The Asain Finacial Crisis Essays - Foreign Exchange Market

The Asain Finacial Crisis The Asain Finacial Crisis The beginning of the Asian financial crisis can be traced back to 2 July 1997. That was the day the Thai Government announced a managed float of the Baht and called on the International Monetary Fund (IMF) for 'technical assistance'. That day the Baht fell around 20 per cent against the $US. This became the trigger for the Asian currency crisis. Within the week the Philippines and Malaysian Governments were heavily intervening to defend their currencies. While Indonesia intervened and also allowed the currency to move in a widened trading range a sort of a float but with a floor below which the monetary authority acts to defend the currency against further falls. By the end of the month there was a 'currency meltdown' during which the Malaysian Prime Minister Mahathir attacked 'rogue speculators' and named the notorious speculator and hedge fund manager, George Soros, as being personally responsible for the fall in value of the ringgit. Soon other East Asian economies became involved, Taiwan, Hong Kong, Singapore and others to varying degrees. Stock and property markets were also feeling the pressure though the declines in stock prices tended to show a less volatile but nevertheless downward trend over most of 1997. By 27 October the crisis had had a world wide impact, on that day provoking a massive response on Wall Street with the Dow Jones industrial average falling by 554.26 or 7.18 per cent, its biggest point fall in history, causing stock exchange officials to suspend trading. Countries such as Thailand, Indonesia, Malaysia and the Philippines have embraced an unusual policy combination of liberalisation of controls on flows of financial capital on the one hand, and quasi-fixed/ heavily managed exchange rate systems on the other. These exchange rate systems have been operated largely through linkages with the United States (US) dollar as their anchor. (1) Such external policy mixes are only sustainable in the longer term if there is close harmonisation of economic/ financial policies and conditions with those of the anchor country (in this case, the United States). Otherwise, establishing capital flows will inevitably undermine the exchange rate. Rather than harmonisation, there seems to have actually been increased economic and financial divergence with the US, especially in terms of current account deficits, inflation and interest rates. These increasing disparities have prompted global (and local) financial interests to speculate against the administered exchange rate linkages, i.e. speculative pressure mounted that the monetary authorities in these countries would not be able to hold their exchange rate links. In most cases, such financial speculation has been of sufficient magnitude to actually provoke the collapse of the administered exchange rate links, in the manner of 'self fulfilling' prophecies. Defence of the exchange rate through the use of foreign exchange reserves and higher interest rates proved to be insufficient. (2) The result has been large devaluation's of the exchange rates of these countries, especially against the US dollar. Large interest rate increases to support the exchange rates at their new lower levels (to prevent wholesale over reaction and collapse in foreign exchange markets and to help contain the strong inflationary forces set in motion); and extra restrictions in fiscal policy. Designed to rise national saving, contain domestic spending and reassure foreign investors and international institutions such as the International Monetary Fund (IMF). Figure 1 shows the magnitude of this devaluation's. The IMF had arranged conditional financial support packages for Thailand and Indonesia. (3) Financial support is provided in exchange for (on condition of) economic policy reforms which, it is argued, will encourage economic recovery and help prevent a recurrence of the turmoil these countries are now experiencing. In the case of Australia, help to Thailand has taken the form of a 'currency swap' where Australia's US dollar assets of up to $1 billion were exchanged for Thai Baht, with an agreement that the reverse exchange would occur at a future point in time. These financial crises have also provoked substantial falls in the stock markets of these countries and in other parts of Asia. (They also contributed to stock market falls around the world). Foreign investor funds would have been initially withdrawn as exchange rate speculation mounted, and this would have partly taken the form of a sell off of foreign-owned stock. As well, much higher interest rates (both before and after the currency devaluation's) encourage flows of funds out of shares and into loan/ debt-type assets. In turn, higher interest rates and lower exchange rates have substantially increased the rate of collapse/ bankruptcy of businesses operating in highly leveraged sectors (especially where loan contracts were written in foreign

SWOT, PESTEL and Porter Analysis of Diggers Inc. The WritePass Journal

SWOT, PESTEL and Porter Analysis of Diggers Inc. Introduction SWOT, PESTEL and Porter Analysis of Diggers Inc. IntroductionMarket Orientation:The historical development of market orientation:Market orientation in the USA and Europe:Organizational and managerial characteristics of market-orientated companies:Implanting market orientation in organizations:SWOT AnalysisStrengths of Diggers Inc:Weaknesses of Diggers Inc:Opportunities for Diggers Inc:Threats of Diggers Inc:SWOT analysis of CATStrengths of CAT:Weaknesses of CAT:Opportunities for CAT:Threats of Diggers Inc:PESTLE Analysis of Diggers Inc:Political EnvironmentEconomic Environment:Social Environment:Technological Environment:Marketing Mix:Nature of Marketing-MixReferences:Related Introduction Market Orientation: Market orientation is the implementation of the marketing concept. Being oriented marketing is more than just being directed to the customer. It requires the full support of the organization, is fully implemented in the long term and, in fact, you may need a complete change in the culture of an organization. The historical development of market orientation: A parallel can be drawn between the development of an organization and a national economy. Market orientation develops through stages, especially, production, sales and market orientation may be related to supply and demand relations and conditions of competition. Market orientation in the USA and Europe: The development of market orientation was different between the U.S. and Europe, the first, in late 1950, was beginning to recognize the need to put the customer first. In Europe, for its part, the marketing development later due to IInd world war, delay in market integration, heavy regulation, public sector involvement, a strong national identity, the projectionist trends, differences in language, traditions and business practices and a dilatory approach to marketing education. Organizational and managerial characteristics of market-orientated companies: The dilemma of meeting the needs of clients and organizations need to be explored. Research has identified two types of organizations and market orientation: type A and type B-. We must also recognize that the management of a company play a key role in guiding the market and there is indeed a strong relationship between marketing orientation and organizational learning. Implanting market orientation in organizations: The role of management in market orientation can be explored. Market orientation requires a strategic commitment to the organization. It may also require several changes that need to be managed. The guidelines and action plan for the implementation of market orientation can be explored. The growth of their business is based upon a strategy of pure diversification into related business areas, and a true belief throughout the Diggers Inc organisation ‘top-down’ of being customer orientated. The marketing activities are carried out under a well-thought-out philosophy of efficient, effective, and socially responsible marketing of DIGGERS. In fact, there are five competing concepts under which organizations conduct marketing activities: production concept, product concept, selling concept, marketing concept, and societal marketing concept. As the product concept, this has led to more than 300 individual products are now available to meet real customer needs. The marketing concept excavators enlists the help of 680 dealers around the world (26,800 troops), which have a long and established history of working closely with them for many years. Most of them are locally owned businesses and independent. This is often to provide not only considerable added value, but also a competitive advantage, as the distributors work closely with people who know and trust, in areas they know well. Dealers offer a service and spare parts, and financing, while a network of more than 1200 outlets worldwide offering a rental service excavators Inc. To support all this, the infrastructure has 23 distribution centers located in 11 countries, fully supported by the Diggers Inc Team Training Division. SWOT Analysis A tool used by organizations to help the company establish its Strengths, Weaknesses, Opportunities and Threats (SWOT). (Kotler, 1988: 80.). A SWOT analysis is used as a framework to help the company develop its overall corporate marketing or product strategies. Strengths and weaknesses are internal factors that are controllable by the organization. Opportunities and threats are external factors that are uncontrollable by the organization. Caterpillar â€Å"CAT† is   considered as the big competitor of Diggers due its product line and   company size. In terms of Diggers Inc, its SWOT analysis is as under: Strengths of Diggers Inc: It offers more than 300 products for the real need of its customers. It has 680 dealers worldwide to sell their products. It has 75000 personnel workforce, worldwide. The dealers work closely with people they know well and trust, in areas/regions they know well. To support all this, the infrastructure has 23 distribution centres located in 11 different countries. Weaknesses of Diggers Inc: As the company’s base business is machinery so it will be very difficult to go in new product line. Diggers Inc has a reputation for new product development and creativity. However, they remain vulnerable to the possibility that their innovation may falter over time. The organization has a strong presence in the UK and United States of America with more than three quarters of their outlets located in the home market. It is often argued that they need to look for a portfolio of countries, in order to spread business risk. The organization is dependent on a main competitive advantage, the retail of machineries and engines. This could make them slow to diversify into other sectors should the need arise. Opportunities for Diggers Inc: ‘DIGS’ name becoming a worldwide clothing and footwear brand. Diggers Inc can expand its business to 3rd world countries. Diggers Inc has differentiated again with the ‘DIGS’ name becoming a worldwide clothing and footwear brand. Threats of Diggers Inc: New entrants threats is always present for the Diggers Inc CAT can be a big threat for the Diggers Inc. Government policy e.g. taxation, laws can be big threats. SWOT analysis of CAT Strengths of CAT: It offers more than 300 products for the real need of its customers. It is spread in 23 counties worldwide to sell their products. It has 28310 personnel workforce. To support all this, the infrastructure has 60 distribution centres located in 23 different countries. Weaknesses of CAT: As the company’s core business is related to machinery and engine manufacturers, so it will be very difficult to go in new product line. Diggers Inc has a reputation for new product development and creativity in engineering sector. However, it may be possible that their innovation may not work in new SBUs. The organization is dependent on a main competitive advantage, the retail of machineries and engines. This could make them slow to diversify into other sectors should the need arise. Opportunities for CAT: CAT name becoming a worldwide footwear and Clothing (trousers and caps) brand. CAT has strong grip in 3rd world countires including India and China. CAT is known for its name and logo can be in cash for marketing activities, where appropriate, in terms of new product line. Threats of Diggers Inc: New entrants threats   from BRIC block is always present for CAT, specially from China. CAT can be a big threat for the Diggers Inc. Government policy e.g. taxation, laws can be big threats. PESTLE Analysis of Diggers Inc: PEST LE of PEST analysis, as an analysis framework of macro-environmental factors, is also referred as STEP (Clulow, 2005), SEPT (Narayana and Fahey, 1994: 199-202) or STEEP (Voros, 2001). According to Ward and Rivani (2005), PEST analysis assumes that specific external and indirect circumstances that characterized the business environment are able to influence organizational capacity to produce value.   It is important to identify factors that in turn can affect a number of vital variables that can influence the organizations supply and demand levels and costs. The radical and permanent changes occurring in society create an environment of uncertainty and have an impact on the function of the entire organization. A series of checklists have been developed as a way of cataloging the large number of potential problems that may affect an industry. A PEST analysis is one of them is not a framework that categorizes environmental influences as political, economic, social and technologic al. Sometimes two additional factors, environmental and legal, will be added to make PESTEL analysis, but these issues can be subsumed under others. The analysis examines the impact of each of these factors (and their interaction with others) in the business. The results can be used to exploit opportunities and making contingency plans for threats in the preparation of business and strategic plans claims that PEST analysis is a strategic tool for understanding market growth or decline, business position the potential and direction of operations. Political Environment Political Environment is the laws, official regulations, rules and guidelines some of which are designed to protect people, consumers and communities. Some are designed to make contracts enforceable and to protect property rights. Many are designed to regulate the behavior of the managers and their subordinates. There is relatively little that a manager can do in any organization that is not in some way concerned with, and often specifically controlled by, the existence, introduction or change in laws or regulations. In terms of Diggers Inc, the political environment is suitable and stable in Europe and USA. However, in UK where the recent increased in Tax and new legislation from the Conservatives, central bank’s interest rates can also affect the buying power of customers. Economic Environment: After the latest episode of recession, the economy is recovering slowly, which also can affect the buying power of the customers due to less launching of new development projects in UK. (Guardian, 2010). The Inflation rate has increased to 3.4% which is also a negative sign for the UK’s economy. Source: â€Å"statistics.gov.uk/cci/nugget.asp?id=19† Social Environment: The living standard of dropped and people are less spending due to cuts in jobs and inflation. Most of the UK people will be found on low price shops. Although the Diggers Inc has a good reputation in the market, yet it’ll face a huge competition from its revivals especially in clothing and shoes. Technological Environment: The technology is always changing rapidly, so that organizations must adapt quickly in terms of product and process, then convert resources and advances in the opportunities and competitive advantage. As the diggers Inc, has capacity to make any changes to your core business or new business units for its competitive advantage to others. From the above analysis, we conclude that although the Diggers Inc has much competition in its counterpart and revivals, however, is able to embrace change and increase business by building new strategic business units in the industry. To cope with the global recession, which has infected the spending of individuals, the Diggers needs to invest more in R D for diversified business areas, and should use outsourcing to maximize sales by offering cheaper products to its customers. Marketing Mix: According to Stanton, (2000) marketing mix is a combination of four elements (4Ps)Product, Pricing structure, Physical distribution system, and Promotional activities used to satisfy the needs of an organization’s target market (s)and, at the same time, achieve its marketing objectives. Every business enterprises have to determine its marketing-mix for the satisfaction of needs of the customers. Marketing-mix represents a blending of decisions in four areas-product, pricing, promotion and physical distribution. These elements are inter-related because decision in one area usually affects actions in the others. The basic purpose to determining the marketing-mix is to satisfy the needs and wants of the customers in the most effective manner. As the needs of customers and the environmental factors change, the marketing-mix is also changed. Thus, marketing-mix is a dynamic concept. It concentrates on how to satisfy the needs of the customers. Marketing-mix is a combination of several-mixes. Marketing-mix encompasses product-mix (brand, quality, weight, etc.); Price-mix (unit price, discount, credit, etc.); promotion- mix(advertising, salesmanship and sales promotion); and place-mix (distribution channels, transport, storage etc) . Nature of Marketing-Mix Marketing-mix is the marketing managers instrument for the attainment of marketing goals. It is composed of four ingredients: (i) product, (ii) pricing (iii) promotional activities, and (iv) physical distribution. These elements constitute the core of the marketing system of a firm. A marketing manager implements his marketing strategies and policies through these instruments. As the diggers Inc, has developed a new range of scale models toys because the product is good and if not, there are many competitors in the market with different prices. Diggers is to lower the price of its new line of products in the toy industry. To promote the new product, it is necessary to launch the 3D characters in the same models launched. To do this, you must also movies like Transformers the Movie or Legend of the Planet to promote their product. It is also necessary to expand its channels to sell this new product. For this you need to make their presence every street. Branding is something used to show customers that one product is different than the products of another manufacturer. For branding its products, Diggers Inc is using â€Å"I Love DIGS machines† it is a novel concept to use this logo on the caps, T-Shirts, as the company used to deal in Machinery and engines prior, and has segmented itself to a particular group, it’s this marketing strategy will sketch a clear picture of the brand in the customers’ brain. References: Guardian.co.uk. â€Å"Third quarter GDP: what the economists say† [Accessed: 27/10/2010] â€Å"guardian.co.uk/business/2010/oct/26/third-quarter-gdp-what-the-economists-say† Kotler, P. 1988. Marketing Management. New York: Prentice Hall. Narayana,V. and Fahey, L (1994), â€Å"Macroenvironmental analysis: understanding the environment   outside the industry†. In Fahey, L. Randall, R. (Eds), The Portable MBA in strategy, 2nd edition, 189 – 214, New York: Wiley Stanton. J, (2000) Marketing services to ethnic consumers in culturally diverse markets: issues and implications, Journal of Services Marketing, Vol. 14 Iss: 7, pp.607 618 Val Clulow, (2005) Futures dilemmas for marketers: can stakeholder analysis add value?, European Journal of Marketing, Vol. 39 Iss: 9/10, pp.978 – 997 Vorvos, J (2001), â€Å"Reframing environmental scanning: an integral approach†. [Online], standsadvisour.nl/buurtonwikkelaar/teks/env-scanning.pdf [Accessed 10/10/2010] Ward. D, Rivani. E, (2005), â€Å"An Overview of Strategy Development Models and the Ward-Rivani Model†.

USS Coral Sea (CV-43) - Aircraft Carrier

USS Coral Sea (CV-43) - Aircraft Carrier USS Coral Sea (CV-43) - Overview: Nation:  United States Type:  Aircraft Carrier Shipyard: Newport News Shipbuilding Laid Down: July 10, 1944 Launched:  April 2, 1946 Commissioned:  October 1, 1947 Fate:  Scrapped, 2000 USS Coral Sea (CV-43) - Specifications (at commissioning): Displacement:  45,000 tons Length:  968 ft. Beam:  113 ft. Draft:  35 ft. Propulsion:  12 Ãâ€" boilers, 4 Ãâ€" Westinghouse geared steam turbines, 4 Ãâ€" shafts Speed:  33 knots Complement:  4,104 men USS Coral Sea (CV-43)- Armament (at commissioning): 18 Ãâ€" 5 guns84 Ãâ€" Bofors 40 mm guns68 Ãâ€"  Oerlikon 20 mm cannons Aircraft 100-137 aircraft USS Coral Sea (CV-43)  - Design: In 1940, with the design of the Essex-class carriers nearly finished, the US Navy commenced an examination of the design to ascertain whether the new ships could be changed to incorporate an armored flight deck.   This alteration came under consideration due to the performance of the Royal Navys armored carriers during the opening years of World War II.   The US Navys review found that though armoring the flight deck and partitioning the hanger deck into several sections reduced damage in battle, adding these changes to the Essex-class ships would greatly reduce the size of their air groups.   Unwilling to limit the Essex-class offensive power, the US Navy decided to create a new type of carrier that would retain a large air group while adding the wanted protection.   Significantly larger than the Essex-class, the new type that became the Midway-class would be able to carry over 130 aircraft while including an armored flight deck.   As the new design evolved, naval architects were forced to reduce much of the carriers heavy armament, including a battery of 8 guns, in order to reduce weight.   Also, they were compelled to spread the class 5 anti-aircraft guns around the ship rather than in the planned dual mounts.   When finished, the Midway-class would be the first type of carrier to be too wide to use the Panama Canal. USS Coral Sea (CV-43) - Construction: Work on the third ship of the class, USS Coral Sea (CVB-43), commenced on July 10, 1944, at Newport News Shipbuilding.   Named for the critical 1942 Battle of the Coral Sea which stopped the Japanese advance toward Port Moresby, New Guinea, the new ship slid down the ways on April 2, 1946, with Helen S. Kinkaid, wife of Admiral Thomas C. Kinkaid, serving as sponsor.   Construction moved forward and the carrier was commissioned on October 1, 1947, with Captain A.P. Storrs III in command.   The last carrier completed for the US Navy with a straight flight deck, Coral Sea completed its shakedown maneuvers and began operations on the East Coast. USS Coral Sea (CV-43) - Early Service: After completing a midshipmen training cruise to the Mediterranean and Caribbean in the summer of 1948, Coral Sea resumed steaming off the Virginia Capes and took part in long-range bomber testing involving P2V-3C Neptunes.   On May 3, the carrier departed for its first overseas deployment with the US Sixth Fleet in the Mediterranean.   Returning in September, Coral Sea aided in the activation of the North American AJ Savage bomber in early 1949 before making another cruise with the Sixth Fleet.   Over the next three years, the carrier moved through a cycle of deployments to the Mediterranean and home waters as well as was re-designated an attack aircraft carrier (CVA-43) in October 1952.   Like its two sister ships, Midway (CV-41) and Franklin D. Roosevelt (CV-42), Coral Sea did not participate in the Korean War.    In early 1953, Coral Sea trained pilots off the East Coast before again departing for the Mediterranean.   Over the next three years, the carrier continued a routine cycle of deployments to the region which saw it host a variety of foreign leaders such as Francisco Franco of Spain and King Paul of Greece.   With the beginning of the Suez Crisis in the fall of 1956, Coral Sea moved to the eastern Mediterranean and evacuated American citizens from the region.   Remaining until November, it returned to Norfolk in February 1957 before departing for Puget Sound Naval Shipyard to receive a SCB-110 modernization.   This upgrade saw Coral Sea receive an angled flight deck, enclosed hurricane bow, steam catapults, new electronics, removal of several anti-aircraft guns, and relocation of its elevators to deck edge. USS Coral Sea (CV-43) - Pacific: Rejoining the fleet in January 1960, Coral Sea debuted the Pilot Landing Aid Television system the following year.   Allowing pilots to review landings for safety, the system quickly became standard on all American carriers.   In December 1964, following the Gulf of Tonkin Incident that summer, Coral Sea sailed for Southeast Asia to serve with the US Seventh Fleet.   Joining USS Ranger (CV-61) and USS Hancock (CV-19) for strikes against Dong Hoi on February 7, 1965, the carrier remained in the region as Operation Rolling Thunder began the following month.   With the United States increasing its involvement in the Vietnam War, Coral Sea continued combat operations until departing on November 1. USS Coral Sea (CV-43) - Vietnam War: Returning to the waters of Vietnam from July 1966 to February 1967, Coral Sea then crossed the Pacific to its home port of San Francisco.   Though the carrier had officially been adopted as San Franciscos Own, the relationship proved icy due to the residents anti-war feelings.   Coral Sea continued to make annual combat deployments in July 1967-April 1968, September 1968-April 1969, and September 1969-July 1970.   In late 1970, the carrier underwent an overhaul and began refreshed training early the next year.   En route from San Diego to Alameda, a severe fire erupted in the communications rooms and began to spread before the heroic efforts of the crew extinguished the blaze.    With anti-war sentiment increasing, Coral Seas departure for Southeast Asia in November 1971 was marked by crew members taking part in a peace demonstration as well as protesters encouraging sailors to miss the ships departure.   Though an on-board peace organization existed, few sailors actually missed Coral Seas sailing.   While on Yankee Station in the spring of 1972, the carriers planes provided support as troops ashore battled the North Vietnamese Easter Offensive.   That May, Coral Seas aircraft took part in the mining of Haiphong harbor.   With the signing of the Paris Peace Accords in January 1973, the carriers combat role in the conflict ended.   After a deployment to the region that year, Coral Sea returned to Southeast Asia in 1974-1975 to aid in monitoring the settlement.   During this cruise, it aided Operation Frequent Wind prior to the fall of Saigon as well as provided air cover as American forces resolved the Mayaguez incident. USS Coral Sea (CV-43) - Final Years: Reclassified as a multi-purpose carrier (CV-43) in June 1975, Coral Sea resumed peacetime operations.   On February 5, 1980, the carrier arrived in the northern Arabian Sea as part of the American response to the Iran Hostage Crisis.   In April, Coral Seas aircraft played a supporting role in the failed Operation Eagle Claw rescue mission.   After a final Western Pacific deployment in 1981, the carrier was transferred to Norfolk where it arrived in March 1983 after an around-the-world cruise.   Sailing south in early 1985, Coral Sea sustained damage on April 11 when it collided with the tanker Napo.   Repaired, the carrier departed for the Mediterranean in October.   Serving with the Sixth Fleet for the first time since 1957, Coral Sea took part in Operation El Dorado Canyon on April 15.   This saw American aircraft attack targets in Libya in response to various provocations by that nation as well as its role in terrorist attacks.    The next three years saw Coral Sea operate in both the Mediterranean and the Caribbean.   While steaming the latter on April 19, 1989, the carrier rendered aid to USS Iowa (BB-61) following an explosion in one of the battleships turrets.   An aging ship, Coral Sea completed its final cruise when it returned to Norfolk on September 30.   Decommissioned on April 26, 1990, the carrier was sold for scrap three years later.   The scrapping process was delayed several times due to legal and environmental issues but was finally completed in 2000.   Selected Sources DANFS: USS Coral Sea  (CV-43)NavSource: USS Coral Sea  (CV-43) USS Coral Sea  (CV-43) Association

Security Essay Example | Topics and Well Written Essays - 500 words - 3

Security - Essay Example Overseeing and sustaining these kinds of initiatives in an active environment is certainly a heavy burden for healthcare providers. These rules are in some because healthcare providers are equally committed to allocating as much resources as possible to and concentrating on the quality of care given to patients. Translating these functions into a convenient and successful security and compliance initiative is difficult (Kibbe, 2005). Second, I disagree with their claim that all application-to-database accesses by any healthcare professional are logged automatically. For a healthcare organization to enjoy automatic logging of application to database accesses by doctors, nurses, lab technicians, and administrators, it has to employ additional security and identity management solutions. Unfortunately, HITECH does not cover these additional technological solutions even though HIPAA requires that all healthcare providers do (Kibbe, 2005). When medical practitioners and other healthcare professionals within a single healthcare organization enter data freely into a secure database through an application-to-database access, links healthcare providers are authorized to access the same data as well. This approach may eliminate redundant paperwork and lower administrative burden, but increases the risk of intrusion by unscrupulous parties in linked healthcare organizations. Ensuring that applicable system events such as bo oting and rebooting are logged is important because developers have to support the secure conveying of these logs from the applications to administrators. Accesses made by healthcare professionals have to be compliant with regulations imposed across all of the different scaled and levels of healthcare provision and services. Some of the regulations present in the HITECH act and HIPAA are unclear (Kibbe, 2005). Lastly, I agree that doctors need quick

Globalization Essay Example | Topics and Well Written Essays - 1500 words - 4

Globalization - Essay Example Misunderstandings are common, and these can have serious consequences ranging from the failure of business operations to the needless suffering of individuals caught in a culture far removed from that of their birth, and even to war and destruction when nations fail to come to a workable understanding of each other’s aspirations. This paper examines two ways in which communication theory and cultural studies can be helpful in preventing cross-cultural miscommunication. The first is the discipline’s potential to clarify and explain the role of ritual in human interactions, and this is explored using the example of health services which have to operate in one particular culture, but deal with clients from multiple different cultures. The second is the process that can be called â€Å"clarification of values† which underpins intercultural understanding, and this is explored using example of business relations between China and the Western world which includes Europe and America. The paper aims therefore to demonstrate on a small and then on a larger scale, the value of two aspects of communication theory and cultural studies in the modern world. ... Such extreme distinctions underpinned ideologies like colonialism and slavery which privileged white, western ideas above other types of culture. In the twentieth century, studies such as those of Adorno and Horkheimer observed the cataclysmic world wars, the horrors of Fascism, and the rise of capitalist consumerism and rightly concluded that Western culture was capable of untold atrocities. This brought into question all the former assumptions about the superiority of Western elitist cultural assumptions. They concluded that the alliance of financial interests with cultural expression had resulted in a commodification of culture into what amounts to an industry. The effects of this were seen as negative, dragging culture down into a lowest common denominator and marketing it to make money: â€Å"The result is the circle of manipulation and retroactive need in which the unity of the system grows ever stronger.† (Adorno and Horkheimer, 1999, p. 33) In a way this line of thinki ng can be seen as reaction against the elitist view of culture that had prevailed in the previous century. More recent cultural theorists have formulated a more positive view of culture, seeing it as a multi-faceted quality of human behaviour that is far from unified, and holds the promise of continued development and renewal due to the interaction of many different cultures. The work of bel hooks, for example, redefines the complacent elitism of dominant beliefs in America at the time of the civil rights movement as â€Å"white supremacist capitalist patriarchy† (hooks, 1999, p. 235) and promotes the ideal of â€Å"cultural diversity† (hooks, 1999, p. 239) which instead of supporting dominant

Newspaper and Credibility Essay Example for Free

Newspaper and Credibility Essay In logic and rhetoric, a fallacy is usually an improper argumentation in reasoning often resulting in a misconception or presumption. Literally, a fallacy is an error in reasoning that renders an argument logically invalid It is important to use relevant, accurate, and reliable sources in a research paper. What do you need to consider when searching for useful sources? How do you know when sources are reliable? What are some warning signs that indicate you should avoid a particular source? If biases or fallacies are part of the source material that you want to use, how do you manage this issue? Sites which have org, . gov, .edu, as opposed to .com, are all sites that are usually credible sources. I frequent both the University of Phoenix website and Facebook. UOPs website is certainly credible vs. Facebook, not a credible site, which I mostly use to keep in touch with my family in California and Hawaii.Credibility with online sources is being a reviewed and published source, and example of a non-credible source is wikipedia because anyone can go in and change the sources of information. In order to verify the credibility of online sources, you can ask yourself the following questions. Does the author of this article have enough credentials or knowledge about this topic? Does the author subject his/her works to peer reviews? Is the information on this article updated or the latest? Does the site include information on how often the site is updated? Is a copyright date listed? Credibility doesnt matter in fiction. My space ship can fly at 1,000 times the speed of light and nobody cares. Credibility always matters in non-fiction. Even when looking for support for an opinion, it is important to consider the source. Credibility is most important if you want people to know that you are dependable and reliable and your word is good. If you say you are going to do something,they know it will be done and it is less important if you do not care what people think of you. For example:Your car is not running and buddy one says he will be over in the morning at 9 am to fix it for you and then never shows up. Buddy #2 says he will be over at 9 am and shows up at 8:30 am with tools in hand. Now which one of these two do you want to associate with? Advertising has a clear money-making agenda. But bias is prevalent in everyday situations, too. One way to better understand the difference between fact and opinion is to read the news in your local newspaper and then again in the tabloids. Watch what words are used in each one. See how many facts you can spot in each story. How do they differ? Demographic factors affect views toward advertising (Shavitt et al., 1998) as do endorser and corporate credibility (Lafferty Goldsmith, 1999) and an individual’s attitude â€Å"to a particular media product within a particular medium† (Bryant Thompson, 2002, p. 289). Attitudes toward advertising differ depending on gender, age, education, income, and ethnicity. The attitudes of males, consumers between the age of 18 and 34, consumers with less education and income, and non-Whites are generally more favorable toward advertising (Shavitt et al., 1998).The credibility of an advertiser also plays a role in how people view advertising. Any bias that a source holds may not always be directly stated; sometimes it is implied by only presenting one side or viewpoint of a topic. Some people believe that the media controls the world; I feel this claim has merit. Many people do not question information reported on the news, because what would the media gain by exaggerating a story or only presenting one side? One must keep in mind that the media is run by ratings; sensational stories make for great ratings. This is where thinking critically can be your best ally. Even a seemingly impartial source could have a hidden agenda. The vital factors that influence credibility of newspapers are the decline in newspaper sales, advertising, ownership of the newspaper agencies, and inaccuracy. The severe competition for magazine sales also causes magazines to exaggerate or misconstrue their stories. Other factors that can affect the credibility of magazines are the journalists. There are various genres of television programming. Television programming can vary form news to cooking shows. TV programs also exaggerate and over sensationalize their stories to grab the attention of viewers. Between television programming are advertising. In a sense, TV programs are basically a means to get people to watch commercials (Cyber College Internet Campus, 2007, paragraph 8). These factors of advertising and the competition for viewers affect the credibility of television programming. Factors that influence internet credibility are trustworthiness and expertise. Does the source have good intention? Is the source honest and unbiased? Is the author an experienced professional on the sources topic? Another factor, that influences the credibility of the internet, is that anyone can post her or his own website. They can claim that the website is trustworthy. Thus, it is vital that one evaluates the sources taken from the internet. Advertisers use various methods to persuade the public to purchase their products or services. Advertisers know how to make their products and services appealing without sufficient information. Advertising is designed to generate a need to buy certain brand-name products, which may be more expensive than lesser-known brands, while not being significantly better (Cyber College Internet Campus, 2007, paragraph 8). The fact that advertising will fallaciously depict or appeal to one emotions to sell a product is the most essential factor that affect credibility. I personally feel printed resources to be more credible. People increasingly rely on Internet and web-based information despite evidence that it is potentially inaccurate and biased. Newspapers, books, magazines, and television all undergo certain levels of factual verification, analysis of content, and editorial review, whereas Internet information is subject to no such scrutiny. Internet sites that parallel their print counterparts, such as major newspapers and periodicals, invoke the same editorial processes as their print forms, but they constitute only a small portion of the information available over the Internet. More people are turning to the internet because it is more of a convenience factor in my opinion. I stumbled across a study conducted on the credibility of printed resouces vs.online. I found it to be very interesting. Here is the link for those that are interested. http://com.miami.edu/car/miamibeach1.htm

Oscar Claude Monet :: Essays Papers

Oscar Claude Monet Oscar Claude Monet was born on November 14, 1840 in Paris, France. Monet spent most of his childhood in Le Havre, France. In Le Havre, Monet studied drawings and painted seascapes with a French painter Eugene Louis Boudin in his teens. By 1859 Monet committed himself a career to be an artist. Monet spent a lot of time in Paris around 1859. By 1860 Monet met a pre-impressionist painter, Edouard Manet. Monet also met other French painters to form the impressionist school. Monet met Camille Pissaro, Pierre Auguste Renoir, and Alfred Sisley. Monet painted simple landscapes and sketches like scenes of bright color. Monet had some success in official exhibits. In 1874, Monet and his colleagues decided to organize their own exhibition in public. Monet and his colleagues called themselves, independents, but the press later named them impressionists because their work seemed sketchy and unfinished. One of Monet’s paintings had the title Impression: Sunrise in 1872, in Musee Marmottan, Paris. During the rest of the 1870’s and early 1880’s, Monet used special techniques to paint scenes of different impressions on colors. Monet went to the Mediterranean and Atlantic coasts to study the effects of light and color. By mid 1880’s Monet was generally the leader of the impressionist school and he achieved significant recognition. Monet was recognized as the master of meticulous observation and true feelings for his paintings. In 1890, Monet was able to purchase some property in the village of Giverny, not far from Paris. In Giverny Monet began to construct a water garden (a lily pond arched with a Japanese bridge, overhung with willows and bamboo). Oscar Claude Monet :: Essays Papers Oscar Claude Monet Oscar Claude Monet was born on November 14, 1840 in Paris, France. Monet spent most of his childhood in Le Havre, France. In Le Havre, Monet studied drawings and painted seascapes with a French painter Eugene Louis Boudin in his teens. By 1859 Monet committed himself a career to be an artist. Monet spent a lot of time in Paris around 1859. By 1860 Monet met a pre-impressionist painter, Edouard Manet. Monet also met other French painters to form the impressionist school. Monet met Camille Pissaro, Pierre Auguste Renoir, and Alfred Sisley. Monet painted simple landscapes and sketches like scenes of bright color. Monet had some success in official exhibits. In 1874, Monet and his colleagues decided to organize their own exhibition in public. Monet and his colleagues called themselves, independents, but the press later named them impressionists because their work seemed sketchy and unfinished. One of Monet’s paintings had the title Impression: Sunrise in 1872, in Musee Marmottan, Paris. During the rest of the 1870’s and early 1880’s, Monet used special techniques to paint scenes of different impressions on colors. Monet went to the Mediterranean and Atlantic coasts to study the effects of light and color. By mid 1880’s Monet was generally the leader of the impressionist school and he achieved significant recognition. Monet was recognized as the master of meticulous observation and true feelings for his paintings. In 1890, Monet was able to purchase some property in the village of Giverny, not far from Paris. In Giverny Monet began to construct a water garden (a lily pond arched with a Japanese bridge, overhung with willows and bamboo).

Blaine Kitchenware

rP os t 4040 OCTOBER 8, 2009 TIMOTHY LUEHRMAN JOEL HEILPRIN op yo Blaine Kitchenware, Inc. : Capital Structure On April 27, 2007, Victor Dubinski, CEO of Blaine Kitchenware, Inc. (BKI), sat in his office reflecting on a meeting he had had with an investment banker earlier in the week. The banker, whom Dubinski had known for years, asked for the meeting after a group of private equity investors made discreet inquiries about a possible acquisition of Blaine. Although Blaine was a public company, a majority of its shares were controlled by family members descended from the firm’s founders together with various family trusts.Family interests were strongly represented on the board of directors as well. Dubinski knew the family had no current interest in selling—on the contrary, Blaine was interested in acquiring other companies in the kitchen appliances space—so this overture, like a few others before it, would be politely rebuffed. No tC Nevertheless, Dubinski was st ruck by the banker’s assertion that a private equity buyer could â€Å"unlock† value inherent in Blaine’s strong operations and balance sheet. Using cash on Blaine’s balance sheet and new borrowings, a rivate equity firm could purchase all of Blaine’s outstanding shares at a price higher than $16. 25 per share, its current stock price. It would then repay the debt over time using the company’s future earnings. When the banker pointed out that BKI itself could do the same thing—borrow money to buy back its own shares—Dubinski had asked, â€Å"But why would we do that? † The banker’s response was blunt: â€Å"Because you’re over-liquid and under-levered. Your shareholders are paying a price for that. † In the days since the meeting, Dubinski’s thoughts kept returning to a share repurchase.How many shares could be bought? At what price? Would it sap Blaine’s financial strength? Or prevent it from making future acquisitions? Blaine Kitchenware’s Business Do Blaine Kitchenware was a mid-sized producer of branded small appliances primarily used in residential kitchens. Originally founded as The Blaine Electrical Apparatus Company in 1927, it produced then-novel electric home appliances, such as irons, vacuum cleaners, waffle irons, and cream separators, which were touted as modern, clean, and easier to use than counterparts fueled by oil, coal, gas, or by hand.By 2006, the company’s products consisted of a wide range of small kitchen appliances used for food and beverage preparation and for cooking, including several branded lines of deep fryers, griddles, waffle irons, toasters, small ovens, blenders, mixers, pressure cookers, steamers, slow cookers, shredders and slicers, and coffee makers. ________________________________________________________________________________________________________________ HBS Professor Timothy A. Luehrman and Illinois Instit ute of Technology Adjunct Finance Professor Joel L.Heilprin prepared this case solely as a basis for class discussion and not as an endorsement, a source of primary data, or an illustration of effective or ineffective management. This case, though based on real events, is fictionalized, and any resemblance to actual persons or entities is coincidental. There are occasional references to actual companies in the narration. Copyright  © 2009 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business Publishing, Boston, MA 02163, or go to http://www. bsp. harvard. edu. This publication may not be digitized, photocopied, or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School. This document is authorized for use only by Atul Singh at JRE Group of Institutions until June 2013. Copying or posting is an infringement of copyright. [email  protected] harvard. edu or 617. 783. 7860. rP os t 4040 | Blaine Kitchenware, Inc. : Capital Structure Blaine had just under 10% of the $2. 3 billion U. S. market for small kitchen appliances.For the period 2003–2006 the industry posted modest annual unit sales growth of 2% despite positive market conditions including a strong housing market, growth in affluent householders, and product innovations. Competition from inexpensive imports and aggressive pricing by mass merchandisers limited industry dollar volume growth to just 3. 5% annually over that same period. Historically, the industry had been fragmented, but it had recently experienced some consolidation that many participants expected to continue. In recent years, Blaine had been expanding into foreign markets.Nevertheless in 2006, 65% of its revenue was generated from shipments to U. S. wholesalers and retailers, with the balance coming from sales to Canada, Europe, and Central and South America. The company shipped approximately 14 mill ion units a year. op yo There were three major segments in the small kitchen appliance industry: food preparation appliances, cooking appliances, and beverage-making appliances. Blaine produced product for all three, but the majority of its revenues came from cooking appliances and food preparation appliances.Its market share of beverage-making appliances was only 2%. Most of BKI’s appliances retailed at medium price points, at or just below products offered by the best-known national brands. BKI’s market research consistently showed that the Blaine brand was well-known and well-regarded by consumers. It was associated somewhat with â€Å"nostalgia† and the creation of â€Å"familiar, wholesome dishes. † tC Recently, Blaine had introduced some goods with â€Å"smart† technology features and sleeker styling, targeting higher-end consumers and intended to compete at higher price points.This strategy was in response to increased competition from Asian imports and private label product. The majority of BKI’s products were distributed via a network of wholesalers, which supplied mass merchandisers and department stores, but its upper-tier products were sold directly to specialty retailers and catalogue companies. Regardless of the distribution channel, BKI offered consumers standard warranty terms of 90 days to one year, depending on the appliance. No Blaine’s monthly sales reached a seasonal peak during October and November as retailers increased stock in anticipation of the holiday season.A smaller peak occurred in May and June, coinciding with Mother’s Day, a summer surge in weddings, and the seasonal peak in home purchases. Historically, sales of Blaine appliances had been cyclical as well, tending to track overall macroeconomic activity. This also was the case for the industry as a whole; in particular, changes in appliance sales were correlated with changes in housing sales and in home renovation and hou sehold formation. BKI owned and operated a small factory in Minnesota that produced cast iron parts with specialty coatings for certain of its cookware offerings.Otherwise, however, Blaine, like most companies in the appliance industry, outsourced its production. In 2006 BKI had suppliers and contract manufacturers in China, Vietnam, Canada, and Mexico. Do Victor Dubinski was a great-grandson of one of the founders. An engineer by training, Dubinski served in the U. S. Navy after graduating from college in 1970. After his discharge, he worked for a large aerospace and defense contractor until joining the family business in 1981 as head of operations. He was elected to the board of directors in 1988 and became Blaine’s CEO in 1992, succeeding his uncle.Under Dubinski’s leadership, Blaine operated much as it always had, with three notable exceptions. First, the company completed an IPO in 1994. This provided a measure of liquidity for certain of the founders’ desc endants who, collectively, owned 62% of the outstanding shares 2 BRIEFCASES | HARVARD BUSINESS SCHOOL This document is authorized for use only by Atul Singh at JRE Group of Institutions until June 2013. Copying or posting is an infringement of copyright. [email  protected] harvard. edu or 617. 783. 7860. rP os t Blaine Kitchenware, Inc. : Capital Structure | 4040 ollowing the IPO. Second, beginning in the 1990s, Blaine gradually moved its production abroad. The company began by taking advantage of NAFTA, engaging suppliers and performing some manufacturing in Mexico. By 2003, BKI also had established relationships with several Asian manufacturers, and the large majority of its production took place outside the United States. Finally, BKI had undertaken a strategy focused on rounding out and complementing its product offerings by acquiring small independent manufacturers or the kitchen appliance product lines of large diversified manufacturers.The company carefully followed changes in customer purchasing behavior and market trends. Victor Dubinski and the board were eager to continue what they believed had been a fruitful strategy. The company was particularly keen to increase its presence in the beverage appliance segment, which demonstrated the strongest growth and where BKI was weakest. Thus far, all acquisitions had been for cash or BKI stock. op yo Financial Performance During the year ended December 31, 2006, Blaine earned net income of $53. 6 million on revenue of $342 million.Exhibits 1 and 2 present the company’s recent financial statements. Approximately 85% of Blaine’s revenue and 80% of its operating income came from the sale of mid-tier products, with the line of higher-end goods accounting for the remainder. The company’s 2006 EBITDA margin of nearly 22% was among the strongest within the peer group shown in Exhibit 3. Despite its recent shift toward higher-end product lines, Blaine’s operating margins had decreased s lightly over the last three years. Margins declined due to integration costs and inventory write-downs associated with recent acquisitions.Now that integration activities were completed, BKI executives expected the firm to achieve operating margins at least as high as its historical margins. tC The U. S. industry as a whole faced considerable pressure from imports and private label products, as well as a shift in consumer purchasing preferences favoring larger, â€Å"big box† retailers. In response, some of Blaine’s more aggressive rivals were cutting prices to maintain sales growth. Blaine had not followed suit and its organic revenue growth had suffered in recent years, as some of its core products lost market share.Growth in Blaine’s top line was attributable almost exclusively to acquisitions. No Despite the company’s profitability, returns to shareholders had been somewhat below average. Blaine’s return on equity (ROE), shown below, was signif icantly below that of its publicly traded peers. 1 Moreover, its earnings per share had fallen significantly since 2004, partly due to dilutive acquisitions. Companies 2006 ROE Do Home & Hearth Design AutoTech Appliances XQL Corp. Bunkerhill Incorporated EasyLiving Systems Mean 11. 3% 43. 1% 19. 5% 41. 7% 13. 9% 25. 9%Median 19. 5% Blaine 11. 0% 1 ROE is computed here as net income divided by end-of-period book equity. HARVARD BUSINESS SCHOOL | BRIEFCASES This document is authorized for use only by Atul Singh at JRE Group of Institutions until June 2013. Copying or posting is an infringement of copyright. [email  protected] harvard. edu or 617. 783. 7860. 3 rP os t 4040 | Blaine Kitchenware, Inc. : Capital Structure During 2004–2006, compounded annual returns for BKI shareholders, including dividends and stock price appreciation, were approximately 11% per year.This was higher than the S&P 500, which returned approximately 10% per year. However, it was well below the 16% an nual compounded return earned by shareholders of Blaine’s peer group during the same period. Financial Policies op yo Blaine’s financial posture was conservative and very much in keeping with BKI’s long-standing practice and, indeed, with its management style generally. Only twice in its history had the company borrowed beyond seasonal working capital needs. The first time was during World War II, when it borrowed from the U. S. government to retool several factories for war production.The second time was during the first oil shock of the 1970s. On both occasions the debt was repaid as quickly as possible. At the end of 2006, Blaine’s balance sheet was the strongest in the industry. Not only was it debtfree, but the company also held $231 million in cash and securities at the end of 2006, down from $286 million two years earlier. Given such substantial liquidity, Blaine had terminated in 2002 a revolving credit agreement designed to provide standby credit for seasonal needs; the CFO argued that the fees were a waste of money and Dubinski agreed.In recent years the company’s largest uses of cash had been common dividends and cash consideration paid in various acquisitions. Dividends per share had risen only modestly during 2004–2006; however, as the company issued new shares in connection with some of its acquisitions, the number of shares outstanding climbed, and the payout ratio rose significantly, to more than 50% in 2006. tC 2004 $ 53,112 $ 18,589 41,309 $ 1. 29 $ 0. 45 35. 0% 2005 $ 52,435 $ 22,871 48,970 $ 1. 07 $ 0. 47 43. 6% 2006 $ 53,630 $ 28,345 59,052 $ 0. 91 $ 0. 48 52. 9% No Net income Dividends Average shares outstanding Earnings per shareDividend per share Payout ratio Do The next largest use of funds was capital expenditures, which were modest due to Blaine’s extensive outsourcing of its manufacturing. Average capital expenditures during the past three years were just over $10 million per year. Wh ile they were expected to remain modest, future expenditures would be driven in part by the extent and nature of Blaine’s future acquisitions. In recent years, after-tax cash generated from operations had been more than four times average capital expenditures and rising, as shown in the table below. 4 2004 EBITDA Less: Taxes After-Tax Operating Cash Flow 2005 69,370 24,989 44,380 $ 68,895 24,303 44,592 2006 $ 73,860 23,821 50,039 AVG. 46,337 BRIEFCASES | HARVARD BUSINESS SCHOOL This document is authorized for use only by Atul Singh at JRE Group of Institutions until June 2013. Copying or posting is an infringement of copyright. [email  protected] harvard. edu or 617. 783. 7860. Reassessing Financial Policies in 2007 rP os t Blaine Kitchenware, Inc. : Capital Structure | 4040 In 2007 Blaine planned to continue its policy of holding prices firm in the face of competitive pressures. Consequently, its managers were expecting top line growth of only 3% for fiscal year 2007.Howev er, this growth rate assumed no acquisitions would be made in 2007, unlike the previous two years. While the board remained receptive to opportunities, Dubinski and his team had no target in mind as yet at the end of April. op yo As he reflected on the possibility of repurchasing stock, Dubinski understood that he could consider such a move only in conjunction with all of BKI’s financial policies: its liquidity, capital structure, dividend policy, ownership structure, and acquisition plans. In addition, he wondered about timing. Blaine’s stock price was not far off its all-time high, yet its performance clearly lagged that of its peers.A summary of contemporaneous financial market information is provided in Exhibit 4. Dubinski had begun to suspect that family members on the board would welcome some of the possible effects of a large share repurchase. Assuming that family members held on to their shares, their percentage ownership of Blaine would rise, reversing a downw ard trend dating from BKI’s IPO. It also would give the board more flexibility in setting future dividends per share. Both Dubinski and the board knew that the recent trend in BKI’s payout ratio was unsustainable and that this concerned some family members.Do No tC On the other hand, a large repurchase might be unpopular if it forced Blaine to give up its war chest and/or discontinue its acquisition activity. Perhaps even more unsettling, it would cause Blaine to borrow money. The company would be paying significant interest expense for only the third time in its history. As Dubinski turned his chair to face the window, he glanced at the framed photo behind his desk of his great grandfather, Marcus Blaine, demonstrating the company’s first cream separator—its best-selling product during Blaine’s first decade.A real Blaine Electrical Cream Separator sat in a glass case in the corner; the last one had been manufactured in 1949. HARVARD BUSINESS SCHOO L | BRIEFCASES This document is authorized for use only by Atul Singh at JRE Group of Institutions until June 2013. Copying or posting is an infringement of copyright. [email  protected] harvard. edu or 617. 783. 7860. 5 Exhibit 1 rP os t 4040 | Blaine Kitchenware, Inc. : Capital Structure Blaine Kitchenware, Inc. , Income Statements, years ended December 31, ($ in Thousands) Operating Results 2004 2005 2006 $291,940 204,265 Net Income Dividends 63,946 9,914 68,895 73,860 60,682 16,057 63,946 3,506 78,101 24,989 76,738 24,303 77,451 23,821 52,435 $ 22,871 53,630 $ 28,345 5. 5% 11. 1% op yo Earnings Before Tax Less: Taxes 60,682 8,213 53,112 $ 18,589 EBIT Plus: Other Income (expense) 92,458 28,512 62,383 15,719 EBITDA 87,731 27,049 69,370 Operating Income Plus: Depreciation & Amortization $342,251 249,794 62,383 6,987 Gross Profit Less: Selling, General & Administrative $307,964 220,234 87,676 25,293 Revenue Less: Cost of Goods Sold Margins Revenue Growth 3. 2% Gross Margin 30. 0% 28. 5% 27. 0% 21. 4% 19. 7% 18. 7% 23. 8% 22. 4% 21. 6% 32. 0% 31. 7% 30. 8% Net Income Margin 18. 2% 17. 0% 15. 7% Dividend payout ratio 5. 0% 43. 6% 52. 9% EBIT Margin EBITDA Margin Blaine's future tax rate was expected to rise to the statutory rate of 40%. Do No a. tC Effective Tax Ratea 6 BRIEFCASES | HARVARD BUSINESS SCHOOL This document is authorized for use only by Atul Singh at JRE Group of Institutions until June 2013. Copying or posting is an infringement of copyright. [email  protected] harvard. edu or 617. 783. 7860. Exhibit 2 rP os t Blaine Kitchenware, Inc. : Capital Structure | 4040 Blaine Kitchenware, Inc. Balance Sheets, December 31, ($ in Thousands) Assets 2004 Cash & Cash Equivalents 2005 2006 $ 67,391 Goodwill Other Assets Total Assets p yo Property, Plant & Equipment 48,780 49,728 54,874 3,871 5,157 376,351 Total Current Assets 43,235 2,586 Other Current Assets 164,309 47,262 Inventory $ 66,557 196,763 40,709 Accounts Receivable $ 70,853 218,403 Marketable Sec urities 364,449 339,678 99,402 138,546 174,321 8,134 20,439 38,281 13,331 27,394 39,973 $497,217 $550,829 $592,253 $ 26,106 $ 28,589 $ 31,936 22,605 24,921 27,761 14,225 17,196 16,884 62,935 70,705 76,581 1,794 3,151 4,814 15,111 18,434 22,495 79,840 92,290 103,890 Liabilities & Shareholders' Equity Accounts Payable Accrued Liabilities Taxes Payable Total Current Liabilities Other liabilitiesDeferred Taxes tC Total Liabilities Shareholders' Equity Total Liabilities & Shareholders' Equity 458,538 488,363 $550,829 $592,253 Many items in BKI’s historical balance sheets (e. g. , Property, Plant & Equipment) have been affected by the firm’s acquisitions. Do No Note: 417,377 $497,217 HARVARD BUSINESS SCHOOL | BRIEFCASES This document is authorized for use only by Atul Singh at JRE Group of Institutions until June 2013. Copying or posting is an infringement of copyright. [email  protected] harvard. edu or 617. 783. 7860. 7 This document is authorized for use only by Atul Si ngh at JRE Group of Institutions until June 2013.Copying or posting is an infringement of copyright. [email  protected] harvard. edu or 617. 783. 7860. 45. 18% 31. 12% Net Debt/Equity Net Debt/Enterprise Value b. Net debt is total long-term and short-term debt less excess cash. a. Net working capital excludes cash and securities. 1. 91x 10. 56x 9. 46x 1. 63x 1. 03 776,427 $1,127,226 $ 350,798 372,293 475,377 LTM Trading Multiples MVIC/Revenue MVIC/EBIT MVIC/EBITDA Market/Book equity Equity beta Market capitalization Enterprise value (MVIC) Net debtb Total debt Book equity $ 21,495 54,316 900,803 $ 976,613 31. 74% 24. 10% 1. 02x 7. 35x 6. 03x 4. 26x 1. 24 17. 97% 15. 23% 1. 5x 8. 65x 7. 84x 2. 51x 0. 96 5,290,145 $6,240,947 $ 950,802 972,227 2,109,400 $ 21,425 353,691 3,322,837 $3,697,952 $4,313,300 721,297 796,497 $ 412,307 XQL Corp. -15. 47% -18. 31% 1. 87x 18. 05x 15. 15x 4. 41x 0. 67 418,749 $ 353,949 $ (64,800) 177,302 94,919 $ 242,102 21,220 68,788 $ 332,110 $ 188,955 19,613 23,356 $ 13,173 EasyLiving Systems 4040 -8- -24. 06% -31. 68% 2. 13x 11. 40x 9. 87x 1. 96x 0. 56 959,596 $ 728,730 $(230,866) 488,363 $ 230,866 32,231 174,321 $ 592,253 $ 342,251 63,946 73,860 $ 53,630 Blaine Kitchenware rP os t 6. 01% 5. 67% 1. 14x 7. 42x 6. 88x 4. 93x 0. 92 3,962,780 $4,200,836 $ 238,056 391,736 04,400 $ 153,680 334,804 815,304 $1,303,788 $3,671,100 566,099 610,399 $ 335,073 Bunkerhill, Inc. op yo 13,978,375 $18,415,689 $4,437,314 4,973,413 3,283,000 $ 536,099 1,247,520 7,463,564 $9,247,183 $18,080,000 2,505,200 3,055,200 $1,416,012 AutoTech Appliances tC No $ 589,747 106,763 119,190 $ 53,698 Home & Hearth Design Selected Operating and Financial Data for Public Kitchenware Producers, 12 months ended December 31, 2006, ($ in Thousands) Cash & securities Net working capitala Net fixed assets Total assets Revenue EBIT EBITDA Net income Exhibit 3 Do Exhibit 4 rP os t Blaine Kitchenware, Inc. : Capital Structure | 4040Contemporaneous Capital Market Data (April 21, 2007 ) Yields on U. S. Treasury Securities Maturity 30 days 60 days 90 days 1 year 5 years 10 years 20 years 30 years op yo 4. 55% 4. 73% 4. 91% 4. 90% 4. 91% 5. 02% 5. 26% 5. 10% Default spread 0. 86% 1. 02% 1. 33% 1. 70% 2. 86% 3. 92% Do No tC Seasoned corporate bond yields Moody's Aaa 5. 88% Aa 6. 04% A 6. 35% Baa 6. 72% Ba 7. 88% B 8. 94% HARVARD BUSINESS PUBLISHING | BRIEFCASES This document is authorized for use only by Atul Singh at JRE Group of Institutions until June 2013. Copying or posting is an infringement of copyright. [email  protected] harvard. edu or 617. 783. 7860. 9

Jit Application in Toyota Company

JIT Application in Toyota Company Toyota is one of very large company in automobile. In their production, Toyota Company has applied JIT (Just in Time) approach in their manufacturing. The advantages of using JIT approach is to reduce or minimize the waste of production, reduce hands-off, reduce re-work and any other delays on manufacturing process. One of characteristic in JIT approach is the flow of work. Parts or component of material will flow from one work center to many others with intermediate storage, and flow into work centers will also come from many work centers with intermediate storage.In the large company like Toyota, this approach is the most suitable to be applied. The derivative applications of JIT approach is karban system. Karban means â€Å"card† or â€Å"visible record† and refers to cards used to control the flow of production through a factory. Karban is useful system for company like Toyota that has many work centers. For example there are two wo rk centers with difference function, work center 1 is to producing component parts and work center 2 is to making assemblies. And there is an intermediate storage area for component parts.Let say Work Center 1 is producing component 101 and 102. After do production, that components will move to intermediate storage part and each component is labeled with kanban card 101 and 102 that contain component’s information. If Work Center 2 is need part 101 in assembly, the box 101 (labeled card 101) will moved to Work Center 2 and so on for box 102. Toyota uses a â€Å"two-card† kanban system. The first is transport or conveyance, card, which moves container of parts from one stock location to another. The second is a production card, which authorizes production.

Secondhand Lions essays

Secondhand Lions essays In this heartwarming film by Disney, Haley Joel Osment plays a young boy in his early teens named Walter. His mother insists on pursuing a job while pawning off Walter to his two grumpy great-uncles. Both of the uncles, who are played by Michael Caine and Robert DuVall, supposedly disappeared for almost 40 years. When they returned, there were tremendous rumors that they had accumulated a massive fortune while they were away. Walter definitely doesnt like the idea his mother has imposed on him, which is finding their fortune. The uncles positively hate the idea of having a kid around for very long at all. But, after a while, they realize that Walter is not like all of their other money-hungry relatives always dropping by to try and milk something from them. Walter is just interested in their past, full of wild and crazy adventures. As for the title, there actually is a lion in the film. They order her especially from the jungle to hunt for game, just for something to do. But when they open the box, the lion just yawns and almost seems to be broken in a way. She is a secondhand lion, a used lion. Walter takes a liking to her, in that she needs loving care, just like Walter does from his uncles. He decides to name her Jasmine, after Uncle Hubs dead wife. He is kind of upset about this name at first, but eventually realizes that Walter named her that out of respect and sympathy. So all four of them spend the entire summer together and share pastimes, while fending off hungry salesmen with guns. The setting seems to take place sometime in the late 50s or early 60s somewhere in rural Texas. The people in it drive older, more classic cars and their wardrobe reflects that same time period. Even the set decoration and the props used are very convincing that it takes place in this period. I feel that not a whole lot of movies tha ...

A Feeling of Accomplishment

I’ve always been a not so active person and didn’t like big changes. But this time I couldn’t do anything about it, I was going to high school. The first thing I noticed was that the school was very small and in a huge building. I had so many different teachers and they all asked for different stuff, but everything was normal. A new year, a new starting point in my life, and I had to become active. It took me a couple of months to realize that I had to try something new.There was an old man around his 50’s always walking around the hallway. His name was Mr. Rey .He use to wear formal clothes, brown dressing pants with a blue Civil Air Patrol shirt, and some black shoes. He seemed nice but I didn’t dare talking to him. Until one day, he came to my History class and gave us a speech about flight. It was just like a sleeping pill almost half of the class felt asleep and I was trying my best to stay awake. It was around two months later when some friends convinced me to join the flight program after school. The first few week I was absolutely lost, and plus I had to hear him tell me the same thing over and over again. Every day after class he told me about all the opportunities, activities and trips we had, and about how I was supposed to try my best. All this made me feel like I needed to understand what he was talking about during class, but it was harder then what it seemed like. I hated being the outsider, I felt dumb and the worst part was that I wanted to learn, but like they say â€Å"Everything is hard until you learn it, then it becomes easy†. Time passed by fast, I already had about five months in the program and it was time to try the real thing. After class Mr. Rey told me I was flying on the upcoming Saturday, all this made me feel nauseous. I just glanced at him and wanted to say no, but words didn’t come out my mouth. On my way home I asked myself how I had gone so far, why didn’t I quit when I felt dumb. Two days until Saturday and I was already freaking out. Everyone seemed happy about the news, and I just didn’t want to think about it. Friday night was awful, I couldn’t stop feeling the anxiety and my eyes just wouldn’t close.Unfortunately for me it was Saturday, and at 8:00am we arrived at Republic Air Port in Farmingdale. My hands could stop sweating and it all got worst when Mr. Rey said that girls go first. I packed my stuff ready and got into the piper. My hands suddenly stopped sweating, it was a strange feeling I never felt before. I took off and landed all by myself and actually did pretty good. When I was in the ground I couldn’t believe what I’ve done. I asked myself what had happened to the old me. Where was the shy and afraid to change girl? That’s when I realize Mr. Rey had changed me he always used to push me just a little further and further each time. That’s when I realized I was definitely not the same girl.Sometimes we think people have nothing to do with what we turn out to be, but I can truthfully tell you Mr. Rey changed my life. I fell more confident and am sure that if I set my mind to something at the end ill taste the sweet feeling of accomplishment.

Educational Policies on Undocumented Immigrants Essay

Educational Policies on Undocumented Immigrants - Essay Example During the 107th Congress in 2001, DREAM Act as a bipartisan legislation, was primarily introduced. Each year, there is evidence of a growing support for the DREAM Act. In the past years, it has gained 48 Senate cosponsors and more than 152 Republic and Democratic House Cosponsors. It has been approved by the Senate Judiciary Committee in 2003-2004 108th Congress, and again in 2006, the DREAM act passed the full Senate as part of a Comprehensive immigration Reform Act of 2006. Under this Act, undocumented students who finished high school will be provided of the opportunity to apply for a conditional status, which can be renewed to a non-conditional green card, granting that they attend college or serve the U.S military for at least 2 years. To be eligible for immigration relief under the DREAM Act, a student must have entered the U.S more than 5 years ago, before the age of 16 or younger and must be able to display good moral reputation. Each year, there are hundreds of thousands of undocumented high school graduates who qualify for the DREAM Act provisions. This population consists of students who were both born and raised in the United States, or students who at an early age were brought and raised by their parents to live in the country. Many of these students excel academically and have displayed unique talents in arts and sports. These are the students hoping to serve the future nation as bankers, educators and health providers. Despite having lived in the U.S for most of their lives, they are confronted with hindrances to obtaining college education, have difficulties finding legal and professional jobs in the U.S, and often have to endure continuous fear of being caught by immigration authorities. While there is currently an increasing support for the DREAM Act, still a number of opposing parties have vetoed. California Governor -Elect Schwarzenegger said he opposed the bill with an emphasis that providing educational benefits to illegal residents posts threats against the General Fund (Cassady).Given this Act, oppositions argue how it does not make logic to use taxpayers' money to educate a work force that is not legal to work in the United States. In contrast, out-of-state students of the country have to pay a full amount for education. This privilege to illegal residents at the expense of the taxpayers is not a good idea at a time when costs of tuition fee are increasing (Kobach). There are also allegations how the DREAM Act defies the federal immigration law. There is a constant concern that this policy might encourage more illegal immigrants to rush into the country and take away the privileges from U.S citizens. In addition, without legal residency, these undocumented im migrants, despite their college degree will find it difficult to obtain quality positions and will end up to lower-paying jobs that they could have acquired without a college degree. On the contrary, the light of the DREAM Act is viewed as an economic progress strategy to lower the increasing rate of undocumented student drop-out. Not helping students attend college will result to much greater costs in the