Essay on The Decline of British Military Innovation

World War I was perhaps the greatest catalyst for military innovation in modern history. The speed in which the doctrinal, technical and tactical changes were developed and implemented was astounding. At the end of World War I, Britain was at the forefront of doctrinal and technological innovation in the field of armor and aircraft warfare. The factors which caused Britain to lose their innovative edge in these areas prior to World War II was the 10 year rule policy, operational attitude of the British Army, and an emphasis on land based aviation. At the conclusion of World War I, Britain had the largest navy in the world, a brand new Royal Air Force (RAF) and an army that had extended its technical, tactical and†¦show more content†¦The ten-year policy was used by the British Government to continually decrease defense spending until the policy was ended in 1932. The second factor that stifled the innovation of the British military is the operational attitude of the mi litary leadership. The British military failed to study the lessons learned from World War I until 1932. This failure to study the battles of the war in a timely manner resulted in the development of inferior doctrine and training concepts. If the lessons would have been learned earlier than 1932, substantial changes could have been made to the British doctrine and professional military education system prior to 1932. The structural, leadership and cultural changes to the British Army after World War I contributed to a pervasive disinterest in innovation. The ideas and attitudes of the military leadership remained those of the prewar army. Those who seemed to be innovators were outcast and the leadership of the British Army did not take their ideas seriously. Between 1923 and 1928, the British Army conducted numerous field exercises to determine the proper use of mechanized or armored forces. Although some shortfalls were identified in these maneuvers, the overall potenti al of armored forces was evident. These tests identified the tactical advantages of firepower and maneuver of armored forces and the considerable logistical andShow MoreRelatedThe First World War : A New Era Of Military Conflict1690 Words   |  7 PagesThe Great War ushered in a new era of military conflict. One that would see technology change how the militaries of the world waged war. Industrialization ushered in an era of rapid and continuous technological advance. These advances rapidly proliferated throughout the armies of the world. 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Discipleship Christianity and Jesus - 3114 Words

Discipleship Teachers around the time when Jesus lived thought that learning was such that the people who wanted to learn should come to them to be taught. But Jesus felt differently and rather than waiting for people to come to him, he went out to find them and then chose them to be his followers. He called them disciples and this word means one who learns. But Jesus chose his disciples carefully as we are told in Mark 1:16-20 and also in Mark 3:13-19. In the first passage, Jesus appoints his first four disciples, Simon, Andrew, James and John. Jesus said to them Come, follow me, and I will make you fishers of men. (Mark 1:17) In Mark 2:13-17, Jesus calls up the fifth disciple, Levi who was a tax collector, and Jesus later renamed him†¦show more content†¦It is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God. Mark 10: 24-25. 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Analysis of Financial Performance of Pz Cussons 2012 Free Essays

ANALYSIS OF THE FINANCIAL PERFORMANCE OF PZ CUSSONS PLC AND RESEARCH MATRIX Background Information of the Company PZ Cussons Plc. is a UK based consumer products group. The principal activities of the group are the manufacture and distribution of soaps, detergents, toiletries, beauty products, pharmaceuticals, edible oils, fats, electrical goods and nutritional products. We will write a custom essay sample on Analysis of Financial Performance of Pz Cussons 2012 or any similar topic only for you Order Now The company’s products can therefore be categorised into personal care, home care, baby care, beauty products, food and nutrition and electrical goods. They have supply chain and distribution networks in Africa, Asia and Europe. Their mission is to enhance the lives of customers with quality, value and innovation. Their vision is to be a growing and dynamic company who are passionate about their leading brands and drive innovation in everything they do. The company has four major strategies which are operating in selected categories where their brands have a strategic advantage and offering growth opportunities which are profitable; operating in selected geographies either through their own infrastructure or through partnership; operating a flexible and evolving supply chain designed to service their categories and working with people who share their unique CAN DO values. The company’s major competitors are Mcbride Plc. , Kao UK Ltd, Creightons Plc. , and Swallowfield Plc. Marketline, 2012). Interpretation of Financial Statements Using Ratio Analysis Profitability Ratios These ratios measure the ability of a company to generate earnings in relation to its sales, assets and equity (Ready Ratios, 2012). 2012 2011 Return on Capital Employed 49. 6 = 8. 16% 107. 3 =16. 43% (PBIT/Total Assets-Current liabilities) 930. 5 – 322. 4 938. 5 – 285. 6 Return on Equity (ROE) 34. 4 = 7. 1% 70. 4 = 14. 85% (Profit after tax/Sha reholders’ funds) 458. 3 474 Operating Profit Margin 49. 6 = 5. 77% 107. 3 = 13. 1% (PBIT/Sales) 858. 9 820. 7 Gross Profit Margin 309. 2 = 40% 325. 2 = 39. 6% (Gross Profit/Sales) 858. 820. 7 Overheads/Sales 134 + 125. 4 = 30% 135 + 83. 3 = 26. 6% 858. 9 820. 7 Sales Growth 858. 9- 820. 7 = 4. 65% (Yr 2 Sales- Yr 1 Sales/ Yr 1 Sales) 820. 7 The ROE is low 7. 51%, down from 14. 85% in 2011 which shows that a much lower profit has been made on the shareholders’ investments. This is largely due to the decrease in profits for the year. The reduction in profit has also impacted on the ROCE which is down to 8. 16% from 16. 43% in 2011. There is a marginal increase in the gross margin. This is as a result of an increase in the cost of sales which could have been affected by the rise in costs of raw materials as pointed out in the Chairman’s statement and offset by a small 4. 65% increase in sales. The operating profit to sales has reduced drastically, as a result of a high increase in overheads and the revenue increase. The increase in overheads was due to exceptional items related to administrative expenses. From the annual report, it can be seen that there was a supply chain optimisation project initiated to tackle rising material costs, wage inflation in emerging markets and to reduce overheads of manufacturing activities. This project is an exceptional item included in the operating profit. Other exceptional items included are the acquisition of Fudge by the company and an impairment of the Australian home care brand due to worsening trade conditions. It could be said these are one-off items which impacted on overheads and resulted in a reduced operating profit for the year but the group will need to improve its margins and control overheads to enhance its profitability. Liquidity Ratios These ratios measure the ability of a company to meet its short term obligations as they fall due (Ready Ratios, 2012). 2012 2011 Current Ratio 393. 3 = 1. 22 417. 4 = 1. 46 (Current Assets/Current Liabilities) 322. 285. 6 Current Ratio excluding current debt 393. 3 = 1. 70 417. 4 = 1. 65 322. 4 – 90. 8 285. 6- 32. 5 Acid Test/ Quick Ratio 393. 3 – 173. 6 = 0. 68 417. 4 – 151. 7 = 0. 93 (CA – Inventories/ CL) 322. 4 285. 6 Acid test excluding current debt 393. 3 – 173. 6 = 0. 95 417. 4 – 151. = 1. 05 322. 4 – 90. 8 285. 6 – 32. 5 The current ratio has fallen from 1. 46 to 1. 22 likewise the acid test ratio which has fallen from 0. 93 to 0. 68. There is an increased inventory level which may justify the statement in the financial review that â€Å"there were high working capital levels especially in Nigeria†. Another aspect to consider is the cash balance which was significantly lower by 34. 6 % to the previous year. It is useful to consider the business context. From the same eview, it could be noted that some capital expenditure took place which affected the cash level, the major one being the acquisition of Fudge which was mentioned above and an investment in a joint venture. Another key cash outlay was their contribution to the closed UK salary scheme during the de-risking exercise. The ratios are also impacted by the inclusion of borrowings in current liabilities which means the debt is repayable in the current year. If the ratios are recalculated by excluding the current debt, the current ratio would be more acceptable 1. 70, a marginal increase from 2011. The acid test ratio excluding the borrowings is 0. 95, a marginal decrease from 1. 05. This is because for the acid test, current liabilities (excluding debt) have increased more than current assets (excluding inventory). Given the explanations stated, these ratios are probably good results but a trend analysis may shed more light on the ratios. Activity/ Efficiency Ratios These ratios analyse how well the company’s assets and liabilities are utilised (Collier, 2012). 2012 2011 Debtors Collection Period 114. = 49 days 122. 5 = 54 days (Trade Receivables/Sales) (858. 9/365) (820. 7/365) Payment Period 104 = 69 days 117. 8 = 87 days (Trade Payables/Cost of Sales) (549. 7/365) (495. 5/365) Asset Turnover 858. 9 = 92. 3 % 820. 7 = 87. 4% (Sales/Total Assets) 930. 5 938. 5 Inventory Turnover 549. 7 = 3. 16 x 495. 5 = 3. 26 x (Cost of Sales/Inventories) 173. 6 151. 7 365/3. 16 = 116 days 365/3. 26 = 112 days It may appear that the company is doing a good job at managing its receivables and payables with a decrease in both the collection and payment periods but knowledge of the credit limit and terms might have helped in analysing the situation as well as comparison with the industry average. Asset turnover has risen from 87. 4% to 92. 3% indicating that the company has been able to generate more sales with their asset base. This is as a result of an increase in sales revenue and a lower level of current assets, especially the decrease in cash level. Inventory turnover has declined from 112 days of inventory holding to 116 days. Both ratios are quite high which implies that inventory is been kept in the stores for a long time between its purchase and its sale. The company would need to be able to manage its inventories more efficiently. Gearing Ratios It measures the level of debt/borrowings in relation to shareholders’ equity (Collier, 2012). 2012 2011 Gearing 0 = 0 15 = 3% (Long term debt/equity + debt) 458. 3 + 0 474 + 15 Gearing (including current debt) 0 + 90. 8 = 16. 54% 15 + 32. 5 = 9. 87% 458. 3 + 0 + 90. 474 + 15 + 32. 5 Interest Cover 49. 6 = 13. 78 x 107. 3 = 41. 26 x (PBIT/Interest Payable) 3. 6 2. 6 The gearing is 0 for 2012 indicating that the debt is repayable within the current year. By including the current debt, the gearing ratio shows an increase from 9. 87% in 2011 to 16. 54% in 2012. This is a more realistic debt level as the Statement of Cash Flows in the annual report reveals a ? 9. 4m borrowing in 2012. The interest cover has declined from 41. 26 times to 13. 78 in 2012. This is due to the decrease in operating profits but nevertheless the interest cover is still healthy. Shareholder Return Ratios These ratios measure the return to shareholders on their investment in the business (C ollier, 2012). 2012 2011 Dividend per share (DPS) 6. 717p 6. 06p Market value per Share ? 3. 23 ? 3. 4 (Both disclosed in the annual report) Dividend payout ratio 28. 8 = 83. 72% 26 = 36. 93% (Dividends paid/Profit after tax) 34. 4 70. 4 Dividend yield ? 0. 06717 = 2. 08% ? 0. 0606 = 1. 66% (DPS/Market value per share) ? 3. 23 ? 3. 64 Earnings per share (EPS) (Disclosed in income statement) 8. 03p 16. 48p Price/earnings ratio ? 3. 23 = 40. 22 x ? 3. 64 = 22. 09 x (Market value per share/EPS) ? 0. 0803 ? 0. 1648 The earnings per share have greatly reduced from 16. 48 to 8. 03 due to the decrease in profits, as there has been no change in shareholder capital. The dividend paid has increased slightly, despite the fact that profits were low and this consumed a high portion of the after-tax profits as shown by the dividend payout ratio. This would suggest the company has a high shareholder value. The dividend yield is an effective interest rate which fluctuates in relation to the share price. The yield has increased slightly due to the marginal increase in dividends paid and the reduction in the market value of the shares. The price/earnings ratio has seen a dramatic increase from 22. 09 to 40. 22 which is largely due to the decrease in the EPS. It however reflects that investors may have a high expectation for future growth. Ratio analysis is more useful when the ratios are interpreted as a trend over time or by comparison to industry averages, to competitor ratios or to predetermined targets. As such, two years is too short to draw meaningful conclusions about the performance of the group (Collier, 2012). Below is a five year summary from which the trend can be understood more clearly. PZ Cussons Five-Year Summary of Performance |In ? m |2012 |2011 |2010 |2009 |2008 | |Sales Revenue |858. 9 |820. 7 |771. 6 |838. 1 |660. 9 | |Operating Profit |49. 6 |107. |101. 4 |86. 2 |76. 4 | |Operating Margin |5. 77% |13. 1% |13. 14% |10. 28% |11. 56% | |Sales growth (year on year) |4. 65% |6. 36% |-7. 93% |26. 8% |- | |Current Ratio |1. 22 |1. 46 |1. 84 |1. 94 |2. 25 | |Gearing |0 |3% |6. 19% |10. 3% |14. 66% | |Earnings per share |8. 03p |16. 48p |14. 89p |11. 64p |11. 04p | |Dividends per share |6. 717p |6. 61p |5. 90p |5. 27p |4. 70p | Note: The EPS and DPS were disclosed in the financial statement. Whilst the operating margin and sales growth are based on the information in the table which were also gotten from the company’s financials, the calculation of current and gearin g ratios are below: 010 2009 2008 Current ratio 403. 7/219. 1 354. 9/182. 6 327. 4/145. 4 Gearing 30/(458. 8 + 30) 44. 9/(389. 9+ 44. 9) 59. 9/(348. 7 + 59. 9) The figures show an increase in sales over the years with a sharp decrease from year 2009 to 2010, though a good operating margin was generated. This could imply that a low cost base was being maintained. There has been a steady improvement in profits with a substantial reduction in 2012 though there was a lower margin in 2009 which would suggest that profits as a return on sales was quite low. The EPS has increased year on year with a drastic decrease in 2012 due to lower profits. The DPS has increased marginally year on year which reflects a high shareholder value. The current ratio has declined over the years. It could be that there have been high inventory levels. It is vital to note that a working capital ratio that is too high may imply that the company is not utilizing its assets effectively as could have been the case in 2008. The company should seek to manage its working capital more efficiently. The gearing ratio has been on the decrease to a point of no long term debt in 2012. This may appear to be a good thing but it is worth noting that long term borrowings are needed to fund current assets. Research Matrix The matrix below shows a summary of the journal articles read in relation to this work. It identifies some themes found in the literature. The themes are ranked on a scale of importance with 1 being less important and 5 being extremely important to the analysis of my work. Authors of Journal Articles |Scale of Importance | | |1 |2 |3 |4 |5 | |Roman (2011) ; Sundkvist, Hedman| | |Profitability | | | |and Almstrom (2012) | | | | | | |Muradoglu, Bakke and Kvernes | | | |Gearing | | |(2005) | | | | | | |Cette, Durant and Vilette (2011)| | | | |Profitability : ROCE | |Koonce and Lipe (2010) | | | |Earnings | | |Bierman and Hass (2009) | |Earnings Growth | | | | |Banos-Caballero, Garcia-Teruel | | |Worki ng Capital | | | |and Martinez-Solano (2012) | | | | | | |De Wet and Du Toit (2007) | | | | |Profitability : ROE | |Lifland (2011) | | | |Working Capital | | |Dossi and Patelli (2010) |Non-financial | | | | | | |Measures | | | | | Explanation and Analysis of Research Matrix According to Sundkvist, Hedman and Almstrom (2012), the profitability of a company is driven by controllable factors which are the internal resources of the firm such as raw materials and uncontrollable factors such as government regulations. One way of increasing profitability is to reduce costs. In doing this, the costs have to be broken down and cost drivers identified (Roman, 2011; Sundkvist, Hedman and Almstrom, 2012). This theme is important as cost reduction is a crucial way to maintain profitability. In the case of PZ Cussons, the supply chain optimisation project was initialised to cut down on manufacturing overheads. Muradoglu, Bakke and Kvernes (2005), argue that gearing ratio is vital in apprasing bankruptcy risk and investors like a low gearing ratio as there is a lower risk that they lose money on their investments. This theme is very important as a very high gearing increases the financial risk of a company. Cette, Durant and Villetelle (2011) stress the limitation of ROCE in that when a firm’s future outlook is good and this in turns leads to an increase in assets and there is no change in profit, then the ratio goes down implying the firm is less profitable irrespective of better prospects. This is extremely important as it highlights issues that should be taken into account when interpreting this ratio. Koonce and Lipe (2010) argue that the earnings trend of a company affects the investors’ acumen about the future prospects of that company as such a positive earnings trend enhances the price-earnings ratio. This theme is very important as it helps in our understanding of the price-earnings ratio. According to Bierman and Hass (2009), EPS growth can be ascertained by the use of share/stock repurchase and the variations in the rates used in profit retention. He argues for the use of earnings growth models. This theme is of little important to my analysis as there was no share repurchase in the current year of PZ Cussons and growth models were not used in my work. Based on the research carried out by Banos-Caballero, Garcia-Teruel and Martinez-Solano (2012), they claim that a high investment in working capital has the ability to improve the performance of a firm in profit-terms up to an optimal point at which higher working capital levels would have a negative effect on performance and this point is reached when the cost of holding working capital exceed the benefits. This theme is important as it seeks to explain working capital management. De Wet and Du Toit (2007) emphasise the pitfalls of return on equity measure. As such the earnings figure can be subject to manipulation legally due to changes in accounting policy. This is extremely important as it cautions us in our interpretation of the ROE. Lifland (2011) argues that effective working capital management is characterised by an increase in asset turnover and a decrease in receivables and inventories. He also highlights the fact that companies may have to seek external finance to meet working capital requirements. This is very important as it seeks to give insight on the interpretation of working capital ratios In determining financial performance, it is also useful to consider non-financial measures such as employee and customer satisfaction as well as measuring business processes. Though these are supplementary measures, they cannot be substituted for financial measures (Dossi and Patelli, 2010). It is good to draw attention to this but it is of less importance to my work as I only consider the financial ratios. It is crucial to bear in mind that there are limitations inherent in the use of ratio analysis, some of which were pointed above. Another factor is that they are based on historical records. The values could be affected by inflation so it is useful to modify the profits to reflect holding gains and losses which result from variation in the value of assets and liabilities (Cette, Durant and Villetelle, 2011). Despite all this, ratios remain a significant tool in analysing financial statements (Collier, 2012). Based on my analysis, PZ Cussons seems to performing quite well; the business environment and the challenges in the different divisions might account for the lower performance this year. However, it is vital to note that this analysis was based on annual reports which are produced in part for public relations. As such companies seek to promote their interests therein. To fully understand the company performance, an evaluation of the industry information and competitor performance would be required. References: Banos-Caballero, S. , Garcia-Teruel, P. and Martinez-Solano, P. (2012) â€Å"How does working capital management affect the profitability of Spanish SMEs? † Small Business Economics, vol. 39, no. 2, pp. 517-529. Bierman Jr , Harold and Hass, J. E. (2009) â€Å"Explaining Earnings Per Share Growth†, Journal of Portfolio Management, vol. 35, no. 4, pp. 166-169. Cette, G. , Durant, D. and Villetelle, J. (2011) â€Å"Asset Price Changes and Macroeconomic Measurement of Profitability†, Review of Income Wealth, vol. 57, no. 2, pp. 364-378. Collier, P. M. (2012) Accounting for Managers Interpreting Accounting Information for Decision Making 4th edn. Sussex: John Wiley Sons. De Wet, J. H. V. H. and Du Toit, E. (2007) â€Å"Return on equity: A popular, but flawed measure of corporate financial performance†, South African Journal of Business Management, vol. 38, no. 1, pp. 59-69. Dossi, A. and Patelli, L. 2010) â€Å"You Learn From What You Measure: Financial and Non-financial Performance Measures in Multinational Companies†, Long range planning, vol. 43, no. 4, pp. 498-526. Koonce, L. and Lipe, M. G. (2010) â€Å"Earnings Trend and Performance Relative to Benchmarks: How Consistency Influences Their Jo int Use†, Journal of Accounting Research, vol. 48, no. 4, pp. 859-884. Lifland, S. A. (2011) â€Å"The Corporate Soap-Opera â€Å"As the Cash Turns†: Management of Working Capital and Potential External Financing Needs†, Review of Business, vol. 32, no. 1, pp. 35-46. Marketline (2012) ‘Company Profile PZ Cussons Plc’. Marketline Report [Online]. Available at www. marketline. com (Accessed: 7 November 2012). Muradoglu, G. , Bakke, M. nd Kvernes, G. L. (2005) â€Å"An investment strategy based on gearing ratio†, Applied Economics Letters, vol. 12, no. 13, pp. 801-804. PZ Cussons (2012) Annual Reports and Accounts. Available at http://www. pzcussons. com/pzc/ir/reports (Accessed: 6 November 2012). Ready Ratios (2012) Reference. Available at http://www. readyratios. com/reference (Accessed : 5 December 2012). Roman, F. J. (2011) A Case Study on Cost Estimation and Profitability Analysis at Continental Airlines, American Accounting Association. Sun dkvist, R. , Hedman, R. and Almstrom, P. (2012) â€Å"A model for linking shop floor improvements to manufacturing cost and profitability†, International How to cite Analysis of Financial Performance of Pz Cussons 2012, Essay examples

Oil and Gas Management Management

Question: Discuss both the attractions and disadvantages of BP as a possible take-over target, and identify the most probable bidders for BP. Give some examples of the problems that face these potential bidders in terms of political issues and managerial styles. Discuss whether a continuation of low oil prices, as seen in the first quarter of 2015, will accelerate any take-over bid, or would low prices be another barrier. Answer: Introduction: BP is an Anglo Persian oil company and was a member of 'Seven Sisters', entered into the market in 1970. In 2010, BP was hit by Gulf of Mexico oil that was a biggest oil spill in the history of U.S., and it caused financial damage to BP worth $42 billion. So BP is suffering from the financial crisis as well as reduced share prices that affect profits of many oil-field-service providers. So many companies like Exxon, PLC approached BP for a takeover as its share prices fall in the market, but they face many obstacles like political issues and managerial problems. Government of UK wants Oil company to remain an entity of British and wants to make it major global company in the region. BP has a capitalization of the market of more than $130 billion. The main concern is on the range of UK businesses and on its success that comes through healthy competition in the market. Except these political issues Exxon, PLC face many managerial problems as there is uncertainty regarding the penalty o n BP. When there is a drop in oil price, oil field services companies get squeezed as it is not economical to extract oil from the ground. Drilling contracts and oil exploration are likely to be canceled and to be put on hold. Due to the lower price of oil, insolvency filing in the gas and oil sector is expected to rise. So when oil prices fall due to the Gulf of Mexico, history points to mergers and acquisitions of the energy industry (Wilkinson, 2015). Attraction of BP BP takes over by Exxon have some advantage. The American business by Exxon is smaller than the international. And also BP is strongest in America. The advantage of taking over BP is that Exxon has low borrowed cost and has a high amount of cash. They also did a good job of absorbing Mobil. The next attraction of BP is that 20% share has the best oil company. In Russia, oil and gas have a huge market, and BP made a lot of money from the Russia. BP wants to stay in the market ( Shuen, et al.2014). Also, Exxon can solve any problem in the BP. They built the BP in the high range. BP doesnt spend so much capital as fast as possible that expected. BP maintains their position and maintains their rate in the international market. Disadvantage of BP BP has many disadvantages. If the penalty is created on BP, then they will face the burden of the liabilities. Also, the size of the company is too large than required. This is the wastage of money. For that place, they give interest. So many companies find bidding for BP is risky as US government charges penalty to BP. An continue drop in the share price of BP may bring huge liabilities to the company and bring uncertainty in future profits of competitors of BP ( Ingraffea, et al.2014).. They also not export their technology for that they did not earn money. The following disadvantages are- Mergers cost and acquisition It is very costly for high legal expenses. Also the cost of acquiring the new company also very high for the short time. This mergers and acquisition corporate decision is most complex, and it may create the problem (Andersen, 2015, December). The acquisition process is expensive for legal procedure, the cost of taking over the company, short time opportunity, etc. Consumer and shareholder drawback In some of the case not only acquisition problem but also have some problem in shareholders and consumer also. The consumers are not satisfied financially. These drawbacks are increased the consumer cost, decrease the performance in corporate, etc. share also has many disadvantages in the leadership section. They reduce the takeover activity and them also unable to produce power influence in the-the corporate section. The company also suffers from the lower cost of the share. The Lower price of the share creates disadvantage in the short term company (Thurner, and Proskuryakova, 2014). Settlement of wages Another problem is the fewer wages of the employee. For this case overpay the other employee and increase the wages. This is the unsettle the budget of the company (Saad, et al.2014). There are also having some disadvantages for taking over the company. That is fine, damage, and compensation. For this case the cost of BP is over. It also has political risk. Exxon can take over the company, but it has some political risk. Important bidders In the oil industry, the important bidders are Royal Dutch Shell. Also, the most company in UK are bidder of the BP. Also chevron corp. The largest U.S. company bidders of the BP. Some British company also co-operate with the BP. Mexico Oil Company also help to the BP. In 2010 BP was hit by Gulf of Mexico oil that was a biggest oil spill in history of U.S. and it caused a financial damage to BP worth $42 billion. Many economists speculated about the major challenge that that the company could face is a takeover by its foreign competitors like Shell, Exxon. Exxon Mobil Corporation was expected to approach BP in this regard (Watson, et al.2015, July). Political and Managerial Issues: In 2010, BP was hit by Gulf of Mexico oil that was a biggest oil spill in the history of U.S., and it caused financial damage to BP worth $42 billion. Many economists speculated about the major challenge that that the company could face a takeover by its foreign competitors likes Shell, Exxon. Exxon Mobil Corporation was expected to approach BP in this regard (Le and Chang, 2015). Exxon has the financial capacity to take over BP but whether Exxon intends to go further with the takeover is the main concern (Ritchie, Gill and Picou, 2011). They face many obstacle to the takeover of BP like political issues and managerial obstacles. If this competitor of BP wants to buy bulk amount shares from BP, then companies have to face some risks associated with liabilities and constraints from the government of UK. Government of UK wants Oil company to remain an entity of British and wants to make it major global company in the region. The earlier prime minister of UK has welcomed foreign direct investment at a large pace in this region. So it is very clear that government of UK would intervene if any foreign oil company like Exxon wants to target BP. This type of takeover may bring a threat to the financial and national security of any country so if Government of UK finds any risk, in this case, it can intervene and partially brings constraints in bidding. BP has a capitalization of the market of more than $130 billion, so it is an attractive takeover decision for Exxon, but it has reservation regarding obtaining of the UK based company. As a result, it would be expected to face a political obstacle in the initial phase. After the bid of 60 billion pounds by Pfizer Inc. for AstraZeneca plc government of UK took strict measures that caused public, business, and political concerns. The main concern is on the range of UK businesses and on its success that comes through healthy competition in the market. UK government is interested in having British companies succeeding and competing at both abroad and home. On the other hand, its competitor like Royal Dutch Shell, Exxon Mobil Corp, and PLC have faced trouble in gaining profits on US shale as these companies struggled with higher costs on expensive projects. BP faced many political problems in Russia and US. So many companies find acquisition for BP is risky as US government charges the penalty to BP. A continued drop in the share price of BP may bring huge liabilities to the company and bring uncertainty in future profits of competitors of BP (Le and Chang, 2015). Another cost associated with this takeover is the cost of cleaning the sea that creates a huge burden on the Exxon, PLC, etc. Except these political issues Exxon, PLC face many managerial problems as there is uncertainty regarding the penalty on BP. CEO of Exxon has explained that merging of these two companies is complicated because of the procedure applied to that company. Further, he explained that this may lead to the disaster that happened in 2010. Jeff Woodbury, head of investor relations, said that it is good to pursue with those acquisitions that are accretive to long run returns and have strategic values. So the advantages of this merger depend on the relationships and price of market shares and the position of the portfolio. It was predicted by some experts that Shell tried to make takeover bid for BP, but the argument was, BP was in weak financial position with the financial effect of the Deepwater Horizon disaster was not solved. As BP was banned in US market so it should be taken into consideration that acquisition also brings liabilities with it. So any company that wants to buy shares of BP must think about this profitability aspect. Besides this, Exxon faced many cultural challenges that affect the takeover decision. Effects of Lower oil prices: According to London Stock Exchange, a share price of BP declined to 365 pence and the company that is listed on the London Stock Exchange emphasized a warning declared by oil and gas UK. The issue is not to produce with the lower oil prices due to the high production costs (Platformlondon.org, 2015). When there is a drop in oil price, oil field services companies get squeezed as it is not economical to extract oil from the ground. Oil exploration companies could not meet the cost of production anymore, and there is no need to pay an oilfield service companies. As a result, the oil producing companies can feel the effects of the low oil prices. So production and exploration companies stop and slow drilling as they could not make money. There is huge pressure on oil services providers, and this leads to the variety of disputes. This reduced oil price has serious effects on the gas and oil companies all over the world. These problems are 1.Oil exploration and contracts: Drilling contracts and oil exploration are likely to be canceled and to be put on hold. Explorations companies reduce its investments as the number of gas and oil rigs in operation begin to drop. Offshore oil companies are more affected then the exploration companies of oil, indicating that when drilling stops and slows profits are mostly affected (Moshiri, 2015). 2.Restrictions on cargoes: It is better for many oil companies to divert its cargoes that are subject to constraints in supply agreements. 3. Insolvency: Due to the lower price of oil, insolvency filing in the gas and oil sector is expected to rise. Oil companies are demanding 20% fall in price and extension of payment periods that creates cash flow gaps for companies. Drilling firms and oil service providers may have ineffective balance sheets. Insolvency in oil sectors experiences a knock on the impact that leads to the financial loss for their contract parties (The Independent, 2015). 4.Employment issues: Ensuring insolvencies, squeezed profits and consolidations result in redundancies across the gas and oil industry and this cause unemployment problem in the economy (Kang, Penn and Zietz, 2013). These employment disputes create additional costs to employers. Shell plans to cut jobs and plans to shift in the North Sea to get the impact of reducing oil prices (Le and Chang, 2015). So when oil prices fall due to the Gulf of Mexico, history points to mergers and acquisitions of the energy industry. Price crashes in the 90s led the big firms to take over smaller companies and so investors and bankers are hoping the same thing after a decline in the oil price in recent days. The oil-field service-providers suffer most when the oil price falls as it reduces the oil company spending. Pascal Menges explained that there will be assets sales and an uptick in acquisitions if the price of oil falls continuously. This lower oil price may bring the distressed situation to small and medium size firms that force to unload property or sell out totally. Falling oil price not only harms producers but also harms consumers as it increases total expenditure cost of them (Susskind et al., 2015). Deep price fall in the late 90s led to an integration of oil producing firms and refining firms and a consolidation of the big giants. The recent decline in oil prices not only brings fewer profits but also it brings the fear that it could breach its debt covenants. So it inevitable to face loss in production when the oil price falls at a larger pace. As a result, BP faces some uncertainty and inconvenience due to a higher cost of production. Many competitors of BP try to take over BP, but they face many problems that restrict the takeover process. References Bugeja, M., da Silva Rosa, R., Izan, H. and Ngan, S. (2015). To scheme or bid? Choice of takeover method and impact on premium. Australian Journal of Management. Bugeja, M., da Silva Rosa, R., Izan, H. and Ngan, S. (2015). To scheme or bid? Choice of takeover method and impact on premium. Australian Journal of Management. Kang, W., Penn, D. and Zietz, J. (2013). The response of state employment to oil price volatility. Journal of Economics and Finance, 39(3), pp.478-500. Le, T. and Chang, Y. (2015). Effects of oil price shocks on the stock market performance: do nature of shocks and economies matter?. Energy Economics. Moshiri, S. (2015). Asymmetric effects of oil price shocks in oil-exporting countries: the role of institutions. OPEC Energy Review, 39(2), pp.222-246. Platformlondon.org, (2015). Share price of BP falling will Shell take over BP?. [online] Available at: https://platformlondon.org/2015/01/12/shareprice-of-bp-falling-will-shell-to-take-over-bp/ [Accessed 5 Aug. 2015]. Ritchie, L., Gill, D. and Picou, J. (2011). The BP Disaster as an Exxon Valdez Rerun. Contexts, 10(3), pp.30-35. Susskind, A., Bonn, M., Lawrence, B. and Furr, H. (2015). Regional Contrasts in Consumers' Attitudes and Behavior Following the BP Oil Spill. Cornell Hospitality Quarterly. Uwubanmwen, A. and Omorokunwa, O. (2015). Oil Price Volatility and Stock Price Volatility: Evidence from Nigeria. AJIS. Wilkinson, A. (2015). Deepwater Horizon oil spill linked to Gulf of Mexico dolphin deaths. Nature. Ingraffea, A. R., Wells, M. T., Santoro, R. L., and Shonkoff, S. B. (2014). Assessment and risk analysis of casing and cement impairment in oil and gas wells in Pennsylvania, 20002012. Proceedings of the National Academy of Sciences, 111(30), 10955-10960. Thurner, T., and Proskuryakova, L. N. (2014). Out of the coldthe rising importance of environmental management in the corporate governance of Russian oil and gas producers. Business Strategy and the Environment, 23(5), 318-332. Shuen, A., Feiler, P. F., and Teece, D. J. (2014). Dynamic capabilities in the upstream oil and gas sector: Managing next generation competition. Energy Strategy Reviews, 3, 5-13. Saad, S., Mohamed Udin, Z., and Hasnan, N. (2014). Dynamic Supply Chain Capabilities: A Case Study in Oil and Gas Industry. International Journal of Supply Chain Management, 3(2). Andersen, K. (2015, December). Spill Response on Ohio Horizontal Oil and Gas Well PadsPractical Guidance for Operators. In 2015 NGWA Groundwater Expo and Annual Meeting. Ngwa. Watson, A. A., Lopez-Plana, J. O., Garca, A., Ahumada, C., and Videla, C. (2015, July). Methods for the Development of Biodiversity Information Systems for Exploration Projects in the Oil and Gas Industry. In SPE Latin American and Caribbean Health, Safety, Environment and Sustainability Conference. Society of Petroleum Engineers..

To Kill A Mocking Bird By Lee Essays (1089 words) -

To Kill A Mocking Bird By Lee The book To Kill a Mockingbird was written by Harper Lee. It was published in 1960 then it went on to win the Pulitzer prize in 1961 and was later made into an Academy Award winning film. Harper Lee always considered her book to be a simple love story. Today it is regarded as a masterpiece of American Literature. There are so many characters in this book that I can't name all of them. Here are most of the characters. The Finch family contains of Atticus (The head of the household), Aunt Alexandra (Atticus's sister), (Jem) Jeremy (The oldest of Atticus's two children), (Scout) Jean Louise (The youngest of the two . She also trys to be a boy by doing boy things). And you can't forget their black maid. Her name is Calpurnia. Miss Rachael is Dill's aunt that lives in Maycomb. Dill is a friends with Jem and Scout. According to Scout they are married. (Boo) Arthur Radley is the person that takes Jem back to his house after Jem gets hurt by Bob Ewell. Tom Robinson is a black man that was accused of raping Mayella Ewell. Bob Ewell is Mayella's father. He is out for revenge on Atticus for what he did to him and his daughter. Mayella is Bob's daughter who supposedly got raped by Tom Robinson. Judge Taylor is the Judge of Maycomb County. Heck Tate is the county law official. I think the protagonist in the story is Atticus Finch because he has the main part and he has the biggest decision to make. The decision being whether to defend or not to defend Tom Robinson. To Kill a Mockingbird is set in Maycomb County, an imaginary district in Southern Alabama. The time is the early 1930s, the years of the Great Depression when poverty and unemployment were widespread in the United States. The story begins during the summer when Scout and Jem meet a new playmate named Dill who has come from Mississippi to spend the summer with his Aunt Rachael. Dill is fascinated by the neighborhood gossip about "Boo" Radley. Egged on by Dill, Jem and Scout try to think up ways to lure him out of his house. Soon it is Summer again , and Dill returns for another visit. The children's plans for making contact with Boo Radley grew bolder this year, and on Dill's last night they decide to sneak up onto the Radley porch and spy on Boo. Jem goes first, but just as he reaches the window, Nathan Radley catches site of them and scares them off with a blast from a shot gun. Jem realizes that Boo is not a monster after all, but has been playing along with them. Scout does not figure this out until the winter, on the night that the house of their neighbor burns to the ground. While Scout is standing outside in the cold, someone sneaks up behind her and places a blanket around her. Later, Scout and Jem realize that there was only one person in town who has not already at work fighting the fire and that was Boo. Now that Jem and Scout realize that Boo is basically a kind person, their interest in the Radley family begins to fade. In the meantime, they learn that their father has become the defense lawyer for Tom Robinson, who is charged with raping Mayella Ewell. As the trial of Tom Robinson grows nearer, the children become more aware of the strong feeling it has aroused in everyone in Maycomb. One day their housekeeper takes Jem and Scout to visit her church, and the children realize for the first time that the black parishioners are supporting Tom Robinson's wife. Two nights before the trial is to start, a group of men come to the Finch house to tell Atticus about threats against Tom Robinson's life. Atticus spends the next night camped out at the jail to defend Tom from the mob. Jem, Scout and Dill go downtown to check on Atticus and arrive at the same time as a group of men, who have come to kill Tom. Scout recognizes one of the men in the group as Walter Cunningham. Her friendliness embarrasses the man so much that he and the mob leave. The next day, at the trial, Atticus" questions make it clear that Mayella and her father are lying about the rape. Neverless the jury convict him because their prejudices prevent them from

Life Expectancy in Every Country

Life Expectancy in Every Country The list below indicates estimated life expectancy of every country as of 2015, according to the U.S. Census Bureau International Data Base. Life expectancy from birth on this list ranges from a high of 89.5 in Monaco to a low of 49.7 in South Africa. The global average life expectancy for the entire planet is 68.6. Here are the top five highest life expectancies and the five lowest life expectancies: Highest Life Expectancies 1) 89.5 years - Monaco 2) 84.7 years - Singapore (tie)   2) 84.7 years - Japan (tie) 4) 83.2 years - San Marino 5) 82.7 years - Andorra Lowest Life Expectancies 1) 49.7 years - South Africa 2) 49.8 years - Chad 3) 50.2 years - Guinea-Bissau 4) 50.9 years - Afghanistan 5) 51.1 years - Swaziland Life Expectancy by Country Afghanistan  - 50.9Albania  - 78.1Algeria  - 76.6Andorra  - 82.7Angola  - 55.6Antigua and Barbuda  - 76.3Argentina  - 77.7Armenia  - 74.5Australia  - 82.2Austria  - 80.3Azerbaijan  - 72.2The Bahamas  - 72.2Bahrain  - 78.7Bangladesh  - 70.9Barbados  - 75.2Belarus  - 72.5Belgium  - 80.1Belize  - 68.6Benin  - 61.5Bhutan  - 69.5Bolivia  - 68.9Bosnia and Herzegovina  - 76.6Botswana  - 54.2Brazil  - 73.5Brunei  - 77.0Bulgaria  - 74.6Burkina  Faso - 65.1Burundi  - 60.1Cambodia  - 64.1Cameroon  - 57.9Canada  - 81.8Cape Verde  - 71.9Central African Republic  - 51.8Chad  - 49.8Chile  - 78.6China  - 75.3Colombia  - 75.5Comoros  - 63.9Congo, Republic of the  - 58.8Congo, Democratic Republic of the  - 56.9Costa Rica  - 78.4Cote dIvoire  - 58.3Croatia  - 76.6Cuba  - 78.4Cyprus  - 78.5Czech Republic  - 78.5Denmark  - 79.3Djibouti  - 62.8Dominica  - 76.8Dominican Republic  - 78.0East Timor (Timor-Lest e)  - 67.7Ecuador  - 76.6Egypt  - 73.7El Salvador  - 74.4Equatorial Guinea  - 63.9Eritrea  - 63.8Estonia  - 74.3Ethiopia  - 61.5Fiji  - 72.4Finland  - 79.8France  - 81.8Gabon  - 52.0The Gambia  - 64.6Georgia  - 76.0Germany  - 80.6Ghana  - 66.2Greece  - 80.4Grenada  - 74.1Guatemala  - 72.0Guinea  - 60.1Guinea-Bissau  - 50.2Guyana  - 68.1Haiti  - 63.5Honduras  - 71.0Hungary  - 75.7Iceland  - 81.3India  - 68.1Indonesia  - 72.5Iran  - 71.2Iraq  - 71.5Ireland  - 80.7Israel  - 81.4Italy  - 82.1Jamaica  - 73.6Japan  - 84.7Jordan  - 80.5Kazakhstan  - 70.6Kenya  - 63.8Kiribati  - 65.8Korea, North  - 70.1Korea, South  - 80.0Kosovo  - 71.3Kuwait  - 77.8Kyrgyzstan  - 70.4Laos  - 63.9Latvia  - 73.7Lebanon  - 75.9Lesotho  - 52.9Liberia  - 58.6Libya  - 76.3Liechtenstein  - 81.8Lithuania  - 76.2Luxembourg  - 80.1Macedonia  - 76.0Madagascar  - 65.6Malawi  - 53.5Malaysia  - 74.8Maldives  - 75.4Mali  - 55.3Malta  - 80.3Marshall Islands  - 72.8Mauritania  - 62.7Mauritius  - 75.4Mexico  - 75.7Micronesia, Federated States of  - 72.6Moldova  - 70.4Monaco  - 89.5Mongolia  - 69.3Montenegro  - 78.4Morocco  - 76.7Mozambique  - 52.9Myanmar (Burma)  - 66.3Namibia  - 51.6Nauru  - 66.8Nepal  - 67.5Netherlands  - 81.2New Zealand  - 81.1Nicaragua  - 73.0Niger  - 55.1Nigeria  - 53.0Norway  - 81.7Oman  - 75.2Pakistan  - 67.4Palau  - 72.9Panama  - 78.5Papua New Guinea  - 67.0Paraguay  - 77.0Peru  - 73.5Philippines  - 72.8Poland  - 76.9Portugal  - 79.2Qatar  - 78.6Romania  - 74.9Russia  - 70.5Rwanda  - 59.7Saint Kitts and Nevis  - 75.7Saint Lucia  - 77.6Saint Vincent and the Grenadines  - 75.1Samoa  - 73.5San Marino  - 83.2Sao Tome and Principe  - 64.6Saudi Arabia  - 75.1Senegal  - 61.3Serbia  - 75.3Seychelles  - 74.5Sierra Leone  - 57.8Singapore  - 84.7Slovakia  - 76.7Slovenia  - 7 .80Solomon Islands  - 75.1Somalia  - 52.0South Africa  - 49.7South Sudan  - 60.8Spain  - 81.6Sri Lanka  - 76.7Sudan  - 63.7Suriname  - 72.0Swaziland  - 51.1Sweden  - 82.0Switzerland  - 82.5Syria  - 75.6Taiwan  - 80.0Tajikistan  - 67.4Tanzania  - 61.7Thailand  - 74.4Togo  - 64.5Tonga  - 76.0Trinidad and Tobago  - 72.6Tunisia  - 75.9Turkey  - 73.6Turkmenistan  - 69.8Tuvalu  - 66.2Uganda  - 54.9Ukraine  - 69.4United Arab Emirates  - 77.3United Kingdom  - 80.5United States of America  - 79.7Uruguay  - 77.0Uzbekistan  - 73.6Vanuatu  - 73.1Vatican City (Holy See)  - No permanent populationVenezuela  - 74.5Vietnam  - 73.2Yemen  - 65.2Zambia  - 52.2Zimbabwe  - 57.1

Week 1 Speech or Presentation Example | Topics and Well Written Essays - 500 words

Week 1 - Speech or Presentation Example For decreasing, note that there are important points to be considered such as the digit 9 can only be placed in the units position and that the digit 0 can be used but only placed in the thousands position. In this method used, the tens place is used as reference: To proceed, we note how many digits can be placed in the units place considering the digit in the tens place. Here we are restricted to the digits 1,2,3,4,5 and 6 since the digit 7,8,9 will compromise the whole restriction of increasing order when use in the units position: Grouping the alphabets by 3 in succession such as ABC,BCD,EFG and limiting it with three distinct initials and alphabetical in order means that we can end only on the combination XYZ. Hence, on the 26 alphabets, only 24 combinations can be used given the restriction. Since the indicator → indicates that the truth value can only be false (=0) when the statement on the left side [[(p ∠§ q)→r] ∠§ ï ¿ ¢q ∠§ (p→ï ¿ ¢r)] is true (1), there was no need to investigate those with values =0. Since the indicator → indicates that the truth value can only be false (=0) when the statement on the left side [[p ∠¨ (q ∠¨ r)] ∠§ ï ¿ ¢q] is true (1), there was no need to investigate those with values =0. From the resulting Venn Diagram, one can verify that 60 automobiles have defective plates and 20 have both defects thus satisfying the given. 2000 – 1920 – 60 = 20 which is the number of automobiles which has defective terminals only. Therefore, the number of automobiles with defective batteries is 20 + 20 =

MID TERM Essay Example | Topics and Well Written Essays - 750 words

MID TERM - Essay Example Pick 5. Fill in spaces i to v, using short answers. Name the source; then, identify the problem(s) and the recommended (or inferred) solution. i ii iii iv v In a According to a study done by New Jersey by Dr. John Lamberth of Temple University in 1994, while African American drivers and Caucasian drivers committed roughly the same percentage of traffic violations, a startling statistic of 73.25 of the drivers stopped were African American drivers, while only 13.5% were of a different race. In 1993 a Maryland lawsuit named the police department as a defendant against Robert Wilkins, a Harvard Law student who felt that when the police stopped he and his family, searched them, and brought in drug sniffing dogs that it had been done due to his race. His point was proven â€Å"When a State Police memo surfaced during discovery instructing troopers to look for drug couriers who were described as "predominantly black males and black females,". (Harris) The use of racial profiling has created an atmosphere of hostility towards law enforcement within the African American community. Security becomes less stable when it has been made clear that o ne can do nothing other than wear a color skin in order to be subject to interruption of daily responsibilities. The issue extends to the statistics regarding length of sentences, incarcerations, leaving â€Å"In 1995, about one in three black men between the ages of 20 and 29 were under the control of the criminal justice system--either in prison or jail, on probation, or on parole.† (Harris) Gathering statistics on traffic stops is one way bring about awareness to law enforcement officials. Traffic stops can serve as a microcosm of the legal system. As well, a more uniform system of incarceration would help to lead the way in reducing the inequality of sentencing. Social reformation is needed to undermine the criminal stereotyping of African

GLOBAL POLITICAL ECONOMY Essay Example | Topics and Well Written Essays - 2000 words

GLOBAL POLITICAL ECONOMY - Essay Example He decided to focus on the ‘supply of money instead of keeping the interest rates low’ (Rugman 2003, p.110). In this way, the lowering and the stabilization (at low levels) of the inflation were set as the new priorities of the US monetary policy. Through the above practice, interest rates in US were increased from 11% (as in 1979) to 20% (in 1980s), a fact that led to a series implications for the US economy, as explained below. The changes in the US monetary policy as developed in 1979 have been considered as a key point in the American economy, affecting the practices developed by US monetary policy makers up today. The effects of the US monetary and fiscal policies on the country’s economy are discussed in this paper. Emphasis is given on the fact whether these policies have strengthened America’s position in the global economy or not. It is concluded that such target was achieved but not without implications. The high level of the country’s debt is an issue that should be addressed in order for the growth of the country’s economy to be real – in all its aspects. 2. U.S. ... Through the decades, the effects of U.S. financial and monetary policies on the country’s economy have been differentiated, in accordance with the local political and social conditions but also with the economic environment in the global market. In any case, the stabilization of inflation at low levels, a key target of the monetary policy makers of 1979 has been achieved. However, periodically, the use of the above policy, i.e. targeting on low inflation, has been proved to be a rather inappropriate practice in order to face the market pressures, a fact which has been highlighted in the literature. In order to understand the effects of the US financial and monetary policies since 1979 on the American economy, it would be necessary to refer to the historical development of these policies, i.e. their range of appearance. Then, their effects on the American economy could be identified and evaluated – taking into consideration the conditions in the global market. One of the key characteristics of the update of the US monetary policy of 1979 has been the following one: emphasis has been given on lowering the inflation and keeping it on low levels. A strict monetary policy was used as a tool for achieving the above target (Allen 1999, p.170). The initial effect of the above policy has been the significant increase of the ‘LDC (less developed countries) borrowing rates’ (Allen 1999, p.170). Because of the above practice, the country’s economy has been negatively affected – the recession of 1981-1982 has been unavoidable. In this context, the initial results of the economic reform of 1979 in US – referring to the increase of the priorities of the country’s monetary policy, as described above – had been negative. A similar assumption is developed in

The Global Soft Drink Market Situation

The Global Soft Drink Market Situation Executive summary The purpose of this business report is to provide insight on the market trends facing the soft drink industry and a detail strategy for the launch of a new carbonated soft drink Ice-cola in Pakistan. The idea of launching a carbonated soft drink in Pakistan is to change consumer tastes, a growing emphasis on product safety, and enhancing the market shares and profit percentage. Soft drinks are non-alcoholic (carbonated) as well as non-carbonated beverages which can be classified in number of categories. Soft drinks are in high demand and are preferred by almost every category of society in the world. More specifically, the demand for the carbonated soft drinks in Pakistan is highly influenced by certain characteristics like spiky taste, culture and social trends in parties and religious attributes. The strategy of new soft drink Ice-cola (which is going to be launched in Pakistan) will have to face competitive market in terms of other carbonated soft drinks particularly giants Pepsi and Coca -Cola because these soft drinks have already well maintained its positions in Pakistani market for a long time. However the strategy of new soft drink Ice- Cola has also competitive advantages in terms of changing consumer taste and refreshing sparking element that will ensure profitability and quality acceptance in Pakistani society. Introduction Soft drink industry Soft drinks are common preferences among all the individuals in almost every region of the world. The name soft drink especially separates alcohol element from this category and the term drink which includes a number of soft drinks like colas, sparkling water, iced tea, lemonade, squash, and fruit juices are among the most common types of soft drinks. Soft drinks are gradually overtaking hot drinks and other beverages as the major drink sector in the world. However the US remains the biggest market at present and Asia seems to be the main driver of sales growth in the future. Now-a-days soft drink is more favourite refreshment drink than tea, coffee and other hard drinks. Murray (2006) has explained the soft drink industry by stating, For years the story in the nonalcoholic sector centered on the power struggle between Coke and Pepsi. But as the pop fight has topped out, the industrys giants have begun relying on new product flavors and looking to other carbonated beverages for growth. Global Soft drink Market Situation Soft drink industry has a powerful impact on the lives of its consumers from throughout the world. The consumption of the soft drinks continued to increase year by year because of link between healthy diet and soft drinks. King (2010) states that in 2009 Eastern Europe, Africa, Middle East and Asia are fastest growing regions as compare to developed markets. In soft drinks category, bottled water, carbonated, non- carbonated and other fruit juices are available in the market. Bottled watered drinks have achieved sound sales growth due to distinctive attributes of the product which is refreshing element in hot weather and sugar free flavored water. On the other hand, a number of functional drinks had been also a part of consumers interest. Each soft drink has certain attributes which attracts its consumers. It is reality that some soft drinks remain very popular in the market for certain reasons such as brand image, quality and price. The market size of the soft drink industry has bee n changing with the time being. This industry has 46.8% market shares within non-alcoholic industry. The global soft drinks market was valued at $479bn in 2009 and is projected to grow at a CAGR of 3.1% to reach $556bn in 2014. According to financial forecast period to 2014, soft drinks sales are expected to increase 39.8% to PKR19.5 billion ($233 million). (Euromonitor Passport GMID) Pakistani soft drink market situation The soft drink market in Pakistan enjoys a dynamic growth in context of volume and value sectors because of Pakistan Government have reduced excise taxes to encourage soft drinks manufactures and importers. The Government of Pakistan has also decided to tax the soft drink industry on the production capacity rather than on actual production. Pakistani market situation about soft drinks achieved a slightly smooth and positive growth during the years. CAGR 4.2 % represent satisfactory line for soft drinks stability in Pakistan. Simultaneously there have been some inflationary pressures on soft drink industry. However still this industry remains stable successfully to keep the strength of market shares (Euro monitors Passport GMID). The cause for the positive market growth for soft drinks and particularly in carbonated drinks is because of the hot climate, peoples preferences and various life trends. Soft drink industry in Pakistan may expect increase of sale growth 30.5%. The price and consumption of soft drinks stand almost in an equal rate among various regions of Pakistan. In rural areas prices of soft drinks are slightly reduced than posh areas (Euro monitors Internationals soft drinks in Pakistan). Carbonated drinks Within the soft drink market, carbonated soft drinks continue to dominate the market, because of the traditional flavoured beverages, sugar- and caffeine-free drinks. Mostly Carbonated drinks are dominated by artificial flavours based on cola, sweetened with sugars or with non-caloric sweeteners. On consumption level, there are some factors which influence the consumers to buy carbonated drinks for certain reasons like, status symbol, taste, variety, brand ambassador and advertising campaign especially in Pakistan. The demand for the carbonated soft drinks is mainly influenced by the taste of the customers, age groups and the demographic conditions. For example the demand for carbonated drinks escalates to high number in Pakistan especially during the summer period and slightly drops in winter. The main target segment for carbonated drinks is the youth. The carbonated cola drinks are high in demand in Pakistan because of a number of reasons for example; all cola carbonated drinks are served in restaurants, hotels and parties within meals and customers enjoy a spiky and refreshing flavour of carbonated drinks which is not possible by other soft drinks (fruit juice etc). Moreover Alcohol is not consumed due to religion restrictions in Pakistan. However on the whole carbonated based drinks like Coca- cola, Pepsi (low caloric cola drinks) have been remained at the top demand in Global soft drinks industry. There could be more significant volume opportunities in future by carbonate taking its enough shares, with carbonates likely to pick up most of the volume growth as previous % shows like 23.8 % and 24.0 % in 2008 and 2009 respectively. (Euro monitors Passport GMID) Soft drinks Chart by Volume Percentage Source: Official statistics, trade associations, trade press, company research, store checks, trade interviews, Euro monitor international estimate, Euro monitor GMID passport. From the above graph, it could be analysed easily from 2003 to 2009 the volume % of cola carbonates as compare to other soft drinks has achieved higher %. It clearly indicates that cola carbonates (soft drinks) are consumed and produced more than other drinks in the market due to the demand and higher consumption level. Competitors In the present market of soft drinks in Pakistan there are some giant and minor competitors for Ice- Cola in the market. The following classification of soft carbonated drinks in Pakistan in terms of competition can draw a clearer picture. Classification in terms of competition First Preference Pepsi Second Preference Coca-Cola Followers Preferences 7-up, Mountain Dew, Sprite, Marinda, etc The others Amrat -cola etc. Pepsi and Coca-cola Pakistani carbonated soft drink market is dominated by Pepsi. Today Pepsi brand is part of global portfolio of beverages brands which includes carbonated soft drinks, juice drinks, coffee etc. Pepsi is a carbonated beverage that is produced and manufactured by Pepsi Co. Now there are a number of Pepsi variants available in the market such as (Diet Pepsi, crystal Pepsi, Pepsi twist, Pepsi max and Pepsi Gold etc) and Pepsi is recognized as No 1 Pakistan National drink. Major competitor of Pepsi is Coca- Cola. Pepsi is bit sweeter than Coca- cola and is liked by all (Pepsico.co). Coca- cola is next to Pepsis competitor and international recognized brand. Coca- Colas basic strength is its brand name. With this brand name the sales growth is increasing ever year and under this trade mark Coca cola,- zero, Diet Cock and Coca- cola Zero has developed its own competitive market. Coca- Cola volume growth is very aggressive in different markets in the world, particularly in three markets Viet nam, India and Pakistan. The volume growth is 27%, 25% and 18% respectively. While Pepsi with its diversification in drinks, packaging and broad market sector is more successful than Coca-cola to maintain its successful position in the Pakistani market. Pepsi and Coca-cola brands have various % in terms of market analysis in different markets of the world. According to Beverage digest report 2009 in the U.S market PepsiCo 30.8 % market share while Coke have 42.67 % market shares. This shows cokes positive strength as compare to Pepsi in U.S market. (Coca-cola .com). (Research proposal for soft drinks) Pepsi and Coca-Cola market scenario in Pakistan Pakistani beverage industry is dominated by Pepsi and Coca-cola brands. These are two major brands in carbonated soft drink industry in Pakistan. Pepsi-co faced initial problems while settling in Pakistan in 1959. However it came again in 1963 with dominant strategies. It used franchised entry mode to develop its market in Pakistan. One of the major reason of its success as compare to Coca-cola in Pakistan is this, it cater a huge segment and due to the diversification of their product line and particularly franchising entry for them to take quick decisions. The taxes that Pepsi saves because of using franchising entry mode enables it to focus more on advertisements and promotions of their products increase sales profit. Availability and meeting the consumer demand is one key factor that contributes to Pepsi success in Pakistan. At first, Coca-cola operated its business in Pakistan in 1950 as a franchise and became the leader of the soft drink industry because there was no competition at that time but in 1960 it has to face competition in the shape of Pepsi. In 1966 coca-cola operated its business in Pakistan as a multinational company and took over all the franchises business at that time. Since that time it became very hard for Coca-cola to maintain its markets shares as previously. Being a multination company it has to pay huge amount (3 times higher than Pepsi) of tax to Government. (PepsiCo, Inc.) SWOT Analysis of Pepsi and Coca-cola Strengths Pepsi Coco-cola Establish name and sound reputation of company International brand image The demand of Pepsi is more high than its competitors Coca-cola bottle image and use of it brand image on various objects International competitive position and more market shares than competitors Broad advertising and promotion opportunities in business world Weakness Pepsi Coca-Cola Pepsi does not offer any discount to its retailers High prices Target consumers are only young people Rare availability in remote areas of Coca -cola in Pakistan Pepsi tins are not available in far remote areas of Pakistan Taste differentiation is not successful and great, almost similar to Pepsi Opportunities Pepsi Coca-Cola Company is thinking to enter rural areas Successful brand image may enhance the opportunity to advertise less popular products Sponsoring many cultural shows and sports give an opportunity to enhance sales growth of Pepsi Increasing opportunities of internet offers Training and service opportunities Company is trying to Threats Pepsi Coca-cola Major competitor is coca-cola, at international level cock brand is more strongly advertised rather than Pepsi Dominant threat to this industry is changing consumers drinking habits in terms of health Imitators of Pepsi brand in Pakistan and customers complaint about the non-availability of original drink Major competitor (Pepsi) has a strong position in the market. Non carbonated drinks such as juices and tea have maintained good position in the market External threats of labor strikes in Pakistan (Pepsi. Com, Coca-cola.com) Performance analysis of Pepsi and coca-cola Make a graph or pie chart here to show Pepsi and Coca-cola Scenario, collect data by your self Sales analysis Market share analysis Expense analysis Financial analysis Analysis in own words Reasons of launching Ice-Cola in Pakistan To increase sales growth, revenue and market shares To maintain good reputation in the market among competitors To introduce a new brand in to soft drink industry Brand Philosophy of Ice-cola Ice- cola would be a new soft drink for the people of Pakistan and for all the other people of the world. Carbonated cola drinks are usually for eradicating thirst and for have a feeling of refreshment. Same is the production philosophy with Ice-cola. It will introduce an innovative and refreshing taste in the soft drink market and enhance the number of carbonated drinks in the industry. Mission Statement Ice-Cola mission is to be the first priority of consumers in soft drinks market and it will provide best and different taste to consumers. Therefore, they can enjoy a fun and refresh feeling after having it. This brand believes in strives for honesty, fairness and integrity in the whole process of launching. Industry analysis of Ice Cola According to Aaker (2009) Market analysis builds on customer and competitor analyses to make some strategic judgments about a market (and sub market) and its dynamics. Ice cola is pure Pakistani product because it will produce domestically and Ice cola will have competitive advantage against the other imported soft drinks like low cost etc. As earlier mentioned it is pure Pakistani drink so the company can take the advantage of be Pakistani and buy Pakistani also. Ice cola can be customized according to the various needs and demand of the Pakistani culture, which may take place from time to time. During the development of the idea of this product the technological changes are kept in mind. Initially during the production of ice cola existing technology will be used. Later on with the passage of the time if there is change in technology then new technology will be introduced for long run after appropriate pre- testing. Currently there are no as such legal concerns about this business. Being a food item there is no as such restriction imposed by the government because as this product is domestically produced and all the ingredients used is HALAL. As there are many soft drinks are available in the local market but Ice-cola focus will focus on the health of the consumer. This product is healthy and it will produce locally so more consumer will replace there other carbonated drinks and energy drinks by some locally produced healthier carbonated drink. Company is forming its own market with the unique taste with cola flavour and original taste without the effect of any harmful chemicals. Over the couple of years the sale of soft drinks in the Pakistan has doubled and the demand of the soft drinks especially locally produced increased within the last three years so the growth rate of the industry would be sound. Over the last three years no new firm has entered in the Pakistani soft drink business and no new product has been launched by the competitors so since last three years. Distribution channels of ice cola. Theory Existing distribution channels can be described by how direct they are to the customer. Trends and emerging channels, new channels can offer the opportunity to develop a competitive advantage Channel power structure for example in case of a product having little brand equity, retailers has negotiating power over manufacturers and can capture more margins. Market segmentation of Ice-Cola According to Ferrell and Hartline (2008) to enter into a new market, any product strategy would follow the criteria of segmentation according to the chosen market scenario. They illustrate that there could be different approaches to segment the market. Various approaches do work in different circumstances. Most of the time it depends that where (chosen market) the product is going to be launched. However it should follow certain characteristics like substantial, accessible and measureable. So it can generate profit. Ice cola will be use different methods of segmentation of product in Pakistan on the basis of à ¢Ã¢â€š ¬Ã‚ ¢ Geographic Segmentation à ¢Ã¢â€š ¬Ã‚ ¢ Demographic Segmentation à ¢Ã¢â€š ¬Ã‚ ¢ Psychographic Segmentation Geographic Segmentation a) Geographic Region Ice cola first of all will target it product in major cities of Pakistan like Rawalpindi, Lahore, Faisalabad, Karachi and then it started targeting its products into different other cities. Then it will target whole country and afterwards will operate in other countries of Europe and East globally. So its geographic segmentation will be large. b) Density Ice cola first operated in Rawalpindi, Lahore, Faisalabad and Karachi. Then it will start targeting urban, rural and sub-urban areas of Pakistan. c) Climate This is also fact that climate has great effect in targeting different market segments. Ice cola will mostly target in the hot weather countries like Dubai, Pakistan, Saudi Arabia. Demographic Segmentation Target Market of Ice cola Teenagers Adults Sport persons And also late 50s Total population of Pakistan is 165 million (GDP 2008). Ice cola targeted all genders including males, females especially youngsters. The focus target of Ice cola would be age group between 15-32. Age The focus target age would be 15-32 because it represents the larger portion of the Pakistani population. As it has been estimated from the above figures that target consumers are between 15-32. Therefore highest 39.20 % of total population will consume Ice-cola at the most. The higher the consumption level, the higher the profit would be in the long run. Religion As Ice cola is operating in Islamic country. Therefore it will make its products with HALAL MATERIAL. Because it targets Islamic countries like Pakistan, Saudi Arabia. As, alcohol and different other materials that are prohibited in Islam, so Ice cola will not use any kind of material in its product. Therefore internationally it will target Muslim Countries first and later it will operate at global level. Psychographic Segmentation This will be the most important segment which Ice cola will use in its product. It will tell us what customer thinks about our product. It describes point of view of customer about the product. It is the science of using psychology and demographics to better understand customers. So when Ice cola will realize the needs of customers. Then it will start working on different products according to customers need and demand. Pakistans climate is usually warm and humid which causes dehydration and increase in thirst. In Pakistan soft drinks are not only considered a liquid intake but considered as a status symbol among friends, colleagues and family affairs. Holidays and particular religious events for example; Eid and fasting month (Ramadan) the sale of soft drinks increase. Moreover in the other seasons (winter) soft drinks sales do not affect highly but keeps a steady progress. For the next coming years (2010-2014) it can be estimated a steady growth overall. Increase in sales growth is expected due to the young Generation favorable approach and sparking fun towards carbonated cola drinks in Pakistan. Market entry strategy and market development Operation plan Operation plan of the product includes inventory, shipping, storage, and inventory control procedure and customer service. Kent (2003) states that inventory are a significant element of any businesss operation plan which gives hold to the structure of business. Inventory is the raw material or stock goods held by any business. Effective inventory management (control) in operation plan can lead the business to generate huge profit and poor monitoring might be in result of disaster of the business. In case of Ice cola just in time inventory will be used in case of product. It will reduce the storing cost which will give us competitive edge against target customers. All manufacturing operations will take place in Ice cola factory. Aaker (2009) illustrates that distribution system include three type of sections. For example; Alternative distribution channels, new emerging channels and powerful channels. He emphasis on this issue that do not consider only existing channels but also think for new potential ones through which product could be more easily available for its consumers and business users. For Ice-cola production outward suppliers will pay the shipping charges for the finished goods. In case of bulk purchase of the goods company will pay only 30% charges, purchase of 50,000 units in a month is the limit for the propose. Trained workers and machine operators will be hired from the other factories as a part time employee at 900Rs. a day and they will train our permanent workers. Finished product of the Ice cola drink will be stored in company retained building which has capacity to store 150,000 units in it. Rent of the building is Rs. 35,000 per month. Ice-cola will maintain the finished goods inventory of 60,000 units at any time including the factory. Kent and Omar (2003) specify the importance of maintenance and customer service particularly in term of new product launching. A new business can take two way benefits. At first, it can make loyal relationship with its consumers by providing guidance and support after a sale. Secondly, it could prove additional positive source of revenue in the form of life time customers. By keeping in touch with customers and providing quality assurance after sale is a key point to generate profit through product. A detail survey could be conducted after six month period of launching the product to find out the market trends, response and consumer demand. Later on product can be changed according to needs. Marsen (2007) narrates certain points in term of facilities in operational strategy to run the business successfully. It is very important to note that how target customers are going to get the product. Key suppliers and transportation facilities might be close to the operation centres according to the nature of the business. These facilities should be positioned adequately to make the profitable way of business. Marketing Plan Product Wilson (2006) illustrates about product and product dimensions that for a number of customers product is only a tangible and physical entity which is placed in the market for buying and selling. However product is main priority of any business organization because through this firm plans to achieve its objectives. Moreover, Wilson (2006) narrates the relationship between customer and product. Product should be designed according to the core market requirement. Price Ferrell and Hartline (2008) strongly advocate the significant value of pricing strategy because this is the only element of marketing mix that leads to revenue or profit and price has a direct connection with customer demand. Therefore, price of a product could be charged in a number of ways such as value, optional, psychological, geographical etc. In case of Ice-cola, the firm will fallow its motto BE PAKISTANI BUY PAKISTANI as a result company will offer a high quality product at a low price. It will allow firm to position as a one of the best quality and price wise best brand. This provides companys partners an opportunity to sell a high quality product, while increasing their margins and selling a high quality product to the resellers. Purchase price of retailer of one can would be Rs 25. Discount Offers In the competition with the other soft drinks available in the market Ice- cola will offer at special reduce prices to gain the market shares in special events like Ramadan, Eid, Basant and other events. Price setting statistical data Promotion Aaker (2009) states that modern marketing has replaced ancient meaning of promotion with the concept of MC (marketing communication) or the coordination of all promotional activities such as ( media advertising, direct mail, personal selling, sales promotion, public relations, packaging, store display, website design, personnel) to produce a unified, customer-focused message. Any way of promotional medium could be adapted according to the product development. Ice -cola will be promoted by different communication channels in the Pakistani market. Communication channels TV campaigns (Through cable) Bill board Local news paper Advertising campaign Placement Place deals with the distribution channels and various options for the consumers to access the product. Baines (2008) describes that according to the type of the product placement or distribution channels are positioned. Sometimes middleman may involve in the distribution and placement of the product. This is all about mainly satisfying the consumers and makes convenient approach for consumers to access the product in time. Ice-cola would focus on the big and high growth market cities of Pakistan like Lahore Islamabad, Karachi, Faisalabad and Multan and then Ice cola will also focus on the small cities and rural areas of Pakistan. Therefore Ice cola will available every single grocery store in Pakistan. In future Ice -cola could be launched internationally in Middle Eastern and European countries. People Write it for ice-cola According to Baines and Fill (2008) (people) customer service staff of any firm play significant part in term of product presentation, convince their consumers to take competive advantages of it. They create a corporate image and maintain that image in the minds of consumers which could be the most effective marketing tool to have potentail customers in the long run for market decelopment.   Five ps image should be here like this Positioning Porters value chain model It determines where value is added and for isolating the costs. The cost structure is also helpful for formulating strategies to develop a competitive advantage Use this model according to ice-cola Organisational Plan Ice cola will be partner firm. The partnership will be lie between the founders of the company. Partnership will be according to their share of capital invested in the firm. Profit will be distributed between them as per their percentage share in the firm. The every decision will be taken with the consensus and majority of votes will be required to take the decision. On every important document the signature of at least three members should be there. This will also be implying on the financial matters of the firm. Partners and their contribution to capital are as follows. Name of the partners Contribution Saba Imtaiz 19 % Suhail Ahmed 15 % Asma Zubair 16 % Yasir Ali 19 % Isha Saghir 18 % Wahab Munir 13 % Hierarchal Structure The hierarchal structure of the Ice cola company would be as follows: Board of directors Partners of firms Chief executive officer Asma Zubair Chief financial official Talha Shahid Marketing manager - Nimrha Basheer HR Manager Abdul Hanan Production manager Sidra Zaheer Operational manager Nadia Afzal Organisational Chart Board of Directors CEO Finance Marketing Human Resource Manager Manager Manager Finance Finance Marketing Marketing HR HR Officer Officer Officer Officer Officer Officer Forecast Financial Plan Project financial statement of company (Ice-cola) is given below Performa Income Statement (PKR 000s) Pest analysis Profitable strategy Key success factors These factors help to achieve marketing objectives Access to essential unique resources Ability to achieve economies of scale Access to distribution channels Technological progress These factors could change over time as the product progresses through its life cycle. Critical reflection on the assignment process Conclusion

The Women from The Odyssey, The Wife of Bath, and Sir Gawain Essay

The Women from The Odyssey, The Wife of Bath, and Sir Gawain   Ã‚  Ã‚  Ã‚  Ã‚  Until recently, the role of women in literature has seemed to reflect the way they were treated in society. Women were seen as secondary to men, and their sole purpose in life was to please a man’s every desire. This is not the case in three specific literary works. The Odyssey, The Wife of Bath, and Sir Gawain and the Green Knight use the actions of its women characters to greatly enhance important thematic elements. The women in each of these works use feminine psyche to persuade men to do things that men of the time would not usually do. The use of women in these literary works is very contrary to the prevailing ideals of the female and her responsibilities at the time each was written. In each case, the woman possesses an almost supernatural power to influence others to do as she requests. Though it is somewhat premature to assume that the authors of these pieces started a feminist revolution, they most definitely allowed women to be seen with a respect that the female had never enjoyed.   Ã‚  Ã‚  Ã‚  Ã‚  The Odyssey contains many female characters that influence the entire climax. Athena is an obvious example, because as a goddess and fan of Odysseus, she is able to create supernatural occurrences to help Odysseus to survive. But to include her as a woman is not feasible, because she is an immortal god. The true female heroine of The Odyssey is Penelope, the loving and devoted wife of Odysseus. She fits the perfect mold of an excellent mother and faithful wife. Although Odysseus is believed to be dead, she does not marry again and does everything in her power to prevent this from happening. She is able to use trickery and deceit to avoid the suitors without allowing them to find out what she is doing. She has informed her men-in-waiting that she will marry when she finishes weaving her shroud. She works all day on it and secretly undoes her work at night while they are sleeping. In this case, Penelope is seen as smart and cunning, and she is being faithful to her husband and at the same time, she does not have to blatantly disrespect the suitors. At the time this was written, it was almost impossible for a woman of her stature to avoid remarrying immediately. Another way that Penelope is seen as loyal and exceptional as a woman is the test that she gives Odysseus when he returns home in disgui... ...in literary works has often reflected the way that women were viewed at the time of each work’s creation. For three works, The Odyssey, The Wife of Bath, and Sir Gawain and the Green Knight, each author chose to oppose the prevailing view. The characters that these women play are crucial to the hero’s success or failure. Each woman is able to overcome adversity and oppression to prevail over the male sex. By doing so, they can be viewed as being a role model to all the women who read these works. Even though, there may not have been noticeable changes in the way women were treated in each work’s respective time period, they serve as a divergence away from traditional values and set a framework for further success in equality. Works Cited Anonymous. Sir Gawain and the Green Knight. The Norton Anthology. Ed. Sarah   Ã‚  Ã‚  Ã‚  Ã‚  Lawall. 7th ed. New York: W.W. Norton & Company, 1999. 1458-1511. Chaucer, Geoffrey. The Wife of Bath’s Prologue and Tale. The Norton Anthology.   Ã‚  Ã‚  Ã‚  Ã‚  Ed. Sarah Lawall. 7th ed. New York: W.W. Norton & Company, 1999.   Ã‚  Ã‚  Ã‚  Ã‚  1549-1572. Homer. The Odyssey. The Norton Anthology. Ed. Sarah Lawall. 7th ed. New York:   Ã‚  Ã‚  Ã‚  Ã‚  W.W. Norton & Company, 1999. 209-513.