Mordernism

Modernism During the 20th century a communications revolution that introduced motion pictures, radio, and television brought the world into view†and eventually into the living room. The new forms of communication competed with books as sources of amusement and enlightenment. New forms of communication and new modes of transportation made American society increasingly mobile and familiar with many more regions of the country. Literary voices from even the remotest corners could reach a national audience.At the same time, American writers†particularly writers of fiction†began to influence world literature. The 20th century saw the emergence of modernism. Modernism responded to the world's complexity by asserting that the individual had the potential to achieve a broader perspective than that offered by any one society or its history. Although realism, naturalism, and regionalism were still viable modes of expression, they reflected the increasingly complex reality of 20th- century society. Immigration and industrialization led to increasing urbanization, nd, in turn, to class stratification.Theme: Some writers examined the sometimes complex psychology of America's elite, other writers turned to the psychological and physical reality of the laboring classes, whose ranks continued to swell with high rates of immigration in the late 19th and early 20th centuries. Several American authors who are sometimes known as social realists looked at working conditions, often for the purpose of social reform. A period of disillusion and cynicism that followed World War I (1914-1918) found expression in he writings of a group of Americans living in Paris who became known as the Lost Generation.They shared a bitterness about the war, a sense of rootlessness, and dissatisfaction with American society. They portrayed the emotional exhaustion of this generation and their seemingly vain search for meaning and value in life. Some other writers focus on the overwhelm ing forces of nature and on issues of class. Gender issues remain major topics in 21st century American literature, and more gay and lesbian authors are publishing their work and bringing their community and oncerns into focus. Characteristics 1.Diversity The reading audience of the United States changed as social and economic realities changed. Immigrant populations added great variety to 20th-century American fiction. American literature at the is exceptionally diverse, with rapidly growing multicultural influences. New voices continue to emerge within the Native American, African American, Asian American, and Hispanic American communities. After the 1960s it became increasingly difficult even to define a mainstream. Jewish-American iterature: among the first to record their experiences.African American literature: focuses on slavery and its legacies while also offering hope, particularly in the strength of bonds among women. Native American literature: reassesses the experience o f their cultures. Hispanic American literature. Asian American authors brought strong voices to American literature after the 1960s. those who bridge two cultures. Modernity and Americanization are typically the realm of youth, while traditional culture and history remain the dying province of their elders.While creating unique worlds for various distinct communities, America's diverse literary voices continue to reflect the unique characteristics of its land, people, and culture. 2. Regionalism The vastness of the United States and the great diversity of its people have always been reflected in its literature. This was especially true in the 20th century, which witnessed the blossoming of strong regional traditions in the West and the South. The South was also rich in women writers during the 20th century. 3. Bilingualism.Many American authors incorporate a lot of their mother tongue language into their writing. This reflects both the alienation and the strong cultural identity tha t comes from being a nonnative English speaker in the United States. 4. style Writing is noted for innovations in narrative style, such as simplification and fragmentation of plot and the use of unconventional syntax and punctuation. Representatives: Henry James Theodore Dreiser Sinclair Lewis Ernest Hemingway and F. Scott Fitzgerald, William Faulkner,

Age Requirements in the Music Industry

Music brings excitement to everyone’s lives. It goes without saying, music industry is a youth dominated business.   Music creates huge portions of popular cultures, promoting fashions, make-up, automobiles, popular hangouts and latest technology. People behind scenes in music business targeting youthful audiences bring in most revenue. Performer’s ability to portray sex symbolic image determines, to a large extent, record company’s success. Age Requirements; When professionals force very young children into stretching their vocal chords to match pitches in high notes above treble staff, when a child is given drugs to work longer hours while keeping up with school work, it is too young. When an older person no longer wants to make efforts to appeal to audiences, that is when they are too old. Madonna, Tina Turner and Janet Jackson did not acquire their sex symbol images by accident, regardless of how beautiful they were when they were born. When a â€Å"stroke of bad luck† involving serious health problems, is another time when a person is too old for the music industry. This can occur at 20 years old, or it may never occur. Music industry professionals are not concerned with actual ages, as they are with possessing appearances and talent appealing to youth and ability to hold audiences. â€Å"Although Bocelli was exposed to different styles when he was young, its been my experience age doesn’t matter. What matters is a willingness to do what it takes. I have used methods to assist many singers into developing new styles, regardless of age† (Goodrich, 2007).   Carrying off a sexy singing voice is equally important as carrying off sexy physical image. Many auditions forms ask a persons age range. Age range refers to the age performers can portray. Very often, a 40 year old person has an age range of 20-25; likewise very often, a twenty five year old has an age range of 40-50. Sex Symbols; â€Å"Audiences today have a very short attention span. An ability to intrigue an audience is mandatory† (paraphrased, Ravelo, November 1, 2007).   Sex symbols definitely intrigues audiences, initially. Anyone can look like a sex symbol. Sex symbol status, like it or not, is determined by weight management. Rules of statistics do not apply to people keeping youthful appearances years longer than expected. Singers such as Beyonce, Madonna, PussyCat Dolls are superior role models for women. Their hairstyles, fashions, physique contribute to their identity of being a sex symbol. Nightclubs; Even with stricter laws on underage drinking, and the nightclub staff, many underage people successfully enter into clubs. All night club personnel must attend classes and pass a mandatory exam regarding laws. Fake identification cards, or theft of someone else’s valid ID’s are one way it is done. Legal parents or guardians accompanying their children can legally enter into night clubs and drink, as long as the beverage is served to the parent, and they parent gives them the drink. Sometimes managers bend rules allowing underage people into the club. And sometimes unmentioned arrangements are bargained with between the club and the state and city law enforcement agencies. Clubs who ID every person walking through the door, are probably the ones pulling something under the table. Nightclubs appeal to youthful crowds. Usually, nightclubs target age groups by music selection. Sometimes a persons choice of music reveals their age. People educated in music will listen to all types of music. Conclusion; Music industry has no age requirements. Music industry requires targeting youthful audiences at any age. Popular culture, which is youth oriented, is often associated with music. Music videos are full of sex symbols, including Justin Timberlake, Elvis, Ricky Martin, Usher, Gwen Steffani, Christina Augillera. Sex symbols in music industry serve as wonderful role models for all people of all ages. People who are in the spotlight also have a responsibility to ensure their behavior is worth copying. The media and Christian groups love to â€Å"throw dirt† on anything or anyone presented as a glamorous sexy superstar. Music video industry has talented sex symbols of all ages. Notes: Goodrich, M. Can Style Be Learned? Backstage.com Voice Movement; Published November 2, 2007; Date retrieved November 3, 2007 http://www.backstage.com/bso/search/article_display.jsp?vnu_content_id=1003667139 Ravelo, H., Kuhn, S., Bickelmann, L., What Top Three Things Make a Successful Actor Backstage.com; Ask A Pro. Published November 1, 2007; Date retrieved November 3, 2007 http://www.backstage.com/bso/advice-columns/ask-a-professional/ask-a-pro/article_display.jsp?vnu_content_id=1003666231

Retail Store Manager

Retail Manager as TrainerBy  Malcolm Fleschner, Monster Contributing Writer Since founding The Friedman Group, a global retail consulting and training organization, in 1980, Harry Friedman has heard plenty of excuses from retail store executives who refuse to provide much training to their front-line store employees. One of the most common is: â€Å"What if I train them, and they leave? † Friedman says this is the exact opposite approach they should take. He suggests a better question is, â€Å"What if I don't train them, and they stay? † Cost of Not TrainingThe unfortunate reality, which anyone who ventures into a mall these days can confirm, is that today's retail store employees often lack basic sales and  customer-service  skills. This is especially true at the big-box stores where management is unconcerned about high turnover, Friedman says. Retailers that expect high turnover essentially ignore training but pay a price for doing so. â€Å"The decision to ne glect training is typically made by someone at the top who does not appreciate the value of a human asset and what they can mean to sales and the bottom line,† Friedman says. Retail is a merchandise-driven business, not a people-driven business, after all. † Nevertheless, Friedman estimates that with more effective training, most retail organizations could increase sales 15 percent to 25 percent. â€Å"That's a lot of money,† he says. â€Å"There's no chance they could hit those numbers any other way. † Management by Numbers Individual store managers would no doubt also appreciate increasing the six to eight hours that Friedman says retail stores typically devote to training new employees.But since a boost in training time is unlikely to happen, store managers must focus on those aspects of employee management they can control. To start, he suggests looking at two key numbers. The first is conversion rates, which means if a sales associate talked to 10 cust omers, how many bought something? â€Å"If you sold two out of the 10 people you talked to and you can bump that up to three of the 10 people you talked to, you've just increased your sales 50 percent,† says Friedman, author of  No Thanks, I'm Just Looking: Professional Retail Sales Techniques for Turning Shoppers into Buyers.The second number is average sale per customer. â€Å"There are two ways to increase this number,† he says. â€Å"One [is] by selling them the $40 item instead of the $30 one. Second [is by selling] the customer the $30 [item] and also $10 in batteries to make it work. † What Seems to Be the Trouble? Armed with this information, store managers can then determine which sales associates are performing well and which aren't. The next step is to uncover the source of any problems.If you have one sales associate with a low conversion rate, for example, you need to determine whether the problem occurs when the associate is demonstrating the mer chandise or when he is trying to close the sale, Friedman says. â€Å"You might find out it's up front,† he says. â€Å"[The associate] keeps approaching customers and saying, ‘Can I help you? ‘ and the customers say, ‘No thanks, I'm just looking. ‘ It doesn't matter whether he can close, because he's not getting out of the blocks in the first place.That's the opportunity for the manager to intervene and explain to this guy that he's using a terrible opening line. † Hit the Floor This type of hands-on coaching leads to another of Friedman's suggestions for store managers: Get into the fray. â€Å"The biggest missing ingredient I see in retail today is that managers are not running the store from the floor,† he says. â€Å"A lot of managers are either too busy with operational paperwork or making sales for themselves to do more than just hope their salespeople are doing a good job. The best store managers, Friedman says, are always  "pointing, pushing, doing and working the floor. They listen in, see how employees behave and what they say so that they can step in to reinforce the good behaviors and correct areas that need improvement.A good store manager is like a cop with a whistle directing traffic at a busy intersection. † You Can Survive the Behavioral InterviewBy  Carole Martin, Monster Contributing Writer When asked a traditional question like, â€Å"What would you do if you had a customer who wasn't interested in buying the product? you can make up a story. But when you're asked behavioral questions, the interviewer is listening for specific examples of how you have handled situations or problems in the past. When presented with interview questions beginning with phrases like â€Å"tell me about a time when† or â€Å"give me an example of† the interviewer wants to hear your real-life examples. When interviewers ask such behavioral interview questions, they are listening for example s of how you handled situations similar to the ones you may handle for this company. This is your chance to talk about your accomplishments.If you can demonstrate through examples (preferably recent ones) that you've succeeded in certain areas of interest, you'll likely be considered a strong candidate for the position. After all, if you did it somewhere else yesterday, you can do it for this company tomorrow. Your success stories should include the situation, the action you took and the result. Here is an example if you were interviewing for a sales position: The Situation:  I had a customer who did not want to hear about the features of my merchandise because of a prior interaction with my company.The Action:  I listened to her story and made sure I heard her complaint. I then explained how I would have handled the situation differently and how I can offer her better service. I showed her some facts that changed her mind about dealing with the company again. The Result:  She not only bought the merchandise, but also complimented how I handled her account. She is now one of my best customers. One way to prepare for behavioral interview questions is by writing out your stories before the interview. Determine what stories you have that would be appropriate for the position based on its job description.If the job requires dependability, write your story about a time when your dependability was recognized or made a difference with a customer. You can use the stories you prepare even when the interviewer does not ask behavioral questions. If you are asked a traditional question, use your prepared story and preface it with, â€Å"I can give you an example of a time when I used that skill on a previous job. † By  preparing for the interview  ahead of time and recalling your past successes, you will be able to have examples in mind and will not be caught off guard.There is no way you can predict what the interviewer is going to ask you, but you can p repare what you want him to know about your past as a predictor of your future performance. Retail Manager Job Interview Questions and AnswersHere are some of the retail interview questions that are related to the career in retail management: Tell us a bit about your professional background/educational qualificationThis question is asked, basically because the person applying for a retail management position would either have an educational degree as well as experience or a great experience in sales.Therefore, this question is aimed at finding out the professional details of the person. What do you feel is the role of a retail manager? This question is basically asked to find outfit you have a general idea of a retail manager’s job. Therefore, this is your chance to speak to the interviewer about what you know of the retail management business and what you think would be your responsibilities. Once you present the fact to the interviewer that you are aware what the role of a retail manager is, they will also be convinced that you are ready to take on the role of a retail manager.Some duties and qualities required of the retail manager are:†¢   Team leader and Team development†¢Ã‚  Ã‚  Hiring process, HR activities and employer’s training†¢Ã‚  Ã‚  Workplace scheduling – Day to day operations†¢Ã‚  Ã‚  Problem solving skills – Communications skills†¢Ã‚   Sales management†¢Ã‚  Ã‚  Product and project management – proffesional qualities and priortizationIf you have worked as a retail manager before, what did you like the most in your job and what did you not like?All jobs have their advantages and their disadvantages. Therefore, if you have worked somewhere as a retail manager, you would certainly have some good things to share as well as bad things to share. This question will give a deeper insight into your experience as a retail manager and whether you are fit for the job. What would you consider your biggest advantage as a retail manager?As a retail manager, or even as a novice, you would have a fair understanding of what would be the biggest advantage that a retail manager would require, or what is that something that a person learning to be a retail manager should have. Possible answers could be – Leadership (a born leader), sales manager or good communications skills. What do you feel are the basic qualities that a retail manager should have? The post of a retail manager is one that requires the person to have experience.Rarely will a novice be hired as a retail manager. Therefore, these questions will be posed at you to understand whether you have the knowledge required for a retail manager. If you are asked about the basic qualities of a retail manager, the safest answer would beplanning and vision. A retail manager is more or less the proprietor of the store and has many responsibilities as compared to the other store employees. If a retail manager is good at planning and has a vision for the future, he or she can take the company to the next level.Deliver excellent customer service and maintain a high standard of customer management, at all times Take full responsibility for the set-up and effective operation of the pub, within company policy, at all times Take full responsibility for the results achieved in the pub, including profit and loss (P&L) performance, Megastock, standards, Cask Marque and audits Ensure that opening and closing procedures are adhered to, in line with company policy, taking account of security and the health & safety of people and property Work in all areas of the pub, bar, floor, cellar, kitchen and office, to ensure that best practice is maintained by the team and that any areas requiring improvement may be identified Control all aspects of finance in the pub, including sales, gross profit, stock control, core wages and controllable expenditure Control all office administration procedures and ensure th at the management team complies with company standards Be accountable for all cash management throughout the pub, including third-party providers (such as ATMs, Securitas, AWP and SWP Machines etc); conduct thorough investigations for all cash-loss issues Review P&L account monthly with the team and area manager, agreeing on clear targets for improvements for any targets not achieved Maximise all sales opportunities in the business, including quality of food and drink service and availability, using all company point-of-sale as directed; have an understanding of all promotions and point-of-sale requirements and work with the team and area manager to maximise sales at every opportunity Forecast sales and wages weekly/quarterly, using the standard forecasting planner Be responsible for accurate rota-planning, based on forecast sales and core wage budget Plan all rotas in line with budgeted targets and forecasts, taking the necessary daily action to reduce/increase hours, in line w ith sales Manage all delivery processes, including checking in orders, storage, stock rotation, security, loss investigation and staff training Manage all stock-management processes, including timely stock counts, line checks, wastage reports, loss investigation and staff training Complete roduct-ordering on time, every time; ensure full availability of all drink, food and non-consumable items Follow all company security procedures, including loss prevention measures and procedures for the security of staff and premises, at all times Carry out risk assessments to ensure staff and customers’ safety; ensure the adherence to children-specific guidelines Monitor and manage all maintenance issues and manage third-party contractors, including cleaners, where applicable Be aware of and adhere to licensing, data protection, Health & Safety at Work and COSHH legislation, at all times Carry out commercial activities as instructedManage the pub team, including motivating and leading the team to work to the highest standards, at all times Identify and monitor training needs and take an active role in developing people Manage the day-to-day performance of staff and managers, in line with company personnel policies and procedures Manage the day-to-day attendance of staff and managers, in line with company sickness and absence management policies and procedures Deal with any employee complaints and/or grievances promptly, in line with company guidelines Manage and maintain correct staffing levels, in line with targets and in relation to sales-forecasting Communicate effectively with the team, through regular meetings – manager’s meetings to be held weekly and staff meetings to be held monthly, in line with the communications calendar Manage the timely distribution and briefing-in of all company communications Manage and maintain employee personnel & training files Identify recruitment needs and take an active role in search and selection activiti es and the appointment of staff, in line with the company recruitment process, ensuring that all paperwork (including ‘proof of right to work’ documentation) is certified, copied and completed, in line with Home office and company guidelines Maintain personal knowledge by completing in-house training, attending courses and completing workbooks Always adhere to all company policies and procedures and licensing laws Carry out any duties as instructed by area manager and head office

Essential Barcelona Tourist Information Assignment

Essential Barcelona Tourist Information - Assignment Example According to the research findings, Barcelona has got everything that makes a perfect holiday. Barcelona has a very pleasing and enjoyable weather throughout the year. But the most favorable weather of Barcelona is during the months of May till July making this time the most appealing time for a tour of the marvelous city. September is also very enjoyable but August is usually hot and moist. It is a month which is generally pleasing to those people who love to tan themselves by spending a splendid time on the beach. All those people who visit Barcelona in August are always advised to get hotel rooms with air conditioning systems. The pleasing weather of Barcelona is still maintained during the months of October and November but the temperature starts falling and the weather starts to get chillier. The sunshine cannot be observed everyday and people get prepared for a slight rainfall. The winter sets in at the end of November and from November till the end of February the temperature drops and the weather gets cold. It does not rain much in Barcelona during the winter so generally people get to see the sunny days. Numerous painters and artists have lived and worked in Barcelona at one time or the other and you can still perceive their affect distinctively all through the city. Two of the most famous are Miro and Picasso who have museums allocated to their most major works. This is just not it. Barcelona has also got many various museums and art galleries all throughout the city so you have got many artistic and cultural places to visit while you are in Barcelona. Barcelona had more than 55 museums and art galleries that are devoted on the topics such as sports, art, history, war, science, maritime and architecture. Few of the most famous museums and art galleries located in Barcelona for sightseeing are Maritime Museum, Barcelona Centre of Contemporary Culture, La Pedrera, The Dali Museum-In Figueres and Camp Nou.

The Cost of the Modern Olympics Far Outweighs the Benefits Research Paper

The Cost of the Modern Olympics Far Outweighs the Benefits - Research Paper Example The perceived benefit of the Olympic Games is a major reason why more countries are investing into the bidding process to become the next country to host the event (Malfas, 2004). Another reason for increased financial investment into Olympic Games is increased commercialization of sports as a whole (Malfas, 2004). However, countries miscalculate and overestimate the expected benefits of hosting such events and join the bidding process in the hope of achieving long-term benefits (Baarclay, 2009). Rosenblum (2009) notes that those who receive the benefits are construction companies, local politicians and IOC, while the people facing costs are local residents, TV Networks and local economy representatives (Rosenblum, 2009). Rosenblum (2009) also notes that the representation of figures given by IOC is inaccurate and shows underestimated figures of cost. The costs that a country bears during this event are immense. The host country may perceive that they would get a huge amount of reven ue; by building infrastructure and due to tourists visiting the country economy will get better. But in reality this is not the case. It is a temporary solution to the lavish costs that are spent on the projects within the context of the Olympic Games. Olympic Games require construction of stadiums, roads and infrastructure, which may not have been needed should there be no Olympic Games taking place in the host country (McHugh, 2006). Instead, such costs and labour could have been used up on public projects. By giving up on public projects and taking up work to create stadiums just for hosting a two weeks’ event creates an opportunity cost that is not accounted when calculating the overall cost of the project. The Olympic book indicated that the estimated cost of athletic venues for Vancouver Olympics was $366 million, such lavish cost for a limited utility. The primary reason for a country to host such a mega-event is to show the world its prestige and power and if it is an emerging country than the major reason is to display its ability to host such an event and gain limelight (Zarnowski, 1992). It is agreed that the infrastructure of a country gets better, more tourists visit the country and it is a colourful spectacle but what about the problems the local public communities face and the delay in public projects? The costs that a country actually bears when hosting an Olympic event are the event costs and infrastructure costs. The benefits that may be counted are the infrastructure benefits and tourism demand in the secondary market (McHugh, 2006). Event costs are bidding, administrative, security, translation, promotion, opening and closing ceremony costs, as well as insurance costs (Billings & Holladay, 2012). Infrastructure costs are costs of housing, venues and supporting transit (McHugh, 2006). McHugh (2006) in his model took into consideration all the event benefits and the direct event costs associated with deriving of those benefits for Vanc ouver Winter Olympics. The cost-benefit analysis pointed to a negative benefit of $101 million showing that the cost of the project far outweighed the benefits associated with the project. Owen (2005) notes that the Summer Olympic Games in Atlanta provided a small boost to the economy and that too was short lived. It has not been seen

The differences and similarities between the democrat party and the Essay

The differences and similarities between the democrat party and the republican party - Essay Example An ideological debate causes a more emotive response in individuals than does any other. The 9-11 attacks, abortion, the war in Iraq, the loss of civil liberties, global warming, evolution, health care, gay marriage, stem cell research and many other politically motivating subjects ignite emotional ideological battles. The terms conservative and liberal usually are attached to one’s stance on social issues. Liberals historically have proved to be very conservative regarding fiscal, Constitutional and foreign relations matters. Conservatives align themselves with the socially conservative religious faction of society. Of course, both ideologies share much in common, the want for peace and prosperity, the love of country and family for example. However, the differences are sharp, extensive and have existed in this country since the Rebels and Loyalists took separate sides of the political fence. The tenets of Liberalism proclaim a strong conviction in democracy and belief that the constitutional authority of the people will limit a powerful, expansive government. Liberal legislative leadership, partly through necessity, has instigated steady governmental growth well beyond where the architects of the constitution and most citizens would favor. Conservatives are against the government regulating corporations but are very much for legislation that regulates the private conduct of individuals and for advancing their religious agenda regardless of the damage to civil rights and liberties or the scientific or constitutional evidence that is contrary to their opinion. Abortion, stem cells, teaching evolution and gay marriage are preeminent examples of current ideological debates between conservatives and liberals. Those of a conservative ideology are against legalizing abortion. They believe it to be murder and are crusading to save babies’ lives. However, conservatives are also against funding prenatal care

Professional communication Essay Example | Topics and Well Written Essays - 500 words

Professional communication - Essay Example I want to emphasize that taking care of you, our customer, remains our highest priority and we thank you for your patience. If you have any further questions, or require assistance locating an Audi dealer, please visit audi.com or call us directly at 800-822-8987. First of all, as an important rule of business proposal letter writing serves the need to initially define who will be a reader of a letter, or, if it may have multiple recipients, what is its audience. In our particular case the letter is addressed to a concrete person, but there is every reason to believe that this letter was actually sent to many people, and thus is audience-oriented in nature. Its audience then is a group of people who have purchased a certain model of Audi, i.e. the existing clients of the company. Although the signature of the letter belongs to the Vice President of the company, the authorship of the letter is presented as if being from Audi company itself. In this situation such an authorship sets clear relations of seller-buyer between the sender of the letter and its recipients. Moreover, in this case the relations emerge on the ground of sellers responsibility before customers.

Ethical issue in health about baby born from transplanted uterus Essay

Ethical issue in health about baby born from transplanted uterus - Essay Example For instance, there are several ethical challenges and dilemmas concerning the babies born form such transplantation processes (Ozkan,et al., 2013). The main dilemma, however, is based on a conflict of two major ethical principles in medicine, the principle of autonomy and non-maleficence. The principle of autonomy states that people are free to make their choices regarding their health and lifestyles. As such, this principle supports uterus transplantation if and when a woman feels it is right for her to go through the process. On the contrary, the principle of non-maleficence requires that doctors and other medical practitioners do no harm to their clients. In this regard, whenever health workers are faced with a complex medical problem, in certain cases it is better to avoid doing anything, than engaging in a process that will ultimately affect the patient negatively. The conflict arising from these two ethical principles makes it quite difficult for the doctors to make a sound decision over whether to progress with uterus transplantation or not. Furthermore, there is the challenge related to the nature of the baby born from such a process (Ozkan, et al., 2013). There are many issues that may affect the ethics of uterus transplantation as relates to the nature of the baby. For instance, the relationship between the child, the parents and the donor, personal identity of the baby, as well as the uncertainty surrounding the future of a baby born from uterus transplantation. These issues can make it difficul t for one to make a strong decision concerning transplantation, thus making it a very risky process. Furthermore, other questions about the costs and technology involved in such a process make the dilemma more complicated. For instance, if indeed the process is successful, it will not be affordable to the majority of the people who need it.

Political and Economical Developments in Asian Systems Essay

Political and Economical Developments in Asian Systems - Essay Example The kind of political system that exists in a nation also influence the kind of legal system that is followed in the country for example in china the judiciary follows orders from the state but in America or India judiciary is an independent body run by its own legal framework. Factors that Determine the Level of Economic Growth: There are several factors which determine the level of economic growth of a nation such as the 1) Investment – Countries such as China and India has seen a robust growth in investment over the past decade. 2) Human capital –India with its large numbers of English speaking crowd attracted outsourcing of back office jobs from western countries.3) Trade Barriers – Asian countries such as India and china which stayed away from market liberalization for a long time opened their gates for liberal trade since past two decades. 4) FDI and FII’s - Foreign direct investment and Foreign institutional investors plays an important role as thes e investment over a period of time results in self generated wealth creation within the country.

Euthanasia, is it murder or mercy Research Paper

Euthanasia, is it murder or mercy - Research Paper Example Finally, I have evaluated the one of the case studies according to the ethics theories of Immanuel Kant and Utilitarianism. I chose this topic because my grandmother in Ukraine suffered from bad health and was hospitalized for eight years before she died naturally. I saw how painful it was for her to live and for my father and his sister to took care of her alone at home. Being a Christian Catholick, I was against euthanasia before i did this research. This research taught me that euthanasia is often mercy rather than murder since it saves the patient agony and the relatives their time, energy and money. The other day, I was interviewing one of my class fellows’ parents. I had heard from my class fellow, Bob, that he had lately lost a younger sister, Maria, after she was badly injured in a car accident. I approached her parents for the interview. They said that as soon as Maria was driven over by the car, she was bleeding heavily. She was immediately hospitalized. Although the operation had been performed, there was little hope that she would survive. Maria was apparently in comma, but the doctors expressed no hope for her survival even if she temporarily recovered from the comma. Three weeks had passed since the accident. Maria’s family kept visiting her regularly. ... However, they decided not to donate. A day after that, Maria died. Overwhelmed with the grief of losing their daughter, Maria’s parents asked the doctor if her organs would still be needed, but the doctors expressed that her organs were dead and were no more useful for Gene. Besides, the law forbade them to retrieve organs from a dead body. The news that Gene had first lost her vision and then died of the kidney malfunction only added to their grief. They felt like they had not lost one daughter, but two! The parents were in shock. I also observed my two friends who work as nurses in the Brooklyn hospitals Coney Island and Maimonides. When I asked their opinion about euthanasia, both of them spoke in its favor. They said they worked with terminally ill people on a daily basis. Their condition is miserable. There are a lot of patients that have been hospitalized for years and years. In the start, their children used to come to see them, but many of them have been abandoned with the passage of time. The quality of medical care, the environment and the room that a patient receives accords with the fee that the patients’ relatives pay. Thus, many patients have been hospitalized by their children in the cheapest rooms available in an attempt to minimize the hospital expenses. The nurses also told me that in some cases, they were left with no option but to transfer the patients to the old house for the children broke all contact with the doctors and never showed up again. I also personally went to the hospitals and talked to some terminally ill patients. The dryness of their speech and look reflected their intrinsic desire for death. Two patients burst into tears as soon as I started to speak to them. I saw numerous patients in comma that had

Employment Law and Labour Market Essay Example | Topics and Well Written Essays - 2000 words

Employment Law and Labour Market - Essay Example To begin with, this goal is important to employees due to several reasons. One of the ways through which the CIPD is championing for better work and working lives for the employees is through requesting the employers to allow the employees work for more hours (CIPD, Megatrends: The trends shaping work and working lives, 2013). This would mean that the employees would walk home with better pay for the extra hours they were allowed to work. This factor goes a long way in changing the lives of the employees for the better. On the other side, these organisations that allow the employees to work for more or extra hours also stand a chance to receive a greater productivity. It will mean that the organisations will remain open for longer hours than the normal hours of operation, hence being more productive (JOOS, 2008). The Labour Market Outlook spring 2013 report has suggested that the pattern of employment in the UK would continue during the second quarter of 2013. The spring quarter net employment balance-which measure the difference between the proportion of employers who would like to increase their staff levels and the proportion of employers who would like to reduce their staff levels-as recently risen. This proportion has risen to +9 from +5 according to that report. This, to the employees would mean better lives as many unemployed individuals will get employment hence making their working lives better. It is also important for the employers to add more employees to their organisations in order not to overwork the current employees they have (NIGELWR, 2011). When the number of employees in an organisation is large, the employees tend to enjoy working in the organisation since the working conditions are normally improved. There would be leaves, offs and shifts in the working calendar, something that is not found in most of the organisations. Once the working conditions are improved, the employees will be motivated to work better. Motivated employees would work better both for the benefits of themselves and that of the organization (Van Wanrooy, et al., 2012). There would be qualitative and quantitative increase in the organisation’s level of productivity. There would be many employees joining the trade unions which would then be made stronger or reinforced to continue fighting for the labour rights of the employees. The strengths of the labour or trade unions lie in the numbers of their members. It would then mean that several trade unions would emerge to champion for the labour rights of their employees and those of the organisations or employers concerned. This therefore would mean that the UK economy at large would grow for the better due to better working lives for the entire employees in the UK. A country with a happy and motivated workforce is one that is championed towards greater achievements in its growth and development as far as economic, political, demographic, and other forms of development are concerned. The 2013 spri ng LMO report also noted that slack labour market creates battlegrounds for the job seekers. It is therefore important that the CIPD champions for better work and work lives so the rate of jobseekers can reduce by reducing the slackness in the labour market. Although the recent report indicates the edging number of job seekers, it also indicates the challenges faced by the jobseekers that lie behind the unemployment figures, especially those job seekers who seek for unskilled or low-skilled roles (CLEMENTS, 2012).

Good Habits Essay Example for Free

Good Habits Essay It is said that early to bed and early to rise makes a man health, wealthy and wise. Early to bed and early to rise is a good habit. A habit means repetition of the same action in similar circumstances. All men have habits. There are good and bad habits. They are of different kinds. Habits are acts which men indulge in to satisfy their needs. These habits are developed or learn from different sources. Drinking water, taking breakfast, lunch and dinner and sleeping at nights are habits, based on instinct. Man has no control over thirst, hunger and sleep. They are therefore inborn habits. There are other habits acquired like brushing your teeth, taking a bath, wearing clothes, combing your hair etc., which help a man to look neat and healthy. A walk in the morning is a good habit for old men. The needs of society develop in men some good habits. Man is a social animal and he can not live in isolation. Respecting elders, wishing ‘Good morning’, ‘Good evening’ and ‘Good night’ are good habits. Serving the cause of poor and needy, and respecting the social laws like observing queue are good habits. Men live in groups. These groups influence some habits. A man laughs when others in the group weep. These are group habits. Man wants happiness and peace. Listening to music and reading a book are good habits, which help a man to spend a peaceful life. Going to a temple or offering daily prayers are habits, which serve the needs of the soul. Education is based on the principle of habit formation. Repetition makes learning easy. Learning a language i.e. speaking, reading and wring is based on habit. Similarly education helps in the development of good habits like punctuality, attention, concentration, cooperation, discipline etc As there are good habits, there are had habits too. We acquire them both from our friends and from the society in which we live. Smoking, drinking alcohol, drugging, speaking untruth, teasing the weak, committing acts of theft may all be considered as bad habits. Habits are easy to acquire but difficult to give up. They have a great hold on people and are not easily broken. So it is better not to acquire a bad habit than try to give it up later. Good habits lead to good manners.

SABmiller Strategy Case Study

SABmiller Strategy Case Study 3.1 Strategic position SABMillers one strategy is continuing to acquire other companies around the world and continuing to expand, especially in developing countries. As we all know, SABMiller and Molson Core, the two sides decided to merge operations in the United States and Puerto Rico. The two sides announced that it would form a joint venture. Johnson, Scholes Whittington (2008) defines corporate strategy as sum of companies objectives and goals and its plans for pursuing those purposes. According to Andrews (1980) corporate strategy can define the company policies, its range of businesses, and its human and economic organization and its contributions to stakeholder. From there definitions it is clear that one should analysis SABMiller business environment, core competencies capabilities and stakeholder expectation to identify SABMiller strategic position. SABMiller in current strategic position has provided us with a clear picture of the opportunities and challenges that the S ABMiller operating domestic, worldwide and its growth come though entering developing market, acquiring businesses brands, and growing them it face in the business environment but stakeholder expectation, core competency and market the reality is the strategy not match to business environment which will create a big dilemma for SABMiller. Consolidation exam of that the reducing the risk that associated the more developed market like Africa, Europe and US will ensured as firm in base of possibility of emergent market might reducing the risk on vulnerable region. It would be feasible particularly given SABMillers competence that been responded by obtaining the business success in the risky market. Further more while it is undoubtedly possible to improve the companys position in developed markets improvement need might quite marginal. 3.2 Table 1: Mission, Vision and Strategic Objective Mission Statement: Stability of reputation of the company Leverage the local and global market Increasing the number of demand Job opportunity to the local and global environment Leverage the new branding production. Competitive advantage Strategic Objectives: Assessing Reach and development RD of the brewery Analyzing the demand of the customer Reaching the stability of the economic Considering Non-factor qualitative Differentiation of the new product Visions Statement: Leverage the production and stability of the company reputations of the SABMiller. Number one operational in the market The mission and vision of the SABMiller Company will be leverage is there company will focus in certain area providing of the strategy objectives by reach and develop the production and merger to the other develop market and to be number one to the industry and help the stability of economic to the environment of the global and market place. 3.3 Strategic Options Using the Porters Generic Strategic, Ansoffs Matrix and BCG Matrix to help me evaluate and analyzed the following strategy option 1 product development, option 2 market developments and option 3 joint venture. The fist strategic choice is product development to diversity the production of improvement and growth of the quality product. For option 1 according to generic strategy the product development need to focus and diversify the differentiation product strategy which SABMiller has a unique product and might reach the target scope industry worldwide. Differentiation strategy like creating a new product like wine or liquor and sell it on the low cost of production that can effectively bust on the target scope of SABMiller. For option 1 according to ansoff matrix the product development and diversification will achieve the existing production and entering new market of the new product of the company with diversification. Product development not only in the brewery SABMiller has a lot of potential to diversify other product and continue to develop it but its must be depends to the demand of a customer. Diversification of the new product for a new market potential are more reliable to manipulate by SABMiller. For Option 1 according to BCG Matrix the question marks for SABMiller creating a new product to the new mark et it will be risk to the cost of production if the new product didnt exist to the market pretty hard to consider and evaluate what customer wants and need. The second strategic option is market development which is SABMiller has an opportunity to entering new market in any country that need to develop or re develop a production to increase higher profit and market share in every country. For option 2 according to generic strategy the low cost of leadership will achieve by having the lowest prices of the product in the target market segment, or at least the lowest price to value ratio (price compared to what customers receive). Offering the lowest price while still achieving profitability and a high return on investment, the firm must be able to operate at a lower cost than its rivals of the market. Since the SABMiller operating entire of the country they have some disadvantage of lower customer loyalty, as price-sensitive customers will switch once a lower-priced substitute is available. A reputation of the SABMiller leader may also result in a reputation for low quality, which may make it difficult for a firm to rebrand itself or its products if it chooses to shift to a differentiation strategy in future. For the option 2 according to ansoff matrix is market development strategy must be focus on develop a cost leadership may have the disadvantage of lower customer l oyalty, as price-sensitive customers will switch once a lower-priced substitute is available. A reputation as a cost leader may also result in a reputation for low quality, which may make it difficult for a firm to rebrand itself or its products if it chooses to shift to a differentiation strategy in future. For option 2 according to ansoff matrix the market development is need to focus and come out new product for the new market based on the case study the SABMiller existing product only a beer that they has a multi distribute to other county if they develop the new market they need to introduce new product. For option 2 according to BCG matrix the market development is start because if the market development will continue to develop in every market of the country the SABMiller will foresee to success. The third strategic option is joint venture to associate other developed or developing country to leverage a good stability of the SABMiller market to other county. For option 3 according to generic strategy the joint venture is differentiation not only in the product to the other association of the market every country has a different market joint venture will giving a knowledge for the local market and will giving to SABMiller new idea how to difference the product to distribution country. For option 3 according to ansoff matrix the joint venture creating a new product using there current existing market in worldwide the interrogate of changing market esp. thru technology will affect the connection of the associate people to the joint venture. For option 3 according to BCG matrix the joint venture is cash cow coz its still need to re engineer the product strategy and to re develop more joint venture to the other country but to joint venture to other country will cost higher volume of the money and massive of reaching for the company will join on SABMiller company. 3.4 Recommendation for SABMiller company are product development and differentiate there existing product and the new product considering to the other demand of other country and focus to the technology ever market will interrogated of the technology. Product development still consider the effectives of the new production so far based to the case study new beer products and transference of the beer products and brand between market. They need to be transferring brands across different market and across region for example selling different brand outside of southern African it could carry on doing well and it will expand using channel to introduce brands from across the world new market however this may not provide of the SABMiller company with the sort of growth that is now being expected of it and it may underestimate the value of loyalty across the world. Differentiate to the existing product and new production will help to increase the continue of the market growth of the SABMiller esp. across the region they need to evaluate the region market before they will entered to the new market region population of the region and analysing economic will help to cane out with the uniqueness new product but still need to invest higher capital. Joint venture to the local region will give a larger opportunity to be success but investing to the new region with new joint venture will be a area of critical long term growth, But may require a great deal patience but the SABMiller company must meet the expectation of the stakeholder and the other particularly intuitional investor across the region coz there following the insistence on the need for hard currency growth with the presence of the new countries opportunity for growth. Evaluating and analyzing will help to SABMiller to be secure there company reputation across the region and to the future market region.

Human Resource Management Essay

Human Resource Management Essay Introduction I want to develop my research to formulate a specific research question which I will then be able to write a full report on. The initial review looks at HRM as a whole and the theories that surround this, often over-looked, subject. Specifically, I want to look at how the HRM structure works within the tourism industry, especially looking at a major British holiday company and focussing on how HRM motivate their employees in various aspects of the business such as the customer service department. However, to achieve this I must first look at HRM as a topic to get the background research for my project to begin. Human Resource Management in the Tourism Industry As a direct result of new and more sophisticated technology becoming available to us, businesses are increasingly growing to such an extent that they develop into a global concern. This means that the role of Human Resource Management has become very important within businesses, but it is still looked upon as a lower department.   However, the concept of Human Resource Management (HRM) has been heavily debated in literature and is used more increasingly within employment sector organisations. The history of HRM could be summarised as it being developed initially from work in the USA in the 1960s and 1970s and was created from several interrelated sources and since then the concept has been spread from the USA, into Europe and eventually Australasia. There is no formal definition of HRM because different companies imply different definitions from various evidential sources. Basically, HRM can be defined as a range of circumstances that affect the employment and contribution of people, against the criteria of coherence and appropriateness (Brewster, 1994). However, Kirkbride (1994) suggested that the use of the term HRM gives the general sense of the policies, procedures and processes involved in the management of people in various work environments. Bratton and Gold (1999) also noted that a definition of the subject matter under which HRM covers would help to analyse and understand the HRM practices. They also defined HRM the subject as: That part of the management process that specialises in the management of people in work organisations. Human Resource Management emphasises that employees are the primary resource for gaining a sustainable and competitive advantage, and that human resource activities need to be integrated within the corporate strategy, and that human resource specialists help organisations to meet both the efficiency and equity objectives... Mead (1998) states that the key terms in HRM literature are strategic focus. This meant that the need for human resource policies and practices had to be consistent with the overall business strategy, allowing the individual sections of a HRM package to reinforce each other. This should particularly emphasise teamwork, flexibility, employee involvement and organisational commitment. This, however, is a completely opposite message to the traditional demands on the human resource systems of countries like USA where there is a collective bargaining arrangement from both the employers and the policy-makers. Therefore, the product market environment of the 1980s changed this situation so that the traditional demands would still be met, but at the same time the human resource management system would also meet their new demands at the level of the individual employee and throughout the entire organisation (Beaumont, 1993).   The Harvard Business School approach to strategic HRM suggests that the need for all the people involved with the business organisation, such as the employees, their union, the customers, etc., should be taken into account when considering any organisational arrangements, and making employee influence one of the leading policy areas in their attempt to develop a pro-active, strategic and broad-based HRM orientation in each individual organisation or department. The terms and content have changed considerably through the 1980s and 1990s, with a greater emphasis now being placed on the financial, communication and problem-solving activities. (Beaumont, 1993). Again, Bratton and Gold (1999) also stated that HRM could be described as the organisations valued assets, emphasising the commitment of employees as a means of competitive advantage, and therefore creating calculative, quantitative and strategic managerial aspects of managing the workforce in a rational and humane way.   HRM Practices As there is an increase in the greater quality of competition, the higher the emphasis on the market and the constantly changing attitudes towards work itself has made it necessary to identify and adopt different management approaches.   Even though the focus has moved from a structural and systematic way of thinking to the development of specific managerial practises that will stimulate a corporate culture and in return employee commitment is secured to the extensive use of employee resources by the HRM. Therefore, in order to understand why HRM is needed in the tourism industry, it is important to look at the role of HRM within an organisation, as this is the custodian of competitiveness. A review of the literature based on international HRM by Harzing and Ruysseveldt (1995) revealed three main areas of discourse; staffing, training and development, assessment and compensation. These are also considered to be the main activities in both domestic and international HRM.   In general, staffing issues in an international organisation usually involve filling critical management positions. This means that almost all employees in the middle management and more operative levels are always selected and recruited on a local basis to the organisation. Sometimes, when certain candidates for upper management posts are being recruited, there are various options as to whether choose a candidate from the organisations parent-country nationals, their host-country nationals or even third-country nationals. The final choice, however, is definitely dependant on the attitude of the top level management at the parent organisation. According to Perlmutter (1969), these attitudes can be divided into three central categories; Ethnocentricity, Polycentricity, and Geocentricity.   In respect to quality, top level management is continuously battling to weigh professional managerial skills and technical competence against environmental adaptiveness. Therefore, the ability to adapt to local cultures is a major factor, involving not only the candidate, but also their partner and their immediate family as well. Training and development activities within international HRM systems, places such emphasis on shifting from the preparatory training needs of expatriates to a fully international training and development system which is available to all managers and will improve their performance in a global perspective, regardless of their country of origin. Today, these activities are crucial to international HRM. They can be wide-ranging which means the person who gets the job will need to know the specific organisational structure to which they will be assigned and the job and task skills required of them there. They must also acquire an understanding of the local area including such things as the social, cultural, and legal aspects and develop the necessary interpersonal skills with which to perform well in various situations. The importance of the last two areas however was pointed out in a survey conducted by Harzing and Ruysseveldt (1995), where they identified cultural sensitivity and the ability to handle responsibility as well as the ability to develop employees, a managers three most important skills in their job role. Finally, the last important task identified was that of assessment and compensation. This process of assessing and compensating international managers is complex in nature and can be reflected in the requirements used in such assessments. For example, Adler and Bartholomew (1992) suggested that these requirements are often a reflection of a more traditional approach to international managers, thus meaning their methods are based on the ethnocentric attitudes held by high management levels that are predominantly using parent-country nationals to staff their companys foreign subsidiaries. However, such subsidiaries are subordinates to the main headquarters, both on an organisational and cultural level. As a result, more open-minded, authors, such as Brewster (1994) and Stonehouse (2000) have taken part in the continuing debate on the concept of strategic HRM. They have argued that the underlying concept is the idea that human resources are not only a high operating cost for most organisations, but are also a major factor in the contribution of the effective utilisation of all the organisations resources as well. The Importance of HRM and the Business Strategy One of the main features that defines strategic HRM is its close relationship to the businesss main strategy and is creates the argument of is there a direct correlation between strategic HRM and economic success? HRM only becomes strategic when in private sector human resources are promoted to a position where the organisation looks and treats them as a competitive advantage (Kochan and Dyer, 1992). This has raised a key debate in terms of how HRM can contribute to the overall success and competitiveness of the business. Until recently, however, most companies preferred a reactive management method within their human resources, leaving the personnel management to consist mainly of administrative activities. The creation of multiple new macro economies have led to the concept and recognition of people as a valuable asset which if managed as a strategic resource can help an organisation to achieve superior performance levels and gain a greater competitive advantage. This awareness has led human resource management directly into the spotlight (Storehouse, 2000). Therefore, HRM has a definite strategic approach in arranging human resources and getting involved in a closer alignment of employment allocation systems along with business strategy. The integration of HRM and business strategy means that the level at which the HRM issues are considered are now playing a larger role in the formulation of business strategies. Indeed, HRM intends to focus on the issue of strategy and the more organisations that become knowledgeable of this relationship, the more human behaviour becomes a competitive factor, which is closely linked to the strategic direction of the particular organisation. According to Kirkbride (1994), an integration of business strategy and HRM as described earlier can have several advantages. Firstly, integration means that a broader range of solutions is available for solving complex organisational problems without the need for external help. Secondly, it ensures that the human, financial, and technological resources also are given equal consideration when setting targets and looking at the implementation capabilities. Third, through this kind of integration, various organisations can explicitly concentrate on the individual employees, who the departments comprise of and their needs and only then can they implement their policies. Finally, the response to integrating human resources and strategic plans can limit the level of subordination of strategic planning in consideration of human resource preferences and, thus neglecting human resources as a crucial source of organisational operations and the creation of competitive advantage. Whichever way you look at it, there is a growing body of evidence that supports the link of an association between high performing human resource management and organisational performance. It has been found that businesses whom linked HRM practices with their business strategy are constantly delivering higher financial performance outcomes. Beaumont (1993) argued that it is not just the relationship that is important but the quality of the HRM practices and a distinct approach is necessary in delivering high performance indicators. HRM strategies and practices must therefore be working well together within the individual businesss strategy planning. Conclusion All of the theories used in this review have been extensively researched to settle in their final point of view. This means that it should not be that difficult to find any related researches within the subject field or any other secondary data I come across to answer my research questions and meet the objectives of my research as a re-analysis of all the data that has been already collected could develop a new approach to the research. Search of secondary-data will be aided by internet searches which should prove useful for survey results like organizational surveys, academic surveys organizations employee attitudes, email questions etc. Also, looking at and obtaining multiple-source data that has been published such as journals from tourism business magazines, books, government publications and organization reports. On closure, an important note to remember is that the results from my research and survey, along with the results from other surveys found, including the relations with the literature review, should meet my research topic generally and settle in a clear and informative answer to my research question and its objectives. Bibliography Beaumont, P. (1993). Human Resource Management: Key Concepts and Skills. Sage Publications. Bratton, J. and Gold, J. (1999). Human resource management: theory and practice. Basingstoke, Hampshire: Palgrave. Brewster, C. (2003). Line Management responsibility for HRM: What is happening in Europe?   MCB UP Ltd. (Journal) Dessler, G. (2008). Human Resource Management (11th Ed.).   Prentice-Hall Inc. Harzing, A. Ruysseveldt, J. (1995).   International Human Resource Management. Sage Publications Kirkbride, P. (1992). Human Resource Management in Europe.   Routledge, London Maund, L. (2001). An Introduction to Human Resource Management.   Palgrave MacMillan Mead, R. (1998). International Management: Cross-Cultural Dimensions. Blakewell Publications Stonehouse, G. (2000). Business Strategy (2nd Ed). Butterworth-Heinemann Final word Count: 2047 (excluding references/bibliography) Carl Edwards

2000 US Presidental Election :: essays research papers

The fourth principle of the rule of law state, "all persons must be given due process, that is, a fair chance to defend themselves against formal charges that they have violated the rules." The premise for this principle is the example that, the official body that hears and renders judgment on the charges may be biased against the defendant instead of impartial. The decision of the United States Supreme Court to discontinue the counting of "undervotes" in the state of Florida was not only a politically biased decision, it was also a decision that violated the rule of law. My argument is based on not so much the dissenting opinion of the minority, but of the concurring opinion of the majority of the Supreme Court. A political trial is one in which political considerations, not simply the law and the facts, affect the proceedings and verdict. Every human being has a certain set of morals and beliefs that they hold to be an important part of their character. This is no different for the judges of the Supreme Court. They too have a set of morals and beliefs that they live by. The difference is that their job description says that they have to make decisions not based on their morals and beliefs, but their decisions must be based on the rule of law. It is obvious to me that many of the judges on the Supreme Court, did not follow their job description and instead of basing their decision of Bush vs. Gore on the rule of law, they based it on who they voted for. Every conservative on that panel voted to stop the recount which in turn helped Bush win, and every liberal on the panel voted to continue the recount which would have given Gore a chance at winning. The concurring opinion of the majority seems to make it evident in some of the arguments they make that their opinion was based on politics and not on law. Much of the evidence they bring up only seems to contradict their decision more than support it. In Rehnquist's opinion, with whom Scalia and Thomas join, concurring, he brings up the case of Anderson v. Celebrezze, (1983), in which the court said ''In the context of a Presidential election, state-imposed restrictions implicate a uniquely important national interest. For the President and the Vice President of the United States are the only elected officials who represent all the voters in the Nation.

Meaningless Lives in 7 Stories :: essays research papers

?If you remain imprisoned in self denial then days, weeks, months, and years, will continue to be wasted.? In the play, 7 stories, Morris Panych exhibits this denial through each character differently. Man, is the only character who understands how meaningless life really is. All of the characters have lives devoid of real meaning or purpose, although they each have developed an absurd point or notion or focus to validate their own existence. In this play, the characters of Charlotte and Rodney, are avoiding the meaninglessness of their lives by having affairs, drinking, and pretending to kill each other to enhance excitement into their life. Charlotte and Rodney are blind to the meaninglessness of their life because they avoid it by having an affair. They are the first characters introduced to Man in the play, and they go to this place to escape from their own corrupt marriages. ?A lovely picture of your lovely wife,? (pg.6) proves the tone of the situation, and the sarcasm in how much Rodney doesn?t care about his wife and family at home. ?I started having another affair. You can?t believe how complicated that is. Cheating on the man you?re cheating with,? (pg.42) as Charlotte expressed how bored she was wither own life, and that this was the only way that she could avoid her own meaningless life. Another way these characters avoid living their life is by drinking continuously, in a way to make the time pass by faster and forget. ?Haven?t you had enough? She loses count after 10 cocktails,? (pg.11) proving to the audience her own self denial, and how she wastes every day. Unfortunately, there are many, who in society today, do the same thing to get out of a situation they?re trying to hide or a difficult time they?re going through. This relates back to their affair which they?re obviously hiding and trying to get through this time in their life. Thirdly, Charlotte and Rodney pretend to kill each other to try to enhance and excite their boring lives. They use this technique as many people do in every day life to not show their true self, because they think that they will be more interesting this way. ?It gives him a tremendous amount of power to hear me gasping for air,? (pg.40) which shows how Rodney gets excitement into his life by this role-playing. ?The world according to Rodney. Life would be so ?

Segmentation of Mercedes

Table of Contents 1. 0 Situation Analysis/Current Marketing Mix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 1. 1 Current Product†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3 1. 2 Current Pricing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4 1. 3 Current Distribution†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦4 1. 4 Current Promotion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5 2. 0 Segmentation Theory†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 2. 1 Defining and Explaining Segmentation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 2. 2 Explaining Three Benefits of Mercedes-Benz Brand from using Segmentation †¦Ã¢â‚¬ ¦7 3. Target Market Identification†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 7 3. 1 Geographic Segmentation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 7 3. 2 Demographic Segmentation†¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 3. 3 Psychographic Segmentation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦8 3. 4 Behavioral Segmentation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 4. 0 Bibliography†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 20 Surname 3 1. 0 Situation Analysis/Current Marketing Mix 1. 1 Current Product Being a highly reputable brand globally, Mercedes-Benz has successfully penetrated in Singapore market.Presently, Mercedes-Benz C class has swiftly penetrated in the Singaporean luxury car market due to the prestige associated with the brand. Being a consumer product, Mercedes Class C has been characterized by high performance that accurately meets personal needs for active individuals through the superior brand name. Over the years, Mercedes Benz brand name has won global recognition, contributing to its popularity in Singaporean market. The various sub-models of Mercedes Benz Class C including C230, C240, C320 and C350 among others offer consumers with various luxurious services, besides mere travelling.It is important to note that, the ability of a core product to offer credible and other beneficial characteristics besides the core product utility enhances its propensity to acquire popularity among consumers1. In this regard, Mercedes Class C has been considered as of high quality level, having sophisticated features to enhance driving experiences, stylish in nature and having strong brand name. In Singapore luxury car market, it has been rep orted that 70% of customers enquiring about car are much interested in Mercedes Benz Class C. This is an indication that, much of their time is spent looking on the stylish nature of the product2.It has been observed that, most of these consumers looking for Mercedes Benz Class C don’t easily opt for other brands until they get it some other times when it is available. This is evidenced by the selling slogan of the product â€Å"Drive and Seek,† which aims at assuring the consumers ultimate performance of the product. More so, the prestigious nature of Mercedes Class C can be considered as a unique feature that has contributed to its popularity in Singapore. It has been observed that, Mercedes Benz Class C is multi-purpose, since it is still used in sports as well as for private outdoor traveling.It is vital to note that, the ability of a product to offer consumers with additional benefits besides the basic uses contributes to its popularity among consumers. By having more additional benefits than its 1 Richard, Semenik and Gary, Bamossy, Principles of Marketing: A Global Perspective (New York: Prentice Hall, 2005), 68. 2 Beng, Chua. Life is not Complete without Shopping: Consumption Culture in Singapore, (Singapore: Singapore University Press, 2003), 72. Surname 4 core competitors like BMW, Mercedes Benz Class C has penetrated well in Singaporean markets. 1. 2 Current PricingThe luxury car market in Singapore is an oligopoly competitive market, since there are few luxury car brands in the market. Being a superior brand in the market, Mercedes-Benz C-Class has efficiently penetrated in the Singapore market. This has been observed in the way this brand highly demanded, despite its high prices. Particularly, Mercedes Benz Class C pricing strategy is valuebased, considering the way consumers of this product have not been sensitive to the high prices for this product. It has also been observed that, increase in prices for Mercedes Benz Class C does n ot affect consumer demand.This is evidenced when prices for Mercedes Benz Class C 350 increased from ? 32580 in the year 2006 to ? 33130 in the year 2007, the total demand for the product remained undisturbed, constituting of about 30% of luxury demand in Singapore3. This shows how the superiority of the brand is not affected by price changes, since consumers have are highly loyal to the brand, despite competitors using various tactics to market their products. Customer loyalty for Mercedes Benz Class C is demonstrated in the way consumers in Singapore maintain the demand for the brand, despite its competitors lowering their prices.For instance, BMW is one of the core rivals of Mercedes Benz, whose tendency of reducing prices has not affected the demand for Mercedes Benz Class C. Particularly, the year 2007 saw BMW lower the prices of its luxury car models in Singapore in order to win more customers, a strategy which did not affect the demand for Mercedes Benz Class C4. This is an i ndication that, consumers tend to perceive the value of Mercedes Benz as being far much higher than the money they pay for.As a result, high level of customer loyalty has been prevalent for Mercedes Benz Class C in Singapore as a result of the outstanding features and prestigious nature of the luxury car brand. Considering that Mercedes Benz Class C is sophistically manufactured using highly costly resources, the strategy adopted by the brand in pricing the product is effective. Though Mercedes-Benz C-Class is an expensive car, its value among the consumers has made it acquire loyalty among the customers. 1. 3 Current Distribution 3 Leslie, Butterfield, Enduring Passion: Story of the Mercedes Benz Brand, (New York: Wiley Publishers, 2005), 36. Dennis, Adler, Mercedes Benz: First Gear, (London: Motorbooks, 2008), 46. Surname 5 Mercedes C-Class has been distributed using a variety of channels in Singapore. With some buyers opting for online orders, there are various selling points of the luxury car in Singapore. Among the various destination points for Mercedes Benz Class C includes the major attraction points in the island like Ion Sky, and Marina Bay Sand among others. More so, Mercedes Benz Class C has been distributed in Singapore through major exhibitions in the island like the Singapore Showroom, Titanic exhibition, MBS Countdown, and Elephant Parade among others.This has facilitated the distribution of the luxury cars to the people where they can view it and make purchases5. By having various points of sale for this product, high volume of sales has been experienced in this brand, since consumers find it easier to contact the sellers directly. Since customers are able to visit the show rooms and explore the vehicles directly, direct interactions between the brand’s representatives have facilitated brand popularity among the people of Singapore.Since Mercedes Benz Class C products are produced in Singapore, most of the sellers are company’s r epresentatives who act as sales agents. This makes the customers lack the opportunity of interacting directly with the manufacturers of the brand. With the advancement of e-commerce, many customers in Singapore have adopted online purchasing strategy for the Mercedes Benz Class C cars. Through online stores, Mercedes Company has been able to substantial customer base in Singapore6. Being a well developed country, many people use computers, making it easier for them to make most of their purchases online.Through the adoption of web video with interactive agent thriller as well as the company’s website, consumers have been able to know the products. After making online purchases the cars are shipped to the customers through the port of Singapore which handles various products from Europe and other parts of the world. Through the use of a blend of physical selling points and online marketing strategy, Mercedes Company has been able to distribute Mercedes Benz Class C cars to man y consumers in Singapore. 1. 4 Current PromotionCurrently, Mercedes Company adopts a variety of promotional platforms for Mercedes Benz Class C in Singapore. These platforms include internet portfolio, traditional print and cinema, which are 5 Paul, Leppert, Doing Business with Singapore: Global Business Series, (Washington, DC: Jain Pub Co. , 2000), 21. 6 Dennis, Adler, Mercedes Benz: First Gear, (London: Motorbooks, 2008), 41. Surname 6 reinforced with corporate social responsibility through integrated marketing communications. There various messages displayed on the promotional platforms for Mercedes Benz Class C which includes â€Å"Drive and Seek†, and â€Å"More Style per Hour†.All these promotional messages are available at the Mercedes Company’s website as core messages of persuading the customers to purchase the product. The message â€Å"Drive & Seek† has been passed on through this media, thus helping in marketing Mercedes Benz Class C. By adop ting this message, the company is guaranteeing its customers about the performance of the product. Online advertisement has been considered as key promotional platform adopted by the Mercedes Company in the sale of Mercedes Benz Class C in Singapore.With about 80 percent of Singapore’s society being able to access the internet at least daily, the use of web video advertisement by Mercedes-Benz has been found quite efficient7. Further, â€Å"More style per hour† is another promotional message adopted in the marketing of Mercedes Benz Class C in Singapore. This message has been widely available in the company’s marketing pamphlets, television ads and company’s websites. This message seeks to convince buyers that they will definitely experience outstanding prestige and stylish drive every time they use the product.With most of the consumers in Singapore being luxurious and prestigious in nature, this message has been found quite useful and accurate in meetin g the psychological needs of Singaporeans. The combination of these promotional messages has enhanced successful penetration of Mercedes Benz Class C in Singapore consumer market, while many consumers who have the product remaining very loyal to it8. 2. 0 Segmentation Theory 2. 1 Defining and Explaining Segmentation Segmentation is basically the identification and establishment of buyer/consumer subsets within a market.Notably, these groups of buyers demonstrate similar behaviors and needs. Despite the extensive and diverse nature of the global market, it should be noted that buyers have different behaviors and needs. With this in mind, marketers or businesses have to match groups of customers who have similar needs and behaviors. A point worthy of consideration is that each segment has 7 Leslie, Butterfield, Enduring Passion: Story of the Mercedes Benz Brand, (New York: Wiley Publishers, 2005), 33. 8 Philip Kotler, Marketing Places, (New York: McGraw Hill Press, 2001), 231. Surname 7 distinct needs and homogeneous characteristics.With this in mind, market stimulus and market intervention are used to address each segment9. Through segmentation, marketers are able to meet the specific needs of the particular customer base, by tailoring the products to meet the needs of such customers. 2. 2 Segmentation in Singapore for Mercedes-Benz Class C The market segmentation in the Singapore consumer market for Mercedes Benz Class C has been very useful in the way the company has been able to position the product more appropriately. The market segment aimed by this product is the middle age-group working class people who are educated.Particularly, Mercedes Benz Class C is meant for individuals who have achieved success in their early live and are having many ambitions in their endeavors. This is evidenced in their marketing messages which seem to concern active and well-up people seeking success in their various endeavors. For instance, ‘Drive & Seek’ is mean t to persuade active and successful individuals to seek more success through driving Mercedes Benz Class C10. With about 80% of the population aging between 18-49 years working, this segment has the potential to offer substantial market opportunity for Mercedes Benz Class C.More so, Mercedes Company targets young and well-up families. This is shown in the way Mercedes Benz Class C is specially tailored to accommodate a family while at various luxurious trips or excursions. As evidenced in the promotional message ‘more style per hour’ it is explicit that the company aims at meeting the needs of a family while traveling. Quite importantly, this segment comprises of large proportion in Singapore with about 48% of the population married, while the rest are children and youths11. As a result, there seems a potential market for this product in Singapore market. . 0 Target Market Identification 3. 1 Geographic Segmentation Singapore is a highly strategic and potential country for luxurious products like Mercedes- Benz C-Class. Precisely, Singapore is a small country which is highly urbanized. Since Mercedes Benz Class C requires flat and smooth terrain for outstanding performance, Singapore can be 9 Johan Arndt, Market Segmentation: Theoretical and Empirical Dimensions (New York: London, 2001), 38. 10 Dennis Adler, Mercedes Benz: First Gear, (London: Motorbooks, 2008), 38. 1 Paul Leppert, Doing Business with Singapore: Global Business Series, (Washington, DC: Jain Pub Co. , 2000), 43. Surname 8 considered as an ultimate geographical region for this product. Precisely, the urbanized nature of Singapore positions it adequately in terms of market for the Mercedes C-Class. Majority of the population being urban dwellers, they have found Mercedes-Benz C-Class very useful in meeting their needs12. It is also important to note that, Singapore is experiences tropical climate; rainy, humid and hot, which makes the country to remain ever green and agriculturally p otential.Though commercial farming is not commonly practiced, the people in Singapore have food security. These are key aspects with reference to the economic stability of the region, makes the region to offer potential purchasing power for luxury products like Mercedes Benz Class C. Besides the ability to buy, the physical environment has made the people of Singapore to associate themselves with superior products like Mercedes Benz Class C to match their conducive geographical features.The gently undulating and lowland terrain of Singapore enhances the need for Mercedes-Benz C-Class which has a high sense of comfort. 3. 2 Demographic Segmentation The demographics of Singapore can be considered as having the potential to offer potential market for luxury products like Mercedes Benz Class C. The population structure constituting many middle-aged people whom most of them are working offers potential market for luxurious cars like Mercedes Benz Class C. More so, about 40% of people liv ing in Singapore city are foreigners who have come to do business and white collar jobs.With about 76% of the people living in Singaporeans aging between 15-64 years, it is evident that most of the population is active, making it efficient for Mercedes Benz Class C which aims at active individuals and young families. Many of these people engage in economic activities which are industrial in nature like financial services provision, chemicals, electronics, construction and entrepot trade. With the population growth rate being estimated to be 1. 56 percent, there seems to be potential market for luxury products like Mercedes Benz Class C in Singapore throughout.It has also been observed that, high level of literacy in the country, which is about 90%, has played significant role in boosting the purchasing power of many Singaporeans. On this basis, it is evident that there is potential market for various segments aimed by Mercedes-Benz C-Class13 in Singapore. 12 Richard Vasil, Governing Singapore: Democracy and National Development (New York: Allen & Unwin, 2000), 96. 13 Leslie Butterfield, Enduring Passion: Story of the Mercedes Benz Brand, (New York: Wiley Publishers, 2005), 41 Surname 9 3. Psychographic Segmentation One of the target segment markets for Mercedes Benz Class C is highly ambitious middleaged working class. The luxurious lifestyle upheld by this group has been found effective when coupled with Mercedes-Benz C-Class as one of their luxury products. With most Singaporeans being active in their lives, they have been found quite suitable for being targeted as ultimate consumers for Mercedes-Benz C-Class. With this group being working, its purchasing power for luxury products like Mercedes-Benz C-Class has been guaranteed.It is also important to note that, the socio-economic status of the target market for Mercedes-Benz C-Class is high income earners who seek performance as their core values. As a result, such individuals would go for outstandingly perf orming products like Mercedes-Benz C-Class in their lives. In Singapore, the largest population consists of middle-aged people with modal age of 37 years. In this regard, it is evident that there is potential market for Mercedes-Benz C-Class for this market segment. The urban lifestyles of the population of Singapore also demonstrate the socioeconomic potential of the Singapore market14.As a result, it has been evident that Singapore population has potential market for the market segment with the psychographics associated with Mercedes Benz Class C luxury cars. 3. 4 Behavioral Segmentation The consumer behavior in Singapore has been demonstrated to be very admirable for the marketing processes of Mercedes-Benz C-Class. Since the brand name itself is globally acknowledged, it has been difficult for individuals who are used to the brand to switch to other luxury cars. Majority of the population are urban dwellers who are characterized with high sense of purchasing foreign and sophisti cated products15.Statistics have shown that, about 80% of Mercedes Benz Class C consumers are loyal to the brand in Singapore. This is evidenced in the way many golf playgrounds, which are associated with high class people, are associated with Mercedes Brand Name. This has been due to the sophistication and prestige associated with the product. Since the target market for this brand are also prestigious and luxuries, it has been hard for them to give up products which seems to embrace their core values like Mercedes Benz Class C16. This has 14 Paul Leppert, Doing Business with Singapore: Global Business Series, (Washington, DC: Jain Pub Co. 2000), 52 15 Richard Vasil, Governing Singapore: Democracy and National Development (New York: Allen & Unwin, 2000), 97. 16 Leslie Butterfield, Enduring Passion: Story of the Mercedes Benz Brand, (New York: Wiley Publishers, 2005), 55 Surname 10 adequately enhanced the potential of the population in purchasing the Mercedes-Benz C-Class. Generally , the high purchasing power of the target market for Mercedes Benz Class C in Singapore has facilitated high degree of loyalty to the product, since this product has been observed to embrace their personal and lifestyle needs.

Financial Statement Analysis of Bata Pakistan from 2005-2010

Running head: Financial Statement Analysis of Bata Pakistan â€Å"Bata Pakistan†; Financial Statement Analysis From 2005 to 2010 Anum Fatima BSc. IV Section: B Lahore School of Economics This report is submitted as partial requirement for Financial Statement Analysis of Pakistani Companies to Dr Farooq Chaudhry Abstract This paper does an in depth analysis of Bata Pakistan Limited. It includes a brief summary of accounting policies and standards of the company. The analysis revolves around financial statements, their horizontal and vertical analysis.It also includes a detailed analysis of different financial ratios to measure different aspects of the company’s performance. Weighted average cost of capital is calculated on the basis of which intrinsic value of the stock is calculated. It also includes analysis of economic value added and Du Pont. Introduction Bata Pakistan is a public limited company and it is listed on Lahore and Karachi stock exchange. The main office of the company is at Batapur, Lahore. This company manufactures all kinds of footwear with accessories sells them at its outlets.Sales are both local and export The parent company is Bafin B. V. , Netherlands whereas above it is Compass Limited, Bermuda. The financial data disclosed in the annual report has been prepared in accordance with IFRS (International Financial Reporting Standards) stated by International Accounting Standards Board. These standards are applied under the Companies Ordinance of 1984. The company made some amendments to account standards; some of them are effective whereas some of them will be effective in the near future.According the company’s opinion, these amendments didn’t have a significant effect on their financial statements. The financial statements follow the principle of historical cost rather than the fair value concept except some employee benefits whose details will be discussed later. All statements except the statement of cash flow are recorded at accrual basis. After giving a brief summary of accounting policies there is an in depth analysis of company’s financial statements, company’s valuation and then recommendations based on that analysis. Accounting PoliciesEmployee benefits are calculated through the defined benefit plan. A defined benefit plan basically involves a determined amount of gratuity dependent on factors like age, years of service, compensation etc. the company has an unfunded gratuity scheme for all employee excepting management. The provision for employees which are also the member of provident fund is calculated on the basis on 3 weeks basic salary for every year of service whereas for employees which are not the members of the provident fund it is calculated on the basis of 30 days gross highest salaries/wages.The actuarial gains and losses are recognized as per defined in IAS 19 over the expected average remaining working life of the employee. The company also operates pro vident fund scheme in which equal monthly contributions by the company and the employee at the rates of 8% and 10% are made to the employee and managerial staff respectively. The current taxation is calculated on the taxable income from local sales at the present tax rate after accounting for the tax credits, rebates or exemptions if any. Deferred tax is calculated by using balance sheet liability method for all temporary differences between tax bases of assets and liabilities.The carrying amount of deferred income tax asset is revised at each balance sheet date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the liability is calculated on the basis of tax rates applicable on the balance sheet dates. Revenues, expenses and assets are recognized net of sales except when sales tax is recognized as part of cost of acquisition of asset and when receivables and payables include the amount of tax. Property plant and equipmen t are reported at cost minus depreciation and impairment losses which are accumulated but land is stated at cost.The method used to calculate depreciation is the reducing balance method. Recognized expenditures, related to an item of property plant and equipment, are added to the carrying amount of asset when future economic benefits are expected. To measure the impairment of non financial assets, at each balance sheet date the carrying amount of assets id revised to check for any impairment loss. If such is the case then recoverable amount of the asset is calculated. Recoverable amount is higher of an asset’s fair value less cost to sell and value in use.The company’s rubber factory represents assets that are leased out under the operating lease and that has been leased out to a third party for processing products and is included in the fixed assets of the company. Their depreciation is calculated in the same way as done for the other assets. Intangible assets are cal culated on initial recognition at cost. After that they are carried at cost minus any amortization and impairment losses that are accumulated. If such assets have finite lives then they are amortized over that life and assessed for impairment if any. The amortization mechanism is reviewed at least once every financial year.This expense is recognized in the income statement. Gain and loss from intangible assets are measures as the difference between net disposal proceeds and carrying amount of asset and recognized in the profit and loss account. The investments of the company have fixed maturity and the company intends to hold till maturity. These investments are first recognized at cost including transaction costs and then carried at the amortized cost. Stores and spares which are purchased are valued at weighted average cost whereas in transit stores and spares are valued at actual costs.Stock in trade is valued at lower of cost and net realizable value. Raw materials that is own p roduction and purchased are valued at weighted average cost whereas in transit are valued at actual cost. Work in progress is valued at the production cost. Finished goods that own production are valued at production cost on FIFO basis, purchased are valued at actual cost on FIFO basis whereas in transit are valued at the actual cost. Cost is calculated on the basis of cost of material, labor and production overheads. Net realizable value is based on estimated selling price minus estimated cost to completion and estimated cost to make sale.Provision for doubtful debts and other receivables are decided by management’s assessment of customer’s creditworthiness. It is recognized in the profit and loss account. Contingencies and commitments are also important. Contingent liabilities are disclosed when there is a possible obligation from the past due to any future event not within control of the company or when there is a present obligation from the past events but the amou nt of that obligation cannot be measured in a reliable manner. Borrowings are recognized at fair value net of transaction costs then they are carried at amortized cost.Any difference between proceeds and redemption value is recognized in the P and L account using effective interest rate method. Provisions are recognized when there is an obligation from past events and it can be estimated in a reliable manner. This amount is the best estimate while taking into account the risks. When the amount required settling a provision is expected to be recovered from a third party then a receivable is recognized if it is certain and estimate is reliable. Revenue recognition is done as stated below. The revenue from wholesale is recognized when company has delivered the product to the wholesaler.Retail sales are recognized when product is sold to the customer by cash or by credit. Customer loyalty card sales are recognized as revenue over the period that the award credits are redeemed. Profit on investment is recognized on accrual basis by using effective interest method. Profit on bank deposits is recognized on accrual basis whereas rental income is recognized on accrual basis over the duration of lease agreement. Cash and cash equivalents include cash in hand, deposits with banks, other short term investments with original maturities of three months or less and bank drafts.In cash flow statement, it is cash in hand; cash in transit, bank balances and short term investments. Recognition and measurement of financial instruments is done at times when company enters the contract. Al financial assets and liabilities are measured at fair value. Major categories of assets are investments, advances, deposits, trade debts, other receivables and cash and bank balances. Financial liabilities are creditors, accrued expense and other payables. Any gain or loss is recognized in the P and L account for the period.Offsetting of financial assets and liabilities is done and the net amount is reported in the balance sheet if the company has a legal right to set off. Corresponding income and charge are also off set. The amount of loss is the difference between asset’s carrying amount and present value of the estimated future cash flows discounted at effective interest rate. Related party transactions are conducted at arm’s length just as with the third party using comparable uncontrolled price method whereas related parties are those who are able to influence the operating and financial decisions of the company.Dividends and other appropriations to reserves are recognized when these are approved. Operating segments are reported in a manner consistent with the internal reporting. Board of Directors is the chief operating decision maker that makes strategic decisions. Significant changes observed during the 6 year period under consideration are discussed below. In 2006, stores and spares and stock trade didn’t use FIFO or LIFO, rather purchased unit s were valued at lower of moving average cost and net realizable value. In 2007 same method was used whereas in 2008 FIFO was used for similar valuation of inventory.This change of method has been effective since. When this method was used there was a remarkable increase in the amount of stock in trade as well as cost of sales and gross profits from the previous years. Other than that no significant policy changes are observed except some minor changes in standards which according to the company’s opinion had no significant effect on financial statements, Analysis of Financial Statements First of all we will be analyzing the financial statements indirectly through financial ratios divided in feasible groups. Liquidity RatiosThe working capital of the company has shown healthy growth over the year. Working capital is useful in evaluating company’s ability to meet currently maturing liabilities. The working capital of the company is not only positive but it is growing at an average rate of 44. 46%. It also means that current assets are growing at a rate faster than current liabilities. Working capital took a jump in 2007 which proved to be a prosperous year for the company due to favorable economic conditions and the company used this opportunity in an efficient manner to gain from the situation.This shows that current assets are always in access of current liabilities which is a good indicator. Comparing working capital with the industry is not very useful because it depends on the size and scope of the company. The Current ratio is basically another way of expressing the relationship between current liabilities and current assets. Minimum it should be equal to 1 meaning that current liabilities are exactly matched with current liabilities. The company is showing good performance in this regards as the current ratio is greater than 1 and increasing steadily over the years from 1. 1 in 2006 to reach 2. 66 in 2010. This again points to the fact that current assets are covering current liabilities effectively. Inventory and accounts receivables are forming major part of current assets. It still remains to be seen that whether this growth in current assets is solely due to increasing accounts receivables and inventory and then whether accounts receivables are being collected of inventory being sold in time. The current ratio was a little behind the industry averages in 2006 but it soon caught up and is growing side by side the industry averages.Quick ratio is calculated by excluding inventory from current assets as they are considered to be least liquid assets. It is a better measure of liquidity. Quick ratio shows a significant decline from current ratio owing to the fact that inventory is a major part of the current assets. It caught u with the industry average in 2009 when it went from 0. 51 to 1. 15. This also points to the fact that low quick ratio is not an indicator of less liquidity rather it points to the nature of the business and its dependence on inventory because it is in line with industry averages.Collection period measures the length of time after which the company expects to realize cash from its accounts receivables. Company has improved from 2006 to 2010 remarkably. In 2006 it was 30 days which reduced to 11 days in 2010. A major change was in 2007 as collection period fell by 10 days. They caught up with industry averages in 2009 which is 10 days. It shows that company’s accounts receivables are enforceable and not resulting in defaults. Days to Sell Inventory is the length of time after which company realizes sales from its inventory.They have improved from 2006 to 2010, falling from 131 to 101. They are in line with industry averages of 113 days. Major improvement was again seen in 2007 when days fell from 131 to 116. This is a good achievement as inventory has increased over time. Looking at all these indicators there isn’t any cause of concern for the company in terms of liquidity. Capital Structure and Solvency Ratios Solvency means the ability of the firm to meet its long term obligations which also involves analysis of capital structure of the company that is the debt and equity mix.The debt to equity ratio of 0. 52 means that for each one rupee of equity, 0. 52 is provided by creditors. This ratio is very low showing high percentage of equity. This is in line with industry average and has decreased over the 5 year period. This ratio should be typically low for a manufacturing company which is the case for Bata. This means that the company is in good position to meet its long term obligations. The long term debt to equity ratio is even lower meaning the company is relying very little on long term debt. it is less than 1 and decreases from 0. 13 to 0. 05.It has shown a slight decrease over the years and is in line with the industry averages. Times Interest Earned measures the times for which the amount of interest can be paid out of income befo re tax. This ratio was low in 2006 but it rose from 8 to 24 times in 2007 which is a big improvement. After that it came in line with industry average of 29 times. This also points to the fact that the interest charges of the company are very low and are only less than 1% of total sales. These set of ratio indicate that the debt equity mix of the company is satisfactory. Less reliance on debt means lower risk of default.So the company is in a great position to manage its long term liabilities which are meager in quantity as compared to equity. Return on Investment Ratios Return on assets determines the amount of return when 1 Rupee is invested in assets. In 2006 it was 18. 18% which later rose sharply in 2007 to 34. 79% and maintained the position till 2010 with slight variations. Industry average has been slightly higher that is 35% but in any case the performance of company’s assets is a satisfactory and generating good return. Another side is the return on common equity be cause shareholders are interested in the returns on equity.Return on equity shows the same pattern as return on assets. It was 16. 66% in 2006, rose sharply to 43% in 2007 and then maintained steady levels until 37% in 2010. Industry average has been almost 36% so company is earning good returns as per industry. Operating Performances This set of ratio link income statement line items with sales. These basically measures profit margins in different forms. Gross profit measures the relationship of cost and sales. Gross profit margin has maintained a steady well and increased from 37% in 2006 to 41% in 2007. The usual impact of 2007 boom is not very much apparent here.Then it maintained a steady level till 2010 of 40%. This is in line with industry average of 41%. Industry averages also doesn’t show much variation over the 5 years. Operating profit margin was initially 9% in 2006 but improved to 14% in 2007 and maintained the level till 2010. Industry average has remained more or less around 14% so compared to the industry company is doing fine and generating good returns. Net profit margin was 3. 67% but improved greatly in 2007 to 9. 05%. It has improved to 10. 46% in 2010. The industry average is around 9% according to which net profit margin of the company is satisfactory.Overall operating performance shows a good picture. Asset Utilization Ratios Asset utilization relates sales to different assets and their importance lies in the fact that they are important determinants of return on investment. Cash Turnover is the firm’s efficiency in its use of cash for generation of sales revenue. This ratio shows a volatile trend. The value in 2006 is 36 fell to 16 in 2007, rose to 57. 4 in 2008 and then maintained 13% to 15% from 2009 to 2010. This can be explained by rather volatile cash and bank balances portraying varying liquidity requirement each year.Accounts receivable turnover is an indicator of how many times company has collected its receivable s in a year. This has increased steadily from 2006 to 2008 and shows a sharp rise in 2009 due to high sales and 31 in 2010. This is almost in line with industry average which is 35. this shows that the company is not having any significant problem in receivable collection. Inventory turnover is steady over the years from 2. 74 to 3. 56 in 2010. It shows that how many times inventory is sold during the year. This is in line with industry average.It may seem quite low but seasonality has a big factor in shoe business as business peaks when season changes but after that it slackens until the next change. Working capital turnover is high in 2006 and 2007 but falls in 2008 till 2010. Still they isn’t any significant difference between industry average and the company’s average. Property Plant and equipment turnover maintains a steady growth profile from 9. 72 in 2006 to 13. 73 in 2010. Industry average is also steady around 12 so that show good results. Total asset turnover varies around 2 but is steady same as the industry average. Market MeasuresPrice to earnings ratio shows that how much investor is willing to pay per rupee of the profits. It was 8. 90 in 2006 but rose to 10. 23 in 2007, rose steadily in 2008 and 2009 and rose to 17% in 2010. This increase is attributed both to increasing market share price and rising earnings per share. This too is more or less around industry average and rose above industry average in 2010. Earnings yield is the reciprocal of price to earnings. It shows the percentage of each rupee invested in stock that was earned by the company. They dipped in 2007 to 2009 but then rose above industry average in 2010.Dividend yield shows how much a company pays in dividends relative to its share price. Dividend yield is not steady but 4. 24% in 2010. This means that the dividends are not stable but they are showing growth rather than decline and has risen significantly from Rs1. 50 per share in 2004 to Rs 12 per share in 2009. Dividend Payout Rate basically shows the percentage of earnings paid to the shareholders. This ratio is quite high supporting the same growth in dividends. This ratio increased considerably to 27% in 2006 but then EPS rose significantly because of which the ratio fell to 10%.This is also in line with industry average of around 10%. Price to book value of the share has increased over time significantly indication high growth in the market value of the stock. But if we look at industry average they are also quite high showing the trend in the industry of increasing stock prices. Overall the company’s stock is performing well in the market and also its dividend policy is investor friendly and ensures high and stable returns as compared to the industry in which dividends are not very common and that too every year. Bata also gave interim dividends in 2006 in addition to the usual annual dividends.Du Pont Analysis Return on common equity is disaggregated into its component to have a better look at what drives this return on common equity. Return on common equity was 13. 57% in 2005 then increased sharply in 2007 to 42. 94% then falling to 39%, 34% and 37% in 2008, 2009 and 2010 respectively. The good economic conditions in 2007 were efficiently utilized by the company. It is disaggregated in profit margin, asset turnover and leverage. Profit margin is basically net income divided by sales or net income as a percentage of sales. It measures how much a company keeps out of sales revenue as earnings.Both net income and sales of the company has increased over time. The ratio increased significantly in 2007 and after that maintained same level of around 9% which rose to 10% in 2010. Then sales divided by average assets shows a steady trend over the years which show company’s ability to generate revenues from investment. This means that the growth of sales and although higher than growth in assets but still the increase is more or less proportionate. Averag e assets over equity fall in 2007 and then maintain same level till 2010. It tells how much assets are owned by the company and how much are leveraged.A low ratio indicates that the company is strong and relies more heavily on equity rather than debt. So we can say that Net income over sales or profit margins are driving the return on common equity. This points towards the strength of the company that is a stable growth in sales and also a stable growth in net income that is ensuring good returns to the shareholders. Common size Balance Sheet Common size balance sheet means all components of balance sheets as a percentage of total assets. We will start with the analysis of current assets. In this company current assets form a major part of the total assets.In 2005, they were 74. 66% of total assets, varied slightly till 2008, increased to 78. 68% in 2009 and then 82. 82% in 2010. This is a good sign but it can be an indicator of deficient investment in long term assets or property p lant and equipment. In current assets, inventory and accounts receivables form the major component of total assets. Inventory was 44. 45% in 2005, increased to 50% in 2006, decreased to 41% in 2007, increased to 55. 97% in 2008 then started to decline till 36. 56% in 2010. Stock in trade and stores and spares determine total amount of inventory.High value of inventory may be inherent to this type of business as seasonal changes induce sales and hence inventory to sale out but in any case high inventory are required to be maintained. Next major component is account receivables or trade debt which shows the good credit policy of the company as receivables have significantly decreased over the years from 23. 27% in 2005 to 0. 53% in 2010 indicating majority of sales are in cash that solves many problems. A steady level of cash is being maintained showing slight dips in 2005, 2006 and 2008. Cash is 13% of total assets in 2010.This shows that liquidity position is very strong but it can also means that company may be holding idle cash that can be invested somewhere to generate returns. Non Current assets form a small portion of total assets which means that the company is not very ambitious and doesn’t involve in expansionary operations. In 2005 they were 25% of total assets whereas they have fallen to 17. 18% in 2010. in long term assets only property plant and equipment noteworthy and constitute almost all noncurrent assets. They have declined in conjunction with total noncurrent assets.Total equity as percentage of total equity and liabilities has increased over the years. In 2005 it was 45. 278%, showed a slightly downward trend in 2006 and 2007 but rises from 63% to 65% from 2008 to 2010. It shows that company is using more equity financing as compared to debt financing. Even in debt financing, current liabilities form a higher percentage of total liabilities and equity. It was 48% in 2005, showed a significant decrease in 2008 and then 31% in 2010. It shows that the even in liabilities the company prefers to finance its assets with current liabilities and trade payables in current liabilities.Provision for taxation has shown significant increase from 0. 24% IN 2005 to 7. 47% in 2010. The major increase was from 2009 to 2010. Noncurrent liabilities form a small portion of total liabilities and equity. It was 6. 47% in 2005 and decreased to 3. 23% in 2010. This also indicates that the company is matching its current and noncurrent assets with current and noncurrent liabilities so that there is no liquidity or solvency problem. Common size balance sheet shows good financial health of the company. Common size Income Statement Analysis Common size income statement measures all income statement components as a percentage of net sales.Cost of goods sold is a major component of net sales but it hasn’t increased significantly over time showing company is employing good cost minimization measures. It was 63% in 2006 then decreased t ill 57. 62% in 2008 then increased slightly to 60% in 2010. Managing costs is not creating problems for the country. Gross profit as a percentage of sales the opposite trend of cost increases till 2008 then falls to 40% in 2010. This is a reasonable percentage of gross profit. Interest expense of the company is very low so there remains a bigger chunk for the shareholders.Next major component is operating expenses which is the only significant expense due to the requirement of maintain international standard outlets throughout the company and hiring specialized staff. But operating expenses has shown decrease over time from 29% in 2005 to 24. 80% in 2010 with slight variation in between. Profit before taxation has shown good improvement over time. It increased from 5. 05% in 2005 to 14. 27% in 2010 with a steady increase over the year. Profit after taxation has increased over the years which is also a good sign. It was 3. 03% in 2005.There was a significant increase in 2007 due to f avorable economic conditions and then that level was maintained with slight increases over the years finally 10. 46% in 2010. Common size income statement shows that the company’s profit and loss account is in good health. Balance Sheet Horizontal Analysis (Year over Year Analysis) This analysis is useful in tracking the trends of different components of balance sheet over the years and then analyze those trends. Starting with current assets, from 2005 to 2006 current assets showed a slight decrease of 0. 51%.Within current assets the major assets of the company that is account receivables and inventory decreased by large percentages whereas cash and loans showed increases. This fall in current assets may not be harmful as it may pertain to inventory sale out or realization of accounts receivables. After that there is a consistent increasing trend. From 2006 to 2007, current assets increased by 37. 87% because all major assets showed increase. They dipped slightly from 2007 t o 2008 but gained paced later. From 2009 to 2010 they increased by 43. 58% with different components showings different inconsistent trends.Noncurrent assets increased from 2005 to 2006 by 15. 82% and kept increasing each year at an increasing rate. The trend was broken in 2008 to 2009 when the increase was only 4. 49%. Property plant and equipment shows an increasing trend till 2008. After that they are increasing but at a much lower rate. Largest increase was in 2007 to 2008 of 33% indicating expansionary phase of the company. Total equity is increasing over the years at an increasing rate. From 2005-2006 it increased by 12. 84% but in the next year it increased by 39. 49% and showing a major increase from 2008 to 2009 of 47. 5%. This is a favorable trend showing that the shareholders are putting n more and more equity and less and less debt. Current liabilities show an inconsistent trend sometime decreasing and some time decreasing. Only significant current liabilities are provis ions for taxation which show significant increases over the year. Noncurrent liabilities show an increasing trend over the years but by a small amount. The overall trend is inconsistent but not unfavorable. Income Statement Horizontal Analysis (Year over Year Analysis) Net sales show a reasonable trend.From 2005 to 2006 net sales increased by 17. 54% but the rate almost double next year when net sales increased by 32. 60% as compared to previous year. This again is the result of boom year of 2007. The rate fell to 29% next year but maintained its pace. This shows that growth of sales is healthy. Cost of goods sold increases at same rate over the years as the net sales with a slight variation. Gross profit has peaked from 2006 to 2007 at an increase of 47% and then the rate normalizes. The achievement of the company lies in the fact that gross profits have increased steadily over the years.The next important item is the operating expenses that increased over the years but the company managed to decrease the rate from 28. 09% to 16. 04 in 2009 to 2010. Operating profits have shown positive increase from year over year. From 2006 to 2007, operating profits increased by 133. 98% again showing effects of favorable economic conditions of the economy. Provisions for taxation have increased at an increasing rate over the years. Profit after taxation shows the same trend. From 2006 to 2007, profit after taxation increased by 227% which shows great performance.After that rate increase lowers down significantly but rises again from 2009 to 2010 when profit after tax increases by 48. 81%. The overall year over trend is quite favorable with no major setbacks in different measures of profit such as gross profit, profit before tax and profit after tax. Statement of Changes in Equity Statement of changes in equity also shows favorable trends. From 2006 to 2007 total equity increases by 39. 49% which is again owing to economic conditions but the good thing about the company is that they profited by this big push and maintained and even improved same levels.From 2007 to 2008 equity increased by 47. 55%. It increased by 36. 57% next year and finally increased by 39. 81% from 2009 to 2010. Dividends also show healthy growth over the years showing consistent dividend policy of the company. Cash Flow Analysis Company is generating enough cash flows from operating activities to cover its investing and financing activities. In 2005 net cash flows were coming out to be negative but combined with previous cash flows the end result was still positive. From 2006 onwards the amount became positive and showed a major increase.There is a major decrease in cash flows in 2008 because of very low cash generation from operation indicating some problem in realization of receivables or sale out of inventories. There is also an increase in loss on net change in assets and liabilities and income tax paid. But the latest year of 2010 shows a favorable situation. Growth of cash flows over the years is very inconsistent. From 2005 to 2006, cash flow from operating activities is increasing by 2584. 57% which is a huge amount. Then from 2006 to 2007, cash flows from operating activities fell by 2. 5% and fell by 80% next year. Then there is a big increase from 2008 to 2009 of 1159. 73% and a fall of 48% from 2009 to 2010. Cash flow from investing activities shows same volatile trend but on average it is positive or increasing. Cash flow from financing activities decrease at a decreasing rate till 2007 to 2008. Later it increased by 300% from 2008-09 and also from 2009-10 by 49%. Total cash flows are also increasing from year to year but from 2006 to 2007, they are showing a decrease of 64%. So the only problem in the statement is the inconsistency of cash flows.Economic Value Added Economic value added is the true economic profit of the business for the year and it is very different from the accounting profit. Its basically net operating profit after tax min us weighted average cost of capital into capital invested, where capital invested is working capital plus fixed assets. Economic value added deducts cost of all charges including equity which is basically opportunity cost of the invested equity capital. This basically measures the amount that the firm has added to shareholder’s value.Because of the way EVA accounts for the equity it is a better measure to decide upon corporate goals of the company and determining performance of the management. This number is positive for the company and also showing year over year growth. From 2006 to 2007 it is showing a growth of 227. 48%. As capital invested increased, NOPAT also increased. Company Valuation One of the most important task when analyzing a company is to gauge whether the current market price of the company’s stock shows intrinsic value of the stock or whether it is overvalued or undervalued.The first step is the calculation of weighted average cost of capital or WACC . For Bata Pakistan, WACC is calculated to be 13. 83%. Next step is to apply different techniques for determining the rate at which the company is growing. The average growth rate of sales is coming out to be 26. 89%. The average growth rate of dividends is coming out to be 60. 33% which is abnormally high due to extreme values and sharp increases in the amount of dividends paid. The last technique is that of calculating growth of free cash flows.The free cash flow is basically the amount available to the shareholders after deducting all charges. Values of free cash flows is coming out to be positive but again the average growth rate is coming to be 88. 22% which is also due to extreme values attributed to uneven and inconsistent growth in the operating cash flows used in the calculation of free cash flows. So we didn’t apply the dividend growth model. In any case WACC is coming out to be less than growth rate so we used free cash flow to equity model and assumed an average g rowth rate of 12% for the sake of simplicity.The intrinsic value of the company is coming out to be 639. 08. The stock price on 31st Dec 2010 was 660. The stock seems to be slightly overvalued but this amount is not significantly different and can easily be attributed to calculation mistakes. Recommendations * The company seems to be performing satisfactorily overall as it is making significant yearly profits. * It has sound credit and dividend policy and managing its inventory effectively. * Cash flows are inconsistent but that is not creating significant problems for the company. The company has the potential to expand if it increases its investment in long term assets. It basically means that the company needs to be a bit less conservative. * The previous points follow to the fact that going for a certain percentage of debt financing may open new opportunities for the companies. * Based on the analysis and valuation, we can positively say that even if the stock is slightly overva lued it is a good buy and a good hold for those who already have it. The stock price is not very volatile. The company is growing but still it has the potential to grow further or maintain its growth; nothing less.Apart from intrinsic value, its dividend policy is very attractive and ensures good return for its shareholders. References Wild, J. & Subramanyam, K. (2008). Financial Statement Analysis (10th ed. ). McGraw-Hill Brigham, E. & Houstan, J. (2003). Fundamentals of Financial Management (10th ed. ). South Western Publisher Arifeen, S. (2010). Financial Statement Analysis of Companies Listed at Karachi Stock Exchange (2005-2010). State Bank of Pakistan, Statistics and DWH Department www. kse. com. pk www. investopedia. com www. lse. com. pk