Evaluation of the United States Airline Industry Using Porter's Five Essay

Evaluation of the United States Airline Industry Using Porter's Five Forces Theory - Essay Example The five forces that shape industry competition include rivalry among existing competitors, threat of new entrants, threat of substitute products or services, bargaining power of buyers, and bargaining power of suppliers (Porter, 2004). These forces form the microenvironment, in contrast with the more general concept of macro-environment. They constitute the forces impacting a company, thereby influencing its capability to serve its customers and to ensure profits. The company has to re-assess the marketplace if there is alteration in any of the forces (Aruvian’s R’search, 2011). The Airlines Deregulation Act of 1978 resulted in several years of low profitability in the industry, with lowered airline fares and the entry of several new firms into the market. â€Å"The financial impact on both established and new airlines was enormous† (Desai, Patel & Quach, 2004, p.2). The consequences of deregulation on the airline industry can be understood by studying Porter’s Five Forces and the influence of complements to the industry. Thesis Statement: The purpose of this paper is to examine the United States Airline Industry, and to determine whether it is an attractive industry, based on Porter’s Five Forces model. ... The United States Airline Industry has grown significantly since the end of World War II. In 1945, the leading airlines flew 3.3 billion revenue passenger miles (RPMs). By the mid-1970s, with the development of deregulation, the chief carriers of the industry flew130 billion RPMs. By 1988, following a decade of deregulation, the number of domestic revenue passenger miles had inreased ten-fold (Aruvian’s R’search, 2011). This is reiterated by Desai et al (2004) who state that in the period 1965-1978 the federal government regulated the airline industry by means of enforcing artificial wage increases and artificial price levels. Further, â€Å"from 1980 to 1990 the number of passengers traveling by air increased by approximately 72%† (Desai et al, 2004, p.2). The rapid growth of the United States Airline Industry before 1990 has declined; however air travel continues to be the preferred mode of transportation for most Americans because of its cost effectiveness and time saving features. Contrasting with the significant growth of the previous decade, during the 1990-1998 period the United States airline industry experienced only 36% growth. Additionally, during the post-deregulation era, labour negotiations fuelled several labour strikes. The big airlines have tried to reduce costs, but have been hindered by strong oppostion from labour unions. For example, Unions have battled against interventions attempting to shift unprofitable routes to lesser cost regional jets with lower paid pilots. The large airlines have been caught in traditional fare wars that adversely impact their already poor profit margins, because of facing cut-throat competition especially from low-cost rival airlines. â€Å"The domestic airline industry in

Culture and Cognition Essay Example for Free

Culture and Cognition Essay Culture may be defined as a combination of different traits of a social group. These traits or ways of life can be language, arts, sciences, thoughts, spirituality, social activities, interactions, and many more (â€Å"Definition†, n. d. ). The world has many peoples and thus many cultures, thus each has their own beliefs, traditions, and customs. Another characteristic of a certain culture may be cognition. Because of human diversity in traditions and customs, there is also diversity in intelligence. According to Cole, Gay, Glick, and Sharp (as cited in Sternberg, 2004), certain behaviors may be smart in one culture but plainly stupid in another (1971). Culture and Intelligence According to Robert Sternberg in his article entitled â€Å"Culture and Intelligence†, intelligence cannot be fully measured, developed, and conceptualized when it is outside the cultural context. This creates an impression that intelligence is a norm and being a deviant from that norm would mean less intelligence (2004, p. 1). An example given by Sternberg about intelligence tests shows an evidence of his argument. Any intelligence test created in one culture may not be valid in another culture. Sternberg also constructed models in order to determine if the culture has a significant effect on intelligence. On the third model, the dimensions of intelligence are the same as with the other models. However, the instruments used are different from the other models. The measurement process was therefore derived from the culture being studied and not from outside it. As this is done, the psychological meanings of the scores of the assessments change from one culture to another. Culture and Cognition Intelligence is just one of the cognitive characteristics of man. Culture, as well as social systems has a role in developing the people’s system of thought. This is according to Richard Nisbett, Incheol Choi, Laiping Peng, and Ara Norenzayan, when they studied the difference between easterners and westerners in terms of cognitive processes (2001). They stated that east Asians are holistic in their cognitive processes, focusing on an entire field and its causality. On the other hand, westerners such as Americans are analytic because they pay more attention on the object and the categories, making use of rules such as formal logic. The authors of this article suggest that the origin of these differences is traceable to different social systems (p. 291). They were able to conclude that there is still a very great difference between cultures. It is because of the circumstances brought about by these cultures that one process will always be different from another. Furthermore, the norms or the normative standards for though will differ across cultures (p. 306). The influence of culture has many implications in cognition. This insight may change the very definition of intelligence as related to different social systems. This also has a great effect in cognitive assessment since one measuring tool may not be appropriate for all cultures. Although international communication is already established, this information would give more understanding to people as to how others with different cultures are different to them in terms of learning styles, perception, and other aspects of cognition. It would also change the perception on people who are considered as intellectually inferior since intelligence no longer focuses on a dominant or normative standard set by those perceived as superior. References â€Å"Definition of Culture†, (n. d. ). Roshan Culture Heritage Institute. Retrieved 24 May 2010 from http://www. roshan-institute. org/templates/System/details. asp? id=39783PID =474552. Nisbett, R. E. , Peng, K. , Choi, I. , Norenzayan, A. (2001). Culture and Systems of Thought: Holistic versus Analytic Cognition. Psychological Review. 108(2), pp. 291-310. Sternberg, R. (2004). â€Å"Culture and Intelligence†. American Psychologist. 59(5), pp. 325- 338.

Essay examples --

What drives success? Where does it come from? Can you be born into it? These are some common questions when it comes to success. Every one can has their own opinion about what success is, and also what it takes to become successful people in today’s world. That is where Malcolm Gladwell comes into play. After reading â€Å"Outliers: The Story of Success†, Gladwell has helped me view the journey to success in ways I have and haven’t heard of before. He helps you understand some complex ideas of why someone may be more successful that someone else. To me success is determined by a lot of things and there is no one thing that can make your success, you have to have multiple things that are not found in one place. There are many things that come to your mind think of when it comes to success, age would be one of the many determining factors. In the book, Gladwell used hockey as an example. Hockey is a sport dominated by Canadians. In Canada, there is a hockey deadline where if a kid is not 10 by January 1st, he has to wait until next year to begin playing. This gives a kid with a birthday before the deadline an advantage over his opponents who could only be a few months’ young than him, because he had a year more of experience. Americans’ understand this in a different way. In the United States school system you have to be 6 before a certain time of the year before you can enter kindergarten. This could be different because those who enter earlier could graduate at a younger age, those who have to wait could be more prepared for school. It depends how you look at each situation, because they all can be different. If you have every played a sport, instrument, or simply attended school then you have heard the quote â€Å"Practice makes perfect.... ...l believes that’s why we are behind educationally. I believe this is a true statement, our kids in united stated should spend more time learning than playing video games, texting, and on social media which seems to be the most popular thing these days. Success can be defined by a lot of different things, whether you are tall or short, rich or poor, your definition may be different than one of your peers. I believe there is not a â€Å"right† answer to the questions â€Å"what is success?† or â€Å"how you do you become successful?† This book really gave me a few more ways of thinking about how success comes along. Some of the things Malcolm Gladwell comes up with are extreme but there is no right or wrong answer. To me success is determined by a lot of things and there is no one thing that can make you successful, you have to have multiple things that are not found in one place.

Victorian Era Fashion Essay examples -- Fashion

Introduction The Victorian Era is a remarkable time in history with the blooming industries, growing population, and a major turnaround in the fashion world. This era was named after Queen Victoria who ruled United Kingdom of Great Britain and Ireland from June 1837 until she passed away 64 years later in January 1901.When Victoria received the crown, popular respect was strikingly low. The lack of respect for the position she had just come into did not diminish her confidence. Instead she won the hearts of Britain with her modesty, grace, straightforwardness, and her want to be informed on the political matters at hand even though she had no input. She changed Britain into a flourishing country. She also impacted how women interacted during this era based on her personality. Body In the time period of Queen Victoria's reign the population alone of Britain had grown from 10 million at the start of the 1800's to over 26 million by 1870. The British Empire grew and now held over a quarter of the world's population. When the empire was at its climax, it was the largest in history. The industrial revolution in Britain came with fantastic outcomes, such as huge technological revolutions and production of iron, coal, and cotton cloth increased dramatically. This increase in population and industrialization flooded the cities with peasants looking for jobs. Most of these people were living in poverty and hazardous conditions. This was when the first railway took form, allowing people to spread out and not crowd in the cities. Although people spread out, many still lived in slums and working conditions at the time were atrocious. Around 1833 through 1844 the Factory Act was finalized controlling child labor. Now children could not work... ...ation needed an inspiration, and she filled the position with ease. Works Cited Bernier, Jane, and Ruth E. Adomeit. Women's Fashion of the Victorian Era, 1837-1901. Cleveland Heights, OH: Borrower's, 1983. Print. Strachey, Lytton. Queen Victoria,. New York: Harcourt, Brace and, 1921. Print. "The Life & Times of Queen Victoria." Victorian Station-Victorian Decorating Ideas and Information about the Victorian Era. Victorian Station, 2001. Web. 10 Mar. 2012. . Thomas, Pauline W. "The Victorian EraFashion History." Victorian Era 1837-1901 Victorian Fashion History, Costume Social History. Fashion-Era.com, 2011. Web. 10 Mar. 2012. . "Victoria Biography." Bio.com. A&E Networks Television, 2012. Web. 10 Mar. 2012. .

Costco Case Study

Christopher GildeaÐ ¡ostco Case Study Seminar:   Business Policy and Strategy Professor Gregory P. Grogan Abstract ?Costco, a discount warehouse based in Issaquah, Washington, specializes in selling quality products at low prices. The company operates as a membership retailer, focusing its business on small and consumers with incomes averaging $75,000 with over 30 percent having incomes of $100,000 or more annually. The wholesale club segment of retailing in 2008 was estimated to be a $120 billion business in the United States, and it was growing about 20 percent faster than retailing as a whole (Thompson, 2010). The three main competitors were Costco Wholesale, Sam’s Club, and BJ’s Wholesale. Costco has a majority of the warehouse club sales across the United States and Canada and is looking to keep its edge. ?The pricing strategy that Costco has implemented, focuses on the price-sensitivity of its consumers. The company has excelled in keeping its prices low by capping the markup on its merchandise. By keeping the markup lower than its competitors, Costco has provided its customers with deep discounts on over 4000 products within its stores. Sam’s Club, which offers the same number of products within its stores, earns half the income that Costco does at each store. Costco sales are even higher per store than BJ’s, which offers 7,300 items compared to 4,000 items at Costco and Sam’s Club. Costco has been very efficient at utilizing its floor space and generating high revenues from it products within its stores. ?Costco is trying to generate huge sales volume and quick inventory turnover by applying a business model that offers limited selections of nationally branded product in wide range of merchandise categories. Costco apply number of operating excellence such as efficient way of managing inventory and just in time inventory, efficient distribution, minimum merchandise handling, and volume purchasing to reduce the price of its product. One of the major benefits of high sales volume and rapid inventory turnover is that they can sell their inventory and receive cash that can be used to pay its vendors and take the advantage of early-payment discounts. ?Even with the low price strategy, Costco employee salaries and benefits are by far higher than its competitors. This compensation has motivated it employees and retain good workers in turn, Costco gets lower turnover and higher productivity. Combined with a smart business strategy that sells a mix of higher-margin products to more affluent customers, Costco actually keeps its labor cost lower that its competitors as a percentage of sales (Ampel, 2004). They are also retaining more employees than any of their peers. ?Costco has strong ethics within its company, developing a motivating workplace for its employees to flourish within the company. They prefer to develop their employees within the company. When doing this, they have turned down outsiders who may be able to bring in new innovations that can propel the company further ahead of its competitors. New recruits and experienced businesspeople have been overlooked. As the world becomes more globalized, the company needs to look at intelligent outsiders who can have a significant impact on the company. The strategy they have in place deters the company from accepting outside viewpoints, which could bring greater profits. ?One of the major strategic drawbacks of Costco is that they only carry a selection of 4,000 types of merchandise. This is less than most of their competitors, and may cause major problems in the future because most customers want choices. Costco has ignored many of its customers’ requests to stock certain goods in order to only sell products that will sell quickly. Though there method has been very successful, the company should increase it products that they sell in its stores. This increase could be between 1000 to 1500 products with the store brand Kirkland involved. ?Costco has some other operational level problems that in some extent hinder the overall companywide effectiveness and goals achievement. For example, they don’t accept all kinds of credit card from the customers (only American Express); though it is done to minimize the cost of overall operation. Their competitors are capitalizing on use all major card cards. Since November 10, 2006, Sam’s Club began accepting payment via MasterCard credit cards. The results with MasterCard were favorable; company officials reported that in the week following the MasterCard acceptance, the average ticker checkout at Sam’s Club was up 35 percent (Thompson, 2010). To allow their customers the use of different payment options will ultimately bring ore sales. Conclusion ?It is never acceptable to simply do business the way it has always been done because the market changes, the industry evolves, and numerous other external factors make it absolutely necessary for a business to evolve to retain or gain market share. This is particularly important in the industry Costco is in. The company needs to focus on it customer n eeds, its future hiring/company growth, and opening up to different payments. With an improved strategy in place, Costco can continue to service its customers, while satisfying the needs of its shareholders. ?Reference:Ampel, F. J. (2004, Embracing costco-ization — unlike most big-box retailers, costco's success is based on its high-quality service and superior product mix. Residential Systems, 5, 28-28. Retrieved from http://search. proquest. com/docview/200686953? accountid=9997 BJ’s Wholesalers homepage, accessed at http://bjs. com on April 8, 2013 Costco homepage, accessed at http://costco. com on April 8, 2013 Sam’s Club homepage, accessed at http://samsclub. com on April 8, 2013 Thompson, A. A. , Strickland, A. J. , Gamble, J. E. (2010). Crafting and Executing Strategy. McGraw-Hill/Irwin. 17th ed. Costco Case Study What is Costco’s business model? Is the company’s business model appealing? Why or why not? The centerpiece of their business model involved generating high sales volumes and rapid inventory turnover by offering club members low prices on a limited selection of name brand and private label products. The Club members pay an annual fee, which was a very important aspect of their business model. These fees provided enough revenue to increase the company’s overall profit.Costco was also able to sell and receive cash for their inventory before it had to pay many of its merchandise vendors; even when vendors’ payments were made just in time for vendors to take advantage of early payment discounts. High sales volumes and rapid inventory turnover allowed the company to finance a large percentage of its merchandise inventory through payment terms provided by vendors rather than by maintaining large working capital to ensure timely payments of suppliers.Yes, the com pany’s business model is appealing because the company’s increased inventory turnover and low operating costs allowed it to maintain a profit, despite their significantly lower gross margins compared to the industry (traditional wholesalers, mass merchandisers, supermarkets and supercenters). What are the chief elements of Costco’s strategy? How good is the strategy? The chief elements are pricing, product selection, maintaining low operating costs and expansion. Pricing/Product Selection-The company philosophy was to provide high end quality product and/or services to club members but maintain low prices.Stores carry approximately 3,600 items, whereas, 85% is name brand and 15% Kirkland brands. These items range from perishables (food/drinks) to nonperishable household items. Costco also offers several services such as: one-hour photo, gasoline, pharmacy, optical, hearing aids, and travel services. Although the services remained constant, approximately 25% of i ts product offering were always changing. Buyers for Costco were making one-time purchases of items based on consumer taste and trends. These items would sell out quickly and were higher prices items such as: big screen TV’s and diamond rings.Costco purchased these â€Å"treasure hunt† items on the gray market from retailers and/or wholesalers who were looking to get rid of excess or slow selling inventory. Club members eagerly looked for these â€Å"treasure hunt† items because it was rare the items would be available again. For many years the company even had a 14% markup cap on name brand products compared to the industry at 20-50% markup prices. There was a 15% markup cap on their private selection of products (Kirkland Signature), which was 20% below to comparable name brands.Costco’s prices were slightly above break-even levels and sales revenues barely covered operating expenses. The company makes up for the modest contribution to operating profits with the membership fees, which attributes to over 70% of operating profits. Revenues from membership fees outweigh net income annually. Low Cost Leader/Company Expansion-Costco’s ability to maintain low operating costs is key to being able to offer club members with consistently low prices. They did not invest in amenities within their warehouses such as: shopping bags, decor, salespeople, billing, and accounts receivable.The building were strategically placed in high traffic areas but avoided prime real estate to avoid excessive land costs. The large metal buildings were designed for economy and efficiency. In addition to keeping overhead low, Costco had shorter hours of operation to reduce labor expenses as well. Costco’s growth strategy is to increase overall company sales by 5% and to open new stores within and outside of the U. S. The company spent 1. 3 billion to open 20 new stores and the average annual sales per warehouse was 103 million, which more than cove rs the company’s initial start-up costs.Do you think Jim Sinegal has been an effective CEO? What grades would you give him in leading the process of crafting and executing Costco’s strategy? What support can you offer for these grades? Refer to Figure 2. 1 in Chapter 2 in developing your answers. Mr. Sinegal has been an effective CEO by being fully committed to the Costco vision and business strategy. In this aspect Mr. Sinegal would receive an A because he was very much â€Å"hands-on† which ensuring that each facility operated according to Costco’s business model/strategy, mission, and philosophy.Sticking with the company’s present strategic course creates opportunities for growth and increased profitability as displayed in the opening of 20 new locations. The company does not engage in extensive marketing or sales campaigns and the CEO would receive a B. Communications are sent by flyers, via Costco website/email, in-store product sampling, occa sional direct mailers to potential new members, and special campaigns for new store openings. This process works well for keeping expenses minimal, however, implementing effective marketing practices would greatly benefit the company.Marketing can help Costco grow their business by focusing on their best customers (Executive members) and attracting more club members, in order to, boost their sales and increase profit margins. Mr. Sinegal refuses increased customer prices to increase company marginal profits or to provide senior management with salaries comparable to other executives within the same industry. He found it unnecessary for executives to make 100 times more than employees and insisted on paying employees higher wages and increased benefits, than the industry standards as well.This greatly reduced employee turnover and increased consumer loyalty with Costco, which would earn him an A. The company has some of the most affluent customers with incomes ranging from $75,000 to over $100,000 annually. There are Gold and Executive memberships of which 38% are Executive members. Executive members generally spend more than other members and they had an 89% membership renewal rate. The membership format facilitated strictly controlling the entrances and exits of warehouses, resulting in limited inventory losses of less than 2/10 of 1% of net sales-well below the industry standard.Although Executive members provide a substantial amount of sales, the company should get in line to service potential club members who do not have annual incomes within the $75,000 to $100,000 (median range $50,000 to $75,000), as well as, continue to market to the Executive club members. This will strengthen the company’s future prospects and increase competition, in order to reach the projected 5% increase in sales. Managers are delegated additional responsibilities and were held accountable for store operations, product selections and promotions.These individuals had to pro ve that they could function within a fast paced retail environment and be able to promptly find resolutions to multiple issues. They also had to stay in tune with their customer needs and/or wants (consumer trends), in order to, maximize sales and quick turnover. For the most part, the company promoted from within, which earns the CEO letter grade C. Approximately, 98% of management is selected from within and that can cause conflicts with the organization. There is no opportunity for innovation and/or change (fresh ideas) from the outside.Employees can feel entitled to certain positions because of their length of tenure with the company, instead of whether or not they can effectively do the job. It can also cause â€Å"hostile work environment† by increasing competition among employees. It can hinder the company from focusing on top senior level technical talent. They targeted local universities for new hires, in order to, engage educated and hard-working individuals whom ha d not chosen a specific career path yet. The company needs to find a balance between promoting from within and outside of the company.For items that were not practical to stock at the warehouses, members are able to obtain a wider variety of value-prices products and services on the company website. Yes, the company is being impacted growing technological advances and the CEO would receive a D. The company is being affected by their inability to provide Apple products and/or services to club members due to online restriction. Costco needs to seek resolution for the online restriction. Apple is a popular high end product that Costco would generate increased revenues for the company and the website can only be accessed within the U.S. and Canada.The company is faring well against their direct and indirect competitors with expansion (within and outside of the U. S. ) and increased sales growth. The company buys majority of its merchandise directly from the manufacturers which allowed t he company to have sufficient inventories to meet demand. The CEO would earn a C because management is not being proactive. They are â€Å"assuming† that if they were to encounter any issues with supply, the business could just switch manufacturers without disruption.If Costco is going to pursue overall company growth, the supply chain should be aligned with its core business strategy and value proposition such as their competition (Wal-Mart). Costco should continue with the company goals to expand international and needs to ensure their website is capable to service their consumer demand in these other countries. It will make the organization more competitive, considering many of Costco’s competitors have global operations setup already. With the market share Costco already has within the industry, Costco has an opportunity to capitalize on their expansion.What core values or business principles has Jim Sinegal stressed at Costco? He stressed five business principles: obey the law, take care of our members, take care of our employees, respect our suppliers, and reward stakeholders. Obey the law-Mr. Sinegal put strong emphasis on abiding by the laws of every community where Costco conducted business, which consists of any state or government laws and/or regulations. He had a strict code of ethics. Take care of our members-Sinegal believes in customer satisfaction period.This was displayed not only in the superior products and services being offered but with the company’s efforts within their local communities as well. Take care of our employees-In addition to providing higher wages and great benefits, Costco provides their employees with opportunities for advancement, volunteer activities, and a safe/healthy work environment. Respect our suppliers-Costco honors all commitments and protected supplier property. They did not engage in situations that would cause conflicts of interests such as not accepting gratuities of any kind from a suppli er.The company also reserved the right to utilize their better ethical judgment when in doubt regarding what course of action to take. Reward our stockholders-Costco is publicly traded and depends on shareholders (investors) to be successful. They are treated as business partners and it is essential the company provides a good return on their investments. What is the competition like in the North American wholesale club industry? Which of the five competitive forces is strongest and why? Complete a five forces analysis of competition in the North American wholesale industry?The competition is fierce to strong in the North American wholesale market. Costco largest direct rival is Wal-Mart but there are also significant indirect rivals such as Amazon. com and Target. Rivalry can be considered fierce to strong when the battle for market share is so vigorous that the profit margins of most industry members are squeezed to the bare minimum. The industry is growing 15-20 percent faster th an retailing as a whole. Costco had 57% share of warehouse sales across the U. S. with Wal-Mart having approximately 35%.We believe the threat of new market entrants is the strongest of the five forces because Costco is not just in competition with other warehouse clubs but other types of retailers Dollar General, Lowe’s specialty chains, gas stations, Internet retailers such as Amazon. com and Barnes and Noble whom hold substantial market share Strengths †¢3rd largest retailer †¢Has 57% share of warehouse sales across US †¢No one manufacturer supplies a significant percentage of merchandise that Costco stocks †¢Provide high end products and services at low prices †¢Rapid inventory turnover †¢Minimal overhead expensesWeaknesses †¢Profits (low profit margins) dependent on card membership fees otherwise operating costs barely covered †¢Websites only operate in US and Canada but company has expanded internationally/website also unable to c arry certain products such as Apple –technological advances †¢Price caps 14-15 percent on name brand and Kirkland Signature products †¢Promotes more than 98% from within Opportunities †¢To gain new memberships for potential customers with median incomes between $50-$100K annually †¢To open additional stores in other countries besides Japan †¢Increase marketing efforts Threats†¢Entrance of other retailers whom adopted the low cost strategy and have significant market share -increased competition †¢Lack of supply management How well is Costco performing from a financial perspective? What is happening to net sales, total revenues, and net income? What are their profitability and expense ratios? The company has been consistently improving company performance from years’ 2000-2011. Without the sales from the memberships, sales would not be enough to cover the operating expenses for Costco.Net sales, net income, and total revenue have incre ased from the years’ 2000 to 2011. Net profit margin is 16. 8% and company collects almost 17 cents for each dollar of sales. So while the company increased its net income, it has done so with diminishing profit margins. Merchandising costs are high and account for at least 89% of operating expenses. The CAGR performed on total revenue displays an approximately 11% increase in total revenue and 11. 5% increase to stockholders’ equity shows that investors are receiving substantial returns on their investments with Costco.Long term debt has more than doubled over than last 10 years, the calculation for long-term debt and capital clearly show that less than 15%. The company has established their creditworthiness and can borrow money if necessary. The company’s current ratio is 1. 14 which is stable because it is over 1. 0, however, ratios of 2. 0 or more are better. The return on assets and equity have fluctuated over the years. ROA was actually higher in the past compared to the most recent calculation. For example in 2005, ROA was 6. 4% and 7. 3% in 2000.The total assets accumulated over the years have increased but the return on those assets have not. ROE was 14. 9% in 2000 and 14% in 2008. Overall, Costco is doing well but the company could be doing better. Gross profit margin= 87,048 – 77,739/ 87,048 = 0. 1069 (10. 7%) Operating profit margin= 2439 / 87,048 = 0. 02801 (2. 8%) Net profit margin= 1462 / 87,048 = 0. 01679 (16. 8%) Total Return on Assets= 2439 / 26,761 = 0. 091140092 (9. 1%) ROA = 1462 / 26,761 = 0. 052663809 (5. 3%) ROE = 1462 / 12,573 = 0. 116280919 (11. 63%) EPS = 1462 / 443. 1 = 3. 299948093 (3. 30)Long Term Debt to Capital Ratio = 2153 / 14,726 = 0. 146203993 (14. 62%) Current Ratio = 13706 / 12050 = 1. 137427386 (1. 14) CAGR -10 year total revenue (88,915 / 32,164) = 2. 764426066-2. 77 rounded 1 / 10 = 0. 1 2. 77 ^ 0. 1 = 1. 107255833- 1. 1072 1. 1072 – 1 = . 1072 (10. 72%) CAGR- 10 year stockholders†™ equity 12,573 / 4240 = 2. 965330189 – 2. 97 rounded 1 / 10 = 0. 1 2. 97 ^ 0. 1 = 1. 115001996- 1. 1150 1. 1150 – 1 = . 1150 (11. 50%) Based on the data in case Exhibits 1 and 4, is Costco’s financial performance superior to that at Sam’s Club and BJ’s Wholesale?Costco has a larger share of the wholesale club sales in the United States. In fact, they have over half. Sam’s Club is next in line and BJ’s Wholesale is much smaller. Costco is efficient and utilizes its resources in order to remain more successful and have a greater impact than other wholesale clubs. Even though their profit margin may not be as high, they prove to have a stronger customer base and greater sustainability overall. Does the data in case Exhibit 2 indicate that Costco’s expansion outside the U. S. is financially successful? Why or why not?This data does show that Costco’s expansion outside the U. S. is financially successful. Sales and operati ng income continue to rise on a regular basis for the warehouses. This proves stability and consistency. Revenue also continues to rise enabling growth and success. How well is Costco performing from a strategic perspective? Does Costco enjoy a competitive advantage? Does Costco have a winning strategy? Why or why not? From a strategic perspective, Costco is performing well. They have evaluating their strengths and weaknesses and are able to accentuate their strengths.They look for opportunities and focus on making the most out of what they have. They are not afraid to venture into new opportunities and stray away from threats. Market share is consistently on the rise and they are increasing their customer base. Customers are aware of the care they get from Costco and the good reputation is reflected in their success. The continuous growth in memberships displays loyal customers. Costco certainly does enjoy a competitive advantage of consistently providing low prices, customer servi ce, increasing market share, and maintaining a profitable reputation.This is also why they do have a winning strategy. They align their business strategy with their mission and push forward. Are Costco’s prices too low? Why or why not? Costco’s prices are not too low. By evaluating their financial statements and review customer satisfaction, they are on target. They are meeting their goals and making a difference while still pleasing their customers. This is a happy medium that is hard to reach. Because these prices are part of their competitive advantage, it would not be a good idea to change this.What do you think of Costco’s compensation practices? Does it surprise you that Costco employees apparently are rather well-compensated? The compensation package provided by Costco is essential to the way they run their business. It is much better than those of its competitors, creating an advantage. This is another way that Costco aligns their strategy with their mis sion and values. While executives are offered a smaller compensation package, regular employees can take advantage of a larger package. This shows that they are all working together and one is not better than the other.It takes all of them to successfully run the company. Again, this is an advantage because employees can make Costco their career reducing the turnover. While competitors go through many employees in a short amount of time, Costco has the same staff. It did surprise me before reading this case, but based on their strategy and focus, this is the right thing to do and they prove that it really does pay off in the long run. What recommendations would you make to Costco top management regarding how best to sustain the company’s growth and improve its financial performance?While Costco remains successful at this time, it is important that they maintain engagement from customers and employees. It could be beneficial to look into untapped markets within the United Stat es and overseas. As times change, they may need to update processes and goals. One suggestion would be online shopping. The transition to online shopping abilities could enhance their overall success. This could also benefit customers overseas and will increase the market of Costco. They must remain one step ahead of the competition in order to stay on top. By focusing on their strength of customer care overall they will sustain their advantage. Costco Case Study Christopher GildeaÐ ¡ostco Case Study Seminar:   Business Policy and Strategy Professor Gregory P. Grogan Abstract ?Costco, a discount warehouse based in Issaquah, Washington, specializes in selling quality products at low prices. The company operates as a membership retailer, focusing its business on small and consumers with incomes averaging $75,000 with over 30 percent having incomes of $100,000 or more annually. The wholesale club segment of retailing in 2008 was estimated to be a $120 billion business in the United States, and it was growing about 20 percent faster than retailing as a whole (Thompson, 2010). The three main competitors were Costco Wholesale, Sam’s Club, and BJ’s Wholesale. Costco has a majority of the warehouse club sales across the United States and Canada and is looking to keep its edge. ?The pricing strategy that Costco has implemented, focuses on the price-sensitivity of its consumers. The company has excelled in keeping its prices low by capping the markup on its merchandise. By keeping the markup lower than its competitors, Costco has provided its customers with deep discounts on over 4000 products within its stores. Sam’s Club, which offers the same number of products within its stores, earns half the income that Costco does at each store. Costco sales are even higher per store than BJ’s, which offers 7,300 items compared to 4,000 items at Costco and Sam’s Club. Costco has been very efficient at utilizing its floor space and generating high revenues from it products within its stores. ?Costco is trying to generate huge sales volume and quick inventory turnover by applying a business model that offers limited selections of nationally branded product in wide range of merchandise categories. Costco apply number of operating excellence such as efficient way of managing inventory and just in time inventory, efficient distribution, minimum merchandise handling, and volume purchasing to reduce the price of its product. One of the major benefits of high sales volume and rapid inventory turnover is that they can sell their inventory and receive cash that can be used to pay its vendors and take the advantage of early-payment discounts. ?Even with the low price strategy, Costco employee salaries and benefits are by far higher than its competitors. This compensation has motivated it employees and retain good workers in turn, Costco gets lower turnover and higher productivity. Combined with a smart business strategy that sells a mix of higher-margin products to more affluent customers, Costco actually keeps its labor cost lower that its competitors as a percentage of sales (Ampel, 2004). They are also retaining more employees than any of their peers. ?Costco has strong ethics within its company, developing a motivating workplace for its employees to flourish within the company. They prefer to develop their employees within the company. When doing this, they have turned down outsiders who may be able to bring in new innovations that can propel the company further ahead of its competitors. New recruits and experienced businesspeople have been overlooked. As the world becomes more globalized, the company needs to look at intelligent outsiders who can have a significant impact on the company. The strategy they have in place deters the company from accepting outside viewpoints, which could bring greater profits. ?One of the major strategic drawbacks of Costco is that they only carry a selection of 4,000 types of merchandise. This is less than most of their competitors, and may cause major problems in the future because most customers want choices. Costco has ignored many of its customers’ requests to stock certain goods in order to only sell products that will sell quickly. Though there method has been very successful, the company should increase it products that they sell in its stores. This increase could be between 1000 to 1500 products with the store brand Kirkland involved. ?Costco has some other operational level problems that in some extent hinder the overall companywide effectiveness and goals achievement. For example, they don’t accept all kinds of credit card from the customers (only American Express); though it is done to minimize the cost of overall operation. Their competitors are capitalizing on use all major card cards. Since November 10, 2006, Sam’s Club began accepting payment via MasterCard credit cards. The results with MasterCard were favorable; company officials reported that in the week following the MasterCard acceptance, the average ticker checkout at Sam’s Club was up 35 percent (Thompson, 2010). To allow their customers the use of different payment options will ultimately bring ore sales. Conclusion ?It is never acceptable to simply do business the way it has always been done because the market changes, the industry evolves, and numerous other external factors make it absolutely necessary for a business to evolve to retain or gain market share. This is particularly important in the industry Costco is in. The company needs to focus on it customer n eeds, its future hiring/company growth, and opening up to different payments. With an improved strategy in place, Costco can continue to service its customers, while satisfying the needs of its shareholders. ?Reference:Ampel, F. J. (2004, Embracing costco-ization — unlike most big-box retailers, costco's success is based on its high-quality service and superior product mix. Residential Systems, 5, 28-28. Retrieved from http://search. proquest. com/docview/200686953? accountid=9997 BJ’s Wholesalers homepage, accessed at http://bjs. com on April 8, 2013 Costco homepage, accessed at http://costco. com on April 8, 2013 Sam’s Club homepage, accessed at http://samsclub. com on April 8, 2013 Thompson, A. A. , Strickland, A. J. , Gamble, J. E. (2010). Crafting and Executing Strategy. McGraw-Hill/Irwin. 17th ed.

Ashamed

Ashamed A while back I approached C Hope and asked, â€Å"If you could special order your next article for FFW, what would it be about and when would you need it She replied, â€Å"I cannot begin to tell you the perfect article unless it was I’ve been reading the FundsforWriters newsletter and absorbing C Hope’s advice for nearly 20 years. I should have known better before sending the first email. I was brazen, albeit dumb, enough to send yet another. â€Å"You answered exactly what I asked, but what I really wanted to know is what kind of article could I write for you? Im basically asking for an assignment. I realize you dont typically do that, so Im kind of asking you to push the boundaries a bit because Im special and you love me?† I said those words! She responded (I suspect she rolled her eyes while doing so), â€Å"I cant begin to tell you what to write for FFW. I depend on writers relying upon their strengths to pitch the right pieces.† I know the types of articles that comprise the FFW newsletter. I have developed a relationship with C Hope over the years. I hold her in the highest regard and respect her implicitly. She pours her entire heart and soul into helping her readers succeed. It is because I know this, I am ashamed of my actions. It is why I decided to write this, even though it isn’t the â€Å"perfect† article she described. I learned three vital lessons. BE A PROFESSIONAL Whether you have been reading FFW for a week, or a decade, you are reading it because your goal is writing for money given the title of the newsletter is â€Å"FundsforWriters.† Writing for money, means you are running your own business. Unless your niche is business writing, it can be easy to slip into a conversational tone when sending queries and emails. When it concerns your writing business, keep correspondence professional. DON’T ABUSE YOUR NETWORK One of the golden rules in business †¦ in life, is to network. It is equally as important not to abuse your network. It is acceptable to ask questions or for guidance in their area of expertise. It is okay to ask for a special favor occasionally. It is never okay to say, â€Å"I’m asking you to push the boundaries a bit because I’m special/new/learning/don’t know what to do/know you.† TAKE YOURSELF SERIOUSLY The internet is inundated with ezines, newsletters, blogs, coaches, consultants, and advisors. Glean knowledge from these sources to build your writing business. FFW has printed numerous articles on the importance of queries, pitches and writers’ guidelines. Had I been taking myself seriously, I would never have sent the email. I would have gone to the website and searched the archives and the writers’ guidelines. Be willing to research. Be willing to put in the elbow grease. Take responsibility. Own your process. Don’t end up ashamed.

Research Paper Introduction on Abortion

Research Paper Introduction on Abortion The attitude towards abortion has always been and still is very controversial. It has, however, changed throughout the history of humanity: for example, it was commonly accepted in the times of Ancient Greece and Rome. On the other hand, he majority of men were against abortion as they felt they were entitled to have a baby. There are a few references to abortion in an Old Testament, where a fetus was perceived rather than an object, not a living being. In other words, there was a law, that if a person causes a miscarriage, he must be punished for that. There are no references to this topic in the New Testament. Later on, abortion in the western world was not considered a crime if done before a certain period, usually before 18-20 weeks. It was a common practice in the colonial America, but was usually kept in secret, as sexual activity before marriage was disapproved by the society. The Abortion Act of 1967 in England fully legalized abortion, but under certain conditions. It states that a doctor has the right to perform an abortion if other two doctors agree that this is done for the sake of the woman. For example, doctors are sure that giving birth to a child will cause physical or mental harm to a woman. Still, there are lots of debates concerning whether abortion should be legalized or not. The cons of abortion usually include the following facts: Abortion is a crime. Even if it is a fetus, it is still a process of killing someone who deserves to live. Abortion can often lead to serious complications, injury to the uterus or cervix if done by unskilled doctor, or serious infection. Some of the factors, including the above mentioned complications, can lead to a risk of not being able to become pregnant again. It is a stressful and unpleasant experience, and a person can feel depressed and guilty for the rest of the life. On the other hand, there are facts that prove that abortion is legal and should be done in certain cases: Only a woman who is pregnant has a right to decide whether to do abortion or to keep a baby, provided she is of sound mind. Neither doctors, nor anti-abortion activists will have to take care of a baby, but it is a woman who has to decide whether she is capable and ready for that. The current stage of the medicine development enables doctors to detect any possible problems that a woman can have while giving a birth to a child. So, if doctors are sure that giving a birth to a child can be dangerous for a woman, they may convince her to make an abortion. The similar situation is with a baby. If doctors diagnose that a baby is very likely to have a disease after birth, a woman has to decide whether to make an abortion or to give a birth to a child, who can later on suffer for the rest of its life. If a woman got pregnant after a rape, then having an abortion is a way to get rid both of an unwanted baby and the psychological trauma after such a dire experience. There will probably never be a clear answer to whether abortion should be legal or not, whether it is morally right, or if it is the biggest crime a person can commit. Anyway, people have to deal with someone elses life, one of the most valuable things a person can have, so it is necessary to think carefully and consider every detail. Tips on Writing a Research Paper Introduction on a Controversial Topic: To write a good introduction, you have to provide the readers with clues to what the paper is going to be about. Stay close to the point and keep the introduction short. As your topic is controversial, make it clear what position you take on the matter. Make sure that you conclusion and introduction coincide. Re-read the introduction and conclusion and compare them.

Resume Objective How to Know When One is Necessary

Resume Objective How to Know When One is Necessary Unofficially, when you’re applying for jobs, your resume objective is pretty much always the same: â€Å"I would like to get a job.† There may be more specifics than that, but let’s be honest- that’s the main goal here. So if you know your objective is to get this job, and the recruiter or hiring manager knows you are also interested in said job (because otherwise, why would they even have your resume?), why do you need to make this explicit in your resume? 1. What IS a Resume Objective?2. Do You Need a Resume Objective?3. What If You Decide to Skip It?4. What Does a Good Objective Have?5. Where to BeginWhat IS a Resume Objective?An objective is a short statement at the top of your resume (right after your essential contact details) that sums up for the reader where you are in your career, and what you’re seeking as the next step. So as you see, it’s a little different than â€Å"hire me.† Think of it as part of your elevator pitch for hiring you, instead of a literal statement of your job search. Again, you know why you’re there, and the reader knows why you’re there, but the objective is the kickoff to your campaign to convince them why they need to hire you. Basically, it’s your first chance to start breaking away from the pack.For example, if you’re applying for a nursing assistant position, and everyone has the same objective that says something like, â€Å"Seeking employment as a nursing assistant,† the reader will start glazing over by the third resume. You want your resume to stand out from the crowd, and the objective is another tool you can use to do that. But be careful: the resume objective is not necessarily the same thing as the resume summary statement. The resume summary statement, also known as a qualification summary or a competency summary, is a short statement or list of bullets that summarize skills and experience. It ties those skills and experience to the theme (or brand) you’re trying to establish for your resume. How is it different from an objective? A summary statement is a good way to take a long or complicated job/skills history and put your best self (your brand) into a few concise sentences. It’s not as good for newbie job seekers or career changers, because you might still be establishing that brand.Do You Need a Resume Objective?Well, that part’s a little controversial. Not everyone agrees that an objective is a good use of resume space these days. U.S. News World Report argues that the risks of a poorly written objective statement outweigh the benefits of including one at all, and that an objective is a waste of super-precious resume space. This is also the view taken by the folks at The Muse. The bottom line: there’s no unanimous voice fighting for the resume objective.But above all, regardless of what everyone else says, you need to decide what’s right for your resume and your job sear ch. An objective can be a very effective way to present yourself- you just need to make sure that you’re writing a good one that deserves to take that space. You should consider keeping an objective on your resume if:You’re just out of school, or don’t have tons of experience in your field.You’re changing careers, or applying for a job where your previous experience doesn’t apply 1:1.You’re focusing on a very specific position in your field (e.g. you’re not just sending your resume to a company you like, or passing it along to a recruiter, and hoping for an opening that fits). The objective is a way to start establishing that branding, or reframe your narrative. Cover letters are far from a given these days, in the age of faceless job application engines. The objective can be a handle, a narrative statement that could pack some of that same â€Å"I am perfect for this job† punch that would normally be covered in a cover letter. It’s a way to neatly outline your current goals, and align that with the job description at hand. The objective tells the reader what you’re seeking and starts the narrative of how you fit this job.What If You Decide to Skip It?I mean, the sky isn’t going to fall on your job search if you decide against including a resume objective. It’s unlikely that someone will get to the end of an otherwise fantastic resume and think, if only this person had included an objective. But that’s not necessarily the way to look at it- there are plenty of things you can leave off a resume that wouldn’t be missed. Instead, think of it as a proactive element you can use to your advantage. If you skip it, you likely won’t be actively damaging your chances at the position, but you are consciously skipping an opportunity to position yourself even better.What Does a Good Objective Have?If you decide to go ahead with a resume objective, you need to do it well . As mentioned earlier, resume space is precious. If you’re going to devote several lines to it, that’s several lines you can’t devote to something else. So you need to make sure your resume objective has these elements:It’s customized. Like the rest of your resume, it should be tailored to the job for which you’re applying- or at least the company. Generic objectives are visible from a mile away.It should be backed up. Anything you bring up in the resume objective, you should be prepared to flesh out in bullet points later in the resume.It’s not just about you. You’re great, you’re awesome. But lots of great, awesome people are going to end up in the â€Å"meh† or â€Å"no† pile of resumes. The goal is to start showing the reader that your awesomeness is the one that should get an interview for this Use it to emphasize your potential value to the company.It’s not a bragfest. Don’t just insert all th e flattering adjectives you can find. Use relevant action words that, again, will be backed up and enhanced by the rest of your resume.It’s short. This isn’t your memoir, it’s a brief statement that sets the tone for your resume.It adds value to the resume. If you’re just restating points or skills verbatim from later in the resume, don’t bother. The objective should be more of a â€Å"greatest hits† overview that is condensed into its most powerful form. So what does that â€Å"good† objective look like? Think of it as a formula.Strong traits + The role you want to fill + Good fit for the company = ObjectiveDon’t overcomplicate the objective: a sentence or two is great. You don’t need a bulleted list, or a long narrative paragraph. And in fact, a long paragraph could be a total visual momentum-killer, which is the last thing you want right at the start of the resume. You can label it as its own â€Å"Objective† s ection on your resume, but that’s not essential- it could just be a standalone sentence at the top of your resume, and the reader will understand what the purpose of it is.Where to BeginTo get you started, here are some examples of resume objectives- the good, the bad, and the ugly. You can also find templates and samples online, like with ResumeGenius and The Interview Guys (who also have a resume objective â€Å"cheat sheet† you can get via email). Let’s take a look at what to do and what not to do.The GoodExperienced customer service representative with more than 7 years of experience, seeking to leverage strong technical and customer-facing skills into an entry-level information technology position for TechSolutions Corp.Detail-oriented researcher with strong communication skills looking to transition into a blogging and social media coordinator position.Objective: To leverage 10 years of continuing education teaching experience and fluency in English, Spani sh, and French into a part-time ESL teaching position. The BadFabulous customer service rep seeks to leverage legendary skills into IT. (Let the reader make the judgment about whether your skills are â€Å"legendary.†)Bringing my brand to your blog and social media platforms. (What brand? Why you?)I would like a job teaching English to non-native speakers. (What skills and experience would you bring?)Seeking a full-time position in my chosen industry where I can apply my experience and skills to that position. (Waaay too vague.)The UglyI would like a job that pays at least $30,000 per year, with strong benefits and flexible hours to accommodate my child’s care schedule.I’ve always loved reading, so I’d like to secure a position with a large publishing company.Remember, the objective really sets the tone for the resume- it’s right under your name, and hits the reader before they get down to your qualifications and skills. If you’re going to i nclude one, make sure it’s the most specific, appealing one you can write. This is your chance to start moving ahead of the pack, so make sure you’re taking full advantage!b

Thinking critically Simulation Review Essay Example | Topics and Well Written Essays - 1750 words

Thinking critically Simulation Review - Essay Example importance weighing, intuition, and imagining were all problem evaluation tools and techniques that were encountered in one form or another somewhere in the simulation. I would have probably used the same techniques, only I would have added the following to the mix: cause-and-effect diagrams, check sheets, group think, multivoting, value analysis, and visualizing. Adding visuals such as diagrams and check sheets can help a wider audience to understand the plans that are to be implemented. They are also a better form of organization for a business to follow. They allowed managers to see the big picture before making any major decisions that could affect hundreds of peoples’ lives. The also let managers consider what could happen if they choose to go in a certain direction rather than in another. This step is a very important part of any strategic planning process. Growth necessitates change. If a company wishes to grow and become profitable, they have to learn to make plans and stick with them unless the risk outweighs the benefits. The outcome reached in the simulation was not much more than to continue as usual, and this simply will not work for the long-term. Things are not going to get any better, and will in fact get much worse, if the store chooses to take this route. People in the company, especially management, simply cannot continue to be afraid of change. If they resist it too much, chances are that they will go under in a very short period of time. This is definitely not the goal of the company. The proposed changes would allow management to consider the benefits and risks in a much deeper light. When this is done, better strategic decisions can be made. It is difficult to make good judgment calls without hardcore and factual data written, drawn, or printed up where managers can physically look at it and evaluate the consequences of their actions. There are several major problems that are presented in the simulation. The junior

Starbucks Analyse Marketing Activities and Performance Essay - 3

Starbucks Analyse Marketing Activities and Performance - Essay Example That is converted to additional value in the company and hence increased profits. Employees are treated as Starbuck partners, normally referred to as Baristas through use of favorable management theories. However, except for the senior managers, the company does not employ full-time meaning they do not accord full benefits for employees (Kumar, 65). This is good for the company since it does not have to pay for pensions, which are additional costs to a company. That is favorable use of operations management since Starbucks only pays for the productive hours worked, and with minimal supervision The operations management applied by Starbucks is implemented by baristas, employees, as well as the managers. The ‘bean stock’ option was got from the story of Jack and the bean stock, which grew to the sky. The latter makes the difference between the operations management used by Starbucks and the rest of its competitors. According to the ‘bean stock’ management option, all employees are considered valuable to the company, on the same degree as shareholders. Hence, Starbucks Company operates as one big family without a big deviation between senior and junior employees. The ‘bean stock’ option employed by Starbucks plays a significant role in defining a chain of activities that ensures external customers are accorded the value they deserve. Following the use of ‘bean stock’ the performance and attitude of Starbuck employees has improved. It has immensely improved operations management with improved employee relations and customer satisfaction (Bedbury, 24). Employees are able to work with minimal supervision for optimum productivity as the company maximizes its profit margins For Starbuck’s managers, conceptual skills are important for innovation and new ideas on running their unique management practices. The company’s initial store manager, Howard Schultz used conceptual skills to

Study Guide Assignment Example | Topics and Well Written Essays - 500 words

Study Guide - Assignment Example However, when people from a different country relocate to that society, they find it extremely difficult to adapt to the new culture and such individuals confront many issues that may entail personality conflicts. The author, through her essay, has been able to demonstrate the problems she has encountered in becoming American and it clearly depicts how immigrants feel in an alien land. The society prescribes a high standard on outward appearances, especially in the context of females. Thus, they are forced to harbor certain notions on how a woman should look. The concept of beauty also changes as a person moves from one society to the other. In her essay, Alvarez illustrates this eloquently when she shows the sisters watching the Beauty Pageant. They actively discuss about different contestant, opining who should win and who should not. During all these, they feel themselves intimidated by the notion that they may not ever be able to win the Miss America Pageant because they are not â€Å"American.† Through the description of the inner feelings of the sisters, Alvarez provides her audience a subtle hint that the sisters do not feel â€Å"belonging† to the American culture. Their alienation becomes evident when they think that they will have to change their appearance to â€Å"English, iron and tweeze them out, straighten them, mold them into Made-in -the-USA beauty† (Alvarez Page). Jim Barnes’ poem, â€Å"Return to La Plata, Missouri,† evokes a sense of nostalgia, where the poet recalls the memories of his town, saying goodbye to it. Like many of his other poems this is also focused on the description of a place. The city, like many others around the world, has all the evils, hidden beneath its red sheath that slowly turns brown. At the first reading, a reader may not clearly understand many of the imagery and how the writer connects these to the evils that hide within the dark recesses of cities. However, a close reading makes it clear that

Should the primary objective of management be to increase the wealth Essay - 1

Should the primary objective of management be to increase the wealth of shareholders and owners - Essay Example The objective of management is characterized by four concepts namely goal, scope, definiteness and direction. Managers view objectives as the business values that should be achieved. Therefore, the scope of these values must be well defined, in addition to inclusion of extra goals. Management objectives can be classified as primary, secondary, personal or social. The following paper is a critical debate on the question: Should the primary objective of management be to increase the wealth of shareholders and owners? Focus will be laid on the general objectives of management and the way in which they should be prioritized for maximum benefits. Customer Satisfaction Customer satisfaction is a principle performance estimate in business management (Decker and Learning, 2001). The primary objective of any business management should be focused upon customer satisfaction. This will provide the avenues required for profits that generate wealth of shareholders and owners. The management’s primary objectives should be related to customer satisfaction through the provision of saleable goods and services in the market. These goods should be reliable, have standard quality, competitive, reasonably priced, technologically produced and insufficient in quantity. The secondary objectives are those strategies that assist in achievement of primary objectives. Personal objectives purposes to benefit individuals in a business organization e.g. increasing the wealth of owners and shareholders. Social objectives maximizes the social gain of the community from an organization e.g. the social responsibilities of the organization to the community. Customer satisfaction includes interaction with customers in an ethical environment. Most traditional business strategists view maximization of the shareholder and owner wealth as the fiduciary obligation of business managers (Shaw, 2009: 572). This view is related to the fact that most shareholders invest in the company on the understanding that the management will steer the company on the strategy of generating profits for them. The view was also presented in an era where most capitalist were obligated to manage their own business enterprises. The recent emergence of joint stock companies meant that the managerial control of corporations has technically been divorced from ownership. However, business theorists have failed to establish a mechanism that can harmonize the interests of managers and shareholders to prevent the former from enriching themselves at the expense of the latter. This is has been proven by the recent behavioural trends whereby the managers awards themselves lux urious pay and remuneration packages without any benefits to the shareholders. Managing Efficiency Efficiency is the guiding principle for any successful business. There is no business that has ever risen to top of the industry through slow, outdated and clunky management practices. In the current business environment, the management that only focuses on compliance to stockholder expectations while ignoring inefficiency does not succeed (Morris, Schindehutte and Allen, 2005: 726-735). The imperative issues that should be recognized include cost

The Impact of the Euro Since Its Launch Dissertation

The Impact of the Euro Since Its Launch - Dissertation Example The Euro is one of the stable currencies in the world. It is the official currency of the eurozone which consists of 17 member states of the European Union. The euro was introduced as an accounting currency on 1 January 1999. The notes and coins for the euro were brought into circulation on 1 January 2002. In the period between the introduction of the currency and the advent of its notes and coins, the preceding currencies’ notes and coins were accepted, however such currencies were fixed against the euro. The significance of the currency on a global scale can be determined by the fact that it has become second largest reserve currency in the world. Apart from that, it has also become second most traded currency all over the world after the US $. According to the statistics released by European Union, more than â‚ ¬800 billion were in circulation as at June 2010. The euro has surpassed US$ in the combined value of notes and coins in circulation all over the world. According to the estimates released by IMF, eurozone is the second largest economy in the world. Many US economists had criticized the idea of a currency such as euro. According to such economists, euro was bound to be a failure and it would not last for so long. However, euro surpassed everyone’s expectations and in a very short period of time, it evolved to be one of the most powerful currencies in the world. Most economists were against the idea of monetary unification however the success of euro proves that mone tary unification is an evolutionary process. ... However, euro surpassed everyone’s expectations and in a very short period of time, it evolved to be one of the most powerful currencies in the world. Most economists were against the idea of monetary unification however the success of euro proves that monetary unification is an evolutionary process. From these facts and figures, it can be inferred that euro has become one of the most powerful currencies in the world and it has significant impact on the global economy. 2. Euro as Reserve Currency In order for a currency to be a favoured reserve currency, it must have well developed financial markets. The euro was formed after the unification of 17 currencies of the member states of the European Union. The unification strengthened the euro financial markets and it lowered the macro-economic risks of the countries in eurozone. This was one of the reasons why euro became one of the biggest reserve currencies all around the world. It inherited its reserve status from the currencie s that dissolved into euro. Before the introduction of euro the overall share of US$ as reserve currency was 70.9% which dropped to 64% in the year 2008. On the other hand, the inherited proportion of the euro as reserve currency was 17.9% in the year in which it was introduced, i.e., 1998. One of the reasons behind the euro’s status of one of the most reserve currencies is due to German Mark. The proportion of euro as reserve currency increased to 26.5% in the year 2008. The euro has significantly affected the status of US$ as a reserve currency. Most economists are also debating the possibility of the euro replacing the US$ as the most held reserve currency. According to David

Should the primary objective of management be to increase the wealth Essay - 1

Should the primary objective of management be to increase the wealth of shareholders and owners - Essay Example The objective of management is characterized by four concepts namely goal, scope, definiteness and direction. Managers view objectives as the business values that should be achieved. Therefore, the scope of these values must be well defined, in addition to inclusion of extra goals. Management objectives can be classified as primary, secondary, personal or social. The following paper is a critical debate on the question: Should the primary objective of management be to increase the wealth of shareholders and owners? Focus will be laid on the general objectives of management and the way in which they should be prioritized for maximum benefits. Customer Satisfaction Customer satisfaction is a principle performance estimate in business management (Decker and Learning, 2001). The primary objective of any business management should be focused upon customer satisfaction. This will provide the avenues required for profits that generate wealth of shareholders and owners. The management’s primary objectives should be related to customer satisfaction through the provision of saleable goods and services in the market. These goods should be reliable, have standard quality, competitive, reasonably priced, technologically produced and insufficient in quantity. The secondary objectives are those strategies that assist in achievement of primary objectives. Personal objectives purposes to benefit individuals in a business organization e.g. increasing the wealth of owners and shareholders. Social objectives maximizes the social gain of the community from an organization e.g. the social responsibilities of the organization to the community. Customer satisfaction includes interaction with customers in an ethical environment. Most traditional business strategists view maximization of the shareholder and owner wealth as the fiduciary obligation of business managers (Shaw, 2009: 572). This view is related to the fact that most shareholders invest in the company on the understanding that the management will steer the company on the strategy of generating profits for them. The view was also presented in an era where most capitalist were obligated to manage their own business enterprises. The recent emergence of joint stock companies meant that the managerial control of corporations has technically been divorced from ownership. However, business theorists have failed to establish a mechanism that can harmonize the interests of managers and shareholders to prevent the former from enriching themselves at the expense of the latter. This is has been proven by the recent behavioural trends whereby the managers awards themselves lux urious pay and remuneration packages without any benefits to the shareholders. Managing Efficiency Efficiency is the guiding principle for any successful business. There is no business that has ever risen to top of the industry through slow, outdated and clunky management practices. In the current business environment, the management that only focuses on compliance to stockholder expectations while ignoring inefficiency does not succeed (Morris, Schindehutte and Allen, 2005: 726-735). The imperative issues that should be recognized include cost

Sexual Ethics Term Paper Example | Topics and Well Written Essays - 1500 words

Sexual Ethics - Term Paper Example Nevertheless, the way a person expresses gender and sexuality may not be consistent with social prospects of a given gender. Gender communications may not always match or reflect socially arranged gender identity. According to Beasley (2005), ethical beliefs and conduct about sexuality are influenced and accustomed by various things. However, moral and ethical believes and conduct are molded and accustomed by the upbringing of an individual, social influence, exposure to religion, interaction with one another, and perceptions of the society in which people grow. The human race as a social creation will often tend to gather together in similar groupings that share the same ethical beliefs and conducts. This can be seen in individual families that may have distinct ethical believes that every family member is expected to exercise. However, regardless of the social influences we face, each person has an ultimate free will to decide on what is moral and ethical. There has been conflicting views on how to determine what is ethical, just, and moral. According to Sloop (2004), ethics is the logical attempt to comprehend the underlying basis of responsibility, and to express fitting codes of behavior or attitudes to the general life. Sexual ethics, commonly referred to as sexual morality, relates to a personal or community standard in regard to interpersonal relationships, which involves sex. There are those who hold the view that nothing is essentially wrong or right. On the contrary, others believe that sexual ethics should be evaluated in the context of each other’s culture practices and convictions. From another perspective, there are those who are of the idea that moral assessment is objectively true or false, meaning that everyone should act in harmony with the prevailing ethical customs (Beasley, 2005). In the Christian circles, sexual ethics has been a highly controversial issue. The Christian

Bacterial Morphology Essay Example for Free

Bacterial Morphology Essay Question A and C answers. A wet mount stain is when a drop of water is placed onto the microscope slide. The water on the slide helps to support the organism and sample. The water fills the space between the cover slip and the slide. This action allows the light from the microscope to pass through the slide and the sample for better visualization of the organisms. A direct stain occurs when a charged color portion of a basic dye like methylene blue combines with the negatively charged portion of and organism allowing the bacterium to become directly stained. In direct staining, the organisms must be fixed by a process such as heat. Fixing the slide prevents the organism form washing off the slide before visualization. This is accomplished by passing a smear of the bacteria through flame. The heat sets the proteins of the organism thus causing the bacteria to attach to the slide. The organism can become damaged from the setting process and the use of heat prior to staining. In indirect staining, the negatively charged colored portion of an acidic dye is repelled by the negatively charged bacterial cell wall. This causes the background to be stained while leaving the organism’s cell wall to remain colorless and unstained. Question B answers Specific bacterial morphologies noted in exercise one come from the spiral bacteria sample. The shape appears to be corkscrew in nature and vary in length throughout the sample slide. The length varies but the width seems to be uniform. The color most likely arises from the stain used to allow for better visualization of the organism. The Bacillus sample has no discernable morphology and appears as round ended, and cylindrical shaped in nature. The organisms have a black tint which is probably related to the type of statin used for visualization of the organism. Question C Bullet 1 The direct smear sample and the indirect smears shown were different in appearance based on the staining method. The Direct Smear stained slides showed that the cells picked up the dye and were stained for better visualization as well as for differentiation of organisms viewed. The Indirect smears showed visualization of organisms and cells unstained and were visually different from the direct smear. Question D The plaque smears are somewhat circular in areas and irregular in other areas. The appearance is unlike the yeast slide. The plaque smear cells appear to contain a discernable nucleus which is absent in the yeast slide. The yeast smear shows uniformity in the shapes and sizes of the sample provided. The plaque smear shows irregularity in shape but a significant difference in the size of the sample cells provided. Question E I was unable to obtain an oral swab from my cheek but was able to visualize the slide provided and base my response on it. The cheek smear sample shows cells that are irregular in shape and in size. The cells appear to have a darker center which is located in differing regions from cell to cell. The samples appear to be clustered in together and tightly packed. The plaque smears are circular in areas and are in differing patterns and shape compared to the cheek cells. The plaque smears are round and differ in size. The cheek cells are differing in shapes and packed close together. Reference Hands-on-Labs. (2012). A Laboratory Manual of Small-Scale Experiments for the Independent Study of Microbiology. Englewood, CO. Available from www.labpaq.com

The Violence In Movies

The Violence In Movies Do violent movies cause people to be violent? Violence is a very delicate topic and it raises the attention of producers, because they are affecting lives around the world, the movie producers see this as an opportunity to bump up their ratings by making violence more popular. Aiming to keep profits high, they target young adults through advertisements and keeping them informed with previews about what movies are coming up next. Research has shown different aspects of violence in creation by media sources, news, publishers, and even books written specifically based on the effects of violent behavior in movies affecting peoples lives. There are diverse ways in which to consider the rating for violent movies, and different laws are passed in every country regarding the age that people are able to watch a specific violent movie. At a young age children are more vulnerable to practicing what is filmed on the big screen. Arguments are seen in the public eye, as a way to stop the creation of violent movies and create or recreate stories which are suitable for the public eye to view without endangering their way of living in a normal society. This subject also answers to what is the cause for gun violence, drugs, gangs, attempted murders, and a large variety of vicious attacks in society. It is known that the mind acts as a triggering device which takes actions based on what images or information it has received. Negative information or images are processed through and give out a harmful response to the collector or to the people around him. Harmful, downbeat or depressing movies can change a characters view on things or can change their personality. It might bring back depressing moments in someones living or make them feel insecure about things in life, making them choose wrong options, doing drugs, mistreating their family, breaking laws etc. These are some examples of how people react to a violent movie, by identifying the argument based on reality. FACTS On Children and Teenagers. According to research that is dated not only in present, but also in long passed years, violent movies tend to affect mostly children and young adults. Watching violent movies does not only affect the youngsters behavior and tendencies to violence, but it also causes lower grades in classrooms. In the article Adolescents who watch violent films get poorer grades in the classroom written by Richard Gray Science Correspondent for Telegraph.co.uk, Dr. James Sargent, a pediatrician at Dartmouth Medical Center and the scientist who led an investigation concerning effects of violent movies on children, says: These are young adolescents who really should not be watching this type of adult material. Watching a lot of violent material seems to crank up their rebelliousness. Violent movies disrupt sleep and leave children not so eager for hard work and concentration in classrooms, which automatically leads to a considerable drop in grades and accumulation and assimil ation of knowledge. The same research also proved that students with excellent scholastic results dropped from 50% to 25% in grades. Other studies, though few of them, have compared various types of TV violence in United States, Japan, and Spain. Japanese television illustrates fewer physical of fatal injuries that the U.S. or Spain. Another study has shown that increasing violent expression of teenagers is directly linked to the violence on TV and movies in other countries. A child who is exposed to raging shows at ages 6 or 8 predicted aggression 2 years later among many boys and girls in the United States, Finland, Poland, and Israel. A new question rises: Why and how do children have access to headstrong programs? Who should be considered guilty for it? On Psychcentral.com, in an article entitled Movie Violence Can Overwhelm Children, by Rick Nauert PHD Senior News Editor, Keilah Worth, the leader of the study says: In Britain, no adolescent would be admitted to these movies unless they were 18. The R rating in this country is clearly not preventing our young people from seeing them . . . We know so much about the harmful effects of exposure to violent media content, but how much exposure children actually get has been largely ignored. Now, were learning more about the large numbers of kids seeing this material and who they are . . . We should re-think the current movie rating system, which has been in place for 40 years, and was designed when kids could only see movies in theaters. Ratings need to be more prominent on all movies, whether they are seen in theaters or purchased in the store, and we need clearer messages to parents. Pediatricians and child advocates should instruct parents to strictly abide by the movie-age guidelines and to closely monitor movie viewing. Is the rating system responsible for it? Is it the governments fault for not setting stricter laws? Or the parents are guilty for a not so strict supervision of their children? This question is yet to be answered. On one hand, the government is responsible for what is aired on TV and for the ratings in theaters. Movies rated-R, such as Scary Movie, which show a high number of extremely violent acts, should not be at hand for young adolescents. Although it is contraindicated for a person aged between 10 14 years to be able to attend such shows, according to Extension.iastate.edu, an average of 12.5 percent of an estimated 22 million children age 10-14 watched at least one movie that is rated-R, but has a higher level of brutality. Scary Movie was watched by an estimated 10 million children (48% of 10-14 year olds). As a fact, cartoons are 5 times more violent than most TV programs. On the other hand, the technology today is so easy to use, anyone can do it. Illegal downloads take pla ce everywhere, so it would be easy for a youngster to get anything digital. Everything is as close as the push of a button. Although punishments for piracy are severe, children are irresponsible and easily impressed by others who do it. Internet downloads fall under the jurisdiction of the parents. Strict supervision of the child when using a computer is absolutely necessary, until the child reaches a proper age for him to know what is good and what is wrong for himself. Culture, religion, and the way a child was educated in the family are also important, but in a lesser manner. Why do children do it? Why are they so desperate about watching violent movies? Some think that this is a ritual, some king of passage from a child to a teenager or from a teenager to an adult. Others believe that it is pure rebellion against parents and society, which is caused by violent movies (this explanation tends to be circular so some doubt its validity). In any case, what we know is that we must not encourage and we should prevent (if possible) children from watching high-ranked in violence movies, letting them lead a normal childhood and develop themselves as beautiful, well-rounded individuals. There are several problems that have draw questions upon themselves. For example: at what age should be children allowed to start watching violent movies, rating brutality in movies, which movie would be suitable for what age or the existence of good violence,. The term good violence appeared in 1960s, when TV channels broadcasted racist violence against African Americans. Some peop le believe that this is not violence, because it was released under the title of news. Others believe that no matter why is out there, is still violence. The topic is still argued by the two sides, and it would probably be debated a long time from now. But there has been reached a compromise concerning film ratings: YMaterial is suitable for all audiences, no violence; Y7Material is suitable for older children, may contain fantasy violence; GMaterial is suitable for general audiences, very little or no violence; PG Parental guidance is suggested, may contain some violence; 14 Parents are strongly cautioned, could contain moderate amounts of violence; MA Mature audiences only, contains material not suitable for children; In addition to this rating system, all of the television shows have sub-ratings. The sub-ratings include V for violence, S for sexual situations, L for explicit language, FV for fantasy violence, and D for suggestive dialog. These ratings help parents limit what their children watch. (suite101.com pg2) How parents can help. There are many and different ways which a parent can use to get to his child, and control, in one way or another, what the kid is watching without letting it seem like a total control, which most teens and young children hate. Some examples would be: media-free bedrooms for the children, common TV areas and family TV time, lack of free and unsupervised Internet access, suggesting a change of channel when the scenes become violent, discussions concerning the subject et cetera. A parent can also use Internet to research movies and their ratings so they will know what to let their young ones watch and what not. A different approach may be needed for different persons but the key is perseverance. As a parent, you should not give up when your daughter or your son finds new ways to watch whatever they want without you knowing. There is always a solution for these problems. On adults. Any differences based on sex or race? The effects that violent movies have on adults are not as researched as those on children and teenagers, probably because as the time passes by and a person already formed his or hers personality, it is hard to change that personality through an exposition of violent moving pictures. Recent studies have shown that the impact on adults does not differ from one person to another based on race or cultural provenience, proving equality and offering a good starting point for any race, but also removing myths that said some cultures are more violent than others. On the other hand, there is, or better said, was a difference between genres. Since women began being treated as being equal to men, aggressive behavior had increased in female society. In recent years, violent female characters appeared in movies, and it became more acceptable for a women to act freely and violent. However, compulsion will increase in both genres as long as brutal m odels are shown and promoted by the media. Even though this kind of movies affect adults too, it is hard to deny ones access to them. For example, a patient in a mental institute is suing United States because of the desire to view movies that contain violence, suicide and nudity. The patient, Larry Filliung, has strangled his girlfriend and was found not guilty by reason of insanity is requesting a change in rules, because the institute controls which movies can be viewed in groups and which not. Filliungs lawyer, Mark J. Heyrman, says that people like his client will one day be released and that sheltering him from controversial topics does not help him reintegrate into society. CRITICS AND CRITICISM Movie critics have a compared a multitude of movies to real life incidents, or better said tragic events. By drawing parallels between those two, critics have reached the conclusion that many terrorist attacks have their roots and draw their ideas from violent American movies, such as Independence Day or The Siege.

the videogames industry Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚   The video game industry has become a huge influence on society and the economy today. It is an industry that is so huge that it is estimated that 70% of U.S homes will own a Video game system by the year 2005, (Cassandra, 2002) Just one year away. But what made it the way it is? Since it is still an industry it has to follow the natural laws of economics. In this paper we will dive into the industry that now has gone beyond movies and recordings in profit.   Ã‚  Ã‚  Ã‚  Ã‚  The first is that the video game consol industry is an oligopoly and has to deal with the game theory. It is an oligopoly because it has high barriers to entry such as hardware subsidies and very fierce competition amongst already established firms (Scevek, 2001) Also there are only three major producers of video game consoles: Sony, Nintendo, and the recently Microsoft. Because these three all have personal interests the game theory applies quickly. The most recent example is the releases of the Playstaion 2 by Sony, the Nintendo GameCube, and Microsoft’s X-box. Early in the year of 2001 Sony released its latest Playstation 2 and its profits surged. They had increased 3.1% to 24.8 billion Yen, and 22.t million units sent world wide in the first fiscal year (IGN, 2002). Microsoft and Nintendo however had a different story. They decided to hold off sending of their product until the holiday season of 2001, a well-known purchasing time for consumers. However this induced competition for personal interests and both ended up worse off. While the Xbox had sold 1.4 million units, and Gamecube 1.3 million, Sony had 1.4 million units sold in its fourth quarter (Weintraub, 2002). That 1.4 million was in addition to the millions sold before hand. This unwise release is catching up with Microsoft as the profits for the X-box had halved to 190 million in 2003 compared to the loss of 60 million the year before (Yabedo, 2003), and it may soon be forced to leave the gaming industry. As it stands now the current owning of systems in households is 75% own a Playstation 2, 12% own a X-box, and13% own a Gamecube (yabedo, 2003). While the figures may be small Nintendo is building up slow but steady steam with its big name titles, and domination of the hand-held industry. Its recent release the Gameboy Advance has caused a make up for the loss by GameCube. It had so... ...t (Chmielewski,2002). With this increase investment and demand in human capital it is clear to see that the industry is bound to only continue growing.   Ã‚  Ã‚  Ã‚  Ã‚  In conclusion the video game industry is growing, it has been for the last thirty years and will continue maybe for the next hundred. But it is an industry none the less, it has to follow the same laws as any other firm in the game of economics, and in this game there is no save point or pause button. We have seen that because of the game theory the console companies make choices for what they believe to be their best option only to have a worse outcome than if they had released at a different date, that as a compony earns an economic profit other componies will try to enter that area driving down economic profit, as well as examples of their fierce competition to stay on the cutting edge. We have also seen that they follow the laws of demand, and develop only on the desires and tastes of the buyers, the costs that come with producing a game both explicit and implicit, and the externalities that come with the products. And what investments are being made for the f uture in this billion-dollar industry.

Racism and Discrimination in Sports Essay -- Race Racism Athletics Ess

Introduction   Ã‚  Ã‚  Ã‚  Ã‚   Dealing with the issue of sport and ethnology, three major factors come to mind; prejudice, racism, and discrimination. These factors span across gender, ethnic, racial, religious, and cultural groups. In the following paragraphs, I will discuss how these factors have played a part in the evolution of sport in our society. The first issue tackled in this paper will be racism in sports, followed by prejudice and discrimination. Racism   Ã‚  Ã‚  Ã‚  Ã‚  ?A definition of race might rely on an outward manifestation such as color or some other physiological sign. Race and ethnicity (and to some degree nationality) also imply a shared socio-cultural heritage and belief system. Finally, race and ethnicity harbor a physiological self-identification. Indeed, this factor is perhaps the most important in defining the identity of an ?ethnic? or ?racial? individual. It implies a conscious desire on the part of a person to belong to an aggregate of people, which possesses unique cultural characteristics, rituals and manners and a unique value system.   Ã‚  Ã‚  Ã‚  Ã‚  North America is, and always has been, an ethnically diverse society. Yet this cultural diversity along religious, ethnic and national lines had been tolerated only in a limited degree, end even only on the dominant Anglo-Saxon elite?s terms.? (Eisen and Wiggins, 1994, p. xii). History books repeatedly show this in their pages. A person can not pick up a history book and read through the pages with out finding something on how a particular athlete or group of athletes were persecuted because of their race. Part of the American dream that is taught to our youth of is freedom, equality and the ability to move ahead in life if a person is motivated to do so. It is unfortunate that this isn?t the case; that is unless the person fits into the right sociological group.   Ã‚  Ã‚  Ã‚  Ã‚  For instance, ?The American Dream of unlimited possibilities was shattered for black athletes. By 1900 most of them had successfully been excluded from American sport and were forced to establish their own separate sporting organizations. The most famous of these were the black baseball leagues, a loose aggregate of teams that did not achieve much organizational structure until Rube Foster founded the National Negro Baseball League in 1920. Late nineteenth-century black athletes were often disturbed by their inability to be classified by an... ...ng treated equal. Conclusion   Ã‚  Ã‚  Ã‚  Ã‚  The concept of a perfect world where race, color, religion, political stance, and gender are all equal is a good goal to strive for. Singling out individuals or groups based on any of those characteristics is wrong. We all have room to grow, and can make a better effort to be open-minded. Sports would be a perfect place to let down the barriers. There is bias in sport today. There is racism and discrimination. Only by a conscious effort can anything be done to help move past our present state. Racism and discrimination should not be in sports, because all humans are of the same species regardless of color or origin. We all bleed and we can all die, therefore, we should all be equal. References Eisen, George, and Wiggins, David K. (1994). Ethnicity and Sport in North American History and Culture. Westport, CT: Greenwood Press. Du Bois, W.E.B, (1961). The Souls of Black Folk. New York: Fawcett. MacClancy, Jeremy, (1996). Sports, Identity and Ethnicity. United Kingdom: Oxford International Publishers. Hoffman, Frank W., PHD, and Bailey, William G., MA, (1991). Sports & Recreation Fads. New York: The Haworth Press.   Ã‚  Ã‚  Ã‚  Ã‚