A Provider Of Wireless Backhaul Solutions Essay - 963 Words

Founded in 1996, with its headquarters in Tel Aviv, Israel Ceragon Networks Ltd. is a provider of wireless backhaul solutions (providing wireless communications to and from a certain point). They are ranked #1 in wireless backhaul services. The services they deliver range from 4G/LTE all the way to 2G. Ira Palti (the president and CEO) prides himself highly for ownership of his company and works hard to dedicated to high quality service to all of their clients (government and public). As the demand for multimedia services pushes the need for increasing capacity. Ceragon is committed to serve the market with unmatched technology and innovation. 2.Recent News Summary: Here are five pieces of recent news about Ceragon: a) Ceragon and Statoil, a Leading Energy Company in Oil and Gas Production, Renew Their Frame Agreement for Five Additional Years. b)Analysts Expect Ceragon Networks to Announce $0.01 Earnings Per Share for this quarter c)The higher estimate of target price is $3 , while the lower price target estimate is $2 a growth with both numbers d)Nokia Corporation (NYSE:NOK) Taps Artemis pCell Deal with Ceragon Networks Ltd. (NASDAQ:CRNT) e)The analysts at the brokerage house have a current rating of Hold on the shares. 3)Market Stock Analysis: Ceragon Networks is the top company in its field of the services that it offers. The competition is far behind Ceragon and does not nearly have as many clients. The market for wireless equipment is rapidly evolving and isShow MoreRelatedCell Network Operators And Mobile Network Operator1398 Words   |  6 Pages1 SMALL CELL BACKHAUL: Small cell backhaul connects small cells with mobile network operator. As mobile network operators begin to deploy growing numbers of small cells in order to meet the rapidly increasing demand for mobile data capacity, and to utilize the maximum spectrum we use backhaul. The major challenge facing them is how to provide efficient and cost-effective backhaul solution. 2 BACKHAUL REQUIREMENT: For designing this backhaul one should consider the type of environment, transmissionRead MoreWimax1073 Words   |  5 PagesThe Next Broadband Wireless Revolution ABSTRACT: WiMax is the next step on the road to a wireless world, extending broadband wireless access to new locations and over longer distances. It will also significally reduces the cost of bringing broadband to new areas. [pic] INTRODUCTION: WiMax (worldwide Interoperability for Microwave Access) is the recently approved IEEE 802.16 wireless metropolitan area network (MAN) standard for wireless access. WiMax is theRead MoreWireless Network Method Using Smart Grid Communications2752 Words   |  12 PagesWIRELESS NETWORK METHOD USING IN SMART GRID COMMUNICATIONS Ehsan Dolatshahi Independent Study April 22, 2015 Introduction The old generation of electrical power grid has taken care of our needs in the past. However, as our world progress technologically, so do the expectations from different infrastructures around us. Smart grid is an initiative to completely restructure the electrical power grid to meet the current and future requirements of its clients. Upgrading our electrical power gridRead MoreProblem Of Congestion Of Cellular Network Essay2135 Words   |  9 Pagesfrom cellular to the Wi-Fi so that they can efficiently prevent congestion. We all have observed call drops during the conversation at some time which is very annoying and so this congestion problem gives hard time to customer and so the service provider too. In this project, I want to research what are the main reason for the congestion of the cellular network and how it can be avoided or minimized. Index Terms— Mobile, CAGR, Cisco, Congestion I. INTRODUCTION Congestion of networks is a networkRead MoreThe Charter Spectrum Suite Is An All New Set Of Superior Services1208 Words   |  5 PagesStructure: Spectrum Business is a division of Charter Communications which provides business organization with scalable, tailored and cost-effective broadband communications solutions. That includes business-to-business Internet access, data networking, business telephone, video and music entertainment services and wireless backhaul. Spectrum Business offers reasonable priced bundled products over its state-of-the-art, fiber-based network, helping businesses in a variety of industries to maximize efficiencyRead MoreCost Scenario Essay4338 Words   |  18 Pagesoverhead. However the unit profits were good and the cost control, but this major chain, Big Box, is not going to pay San Juan Cell Phone unit price and for this reason they are looking for others alternatives. One of the different alternative solutions to meet the end-state goal is to buy the quantity of cell phones they need from the Original Equipment Manufacturer (OEM) who can meet the deadline for the items on time. Another is to switch part of the production of the Beta model to fabricateRead MoreWhat is WiMax and its Role in the Technology Field1766 Words   |  7 Pages WiMAX Introduction. WiMAX is the development of new technologies of the fourth generation (4 g) in the field of Broadband Wireless Access (BWA) to meet the needs of high-speed Internet access with better capabilities compared previous technologies were present, such as WiFi and cellular systems like GPRS, EDGE, 3G, 4G,and 5G. WiMAX is a platform used in the Metropolitan Area Network (MAN) where previously using fiber optic, GSB, FSL. WiMAX stands for Worldwide Interoperability for a MicrowaveRead MoreLYT2 Task 2 Essay2067 Words   |  9 PagesRLYT Task 2 Technological Solutions Banzal, S. (2007). Data and Computer Network Communication. Daryaganj, New Delhi, India: Laxmi Publications. T carriers, e.g., T1 and T3, are digital, leased twisted-pair lines, designed to carry voice (via Pulse Code Modulation (PCM)) and data communications up to distances of 48miles/80km. Approximate available bandwidth for a T1 is 1.5Mbps, and for a T3, 45Mbps of available bandwidth. T1s provide 24 64Kbps channels and a T3, made up of 28 T1s, can provide 672Read MoreCloud Computing Is An Internet Based Technology Essay1220 Words   |  5 Pagesprovided to only particular group of members. These cloud is rarely used. Based upon the services provided by them, they are categorized into 3 types[2], namely 1.SaaS(Software as a Service): The services are provided and registered managed by service providers. People always just refer to software they don not worry about the underlying techniques how these software’s are managed. Here the software is the main resources where they get shared among cloud users. 2.PaaS(Platform as a Service): They provideRead MoreCisco Systems Inc3941 Words   |  16 PagesCompetitive Position 0 Potential for Growth and Expansion 0 EXHIBITS 0 Information Sources Additional information Other Summary Description of Business Products and Services Offered Cisco offers a wide range of products and networking solutions designed for enterprises and small businesses across a variety of industries. Cisco services provide intelligent network technologies. Their products and services are made for small business, mid-size businesses, homes, and enterprises or large corporations

Sarbanes Oxley Outline - 676 Words

The Ineffectiveness of the Sarbanes Oxley Act In Corporate Management and Accounting In the early 1990s, a young company named Enron was quickly moving up Fortune magazine’s chart of â€Å"America’s Most Innovative Company.† As the corporate world began to herald Enron as the next global leader in business, a dark secret loomed on the horizon of this great energy company. Aggressive entrepreneurs eager to push the company’s stock price higher and a series of fraudulent accounting procedures involving special purpose entities were about to be exposed. In early 2002, the United States Justice Department announced its intent to pursue a criminal investigation into the once mighty company, Enron. After the gross negligence of accounting†¦show more content†¦Passing of Sarbanes by Congress to limit corporate accounting violations. (Sarbanes Oxley Act of 2002) 2. The creation of the Public Company Accounting Oversight Board and its controversial creation. a. The mandatory registration of public accounting firms who prepare audits for public companies. b. The extensive rules given to accounting firms under  §103 of Sarbanes Oxley and the complexity of their application. c. How public accounting firms are unable to handle increased auditing and accounting demands by public companies. 3. Increase in expenses for businesses to achieve compliance with Sarbanes standards. a. Inaccurate calculations made by Congress minimizing the costs associated with Sarbanes compliance. (Feeney, T., The Heritage Lectures; No. 995) b. Businesses struggle with the cost of accounting department upgrades for internal audit procedures due to lack of funds. c. The slow destruction of the U.S. economy where companies find more benefits of going public in overseas markets or selling to private equity firms. 4. The controversy surrounding Sarbanes  §404 and its application to corporate accounting. (In re Buca Inc. Secs. Litig, 2006) a. The ambiguity Sarbanes  §404 presents for corporate management and the relationship of external auditors. (In re Cardinal Health, Inc. Sec. Litigs., 2006) b. The inability for accounting firms to interpret and apply Sarbanes  §404 clearly for publicly held corporations.Show MoreRelatedLjb Company Case1592 Words   |  7 PagesExternal Consultation to LJB Company EXTERNAL CONSULTATION TO LJB COMPANY Abstract A paper presented on the case study 2 review of LJB Company. The paper will address growing issues of Sarbanes-Oxley compliance, and business ethics in regards to Corporate Social Responsibility (CSR) and adherence to current regulatory federal mandates. Paper presents tools for consideration for tomorrow’s leaders and gives a general overview of internal control strategiesRead MoreAcct 504 Case Study 21101 Words   |  5 Pages These are addressed with five principles of internal control: Establishment of responsibility, Segregation of duties, Documentation procedures, Physical controls, Independent internal verification, and Human resource controls. The 2002 Sarbanes-Oxley Act stresses importance upon guidelines of necessary internal controls for any publicly traded company or corporation. There are several practices LJB Company currently have in place, these will be addressed and should be continued. FinallyRead MoreHistory of Sox2875 Words   |  12 PagesHistory of Sarbanes Oxley and the Reasons for Enactment Virginia Knight Student ID: 6892460166 Accounting Capstone Senior Seminar in Accounting ACC 499 006016 Spring 2009 Submitted to: Professor Tee Thein June 19, 2009 Abstract: In 2002 the Sarbanes-Oxley Act was passed. This is a mandatory act that all organizations, large and small, must comply with. This legislation introduced major changes to the regulation of financial practice and corporate governance. There are eleven titlesRead MoreEffect of Matherial Weaknesses on Stock Exchange Market11608 Words   |  47 PagesMARKET The impact of Sarbanes Oxley Act in companies’ share price Ronnie Damonte Month Year School of Business Administration TABLE OF CONTENTS: 1. INTRODUCTION 3 1.1 Background Information. 3 1.2 Objectives of the Research. 3 1.2 Research Questions. 4 1.3 Methods. 4 2. SARBANES OXLEY ACT 5 2.1 What is the â€Å"Sarbanes Oxley Act†? 5 2.2 SOX genesis. 5 2.2.1 Toward the SOX. 5 2.2.2 The development of SOX bill. 6 2.3 Structure and contents of Sarbanes Oxley Act. 8 2.3.1 - 100sRead MoreSarbanes Oxley : Corporate Responsibility For Financial Reports750 Words   |  3 Pagesimpact on corporations, accounting firms, and investors like Sarbanes-Oxley. Sarbanes-Oxley was passed by Congress in 2002 as direct result of the accounting scandals that plagued the public equity markets during the late 1990s and early 2000s. Sarbanes-Oxley was developed to be a series of measures, safeguards, guidelines, and criminal punishments in order to prevent future accounting scandals on the scale of Enron and Worldcom. Sarbanes-Oxley has profoundly impacted both management and accountantsRead MoreSarbanes Oxley : Corporate Responsibility For Financial Reports Essay760 Words   |  4 Pagesimpact on corporations, accounting firms, and investors like Sarbanes-Oxley. Sarbanes-Oxley was passed by Congress in 2002 as a direct result of the accounting scandals that plagued the public equity markets during the late 1990s and early 2000s. Sarbanes-Oxley was developed t o be a series of measures, safeguards, guidelines, and criminal punishments in order to prevent future accounting scandals on the scale of Enron and Worldcom. Sarbanes-Oxley has profoundly impacted both management and accountantsRead MoreThe Sarbanes Oxley Act Of 2002 Essay1605 Words   |  7 Pagestime to protect investors and consumers alike. A brief overview of the Sarbanes-Oxley Act of 2002, a discussion of some of the provisions therein, opinions of others regarding the act and also my personal and professional opinion will be discussed below. The same will be examined about the Dodd-Frank Wall Street Reform and Consumer Protection Act. Senators Paul Sarbanes and Michael Oxley were the sponsors of the Sarbanes-Oxley Act of 2002, which represented a tremendous change to federal securitiesRead MoreInternal Auditing : Corporate Fraud, Greed For Power, Money, And Influence1165 Words   |  5 PagesThe purpose of this research is to provide a summary outline on internal auditing by uncovering motives behind corporate fraud, executives greed for power, money and influence. These issues will include a transitory story of the Archer Daniels Midland Company (ADM) scandal which results in fraudulent corporate practices using the fixed pricing scheme. If internal auditing practices were implemented at ADM may have saved investors and customers millions of dollars. This topic shifts to company responsibilitiesRead MoreSarbanes Oxley Act, An Overview Essay915 Words   |  4 Pagesexplain to you some important changes in the accounting field relating to Sarbanes Oxley Act, also called SOX. In July 2002, The US Congress enacted the Sarbanes Oxley Act, Also known as the Public Company Accounting Reform and Investor Protection Act (in the Senate) and Corporate and Auditing Accountability and Responsibility Act (in the House). Co-authored by U.S. Sen. Paul Sarbanes of Maryland and U.S. Rep. Michael Oxley of Ohio. (Slaughter, 2015). This legislation requires â€Å"help curb financialRead MoreThe Sarbanes Oxley Act ( Sox )969 Words   |  4 Pageschanges in the accounting field Due to my position as your Financial Adviser, it is my duty to explain to you some important changes in the accounting field and the legislation that brought about this change. In 2002 the U.S. Congress passed the Sarbanes-Oxley Act of 2002 (SOX), a legislation put in place not only to improve the accuracy of corporate disclosures, but also to protect shareholders and the general public from accounting errors and fraudulent practices in all organizations. Although these

Circus the Circus Free Essays

Blue Ocean Strategy Institute BOS007 The Evolution of the Circus Industry (A) xOverall winner of the 2009 European Case Clearing House Awards xWinnerofa2006EuropeanCaseClearingHouseAwardinthecategory â€Å"Strategy and General Management† 06/2009-4999 This case was prepared by Matt Williamson, INSEAD MBA 2000, under the supervision of Professors W. Chan Kim, Renee Mauborgne and Ben M. Bensaou, all at INSEAD. We will write a custom essay sample on Circus the Circus or any similar topic only for you Order Now It is intended to be used as a basis for class discussion rather than to illustrate either effective or ineffective handling of an administrative situation. Copyright  © 2002, INSEAD-EAC, Fontainebleau, France. To order copies of INSEAD cases, see details on the back cover. Copies may not be made without permission. This document is authorized for use only by Janis Rozenbergs at Vidzeme University until August 2013. Copying or Blue Ocean Strategy Institute â€Å"If you ask a kid to draw a circus, they draw a tent. † Pam Miller, Big Apple Circus, New York. Indeed, the circus tent is a unique and evocative icon that has featured prominently in circuses for centuries. Relying heavily on a flamboyant entry into town, the big top was their primary tool to attract audiences to the spectacle taking place inside. Nevertheless, while the symbolism of the tent is important in the contemporary interpretation of circus, most early shows, particularly the European precursors of what would be recognized today as circus, took place in theatres and dedicated buildings. The Origins of the Circus The circus was created in 1768 by Philip Astley, an Englishman who set up a ring format for equestrian events, still in use today. Classical circus is considered to consist of four elements, whether inside a tent or a large arena: equestrian acts, clowns, acrobats and jugglers. The word circus originally denoted a competitive arena for horses, with the Roman Circus Maximus the most imposing classical example. 1 The circular space is perfectly suited to a galloping act, and largely unnecessary for any other form. 2 The centrifugal force generated by a horse galloping around a small diameter ring enabled the equestrians in the show to stand on horseback and perform other similar tricks. Juggling, tumbling and trained animal events had been popular through the ages, but by adding a clown to the mix to parody the other events and add some humor, Astley transformed these separate acts into a real show. 3 Astley’s innovation spread quickly throughout Europe and showed up in America in substantially the same form in the summer of 1785. Building on the basic equestrian component, legends such as P. T. Barnum and lesser-known players like W. W. Cole and George Bailey sponsored elaborate acts from trained zebras to trapeze artists. Around the core circus, promoters grafted sideshows such as menageries, human and animal ‘curiosities’, and carnival games to enhance the spectacle of their shows. Barnum, perhaps the most celebrated huckster of modern times, was so successful that many of his efforts have entered the modern lexicon. He marched Jumbo the Elephant across the newly dedicated Brooklyn Bridge and proclaimed General Tom Thumb, a midget from Connecticut, the smallest human ever to have lived. The Development of the Traditional Circus Though an extremely popular form of entertainment during the 19th and 20th century, the circus conjures an image of drifters and dreamers with gaudy clothes, aggressive hawkers and a standard routine of acts. Whereas whole towns had once turned out to see historical revues and the latest mechanical marvels along with other events as the circus passed through town, 1 Personal communication from Fred Dahlinger Jr. , Director, Collections and Research, Circus World Museum, May 9, 2001. Author’s interview with Dominique Jando, Associate Artistic Director, Big Apple Circus, May 8, 2001. 3 John Culhane, The American Circus (New York, USA: Henry Holt and Company, 1990), p. 1. CopTyhriisgdhot c ©um20e0nt2isINaSuEthAoDriz-eEdAfCor use only by Janis Rozenbe1rgs at Vidzeme University until August 2013. 0C6o/2p0yi0n9g-o4r999 ———————– [pic] [pic] [pic] [pic] ———————– posting is an infringement of copyright. Permissions@hbsp. harvard. edu or 617. 783. 7860. How to cite Circus the Circus, Essay examples

General Mills free essay sample

On December 8, 2000, management at General Mills proposed a plan to acquire Pillsbury, a baked-goods producer. Pillsbury is currently controlled by Diageo PLC, one of the world’s leading consumer goods companies. The deal specifies that General Mills is to create and thus issue additional shares of common stock to Diageo in exchange for complete ownership of the Pillsbury subsidiary. If the deal is executed, Diageo will become General Mills’ largest shareholder. The consideration to Diageo would include 141 million shares of the companys common stock and the assumption of $5.142 billion of Pillsbury debt, making the deal worth over $10 billion. In addition, the agreement will contain a contingency payment, as up to $642 million of the total transaction value may be repaid to General Mills at the first anniversary of the closing, depending on its average stock price at that time. In this report, we will calculate and analyze various costs and benefits associated with the transaction to determine whether or not General Mills’ shareholders should vote for the proposed acquisition. If approved, General Mills will become the fifth largest food company in the world 2. OVERVIEW OF GENERAL MILLS, INC. General Mills manufactures and markets branded consumer foods worldwide. It has a strong presence in the United States, as it is the nation’s largest producer of yogurt and the second largest producer of ready-to-eat breakfast cereals. The company owns many product segments that are marketed under high-profile brand names, such as Betty Crocker, Yoplait, Cheerios, and Big G. Each of these businesses in the United States was mature and offered relatively low organic growth. Because of this reason, the firm has pursued numerous expansion opportunities that have successfully positioned General Mills as a market leader. Its expansion efforts have proved successful, as General Mills had annual revenues of about $7. 5 billion in the fiscal-year 2000. Although highly profitable, General Mills is facing increased competition in the food industry, as rivals are consolidating and becoming more difficult to compete against. Therefore, General Mills must be able to recognize and thus act on potentially high-yielding investments that will allow the company to expand despite the slow-growth food industry. Through a program of aggressive share repurchases in the 1990s, General Mills had increased its book value debt-to-equity ratio dramatically compared with its peers. Despite this fact, General Mills still maintains an investment grade bond rating from the rating agencies. 3. OVERVIEW OF DIAGEO PLC AND PILLSBURY COMPANY Diageo is one of the world’s leading consumer goods companies formed in 1997 through the merger of GrandMet and Guinness. Its product portfolio consisted of prominent alcoholic-beverage brands such as JB, Johnnie Walker, Smirnoff, Gordon’s, Tanqueray, and Guinness as well as the Burger King fast food chain and Pillsbury. Pillsbury is a baked goods company that operates under Diageo. Pillsbury is one of America’s best-recognized names in the food industry. Marketing its goods under the popular Dough Boy character, Pillsbury has successfully positioned its brand and has created a longstanding platform for success in the food industry. The company also controls several other high-profile brands, such as Green Giant, Old El Paso, and Progresso. Not too far behind General Mills, in 2000, Pillsbury generated annual revenues of $6. 1 billion. 4. OVERVIEW OF GENERAL MILLS’ ACQUISITION OF PILLSBURY On December 8, 2000, management of General Mills recommended that its shareholders authorize the creation of more shares of common stock in order to acquire Pillsbury. The transaction between Pillsbury and General Mills will involve a stock-for-stock exchange that would pay Diageo over $10 billion; 141 million shares of common stock in addition to the assumption of $5. 142 billion in debt. This debt figure includes Pillsbury’s existing debt of $142 million, along with $5 billion in new borrowings that will be distributed to Diageo in the form of a special dividend before the deal is closed. After the transaction is completed, Diageo will own about 33% of General Mills’ outstanding shares. If approved, the transaction would result in Pillsbury operating as a wholly-owned subsidiary of General Mills. This essentially means that Pillsbury is completely controlled by General Mills, as General Mills would own 100% of Pillsbury’s stock. Diageo is primarily divesting its holding in Pillsbury in exchange for a substantial holding in General Mills. The transaction also includes a rare contingency payment, which specifies that $642 million of the transaction cost will be set aside by Diageo in an escrow account for one year following the closing of the deal. If General Mills’ average stock price is above $42. 55, Diageo is to transfer the $642 million back to General Mills. If General Mills’ average stock price is below $38, Diageo will only pay $450,000. If the stock price is between these two values, the escrow fund will be split on a pro-rated basis. It is important to note that there are two main constraints involved with the transaction. First, General Mills does not want Diageo to own in excess of 33% of its stock. Second, General Mills does not want to lose its investment-grade bond rating. 5. GENERAL MILLS’ STRATEGIC MOTIVES FOR ACQUIRING PILLSBURY Acquiring Pillsbury can provide General Mills with two main potential benefits. The first potential benefit for acquiring Pillsbury is growth. The acquisition of Pillsbury gives General Mills the opportunity to double the size of its empire. If the transaction is approved, General Mills will become the fifth largest food company in the world. By acquire Pillsbury, General Mills would create value for shareholders by providing opportunities for accelerated sales and earnings growth. These opportunities would be exploited through product innovation, channel expansion, international expansion, and productivity gains. In addition to growth, the transaction would also create positive synergies for General Mills through cost savings. General Mills’ management is motivated to close the deal because they believe that the two companies will grow faster together than either would alone. In other words, General Mills hopes to increase the value of the combined enterprise through synergy, which will benefit Diageo as well as the other shareholders of General Mills. The acquisition should accelerate earnings more quickly than if GM remains smaller and continues to focus solely on its core products. If General Mills acquires Pillsbury, it will be able to combine the capital, resources, and technology of both firms, resulting in greater efficiencies and increased capacity for future expansion efforts. The transaction would also result in at least $645 million in pretax savings between fiscal year 2001 and 2003 ($25 million in fiscal 2001, $220 million in 2002, and $400 million in 2003). These savings are the results of supply chain improvements, efficiencies in selling, merchandising, and marketing, as well as the streamlining of administrative activities. 6.   The deal would be economically attractive if the benefit is greater than or equal to the cost of the acquisition. In other word, the deal would be considered economically attractive if: Value of Pillsbury + Synergies + Clawback Stock Paid + Debt Assumed If the benefit is greater than or equal to the cost of the acquisition, value will be created for the shareholders. In other words, General Mills’ shareholders, which will include Diageo, will be benefit from the transaction. 6. 1. VALUATION OF PILLSBURY (WITHOUT SYNERGIES) Pillsbury was valued by both Evercore Partners and Merrill Lynch using three valuation methods: comparable firms (LTM EBITDA and LTM EBIT), comparable transactions (LTM EBITDA and LTM EBIT), and discounted cash flow (With and Without Synergies). Since synergies will be calculated separately in our discussion, it is important to value Pillsbury without synergies first (in other words, we need to find the value of Pillsbury by itself). The values that Evercore Partners and Merrill Lynch came up with are between $8. 4 billion and $13. 21. For our analysis, we will use these numbers as our estimated standalone value for Pillsbury with $8. 4 billon as the low value and $13. 21 as the high value. 6. 2. VALUE OF SYNERGIES (COST SYNERGIES) If the transaction is approved by shareholders, General Mills’ management team believes that the deal would create cost savings of $25 million, $220 million, and $400 million in 2001, 2002, and 2003 respectively. These savings are the results of supply chain improvements, efficiencies in selling, merchandising, and marketing, as well as the streamlining of administrative activities. However, through positive synergies between General Mills and Pillsbury, we believe that the cost savings will last longer than three years. Below is the discounted cash flow valuation of cost synergies given the following assumptions: a. WACC = 9. 3% b. Annual Inflation = 2% c. Free Cash Flow Perpetual Growth Rate = 2. 5% d. Tax Rate = 40% Based on the analysis above, the net present value of cost synergies is about $3. 24 billion. This number is very significant considered the valuation of Pillsbury itself is only worth between $8. 4 billion and $13. 21 billion. Synergies will be an important factor in our consideration when we provide our recommendations later in the report. 6. 3. VALUE OF CLAWBACK As part of the agreement between General Mills and Diageo, a contingent payment clause is included in the transaction. The terms of this payment specify that up to $642 million of the total transaction value may be repaid to General Mills at the first anniversary of the closing, depending on its average stock price for the 20 trading days prior to that date. If General Mills’ average stock price is above $42. 55, Diageo is to transfer the $642 million back to General Mills. If General Mills’ average stock price is below $38, Diageo will only pay $450,000. If the stock price is between these two values, the escrow fund will be split on a pro-rated basis. Exhibit 1 shows the payoff diagram for this contingent payment. With the stock price on the x-axis and the payoff amount on the y-axis, we are able to show the payoff amount (according to the terms in the contingency plan) with respect to the price of General Mills’ stock. As shown in the graph, the payoff is flat at $450,000 when the stock price is in between $0 and $38. However, the payoff begins increasing when the stock price is between $38 and $42. 55. The closer the stock price comes to $42. 55, the higher the payoff amount to General Mills. Once the stock price reaches $42. 55, the payoff is flat again, as General Mills is to receive a fixed amount of $642 million regardless of the price increase after it reaches the point of $42. 55. Some financial professional called this contingent payment â€Å"claw-back† provision because it would reclaim some value for General Mills if its share price rose. This contingent plan serves an important purpose in this transaction. Since General Mills and Diageo had differences in opinions with regards to the value of General Mills’ stock, the contingency payment serves as a â€Å"deal saver†. The entire transaction was about to fall apart over a price disagreement. General Mills didn’t want to pay more than $10 billion, whereas Diageo didn’t want to accept anything less than $10. 5 billion. Therefore, the contingency payment established the â€Å"bridge the gap† in purchase price. In addition, General Mills believes that its stock is undervalued, whereas Diageo believes the stock price will stay the same or decrease within a year. In other words, General Mills thinks the stock is worth more than it is trading for. It serves as an opportunity for General Mills to take advantage of its perception of the strength of its stock. From General Mills’ point of view, the contingent payment is equivalent to a bull spread: a long call with exercise price of $38. 00 and a short call with exercise price of $42. 55. Using Black Scholes option pricing model, the analysis below shows the value for this combined position. From the analysis above, the present value of the contingent payment (Clawback) is between $195. 43 million and $331. 63 million. If the deal is approved by shareholders, Diageo will own 141 million shares of General Mills’ common stock. To determine the value of General Mills’ stock payment to Diageo, it is important to note that General Mills’ board of directors approved the merger in July of 2000 but General Mills’ executives did not ask the shareholders for creation of more shares of its common stock until December of that year. Due to this reason, the average stock price of July and December will be used to calculate the value of General Mills’ stock payment to Diageo. Using the average price of the July stock price ($35.50 per share), the value of General Mills’ stock payment to Diageo is $5. 006 billion (141 million shares x $35. 50/share). Using the average price of the December stock price ($41. 00 per share), the value of General Mills’ stock payment to Diageo is $5. 781 billion (141 million shares x $41/share). 6. 5. VALUE OF DEBT ASSUMED If the deal i s approved by shareholders, General Mills will take on $5. 142 billion in new debt. This debt figure includes Pillsbury’s existing debt of $142 million, along with $5 billion in new borrowings that will be distributed to Diageo in the form of a special dividend before the deal is closed. This is one of the factors that shareholders should consider when making the decision to whether or not to vote for the deal. It is important to note that General Mills already have a higher increase in debt to equity ratio compared with its peers due to aggressive share repurchase back in the 1990s. General Mills may lose its investment grade bond rating if it has too much debt on its balance sheet. Now that we have all the components of costs and benefits for the acquisition, let’s put it all together to see if the acquisition of Pillsbury will be economically attractive to shareholder. In other word, will the acquisition of Pillsbury create value for shareholders? The table below summarizes the costs and benefits of Pillsbury Acquisition. Based on the analysis above, the benefits for both low and high end of the acquisition are higher than the costs of the acquisition. Due to this reason, the acquisition of Pillsbury is economically attractive to both General Mills’ managements and shareholders. 7. RECOMMENDATION FOR GENERAL MILLS’ SHAREHOLDERS Based on the cost and benefit analysis, the acquisition of Pillsbury is a promising investment. Acquiring Pillsbury can help General Mills create synergies through both income / earning growth and cost savings. One key information that all shareholders should keep in mind when making decision is synergies. As shown in the calculation above, synergies account for a large part of the benefit side of the acquisition. If shareholders vote for this deal, they are making a big bet on the creation of synergies between the two companies. If synergies cannot be created between the two companies, no value will be created for the shareholders. Exhibit 1: Payoff Diagram for the Contingent Payment (Clawback) Payoff $38 $42. 55Stock Price

Atticus Finch- Character Analysis essays

Atticus Finch- Character Analysis essays Atticus Finch is the father of two children. His character can best be summed up as a man whose character is nearly the complete opposite of the general population of the town. He is a man without prejudice and racial hatred and is a good-hearted man of strong morals. He brings up his children the way he sees right. Atticus sees past a mans color and looks into the depth of his character. In the beginning of the novel, on page 30, he tells Scout You never really understand a person until you consider things from his point of view...until you climb into his skin and walk around in it. This shows that Atticus is a man of strong morals and principles and a man who will stand up for what he believes is right. When asked by his children why he chose to defend Tom Robinson when he knew he would most likely not win he replied to them that is he hadnt, he wouldnt be able to believe in himself anymore. He chose to defend Tom Robinson because to choose not to would be going against all his personal morals and principles. Due to these strong morals and principles, he is greatly respected by those in Maycomb. Jem and Scout, especially, are disappointed that Atticus doesnt seem to do anything the other men in the town do. He doesnt drink, he doesnt smoke and he doesnt play sports. Yet when a rabid dog enters the street and is likely to threaten the townspeople, Atticus is called upon to deal with it. Here we learn along with the children that Atticus is known as One Shot Finch for his remarkable ability with the rifle to hit nearly any target in the first shot. Atticus proved himself to be a good lawyer. Atticus was extremely good at cross-examining witnesses. He had what could almost be called a sixth sense when it involved judging a persons character and deciding whether or not that person is lying. During Tom Robinsons trial, Atticu ...

The Blind Side Belonging Essay Essays

The Blind Side Belonging Essay Essays The Blind Side Belonging Essay Paper The Blind Side Belonging Essay Paper The unsighted side follows the narrative of Michael Oher. a male child from. ‘Hurt Village’ in the lower side of Memphis. who lives a life of poorness until he is taken attention of and so adopted by the Tuoheys. a rich household who own a concatenation of Taco Bells. They help him better his classs and develop his NFL accomplishments until he earns a scholarship to Ole Miss University which helps him go a professional NFL participant. Belonging in The Blind Side: During the class of The Blind Side. Michael is transformed from a diffident male child life in poorness. into a extremely confident and successful sportswoman. This alteration was brought about with the support of the Tuohey household with whom he came to belong after they took attention of. so adopted him into their household. This household besides helped him interrupt off from the unsafe ‘lower class’ society in which he didn’t truly belong. as shown in the scene where he goes back after life with the Tuoheys and gets in a battle with the local pack ; and get down to belong to the ‘upper class’ society of Wingate which he antecedently didn’t belong to. Throughout the movie Michael adopts the Tuohey household as his ain. as he didn’t belong to his biological household due to the deficiency of a male parent. and his mas drug jobs. as shown by the awful flashbacks he has of being forcefully separated from his female parent and brothers. Initially Michael rejects the efforts the Tuoheys make to assist him as he feels that he doesn’t belong with them due to their place in society and clamber coloring material. as shown by his organic structure linguistic communication. being conservative as he is ever rubbing his weaponries near to his organic structure. However after he is given a home base at thanksgiving. a immense gesture to him as he struggles for nutrient. he feels as though he belongs with them. This is subsequently confirmed after they include him in their household Christmas card. which is seen as unusual to others. like cousin Bobby who asks â€Å"Ya’ll know there’s a colored male child in your Chr istmas Card† . nevertheless the household don’t head and laugh it off as they know he is portion of their household. Throughout the movie it is shown that Michael doesn’t belong in the lower category society where there are no aspirations to go successful. or the upper category society where there are these aspirations ; until he becomes portion of the Tuohey household. Early on in the movie Michael is shown to non belong amongst ‘lower class’ as when he is walking by himself along a way. kids from this society are playing with each all around him. demoing he doesn’t belong with them. When he goes to Wingate he is shunned by the white thickly settled as good. due to his size and clamber coloring material. â€Å"like a fly in the milk† . He doesn’t belong as others ignore him and travel off from him when possible. as shown when he tries to speak to the two small misss on swings but they run from him. After the Tuoheys take him nevertheless in he learns how to belong with others in their society through improved organic structure linguistic communication. smiling more. and going better known through his sporting art. This is revealed when he talks the same two misss and they ask him to force them as they are no longer scared. This shows how Michael was able to alter his life for the better because of a feeling of belonging giving him more assurance. so he could prosecute his dream of playing football professionally. It shows the power that belonging in a household has and how society is able to accept or reject its members.

Judaism and Divorce Essay Example | Topics and Well Written Essays - 1500 words

Judaism and Divorce - Essay Example Although divorce in the United States of America is governed primarily by state laws, religion also plays an important role when many people consider divorce as an option. This is true whether the married couple is Christian, Jewish, Mormon, or attached to any other religious institution. What results is a multi-layered approach to divorce in which religious scripture exists alongside state law as a governing set of principles and processes. Of particular interest is when religious doctrine cannot be neatly harmonized with secular state laws; this is significant because there are instances, such as in the case of Judaism, when a civil divorce is granted under a state's laws but not granted pursuant to Jewish doctrine. The consequences can be especially difficult for Jewish women. This essay will examine this multi-layered approach to divorce, the tension that can exist between religious scripture and state divorce law, and how divorce among Jews compares with people from other religi ons. As a preliminary matter, divorce must be considered within a legal context. In the United States that means a combination of federal and state law; in the case of divorce, state laws are fundamentally controlling. Indeed, as stated by a leading scholar in the field, "Judges, scholars and practitioners commonly assume that family law decisions are quintessentially matters of state law. For example, a common theme of the Supreme Court's federalism decisions is the assertion that "family law (including marriage, divorce, and child custody).

Week 7 Hand-in Assignment Essay Example | Topics and Well Written Essays - 750 words

Week 7 Hand-in Assignment - Essay Example Of late, use of secure versions of HTTP and HTML (called HTTPS and SHTML respectively) has made micro-payment systems faster and safer. (Visa, 2012a; Visa, 2012b; Michel, 2001) Payclick deploys the basic principles of e-commerce transaction management. The working methods satisfy both the international legal and technical standards. It can be stated that it operates through a peer-to-peer fiscal management framework which involves extensive but careful utilization of the Internet. â€Å"An example system includes a payment processor that executes software instructions for creating and managing electronic payment accounts and an accounts database to store account data from the payment processor. The payment processor may be configured to receive a payment request from a payer, the payment request including information to identify a payee and a payment amount.† (Perlman. 2011, Abstract) In other words, simplicity of a micro-payment system lies in its transaction processing method. The main challenge is to keep the costs of the transaction processing and delivery charges as low as possible, hence less complicated and simply synchronic IT applications are called for. Principle of working of Payclick is basically the same as explained by Perlman (2011). According to the company, â€Å"You (the customer) can add funds to your payclick account using your Visa, MasterCard, credit, debit or prepaid card, or your bank account through BPay. And that’s that. You are ready to buy online wherever you see the payclick button.† (Visa, 2012a) Payclick thus supports small value payments at lower costs of transaction with least holdup and in exchange to the services and products that are instantaneously deliverable. The money transferring processes are hassle free and supported by several vendors and technologies to impart greater suppleness and

Cleburne v. Cleburne Living Center, Inc Assignment

Cleburne v. Cleburne Living Center, Inc - Assignment Example Jan Hannah had bought a building in July 1980 in the city of Cleburne’s 201 Featherston Street which she planned to lease to the CLC so that they could establish a group home for the mentally retarded. This home was to be operated by the staffs of CLC who were to supervise thirteen mentally disabled men and women. This building had a total of four bedrooms and two bathrooms with an additional bathroom to be added later on. The ground work was as set and worked out only the legal aspect remained. The city of Cleburne informed the CLC that for operation of such a home, a special permit was required in accordance with the city’s zoning regulations. This special permit was necessary for such institutions as hospitals, correctional centers as well as rehabilitation centers. The permit is renewable annually. CLC complied with the request by submitting a permit application for the special use permit for the group home which the city had classified as a home for the feebly minded. Later on the city denied the special use permit to CLC on a three to one vote during a public hearing on the matter. Following the denial of the special permit, the CLC sued the city of Cleburne in a Federal District Court arguing that the zoning ordinance was wrongfully applied against them and that the decision to deny them the permit was an act of discrimination against the mentally handicapped in the society and an outright violation of equal protection rights of CLC and the potential inhabitants of the group home. The court found that were it not for the mental incapacitation of the potential inhabitants of the group home, then the special permit would have been granted, the District court went on to validate the city’s ordinance and decision as constitutionally acceptable. This court also established that were not suspect or quasi-suspect class and it held that the rational test

Market Leader In The Sports Clothing Industry Marketing Essay

Market Leader In The Sports Clothing Industry Marketing Essay Nike is widely recognized as the market leader in the sports clothing industry with good quality of its market share, profitability and universal reach .It was created by Phil Knight and his coach at Oregon University Bill Bowerman. Nikes goal then was to distribute low- cost, high-quality Japanese athletic shoes to American consumers .Nike maintains established and non-established distribution channels in more than 100 countries. Nikes targeting its main market regions: United States, Europe, Asia Pacific. Nikes utilize over 20,000 retailers As a result, for the fiscal year end 2011, Nikes 20,700 employees generated almost $18.8 billion in revenue. Products Nikes prime product focus is the athletic footwear designed for particular-sport and leisure uses . Nikes also sell athletic clothing carrying the similar trademarks and brand names as many of Nikes footwear lines. Nikes most accepted product categories include the following: Running , Basketball , Cross-Training , Outdoor Activities , Tennis , Golf , Soccer , Baseball , Football , Bicycling , Volleyball , Wrestling , Cheerleading , Aquatic Activities , Auto Racing , Other athletic and leisure uses. Mission Statement Nikes mission is to be improved than all others in the athletic industry. In order to retain position by providing excellence footwear, attire and equipment to traditions and individual consumers of all ages and lifestyles . To manufacture Nikes products straightforward available worldwide through the develop of retail outlets, mail order and Nikes company website. Values Statement Nike always focuses its promise to all stakeholders by continuing to make steps towards being a company that sets the patterns in social responsibility. Nike is constantly making efforts to make sure that all employees and members of its surrounding communities are satisfied in a behavior that is in line with Nikes mission. Nike has through many alliances with human rights associations in an effort to guarantee lab Nikes rights for employees of the manufacturing overseas. They are devoted to treating Nikes employees with the greatest respect, which is revealed in Nikes recompense and human Resources Nikes the policies. Nicks also loyal to making sound decisions in regards to Nikes environment, and the scrap against pollution. Long-term Corporate Objectives The following are Nike Inc.s 5-Year long-term corporate objectives: Continue Nikes progress in stockholders return on equity to achieve a 20.0% return in 2010. This would be an raise of almost 6.5% from 2011. Increase earnings per share to $2.70 per diluted share of 2008 in an overall effort to encourage the long-term resilience of Nikes stocks value. This would surpass Nikes 2007 record high. Market Characteristics :- The athletic footwear industry is a demanding and immersed market. Severe competition, fashion trends, and price conscious consumers have considered growth in this industry. Manufacturers are struggling listless sales with primary new styles, along with offering more styles at lower price aims. Organizations are looking for new ways to increase sales by capitalizing on direct Internet sales to customers. Therefore, companies with strong brands will progressively turn to international markets for development. Customer and Customer Knowledge In 1972, Nike proposed at positioning its product to the niche market of serious competitive athletes. As a result targeting and segmenting their markets for people aged in their 20s, which led Nike to focus on developing high recitation running shoes. They cooperative the customers request and understanding with the existing technology and transform that into a knowledge based core competency. All together the Nike swoosh logo expanded attractiveness amongst athletes and Tele-adverts and so was fashion, which resulted in people impersonated their heroes and bought Nike more as a fashion statement. This helps Nike learn a lot about the perform Nikes s of the younger generation and realized that. As a result connecting them Nike today is the world leader in athletic footwear. COMPETITOR : Reebok, in the conditions of their products, is not completely different from Nike. Reebok is concerned with the design and marketing of both athletic and non-athletic footwear and clothing, as well as other various fitness projects. Reeboks market share is an isolated third in the footwear industry at 11.2% (compared to 30.4% and 15.5% for Nike and Adidas respectively). Reeboks financial position has been steadily slipping for a number of years. This is obvious in their declining stock price, which has reduced by over 80 percent in the last Nikes years. THE STRATEGIC PLAN Grand Strategy : Nike Inc. Can develop the complete structured approach to select a grand strategy in carrying out beyond the corporate objectives. Nike has such a strong history of effective marketing in explanation global regions. Market development strategy for consideration due to Nikes capability to geographically raise Nikes product offerings. The strategies are very directly linked. To decide which would succeed in Nikes prevailing strategic position, Nikes evaluation criteria were biased according to the companys strategy: distinctive competency, culture, timing, and demographics. With a total weighted score of 4.40 product development exceed second placing, concentration, and third place, market development. Marketing and Advertising Nike marketing and advertising campaigns are a big and its Nikes one of the competitive advantage. Nike is well-known best of its strategy of using celebrity athletes supports. They simply want the best of the athletes in the world to be related to them. The procedure used by the associates at Nike would be dominant on potential signers. Not only do they intimidate the star but also create an overpowering response. This helps them to strengthen their bargaining power and attract its sign to aspire to being in such great company . Design Development/Innovation -According to Mark Parker (2010) In his CSR report confirmed that when they recognized their 2 core competencies design and innovation, it was through in order to bear about social and environmental change. According to Phil Knight ( 2010 ) believes that there are 7 brand succession in order to stay ahead, consequently enormous expenditure on continuous strategic knowledge development and innovation. Since Nike had already taken place gaining attractiveness amongst the young people along with being there for athletes, they attained 2 key strategic decisions, One was expanded their existing range of products for athletes and move into different sporting groups. Secondly they improved their overall apparel range for both competition and informal wear as well. Design and development turn into their core competencies. They recognized they had a considerable market in terms of fashion as well. Innovation is in the strength of Nike, Incs business strategy tod ay. Supply Chain Management According to Stonehouse Minocha (2008) Nike as a brand fast comprehend through its value chain process that its force put down in design and Development, marketing and structure customer relationships. They identified manufacturing is something they didnt attempt on, so once they developed a new product in Portland, they manufacturing to China, Taiwan and Brazil while imposing insensitive excellence standards, Nike over the years has guaranteed its partners over the years with its brand name and its services. Not only do they contribute to their customer knowledge with them but also share a munificent premium price. They concentrated their retail stores from 32 to 5 in Europe with its head office in the Netherlands and warehousing in Belgium in order to make the in general supply more successful based on demand. According to Lewin (1952) stated that change is an important part of any strategic evaluation and implementation. He developed a 3 stage model in order to describe the process which included à ¢Ã¢â€š ¬Ã‚ ¢ Unfreezing of current attitudes: which recognizes the change à ¢Ã¢â€š ¬Ã‚ ¢ Moving to a new level: effect the change à ¢Ã¢â€š ¬Ã‚ ¢ Refreshing attitudes at the new level: change is supported by behavioral changes When investigating the process of strategic change, we usually come across the nature of the change and the amount of the change. According to the Scholes Whittington (2008) In the case of Nike, the development of strategic change is incrementally transformational and the type of strategic change is Evolutionary, Nike states that moreover they can move fast now in order to classify themselves for the future of a sustainable economy or soaking expression at risk of being forced to change. Since Nike has been on the objectionable realizing the impacts of environmental change, further rising cost of peaking oil prices, rising population. Early in 1990 the firm taking place to centered on environmental issues with a small group of employees in the Nike environmental develop them. They primarily started with recycling programs but placement 1998, recognized their own sustainability policy. Their development from a standard compliance move towards to an across the board corporate sustaina bility strategy including sustainable design concepts which led them to strong financial, brand and environmental benefits. According to IEHN (2010) Not only they direct to adjust the environmental challenges as a competitive advantage but also envisioned a sustainable business strategy. Their timing couldnt have been improved as they were criticized in the 1990s for being an environmentally careless and sloppy company for operating sweatshops in Asia using underage workers . Nikes also been charged of using chemicals in less industrialized countries in consequence polluting their waters. Nike rapidly responded to this by working with outside agencies like sustainability partners, focusing on product designs since innovation is their prime strength. They also guarantee their global suppliers adopted exacting environmental standards in manufacturing processes, by keeping costs low and improving product quality. They set up computer structure for their Asian suppliers in order to calculate investment costs for environmental projects. They optimistic away from adverse toxic substances to an encouraging list of substances. Their involvement with the Natural Step led to 65 new pilot projects which resulted on sustainable product design. They effectively produced a total savings of $4.5million by mid 2000, which ultimately benefited approximately 180,000 workers in more than 37 factories in Asia. They in fact resolute PVC from the footwear and looked major criticism from the Vinyl industry but then again they managed to reduce the PVC content to 2% in 2004 from 33% in 1999. This made them more dependent on unprocessed cotton and they ended up join forces with roughly 50 companies to form an organic exchange, with the goal of raising the global organic share of cotton from 0.05%-10%. Facilitating change The vision of Phil Knight the CEO himself, to make Nike a scalable and sustainable business model in order to succeed as leaders of the clothing industry . The observation of the BOD, executive leadership team to identify the potential implications of their business to come forward as a survivor with a competitive structure. Make sure that the sustainable business and innovation team underline on key business priority, which consist of, sustainable -products, manufacturing and marketplaces. A team of 130 committed employees working directly with sustainability specialists from other departments such as retail, logistics and IT. Nikes also diverse employee base of 30,000 people, irrespective of their cultural backgrounds, successful on creativity, innovation and development of strategic knowledge. Having a aptitude strategy focusing on coaching, mentoring and online learning.à ¢Ã¢â€š ¬Ã‚ ¢ Heavy investment made by HR depth in areas of sustainable talent exercises and infrastructure.. Increased overall efficiencies and reduced waste and costs. Managing adverse publicity for the brand, with a quick response from the senior management. Leaders including Nikes age employees to think creatively-both strong and informal work ethic. Blockages According to Scholes (2008)Now looking at the way Nike functions and the way it changed strategically one recognize the strength at Nike being its work force. The culture which subsists at Nike shows that the company succeeds in innovation of new products in a sustainable way Nike in order to continue being the leading athletic brand in the world. Nike its not all about doing business businesses with others, but its all about recognizing prospect sustainability through productivity. They expand their bench strength while their HR Dept focuses on resourcefully. Culture: According to Scholes (2008) Phil Knight is an ex athlete of long distance organization and this culture can have its manage on the strategy itself, since organizations can be disposed by their culture which is made up of the people leading it. Managers expressed by this change are most positively likely to understanding with it with what they recognize . Now this in the case of Nike was when Phil Knight apprehends this while being criticized for his ways in the late 1990s regarding young workers in Asia IEHN (2010). Nike immediately developed a strategy of becoming more environmentally sustainable and welcoming. Put in stricter process and implemented them severe environmental standards across its development processes. Going back to the cultural web at the company Their leaders regularly work daily in order to make sure that Nike as a company realizes its potential to Nikes more than 30,000 of its workers to achieve their potential .This is their way of doing things on a daily basis to issue their employ potential and has been effective for them since they reconsidered their strategy back in the 90s. They have an aptitude strategy were in their focus on task planning and manager accountabilities in order to train and advise and also offers classroom learning and online learning. Their ability reviews are straight linked to their business strategic precedence. The HR Dept of Nike has been seriously spent in talent programs and communications. They had a guided workshop which is to be commenced in FY 10 which will focus on how assortment drives creativity and innovation. In FY08 the DI team formed the culture as a transgression in order to discover how Nike could use their customs as their Competitive Advantage. They had a whole day of workshops where members of the strategy panel spoke to the new crew at Nike. This assisted them share their point of view with the high level assessment makers. The CAO model is being used efficiently as a model for intergenerational dialogue. Nike has a powerful construction wherein they utilize their middle management to correspond ideas in a bottom up move towards which thus offer the executives with the capability to put together strategic plans. They have the understanding of design, innovation and creativeness and their manufacturing is also a Competitive Advantage to them. Recommendations:- Nikes strategy would be to function in a congested loop model according to Nike (2010) which is to attain zero waste by entirely recycling all materials. They need to spend in sustainability as an input innovation/RD main concern, beside fast track innovation during concerted investments. They would need to begin the GreenXchange program in order to contribute to intellectual possessions in order to fast track the changes. A support body is needed to encourage large scale policies investing in sustainable innovation as a main enabler for financial competitiveness. I consider to the Macro environment they need to atrium the environmental policies, since they believe thats essential for their existences . Theyre functioning like a trading company in order to get around currency fluctuations to have time for a financial remodelling would be favorable to them. Keeping their core competencies of design and innovation in brain, they need to maintain investing closely in consumer knowledge by repeatedly segmenting the market to comprehend the demand customers needs. Their competitive advantage is their customers, their marketing, design and innovation beside with their supply chain, which adds importance at each level. Their potential business objectives bearing in mind in mind these factors of competitive advantage and their shift of an evolutionary transformational change make sense, since they rapidly foresighted their business model back in 1990s after their reflection was troubled in the sweatshops. Word Count : 2592

Life on the Mississippi Essay -- essays research papers

Life on the Mississippi by Mark Twain is his journal about vital river life during the steamboat era and a melancholy remembrance of it after the Civil War. Mark Twain tells of his life on the river, humorous folktales, and a glimpse of Twain's life during his childhood years. The Mississippi River was a major part of Mark Twain's life. The river In the three introductory ones which precede these, the physical character of the river is sketched, and brief reference is made to the early travelers and explorers of the stream, -- De Soto, Marquette, and La Salle; these latter belonging to the epoch of what Mr. Clemens quaintly calls "historical history," as distinguished from that other unconventional history, which he does not define, but certainly embodies in the most graphic form. There are some good touches in this opening portion; as where the author refers to "Louis XIV., of inflated memory," and, speaking of indifference which attended the discovery of the Mississippi, remarks, "Apparently, nobody happened to want such a river, nobody needed it, nobody was curious about it; so, for a century and a half, the Mississippi remained out of the market and undisturbed. When De Soto found it, he was not hunting for a river, and had no present occasion for one; consequently he did not value it, or even take any particular notice of it." We are also presented with a chapter from an unpublished work by the writer, detailing the adventures of a southw...

Causes of American Divorce Essay

For the last decade, the issue of American divorce has increased dramatically. A significant change in economical, psychological and emotional mind set could be the explanation of why so many American are ending their relationship in divorce. Issues such as, not having enough financial stability, lack of communication and lack of commitment, in other words infidelity, could provide an explanation to society of why divorce has increased throughout the years. The first cause of divorce may be because of not having enough financial stability from one of the spouses or both. The quote, â€Å"Money is the root of all evil,† may be true, especially when it comes to American marriages. Although, instead, the quote should say â€Å"Money is the root to all reasons marriages fail.† Money may not be the only reason it fails but could be one of the reasons. An example of this could be, if a spouse is paying for necessity based things, such as, bills and food and the other spends too much on things that are useless, this could become a problem, especially when children are involved. Most married couples tend to forget that when they say their marriage vows, there is an important line that pertains to money and that is, â€Å"Til debt do us part.† Relationships sometimes begin and the spouse may not know the financial difficulties one may be having. This could cause a problem when the couples try to buy a house or a car. Frustra tion could come upon them and eventually end the marriage due to the arguments. However, financial problems might not be the only cause of divorce. The second cause of American marriages ending in divorce could be, lack of communication. Most couples tend to stay fairly busy with work or college and don’t get a large amount of time to talk about issues one may be facing with the other, for fear that an argument may happen. However, not talking about the issues could become a problem. For example, the spouse may do something the other doesn’t like and if it keeps happening, the petty problem could cause an outrage to spark and since they were unable to solve the problem before because of lack of communication it could lead to the marriage possibly failing. The quote, â€Å"Love is communication, so the bottom line is; a lack of communication is a lack of love,† could be true for most marriages because not talking could cause separation between the spouses. The third cause of American divorce could be lack of commitment or infidelity. Infidelity is the act of unfaithfulness to a person. This could be the number one cause of marriage failure. For example, a spouse may not be into the sexual arousal game as the other spouse is. This could then lead to the spouse engaging in sexual activity with someone other than the person they married to. Sexual desire is not the only form of infidelity. Lust may be consider as adultery as well. A spouse may begin to have fantasies of being with someone else or an intense desire of love toward a person. To conclude, the three possible reasons American marriages fail could be because of financial issues, lack of communication and lack of commitment or infidelity. The numbers are becoming dramatically alarming. To stop this problem from happening marriages should build their relationship on a strong foundation and beware of rushing into things before talking about. Communication should be an important matter in any relationship.

Vladimir Zworykin, Father of the Television

Vladimir Zworykin, Father of the Television Vladimir Zworykin (July 30, 1889–July 29, 1982) is often called the father of television, but he never accepted that, stating that he shared credit with many others such as David Sarnoff. Among his 120 patents are two instruments that were critical to the development of television: the iconoscope camera tube and the kinescope picture tube.   Fast Facts: Vladimir Zworykin Known For: Called the Father of Television for his work on the iconoscope camera tube and the kinescope picture tubeBorn: July 30, 1889 in Murom, Russia.Parents: Kosma A. and Elana ZworykinDied: July 29, 1982 in Princeton, New JerseyEducation:  Petrograd Institute of Technology (electrical engineering, 1912), Ph.D, University of Pittsburg 1926Published Works: More than 100 technical papers, five books, 120 patentsAwards: 29 awards, including the National Medal of Science in 1966Spouse(s): Tatania Vasilieff (1916–1951), Katherine Polevitsky (1951–1982)Children: Elaine and Nina, with his first wifeNotable Quote: I hate what theyve done to my child†¦I would never let my own children watch it. (on his feelings about television) Early Life Vladimir Kosma Zworykin was born on July 30, 1889, the youngest of surviving seven (from the original 12) children of Kosma A. and Elana Zworykin of Murom, Russia. The well-to-do merchant family was dependent on Kosmas role as the owner of a wholesale grain business and a successful steamship line. In 1910, Vladimir entered the St. Petersburg Institute of Technology, where he studied electrical engineering under Boris Rosing and saw his first television. Rosing, a professor in charge of laboratory projects, tutored Zworykin and introduced his student to experiments of transmitting pictures by wire. Together they experimented with a very early cathode-ray tube, developed in Germany by Karl Ferdinand Braun. Rosing and Zworykin exhibited a television system in 1910 using a mechanical scanner in the transmitter and the electronic Braun tube in the receiver. After graduating in 1912, Zworykin entered the College de France in Paris, studying x-rays under Paul Langevin, but the studies were interrupted in 1914 with the outbreak of World War I. He then returned to Russia and worked as an officer with the Russian Signal Corps.   Leaving Russia Zworkyin married Tatania Vasilieff on April 17, 1916, and they eventually had two daughters, Nina Zworykin (born 1920) and Elaine Zworykin Knudsen (born 1924). When the Bolshevik Revolution broke out in 1917, Zworykin was working at the Russian Marconi company. Rosing disappeared in the chaos, the Zworykin family home in Murom was seized by revolutionary forces, and Zworykin and his wife fled Russia, making two trips around the world before settling down in the United States in 1919.  He briefly worked as a bookkeeper in the Russian Embassy before joining Westinghouse at East Pittsburgh, Pennsylvania in 1920. Westinghouse At Westinghouse, he worked on a number of projects from gunnery controls to electronically controlled missiles and automobiles, but his most important were the kinescope picture tube (the cathode-ray tube) in 1923 and then the iconoscope camera tube, a tube for television transmission used in the first cameras in 1924. Zworykin was one of the first to demonstrate a television system with all the features of modern picture tubes. He became a U.S. citizen in 1924, and in 1926 he obtained a PhD from the University of Pittsburgh with a dissertation on a method of greatly improving the sensitization of photocells. On November 18, 1929, at a convention of radio engineers, Zworykin demonstrated a television receiver containing his kinescope and obtained his first patent associated with color television. Radio Corporation of America In 1929, Zworykin was transferred by Westinghouse to work for the Radio Corporation of America (RCA) in Camden, New Jersey, as the new director of the Electronic Research Laboratory and at the invitation of RCAs president, David Sarnoff, a fellow Russian emigre. RCA owned most of Westinghouse at that time and had just bought the C.F. Jenkins Television Company, makers of mechanical television systems, in order to receive their patents. Zworykin made improvements to his iconoscope, and RCA funded his research to the tune of $150,000. The further improvements allegedly used an imaging section which was similar to Philo Farnsworths patented dissector. Patent litigation forced RCA to start paying Farnsworth royalties. 1930s and 1940s By the mid-1930s, Zworykin worked on his own projects and provided leadership for an extensive number of young scientists. He became intrigued by early work on the electron microscope, and he set up a lab and hired Canadian James Hillier, who had built a prototype as a graduate student, to develop one for RCA. During World War II, Zworykin had input into airborne television that was used to guide radio-controlled torpedoes and a device that helped blind people read. His laboratories were tapped to work on stored-program technology for the early computers, and he explored- but didnt have much success with- self-driven cars. In 1947, Sarnoff promoted Zworykin to vice president and technical consultant to the RCA laboratories. Death and Legacy In 1951, Zworykins wife Tatania Vasilieff, from whom he had been separated for better than a decade, divorced him, and he married long-time friend Katherine Polevitsky. He was forced to retire at 65 from RCA in 1954 but continued supporting and developing research, serving as director of the Medical Electronics Center at the Rockefeller Institute in New York. In his lifetime, Zworykin authored more than 100 technical papers, wrote five books, and received 29 awards. Among them was the National Medal of Science- the highest scientific honor in the United States- which President Lyndon Johnson presented to Zworykin in 1966 â€Å"for major contributions to the instruments of science, engineering, and television, and for his stimulation of the applications of engineering to medicine.† In retirement, he was a founder and the first president of the International Federation for Medical and Biological Engineering; he was inducted into the National Inventors Hall of Fame in 1977. Vladimir Zworykin died on July 29, 1982, one day shy of his 93rd birthday, at the Princeton (New Jersey) Medical Center. Sources Abramson, Albert. Vladimir Zworykin, Pioneer of Television. Urbana: University of Illinois Press, 1995.Froehlich, Fritz E. and Allen Kent. Vladimir Kosma Zworykin. The Froehlich/Kent Encyclopedia of Telecommunications (Volume 18), p 259–266. New York: Marcel Dekker, Inc., 1990.Magill, Frank N. (ed.). Vladimir Zworykin. The 20th Century O–Z (Volume IX) Dictionary of World Biography. London: Routledge, 1999.Thomas, Robert McG. Jr. Vladimir Zworykin, Television Pioneer, Dies at 92. The New York Times, August 1, 1982.Rajchman, Jan. Vladimir Kosma Zworykin, July 30, 1889- July 29, 1982. National Academy of Sciences Biographical Memoirs 88:369–398 (2006).

Project Management Implementation Strategies

Project Management Implementation Strategies Free Online Research Papers Project Management Implementation Strategies Project Management is the operations function of Sonoran Steel Services. The lone member of this department must divide time between other departments. Typically, he spends about 8 hours a day in these functions. As the company grows, there is a risk that this department may become overloaded. With current revenue projections, it will become necessary to hire another project management trainee within two years. Duties in this department are as follows: Interaction with customer Contract Management Purchasing Scheduling Change order costing and management Subcontractor management Management of records And More Sonoran is a steel re-seller or broker. The marketing department sells a project and it is this department’s duty to execute the contract. Steel fabrication is a custom or job process. Krajewski and Ritzman, 2000, describe a job process as one that â€Å"creates the flexibility needed to produce a variety of products in significant quantities†. Almost every project in construction is unique. Occasionally, similar projects will be built, but identical projects are extremely rare. This forces drafting firms, fabricators, erectors, and project managers to review each project and develop schedules and manufacturing plans for that unique project. Very little inventory is maintained in a steel fabrication shop. Operating similar to a â€Å"Just in Time† manufacturing facility, all materials are ordered and scheduled for delivery as they are needed. Storage is kept to no more than two weeks inventory. There is such a vast array of material sizes and specifications; there is no other reasonable way to provide the materials needed. Sonoran will purchase material directly from the steel warehouses for some projects and will buy materials from the fabrication shops on smaller projects. No management of inventory is required for Sonoran. While not in the possession of the latest technology and software, Sonoran has a file of spreadsheets that have been developed over the past five years. These ease the transfer and storage of information. Fewer documents need to be stored as hard copy. Enlisting the use of the Internet for both gathering and transmitting information saves the company time and money. Project Management situation analysis PROJECT MANAGEMENT STRENGTHS ? 20 years construction experience ? Relative strengths ? Multiple seminars ? Core competencies ? Taught by a great mentor ? Key factors of success ? Scheduling tools ? Very good understanding of the whole project ? Establishes good relationships with contractors ? Excellent computer skills ? Skillful negotiator ? Works toward greater good of subcontractors ? Good mentor and trainer The company principal, Richard Oxford, has extensive experience in the steel industry. He has attended many seminars on project management, time management and negotiation. To add to this, he was trained by one of the best managers in the steel industry. With over 40 years in the steel industry, his mentor was a strong influence in Mr. Oxford’s development. Mr. Oxford has successfully managed several projects greater than $10,000,000 in value. This requires a deep understanding of project scheduling and schedule maintenance. Mr. Oxford also has a history of extremely good relationships with contractors. Many of the projects that Sonoran is able to bid are opportunities given by people with whom he has previously worked. One reason he is able to establish such relationships is his understanding of the larger project and the impact of steel fabrication and installation on other trades. This understanding and concern has built lasting relationships that are paying off today. PM Weaknesses Only one person with time divided Can get overloaded and not take care of projects Not a strong estimator Works from small home office As with any single employee company, there is a risk of being too successful. This leads to overloading. With the need to divide time between sales, estimating, finance, and project management it is easy to miss an important task. Working from a home office saves money, but is somewhat cramped. There is occasionally the need to spread out multiple plan sets. Another weakness is that the project manager often needs to provide estimates for change order work. The financial situation at the company has forced the owner to become an estimator. These projects are all hard bids. If a project is underbid, the company has to absorb the loss. PM Opportunities Available upgraded scheduling tools New hire to expand capacity Freedom to develop new PM systems as necessary There is relatively cheap scheduling software available called SureTrac Project Manager. This software costs approximately $500 and is able to perform more than enough tasks to manage schedule on steel projects. This software would allow the company to track multiple projects on any interval it chooses. Resource loading options can be used to track project finances. Basic Excel software is also extremely versatile. It is easy to develop job specific spreadsheets from this platform. The company’s intended growth will require departmental growth. This will require the hiring of a new project manager. Several areas can be tapped for potential employees: ? Shop Personnel ? Other companies project management teams ? Detailers ? Estimators ? Field personnel ? Recent construction management graduates Any intelligent individual from one of these areas can be trained in the art of project management. Each of these areas would bring strengths and weaknesses. Computer and communication skills are a must. PM Threats Overloading Schedule interruptions by general contractors Non performing subcontractors Bad budgets from sales The greatest threat to quality project management is job overloading. It is not always easy to predict how and when this will happen. Projects are bid to fill schedule holes, but sometimes the schedules slip or are accelerated. The general contractor may not be performing in a proper manner causing the steel schedule to slip into a conflicting position with another project. Subcontractors sometimes do not perform at expectation. All of these factors lead to overloading of the project team and possibly to poor performance. PM Trends Greater technology Electronic data transfer Global subcontracting Like many other industries, steel management is moving toward higher levels of technology. New computer programs that feed design information into â€Å"Computer Numerically Controlled† equipment is the latest development. This ends the need to duplicate information from one functional area to another. Electronic data transfer has greatly increased the speed of information transfer. Project management is nothing without information transfer. Electronic files containing complete sets of design drawings are e-mailed around the world. This has led to increase in global subcontracting. There are many low cost, high quality detailers available in East Asia and South America. This could be a cost advantage for Sonoran. Project Management Strategic Objectives 1. Project Manual 2. Develop purchasing methodology 3. Add new Personnel 4. Train new project manager 5. Online drawing Transfer The goals in this functional area are developed around improving the department by developing better purchasing methods, hiring and training new personnel. If the company intends a 50% rate of growth, it will be necessary to develop a project manual to maintain consistency in project management. It is critical that high quality consistent management be provided to contractors. This consistency will develop into consistent profits. Project Management Implementation strategies 1. Project Manual 06/30/2001 ? Determine functional areas 12/31/2001 ? Develop or adjust spread sheets 02/28/2001 ? Text development for each area 05/30/2001 The intent of a project manual is to develop a consistent set of procedures to follow for each project. While it is usually easy for one individual to be consistent, it is difficult for multiple individuals to act in the exact same manner. A project manual will be used to help train new project managers in proper job methodology. This will lead to consistent documentation, filing systems, and measurements of job costs. The intent is not to clone the founder, but to recreate things that work. Latitude will be given for personal creativity. 2. Add new personnel 12/31/2001 ? Job description 09/31/2001 ? Hiring strategy 10/31/2001 ? Interviews 12/01/2001 Future employees at the company will wear many different hats. It is important to write a good job description of the employee’s duties. This will help both the owner and new hire. From this description, it will be easier to determine the kind of individual that will best fill the companies need. A strategy for seeking such individuals will be developed and interviews scheduled. With current market conditions, the duration of the strategy development stage and interview stage may be greater than the month allowed. 3. Training 12/31/2002 ? Introduce job sets 01/03/2001 ? Plan reading 01/10/2001 ? First Project 02/01/2001 ? Estimating 06/01/2001 Training is intended to be a multi-year project. A quality project manager will take 3 to 5 years to develop. Training will include many more phases than are listed. These are the basics of development. Much training will be hands on and by observation of the existing project managers. The first project will be awarded very early in the process. At this stage of company development, the senior project manager should have time to mentor the new project manager through several projects. The company is small enough that help will always be near. 4. Purchasing methodology 03/30/2001 ? Interview steel purchasers 11/20/2000 ? Develop needs analysis for company 01/31/2001 ? Needs analysis for sub-fabricators 02/28/2001 Purchasing is a function that many companies relegate to another department. At Sonoran, this function will be performed by the project manager. To develop a purchasing methodology, informal interviews will be staged with steel purchasers in the city. From these interviews, and interviews with sub-fabricators, a needs analysis will be conducted to establish proper and profitable formatting for the purchasing plan. Software is available, but it is very expensive. NPV analysis of the software purchase shall also be conducted. 5. Online drawing transfer 12/31/2003 ? Equipment analysis 06/30/2003 ? Software Analysis 07/30/2003 ? Lease or buy plotter 10/31/2003 ? Lease or buy computer 11/30/2003 This function is not just the wave of the future, it is now. Hardware and software is extremely expensive. It will be two to three years before the cost can be justified. It is possible to use equipment from other sources. The detailers generally possess the proper equipment to e-mail drawing files and plot incoming files. If the company intends to use international firms to do detailing functions, it can pay printing firms to plot the drawings. This is expensive, but not as expensive as equipment purchase. Ideally, the cost analysis will allow for the purchase of the equipment in three years. SUMMARY The project management department has more strength than any other department in the company. The company is based upon selling project management services. A weakness is in purchasing management. Work needs to be done to improve this process. Technologically, the company needs to make improvements. While the technology is available, money for such equipment and software is not available at this time. It will be necessary to closely monitor the workload within the department, especially with the shared duties the lone employee possesses. With the companies intended growth, it will become necessary to hire and probably train another project manager within the next 15 months. Mr. Oxford is very qualified to train such a manager. Research Papers on Project Management Implementation StrategiesThe Project Managment Office SystemAnalysis of Ebay Expanding into AsiaIncorporating Risk and Uncertainty Factor in CapitalDefinition of Export QuotasBionic Assembly System: A New Concept of SelfMarketing of Lifeboy Soap A Unilever ProductResearch Process Part OneTwilight of the UAWOpen Architechture a white paperPETSTEL analysis of India

Gun Control Essay Example | Topics and Well Written Essays - 750 words - 3

Gun Control - Essay Example This essay dwells upon the problem of gun control and its influence.There is a widespread perception that committing suicide is a long process that requires planning just like a wedding or something else. Studies have shown that suicide does not require much rational decision but it is something done spontaneously. This means that if a person came across a death striking murder is at the verge life and death. This might sound far-fetched, according to Boston Globe report, states with high level of gun ownership have a suicide rate almost twice as high as those states with low ownership level. More surprisingly, people who committed suicide were found to be seventeen times more likely to live with guns at home than not. Most criminals who cause a massacre utilize illegal weapons. Between 1982 and 2012, the US has heard an astonishing number of roughly sixty-two mass shooting which was propagated by gun licensing. Mother Jones research outlines that out of sixty-two shooting; forty-nine were perpetrated using legal weapons. It is worth noting that, half of all mass shooters use assault weapons and high capacity magazines. A few sensible restrictions could have saved a lot of lives. If a criminal is determined to pull off a massacre, he could do it very easily using a shotgun, handgun or even a musket. So putting controls on the assault firearms is a good thing and should be encouraged. Gun control decreases the number of lives lost through reckless act of senseless shooting thus it save lives. Australia parliament supports this action. In fact in 1996, a mass shooter killed thirty five people in port Arthur in a massacre, two weeks later, the prime minister by then , John Howard launched an aggressive clampdown on gun ownership that have never been experienced in the history of Australia. Within this exercise, around 650,000 automatic and semi-automatic weapons were destroyed and a whole raft of checks and controls brought in. As a result, individuals stop the aimless killing (Lott 52). In fact, the killing rate reduced to zero. The main aim of gun is consumed by the lifestyle of US citizen. Frankly, very few of those who

Organizational Transformation in Practice Essay

Organizational Transformation in Practice - Essay Example The unresolved issue with these advisors was that many customers stuck with a long-term contract after signing for the service without enough acknowledgement and details about the effect or the commitment that the customer has to make or be involved in. The company performance had been inevitably great for many years, being able to reach its annual target. But I soon learnt that since the recession, the management recognized that the performance of the company was not fulfilling its requirements in the sense that it’s targets weren’t being repeatedly achieved as before, leading their employees to then work under pressure, categorized between two units within two managers, and this involved me as a unit manager. The issue was generated by the employees’ new approach with their selling techniques due to the newly enforced pressure by the general manager. In the course of the weekly meetings with the general manager, I was faced with a range of disagreements. An ove rwhelming problem was the frustration accumulating due to the lack of communication. The customers entitlements to the long-term contract were mislead, making them unaware of the policies commitments. I was mentally prepared to engage in negotiations because the other unit manager had been already aware and uncooperative with the required work role. I am always proud of my performance as I did my best to satisfy myself before satisfying my manager, and I do not take well to the management when they insult work which was performed in good faith. I sat in my office, gathering my thoughts as to what I would do first I thought, â€Å"No idea, I feel sick to my stomach† I later learned my physical reaction to the situation was due to my inability to keep my internal focus on my internal locus of control. At that time I was working and going to college full time and I learned in one of my Diploma degree classes that a person’s perception of the source of his or her fate is t ermed locus of control. Some people with an internal locus of control think they can control their destiny or what may or may not happen in their environment. This is what I liked when things were going well. But others controlled by an external locus of control are those controlled by something outside of him or her, which is where I aimed my focus at when things weren’t well? Situations got stressed, passive and defensive due to externals being placed with a stressor; this influenced the stress having a real effect on me. I flashed through my mind other situations in which I’d have felt useless or unsure of my performance. Now I wonder, why was I thinking of myself in this way? What really made the negotiation process more challenging was how I felt about myself; I was worrying if I requested a meeting for negotiation with the other unit manager he would resort in being uncooperative with a very negative behavior. In the beginning I did not send any e-mail to the oth er unit manager, as I had not gotten a plan. I waited, and as he stayed silent, I thought I would feel more confident by taking control. I approached him in the method that I would appreciate being approached by. With the sound that our mutual issue was getting bigger and what could we do to solve this problem? Therefore I proposed an agenda to let him give input to form the agenda for a meeting to negotiate our problems. I gathered that a more structured method would

The marketing department in luxury fashion industry (fashion subject) Coursework

The marketing department in luxury fashion industry (fashion subject) - Coursework Example The media plays a significant role in educating citizens on the luxury items in the industry. Globalization plays a big role in promoting luxury brands in the global platform. The marketing of luxury brands relies a great deal on marketing mix. Marketing luxury fashion brands is one of the most challenging sectors (Kapferer & Bastien 2009). The product, placement, promotion, and the price are one of the important factors in determining marketing of luxury brands. The knowledge of fashion and trends is important to individuals who want to work in a marketing department of a luxury brand. It is a crucial tool for the individual and the organization selling the luxury brands. An individual who wants to work for a corporation selling luxury products in the marketing department must be passionate. Good listening is one of the factors that marketing departments. It creates good customer awareness in the organization dealing with luxury products. Creativity and imagination is significant for individuals working in the marketing department of fashion products. People at this position should have good communication skills to assess what the customer wants. Pricing plays an important part in marketing of luxury brands in the world. Prices affect the way individuals perceive a product depending on the rates. Consumers relate luxury products with their price range. The prices of luxury products have to be set right because it will meet the customer expectations. Prices are marketing decisions to other factors in the fashion industry. The prices create the image that the luxury brand wants to reflect in the mind of the consumer (Sum, Kim, & Kim 2013). The elements used to make the product attractive to the consumer are the essential aspect of the fashion industry. The design, packaging, branding, and its value enable categorization of the product. The named factors are significant in the marketing

Barriers to entry into foreign markets Essay Example for Free

Barriers to entry into foreign markets Essay It is completed near the end of your first year of entry into the country market. One must identify and prepare for Trade Events. Trade shows, international buyer programs, matchmaker trade delegations programs or a catalog exhibition program can lead to tremendous international opportunities . Methods of foreign market entry Methods of foreign market entry include exporting, licensing, joint venture and off-shore production. The method you choose will depend on a variety of factors including the nature of your particular product or service and the conditions for market penetration which exist in the foreign target market . Exporting can be accomplished by selling your product or service directly to a foreign firm, or indirectly, through the use of an export intermediary, such as a commissioned agent, an export management or trading company. International joint ventures can be a very effective means of market entry. Joint ventures overseas are often accomplished by licensing or off-shore production. Licensing involves a contractual agreement whereby you assign the rights to distribute or manufacture your product or service to a foreign company. Off-shore production requires either setting up your own facility or sub-contracting the manufacturing of your product to an assembly operator. Barriers to entry into foreign markets The main trade barriers to any foreign market include: Psychological barriers in foreign exchange markets Traders adjust their anchors in two ways. Some believe that exchange rates move toward (perceived) fundamentals, while others bet on a continuation of the current exchange rate trend. The behavior of the traders causes complex dynamics. Since the exchange rate tends to circle around its perceived fundamental value, the foreign exchange market is persistently misaligned. Central authorities have the opportunity to reduce such distortions by pushing the exchange rate to less biased anchors, but to achieve this; they have to break psychological barriers between anchors. High import tariffs inclusive of restrictions related to national security Tariffs are taxes that raise the price of a good when it is brought into another country. Tariffs and import quotas form the toughest barriers. Seventy percent of respondents say tariffs on goods and services are the most effective form of protectionism, followed closely by import quotas (68%). But this is by no means the whole story: 45% say that artificially undervalued exchange rates do much to boost the competitiveness of local firms, while 59% cite subsidized competitors as a major barrier. Many also noted the challenges of informal protectionism, such as local firms convincing government officials to block the approval of licenses. Quota systems in Japan: The tariff quota system charges a lower duty rate (primary duty rate) on imports of specific goods up to a certain quantity, but a higher duty rate (secondary duty rate) on quantities exceeding that volume. This system protects domestic producers of similar goods but also benefits consumers with the lowest tariff rates possible. The tariff quota volume for each allocation can be applied in one of two ways: according to the order in which the request was received, or according to prior allocations. Japan utilizes the prior allocation method. The tariff quota system does not restrict direct imports, since imports can be made without a tariff quota certificate, provided high duty is paid. Regarding footwear, quota allocations to individuals or companies are based on historical trade performance in the importation of footwear. Japan has allocated quota not to quota traders but to footwear importers, so business can take place as per footwear importers requirements. At the same time, new importers can acquire special quota for new importers. The Government of Japan implements this system in accordance with governmental regulation. Therefore, Japan believes that new importers have opportunities to obtain quotas under the current quota allocation system. Unfavorable foreign rules regulations Voluntary export restraints limit the quantity of a good brought into a country, but they are initiated by the country producing the good, not the country receiving the good. Federal, state, and local governments sometimes restrict entry into markets by requiring firms to have licenses. The Federal Communications Commission, for example, grants licenses to radio and television stations; there simply arent enough frequencies for an unlimited number of firms to broadcast in any area. For safety reasons, all nuclear power plants are licensed as well. Governments also bar entry by giving firms exclusive rights to a market. The U. S. Postal Service, for example, has an exclusive right to deliver first class mail. Firms are sometimes given exclusive rights to do things like operate gas stations along toll roads, produce electricity, or collect garbage in a city. Exclusive rights are granted if a government believes that there is room for only one firm in a market. Until the 1980s, the federal government also restricted entry into the airline, trucking, banking, and telecommunications industries. Many of the laws that restricted entry into these industries were put into place in the 1930s, when many people believed that large firms needed to be protected from cutthroat competitors. Many economists now believe that these laws did more harm than good. In 1938, for example, the Civil Aeronautics Board, or CAB, was established to regulate the airline industry for interstate flights. For the forty years that it existed, it didnt allow a single new firm to enter the market, although it received over 150 applications for routes. In 1978, despite protests from the airlines, President Carter ordered the deregulation of the industry and the phasing out of the CAB. Within five years, 14 new firms entered the industry. Many experts believe that airline fares after deregulation were well below what they would have been had regulation continued. For instance, take China as an example. China’s government has set policies that are posing great challenges for foreign investors. China’s regulatory framework for cross-border remains a complex and incomplete patchwork of laws, regulations and policy decisions made by various ministries and government agencies. A lack of transparency, coupled with low standards of corporate transparency and disclosure, makes it difficult for potential investors to carry out due diligence to accepted international standards. Valuing the potential liabilities of a firm is especially difficult. At the same time, the Chinese government continues to close off so-called â€Å"strategic assets† to cross-border without specifying which sectors are defined as strategic, or why. To address these issues and remove other obstacles to cross-border deals, it is recommended for China to: †¢ Streamline the approval process for cross-border and make it more transparent; †¢ Put in place a sound competition framework; †¢ Further open its capital markets to foreign investors; †¢ Encourage its firms to increase corporate transparency and provide more up to date and accurate financial information to make it easier to value a potential acquisition, especially regarding a firm’s liabilities; Relax foreign ownership restrictions. In particular, revise existing catalogues that list the type of firms that can or cannot be acquired by foreign investors. The report also recommends that China pilot these recommendations in the North-East of the country before rolling them out nationwide. This region, China’s historical industrial heartland, has a high concentration of state-owned firms in need of restructuring and technological upgrading, as well as high unemployment and low productivity. Cross-border could help rejuvenate the region’s economy. Free Trade Policy Policy in which a government does not discriminate against imports or interfere with exports. A free-trade policy does not necessarily imply that the government abandons all control and taxation of imports and exports, but rather that it refrains from actions specifically designed to hinder international trade, such as tariff barriers, currency restrictions, and import quotas. The theoretical case for free trade is based on Adam Smiths argument that the division of labor among countries leads to specialization, greater efficiency, and higher aggregate production. The way to foster such a division of labor, Smith believed, is to allow nations to make and sell whatever products can compete successfully in an international market.