International strategic management Case Study Example | Topics and Well Written Essays - 1500 words

International strategic management - Case Study Example The whole food market strives to have the highest variety of quality products in the market. This they do by ensuring a top selection of food suppliers who produce and maintain high standards of food production. They also ensure that these suppliers maintain a reasonable degree of social and environmental responsibility while producing the goods. Whole food since 2002 has tried to develop new individual stores to help them stock a lot of this produce (Thompson, 2010, p.1). Whole Food Market is also pursuing its goal for providing products of high quality in the market. These are healthy products free from all the preservatives and any other product that becomes genetically engineered that will reduce its quality as organic. The company strives in dominating the local market and also the international market. Whole food market stores are also developing ways of attracting customers to the store. They ensure that they maintain a conducive environment for their customers. This include t he use of ambient lighting, educational demonstrations to encourage their shopper to come back again and bring other customers to the stores. Whole food also uses a strategy of team work for their operations. The members of the staff get involved in the process of hiring new employees, developing and implementing new ideas and also encouraging members’ individual thinking, while still maintaining individual accountability for both the success and failure (Thompson, 2010, p.14). Q2 Yes, the strategy is well matched since Whole food objective is to supply their consumers with products of the highest quality. These are products that lack pesticides and other genetically engineered products that are likely to affect the consumers, community and agriculture health. The products also have a flavored taste to the benefits of consumers and as a current trend in a healthy lifestyle. In order to maintain their natural and organic food sectors, the firm's product line include nearly 300 00 natural, organic food and non food products (Thompson, 2010, p.10). The firm also provides fresh produce like meat and poultry, exceptional quality cheese, frozen foods and a selection of daily baked goods. All the meats and poultry provided are natural. The animals got raised without artificial growth hormones or the byproducts in their animals. The entire sea food is wild caught or found from the aquaculture farms. Q3. Yes, He has a strong vision for Whole Foods being an international brand not only just for organic and natural foods, but also as the best and leading food retailer in every region where the food stores are present. His vision was to see whole food set high standards for excellence in the business of food retail. His vision of marketing high quality and natural, organic foods to more customers all over would eventually transform the diets of people. This will make them live longer, healthier and happier lives. His vision sees the company’s future strategic course. It resonates what the firm wants to be, where it’s heading to and the scopes of its future. He is not planning to leave it at only the supply of natural and organic foods but also, take the entire food retail business (Thompson, 2010, p.2). The company’s motto is a compelling one. This is because it covers three most vital areas of success in the food industry. It majorly focuses on superior quality of the products getting offered it covers the

Financial Analysis of Northrop Grumman Essay Example for Free

Financial Analysis of Northrop Grumman Essay The fiscal analysis of Northrop Grumman includes the examination of profitability, liquidity, and equity ratios, its 3 year stock price, as well as a general financial overview of the company. This case study exams their fiscal strategy as well as the debt utilization and possible effects of the fiscal crisis on Northrop Grumman. This document compares Northrop Grumman to other companies in the defense sector by comparing their ratios as well profitability. The paper will provide the reader with an understanding of the financial makeup of the company and its current and recent performance as well as estimates of future earnings. Overview of Northrop Grumman Northrop Grumman is one of the world’s major defense contractors. Northrop Grumman is an innovative company that has long history of making aircraft and other products that support the defense industry. Northrop Grumman is made up of the former Northrop and Grumman companies and eighteen other companies that have been integrated into one successful corporation. Northrop Grumman has four primary sectors in its business model: aerospace systems, electronic systems, information systems, and technical services. The company has its headquarters in Falls Church, Virginia, and production facilities across the United States, with major facilities in California, Virginia, and Maryland. Northrop Grumman is the third largest defense contractor in the world. Some of Northrop Grumman’s primary competitors are Lockheed Martin, Raytheon, Boeing, and L-3 Communications Holdings, Inc. Northrop Grumman plans on remaining competitive even with the threat of sequestration looming over the federal government and the threat of an additional $500 Billion in defense cuts above the currently planned $500 billion in defense cuts. They plan on remaining competitive by being able to successfully develop and market their products, to stay ahead of the competition. This is done by reaming innovative, and providing the facilities and people to accomplish these goals of developing and manufacturing new products and support businesses and governments in information technology. History of Northrop Grumman Northrop was founded in 1939 by Jack Northrop in Hawthorne, California. The company produced its first aircraft in 1940, the N-3PB patrol bomber for the Norwegian Air Force. The first production aircraft for the United States Army Air Force was the P-61 Black Widow. They continued developing aircraft for the United States Air Force, competing in the bomber contract in the mid-1940s for the long range heavy bomber contracts using his radical flying wing designs of the XB-35 and XB-49, which were in competition with the B-36 and B-47. This was a highlight of Jack Northrop’s development of technologically advanced aircraft. In 1959, they had the first flight of the F-5 a supersonic low cost fighter that would serve as the basis of the T-38 supersonic jet trainer for the USAF, and later on the F-20 an upgraded version of the F-5. They also designed the US first ICBM the Shark. They continued with development of many programs culminating with the B-2 Spirit Stealth Bomber, currently the most advanced and expensive bomber ever built for the US Air Force. In 1994 they acquired the Grumman Corporation and became Northrop Grumman. The Grumman Corporation started out in the 1930 was instrumental in the development of Naval Aircraft. They built the XFF-1, built in 1931, was the first naval aircraft with retractable landing gear. The built the widely successfully naval fighters the Wildcat with the first ever sto-wing and the Hellcat one of the most successfully carrier aircraft of World War Two. Grumman continued to develop aircraft for the United States Navy, developing the F9F Panther, one of the United States Navy’s earliest jet fighters. Grumman continued to develop jet aircraft, including the A-6 Intruder family of aircraft for the Navy, as well as the F-14 Tomcat, made famous by the movie Top Gun. Most notably the Grumman designed and built the Lunar Lander for the Apollo program. Key Products Northrop Grumman is primarily involved in four related by also distinct industries which are also their core competencies. They are involved in aerospace systems, electrical systems, information systems and technology systems. Involvement in these key areas allows them to focus on their customers’ needs for unmanned air systems; command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR); logistics, and cyber security. The company is currently involved in a many major programs for the Defense Department. They are producing the RQ-4 Global Hawk an unmanned air system (UAS) that is the only UAS that is allowed to fly in US airspace. They are also developing and producing active electronically scanned array radars for the F-35 and F-16 as well as a multitude of electronic warfare systems like the US Navy’s Next Generation Jammer. The Lightning family of advanced targeting pods is also a key program within Northrop Grumman, with the L ightning Generation four reaching its 250th produced unit. Northrop Grumman is also developing the X-47b for the US Navy, which would give them a stealth carrier launched unmanned combat air vehicle, which would be the first for the US Navy. This aircraft also made history, by being the first unmanned combat air vehicle to accomplish a catapult launch, on 29 November 2012 at the Naval Air Station Patuxent River, Maryland (McKinney 2012). Northrop Grumman is also a partner with Lockheed Martin in building major components to the F-35 Lightning II Joint Strike Fighter Program, specifically the center fuselage and weapons bay. They also participate in the civilian sector with the flat sequencing system for the US Post Office, and information systems for the Department of Homeland Security and public 911 services. Financial Condition Northrop Grumman is a financially secure company that is looking to maintain its current status quo. According to their Value Line Report they were given an A++ rating for financial stability. Value Line is also estimating their 2012 revenues at $25100 million, which represents a decrease of $1312 million. Even though the company’s revenues have decreased since 2010, they have been able to maintain their strength in the defense industry. They are still the third largest defense contractor; even with their recent sell offs of Newport News and Huntington Ingalls Industries, Incorporated. This sell off, the drawdown in the Iraq and Afghanistan, and the decreases defense spending has led to a decrease in revenues however according to Value Time, their revenue in 2013 is estimated to be $2,500 million a decrease of only $100 million. Northrop Grumman also carriers a middle grade bond rating of BBB+, BBB+, and Baa+ from the 3 major bond raters, S P, Finch, and Moody’s. These rating show that Northrop Grumman is stable company with an average stock price for 2012 of $63.13. Northrop Grumman Fiscal Strategy Northrop Grumman’s corporate strategy can be explained in the 2011 Annual Report opening quote from CEO Web Bush, â€Å"2011 was an outstanding year for Northrop Grumman, affirming that our focus on performance, portfolio alignment and effective cash deployment continues to create value for our shareholders, customers and employees and position our company positively for the future.† This quote states the overall direction that CEO Web Bush is taking Northrop Grumman into the future. The key to this strategy is Northrop Grumman focusing on performance. An example of this was an earnings per share increase of 17% on diluted shares to $7.41 (Northrop Grumman 2011). In 2011, with the spinoff of their shipbuilding division, they were able to provide, $1.6 billion in equity to their shareholders (Northrop Grumman, 2012). These actions have all been to provide the most benefit to their shareholders. Northrop Grumman is also focusing in on the new strategies that the Department of Defense is pursuing, with over 90% of their business with the DoD and the US government by focusing in on the growth areas of the DoD. C4ISR, unmanned systems, cyber security, and logistics are leading the way as the new focus of Northrop Grumman as they are the portions of the DoD that will continue to grow with the current budget issues facing the Obama presidency. They are also continuing its focus on their aerospace division which is the most profitable, since Northrop Grumman is a prime contractor on the F-35 and the F/A-18, as well as the builder of the Global Hawk. They are also seeing the US budget problems as an ideal point to start pursue the international market place more, like the recent sale of Global Hawks to the North Atlantic Treaty Organization (NATO). Their continued focus of on stockholder’s value means they need to focus on their key priorities of unmanned air system, C4ISR, logistics, and cyber security. Another part of Northrop Grumman’s strategy is making minor and major acquisitions into other companies allowing them to expand their business, which in turn will help increase stockholders value. They will from time to time create strategic alliances, form joint ventures, and dispose of or spinoff companies when they believe that these actions will aid in creating more value for their stockholders. Northrop Grumman’s strategic plan is to continue to focus on increasing shareholder value as well as to continue to maintain their cutting edge in technology and in the defense industry, and to develop systems that will support the DoD new strategies as US forces leave Afghanistan and begin to focus on the Pacific Region. The current fiscal crisis that is gripping the US, with large cuts to the defense budget, expiration of the George W. Bush tax cuts, increased tax rates, cuts to social programs, and new taxes from the Patient Protection and Affordable Care Ac 2010, will directly affect Northrop Grumman at all levels. However, Northrop Grumman is in a position to succeed with the cuts and tax increases and the possibility of another $500 billion in budget cuts to its largest customer, the Department of Defense in the event of sequestration, because of the companies diversity within the defense market and their mix of being the primary contractor and a subcontractor on many contracts. They plan on continuing their focus on their core industries needs of the DoD. Northrop Grumman also believes that their business is well positioned within the US government, because of the diversity of programs they are working on like the F-35 Lightning II, RQ-4 Global Hawk, Minute Man III upgrades, next generation jammer, and other classified programs. These programs, with their importance to the US DoD will allow Northrop Grumman to remain viable during the fiscal crisis, and remain profitable. They also believe that a deal will be reached averting the crisis, and allowing business to continue. Northrop Grumman’s Weighted Average Cost of Capital Northrop Grumman has a weighted average cost of capital of 8%. This represents the low cost at which Northrop Grumman is able to procure financing. They currently have been buying back shares, which are increasing shareholder’s equity by making each share worth more; as well they have been utilizing debt effectively. They particularly have been using bonds to buy back stock as well as for financing capital programs. They use the weighted average cost of capital as a tool in determining discount rate and terminal value assumptions. The weighted cost of capital takes into consideration the relative weights of the components of their capital structure. This is used to measure the costs of new capital, and with a weighted average cost of capital at 8%, Northrop Grumman seems to balance in its approach to capital which is a sign of a mature and financial stable company. Profitability Northrop Grumman has been a profitable company over the course of its history. In 2002 their profits were $697.0 million and a Value Line estimate of $2,005 million for 2012, which are almost three times the profits of 2002. These recent profits can be attributed to the operations in the Middle East, particularly the wars in Iraq and Afghanistan, which have increased profits in every major defense contractor. Northrop Grumman plans to remain profitable during the defense cuts from 2011-2021 by continuing their excellence in their product development, manufacture and support. Failure in any of these areas will have a negative effect on their profitability. They also need to ensure that their contracts are completed on time and on budget, to ensure that with some of the current contracts and political environment that either they do not get canceled, or that they do not have continue on with their own funds. Other things that could affect profitability would be a failed rocket launch or failure of a product that cannot be fixed causing a contract to be canceled. Northrop Grumman’s net profit margin has also increase since 2002. In 2002 their net profit margin was 4.1% and has increased gradually to an estimated 8.0% in 2012. However, Value Line estimates that their net profit margin will decrease to 7.3% in 2013 and fall to 6.8% till at least 2015. The gradual increase in profits is attributed to the wars in the Middle East, where there has been an increased demand on their products, but the estimated decrease will be a result of the winding down of operations in the Middle East and the fiscal crisis enveloping the US Government. Even though their profits and net profit margin is planning on decreasing in 2013 and beyond according to Value Line, Northrop Grumman will remain profitable and thereby allowing to focus on their strategy of performing well for their shareholders. This increase in profitability is in line with their strategy of performance particularly with their stock price, which investors take the firm’s profitability into account. This has resulted in an average return on capital of 9.2%. Their return on capital is estimated to continue this increase rate through 2017 at 11.5%. Northrop Grumman’s EBITA Margin for 2011 is 14.26% at $3,304,000 million which has been increasing since 2010 and should continue to steadily increase even with the future budget uncertainty in the US government. Dividend Policy Northrop Grumman is also a stable company because of its dividend policy. Northrop Grumman offers a quarterly dividend and has been paying a dividend since 1943 except for 1949-1950. The dividend payouts for 2012 were $0.50 for the first quarter and $0.55 for each subsequent quarter, totaling $2.15, with earnings per share of $7.40 estimated for 2012 resulting in a 29% dividend payout ratio. When compared to other companies in the defense industry, Northrop Grumman is on par with its main competitors in regards to a dividend payout ratio with Boeing having a 2011 dividend payout ratio of 31% and Lockheed Martin of 41% in 2011 (Tortoriello, 2012). In 2011, Northrop Grumman was able to allocate $2.8 billion to give back to shareholders by repurchasing stock and through dividends. These strong cash flows in 2011 were a result of the spinoff of their shipbuilding industry, and $26,412 million in sales. The company is continuing its share repurchasing in 2012 with $290 million allocated to repurchase 13.6 million shares, with $2.0 billion left in that program (NOC earnings release, 2012). This along with the $2.15 dividend in 2012 represent Northrop Grumman strength as a company and their resolve to focus on their shareholders, by buying back stock, making it worth more and continuing to raise their dividend. Prior to the 2000s Northrop Grumman conducted its dividend policy like a utility with dividends that did not change its payout year to year. This all changed when Ron Sugar became CEO of Northrop Grumman in 2003. He began a program the resulted in stock buyback programs and was able to double the dividend payout during his tenure. CEO Sugar was able to raise the sales per share, however this did not result in an increase in the share price, which a low of $33.80 (Forbes, 2011). Northrop Grumman through their current CEO Wes Bush has increased their emphasis shareholder returns. He was able to the do by increasing dividends by an average of $0.13 per year and an average dividend of $1.78, since 2007. The 2012 dividend will be $2.15 with the fourth quarter paid on Dec 31, 2012. Northrop Grumman’s dividend policy is to continuously provide a dividend to its shareholders and to continuously attempt to increase the dividend as well. Another part of Northrop Grumman’s dividend policy is the stock buyback program. Northrop Grumman has been doing this since 2010, since they have excess cash from the spinoff of Newport News and Huntington Ingalls Industries, Incorporated, the shipbuildin g portion of Northrop Grumman and recent bond issues to buy back stock, in lieu of issuing a higher dividend. Corporate Bond Policy and Debt Usage Northrop Grumman uses corporate bonds like many other companies, for acquisitions, capital expansion projects, and refinancing existing debt. They currently have nine bond issues out with interest payments ranging from 1.85-7.81% with maturity dates from 2014 to 2040. Its current credit rating from SP, Fitch and Moody’s is BBB+, BBB+, and Baa1. These rating mean that Northrop Grumman has a lower medium grade rating, however according to Moody’s their debt metrics are at the high end of their current class of debt. Their current long term debt on 31 December 2012 will be $3,935.0 million (Value Line, 2012). Since 2009 they have paid of $256.0 million towards their long term debt. In 2011, Northrop Grumman paid $2,692 million in interest payments, according to their 2011 Annual report. They are projecting paying $207.0 million in 2012, which is lower than 2011, but that number is likely to rise at least through 2017. In November of 2010, Northrop Grumman issued a tender offer to buy its bonds back for a total of $2.119 Billion of bonds from its subsidiaries. Concurrently, they have a public offering of senior unsecured debt securities for debt repayment, pension funds, acquisitions, share repurchases, and working capital. On 15 February 2011, Northrop Grumman had a bond issue of $750 million at maturity with an interest rate of 7.125%. Moody’s has not down or upgraded Northrop Grumman’s bond rating, due to a large order of RQ-4 Global Hawks to NATO, and because of a $4.0 billion share repurchase plan. That sale could have a positive effect on their bond rating. All in All, Northrop Grumman has had numerous bond issues, and is currently using its latest one for a multitude of purposes. Industry Comparison Northrop Grumman is one of the top five defense companies in the world with defense revenues in 2010 of $31,181 billion (Tortoriello, 2012). Northrop Grumman as the one of the leading defense contractors in the world and is on par with or exceeding its competitors. Comparing the profitability of Northrop Grumman to its peers in the defense industry, we can take a look at figure 1 and compare profitability ratios of Northrop Grumman with the averages in their industry group. The median return on assets (ROA) for the search and navigation equipment is 7.10%, Northrop Grumman currently has a ROA of 7.45% as of 31 Dec 2011, and their current ROA is 5.72% as of 30 September. Using 2011 numbers, Northrop Grumman is slightly more profitable than the other firms in its SIC industrial grouping. Northrop Grumman is also effective in how they finance their activities, by using a mix of bonds, stock options, and other forms of financing. As of 2011 their total debt to equity ratio is 0.38 when compared to the industry average is of 84.40 is significant because it shows little financing Northrop Grumman is using at this time, however, they are still have a decent bond rating of Baa1 from Moody’s and Value Line has their financial strength listed as A++. The industry average for the quick ratio is 2.00. Northrop Grumman’s 2011 quick ratio was 0.97. With a quick ratio below one, this shows that Northrop Grumman is highly effective at creating cash from its investments and work activities. In examining these ratios; it shows that Northrop Grumman is a highly successful and stable company that would present a low risk investment to an investor. However, it is to be seen what the possibilities of sequestration and cuts to the military have on these ratios and the profits and low debt that Northrop Grumman has during the 2000s. Stock Price Analysis Northrop Grumman is a publicly traded firm on the New York Stock Exchange, under the symbol NOC. As of 14 December, 2012 they currently have 254,000,000 shares of common stock outstanding. They currently have zero preferred stock and $3,935 million currently in bonds. According to Northrop Grumman’s last cash flow statement, they paid $543 million in dividends. As of 15 November 2012, the board of directors decided to issue a quarterly dividend of $0.55 per share payable 12 December 2012. Northrop Grumman since 2009 has paid an average dividend of $1.83. They also have repurchased $2,194 million in company stock, and they have been doing this for the past few years as another way to compensate their investors besides dividends. Northrop Grumman over the past thirty-six months has seen its stock rise and fall and continue on that path with an average volatility of 2.0. The low volatility of their stock is representative of a stable company, and stable stock prices, that would attract conservative investors, and give new investors faith that they will receive a decent return on their money. Northrop Grumman during this time has since its stock prices with a high of $71.87 and a low of $49.26. The few really large troughs in the wave that the stock price creates is August of 2011 and fall of 2009. These troughs represent the low times for Northrop Grumman’s stock, but during these times there stock has been steadily climbing specifically after Wes Bush took over as CEO and began to focus on improving the share price as well increase the performance of the company. These dual actions have led to an increase in their share price as well helping the company reduce debt, and increase capital to deal with the impending financial crisis that could possibly lead to another recession. As of 14 Dec 2012, Northrop Grumman is trading at $67.37 (yahoo finance, 2012); they have consistently been trading in the upper $60s since July of 2012, when the stock price was rising from a low of $57.29 in June of 2012. Northrop Grumman stock has been rising because of the good ratings they have received from numerous media outlets, such as Value Line and Yahoo Finance. The rise in stock prices and favorable rating can be attributed to the company renewed focus on its core industries and the spinoff of its ship building subsidiaries. Their performance has increased under the leadership of their current CEO Wes Bush. Their stock prices have also remained stable in recent months, because of the strong cash presence, which is adding investor friendly initiatives such as a raising the dividend and repurchasing stock, as well as lobbying for new contracts, like the $30 million post office contract and the NATO contract to buy RQ-4 Global Hawks. Lastly, Northrop Grumman is one of the more stable companies with an estimated EPS in 2012 of $7.40, down $0.01 from 2011, which is indicative of a stable company that is meeting or exceeding its performance estimates. Currency Risk Northrop Grumman is exposed to foreign currency risk; however they are not at a great risk to fluctuations in foreign currency. They are exposed to the risks of foreign currency from their international operations. They mitigate foreign currency risk by entering into foreign currency forward contracts as to manage portions of receipts from international customers and payments that may be have to made to international partners. As of 31 December 2011 Northrop Grumman had $233 million in foreign currency forward contracts outstanding (Northrop Grumman, 2011). With $26,412 million in sales in 2011, (Northrop Grumman, 2012), $233 million is not very significant, and they believe a 10% change in interest rates of foreign currency exchange rates would not have a significant effect on the financial position or effect their operations. Capital Markets Northrop Grumman will be affected by the volatility and disruption the domestic and international credit markets. Northrop Grumman access these markets from time to time when they need capital to support capital expansion projects, refinancing of existing debt, and for evolving lines of credit. With the current fiscal crisis in the US and Europe, will make it difficult for Northrop Grumman access credit on favorable terms or at all which will have an adverse effect on the fiscal standing. They are at risk, because of counterparty default because they deal with bankers and brokers in the credit market, when they have need for more capital. Their suppliers are also at risk with the volatility and disruptions in the credit markets from the fiscal crisis. If their ability to access credit on favorable terms, or at all could adversely affect Northrop Grumman by forcing them to change suppliers, which could lead to them to be unable to meet their contractual obligations. This could cause delays in programs or force them to find other means to assist their suppliers to support their contracts. Northrop Grumman has also entered into credit agreements amounting to an aggregate principle of $2 billion. This is a revolving door 364 day credit agreement that will help them cover costs over the short in the event of a decrease in cash. This revolving line of credit is based on many rates, including the LIBOR or an alternate rate. Northrop Grumman will be facing issues in the credit market, due to the fiscal crisis in the US, and the instability in the federal budget and the looming threat of sequestration, which will directly affect the credit markets. However, the slow growth rates of the US economy, and economy remaining on the brink of falling back into recession has kept interest rates low, which is an attempt to make credit easier to access. Conclusion Northrop Grumman is a leading defense contractor in the United States that has four main business areas, aerospace systems, electronic systems, information systems, and technical services. They are involved in many products that are used or are in development for the Department of Defense, from the RQ-4 to new electronic warfare systems. Northrop Grumman currently receives 90% of its revenues from the US government, primarily from military contracts. They are also a very stable company that has been increasing their dividends over the past few years, as well as having a steady stock price that has been increasing as well. Their currently a lower medium grade bond rating, rated at Baa+ from Moody’s. They have a strong history of supporting the US military with a multitude of historic aircraft and systems that support these aircraft. Northrop Grumman will continue to excel within the looming threat of sequestration and $1 trillion in budget cuts to the defense budget over the next ten years. All in all, Northrop Grumman is a leader in the defense industry and will continue to be a profitable company during the drawdowns in the Middle East and the defense budget cuts facing the US armed forces. References Defense System Staff (2012) NATO inks $1.7B deal for Block 40 Global Hawks, 1105 Media, Vienna, VA. Retrieved on November 10, 2012 from http://defensesystems.com/articles/2012/05/21/agg-nato-global-hawks-contract.aspx. Dobosz, John (2012) Half A Trillion In Pentagon Budget Cuts Turns Defense Stocks Into Dividend Darlings, Forbes, Inc. Retreived on November 12, 2012 from http://www.forbes.com/sites/johndobosz/2012/05/25/superior-firepower-pays-fat-dividends/ Harrington, Robert L. (2012) Value Line Northrop Grumman. Value Line Publishing. Retrieved on November 20, 2012 from http://www3.valueline.com.ezproxy.libproxy.db.erau.edu/secure/vlispdf/stk1700/index.aspx. Mergent (2012) Mergent Online General Company Information, 2012. Retrieved November 15, 2012 from www.mergentonline.com. McKinney, Brooks (2012) Northrop Grumman, U.S. Navy Conduct First Catapult Launch of X-47B Unmanned Aircraft, Globe Newswire. Retrieved on November 29, 2012 from http://www.irconnect.com/noc/press/pages/news_releases.html?d=10014076. Movius, Steve (2012) Northrop Grumman Reports Third Quarter 2012 Financial Results. Falls Church, Va. Northrop Grumman (2012) 2011 Annual Report. Falls Church, Va. Thompson, Loren (2011) How Northrop Grumman Aims To Outperform, Forbes, Inc. Retrieved on November 29, 2012 from http://www.forbes.com/sites/beltway/2011/01/10/how-north rop-grumman-aims-to-outperform/. Thompson, Loren (2012) Northrop Grumman Finds A Formula That Will Work In Hard Times, Forbes, Inc. Retrieved on December 11, 2012 from http://www.forbes.com/sites/lorenthompson/2012/12/11/northrop-grumman-finds-a-formula-that-will-work-in-hard-times/?partner=yahootix. Tortoriello, Richard (2012) Industry Surveys, Aerospace and Defense. S and P Capital IQ Industrial Surveys, New York. Retrieved on November 25, 2012 from http://www.netadvantage.standardandpoors.com.ezproxy.libproxy.db.erau.edu/NASApp/NetAdvantage/index.do. (2012) Industry Browser Industrial Goods Aerospace/Defense Major Diversified Company List Yahoo Finance. Retrieved on December 8, 2012 from http://biz.yahoo.com/p/610conameu.html. (2012) Moodys Disclosures on Credit Ratings of Northrop Grumman Corporation , Services, New York. Retrieved on November 3, 2012 from http://www.moodys.com/research/Moodys-Disclosures-on-Credit-Ratings-of-Northrop-Grumman-CorporationPR_243144. (2011) Moo dys says Northrop Grummans $4 billion share repurchase authorization wont impact ratings, Moody’s Investor Services, New York. Retrieved on November 10, 2012 from http://www.moodys.com/research/Moodys-says-Northrop-Grummans-4-billion-share-repurchase-authorization-wontPR_218143. (2012) Northrop Grumman Corp. Ford Equity Research, Retrieved November 30, 2012 from www.fordequity.com. (2012) Northrop Grumman Corp. Mergent Corp. Retrieved on December 12, 2012 from www.mergent online.com. 2012 D B ratios, SIC 3812. Retrieved on December 5, 2012 from http://www.mergentkbr.com.ezproxy.libproxy.db.erau.edu/index.php/reports/industry (2010) Northrop Grumman Announces Cash Tender Offers for Debt Securities and Commences Debt Offering. Los Angeles. Retrieved on November 10, 2012 from http://investor.northropgrumman.com/phoenix.zhtml?c=112386p=irol-newsArticleID=1489734highlight=. (2012) Northrop Grumman, Yahoo Finance. Retreived on October 30, 2012 from http://finance.yahoo.com/q/bs?s=NOC+Balance+Sheetannual. (2012) Northrop Grumman Corporation, numerous Moody’s reports. Moody’s Investor Services. New York. Retrieved on November 1, 2012 from http://www.moodys.com/credit-ratings/Northrop-Grumman-Corporation-credit-rating-558850. (2010) Northrop Grumman Announces Cash Tender Offers for Debt Securities and Commences Debt Offering, PR News Wire, Los Angeles. Retrieved on November 27, 2012 from http://www.prnewswire.com/news-releases/northr op-grumman-announces-cash-tender-offers-for-debt-securities-and-commences-debt-offering-106442983.html. (2012) 3 Defense Companies To Buy Ahead Of A Fiscal Cliff Compromise. Retrieved on December 9, 2012 from http://seekingalpha.com/article/1053621-3-defense-companies-to-buy-ahead-of-a-fiscal-cliff-compromise?source=yahoo.

Cultural Achievements of the Italian Renaissance :: Papers

Cultural Achievements of the Italian Renaissance Humanism was a key movement in the Renaissance and had a major influence on the cultural changes and achievements. Humanists studied history; they were particularly interested in Ancient Greek and Roman civilisation, and classical works, as well as in contemporary history and politics. Although the Humanists were Catholic, their ideas were more secular - "learning emerged from the cloisterà ¢Ã¢â€š ¬Ã‚ ¦ to rejoin the human mainstream." The humanist ideas soon spread into the classroom. Previously, learning had been ecclesiastical - theocracy and theology were taught a lot - but during the Renaissance, learning became more secular. It was based upon classical culture so students studied classical authors, philosophers and mathematicians, for example: Ovia, Cicero, Livy, Plato and Aristotle. More progress could be made now that learning was not entirely based upon the church. Ideas soon spread due to the invention of the printing press in Germany in 1469; an ability to communicate to the masses quickly and reliably was a major cultural achievement. Books became much more accessible, and this in turn was a factor in many people learning to read and write. Before printing, most people were illiterate and very few books were in existence, as they had to be hand-written. Often the only book available was the Bible, which was copied out over a long period of time by a member of the clergy. Mass production of books was a very important development during the Renaissance as it meant that all the new ideas were obtainable to many more people than would have been the case, had printing not been invented. Authors of the time include Dante (poetry) and Machiavelli (prose). The famous "Book of the Courtier" by Castiglione, goes into great detail about the attributes of the ideal courtier. Some of these attributes had only come to be regarded as important during the Renaissance, due to the sudden interest in, and ideas about culture: "he should have a knowledge of Greek and Latin [and be] very well acquainted with the poetsà ¢Ã¢â€š ¬Ã‚ ¦ orators and historians".

The Truth Will Set You Free

Isaiah Houston Mrs. Dempsey English 3, Period4 October 15, 2012 The Truth will set You Free â€Å"Honesty is the best Policy†- Benjamin Franklin. Ever since we were young our parents, teachers and mentors have told us that we should be honest with ourselves and each other. When people lie and act deceitful it will eventually catch up to them. I think that the lies people tell will start to pile up and weigh down your conscience. A prime example of this is in Arthur Miller’s play, the Crucible, when John Proctor hides his affair with Abigail and it continues to haunt him.In Arthur Miller’s the Crucible, he uses John Proctor’s character to illustrate that the truth will put one’s mind at ease and he/she will be set free. With witch trials going on, lies are eminent and they overshadow the truth. People are getting accused of witchcraft for the wrong reasons. The good names of all the respected citizens and being ruined and there’s little to not hing they can do about it. Proctor finds out that his wife Elizabeth is being accused by Abigail, the young lady he has come to know, and he sought revenge against her.John Proctor prepares to face his demons head on and come out with honesty. In order to save his wife, Proctor comes out and admits himself as a lecher in court in order to further convict Abigail and free Elizabeth. Proctor tells the Judge, â€Å"I have known her, sir. I have known her† (page 110). Saying that statement, Proctor crossed the threshold into a more open and honest life. He feels relieved to have the burden of his guilt lifted. By telling the truth Proctor feels free for one of the first times in his life. People can truly be considered honest when they’re willing to put their good name on the line.Once he comes out as a lecher, John Proctor puts his good name on the line and lifts the guilt off of his conscience. The good names of all the respected citizens and being ruined and thereâ€⠄¢s little they can do about it. In the midst of pleading his case Proctor tells the Judge Danforth, â€Å"I have made a bell of my honor! I have rung the doom of my good name ? you will believe me, Mr. Danforth! My wife is innocent, except she knew a whore when she saw one† (page 111)! Judge Danforth is skeptical about believing Proctor so it is up to John to make a convincing case as to why charges on Elizabeth should be dropped.Proctor has all his cards on the table by relying on Mary Warren’s testimony and is willing to ruin his good name for the sake of his wife and friends. From the beginning of the play up to this point people can tell that there has been a change of behavior in John. He seems more aware and selfless when it comes to the feelings and needs of other people. On his mission to save Elizabeth John is joined by his friends Giles Corey and Francis Nurse whose wives have been charged with witchcraft as well.It almost seems like a lost cause until they find out that Mary Warren is aware of Abigail’s lies and she is reluctant to testify on their behalf. But once they get to court Mary Warren betrays them because she cracks from the peer pressure, to maintain the lie that Abigail is telling. Mary Warren soon enough sides with Abigail and Proctor is convicted of wizardry. At this point, no one in Salem is safe, they are all in danger of being convicted or accused of witchcraft. Proctor, even though he was convicted, has a chance at freedom for him and Elizabeth.But that freedom would require him to lie and put flaw on his good name. Eventually Proctor refuses to further dirty his name and was put to death along with all his innocent friends Martha Corey, Rebecca Nurse, and Giles Corey. Upon his deathbed his wife Elizabeth now free and says, â€Å"He have his goodness now. God forbid I take it from him† (page 145)! Personally I think that Elizabeth can speak for everyone when she says that John has made right with everyb ody and has a clear conscience as he goes to his grave. People can truly be considered honest when they’re willing to sacrifice yourself for others.In Arthur Miller’s the Crucible, he uses John Proctor’s character to illustrate that the truth will put your mind at ease and set you free. When you lie and act deceitful it will eventually catch up to you. Like when Abigail tells all her lies and they eventually catch up to her, causing her to flee Salem. A prime example of this is in Arthur Miller’s play, the Crucible, when John Proctor hides his affair with Abigail and it continues to haunt him. Ever since we were young our parents, teachers and mentors have told us that we should be honest with ourselves and each other. â€Å"Honesty is the best Policy†- Benjamin Franklin.

American vs Nepalese Culture

The American and Nepalese culture have some similarities but many differences. The American culture is a Western and a diverse culture; whereas, the Nepalese culture is Eastern and less diverse. There is a public education system for everyone in the American culture, and the literacy rate is high. In Nepal, there is a public education system also but the literacy rate is low. There is more freedom for people in American culture; on the other hand, in Nepalese culture, there is less freedom and more rules. One of the other differences that can be seen between American and Nepalese culture is in family relations.The behavior of the people is very different between this tow cultures. Many different racial groups form the American culture. The major ethnic groups in the United States are Europeans, Hispanics, African/Americans, Asians and Pacific Islanders, and many other minor ethnic groups. The distinct groups in the United States have different religions. The major religions in the Un ited States are Catholicism, Protestantism and Judaism. Islam, Hinduism and Buddhism are also minor religions in the United States.English is the main language in the United States but also Spanish and other languages are spoken in different cities. In the Southern part of Texas, New Mexico, Arizona, and California, the majority of people are Spanish speaking. In Nepalese culture, there is little ethnic diversity and the ethnics groups are not from other countries. The major groups are the Sherpa, the largest group, who lives in the northern, mountainous part of the country; the Gurung, who live in the central part of Nepal, and the Adabasi, who live in the southern part of the country.These people are born in Nepal and are not from other countries like the American ethnic groups. There are a few Muslims and Christians, but the major religions are Hinduism and Buddhism. Nepali is the major language in Nepal. In government offices, private offices and in school, they use the Nepali l anguage; whereas, in cities and towns, the different ethnic groups speak their own dialects. The Nepalese school system is based on tradition and religion in the rural areas and in the urban areas, there is a modern education system.Parents can choose any public school, they like for their children; there is no restriction on children having gone to school in the town or village where they live. In America, students have to go to the school in the town in which they live. In the American culture, people are individual oriented and individual value is greater than family value. People believe in their work, and they do the hard work. The American people plan things ahead, and they become successes in their future. The American people are independence, and they make their own decisions.Americans follow the time and its value. In Nepalese culture, people are family-oriented and the family value is greater than the individual value. The Nepalese people believe in god, and they wait for the people who can do their work. The Nepalese people do not plan any things and do their work, and they become unsuccessful in their future. In Nepalese culture, people depend on other, and they cannot make their own decision. The elder's person in the makes the decision, and other family's member follow that decision. In Nepalese culture, people cannot follow the time, and they are lazy.The American people follow a law and order. They behave friendly to each other, even if they are unknown. The American are polite and helpful. The American people wait for the turn and follow the advice, given by other. The Nepalese people do not follow the law and order. The rich people dominate the miserable people and there is a slavery system in Nepal. The poor people live in the house of rich, and do their work for nothing. Nepalese do not behave friendly to each other. Nepalese people do not wait for the turn instead and crowed in the same place fighting each other.

Optimize Your Resume for an 8-Second Skim

Optimize Your Resume for an 8-Second Skim You’ve put all this time and effort into your resume. It reads like a perfectly crafted, grammatically perfect dream from the header to the footer. Trouble is, most recruiters and hiring managers will spend approximately 8 seconds perusing your treasured document. The trick is figuring out- in addition to making a quality document through and through- how to make sure whoever glances at your resume gets a great impression, and quickly. Here are a few tips for how to pass the dreaded 8-second skim test.Use keywords like a pro.Load that baby up with as many choice keywords as you can. You better believe the recruiter is spending most of those 8 seconds skimming for precisely those words that matter most to their search. Make it easy for them. Don’t forget to pepper in specific technical skills and knowledge set phrases particular to the job description.Lead with your  best.When you’re bulleting your accomplishments, make sure to put the most impressive ones at th e top of your list. Imagine a recruiter reading only one bullet per section! Make that bullet count.Make smart formatting choices.Looks are almost as important as content. Don’t make your print smaller than size 11, or you’ll make your recruiter spend valuable seconds squinting at your document. And keep everything in the same font/size. Align your text to the left and your dates to the right. Don’t justify so you avoid any unsightly gaps. Bold either your roles or the companies you’ve worked for to make them more eye-catching. And remember: using all CAPS makes text harder to read. Be consistent with your formatting for an easy read.Keep it brief.Keep your bullets short and sweet. Make your language hyper-economical. Remember that skimmers are likely to read the first 5 words of every sentence or bullet. Put the full force of your attention there. Use numeric digits instead of spelling out numbers- it’s more eye catching and saves space.Leave a li ttle blank.Any art student will tell you that a little negative space can affect the way we look at things. Don’t be afraid of a little blank white space. It will help your text to flow.Create  a skills box.Yes, you’ve detailed all or most of these skills in separate subsections anyway, but it never hurts to recap them in a skills box to help the recruiter extract the right information and walk away with what you need them to know.Make a  top heavy document.Some readers won’t skim the whole document but will concentrate their skimming on the top half. Make sure all your biggest achievements and fanciest skills or experience are detailed there. Save the bottom half for the older or less impressive content.

Biomedical Ethics and Paternalism Essays

Biomedical Ethics and Paternalism Essays Biomedical Ethics and Paternalism Paper Biomedical Ethics and Paternalism Paper The temptation of paternalism is widely felt in almost all arenas of human life with paternalists advancing other people’s interests like safety, health, or life in general at their liberty’s expense. The idea here is that these paternalists assume or take it for granted that they are more capable of making â€Å"wiser decisions† than those which would be made by people they represent. In the context of health care, paternalism involves any decision, action, policy made by; physician or government or other care giver/s, or rule that overrides the patient’s value system and own beliefs without respect of the patient’s autonomy, as it dictates what should be in the best interests of the patient. There are negative connotations that usually are attached to this concept in the sense that it is only the competent patient’s right to evaluate and determine what is or should be in his/her own best interests (Roberts, 2002, p.18). The authority appeals indicate that this paternalism model is the only realistic and appropriate one that should determine the relationship between the patient and the doctor. The theory goes like the doctor is the medical expert, in which case he should wholly determine the prescriptions for the best interests of the patient, sometimes without any consultation or proper disclosure to the patient. This is, to my opinion, a lit bit flawed because it is not in all circumstances that the patient should be perceived naà ¯ve to such an extent that he/she is denied the fundamental right to know the best interests and decision-making participation necessary for his/her medical welfare (Heta, 1991, p.11).   As far as it is necessary to trust one’s doctor, and as much as the doctor is relatively significant to the patient’s healing process, the patient, if one satisfies the under mentioned legal requirements, should not be denied medical autonomy, but rather be guided in the whole process. Due to the perceived superiority resulting from their medical expertise, which is supposedly not possessed by the patient, healthcare providers and physicians are bestowed with the obligation of acting beneficially on behalf of the patient as they recommend treatments that will truly be beneficial to the patient. Physicians and other professionals in this field are however not allowed any rights to make final decisions on behalf of the patients (Brazier, 1991, p.56). Patients who are competent enough have the provision to provide or withhold informed consent to recommended medical procedures by their physicians, in exercise of their right to advance their individual welfare and health. There are several principles that are associated with paternalism in biomedical realms. The first among these is the principle of competency. On competency grounds, it is presumed every adult has full legal rights to freely exercise responsibilities up and until such a time when he/she is determined in a court of law and declared otherwise. The law presumes all adults to be competent and the proof thereof to discredit their competency is solely the burden of those claiming incompetence of such adults (Buchanan, 1990, p.23). Ordinarily, minors (those under 18) are by legal definition not competent in their own right to give informed consent or make major health care decisions on their own without the consent of the parent/s or their guardians for that matter.

North Pacific Right Whale Facts

North Pacific Right Whale Facts The North Pacific right whale is a critically endangered species. Along with the North Atlantic right whale and the southern right whale, the North Pacific right whale is one of three species of living right whales in the world. All three species of right whale are similar in appearance; their genetic pools are distinct, but they are otherwise indistinguishable. Fast Facts: North Pacific Right Whale Scientific Name: Eubalaena japonicaAverage Length: 42–52 feet Average Weight: 110,000–180,000 pounds Lifespan: 50–70 years Diet: CarnivorousRegion and Habitat: Northern Pacific ocean  Phylum: ChordataClass: Mammalia Order: ArtiodactylaInfraorder: CetaceaFamily: BalaenidaeConservation Status: Critically endangered   Description North Pacific right whales are robust, with a thick blubber layer and a girth sometimes exceeding 60 percent of their body length. Their bodies are black with irregular patches of white, and their flippers are large, broad and blunt. Their tail flukes are very broad (up to 50 percent of their body length), black, deeply notched, and smoothly tapered. Southern right whale breaches the surface off Puerto Piramedies, Argentina. Paula Ribas / Getty Images Female right whales give birth once every 2 to 3 years, starting around age 9 or 10. The oldest known right whale was a female who lived at least 70 years. Calves are 15–20 ft (4.5–6 m) long at birth. Adult right whales range between 42–52 ft (13–16 m) in length on average, but they can reach over 60 ft (18 m). They weigh over 100 metric tons. About one-fourth to one-third of a right whales total body length is the head. The lower jaw has a very pronounced curve and the upper jaw has 200–270 baleen plates, each narrow and between 2–2.8 meters long, with fine fringing hair.   Whales are born with patchy irregular spots, called callosities, on their faces, lower lips, and chin, above the eyes and around the blowholes. The callosities are made of keratinized tissue. By the time a whale is several months old, its callosities are inhabited by whale lice: small crustaceans who clean and eat algae off the whales body. Each whale has an estimated 7,500 whale lice. Habitat North Pacific right whales are among the most endangered whale species in the world. Two stocks are known to exist: western and eastern. The western North Pacific right whale lives in the Sea of Okhotsk and along the western Pacific rim; scientists estimate there are about 300 of them left. The eastern North Pacific right whales are found in the eastern Bering Sea. Their current population is believed to be between 25 and 50, which might be too small to ensure its persistence.   North Pacific right whales migrate seasonally. They travel northward in spring to high-latitude summer feeding grounds, and southward in fall for breeding and calving. In the past, these whales could be found from Japan and northern Mexico northward to the Sea of Okhotsk, the Bering Sea and the Gulf of Alaska; today, however, they are rare.   Diet North Pacific right whales are baleen whales, meaning that they use baleen (toothlike bone plates) to filter out their prey from sea water. They forage almost exclusively on zooplankton, tiny animals that are weak swimmers and prefer to drift with the current in massive groups. North Pacific right whales prefer large calanoid copepods- are crustaceans about the size of a grain of rice- but they will also eat krill and larval barnacles. They consume whatever gets picked up by the baleen.   Feeding takes place in the spring. In higher latitude feeding grounds, North Pacific right whales locate large surface patches of zooplankton, then swim slowly (about 3 miles per hour) through the patches with their mouths wide open. Each whale needs between 400,000 and 4.1 million calories each day, and when the patches are dense (about 15,000 copepods per cubic meter), whales can fulfill their daily needs in three hours. Less dense patches, around 3,600 per cm3, require a whale to spend 24 hours feeding in order to meet their caloric needs. The whales will not forage on densities below 3,000 per cm3.  Ã‚   Although most of their visible feeding takes place near the surface, the whales can dive also deeply to forage (between 200–400 meters below the surface). Adaptationsand Behavior Scientists believe that right whales use a combination of memory, matrilineal teaching, and communication to navigate between feeding and wintering grounds.  They also use an array of tactics to find plankton concentrations, relying on water temperatures, currents, and stratification to locate new patches. Right whales produce a variety of low-frequency sounds described by researchers as screams, moans, groans, belches, and pulses. The sounds are high amplitude, meaning they are detectable across long distances, and most range below 500 Hz, and some as low as 1,500–2,000 Hz. Scientists believe that these vocalizations may be contact messages, social signals, warnings or threats.  Ã‚   Throughout the year, right whales create surface active groups. In these groups, a lone female vocalizes a call; in response, up to 20 males surround her, vocalizing, leaping from the water, and splashing their flippers and flukes. There is little aggression or violence, nor are these behaviors necessarily connected with courtship routines. Whales only breed at certain times of the year, and females give birth in their wintering grounds nearly synchronously. Sources Gregr, Edward J., and Kenneth O. Coyle. The Biogeography of the North Pacific Right Whale (Eubalaena japonica). Progress in Oceanography 80.3 (2009): 188–98.  Kenney, Robert D. Are Right Whales Starving? Right Whale News 7.2 (2000).  -. Right Whales: Eubalaena . Encyclopedia of Marine Mammals (Third Edition). Eds. Wà ¼rsig, Bernd, J. G. M. Thewissen and Kit M. Kovacs: Academic Press, 2018. 817–22.  glacialis, E. japonica, and E. australisÃ…  irovic, Ana, et al. North Pacific Right Whales (Eubalaena Japonica) Recorded in the Northeastern Pacific Ocean in 2013. Marine Mammal Science 31.2 (2015): 800–07.

Vodafone Finance Report Case Study Example | Topics and Well Written Essays - 2500 words

Vodafone Finance Report - Case Study Example According to Reuters (2005) analysts' opinion, the company is outperforming currently (financial ratios provided can be seen in Appendix 1). The group turnover was 34,133 m on the year ended March 31, 2005, which was 33,559 in 2004 and 30,375 in 2003 (Vodafone Annual Report, 2005, p. 78). Presented in percentage, the growth of turnover in 2003/04 was 10.4% and in 2004/05 it was 1.7%. The rise of the group turnover represents the addition of new customers and the increase of revenue from value added services. Looking at the five-year annual growth of turnover given on the diagram 1 it can be easily seen that the company's rate of expansion is decreasing. During previous years the company was rapidly expanding due attraction of new customers; now the customer audience of Vodafone is stable. The interim results of six months ended September 30, 2005 show that the group turnover has increased 9% to 18,250 m (Reuters, 2005). Reasonably the cost of sales in 2005 has increased along with the group turnover, leading to the gross profit of 13,380 m. In 2004 gross profit was 14,098 m and in 2003 it was 12,479 m (Vodafone Annual Report, 2005, p. 88). This gives us the ability to evaluate gross profit margin providing us with the information on how much of the group turnover can cover the non-operational costs by dividing gross profit on group turnover. The following diagram shows the three-year perspective. As can be seen there is hardly a trend can be outlined, but it can be concluded that the gross profit margin has fallen to 39.19%, indicating the rise of operating costs. Diagram 2: Gross profit margin (%) The group's operating loss was 5,304 m, 4,842 m, 5,052 m in 2005, 2004, and 2003 respectively (Vodafone Annual Report, 2005, p. 78). Thus we can calculate the net profit margin, showing us basically the percentage of profit earned on sales, or in this case the percentage of losses lost on sales. Basically, net profit margin shows the profitability of the company. It is found by dividing operating profit (loss) on group turnover. The next diagram shows the net profit margin of three years. As can be seen the previous year 2004 was more profitable for Vodafone than 2005. Additionally Reuters (2005) report of net income 23% decrease to 2,780 m in the first half of 2006. The reasons of the decreasing profitability are increased operating costs, administrative expenses and a decrease of non-operating income. Diagram 3: Net profit margin (%) Liquidity Liquidity is important for the company as it reflects the ability of meeting its liabilities. High liquidity can detract from profits, because liquid assets are low returning investments. Low liquidity stunts company's growth and eventually leads to bankruptcy. Liquidity ratio is measured with dividing the current assets of the company by the its current liabilities. Current assets of Vodafone were 11,794 m and 13,149 m in 2005 and 2004 respectively (Vodafone Annual Report, 2005, p. 79). Current liabilities to creditors were 14,837 m in 2005 and 15,026 m in 2004 (Vodafone Annual Report, 2005, p. 79). The comparison of liquidity ratios for 2004-2005 can be found in the following table. Along with current ratio there is a quick ratio, which shows the ability of a company to repay its liabilities with cash only excluding inventory assets (sales of inventory are often

Piracy in the internet Essay Example | Topics and Well Written Essays - 2000 words

Piracy in the internet - Essay Example The question here is how the piracy on the internethad affected the economy? While the internet has become a useful resource over the years, piracy on the internet has had a huge impact on the economy. (Thesis) As internet is a renowned medium of communication, it is a viable platform for such illegal activities. And this popularity of internet has led to an increase in the piracy activity. A person who is engaged in the process of piracy can do all his/her activity on the internet including the advertising and sales of the product. Piracy on the internet is a significant criminal problem because of the easiness of performing it, even over a long distance. Generally speaking, the foremost piracy was done on digital music files, and this has caused much damage to the artists and music industry. Apart from this, movie industry is also a victim of piracy on the internet, and this has negatively affected the economies of many countries. II.Online Piracy : An enormous economic problem Pir acy on the internet is a significant economic problem which affects different sectors of the U.S. economy. Piracy is the theft of music, movies, videogames and software. The infringement on the copy right of these entertainment medium can affect the U.S economy on a large scale. There is a huge cast working behind the entertainment industry, and they are recording artists, songwriters, computer technicians, audio engineers, marketing experts, producers, publishers and other creative experts. Internet users, downloading illegally one or two songs or movies, may not show any negative impact on the entertainment industry, but when millions of people do the same, it causes billion dollar loss on entertainment world. When no compensation is allotted to the creative people in the entertainment industry, the effect is devastating. The problem of online piracy is not negligible and is a big enough issue to ignore. It does not only violate copyright and patency, but also steals revenue from creative people working in different fields on a business arena. The American intelligent property business provides high paying employment to many individuals, and infringement on intellectual property steals them off their wages. Loss of American jobs also is another adverse effect of internet piracy. The online theft of intellectual property cannot be considered something different from stealing of products from a retail store. So, the piracy on the internet makes it mandatory for the U.S. legislation to enforce law on the illegal internet pirates. In order to understand the negative effects of internet piracy, it is necessary to scrutinize every aspect of it deeply. A. Online piracy and U.S. economy The piracy on the internet has a tremendous impact on the economy of any country as it is a business which can be done with great aspect of anonymity. Any person or organization can indulge in piracy as internet is a business platform which allows people to conduct commercial activit y under the cover. The piracy is done on music, movies, software and e-books which indicates the amount of damage it can cause to the entertainment industry and other commercial organizations. According to Sprigman and Raustiala (1), â€Å"online piracy is an enormous problem that costs the United States economy about 200 to 250 billion dollars every year†. The piracy on the internet has caused many problems to the American economy, which sometimes can be difficult to gauge. It is the

Journal Essay Example | Topics and Well Written Essays - 1000 words - 2

Journal - Essay Example What kinds of websites can be found on the Darknet? Web sites that can be found on the DarkNet are those of nasty or at the very least, unlawful activities including pedophile rings, arms sales or illegitimate drugs; websites that have something to hide. It is notable that websites on DarkNet are those that support things such as private communications, private communities like those who look for anonymity on the web, and besieged file sharing community. DarkNet also contains websites for outright criminals and is the source of the majority of the sneakiest attacks on the private and public infrastructures of the web (Smith, 2009). Why don’t authorities shut down these web sites? The DarkNet is a deeper and more difficult to access parts of the internet. It is not possible to police the internet in its entirety since individuals as well as groups are always devising new ways of remaining off the grid. Thus, the websites cannot be shut down since the people and groups behind th em will always revive them. The authorities would always battle with the DarkNet (Thomas, 2013). Are there valid reasons for the Darknet to exist? Even though DarkNet is a haven a perverts as well as arms dealers, it can also be seen as a citadel of a more dignified cause, that of free speech. It is of note that many nations around the world do not offer their people the freedom of speech. DarkNets offer every user the power of speaking in a free manner with no fear of persecution or censorship (Thomas, 2013). Making Hidden Services anonymous has been a refuge for dissenters in countries such as Mauritania, Lebanon as well as nations that were marred by the Arab Spring. DarkNet is utilized to host blogs in nations wherein the exchange of ideas is disapproved of. Moreover, DarkNet websites also reflect sites which draw corporate or governmental angst, like Wikileaks. Other than granting a bastion of free speech, DarkNet websites also help organizations to increase their security inte lligence, and as a result, it enhances their security posture. Using DarkNet, security administrators could identify scanning activity devoid of employing complex analysis technology that requires committing already overstrained resources, and, with a decreased incidence of false positives (Smith 2008). Reference Smith, M. (2009). DarkNets. Montreal, Canada: CRC Press. Thomas, G. (2013). The Silk Road is Shut Down, and the Owner Is In Custody. Retrived from http://motherboard.vice.com/read/the-silk-road-is-shut-down-and-the-owner-is-in-custody Part 2: Privacy In general, which privacy policies do the applications have in common? The following privacy policies are common in all the applications: All collect private information of the users. Policy on now they collect, use and share the information collected from users. Policy on the choices which the privacy policies offer the users, such as how to update and access information. Policy on the circumstance under which personal informa tion of the users will be shared with other parties – it will only be shared for legal reasons. Policy about information that will be always public. Which are different? Only Twitter has policy towards children, stating that the services it provides are not directed

Speluncean Paper Essay Example | Topics and Well Written Essays - 750 words

Speluncean Paper - Essay Example Chief justice Truepenny made a ruling that found the accused guilty of murder, which she supposed that it was in accordance with the Commonwealth law. However, I do not agree with the opinion of proposing the course of action to the Executive. The rationale for such a statement is that her presumptions had a considerable influence on the case and the ruling. Such a statement also implies that the chief justice hindered the independence of the executive through the imposition of his mind. As such, there is a conclusion that the ruling must have been biased because there is no element of the collaboration of the jury (Hockett 2013). Justice Foster ruled that the plaintiff was innocent after an interpretation of the loopholes of the Commonwealth law. For instance, in his ruling, the judge claimed that the case was under the guidance of the law of nature, which meant that the accused did not commit murder. He assumed the weakness of the law and interpreted it to the rest, which made his judgment a possible source of other related crimes. He made a mistake in quoting a number of cases that explored the weaknesses of the law to make rules of the nature that he made concerning the case. The third ruling involved Justice Handy, who considered opinions polls from the public to make sympathy judgments. The judge applied only a little component of the law in making his decision almost unlawful. The approach he took to consider the opinions of the public was not wrong, but choosing to incline his ruling to sympathy diluted justice according to the law. The accused found themselves innocent because the pubic thought so and influenced the opinion of the judge. Justice keen’s ruling should have had the fairest legal touch should he have considered the nature of their decision. For this case, the judge ruled in accordance with what the law of the land

Thoughts 2 Essay Example | Topics and Well Written Essays - 750 words

Thoughts 2 - Essay Example Forcing an accused to depose against oneself under the threat of physical or emotional abuse is contrary to all the essential values attributed to a free and fair trial. The paramount concern is the case of involuntary confession is not that whether the confession is true or false, but whether it was solicited by using fair means or whether it was achieved through threat and violence. Besides the provisions made in the United States Constitution go against involuntary confession and consider it to be wrong and illegal. The right to counsel facilitated by the Sixth Amendment and the right against self-incrimination facilitated by the Fifth Amendment go against the coerced confessions and as per these amendments, any confession wrenched out through coercion is illegal. 2) I totally agree with the given paragraph. It is the nature of human physical and mental constitution that it is averse to pain and by extending a pain that is physical or emotional in its scope, beyond a limit that is conducive to human tolerance, one could draw out any inappropriate or unethical confession from an accused. Hence, going by the fact that there ought to be a limit to the force and the method that a police officer could resort to, to gain a confession from an accused, for otherwise the laws pertaining to soliciting confessions from the accused will be but a mere mockery of the due process. Thereby it is imperative to set a limit pertaining to the extent and the method beyond which a confession ought to lose its legal and ethical validity. In that context the method used by the officer to get a confession from an accused and the impact of that method on the accused need to b e codified and restrained by legal provisions, as has been done in the United States Constitution. In 1966, the Supreme Court made provision for the Miranda warnings that govern the methods that could be resorted to by a police officer to gain a confession from the accused. The Miranda warnings not only extend t o an accused the right to remain silent, but it also enjoins on the police officer making an arrest to clearly convey these rights to a suspect or an accused. 3) I strongly agree with the given paragraph. It is a staunch Western philosophical and ethical dogma that all men are born equal. However, in a pragmatic context, it is a known fact that all men are not born equal and the individuals tend to immensely differ in a range of contexts and abilities, are they race, education, social status, material wealth or access to power. However, the dogma that all men are born equal is of paramount relevance in the sphere of law for it is before law that not only all men ought to be equal, but it is also a must that they have an equal access to legal aid and remedies. Hence, it is important for the law and order machinery to assure that all the accused that come before it for a trial do get access to the requisite legal counsel. For in the absence of such a provision, the Western imperative of the equality of all men will lose its meaning or significance and law will become but a convenient tool in the hands of the rich and the powerful which they could readily use to absolve themselves of the wrongs they do or could use it to persecute others who are not powerful or rich enough to have a say before the law. The Western legal approach is based on the equality

Ethics in business (case study) Essay Example | Topics and Well Written Essays - 500 words

Ethics in business (case study) - Essay Example The organization expects compliance with its standards of integrity throughout the organization and will not tolerate employees who achieve results at the cost of violation of law or who deal unscrupulously. It is the policy of the organization that all transactions will be accurately reflected in its books and records by the employees. This, of course, means that falsification of books and records and the creation and maintenance of any off-the record bank accounts are strictly prohibited. The organization anticipates sincerity from employees at all points and observance to its regulations and internal controls. A negativity which might result when the employees obscure information from the organization’s officials or the auditors is that other employees might get an idea that the organizational policies and internal controls can be overlooked when they are problematic. It is the corporation’s policy to make full, fair, accurate, timely and understandable disclosure in reports and documents that the corporation files with the Securities and Exchange Commission and in other public communications. All employees are responsible for reporting material information known to them to higher management so that the information will be available to senior officials responsible for making disclosure decisions. A code of ethics is developed in order to provide the members of the organizations with some broad ethical statements that will guide them through their professional lives and also to identify relevant considerations when ethical uncertainties arise (Anonymous 2008). It facilitates the employees to share common values and a common vision. The development of code of ethics defines behaviors that are both accepted and acceptable in an organization (MacDonald 2009). It further assists in establishing a better organizational culture which would improve the public image of the organization. They also develop a sense of community and belonging

Thoughts 2 Essay Example | Topics and Well Written Essays - 750 words

Thoughts 2 - Essay Example Forcing an accused to depose against oneself under the threat of physical or emotional abuse is contrary to all the essential values attributed to a free and fair trial. The paramount concern is the case of involuntary confession is not that whether the confession is true or false, but whether it was solicited by using fair means or whether it was achieved through threat and violence. Besides the provisions made in the United States Constitution go against involuntary confession and consider it to be wrong and illegal. The right to counsel facilitated by the Sixth Amendment and the right against self-incrimination facilitated by the Fifth Amendment go against the coerced confessions and as per these amendments, any confession wrenched out through coercion is illegal. 2) I totally agree with the given paragraph. It is the nature of human physical and mental constitution that it is averse to pain and by extending a pain that is physical or emotional in its scope, beyond a limit that is conducive to human tolerance, one could draw out any inappropriate or unethical confession from an accused. Hence, going by the fact that there ought to be a limit to the force and the method that a police officer could resort to, to gain a confession from an accused, for otherwise the laws pertaining to soliciting confessions from the accused will be but a mere mockery of the due process. Thereby it is imperative to set a limit pertaining to the extent and the method beyond which a confession ought to lose its legal and ethical validity. In that context the method used by the officer to get a confession from an accused and the impact of that method on the accused need to b e codified and restrained by legal provisions, as has been done in the United States Constitution. In 1966, the Supreme Court made provision for the Miranda warnings that govern the methods that could be resorted to by a police officer to gain a confession from the accused. The Miranda warnings not only extend t o an accused the right to remain silent, but it also enjoins on the police officer making an arrest to clearly convey these rights to a suspect or an accused. 3) I strongly agree with the given paragraph. It is a staunch Western philosophical and ethical dogma that all men are born equal. However, in a pragmatic context, it is a known fact that all men are not born equal and the individuals tend to immensely differ in a range of contexts and abilities, are they race, education, social status, material wealth or access to power. However, the dogma that all men are born equal is of paramount relevance in the sphere of law for it is before law that not only all men ought to be equal, but it is also a must that they have an equal access to legal aid and remedies. Hence, it is important for the law and order machinery to assure that all the accused that come before it for a trial do get access to the requisite legal counsel. For in the absence of such a provision, the Western imperative of the equality of all men will lose its meaning or significance and law will become but a convenient tool in the hands of the rich and the powerful which they could readily use to absolve themselves of the wrongs they do or could use it to persecute others who are not powerful or rich enough to have a say before the law. The Western legal approach is based on the equality

Human Health and The Environment Essay Example | Topics and Well Written Essays - 500 words

Human Health and The Environment - Essay Example prove that in warmer temperatures, humans will live longer and avoid certain sicknesses .He further discusses the possible risks and benefits of warm temperature to the Americans, and analyses various factors that are in favor of his argument. The foremost positive effect of warm weather is that it results in the production of less ice and problems related to cold conditions. During winter, people have to work hard to remove ice from the roads, streets and subways. During cold weather, the American families face the problem of investment on winter suits, caps, and other items. They like moderately warmer climate because it reduces the amount of investment on winter items, room heating etc. Another benefit of the moderate warm weather is that it does not affect the economic activities like trade and commerce. The transportation sector prospers in this climate; but.on the other hand, cold weather affects it adversely. â€Å"Most economic activities would be unaffected by climate change. Manufacturing, banking, insurance, retailing, wholesaling, medicine, education, mining, financial, and most other services are unrelated to weather.† (Moore, 1998). Moreover, the laborers who are working in warmer climates are willing to accept low wages because they enjoy the benefits of the moderate warm weather. Both harmful and harmless insects flourish in relatively low temperature. On the contrary, moderate warm temperature keeps them away because they are not adapted to live in such conditions. One of the ideal situations that the insects can flourish is the depleted ecosystem. Only strict laws can control the encroachments upon the ecosystem and environment. â€Å"Despite the enormous growth in environmental law and regulation since the 1970s, much of the scientific information needed to ensure environmental protection is still missing.† (Wagner, 2004). The aspect of environmental protection must gain global attention and the implementation of laws must be monitored by an

The Affects of Cutting Nasas Budget Essay Example for Free

The Affects of Cutting Nasas Budget Essay Many people undermine the importance and contributions of the National Aeronautics and Space Administration, also known as NASA. As president Obama is forced to make severe budget cuts, NASA is among the most affected programs to endure the blow. This issue does not take aback many people, but experts say that what is occurring will affect everyone as well as the economy more than they may believe. These extreme budget cuts recently issued by Congress impinge on the NASA space program by having a large impact on culture, and risking the setback of innovation in today’s machine-driven society. With all do respect, I have never seen an 8th grader sit up in their chair and say I want to be an NSF Researcher. With all do respect, these agencies do important scientific work but they are unknown and invisible at the age where people choose what they want to be when they grow up. † [1] Neil Degrasse Tyson brings into play a very important thought as he explains the affect of the budget cuts on the younger population of America. Scientists are worried that if NASA is taken way, we are taking away the birthplace of the STEM research fields. STEM, which stands for Scientists, Technologists, Engineers, and Mathematicians†[2] are those who make up tomorrow, or in other words, our future. By eradicating the space agency, we are also eradicating potential heroes to come. Furthermore, â€Å"NASA is the only agency that taps into the frontiers of all basic subjects including, biology, chemistry, physics, math, astronomy, geology, atmospherics, electrical engineering and mechanical engineering. †[3] The people involved in these subjects, who innovate through opportunities given to them by the NASA program, are being deprived of their chance to invent and potentially become heroes. These heroes are those who leave lasting impacts on society and culture. For example, Alexander Graham Bell invented the telephone in 1876, and as time progressed, the telephone evolved into the cell phone. Today the cell phone is used for almost everything; web browsing, emergencies, work and entertainment, and serves as a sizeable part of everyday life. Therefore, it’s easy to see that destroying the funds of NASA is simultaneously ruining our chance for new innovative heroes who are likely to create and impact the world we live in. Lastly, during the decade of the 1960’s, the average person knows that this was a decade of many important events; to name a few, the construction of the Berlin Wall, MLK Juniors â€Å"I Have a Dream† Speech, the first heart transplant, the first super bowl, the assassinations of JFK, MLK Jr. , and Kennedy and the Cold War. But most importantly these major events were not necessarily the highlight of the 1960’s but more so â€Å"the shining pearl of that decade was the ‘Mission to the Moon. ’ Everyone was a participant, emotionally and intellectually. [4] Many people say, â€Å"I think we should solve our problems here on Earth before we go into space. †[5] In the year 2007, the requested budget for the NASA program totaled to roughly $17 billion dollars. Numerous people argue that this amount of money could and should be used to solve other problems that concern the people here on Earth. For example hospitals contend that the money should be used for needed medical expenses. Others argue that the money could be used to solve poverty problems and debt.

When Strategic Planning Goes Wrong Essay -- Business Management

When Strategic Planning Goes Wrong Netflix, Inc. Where Are We Going? Strategic initiatives provide a roadmap of how to steer a company towards its vision—the forward-looking perspective of where the company is going. A glimpse of where Netflix, Inc., the industry leader in movie rentals, was planning to go was revealed in the middle of 2011. What the company did not realize, at the time, was that it was headed for trouble. In July 2011, Netflix, Inc. announced that it would be changing the way its movie rental subscription plans would be priced. In the past, the lowest-priced subscription plan at $9.99—which included both DVDs and unlimited video streaming—would now be split into two separate plans priced at $7.99 each (See Appendix: Key Dates); representing a 60% increase for both service levels. The next move for the company came in September when it was announced that the DVD rental and video streaming services were going to be split off into two separate companies. The DVD-only service company would now be called Qwikster, while the video streaming service would remain under the Netflix, Inc name. By October, the company decided that it would scrap the split off initiative and keep the two rental services as they were—back under one company. Why Are We Going This Way? The Good Given the nature of the market demand for instant viewing offered through streaming media, the initial need to split the company—and the two rental service levels—into separate entities was a natural direction for Netflix. From an operational perspective, the two services require different resource capabilities and the expertise to manage them. In the case of the DVD service, this business unit requires assets that follow a more traditional ... ...any, called "Qwikster," will be completely separate from the streaming business.† October 10: The Company â€Å"has killed off Qwikster before the DVD-only service announced in September even launched†. Works Cited Lexis Nexis. Corporate Affiliations. N/A. http://0-www.corporateaffiliations.com.bianca.penlib.du.edu/subscriber/companyProfile.asp (accessed April 19, 2012). Fundinguniverse.com. Company Histories & Profiles: N: Netflix, Inc. 2012. http://www.fundinguniverse.com/company-histories/Netflix-Inc-Company-History.html (accessed April 19, 2012). The Huffington Post. Tech. July 2011. http://www.huffingtonpost.com/2011/07/12/netflix-price-subscription-plan_n_895779.html (accessed April 19, 2012). The Huffington Post. Tech. September 2011. http://www.huffingtonpost.com/2011/09/19/qwikster-netflix-streaming-dvds_n_969135.html (accessed April 19, 2012).

Business Plan :: GCSE Business Marketing Coursework

Business Plan Executive Summary Target Things is a mobile training and safety instruction company; it will utilize the DART Targeting System, a computerized range system incorporating the latest in technology and graphics. It is a 3-D range, which can be used for archery or other weapons type training. This convenient, compact and very affordable Dart digital shooting system comes in three portable cases that can be easily transported in a mid-sized vehicle. One case holds the electronic equipment, another the firearms, and the third case holds the screen/frame. Target Things will specialize in the techniques needed to become proficient with all types of archery and firearm equipment. Also, we will become firearms and archery National certified safety instructors. The electronic equipment package is enclosed in a quick set-up console that sits on the floor. The system comes with your choice of two Dart modified firearms also, over 1000 wildlife scenarios. As a secondary specialty, we will also offer instruction in gun safety and proficiency and National Bowhunter safety education course, which is required to hunt all big game animals in South Dakota and many other states with archery equipment. Introduction Target Things is intended to be a one-stop mobile target range designed to meet the archery and firearms needs of the local community and beyond. It will specialize in personal and family instructional training for the archery and firearm enthusiast while at the same time providing a specialized training operation for use by the South Dakota Department of Game, Fish and Parks Service, schools, colleges and universities, wildlife organizations, and other local and state organizations. It is very important for customers ¡Ã‚ ¦ wellness and well being. We will be able to deliver this instruction through the use of the DART mobile training and practice system and the professional knowledge of our staff. There is also a child firearm weapons available for use and they would be available for hunters ¡Ã‚ ¦ safety courses and firearms safety. This compact gun is just 30 inches in length and weighs a mere 2 pounds 4 ounces. The Cricket is ideal for young kids and can be easily handled by t hem. Hunter Education on the Dart Target System gives hunter education instructors an exciting new tool for archery and firearms education. Dart's Core Curriculum is available on all Dart Target Systems at Dart Dealers nationwide and on Dart Mobile Systems. Dart's Hunter Education & Bowhunter Education Curriculum:

Colgate-Palmolive Company

Marketing Strategy 1. Problem and Issue Statement 1. 1. Increased competition from rivals and private labels MKW 3440 Colgate-Palmolive company, simply known as, Colgate, is one of the world's largest consumer products companies by market share, with commercial presence in more than five continents (Euromonitor International, 2011). In the past decade, particularly in the personal care and home care segments, Colgate has faced vigorous competition across the globe (Euromonitor International, 2011).Rivals include, large multinational corporations, local corporations as well as private label brands or store brands, of large retailers such as, WalMart, Target, and other supermarket chains (Euromonitor International, 2011). Although, Colgate's exposure to private labels is limited, the company’s primary objective remains to increase its organic growth through penetrating emerging markets (Euromonitor International, 2011).In order for the company to accomplish this goal, it is advi sed that Colgate watches out, for the private label trend (Euromonitor International, 2011). According to Euromonitor International (2011), private label brands from large retailers are now considered to be highly sophisticated and an attractive alternative to customers, particularly in emerging markets, as these products often sell at lower price points and the retailers have the point of sale data on consumer behaviour, and are therefore in a better position to understand the consumer’s behaviour.This trend, may become problematic for Colgate in the near future, as private label brands are expected to increase and be high on retailers agendas, directly affecting the company in several aspects of business, including, the pricing of its products, promotional activities, new product introductions, profitability and market share (Euromonitor International, 2011). he growing competitiveness of some local players in China and fiercer competition in overall oral care, personal car e and home care segments led to a significant decline in Colgate’s market share (Euromonitor International, 2005). For Colgate to remain competitive, it is important that it strengthens its brands, invest in ground-breaking innovative product launches, as well as defend its trademark, patents, and trade dress rights, against legal challenges that may be brought by competitors (Euromonitor International, 2011). 1. . Not capitalising in China like the market leaders in the industry Although, Colgate-Palmolive operates a diversified business operation and its largest revenuegenerating regions in the world are in the emerging economies, however, the company is less dominant in China with regard to their personal care and oral care segments (Euromonitor International, 2011). Compared to other emerging markets such as Brazil, Russia, and India, China presents a strong growth opportunity for Colgate-Palmolive, as consumers increasingly perceiveColgate-Palmolive Company 1 Marketing S trategy MKW 3440 oral care and personal care in terms of achieving greater attractiveness, over hygienic, deodorising and antiperspirant functions (Euromonitor International, 2011). This is problematic for Colgate as its campaign for oral care has always been positioned as health products (Euromonitor International, 2005). As a result, In 2011, Procter & Gamble ranked number one in oral care, with a 21% value share (Euromonitor International, 2011).Oral care in China, is predicted to continue its growth pace over the forecast period and it is therefore important for Colgate to amend their current positioning strategy to accompany the product’s cosmetic appeal (Euromonitor International, 2005). In addition, Colgate should conduct greater segmentation of the market, where products will be aimed at agespecific groups as well as products designed specifically for men or women, or even lifestyles habits such as smokers or coffee drinkers as this will increase the market reach, pro fitability and the market share of the company (Euromonitor International, 2012). . Evaluation of Alternatives Given the competition and growth prospects in emerging markets, Colgate should aim to gain market share through novel technology and the creation of innovative product launches, that offer added-value to the consumer (Euromonitor International, 2011). Recently, companies have been increasing the number of â€Å"green† innovative product launches as well as products based on highpowered functionality and cost-saving measures, as they help minimise environmental impact while helping consumers save money through energy conservation (Euromonitor International, 2011).Through innovations such as these, Colgate can avoid loosing market share and revenue to local and multinational corporations. On the other hand, to stop consumers from moving to cheaper brands i. e. : keep private label brands at bay, Colgate should resort to pricing adjustments and cost management to ease p ressure on margins as well as establish emotional bonds with its consumers through advertising messages centred on the concepts of luxury, at-home pampering, naturalness and sustainability (Euromonitor International, 2011).This process, mainly involves reducing working capital and lowering selling or general and administrative costs, through lay-offs (Euromonitor International, 2011). So far, Colgate has focused on streamlining its product portfolio – e. g. in Europe, it reduced the number of household cleaners from 84 products in 2008 to 22 in 2010 (Euromonitor International, 2011).Another initiative Colgate took, is to purchase Sanex, a personal care business from Unilever and sold its laundry detergent brands in Colombia, as an attempt to address the strong competition from its rivals in the industry with regards to deodorants, bath and shower soaps that account for the largest portions of its competitors profits (Euromonitor International, 2011). Colgate-Palmolive Company 2 Marketing Strategy MKW 3440 On the other hand, to capitalise on the Chinese market, the company needs to trengthen its competitive position and adapt products that will more closely meet the local consumer preferences (Euromonitor International, 2011). The local player Shuke is expected to see strong growth over the forecast period thanks to venture capital investment and its new spokesman David Beckham. For example: by incorporating whitening functionality in all its oral care product formulas, this could help the company, defend its share against dominant local players such as Yunnan Baiyao (Euromonitor International, 2011).Products aimed at age-specific groups as well as products designed specifically for men or women, or even lifestyles habits such as smokers or coffee drinkers, are certain to be developed in the future (Euromonitor International, 2011). 3. Internal Review 3. 1. Existing strategic gaps A strategy gap analysis is a forecasting tool used by marketing managers, to determine the shortcomings of an organisation by identifying the steps necessary for an organisation to take when trying to move from its actual performance to a desired future-state (De Choi, Herder, Koesling, Lo, Olmedilla, Papapetorou, & Siberski, 2005).This difference is known as a gap (De Choi et al. , 2005). The gap can be divided into four categories: the product line gap, the distribution gap, the usage gap and the competitive gap (De Choi et al. , 2005). Currently, Colgate-Palmolive has a distribution gap with regard to the Chinese market. A distribution gap, is all about increasing exposure to current distribution channel members (Klopper, 2012). Another strategic gap Colgate could optimize on, is its usage gap.A usage gap, refers to the gap between the total market potential and the existing usage by all consumers in the market (Klopper, 2012). The competitive gap, on the other hand, refers to anything about a product, service, technology, capability or position that p uts a company at a significant disadvantage versus one or more competitors (Klopper, 2012). In the case of Colgate, this company has a competition gap as its current positioning strategy in the Chinese market is working against them. Colgate-Palmolive Company 3 Marketing Strategy MKW 3440 3. 1. 1.Strategies to close gaps Strategy to close distribution gap: Localization of consumer products has been a fast-emerging trend in several consumer products markets including personal care (Colgate-Palmolive Company, 2011). Colgate-Palmolive Co. , can bridge this distribution gap in China by increasing exposure to current distribution channel members and establish new distribution channels (Colgate-Palmolive Company, 2011). Specific to the oral care industry, manufacturers are targeting consumers with local flavors and ingredients that suit their preferences and long-standing culture in various countries (Colgate-Palmolive Company, 2011).For instance, Colgate-Palmolive offers a unique formula tion of its Colgate Herbal toothpaste for the Indian market (Colgate-Palmolive Company, 2011). Since there is an increasing interest in China with whitening products including oral care, Colgate may use this information One of the breakthrough innovations featuring local ingredients is Colgate Plax Fresh Tea mouthwash for the Chinese market, which helped drive the company’s share of mouthwash market in China to a record high level during the year (Colgate-Palmolive Company, 2011).Currently, there is an increasing rate of (Colgate-Palmolive Company, 2011). Strategy to close usage gap: By extending the usability of its products and targeting specific offerings as market extensions, Colgate would be able to increase its market share and profitability (Klopper, 2012). Thus addressing it usage gap. through the use of either tactical approaches such as the marketing mix, Colgate can be able to promote new segments and users or encourage non-users to switch from substitute or compet itor’s products (Colgate-Palmolive Company, 2011).Strategy to close competitive gap: Through co-branding with local or domestic competitors such as Yunnan Baiyao, and manufacturing complementary products, Colgate may be able to minimize its competition and risk, as there will be greater consumer trust on the product, wide scope due to joined advertising, technological benefits, better product image by association with another renowned brand, greater access to new sources of finances and as a consequence this will ultimately lead to more sales income (Jooste, Berndt & Du Plessis, 2012; Klopper, 2012). Colgate-Palmolive Company Marketing Strategy 3. 2. Required capabilities and core competencies Table A: Discussion of required capabilities and core competencies Required capabilities and core competencies Discussion MKW 3440 Finance For Colgate-Palmolive to be able to implement the strategies that will ultimately bridge the gaps in the market, it needs to have finances. Likely f or Colgate, this is one of its core competency and capability, hence, the company has been able to spend a significant amount on its R&D activities in order to ensure consistent product innovation (DataMonitor, 2011).Through constant product innovation, Colgate will be enabled to invest in marketing, technology and its vast distribution network (DataMonitor, 2011). Human capital refers to the knowledge, skills and social and personality attributes, including creativity, embodied in the ability for an employee of Colgate-Palmolive Co. to provide the organisation with economic value which then translates into the marketplace (Woodhall, 2001).It is made obvious that human capital is a required distinctive competency of Colgate as product innovation is one of its driving forces and innovation is derived from the creativity of its employees (Market Line, 2012). For many companies in this industry, including Colgate-Palmolive Company, they strives to lower their input costs so that they c an have that competitive edge over rivals in the industry (DataMonitor, 2011). As all company’s in this industry use many of the same suppliers, it is difficult for companies to achieve low input costs in that area (DataMonitor, 2011).However, Colgate-Palmolive Company tries to lower input costs by being innovative with its product designs and the utilization of its assets, along with always looking for new suppliers that might not be as big, but offers a lower prices (DataMonitor, 2011). Human capital Lower input costs 4. Competitor Analysis 4. 1. 4. 1. 1. 4. 1. 2. 4. 1. 3. 4. 1. 4. 4. 2. Colgate-Palmolive Company 5 Marketing Strategy 4. 2. 1. 5. Segment Profiling 5. 1. 5. 1. 1. 5. 1. 2. 5. 1. 3 5. 2. 6. New STP strategies 7. Strategic Marketing Program 8. Financial Review 8. 1. 8. 2. Non-financial performance 8. 3.Marketing matrix of chosen strategy 9. Implementation Details & Long-term Strategic Plan MKW 3440 For successful implementation of the marketing strategy, there i s need for a strategic fit between a chosen strategy and the organisational resources (Klopper, 2012). Without the sufficient time, money, technology, management systems or skills in place, the marketing strategies are sure to fail (Klopper, 2012). Therefore a long-term strategic plan needs to be set, to ensure the origination's goals and objectives, tasks or activities and timeline are in alignment with the strategies used and resources needed (Klopper, 2012).Colgate-Palmolive Company 6 Marketing Strategy MKW 3440 Reference List DataMonitor. (2011, March 1). Personal Care Market Watch company spotlight: Colgate-Palmolive Company. Retrieved from http://www. portal. euromonitor. com. ezproxy. lib. monash. edu. au/Portal/ Handlers/accessPDF. ashx? c=93PDF=F-188296-20424193. pdf=2VfbY1Pd %2bDnEJbzYJ6Dz2CeaTTM%3d De Choi, L. J. , Herder, E. , Koesling, A. , Lo, C. , Olmedilla, D. , Papapetorou, O. , & Siberski, W. (2005). A Model For Competence Gap Analysis. Retrieved from http://lnx-hr l-075v. web. pwo. ou. l/ bitstream/1820/1119/1/model_for_competence_gap_analysis. pdf Euromonitor International. (2005, March 14). Teeth whitening blurs oral hygiene and beauty. Retrieved from http-//www. portal. euromonitor. com. ezproxy. lib. monash. edu. au/Portal/Handlers/ accessPDF. ashx? c=81PDF=F-33822-9535381. pdf=nd8RKGQXEue7mLs%2fivocj%2b %2bg%2bH0%3d Euromonitor International. (2011, April 26). Beauty and Personal Care State of the Industry 2011. Retrieved from http://www. portal. euromonitor. com. ezproxy. lib. monash. edu. au/Portal/Handlers/ accessPDF. ashx? =33PD=F-177502-19843633. pdf=NcEV34hQb92tYF8QgpvZIFU0Ens %3d Euromonitor International. (2011, July 1). Colgate-Palmolive CO in beauty and personal care world. Retrieved from http://www. portal. euromonitor. com. ezproxy. lib. monash. edu. au/Portal/ Handlers/accessPDF. ashx? c=93PDF=F-188296-20424193. pdf=2VfbY1Pd %2bDnEJbzYJ6Dz2CeaTTM%3d Euromonitor International. (2011, September 1). Colgate-Palmolive CO in home care world. Retrieved from http-//www. portal. euromonitor. com. ezproxy. lib. monash. edu. au/Portal/Handlers/ a c c e s s P D F. a s h x ? = 9 3 P D F & f = F – 1 8 8 2 9 6 – 2 0 4 2 4 1 9 3 . p d f & c o d e = 2 V f b Y 1 P d %2bDnEJbzYJ6Dz2CeaTTM%3d Colgate-Palmolive Company 7 Marketing Strategy MKW 3440 Euromonitor International. (2012, May 1). Deodorants in China. Retrieved from http-/ www. portal. euromonitor. com. ezproxy. lib. monash. edu. au/Portal/Handlers/accessPDF. ashx? c=06PDF=S-204891-21565106. pdf=pNYwWcs%2f9Zj4RkGJkmir5PGxc4g%3d Jooste, W. J. , Berndt, A. , & Du Plessis, J. P. (Ed. ). (2012). Applied Strategic Marketing. Cape Town, London: Sage. Klopper, H. B. (2012).Week 2: Internal Analysis [PowerPoint slides]. Retrieved from MKW 3440, Monash University Studies Online: https://my. monash. edu. au/muso/blackboard/login/ Market Line. (2012, June 7). Company Profile: Colgate-Palmolive Company. Retrieved from http:// www. datamonitor. com/store/Produ ct/colgate_palmolive_company? productid=8F29C49CAF39-411A-AF1B-930E67BFA795 Woodhall, M. (Ed. ). (2001). Human capital: educational aspects, International Encyclopedia of the Social & Behavioral Sciences. Colgate-Palmolive Company 8 Marketing Strategy Appendices Appendix A MKW 3440 Colgate-Palmolive Company 9