One’s Self Essay

â€Å"Self† expresses an individual person as the object as his or her own reflective consciousness. It expresses one’s own interest of struggle and gain, as well as having their own consciousness of one’s being or identity. In the story â€Å"Yes Ma’am† by Deirdre McCloskey, and the Ted Talk â€Å"embracing otherness, embracing myself† by Thandie Newton both share a conception of one’s self through being mindful of the impact of society and the role that is expected to be played, but is confident and accustomed in what makes them content with themselves mentally. They differ for the reason that Deirdre explains the gesture differences amongst men and women despite the fact that she uses the women gestures to display her feminine qualities. Thandie speaks about going through hardships while she was growing up as well as obtaining her dancing and acting career. The attempt of trying to be accepted, but was repeatedly rejected by society and not being able to fit. However, she explains that â€Å"self† shapes out interactions with others and the world around us. Also how the connections of self and being judged shape the way people feel about themselves. Thandie expresses the fact of not being born with self but developing one as we are taught about ourselves the details, opinions and ideas from parents, family and friends that influence a person’s character. On the other hand those details opinions and ideas become fact to navigate the construction of ourselves (identity). She states that our self-projection is based on others projections and complicates who one is and who one wants to be. Newton Implies that the things individuals do and are successful at is mocked by others because it is perceived to be the â€Å"right way† to do things: also entitled an organized or controlled society. Thandie Newton articulates that â€Å"self is not a living thing†¦things that are affected by society like jobs, money, cars we drive and jewelry devalue life. † Newton evaluates her quote by stating self remains inside, not being defined of what someone has or what someone have earned but being content with knowing who one is intellectually and emotionally. People must use uniqueness and creativity of the mind to be one’s own person. Thandie talks about throughout her life she has been distanced in character and in the color of her skin. She explains that being a black atheist attending a white catholic school every one look at her as different. Thandie’s mother being black from Zimbabwe, and her father being from Cornwall was a problem growing up in the time period she grew up in. Trying to escape the reality of being different she finds a passion for dancing and acting. Newton expressed that she felt at peace in another world with herself. â€Å"Dysfunctional self could plug into another self, not my own and it felt so good†. She states that the nagging selfhood did not exist when she danced. Thandie says that she would put all of her expression into dancing. She would forget about where she was or even who she was and the problems of being an outcast. Deirdre was once a husband for three decades with two children, and after internal struggle she began the process of gender change. Years after her scholarly work in the field of gender studies Deirdre articulates the gestures of men and women and how they carry themselves. She explains how she watched other women in her culture for characteristic gestures and would do them on the spot. She would perceive the women to check their hair frequently, play idly with their jewelry, rest with hands together, and years after her transition she would use these gestures to be noticed as feminine women. While Deirdre was at a conference someone told her, â€Å"last year your motions were a little abrupt; now they are convincingly feminine†. (175) Deirdre and Thandie both explain the concept of being’s one’s self in different ways. Thandie expresses the point of being judged and looked down upon. In addition, she tries to understand the meaning of one’s self by recognizing who she is, and what she wants throughout her life and career. On the other hand, Deirdre has overcome who she once was and is at ease with being a women, and showing off her feminine characteristics. She has found a self that she is able to be comfortable enough to write a book on her highly personal gender crossing experience. In the book Crossing: A Memoir Deirdre states â€Å"My gender crossing was motivated by identity, not by a balance sheet of utility†. Deirdre expresses that she became a women by her choice of how comfortable she felt not because of what society looked at her as. Self† comes from the identity you give yourself or what others see you as not what you do as a career or what car you drive or how successful you are. As Deirdre talks about attempts to take a physical identity that strangers would accept her as a women and Thandie specks on the struggles of growing up as an outcast who never fit it, both authors share a conception of one’s self through being mindful of the impact of society and the role that is expected to be played, but is confident and accustomed in what makes them content with themselves mentally.

5 Points of Oedipus Rex Essay

Five Important Points of â€Å"On Misunderstanding the Oedipus Rex† †¢ Oedipus Rex attempt to justify the ways of God to man by: 1. â€Å"Proving† that we get what we deserve. An example is how Oedipus treated Creon badly, so the gods punished him. 2. Oedipus Rex is â€Å"a tragedy of destiny†, the play â€Å"proves that man has no freewill and is controlled by gods. 3. Sophocles was â€Å"a pure artist†, so he is not interested in justifying the gods, and Oedipus Rex was merely an exciting play. †¢ Oedipus did horrible things unknowingly, if they did it knowingly, readers won’t feel pity. The tragic hero must have a big moral flaw. †¢ A significant difference between Sophocles and Aeschylus is that Sophocles thinks that fate is unconditional, and can not be avoided. Oedipus tries to avoid the oracle given about him that he will sleep with his mother and kill his father, but in the end, it still happens. Aeschylus’ thinking is that fate could be avoided. According to him, the oracle given to Laius was avoidable: â€Å"Do not beget a child; for if you do, that child will kill you.† †¢ Oedipus blinded himself to cut himself off from contact with humanity. If he suicides, he would meet his parents in the next world. He blinded himself because he could not face the living or the dead. †¢ Oedipus Rex is a play about human greatness. Oedipus fell from his high position to the lowest of the low, and he still has the strength to accept and endure it. His inner strength is virtuous, because he pursues truth at whatever personal cost.

New Zealand dollar

Prime TV launched 1999:Alcohol purchase age for off-licenses reduced from 20 to 18 years of age 2001 :lintiest accrual is removed from student loans while studying. Students who accrued Interest prior to 2001 are still required to pay. 2002:30 June: The population of Canterbury reaches half a million. 7 July: 2002 general election, Labor-led government returned for a second term. 003:Population of New Zealand exceeds 4 million. 2004:Foreshore and Seabed Act passed. Call union Act passed MÂ ¤ROR Party formed. Maori TV begins broadcasting 2006:Labor enacts its election promise to remove interest on loans to students living In New Zealand. Five cent coins are dropped from circulation and existing 10 cent, 20 cent and 50 cent coins are replaced with smaller coins. The government announces a NAZIS 1. 5 billion surplus, the largest In the country's history and second only to Denmark in the Western World.South Island population reaches 1 million 2007:2 May: Fairview is launched, providing free-to-air digital television. July. Savvier retirement savings scheme introduced. 18 December:Cacciatore Finance Act enacted. 2008:11 January: mountaineer Sir Edmund Hillary dies. 2009:28 April: First confirmed New Zealand case in the 2009 swine flu outbreak. 2010:4 September: A magnitude 7. 1 earthquake strikes the Canterbury Region causing widespread damage to Christopher and surrounding areas. 2011 :22 February: A magnitude 6. 3 earthquake strikes Christopher causing widespread damage and 184 deaths. 3 October: All Blacks win Rugby World Cup against France, 8-7 in Eden Park, New Zealand. Holiday park guest night figures show pronounced events in March and April 2013. March figures were boosted by great weather and an early Easter, while April figures were adversely affected by the timing of holiday parks shows little movements in recent months. This may change when data for future months is added to the series. The weather was generally warm, dry, and sunny in March, but quite wet in April. Also, while the school holidays fell entirely in April in 2012, this year they fell partly in May.Although there was a drop in domestic guest nights, there was an increase in visitor arrivals and international guest nights. There were 2. 28 million visitor arrivals to New Zealand in the May 2013 year. This is up less than 1 percent from the May 2012 year, but that year was boosted by visitor arrivals for the Rugby World Cup. The increase in net migration over the last five months was mainly due to fewer New Zealand citizen departures to Australia. Immigration from and to NZ has changed dramatically over the years and this may be one of the major factors leading to the amount of people staying at hotels or holiday parks.More people will be coming into the country from the rugby world cup and also people not going anywhere from NZ from the earthquakes in NZ. /11 – The September 11 attacks were a series of four coordinated terrorist attacks launched by the Islamic terrorist group al-Qaeda upon the United States in New York City and the Washington, D. C. Area on Tuesday, September 11, 2001 In the year ended May 2013, there were 2. 628 million visitors, up less than 1 percent from the previous year. This year's increase was despite visitor numbers in the May 2012 year being boosted by the Rugby World Cup.New Zealand residents departed on 182,400 overseas trips in May 2013. This was up 2 percent from May 2012, and was also a record for a May month. In the May 2013 year, New Zealand residents departed on 2. 163 million overseas trips, up 2 percent from the previous year. The biggest increase was in trips to the United States (up 15,200), helped by a more favorable currency exchange rate. New Zealand had a seasonally adjusted net gain (more arrivals than departures) of 1,700 migrants in May 2013. This is the highest net gain since January 2010 (1 ,800).The increased net gain of migrants over the past five months was mainly due to fewer New Zealand citizens departing to Australia. There was also an increase in arrivals during this period. The seasonally adjusted net loss f 1,900 migrants to Australia in May 2013 was the smallest net loss since July 2010 (1 ,600). The latest net loss to Australia was well down on the recent high of 3,600 recorded in September 2011. In the May 2013 year, New Zealand had a net gain of 6,200 migrants. This compares with a net loss of 3,700 in the May 2012 year. Auckland, Canterbury, and Togo were the only regions that had net gains of international migrants.The Canterbury region's net gain of 2,600 migrants in the May 2013 year compared with a net loss of 2,500 in the May 2012 year, following the Christopher earthquake in February 2011. Temperature Since instrumental measurements began in the late 19th century, New Sealant's average air temperatures have fluctuated substantially year to year, and a number of studies indicate that New Sealant's average temperature has increased. A significant upwa rd trend in national average air temperature was detected of 0. 11 co per decade (for the period from 1896 to 1994) with a 95% confidence interval Ð’Â ± 0. ICC. This is roughly twice the trend reported for global data, which may be due to the relative absence of sulfate aerosols in the South Pacific. The Royal Society of New Sealant's Lear upward linear trend in the country-wide average air temperature of 0. Celsius. Financial crisis -Economic growth, which had slowed in 1997 and 1998 due to the negative effects of the Asian financial crisis and two successive years of drought, rebounded in 1999. A low New Zealand dollar, favorable weather, and high commodity prices boosted exports, and the economy is estimated to have grown by 2. 5% in 2000.Growth resumed at a higher level from 2001 onwards due primarily to the lower value of the New Zealand dollar, which made exports more competitive. The return of substantial economic growth led the unemployment rate to drop from . 8% in 1999 to 3. 4% in late 2005, the lowest rate in nearly 20 years. Although New Zealand enjoyed low unemployment rates in the years immediately prior to the financial crisis beginning in 2007, subsequent unemployment rose. New Sealant's large current account deficit, which stood at more than 6. 5% of GAP in 2000, has been a constant source of concern for New Zealand policymakers and hit 9% as of March 2006.The rebound in the export sector is expected to help narrow the deficit to lower levels, especially due to decreases in the exchange rate of the New Zealand dollar during 2008. Between 1985 and 2012, New Sealant's unemployment rate averaged 6. 29%. After the stock market crash of 1989, unemployment began to rise reaching an all-time high of 1 1. 20% in September 1991. By 2007, it had dropped again and the rate stood at 3. 5% (December 2007), its lowest level since the current method of surveying began in 1986. This gave the country the 5th-best ranking in the COED (with an COED average a t the time of 5. %). The low numbers correlated with a robust economy and a large backlog of Job positions at all levels. Unemployment numbers are not always directly comparable between COED nations, as they do not al keep labor market statistics in the same way. The percentage of the population employed also increased in recent years, to 68. 8% of all inhabitants, with full-time jobs increasing slightly, and part-time occupations decreasing in turn. The increase in the working population percentage is attributed to increasing wages and higher costs of living moving more people into employment.Smaller complex? Could be a build up of hotel or holiday park complexes that could determine an increase in the amount of people going to the holiday parks or hotels. The weather around these times? Income, employment, new age – parent's and kids not willing to do this anymore because new things such as technology is available and makes children grow up faster Families may have been clo ser back then than they are today economic conditions Minimum and maximum of trend line and talk about the difference = nature of the trend line Why it is increasing/decreasing at certain times on the graph? Changes in the world or new Zealand that may have made this extreme happen eye = scuffs how many Co's to put on the end to convert it to a real number 9/1 1 could eave has an impact on the traveling of the world population as they may be scared to travel as they don't want to be in risk of being killed. Also people over the world may have come over to NZ because of the events from 9/1 1 as they wanted to get away from all of the troubles in America.The introduction to television may also be a big factor as this would have made the population less likely to want to go outside as they are able to stay in and watch the world from the comforts of their home. New technology would have had a huge impact on tourism as people are getting lazier from these factors.

3 works of art Essay Example | Topics and Well Written Essays - 1500 words

3 works of art - Essay Example The gown looks like the nuns’ uniform and she is lazily enveloped into the reverie or dream about the angel. This is an epitome of the spiritualism that an image can depict. Moreover, the environment that hooks up the angel and St.Teresa looks dreamy, implying the supernatural feeling that the paint is showing. Lastly, there is intense light that illuminates the shiny structure that St.Teresa is lying on and the gowns that both are wearing. This is a symbol of divine power in a scared place. In this paint, Caravaggio is showing a pretty realistic image of St.peter being crucified. He is keen on the posture of the people and the wood used to make the crucifix. It is a paint that shows the crucifixion of St.Peter as he asked people to do. He is crucified upside down as a symbol of not imitating his Lord Jesus Christ. The painting is so real that it shows the cloth that is wrapped around him to conceal his loins, the people lifting the cross and the obscurity of their faces in the shadows. The picture arouses feelings of sadness by looking at the way St.Peter has left his mouth open with his long beard and dully eyes, showing so much pain. The people lifting the crucifix are also showing fatigue since it is clear that they are straining to lift the crucifix to its intended right position (Brett & Kate, para8). This paint is a fascinating image that describes the evolution of the Catholic Church by Peter Paul Rubens. He is so artistic in the painting of women and men in their full physical features lying on each other in various postures. There is also the presence of leopards in shady color trying to roar at the infants on the ground. This is a description of the spread of Catholic Churches across the world and the numerous challenges it has faced. Behind the leopards, the adults and the infants is a dark blue sky that is not fully clear. It shows the beautiful sky, symbolizing the hope and feasibility of the

No need for topic Case Study Example | Topics and Well Written Essays - 750 words - 1

No need for topic - Case Study Example Herr acted on instinct, even though he gambled he eventually bought the Boeings when the dollar was at its lowest. In that aspect, Herr should not be accused of mistimed purchasing and thus should be retained as the chairman of Lufthansa airlines by the board. 2. Even though he had expected the dollar to depreciate, he would not have left the whole amount unhedged, due to a variety of factors. First Herr was not sure that the dollar was going to depreciate; he was just going by his instincts. In that aspect living, the whole amount unhedged would have lead to the firm using more money in purchasing the Boeings. Hedging half the amount was a brilliant idea as it ensured that either way; the company would not use a lot of money in buying the Boeings. If Herr had left the whole amount unhedged and the dollar appreciated further, the organization would have used the colossal amount of money in buying the Boeings. However, hedging half ensured that the firm was cushioned whether the dollar appreciated or depreciated the firm would still benefit. Faced with such uncertainties Herr made a wise decision in hedging half the amount. Remaining uncovered as contemplated by the board would have had a positive impact, however, if the dollar would have appreciated and Herr’s anticipation proved wrong, then the firm would have lost a lot of money. Some of the risks associated with remaining uncovered include; higher spending. Full forward cover also has some advantages as well as disadvantages. The advantage of full forward cover is that the firm would have been protected adequately against currency exposure. However, taking such a risk in purchasing would have been a dangerous option, most companies prefer taking such a risk in other lines of business other than purchasing. 3. Herr had expected the dollar to depreciate, however, leaving the whole amount unhedged was risky, and however using forward contracts was not a good idea. Herr was

POST WAR FILMS Wings of Desire etcc Term Paper Example | Topics and Well Written Essays - 1500 words

POST WAR FILMS Wings of Desire etcc - Term Paper Example The movie fantasy genre is based on the build up the movie was awarded being that the characters are angels who are some of the major characters in the film. The romance genre in the movie has been brought forth by the relationship established from the angel characters in the movie. Through the comparison with other related movies, the cinematic techniques in the movie this paper will bring out the historical back ground of the movie and the aesthetic aspects that builds up from the character relations within the movie and the related movies. From the background of the prior films that have been done by Wim Wanders, a number of those have been awarded both the English and the German titles. These include such movie as the ‘Reverse angle’ and the ‘Room 666’. From such movies, Wim Wanders acquired the experience of using the German setting in his movies which he later came to transfer to the movie Wings of desire. In relation to the cinematography techniques t hat have been appealed in the movie, one can clearly relate the experience gained by Wim from the prior movies as the plat form and foundation of the experience. There are certain techniques that can be said to have been reveled in relation to the cinematography techniques. ... Another aspect that can be said to appeal to the nature of the movie is that the movie is a Franco-German movie. This is a special alliance that came in place after the Second World War, at this time, the enmity that existed between France and Germany ended. The movie basis The movie basically embodies a story between angel and mortals, the director then award the angels a characteristic that they are invisible. Ideally, the angels are comfort givers for the families in Berlin. The two angels in the movie are unseen to the humans who from their side are able to see. The angels listen to the thoughts of the people and then offer them comfort. From the movie plot there are settings which establish and breaks down the movie main plot and the sub plot. The main plot of the movie is centered on the relationship that is established from Daniel’s desire to be with the beautiful trapeze girl who he fall in love with deeply and starts allowing the considerations of turning to human so as to be with her. The romantic theme is established further in the relationship between Damiel and Marion. This is brought out by the fact that the two aspire to be with each other, the barrier between them that is the mortality of Marion and the immortality of Damiel is equally significant as it build up most parts of the movie plot. Damiel aspires to be mortal as he wishes and longs for the things that the mortals undertake in the likeness of the human sensory pleasures and the touch of a loved one. Marion on the other hand also wishes she was immortal which she clearly bring out in her Cinematography techniques One of the most significant techniques that are used in the movie is the use

What are the main factors contributing to low expectancy in the Essay

What are the main factors contributing to low expectancy in the developing world Investigate possible solutions to these problems - Essay Example Money can buy comfort but these people are well below the poverty line because of which they are unable to buy clothes and ultimately face the wrath of extreme climatic conditions. The government has to take initiatives to ensure that their lives are saved, it is the responsibility of the government to safeguard their lives but the truth is that very little has been done for them in the past and nothing much is expected to change in the future. Drought and famine are also two other reasons because of which several people die each year in developing nations. â€Å"Governments of developing countries have invested in improving public health measures (safe drinking water, sanitation, mass immunizations), training medical personnel, building clinics and hospitals, and providing medical care. But much remains to be done. Malnutrition, especially among women and children, is still a big problem. And communicable, largely preventable diseases still claim millions of lives. For example, the average rate of measles immunization worldwide is just 80 percent, and every year more than 1 million children die of the disease. Many of those children are in Sub-Saharan Africa, where the rate of measles immunization is the lowest- about 60 percent.† (Beyond Economic Growth) Cleanliness is another factor which plays a major part in deaths across the globe, diseases like malaria spread easily in developing countries because of lack of cleanliness and the same takes away several lives, these things can easily be avoided but nothing much has been done about it. It is high time for the government to step in and do its duty otherwise more lives would inevitably be taken away. Healthcare can play a pivotal role in saving the lives of several people, it is their right to have access to good facilities which they have been deprived of thus far, they should have access to

Maybe, Maybe not Essay Example | Topics and Well Written Essays - 2500 words

Maybe, Maybe not - Essay Example INT. JOSEPH’S LIVING ROOM-NEXT DAY Joseph lays on his couch in his living room and tries to sleep. Xavier is on his cell talking to someone and telling about their lost stallion. He looks stressful. He’s constantly passing his hands through his air. Again there’s a noise outside the door and both men make their way towards the door. Xavier opens the door and sees the same group of neighbors. Behind them, he sees Rou together with wild mares. XAVIER Oh! Look, Dad, look. Rou is back. It’s with other horses too. He then runs towards the Rou, leaving all men behind him. ONE OF A NEIGHBOR Rou has returned and it has brought several horses with it. You’re blessed. What a lucky man you are. What a great luck. Wow! There’s no sign of amusement or happiness. He still looks so calm. He looks at his son, then Rou and then finally his gaze meets his neighbor. JOSEPH Maybe or maybe not. All the neighbors see him with surprise looks on their faces but nobody says a word. He shakes hand with all of them, closes the door and lies down on his couch again, trying to sleep. EXT. JOSEPH’S STABLE-TWO DAYS LATER The day is sunny with a bit of clouds making it pleasant. Xavier is in the stable. He’s surrounded by Rou and other four mares brought by Rou two days ago. The other four mares are wild and their height is greater than Rou but they are not trained. Xavier is training them. He’s trying to break one of the mares and suddenly she gets crazy and throws him on the ground. Xavier shouts in agony. His neighbors suddenly come and take him towards his house.

Prove Me Wrong Essay Example | Topics and Well Written Essays - 750 words

Prove Me Wrong - Essay Example I cannot affirm that this has changed. However, it has come to my concern that looks can be deceiving, and what I think is right is not necessarily so. I trust easily, I am kind, I care, and I love my family and friends. Whilst these personal traits might not change over my lifetime, handling them with ultimate care is vital. They make me easy to persuade, subsequently vulnerable to exploitation. It is in the family setting that I learned to stand by my friends and family. Whenever an issue occurred, social or financial, I would do my best to save the situation. For this reason, everybody seemed to like me. My family and friends enjoyed my company and came to me for help any time they felt like. I would give my advice or offer whatever I have if the issue was financial. However, I expected that anything borrowed from me should be returned, especially where monetary values were attached. Months and years passed before things started changing. After some time, I realized that my genero sity, kindness, care, and love were being taken for granted. They started being used as avenues to exploit me. My friends and family had known me too well, allowing them to take advantage of my weak point.

Personal development Essay Example | Topics and Well Written Essays - 2000 words

Personal development - Essay Example The study of accounts at an undergraduate level opens the career path to be an accountant. Also my inclination towards the subject matter shall be beneficial for the future growth and prospects within the professional frontier. The role of a financial accountant is one that needs sound cognitive ability and good sense of judgement. The Big Four accounting firms recruit in huge batches whenever they have requirements. Such recruitment is done mostly of fresh graduates who shall offer a great and collegial work environment. With a surrounding of people within the same age group and the same inclination towards the subject, the environment becomes more acclaimed towards the company and the profession. Such opportunities help in developing great business networks as well (Tilus, 2012). The job of a financial accountant requires sound knowledge of the different functions of the company because of the level of applicability of the finance department with all different departments of the company. This shall also help in boosting knowledge about overall company functions and relationship and strength of different departments. This also offers the scope to financial accountants to identify loopholes in business practices and suggest changes that might be beneficial to the company. The financial accountant is in a very advantageous position to help the management and develop oneself and expand the scope to the managerial levels than simply restricting one to the level of an accountant. The financial accountant is often promoted to the levels of production or operations manager because of his vast knowledge about various company functions like wholesale, retail, manufacturing, operations, finance and HR and also for the managerial skills acquired thereof. Accounting profession allows for interaction with a number of clients and

Mixed martial arts vs Traditional Martial Arts Essay Example for Free

Mixed martial arts vs Traditional Martial Arts Essay Fighting and violence is one of the biggest problems in society today. MMA, to many people, is only promoting this as a value, instead of an issue. Another battle that this bloody sport is fighting is for its own legitimacy. There are plenty of other sports that have some fighting, but no one questions the legitimacy of sports such as ice-hockey, in which there is a fight at least once a game, or football (Frisht n. pag. ). MMA is also a relatively new and has also taken a large step from where it started, having been illegal in all 50 states shortly after its institutionalization (Ramirez n. ag. ). And even at that, UFC is the only nationally legal organization for MMA. Not only is it fighting for its authenticity as a sport, but it is fighting for recognition as a martial art and fighting style, as well. Some specialists and fighters argue that it is a martial art all its own. Others argue that it’s nothing more than a rip-off of the greatest martial arts that have come before it. Finally, other, more secular people rationally conclude that it cannot be considered a traditional martial art at all and is barely acceptable as a sport. But this also puts these people in the perfect position to be attacked by a very simply answered question: Why can’t MMA be considered a traditional martial art? To begin, one of the biggest differences between MMA and traditional martial arts is the purpose for which they were developed. MMA, for example, was developed as nothing more than a style for cage-match entertainment. Traditional martial arts, however, were developed for a variety of different reasons, mainly self-defense. For instance, Jiu-Jitsu and Ninjitsu both derive from ancient Japan as a means for the people to defend themselves against the Samurai (Browning n. pag. ). Similarly, Tang Soo Do was developed in Okinawa and Southern Korea under ancient Japanese influence (Yi n. pag. ). Not only is the purpose of MMA something that sets it apart, it is a difference that sets the stage for several other staggering differences. To continue, purpose is intertwined with origins. Many traditional martial arts come out of the ancient oriental regions as means of self-defense due to the areas unsafe and sometimes unstable societal environment. Thugs, brutal imperial fighter, and common bandits all posed a threat to civilians and those who didn’t particularly fancy their emperors, such as the Okinawan farmers under the oppression of the imperial Japanese samurai (Frisht n. pag. ). A handful of traditional martial arts even boast origins in Brazil, such as the Brazilian variants of Jiu-Jitsu. MMA, however, comes out of America and Europe as a means of entertainment (Greene n. pag. ). Next, Style is the biggest difference between traditional martial arts and MMA. Traditional martial arts are very focused on detaining or incapacitating an attacker. Many traditional martial arts accomplish this by utilizing non-lethal locks and strikes. Traditional martial arts are also guided by morality and law. When faced with non-lethal force, only non-lethal force is permitted in return. When faced with a serious, but non-life-threatening situation, only an equal amount of lethality is permitted. MMA, on the other hand, is much more brutal and borderline senseless (Greene n. pag. ). Also, where traditional Martial Arts would seek to just incapacitate using locks, MMA seeks to go above and beyond the required force, relying on strength where traditionalists would’ve chosen technique. When, relying on strength as a sole asset in combat, as described by Master Bob Cameron, a fighter’s combat variables become very dependent on their opponent. If their opponent is stronger and strength is the only strategy they hold as an asset, loss is pre-determined. Technique, however, allows one’s variables to be much more independent of their opponent’s. Using technique over strength allows a martial artist to apply their whole body to ascertain one goal; it allows a fighter to turn their opponent’s own strength against them, using it in their favor (Cameron n. pag. ). At last, the final reason MMA cannot be considered a traditional martial art is its training style. MMA takes a very solo approach to training, as it is a solo sport. A lot of its training is based on punching, kicking, and striking an inanimate target. Martial arts, traditionally, however is trained in a group. This allows a martial artist to test, study, apply, and perfect a technique on another martial artist, which drastically affects and differs the applicability and effectiveness of the two styles. In a real-world scenario, MMA is not very realistic, due to its brutality and aggressiveness. Traditional martial arts, however, allow an artist to realistically and safely incapacitate an attacker (Greene n. pag. ). The realistic training styles of traditional martial arts allow it to be much more effective in combat. To conclude, MMA and traditional martial arts have more distinguishing differences than are calculable, the most distinguishing being purpose, origin, fighting and training styles, and applicability. Although, many take their side, those who argue that MMA is a traditional martial art are fighting an uphill battle in a mudslide due to their scarce and obvious lack of support. The differences between the two create a gorge miles wide with no bridge that may never have been meant to have been crossed. Furthermore, these staggering differences clearly prove that MMA cannot be considered a traditional martial art.

Adenosine Triphosphate and Aerobic Respiration Essay Example for Free

Adenosine Triphosphate and Aerobic Respiration Essay Comparison chart Embed this chart Aerobic Respiration Anaerobic Respiration DefinitionAerobic respiration uses oxygen. Anaerobic respiration is respiration without oxygen; the process uses a respiratory electron transport chain but does not use oxygen as the electron acceptors. Cells that use itAerobic respiration occurs in most cells. Anaerobic respiration occurs in bacteria, yeasts, some prokaryotes, erythrocytes (red blood cells), and in muscle cells. Production of lactic acidDoes not produce lactic acidProduces lactic acid (in lactic acid fermentation but not in alcoholic fermentation) Amount of energy releasedHigh (36-38 ATP molecules)Low (2 ATP molecules) ProductsCarbon dioxide, water, ATPLactic Acid Fermentation lactic acid, ATP Alcoholic Fermentation ethyl alcohol, ATP, carbon dioxide Reactantsglucose, oxygenglucose Site of reactionsCytoplasm and mitochondriaCytoplasm StagesGlycolysis, Krebs cycle, Electron Transport ChainGlycolysis, Fermentation combustioncompleteincomplete Contents: Aerobic vs Anaerobic Respiration The process of aerobic vs anaerobic respiration 1. 1 Fermentation in anaerobic respiration 1. 2 Krebs cycle in aerobic respiration 2 Energy efficiency of aerobic vs anaerobic respiration 3 Video comparing Aerobic Respiration vs Anaerobic Respiration 4 References The process of aerobic vs anaerobic respiration The sugar molecules stored in the food are broken apart through enzyme-mediated reactions and the energy released is absorbed by cells. This process is much more effective in the presence of oxygen through aerobic respiration. Aerobic respiration requires oxygen in order to generate energy (ATP). It is the preferred method of pyruvate breakdown from glycolysis and requires that pyruvate enter the mitochondrion in order to be fully oxidized by the Krebs cycle. The product of this process is energy in the form of ATP (Adenosine Triphosphate), by substrate-level phosphorylation, NADH and FADH2. Anaerobic and aerobic respiration share the initial pathway of glycolysis but aerobic metabolism continues with the Krebs cycle and oxidative phosphorylation. The post glycolytic reactions take place in the mitochondria in eukaryotic cells, and in the cytoplasm in prokaryotic cells. Fermentation in anaerobic respiration Without oxygen, pyruvate is not metabolized by cellular respiration but undergoes a process of fermentation. The pyruvate is not transported into the mitochondrion, but remains in the cytoplasm, where it is converted to waste products that may be removed from the cell. This serves the purpose of oxidizing the hydrogen carriers so that they can perform glycolysis again and removing the excess pyruvate. This waste product varies depending on the organism. In skeletal muscles, the waste product is lactic acid. This type of fermentation is called lactic acid fermentation. In yeast, the waste products are ethanol and carbon dioxide. This type of fermentation is known as alcoholic or ethanol fermentation. The ATP generated in this process is made by substrate phosphorylation, which is phosphorylation that does not involve oxygen. Krebs cycle in aerobic respiration The Krebs cycle (also known as the citric acid cycle, or the tricarboxylic acid cycle) is a series of enzyme-catalysed chemical reactions, which is of central importance in aerobic respiration. the citric acid cycle is part of a metabolic pathway involved in the chemical conversion of carbohydrates, fats and proteins into carbon dioxide and water to generate a form of usable energy. Other relevant reactions in the pathway include those in glycolysis and pyruvate oxidation before the citric acid cycle, and oxidative phosphorylation after it. Therefore, carbohydrates break into sugar and then into ATP. The overall process of aerobic respiration can be understood by the following reaction. C6H12O6 + 6O2 + 6H2O ——gt; 6CO2 + 12H2O + energy. Energy efficiency of aerobic vs anaerobic respiration Aerobic metabolism is 19 times more efficient than anaerobic metabolism (which yields 2 mol ATP per 1 mol glucose). Anaerobic respiration is less efficient at using the energy from glucose since 2 ATP are produced during anaerobic respiration per glucose, compared to the 38 ATP per glucose produced by aerobic respiration. This is because the waste products of anaerobic respiration still contain plenty of energy. Ethanol, for example, can be used in gasoline (petrol) solutions. Glycolytic ATP, however, is created more quickly. For prokaryotes to continue a rapid growth rate when they are shifted from an aerobic environment to an anaerobic environment, they must increase the rate of the glycolytic reactions. Thus, during short bursts of strenuous activity, muscle cells use anaerobic respiration to supplement the ATP production from the slower aerobic respiration, so anaerobic respiration may be used by a cell even before the oxygen levels are depleted, as is the case in sports that do not require athletes to pace themselves, such as sprinting. Video comparing Aerobic Respiration vs Anaerobic Respiration References http://en. wikipedia. org/w/index. php? title=Cellular_respirationoldid=320134686 Related Comparisons Oxygen vs Ozone Oxygen vs Ozone Mitosis vs Meiosis Mitosis vs Meiosis DNA vs RNA DNA vs RNA Photosynthesis vs Respiration Photosynthesis vs Respiration Mold vs Yeast Mold vs Yeast Comments: Aerobic Respiration vs Anaerobic Respiration Facebook Anonymous (4) Stay informed Get email alerts when new comparisons are published in these categories: Science L Biology Related Comparisons Oxygen vs Ozone Mitosis vs Meiosis DNA vs RNA Photosynthesis vs Respiration Mold vs Yeast Follow Diffen Make Diffen Smarter. Log in to edit comparisons or create new comparisons in your area of expertise! Sign up  » Top 5 Comparisons 1. Democrat vs Republican 2. Animal Cell vs Plant Cell 3. Meiosis vs Mitosis 4. Affected vs Effected 5. 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History of Saccos in Kenya

History of Saccos in Kenya A Savings and Credit Cooperative is a type of cooperative whose objective is to pool savings for the members and in turn provide them with credit facilities (UN-HABITAT, 2010). The general objective of SACCOs is to promote the economic interests and general welfare of its members. The ICA Statement on the Co-operative Identity defines a cooperative as an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise. Co-operatives are based on the values of self-help, self-responsibility, democracy, equality, equity and solidarity. Co-operative members believe in the ethical values of honesty, openness, social responsibility, and caring for others (Bibby Shaw, 2005). The 1995 ICA Congress also reformulated seven principles of co-operatives. In summary, they are: Voluntary and open membership Democratic member control Member economic participation Autonomy and independence Education, training and information Co-operation among co-operatives Concern for the community Different SACCOs provide a number of products which include but are not limited to credit services, deposit and savings facility, cheque clearing, bankers cheques, standing orders, safe custody, and salary advances. History of SACCOs The pioneers of modern cooperation emerged in working- class environments in European Industrial cities of the 19th Century. In the 1840s,the first to industrialize countries (Great Britain and France),pioneers of co-operative invented models of the consumer cooperative and the labor cooperative to defend and promote the interests of working-class families in the face of the social disasters caused by industrial revolution. The second generation of the pioneers of modern cooperation emerged, in certain European rural environments in the late 19th century. In the 1860s, these pioneers created the models of agricultural cooperatives and savings and credit cooperatives inspired by the success of the consumer cooperatives formula in Great Britain and based on old traditions of rural solidarity aimed to meet the primary economic needs, which went unsatisfied. Agricultural cooperatives then enabled families of farmers and livestock raisers to organize their own supply systems of agricultural inputs and market their products and no longer depended on merchants and businessmen in the cities. The SACCOs helped them to stop depending on moneylenders and to find the credit necessary to modernize their agricultural cooperatives (Mwakajumilo, 2011) . SACCOs in Africa In Africa, the idea was brought by a Roman Catholic priest, in Jirapa, a town in Ghana, in 1955. Father John McNulty from Ireland had studied in Canada where he learnt about savings and credit co-operative societies. Father McNulty helped the Jirapa villagers to form a Savings and Credit Co-operative. The co-operative assisted the members to address their financial problems which they couldnt individually. Father McNulty trained about 60 people, who were the first successful savings and credit co-operative pioneers on the African continent. The success of Jirapa savings and credit co-operative spread throughout Ghana and by 1968, the savings and credit co-operatives throughout the country came together to form the Credit Union of Ghana , which was set up to promote, organize, service and co-ordinate the activities of savings and credit co-operative in Ghana. (Alila Obado, 1990). According to the World Council of Credit Unions (WOCCU) 2011 statistical report, there are 51,013 credit unions in the world, having a total of 196,498,738 members and a total penetration of 7.8% Penetration rate which is calculated by dividing the total number of reported credit union members by the economically active population age 15-64 years old (World Council of Credit Unions (WOCCU) , 2012). The largest markets in Africa by number of members as of December 31st 2011 are Kenya (4,183,220), Senegal (2,231,117), Ivory Coast (1,705,712), and Benin (1,597,233) (WOCCU, 2012). History of SACCOs in Kenya SACCOs in Kenya are currently among the leading sources of the co-operative credit for socio-economic development (Alila Obado, 1990).Cooperatives in Kenya were started in 1908 and membership was limited to white colonial settlers. The first cooperative was established at Lumbwa, present day Kipkelion area. In 1944 colonial officers allowed Africans to form and join cooperatives (Gamba Komo, 2012). The initial attempt to encourage African farming co-operatives was initiated by the need to implement the recommendations of the Swynnerton Plan of 1953. The Swynnerton Plan was formulated to improve African farming, specifically the growing of cash crops and is recorded to have encouraged the progress and growth of African cooperatives (Alila Obado, 1990). It was at this point that the recommendation that a registrar of cooperatives be appointed was made. In 1945, a new Cooperative Societies Ordinance was enacted which allowed African participation in the cooperative movement. In 1946, a department of cooperatives was established and a registrar of cooperatives appointed. By 1950 most colonial civil servants began to support and encourage the development of cooperatives and by 1952, about 160 cooperatives had been registered (Alila Obado, 1990). The post-independence era saw the rapid increase the in number of producer organizations and consolidation of the ones that already existed. At this time, the government saw the cooperative movement as a means for African socialism, and strengthening common ties between the people from different regions of Kenya. In 1963 there were about 1000 cooperatives, which rapidly grew in number since then. Today, the co-operatives are an integral part of the Government economic strategy aimed at creating income generating opportunities particularly in the rural areas. The co-operative movement has been recognized by the Government as a vital institution for the mobilization of human and material resources for various development progress particularly in the rural areas where the majority of people reside, earning their livelihood mainly from agriculture. The co-operative movement now contributes well over 45 per cent of Kenyas GDP and it is estimated that at least one out of every two Kenyans directly or indirectly derives his/her livelihood from the co-operative movement. Over the years, the co-operative movement remained predominantly agriculturally oriented. However, in the recent past, the co-operative movement has experienced significant diversification in activities and interests notably savings and credit. Other non-agro-based co-operatives have also emerged and ventured into areas such as housing; Jua-Kali, building and construction, handicrafts, transport, small scale industries, etc. (Alila Obado, 1990). SACCOs are one of the leading sources of rural finance and in many rural areas the local SACCO is the only provider of financial services. While the exact number of SACCOs operating in Kenya is not known, estimates range from almost 4,000 up to 5,000 (Financial Sector Deepening (FSD), 2010). Kingdom SACCO Limited Kingdom SACCO Society Limited was started by the Life Reformation Centre in 1999 with the aim of improving the economic livelihood of its members. It was registered in 21st January, 2000 under the Cooperative Societies Act No.12 of 1997, and it is governed by the SACCO Societies Act of 2008 and its by-laws. The growth of the SACCO has been high since inception a fact attributed to good governance and leadership, staff commitment and effective patronage by members (Kingdom Sacco Limited, 2011) . Figure Membership Growth Analysis. Source: www.kingdomsacco.com Vision To be a model SACCO, empowering the community economically and socially. Mission To promote a savings culture, and provide affordable credit by offering sustainable financial solutions to enhance the economic welfare of our members and stakeholders. Motto Pamoja Twaimarika Core Values Integrity Having been founded by members with a church based background, it was agreed that Integrity is one of the most defining values that the leadership and membership of Kingdom SACCO up hold. Accountability The SACCO strives to carry out all its dealings in an open manner that is agreeable to members and co-operative values. Proactive The SACCO aims at meeting the all members needs by ensuring that it is effecting necessary and desired change to its operations and products as frequently as needed. Team Spirit The SACCO Leadership, management and members view the SACCO as a family unit and as such always aim at working together as a team. Equality All members are treated equally without any favoritism and discrimination Products Offered by Kingdom SACCO Credit Facilities Business Loan Development Loan Emergency Loan School Fees Loan Supa Loan Overdraft Loan Jijenge Loan Rembesha Maisha Loan FOSA Accounts Junior Mustard Account Imara Account Kings Savings Account KSA Corporate Account Kings Fixed Account Other Services Cheque Clearing Safe Custody Bankers Cheques Standing Orders Salary Advance Night Stop Services Problem Statement SACCOs provide a wide range of products, offer loans that are cheaper than banks, provide higher interest on savings and according to a study by FinAccess, a significant percentage of the Kenyan population is unbanked (FinAccess, 2009). This recent study by the Financial Sector Deepening Trust (FSDT) revealed that banks serve 14.2 percent, SACCOs 13.1 percent and MFIs 1.7 percent of the population respectively. This is a big opportunity for SACCOs given that there is an untapped market. Since SACCOs do not raise equity from outside sources, theirstrength lies in numbers i.e. the more the members, the better it is for the SACCO because this means that higher capital is raised. This study seeks to find out how SACCOs are tapping into this ready market, the methods they are using to do this and their effectiveness in reaching this market Purpose Statement The purpose of this study is to examine the expansion strategies employed by Kingdom SACCO Limited. Objectives of the study To identify the expansion strategies employed by Kingdom SACCO Limited To examine the implementation of expansion methods employed by Kingdom SACCO Limited To determine the effectiveness of the expansion methods employed by Kingdom SACCO Limited Research Questions What are the expansion strategies employed by Kingdom SACCO Limited? How are the expansion strategies employed by Kingdom SACCO Limited implemented? What are the short falls/gaps of the expansion strategies employed Kingdom SACCO Limited? Justification of the study The vision held by Kingdom SACCO is to be a model SACCO. This coupled by the fact that its membership steadily increases every year makes it a suitable case to study. By studying the methods Kingdom SACCO uses to achieve a steady membership growth, a resource can be created for other SACCOs to reproduce in the country in order to improve the penetration and impact of SACCOs in Kenya. Significance of the study The results of this study will seek to benefit the Government, the ministries of Finance, and Cooperatives Development in formulating policies concerning SACCOs and other financial institutions in order to improve banking and financial services in Kenya. Kingdom SACCO will be able to identify those expansion strategies that are effective and discard those that are not and so be able to position itself as a model SACCO, consistent with its vision. Other SACCOs in Kenya will be able identify and implement effective expansion strategies in order to boost membership and penetration of financial services in Kenya. Assumptions This study will be conducted under the following assumptions: The respondents will provide needed information objectively and fully All data provided by respondents will be correct and genuine Scope of Study This study will be carried out at Kingdom SACCO Limited. Data will be collected from the top and middle level management at the headquarters of the SACCO in Githurai, Nairobi Limitations and Delimitations Since this is a case study focused on a single SACCO, the results of the study cannot be attributed to a whole industry as generally representative. The researcher also expects that there may be reluctance by the respondents to provide adequate accessibility of information since most businesses prefer to keep such data private. The researcher intends to seek full permission of the SACCO management to conduct this study in order to ensure full cooperation. Definition of Terms BOSA Back Office Services Activities. The branch of any SACCO that provides credit facilities to its members. FinAccess An arm of FSD Kenya. FinAccess has been established as the leading source of reliable data on financial access in Kenya and is widely cited in the media and by Government, the private sector and international development partners. FOSA Front Office Services Activities. A service provided by SACCOs that enables its members to deposit and withdraw cash from or into their accounts just like a bank. FSD The Kenya Financial Sector Deepening (FSD) programme was established in early 2005 to support the development of financial markets in Kenya as a means to stimulate wealth creation and reduce poverty. Working in partnership with the financial services industry, the programmes goal is to expand access to financial services among lower income households and smaller enterprises. It operates as an independent trust under the supervision of professional trustees, KPMG Kenya, with policy guidance from a Programme Investment Committee (PIC). In addition to the Government of Kenya, funders include the UKs Department for International Development (DFID), the World Bank, the Swedish International Development Agency (SIDA), Agence Franà §aise de Dà ©veloppement (AFD) and the Bill and Melinda Gates Foundation. ICA International Co-operative Alliance. The ICA was established in 1895, and brings together over 230 affiliated bodies from more than a hundred countries. In total, the ICA represents an estimated 760 million co-operative members worldwide. KSA Kings Savings Account. A service provided by Kingdom SACCO that enables members to make their savings. It is available for individuals and corporates SACCO Savings and Credit Cooperatives Safe Custody A service offered by Kingdom SACCO for the safe keeping of valuables. WOCCU The World Council of Credit Unions (WOCCU). Established in 1970 with a membership from credit unions and co-operative financial institutions in 100 Countries, which between them have over 196 million members.

After Various Writings By Rich :: essays research papers

After various writings by Richard Rodriguez and Octavio Paz, I have come across several realizations. Who am I? Should I be a part of a nation and a â€Å"system† that does not value me, or should I be a part of a nation that does not acknowledge my existence? The United States as a nation does not value me, and Mà ©xico does not even know that I exist. These are difficult matters to discuss. We are all in search of our own identity. However, some of us are placed in a situation that makes it very difficult and confusing to know or understand. I have always asked myself, â€Å"Who am I?† I should put it in more crude words, â€Å"Where do I belong?† After this specific question is asked, I begin to realize that I have problems coming up with a response. My parents were born in Mà ©xico, and thus, they are Mexican. Sometimes I feel I belong here in the United States, but other times I feel more attached to Mà ©xico. I am a Mexican-American. However, I feel that I am denying in some way my heritage and my culture by saying that I am. I am denying my parents. I say that I’m Mexican because in a sense I am. I am also an American. I am a Mexican-American. What do these terms put together imply? They should imply that the person is Mexican and American. The term â€Å"Mexican-American† is the very reason why I find myself confused about who I really am. I need to search for my own identity, which leads me to the purpose of this essay. Rodriguez and Paz have discussed this particular problem of identity. All three have different viewpoints. Some of their ideas are similar but mostly contradictory, especially in the case of Rodriguez and Paz. As I was reading, I was able to relate to what they had to say, and in a much bigger sense, I was able to understand and know who I am. I was able to find my self.   Ã‚  Ã‚  Ã‚  Ã‚  According to Paz, self-discovery is most than anything realizing that we are alone. Paz argues that our being or our identity becomes a problem and a question. It becomes a problem because of several reasons. We just don’t simply wake up one day and realize that we don’t know who we are. There are individuals who are placed in difficult situations that allow for these questions to arise.

Hugo Chavez: Love Him or Loathe Him? Essay -- Essays Papers

Hugo Chavez: Love Him or Loathe Him? Last week an incendiary press release exploded into the global headlines. A man by the name of Hugo Chavez ventured the claim that he had become an important target of assassination. Even more alarming, he proceeded to identify his assassin. It was none other than George W. Bush. "We have enough evidence," said Chavez, "that if anything happens to me, the person responsible will be the President of the United States" (â€Å"Defying U.S., Venezuela’s Chavez Embrace Socialism†). Who is Hugo Chavez? And why would he have the audacity to regard himself as a threat -- indeed, a lethal threat -- to the most powerful country on earth? And does he really believe he is so dangerous in the eyes of the United States that he would be viewed as a candidate for extermination? Hugo Chavez is the duly elected leader of a relatively small country on the northern coast of South America called Venezuela. It is a nation whose regional stature has, in the last twenty years, grown in influence in total disproportion to its size. The reason for Venezuela's increasing political clout is simple. It is the owner of vast reservoirs of liquid gold. It is perched on an enormous supply of oil. To a country like America, which is the world's largest consumer of fossil fuels by far, nothing could be more encouraging than to share geographical proximity with a nation so abundantly endowed with oil. Increasingly, however, a common neighborhood is all the U. S. shares in common with Venezuela. The two nations are clearly drifting apart, and at an alarming pace. The lightening rod in America's relationship with its South American neighbor is Hugo Chavez. In many recent pronouncements, the President o... ...lt;http://globalresearch.ca/articles/LAN407A.html>. -Niemeyer, Ralph and Lucila Gallino. â€Å"Interview With President Chavez.† Venezuela Analysis. November 2003 <http://www.venezuelaanalysis.com/articlese.php?artno=1055>. -Pike, John. â€Å"Venezuela.† GlobalSecurity. August 2004 <http://www.globalsecurtiy.org/intell/ops/venezuela.htm>. -Stelzer, Irwin M. â€Å"The Axis of Oil: China and Russia Find a New Way to Advance Their Strategic Ambitions.† Free Republic. February 2005 < http://www.freerepublic.com/focus/f-news/1346965/posts>. -â€Å"Topic Area A: The Situation in Venezuela.† Model United Nations of the University of Chicago. <www.munuc.org>. -West, Andrew. â€Å"A Recipe for Economic Collapse in Venezuela: Hugo Chavez’s Anti- Capitalist Philosophy.† Capitalism Magazine. October 2000 <http://www.freerepublic.com/focus/fr/565966/posts>. Hugo Chavez: Love Him or Loathe Him? Essay -- Essays Papers Hugo Chavez: Love Him or Loathe Him? Last week an incendiary press release exploded into the global headlines. A man by the name of Hugo Chavez ventured the claim that he had become an important target of assassination. Even more alarming, he proceeded to identify his assassin. It was none other than George W. Bush. "We have enough evidence," said Chavez, "that if anything happens to me, the person responsible will be the President of the United States" (â€Å"Defying U.S., Venezuela’s Chavez Embrace Socialism†). Who is Hugo Chavez? And why would he have the audacity to regard himself as a threat -- indeed, a lethal threat -- to the most powerful country on earth? And does he really believe he is so dangerous in the eyes of the United States that he would be viewed as a candidate for extermination? Hugo Chavez is the duly elected leader of a relatively small country on the northern coast of South America called Venezuela. It is a nation whose regional stature has, in the last twenty years, grown in influence in total disproportion to its size. The reason for Venezuela's increasing political clout is simple. It is the owner of vast reservoirs of liquid gold. It is perched on an enormous supply of oil. To a country like America, which is the world's largest consumer of fossil fuels by far, nothing could be more encouraging than to share geographical proximity with a nation so abundantly endowed with oil. Increasingly, however, a common neighborhood is all the U. S. shares in common with Venezuela. The two nations are clearly drifting apart, and at an alarming pace. The lightening rod in America's relationship with its South American neighbor is Hugo Chavez. In many recent pronouncements, the President o... ...lt;http://globalresearch.ca/articles/LAN407A.html>. -Niemeyer, Ralph and Lucila Gallino. â€Å"Interview With President Chavez.† Venezuela Analysis. November 2003 <http://www.venezuelaanalysis.com/articlese.php?artno=1055>. -Pike, John. â€Å"Venezuela.† GlobalSecurity. August 2004 <http://www.globalsecurtiy.org/intell/ops/venezuela.htm>. -Stelzer, Irwin M. â€Å"The Axis of Oil: China and Russia Find a New Way to Advance Their Strategic Ambitions.† Free Republic. February 2005 < http://www.freerepublic.com/focus/f-news/1346965/posts>. -â€Å"Topic Area A: The Situation in Venezuela.† Model United Nations of the University of Chicago. <www.munuc.org>. -West, Andrew. â€Å"A Recipe for Economic Collapse in Venezuela: Hugo Chavez’s Anti- Capitalist Philosophy.† Capitalism Magazine. October 2000 <http://www.freerepublic.com/focus/fr/565966/posts>.

Steel and Tariffs Essay -- Economy Economics Essays

Steel and Tariffs We have all heard this joke. Only now the horse has been replaced with consumers of steel in the US steel industry. Why? Many companies in our economy that use steel as an input to produce their goods are staggering due to recent extraordinarily high steel prices. President Bush dropped a tariff on imported steel on Thursday March 4th; according to basic economics, this cancellation of the steel import tariff should have dropped the price for US domestic consumers. Unfortunately though, that hasn't happened. Steel prices are currently at record highs and many forecast even higher prices to come. This puts huge pressure on small businesses that are dependent on steel for their well being. With higher prices threatening these business owners’ profits and future sales all, including the very large companies, are looking for any break in the high priced storm that seems to be closing in on the future of the steel industry. While many companies are sending out fair warning that con sumers can expect higher prices in the car, furniture, and construction industries, many look for ways to cut costs and layoffs have been mentioned. Could this have been avoided? Many look to the recent lifting of tariffs imposed on steel imports as a possible culprit. Although the lifting of the tariff has affected the market, it is unlikely that the lifting correlates with the recent spike in steel prices. With the United Steel Workers of America screaming that the dropped import tariffs are, "clear evidence of capitulating to European blackmail and a sorry betrayal of American steelworkers and their communities," (Crutsinger 1) and representatives in congress showing much disgust at the presidents lack of respect and compassion for o... ...k, John. "US Steelmakers in Continuing Crisis." Challenge.Vol. 47, no. 1, January/February. M. E. Sharp, INC. 2004. 86-106. Crutsinger, Martin. "Bush drops steel import tariffs, accused of 'betrayal' by industry"The Game Cock. 04/05/04. <http://www.dailygamecock.com/news/2003/12/05/News/BushDrops.Steel.Impot.Tarif.Accused.Of.betrayal.By.Industry-573188.shtml> Goodrich, Ben. Hufbauer, Gary Clyde. "Steel Policy: The Good, the Bad, and the Ugly." Internationas Economics Policy Briefs. January 2003. ---. "Time for a Grand Bargin in Steel?" Institute for International Economics. 04/05/04. <http://www.iie.com/publications/pb/pb02-1.htm>. Hagenbaugh, Barbara. "Steel Prices Soar 66% in a World Market 'gone mad'." USA Today. McLean, VA. Feb 20, 2004. pg B.01 Irwin, Douglas A. Free Trade Under Fire. Princeton, New Jersey: Princeton University Press 2002.

Marketing Changing Essay

Along with the changing business world, customers change as well, becoming more demanding and knowledgeable than before. In turn, company management had shifted their focus on their clients or customers so as to stay successfully in business. This transition meant that Estee Lauder have to completely reformulate their conventional business aims and purposes from being process-focused to customer-centred. Rethinking and reformulating the organization on the other hand, entail the consideration of several factors such as various processes, technology, the environment as well as the success factors of people (Cohen and Moore, 2000). Hence, in order to bring out exceptional customer services within the company operations, the management should employ fine-tuned organizational restructuring. Moreover, employing proactive customer commitment involves the consideration on culture and infrastructure (Lowenstein, 1997).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The creation or formulation of a marketing communication plan is essential for all industries. In most cases, communication is necessary to mobilize support, remove uncertainty, establish acceptance, and most importantly, reduce the risks. Oftentimes, the implementation of marketing communication strategy through for example, new product or new initiative, requires enormous allocations for both staff and financial resources. Hence, all efforts and resources must not go to waste; they must all be directed towards the objective of the company (Neumann and Sumser, 2002). Several disadvantages can be obtained due to inadequate planning of the marketing communication strategy. For instance, it could lead to productivity losses, including loss of both existing and new staff and economic loss. The absence of a marketing communication plan may also lead to false starts and personal losses, which can occur as stakeholders become frustrated and disappointed over the general mission (Neumann and Sumser, 2002). On the bright side, these losses are avoidable. In support of the creation of a marketing communication plan, Shimp (2003) had noted that the efficacy of marketing communication lies on four major aspects. These aspects state that marketing communication should be clearly positioned; directed to a particular target market, created to achieve a specific objective; and undertaken to accomplish the objective within the budget constraint. According to Byron in 2006, Estee Lauder debuted its first-ever online campaign for its flagship brand, with ads promoting its newest anti-aging product, Advanced Night Repair Concentrate. The campaign includes a dedicated site at www.thelittlebrownbottle.com, advertisements on blogs and a sponsored MSN.com site called `Night Spa.` The company declined to quantify the cost, although it said the online budget was coming out of money normally spent on traditional media. Està ©e Lauder spent about $60 million advertising its namesake brand last year, according to a person familiar with the matter. Under the marketing plan, clear positioning is identified through the determination of the Estee Lauder’s Advanced Night Repair Concentrate, its image to the customers as well as its competitors. In terms, of market communications, these aspects are also related. Marketing communication must be clearly positioned in such a way that its objective and strategy places the product over all other competitors. An advertisement for instance, must be able to stand out to the consumers so as gain a stronger foothold within the market. Popular commercial statements for instance, also create clear positioning out of marketing communication. Estee Lauder for example is known for its main mission, which states that the company’s purpose is to create value for customers to earn their lifetime loyalty. Through this popular slogan, Estee Lauder clearly positions itself in most retailers that provide everything the customer needs so as to gain their patronage.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   By means of studying the competitors, Estee Lauder can apply a marketing communication strategy that will clearly position its product to the target market. This aspect of marketing communication can be explained further by understanding customer relationship management. By establishing good relations with the company’s customers, clear positioning of marketing communications can be attained. The implementation of customer relationship management (CRM) through the comprehensive approach can provide the company considerable competitive advantage. This aspect is very much essential to this time considering that most services or products offered by companies have certain similarities (Lowenstein, 1997). Strategy perhaps, is the most important key to the successful implementation of customer relationship management. In order to do so, company management must realize that, either directly or indirectly, the achievement of its goals contributes much to the customers’ or clients’ general experience with the company. Successful incorporation of people, process and technology is probably the most efficient strategy in CRM implementation. This system begins with the purposeful and dedicated alignment of the processes employed by the management. These include the planning, organizing, directing and controlling procedures, which are all geared towards the customers (Cohen and Moore, 2000). Thus, customer management relationship, also referred to as customer service management, encompasses more than the attainment of customer satisfaction. This change management is a balance between enhanced company processes and renewed objectives. In other words, customers should also feel that the companies and businesses they support and patronize give due importance, essentiality and vitality to their operations (Cohen and Moore, 2000).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Marketing communication must be created to achieve specific objectives. Upon the identification of the target market, the company must then formulate the message it wants to relay to its audience. This is also referred to as the company’s value proposition. The creation of the objectives of marketing communication is important so as to cause an impact or effect to the each member of the target audience in spite of the extensive communication noise (Neumann and Sumser, 2002). In a way, the identification of the objectives will help the company come up with communication methods that will it stand out or different from the rest. The consumers need to understand fully how the communication message will affect them. If it is a relevant message, and they are able to decipher its effect on them, the company will be able to successfully communicate the message.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The objectives of marketing communication are interconnected with the activities the company can apply for effective communication as well as its target market. For instance, the company aims to improve and broaden its services to its customers. In order to do this, the company applied a strategy through the use of the internet. Considering that some customers are working on the field, this strategy will only work for customers who work on online environments. Hence, the company must apply a marketing communication strategy that is applicable for all targets. In addition to the consideration of the total target market, each individual must be exposed to the company’s message several times so as to establish a stronger connection. This can be achieved through the use of several strategies such as the conduction of various events, online marketing, direct mail or advertising.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Basically, the objectives of companies for employing marketing communication are concentrated on the enhancement of customer services, augmentation of market coverage, increased company profit or introduction of a new product or services. In order to achieve these objectives, companies apply various forms of strategies. The tremendous growth of technological advancement has become the driving force of contemporary industries.   The diffusion of the internet has revolutionized the business arena.   The use of the Internet is changing high-tech marketing overnight while different industries have been trying to use it as part of their marketing strategy. It has not only reconfigured the way different firms do business and the way the consumers buy goods and services, but it has also become an effective instrument in transforming the value chain from manufacturers to retailers to consumers, creating a new retail distribution channel (Donthu and Garcia, 1999).   E-marketing is a powerful tool used by different business organizations around the world.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   E-marketing is also known to be the online marketing strategy utilized by different company whose objective is to be the best company in their field.   In various countries worldwide, more and more business firms have been using e-marketing strategy in order to be competitive.   From books, foods and beverages, automobiles and other products and services, various firms, irregardless of their company sizes, are trying to survive by means of e-marketing strategy.   Aside from being a promotional medium, the internet is a tool for marketing communications as well. Due to its interactive nature, the internet is an efficient method used in communicating with the consumers. Hence, several companies are beginning to realize the advantages of using the internet as a tool for communication. Companies then started to concentrate on designing web-related strategies and employing interactive agencies that will facilitate their development of specific company web sites as part of their integrated marketing communication strategy. There are companies however, that are effectively using the internet by incorporating their web-related strategies with the other areas of their IMC strategies. The approach now becomes integrated and more strategic. On-line marketing is considered to be the most expensive yet seems to be the most comprehensive marketing strategy that every company wants to implement and apply. At present, people, particularly those in the business arena, tend to engage themselves within the trend of rapidly growing technology so as to stay competitive. Upon surfing the internet, various companies have put up their official sites online for customers and potential consumers to view. Online or e-marketing is the latest marketing approach for any firm who wants to effectively market its products and services. In addition, e-marketing enables the company to be known worldwide since more and more people are able to access information derived from the internet.   Within the business world, where competition is strict, internet marketing is one essential marketing strategy applied by most industries. Marketing is indeed a complex combination of several factors. Within the concept of effective marketing communication, an effective plan must involve clear positioning, identification of the target market, establishment of specific objectives and strategy implementation within budgetary constraints. In order to successfully apply marketing communications, companies must be able to integrate all these factors, such as the ones exemplified by Estee Lauder to its retailers. References Cohen, S. & Moore, J. (2002). Today’s Buzzword: CRM. Public Management, 82 (4), 10. Donthu, N. & Garcia, A. (1999). The Internet shopper. Journal of Advertising Research, 39 (3), 52-58. Lowenstein, M.W. (1997). The Customer Loyalty Pyramid. Westport, CT: Quorum Books. Neumann, E. & Sumser, R. (2002). Marketing Communications: A Vital Element of Achieving Change. The Public Manager, 31 (4), 9+. Shimp, T.A. (2003). Advertising, Promotion, & Supplemental Aspects of Integrated Marketing Communication. Sixth Edition. Southwestern: Thompson.   

Marketing Mix (4 P’s) of Milo Essay

Milo: In Greek mythology there was a Roman athlete named MILOn who was famous for his feats of strength. Legend has it that he once carried a four-year-old bullock through the stadium in Olympia, Greece! You may not grow as strong as Milon by drinking MILO, but it is a very tasty way to get many of the nutrients you need to grow strong. Product: ‘Milo’ the energy drink nestled into the Indian market in 1996. The responsibility of launching the drink in a market dominated by time tested Bournvita and Boost was no easy task for Nestle. Being the fifth player in the brown beverage market, the drink was up against Bournvita which had an enviable market share of 40% and SmithKline Beecham, a strong contender, especially in the south. After establishing Milo as the world’s number one energy drink and its taste benefits, the attention shifted to presenting its emotional benefits too. The focus was now on revamping the brand image from being a tasty energy drink to one that provided extra energy to ‘win’. New Milo is for active, growing children its energy releasing B vitamins give them the extra energy, vitality and stamina that make them winners. Milo, the chocolate milk beverage targeted essentially at teenagers in the urban marketplace is the fastest selling product here. The only surprise finding being that instead of growing up kids, senior citizens like to have it everyday with their glass of milk. Milo now has Actigen – E which consists of Vit B1 (Thiamin)helps the body release energy from carbohydrates during growth and muscle Vit B2 (Riboflavin)helps body release energy from protein, fats and carbohydrate metabolism, helps improve athletic Vit B3 (Niacin)associated with the catabolism of nutrients and the production of energy Vit B5 (Pantothenic acid)essential in the metabolism of protein, fats and carbohydrates release of energy Vit B6 (Pyridoxine)together with related compounds, cofactor the enzymatic conversion of amino-acids and  glycogen Vit B8 (Biotin)required for specific enzymes involved in energy metabolism to function Vit B12 (Cobalamin)helps keep cells in the circulatory, nervous and digestive system in good working condition, regulates the body’s oxygen at a level that promotes release of energy Vit C (Ascorbic Acid)increases the absorption of dietary iron from the intestine to the body Ironessential for transporting oxygen from the lungs to the tissues for storage: significant in the oxidative p roduction of energy Calciumessential in cellular metabolism, involved in muscle contraction, transmission of impulses in nerves, blood clotting mechanisms and enzyme activation Magnesiumneeded for over 30 enzyme system in the body to function effectively, necessary in both anaerobic and aerobic energy generation Phosphorouscrucial in the metabolism of all major metabolic substrates; co-factor in a variety of enzymes and is the reservoire for metabolic energy Promotion: Using the consumer insight that mothers are driven by a need to support their sons’ hard work and help them succeed when under pressure, the agency launched an impressive ad campaign. The research following the campaign revealed the need for Milo to be perceived as a drink with 2 strong deliverables- Energy and Taste. Thus a strategy was adopted wherein the agency targeted children belonging to the age group of 7-12 years and through them their mothers. The strategy worked and led to a 40% volume growth, with the market share growing to 8.8%. The agency came up with commercials addressed to children as the target audience and mothers as the secondary audience. The campaign proved to be successful with the drink emerging as the No. 2 brand in 3 out of 4 zones, and its market share growing to an impressive 11.4%. Not satisfied, the agency undertook another research, which revealed two issues that needed to be addressed immediately. Firstly the pester power, which in this category was not very high and secondly, the fact that Milo’ s brand promise of winning was unfortunately being perceived as an advertising/ marketing claim. Hence Nestle embarked into yet another campaign, this time with the intention of improving the brand image by overcoming a mother’s apprehensions and getting her to subscribe to the brand promise. Other than that it takes an active part in the sponsorship of sports event at both school & colleges, they also  distribute T-Shirts having Milo logo and other such apparel. This helps company to promote their product as well as build their Brand Awareness. Place: Distribution is the most important thing next to sales. Sales are not possible if the distribution network is not effective. If the product is not available in the market at the right time & at the right place the customer may switch to another product which can be a great loss the company. Distribution Pattern followed by Milo: Price: Taking competition into consideration Milo provides its product at an affordable price to the customer than any other HFD in the market and no compromise on quality is made. Because of such competitive price it is also catering to the middle class & lower middle-class. Milo Weight(gm)Box pack (Rs) 20045 50099 1000180 Packing: Milo comes in an attractive Box pack which is green in color which is very attractive and eye catching other than that it is light weight as compared to the bulky glass jars of other companies, and it is also convenient to store & handle. With glass jar there is always a chance of breaking and harming the child if he tries to have milk on his own. But the packaging of Milo is so convenient that a child can easily prepare his own milk preparation and have it whenever he wants.

Assessing Compnay’s Financial Health

Assessing a Company's Future Financial Health Assessing the long-term financial health of a company is an important task for management in its formulation of goals and strategies and for outsiders as they consider the extension of credit, long- term supplier agreements, or an investment in a company’s equity. History abounds with examples of companies that embarked upon overly ambitious programs and subsequently discovered that their portfolios of programs could not be financed on acceptable terms.The outcome frequently was the abandonment of programs in mid-stream at considerable financial, organizational, and human cost. It is the responsibility of management to anticipate future imbalance in the corporate financial system before its severity is reflected in the financials, and to consider corrective action before both time and money are exhausted. The avoidance of bankruptcy is an insufficient standard. Management must ensure the continuity of the flow of funds to all of it s strategically important programs, even in periods of adversity.Figure A provides a conceptualization of the corporate financial system, with a suggested step-by- step process to assess whether it will remain in balance over the ensuing 3-5 years. The remainder of this note discusses each of the steps in the process and then provides an exercise on the various financial measures that are useful as part of the analysis. The final section of the note demonstrates the relationship between a firm’s strategy and operating characteristics, and its financial characteristics.Professor Thomas Piper prepared the original version of this note, â€Å"Assessing a Firm’s Future Financial Health,† HBS No. 201-077, which is being replaced by this version prepared by the same author. This note was prepared as the basis for class discussion. Copyright  © 2010, 2011 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-80 0-545- 7685, write Harvard Business School Publishing, Boston, MA 02163, or go to www. hbsp. harvard. edu/educators.This publication may not be digitized, photocopied, or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School. 911-412Assessing a Company's Future Financial Health Figure AThe Corporate Financial System Goals Step 1Strategy Market, Competitive Technology Regulatory and Operating Characteristics Step 2Revenue Outlook †¢growth rate †¢volatility, predictability Step 3Step 4 Investment in AssetsEconomic Performance †¢to support growth†¢profitability †¢improvement/deterioration in asset management cash flow †¢volatility, predictability Step 5Step 6 External Financing NeedTarget Sources of Finance †¢$ amount†¢lending/investing criteria †¢timing, duration †¢deferability †¢attractiveness of firm to each target source Step 7 Viability of 3-5 Year Plan †¢consistency with goals â € ¢achievable operating plan †¢achievable financing plan Step 8 Stress Test for Viability Under Various scenarios Step 9 Financing and Operating Plan for Current Year Steps 1, 2: Analysis of FundamentalsThe corporate financial system is driven by the goals, business unit choices and strategies, market conditions and the operating characteristics. The firm’s strategy and sales growth in each of its business units will determine the investment in assets needed to support these strategies; and the effectiveness of the strategies, combined with the response of competitors and regulators, will 2 Assessing a Company's Future Financial Health911-412 strongly influence the firm’s competitive and profit performance, its need for external finance, and its access to the debt and equity markets.Clearly, many of these questions require information beyond that contained in a company’s published financial reports. Step 3: Investments to Support the Business Unit(s) Stra tegy(ies) The business unit strategies inevitably require investments in accounts receivable, inventories, plant ; equipment, and possibly, acquisitions. Step 3 of the process is an attempt to estimate the amount that will be tied up in each of the asset types by virtue of sales growth and the improvement/deterioration in asset management.An analyst can make a rough estimate by studying the past pattern of the collection period, the days of inventory, and plant ; equipment as a percent of cost of goods sold; and then applying a â€Å"reasonable value† for each to the sales forecast or the forecast of cost of goods sold. Extrapolation of past performance assumes, of course, that the future underlying market, competitive and regulatory â€Å"drivers† will be unchanged from the conditions that influenced the historical performance. Step 4: Future Profitability and Competitive PerformanceStrong sustained profitability is an important determinant of (1) a firm’s acce ss to debt and/or equity finance on acceptable terms; (2) its ability to self-finance growth through the retention of earnings; (3) its capacity to place major bets on risky new technologies, markets, and/or products; and (4) the valuation of the company. A reasonable starting point is to analyze the past pattern of profitability. 1. What have been the average level, trend and volatility of profitability? 2. Is the level of profitability sustainable, given the outlook for the market and for competitive and regulatory pressures? . Is the current level of profitability at the expense of future growth and/or profitability? 4. Has management initiated major profit improvement programs? Are they unique to the firm or are they industry-wide and may be reflected in lower prices rather than higher profitability? 5. Are there any â€Å"hidden† problems, such as suspiciously high levels or buildups of accounts receivable or inventory relative to sales, or a series of unusual transactio ns and/or accounting changes? Step 5: Future External Financing NeedsWhether a company has a future external financing need depends on (1) its future sales growth; (2) the length of its cash cycle; and (3) the future level of profitability and profit retention. Rapid sales growth by a company with a long cash cycle (a long collection period + high inventories + high plant ; equipment relative to sales) and low profitability/low profit retention is a recipe for an ever- increasing appetite for external finance, raised in the form of loans, debt issues, and/or sales of shares. Why?Because the rapid sales growth results in rapid growth of an already large level of total assets. The increase in total assets is offset partially by an increase in accounts payable and accrued expenses, and by a small increase in owners’ equity. However, the financing gap is substantial. For example, the company portrayed in Table A requires $126 million of additional external finance by the end of y ear 2010 to finance the increase in total assets required to support 25% per year sales growth in a business that is fairly asset intensive. 3 911-412Assessing a Company's Future Financial Health Table A |Assuming a 25% Increase in Sales ($ in millions) | | | | | | |Assets |2009 |2010 | |Cash |$ 12 |^ 25% |$ 15 | |Accounts receivable |240 |^ 25% |300 | |Inventories |200 |^ 25% |250 | |Plant ; equipment | 400 |^ 25% | 500 | |Total |$852 | |$1,065 | | | | | | |Liabilities and Equity | | | | |Accounts payable |$100 |^ 25% |$ 125 | |Accrued expenses |80 |^ 25% |100 | |Long-term debt |272 |Unchanged |272 | |Owners’ equity | 400 |footnote a | 442 | |Total |$852 | |$ 939 | |External financing need | 0 | | 126 | |Total |$852 | |$1,065 | a It is assumed (1) that the firm earns $60 million (a 15% return on beginning of year equity) and pays out $18 million as a cash dividend; and (2) that there is no required debt repayment in 2010. If, however, the company reduced its sales growth to 5% (and total assets, accounts payable and accrued expenses increased accordingly by 5%), the need for additional external finance would drop from $126 million to $0.High sales growth does not always result in a need for additional external finance. For example, a food retailer that extends no credit to customers, has only eight days of inventory, and does not own its warehouses and stores, can experience rapid sales growth and not have a need for additional external finance provided it is reasonably profitable. Because it has so few assets, the increase in total assets is largely offset by a corresponding, spontaneous increase in accounts payable and accrued expenses. Step 6: Access to Target Sources of External Finance Having estimated the future financing need, management must identify the target sources (e. g. banks, insurance companies, public debt markets, public equity market) and establish financial policies that will ensure access on acceptable terms. 1. How sound is the fi rm’s financial structure, given its level of profitability and cash flow, its level of business risk, and its future need for finance? 2. How will the firm service its debt? To what extent is it counting on refinancing with a debt or equity issue? 3. Does the firm have assured access on acceptable terms to the equity markets? How many shares could be sold and at what price in â€Å"good times†? In a period of adversity? 4. What criteria are used by each of the firm’s target sources of finance to determine whether finance will be provided and, if so, on what terms? 4 Assessing a Company's Future Financial Health911-412The evaluation of a firm’s financial structure can vary substantially depending on the perspective of the lender/investor. A bank may consider a seasonal credit a very safe bet. Considerable shrinkage can occur in the conversion of inventory into sales and collections without preventing repayment of the loan. In contrast, an investor in the f irm’s 20-year bonds is counting on its sustained health and profitability over a 20-year period. Step 7: Viability of the 3-5 Year Plan 1. Is the operating plan on which the financial forecasts are based achievable? 2. Will the strategic, competitive, and financial goals be achieved? 3. Will the resources required by the plan be available? 4.How will the firm’s competitive, organizational, and financial health at the end of the 3-5 years compare with its condition at the outset? Step 8: Stress Test under Scenarios of Adversity Financing plans typically work well if the assumptions on which they are based turn out to be accurate. However, this is an insufficient test in situations marked by volatile and unpredictable conditions. The test of the soundness of a 3-5 year plan is whether the continuity of the flow of funds to all strategically important programs can be maintained under various scenarios of adversity for the firm and/or the capital markets—or at least be maintained as well as your competitors are able to maintain the funding of their programs.Step 9: Current Financing Plan How should the firm meet its financing needs in the current year? How should it balance the benefits of future financing flexibility (by selling equity now) versus the temptation to delay the sale of equity by financing with debt now, in hopes of realizing a higher price in the future? The next section of this note is designed to provide familiarity with the financial measures that can be useful in understanding the past performance of a company. Extrapolation of the past performance, if done thoughtfully, can provide valuable insights as to the future health and balance of the corporate financial system.Historical analysis can also identify possible opportunities for improved asset m a n a g e m e n t or margin i m p r o v e m e n t , as well as provide an important, albeit incomplete, basis for evaluating the attractiveness of a business and/or the effective ness of a management team. Financial Ratios and Financial Analysis The three primary sources of financial data for a business entity are the income statement, the balance sheet, and the statement of cash flows. The income statement summarizes revenues and expenses over a period of time. The balance sheet is the list of what a company owns (its assets), what it owes (its liabilities), and what has been invested by the owners (owners’ equity) at a specific point in time.The statement of cash flow categorizes all cash transactions during a specific period of time in terms of cash flows generated or used for operating activities, investing activities, and financing activities. The focus of this section is on performance measures based on the income statements and balance sheets of SciTronics—a medical device company. The measures can be grouped by type:(1) 5 911-412Assessing a Company's Future Financial Health profitability measures, (2) activity (asset management) measure s, (3) leverage and liquidity measures. Please refer to the financial statements of SciTronics as shown in Exhibits 1 and 2 at the end of the note.As you work through the questions that follow, please also consider three broad questions: 1. What is your assessment of the performance of SciTronics during the 2005-2008 period? 2. Has its financial strength and its access to external sources of finance improved or weakened? 3. What are the 2-3 most important questions you would ask management as the result of your analysis? Sales Growth Sales growth is an important driver of the need to invest in various type assets and of the company’s value. It also provides some indication of the effectiveness of a firm’s strategy and product development activities, and of customer acceptance of a firm’s products and services. 1.During the four-year period ended December 31, 2008, SciTronics’ sales grew at a % compound rate. There were no acquisition or divestitures. Prof itability Ratio: How Profitable Is the Company? Profitability is a necessity over the long-run. It strongly influences (1) the company’s access to debt; (2) the valuation of the company’s common stock; (3) the willingness of management to issue stock; and (4) the capacity to self-finance. One measure of profitability of a business is its return on sales, measured by dividing net income by net sales. 1. SciTronics’ profit as a percentage of sales in 2008 was %. 2. This represented an increase/decrease from % in 2005.Management and investors often are more interested in the return earned on the funds invested than in the level of profits as a percentage of sales. Companies operating in businesses requiring very little investment in assets often have low profit margins but earn very attractive returns on invested funds. Conversely, there are numerous examples of companies in very capital-intensive businesses that earn miserably low returns on invested funds, despit e seemingly attractive profit margins. Therefore, it is useful to examine the return earned on the funds provided by the shareholders and by the â€Å"investors† in the company’s interest-bearing debt.To increase the comparability across companies, it is useful to use EBIAT (earnings before interest but after taxes) as the measure of return. The use of EBIAT as the measure of return also allows the analyst to compare the return on invested capital (calculated before the deduction of interest expense), with the company’s estimated cost of capital to determine the long-term adequacy of the company’s profitability. EBIAT is calculated by multiplying EBIT (earnings before interest and taxes) times (1—the average tax rate). EBIT x ? 1 ? tax rate? Owners? equity plus interest bearing debt 3. SciTronics had a total of $_ of capital at year-end 2008 and earned before interest but after taxes (EBIAT) $ during 2008.Its return on capital was % in 2008 which r epresented an increase/decrease from the % earned in 2005. 6 Assessing a Company's Future Financial Health911-412 From the viewpoint of the shareholders, an equally important figure is the company’s return on equity. Return on equity is calculated by dividing profit after tax by the owners’ equity. Profit after taxes Owners? equity Return on equity indicates how profitably the company is utilizing shareholders’ funds. 4. SciTronics had $_ of owners’ equity and earned $_ after taxes in 2008. Its return on equity was % an improvement/deterioration from the % earned in 2005. Activity Ratios: How Well Does the Company Employs Its Assets?The second basic type of financial ratio is the activity ratio. Activity ratios indicate how well a company employs its assets. Ineffective utilization of assets results in the need for more finance, unnecessary interest costs, and a correspondingly lower return on capital employed. Furthermore, low activity ratios or deterior ation in the activity ratios may indicate uncollectible accounts receivable or obsolete inventory or equipment. Total asset turnover measures the company’s effectiveness in utilizing its total assets and is calculated by dividing total assets into sales. Net sales Total assets Total asset turnover for SciTronics in 2008 can be calculated by dividing $ into $ .The turnover improved/deteriora ed from times in 2005 to times in 2008. It is useful to examine the turnover ratios for each type of asset, as the use of total assets may hide important problems in one of the specific asset categories. One important category is accounts receivables. The average collection period measures the number of days that the company must wait on average between the time of sale and the time when it is paid. The average collection period is calculated in two steps. First, divide annual credit sales by 365 days to determine average sales per day: Net credit sales 365 days Then, divide the accounts r eceivable by average sales per day to determine he number of days of sales that are still unpaid: Accounts receivable Credit sales per day SciTronics had $ invested in accounts receivables at year-end 2008. Its average sales per day were $ during 2008 and its average collection period was _days. This represented an improvement/deterioration from the average collection period of days in 2005. A third activity ratio is the inventory turnover ratio, which indicates the effectiveness with which the company is employing inventory. Since inventory is recorded on the balance sheet at cost (not at 7 911-412Assessing a Company's Future Financial Health ts sales value), it is advisable to use cost of goods sold as the measure of activity. The inventory turnover figure is calculated by dividing cost of goods sold by inventory: Cost of goods sold Inventory 3. SciTronics apparently needed $ of inventory at year-end 2008 to support its operations during 2008. Its activity during 2008 as measured by the cost of goods sold was $_ . It therefore had an inventory turnover of times. This represented an improvement/deterioration from times in 2005. An alternative measure of inventory management is days of inventory, which can be calculated by dividing cost of goods sold by 365 days to determine average cost of goods sold per day.Days of inventory is calculated by dividing total inventory by cost of goods sold per day. A fourth and final activity ratio is the fixed asset turnover ratio which measures the effectiveness of the company in utilizing its plant and equipment: NetsalesNet fixed assets 4. SciTronics had net fixed assets of $ and sales of $ in 2008. Its fixed asset turnover ratio in 2008 was times, an improvement/deterioration from times in 2005. Leverage Ratios: How Soundly is the Company Financed? There are a number of balance sheet measures of financial leverage. The various leverage ratios measure the relationship of funds supplied by creditors to the funds supplied by owners.The use of borrowed funds by reasonably profitable companies will improve the return on equity. However, it increases the riskiness of the business and the riskiness of the returns to the stockholders, and can result in financial distress if used in excessive amounts. The ratio of total assets divided by owners’ equity is an indirect measure of leverage. A ratio, for example, of $6 of assets for each $1 of owner’s equity indicates that $6 of assets is financed by $1 of owners’ equity and $5 of liabilities. 1. SciTronics’ ratio of total assets divided by owners’ equity increased/decreased from at year –end 2005 to at year-end 2008.The same â€Å"story† of increasing financial leverage is told by dividing total liabilities by total assets. 2. At year-end 2008, SciTronics’ total liabilities were % of its total assets, which compares with % in 2005. Lenders—especially long-term lenders—want reasonable assuranc e that the company will be able to repay the loan in the future. They are concerned with the relationship between a company’s debt and its total economic value. This ratio is called the total debt ratio at market. Total liabilities Total liabilities ? market value of the equity The market value of the equity is calculated by multiplying the number of shares of common stock outstanding times the market price per share. 8Assessing a Company's Future Financial Health911-412 3. The market value of SciTronics’ equity was $175,000,000 at December 31, 2008. The total debt ratio at market was . A fourth ratio that relates the level of debt to economic value and performance is the times interest earned ratio. This ratio relates earnings before interest and taxes—a measure of profitability and of long-term viability—to the interest expense—a measure of the level of debt. Earnings before interest and taxes Interest expense 4. SciTronics’ earnings befor e interest and taxes (operating income) were $_ in 2008 and its interest charges were $ . Its times interest earned was times.This represented an improvement/deterioration from the 2005 level of times. A fifth and final leverage ratio is the number of days of payables. This ratio measures the average number of days that the company is taking to pay its suppliers of raw materials and components. It is calculated by dividing annual purchases by 365 days to determine average purchases per day: Annual purchases 365 days Accounts payable are then divided by average purchases per day: Accounts payable Average purchases per day to determine the number of days purchases that are still unpaid. It is often difficult to determine the purchases of a firm.Instead, the income statement shows cost of goods sold, a figure that includes not only raw materials but also labor and overhead. Thus, it often is only possible to gain a rough idea as to whether or not a firm is becoming more or less depende nt on its suppliers for finance. This can be done by tracking the pattern over time of accounts payable as a percent of cost of goods sold. Accounts payable Cost of goods sold 5. SciTronics owed its suppliers $ at year end 2008. This represented % of cost of goods sold and was an increase/decrease from % at year end 2005. The company appears to be more/less prompt in paying its suppliers in 2008 than it was in 2005. 6.The financial riskiness of SciTronics increased/decreased between 2005 and 2008. Liquidity Ratios: How Liquid is the Company? The fourth basic type of financial ratio is the liquidity ratio. These ratios measure a company’s ability to meet financial obligations as they become current. The current ratio, defined as current assets divided by current liabilities, assumes that current assets are much more readily and certainly convertible into cash than other assets. It relates these fairly liquid assets to claims that are due within one year—the current liab ilities. 9 911-412Assessing a Company's Future Financial Health Current assets Current liabilities 1.SciTronics held $ of current assets at year-end 2008 and owed $ to creditors due to be paid within one year. Its current ratio was , an increase/decrease from the ratio of at year-end 2005. The quick ratio or acid test is similar to the current ratio but excludes inventory from the current assets: Current assets ? Inventory Current liabilities Inventory is excluded because it is often difficult to convert into cash (at least at book value) if the company is struck by adversity. 2. The quick ratio for SciTronics at year-end 2008 was _, an increase/decrease from the ratio of at year-end 2005. Profitability RevisitedManagement can â€Å"improve† its return on equity by improving its return on sales and/or its asset turnover and/or by increasing its financial leverage as measured by total assets divided by owners’ equity. ROE ? Net Income x Sales Sales Total Assets Total As sets x Owners? Equity Each method of â€Å"improvement† differs operationally and in terms of risk. 1. The improvement in SciTronics’ return on equity from 8. 2% in 2005 to 18. 7% in 2008 resulted from an increase/decrease in its return on sales; and an increase/decrease in its asset turnover, and an increase/decrease in its financial leverage. A WarningThe calculated ratios are no more valid than the financial statements from which they are derived. The quality of the financial statements should be assessed and appropriate adjustments made, before any ratios are calculated. Particular attention should be placed on assessing the reasonableness of the accounting choices and assumptions embedded in the financial statements. The Case of the Unidentified Industries The preceding exercise suggests a series of questions that may be helpful in assessing a company’s future financial health. It also describes several ratios that are useful in answering some of the questi ons, especially if the historical trend in these ratios can be reasonably extrapolated.However, it is also important to compare the actual absolute value with some standard to determine whether the company is performing well. Unfortunately, there is no single current ratio, inventory turnover, or debt ratio that is appropriate to all industries. The operating and competitive characteristics of the company’s industry greatly influence its investment in the various types of assets, the riskiness of these investments, and the financial structure of its balance sheet. 10 Assessing a Company's Future Financial Health911-412 Try to match the five following types of companies with their corresponding balance sheets and financial ratios as shown in Exhibit 3. 1. Electric utility 2. Japanese automobile manufacturer 3. Discount general merchandise retailer 4.Automated test equipment/systems company 5. Upscale apparel retailer In doing the exercise, consider the operating and competitiv e characteristics of the industry and their implications for (1) the collection period; (2) inventory turnover; (3) the amount of plant and equipment; (4) the profit margins and profitability; and (5) the appropriate financing structure. Then identify which one of the five sets of balance sheets and financial ratios best match your expectations, given the difficult economic conditions in 2009. 11 911-412Assessing a Company's Future Financial Health Exhibit 1SciTronics, Inc. Consolidated Income Statements 2005-2008 ($ in thousands) 20042005200620072008 | | | | | | |Sales |$115,000 |$147,000 |171,000 |$205,000 |$244,000 | |Cost of goods sold | | 43,000 | 50,000 | 63,000 | 74,000 | |Gross margin | |104,000 |121,000 |142,000 |170,000 | |Research ; development | |15,000 |20,000 |26,000 |28,000 | |Sell, general ; administrative | | 79,000 | 92,000 | 106,000 | 116,000 | |Operating income | 10,000 |9,000 |10,000 |26,000 | |Interest expense | | 1,000 | 2,000 | 2,000 | 2,000 | |Profit before tax | |9,000 |7,000 |8,000 |24,000 | |Income tax | |4,000 | 2,000 | 3,000 | 10,000 | |Net income | |$ 5,000 |$ 5,000 |$ 5,000 |$14,000 | Exhibit 2SciTronics, Inc. Consolidated Balance Sheet at December 31, 2005-2008 ($ in thousands) | | | | | | |2005 |2006 |2007 |2008 | | | | | | | |Cash |$ 9,000 |$ 10,000 |$ 15,000 |$ 18,000 | |Accounts receivable |42,000 |53,000 |61,000 |66,000 | |Inventories |21,000 |28,000 |30,000 |29,000 | |Other current assets | 10,000 | 13,000 | 21,000 | 20,000 | |Total current assets |82,000 |104,000 |127,000 |133,000 | |Net property ; equipment |9,000 |12,000 |13,000 |18,000 | |Other | 2,000 | 2,000 | 6,000 | 8,000 | |Total assets |$93,000 |$118,000 |$146,000 |$159,000 | | | | | | | |Notes payable |$ 3,000 |$ 18,000 |$ 8,000 |$ 10,000 | |Accounts payable |5,000 |6,000 |7,000 |6,000 | |Accrued expenses |10,000 |13,000 |21,000 |28,000 | |Other current liabilities | 3,000 | 3,000 | 4,000 | 4,000 | |Total urrent liabilities |21,000 |40,000 |40,000 |48,000 | |Lo ng-term senior debt |10,000 |9,000 |8,000 |7,000 | |Subordinated convertible debt |– |– |20,000 |20,000 | |Other liabilities |1,000 |3,000 |7,000 |9,000 | |Owners’ equity |61,000 |66,000 |71,000 |85,000 | |Treasury stock |– |– |– |(10,000) | |Owners’ equity | 61,000 | 66,000 | 71,000 | 75,000 | |Total liabilities and equity |$93,000 |$118,000 |$146,000 |$159,000 | 12 Assessing a Company's Future Financial Health911-412 Exhibit 3Unidentified Industries Balance Sheet Percentages ABCDE Cash1. 5%14. 4%12. 1%13. 3%11. 0% Receivables4. 63. 830. 939. 811. 8 Inventories1. 824. 613. 74. 716. 7 Other current assets2. 04. 35. 03. 810. 0 Property and equipment (net)74. 549. 634. 122. 120. 3 Other assets 15. 6 3. 4 4. 3 16. 3 30. 2 Total assets100%100%100%100%100% Notes payable5. 3%0. 4% 5. 4%18. 2%1. 4% Accounts payable2. 124. 811. 0 8. 38. 8 Other current liabilities5. 917. 014. 28. 716. 5 Long-term debt33. 610. 034. 323. 121. 7 Other liabilitie s26. 32. 211. 25. 62. 0Owners’ equity 26. 8 45. 6 23. 9 36. 1 49. 6 Total100%100%100%100%100% Selected Ratios Net profit/net sales10. 3%1. 5% 5. 1%1. 3%(5. 8%) Return on capital 6. 8%9. 2%12. 6%0. 9%(3. 1%) Return on equity12. 5%10. 8%28. 1%2. 2%(7. 6%) Sales/total assets . 323. 251. 31. 63 . 65 Collection period (days)5248623243 Days of inventory43326231147 Sales/net property ; equipment. 436. 73. 82. 93. 6 Total assets/equity3. 732. 194. 192. 792. 01 Total liabilities/total assets. 73. 54. 76. 66. 50 Interest-bearing debt/total capital 59%19% 62%53% 32% Times interest earned3. 2 16 6. 0 4. 4NM Current assets/current liabilities . 671. 112. 011. 221. 85 13