Cookbooks Essay Example | Topics and Well Written Essays - 2500 words

Cookbooks - Essay Example Debates abut eating in raise a range f questins that are central in understanding fd cultures. In particular, they raise questins abut the rle f fd practices in prducing, and reprducing the hme, the family, gendered identities and the relatinship between public and private spheres. The purpse f ckbks is t prvide peple with new recipes and help them t verify their diet. At the same time, printed ckbks als help t usher in a prcess f change, allwing imprved r imprvized versins f traditinal recipes t be passed n mre rapidly. Since the early develpment f such bks cincided with the emergence f 'a prfessinal elite f cks in the service f members f the upper class', the pressure t imprve and imprvize is itself increasing. The example f England and France shw that English ckery bks tend t have a dmestic, female target audience. Thus, while French ckbks tend t be aimed primarily at the prfessinal male chef, the nbility and the upper-middle classes, English bks are aimed mre at female husekeepers, and mre ften at lwer scial strata than their French cunterparts. The article "Rmanced by ckbks." Anne L Bwer depicts impact and influence f new cking culture n sciety. The authr underlines that ckery bks can perate as vehicles fr cnstructing an image f the natin, just as they are capable f negtiating certain frms f female dmesticity. Alternatively, ckbks 'invent and cdify new, verarching categries which make sense nly frm a csmplitan perspective' (ibid.). The authr, fr example, inflates a particular culinary traditin 'and makes it serve, metnymusly, fr the whle'. Increasingly, Bks n Indian cuisine als seek t impse a menu-like structure n the recipes they ffer. This helps t cdify and rganize Indian fd in a systematic manner but, in s far as 'Indian meals d nt nrmally have a significant sequential dimensin', it prvides a clear example f the cnstructed nature f 'Indian' cuisine (Swallw 19). Duruz, (1999) and Duruz (2994) state that the purpse f ckbks are t keep ld traditins and recpies. Fd practices need t be understd in relatin t the ways in which they prduce, negtiate and reprduce the nature f the relatinship between public and private spheres. Indeed, in Duruz (2994) study f cking, the authr fund that eating in was a significant act because 'the cked dinner marks the threshld between the public dmains f wrk r schl and the private sphere behind the clsed frnt dr'. 'Hme-cked' meals are seen as imbued with the warmth, intimacy and persnal tuch which are seen as markers f the private sphere and in ppsitin t fds which are the prducts f a public, industrialized and annymus system f fd prductin. It is fr this reasn that cmmercially prduced fds ften seek t add value t their fds by assciating them with 'hme', demnstrated in claims t 'hme-cked' fd in pubs and diners and 'hmestyle' ranges f ready-meals frm supermarkets (Swallw 12). The authrs underline that cking and ckbks can be seen as nstalgia fr better days. Ntins f 'a prper meal' are ften linked t nutritin. These definitins ften draw n a range f scientific discurses in which the 'gdness' f a meal is equated with whether r nt it gives us the 'prper' nutrients. Ideas abut nutritin are ften far frm bjective: what cnstitutes a nutritius meal in ne decade will nt be necessarily the same in the next as

Promote Good Practice in Handling Information Essay Example for Free

Promote Good Practice in Handling Information Essay 1. Identify legislation and codes of practice that relate to handling information in health and social care. 2. Summarise the main points of legal requirements and codes of practice for handling information in health and social care. I have found 4 legislations that support handling information in health and social care. 1.Data Protection Act 2.Freedom of Information Act 3.Care Standards 4.Human Rights Act. Article 8 states of the Human rights act states 1. Everyone has the right to respect for his private and family life, his home and his correspondence. 2. There shall be no interference by a public authority with the exercise of this right except such as is in accordance with the law and is necessary in a democratic society in the interests of national security, public safety or the economic well-being of the country, for the prevention of disorder or crime, for the protection of health or morals, or for the protection of the rights and freedoms of others. This means that an individuals wish to protect his or her privacy must be balanced against the needs of the relevant public authority to obtain or use specified information. Outcome 2:- Be able to implement good practice in handling information. 1.Describe features of manual and electronic information storage systems that help maintain security. *Ensuraing cupboards that contain personal informatio are locked at all times. *Creating passwords on computers and locking them when inactive. *Only giving out minimal information over the telephone unless im absolutely sure that i am speaking to the next of kin or a GP. *Checking other professionals IDs on entering the building. *Ensuring each person signs in and out of the building so i know where they are are in the event of a fire. 2. Demonstrate practices that ensure seciruity when storing and accessing information. *Locking the file cupboard after use with a set of keys that only a senior members of staff and nurses have. This is good practice that ensures security. Also locking the drug trolleys through all rounds. 3. Maintain records that are up to date complete accurate and legible. *On all entries of paperwork weather it be in care plans, daily updates or food and fluid charts, it is vital that they must state a date, time and signature in black ink. All information must be clear, consice be truthful and to the point. Outcome 3 Be able to support others to handle information. *I can do this by reminding my collegues of how impotant it is to lock cupboards immediately after use which store personal records and inforamtion, each person has there own folder with theyre information in. Making sure all stickers off blister packs and medicines are destroyed before disposal is also just as important. 2. Informing new members of staff and demonstrating completion of paperwork such as food and fluid charts for example makes people aware of the importance and security for the residents. I always tell my colleagues to ask if they are unsure and i will do my best to help and if i cannot help i will find some who can help and also learn from it myself.

Reactions to Oppression in Jamaica and South Africa :: Jamaica Oppressed Culture Religion Essays

Reactions to Oppression in Jamaica and South Africa "Bob Marley said How long shall they kill our prophets While we stand aside and look Little did he know that eventually The enemy will stand aside and look While we slash and kill our own brothers Knowing that already they are the victims of the situation" Lucky Dube, Victims Lucky Dube is a reggae artist from South Africa singing in a fight against oppression in his country. Like Jamaica, South Africa has been oppressed since the days of the European colonizers. The only difference is some Africans lost their land and others were stolen from their land. In this paper, the reactions of Africans (Jamaicans included) to oppression will be surveyed through politics, religion, and music. This will be done through a comparison of these ideas between South Africa and Jamaica. Both these countries have been subjected to nearly 400 years of oppression of Europeans over Africans. The oppression of the indigenous people of South Africa began with the colonization by the Dutch through the Dutch East India Company. The cape of South Africa proved to be a perfect resting spot for ships on their course from Holland or India. (Lapping, p. 1-2) Conflict was inevitable and finally after 7 years of settlement the indigenous Khoikhoi attacked the colony. The Khoikhioi could not match the firearms of the Dutch. (Lapping, p. 3) Van Riebeek, who proceeded over the colony had now gained superiority over the indigenous people, imported slaves, and settled the freeburghers. The freeburghers were settled on large farms, which required strong laborers. This is where the slaves came in handy since the colony did not like the Khoikhoi labor. As the freeburghers and the slaves married, a population called the Cape coloreds arose. No more Dutch were sent since this was to be a refreshing post. In 1688, after an outbreak of religious persecution in France, some two hundred French H ugeuenots arrived. (Lapping, p. 3-5) As the colony grew, the farmers (Boers) began to move forward inland. The conflicts between them and the indigenous people increased. By 1702, fights began breaking out with another indigenous culture, the Xhosa. The white mans claim to the land, ‘We were here first.’ This is however not true because the Portuguese had traded with the Xhosa before the Dutch arrived. These were not the only inhabitants of the interior, there were as the Sotho, which are now present day Botswanans and the Zulu.

Perfect Companions - The Passionate Shepherd to His Love and The Nymph’

Perfect Companions - â€Å"The Passionate Shepherd to His Love† by Christopher Marlowe, and â€Å"The Nymph’s Reply to the Shepherd† by Sir Walter Raleigh There are many poems that are considered to be companion poems. Companion poems are two separate poems that are similar. Usually they are about the same experience or experiences, and are also usually written in the same form. Two of the most famous companion poems are â€Å"The Passionate Shepherd to His Love† by Christopher Marlowe, and â€Å"The Nymph’s Reply to the Shepherd† by Sir Walter Raleigh. These two poems are perfect companions. Both â€Å"The Passionate Shepherd to His Love† and â€Å"The Nymph’s Reply to the Shepherd† are written in iambic quatrameter. Both of the poems also consist of 24 lines. Another similarity in the style is that both poems a...

Love In The Time of Cholera Analysis Paper Essay

In the novel, Love in the Time of Cholera written by Gabriel Garcà ­a Mà ¡rquez, there are many symbols to represent, literally, love in the time of cholera. These symbols are flowers, birds, and rain. Mà ¡rquez uses these similar terms to describe the effects of love and cholera throughout the novel by using all of those symbols ultimately represent or foreshadow anguish and unfortunate disasters that Cholera can bring. Cholera was a contagious disease affecting most of the population in where the story takes place. Though, this book is heavily centered on the disease and love, the author is primarily focusing on literal â€Å"lovesickness†. One generally does not associate sweet and pure love with diarrhea, infections, or a painful death, which is why cholera is used to depict the lovesickness in this novel. Cholera is a disease, like falling in love (lovesickness), drives you crazy, you suffer, and you could die without ever being content with the life you’ve had so far. An example of lovesickness in the novel, is when Florentino is driven crazy by falling in love with Fermina. Instead of being a physical illness like cholera, lovesickness is a mental disease. See more: analytical writing Florentino was so crazy in love with Fermina,the only way he could deal with this love was to eat flowers. Flowers represent the anguish of love and further suffering.Though flowers represented hope and love for Florentino, it ultimately lead to disaster of suffering, just like how cholera suddenly ends a life. It was as if Fermina was the flower petals, and Florentino consumed the flower petals to consume all the affection and rejection he was receiving from Fermina. Until Fermina can be with him, the only thing that Florentino has of Fermina are those flower petals he is consuming. Florentino also suffers from physical pains of lovesickness. The flower petals he consumes make him so violently ill, that his mother thought he had cholera, which is ironic considering the parallel of the two. Florentino feels the anguish of love and the only for him to express that was to consume flower petals. This was necessary for Florentino because he was suffering so much emotional pain he almost felt dead, and physical pain was imperative for him to feel alive. Birds, like Cholera, lead to death. Mà ¡rquez uses the birds in the novel as an ironic message of love that soon leads to a disastrous end. Birds were the reason why people died, just like Cholera will make people die. In the novel, Mà ¡rquez does not include a character that actually died from Cholera. However, he does include characters that die from â€Å"love sickness† at the hands of birds. Since lovesickness serves as a parallel to Cholera, we can assume that birds also represent Cholera, which is the fate of death. The most prominent example is when Dr.Urbino tried to catch his beloved parrot and eventually fell to his death. The parrot that Dr. Urbino spent countless hours of dedication and the bird that he had paid more attention than he did to his own children, that lead ironically to his death. Another example when Olimpia Zuleta gave Florentino a carrier pigeon as a thank-you for rescuing her and her parasol. Florentino sent back the carrier pigeon with an unsigned love note, and thus the romance between the two began. The Pigeon that lead to a romance between the two soon ended when the husband discovered her infidelity and Olimpia was killed. Both Dr.Urbino and Olimpia lose their lives to love, whether it be because of a bird or for a bird. I believe that the birds also And last but not least, rain (or any type of water) finally represents a point in the book when a barrier has been overcome and there is a renewed chance for love. Rain represents the drastic change in a book, just like how Cholera can bring about a drastic change in one’s life. The first downpour of rain brings about two critical changes, which is when Dr. Urbino dies and the reappearance of Florentino in Fermina’s life. The rain not only symbolized a tragic and sad death, which is what Cholera is, the rain symbolized a new renewed hope of love between Florentino and Fermina. The rain is possibly the only â€Å"positive† symbol Mà ¡rquez uses in order to portray Cholera as a drastic change in the novel. Throughout Love in the Time of Cholera, Mà ¡rquez uses symbols such as cholera, flowers, birds and rain, to symbolize important aspects of love and to describe Cholera. Though these symbol may seem little or no significance in the beginning, a reader can clearly see and understand the importance, effect, and deeper meaning of these symbols and how they tie together to figuratively portray Cholera.-KC .

Marcus Garvey and Embracing African Heritage

Marcus Garvey and Embracing African Heritage No Marcus Garvey biography  would be complete without defining the radical views that made him a threat to the status quo. The life story of the Jamaican-born activist starts well before he came to the United States following World War I when Harlem was an exciting place for African-American culture. Poets like Langston Hughes and Countee Cullen, as well as novelists like Nella Larsen and Zora Neale Hurston, created a vibrant literature that captured the black experience. Musicians such as Duke Ellington and Billie Holiday, playing and singing in Harlem nightclubs, invented what has been called Americas classical music- jazz. In the midst of this renaissance of African-American culture in New York (known as the Harlem Renaissance), Garvey seized the attention of both white and black Americans with his powerful oratory and ideas about separatism. During the 1920s, the UNIA, the foundation of Garveys movement, became what historian Lawrence Levine has called the broadest mass movement in African-American history. Early Life Garvey was born in Jamaica in 1887, which was then part of the British West Indies. As a teenager, Garvey moved from his small coastal village to Kingston, where political speakers and preachers entranced him with their public speaking skills. He began studying oratory and practicing on his own. Entrance into Politics Garvey became a foreman for a large printing business, but a strike in 1907 during which he sided with the workers instead of management, derailed his career. The realization that politics was his true passion prompted Garvey to begin organizing and writing on behalf of workers. He traveled to Central and South America, where he spoke out on behalf of West Indian expatriate workers. The UNIA Garvey went to London in 1912 where he met a group of black intellectuals who gathered to discuss ideas like anti-colonialism and African unity. Returning to Jamaica in 1914, Garvey founded the Universal Negro Improvement Association or UNIA. Among the UNIAs goals were the founding of colleges for general and vocational education, the promotion of business ownership and the encouragement of a sense of brotherhood among the African diaspora. Garveys Trip to America Garvey encountered difficulties organizing Jamaicans; the more affluent tended to oppose his teachings as a threat to their position. In 1916, Garvey decided to travel to the United States to learn more about Americas black population. He discovered the time was ripe for the UNIA in the United States. As African-American soldiers began serving in World War I, there was widespread belief that being loyal and performing their duty for the United States would result in white Americans addressing the terrible racial inequalities that existed in the nation. In reality, African-American soldiers, after having experienced a more tolerant culture in France, returned home after the war to find racism as deeply entrenched as ever. Garveys teachings spoke to those who had been so disappointed to discover the status quo still in place after the war. Garveys Teachings Garvey established a branch of the UNIA in New York City, where he held meetings, putting into practice the oratorical style he had honed in Jamaica. He preached racial pride, for instance, encouraging parents to give their daughters black dolls to play with. He told African-Americans they had the same opportunities and potential as any other group of people in the world. Up, you mighty race, he exhorted the attendees. Garvey aimed his message at all African-Americans. To that end, he not only established the newspaper Negro World but also held parades in which he marched, wearing a lively dark suit with gold stripes and sporting a white hat with a plume. Relationship with W.E.B. Du Bois Garvey clashed with prominent African-American leaders of the day, including W.E.B. Du Bois. Among his criticisms, Du Bois denounced Garvey for meeting with Ku Klux Klan (KKK) members in Atlanta. At this meeting, Garvey told the KKK that their goals were compatible. Like the KKK, Garvey said, he rejected miscegenation and the idea of social equality. Blacks in America needed to forge their own destiny, according to Garvey. Ideas like these horrified Du Bois, who called Garvey the most dangerous enemy of the Negro Race in America and in the world in a May 1924 issue of The Crisis. Back to Africa Garvey is sometimes said to have headed a back-to-Africa movement. He did not call for a widespread exodus of blacks out of the Americas and into Africa but did see the continent as a source of heritage, culture, and pride. Garvey believed in founding a nation to serve as a central homeland, as Palestine was for Jews. In 1919, Garvey and the UNIA established the Black Star Line for the dual purposes of carrying blacks to Africa and promoting the idea of black enterprise. The Black Star Line The Black Star Line was poorly managed and fell victim to unscrupulous businessmen who sold damaged ships to the shipping line. Garvey also chose poor associates to go into business with, some of whom apparently stole money from the business. Garvey and the UNIA sold stock in the business by mail, and the inability of the company to deliver on its promises resulted in the federal government prosecuting Garvey and four others for mail fraud. Exile Though Garvey was only guilty of inexperience and bad choices, he was convicted in 1923. He spent two years in jail;  President Calvin Coolidge  ended his sentence early, but Garvey was deported in 1927. He continued to work for the UNIAs goals after his exile from the United States, but he was never able to return. The UNIA struggled on but never reached the heights it had under Garvey. Sources Levine, Lawrence W. Marcus Garvey and the Politics of Revitalization. In  The Unpredictable Past: Explorations in American Cultural History. New York: Oxford University Press, 1993. Lewis, David L.  W.E.B. Du Bois: The Fight for Equality and the American Century, 1919-1963. New York: Macmillan, 2001.

Writing and Selling Your Mystery Novel

Writing and Selling Your Mystery Novel Writing and Selling Your Mystery Novel Writing and Selling Your Mystery Novel By Maeve Maddox Some novelists like to begin with a blank page and see where their thoughts take them. This approach may be good enough to get started, but if its a mystery you want to write, sooner or later youll need a plan. Before you get too far, you may want to check out Hallie Ephrons Writing and Selling Your Mystery Novel: How to Knock em DEAD with Style. The creator of forensic psychologist, Dr. Peter Zak (Delusion, Amnesia, Addiction, and Obsessed) Ephron lays out a four-part approach to the essentials of planning, writing, and selling a mystery novel: Part I: Planning Part 2: Writing Part 3: Revising Part 4: Selling In addition, an appendix of resources includes lists of authors groups, agents, and contests. Part 1 leads the writer through the steps of setting up the premise, devising the plot, and establishing the cast of characters. Specially designed forms simplify the process of working out characters and their relationships to each other and to the crime. To Outline or Not to Outline? Ive heard writers insist they never outline their novels, but just let the characters take over. Ephron says she wishes her characters would take over, but they never do, so she outlines. An outline neednt be that kind of horror with Roman numerals and neatly-balanced sub-topics that the English teachers of my youth were so fond of. Ephrons outlines are for her eyes only. She numbers each scenearabic numerals are just fineand briefly notes the following: time of day setting characters in the scene what happens which character has the point of view Part 2 addresses such writing techniques as how to write a dramatic opening, how to introduce characters, how to dramatize scenes, and how to write suspense. Part 3 provides a practical, easy-to-follow plan for revision. This section warns the writer against beginning revision with a word tweaking approach: Its tempting to open up your document and start editing, tweaking word choices and punching up sentences. Instead, Ephron recommends these three techniques: Reread from start to finish, examining the main plot and central character. Create a scene-by-scene outline and analyze the chronology and pacing. Take multiple selective read-throughs, leapfrogging through your manuscript looking at subplots and characters. The suggestions for marketing the finished mystery in Part Four are gleaned from Ephrons personal experience as the author of the Dr. Zak mysteries. She tells how to target agents and how to put together a query packet. She includes a sample query letter and sample summaries. Finally, Ephron acknowledges the truth that the effort to sell a book can be as much of an endurance test as writing one, but urges persistence: The race goes not to the clever or swift but the bullheaded and persistent who dont know enough to give up. You can find the book on Amazon.com Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Book Reviews category, check our popular posts, or choose a related post below:100 Exquisite AdjectivesIs There a Reason â€Å"the Reason Why† Is Considered Wrong?Threw and Through

Consumer Behavior Essays

Consumer Behavior Essays Consumer Behavior Essay Consumer Behavior Essay Taylor’s University Consumer Behavior BUS2344 Assignment 1 Name: Tan Carmen Student ID: 0300491 Lecturer: Dr. Jeannot Abdul Karim Due Date: 15 October 2012 Question 1 Brand equity is the intangible value built by company overtime based on consumers’ perception, liking and loyalty of the brand name. (Aaker and David, 1991) As a customer-centric organization, FN tends to build up a good relationship and consistently communicate with customer to ensure customer loyal to their brand. FN brand vision of bringing enjoyment and enriching daily social life made the perception of the brand into customer’s mind. In addition, FN makes their customers to like and have good perception to the brand by giving free cups of Teh Tarik, lucky dip and activities to sustain consumer interest. Besides, FN organized a national consumer promotion campaign to promote brand name loyalty and reward loyal customer with attractive prize to ensure loyal customer return and purchase more. FN eliciting considerable interest and delivering excitement for the brand products and get recognition widely, it had successfully notched a high brand equity score of 7. 9. (149 words) Question 2 Customer loyalty refers to the behavior of repeat customer, as well as offering good review and favorable word of mouth to friends or family. (Wisegeek, 2012) It is a main challenge for a company to retain loyal customer, due to customer are given more choices, distinction between brands fade and development of new product from competitor. The introduction of this product can be seen as an induction from a growing trend in men’s use of liquid soap as well as overall personal care. The liquid body soap market grew to $733 million in 2008 from $480 million in 2003, an increase of 53 percent, according to Mintel, which projects revenue will top $1 billion in 2013. Men’s formulas are growing more rapidly than women’s and unisex products, from a 17 percent share of overall category revenue in 2005 to 28 percent in late 2009 (3). Male consumers are paying more attention to their looks. The trend is being driven by male role models which including sportsmen and film personalities. As the gender boundaries are blurring, global firms are increasingly focusing on finding new ways of making profits from the emerging characteristics of men consumer segment. The world market for mens grooming products is projected to exceed $33. 2 billion by the year 2015, According to New Report by Global Industry Analysts, Inc. 4) An executive of Nivea’s parent company wisely identifies 2 of its primary competitors in his statement in regards to the Nivea Active 3. â€Å"The target we have is slightly older than Axe or Old Spice,† said Mr. Maurer, of Beiersdorf. â€Å"We’re talking to a more confident guy that knows who he is and what he stands for, and who is past the trying-to-get-the-girl stage (3). † Axe is the most popular men’s brand, with a 7 percent share of the total body wash market, ac cording to Information Resources, a market research firm. Old Spice, which introduced body wash in 2003 and is a close second to Axe among men’s brands, with 6 percent of the total market, also emphasizes manliness: it is the official body wash of the N. F. L. and Nascar. As far as the overall market the evoked set of brands in the men’s grooming industry include Procter Gamble which sits high atop with brands as varied as Head Shoulders, Gillette and Old Spice, the Cincinnati-based producer accounts for 43% of all industry sales (5). Also, Dove has made a conscious attempt to move from the awareness set to the evoked set with its amid the high-profile entry of Dove Men+Care (6). Finally, Axe is definitely included in this consideration set within an industry that has seen significant growth in the past few years. The market for men’s grooming products grew to $4. 83 billion in 2009, from $2. 38 billion in 1997, according to Euromonitor International, a market research firm. Axe is widely credited for driving much of that growth, all but creating the male ody spray category and continuing to enter categories that mainstream men’s brands have historically avoided, most recently hair care, with Axe introducing shampoo in 2008 (7). Nivea Active 3 Competition Head Shoulders Selection of 2-in-1 Shampoo/Conditioners GilletteBody Wash/ Shaving Foam or Gel AxeShampoo/ Shower Gel DoveSelection of 2-in-1 Body/Face Wash Old SpiceBodywash Various BrandsBar Soap (Substitue) Nivea Active 3 can be found in retail outlets, supermarkets and online sites. The product can be purchased at your local Walgreens or CVS as well superstores such as Target and Walmart. Also, Nivea Active 3 is sold at supermarkets and grocery store such as Dominicks, and Jewel’s. The product can be purchased online on the websites of the previously named retails outlets stores and many more. Nivea Active 3 can be purchased such as Amazon and Ebay, There are numerous outlets and as long as there is significant interest n purchasing the products its presence will remain sound. Brand Positioning According to the Gillette Company, 94 million men age 15 and older remove hair. Of that 94 million 72% (68 million) use a blade or razor (8). This is the market for the Active 3. Nivea begins to focus on its target through its current advertisements. One of the reoccurring patterns in Nivea’s current advertisements of Active 3 is that all the actors appear to be around the age of 30. This is an appropriate demographic because the strongest value of Active 3 is that it is convenient and time saving. Also, since the capability to shave with Active 3 is one of the main components of the product, this will appeal to males 30 and older as shaving has become a part of their routine of grooming themselves. The Generational Cohorts, which are targeted are; the latter Generation X and the early members of Generation Y. Also, the actors demonstrate the removal of chest hairs. Since the activity of the actor using Active 3 occurs during the routine of taking a shower, the extension of that routine into chest hair removal would be more prevalent to male 25 and older. The development of chest hair begins normally during late puberty, usually between the ages of 15 and 18. It can also start later, between the age of 20 and 30, many men in their twenties have not yet reached their full chest hair development. The growth continues subsequently. In older adult years androgens cause thickening of the hair (9). Get more done in the shower! This is a tagline that can be found on advertisements of Active 3. This shows its target to the market of males that would appreciate the convenience and time saving value of the product. This would be most relevant to professional males who welcome solutions to make their day more productive. The tagline â€Å"Get more done in the shower! † and age of the models illustrate Nivea’s target market as business professional males 25 years and older. The versatility of NIVEA FOR MEN Active 3 is based on a unique formula to fulfill three purposes at the same time: to gently cleanse the skin, to mildly and effectively shampoo the hair and to create the ideal foam texture for a smooth shave for both facial and body hair. Even though the product is so convenient to use, it doesn’t compromise on quality (1). Nivea has positioned itself convenience in the mind of men who grooming routine consist of showing, shampooing and shaving. It enables men to do 3 grooming activities at the same time using one quality product, Active 3. All of the advertisements for Active 3 communicate its position which should make memory and learning about the product become much easier (book). Customer Analysis The personal grooming activities of showering, shaving and shampooing ones hair address the need to have a clean, good smelling body with clean hair and a cleanly shaved face and body. In most societies, a clean body and clean hair are apart of the culture. Also, in many societies a nicely shaven face and even body is looked upon a clean cut and acceptable. This places the customer need being address through Nivea’s advertisement as â€Å"Belongingness† in Maslow’s Hierarchy of Needs. Active 3 addresses this need and also recognizes the problem of saving time in doing these grooming activities and provides the solution of doing them all simultaneously. The cultures that will consume Active 3 are those whom focus on individualism, hard work and male personal grooming as a norm. Members of individualist cultures tend to strive for independence and have self-concepts defined in terms of their own aspirations and achievements (10). † In individualistic cultures, culturally congruent individualistic appeals will generate more favorable attitudes towards the ad, brand attitudes and higher purchase intentions when used for products that satisfy personal consumption purposes rather than a social purpose (11). Acitve 3 is most definitely for personal consumption. It focuses on personal grooming and individual appearance. How can I save time in my day to make my day more productive? This is the question asked by a culture that values hard work. Active 3 promotes its consumption as a means of convenience and time saving to help construct a more productive grooming routine so that one can get more done in their day, In the Active 3 advertisements, the models have a result of having a freshly shaven face and body with their body and hair appearing to be looking and smelling good. This appeals to a culture where the model represents personal grooming as norm for males within the culture. Since the advent of metrosexuality, companies have realized that they have a new market to capitalize on men who spend their money on grooming and appearance supplies. Walk through the aisles of any US drugstore, and you’ll notice an abundance of male-targeted personal grooming products, such as anti-aging eye-creams, shower gels and formula facial cleansers, slowly monopolizing the shelves. With so many brands clamoring for their slice of the pie, metrosexuals have out and out become their own market segment. And as sales figures roll in, there is clear evidence that the metrosexual market is indeed quite viable (12). Nivea’s Acitve 3 serves the metrosexual segment by providing a â€Å"new† more efficient way to groom with the quality this segment has grown to expect. One of the most relevant characteristics of the meterosexual subculture is maintaining a well-groomed appearance. The Active 3 influences its purchase by providing this subculture the means to maintain a their appearance daily with ease and convenience. Customer Personality In regards to the five-focus model of personality, the personality of the typical user of Nivea Active 3 is one who is â€Å"Open to Experience†. Their openness includes a general appreciation for art, emotion, adventure, unusual ideas, imagination, curiosity, and variety of experience. The user of Active 3 is open to experience is intellectually curious, appreciative of art, and sensitive to beauty (13). Men’s attitude towards using a shower gel versus shower soap has changed. But a man using shower gel is still a relatively new acceptable action of the male segment. Coupled with the fact that Nivea has produced a product that has a 3-in-1 function, Active 3 is can be defined as â€Å"new†. The personality of the consumers that purchases this product is curious and open to an unusual idea. The purchaser appreciates the imagination of the product and is adventurous in pursuing the new experience of the product in hopes to find a novel grooming solution. The most prominent consumers of the Nivea Active 3 are young, upscale, and keep up with the latest technology and in tune with new products and services. They live in fashionable neighborhoods and where fashionable clothes. They are highly educated professionals who work hard and play hard. These consumers are within arms length of trendy boutiques, various restaurants, and the popular bars. They enjoy dating, meeting new people and are seen in many social environments. Shopping is an activity that is enjoyable. They shop at brick and mortar as well an online. Traveling and athletics are apart of their many hobbies. They also keep abreast of what is going in the world by reading newspaper, magazine and following events on online websites (Hawkins, 446). The life style of the user segments may have varying life style. These life styles may vary by the age group of the user segments. The life style that is reoccurring throughout all user segments is traveling, participating in athletics and staying abreast with world events through reading newspaper, magazines and the use of the internet. The variation would be found in the social environment. The older the age of the user segment, the less we will see them at social scenes such as bars and dating arenas. Nevertheless, all user segments have some balance of hard work and social networking. This life style influences their interest to consume Nivea Active 3 for its convenience and time saving value. All consumers of the Active 3 have general lifestyle patterns of conducting the activities of showering, shaving and shampooing their hair with in close proximities of time. Purchase Decision Process Nivea is commonly included in the men’s evoked set for men’s body wash but it is not in the evoked set for men’s shampoo, or men’s shaving cream. Nivea is in the evoked set for product that can do all three functions since there are very few products that have the same attribute in one solution. For male consumers that are making a decision about their purchase of body wash there is a limited evaluation criterion. In most cases, men used brand recognition as an initial search process. This is why the most successful men body washes are usually brand extensions to other products men use i. e. Gillette razors/cream or Old Spice cologne. To Nivea’s advantage, brand recognition is not the most important criterion men’s decision. Elimination –by-Aspect is the decision rule for men purchase decision. If it doesn’t smell good, the product is eliminated from consideration. Once the consumer proceeds to the next step in the decision, Active 3 being able two additional functions would shift to a disjunctive decision rule. Active 3 will be selected over other body washes as it surpasses them on the criteria of fulfilling the shaving and shampooing function since they do have these as options. Since Nivea is not in the evoked set for shampoos or shaving creams the consumer must see the added benefits of two additional functions as a deciding factor. A brand such as Gillette (shaving cream) or Head and Shoulders (shampoo) will have the advantage in their respective functions if the consumer’s basis of evaluation criteria is nominal in their decision-making. But if Nivea can effectively influence consumers to adopt a compensatory decision rule, their product will be purchased, as it will rate highest on the summary of the consumer’s judgment of relevant evaluative criteria if the additional functions do in fact become relevant in the mind of the consumer. Finally, if the consumer decision is based on a product that can satisfy all 3 functions, shaving, shampooing and showering, that consumer will purchase Nivea Active 3 based on the disjunctive decision rule. This will be due to the fact there are little to no other products that provide a solution for all 3 functions in one product. The consumers initial purchase process will be limited and the result will be some post-purchase dissonance. The level of dissonance will be low because the product is inexpensive. The consumer has used other products as resolutions to each of the functions provided by the Nivea Active 3. Their information search on the product prior to purchase will include recommendations from family, friends or peers and Internet searches for review and feedback on the item. There can be more immediate purchase evaluation because the individual can consume the product right away and decide if they are satisfied or dissatisfied. If the consumer is dissatisfied it is likely they will retain the item and store it as a means of â€Å"back up† or use the remainder of the product and not repurchase the item. Because it is a personal item, the result will be some negative word of mouth communication. If the consumer is satisfied there will likely be repurchases with no post purchase dissonance. The repurchase decision will become nominal. Marketing Assessment Product features Nivea can capitalize on the convenience of Active 3 by producing a Travel size bottle. The travel size bottle can be marketed, to be consumed on business and leisure travels. It can be marketed, to be taken to the fitness gym or any other physical activity. This will truly be a â€Å"back up† for men whom want to maintain a fresh, groomed body throughout the course of a day. â€Å"You Never Know When You May Need It†. Nivea should create an economy sized bottle to be marketed to fitness clubs and sporting facilities. The Active 3 can be placed in dispenser in showers in these facilities. This would be perfect for those consumers as they can use this for any or all of the 3 functions after their activities. Advertisements Nivea needs more print, TV and Internet advertisement. The product is still relatively new and many consumers do not even know it exists. Before other brands began producing their own 3-in-1 formulas, Nivea should focus on it brand awareness. There should be create a campaign that conveys the same message over a number of advertising avenues so that it can strengthen it brand positioning. Commercial Content Idea Tagline: â€Å"You Can Do it All! † Models: A diverse group of men of all different races and ethnicities. Problem: There should be several un-groomed or slightly groomed men conducting different activities such as (1) waking up preparing for work (2) completing a work out at the gym (3) getting prepared for a date and/or a night on the town (4) on a business trip Solution: Nivea Active 3 is their solution in each events and the result is a clean, well groomed individual prepared to take on the world â€Å"You Can Do It All† Reference Hawkins,D. I. , Mothersbaugh, D. L. (2010). Consumer Behavior: Building Marketing Strategy (11th Edition) 1) niveausa. com/products/mens-care/active3-shower-gel 2) prnewswire. com/news-releases/showering-will-never-be-the-same-again-as-nivea-for-men-introduces-active-3-three-in-one-shower-agent-combining-body-wash-shampoo-and-shave-gel-61908112. html 3) nytimes. com/2009/09/08/business/media/08adco. html 4) prweb. com/releases/grooming_products/toiletries_bath_shower/prweb3685224. htm 5) euromonitor. om/mens-grooming-in-the-us/report 6) http://adage. com/article/news/advertising-marketers-jump-men-s-grooming-trend/142655/ 7) nytimes. com/2010/08/18/business/media/18adco. html 8) shavingstuff. com/archives/000825. php 9) http://en. wikipedia. org/wiki/Chest_hair 10) http://chronicle. uchicago. edu/070712/perspectives. shtml 11) http://smib. vuw. ac. nz:8081/www/ANZMAC2000/CDsite/papers/g/Gunarat2. PDF 12) brandchannel. com/features_effect. asp? pf_id=315 13) http://en. wikipedia. org/wik i/Big_Five_personality_traits#Openness_to_experience

Research project Essay Example | Topics and Well Written Essays - 3500 words - 2

Research project - Essay Example The research can be carried out based on a survey on the loyal customers as well as the managers of the restaurant. Hence, the participation of the customers is an important factor for the research that is to be conducted. As the demand for fast food is increasing, the business of Pizza Express restaurant is expanding and therefore the researcher has chosen this as the topic of discussion. The research is to be conducted in a mixed method approach using both qualitative as well as the quantitative methodology by conducting a survey and an interview to the customers and the managers of Pizza Express restaurant. Since the customer satisfaction level can only be measured based on the responses of the customers about the services offered by the employees hence this quantitative approach comprising of questionnaires is the best methodology to be followed. The overall analysis regarding the performance of the company is carried out based on the responses of the customers and the managers that would satisfactorily answer the research question. The restaurant aims at providing quality food to its customers and expanding its business all over the world so as to raise its customer base. The company introduced pizza in the UK for the first time in 1956 as it is considered as one of the best loved brands of UK (Johnson, et al., 2000). The restaurant is suitable for all types of events that are starting from a business lunch to a night out with friends. The company is known to serve the authentic Italian pizzas to the customers of different origin. The restaurant is known to offer a free customer Wi-Fi service in order to facilitate the payment App (Ehsan, 2012). The customers are expected to order pizza online and the restaurant is highly efficient in delivering quality products and quick services. The new app launched by the Pizza Express restaurant enables the customers to pay their bills online and also provide feedback for the pizzas that are

Personality Theory in Organizational Behavior Assignment

Personality Theory in Organizational Behavior - Assignment Example Some people will be very good at communicating with clients, people within the company, and competitors. These people should be assigned to tasks that involve outreach to customers or other businesses. Other people might be less extroverted. Putting them onto, say, account management and debt collection might not be wise. Similarly, accountants will need to make sure their workers are conscientious, undoubtedly the most important element of accounting. But if workers have difficulties with conscientiousness, this isn't the end of the world. Training can be one solution. Another solution can be putting more time into infrastructure: Making procedures simpler and less ambiguous, providing managerial support and monitoring, etc. Perhaps the same people who have difficulties with conscientiousness are those extroverted people who will be great handling communication. The key insight of personality theory is that everyone has different skills and that this is not a problem but a boon to organizations. Like everything in business, organizations simply have to adapt to this as a fact of the market and of life. Companies that do this well thrive, companies that don't die. Accountants will need to work with a wide variety of personality types that vary along the Big Five axes. 2. Luthans et al examined hundreds of managers in different industries and found that all of their skills and job descriptions boiled down to four roles: Management, communication, human resource management, and networking (Robbins). Management is traditional managerial roles such as distributing tasks, planning, and decision-making. Communication is paperwork and exchanging information. Human resource management is motivating, hiring, firing, etc. (It is the least important task according to Luthans et al; Robbins). And networking is interacting mostly with others, but also inside the company in terms of socializing and engaging in office.

Learners with cognitive, behavioral and learning disabilities Article

Learners with cognitive, behavioral and learning disabilities - Article Example Thus, issues central to the current interests of educational psychologists have been the subject of discussion throughout the centuries. To understand the characteristics of learners in childhood, adolescence, adulthood, and old age, educational psychology develops and applies theories of human development. "Often cast as stages through which people pass as they mature, developmental theories describe changes in mental abilities (cognition), social roles, moral reasoning, and beliefs about the nature of knowledge"1. "The most influential of these developmental theories is Jean Piaget's theory of development, according to which children mature through four stages of cognitive capability"2. Piaget also proposed a developmental theory of moral reasoning in which children progress from a naive understanding of morality based on behaviour and outcomes to a more advanced understanding based on intentions. Piaget's views of moral development were elaborated by Kohlberg into a stage theory of moral development. The basic underlying concept of both Piaget's and Kohlberg's theories is that these developmental theories are presented not as shifts between qualitatively different stages, but as gradual increments on separate dimensions. These two theories represent the basis for further research and the practical application of the gained knowledge in the field of educational psychology. ... chology to create effective theories and practical application of those theories to assist learners that have cognitive, behavioural and other learning disabilities. When dealing with learners with such problems, there are 2 main aspects to consider: the student with the problem, and the teacher involved in the educational process. Lately, educational psychologists have been focusing more on the teachers, rather on identifying the students with the problems, since in the previous centuries there has been extensive research in that area. Psychologists mostly explore the perception of the teachers of the students, and how teachers adapt to the needs of the student accordingly. This is believed to be the first step towards improving the educational program concerning students with learning disabilities. With the research done by Sheila O. Walker and Robert Plomin, teachers' perception was shown concerning genetic and environmental influence on personality, intelligence, behaviour proble ms, learning difficulties, and mental illness. For these five domains of behaviour, the percentages of teachers who reported that genetics were at least as important as environment were .87, .94, .43, .94, and .91, respectively. They also found that 80% of teachers reported no coverage of genetics during teacher training. (The Nature & Nurture Question: Teachers' perceptions of how genes and the environment influence educationally relevant behaviour; volume 25, Number 5 / October 2005, Educational Psychology). In a another research, which deals with the behaviour problems that high school teachers find most troublesome, found that similar behaviours were reported as troublesome in the secondary school classroom compared with the primary classroom, although differences were demonstrated

Why women should not be able to work in Law enforcement Essay

Why women should not be able to work in Law enforcement - Essay Example There are many colleges and universities in united state that are promoting the studies of law enforcement and related diplomas and degrees by indicating it as the best future job in the form of law enforcement and homeland security. As a result of such campaign, many people are attracting toward this profession including women too. The career of women in law enforcement is possible. It is the need of the hour to register more women as the law enforcers. The crime rate of women is rising high every day and drugs related matters have become the sole issue for the women to see the prison. Due to the drug law violation, federal prisons have more than 72% women prisoners and in state prisons, 31% of women are guilty of the crime. I in research of amnesty international USA, they have mentioned those in federal women’s correlation facilities, 70% of guards are male for serving female. All these statistics showed that there is a high need of female candidates in the law enforcement d epartment. Anyone who is interested must have an idea about the background of the law enforcement tasks and must have courage to face the people who don’t consider women as equal fellows. Since ancient times, several cultures and different beliefs have shaped the society and determined the roles and duties of women as different as men. In general way, women are considered as weak gender and therefore, their jobs are only associated with family, children and home. On the contrast, men are considered as strong gender and assigned the powerful positions not just in home but also at the place of work. With time, when women earned the equal rights, several opportunities arrived for women in different sectors of the society. One such example of the women opportunity place is affirmative action. With this, the never ending dispute of male and female position initiated. In this world, every person has its own concept and viewpoint regarding male and female workers. Many people believ e that women are not appropriate for jobs they select to work for. They feel that women are incapable of performing several tasks including the law enforcement jobs. There are few people who are against the women working for the homeland security and they consider home as their place of work. Moreover, there are others who say women and law enforcement are two separate entities. Since 150 years ago, the shifting of women towards the law enforcement took place. From that period, women are not free from the barriers like discrimination in jobs, sexual harassment, inappropriate treatment, low salary and double standards towards them. The job of law enforcement is known to be as the male dominated sector. Therefore, this sector has shown very slow pace in grabbing the women to the posts. The law enforcement task is male dominated due to the reason that this job needs power and strength that makes the women inappropriate for the job because they lack both. Women are known to be as physic ally and mentally incapable to handle the job. The same concept is very much in the today’s world of law enforcement departments and agencies. During the period of 1972, the Supreme Court passed the legislation recognized as Civil Rights Act, Title VII and according to this; all the agencies will be liable for lawsuit in case of any discrimination against the women qualified for the post (Stephens 500). With the help of several lawsuits and court orders regarding the problem, the agencies were forced to hire the women who are qualified for the job. However, there were many agencies of law enforcement that didn’t obey the rules and took all the steps to avoid the qualified women to get the post. The practice of the Supreme Court was halted in 1977. In

Cost Effectiveness Evaluation of Villa at Royal Commission in Jubail Literature review

Cost Effectiveness Evaluation of Villa at Royal Commission in Jubail - Literature review Example 2000 p. 15). Measures of effectiveness are also in relations with the achieved results of the designed project. This success factor is represented by the budget, time, quality, client satisfaction, user satisfaction, operational assurance, and learning and exploitation. According to the Roshana Takim’s Analysis of Effectiveness Measures of Construction Project Success in Malaysia, effectiveness is synonymous with success, the degree to which the project objectives are achieved. Therefore effectiveness is the extent to which the project budget, time, and technical specification and mission are met. Project success which is synonymous with its effectiveness is hence measured against the top project priority objectives in terms of the project time, project quality, project cost, and project mission. On the other hand, efficiency is broadly mastered as output maximization for a particular level of resources or input. In this regard, effectiveness of a project is directed towards a ccomplishing the objectives and goals of the project. Project success is therefore identified in terms of measures of efficiency and effectiveness. This is adherence to the budget scheduled and the basic expectations of project performance. ... Effectiveness is hence vital to a project as it deals with the project outcomes. Project will hence be termed effective if it accomplishes its objectives. The basis of the monitoring project performance is costs, time and resources and how the variables help achieve success in completion. Project success or effectiveness has two components, that is, project product success and project management success (Vince & Iranmanesh, 2008). We can therefore infer that cost effectiveness of the Villa at Royal Commission in Jubail, can be achieved through ensuring that the project fits within the proposed budget, is delivered in time, and is within the specification of the project plan. Quality is an important aspect of satisfaction. We can therefore consider that the satisfaction of the clients should be based on the comfort of the clients. If the construction of the Villa is based on the prescribed conditions and using the mentioned construction components, then the Villa would possibly satisf y the clients and hence achieve cost effectiveness in building construction. Achievement of cost effectiveness in the Villa at Royal Commission in Jubail would be done right from planning and scheduling of the process of the project. It is also important and necessary to schedule activities and develop a work-based structure in order to identify the shortest time possible for completing the project to enable the deliverables be delivered within the time stipulated for the project (Zeng, 2002 p. 25). The cost effectiveness of a project is therefore a combination of time, budget, and quality specifications. The cost of construction and resources also make but of the

Why women should not be able to work in Law enforcement Essay

Why women should not be able to work in Law enforcement - Essay Example There are many colleges and universities in united state that are promoting the studies of law enforcement and related diplomas and degrees by indicating it as the best future job in the form of law enforcement and homeland security. As a result of such campaign, many people are attracting toward this profession including women too. The career of women in law enforcement is possible. It is the need of the hour to register more women as the law enforcers. The crime rate of women is rising high every day and drugs related matters have become the sole issue for the women to see the prison. Due to the drug law violation, federal prisons have more than 72% women prisoners and in state prisons, 31% of women are guilty of the crime. I in research of amnesty international USA, they have mentioned those in federal women’s correlation facilities, 70% of guards are male for serving female. All these statistics showed that there is a high need of female candidates in the law enforcement d epartment. Anyone who is interested must have an idea about the background of the law enforcement tasks and must have courage to face the people who don’t consider women as equal fellows. Since ancient times, several cultures and different beliefs have shaped the society and determined the roles and duties of women as different as men. In general way, women are considered as weak gender and therefore, their jobs are only associated with family, children and home. On the contrast, men are considered as strong gender and assigned the powerful positions not just in home but also at the place of work. With time, when women earned the equal rights, several opportunities arrived for women in different sectors of the society. One such example of the women opportunity place is affirmative action. With this, the never ending dispute of male and female position initiated. In this world, every person has its own concept and viewpoint regarding male and female workers. Many people believ e that women are not appropriate for jobs they select to work for. They feel that women are incapable of performing several tasks including the law enforcement jobs. There are few people who are against the women working for the homeland security and they consider home as their place of work. Moreover, there are others who say women and law enforcement are two separate entities. Since 150 years ago, the shifting of women towards the law enforcement took place. From that period, women are not free from the barriers like discrimination in jobs, sexual harassment, inappropriate treatment, low salary and double standards towards them. The job of law enforcement is known to be as the male dominated sector. Therefore, this sector has shown very slow pace in grabbing the women to the posts. The law enforcement task is male dominated due to the reason that this job needs power and strength that makes the women inappropriate for the job because they lack both. Women are known to be as physic ally and mentally incapable to handle the job. The same concept is very much in the today’s world of law enforcement departments and agencies. During the period of 1972, the Supreme Court passed the legislation recognized as Civil Rights Act, Title VII and according to this; all the agencies will be liable for lawsuit in case of any discrimination against the women qualified for the post (Stephens 500). With the help of several lawsuits and court orders regarding the problem, the agencies were forced to hire the women who are qualified for the job. However, there were many agencies of law enforcement that didn’t obey the rules and took all the steps to avoid the qualified women to get the post. The practice of the Supreme Court was halted in 1977. In

ANNOTATED BIBLIOGRAPHY Research Paper Example | Topics and Well Written Essays - 1500 words

ANNOTATED BIBLIOGRAPHY - Research Paper Example Borugian et al. (2005) did not directly really address equity issues in Canada’s rural health care. However, one way of interpreting the Borugian et al. (2005) article is that when we are able to correlate select socioeconomic variables with the rural sector of Canada, cases of childhood leukemia may negatively correlate with Canada’s rural socioeconomic characteristics. One key result that Borugian et al. (2005) supposedly found is that a slightly lower relative risk of childhood leukemia was observed in the poorest quintile compared with the richest quintile. Thus, when we succeed in showing that Canada’s rural population is associated with the poorest quintile, it may be possible to show that Canada’s rural population is also associated with lower childhood leukemia. Borugian et al. (2005) recognize that other studies have results that are inconsistent with their own findings but Borugian et al. (2005) interpreted the inconsistent findings to be due to case ascertainment or study participation. It is worth noting that Borugian et al. (2005) also revealed that the provincial registries cover at least 95% of all Canadian cancer cases. Thus, the Borugian et al. (2005) finding appears inconsistent with the data on cancer prevalence. Nevertheless, following the Borugian et al. ... James, P., Wilkins, R., Detsky, A., Tugwell, P., and Manuel, D. (2007). Avoidable mortality by neighbourhood income in Canada: 25 years after the establishment of universal health insurance. Journal of Epidemiology and Community Health, 61, 287-296. Employing quantitative techniques, the James et al. (2007) study highlights the role of universal insurance for doctors and hospital services in Canada. According to James et al. (2007), the results after 25 years of universal health insurance indicate that health differences between the riches and poorest quintiles based on age-standardized expected years of life lost decreased by 60% in men and by 78% in women. The James et al. (2007) study has a list of illnesses or conditions in which deaths may be avoidable. One set of illnesses or conditions are those in which deaths can be avoided through medical care and another set consist of illnesses and conditions in which deaths can be avoided through public health programs. It follows from t he James et al. (2007) that mortality from illnesses and conditions are functions of public policy. Public policy can institute reforms in health insurance access and in improving medical care and public health. Thus, one extension of the study results of James et al. (2007) is that health inequities produced by the urban-rural divide can also be moderated by public policy. Meanwhile, among the illnesses or conditions in which there has been only marginal decreases in mortality disparities across incomes include lung cancer, HIV, and cerebro-vascular diseases. James et al. (2007) noted that another important contributory factor to the reduction of health disparities is the increase in government funding for public

Procter and Gamble Europe Essay Example for Free

Procter and Gamble Europe Essay I. Introduction Since the end of World War II, business organizations in the United States are becoming closer together with businesses in the European region. There are several reasons of this business behavior. First is the geographical location. Geographically speaking, Europe is the next logical step for foreign expansion after the North American continent has been fully explored. Second is the cultural and technological situation in Europe. Reports indicated that some nations in Europe has became more Americanized in technology and more importantly, culture (Hilger, 2006). Procter and Gamble, one of the most acknowledged companies in the United States have also had a significant presence in the European market today, particularly in Germany. In this paper, we will discuss Procter and Gamble’s decision to expand their business into the European continent and how the decision relates to Procter and Gamble’s corporate strategy. II. P G Corporate Culture In the company’s annual report and reports from external observers, there are actually various traits in Procter and Gamble’s operations that define their uniqueness in the global market. However, some of those corporate cultures are more in line with the European expansion strategy, compare to the others. Some of them are:  · Diversity In the company’s official website, it is mentioned that people at Procter and Gamble are united by the commonality and of corporate values and goals. Diversity is considered as the uniqueness of each of them that will help fulfilling corporate goals. The company has a human resource system that is designed to ensure that everything works for everyone and as the company became more diverse, the company encourage collaboration even more and stresses the importance of fully utilize individualities of people at Procter and Gamble. This culture should work well to support Procter and Gamble’s decisions to perform international expansion.  · Innovation The group also relies heavily on its capability to innovate and create new things from merely ideas. The group applies about a dozen core technologies to amplify this particular competitive advantage. Furthermore, the group has connected its internal innovation capability to vast external network of scientists, technology problem solvers and corporate inventors. Procter and Gamble treat innovation as a process that can be refined continuously to produce more robust and reliable results. This particular capability to inn ovate has also been a contributive factor to Procter and Gamble’s decision to expand abroad. By tapping into this capability, the company can adapt to local environments and create new and innovative products.  · Market Leadership Spokesperson of the company has once said in the middle of a launching campaign that Procter and Gamble put forth many competitive advantages like consumer oriented strategy and innovation, but most importantly, the company also stresses heavily on market leadership. In its annual report, it is repeatedly stated that the company is designed to win in various aspects of the global business competition. The company spends huge percentages of their earnings each financial period on marketing campaigns because they believe in being a winner in every market they get themselves into. Analysts believed that this value also makes it more appealing for Procter and Gamble to expand their business into Europe, especially after the war was over and created a more positive atmosphere for international expansions.  · Focus on Growth Procter and Gamble also stated in its annual report that the company as a whole, is designed for growth. In other words, corporate management is always looking for growth opportunity whether internally or externally. Thus, a chance to develop business into a new market will obviously be perceived as another way to secure growth. III. Strategy by PG III.1.  Ã‚   Human Resource Management Investments Despite the cultures of the company that supported corporate expansion into Europe, the group must still adapt to the changes between American business culture and European. One of the greatest changes in Procter and Gamble is within the human resource department. As the company entered the new market, management has formed a project team to compare between the current employee services and the expectations of Procter and Gamble. In the case of Europe expansion, Procter and Gamble has also developed a strategic alliance with IBM and transferred this value into corporate competitive advantage.   Procter and Gamble also uses their HR account managers to organized how the business is performed within the company. Across the whole Europe, management have organized the HR business accounts to mirror the way the business is organized, and the HR account manager is responsible for ensuring that the team delivers business results in a way that generates growth. Overall, Procter and Gamble has made huge investments in its Europe HP structure, but the new model has now become a significant source of operational and strategic competitive advantages within the continent (Mandiese, 2006). III.2.  Ã‚   Communication strategy changes Along with the European expansion, Procter and Gamble has also invested heavily in changing its information technology. One of the changes Procter and Gamble has made is shifting from media planning to communication planning. This was as much as an industry effort as it is an internal initiative. Procter and Gamble might not be the only company embracing the consumer-centric approach to the media, but Procter and Gamble did it in quite a high-profile fashion that the marketing world surrounding the company must pay attention to the new philosophy. The company maintained a consistent focus on media creativity and also pushed to develop a broadband video upfront marketplace. IV. The Vizir Launch (no data) V. Change Management Model The change management model that can be suggested to Procter and Gamble is the three step change model. This change model basically contains three steps, which are: unfreezing, moving and re-freezing. These steps however, can be modified according to the extent of change that must be performed. For small projects, companies generally go for the light model. The Medium-Sized Model on the other hand is created for the majority of project. For complicated projects, people generally use the Complex Model. When the element of time is crucial, then the suitable modification is the quick model. The last variation is the one designed for a slow type of change, which is the Day-by-day model (Baekdal, 2006). For Procter and Gamble on the other hand, which contains various products for various customer segment, the Complex model is the most suitable. In the Complex model, the unfreezing step contains phases like: analyzing the problem to understand what is really going on and the reason of it, and then understanding the cost and benefits of a change. Afterwards, the company should explain the situation to members of the company and listen to their comments. The next phase includes invalidating the present rules and policies and defines new visions, new goals and finally generate a plan. The move step in the Complex model includes explaining the logics of the new vision, mission and goals and getting everyone on board. Afterwards, the team should listen to everyone’s comment, evaluate the plan and adjust the plan based on the feedbacks. In the re-freezing step, management should define new rules and policies and define the new way of living for the company. This step includes constantly renewing the energy and evaluating the results (Baekdal, 2006).

Judgemental Forecasting Method

Judgemental Forecasting Method Forecasting is a significant tool for many different sectors as it makes predictions on the future by looking at historical data, present data and the analysing of trends. However, some business forecasting is not done at a good level, as some business people confuse it with goals and planning. Forecasting, Goals and Planning, these three differ significantly, Forecasting is trying to calculate the future a specific as possible, by using historical data, present data and the analysing of trend, Goals for business is that the business would like to happen for them in the near future. Goals are usually done with lacking any planning or forecasting, as the business looks at their competitors and they either want to match them or exceed them in the market. Planning is looking at the forecasting and goals and deciding the best action that will make the business forecasting match their goals. As the business world is moving more into analysing data, forecasting is and will be a vital part of decision-making for the management team, as the forecasting can help with short term, medium term and long term forecasting. When a business has a lack of past data or the business is launching a new product, the business can still use forecasting, and they will use Judgement forecasting. Judgement forecasting is the use of opinion, intuitive judgment and subjective probability estimates. Judgment forecasting has few methods that can be used to get the best statistical analysis and there are Statistical surveys, Scenario building, Delphi methods, Technology forecasting and forecast by analogy. The Judgement forecasting has increasingly been recognised as a science, and over the years the quality of Judgement forecasting has been improving as the approach has been well structured and efficient. But it is important to understand that Judgement forecasting has not been perfected as it still has limitations. Judgment forecast depend on human cognition which has limitations, For example, a limited memory may render recent events more important than they actually are and may ignore momentous events from the more distant past; or a limited attention span may result in important information being missed, or a misunderstanding of causal relationships may lead to erroneous inference.1 This example shows that human memory can affect the judgment forecast in a negative way, and misunderstanding can lead to wishful thinking or optimistic view which can lead to faulty forecast, and in the case of launching a new product, the marketing and salesman teams will have an optimistic view for their lunch so they will not forecast its failure Beware of the enthusiasm of your marketing and sales colleagues2. In the case of judgment forecasting without any domain knowledge and only a set of time series data is used, getting a forecast will be very hard, as in the Hogath and makridais (1981) in their paper, where they have examined around 175 papers where there was judgment forecasting, they have approached a result of that quantitative models outperform judgmental forecasts3, in their research they have seen that judgment has been linked with systematic biases and errors, as some people were looking for patterns and linking together clues where there was none as the process was random. Judgment forecasting has been compared to many different kinds of forecasting such as statistical methods, and many different types of research conclude different findings of the accuracy of the two methods. In the paper of Lawrence (1985) and (1986) where the paper compares the accuracy of quantities model and judgment forecasting, the paper has come to a conclusion that demonstrated judgmental forecasting to be at least as accurate as statistical techniques4, also in the paper show that the standard deviation of the error of the statistical method was greater than the judgment forecast error. The paper also shows that if judgment forecasting was added in the statistical method, better sets of forecasting can be predicted and the level of error would decrease. In the study by Makridakis S and Winkler R (1983) it shows that there are few ways to combine the judgement and statistical forecasting. In the study it says that there is two way to join the two forecasting methods, the first is Concurrent Incorporation where to get the final forecasting both methods will have to be used to get the averaging procedure. The second way is a Posterior Incorporation which includes the judgmental revision of statistically derived forecasts5   this second way tries to improve forecasting by allowing the judgement forecasting to see and access the results of the statistical forecasting. After many years of research in the area of forecasting, Judgment forecasting improves when greater domain knowledge and more up to date information included, therefore by using this new information, judgment approach can then be adjusted and producing an improved forecast. By using a well structured and systematic approach, it helps to decrease the undesirable effects of the limitations of the forecast. By well structuring the approach it will make the forecasting task clear, and a good understanding of the structure is important to avoid unclear and uncertain terms. The method that is well structured that can be used for the judgment forecasting is the Delphi methods. The Delphi method is the use of experts opinions and judgment in the specific field to predict the expectation in that field. The Delphi method is respect method as it only looks at the opinions of the experts in their field and allows them to be anonymous at all time, therefore there is not influenced by their social and political pressure in their prediction, and all experts opinions are weighted equally so no one prediction is superior to another. But like any other approach, the Delphi method also has its limitations, the method is time-consuming, therefore, the experts might be discouraged to join the study or they will not contribute fully at all time of the approach. Adding domain knowledge to the judgement forecasting can be used fully for the prediction. The knowledge of the time series and further information which explains the historical performance of the series can have a minor influence on the forecast or a huge impact on the variable of the data. The domain knowledge represents the un-modelled module of the series. The un-modelled module is very important as it can be included into the statistical forecast to reach better results for the forecast. Many studies have been looking at judgement forecasting with the addition of domain knowledge, a study by Brown (1996) which looked at earning per share forecasting. The study shows that the forecasting of the management team was more accurate than the analysts predictions and the statistical model forecasting. In the study, it shows that the inside information which is the domain knowledge of the firm lead to the accuracy of the management team forecast. In the study, it showed that it did not matter if the statistical model was complex or simple as the management team and analysts got a higher accuracy level because of the domain knowledge the management team holds. In a study by Sanders (1992) where it compared the preference of judgement methods to statistical forecasting, the study compared both methods by the use of an artificial time series. The study looked at 38 business students, the students were thought some different ways of statistical and judgement forecasting and every student had two-time series and past data. The task for the students was to use all the information they had to forecast the next 12 steps ahead. The students were given one week to produce their judgement forecasting, then they were given statistical forecasting of the series, and then they were asked to review their forecast and do any adjustment if needed. The study has used the mean absolute percentage error to assess the forecasting results, and the mean percentage error was applied to calculate the level of bias in the forecast. The results of the study have similar results as the past studies did, as statistical methods outperformed judgment forecasting in all -time series but not the low noise step function. And the more complex the data pattern got the worse the judgement forecast became. The study clearly shows that the statistical methods had better forecasting in the high noise level data, and an increase in noise level has worsened off the judgement forecasting, the study says this is due because as the high noise increases it becomes harder for an individual to detect any kind of patterns. While judgement forecasting didnt perform well during a high noise, it did significantly well in the low noise function. Looking at the bias in the study, it shows that at a low noise series the judgement revision bias is low in the series, while for a high noise series it increases the bias in the series. The main point of the study by Sanders (1992) is that judgement amendments with statistical methods can have great advantage for a low noise series with a specific data patterns, and it will do better when statistical method are applied blindly to a time series, also at a low noise series the judgement revision bias is low in the series, but in a high noise series the judgment forecasting is not the right approach comparing to a statistical forecasting and in some instances the bias level in the judgement forecasting was greater than the statistical forecasting in a high noise series. Sanders approach of the judgement forecasting is not overwhelm approved in the forecasting filed, as it has many critics wondering about its efficiency, as the sanders approach for judgment forecasting does not use the experts opinions on the field that is going to be forecasted but uses the opinion and judgment of normal people who may have not have studied the field and have a small knowledge about it, therefore, there judgement would not be the best to use to create a prediction from it. Judgemental forecasting is an important tool in the business today but it has to be used right, as some business people confuse it with goals and planning. When doing a judgmental forecasting the aims and the purpose of the forecasting have to be clear and well structured to get better results. But like any forecasting method, Judgemental forecasting has its limitations and it is up to the person who is performing the forecast to make sure they are at a minimum. To get a better prediction it is important to try and increase the domain knowledge of the series as it has been shown in the Brown (1996) study, as the management team outperformed the statistical analysis due to the inside information of the firm and because they are the experts in that field. Also to improve the judgement forecasting as it has been shown in the Sanders (1992) have found if judgment forecasting is done with a revision of statistical methods, the forecast can be more accurate in a low noise series and with a less level of bias. Judgmental forecasting is not a perfect method to predict the outcome of a specific time series but it is a good point to start. References: Rob J Hyndman, (2013) Chapter: Judgmental Forecasts: Beware of limitations. Book: Forecasting: principles and practice R. Fildes and P. Goodwin (2007b). Good and bad judgment in forecasting: lessons from four companies. Foresight: The International Journal of Applied Forecasting 8, 5-10. Hogarth Makridakis, 1981 R.M. Hogarth, S. Makridakis Forecasting and planning: An evaluation Management Science, 27 (1981), pp. 115-138 Lawrence et al., 1986M. Lawrence, R. Edmundson, M. OConnor The accuracy of combining judgmental and statistical forecasts, Management Science, 32 (1986), pp. 1521-1532 Makridakis S and Winkler R (1983) Averages of forecasts: Some empirical results. Mgmt Sci. 29, 987-996 Sanders, 1992  N.R. Sanders  Ãƒâ€šÃ‚   Accuracy of judgmental forecasts: A comparison   Omega, 20 (3) (1992), p. 353 Brown, 1996 L. Brown Analyst forecasting errors and their implications for security analysts: An alternative perspective Financial Analysts Journal, 52 (1) (1996), pp. 40-47 Lawrence, M., Goodwin, P., OConnor, M., ÃÆ'-nkal, D. (2006). Judgmental forecasting: A review of progress over the last 25years. International Journal of Forecasting, 22(3), 493-518.

Canadian Standard of Living :: social issues

Canadian Standard of Living Since the day Canada was created the standards of living have been constantly changing. There have been ups and downs in Canadian Standard of Living, but in my opinion, the system we have today is nearly perfect. Although I believe that no one will ever create a perfect system, mainly because of the differences in opinions. Not a single country in the world has the standard of living that in my opinions is ideal. We can look at other countries such as: Russia, Holland, or China. Although these countries have better standards of living then Canadians in some areas like: education, clothing, health system, etc. Each of them has disadvantages like: Russia has poor economy, Holland has high taxes, and China is overpopulated. I believe that current Canadian Standard of living creates a line higher then medium in the World Standard of Living. To create an ideal, and maybe perfect, Canadian Standard of Living, I wish to compose an outline that I believe will take Canadian Standard of Living to the next level. The Standard of Living basically consists of six basic areas: Education, health, housing, food and nutrition, clothing, and rights. I would like to discuss all of these issues separately because that all of them are very ingredients of the creation of the great Canadian Standard of Living. First on my list is education. This factor, in my opinion, is one of the most important ones. I believe that the access to education should be unlimited. I think that you should be able to study as long as you want, and the issues such as money, equipment and facilities shouldn’t stand in your way, but that raises other issues. If we have all geniuses, that will ruin the balance of the whole system. So I think that the best way is to limit and set High school diploma as a standard. Today’s Canadian Health System is not prefect. I believe that Health care is an issue that should be taken care of as soon as possible, because today’s constant budget cuts won’t do any good to anyone. I believe that we all should pay the same fee that will cover any time of injury or operation. It’s don’t think that it all should be about the money; after all we are saving people’s lives. I mean if you have a liver cancer and you simply don’t have money to pay for the surgery, I don’t think that money should that as an issue between life and death.

Newspaper Report on a Town :: Papers

Newspaper Report on a Town I am going to write a newspaper article about my town, it is called Luton. It is thirty miles north of London. And has a population of around 187000 people. Its main features are the airport, which is currently being extended and the Vauxhall factory. The area, which I live in, is called Wigmore. It is on the very edge of the town and backs onto the countryside. There are a number of small villages beyond Wigmore, Tea Green, which has a small golf course, and Cockernhoe, which has a small junior school. They both have very few houses, as well as a church and of course a pub. All of the houses down my road are either four or three bed-roomed houses. They all have front and back gardens as well as a park. This is a good feature as it allows children to play in the comfort of their own road; this is very reassuring for parents. If you go out of my road there is a main road, which if you follow will either take you to Wigmore Valley Park, which is an enormous playing field that sits directly next to the airport. It is used mainly in the summer where you would have families with picnics, fun and games and people walking their dogs. If you go the other way you will be taken to the local supermarket, ASDA. Which is the second busiest attraction in my area, next to the airport. The supermarket consists of everything you could think of from designer clothes, ready cooked food as well as your every day shopping. It also has a music and video store which has a number of top of the chart products as well as a large archive of old music and videos. And all of this at exceptionally low prices. If you go slightly further than ASDA then you will reach Ashcroft area, this is where my School is. My school is an I.T communications college which means that its main interest is I.

The Economics of Running a Genomics Company

Genset IPO Prof. Nahata FIN 9774 1. What are the economics of running a genomics company? What is the role of large pharmaceuticals in genomics? How competitive is the genomics industry? Running a genomics company is extremely capital intensive. Research and development, patenting, and developing marketable products cost a lot of money. The associated dangers of working with patents are also at issue here. Genset must be able to defend its patent in court against patent trolls, which can layer additional costs upon the capital intensive primary business activities of the firm. At this point in time, the patent situation surrounding mapped genes is also tentative. The US courts have yet to rule on the patent status of genes, making the market for patented genes suspect. The other difficulty of the genomics industry is turning research into revenue. It takes a very long time to turn a patented gene into a medical product, which has to pass through several rounds of scrutiny before entering the market. Even if Genset is able to find a major gene, they might not see returns for several years. Large pharmaceutical companies are integral to the genomics industry. Genset researches genes that are related to a wide variety of diseases. However, many mapped genes will not be linked to any underlying genetic disorder. The genes that are linked to treatable disorders must be researched to discover chemical compounds that interact with genes to treat the underlying disorder. While Genset has the intellectual capability to research the genes, they are not capable of developing drugs to interact with the genes they have mapped. Through licensing agreements, genomics companies could decrease the risk and amount of time before they could report positive earnings. The licensing agreements generated revenue immediately by selling some or all of the rights to future applications of specific genes. Thus the genomics companies did not have to wait for the future applications to mature before they could realize positive earnings. The industry is also extremely competitive. There are 114 biotechnology companies in France, with an additional 1,050 in the United States. Several genomic companies have already passed through their IPOs with mixed success. Competition is fierce to discover every human gene. It is a race to see who finds and catalogues all the human genes by the end of the millennium. By early 1996, there was an intense race to map all genes and genomics companies were getting closer to finishing the task every day. There is also heavy competition between the genomic companies and pharmaceutical companies. 2. What is happening at other genomics companies? What is Genset's competitive position in the genomics industry? Many genomics companies have passed through IPOs and private funding rounds. At 250 employees, Genset is larger than all the other comparable companies provided in the case. Many other companies are operating in the sequencing business, developing libraries of sequenced genes. Beyond private companies, many research universities, government-sponsored facilities, and research institutions are also sequencing genes. While progress has not been lightening fast, it is worth noting that there is a finite supply of genes in the human genome. The amount of genes that are functional from Genset’s perspective is unknown. While competition to discover every gene was fierce, Genset was engaged in the systematic and comprehensive analysis of the genetic map of the humans to identify and patent genes and regulatory regions related to selected common diseases. Genset was a unique firm because it was both creating a library of genes and researching the genetic causes of diseases. They intended to discover drugs to treat these diseases and enter into strategic partnerships with pharmaceutical companies to develop and market these drugs. Genset not only researches genes, but it also is the world’s largest creator of synthetic DNA. Bradys believes that this line of business is extremely important to Genset’s future. Part of the desired $70 million will be devoted to tripling the output of synthetic DNA by updating its sequencing machines and increasing its workforce. Part of the money was needed to finance more equipment purchases and further research for its DNA mapping and sequencing operations to beat its competition. The industry is expanding quickly, with many small, nascent firms popping up, searching for private funding. The landscape is expanding quickly, with each firm trying to find ways to monetize their findings as quickly as possible. 3. What are the key success factors in genomics? What are the risk factors? What is the nature of cash flows in genomics? To be successful in genomics, a firm must have capital to acquire the necessary equipment and personnel to quickly map and patent genes. Given the finite amount of genes available to map, the genomics industry is truly deadlocked in a race to sequence the human genome. While raising the necessary capital is difficult, the more difficult aspect of the genomics industry is finding ways to monetize their research. Genset is fortunate to be the world leader in synthetic DNA. While their research may take years to pay off, their synthetic DNA operation gives them a reliable revenue stream. Genset is unique within the genomics industry in that respect and another: they are not just sequencing genes; they are also researching the genetic causes of diseases. This additional research makes their genetic patents and research more valuable to pharmaceutical companies that will be assured that they are pursuing worthwhile genes. To achieve profitability, Genset needed to successfully discover genes related to particular diseases, find partners to develop the products, conduct clinical trials, get regulatory approvals, and successfully manufacture and market such products. But the risk with this plan was that, Genset was based in France and patented its discoveries in France and the Euro zone countries. They were also unsure if the discovered gene fragments or genes (without known functions) could be patented. This was a BIG risk, in that any other firm could discover the gene’s function and patent it. Also since they did not have any patents in America, where they were considering raising money put a big question on the viability of the plan. There was also the possibility that the patents, mainly on which the firm’s value was based on, were broad enough to give the firm a competitive advantage besides any patent could be challenged, invalidated or circumvented by others. . Are Genset's cash flow projections reasonable? How much cash does the company need and when? To achieve profitability, Genset needed to successfully discover the genes associated with particular diseases and find appropriate strategic partners to develop products, conduct clinical trials and obtain regulatory approvals. Genset entered into a three-year strategic alliance with Syntehlabo SA which fo cused on discovering genes associated with prostate cancer. They were also under discussions with an affiliate of Johnson & Johnson to target schizophrenia. Their financial projections showed that in the future the company expected its revenues to come primarily from these types of contract revenues. The company has also filed three patent applications in France relating to its gene sequencing techniques. They are projecting their revenues based on successfully discovering these genes. Genset is looking to acquire approximately $70 million to finance more equipment purchases and further research. The company needed $30 million for capital expenditures including expansion of its TGS high throughput sequencing facility, the construction of a new mapping facility and polymorphism scanning lab. Another $40 million would fund ongoing research and development expenses. The funds were needed almost immediately. Without this technology and research, Genset would fall behind with no chance to recover. Raising this capital would be Genset’s largest financing project and would augment the $54. 2 million of funding raised through private equity (70. 4%), bank loans (13. 5%), government bonds (7. %) and other loans (8. 9%). We believe that Genset’s cash flow projections could be overstated since a major part of their cash flow source is contract revenues which would have to be made with Pharmaceutical firms. The case mentions that currently all the patents that Genset has are registered and protected in Europe. Most pharmaceutical firms on the other hand are based in North A merica with it being the largest market and unless all the patents that Genset are are registered and protected in North America, we believe they would not be in a position to achieve those cash flows. Hence we have discounted these cash flows by 40% initially. Also we believe that post an IPO and strategic investors from North America, Genset will develop the capability and expertise to pursue these patents listed in N. A and achieve the growth that they expect now. Thus we have a terminal growth rate of 5% factored in our model. However we have factored in the capital expenditure schedule that the firm has planned on the onset and that has been factored in the model since these expenses are essential in the pursuit of the firm’s future projections. 5. What is the current state of the financial markets? Are they conducive for an initial public offering by Genset? Would a private placement be a better alternative? The current state of the financial markets is healthy. Recent IPOs by other genomics firms have fared very well, despite the inherent risk in the business. Gene research is seen as the future of science, just as physics was the driving science of the early twentieth century. Given the success of recent offerings (with Human Genome Sciences and Myriad Genetics being the most successful), Genset is correct o investigate the possibility of a public offering. US capital is flowing into genomics at a steady clip, making it an appealing source of funding. The conditions associated with private funding make it less appealing to Genset. Genset is also unlikely to be able to raise their capital requirements through private funding alone. They have already received $54. 2 million in private funding, with 59. 3% of their shares owned by private investors. Private investment in biotechnology is at an all-time high, but funds are restricted from putting more than 10% of their total capital into any one business. This may require that Genset form deals with multiple funds, further dividing their remaining equity. Also there is a possibility that post these deals, while Genset would further dilute their equity there could be a situation where they could again be short of funds and raising funds in the future via this route could/could not be difficult. However once you access the public markets there is always the option of accessing the markets continuously for multiple capital raising activities. Thus going public sounds much more attractive. Also in the future, given the right strategic partner and if making continued contract revenue agreements becomes difficult they could also enter into a partnership or joint venture. Given that the firm would then have stock that is listed on the bourses makes this much more easier and hence going public is an extremely attractive choice. 6. Should Brandys take such extreme measures to issue stock in both France and the US? Why is he doing it? What additional costs and requirements are raised in doing so? Bradys is understandably weary about issuing stock in both France and the US. The offering would cost Genset twice as much, losing roughly 20% of their raised capital to fees and services. Before the offering, Genset would need to review their financials and prepare their past statements to comply with both US and French law. They would also need to secure accountants, lawyers, and underwriters in both France and the US, which will cost the firm a hefty price. Bradys is pursuing this option to expose the firm to as many possible sources of funding as possible. The US capital market is deeper than that of France. However, since the firm is French, it is able to draw some of the most talented French scientists to its firm. The US genomics market is deeper, making the pursuit of human capital more difficult. Bradys understands that if he were to only make an offering in France, he would be incapable of raising their required funds. Bradys needs the US market not just for capital. He also needs the US pharmaceutical industry and patent protection. By having American capital, Genset can more effectively lobby the US government for the patent protection they need to make their mapped genes intellectual properties. It is also worth noting that Genset has plenty of cash reserves and is not as badly in need for capital as Bradys believes. While the US has yet to weigh in on patent protection for genes, the increased amount of commerce on the side of genomics indicates that the courts will most likely uphold the rights of companies to patent their library of genes alongside their patented processed. 7. Why is Genset going public now? Does it make sense? Genset is going public now because they need $70 million in capital to advance their research and to not fall behind other genomics companies. There are some positive points to going public now. Tapping into the US market makes sense because of the higher amount of venture capital expenditures over their native France. If Genset does not find a way to raise this capital, they will most likely fall out of competition among their direct competition. The drawbacks to going public are many. No other similar genomics business has raised $70 million in their IPO. The highest previous offering was by Human Genome Sciences, which raised $66. 7 million. However, Human Genome Sciences did not face the challenges of Genset. Most offerings lose 10% of their raised capital to offering related services. Genset could conceivably lose 20% of their offering value, as they must prepare for offerings in both France and the US. A dual offering would require accountants, lawyers, and services for two different markets in two different languages. If Genset were to achieve their desired level of $70 million, they would need to raise roughly $87. 5 million in capital, before related costs are tabulated. It makes sense that Genset go forward with an IPO at this time, although it is not without its dangers. If their IPO fails, the firm would be tainted and they would be hard pressed to raise capital elsewhere. They could instead seek more private capital, which would not preclude an IPO in the future. Even if another round of private capital falls short of the $70 million mark, they could receive bridge funds that would carry them to another round of funding through venture capital or an IPO. However, given the amount of firms entering the market, Genset could easily hurt their value by waiting. The markets could grow weary of genomics companies and fail to pony up capital to even the best companies. Genset should strike while the iron is hot, not wait until the market has cooled down. Genset must firmly trust their advantage of having the most talented French scientists in the US market. The flood of US-based genomics firm has diluted the talent pool of American scientists. Genset has a strong advantage in this respect. Coupled with their superiority in synthetic DNA and competitive edge in DNA sequencing, Genset is certain to be a much sought after stock. 8. What valuation would you put on Genset's stock? Be sure to support your valuation with specific analysis. You could try to be creative here! We estimate Genset’s stock to be priced at $10. 57 per share. We are using a beta of 1. 6 which is based on the weighted market capital of all comparable companies. The reasoning behind this is that the majority of the listed firms are in the US and hence it is difficult to find closely comparable firms. We also use the P/E based valuations since the value of the firm will also depend on how the comparable firms have performed in the market post IPO. The terminal growth rate is 5% which is reasonable since we haven’t accepted the revenue streams given to us by the firm. We have reduced them to 60% of the firm’s estimates since the numbers look highly optimistic and could be difficult to achieve given the fact that the firms' patents are registered only in Europe and could not be easily marketable in the US where most development and pharmaceutical firms are based. The revenues depend on agreements with pharmaceutical firms and if these agreements are subjective then the associated revenues will also be subjective. The core valuation itself comes from a variety of inputs that we considered. While we also did comparable company valuations, we agreed upon considering using the adjusted present values method which realizes a share price closest to that using a range of share prices obtained using the multiples method. We used a range of discount rates and P/E values associated with them, from the range of comparable firms given to us. We believe this gives us a range of valuations and taking out the High-Low values, we use the median Net Present Value of the firm and the associated stock price derived from it thus ending with a share price of $10. 57 and a NPV of $44. 796mn. We believe this is fair onservative valuation and reflective of the risk as well as the potential associated with the firm. This reflects a good middle ground for the investors to get in on a company with great potential as well as for the firm to capitalize on its unique position in the biomedical space. Adjusted Present Value Approach Inputs Tax Rate Unlevered Cost of Capital Cost of Debt Growth Rate (Product Sales – 2001 – 2003) Terminal Growth rate Other Income/Loss Depriciation (Straight Line) CAPEX (every year) All Value in Thousands 40% Asset Beta (comps) Risk Free Rate Market Risk Premium Terminal growth rate 1. 7 6. 05 7. 09 13. 62% 16. 2% 15. 00% 5. 00% 0 20% 3% $10,000. 0 DEBT 20,000 Adjusted Present Value (APV) (A) NPV of Unlevered Investment Date Revenues Expense Other Income/Loss Depreciation and Amortization EBIT EBIT(1-T) Add: Depreciation Gross Cash Flow Less: Capex Less: Change in WC Free Cash Flow Terminal Value PV Factor PV of Future Cash Flows (at time 0) NPV of Unlevered Investment (B) PV of Interest Tax Shields Date Debt (D) Interest Expense Tax Shield Terminal Value of Tax Shield PV Factor PV of Tax Shields (at time 0) NPV of Tax shield Infinite Horizon 1996 1 $12,700. $23,300. 0 $0. 0 $15,662. 6 $26,262. 6 $15,757. 6 $15,662. 6 $95. 0 $20,000. 0 $0. 0 $20,095. 0 1997 2 $21,300. 0 $26,800. 0 $0. 0 $17,662. 6 $23,162. 6 $13,897. 6 $17,662. 6 $ 3,765. 0 $10,000. 0 $0. 0 $6,235. 0 1998 3 $44,600. 0 $31,500. 0 $0. 0 $19,662. 6 $6,562. 6 $3,937. 6 $19,662. 6 $15,725. 0 $10,000. 0 $0. 0 $5,725. 0 1999 4 $68,600. 0 $36,700. 0 $0. 0 $21,662. 6 $10,237. 4 $6,142. 4 $21,662. 6 $27,805. 0 $10,000. 0 $0. 0 $17,805. 0 2000 5 $129,200. 0 $46,500. 0 $0. 0 $10,000. 0 $72,700. 0 $43,620. 0 $10,000. 0 $53,620. 0 $10,000. 0 $0. 0 $43,620. 0 2001 2002 2003 6 $148,580. $53,475. 0 $0. 0 $12,000. 0 $83,105. 0 $49,863. 0 $12,000. 0 $61,863. 0 $10,000. 0 $0. 0 $51,863. 0 7 $170,867. 0 $61,496. 3 $0. 0 $10,000. 0 $99,370. 8 $59,622. 5 $10,000. 0 $69,622. 5 $10,000. 0 $0. 0 $59,622. 5 8 $196,497. 1 $70,720. 7 $0. 0 $10,000. 0 $115,776. 4 $69,465. 8 $10,000. 0 $79,465. 8 $10,000. 0 $0. 0 $69,465. 8 $673,852. 8 0. 3601 $267,668. 6 $71,549. 8 0. 8801 $17,686. 4 $331,280. 9 0. 7747 $4,829. 9 0. 6818 $3,903. 3 0. 6001 $10,684. 5 0. 5282 $23,038. 3 0. 4649 $24,108. 7 0. 4091 $24,393. 8 1 $12,163. 2 $1,965. 0 $786. 0 2 $33,437. 2 $5,401. 9 $2,160. 7 3 $4 2,913. $6,932. 8 $2,773. 1 4 $41,347. 9 $6,679. 9 $2,671. 9 5 $27,550. 7 $4,450. 9 $1,780. 4 6 $20,000. 0 $3,231. 1 $1,292. 4 7 $20,000. 0 $3,231. 1 $1,292. 4 8 $20,000. 0 $3,231. 1 $1,292. 4 $8,000. 0 0. 860916465 0. 74117716 0. 63809162 0. 54934358 0. 47293893 0. 407160916 0. 350531536 $676. 68 $1,601. 50 $1,769. 49 $1,467. 82 $842. 00 $526. 22 $453. 04 0. 301778371 $2,804. 25 $10,141. 00 NPV of Project $341,421. 92 total debt market cap genome therapeutics 1. 4 131. 4 human genome sciences 6 697. 4 incyte pharmaceuticals 0. 1 244. 8 millenium pharmaceuticals. 2 7 myriad genetics 0. 307 sequana therapeutics 4. 1 189. 9 cash 0. 01065449 0. 008603384 0. 000408497 0. 002931596 0. 021590311 9 107. 5 41 17. 8 72. 5 41. 3 EV (calc) 123. 8 595. 9 203. 9 -10. 6 235. 4 152. 7 revenue 11. 2 9. 6 11. 1 22. 9 3. 6 12. 4 revenue multiple (calc) EBITDA 11. 05357143 0. 6 62. 07291667 -31. 1 18. 36936937 -10. 1 -0. 462882096 65. 38888889 -5. 2 12. 31451613 -6. 1 28. 12273006 0. 053571 -3. 23958 - 0. 90991 0 -1. 44444 -0. 49194 EBITDA multiple (calc) 206. 3333333 -19. 1607717 -20. 18811881 -45. 26923077 -25. 03278689 19. 33648503 MEAN MEDIAN HIGH LOW 28. 12 15. 34 65. 39 -0. 46 19. 4 -20. 19 206. 33 -45. 27 Base Case Total Revenue Total Expense Depreciation Taxable Income Taxes After Tax Depreciation Capital Expenditures FCF Terminal Value FCF Post Terminal Value PV – 1996 5. 84 2173. 6575 0. 6771654 1996 12700 23300 15662. 6 -26262. 6 0 -26262. 6 15662. 6 20000 -30600 -30600 $313,353. 57 1997 21300 26800 17662. 6 -23162. 6 0 -23162. 6 17662. 6 10000 -15500 -15500 1998 44600 31500 19662. 6 -6562. 6 0 -6562. 6 1999 68600 36700 21662. 6 10237. 4 3378. 342 6859. 058 2000 129200 46500 10000 72700 23991 48709 0. 596237 0. 30626 depreciation capex Depreciation 1992 1991 0. 19413 0. 016384 0. 017899 0. 107211 0. 053256 0. 080234 includes patent purchase+investing activities 1 2 3 4 5 6 20 32 19. 2 11. 52 11. 52 5. 76 19662. 6 21662. 6 10000 10000 3100 18521. 658 10000 10000 4 8709 593323. 1 3100 18521. 658 642032. 1 51144. 45 Conservative 1996 Total Revenue Total Expense Depreciation Taxable Income Taxes After Tax Depreciation Capital Expenditures FCF Terminal Value FCF Post Terminal Value (B) PV of Interest Tax Shields Date Debt (D) Interest Expense Tax Shield NPV of Tax Shields FCF including tax shield Total Net income NPV of Plan $44,796. 5 7620 23300 15662. 6 -31342. 6 0 -31342. 6 15662. 6 20000 -35680 -35680 1997 12780 26800 17662. 6 -31682. 6 0 -31682. 6 17662. 6 10000 -24020 -24020 1998 26760 31500 19662. 6 -24402. 6 0 -24402. 6 19662. 6 10000 -14740 -14740 1999 41160 36700 21662. 6 -17202. 6 0 -17202. 6 21662. 6 10000 -5540 2000 77520 46500 10000 21020 6936. 6 14083. 4 depreciation capex Depreciation 1992 1991 0. 019413 0. 016384 0. 017899 0. 107211 0. 053256 0. 080234 includes patent purchase+investing activities 1 2 3 4 5 6 20 32 19. 2 11. 52 11. 52 5. 76 10000 10000 14083. 171549. 5 -5540 185632. 9 14787. 57 1 $12,163. 2 $1,970. 4 $788. 2 $10, 143. 89 ($34,892) 2 3 $33,437. 2 $42,913. 2 $5,416. 8 $6,951. 9 $2,166. 7 $2,780. 8 4 5 $41,347. 9 $27,550. 7 $6,698. 4 $4,463. 2 $2,679. 3 $9,785. 3 20000 $3,240. 0 $1,296. 0 $8,000. 000 $16,084 ($21,853) ($11,959) ($2,861) $23,869 PV – 1996 Shares Outstanding Share Price $34,652. 16 4,574 $7. 58 Present Value $28,139. 37 $118,630. 13 $7,862. 21 $68,507. 03 Rate 0. 2 0. 2 0. 3 0. 3 PE 11 25 11 25 Share Price $6. 15 $25. 94 high $1. 72 low $14. 98 10. 57 median