs through advertising and marketing as well as leading to reduced prices (Linstead, Fulop and Lilley, 2004. Aldi operates on a low level of fixed costs in order to deliver lower priced products, with competitors also targeting this lower price point this presents a risk to Aldi if they are not able or willing to invest in advertising to address such activity. Conclusions Aldi operates in a highly competitive market place, both the macro and micro perspectives show challenging market conditions. Whilst new entrants are unlikely there is a clear need to explore changing customer buying trends and how interactive routes to market contribute to customer loyalty. With buying patterns moving towards 24 hour shopping, online marketing and self-service, consideration needs to be made around whether this needs to be included in Aldis long term strategy. The UK election in May 2015 presents the most immediate challenge, particularly if that results in a change of government and possible European referendum. Should the UK leave the EU this is likely to present Aldi with a financial challenge as well as imposing possible import restrictions for products. Equally, such a move could also see buying trends move towards British companies. Aldi continues to thrive in the market, however a change in the disposable income of its customers may also change buying habits. Focus on retention of market share needs to be integrated into the strategic sustainability plans, particularly in the absence of any loyalty schemes. Continual development and alignment to its target market is critically important to maintain market share and ultimately survive. Consideration needs to be made around what consumers want from their experience. By undertaking market research and focus groups Aldi will be able to understand what is working and what may be useful to start to consider. In a world where change is the norm it should be expected that all businesses will have to adapt and become more agile to some degree. References: ACAS (2015). www.acas.org Aldi (2014). www.aldisuppliers.co.uk Auyama, Y. (2007). Oligopoly and the Structural Paradox of Retail TNCs: an assessment of Carrefour and Walmart in Japan. Journal of Economic Geography. 7. P471-490. Barford, V. and Holt, G. (2013). Google, Amazon, Starbucks: The rise of tax shaming. BBC News (retrieved from https://www.bbc.co.uk/news/magazine-20560359) Butler, S. (2013). Online and Upward: UK internet shopping hits record high. The Guardian (retrieved from https://www.theguardian.com/business/2013/dec/17/online-internet-shopping-high-street-record) Cracknell, R. (2010). The Ageing Population. Key Issues for the New Parliament. House of Parliament Library Research. (retrieved from https://www.parliament.uk/documents/commons/lib/research/key_issues/Key-Issues-The-ageing-population2007.pdf) Fernie, J. and Arnold, S. (2002). Walmart in Europe; prospects for Germany, the UK and France. International Journal of Retail and Distribution Manage ment. 30 (2). P 92à ¢Ã¢â€š ¬Ã¢â‚¬Å"102. Harvard Business Review (2005). Strategy; create and implement the best strategy for your business. Boston, MA. Kefalas, A. G. (1981). Analysing Changes in the External Business Environment. Planning Review. 9 (4). P26-46. Kotter, J. P. (1996). Kill Complacency. Fortune. 5. P 122-4. Linstead, S., Fulop, L. and Lilley, S. (2004). Management and Organisation; a critical text. Palgrave, New York. NY. McLean, J. (2005). Management Techniques and Theories. British Journal of Administrative Management. 48. 17-17. Mason, R. B. (2007). The External Environment Effect on Management and Strategy. Management Decisions. 45 (1). P10-28. Naslund, D. (2013). Keeping the Customer (relatively) satisfied. Strategic Direction. 30 (3). P13-15. Proud, A. (2015). The decline of Tesco is a good, old-fashioned morality tale. The Guardian. (retrieved from https://www.telegraph.co.uk/men/thinking-man/11351115/The-decline-of-Tesco-is-a-good-old- fashioned-morality-tale.html) Sandberg, E. (2013). Understanding logistics-based competition in retail; a business model approach. International Journal of Retail and Distribution Management. 41(3). P.176-188. Skordili, S. (2013). The Sjourn of Aldi in Greece. Journal of Business and Retail Management Research. 8 (1). Stacey, R.D. (2011). Strategic Management and Organisational Dynamics. Laureate Education Inc. London, England.