Athletic Activities

Whether played or watched, athletic activities have greatly impacted on the environment. The footprints of the participants highly abuse the natural environment. For example, the Ski slopes cause a lot of disruption to the alpine ecosystem. On the same pedigree, snowmobiles spew exhaust a lot of fumes into the air. When spewed, the fumes become dangerous to the living organisms within the environment (O'Reilly et al. 2015). Similarly, the golf courses sprawl across the land, and in long run, consume a large number of pesticides and water. The land dug causes a lot of potholes on the land, which is a residing place for the insects. Stagnant water encourages the breeding of land and water organisms and animals like snakes, which are dangerous to the health of man. Well notable, many golf players prefer their courses to be blanketed in the velvety green grass. They do this regardless of where the course is located, be it the beach, the desert, or a naturally lush locale. While carrying out the course, there are a lot of potholes that are dug in the environment. According to Mullenbach and Green (2018), despite high-level use, documented cases of environmental harm from pesticides on golf courses are rare. In one instance, hundreds of Canadian geese have been found dead on the Seaway Harbor fairways in Hempstead, New York apparently, which was poisoned by diazinon. As a result of this, an organophosphate insecticide was subsequently banned from golf course application following the manner in which it was destroying the environment. Another organophosphate pesticide, known as fenamiphos, has produced fish kills when washed into waterways from golf courses after heavy rains (Mullenbach and Green 2018). Today, fenamiphos is now being phased out in Florida, where these fish kills have occurred, and a nationwide ban will be complete in 2007, Cohen says. Cohen believes that when properly applied, golf course pesticides pose a low risk of exposure to players and nearby residential population

Karsanbhai Patel

Entrepreneurship Development- assignment 2013 Entrepreneur Profile-Mr. Karsanbhai Patel NIRMA- From Rags to Riches -Gitika Kolli(1225112321) -MBA-C-GIM Gitam institute of management(2012-2014) Introduction: Nirma is one of the few names – which is instantly recognized as a true Indian brand, which took on mighty multinationals and rewrote the marketing rules to win the heart of princess, i. e. the consumer. Nirma, the proverbial ‘Rags to Riches’ saga of Dr. Karsanbhai Patel, is a classic example of the success of Indian entrepreneurship in the face of stiff competition.Starting as a one-man operation in 1969, today, it has about 14, 000 employee-base and annual turnover is above Rs. 25, 00 crores. Way back- Nirma and its existence: India is a one of the largest consumer economy, with burgeoning middle class pie. In such a widespread, diverse marketplace, Nirma aptly concentrated all its efforts towards creating and building a strong consumer preference towards its ‘value-for-money’ products. Innovation, Creation and Foundation: It was way back in ‘60s and ‘70s, where the domestic detergent market had only premium segment, with very few players and was dominated by MNCs.It was 1969, when Karsanbhai Patel started door-to-door selling of his detergent powder, priced at an astonishing Rs. 3 per kg, when the available cheapest brand in the market was Rs. 13 per kg. It was really an innovative, quality product – with indigenous process, packaging and low-profiled marketing, which changed the habit of Indian housewives’ for washing their clothes. In a short span, Nirma created an entirely new market segment in domestic marketplace, which is, eventually the largest consumer pocket and quickly emerged as dominating market player – a position it has never since relinquished.Rewriting the marketing rules, Nirma became a one of the widely discussed success stories between the four-walls of the B-school class room across the world. Marketing Miracle: The performance of Nirma during the decade of 1980s has been labelled as ‘Marketing Miracle’ of an era. During this period, the brand surged well ahead its nearest rival – Surf, which was well-established detergent product by Hindustan Lever. It was a severing battering for MNC as it recorded a sharp drop in its market share. Nirma literally captured the market share by offering value-based marketing mix of four P’s, i. e. perfect match of product, price, place and promotion. The year 2004 sees Nirma’s annual sales touch 800,000 tones, making it one of the largest volume sales with a single brand name in the world. Looking at the FMCG synergies, Nirma stepped into toilet soaps relatively late in 1990 but this did not deter it to achieve a volume of 100,000 per annum. This makes Nirma the largest detergent and the second largest toilet soap brand in India with market share of 38% and 20% respectively. Strateg ies: It has been persistent effort of Nirma to make consumer products available to masses at an affordable price.Hence, it takes utmost care to provide finest products at the most affordable prices. To leverage this effort, Nirma has gone for massive backward integration along with expansion and modernization of the manufacturing facilities. The focal objective behind modernisation plan is of up gradation with resource-savvy technology to optimise capabilities. Nirma’s six production facilities, located at different places, are well equipped with state-of-art technologies. To ensure regular supply of major raw materials, Nirma had opted for backward integration strategies.These strategic moves allowed Nirma to manage effective and efficient supply-chain. Nirma has always been practiced ‘value-for-money’ plank. Nirma plans to extend the same philosophy in categories as commodity food products, personal care products and packaged food. Distinct market vision and ro bust infrastructure allowed Nirma to have cost leadership. Apart from this, lean distribution network, umbrella branding and low profile media promotions allowed it to offer quality products, at affordable prices. Organisation Structure: In present scenario, an inspiring 59-year-old persona, Dr.Karsanbhai K. Patel, leads Nirma, playing role of key strategic decision-maker, whereas his next generation has already skilled management capabilities. Shri Rakesh K Patel – a qualified management graduate, is spearheading the procurement, production and logistic functions, whereas Shri Hiren K Patel – a qualified Chemical engineer and management graduate, heads the marketing and finance functions of the organisation. Shri Kalpesh Patel, Executive Director, leads the professional organisational structure. Awards and Accolades: The man behind the success of Nirma phenomenon – Dr.Karsanbhai Patel is a recipient of various awards and accolades. He has been bestowed with var ious awards like†¦ * Udyog Ratna by Federation of Association of Small-Scale Industries of Gujarat, New Delhi. * Outstanding Industrialist of Eighties by Gujarat Chamber of Commerce and Industry, Ahmedabad (in 1990). * Gujarat Businessman Award in 1998 by Gujarat Chamber of Commerce and Industry, Ahmedabad. * Excellence in Corporate Governance Award by Rotary International District 2000. * A&M Hall of Fame, _______.Shri Karsanbhai has been awarded an Honorary Doctorate by Florida Atlantic University, Florida, USA in the year 2001 in recognition of his exceptional accomplishments as a philanthropist and businessman. This world has also recognised his ability, acumen and wisdom and in recognition of the services rendered by him in his various capacities. Dr. Karsanbhai Patel has also served as a Chairman for two terms to the Government of India’s Development Council for soaps and detergents, as a Member of Bureau of Indian Standards Committee for Soaps and Detergent Indust ries and President of Gujarat Detergent Manufacturers Association.Conclusion: Karsanbhai Patel stands to be a source of inspiration and provides insights in setting up an industry with the spirit of self-confidence and fulfilling the criterion of a budding entrepreneur in evolving his conceptual knowledge into a practical approach by using creativity and innovation, which has accolades of praises in due for him. REFERENCES: http://www. nirma. co. in/genesis. htm http://www. slideshare. net http://www. iloveindia. com/indian-heroes/karsanbhai-patel. html http://toostep. com/insight/success-story-of-nirma http://en. wikipedia. org/wiki/Karsanbhai_Patel

Catholics opposing views on abortion over History Research Paper

Catholics opposing views on abortion over History - Research Paper Example The early Christians were opposed to abortion because it exposed the unborn babies thus making them die. Abortion was condemned with disregarding to what stage of the pregnancy it was carried out in the first three centuries of Christianity. This can be captured in Tertullian writings in 197AD that† it does not matter whether you take away life that is born or destroy one that is coming to birth. In both instances, destruction is murder.† The council of Ancyra (314) is said to have referred to an ancient law that excommunicated women that aborted their children deliberately. (life.org.nz, 2011) The second mention of abortion is in a theological tract known as the Epistle of the pseudo-Barnabas which was written in about 138 and highly regarded by the theologians of Alexandria. The author of this publication treats abortion as corollary to the law of fraternal charity which was in existence. This can be captured in the written statements that, â€Å"You shall love your ne ighbor more than your own life. You shall not slay the child by abortion.† (catholicculture.org, 2011) Athenagoras who was an Athenian philosopher states in a letter he writes to Marcus Aurelius (177) that â€Å"All those who use abortifacients are homicides and they will have to account to God for their abortions as well as the killing of men†. ... arly church councils established strong precedents in history in relation to matters of abortion which were later ratified and strengthened by the council of Chalcendon in 415 and Consillium Quinisextum in 692. During the early period of foundation of Christianity, there were many writers who condemned abortion as a gravel evil. These include Christians writer like Hippolytus (235), Cyprian (258), St Ambrose, Bishop of Milan (375), St Jerome (d. 420), St Augustine(d. 430), Caesarius, the Bishop of Arles(d. 543), and St Martin of Braga(580). The first collection of church laws that were promulgated with the authority of pope for the universal church was The Decretals of Pope Gregory IX in 1324. These laws list one canon that describes a murderer as one who procures an abortion. The decrials emphasized the idea of formed and unformed so as to determine the kind of penalties that applied for this type of crime. From the 13 century and the other succeeding centuries, the council of churc hes in existence continued to condemn abortion. (catholicculture.org, 2011) In 1588, the first papal legislation that was meant to bring into play penal sanction against abortion came into existence and was referred to EFFRAENATAM of Pope Sixtus V who reigned in the period 1585-1590. In 1591, Pope Gregory XIV altered slightly the constitution of Sixtus V so as to apply harsher punishments among those that caused abortion of animated fetus (a fetus whose movement could be felt). In spite of the changes to the constitution, the seriousness of abortion offences were emphasized (Haney, 2008, p 24). Not until in the 18th century when Martin Luther king led a reformation from the Catholic Church, most Catholics were united and accepted the Magisterium authority and condemnation of abortion. In

Murabaha Assignment Example | Topics and Well Written Essays - 1000 words

Murabaha - Assignment Example Murabaha is a contract of trust, thus, the goods must be of the quality agreed between the bank and customer. The bank bears the risks that the goods may develop a defect or may be destroyed, since Murabaha is executed at the second sale. The customer can reject the goods if they contain defects or for the reasons of unsatisfactory performance (Hayes and Vogel 141). It is prohibited to sell Waqf (endowments) since they are not owned by a specific person and for any sell to be valid; the owner must be unambiguously identifiable. Istibdal, which is the sale of Waqf land, can be entered in Murabaha agreement, since the proceeds are used for the purchase of another land to be used for the Waqf purposes. However, according to Hanbalis, the benefits of Waqf cannot be obtained where the land is ruined, barren or is a mosque that is not used for prayers (Iqbal and Greuning 40). A bank conducting a purchase under a Murabaha contract may open a documentary credit in a foreign bank and receive commissions. Fiqh Academies prefer the prevention of banks taking the commission since it may demand the value of the guarantee in case of buyer defaulting on the agreement (Schoon 32). The bank should notify the buyer of such commission and pass it to the buyer by a way of reduction in the Murabaha contract price (Haron and Azmi 400). It is not allowed for the bank to finance a concluded deal between the client and owner of goods under a Murabaha contract. Murabaha entails the selling of an identifiable good that the seller owns, disclosing the costs and adding a mutually agreed mark up to the cost of the goods (Saeed 58). Murahaba agreements are not valid for the goods which are not bought or in the possession of the bank (Kettel 48). If the concluded deal is for a specific transaction, the bank should request for evidence of the termination of the concluded deal before it can enter in to a Murabaha agreement with the client. According

News media Essay Example | Topics and Well Written Essays - 250 words

News media - Essay Example in Papademas 11), which states that all individuals have the freedom to express and impart opinions using the media as a vehicle to convey their thoughts, even in the presence of boundaries (Papademas 11). Recognizably, people rely on news reports whether on print, television, radio, or the web, when in search of updated information about the happenings in the society. However, the freedom, enjoyed by most journalists now, has turned out to become the cause of some people’s nightmare, and the reason to this is the excessive invasion of privacy by the journalists themselves. Many incidents of privacy invasion are reported every year around the world, and as a consequence, many journalists were sued due to their repeated disrespect. According to Merrill (qtd. in Gordon et al.), seriously considering the idea of privacy for journalists is like committing suicide because the nature of their job is basically to gather and give information, and privacy is always hard to apply in this situation. Hence, if that is the case, then it would be impossible to expect that the invasion of privacy will somehow come to an end at this

The Chrysanthemums Assignment Example | Topics and Well Written Essays - 250 words

The Chrysanthemums - Assignment Example This is evident on her passion to pursue a life of adventure, on the road, like the tinker who came up her house one day. Her sexual needs are also mentioned in the story, having shared a flirtatious banter with the tinker and even kneeling in front of him like â€Å"a fawning dog†. It should be noted that Elisa doesn’t have kids and she was already 35, which signals that she and her husband Hank do not really have a productive, if at all, sexual relationship. The story ended with Elisa crying because she knew that she would be forever kept in that â€Å"closed pot† of a valley. The conflict of the story is character vs. society. This is set in 1938 and the women are not as privileged as men. Even though we see that Elisa is smarter and better than the two men, she is still confined to the house, tending flowers instead of doing something more productive. She finds this frustrating, and this is not her fault, it’s the society’s. Her happiness and se lf-fulfillment is being regulated by the society and it’s suffocating her. The theme is also gender inequality. We see this story as a good reflection of society in that day, and Elisa symbolizes the women as much as the two male characters symbolize the men. However great a woman can be, she is still relegated to doing house work, just because of her sex.

A research paper on the Ancient Panatheniac Olympic stadium

A on the Ancient Panatheniac Olympic stadium - Research Paper Example 3). The stadium was refurbished by Herodes between 140 and 144 AD in the present form after excavated in 1870. The length and width of the Panatheniac Olympic Stadium designed in horseshoe shape is 204.07 meters and 33.35 meters respectively. Herodes constructed another such portico at the front of the stadium. Herodes also repaired the Illissos river bridge at the Stadium’s gate to make it bigger by putting three archways on its base. The bridge was there till 1778 (Meander Travel par. 1-3). A semi-circular wall was added to the north of the Stadium parallel to the sphendone of the southern side (â€Å"Olympic-Legacy,† par. 2). The archaeologist Earnst Ziller found the Stadium during excavations of the 1869-70, which was rebuilt again in 1896 for holding the first Olympiad in Athens by G Averof. Anastase Metaxas helped in remaking the Stadium to the capacity of 69,000 seats. The same marble from Mt. Penteli, which was used 2,400 years before, was used again for making of the Parthenon on the Acropolis. The Stadium was adorned as if it was the Grecian temple, the outline of which was still intact with its porticos and colonnades (Olympic-Legacy,† par. 3-8). Lycurgos as head of the overseers’ team was conferred the title of â€Å"caretakers of the Stadion†. ... Lycurgos changed the valley not only into a Stadium but also circumvented the arena with a parapet, which straightway marked the place for the competitions. A line of stones was laid down to label the starting point and the finish of an ordinary route. A passage was constructed behind the parapet, which made the circumference of the route. Below the footpath a covered passage was running along to take the flow of the rain water out from the Stadium. Some remains of this passage are still there to be seen. During that period, inclines were not sheltered with marble benches as the audience seating arrangements were made on the ground. The place named â€Å"the first wood† was meant for VIPs of that time, earmarking their seats (Lambros & Polites, â€Å"The Olympic Games B.C. 776. — A. D. I896.† pp.35-36). There are inscriptions that inform the repairing of the Stadium dating Third Century BC by Heracleitos in a â€Å"befitting manner†. In the second Century after Christ the Stadium was totally refurbished by Herodes Atticus. Herodes Atticus was selected the â€Å"Athlothete of the Panathenaia† (Lambros & Polites, â€Å"The Olympic Games B.C. 776. — A. D. I896.† p. 36). Worth description by Herodes was the ship on wheels on whose pole people laid their offerings because the goddess there is depicted as sail. It operated through a secret method sailing beside the ground. While addressing the people of Athens, Herodes finished his speech of thanks giving by saying: â€Å"It will be in a Stadium of marble that I hope to receive you, oh Athenians, yourselves as well as the Athletes and strangers, who will then be our guests.† In a span of 4 years he presented an altogether new look to the Stadium fully decorated. Such was the appeal of the Stadium that no other

Breast Cancer Occurring during Pregnancy Research Paper

Breast Cancer Occurring during Pregnancy - Research Paper Example Women have a 12.67 % of developing breast cancer during their lifetime. ( National Cancer Institute’s Surveillance, Epidemiology, and End Results Program Cancer Statistics Review rates from 2001 to 2003.) According to Loibl S, von Minckwitz G, Gwyn K, et al. (2006) the condition will occur in one in 3000 pregnancies. Despite this, there have been few recent studies on the subject, especially those seeking to look for the histopathologic and immunohistochemical features which are combined in breast carcinomas in these patients, possibly because of the comparative rarity of the condition. Pregnancy-associated breast cancer (PABC), often referred to as gestational breast cancer; can be defined as any cancer of the breast diagnosed during pregnancy and up to one year postpartum including lactation (Molchovsky & Madarnas, 2008). However, there is considerable variation among authors, with defined postpartum periods ranging from 6 months to 2 years. (Psyrri & Burtness, 2005). Another idea is that PABC can be defined as occurring during pregnancy and until lactation ceases. PABC is the second most common malignancy in women, after cervical carcinoma, and occurs in 1 in 3000 pregnancies (Pavilidis & Pentharoudakis, 2005). A mother is already facing the huge changes that come with a new child and when breast cancer is diagnosed concurrently with pregnancy and lactation this becomes a very challenging situation for the patient, physically but also psychologically and socially, as well as her family, physicians, and other health care providers. Treatment options, either local or systemic, are limited by concerns about possibly harming the fetus, and are also conditioned by the gestational length of the pregnancy.

The era of the weak state THE WEAK STATE Essay Example | Topics and Well Written Essays - 250 words

The era of the weak state THE WEAK STATE - Essay Example The fourteenth amendment (1868) that protected equality of all citizens before law and the fifteenth amendment (1870) that imparted voting rights to all were also partially circumvented in a similar manner by the South (Henretta and Brody, 440-456). All these had a negative and weakening effect on the consolidating process undertaken by the new state. The period, 1865 to 1890, on the contrary, was the era of agricultural growth, industrialization and urbanization but of course with environmental costs (Henretta and Brody, 430-446). And towards the end of the era of the ‘weak state’, that is between 1877 and 1900, the US began to grow into a full-fledged industrial nation (Henretta and Brody, 462). If it was the feudal social establishment that acted as a weakening element for the state during 1860s and 70s, towards 1900, the emerging corporate industries took over the same task. It is observed that the new America that emerged in 1900 was â€Å"a land of factories, corporate enterprise and industrial workers† (Henretta and Brody, 462). A market of mass dimensions and a wide consumer base grew (Henretta and Brody, 497). Infrastructure facilities were also developed to great extent thereby helping industry to grow better (Henretta and Brody, 495-497). The decades that preceded and succeeded 1900 saw an influx of immigrants from Europe culminating in thoughts about restricting the same and also extreme urbanization (Henretta and Brody, 502-585). On the political front, the era of the ‘weak state’ is marked by the people getting highly mobilized as political pressure groups but all the same, the government being the weakest in the US history in terms of power and national pride (Henretta and Brody, 600-606). Slowly, as the two-party system emerged, the possibility of a third voice was suppressed and a common understanding was arrived at to maintain the ‘weak state’ so as to further the capitalist society and its

Economics Essay Example | Topics and Well Written Essays - 500 words - 18

Economics - Essay Example competitor lowers its price it may attract some - but not all - buyers because product differentiation makes it possible for some to remain with the sellers product despite the price increase, and they will not switch. Rivalries among oligopolists can be circumvented by some form of open or tacit collusion among members, in the process converting the oligopoly, at least temporarily, into a sort of monopoly. One example is price leadership, where one company, usually the biggest among them, sets the price and the others follow. It is somewhat risky because unless the others expect to benefit or are not harmed by the move, they can undercut the price instead, and a price war among the participants can ensue. A company may also behave in such a way that it does not make things difficult for its competitors. Companies may set their prices so that they are only a few cents apart and thus somehow avoid accusations of having colluded in setting prices. Open collusion (a cartel) is possible but is illegal in the United States. A successful cartel can charge a monopoly price at the expense of the consumers and obtain monopoly profits. An exception in the United States applies to regulated industries such as telecommunications and gas pipeline transportation where members are allowed to behave as cartels provided they do not undercut the prices set by government regulatory agencies (Baumol and Blinder, 1997). A monopoly is either a pure monopoly or a natural monopoly. A pure monopoly is one where there is only one supplier of a product that has no close substitutes and where it is impossible or extremely difficult for another firm to coexist. A natural monopoly, on the other hand. is an industry in which advantages in large scale production make it possible for a single firm to produce the entire output of the market at a lower than average cost than a number of firms each producing a smaller quantity. It is the latter kind of monopoly that can evolve from a

Reinforcement Theory Essay Example for Free

Reinforcement Theory Essay Q# 1: Identify the practices of organization that are indicating the application of reinforcement theory? Answer 1. Focus on proper training before giving task to the employees 2. Monitoring the performance of employees. 3. Formulation of procedures, rules and regulations in detail. 4. Strictness in compliance of rules. Q# 2: You are required to suggest some measures of positive reinforcement that can be implemented by the management of Crisp Soft restaurant. Answer 1. The manager can start a practice to greet the employees and having pleasant conversation with those who came on time at start of day and conduct a small meeting with staff at closing of day and praised and say thanks those who performed good during the day. These practices will decrease late arrivals and early leaver. 2. The management can start â€Å"Employee of the month† award scheme in which at end of every month letter of appreciation along with small cash price will be give to the employee how performed well during the month. 3. A roll of honor board should be maintained at prominent place in the restaurant where everyone can see it. The pictures of â€Å"Employee of the month† pasted on that board. Q# 3: Assess which level of Maslow’s hierarchy of need the organization is satisfying for lower level staff and managerial level staff? Explain Answer As per Maslow’s hierarchy of need, there are following five levels of human needs: i. Biological Need: The basic requirement for survival of human body e.g. food, water, air and shelter etc. ii. Safety Need: Protection from Cold, Heat, Sand, Storm, Earthquake, Animals, Enemies iii. Social Need: love, acceptance, belonging etc. iv. Self Esteem: Respect, reorganization v. Self Actualization: challenging tasks, In case of lower level workers the Crisp and Soft restaurant management is satisfying level 1 by providing free meal and uniform, paying salaries at reasonable rate and level 2 by making HVAC arrangement for workers. In case of management staff, the restaurant management is trying to satisfying level 3 along with level 1 and 2 also, by providing good salaries (level 1), good working environment (level 2) and membership of social club of restaurant to their staff(level 3) where they can attend get to gathers, family dinners etc.

Analysing Different Ethical Theories Philosophy Essay

Analysing Different Ethical Theories Philosophy Essay Ethics may be viewed as the study of human conduct with an emphasis on determination of right and wrong (Fraedrich and Ferrell, 1992). Together with this, it is the assumption that management must adhere to a narrow version of positivism that excludes any reference to intention (Ghoshal, 2005). According to (Mallor et al., 2010), for centuries, religious and secular scholars have explored the meaning of human existence and attempted to define a good life. Ethical theories and principles are the foundations of ethical analysis because they are the viewpoints from which guidance can be obtained along the pathway to a decision. The four ethical theories according to the text are rights theory, justice theory, utilitarianism, and profit maximization. The rights theory covers a range of ethical philosophies that holds that certain human rights are important and must be respected by other society and her rights. Rights are also considered to be ethically correct and legitimate given that a large or ruling population endorses them. Few rights theorists are stringent deontologists, and one of the few is the 18th century philosopher by name Immanuel Kant and his theory is known as the Kantianism. Kant viewed humans as moral actors that are free to make choices and he also believed that humans are able to judge the morality of any action by applying his famous categorical imperative. One of his formulations of the categorical imperative is Act only on that maxim whereby at the same time you can will that it shall become a universal law. The meaning of it is that we judge an action by applying it universally. The most important strength of rights theory is that it protects fundamental rights, unless some greater right takes precedence. A major criticism of the rights theory deal with the near absolute yet relative value of the rights protected, making it difficult to articulate and administer a comprehensive rights theory. The Justice theory which came into limelight by John Rawls in 1971 when he published his book entitled: A theory of Justice, the philosophical underpinning for the bureaucratic welfare state. He reasoned that it was right for governments to redistribute wealth in order to assist the poor and the destitute. Furthermore, Rawls expressed this philosophy in his Greatest Equal Liberty Principle: each person has an equal right to basic rights and liberties. He further limited the principle with the Difference Principle: social inequalities are acceptable only if they cannot be eliminated without making the worst-off class even worse off. Rawlss justice theory has application in the business context which requires decision makers to be guided by fairness and impartiality. The strength of Rawlss justice theory lies in its basic premise, the protection of those who are least advantaged in society. The ethical dilemma for managers is to determine the fair rules and procedures for distributing outcomes to stakeholders. Managers must not give people they like bigger raises than they give to people they do not like, for example, or bend the rules to help their favorites. On the other hand, if employees want managers to act fairly toward them, then employees need to act fairly toward their companies and work hard and be loyal. Similarly, customers need to act fairly toward a company if they expect it to be fair to them-something people who illegally copy digital media should consider. The criticism that justice theory with the rights theory is that it treats equality as an absolute, without examining the costs of producing equality, including reduced incentives for innovation, entrepreneurship and production. Utilitarianism entails a decision maker to maximize utility for society as a whole. Maximizing utility means achieving the highest level of satisfactions over dissatisfactions which means that a person must consider the benefits and costs of her actions to everyone in society. A utilitarian will take action only if the benefits of the action to society outweigh the societal costs of the action. There are two types of utilitarianism, act utilitarianism and rule utilitarianism. Act utilitarianism judges each act separately, assessing a single acts benefit and its cost to societys members. Rule utilitarianism judges actions by a rule that over the long run maximizes benefits over cost. The strength of utilitarianism as a guide for ethical conduct is that it is easy to articulate the standard of conduct; which coincides with values of most modern countries like the USA who is capitalist in nature by focusing on total social satisfactions, benefits, wealth and welfare. In general under ca pitalism, the interests of shareholders are put above those of employees, so production will move abroad. This is generally regarded as being an ethical choice because in the long run, the alternative, domestic production might cause the business to collapse and go bankrupt. If this happens, all of the companys stakeholders will suffer-not just its employees. According to the utilitarian view, the decision that produces the greatest good for the greatest number of people is best. In this case, that means outsourcing the jobs. The criticism of utilitarianism is that it is difficult to measure ones own pleasures, pains, satisfaction and dissatisfaction, let alone those of all of societys members. Profit maximization as an ethical theory requires a decision maker to maximize a businesss long-run profits within the limits of the law. This has been based on the laissez faire theory of capitalism first expressed by Adam Smith in the 18th century and more recently promoted by economists such as Milton Friedman and Thomas Sowell. Profit maximization is closely related to utilitarianism, but it varies essentially in how ethical decisions are made. Profit maximization optimizes total social utility by narrowing the actors focus, requiring the decision maker to make a decision that merely maximizes profits for himself or his organization. The strengths of profit maximization results in ethical conduct because it requires societys members to act within the constraints of the law and a profit maximizer, therefore, acts ethically by complying with societys mores as expressed in its laws. The criticism of profit maximizer is that if profit maximization results in an efficient allocation o f societys resources and maximization of total social welfare, it does not concern itself with how wealth is allocated within Society. An ethical theory that was not found in the text is that of rationalism, which this ethical theory focuses mainly on norms. The moral rationalism is that in which the decisive factor of the truth is not sensory but intellectual and deductive, and it has its major proponent in Emmanuel Kant (Llano, 2002). Mr. Kant attempted to change our everyday, clear, rational knowledge of morality into philosophical knowledge. He went after a technique of using practical reason to reach conclusions which are able to be useful to the world of experience. Kant is also known for his theory that there is a single moral obligation which he called the Categorical Imperative, and derived from the perception of duty. He further stated that these moral norms must be obeyed in all situations and circumstances if our behavior is to observe the moral law. In a way to improve corporate governance and corporate social responsibilities, according to Mallor et al., 2010, one can modify the corporate governance model to educate, motivate, and supervise executives and thereby improve corporate social responsibility. Corporate governance is the structure used to direct and manage business and affairs of the company towards enhancing prosperity and corporate accountability. Corporate critics however did propose a wide rang of cures, all of which have been implemented to some degree and with varying degrees of success. Ethical codes: Ethic codes in a way have been adopted by many large corporations and several industries to guide executives and other employees. The Sarbanes-Oxley Act required that a public company discloses whether it has adopted a code of ethics for senior financial officers, and to disclose any changes in the code or waiver of the codes application. The codes can be viewed in two ways; one sees the codes as genuine efforts to foster ethical behavior within a firm or an industry while others view regards them as thinly disguised attempts to make the firm function better, to mislead the public into believing the firm behaves ethically, to prevent the passage of legislation that would impose stricter constraints on business, or to limit competition under the veil of ethical standards. Better ethical codes make clear that the corporation expects employees not to violate the law in a mistaken belief that loyalty to the corporation requires it. These kinds of codes work best, however, when a corporation also gives its employees an outlet for dealing with a superiors request to do an unethical act. Ethical instruction: Some corporate organizations require their employees to enroll in classes that teach ethical decision-making. The idea is that a manager trained in ethical conduct will recognize unethical actions before they are taken and deter herself and the corporation from the unethical acts. Majority of corporations in this present day express their dedication to ethical decision-making by an ethics officer who is not only responsible for ethical instruction, but also in charge of ethical supervision. The ethics officer tends to be a mentor or sounding board for all employees who face ethical issues. Greater Shareholder Role in Corporations: As shareholders are the vital stakeholders in a corporation in a capitalist economy, several corporate critics argue that businesses should be more attuned to shareholders ethical values and that shareholder control of the board of directors and executives should be increased. Evidence suggests that sources of ethical dilemmas will continue to increase. To understand this assessment, it will be useful to look at four categories of conditions influencing ethical behavior: global, social, organizational and individual. Global: A variety of global conditions affect our lives and our society; many are well-known to all of us. They include the increasing influence of cultural values substantially different from those of our Anglo-Saxon heritage; impacts of a complex global economy on local economic structures; and our rapidly increasing technological capacity to communicate and interact with the global community. Within the past few years we have watched the beginning of the development of a new world order that will be substantially different from our sense of world order developed over the last half century. Among the implications resulting from this picture, two are especially important: (1) we as a people no longer have a secure sense of our role in the world or our control over it; and (2) it has become increasingly acceptable, and even logical, to admit that we simply dont know what the appropriate response is. This era of rapid change has an indirect but important influence on our sense of ethi cal appropriateness. Social: A more direct source of ethical conflicts is social change. Change has been so rapid that some have argued that we have lost our sense of values or that we must seek better mechanisms to resolve value conflicts. This line of reasoning is incorrect for several reasons. First, value conflicts (and, therefore, ethical dilemmas) reflect our social and cultural fabric. Second, stakeholders have a relatively easy time gaining access to our policy making system; therefore, value conflicts are very visible and, frequently, cause our problem-solving process to forge slow, painful compromises. These processes continue to represent one of the great comparative advantages of our society and should not be changed without sober reflection. Organizational: Thirdly, we are witnessing rapid change in the nature and role of the public organization and concepts about administrative behavior. Organizational values are vital influence on the majority of us; thus far our organizational lives are becoming increasingly participatory, open, communicative and interactive. While I believe that the decline of organization hierarchy is among the more positive aspects of our society, it also signals a decline in another source of behavioral guidelines. Individual judgment, group dynamics and social interactions are replacing traditional rules of behavior dictated by the organization. We are also facing increasing conflicts between the bureaucratic ethos and the democratic ethos (Hejka-Ekins, 1998). The bureaucratic ethos includes such traditional organizational standards as efficiency, competence, loyalty and accountability. Individual: lastly, ethical anxieties are caused by changes at the individual level. In particular, individualism and materialism are at the present celebrated within major social institutions and have become a dominate ethos of the baby bust generation. Self-indulgence, greed, self-interest, and privatism are accepted components of the ethos of this generation (Frederickson, 1982). In order to improve the ethical climate of an organization, management must effectively communicate proper ethical behavior throughout the organization. Wimbush and Shephard (1984: 637-647) reported that businesses annually spend an estimated $40 billion on the ethical behavior problems. Thus, pointing to the fact that ethical dimension of employees behavior has a clear impact on the profitability of the company. It is generally accepted that customer satisfaction is one of the most important factors in successful business strategy. Although a company must continue to develop, alter and adapt products to keep pace with customers changing desires and preferences. It must also seek to develop long-term relationships with customers and its stakeholders. By focusing on customer satisfaction, a company continually deepens the customers dependence on the company, and as the customers confidence grows, the firm gains a better understanding of how to serve the customer so the relationship ma y endure. Successful businesses provide an opportunity for customer feedback, which can engage the customer in a cooperative problem solving. As is often pointed out, a happy customer will come back, but a disgruntled customer will tell others about his or her dissatisfaction with a company and discourage friends from dealing with it. When an organization has a strong ethical environment, it usually focuses on the core value of placing customers interest first. An ethical culture that focuses on customers incorporates the interests of all employees, suppliers, and other interested parties in decisions and actions. Employees working in an ethical environment support and contribute to the process of understanding customers demands and concerns. Ethical conduct towards customers builds a strong competitive position that has been shown to affect business performance and product innovation positively.

Strategic Management Crafting And Executing Strategy

Strategic Management Crafting And Executing Strategy You are required to perform strategic planning for your organisation or one you are familiar with in your country or region and: Develop a vision statement, mission statement and statement of values, and explain their appropriateness Undertake and internal analysis of the organisation and analysis of its external environment, using several appropriate models like an industry five forces analysis. Craft strategies and explain their appropriateness You do not need to develop implementation processes. But you should mention the critical importance of implementation, execution and evaluation of strategies you come up with for this assignment. Word count Executive summary Strategic Management has come to be recognized as an inherent part of management in all organisations. This paper surrounds the development of a vision statement, mission statement and statement of values, and the explanation of their appropriateness while taking into consideration the SWOT analysis and the crafting of strategies for the AP Fishing Company which can lay a solid foundation for sustainable future business growth. Explanations will be surrounding the critical importance of implementation, execution and evaluation of strategies. Table of Contents Introduction 6 Background 7 Vision statement 8 Mission Statement 8 Statement of Values 9 Appropriateness Vision, Mission and Statement of values 10 SWOT ANALYSIS 10-11 Porter Five forces analysis 12 Pestel Analysis 13-14 Craft strategies and explain their appropriateness 14-16 Importance of implementation and execution strategies 16 Importance evaluation of strategies 17 Conclusion 17 References 18 1. Introduction The aim of this paper is to craft strategies for the AP Fishing Company which I have understudied, develop a vision statement, mission statement and statement of values, and explain their appropriateness while taking into consideration the SWOT analysis. Firstly I will explain and develop a vision statement, mission statement and statement of values. Secondly, I will undertake an internal analysis of AP Fishing Company and analysis of its external environment, using several appropriate models like PESTEL analysis and Porters five forces. Finally, I will explain the critical importance of implementation, execution and evaluation of strategies. In addition, meaningful conclusions will be drawn from the discussions arising from Strategic Management issues. The relevant information and content for this paper were gathered from books, lectures and internet research. I wish to acknowledge the assistance of my wife and colleagues for their valuable contributions toward this paper. 2. Background Located on the East Bank of the Demerara, in Guyana, AP Fishing Company is Guyanas pioneering fishing industry in Snapper, for both local and export market. The company has eleven trawlers which are equipped with cold storage facilities for deep water fishing and turtle excluding devices (TEDs) to avoid entrapment of turtles in the trawler nets. All trawlers are registered and are licensed by type; these trawlers would go fishing in pairs and they would spend approximately twenty one days and then return with their catch. The superior quality catch would be packaged and sold to the international market, while the remaining catch would be sold to the local wholesale markets. 3. What is a vision statement? According to (Arthur A.Thompson, 2010) A strategic Vision Statement points an organization in a particular direction, charts a strategic path and moulds the organizations identity. In other words, a Vision Statement defines where the organisation wants to be in the future and how it will achieve it and what kinds of human resources it needs to achieve this. A P Fishing does not currently have an established Vision Statement. An ideal Vision Statement would read as follows: We are concerned with providing superior quality Snapper fish for local and export market without significantly sacrificing natural resources. Our business is always focused on long term viability of this industry through safe, responsible and sustainable practices. 4. What is a Mission Statement? A Mission Statement defines the goals and objectives the organisation wishes to achieve presently. According to (Arthur A.Thompson, 2010), a Mission Statement identifies who we are, what we do and why we are here. Present Mission Statement reads as follows: To satisfy our customers needs by providing the best snapper An ideal Mission Statement would read as follows To acquire, process and market quality Snapper at competitive prices in the local market and to establish A P Fishing as the leading exporter in the country. To implement and maintain more environmentally friendly processes by the utilization of bio degradable packaging components without sacrificing company brand and competitive advantage. 5. A Statement of values According to (Arthur A.Thompson, 2010), A Statement of Values consists of the beliefs, traits and ways of doing things that management has determined should guide the pursuit of its vision and strategy AP Fishing Company has the following values of which the employer and employees have recognised, reiterated from time to time and implemented throughout the company since its inception. Core Values Accountability: We must be held accountable for our actions. We make and support business decisions through experience and good judgment. Customer Service Excellence: We are dedicated to satisfying customer needs and honoring commitments that we have made to them, both locally and internationally Teamwork: Our team is supportive of each others efforts, loyal to one another, and care for each other both personally and professionally. Balance: We are flexible, helping team members strike a healthy work and life balance. Community and environment: We strive to help and improve the communities where we work and live. We are concerned about the environment and promote the use of recyclable products and renewable energy. Integrity: We act with honesty and integrity, not compromising the truth. Respect: We treat our team members, customers, partners and suppliers with mutual respect and sensitivity, recognizing the importance of diversity. We respect all individuals and value their contributions. Open Door Communication: All team members are encouraged to openly share their opinions and views. 6. Appropriateness of Vision, Mission and Statement of values The vision, mission and values statement of company are very important, since the vision defines the companys future, where the mission defines the present goals and objectives of the company which are measurable and values are the core values, which the company has built its reputation on, so it is very essential to have these statements established early in any company to have a competitive advantage. 7. What is SWOT ANALYSIS? SWOT means Strengths, Weaknesses, Opportunities and Threats. Strengths and Weaknesses are considered to be internal factors over which the company has some measure of control. Opportunities and Threats are considered to be external factors over which the company may have essentially little or no control. 7.1. Internal 7.1.1. Strengths The internal strengths of A P Fishing Co. are as follows: It provides opportunities for employee professional growth and personal achievement. It provides training in all diversified areas of the fishing profession so that employees are versatile and multi-skilled and are equipped to effectively handle any job on the trawlers out at sea. Highly skilled and experienced employees in the fishing profession. Markets: to penetrate or create new markets. The fishing industry is a thriving industry. The possibility for market growth is high and A P Fishing Company has the ability to increase its market share. This type of industry is obviously an industry with a long life cycle and will not become obsolete unlike other technologically advanced products with relatively short life cycles. In addition, A P has opportunities to diversify into production and packaging of other types of fishes in order to establish versatility, higher profitability and competitive advantage. 7.1.2 Weaknesses The internal weaknesses of A P Fishing Co. are as follows: Managers and staff are not competent in other functions of the company such as accounting and human resource management. Employees are somewhat affected by seasonal unemployment when the trawlers are grounded and fishing season is closed. Key employees in management positions are nearing retirement. 7.2 External 7.2.1Opportunity Good market demand both locally and internationally. Growth in demand for more organic and healthy food . The noticeable change in food preferences of people can only boost the fishing industry. The growing preference of fish over chicken as a major source of protein and as a healthy combination of any diet has tremendously contributed to the immense growth in demand for fish. 7.2.2. Threats There is always threat of new entrants to the snapper fishing industry which threatens the availability of this resource to all relevant stakeholders. There is always the threat that snapper, albeit a renewable resource, will not replenish itself as fast as it is utilized by current fishing industries. There is no regulation that currently seeks to promote sustainable development in these industries. There also exists the threat of poaching by foreign vessels in the snapper areas due to the lack of adequate and experienced coast guards to protect and prevent alien invasion in local waters. 8. Porter Five forces analysis 8.1 Rivalry among sellers Fish wholesalers are competing assiduously for business. When fish wholesalers are similar in size and capability, they can usually compete on a fairly even footing. When fish is scarce, it usually results in increase in the fish prices. When competitors see opportunities to satisfy customer in a unique way or are under pressure to improve performance, they will compete tirelessly to win customers confidence. 8.2 Threat of new entrants Despite the absence of stringent regulations restricting the number of companies in the fishing business, the threat of new entrants may still be relatively low because of the high initial capital investment, know how, fishing and export licence requirement and the relative large sizes of existing fishing businesses which benefit tremendously from economies of scale. 8.3 Threat of Substitute products There are many alternatives to Fishsuch as chicken, pork, beef etc and these alternatives are exploited when fish is scarce. However, the growing emphasis on healthy eating may mean that some customers may be willing to pay premium prices when the product is scarce and some may revert to substitutes which are more affordable. 8.4 Bargaining power of Suppliers In the fishing industry, the supply of fish is not dependent on human intervention so much but on various forces out at sea. Therefore, water pollution through oil spillages, pouching by foreign vessels are some things which may affect the bargaining power of suppliers. In the fishing industry there are many alliances and partnerships which are focused on protecting and improving the fishing industry. 8.5 Bargaining power of customers Wholesalers are one of the important competitive forces in the fish industry; they can often dictate prices by buying in bulk. The wholesalers benefit from economies of scale and as such fishing companies make very small margins on such sales. The wholesalers, however, can demand premium prices from retail customers who are health conscious and not price sensitive. 9. Pestel Analysis 9.1Political The Guyana Government is encouraging deep-sea fishing activity and is supporting this development by way of granting small loans, grants, adequate incentives, infrastructure and training programmes. Future development is expected to focus on further expansion of fresh and processed fish products and related manufacturing activities, catering for both domestic and export market needs. 9.2 Economical According to (Anon., 2008) The fisheries sector is a significant contributor to Guyanas economy, with 3% of total GDP accruing from the sector. The fishing industry employs around 6,500 people in harvesting and a further 6,000 people in processing, with many more benefiting indirectly through fishing related industries such as boat building and gear supply and repair. 9.3 Social AP Fishing Company has created many jobs for the locals and also increase their spending power by paying these persons a relatively good salary and also bonuses on every trip depending on the catch. AP Fishing Company has taken a personal interest in developing the community and keeping it clean. 9.4 Technological Technological advancement has tremendously affected A P Fishing Industry inclusive of innovative improvements in fishing processes, packaging and the development of products. It has also improved administrative functions such as the dissemination of information, receipt of orders, and delivery of products or services. 9.5 Environmental The increasing emphasis on environmental protection and waste disposal has led A P Fishing to change its current packaging to more bio degradable components. It is also foreseeable that A P Fishing will continue to make its processes more environmentally friendly in the future. 9.6 Legal The Government does not have the capacity to set sustainable Total Allowable Catches because of insufficient human and technical capacity. Commercial fishing is a regulated business and must be licensed to operate. In addition, the company must have an export license before it can enter the international market. Present Strategy The present strategy of the company has worked well over the years, but this research has found that this strategy does not have any long term viability for the company and thus would be not able to give AP Fishing Company the competitive advantage it needs for long term viability and profitability. Craft strategies and explain their appropriateness AP Fishing Company strategizes to target both the local and international markets with its focused differentiation strategy on quality snapper. Operational Strategy AP Fishing can improve its order taking process by use of bespoke software, internet ordering and an efficient switchboard system. This would reduce costs and bureaucracy. Marketing Strategy Because of its international presence, web marketing is imperative. Internet marketing goes beyond geographical boundaries and can be personalized and interactive. Export market is a major part of the business, and where more of AP Fishing Company revenue is generated. The World Wide Web: AP Fishing Company should launch an interactive website to target the export market, where potential customers can ask various questions and feed back given. Customers can place new orders online and can even track the current status of their orders. Other options include Brochure: AP Fishing Company has advertised in the country tourism brochure, this is to target mostly visitors and the international market so they know what kind of product the company offers. Newspaper advertising when feasible: this is appropriate for the local market: both wholesalers and retailers. Sales Strategy The objective of proposed sales strategy is simply to sell quality and well packaged snapper fish to wholesalers at affordable prices, and to maximize the free trade agreement in Caricom market. . To help realize our goal, we will implement the following: The customer is the king. We make sure we connect professionally and personally both with our local and international customers to ensure their wants and needs are satisfied. Ensure staffs are well trained and knowledgeable in the companys products. Discounts are offered to new wholesalers based on referrals system. Importance of implementation and execution of strategies According to (Arthur A.Thompson, 2010)implementation and execution of strategies are primary operational-driven activity revolving around the management of people and business purposes. Strategy implementation is the process of translation of strategies and policies into action through the development of programs, budgets and procedures. It is typically conducted by the middle and lower level management but is reviewed by the top management. Unless the corporation is appropriately organized, programs are adequately staffed and activities are properly directed, these operational plans fail to deliver the goods. To be effective, a strategy must be implemented through the right organizational structure and appropriate management practices. In addition, management must also ensure that there is progress towards, objectives according to plan by instituting a rigorous process of control over important activities. It is critical that Executing strategy is done successfully so that the companys performance targets can be met. It is a job for the whole management team, and the process typically affects every part of the company. 11. Importance evaluation of strategies Strategy Evaluation is as significant as strategy formulation because it throws light on the efficiency and effectiveness of the comprehensive plans in achieving the desired results. The managers can also assess the appropriateness of the current strategy in todays dynamic world with socio-economic, political and technological innovations. Strategic Evaluation is the final phase of strategic management. The significance of strategy evaluation lies in its capacity to co-ordinate the task performed by managers, groups, departments etc, through control of performance. Strategic Evaluation is significant because of various factors such as developing inputs for new strategic planning, the urge for feedback, appraisal and reward, development of the strategic management process, judging the validity of strategic choice etc. 13. Conclusion In conclusion, it is appropriate to say that AP Fishing Company needs to revolutionize its present strategy to be able to enjoy competitive advantage in the fishing industry by utilising technology to gain more access to customers globally. The company needs to address its weaknesses urgently to avoid any major decline in profit. A P Fishing Co. is undoubtedly equipped with human resources in its core competencies; however, other peripheral aspects of management such as accounting, marketing and even recruitment can be outsourced to specialist entities. It is already established that one of the weaknesses of A P Fishing is its inability to manage other functions of the company. Outsourcing will benefit the company in many ways such as decreased overheads and fixed costs (salary costs), access to specialized services, increased focus on core competence. In addition, A P Fishing should consider the option of diversifying into other categories of seafood such as prawns and shark. If and when snapper becomes an exhausted resource due to bad sustainable development strategies, A P Fishing should be able to maintain its customers and current market by offering suitable alternatives to its customers. Focused diversification is necessary for continued survival if a cost leadership strategy is unfeasible.

Free Essays - Of Farctate and Roadkill :: Personal Narrative Essay Example

Of Farctate and Roadkill Being a writer and reader, I love words-not only what they mean, but also how they sound. So I rely on my trusty Webster's New Universal Unabridged. It's over four inches thick and chock-full of tens of thousands of glorious words. Some people have trouble with dictionaries because they can't spell the words they're looking for. Me, I just get lost. Whenever I set out to look up a word, I often get sidetracked by other words. For instance, the other day I was headed for "farthingale," but "farctate"stopped me in my tracks. I don't care that it's a botanical term meaning "stuffed, crammed, or full." But the word itself-farctate-what a fun word to say! Another time, while in search of "synergy," my eye fell upon "susurrate," meaning to "whisper, murmur, rustle." It almost sounds like what it means-they all do, in fact. Maybe not close enough to be true examples of onomotopoeia-but, hey, that's another great word! And let's not forget sastruga, habanera, and Zwinglianism, to pick only a few. Even without knowing what they mean, they're delicious on the palate. They almost have a taste, like exotic spices among the salt and pepper of everyday language. Great words pop up in the most unexpected places. Years ago, I was waiting in a doctor's office, my paper gown sussurating around me. Flipping through a magazine to pass the time, I came across a beautiful ad with the word "nimiety" in it. I was entranced. Lest I should forget this new treasure, I tore out the page and hid it in my purse. I checked the dictionary when I got home: What an elegant way to say "the state of being too much; excess; redundancy." Consider now the writing of business and government.

The Use of Personification in An Essay on Criticism :: English Literature

The Use of Personification in An Essay on Criticism â€Å"An Essay on Criticism† was written by British writer Alexander Pope around 1709. This poem was written in heroic couplets and its purpose was to express Pope’s opinion on literature as a poet and critic. Pope is responding to the debate over whether or not poets should write â€Å"naturally† or base their work on a set of pre-determined rules as done by ancient poets. Pope’s poem can be broken down into three main points. The first section is used by Pope to give general principles of good criticism and poetry. The second section identifies the flaws a critic is prone to. The third section addresses the moral traits a good critic must have and gives examples of outstanding critics. Pope’s use of personification throughout the poem allows him to expand his ideas and secure his argument while creating a very memorable poem. His use of personification allows the poem to come to life with detail (Pope 2476). Pope begins the poem by stating it is less offensive to â€Å"tire our Patience, than mislead our Sense† (Pope 4) meaning it is much more harmful to be a bad critic than a bad poet. â€Å"‘Tis with our judgments as our watches, none/ Go just alike, yet each believes his own" (Pope 9). Here Pope uses a watch to personify judgments. Everyone may have their own opinion that they believe is right. â€Å"Most have seeds of judgment in their mind; Nature affords at least a glimm’ring light† (Pope 20). Men at one time do have â€Å"seeds† of good judgment, but Pope says that in the search wit they are defaced by false education and loose their common sense. â€Å"Some neither can for wits nor critics pass, as heavy mules are neither horse nor ass† (Pope 38). This line refers to those who never became intellectuals or good critics. They are somewhere in between, not worthy of a name. Instead they are referred to as â€Å"half-formed insects on the banks of Nile† (Pope 41). The bugs represent the critics who swarm every work of literature with their malicious criticisms. Pope recommends following nature as the first rule â€Å"By her just standard, which is still the same [†¦] One clear, unchanged, and universal light† (Pope 68). Pope here states that rules are necessary in order to criticize poetry. He compares theses rules to â€Å"unerring† nature which is believed to be the epitome of ideal order and harmony. The rules of the Ancients are useful guidelines for the true critic, for they are â€Å"Nature Methodized† (Pope 89). He believes that many recent critics have used the rules without understanding them.

Case Analysis: “No Frills” Air Fares

Business Economics Case Analysis: â€Å"No Frills† Air Fares Distinguish between the demand curves for National Airlines, Eastern Airlines and the Airlines industry. The above analysis requires an understanding of: (i) Why is the demand curve downward sloping? (ii) Can price have the same effect on the demand between the firms and at industry level? (iii) What would be the effect of changes in income and other prices on the demand curve of a firm? iv) Calculate the price elasticity of demand for National and Eastern Airlines. (v) Which elasticity measurement (Point vs. Arc) is appropriate for National and Eastern Airline? Explain â€Å"No Frills† Air Fares As the 1974-1975 recession made inroads into passenger traffic loads of the major airlines, National Airlines persuaded the Civil Aeronautics Board (CAB) to let it try an experiment with a discount of as much as 35 % from normal coach fares on certain of its regularly scheduled routes. National, in an effort to build up its load factor, tied its discount fare proposal to the offering of â€Å"no frills† service during the flight, including doing away with complimentary meals, snacks, soft drinks, and coffee so as to reduce costs and partially offset the lower-priced fares. However, passengers using the â€Å"no frills† plan could selectively purchase these items in-flight if they wished. The no frills fares were offered only Mondays through Thursdays. The CAB gave the go-ahead to National to experiment with the no frills fare, with the proviso that National study the plan and report back at a later date. Eastern Airlines and Delta Airlines, both competitors of National on some of the routes where National proposed to implement no frills fares, were also permitted to use the discount fares for a trial period. In its report to the CAB on the results of the no frills approach, National maintained that 56 % of the 133,000 passengers who used its no frills fare from mid- April through June 30, 1975, were enticed to travel by air because of the discount fare plan. According to National, the new passenger traffic generated by discount fares increased its revenues by $4 million during that period. National said that its figures were based upon an on-board survey of 13,500 passengers and presented one of the most exhaustive studies ever conducted for a CAB investigation. J. Dan Brock, vice president for marketing for National Airlines, was quoted at a news conference as saying that the fare had been an â€Å"unqualified success,† had created a new air-travel market, and had generated more than twice the volume of new passengers required to offset revenue dilution caused by regular passengers switching to the lower fare. He said the stimulus of the fare gave National a net traffic gain of 74,000 passengers during the initial 21/2 – month trail. But he also cautioned that the success claims he was making for the no frills fare did not mean that low fares were the answer to the airline industry’s excess capacity problems. Yet Brock did go so far as to state that â€Å"what no frills has proved†¦ is that a properly conceived discount fare, offered at the right time in the right markets with the right controls, can help airlines hurdle traditionally soft traffic period. Eastern Airlines reported a much different experience. Eastern said its studies showed that only 14 % of the 55,200 of its passengers who used a no frills fare between mid-April and May 31 represented newly generated traffic, with the remaining 86 % representing passengers diverted from higher fares who would have flown anyway. It said that the effect of the fare in the six major markets it studied was a net loss in re venue to Eastern of $ 543,000 during the initial 11/2 months. At the same time Eastern attacked the credibility of the National Airlines’ survey, noting that its own data were based upon an exhaustive and scientific blind telephone survey among persons who did not know the purpose and sponsor of the survey. Eastern claimed that this type of study was more apt to produce unbiased results that National’s on-board surveys. Other airlines joined Eastern in challenging National’s survey results in the CAB’s hearing to decide whether the no frills fares should continue to be allowed. Delta Airlines, for example, claimed that the no frills fare did not even come close to offsetting the dilution its experienced in revenues. Other airline officials observed that while National Airlines might have succeeded through its heavy promotion of the no frills fares in diverting some business from ther carriers, they felt that National‘s claims of generating many passengers who otherwise would not have flown were â€Å"preposterous. † Those airlines in direct competition with National on the routes where the discount fares were tried were vehemently opposed to continuing the discounts. In their view the no frills approach constituted â€Å"economic nonsense. † They announced a policy of matching National’s discount fare only where forced to for competitive reasons.

Pollution and Poverty Essay

Authorities on the environment claim that a wealthy state could also be a polluting state and affluence can constitute a serious threat to the environment. The movement for protecting the environment commenced with a slogan of conservation and gradually changed into an anti – technology movement. It opposed the activities of the government, oil companies and the nuclear industry. The impetus for the movement included several contrasting factors, such as developments in the physical sciences, which resulted in the capacity to detect very small amounts of chemicals; the Vietnam War; and the decisive book on this subject by Rachel Carson, namely, Silent Spring. The movement against the use of nuclear energy was stimulated by the proliferation of nuclear weapons. However this movement had exaggerated the dangers to the world, by expressing unfounded fears over minute traces of radiation in the environment, caused by the nuclear energy programs (Hollander, 2003. Pp. 251).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   It is important to consider the Montreal Protocol, which was the first international consensus reached on prohibiting the use of certain chemicals. This Protocol was inspired by the movement, which had opposed the operation of supersonic aircraft for transportational needs. The operation of supersonic aircrafts damages the stratospheric ozone layer of the atmosphere. The documentary Against Nature depicts the views of wealthy Western nation environmentalists who argue that providing help to poor nations will compel them to increase production, which would make the world less sustainable. Those advocates of elitism demand that the poor nations should continue their traditional way of life such as agriculture, to be powered by animals or humans and not by tractors, and that energy should be produced by using cow dung rather than oil.   These comments address the social issue of population growth. However, population growth depends on the rate of fertility, which is continuously declining in every country. Thus, population growth should not be considered as a long – term global problem (Hollander, 2003. Pp. 251).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In the case of fisheries such a viewpoint would be incorrect, because nearly a fourth of the world’s fisheries have been over exploited. There is a severe depletion of fish resources all over the world. In order, to address this problem there should be adequate institutional systems to ensure property rights. This arrangement could also prove to be unendurable for the poor people who live in the coastal areas and whose principal source of living is fishing (Hollander, 2003. Pp. 251).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Just a century ago, fundamental elements like water and air were unsafe in the rich countries. For instance, there were killer smogs half a century ago. However, efforts were undertaken to provide better health to the public and that goal was achieved. Politicians have actively involved themselves in matters relating to measures that seek to reduce the pollution of the air, acid rain and stratospheric ozone depletion. These areas are fully controlled by political ideology, with little or no leeway for science and economics. For instance, in the year 1973 there was an oil crisis due to the vicious control exercised by OPEC on oil production. This was the creation of politics. There will be no shortage of oil in the coming years, because there are still unexplored deposits of heavy oil and tar sands. The earth contains vast resources of oil, which have not yet been explored. Such a measure involves a high cost factor (Hollander, 2003. Pp. 251).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Sophistication in science results in new types of automobiles such as hybrid – electric cars and fuel – cell technology based cars. Consumption of fossil fuels such as coal is increasing every year and the burning of coal provides eighty percent of the energy requirements of the US. Nearly half of the electric power derives from the consumption of coal. In the US, eighty – five percent of the fossil fuel reserves consist of coal. Even if the consumption of coal continues at the current rate, it will be available for another two hundred and fifty years (Hollander, 2003. Pp. 251).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Solar energy is an abundant natural source of energy, but producing energy from solar power is not cost – effective. All the same, the utilization of solar energy is gradually on the increase. This is due to its high cost and the government’s reluctance to encourage its use by subsidizing it production and reducing costs. Uranium based nuclear fission energy is also a renewable energy source. The drawback with this source of energy is its cost and the requirements of technological infrastructure, moreover, the poor countries would not be able to afford nuclear fission plants (Hollander, 2003. Pp. 251).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The concentration of greenhouse gases in the atmosphere is on the increase. This leads to global warming. However, it is very difficult to evaluate human contribution to the warming process, amidst natural temperature variations. In the period between 1940 and 1975 there was a thermal cooling of the atmosphere and this phenomenon defied a proper explanation. The analysis of satellite data has revealed that there was no global warming in the last two decades. At this juncture, it can be stated that human contribution to the global warming process is of lesser significance. The theories, which attribute global warming to human activities, do not clearly integrate various atmospheric changes and properties. The meteorological experts are in agreement with the fact that there are uncertainties in the atmospheric temperatures. Changes in the climate could be dealt with by making certain adjustments. Such adjustments are easily available to the affluent nations. Poor nations would have to face much difficulty, in switching over to alternative adjustments provided by the Kyoto Protocol. Natural calamities such as floods, droughts, hurricanes and earthquakes affect the poor countries more severely. The economies of the poor countries would be damaged further, with the result that the impoverished countries become much poorer There has been a prediction that the sea level would rise if the snow caps melt due to global warming, but that is a natural process, which is not dependent on human contribution (Hollander, 2003. Pp. 251).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The remedial actions agreed to in the Kyoto Protocol would require the US to curtail its fossil fuel consumption by thirty percent in the next ten years. This would require the US to spend more money on other energy sources and would not achieve any tangible results. The estimated cost to be incurred by the US, if it was to go in for non – fossil fuel sources of energy, would be of the order of $2.3 trillion. The remedial actions provided by the Kyoto Protocol to mitigate the problem of global warming, energy rationing schemes and the adoption of stricter measures after 2012, would only serve to curtail the economic growth of the poor countries.   (Hollander, 2003. Pp. 251).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The sophistication of science and improved living standards provide an opportunity to mitigate the problem of environmental pollution. Poor people do not attach much importance to problems arising from pollution. This is because they encounter more immediate problems to be resolved. Despite, affluence being a contributory factor to pollution, nevertheless, it provides an opportunity to address such problems   (SWAN, September 1972).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In poor nations, basic requirement like food, water and shelter are difficult to fulfill. Only on the fulfillment of these basic needs, will there be any devotion of thought to issues beyond such immediate requirements. The rich countries are at the moment opening their factories, on a very large scale, in the poor countries. This is because the labor there is cheap and abundant, and more importantly, the laws regarding environmental pollution are lax or non – existent. This permits the rich nations of the world to totally ignore all safety measures in such countries, while causing immeasurable damage to the environment of those countries. Such an incident transpired in 1984, in the city of Bhopal in India. The Union Carbide Company operated a battery plant in that place, without paying heed to safety regulations and with scant regard to the safety of the inhabitants. A large amount of methyl isocyanate gas leaked into the atmosphere, causing a large number of deaths and physical impairment. In the event of the existence of uniform standards, in the context of environmental pollution, such malpractices will be curtailed. From the foregoing discussion it is evident that it is essential to maintain the same environmental standards throughout the world. References    Hollander, J. M. (2003. Pp. 251). The Real Environmental Crisis: Why Poverty, not Affluence, Is the Environment’s Number One Enemy. Berkely, California: University of California Press. SWAN, J. A. (September 1972). Poverty, Prosperity, Pollution. Annals of Internal Medicine , Vol. 77. Iss. 3, Pp. 465 – 465 .

Emerging Markets: Brazil Case Study Essay

I. Summary Brazil’s agricultural advantage stems from its extensive natural resources. The country’s competitors either utilize more supplies or more time in order to yield an amount that can rival Brazil’s production. Although every other country desires the agricultural production capable of Brazil, Brazil‘s government is determined to invest in industrialization in order to modernize its economy. While Brazil has a large amount of natural resources available for use, its government must provide the funding of the growing industrialization, to include: energy, materials, and increased employee earnings. II. Problem Brazil’s success in agriculture is attributed to vast lands, diverse climates, and a large population pool for labor (Brazil Agribusiness Report – Q4 2013, 2013). Without regard to its solid base in agriculture, the Brazilian government is attempting to modernize the economy through industrialization. Alongside this movement comes the â€Å"Brazil† cost: the increased operating cost of energy, raw materials, and wages. Also, in addition to paying more to industrialize, the government compensates domestic, uncompetitive industries enabling the theory of protectionism. III. Effective Solutions/Strategies In response to Brazilian President Dilma Rousseff’s desires to become a world-class manufacturing base, the country can reassess its comparative advantage in agriculture and redirect resources solely to those businesses. According to Brazil Agribusiness Report – Q4 2013, its agricultural production is yielding lower than expected numbers with respect to international standards and, therefore, still has potential for growth. Alternatively, Brazil can strategize by addressing agricultural weaknesses via industrialization. First, seize the opportunity to grow and re-attack infrastructure to promote expansion and competition. Then, allow for raised incomes, as they will decrease farmers’ debts and allow for reinvestment in the economy. Finally, although the â€Å"Brazil cost† will hurt in the short-term, a higher-paid population will result in a hygienic environment  producing greater quality of products. Therefore, previously instated non-tariff barriers due to health concerns will decrease allowing for a greater degree of expansion. IV. Questions for Discussion Why is Brazil’s agriculture so competitive? Why do its manufacturing industries lack competitiveness? Brazil’s agriculture is competitive because its environment contains natural and inexpensive resources that other nations would have to spend extra time and money to produce or acquire. Furthermore, Brazil gained a distinctive comparative advantage in agriculture and livestock by doing away with nontariff barriers and reducing import tariffs on similar products other countries were trying to bring into the country (Brazil: Economic background, 2006). With regard to underdeveloped manufacturing industries, Brazil lacks competitiveness for the same reason its agricultural competitors fall short. The â€Å"Brazil cost† of energy, raw materials, and wages is exponential compared to another nation primed to capitalize on manufacturing. As a result, domestic industrial products are costly compared to international competitors so consumers will frequent the competitor. Why have Brazil’s governments in both the 20th and 21st century been eager to develop world-class manufacturing? According to the closing case, the Brazilian government seeks to modernize its economy through world-class manufacturing. I would argue that the core reason is to achieve globalization through a combination of manufacturing and agriculture. Employing globalization means greater economic growth and standards of living, as well as attracting numerous low-end manufacturing jobs. Therefore, by modernizing its economy, Brazil fortifies its potential as a developed economy, which could launch it onto the global platform for competition in industry. How can Brazil shift some of its resources from uncompetitive industries to competitive industries? Via resource mobility, Brazil can shift resources used in uncompetitive industries to competitive industries in order to bolster the competitive industries’ potential. Furthermore, the government can shift strategic intervention and subsidies from uncompetitive industries to competitive industries. ON ETHICS: While President Rousseff’s critics accuse her of ignoring Brazil’s lack of comparative advantage in manufacturing, her supporters argue that her policies force Brazil to reduce its dependence on  foreign-made manufacturing goods. If you were to participate in this debate, which side would you be on? I would be on the side of her supporters. Through research, I have found that Brazil has extraordinary potential to grow its agricultural sectors through industrialization. By reducing manufacturing imports and producing and employing its own industrial products, Brazil not only increases domestic income and the standard of living, but also solidifies the nation’s comparative advantage in agriculture. Although, I will say that finding the balance between directing resources towards industry versus agriculture will be a delicate quest. References Brazil: Economic background. (2006). (). New York: The Economist Intelligence Unit. Retrieved from http://search.proquest.com.ezproxy.libproxy.db.erau.edu/docview/466598073?accountid=27203 Brazil Agribusiness Report – Q4 2013. (2013). (). London: Business Monitor International. Retrieved from http://search.proquest.com.ezproxy.libproxy.db.erau.edu/docview/1436333107?accountid=27203

Disney Corporate Strategy(a).Pdf Essay

Introduction The next big takeover fight – and it would be a beauty – may involve Walt Disney Productions. By the time you get this issue, Disney’s defense strategy may already be unfolding. But it will produce no quick victory for Disney even if a white knight comes along, and even if the principle attacker, Saul Steinberg, can be bought off. One by one, Hollywood’s great studios have been plucked by the smart out-of-town moneymen. Paramount by the late Charles Bluhdorn. Twentieth Century-Fox by Marvin Davis and Marc Rich. MGMUnited Artists by Kirk Kerkorian. Columbia by Coca-Cola. Now, it may be Disney’s turn. But Disney will not go quietly. – Forbes, June 4, 1984 Ron Miller, Disney Productions’ CEO reflected on the remarkable events of the past several months. Disney, the symbol of wholesome family entertainment, had become the target of a hostile takeover attempt by a well-known raider, Saul Steinberg. Steinberg now owned 12% of th e firm and was threatening to acquire more. While Miller had orchestrated several defensive maneuvers, Steinberg had now announced a public tender offer to purchase 49% of the equity at a price that was a 45% premium over where the stock had been prior to the raid. To fund this purchase, Steinberg was promising to sell the film library and certain real estate assets to outside investors. Steinberg also had a track record of accepting greenmail, having received $47 million just months prior from Quaker State Oil Company. Miller faced a clear dilemma as to how best to respond. Should he continue the defensive fight by paying greenmail or should he encourage the board to sell the company? History of Disney With a $500 loan, animator Walt Disney and his brother Roy founded Walt Disney Productions, an animation film studio, in 1923 in Anaheim California. One of Disney’s first popular cartoons was â€Å"Oswald the Lucky Rabbit.† Unfortunately, Disney lost the 1 Research Asso ciate Peter Eberle prepared this case under the supervision of Professor Todd R. Zenger of the Olin School of Business for exclusive use as an in-class discussion piece. The information in this case was obtained from published sources and in some instances raw data has been estimated. *This case is based upon â€Å"Walt Disney Productions: Greenmail† published by Harvard Business School Publishing, 1988. September 2002 Revised September 2009 contract dispute with his distributor because Disney did not own the copyright. After this incident, Disney was very astute about maintaining copyright control over his characters and content. Disney’s breakthrough came in 1928 with the animated short, â€Å"Steamboat Willie,† the first animated film featuring sound. It also introduced the first of many famous and timeless Disney cartoon characters, Mickey Mouse. Disney also was the first to use color animation with the cartoon â€Å"Flowers and Trees† in 1930. In another innovative and risky move, Disney created and released the first feature-length animated film, â€Å"Snow White,† in 1937. At the time, full-length animated films were not considered commercially viable. Nonetheless, â€Å"Snow White† was a critical and commercial success and was the first in a string of animated films over the next decades, including: â€Å"Pinocchio,† â€Å"Fantasia,† â€Å"Dumbo,† â€Å"Bam bi,† â€Å"Peter Pan,† â€Å"Cinderella,† and â€Å"Sleeping Beauty.† Disney’s films were initially successful due to the style and high quality of animation, attention to detail, timeless and family-oriented story lines, and timeless characters such as Mickey Mouse, Goofy, and Donald Duck. Disney not only used these characters throughout multiple films and cartoons, but also leveraged and increased their reach through merchandising, beginning in 1929 with a licensed Mickey Mouse pencil tablet. Placing these characters on T-shirts, watches, toys and other items increased both profits and recognition of the characters, and Disney, among consumers. Following his success in animated films, Disney moved into non-animated films in the 1944 with the establishment of the Educational and Industrial Film Division. The first major success of this division was â€Å"Seal Island,† a nature film that won an Oscar in 1949. Also in 1949, Disney formed a mus ic company to create, produce and maintain control over the music and songs featured in Disney productions but often performed by famous artists. Disney later moved into live-action features with â€Å"Treasure Island† in 1950. Disney continued to innovate in the live-action format by combining animation with live action in the film â€Å"Mary Poppins.† As Disney’s film library had grown, Disney brought distribution in-house with the formation of Buena Vista Distribution Co., in 1953. In films, Disney kept costs low by developing its own talent pool. For cartoon features, characters were infinitely reusable and never required a salary, while for live-action features, Disney shied away from using well-known and expensive talent. Audiences were drawn because of the reputation Disney had established for providing quality, reliable, and predictable family entertainment. In the early 1950s, Disney was quick to recognize the growing medium of television to provide new outlets for Disney characters with â€Å"The Wonderful World of Disney† first airing in 1953 and â€Å"The Mickey Mouse Club† in 1955. Disney’s television productions both the long-running shows and features were quite successful. During the same time, Walt Disney envisioned a theme park that would bring the characters and stories of Disney to life featuring entertainment for all ages. Again, his idea was considered too risky and he was unable to raise substantial outside funding for the project. He purchased 225 acres outside of Anaheim and opened Disneyland in 1955. Disney Strategy (A) 2 Olin Business School September 2002 Revised September 2009 Disneyland was hugely successful, grossing $10 million in 1956. Cross-promotion of the park was achieved through featuring it on the â€Å"Wonderful World of Disney.† The only drawback of Disneyland was that private hotel, restaurant and shop owners who built adjacent to the park profited hugely from park attendance, but Disney was unable to share in these revenues. Additionally, due to the small size of the park there was little room for further development both inside and outside of the park To address the drawbacks of Disneyland, Disney purchased 28,000 acres near Orlando Florida in 1964 and 1965. This would provide the site for Walt Disney World, which would include not only the theme park aspects of Disneyland, but also hotels and accommodations, shopping, camping, natural areas, and permanent residential and industrial areas. Also, with 28,000 acres (as opposed to Disneyland’s 225) there was ample room for future expansion. As with Disneyland, Walt Disney World was extremely well planned and laid out with no expense spared to achieve the quality and attention to detail for which Disney was known. Following the opening in 1972, the park was wildly popular and extremely profitable, attracting 11 million visitors and bringing in $139 million in revenues its first year. Walt Disney World would shortly become the number one travel destination in the world. Disney formed the Walt Disney Travel Company to work with travel agents, tour organizers and airlines in order to drive travel to the Walt Disney World area. Walt Disney World provided the stage for another of Disney’s visionary exploits, the Experimental Prototype Community of Tomorrow (EPCOT), the concept for which Disney laid out prior to his death in 1966. EPCOT’s construction began in the 1970’s and it opened in 1982. Following Walt’s d eath, Roy O. Disney assumed leadership and focused on the theme parks: completing Walt Disney World and EPCOT. The successes of the theme parks led to a joint venture with the Oriental Land Company of Japan in 1976 to develop Tokyo Disneyland, which opened in 1983. This project required no capital investment from Disney, who received a percentage-based licensing fee, as well as provided consulting services during operations. The venture was completely owned by the Japanese partner, but was planned and operated by Disney. In 1983, the Disney Television group entered the cable TV distribution with the Disney Channel. Also in 1983, they launched Touchstone Films, an independent film label, to allow Disney to produce and market films with more mature content and reach a more adult audience where movie attendance was strong. It was hoped that an independent label would not tarnish the Disney image. The first release was â€Å"Splash,† in 1984, which was the highest grossing Disney film since 1964. Walt Disney Productions’ Businesses As Disney grew over time, new subsidiaries and divisions were created as Disney engaged in new activities. The corporate office grew to manage the various subsidiaries and divisions. By the late 70’s, Disney had four primary business lines: Entertainment & Recreation, Motion Pictures, Consumer products, and Real Estate. Disney Strategy (A) 3 Olin Business School September 2002 Revised September 2009 The Motion Pictures group oversaw animation and production of films, managed rerelease of existing film properties, television production, and the cable television channel. This division’s contribution to revenues and net income to the overall company had steadily decreased over time, falling off significantly by the mid-70’s (with the groups actually losing money in 1983). Production of animated films fell off with the slack being taken up by live action films including sequel series such as Herbie, â€Å"The Love Bug.† Walt had been averse to sequels and following popular sentiment. Live-action films released during the 70’s had been perennial money losers contributing heavily to the drag in divisional earnings. It was hoped that the newly established Touchstone Films studio would appeal to a wider range of audiences and increase both revenue and profitability. In 1983, Disney’s long standing presence on prime time television ended with the cancel lation of â€Å"The Wonderful World of Disney.† The group relied on re-release of the classic animated features to bolster revenue, often tying distribution of new films to the re-releases. This also had the effect of constantly introducing younger generations to the Disney classics. While the value of Disney’s film library was significant, the group found difficulty in determining the best vehicle to realize the maximum value. It was felt the television and home video releases would cannibalize or otherwise lessen the existing, profitable, theatre re-release channel. It was estimated the value of Disney’s film library was worth $275 million (Exhibit 6). While having a successful launch, the Disney cable pay-channel would take a number of years before becoming profitable. The Entertainment & Recreation division managed the theme parks, hotels, managing the licensing arrangement with Tokyo Disneyland, and management of the land surrounding Disney World. While the theme park and resort business was the most recent new business, or â€Å"diversification† move by Disney, it had grown to dominance in the corporation. In terms of revenue and net income, it accounted for close to 79% of total revenue and 90% of total corporate profits (Exhibit 1). While operating income jumped significantly in 1983, the prior years provided very modest growth. Moreover, attendance at Disneyland had been flat for five years. Consumer Products managed the merchandising of Disney characters and intellectual properties that included character merchandising (the lead revenue generator), publishing and books, music and records, and educational media. The division had been consistently profitable, but there was concern because of increased competition from newer cartoon characters with more television exposure. Operating income had been rather flat over the prior four years. Leadership at Walt Disney Productions From the founding of the company until his death, Walt Disney created or approved every major strategic move and development. He provided the vision and decisive leadership that made Walt Disney Productions successful. He realized his belief that one Disney Strategy (A) 4 Olin Business School September 2002 Revised September 2009 could create a timeless entertainment experience that would appeal to the entire family, children and adults a like. Additionally, he maintained complete control over the customer’s entertainment experience in order to ensure that the Disney philosophy and experience was complete. Walt Disney constantly innovated and took significant risks on new ideas and concepts, most of which met with significant success. His confidence and acumen in identifying and vigorously pursuing good ideas led to many firsts in entertainment. Walt Disney also placed great importance on passing the Disney culture and values on to all employees, including executives, with all new employees attending a training program where the company’s value and strategy were explained. Great value was placed on communicating openly, teamwork, creativity, and cooperation. Walt inspired a congenial, informal atmosphere throughout the organization. This culture was very deep among employees, many of whom spent their entire careers with Disney. Disney University was founded to be the keeper and purveyor of the Disney culture. Walt, who died on December 14, 1966, was succeeded by his brother, Roy O. Disney. Upon Roy’s death in 1971, Card Walker, who had been with the company since 1938, assumed the leadership position. Following the completion of EPCOT center, Card resigned and was succeeded by Ron Miller. Being Walt Disney’s son-in-law, it had been expected that Ron Miller would eventually be appointed to CEO. Prior to his appointment to CEO in 1983, he had led the Disney film studio since 1976. Ron Miller, a football star at USC, had met Walt’s daughter Diane while in college and married shortly thereafter. Following a brief stint in the Military he played for the Los Angeles Rams football team. Concerned over his being knocked unconscious in two games, Walt urged him to quit football and work for the company. In general, people were promoted from within the company ranks, usually based on seniority. Through 1984, Disney was managed by its founders, family and insiders who had grown up within the organization. Although possessing many years of experience within Disney, the post-Walt management lacked Walt’s vision and leadership. At the core of Disney were Walt’s ideas and grand accomplishments to which it seemed that no one but Walt could build upon. And, attempts to capture and pass down his leadership style were unsuccessful. Additionally, much of the focus following Walt’s death was on fulfilling his final wishes and serving as caretakers to the kingdom. Upon taking control, Ron Miller saw the need to create new legacies for Disney, particularly in the films gro up. Some positives resulted, including the creation of the Touchstone label and release of successful films like â€Å"Tron† and â€Å"Splash.† Nonetheless, these additive actions lacked the impact that many of Walt’s grand ideas had had on the company and the industry. Disney Strategy (A) 5 Olin Business School September 2002 Revised September 2009 In 1983, the Disney family collectively held around 13.7% of Disney with Roy E. Disney being the largest of the family shareholders with around 3% ownership and a seat on the Board of Directors. Managers and long-time employees held 2-7% of the company. With the super majority vote rule in place, requiring in excess of 80% shareholder approval to affect a management change, and unified Disney and management shareholder group, the current management felt that it could operate without concern of shareholder and market pressures. Financial Performance and Condition From the early 1960’s until a peak in 1973, Disney’s stock price had steadily outperformed the S&P 500. In the following years the stock price had declined somewhat and then stagnated through the late 70’s and early 80’s (Exhibit 4). While the share price had peaked at $84 per share in early 1983 after the initial success of EPCOT, it fell into the $40-range following news of losses in the film division. Additionally, EPS performance had declined significantly from a peak of $4.16 per share in 1980 to $2.70 per share in 1983, the lowest EPS in the past 6 years. Throughout its history, Disney had generally operated completely free of debt, only occasionally taking on debt for completion of large projects, such as with the final construction phases of EPCOT in 1981, 1982 and 1983 (Exhibit 1). Prior to 1981, Disney was relatively debt free since 1977. Even when Disney took on debt, leverage was low (with a coverage ratio of 11.6 in 1983). Due to the tremendous amount of free cash flow thrown off from the theme parks, Disney had been able to internally fund growt h without needing to access the capital markets regularly. The debt taken on to complete EPCOT, as prior experience dictated, would be paid down rather quickly once revenue from EPCOT was realized. However, there was growing dissatisfaction and impatience among the investing community in regards to management’s lack of urgency regarding Disney’s lackadaisical stock performance. Although near-term earnings forecasts predicted improvements, there were no signs of improvement in stock value. Analysts and the media had begun to increase pressure on management by publishing the break-up value of Disney’s business lines. These values ranged from $60 to as much as $110 per share, well above the current trading value (Exhibit 3). Moreover, the end of year 1983 book value per share (total assets/shares outstanding) was around $68 per share while the year-end stock price was $52-5/8. Hostile Takeover Attempts, Defense and Greenmail On March 9, 1984 the price of Walt Disne y Productions stock was $52-1/4 and had been stable over the past 6 months. On March 9, Roy E. Disney resigned from the Board of Directors after being re-elected to the Board in February. Shortly thereafter, trading volume of Disney stock increased several times over the average daily volume, pushing the price upward (Exhibit 5). By March 23, Disney stock closed at $66-7/8. In Disney Strategy (A) 6 Olin Business School September 2002 Revised September 2009 preparation of an apparent takeover attempt, Ron Miller and his management team increased Disney’s credit line from $400 million to $1.3 billion. At the end of March, Saul Steinberg’s Reliance Financial Services Corporation announced that it had purchased 6.3% of Disney’s stock and intended to buy more. By April 13, Steinberg had increased his share of Disney to 9.3%, costing around $176.9 million. Roy E. Disney had also increased his share of Disney to 4% from 2.7%. In late April, Steinberg declared his intent to increase his share to as much as 25% and executed a million share block purchase on May 1st for $65.50 per share. After assembling a takeover defense team, Disney announced a deal to acquire Arvida Corporation on May 17th. Arvida was a southeastern US real estate development company that was controlled by the Bass brothers of Texas who had purchased 70% of Arvida for $20 million five months prior. The Bass brothers would receive $200 million in Disney s tock. The deal was denounced separately by both Steinberg and Roy E. Disney as destroying shareholder value. Steinberg threatened to block the transaction by buying control of Disney and selling the assets. In spite of Roy E. Disney’s opposition and Steinberg’s threat, the acquisition was closed, issuing 3.3 million shares, or 8.8% of Disney, to the Bass Brothers. Steinberg’s 4.2 million shares now controlled only 10% of the company down from 12%. The move also diluted Roy E. Disney’s ownership stake. In a further move to dilute Steinberg’s ownership stake, Disney announced a deal on June 6th 1984 to acquire Gibson Greeting Cards for $310 million in stock from an LBO partnership. Gibson Greeting cards had licensed numerous popular cartoon characters (Bugs Bunny, Garfield the Cat, etc.) for its cards but did not have any licensing agreements for Disney characters. The acquisition of Gibson, which had been purchased from RCA in 1982 for $80 million ( most of which was debt), would add $41 million to Disney’s debt and dilute Disney’s equity by an additional $310 million in stock. Two days later in an attempt to block the deal, Saul Steinberg made a tender offer of $67.50 per share cash for 37.1% of Disney Stock with a promise to boost the offer to $72.50 in cash and securities for cancellation of the Gibson acquisition. By that time, Steinberg had spent $265.6 million for his 10% ownership stake in Disney. Steinberg obtained additional financing to support this tender offer by granting Kirk Kerkorian, the controlling shareholder in MGM/UA, an option to purchase all of Disney’s motion picture and cable TV assets and to the Fisher Brothers, the right to develop Disney land surrounding the theme parks for hotels. The Present Dilemma Nothing in Ron Miller’s experience had prepared him for these circumstances. He had assembled a defensive team to fight the hostile takeover, but perhaps allowing Disney’s breakup was a better option. Should he buy off Steinberg with greenmail? If so, at what price and how could this be justified to shareholders? Disney Strategy (A) 7 Olin Business School September 2002 Revised September 2009 Exhibit 1 WALT DISNEY COMPANY FINANCIAL INFORMATION source: Disney Annual Reports, Disney Corporate Fact Books, Mergent, Global Access Note: Some numbers are estimates and slight structural modifications have been made to produce â€Å"standardized† statements CONSOLIDATED STATEMENT OF INCOME (in millions of dollars) Year Ended September 30th Revenues Filmed Entertainment Theme Parks & Resorts Consumer Products Total Segment Revenue Costs & Expenses Filmed Entertainment Theme Parks & Resorts Total Segment Costs Operating Income Filmed Entertainment Theme Parks & Resorts Consumer Products Total Segment Operating Income Total Operating Income Corporate Activities General & Administrative Expenses Net Interest (Income) Expense Acquisition Related Costs Design Projects Abandoned Total Corporate Expenses (Income) 7.3 56.9 5.1 21.3 4.6 -2.3 4.3 -16.7 2.4 -8.2 35.6 14.1 30.9 -14.8 26.2 -33.1 21.3 -42.1 17.8 -28.4 -$33.4 197.0 56.9 220.4 $220.4 $19.6 132.6 47.8 200.0 $200.0 $34.6 129.4 50.6 214.7 $214.7 $48.7 127.5 55.0 231.3 $231.3 $4 0.2 120.6 44.8 205.7 $205.7 $198.9 834.0 1,086.7 $182.5 593.0 830.2 $162.2 562.4 790.0 $112.3 515.9 682.9 $111.8 387.8 535.4 $165.5 1,031.0 110.7 1,307.4 $202.1 725.6 102.5 1,030.3 $196.8 691.8 116.0 1,005.0 $161.0 643.4 109.7 914.5 $152.0 508.4 80.6 741.0 1983 1982 1981 1980 1979 Income Before Income Taxes (EBIT) Unusual Charges Income Taxes Net Income Earnings (Loss) Per Share Avg. Number of Common Shares Outstanding 163.5 70.3 $93.2 $2.70 34.5 178.8 78.7 $100.1 $3.01 33.2 217.0 95.5 $121.5 $3.72 32.6 248.0 112.8 $135.2 $4.16 32.5 213.9 100.1 $113.8 $3.51 32.4 Disney Strategy (A) 8 Olin Business School September 2002 Revised September 2009 WALT DISNEY COMPANY FINANCIAL INFORMATION CONSOLIDATED BALANCE SHEET (in millions of dollars) September 30th Assets Cash & Cash Equivalents Investments Accounts Receivable Merchandise Inventories Inventories Income Taxes Refundable Film & Television Costs Prepaid Expenses Theme Parks, Resorts and Other Property, at cost Attractions, Buildings and Equipment Accumulated Depreciation 2,251.3 -504.4 1,746.9 Projects in Progress land 108.1 16.7 1,871.8 Other Assets Total Assets Liabilities & Stockholders’ Equity Accounts Payable Income Taxes Payable Borrowings Unearned Royalty & Other Advances Other Deferred Income Taxes Other Long Term Liabilities, Unearned Royalties & Advances Stockholders’ Equity Common Stock (1) Common Stock Internet Group Paid-in Capital Retained Earnings Less Treasury Stock & Compensation Fund Shares Total Stockholder’s Equity Total Liabilities & Stockholders’ Equity 1,401.0 $2,381.2 1,274.8 $2,102.8 1,167.1 $1,610.0 1,075.0 $1,347.4 961.0 $1,196.4 738.6 1,400.5 686.5 1,274.8 626 .2 1,167.1 537.1 1,074.4 425.2 961.1 661.9 588.3 540.9 537.7 535.9 321.8 110.0 181.0 94.7 89.0 61.9 96.8 98.0 $187.6 50.6 346.0 109.6 $210.8 26.6 315.0 $148.5 33.1 110.0 $109.0 36.2 30.4 $74.6 45.2 18.6 93.7 $2,381.2 1,916.6 -419.9 1,496.7 160.1 16.4 1,673.2 103.0 $2,102.8 968.2 -384.5 583.7 469.2 16.4 1,069.4 21.3 $1,610.0 935.2 -352.1 583.1 163.1 16.4 762.5 19.4 $1,347.4 882.1 -310.8 571.4 60.7 16.3 648.4 19.2 $1,196.4 $18.1 0.0 102.9 77.9 77.9 70.0 126.9 19.8 66.7 41.0 108.0 18.2 59.8 0.0 120.6 15.4 120.3 11.4 85.8 8.9 54.6 41.9 $13.7 0.0 79.0 $5.9 248.4 69.3 $9.7 318.5 50.7 $8.8 346.1 37.1 1983 1982 1981 1980 1979 (1) For the years 1983 and prior; Disney Stock no par value, 75,000 shares Auth., 33,729 billion shares issued & 34,509 outstanding Disney Strategy (A) 9 Olin Business School September 2002 Revised September 2009 WALT DISNEY COMPANY FINANCIAL INFORMATION CONSOLIDATED STATEMENT OF CASH FLOWS (in millions of dollars) Year Ended September 30 Cash Provided by Operations Net Income Income from continuing operations before taxes and cumulative effect of accounting changes Income taxes (paid) refunded, net Charges to Income Not Requiring Cash Outlays Depreciation Amortization of Film & Television Costs Other Changes in Receivables Merchandise Inventories Prepaid Expenses and Other Assets Deferred Income Taxes Total Cash Provided by Operations Investing Activities Film & Television Costs Theme Parks, Resorts, and Other Property Other Total Cash Used by Investing Activities Financing Activities Borrowings Reduction of Borrowings Repurchases of Common Stock Dividends Other Total Cash (Used) Provided by Financing Cash Provided by Discontinued Operations Increase (Decrease) in Cash Cash Balance, Beginning of Year Cash Balance, End of Year 4.4 13.7 $18.1 -240.6 254.3 $13.6 -74.0 328.3 $254.3 -26.6 354.9 $328.3 80.6 274.3 $354.9 41.1 102.8 $151.7 39.7 48.2 $277.1 32.4 32.1 $142.4 23.3 11.6 $11.7 15.5 8.5 $10.0 137.5 -99.9 205.0 110.0 0.0 n/a 83.8 333.7 26.0 -$443.5 52.3 614.4 85.9 -$752.8 55.4 333.4 5.9 -$394.7 68.4 149.7 1.6 -$219.7 -$91.5 44.4 56.6 -25.9 -11.2 13.3 -2.6 $337.4 1.1 -6.9 15.2 4.6 $274.8 $210.8 $204.7 $182.8 -18.6 -5.1 24.1 -13.6 -12.8 23.8 90.2 65.6 15.5 41.9 64.9 9.9 38.9 52.2 9.4 43.1 33.9 6.5 40.4 5.3 2.4 $163.4 29.0 $178.8 -34.6 $216.9 -106.1 $247.9 -121.8 $ 113.8 1983 1982 1981 1980 1979 Disney Strategy (A) 10 Olin Business School September 2002 Revised September 2009 WALT DISNEY COMPANY FINANCIAL INFORMATION KEY FINANCIAL RATIOS ROE (NI/total shareholder’s equity) (ROE was 22% in ’65, 16% in ’55, and 7% in ’45) ROA (NI/total assets) Operating Margin (operating rev. – sga/total rev) Debt to Equity (total debt/total shareholders equity) Total Debt to Assets (Current & L/T Borrowings/Total Assets) Divisional Operating Margins (div. op. inc./div. rev.) Filmed Entertainment Theme Parks & Resorts Consumer Products Divisional Contributions to Total Revenue (div. rev./total rev) Filmed Entertainment Theme Parks & Resorts Consumer Products 12.7% 78.9% 8.5% 19.6% 70.4% 9.9% 19.6% 68.8% 11.5% 17.6% 70.4% 12.0% 20.5% 68.6% 10.9% -20.2% 19.1% 51.4% 9.7% 18.3% 46.6% 17.6% 18.7% 43.6% 30.2% 19.8% 50.1% 26.4% 23.7% 55.6% 3.9% 14.1% 24.7% 14.5% 4.8% 16.4% 24.7% 15.0% 7.5% 18.8% 9.4% 6.8% 10.0% 23.0% 2.8% 2.3% 9.5% 25.4% 1.9% 1.6% 1983 6.7% 1982 7.9% 1981 10.4% 1980 12.6% 1979 11.8% 1975 10% 1970 10% Divisional Contribution to Operating Income (Div. Op. Inc./Total Segment Op. Inc.) Filmed Entertainment Theme Parks & Resorts Consumer Products -15.2% 89.4% 25.8% 9.8% 66.3% 23.9% 16.1% 60.3% 23.6% 21.1% 55.1% 23.8% 19.5% 58.6% 21.8% Disney Strategy (A) 11 Olin Business School September 2002 Revised September 2009 Exhibit 2 WALT DISNEY PRODUCTIONS, JUNE 1984 Other Financial Date (in thousands) Entertainment and Recreation Walt Disney World Admission and rides Merchandise sales Food sales Lodging Disneyland Admissions and rides Participant fees, Walt Disney Travel Co. Tokyo Disneyland royalties and other Total revenues Theme Park Attendance Walt Disney World Disneyland Total Motion Pictures Theatrical Domestic Foreign Television Worldwide Home-Video & NonTheatrical Worldwide Total revenues Consumer Products and Other 1983 $278,320 172,324 178,791 98,105 102,619 45,669 1982 $153,504 121,410 121,329 81,427 98,273 44,481 1981 $139,326 121,465 114,951 70,110 92,065 44,920 1980 $130,144 116,187 106,404 61,731 87,066 41,703 1979 $121,276 101,856 95,203 54,043 75,758 35,865 83,044 $1,031,202 22,712 9,980 32,692 28,502 $725,610 12,560 10,421 22,981 29,282 $691,811 13,221 11,343 24,564 28,005 $643,380 13,783 11,522 25,305 26,843 $571,079 13,792 10,760 24,552 $38,635 43,825 27,992 55,006 $165,458 $45,429 20,006 30,666 10,269 4,327 $55,408 64,525 44,420 37,749 $202,102 $35,912 20,821 26,884 15,468 3,453 $54,624 76,279 43,672 22,231 $196,806 $30,555 24,658 27,358 21,148 12,704 $63,350 78,314 19,736 10,565 $171,965 $29,631 22,284 23,432 21,908 1,905 $49,594 57,228 27,903 9,273 $144,058 $24,787 18,985 16,129 19,967 1,768 Character merchandising Publications Records and music publishing Educational media Other Disney Strategy (A) 12 Olin Business School September 2002 Revised September 2009 Exhibit 3 Comparable Valuations For Disney’s Businesses 1984 source: Analysts’ comments in June 4, 1984, Forbes Magazine article, â€Å"Who Will Win the Keys to Disney’s Magic Kingdom?† Shares Disney Outstanding = 34.5 million Disney annual royalty revenue from Tokyo Disney Land = $20 million Business Line Transaction/Source Taft Broadcasting Theme Parks purchase Date Valuation Multiple/Worth Comments Disney may deserve an additional premium due to the brand name Some still see this as one of the most unexploited assets in Disney Tremendous library and recent signs of turnaround may erase poor performance Theme Parks 1984 2 times Revenues Consumer Products Forbes/Analyst Comments 1984 3-3.5 times Rev. Film, Studio & Cable Forbes/Analyst Comments Hotels Land Forbes/Analyst Comments Forbes/Analyst Comments 1984 1984 1984 2-2.5 times Rev. $ 300 million $ 300 million Disney Strategy (A) 13 Olin Business School September 2002 Revised September 2009 Exhibit 4 Disney Share Price Performance Compared to the S&P 500 January 1970 – August 1984 Disney Strategy (A) 14 Olin Business School September 2002 Revised September 2009 Exhibit 5 Walt Disney Share Price and Trading Volume During the Hostile Takeover January 1984 – August 1984 Disney Strategy (A) 15 Olin Business School September 2002 Revised September 2009 Exhibit 5 Continued: Disney Strategy (A) 16 Olin Business School September 2002 Revised September 2009 Exhibit 6 WALT DISNEY PRODUCTIONS, JUNE 1984 Estimated Probable Minimum Library Values as of 1983 Value ($ millions) 500 275 950 Approximate No. of Titles 1,800 features 25 animated, 125 live action, 500 shorts 4,600 features (2,200 MGM), 1,310 shorts, 1,080 cartoons 700 features 1,400 features 3,000 features, 12,500 TV episodes 1,600 features Columbia Pictures Disney MGM/UA Entertainment Paramount Twentieth Century Fox Universal Warner Bros. Total 275 350 700 450 3,450 Disney Strategy (A) 17 Olin Business School