cash converter essay

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The debate over a cashless economy.

• We’ve all heard the phrase “Cash Is King,” — the question is for how much longer?
• More and more retail transactions are shifting to digital, pushing the U.S. toward a cashless economy.
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We’ve all heard the phrase “Cash Is King,” — the question is for how much longer? According to a Federal Reserve Board report in 2019 , cash is still extensively used for small-value purchases, representing nearly half of all payments under $10 dollars and 42 percent of payments less than $25 dollars.

There is, however, a movement taking place: More and more retail transactions are shifting to digital, pushing the U.S. toward a cashless economy. Consumers are paying with the swipe of a card or tap of their phone rather than dollar bills. Some retailers and financial services firms contend we should ditch cash altogether.

While a cashless economy seems like the natural evolution of our collective marketplace, the question is, is a cashless economy beneficial or harmful? Banks and legislators are both having these discussions. States are beginning to take steps to ban cashless stores.

There are several valuable and innovative benefits to going cashless. The first is the end of cash-based criminal activity such as money laundering, robberies, and the risk of damage to the physical cash – all issues that present significant risk. As a result, it costs banks a significant amount of money to monitor this activity. The shift to cashless eases a large portion of this risk and the costs associated.

Going cashless can also be beneficial to retailers. It allows them to remove inefficiencies associated with managing cash, speeds up the time to process a transaction, and eliminates any inaccuracies or accounting issues created by human error. It provides safety to the employees of the business by not putting them at risk of robberies.

When you take a closer look, however, this shift to all-digital upends the foundation of our economy and creates unintended consequences for consumers.

First, it can be more costly.  For local small businesses, solely accepting cards means increased expenses. Merchants will be faced with paying card processing fees and those may ultimately be passed onto the consumer. For these types of businesses, accepting cash provides a smooth operation and offers additional options to their clients.

Consumer privacy is another issue stemming from a cashless economy. While the move to a digital economy has created tremendous benefits in terms of convenience in paying for goods and services, it also creates a digital trail every time someone makes a payment. Consumers should be able to decide whether they want to leave their personal data with a business. If you take cash out of the equation, they no longer have that choice.

Finally, and just as important, economic inclusion will take a major step back with the move to a cashless economy. It would punish consumers who can’t get a credit card, either because of income or lack of credit.  It’s understandable that financial standing should matter for financing a home or car, but it shouldn’t be a consideration for smaller purchases. Someone should be able to buy a cup of coffee or a bag of groceries no matter their credit score. The cashless economy would cut these folks out of the system.

While more and more of our activity is shifting to cashless transactions, the topic of shifting to an entirely cashless economy is still up for debate. For now, the best way forward is to continue to let cash and digital transactions co-exist.

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Free Paraphrasing Tool to Avoid Plagiarism

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• What Is a Paraphrasing Tool?
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• How to Reword a Sentence
• How to Reword a Quote

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Now that you know how our tool rephrases your sentences, you’re probably wondering why you need it. Here are its benefits;

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We’ve got your back, but it’s good to know how to stay away from trouble by yourself. Read on to get acquainted with various rewriting strategies.

✏️ How to Rephrase: Strategies to Avoid Plagiarism

Plagiarism is the act of stealing someone’s intellectual property. It can be deliberate but often happens unintentionally. In academia, this mostly means taking someone’s idea and not crediting the source. But don't worry: there are many ways avoid this. Here are the basics:

• Always using a plagiarism checker . This way, you’ll know for sure that what you’ve written is 100% yours.
• Quoting means adopting the original author’s wording directly and putting it in quotation marks. Make sure to resort to direct quoting only if it strengthens your argument, or if the quote is particularly expressive.
• A summary is a shortened version of the source. You don’t paraphrase its entire contents but break it down into the crucial parts.
• Taking notes while reading articles. Try to formulate the central ideas in simple words. This way, you'll automatically have a first draft of what you want to paraphrase.
• Lastly, changing the sentence structure while paraphrasing will help you sound natural.

Keep reading to learn more about rewording sentences and quotes.

📖 How to Reword a Sentence

Paraphrasing is very similar to summarizing. Both are key skills for writers. With these recommendations, you’ll always rewrite correctly and without plagiarizing.

To some terms, such as "globalization," you’ll hardly find alternatives. However, common words can easily be replaced.

Use various conjunctions or break the sentences up.

Replace nouns with verbs, verbs with adjectives, or vice versa.

This includes:

• Switching the voice from passive to active and the other way round.
• Turning clauses into phrases and vice versa, e.g., by omitting or adding pronouns.

This being said, the most effective method to rephrase something is by using all these techniques combined. Here are some examples:

“Categorization has become a major field of study, thanks primarily to the pioneering work of Eleanor Rosch, who made categorization an issue. (Lakoff 1987: 7)”

“Eleanor Rosch, who was the first to point out the importance of categorization, paved the way to make it an important subject. (see Lakoff 1987: 7)”

In this version, you can see multiple strategies at work. The structure is different, and all possible words were substituted. Yet, it still contains the original meaning. That’s precisely what we want!

Let’s have a look at this variant instead:

Paraphrase:

“Categorization is now a major field of study. It can be credited to the pioneering work of Eleanor Rosch, the first person to make categorization an issue.”

While the voice is switched in this paraphrase, it still is too close to the original. It uses the same wording and doesn’t credit the source.

Here’s another example:

“In a rare instance of consensus, linguists agree that grammar is extremely complex and hard to properly describe. (Langacker 2008: 27)”

“Linguists rarely agree with each other, but they all acknowledge that grammar is problematic and that it’s nearly impossible to explain it correctly. (Langacker 2008: 27)”

This version has synonyms and adds an extra preposition. Unfortunately, the alternatives "problematic" and "explain" tamper with the original meaning. Let's see how to paraphrase this paragraph properly:

“While linguists rarely share the same opinions, they all admit that grammar is almost impossible to depict comprehensively due to its intricate nature. (Langacker 2008: 27)”

In this case, the concept stays the same. The phrases are changed; there are a new structure and extra conjunction. Perfect!

💬 How to Reword a Quote

If you want your assignments to sound natural, provide the proper context for your quotes. It includes introducing them with phrases such as according to, in the words of, as defined by . Citing is appropriate, if:

• The wording is especially valuable;
• You need to support a claim;
• You want to debate and analyze the author’s position.

When writing, use a mix of direct quotes and paraphrases with an emphasis on the latter. Once you cite a source, adhere to specific standards. Stick to any one of these styles throughout your entire text:

• An in-text APA style reference can be either narrative , e.g. Zaliznyak & Šmelev, 1997, or parenthetical , e.g. (Zaliznyak & Šmelev, 1997).
• MLA formatting style requires the author’s last name and the page, for example, Clasmeier 37.
• When citing Chicago style , all source data (name, title, publisher, year, page) goes into the footnotes.

We're happy if this article was useful to you. And don't forget: if you want to save yourself some time, try our free paraphrasing tool!

📌 Is Rewording Plagiarism?

📌 how do you rewrite articles in your own words, 📌 can i use the rewriting tool to avoid plagiarism.

Updated: Apr 5th, 2024

🔗 References

• Avoiding Plagiarism: Choosing Whether to Quote or to Paraphrase: Massachusetts Institute of Technology
• Paraphrasing, Summarizing, and Quoting: Australia University
• Quoting, Paraphrasing, & Summarizing: Ashford University
• Paraphrasing: American Psychological Association
• Chicago Quoting and Paraphrasing: Massey University
• MLA In-Text Citations: Purdue University

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Correct format when talking about money $$

I'm writing a formal research paper (Highschool)

I have lots of statistics involving money (In fact, my whole essay is about the economy).

So a question arises about the format of writing money.

Would it be:

The company spent $4.5 billion dollars.

The company spent $4.5 billion.

Do I need to include the "dollars" at the end? Which one is more customary?

• $ and dollars are equal, hence you only need one, but the symbol would be easier for someone who is reading the paper. –  MaQleod Commented Jun 3, 2011 at 2:44

2 Answers 2

Go with the second option. The first is redundant - you've got $ as a symbol AND as a word.

• yes, it reads "Four point five billion dollars dollars." –  Lauren-Clear-Monica-Ipsum Commented Jun 3, 2011 at 11:55
• Also an option is "four point five billion dollars" or "4.5 billion dollars" or "4,500,000 dollars." As a sidenote, at least in MLA format any number under 1,000 is written out using words and only over 1,000 is written in digits. Of course if this is a mathematical or scientific paper different rules apply. –  justkt Commented Jun 3, 2011 at 12:20
• @justkt $4.5 billion would be $4,500,000,000 =P Yours says $4.5 million. –  Ralph Gallagher Commented Jun 3, 2011 at 14:04

Depending on the context, you might wish to consider specifying which currency it is, eg

The company spent $4.5 billion (USD)

As there are many different dollars, and they all use the same $ symbol.

If that is the only currency used within the paper then you could state that the currency is US dollars at the start rather than for every amount.

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Cash conversion ratio: what is it and how do you calculate it.

A company’s cash conversion ratio may be a less familiar financial yardstick than the price-to-earnings ratio or the price-to-book ratio , but it can help investors spot companies that play fast and loose with their accounts.

More positively, it can help identify those that are likely to be able to pay a growing dividend by generating plenty of cash from their operations.

Here, we explain how to calculate the cash conversion ratio, and put it to use.

What does ‘cash’ mean in this scenario?

Before we go into the detail, it’s important to explain what “cash” means in the context of company accounts, and why cash flow matters just as much as the more familiar “profits before tax” (some professional investors say cash flow is actually more important than profit).

For our purposes here, “cash” does not mean banknotes and coins. It relates instead to the flow of payments into and out of a company, and the reason for drawing attention to it is that “profits” and “losses” do not necessarily, by contrast, measure the flow of actual money.

This is a point that may not always be appreciated by private investors. A company could in theory report, quite legitimately, a huge profit while in the same year not receiving a penny of actual money.

Why? Because the income and expenditure reported in a company’s accounts (specifically in the “profit and loss” section, sometimes called the “income statement”) derive from the value of sales invoiced and expenditure invoiced . Cash flow statements, by contrast, report the actual money received from customers and paid to suppliers.

If, say, a company issues a large invoice to its only customer towards the end of its financial year and doesn’t receive payment in that financial year, the invoiced sale is included in the profit and loss account but there is no corresponding cash inflow that year. The result is a big disparity between profits and cash flow.

There are other reasons why reported profits are not always matched by cash inflows. One of the most significant is the way in which the depreciation of a company’s assets is covered in its accounts.

Companies are allowed to count the loss of value of their assets – such as plant and equipment, which occurs naturally over time – as an expense, even though there is no actual movement of money. The consequence is that a company may report a lower figure for profits than for cash flow, if we assume that all invoices issued and received are matched by equivalent movements of cash into and out of the business in the same financial year.

How to calculate a company’s cash conversion ratio

In some of the other articles in this series, such as the one on price-to-earnings ratios , we have been fortunate: while we have explained how to calculate the figures, readers who just want to know what the figure is have been able to find it online. We are not so lucky this time because we have not been able to find any free-to-access sources of cash conversion ratios. Being able to work them out is therefore necessary.

As ever, things can get complicated ( one guide from Corporate Finance Institute on financial ratios lists no fewer than five definitions of cash flow), so we will seek to simplify matters as much as possible. We will, however, offer two versions of the cash conversion ratio: one is simple to calculate, while the other is slightly more complex but perhaps more useful in certain circumstances.

The simpler version is calculated by dividing one figure from a company’s accounts by another. The first is the “operating profit” and the second is the “operating cash flow” (sometimes these figures go by other names such as “profit from operations” and “cash generated from operations”).

“Operating profits” are those made before we consider the impact of the interest paid on a company’s debts or earned on its cash. “Operating cash flow” similarly excludes interest payments, as well as cash that flows in and out of a business as assets are bought and sold and certain other transactions separate from its everyday activities.

Worked example

We’ll take Cranswick, the food company, as an example and use its most recent annual report and accounts for the year to 25 March 2023. Much of the information is also available on the ‘financials’ tab of the Cranswick page of Fidelity’s website .

Cranswick’s operating profits are found in its group income statement on page 140 of its accounts. The figure is £145.9m. We then find the equivalent figure on the group cash flow statement on page 143, where “cash generated from operations” is given as £173.4m.

We now divide the cash flow from operations of £173.4m by the £145.9m figure for operating profits to get a cash conversion ratio of 1.19 or 119pc.

If we want the more comprehensive figure, which takes account of interest and tax, we subtract those two items from both operating profits and cash flow. The income statement tells us that Cranswick owed £28.1m in corporation tax in the year to March 2023. It also had finance costs (interest on borrowings less any interest received on its cash balance) of £6.4m.

Meanwhile the cashflow statement says Cranswick paid £3.8m in interest and paid tax of £20.4m (the figures don’t match those in the income statement because, as we said earlier, there are timing differences between money becoming due and it actually changing hands).

Our profit after interest and tax works out at £111.4m, while cash flow after interest and tax is £149.2m. Dividing the latter by the former gives us a cash conversion ratio of 1.34 or 134pc.

How to use the cash conversion ratio

Cash flow matters because only cash can be spent, not accounting profits. A business that reports profits but generates no cash will find it hard to invest in growth or pay dividends. If investors see a pattern of profits without cash over a number of years, it is a sign that something is wrong.

In some cases astute fund managers have even used an inability to generate cash on the part of supposedly profitable businesses to detect fraud.

Ideally a company will be able to turn all or most of its profits into cash, so a cash conversion ratio of at least 80pc is desirable.

Richard Evans is an investment writer at Fidelity International.

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• Essay Database >
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Cash Conversion Essay Example

Type of paper: Essay

Topic: Finance , Company , Money , Accounting , Time , Conversation , Inventory , Bicycle

Published: 02/26/2020

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Introduction

Most of the people regarded accounting and finance as similar things; however the ideas and concepts behind both of these things are totally different with each other. There are number of concepts which specifically stride under the ambit of accounting and finance and among these concepts, the name of Cash Conversation is one of them, which has its own significance and importance in a broad nutshell (Towers-Clark, 2011). Cash Conversation is a concept, used by the organizations to assess the time in which the cash would be converted for the company and then transform or reflect in their financial statements. This is one of the most important concepts that come under the umbrella of organizational productivity. Cash Conversion Cycle (CCC), also known as Cash Operating Cycle (COC) is basically an important thing used by the companies. CCC is basically referred to a metric that expresses the length of time in days which takes a company to convert its resources into the cash inflows. It is one of the most effective methods for the companies. The formula of the same is mentioned below,

Analysis and Findings

Analysis and findings are some of the major things which used to cover up this particular thing in total. The first thing which needed to be analyzed in this particular scenario is days to outstanding inventory. The computation of days to inventory outstanding is mentioned below in particular.

Beginning Inventory and ending inventory computation mentioned below. Days have been selected on the level of 360 days

Now, we are going to analyze the days to sales outstanding Now we are analyzing the days to payable After analyzing all of the three things mentioned in the formula, we are all set to analyze the cash operating cycle of MNQ Company. The CCC is mentioned below

As conclusion, it could be said that, the cash operating cycle of the selected company is very high, which means that it requires 300 to 360 days for the company to generate cash for their business which is not at all effective for a company from any viewpoint. Such type of companies has been regarded as ineffective companies. The average Cash Conversation Cycle of the company is 310 days, which is extremely high and the company has to decrease the same in total, otherwise, the company may be in the sigh of economic hardship in future terms.

Towers-Clark, J. (2011). Accounting: A Smart Approach. London: Oxford University Press.

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Trying to save money? Our research suggests paying in cash – while you still can

PhD Researcher in Marketing, University of Adelaide

Senior Lecturer in Marketing, The University of Melbourne

Professor of Marketing, University of Adelaide

Disclosure statement

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

University of Melbourne provides funding as a founding partner of The Conversation AU.

University of Adelaide provides funding as a member of The Conversation AU.

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Cash is in crisis. In Australia, it’s now only used for 16% of in-person transactions, down from about 70% in 2007.

The situation is so dire that on Monday, independent federal MP Andrew Gee introduced a private member’s bill that would force businesses to accept cash or else face big fines.

The reality is that over the past decade, technological advancements have utterly transformed the way we pay for goods and services.

Phones and smartwatches can now easily be used to pay by card, and buy-now-pay-later schemes and cryptocurrency payments offer further alternatives.

The shift away from cash only accelerated throughout the COVID pandemic, as health experts recommended avoiding using it for hygiene reasons.

Despite these big changes in how we spend money, Australians have perhaps been more focused on how much amid a stubborn cost-of-living crisis.

In light of this, our research team wanted to investigate how our choice of payment method can interact with our actual spending habits.

Our latest research offers a simple solution for anyone looking to save money — carry more cash!

Read more: Money transporter Armaguard is in peril. Could cash be dead sooner than we think?

We pay less when we pay cash

Drawing on both academic and industry sources, our research team combined the results from more than four decades of prior research on spending behaviour and payment methods into a large dataset.

This data spanned 71 research papers, 17 countries, and more than 11,000 participants. State-of-the-art meta-analysis techniques then allowed us to collectively analyse the results from all these prior studies, and re-examine their insights.

We found that cashless payments were indeed associated with higher levels of consumer spending compared to cash transactions, something that is referred to in the literature as the “cashless effect”.

This cashless effect was consistent across all other payment methods in the data set.

Put simply, it doesn’t matter whether you use a credit card, debit card or a buy-now-pay-later service – you are likely to spend more money using cashless methods than when you pay with cash.

The pain of paying

Under the traditional economic view that consumers behave rationally, there should be no differences in spending behaviour between different payment methods – money is money after all.

But the existence of the cashless effect shows that the payment methods we use do indeed influence our spending behaviour.

The leading theory to explain this effect attributes it to differences in the “pain of paying”, a concept first coined in 1996 that describes the emotions we feel when spending money.

Importantly, our choice of payment method can influence the level of pain felt.

When paying with cash, we have to physically count out notes and coins and hand them over. Humans seek to avoid losses, and paying by cash sees us physically lose a tangible object.

Conversely, nothing has to be handed over to pay cashlessly. We don’t lose anything tangible with a swipe or a tap, so it feels less painful.

Preliminary neurological evidence suggests that the “pain of paying” isn’t just an abstract metaphor, and we may feel actual psychological pain with each transaction we make.

Research employing functional magnetic resonance imaging (fMRI) scans to observe brain activity in consumers has shown that paying activates brain regions related to experiencing psychological discomfort.

Picture this: You’re at a theme park, excited for a fun day. You use your smartwatch to pay for snacks, souvenirs and rides. It’s all so convenient that you don’t realise how much you’re spending until you check your account later and see that you have completely blown your budget!

This is the cashless effect in action − if nothing is physically handed over, it’s easy to lose track of how much is spent.

A great tool for budgeting – while it lasts

The cost of living crisis has made spending control front-of-mind for many people. Our meta-analysis suggests that returning to “cold hard cash” whenever possible could be one valuable tool to help.

The increased friction felt when using cash could help people better control their money, even just by providing a moment to pause and consider whether a transaction is necessary.

This could help individuals make more mindful decisions, saving money while they can in an increasingly cashless world.

• Cost of living
• cashless society
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Calculating the cash conversion - Essay Example

• Subject: Finance & Accounting
• Type: Essay
• Level: Masters
• Pages: 1 (250 words)
• Downloads: 4
• Author: giuseppe12

Extract of sample "Calculating the cash conversion"

Cash conversion cycle Cash conversion cycle Cash conversion cycle is the total number of days that a company needs to convert its resources into cash flows. It calculates the period of time during which every dollar input is devoted to the process of sales and production prior to its conversion to cash via the process of receivable accounts. The primary purpose of the process of cash conversion is to provide insight into the company’s financial stability because it indicates the period of time during which assets are committed to business (Brigham & Ehrhardt, 2008).

Therefore, the cash is not available for investment to obtain greater returns. This is why a shorter conversion cycle is better.From the excerpt, it is evident that money is held in the stock up to the time when it is sold. It infers that invested cash, or money that was used to purchase this stock is not available, and cannot be used for any other purpose (Brigham & Houston, 2012). Therefore, business must maintain short cash conversion cycle in order to reduce costs associated with inventory storage and depreciation and maintain business liquidity at a higher point.

In a nut shell, the cash conversion cycle measure the time in days that the company takes to convert its input resources into cash flows. That is, it reflects the period of time in days that the company takes to sell its stock, collect all cash receivables, and settle its bills (Whittington, 2012). It is conventionally agreed that a company that takes the shortest time is at its bets operations. This is because the cash becomes free as the cash conversion cycle shortens, and the company can invest it, use it for other activities such as purchasing new equipment, infrastructure to boost the returns.

Cash conversion cycle is also significant in assessing the efficiency of the management and competitor comparison (Graham & Smart, 2012).ReferencesBrigham, E. F., & Ehrhardt, M. C. (2008). Financial management: Theory & practice. Mason, Ohio: Thomson Business and Economics.Brigham, E. F., & Houston, J. F. (2012). Fundamentals of financial management. Mason, Ohio: South-Western Cengage Learning.Graham, J. & Smart, S. (2012). Introduction to corporate finance. Mason, Ohio: South-Western Cengage Learning.

http://smallbusiness.chron.com/difference-between-operating-cash-conversion-cycles-24738.htmlWhittington, O. R. (2012). Wiley CPA Exam Review 2013, Business Environment and Concepts. Hoboken: Wiley.

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Cash conversion

Business Finance - Management

The purpose of this assignment is to help students gain a better understanding of calculations of cash flow and strategies to increase it. 

Assignment Steps  

Select a multinational company from the following industries: 

• Pharmaceutical
• Computer Hardware
• Manufacturing

Review the selected company’s most recent financial statements.

Save the selected company’s most recent financial statements as a PDF and submit/upload with your assignment in order to receive credit.

Calculate the following cash conversion cycle ratios based on the financial statements using Microsoft® Excel®:  You must show your work in order to receive credit.

• Average inventory
• Inventory turnover rate
• Average account receivable
• Account receivable turnover
• Average collection cycle

Explain in 500 words the importance of the cash conversion cycle, including: 

• Discuss the purpose of the cash conversion cycle and its components.
• Analyze the results obtained in the cash conversion cycle equations.
• Propose strategies to increase the cash flows of the company under study.

Format your paper consistent with APA guidelines. 

Click the Assignment Files tab to submit your assignment.

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Resource Based View Of The Firm - Cash Converters International

Posted by Matthew Harvey on Mar-18-2020

1. The resource-based view of the firm

The resource-based view [RBV] is a strategic management tool and framework that is used by companies and organizations to identify and exploit the resources available strategically so as to create a sustainable competitive advantage for the organization in the long run. The RBV framework is based on assessing and identifying resources that will prove to add competitiveness to an organization, and aligning them strategically.

According to the RBV, all organizations and firms have access to and possess and control resources which allows them to build a comparative advantage. A subset of these resources, in turn, allows superior long term performance as well. From these resources further, possession and control of valuable resources may lead to long term, sustainable competitive advantage.

Figure 1 Resource-Based View of the Firm

The RBV categorizes resources available to the firm broadly as being tangible or intangible in nature.

2. Tangible resources

Tangible resources include those resources that are physical in nature and can be easily identified by the organization and competitors. Moreover, these resources can easily be brought from the market, or developed in the long run. Based on this fact, where competitors may acquire identical, or similar resources In the future, they provide little to negligible competitive advantage to the company.

Tangible resources available at Cash Converters International include, for example:

The land is a tangible resource for Cash Converters International which includes all spaces owned and rented by the company for purposes of hosting production units as well as for warehousing purposes. Additionally, all units owned or rented by the company for purposes of packaging are also included to be tangible resources under the land.

2.2. Equipment

For Cash Converters International, equipment is also a tangible resource that includes all the equipment owned by the company for purposes of production and packaging, as well as other operational purposes. In this manner, all technological advancements, and technological integration for improving processes and operations may also be seen as an extension of equipment thatthe company employs to enhance its product line, and incorporate economies of scale.

2.3. Materials

Materials include all the raw materials and other packaging materials that Cash Converters International uses for the successful production and packaging of its products. The materials are tangible in nature, and may also easily be accessed by the competitor players for their own production processes and other purposes.

2.4. Supplies

Cash Converters International, supplies is also a tangible resource and include all materials and products that are used and needed for supporting the packaging and production functions of the company. Supplies also include all products and supporting materials that are needed by other functions in the Cash Converters International for the successful attainment of business goals and targets.

2.5. Facilities

Facilities are also a tangible resource that is visibly identifiable by competing players with respect to Cash Converters International. The facilities include all the production units, warehouses, offices and supporting buildings and functions for the company which help it in streamlining its processes and operations, and also lead to successful performance. Facilities also include the interior design and interiors of buildings at Cash Converters International – designed for optimizing performance and maintaining brand image.

2.6. Infrastructure

This includes all the land and facilities in terms of technology, buildings, office materials and maintenance, and allocation of power resources such as electricity to its plants by Cash Converters International. The infrastructural buildup is an important resource for the company for ensuring high performance, and ease of operations for the company. However, like other tangible resources, it may be accessed easily by competing players – who may develop similar resources for their own products and functions in the future. 

3. Intangible resources

Intangible resources refer to those resources that have no physical value but are still owned and possessed by organizations such as Cash Converters International. Competing players are more than often unable to purchase, or acquire the intangible resources available to Cash Converters International because of associated factors and aspects of historical uniqueness, causal ambiguity, and social complexity. Intangible resources are largely inimitable and likely to stay within the organization over the long run as well, and thus form the basis of competitive advantage for Cash Converters International. The intangible resources for Cash Converters International are also seen to be a 9source of the firm’s success because they are not easily replicated in factor markets by competing players. For Cash Converters International, some intangible resources include, for example: 

3.1. Brand reputation

Brand reputation for Cash Converters International is built over historical uniqueness where the brand has worked hard to provide high-quality products and earn consumer trust over decades. The company’s brand reputation – based on its organizational culture and unique relation with customers –can not be imitated by the competitors, and may become a source of competitive advantage.

3.2. Intellectual property

Cash Converters International’s production processes and its product uniqueness is safeguarded by intellectual property rights which prevent other competing players from copying or having access to its unique product blend, and product ingredients and inputs. This ensures novelty to Cash Converters International and makes its products inimitable for competing players.

3.3. Patents and Copyright

Cash Converters International enjoys patents and copyrights not only for its production processes and product composition but also for research and development activities that it undertakes for product improvement and enhancement. These patents and copyrights protect Cash Converters International against potential encroachments or imitation.

3.4. Goodwill

The goodwill for Cash Converters International is again developed through historical uniqueness where the brand’s reputation and customer experience have allowed the development of long-standing goodwill for the company. This, In turn, has enhanced the overall brand equity for Cash Converters International. The goodwill for the company has developed over a long period of time through continuous hard work by the Cash Converters International brand, and cannot be copied by the competing players.

3.5. Trade names

The trade name is also an intangible resource for the company as other players cannot adopt or imitate this name. The trade name is recognizable by the customers, and provide instant recognition for the company across borders. The trade name also communicates the brand promise and values to customers globally and is a source of competitive advantage for the company.

3.6. Customer experience

Cash Converters International provides a unique customer experience to its customers through its brand activities, and offerings – as well as marketing activities. Though marketing activities may be copied by competing players, the strategic direction and intent with which the customer experience and brand activities are planned is inimitable and prides a unique source of competitive advantage to Cash Converters International.

3.7. Patented technology, computer software, databases and trade secrets 

Cash Converters International is also successful in its operations and businesses and has a large customer following that is loyal and does repetitive purchasing because of its trade secrets – which also comprises of having a secret recipe for product competition. Cash Converters International also regularly develops and incorporates advanced technology that is developed internally and is thus patented. This includes hardware and software for improving the company’s operational [processes, and as such, provide an edge to the business in factor markets. 

3.8. Video and audiovisual material (e.g. Motion pictures, television programs)

All marketing content, and video and audio-video material designed, developed, launched, and released by Cash Converters International is also an intangible resource. Though this marketing content has little physical value, it contributes towards brand building for Cash Converters International and works towards increasing brand awareness, brand recognition, and overall brand equity. Since this material is guided by a broader arching business and marketing strategy, the marketing content developed by Cash Converters International is inimitable by players in factor markets.

3.9. Customer lists 

Cash Converters International has a variety of different product lines and product offerings for different target groups and target consumer markets. Moreover, the company operates internationally and has consumer markets in over 100 countries. Based on this, it is safe to state that Cash Converters International has developed unique customer markets – that share similar characteristics – in different countries. Moreover, this customer market comprises of different consumer groups and categories. As such, Cash Converters International has unique customer lists in different countries, and this can’t be imitated largely because of social ambiguity attached.

3.10. Licensing, royalty and standstill agreements 

Cash Converters International has developed unique licensing, royalty and standstill agreements over time in the different consumer markets it operates. These have been developed strategically over time through continuously consistent and successful performance by the company, and because of brand development from functional to emotional to lifestyle in nature. Based on this progress of the brand, and brand characteristics, along with strategic leadership and vision – Cash Converters International has been able to develop inimitable licensing, royalty, and standstill agreements that allow its competitive positioning in factor markets.

3.11. Import quotas 

Cash Converters International has developed strategic contracts with different countries for import quotas. These quotas include not only the final packaged products but also unique raw materials and its import in different countries for supporting the business processes. As such, the defined import quotas cannot be imitated by other companies since they are based on the unique position of The Cash Converters International and its strategic direction.

3.12. Franchise agreements 

Cash Converters International has unique franchise agreements with reliable partners in different companies for production as well as for distribution and sale purposes. This has allowed the company access to different markets while safeguarding it culturally and financially against potential risks. The franchising agreements are also intangible in nature and based on unique, trustworthy relationships upheld by Cash Converters International. 

3.13. Customer and supplier relationships (including customer lists) 

Cash Converters International has unique customer and supplier relationships. The customer and supplier relationships have developed over time through consistent behaviour, trust-building, and transparency in operations and intent. The strong customer and supplier relationships help Cash Converters International informing global networks that are well managed, and smoothly undertaken – and largely inimitable by competitors in the immediate future.

3.14. Marketing rights

The company’s marketing rights in different countries are based on strategic leadership and strategic direction, as well as the company’s legal compliance and history. This cannot be imitated by other players, and cannot be acquired by them as well. This is because Cash Converters International has developed them over time, and through stringent processes and means – allowing it a unique standing over other players in competing markets. 

4. Heterogeneous and immobile characteristics of resources

The RBV for firms holds that all resources possessed, controlled and owned by organizations have two core characteristics – of heterogeneity and immobility. 

4.1. Heterogeneity

Under heterogeneity, the RBV assumes that resources based on skills and capabilities – for example in the form of human resource activities, training, and talent, varies from company to company. This variation is important for avoiding the building of characteristics of perfect competition. As such, with heterogeneity, the RBV assumes that each organization has a different amount and mix of resources – which lead to different strategic directions and strategic choices to them – under similar external pressures and conditions. 

This means that the strategic decision and choice undertaken by Cash Converters International will differ substantially from its competition under similar external environmental pressures based on the different mix of resources available to the company. This assumption of heterogeneity under RBV allows Cash Converters International to complete product and outperform the competition in facto markets, and also achieve competitive advantage through its use of unique resource bundles and mixes. 

4.2. Immobility

Under the assumption of immobility, the RBV assumes that resources available to the firm are not mobile, and cannot be transferred from one organization to another – in the short run at the least. Based on this notion of immobility in the short run, the RBV assumes that rival companies are unable to imitate, and replicate resources available to Cash Converters International, and devise and implement strategies and decisions similar to that of Cash Converters International. Intangible resources are largely immobile in nature. 

All intangible resources available to Cash Converters International are heterogeneous and immobile in nature at large. The tangible resources are also immobile in nature in the short run for Cash Converters International and maybe homogeneous to the player in the factor markets depending on the advancement, and strategic developments of competing players. 

5. VRIO analysis

The characteristics of heterogeneity and immobility are not sufficient for Cash Converters International in using resources to develop a competitive advantage. To determine if resources can be used and enhanced to develop a competitive advantage in the long run with sustainability, it is important that resources identified for the company to fulfill the VRIO criteria.

Figure 2VRIO analysis with respect to competitive advantage and RBV

The VRIO framework assesses tools on criteria of being valuable, rare, inimitable, and organization. For Cash Converters International, the VRIO strategic tool may be applied to the identified resources to determine if the resources allow the building of competitive advantage over the long run. For Cash Converters International, this is seen as:

6. Competitive advantage

Competitive advantage is defined as circumstances or possession and control of resources that put Cash Converters International in a superior and favorable business position. These resources and circumstances have allowed Cash Converters International to outperform other players in factor markets in different countries and also allowed it to create a unique customer base with high demand for its unique product offerings and high-quality products. However, competitive advantage develops in the long run, and is generally sustainable since the resources that a company owns, controls or possesses successfully fulfill al VRIO criteria.

When resources available to Cash Converters International are heterogeneous, and immobile in nature but successfully fulfill only some VRIO criteria, other forms of advantage are formed for the company. This include:

7. References

Barney, J.B. and Hesterly, W.S., 2010. Strategic management and competitive advantage: Concepts and cases (pp. 4-25). Upper Saddle River, NJ: Prentice Hall.

Barney, J.B., Ketchen Jr, D.J. and Wright, M., 2011. The future of resource-based theory: revitalization or decline?. Journal of management, 37(5), pp.1299-1315.

Cole, G., 2003. Strategic Management. Boston: Cengage Learning EMEA..

David, F. and David, F.R., 2016. Strategic management: A competitive advantage approach, concepts and cases. Pearson–Prentice Hall.

Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.

Hitt, M.A., Xu, K. and Carnes, C.M., 2016. Resource based theory in operations management research. Journal of Operations Management, 41, pp.77-94.

Johnson, G., 2016. Exploring strategy: text and cases. Pearson Education.

Kamasak, R., 2017. The contribution of tangible and intangible resources, and capabilities to a firm’s profitability and market performance. European Journal of Management and Business Economics.

Kozlenkova, I.V., Samaha, S.A. and Palmatier, R.W., 2014. Resource-based theory in marketing. Journal of the Academy of Marketing Science, 42(1), pp.1-21.

Kraaijenbrink, J., Spender, J.C. and Groen, A.J., 2010. The resource-based view: A review and assessment of its critiques. Journal of management, 36(1), pp.349-372.

Kunc, M.H. and Morecroft, J.D., 2010. Managerial decision making and firm performance under a resource‐based paradigm. Strategic Management Journal, 31(11), pp.1164-1182.

Lin, Y. and Wu, L.Y., 2014. Exploring the role of dynamic capabilities in firm performance under the resource-based view framework. Journal of business research, 67(3), pp.407-413.

McWilliams, A. and Siegel, D.S., 2011. Creating and capturing value: Strategic corporate social responsibility, resource-based theory, and sustainable competitive advantage. Journal of Management, 37(5), pp.1480-1495.

Montgomery, C.A. ed., 2011. Resource-based and evolutionary theories of the firm: towards a synthesis. Springer Science & Business Media.

Nath, P., Nachiappan, S. and Ramanathan, R., 2010. The impact of marketing capability, operations capability and diversification strategy on performance: A resource-based view. Industrial Marketing Management, 39(2), pp.317-329.

Özçelik, G., Aybas, M. and Uyargil, C., 2016. High performance work systems and organizational values: Resource-based view considerations. Procedia-Social and Behavioral Sciences, 235(24), pp.332-341.

Puranam, P. and Vanneste, B., 2016. Corporate strategy: Tools for analysis and decision-making. Cambridge University Press. 

Rothaermel, F.T., 2016. Strategic management: concepts (Vol. 2). McGraw-Hill Education.

Wheelen, T.L., Hunger, J.D., Hoffman, A.N. and Bamford, C.E., 2010. Strategic management and business policy. Upper Saddle River, NJ: Prentice Hall.

Witcher, B. & Chau, v., 2010. Strategic Management: Principles and Practice. New York: Cengage Learning EMEA.

Wu, L.Y., 2010. Applicability of the resource-based and dynamic-capability views under environmental volatility. Journal of Business Research, 63(1), pp.27-31.

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Home — Essay Samples — Economics — Credit Card — Cash vs. Credit Card: A Comprehensive Comparison

Cash Vs. Credit Card: a Comprehensive Comparison

• Categories: Credit Card Money

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Published: Sep 7, 2023

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