English Final Exam Questions Essay Example | Topics and Well Written Essays - 1000 words

English Final Exam Questions - Essay Example The loathing he has for the common people is evident when his English teacher comes to see the show at Carnegie Hall, where he is the usher, and he wonders, offended, what business she had there â€Å"among all these fine people and gay colors.† Somehow, for Paul, there is no redemption for common people. He is so self absorbed that he thinks that only people he idealizes are actually good people. He does not care whether his family loves him or are concerned about him, because to him they are not worthy of his attention as they do not come up to his standards of worthy people, so to speak. A classic narcissist, he does not care about anyone other than himself. When he is stealing money, he does not concern himself with who would have to pay it back, or whether anyone would come after his father – the thought does not even cross his mind. Similarly, when he discovers that his father ended up paying the money Paul had stolen and had now started to search for his son, he was concerned about himself: he did not want to go back as he still wanted to enjoy the pseudo life he was living. It seems as if he is always trying to impress those around him, trying to set himself apart from them. Whether it is by his insolence towards his teacher, or his flat out lying amongst his peers, it is clear that he does not want them to see him as one of their own. He does not want to belong to them – he looks down on them. Yet, this same feeling causes him to get depressed because he feels like a stranger in his own milieu. His suppressed sexuality has added to his depression and disenchantment with his real life and those around him. Although there is nothing overt, however, Paul does seem to have certain homosexual tendencies. Whether it is how he hangs around Charley Edwards of the stock company, or a hint about how badly his night out with a rich boy from Yale ends, or his repulsion at getting married, it seems as if Paul is secretly a homosexual, which cau ses him to further disenfranchise himself from the social scene he belongs to. It is precisely because he does not relate to those around him and cannot be part of those he wants that, rather than go back to lead a â€Å"normal† life, that he kills himself. Sonny Blues Sonny and his brother were born about seven years apart, which seem like a chasm to the latter. What is more, both brothers are quite different temperamentally as well. The elder brother seems to be more accepting of his circumstances, and does not try to escape them, but rather try to make his life within them. He left Harlem, and yet has taken residence in a project, with his wife and children. Moreover, after retiring from the army he has taken up a job as an algebra teacher – a solid, respectable sort of job by society’s standards. Sonny, on the other hands, seems to be rebelling against his circumstances. Whether it is drugs or his music, he seems to want to break free from Harlem both in bod y and in spirit. In music, he seems to have found his escape, and ironically, drugs play a part in that too, despite him wanting to leave Harlem to avoid becoming an addict. Musicians are never considered to be the â€Å"solid respectable type† in society, and what is more, Baldwin depicts how Sonny actually did not even have much idea about how to make a living by music. The young African-American men are up against the two â€Å"darknesses† according to Baldwin. The first being the reality of

Virtual simulation in business Essay Example for Free

Virtual simulation in business Essay Management games (or business simulations) have been finding favour in business education in recent years. Business simulations that incorporate a dynamic model enable experimentation with business strategies in a risk free environment and provide a useful extension to case study discussions. training sessions anytime and anyplace on a global basis. †¢ Faster time to insight †¢ Lower training costs; higher training capacity for training staff †¢ Faster time to competence; better coordination of inter organizational activity †¢ Minimize operational error for dangerous job tasks Faster capture, dissemination, and application of lessons learned actual manufacturing environments. Some features include: †¢ Real-world what if Scenarios †¢ Industry Control Systems †¢ Multi-axis Milling Turning †¢ NC Programs †¢ Collision Detection †¢ Material Removal Other applications of virtual simulation Flight simulators, marine simulators and truck simulators are very popular virtual systems. Figure 11. A flight simulator (from Wikipedia) Performance enhancements are a well-known advantage of simulator training. Researchers have shown that flight simulators effectively improve pilot performance related to landing skills (Hays, Jacobs, Prince, Salas, 1992) and instrument and flight control abilities (Pfeiffer, Horey, Butrimas, 1991). Training using virtual environments has also been demonstrated to improve user performance. For example, Sebrechts (2000) found that wayfinding ability (ability to navigate through a space) was greater in users who were allowed to explore a virtual environment in comparison to the actual building. To successfully evaluate performance in their own programs, trainers should proceed through four levels of training evaluation including reaction, learning, behavior, and results. In addition, trainers who wish to measure performance must begin with valid and reliable performance metrics. Technical obstacles or barriers to development or usage Implications to a manager in a high-technology organization Trends: Future directions in historical or other dimensions THE FUTURE Technologies such as Simulation and Virtual Reality will dominate the entertainment and science forefronts well into the next Century. Since early childhood, we have always learned by role playing and building models of things. With todays computer prices, personal computers are highly affordable. Armed with your computer, you can proceed to build models of reality and let them loose to see what happens and to learn more about reality by modeling it. While what we may do today may be primitive by standards set in science fiction shows such as Star Trek (The Holodeck) and Lawnmower Man, the present computer simulation discipline will lead the way to these eventual goals. The key word is digital as pointed out by many such as Nicholas Negroponte at the MIT Media Lab in his recent text Being Digital. We want to create digital replicas of everything you see as you look around you while reading this article. When you want to construct a digital world, you will pick digital objects, using a 3D, immersive construction tool to put them together. The digital objects may be located anywhere on the Internet and you will use help tools (or autonomous agents) to locate the building block objects for your digital world. Some of this type of work is being done in Distributed Interactive Simulation which is a thrust pioneered by the Department of Defense. The implications of these types of simulations are profound since the idea of distributed simulation has enormous potential, also, in industrial and entertainment fields. (Fishwick, 1995)

Calculation of Payback Period for Investor Return

Calculation of Payback Period for Investor Return Executive Summary The report exclusively deals with the Accounting and Financial Management. The report has been divided into two broad types. The first part deals with the calculations regarding the payback period, average accounting return and break-even analysis. This part of the report also explains the various aspects of the same. The next half of the report is based on the calculations related with the Horizontal and vertical analysis. Further, it also explains the different patterns and trends present in the Income Statement and Balance Sheet based on the calculations done. Introduction The primary objective of accounting in any business is to help that business make the maximum profit after tax. Unless accounting makes its full contribution to that objective, its cost cannot be justified. In today’s industry, one of the ways accounting pays for itself is to help management to control operations. Another way is to help management utilize its working capital to the greatest possible advantage. Every business has important financial concerns and its success or failure depends in a large part on the quality of its financial decisions. Effective financial decision making requires an understanding of the goal(s) of the firm. The widely accepted objective of the firm is to maximize the value of firm for its owners, i.e. to maximize shareholders wealth (MAYER, R. et al, 2005). Hence, the accounting and financial management has become an integral part of business in the twenty-first century. The concept of payback period, average accounting return, breakeven analysis, trend analysis and vertical analysis are very important for any business, big or small. Discussion 2.1 Problem 1 A company is considering a capital project costing  £ 400,000. The sales forecasts, together with the forecast expenditure are shown below: Table 1: Sales and Expenditure Forecast Year Sales ( £) Cost of Sales ( £) Other variable costs ( £) Fixed costs except depreciation ( £) Depreciation ( £) 1 200,000 60,000 20,000 30,000 100,000 2 300,000 90,000 30,000 30,000 100,000 3 400,000 120,000 40,000 30,000 100,000 4 300,000 90,000 30,000 30,000 100,000 1,200,000 360,000 120,000 120,000 400,000 The above problem can be formulated in the form of Income Statement as below: Table 2: Income Statement of the Company Years 1 2 3 4 Sales 200,000 300,000 400,000 300,000 Cost of Sales (60,000) (90,000) (120,000) (90,000) Gross Profit: 140,000 210,000 280,000 210,000 Variable Cost (20,000) (30,000) (40,000) (30,000) Earnings before Fixed Charges: 120,000 180,000 240,000 180,000 Fixed Cost (30,000) (30,000) (30,000) (30,000) Earnings before tax and depreciation: 90,000 150,000 210,000 150,000 Depreciation (100,000) (100,000) (100,000) (100,000) Net Income: -10,000 50,000 110,000 50,000 2.1.1 Calculation of Payback period for the Project The payback period for the project is the length of time to get your money back (FABOZZI and PETERSON, 2003). In this problem, the company has invested  £ 400,000. The table below shows the expected cash flows in the four years: Table 3: Expected Cash Flows of the Company End of Year Expected Cash Flows Accumulated Cash Flows 1 90,000 90,000 2 150,000 240,000 3 210,000 450,000 4 150,000 600,000 From the table above, it is clear that at the end of Year 2, the full  £400,000 will not be paid back. We need to have some amount from Year 3 as well. The amount needed from Year 4 will be  £400,000 – 240,000 =  £160,000. Hence, the payback period is calculated as: Payback Period: 2 years + 160,000/210,000 = 2.762 years = 2 years and 9 months (Approx.) Thus, the Payback period for the company is 2 years and 9 months. Calculation of the Average Accounting Return The Average Accounting Return (AAR) measures the return on an investment, after taxes and depreciation, over a specified period. Mathematically, the ratio is equivalent to the expected average earnings less taxes and depreciation, divided by the average book value over the duration of the investment. According to table 2 above, we need to find the values of: Average project earning after tax and depreciation Average Net Income = Sum of all Net Incomes / No. Of Years = (-10,000 + 50,000 + 110,000 + 50,000) / 5 =  £ 50,000 Average book value of the investment during its life time The depreciation for each year is  £ 100,000. Thus, the yearly book value of investment is given by: Table 4: Book Values Year Book Value 1 400,000 2 300,000 3 200,000 4 100,000 5 0 Average book value = Sum of all book values / No. Of years = 400,000 + 300,000 + 200,000 + 100,000 + 0 / 5 =  £ 200,000 Average Accounting Return (AAR) = 50,000 / 200,000 = 0.25 Therefore, the Average Accounting Return for the invested  £ 400,000 after taxes and depreciation is 25 %. Break-Even Analysis for the Project One of the most common tools used in evaluating the economic feasibility of a new enterprise or product is the break-even analysis. The break-even point is the point at which revenue is exactly equal to costs (HOLLAND, 1998). At this point, no profit is made and no losses are incurred. The break-even point can be expressed in terms of unit sales or pound sales. That is, the break-even units indicate the level of sales that are required to cover costs. Sales above that number result in profit and sales below that number result in a loss. The break-even sales indicate the pound of gross sales required to break-even. So, a break-even cannot be calculated only once. It should be calculated on a regular basis to reflect changes in costs and prices and in order to maintain profitability or make adjustments in the product line. 1 Break-even (Sales) = Total Fixed Cost / (1- Total Variable Cost / Sales) For Year 1, BEP (Sales) = 130,000 / (1- 80,000 / 200,000) =  £ 216,666.67 For the Year 2, 3 and 4 also same BEP (Sales) value came due to proportionate change in total fixed cost, total variable cost and sales. This figure is the level of sales that the company must reach in order to break even. Again, if the company is reaching more than this, then it should be making a profit and if it is not, the company will not be selling enough to cover the fixed expenses. Thus, no profits are made from the sale of product until more than  £ 216,666.67 in gross sales is generated. ____________________ Source: 1, HODGETTS KURATKO,1986. As sales increases, variable costs are incurred, meaning that total costs (fixed + variable) also increase. At low levels of output, costs are greater than income. At the point of intersection (total sales and total cost intersection), costs are exactly equal to income, and hence neither profit nor loss made. This point of intersection is called the Break-even point which is found to be  £ 216,666.67. In the first year, the total sale made by the company is  £ 200,000. But BEP (Sales) is found to be  £ 216,666.67. That means, the company is still short of  £ 16,666.67 in order to make neither profit nor loss i.e. BEP. In the second year, the total sale made by the company is  £300,000. Compared to the BEP (Sales) which is  £ 216,666.67; the company is now making profit. And it continues to do that for year 3 and 4 as well. Thus, break-even analysis helps a company to maintain profitability when costs and prices changes. 2.2 Problem 2 The Horizontal and vertical analyses on financial statements of the Geneva Palace Hotel are as follows: Table 5: Income Statement (Horizontal Analysis) Income Statement Geneva Palace Hotel For the Years Ending 31 December 2005, 2006 and 2008 2005 % ( 2005-2006) 2006 % (2006-2007) 2007 Food Sales Revenue  £ 1,700,500 5.26  £ 1,790,000 4.00  £ 1,861,600 Cost of Goods Sold 471,128 6.38 501,200 8.00 541,296 Gross Profit 1,229,372 4.83 1,288,800 2.44 1,320,304 Operating Expenses Salaries and Wages 541,654 12.36 608,600 9.00 663,374 Employee Benefits 63,008 13.64 71,600 11.00 79,476 Laundry Expenses 17,005 5.26 17,900 3.50 18,527 Supplies Expenses 52,089 3.09 53,700 3.50 55,580 Advertising 16,826 6.38 17,900 6.00 18,974 Utilities 36,860 3.09 38,000 1.50 38,570 Maintenance 16,910 12.36 19,000 10.00 20,900 Other Expenses 38,800 3.09 40,000 1.50 40,600 Total Operating Expenses 783,152 10.67 866,700 8.00 936,001 Income Before Fixed Charges 446,220 -5.41 422,100 -8.95 384,303 Fixed Charges Rent 19,400 3.09 20,000 4.00 20,800 Property Taxes 9,400 6.38 10,000 5.00 10,500 Insurance 4,250 17.65 5,000 20.00 6,000 Interest 76,000 5.26 80,000 4.00 83,200 Depreciation 19,200 4.17 20,000 4.00 20,800 Total Fixed Charges 128,250 5.26 135,000 4.67 141,300 Inc

Vietnam War :: essays research papers

Upon reading the novel After Sorrow, written by Lady Borton, I have realized that my view of the Vietnam War was skewed. Although I didn’t live through the Vietnam War unlike my parents and their peers, I thought I was close enough in age to fully understand what happened during that time in my countries history. This novel gave the account of the Vietnamese War told by the people of Vietnam who lived there during that time. The American soldiers used bombs, napalm, Agent Orange and other horrible weapons to kill the â€Å"Viet Cong.† The government justified the killing of the Viet Cong because they were under the impression that they were all communists. Reading this book described a totally different war, even the name is different. The American War, as the Vietnamese called it, was barely even fought by the Viet Cong guerilla soldiers. In actuality the war was fought in homes and market places by Vietnamese women and children. Another major misconception was that the Viet Cong guerilla forces were strictly communist; Lady Borton found that this was largely untrue. After all of the terrible and disturbing stories told by the Vietnamese in this novel, the fact that Uncle Beautiful cannot blame Americans for their suffering. This quote is significant to me because of the obvious unwavering faith Uncle Beautiful has for Ho Chi Minh. Ho Chi Minh believed the Marxists view of the distinction between government and the people during wars of national liberation. He voiced to the Vietnamese people that the American and Vietnamese people were on the same side and were victims just as much as the Vietnamese were. Minh held that the US government, controlled by capitalists, made money off of the arms industry and therefore a war would be in their best interests. He made the Vietnamese people see through their suffering and not hold the actions of a few Americans against the entire nation. I think it is remarkable how the Vietnamese could distinguish between the government and people of one nation.

The Bluesky Software Consulting Firm

People clearly are an organization’s most critical resource. Their knowledge and skills along with their commitment, creativity, and effort are the basis for competitive advantage. It is people that have creative ideas for new products or for process improvements that devise marketing strategy or take technologies to the next level. As consultant for Blue Sky, it is my obligation to develop recommendations based on issues addressed in the case, to ensure Willis can develop an effective management team in accordance with company’s requirements. Blue Sky is a fifteen year old software-consulting firm, however, has some obstacle to overcome. As the consultant, I will respond to four outlined questions pertaining to the case study. This analysis will provide areas of improvement for Blue Sky Software and the necessary management techniques to make for their organization to run functional and efficient. Question 1, in the case asked to address the differences in leadership style and approach today and in the recent past at Blue Sky. In the past, the leadership styles were lead by an autocratic leader. Autocratic leadership can be said to be synonymous to dictatorship where only one person has the authority over the followers or workers. Their decision has to be taken as the golden rule and should never be questioned. They plan out everything and order their subordinates to work according to their rules. Max Blue seemed to think meeting was not necessary and thought planning was a waste of time and no one questioned his authority. This type of leadership style unfortunately made employees at Blue Sky passive as they couldn’t make decision on their own. There seemed to be several types of leadership styles circulating throughout the company depending on the different department you were in. The organization structure was broken down by the CEO, VP of the division, director of marketing, CFO, and the regional directors being in the upper management levels. The regional directors were all younger and had been with Blue Sky relatively a short period of time. They seemed to be more aggressive, whereas, they wanted to expand clientele and product lines. The older manager mainly the vice presidents who had been with the organization for awhile, had a more passive approach because of the autocratic leadership style from Max Blue. Willis, the new CEO is more of a collaborative leader. When establishing collaborative relationships it is not always natural or easy, particularly because people have different lifestyles, backgrounds, and experiences. A collaborative leader takes a much different approach essentially suggesting that the most effective way to guide an organization, process, or project is through inclusion and consensus. Also, the â€Å"benevolent dictator† approach is highly efficient eliminating the wavering of many competing voices in the decision-making process. Even though, collaboration is the way people naturally want to work, because it builds teams through mentoring and coaching, building trust and mutual respect and beak down walls between people, teams, departments and division to accomplish goals. It was clear the others looked to Willis to solve the problem, so this left Willis not being able to come to a consensus as he had hoped. In question 2, of the case study there was a focus toward the organization looking at motivation being a critical element. Be sure to discuss and evaluate the approaches to motivation at Blue Sky now and the past. In the past, the approaches to motivation were to provide employees with big dividends. Many studies show that interesting work and sense of accomplishment are some of the greatest motivators for an employee. These rewards lead to the type of motivation known as â€Å"intrinsic,† which can be defined as causing â€Å"†¦ people to engage in an activity for its own sake† (www. reference. com). Studies show that intrinsic motivation is important for high job satisfaction, which can affect an organization's performance. Many different techniques exist to intrinsically motivate employees(Walker, 2008). Some include: job enlargement, job rotation, and job enrichment. As noted earlier, job satisfaction among employees is important for a company to attain, thus, the use of techniques that boost intrinsic motivation is key. However, the employees were happy because they were paid well. The flip side to that is those older employees are closes to retirement, and have no intrinsic motivation. They are not motivated in sharing to new ways in doing things for the organization, such as saving money and hiring new clientele as suggested by Hubres in her memo. Therefore, it has been suggested by Willis that James and Counts work together to develop a retirement package for senior employees in the division without any immediate replacement for retirees. This would be a start in saving money for the division. In question 3 of the case study, it relates to strategic plan and decision-making process. The question ask, if there has been a strategic planning and decision-making change at Blue Sky? If so, is this a positive change? Yes, there has been a strategic plan and decision-making process at Blue Sky and positive change. The strategy plan comes from an outside consultant that has been asked to help Willis to develop an organization plan. A strategy plan must be for an organization and not an analysis of the current plan. In the past, there was no strategic plan in place based on Susy Hubres, one of the newest members of the Executive team. In her memo, she is proposing a three-day retreat for Blue Sky executives, and her main agenda for the meeting is developing a ten-year strategic plan.

Peslte Analysis of Gujarat Essay

PESTLE analysis is the analysis of macro external environment in which business is operates. These factors which are beyond the control of business however are the important to be aware of when doing product development, business or strategy planning. PESTLE means: P- Political E- Economical S- Social T- Technological L- Legal E-Environmental The PESTLE subject should be a clear definition of the market being addressed, these are the followings:- * A company looking at its market * A product looking at its market * A brand relation to its market * A local business unit or function in business * A strategic option , such as entering a new market * Political acquisition * Investment opportunity (1)POLITICAL: – It refers to government policy such as degree of intervention in the economy what goods & services do a government provide? What are the priorities in terms of business support? Political decision can impact on many vital areas for business such as education of workforce, health and quality of infrastructure. In Gujarat BJP rules since 18 years, and communist party is INC. the major factors effect of political environment. (1) Taxation policy (2) Privatization (3) De-regulation (4) Government policy (5) International policy (2)ECONOMICAL: – It includes rates, taxation changes, economic growth & exchange rates. Economic change can have major effect on firm’s behavior. For example: * Higher interest rate may deter the investment * A strong currency may make exporting more difference because it may raise the price in terms of foreign currency. * Inflation may make higher wage demands from employees and raise cost. * Higher nation income growth may boost demand for firm’s product. For its improvement the government has made some improvements: * The government investment reduced the number of industries under compulsory licensing system * Disinvestment was carried out in case of many public sector and industrial enterprises * Policy towards foreign capital was liberalized * Automatic permission is now granted for technological agreements with foreign companies. * Foreign investment promotion board (FIPB) was set up to promote and for boosting up foreign investment in Gujarat. (3)SOCIAL:-Changes in social trends are input on demand for firm’s product & the availability & willingness if individual to work. 0-14 years 32%, 15-64 years 63%, 65 years and above 5%. There has * Mobility * Income distribution * Population demographics * Attitude to work * Standard of education and skills * Working atmosphere (4)TECHNOLOGICAL:- technology can reduce the cost, improve the quality & lead to innovation. This development can affect consumers as well as state’s growth. We can see these growth in Gujarat because recently there is good IT atmosphere is develop in the Gujarat, big automobiles company like TATA, FORD and MARUTI. In the electrical sector Gujarat is also ahead than others,because giants like ABB, SIEMENS and BOMBARDIER are already grown their work in Gujarat. (5)LEGAL:- It is realted to legal environment in which firms are operated. Legal changes can affect a firm’s cost & demand, so there will be an increase in the minimum wages & greater requirement for firms to recycle are the examples of relatively recent law that effect an organization actions. It consist of legislation that is passed by the government &state legislatures, so in Gujarat the industries should have take many types of permission from state and central government also. Some examples are * Employment law * Trade &product restriction * Health & safety regulation (6)ENVIROMENTAL: – Environmental factors include weather &climate change, it can be impact on many industries like farming, tourism & insurance. Industrialization &urbanization have resulted in pro-fund deterioration of world’s air qualities gives many pre-matured deaths in the world, so there will be needed permission to be granted from government of Gujarat. Each industry has to take permission for * Approximate Pollution * Planning of industry * Noise * Wastage It includes rates, taxation changes, economic growth & exchange rates. Economic change can have major effect on firm’s behavior. For example: * Higher interest rate may deter the investment * A strong currency may make exporting more difference because it may raise the price in terms of foreign currency. * Inflation may make higher wage demands from employees and raise cost. * Higher nation income growth may boost demand for firm’s product. For its improvement the government has made some improvements: * The government investment reduced the number of industries under compulsory licensing system * Disinvestment was carried out in case of many public sector and industrial enterprises * Policy towards foreign capital was liberalized * Automatic permission is now granted for technological agreements with foreign companies. * Foreign investment promotion board (FIPB) was set up to promote and for boosting up foreign investment in Gujarat.

Art- the Play essays

Art- the Play essays ART A critique Going to see the play "ART" in the UCLA Doolittle Theater was quite an enjoyment. The house was small so that almost any seat had a good view. The ushers were very professional and the whole thing was very organized. The best part was when the lights when down, a rumble of people everywhere shifting to seats closer to the stage could be heard! The set was very wonderfully done in a very witty way. There were three tall walls with large simplified cornices and foot guards. The floor was covered with dark brown tiles with a square carpet in the center. On top of that were three chairs and a simple coffee table. The way this set was used was so great because it alone represented each of the three characters homes and the painting hanging on the wall is what differentiated them. Among the three chairs were three styles, an elegant renaissance type chair, a Barcelona chair from the Bauhaus, and a very non-statemental armchair. Each chair style belonged to the character with the matching personality. The whole stage was monochromatic in this light creme color making the colorful personalities easier to focus on. The first character, Mark, has a painting on his wall that is referred to as a Flanders landscape painting and belongs to the renaissance chair. He is very demanding and controlling when it comes to his opinion of art. He is the mentor to Sergio. To imagine his character, picture Joe Piasentin and all of his dramaticism and directness. Throughout the play you just kind of want to ring his neck, much like Joe. The play begins with his opinion of Sergio's new purchase of a white on white painting. His goal is to make it known to Sergio that he wasted his money, by the end of the play we find out that it is because he feels replaced by Sergio because he has found his own outlet that does not agree with Mark's. The Barcelona chair and the 70's white on white painting represent the character Sergio. He is a man of high cir...

All About Geography Questions and Answers

All About Geography Questions and Answers While the word geography is derived from Greek and literally means to write about the earth, the subject of geography is much more than describing foreign places or memorizing the names of capitals and countries. Geography is an all-encompassing discipline that seeks to understand the world - Â  its human and physical features - through an understanding of place and location. Geographers study where things are and how they got there. My favorite definitions for geography are the bridge between the human and physical sciences and the mother of all sciences. Geography looks at the spatial connection between people, places, and the earth. How Is Geography Different from Geology? Many people have an idea of what a geologist does but dont have any idea of what a geographer does. While geography is commonly divided into human geography and physical geography, the difference between physical geography and geology is often confusing. Geographers tend to study the surface of the earth, its landscapes, its features, and why they are where they are. Geologists look deeper into the earth than do geographers and study its rocks, the internal processes of the earth (such as plate tectonics and volcanoes), and study periods of earth history many millions and even billions of years ago. How Does One Become a Geographer? An undergraduate (college or university) education in geography is an important beginning to becoming a geographer. With a bachelors degree in geography, a geography student can begin working in a variety of fields. While many students begin their career after achieving an undergraduate education, others continue on. A masters degree in geography is very helpful for the student who desires to teach at the high school or community college level, to be a cartographer or GIS specialist, of work in business or government. A doctorate in geography (Ph.D.) is necessary if one wishes to become a full professor at a university. Although, many Ph.D.s in geography continue on to form consulting firms, become administrators in government agencies, or attain high-level research positions in corporations or think-tanks. The best resource for learning about colleges and universities that offer degrees in geography is the annual publication of the Association of American Geographers, the Guide to Programs in Geography in the United States and Canada. What Does a Geographer Do? Unfortunately, the job title of geographer is not often found in companies or government agencies (with the most notable exception of the U.S. Census Bureau). However, more and more companies are recognizing the skill that a geographically-trained individual brings to the table. Youll find many geographers working as planners, cartographers (map makers), GIS specialists, analysis, scientists, researchers, and many other positions. Youll also find many geographers working as instructors, professors, and researchers at schools, colleges, and universities. Why Is Geography Important? Being able to view the world geographically is a fundamental skill for everyone. Understanding the connection between the environment and people, geography ties together diverse sciences as geology, biology, and climatology with economics, history, and politics based on location. Geographers understand conflict around the world because so many factors are involved. Who Are the Fathers of Geography? The Greek scholar Eratosthenes, who measured the circumference of the earth and was the first to use the word geography, is commonly called the father of geography. Alexander von Humboldt is commonly called the father of modern geography and William Morris Davis is commonly called the father of American geography. How Can I Learn More About Geography? Taking geography courses, reading geography books, and, of course, exploring this site are great ways to learn. You can increase your geographic literacy of places around the world by getting a good atlas, such as Goodes World Atlas and use it to look up unfamiliar places anytime you encounter them while reading or watching the news. Before long, youll have a great knowledge of where places are. Reading travelogues and historical books can also help improve your geographic literacy and understanding of the world - Â  theyre some of my favorite things to read. What Is the Future of Geography? Things are looking up for geography! More and more schools across the United States are offering or requiring geography be taught at all levels, especially high school. The introduction of the Advanced Placement Human Geography course in high schools in the 2000-2001 school year increased the number of college-ready geography majors, thus increasing the numbers of geography students in undergraduate programs. New geography teachers and professors are needed in all areas of the educational system as more students begin learning geography. GIS (Geographic Information Systems) has become popular in many different disciplines and not just geography. The career opportunities for geographers with technical skills, especially in the area of GIS, is excellent and should continue to grow.

WPP PLC Financial Report Essay Example | Topics and Well Written Essays - 3000 words

WPP PLC Financial Report - Essay Example The comparison of these ratios shows that current asset has not been utilized well as compared to fixed assets. The stock turnover ratio indicates that WPP PLC has replaced its stock almost 62.4 times during the year. In other words, it can be said that the company generated $62.4 worth of sales for every $1 invested in stock. Debtor Day's Collection Period Debtors__ x 365 Cash Sales = 50 days Creditor Day's Payment Period Creditors x 365 Purchases = 125 days Difference between creditor and debtor days for 2004 is positive: Creditor days - Debtor days= 125 days - 50 days = 75 The firm takes considerably longer (75 days longer, on average) to pay its creditors than it does to obtain payment from its debtors, having a good sign for the business. 4- LIQUIDITY The ability of WPP PLC to 'pay its way' or to satisfy financial obligations without difficulty as and when they become due can be analyzed with the help of following ratios: Current Ratio Current Assets___ Current Liabilities = 0.87: 1 Acid Test (Or Quick) Ratio Current Assets- Stock Current Liabilities = 0.82: 1 Thus, the above ratios don't show a good position of the company in terms of its current assets and liabilities. It reveals that the company doesn't have enough liquid assets to pay off its short-term liabilities when they become due. 5- SOLVENCY To obtain an indication of the company's longer-term solvency and its degree of financial risk, following ratios would be used: Gearing (Or Leverage) Ratio Total Debt Capital x 100 Total Equity Capital = 33.28% Debt Ratio Total Debt Capital_________ x 100 Total Assets (Fixed + Current) = 11.66% It shows that total debt capital of the... The above ratios reveal that the company had 5.79% return on capital employed in 2004. The gross profit and net profit ratios show that the company had 95.12% gross profit on sales while 10.58% net profit on sales. This gap makes clear that the company is paying heavy operating costs, which is having a decreasing impact on its profitability. The above ratios show that WPP PLC generates value and sales for its business 1.7 times of total assets, 3 times of fixed assets 62.4 times of stock (shows efficiency of stock) and 15.9 times of cash. The comparison of these ratios shows that current asset has not been utilized well as compared to fixed assets. The stock turnover ratio indicates that WPP PLC has replaced its stock almost 62.4 times during the year. In other words, it can be said that the company generated $62.4 worth of sales for every $1 invested in stock. Thus, the above ratios don't show a good position of the company in terms of its current assets and liabilities. It reveals that the company doesn't have enough liquid assets to pay off its short-term liabilities when they become due. The above ratios indicate the future share valuation of WPP PLC in terms of its current market price and Earnings Per Share (EPS).

British Telecom Case Study Example | Topics and Well Written Essays - 1750 words

British Telecom - Case Study Example In order to understand and evaluate them one needs to analyze the marketing position of British Telecom and assess the strength and weakness of its position in the market as well as opportunities that can be explored by the company and the threats which it should avoid. Marketing. Strength. British Telecom is one of the largest telecommunication companies in the world and it holds large share of the market of telecommunication industry. It possesses enough financial and economic resources to compete in the market, especially against new players in the niche where it operates. The company conducts aggressive and effective advertising campaign in order to stay abreast of the current trends in the market and lure potential customers to use its services. The company has started successful advertising campaign with Kris Marshall (the budget of the campaign is 40million GBP). Apart from traditional television advertising campaign British Telecom has recently shifted its focus on online advertising which will expand the pool of its customers. If one takes into account the fact that British Telecom intends to advertise its broadband services, then the move to concentrate on online advertisement is undoubtedly the step in the right direction as this type of advertisement campaign will target the potential customers of broadband services. Apart from the traditional national market, the company expands rapidly in the overseas markets as well. British Telecom operates in Western European market as well as Scandinavian countries and nations of ex-Communist block. It also provides the services to the customers of Asia and Northern America. Rapid expansion in new developing markets reflects high flexibility of the company. Weakness. In spite of the fact that the company can operate successfully, only if it takes efficient steps to react to the changes in modern technology, it must not forget that it is a telecommunication company. One should try to concentrate on this niche of the market and not to expand rapidly in the market of online industry; if the company expands in other markets and starts providing too many services, unrelated to telecommunication market, it might entail "erosion" of its brand. Customers who now associate British Telecom with telecommunication company will not be able to associate this brand name with any particular industry and rather will have association with multiple services, if the company expands too rapidly in other markets. Overexpansion on other market of other countries may reduce its market share in the United Kingdom and might require additional resources. Large pool of existing and potential clients. Strength. The company has one of the largest pools of potential and existing customers in telecommunication industry. The service of fixed exchange lines has been rising steadfastly since 2002, more robust growth was evident in the wholesale of ADSL end users of the British Telecom (the growth constituted

Editorial Overview Essay Example | Topics and Well Written Essays - 250 words

Editorial Overview - Essay Example Likewise, there is a need to check on sentences that were too long and which necessitate the use of appropriate punctuation marks. As such, the author is recommended to go through the manuscript in greater detail to make the necessary proofreading and corrections, as deemed necessary, prior to final submission and publication. In addition, the content needs to be revised in terms of reliability and accuracy of the information that were presented. For instance, in the prologue, as Detective Inspector Richard Moore was noted to remove the dead man’s possession, one of the items mentioned was â€Å"a thick silver wrist wetch (check spelling, should be watch), a birthday present from his wife† (Attached Fiction Essay par. 1). The author should add more details to explain how he knew that the watch was a present from the dead man’s wife (for instance, viewing from the inscriptions at the back of the watch). Overall, the manuscript was well-written and could be considered for publication after addressing the points and issues that were above

Reflecting Paper of The Case of the Mismanaged Ms Essay

Reflecting Paper of The Case of the Mismanaged Ms - Essay Example Ed Coulter, the Vice President of marketing admitted that he had fronted Dick to fill the position instead of Ruth since Dick was a man, and since men tend to be in most factory settings, he assumed that Dick could relate better to clients. In as much as both Dick and Ruth had equal qualifications needed for the job, Ed argued that women were not reliable at higher levels since they could get pregnant, or abandon their jobs in order to follow to their husbands based on their husbands’ jobs or career (Seymour, 1987). From all these, it is evident that Ed was biased against Ruth. It is against the law to deny women opportunities because they are anticipated to get pregnant. From Ruth’s and Barbara’s conversation, it is evident that Triton does not promote affirmative action. The company has failed to respect women and regard them as important people who can add value to the company and society at large. First and foremost, Ruth’s revelation that women in Tri ton Company form only twenty percent of all the employees is worrying. Additionally, there are only two women holding mid-level managerial positions, with no woman holding a position at the top executive level (Seymour, 1987). This is a clear demonstration that women are discriminated against and their presence in the company is not considered of value. Secondly, I am extremely shocked to hear Ruth’s complaints regarding the manner in which Ed addresses her. When Ed meets Ruth in the morning and does not greet her, but comments on her blouse, her mode of dressing, as well as her eyes (Seymour, 1987), it serves to be a clear indication of sexual harassment. Ed does this on purpose with intentions of making Ruth feel bad. This is an unacceptable behavior that should not be tolerated in any working environment. It is also worth noting that there are no clear procedures that are being followed when promoting employees. This is attributed to the fact that information regarding suc h opportunities are passed by word of mouth. No formal communication is given to existing employees to enable forward their applications to these positions. Instead, the Vice Presidents of various departments (all of them are men) sit down by themselves and choose who to fill the position with. It worries that in all the cases they have appointed only men, some of whom have not worked for the company compared to women at their level (Seymour, 1987). This brings forward several questions that demand answers. For instance, one may want to know, what role the Human Resource Manager of the company plays if she is not involved in the hiring process. Additionally, one may question why the Vice Presidents consider giving these vacant positions to men who do not deserve them, leaving out hardworking and achieving women. These acts of discrimination if not well handled can be extremely disastrous to the company. First, the company may face several discrimination lawsuits which may dent its p ublic image. The lawsuits may reveal what is happening in the company and discouraged bright, hardworking and achieving women who had wished to be a part of the Triton workforce. Secondly, the company may lack a diverse executive staff. Failure to incorporate women in its operation may hurt the company since studies have revealed that including women in the executive staff and having diversity is interrelated with better performance. This is because divergent

Trade Secrets Research Paper Example | Topics and Well Written Essays - 1000 words

Trade Secrets - Research Paper Example Companies describe the requirements for information security on conventional ‘perimeter’ arena. All organizations make large investments to safeguard the physical assets and also the infrastructure of information. Even though this approach is efficient in hindering the unauthorized people from getting admission from outside, it does nothing to hinder theft or even loss of serious information by people inside the organization (Fink, 2002). If a company fails to measure the long term effect of espionage activity so a single, defined, calculation of the monetary fatalities indirectly and directly might take place due to economic espionage on yearly basis can never be made. Assumptions have been made in the past which begins from $53 billion to $1 trillion. Fatalities can only imitate inventory ‘snapshots’ when audit was carried out. Reporting as such does not take into consideration the lost jobs and sales activities that can take a long time. Trade secrets are identifies when they are kept in draft or formal documents, computer files, working papers, calendars for appointment, internal communication, policy documents, regulatory and legal filings, newsletters, meeting minutes, patent applications, and annual reports (Doyle,2012). Usually collectors like the idea of improving clues to the secret information of trade secret from dumpsters located in and outside building. Trade secrets are also found in memory banks of the employees, and are discussion topics at local areas. Experiences collectors use illegal and legal means together to come up with a balanced collection of human and technical and direct and indirect approach. Internet is also widely used by spies and collectors to find out information and at the right time hide their affiliation, genuine identity, and also the location. The publically used internet locations include colleges, libraries, and universities for instance who give brilliant information and legitimacy too (Fink, 2002). EEA (The Economic Espionage Act) forbids two forms of the trade secret theft for the advantage of any foreign entity known as economic espionage and also the theft of trade secrets (theft for pecuniary gain). Under any prohibition, its reach widens to the theft from this electronic storage. Criminals have to go through imprisonment for a time period of less than ten years in case of the trade secret theft and also not more than fifteen years in case of economic espionage. Individuals may acquire fines of less than $250,000 or twice the gain or loss linked with felony for trade secret theft and also for economic espionage less than that of $5 million or even twice the gain or loss. Firms are fined more harshly, up to a degree of $5 million or even twice the loss or gain for the trade secret theft. Firms are charged a charge of less than $10 million, which is thrice that of trade secret, or even twice that of loss or gain with the felony in case of economic espionage. According to EEA, trade secret is defined as any information that demonstrates economic value’s true potential not known to or willingly ascertainable via right means by public, and owner takes practical measures to keep this information a secret. An owner in this case is the one who is right full authoritative or is equitably likely titled or licensed to when trade secret is relaxed. A person found guilty of stealing trade secret is only liable if he knowingly robs a trade secret, changes it, alters or destroys it, or even accepts a stolen trade secret

If Netflix has brought a golden age of television in America, can its Essay

If Netflix has brought a golden age of television in America, can its expansion into Europe and other markets bring a golden age for international television dramas too - Essay Example In terms of the information represented within The Atlantic, it is clear and apparent that Hollywood has effectively been able to adapt to an international scope for its films. The article also indicates that he has not been so fast. It is at this juncture that Netflix wishes to fill the void and provide original programming from a litany of different foreign nations around the globe (Thompson, 2013). However, there is hope for a high level of profitability in this sector; as the article from Slate underscores. Likewise, a hidden and somewhat unforeseen problem that Netflix faces within Europe is the fact that it must engaged with a multi-lingual region and offer a litany of different subscriber content within national borders that ascribes to the given linguistic nature of the region. Whereas the success of Netflix in the US and in Latin America is part and parcel due to the fact that these regions are defined by only two languages, the challenges faced within Europe are more comple x. Although this article is useful in representing the range and extent to which Netflix can hope to penetrate new markets, it is also limited in that it does not fully consider unique dynamics of how foreign markets could present unique challenges to the business model that Netflix has been able to exhibit to such a great deal of success so far. According to the Slate piece, entitled, â€Å"The International Language of Tube†, service providers such as Netflix are open to capitalize on a market shift that is coming to be exhibited; one in which the consumer’s frustration with traditional television corresponds to the increased demands for the shows and entertainment that this traditional technology provides (Thomas, 2014). Moreover, the article cautions that traditional TV should be highly wary of the potential for firms such as Netflix to dominate the market; due

Reflecting Paper of The Case of the Mismanaged Ms Essay

Reflecting Paper of The Case of the Mismanaged Ms - Essay Example Ed Coulter, the Vice President of marketing admitted that he had fronted Dick to fill the position instead of Ruth since Dick was a man, and since men tend to be in most factory settings, he assumed that Dick could relate better to clients. In as much as both Dick and Ruth had equal qualifications needed for the job, Ed argued that women were not reliable at higher levels since they could get pregnant, or abandon their jobs in order to follow to their husbands based on their husbands’ jobs or career (Seymour, 1987). From all these, it is evident that Ed was biased against Ruth. It is against the law to deny women opportunities because they are anticipated to get pregnant. From Ruth’s and Barbara’s conversation, it is evident that Triton does not promote affirmative action. The company has failed to respect women and regard them as important people who can add value to the company and society at large. First and foremost, Ruth’s revelation that women in Tri ton Company form only twenty percent of all the employees is worrying. Additionally, there are only two women holding mid-level managerial positions, with no woman holding a position at the top executive level (Seymour, 1987). This is a clear demonstration that women are discriminated against and their presence in the company is not considered of value. Secondly, I am extremely shocked to hear Ruth’s complaints regarding the manner in which Ed addresses her. When Ed meets Ruth in the morning and does not greet her, but comments on her blouse, her mode of dressing, as well as her eyes (Seymour, 1987), it serves to be a clear indication of sexual harassment. Ed does this on purpose with intentions of making Ruth feel bad. This is an unacceptable behavior that should not be tolerated in any working environment. It is also worth noting that there are no clear procedures that are being followed when promoting employees. This is attributed to the fact that information regarding suc h opportunities are passed by word of mouth. No formal communication is given to existing employees to enable forward their applications to these positions. Instead, the Vice Presidents of various departments (all of them are men) sit down by themselves and choose who to fill the position with. It worries that in all the cases they have appointed only men, some of whom have not worked for the company compared to women at their level (Seymour, 1987). This brings forward several questions that demand answers. For instance, one may want to know, what role the Human Resource Manager of the company plays if she is not involved in the hiring process. Additionally, one may question why the Vice Presidents consider giving these vacant positions to men who do not deserve them, leaving out hardworking and achieving women. These acts of discrimination if not well handled can be extremely disastrous to the company. First, the company may face several discrimination lawsuits which may dent its p ublic image. The lawsuits may reveal what is happening in the company and discouraged bright, hardworking and achieving women who had wished to be a part of the Triton workforce. Secondly, the company may lack a diverse executive staff. Failure to incorporate women in its operation may hurt the company since studies have revealed that including women in the executive staff and having diversity is interrelated with better performance. This is because divergent

If Netflix has brought a golden age of television in America, can its Essay

If Netflix has brought a golden age of television in America, can its expansion into Europe and other markets bring a golden age for international television dramas too - Essay Example In terms of the information represented within The Atlantic, it is clear and apparent that Hollywood has effectively been able to adapt to an international scope for its films. The article also indicates that he has not been so fast. It is at this juncture that Netflix wishes to fill the void and provide original programming from a litany of different foreign nations around the globe (Thompson, 2013). However, there is hope for a high level of profitability in this sector; as the article from Slate underscores. Likewise, a hidden and somewhat unforeseen problem that Netflix faces within Europe is the fact that it must engaged with a multi-lingual region and offer a litany of different subscriber content within national borders that ascribes to the given linguistic nature of the region. Whereas the success of Netflix in the US and in Latin America is part and parcel due to the fact that these regions are defined by only two languages, the challenges faced within Europe are more comple x. Although this article is useful in representing the range and extent to which Netflix can hope to penetrate new markets, it is also limited in that it does not fully consider unique dynamics of how foreign markets could present unique challenges to the business model that Netflix has been able to exhibit to such a great deal of success so far. According to the Slate piece, entitled, â€Å"The International Language of Tube†, service providers such as Netflix are open to capitalize on a market shift that is coming to be exhibited; one in which the consumer’s frustration with traditional television corresponds to the increased demands for the shows and entertainment that this traditional technology provides (Thomas, 2014). Moreover, the article cautions that traditional TV should be highly wary of the potential for firms such as Netflix to dominate the market; due

The Effect of Foreign Trade on Tthe Nigerian Economy Essay Example for Free

The Effect of Foreign Trade on Tthe Nigerian Economy Essay Everyday, the need for foreign trade is on the increase as the needs of man is unlimited (Adams Smith). This is visible in the rise for consumer goods and services throughout the world especially with the increase in world population of over 6 billion people. Man with his advancement in social interaction and technology is able to visualize and perceive in his mind what he desires. This was obvious with the industrial revolution where production demand increased. With the location of raw materials in different geographical zones making them ubiquitous in some areas and scarce in others, the demand for certain goods is on the increase, which gave rise to the concept of foreign trade†¦Ã¢â‚¬ ¦. . .Foreign trade exists alongside domestic trade, which has also undergone transformation from the old style of â€Å"trade by barter† to â€Å"business†. In the light of this, Nigeria as a nation participates in foreign trade. Foreign trade as defined by Longe, (2008) is the buying and selling of goods and services beyond the geographical boundaries of a country or between one country and the other. Foreign trade also referred to as international trade, can be bilateral or multilateral and involves the use of different currencies. The Economic glossary defines foreign trade as the exchange of goods and services between countries, and as such, it goes ahead to explain that the inclination for one country to trade with another is based in large part on the idea of comparative advantage†¦Ã¢â‚¬ ¦.. Foreign trade is just an extension of production, exchange and consumption of goods and services that are fundamental part of life. The Wikipedia encyclopedia defines foreign trade (international trade) as the exchange of capital, goods and services across international borders or territories. In such countries, such trade represents a significant share of the GDP. Foreign trade comprises of imports, exports, and entreports. The economic, social and political importance of foreign trade has been on the rise recently due to specialization in production. Industrialization, advanced transportation, globalization, Multinational Corporation and outsourcing are all having a major impact on the global foreign trade system. Increasing foreign trade is very important to the growth of globalization as international trade assist in bridging the gap and creates availability of goods and services to other nations. The aim of foreign trade is to increase production and to raise the standard of living of the people. Foreign trade enables citizens of a country have access and enjoy the products of another country. According to †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. reasons for foreign trade are for the following reasons; uneven distribution of natural resources due to difference in climate, division of labor and specialization, difference in economic growth rate, theory of comparative cost, availability of all types of goods, increased standard of living, large scale production and stable price. According to the theory of comparative cost, each country should concentrate on the production of those goods for which it is best suited, taking into account its natural resources, climate, labour supply, technical-know-how and the level of development. Akeem (2011) explains that foreign trade plays a vital role in restructuring economic and social attributes of countries around the world. Aids to trade includes; banking, warehousing, insurance, transportation and advertisement. According to †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. , there arises challenges in implementing foreign nations involved in foreign trade is done using exchange of currency Increase in tariff, high duty on some imported goods as well as some export goods. Exposure to risk since they are transported either through the road, air, rail and sea. 2. Poor intermodal transport network in developing countries such as Nigeria. 3. Poor government policies on trade and industrialization. 4. Corruption and unaccountability. 5. Insurgence of terror groups globally acts as a threat to foreign trade. 6. Late payment for goods which results to demurrage and high port charges. 7. Language barrier slows foreign trade. With a geographical land mass of about 923,768sqkm, Nigeria is located along the Atlantic coast line. The location of natural resources in almost every part of the country has attracted trade domestically and internationally. These resources include cash crop, food crop, solid mineral, livestock and aquatic life. During this period, the industry in existence was the extractive industry and the scale of production was minimal. There existed trade by barter, the use of cowries, and coins as the medium of exchange. Nigeria experienced foreign trade with the insurgence of the British, Portuguese etc, who explored the country and tapped our natural resources. The colonial masters journeyed into the hinterland and assisted in the construction of the early road networks and later, rail lines which connected major cities to the ports in Lagos, Port Harcourt and Calabar. These routes provided means of transportation for the export of cash crops like palm oil, cocoa, groundnut, rubber, etc to the industries in Europe and America. Between the periods of 2005 and 2010, many industries e. g. Unilver, located in Nigeria relocated to neighboring West African countries and their home base because of the numerous problems such as epileptic power supply, high tariff on import, corruption, inadequate social infrastructure and high tax rates imposed on them by the government. These factors have affected Nigeria’s foreign trade, especially with her over dependence on crude oil which was discovered in Oloibiri, Bayelsa State, formerly Rivers.

Finance Now, New Zealand Analysis

Finance Now, New Zealand Analysis Company Name: Finance Now, New Zealand Companies find it hard to survive in todays world of cut throat competition. All functions, including but not limited to, IT, Marketing, Service, Operations, Human Resource Management etc. are vital in making an organization a commercial success (Scott, 2015). Marketing, being one of the most significant domains, has a crucial role to play. Right from zeroing on a target market to communicating the end product to users, marketing has it all covered under its wing (Slater, 2015). This report highlights the facets of marketing, such as market segmentation, impact the overall performance of a firm named Finance Now. It also gives an overview of the impact of external as well as internal business environment on the functioning of the firm. A detailed analysis highlighting the strengths, weaknesses, opportunities and threats of organization has also been done. Finance Now Ltd, established in 2000, is a company that is 100% owned and managed by a loan-lending, local company of New Zealand. SBS (Southland Banking Society) is the parent company of Finance Now and was established in 1869. The company is known to grant loans to only kiwis and work visa holders. A wide array of loans comprising of retail loans, business loans, personal loans etc. are offered to kiwis by the largest building society of New Zealand, SBS. Finance Now has a diverse range of products to offer to its customers. Its association with over 1500 retail locations helps boost its credit sales for motor vehicle dealers as well as good finance/consumer loans all through New Zealand. Interest rates charged by the organization vary from person to person depending on the type of application (Now, financenow.co.nz, 2017). The business world, today, is facing with numerous challenges when it comes to running a commercially successful organization,courtesy the ever-changing external and internal environment. The growth and profitability of a firm are largely dependent on factors within and beyond the scope of the organization (Dibrell, 2015). Thus, it is in the best interest of a firm to adopt strategies that promote sustainable development taking into consideration the impact of external as well as internal factors affecting growth (Boons, 2013). External Environment: Some of the factors, beyond the control of the organization, that may have an impact on its growth are: 1. Social Factors: The lifestyle of the local population of the country in which the firm is operational is a major determinant of the success of firm. This is because a grand lifestyle with little disposable income would result in an enhanced customer base taking loans (Medina Munro, 2017). Growth in population is another factor that could enhance the penetration of Finance Now as more people would mean more requirements of houses and other facilities (Rothaermel, 2015). Also, the rapidly increasing working population of New Zealand has the potential to impact the growth of Finance Now. 2. Legal/Regulatory Factors: Affirming to the rules and regulations set by the government of New Zealand is a prerequisite to establishing and running any business in the nation. Fluctuating interest rates have a direct impact on the growth of financial firms with more customers taking loans when the interest rates are low (Chang, 2013). The documentation process is often standard and a simpler process helps getting more customers on board. 3. Economic Factors: The economic situation of New Zealand is expected to impact the growth of Finance Now the most. This is because, a fluctuating economy would directly contribute to a fluctuating customer base with more people opting for personal and business loans when the economy is low. An evidence is that SBS recorded an annual growth of 24% in Financial Year 2014-15 even though the GDP staggered at 3.5% (McBeth, 2015). A rise in inflation rates leads to a rise in interest rates. On the other hand, a drop in inflation may lead to more locals taking to financial help due to lesser rate of interests. This helps in increasing profitability of financial firm. For example the profit made by SBS rose to $14.7 mn in the first two quarters of Financial Year 2016 despite the drop of interest rates as more people opted for loans (Morgan, 2016). 4. Technological Factors: Technology helps make the otherwise complex procedures of documentation easy, hence contributing to the growth of an organization (Rouse, 2016). E-Money feature E Finance cash card for consumer loans Online Portal Mobile Apps-AMP Digital Marketing PPC Digital Advertising, Remarketing or Retargeting Internal Environment The internal environment of an organization comprises to elements that can be controlled by the organization to an extent (Kuratko, 2014). For example infrastructure, employees, values, vision and mission and products and services offered (Hair, 2015). Finance Now competes against others of its kind in the market, including Kiwi Bank, ASB Bank, Moneyshop, Loansmart, Harmoney, Ferratum, Moola, Rapid Loans etc. The more the presence of competitors, the more beneficial a companys products and offerings must be in order to sustain competition. A competitive advantage can be gained by organizing marketing campaigns to increase awareness about products, offering products with enhanced customer value and also guaranteeing superior service (Wagner III, 2014). For example, SBS banks on competitive pricing for gaining an edge over other players in the market. It launched a 3.99% fixed mortgage rate in 2016, which was the lowest observed interest rate in decades. SBS also offered a 0.20% bonus on Term Investments which provided an added benefit to existing investors, thus contributing to customer retention (Bank, 2016). The diverse range of products offered by Finance Now, ranging from personal and home loans to retail loans, helps attract cu stomers from all walks of life. The coming together of Finance Now and dentists of New Zealand to offer an interest free credit deal for 12 months is a great example of how the company intends to diversify its offerings (Times, 2014). A SWOT analysis helps us determine the Strengths, Weaknesses, Opportunities and Threats of a firm. Strengths 1. Advertisements: The light hearted advertisements of SBS bank help in attracting new customers and also retaining those existing For example the warm advertisement depicting a couples excitement to embark on a journey of owning their own home (Commercial, 2016). Finance Now also organizes competitions to help keep its customers engaged (Now, Finance Now) 2. Team, members and partners: The team of Finance Now is its biggest strength. The customers are referred to as members. The company also has over 1500 retail partners to help boost its business (Now, financenow.co.nz). 3. Innovation: Finance Now follows innovative techniques to cope with the ever advancing technology. For example the e-money card and mobile app launched by the company have been immensely popular among masses (Fung, 2014). 4. Customer Service The finance companies or banks are always known to be in the good books of its existing customer base by virtue of its superior customer service. The testimonials put up on the website are evidence of the same (Now, financenow.co.nz, 2016). Weaknesses 1. High interest rates Finance Now offers Business loan interests ranging from 0% to 22.5% (Now, financenow.co.nz). Other competitors offer loans at a borrowing rate of 14-18% on an average (Tarrant, 2017) 2. Nomenclature Since Finance Now is an extremely common name, particularly in the world of finance, its becomes difficult for the company to mark its online presence Opportunities With more and more people taking to loans as an easy way of starting a business or buying a house, the loan market is on a rapid growth (Riasi, 2015). The ease of applying for loans makes it an even better deal. With Finance Now positioned as a Kiwi Bank, it has an edge among the locals of New Zealand. Threats Presence of several competitors with substitute products at cheaper interest rates poses the biggest threat to Finance Now. Government policies may also not always turn out to be in favor of the financial institution. Advertising Policies- Google facebook- Ban on Payday personal Loans with high interest rates. Govt Financial Organization Polices Example of Competitor- recent New Rapid Loans The theory of stakeholder identification is majorly concerned with the principle that who all and what really counts in an organization. The normative theory of stakeholder identification helps us understand why employees and managers are important stakeholders in an organization (Agnà ©, 2015). Some of the other important stakeholders of Finance Now are: 1. Parent Company SBS The board of members of the parent company of SBS comprises of the most prominent stakeholders of Finance Now. The ultimate decision pertaining to any activity carried out by Finance Now is monitored by the parent company. 2. Associated Company -Marble Finance 3. Team Finance Now has its own employees working to attain the vision and mission of the company. The employees belonging to different levels of management and varied domains are significant stakeholders as they impact the profitability of the organization and vice versa. 4. Members The company treats its customers as its members, offering privileges from time to time. The members of Finance Now invest money and show faith in the organization which makes them important stakeholders in the firm. 5. Retailers Finance Now has a tie up with over 1500 retailers(list enclosed appendix no ) in order to boost sales across the country. 6. Associates In addition to having an association with retailers, Finance Now also makes associations with third party Sales and Marketing Teams in order to ensure deeper penetration of its products into the market. 7. Customers/Loan Applicants The loan applicants are also put their faith on company before applying for a loan. 8. Other Investors Target market identification is essential for an organization. This is because it becomes difficult, almost impossible, to cater to the needs of the masses without having a target population in mind. The same product may not suit everyone. Hence, market segmentation is done in order to ensure greater profitability. The products are designed to fit the needs of the target market, thus ensuring a deeper penetration and bigger market share. Market segmentation at Finance Now was done based on the industry it was to operate in. Money lending financial institutions often target a market that they can rely on to repay the loan within a stipulated time. The needs of the target market were then reviewed to create a portfolio of product that could fit the needs of the target population. The process of target market identification proved to be robust with the company making profits soon after its inception. Finance Now aims at catering to the needs of the working population (Li, 2016). This is because the working population has the ability to repay the loans along with the interests associated with it in the future (Bilton, 2016). Finance Now offers a wide range of products ranging from car loans to vacation loans, thus ensuring that all sub groups of the target market are catered to. Secured loans with lesser interest rates are available for those who wish to provide a backup or security, such as a car or property, against the loan that they take. Unsecured loans at the other hand, have the benefit of not having to keep anything as security. The interest rates, however, in case of unsecured loans are higher than those for secured loans. The market segmentation strategy has been working in favor of Finance now with the firm expanding its customer base and making enha nced profits. Finance Now has been a profitable financial institution because of effective market segmentation and positioning. The firm has also efficiently used marketing campaigns to its favor. The wide array of product portfolio offered by the company is instrumental in helping it cater to its target market. The use of technology further enhances its growth prospects. The organization aims at outweighing the presence of competitors in the financial arena by virtue of providing a superior experience to its customers. Appendices Types of loans and products List of Retailers and partners List of competitors Organic Rank Report Glimpse of Google Adwords TV and Radio Advertisements links

Essay example --

In comparison to parallel economically advanced democracies, the United States in particular is prone to uniquely adversarial and legalistic means of policy formulation and implementation, constructed by the process of judicial review. With the ratification of the U.S. Constitution in 1787, common law, or using precedent as the basis of judicial policy making, has been a staple for American society. This British adaptation to U.S. lawmaking has evolved into an interest-driven persuasion tactic as opposed to statutory interpretation and democratic mechanisms. Americans frequently rely on legal threats and lawsuits, in which the laws that pertain, generally, are more complicated and prescriptive. In idealistic democratic models, the relative institutional relationships among the legislature, the executive state, and the courts. Yet, it is a false truth of the current U.S. governing system, in which author Robert Kagan theorizes is due to the American way of law known as adversarial leg alism. Although a thesis in this form is hardly a new discussion, Kagan’s treatment of it ranges throughout the political spectrum, targeting both the atmosphere surrounding policy making as well as its political actors within. Kagan provides a chief explanation for adversarial legalism as a mode of policy making, implementation, and dispute resolution characterized by frequent resort to highly adversarial legal interests, that conclusively infiltrate American democracy and ironically isolate branches of government, discrediting its merit of freedom and equality. Through this examination of politics, it is apparent that the system is at fault, perhaps inevitably, to the continuously growing problem of fragmented government that align with various other... ... and reform. Yet, it is in my opinion that his article is of such significance because of its logistic explanation of such frequent and high volume Court case reforms. Author Mark Graber in The Lessons of Dred Scott, claimed that decision rendered by Supreme Court Chief Justice Taney in 1865 was unavoidable, simply because the decision was consistent with the times of the era (Graber, p.7). This conditionality of politics concerning political environments is evident in Kagan as well, providing both political scientists and students alike with the knowledge that Courts do and often will act not only for the majority, but also more explicitly towards the persuasion tactics of every outlet of both private and public political participation, which provides a necessary and comprehensive evaluation of the American way of law unknown to many, including myself until today.

Essay examples --

10. Conclusion Generally, a strong conclusion to a business plan will be a great support to grow your business while unmotivated conclusion can leave bad impressions to the suppliers and customers. Therefore, my company, Sweet Child Bready Enterprise is confident that I could compete wisely with other food manufacturers around that area. I will provide a fast, efficient yet convenient service to the customers. I hope to be one of the leading company in Malaysia food industry. I ensure the customers to get what they want by providing them with on time delivery to their houses. In addition, I really take care of the hygienic aspect of the factory. I provide masks and gloves to the workers during working hour. I also place a few fire extinguishers in case there is fire in the factory. Next, I have also installed three CCTVs in the factory to avoid any robbery. Finally, I hope that the customers will put 100% trust to my product and I promise that they will get the best quality of breads than the others. I also hope they will support me by buying the breads as they are healthy yet delicious and nutritious. 11. Appendices Research Finding Research study confirms profit potential of bread ingredient innovations July 18, 2013 Clabber Girl Corp., Terre Haute, Ind., which produces chemical leavening systems for the food industry, has released the results of an independent research study by the Kansas State University Department of Grain Science. The study confirms that with the use of Clabber Girl’s Encapsulated Fumaric Acid, the amount of calcium propionate in yeast bread recipes can be cut in half and yeast reduced by 10%, findings that have significant cost implications for the price-sensitive baking industry. The KSU stu... ...rise Jalan 6/91, Taman Shamelin Perkasa, 56100, Cheras, KL Dear Ms Nurzatulshira, QUOTATION NUMBER E542 Thank you for your enquiry of 15 July. I am pleased to quote as follows: Plain Breads RM 1.30 each Sausages RM 1.80 each This is current catalogue price, and we would allow you to trade a discount of 15%. Price include packing and delivery to your premises. It is our usual practice to ask all new customers to trade references. Please let us have the names and addresses of two suppliers with whom you have had regular dealings. Subject to satisfactory replies, we shall be glad to supply the goods and to allow you the two months’ credit requested. As there may be other items in which you are interested, I enclose copies of our current catalogue and price list. I look forward to working with you. Yours sincerely, Siti Sarah Binti Harun Sales Manage Essay examples -- 10. Conclusion Generally, a strong conclusion to a business plan will be a great support to grow your business while unmotivated conclusion can leave bad impressions to the suppliers and customers. Therefore, my company, Sweet Child Bready Enterprise is confident that I could compete wisely with other food manufacturers around that area. I will provide a fast, efficient yet convenient service to the customers. I hope to be one of the leading company in Malaysia food industry. I ensure the customers to get what they want by providing them with on time delivery to their houses. In addition, I really take care of the hygienic aspect of the factory. I provide masks and gloves to the workers during working hour. I also place a few fire extinguishers in case there is fire in the factory. Next, I have also installed three CCTVs in the factory to avoid any robbery. Finally, I hope that the customers will put 100% trust to my product and I promise that they will get the best quality of breads than the others. I also hope they will support me by buying the breads as they are healthy yet delicious and nutritious. 11. Appendices Research Finding Research study confirms profit potential of bread ingredient innovations July 18, 2013 Clabber Girl Corp., Terre Haute, Ind., which produces chemical leavening systems for the food industry, has released the results of an independent research study by the Kansas State University Department of Grain Science. The study confirms that with the use of Clabber Girl’s Encapsulated Fumaric Acid, the amount of calcium propionate in yeast bread recipes can be cut in half and yeast reduced by 10%, findings that have significant cost implications for the price-sensitive baking industry. The KSU stu... ...rise Jalan 6/91, Taman Shamelin Perkasa, 56100, Cheras, KL Dear Ms Nurzatulshira, QUOTATION NUMBER E542 Thank you for your enquiry of 15 July. I am pleased to quote as follows: Plain Breads RM 1.30 each Sausages RM 1.80 each This is current catalogue price, and we would allow you to trade a discount of 15%. Price include packing and delivery to your premises. It is our usual practice to ask all new customers to trade references. Please let us have the names and addresses of two suppliers with whom you have had regular dealings. Subject to satisfactory replies, we shall be glad to supply the goods and to allow you the two months’ credit requested. As there may be other items in which you are interested, I enclose copies of our current catalogue and price list. I look forward to working with you. Yours sincerely, Siti Sarah Binti Harun Sales Manage

Suicide Bombing

Taylor Maybeck Dr. Christopher English 110-12 3 February 2013 A Martyr or A Murder? Ever since the year 1983, the number of suicide bombing acts has risen significantly. Shockingly, most suicides are performed by people who are not â€Å"conformed to the typical profile of the suicidal personality†¦ none of them [are] uneducated, desperately poor, simple-minded, or depressed,† according to author David Brooks (352). Suicide bombers give their own lives as a way to show loyalty and to be seen as martyrs to their people.Many families urge their children to go through bomber training and recruitment, claiming that they will be happy if their children die while successfully killing â€Å"enemies. † Suicide should not be praised, urged, or seen as an act of martyrdom by families unless it is a disastrous and uncontrollable situation. In Palestinian areas, suicide bombing has become an act of choice, and is a highly spreading enterprise ( Brooks 352). In their society, s uicide bombers go through recruitment and training. Organizations praise their bombers and reward them by using several tactics.Bombers are trained spiritually and told about the rewards they can receive in their afterlife, as well as bribed by being told that their family will be guaranteed a place with god. Families of the bomber are satisfied with the idea that they will go to god, and this also serves as motivation to the bombers themselves. Faith is not a subject of bribery and should never be used in such ways. Everyone has the right to create his or her own beliefs, and by being intensely trained for hours, bomber trainees become brainwashed.This means that trainees no longer have the ability to make their own decisions on whether they need to perform the act of suicide. They see it as an obligation rather than an option. Aside from this, a television show has been created and is growing in its amount of viewers. Children start learning of the option of suicide at very young ages. In â€Å"The Culture of Martyrdom†, David Brooks states, â€Å" Last year the BBC shot a segment about so-called Paradise Camps- summer camps in which children as young as eight are trained in military drills and taught about suicide bombers† (353).Seeing suicide bombing on television, children get the idea that these bombers are comparable to superheroes, and that if they become bombers they too will be on television and popular in their community. Not only do bombers get praised by sacrificing their lives, but their families and friends also pressure them. The strangest aspect of suicide bombing is the fact that after the massacres, the bomber’s family is showcased in a televised interview. While the usual American family would react with sadness and hatred, Israeli and Western families react in a happy and joyful way.Many interviews state that parents agreed if the opportunity was given to them again, they would send another child off to afterlife witho ut hesitation (Brooks 353). Families urge their children to give their lives and do not view it as a disastrous event. Most children live to please their parents, and because of this, they do not make their own choices on becoming a bomber. Similar to how American families pressure their children by telling them their destiny is to attend college, these families tell their children their destiny is to be a suicide bomber and sacrifice their lives for others.The difference between these two situations is that education is life changing, and bombing is life ending. Parents should not urge their children to end their lives for any reason. If a person is mentally stable and healthy, they should live their life as long as they are able, without any pressure to act in suicidal ways. A martyr is a person who suffers a death because of standing up for what he or she believes in. Those who die and become known as martyrs are usually citizens who were placed in horrible situations.For example , the recent shooting in Newtown, Connecticut at the elementary school claims that teacher Victoria Soto is a martyr. This is because when a gunman attacked her classroom, she protected her students and gave her own life in order to save their lives. In no way did Soto choose to be placed in this situation, but when she was she gave her life to save others. Suicide bombers have no need to give their life by bombing enemies when the so -called â€Å"enemies† are not harming them. Bombers are told to walk into small food shops or buildings and wait for their bomb to go off.However, they are sacrificing their lives due to a situation that they have created for themselves. If there is no harm coming their way, there should be no reason to give their lives unless it is during a time of battle. Brooks states that in Israel areas, â€Å" Martyrdom [is] not just a means, but an end†(Brooks 352). Many suicide bombers give their lives, and may only successfully kill two â€Å"e nemies. † Sometimes they kill people who are not enemies; people who are normal citizens aiming to stay out of trouble are often harmed. That is not an act of martyrdom, but an act of murder.Suicide bombing has become such a phenomenon, and the people have become so addicted to rush of vengeance and murder that they are overlooking the true definition of a martyr ( Brooks, 353). Suicide bombers give their lives as an act of loyalty, and a way to show bravery and integrity. However, families and communities should not praise this act or urge others to sacrifice their lives. The loss of a life should not be seen as a celebration. A martyr is not something someone chooses to be; it is something that someone has no choice but to be.Children and young adults should not be raised or brainwashed into becoming suicide bombers. These bombers are healthy, stable people, giving their life to please corrupted people that surround them. It is extremely wrong for families to encourage membe rs to act in a suicidal way, and the community should put an end to the madness of suicide bombing. Works Cited Brooks,David. â€Å"The Culture of Martyrdom. † The Prentice Hall Reader: Tenth Edition. Boston:Pearson, 2012:350-354. Print Miller,George. The Prentice Hall Reader :Tenth Edition. Boston: Pearson,2012. Print

Economics Of The Movie Business Essay

In this section I provide a review of the movie business with an emphasis on how blind bidding evolved from the Golden Age of Hollywood in the 1930‘s and 1940‘s until its demise in the beginning of 1986. For many decades blind bidding was not a concern for theater owners, because it was not the dominant method by which films were licensed. During the Golden Age, block booking was the way a majority of films were licensed. With this method, high and low quality films were sold together in a bundle to theater owners, without an opportunity to trade screen them. The landmark United States vs. Paramount et al. decision by the Supreme Court in 1948 altered the motion picture distribution system. The five major movie companies that produced, distributed, and operated theaters as well as the three studios which did not own theaters were all found in violation of the Sherman Act for attempting to monopolize the industry. One of the major consequences of this decision was the elimination of block booking. After the Paramount decision, films were licensed by product splitting, open bidding, or blind bidding. Product splitting was when theater owners decided among themselves which one had the first opportunity to negotiate for a film with a movie studio in a given market. Open bidding referred to a situation in which theater owners had the opportunity to trade screen films before bidding. Blind bidding was used infrequently until the 1960‘s, which prompted a two-year agreement from January 1, 1969 to January 1, 1971 between the movie companies and the Department of Justice. This agreement limited 1 9 the number of films which could be blind bid to three per studio per year. The two-year agreement was renewed twice, which limited the practice through January 1, 1975. However, the Department of Justice revoked all restrictions limiting blind bidding after this date and the practice accelerated rapidly. Movie companies perceived blind bidding as a necessary way to finance blockbuster films, and it persisted for an eleven year period from 1975-1985. Chapter 2 LITERATURE REVIEW In this chapter, I will review the economic literature on blind bidding, exit, and natural experiments. The selected papers motivate my empirical model of the effects of blind bidding. Section 2. 1 discusses the blind bidding literature. Section 2. 2 surveys natural experiments testing the impact of a policy change. 2. 1 Blind Bidding In this section, I discuss two studies which arrive at different conclusions about the impact of the anti-blind bidding laws. Although neither study addresses explicitly the issues of exit, admission prices, and delays, the empirical findings are relevent. Blumenthal (1998) finds that average bids are lower for blind bid theater owners and as a result their returns are higher. However, since the returns of blind bid theater owners are more volatile, she concludes risk averse theater owners are worse off under blind bidding, legitimizing their efforts to pass anti-blind bidding laws. Forsythe, Isaac, and Palfrey (1989) model the behavior of n buyers and one seller in a sealed-bid, first-price auction. They conclude that the anti-blind bidding laws were unnecessary as buyers would learn that a seller withholds information when it is unfavorable. A seller would abandon blind bidding once all buyers learn that withholding information was in the seller‘s best interest and not theirs. I find that practices in the motion picture industry were not consistent with this prediction, because the movie companies trade screened unfavorable films and blind bid highly anticipated films. Blumenthal (1988) justifies theater owners‘ rationale to seek relief from blind bidding by showing that they experience lower utility in blind-bid environments than preview ones. The author uses generalized least squares to test three hypotheses about film bids or film returns for blind-bid and trade screen theaters using the rental terms of 18 films from a national theater chain in 1982. First, she hypothesizes that theater owners in blind-bid states submit lower bids, because in accordance with economic theory, bidders reduce their bids on average in an auction where there is uncertainty about the value of a product. Second, blind-bid theater owners place a greater emphasis on the limited information contained in a bid letter. Therefore, bid letter information will explain a larger percentage of the variance for bids in blind-bid theaters than trade screen ones. Third, mean returns are higher for blind-bid theaters, but they experience greater volatility than trade screen theaters. Depending on the hypothesis in question, the dependent variable is either film bids or film returns. 1 She includes film budget and saturation as predictor variables, since higher budgeted films and wider released films would be an indication of larger expected returns by the movie companies. Other independent variables include theater operating expenses, an indicator variable signifying theaters in blind bid states, and the number of movie theaters located within the metropolitan area. The Film returns are the box office revenue less the price paid for the film. blind bidding dummy variable was interacted with film budget and saturation to test the second hypothesis. The author finds theater owners submit lower average bids in blind bidding states than in trade screen ones. With regards to the second hypothesis, blindbid theater owners place a greater emphasis on bid letter information: for every million dollar increase in film cost, blind bid theater owners bid an additional $8,900 while trade screen ones bid an additional $5,100. Regarding the final hypothesis, Blumenthal models utility as a function of the mean and variance of film returns which measures the degree of risk aversion among theater owners. In terms of utility, risk averse theater owners are worse off, because higher revenues are accompanied by greater volatility. Theater owners are unable to reduce their bids enough to offset the extra volatility because of competitive forces. Using a laboratory experiment in several markets, Forsythe, Isaac, and Palfrey (1989) consider the anti-blind bidding laws unnecessary. They find an equilibrium where buyers learn to assume the worst about a seller‘s decision to blind bid items causing most items to no longer be blind bid. The game has a single seller versus n buyers, and the former must decide whether to reveal information about the item to all buyers. A seller reveals his information to buyers if the news is favorable, and does not if it is unfavorable. A seller obtains the highest bid if he reveals his information. The auctioned item has both a common value and private value component. After a seller decides whether to reveal their information, the item is auctioned in a sealed bid first price auction. Several possible Nash equilibria are considered in the game, but the authors focus on the ? assume the worst? solution, because all other outcomes cannot be obtained so long as the auction follows a sequential equilibrium. This type of equilibrium occurs when buyers make conjectures about a seller‘s motives when they adopt a strategy which is consistent with the seller‘s best interest. To obtain an ?assume the worst? solution, a seller continues to blind bid items as long as there is at least one unsophisticated buyer: a buyer who bids the average of all quality levels, rather than assumes the worst about no revealed information. With the passage of time, buyers learn that when a seller withholds information it is not in their interest, forcing sellers to reveal information for lower quality levels. Eventually, the market reaches a point where no items are blind bid. In five of the six blind-bid auctions, the average winning bid declines over time. Although blind bidding is not eliminated by the conclusion of the auctions, it is practiced less frequently and buyers dramatically lower their expectations for the value for the auctioned item. The authors conclude the anti-blind bidding laws are unnecessary, because with the passage of time, blind bidding would have been phased out completely. These two studies offer two important insights. Although Blumenthal (1988) concludes theater owners are worse off under blind bidding, she does not consider that theater owners can diversify the risk of films by converting to the multiplex theater. In this manner, theater owners can pool the risk of mediocre and blockbuster films rather than run the risk of exhibiting a single inferior film. Regarding Forsythe, Isaac and Palfrey (1989), if the movie companies did not reveal their information for blockbuster films, they were not obtaining the highest auction price. Since the movie companies must have acted in their own self-interest, I assume blind bidding provided some cost benefits which outweighed the decision to trade screen films. 2. 2 Natural Experiments In this section, I discuss three natural experiments which provide a reference for testing the effects of the anti-blind bidding laws on exit, admission prices, and delays. Natural experiments are often used to examine the effect of a policy change. A researcher examines two groups which have similar characteristics, one of which is exposed to a policy change while the other is not, and observes how the outcome differs between the two. Natural experiments are called quasi experiments, because the researcher has little or no control over the observed situation, which is in contrast to social experiments where researchers implement proper experimental design. Card and Krueger (1994), Milyo and Wardfogel (1999), and Bergen, Levy, Rubin and Zeliger (2004), conduct natural experiments assuming an exogenous change in a law. All three natural experiments assume the treatment effect is not correlated with the outcome variable and any uncontrolled independent variables correlated with it. Card and Krueger (1994) investigate the effect on employment of a 50 cent raise in the New Jersey minimum wage in the fast food industry. Milyo and Wardfogel (1999) examine the impact on prices of advertised and non-advertised items after a ban on liquor advertising is lifted in Rhode Island. The ban permitted retailers to charge higher prices which was considered especially helpful to small ? mom and pop‘ retailers that could not offer the price discounts of larger chains. Bergen et tal. (2004) investigate the net effects of item pricing laws for supermarkets which require that retailers label every item individually with a price tag to help ensure that consumers are not overcharged at the register. The three empirical studies conduct natural experiments in similar geographic regions. Card and Krueger (1994) compare the neighboring states of New Jersey and Pennsylvania. The authors use descriptive statistics from their data to argue that wages, prices, and employment measures are similar. For example, the mean starting wage for New Jersey and Pennsylvania is $4. 61 and $4. 63, respectively, before New Jersey‘s increase in the minimum wage. Bergen et tal. (2004) target a narrow tri-state region of Clifton, New Jersey, Tarrytown, New York, and Greenwich, Connecticut to study the impact of item pricing laws. Close geographic proximity is one factor for the selected towns as the greatest distance that separates the towns is only approximately 50 miles. In addition, these towns have similar population size, population densities, and access to quality public schools. Milyo and Wardforgel (1999) follow a similar strategy to Bergen et tal. (2004) by comparing adjacent states but narrowing their focus to three areas: Southern Rhode Island, Northwest Boston suburbs, and the Rhode Island and Massachusetts border. In addition, the three studies utilize multiple control groups which provide the benefit of observing how sensitive the results are to different controls. Card and Krueger (1994) compare full-time-equivalent employment (FTE) for New Jersey and Pennsylvania, but also compare FTE in New Jersey fast food stores which already paid at least the new minimum wage to those in New Jersey that paid under the new minimum. Milyo and Wardforgel (1999) compare retail prices in Rhode Island with those from Massachusetts, but also use Rhode Island wholesale prices as a second control. Bergen et tal. (2004) compare prices in New Jersey with two controls New York and Connecticut both of which have item pricing laws. However, Connecticut exempted stores from the law which installed the electronic shelf label system because it ensured that the price at the shelf was the same as the price at the register. Therefore, the authors used Connecticut stores to observe how prices differed among non item pricing law stores and those which used the electronic shelf system. I adopt the idea of multiple control groups when I examine the exit of theater owners. The Card and Krueger (1994) study has additional significance to my study because they use the difference-in-differences estimator, and I adopt this method for the analysis of admission prices. The primary benefit of this method is that the researcher is able to cancel out other industry factors which are common to the treatment and control group through second differencing. Therefore, the difference-in-differences measures the impact on the outcome solely from the policy change. These empirical studies provided some important insights on how to conduct my natural experiment on the anti-blind bidding laws. When selecting treatment and control groups, it is important to select homogenous regions so that there is a believable rationale that the control group will behave like the treatment group. Use of multiple control groups is encouraged in natural experiments to test the robustness of the results. In addition, I follow the method of Card and Krueger (1994) and use the difference-in-differences estimator to examine admission prices. Chapter 3 ADMISSION PRICES In this paper, I investigate the claims made by theater owners and movie companies about the impact of the anti-blind bidding laws on admission prices. I examine the impact of the strictest laws of Ohio and Pennsylvania, which eliminated blind bidding and placed severe restrictions on guarantees. I selected these states, because they present the strongest case for the laws having an impact according to theater owners‘ claims. I compare average admission prices in these states before and after the passage of the law with prices in two states that never had such a law. For Ohio, I compare average prices in Cleveland with those in Detroit. For Pennsylvania, I compare average prices from Philadelphia and Pittsburgh with those of Detroit. 1 Using the difference-in-differences estimator, I find some evidence that the laws raised admission prices. Theater owners argued that admission prices were higher under blind bidding, because they had to increase their prices to cover losses incurred from inferior films and to compensate for the guarantees they paid. According to theater owners, the anti-blind bidding laws would eliminate the burden of blind bidding, and in some states also guarantees, so that lower prices would follow. Movie companies claimed initially considered comparing average Philadelphia and Pittsburgh prices with those in Manhattan. I decided against using New York City as a control because prices were consistently higher there than in any other market because of the high cost of living in the area. The laws would have the opposite effect for two reasons. Theater owners would identify blockbuster films after viewing the preview, and a bidding war would ensue. Since film rentals were bid higher, this cost would be passed along to moviegoers. In addition, movie companies claimed that the anti-blind bidding laws would cause delays in the release of films, and this cost would be passed on to consumers. 3. 1 Model I consider the claims of theater owners and movie companies about admission prices to be invalid because of what is universally accepted in economics about the demand for factor inputs. The demand for a factor input (e. g. labor or capital) is a derived demand in that demand for the factor and its price is contingent upon the demand for the final product. For example, the demand for movie stars depends not only on their current salaries, but also the total tickets sold. Movie stars would be unable to command high salaries if there is not an overwhelming demand for motion pictures. Therefore, prices charged at movie theaters, an input, are determined by demand. On the other hand, admission prices are likely to differ across cities due to costs outside the control of the industry. For example, theater owners in New York City had higher rent or mortgage payments than those in Atlanta, Georgia because of the relatively high cost of land. Another factor that varied regionally was the price of labor. Theater owners facing higher minimum wages had greater variable costs than those in states with lower minimums. I expect the anti-blind bidding laws to influence admission prices if they impacted marginal costs, or if they restrict the supply of films. Although the laws did not affect theater owners‘ marginal costs, they may have impacted the movie companies‘. Additional expenses were incurred because sales prints had to be specially made for the purposes of trade screening. This cost was not present in blind bidding states. 3. 2 Data and Methods I obtained the data from Variety, which reported theaters from 15 cities on a weekly basis. Variety sampled most cities once a month with about 10 to 20 theaters per sample. The same theaters were generally sampled, but over longer periods of time, the sample changed as some exited the marketplace. I sampled each city quarterly. On occasion, Variety reported theaters which charged one dollar for admission. These observations were dropped from the data set, since they were second-run movie houses. Table 5. 1 shows the descriptive statistics for the data. Any city sampled was a representation of the metropolitan area. Therefore, the sample contained some downtown theaters as well as many suburban theaters. For example, Detroit included downtown theaters such as the Adams, Fox, and Renaissance, and theaters such as the Dearborn, Americana West, and Macomb Mall from surrounding areas of Wayne, Oakland, and Macomb counties. During the first year that the ant-blind bidding laws were in effect, it is not clear which films were blind bid. This is because theater owners bid on films six months to one year in advance of the release date. For example, Ohio enacted the law in October 1978, but theater owners may have been bidding for films to be released in ___________________________________________________________________________ 2 According to Barry Reardon, distributional president at Warner Brothers, the additional expense to trade screen amounted to approximately $50,000 per film in Jim Robbins, ? Distribs Adapt to AntiBlind Bid Laws? , Variety, July 3, 1985, 80. 3 A sales print is a reel of film with the movie preview. April 1979 or as far away as October 1979. The Pennsylvania law became effective in May 1980. At that date, theater owners would bid on films for November 1980 up to May 1981. I address the lagged effect of an anti-blind bidding law on films by examining average admission prices using two different treatment and control groups: 1) two years before and after a law, and 2) three years before and after a law. Table 3. 1 provides the descriptive statistics for these variables. For the Ohio law, I calculate average prices in 1976 and 1977 (pre-treatment group) and average prices in 1979 and 1980 (post-treatment group). This measures the immediate effect of the law even though some of the admission prices in 1979 will be for films which were not trade screened. For three years before and after the law, I use average prices in 1975 and 1976 compared with those in 1980 and 1981. In this case, all films in the posttreatment group were trade screened. For the Pennsylvania law, I use the same procedure for selecting the pre and post-treatment groups. I consider the passage of the Ohio and Pennsylvania laws a natural experiment, and I proceed to measure the impact of a law by using the difference-indifferences estimator defined as the change in the population means from the treatment group less the change in population means from the control group. This method has an advantage over comparing the means of the treatment and control group after the laws because the latter assumes the treatment and control groups are identical in every way except for the law. The difference-in-differences estimator makes the weaker assumption that regardless of the overall factors affecting admission prices, they affected the treatment and control groups in the same way. In order to understand the meaning of the difference-in-differences estimator, consider the interpretation of first differences between the treatment and control. The change in price in the control group informs us how prices would have behaved in the treatment group if the law was not implemented. The change in price in the treatment group tells us how the average price behaved given the enactment of the law. By taking second differences, I obtain the difference-in-differences estimator which measures the effect of the law by taking the difference in what happened with average prices compared with what would have happened to them. 3. 3 Cleveland and Detroit Figure 5. 1 displays average admission prices for Cleveland and Detroit from 1975-1981. Detroit‘s average prices remain consistently above Cleveland‘s by approximately 59 cents throughout the observed period. I examine average admission prices over time to see if the assumption that overall factors that affect them are the same for both treatment and control groups. Unobserved factors are more likely to be different if the trend in prices diverges before the treatment effect. Average admission prices for Cleveland and Detroit remain relatively steady before the implementation of the law implying the assumption of a common trend appears valid. The results for the difference-in-differences estimator are shown in Table 3. 2. Comparing average prices two years before and after the law, I find Detroit‘s prices increase by seven cents and Cleveland‘s rise by 16 cents. The seven cent increase in average prices represents how Cleveland prices would have behaved in the absence of the anti-blind bidding law. After taking second differences, I find that the Ohio law significantly increases Cleveland‘s average prices by nine cents. Examining admission prices three years before and after the law does not produce the same conclusion. Cleveland‘s and Detroit‘s average prices increase by 20 and 21 cents, respectively. The difference-in-differences estimator shows that Cleveland‘s average prices are significantly lower by one cent. 3. 4 Philadelphia, Pittsburgh and Detroit Figure 5. 2 shows average prices in Philadelphia and Pittsburgh versus those in Detroit from 1977-1983. For the first two years, prices are nearly identical. In 1979 and 1980, the difference in average prices remains relatively steady at 10 and 15 cents, respectively. Beyond 1980, the difference in average prices increases, ranging from 36 to 41 cents. The assumption that factors have a common trend appears satisfied because the difference in average prices maintains itself in 1979 and 1980. The first and second differences for average admission prices are shown in Table 5. 3. Comparing average prices two years before and after the Pennsylvania law, I find Philadelphia‘s and Pittsburgh‘s average prices rise by 43 cents while Detroit‘s increases by 11 cents. Detroit‘s prices are assumed to be behaving like Philadelphia‘s and Pittsburgh‘s if Pennsylvania had never passed an anti-blind bidding law. The difference-in-differences estimator shows that the law results in a statistically significant 32 cent increase in admission prices. Comparing three years before and after the law produces a similar result, the law causes higher average admission prices for Philadelphia and Pittsburgh by 53 cents. 3. 5 Conclusion I examine the impact of the Ohio and Pennsylvania anti-blind bidding laws on admission prices and I find higher admission prices in Cleveland, Philadelphia, and Pittsburgh in three of the four difference-in-differences estimators. The impact of the Pennsylvania law is more robust than the Ohio law because in one case, average admission prices decline by one cent. A potential explanation for higher average admission prices is that the movie companies‘ marginal costs increased in anti-blind bidding states, because sales prints had to be produced exclusively for trade screening films.