Essay about Marcus Aurelius Meditations - 1199 Words

Kurt McGann 11/12/11 Period 1 Mythology Hart Personal Meditations Section 1 Stoicism: â€Å"a systematic philosophy, dating from around 300 b.c., that held the principles of logical thought to reflect a cosmic reason instantiated in nature.† (dictionary.com). Marcus Aurelius (the author of â€Å"Meditations†) was a stoic as well as an emperor. The book he wrote was a collection of thoughts, things he advised himself to do, a piece reflecting his stoicism, and a personal diary of sorts. The kinds of things put into this book were sometimes crazy, sometimes contradictory, yet sometimes very true and insightful. Marcus wasn’t a professional philosopher, and this comes out in his work, but he had an interesting way of living his life. His writings†¦show more content†¦Could you have a hot bath unless the firewood underwent some change? Could you be nourished if the food suffered no change? Is it possible for any useful thing to be achieved without change? Do you not see, then, that change in yourself i s of the same order, and no less necessary to nature?† Many things we reap benefits from only come from the change of that item, as marcus explains. As well as getting benefits from change, we can also get cons. If we change things, such as law reforms, many will be mad, and just as many will be happy. So when it comes to change, it can leave bad effects just as well as it can leave good effects. Although Marcus has good intent, I can’t head all of his advice. Marcus believed along with other things, that self-improvement was important over many a things. I agree that self-improvement is well, self-improvement; and by the nature of the phrase itself is a good thing. Marcus holds this true at a more extreme level, putting it before things that lead to your own happiness. If today was your last day to live (assuming you are certain it is your last day to live) and you had a responsibility to better yourself given to you before your death, Marcus would say to go through with that responsibility, even if it resulted in your own discomfort. Marcus sees the improvement of one’s self would be more important than your own happiness, saying that dying a better person is better than dying content. I completelyShow MoreRelatedThe Meditations By Marcus Aurelius1765 Words   |  8 Pagesabout The Meditations by Marcus Aurelius. In The Meditations, you read of ways to live y our life without fear of consequences. Forgetting past troubles and current issues will help our employees to work hard at what they have to do, working for our tire distribution company. The universe sets out our life before we are born and it is important to not let fear or mistakes get in the way of the future. If we assign everyone in the company, including those in satellite locations, Marcus Aurelius, I believeRead More Philosophies of Meditations by Marcus Aurelius Essay examples2608 Words   |  11 Pages Marcus Aurelius Even today, Meditations by Marcus Aurelius is read by every class from kings to common people. The book is a universal classic, meaning it can be related to at any time, by anyone. The philosophies included in his book have spanned the centuries, and Meditations remains to be one of the most influential books ever written. Marcus Aurelius was born on April 20, 121 AD into a family of royalty. His uncle and adoptive father, Antoninus Pius, was the emperor of Rome. Aurelius,Read MoreAnalysis Of The Meditations By Marcus Aurelius2002 Words   |  9 PagesThe Meditations was written by Marcus Aurelius, a Roman emperor, almost a hundred years after the birth of Christ. This man had all the power in the world, but he remained virtuous and pious as illustrated through his book. This book was never intended to be published. It is a collection of exhortations, reminders, reflections, and ideologies meant for his own self-improvement. By reading his Meditations, I have grown in thought and character. Aurelius has wonderful lessons everyone can learn fromRead MoreMarcus Aurelius Essay2625 Words   |  11 PagesEven today, Meditations by Marcus Aurelius is read by every class from kings to common people. The book is a universal classic, meaning it can be related to at any time, by anyone. The philosophies incl uded in his book have spanned the centuries, and Meditations remains to be one of the most influential books ever written. Marcus Aurelius was born on April 20, 121 AD into a family of royalty. His uncle and adoptive father, Antoninus Pius, was the emperor of Rome. Aurelius, too, was trainedRead MoreThe Philosopher King2423 Words   |  10 Pagesthroughout history and are influenced by historical events. First, the description of a perfect ruler in an ideal society in Plato’s Republic will be the first comparison and the basis of a philosopher king. Second, Marcus Aurelius, who was described as the first philosopher king wrote Meditations and it expresses his own thoughts and beliefs which can ultimately reflect his actions. Lastly, Notker’s account of Charlemagne can be used to examine a king who may not always be recognized as a philosopher kingRead MoreBoethius And Stoicism In The Consolation Of Philosophy1502 Words   |  7 PagesMarcus Aurelius in Meditations, believes that practicing stoicism will bring a person true happiness. Stoicism is an act of independence, and having a st ate of mind that all things that happen in life are meant to happen. Regardless what happens, stoics do not let it affect their actions or state of mind. Boethius in The Consolation of Philosophy, believes happiness is recognizing that a man’s desires being fulfilled is not true happiness, but having a relationship with God is true happiness. ReligionRead MoreEssay Marcus Aurelius and Stoic Philosophy1270 Words   |  6 PagesMarcus Aurelius and Stoic Philosophy Stoicism is a belief that the universe, despite its appearances, is completely rational and guided by fate. Within it, individuals can, by conforming themselves to divine reason, find their proper place, learn to accept whatever happens with a strong and tranquil mind, and fulfill their obligations to society. These beliefs are the heart of Stoicism, a philosophy that originated in Athens during the 3rd century BC. Stoicism can be divided intoRead More Marcus Aurelius Essay832 Words   |  4 Pages Marcus Aurelius was born on April 20, 121 AD into a family of royalty. His uncle and adoptive father, Antoninus Pius, was the emperor of Rome. Aurelius, too, was trained from birth to be a great ruler like his father. At age eleven, he dedicated himself to religion, although he considered philosophy to be the quot;true, inwardquot; religion, one which did not require ceremonies necessary in others. He was appointed by Emperor Hadrian to priesthood in 129. The Emperor also supervised his educationRead MoreMarcus Aurelius Philosophy is Unique957 Words   |  4 Pagesunique and Marcus Aurelius is no exception. (I would use his name here just to make sure the audience knows who you’re talking aboutïÆ'  He was a philosopher, though a not widely known (Word choice?), and I believe that he has a lot to teach us despite the fact that we live in a different era (After and make this into a new sentence or combine how you think he is brilliant despite not many people knowing who he is.). This is because the overall concepts and themes found in his meditations come into playRead MoreAn Antidote Of Modern Society : Stoicism1058 Words   |  5 Pagesdogma of the Stoicism finds itself at odds with manipulation. Roman emperor Marcus Aurelius would have found himself in conflict with the elite throughout his life. As a student, Marcus did not want to just be a student of philosophy, but an actor. Reflected in Meditations are three doctrines- Life is governed by Providence, happiness comes from virtue, and to not be angry at other men. These tenets would have taught Marcus how to best prepare himself as an intellectual and a leader, and how to manage

Einhard s The Life Of Charlemagne - 878 Words

Einhard’s The Life of Charlemagne is one of several prominent texts from Mediaeval Europe. The main focus of the text is on the life of Charlemagne, the Frankish king from the Carolingian dynasty. Under his rule, the Frankish kingdom experiences an extensive period of prosperity and growth, especially in intellectually related areas since Charlemagne himself is a well-known patron of the arts (#). Hence, Charlemagne is the ruler often credited for the â€Å"Roman revival† across Mediaeval Europe. In order to ensure that Charlemagne’s glorious reign will leave its mark in history, all of Charlemagne’s works and accomplishments are accounted for Einhard’s book. As expressed in the preface of the book, Einhard’s intention is to document the life of the greatest king that is often overlooked in other texts (*). Four essential facts are noted in The Life of Charlemagne: 1) The prevalence of alliances foreign relations 2) Cultural revolution throu gh public works endorsement of the arts 3) Promotion of the Christian faith 4) Public reforms throughout the state. The Frankish kingdom rises as the dominant post-Roman European entity through the political and economical stabilization of the state with the use of foreign alliances. Emperor Charlemagne is said to have close relations with Kings of Persia, Scotland, and Constantinople (*). Prosperity in the Frankish kingdom is due to the frequent correspondences that exist between these European states, further promoting the flow ofShow MoreRelatedThe Life of Charlemagne by Einhard1388 Words   |  6 Pages Charlemagne is described by Janet Nelson as being a role model for Einhard. Einhard himself writes in the first paragraph of The Life of Charlemagne, â€Å"After I decided to write about the life, character and no small part of the accomplishments of my lord and foster father, Charles, that most excellent and deservedly famous king, I determined to do so with as much brevity as I could.† I feel that these are sincere words about the man who cared for Einhard. I feel that Einhard’s purpose for writingRead MoreThe Life Of Charlemagne By The Frankish Scholar Einhard1227 Words   |  5 PagesThe Life of Charlemagne, written by the Frankish scholar Einhard, is a biography on the personal life and achievements of Charlemagne, a ruler of the Franks and the king of Italy. He ruled from 774-800. Einhard, a male Frankish scholar, was born to noble parents in the Main Valley, around 770 A.D. He was educated in the monastery of Fulda, and shortly after sent to the palace school of Charlemagne in Aachen. Eventually becoming a personal adviser and a close friend to the king of the Franks, he influencedRead MoreThe Life Of Charlemagne By Einhard965 Words   |  4 PagesThe Life of Charlemagne is an edited version from the original book Two Lives of Charlemagne. The author of the original biography is Einhard, who was his close friend and younger contemporary. He wrote this biography, after his death in 814 CE to honor Charlemagne and his contributions to the Frankish dynasty. In the historical context Charlemagne is believed to have contributed largely in flourishing the Carolingian Empire. In the book, The Life of Charlemagne, Einhard describes Charlemagne’s personalRead MoreThe King Of The Frankish1509 Words   |  7 PagesCharlemagne, also known as Karl I or Charles the great [1] was the king of the Frankish (the Germanic peoples of France, west Germany and North Italy). He took the throne in 768 A.D after the death of his father Pepin the short, with his brother Carloman as co-ruler. He became king of Italy in 774 after his conquest of the Lombard kingdoms and after 800 A.D he was proclaimed the ‘Emperor of the Romans’ by the Pope Leo III. This marks the peak of the Carolingian empire that Charlemagne founded [2]Read MoreCharlemagne Or Charles The Great1525 Words   |  7 PagesCharlemagne or Charles the Great, (747-814) was one of the most significant people during the Middle Ages, playing a key role in defining the shape and character of Medieval Europe. Considered the ‘Father of Europe’, Charlemagne reigned as King of the Franks (768-814) and became the first Holy Roman Emperor (800-814). He created a great empire as he dramatically expanded the Frankish Kingdom in a series of conquests that united most of Western Europe for the first time since the Roman Empire. HeRead MoreReligion And Its Influence On Religion1313 Words   |  6 Pagesto its people, and finding reason for life. Religious in fluence on kingship seems to be an almost universal concept in human history. The acceptance of religion has changed many kings’ lives, for the better. All throughout history, religion has expressed the answer to our deepest questions that we ask. It has been dedicated to be centrally place in the lives of all civilizations and cultures. Religion had a great influence on how Ashoka, Clovis and Charlemagne ruled their people. Ashoka was bornRead MoreCharlemagne : The King Of The Frankish1515 Words   |  7 Pages Charlemagne (Charles the great, Karl 1) Charlemagne, also known as Karl I or Charles the great [1] was the king of the Frankish (the Germanic peoples of France, west Germany and North Italy). He took the throne in 768 A.D after the death of his father Pepin the short, with his brother Carloman as co-ruler. He became king of Italy in 774 after his conquest of the Lombard kingdoms and after 800 A.D he was proclaimed the ‘Emperor of the Romans’ by the Pope Leo III. This marks the peak of the CarolingianRead MoreEssay on Charlemagne2032 Words   |  9 PagesCharlemagne The two lives of Charlemagne as told by Einhard and Notker the Stammerer are very different accounts of the life of the great Emperor. Einhard gives us a historical overview of the life of Charlemagne who lived from 742 to 814 A.D. Charlemagne was also known as Charles the Great and the King of the Franks.Charles was one of four children born to Pepin the Short, A Mayor of the Palace of the Carolingian Empire. He had one brother, Carloman and two sisters, Gisela and Pepin.SinceRead MoreCharlemagne King Of The Franks1809 Words   |  8 PagesCharlemagne King of the Franks Born in about 742, Charlemagne was the son of King Pepin III (known as Pepin the Short). Pepin and his brother together ruled the Franks, whose kingdom included parts of present-day France, Belgium, Germany, and the Netherlands. Upon Pepin s death in 768, Charlemagne and his brother Carloman inherited the kingdom. When Carloman died three years later, Charlemagne became the sole ruler. Charlemagne, also known as Charles the great was a ruler in times of turmoilRead MoreCharlemagne And The Carolingian Renaissance1677 Words   |  7 PagesNaomi Spiegelman Professor Rui de Sousa Medieval Civilization - Section 01 27 September 2017 Charlemagne and the Carolingian Renaissance The Carolingian Empire was not at full fruition when Charlemagne rose to power, it was quite the contrary. In the eighth century, the lands covered by what is now known as France and Belgium, as well as part of Germany made up the Frankish state ruled by the kings of the Merovingian line. The Merovingian empire was weak and in a steady decline; the majority of

Contemporary Business Issues for Patterns- myassignmenthelp.com

Question: Discuss about theContemporary Business Issues for Purchasing Patterns. Answer: Introduction Contemporary business issues examine the contemporary and emerging issues faced by an organization (Smallbone, Welter and Ateljevic 2014). This study will assess the contemporary business issues faced by Wesfarmers in its global business markets. From the analysis of Assignment Part A, it can be found that changing purchasing pattern of the customers can have negative effect on the business performance of Wesfarmers. It has been found that changing purchasing pattern of the customers may hamper the sales volume of the organization. Such social changes can minimize the sales volume of the organization. The study will assess the factors behind the changing purchasing pattern of the customers and their impact on the business performance of Wesfarmers. The study will also provide some suitable recommendation for overcoming the issues of changing purchasing pattern of the customers. Factors behind the Issue of Changing Consumer Purchasing Patterns Domestic Factor and Its Impact The consumers aged over 65 and older has increased s the world. Naser et al. (2013) pointed out that the trend is also expected to continue through 2050, where the share of senior citizen is expected to increase by 25%. Such trends in the social trend can be harmful for the business growth of Wesfarmers. Moreover, older generations are always encouraged to show their interest in traditional marketing. In such situation, the modern marketing techniques of Wesfarmers may be failure towards attracting old generation customers. On the other hand, Baesens et al. (2014) opined that there is an increasing trend of nuclear family among the customers. In such situation, the members of nuclear families are not making bulk purchase for meeting their daily needs. In such situation, the small purchase from the consumers can hamper the overall sales volume of Wesfarmers. Shifting towards Online Shopping and Its Impact According to Dyllick and Muff (2016), the purchasing patterns of the customers have been changed completely due to online channels. People are getting highly busy day by day due to their work pressure. In such situation, they do not have much time to go physically in any retail shop and purchase their required products. Therefore, such customers are highly inclined towards online shopping for purchasing their required products. Wesfarmers also has initiated their online shopping facilities for their customers. However, the system of Wesfarmerss online shopping is not much improved. On the other hand, Bilgihan, Kandampully and Zhang (2016) opined that customers are highly interested to use the click-and-collect facilities provided by the online retailers. However, Wesfarmers is still lagging behind the online retailers towards provide such quick online services. Therefore, such lack of facilities can hamper the sales volume of the organization. Changes in Quality Perception of Consumers and Its Impact According to Delgado-Ballester et al. (2014), customers in modern society are becoming less sensitive for the price of the products. Moreover, the customers are highly concerned about quality of the products. In the economically developed counties, people are now quite confident upon their spending power having increased disposable income. In such situation, they are only concerned about the quality of the products even for premium prices. On the other hand, Yoon et al. (2014) opined that people in modern society are also having high level of sophistication in their life. Therefore, they always seek high quality in their required products. In such situation, the customers are not being highly satisfied with the quality of the products of Wesfarmers. Therefore, the high level of quality perception of the customers may hamper the sales volume of Wesfarmers. Benefit Seeking Tendency and Its Impact Pchelin and Howell (2014) pointed out that wide availability alternate options like independent retails, hypermarkets, supermarkets, grocery shops and others has increased the bargaining power of the buyers. Moreover, increased bargaining power of the customers has increased the competition of Wesfarmers with other organizations in terms of providing offers and discounts. On the other hand, Amos, Holmes and Keneson (2014) opined that customers are becoming more inclined towards seeking benefit in purchasing their required products due to wide availability of alternate purchasing options. In this way, the benefit-seeking tendency of the customers can actually increase the competitive pressure of Wesfarmers in near future. Recommendations for Mitigating the Issue Personalized Marketing for Old Customers The numbers of old customer are expected to increase by 25% by the year 2050. Old customers are not high tech-obsessed and use their mobiles towards searching for required information regarding the products, which want to buy (Tran 2017). In such situation, it can be too much difficult for Wesfarmers to encourage the old customers through digitalized information about their products. In such situation, Wesfarmers should be much more concentrated on personalized marketing for attracting the old customers. Moreover, mobile messaging with simple marketing tone will attract the old customer groups. Improve Online Shopping Facilities Wesfarmers already has high level of online presence for increasing its sales through online shopping system. However, the organization is still lagging behind the online retailers in terms of providing the services like click-and-collect (Bilgihan 2016). Moreover, the organization is not fast enough towards delivering the products and services to the customers. Such delay in delivery system often dissatisfies the customers, which can hamper the loyalty level of the customers. Therefore, the organization should immediately improve its online shopping facilities through concentrating on click-and-collect services. It will help in gaining high level of customer loyalty through fast product and service delivery. Improved Product Quality With high level of spending power, the customers are now being much concerned about the quality of the products rather than the price of the products. Moreover, customers are willing to purchase premium quality products even for high prices. In such situation, low quality or moderate quality of the products and services may hamper the buying behaviour of the customers. Therefore, Wesfarmers should be highly concerned about enhancing the quality of the products. High quality of the products will enhance the loyalty level of the customers, which will enable Wesfarmers towards gaining competitive edge over the rivals. Discounts and Offering on Bulk Purchase Increasing numbers nuclear family are more inclined to purchase little amount of products. In this way, lack of bulk purchase is ultimately hampering the sales volume of Wesfarmers (Sharma 2014). Therefore, the organization should provide attractive offerings and discounts on bulk purchase. Such attractive offerings and discounts will attract even the nuclear families towards making bulk purchase of products. This will ultimately increase the sales volume of the organization through huge sales to the customers. Conclusion While concluding the study, it can be said that it has been found that changing purchasing pattern of the consumer can be harmful for Wesfarmers. The increasing numbers of older customers may not be encouraged with the modern marketing techniques. The improved facilities of online retailers like click and collect can be competitive for the organization. The customers are more inclined towards using the online shopping system of online retailers for getting fast delivery of products and services. It can actually hamper the sales volume of the organization. Furthermore, the benefit-seeking customers are more willing to seek alternative options for getting discounts and offerings. In such situation, the organization should increase its offerings on bulk purchase for encouraging the customers towards bud purchase and increased sales volume. Furthermore, the organization should also improve its online shopping facilities. It will enhance the loyalty level of the customers towards Wesfarme rs. Reference List Amos, C., Holmes, G.R. and Keneson, W.C., 2014. A meta-analysis of consumer impulse buying.Journal of Retailing and Consumer Services,21(2), pp.86-97. Baesens, B., Bapna, R., Marsden, J.R., Vanthienen, J. and Zhao, J.L., 2014. Transformational issues of big data and analytics in networked business.MIS quarterly,38(2), pp.629-631. Bilgihan, A., 2016. Gen Y customer loyalty in online shopping: An integrated model of trust, user experience and branding.Computers in Human Behavior,61, pp.103-113. Bilgihan, A., Kandampully, J. and Zhang, T., 2016. Towards a unified customer experience in online shopping environments: Antecedents and outcomes.International Journal of Quality and Service Sciences,8(1), pp.102-119. Delgado-Ballester, E., Hernandez-Espallardo, M. and Rodriguez-Orejuela, A., 2014. Store image influences in consumers perceptions of store brands: the moderating role of value consciousness.European Journal of Marketing,48(9/10), pp.1850-1869. Dyllick, T. and Muff, K., 2016. Clarifying the meaning of sustainable business: Introducing a typology from business-as-usual to true business sustainability.Organization Environment,29(2), pp.156-174. Naser, K.A.M.A.L., Nuseibeh, R.A.N.A. and Al-Hadeya, A.H.M.E.D., 2013. Factors influencing Corporate working capital management: Evidence from an Emerging Economy.Journal of Contemporary Issues in Business Research,2(1), pp.11-30. Pchelin, P. and Howell, R.T., 2014. The hidden cost of value-seeking: People do not accurately forecast the economic benefits of experiential purchases.The Journal of Positive Psychology,9(4), pp.322-334. Sharma, M.K., 2014. The Impact on Consumer Buying Behaviour: Cognitive Dissonance.Global Journal of Finance and Management,6(9), pp.833-840. Smallbone, D., Welter, F. and Ateljevic, J., 2014. Entrepreneurship in emerging market economies: Contemporary issues and perspectives.International Small Business Journal,32(2), pp.113-116. Tran, T.P., 2017. Personalized ads on Facebook: An effective marketing tool for online marketers.Journal of Retailing and Consumer Services,39, pp.230-242. Yoon, S., Oh, S., Song, S., Kim, K.K. and Kim, Y., 2014. Higher quality or lower price? How value-increasing promotions affect retailer reputation via perceived value.Journal of Business Research,67(10), pp.2088-2096.

The Global Sports Retail Industry

Introduction The global sports retail industry has achieved a rapid growth over the last ten years. It is also expected to continue growing over the next five years, with an estimated growth rate of about 6% per annum to reach about $130 billion by 2020 (United Nations 2014). The rapid rate of growth in this industry is due to a number of factors.Advertising We will write a custom assessment sample on The Global Sports Retail Industry specifically for you for only $16.05 $11/page Learn More However, the major factor contributing to the industrial growth and development at a faster rate is the dynamism in the demand for sports goods. For instance, studies have shown that there is an increase in the demand for sports goods or sport-style products in various parts of the world, especially Asia. The purpose of this paper is to develop a comprehensive report based on the industrial analysis of the global sports retail business. It will examine the industry ba sed on the conventional techniques of industry analysis, including forced field analysis, porters 5 forces, PEST and SWOT analysis. This paper argues that the sports industry stands a better chance to develop rapidly over the next five years, giving corporate and other players a good chance to improve their economic development and financial health. Force field analysis Force field analysis is an important tool in the process and technique of decision-making (Lewin 2000). It aims at analyzing the forces for and against industrial or corporate change in order to provide corporate leaders with information needed to make effective decisions. In addition, the technique helps corporate leaders communicate the reasons behind their need for change in the corporate management area, which makes it easy to convince stakeholders that a change or project is needed. In particular, the force field analysis model yields information that has two effects (Cartwright 2009). It can provide information that supports the idea of change, thus calling the corporations involved to go ahead with a project, a change of a program.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The forces favoring the growth of the sports retail industry Population growth: The increased rate of world population is an important factor supporting the rate of growth for sport retail industry. In particular, the growing demand for sports and sport-style products is high in areas with a high rate of population growth, especially in a number of Asian countries (Cai Du 2013). Statistics indicate that out of the estimated 7.14 billion people in the world, about 4 billion live in Asia, accounting for more than 55% of the total world population (World Bank 2013). Together, the populations of India and China make about 2.6 billion people, providing evidence of the increased rate of demand for sports products in thes e areas (Randers 2012). For instance, the increase in the demand for sports-style products was more than 4% in China between 2005 and 2010 (Research markets 2012). Overall, the rate of demand for these products is more than 3% per annum (Mullin, Hardy Sutton 2013). The high population is the largest player in the increased rates of demand. Improved economies: Another major factor supporting the rate of growth in the sports retail industry is the trend of economies in various parts of the world. In North America, the economic situation has improved rapidly since the end of the global recession. Between 2010 and 2013, the economy of the US increased by 2.3% per annum (Coates Humphreys 2003). In addition, other regions have enjoyed improved economic growths since 2010. For instance, the economy of the south east Asian region has improved by more than 3%, while that of the near and middle east nations has achieved a growth rate of more than 4% per annum (World Bank 2013). In addition, despite few cases such as Greece, Italy and Spain, the European Union has achieved an improved growth rate in its economy, which is expected to reach 2.1% per annum (Smith Stewart 2012). South America has some of the most rapidly developing economies in the world. The number of people attaining the middle class level is increasing rapidly, while poverty rates are declining. In nations such as Brazil and Argentina, the economic growth has developed rapidly over the last five years. This explains the rising demand for sport-like goods in these areas. In addition, African nations have the world’s largest rates of economic growth.Advertising We will write a custom assessment sample on The Global Sports Retail Industry specifically for you for only $16.05 $11/page Learn More In the recent past, a number of African nations have achieved an economic growth rate of more than 5%, with some reaching a high of 8%, including Ghana, Angola and Senegal (Brei singer, Diao Thurlow 2011). In addition, most countries in the region have a growth rate of more than 4%, with the most significant including Nigeria, Kenya, Tanzania, South Africa, Ethiopia and Ivory Coast (World Bank 2013). The youth factor: In the modern world, the status of the young people has increased significantly. With an increase in the number of young people taking part in the economic building such as employment and business, most nations have experienced in increase in the demand for products and services that support youth affairs. Among the most important industry supported by this phenomenon is the sports retail industry. In North American, South America, Asia and Europe, growth of the sports retail industry is favored by an increased rate of youth participation in various aspects of the economy. According to studies, young people have a tendency of being active in sports or wearing sport-like clothing and shoes. In addition, the empowerment of the young people thro ugh financial support and improvement of employment opportunities in Asian nations, in particular, has supported the increase in the demand for sport goods and services, which supports the growth of the sports retail industry. Restraining forces Economic recession: Although the world economy has achieved a relatively good rate of recovery from the 2007-2010 economic recession, the effects of the phenomenon is still affecting most countries. For instance, the recession made the US economy lose by more than 4% per annum (Bjork 2012). In particular, the employment rate declined significantly, with the rate of unemployment reaching about 8% per annum (World Bank 2013). The number of people that lost jobs during the time is significant, with a good number being young people. This also took place in Europe and Asia, which affected the industrial growth rates. With a high number of people losing job opportunities due to the impact of the recession, the number of people purchasing luxury sp ort goods declined significantly in most nations in Europe, Asia and North America.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Porter’s Five Forces Analysis of the Global Sports Retail Industry A five force analysis of the global sports retail industry is important in determining the effectiveness and micro environment forces that affect the industry’s ability to meet the demands of its customers, achieve profitability and the overall growth. The buyer power, new entrants, competition rivalry, supplier power and threats of substitutes provide evidence of the industry’s state at a given time. Buyer Power in the Global sports retail industry In sports retail industry, consumers have the largest role in driving the business of the industry. The power of the consumers is evident in pricing, especially when competitors tend to outdo each other based on pricing strategies. In the recent past, most competitors in the industry have been trying to attract more consumers through discounts and services to increase their market share. Buyers reap the benefit of obtaining products at competitive pri ces. However, statistics have shown that the number of people aged 45 and above seeking to use sports product in managing their health has increased significantly, especially in the developed world (Quan 2010). This trend has allowed consumers to look for fashion that is mostly associated with sports. The high rate of competition between retailers in the industry based on production of goods meant to meet the specific demands for various social groups has enhanced the power of buyers in the industry. In addition, the amount of product differentiation in the market for sports goods has increased, with companies manufacturing products based on the specific needs such as jogging, cycling, skating for health purposes and those meant for real sporting activities (Andersen, Van Raalte Brewer 2001). This has given consumers a wide range of choice, enhancing their power in the control of the industry. However, there are only a small number of retailers in the oligopolistic sports retail ma rket, which has restrained the buyer power because forward integration is difficult as the buyers are mainly the consumers, making their chance of taking over less significant. Nevertheless, the overall power of buyers in the industry is rated â€Å"moderate†. The power of suppliers In the global sports retail industry, the suppliers are the corporations involved in manufacturing, including Nike, Reebok, Adidas and Puma. These organizations are multinational and large corporates that control the industry. They are globally branded with reputation and value due to high quality products they offer to the market. This makes the bargaining power of the industry to be significantly low. They have almost become the main decides of the prices for sports products. Forward integration seems to be relatively high because the retailers are threatened by the suppliers. For instance, a number of suppliers have been acquiring retailers, which makes the suppliers take over the control of th e retail industry. A good example is the acquisition of Hargreaves Sports, a retail business in the industry, by Nike. Nike used this opportunity to set up an exclusive fully branded outlet for sports good in Nike town, London, in 1999 (Deng 2009). On its part, Reebok opened a fitness center known as Reebok Sports Club in London, England, which provides consumers with a wide range of exclusively branded Reebok products for health fitness purposes (Yu 2011). Moreover, the suppliers use marketing strategies such as advertising, promotion, corporate social responsibility and sponsorship for sports clubs and fitness welfares, achieving the overall control of the industry. Overall, the power of suppliers in the retail industry for sports good in the world is high. Rivalry among competitors There is a considerably good level of competition between main players in the retail business in the global sports industry. The concentration ratio as well as HHI is important measures of rivalry in t he industry based on market share. These markets shares can be obtained in the Mintel’s report (2008) as shown in appendix 3. In this case, it has been shown that the concentration ratio is the market share that the four major competitors in the global retail industry are JJB Sports, Sports World, DJ Sports and Supermarkets/retail chains in various parts of the world. As shown in the appendix, the CR reveals that the four major competitors sell about 75% of the total output, which means that the degree of rivalry is high. In addition, the calculations in the appendix show that the HHI of the industry is about 1683, which lies between 1000 and 1800. This means that the market is moderately concentrated. Threat of new entrants As shown above, the CR and HHI degrees are relatively high, with the number of major players in the industry remaining relatively low. Each of the players has a large number of stores in various parts of the world. They compete among themselves to increas e their market shares. In addition, they have dominated the market for a long time, providing quality products. Therefore, for new entrants in the market to succeed, they must impress consumers that their products are quality. In addition, the entry of supplies in the market, especially through acquisitions and mergers or joint ventures with the existing retailers, has made it difficult for new entrants to tap market share in the industry (DePamphili 2013). Therefore, the overall threat of new entrants is low. Threats of substitutes In footwear, the price of sports shoes is likely to change when substitutes change in prices. In this case, substitutes include products from local companies, which is common in various parts of the world. PEST analysis Political The global sports retail industry seeks to increase the volume of sales of sports goods and services to the global clients. The key players involved in this industry include Foot Locker, JD Sports, Sports Direct, Sports World, J JB Sports and supermarket chains. These companies face political challenges in their business. For instance, the politics of control of the industry is evident. Suppliers seem to be fighting each other at the retail level. For example, Nike and Reebok have strategies to acquire or partner with selected retailers in order to lock out other suppliers (Slater Lloyd 2004). This brings a tense political environment between the suppliers and the retailers. In addition, retailers are flexing their muscles by moving beyond Europe and North American to venture new markets in Asia and South America, especially in China, India, Brazil and other nations in the Southeast Asian region. In all of these regions, the political environment is diverse. For example, there are laws to protect local companies in some nations like South Korea and China. Taxation and legal politics are evident. In addition, the companies are considered western products, which affect the perceptions of the people in foreig n nations. Economical Retailers of sports products seek to increase their market share and profitability. To do this, they tend to increase their outlets, which make it necessary to hire a large number of employees in Europe, North America as well as foreign markets. This contributes to the overall growth of the economies where the outlets are based. In addition, it is worth noting that labor affects these companies. In Europe, the cost of labor is higher in France and Germany than in Britain. Similarly, the cost of labor is high in North American and Europe than in China and South Korea. Thus, most factories are located in Asia. It means that the retailers have to open new locations in Asia and sometimes obtain supplies from these areas. Social Sports products are associated with sports cultures at a given time and location. In Europe, North America and other westernized nations, sports are a major social factor, with few social restrictions attached to it. Sportswear of different kinds and styles are allowed. However, in some nations such as those using strict Islamic laws, including Saudi Arabia, as well as those with strict cultural laws like North Korea, some sports and sportswear are not allowed, especially those though to expose certain parts of the bod. In addition, some cultural laws prohibit women from taking part in sports or wearing certain sports clothing. Technological analysis The internet technology has improved business processes. Sports retail business is one of the most affected industries. Currently, most consumers are increasingly moving to online shopping, where it is possible to select and order products. Thus, most retailers have implemented e-commerce as part of their business processes. SWOT Analysis Strengths The sports retail industry is one of the fastest growing industries, thanks to an increase in the number of middle and aged people using sporting activities to enhance the quality of their lives. According to statistics, the num ber of baby boomers population in North America and their similar population in Europe are concerned with their health. They have increasingly been using sporting activities as the most effective solution to improve their health and quality of life. Thus, the retail business is likely to remain strong over the next few decades. Weaknesses Sports products are mostly luxury goods and services. They do not have a high priority in most households. Therefore, frequent economic recessions and other financial problems are likely to affect the demand for these products (Mehta 2013). Thus, retailers face the risk of frequent decreases in demands. Opportunities As mentioned, the increase in global population, especially in Asia, South America and Africa, provides the sports retail business with chances for expansion and growth. In addition, the rising state of economics in various parts of the world means that the demands for these products are likely to rise. Moreover, the trend of using spo rting activities to meet health demands is increasing throughout the world. Threats Although the number of retailers is relatively low, the current players face a threat of new entrants in the market. For instance, the increased tendency of suppliers to enter the retail market is a major threat. In addition, emerging nations like China, India and others have a quest for entering the market. They are encouraging corporations to go global, which means that some of their retailers in this industry are likely to enter the market in the future (Development Research Center of the State Council 2009). References Andersen, MB, Van Raalte, JL Brewer, BW, 2001, â€Å"Sport psychology service delivery: Staying ethical while keeping loose†, Professional Psychology: Research and Practice, vol. 32, no. 1, pp. 12-17. Bjork, GJ, 2012, The Way It Worked and Why It Won’t: Structural Change and the Slowdown of U.S. Economic Growth, Praeger, Westport, CT. Breisinger, C, X. 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Slater, J Lloyd, C, 2004, â€Å"It’s gotta be the shoes: exploring the effects of relationships of Nike and Reebok sponsorship on two college athletic programs†, Sports Marketing and the Psychology of Marketing Communication, vol. 191. Smith, A Stewart, B, 2012, Sports Management: A Guide to Professional Practice, Allien and Unwin, London. United Nations, 2014, World Urbanization Prospects: The 2013 Revision, UN Publications, New York. World Bank, 2013, Global Economic Growth Will Accelerate in 2014, WB publications, New York. Yu, X, 2011, â€Å"Impacts of corporate code of conduct on labor standards: A case study of Reebok’s athletic footwear supplier factory in China†, Journal of Business Ethics, vol. 81, no. 3, pp. 513-529. Appendix Figure 1: Position of Asian population in the top 20 most populous nations in the world. Figure 2: World Population growth rates Figure 3: Supply and demand for sports goods follows this trend Figure 4: Force Field analysis for sports retail industry Calculations for rivalry in the sports retail market CR4 = Market Share (JJB Sports + JD sports + Sports Worl d + Supermarkets) CR4 = 33% + 16% + 13%+ 13% CR4 = 75% HHI = SQUARE [Market Share (JJB Sports + JD sports + Sports World + Supermarkets)] HHI= 1089+256+169+169 = 1683 This assessment on The Global Sports Retail Industry was written and submitted by user Adonis Barr to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.