Marketing the New Product of IMMO Essay Example | Topics and Well Written Essays - 3000 words

Marketing the New Product of IMMO - Essay Example The product should be differentiated and branded differently and it should target different segments of the market as well as well as be priced differently. Further in terms of forecasting demand for the product, it is advisable that the organization obtains orders from the law enforcement agencies as well as from retailers before deciding on the number of units that should be manufactured at launch and in the four quarters of the first year. The objective of this report is to help the management of the organization to decide on the different strategies that it should undertake to ensure that it is meets its full potential in profitability and market penetration. Throughout this document the author has carried out an in depth analysis of the organization, its products, the markets that it wishes to penetrate and the current economic conditions and makes the necessary conclusions and recommendations. In this report the author first analyses if IMMO Tech should proceed with its plans to market the new product, and then the if the organization should enter into any international markets and if so which ones in particular. ... alyses if IMMO Tech should proceed with its plans to market the new product, and then the if the organization should enter into any international markets and if so which ones in particular. Further the author also analyses which market segments and target markets should they focus on, who the target consumers are and which social demographic and lifestyle characteristics they have to share. Once the author studies the different demographic groups in and their similar characteristics the author then goes on to advice the organization on the importance of standardizing or differentiating the products according to the market segments that are targeted and how this can be done to suit the different markets. Next the author analyses the pricing strategy and which strategy should be adopted at the early stages of the product's life cycle, the retail price that should be recommended to the stockists. Since the pricing strategy has been recommended the author then goes on to study and analyze the implications of charging different prices in different markets and the extent to which exchange rates play a role in the context international business. In the final sections of the document the author then analyses if IMMO should develop a range of accessories, if the organization does decide to produce accessories then, how will they add value to the brand and the profitability of the organization. How will it be done in a manner that it rivals can copy Then the author goes on to analyze how and where IMMO should promote and advertise its smartphone, how many units should IMMO Tech manufacture in the run up to the launch And finally how many should be produced in the first four quarters after the launch Once all of the above has been analyzed in detail the author then draws

Real Estate Investment Trusts in China

Real Estate Investment Trusts in China Real Estate Investment Trusts in China: how can we learn form American model to develop our REITs system? Ouyang Chun Abstract The real estate market is a burgeon market and is an essential part in the Chinese economy. During the past decades, the government made all their efforts to boost its development by using foreign countries experience. Real Estate Investment Trusts (REITs) model is new method to finance for city development. Since 2007, Chinese government began to test whether this model is suitable for China. The paper addresses the situation of Chinese REITs and the factors influencing REITs operating in China. Using the American REITs model for reference, the paper also discusses how to solve this problems and how to implement REITs model in China. I. Introduction The real estate market is booming in these years, particularly in China. The demand of finance as well as the housing supply makes China searching for other more efficient financing methods to meet the increasing requirements. Recently, with the releasing of the law restrictions and the reform and opening-up, more and more diversified investment methods are being tested in China. The Chinese government is now trying to find a new financing method by learning from foreign experience and integrating it with the Chinese situation. The REITs is considered to be one of the most efficient and suitable investment tools in China. REITs first appeared in the USA in 1960s. With over 40 years of development, REITs was successful in America because of complete laws and professional evaluation agencies. REITs developed rapidly in both their size and numbers since 1990 in America (Chan et al., 2002), and now it is a very mature investment model in the USA, benefiting the individual investors by running properties under the professional institutions. A REIT is a mutual fund to collect money from both individuals and institutional investors, with the exemption of the taxation, investing to different categories of real estate projects in different regions indirectly, and it is also can be traded on the stock markets (Jones. C, 2007). According to the Baker Review (Baker, 2003), the institutional investors prefer to use REITs, which is a tax transparent investment tool, to stimulate and to improve the rent stock as well as to stabilize the market. This tax transparent feature means that there is no need to pay double tax on REITs. Since 2007, the Chinese government established some test spots by choosing several potential projects, examining the feasibility of REITs in China. However, almost all the tests failed by various factors. The purpose of this paper is to discuss the factors influencing the REITs adapted to the Chinese market. The paper also examines the experience from the USA, which has the most mature REITs model in the world, and contrasts with the Chinese REITs model. As part of the task, the paper addresses the countermeasures for the factors influencing REITs feasibility in China by giving the law supports, improving the REITs models and establishing the professional evaluation system. The paper first examines the definition and the properties of REITs and then addresses the current situation of REITs operation in China. It then considers the factors which influences why REITs did not particularly adapt to China before. The paper then introduces the experience of REITs in America and also the reasons making REITs successful in the USA. The final part of the paper considers the countermeasures for making REITs adapt to China in the future and draws some conclusions. II. The current situation of REITs in China In this section, the paper will first address the potential of REITs in China, giving some reasons why REITs is considered to be the most suitable financial tool in China. The paper will then examine the reasons influencing REITs developed in China since 2007. A. The potential of REITs in China The National Association gave the definition of the Real Estate Investment Trusts as followed (NAREIT): â€Å"[a] REIT is essentially a corporation or business trust that combines the capital of many investors to acquire or provide financing for all forms of real estate. The aim of REITs is to invest to the real estate market and to receive the returns, it just like the stock shares held by the investors, which creates the possibility to indirectly invest to the market with professional management. REITs is suitable for China because of its features, the liquidity, the diversification of risk and the available capital. The Liquidity of REITs is that it can be traded on the open markets just like the stock shares, which means that the individuals or the institution can invest to the real estate market even though they are not the professionals in this area. It also gives them a chance to withdraw their asset quickly when the market is depressed instead of the long period of the direct investment (Eichholtz, 1996, Hoesli et al, 2000,Walpole, 1999). Eichholtz also pointed out that (Eichholtz, 1996) REITs can diversify the risk of the investment. The capital of the REITs will be divided into several parts to invest in different category of properties and in different regions. The development in China is unbalanced even in the metropolitans. Thereby, REITs will spread the risk efficiently for the investors and improve some undeveloped area where the direct investment did not participate in. REITs welcomes all kinds of investors including the retails and the institutions. Because it does not need too much assets to involve, REITs may collects enormous money and becomes a non-ignored capital in the market (Walpole, 1999). REITs can be cultivated stronger in China because of the massive of the retail investors, thereby, the available capital of REITs may become incredible huge and will benefit substantially for the Chinese real estate market. B. The reasons influencing of the Chinese REITs Since 2007, the Chinese government set up several test points to examine whether REITs adapted to China, however, almost all the projects failed, which exposed many factors influencing REITs operating in China. The supporting laws and policies is non-enough. The Chinese government published few supporting laws or policies for REITs. REITs returns are mostly attribute form the exemption of the tax, but there are still not any policies or laws published to exempt the taxes of REITs, which makes the incomes of REITs are very low. Thereby, the investors in China still wait and see to determinate whether invest to REITs market. The complicated properties of the projects make the evaluation difficult. Due to the limited test spots, the competition in Chinese REITs was very sharp since 2007, more and more conglomerates joint or had a will to join at that time, the projects they brought to the test spots is significantly huge for the Chinese REITs system. There was not enough preparations for such big properties in this market, such as the laws, the regulations as well as the evaluations systems, which is considered to be the most important part in REITs investment, did not prepare maturely at that time. Therefore, as the test began, the problems appeared gradually, the valuation of the properties was evaluated incorrectly or the values of the whole project were not easy to evaluate which caused the investor was not able to grasp the information precisely. The unclear ownership of the Property Portfolio reduced the value of the REITs. After the project started, this problem appeared significantly, a larger of buildings which were prepared to be the asset pack existed problems, the use or the property of lands are not correct or the approval process is not complete. Such buildings are not allowed to invest to the Chinese REITs market due to the laws. Thereby, these problems affected the evaluation of the asset directly and also affected launching the REITs definitely. The rental fee can not be collected efficiently. The Chinese government established some development areas in the past decades, in which the investor would be benefited when they established the projects by some policies. These policies exempted the rental fees from their buildings for a particularly period, which effected the operating of REITs dramatically, because the most important factor, the returns, was affected. A non-returnable property would not make and profits for the REITs products obviously and would confuse the investor on how they would get their incomes after they invested, therefore, it would not be approved by the market definitely. Although there were many defects in Chinese REITs, we could avoid these disadvantages by using other countries experience for reference. The American REITs model is one of the most mature models in the world. Their development history, their REITs structure as well as the reason of its success are worth us to reflect our REITs model. III. The REITs model in USA and the analysis of the reasons of the success of RIETs in America In this part, the paper will analyze the reason of the success in the American REITs. The paper will first give a brief history of the REITs in the USA and address its structure. After that, the paper will focus on analyzing the reasons promoting REITs market to boost and boom in recent years. A. A brief history of the REITs in America The modern pattern of the REITs appeared by the Wall Street in 1960s even though the idea of it can be dated back to 1880s. In 1960, in order to stimulate the depressed real estate market, the United State published the Real Estate Investment Trust Act, which gave the supporting law to the new invest model (Klame. P et al, 2001). This Act defined the regulation of REITs and also gave it the exemption from the federal taxation, which means there is no need to pay the double tax while using this investment tool (Klame. P et al, 2001). REITs did not make any significant achievements in the first decades, but grew dramatically from the 1990s, in which erupted a housing market collapse (Harvard University, 2003). Due to the low cost of management and the diversity of risk, more than 200 companies in America invested indirectly to the real estate market, the total assets exceed $ 12,000 billion until January 2000 ,and now, the American public real estate market is the biggest and most mature market in the world (Klame. P et al, 2001). B. The current situation of REITs in America The structure of REITs investors in America are divided into three parts, 55% in the domestic institutions, 25% by individuals and 7% by the foreign investors (Friday, 1999). REITs benefit all forms of the real estate projects, such as office buildings, shopping centers and private housing (Klame. P et al, 2001). The aim for the REITs was first defined for the retail investors, but attracted the institution investor since 2004, which increased the numbers of the trades as well as the liquidity of the REITs (Chan et al., 2002). Moreover, the REITs investors in America can obtain about 90% of the income of the REITs and do not need to pay any tax from their incomes, thereby making the benefits they receive higher than the stock markets (Klame. P et al, 2001). C. The reasons of the success of American REITs With almost 50 years development, REITs in the United Stated became the most mature one in the world. The reasons for that are varieties. The first reason is the government published a lot of supporting laws. With these Acts, REITs developed rapidly. The REITs did not make many achievements at the very beginning, but the American government made all their efforts to push this investment method to success. With the Tax Recovery Act in 1986, the REITs in the USA first grew tremendously after experiencing the bubbles and the depression in 1970s. This Act weakened the limited partnership by restricting their tax exemption and cancelling the accelerated depreciation accounting method of the real estate. The Act also loosened the access standard of the REITs, which made the REITs companies not only owned the real estate assets, but also could manage the properties. Moreover, most of the REITs added the low debt provision in their organizational files, which would absolutely reduce the risk in operation. These changes attracted the investor to join this boom market and promoted the development of REITs. At the end of 1999, the most important Act, REITs Modernization Act, passed and published in 2001. This Act reduced the distribution proportion to 90%, and stipulated the companies could dominate the profits freely after they pay the tax from their un-distributed incomes. Therefore, REITs could use this profit to maintain the existing properties, invested to new properties or pay the debt. As a result of that, this Act increased the investment chance and promoted the business performance. These Acts helped REITs to become more flexible, more focus in customer demands and a more profit-seeking institution. The supporting laws and policies are definitely important, however, REITs needs more supporting from the financial system, and the evaluation system is considered to be the most important systems in REITs development. The evaluation system in the U.S. is quite complete. With the experience of over 100 years financial operation, the Americans accumulated substantial finance evaluation experience. When REITs started, the evaluation of the REITs products were not difficult tasks to finish. Almost all the REITs projects had been evaluated correctly, which provided accuracy information to the investors. Due to the REITs market is not difficult to enroll, most of the investors, including individuals and institutions, could operate readily when they joined the market. That absolutely promoted the REITs boom in the United State during 1990s. In addition, REITs companies in America invest to specific objects. Compared with China, the U.S. REITs concentrated in existing real estate projects, which means the companies preferred to operate the buildings rather than to establish one. That would absolutely reduce the risk for REITs, which attracted a lot of investors. These three factors motioned above supported the REITs developed very fast since 1990s and make it becomes one of the most efficient and mature REITs model in the world. The Chinese REITs may probably enlighten form these experiences and avoid the problems by learning their developing history. IV. Countermeasures To establish a relatively complete environment for REITs investment, China would probably benefits from the American experience. The paper will provide some suggestions which might helpful for improve the REITs in China. A. Exemption of the double tax of REITs As Chinese REITs markets were mainly affected by the investment environment, especially the supporting laws, the Chinese government could refer to the American model to release the law restricting gradually. The most exigent problem which should be solved first is the taxes on the REITs products. The American experience exposed that the transparency feature of the tax is the most important factor promoting REITs market boost. Without the tax transparency, the returns of the REITs would be very low. The Chinese government should use this experience for reference, exempting the double tax on the REITs, stimulating the REITs markets by raising the returns. B. Introduction for the public Due to the returns of REITs are a little bit higher than the stock markets and the investment skill is fairly easy to grasp, both the individual and the institutional investors would be willing to invest to this market. However, the REITs market was not flourishing as the exception, that is mainly because most individuals in China did not understanding what was REITs and how many retunes they could received by the REITs, even the specialists would not invest lightly due to the unclear information of supporting policies of the REITs. If the government really want to boom the REITs market, they should focus on publicize the REITs products to the citizen and publish the very clear supporting policies or law to enhance the investors confidence. In order to extent to market of REITs, it should absorb both individual investors and institution investor to join. However, the Chinese government paid more attention on the institutions instead of considering the individuals, which cause the ins ufficient funds of the REITs markets. Obviously, the institution investors are quite cautious and would not invest their money to the uncertain finance products such as REITs, which would directly lead the depression of the REITs markets and also caused a vicious circle : no investors, no money and no money, REITs market would not attract investors. To change this situation, money from individual investors is necessary because the asset from individuals is fairly huge in China. The government should use this kind of power, just like the U.S. model, to support the unstable REITs market at its very beginning. Using the bank sell model, which is just like the fund sell model in China, and minimizing the unit of REITs just like the American to create the chance for individuals to enroll. C. The clear investment aim The investment object is another severe problem in Chinese REITs model, REITs companies in China used to prefer invest to the big projects. Because the limitation of the test spots, the opportunities are very competitive. Most of the companies used their best properties to join this market, these properties are so huge that could not be evaluated very clearly before they used them to invest. Therefore, due to the unclearly evaluation of these properties, the information for the investors are ambitious, which would definitely cause severe problem in them investment decision-making. Moreover, REITs in China is a relative new investment methods for both individual investors and institutional investors, with the unclear information, investors therefore would not have a willing to buy this kind of finance products, they might consider that REITs is a very risky products for them to invest. That is also a reason why investors enthusiasm for this investment tool is not very high as the expe ctation. However, the situation in America is complete change. At the very beginning, REITs was considered to be a quite popular invest method, the reason for its depression is the only the double tax. Thereby, when the government released the tax and published some supporting laws to regular REITs, its market grew suddenly. That is because almost all the properties, which are provided by the REITs companies in America, were not very huge at the very beginning and were evaluated clearly before they came into the markets. Even some properties are relatively big, having been given exhaustive information for the investors. Therefore, investor could easily invest to these products with this information and would approximately calculate the incomes they would return. Such experience should be used in Chinese REITs market, establishing the professional evaluation agencies to provide the official evaluation reports to the investors, making sure the information they received is true and int act. That might greatly stimulate the investors confidence and give them a positive signal that the REITs is a fairly formal investment tools for them to choose. V. Conclusions The Chinese real estate market is booming these years, but it is by no means that all of the foreign finance methods suitable for China. When we want to use some advance experience to the Chinese market, we should consider it very clearly, not only learn the structure of concept of the new method, but also we may need to figure out the essential of it and in what situation we will use it. According to the REITs, we may understand that even its concept is fairly suitable for Chinese situation, the operation details is also quite difficult to follow. It might need several years to establish our own REITs market and to publicize it to the whole citizen. That is not the task which only to publish some REITs products, it is also a task to build a whole REITs system, including the supporting policies or laws, complete the evaluation system and extending the REITs spots. All of them need time to finish. Therefore, we could not run it so fast but to make sure every step is moderate and effic ient. In this circumstance, we may probably find some new problems and new chance for us to develop our REITs, and also we might discover some new ideas or methods to make the REITs more efficient and more suitable for China. References Barker, K. (2003) Review of Housing Supply: Interim Report-Analysis (London: HMSO). Chan, S. H., Erickson, J. Wang, K. (2002) Real Estate Investment Trusts Structure, Performance, and Investment Opportunities (Oxford: Oxford University Press). Eichholtz, P.M.A., â€Å"Does International Diversification Work Better for Real Estate than for Stocks and Bonds?, Financial Analysis Journal, January-February, 1996, pp. 56-62. Friday, H.S., G.S. Sirmans, and C.M. Conover, â€Å"Ownership Structure and the Value of the Firm: The Case of REITs, Journal of Real Estate Research, 1999, vol. 17, no. 1/2. Harvard University (2003) The State of the Nations Housing 2002 (Massachusetts,

War on Drugs is a Domestic Problem Essay examples -- essays research p

WAR ON DRUGS IS A DOMESTIC PROBLEM   Ã‚  Ã‚  Ã‚  Ã‚   The new policy that the government has unfolded on the War on Drugs, has pointed the finger of responsibility toward stopping terrorism by stopping the individual drug users. Terrorism affects the entire world, and the United States has assumed a position at the spearhead to confront it. There is no way to actually stop terrorism, but one way to financially divert the problem is to stop the money from flowing to the organizations.   Ã‚  Ã‚  Ã‚  Ã‚  The War on Drugs has been taken to a new level since the attack on the United States in September. Just two days before the attack in New York and Washington D.C. a shipment, being distributed by the Columbians, of Afghan heroin, reported to be 53 kilograms, was seized in New York. (Denny) This event demonstrates how the terrorist and the narcotics trade are linked together. Without the funding of drug trafficking, many terrorist organizations would not be able to continue operations at the current levels.   Ã‚  Ã‚  Ã‚  Ã‚  Drug traffickers share common traits along with the terrorists of the world. A drug trafficker does not have a general regard for human life. The only thing that matters to the trafficker is the money that is made from the illegal sale of the product. Whether the money comes from a twelve year old in anyone of the main cities in the United States or from a terrorist organization does not matter to a trafficker. This di...

Imported Medicines: A Strategic Shift in Human Thinking Essay

Internet and online businesses gradually change our lives. What used to be impossible two years ago now has turned into a matter of daily performance. With Internet, we are no longer limited in our activities and can broaden the scope of all major operations that have previously been unachievable. Healthcare and medicines are not exceptions, and where Internet works to provide us with additional opportunities for communication, we have finally been given a chance to reconsider the costs of all healthcare services and medical preparations. Online medical markets have produced an irreversible change in the structure of healthcare services and human thinking. With the advent of the new technological age and the growing globalization, customers have become more attentive to what they buy and how much they pay for it. Imported medicines purchased online offer a competitive alternative to brand-name drugs. Simultaneously, imported drugs are not always licensed and may create serious health risks. In this situation, the state should actively work to impose severe price restrictions on the major brand-name drugs and to develop effective monitoring systems with regard to the imported drugs that are sold online, to guarantee that customers are given a viable choice and are not limited in their access to quality healthcare services and medical preparations. True, the growing customer commitment to imported medicines is the result of the national pharmaceutical markets’ being largely non-regulated. Americans typically pay the highest prices for brand-name drugs because, unlike Canada and many other countries, the United States does not impose price controls on pharmaceutical companies† (Colliver). The growing number of online pharmacies reflects the misbalanced nature of the price strategies, to which present day pharmaceutical companies adhere. Despite the fact that brand-name drugs are sold with significant discounts, the majority of healthcare insurance plans does not cover them and does not make them affordable for consumers. The current economic crisis makes Americans more attentive toward their expenditures, and online pharmaceuticals offer an excellent opportunity to obtain the needed list of medical preparations for a much lower price. â€Å"If the government doesn’t get its act together, and with 47 million who are uninsured, there is a marketplace for alternative supply of some of these drugs† (Colliver). It appears that in the current system of healthcare services customers are not given any relevant choice. With the absence of price restrictions, pharmaceutical companies feel free to establish prices as high as they deem necessary, making customers seek effective alternatives elsewhere. That is why imported drugs as such, and online imported drugs in particular have caused a strategic shift in human thinking, giving people a chance to resolve their health issues at a lower cost. With the growing number of Internet users and given the cost-effectiveness of imported drugs, customers are no longer willing to stick to traditional purchasing practices and choose a technological way of resolving their health issues. More and more people realize the benefits of online pharmaceutical marketing. Many of them enjoy the freedom of choice and convenience they are offered by online pharmaceuticals. â€Å"More Americans appear willing to take a calculated risk in the absence of prescription drug coverage† (Colliver). In other words, when health and life are at stake, customer will not think twice before ordering an affordable imported medical preparation from online suppliers. For many of them, imported medicals offer the most attractive and acceptable option; that is why online companies gradually grow to cover larger shares of online markets even without any specific advertising. Unfortunately, ordering imported drugs online is not always safe. Despite the fact that technology has forever changed the direction of human thinking and has made the process of purchasing imported drugs fast and convenient, imported drugs are associated with substantial risks. Customers cannot always be confident that they buy an authentic drug from an authentic foreign manufacturer. Some Web sites hawk controlled substances without a prescription or falsely purport to get drugs from a Canadian pharmacy or other more trustworthy source. While operators try to separate themselves from such operations, it’s tough to tell the difference† (Colliver). Even if the government imposes strict limitations on pharmaceutical prices, the shift that has already occurred in customer attitudes will require time to be reversed. The problem is not in imported drugs; given the growing globalization trends, imported drugs will keep conquering larger shares of pharmaceutical markets. The problem is that for customers to purchase imported products is a matter of â€Å"no other choice†. Many of them are no longer willing to return to conventional medical practices. As a result, and taking into account that online businesses will further work to conquer the minds and spirits of the American customers, the state should develop effective monitoring systems that will impose price restrictions and will control imported drugs sold online, to provide customers with a reasonable choice and to give them another chance for recovery. Conclusion Imported drugs and Internet have produced an irreversible change in customer attitudes toward healthcare. Beyond broader access to imported medical products, customers are given an opportunity to reduce their costs and to purchase medical products in fast and convenient manner. Given the threats which imported non-licensed products may produce on human health, and taking into account the growing customer commitment to purchasing imported medicines online, it is the state’s responsibility to develop effective regulatory and monitoring strategies that will not limit customer choice but will guarantee safety of all imported medical products.

Labor Negotiations Essay

Many times, the process of collective bargaining agreement (CBA) negotiations is referred to as being â€Å"an art†. Although it is guided by various labor laws and there are multitudes of theories that claim to have established best practices in the field, every negotiation simply has too many unique variables to consider to ever be approached as anything more than an art. Even in the short span in which new negotiations are required to reach an updated contract, too many changing factors on both sides of the table are apt to make the extrapolation of one bargaining scenario to the next inefficient and ineffective. There is no â€Å"one-size-fits all† approach. What worked best in one instance could potentially fail with dire consequences in another. To attempt to define, or even identify a structured component to the process would be futile. People, personalities, economics, demographics, policy and law are not static, nor are needs, wants, concepts, trends or priorities. Deception and intimidation during negotiations is commonplace, and unfortunately sometimes holds more relevancy than fact. For these reasons,  it is important for labor negotiators to be able to anticipate the worst, but hope to ultimately achieve a best case scenario. The final, ratified contract is applied to both parties, and hopefully in the end, it represents what is best for all involved. There are many potential stakeholders depending on the industry, but in the case of the community of Pleasant Ridge, it is the students and that ultimately have the most to lose. This can easily be forgotten when bargaining teams’ self-interests take hold. Deciding on the appropriate bargaining techniques and strategies requires a very well-thought out, careful approach. Whatever approach is used has to take into account the past, current and future needs of both parties, and has to be based on an accurate analysis of external and internal data, as well as political considerations. Successful negotiators must be adaptable and flexible in their thought processes and behaviors, and must be willing to compromise as situational needs dictate. As several different personality types compete and interact, even within the confines of one bargaining team, negotiations can be a very daunting process. All of this is important to keep in mind as we examine and analyze the case of the community of Pleasant Ridge. Bargaining Strategy A bargaining strategy should only be determined once all of the relevant, factual information has been reviewed. That is not to say a strategy cannot be changed depending on circumstances once negotiations begin, but it is useful to set the tone for negotiations and help insure a mutually understood strategic concept among bargaining team members. Recent labor relations practice has moved away from traditional adversarial bargaining, or â€Å"zero-sum† bargaining, and has focused more on interest-based bargaining, or â€Å"win-win† bargaining. According to Cutcher-Gershenfield, â€Å"A close look at the interest-based experiments in labor relations reveals that adversarial institutional patterns have often been rejected in favor of more collaborative, problem-solving techniques without a full appreciation of the underlying reasons for the establishment of the original institutional patterns.† (1996, 323). In theory, winning with interest-based bargaining is presu med to be agreement of the parties to a ratified contract that both can live with (Kearney, 209, 134); not â€Å"winning† in the sense that one party  ultimately prevails over the other on any particular issue. In the case of Pleasant Ridge, there is no single reason to preclude interest-based bargaining as an effective strategy. As the Pleasant Ridge Board of Education (Board) and the Pleasant Ridge Classroom Teachers Association (PRCTA) commence negotiations over a new CBA, it is important to note that both parties are in a relatively good position. From a fiscal standpoint, the school is doing well. Student enrollment is increasing, local property revenues are increasing and State Revenues are expected to increase for the upcoming school year. While none of these items are guaranteed, barring any unexpected national, state or local political catastrophes, short-term projections should remain fairly accurate and consistent. This may place the Board at a slight disadvantage during negotiations when considering ability to pay, especially considering the PRCTA memberships’ apparent adversarial position. It serves to underscore the importance of the Board to sincerely attempt to negotiate a finalized contract during the first steps of the process. In comparing wages, hours and working conditions, the PRC TA is not far off when it is reviewed against comparable teachers’ unions. Even when considering labor markets that are competitive in the long run, however, the over-all analysis should include information about employer attributes because labor markets do not adjust instantaneously (Eberts and Stone, 1985, 274). The consequences of ignoring district-specific information are potentially serious, according to Eberts and Stone (1985, 274). To push an employer into economic oblivion as the result of unrealistic contract demands could have disastrous consequences for all involved. While the memberships’ concerns are very important, they must keep in mind their best interests in finalizing a contract with few to no concessions quickly. It is up to the PRCTA to educate their members on the long term affects their present actions may have. Additionally, in a world of economic uncertainty and increasing demand for education reform, the PRCTA is better suited to act quickly so that public sentiment and political forces have less likelihood of effecting policy change before they have a ratified contract. A ratified contract provides strong protections for union members against ever-changing political forces. Bargaining Position of the Board Labor negotiations can be a strategic nightmare fraught with competing priorities and concerns from every affected player. For the community of Pleasant Ridge, the primary considerations of the Board and the PRCTA during negotiations will predominantly revolve around advancing self-interests, whether they impact external stakeholders or not. That is an almost inherent aspect of the process. Public and political sentiment may or may not be secondarily considered, and will certainly be impacted, but those concerns typically do not guide the negotiations process. Kerchner and Koppich argue in their article, Negotiating What Matters Most: Collective Bargaining and Student Achievement, â€Å"that it is in the public interest for teacher unions and school districts to negotiate student achievement goals even though neither may want to do so.† (2007). While morally laudable, realistically this will most likely never happen outside of the legal environment, and is way beyond the scope of this analysis. Contract length could be the most important protection the Board could achieve. A two year contract would be very beneficial for the Board, because it removes the dangers of making accurate financial projections too far in the future. It would also allow the Board more flexibility in bargaining positions that are tied to economics because they would not be invested in a lengthy contract should political or economic factors significantly change. Aside from a two year contract, the Board should support a 3% raise the first year of the contract, and a 3% raise the second year, conditioned on the promise of the PRCTA memberships’ public support for the upcoming millage. This would get the PRCTA membership very close, if not above, a competitive market salary within their own comparable communities at a relatively quick rate, while bolstering the financial position of the Board to be able to implement future contractual raises should the millage be approved. Additionally, the Board will not incur all of the increased costs of implementing the salary increases all in one year, making it more palatable for the school district in general, while not simultaneously rendering the budget unsustainable. The Board should also support agreement to grant tenure in the 3rd year on the condition of the elimination of the one year wage payout provision. Not only does this achieve comparability within the comparable community context, it serves as a huge future economic win for the Board. In the event layoffs become necessary, the burden of paying out a years’ salary to  any tenured teachers would be an undeniable savings should the school district experience tough economic times. Since decreasing the class size to 25 would increase the number of teachers required, it would be more fiscally responsible for the board to leave this item status quo. The Board could add an amendment allowing for the hiring of teacher’s aides should the classroom population exceed 25, but it shouldn’t be an initial position. If push comes to shove and this single item becomes a deal-breaker, the Board and the PRCTA could revisit the issue at 27 students, as long as an agreement could be achieved with a provision requiring no additional teachers or classroom space.   There is no guarantee that the student population will continue to increase, so agreeing to this item could have unintended financial consequences later. It is never outside the realm of reality that one teacher’s salary could mean the difference between balancing and not balancing the budget. Reasonable Settlement for the Union In determining the reasonableness of a settlement for the PRCTA, several factors should be considered. Typically, wages are at the forefront of union demands, and the fact that the Board is willing to raise salaries to levels above the comparable communities the PRCTA selected should speak volumes. That alone may be enough to achieve ratification. In addition, the PRCTA needs to consider the effects of having an arbitrator decide their fate. If the Board is being reasonable in their proposal, there is no reason to chance the final decisions in the hands of an individual who may or may not agree with position of the PRCTA. The Board has not requested concessions, comparable wages have been offered, and other positions lean toward the comparable communities of the union. In a fact-finding or arbitration scenario, the Board would undoubtedly be able to find comparable communities supporting their position. According to Crawford, final offer arbitration’s distinguishing feature is that it threatens bargainers with a settlement determined by the relative desirability to the arbitrator of their final offers. This creates incentives for bargainers to move their final offers closer to what they think the arbitrator wants, even if they are uncertain of his wishes (1981, 207). In the Pleasant Ridge scenario, the position of the Board is more than reasonable, and should ultimately be accepted as such by the PRCTA, rather than advancing to fact-finding or final offer  arbitration. Fact-Finding â€Å"The consequences of impasse are evident in the amount of private and public resources spent on civil litigation, the costs of labor unrest, the psychic and pecuniary wounds of domestic strife, and in clashes among religious, ethnic and regional groups.† (Babcock, Lowesenstein, 1997, 326) Should the parties reach impasse and the matter be referred to fact-finding, the Fact-Finder should make a recommendation based on the school district’s current and projected future financial position (ability to pay), the current political environment as far as public education policy is concerned, and to a lesser extent, should consider the proposals in comparison to those of comparable communities. In making a settlement recommendation, the Fact-Finder should find the initial position of the Board to be quite consistent with that of the PRCTA, as well as quite generous and reasonable. It is almost certain that a Fact-Finder would agree with the Board’s position on wages and tenure. It is reasonable to think that he or she would agree on tenure, but possibly decrease rather than eliminate the year of salary payout, unless they considered a layoff situation a financial hardship. If the Board could successfully present that as a business case, a Fact-Finder may agree. With regard to class size, a three to five student decrease should not present a significant enough business case to cause the school district to absorb an increase in additional teaching salaries and roll-up costs. A Fact-Finder should support that item as remaining status-quo. Final Offer Arbitration The board would undoubtedly have to go to arbitration to remove the politics of implementing a contract from their hands should the parties not be able to reach a settlement. With two of the board members being labor union members, and three endorsed by the Pleasant Ridge Central Labor Union (PRCLU), not going to arbitration would be political suicide. As demonstrated in previous board elections, two members lost to candidates who were endorsed by the PRCLU, showing the strength that the PRCLU exhibits. Having a neutral party force a contract on both sides would be the only political out the Board members would have. In a final offer settlement package, it is of the utmost importance that both parties consider the most  desirable benefits that could be achieved, and tailor the final offer package around those. Prioritization of issues is significant, as well as is reasonableness. In the final offer package, it would be incumbent on the Board to submit lower contractual wage increases, potentially to 2% each year of a two-year contract, with class size and tenure remaining status quo, with the elimination of the one-year wage payout provision. For the PRCTA, it would be beneficial to package a deal containing a 5 year contract with 2% wage increases for each year of the contract. Considering they really have nothing to lose since concessions aren’t being considered, they should also incorporate the decreased class size of 25 students, and tenure to reflect the 3 year comparable. Even if the arbitrator sides with the Board, the PRCTA hasn’t lost anything besides the one-year payout provision. Likely, that is something that will affect very few of the current members. REFERENCES Babcock, L., & Loewenstein, G. (1997). Explaining bargaining impasse: The role of self-serving biases. Advances in behavioral economics, 326. Crawford, V.P. (1981), Arbitration and Conflict Resolution in Labor-Management Bargaining. The American Economic Review. 71(2). Papers and Proceedings of the Ninety-Third Annual Meeting of the American Economic Association. 205-210. Cutcher-Gershenfeld, J. (1996). Bargaining Over How to Bargain in Labor-Management Negotiations. Negotiation Journal, 10(4), 323-335. Retrieved on March 22, 2014 from http://onlinelibrary.wiley.com/doi/10.1111/j.1571-9979.1994.tb00032.x/abstract. Eberts, R.W. and Stone, J.A. (1985), Wages, Fringe Benefits, and Working Conditions: An Analysis of Compensating Differentials. Southern Economic Journal. 52(1). 274-280. Kearney, R.C., Labor Relations in the Public Sector, Fourth Edition. CRC Press. 381. Kerchner, C.T. and Koppich, J.E. (2007). Negotiating What Matters Most: Collective Bargaining and Student Achievement. A merican Journal of Education. 113(3). 349-365. Retrieved on March 22, 2014 from http://www.jstor.org/stable/10.1086/512736. Walton, R. E. (1994). Strategic negotiations: A theory of change in labor-management relations. Harvard Business Press.

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