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Question: Discuss aboutThe philosophy of economics marketing. Answer: Every company requires logistic management so as to facilitate performance of activities. Lack of logistic management strategies affect the performance. In this paper, we consider logistic management issues facing Hanjins Shipping Company. Typically, logistic management refers to supply chain management applied to satisfy customer demands via control, planning and implementation of effective storage, movement of goods, services and relevant information from origin to destination. The main logistic management issues affecting Hanjins Shipping Company are overcapacity and supply chain interruptions. These issues result to low shipping rates. In that connection, the company is putting a lot of pressure on the shipment process. These issues affect supply chain services. The main cause of logistic management problems in the company is based on mismanagement of finances required to facilitate supply chain services (Hausman, 2007). Again, poor planning decision in the logistic business aspe cts contribute to overcapacity. Consequently, failure of their mismanagement of financial and planning decision in the logistic business aspects is a shock to global commerce and logistics. This is clearly asserted by Joe Dunlap, the managing director of supply chain services in Hanjins Shipping Company. This is caused by mounting overcapacity in international shipping and depressed container rates. Mismanagement of financial and planning decision in Hanjins Shipping Company have left retailers and importers to face higher costs. They also face challenges in terms of service impacts as they struggle to search for other alternatives of transport. Logistic management facilitates performance of the company by lowering supply chain service costs. However, logistic management issues facing Hanjins Shipping Company pose negative impacts to the performance of the company. First, they interrupt supply chain services. In that connection, Hanjins Shipping Company is forced to freeze shipments. This results to loss of millions of dollars of merchandise held by the company. This affects the store stock for importers and retailers thus affecting the performance of the company. Another impact on performance is loss of competitive advantage in the market (Dann and Dann, 2007). Although Hanjin is one of the biggest shipping company in the world, retailers and importers affected by logistic management issues, mismanagement of financial and planning decisions will be forced to find other shipping companies so as to meet their demands. In addition, the performance is affected in terms of wealth margin. This is caused by exacerbating profit margin pressure. Therefore, additional costs and interruption of supply chain services impact the company negatively. This squeezes the profits earned by retailers who are forced to withdraw from Hanjins Shipping Company. Lastly, the impact of logistic management issues affect macroeconomic aspects of the company. This expose the company to bankruptcy and supply chain impacts. In that case, retailers are forced to re-evaluate their strategies on import so as to mitigate supply chain interruption (Holmes et al., 2015). This make the company to lose potential customers thus reducing the profit margin. Despite Hanjins Shipping Company facing logistic management issues and mismanagement of financial and planning decisions, the following recommendations will be appropriate to recover from negative impacts. Thus, poor logistic planning affects delivery deadline. The company should identify logistic practices that are cost effective. This will reduce logistic costs. This strategy will facilitate the company to achieve competitive advantage in shipping industry. Hanjins Shipping Company does a lot of shipping which will be propelled by this strategy hence remaining financially viable. Hanjins Shipping Company need to hire competent logistic management team. This strategy will assist the company to meet high customer demands. This will also enable the company to withstand fluctuating global business climate (Marshall, 2013). For this reason, the company need to initiate smart logistic management practices. Again, the company should outsource logistic providers so as to implement logistic practices. This will reduce mismanagement of financial and decision planning in the logistic business aspects. It will save money and time. Shipping is a complex process associated with logistic costs. The company need to have a reliable logistic management practice so as to reduce logistic expenses such as transportation, labor, administration and storage costs. The company should use alternative strategies such as private warehouses so as to have sustainable supply chain services. Lastly, the company should incorporate consolidated shipments. This is a method of shipping where an agent combines many shipping companies into one shipment. It is cost-effective and safer (Krugman, Obstfeld Melitz, 2012). Again, use of cargo insurance will assist in logistic planning. It is also important to incorporate strategies in outsourcing, using a single, integrated platform and supply chain visibility. Timely planning and optimized use of resources are among the recommendations to be incorporated by Hanjins Shipping Company. References Dann, S., Dann, S. (2004)Strategic Internet marketing. Brisbane: John Wiley Sons. Dann, S., Dann, S. (2007) Competitive marketing strategy. Frenchs Forest, NSW: Pearson Education. Hausman, D. M. (2007) The philosophy of economics: An anthology. 3rd ed. Cambridge: Cambridge University Press. Holmes, K, Hughes, M, Mair, J Carlsen, J. (2015) Events and sustainability.1st ed. Abingdon: Routledge. Krugman, P. R., Obstfeld, M., Melitz, M. J. (2012) International economics: Theory policy 9th ed. Harlow: Pearson Education. Marshall, B. (2013) Accounting Information Systems. Australian edition. Frenchs Forest, NSW: Pearson Australia.