Long Term Financing Paper Final

Running head: Long-Term Financing Long-Term Financing University of Phoenix Online Introduction to Finance and Accounting MMPBL-503 James R. Sullivan November 3, 2008 Long-Term Financing An established company is considering expanding its operations, and to achieve their business objectives, the company will require additional long-term capital financing. Long-term financing involves debt or equity instruments with greater than one-year maturities, and the cost of this long-term capital can be calculated using either the Capital Asset Pricing (CAPM) or Discounted Cash Flows (DCFM) Model. The organization will have to compare and contrast the Capital Asset Pricing Model with the Discounted Cash Flows Model. The skill of comparing and contrasting financial options will help evaluate and organize the debt/equity mix and dividend policy. The organization must then decide what type of long-term finance alternatives will most likely benefit. Capital Asset Pricing Model and the Discounted Cash Flows Model Capital Asset Pricing Model is a linear relationship between returns on individual stocks and stock market returns over time (Block & Hirt, 2005). One use of CAPM is to analyze the performance of mutual funds and other portfolios (CAPM, 2008). Although, more than one formula exists for the CAPM, the most common is referred to as the market risk premium model presented below (Block & Hirt, 2005): r = Rf + beta (Km – Rf) Where: r is the expected return rate on a security Rf = the risk free rate of return (cash) B = beta coefficient, or historical volatility of common stock relative to market index Km = is the return rate of the appropriate asset class The market risk premium formula assumes that the rate of return or premium demanded by investors is directly proportional to the perceived risk associated with the common stock. Beta measures the volatility of the security relative to the asset class. The equation is saying that investors require higher levels of expected returns to compensate them for higher expected risk. This formula can be thought as predicting a security’s behavior as a function of beta: CAPM says that if a person knows a security’s beta then they know the value of (r) that investors expect it to have (see graph below) (CAPM, 2008). [pic] More volatile stocks will have a beta coefficient greater than 1. 0, whereas less volatile stocks will have a beta less than 1. 0. If the risk free rate of return (Rf) and average market return (Km) are considered fixed, then the required rate of return for company stock can be calculated for the required rate of return. As an example, if the market risk premium (Km – Rf) is 6% and a risk free rate of return (Rf) is 4%, then the required rate of return would equal 10% for B = 1 and 16% for B = 2. The Discounted Cash Flow Model (DCFM) is another standard way of determining the cost of equity. It assumes that a firm’s current stock price is equal to the present (discounted) value of all expected future dividends from the investment (Utility Regulation, 2008). Modern financial theory contends that the price of a firm’s stock is the present value of the future cash flows discounted at an appropriate interest rate (Freeman & Gagne, 1992). To calculate the current stock value, calculate the present value of future dividends and growth in the value of the stock at some future date. The discount rate used for this present value calculation is the weighted average cost of capital for the firm. Both the CAPM and DCF models involve applying data from a single or group of companies, to evaluate the current stock value of a single company. CAPM is more objective and complicated, and requires more calculation and data from the market. DCF is more subjective and simplified. One such DCF assumption is that future dividends will grow forever at a constant rate. Since this assumption is not always true, the DCF method gives a more qualitative estimate of the cost of capital. Limitations of CAPM includes, model uncertainty, it is difficult to know for sure if the use of the model is theoretically correct. Input uncertainty, is another limitation, it is difficult to estimate the appropriate risk premiums accurately (CAPM limitations, 2008). Limitations of the DCF model include miss growth options, options to expand and options to redirect (DCFM, 2008). Debt/Equity Mix Debt/equity mix is a financing strategy used by companies to help fund the business or other investments. Most companies use a combination of both in order to ensure stability and to keep long-term cost down. Debt is the borrowing of money from other lenders such as finance companies and banks. â€Å"Corporate debt has increased dramatically in the last three decades. † (Block & Hirt, pg. 468) Other forms of debt include issuing bonds and leasing. Debt has become a common item on balance sheet for many companies, including those just starting out. Debt financing allows companies to finance without having to sell stock or bring in more partners. The major benefit for debt financing, unlike with equity financing, the owner retains full ownership of their business. Bringing in more partners or stockholders in a company causes the loss of primary ownership and possibly the loss of the reason the company was created. Equity is another form of financing. Equity is also used by large and small companies. Equity is financed by other people. With equity financing the initial owner/borrower has a greater risk of losing their company to the partners that have become involved. On the other hand the borrower in an equity finance loan has flexibility on repayment terms and the form of repayment (ie. cash, stock, bonds or services). However, most major corporations have a mixture of debt and equity with making sure they do not have to much leverage in either one. The formula for figuring out what a company’s debt-equity ratio is: (Block & Hirt) Debt/Equity Ratio = Total Liabilities Shareholders’ Equity Dividend Policy A company’s dividend policy is up to the company and the profits that are made. If the company is just starting out they may not want to pay dividends to their stockholders. A beginning company may want to reinvest any earnings that are made in order to help the company expand. â€Å"In choosing either to pay a dividend to stockholders or to reinvest the funds in the company, management’s first consideration is whether the firm will be able to earn a higher return for the stockholders† (Block & Hirt, pg. 547). When deciding on a dividend policy the stockholders preference must be considered. The stockholder may or may not want to receive dividends and may only have concern with the value of their investment at relinquishment time. If expanding a business the dividends that are normally sent out will possibly be lower to help cover the cost of expanding. The expansion may also cause the dividends to increase. Some investors care about he future earnings and the increase that may occur because of the expansion and earnings increase. Characteristics and Costs of Debt and Equity Instruments The purchasers of equity instruments have the rights to vote on issues, gain ownership and future earnings of the business. Examples of equity instruments are common stock, preferred stock and retained earnings. Ask Dr Econ, 2008) Common stock is a form of equity instruments, advantages are the common stockholders will share in the company’s profitability, does not have to repay investment, dividends, and the votes can influence management. The disadvantages of common stock, the vote may dilute the management’s interest in the corporation’s growth, and the non-management stockholders can increase in the vot ing power, and the maximum risk falls on the investor. (Raymond, 2002) The cost of common equity is important as â€Å"the ultimate ownership of the firm resides in common stock† (Block & Hirt, 2005). The cost of issuing new common stock is expressed as: Kn = D1 / (Po – F) + g D1 = First year common dividend, Po = Price of common stock, F = Flotation selling costs, g = Constant growth rate in earnings (Block & Hirt, 2005) Preferred stock is another form of equity instruments, advantages are stocks offers stipulated dividend on an annual or semi-annual basis, preference rights over common stock and dividend payments and liquidating distributions. The dividends can accrue at a certain rate and paid on a cumulative basis. The disadvantage â€Å"includes a subordination of dividends to be paid on common stock and limitations on the use of corporate fund to the extent that pre-established dividend payments. † (Raymond, 2002) The cost of issuing new preferred stock is: Kp = Dp ( Pp – F) Where Dp = Preferred dividend, Pp = price of preferred stock, and F = Flotation selling costs. (Block & Hirt, 2005) Retained earnings are equivalent to â€Å"past and present earnings of the firm minus previously distributed dividends† (Block & Hirt, 2005). In order to convince shareholders that earnings will equal larger dividends and equity later, it is important to calculate the present value of projected future cash flow. The equation for cost of retained earnings is equivalent to the cost of existing common stock Ke = D1 / Po + g This can be used to reacquire outstanding treasury stock at market price. The cost of retained earnings does not include the flotation or sales cost associated with new issues of common or preferred stock. (Block & Hirt, 2005) Debt instruments are requires a fixed payment with interest, examples are bonds, government or corporation and mortgages. Ask Dr Econ, 2008) Bondholders do not gain ownership, paid before other expenses, less risky and not entitle to future profits in the business. (Raymond, 2002). Disadvantages include potential restrictions on operations, limitations on the use of working capital† (Raymond, 2002). Bond financing includes the zero-coupon rate bond and the floating rate bond. T he cost of debt is measured by the after-tax cost of debt and must be calculated as follows: Kd = Yield (1 – t) where Yield = yield to maturity and t = tax rate The yield to maturity of a bond is dependent on a number of variables: annual interest payment, principal payment, bond price and years to maturity. The yield to maturity for a bond can be calculated using a bond table, or using the equation below: Y' = annual interest payment + (principal payment – bond price) / years to maturity) (Block & Hirt, 2005) Evaluation of Long-Term Financing Alternatives Organizations have several opportunities for  alternative long-term financing to help the organization expand and grow, raise capital depleted by inflation and to supplement insufficient funds generated internally by the organization. Debts for organizations have risen over the past three decades. Organizations are faced with the task of continuing to raise capital to cover the organization’s debts. Organizations can use bonds, stocks, leasing and other options as options for long-term financing Bonds Most large organizations use corporate bonds for long-term financing. â€Å"The bond agreement specifies such basic items as the par value, the coupon rate, and the maturity date† (Block & Hirt, 2005). The initial value of a bond is the bond’s par value or face value. The interest rate on the bond is the coupon rate. The fluctuation of interest rates in the market affect the coupon rate of the bond after the bond has been issued. The ending date in which repayment of the principal of the bond is due is the maturity date. The bond agreement or indenture is the legal document that covers the bond from issuance to repayment. Organizations can put up a secured bond offering such as a mortgage agreement, where specific assets are promised to bondholders should they default on the bond or choose an unsecured, or debenture bond offering which doesn’t specify a specific asset. Stocks Common stock is on way an organization can secure long-term equity financing. Common stock is issued at a price per share to relatives, friends and investors. The funds are used by the organization to help the organization grow. The organization can issued to stockholders as dividends to show a payback on the capital investment. The remaining funds after the organization pays out dividends become retained earnings for the organization and are reinvested back into the organization. Individuals who have ownership in the organization can hold preferred stock. Preferred stock holders are repaid first should the organization file for bankruptcy. Leasing Organizations can lease assets instead of financing them. Leasing can give an organization that is short on funds or is not credit worthy enough to borrow funds a way to obtain assets. Leasing an asset is generally more expensive than purchasing the asset. By leasing assets, the organization reduces cash outflow so they can use those funds for other ventures. Organizations can lease assets such as furniture, equipment and land. The organization can choose a Capital Lease agreement where the organization purchases the asset at the end of the lease period. Organizations in a higher tax bracket can take advantage of a depreciation write-off tax advantage by purchasing an asset and leasing the asset to another organization in a lower tax bracket. Other Alternatives Organizations can use Factoring to borrow capital. The factor generally charges higher interest rates than banks. Factors generally review credit history, but the organization may still be able to borrow due to the quality of the organization’s collateral rather than their project projections. Conclusion Expanding a company can be a big step and many plans must be laid out and consider before the final decision can be made. Cost is the biggest factor that must be considered when expanding. The second factor to consider is who or how the cost is going to be covered. Most companies consider there finance options. Financing option that should be considered include taking on more debt, issuing bonds, and selling stock. With these options the interest rate, the selling price of the stock and how much of the company they would like to give up all must be considered when choosing an option. The better option would be to do a mix of all of the financing options to keep the balance sheet leveled, and the company in good financial standing. References Ask Dr Econ. (2008) † Federal Reserve Bank of San Francisco:What are the differences between debt and equity markets? † Retrieved October 31, 2008 from http://www. frbsf. org/education/activities/drecon/answerxml. cfm? selectedurl=/2005/0510. html Block, S. B. , & Hirt, G. A. , (2005). Foundations of Financial Management (11th ed. ). New York: McGraw-Hill. Capital Asset Pricing Model, (2008). Retrieved October 31, 2008, from http://www. moneychimp. com/glossary/capm/htm. Capital Asset Pricing Model

School Annual Day

This is a request to the entire guest, please get settle down in few minutes, we are about to start our function. We will start our function with national anthem. Kindly stand out at your places. On behalf of **** school family, I welcome you all with great pleasure, for this Annual Day Celebration. It’s an honour to call our Chief Guest†¦Ã¢â‚¬ ¦ We are the world. We are the children. We are the ones who make a brighter day. I'm sure, all of you present here, must have heard this song performed by michael jackson.Children are the future of every nation across the world. It is today's generation which can go ahead and make the world a better place. Children are our tomorrow – our future. Bright faces that you are going to see here today, while performing on stage, showing their talents and receiving prizes will be the citizens of tomorrow who are going to make a difference in our society. I hope you all are going to appreciate them, as well as to teachers also, who have putted lot of efforts.Thank you XXX Sir, Good afternoon to all of you, as we all know today we are gathered here to celebrate our Annual Day. Nowadays, only academic excellence is not enough to make any child as outstanding performer. They should be good at extar- curricular activities also. From this prospective our teachers have putted lot of efforts with the little brainees for all the performances. Wishing them luck we will start†¦.. School Annual Day This is a request to the entire guest, please get settle down in few minutes, we are about to start our function. We will start our function with national anthem. Kindly stand out at your places. On behalf of **** school family, I welcome you all with great pleasure, for this Annual Day Celebration. It’s an honour to call our Chief Guest†¦Ã¢â‚¬ ¦ We are the world. We are the children. We are the ones who make a brighter day. I'm sure, all of you present here, must have heard this song performed by michael jackson.Children are the future of every nation across the world. It is today's generation which can go ahead and make the world a better place. Children are our tomorrow – our future. Bright faces that you are going to see here today, while performing on stage, showing their talents and receiving prizes will be the citizens of tomorrow who are going to make a difference in our society. I hope you all are going to appreciate them, as well as to teachers also, who have putted lot of efforts.Thank you XXX Sir, Good afternoon to all of you, as we all know today we are gathered here to celebrate our Annual Day. Nowadays, only academic excellence is not enough to make any child as outstanding performer. They should be good at extar- curricular activities also. From this prospective our teachers have putted lot of efforts with the little brainees for all the performances. Wishing them luck we will start†¦..

Prons and Cons of Corporate Reporting Essay

We succinctly lay out arguments put forth both for and against the regulation of corporate disclosure and standard-setting. We then examine current developments suggesting that accounting standard-setting is at risk of becoming entangled in a web of political forces with potentially significant consequences. The crisis has brought into sharp focus the reality that the regulation of corporate reporting is just one piece of a larger regulatory configuration, and that forces are at play that would subjugate accounting standard-setting to broader regulatory demands. Recent actions by the European Commission relating to IFRS 9 and proposed legislation in the US Congress to create a systemic risk council serve to illustrate this point. We conclude by discussing in detail the recent fair value debate as a case study of the way in which bank regulatory policy and accounting standard-setting decisions were jointly determined as a potentially socially optimal means to mitigate the effects of the financial crisis. Keywords: regulation; corporate reporting; politics 1. Introduction History attests to the influence of crisis and scandals as an impetus for regulatory intervention by politicians (Banner, 1997; Reinhart and Rogoff, 2008). After a series of scandals in the UK in the 1990s culminating in the collapse of Barings Bank, there was a dramatic shift in the structure of nnancial regulation that consolidated regulation responsibilities under the auspices of the Financial Services Authority. A wave of financial scandals epitomised by the Enron debacle catalysed swift and sweeping ciianges to US securities regulations with the passage of the Sarbanes Oxley Act of 2002. Today, in the aftermath of the financial crisis of 2007-2009, financial accounting standard-setting finds itself drawn into the orbit of complex political processes focused on restructuring the regulation of the world’s financial markets. The crisis has ignited woddwide debate on issues of systemic risk and the role played by financial regulation in creating and exacerbating the crisis. Proposals abound for how regulation of financial markets and financial institutions should be changed to mitigate the potential †¢The authors are at Kenan-Flagler Business School, University of North Carolina. This paper has been prepared for presentation and discussion at the Information for Better Markets Conference, sponsored by the Institute of Chartered Accountants of England and Wales, 14-15 December 2009. We thank Dan Amiram, Mary Barth, Elieia Cowins, Martien Lubberink, Brian Singleton-Green and Steve Zeff for helpful comments. Correspondence should be addressed to: Professor Robert Bushman, Kenan-Flagler Business School, The Unversity of North Carolina, CB #3490, Chapel Hill, NC 27599-3490, USA. E-mail: Bushman@unc. edu. for such large-scale financial meltdowns in the fixture. The scope of regulatory issues under debate spans many aspects of the financial system, including the alleged role played by financial accounting standards in deepening the trajectory of the crisis. The crisis has energised politicians, regulators, and economists to scrutinise financial accounting standards as never before, creating significant pressure for change (see, e. g. G-20, 2009). Given mounting momentum for potentially far reaching regulatory change, this is an opportune moment to step back and carefiilly consider how to organise the analysis of efticient regulatory choice.

Financial Upheavals Assignment Example | Topics and Well Written Essays - 250 words

Financial Upheavals - Assignment Example On the other hand, the Great Recession of 2008 is the most recent economic downturn in country, the pangs of which are being felt even today. Both these financial upheavals share similarities in terms of their causes and consequences. They led to extensive loan foreclosures, bank failures, high unemployment rates and a slump in manufacturing sector. The reason for the panic of 1819 can be attributed to the economic system of the United States (Rothbard 2002). It was the panic of 1819 that brought the grand economic expansion following the War of 1812 to an end. Inflation, debtors’ relief which was invariably tied with monetary schemes and a protective tariff played a pivotal role in creating the situation of panic in the country at that time. On the other hand, the onset of the Recession of 2008 can be attributed to complex and interlinked factors. Sub-prime lending, loose monetary policy, global imbalances and lax financial regulation were responsible for the latest financial upheaval that has had the entire world reeling. Proposal is hereby made to write a detailed paper which will compare and contrast these two historic financial upheavals; the earliest and the latest to have rocked the United States of America with special emphasis on the role of the monetary policy in each

Patient Hourly Rounding Term Paper Example | Topics and Well Written Essays - 1250 words

Patient Hourly Rounding - Term Paper Example This understanding only reinforces the need for changes in the delivery of nursing care and health care services, towards excellence in ensuring patient safety and patient satisfaction. To satisfy this objective, however, the best means to changes that provide it have to be uncovered (Grove, 2008). Patient Hourly Rounding The concept of patient hourly rounding originated in England, where it was termed patient comfort rounds. Patient hourly rounding is built on predetermined definite protocols. The norm for protocols in patient hourly rounding is founded on four P’s, which stand for pain, personal needs, positioning, and placement. Other issues that could be a part of the protocol for hourly rounding include changing of dressings, administration of medications, and patient education. The concept of hourly rounding is based on compassionate care, and the strengthening of interpersonal relationship between the patient and the nurse, with the essential ingredient of anticipation of the needs of patients and meeting these needs (Charmel, Frameton, & Plantree, 2009). Patient hourly rounding are, thus a systematic nursing function that consists of nurses undertaking bedside rounds of patients, with a specific set of actions, and conducted over specific intervals. Thought the ultimate goal in patient hourly rounding is patient safety and patient satisfaction, the immediate objective is prevention of potential patient problems or to inhibit exacerbation of actual problems (McCartney, 2009). Recommended Change Patient hourly rounding is the recommended change in nursing care practice. The specific actions included in the patient hourly rounding are: Greet the patient Inquire if the patient needs toileting, pain control, repositioning, and blanket Place call light, telephone, tissue box, bed table, and TV control within convenient reach of the patient Provide mouth care, if required Give oral fluid, if required Provide any clarifications sought by the patient Inqu ire if the patient requires any other assistance Inform the patient when the next round will be performed (Adapted from Gardner et al, 2009, & Olrich, Kalman & Nigolian, 2012). The specific time interval will be hourly rounding. Evidence suggests that hourly rounding is superior to bi-hourly rounding in delivering patient safety and patient satisfaction (Meade, Bursell & Ketelsen, 2006). Theoretical Framework Lewin’s Change Model is an early model for planned change. The concept in this model is that a static state of behaviors in an organization occurs when the forces pushing for change and the forces striving to maintain status quo are almost equal. In other words, change is possible only when the forces pushing for change is increased, and the forces striving to maintain status quo is decreased. Lewin’s change model recommends a three step process towards attaining this objective in planned change. The first step is unfreezing, which consists of reducing the forces striving to maintain status quo. In this case, the first step is reducing the support among nurses for opposition to patient hourly ro

Consumer behaviour and marketing Essay Example | Topics and Well Written Essays - 2500 words

Consumer behaviour and marketing - Essay Example Generally, marketing to such a consumer base has to be made depending upon certain strategies. However, in an era of globalisation, serving consumers worldwide is what most marketers and producers have to do. Global consumer culture hence implies, the expansion of businesses and organisations all over the world in order to serve people belonging to different cultural backgrounds (Arnould, 2009, p. 3). Such a strategy involves a huge research to study the innate characteristics of consumers and this is where the importance of the present research lies. Outline In this era of globalisation, the concept ‘Global Consumer Culture’ has its own significance. It would not be wrong to say that the multinational organisations have to invest money as well as time to frame up strategies for each of their destination countries. Global consumer culture is a relief for them to let them think the world as a global village and a single market. However, evidences show there are a number o f obstacles resisting the spread of this concept. The segment ‘Global Consumer Culture: The Limitations of the Concept’ has discussed these points taking reference from books and journals. At the end, a conclusion has been inferred from the discussion and analysis, carried in the earlier segments. The analysis and evaluation section is primarily associated with the different kinds of consumers that the marketers have to deal with and the strategies that they adopt to handle each according to their cultural backgrounds. Global Consumer Culture: The Limitations of the Concept â€Å"Consumer culture can be defined as a social arrangement in which the relations between the [lived cultural experience of everyday life] and social resources, between meaningful [valued] ways of life and the symbolic and material resources on which they depend, is mediated through markets† (University of Wyoming, n.d., p.1). Consumer culture is a system, in which the behaviours found in t he consumption process and in all times and places it is dominated by the consumption of commercial products. This also enables the transmission of existing cultural values, norms and habitual ways of doing things from generation to generation. The consumer behaviour is largely influenced by the free personal choice in the private arena of daily lives. In this modern era, the consumer culture is no longer governed by tradition rather it is more influenced by instability in the economy. Globalisation culture positioning is a strategy, used to cover various consumer segments emerging with the global consumer culture (Warren, 2009). As the globalisation has spread its wings; companies do not bother to cross the boundaries of the countries. In such a case, global consumer culture is driven by the expansion of the organisations and its marketing principles across the globe. In theoretical terms, global culture can be described as the process wherein the global consumers would be united i n way to make this world as a single market place. As per Belk, introduction of global culture would lead to homogenisation of global consumption. Global consumer culture facilitates the same consumption behaviour of the consumers, which means that consumers in every corner would have the opportunity to eat the same food items, wear the same fashionable clothes, drive the same types of cars, watch the same television programs, stay

Challenges of Mid-level Management Essay Example | Topics and Well Written Essays - 1500 words - 1

Challenges of Mid-level Management - Essay Example All decisions made by administrators must be weighed carefully. This is to provide a lasting positive impact on the organization’s revenue, its staff, and patients. This is a tough duty, but one that must be carried to completion, without fail (Wheatley, 2006). One of the core issues that affect health care administrators is the conflict of interest. Here, administrators are brought or weighed down by the fact that; their relationship with financial institutions may force them to make decisions that do not cater to their patients’ desires and wants (Ransom, Maulik & Nash, 2005). This is often seen with the insurance policies that cover patients once they are in for severe cases that warrant medical attention. It is also a common occurrence to see physicians and professional doctors getting into pacts with these financial institutions, which coerce them into getting capital for their institution through patients (Wheatley, 2006). This is sometimes seen through continuous tests and procedures that are unnecessary, and prove costly to the individuals involved. It is up to the healthcare administrators to restrain and warn physicians from entering into pacts with these financial institutions. This is with a rise in the ethical dilemmas the administration is being put through and the challenge that faces mid-level management in the healthcare field, in the 21st century. Another frightening task that comes up is the need to provide appropriate medical care, over the cost of management.

Health Education Case Study Example | Topics and Well Written Essays - 1000 words

Health Education - Case Study Example It greatly depends on the perception people have on a situation and their actual ability to handle and cope with such situations. Stress can cause marginal and severe health related problems, and ultimately death in extreme cases. Although most stress management techniques and tools have previously shown positive impacts on minimizing stress, there only serve as guidance, and therefore readers are highly advised to seek help from highly qualified health professionals in case of their stress is causing them persistent or significant unhappiness or severe stress related illness. The baseline in most cases is emotional, that is, we need emotional intelligence in order to have stable relationships (Sedgeman 47-50). Relationships are major causes of stress to many people. This is because of the nature of such relationships of bringing people of different backgrounds and various diversities. Every person has his or her own choices, beliefs, values and preferences. People in a relationship are not exceptional; they have different goals and values in such relationships. Some take it seriously others don’t. It also takes time for people in a relationship to understand one another, especially to master the traits, preferences, and views of each other in life situations. This is why relationships are sources of stress. It appears that people get attracted to one another due to the commonalities, but may be to a subconscious extent, partners are more attracted due to the differences exhibited by each other. This therefore is a source of stress in a relationship, particularly because of the growing frictions resulting from the differences. However, it is due to this growing friction that relationships grow. This is particularly why relationships are major sources of stress to many people (Allen 25-27). Most people handle relationships and stress differently. This is because of individual upbringing and past experiences either of the partners may have had in the past. Some people have adopted stress management as a broad spectrum of psychotherapies and techniques that seek to control the level of stress of a person in a relationship, especially chronic stress, often for reasons of improving their day to day functioning, and the differences in their relationships. The availability of various techniques of stress management for self help and for use by health professionals, to help people limit stress and provide optimistic feelings of putting life situations under control, as well as promote the state of general well-being, are reasons for handling stress and relationships differently. Those who are aware of such techniques find it easy to handle and manage stress, while the others find it way too difficult (Lazarus & Folkman 45-49). In an evaluation of the situation of Mary and DeWayne, the two have been dating for over two years. The partners discussed their eventual marriage, and perhaps either of the partners did not take it that serious, as seen at the later stage of the relationship. Mary practically took this very serious and her whole world centers on DeWayne. She takes her time thinking about DeWayne constantly; however, DeWayne is less interested in the whole affair. This is evident from several broken dates with work excuses. DeWayne lacked respect for the feelings of Mary; this came out on an occasion when Mary spotted him strolling into a restaurant with another woman. DeWayne was supposedly studying on this particular occasion. To

Engineering management Essay Example | Topics and Well Written Essays - 1250 words

Engineering management - Essay Example The oil and gas sector controls approximately 90% of the global economy. The gross domestic product of many oil producing and exporting countries is heavily reliant on the production of these resources [3]. Exploitation of oil and natural gas is done both onshore and offshore and it is then transported from the wells through pipelines to the refineries. Globally, an average of 2500-3000 billion barrels of oil is produced daily and due to the increasing demand for oil and natural gas, production has increased over the years [1]. Due to the increasing exploitation of oil, it is feared that this important resource will eventually be exhausted and there is need to put sustainable measures of exploitation in order to ensure that the economies are not adversely affected. Due to the increased production of oil, more networks of pipelines have been laid out to transport oil between points [3]. Losses of oil due to spillage and theft has increased substantially and this has mainly resulted fr om various factors such as: defects in materials, pipes corrosion, erosion on the ground, vandalism of oil facilities and the tectonic forces occurring due to movement of tectonic plates. The impact of these occurrences can be fatal since they result into environmental pollution, massive fires and if the spillage occurs onshore, marine life is greatly endangered [2]. Nigeria is the leading country in oil theft and spillage. Oil spillage results from corrosion of pipes, poor maintenance of the oil and gas facilities, sabotage, failure of equipment and theft. Multinational companies such as shell that have heavily invested in the country have lost millions of dollars due to oil spillage costing the economy one billion dollars every month [2]. The government of Nigeria has enacted laws to curb oil theft and spillage which enforce heavy

The Self Paper Essay Example | Topics and Well Written Essays - 1000 words

The Self Paper - Essay Example These may be positive or negative. For example, a girl who believes that she is fat may avoid the reassurances for her friends, which suggest otherwise. However, a student who believes that he is smart may continue to believe the same after looking his transcript, which shows a C grade. Rogers labeled this difference between reality and self-concept as â€Å"incongruence†. Important here to note is that everybody has some degree of incongruence but what really matters is â€Å"how much† (Weiten, 2008). Rogers also believed that the congruence or incongruence has a direct linkage with the childhood experiences of the person. Quite understandably, people and especially children are hungry for love, attention, and affection. During their childhood, parents and guardians are responsible for the same (Weiten, 2008). Rogers argue that parents that provide unconditional love to their children are at the same time fostering congruence; however, parents that make their love cond itional, find great disparities between the self-concept and actual experiences of their children, in other words fostering incongruence. This is true because when the love of the parents appears to be conditional for the children, they are more likely to block unfavorable experiences so that they could reassure themselves that they are worthy of love. On the other hand, children getting unconditional love would develop a sense of security and confidence in them, which would them to face the experiences and their reality in a better way (Baumeister, 1999). Development of the concept of self has two important aspects. First is the existential self which refers to â€Å"the most basic part of the self-scheme or self-concept; the sense of being separate and distinct from others and the awareness of the constancy of the self† (Baumeister, 1999; (Weiten, 2008). During his early days, a young child realizes that he exists as a separate entity in time and space like everything else does. When he feels the touch of someone else or sees objecting moving due to his force, this is when he gains an understanding of his own existence, which is different from that of others. Second aspect of self is the categorical self, which develops when the child grasps an understanding of the fact that he or she is not a separate entity but at the time is an object like many other objects present in the surrounding. This allows the child to realize that like other objects he or she also has certain properties and characteristics that define him and are an important part or his or her existence. â€Å"I am tall†, â€Å"I am a girl†, â€Å"I am 3† and others. With the passage of time, these characteristics and properties which people apply to themselves become more complex and internal concerning psychological traits, comparative evaluations and others (Weiten, 2008). The relationship between self and emotions is an important one, which also leads to the under standing of self-esteem. Emotions refer to the experiences of an individual’s state of mind and how an individual thinks or feels goes on to determines his self worth or self-esteem (Powell, 2005). Self Esteem refers to the extent to which one values him or herself, the perceived worth and the degree to which he or she approves or accepts his or her existence. Higher self-esteem would refer to a positive view of self which would ultimately lead to optimism, confidence,

Religious Movement Essay Example | Topics and Well Written Essays - 1000 words

Religious Movement - Essay Example Within this concept is the idea of what Wallace calls a â€Å"revitalization movement† in the structure of the religions society. According to Bartleby’s definition of a revitalization movement, a revitalization movement can be defined as: political-religious movements promising deliverance from deprivation, the elimination of foreign domination, and a new interpretation of the human condition based on traditional cultural values, common in societies undergoing severe stress associated with colonial conquest and intense class or racial exploitation. Thus, within this concept, a religious culture undergoing this type of transition would experience the stages of a steady state, a period of increasing individual stress, a period of cultural distortion, revitalization, routinization, and then a new steady state. By taking a close look at how the religion of Christianity developed, we can see these transitions through the stages of revitalization in action, and can hence gain a better understanding of Wallace’s theory. Christianity, like every other religion, has passed through these stages and experienced these transitions. The first stage of this process that applies to Christianity is the steady state. When the birth of Christianity first took place, it occurred during the Roman steady state period. Rome was the strongest Empire in the world at the time, and thus, was undergoing a period of prosperity. The Empire was increasingly expanding, becoming more powerful, and winning even greater conquests. The power of the Romans, at the time, was vast and limitless, and as they continued to conquer, they continued to gain. At the time, it seemed like the Roman power force would be never-ending, and Rome was perhaps the greatest Empire of all time. This would perhaps even put Rome beyond the point of the actual steady state. At the same time, another country affected

Pategonias Expansion Strategy Essay Example for Free

Pategonias Expansion Strategy Essay 1. Patagonia’s Current Strategy: Key Processes and Customer Perception In the context of our business model our number one key process is our Rules and Norms (a complete breakdown of Patagonia’s current business model and a to-be-proposed business model are available for review in Exhibit I). This ethos that started with the founding of Chouinard Equipment continued through the creation of Lost Arrow and indeed Patagonia. Our self-proclaimed â€Å"dirtbag† culture has resulted in some unorthodox business practices over the years. We pride ourselves on our efforts to reduce the social and environmental impact of the lifetime of the goods and services we produce. This is something that our competitors recognize but do not focus efforts on; for us it is of the utmost importance. I took this liberty to draft a Customer Value Proposition (CVP) for our current model: â€Å"We provide high quality, durable outdoor athletic clothing and accessories that are produced with a high standard for environmental and social impact. We make the products that we want to use.† To extrapolate on the latter portion of our CVP, we expect our employees to not only share in the environmental and social consciousness that Mr Chouinard has weaved into the culture of Patagonia but we expect employees to be users of our products as well. This gives us an incredible insight into the functionality and durability of our products. This is exemplified in our generous sabbaticals and midday surfing breaks at our corporate headquarters. Additional insight in this regard is provided by our investment in brand ambassadors, who also provide us with the core of our visual marketing in our catalogs, our website, and social media. In order of volume we move our products through three main channels: wholesale, retail, catalog/internet. In order of profitability the channels are arranged as such retail, catalog/internet[1], and wholesale. There is an additional product repair arm of Patagonia’s structure that at the moment is not profitable. Our commitment to the ethical fiber that binds the core of what Patagonia as a brand stands for results in a product that comes at a premium price, however we believe that the money you spend on Patagonia products is a contribution to our commitment for care when it comes to the environments and social spheres within which we operate. So far we have seen success as shown below. 2. Financial Review of Current Business Model The competition analysis in Exhibit III outlines our industries averages for financial health. It would seem that our â€Å"dirtbag† approach to business has boded well for us over the last ten years. While our total market share (annual sales) is far below the industry average over all the company is making money. Our gross profit margin is over 6% higher than the industry average and our pre-tax profit margin is right in line with the industry average. While Patagonia’s ROE and ROA are below the industry average it is not my much and our debt to equity ratio is far below the industry average. So while we holds more equity and assets on hand than our competitors we has enough liquid cash flow to finance operations without having to incur much debt. Our 12 month revenue growth is trending along with the industry however our 12 month net growth income is nearly 13% higher than our competitors. Thus while we are experiencing growth that is on par with the industry we are experiencing a downward turn in our operating and/or material costs. It should be noted that the information here is of companies who compete in our industry but not exclusively. Columbia is the competitor that competes most directly with our niche in the industry and on every account except for debt/equity our numbers are favorable and even in the case of debt/equity the difference is negligible. The standards for philanthropy and an ethical purview for production and material sourcing at Patagonia are much higher than the industry average. We donate 1% of gross sales to environmental initiatives and causes, and our COGS are higher than competitors as a result of our ethical stance. However, once again (as shown in Lost Arrow: Financials, Exhibit III) we have been operating in the black for the last decade. This may also be explained by our company ethic. We focus on a curbing of consumption and that focus has limited how much we are willing to spend on advertizing. Conversely our competition holds advertisement as a high priority when establishing sales and brand. This observation is not trivial and could more than account for the balance between our costs and those of our competitors. 3. Moving Forward As discussed the current model for Patagonia works. You can be a â€Å"dirtbag† and make make money. The question is how do we continue on with the goal of 10% growth per year for the next five years? Whatever we choose we must operate within that moral fiber that helped us to achieve who we are today. Following are two suggestions for how to move forward, one uses our current business model, the other proposes a change. Please reference Exhibit I for business model analysis and Exhibit II for strategy. Strategy: Current Business Model Tactic One: A Focus on Retail – Our best margins are derived from retail sales however this accounts for just one third of our sales volume. The best type of marketing asset we have are our retail employees. Our Dirtbag Ambassadors are out there skiing, snowboarding, climbing, camping, bouldering, and living the life that Patagonia wants to be an integral part of. We must expand our retail channel and focus on those areas where dirtbags convene. A quick review of the 26 stores in the United States can be found in Exhibit V. Portland, Seattle, St. Paul, Chicago, Atlanta, DC. Sure dirtbags live in cities but where are our stores in Telluride, Tahoe, Bend, Cheyenne, or Buffalo? An expansion of our retail stream increases profitability as well as the reach of our marketing, the Patagonia way. These are the places our competitors don’t wants stores for lack of traffic, but our stores are more than commerce they are community centers for dirtbags. Tactic Two: Research and Development – Our industry ethic has produced one of the best research and development laboratories in the industry. We can leverage this in two ways. First and foremost we must fund research to produce material with the ethical and physical integrity that also helps lower our gross margins. We have pioneered ethical durable material in the industry, now we must find a way to do so cheaper. Doing so would open up the market for those dirtbags who dont have as much money and would normally go to a competitor based on price point. Second we hold patents for these materials we could offer to sell material to other outdoor companies, or begin a joint venture. In either of these cases we must make sure that the material we produced is being utilized in an end product that is up to the standards of Patagonia. Strategy Two: A New Business Model There comes a time in a business life when you have to ask: While what we are doing has worked, how long will it work? To achieve the goal of 10% growth per year we may have to think outside of our wheelhouse and think about how committed we are to our ethical and social standards. As long as we continue to produce more clothing people will buy it. As it stands our customer base has expendable income. How can we convince them to only buy what we need? Through an expansion of our clothing repair services and clothing swap market. A case is made for the business model change in Exhibit I. Tactic One: Expansion of Repair and Retail – It is not our goal to abandon what has made Patagonia the company it is today, thus once again we will need to expand retail stores however we do so in a way that will facilitate clothing repair. Each store should have a mending workshop staffed and equipped to repair what comes their way. To really take advantage of this service we must willing to mend non-Patagonia clothing. This will do two things: it will reduce the overall number of unnecessary purchases in our market and it will introduce people to the Patagonia lifestyle through our retail store. These store can also facilitate a recycling program for those articles of gear that are beyond repair. Something as simple as an in store credit can get people who would otherwise go to Nike experience Patagonia CA. Additionally the expanded retail presence will be an opportunity to create a network for clothing swaps Tactic Two: Expansion of Internal Repair – Expand the repair infrastructure behind retail presence. That is to say, as opposed to expanding retail and having repair work centers in-store, invest in larger repair facilities that stores can send garments to. In our current business model we are reaching critical mass with regard to how much clothing repair we can handle. If we strategically place lager facilities near our exiting stores we can handle this work load our selves. This also ensures that the materials and process of clothing repair is within the ethical conduct of our company without having to do audits of our outsourced partners. The clothing repair infrastructure for our market is basically nonexistent at this point and with research and development focused on this new business model we can create and dominate this market. This will once again involve repairing more than just Patagonia products but in the end that’s what this business model is about. To survive and grow into the next decade we must not just reduce the consumption of our customer base but we must reduce the consumption of our competitors as well. When a dirtbag holds on to a coat for another year he helps reduce Patagonias impact on the earth and its inhabitants. When Patagonia repairs a Columbia or North Face coat and it lasts for another year we have slowed the consumption of unethically produced clothes and possibly created another dirtbag. Exhibit I: Four Components of Business Model Framework (Johnson, Christensen, Kagerman) Customer value proposition (CVP): Current: Providing high quality durable outdoor athletic clothing and accessories (CA) produced with a high standard for environmental and social impact. Proposed: In addition to production, engage the consumer in the environmental and social impact of their outdoor athletic CA by involving them in the maintenance/repair/swap of CA. Profit formula: Revenue model: Current: Standard industry mark up on goods sold. Proposed: Lower the price of goods sold and charge a small fee for repairs or continue with current price structure charge cost for repairs of Patagonia clothing/accessories, charge premium repair rates for non-Patagonia clothing and accessory repair. Cost structure: Current: COGS = 80% materials 20% parts with a wholesale margin of 45% and a retail margin of 65% Proposed: A modified cost structure that emphasizes retail sales and profits off of repairs Margin model: Current: Largest channel of sales in wholesale 44%, second retail 33%, and finally Catalog/internet 23% Proposed: Shift focus from wholesale to retail/catalog/internet sales, add additional emphasis on repair cost structure for maximum profitability Resource velocity: Current: In general keeping inventory exhausts resources, something which Patagonia wants to minimize. Thus production should match as close to demand as possible. Assets should be available, although they do not need to be incredibly liquid. Proposed: Same as current model. Key resources. Current: People: There is a certain type of person who works for Patagonia. Ideally a person who works at Patagonia is the ideal consumer of their goods. Brand: With a strong brand associated with high environmental and social standards combined with a strong dislike of standard advertising channels for the industry the reputation Patagonias brand has gained is remarkable (this is achieved through the people they employ as well). Technology: Their ethical commitment to responsible sourcing and production has resulted in some profitable patents of great CA material. Proposed: The current Key Resources should not be lost but the Technology will shift to the new business model – a focus on materials , threads, and substances for repair. Additionally there would be a re-purposing of Facilities to reflect this model change as well. Key processes. Current: Rules and Norms: Patagonias Rules and Norms inform every aspect of their business and it is no different when it comes to their Key Processes. So while manufacturing, service, and training are all important, it all comes down to the Rules and Norms. Propsed: This would not change. When a new business model is needed. 1. The opportunity to address through disruptive innovation the needs of large groups of potential customers who are shut out of a market entirely because existing solutions are too expensive or complicated for them. The product repair market is just this. As it stands now such jackets tend to be luxury purchases as they hobbies they are designed for are not generally cheap ones to keep. 2. The opportunity to capitalize on a brand new technology by wrapping a new business model around it or the opportunity to leverage a tested technology by bringing it to a whole new market Patagonia isn’t capitalizing on a new technology when it comes to CA per se but the market could motivate their RD department to develop a technology that could be incorporated into the repair model. 3. The opportunity to bring a job-to-be done focus where one does not yet exist The expansion of clothing repair for Patagonia and other non-Patagonia CA provides a real opportunity for an existing market that consumers may not know they need. It creates a job to be done (clothing repair as opposed to replacement). 4. The need to fend off low-end disrupters. Patagonia would be a low end disrupter in the repair market; repair is cheaper than replacement. 5. The need to respond to a shifting basis of competition. Patagonia would be shifting the basis of competition.

Media And Violence Against Women Media Essay

Media And Violence Against Women Media Essay There has been an exponential growth in the media over the last fifty years. We have witnessed the advent of technology with the development of; telegraph, newspaper, magazines, television to internet. No doubt, the advance has been tremendous. Modern society depends hugely on information. Communication is important at work, health care, personal relationships traveling, and entertainment. Indeed most of our decisions, values, and beliefs are based on our assumptions, facts we know, our values, our studies and our experience. In our daily lives, we rely hugely on information we get from the media. Our trust on media as an indisputable authority to give us entertainment, news, and education is evident in all civilized nations of the modern world. People are at all times being exposed and bombarded constantly with thousand of sex, celebrities, advertising, violence and much more. Indeed, a modern child is exposed to more than 40,000 adverts each day. It is then imperative that we appreciate the role of the media to shape our values, beliefs, and decisions. Every six hours, a woman is murdered in South Africa. Each day, two women are killed in Guatemala. In every 15 seconds in Sao Paulo, Brazil, a woman is assaulted. In U.S.A, within a span of six minutes, a woman is raped. In Europe, 50% of women go through sexual harassment, or physical contact where they work.6000 women are genitallly mutilated in North Africa every day. In China, more than 15,000 women will be sold to sexual slavery this year. This grim statistics points to the fact that violence on women is rooted in the global culture of discrimination. This is a human rights issue. Legitimization of women bodies for individuals and political gratification is disturbing. Each year, community, and home violence devastates and shatters lives of millions of women throughout the world. In 2009, 8000 women were raped in Democratic Republic of Congo. This is a society where combatants have a prevalence rate of 60% H.I.V (Amnesty international, 2010). This form of violence cannot be justified by any cultural, religious, and political claim. Violence is being allowed to happen daily by the prevailing global culture with impunity. Every time when women are terrorized, raped by soldiers as spoils of war, abused in custody, battered at home; what is manifested is unequal power between men and women. This reduces their choices and worsens their plight. Governments all over the world have legal, social, economic duties to protect and punish any form of abuse done on women. This is a responsibility they must sustain with due diligence to protect individual rights from abuses. Violence against women manifests itself in a number of ways. When in custody, aggression on happens due to unevenness of control between inmates and guards is because of dependency on correctional officers and the ability of the guards to hold on privileges. In order to get food or personal hygiene products, women are coerced into supplying sex for favors. Though these crimes are prevalent, perpetrators are rarely held accountable (Division for the Advancement of Women, UN, 2006) Honor Killings; In some countries, if suspected of extra marital relations, even in the case of rape, the cruelest form of indignity and violence is meted on women. Those who are raped are incapable of providing overt substantiation and are occasionally accused of Zina .This is especially so in Iran. The punishment is often stoning .Laws such as these only serve to aggravate and inhibit women from pursuing cases of those who raped them.Making an assumption that the woman is guilty, male respective families believe the only form of dealing with the infringement of honor is to kill the woman. The presence of pornographic videos and images in the media portrays women as cheap and objects of personal gratification. This is a widespread phenomenon, highly commercialized form of business, whose existence is solely because of media reliance. It should be noted that it is the electronic media that hosts most of these demeaning and distasteful images. The fact that the media will place the woman as an object brings about the expected setback of women rights being violated. Domestic violence; this is a global pandemic. With no exception, a womans greatest risk is from someone she knows. Resentment at homes is a contravention of a womans physical right, veracity, and right to being. When basic steps are not taken to curb this abuse, crimes of this nature are allowed to prevail Female Genital Mutilation; F.G.M is the removal of every or a fraction of women external genitalia. In Africa, it is being practiced in more than 28 countries. With dire consequences, an estimated 135 million women have undergone FGM .Though legislation against the practice exists in these countries where it is practiced, complete lack of enforcement and persecution of the perpetrators only ensures that the whole problem continues to thrive (Human Rights Watch, 2010). In the case of sexual orientations, cultural norms and sometimes-legal measures support regulation of sexuality. Families, cultural networks, media, institutions, and religion regulate womens sexuality. A good number of women alleged to be or are lesbians go from end to end through abuses meted by private sector, police, family, and state authorities. Multiple cases of beating, rape, forced impregnation, or marriage are reported to having been inflicted to such persons. In United States, lesbians consistently face well-founded fears of attack or persecution by police because of their identity. On regular basis, this form of violence occurs (Renzetti Bergen, 2005). Consequently, we can say that a Gender Based Asylum case scenario is brought to light. Here, fear of persecution or discrimination by women is considered for the purposes of refugee status. Forcible abortion, female genital mutilation, domestic violence, and honor killings are forms of persecutions that allow one to seek asylum. However, women seeking asylum in many countries rarely gain the refugee status based on claims of these forms of violence. Restrictive interpretation of the international definition of persecution of refugees is severe. In particular, lesbians fear disclosing their sexuality based on violence generated from such disclosure (Malamuth Check, 2004). On the Problem of Impunity, most women fail to report abuses against them because most Government departments are accomplices of gender discrimination. Ostracization, lack of resources, and shame from communities causes most women to fail to seek legal redress to crimes committed against them. Challenging of abusers in a court of law is often long, tedious, humiliating where authorities and those present dwell on sympathy other than empathy (Crowell Burgess, 1996). The brutality meted on women is so widespread that it often fails to invite outrage and censure from members of the public. One in four women experience violence by an intimate partner. Yearly, thousands and thousands of women are recruited to prostitution. In addition, thousand of girls are forced to genital mutilation. In armed conflicts, forces and groups do sexual assaults as an act of war. Violent acts rarely results from one cause. Many things come play. The influence of the mass media is viewed as part of the many potential factors that influence the abuse on women. Constant broadcasting of media violence on women promotes aggressive behavior in young children contributing to increased aggressiveness and ultimately violent behavior many years later. Abuse against girls and women takes various forms. Economic, sexual, psychological, and sexual form. All form these forms of abuse are related and affect women from the onset of their life to their death. This violence is not concentrated to a particular country, region, or to a particular group of people in the society. It is widespread and with it are repercussions the society cannot afford to allow. Indeed 70% of women experience abuse in their lifetime. This has debilitating effects on the society because it leads to women impoverishment, family disintegration, and erosion of progress in communities and Nations (Ferrell Websdale, 1999). Media is a double-edged sword. It has the power to influence the society in a positive way as well as influence it in the most destructive form. It will not be fair to note that although there has been a tremendous progress championed by the media in addressing violence against women, electronic as well as print media has played a complementary role in encouraging degradation of women (Cuklanz Moorti, 2009). Largely, the media is as guilty as charged for promoting violence against women. Media violence leads to an increase in aggressions and real world violence. Film violence and fictional television contribution to both long term and short term rise in silence and aggression against women. Imitative rapes, filmed sexual acts, and pornography portrayals in movies tend to compound the problem of women abuse in the society. Media violence and real world violence relationship tends to be moderated by the nature of the media content and social influences and the characteristics on the individuals exposed to that content. This overall size of effect is big enough to place it in the category of known threats to women rights. Exposure to violence on television and video games increases risk of violent behavior on the part of the viewers (Byerly Ross, 2006). Accumulation of body research is consistent and clear that television violence causes an increase in violent and aggressive behavior. It leads to acquisition of beliefs, attitudes, schemes, and scripts that increase the risk of aggressive and violent behavior in the observer of media violence. Media has always played a significant role to address issues of health, economy, and politics. If similar energy is focused on the issue of eliminating violence, it can play a vital role. Victimization of females in storylines reduces perceptions of violence. Media monitoring, an African institution that advocates fair journalism reported that there is a shortage of women journalists in major media outlets in the continent. Where they exist, the people controlling stakes in these media institutions restrict their roles. These people are either the management or the owners. They are therefore denied a chance to highlight issues pertinent to their plight. According to Meyers (1997), it is of prime importance to be responsible always on how to present news in matters regarding violence on women. The media has the role of making these events however challenging or sad to be a moral lesson to all the viewers. There is an acknowledgement that the media is a strong influence in our age. However, responsible use can sway the influence in a positive direction. Studies show that even in female friendly nations, news reporting remains dominated by men. Almost half of journalists are women in these countries; however, three out of the four seniors in the media industry are men. This is a serious disparity. It denies women an avenue in which to address issues pertinent to them. The media should be the watchdog of international organizations making effort to stem the spread of violence against women. Campaigns such as UNITE should be given needful coverage to raise awareness of the initiative noble goals. The media should follow up on the progress Nations of the world are making to meet the set target in 2015 when the issue of aggression on women should be eliminated. Nations should marry their own initiatives with the wider programs that are already in various countries to ensure that conducive legal environment is provided to deal with offenders and mitigate against further injuries being inflicted upon women. Intergovernmental cooperation is also of prime importance to stop trafficking of women for sexual slavery. It is only through such concerted efforts that the war will be won. As United Nations Secretary General observes, there is one universal truth, applicable to all countries, cultures, and communities: Abuse on women is never acceptable, never excusable, and never tolerable. This is a noble dream that should be supported by all.

Consumer Behaviour Towards Milk Products

Consumer Behaviour Towards Milk Products Consumer behavior is the study of when, why, how, and where people do or do not buy products. It blends elements from psychology, sociology, social anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics and behavioral variables in an attempt to understand peoples wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general. Consumer behavior is influenced by: demographics, psychographics (lifestyle), personality, perceptions, motivation, knowledge, attitudes, beliefs, and feelings. Consumer behavior concern with consumer need consumer actions in the direction of satisfying needs leads to his behavior of every individual depend on thinking process. Consumers with similar incomes and socio-demographic characteristic, facing similar relative prices, and equipped with similar information, tend to choose similar baskets of goods ( Connor, 1991). There is much research on dairy products that show that socio-economic factors and consumers demographic factors have a major impact on their consumption of dairy products (e.g. Bogue and Ritson, 2006; Armstrong et al., 2005; Valli and Traill, 2005; Tendero and Bernabeu, 2005; Vermeir and Verbeke, 2006; Viaene and Gellynck, 1997; Kotler, 1997). In addition, cultural diversity may have an important influence on consumption (Valli and Traill, 2005). There are large differences in the quality of life indicators between urban and rural areas (Sengul and Sengul, 2006). Also there are differences among the urban and rural populations in terms of their socio-economic and demographic characteristics. Customer behavior study is based on consumer buying behavior, with the customer playing the three distinct roles of user, payer and buyer. Relationship marketing is an influential asset for customer behavior analysis as it has a keen interest in the re-discovery of the true meaning of marketing through the re-affirmation of the importance of the customer or buyer. A greater importance is also placed on consumer retention, customer relationship management, personalization, customization and one-to-one marketing. Social functions can be categorized into social choice and welfare functions. The idea that customers prefer one product or one service over another is not new. The ability to identify and measure the elements of such preference decisions with any accuracy and reliability has only recently become available. Research into this area of consumer behavior has brought understanding to some of the major issues with standard customer satisfaction research. Most importantly, we have come to realize that high customer satisfaction does not assure continued customer preference. CONSUMER BEHAVIOUR CULTURAL FACTORS: Culture Sub-Culture Social Class SOCIAL FACTORS: Reference Group Family Role and Status PSYCHOLOGICAL FACTORS: Motivation Perception Learning Attitudes Beliefs PERSONAL FACTORS: Age and Life-Cycle Occupation Economic Situation Lifestyle Personality Figure 1.2 Factors affecting Consumer Behavior Consumer behavior is defined ad the mental and emotional process along with the physical activities of the people who purchase/consume goods and services to satisfy their particular needs and wants. Consumer is the most important person to the marketer because the marketer takes in to consideration on the liking and disliking of the consumer and he produces the goods and services accordingly. Consumer behavior is important for the three persons. For consumer: As a consumer most of the time will spend time in the market and a lot on decision making that what to buy and how to buy and meeting and conferencing with different types of peoples and friends with different types of good and services. For producer: Consumer behavior is also important for producer because producer design and manufacture different types of product and services keeping in view the wants and needs of consumer. For scientist: The knowledge of consumer behavior is also important for scientists, whether the scientist is working for profitable organization or non profitable organization. One of the advantages of consumer behavior can be seen when looking at advertisers and how they advertise by keeping the consumers in mind. Advertisers spend a lot of money to keep individuals and groups of individuals (markets) interested in their products. To succeed, they need to understand what makes potential customers behave the way they do. The advertisers goal is to get enough relevant market data to develop accurate profiles of buyers that is basically to find the common ground and symbols for communication. This involves the study of consumer behavior, the mental and emotional process and the physical activities of the people who purchase and use goods and services to satisfy particular needs and wants. Along side the behavior of organizational buyers (the people who purchase the products and services for use in business and government). The primary mission of advertising is to reach prospective customers and influence their awareness, attitudes and buying behavior. This can be done successfully only through knowing the consumer preferences, behavior towards various stimuli i.e. consumer behavior. 1.2 CONSUMER PERCEPTIONS, ATTITUDES AND MOTIVES TOWARDS MILK PRODUCT 1.2.1 Consumer Perceptions As a consumer, decision making is a very important factor as good decision making will see the Prosper but poor decision making could cost it a lot. In the fact, consumer perceptions influence all the decision of consumer. Perception is a process by which individuals organize and interpret their sensory impressions in order to give meaning to their environment. The perception is important in the study of consumer behavior because people or consumer behavior is based on their perception of what reality is, not on reality itself. A number of factors operate to shape and sometimes distort perception. These factors can reside in the perceiver, in the object or target being perceived, or in the context of the situation in which the perception is made. Factor in the perceiver: Attitudes Motives Interests Experience Expectations Factor in the situation: Time Work setting Social setting Factors in the target: Novelty Motion Sounds Size Background Proximity Similarity PERCEPTIONS Figure 1.3 Factors that influence perceptions. Perceptions and Individual Decision Making, Organization Behavior (Fifth Edition) When an individual looks at a target and attempts to interpret what he or she sees, that interpretation is heavily influenced by the personal characteristic of the individual perceiver. Personal characteristic that affect perception include a persons attitudes, personality, motives, interests past experiences and expectations. Characteristic of the target being observed can affect what is perceived. Loud people are more likely to be noticed in a group than the quiet ones. For example of the milk product is the milk product with more benefit and promotion are more likely to be noticed in consumer mind than the low promotions. So, too, are extremely attractive or unattractive individuals. Because targets are not looked at in isolation, the relationship of a target to its background also influences perceptions. Based on study by Grunert et al. (2000) mentioned that consumer perception of dairy product quality was characterized by four major dimensions, hedonic, health-related, convenience related and process related. The information of the product itself rather than the physiological properties of the product influenced consumer acceptance of dairy product. Watanabe et al. (1997) classified consumer characteristics of milk consumption and indicated that men, middle-aged people, and people with no calcium concerns preferred soda and alcoholic beverages. People with relatively stronger health concerns consumed more milk products. Hsu and Kao (2001) evaluated product attributes and demographic factors that influenced purchases of fluid milk products in Taiwan using consumer survey data. Their result revealed that larger households purchases more fluid milk products. Households with higher income and household shoppers with higher educational levels tended to reduce purchases of flavoured milk products. 1.2.2 Consumer Attitudes As a consumer, each of us has a vast number of attitudes towards products, services, advertisements, direct mail, the internet, and retail stores. Within the context of consumer behavior, an appreciation of prevailing attitudes has considerable strategic merit. To get at the heart of what is driving consumers behavior; attitude research has been used to study a wide range of strategic marketing questions. For example, attitude research is frequently undertaken to determine whether consumers will accept a proposed new-product idea, to gauge why a firms target audience has not reacted more favorably to its new promotional theme, or to learn how target customers are likely to react to a proposed change in the firms packaging design. 1.2.1.1 The Attitude-Toward-Object Model The attitude towards object model is especially suitable for measuring attitudes towards a product or service category or specific brands. According to this model, the consumers attitude toward a product or specific brands of a product is a function of the presence and evaluation of certain product-specific beliefs and attributes. In other words, consumers generally have favorable attitudes towards those brands that they believe have an adequate level of attributes that they evaluate as positive, and they have unfavorable attitudes towards those brands they feel do not have an adequate level of desired attributes or have too many negative or undesired attributes. Conducting consumer attitude research with children, especially gauging their attitudes towards products and brands is an ongoing challenge. What are needed are new and effective measurement approaches that allow children to express their attitudes toward brands. 1.2.1.2 The Attitudes-Toward-Behavior Model The attitude toward behavior model is the individuals attitude toward behaving or acting with respect to an object rather than the attitude toward the object itself. The appeal of the attitude toward behavior model is that it seems to correspond somewhat more closely to actual behavior than does the attitude toward object model. 1.2.1.3 Theory of Reasoned Action Model The theory of reasoned action represents a comprehensive integration of the attitude components which is the consumer in this case, that ultimately are the building blocks of preference on multinational milk brand. The model is designed to provide a better understanding of how consumer preference is formed and, correspondingly, to provide the means to accurately predict consumer preference behavior. Figure 1.3 provides an overview of customer preference formation from the theory of reasoned action point of view. In order to understand preference it is need to determine the functional or performance demands involved in the purchase, the desired emotive outcomes, and the subjective norms consumers use to determine their desire for one milk product or brand over another. The primary assumption of the model is that individuals make considered purchases. In some cases the consideration may be minimal and the purchase behavior almost habitual. In another the period of consideration (incubation) may be extensive and each element of the consideration process carefully examined. Belief that the behavior leads to certain outcomes Attitude toward The behavior Evaluation of the Outcomes Preference Behavior Intention to buy milk Beliefs that specific referents think I should or should not perform the behavior Subjective comparison norm Motivation to comply with the specific referents Figure 1.3 Basic Structural Model of Customer Preference Formation Source: Adapted from Icek Ajzen and Martin Fishbein, Understanding Attitudes and Predicting Social Behavior (Upper Saddle River, NJ: Prentice Hall, 1980), 84. The important contribution of the reasoned action model is the realization that consumers utilize the model in all purchase experiences of milk to a lesser or greater extent. Of equal importance is the realization that the components used to make a preference decision are also the ones employed by a consumer to evaluate the performance success of the milk product or service purchased and the company responsible for them. Therefore, as the components of preference on milk brand change, the elements influencing satisfaction change accordingly. The relationship is dynamic and fluid therefore static or predetermined satisfaction analytic packages often miss the most important elements of preference and can create a false sense of security on the part of companies who think that since their customer satisfaction scores are high they must in turn have relatively loyal customers. The theory of reasoned action assumes a consequence for the action taken. People prefer some product, someone, or some service because they determined the object was best aligned with companys performance and emotive requirements as judged through our comparative norms. People evaluate the performance in light of how well the product, person or service meets their preference expectations. (www.icrsurvey.com//Customer%20Preference%20Formation_1205.doc) 1.2.3 Consumer Motivation Motivation is one of the important factors that can influence the consumer behavior. Motivation is the processes that account for an individuals intensity, direction and persistence of effort towards attaining a goal. The famous theory in the development of motivation concepts is the Abraham Maslows hierarchy of needs. HIRARCHY OF NEEDS THEORY It is probably safe to say that the most well-known theory of motivation is Abraham Maslows hierarchy of needs. The hypothesized that within every human being there exists a hierarchy of five needs. These needs are: Physiological: includes hunger, thirst, shelter, sex and other bodily needs. Safety: includes security and protection from physical and emotional harm. Social: includes affection, belongingness, acceptance and friendship. Esteem: includes internal esteem factors such as self-respect, autonomy and achievement and external esteem factors such as status, recognition and attention. Self- actualization: the drive to become what one is capable of becoming: includes growth, achieving ones potential and self-fulfillment. Need 3: Social Need Need 1: Physiological Need Need 2: Safety Need Need 4: Esteem Need Need 5: Self Actualization Figure 1.2.3 Maslow Hierarchy of Needs Model As each of these needs becomes substantially satisfied, the next need becomes dominant. In terms of the figure 1.2.3, the individual moves up the steps of the hierarchy. From the standpoint of motivation, the theory would say that although no need is ever fully gratified, a substantially satisfied need no longer motivates. So, if the consumer wants to motivate someone, according to Maslow, the consumer need to understand what level of the hierarchy that consumer is currently on and focus on satisfying the needs at or above that level. While customers have different motivations for consuming the things they do, all consumers have motivations that guide them to want, and purchase certain goods or services. Some motivations for consumption could include the need for status, social acceptance, security or individuality while other motivations are unconscious and can be utilized by marketers to hook consumers into buying a product they never knew they always wanted. Beyond more emotional appeals there is the very real and tangible model of needs proposed by Abraham Maslow in his Hierarchy of Needs pyramid. Maslows theory indicates that most consumer motivations can be attributed to where they fall on the pyramid of needs he developed. The lower level on Maslows pyramid begins with basic physiological needs (dinking fluids, eating, sleeping, etc.), and climbs all the way to the highest level on the pyramid to the need for beauty (as cited in Lindquist Sirgy, 2003, p. 250-251). Maslow believed that a person moved through each level of need sequentially. In other words, once the needs in one category were met completely, a person would move up to the next most immediate category, and his or her purchasing motivations would change as a result of the new category to which he or she would become a part of (as cited in Lindquist Sirgy, 2003, p. 250-251). Maslow separated the five needs into higher and lower orders. Physiological and safety needs were described as lower order needs and social, esteem and self-actualization as higher-order needs. The differentiation between the two orders was made on the premise that higher-order needs are satisfied internally (within the person), whereas lower-order needs are predominantly satisfied externally (by things such as pay, union contracts and tenure). Unfulfilled Needs, Wants, and Desires Tension Learning Drive Behavior Goal or Need Fulfillment Cognitive Processes Tension Reduction Figure 1.4 Model of Motivation Process Source: From Jeffrey F. Dugree et al. Observations: Translating Values into Product Wants, Journal of Advertising Research, 36, 6, (November 1996) The figure above is presents a model of the motivational process. It portrays motivation as a state of need-induced tension that drives the individual to engage in behavior that he or she believes will satisfy the need and thus reduce the tension. Whether gratification is actually achieved depends on the course of action pursued. The specific goals that consumers wish to achieve and the source of action they take to attain these goals are selected on the basis of their thinking processes (cognition) and previous learning. Therefore, marketers must view motivation as the force that induces consumption and through consumption experiences, the process of consumer learning. 1.3 RESEARCH PROPOSAL 1.3.1 The Factors Affecting Consumer Behavior towards Milk Product Consumer purchases are strongly influenced by cultural, social, personal and psychological characteristics. It is difficult for marketers to control such as factors but they should take these into account because it does provide marketers with a guideline. 1.3.1.1 Cultural Factors Cultural factors have a significant impact on customer behavior: 1. Culture Culture is the most basic cause of a persons wants and behavior. Growing up, children learn basic values, perception and wants from the family and other important groups. Marketing are always trying to spot cultural shifts which might point to new products that might be wanted by customers or to increased demand. For example, among this particular family was believed that fresh milk has the highest nutritious value among all types of milk and fitness has created opportunities (and now industries) servicing customers who wish to buy: Low calorie foods Health club membership Exercise equipment Activity or health-related holiday etc 2. Subculture Each culture contains sub-cultures groups of people with share values. Sub-cultures can include nationalities, religions, racial groups, or groups of people sharing the same geographical location. Sometimes a sub-culture will create a substantial and distinctive market segment of its own. For example, people from one country only accept one flavor of milk, it is plain milk. So the people will only buy plain milk and do not want to choose other milk flavor. 3. Social class These are relatively permanent and ordered divisions in a society whose members share similar values, interests and behaviors. For example, high class people who really very concern about their health especially their body shape will only buy low fat milk instead of other types of milk. Cultural factors exert a broad and deep influence on consumer behavior. The marketer needs to understand the role played by the buyers culture, subculture and social class. http://tutor2u.net/business/marketing/buying_cultural_factors.asp 1.3.1.2 Social Factors A consumers behavior is also influenced by social factors, such as the consumers small groups, family, and social roles and status. Because these social factors can strongly affect consumer responses, companies must take them into account when designing their marketing strategies. 1. Reference Groups Groups are a persons behavior is influenced by many small groups. Groups which have a direct influence and to which a person belongs are called membership groups. References groups are groups that serve as direct or indirect points of comparison or reference in the forming of a persons attitudes or behavior. Marketers try to identify the reference groups of their target markets. The importance of group influence varies across products and brands, but it tends to be strongest for conspicuous purchases. For example, an individual may choose a selected milk brand based on their group reference. References by the group can also known as mouth to mouth advertising. The reference group may validate the experience faced by the customer. 2. Family Family family members can strongly influence buyer behavior. We can distinguish between two families in the buyers life. The buyers parents make up the family of orientation. From parents a person acquires an orientation toward religion, politics, and economics and a sense of personal ambition, self-worth, and love. The family of procreation-the buyers spouse and children-exerts a more direct influence on everyday buying behavior. The family is the most important consumer buying organization in society, and it has been researched extensively. Marketers are interested in the roles and relative influence of the husband, wife, and children on the purchase of a large variety of products and services. Consumers are also affected and influenced by the presence of a family member. For example, the parents normally decide what milk product they want to purchase but the children can decide what the flavor is. 3. Role and status Roles and Status a person belongs to many groups-families, clubs, organizations. The persons position in each group can be defined in terms of both role and status. Role consists of the activities people are expected to perform according to the people around them. Status reflects the general respects given to role by the society. People often choose products that show their status in the society. Apart from that, consumers are also affected by their role they play and the status they hold in the society. For example, a general managers role and status will definitely differ from the role and status of a clerk. Bearing this in mind, the needs of customers also change. 1.3.1.3 Personal Factors A buyers decisions are also influenced by personal characteristics such as the buyers age and life-cycle stage, occupation, economic situation, life style, and personality and self-concept. These factors are divided into: 1. Age and life cycle Age and Life-Cycle State people change the goods and services they buy over their lifetimes. The types of milk people buy change during their lifetimes. As people grow older and mature, their desires change. The make up of family cycle also change their behavior. For example, when one person was a kid, he always drinks chocolate milk. But as he grows older, his preference in chocolate milk change becomes low fat plain milk or yogurt. Marketers often define their target markets in terms of life-cycle stage and develop appropriate products and marketing plans. 2. Occupation Occupation a persons occupation affects the goods and services bought. Marketers try to identify the occupational groups that have an above-average interest in their products and services. A company can even specialize in making products needed by a given occupational group. For instance, blue collar workers would buy cheaper milk brand whereas executives will prefer to buy more expensive brand. 3. Economic Situation Economic Situation a persons economic situation will greatly affect product choice. A person with higher purchasing power will be more willing to spend on famous cheese whereby, someone with middle income will choose local cheese, which offer better values. Marketers of income-sensitive goods closely watch trends in personal income, savings, and interest rates. If economic indicators point to a recession, marketers can take steps to redesign, reposition, and re-price their products. 4. Lifestyle Life Style people coming from the same subculture, social class, and even occupation may have quite different life styles. Life style is a persons pattern of living as expressed in his or her activities, interests, and opinions. Life style captures something more than the persons social class or personality. The life-style concept, when used carefully, can help the marketer gain an understanding of changing consumer values and how they affect buying behavior. People who always consume and wear branded stuff might always want to consume only famous milk brand comparing to people who consume milk despite their famous brand. 5. Personality and self concepts (self-image) Personality and Self-Concept each persons distinct personality will influence his or her buying behavior. Personality refers to the unique psychological characteristics that lead to relatively consistent and lasting responses to ones own environment. Many marketers use a concept related to personality-a persons self-concept. 1.3.1.4 Psychological Factors A persons buying choices are also influenced by four major psychological factors motivation, perception, learning, and beliefs and attitudes. Motivation Motivation a person has many needs at any given time. A need becomes a motive when it aroused to a sufficient lever of intensity. A motive is a need that is sufficiently pressing to direct the person to seek satisfaction. Motivation is based on Maslows hierarchy of Needs. According to Maslow, a person tries to satisfy the most important need first, which is known as the survival needs or the psychological needs. When the important need is satisfied, it ceases to act as a motivator and the person will subsequently try to satisfy the next important need, known as safety needs. Base on Maslow theory, it is stated that a person should meet their basic and physiological needs like food, shelter, and clothes. It can be applied to milk as well whereby a person with low income will think how to eat food which can fulfill their body need such as rice before they consume milk which is nutritious but can not satisfy their hunger. Perception Perception a motivated person is ready to act. How the person acts is influenced by his or her perception of the situation. Two people with the same motivation and in the same situation may act quite differently because they perceive the situation differently. Perception is the process by which people select, organize, and interpret information to form a meaningful picture of the world. Learning when people act, they learn. Learning Learning is the reinforcement process, which an individual gained through the experiences. The practical significance of learning theory of marketers is that they can build demand for a product by associating it with strong drives, using motivating cues, and to the same drives as competitors and providing similar cues because buyers are more likely to transfer loyalty to similar brands then to dissimilar ones. Or it may design its brand to appeal to a different set of drives and offer strong cue inducements to switch (discrimination). Belief and Attitudes Beliefs and Attitudes through acting and learning, people acquire their beliefs and attitudes. These in turn influence their buying behavior. A belief is a descriptive thought that a person has about something. Marketers are interested in the beliefs that people formulate about specific products and services. If some of the beliefs are wrong and prevent purchase, the marketer will want to launch a campaign to correct them. People have attitudes regarding religion, politics, clothes, music, food, and almost everything else. An attitude describes a persons relatively consistent evaluations, feelings, and tendencies toward an object or idea. Attitudes put people into a frame of mind of liking or disliking things, moving toward or away from them. Based on study (Morrison, 2002) attitude describes a persons relatively consistent evaluations consistent evaluations, feelings and tendencies toward and object or an idea. (Morrison, Alastair M, Ph.D., Hospitality and Travel Marketing, 3rd Edition, Thompson Learning, United States) SUMMARY Markets must be understood before marketing strategies can be developed. The consumer market buys goods and services for personal consumption. Consumers vary tremendously in age, income, education, tastes and other factors. Marketers must understand how consumers transform marketing and other inputs into buying responses. Consumer behavior is influenced by the buyers characteristics and by the buyers decision process. Buyer characteristics include four major factors: cultural, social, personal, and psychological. A persons buying behavior is the result of the complex interplay of all these cultural, social, personal, and psychological factors. Many of these factors cannot be controlled by marketers, but they are useful in identifying and understanding the consumers that marketers are trying to influence.

A Literary Analysis of Robert Cormiers The Chocolate War Essay

A Literary Analysis of Robert Cormier's "The Chocolate War" The Chocolate War is a story which takes place in New England in the 1970's. Most of the events happen in a Catholic school. Since this school was exclusively for boys, they were constantly trying to prove their power over each other. The story is told in third person omniscient. The story's mood is suspenseful. With each page turn one wonders if Jerry will take or refuse his chocolates. The protagonist of this story is Jerry Renault and the antagonist in Archie Costello. Jerry is a very quiet fifteen year old boy. He is also the quarterback for the Trinity High junior varsity football team. He is a very troubled individual due to his mother's death. He appears to be angry toward the whole world. Jerry is very ordinary and wants more change in his life instead of the same old thing. Archie Costello is 17 year old boy who is a member of the high school's very prestigious club called The Vigils. Archie is the "assignment giver". He gives assignments to the younger class men to do very mischievous things; for example, loosening all screws on desk chairs and chalkboards so that they will fall apart when students and teachers touch them. Archie is very clever and conniving. Many other characters contribute to the excitement of this story. Obie, another member of The Vigils, is Archie's sidekick. He helps Archie carry out all of his assignments. Obie has hostile feelings towards Archie because Archie gets all the glory while Obie does all the hard work. Obie is very soft spoken; he will not speak out against Archie about his anger. Brother Leon is the assistant headmaster of Trinity High School. He is very evil and... ... his groin but tries to defend himself. This is against the rules. After this a "free for all" begins. The lights are turned off by Brother Jacques, who is trying to stop all the madness. The story ends as Jerry is lying almost unconscious in his friend Goober's arms. Archie is taking pleasure in the whole scene, and Brother Leon is standing alone, watching this whole production as the ambulance draws near. The theme of The Chocolate War would have to be, being a nonconformist can make you an outcast by most people, and it can sometimes even bring harm to you. But if you are being a nonconformist with good reason, then you have to be willing to take the abuse. In Jerry's case it almost got him killed, and he still could not understand everyone's cruelty; but he knew that what he was doing was right in his heart.