BTEC HND IN BUSINESS (FINANCE)

ASSIGNMENT COVER SHEETNAME OF STUDENT Nguyễn Việt Phong | PhongREGISTRATION NO. F05-173UNIT TITLE Business Environment (Unit 1)

ASSIGNMENT TITLE Vietnam Association of Seafood Exporters and Producers (VASEP)

ASSIGNMENT NO 2 of 2NAME OF ASSESSOR Jubred A. PeñanoSUBMISSION DEADLINE January 10, 2013

I, __________________________ hereby confirm that this assignment is my own work and not copied or plagiarized from any source. I have referenced the sources from which information is obtained by me for this assignment.

________________________________ _________________________

Signature Date

----------------------------------------------------------------------------------------------------------------FOR OFFICIAL USE

Assignment Received By: Date:

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Unit Outcomes - BE A2

Outcome Evidence for the criteria

Feedback Assessor’s Decision

Internal Verification

First attempt

Re-work

Understand the behavior

of organizations in their market environment

LO3

Explain how market

structures determine pricing and

output decisions of businesses

3.1

Illustrate the way in which market forces

shape organizational

responses using a range of examples

3.2

Judge how the business and

cultural environments

shape the behaviour of a

selected organisation

3.3

Be able to assess the

significance of the global

factors that shape national

business activities

LO4

Discuss the significance of international trade to UK

business organisations

4.1

Analyse the impact of global factors on UK

business organisations

4.2

Evaluate the impact of

policies of the European Union on UK business organisations

4.3

Merit grades awarded M1 M2 M3

Distinction grades awarded D1 D2 D3

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Outcome Evidence for the criteria

Feedback Assessor’s Decision

Internal Verification

First attempt

Re-work

Assignment( ) Well-structured; Reference is done properly / should be done (if any)

Overall, you’ve

Areas for improvement:

ASSESSOR SIGNATURE DATE / /

NAME: (Oral feedback was also provided)

STUDENT SIGNATURE DATE / /

NAME :

FOR INTERNAL USE ONLYVERIFIED YES NO

DATE :VERIFIED BY :NAME :

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Business Environment Report

Prepared for: Jubred A. Peñano

Prepared by: Nguyễn Việt Phong ID: F05-173

Number of words:

Course: Business Environment

Banking Academy, Hanoi

BTEC HND in Business

Submit date: 11th Jan, 2013

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Executive Summary

VASEP is a big organizations in Vietnam that mainly focus on producing seafood to

meet the demands of domestic markets as well as export to the international market.

In this assignment, the author has conducted many researches to gather information

about the characteristics of VASEP and the impact of global factors on the firm and

how they behave in the international market.

This project researches VASEP on variety of aspects:

Explain how market structures determine pricing and output decisions of

businesses

Illustrate the way in which market forces shape organizational responses

using a range of examples

Judge how the business and cultural environments shape the behaviour of a

selected organization

Discuss the significance of international trade to UK business organization

Analyse the impact of global factors on UK busines organizations

Evaluate the impact of policies of the European Union on UK business

organizations

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Contents

Introduction................................................................................................................................73.1 Explain how market structures determine pricing and output decisions of businesses.......8

3.1.1 Local market..................................................................................................................83.1.2 International market.......................................................................................................9

3.2 Illustrate the way in which market forces shape organizational responses using a range of examples...................................................................................................................................11

3.2.1 Bargaining Power of Buyer (High)..............................................................................113.2.2 Bargaining Power of Suppliers (Low).........................................................................113.2.3 Competitive rivalry (High)..........................................................................................113.2.4 Threats of New Entrants (High)...................................................................................123.2.5 Threat of Substitutes (High)........................................................................................123.2.6 Marketing Mix.............................................................................................................12

3.3: Judge how the business and cultural environments shape the behaviour of a selected organization..............................................................................................................................13

3.3.1 Form of anti- competitive behavior.............................................................................133.3.2. VASEP behavior.........................................................................................................13

4.1. Discuss the significance of international trade to UK business organizations..................144.1.1. The importance of international trade.........................................................................144.1.2 International competitiveness......................................................................................15

4.2 Analyze the impact of global factors on UK business organizations.................................154.2.1. Political.......................................................................................................................154.2.2. Economical.................................................................................................................154.2.3. Social issues................................................................................................................154.2.4. Technological..............................................................................................................164.2.5. Environment protection..............................................................................................164.2.6. Legal factors...............................................................................................................16

4.3. Evaluate the impact of policies of the European Union on UK business organization....164.3.1. European Monetary System (EMS)............................................................................164.3.2. Common Agriculture Policy (CAP)...........................................................................174.3.3. Social Welfare.............................................................................................................174.3.4. Regional policy...........................................................................................................17

Conclusion................................................................................................................................19References................................................................................................................................20

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Introduction

Nowadays, in Vietnam, aquaculture production is considered one of the key economic sectors with steady growth and new challenges because of increased legislation and consumer demands on a global scale. VASEP is currently one of the leading seafood producers and exporters in Vietnam.

Currently, VASEP is a well-known and prestigious brand not only in the regional but also worldwide market. Besides that, the labor force of this corporation is equipped enough knowledge and taken care of significantly. Moreover, with the modern technologies and equipment for the production, VASEP ensures to bring the best quality and safest shrimp products to their customers.

In this report, I will investigate and analyze the behavior of the company and the market environment through the market structure, the relationship between market forces and the company, and the behavior and competitive strategies employed by the company. In addition, I also mention about the significance of international trade and the European dimension.

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3.1 Explain how market structures determine pricing and output decisions of businesses

Local International

A Marketing structure Oligopoly Perfect competitors

B Pricing Cheap Expensive

C Volume Large Large

D Variety Wide Wide

E Customers Many ManyFigure1. Market structures determine pricing and output decisions of businesses

3.1.1 Local marketA. Some competitors of VASEP

Name Year of establishment

Viet Cuong Seafood Company 2005

NHATRANG SEAFOODS CO 2004

Loc Viet Seafood Company 2007

ANVIFISH CO 2004

CAMIMEX CO 1977

B. Compare prices of VASEP with competitors:

Type of

Seafood

Price of VASEP

(VND/kg)

Price of VCSC

(VND/kg)

Price of ANVIFISH CO

(VND/kg)

Pangasius 20,000 to 23,000 25,500 to 32,000 25,000 to 35,000

Shrimp 150,000 to 240,000 200,000 to 300,000 190,000 to 270,000

Tuna 62,000 80,000 75,000

Red Snapper 75,000 70,000 70,000

Mackerel 130,000 145,000 140,000

Sea crap 325,000 320,000 320,000

Cuttle 210,000 220,000 235,000Figure2. Table Seafood price in Vietnam

The VASEP prices are often lower than other competitors in the domestic, but

not much.

C.

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VASEP’s sales volume is very large, because the domestic market of Vietnam has

quite huge demand. However, their products do not monopoly, VASEP need to pay attention

to price and quality.

D. VASEP provides the local market wide varieties of seafood product.

Fish

Pangasius

Tuna

Red Snapper

Mackerel

Shrimp

White legs

Lobster

dried shrimp

Tiger prawn

Cuttle

Squid

Egg squid

cuttlefish

Crab Fatty crab

Meaty crab

JellyfishThe processed foods from seafood

Figure3. Types of seafood product of VASEP

E. Customers of VASEP are individual consumers and retail and wholesale

organizations. So, the number of customers of VASEP in the domestic market is very large

and diverse.

3.1.2 International market

A. Some competitors of VASEP

Name Year of establishment Country

Hansung Enterprise Co., Ltd 1963 South Korea

Feng Shun Xing Fishery Company 1994 TAIWAN

Nutriplus 1980 Portugal

Kongphop Frozen Seafoods 2007 Thailand

East China Seas company 1980 China

Seablue Fisheries LLC 1990 United Arab Emirates

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Urangan Fisheries LLC 1991 Australia

B.

Type of

Seafood

Price of VASEP (USD/pound) Price of Hansung Enterprise Co

(USD/pound)

Red Snapper $4.75 to $ 4.85 $6.00 to $ 7.5

Shrimp $16.7 to $16.95 $18.0 to $18.5

Pangasius $1.6 to $1.8 $2.00 to $2.5

C. The sales volume of VASEP in the international market in 2011 (vasep.com.vn)

Market 8/2011(million USD)

9/2011(million USD)

From 1/1 to30/9/2011 (million USD)

EU 126.175 112,983 977,860Germany 20.233 18,348 178,007Italy 15.448 15,643 133,440Netherlands 15.893 11,582 124,852Spain 18.117 14,033 117,232France 14.671 12,697 100,117USA 124.768 112,242 843,008Japan 104.770 99,116 667,973Korea 52.202 42,847 339,989China and Hong Kong 32.806 30,861 248,682Hong Kong 12.155 9,644 85,694ASEAN 32.994 34,072 220,553Australia 18.150 17,088 112,998Canada 13.408 15,170 102,408Russia 9.092 10,471 86,897Mexico 7.422 6,700 68,197Other markets 92.666 77,504 677,069Total 614.451 559.054 4345.635

D. On the international market, VASEP offers many products, with the same amount of

diversity as the domestic market, however, focus on some key products such as: shrimp, catfish, snapper, squid, crabs, etc.

E. The customers of VASEP in the international market often are the organizations. But

in international scope, the number of customers is also very large has very large sales.

Summary: When start business in international market, VASEP will meets lots of difficulties from the competitor as well as following some leader in the global market in setting price for their products. However, VASEP can gain lots of profit by selling international due to the huge demand of the global markets. Therefore, VASEP should have a good plan to penetrate into the international market.

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3.2 Illustrate the way in which market forces shape organizational responses using a range of examples

3.2.1 Bargaining Power of Buyer (High)This refers to the choices as regards where buyers/customers shop for their

products and services. Buyers are the source of revenue and they have so many options to switch to competitor any time. Customers of VASEP in local market is mostly big supermarkets, retailers where seafood products are displayed and sold to consumers such as Big-C, Metro, Co-op Mart, etc; or the products are directly consumed to wholesalers and then delivered to consumers or restaurants. However, VASEP mostly exports their products to businesses in international markets, such as Japan, South Korea, the E.U, ASEAN, China, Hong Kong, and the US.

This large market force requires VASEP to make sure the safety and hygiene as well as the quality of products sold in the market and VASEP has done it quite good. Evidence for this is: “Mr. Struan, an EU MPs have almost been "conquered" by strict management system of food safety and quality seafood from Vietnam” (Vasep.com.vn, 2011).

3.2.2 Bargaining Power of Suppliers (Low)

VASEP mainly receives its raw material from fishermen and fish farmers in the fisheries sector in Vietnam. However, due to the lack of fish in the domestic market recently, VASEP has to import raw materials from abroad, such as Korea, China, India, Thailand, etc.

Because imports require huge financial resources and should be more investment in infrastructure such as cold storage or production line, VASEP is looking for solutions to address this problem by promoting domestic production by requiring the government to encourage fishermen or build good relationships with foreign firms.

Example: “Last time, the State has implemented many policies to "assistance" to stick fishermen at sea. However, besides the results, fishers still face many difficulties” (Anh Ngoc, Phu Yen News, 2012)

3.2.3 Competitive rivalry (High)

This refers to the intensity of competition among existing firms in an industry. Due to the increase in demand, the rivalry is more intense. VASEP always take care about their competitors offers which are great challenge against competitor. They always try to sell cheaper than their competitor. VASEP strive for a competitive advantage over their rivals. Example: Korea market is a potential market for almost all enterprises, so as to Vietnam. they needs to find out the taste or demand of Korean customers regularly and investigate the competitors about the price, the quality, technologies, etc; in order to provide the best product with suitable price for Korean customers.

Evidence for this is: “According to VASEP, price dried squid HS 030 749 in Vietnam are higher at best and 2-5 USD / kg compared to China, Indonesia, ranging from 20 - 30 USD / kg. However, Korean consumers are still long-term partnership and strong Vietnamese seafood enterprises due to food hygiene and safety quality and taste of the product” (Vasep.com.vn, 2011)

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3.2.4 Threats of New Entrants (High)It is not only incumbent rivals that pose a threat to firm in an industry i.e. the

possibility that new competitor/ firms may enter the industry also effect competition. Currently, many enterprises want to entry the seafood industry. This can threaten for VASEP, which are operating in this market.

Example, nowadays, Japan is the biggest market that import shrimp from Vietnam. Besides, this is potential market for enterprises because the high demand for using shrimp of Japanese. Hence, having new entrant is unavoidable. In terms of Japan market, Vietnam is not new entrant. Moreover, Vietnam enterprises like VASEP are veteran partners with Japan and based on “In 2011, Japan is still the leading shrimp import market of Vietnam, accounting for 25.3% share of value, reaching $ 607 million” (mdec.vn, 2012); we can see that Vietnam enterprises have already built good brand and the loyalty of Japanese for their products. These are competitive advantages which VASEP should pay attention.

3.2.5 Threat of Substitutes (High)Substitutes are products that can be used interchangeably or in place of one

another. For example, people will eat China mackerel instead of Pangasius of Vietnam. The threat of substitute typically affects to VASEP through price competition, and it is high when buyers are able and willing to change their buying habits.

It is unavoidable that almost all products will have its substitute products, so as VASEP. As mentioned in the market structure above, seafood industry has a lot of sellers so the competition in this market will be high. Any enterprise wants to exist and develop in this market, they have to create the competitive advantages in comparison with other enterprise to attract the customers and build the loyalty of customers to their brand because any enterprise must depend on the willingness to buy of customers based on the price, taste, quality, etc of product, so as VASEP. The substitute products can be from many countries such as Vietnam or Thailand, China, etc.

3.2.6 Marketing Mix

Product In order to create the difference about the quality of product, especially the safety, VASEP has to use modern technologies to monitor the manufacturing process, regularly check the quality and ensure the origin of raw materials which the company uses.

Price VASEP have to calculate the costs carefully and investigate the price level which the customer is willing to pay. Besides that, VASEP should care about the price of competitors to give the most suitable price to the customers.

Place The place element deals with how the product is distributed. VASEP needs to build the distribution areas which are clean, ensure environmental sanitation and create the satisfaction and comfort for customers when buy products.

Promotion Through the means of communications such as newspapers, television, internet and so on, companies of VASEP needs to provide enough information about the company and their products. Besides that, VASEP should emphasize the manufacturing process, using up-to-date technology and certifications about food hygiene, etc in order to build the belief of customer and affirm the

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safety of products. Moreover, the company needs to show that it follows all regulations of Vietnamese government and the country which VASEP export.

Summary: In general, when going international, VASEP has used market segmentation, marketing mix and competitive strategy to get a effective business. VASEP should improve the plans to gain more customers and profit in such a big market and become the leaders in the industry.

3.3: Judge how the business and cultural environments shape the behaviour of a selected organization

3.3.1 Form of anti- competitive behavior.A. Prices fixing cartel (No)To avoid price pressed small farm, Government has launched a number of

policies on prices causing VAEP must follow its. The administrative management in fisheries sector, MARD has issued two sets of national standards along with the Circular No 82/2009/TTBNN&PTNT on hygiene and food safety in seafood production. This is also the regulations which all enterprises have to follow.

B. Collusion and cartel (No)According to information in outcome 3.1, the international market is a perfect

competition. Therefore, that is really difficult to have collusion and cartel in this market. VASEP must has to obey the law of the country which they export their seafood as well as the quality standard, price of this country.

C. Vertical restraint (No)In the international market, VASEP planning lots of ways to increase the

competitiveness with its rivals. So, VASEP should control the prices of the products and the rights of themselves when negotiating with any organizations. Therefore, they can save a huge amount of money to invest in marketing or produce activities.

D. Insider dealing (No)When exporting seafood products to global market, VASEP always follows the

rules of the targeted country or international standards, especially avoid with anti-counterfeiting, and other illegal activities.

E. Predatory prices (No)In the international market, there are some policies to prevent predatory

prices. Therefore, it is impossible for VASEP or any other companies to sell seafood at a too low price.

3.3.2. VASEP behavior

A. Objective: According to "Vasep.com.vn":

Coordinate the activities of seafood companies and encourage fishermen.

Improve the value, quality and competitiveness of Vietnamese seafood products in international market.

Investment and developed technologies to processing and export seafood.

Represent and protect the lawful and legitimate of members’ interest.

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B. Investment:VASEP has existed and developed in Vietnam for a long time. Standing stably

on the Vietnamese market, many companies and individuals have invested on some VASEP project especially "The US’ National Fisheries Institute (NFI) and VASEP are putting focus on blue swimming crab ishery improvement" (vietfish.org, 2012)

C. Risk:When VASEP export their product into international market, the prices of

VASEP is pressured by bigger competitors. VASEP in 2013 will also face challenges from international market as what they encountered in 2012 that is the problem: export to the United States being subjected to two types of sale tax dumping and subsidies.

Summary: VASEP should maintain their positions and improve their quality in the international market by choosing the targets products along with implementing a good business strategy to adapt with the conditions of different countries by focus on the quality of the products and obey the law of the targeted market.

4.1. Discuss the significance of international trade to UK business organizations4.1.1. The importance of international trade

In this globalizing era, international trade is an indispensable trend. According to the course book, international trade is defining as “the exchange of goods and services between countries. An import is a country purchase of a good or service made of overseas, an export is the sale of that country – made good or service overseas”. (BPP Professional Education, 2010)

For VASEP, exporting to overseas markets can be attractive for a number of reasons:

Reduced dependence on domestic market, increased chances of success, increased efficiency, increased productivity, Economic advantage, innovation, and growth. (YILDIZGOREN, 2012)

Increase profit: International trade can bring back more benefit than domestic trade. With the same seafood, if it is exported to Japan, USA or EU, the consumers there would accept to buy it at a higher price.

Closer ties between nations: Example like Vietnam and Japan. Increase in employment locally. More variety of goods available for consumers. Innovation opportunities: by entering in the global market, they can

develop their products thanks to the higher demands of the customers outside Vietnam as well as through the feedback of the targeted markets in the overseas countries.

4.1.2 International competitivenesso Absolute advantage: A country has an absolute advantage in the

production of a good if it can produce more of the good with a fixed amount of resources than can any other country (BPP, BE, 2010). In Vietnam advantages of aquaculture is very large because of the large sea area and sea which is why VASEP has a long fishing resources to produce and Viet Nam has a large amount of labor and cheaper than other countries.

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o Comparative advantage: Comparative advantage is the advantage in the production of a product enjoyed by one country over another when that product can be produced at a lower opportunity cost (BPP, BE, 2010). Example: VASEP has many advantages in the production and processing of Pangasius. According to vasep.com.vn, the numbers of exported Pangasius is much higher than squid. Therefore, pangasius can bring more comparative advantages for VASEP so they should only focus on exporting Pangasius.

Summary: Export to international market will bring to VASEP lots of profitable and opportunities, so they should capture given the reasonable production policies to achieve the business benefits and increased competitiveness.

4.2 Analyze the impact of global factors on UK business organizations4.2.1. Political

According to "ukimports.org" (2012), whenever a product from outside imported to the UK for individual or commercial uses all have to pay tax and duty which is up to 20% depends on the kind of goods.

Impact on VASEP: The tax that the government of UK put for the products affects VASEP when the firm set prices for this market. Due to the tax rate, the output price of VASEP must increase to ensure profit, for example: the price of shrimp sold in Vietnam very cheap, only is 130.000-145.000/1kg price in the UK is £ 6.23 / pound.

4.2.2. EconomicalAccording to BBC News (2012), The Office for National Statistics (ONS) said

the rate of Consumer Prices Index (CPI) inflation rose to 2.7% in October, up from 2.2% the month before. Price increase greatly, especially food prices.

Impact on VASEP: Therefore, it could be an advantage for VASEP in some aspects. In pricing aspect, importers seem to get more profit by increasing the prices. However, VASEP has to pay more taxes when their products imported products into UK.

4.2.3. Social issuesAccording to “gov.uk”, in UK, Income tax rate is about 50% with people have

incomes over $ 234,484. This number will only be applied to the end of the year before the adjustment to 45%. For those earning less than $ 14,300 will be exempt from tax.

Impact on VASEP: These numbers pointed out that living standard in UK is affects much by income tax. It’s a difficulty for VASEP to set a high price, so, VASEP should set an affordable price for customers otherwise they will lose them and cannot get profits.

4.2.4. TechnologicalAccording to “seafoodtechnology.co.uk”, UK is an economically developed

country; their technology is also at a higher level than Vietnam. Especially the

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products they created to exploit and aquaculture as: Fish Handling Systems Both for Onboard and On Shore, Skinning Solutions, Pin Bone Removal Solutions, etc.

Impact on VASEP: they will have opportunities to get the technology transfer form partner of purchase. From that VASEP can be applied in aquaculture fisheries, preservation, processing in Vietnam and increase productivity and quality to increase profits.

4.2.5. Environment protectionAccording to "mcsuk.org" (2012), the UK government has set lots of policy to

protect the environment and hygiene and safety of foods. There are laws that release to protect marine wildlife and beaches clean, ensure fish stocks. Moreover, the imported products like seafood when entering in the UK is checked very careful for identifying any kind of harmful chemicals.

Impact on VASEP: when exporting to UK, they is required to ensure the supply of quality as well as reserves and a fishery, which makes VASEP have to pay more attention to environmental protection aquaculture.

4.2.6. Legal factors According to “britishlaw.org.uk”: Areas for consideration under contract law

include formation of contract (offer, acceptance, consideration, intention, etc.), capacity to form contract, contents (terms, exclusions, privity), vitiating factors (misrepresentation, mistake, duress, illegality, etc.), discharge (performance agreement, breach, frustration), and remedies (damages, performance, injunction, etc). Contract law is normally dealt with by specialist lawyers or legal executives.

Impact on VASEP: when exporting to UK, they need to follow the rules in the contract and subject to that force when signed.

Summary: By analyzing the impact of global factors on UK market, VASEP can know in advance which they have to confront the difficulties and challenges and make the right decision to trading more effective.

4.3. Evaluate the impact of policies of the European Union on UK business organization

4.3.1. European Monetary System (EMS)European and Monetary System (EMS) were succeeded by the European

Monetary Union (EMU), an institution of the European Union (EU). The European Monetary System originated in an attempt to stabilize inflation and stop large exchange-rate fluctuations between European countries. Then, in June 1998, the European Central Bank was established and, in January 1999, a unified currency, the euro, was born and came to be used by most EU member countries. Up to now, 17 above 27 countries in the EU Member States take part in the monetary system.

Impact on VASEP: This system affect directly to VASEP in the case of exchange the value of VND to Euro. This exchange rate is very important because the profit that VASEP can gain from this market is very big.

4.3.2. Common Agriculture Policy (CAP)

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The CAP was created in 1957 under the Treaty of Rome and started

operating in 1962. This policy Open up to support the production activities of

farmers. In 1992, the law about The Shellfish and Specified Fish (Third Country Imports) No. 3301 released by The Minister of Agriculture, Fisheries and Food to

control all the importing to EU. This policy is about “ Imported into Great Britain from

a third country any shellfish or specified fish except under the authority, and in

accordance with the provisions, of a license issued by the appropriate Minister”.

Impact on VASEP: They should obey that law and needs to have the permission of the Minister to enter in the market, otherwise they will be stopped from their business and lose lots of profit.

4.3.3. Social Welfare

According to “welfare.ie”; “the regulation S.I. No. 731 of 2011 provide for the

continuation of the operation of the Employer Job (PRSI) Incentive Scheme during

2011. Employers who take on additional employees during 2011 are exempted from

having to pay the employer's portion of PRSI contributions in respect of the earnings

paid to such an additional employee for a period of 12 months from the date of

approval of their application”.

Impact on VASEP: This facilitates the VASEP’s employees working in EU

salary equal to the salary of local employees. Which may affects the business plan of

VASEP if they want to save more money to invest in any other activities.

4.3.4. Regional policy

Council Regulation No (EC) 1083/2006 laying down general provisions on

the European Regional Development Fund, the European Social Fund and the

Cohesion Fund and repealing Regulation (EC) No 1260/1999 (eufinantare.info,

2006). This policy set a common standard for all the members of Europe Unions to

justify the management of finance problems.

Impact on VASEP: This will make VASEP easy to export to EU countries

because this system is used by all EU member states and clear common standard

between every country.

Summary: By research about the European Monetary System, the Common Agriculture Policy, The social welfare, Regional policy VASEP can get lots of advantages to develop their business performance in the global market especially in the Euro and the UK.

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Conclusion

In conclusion, in this report, through investigating and analyzing in details about the behavior and market environment of VASEP, and exploring the significance of international trade and the European dimension, we can see that VASEP is more and more developing and become one of the Vietnam’s top seafood

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producers and exporters. With understanding clearly about the market structure not only in the regional but also the worldwide market and having competitive strategies suitably, in the future, this corporation will become more famous in the worldwide markets, contributing to improve the development of Vietnam economy.

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BE A2 2012-2013 HVNH 20 Red

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BE A2 2012-2013 HVNH 21 Red