HOSTILITY TOWARDS EASTERN EUROPEAN (EE) IMMIGRANTS IN THE UK FROM Essay

HOSTILITY TOWARDS EASTERN EUROPEAN (EE) IMMIGRANTS IN THE UK FROM DIFFERENT PERSPECTIVES - Essay Example Seventy percent of the increase in these ten years is attributed to immigration. About half of the foreigners come from Eastern Europe with Romania and Bulgaria having the highest number (Autonomous Nonprofit Organization, 2013). In the year 2012, reports published by Migration Watch showed about 80,000 people have been crossing the UK borders annually in search of better employment opportunities (Doyle & Chapman, 2014). This is a population which is roughly the size of the Borough of Tower of Hamlets. Immigrants continue to queue at the airports to get access into the country. Based on these trends and numbers, it is anticipated that more people, including those without work permits, will flock the country. Riley-Smith (2013) says that majority of these individuals are attracted by the prospects of getting better pay than what they used to get in their motherland. A foreigner working in the UK is able to get about four or five times what they were earning in their countries even at the minimum UK wage (Robila, 2013). Some stakeholders have raised the concern as people coming from Eastern Europe have lower employment rates in Britain. A clear look at the unemployment data reveals that this is an over magnified phenomenon. It is true that some foreigners find it had getting jobs in the UK (Riley-Smith, 2013). However most of them are those who lack work permits or are in the country illegally. According to Portes (2013), some UK leaders have called for the eventual restriction of ability of migrants moving to the country. Such stands are influenced by the mounting fear that the increase in the number of foreigners is limiting employment opportunities for the British citizens. This is a valid stand when one looks at the employment statistics of the skilled workers coming to the UK from East Europe. Majority of the immigrants are young and active than the average British

Communists Win Chinese Civil War Essay Example for Free

Communists Win Chinese Civil War Essay How much of the Cold War was affected by the Chinese Civil War? One may ask themself this question and not find an answer because one may think very little of another country being a part of different wars at the same time. The Chinese Civil War impacted the Cold War completely. The Chinese Civil War left a legacy of many people, major events in history, importance towards the Cold War and many others. The people who made this war happen also left behind their own goals along with their own legacies. â€Å"The Chinese Civil War was a civil war fought between the Kuomintang (KMT), the governing party of the Republic of China, and the Communist Party of China (CPC) for the control of China which eventually led to Chinas division into two Chinas, Republic of China (ROC) in Taiwan and Peoples Republic of China (PRC) in Mainland† (Chinese Civil War, 2012). The KMT and CPC are the groups of people who created the Chinese Civil War because of their diverse and unique beliefs on government. This war for control began in April 1927 during the same time of the Northern Expedition, which was a military campaign led by the KMT to unify China under the Kuomintang banner (2012). The Cold War began in 1941 or most resources say exactly after WWII showing that both the Chinese Civil War and Cold War went on in the same time period in history (Cold War, 2012). In the Chinese Civil War the main objective of each powerful party was to gain control of China and establish their thoughts on government. This civil war marked the third largest war in history, being represented by ideological split between the Nationalist KMT and Communist CPC (2012). The main leaders of the Chinese Civil War were the Nationalist’s leader, Chiang Kai-shek, and the Communist’s leader, Mao Zedong. The Chinese Civil War ended due to major active battles ending in 1949-1950 (2012). Most would say the war is still going on with no ending yet because no armistice or peace treaty has been signed yet. With most resources showing the Civil War of China ended about 40 years earlier than the Cold War (Cold War, 2012), but considering the Chinese Civil War never had an armistice nor peace treaty the war has never correctly ended or ended  at all. The Chinese Civil War was mainly ended though due to the Sino-Japanese War destroying the KMT severely toward their moral, troops, and trust throughout China. The Japanese invaded at this time forcing the KMT and CPC to unite in an attempt to drive out the invading Japanese (2012). Furthermore, the KMT when defending Japanese attacks lost many casualties, but once it was the CPC’s turn they defended far more than expectation pushing the Japanese back some using guerilla warfare (2012). This gained a lot of respect and trust within the CPC adding new followers to its party. After this ended the Western-supported Nationalist KMT and the Soviet-supported CPC went back at it for the control of China (Chinese Civil War, 2008). The last three years of the war are more commonly known as the War of Liberation, or alternatively the Third Internal Revolutionary War (2012). â€Å"On October 1, 1949, Mao Zedong proclaimed the Peoples Republic of China with its capital at Beiping, which was renamed Beijing; Chiang Kai-shek and approximately 2 million Nationalist Chinese retreated from mainland China to the island of Taiwan† (2012). The Chinese Civil War affected the Soviet Union and United States in many different ways. Among the time period of World War II the United States became a large factor in Chinese affairs (Chinese Civil War, 2011). The United States as an ally helped the Nationalist government by sending a program of massive military and financial aid in the late months of 1941 (2011). â€Å"In January 1943 the United States and Britain led the way in revising their treaties with China, bringing to an end a century of unequal treaty relations† (2011). By doing this the United States were tr ying to become a strong ally with China, stabilizing force in postwar East Asia (2011). â€Å"As the conflict between the Nationalists and the Communists intensified, however, the United States sought unsuccessfully to reconcile the rival forces for a more effective anti-Japanese war effort† (2011). â€Å"Toward the end of the war, United States Marines were used to hold Beiping and Tianjin against a possible Soviet incursion, and logistic support was given to Nationalist forces in north and northeast China: (2011). American strategists debated amongst themselves on whether or not the United States should intervene in an attempt to prevent a Communist victory, which would be following the policy of containment (2011). In December 1945 General George Catlett Marshall arrived in China with the thoughts of more-so bringing the KMT and CPC together to build a  coalition government that would consist of all the contending political and military groups in China (2011). â€Å"Under Marshalls guidance, the Nationalist and Communist factions established an Executive H eadquarters at Peiping, China (also known as Beijing), in January 1946† (2011). The United States Army appointed military personnel into headquarters trying to help administer the cease-fire negotiations (2011). United State forces were still held accountable towards incidents of violence between the Communist and Nationalist powers (2011). Furthermore, â€Å"the United States also helped repatriate Japanese army personnel who were stranded in China after World War II† (2011). Unfortunately for General Marshall, both the Nationalist’s and Communist’s representatives could not compromise or come to an agreement on certain fundamental issues or relinquish the territories they had gained in the time of the Japanese surrender (2011). Because of these miscommunications and bad negotiating between both of the Nationalist and Communist powers, the cease-fire attempts failed after several months resulting in battles resuming on once again (2011). The truce upheld between both forces soon fell apart in the spring of 1946 (2011). â€Å"Negotiations still continued† (2011). â€Å"On 08 January 1947 Marshall was recalled, having realized that American efforts short of large-scale armed intervention could not stop the war† (2011). â€Å"Marshall was then commissioned as Secretary of State in President Trumans Cabinet† (2011). After this General George Catlett Marshall convinced Congress to give Europe $13 billion to help rebuild, this became known as the â€Å"Marshall Plan† (2011). â€Å"Marshall received the Nobel Peace Prize in 1953† (2011). The United States still strongly aided the Nationalists with massive economic loans, but no military support (2011). The Chinese Civil War battles became more raged between the two forces (2011). The two forces now not only fought for territory but also for the allegiance of cross sections of the population (2011). â€Å"By using Manchuria as a base of supply and manpower and by accelerating the stages of Maos theory, Communists field c ommanders defeated Kuomintang forces in a series of conventional engagements in the late 1940s and established the Peoples Republic of China in October 1949† (2011). After numerous operational set-backs in Manchuria the Communists were able to take over the region and put more focus towards the war south of the Great Wall (2011). â€Å"Stalin actually tried to restrain Mao on several occasions while he gauged  American responses to developments in China† (2011). The crossing of the Yangtze River culminated in the collapse of the KMT resistance (2011). This led directly to Chiang Kai-shek’s retreat to Taiwan and the formation of the People’s Republic of China on October 1st, 1949 (2011). â€Å"The Mandate of Heaven had been withdrawn from Chiang Kai-shek† (2011). This resulted in the final victory of the Communist forces led by Mao Zedong in the Chinese Civil War; this casted an ominous pall over world affairs (2011). Within the same year, Russia detonated its first atomic bomb, ending the United States commanding control over nuclear weapons (2011). The arms race had begun with the nuclear war threat always being a major constant concern in the Cold War (2011). The overall impact of the Chinese Civil War ended in favor for the Soviet Union and going against the United States. This is because the United States were practicing a policy of containment. â€Å"The strategy, containment, is the strategy that the USA had of stopping the spread of Communism right in its tracks at the start of the Cold War† –Mr. Crow. Considering the United States did not stop the spread of Communism to China, they can count this event as a loss in the Cold War. On the other hand, the Soviet Union (USSR) could consider this a victory in the Cold War considering they aided the Communist Party and force in China, helping them win the Chinese Civil War and spread the concept and belief of Communism. The concept or belief of Communism: â€Å"a theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state† (Dictionary.com, 2012). â€Å"Communism has ten essential planks, which are the Abolition of Private Property, Heavy Progressive Income Tax, Abolition of Rights of Inheritance, Confiscation of Property Rights, Central Bank, Government Ownership of Communication and Transportation, Government Ownership of Factories and Agriculture, Government Control of Labor, Corporate Farms and Regional Planning, Government Control of Education† (Communism Amorality, 2012). References â€Å"Chinese Civil War.† GlobalSecurity.org. N.p., n.d. Web. 13 May 2012. http://www.globalsecurity.org/military/ops/chinese-civil-war.htm. â€Å"Chinese Civil War.† New World Encyclopedia . N.p., n.d. Web. 14 May 2012. http://www.newworldencyclopedia.org/entry/Chinese_Civil_War. â€Å"Chinese Civil War.† Wikipedia.org. N.p., n.d. Web. 13 May 2012. http://en.wikipedia.org/wiki/Chinese_Civil_War. â€Å"Cold War.† New World Encyclodpedia . N.p., n.d. Web. 14 May 2012. http://www.newworldencyclopedia.org/entry/Cold_war#.22End.22_of_the_Cold_War. â€Å"Communism Amorality .† All About Philosophy. N.p., n.d. Web. 14 May 2012. http://www.allaboutphilosophy.org/communism.htm. â€Å"Definition of Communism.† Dictionary.com. N.p., n.d. Web. 14 May 2012. http://dictionary.reference.com/browse/communism.

Sewage Systems, Oil Spills, and Oil Fires in Iraq Essay -- Iraq Baghda

Baghdad, Iraq is located on the continent of Asia at a latitude of thirty-three degrees north and longitude of forty-four degrees east near the doldrums. The air in Iraq is typically warm and dry because it is located where air diverges between the Hadley and Ferrel cells. The climate in Iraq consists of hot and long summers that last from May to October. During the summer, temperatures regularly exceed one hundred and twenty degrees Fahrenheit. There is no rainfall and the humidity is low. The temperature begins to cool down in October. December, January, and February are the coldest months. There are occasional frosts during these months. There is also rainfall. Winters in Iraq are customarily cool and moist in comparison to the warm, dry summers.1 The rain that occurs in the winter is unpredictable and cannot be depended upon to irrigate crops. The main natural disaster in the area is flooding. The Tigris and Euphrates rivers flood unpredictably at harvest time, or ri ght before the harvest time.2 This flooding ensures a continually unstable environment with fertile areas near the rivers and sub-desert areas away from the rivers. The flooding and receding rivers have changed the position of the gulf shoreline along with the fluctuation in sea level. 4 The Tigris and Euphrates rivers have a lot to do with the well being of the region in which Iraq is located. Today the Tigris River is severely polluted. Raw sewage runs throughout this river. The fertile marshlands that once existed have either been destroyed or have dried up due to human interaction. The air in Iraq is polluted due to oil fires resulting from broken oil wells. Iraq, which was famous for its state of the art medical care is now in disarray. The po... ...ulf War. London, U.K.: Greenpeace, 1991. Committee of Officials. Kingdom of Iraq: An Introduction to the Past and Present. Baltimore, MD, USA: The Lord Baltimore Press, 1964. Green, Matthew. â€Å"Languid Tigris Waters Mask Iraq ’s Pollution Menace.† Planet Ark. 13 July 2004. 10 November 2004. http://www.planetark.com/dailynewsstory.cfm/newsid/25984/story.htm. Helms, Christine Moss. Iraq: Eastern Flank of the Arab World. Washington, D.C.: The Brookings Institute, 1984. Pollack, Susan. Ancient Mesopotamia: The Eden That Never Was. New York: The Press Syndicate of the University of Cambridge, 1999. Recknagel, Charles. â€Å" Iraq Wetlands Disappearing.† Green Nature. 15 June 2001. 10 November 2004. http://www.greennature.com/article498.html. The Iraq Water Project. The Iraq Water Project. 1999. 10 November 2004. http://www.iraqwaterproject.com/intro.htm.

Government and Politics - No Peace for the Middle East Essay -- Argume

No Peace for the Middle East Since its inception the State of Israel has been at war with the Arab countries surrounding it. Dating back to biblical times when the Israelites left Egypt after two hundred years of bondage there, they began forty years of wandering the desert in which they encountered many enemy tribes such as their sworn enemies, the Amalekites. Thousands of years later, the Arabs and Israelis are still fighting. The State of Israel began with the War for Israeli Independence in 1948. Israel has kept on fighting ever since. Over the lengthy span of time in which Israel has been at war with the Arabs, the people of Israel and the Palestinians have developed a deeply rooted hatred for one another. Terrorism has been another factor which has contributed to this loathing. On top of all this, is the cultural and religious clash which the two populations experience. However, in the past twenty years, Israel and the Arab countries surrounding it have begun taking the first few strides toward peace. The meeting of Menachim Begin and Anwar el-Sadat created the peace treaty between Israel and Egypt in 1979. This marked the beginning of the never ending struggle for peace. Despite the overwhelming political endeavor for peace, the people of Israel will never fully achieve a peaceful coexistence with their Arab neighbors, due to the dark history between the nations and the years of hatred which have transpired. In recent years, the Middle East has made serious advances toward peace. Menachim Begin and Anwar el- Sadat formulated and signed the historic peace treaty between Israel and Egypt in 1979. It took immense preparation and the active participation of many of both countries?highest ranking officials and leaders to ... ...t with it many positive changes in the Middle East. In spite of what appear to be insurmountable obstacles, one can only hope for continued progress in the direction of peace and the best possible future for the Middle East. Works Cited 1. Weizman, Ezer. The Battle for Peace. New York: Bantam Books, 1981. 2. Gervasi, Frank. Thunder Over the Mediterranean. New York: David McKay Co., Inc.,1975. 3. Lustick, Ian. Arabs in the Jewish State. Austin: University of Texas Press, 1980. 4. â€Å"Middle East.?Microsoft Encarta. 1995 ed. 5. Friedman, Thomas L. From Beirut to Jerusalem. New York: Farrar Straus Giroux, 1989. 6. Chafetz, Ze’ev. Double Vision. New York: William Morrow and Company Inc.,1985. 7. â€Å"Kol Israel News Broadcast.?http://www.artificia.com/ (January 17,1997) 8. â€Å"Daily News from Israel?http://www.iclick.com/news (January 21,1997)

Philosophy Sections 7.1 & 7.2 Essay

1. What are the requirements for knowledge? 4.What is Plato’s allegory of the cave supposed to demonstrate? Plato’s allegory of the cave is supposed to demonstrate not only the human situation in general but Socrates’ life in particular. Socrates glimpsed the true nature of reality and tried to convince the inhabitants of Athens that they didn’t know what they thought they knew. The objects that cast shadows on the wall represent what Plato considers to be the truly real objects: the forms. 5.What is Descartes’ dream argument? Descartes’ dream argument is as followed: 1) We can’t be certain that we’re not dreaming. 2) If we can’t be certain that we’re not dreaming, we can’t be certain that what we sense is real. 3) If we can’t be certain that what we sense is real, we can’t acquire knowledge through sense experience. 4) Therefore, we can’t acquire knowledge through sense experience. According to Descartes, you can’t rule out the possibility that you’re dreaming so you’re senses can’t give you knowledge of the external world. 8. Why do empiricists believe that there are no synthetic a priori truths? Empiricists believe that there are no synthetic a priori truths because they believe that sense experience is our only source of knowledge of the external world. 9.How does Kant explain the possibility of synthetic a priori truths? Kant explained the possibility of synthetic a priori truths by examining the method of inquiry used by mathematicians. Kant found that what makes it possible for mathematicians to discover such truths is that they study the principles the mind uses to construct mathematical objects. Section 7.2 (3 and 4) 3. What is representative realism? Representative realism is the doctrine that sensations are caused by external objects and that our sensations represent these objects. 4. What is the distinction between primary and secondary qualities? The distinction between primary and secondary qualities is that while secondary qualities exist in the mind not in the actual object, primary qualities are possessed by material objects.

Retailing Characteristics of Fast Food Stores and Their Impact on Customer Sales and Satisfaction Essays

Retailing Characteristics of Fast Food Stores and Their Impact on Customer Sales and Satisfaction Essays Retailing Characteristics of Fast Food Stores and Their Impact on Customer Sales and Satisfaction Essay Retailing Characteristics of Fast Food Stores and Their Impact on Customer Sales and Satisfaction Essay a zero inventory concept, category management, use of Internet and computers for inventory control and supplier-retailer coordination) were revolutionized in the 1990s. This was led by global chains and is diffusing into developing regions of Asia through knowledge transfer and imitation and innovation by domestic supermarket chains. The development enabled chain stores to build their own distribution centers and to accommodate a high volume of direct shipments from producers under central inventory control. Importantly, stores should be able to forecast daily sales with a considerable degree of accuracy , thus reducing wastage levels. Low margins and high competition: Multinational chains arrived in Asia with many years of experience and development in the very competitive environments of their respective countries. Their extensive experience included modern technologies and know-how regarding supply chain management, procurement arrangements, stock optimization, quality standards control, cold storage maintenance, product handling, shelf-life preservation, and consumer services. Consumers enthusiastically received the unprecedented services and quality provided by these new chains. The competition forced local firms to enhance their services and efficiency, generating a chain reaction of improved services and modernization throughout the grocery sector. Competition among retailers is fierce. Asian agri-food distribution companies are aiming to lift competitive ness, and the phrase â€Å"drive costs out of the system† has been used widely in the retail industry. Supermarket chains are constantly seeking substantial savings through efficiency gains, economies of scale, and coordinated cost reductions. Furthermore, with the number of modern trade stores growing faster than total sales, as is the case in China, the share of trade for an individual retailer is actually in decline. At the same time, consumer loyalty to individual stores is low. Shoppers in China continue to switch between outlets, including the wet markets. As a result, all supermarkets appear to be extremely price conscious. Demographic, cultural and social changes:- The percentage of young people in the population of Asia is increasing. A westernization of lifestyles is also increasing, particularly among younger people. Changes in family structure in Asia are being witnessed, with a growing number of nuclear families and one-person households, as opposed to extended families. Finally, there has been an upward trend in the use of credit cards, which are rarely accepted by corner shops or traditional wet markets in developing countries. All of these factors have contributed to the attractiveness of supermarkets to consumers. Increased travel:- More travel has exposed people to modern retailing techniques in the United States and parts of Europe, to a wider range of products and, particularly for fresh fruits and vegetables, to the possibility of being able to consume many out-of-season products. 1. 4 RECOGNITION OF A PROBLEM Food retailers recognize that consumer satisfaction (CS) plays a key role in a successful business strategy. What is unclear is the exact nature of that role, how precisely satisfaction should be managed, and whether managerial efforts aimed at increasing satisfaction lead to higher store sales. Today, managers in the food retail sector undertake substantial efforts to conduct CS surveys. Yet it appears that in most cases the data are used to simply monitor specific store attributes, and especially overall satisfaction, over time. Unless the impact of consumer satisfaction on store revenues is assessed, managers have little basis for allocation of resources. In general, the linkages between drivers of consumer satisfaction and sales performance have not been firmly established in the food industry. For the estimation of these linkages, recent research indicates that several issues must be addressed We measure the links between attribute perceptions and consumer satisfaction, and between consumer satisfaction and sales performance, in the food retail sector. The study relies upon an extensive data set comprised of five waves of consumer satisfaction and sales information from approximately 180 consumers. We construct a hypothesis in first differences that addresses the inherent nonlinearities and asymmetries in these links. We also provide an example of how firms can use the estimated linkages to develop satisfaction policies that are predicted to increase store revenues. Our study makes three contributions to the literature, one methodological and two substantive. First, we examine nonlinearities and asymmetries in the satisfaction-sales performance links based on an empirical model expressed in first differences. Second, the study advances the measurement of behavioral links between consumer satisfaction and performance in the food retail sector with firm-specific data. Third, our study shows how firms can employ such results to develop appropriate consumer satisfaction policies. Many retailers suffer from a variety of problems and difficulties . These can be classified as : A) Inadequacies in the trading environment (e. g. economic and social change, competition from multiple retailers); B) Inadequacies in the retail form (e. g. operating costs, investment capital availability, supply problems); C) Inadequacies in management (e. g. management expertise and techniques). ther prominent problems with Indian Food retailers are:- 1)Retailers are facing high degree of competition these days as there are several retail outlet of the same food product in metropolitan cities, so retailers are not only facing competition from other food product outlet but they are facing a stiff competition from his own counterpart also.. 2)Due to increased literacy rate and widespread of media, customers are extra aware about the food products as well as the ingredients an d promotion schemes given by different retailers. )Many customers want to eat those food products which are of foreign origin but with Indian ingredients (According to their customs and traditions). 4)Young generation is a big consumer of fast food these days. They want to take fast food from those retail outlets where they can eat those products with their friends and can also get the Home delivery of the same, so to meet these requirements of young customers, retailers have to invest more in their retail outlets. 5)Rapidly changing tastes of customers due to increased marketing and advertising . 1. OBJECTIVE OF THE STUDY Objective 1:- To study the relationship between store attribute perceptions and consumer satisfaction. Objective 2:- To examine non – linearities and asymmetric affects in the satisfaction – sales performance links based on mathematical empirical study . Objective 3:- Measurement of behavioral links between customer satisfaction and performance in fo od retail sector. Objective 4:- How firms can employ such results to develop appropriate customer satisfaction policies. Chapter 2 Literature Review 2. 1Passage to India 2. 2Food Retailing in India 2. Useful Information regarding McDonald’s Corporation 2. 4Useful Information regarding Pizzahut Inc. 2. 5Useful Information regarding Domino’s Inc. LITERATURE REVIEW Our study focuses on the relations between attribute perceptions, overall customer satisfaction and store sales performance. Such links are part of a broader conceptual framework proposed by Heskett et al. (1994), namely the Service-Profit Chain. Anderson and Mittal (2000) strengthened this framework by accommodating nonlinearities and asymmetries in the links, and they renamed it the Satisfaction-Profit Chain. Hereafter we use the acronym CSSP, Customer Satisfaction-Sales Performance, to refer to the links of interest. To capture the relationship between attribute perceptions and overall customer satisfaction, we must identify how customers interpret and respond to the products and services they buy and experience. Here it is essential to distinguish between specific attributes of a product or a service and the satisfaction factor they represent. In food retailing, for instance, consumers may put high value on a factor that might be called â€Å"customer service† provided by the supermarket. This is an example of an abstract or subjective benefit. This abstract benefit depends on a set of related measurable attributes such as the disposition of the cashiers and sales associates, speed and accuracy of checkout, and availability of everyday grocery items and store cleanliness, among others. In addition to customer service, other relevant factors affecting overall customer satisfaction in grocery stores include the store ambiance, the perceived roduct quality of (growing) perishables departmentsnow 50 percent or more of store sales in some storessuch as fresh produce, deli/bakery, seafood, fresh meat and floral, as well as the perceived value of products relative to their price. These links have been the subject of intense scrutiny by marketing researchers. Since the seminal behavior-oriented research by Oliver (1981), several articles have focused on the antecedents of customer satisfaction in a wide variety of contexts, ranging from firm-specific studies to nation-wide as sessments. Although satisfaction factors vary according to the type of products, services and business sectors considered, empirical studies provide vast evidence of their impact on overall satisfaction (e. g. Szymansky and Henard 2001). Most studies on antecedents of customer satisfaction utilize models reviewed by Johnson (1998) and show significant correlation between various satisfaction factors and overall satisfaction (Szymansky and Henard 2001; Bernhardt, Donthu and Kennett 2000; Mittal, Ross and Baldasare 1998; Wittink and Bayer 1994). In general, these studies tend to collect information on consumer ratings of specific attributes. Often, multivariate statistical models are constructed to identify latent variables representing satisfaction factors (e. g. Johnson and Gustafsson 2000; Johnson 1998; Fornell et al. 1996; Bolton and Drew 1991). In the majority of past research, overall customer satisfaction is then modeled as a linear function of these latent variables. Much recent research, however, is critical of the incomplete treatment of the CSSP links, and researchers call for more elaborate analysis (e. g. , Anderson and Mittal 2000). Addressing the Consequences of Customer Satisfaction Unlike the antecedents of satisfied customers, the consequences of satisfied (or dissatisfied) customers have received little attention from researchers (Szymanski and Henard 2001). Perhaps the first study was the pioneering research conducted by Zahorik and Rust (1992) on the consequences of customer satisfaction. Their work included a mathematical framework to evaluate the financial value of satisfaction (Rust and Zahorik 1993) based on the effect of satisfaction on customer retention, and the subsequent impact on market share. Anderson and Sullivan (1993) addressed the simultaneous estimation of the antecedents to and consequences of customer satisfaction, with data from more than twenty thousand Swedish consumers patronizing a hundred or so Swedish companies. Their model identifies factors that determine customer satisfaction, which in turn have a positive association with financial performance. Perhaps the most important contribution of this work is the identification of asymmetries in the linkages between disconfirmation of expectations and customer satisfaction. After Anderson and Sullivan (1993) , several studies have examined the relationships in the Satisfaction-Profit (or Service- Profit) Chain with data from a variety of channels (c. f. , Kamakura et al. , 2002; Scharitzer and Kollarits 2000; Soteriou and Zenios, 1999; Johnson 1998; Loveman 1998; Anderson, Fornell and Lehmann 1994). Mittal, Ross and Baldasare (1998) and Anderson and Mittal (2000) point out that, for the most part, earlier research ignored nonlinearities and asymmetries in the links of the CSSP chain. They maintain that the relationships in the CSSP chain are far more complex than originally postulated and, specifically, that linear models are insufficient. To illustrate the asymmetry concept, consider the quality of the produce department and the friendliness of cashiers in a supermarket. Stronger consumer evaluations of the quality of the produce department might not imply strongly positive effects on customer satisfaction, while weaker quality might be quite damaging. Or, improvements in customer-oriented dispositions of cashiers and associates could have a large positive impact on customer satisfaction while reductions in cashier performance may be only mildly negative. Now consider the potential role of nonlinearity in the link between customer satisfaction and sales performance. A retail store with low current levels of customer satisfaction may require only small investments in satisfaction drivers to improve sales performance. In contrast, a store with high current levels of satisfaction is likely to need a much larger investment in drivers to produce impacts on performance of a similar magnitude. Ignoring relevant nonlinearities and asymmetries inevitably leads to incorrect estimates of the linkages in the CSSP chain. Furthermore, if the results of CSSP chain research are to be adopted by retail managers, incorrect measures are certain to lead to incorrect strategy formulation thus dooming further strategic use of satisfaction data. Bernhardt, Donthu and Kennett (2000) suggest that another pitfall of many satisfaction studies is the tendency to rely on cross sectional analysis for statistical inference (Anderson, Fornell and Lehmann 1994, provides an exception). Bernhardt, Donthu and Kennett argue that a proper analysis of the links between satisfaction and performance requires a dynamic approach. This argument echoes Rust and Zahorik’s (1993) contention that efforts to improve customer satisfaction must be financially accountable over time. Bernhardt, Donthu and Kennett (2000) study customer satisfaction in a fast-food chain based on monthly data. Although based on simple correlations, the study shows that a dynamic model outperforms a cross-sectional model in the examination of the CSSP links. Extant research has focused primarily on the CSSP links at the aggregate level and for selected sectors such as telecommunications, banking, healthcare, automobile and pharmaceuticals, among others (cf. , Anderson and Fornell 2000; Scharitzer and Kollarits 2000; Mittal, Ross and Baldasare 1998; Bryant and Cha 1996; Anderson, Fornell and Lehmann 1994). Conversely, only a few firms include fast-food restaurants (Bernhardt, Donthu and Kennett 2000) and department stores (Rucci, Kirn and Quinn 1998) . Anderson and Mittal (2000) discuss several examples where the incorporation of non-linearities and asymmetries added significant value to a firms understanding of the CSSP links. It is especially desirable to use firm-specific data so the linkages between satisfaction and performance are examined in the context of a firm’s strategy. We note that academic research on the CSSP linkages in the food retail sector is scarce. Practically all empirical investigations on food retailing, in the U. S. as well as internationally, address the drivers of customer satisfaction but do not address their ultimate impact on store revenues. Among the drivers often identified are: perceived value of products relative to their prices, staff friendliness and willingness to help, quality and freshness of products, store appearance, and the degree of customer service (cf. , Jin and Jai-Ok 2001; Hackl, Scharitzer and Zuba 2000 ; Gail and Scott 1995). However, while the drivers of satisfaction are known qualitatively, and managers believe that satisfaction affects performance, it is necessary to measure explicitly the impact of satisfaction on store sales in order to prioritize strategies to manage the drivers of atisfaction. This study advances the measurement of the behavioral links in the CSSP Chain in the food retail sector. We link attribute perceptions, overall satisfaction, and store sales, and we allow for nonlinear and asymmetric effects. We specify the model in first differences and we allow for time lags between changes in satisfaction and changes in store sales performance. We also provide an example to show how ma nagers can use the results to develop appropriate customer satisfaction policies. 2. FOOD RETAILING: FAST FOOD INDUSTRY IN INDIA The concept of fast food isnt new. Early in the 19th century, at the start of the Industrial Age when people had to work 12 to 14 hours a day, there was scarcely any time for long breaks for eating. The first snack bars and kiosks arose in front of factories. Today, quick meals outside the home have become an essential part of our lifestyle. The term fast food means just that. However, the boundary between fast foods and traditional dishes is fluid. In particular, its difficult to provide a qualitative distinction because fast foods can also include salads and fruit in addition to classic offerings such as hamburgers, hot dogs, sandwiches, patties, French-fries, fish and chips, etc. The best way to distinguish fast foods is to use formal characteristics: Time required those who eat fast foods do not want to spend a lot of time selecting and eating, and if necessary will eat standing or walking, on the bus, park bench, or at work. The variety of foods and beverages is usually very limited Fast food frequently does not come with knives and forks, making it finger food. When silverware, cups and plates are necessary, they are disposable. The characteristics of fast food, therefore, are that they require little time, offer a limited selection, are finger food, and the silverware and plates are disposable. These characteristics readily illustrate the difference from traditional dining culture. Many people equate fast foods with conv enience foods. This is incorrect since convenience products are often eaten at home. They require active participation because they must be heated, stirred, baked, thawed, etc. , and are supplemented with other foods. There are three eneral categories of fast food businesses: Self-service restaurants with a fast-food palette like McDonalds, Wendys, Burger King, Pizza Hut, etc. Take-out (or take-away) businesses that sell ready-to-eat foods and beverages on the street corner Hot-dog stands and snack stands with counters or a pair of stand-up tables. FAST FOOD INDUSTRY OVERVIEW Fast food is a food prepared and served quickly at a fast food restaurant or a shop. It is served usually in a carton or bags in order to minimize cost. Fast food outlets often provide take away or take out foods in addition to sit down services. Fast food is a multi billion industry continuing to grow at a rapid pace in coming years. Fast food is often highly processed and prepared in an industrial fashion i. e. , with standard ingredient, methodical cooking and production methods. THE START OF FAST FOOD CULTURE The concept of fast food pops up during 1920s. The 1950s first witnessed their rapid proliferation. Several factors that contributed to this explosive growth in 50’s were: (1) America’s love affair with the automobiles. (2) The construction of a major new highway system. (3) The development of sub-urban communities. 4) The baby boom subsequent to world war second. â€Å"Fast-food chains initially catered to automobile owners in suburbia. The notion of fast food reflected American culture in which speed and efficiency are highly prized. † INDIA – EMERGING MARKET FOR GLOBAL PLAYERS The percentage share held by foodservice of total consumer expenditure on food has increased from a very low ba se to stand at 2. 6% in 2001. Eating at home remains very much ingrained in Indian culture and changes in eating habits are very slow moving with barriers to eating out entrenched in certain sectors of Indian society. Traditionally, eating out was looked down upon in Indian society. The growth in nuclear families, particularly in urban India, exposure to global media and Western cuisine and an increasing number of women joining the workforce have had an impact on eating out trends. Increasingly, eating out is becoming synonymous with entertainment. And very often, it is preferred as a time-saving option to cooking. Not surprisingly, takeaways are becoming increasingly popular India is among the top three countries globally having highest number of people in the spending capacities in the age group of 25-49 yrs. India is placed at the second rank in the 2004 global retail development index an annual ranking of retail investment attractiveness among 30 emerging markets. The lack of consolidation and model retail concepts in India presents better opportunity to global players. Over 400 shopping malls, multiplexes, fast food giants, restaurants etc. are in planning or construction stage across the country FACTS AND FIGURES Fast food is one of the worlds largest growing food type. India’s fast food industry is growing by 40% a year and is expected to generate a billion dollars in sales by 2005. The multinational segment of Indian fast food industry is up to Rs. 6 bn, a figure expected to zoom to Rs. 70 bn by 2005. By 2005, the value of Indian dairy products is expected to be Rs. 1, 00,000 million. In last 6 years, foreign investment in this sector stood at Rs. 3600 million which is about one-fourth of total investment made in this sector. Because of the availability of raw material for fast food, Global chains are flooding into the country. MARKET SIZE MAJOR PLAYERS ?Dominated by McDonalds having as many as 75 outlets. Domino’s pizza is present in around 100 locations. ?Pizza hut is also catching up and it has planned to establish 125 outlets at the end of 2005. ?Subways has established around 40 outlets ?Nirulas is established at Delhi and Noida only. However, it claims to cater 50,000 guests everyday. Major players in fast food are: ?MCDONALDS ?PIZZA HUT ?DOMINOS PIZZA Multinational fast-food companies have given domestic competition a run for its money. While McD onalds sells more than Nirulas, Pizza Hut and Dominos are doing more business than Pizza Corner. Within nine years of their existence in India since 1996, the multinationals have grown at a faster pace than their Indian counterparts. According to industry estimates, in 2001, while McDonalds clocked a turnover of about Rs 125 crore (Rs 1. 25 billion), the home-grown Nirulas, which has been present in the country since 1934, could only garner Rs 100 crore (Rs 1 billion) turnover. Also, both Dominos Pizza Hut and Dominos clocked a turnover of about Rs 60 crore (Rs 600 million) but Pizza Corner lagged behind with a turnover of Rs 25-30 crore (Rs 250-300 million). The main reason behind the success of the multinational chains is their expertise in product development, sourcing practices, quality standards, service levels and standardized operating procedures in their restaurants, a strength that they have developed over years of experience around the world. The home grown chains have in the past few years of competition with the MNCs, learnt a few things but there is still a lot of scope for improvement. We have applied our learning experience from other countries in all the processes including consistency, marketing, distribution and training to the local market conditions. Its now that the domestic chains have realized the importance of such practices. Nirulas is thus beefing up its organizational structure. Another key reason behind the success of multinationals is the ability to attract youngsters. While McDonalds has been able to attract people below 30, Dominos is targeting the convenience-seeker. Nirulas, on the other hand, is known to appeal more to the 30-plus consumer. Small wonder, Nirulas has launched its 21 range if ice cream cafes to attract the younger lot. The challenge for the home grown chains is also to reinvent themselves to appeal to the younger consumer. However, the domestic chains are at an advantage since they understand the Indian consumer behaviour and eating habits and their product offerings have been tailored accordingly. Multinational chains like McDonalds and Pizza Hut are still on a learning curve trying to customize their menu to the Indian taste and food preferences. Pizza Hut, for example, launched its masala range of pizzas and also opened the worlds first 100 per cent vegetarian outlet in India. Domino, on the other hand, has launched its peppy paneer pizza keeping in mind the Indian taste buds. The food service market in India is estimated to be around Rs 36,000 crore (Rs 360 billion), of which the urban fast food quick service restaurants is around Rs 1,000 crore (Rs 10 billion). This segment is witnessing high growth of around 25-30 per cent per annum so the market has a lot of potential to grow. REASON FOR EMERGENCE GENDER ROLES: gender roles are now changing. Females have started working outside. So, they have no time for there home and cooking food. Fast food is an easy way out because these can be prepared easily. CONSUMER SOPHISTICATION AND CONFIDENCE: consumers are becoming more sophisticated now. They do not want to prepare food and spend there time and energy in house hold works. They are building there confidence more on ‘ready to eat and easy to serve’ kind of foods PAUCITY OF TIME: people have no time for cooking. Because of emergence of working women and also number of other entertainment items. Most of the time either people work or want to enjoy with their family. DOUBLE INCOME GROUP: emergence of double income group leads to increase in disposable income. Now people have more disposable income so they can spend easily in fast food and other activities. WORKING WOMEN: working women have no time for cooking, and if they have then also they don’t want to cook. Because they want to come out of the traditionally defined gender roles. They do not want to confine themselves to household work and upbringing of children’s. MACRO-ECONMIC FACTOR AFFECTING THE INDUSTRY ?Increase in per capita income: There is continuous increase in the per capita income of the Indian citizens. More income in hand results into more spending in comforts and entertainment and thus results into more and more spending on fast and ready to serve kind of foods. Economic growth: With economic liberalization of 1991, more foreign and private industries entered the Indian market that result into income generation of the Indian residents – more income results into ore savings more savings means more investment – more investment results into overall growth of the economy. ?Large population: India being a second largest country in terms of popul ation possesses large potential market for all the products/services. This results into entry of large number of fast food players in the country. Relaxation in rules and regulations: with the economic liberalization of 1991, most of the tariff and non tariff barriers from the Indian boundaries are either removed or minimized. This helped significantly the MNC’s to enter in the country. ?Growth in number of womens in the work force: there is increase in the number of women work force in the recent years because of the improvement in the literacy rate and also because of the large number of jobs are now available because of the entry of foreign and private players in the Indian market. Menu diversification– increase in consumption of pizzas, burgers and other type of fast foods. CHALLENGES FOR THE INDUSTRY ?Social and cultural implications of Indians switching to western breakfast food: Generally, Hindus avoid all foods that are believed to inhibit physical and spiritua l development. Eating meat is not explicitly prohibited, but many Hindus are vegetarian because they adhere to the concept of ahimsa. Those seeking spiritual unity may avoid garlic and onions. The concept of purity influences Hindu food practices. Products from cows (e. g. , milk, yogurt, ghee-clarified butter) are considered pure. Pure foods can improve the purity of impure foods when they are prepared together. Some foods, such as beef or alcohol, are innately polluted and can never be made pure. But now, Indians are switching to fast food that contain all those things that are considered impure or against there beliefs. Some traditional and fundamentalist are against this transformation of food habit and number of times they provoke their counterparts to revolt against such foods. And that is what happened when McDonald’s decided to enter the complexity of Indian business landscape, counting only on its â€Å"fast food global formula†, without any apparent previous cultural training. ?Emphasis on the usage of bio-degradable products: Glasses, silverware, plates and cloth napkins are never provided with fast food. Instead, paper plates and napkins, polyurethane containers, plastic cups and tableware, drinking cartons or PET (polyethylene terephthalate) bottles are used, and these are all disposable. Many of these items are tossed in the garbage instead of being recycled, or even worse, merely thrown on the ground. This burdens nature unnecessarily and squanders raw materials. In order to reduce soil and water pollution, government now emphasis more on the usage of bio-degradable products. ?Retrenchment of employees: Most of new industries will be capital intensive and may drive local competitors, which have more workers, out of business. ?Profit repatriation: Repatriation of profits is another area of concern for Indian economy. As when multinational enters the any countries, people and government hope that it will increase the employment rate and result in economic growth. However, with the multinational operation, host country experiences these benefits for a short time period. In long run neither employment increases (because of capital intensive nature of MNC’s) nor it increases the GDP or GNP because whatever MNC’s earn they repatriate that profit back to their home country. PROBLEMS OF INDUSTRY ?Environmental friendly products cost high: Government is legislating laws in order to keep check on the fast food industry and it is emphasizing more on the usage of bio-degradable and environment friendly products. But associated with this issue is the problem that fast food player faces the cost associated with the environment friendly product. They cost much higher then the normal products that companies uses for packaging or wrapping their products. ?Balance between societal expectation and companies economic objectives: To balance a society’s expectation regarding environment with the economic burden of protecting the environment. Thus, one can see that one side pushes for higher standards and other side tries to beat the standard back, thereby making it a arm wrestling and mind boggling exercise. ?Health related issues: obesity: Studies have shown that a typical fast food has very high density and food with high density causes people to eat more then they usually need. ?Low calories food: Emphasis is now more on low calorie food. In this line McDonald has a plan to introduce all white meat chicken Mcnuugget with les fat and fewer calories. TRENDS IN INDIAN MARKET ?Marketing to chil drens: Fast food outlets in India target children’s as their major customers. They introduce varieties of things that will attract the children’s attention and by targeting children’s they automatically target their parents because Children’s are always accompanied by their parents. Low level customer commitment: Because of the large number of food retail outlets and also because of the tendency of customer to switch from one product to other (as food is one areas where customer wants to try everything new that comes to the market), this industry faces low level customer commitment. ?Value added technology services: There is continuous improvement in the technology as far as fast food market in India is considered. The reason behind that is food is a perishable item and in order to ensure that it remain fresh for a longer period of time, there is a need for continuous upgradation in technology. Earlier, Indian people prefer eating at home but now with the change in trend there is also need for improvement and upgradation of technology in food sector. ?Attracting different segments of the market: Fast food outlets are introducing varieties of products in order to cater the demands of each and every segment of the market. They are introducing all categories of product so that people of all age, sex, class, income group etc can come and become a customer of their food line. INTERNATIONAL TRENDS USA: ?Fast food chains are under fire from legal action. ?A Fat tax is being considered for implementation. North America, Western Europe and Japan together account 86% of total fast food market. UK: ?Fast food has grown by 5% since 2001and reached to $10. 1 billion. ?Bakery sector dominates in fast food. ?Largest market is of sandwiches. ?Burger is one of the weaker performing sector‘ German: ?Grown by 2% since 2001. ?Primarily younger generation and single ones visit such outlet s. ?Burger is the largest sector. ?Government policy is towards the reduction of garbage. Japan: ?Grown by 1. 5% since 2001 ?Japan has tailored its fast food to its countries population without sacrificing nutritional value. China: Growth of 14. 6% since 2001. ?Western style fast food successful in china market. France: ?Growth of 5. 8% since 2001. ?McDonalds France –most profitable subsidiary in Europe The success of fast foods arose from the changes in our living conditions: ? Many women or both parents now work ?There are increased numbers of single-parent households ?Long distances to school and work are common ?Usually, lunch times are short ?Theres often not enough time or opportunity to shop carefully for groceries, or to cook and eat with ones family. Especially on weekdays, fast food outside the home is the only solution. Today, only 40% of young college-age people eat lunch at home. Chiefly, but not exclusively, teenagers and young adults use fast food facilities when they need to catch a bite on the go. According to studies, 66% of young men and 33% of women in Switzerland eat one to two hamburgers a week, and half the teenagers eat French-fries once a week. The large chains have pulled out all the stops of modern marketing, targeting primarily young consumers. They entice their potential customers with TV spots, childrens parties, gifts for small children, and an ambiance that is generally child- and teenager-friendly. Large distributors, bakers and butchers, snack bars, and so on, also exploit the fast food trend and offer more take-out products. Its obvious that these campaigns are at the expense of traditional home dining culture. Experts have coined the term McDonaldization to describe this phenomenon. Some noticeable facts about fast food industry are: Fast food had experienced fast growth in past decade. Changing lifestyles, breakdown of joint family system, increasing number of working womens and western influence in urban areas are fuelling the demand for fast food. India already has the entire requirement for a head start in food industry. Basic materials such as food, vegetables and meat can be sourced locally or easily imported if local availability is not adequate. Food outlets are just beginning to appear in Indias big cities and this is a time for international chains to set a foothold. Competition will increase only with time Food Service Sector The food service sector in India consists of approximately 22,000 registered restaurants with sales of over $15,000 per month. In addition, there are more than 100,000 roadside restaurants (dhabas) in small stalls in cities and on highways, and 1,700 registered restaurants in hotels. The institutional sector consists of hospitals, prisons, defense establishments, schools, company canteens, railways, and airlines. The opportunity for U. S. food companies in India’s food service market is small but growing. Sales by Indian food service companies totaled approximately $6 billion in fiscal year 1999 (latest available data). Restaurants account for approximately 56 percent of Indian food service sales and institutional sales, about 39 ercent. Indian consumers spent only 2. 4 percent of their food expenditures in hotels and restaurants in fiscal year 1996. American consumers, by comparison, spent 46 percent of their food expenditures on away from- home meals. Hotel Restaurants The hotel industry is growing, and major hotel companies are currently expanding in the premium segment. An increase in Indian budge t travelers is expected to drive the long-term growth in the mid-range hotel sector. India has some excellent hotel chains, including: Indian Hotels Ltd. (Taj Group); East India Hotels Company Ltd. Oberoi Group); ITC Ltd. (Welcome Group); Asian Hotels; and Leela Venture. Several international chains such as Radisson, Best Western, and Quality Inn have also established a presence through franchising. These chains import around $30 million of food products, mainly wine and alcoholic beverages, fruits and vegetables, meat, sauces, and cheese. Growing demand from Indian hotels and consumers is driving growth in liquor imports. Sales of imported alcoholic beverages are growing at more than 50 percent per year despite very high duties. India’s current imports of processed vegetables are low, but have grown at more than 250 percent per year from fiscal year 1994 to 1998. The Indian government has recently allowed the import of many semi-processed vegetable preparations (previously restricted) under a special import license. While leading hotels note the excellent reputation of U. S. food products, cost is often identified as the constraint. Nevertheless, the hotel and tourism sectors (which have great potential in India) provide opportunities for U. S. exporters to position themselves. Hotels procure imported products through several chann

Free Essays on Stalin

Stalin was one of the world’s most vicious leaders. Many things were written about him and his reign. One of these writings was â€Å"Stalin and State Terror†; written by Nadezhda Mandelstam a man who lived through the many years of the frightening daily life that Russia lived though during the beginning of the 20th century. Although it is not known exactly when Mandelstam wrote his memoirs it appears to be written in the 1950’s after Stalin’s rule was over. This document shows how the people of Russia during Stalin’s rule were scared into living the â€Å"perfect life† that Stalin believed they should. When writing his memoir Mandelstam mentions many heart ripping truths. He brought up his childhood when he pondered the French Revolution and whether anyone could actually survive a horrible terror such as that not knowing one-day he would himself. But then finding out first hand that everyone is a victim no one goes untouched not even the killers themselves. It hurt Russia so much it took several generations to get over it. Intimidation was the main purpose of the terror not to keep people safe and secure like police work was supposed to do. Stalin kept people in fear by killing ordinary people who had done nothing wrong. And when he believed that the fear was dying he would start a whole new wave of killing to keep the next generation in line. But he couldn’t kill everyone; there was always someone to live to tell the story. There were many lies to cover up the reason of the terror, but the real reason was Stalin’s extreme paranoia. This case of paranoia caused the death of 15,000,000 people. Instead of bringing Russia up to a stronger place in the world it weakened it from the inside out. And put the people of Russia into extreme fear. During this terror no one was left unaffected, the whole country from the frozen north to the deserted plains and the humid coast, was left untouched by the terror. The government is s... Free Essays on Stalin Free Essays on Stalin Modern World History Joseph Stalin led the Socialist Soviet Union in the â€Å"Revolution from Above,† a movement to centralize the government and transform society without popular participation . Because Stalin’s radical goals were vicious for the populace to attain, his legitimacy was based on the credibility of his ideological authority . In protection of that conviction, Stalin was in constant fear of competitive initiative and philosophy. Stalin subjected society and culture to strict party surveillance and control, issuing pro-socialist, xenophobic propaganda, censoring literature, art, and media, and launching anti-religious campaigns . In addition to his confiscation of religious property and denunciation of belief, Stalin was a contemptuous anti-Semite, using Jewish people as a symbol of corrupt capitalist ethic. However, in 1941, Stalin discontinued his Jewish intolerance and supported the formation of the Jewish Antifascist Committee (JAC) in 1942, contradicting practiced St alinism and amending his previously unquestionable policy. Even after WWII, Stalin collaborated with the United States and supported the creation of a Jewish State in Palestine. Soviet Jews raised great hope for future friendship and cooperation with the government . Suddenly, in 1948, Stalin changed his position again, dissolving the JAC, arresting prominent Jews, and beginning the â€Å"Black Years† of refreshed repression and anti-Semitism. Although Stalin’s drastic doctrinal oscillations were completely out of character for the immovable dictator, the changes in Jewish administration were not the only exceptions in his etiology that Stalin made from WWII to his death. The effects of Stalin’s inconstancies were inevitably destructive to his legitimacy and authority. What compelled a fanatically unyielding and calculating dictator to alter his policy self-preservation, miscalculation, composite guilt, or deteriorating mentality? ï ¿ ½... Free Essays on Stalin Stalin was one of the world’s most vicious leaders. Many things were written about him and his reign. One of these writings was â€Å"Stalin and State Terror†; written by Nadezhda Mandelstam a man who lived through the many years of the frightening daily life that Russia lived though during the beginning of the 20th century. Although it is not known exactly when Mandelstam wrote his memoirs it appears to be written in the 1950’s after Stalin’s rule was over. This document shows how the people of Russia during Stalin’s rule were scared into living the â€Å"perfect life† that Stalin believed they should. When writing his memoir Mandelstam mentions many heart ripping truths. He brought up his childhood when he pondered the French Revolution and whether anyone could actually survive a horrible terror such as that not knowing one-day he would himself. But then finding out first hand that everyone is a victim no one goes untouched not even the killers themselves. It hurt Russia so much it took several generations to get over it. Intimidation was the main purpose of the terror not to keep people safe and secure like police work was supposed to do. Stalin kept people in fear by killing ordinary people who had done nothing wrong. And when he believed that the fear was dying he would start a whole new wave of killing to keep the next generation in line. But he couldn’t kill everyone; there was always someone to live to tell the story. There were many lies to cover up the reason of the terror, but the real reason was Stalin’s extreme paranoia. This case of paranoia caused the death of 15,000,000 people. Instead of bringing Russia up to a stronger place in the world it weakened it from the inside out. And put the people of Russia into extreme fear. During this terror no one was left unaffected, the whole country from the frozen north to the deserted plains and the humid coast, was left untouched by the terror. The government is s...

Pronoun Definition and Examples

Pronoun Definition and Examples In English grammar, a pronoun is a word that takes the place of a noun, noun phrase, or noun clause. The pronoun is one of the traditional  parts of speech. A pronoun can function as a subject, object, or complement in a sentence. Unlike nouns, pronouns rarely allow modification. Pronouns are a closed word class in English: new members rarely enter the language. To understand how to recognize and correctly use pronouns, it can be helpful to review the types of pronouns that exist in English. Demonstrative Pronouns A  demonstrative  pronoun points to a particular  noun  or to the noun it replaces. These pronouns can indicate items in space or time, and they can be either singular or plural, says  Ginger Software. When used to represent a thing or things, demonstrative pronouns can be either near or far in distance or time, says the online grammar, punctuation, and spelling checker, offering these examples: Near in time or distance:  this, theseFar in time or distance:  that, those There are three basic rules for using demonstrative pronouns: They always identify nouns, such as: I can’t believe this. The writer does not know what this  is, but it exists.They often describe animals, places, or things but  they can also describe people, such as:  This  sounds like Mary singing.They stand alone, distinguishing them from demonstrative adjectives, which qualify (or modify) nouns. Demonstrative pronouns can be used in place of a noun, so long as the noun being replaced can be understood from the pronoun’s context: This  was my mother’s ring.These  are nice shoes, but they look uncomfortable.None  of these answers is correct. Indefinite Pronouns An indefinite pronoun refers to an unspecified or unidentified person or thing. Put another way, an indefinite pronoun doesnt have an  antecedent. Indefinite pronouns include  quantifiers  (some, any, enough, several, many, or much);  universals  (all, both, every, or  each); and  partitives  (any, anyone, anybody, either, neither, no, nobody, some, or  someone). For example: Everyone  did as  he  pleased.Both  of us match the donation.Some coffee  is  left. Many of the indefinite pronouns can function as  determiners. Interrogative Pronouns The term  interrogative pronoun  refers to a  pronoun  that introduces a  question. These words are also called a  pronominal interrogative. Related terms include  interrogative,  wh-word, and  question word, although these terms are usually not defined in precisely the same way.  In English,  who, whom, whose, which,  and  what  commonly function as interrogative pronouns, for example: Even if you do learn to speak correct English,  whom  are you going to speak it to?- Clarence Darrow When immediately followed by a  noun,  whose, which, and  what  function as  determiners  or interrogative adjectives.  When they start a question, interrogative pronouns  have no antecedent, because  what they refer to is precisely what the question is trying to find out. Reflexive Pronouns A  reflexive pronoun  ends  in  -self  or  -selves  and is  used as an  object  to refer to a previously named  noun  or pronoun in a sentence. It can also simply be called a  reflexive. Reflexive pronouns usually follow  verbs  or  prepositions. For example: Good breeding consists of concealing how much we think of  ourselves  and how little we think of the other person.-  Ã¢â‚¬â€¹Mark Twain Reflexive pronouns, which have the forms  myself, ourselves, yourself, yourselves, himself, herself, itself, oneself, and  themselves, are essential to the meaning of a sentence. Intensive Pronouns An  intensive pronoun  ends in  -self  or  -selves  and emphasizes its  antecedent. It is also known as an  intensive reflexive pronoun. Intensive pronouns often appear as  appositives  after  nouns  or other pronouns, for example: He wondered, as he had many times wondered before, whether he  himself  was a lunatic.- George Orwell, Nineteen Eighty-Four Intensive pronouns have the same forms as  reflexive pronouns:  myself, ourselves, yourself, yourselves, himself, herself, itself, oneself, and  themselves. Unlike reflexive pronouns, intensive pronouns are not essential to the basic meaning of a sentence. Personal Pronouns A  personal pronoun  refers to a particular person, group, or thing. Like all pronouns, personal pronouns can take the place of  nouns  and  noun phrases. These are the personal pronouns in English: First-person singular:  I  ( subject), me (object)First-person plural:  we  (subject), us (object)Second-person singular and plural:  you  (subject  and  object)Third-person singular:  he, she, it  (subject),  him, her, it  (object)Third-person plural:  they  (subject),  them  (object) Note that personal pronouns  inflect  for  case  to show whether they are serving as  subjects  of clauses or as  objects  of verbs or prepositions. All the personal pronouns except  you  have distinct forms indicating  number, either  singular  or  plural. Only the third-person singular pronouns have distinct forms indicating  gender: masculine (he, him), feminine (she, her), and neuter (it). A personal pronoun (such as  they) that can refer to both masculine and feminine entities is called a  generic pronoun. Possessive Pronouns A possessive pronoun can take the place of a  noun phrase  to show ownership, as in, This phone is  mine. The  weak  possessives (also called  possessive determiners) function as  determiners  in front of  nouns, as in, My  phone is broken. The weak possessives are  my, your, his, her, its, our, and  their. In contrast, the  strong  (or  absolute)  possessive pronouns  stand on their own:  mine, yours, his, hers, its, ours,  and  theirs. The strong possessive is a type of  independent genitive. A possessive pronoun never takes an  apostrophe. Reciprocal Pronouns A reciprocal pronoun expresses a mutual action or relationship. In English, the reciprocal pronouns are  each other  and  one another, as in this example: Leadership and learning are indispensable to  each other.- John F. Kennedy, in a speech prepared for delivery on the day of his  assassination, Nov. 22, 1963 Some  usage  guides insist that  each other  should be used to refer to two people or things, and  one another  to more than two. Relative Pronouns A  relative pronoun  introduces an  adjective clause  (also called a  relative clause), as in: Spaghetti at her table,  which  was offered at least three times a week, was a mysterious red, white, and brown concoction.- Maya Angelou, Mom Me Mom The standard relative pronouns in English are  which, that, who, whom,  and  whose.  Who  and  whom  refer only to people.  Which  refers to things, qualities, and ideas- never to people.  That  and  whose  refer to people, things, qualities, and ideas. Source What is a Demonstrative Pronoun? Ginger Software, 2019.

A knowledge base for Accredited Green Buildings around the world Dissertation

A knowledge base for Accredited Green Buildings around the world - Dissertation Example While BREEAM system of accreditation is more in use in UK, LEEDS system of green building accreditation is more popularly implemented in the US and other countries throughout the life cycle of a green building. 11 Chapter Two: Literature Review 11 2.1 Green Buildings 13 2.2 Concept of Green Buildings 14 2.3 Principles of Green Building 14 2.4 Rating Systems 15 2.5 BREEAM Rating System 16 2.6 BREEAM awards 17 2.7 BREEAM advantages and disadvantages 18 2.8 LEED Rating System 19 2.9 LEED certifications 20 2.10LEED’s advantages and disadvantages 22 2.11 Summary 22 Chapter Three 23 3 Methodology 23 3.1 Secondary Data 24 3.2 Primary Data 25 3.3 Quantitative Research 27 3.4 Method of Data Analysis 27 3.5 Summary 28 Chapter Four: Analysis 28 4.1 BREEAM Award Ratings 29 4.2 BREEAM Offices 29 4.3 LEED Certified Buildings 32 4.4 LEED New Construction 32 4.5 LEED for Existing Buildings 33 4.6 LEED for Core and Shell 34 4.7 LEED for Commercial Interiors 35 4.8 BREEAM vs. LEED 36 4.12 Summa ry 39 Chapter Five: Discussion 40 5.1 BREEAM Rating Systems Accreditations 40 5.3 LEED Rating System Accreditations 45 Chapter Six 46 6 Conclusion 47 References 48 Bibliography 53 APPENDICES 54 Abstract The intention of this report was to analyse the green buildings accreditations and to determine the differences between BREAM and LEED ratings for green buildings. The report specifically focused on tasks and requirements of the Green Buildings all over the world. Both primary and secondary evidence were collected, compared and correlated. The evidence gathered has been analyzed and primary findings were revealed. The intended outcome of this report was to discover the different types of accreditations that each rating system faces and to evaluate which is better. It comes out that while BREEAM is more successful and of high standard than LEED in UK, LEED has more value in other parts including US. There is also an effort to merge the best practices of all the accreditations to frame new building regulations in UK by 2019. While this effort is gaining precedence in the UK, other countries are set to follow. The results are presented using graphs, tables and figures. Evidence is divided by awards, certifications from each category under BREEAM and LEED rating systems. Chapter One: Introduction According to Yudelson (2008, p. 5) â€Å"a green building is a one use design and construction practices that significantly reduce or eliminate the negative impact of buildings on the environment and occupants†. Green buildings are frequently known as eco-homes or sustainable buildings. They are designed and built to energy-efficient guidelines in order to have a positive economical and environmental impact over their life cycle (SustainableBuild, 2009). Green Building’s accreditations mean that there are some certifications upon Green Buildings that must always be considered. The accreditation process ensures that their certification practices are acceptable , typically meaning that they are competent to test and certify third parties, behave ethically, and employee suitable quality assurance. To examine Green Building’s accreditation, information from two Green Buildings Rating Systems are chosen as they are the most widely used rating systems across the world Those are: BREEAM: Building Research Establishment Environmental Assessment Method, and it is based in UK LEED: Leadership in

IKEA assignment Essay Example | Topics and Well Written Essays - 1750 words

IKEA assignment - Essay Example The stores include restaurants and child care. Electric carts are provided for people who need them. IKEA’s products are trendy yet inexpensive relative to the market. The product line is very extensive. And IKEA prints and distributes more catalogues each year than the world produces Bibles (Roth). The company has found itself in a position of prominence because of the unique strategy it has developed since its inception as a small mail-order merchant in Sweden in 1943. Its founder, Ingvar Kamprad, was a man of vision who started developing this strategy from the very beginning. It took him only twelve years to develop his model. He put the final touches on it in 1965 when he opened a large store in suburban Stockholm that resembles today’s stores worldwide. A great deal of IKEA’s strategy is embedded in what it calls the IKEA Concept. According to the IKEA Web site, the IKEA Concept â€Å"is based on offering a wide range of well designed, functional home furn ishing products at prices so low that as many people as possible will be able to afford them.† The site also suggests that IKEA’s target market is the middle class, not the upper class that has always been able to buy trendy furniture. The Web site also discusses the way its products are designed, manufactured, and distributed. There is mention of how the products are assembled. In a sense, this is a fallacy because most IKEA furniture products are sold disassembled which is one of the reasons why they can be sold as cheaply as they are. Although Kamprad initially bought the furniture he sold, he soon changed his strategy by manufacturing the furniture himself. He designed his furniture to be functional and yet easy and inexpensive to build. The furniture was sold disassembled to save on manufacturing costs. And it was displayed in the store with detailed explanation tickets to alleviate the need for salesperson assistance, thus cutting down on the cost of labor (Owens) . A major competitive advantage that IKEA has is its control over the channels of production and distribution. It controls a network of 1800 suppliers in more than 50 countries (Normann and Ramirez). Because marketing channels are so critical on market acceptance and overall economic performance, creating a formal planning process for designing and selecting channels is imperative (Stern & El-Ansary: 222). Much of this control is spelled out in its code of conduct that it calls â€Å"The IKEA Way on Purchasing Home Furnishing Products.† This code was launched in 2000. It defines what suppliers can expect from IKEA and specifies what IKEA expects from its suppliers. It not only spells out its expectations in terms of legal requirements, working conditions, external environment, and forestry management, but also puts a great deal of emphasis on the active prevention of child labor (IKEA Web site). Partly for societal reasons and partly because it is just plain good business, IK EA has become very environmentally aware. For example, for decades the firm has worked to minimize the use of formaldehyde in its products. For 25 years, IKEA has applied the German formaldehyde legal requirement for all its products in all markets. The Germans have the strictest standard in the world. IKEA even applies this standard in countries where no limit exists. The German limit is such that even persons who are overly sensitive to formaldehyde should not experience any problems

Business Plan for setting up an e-commerce site Coursework

Business Plan for setting up an e-commerce site - Coursework Example Government incentives to prep up this technology and support programmes to reach a larger customer base have paid dividends. (Payman, Rosemario et al, May 2006) 3. Social factors like the willingness of the both the newer and older generation who have embraced this technology and have asserted themselves in becoming computer literate. (Zorayda Ruth Andam, 2003) 4. Economic factors where higher GDP growth has lead to higher incomes have provided incentives to people to look for alternative shopping options. Innovations in banking like net banking, debit card and credit card banking have also helped customers to try out this area of virtual shopping. (Payman, Rosemario et al, May 2006) With these infrastructures in place the idea of a online site for quality paintings seems to be a workable proposition especially since the market for interior decoration is booming and there are people who, similar to gold are willing to invest in painting as they see it fetching them an exponential ret urn should they plan to sell the same in the future. Marketing Concepts for the e-commerce environment and the use of social networking sites Some of the different models of e-commerce used for marketing of a product include B2B (business-to-business), business-to-consumer (B2C), business-to-government (B2G), consumer-to-consumer (C2C) and mobile commerce (m-commerce) 1. In the B2B model, businesses sell their products to other businesses. This model of marketing forms a significant chunk of the e-commerce market. (Zorayda Ruth Andam, 2003) This employs techniques such as e-distributor where a company hosts products viable for use in different businesses. 2. In the B2C model, the business transaction takes place... Business Plan for setting up an e-commerce site As a business plan, the idea is to introduce a segment that would target a niche audience as well as create a platform for others to showcase their products on the website. I plan to develop a website that would cater to the lovers of art and painting. As part of my research I have found that there are limited areas where true connoisseurs of art are able to purchase quality painting or works of art. In cases where an actual physical auction takes place, some buyers miss the event simply due to their ignorance regarding the sale or they are not able to make it to the event due to prior commitments. The idea of such a website is that information regarding the best pieces of art that are up for sale are sourced from various countries through a ground network and these works are actually showcased in this website. A minimum price is fixed along with a cut off date so that art lovers can place their bid by the closing date. After the closing date & time, the piece would be shipped to the customers shipping address provided in the transaction using the services of a reliable courier like Fedex. The money after taking a percentage cut would be transferred via net banking to the creator of the artistic piece. A robust infrastructure has already proved to be quite effective in the rapid growth of e-commerce.The business plan draft required in this assignment is a form of C2C commerce wherein a website designed by me shall act as a platform for online auctions for products related to paintings and other crafts.

Retention Intervention Essay Example | Topics and Well Written Essays - 1000 words

Retention Intervention - Essay Example To counteract a high turnover rate, a set of retention techniques can be used to avoid/resolve conflicts and improve the company image. Retention means retaining those employees who share the company values and fit with the company profile. When staff retention is a program, a workforce development program can be initiated. An organization cannot survive if its top performers quit. Loyal and dedicated workers are needed if the company’s strategic objectives are to realized. The management must retain valuable employees in order to ensure the long term success of the company. An employee who spends a longer duration with an organization becomes more familiar with its rules and guidelines and has less adjusting issues. This can save the company valuable time it will otherwise have to spend on training and helping adjust new recruits. Whenever an employee resigns, it is the responsibility of the HR to intervene and find the cause of resignation. There can be many reasons for a resignation which includes lesser salary, lack of growth, negative ambience etc. The primary role of the HR is to keep track of any trends or patterns which may emerge in resignation data which suggest that there is a problem for the employees. In order to ensure that the retention issue and resignation does not arise in the first place, the recruitment of the right candidate by the HR department is necessary. The HR department should recruit people who fit the company profile. It is enticing to hire a person by forcing him to stay for a lesser salary but this is a bad tactic. The person might stay for some time but will eventually leave. The recruitment process therefore should be tailor made to ensure the right people are hired who won’t cause a retention problem to arise in the first place. There are many retention techniques that an HR department can undertake. These include the launch of motivational

Nuclear pharmacy Research Paper Example | Topics and Well Written Essays - 1500 words

Nuclear pharmacy - Research Paper Example The new method of diagnosing and treating diseases presents a number of both advantages and disadvantages al of which affects its acceptance as the discussion below portrays. Nuclear pharmacy works by detecting radiations coming from the body of a patient. The doctors inject a radiotracer in the blood vessels of a patient. As the radiotracer flows in the veins of the patient, it emits gamma radiations since it decays in the process. A gamma camera scans the radiations thereby creating an image. This provides a vivid visual aid in the diagnosis process. The process carries out the diagnosis process by analyzing the functionality of the various organs in the body. Such is an effective method of diagnosis since it analyses the functionality of the individual organs. The process of diagnosis differs from other conventional methods that analyses the anatomical and structural appearance of the organs. Analyzing the anatomy and structures of the organs does not provide a vivid portrayal of the effects of the tumors among other infections that impair the functionality of the organs. This implies that nuclear pharmacy offers a realistic way of diagnosing diseases thereby advising equally effective modes of treatments. Nuclear pharmacy comprises of two fundamental parts known as the radioisotope and a carrier molecule. The radioisotope is a unique chemical element with an unstable nucleus. The unstable nucleus decays to a stable nucleus thereby emitting radiations. A carrier molecule just as the name suggests is a chemical molecule that carries the radioisotope. During a process of diagnosis, a doctor injects the carrier molecule with radioisotope into the veins of the patient. The carrier molecules travels throughout the body of the patient including the heart and lungs which are always the most difficult to diagnose. The gamma camera records the

Retention Intervention Essay Example | Topics and Well Written Essays - 1000 words

Retention Intervention - Essay Example To counteract a high turnover rate, a set of retention techniques can be used to avoid/resolve conflicts and improve the company image. Retention means retaining those employees who share the company values and fit with the company profile. When staff retention is a program, a workforce development program can be initiated. An organization cannot survive if its top performers quit. Loyal and dedicated workers are needed if the company’s strategic objectives are to realized. The management must retain valuable employees in order to ensure the long term success of the company. An employee who spends a longer duration with an organization becomes more familiar with its rules and guidelines and has less adjusting issues. This can save the company valuable time it will otherwise have to spend on training and helping adjust new recruits. Whenever an employee resigns, it is the responsibility of the HR to intervene and find the cause of resignation. There can be many reasons for a resignation which includes lesser salary, lack of growth, negative ambience etc. The primary role of the HR is to keep track of any trends or patterns which may emerge in resignation data which suggest that there is a problem for the employees. In order to ensure that the retention issue and resignation does not arise in the first place, the recruitment of the right candidate by the HR department is necessary. The HR department should recruit people who fit the company profile. It is enticing to hire a person by forcing him to stay for a lesser salary but this is a bad tactic. The person might stay for some time but will eventually leave. The recruitment process therefore should be tailor made to ensure the right people are hired who won’t cause a retention problem to arise in the first place. There are many retention techniques that an HR department can undertake. These include the launch of motivational

Managment Essay Example | Topics and Well Written Essays - 2000 words

Managment - Essay Example Basically, â€Å"project management can be defined as the planning, organizing, scheduling, leading, communicating, and controlling of work activities to achieve a predefined outcome, on time and within budget,† Josler & Burger (2005). It can be observed that a project is comprised of the following features: it is unique, it has a definite start and a definite end (Fox, 2008). There are many factors that can contribute to the success or failure of a project. Guru (2008) states that the aspect of project success is a recurring theme in the discipline of project management and there are different views that are attributed to the success or failure of the project. For instance, Heerkens (2001) suggests that the effectiveness and leadership styles of the project manager significantly contribute to the success of the project. There are different aspects that are often considered when people speak of project success. According to Guru (2008, p.1), â€Å"De Wit (1988) and other writ ers distinguish between project success (measured against the overall objectives of the project) and project management success (measured against the widespread and traditional measures of performance against cost, time and quality).† Jones (2007) also state that the success factors of the project mainly depend on its ability to achieve the desired goals. Indeed, in each project, a particular outcome is expected to be witnessed if all measures have been properly carried out in a project. In this particular case, the discussion will be centered on project success where at attempt will be made to establish if the Residential Care Services Project achieved its goals as well as the measures that could be implemented in order to improve... This paper stresses that there is poor communication between the manager and other teams. This is likely to impact negatively on the project since it may be difficult for the project manager to coordinate the efforts of all members to pull their efforts towards the same direction. It is important for the project manager of Residential Care Services Project to create open channels of communication that can help the project members to have mutual understanding towards the desired goals in the project. This report makes a conclusion that a project is unique in many ways as discussed. For instance, it has a definite start and finish and it is mainly undertaken in order to achieve a specific outcome. Managing a project is a process that requires concerted efforts in order for it to be a success. As discussed above, there are various measures that can be implemented in order to ensure that the Residential Care Services Project is a success. It has also been observed that this project is facing numerous problems that can impact on its success. As discussed above, there is need for the project manager to make sure that he steers the project in the right direction. There is also need for involvement of all the members of the project in the decision making process so that they can share the same vision with the project managers. This can make it relatively easy to achieve the goals of the project if people involved share the same vision towards the expected goals.

Paying college football athletes Essay Example for Free

Paying college football athletes Essay The Coach of a football team is just as important as any player performing on the field. In fact his power over the team surpasses that of any one single player, the coach can determine whether an entire season is a victory or a loss. Perhaps this is why Colleges justify paying a coach millions of dollar a year, but the players who are out there beside him next to nothing. Although a lot of the players that perform on the field week by week do get scholarships to help their tuition fees, food, and housing, this pales in comparison to the millions of dollars that the schools will bring in every season of football. It is wrong for colleges to use athletes to make money and not pay them or allow them to earn money in anyway involving their sport. Any coach of a successful college football team makes somewhere between 900,000 dollars and 5 million dollars annually. These are the coach’s of the big 10, big 12, SEC, ACC and many other conferences. For our top two college football teams in Michigan alone we have some of the highest paid coach’s. Brad Hoke the coach of our Michigan wolverines made 3. 25 million in 2011 and was the eighth top paid coach in college football. Mark Dantonio, coach of the Michigan state Spartans, made 1. 9 million according to USA Today. This is a small portion of what the whole industry of college football will make for a single college every year. It is wrong to not pay the ones who are even making all of this entertainment possible. It is one thing that colleges do not provide contracts for these players that compete so hard for the slim possibility of glory making it to the National Football League, but these colleges students are not even allowed to sell their signature for a profit. Colleges have prohibited the right of players to sell anything with their signed name on it to make a small some of money to fill their pockets. Now this does not affect every player in the NCAA, but it certainly does to the superstars of the league. An athlete can also be disciplined for selling their tickets to someone on game day, yet how much money do the directors of the NCAA earn as a result of the efforts of the student athletes? The truth is that the college athletes pay for a large portion of the salaries of every person employed by the NCAA. It only further demonstrates how colleges are abusing their control and power over their football players and more importantly what goes into their wallets. Another exploit in college football is the sale of jerseys by colleges. The NCAA wont allow colleges to sell football jerseys with a players name on the back of it, so the colleges resorted to selling it with a players number on the back. The number of a superstar football player is easily recognized locally in a college town. The schools are allowed to sell these jerseys, while the player who has worked hard to earn the right to play the game with it on never seeing a single penny of the profits earned. This does in theory put an idea of how much a single player can earn a school annually, but does go further than that, because a star can pull hundreds of fans in to a stadium that might not have filled up the year before. The money a school will makes from selling tickets to games is minuscule though in comparison with the money they will earn every when football starts in the fall with television contracts. Colleges setup contracts with major television networks so the whole nation can keep up with their fantasy football teams or enjoy the weekend flipping back and forth between games on TV. These contracts that school write up with networks earn millions of dollars every year and between actually airtime and all the advertisement that goes into it. Schools will also earn millions of dollars from sports booster donations. It is true that there does need to be money to cover cost of traveling, hotels, staff and maybe the college would even expect to earn back the 15-25,000 dollar yearly scholarship’s that a lot of athletes receive, but when you compare the amount of revenue that student athletes generate for their colleges, what they receive in return is very small. Most people already think of colleges as being greedy for their outrageous tuition fees and everything else that goes along with needing to live on campus and attend classes. That they will hire students to teach classes so that professors do not have to, while the large majority of students who are attending these classes are paying thousands of dollars to be there. Their greed reaches beyond all that when it comes to college level sports at school that have competitive teams. These astonishing facts about the amount of money a season of college football produce yearly surprise and upset most fans. It’s the same as taking a test for someone only to let them turn it and receive an A on the exam, It is constantly debated about whether or not starting and back up players on college teams should get a yearly salary, considering the time and effort they put in does not always lead to a deal into the NFL. However it has not changed yet and does not seem to be heading that way anytime soon. It is corrupt, it is unjust, but most of all robs the hard working players who go out their every weekend to make everyone else Saturday that much more enjoyable.

A Comparative Financial Analysis Of The Mobile Phone Industry Marketing Essay

A Comparative Financial Analysis Of The Mobile Phone Industry Marketing Essay A comparative financial analysis of the mobile phone industry and three of the leading mobile phone manufacturers, so as to determine the investment prospects in this particular industry. Contents Title Page No. Executive Summary 3 Industry Profile 4 Effects of Recession on the Mobile Phone Industry 4 PEST Analysis of the Mobile Phone Industry 4 HTC Corporation 7 Introduction 7 SWOT Analysis Motorola Inc. 10 Introduction 10 SWOT Analysis 10 Nokia Corporation 12 Introduction 12 SWOT Analysis 12 Financial Performance Analysis 15 HTC Corporation 15 Review of Key Financial Analysis 15 Ratio Analysis 16 Stock Review 20 Motorola Inc. 21 Review of Key Financial Analysis 21 Ratio Analysis 22 Stock Review 25 Nokia Corporation 27 Review of Key Financial Analysis 27 Ratio Analysis 28 Stock Review 32 Review by Expert Market Analysts 33 HTC Corporation 33 Motorola Inc. 33 Nokia Corporation 33 Other types of Investments 34 Savings Account 34 Fixed Rate Bonds 34 Personal Assessment 35 Recommendations 37 References 38 Appendices 45 Appendix 1 Appendix 2 Appendix 3 Appendix 4 1. Executive Summary The mobile phone industry is perhaps one of the fastest growing industries in the world today. A mobile phone is generally accepted as a necessity for every human. It has developed so much in the recent years that its hard to recognize its early incarnation. The original mobile phone was the size of a brick and affordable by a select group of people. Today, mobile phones are available in all sizes to suit every individuals needs. But, like all other industries, this industry too has been affected by the financial crisis of 2008-2009. In our financial analysis, we will be looking at the mobile phone industry and three of the leading mobile phone manufacturers. We will analyse the financial aspects of Nokia Corporation (NYSE: NOK), Motorola Inc., (NYSE: MOT) and HTC Corporation (TAI: 2498) We will look at the different financial reports published in the companies Annual Report, and calculate the different financial ratios to understand the investment opportunities in these companies shares. 2. Industry Profile The Mobile Phone Industry The mobile phone industry has grown dramatically in recent years. According to a report published by TomiAhonen Consulting, in January 2009, there were approximately 4 billion mobile phone subscribers around the world. Out of these, around 3.1 billion were unique. Also, new handsets have been selling at the rate of 1.15 billion per year. This figure keeps increasing year over year and so does the economy around it. 2.1 Effects of Recession on the Mobile Phone Industry The recent financial crisis of 2008-2009 has had severe effects on most companies of the world. As such, the companies from this industry too have felt its effect. In Q3 2008, Nokia lowered its market share outlook due to the weakening global economy (Silicon.com 2008). Nokias global device market share was 30% in the Q3 2010, down from an estimated 34% in the Q2 2009 (Nokia Corporation 2010). Nokia announced in July 2010 that their profits had dropped by 40% (Inside Ireland 2010) Even, HTC and Motorola have experienced slow growth as well as lower sales compared to earlier years, especially Motorola which incurred huge financial losses (HTC Annual Report-Motorola Annual Report 2008-2009). 2.2 PEST Analysis of the Mobile Phone Industry Political / Legal Mobile phone companies are largely multinational. As such they have to comply with the different legislations and regulatory bodies of different countries which have their own set of particular standards. An example of a regulatory authority would be the Federal Communications Commission (FCC) operating in the US and Office of Communications (Ofcom) in the UK. The mobile phone usage is spread geographically. As such, the companies from the mobile phone industry have a high exposure to different political climates. This increases the companies risk exposures. However, huge costs are incurred in complying with the different legal and reporting procedures in different countries. Also, sometimes, companies face stiff resistance from the national governments of some countries. A recent example of such a stand-off would be the one between RIM Blackberry and the Government of India (Daily News Analysis, 2010) and the Government of United Arab Emirates (Yahoo News, 2010). Economic Being global brands, mobile phone companies have to comply with the different taxation laws and trade laws applicable in the different countries of the world. Also, they have to take into account the foreign exchange rates while importing/exporting and pricing the devices. This generally has an effect on the device prices and subsequently on the operating income of the companies. Social Mobile phones have become an essential part of everyones lives. 9 in 10 adults in the US use at least one mobile device. 31% of mobile phone users check personal emails on their phones and 21% check their work emails. Internet browsing has become an important aspect of the mobile ecosystem. Approximately 1 billion users browse basic internet on their mobile devices, while around 450 million users use real internet on their devices. (Tomi Ahonen 2009) Access to social networking sites such as Facebook and Twitter is increasingly becoming an important feature of mobile phones. Health concerns have been raised by research institutes over the effects of radiation caused by mobile phones on the human body (NBC News 2008). Although the evidence is controversial, it has raised caution among the mobile phone users, and the companies are forced to develop new antenna systems for mobile phones to help reduce radiation. Technological The mobile phone industry is highly technology-driven. Mobile phone companies have to continually adapt themselves to the rapidly changing technology and introduce new products to keep up with the technological advancements and to meet the ever-changing demands from consumers. They need to keep investing substantially in the Research Development of new products and technologies. 2.3 HTC Corporation (TWSE: 2498)HTC Wordmark.png 2.3.1 Introduction: HTC Corporation (HTC) is a mobile manufacturer based in Taoyuan City, Taiwan. Its principal aspects are the research, development and manufacture of smart handheld devices including smartphones and PDAs (HTC 2010). The company is generally considered to be a pioneer in the smartphone and PDA segments of the mobile phone industry. The company initially was involved in developing smartphones based on the Windows Mobile platform, having made the worlds first PDA based on the platform (HTC 2010). However, since 2009, HTC is increasingly developing more devices based on Google Inc.s Android Operating System. But, as a means to strengthen its relation with Microsoft, HTC has recently launched a number of devices based on Windows Phone 7 (Mann, J. 2009). HTC is a member of the Open Handset Alliance, a group of handset manufacturers and mobile network operators dedicated to the advancement of the Android Operating System (Reardon, M. 2007). The HTC Dream was the first mobile smartphone in the world to use the Android OS. It was marketed by T-Mobile, in some markets, as the T-Mobile G1 (Wired 2008 HTC Press Release 2008). As of 2009, HTC obtained nearly 43.8%, 30.4% and 20.8% of its total revenue from North America, Europe and Asia, respectively (HTC Annual Report 2009). HTC Corporation was formerly known as Hi-Tech Computer Corporation. 2.3.2 SWOT Analysis: Strength HTC is a leading manufacturer of smartphones. It is a pioneer in many technologies. It had developed the worlds first PDA, and also the first smartphone using Windows Mobile. Now, it is a leading manufacturer of quality Android smartphones. As such, it has a good reputation as an innovative brand. Financial stability gives HTC the opportunity to invest heavily in Research Development of new technologies. Despite the financial crisis, HTC is doing significantly well in 2010 (HTC Report, Q3 2010). Also, good product quality has helped HTC establish itself as a reliable brand. HTC has been a pioneer in many of the technologies now common in modern mobiles phones. It has a plethora of patents designed and applied to modern communication devices (Google Patents, 2010). Also its product portfolio consists of a wide variety of smartphones based on a number of smart-platforms including the Android OS, Windows Mobile, Windows Phone 7 and HTCs own BREW OS. (HTC 2010) HTC has also developed a new cloud-based service called the HTC Sense to compliment its range of smartphones (HTCSense.com, 2010). Due to a number of quality products, HTC is steadily increasing its consumer base. Also, HTC is involved in exclusive tie-ups with respectable cellular companies such as T-Mobile (T-Mobile G1, G2), Orange (San Francisco) and Google (Nexus One). This helps better the image of the company in consumers eyes. Weaknesses HTC does not have a big brand image compared to its rivals Nokia, RIM Blackberry and Sony Ericsson. Also, its market share is significantly lower than that of its rivals. Also, HTC is involved in a number of law-suits with rival company Apple Inc. This is highly damaging to its reputation in the global corporate environment. (Reuters, 2010) HTC does not have an effective marketing strategy compared to its rivals, as a result of which its new product information fails to reach the consumers. Opportunities There is a huge demand for smartphones in recent times. HTC has the capability to satisfy these demands. HTC can continue to develop new touchscreen technologies and better smart features. Through effective marketing communication and public relations system, HTC can increase its brand value and target consumer base. Furthermore, HTC can enter new markets and establish its brand there. It can continue to develop and apply more of its innovative patents. Threats The threat of new technological developments and competition is high in the mobile phone industry. Also, one of the biggest threats to modern mobile phones is the huge mindshare commanded by Apples iPhone and its iOS Operating System. Every new mobile phone is consistently compared to Apples offering and its success or failure depends, to some extent, on how favourably it compares to the iPhone. This threat is present for HTC too, despite its large portfolio of Android devices. 2.4 Motorola Inc. (NYSE: MOT) NYSE MOT.gifMotorola Wordmark.png 2.4.1 Introduction: Motorola, Inc. (Motorola) is a multinational telecommunications company based in Illinois, USA. It manufactures mobile phones and also designs and sells network infrastructure to worlds leading cellular companies. In 1986, Motorola devised the Six Sigma quality system which has become a global standard for quality improvement. In 1991, Motorola demonstrated the worlds first working-prototype digital cellular system and phones using GSM standard in Hanover, Germany. The worlds first two-way paging system was introduced by Motorola in 1995. Motorolas mobile department, as of 2009, has been solely focused on Google Inc.s Android Operating System. Motorola is an advanced innovator of mobile phone technologies. Motorola has just announced that its business will split into two separate publicly traded entities on January 4, 2011. The two new entities will be known as Motorola Solutions Inc. and Motorola Mobility Holdings Inc. and will continue to trade on NYSE with the new ticker symbols of MSI and MMI respectively (Reuters 2010). 2.4.2 SWOT Analysis: Strengths Motorola is a leading manufacturer of smartphones. It is a pioneer in many technologies. It had developed the worlds first GSM mobile phone. Now, it is one of the leading manufacturers of quality Android smartphones. As such, it has a good reputation as an innovative brand. Financial stability gives Motorola the opportunity to invest heavily in Research Development of new technologies. Being the worlds oldest mobile phone brand, it has considerable brand image. Also, Motorolas devices have a good build quality which establishes it as a reliable mobile phone manufacturer. Motorola has developed a new interface for its mobile phones called the MotoBlur which integrates the different aspects of ones social life. This has been quite popular with the consumers (Motorola Report, 2009). Weaknesses Motorola is consistently losing its market share to its rival companies. One of the reasons is the lack of an effective marketing communication strategy and also a weak PR system. Also, Motorola fails to introduce new products as frequently as its rival companies. Motorola is also slow in providing software upgrades for its current devices, which generally has a negative impact on consumers who want to keep their devices updated to the latest software version. Also, Motorola is involved in a number of law-suits with Apple Inc. and Microsoft Corporation over intellectual copyright infringement. This is highly damaging to its reputation in the global corporate environment. (Reuters, 2010) Opportunities There is a huge demand for smartphones in recent times. Motorola has the capability and technology to satisfy these demands. Motorola can also improve its market position by means of effective marketing strategies and a better PR system. Also, Motorola can improve its after-sales service for its devices. Threats Apples iPhone and it iOS Operating System are considered a huge threat to virtually every mobile phone brand. Despite its growing portfolio of Android devices, Motorola still has to overcome Apples threat. 2.5 Nokia Corporation (NYSE: NOK) Nokia wordmark.png 2.5.1 Introduction Nokia Corporation (NOKIA) is a Finnish multinational communications corporation based in Keilaniemi, Espoo, Finland. Nokia is engaged in the manufacturing of mobile devices and in converging Internet and communications industries. It has over 123,000 employees working in 120 countries. Its products are available in more than 150 countries. Nokia has global annual revenue of à ¢Ã¢â‚¬Å¡Ã‚ ¬41 billion and operating profit of à ¢Ã¢â‚¬Å¡Ã‚ ¬1.2 billion as of 2009 (Nokia Corporation 2009). It is the worlds largest manufacturer of mobile phones which currently accounts for about 36.6% of the market share for mobile phone technology (IDC 2010). Nokia is a public limited liability company listed on the Helsinki, Frankfurt, and New York stock exchanges (Nokia Corporation 2010). Nokia plays a very large role in the economy of Finland. It is the largest company of Finland. The brand value of Nokia is valued at $29.5 billion. It is listed as the eight most valuable global brand in the Interbrand Best Global Brands list of 2010 (Interbrand 2010) and also on Bloomberg Businessweek Best Global Brands list of 2009. It is the first non-US company to be included in the list. (Bloomberg Businessweek 2010) 2.5.2 SWOT Analysis: Strengths Nokia is highly respected as a global mobile brand and it has a high brand value. It is the most preferred brand for mobile phones in Europe, as of 2009 (Eurobrand 2009) Nokia has a worldwide distribution network which makes it easier for Nokia to make its products available to wider target consumers. Nokia has a healthy financial background, which enables Nokia to invest consistently in Research Development. Also, the phones made by Nokia have a fairly user-friendly interface which enables it to be accepted by a wide variety of consumers. Nokia has a large product portfolio with something to offer to every type of consumer. It offers a wide variety of phones from the basic lower-end phones to the more expensive high-end smartphones. Weaknesses There are reports that indicate Nokia consistently losing its market share, as it fails to address the competition it faces from rival smartphone manufacturers like Apple Inc., RIM Blackberry and Google Inc. (Reuters 2010) Also, Nokia is involved in several controversial law-suits with rival company Apple Inc. This is highly damaging to its reputation in the global corporate environment. (Reuters, 2010) Nokia also lacks diversity in its managerial aspects. It has only two directors out of ten who are not Finnish. This reduces its capability to understand the different demands and trends across different parts of the world. (Nokia, 2010) Opportunities Nokia can increase its market presence by launching its products in new markets. It can also increase its market share in current markets by launching innovative products at competitive prices. MeeGo is Nokias upcoming operating system, which if marketed and implemented properly will turn around the fortunes of Nokia. As the mobile industry grows rapidly, Nokia can increase its market share by extensive advertisements and through effective marketing communication. Nokia can better its reputation and increase its brand loyalty by having a healthy Public Relations System. Threats The threat of competition is omnipresent in the mobile industry. The big threats to Nokias dominance are the smartphones developed by Apple Inc. and RIM Blackberry, which offer better products and services than Nokia. Also, the Android Mobile Operating System developed by Google Inc. is supported by a number of other big mobile companies and is consistently increasing its market share through a variety of smartphones from the cheap to the more expensive. The phenomenal growth of Android OS is a big threat to Nokias devices until it can provide an Operating System that can best Googles offering (Reuters 2010). Financial Performance Analysis 3.1 HTC Corporation 3.1.1 Review of Key Financial Data The statement of comprehensive income, balance sheet and statement of cash flows for HTC for the years 2006 to 2009 are represented in the tables 1, 2a, 2b, 3a and 3b respectively. 2007 We can see from the figures shown in the tables below that 2007 was an average year for HTC. The net sales have improved by 11.61% and the profit has increased by 12.76%. While the operating profit has increased 14.31%, the operating expenses have increased by a substantially more 49.97%. The main operating expenses incurred in 2007 were for selling and marketing purposes (62.30%). 2008 The net sales in 2008 increased by 22.27% and the net profit decreased marginally by 1.06%. Once again the operating expenses by 52.85% which resulted in a decrease of 0.92% in the operating profit. The main operating expenses for this year were for RD and selling and marketing purposes which increased by 59.80% and 46.31% respectively. On the whole this year was not so bad for HTC. 2009 In this year, HTC experienced the effects of recession. The net profit decreased by 26.65% while the net sales decreased by 5.3%. Although the operating expenses have increased by just 5.93%, the operating profit hugely decreased by 25.16%. The RD saw its expenses cut by 11.83% and the selling and marketing expenses again increased by 18.85%. Q3 2010 When compared to Q3 2009, the net sales has increased by 39.71% and the net profit also increased by 30.97%. The operating expenses continue to increase substantially by 38.37%. However, the operating profit has increased by 31.31%. The RD expenses increased by 16.22% and the selling and marketing expenses have shot up by 49%. On the whole, HTC recovered greatly during the first nine months of 2010. 3.1.2 Ratio Analysis According to the data collected from the income statements, the balance sheets and the cash flow statements, the ratio analysis has been divided in five parts, Profitability, Efficiency, Liquidity, Financial and Investment. However to judge a business, getting the information about the planned ratios is also important. Getting this kind of information is hard for people outside the business. In that case, this report may be biased. The ratios are listed in table 4. Profitability Ratios It can be seen from the chart below that the ROCE is decreasing steadily by about 15% each year. However, ROCE of 42.77% is favourable for the company. The operating profit margin and the gross profit margin are also decreasing, but as the chart depicts these figures are improving. Efficiency Ratios The average inventories period of HTC decreased from 27.8 days in 2007 to 22.4 days in 2009. This represents the decreased demand for mobile phones. The trade receivables to trade payables ratio has remained fairly constant throughout these three years. This means that the creditor and the debtor for HTC did not change much. The sales revenue to capital employed ratio has improved from 2.3 times in 2007 to 2.56 times in 2009. Liquidity Ratio For the business to have good liquidity, the current ratio and the acid test ratio should generally be greater than 2. The current ratio has decreased from 2.42 times in 2007 to 1.89 times in 2009. The acid test ratio has also decreased from 2.24 times in 2007 to 1.8 times in 2009. However, HTC still has a high liquidity as its ratios are quite near to 2. Financial Ratios The gearing ratio for HTC is 0% for all the three years. This means that HTC has no long-term liabilities. Also the interest cover ratio is much higher. According to these ratios, the profit for the year 2009 can cover 188,926 times the interest payable in 2009. Investment Ratios These ratios help investors to evaluate their investment options about HC Corporation. A dividend yield ratio of 6.65% means that investors can get a good cash return on their investment in HTC. But the earnings per share has decreased from NT$1.56 in 2007 to NT$0.90 in 2009. Also, the P/E ratios show that the confidence among buyers of HTC shares is low. 3.1.3 Stock Review According to The Financial Times, HTC Corp. (TWSE: 2498) has consistently outperformed the Taiwan SE Weighted Index over the last five years. On Jan 1, 2007 the common stock of HTC was priced at NT$ 645 and as of Dec 10, 2010 the price has soared to NT$ 897. This means an investment in the HTC stock gave a return of 39.07% during this period. Wright Investors Service has given HTC Corporation a quality rating of AAA1 (Appendix 1) U:ManXPMy DocumentsMy Pictureshtc stock.png Stock Performance over 5 years. Source: FT.com 2010 3.2 Motorola Inc. 3.2.1 Review of Key Financial Data The statement of comprehensive income, balance sheet and statement of cash flows for Motorola for the years 2006 to 2009 are represented in the tables 5, 6a, 6b and 7 respectively. 2007 We can see from the information represented in the tables below that the net sales have declined by 15% and a loss has been incurred by 101%. The operating expenses have increased by 21.65% and the operating profit decreased by 114%. The main operating expenses are incurred for selling, general and administrative purposes. The dividend for 2007 was $0.20 per share. In general, we can say that 2007 was not a financial good year for Motorola. 2008 In 2008, the net sales of Motorola decreased further by 18%. Also, the net loss increased by 8561%. The operating loss increased by 332% while operating expenses increased by only 2.67%. The dividend remained constant at $0.20 per share. Overall, we can say that Motorola incurred huge losses in 2008, partly due to the recession. 2009 Financial condition of Motorola improved over the course of 2009. Although there was still a net loss incurred, it was substantially less than 2008 which decreased by 99%. The net sales decreased even further by 27%. The operating loss decreased by 94% and the operating expenses decreased by 33%. The dividend for 2009 decreased to $0.05 per share. So, we can say that, although still in loss, Motorolas financial condition has recovered and this shows that Motorola has the ability to successfully implement solutions to its problems. Q3 2010 From the recent financial documents of Motorola, it is clear that it is slowly recovering its business. However, the financial condition of the company is still not very good. 3.2.2 Ratio Analysis Profitability Ratios As per the Ratio Table (Table 8) the ROCE and the operating profit margin for Motorola have remained negative for all the three years. This means the company has incurred losses throughout these years. But, the condition is generally improving since 2007. The gross profit margin is high for all the three years. This is not due to the product, but because of the low operating expenses. Efficiency Ratios The average inventories turnover period for Motorola is constantly increasing from 41 days in 2007 to 48 days in 2009. This means that there is a decreased demand for Motorola products over the years. It also means that recession has affected Motorola too. The sales revenue to capital employed is also quite low at 0.47 times in 2007 to 0.41 times in 2009. If trade receivables to trade payables ratio remains greater than 1, it means that the company has a good supply chain and has the ability to manage the trade receivables and trade payables. The TR/TP of Motorola is generally steady throughout these three years from 1.39 in 2007 to 1.24 in 2009. Liquidity Ratios The current ratio and acid test ratio of Motorola decreased from 1.78 times and 1.55 times respectively in 2007 to 1.63 times and 1.38 times respectively in 2008. However, in 2009, they increased to 1.92 times and 1.82 times respectively in 2009. This shows that the Motorola has good liquidity, although sometimes inventories can be seen as a risk to the company. Financial Ratios The percentage of long-term liabilities of Motorola is high, from 59.1% in 2007 to 63.5% in 2009. This is also a big risk for the company. The interest cover ratio is very low which means that Motorola does not make enough profit to pay its interests. Investment Ratios The dividend payout ratio shows a speculative situation of Motorola which is extremely low. Also the dividend yield ratio is low at 0.64% in 2009. The earnings per share is low. Motorola is not earning anything on its ordinary shares in issue. Even the P/E ratio is staggeringly low which means that the investors have no confidence in Motorolas business. 3.2.3 Stock Review According to The Financial Times, Motorola Inc. (NYSE:MOT) has outperformed the Dow Jones Industrial Average over the last week. However, the overall performance has been mixed. On Jan 3, 2007 the common stock of Motorola was priced at $20.57 and as of Dec 10, 2010 the price has dropped to $8.64. This means an investment in the Motorola stock would have resulted in a 57.99% loss during this period. Wright Investors Service has given Motorola Inc. a quality rating of ABNN. (Appendix 1) U:ManXPMy DocumentsMy Picturesmot stock.png Stock Performance over 5 years. Source: FT.com 2010 3.3 Nokia Corporation 3.3.1 Review of Key Financial Data The statement of comprehensive income, balance sheet and statement of cash flows for Nokia for the years 2006 to 2009 are represented in the tables 9a, 9b, 10a, 10b, 11a and 11b respectively. These are compiled from the annual financial reports of Nokia for the said years. 2007 From the figures shown in the tables below, we can see that 2007 was a particularly good year for Nokia. The net sales have increased by 24.2%; and the profit has also increased by 67.3%. Although the operating expenses have a 17.8% increase, Nokia has gained more operating profit which increased by 45.5%. The main operating expenses incurred are for Research and Development (RD). The increase of sales and marketing expenses (32%) refers to the new products of Nokia (ibid). As can be seen from the table 2, the profit for the year is the highest compared with other years. The dividend for 2007 was à ¢Ã¢â‚¬Å¡Ã‚ ¬0.53 per share (ibid). Overall, 2007 was a successful year for Nokia. 2008 Nokias sales have decreased in 2008. The net sales also decreased by 0.7% compared to 2007; and the operating expenses have a significant increase of 33.5%. The Annual Report highlights the recession may have had a negative effect on the companys performance. The decrease in demand from consumers led to the profits reduction (NOKIA, 2008). In addition, the transfer of Finnish pension liabilities is a main reason for the increase of expenses (ibid). Both in 2007 and 2008, Nokia has recruited more employees because of which the wage expenses have also increased. The dividend for the year was à ¢Ã¢â‚¬Å¡Ã‚ ¬0.40 per share (ibid). To sum up, this year was not so good for Nokia. 2009 In this year, Nokias performance declined even further. The income statement shows a significant decrease in the net profit, which is less by 93.3%. The sales and the gross profit reduced by 19.2% and 23.7% respectively. The effect of recession was still evident on Nokias financial performance. As a result, the investment on RD remained same as that in 2008. Due to the reduced demand, the marketing and sales expenses have also reduced from à ¢Ã¢â‚¬Å¡Ã‚ ¬4830 million to $3933 million (NOKIA, 2009). The dividend for 2009 remained same at à ¢Ã¢â‚¬Å¡Ã‚ ¬0.40 per share. Overall, it is clear that Nokia started reducing the expenses to face lower demand in the mobile phone market. Q3 2010 Tables 5, 6 and 7 show the income statement, balance sheet and cash flow statement of Nokia in Q3 2010. It is clear that Nokia has slowly recovered its business in these 9 months. To be more specific, the net sales have a 4.7% increase compare to Q3 2009. Although the gross profit is lower than Q3 2009, the operating expenses have decreased substantially. In that case, the profit before tax has risen from -à ¢Ã¢â‚¬Å¡Ã‚ ¬426m to à ¢Ã¢â‚¬Å¡Ã‚ ¬403m, which is good for the company. 3.3.2 Ratio Analysis Profitability Ratios From the chart below it can be seen that the ROCE is steadily decreasing from 2007. To be more speci