Impact of Income on Purchase of Luxury Fashion Products Free Essays

string(64) possibly purchase extravagance design items when they have a high income. Official Summary The current paper is a summation of the investigation on impact of Income on acquisition of Luxury Fashion Products. The proposed investigation is a quantitative investigation of ladies and utilizations age based inspecting; ladies matured 16-45 years. The customary financial aspects idea that higher pay would prompt higher utilization of ordinary and quality merchandise and lesser of second rate products are frequently tested by advertisers for extravagance merchandise. We will compose a custom article test on Effect of Income on Purchase of Luxury Fashion Products or then again any comparable theme just for you Request Now Writing proposes that there are various different factors other than pay that lead to acquisition of extravagance design items, for example, brand association, notoriety and economic wellbeing, representative, useful, enthusiastic characteristics. Accordingly the examination would clarify the significance of salary when young ladies in UK settle on buy choices identified with extravagance design items. The investigation is recommended to be quantitative in nature yet as per the sensible positivism theory. It would follow a study technique and close finished poll would be utilized in the examination. The discoveries from the investigation are relied upon to have noteworthy ramifications for organizations in extravagance items industry just as explicitly for advertisers, promoting extravagance style items to ladies in UK. 1 Introduction The current paper gives a summary to the investigation of effect of salary on buyer dynamic with respect to extravagance style items. The proposed investigation would utilize a contextual investigation of ladies in UK between ages of 16-45 years. The summation clarifies the examination foundation, points and goals, extension and constraints, writing audit and procedure for leading the investigation. It further features the normal issues and confinements of the exploration. 1.1 Research Background: The proposed investigation is planned for examining the effect of salary on buy choice with respect to extravagance design items. A further contextual analysis of ladies matured between 16 to 40 years from the United Kingdom has been taken. Like different enterprises, even inside extravagance products, the advertisers need to consider factors like rivalry, globalization, expanded client refinement and development of business sectors and so on to detail its showcasing procedure (Djelic and Ainama, 1999). The Economic emergency 2008 influenced the deals in the extravagance products industry. Anyway an upswing was seen in 2010. As indicated by Passariello (2011) the extravagance merchandise showcase in the Europe is worth ˆ168 billion and demonstrated sensible development in the year 2010. The development isn't only explicit to Europe, yet advertise for extravagance products has expanded extraordinarily world over the most recent couple of years. As indicated by McKinsey Co‘s research, the most elevated development is relied upon to be inside China which is required to develop by 20% till 2015 (Atsmon, Dixit and Wu, 2011). In extravagance industry, globalization additionally offers immense open doors like a development of new markets in nations like India, Russia and China (Silverstein, Fiske and Butman, 2003). The quickest developing business sector as recommended by experts is that of China since the economy is becoming quick and the salary of the individuals has essentiall y expanded over the most recent couple of years (Agarwal and Wu, 2004). As indicated by Roberts (2012) the extravagance products showcase expanded by 4% in Europe in 2012, predominantly inferable from high traveler spending yet low neighborhood request. Every year, increasingly Chinese voyagers visit Europe and are considered greatest spenders on extravagance items (Passariello, 2011). The advertisers, so as to profit by the rising chances and advance deals of extravagance design items, need to know the inspirations of the focused on business sectors. The UK advertise is presently recouping from downturn and is a significant market for deals of extravagance design items. The business analysts propose that as the salary of purchasers builds they move to quality products from substandard merchandise. This is a target clarification and the pay is given as target standards anyway for extravagance merchandise, advertisers stress emotional reasons more. For instance, Phau and Prendergast (2000) were of the view that how buyers see extravagance is in abstract terms and it is their comprehension of â€Å"luxury† which decides their related buy conduct. Advertisers contend that salary isn't as significant as a factor for buying extravagance items. As indicated by them Luxury merchandise utilization has consistently been a huge social practice while Berry (1994) clarifies that the worth one joins to extravagance is a part significant to the self-acknowledgment of a general public. The advertisers hence need to recognize different variables that spur the shoppers to purchase extravagance designs items other than pay. The proposed examination would contemplate effect of pay just as significant factors other than salary that the advertisers need to consider when building up their promoting efforts for extravagance design items. Dubois and Duquesne (1993) in their exploration found that culture is as significant as salary that decide s the utilizations of extravagance items. 1.2 Research Aims and Objective: The examination point is to contemplate the effect of salary level on shopper dynamic on account of extravagance style items. The point would be accomplished by the accompanying targets: To survey writing and comprehend the variables affecting customer dynamic for extravagance items. To contemplate pay as a factor and how it impacts buy choices with respect to extravagance design items. To comprehend the job of pay for buy choices by young ladies. To build up a system to clarify the salary impact on acquisition of extravagance style items by ladies. To consider the hugeness of factors other than salary that affects extravagance buy conduct. To make proposals to the organizations and advertisers managing in extravagance design items for ladies. 1.3 Research Question The principle research question that the examination would answer is: Does pay impact buying of Luxury Fashion ProductsThe study would test related theory, for example, H1: Income is a significant factor for acquisition of extravagance design items. H2: The ladies in various age bunches have distinctive purchaser directions towards extravagance items. H3: Income if a significant factor for young ladies in UK for utilization of extravagance style items. H4: Income isn't the principle factor however esteem creation for more established ladies when purchasing extravagance design items. H5: Women possibly purchase extravagance design items when they have a high salary. You read Effect of Income on Purchase of Luxury Fashion Products in classification Article models H6: Social inspirations are increasingly significant variable for style cognizant ladies in UK. H7: Luxury cherishing ladies don't look at pay as a significant factor when buying extravagance design items. 2 Preliminary Literature Review At whatever point a shopper, expert or an analyst centers around extravagance merchandise, some particular attributes of various extravagance brands may come at the top of the priority list, for example, Chanel suits, Cartier watches or Hermes totes. These are for the most part costly, brilliant quality, tasteful legacy, plan, notoriety, attractive quality, selectiveness, detachment, and character reflection (Quelch, 2006). Quelch (2006, p.100) states that: Extravagance brands are those whose proportion of practical utility to cost is low while the proportion of elusive and situational utility to cost is high. Other than fulfilling the material needs of the buyers, the extravagance products likewise addresses social and emblematic needs (Wiedmann et al., 2007). A few specialists have additionally depicted extravagance merchandise by analyzing their qualities to the attributes of mass utilization items. Riley, Lomax, and Blunden (2004) determined different highlights of extravagance products (e.g., Christian Dior aroma) contrasting from ordinary shopper merchandise (e.g., Dove cleanser). As indicated by researchers, extravagance merchandise are planned for specialty showcase fragments (Riley, Lomax, and Blunden, 2004). The advertisers of extravagance style items utilize select setting, advancement, dispersion and promoting division procedures. Then again, for non-extravagance items, they center more around usefulness and cost. When purchasing extravagance products the shoppers are affected by quality, status and lofty brands. Advertisers underline relationship with legacy and craftsmanship when situating extravagance brands. Riley, Lomax, and Blunden (2004) likewise clarified that after-deals administrations and a few different strategies for esteem creation are significant in extravagance merchandise. Hauck and Stanforth (2007) said that pay impacts, somewhat, the impression of extravagance. For instance, something may be an apparent need for one individual while an apparent extravagance for another. A well known approach to recognize extravagance depends on five variables structure given by Phau and Prendergast (2000). These components incorporate brand personality, eliteness, elevated level of brand mindfulness; center around client dependability and quality. In customer conduct writing the model given by Vickers and Renand (2003) clarifies that the buy conduct is dictated by experiential, interactional representative and utilitarian perspectives for extravagance products since they are high in both social and individual character. The non extravagance items are just high in utilitarian perspectives. The model given by Seringhaus (2005) incorporates feeling related variables like character and picture, compelling emblematic correspondence for brand personality and coinciding with self-idea which positions extravagance brands. As per Tse (1996), the majority of the examination done on utilization emphatically shows the impression of Western culture and its effect on individualistic objectives. In a maverick society, the conduct and persuasive variables of shoppers when buying items might be essentially unique in relation to those in a collectivist society. Various researchers (e.g., Phau Prendergast, 2000) have

Cyrano De Bergerac :: Cyrano De Bergerac Essays

While perusing Cyrano de Bergerac, I ended up frequently pondering whether Cyrano had a cheerful existence. As a matter of fact, I not even once pondered that, yet that is immaterial, in light of the fact that Cyrano’s bliss is the focal point of this paper. Is it accurate to say that he was upbeat? Believe it or not, I can't state without a doubt. On the off chance that we view his life, no doubt he was somewhat of a saint, continually yielding his satisfaction for other people. This is presumably the situation, yet I don't accept that he drove his existence with his bliss as any kind of objective. That will be a characterizing case in my contention. What I truly accept is that he essentially couldn't have cared less about his joy. In that sense, he didn't so much forfeit it, as he added and separated it when he saw fit. To a further degree, this indifference towards himself most likely originated from a low self-esteem, in all likelihood brought forth not from his gigantic n ose, yet the reasonable lady Roxanne. At long last, the nose itself, the very symbol of de Bergerac, was most likely not the issue that Cyrano trusted it to be. The entirety of this, anyway dark it might appear, is vital to the inquiry presented of me now. Cyrano’s satisfaction was not seen by him with either some help or an objective. I can hardly imagine how Cyrano thought about his own bliss at all. Extremely, that lack of care would most likely be the main way that he could genuinely acknowledge his perilously benevolent endeavors. For example, his giving of Roxanne to the inconceivably undeserving Christian. No genuine joy in that activity. Roxanne and Christian’s, possibly, however unquestionably not his own, and he cherished Roxanne. Had Cyrano really needed to be glad, the aches of despondency that he would feel as he parted with her would unquestionably have torn him separated. Yet, in the event that Cyrano persuaded himself that he couldn't have cared less about his own satisfaction, at that point it would at any rate remove the edge from those unpleasant feelings that doubtlessly tormented his spirit at whatever point he saw his love’s face. This activated constraint, with all the penance that Cyrano mad e, may have been the main protection instrument that he had. Proceeding from Cyrano’s inconsiderateness for his satisfaction, we may effectively understand self-esteem. Any man who might forfeit his own adoration, subsequently, his whole world, for his opponent can't have a worry for himself.

Decoding Leadership What Really Matters

Decoding Leadership What Really Matters It is fairly obvious that leadership is absolutely critical for an organization’s health. Without good leadership, it is almost impossible for a company to hit its targets. Most CEOs understand this, both innately and consciously.However, “leadership” is a vague term. What does it mean to be a good leader? We know what good leadership means in politics, but what does it mean in the corporate world? What does a good leader do? What ingredients in the concoction that is leadership are responsible for good performance and cohesion?Most leadership development programs have an extremely scattered focus, covering a huge range of leadership-related issues.For that reason, many CEOS are not confident that their investments in leadership training will bear any fruit.What is needed is a focus on the leadership traits that really matter, those that account for the greatest performance dividends. In this article, this is exactly what we are going to cover: the four leadership traits that a ccount for the greatest percentage of what constitutes effective leadership.A good leader should be:1. SUPPORTIVE The organization is a team. Everyone is there for a particular reason.Everyone has their own personality and way of thinking. In this hodgepodge of personalities, one can easily lose sight of who is who and what they bring to the table.This can be demotivating for employees, when they feel like they are not recognized, or that their efforts are being taken for granted.In truth, people want to feel important, that they are contributing to the greater good, that they are indispensible.A supportive boss will understand this and ensure employees feel that their boss respects and believes in them.To better grasp this concept, think of soldiers in battle.Who are the soldiers fighting for â€" their country, their loved ones? In the battle, the country is an abstract concept.No, the soldiers are not fighting for their country or for ideals.In the battle, when everything is disti lled to raw emotions, the soldiers fight for their leader.When their leader is supportive and makes them feel necessary, the soldiers will be ready to fight to the death so as not to let their leader down.The same is true of sports. In the heat of a grueling game, the players are no longer playing to win. The concept of winning or losing becomes abstract.They think about winning and losing during training, but during the game, what really keeps them going is their leader.This is the value of a supportive, passionate coach/captain who cares about his/her team.If the coach or captain shows that he cares about the team and the individual members in it just as much as he cares about winning, not one member of the team will want to disappoint him.A supportive leader has empathy.He/she does not see employees as mere factors of production. Rather, he/she is able to see the humanity in them, that they are real people with real problems.Sometimes the issues an employee is going through in hi s/her life make it difficult or impossible to function at 100% in the workplace â€" for instance, when an employee is grappling with  issues such as illness, divorce, or grief.Due to his/her high level of empathy, a supportive leader will strive to be understanding.He/she will offer support to struggling employees and make them feel that they are not alone in their struggle.This show of support inspires such employees to sort out their issues and get back to optimum performance so as not to let down their boss.Empathy allows a leader to listen to and understand employee grievances.An unsupportive boss will be dismissive of employee grievances, something that will probably result in employee apathy, which will in turn hurt the company’s bottom line.The supportive boss, on the other hand, will give a listening ear to the employees and if it is possible to address the grievances, he or she will do so. If not, the boss will explain to the team why what they are asking for is not poss ible at that particular moment.In other words, a supportive boss is good at communication.This involves two key skills: listening and relaying a message. Listening may be the most important skill in the repertoire of any leader.It is by listening that the leader understands who his/her employees are, their challenges, and their aspirations. Listening enables the leader to identify problems in the organization and solve them before they become toxic.Listening also helps the leader access fresh ideas on how to achieve the organization’s objectives â€" employees on the ground are likely to have more practical ideas on what needs to be done, since they are interacting directly with the customers, equipment, workload, and so on.The second skill in communication is the ability to relay a message.This skill is fed by the first â€" listening. Having listened to what the employees have to say, the leader understands what they need and how to respond in a way that will satisfy them enough t o get back.Furthermore, such a boss will have an easier time when it comes to motivating the team. Since the employees feel acknowledged by this boss, they will be more open to hearing what he/she has to say.Due to his supportiveness, the entire atmosphere of the organization will reflect his demeanor. All organizations reflect the personality of their leader.When a leader is supportive, a culture of support, empathy, and care will infuse every single department in the organization. The best way to avoid having a toxic workplace is to install a supportive leader.Even when supportive, empathetic leaders come to a toxic environment, their presence is transformative â€" especially when this leader is proactive in bringing the toxic culture to an end.2. RESULTS-ORIENTEDThis trait seems to be in opposition to the previous one, which is why many leaders seem to have one or the other but rarely both.However, a good leader is one who unites both traits.A supportive leader cares about people , but a results-oriented leader cares about reaching targets, making profits, and so on.A great leader is one who is able to show empathy and at the same time remain focused on hitting targets â€" the two traits are not mutually exclusive.We will fall back on the coaching metaphor because it is so appropriate â€" the organization is a team. While a coach may care deeply about each of his players, he also cares deeply about winning. That is the target.The coach must care more about winning than the players because the players draw their motivation from the coach.A passionate coach is able to communicate and transfer this obsession with winning to his team.The same is true of a leader in an organization. The organization is far more complex than a sports team. The coach has only one objective â€" to win.The organization, on the other hand, has a variety of objectives, each of which the leader must take to heart and do his/her best to attain. It is therefore clear that the job of a lea der is to motivate the team to attain great results.Every organization makes plans. It plans on how to use its money, where to allocate resources, the sales targets it must attain, the profits it needs to reach, and so on. These targets won’t be reached by the leader, but by the organization itself â€" by employees.However, what employees care about may be things like salaries and bonuses. It is the task of the result-oriented leader to motivate the entire organization to place its focus on its targets.It is impossible to reach targets if the business processes of the organization are in disarray. The leader should therefore be passionate about efficiency.For instance, how many meetings do you attend per week or per day? Are they that important?The truth is that most meetings are a waste of time and what they accomplish could just as easily have been done on email or via instant messaging platforms.A results-oriented leader will grasp this quickly and find a way to reduce the numb er of meetings taking place in the organization. They understand that the fewer the number of meetings, the higher the level of productivity in the organization.In other words, the results-oriented leader should car about efficiency and productivity in the workplace, rather than simply following standard ways of doing things.Since motivation is not enough to attain the organization’s targets, the leader will put in the time to streamline the business processes of the organization. This is known as business process re-engineering.In business process engineering, the organization takes stock of its existing processes and then fine-tunes them or develops new ones which will improve productivity, increase efficiency, and cut costs.Business process re-engineering involves the following:Prioritizing results.Identification of the organization’s goals and purposes.Keeping the company’s mission in mind in all business processes.Stop focusing on managing and start focusing on the custom er.A good example of that is reducing meetings and using email or instant messaging.As simple and intuitive this might sound, in reality most organizations do not realize how much time can be saved by cutting the number of meetings. Business process re-engineering is about identifying such inefficiencies and fixing them.A good understanding of project management is also critical for leaders.Projects are the best metaphor and CEOs who understand how projects work make the best leaders.A project is an activity carried out by multiple people, that has specific objectives, time constraints, and resource constraints. The organization is like that too.When you break it down to its core essence, the organization is one long project. Every financial year is a new project with its specific targets and budget.A leader who understands this will have an easier time figuring out how to organize the company better so as to hit the set targets within the set budget.In other words, great leaders ar e project managers magnified to oversee the entire company. The coach metaphor is also appropriate here.A good coach is like a project manager â€" every season, the coach must aim at winning a cup for his/her team.Project managers are, by default, results-oriented because the criteria by which a project is determined to be either a failure or a success is very clear.Huge organizations are complex and the criteria of failure and success is not always crystal clear.A good leader distills the company’s objectives to their deepest core to identify exactly which results he/she is expected to attain.He/she then streamlines business processes to make this possible.In addition, the leader communicates the company mission with compelling passion to the team so as to motivate them to achieve desired results.3. SEEKING DIFFERENT PERSPECTIVESOrganizations are composed of many individuals, some having hundreds or even thousands of people.Whether it has two or two thousand employees, an organiz ation is bound to be influenced by the different perspectives and personalities of the people who work there.It would be supremely egoistic for a leader, one individual, to think that his/her convictions and ideas are the only ones that matter, not in an organization of two people and certainly not in one that contains two thousand.Visionary leaders may have ideas that are more valuable than everyone else’s, but if those ideas do not include the perspectives of others in the team, they are likely to be more idealistic than practical.As mentioned earlier, employees are the people at the ground, interacting with the end user, the product, the equipment, and the company’s business processes.If these people’s unique perspectives are not taken into consideration, the organization is likely to have problems at achieving its objectives.This is a complaint often voiced in many organizations â€" employees complaining that the top management imposes its decisions on them without consult ing them.Human beings are not machines. People do not like to feel like cogs in a wheel. They do not want to feel that they are merely factors of production, that they do not matter much in the organization.All people want to feel valued and useful.A good leader understands this and consults them to see if their unique perspectives will help him/her craft a better plan/solution for guiding the company towards attaining its objectives.Considering other people’s perspectives does not even have to involve asking them. It can be as simple as putting yourself in their shoes and being empathetic.When making decisions that impact on people, the good leader asks, “How will this decision affect people? Am I okay with that? Should I tweak the decision so it can have this other impact instead?”A good example is restructuring, a process which typically leads to mass layoffs of the company’s staff.Sometimes, layoffs are absolutely necessary as they cut down the company to a size it can a fford, cuts costs, and reduces inefficiencies.However, before laying off staff, a great leader will consider the perspectives of fellow leaders/managers, the employees that remain, the employees that are laid off and their families, and so on.The leader will ask themselves, “Is the company merely a profit-making factory or is this a family which feels pain when it has to lose any of its members?”After considering the different perspectives of the affected people, the leader will try to find a solution that both addresses the problem, conforms to his/her values, and whose effect on stakeholders he/she can live with.The perspectives the leader should consider when making decisions are not just those of internal stakeholders. The leader should also consider the perspectives of customers, partners, shareholders, and so on.Customers’ perspectives are particularly pertinent and can make or break an organization.Wise leaders take customer data and research seriously. They monitor cus tomer behavior keenly and observe what their customers are expressing. That way, they ensure competitors don’t get the upper hand in the market.Customers’ desires are dynamic and a good leader keeps his/her finger on the pulse and steers the company towards what customers care about.This involves monitoring market trends and making the appropriate decisions to adjust to the changing market.Seeking different perspectives means that the leader is a reader.By “reading” we mean having a curious mind that wants to know what is happening in the industry, in his/her own company, out in the field, and the changing regulatory regime.Such a leader will therefore keep himself informed by constant reading, consulting, and listening.If the captain does not know what is happening, how can he/she steer the ship to its intended destination safely?Seeking different perspectives is mainly a means of reducing bias in decision-making.Even the best minds are susceptible to cognitive biases. Cons idering different perspectives helps give a more accurate picture.4. EFFECTIVE PROBLEM SOLVER There is a direct link between leadership and problem solving. Source: Problem Solving 2Let’s use the battle metaphor.Business language is full of combative words for a reason â€" because business and war are similar in many ways.During a battle, many things that weren’t in the plan crop up and threaten to ruin everything.However, good generals and commanders don’t give up because situations that were not planned for have come up.Instead, they take these challenges head-on and try to find solutions without losing sight of their objectives.The same thing applies in the world of business.In other words, a good leader is proactive in a crisis.While others are running around shouting that the sky is falling, a good leader keeps a level head and coolly assesses the situation without getting emotional.After analyzing the problem, he/she can then come up with a solution that works.Problem solving is one of the traits no leader should lack.When a crisis strikes, the person everyone tur ns to is the de facto leader, even if that person does not have that rank. Authority rests with the person who is able to solve the big problems.Problem-solving involves decision-making.Making decisions is widely accepted as the role of leaders.Making decisions is difficult, since one has to be responsible and accountable for the consequences of those decisions, particularly when those decisions involve risk-taking.Before the leader makes a decision, he/she has to consider various factors, perspectives, and scenarios.A good leader is able to forecast different possible scenarios for every course of action. This helps him/her zero in on the best solution to a problem.A leader stops being useful the day he stops making good decisions or loses the ability to solve problems.This is why no organization can do without a leader â€" because it is necessary that there be someone who is responsible for decisions taken.Sometimes problems need urgent solutions and the leader has no time to anal yze or introspect. In such a case, the leader is forced to rely on his/her instincts. Problem-solving instincts are not innate. They are developed, not in-born.This is why we noted earlier that a good leader must be a reader and someone who considers multiple perspectives.The more knowledge, experience and understanding of everything pertaining the organization and its environment and stakeholders a leader has, the easier it is for him to make accurate snap decisions, even in a moment of urgent crisis.It therefore follows that a leader should spend his time preparing for future crises.The leader must ask: “What can go wrong? What can I do to prevent it from happening? If it still happens, what should I do to alleviate it? Is there a permanent solution to this problem? What knowledge don’t I have right now that would be useful in solving this problem? Which person or book or source can provide me with that knowledge?”In the company structure, lower-level leaders such as supervi sors deal with the problems that come up daily.As you go up the company’s hierarchy of leadership, the problems to be solved occur less frequently but have a greater impact.For instance, the CEO’s job is to think about big problems like: “What innovation can disrupt the industry and be a threat to this organization? What new product should we invest in to raise the company’s bottom line? What should we do to meet this year’s targets?”WRAPPING UPAn organization is like a ship.Sailing a ship across oceans would be impossible without a great captain.Similarly, steering an organization to success would be impossible without a great leader. Without great leaders, the organization would never attain its objectives.Being a great leader involves a lot more than calling the shots and making decisions.To be a great leader, you need to cultivate four important qualities.You should be supportive of your team, you should be result oriented, you should constantly seek different perspe ctives, and you should be an effective problem solver.

French Baby Talk - Les Mots Des Bébés

Just like any other kids around the world, French children use a vocabulary that is quite different from what an adult says. Most are two syllable words, often the same syllable repeated twice. Or with a slight variation, just as in Maman and Papa. List of French Baby Talk Words AreuhYes, the first sound a French kid does is a real challenge for English speakers!  It doesnt mean anything. Its like gaga goo-goo, but thats what French people say to a baby - I guess they too need as much training as possible on this  French R sound!​ Maman  Young kids may say mama but the French word is maman. There is no shorter version such as Mom. PapaThats Daddy. Again, no Dad, Pops etc... in French Tata / tatieFor Auntie. Its short for une tante. TontonShort for oncle. Mà ©mà ©Short for Mamie, but many kids call their grandma mà ©mà ©. Other words include grand-mà ¨re, bonne-maman... Note that une mà ©mà © can have different meanings in French, such as an old person, or a young girl that goes into mischief...  Ma fille est une vraie mà ©mà © !My daughter is really a trouble-maker (but in a cute way). Pà ©pà ©Short for Papi (or Papy) - formal French would be le grand-pà ¨re or Grand-Papa, Bon Papa... Le loloLe lait. Le dodoThe act of sleeping, or going to bed. We say: Au dodo ! Get to bed! Le nounoursThis one comes from un ours and in both words, you should pronounce the final S. Its, of course, a teddy bear. Le doudouIts not what you think... Un doudou is actually a stuffed animal or teddy, or blankie a kid sleeps with. Not to be mistaken with...   Le caca / le popoWhich is poop. Wed say faire caca. Le pipiMore of almost the same... thats pee :-) Again, we say faire pipi - to go wee-wee. Le proutThis one is a fart. The formal French word would be une flatulence (very formal) or un pet (common French) Le ziziWeenie, penis. La zà ©zette is for girls. Lets change subject, shall we? Un dadaA horse. À dada means on your horse - it may come from an old song, Im not sure. Un toutouA dog. I dont think there is a specific French baby word for cat. I guess un chat is simple enough. After Papa et Maman (and of course non) chat was the first word of my daughter. The next one was papillon (butterfly). Un boboAlmost like in English, a boo-boo.   Voilà  , now youre ready to handle a French kid!

The Diagnostic Criteria For Smartphone Addiction - 1224 Words

The diagnostic criteria for smartphone addiction proposed in this study were based on the population with the currently largest sample size and the diagnoses were validated by psychiatric interviews. Our findings indicated that smartphone addiction has overlapping features with substance-related or behavioral addictive disorders, but the unique properties of smartphones, i.e. its excellent accessibility and multiple Internet-based applications, contributed to its unique but prevalent addictive behaviors. We proposed that a strict definition for smartphone-related functional impairment, requiring two or more functional impairment criteria influenced by smartphone use. This definition is different from the diagnostic criteria for functional impairment in DSM-5. Compared to computer-based Internet addiction, the portability of smartphones dampens the severity of functional impairment associated with smartphone addiction, but instead influences multiple domains of an individual’s daily life. In addition, because smartphone addiction is a heterogeneous and multi-faceted condition [26], we should evaluate the heterogeneity of its functional impairment from different angles. The symptom criteria in this study provided evidence that smartphone addiction has similar psychopathology with the traditional substance use disorders. The core symptoms of substance use disorders are â€Å"impaired control†, which consist of four criteria: (1) use larger amounts/longer, (2) repeated attempts toShow MoreRelatedSmartphone And Its Integration Into Our Daily Lives2571 Words   |  11 Pages03 24 April 2017 Smart Phone Addiction In today’s world people are very dependent on technology. More specifically the smartphone and its integration into our daily lives. These so called smart devices are able to connect using 3G or 4G features and have more capabilities than a standard cellular phone. People use it for entertainment, work, and even relationships. In the article â€Å"Linking Loneliness, Shyness, Smartphone Addiction Symptoms, and Patterns of Smartphone Use to Social Capital,† the authorRead MoreCell Phone Overuse Or Addiction?2080 Words   |  9 Pagesitself. Now referred to as the smartphone, the majority of the developing world’s population uses it now. It’s endless evolving functionalities, as apps and programs, are making the users see this piece of technology as a holy grail, but only much more accessible. Ever since its integration into our society, cell phones have given us the opportunity to connect to people at every inch of the world at anytime of the day. For ours elves, cell phones, particularly smartphones, have offered us an infiniteRead MoreIs Internet Addiction Disorder? Essay1483 Words   |  6 Pages Internet addiction disorder, more commonly called problematic Internet use, refers to excessive computer use which interferes with daily life. Internet overuse, problematic computer use, or pathological computer use, problematic Internet use, or Internet addiction disorder. In the most recent version of the DSM-5, Internet Gaming Disorder is the latest term to describe this problem. History IAD was originally proposed as a disorder in a satirical hoax by Ivan Goldberg, M.D., in 1995, althoughRead MoreImpact of Internet Thinking4862 Words   |  20 Pagesbeing connected, you realize how significant it is and what youre missing.†Meanwhile, Wohlschlegel kept checking the empty holster on his hip, out of habit. Many people describe feeling â€Å"phantom vibrations† signaling incoming messages after their smartphones have gone bust.People today are more connected than ever, visiting social-media sites, checking headlines on the Web and texting, e-mailing and instant-messaging. The Internet has become the focus of many peoples lives — the place where they socializeRead MoreFundamentals of Hrm263904 Words   |  1056 Pages20 Other HRM Challenges 21 Recession 21 Off Shoring 21 Mergers 22 A Look at Ethics 22 Summary 23 Demonstrating Comprehension: Questions for Review 24 Key Terms 24 HRM Workshop 25 Linking Concepts to Practice: Discussion Questions 25 Developing Diagnostic and Analytical Skills 25 Case 1: Work/Life Balance at Baxter 25 Working with a Team: Understanding Diversity Issues 25 Learning an HRM Skill: Guidelines for Acting Ethically 26 Enhancing Your Communication Skills 26 ETHICAL ISSUES IN HRM: Invasion

Argumentative Essay World Civ Free Essays

Argumentative Essay on Olaudah Equiano Upon doing further research, Olaudah Equiano was absolutely born in Africa! He was kidnapped and sold into slavery when he was just a young boy. His vivid accounts, as he was sold from trader to trader, are so moving and heartfelt. No one could express such deep sympathy for the multitude of other black slaves had he not been there during the experience. We will write a custom essay sample on Argumentative Essay World Civ or any similar topic only for you Order Now The following few paragraphs will explain just how he came to be sold into slavery and some of the things that he saw while he was being traded and shipped from place to place. Olaudah Equiano was born in 1745 in what is now eastern Nigeria. Life in his village was typical of the times. Families worked together to cultivate corn, cotton, yams, and beans. Men herded cattle and goats. Women spun and wove cotton. Equiano’s father was a distinguished clan elder and judge in the community. It was a position that Equiano was in line to inherit one day. That never happened. Equiano, when a boy, was kidnapped and sold into slavery. Sold from trader to trader, he did not meet Europeans until he reached the coast. Years later, he described his impressions: â€Å"The first object which saluted my eyes when I arrived on the coast was the sea, and a slave ship which was then riding at anchor and waiting for its cargo. These filled me with astonishment, which was soon converted into terror when I was carried on board. I was immediately handled and tossed up to see if I were sound by some of the crew, and I was now persuaded that I had gotten into a world of bad spirits and that they were going to kill me. Looking about him, Equiano saw â€Å"a multitude of black people of every description chained together, every one of their countenances expressing dejection and sorrow. † Overwhelmed, he fainted. Fellow Africans revived him and tried to comfort him. Equiano says: â€Å"I asked them if we were not to be eaten by those white men. † Equiano was shipped to Barbados, then to Virginia, and later to England. Purchased by a ship’s captain, he traveled widely. He learned to read and write, eventually bought his freedom, and played a leading role in the movement to abolish slavery in Britain. In 1789 he published the story of his life, one of the few accounts (and possibly the best) written about the slave trade by an African victim of it. Millions of other Africans were not so fortunate. Torn from their homes and families, they were shipped across the Atlantic in conditions of great cruelty. They, along with the children they bore, were bought and sold like cattle and forced to toil without pay to increase the wealth of strangers. Most had no rights and could be punished, abused, or even killed at the whim of their owners. For most of those oppressed, the only deliverance from slavery was death. How to cite Argumentative Essay World Civ, Essay examples

Success Cant Be Had Without Failure free essay sample

I have always been a strong believer that when one door closes, another one will open. Failure to some may be a step backwards or a cease in advancement, but to me, it only creates more opportunities. Failure either shows you what you need to improve on or it provides a reason to start something new. But to many failures is not easy, it will be hard to get over, but in the end, it will all be worth it. Failure can feel like you let everyone down, but in the long run, it benefits you greatly. When we accept failure as the progress we get closer and closer to our goal as we learn more and more how to succeed. For example, Lebron James lost the NBA Finals in 2010, but he did not give up, it just gave him a reason to work harder. He ended up winning back to back titles. We will write a custom essay sample on Success Cant Be Had Without Failure or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Similarly, I experienced failure in high school athletics. Unlike Lebron James, I didn’t have the millions of money he was making to cope with the lack of success. It took place in April of my freshman year. Blake Rose, a young, fragile, 14-year-old boy was ready for the baseball tryouts. The day was sunny, a perfect day for me to win the hearts of the coaches. The tryouts took about four days and by the end of it, I believed it was almost guaranteed that there would be a spot for me on the coach’s roster. He brought everyone together and started to list the names of everybody who made the team. â€Å"Joey, Chris†. I stood there waiting impatiently, saying to myself â€Å"Please don’t tell me I didn’t make the team†. â€Å"Adam, and finally Dave.† Optimism quickly turned to anger, I wanted to argue with the coach and speak my mind but I couldn’t because I was speechless. A mix of anger and sorrow filled my mind. My friends walk ed to me and said â€Å"Blake, you should have made the team, I don’t know what the coach was thinking about†, but that didn’t help at all because their words were not putting me on the team. When I went home and told my parents the overwhelming news, I not only felt embarrassed but I believed that I let them down. My mom told me that even though I didn’t make it, I worked my hardest and gave it my all. She also let me know that there were plenty of spots open on the tennis team, coached by my teacher, Mike Schmeltz. When I told him that I wanted to play tennis, he was ecstatic, â€Å"we can always use athletic players like you.† Playing tennis was probably the best decision in my athletic career. Even though many people thought it may be just a hobby and not a sport, it was the perfect activity to get my mind off of baseball. I’ve always played tennis with my grandpa, and my previous experience in baseball helped me get a headstart on my forehand swing. I did not start my freshman year but I was able to learn information and key criteria for success in Tennis from Keshav Reddi, who recently broke the record for the most wins in our high schoolâ€⠄¢s Tennis program. After intensive practice and constant work in the offseason, I was able to be a part of the varsity team my sophomore/junior year. The struggle of not being on the team not only taught me about adversity but it helped me grow as a man. It has shown me that in life, there will be obstacles in the road. This has shown to me that there are ways to get over the obstacles, and taught me to never give up because there will always be that light at the end of the tunnel.â€Å"The triumph cant be had without the struggle† -Wilma Rudolph. This shows that success and failure go hand in hand with each other. Everything happens for a reason, you may fall down but the true test is how you get back up.

Elezer Habtewold Essays - Steve Jobs, Film, Technology, Business

Elezer Habtewold Dr. Riley Rhet 1302 February 10, 2017 Three stories Throughout history; we have heard and seen many great speeches that are now considered monumental. Maybe it was the way they connected with their audience, or the way the speech was carried out, or maybe even the famous one-liners we all love and remember. Regardless of the reason, these speeches have managed to last countless years and are still remembered today. But even today, momentous speeches are being made by many great pioneers. In his speech at the Stanford University's graduation ceremony in 2005, Steve Jobs delivered a speech that captivated the young and talented graduating class. "Stay hungry, stay foolish," he said as he concluded his speech. That phrase is one that was strategically placed by Jobs in order to create a lasting impression on his audience. By the use of pathos and adequate organization, Jobs does an excellent job of communicating his thoughts and beliefs to his audience in a precise manner. In a fact driven world, it is close to impossible to prove a point without showing an array of facts. However, Jobs relies only on his opinion and past events as evidence. His use of personal stories made a great substitute for the facts that he was lacking. The stories play a huge role in displaying an image of himself that is made to look like the everyday person. He makes it seem as if he is a person that has overcome the trials and tribulations of any other Stanford graduate. For example, Jobs states "I did not have a dorm room, so I slept on the floor in friends' rooms, it returned Coke bottles for the 5 cent deposits to buy food with, and I would walk the 7 miles across town every Sunday night." Jobs also articulates that despite his success, he is just like the average person that goes through the same struggles. If his fame and success did not get him an attentive audience, making himself sound more relatable definitely have. Jobs breaks down the stereotype that rich and succ essful people are just handed the success and money without facing any adversity. Developing this image of himself not only displays the use of ethos, but it also allows him to win the hearts of his audience. This also leads to more credibility and deeper connection with the audience. As a successful businessman, bringing his audience into his personal anecdotes and sharing his advice gives jobs credibility. He tries to convey the message that though he has been through tough times, he has created his own success. This also leads to a deeper connection with each individual member of the audience. Furthermore, Jobs repeatedly exhibits the theme of failure and success, so that the audience is able to understand what it truly takes to be successful. While still preserving simplistic language and wording, Jobs employs analogies and imagery in order to induce understanding and anguish from the audience. One example of this is when he describes an event that devastated him the most; Getting fired form apple. "I felt that I had let the previous generation of entrepreneurs down that I had dropped the baton as it was being passed to me. I met with David Packard and Bob Noyce and tried to apologize for screwing up so badly. I was a very public failure, and I even thought about running away from the valley," Jobs said in dismay. Then, he again retreats to the central theme of the speech by talking about how he has successfully overcome his struggles. Jobs continually states that the reason why he kept pushing because of the love he had for his profession; he practiced persistence rather than abandonment. And that is what led to his many ventures like neXT, Pixar and his regaining of power at Apple for several years before his passing. For this purpose, he voices to his audience, "The only way to do great work is to love what you do". The indication of hardship by Jobs not only creates authenticity, but it also creates a sense of emotional attachment with the audience. Jobs mentions the time he was stripped of his position as CEO of Apple,

Gulf War re-cap essays

Gulf War re-cap essays Why Did the US Army stop short of Baghdad in Operation Desert Storm and leave Iraqi Shiites and Kurds more or less alone to face the wrath of Saddam Hussein? Why did a coalition of over 30 nations find it was necessary to go to war to help Kuwait after it was invaded by Iraq? How did the Coalition defeat the Iraqis? And why did they leave thousands of Kurds and Iraqi Shiites to face Saddam Hussein? The Gulf War was sparked by Saddams violent tendencies, the dispute over borders, and finally most importantly oil. When Saddam Hussein invaded Kuwait in 1990 the world had seen enough, the NATO nations formed a coalition with other countries and declared war on Iraq. One key piece of this collation was Iraqi Shiites and Kurds who had been fighting Saddams oppressive reign for years, however when the war ended they were left to face Saddam alone without the promised US help. Together these groups fought in the Middle East until 1991 trying to liberate the nation of Kuwait and rid the region of Saddams terror. Since the invasion of Kuwait caught the world by surprise, the question in everybodys mind was What were the reasons for the invasion? The first reason was Saddam Hussein, Saddam had two distinct characteristics: one, the determination to be remembered in history, two, a certain vision of the future, Saddam wanted to have a unified Arab world with Baghdad as its center. Hussein also felt that after the fall of the Ottoman Empire there was an uneven distribution of wealth from oil reserves to the allied nations (Bin, Hill, Jones 1998). Iraqs only hope of survival was clearly oil revenues from its neighbor, Kuwait. Iraqs economy was also hurt with the consequences of the 8-year Iran-Iraq War, a war in which the Americans provided weapons and training for Iraqi troops (Grossman 1995). When Iraqs leaders claimed victory there were three-quarters of a million ...

Develop an ethics program for a company X Essay

Develop an ethics program for a company X - Essay Example Company X should have an ethics program of values that defines a framework showing its commitment to operating its transactions with integrity (Brink, 2011). Company X prioritizes distinct values both internally and with its competitors, trade partners and customers. The chief executive officer of company X ensures that all employees adhere to specified values. Company X is an organization that offers commercial insurance, professional liability, and surety bonds. Application of the term X throughout the code of conduct defines the entire X Corporation together with its division, affiliates, as well as its subsidiaries worldwide. The code that defines ethics program of Company X holds for all to employees and to broader extent applicable, X board of directors, marketers, suppliers, and agents. Company X code of conduct does not compromise the relationship between the company and its employees; neither does it guarantee a definite period. In addition, the ethics program maintains relationship between company X and its employees (John & Linda, 2010). The code is amendable to enhance compliance with new company policies and objectives. Because Company X is subject to many countries’ around the world laws, it is ethical for all its employees to comply with all laws that hold, rules and regulations. In situations where there exists a conflict between the established code and the legal framework, the law applies. However, the code of conduct supersedes and replaces the idea of making the right choice: the company x guide to conducting in the workplace. The following topics are the guides to Company X policies references to topics within Code of Conduct. Because Company X investors and creditors among others hold a legal interest in the integrity of the company financial and accounting information, Company X is committed to demonstrating truthful, comprehensive, and complete financial records. The records must be perfectly accurate as well as implementation of

Business Intelligence Essay Example | Topics and Well Written Essays - 3000 words - 1

Business Intelligence - Essay Example The main thing here is not structure but rather the application of an integrated organizational system which is capable of aligning vital attributes necessary to leadership and accountability (Blumberg & Atre, 2003). In an economy where speed and adaptability can make or break a business enterprise much like TESCO, companies can only win and as a result, stay profitable through proper organization —and keep on making profits. As TESCO grew over the years, it has become more complex, thus as a result, their capacity for quick response and adaptability to change gets stretched thin. As a supermarket, TESCO thus had to deal with a global playing field, since customers are separating into smaller compact units. Data cascades into TESCO, at the risk of being vague regarding meaningful information. Executives in this supermarket chain may find themselves scrambling to react. It is the organization which holds the key (Power, 2010). What will help TESCO set itself apart and become among the top performers is solely based on the quality of their decision making. The key to revive TESCO is to restructure their whole organization so that they will be able to make the most important decisions well while executing them quickly and consistently. It has frequently been found again and again that TESCO’s main rivals like Sainsbury, which announced UK sales growth to be 1.9% for the second quarter, is a worthy competitor since it has proved to be a decision-driven organization, founded on the pillars of effective decision making and flawless execution. TESCO’s governing body should take it into more consideration that making good decisions simply means being clear about which decisions matter most. This requires getting the right people to focus on those decisions at the right moment in time (Rud, 2009). In order to go back to the winning ways, TESCO will have

Supply chains and distribution in India

Supply chains and distribution in India Abstract Indias FMCG industry has emerged as a distinct sector over the last few decades. Multinationals are seeking to pursue growth opportunities in emerging markets due to increased globalization and competition. India is one such emerging market that not only provides multinational companies with a large customer base but also welcomes western products. Having a presence in India means sourcing, moving and processing up to one billion or more units. In addition, the cost expectations and the larger size of the consumer market will have implications on supply chains. Excellent supply chain strategies for India will involve adopting efficient processes enabling products to smoothly change hands from the supplier to the consumer while adapting to the constraints of cost, infrastructure availability and market size of the economy. Other constraints associated with political, religious or cultural barriers may also need to be considered. The report is divided into two major parts. One deals with the distribution chains prevalent in the urban market while the second part delves into the intricacies of the rural distribution market. We follow the same format for both the parts starting with an introduction into the current trends found in the urban or rural market, then clearing our point with a case study and finally presenting what are the challenges faced by the companies. Supply Chain Management in Urban region- Introduction The FMCG sector is the fourth largest sector in the country and has been growing in folds in the past few decades. The sector has both organized and unorganized players and the number of players in both the segments are on increase, in addition to this there is also an increase in the number of products introduced every year. Since the sector is characterized by the fast movement of goods and services its dependence on effective supply chain is higher than that of any other sector so supply chain management is become one of the most vital functions. Supply chain management in urban sector typically refers to procurement of raw materials, processing them into finished products and distributing them in the urban region till its reaches the end consumer. Every company/ firm in the FMCG sector has its own supply chain models which are similar yet different from one another. Below are two examples of the supply chain models. The supply chain management in urban regions is more to do with choices for instance in logistic a firm can choose to transport the product via railways, roadways, airways or in some case even waterways. An effective supply chain will enable the firm to minimize the cost, maximize returns, match the supply to the demand and ultimately satisfy the customers. An urban supply chain in most cases has clear cut distinction between the inbound supply chain (pertaining to providing raw materials and components), in house supply chain (conversion process), outbound supply chain (distribution of good and services. The profile of the urban consumers plays a crucial role in determining the supply chain because at the end without the consumer there is no point in building up the supply chain model. Strategic decisions like number of outlet the firm would have to distribute its product, the kind of outlet, method to transport the product, places from were the raw material is procured, manufacturi ng method (automated, semi automated or manual) etc are taken keeping the consumer and the utility of the product to the consumer in mind. This is on account that the urban consumers are well informed and there are many competitors fighting for that consumer. The Supply Chain of Dominos Pizza (India) Dominos Pizza in India Dominos Pizza opened its first store in India in 1996. Jubilant FoodWorks Limited, a Jubilant Bhartia Group Company holds the Master Franchisee Rights for Dominos Pizza for India, Nepal, Sri Lanka and Bangladesh. Prior to Sep 24, 2009, the company was known as Dominos Pizza India Limited and underwent a name change, rest of the terms remaining the same. The promoters of the company are Mr. Shyam S Bhartia, Mr. Hari S Bhartia and Jubilant Enpro Private Ltd. Today Dominos has more than 300 stores in India with more than 9000 employees. According to the India Retail Report 2009, we were the largest Pizza chain in India and the fastest growing multinational fast food chain between 2006-2007 and 2008-2009 in terms of number of stores. Over the years Dominos Pizza has focused on:- Delivering great tasting pizzas Superior Quality Exceptional Customer service Think global and act local Value for money offerings Being a home delivery specialist capable of delivering pizzas within 30 minutes or else FREE Revenue in India 70% of the revenue comes from home deliveries 30% of the revenue comes from OTC sales 30 minute Guarantee Dominos has its unique proposition that they deliver pizza at a customers doorstep within 30 mins of placing the order or they would receive the pizza free. They have positioned themselves as a brand that delivers happiness home (Khushiyon ki Home Delivery) has an emotional benefit which they offer to their customers Dominos Supply Chain Integration Shown below is a high level flow of the supply chain followed by Dominos Pizza, India:- Raw Material Procurement Distribution Logistics Inventory Management Operational Strategy Production Process Quality Initiatives Customer Service R Raw Material Procurement Dominos has 4 commissaries or production kitchens-cum-warehouses (Regional Centralized Facilities) in India Delhi Caters to 54 outlets in NCR region including 33 outlets in Delhi City itself Bangalore Caters to 90+ outlets across south zone Kolkata Caters to 15+ outlets in Kolkata Mumbai Caters to 80+ outlets in Maharashtra including 51 in Mumbai and 15 in Pune Raw materials like Wheat is brought in from Jalandhar and sent to commissaries in refrigerated trucks. Pizza dough is prepared using a proprietary recipe in the commissaries. They are then made into dough balls and sent to retail outlets in refrigerated trucks. Vegetables like tomato, capsicum, baby corn, onion and spices are purchased locally. Cheese is brought in from Karnal, Haryana. Food which is frozen is sent in these trucks at -18 deg Celsius. It uses a hub and spoke model with commissaries as Hub and retail outlets as spokes. Logistics Wheat (Jalandar) Dough Vegetables (Local) Cheese (Karnal) Commissary Refrigerated Trucks Retail Outlets Inventory Management Major inventory consists of perishable items with a very small shelf life. Some of the items are tabulated below:- ITEM SHELF LIFE Dough Ball 3-4 days Seasoning and Toppings 4-5 days Onion, Capsicum , Tomato 5 days Cheese Blend 4-5 days Chicken Meat 2-3 days Cheese Dip 4-5 days Mexican Wrap Base 3-4 days Each store maintains approximately 4 days of inventory since most of the items have a shelf life of around 3-4 days. Inventory is refilled by trucks from the commissary every 4 days. There is a mini cold storage in every outlet. Inventory levels are monitored centrally by POS (point of sales) data using Intura Vision (POS management system) installed in every outlet. Intura Vision is the simplest and most reliable point-of-sale management system available for delivery and quick service restaurant operations. Intura Vision streamlines every aspect of your operation, including order taking, credit card processing, kitchen management, deliveries, inventory, and customer marketing, to make your business more efficient and profitable. There are two POS per outlet. Orders are received in telephonic form also there are in-store orders. Production Process The entire production process is streamlined into three stages:- Dough Table Here the pizza base is prepared. It is rolled out of the dough ball. There are three standard sizes Personal (8 inches), Medium (10 inches) and Large (14 inches). Personal, medium and large serves one, two and four persons respectively. Then cheese blend is applied on the base. The entire process of making a pizza base takes 1-2 minutes. Bake line In this stage toppings and seasonings are applied on the top of the prepared base. The choice of toppings depends upon the pizza ordered. Customers also have the facility to customise their own pizza by choosing their toppings from a variety of toppings available. Toppings can be veg, non-veg or both. Customer can also choose the seasoning they prefer depending upon the spices they would like to have in their pizza. The entire process of make line is 1 minute. Ven The pizza is then ready to be baked in oven. The temperature maintained is 470 Fahrenheit. Oven has a capacity to bake 6-7 pizzas in one slot. The pizza needs to be baked for about 5-6 minutes. The ovens used now-a-days are fully automatic along with a conveyer belt, so that the flow is continuous. In case of production in India, Dominos has a turnout of 1 pizza per minute. This meets the current demand requirement. The constraint here is the oven. They have overcome this by withdrawing the 30 min guarantee during festivals like New Year, Christmas, Diwali and rush-hours. Operations Strategy Dominos follows a hub and spoke distribution network wherein the 4 commissaries are the hubs and the retail outlets are the spokes. The raw material is replenished in the outlets from the hubs every 4 days or when it gets over, whichever is earlier. Vegetables are purchased locally (delayed differentiation). They have incorporated IST (interstore transfer) to cater to sudden spikes in the orders during special occasions wherein inventory falls short. In such cases material from nearby store is transferred to the critical store so that there is no halt in operations. They also have performance based costing for their employees where employees are given incentives depending upon the volume of sales which they achieve. Higher the sales better the incentives. Present status due to mismanaged Supply Chain in India: In India, about 60% of food value is mislaid in the supply chain from the farm to the final consumer. Consumers end up paying approximately 35 percent more than what they could be paying if the supply chain was refined, because of wastage as well as multiple margins in the present supply structure. Comparing with what returns farmers in India get (30%), in the USA the farmers can receive up to 70 percent of the final retail price and wastage levels are as low as 4 to 6 percent. Therefore we can appreciate the benefits that could be generated from implementing those practices and tapping those skills for the supply chain in India. The significance can be understood by the fact that the logistics  cost component in our country is as high as 7 10 percent against the global average of 4 5 percent of the total retail price. Therefore, the margins in the retail sector can be improved by 3 5 percent by just improving the supply chain management. Supply Chain Challenges Urban India Some key reasons of underperformance of supply chain management in urban India 1. Supply chain risk mitigation in an economic downturn: supplier financial risk, volatility in energy, commodity, labor rates and currency exchange, unpredictable economic recoveries. 2. Searching for working capital: FMCG companies will look to reduce inventory and lower operating or carrying costs. Buyers will look to extend payment terms Suppliers will drive to collect receivables more quickly, creating the need for a liquidity buffer such as supply chain financing 3. Shortening the supply chain by making proper use of transportation facility: Companies will need to plan a distribution system that takes care of the realities of domestic transportation infrastructure. Indias supply chains must contend with slow transit networks and inadequate infrastructure. For example, 70 % of Indias seaborne trade is handled by just 2 of the 12 major ports. The Railways is also constrained when it comes to freight movements. Historically, the countrys rail capacity was limited to passenger traffic, and people protested the use of rail for freight movement. Only of late has the government initiated efforts to promote rail shipments. Most commercial shipments in India make their journey aboard a truck. Hiring a carrier meant working with a small trucking company, as the country has no large, national transportation companies. A recent study of the transportation industry found that the majority of carriers had less than five trucks in their fleets. Scheduling deliveries and pickups also can be tricky. At present, most warehouses are located in the heart of Indian cities, and many municipalities prohibit large truck movements during daytime hours. It is possible to negotiate special exemptions in some places, but generally shippers must plan on nighttime movements. Another alternative is to unload large shipments at a cross dock outside the city and move orders to smaller vehicles for delivery. 4). More free-trade agreements and more scrutiny: The entry of foreign players in the retail segment will increase competition even further. More importantly multi-national companies might be having more money at their disposal. Thirdly they will also have access to latest technology and a ready highly efficient model to implement from.   5). Push-pull boundary: Increased competition, and fluctuating demand will make it difficult to identify the points at which the flow of goods switches from being pulled by consumers to being pushed by extractors.. 6). Maintenance of safety stock: Instead of having huge safety stocks at different places, centralized place will have to be used to have even more cash liquidity and lesser availability of godowns. 7) Judicious use of newer technologies and decision making tools: Use of newer technologies such as RFID (Radio Frequency Identification) continue to change the way SCM systems are designed and managed. Until recently, barcodes were the primary means of tracking packages. The advent of cheap, reliable RFID technologies have eliminated the need to physically scan packages in shipment, storage, etc, since packages with the embedded chips can be remotely scanned. 8) Creating a demand-driven supply chain To support a demand-driven supply chain, FMCG companies must deploy performance-oriented supply chain practices, such as continuous monitoring and alert notification. This will give them a clear idea of their total supply network to adapt to changes in demand and adjust based on real-time insight into global operations. A reliable demand plan provides the foundation for sales and ops planning (SOP) which helps FMCG companies better arrange daily operational; more effectively balance supply and demand; and make better decisions that impact both the top and bottom lines. 9) Other problems faced:. Inadequacies in infrastructure such as lack of high quality road networks, power shortages and insufficient storage spaces. The current rise in property prices and rentals may render a few retail business models unviable. The retail industry loses to the tune of US$120 to US$130 million every year in frauds, thefts and employee pilferage, shop lifting, vendor frauds or inaccurate supervision despite using standard and modern security features Multiple taxes at the federal and state level Rural Market Introduction The FMCG sector in the urban areas is becoming quite saturated (though it will continue to dominate in the next 8 10 years) while the penetration in the rural areas are only about 1%. The rural areas have and will continue to make up more than 50% of Indias total households and accounting for more than its current 66% contribution to total FMCG consumption. Rural India has a large consuming class with 41 per cent of Indias middle-class and 58 per cent of the total disposable income. Currently, nearly 34% of the off take of FMCG companies come form rural areas. Companies like HUL, ITC and Colgate have already established good distribution networks in these regions. Other companies would start catering to these regions in near future. Figure 1: Urban and Rural growth rates (Personal Care products) A huge segment of this market is currently flooded with obscure brands that are largely manufactured and distributed by small and medium enterprises. However, with the growing competition in the FMCG business, it has become difficult for SMEs to market their products sustainably. This is mainly due to the solidly established brand images of bigger players and the increasingly sophisticated demands of the urban customer. SMEs also lack the capital investment needed to compete with bigger players. However, with the growing economy, substantial business opportunities for FMCG producers have emerged in the Indian rural sector. The rural FMCG market is growing with a CAGR of 3-4%. In the case of products like soaps, talcum powder, cooking oil, tea, cigarettes and hair oil, the share of rural market crosses 50%. The capital expenditure of urban consumers on FMCG products is Rs. 49,500 crore, while that spent by rural population is over Rs.63,500 crore. This is indicates the growth rate and participation of rural FMCG markets in India. Despite the huge scope for FMCG products in the fast-emerging rural markets, some gray areas need to be worked out before SMEs can establish sustainable businesses: à ¢Ã¢â€š ¬Ã‚ ¢ Rural India does not represent a homogeneous market. The tastes and preferences of the consumers vary from district to district in the country. With changes in the language and dialect, advertising has to be tailored specifically for different target consumers. à ¢Ã¢â€š ¬Ã‚ ¢ Networks are not efficient to tackle the distribution demands. Problems exist in reaching the interiors of the country. Initial expenditures to develop distributor networks are immense, because in Roads and communication networks are not efficient to tackle the distribution demands. à ¢Ã¢â€š ¬Ã‚ ¢ As there is little consumer research regarding the rural markets, companies commit the folly of overestimating the awareness of product usage in the rural market. à ¢Ã¢â€š ¬Ã‚ ¢ The Indian consumer is traditionally price sensitive and more so in the rural parts. Multinational companies that modify portions and packaging to create a greater value proposition have succeeded in targeting the rural consumer. à ¢Ã¢â€š ¬Ã‚ ¢ The rural distributor cannot stock a large variety of products because of credit problems. Also as the retailer plays a vital role in the village in convincing the consumer about the usage of the product, it becomes imperative to provide sufficient information and infrastructure support to stock adequate inventory of goods. Major global brands have included villagers in their distribution channels, not only providing employment but also extending the reach in the rural markets. à ¢Ã¢â€š ¬Ã‚ ¢ While increased penetration of telecommunication has resulted in an increased awareness among villagers, it is still important to understand that a major chunk of rural community is not educated enough to comprehend the technicalities of the product/brand usage. Models for Rural distribution chains Approach 1 : Dedicated Rural Entrepreneur: The Individual is preferred to have a two wheeler and act as the spoke between the super stockiest and the villages in a hub and spoke model. He is expected to know the area well and has sufficient education to run a business. He is recruited to cover the nearby areas as well ( upto a 40KM range). He acts as the point of contact to receive and deliver the goods to the respective stores in his area of service. The analysis says this model works well for products that cost more than 75 per Kilo and the important part is that the company need not worry about the administration part of the operation. Approach 2: Distributor consolidation for urban and rural markets: Here we are to consolidate the urban distributor and the super and sub stockiest into a single group to serve the retail outlets. This entity is supposed to cover the town and the villages nearby. Approach 3: Consolidated Distribution with tele-order booking: Rural tele-density in India is expected to go up in the near future. This would help to remove the role of saleman an facilitate direct communication with the rural retail outlets to the super stockiest. However the drawback is that the company might loose on the relationship with the retail store in the absence of a sales person. Approach 4: Distributor choice based on unutilized reverse logistics potential Another non-traditional form of Collaboration for rural distribution could be to partner with other partner low-margin, high-reach players in rural markets. An example could be that of the dairy industry. The vehicles form the Dairy factories goes empty to the rural areas for collection and comes back with the milk. So it could be used for the transportation of goods from the factory site to the rural areas. Pepsico Distribution Chain Pepsico Indias distribution in rural areas thrives on two major factors :- Third party outsourcing Hub and spoke model in the rural areas. This mechanism is followed in the urban areas as well but in the rural regions the local entrepreneurs from the smaller spokes of the distribution channels. In all its operations the transportation is outsourced to the third parties. However there are some cases in which large distribution centres have their own fleet for transportation of finished products. The major two challenges faced by the company in the Indian context are the insufficient distribution in the rural sector and the inherent market risks. Distribution forms a major part of the companys concerns as it not only accounts to the revenues lost but also the potiential market share. The concern is primarily because of the Physical conditions of the Indian market and also the low purchasing power of the rural customer base this results in the setting p of the distribution centre cost being high. Coupled to that we have the insufficient sales offsetting the set up cost. Another concern is the taste of the rural customer who is more attracted to the local juice store or the fruit stall thereby increasing the competition from the unorganized sector. In case of distribution we have the issue of the size of retail store. The retail outlets in rural areas are more or less Kirana stores and there is near complete absence of the retail chains. So the amount of inventory that can be stocked in the small retail stores is very small. Apart from the distribution channel issues we have the risk of the market conditions. The small shops in the rural areas lack the refrigeration or storage capacities. The inventory is kept to meet the demands for the day and most of it is kept out in the open dues to lack of storage facilities. Thus many a time during the rainy season we can see the closure of these shops and sales of the products getting stalled. Pepsico has implemented the following strategies to overcome these concerns Utilizing the collective efforts of the small scale farmers, land holders and regional government Alliances with other multinationals Promoting entrepreneurship It started with a strategy similar to project Shakti used by the Hindustan Lever, but alliances were with local entrepreneurs and other multinationals. Its started by making the entrepreneur the spoke of its regional distributional network in the rural areas and then went along with Hindustan levers to share its distribution network. This helps the entrepreneur having a larger spectrum of products for distribution and hence a better prospect. The distribution chain of Pepsico India has a fragmented design which can be largely attributed to the lack of transportation infrastructure. And this resulted in the creation of collaborative and entrepreneurial partnership that thrives with symbiotic existence. An example could be that of a supplier who Is willing to lease land holding from other farmers Supply Chain Management in Rural Market- Challenges The following are a few of the challenges that a company faces while managing its supply chain in rural markets. Multiple Tier, Higher Cost and Administration Problem In the first place, the rural supply chain requires a larger number of tiers, compared to the urban one. The long distances to be covered from the manufacturing points to the scattered consuming households cause this situation. At the minimum, the rural supply chain need the village-level shopkeeper, the mandi-level distributor and the wholesale/stockiest in the town. And on top of them are the manufacturers own warehouse and branch office operations in selected centres. Such multiple tiers and scattered outfits push up the cost and make supply chain management a major problem. The scope of manufactures direct outlet such as showrooms or depots is quite limited in the rural market unlike in urban areas. It becomes expensive as well as unmanageable. The dependence of the firm on intermediaries is much greater in rural areas as direct outlets are ruled out. But controlling such a vast network of intermediaries is a difficult task. Control is mostly indirect. And because of these factor s the firm has to be more careful while selecting the supply chain members in rural areas. Non-availability of dealers Another problem is the availability of dealers. Many firms find that there are limited numbers of suitable dealers. Even if the firm is willing to start from scratch and try out rank newcomers, the choice of candidate is really limited. Poor Viability of Retail Outlet Retail sales outlets in the rural market suffer from poor viability. A familiar paradox in rural distribution is that the manufacturer incurs additional expenses on distribution, still the retail outlets find that the business in unremunerative. The scattered nature of market and the multiplicity of tiers in the supply chain use up the additional funds the manufacturer is prepared to part with. And no additional money comes to any of the groups. Moreover, the business volume is not enough to sustain the profitability of all the groups and the retail outlet suffers the most. Inadequate Bank Facilities Supply chain in rural markets is also handicapped due to lack of adequate banking and credit facilities. Rural outlets need banking support for three important purposes. To facilitate remittances to principals and to get fast replenishment of stocks To receive supplies through bank (retiring documents with the bank) To facilitate credit from bank As banking facilities are inadequate in rural areas, rural dealers are handicapped in all these aspects. It is as estimate that there is only one bank branch for every fifth village. Inadequate Credit Facilities Inadequacy of other institutional credit is another constraint. Rural outlets are unable to carry adequate stocks due to lack of credit facilities. They are unable to extend credit to their customers. Thus there is a vicious circle of lack of credit facilities leading to inadequate stocking and loss of business, finally resulting in poor viability of outlets. Lack of Transportation Facilities Many rural areas are not connected by proper transportation facilities. There are a very few villages with railways lines. Atleast 50 percent of the rural roads are poorly surfaced, and many totally destroyed or severely damaged by the monsoons and remain unserviceable. Also the use of bullock carts looks inevitable for many years into the future. In such a scenario distribution of goods via any supply chain is a huge challenge in itself. Lack of Proper Communication Facilities Communication with these villages is difficult and highly expensive. Moreover, 300,000 villages in the country have no access to telephone. This acts as a hindrance to proper supply chain management. Other Challenges Apart from the above there are various other challenges that firms face on day on day basis like. Low literacy rate Difference in languages and Dialects Prevalence of Seasonal Demand Rural policy Caliber of the rural community- they have great acumen but they need intensive training Supply Chain Management in Rural Market- How to tackle the Challenges In order to tackle the problem of supply chain management the following strategies can be implemented. Satellite Supply Chain In this system stockists are appointed in the major towns and feeder towns. They by and large discharge the following functions; (a) Financing (b) warehousing and (c) sub-distribution. Retailers in and around feeder towns get attached to these stockists. The manufacturer supply goods to the stockists either on consignment or on cash/credit basis. Further these stockists deliver the good to the retail market points or satellite markets. Over a period of time some retailers grow in stature and importance. If such retail points also coincide with centres of demand and transportation within the feeder town area, they are elevated to stockists points. If 15-20 retailers were operating as part of the original stockists network, 5 or 6 get elevated over a period of time to stockists. Fresh retail points get established simultaneously out of which some get attached to the original stockists while others to the new one. This process continues as long as the market and consumption level keep expanding and the supply also catches up via such a supply chain. Just like second-generation stockists, set of third generation stockists get established with the passage of time. At any point of time, a certain number or retail points hover round a particular stockist. Hence the system is called Satellite Supply chain distribution. The satellites have their own satellites too. The advantages of this system are Market penetration takes place without manufacturer having to expand his direct stock points. This system can bring in ample rewards in terms of increased sales and lesser distribution costs. Syndicate Supply Chain This solution is essentially for small companies: tie up with leading companies that already has a presence in rural market and distribute products through there supply chains. Relying on Private Village Shops Tie ups with the village private shops are the cheapest and most convenient channels in the rural markets. Supply Chain Management in Rural Market- Opportunities In the present scenario, companies operating in India will have only two options: either

Merchant of Venice Essay Outline Essay

I. INTRODUCTION: A. Is Shylock a man â€Å"more sinned against than sinning,† or does he take his revenge too far in the pursuit of his pound of flesh? B. The wrongs against Shylock climax in the courtroom scene. He has lost his ducats, daughter, and now his religion. C. Thesis: The absolute epitome of selfishness can be described from within Shylock’s character; that selfishness is what prevents any would-be sympathizers from being able to fully commit themselves to Shylock’s case. II. BODY PARAGRAPH 1: A. Topic Sentence: Being the antagonist and villain throughout the play Shylock must be the antithesis to the general characteristics of the protagonist and supporting cast. B. Shylock was a Jew, a not very admirable quality during the late 16th century in Venice. C. â€Å"Shylock, albeit I neither lend nor borrow/ by taking nor by giving of excess† (Act 1, Scene 3, Lines 61-62) D. He is a usurer, something that Antonia literally despises and spits upon. E. This shows the hypocrisy of Antonio’s actions F. The daughter of his, Jessica, wishes to be free of him while he cloisters her and denies her liberties in order to keep her for himself. G. Shylocks character is what fuels him, but the treatment he has had to endure has affected the way the reacts to people. III. BODY PARAGRAPH II: * A. Transition/Topic Sentence: The power Shylock has to be a constant obstacle is abused often and with no guilt, he is fueled from only the intense urge of revenge. * B. The bond, from which Antonio is tied to, has no loophole from the pound of flesh, even when Bassanio wishes to not be tied to it. * C. â€Å"You’ll ask me, why I rather choose to have/ A weight of carrion flesh than to receive/ Three thousand ducats. I’ll not answer that,/ but say it is my humour†¦Ã¢â‚¬  (Act IV, Scene I, lines 40-43) D.Shylock will not allow a counteroffer to his pound of flesh, even though it was offered threefold. * E. Shylock is a direct obstacle to Lancelet’s happiness and has kept him for too long. * G. Having to go live in the ghetto has given Shylock a home where he can nurture his despisement of Christians. IV. BODY PARAGRAPH III: * A. Transition/Opening   * Sentence: Anti-Semitism debates are a central theme, and the hypocrisies that stem from it are defined in Shylocks views of Christians. * B. He is portrayed as more consumed by the fear his ducats are gone than his own daughter. * C. â€Å"My daughter, O my ducats, O my daughter!/ Fled with a Christian! O my Christian ducats!† (Act II, Scene 8, lines 15-16) * D. â€Å"If you wrong us,/ shall we not revenge?/ If we are like you in the rest,/ we will resemble you in that†¦Ã¢â‚¬  (Act III, Scene I, Lines 54-62) * E. When he is taunted by Solania and Salerio he points out the differences between Jews and Christians and claims that the evil he has been taught he will execute even better. * F. He does not believe that they can co exist and refuses to dine with them or pray with them, only conduct business. * G. â€Å"I will buy with you, sell with you, talk with you†¦Ã¢â‚¬  (Act I, Scene III, lines 32-34) V. BODY PARAGRAPH IV: * A. Transition/Opening Sentence: The entire court scene is the showcase of how all the wrongs committed upon Shylocks Jewish soul will now come back to haunt his wrongdoer. * B. tries to bargain himself out of his punishment even when he has lost * C. â€Å"Shall I not barely have my principal?† (Act IV, Scene1, lines 356) VI. CONCLUSION: * * A. In determining whether or not it is right to sympathize with the plight of Shylock, it is necessary to forgive him for his revenge. But why is he forgiven when he could not forgive Antonio; for if he had then the character of Shylock would not be in question. * B. Reconfirmed Thesis: In his refusal of mercy and forgiveness, Shylock sets himself up for failure, and fails without grace leaving as a broken man without money, religion, or his precious ducats. * C. The debate of the humanness of Shylock has withstood the hardy hands of time because of his relatableness as a villain. It is harder to hate the villain when you have reasons to hate the hero.

9/11 the After Effect on Canada

Sunner CHC2D1-06 Mr. Pasquantonio June, 4th, 2012 9/11: The After-effect on Canada The events of September 11, 2001 (9/11) are remembered throughout the world. On this unforgettable day, three aircrafts crashed at different locations throughout the United States. Two of which crashed into the famous World Trade Center taking thousands of innocent lives. These attacks had allowed countries to learn and prepare to avoid any similar future events. Moreover, the effects of 9/11 had indirectly influenced Canada, beneficially and detrimentally.Canada as a nation had learned from this tragic experience as well as mourned the losses of its neighboring nation. The terrorist attacks had dramatically affected Canada; socially, economically, politically. To begin with, Canada’s social atmosphere had been indirectly affected by 9/11. The aftermath of 9/11 mirrored similar social effects of the United States, within Canada. Canadians developed a sense of paranoia for unexpected terrorist at tacks, which may possibly occur at any given period.Many Americans believed that the terrorists had slipped through Canadian borders; in consequence, attacking Canada may be easy for terrorists. The events of 9/11 had influenced many of the majority class Canadians to assimilate a patriotic and vengeful mind state. Post 9/11 minority Canadians were witnessing a dramatic increase of discrimination and racial profiling. Several majority class citizens and patriotic citizens were acting chaotic by performing hate crimes for their own self-interest of protecting themselves.Similarly, several minority individuals consisting of brown skin tone were perceived to be terrorists and prone to alienation, â€Å"Muslim, Jewish, Hindu, and Sikh Canadians all once again found themselves on the receiving end of unjust treatment meted out by their neighbors. Due to the reaction of the community; Sikh and Hindu temples were razed and targeted as a terrorist threat. Overall, the social atmosphere wit hin Canada had been detrimentally affected by the event of 9/11.Secondly, Canada’s economy had been ultimately influenced by the attacks of 9/11. Canada’s economy like many others is partially dependent on the United States. In consequence, Canada mirrors the United States economic progress. . The aftermath of 9/11 had mainly been negative for Canada’s economy. In 2009, Canada had imported 51. 1% to its biggest trading partner, the United States however, the increased border security applied by the United States resulted in a 2. 4% decline in Canada’s exports to the United States.Several businesses had laid-off workers. Over 462 form layoffs were executed and an estimated of 130,000 workers were displaced. Canada had expended $1. 2 billion in order to enhance border security. After 9/11 Canada’s security expenses had dramatically increased to an estimated total of $10. 7 billion. Increased security after 9/11 had continuously led to harmful effects towards the economy. However, improved security within Canada had led people to believe that the country was a much safer place than before.Similarly In result to 9/11, Canada’s economy had shifted negatively. Finally, Canada had undergone numerous political changes as a result of 9/11. Canada had applied new policies and regulations to ensure and safeguard the protection of society and to avoid any future acts of terrorism. As a result, Canada introduced the ‘Canadian Anti-Terrorism Act’. Such an act was necessary in-order to calm down society and create a sense of safe-haven. The act was created only after the 9/11 attacks, and the main goal was to prevent history from repeating itself.Also, Canada had created a new act to further increase security and prevention of terrorism, â€Å"Public Safety Act, which features executive regulations designed to secure sites and substances exposed to terrorism. The main purpose of the act was, to prevent terrorist attacks and protect Canadians, However, many Canadian citizens where shocked by the event and wanted to reach out and give their full support in helping the United States. To sum up, Canada’s political state had endured an extensive amount of changes. In conclusion, Canada had been affected circuitously by 9/11.Post 9/11, Canada had appeared out as a different nation; it had changed socially, economically, environmentally. Socially, Canada had reacted towards the tragedy with an increase of discrimination, racial profiling and hate crimes. Moreover, Canada’s economy had suffered negatively because of our dependence on the United States. Corporations and businesses had experienced lower profits for the months following the attacks as a result of increased security. Canada had also shifted politically with the creation and innovation of new and old laws and regulations for the greater good of society.Such an terrible event that had taken place on 9/11 will never be forgotten; i t will be imprinted into history and used as an example to avoid any similar events. Works Cited Adelman, Howard. â€Å"Canadian Borders and Immigration Post 9/11. † International Migration Review. Volume 36, Number 1 (Spring 2002), 15 Athanassakos, Alex, Meis, Scott and Nieuwenhuis, Sid, â€Å"THE IMPACTS OF THE US TERRORIST ATTACK ON CANADA'S ACCOMMODATION INDUSTRY. † Ontla. On. Ca. http://www. ontla. on. ca/library/repository/mon/3000/10301210. df, accessed 17th November 2010. Gloverman, Steven and Storer, Paul. The Impacts of 9/11 on Canada-U. S. Trade. Toronto: University of Toronto Press, 2008, 19 & 159 Kent, Roach. â€Å"Canada’s Response to September 11. † Kent, Roach, Michael, Hor and Victor, Ramraj. Global Anti-Terrorism Law and Policy. Cambridge: Cambridge University Press, 2005, 535 Kruger, Erin, Mulder, Marlene and Korenic ,Bojan. â€Å"Canada after 11 September: Security Measures and ‘Preferred' Immigrants. † Mediterranean Q uarterly. Volume 15, Number 4 (Fall 2004), 84-85 n/a. Canada's Actopms Against Terrorism Since September 11. † Foreign Affairs and International Trade Canada. http://www. international. gc. ca/anti-terrorism/canadaactions-en. asp, accessed 20th November 2010. n/a. â€Å"Of man, being the first part of Leviathan,† Thomas Hobbes. 1909-14, http://www. bartleby. com/br/03405. html, accessed 21 November 2010. William C, Banks. â€Å"United States Responses To September 11. † Kent, Roach, Michael, Hor and Victor, Ramraj. Global Anti-Terrorism Law and Policy. Cambridge: Cambridge University Press, 2005, 520 ;amp; 525

A Business Report Of Tesco And Walmart Finance Essay - Free Essay Example

Sample details Pages: 11 Words: 3318 Downloads: 5 Date added: 2017/06/26 Category Business Essay Type Compare and contrast essay Did you like this example? This report aim to evaluate two food retailers under two different account standar GAAP and IFRS and prepare appropriate recommendations to the an investor wishing to invest for maximum capital growth in the longer term. Background Analysis and ratio analysis are employed. 1.Background Analysis 1.1Tesco 1.1.1 Tescos History In 1919 Tesco was established in East London by Jack Cohen. Don’t waste time! Our writers will create an original "A Business Report Of Tesco And Walmart Finance Essay" essay for you Create order The company introduced the brand name Tesco as a tea packets in 1924. 20 years later, Tesco stores was listed on the London Stock Exchange with a share price of 25p(Tesco.plc 2010) Tesco continued its international expansion in the 1990s till now which including market opening in Poland, Hungary, Slovakia and the Czech Republic. In the same period, Tesco entered Asian market such as China , Thailand and South Korea. Furthermore the company offers the following key products and services represented in table 1. Table 1 Products, Services and Brands Products: Food General merchandise Electrical goods Clothing Household goods Home furnishings Petrol Services: Online sale of products Telecommunication services Financial services Pharmacy services Broadband internet services Brands: Cherokee FF Healthy Living Value Tesco standard Finest Source ¼Ãƒâ€¦Ã‚ ¡Datamonitor 1.1.2 Food Retail in the United Kingdom The food retail market includes the retail sales of all food products and beverages. The UK industry generated total revenues of $165,404.1 million in 2008 (Datamonitor 2009). The compound annual growth rate (CAGR) increased 4% for the period 2004-2008. Hypermarket, supermarket, and discounters sales generating total revenues of $102,648.2 million, equivalent to 62.1% of the industrys overall value in 2008. According to Datamonitor(2009) the performance of the industry is forecast to decline which is expected that the industuty reach a value of $194,819.4 million by the end of 2013. Table2:United Kingdom Food Retail Industry Value:$ billion,2004-2008 Year $billion $billion %Growth 2004 141.6 77.1 2005 144.6 78.8 2.2% 2006 149.4 81.4 3.3% 2007 155.8 84.9 4.2% 2008 165.4 90.1 6.2% CAGR,2004-2008 4% Source ¼Ãƒâ€¦Ã‚ ¡Datamonitor Source ¼Ãƒâ€¦Ã‚ ¡Datamonitor 1.1.3 Tescos position and competit ors It is no doubt that Tesco is a leading company in UK market especially in food retailer. According to Datamonitor(2009) the company had 30.7% share of the UK grocery market in the calendar year ended December 2008. It is recorded in 2009 annual report(Tesco.Plc 2009) that the company generated revenues of  £54,327 million ($96,210.4 million) in the financial year (FY) ended February 2009, an increase of 14.9% over 2008. And the main competitor Asda Group recorded recenues of $33.4 billion during the financial year (FY) ended January 2009 (Datamonitor 2009). There are other major competitors as following J Sainsbury plc, Wm Morrison Supermarkets PLC,Marks and Spencer Group plc, Wal-Mart Stores, Inc.,and Somerfield. 1.1.4 Evironment and Exceptional Recent Events of Tesco The recessionary climate is a significant factor should be taking into account to evaluate the macro economic evironment, The International Monetary Fund(2009) reported that the UK economy will deflate 4.2% in 2009. As a result, the demand for non-food product will be under such a difficult economic times. At the same time, there is intense conpetition in the UK grocery market. Although the prospect of future economic is not favourable, Tesco has already adjust their short-term promote strategy such asDiscount Brands at Tesco and further strengthen their long-term strategy including international expending and providing diversified product and service. Tesco opened 622 new stores in financial year 2009 which included 435 outside UK (Tesco.Plc 2009). A representative events is Tesco entry into the Indian market. Furthermore, It is noteworthy that Tesco acquired the remaining 50% of Tesco Personal Finance from Royal Bank of Scotland suggested that Tesco move a furhter step in personal finance service(Tesco.Plc 2009). 1.1.5 Five-year Financial Review of Tesco Figure2:Tesco Revenues, Profitablity and Total assets 0.00 20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 2005 2006 2007 2008 2009 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Revenues Total Assets Profit Margin Source ¼Ãƒâ€¦Ã‚ ¡Datamonitor From the graph above, it is unavoidable notice that the tatal assets of Tesco doubled for the last five years indicating that the company experienced a critical period of expansion. The profit margin because the depressed global economy. 1.2 Wal mart 1.2.1 Wal marts history Wal-Mart was established in 1969(Wal-Mart Stores, Inc 2009). In the following year, Wal-Mart became a publicly-held company. In 1972, the company got listed on the New York Stock Exchange. During 21st century, Wal mart is one of the most successful retailers in the world. the company operates in Argentina, Brazil, Canada, Chile, China, Costa Rica, El Salvador, Guatemala, Honduras, India,Japan, Mexico, Nicaragua, Puerto Rico and the UK.The table below provide the key products and services Wal m art provided. Table 3: Products, Services and Brands Products: Dry and wet grocery Beverages Frozen foods Flowers Health and beauty products Household products Pet supplies Fabrics and crafts Stationery and books Automotive accessories Hardware and paint Horticulture products Sporting goods Apparel Shoes Jewelry Toys Home furnishings Housewares Major and minor home appliances Cameras Cellular phones Services: Photo processing services Cellular service plan Money order services Wire transfers Brands: Wal-Mart Great Value Equate Ol Roy Sams Choice Source ¼Ãƒâ€¦Ã‚ ¡Datamonitor 1.2.2 Food Retail in the United Amercia The food retail industry of US generated total revenues of $824,422.2 million in 2008 (Wal-Mart Stores, Inc 2009). It is reported by Datamonitor(2009) that the compond annual growth rate(CAGR) of 5.8% from 2004 to 2008. Compaired with UK , sales made by h ypermarket, supermarket, and discounter produced 80% revenues which is $ 659,808.3 million. As the global economics downturn, the performance of the industry is expected to decelerate with a forecaseted CAGR of 2.7% for the period spanning 2008-2013(Datamonitor 2009). Table 4:United States Food Retail Industry Value:$ billion,2004-2008 Year $billion %Growth 2004 657.3 2005 699.2 6.4% 2006 741.5 6.1% 2007 787.6 6.2% 2008 824.4 4.7% CAGR,2004-2008 5.8% Source ¼Ãƒâ€¦Ã‚ ¡Datamonitor Figure 3:United States Food Retail Industry Value:$ billion,2004-2008 0 100 200 300 400 500 600 700 800 900 0 0.01 0.02 0.03 0.04 0.05 0.06 0.07 $billion %Growth Source ¼Ãƒâ€¦Ã‚ ¡Datamonitor 1.2.3 Wal marts position and competitors Wal mart Stores (Wal-mart) is the worlds largest retail company. According to Marketline, Wal mart is on the top of food ratial indu stry all around the world in terms of revenues. Morover, the major competetor produced $105,823million in financial year 2009, meanwhile Wal mart generated revenue $405,607 million meanwhile provided more than 2,100,000 job opportunity. The other major competitors of Wal-mart Stores, Inc. included Target Corporation Safeway Inc., Sears Holdings Corporation, J. C. Penney Corporation, Inc., Kroger Co., The Tesco PLC, Carrefour S.A and Metro AG 1.2.4 Evironment and Exceptional Recent Events of Wal mart Wal mart is facing fierce competition from a larger number of domestic and foreign companies incluing Carrefour, Tesco, Target and so on. Another risk merit consideration is the foreign currency fluctuation as Wal mart has operations in approximately 15 international countries. According to the annual report (Wal-Mart Stores, Inc 2009), during 2009 there is over 24.6% total net sales generated by international operations. The acquisition of Distribucion y Servicio is another major operation during 2009. Wal mart acquired 75% of the outstanding shares of Distribucion y Servicio. 1.2.5 Five-year Financial Review of Wal mart Figure 4:Wal mart revenues profitability and total assets 0.00 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 2005 2006 2007 2008 2009 3.15% 3.20% 3.25% 3.30% 3.35% 3.40% 3.45% 3.50% 3.55% 3.60% 3.65% Revenues Total Assets Profit Margin Source ¼Ãƒâ€¦Ã‚ ¡Datamonitor The figues above provide some key financials of Wal mart. Revenues fllow up from $281,488.million to $401,204. million for the last four years. Nevertheless the profit margin declined to 3.3% in 2009 due to the recession of the global economic. 2 Evaluation of Financial Statements: A Comparative Analysis 2.1 Profitability Analysis 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 2009 2008 2007 2006 Figure 5: ROCE Tesco Wal mart Peer Median Source: Company Filings 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 2009 2008 2007 2006 Figure 5: Return on equity Tesco Wal mart Peer Median Source: Company Filings 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 2009 2008 2007 2006 Figure 6: Net profit margin Tesco Wal mart Peer Median Source: Company Filings The graphs above provide information about the profitability of Tesco, Wal mart and international peer median from 2006 to 2009 financial years. It is notable that the performance of Wal mart maitained continuity and stability for the last 4 years while Tescos experenced a more volatile operation. Compared with Tesco, Wal marts higer ratios such as ROCE and Return on equity capital employed Indicating that resources being employ ed by Wal mart are being used more effectively. However, it is interesting to note that the net profit margin of Tesco is slightly higher than Wal marts impling that Tesco operated effectively in the market place. Furthermore while compared with their international peers , Wal marts performance surpass their counterparts in financial year 2009. In addition it appears that although it was impossible to predict the scale of the global economic slowdown, Wal mart has responded well by adjusting their business to this environment. In 2009 Wal-Mart entered Chile through the acquisition of a controlling interest in Distribucià ³n y Servicio (DS),Chiles largest food retailer. Moreover ,the net sales increase 7.2% due to decreasing price based on the every day low cost every day low price (EDLC-EDLP) strategy. Those increases resulted from our global expansion programs, comparable store sales increases and acquisitions. Overall, Wal mart outperform Tesco. 2.2 Liquidity . 0 0.2 0.4 0.6 0.8 1 1.2 1.4 2009 2008 2007 2006 Figure 7: Current ratio Tesco Wal mart Peer Median Source: Company Filings 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 2009 2008 2007 2006 Figure 8: Quick ratio Tesco Wal mart Peer Median Source: Company Filings 0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 2009 2008 2007 2006 Figure 9: Cash ratio Tesco Wal mart Peer Median Source: Company Filings The bar charts below represent three liquidity ratios indicating that Wal mart stayed constant at a relative high level than Tesco in terms of Current ratio and Cash ratio. However the Acid test implyed a opposite conclusion that Tesco outperformed Wal mart for the possible reason that Wal marts inventory occupied a great proportion in current asset. Moreover, even though Tesco and Wal mart are leading food and grocery retailer, the international peers generate a imp ressed operation. Despite that Wal marts cash ratio show a decline indicating that Wal mart adjust its component of the current asset leading to a lower level of liquidity in very short term, Wal marts cash ratio remained a higher level than Tescos. In conclusion, Wal mart remained steady at better level than Tesco especially preferable for short term creditors. 2.3 Efficient use of working capital 0 10 20 30 40 50 2009 2008 2007 2006 Figure 10: Inventory turnover period Tesco Wal mart Peer Median Source: Company Filings 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 2009 2008 2007 2006 Figure 11: Receivables turnover period Tesco Wal mart Peer Median Source: Company Filings The par chart below provide two ratios about how efficient Tesco, Wal mart and global peers operated. In one hand, from 2006 to 2009, the gap between Wal marts inventory turnover period and Tescos is narrowing. Howe ver in fical year 2009, Wal marts inventory turnover period is around 10 days per year higher than that of Tesco indicating that Tesco operated their inventory more efficient. On the other hand Tescos receibables turnover period grew steadily for the last for years reached around 12 days per year while Wal mart maintained stable approximately 3 days. The variance in Tescos Receivables turnover period is due to Tesco has acquired the remaining 50% of Tesco Personal Finance from Royal Bank of Scotland. a move which will enable Tesco to enter personal financial service industry. To sum up although it is clearly stated that Tesco outperform Wal mart in food retailer industry, due to the large propotion in personal financial service of Tesco, Wal mart is more efficient. 2.4 Investment ratio and stock price 0 5 10 15 20 25 2009 2008 2007 2006 2005 Figure 12: P/E ratio Tesco Wal mart Peer Median Source: Figure13 Stock price Source: Google Finance The graphs above 2.5 Stability Ratio 0.00% 50.00% 100.00% 150.00% 200.00% 250.00% 300.00% 2009 2008 2007 2006 Figure 14:Debt-to-Equity ratio Tesco Wal mart Peer Median 0 0.2 0.4 0.6 0.8 1 2009 2008 2007 2006 Figure 15:Gearing Tesco Wal mart Peer Median Focus on the par charts we can conclude that Tesco experenced a significantly increase in debt-to-equity ratio and gearing ratio while Wal mart stayed constant from 2006 to 2009 financial year. The immense movment of Tesco is due to its expending strategy which including boost its international market share and entering to personal financial service sector. This new strategy greatly accelerates the demand of debt of Tesco which influenced the ratio enormous, indicating that they didnt exposed themselves to more risk. Moreover, it is obvious and noteworthory that compared with their peers group, Tesco and Wal mart app ear to be more risky. As mentioned before, Wal mart is a more feasible to a risk averse investor. 3 Conclusion 1) Overview of comparision According to the backaround analysis and financial ratios analysis between Tesco and Wal mart, it is easy to concluded that Wal mart is the leading company around the world while Tesco experenced a significant growing period for last five years. Wal mart performance more stable compared with Tesco that have more develop chance and broader develop space. 2) Implications for Potential Investment According to the recent year performance, it is suggested that Tesco is a better choice for an investor wishing to invest for maximum capital growth in the long term. On contrast, the creditor and supplyers of would prefer Wal mart due to its constant perfomance and better liquility not only short-term but also long term. 3) Limitation of the Analysis This analysis mainly depends on the historical public accounting data and financial rat ios, however, it ignores accounting policies may differ between different companies. 4 Evaluation the impact of GAAP and IFRS Through the analysis Tescos and Wal marts financial statement and the ratio analysis, it can clearly be concluded that there are remarkable difference between two different reports under GAAP and IFRS. The format of the financial statement. For example Tescos financial statements only publish one year comparative financial information whereas Wal marts include three years(banlance sheet two years). Further more different criterion is emploied when determinming a specific entry such as inventory cost. LIFO is prohibited under IFRS, while GAAP permitted which greatly influence the result of ratio analysis. Therefore, such difference significantly reduced the comparability of two company and may mislead the investor to some extend. Section B: Convergence 1 Introduction The growing acceptance of International Financial Report Standards(IFRS) server as an incitant factor for the convergence between US GAAP and IFRS. As recorded in IFRS (2008) there are approximately 113 countries require or allow the use of IFRS for the preparation of financial statement by publicly held companies. Furthermore, series of accounting fraud scandals such as Enron, WorldCom and other large companies blow down to the American investors confidence in the capital market, It has shaken the American legislature,regulatory institution and the publics trust in the quality of U.S. accounting standards. Hence, it seems natural to ciritsise current account standard and the US standard setters have recently announced a roadmap to convergence. Finally, the issue of whether the harmonisation should be processed and to what extend the exercise will be success was raised. According to Levitt(1998) the former SEC chairman, the truth is, high standards lower the cost of capital indicating that higher accounting quality and disclosure under internationally accepted standards such as IAS/IFRS lower the firms capital cost. However it is unconsidered to outweigh the benefits of convengence if we taking into account factors affecting acount standard as following plitical, business culture, accounting culture even language. This essay will argue that although the convergence between US GAAP and IFRS is an irreversible trend, it is inevitable exist some concers which interfere the convergence heavily. In order to demonstrate this, the paper will illustrate that from two sections. Firstly, the section of the pressures for convergence will be analysed. Subsequently, it will be discussed in terms of some major concers. 2 Pressure One of the key argument for accelerating convergence is that globalization and mutinational bussines. As reported by KPMG(2008) that even in advance of any enforcement of IFRS for U.S reporting, companies may have to deal with IFRS financial reports in situations such as following: a U.S. company takeover an IFRS-report ing target, a U.S. company selling a business to an IFRS-reporting taget company and so on. Due to these transations these companies will need to understand IFRS-reporting style in order to be more knowledgeable in the ttransations. Take Wal mart as an example, it operation in over 16 conutries including UK which is a member of IFRS-reporting system. Under this situation, it is unavoidable that for Wal mart have to deal with IFRS. In addition, it is noteworth that Wal mart may have to converted its financial statement of its foreign subsidiaries to U.S. GAAP for consolidation purposes. Last but not lest, different reporting standard and style will generate misleading and greatly reduce the comparability especially for an cross-border investor comparing two companies report under two different accounting system. Therefore , the shift from GAAP to IFRS not only is an umavoidable trend but also promoted the accounting conpareability and consistency especially on a global scope. In a ddition, according to Benston et.al(2006), IFRS accounting standards are more principles-based than rule-based which used in U.S.. Based on the above concept if the rule-based standard is better there is no need to shift current GAAP to IFRS. However, implement of principles-based approach in accounting standard can generate a more reliable account stander (Schipper, 2003). Generally, there are two major explanation. Firstly, the rules-based one is criticised for doing nothing when economic environment changes, especially some inventions of financial instruments emerge such as derivertive instrument (Kershaw, 2005). This position goes further that according to the existence of rules-based standards in the U.S., although SEC are trying to perfect current accounting standards, the development of the financial market is so rapid and the enterprises financial activities are so wide-ranging that the accounting standard can not cover all the situations. Another issue that merits condidera tion is the ruls-based standard misleads the public to ignore the risk of investment. In another word, the rules-based standard only require companies to disclose the risks of assets, liabilities, earnings and cash flows. Unfortunitely it fails to reflect the increasingly risks which due to financial instruments. Hence, the investors might fail to access the companys overall risk (Arjoon, 2006). Overall, it is can be infered that convergence are part of a process of improve the U.S current account standard. Nevertheless, convergence is not necessary to improve the account quality because priciples-based standard is not perfect. FASB(2002) publish the explanation of principles-based standard which offer more freedom to report financial statements. In other words, accounts play a significant role in the process of making financial report. Thus there are some disadvantages merit consideration. Admittedly, there are some potential flaws caused by priciples-based standard. It is av oidable if there is good auditing and regulation. Comparing with rules-based standard, principles-based standard is more adapable, and more effective in the current accounting circumstances. Consequently, it is easy to conclude that convergence between GAAP and IFRS is an unavoidable trend, furthermore, this will also greatly improve the current U.S. account standard. 3 Obstacles Various difficulties emerge when dream come to reailty. First of all, the term accounting convergence should be taking into considers. This term has been defined as: The process pursued by the International Accounting Standards Board (IASB) of eliminating the present differences between National Accounting Standards and the avoidance of future differences to achieve international accounting harmonization (Hussey Ong, 2005, p.229). It can be draw from the concept above that convergence aim to increase the comparability of accounting practices. According to Haverty, J. L.(2006) it is important to note that convergence not equal to comparability. Zeff,S.A.(2007) stated that there are some obstacles to global financial reporting such as culture in terms of business, financial, accounting, auditing and regulatory. Additionally, it is equally important to consider the problems of interpretation. In order to interpret some major obstacles to convergence, the following pargraph try to inverstgate business culture and language. On one hand, in the USA, it is common for certain industries to raise capital through long-term libilityss. For example, it is not surprised that the airline company would not owned the airline which would be owned by financial institutions. Furthermore, this practice would undervalue the assets hold by the company. However, such biased valuation would not be eliminated even after convegence. Hence, this is one of obstacles for a lack of comparability. On the other hand, language is a another factor should be considerd. U.S. and U.K. are both english countries , however it is noteable that the Brithsh and the Americans are unable even to harmonize the spelling of word hramonis(Alexander 2006). Consequently it is easy to draw a conclusion that diversity in culture, eonomic, legal, and political resons reduced the comparablity and the extent of convergence. 4 Conclusion To sum up, due to the aforementioned reasons we can safely arrive at the conclusion that the convergence between GAAP and IFRS is a irreversible trend even though there are some obstacles. According to Zeff, S.A.(2007),some obstacles are deeply cultural, while others aremore susceptible to modulation by the principal parties. Admittly harmonisation would not solute all the problem, but still can be a incitant factor to improve the current U.S. account sandard.