The Ethical Framework Of Accounting - 897 Words

Businesses, investors, creditors rely on accounting ethics. The accounting profession requires honesty, consistency with industry standards, and compliance with laws and regulations. The ethics increase the responsibility and integrity of accounting professionals, and public trust. The ethical requirements influence the management behavior and decision-making. The financial scandal of Enron and Arthur Anderson demonstrates the failure of fundamental ethical framework, such as off-balance sheet transactions, misrepresentation of financial statements, inaccurate disclosure, manipulations with earnings, etc. The confronted accounting profession and concern for ethics in businesses forced regulators to revise the conceptual framework of accounting processes. This study aims to understand what effect has an ethical framework in accounting. In particular, we examine the influence of ethics on earnings management, financial reporting, and external accounting. Today, the commercial environment reveals the unethical behavior of management and accountants through the manipulation of accounting records to boost the company’s stock price, falsified financial statements to mislead investors, failure of auditors to correct errors and omissions due to client’s pressure and personal material interests. The study is important because it examines the role of ethics in accounting. The research on identified problems is necessary due to vagueness of ethics concepts and its difficulty toShow MoreRelatedA Sound Financial Reporting System, Supported by High Quality Accounting Standards and Backed by a Solid Regulatory, Governance and Ethical Framework, Is a Pre-Requisite for Economic Development.2064 Words   |  9 Pagesâ€Å"A sound financial reporting system, supported by high quality accounting standards and backed by a solid regulatory, governance and ethical framework, is a pre-requisite for economic development†. Accounting has been around since the beginning of civilization and played an important role in the development of cities, trade and the concepts of wealth. Nowadays, business is very complex and therefore there is an increased need for providing accurate and reliable financial information. MoreoverRead MoreThe Effect Of Professional Ethics788 Words   |  4 PagesEthics in U.S. Accounting Businesses, investors, creditors rely on accounting ethics. The accounting profession requires honesty, consistency with industry standards, and compliance with laws and regulations. The ethics increase the responsibility and integrity of accounting professionals, and public trust. Ethical requirements influence the management behavior and decision-making. The financial scandal of Enron and Arthur Anderson demonstrates the failure of fundamental ethical framework such as off-balanceRead MoreEthics and Conceptual Framework Paper1333 Words   |  6 PagesEthics and Conceptual Framework Paper Conceptual Framework There are two major philosophies in accounting consisting of a principles-based system for accounting and a rules-based system for accounting. The following discussion will speak about these two philosophies and will define one as being a best fit for encompassing the role of ethics and the conceptual framework. The conceptual framework was established by the Financial Accounting Standards Board (FASB) and is used to help define the boundariesRead MoreManagement Accounting : Code Of Ethics1588 Words   |  7 Pagesprofessional service organization such as a law firm or an accounting firm, a manufacturing company such as Chrysler, Toyota, Apple or Microsoft, or a retail company such as Walmart or Target. Within each type of organization lie various types of services that are governed or controlled by a specific set of standards and code of ethics. Each set of standards and code of ethics is designed by a specific governing body. Management accounting is one such branch of service that is regulated by the InstituteRead MoreTriple Bottom Line Accounting Concept And Framework1098 Words   |  5 PagesTriple Bottom Line Accounting By: Emma Juskovic The Triple Bottom Line (TBL) accounting concept and framework was first created by John Elkington in the mid 1990’s, and has since changed the way for-profit, non-profit and government agencies measure the sustainability of their initiatives and company. The TBL framework is flexible and can be adopted and molded based on the specific needs of an organization. The framework is comprised of three parts, which are: social (People), environmental (Planet)Read MoreEthical Issues Faced by the Accountancy Profession Essay1747 Words   |  7 Pagesthreat when clients and employees are exposed to the risk of fraud when accounting ethics are not adhered to. Codes of ethics are adopted to ensure the reliability, comparability and integrity of financial statements. Ethical standards exist to safeguard the fundamental principles of accountancy and recognize threats to these principles so judgement can be made to resolve ethical dilemmas. However an accountant frequently faces ethical iss ues due to their work and not always stays vigilant to the manipulatingRead MoreUnethical Business Practices Of Multinational Companies1512 Words   |  7 PagesWhile the convergence of accounting standards remains a challenge, so has a set of ethical standards. The need for a global set of standards has become paramount over the last decade. Through my extensive review and research of literature, there appears to be an ongoing need for convergence. The study concludes that through cooperative efforts, between governing bodies such as AICPA and IFAC, we are on the right track in terms of acceptability. â€Æ' Global Set of Accounting Standards The need forRead MoreEthics And The Auditing Culture : Rethinking The Foundation Of Accounting And Auditing974 Words   |  4 PagesRethinking the Foundation of Accounting and Auditing. The key of the abstract is to demonstrate how traditional ethical settings led to unethical behavior and financial scandals of Enron, WorldCom, and Arthur Anderson (p. 271). The authors emphasize the role of the AICPA Code of Conduct and ethical perspectives for accountants and auditors. Introduction. The authors study profiles of firms that included the accounting fraud. The main objective of the research is to improve the ethical conduct for accountantsRead MoreThe Key Causes For Tax Evasion1587 Words   |  7 Pageswith a platform that enables the execution of immoral activities. Completely understanding this aspect will require information on how profits link to the conceptual framework and how this link has been, and is still being exploited by companies through a technique known as creative accounting. Through the use of creative accounting, companies can manipulate the image of the company that exists in the mind of stakeholders, and thus lead to immorality. The immorality of businesses can be shown inRead MoreEthics Code Of Professional Ethics980 Words   |  4 Pagesarticle reviewed was Possible Ethical Issues and Their Impact on The Firm: Perceptions Held by Public Accountants. The abstract demonstrates the importance of AICPA’ â€Å"Code of Professional Ethics† and its components, and the influence of management perceptions on firms’ ethical environment (p. 919). Introduction. The authors study business ethics, compliance with ethics code, ethical issues, and ethical behavior of company management. The researchers concern with ethical believes of company employees

Analysis Of Destruction After All Is A Form Of Creation

Leah Thaheld Lit Term Essay Irony: A contradiction or incongruity between appearance or expectation and reality. Text: â€Å"destruction after all is a form of creation† Theme: Children are a product of their own environment. During this part in the short story, Trevor, also known as T., has suggested to the boys of the Wormsley Common Gang to destroy an old man’s home while he is out of town. The boys begin destroying Mr. Thomas, also known as Old Misery’s, house. The kitchen is in shambles, the dining room is stripped, and the floors everywhere are demolished. The author presents us with the idea that â€Å"destruction after all is a form of creation.† As the boys tear apart Old Misery’s house they create something new and beautiful in their own minds. They may look like they are destroying things but many times throughout the story the authors refers to them as creators, builders and carpenters. He does not see them as just miscreants, but as children who are creating something along the way. The boys of The Wormsley Common Gang have grown up in harsh conditions and violence. Surrounded by war and bombs, it is not surprising the way they act out. They are a product of their environment and have lost their innocence in having to grow up with such circumstances. The author sets the story in this kind of violent setting to reflect the destruction and desolation. This kind of setting surrounds the characters. The gang meets up in a â€Å"impromptu park, the site of the lastShow MoreRelatedFrankenstein, by Mary Shelley1078 Words   |  5 PagesDuring the period of time when Shelley was writing this piece, she would’ve been exposed to the consequential factors of the Industrial Revolution in England. Modernization was resulting in the destruction of the natural world the Romantics favoured so heavily. 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Together they created twelve Titans, three cyclops s and three Hecatonchires (hundred-handedRead MoreFrankenstein : Emotionally Bound By Mary Shelley1745 Words   |  7 PagesFrankenstein: Emotionally Bound The creation of life is an extraordinary event which humanity usually attributes to the work of a higher being. Because of this common belief, Mary Shelley’s: Frankenstein: The Modern Prometheus often triggers mixed feelings when human Victor Frankenstein experiments and creates the creature known as Frankenstein or Frankenstein’s monster. While it cannot be denied that this accomplishment is impressive, Victor’s right to form life, being a mortal himself, oftenRead MoreEssay on Wetland Restoration1200 Words   |  5 Pageswet areas), and Hydric soil (mucky and peat-based soil). The continual destruction of these valuable lands is due mainly to farmers, oil and mining interests, and development groups (Russel, p.36). It is estimated that 30-40% of the original wetlands in the United States have been lost, and about 300-400,000 acres are destroyed each year (Hollis, p. 36). Recent concern has led to an increase in wetland restoration and creation to reduce th e impacts of activities in or near wetlands, compensate forRead MoreEssay on Analysis of Lord of the Flies by William Golding1475 Words   |  6 PagesAnalysis of Lord of the Flies by William Golding William Golding’s Lord of the Flies is a sordid tale about a group of kids who are stranded on a deserted island after their plane crashes. The story is set during the Atomic War and plenty of references are made to the fact. However, the real key to the story lies in the role of Beelzebub, Lord of the Flies. Beelzebub has a central role in the story as he represents the Beast, or evil, that dwells within all humans. The Beast cannot be hunted andRead MoreElements of Genocide: Collective Behaviour and Acting Crowd Essay1307 Words   |  6 Pagesparty brought forward the massacre of millions. After the war, in 1943 Raphael Lemkin, a Jewish-Polish lawyer, created the term genocide to describe the mass extermination of various groups. He combined Latin word â€Å"genos† (race or tribe) with another Latin term â€Å"cide† (to kill). After the holocaust, Dr. Lemkin fought for the recognition of genocide under international law. Thanks to his efforts, the UN Convent ion of Genocide was created. (Analysis: Defining Genocide 2) Today, genocide is seen asRead MoreVictor Frankenstein Isolation Essay1251 Words   |  6 PagesUltimately, Dr. Victor Frankenstein is responsible for the creatures acts of destruction due to the certitude the creature came into existence in the mindset of a child or newborn. In the 1818 novel by Mary Shelley, the themes of monstrosity and isolation are apparent with the relationship between Victor Frankenstein and his monster. Dr. Frankenstein fled at the sight of his horrific, figurative son, abandoned him and never taught him how to deal with actions and consequences as a parent should.Read MoreThe Masque Of The Red Death1592 Words   |  7 Pages As long as history has been recorded of mankind, man has fought relentlessly for power. This â€Å"power† can come in many different forms: power through knowledge, power of survival, power over one’s fellow men, and even power over the forces of nature. One such example of a power that man has long sought to uncover is the secret to manipulating time and achieving immortality. In the 19th century, Edgar Allan Poe made an excellent example of this struggle in his short story â€Å"The Masque of the Red Death†Read MoreEssay about How Can We Avoid Asteroids?1363 Words   |  6 Pagesacting on and upon us all the time. 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More than fifty percent of all the plants and animals in the world are to

IBA Final Paper Group Free Essays

In this simulation, we were tasked with successfully launch info Alleles in new markets over the next 7-10 years, effectively expanding the Alistair Brand into Latin America. Alistair Brands is doing well in its traditional markets of Western Europe, North America, and Australia, but the markets IR those countries are mature with lots of competition. Latin America is a region that provides great potential and a variety of trade enhancement actions have been struck in recent years. We will write a custom essay sample on IBA Final Paper Group or any similar topic only for you Order Now NONFAT for example, reduced the trade barriers between the United States, Mexico, and Canada. This allows for establishing production in Mexico to take advantage of low labor costs and seamless access to the U. S. And Canadian markets. The MERCURY agreement also provides similar ease of access among the South American countries of Argentina, Brazil, Paraguay, and Uruguay. These factors combined make Latin America a ripe market for Alistair Brands to enter. Initially, we entered the Mexican market and created five SKU that covered all four benefits to test the market for each type of benefit, as well as wanting to implement SKU that none of our competition was using, such as economy gel. Our primary target markets were families with kids focused on economy, and younger focused on whitening. No one had tapped into the kid’s market, SC we created a SKU to fill that demand, which also created a niche in the mark hat We dominated. Our primary channels Were the traditional and hyper- market, with a small section focused in web. The traditional channel had the largest number of outlets; thus, we allocated 25 sales people to that channel and it generated 12. 1 % of our sales. Hypermarket had only one competitor and had the most growth potential, while the web had no real competition. We positioned ourselves in regards to pricing towards the lower spectrum with a 5% allowance. We set our MSP at double our production cost, still maintaining an economy price by being priced lower than our competitors. Striving to get our name out there in the initial period, we also spent SSL 50 million in promotion and $76 million in advertising and our ad campaigns focused on highlighting two of our SKU (younger/white and families/ economy). Over the course of the simulation we entered three more Latin American countries (Brazil, Argentina, and Chile), built a plant in Brazil, left the traditional channel and entered the wholesale channel, changed SKU and pricing, discontinued and created new ads in all countries, tried to make our products standard in each country, exited a country that was not performing ell, and added new products to our existing product lines. After implementing and tweaking our marketing plan each year in the simulation, we ended the simulation with a BEE of 76. We saw a 6. % growth in unit sale 18. 3% growth in manufacturer sales, 29. 7% growth in gross margin, and 60. 3% growth in net contribution. We finished in fifth place with a cumulative net contribution of $400. 6 million. In the following few pages, we will demonstrate what our marketing plan was and how we implemented it in each year Of the simulation from beginning to end to effectively demonstrate owe our decision criteria led us to the position that we ended in. Situation Analysis Throughout the study, the opportunities and threats varied among the 1 0 decision making periods. However, threats were mostly, actively controlled by a third party stimulator, while the opportunities describe our reaction to openings in the market for potential revenue. For example, a population product benefit without a SKIS to squelch the market need provided a clear opportunity for a new SKU with an updated promotional budget and campaign. The opportunities listed below detail the groups research for opportunities as well as the active response. After a forced entry in the Mexico market, one of the first opportunities was the cheap tariff and shipping costs from the US to Mexico. With a 0. % tariff, as a percent of CIFS and a shipping cost of approximately two cents per unit, entry into the market provided a strong base to grow our brand. There were also free trade agreements between the US and Mexico, making distribution, cost effective and permittivity seamless. With Brazil economic boom, it was impossible to ignore the specific opportunities in this market. With a surge in population, there began to arise product benefits that were not being met by competing products. Therefore, Alleles responded by implementing a SKIS that filled the family/healthy/ economy and size gap, as well as the kids market. With space in the hypermarket and web. The Alleles group capitalized on these channels and spiked the promotional budget to raise product awareness and our resulting As the success in Brazil continued, Alleles constructed a second plant in period 3 that would offset the high shipping costs to the later entered, Argentinean an Chilean, markets, combined with a free trade agreement. Further, entry into the Brazilian, Argentinean and Chilean market was titivated by low transportation costs and tariffs. However shipping costs, from the home plant, did not prove a lucrative. With an opportunities analysis, a weakness analysis must follow. Because Alleles was on a first mover into the South American toothpaste market, the company missed out on many of the advantages awarded to competitors, such as the ability to set standards concerning product expectation, the bill ¶y’ to educate the public about the product, and capitalize on unused distributors and suppliers. However, these weaknesses also provided an opportunity for Alleles to responds in self-benefiting methods. First, being a late entering competitor to an already established market, much of the risk was alleviated associated with introducing existing markets to new products. There was also less of a need for an educational promotional budget. Alleles was allowed to piggyback off of the market penetration of early entry competitors. Another additive that come with entering a market post-establishment, is the ability to put pressure on existing products, forcing them to make adjustments to account increased market competitor. Some of the changes included, price reductions, increasing sales force and raising advertising expense, all efforts to attempt to solidify their, now threatened, position in the market. The Alleles response to increased opportunity was to lesson dependence on a single market by entering others. Finally, market threats perpetually interrupted the opportunity response progression for Alleles. For example, after entry into Chile, the brand began to notice a reoccurring cost that could not justify the company’s market activity. Therefore, it became necessary to pull out of Chile in period 8. Also, the highly competitive arena in Brazil and Argentina provided the need to constantly adjust product SKILL, racing, production, promotion and advertising to account for competitor success. The largest threat in the South American toothpaste market proved to reside in Venezuelan and Argentinean markets. Venezuela entered a recession walkway through the simulation, which prevented entrance from Alleles, and Argentina began to experience the impending effects of a recession, however, we had already invested too many resources to pull out of the country, so we had to adjust our skews to account for the change in shopping habits. Market Entry International market entry decisions are complicated. Most companies must rye to balance the benefits of increased control and the costs of resource commitment and risk [Country Manager]. Factors such as international experience, firm size, market knowledge, and economic attractiveness must all be taken into account. Therefore, market entry is critical to Allele’s success. Alleles is interested in entering Latin America. Due to its large population and a variety of trade enhancement actions (NONFAT, MERCURY) that have been established in recent years Latin America has great potential. Before choosing which country to enter we wanted to perform a competitive analysis and selected macro-level indicators, such as economic development, to examine. We then weighed their importance. We also examined product markets, such as market size and the number of competitors. These can be seen in the country attractiveness analysis sheet in the appendix Of this report. After weighing all of our information, Alleles decided to enter Mexico market first. Alleles chose to enter Mexico through exporting the product from our home plant. Five Kiss were chosen to test the market for each type of benefit. We also wanted to implement SKU that no other competitor was using. Finally, we chose three distribution channels. In this first market, and I being essentially a test market, Alleles was somewhat successful in establishing our name in the market. After being in Mexico for a year, we decided to use the ‘X†tearful marketing effect† to enter Brazil. Alleles chose Brazil because of its similarities to Mexico. Using a slight product adaptation, four SKU and three distribution channels were chosen for Allele’s entry into Brazil. Continuing with the â€Å"waterfall marketing effect† and utilizing straight extension, we next entered Argentina. At this time we had been established Mexico for a few years and in Brazil for one. With moderate success in previous markets, Alleles entered Argentina with the same SKU and distribution channels utilized in Brazil. We also weighed the cost and benefit of continuing to export from the home plant against the risk of building a plant locally to our markets. Indicators weighed in favor of building locally. Therefore, Alleles began building a plant in Brazil. In the fourth year of marketing in Latin America we decided not to enter a new market. We wanted to focus our time and attention on Mexico, Brazil AR Argentina, as well as the new plant. The plant also began to distribute to the Brazil and Argentina markets which lowered costs and increased profit. Year five did see a new endeavor for Alleles. We chose to enter the Chilean market further increasing our regional diversification.. The SKU and distribution channels were again a straight extension of the product. As we did in year four, years six and seven were spent focusing on our established markets. Alleles also took this time to increase capacity in our plant to accommodate the market need. Due to several issues, especially our sustained losses, Alleles exited Chill?s market. We had been in the country for three years and we continued to set in the red. Furthermore, after examining the competition, we knew it would take us years to compete as market leader and the markets in Brazil and Mexico had much greater potential. Exiting Chile was the last â€Å"market entry/exit† decision that Alleles made. We spent the new couple of years focusing on the markets that we had entered and that were doing well. Overall, by utilizing the â€Å"waterfall† approach and using the money made in one market to help fund efforts in new markets, Alleles was successful with our market entries. Manufacturing location and sourcing There were many factors to consider when our company was assessing the attractiveness of building a plant in another country. Political stability, shipping expenses, market economy, natural hazards and transportation were just a few indicators that needed to be examined. Understanding these influences enabled our company to make the right decision. Brazil is one of South America’s most stable and prosperous nations. It’s economy outweighs that of all other South American countries and Brazil is expanding its presence in world markets. Shipping costs from Brazil to it’s neighboring countries is quite cheap. According to Country Manager, hipping from Brazil to Mexico is the highest at . 040. Therefore, We would continue to ship to Mexico from our home Plant and use the Brazilian Plant to ship to Argentina (. 020) and Chile (. 020). A local plant, which Brazil would be for all but Mexico, results in fixed costs from depreciation and the per unit (variable) cost of production. Country Manager cost analysis has Brazil at the head of the pack in terms of fixed cost (1 5% cost reduction). Furthermore, building in Brazil would result in a 0% tariff in regards to Argentina and Chile. Both of these indicators pointed favorably to building in Brazil. Natural hazards are present in every country, however, it is an indicator that must be taken into account. Brazil is home to droughts in the northeast and frost in the south. These particular natural hazards aren’t very severe in terms of affecting shipping further making Brazil our top choice in Plant location. Transportation was an important factor we took into account when deciding where to build Allele’s plant. Having the means to transport/ship the product to market is essential. Brazil is home to 4,000 airports, 28,857 km of railways and 1 , 751 ,868 km of roadways and this doesn’t take into account its shipping ports. Because there are so many options for transporting goods, the cost of goods sold can be kept reasonable. Utilizing all of these indicators, it was clear that Alleles should build in Brazil. The plant’s capacity was set to the projected unit sales in Brazil for the following period because we did not want to have a large excess which would lead to avoidable loss. However, we increased our plant production capacity by 50 million units (100 million units total) after one year. This was done to meet the demand of our past sales and accommodate for our forecasted sales. We also began distributing to Argentina from our Brazil plant in effort f decreasing shipping and tariff expenses. As each period progressed we assessed the plant’s capacity and adjusted accordingly, for example, we increased our plant production capacity again by 40 million units (140 million units total) in order to accommodate our entry into Chile. Once this capacity increase was accomplished there were no changes made to the production capacity for one year because our capacity perfectly lined up with the amount of units sold in Chile, Argentina, and Brazil. However, the following year we increased production capacity by 15 million units to accommodate projected unit sales and a further 55 million units, eased on our need forecast for the next period, the year after that. With Alleles exiting Chile in year eight, we did not increase our plant capacity again. Building our plant in Brazil proved to be a success. Alleles was able to put pressure on all other competitors, especially other domestic companies. This helped drive share of mind and sales leadership in Brazil – enabling us to more effectively compete with the local and regional competitors which were two of the market leaders. Target Marketing Strategy Target marketing strategy was an important part to make Alleles achieve success when we enter and explore a new country. In target marketing strategy, we have to determine our main potential customers, try to attract attention from them, raise our target customers’ interests, convince our customers’ desires and lead our customers purchasing. Therefore, we had used MIMIC and AID (Attention, Interest, Desire, Action) model to help Alleles make a right target marketing strategy for each country that we entered. Mexico Alleles chose enter Mexico market first. Based on data provided from cross- section decision analysis in Mexico, price was customer most care about with 50. % weight and product effect was second with 27. 6%. For demographic, the families was most demographics population which was 55. 9% Of customers with 62. 2% of demand. The younger was second largest demographic population (27%) with 23. 7% of demand. See demographics with benefits, families/economy are largest market with 34. 6%pop and 36. 7% demand; younger/white are second with 6. 9% pop and 10. 2% demand. By benefits view, the economy and white are majority benefits that Mexican customers would like to buy. How to cite IBA Final Paper Group, Papers

Introduction to Marketing Launch of Straw Hat by Oxfam Shop

Question: Discuss about the Introduction to Marketingfor Launch of Straw Hat by Oxfam Shop. Answer: Introduction: Oxfam Shop is a non-profitable organization in Australia, which is continually deploying new concepts in manufacturing different products to satisfy their mission. Their mission is to help those people who face injustice for their hard labour. The Company achieve its goal through the mean of fair trade, which has several key factors. Stable product prices, fair payment to the farmers and producers and ensuring the stability in their income are the key features of the Company to save people from injustice. This report mainly covers the strategy formulation for the launch of a new product Straw Hat in the market (Shop.oxfam.org.au, 2017). Strategy Formulation Marketing Mix In the view of Philip Kotler, Marketing Mix is a bunch of handy variables that a company can adopt to control its marketing segment (Alex 2012). As per Kotler, for a successful branding of the product, striving to the four core variables of marketing is of utmost important. These four variables are Product, Promotion, Price and Place. For the marketing consultant of Oxfam Shop in Australia, there is an urgency to analyse the market properly before the launch of Straw Hat in the market (Brooks and Simkin 2012). Figure 1: Marketing Mix (Source: PAUL 2013) Product Deciding the product before its launch in the market is the first task, which a marketing consultant needs to focus on (Gordon 2012). The product, which is set for its launch in the market, is Straw Hat. Straw Hat constitutes material such as plants or synthetics. Straw Hat protects head from the heat stroke. This is also a part of fashion, which adds an extra dimension to the personality. Price Price is another very important element before a product launch in the market (Singh 2012). There are various influencing variables for the price of a product such as market appeal for the product, cost involved, price range of other competitors, government limitations etc. For Oxfam Shop, which has a mission to support people by doing justice to their hard work, it becomes necessary to put the comparatively lesser pricing for the product. Price range would be from AU$9 to AU$20, which would cover various types of Straw Hat such as Floppy, Collage, Rusty Sea and many more. Pricing range are the best than other competitors are offering for the respective category of Straw Hat. Moreover, the lesser pricing for respective categories have been made keeping in view satisfying poor people. Huge sell will generate huge income, which will help in helping the poor people. Place Place is another very important aspect of a marketing mix as the profitability of the product relies heavily on the availability of the product to the consumer (PAUL 2013). There should be chain to make product available to the target customers. The best place to launch the Straw Hat would be the hottest places in Australia such as Sydney, Canberra and many more. People are cautious about their health in hotter region. They also tend to protect them from scorching heat of Sunlight. Moreover, the types of Straw Hat such as Rusty Sea, Collage, which would be launched, are best suitable for these places. College students and common people living there would have attraction towards the offering. This would increase the probability of a high sale. Promotion Promotion is another very important element of marketing mix, which has gained a huge popularity in modern era (Gordon 2012). However, promotion does not necessarily decide the fate of a product in the market. It rather tries to catch the attention of common people towards the product. The promotion should cover a process, which is feasible with the Hat trends in the market. For the Oxfam Shop in Australia, the best way to promote the Straw Hat is making this a part of the fair trade, which has always remained their integral part. This is indeed cost saving and effective. Promoting the product online has the potential to grab more attention of masses. In fact, media is a dominating body in the modern era. With a mission to help poor people, the Oxfam Shop needs healthy revenues from their new launch. The product has the capability to grab a hold on its target customers. It would be wiser to go online, as this would catch the attention of a comparatively more people. Conclusion: Oxfam shop in Australia has dedicated their expertise to serve those poor people who face in justice for their hard work. To serve the purpose, the Company has always kept it involved in bringing innovative products that bears potential quality to capitalise on the market. This time, the Oxfam Shop is set to bring the Straw Hat in the market. They have set plans to hit their target customers with comparatively cost effective Straw Hat. The cheaper price tagging and its proper promotion has constructed ample of expectations with the offerings. References: Alex, N.J., 2012. An enquiry into selected marketing mix elements and their impact on brand equity.IUP Journal of Brand Management,9(2), p.29. Brooks, N. and Simkin, L., 2012. Judging marketing mix effectiveness.Marketing Intelligence Planning,30(5), pp.494-514. Gordon, R., 2012. Re-thinking and re-tooling the social marketing mix.Australasian Marketing Journal (AMJ),20(2), pp.122-126. PAUL, T., 2013. Mental Accounting of Mutual Fund Investors and Marketing Mix--A Study from 4CMarketing Mix Perspective.Asia Pacific Journal of Marketing Management Review__________________________________________ ISSN,2319, p.2836. Shop.oxfam.org.au. (2017). Charity Gift Shop in Australia - About Us | Oxfam Shop. [online] Available at: https://shop.oxfam.org.au/our-story [Accessed 18 Jan. 2017]. Singh, M., 2012. Marketing Mix of 4PS for Competitive Advantage.IOSR Journal of Business and Management (IOSRJBM),3(6), pp.40-45.