Outcome Measures in Audiology Rehabilitation Essay - 1

Outcome Measures in Audiology Rehabilitation - Essay Example An outcome measure thus becomes the interface that lies in between goals set forth by a professional in rehabilitation and the response given by a client in a clinical procedure. Outcome measures can be put as being objective or subjective. An example of an objective outcome would be word recognition whereas self reports fall under subjective category. The choice of an outcome measure thus constitutes what a professional perceives as the goal of a particular intervention on a certain patient. Outcome measure is carried out with the intent of establishing the effects of a certain intervention on a patient (Hull, 2001). Therefore, outcome measure is basically a question of degree of clinical effectiveness. Usages of self-report measures are beneficial in that they act as facilitation to hearing aid fittings for an individual. They also can be used to assess the efficacy of fittings administered on an individual or even efficiency of an institution. Moreover, such measures remain very crucial in clinical decisions. Appreciate fundamentals  ­Ã‚ ­Ã¢Ë†â€™ these can be either practical or even technical. Practical considerations involve such things as considering the burden that comes with administering a certain measure both to the patient as well as the clinician administering it. The technical considerations involve such things as reliability, validity as well as norms attached to an outcome measure (McClimans & Browne, 2011). Succinct definition of purpose − this is to imply that a good tool must be clear as to the purpose it is designed to achieve. Such a purpose needs to be clearly and out rightly stated in the tool and not vaguely. Target population − A certain instrument should be unambiguous when it comes to a target population, and this should have certain things accompanying the selection of such a population, for instance, demographic details like age or gender. Reliability of a

Trends in Fiscal Policy of India Essay Example for Free

Trends in Fiscal Policy of India Essay ABSTRACT This essay traces the major developments in India’s fiscal policy from the early stages of planned development in the 1950s, through the country’s balance of payments crisis of 1991, the subsequent economic liberalisation and rapid growth phase, the response to the global financial crisis of 2008 and the recent post-crisis moves to return to a path of fiscal consolidation. The initial years of India’s planned Development strategy were characterised by a conservative fiscal policy whereby deficits were kept under control. The tax system was geared to transfer resources from the private sector to fund the large public sector driven industrialization process and also cover social welfare schemes. However, growth was anaemic and the system was prone to inefficiencies. In the 1980s some attempts were made to reform particular sectors. But the public debt increased, as did the fiscal deficit. India’s balance of payments crisis of 1991 led to economic liberalisation. The reform of the tax system commenced. The fiscal deficit was brought under control. When the deficit and debt situation again threatened to go out of control in the early 2000s, fiscal discipline legalisations were instituted. The deficit was brought under control and by 2007-08 a benign macro-fiscal situation with high growth and moderate inflation prevailed. During the global financial crisis fiscal policy responded with counter-cyclical measures including tax cuts and increases in expenditures. The post-crisis recovery of the Indian economy is witnessing a correction of the fiscal policy path towards a regime of prudence. In the future, the focus would probably be on bringing in new tax reforms and better targeting of social expenditures. INTRODUCTION Fiscal policy is the means by which a government adjusts its levels of spending in order to monitor and influence a nations economy. It is the sister strategy to monetary policy with which a central bank influences a nations money supply. These two policies are used in various combinations in an effort to direct a countrys economic goals. Here we take a look at how fiscal policy works, how it must be monitored and how its implementation may affect different people in an economy. Fiscal policy deals with the taxation and expenditure decisions of the government.Monetary policy, deals with the supply of money in the economy and the rate of interest.These are the main policy approaches used by economic managers to steer the broad aspects of the economy. In most modern economies, the government deals with fiscal policy while the central bank is responsible for monetary policy. Fiscal policy is composed of several parts. These include, tax policy, expenditure policy, investment or disinvestment strategies and debt or surplus management. Fiscal policy is an important constituent of the overall economic framework of a country and is therefore intimately linked with its general economic policy strategy. For example, if taxes were to increase, consumers would have less disposable income and in turn would have less money to spend on goods and services. This difference in disposable income would go to the government instead of going to consumers, who would pass the money onto companies. Or, the government could choose to increase government spending by directly purchasing goods and services from private companies. This would increase the flow of money through the economy and would eventually increase the disposable income available to consumers. Unfortunately, this process takes time, as the money needs to wind its way through the economy, creating a significant lag between the implementation of fiscal pol icy and its effect on the economy. In broad term fiscal policy refers to that segment of national economic policy which is primarily concerned with the receipts and expenditure of central government. The importance of fiscal policy is high in underdeveloped countries. The state has to play active and important role. In a democratic society direct methods are not approved. So, the government has to depend on indirect methods of regulations. In this way, fiscal policy is a powerful weapon in the hands of government by means of which it can achieve the objectives of development. BASIC CONCEPTS : A spending item is a capital expenditure if it relates to the creation of an asset that is likely to last for a considerable period of time and includes loan disbursements. Such expenditures are generally not routine in nature. By the same logic a capital receipt arises from the liquidation of an asset including the sale of government shares in public sector companies (disinvestments), the return of funds given on loan or the receipt of a loan. This again usually arises from a comparatively irregular event and is not routine. In contrast, revenue expenditures are fairly regular and generally intended to meet certain routine requirements like salaries, pensions, subsidies, interest payments, and the like. Revenue receipts represent regular earnings for instance tax receipts and non-tax revenues including from sale of telecom spectrums. There are various ways to represent and interpret a government’s deficit. The simplest is the revenue deficit which is just the difference between revenue receipts and revenue expenditures. Revenue Deficit = Revenue Expenditure – Revenue Receipts (that is Tax + Non-tax Revenue) A more comprehensive indicator of the government’s deficit is the fiscal deficit. This is the sum of revenue and capital expenditure less all revenue and capital receipts other than 6loans taken. This gives a more holistic view of the government’s funding situation since it gives the difference between all receipts and expenditures other than loans taken to meet such expenditures. Fiscal Deficit = Total Expenditure (that is Revenue Expenditure + Capital Expenditure) –(Revenue Receipts + Recoveries of Loans + Other Capital Receipts (that is all Revenue and Capital Receipts other than loans taken)) â€Å"The gross fiscal deficit (GFD) of government is the excess of its total expenditure, current and capital, including loans net of recovery, over revenue receipts (including external grants) and non-debt capital receipts.† The net fiscal deficit is the gross fiscal deficit reduced by net lending by government (Dasgupta and De, 2011). The gross primary deficit is the GFD less interest payments while the primary revenue deficit is the revenue deficit less interest payments. ARCHITECTURE: The Indian Constitution provides the overarching framework for the country’s fiscal policy. India has a federal form of government with taxing powers and spending responsibilities being divided between the central and the state governments according to the Constitution. There is also a third tier of government at the local level. Since the taxing abilities of the states are not necessarily commensurate with their spending responsibilities, some of the centre’s revenues need to be assigned to the state governments. To provide the basis for this assignment and give medium term guidance on fiscal matters, the Constitution provides for the formation of a Finance Commission (FC) every five years. Based on the report of the FC the central taxes are devolved to the state governments. The Constitution also provides that for every financial year, the government shall place before the legislature a statement of its proposed taxing and spending provisions for legislative debate an d approval. This is referred to as the Budget. The central and the state governments each have their own budgets. The central government is responsible for issues that usually concern the country as a whole like national defense, foreign policy, railways, national highways, shipping, airways, post and telegraphs, foreign trade and banking. The state governments are responsible for other items including, law and order, agriculture, fisheries, water supply and irrigation, and public health. Some items for which responsibility vests in both the Centre and the states include forests, economic and social planning, education, trade unions and industrial disputes, price control and electricity. There is now increasing devolution of some powers to local governments at the city, town and village levels. The taxing powers of the central government encompass taxes on income (except agricultural income), excise on goods produced (other than alcohol), customs duties, and inter-state sale of goods. The state governments are vested with the power to tax agricultural income, land and buildings, sale of goods (other than inter-state), and excise on alcohol. Besides the annual budgetary process, since 1950, India has followed a system of five-year plans for ensuring long-term economic objectives. This process is steered by the Planning Commission for which there is no specific provision in the Constitution. The main fiscal impact of the planning process is the division of expenditures into plan and non-plan components. The plan components relate to items dealing with long-term socioeconomic goals as determined by the ongoing plan process. They often relate to specific schemes and projects. Furthermore, they are usually routed through central ministries to state governments for achieving certain desired objectives. These funds are generally in addition to the assignment of central taxes as determined by the Finance Commissions. In some cases, the state governments also contribute their own funds to the schemes. Non-plan expenditures broadly relate to routine expenditures of the government for administration, salaries, and the like. While these institutional arrangements initially appeared adequate for driving the development agenda, the sharp deterioration of the fiscal situation in the 1980s resulted in the balance of payments crisis of 1991, which would be discussed later. Following economic liberalization in 1991, when the fiscal deficit and debt situation again seemed to head towards unsustainable levels around 2000, a new fiscal discipline framework was instituted. At the central level this framework was initiated in 2003 when the Parliament passed the Fiscal Responsibility and Budget Management Act (FRBMA). Taxes are the main source of government revenues. Direct taxes are so named since they are charged upon and collected directly from the person or organization that ultimately pays the tax (in a leg al sense).Taxes on personal and corporate incomes, personal wealth and professions are direct taxes. In India the main direct taxes at the central level are the personal and corporate income tax. Both are till date levied through the same piece of legislation, the Income Tax Act of 1961. Income taxes are levied on various head of income, namely, incomes from business and professions, salaries, house property, capital gains and other sources (like interest and dividends).Other direct taxes include the wealth tax and the securities transactions tax. Some other forms of direct taxation that existed in India from time to time but were removed as part of various reforms include the estate duty, gift tax, expenditure tax and fringe benefits tax. The estate duty was levied on the estate of a deceased person. The fringe benefits tax was charged on employers on the value of in-kind non-cash benefits or perquisites received by employees from their employers. Such perquisites are now largely taxed directly in the hands of employees and added to their personal income tax. Some states charge a tax on professions. Most local governments also charge property owners a tax on land and buildings. Indirect taxes are charged and collected from persons other than those who finally end up paying the tax (again in a legal sense). For instance, a tax on sale of goods is collected by the seller from the buyer. The legal responsibility of paying the tax to government lies with the seller, but the tax is paid by the buyer. The current central level indirect taxes are the central excise (a tax on manufactured goods), the service tax, the customs duty (a tax on imports) and the central sales tax on inter-state sale of goods. The main state level indirect tax is the post-manufacturing (that is wholesale and retail levels) sales tax (now largely a value added tax with intra-state tax credit). The complications and economic inefficiencies of this multiple cascading taxation across the economic value chain (necessitated by the constitutional assignment of taxing powers) are discussed later in the context of the proposed Goods and Services Tax (GST). EVOLUTION (TILL 1991) India commenced on the path of planned development with the setting up of the Planning Commission in 1950. That was also the year when the country adopted a federal Constitution with strong unitary features giving the central government primacy in terms of planning for economic development (Singh and Srinivasan, 2004). The subsequent planning process laid emphasis on strengthening public sector enterprises as a means to achieve economic growth and industrial development. The resulting economic framework imposed administrative controls on various industries and a system of licensing and quotas for private industries. Consequently, the main role of fiscal policy was to transfer private savings to cater to the growing consumption and investment needs of the public sector. Other goals included the reduction of income and wealth inequalities through taxes and transfers, encouraging balanced regional development, fostering small scale industries and sometimes influencing the trends in econ omic activities towards desired goals (Rao and Rao, 2006). In terms of tax policy, this meant that both direct and indirect taxes were focussed on extracting revenues from the private sector to fund the public sector and achieve redistributive goals. The combined centre and state tax revenue to GDP ratio increased from 6.3 percent in 1950-51 to 16.1 percent in 1987-88.For the central government this ratio was 4.1 percent of GDP in 1950-51 with the larger share coming from indirect taxes at 2.3 percent of GDP and direct taxes at 1.8 percent of GDP. Given their low direct tax levers, the states had 0.6 percent of GDP as direct taxes and 1.7 percent of GDP as indirect taxes in 1950-51. The government authorised a comprehensive review of the tax system culminating in the Taxation Enquiry Commission Report of 1953. However, the government then invited the British economist Nicholas Kaldor to examine the possibility of reforming the tax system. Kaldor found the system inefficient and inequitable given the narrow tax base and inadequate reporting o f property income and taxation. He also found the maximum marginal income tax rate at 92 percent to be too high and suggested it be reduced to 45 percent. In view of his recommendations, the government revived capital gains taxation, brought in a gift tax, a wealth tax and an expenditure tax (which was not continued due to administrative complexities) (Herd and Leibfritz, 2008). Despite Kaldor’s recommendations income and corporate taxes at the highest marginal rate continued to be extraordinarily high. In 1973-74, the maximum rate taking in to account the surcharge was 97.5 percent for personal income above Rs. 0.2 million. The system was also complex with as many as eleven tax brackets. The corporate income tax was differential for widely held and closely held companies with the tax rate varying from 45 to 65 percent for some widely held companies. Though the statutory tax rates were high, given a large number of special allowances and depreciation, effective tax rates were much lower. The Direct Taxes Enquiry Committee of 1971 found that the high tax rates encouraged tax evasion. Following its recommendations in 1974-75 the personal income tax rate was brought down to 77 percent but the wealth tax rate was increased. The next major simplification was in 1985-86 when the number of tax brackets was reduced from eight to four and the highest income tax rate was brought down to 50 percent. In indirect taxes, a major component was the central excise duty. This was initially used to tax raw materials and intermediate goods and not final consumer goods. But by 1975-76 it was extended to cover all manufactured goods. The excise duty structure at this time was complicated and tended to distort economic decisions. Some commodities had specific duties while others had ad valorem rates. The tax also had a major †cascading effect‟ since it was imposed not just on final consumer goods but also on inputs and capital goods. In effect, the tax on the input was again ta xed at the next point of manufacture resulting in double taxation of the input. Considering that the states were separately imposing sales tax at the post-manufacturing wholesale and retail levels, this cascading impact was considerable. The Indirect Tax Enquiry Report of 1977 recommended introduction of input tax credits to convert the cascading manufacturing tax into a manufacturing value added tax (MANVAT). Instead, the modified value added tax (MODVAT) was introduced in a phased manner from 1986 covering only selected commodities. The other main central indirect tax is the customs duty. Given that imports into India were restricted, this was not a very large source of revenue. The tariffs were high and differentiated. Items at later stages of production like finished goods were taxed at higher rates than those at earlier stages, like raw materials. Rates also differed on the basis of perceived income elasticities with necessities taxed at lower rates than luxury goods. In 1985-86 the government presented its Long-Term Fiscal Policy stressing on the need to reduce tariffs, have fewer rates and eventually remove quantitative limits on imports. Some reforms were attempted but due to revenue raising considerations the tariffs in terms of the weighted average rate increased from 38 percent in 1980-81 to 87 percent in 1989-90. By 1990-91 the tariff structure had a range of 0 to 400 percent with over 10 percent of imports subjected to tariffs of 120 percent or more. Further complications arose from exemptions granted outside the budgetary process.In 1970-71, direct taxes contributed to around 16 percent of the central government’s revenues, indirect taxes about 58 percent and the remaining 26 percent came from nontax revenues. By 1990-91, the share of indirect taxes had increased to 65 percent, direct taxes shrank to 13 percent and non-tax revenues were at 22 percent. COMPOSITION OF CENTRAL GOVERNMENT REVENUES (1970-71): SOURCE: , http://dbie.rbi.org.in (Reserve Bank of India, 2011) COMPOSTION OF CENTRAL GOVERNMENT REVENUES(1990-91): SOURCE: , http://dbie.rbi.org.in (Reserve Bank of India, 2011) India’s expenditure norms remained conservative till the 1980s. From 1973-74 to 1978-79 the central government continuously ran revenue surpluses. Its gross fiscal deficit also showed a slow growth with certain episodes of downward movements.The state governments also ran revenue surpluses from 1974-75 to 1986-87, barring only 1984-85. Thereafter, limited reforms in specific areas including trade liberalisation, export promotion and investment in modern technologies were accompanied by increased expenditures financed by domestic and foreign borrowing (Singh and Srinivasan, 2004). The central revenue deficit climbed from 1.4 percent of GDP in 1980-81 to 2.44 percent of GDP by 1989-90. Across the same period the centre‟s gross fiscal deficit (GFD) climbed from 5.71 percent to 7.31 percent of GDP. Though the external liabilities of the centre fell from 7.16 percent of GDP in 1982-83 to 5.53 percent of GDP by 1990-91, in absolute terms the liabilities were large. Across the same period the total liabilities of the centre and the states increased from 51.43 percent of GDP to 64.75 percent of GDP. This came at the cost of social and capital expenditures. The interest component of aggregate central and state government disbursements reflects this quite clearly. The capital disbursements decreased from around 30 percent in 1980-81 to about 20 percent by 1990-91. In contrast, the interest component increased from around 8 percent to about 15 percent across the same period.Within revenue expenditures, in 1970-71, defence expenditures had the highest share of 34 percent; interest component was 19 percent while subsidies were only 3 percent. However, by 1990-91, the largest component was the interest share of 29 percent with subsidies constituting 17 percent and defence only 15 percent. Therefore, besides the burden of servicing the public debt, the subsidy burden was also quite great. While India‟s external debt and expenditure patterns were heading for unsustainable levels, the proximate causes of the balance of payments crisis came from certain unforeseen external and domestic political events. The First Gulf War caused a spike in oil prices leading to a sharp increase in the government‟s fuel subsidy burden. Furthermore, the assassination of former Prime Minister Rajiv Gandhi increased political uncertainties leading to the withdrawal of some foreign funds. The subsequent economic reforms changed the Indian economy forever. LIBERALIZATION ,GROWTH ,INCLUSION AND FISCAL CONSOLIDATION (1991-2008): Following the balance of payments crisis of 1991, the government commenced on a path of economic liberalisation whereby the economy was opened up to foreign investment and trade, the private sector was encouraged and the system of quotas and licences was dismantled. Fiscal policy was re-oriented to cohere with these changes. The Tax Reforms Committee provided a blue print for reforming both direct and indirect taxes. Its main strategy was to reduce the proportion of trade taxes in total tax revenue, increase the share of domestic consumption taxes by converting the excise into a VAT and enhance the contribution of direct taxes to total revenue. It recommended reducing the rates of all major taxes, minimizing exemptions and deductions, simplifying laws and procedures, improving tax administration and increasing computerisation and information system modernisation. As a part of the subsequent direct tax reforms, the personal income tax brackets were reduced to three with rates of 20, 30 and 40 percent in 1992-93. Financial assets were removed from the imposition of wealth tax and the maximum rate of wealth tax was reduced to 1 percent. Personal income tax rates were reduced again to 10, 20, and 30 percent in 1997-98. The rates have largely remained the same since with the exemption limit being increased and slab structure raised from time to time. A subsequent 2 percent surcharge to fund education was later made applicable to all taxes. The basic corporate tax rate was reduced to 50 percent and the rates for different closely held companies made uniform at 55 percent. In 1993-94, the distinction between the closely held and the widely held companies was removed and the uniform tax rate was brought down to 40 percent. The rate was further reduced to 35 percent with a 10 percent tax on distributed dividends in 1997-98 (Rao and Rao, 2006). Despite these reforms, the tax system continued to have preferential exemptions and deductions as tax incentives for various socio-economic goals including location of industries in backward areas, export promotion and technology development. This led to the phenomenon of „zero-tax companies‟ whereby imaginative arrangements were use to leverage all these tax incentives with an intent to minimise tax liabilities. To counter this trend,the Minimum Alternative Tax (MAT) was introduced in 1996-97. It required a company to pay a minimum of 30 percent of book profits as tax. Further attempts to expand the tax base and increase revenues were the introduction of the securities transaction tax (STT) in 2004 and the fringe benefit tax (FBT) in the budget of 2005-06 In indirect taxes, the MODVAT credit system for excise was expanded to cover most commodities and provide a comprehensive credit system by 1996-97. The eleven rates were merged into three with a few luxury items subject to additional non-rebatable tax in 1999-2000. In 2000-01, the three rates were merged in to a single rate and renamed as central VAT (CENVAT). There remained three additional excises of 8, 16 and 24 percent. In case of custom duties, in 1991-92 all duties on non-agriculture goods that were above 150 percent were brought down to this rate. The „peak rate‟ was brought down to 40 percent in 1997-98, 30 percent in 2002-03, 25 percent in 2003-04, and 15 percent in 2005-06. The number of major duty rates was also brought down from 22 in 1990-91 to 4 in 2003-04. These four rates covered almost 90 percent of customs collected from items. This period also saw the introduction of the service tax in 1994-95, which was subsequently expanded to cover more and more services. Given that the Indian economy was having an increasingly large service component this increasingly became a major source of revenue. Eventually, provisions were made for allowing input tax credits for both goods and services at the central indirect tax level. Despite the reforms in central taxes, even after the economic reforms of 1991, state government tax reforms were inadequate and sporadic. A major move in this direction was the coordinated simplification of the state sales tax system in 1999. This eventually led to the introduction of a VAT in 21 states in 2005. The value added tax gives credit to taxes paid on inputs and provides relief from cascading. Implemented at the retail level this replaced the cascading sales tax providing great relief to consumers and traders alike while enhancing the revenues of the state government. The administrative design of the VAT ensures reporting of inputs and outputs resulting in substantial reduction in tax evasion. The basic features of the tax include two rates of 4 percent for common consumption commodities and inputs and 12.5 percent for the others. Some essential items are exempted and precious metals are taxed at 1 percent. The credit system covers inputs and purchases as also capital goods for manufacturers as well as dealers. Credit for capital goods taxes can be availed over three years of sales. The tax credit operates fully only for intra-state sales (Rao and Rao, 2006). This is a major hindrance to the formation of a smooth nationwide market and is to be addressed by the proposed Goods and Services Tax (GST). In consonance with the tax reform plans, the sources of central government revenue shifted from indirect taxes towards direct taxes. In 1995-96, about 54 percent of revenues came from indirect taxes while around 20 percent were from direct taxes (Figure 8). In 2000-01, the share of indirect taxes had gone down dramatically to around 45 percent while the contribution from direct taxes had increased to about 26 percent (Figure 9). By 2005-06, indirect taxes accounted for approximately 43 percent while the direct taxes share was about 35 percent.

The Sedition Act of 1798 :: Government American History Papers

For the first few years of Constitutional government, under the leadership of George Washington, there was a unity, commonly called Federalism that even James Madison (the future architect of the Republican Party) acknowledged in describing the Republican form of government-- " And according to the degree of pleasure and pride we feel in being republicans, ought to be our zeal in cherishing the spirit and supporting the character of Federalists." Although legislators had serious differences of opinions, political unity was considered absolutely essential for the stability of the nation.Political parties or factions were considered evil as "Complaints are everywhere heard from our most considerate and virtuous citizens, equally the friends of public and private faith, and of public and personal liberty, that our governments are too unstable, that the public good is disregarded in the conflicts of rival parties, and that measures are too often decided, not according to the rules of justice and the rights of the minor party, but by the superior force of an interested and overbearing majority_" Public perception of factions were related to British excesses and thought to be "the mortal diseases under which popular governments have everywhere perished." James Madison wrote in Federalist Papers #10, "By a faction, I understand a number of citizens, whether amounting to a majority or a minority of the whole, who are united and actuated by some common impulse of passion, or of interest, adversed to the rights of other citizens, or to the permanent and aggregate interests of the community." He went on to explain that faction is part of human nature; "that the CAUSES of faction cannot be removed, and that relief is only to be sought in the means of controlling its EFFECTS." The significant point Madison was to make in this essay was that the Union was a safeguard against factions in that even if "the influence of factious leaders may kindle a flame within their particular States, [they will be] unable to spread a general conflagration through the other States." What caused men like Thomas Jefferson and James Madison to defy tradition and public perceptions against factions and build an opposition party? Did they finally agree with Edmund Burkes' famous aphorism: "When bad men combine, the good must associate; else they will fall, one by one, an unpitied sacrifice in a contemptible struggle?" Did the answer lie in their opposition with the agenda of Alexander Hamilton and the increases of power both to the executive branch as well as the legislative branch of government?

Mkt 337

Company profile CFL (Core Finland ltd) which was found in 2006 in Finland. It’s a dynamic food marketing company. The present managing director of CFL is Joonas Turkama. The main activates of this company is are importing, marketing and sales of first class products, which have the potential to grow big brands nationally as well as internationally. The mainly focusing on building brands in order to gain a long term success. CoreFinland's main target groups are wholesale, retail trade and HoReCa -sector. They also build international partnerships, especially in Western-Europe and in the Baltic Sea region.In future they plan to expand their business activities particularly towards Russia, Germany and Sweden. The main product of this company is snacks and food product. It provides marketing and sales service both domestic and foreign by its long distribution channel (whole sale, Retail). It also provide some service like hosting, packaging, consulting by retail chain. Product CFL start producing â€Å"VEGE CHIPS† from 2011 under Rye snacks. Now a day in Europe people are more health concusses so that in Europe market people are like to choose healthy food rather than fast food.So that organic foods easily make a big market in Europe . VEGE CHIPS is completely healthy and organic food. It’s not only a snake’s people can use it as a regular food. Fat level in VEGE CHIPS is very low so that middle age people can take it as much as they want. No1: Developing market for â€Å"VEGE CHIPS† Our target market is two different countries Srilanka and Canada. These two countries are different from each other. They are totally different in socially and culturally. So our target market also different for these two countries. Country profile Srilanka: Population 1,481,334 (July 2011 est. ) Age structure 0-14 years:  24. 9% (male 2,705,953/female 2,599,717) 15-64 years:  67. 2% (male 6,993,668/female 7,313,440) 65 years and over:  7. 9% (m ale 720,219/female 950,916) (2011 est. ) Median age Total:  30. 8 years male:  29. 7 years female:  31. 8 years (2011 est. ) Canada: Population 34,300,083 (July 2011 est. ) Age structure 0-14 years:  15. 7% (male 2,736,737/female 2,602,342) 15-64 years:  68. 5% (male 11,776,611/female 11,517,972) 65 years and over:  15. 9% (male 2,372,356/female 3,024,571) (2011 est. ) Median age Total:  41 years male:  39. 8 years female:  42. years (2011 est. ) Customer profile Our target is middle age people who are 18 above. Middle age people are more health concusses and the can make decision as their own. we believe that they will take our chips because its healthy and totally natural. If we can satisfy them they will influence other for chose our product. Srilanka: In srilanka we will target high society area like Colombo because they are more health concuss and they can easily effort healthy food without thinking for price. in their people lead busy life so if they got read y healthy food they can easily take it.We also target sea side area where tourist comes from different country. Canada: In Canada we will target is the whole country. Because they are reach enough and lead busy time. They also more health concusses and educated too. No 2: The Marketing Mix for â€Å"VEGE CHIPS â€Å" Srilanka| Canada| Product: Srilankan people like spicy food like as other Asian country so here we have to apply extra spicy chips with regular one. | Product: In Canada we use our regular healthy chips but we have to make it little bit sweet and salty| Place : We sell it in retail stall and all over the target location. Place: Super shop and large retail stall in super mall or market. | Promotion : Here we use TVC, Billboard commercial also in magazine , health magazine| Promotion : Here u use free tail, billboard, health magazine , bill board in bus train , taxi| Price: Small packet and medium, less amount off chips so that price can be reduce. | Price: Large and go rgeous packing so that we can keep premium price. | Positioning: Less price because middle class people can afford it. | Positioning: High price because people get healthy food and it’s for higher class people. Process: We produce chips in srilanka | Process: We chose a well known distributer in Canada and export chips from Finland. | Physical evidence: Spicy chips with attractive shape of chips but packing will be less costly. | Physical evidence: Attractive packing with high costly and chips color is light. | People: Well dress up sellers and they are directly commutated because here we do direct marketing. | People: For make familiar we give cap, t-shirt to our distributor and give well amount of percentage for big sale. | No 3: Integrated marketing communication for â€Å"VEGE CHIPS: Srilanka| Canada |Step 1: Vege chips is completely new product for srilanka so our vision is gaining the one of best healthy food producer in there. Here we do mass marketing for promoting o ur chips in school, collage. Because in srilanka most of are middle class society people. | Step 1: As a new chip in Canada our vision is reach a respected position by providing healthy snacks in market. We gain it by providing healthy chips at a premium price. | Step 2: As we are new in Srilanka so we heir a add firm for adverting and provides them our survey report on target customers need expectation from snacks.We are new in here it’s a weakness for us but our strength is we are providing healthy and natural foods. For Asian region country here peoples like spicy foods so that we provides some spicy flavors chips. | Step 2: For promotion in Canada all work done by distributer as we choose distribution channel in here for providing our product. So here no need to full attention for determining customer profile. Expensive price is a weakness here but in other hand providing healthy food is our strength. Here chips will salty and little bit sweet. Step 3: Here we do our prom otion by TVC, Billboard, and Health magazine. Our main massage is â€Å" Eat healthy chips at cheaper price â€Å"Our main objective is gain 25 % of the snacks market in a year. | Step 3: Our tag line is â€Å"Eat healthy, Live long â€Å". Here we do free trail, internet pop up , billboard in bus train. Here our object is gain 25 % of snack market in 2-4 year. | Step 4: We make our 40 % capital from Finland and other 60 % from native bank for build our factory in Srilanka. | Step 4: In Canada we import chips from Finland so we have do is send money in transport and tax.So the Budget is cheaper for Canada. | Step 5: By TVC here we do mass marketing for establish our product. Billboard marketing done by ad agency. For middle and higher class people here we have small packet and fewer amounts of chips. We can overcome our profit but less costly packaging. | Step 5: This chips is healthy, natural and unique. Here we chose a distribution channel to supply it in lager retrial store a nd mass marketing. We provide them healthy and natural food so the price is higher in here. We use gorgeous packaging. We provide product from Finland by this it’s easy to gain profit. Step 6: For a good progress we check out our monthly feedback from all kind of stores and retailer. We have to careful for breakeven point and overall sells for understood our current market situation. | Step 6: For Canada we have to careful in monitoring, evaluating and controlling to our distribution channel. We take all kind of information from them for understanding our market situation. | Assignment #1 ( Promotional marketing) Submitted to: Sherina Idrish Subject: MKT 337 Section: â€Å"8† Submitted by: Hossan momahmmed mishu ID: 102 0184 030

Racism and Self-Identity: A Review of “The Color of Water” Essay

The American South, especially in from the 1930s to the 1960s, is a hard place to live for when you are a â€Å"colored person. † This novel, written by James McBride, discovers the complexities of having a bi-racial activity, especially at a time when blacks and other minorities are hated and discriminated upon by the dominant white society. This novel attempts to reflect at the domination of American society by the white man, and attempts to discover his own identity by looking at his mother’s past: the life of Ruth McBride, a Polish-Jewish immigrant in the South of the 1930s, beset by constant intimidation and violence of the white majority to other racial minorities, especially to Jewish immigrants and to the blacks, who were historically imported by white plantation owners to work as slaves in cotton plantations. However, the journey of Ruth McBride does not end here; she actually continued her journey away from the American South, loving two blacks in the way, and describing the unique complexities of the Harlem district of New York City. The Christian faith also plays a colorful part in this novel, providing the needed comfort and guidance in times of adversity. This background, combined with question about his racial self-identity, will soon lead him to have a violent behavior, including phases of drug use and crime. However, he will soon find value in his life, relying upon the principles of hard work and self improvement, plus additional skills in writing and jazz music. The novel starts with chapters introducing the mother of the author, Ruth McBride, and is already full of symbolisms and drama (McBride, n. pag. ). The first chapter, entitled Dead, describes the Jewish origin of Ruth, and offers a glimpse of the discrimination that they are already experiencing; and she further becomes â€Å"dead† due to her marriage to Dennis McBride, whose race is officially viewed as inferior, and whose race is a victim of an officially-sponsored racial segregation (McBride, n. pag. ). Given that the background of the family of Ruth comes from a conservative one, guided by orthodox Jewish practices, choosing to marry a colored one surely brings in discrimination by society and rejection of the family. In this case, it can be clearly seen that in America of the early twentieth century, your race can actually determine the way you live; being a colored can make you have a miserable life constantly under threat and looked down, even when you may live in the â€Å"land of the free. † This theme continues in the second and third chapters, where the bicycle of Ruth became a medium where she can find constant movement away from the troubles of living a multi-racial family, all while her son James already looked into crime and drugs for escape (McBride, n. ag. ). Ruth also recalls the origins of her family, as symbolized by the Kosher, where Jews are already suffering from discrimination and intimidation in their native land, and where immigration and the practices of orthodox Judaism serves as a convenient escape from the racial discrimination that they are experiencing (McBride, n. pag. ). Such experiences vividly explore the hardships of belonging to a hated race, where escape i s a necessary thing. The point of view of James is also seen in this chapter; James recall that he sees her mother as different at such an early age, although he really cannot fully comprehend why in fact she is different from others. This is highlighted in the account when James already reaches kindergarten; he asks his mother why she is different from him, although her mother refuses to entertain the question (McBride, n. pag. ). Her bitter memories regarding her family influences her not to open the topic later in her life, soon to be understood by James. In the third chapter, entitled Kosher, Ruth recalls the arranged marriage of her mother and her father, which was brought out of convenience, in which she does not make any sense of it at all (McBride, n. pag. ). In addition to this, she also recalls all of the strict practices of Orthodox Judaism, to which she sees it as very suffocating, making her have a very difficult life, combines with a very string fear of death (McBride, n. pag. ). Such experiences will later affect her in raising a family, focusing on hard work to offset the difficulties of their racial origin (McBride, n. pag. ). In the later chapters, such as in Black Power, James began to realize the complexities of being a multi-racial person; torn between the desire of having solidarity with fellow black neighbors striving to fight for black power and concern for his white mother who is unwilling to commit with this movement, emphasizing the importance of privacy, the church, and the family (McBride, n. pag. ). James even asked her mother if he was adopted, due to the fact that he has a different color with her mother. The civil rights movement at that time was very string, with the black community in their area actively supporting and campaigning for more black powers in society, to which her mother is very reluctant to accept (McBride, n. pag. ). Adding to such complexities is a commentary of James upon her mother’s belief, often contradictory because of her Orthodox origins, as well as she being a Christian convert living among a black community (McBride, n. ag. ). After this recall, however, James decides to show sympathy to his mother, ending up punching the face of a son of a member of the militant Black Panther Party, whom he deemed as a threat to his white mother. After all, this episode shows that joining a black power solidarity movement, especially for a multiracial is not always smooth; convictions for black power may conflict with personal beliefs and priorities, provoki ng hesitation despite common discriminatory experiences in a white-dominated society. The book then shifts on how Ruth has found her guidance and inspiration amidst all these contradictions, tracing her Orthodox Jewish origins to her eventual conversion to Christianity (McBride, n. pag. ). Her early experiences are never easy. Contrary to the popular belief that having a new life in America will lead you to the prosperous â€Å"American Dream,† In the chapter entitled the â€Å"Old Testament,† the experiences of Ruth’s family were no American dream; on the contrary, they suffered under constant poverty (McBride, n. pag. ). Her father tried to make a living by being a rabbi, forcing them to move constantly from place to place; until they decided to open a grocery store in the predominantly black town of Suffolk, Virginia. Ruth also had a recollection on her loveless daughter father relationship, especially because of the fact that her father was secretly abusing her sexually. However, she also points out that she still has a positive remembrance of her childhood, which includes her memories with her mother during Jewish holidays (McBride, n. pag. ). In the next chapter, entitled the â€Å"New Testament,† the conversion of Ruth to Christianity is portrayed. This is emphasized in the way how Ruth raised her children, not taking lightly one instance where Billy refused to recite a biblical passage in Easter Sunday (McBride, n. pag. ). However, questions on race is also9 presented in this chapter, with James asking her mother what is the color of God’s spirit, and her mother replying that it has no color, that God is the color of water (McBride, n. pag. ). Such passages reflect how important color is as an issue at that time, for ones’ opportunities and possibilities in life ism not determined by abilities alone, but by color. In addition to this, America at the time of James still sees a society wherein being a colored means being a lesser human being; where black power is being fought for, and being black while having a white mother makes you trapped in questions and confused. This is followed by a recollection in the home of her mother in Suffolk, Virginia, where the absence of opportunities for blacks and Jews alike has lead them to miserable poverty, in addition to the presence of the Klu Klux Klan which presents constant intimidation and violence for them (McBride, n. ag. ). This recollection is then intertwined with the experiences of James with respect to his siblings, highlighting the difficulties of raising a family that explores his/her racial identities (McBride, n. pag. ). The next chapters, especially School, Boys and Daddy explores the personal experiences of both James and Ruth on racial prejudice, with Ruth having to secretly meet with her loved one due to the threat of the Ku Klux Klan, a nd the fears of James in attending a predominantly white school. However, this part of the novel also gives a positive insight; the tremendous work ethic of Ruth, and the exploration of jazz music by James as a new way of escape (McBride, n. pag. ). The next parts of the book explores the devastation of the family with the demise of the second husband of Ruth, especially in its effect to James, and an insight into everyday life in the Harlem district of New York. James then began to seek the origin of his parents in Suffolk, Virginia, and witnesses the poverty and racial complexities in that area intertwined with the early experiences of his mother in love, especially in the chapters The Promise, Old Man Shilsky and A Bird who flies (McBride, n. pag. ). The problems of the interracial marriage Ruth and Dennis, as well as the discovery of the synagogue is highlighted in the chapters A Jew Discovered and Dennis; while the final chapter, Finding Ruthie, emphasizes the fact that being a multiracial is not only difficult, but full of uncertainties (McBride, n. pag. ).

Monroe Doctorine essays

Monroe Doctorine essays 135 Isolationism is a policy or doctrine in which peace and economic advancement can best be achieved by detaching ones country from alliances and commitments with other countries. In actuality this means, it is the mindset and policy to keep your country away from other countries and their affairs. George Washington originally started this policy, which became a trend when he sternly stated that no permanent alliances be made during his term as president. In 1823 President James Monroe created the Monroe Doctrine, although the thinking was done much by John Q. Adams. In this doctrine, Monroe warned the European countries of the damage colonization and intervention can do to foreign affairs. Based on the pretenses outlined in the Monroe Doctrine, it is believed that this was isolationist doctrine. Monroe advised the European countries to steer clear of foreign intervention in his doctrine. Monroe had sympathy for the South American countries that were being taken over mostly by the Spanish, even though his concern was mainly for Foreign intervention in the Doctrine stated that Europe keep their monarchical and imperial type governments out of the Western Hemisphere. As for America, the United States was prohibited from getting involved with their wars or affairs, unless we were directly connected. These ideas definitely follow the definition of isolationism. Monroe was trying to get rid of all European authority in the Western Hemisphere and agreed to stay out of their affairs. This meant that the United States was only going to deal with our own country and not even have alliances. His main reason for this was to save America from war, therefore, for the good of peace. They detached themselves from the Eastern Hemisphere completely, in part to keep the peace. President Monroes doctrine, was whole-heartedly a isolationist policy. Monroe wanted to destroy all the Eu ...

Prisoner of Tehran and A Handmaids Tale Essay Example

Prisoner of Tehran and A Handmaids Tale Essay Example Prisoner of Tehran and A Handmaids Tale Essay Prisoner of Tehran and A Handmaids Tale Essay also the founder of Islamic Republic. Marina Nemat was arrested at the age of 16 and sentenced to death. She is tortured at the prison and almost killed but later she has been rescued by a prison guard who she is forced to marry. Another text dealing with woman in capacity is the Handmaids’ Tale written by Margaret Atwood.The novel is told by one of them female victims in the Gileaden society. Her name is Offred and she is a baby-maker. She is valued by her ovaries and is living in a house with Commander and his wife, separated from her own family. The novels of Prisoner of Tehran and Handmaids ‘Tale are totally different texts. But they are similar when it comes to the themes of political oppression, the issue of human rights and survival. The autobiography Prisoner of Tehran is about the Iranian Revolution of 1979. During the revolution, there was a lot of opposition against Mohammed Reza Shah who struggled to modernize Iran with help from the US. He used the secret police called the SAVAK to rule the country. The SAVAK was Iran’s most feared institution and killed many of Shah’s enemies. The opposition was led by Ayatollah Khonemeini who was the founder of the Islamic Republic. Hundreds of supporters of the Shah were executed and many were held in order to protest against the new extreme rules. One of the r

Quotes From the Classic Novel Black Boy

Quotes From the Classic Novel Black Boy Black Boy  by Richard Wright was first published in 1945. This autobiographical novel was a bestseller, and it is an important 20th-century work of literature. Another famous novel by Richard Wright, Native Son, was published in 1940. Here are a few quotes from Black Boy. Black Boy Quotes The faint cool kiss of sensuality when dew came onto my cheeks and shins as I ran down the wet green garden paths in the early morning. Im hungry now, but I wont live with you. Im doing all I can, When you get through, kiss back there. White, red and black, but quickly tells him to hush, saying, Theyll call you a colored man when you grow up. Do you mind, Mr. Wright? You cant eat a dead dog, can you? If I kissed my elbow, I would turn into a girl. At the age of twelve, before I had had one full year of formal schooling, I had a conception of life that no experience would ever erase, a predilection for what was real that no argument could ever gainsay, a sense of the world that was mine and mine alone, a notion as to what life meant that no education could ever alter, a conviction that the meaning of living came only when one was struggling to wring a meaning out of meaningless suffering. I said to myself, that boy just doesnt know what hes doing... The naked will of power seemed always to walk in the wake of a hymn. You ought to know God through some church. Even if that isnt right, its not far wrong. I never saw a dog bite that could really hurt... the principals speech is the better speech. My ass is tough and quarters is scarce. This was the culture from which i sprang. This was the terror from which I fled. Color hate defined the place of black life as below that of white life... Having been thrust out of the world because of my race, I had accepted my destiny by not being curious about what shaped it. Trying to please everybody, I pleased nobody... We must have a purge. You lost people! I lived in the South and I never saw any chain gangs. Get out of our ranks! I would send other words to tell, to march, to fight, to create a sense of the hunger of life that gnaws in us all, to keep alive in our hearts a sense of the inexpressibly human.

Pearl Harbor Raid Essay Example | Topics and Well Written Essays - 750 words

Pearl Harbor Raid - Essay Example The consequences of this nuclear attack changed the course of history. Had Japan not carried out that attack on Pearl Harbor back in 1941, USA might not have entered the war and history, as we know it, would have been different. There are many people who might argue this act of the USA to be a despicable one even though it did bring the war to a close. The fact that the Japanese Army practically ran the country and its foreign policies controlled by it did not make matters better for the already war torn millions inside Japan. Whether this justifies the bombing or not is a debatable point. However, the attack at Pearl Harbor and the consequent entry of USA into the World War II in an active role signified the inevitable downfall of the Japanese Empire. The Pearl Harbor raid had its share of controversies which made worse the already declining situation for the Japanese. Even though the Japanese were to have issued a warning of the attack as per war time codes dictate, due to supposed delays, the news reached an hour after the initial attack commenced (Howard, 1999). This â€Å"sneak attack† allowed the then President of the USA to rally the country behind him in the name of an unannounced treacherous attack and plunge into the war. The Japanese confidence in their superior navy and army, and woeful ignorance of the major strides of the Americans in the fields of nuclear warfare led to the ultimate surrender in September 1945 which brought the World War II to its fateful end.

Unit 2 Discussion board Essay Example | Topics and Well Written Essays - 500 words

Unit 2 Discussion board - Essay Example In this assignment, I am going to discuss about the episode of Enron Company and how their leadership used power to commit one of the heinous corporate crimes in the history of the world besides discussing some of the ethical lapses being committed by the organizational of Enron as well as political leadership of the United States of America. The ENRON scandal started as an accounting scandal however behind there is a whole story of power corruption and misuse of resources and powers to conceal and misrepresent the facts. It was discovered that irregular accounting practices which can easily be characterized as fraud were adopted in order to cover up the declining performance of Enron throughout the 1990’s decade. The major players involved in this whole fraudulent activity included not only the top management of the Enron specially Mr. Kenneth Lay, the CEO of the company and Mr. Jeffery Skilling but major role was also played by Enron’s auditors i.e. Arthur Anderson. The creative accounting behind this whole episode was crafted by opening special purpose entities or limited partnerships which Enron controlled. Resultantly all debts and losses that it suffered were transferred to these SPEs and were not appeared on the financial statements of the Enron. With the help of these SPEs Enron not only got the fre edom to move the currency besides having full anonymity which basically helped them to hide the losses it suffered by dumping them into the financial statements of these Special Purpose Entities Apart from being the involvement of the top executives of the company there were reports which suggested the involvement of the Clinton administration during the 1990s era. (Smith, 2002). Not only the involvement of ENRON into concealing the facts, it was also believed that ENRON executives exceeded their original mandate to involve the company into Political affairs even

Leadership in Practice (MSC Business and management) Assignment

Leadership in Practice (MSC Business and management) - Assignment Example gled with the work and it had led to a situation where pace of work had become slower compared to what it was before the implementation of the system. The productivity of the organization had suffered as a result and the outcome was almost paradoxical. Lack of computer knowledge and miscommunication between departments were the chief factors that had led to the conflict. The employees became frustrated unable to complete their individual tasks let alone the organizational goals. The sales department was exceptionally late in uploading the reports which in turn delayed the marketing department in their course of action. The senior manager was baffled at the outcome and could not comprehend the way in which this impasse could be resolved. The individual departments blamed each other for the delay in work and this made the whole organization suffer. The subordinates started to blame the senior management and the working environment became healthy. I was working in the marketing department of Ledus Manufacturing. I believe that the leadership style was the management was the main reason that had led to this problem in the first place. The idea was a novel one as fast working could result in catering to a large number of clients and improved the profitability of the organization. I think the leadership style exhibited by the CEO of the company was essentially a transactional one which was based on a goal-reward based approach without addressing the internal dynamics of the problems (Northouse, 2012). The CEO had clearly mentioned the benefits that could be achieved if the goals could be met by the employees. This was mainly to motivate the employees and help them achieve their individual goals. The theories of leadership state that, in transactional leadership, the leader uses path goal framework to achieve organizational goals. In this case the classic problem was that clear directives were given to each of the employees by de fining their job roles but the inherent

The Era of Technology for the Environmental Based Issues Essay

The Era of Technology for the Environmental Based Issues - Essay Example The idea could be referred as a perfect one because it will enable the council to get and accumulate sufficient funds which could be used for decreasing the level of air Creating awareness among the people is more worthwhile than that of applying the fees and fines over the people. It would work for California but new and effective strategies like in awareness could also be initiated. Public Law of United States (US) 480 stated that the United States sells the surplus gains to the developing countries, which pay them in local currencies. Later on, the country transfers much of its grains in de facto, but not to sell the grains which are not a good sign for a country which is highly effective and powerful in gaining and maintaining foods in total. This could be in a perfect way and the United States has to look forward to gaining an advantage by selling grains. In Economics, the name of elasticity is one of the most important topics which have its own importance and recognition. If the prices of food items are increasing without increasing the quantity, then it is known as negative elasticity in which prices are increasing not the quantities for poor. There are two different forests which need to be harvest accordingly. The first forest would be harvest accordingly and it is left in the similar position, while the second forest has been developed into a house. In terms of efficiency Forest, 1 would remain the oldest harvest age because it will remain in the same position for a long span of time, higher than that of the years of Forest B.

Reading Responses of Long Day's Journey Into Night by O'neill, Essay

Reading Responses of Long Day's Journey Into Night by O'neill, Copyright 02 - Essay Example Most prominent in the book is the theme of addiction and drug abuse. The man of the family, James Tyron, is a worried man about his sons and wife. Mary, the wife is nursing morphine addiction as Edmund and Jamie struggle with alcohol addiction. In addition to these struggles, James has financial problems despite being a considerably wealthy man. All his wealth is tied up in assets. These tribulations befalling a man at the same time would make the strongest of men to crumble. Further, Tyron’s family is in chaos with itself. Everyone has problems and no one is willing to take responsibilities for anyone’s muddle. Act II begins as Jamie and Edmund taunt each other over stealing their father’s liquor. The two sons steal their father’s wine and top it up with water so that their father does not realize. Jamie is suspicious over everything. Edmund has an involving task of supervising his mother not to resume abusing morphine despite his addiction. He cares for his mother and is worried about her condition despite himself. Edmund is reluctant to take a test to ascertain his health condition for the fear of traumatizing his mother. He suffers but perseveres it for his mother’s sake. He says: promise not to worry yourself sick and to take care of yourself (ONeill, 23). O’Neill’s work is full of tension. James’s house is full of suspicion. In Act II, Edmund accuses his brother of being suspicious over everything. The characters in the play contribute to the dissonance. Jamie’s suspicion causes tension in the house. He complains that he had been put in the dark for 10 years about his mother’s addiction. He, therefore, trusts no one in the family. To him, everything that goes on is akin to a scheme. Moreover, the two sons are not sure of their mother’s morphine addiction state. When Mary left the main bedroom to go sleep in a spare bedroom due to her husband’s snore, Edmund suspected she was up

The Era of Technology for the Environmental Based Issues Essay

The Era of Technology for the Environmental Based Issues - Essay Example The idea could be referred as a perfect one because it will enable the council to get and accumulate sufficient funds which could be used for decreasing the level of air Creating awareness among the people is more worthwhile than that of applying the fees and fines over the people. It would work for California but new and effective strategies like in awareness could also be initiated. Public Law of United States (US) 480 stated that the United States sells the surplus gains to the developing countries, which pay them in local currencies. Later on, the country transfers much of its grains in de facto, but not to sell the grains which are not a good sign for a country which is highly effective and powerful in gaining and maintaining foods in total. This could be in a perfect way and the United States has to look forward to gaining an advantage by selling grains. In Economics, the name of elasticity is one of the most important topics which have its own importance and recognition. If the prices of food items are increasing without increasing the quantity, then it is known as negative elasticity in which prices are increasing not the quantities for poor. There are two different forests which need to be harvest accordingly. The first forest would be harvest accordingly and it is left in the similar position, while the second forest has been developed into a house. In terms of efficiency Forest, 1 would remain the oldest harvest age because it will remain in the same position for a long span of time, higher than that of the years of Forest B.

Biblical Worldview Essay Example | Topics and Well Written Essays - 750 words

Biblical Worldview - Essay Example s of words contained in Genesis 1: 26 which say that, â€Å"God thereby said, let us create man in our likeness and image, and let us give him dominion over every creature of the earth. This paper therefore argues that since man is created under the image and likeness of God, there is a need of treating mankind with respect, honor and faithfulness. The work that gives me satisfaction is systems analyst. This work involves researching on problems, planning solutions on the problem researched, and recommending software’s and systems at the functional level of a computer. My job also involves preparing broken computer servers, for business organizations, and individual companies. As a system analyst, it is my duty to act as a liaison between computer vendors, and experts of information technology. While carrying out my duties, I’m always under the inspiration of God’s word contained in Romans 12:4-8, which requires mankind to carry out their duties and vocation in a manner that is perfect, and pleasant to God (Groh, 2010). This scripture denotes that Christians are the body of Christ, and each Christian has different gifts. Christians should therefore use these gifts for purposes of serving each other. Under the image and likeness of the Almighty God, there are three major issues that we need to understand. The image of God that Genesis 1, refers to is not a physical image. This is because the bible in John 4:24 denotes that God is a spirit and therefore, to worship him, it must be in truth and spirit. Therefore, God does not possess a physical body that is made up of blood and flesh, but a spiritual body (Pembroke, 2012). However, the image of God that the scriptures talk about is the mental image. God has given mankind a mental capability that is far much above that of animals. This was for purposes of enabling mankind to carry out the work of God. Gods work was to protect the earth, and every living thing that existed in earth. As a system analyst, my duty

A Bridge to Wisemans Cove Essay Example for Free

A Bridge to Wisemans Cove Essay ‘With it’s sight restored at last, the bird jerked it’s head sideways to look at Carl and then Joy, as though it was asking, is it true? Am I free?’ James Moloney uses the image of the osprey in several ways throughout the novel. The main technique in which it is represented, is the emotion of the characters finally feeling free in there own way. The first use of the image of the osprey is shown when Carl’s mother Kerry would always leave to go on one of her ‘holiday’s’. I believe that she went on these holidays to make herself feel free. To go away for a few days and leave her real life. But in fact she was never really free. Even on her holidays she always knew that she would eventually have to come back to reality, to her children. It’s not that she didn’t love her kids, she did. Perhaps she just couldn’t handle the stress of having to raise three children as a single parent or maybe just having them around was holding her back. During the prelude of the novel an unknown women gets on board a bus. She waits out of sight and sneaks on the bus when the driver is pre-occupied. She does not have a ticket and no one knows who she is. ‘The driver gunned the engine, commanding its throaty roar and the bus pulled away from the roadhouse into the sea of darkness. Only then did the women sit up and permit herself a smile’ At the end of the novel we find out that this women was Kerry. She was on her way back to her children when the bus she was on drowned into the ocean. In the moment that Kerry died, came the realization that she knew she was finally free. Sarah, Carl’s sister also finds the courage to leave and set herself free. Free from living her own life. Since Sarah was old enough to remember she would always have to depend on herself not her mother. When her mother would leave she would have to look after Carl and Harley as though they were her own. She states in the book ‘I’m only nineteen years old. I’ve got my own life. By the time Harley’s old enough to take care of himself, I’ll be thirty.’ Although I don’t agree with the way Sarah went about just dropping Harley and Carl off at their Aunt Beryl’s, I agree that she has her own life to live and she needed to escape. Consequently, setting herself free. The image of the osprey is shown in a major way within Carl. In many ways the osprey is a mirror image of Carl, in its appearance, pain, suffering, recovery and how it is set free. The image of the osprey is remarkably similar to that of Carl’s. It was a, ‘large bird, brown and grey, its head covered by a canvas hood.’ The description of the osprey matches some aspects of Carl’s body and personality. Carl was a large boy, miserable like the colour grey and he was shy like a hood covering his head. This was because he did not want to see what people responded to his body. He was ashamed of himself and the name his family had. Although by the end of the book Carl realizes that he finally has new friends and a new family. He finds that people like him and that they ignore that he is a Matt. ‘My name is Carl Matt. M-A-T-T.’ Carl screams his name out to the world, he doesn’t care anymore. Carl was free. Free of his worries, free of his fears. He is free from the curse that everyone says he and his family has. He could let go of his sorrowful past and be alive just like how the osprey let go of its painful past and began to fly once again. The way the osprey spread it’s wings and took its first beat against the wind symbolizes the emotions rushing through Carl when he finds out his mum truly did love him and Harley. The journey of the osprey mirrored Carl’s personal life. The osprey was set free in a way that makes Carl feel alive. The image of the osprey is used to represent the characters feeling free. It mainly symbolizes as a metaphor for Carl’s life. The osprey is free from being injured by people by being nurtured from Justine and Joy. Carl was also getting injured by people. Throughout his whole life people were hurting him. Kerry, his mother, Beryl, his aunt, his older sister Sarah and kids calling him names about him weight. When he met Justine and Joy, they saved him. They made him feel alive. They set him free.

Morrisons Marketing Strategy

Morrisons Marketing Strategy Morrisons is the biggest retailer and chain of superstores in the UK. Morrisons started it business long back in late eighteen century by William Morrisons having head branch at Bradford, England. Steadily it grew its business and operates almost 455 stores in the UK and is a part of stock exchange of FTSE 100 Index. It is operating under Public Limited company label of WM Morrisons. It is a big dealer of food and has won many Awards for best food for its meat, bakeries, frozen foods and many other food items and daily household needs. Definition of Marketing Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customer (P. Tailor 7/00) Marketing is a long process which requires particular skill to co-ordinate, plan the activities and implement plan for the success of carrying out marketing campaign. This success comes from analyzing market and market research. Task 1. The role of marketing in Company and how it helps contribute to business objectives. Vision of Morrisons Different and Better than Ever It cares for the values of bringing improvement always. Business objectives of Morrisons To maximize its revenue and profit by focusing on being Food Specialist TO be the cheap provider of goods and services to the customers. Role of Marketing in Morrisons In Morrisons, marketing plays an important role in different contexts. Marketing has to deal different departments of the organization where it needs to bring improvements and changes. Role of marketing and sales are of great importance in marketing activity. Direct and indirect marketing are equally important to target the market for Morrisons. For the effective marketing role, Morrisons can take competitive advantage of modern technology which would bring corporate image and better turnover for Morrisons. With effective accomplishment of marketing role, it would be able to fulfill its corporate objective of being first in retail business with profit and sale maximization. An Analysis of the External Factors influencing marketing in Morrisons Markets are highly vulnerable to external market that has great influence on the companies. Proper analysis of external factors affecting Morrisons must be seriously evaluated and managed. PESTLE analysis will help Morrisons to understand impact of these external factors. Political Factors- Rules and laws governing authorities fall under political factors. These authorities put forward laws for the limitations of the company. For Morrisons, political factors like policies and procedures for the business to carry its operations. Economic Factors- are all important factor relating to profit and money. Morrisons is focused on profit maximization wherein it has to take more care of credit crunch and economic downfall. Technological Factor-Â  It relates to use of modern technology and techniques in use for production and sales. Prior concern for Morrisons is to make sure that it uses World Wide Web for its business strategies. Environmental Factors- This factor has become top concern for the world due to global warming issues. Thus for Morrisons, it is important to make use of non polluting machines, technologies and techniques. Legal Factors- It is about issues and difficulties coping up with laws. Morrisons would like to handle legal affairs while planning its growth and expansion activities. Morrisons being in the retail sector faces many more problems due to effect of its external factors. (Bookrags.com, 2006) An explanation of how marketing is used to achieve business objectives Achieving business objectives is possible by possible achieving four levels of objectives. Companies is able to achieve it goals and objectives when it analysis its external and internal factors and focus on the strategy and aims of corporate and marketing level. Corporate Objectives- The overall objective of a company in terms of its vision and goals for coming 5 years is known as corporate objective. Morrisons corporate objective for next five years would be increasing profit by 5% which can be significantly achieved by marketing activities. Marketing Strategies- Corporate objective is straight linked to marketing objectives which is designed by marketing department of the company. Marketing objective should go hand in hand with corporate objective which helps to achieve corporate goals ultimately. Marketing Strategies and tactics- Strategies on marketing expenditure and type of advertising activities, all should be linked back to corporate activities which help company to be successful. Whatever is marketing activities and strategies, it should be focused in the line of companys ultimate goals achievement which is either to maximize profit or to be brand popular. Morrisons can achieve both together with marketing activities. (tutor2u.net.com, 2012) Elements of the marketing process The different element included in the marketings Ps is product, price, place, promotion and price. These are also known as marketing mix which rightly analyzed can bring profit to the organizations. Product- Expanding its customer base through acquisition of more customers is important to Morrisons. This can be done through improving its existing product and introducing more products for new demands. Sale is expected to improve with expansion of its product line. Price- Customers would always like to pay negotiable price for the products that has substitute in the market. Morrisons has always been ahead in offering goods at cheaper price than its competitors. Giving discounts, coupons and best reduced prices. Promotion- Numerous promotion techniques promoting the brand need to be adopted which promotes the product not only nationally as well as internationally. Promotional activities like direct and indirect marketing and advertising needs to be carried out by Morrisons. Promotion needs to be carried out intensively. Place- Right market for right customer is very important. Morrisons needs to understand right market for its product. It has to carry out research on market segmentation and distribution channels for its product. Finding right agents and franchisee internationally becomes a challenge for Morrisons. Morrisons focus on 4ps will help it to find new markets and right price from its right customers. (Antiessays.com, 2012) Task 2-Understanding the principles of marketing through detailed analysis of the marketing mix and segmentation Marketing Mix is an effective strategy for putting up right products and services at the competitive price at the right place in the market. Market segment is another tool that helps to put the product and services to the right targeted customers by segmenting them on the basis of their taste, style and needs. These both tools are considered to be top and effective tools in marketing due to its significance importance in marketing. This both strategies help to put products in the right market due to segmentation and positioning. For marketing of product and for the best sale, right market for the product which can be done through communication which demands advertising. Market segmentation will help to target customers based on geographic, behavioral and psychographic segmentation. This division helps to catch the customer as per their needs and demands. Growth and expansion strategies of the business can be carried out with market segmentation tool. Morrisons has been performing well with its sales, expansion, and diversification and segmentation strategy so far. It just needs to explore more of its stores in international countries which really need diversification and segmentation. As it is a new market, product and market diversification are both essentially important. (scribd.com, 2012) An analysis of the positioning of Morrisons in the market in comparison with other supermarket chains. Positioning of Morrisons in the UK market is very strong due to its strong history and strong marketing strategies. The best thing about Morrisons is its price promise to offer goods and services at reasonable and comparatively lower price. In highly competitive and price war market. Morrisons has positioned itself on the top among the list of other superstores like Asda, Tesco and Sainsbury. Price Promise- It has launched guarantee work by Morrisonss Price Check where it claims to be cheapest superstore. If customer compares the price list with other stores customers find the products very cheaper and better. Thus when supermarkets were surveyed , it was noted that Morrisons was in the lead in its positioning in the market with compare to other superstores due to its price promise, loyalty schemes and various other promotional schemes. .(ceibs.edu.com, 2012) A review of Morrisons main market segments and an explanation of how they have been segmented e.g.: demographic, geographic. Review of Morrisons Main Market Segments Morrisons has already created a strong market in grocery and superstore segment where the products have become customer favorite. For few next coming years, Morrisons would like to expand the market segment of its non-food items into new geographical segments. Morrisons Online-Morrisons has covered huge market in the UK and operates it business with many superstores in various regions. It has showed good increase in revenue in each year. The company is still further planning to increase its revenue stream through maximization of use of Morrisons online with its customers. After capturing good share of supermarket, Morrisons is further developing its strategy to maintain and increase its market geographically. (Morrisons Annual Report, 2011) Market segmentation Market Segmentation is the tool that divides market into segment based on some divisional factors like geographical, demographical, psychological and behavioral segmentation. This segment helps distribution and marketing departments to sell their products and services based upon its demands. Behavioral segmentation- This is based upon behavior, nature and attitude of customers. Morrisons has identified choice of its customers based upon customer database and surveys. It has identified purchasing behavior of its customers into Finer foods, healthy foods, traditional foods and thus have formulated new products range based on this. Psychological Segmentation- This segment focuses on the basic psychological needs of the customers which is based on lifestyles and motives of the customers. Morrisons customers are strongly associated to the brand due to Morrisonss ability to meet its customers requirement which demands cheaper prices and the best services. Morrisons has been proved very effective to deliver products that best suits customer lifestyles and fulfill their motives. Thus its has been successful with meeting its psychological segmentation. Demographic Segmentation- Its about focusing on more locations and market coverage. Morrisons has been strong holder in the UK market but has captured great share of market but it has to more focus on new places and countries which are unexplored but people will value its products and services. Morrisons has segmented its market quite systematically and need more focus on geographic segmentation so as to be strong leader in the market. (Joseph. 2010) An evaluation of the benefits of Morrisons of segmenting markets. 1. Competitive position- Segmentation process helps to identify potential customers to its products. The company is able to derive competitive advantage because of positioning and segmentation. This can be done through proper direct and indirect advertising and marketing. 2. Growth Opportunities- To attract new customers and retain older ones is the main objective of the business. Market can grow only if segmentation is right. Thus growth is possible only through finding right customers. 3. Proper Allocation of Resources- Companys resources are very important and needs to be properly utilized. With segmentation, company would be able to save on its investment due to proper allocation of resources and less in wastage. It ultimately gives good returns on investment. Many more benefits can be derived from market segmentation and some of them are very much potential in achieving business objectives and goals. (Ries and Trot, 1972) Product distribution at Morrisons Efficient methods of marketing and distribution play an equal role in helping company to reach prime position. Many benefits can be derived if company is applying the best techniques to its distribution channel. Morrisons has introduced new transportation technique that aims at low carbon emissions and be eco-friendly. It has been actively working to have the best distribution technique which includes battery-operated vans for deliveries and fuel efficient transportation technologies that emit less of carbon in the environment. Analysis of pricing and promotional strategies at Morrisons Morrisons Pricing Strategy Morrisons is very good at offering its customers products at very low and cheap prices comparatively and offer reduced prices offers. It has proved to be giving the best price by it Price check test and also the big price drop campaign which bring heavy reduction to the products for its customers .(dummies.com, 2012) Morrisons Promotional strategy The biggest promotional technique of that Morrisons needs to bring in is its loyalty scheme club card which brings in great business o the company. The other promotional techniques are directly focuses on the customers which are voucher exchange, coupons at till, petrol promotions, advertising channels and offers on no food items. (dummies.com, 2012) Impact of current technology on marketing activity Businesses are left far behind if they do not use modern techniques. Marketing without modern technology cannot be effective due to its benefits and wide use among customers. Following sure some benefits of modern technology on marketing. 1. With modern techniques businesses can bring great change in products marketing due to creativity. 2. Bring brand awareness at global level due to world wide use. 3. Develops online presence as almost all company are on new technologies like online and internet marketing. 4. Online marketing has been cost effective with great benefits in term of revenue and sales. 5. Modern methods offer various approach to advertise the products due to multi marketing method approach. (Marketingmethods.net 2012) Task 3. Developing Marketing Plan for a new range of products. Methods for researching different market for a new range of ready meals. Primary and secondary methods are the techniques to find new markets for ready meals. Primary technique is a method that will collect data on first in hand with new research and surveys whereas secondary data is the one which is already tested and approved with results. Some techniques are- 1. Data base from companies already selling ready meals. 2. Direct Surveys and Questionnaires-This proves to be expensive and time consuming but gives right knowledge about customer choice. 3. Desk Research-will help to further research on the product and would test the product and send samples in the market which will be reviewed. (Euromonitor.com, 2012) Strategic aims and objectives for the plan. Aims for ready meals marketing is very clear and are as mentioned 1. Aims at customers convenience and costs. 2. Aims at providing better taste with new varieties of spices. 3. Aims at time saving for students, singles and busy and occupied people. 4. Target Market for Marketing activity and reason for choice Target market would be based upon market segmentation for customers. 1. Singles, bachelors, working couples and busy occupied professionals. 2. Market and customers that wish for trying new spices and are time savers. 3. International students and people who wish to work hard and saves money by having ready meals with good taste and spices. Micro and /macro environmental factors affecting the planning- PESTLE analysis of ready meals will help to understand external factors that might affect planning. Political factors- Health and hygiene factors is very important considerations. Policies regarding manufacturing and packing labeling for international level needs also to be taken into focus. Social Factors- Traditional foods are very popular in market, thus it is important to present nutritional part of this ready meal for future focus. It should be like by household and working women. Technological Factor- Ready meals needs to use new packing and labeling techniques with modern techniques so as to ensure safety and modern technology marketing will ensure good business. Marketing Mix for the ready meals Product- Ready meals newly introduced needs to be tested and reviewed by sampling distribution by checking spice level, nutritional elements and salt factor. Price- Customers expect new products with little reasonable and cheaper side on price part. With new products, price factor needs to be satisfied by the customers. Place- As targeted customers are placed in line, place would be promoting it to customers wishing to save time and costs. Promotion- New promotional strategy which adding it to existing product line of micro wave food and easy to cook food. With more effective strategy, Ready meal will prove a big success. Factors relevant to the implantation of the plan Advertising and marketing- For ever new product, it is me too scene when new product takes time to get along with other products wherein marketing and advertising activities plays an important role. Engagement- Customers need to be continuously engaged by means of samples distribution, promotional offers and coupons so as to keep product selling and bringing awareness. Monitoring- Customer follow-up is essential to find out review, suggestions and recommendations which will help to improve product and made better. Conclusion All the companies are concentrating great on marketing activities and strategies as it is the only way to reach customers and bring awareness about the brand. Morrisonss has been a strong brand in the market from quite along time. But in competitive market and competitors like Asda and Morrisons, it is important to retain customers and focus on new through marketing strategies only.

The Perfect Perfect :: essays research papers

â€Å"Therefore let them be instructed by you, at least by your deeds.† What does this verse mean to me? Well, what does it mean to you? How many of you believe you live a life of example? Perhaps you feel unqualified? That’s exactly how I felt. When I sat down and started to think about the oratory I was going to be giving for the last year I would be in high school. I wanted it to be moving. Funny. And finally I decided that I wanted it to be about exemplary life. I felt like I had no right, no privilege of allowing others to follow me. A mere adolescent 17 years of age, hormones off the charts, grips on reality out of the question, and virtually inexperience in the ways of the world, some may go so far as to call me sheltered†¦ what can I say about leading a life of example? Well, if I stick to my state of mind as an adolescent, I;m obviously not going to have too much to say for at least another decade. But if I stand outside of myself, and reflect on the quot e as rational intelligent human being, you’re gonna have an earful. This past year, just before Christmas, I got a job at a pizza joint no more than a 15 minute drive from home. The area in which the restaurant was situated has some wealthy neighborhoods, but for the most part, the community is downtrodden. Before coming in to work, I had no knowledge of the people that worked there. I had a friend from school with whom I’d be working, but he was the only person I knew. He had told me that they needed workers. I needed a job, and I got hired right on the spot. I learned some very shocking things within just a couple weeks of my employment My manager age 46. His oldest child? A son at the ripe young age of 31. My manager impregnated his girlfriend, of the same age, at 14. He got married at age 15 and became a father shortly after that birthday. His so called â€Å"wife† ran away, and so, at 16, he got divorce and continued to raise the child alone. A girl who is one of the pizza makers is 16. She had an abortion at 15, and is now expecting a child in late January.

Aspen Tech case study Essay

History and Overview †¢Ã¢â‚¬ ¯ Specialized in the development of simulation software for customer in process manufacturing industries †¢Ã¢â‚¬ ¯ Advanced System for Process Engineering (ASPEN) project conducted at the Massachusetts Intitutes of Technology (MIT) in Cambridge Massachusetts, from 1976 to 1981 †¢Ã¢â‚¬ ¯ Founded in 1981 by Dr. Larry Evans, a professor of chemical engineering at MIT †¢Ã¢â‚¬ ¯ Larry Evans†leadership in the development and application of integrated systems for modeling, simulation and optimization of industrial chemical process History and Overview †¢Ã¢â‚¬ ¯ In 1982 its first year of operations, AspenTech lost USD565,000 on sales of USD182,000 †¢Ã¢â‚¬ ¯ Over next 13 years AspenTech’s sales grew rapidly as it became a major payer in the process simulation segment of the software industry. †¢Ã¢â‚¬ ¯ 1995 company earned net income $5.4 million on sales $57.5 million. AspenTech estimated that it commanded 50% of the simulation market for chemical sector. †¢Ã¢â‚¬ ¯ 1995, it employed 417 people of which 265 ware based in the US and the remainder in office in 5 countries. History and Overview †¢Ã¢â‚¬ ¯ AspenTech went public in USDD31 million IPO which included a USD 18 Million primary offering and USD 13 Million secondary offering : –†¯ to finance further R&D –†¯ to acquire externally developed technologies –†¯ to allow early investors to monetize their holdings in the company, †¢Ã¢â‚¬ ¯ Feb1995, Aspentech conducted a $23 million public offering, which included a USD 1 million primary offering and USD 22 million secondary offering. †¢Ã¢â‚¬ ¯ 1995, AspenTech was the only one of the firms that specialized in simulation programs for chemical petroleum, and petrochemicals industries that was publicly traded. Products (versi makalah) †¢Ã¢â‚¬ ¯Aspen Plus Aspen Plus is the most popular product a steady state modeling system built around the core technology This product accounted 48% of sales in 1995 †¢Ã¢â‚¬ ¯Speed UP It was AspenTech’s dynamic process modeling product commercialized in 1986 by Prosys Tecknology that AspenTech purchased in 1991 †¢Ã¢â‚¬ ¯Max It is a less powerful version of Aspen Plus †¢Ã¢â‚¬ ¯Advent A software to optimize the tradeoff between capital expenditures for energy saving heat exchangers and the energy saving realized   Product Portfolio (versi makalah) †¢Ã¢â‚¬ ¯ Properties PLUS It is a database of chemicals properties underlying its other products, popular with customers ~ developed in-house modeling software †¢Ã¢â‚¬ ¯ Other modules –†¯ offers to the customers ~ license separately –†¯ use with its other products to model subsystems used in highly specialized chemicals processing application. Product Portfolio (versi web) †¢Ã¢â‚¬ ¯Process Engineering – – – – – – – – Process simulation Chemicals (10 products : AspenPlus) Process simulation Oil&Gas (8 products : AspenHYSYS) Process simulation Refining (11 products : Aspenadsim+) Process simulation Batch/Pharma (8 products :Aspenproperties) Model Deployment (3 products : AspenModelrunner) Equipment modeling (8 products :AspenAcol+) Basic Engineering (2 products :AspenKbase) Economic Evaluation (3 products : Aspn Icarus Project Manager) †¢Ã¢â‚¬ ¯Advance Process Control (14 products : Aspen Apollo, Aspen IQ) †¢Ã¢â‚¬ ¯Planning & Scheduling (10 products : Aspen Advisor, Aspen MBO) †¢Ã¢â‚¬ ¯Supply & Distribution (3 products : Aspen Retail) †¢Ã¢â‚¬ ¯Production Management & Execution (16 products : Aspen 0server) Sales & Marketing †¢Ã¢â‚¬ ¯1995, licensed to more than 450 companies ~ chemical industry and 350 univerities †¢Ã¢â‚¬ ¯The selling cycle for process modelling software was long (6-12 months) †¢Ã¢â‚¬ ¯AspenTech charged a premium over competitors products, raise licensing fees three times (1998-1995)~10% †¢Ã¢â‚¬ ¯Customer loyalty –†¯ Over 90% renewed their software –†¯ 1994 : 34% revenue from software renewal; 34% from expansion from existing customer †¢Ã¢â‚¬ ¯United States : –†¯ Directs sales force –†¯ Earned combination of salary & commission †¢Ã¢â‚¬ ¯Sales subsidiaries : UK, Japan, HongKong, Brussels –†¯ Serve local & regional markets via directs sales forces †¢Ã¢â‚¬ ¯Licensed software for a non-cancelable term ~ 3 or 5 years †¢Ã¢â‚¬ ¯Charge : –†¯ annual fee x license term (year) –†¯ Interest rate 9.5% – 11% currently 12% †¢Ã¢â‚¬ ¯Customer were more likely to buy software priced in local currency Risk Exposure 1.†¯ Foreign Exchange Risk – – – – sell software in local currencies  installment from three-to-five years creates foreign exchange exposure exchange rate fluctuations 52% revenue generated from foreign company with following revenues figures: †¢Ã¢â‚¬ ¯ Europe 31% †¢Ã¢â‚¬ ¯Asia 12% †¢Ã¢â‚¬ ¯Other countries 9% †¢Ã‚  In United State 48%. Risk exposure are might be applicable :Transaction Exposure (High) most the costumer operated outside of US Translation Exposure (Low) convert foreign currency financial statements into a single currency (USD). Risk Exposure 2. Interest Rate Risk (low) –†¯ AspenTech debt using US dollar currency fix interest rate and mid term (3years) –†¯ place a seasonal line-of-credit facility with a New England Bank Risk Exposure 3.†¯Credit Risk –†¯Ã‚  Credit risk (default risk) in high exposure level 2 sources probability trigger this risk: growing rapidly customer choose to defer payment of their license over the life of the contract Ex: AspenTech was liable for $ 4,6 million of this amount under limited recourse agreement Unwilling (Low) most of the customers are a loyal customer Unable (High) depend on the type of business of customer Liquidity Risk many of its customers chose to defer payment of their licenses over the life of the contract the company usually experienced an operating cash shortfall Ex: the firm booked revenue of USD57.5 million, yet receive cash payments directly from customers of only $38.5 million (66.96%). Management Risk Perform by AspenTech Foreign Exchange Risk eliminated all sales transaction exposure arising from foreign currency denominated license contract inline with its risk management policy by doing hedging : –†¯ Sale non USD installment receivable for USD –†¯ forward currency agreement Credit Risk –†¯ AspenTech has not managed the risk of the uncollectible installment –†¯ The contract with GE and Sanwa in selling the account receivable has limited recourse agreement   Liquidity Risk –†¯ To manage its liquidity risk in order to cover their day to day operation, AspenTech sell its receivable to GE and Sanwa and other financial institution. –†¯AspenTech also has debt to Massachusetts Capital Resources –†¯ placed a seasonal line of credit facility with New England bank. Recommendation AspenTech’s should reexamine the firm risk management policies and practices in light of the changes : –†¯ over the past year AspenTech’s international sales had remained a substantial portion of its revenues –†¯ the firm international expenses had increase a slightly faster rate than its international revenue –†¯ AspenTech had gone from private company into a publicly traded company AspenTech’s should review and determine an acceptable level of risk. It involves determining reasonable level of risk in-line with appropriate opportunity to gain Recommendation Net Foreign Exchange Exposure (Operational Hedging) AspenTech’s Value at Risk, 1995 (95% confidence level) UK Pound German DM Belgian Franc Japanese Yen Expenses in local currency 3,129 722 158,223 414,793 Monthly Std. Deviation 2.90% 2.80% 2.70% 3.00% Exchange Rate* 1.5873 0.6711 0.0326 0.0106 Total *Average exchange rate (U.S. dollar per unit of foreign currency) over fiscal year 1995 VaR $238 22 230 218 $707 AspenTech’s Net Foreign Exchange Exposure (‘000) by Currency, 1995 Cash Inflows UK Pound German DM Belgian Franc Japanese Yen Current Sales 1,724 1,015 308,984 Prior Sales 981 577 175,781 Cash Outflows Expenses 3,129 722 158,223 414,793 AspenTech should hedge only the net exposure †¢Ã¢â‚¬ ¯ Net foreign exchange exposure in German and Japan †¢Ã¢â‚¬ ¯ Forward contract for Belgian’s operating expense Net Exposure (424) 870 (158,223) 69,972 Recommendation Liquidity & Credit Risk –†¯ AspenTech should look other possibility to deal with other financial institution to increase their bargaining position to GE and Sanwa With higher bargaining position, AspenTech can get lower cost and better position in managing their credit risk –†¯ Maximize in selling long term receivable first Recommendation Others Hedging Instrument : –†¯ Plain-Vanilla Options give the buyer of the option the right but not the obligation to buy (call) or sell (put) a specific amount of currency at a predetermined strike price (exchange rate High cost –†¯ Average-Rate Options †¢Ã¢â‚¬ ¯ Spot rate are calculated as an average over a period †¢Ã¢â‚¬ ¯ Transaction possible during the expiry period at several predetermined dates †¢Ã¢â‚¬ ¯ Strike rate can be fixed or floating –†¯ Knock-in/knock-out Options †¢Ã¢â‚¬ ¯ Does not provide full protection †¢Ã¢â‚¬ ¯ The key is in determining the barrier rate †¢Ã¢â‚¬ ¯ Low cost –†¯ Cross-currency transactions –†¯ Foreign currency money-market borrowing Recommendation †¢Ã¢â‚¬ ¯ Others Hedging Instrument : –†¯ Cross-currency transactions †¢Ã¢â‚¬ ¯ transaction basically does not provide ability to hedge or secure any risk †¢Ã¢â‚¬ ¯ provide probability of arbitrage if there is a difference between cross rate and indirect rate. –†¯ Foreign currency money-market borrowing †¢Ã¢â‚¬ ¯ Borrowing in the money market, rather difficult to use since the company need to determine level of debt that matched with its cash inflow from other matched currency