Delta Airline Case

Delta Airline Case 1-During the 1990’s, none of the five largest air carriers in the United States earned its cost of capital. Why do such low rates of return on investment persist in the airline industry? That’s correct, airline companies margins were below the average for US industries for a long time, especially after the 1978 deregulation. For 40 years, prior to 1978, the airline companies had operated under the regulation of the CAB (Civil Aeronautics Board), which was responsible for managing routes and fares, and thus protected companies revenues and, more important, profitability.Protected by cost-plus pricing, airlines regularly assented to labor union demands and in fact didn’t care too much by the costs incurred by the union deals. Due to the market environment during regulation, the airline companies used to overcharge for tickets, to compensate the costs. After deregulation, airline companies found themselves with high fixed costs and expensive labor . The companies started then running to gain productivity, customer loyalty, explore other routes, decrease costs (using alternative airports, etc†¦ and focus on how to develop a system that would ensure high load factors; the companies started to pursue the returns/ yields. Together with all the costs problems, the big legacy carriers had to fight the Low Cost Carriers that appeared after deregulation, and were gaining market share rapidly. 2-Despite the challenging industry environment, airlines like Southwest and Jetblue earn enviable returns. How? Southwest and Jetblue are part of the LCC that appeared after 1978 deregulation. These companies remained profitable despite all the markets ups and downs, and even after Sept 11/ 2001.Basically, the LCC operated differently from legacy carriers using secondary airports, short turn times, high load factors and different labor costs (flexible work rules vs. profit sharing plans) helping the companies have a much more enthusiastic w orkforce. All this combined with a different mission and vision, so a different strategic planning is what makes them profitable. LCC don’t use legacy carriers as benchmarks, they don’t even look at them as competitors, because their competitors are cars, buses and other ways of travelling.Even the way tickets are issued is different, and also focused on modern way of life, less burocratic, more self-service and, of course, cheaper. This companies have essential competencies: Values (they created a new way of flying, from the ticket purchasing to to the flying experience), Rare characteristics (they are not regular carriers, they created a whole new market), Hard to copy strategies and operational competency. They launched a new substitute product in an existing market, ending in the creation of a new market, where they have so much competitive advantages that others can’t compete. -Why have all the low-cost subsidiaries of legacy airlines, including Delta expre ss, failed? All big legacy carriers launched low-cost subsidiaries, but none obtained success. Some reasons are written below: -They launched substitute products in their existing market, but they should have entered the new market, with a new company -The subsidiaries shared employees with the legacy carriers -They shared burocracy -They didn’t have a clear market and also marketing strategy, different from the legacy carriers -They carried the same costs to operateIn summary, LCC is a total different business than legacy carriers, and can’t be integrated in other business. It has to have its own market strategy, labor agreements, administration, ratios, etc†¦ The only path to success is treating low-cost subsidiaries as a whole different business, inserted in a whole different market. 4-What will happen to Delta if it continues to respond to the low-cost airlines in the way it has in the past? Delta Express was created as Delta’s response for the growth o f LCC’s, primarily in Florida. Express used to operate older Boeings and offer less in-flight services.In the beginning, Express could negotiate with the pilot’s union, resulted in some pay cut. but this agreements were falling apart. More important, all decisions concerning its operations were made centrally, as part of mainline Delta, and even ground services were shared. In fact, they were committing the same mistakes as the other legacy companies when operating their low cost subsidiaries and the only logical path, if Delta continues to operate Express as part of its flying business is the fail path. Low cost is not the core business of Delta and operating a low cost airline is not the core competency of its executives.That combined together cannot lead to success. 5-What are the options available to Delta? Based on the information available to you in the case, what course of action would you recommend? Based on the case, and most important on the experiences of su ccess and fail of low cost carriers, I would recommend that Delta would restructure its operational and administrative office to support Express as if was a total different business: -Totally different staff (another business unit, independent from Delta) -Different business results statements Different cost and capital structure -Different flight equipments (new aircrafts, that would have fewer maintenance needs and high flying hours) -Different services provided in and out-flight -Easier ticket issuing -No Frequent flyer program -Stronger agreements with regulatory institutions over time-table -Different mission, vision and values (â€Å"new company†) -Different routing, pricing, pilots and flight attendance payments program, etc†¦ -A clear target of being the number one low cost carrier in USA and not only diminish the market share of other LCC’s.

Cirque Du Solleil- Strategic Management Essay

Executive Summary Cirque du Soleil is an entertainment firm from Montrà ©al, Canada and was founded in 1984. The company started as a small business and gradually grew into a successful organisation with an established presence in the entertainment industry. This report deals with the ways in which the organisation became successful. Therefore, it is necessary to analyse different factors. The first part enumerates the stakeholders which contribute profits for Cirque du Soleil. Conversely, this section will cover the considerations the organisation must take into account for the welfare of its stakeholders. The second part illustrates the organisation’s uniqueness and how they differ from their competitors, which is a result of several innovations and business strategy. In the last part, the mission statement will be illustrated and discussed. Analysis of the mission statement will show the principles, philosophy, and beliefs that take high priority for their business. Furthermore, suggestions for the future will be listed. 1.Stakeholders & the success of Cirque du Soleil A stakeholder is a person or a group who has an input in an organisation. It can affect the achievement of company’s objectives, activities and the behaviour of its member. (Mullins, 2005:163) 1.1.Cirque du Soleil’s stakeholders Cirque du Soleil, like all other organisations, has many stakeholders which include managers, employees, customers, government, etc. Every stakeholder has its particular interests to support an organisation. 1.1.1.Managers Managers have particular interests in an organisation e.g. in job security, size and growth of the organisation or prestige. (Mullins, 2005: 164) Additionally, the managers achieve a self fulfilment because they have career prospects due to the variety of jobs e.g. in environment issues. (Cirque du Soleil, 2012) Hence, the managers are able to learn different stages of work and also have job possibilities in non-circus work. 1.1.2.Employees Like managers, employees have interests in job security and in learning because the shows are always differentiated. Therefore, employees can also experience a self fulfilment. It is believed that employee’s salary is above the average circus industry salary because the shows are upscale and successful. Thus, employees can build up a reputation and also expand career options e.g. by retraining for a second career or by changing the industry like transitioning to musical theatre for example. (Cirque du Soleil, 2012) 1.1.3.Customers The customers of Cirque du Soleil are the audiences and they are of prime importance for the organisation. The benefit that Cirque du Soleil gives to the audience is an escape from the stress of their daily lives. In other words, they can get away from it all for a short while. The audience gets a unique experience from the spectacular performance. Due to the multiple shows, customers may come frequently which brings travel possibilities because the organization is touring around the world. An adult experience can be fulfilled due to the fact that the show is more elegant and rich than loud like in a traditional circus. (Pawar, 2007: 8-10) 1.1.4.Government The government’s purpose in helping the organisation might be to enhance their image. Especially for tourism, the organisation enlarge government’s cultural offering. Therefore, a new target group can be achieved e.g. those who are not interested in historical sights. As a result, this benefit supports the local industry due to taxes. Hence, the city can pursue other projects like the construction of parks as public service. Cirque du Soleil has an agreement with the Government of Canada to serve 25 years with entertainment to support the cultural program in Canada. (Canadian Heritage, 2010) 1.1.5.Suppliers & Distributors Suppliers and distributors are committed in long term relationships with Cirque du Soleil and bring prestige to the stakeholders due to frequent orders and demand. It may also be possible that the stakeholder gets new customer groups due to references. 1.1.6.Investors & Sponsors For these groups, cooperating with Cirque du Soleil brings a prestige to the  locals. In the case of Arab investors, the cooperation brings business in tourism, regional development and support for the local industry. Dubai firms bought 20% of Cirque du Soleil which brought profit. Last year 10000 visitors watched Cirque du Soleil’s performances and the company owns a stake in casinos where Cirque’s shows are shown. (The star, 2008) Sponsors want to enhance their image and in addition, get new target groups. Besides, return on investment is a benefit for sponsors. Nevertheless, sponsors are a low key stakeholder because they also use the event for fundraising opportunities. (De Wit, 2004: 931) 1.1.7.Community The province of Quebec and its community share almost the same interests as the government. Quebec wants to enhance their image and enlarge their cultural offering and in doing so, hope to achieve new target markets. The global community looks for funding and developing e.g. for projects like charity. Cirque du Mond is a special project for youth who have HIV or victims of sexual violence. Cirque offer them workshops to express themselves. (Cirque du Soleil, 2012) 1.2.Stakeholders & financial performance The aforementioned stakeholders bring their expectations to the organisation and the organisation tries to fulfil their expectations which may simultaneously lead to the organisation accomplishing its own goals. If the requirements and expectations are reached, high performance can be achieved. (Manowong, 2010: 131) 1.2.1.Superior financial performance through serving stakeholders’ interests In the interests of the stakeholder, managers will be rewarded for their performance. When expectations are met, managers build commitment and loyalty and thus, cause a positive contribution from each member of the organisation. This in turn, lowers the cost for recruitment and training. Satisfied employees provide inputs for creativity for new shows. If they perform excellently they can bring more possibilities in creating new and spectacular acts. Hence, better shows can be offered. As a result more tickets can be sold for high prices which lead to high turnover and profits. Furthermore, new target groups can be tapped into by attracting those who  are watching the shows for the first time out of curiosity. By giving the audience unique experiences of its shows, Cirque may receive frequent and repeated business. As a result, and similar to the effect that employees have on the organisation, the audience brings the organisation turnover and profit due to high ticket sales. (Kim, 2005: 15) The government supports the organisation. One example can be given from 1985 where Cirque du Soleil was in debt. The Quebec government granted funds to the organisation to sustain their business which brought the organisation slowly back into a stable condition. (Pawar, 2007: 4) Due to long-term relationships to suppliers, the stakeholders build trust after a long collaboration. As a result, the stakeholder supports the organisation with lower and better prices. Concerning investors, they support Cirque du Soleil with projects for example. Therefore, Cirque du Soleil has lower financing costs and has a better financial reputation and position. Cirque du Soleil attracts investors and thus, they have a financial backup. (TheStar, 2008) Through the community, Cirque du Soleil achieves a reputation e.g. by giving tickets to charitable organisations. Having a positive impact on the greater community and society in general can help Cirque boost their ticket sales. (Pawar, 2007: 9) Corporate social responsibility became important where companies take responsibility towards community and environment and operate in social and ecological aspects. As a result, the organisation may increase customer retention, enhance relationships (customer, supplier) and differentiate from competitors. (Sims, 2003: 43-44) 1.3.Serving stakeholders’ interests through superior financial performance Good financial performance of Cirque enables the organisation to better serve the stakeholders in more ways than simply revenues and profit. As a consequence of superior financial performance, a further aspect is important to how Cirque du Soleil satisfies their stakeholders. Due to the high  turnover and profit in business, better shows are offered where the expenditure is spent on modern technology or venues. Suppliers are charged with new tasks and build trust. Besides, the bigger the company size, the bigger the orders because the company may have the ability to manage the delivery. Hence, the studios get seller’s attention. (Hollensen, 2005: 296-297) Additionally, better training can be provided for employees in circus school and career transition program support artists when they step out of the organisation. Furthermore, Cirque du Soleil offers their employees health benefits like medical plan and travel benefits due to shows in different countries. (Cirque du Soleil, 2012) Communities can be provided with new projects beside environment issues like environmental pollution. According to Cirque du Mond Cirque du Soleil can provide new projects. So besides Africa and Australia they could also operate in Asia. (Cirque du Soleil) 2.Operational innovations at Ciruqe du Soleil Operational innovation is about creating new ways in business e.g. in new projects or providing customer service to achieve success. Consequently, success is not only based on the working performance of a company. (Hammer, 2004) 2.1.Operational innovations & the unique Cirque experience Cirque du Soleil distinguishes themselves from traditional circuses by eliminating and adding factors. (Kim, 2005: 36) Eliminate Star performance Animal shows Aisle concession sales Multiple show arenas 3 ringsRaise Unique venue + Touring location Reduce Fun and humour Thrill and dangerCreate Theme + Multiple shows Refines environment Multiple productions Artistic music and dance Music first than shows Production e.g. film, TV, retail, corporate shows Unique combination of performing act Table 1 Eliminate- Reduce- Raise- Create Grid (Source by Kim, 2005: supplemented by author) Furthermore, it is said that less successful companies followed usual strategic logic and successful companies used value innovation. Value innovation differs from the basic strategy and does not focus on rivals. It focuses more on the values customers have in common and new processes. (Kim, 1998: 25-26) Moreover, by eliminating certain elements, costs can be reduced e.g. by reducing advertising because value innovation causes word-of-mouth. Thus, a part of differentiation is also value at a lower cost. (Kim, 1998: 28-30) As illustrated below (see Figure 1), the key factors for the value curve are focus, divergence and a compelling tagline to achieve and exceed the value for both buyers and the organisation which Cirque du Soleil manages to do. Evidently, it is shown in Strategy Canvas that Cirque du Soleil differs from other competitors. The Circus Ringling Bros. and Barnum & Bailey Value Curves are similar to a traditional circus and Cirque du Soleil is the total opposite of it thr ough alternatives with new factors. (Kim, 2005: 37-41) Proceeding on the assumption, the operational innovation leads to value innovation and as a result, those unique strategies such as new concepts and process create unique experiences. (Waltz, 2003: 86) For example they attract audiences with lighting effects, original music and new and appealing costumes. (Pawar, 2007: 4) In general, a mature industry has a greater chance of success and rewards than industries which appear profitable because mature industries have a  greater creativity in business and higher level of innovation. Customers are especially attracted by the creativity of industries which can cause unique experiences. These industries are also difficult to compete because of the market niche they create. (Baden- Fuller, 1992: 18) These criteria fit Cirque du Soleil’s business model and is carried out by its Blue Ocean strategy in which the organisation builds a new and uncontested market which made the competition irrelevant due to creative innovations. (Kim, 2005: 4&18) 2.2.The influence of operational innovations on the financial dynamics of Cirque du Soleil Financial dynamics reflect results of an organisation’s decisions which are important for the cash flow. Increasing the productivity means not reducing costs. Nevertheless, it creates options which may lead to turnovers. The effect of increasing output or input may enhance profit for the business. (Yu- Lee, 2002: 136&138) In general the circus industry comprises high costs and most of the circuses incur increasing costs without rising revenues. (Kim, 2005: 13) Based on the innovation in 2.1 the author identifies the reducing cost and the turnover due to the organisation’s elimination and addition of elements which lead to profit. 2.2.1.Turnover Cirque du Soleil has various factors which attract customers and leads to turnover. For example, they have unique venues with comfortable seats instead of hard benches like in traditional circus. (Kim, 2005: 15) Cirque du Soleil started to perform in different continents like Asia and Europe and people all over the world have the chance to take part in the events. Moreover, the organisation creates themes which have impressive storylines and multiple shows with new acts. Additionally, artistic dance and music make it more unique. A special feature of the shows is how they create music first and then adapt the acts to the music. All in all, the unique entertainment created a new form of entertainment and combined circus art with theatre and ballet. (Pawar, 2007: 3-6) This generates turnover because creativity causes a great ambience and introduces an intellectual element into the shows which impress audiences and increase demand. (Kim, 2005: 15) In general, Cirque’s shows are sold out or well frequented with occupancy of  85-95%. (Williamson, 2004: 931) By other ventures like audio, videos, t-shirts and masks Cirque can increase their revenue. (Pawar, 2007: 3) In addition, less than 10% of revenues come from concessions at shows. Nothing is sold inside the tent and also not during performances. Therefore, Cirque du Soleil offers VIP packages which include food in a separate tent. Hence, the customer can get better beverages for a higher price. (Williamson, 2004: 931) 2.2.2.Reducing Cost Reducing costs are achieved by significantly eliminating elements. By eliminating circus animals reduce one of the most expensive expenditures. This consists of training, insurance, medical care and transportation, and transportation expenses are especially costly because Cirque du Soleil tours around the world. Moreover, star performances in traditional circuses are expensive and Cirque does not include these performers in its programs. Instead of three-ring venues Cirque reduces it into one which reduces e.g. the effort of decoration costs. (Kim, 2005: 14) Besides touring shows they have permanent shows which take place in Las Vegas, Orlando and Walt Disney World. (Pawar, 2007: 3) 2.2.3.Profit In terms of profit, operational innovations develop improvement for better market performance. It enables Strategic, Marketplace and Operational benefits. (Hammer, 2004) The results of Cirque du Soleil’s innovations can be gathered from â€Å"A Powerful Weapon† (see appendix: table 2). Applicable to Cirque du Soleil, they achieved strategic benefits which lead to higher customer retention, ability to execute strategies and to enter new markets due to their new entertainment business. Their marketplace benefits are based on greater customer satisfaction, differentiated offerings and stronger relationships due to offering unique experiences. Operational benefits are acquired with lower direct costs and more added values. 3.Cirque du Soleil’s corporate mission The corporate mission is an element of the organisation’s business plan. It is a function for the strategic planning which gives a specific direction to the business process. Therefore, the organisation has a purpose and business principles to form the firm’s identity. (Bierce, 2004: 592) 3.1.Components  of the corporate mission The corporate mission consists of three elements. First of all, in organisational beliefs the members have the same strategic beliefs and share a common understanding which makes decision making easier in business processes. It results in a more confident and driven group. (Bierce, 2004: 592) Secondly, the organisational values guide the actions in a business and are an integral part of the company but each person has her own value in what they believe to be good. Therefore, by sharing common values e.g. in ethical behaviour or worthwhile activities, reaching aims can be supported. Lastly, an organisation has a specific business definition which creates a direction for the organisation to follow and thereby attain success. Through this guideline, members focus on opportunities and efforts to expand their business. (Bierce, 2004: 593) 3.1.1.Business definition According to the mission, Cirque du Soleil places high importance on artistic performances and creative productions. (Cirque du Soleil, 2012) Based on the research of the author, their mission is not a precise business definition of Cirque du Soleil because there is no clear direction how they want to develop. For example, they do not define themselves as a traditional circus. Not having a business definition points to a weakness in the organisation. On the other hand, not having a definition is a strength because there is no other organisation which is similar with Cirque du Soleil’s business (exemplified in 2.1.). 3.1.2.Organisational purpose Cirque du Soleil’s purpose â€Å"[..] is to invoke the imagination, to provoke the senses and to evoke the emotions of people around the world.† (Cirque du Soleil, 2012) The organisation is trying to do everything to impress their customers but to fulfil their needs they do not use market research for their shows. By following trends the organisation will lose their unique presence. Instead, the organisation’s culture is to create new shows to update previous shows. (Pawar, 2007:8-9) 3.1.3.Organisational beliefs Cirque du Soleil is breaking the market boundaries of circus and theatre (Kim, 2005: 14) which points to a new form of live entertainment with a  combination of circus art, ballet and theatre. (Pawar, 2007: 3) Coherent with this finding, the non-existent business definition is contradictory because it is said that Cirque du Soleil tried from the beginning to differentiate itself from the traditional circus in business perspectives. (Pawar, 2007: 6-7) Moreover, to achieve this belief by breaking market boundaries, innovations enabled steps to be taken in a specific direction. 3.1.4.Organisational values The value of this organisation is to keep their creativity in business and try to exceed their limits. In addition, the organisation tries to empower its people and promote the youth. Furthermore, every member of the organisation respects every contribution of one person. (Cirque du Soleil, 2012) 3.2.Mission function & statement The mission functions devote strategic measures for the future and thus, represent the purpose of a unit. Moreover, a mission statement defines customers, products and services. (Entrepreneur Media, 2012) 3.2.1.The future development of the business & mission of Cirque du Soleil For the future, Cirque du Soleil is planning to build more entertainment complexes in major cities like Sydney, London and New York. The complexes would include art galleries, nightclubs and restaurants for people to dine. In addition, Cirque wants to include hotels in which artists perform in the waiting area and clowns are doing the room services. (Pawar, 2007: 10) Based on the mission of Cirque du Soleil, the author analyses the factors of mission. The aforementioned organisational values are definite such as the purpose has a clear understanding of what the organisation wants to offer their customer. In contrast to the business definition, there is an indistinct clarification. In particular, Cirque’s intentions for the future blur the business identity and make it even more vague than it already is. A suggestion would be to take preference and choose between the hospitality or entertainment industry and commit resources accordingly. Thus, they can also assure stakeholders of what specific business they are partaking in and the stakeholders have a clear understanding what purpose the organisation is. 3.2.2.Renewed mission statement To modify the mission statement the author extracts parts of the exciting mission of Cirque du Soleil (see appendix: Figure 2) and adds purposes: â€Å"Cirque du Soleil is an international organization and puts a high value on creation, production and performance of artistic work which will impress the audience to evoke the emotions. The organisation will torch people over the world with unique experiences of their performance which differentiate from other entertainment. â€Å" In the modified mission, value on creativity like production will be retained because it highlights the features of Cirque’s business. Furthermore, members of the organisation have a clearer understanding of their aim or purpose. Moreover, Cirque du Soleil should expand in more countries so that everyone, even people in developing countries, can take part in the unique experiences. Cirque could design smaller shows because the usual tickets are expensive. The mission clearly states that they differentiate from others and still hold their accurate business in the background. In summary, audiences might show a continued curiosity with promises. Strategic BenefitsïÆ'ËœHigher customer retention Greater market share Ability to execute strategies Ability to enter new markets Marketplace benefitsïÆ'ËœLower prices Greater customer satisfaction Differentiated offerings Stronger customer relationship Greater agility Operational benefitsïÆ'ËœLower direct costs Better use of assets Faster cycle time Increased accuracy Greater customization or precision More added value Simplifies processes Table 2 A Powerful Weapon (Source: Harvard Business School Publishing Corporation, 2004) â€Å"Cirque du Soleil is an international organization founded in Quebec dedicated to the creation, production and performance of artistic works whose mission is to invoke the imagination, to provoke the sense and to evoke the emotions of people around the world.† Figure 2 Mission (Source: Cirque du Soleil 2012, online) Bibliography Baden- Fuller, C. (1992). Rejuvenating the Mature Business: The Competitive Challenge. Routledge Bierce, A. (2004). Strategy: Process, Content, Context. Cengage Learning Emea Hollensen, S. (2010). Marketing Management- A Relaitionship Approach 2nd ed. Pearson Education Limited Kim, C. (2005). Blue Ocean Strategy. Harvard Business School Publishing Corporation Kim, C. (1998). Harvard Business Review on Strategies for Growth. Harvard Business School Publishing Corportation Manowong, E. ( 2010). Construction Stakeholder Management. Blackwell Publishing Ltd Mullins, L. (2007). Management and organisational behaviour 7th ed. Prentice Hall Pawar, M. (2007). Innovation at Cirque du Soleil. ICMR Center for Management Research Sims, R. (2003). Ethics and Corporate Social Responsibility: Why Giants Fall Waltz, E. (2003). Knowledge Management in the Intelligence Enterprise. Artech House Inc. Williamson, M. (2004). Strategy: Process, Content, Context. Cengage Learning Emea Yu- Lee, R. (2002). Es sentials of Capacity Management. John Wiley & Sons Online Resource Hammer, M. (2004): Deep Change: How Operational Innovation Can Transform Your Company. Online: URL: http://hbr.org/2004/04/deep-change-how-operational-innovation-can-transform-your-company/ar/1 [25th June 2012] Cirque due Soleil (2012): Mission, Goal and Values. Online: URL: http://www.cirquedusoleil.com/en/about/global-citizenship/introduction/mission.aspx [26th June 2012] Cirque du Soleil (2012): Career Transition.Online: URL: http://www.cirquedusoleil.com/en/jobs/casting/work/career-transition.aspx [26th June 2012] Cirque du Soleil (2012): Social Circus. Online : URL : http://www.cirquedusoleil.com/en/about/global-citizenship/default.aspx [26th June 2012] Canadian Heritage (2010): Government of Canada and Cirque du Soleil Announce Canada’s Cultural Program for Expo 2010 in Shanghai. Online: URL: http://www.marketwire.com/press-release/Government-Canada-Cirque-du-Soleil-Announce-Canadas-Cultural-Program-Expo-2010-Shanghai-1100427.htm [26th June 2012] Entrepreneur Media (2012). Online: URL: http://www.entrepreneur.com/encyclopedia/term/82494.html [1st July 2012] The Star (2008). Dubai firms buy 20% of Cirque du Soleil. Online : URL : http://www.thestar.com/entertainment/article/473172–dubai-firms-buy-20-of-cirque-du-soleil [4th July 2012]

Final essay Example | Topics and Well Written Essays - 1750 words - 1

Final - Essay Example , the discussion on recollection and death cannot avoid the aspect of immortality, materiality and invisibility, which is discussed in the dialogue of Socrates and his friends. This paper will therefore seek to examine the viability of the claim that all learning is a process of recollection in relation to the other claims made by Socrates that support the notion. The soul must have been in existence long before one is born and therefore before birth the soul has all knowledge, which it had acquired in its previous life. At the time of birth, the soul is forced to take a new body, which is then supposed to be in control of since the body is mortal but the soul is immortal. The body thus relies on the soul, which plays the divine role and acts as a source of authority for guidance in all its endeavors. As a person grows, the soul may start to forget some of the knowledge acquired as the person encounters different situations, which erode some of the information. However, it is worth noting that the information is not fully lost since when a person acquires knowledge either through sight or through other senses the impression of what is being learned will already be in the mind and the soul will reignite the impression. Therefore, a person can only remember that which he already has an impression on.1 The aspect of abstract equality reinforces the idea that all forms of learning are just a mere process of recollection. When human beings acquire any new form of knowledge they usually have to relate it with what they perceive in their minds to be the absolute truth. But where does absolute truth come from since right from the time that a person starts acquiring knowledge he already possess a definition of this absolute. It therefore emerges that a person is born with this knowledge on abstract equality, which implies that the soul must have existed before and thus acquired all such knowledge. The present reasoning thus only refers to the absolute good, justice,

Luxury Brands, Why People Spend a Lot of Money to Buy Luxury Goods Essay

Luxury Brands, Why People Spend a Lot of Money to Buy Luxury Goods - Essay Example People buy luxury items because they can afford it. This is the only way to show their richness to people. Luxury brands are obviously made for such people who want to prove that they are rich and they can pay any cost for their favorite things. People and fashion celebrities buy the branded goods of Louis Vuitton, Christian Louboutin and Gucci to wear robust and durable products. Louis Vuittan is footwear giant and fashion people spend a lot of money on branded products to show richness. Alexandra says, â€Å"I love the process, the quality, and the craftsmanship involved behind most good luxury products. Some people think luxury goods are very expensive and overpriced. Expensive, yes, overpriced not always.† (Alexandra 2010) Now the one more reason is export of branded items. Branded companies like Hermes, Gucci, Adidas and Nike are manufactured and used in economically strong countries. When these goods are imported by the third world countries, these goods become very expe nsive after inclusion of different taxes. Louis Vuitton is world leader in footwear collections. Other brands in competition are Prada and Alexander Wang. The very important factor behind buying the branded items is that people buy emotion, luxury, image and status linked to brand of their choice. Manufacturer keeps the interest of buyer in mind and makes items to fulfill needsof people. Inflation and difference in currency rates is also influencing factor in offering the different rates of single brand at different places of the world. Brands like Louboutin and Jimmy Choo have a big name on social media. These two are the most visited brands on the internet. Because they claim that they do not only sell shoes, they also sell the lifestyle. This is the lifestyle which convinced people to go for such stylish shoes. When Smith was asked about his interest in buying luxury brands, he reported, â€Å"Luxury brands have valid prices because they offer the best quality and whenever one u ses a brand, it speaks of its quality. They never get weird and out of fashion. They are always in fashion.† The imprecision of the bags has proved that it is one of the most desirable bags since Hermes named it after British actress Jane Birkin in 1984, the prices of these products starts from about $9,000 to about $34,000 for a crocodile skin bag (Goldsmith 2008). People pay large amounts for buying Hermes bags because of already discussed reasons. Hermes bags are good looking and are made of very fine material. Costly and finished leather is used in making of these bags. Companies depend on good labor and material. Just for making the name of brand known to people Hermes bag making is free of any shortcuts. Tonello said, â€Å"The bag has become the iconic 'it' bag, the symbol of ultimate luxury, because of its inaccessibility to the general public† (Goldsmith 2008). Another beauty of Hermes bags is that these are hand made by highly skilled people. Quantity is decid ed and then bags are made according to decided quantity. No extra bags are manufactured in a year. Making of certain number of bags depends upon the availability of skilled labor. Variety of colors and styles are used in molding the leather in a very good looking bag. This fascinates the people and they become bag lovers by paying the high costs. When

The environmental impacts of the Kuwait invasion and the main Term Paper

The environmental impacts of the Kuwait invasion and the main casualties and losses during the seven month long Iraqi occupation of Kuwait - Term Paper Example However, this invasion did not become without negative impact, especially to the local civilians. Some of the outcomes of the Kuwait invasion were environmental. The long term effect includes climatic, vegetation, and biological changes in Kuwait. They experienced high penetration of sun rays due to global warming, poor vegetation, and poor health. The invasion had some effect on air, water, and land. This paper aims at discussing the environmental impacts of the Kuwait invasion. After the United States of America had come to the aid of Kuwait, Sadam Hussein, the then Iraqi president orders his troops to undertake a scorched earth policy which would see to it that all the oil wells in Kuwait were lit on fire before the soldiers retreated from Kuwait (Wilcox 177). The main aim of using the scorched earth policy was aimed at giving them a military advantage by slowing down the USA troops. The scorched earth policy led to the burning of 700 wells in. The Kuwait atmosphere was one of the most affected by the scorched earth policy. When oil is burned in the presence of air there is always the production of carbon dioxide smoke (Austin 101). Carbon dioxide usually has negative effects to the atmosphere. One thing that is obvious is that the massive production of carbon dioxide, smoke led to climatic changes in the region. This means that the ozone layer was highly interfered with lead to an increase in the rate of global warming in Kuwait. During the burning there is definitely some oil that was not completely burnt and found its way to the atmosphere. Such oil led to the formation of invisible droplets in the air. Such droplets led to the formation of oil mist and fog which is believed to have led to the death of many animals and plants. This is because air, with such composition would definitely find themselves in the animals and human lungs whenever it is inhaled

Biology Essay on Diabetes Example | Topics and Well Written Essays - 2500 words

Biology on Diabetes - Essay Example According to Hsieh et. al. (2005 quoted in Morhan et. al. n.d., p. 15), various organs like the kidney and liver showed some lowered levels of mtDNA 8-OHdG when the rats were treated with rice bran oil. It showed that the oil may have certain properties that would be helpful to diabetics. Another study coming from Molnar et al. (n.d. as cited in Morhan et. al. n.d., p. 15) suggested that circulatory system illness and diabetes can be caused by angiotensin-converting enzyme gene insertion and deletion polymorphism. Those who have allele D may experience a heightened oxidative stress. It then leads to the injury of endothelium. Oxidative stress is then detected by the presence of albuminuria. Albuminaria may have some linkage with type 2 diabetes as what was investigated by Molnar et al. (n.d. cited in Morhan et. al. n.d.). With the significant level of fructosamine in the blood, they need insulin and more medicines for combating hypertension than people with the genotype II. Fructosam in is then the substance resulting from the joining of fruit sugar and amine through chemical reaction and releasing water in the process. That substance is used as a detector of the blood sugar level and identify whether an individual has the tendency to have diabetes or not (Lavin 2009, p. 697). It was then proven by the study that patients with allele D have bad metabolic activity and exhibit cell damage development due to oxidative stress. The connection then between the treatment method and the genotype and hypertension treatment had small significance (Morhan et al. n.d., p. 16). Hypertension is then the drastic increase in the blood pressure that passes through the blood vessels and result to tearing of the walls of the vessels. Its complications are heart attack, kidney failure and stroke (Cohen 2004, p. 9). The amount of fructosamin in the bodies of the patients was then affected by inhibitors as its presence reduced the amount while its absence allowed the prevalence of be yond the normal level of fructosamin seen in the body. The study concluded with the patients having resistance to taken insulin led to a degrading state of metabolism that resulted to oxidative stress (Morhan et. al. n.d., p. 16). The study showed how certain genes affect the condition of diabetics. Going on with the oxidative stress, it becomes a complication of diabetes once superoxide has been made in excess through the existence of hyperglycaemia. It happens in detail as such overproduction of superoxide leads to higher levels of nitric oxide creating strong oxidants that hastens the appearance of complications from diabetes. The same method also causes damages to the inner linings of the blood vessels for diabetic patients (Morhan et. al. n.d., p. 17). Hyperglycemia then is the condition of having high concentration of glucose in the blood as a result of not having much insulin in the body to regulate the blood sugar levels. It may progress slowly or may come out abruptly that may pose serious complications. When it goes out of control, it has the ability to dehydrate the person and experience severe chemical imbalance in his body. It is then usually related to diabetes

Marketing to teens worldwide via music Essay Example | Topics and Well Written Essays - 1500 words

Marketing to teens worldwide via music - Essay Example Apart from hiring most successful pop stars as ambassadors, these organizations have also ventured in to partnership with organizations like Twitter, Amazon, Billboard (with Pepsi), Spotify, YouTube, I-tunes (with Coca Cola). Sponsoring talent hunt shows, signing deals with music labels to help launch new artist and brand albums are the major acts that took place in the recent years (Dyson, 2012). This newfound interest towards music to attract teens by these organization and their steps for achievement of these targets are the reason leading to analyses of this situation. It is a general perception that believes that youngsters are our future, and thus proper investments should be made in them so that the society can have a bright and strong future. This notion is usually associated while planning budget and developing strategies for teens by the government. However, in recent times, it seems as if soda brands like Pepsi and Coca-Cola have adopted this strategy to make the future of their company brighter and stronger. According to the National Health and Nutrition Examination Survey, 2005–2008 â€Å"teenagers and young adults consume more sugar drinks than other age groups† (NCHS Data Brief, 2011), this data coupled with the soda brand estimated that â€Å"By 2020, one-third of the worlds population, or 2.5 billion people, will be younger than 18. And in the next 10 years, teens in the U.S. will number 31 million† (NCHS Data Brief, 2011). All of this factual data and estimation is enough for these soda brands to target teenagers as their main audience. Recently, Coca-Cola revealed its 2020 vision as per which the company aims to â€Å"increase its revenue to $200 billion and increase its serving to 3 billion by 2020†. All of these endeavours by these giant soda brands to target teens are to achieve its long-term strategic plans of success (Zmuda, 2011). These brands

Anthropological theories on the common property Term Paper

Anthropological theories on the common property - Term Paper Example In this regard, the theory can be used to describe the behavior individual in the use of common property to meet their needs for more satisfaction. Moreover, people tend to focus on the utilization of utilities which are as cost effective as possible. In this regard the propensity for the use of common property is justified. The human nature which makes them to seek cost effectiveness in their actions and behavior is described within the instrumental rationality which lies in the spectrum of the rational choice theory (Kim and Mahoney 223). In the illustration of rational choice theory, it is observable that people for example tend to use public parks because of the cost effectiveness associated with them. In this regard, the society makes choices based on instrumental rationality to ensure that they enjoy better than bad at the most cost effective manner (McLellan 13). In this regard, the justification which people give for the use of common property is likely to include the fact th at they are cost effective even though they may not reveal this apparently because of the social attitudes associated with the common property. ... Rationality within the rational choice theory is used to signify the sanity which people employ in the use of common property. This means that people are left with no choice but to make realistic and hence sane choices in the utilization of common property (Dowding and Andrew 455). For example it makes sense for sane choices of utilization of common property because of the cost effectiveness associated with them. This can be exemplified by an individual who makes sane choices of using common property swimming pools instead of installing his or her own which would be impractical due to limitations in space, costly and time consuming. The rational choice theory further is used to exemplify the thoughtful nature of human beings in the use of common property. This means that the use of common property is often evaluated or assessed by the users with an aim of determining its usefulness or benefits in relation to the possible advantages (Hechter and Satoshi 194). The rational choice is th us conclusively based on the ability of people to weigh between benefits and disadvantages of utilization of specific common services or property under a thoughtful process before a choice is eventually reached. The motive of rational choice as postulated by the rational choice theory is the maximization of the advantages that can be accrued from personal utilization of common property (Yalman 388). Therefore, there is a rational process which drives the use of common property. The rational process and the cognition of a person therefore define the attitudes and behaviors which are demonstrated during the use or conversation about common property (Roberts 32). More importantly, the rational choice theory is postulated within the concept of preference (Nehring 205). For example

The decline in United States power in the 1970s was illusory. Discuss Essay

The decline in United States power in the 1970s was illusory. Discuss - Essay Example presidency of Richard Nixon was shattered as evidence of insidious corruption cane to light and threatened to destroy the power of the once great office. The Cold War continued to drain resources away from other domestic programs, while the price of gasoline and inflation took an economic toll on the public. Still, the United States has been able to survive the onslaught of the problems of the 1970s. The period was marred by a world misperception of our nations vulnerabilities that contributed to an image of a weakened state around the world. World power is the elusive ability that some nations have to persuade countries to agree with their policy, even when it might not be in their own best interest. Power is a perceptual construct that is gained through respect and held by deference. Power can only be granted by a country or a leader that considers themselves a subordinate, and has respect sufficient enough to show deference to the world power. Note that legitimate power must be granted; it cannot be taken or seized. Jackson (2007) states that, "most of the time states cooperate with each other more or less routinely, and without much political drama, for mutual advantage" (p.26). In most situations, states are on par with each other as power is a secondary concern. Power is only gained by framing the world leader in terms of superior economic, military, and political might. These are the pillars that support the power structure and will continue to gain respect until the factors erode and the states no longer have a m otivation to cooperate. A downturn in the economy, a failed foreign war, and corruption in government can all reduce the perception of the power held by the United States. Wealth is a defining characteristic of a country that holds power and it gains the worlds respect from nearly all corners. Since the 17th century states and nations have drawn a significant part of their perceived power from their economic and financial prowess. The United

Victor Meldrew Essay Example for Free

Victor Meldrew Essay How realistic do you find the character of Victor Meldrew in One Foot in the Grave, base your answer on an analysis of In Luton Airport No-One Can Hear You Scream Victor Meldrew is the main character in a TV programme named One Foot in the Grave which is a BBC made sitcom. The word sitcom is short for situation comedy. Sitcoms were founded in America, with the first one I Love Lucy being a great success all over the world. It was shown on I. T. V, with almost every one enthralled week in and week out. This meant the BBC needed to create a sitcom of their own to try and justify the television licence, and One Foot in the Grave was one of those sitcoms. Sitcoms are a very popular genre of TV because they contain many subliminal messages. Sitcom productions such as One Foot in the Grave have many conventions which are there are few main characters, the episodes are episodic (each episode is separate) so you dont have to follow the story lines, most sitcoms have inexpensive sets, props and costumes or anything that can easily be carried on or off stage. Most sitcoms last for about 30 minutes and are based on everyday experiences so the audience can relate to them. All of these conventions are there to attract attention to Meldrew. For example having few main characters focuss all our attention on Meldrew and what he is doing. Having inexpensive props (properties), sets and costumes again draws our attention to Meldrew because our attention isnt focused on props or the surroundings and so that the audience can relate to it because stereotypical old men dont tend to wear brand names so Meldrew is merely following trend. The majority of the time main characters in sitcoms are stereotypes for example Kevin and Perry are stereotypical teenagers and Victor Meldrew is a great example of a stereotypical old man. Stereo types are used in sitcoms because there is not enough time to develop complex characters so when using a stereo type they are instantly recognised. With Meldrew being stereotyped as an old man we recognise him as being grumpy and stubborn constantly. This is always amusing to watch because we can all relate to it. At the start of the programme we hear the theme tune to One Foot in the Grave which shows a tortoise walking painfully slow which indicates a old person because people think of tortoises as old and slow. There are many quotes in the theme tune which are meant to explain old men, such as Wrinkly, Crinkly and Past my sell by date One Foot in the Grave is made up of many different types of humour as are many sitcoms. Meldrews humour tends to be visual, sarcastic and slapstick. In sitcoms the contrast between normal everyday experiences and ridiculous situations can differ in sitcoms. For example during the episode In Luton Airport No-One Can Hear You Scream Meldrew came home to find his house to be nothing more than rubble. This is not really an everyday experience which the audience can relate to its more of a ridiculous situation which makes the audience laugh. During sitcoms the audience may wonder whether the programme they are watching is realistic in any way. They may think this when for example when Meldrew is in his back garden sun bathing with his buttocks showing. This is not normal behaviour for an elderly man to do in his back garden. Another example of unrealistic behaviour is when Meldrew turns up at Luton Airport dressed like the Cisco kid. This is not realistic because this is not an outfit you would wear on your way back to Britain. The Still images show us how much effort has been put into making the episode because it shows us a great deal about the body language, the lighting and the types of camera angles used. The first still shot is when Meldrew is in the airport cafi and he has just been told about his house being burnt down, the still for this scene shows us there are lots of cheap props such as plastic plants, sombrero and a orange and pink shirt. The lighting is very bright and the camera angle is a medium shot. The body language of Melldrew after throwing the beer in his face shows him with a semi-open mouth to symbolise disbelief. Still 2 is the still from outside Meldrews house where he is arguing with a neighbour who is leaning out of his window from across the street. The props are again inexpensive because they are only stones and bricks. The camera angle is a high shot facing down on Melldrew to show us the power which his neighbour has over him because he is in a warm house and is above Meldrew. Still 3 is of Meldrew unpacking in a forensic suit, holding only a sock which was the only item found from his suitcase which was lost on his way back to Britain. The props used are packing cases and boxes. The lighting is very bright to show us that Meldrew is agitated. The camera shot is a medium shot, and his body language tells us that he is disgusted. Still 4 is of Meldrew sunbathing in his back garden in his trunks with his buttocks showing. The props used are a towel and some sunglasses. The sun provides all the sun for this shot, the camera angle used is a low shot to show us that Melldrew is helpless. His body language used shows us that he is shocked as his neighbour stumbles across him sun bathing. The conclusion to this is that Meldrew is not a realistic character he is merely a stereotype designed to make us laugh. If Meldrew was realistic most people would not find it funny and therefore not watch the programme. The idea of a sitcom is to make us laugh so if they had masses of characters or a complex setting it would take all the fun out of the programme and defy the whole point of a sitcom.

Standardisation Vs Customisation

Standardisation Vs Customisation A spectacular globalisation has been observed in the international business due to regional economic integration, advances in transportation, communication, technology and liberalization of worldwide trade policies (Czinkota Ronkainen, 2004; Keegan, 1999).ÂÂ   With the growing international business, international marketing has become more complex and diverse, (Terpstra, 2000; Cateora Ghauri, 2006) environment that is uncontrollable, unpredictable resulting uncertainty in business environment. International business is not only sending goods and services to foreign market but also to deal with different issues that make international marketing more complex, in particular geographical borders, different political systems, business regulations, currency conversions and cultural variety (Keegan, 2002; Geri Ian, 2009). Convincing cases can be put forward for both a standardisation or customisation approach to global marketing practice. These arguments are keenly explored; drawing from examples of Coca-Colas international marketing programme to reveal key points. This report discusses the contemporary issue facing by the global companies in marketing their products. Part One Issue: Global Marketing Standardisation Vs Customisation Global versus local marketing strategy have been a major debate in cross-national business development over decades for global brands (Levitt, 1983; Solber, 2002). The issue here is if the companies should follow a standardized marketing program to different consumer groups in different countries or a customised one by adapting their strategy according to the needs and habits of the specific country. The explanation for this confusion can be supported with two variables, awareness of local market condition at the headquarters and the level of headquarters influence in decision making of local marketing. This dilemma of standardising and customised marketing is mainly due to key factors like cost, ethical issues, legal restrictions, media, culture, and markets. For example taking the leading beverage company Coca-Cola (2003) into consideration it global campaign Life tastes good has been backed just after 2 years after its launch. Now the companies advertising headquarters operates ac cording to the local market needs rather than the draft developed at central headquarters. In addition to this it is also argues that product category is also a key factor in making advertising decisions (Summerfield, 2002). Kay (2002), president of Toronto consulting firm The Glasgow Group in similar fashion says technology and clothing brands tend to fit well with standard marketing but food and beverage products face difficulties with cultural mismatch, category development, brand name and local economy. Another example for customized marketing is McDonalds, a food chain, which customises its marketing strategy as well as products according to the needs and culture of the countries. The products launched in each country differ according to the cultural requirements and habits, economic development and affordability of the targeted class. This is considered to be issue because of the complexity created by the issue in the decision making process of international managers. As the main motive of the advertising is to influence the companys customers in selling their products, it is important for the company to decide if their advertising campaigns are influencing its customers globally in all regions. Thinking from a strategic point of view organisations marketing with a standardised marketing strategy implies offering standard product at standard price through standard distribution system, supported by similar promotional programmes in different counties, with different market requirement and in some cases completely opposite markets, this supports customising approach. On the other hand Cohanim (2002), Vice president of marketing and communication of IBM (Past), says IBM looks at the globe as a single market and IBM try to operate as a single global market, the company supports this by stating the solutions for their industry, customers, products and services are similar for all countries in which they are operating. Critical Analysis: Global Marketing is the strategy involving the four Ps of marketing i.e. Product, Price, Place and Promotion to deal with the markets according to the geographical and cultural adaptation. Complete Standardisation marketing strategy is to offer identical product line and features at identical prices through identical distribution channels endorsed by identical promotional programs. The other extreme of this would be Complete Customisation marketing strategy to develop distinct tailored products, pricing, promotion and distribution policies with no specific standard elements (Imad, Naresh 1995). Many writers have endorsed standardisation instead of customisation for international marketing (Britt, 1974; Clark, 1975; Obrien, 1986). This argument is pleasing as it can be estimated an outstanding sales for a standard global product. Levitt (1983) in his Globalization of Markets states that If a company forces costs and prices down and pushes quality and reliability up while maintaining reasonable concern for suitability customers will prefer its world-standardized products. Also the cost factor, which can be reduced by single marketing strategy when moved to low-cost market, helps the organisation to maintain the quality of the product (Walter, 1986; Yip, 1989). It is also observed that most of the international marketing campaigns are showing attention towards the standardised approach of advertising (Varder, 1992). Some researches conveyed that industrial products lend themselves more easily to standardisation than consumer products (Hite and Fraser, 1988) still, product categories cant be considered as great factor in standardising international marketing (Saimee Roth, 1992). In US, EU markets it is found that businesses with standardised products are well established and gain the advantage of create a standard image of their products (Bharadwrj et al, 1993; Rosen et al, 1989). The other important factor that encourages standardisation is reduce in unit cost, this gain a competitive advantage for the global companies who can easily penetrate into the price sensitive markets and drive the small competitors out of market. Walliser Usunier (1998, p. 530), in their review article, conclude that even though opportunities exist to standardize the strategic levels of international advertising, mainly on a regional basis, considerable adaptation of exceptional elements in international advertising campaign is inevitable. The standardisation or the customisation depends on the products and the notion of the consumers towards the product. Products like laptops, computers, televisions, cameras, watches, cosmetics, and clothing associated with fashion and status, etc are marketed on the basis of their world class recognition and hence a standard approach to campaign the products is used. A customised approach in such cases might not be preferred as they are advances in technology and thus the consumer demands in such cases have universal acceptance of these global products (Yvette Reisinger, 2008). This kind of globalization leads to homogenization of consumer acceptance and adaptation of such goods. But products like food and beverages, services like banking and insurance solutions depend on the habits and tastes and needs and wants of the targeted ethnicity. For example, McDonalds recipes differ from each country it operates and are accustomed to the eating habits of the locals. The pricing of such pro ducts too is done by considering the spending ability of the targeted class. A standardised approach in such case would possibly result in a failure of the product in international markets. Yvette Reisinger (2008), in his book describes the failure of the fast-food concept in France which is well admired in China. The Chinese consumers prefer faster service with low waiting time where as the French consumers seek distinctiveness and identity of the service. The study thus implies that a standardised or a customised technique of marketing products might not be feasible in all cases and depending on the influencing factors; thus, either of them or sometimes both of them might have to be considered. This is understood by a thorough research of the behaviour and adaptations of the countries while launching a product and depending on the mindset and acceptability of the consumers in those geographies (Salah Hassan, Erdener Kaynak, 1994). Philip Kotler in his Global Standardization Courting Danger (1986) describes few such failures of products belonging to renowned brands due to non-customization. Philips initially failed to make profits in Japan due to larger size of the coffeemakers and later did well after reducing the size to accommodate Japanese kitchens. Mattels Barbie doll, a famous product introduced in foreign markets, could have made positive profits with its standard western features accepted by many countries with a lower price m odel. This could also be counter argued by having a culture specific meaning of dolls and the need to have their features reflect a national look with would obviously earn better profits due to wide acceptance (Philip Kotler, 1986). Even though the Barbie sales were good with its western features in 60 countries, the sales in Japan have flourished only after the features of the doll were modified to reflect Japanese. This doesnt completely mean that Mattel has done well in those 60 other countries and leaves behind a dilemma that if there were customized features representing the nations, they could have done better. A proper and complete understanding of these two strategies i.e. standardization and customization is necessary for global marketing and thus enables us to channelize the knowledge to leverage the opportunities in international markets. The idea is not to debate on which of the both is better but to investigate potentiality and research on which of the strategies suit the product (Philip Kotler, 1986). The possibility is that, by applying each of them independently could be successful or by a combination of both the strategies is to be decided while the promotional strategy for the product is being designed. This could be realized by a primary market research in the geographies where the product is being launched and the cultural, economic, political and infrastructural adaptations and limitations of the countries. This is quite necessary for successful marketing and promotion to launch any product in the international markets and to be noticed and appreciated by the consumers of the product. A predetermined notion in this regard is dangerous and might in turn result in a disaster. Depending on the study conducted before the launch, it is then necessary to plan accordingly, the marketing strategy that needs to be implemented (Levitt, 1983). In international markets striking a balance between standardisation and customisation is vitally essential for the product to be successful globally (Amanda 2004). The element for success is an accurate assessment of market forces currently facing the specific brand and how to best take the advantage of this market environment. It is probably one of the reasons that Coca Cola is the worlds most powerful brand as stated by Interbrands Global Brand Scorecard in 2003, estimating its brand value at $70.45Bn(No. 1-0085). Part Two Organisation for Research: Coca Cola, worlds largest manufacturer and distributor of non-alcoholic beverages is the best example for the global marketing. We have considered Coke due to its global recognition and also for its efforts to remain a leader by dealing with the issues in standardisation and customisation strategies. The organisation currently operating in more than 200 countries with over 450 brands and a portfolio of more than 3000 beverage products worldwide, constantly competing with its international rivals as well as local players in the countries it is operating in, to revive its position as a leader in the domain. The vast business structure of Coca Cola has led to prologue of innumerable marketing strategies and theories which have constantly been modified to maintain the brand as a global paramount. Achieving such a position all over the world is no cakewalk for any organisation and involves complex marketing strategies to deal with boundless problems encountering across the world in different countries. A detailed analysis of different strategies and theories implemented by Coca Cola in executing its marketing plan across the world could help us to understand the concepts of standardisation and customisation better, and the advantages and disadvantages of both these theories. Issue and Facts: For any company that is continuously growing it is vitally necessary that it does not contain geographical limitations and that is one theory that Coca Cola has excelled in. On July 29th when the company announced its second quarter results, a raise in profit of 43% has been observed due to overseas growth even though it suffered weak domestic volume (Source 1: NY times). Since the time Coca Cola has started its global expansion, it has either become a leading beverage brand in countries worldwide or it tried to acquire the topmost beverage seller of that country. A recent such deal that Coca Cola tried to make is in China (Source 2: NY times), which unfortunately couldnt be completed due to government restrictions. Reportedly, Coca Cola tried to acquire a Chinese juice maker Huiyuan in the $2.5Billion deal (Source 3: CBS News). The company has ensured an equal market spread across the world and that is how it still made wonderful in spite of the weak economy back home in the United States, by its overseas markets (Source 4: Barrons). Recently in the month of June, it has announced the release of Green Tea Coca Cola in Japan, which they claim is good for health and beauty (Source 5: WBST). The range of products that the brand releases in different countries differs with the local adaptations, tastes and needs of the people. The marketing strategies and ad campaigns too differ depending of the mindsets and interests of people. In the Asian Countries of India and Pakistan, the caption goes as Jo Chaho Ho Jaye Coca Cola Enjoy, by which the brand is recognized in those countries. Most of the captions and marketing plans of Coca Cola are such that they seem to the people to identify and relate themselves with the brand(Ref: 25, 25). The Colalife campaign is another example of Cokes strategy to support the social cause for the Third World countries by supplying social products like Vitamin A tablets in their crates for people who direly need them (Source 6: PFSK). In Spain, Coca-Cola withdrew its 2-liter bottle after discovering that few local refrigerators had large enough compartments (Philip Kotler, 1986). The evidences of such a global leading brand in following the strategy of customization and adaptation regionally in spite of maintaining its international brand image makes it one of the worlds most powerful brands. Literature: Issue Analysis: The Coca Cola Company mission is to expand their business by understanding the trends and forces that will help them to sustain by creating value and making difference (Coca Cola Mission Statement). In the process of achieving this mission, they believe that consumer demand drives everything they do but also brand Coca Cola will always be the core of their business(Ref: 27). The focus on market is by getting into the market to listen, observe and learn what their consumers, customers and partners need. They wish to create a brand image that would inspire creativity, passion, optimism and fun (Coca Cola Mission Statement). The point here is to observe the possibilities of sustainability, which is a key factor in a global market. One should always understand the fact that to be Global, one needs to be local. With a history of more than hundred years, the company has created a brand value for itself for its core business by the name Coca Cola or Coke and thus, is widely recognized by it . The idea now is to sustain its global model by constantly endeavoring new and innovative products that best suit the markets of the countries it is operating in. The theories of standardization and customization have been utilized constantly by this firm to maintain its core brand value as well as making the people feel it as local with its adaptive and customized brands and marketing. The emotional connection that they make with consumers while providing them with product quality and variety builds brand value and drives preference for their beverage products. The issue is, to maintain such an emotional bonding with their customers, they need to listen to their customers and respond to them according to the needs. Various ethnicities have various habits and thus different tastes. The proper control of top management and their readiness to listen to their business customers worldwide and executing marketing plans through proper research and analysis is one the main reasons that Coca Cola is an example for its business model and marketing strategies. They have dealt with the issue of varying needs of their customers by launching products that resemble the countrys ethnic habits and taste. A standardized approach in this case could prove dangerous as, if the product is not welcome by the people, no matter how best the marketing plan is and how well it was received in the home country or for that matter any other country, if people of one particular country dont like the product, it will result in a disaster in that nation thus forcing the com pany to withdraw its operation due to such failure. A proper method would be to deal with their local necessity and simultaneously promote the core brand to achieve standardization. This way, even though customized products are being offered to the people, the core brand value is always promoted. The Coca Cola Company, with its experience in serving the world for more than a century, has excelled in the art of global marketing by customizing its products according to needs and also by maintaining the core brand Coca Cola or simply Coke across the world. Conclusion: The Coca Cola Company, in their 2008 annual review, mentions that We are just getting started. The reason is because currently they are selling 570 billion servings per year which makes it 18,000 servings per second. Estimates show that over the next 12 years the population worldwide would grow by more than 800 million people. In addition, 1 billion new people would enter the middle class population and nearly 900 million people will have migrated to urban centers. That means more consumers with more money who have ability to purchase the ready-to-drink beverages to thrive business. In an attempt to understand and test the product sustainability, the company continuously launches new products with intense marketing campaigns in different countries. Depending on the consumer response and market survival, it either retains the sale of product or withdraws it from the market. In this process of satisfying their customer needs, Coca Cola is constantly gaining experience and is getting re ady for its future targets by getting closer to its customers utilizing the theories of customization and standardization simultaneously and managing their effects intelligently to eliminate any negative effects and addicting people with its adaptive fondness Read more: http://www.oxbridgewriters.com/essays/marketing/global-marketing.php#ixzz2Bwx0DLy9

Shaker Communities Essays -- Essays Papers

Shaker Communities During the 1800’s many utopian societies sprouted in the United States. Most of these societies blossomed and faded quite quickly, but one group did not fade away like the others. This society successfully combined their faith with the reasoning of the changing times and kept their communities going strong. They are or known as the Shakers, or more formally as the members of the United Society of Believers in Christ's Second Appearing. The Shakers were inventors and thinkers who challenged many traditional thoughts and beliefs. Even today, people marvel and wonder at the Shakers and their communities, which have survived for over two hundred and twenty years and whose influences on society still are present today. Originally, the Shakers formed out of a sect of Quakers in England that was known as the "Shaking Quakers" due to their very emotional religious services. Jane and James Wardley led the group who shook, danced, sang and spoke in tongues during services. A woman from Manchester, England, named Ann Lee joined the group in 1758. In 1770 she was arrested and spent time in jail for disturbing the peace during a religious celebration. During this time Ann had her vision of "Adam and Eve having carnal intercourse" which shaped the future of the group.1 Afterwards she came to the realization that sexual intercourse caused humankind’s fall from grace. Following her release from jail, she went forth to tell the members of the Shaking Quakers in Manchester about her vision. At this point, Ann Lee became known as Mother Ann, the leader of the Shaking Quakers. For the next four years, the group remained in England. Due to the persecution they faced during this time, they failed to attract many new members... ...x/soc257/nrms/Shakers.html (5 Mar. 2000). 3. Hillebrand ( Http://www.webzonecom.com/ccn/cults/othr09a.txt). 4. Robley Edward Whitson, The Shakers: Two Centuries of Spiritual Refection (New York: Paulist Press, 1983), 1-2. 5. David R. Lamson, Two Years Experience Among the Shakers (New York: AMS Press Inc., 1971), 10-11. 6. Lawrence Foster, Women, Family, and Utopia (New York: Syracuse University Press, 1991), 30-31. 7. Stephen J. Stein, The Shaker Experience in America (New Haven, CO: Yale University Press, 1992) 133-134. 8. Unknown, "New Release from Storey Books - Shaker Medicinal Herbs" Http://www.storey.com/news/aug0404.htm (5 Mar. 2000). 9. Unknown, "Sabbathday Lake." Http://www.shakerworkshops.com/sdl.htm (5 Mar. 2000). 10. Harlan ( Http://cti.itc.virginia.edu/~jkh8x/soc257/nrms/Shakers.html).

Orson Welles Citizen Kane :: Films Movies

Orson Welles' Citizen Kane Having success the first time around is very uncommon. Orson Welles's first feature film richly realizes the full potential of excellent craftsmanship. Citizen Kane is almost indisputably the greatest achievement in the history of filming. In 1941, this film was considered by many as the best film ever made. This film is about the enormous conflict between two twentieth-century icons, publisher William Randolph Hearst and the prodigy of his time, Orson Welles. The rather overwhelming beginning of an opening sequence is still as electrifying as any in the history of movies. That tarnished sign on a forbidding black wire fence is the first thing we see in Orson Welles' Citizen Kane. Citizen Kane is a movie about perception and projection. Indeed, with the complex theme the whole movie seems to be placed in a kind of psychological trauma for the viewers. Citizen Kane is a portrait of a public and private figure that remains tantalizingly unfinished. Excellent acting was revealed for the first time as these new roles played out. Orson Welles was a director ahead of his time and his portrayal of Kane shows his acting ability. This film is one of the first films to rely heavily on style and visuals, Citizen Kane uses camera, lighting, and set techniques to show Kane's rise and fall from power. The movie as a whole -- though as artistically satisfying as a picture can get -- also leaves us with certain unexplicated pieces of Kane's life that only we, as viewers of Citizen Kane, can put together for ourselves. There's no doubt that Citizen Kane is a great movie. It is a pioneering film that forever changed film making. Its plot is one of the most creative and original in all of movie history. Citizen Kane is a brilliantly made film. I can't really take the full impact of it because it was made in 1941, and all the film techniques Welle's used, are used frequently today. Nowadays, a film has to be emotionally involving and have an original plot to get recognition. But back in the 40s, no one had ever seen some of them before, and so it was new and original. Conversely, the film features rapid montage sequences permitting sudden ellipses of time and space for the first time. This was a special technique that Orson Well used time progressing. Opening and concluding with the famous NO TRESPASSING sign outside of his palace, Xanadu, the film depicts newspaper giant Charles Foster Kane's economic and spiritual rise and his eventual

My Writing Style Essay -- Writing Education Teaching Essays

My Writing Style We all have a style, and it would seem that I wouldn't know another style, better than I know my own. However, I really wasn't aware that every circumstance causes me to change my 'style' accordingly. It seems that we are all just actors and actresses, playing various social roles, and yet we think we are being our 'self'. There were times when I was really nervous, perhaps before a job interview or meeting new people, and my mom would say , " don't be nervous, just go and be your self." The 'self' is an integration of the social roles we play and it is complex because we change our behaviors and our perceptions as situations dictate. The line you just read, illustrated an official writing 'self' that I slip into because it's still such a habit to write in the official style. Let me assure you this is quite frustrating. Anyway, now that I know what my 'self' is, the advice above seems worthless. Realistically, I am always my 'self', otherwise, who else would I be? Often times, I realize that I am not sincere while I am talking with people. My insincere 'self', is the style which surfaces more often than I like to admit, especially while I am at work. At work, customer after customer goes through my checkout line, and I greet each one with a polite and courteous, "Hi, how are you today?" The customers must think I care and want to know how they are actually doing, because some of them share with me, even the smallest details about their life story. To this, I usually say, "Oh, that's good," or if they have just enlightening run-down on how crummy life is, I will reply, "I'm sorry to hear that," in a very sympathetic way of course. During encounters with customers like this, I am often thinking; I have to g... ...h beyond the rigid theme writing stipulations. I continue to struggle with avoiding the know-it-all voice and style which still continues to naturally falls on the page. It's a style composed primarily of official sounding latinate words, and often it doesn't get across what I am trying to say in my writing. I think that the best way to defeat this style, is to continue to write as if I were engaged in a conversation. I realize now that good work isn't' t always defined by how eloquent it sounds. I have also realized that I don't even like reading what I write most of the time because I don't like to be talked at. I would rather read a paper which sounds less condescending, and one which sounds more like the paper is sharing ideas. I would rather write papers which reflect more of my 'self' and as for my conversations, well, I can't help being my 'self' if I tried. My Writing Style Essay -- Writing Education Teaching Essays My Writing Style We all have a style, and it would seem that I wouldn't know another style, better than I know my own. However, I really wasn't aware that every circumstance causes me to change my 'style' accordingly. It seems that we are all just actors and actresses, playing various social roles, and yet we think we are being our 'self'. There were times when I was really nervous, perhaps before a job interview or meeting new people, and my mom would say , " don't be nervous, just go and be your self." The 'self' is an integration of the social roles we play and it is complex because we change our behaviors and our perceptions as situations dictate. The line you just read, illustrated an official writing 'self' that I slip into because it's still such a habit to write in the official style. Let me assure you this is quite frustrating. Anyway, now that I know what my 'self' is, the advice above seems worthless. Realistically, I am always my 'self', otherwise, who else would I be? Often times, I realize that I am not sincere while I am talking with people. My insincere 'self', is the style which surfaces more often than I like to admit, especially while I am at work. At work, customer after customer goes through my checkout line, and I greet each one with a polite and courteous, "Hi, how are you today?" The customers must think I care and want to know how they are actually doing, because some of them share with me, even the smallest details about their life story. To this, I usually say, "Oh, that's good," or if they have just enlightening run-down on how crummy life is, I will reply, "I'm sorry to hear that," in a very sympathetic way of course. During encounters with customers like this, I am often thinking; I have to g... ...h beyond the rigid theme writing stipulations. I continue to struggle with avoiding the know-it-all voice and style which still continues to naturally falls on the page. It's a style composed primarily of official sounding latinate words, and often it doesn't get across what I am trying to say in my writing. I think that the best way to defeat this style, is to continue to write as if I were engaged in a conversation. I realize now that good work isn't' t always defined by how eloquent it sounds. I have also realized that I don't even like reading what I write most of the time because I don't like to be talked at. I would rather read a paper which sounds less condescending, and one which sounds more like the paper is sharing ideas. I would rather write papers which reflect more of my 'self' and as for my conversations, well, I can't help being my 'self' if I tried.

Should Developing Countries Concentrate on Improving?

Should developing countries concentrate on improving industrial skills or should they promote education first? As everyone knows that a government represents the people to operate the whole nation and to structure a well-organized system for development, on the other hand, a powerful nation needs a strong administrative government which could constitute beneficial policies for the people, because government is closely connected with people, and its relationship is unbreakable. So, any policies government made are important directly influencing people’s life.Useful policies provide a nation right direction to help its development in any fields such as economy, education, industry and military; in contrast, bad ones pull the whole nation down. Simply it can be said, constitution of policies makes the decision of national development, and especially it’s much more important in developing countries than advanced countries. Then, in developing procedure which one should be d eveloped first, improving industrial skills or promoting education? In my opinion, promoting education is basically more important than industrial skills improvement.One of reasons is it can not be doubted that industrial development or improvement is based on technology development which requires specialists, especially advanced technologies, which developing countries could not independently develop, need to be imported though high-educated people, therefore, even if a nation has abundant mines or materials, without well-structured and widespread education development, the resources surely can not be well used to develop technologies. And, oppositely, low-educated people slow down development.Another reason is well-structured education system means frequencies of transmission and communication of diversified and different information. It not only helps education to be popularized, but also enhances the possibility of acquirement from advanced countries. Moreover, a nation has a we ll-developed financial system must be set up by education. When people are learned from knowledge, then they know how to trade with others, or countries, in many ways. Hence, education pushes exchange of trade and also strengthens the entity of nation. An example can be supportive for my view.In the past more than 50 years, two political systems, democracy and communism, were developed and makes two most powerful and superior countries, America and Old Russia. It is known that Old Russia was an industrial country, and the isolation made it develop its own technologies. For maintaining advantageous position which in competition with America, it continually kept developing, but why Old Russia collapsed in a flash but Communist China did not? The opening of it economic market to international may be the answer, but another important policy was also valued by Chinese government is the enhancement of literacy rate increasing.Chinese government knew the technology development or technolog y import both require education, for this reason the nationwide popularization of education was strongly pushed to educate and train up people to help both restructuring and development in every field. To sum up, I believe the establishment of education is much more important than technology development or improvement. Even though a nation can develop its technologies first, without the reinforcement of education its development of every field, will be soon stopped or slowed down by its low-educated system.

Georgia Atlantic Company Essay

During the depression of the 1930s, Ben Jenkins, Sr., a wealthy, expansion-oriented lumberman whose family had been in the lumber business in the southeastern United States for several generations, began to acquire small, depressed sawmills and wholesale lumber companies. These businesses prospered during World War II. After the war, Jenkins anticipated that the demand for lumber would surge, so he aggressively sought new timberlands to supply his sawmills. In 1954, all of Jenkins’s companies were consolidated, along with some other independent lumber and milling companies, into a single corporation, the Georgia Atlantic Company. By the end of 1992, Georgia Atlantic was a major force in the lumber industry, though not one of the giants. Still, it possessed more timber and timberlands in relation to its use of timber than any other lumber company. Worldwide demand for lumber was strong in spite of a soft world economy, and its timber supply should have put Georgia Atlantic in a good position. With its assured supply of pulpwood, the company could run its mills at a steady rate and, thus, at a low per-unit production cost. However, the company does not have sufficient manufacturing capacity to fully utilize its timber supplies; so it has been forced to sell raw timber to other lumber companies to generate cash flow, losing potential profits in the process. Georgia Atlantic has enjoyed rapid growth in both sales and assets. This rapid growth has, however, caused some financial problems as indicated in Table 1. The condensed balance sheets shown in the table reveal that Georgia Atlantic’s financial leverage has increased substantially in the last 10 years, while the firm’s liquidity position markedly deteriorated over the same period. Remember, though, that the balance sheet figures reflect historical costs, and that the market values of the assets could be much higher than the values shown on the balance sheet. For example, Georgia Atlantic purchased 10,000 acres of cut timberland in southern Georgia in 1961 for $10 per acre, then planted trees which are now mature. The value of this acreage and its timber is estimated at $2,750 per acre, even though it is shown on the firm’s balance sheet at $230 per acre, the original $10 plus capitalized planting costs. Note also that this particular asset and others like it have produced zero accounting income; indeed, expenses associated with this acreage have produced accounting losses. When Georgia Atlantic was originally organized, most of the outstanding stock was owned by the senior Jenkins and members of his family. Over time, however, the family’s ownership position has gradually declined due to the sale of new common stock to fund expansion. In 1987, Ben Jenkins, Sr. died; the presidency of the firm was passed to his son, Ben Jenkins, Jr., who was 61 at the time. By the end of 1992, the Jenkins family held only about 35 percent of Georgia Atlantic’s common stock, and this represented essentially their entire net worth. The family has sought to finance the firm’s growth with internally generated funds to the greatest extent possible. Hence, Georgia Atlantic has never declared a cash dividend, nor has it had a stock dividend or a stock split. Due to the plowback of earnings, the stock currently sells for almost $2,000 per share. The family has stated a strong belief that investors prefer low-payout stocks because of their tax advantages, and they also think that stock dividends and stock splits serve no useful purpose—they merely create more pieces of paper but no incremental value for shareholders. Finally, the family feels that higher-priced stocks are more attractive to investors because the percentage brokerage commissions on small purchases of higher-priced stocks are lower than on large purchases of lower-priced shares. They cite the example of Berkshire-Hathaway, whose stock price has risen phenomenally even though it now sells for over $15,000 per share and pays no dividends. (The family does acknowledge, though, that Warren Buffett, Berkshire’s chairman, has done a superb job of managing the company’s assets, and that the rise of its stock price reflects that factor as well as Buffett’s financial policies.) As the date for Georgia Atlantic’s annual stockholders’ meeting approached, Mary Goalshen, the corporate secretary, informed Ben Jenkins, Jr., who is commonly called â€Å"Junior† at the company, that an unusually low number of shareholders had sent in their proxies. Goalshen felt that this might be due to rising discontent over the firm’s dividend policy. During the last two years, the average payout for firms in the paper and forest products industry has been about 35 percent; yet for the 58th straight year, Georgia Atlantic’s board, under the Jenkins family’s dominance, chose not to pay a dividend in 1992. The Jenkins family was also aware that several reports in the financial press in recent months indicated that Georgia Atlantic was a possible target of a takeover attempt. Since the family did not want to lose control of the company, they were anxious to keep the firm’s stockholders as happy as possible. Accordingly, Junior announced that the directors would hold a special meeting immediately after the annual meeting to consider whether the firm’s dividend policy should be changed. Junior instructed Abe Markowitz, Georgia Atlantic’s financial vice president, to identify and then evaluate alternative dividend policies in preparation for the special board meeting. He asked Markowitz to consider cash dividends, stock dividends, and stock splits. Markowitz then identified six proposals that he thought deserved further consideration: (1) No Cash Dividends, No Stock Dividend or Split. This was the position Markowitz was certain that Junior and the family would support, both for the reasons given above and also because he thought the company, as evidenced by the balance sheet, was in no position to pay cash dividends. (2) Immediate Cash Dividend, but No Stock Dividend or Split. This was simply the opposite of the no dividend policy. If a cash dividend policy were instituted, its size would still be an issue. (3) Immediate Cash Dividend plus a Large Stock Split. The stock split would be designed to lower the price of the firm’s stock from its current price of almost $2,000 per share to somewhere in the average price range of other large forest products stocks, or from $20 to $40 per share. (4) Immediate Cash Dividend plus a Large Stock Dividend. The reasoning underlying this policy would be essentially the same as that of Alternative 3. (5) Cash Dividend, Stock Split, and Periodic Stock Dividends. This policy would require the company to declare an immediate cash dividend and, simultaneously, to announce a sizable stock split. This policy would go further than Alternatives 3 and 4 in that, after the cash dividend and stock split or large stock dividend, the company would periodically declare smaller stock dividends equal in value to the earnings retained during the period. In effect, if the firm earned $3 per share in any given period-quarter, semi-annual period, and so on—and retained $1.50 per share, the company would also declare a stock dividend of a percentage amount equal to $1.50 divided by the market price of the stock. Thus, if the firm’s shares were selling for $30 when the cash dividend was paid, a 5 percent stock dividend would be declared. (6) Share Repurchase Plan. This plan is based on the premise that investors in the aggregate would like to see the company distribute some cash, but that some stockholders would not want to receive cash dividends because they want to minimize their taxes. Under the repurchase plan, individual stockholders could decide for themselves whether or not to sell some or all of their hares and thus to realize some cash and some capital gains, depending on their own situations. To begin his evaluation, Markowitz collected the data shown in Tables 2 and 3. As he was looking over these figures, Markowitz wondered what effect, if any, Georgia Atlantic’s dividend policy had on the company’s stock price as compared to the prices of other stocks. Markowitz is also aware of one other issue, but it is one that neither he nor anyone else has had the nerve to bring up. Junior is now 66 years old, which is hardly ancient; but he is in poor health, and in recent years he has been almost obsessed with the idea of avoiding taxes. Further, the federal estate tax rate is currently 60 percent, and additional state estate taxes would be due; so well over half of Junior’s net worth as of the date of his death will have to be paid out in estate taxes. Since estate taxes are based on the value of the estate on the date of death, to minimize his estate’s taxes, Junior might not want the value of the company to be maximized until after his death. Markowitz does not know Junior’s view of this, but he does know that his tax advisors have thought it through and have explained it to him. Finally, Markowitz knows that several Wall Street firms have been analyzing Georgia Atlantic’s â€Å"breakup value,† or the value of the company if it were broken up and sold in pieces. He has heard breakup value estimates as high as $3,500 per share, primarily because other lumber companies, including Japanese and European companies, are eager to buy prime properties such as those owned by Georgia Atlantic. Of course, Georgia Atlantic could sell assets on its own, but Markowitz does not expect that to happen as long as Junior is in control. Now assume that you are an outside consultant and have been hired by Abe Markowitz to help him with the analysis and make a presentation to the executive committee. First, Abe is not sure whether an announced dividend policy is a good idea. He believes an announced policy could cause the firm to feel forced to take actions that otherwise would be undesirable. He has also expressed concern about signaling and clientele effects. As old man Jenkins used to say, â€Å"If it ain’t broke, don’t fix it.† Thus, analyze the firm’s present dividend policy to determine how well the company has performed compared to other firms in the industry before discussing the implications of the alternative dividend policies and making a recommendation. Markowitz also wants you to discuss whether the firm’s historical rate of return on investment has been affected by its dividend policy, the estate tax issue, and the takeover issue. Junior is famous for asking tough questions and then crucifying the person being questioned if he or she has trouble responding. That is probably why Markowitz wants you to make the presentation. So be sure that you thoroughly understand the issues and your answers so that you can handle any follow-up questions that you might receive.