Strategic Analysis of the Body Shop International Research Paper

Strategic Analysis of the Body Shop International - Research Paper Example Based on the strategic internal analysis of the resources, capabilities, strengths, and weaknesses of the company and the analysis of the industry and global environments, it is reported that despite the highly competitive nature of the industry the company's performance can be stated to be more than satisfactory. Strategically the company would do well with the continuance of its own store design format and with the reduction of the dependence on the franchising mode of expansion. 1.0 Introduction While 'business strategy' represent the goal of the company to attain sustainable competitive advantage in one of the businesses of the company, 'corporate strategy' represents the objective of the company to manage multi-business activities to create corporate-wide advantage that will benefit each of the business the company owns and operates. The corporate strategy looks into the opportunities available to the company both internally and externally to enhance its competitive strengths and sustain its sales growth and profitability. A strategic analysis of any company thus includes assessing the strengths and weaknesses of the company on the basis of the internal environment as well as threats and opportunities that the company is subjected to because of its relative positioning in the market and the industry. This report on the Body Shop International Plc reports on the efforts of the company to enhance and to sustain its competitive advantages. 1.1 Global Cosmetic Industry - A Background The cosmetics and Toiletries Industry has registered an all round growth of 5 percent during the year 2006 as against the growth in the year 2005. This growth is the overall highest growth rate of... The cosmetics and Toiletries Industry has registered an all round growth of 5 percent during the year 2006 as against the growth in the year 2005. This growth is the overall highest growth rate of the industry since the year 2001. The growth of the industry is facilitated by the presence of strong macro economic factors signifying a worldwide increase in the consumer spending power. With the highest growth rate of 13 percent, Eastern Europe, and Latin America were the fastest growing regional markets. Western Europe accounts for less than 30 percent of the total market with a sales growth of just 3 percent in the year 2006. The sales in the North American region which include the United States Market were above $ 50 billion. The Asia Pacific region also has the characters of a key market with the potential linked to factors like large population, enhanced disposable income, modernized retail and distribution networks and increased consumer awareness – thanks to globalization. On the regional levels, Russia represented the largest market with a sale of $ 8.5 billion accounting for about 40 percent of the regional sales value. In the analysis of products, skin care products with the sales value of $ 60.1 billion in the year 2006 are the largest segment of all cosmetic and toiletries items which also is the fastest growing product of the industry. The market generally uses the distribution channels like supermarkets/hypermarkets, specialist stores, pharmacies and departmental stores.

Country Analysis Report - Saudi Arabia Research Paper

Country Analysis Report - Saudi Arabia - Research Paper Example Being a growing country, the government has launched strategies to encourage integration of the digital technology within the business sector. In this light, this is a potential market for ICT infrastructure. If Apple invests in this business sector, it is likely to benefit from high market demand, high customer loyalty, less competition and a stable market position. With a high bargaining power, the organization should expect more profits from this environment. These benefits are expected to last in the long term. The challenges that exist in this market sector cost of imports, delay in obtaining a license and high construction costs. In fact, this market is ranked as one of the hardest market for foreign investors to launch their products. This makes it quite hard for Apple Inc to launch its business plan in this market. Its ability to design a strategy that overcomes these challenges will determine its survival in this market. Numerous risks threaten business survival in this mark et. Existence of terrorism and political instability promises an unpredictable future within this market environment. Also, religious conflicts make it hard to predict consumer behavior in this market. On entry in this market, Apple Inc should be aware of these risk and devise plans to neutralize them. Altogether, Apple Inc should consider entry in this market as challenges and risks are inevitable in every market environment. Saudi Arabia Analysis Report Introduction In the 21st century, there is pressure for every business organization to push its operations in the international markets as a strategic plan to target more customers and optimize profits. Before developing an international investment plan, it is crucial to conduct a thorough environmental market scanning before choosing potential countries where business is viable. This process requires a clear identification of the opportunities available in the country, risk, difficulties and potential of the target country. This h elps a business entity to understand the nature of the new market, and decide whether it is worth to invest in this country. In addition, this helps the organization to devise the right market entry strategy to take advantage of the opportunities, neutralize risks and overcome difficulties associated with the new environment. Understanding the market environment goes way far in determining the success of the organization within the international market. Saudi Arabia is one of the countries that are becoming potential investment market sectors especially in the field of technology. As the country struggles to absorb technology within its industry, there is potential for ICT business in this part of the world. However, this market has associated risks that pose threat to business survival in this industry. For Apple Inc, this market sector is a potential investment environment due to the demand of technology infrastructure that is building up in this country. Although Apple Inc produc ts are already trending in this market, there is need to develop a manufacturing plant in this country to take better advantage of this market. This report is a presentation of the image of the Business environment in Saudi Arabia. It presents the opportunities, benefits, risks and difficulties that Apple Inc would encounter in launching manufacturing operations in this Saudi Arabia. The ICT Potentials of

A Survey on Ranking in Information Retrieval System

A Survey on Ranking in Information Retrieval System Shikha Gupta Abstract Available information is expanding day by day and this availability makes access and proper organization to the archives critical for efficient use of information. People generally rely on information retrieval (IR) system to get the desired result. In such a case, it is the duty of the service provider to provide relevant, proper and quality information to the user against the query submitted to the IR System, which is a challenge for them. With time, many old techniques have been modified, and many new techniques are developing to do effective retrieval over large collections. This paper is concerned with the analysis and comparison of various available page ranking algorithms based on the various parameters to find out their advantages and limitations in ranking the pages. Based on this analysis of different page ranking algorithms, a comparative study has been done to find out their relative strengths and limitations. This paper also tries to find out the further scope of researc h in page ranking algorithm. Keywords Information Retrieval (IR) System, Ranking, Page Rank, HITS, WPR, WLR, Distance Rank, Time Rank, Query Dependent, Context. 1. INTRODUCTION 1.1 Information Retrieval System Information retrieval systems are defined as some collection of components and processes which takes input in the form of a query from the user to the system, then compares it with the information which has been collected by the system, and then produce an output, which is some set of texts or information objects considered to be related to the query. It is the activity of obtaining the information resources which are relevant to an information need(query) from a collection of information resources. Data structure used by an IR system is Inverted index which is an index of {term, doc IDs} entries. IR system consists of three main components: firstly the user in the system; then the knowledge resource on which the user has an access and with which s/he interacts; and, a person(s) and/or device(s) that supports and mediates the interaction of the user with the knowledge resource (the intermediary). User FeedbackUser Query RankedExecutable DocumentsQuery Fig: IR architecture In an IR System the processes which are to be considered as important are: Representation of the user’s information problem which is in the form of texts in the knowledge resource: e.g. indexing; Comparison of representation of texts and information problem: e.g. retrieval techniques; Interaction between the user and an intermediary: e.g. human-computer interaction or reference interview; and, sometimes, Judgment of appropriateness of the text to information problem submitted by the user: e.g. relevance judgments; and Modification of the representation of an information problem: e.g. query reformulation or relevance feedback. 1.2 Ranking Ranking is a process of arranging the resulted documents in the order of their relevancy. An information retrieval process begins when the user enters aqueryinto a system. Queries can be defined as formal statements ofinformation needs, for example the search strings in web search engines. In information retrieval not only a single object uniquely identifies a query in the collection, rather, several objects may match the query, but, with different degrees ofrelevancy. Most of the IR systems compute a numeric score for each object in the database to determine how well each of them matches the query, and then it rank the objects according to this calculated value. After ranking, objects having top ranks are shown to the user. The user can then iterate the process by refining the query, if required. Use of ranking To improve search quality. To do effective retrieval over large collections. Granting relevant, efficient, fast and quality information against the user query. 2. RELATED WORK In this paper, a review of previous work on ranking is given. In the field of ranking, many algorithms and techniques have already been proposed but they all seem to be less efficient in efficiently granting the rank. The various algorithms are defined below. . Page Rank Algorithm Page Rank Algorithm is one of the most common ranking algorithms. It is alink analysisalgorithm which provides a way of measuring the importance of pages. Its working is based on the number and quality of links to a page to make a rough estimate of the importance of the page. It is based on the assumption that more important pages are will receive more links from other pages. The numerical weight that it assigns to any given elementEis referred to as thePageRank of Eand is denoted by PR (E). HITS Algorithm Hyperlink-Induced Topic Search(HITS; also known ashubs and authorities) is alink analysisalgorithmthat rates pages. In links and out links of the web pages are processed to rank them. A good hub represents a page that pointes to many other pages, and a good authority represents a page that was linked by many different hubs. The scheme therefore assigns two scores for each page: its authority, which estimates the value of the content of the page, and its hub value, which estimates the value of its links to other pages. HITS algorithm has the limitation of assigning high rank value to some popular pages that are not highly relevant to the given query. Hubs Authorities Fig: Hubs and Authorities Weighted Page Rank Algorithm Weighted Page Rank algorithm (WPR) is an extension to the standard Page Rank algorithm. The importance of both in-links and out-links of the pages are taken into account. Rank scores are distributed based on the popularity of the pages. Number of in-links and out-links are observed to determine the popularity of a page. This algorithm performs better than the conventional Page Rank algorithm in terms of returning a large number of relevant pages to the given query. Weighted Links Rank Algorithm Weighted links rank (WLRank) algorithm is a variant of Page Rank algorithm. Different page attributes are considered to give more weight to some links, for improving the precision of the answers. Various page attributes which are considered for assigning the weight are: tag in which the link is contained, length of the anchor text and relative position in the page. The use of anchor text is the best attribute of this algorithm. Distance Rank Algorithm It is an intelligent ranking algorithm based on learning. In this algorithm, the distance between pages is calculated. The distance is deà ¯Ã‚ ¬Ã‚ ned as the number of ‘‘average clicks’’ between two pages. It considers distance between pages as a punishment and therefore aims at minimizing this distance so that a page with less distance will get a higher rank. The Advantage of this algorithm is that it can find pages with high quality and more quickly with the use of distance based solution. Also, the complexity of Distance Rank is low. The Limitation of this algorithm is that it requires a large calculation to calculate the distance vector. Time Rank Algorithm This algorithm utilizes the time factor to increase the accuracy of the web page ranking. In this the rank score is improved by using the visit time of the page. The visit time of the page is measured after applying original and improved methods of web page rank algorithm to know about the degree of importance to the users. Time factor is used in this algorithm to increase the accuracy of the page ranking. It is a combination of content and link structure. It provides satisfactory and more relevant results. Query Dependent Ranking Algorithm This algorithm is used to point out a large variety of queries. The similarities between the queries are measured. The ranking of documents in search is conducted by using different models based on different properties of queries. The ranking model in this algorithm is the combination of various models of the similar training queries. Categorization by context This approach proposes a ranking scheme in which ranking is done on the basis of context of the document rather than on the terms basis. Its task is to extract contextual information about documents by analyzing the structure of documents that refer to them. It uses context to describe collections. It is used to overcome the disadvantages of term based approach. 3. CONCLUSION AND FUTURE SCOPE A large number of algorithms are present today which can be used for ranking the pages in Informational Retrieval System. There will always be a scope of better ranking of pages as each algorithm has its associated advantages and disadvantages. In term based approach, there are problems of Synonymy (means multiple words having the same meaning) and Polysemy (means that a word has multiple meanings). On the other hand, in context based approach, the problem is that the pages which refer to a document must contain enough hints about its content so that they are sufficient to classify the document. According to the requirements of the user, the IR system should use an appropriate algorithm. Use of an efficient algorithm will provide speedy response, and, accurate and relevant results. REFERENCES [1] Wenpu Xing and Ali Ghorbani, â€Å"Weighted PageRank Algorithm†, In proceedings of the 2rd Annual Conference on Communication Networks Services Research, PP. 305-314, 2004. [2] Ricardo Baeza-Yates and Emilio Davis ,Web page ranking using link attributes , In proceedings of the 13th international World Wide Web conference on Alternate track papers posters, PP.328-329, 2004. [3] H Jiang et al., TIMERANK: A Method of Improving Ranking Scores by Visited Time, In proceedings of the Seventh International Conference on Machine Learning and Cybernetics, Kunming, 12-15 July 2008. [4] Jon Kleinberg, â€Å"Authoritative Sources in a Hyperlinked Environment†, In Proceedings of the ACM-SIAM Symposium on Discrete Algorithms, 1998. [5] Ali Mohammad Zareh Bidoki and Nasser Yazdani, â€Å"DistanceRank: An Intelligent Ranking Algorithm for Web Pages†, Information Processing and Management, 2007. [6] Dilip Kumar Sharma and A. K. Sharma,â€Å" A Comparative Analysis of Web Page Ranking Algorithms†, in International Journal on Computer Science and Engineering, 2010. [7] Giuseppe Attardi and Antonio Gullà ¬, â€Å"Automatic Web Page Categorization by Link and Context Analysis†, [8] Parul Gupta and Dr. A.K.Sharma, â€Å"Context based Indexing in Search Engines using Ontology†, 2010 International Journal of Computer Applications. [9] Abdelkrim Bouramoul, Mohamed-Khireddine Kholladi1 and Bich-Lien Doan, , â€Å" USING CONTEXT TO IMPROVE THE EVALUATION OF INFORMATION RETRIEVAL SYSTEMS† International Journal of Database Management Systems, May 2011. [10] Xiubo Geng, Tie-Yan Liu, Tao Qin, â€Å"Query Dependent Ranking Using K-Nearest Neighbor†, SIGIR’08, July 20–24, 2008, Singapore

The Economic Quest for the Development of Cuba Essay -- Essays Papers

The Economic Quest for the Development of Cuba Introduction: To state lightly, Americans generally frown upon communist countries. Though there are the obvious grievances of political and ideological differences that will not be discussed in this paper, the opinions with respect to the economy have also sparked heated discourse. Those that are capitalists feel that without a free market and the power of the invisible hand, the economy will not be efficient and eventually crumble. And in most cases, this assumption was true in the twentieth century. But with Cuba, a red country, communism may not be the major factor to blame at the present. Some feel Cuba has not focused enough on industrial growth, while others say it is the lack of physical capital combined with Cuba ´s inability to attract foreign direct investment. Yet most agree that as a small third world country in today ´s global economy, Cuba is facing many challenges to keep up with the pace of the world. In spite of its current condition, this country still has significan t economic potential. In reality, it is quite astounding to look upon Cuba and what this small country has had to encounter in the past fifteen years. At the start of the 1990 ´s, an economic crisis struck Cuba. When the Soviet Union collapsed and the socialist bloc disappeared, Cuba, being heavily reliant on this alliance, suffered immense economic consequences. The Soviet Union was Cuba ´s trading partner and vital contributor through investments, provision of resources and technology. Because of their socialist relationship, eighty-five percent of Cuba ´s trade[,...] including sugar and citrus fruit [was with the Soviet Union, while at the same time] eighty-eight percent of Cuba ´s i... ...d the Development Prospects of Cuba. Developing Prospects in Cuba: An Agenda in the Making. London: Institute of Latin American Studies, 2002. Monreal, Pedro. Export Substituition Reindustrialisation in Cuba: Development Strategies Revisited. Developing Prospects in Cuba: An Agenda in the Making. London: Institute of Latin American Studies, 2002. Oficina Nacional de Estadisticas (ONE) (1999), Anuario estadistico de Cuba 1998 (Havana). Oficina Nacional de Estadisticas (ONE) (1999a), Anuario estadistico de Cuba 1998 (Havana). Saney. Isaac. Cuba: A Revolution in Motion. Ed. Brenda Conroy. London: Fernwood, 2004. Snow, Anita. Cuba ´s economic growth slows. Associated Press. 21 December 2002. Academic Universe. 22 Jan. 2005 . Taylor, John. Economics: Fourth Edition. Ed. Jean L. Woy. Boston: Houghton Mifflin, 2004.

Postmodern Hindu Law

The Hindu law has been a guiding principle for our society, especially in certain matters like the conjugal affairs or the responsibilities of kinship. The Kutia Kandha customs are also based on the lines of Hindu law but they seem to be more systematic. Maintenance As per the Hindu law, regardless of ownership of property, a person is morally obliged to take over the responsibility of his wife, old parents and minors. This norm is followed by the Kutia Kandha people with some further inclusions. Accordingly, the inheritance of a property should not become the basis of a son's commitments towards his parents or his wife. It's the duty of sons to look after their parents even if they don't inherit the property in return. But the nuance is that the responsibility of staying with the old parents comes down to the youngest one. He has to take care of everything, even the funerary rights of his parents. Same rule applies on an adopted son; no property will be inherited if he fails to fulfill his responsibilities.Similarly, maintenance of minors and unmarried or handicapped children is a responsibility that parents cannot avoid. In circumstances like death of parents, the duty is accorded to near male kin, if he is inheriting the property. In another situation, if the husband dies, the widow has to maintain the minors until the eldest one turns a major. And in case, she marries some outsider, the responsibility of the minors and the property, everything goes under the control of the family of deceased husband, basically a male kin of his.GuardianshipWhether a minor is legitimate or illegitimate, there should be a guardian to take over his responsibilities. The Kutias have elucidated certain points that are needed for the consideration of guardianship. Father is the natural guardian of a child, and in case of his death, the mother becomes one. A major child may become a guardian of his minor siblings in case both the parents are dead. In absence of such a major child, the responsibility goes to either of the grandparents. Grandparents to next full brother and then to half brother, this process continues until and unless there is some male kin of their father available for such guardianship. Else the process is repeated in maternal clan.Illegitimate child goes with the legitimate husband of the deceased woman, and in case he denies, the family of woman is supposed to take care of the child.Adopted father of an adopted son is his guardian and not the real father, in such a case.Lastly, in case of a divorce, the children stay with father. If they are small enough not to live without mother, they remain with the mother and go to the father once they grow up.AdoptionThere are many reasons, for which a person may want to adopt a child; some childless couple may want an old age support or some may not be willing to have their own kids and just go for adoption. Whatever the reason maybe, anyone can adopt a child.The Kutia Kandhas have delineated the conditions of adoptions. One can adopt a child of any gender but he should start choosing from his paternal kinsmen, if not available then from an outsider, whether from same clan or not. The adopted son is entrusted with all the responsibilities of a real son (ibid) thereafter and becomes the inheritor of his adopted parents' property, too. Even the responsibility of minors, widow, old grandparents etc is invested on him. Failing to which, his property may be forfeited. If a situation arises wherein the adopted son and father separate, the question of inheritance of property depends upon the case of separation. If the adopted son is guilty, he may not get anything; otherwise he can claim the rights.Not every rule is just for adopted son, even the adopter have some duties towards him, like looking after his welfare, marriage and every other aspect that he may do or have done for his real son.

Reward Management Essay

Recently, Reward Management is an important role in Human Resources Management. Many organizations realized the benefit of the reward system , in a way that it could reinforce the employee’s performance, enhance motivation and gain their commitment. For example, when employees know that rewards are tied to their performance, they will try to perform better and take ownership of their jobs. Also, it is a motivation that makes employees evolve a sense of accomplishment and take pride in their work, which in turn increases ownership. Remuneration is a major feature for employment. It is the reason that why people are working. The contribution of employees to the organization can be compensated in terms of monetary or non-monetary terms. Remuneration does not just compensate employees for their efforts, but also affect the recruitment and retention of talented people. There are three recommendations for improving performance by using modern reward management techniques. First, we would recommend that remuneration to be linked to performance, linking to the pay to the quantity of the employee’s output or productivity charts, and therefore the remuneration with be depending on the result, whether the outcome is to be of good quality or outstanding quantity. Another type of performance-linked remuneration is performance related pay, where the performance of employee is measured against previously set objectives, or compared with the various tasks listed in the job description by using performance appraisal system. Based on the above features, we propose to add in these kinds of features into the reward system. We can hold some reward planning, which is related to pay that to encourage most of employees. Secondly, staff motivation can be enhanced through the reshaping of working routines and hours. Nowadays, many employees have complaint about the long working hours and the private life being invaded. However, reducing working hours is not always possible due to the huge amount of workload. In order to deal with the problem, we would recommend flexi-working hours. The concept of flexi-working is to suit the convenience of the employee without influence the organization’s functioning. Nowadays, many people are busy on working, studying and managing their family life. To such extent, flexi-work allows flexible entry and leaving times for employee, which is beneficial for employees in managing their time schedule. Being able to manage their work, study and family life, they are able to obtain a work-life balance, and thus being able to increase their productivity, decline in absenteeism, and reduction in employee turnover and increases their moral. Thirdly, competition among work increases vigorously, and employees tend to undertakes different training courses or opt for further study. As a result, we would recommend the linking of training or education sponsorship with the performance. For example, if the employees opt for a course related to their job nature, the company can sponsor their cost of training. In order to enhance performance, we suggest the amount of sponsorship to be linked with the employee’s performance, and the payment is to be made upon the successful completion of the course. To such extent, the employee’s motivation to perform is enhanced, and they are more willing to equip themselves with the necessary skills related to their job. In conclusion, reward management is essential in managing the performance of the employee. Remuneration is the major and yet the most essential element in employment term, and therefore managing the reward system can effectively enhance the employee’s performance and motivation. Yet, both monetary and non-monetary reward can be used for the aforementioned purpose.

Due Process of Law in the US Constitution

Due Process of Law in the US Constitution How important did America’s Founding Fathers consider the concept of â€Å"due process of law?† Important enough that they made it the only right guaranteed twice by the U.S. Constitution. Due process  of law in government is a constitutional guarantee that actions of the government will not impact its citizens in an abusive manner. As applied today, due process dictates that all courts must operate under a clearly defined set of standards crafted to protect peoples’ personal liberty. Due Process of Law in the United States The Constitution’s Fifth Amendment adamantly commands that no person may be â€Å"deprived of life, liberty or property without due process of law† by any act of the federal government. Then, the Fourteenth Amendment, ratified in 1868, steps up to use exactly the same phrase, called the Due Process Clause, to extend the same requirement to the state governments.   In making due process of law a constitutional guarantee, America’s Founding Fathers drew on a key phrase in the English Magna Carta of 1215, providing that no citizen should be made to forfeit his or her property, rights, or freedom except â€Å"by the law of the land,† as applied by the court. The exact phrase â€Å"due process of law† first appeared as a substitute for Magna Carta’s â€Å"the law of the land† in a 1354 statute adopted under King Edward III that restated the Magna Carta’s guarantee of the liberty. The exact phrase from the 1354 statutory rendition of the Magna Carta referring to â€Å"due process of law† reads: â€Å"No man of what state or condition he be, shall be put out of his lands or tenements nor taken nor disinherited, nor put to death, without he be brought to answer by due process of law.† (emphasis added) At the time, â€Å"taken† was interpreted to mean being arrested or deprived of liberty by the government. ‘Due Process of Law’ and ‘Equal Protection of the Laws’ While the Fourteenth Amendment applied the Bill of Rights’ Fifth Amendment guarantee of due process of law to the states it also provides that the states may not deny any person within their jurisdiction â€Å"the equal protection of the laws.† That’s fine for the states, but does the Fourteenth Amendment’s â€Å"Equal Protection Clause† also apply to the federal government and to all U.S. citizens, regardless of where they live? The Equal Protection Clause was mainly intended to enforce the equality provision of the Civil Rights Act of 1866, which provided that all U.S. citizens (except  American Indians) should be given â€Å"full and equal benefit of all laws and proceedings for the security of person and property.† So, the Equal Protection Clause itself applies only to state and local governments. But, enter the U.S. Supreme Court and its interpretation the Due Process Clause. In its decision in the 1954 case of Bolling v. Sharpe, the U.S. Supreme Court ruled that the Fourteenth Amendment’s Equal Protection Clause requirements apply to the federal government through the Fifth Amendment’s Due Process Clause. The Court’s Bolling v. Sharpe decision illustrates one of the five â€Å"other† ways the Constitution has been amended over the years.   As the source of much debate, especially during the tumultuous days of school integration, the Equal Protection Clause gave rise to the wider legal tenet of â€Å"Equal Justice Under Law.† The term â€Å"Equal Justice Under Law† would soon become the foundation of the Supreme Court’s landmark decision in the 1954 case of Brown v. Board of Education, which led to the end of racial segregation in public schools, as well as dozens of laws prohibiting discrimination against persons belonging to various legally define protected groups. Key Rights and Protections Offered by Due Process of Law The basic rights and protections inherent in the Due Process of Law clause apply in all federal and state government proceedings that could result in a person’s â€Å"deprivation,† basically meaning the loss of â€Å"life, liberty† or property. The rights of due process apply in all state and federal criminal and civil proceedings from hearings and depositions to full-blown trials. These rights include: The right to an unbiased and speedy trialThe right to be provided with notice of the criminal charges or civil action involved and the legal grounds for those charges or actionsThe right present reasons why a proposed action should not be takenThe right to present evidence, including the right to call witnessesThe right to know the opposing evidence (disclosure)The right to cross-examine adverse witnessesThe right to a decision based solely on the evidence and testimony presentedThe right to be represented by a lawyerThe requirement that the court or other tribunal prepare a written record of the evidence and testimony presentedThe requirement that the court or other tribunal prepare written findings of fact and reasons for its decision Fundamental Rights and the Substantive Due Process Doctrine While court decisions like Brown v. Board of Education have established the Due Process Clause as sort of a proxy for a wide range of rights dealing with social equality, those rights were at least expressed in the Constitution. But what about those rights not mentioned in the Constitution, like the right to marry the person of your choice or the right to have children and raise them as you choose? Indeed, the thorniest constitutional debates over the last half century have involved those other rights of â€Å"personal privacy† like marriage, sexual preference, and reproductive rights. To justify the enactment of federal and state laws dealing with such issues, the courts have evolved the doctrine of â€Å"substantive due process of law.† As applied today, substantive due process holds that the Fifth and the Fourteenth Amendments requires that all laws restricting certain â€Å"fundamental rights† must be fair and reasonable and that the issue in question must be a legitimate concern of the government. Over the years, the Supreme Court has used substantive due process to emphasize the protections of the Fourth, Fifth and Sixth Amendments of the Constitution in cases dealing with the fundamental rights by constraining certain actions taken by police, legislatures, prosecutors, and judges. The Fundamental Rights The â€Å"fundamental rights† are defined as those having some relationship to the rights of autonomy or privacy. Fundamental rights, whether they are enumerated in the Constitution or not, are sometimes called â€Å"liberty interests.† Some examples of these rights recognized by the courts but not enumerated in the Constitution include, but are not limited to: The right to marry and procreateThe right to have custody of one’s own children and to raise then as one sees fitThe right to practice contraceptionThe right to identify as being of the gender of one’s choiceThe right work at the job of one’s choiceThe right to refuse medical treatment The fact that a certain law may restrict or even prohibit the practice of a fundamental right does not  in all cases mean that the law is unconstitutional under the Due Process Clause. Unless a court decides that it was unnecessary or inappropriate for the government to restrict the right in order to achieve some compelling governmental objective the law will be allowed to stand.

Turbo C for dummies essays

Turbo C for dummies essays ************************************** WELCOME TO TURBO C++ FOR WINDOWS 4.5 ************************************** This README file contains important information about TURBO C++ FOR WINDOWS 4.5 (TCW). For the latest information about TCW and its accompanying programs, read this entire Installing Turbo C++ on your hard disk Importing Project Files from Borland C++ 4.x ObjectComponents Framework (OCF), OLE 2.0, and ObjectWindows 2.5 Registering debugging versions of OLE servers under TCW New file in WINDOWSSYSTEM directory New tools for registering OLE servers and automation controllers Debugging OLE applications under Windows NT OLE error codes OLE2 applications OLE implementation under Windows NT OLE2 compiler options VBX Controls Included with TCW OpenHelp with TASM Limitation in DOCVIEW.IDE DDVT functions and RTTI Inline assembly and interrupts Creating 16-bit import libraries from .DEF files IDE/Integrated Debugging InProc servers and the IDE Running from a Windows 3.1 DOS Prompt Converting TCW 3.1 to TCW 4.5 code C/C++ Language Features ********************************************* ********************************************* If you have any problems, please read this file, the HELPME.WRI and other files in your DOC subdirectory, and ********************************************* ********************************************* Do not install TCW 4.5 over previously installed TCW directories. The files in this distribution will not...

A Way Of Thinking By Entrepreneurs Business Essay

A Way Of Thinking By Entrepreneurs Business Essay Successful companies are driven by visionary people in an effective and efficient way, those people are called entrepreneurs. The Oxford Dictionary provides the entrepreneur concept as â€Å"a person who undertakes an enterprise or business with probability of gain or loss, a contractor who acts as an intermediary, a person who assumes effective control of a business venture. It comes from the French word Entreprende or undertake†. Glancey and Mc Quaid (2000) define them as the protagonists of the process of entrepreneurship The entrepreneur is a leader, who sees opportunities where others see nothing, or only see difficulties. The entrepreneur makes a commitment that leads him to develop an unknown practice to solve a variance in small or large scale, A Entrepreneur will achieve recognition by pleading responsible to solve the problem and meet people who have similar interests. One aspect that should be present in an entrepreneur is: Believe in their own abilities, knowledge and skills, evaluate them, and be consistent with them at all times, these aspects provide confidence in themselves and in what the entrepreneur exposes as business idea These definitions are pointing to the entrepreneur as a person who seeks a reward assuming some risk (potential loss). Basically, the entrepreneur senses a need and then meets of the manpower, materials and capital needed to meet that need. In essence, an entrepreneur creates an organization as a means to offer something new to customers, employees or other stakeholders. Some entrepreneurs use information available to everyone, to produce something new. According to Timmons (1970) the creation and success of a company is not only necessary to administer and manage. The current business generation needs to be led, so organizations need to rethink their culture and practices. Direct them to seek dynamic processes, aimed at the opportunity, where there is the presence of a leader and business team: creative, careful a nd moderate resources, integrative and holistic vision, in order to establish a balance between all the driving forces The entrepreneur is the main engine of capitalist economic development. According to Schumpeter the benefit of the employer is justified by being an innovative ability to create wealth. If the economic system is in equilibrium, all factors of production are paid according to their marginal productivity (Schumpeter,  1934) Characteristics of an Entrepreneur à ¢Ã¢â€š ¬Ã‚ ¢Entrepreneurship. à ¢Ã¢â€š ¬Ã‚ ¢Vision and imagination creative and innovative. à ¢Ã¢â€š ¬Ã‚ ¢Need for achievement. à ¢Ã¢â€š ¬Ã‚ ¢Perseverance and dedication. à ¢Ã¢â€š ¬Ã‚ ¢Teamwork. à ¢Ã¢â€š ¬Ã‚ ¢Comprehensive view of market needs. à ¢Ã¢â€š ¬Ã‚ ¢leadership For example we can mention a current entrepreneur who gained a great market space: Andrew Mason, 29 years, is the creator of Groupon, the web coupons, which became successful with a simple innovative idea .One of the fastest growing compa nies in history, according to Forbes. After saying no to Google, which offered U.S. $6,000millions, they now have a value of U.S. $950 million.Its creator explains why the success of the company very simply: â€Å"We won a commission, customers pay less for the product and associated companies get a return on a large scale for their products and services.†(gruopon.com) Effectuation – Tool of Entrepreneurs

Saudi arabia running dry Essay Example | Topics and Well Written Essays - 1000 words

Saudi arabia running dry - Essay Example The depletion of the earth’s natural resources is due to human activities. Identification of the economic natural resources such as oil has led subsequent depletion of other resources for instance, people clear the forest to create room for mining of oil underground yet forest are rain catchment areas (hindering effective production of hydroelectric energy); hence, leading not only to the exhaustion of oil, but also the emergence of the desert, yet some of these resources are non-renewable (Gonzalez, 4). The author of this book was motivated to do the research in order to understand the extreme shifts in oil prices, future durability of oil, the impact it has on the environment and what should be done. The argument of this book is that economically valuable natural resources such as oil has led to Saudi Arabia running dry. In the process of mining, oil there is interference of other fundamental natural resources such as land, water and forest. There is the use of chemicals on the land, leaving it infertile; cutting down the forest to create more space for extracting the oil these have led to less water availability and food insecurity posing threat in the economy. The book also gives factors to put into consideration, to change the situation. It talks about the population growth-over population puts pressure on the limited natural resources, leading to their over exploitation (Gonzalez, 29). Pollution of the environment should be limited as it is the major cause of desertification, for example, water pollution, land pollution, which leads to food insecurity. Policies should be put in place to govern the management of natural resources. The book covers the natural resources as an economic problem. In this book, he talks about the interdependency of Saudi Arabia as the cause of it running dry. Saudi has got limited underground water to support its wheat plantation and agricultural support leading to their reliance on other states for food supply; hence, food

Summary Assignment Example | Topics and Well Written Essays - 250 words - 40

Summary - Assignment Example In order to answer this question it is essential to identify why individuals listen to music. The author states that various individuals listen to music because they are able to relate with a particular piece of music and the emotional responses occur as individuals are able to see or feel the similarity between their condition and the condition that the music is focusing on. This ability of music has been quite clearly explained in the movie called Casablanca (Ball 274). In this movie a character restricts a musician from playing a particular piece of music as that piece of music awakens the emotional feeling of sadness in the soul of the individual. Another reason due to which music is able to generate certain emotions is because of the way it has been patterned. The author states that music pieces are created in such a manner that they make an individual think about what is going to happen next and this even causes emotional responses from the

Rent Car in Uk Essay Example | Topics and Well Written Essays - 2500 words

Rent Car in Uk - Essay Example s description alongside clarifications on goals, financial and marketing strategies, opportunities, challenges and projected targets form the main sections of the business plan. The UK is a commercial and social hub not only for Europe but for the global community as well. Transport services for the numerous visitors into the country therefore form an important part of the support industries for the status of the country on the global slot. In light of the ever-increasing demand for transport services for persons visiting the country against constrained capital investment in the motor industry, a rare business opportunity lurks behind this industry. Fun-Rove UK is a business targeting the opportunity provided by the momentous opportunity that the status of the UK offers to commuter service industry, for both leisure and commercial business targets. As a matter of location strategy, the City of London is undoubtedly the most competitive cities on the consideration of its status as the capital city of the UK. Numerous economic commuter service opportunities emerge from socioeconomic and political activities hosted by the London City for the UK and for various international organizations. In this view, Fun-Rove UK will set its base in the City of London, which acts as a connection centre for various clients also visiting various destinations in the UK. The car rental business in the City of London has increased over the years as the City grows to accommodate more visitors either as leisure tourists or as business tourists. Most of the clients visiting London prefer to hire the car and a driver to accompany them during the entire duration of the contract, which is considered by Fun-Rove UK. London is among the biggest cities in Europe with numbers expected to hit the nine million mark by 2020, which illustrates an extraordinary flow of human traffic in and out of the City. This population requires important transportation services to relocate from one Borough to the

Literary analysis of The Darling written by Anton Chekhov Research Paper

Literary analysis of The Darling written by Anton Chekhov - Research Paper Example On receiving the telegram informing her of his death, Olga is devastated. For some time she is lonely and heart-broken. She then meets Pustovalov, a timber merchant who helps Olga to get over the loss of Kukin. She begins to like him and marries him. Once again Olga adopts his beliefs and opinions as she did when she was married to Kukin. She finds happiness for the second time. But a tragedy strikes again as Pustovalov is struck by illness, from which he never recovers. After Pustovalov’s death, Olga has an affair with Smirnin, a veterinary surgeon. Smirnin who is separated from his wife has a son. This time too Olgas views are the views of Smirnin. Meanwhile Smirnin gets relocated, and Olga again is alone. She stays alone for many years and continues to have no views or opinions of her own. Few years later, Smirnin returns with his wife and son and looks for a place to stay. Olga offers them her place. She begins to love Smirnins son, Sasha, as her own child. Once again, Olg a finds someone to love, and gets a chance to share views and opinions. However Sasha feels suffocated by her excessive love. At the end of the story we find that Olga has no intellectual life that she can call her own. She is always agreeing and following the opinions and views of the persons she loves. She does not have any personality of her own and finds happiness in reflecting the beliefs of her husbands or lovers. Olga is shown as trying to fill her empty life with the love, thoughts, views opinions of others. So it can be said that the story is a negative commentary on the life of a woman who has no identity of her own but only reflects the beliefs and opinions of others. Chekhov’s short stories and plays usually do not have strong plots and focus more on characterization than action. Olga is the protagonist of the story. She is attractive, compassionate and eager to help people. She cannot make up her mind on any

International Financial Reporting Standards Assignment

International Financial Reporting Standards - Assignment Example The IASB is responsible for oversight of the IFRS. This agency was formed in 1973 under its former name International Accounting Standards (IAS). The IFRS were created in 2001 (Articlebase, 2008). The first nation to adopt the IFRS framework was the European Union. The countries of Europe adopted IFRS in 2005 (Moya, Perrramon, Constans, 2005). The biggest stock exchange in the European nation is the London Stock Exchange (LSE). All domestic companies must abide by IFRS and U.S. companies that want to list their stocks in the London Stock Exchange must convert their financial statements to IFRS. In U.S. GAAP the financial statements of all companies must follow a specific format, but under IFRS companies can utilize multiple formats for their financial statements. Despite the fact that the IFRS started in Europe, the goal of the IASB is for the IFRS to become the global standard in the accounting community. In a little over a decade the IFRS has penetrated a lot of nations worldwide a lready. There are 153 countries across the world that adopted IFRS which implies that nearly 75% of the world has currently gone through the process of implementing IFRS (Pwc, 2012). The United States is listed as one of the countries that have adopted IFRS, but in reality the U.S is still in a conceptual phase due to the fact the entire financial system of the U.S. is based on U.S. GAAP. It is going to be extremely difficult to convince the entire financial community that convergence into IFRS is in the best interest of the United States. U.S. GAAP is a more complex system that has been used for a longer time. One of the benefits of IFRS is its simplicity. A simpler accounting system can help companies reduce administrative expenses since accounting is a major function that requires a lot of resources. Some people in America have resistance to change because they believe that U.S. GAAP is a superior system that is better equipped to prevent material error and fraudulent activity. T he U.S. GAAP and the IFRS have the same function of recording the financial transactions of companies, but there are lots of differences between the ways financial information are reported in each framework. Under U.S GAAP the valuation of investments is done at the cost of the investment in order to comply with the historical cost principle. The historical cost principle states that all assets in the balance sheet must be recorded at purchase price of the acquisition (Investopedia, 2013). The profits or losses of the investments are only recognized in the accounting books if the investment is sold. In IFRS investments are recorded at fair market value. U.S. GAAP has more information and detail than IFRS. For instance under U.S. GAAP the consolidated financial statements demonstrate financial information regarding the subsidiaries of the company. The IFRS only reports financial activity of the parent company unless the parent company has control over the finances of the subsidiary. Another example of the descriptive nature of U.S GAAP is the policy of reporting detail information about the investments of the firm in the financial statements of the firm. IFRS excludes investment activity from the financial statements. The discrepancies between the two accounting frameworks create inequality in the financial markets because investors are not able to compare the financial statements of U.S. companies vs. foreign firms. In an ideal world everyone would use the

Rent Car in Uk Essay Example | Topics and Well Written Essays - 2500 words

Rent Car in Uk - Essay Example s description alongside clarifications on goals, financial and marketing strategies, opportunities, challenges and projected targets form the main sections of the business plan. The UK is a commercial and social hub not only for Europe but for the global community as well. Transport services for the numerous visitors into the country therefore form an important part of the support industries for the status of the country on the global slot. In light of the ever-increasing demand for transport services for persons visiting the country against constrained capital investment in the motor industry, a rare business opportunity lurks behind this industry. Fun-Rove UK is a business targeting the opportunity provided by the momentous opportunity that the status of the UK offers to commuter service industry, for both leisure and commercial business targets. As a matter of location strategy, the City of London is undoubtedly the most competitive cities on the consideration of its status as the capital city of the UK. Numerous economic commuter service opportunities emerge from socioeconomic and political activities hosted by the London City for the UK and for various international organizations. In this view, Fun-Rove UK will set its base in the City of London, which acts as a connection centre for various clients also visiting various destinations in the UK. The car rental business in the City of London has increased over the years as the City grows to accommodate more visitors either as leisure tourists or as business tourists. Most of the clients visiting London prefer to hire the car and a driver to accompany them during the entire duration of the contract, which is considered by Fun-Rove UK. London is among the biggest cities in Europe with numbers expected to hit the nine million mark by 2020, which illustrates an extraordinary flow of human traffic in and out of the City. This population requires important transportation services to relocate from one Borough to the

International Financial Reporting Standards Assignment

International Financial Reporting Standards - Assignment Example The IASB is responsible for oversight of the IFRS. This agency was formed in 1973 under its former name International Accounting Standards (IAS). The IFRS were created in 2001 (Articlebase, 2008). The first nation to adopt the IFRS framework was the European Union. The countries of Europe adopted IFRS in 2005 (Moya, Perrramon, Constans, 2005). The biggest stock exchange in the European nation is the London Stock Exchange (LSE). All domestic companies must abide by IFRS and U.S. companies that want to list their stocks in the London Stock Exchange must convert their financial statements to IFRS. In U.S. GAAP the financial statements of all companies must follow a specific format, but under IFRS companies can utilize multiple formats for their financial statements. Despite the fact that the IFRS started in Europe, the goal of the IASB is for the IFRS to become the global standard in the accounting community. In a little over a decade the IFRS has penetrated a lot of nations worldwide a lready. There are 153 countries across the world that adopted IFRS which implies that nearly 75% of the world has currently gone through the process of implementing IFRS (Pwc, 2012). The United States is listed as one of the countries that have adopted IFRS, but in reality the U.S is still in a conceptual phase due to the fact the entire financial system of the U.S. is based on U.S. GAAP. It is going to be extremely difficult to convince the entire financial community that convergence into IFRS is in the best interest of the United States. U.S. GAAP is a more complex system that has been used for a longer time. One of the benefits of IFRS is its simplicity. A simpler accounting system can help companies reduce administrative expenses since accounting is a major function that requires a lot of resources. Some people in America have resistance to change because they believe that U.S. GAAP is a superior system that is better equipped to prevent material error and fraudulent activity. T he U.S. GAAP and the IFRS have the same function of recording the financial transactions of companies, but there are lots of differences between the ways financial information are reported in each framework. Under U.S GAAP the valuation of investments is done at the cost of the investment in order to comply with the historical cost principle. The historical cost principle states that all assets in the balance sheet must be recorded at purchase price of the acquisition (Investopedia, 2013). The profits or losses of the investments are only recognized in the accounting books if the investment is sold. In IFRS investments are recorded at fair market value. U.S. GAAP has more information and detail than IFRS. For instance under U.S. GAAP the consolidated financial statements demonstrate financial information regarding the subsidiaries of the company. The IFRS only reports financial activity of the parent company unless the parent company has control over the finances of the subsidiary. Another example of the descriptive nature of U.S GAAP is the policy of reporting detail information about the investments of the firm in the financial statements of the firm. IFRS excludes investment activity from the financial statements. The discrepancies between the two accounting frameworks create inequality in the financial markets because investors are not able to compare the financial statements of U.S. companies vs. foreign firms. In an ideal world everyone would use the

Bystanders need to make a change and take action Essay Example for Free

Bystanders need to make a change and take action Essay â€Å"You can`t wake person who is pretending to be asleep†-Navajo Proverb People act as if nothing is happening when they do not want to face the reality of the situation by pretending to be unaware or unsure despite being presented with the evidence. Many people now a days, perform actions which may seem like they are participating in an activity but in reality they are just watching. People do not focus on the situation itself, but they focus on their surroundings. They understand that they might be in a difficult position although they try to avoid it. Some situations where humans experience themselves being in one place physically and having themselves in a different spot mentally are when people are being bystanders. Bystanders are people who are present in an event or incident but do not participate or act upon it. Bystanders have always been a part of the world’s natural occurrences. The bystander effect has occurred in history intensively up to this period of time. The bystander effect has been present in the Holocaust, the Partition of India and Pakistan and Barack Obama being appointed as the first African-American president. The bystander effect occurred all the way back to the 1900’s, during the time of World War 2. There was a destructive event that took place, it was called The Holocaust. The Holocaust was a great devastation sacrifice completed with fire. It was systematic mass slaughter of European Jews by the Nazi government and advocators. During this period of time, 6 million lives were taken. They were at their most efficient from April to November 1942 – 250 days in 2 which they murdered two and a half million Jews (http://www.facinghistory.org).. The governments of the United States, Britain, and the Soviet Union even made a joint statement acknowledging the mass murders for the first time. Yet, they continued to do nothing to stop or prevent more innocent deaths (http://www.facinghistory.org). The allied nations were aware of the deaths of the millions of innocent Jews but being informed about the scenario they continued to avoid the situation. Being people with higher authorities, the allied nations could have prevented or stopped this disaster from taking place. But they did not want to get themselves into a problem and create conflicts for their own countries. They were afraid that if they did not support the bully, they would be the next  victim. As innocent people were getting murdered in Germany, in India near that same period of time innocent people were being raped. In August 1947, the partition of British India took place. This event was life altering for millions of people. After the British parted from India, the creation of two countries raised India and Pakistan. This catastrophe was known for the abduction, rape and abuse towards women. In 1950, Menon and Bhasin wrote, the â€Å"official estimate† for numbers of abducted women stood at 50,000 Muslims in India and 33,000 Hindus and Sikhs in Pakistan (http://www.womenundersiegeproject.org). Women of different ethnicities, age and social classes were all victimized, raped and tormented. The men would also publicly molest the women to make them feel traumatized and disgraced, and people would just watch the awful sin like it is casual and not do anything to stop what is happening. The stories of these abductions and rapes caused panic; in many rural areas familie s reportedly killed their female children to save them from being defiled. Patel recounts numerous incidents of beheading, drowning, burning, and execution by the male head of family in order to â€Å"protect his women†Ã‚  from the threat of dishonour (http://www.womenundersiegeproject.org). People would just stand around and watch men rape women. But nobody did anything, they just stood and patrolled. They watched and encouraged, because she was the opposite religion, she was the enemy. People were discriminated based on their race, culture and religion and currently are being victimized for the same reason. On November 8, 2008 Barack Hussein Obama was elected the 44th president of the United States. This victory introduced many hardships into Obama`s life in views of him being the first ever African-American president of the United States. Because this was a racial alteration in many people’s lives, he was verbally and emotionally attacked with racial violations. Obama has also dodged numerous racist attacks from conservative protestors and personalities. Last year, a group sang Bye Bye Blackbird and waved signs reading 47 percent Negro and Impeach the half-white Muslim at one of his speaking events (http://www.usnews.com). In this scenario, there was persistent name calling related to colour, ethnicity, culture or faith. There were many points where hurtful behaviours, both physical and  psychological, made them feel unwelcome, powerless or worthless because of their colour, ethnicity, culture or faith. There were malicious messages and letters sent to Obama and people just continued and joined the others. They thought that since he is the first African American president in the United States, he should not deserve the same equality of right as the pervious white presidents. People trended by making fun of him, and no one did anything to stop it and it still continues to present days. There are many occurrences in life, when people just stand around and observe a situation but do not do anything to stop it, they do not act upon it. The human species is aware that  if they do not stop such catastrophes; they will give others a chance to have a negative perspective on other cultures, ethnicities, and races. Not making this okay, because it will cause many riots in the future. It is time,that bystanders start to make a change and take action for the right thing. Work Cited Brainy Quote, (2014), Navajo Proverb Quotes; Brainy Quote, Web. Feb, 24, 2014. Holocaust Bystanders and Upstanders. Aug 2014. Press, Web. 24 Feb. 2014. . India-Pakistan Partition. 14 Sep 2013. N.p., Web. 24 Feb. 2014. . Obama racism. 2008. United States Publishers, Web. 24 Feb. 2014. . Obama Threat. 2009 . N.p., Web. 24 Feb. 2014. .

Situation Analysis For 42below Feijoa Vodka Marketing Essay

Situation Analysis For 42below Feijoa Vodka Marketing Essay 42 Below Vodka which is the worlds most awarded vodka according to its website is one of New Zealands most recognized alcohol exports to the world. 42 BELOW Limited, is a drinks manufacturing company based in downtown  Auckland,  New Zealand. Their foremost product is the  vodka  42 BELOW, the  gin  South Gin, as well as  420 spring water  (which is sparkling mineral water) and the cheaper brand  of Stil Vodka (Wikipedia, 2012).   42 Below is made from  genetic engineering-free wheat. The name also refers to the southern latitude where the product is manufactured just north of  Wellington  on New Zealands 42nd parallel and it is also a reference to the 42% alcohol content of the beverage. The specific product that will be the focus of this assignment is the 42 Below Feijoa Vodka which is made with the feijoa, a native  New Zealand  fruit, and has 42% alcohol content. It also has the hint of guavas and pineapple as well and is a relatively new product for the company. Vodkas are considered to be spirits that are principally neutral that is, without distinctive character, aroma, taste or colour (MediaWiki, 2012). Nevertheless, buyers do distinguish between them according to taste, alcohol content, and most notably, price. The target market for this product: 42 Below Feijoa (referred to in this report as Feijoa) will be the youth and this product will especially be marketed with a kiwi-culture concept to those with a patriotic streak. A price of around $37.99- $42.99 puts this vodka in the mid-price range which will also be a plus. 42 Below undertook a preliminary public tender of shares and warrants in 2003. On 27 September 2006 the firm received a takeover offer of $0.77/share from  Bacardi Ltd  , which expanded the value of the business to NZ$138 million. Bacardi looked at 42Below as a fledgling company but with much long-term growth potential in the international market. The takeover was victorious and 42 BELOW Limited is now completely owned by the Bacardi group. Market of interest, trends and size Market of interest: The New Zealand vodka market is currently saturated with a variety of products but 42 Below Vodka is a brand that has immense local brand awareness. In the language of Kiwidom, 42 Below is world famous in New Zealand. To capture market allocation, 42 Below Vodka has had to establish and cultivate a strong brand-name. This report discusses the introduction of Feijoa to Kiwis (here and abroad) and the best ways to achieve profitable sales. Feijoa is out to recapture Kiwis who are patriotic and always crave for a taste of New Zealand beginning with those who are in the country and continuing abroad. Trends and size of the market: Statistics New Zealand records that the volume of spirits (containing more than 23 percent alcohol) increased 217,000 litres (1.7percent) to 13 million litres in 2011 and according to them vodka sales were up 9% in popularity. This shows that the market size for Vodka in New Zealand is substantial and that the trend of the spirit market, especially that of vodka, is that it has continually increased in size. This also reiterates that the demand for vodka and vodka based products is going from strength to strength in New Zealand. External environment impacts Analyzing the environmental aspects is advantageous for comprehending how the present trends and developments could influence the promotional plan of our product. It is very important to keep up with the trends in the market to gain a competitive edge over our rival companies. Some of the current trends in the external environment and how these could affect out marketing plan are listed below. Social Networking One of the key trends in society today is the use of social networking. It is vital for our company to create and manage a Twitter Account as well as a Facebook page, which will permit current and potential consumers of our products to keep in touch with the company, ask questions and keep up-to-date on all our company and product promotions. A campaign that uses promotions, contests and other creative ideas on Facebook will allow Feijoa to have a higher level of input from and better communication with the consumer. These channels can also be used to maintain a high standard of our product with the consumers. Online Websites Online Websites are also great place for buyers to gather information regarding products on sale. It is therefore essential that our company has a technologically advanced and informational website about our products and the company. Consumers should be able to query about our product, locate information and buy said items using our website. We will look at upgrading our current website to this level: http://www.42below.com/ Corporate Social Responsibility Corporate Social Responsibility (CSR) is the responsibility of an organization for the impacts of its decisions and activities on society, the environment and its own prosperity. (MPI, 2012) it is seen as trendy for alcohol-based companies to integrate CSR into its advertising. At present, companies try to communicate messages like: Drink responsibly and You dont want to spoil a great party. A company sees it as its responsibility to inform consumers about responsible alcohol consumption. (ECMAM, 2009). Feijoa has plans to incorporate CSR into our promotions activity because it is important for any alcohol selling company to notify customers that it is fundamental to drink responsibly. Green Image The idea of going green is very popular in todays society. The buzz today is to try and protect our planet and her resources. Integrating the idea of being green in our marketing can be very advantageous in getting customers to buy our product. For our company to exploit this trend, we will advertise about the green aspects of our manufacturing and bottling process. Our company can also donate funds to green causes for every bottle of Feijoa bought. Competition Analysis An analysis of the current competition for 42 Below Feijoa Vodka, centered on the 3 most popular vodkas sold in New Zealand today, is presented. Using SWOT analyses, the identifiable weaknesses and strengths of Feijoa in the light of this competition has been examined. Key threats and key opportunities have also been identified. Current Situation 42 Below Vodka is a well known brand in New Zealand. It is, as they say, world famous in New Zealand. Made in the Wellington using the pure softness of New Zealand sparkling water, 42 Below Vodka has fashioned itself as a popular brand of vodka in New Zealand and abroad. 42 Below Vodkas current goal is to expand its vodka range and offering customers first-rate feijoa based vodka at an affordable price. Feijoa plans to target the higher class youth market consisting of high-end nightclubs, hotels, and restaurants plus the demographic that frequents these enterprises: youthful professionals, younger professional people, and others with an prosperous standard of living. Problem Identification The fundamental problem that Feijoa faces is entering into an already overcrowded New Zealand market with absolutely no taste awareness for a feijoa based alcoholic beverage. A strategic plan for acquiring considerable market share is crucial. Opportunity Because 42 Below Feijoa is entering an entirely innovative niche in the market, it has the prospect of building everything from square one including: image, a name for the product, and strategies to market the product. The first thing we need to do is create a brand image for Feijoa whereby it will begin to establish a connection with its target audience. The branding aim is to position Feijoa foremost in the minds of its target consumers whenever they think of buying highest quality pure vodka for their businesses, special events, parties and getaways. Feijoa will also need to develop an exceptional and continuing image of this vodka for targeted consumers. For example, another vodka distributed in New Zealand, Absolut Vodka, has a website that can attract and grip the attention of even a teetotaler, because the imagery and list of possibilities on their website are so compelling. Feijoa needs to develop an image that will boost our products status value and impression and enthralls its target market. Feijoa will have to implement clever marketing strategies in order to activate and propagate such a mesmerizing image for its product, Situation Analysis 42 Below Feijoa Vodka is entering into a completely new market segment under flavored vodkas where the targeted consumers already have preferences when it comes to buying vodka. Thus, it is necessary to carry out a SWOT analysis of both 42 Below Feijoa and the competition so that the company can obtain a lucid view of this new environment. An industry analysis will help Feijoa to create the precise brand awareness for its own vodka and to understand the nature of its competing products. There are currently many brands of flavoured vodka in New Zealand liquor stores. Its popularity can be attributed mainly to its neutral flavour and adaptability as a mixer. Many vodkas are reasonably priced and are intended to be mixed with other drinks like orange juice or apple cider or mixed in Bloody Marys, martinis and other cocktails. Other brands of vodka are dearer and drunk ice-cold, either straight-up (neat) or on-the-rocks (on ice). Flavoured vodkas are well liked. 42 Below Feijoa Vodka has impending competition from a wide range of pre-existing flavoured vodka products in its selected environment. Feijoa will understand how to best penetrate its new market after carrying out a full examination of its competitors. Competitor Analysis Vodka is usually distilled from rye and wheat grains or from beets or potatoes. After distillation, charcoal is usually used to filter the vodka. The more one distils and filters vodka, the clearer and purer its taste becomes. Therefore, the expensive vodkas are usually those that have been distilled and filtered numerous times. Vodka needs to be diluted before it is packaged as it has a very high percentage of ethanol, usually 95-96% (Wikipedia, 2012). Vodkas are considered to be spirits that are principally neutral that is, without distinctive character, aroma, taste or colour (MediaWiki, 2012). Nevertheless, buyers do distinguish between them according to taste, alcohol content, and most notably, price. There are three broad categories of flavoured vodka in relation to cost and it is useful to 42 Below Vodka to see where its product is positioned. Feijoa has completed an environmental scan of three price ranges of flavoured vodka in Auckland lower range, mid range and premium priced. To best understand the competitive environment, three of the most popular flavoured vodkas from different price categories have been identified for SWOT analysis. Lower cost range: Vodka Cruiser Mid cost range: Absolut Premium cost range: Grey Goose The subsequent discussion and charts discuss the results of this analysis for Cruiser, Absolut and Grey Goose. Internal environment impacts Financial Analysis In 2003 42 Below vodka was being distilled in a garage in Wellington. Now the spirits firm is New Zealands most exponentially growing listed company and has just been taken over by U.S. alcoholic beverage giants, Bacardi who paid NZ$138m (US$91m) for it. Just as impressive as the growth in revenue, which increased by 2,116% over the last two years, is where 42 Below vodka is being sold. The companys markets are the US, the UK, Australia, and New Zealand in that order. (iStart, 2007). Internal Organisation and Structure Bacardi Limited is the company that has bought out 42 Below in 2006 and has made 42 Below its irreverent completely out there vodka for those who want to do things differently. The board of Bacardi Limited consists of 14 members of the Bacardi kin and four autonomous directors. Bacardi Limited runs its empire with the presence of an International Leadership Team that looks after the main decisions of all its brands, 42 Below being one of these. The Leadership team is made up of the chief executives based all over the world: The Chairman of the Board of Bacardi Limited since 2005 is Facundo L. Bacardi who is also the great-great grandson of Company founder Don Facundo Bacardà ­ Massà ³ and a fifth generation family member. President and Chief Executive Officer of the company is Ed Shirley who was elected a Director by the Board in March 2012. Ron Anderson is the Senior Vice President and Chief Commercial Officer and is responsible for commercial capabilities of the internationally known portfolio of premium spirits with focus on enhancing sales force capabilities, commercial effectiveness and implementing robust go-to-market programs (Bacardi, 2012). Scott M Northcutt is Senior Vice President of Human Resources of Bacardi Limited and is responsible for all everything to do with employee career improvement, employee pay schemes, progression planning, as well as management and organisation advancement. Silvia Lagnado, Jacques Croisetià ¨re, Stefan Bomhard, Caroline Basyn, Robert Furniss-Roe, Jon Grey, Paolo Perego, Eduardo Sà ¡nchez, Siddik Tetà ­k and Atul Vora make up the rest of the members of Bacardis Leadership Team. 42 Below has acquired its own Managing Director, Paul Dibbayawan, who was headhunted by Bacardi to manage 42 Below and joined this iconic NZ brand last year. Manufacturing Processes 42 Below Feijoa Vodka is made from genetic engineering-free wheat from the Canterbury Plains and pure New Zealand still and sparkling mineral water. And, because 42Below is truly obsessed with creating great vodka, it uses a high saturation distillation process with the vodka distilled 4 times and filtered through 35 separate filters (Bacardi, 2012). The result is distilled twice, prior to being rinsed in spring water, achieving a saturation point that brings a high level of purity and freshness to the vodka. 42 Below then faces distillation a third time. It is then charged with charcoal to eliminate any final contaminations before being filtered. It is then diluted with local sparkling spring water (DrinkSupermarket, 2012). 42 Below is diluted with water from the mineral springs from deep underneath the volcanic highland in the heart of New Zealands North Island. This spring has been graded AA by World Health Organisation indicating water of supreme cleanliness and purity (DrinkSupermarket, 2012). Human Resources The person in-charge of Bacardi Limiteds HR activities is Scott M Northcutt but 42 Below is a Kiwi company with its own Managing Director Paul Dibbayawan. When Bacardi Limited took over 42 Below, the entire staff was retained and the production remained in New Zealand to keep the identity of this iconic Kiwi brand. 42 Below has a very relaxed HR management style. The companys headquarters has been famous for announcing (on their walls) that they cull their staff once every six weeks so that their vodka secrets do not leak out. Management As discussed above Bacardi Limited has its own Leadership Team that functions as its International Management system as well but 42Below is also a Kiwi company with its own Managing Director Paul Dibbayawan who is now settled in Takapuna. 42Below is run like a publicly listed company. Whilst we are not a publicly listed company, the Bacardi CEO is really setting the direction for us to be governed in the same way. We are putting a lot of the systems in place as if we were. It just makes perfect sense. The regulations and transparency are there for a reason so it is only sensible to follow that best practice. Stated Dibbayawan in an interview (The Director, 2008). Research and Development 42 Below has hired the vodka professor and his job involves going around the world running sessions called vodka university (The Director, 2008). They mix and match all vodkas and mixers from all over the world with bar-people and this process is what they classify as research. Marketing Function When it comes to 42Below, they dont sell a product; they sell an idea, an experience even. 42Below doesnt have sales reps, it has ambassadors. Nobody has titles, except for kind of nickname titles. The creator and boss of 42Below had the title of Chief Vodka Bloke. The marketing and promotions output from 42Below is distributed under the title of propaganda (42Below, 2012). When one goes through each of the propaganda material, youd notice that none of the twelve current marketing posters sell 42Below as a product; they all sell the experience of purity, kiwiness, uniqueness, perfection, irreverence, everything that 42Below is famous for. An innovative orientation for the intuitive sensing of what the market needs involves an entrepreneur who can come up with a new idea first and then think about how and where he will sell the product (Stokes, 2000). This opportunity-focused posture was adopted by 42Below and allowed strategies to emerge over time (Rahoi-Gilchrest, 2007). Instead of selling vodka, they sold stories and experiences that are unique from branding to production; a positioning that gave them an exceptional competitive advantage (Morrish  HYPERLINK #idb19et al.HYPERLINK #idb19, 2010). Location 42 Below vodka is headquartered in the Britomart area where a large poster announces that We have to kill all our staff every six weeks.   The company recently had to move into bigger premises from its Penrose location, and has taken over a building in the Britomart complex in the Auckland CBD. External Relationships As a company that believes in marketing dreams, visions and experiences in contrast to products, 42Below has created and nurtured many external relationships to help it achieve its aims. 42Below has long supported Hollywood by supporting our own Wellywood greats like Peter Jackson and hopefuls like Mark Albiston and Louis Sutherland. The Lord of the Rings Oscar party included goody bags to the VIPs that included 42Below products amongst other things. Albiston and Sutherlands participation and win at the Aspen Shortfest was made possible by 42BELOWs sponsorship. 42BELOW has also been one of the principal sponsors at the New York Film Societys event honouring Michael Douglas in 2010. 42BELOW has also supported NZ Music Month. 42 At The Zoo was seen as a celebration of New Zealand Music Months success for a decade. 42BELOW also hosts a  Cocktail World Cup in New Zealand every year since 2004. Vodka cocktail making or mixology, as 42Below calls it has become a world renowned skill for bar managers everywhere. 42Below flies in the proven mixology team from all over the world to New Zealand annually to participate in this competition. 42Below has also co-sponsored events like Hilarity For Charity 2012 in support of the Alzeimers Association in Los Angeles in January this year. 42Below has many other external relationships that helps it market dreams, visions and experiences. High Quality Competitive Positioning Perceptual Map High Price Low Price Low Quality Ethical standing For Paul Dibbayawan the four elements of social responsibility for drinking is a very important factor when it comes to marketing the drink. He has strict guidelines that stop the company from participating in any marketing propaganda that could involve minors, drink driving, binge drinking or being sexually liberal. We dont want to be appealing to minors we dont want minors to drink. We dont want drink driving thats a big problem in New Zealand. We dont want excessive binge drinking. And we dont want people to think that if they drink the brand, theyll immediately be sexually successful. (The Director, 2008) Another important thing about the socially responsible marketing strategies of 42Below is that they do not participate in mass marketing like billboards, newspapers or magazines as these according to Dibbayawan do not actually reach the target audience and may lead to minors buying the product instead. Other (A Culture of Excellence) 42Below has a culture of excellence when it comes to its products and this is illustrated by the list of awards that the different flavours and the original vodka have won over the years. The original vodka has won gold for 7 years straight and silver the year it was introduced to the world competitions. 42Below currently has the reputation of winning more vodka awards than any other brand in the world. This culture of excellence is a huge marketing advantage for 42Below especially when launching a new product like Feijoa Vodka since this excellence can be used to catapult Feijoa above its competitors. Situational Analysis Summary 42Below Feijoa Vodkas environmental scan has determined that Feijoa has a number of competitive advantages over brands in the NZ flavoured vodka market. As a quality brand, it surpasses vodka in the lower and mid price ranges. Its major competition in the mid price category is Absolut but Feijoa has a unique filtering process with distinctive and pure NZ ingredients and it has 2% more alcohol content than Absolut. Based on the SWOT analysis (please refer to diagram) of other well-known vodka brands in NZ plus 42Below, we are able to create a perceptual/positioning map (please refer to diagram) that indicates the market positions of assorted vodka competitors and how competitive Feijoa can be. Moreover, this analysis will give me leeway to suitably adapt the brand and its marketing campaign. According to the positioning map, Feijoa holds a spot at the top end of high quality however is positioned with an unexpectedly reasonable price that does not correspond with its excellent quality. In other words, compared to its competition, 42Below Feijoa Vodka is a high quality product at a relatively low price.

Essay on Sacrifices in Susan Glaspells Trifles -- Trifles Essays

Sacrifices in Trifles When a woman marries she is expected to give up her family, her last name, and her virginity. In other words she is expected to give up the life she knew. Susan Glaspell’s play Trifles tells the story of a woman that gave up her all to please society and her husband. The story examines a woman who sacrificed her tranquility, her talents, and her individuality. In the end, the woman even gave up her freedom. A person’s home should be more than a place to shelter them from the elements. It should be a place where one could express him/her self freely and not have to worry about any harm coming to them. In the play Trifles Mrs. Wright lived in a house that was anything but calm. In block eleven, first line of the play one of Mrs. Wright’s friends Mrs. Hale states: â€Å"It never seemed a very cheerful place†. This being a very odd remark the county sheriff asked her to elaborate. â€Å"No, I don't mean anything, but I don't think a place'd be any cheerfuller for John Wright's being in it.† (Glaspell B: 11, L: 5). On this statement alone one can take from this that Mr. Wright wasn’t a very pleasant man to be around, let alone be married to. She goes on to tell a little more about Mr. Wright’s character â€Å"†¦ he didn't drink, and kep... ... women. So that men won’t follow the path of Mr. Wright and women wont fall into a trap like Mrs. Wright did. Bourn agrees by adding: â€Å"Trifles is not just a reflection, however. It is also a call for women to use their perceived powerless as a tool to manipulate the system, and a warning to men that a system where one segment of the population dominates and oppresses another cannot and will not be tolerated forever†(Bourn 2). Works Cited Bourn, Bryan D. www.hongik.edu/~yhyo/glaspel.html A feminist Criticism of Susan Glaspell’s Trifles. 04-19-2001 Glaspell, Susan. Trifles. Etext.Lib.virginia.edu/ebooks/Glist.html

Vocabulary :: essays research papers

Vocabulary: 1.  Ã‚  Ã‚  Ã‚  Ã‚  Amendment: Written change in the Constitution. 2.  Ã‚  Ã‚  Ã‚  Ã‚  Balanced Budget: Budget in which income equals expenses. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Birthrate: Number of births per 1,000 persons during one year. 4.  Ã‚  Ã‚  Ã‚  Ã‚  Block Grant: Federal funds given to state and local governments for broad purposes. 5.  Ã‚  Ã‚  Ã‚  Ã‚  Brown v. Board of Education: Concerned eight-year-old Linda Brown, a black girl living in Topeka, Kansas. The school only five blocks from Linda’s home was for whites only. 6.  Ã‚  Ã‚  Ã‚  Ã‚  City: Largest type of municipality. 7.  Ã‚  Ã‚  Ã‚  Ã‚  Commander-In-Chief: Role of the President as head of the armed forces. 8.  Ã‚  Ã‚  Ã‚  Ã‚  Concurring Opinion: Statement written by a Supreme Court Justice who agrees with the majority but for different reasons. 9.  Ã‚  Ã‚  Ã‚  Ã‚  Counties: Subdivision of state government formed to carry out state laws, collect taxes, and supervise elections. 10.  Ã‚  Ã‚  Ã‚  Ã‚  Debt Limit: Limit on the amount of money a government may borrow. 11.  Ã‚  Ã‚  Ã‚  Ã‚  Delegated Powers: Power given to the federal government by the Constitution. 12.  Ã‚  Ã‚  Ã‚  Ã‚  Dissenting Opinion: Statement written by a Supreme Court Justice who disagrees with the majority decision. 13.  Ã‚  Ã‚  Ã‚  Ã‚  Double Jeopardy: Being tried a second time for the same crime. 14.  Ã‚  Ã‚  Ã‚  Ã‚  Draft: Policy requiring men to serve in the military. 15.  Ã‚  Ã‚  Ã‚  Ã‚  Due Process: Right of all people to a fair trial. 16.  Ã‚  Ã‚  Ã‚  Ã‚  Electoral College: Group of people who cast the official votes that elect the President and Vice President. 17.  Ã‚  Ã‚  Ã‚  Ã‚  Filibuster: Method of delaying action in the Senate by making long speeches. 18.  Ã‚  Ã‚  Ã‚  Ã‚  General Election: Election in which the voters elect our leaders. 19.  Ã‚  Ã‚  Ã‚  Ã‚  Glittering Generalities: Method uses words that sound good but have little real meaning. 20.  Ã‚  Ã‚  Ã‚  Ã‚  Home Rule: Power of a city to write its own municipal charter and to manage its own affairs. 21.  Ã‚  Ã‚  Ã‚  Ã‚  Immigrant: Person who comes to a nation to settle as a permanent resident. 22.  Ã‚  Ã‚  Ã‚  Ã‚  Implied Power: Authority not specifically granted to Congress by the Constitution but which is suggested to be necessary to carry out the specific powers. 23.  Ã‚  Ã‚  Ã‚  Ã‚  Interest: Payment made for the use of loaned money. 24.  Ã‚  Ã‚  Ã‚  Ã‚  Interest Group: Organization of people with common interests who try to influence government policies and decisions. 25.  Ã‚  Ã‚  Ã‚  Ã‚  Lobbyist: Person paid to represent an interest group’s viewpoint at congressional committee hearings and who tries to influence the votes of Congress members. 26.  Ã‚  Ã‚  Ã‚  Ã‚  Marbury v. Madison: The case involved William Marbury, who had been promised appointment as a justice of the peace, and Secretary of State James Madison. 27.  Ã‚  Ã‚  Ã‚  Ã‚  Major-Council Plan: System of local government in which voters elect a city council to make laws and a major to carry out laws. 28.  Ã‚  Ã‚  Ã‚  Ã‚  Misdemeanor: Less serious crime, such as a traffic violation. 29.  Ã‚  Ã‚  Ã‚  Ã‚  Personal Income Tax: Tax on the income a person earns. 30.  Ã‚  Ã‚  Ã‚  Ã‚  Plank: Each part of a political party’s platform. 31.  Ã‚  Ã‚  Ã‚  Ã‚  Political Action Committee: Political arm of a interest group that collects voluntary contributions from members and contributes it to political candidates and parties it favors.

The Road To Growth For Financial Institutions

Expansion of banks and financial acquisitions in the U. S. generally occur in two ways: by organic growth or by mergers and acquisitions. Organic growth is the rate of business expansion that an organization can achieve through increasing output and enhancing sales. This form of business expansion excludes any profits or growths gained from mergers, acquisitions, and take-overs.This represents the true growth for the core of a company and is a good indicator on how well the organization’s management has used its own internal resources to expand profits. This type of business expansion also helps to identify whether managers have used their skills to improve the business (Investopedia 2006a; Wikipedia 2006a). On the other hand, acquisitions, mergers and take-overs do not bring about profits generated within a company, and are thus not considered organic growth.Historically, investment banks (which are defined as intermediaries which assist companies in selling ownership of them selves as stock or borrowing money directly from investors in the form of bonds) have been closely associated with the activity of merger and acquisitions since it represents a sales opportunity for the investment bank. For a bank to merge with another financial institution, it needs to attain a fair market value for its shares to swap with shares from the other entity.A popular formula in describing mergers and acquisitions is â€Å"one plus one makes three† – the key principle behind buying a company is to create shareholder value over and above that of the sum of the two principal companies involved (Investopedia 2006a; Investopedia 2006b; Wikipedia 2006b; Investopedia 2006c). In other words, two companies together are deemed more valuable than two separate companies. Strong companies buy other companies to create a more competitive, cost-efficient organization and to gain a greater market share.Target or weaker companies in turn often agree to being purchased by th ese stronger companies when they know they cannot survive alone in a competitive market (Investopedia 2006a; Investopedia 2006b; Wikipedia 2006b; Investopedia 2006c). Most major financial institutions in the US have gone through some form of merger and all of these institutions inevitably monitor their organic growth. The benefits that each type of business expansion offers are unique, and there are certain advantages and disadvantages in each type.The relevance of studying mergers and acquisitions involving financial institutions is that these activities can dictate the fortunes of the companies involved for years to come, and have considerable impact on investors involved as well as within the organizations themselves. Likewise, organic growth helps to strengthen an organization internally and places it on a stronger market position if done effectively and successfully. The significance of this research study is to compare these two types of business expansion.The objectives of th is study are to analyze these two types of business expansion as to their strengths and weaknesses, benefits and potential threats or disadvantages to the banking sector, and to provide an overview of the history of the banking sector in terms of both organic growth and mergers and acquisitions activities and endeavors. The research is helpful in that it will provide valuable research data and hopefully some helpful insights to help financial institutions, large or small, to evaluate their present business expansion activities.Small companies which are limited to organic growth, and may wish to venture into mergers or acquisitions, may be able to use the data provided here. Larger institutions which practice both organic growth and mergers and acquisitions, on the other hand, may be able to use this research to evaluate the strengths and weaknesses of both activities. The rest of the paper is organized as follows. Section I as presented here provides for the introduction to the stud y, definition of terms, objectives, the research topic, and the significance of the research.Section II provides for a literature review on both organic growth in the banking sector and mergers and acquisitions of financial institutions. Section III discusses the data gathering process for this study, the methodology used, and the research framework followed for this study. Section IV will provide for the analysis of the results and findings as gathered from the literature and related work reviewed. Section V presents the summary and conclusions of the study based on the analysis provided for in Section IV. Finally, Section VI will describe future directions this study might take.II. Literature Review According to the results of an annual study conducted by A. T. Kearney, one of the world’s largest management consulting firms, investment management firms are outperforming retail banks in the highly competitive race to grow profitably and to gain market share. A. T. Kearney co nducted an Annual Organic Growth Index (OGI) for 2006 for measuring growth in investment and retail banks. The study was based on data collected online by Harris Interactive? of more than 4500 banking customers in the 20 largest US metro markets.Seven out of the ten top-scoring financial institutions included in the OGI based on their capability to grow organically were investment management firms, with Ameriprise with the top score for the second consecutive year, outperforming most banks and other investment firms such as Edward Jones, A. G. Edwards, Vanguard, Charles Schwab, and Merrill Lynch. Wachovia, on the other hand, outperformed many of its retail bank counterparts, also for the second year in a row since A. T. Kearney started conducting this study in 2005 (A. T. Kearney 2006). A. T.Kearney’s study is significant for this research since it provides insight into which financial institutions are most capable of achieving and sustaining organic growth. The index connect s customer attitudes and actions with their wallet allocation decisions. The OGI looks at the performance of financial institutions based on their ability to achieve both Customer and Wallet Momentum. Customer Momentum measures an institution’s ability to attract and retain customers, forge long-lasting customer relationships, and instill advocacy among their customers. For the A. T.Kearney survey, the following components were involved in measuring Customer Momentum: advocacy, primary financial institution identification, propensity to switch institutions, and lack of errors. Wallet Momentum on the other hand measures an institution’s ability to expand the number of products and drive greater penetration per product with its customers. Components involved are: intent to add accounts, intent to increase equity account value, share of wallet with primary financial institution, and average number of products per customer (A. T. Kearney 2006). According to the results of the A.T. Kearney study (2006), investment management firms performed better overall than retail banks by scoring high in both Customer and Wallet Momentum. Retail banks on the other hand score higher on Customer Momentum than Wallet Momentum. However, the study concludes that no single type of financial institution dominates in either performance matrix. Most financial institutions strive to become their customers’ Primary Financial Institution (PFI), and have generally been successful at increasing the average number of accounts per individual within the last year (A.T. Kearney 2006). However, the study indicated that investment management firms have more difficult relationships with customers, and that being designated as customers’ PFI does not necessarily ensure success for retail banks. The study also showed that customers who experience two service errors or account problems within one year were 35 percent more likely than the industry average to leave such finan cial institution. This attrition rate doubled after three errors were experienced in one year (A. T. Kearney 2006).The study provides for the following suggestions in order to improve organic growth in financial institutions (A. T. Kearney 2006): ? Institutions with leading Customer Momentum scores have opportunities to cross-sell new products and services, and should determine how to recognize and reward people for selling a â€Å"bundled† set of products when most organizations are organized to measure and reward for selling specific products. ? Products and services to be added or cross-sold must be determined in relation to margins on core products, and the total portfolio, to ensure profitable growth.Cross-selling is less costly than adding new customers, but the mix or products and services is equally important when considering impact on profit. ? Product complexity and product variation makes it difficult for customers to understand a value proposition and for employee s to explain it. This affects both service delivery and transaction effectiveness, and also increases the potential for errors. A financial institution should thus improve its ability to manage product complexity, as a way of improving service quality and overall customer satisfaction.A similar study conducted by Daniel Cox and James Bossert (2005) involved the analysis of the 2004 American Customer Satisfaction Index, which indicate that organic growth for banks have been hampered by the fact that the financial services industry has some of the lowest customer satisfaction ratings of any single industry. According to the study, customers view banks and other financial institutions as a commodity, with no unique reason for forming a business relationship with one particular bank.The study by Cox and Bossert (2005) studied in-depth the strategies employed by Bank of America in 2001 to improve customer satisfaction as one of its driving force to expand its organic growth. Bank of Amer ica started to focus on its organic growth in 2001, which meant increasing its customer base while becoming more efficient by improving processes. It developed a new strategy which relied heavily on voice of the customer (VoC) and tied all its planning efforts to factors that would drive customer satisfaction and loyalty (Cox and Bossert 2005).In other words, Bank of America recognized customer satisfaction as the core component of organic growth. With approximately 28 million customers at the time, the bank encountered approximately 200 customer interactions per second. To improve the overall customer experience, the bank implemented an associate training program called Bank of America Spirit, which was initially modeled to mirror the associate behavior of Disney employees. It re-evaluated its business model and the model’s performance by comparing them to other Fortune 500 companies that focused on customer service.It focused on the following model for improvement as seen i n Figure 1 in the next page: Bank of America regularly surveyed their customers to gather VoC, and used these survey results in turn when developing new products and services. Paying close attention to such customer needs turned out to be instrumental in increasing its revenues and in improving its organic growth (Cox and Bossert 2005). Accenture, another leading management consultancy firm, conducted a global survey of strategies and programs for organic growth in retail banks.In its survey, Accenture examined more than 100 retail-bank executives’ strategies. The firm also provided for an industrialization concept critical for growth in the banking sector – â€Å"Differentiation on the Outside, Simplification on the Inside, Execution Mastery. † The research showed that pure cost-cutting strategies previously adapted by financial institutions produced diminished return. The emphasis on growth, and mainly organic growth, while managing costs as the same time, wou ld produce the best results for a financial organization (Accenture 2006).The study showed that 87 percent of the executives surveyed indicated that increasing revenues is still top priority, mainly driven by the need to satisfy investor expectations. 73 percent also cited the achievement of cost-efficient scale. Fewer than one in ten believed that market growth will exceed 15 percent, while more than 20 percent believed their own banks will grow at a higher rate. To drive significant organic growth, respondents in the Accenture survey emphasized the need for excellence in marketing and product management, distribution and service and fulfillment (Accenture 2006).The study further recommended that to achieve growth targets in an increasingly competitive market, banks must industrialize their marketing, sales and service capabilities to maximize cross-selling. Similar to the findings and recommendations in the study by Cox and Bossert (2005) on Bank of America, the Accenture study in dicated that cross-selling must focus on gaining and retaining profitable customers. Key capabilities necessary to achieve this would involve transformation in areas such as customer segmentation, which should include customer segmentation, product design, and price/value equation (Accenture 2006).The staff study by Rhoades (2000) for the Board of Governors of the Federal Reserve System examined and analyzed bank mergers and banking structure in the US from 1980 to 1998. The study provided that 200 banks failed annually from 1987 to 1989 in the US, due to problem loans in petroleum, agriculture, commercial real estates, and loans to less-developed countries. These factors may have created some good buying opportunities for banks that were performing relatively well (Rhoades 2000). According to the study, the US banking industry experienced an unprecedented merger movement since 1980, with nearly 8000 mergers and about $2.4 trillion in acquired assets as of 2000 alone. The banking in dustry has been restructured in response to the removal of legal restrictions on intrastate and interstate banking throughout 1980-1998. The number of banks in the US decreased from 14407 to 8697 and the number of banking organizations decreased from 12342 to 6839 (Rhoades 2000). In his study on mergers in the US banking industry, Rhoades (2000) provided for the following conclusions: ? The number of banking offices continued to grow in the US throughout the 1990s despite the burgeoning of ATMs and ATM transactions.? Concentration of control over aggregate US bank deposits among the largest banks increased substantially, with the share of the 100 largest rising from about 47 percent to 71 percent, and the share of the 10 largest rising from 19 percent to 37 percent; the latter rise occurred mostly after 1990. ? Concentration increased substantially in many local banking markets, especially in large metropolitan areas. ? The number of bank mergers reached the highest level for the pe riod in the mid-1980s, when industry profit rates and stock prices were very low (Rhoades 2000).But what exactly motivates firms to merge and how do these mergers affect competition and the economy? According to Moore and Siems (2006), there are two primary factors that affect the need for financial institutions to remain competitive: deregulation and technology. Deregulation has significantly changed how and where banks do business. Relaxation of restrictions on banks’ securities activities has blurred the traditional distinction with investment banking while the elimination of branching restrictions has created vast geographic expansion possibilities.Continued consolidation is estimated to eventually result in about 3000 banking organizations, with a handful of â€Å"super banks† competing simultaneously with many smaller community banks. Advancements in technology have also created incentives to merge due to decline in costs in information dissemination, allowing fo r far-flung operations created through mergers. In other words, technology and deregulation have blurred accepted boundaries as to time, geography, language, enterprises and regulations in the banking industry (Moore and Siems 2006).Thus, one advantage for mergers is that customers can receive one-stop financial services. This allows for greater efficiencies through better information flows and lower transaction costs for the financial institutions involved. However, studies show that major upside for earnings and stocks through mergers is if the economy continues to show stronger-than-expected growth, which in turn could increase demand for commercial lending. If the economy slows down, stock prices become pretty full, and takeovers are less likely to benefit the banks involved (LaMonica 2003).The data used for this research study were gathered from related database found online and from case studies and academic papers. The case studies were conducted by management consultancy fir ms such as Accenture and A. T. Kearney, whereas the working papers were collected from organizations such as the Board of Governors of the Federal Reserve System and the American Society for Quality. Results and findings from surveys and empirical analysis conducted by these research individuals and organizations were used for this paper.News articles from sources such as CNNMoney and other pertinent websites were also used. B. The Sample The data used are primarily case studies gathered from related literature. These were survey results and findings from studies conducted by research individuals and organizations such as Accenture (2006), A. T. Kierney (2006), and Cox and Bossert (2005). The findings analyzed for this paper were conclusions and results from the empirical data from surveys conducted in 2005 and 2006 from the various existing case studies reviewed. C. Research DesignThe research question for this paper is â€Å"Whether US banks should focus on organic growth or merg ers and acquisitions in order to expand their business? † The hypothesis is that â€Å"Customer satisfaction, through focusing on VoC, is the key component to organic growth which is the recommended business expansion activity for financial institutions over mergers and acquisitions. † The hypothesis will be answered based on the analysis of the findings and insights gleaned from case studies and related literature. The study will make use of Qualitative Research Methodology.Numerical and statistical data were not gathered due to time constraint and physical limitations on conducting surveys in the financial institutions throughout the US. Based on qualitative analysis, the research paper thus approaches the study by providing a complete, and detailed description of organic growth and mergers and acquisitions in the banking sector based on a study of related literature. Based on the qualitative research approach, the researcher is the data-gathering instrument, and the data herein provided is in the form of words and pictures, as indicated in Figure 1 (Neil 2006).IV. Analysis of Results and Findings Results from the analysis of the case studies provided indicated that many financial institutions recognize the need for growth, whether it be through organic growth, mergers and acquisitions, or both. Many financial institutions are also aiming for annual organic growth rates of at least 10 percent or higher, but often, they fall short due to a variety of factors (A. T. Kearney 2006). An examination of the data provided would show that organic growth and mergers and acquisitions benefit two different groups.The organic growth of a company would benefit the bank itself, but more than anything, it will result in a greater advantage and benefit to the customers. The reason behind this is that studies have indicated that successful organic growth is premised on customer satisfaction as its most important component. To achieve high performance, increase re venue, and exceed their average growth rate, financial institutions must finds ways to harvest relationships with existing and new customers. Cross-selling will help increase share-of-wallet from both existing and new customers.However, cross-selling efforts must be accompanied with managing product complexity since customers have become increasingly aware of the range of banking and financial services available. Less than adequate products or poor service will cause the customers to shop around and switch service providers, especially since banks are treated more as commodities rather than business partners by their banking clientele. Thus, cross-selling must be utilized to gain and retain profitable customers (Cox and Bossert 2005; Accenture 2006; A.T. Kearney 2006). Banks would necessarily have to improve their marketing, sales, and service capabilities to maximize cross-selling. To achieve this, customer segmentation, product design, and price/value equations should be closely m onitored in relation to customer relationship management. Gathering of customer data will help management to ascertain customer needs and to adjust and improve market and product management, distribution, service and fulfillment accordingly.Full integration of customer data provides for an accurate and complete view of the customer, and will allow for an empowered and better-trained sales force to turn customer insight into profitable and satisfying interactions (Cox and Bossert 2005; Accenture 2006; A. T. Kearney 2006). A model for a successful venture into improving customer satisfaction to increase its organic growth is the case of Bank of America.By establishing a customer satisfaction goal, which provides for a measurement process to evaluate current performance and to acquire analytical capability to improve performance in a targeted way, Bank of America was able to streamline its products and services to effectively retain and increase its customer base. By relying on VoC, an d tying all its planning efforts to factors that would drive customer satisfaction and loyalty, Bank of America improved its organic growth (Cox and Bossert 2005).Focusing on organic growth will result now only improve customer satisfaction, increase customer base and profit, but will also drive wealth creation for shareholders (A. T. Kearney 2006). On the other hand, mergers and acquisitions provide a greater advantage to the financial institutions themselves. A company with financial problems will benefit from merging with a stronger company. The latter, in turn, would gain a greater market share and reduce competition in the industry by acquiring smaller or similarly situated institutions.Advancements in technology and less legal barriers regarding financial transactions have also allowed financial institutions to cover wider geographical areas. This in turn benefits the customer as well since the bank becomes a one-stop-shop for banking transactions, available wherever the custo mer may be. Deregulation and technology have been key factors in the drive for mergers, and have lead to significant cost-cutting measures for the firms involved. It has also provided for greater efficiencies and information dissemination to the financial institutions, which in turn provides for greater flexibility and convenience for its customers.One safeguard for baking institutions which opt for mergers and acquisitions to expand its growth is Rule 155 under the Securities Act, also known as the â€Å"Integration of Abandoned Offerings† which was passed by the Securities and Exchange Commission (SEC). SEC amended Rule 152 of the Securities Act of 1933 in response to the challenges under previous securities regulations and the changing market conditions. Rule 155 became effective on March 7, 2001, and has had significant impact on companies seeking alternative financing in light of a weakened securities market.It provides for a flexible framework in which companies can con vert their private offerings to registered offerings and the other way around, minus the usual risk of integration. The rule provides non-exclusive safe harbors from the integration between registered and private offerings, and allows issuers to move more quickly if market conditions change rapidly (Marek and Seo 2001). Before Rule 155 was enacted, a financial institution with a failed registered offering was limited in the choices it subsequently had to raise capital.It could either withdraw or abandon a registered offering, but would encounter difficulty in quickly obtaining alternative funding due to unclear regulations on integration. A company that started a private offering may have found sufficient investor interest to justify making a registered offering, but was faced with making offers of registered securities prior to filing a registration statement. Before Rule 155, there were thus no clear guidelines as to how a company can insulate itself from the risk of mergers and a cquisitions.SEC’s prior guidelines in this area were limited to suggesting a six-month â€Å"cooling off† period as well as a traditional five-part test involving consideration of whether two or more offerings (Marek and Seo 2001): ? Are part of a single plan of financing; ? Have the same general purpose; ? Involves the same class of security; ? Are made at or about the same time; and ? Involve securities sold for the same type of consideration. The adoption of the new Rule 155 provides for reliefs for financial institutions (and other institutions in different industries) who opt to participate in mergers, acquisitions, or take-overs.The new Rule 155 does not change the traditional five-factor analysis approach of SEC but clarifies the implication of integration in two specific types of transactions (Marek and Seo 2001). Rule 155 creates integration safe harbors for two types of common transactions: 1) a registered offering following an abandoned private offering; and 2) a private offering following an abandoned registration offering. The term â€Å"private offering† is specifically defined to include only the offerings that qualify for one of the following exemptions: (i) Section 4(2) of the Securities Act, for transactions not involving a public offering;(ii) Section 4(6) of the Securities Act, for transactions that do not exceed $5 million and involve offers and sales only to â€Å"accredited investors†. Or (iii) Rule 506 of Regulation D, for transactions involving offers and sales to an unlimited number of â€Å"accredited investors† and no more than 35 purchasers who, although not accredited, are â€Å"sophisticated† (Marek and Seo 2001). Thus, safe harbors in Rule 155 sets forth clear guidelines under which a company may change its offering between registered and private offerings without the risk of integration.It provides greater flexibility to companies such as financial institutions in this case which seek f inancing in this changing market (Marek and Seo 2001). V. Summary and Conclusions The case study on Bank of America is a model on how focusing on customer satisfaction can further enhance organic growth for a financial institutions. By establishing a customer satisfaction goal, a financial institution can set up a measurement process in order to evaluate current performance and acquire analytical capability to improve performance in a targeted way (Cox and Bossert 2005).Gathering information about the customers will allow a company to streamline its products and services to meet customer needs. This also allows for greater opportunity for more effective cross-selling which will help increase share-of-wallet from both existing and new customers. Institutions with high levels of customer satisfaction, or customer momentum, need to look at products and services through the eyes of the customer and should simultaneously listen to the VoC.There is a need to recognize and reward people fo r selling â€Å"bundled† sets of products rather than merely focusing on measuring and rewarding sales associates for selling specific products only (A. T. Kearney 2006). A financial institution must also take note that products and services to be added or cross-sold must be determined in relation to margins on core products to ensure profitable growth. The mix of products and services offered to customers is equally important when considering their impact on profit.Many financial institutions have limited insight into the true profitability of specific products which makes the development of an economically-attractive bundle (whether from the customers’ or the institutions’ perspective) problematic (A. T. Kearney 2006). As such, managing product complexity is also important. To better serve their customers, sales associates must understand their products, and when a bank has too many products and services on its platter, its employees tend to be less knowledgea ble about what to offer or cross-sell to their customers.Managing product complexity will allow for improvement in the product cost/price relationship and will help customers understand a value proposition. It can help improve both service delivery, transaction effectiveness, and decrease the potential for errors within the financial institution (A. T. Kearney 2006). Thus, effective organic growth should focus on customer satisfaction or VoC as its key component. Mergers and acquisitions however provide for opportunities for financial institutions to gain a greater market share, improve cost-cutting measures, increase profit, and eliminate competition.Ailing financial organizations also have a better chance for survival by being merged with stronger banking counterparts, while the latter gain a stronger foothold in the market through such acquisitions. .The new Rule 155 adopted by the SEC in provides for safeguards for financial institutions in case of such mergers, acquisitions and take-overs. It provides for non-exclusive safe harbors from the integration between registered and private offerings, and allows issuers to move more quickly in case market conditions change quickly.The rule provides for clear guidelines in which a financial institution may change its offering between registered and private offerings without the risks normally associated with integration (Marek and Seo 2001). Deregulation, such as through adoption of the new Rule 155, and technology have been identified as two of the driving forces why banking institutions merge. Technology on the other hand has literally allowed banks to cross borders, and have made limitations as to time, geography, and boundaries practically non-existent.Information dissemination through the speed of technology has allowed mergers across continents, and for such financial institutions to grab a large slice of the market share. It has also provided for flexibility and convenience to customers. However, one threat to this form of business expansion is the formation of â€Å"super banks†, similar to what is happening in the retail sector wherein only a small number of key players dominate the industry. This may potentially affect customer needs, as the competitive edge remains with a select set of power players in the banking sector.The lack of boundaries, such as having branches in different parts of the globe, may also hinder optimum customer satisfaction, as a financial institution’s operating procedure remains uniform and standard, but customer needs always differ per area, region, or continent. Institutions will use both organic growth and mergers and acquisitions to grow and expand their businesses. But what can be concluded is that those financial institutions with business models that push for strong organic growth make more successful acquirers (A. T.Kearney 2006). Since they understand the needs of their clients better, the services and products they offer tend to be m ore appropriate and thus more cost-effective and profitable. By knowing their customers, and ultimately the strengths of their organizations, then institutions with strong organic growth models are better capable of acquiring and merging with other banking institutions in the future. VI. Future Research The preliminary research in this data indicated case studies from surveys conducted on the banking sector for 2005 and 2006.Trends with regard to organic growth and mergers and acquisitions in the financial sector were analyzed. Future research in relation to this study could include analysis of empirical data from major banking institutions and a comparison of their profit rates from their organic growth and mergers and acquisitions. Sample sizes may include banks which focus on both organic growth and mergers and acquisitions, and banks which monitor organic growth alone and do not participate in mergers. 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