Opinions of Discussion Essay

The critical decision makers necessary for the development of an effective sales curriculum for a multinational company include the sales and marketing director, the financial director, the human resources director and the various country managers. The CEO will need to be kept abreast of all developments to ensure that it meets his approval. Similarly, the board of directors will also have to be briefed about the project so that it is line with the company’s vision and mission statement. The sales and marketing director’s input into the project will be to develop sales and marketing strategies that will be adopted for use by sales personnel. From the various methods of marketing are available, the director will have to enumerate the most effective ones and explain which strategy is best suited for a particular situation. This may include direct sales, sales promotions, mail orders or e- business. Market segmentation will be applied to target particular groups while profiling techniques will enable the sales team to correctly identify their customers. Proper planning of finances and budgeting will be the financial director’s docket. By developing budget plans and drawing up financial estimates, the sales curriculum will effectively guide the sales team in assessing their efforts in terms of money spent and results achieved. It will also reduce wasteful expenditure by explaining how to save money and still be effective in one’s duties. The human resources director will draw up a training program for sales staff to develop their skills and enable them to be more effective in their duties. As part of their training, the curriculum will incorporate successful techniques of interacting with the customers by focusing on the needs of the end user rather than on the company’s immediate goals. A remuneration schedule based on performance will form part of the curriculum. A summary of the code of conduct in force will form part of the annex. Different people have different norms and practices. The input of the various country managers will be important in identifying the peculiarities of certain nations. This will assist the sales staff in relating to their customers on local terms. This reduces misunderstandings arising from cultural conflicts. For any program to be successful it must have the support of the final decision maker. In this case the CEO has got to be involved in the overall design and development of the curriculum so that he can give his input. This factor is important when it comes to issues like training that involve the company spending a lot of money. By being involved in the process, the CEO will appreciate the curriculum and ensure that its implementation does not lack finances or materials. In a school setting and a business environment the stakeholders and decision makers are more or less similar. The head teacher and the CEO are the final decision makers. Both entities have a board of governors/director. The company has shareholders who have a stake in the company while the schools have parents who are actively involved in its welfare. Local authorities regulate the functions of both institutions while both of them have customers and suppliers that they attend to. Teachers are unique stakeholders in a school setting because not only do they mould the children under their care but also teach them. They are like surrogate parents and thus have a greater interest in their charges. Unlike employees in a firm, teachers’ concern over the ‘produce of their labor’ extends well beyond the school gates.

Term Paper on Imc Analysis of Robi

Term Paper[pic] on IMC Analysis of Robi April 26, 2010 Principal of IMC Analysis on Advertisement Principal of Marketing(MKT-101) Prepare For: Kashfia Ahamed Lecturer Department of Business Administration Prepared By: Faqurel Hasan 2009-1-10-299 Arifur Rahman Khan. 2009-1-10-145 Sifat Ahsan 2009-1-10-062 Md. Shariful Islam 2009-1-10-154 Fayaz 2009-1-10-150 Letter of transmitter April 29,2010 Ms. Kashfia Ahamed Lecturer Department of Business Administration East West University 43,Mohakhali C/A,Dhaka-1212. Subject: Submission of report on IMC on Robi.Dear Madam, It is of great honor and delight to us to present you our term paper, prepared as a part of MKT 101 . When I do this job I feel me as a marketer it is a new experience to me and this paper will help me and also Robi. We are grateful to you for giving us the basic knowledge to prepare this kind of hard work. We wish we will get always support from you and you will also get development from us. On the behalf of the group Arifur Rahman Khan†¦.. 2009-1-10-145 Acknowledgement: Firstly we would like to give thank to almighty allah.We believe that behind every success there is some inspiration and cop-operation of some special person who never appear in the picture but always provide support to make this term paper. secondly I would like to thank Ms kashfia Ahmed for giving us endless support . We work this promotional project in 5 ways ? Magazine ? Billboard ? Newspaper ? Radio ? Television Executive summery : Robi was Aktel and this company was started there journey on 1997. This is a 40:60 joint venture company . Bangladeshi TM and Singaporean telecom was the owner of this company.This company serve telecom services around Bangladesh . There technology is from Germany and there Cards are from China. This company holds the 235 of its telecom market of Bangladesh. Communication process for TV Advertisement: [pic] 1. Sender: Here Robi is giving the massage that they are changed as Aktel to Robi. 2. Encodin g: Robi is advertising them as a newer in market with latest tec 3. Message:This add provide the message that as sun is powerful we are also powerful with our technology. 4. Media: In this case robi is selecting this as a right media to reach them. 5.Decoding:Target consumer of this service will see this tv add and understand about this message. 6. Recever: All urban class people are our targeted customer who will understand this message. 7. Response:Targeted customer will understand that what we want to say to them. 8. Feedback:Finally when they show there responses to us and purchase this product then we will get our result. 9. Noise:Consumer may distract while watching this tv add. Communication process for Newspaper Advertisement: [pic] 1. Sender: Here Robi is giving the massage that they are changed as Aktel to Robi. . Encoding: Robi is advertising them as a newer in market with latest tec 3. Message:This add provide the message that as sun is powerful we are also powerful with our technology. 4. Media: In this case robi is selecting this as a right media to reach them. 5. Decoding:Target consumer of this service will see this Newspaper add and understand about this message. 6. Recever: All urban class people are our targeted customer who will understand this message. 7. Response:Targeted customer will understand that what we want to say to them. 8.Feedback:Finally when they show there responses to us and purchase this product then we will get our result. 9. Noise:Consumer may distract while watching this Newspaper add. Communication process for Magazine Advertisement: [pic] 1. Sender: Here Robi is giving the massage that they are changed as Aktel to Robi. 2. Encoding: Robi is advertising them as a newer in market . 3. Message:This add provide the message that as sun is powerful we are also powerful with our technology. 4. Media: In this case robi is selecting this as a right media to reach them. 5.Decoding:Target consumer of this service will see this Ma gazine add and understand about this message. 6. Recever: All urban class people are our targeted customer who will understand this message. 7. Response:Targeted customer will understand that what we want to say to them. 8. Feedback:Finally when they show there responses to us and purchase this product then we will get our result. 9. Noise:Consumer may distract while watching this Magazine add. Communication process for Billboard Advertisement: [pic] 1. Sender: Here Robi is giving the massage that they are changed as Aktel to Robi. . Encoding: Robi is advertising them as a newer in market . 3. Message:This add provide the message that as sun is powerful we are also powerful with our technology. 4. Media: In this case robi is selecting this as a right media to reach them. 5. Decoding:Target consumer of this service will see this Billboard add and understand about this message. 6. Recever: All urban class people are our targeted customer who will understand this message. 7. Response:T argeted customer will understand that what we want to say to them. 8.Feedback:Finally when they show there responses to us and purchase this product then we will get our result. 9. Noise:Consumer may distract while watching this Billboard add. Communication process for Radio Advertisement: [pic] 1. Sender: Here Robi is giving the massage that they are changed as Aktel to Robi. 2. Encoding: Robi is advertising them as a newer in market . 3. Message:This add provide the message that as sun is powerful we are also powerful with our technology. 4. Media: In this case robi is selecting this as a right media to reach them. . Decoding:Target consumer of this service will see this Radio add and understand about this message. 6. Recever: All urban class people are our targeted customer who will understand this message. 7. Response:Targeted customer will understand that what we want to say to them. 8. Feedback:Finally when they show there responses to us and purchase this product then we will get our result. 9. Noise:Consumer may distract while watching this Radio add. References: 1. MKT101 (Kotler). 2. Robi web sight. 3. Newspaper . 4. Magezine.

Analysis of the Introduction of Ariel and Prospero in Act I, Scene 2 of The Tempest

A Close Study of How Ariel and Prospero are Introduced in the Scene 2 of the First Act in the Tempest The introduction of Ariel in the second scene of The Tempest raises some of the central issues in William Shakespeares 17th-century play. Most notably, the themes of power, nature, and magic prove to be integral in shaping the audiences perception of Ariel, Prospero, and the island itself. Indeed, the concept of power and its use within this scene, particularly in the context of the era where the divine right of kings was unanimously accepted provides the foundation for a full understanding of the play. Shakespeares presentation of the nymph Ariel as both a powerful brave spirit and the slave of Prospero (is there more toil? Since thou dost give me pains) raises the question of whether Prospero has the right to summon and dismiss Ariel in such a dictatorial manner (Go. Hence with diligence). Ultimately, Act I, scene 2, introduces characteristics of Ariel that suggest that he has both Prosperos respect and gratitude, but also that he is irrefutably subservient to his master. The relationship between Prospero and Ariel is a curious one. Firstly, their names have interesting connotations. Prospero brings to mind the verb to prosper suggestive of magic and conjuring, while Ariel, described as an airy spirit in the character list, has a name that notifies the audience that he is of the elements and can be considered a demi-god. Despite this elevated status, Ariel is obedient to his noble master even though it is he who conducts a great deal of Prosperos magic. Although there may well be a friend-like bond of mutual respect between the two characters, it soon becomes clear that Prospero is indeed in control of Ariel, who acts not unlike a right-hand man. The use of sir and master by Ariel to address Prospero provides evidence for Prosperos authority and power over his subject. Ariel appears to be indebted to Prospero, a fact emphasized to the audience by his exaggerated language. Shakespeares use of hyperbole to force the idea that Ariel serves Prospero is highly effective. For example, All hail, great master! and I come to answer thy best pleasure, portray Ariel almost as a sycophant to his master, desperate to appease him. This is continually reinforced throughout the scene, with Ariels responses to Prosperos questions becoming increasingly elaborate Not a hair perished; on their sustaining garments not a blemish, is Ariels answer when Prospero asks him whether all those who were entrapped in the tempest are still alive. This use of exaggerated tone and overtly descriptive vernacular intrigues the audience, as one wonders why Ariel might feel such an intense need to appease Prospero. The text answers this question by declaring that Prospero freed Ariel from the foul witch Sycorax. Prospero is eager to emphasise his control, as can be seen when he retorts to Ariels request for freedom by declaring him a malignant thing reducing him to inanimate object. He goes on to ask, dost thou forget from what torment I freed thee? When Ariel answers no, Prospero still takes the opportunity to retell just how compassionate he was to Ariel, highlighting the ways in which Sycorax imposed her age and envy to imprison Ariel within a tree painfully for a dozen years. Prospero uses sarcasm and rhetorical questions o was she so? to ensure that Ariel resists reiterating how he has done thee worthy service, told thee no lies, made thee no mistakes and served without grudge or grumblings. Shakespeare deploys imagery successfully in order to suggest Prosperos dominance over Ariel. Prospero, who initially treats Ariel in a manner that reflects admiration, soon begins employing threatening imagery in an effort to convince Ariel that he must serve his duty or face severe punishment. Prospero threatens, if thou more murmurst, I will rend an oak, and peg thee in his knotty trails, till thou hast howled away twelve winters. The use of metaphor when stating thy groans did make wolves howl, and penetrate the breast of bear in reference to Sycoraxs imprisonment of Ariel accentuates the idea that Prospero has acted as Ariels liberator. In Act I, scene 2, Prospero suggests that Ariel is very much indebted to his master. While it is clear to the audience that Prospero has been hypocritical toward Ariel by enslaving him in much the same vein as Sycorax did (although she simply imprisoned him), Ariel is forced to continue serving Prospero. After Prosperos threatening warning, Ariel reverts to his original subservience: Thats my noble master. What shall I do? Say what. What shall I do? However, Prospero does not treat Ariel as one who is among the lowest in the Jacobin social order like Caliban but predominantly as a respected servant, ensuring that he retains control but also eager to praise his quaint Ariel. The tone of Prospero is one of delight and pleasure at Ariels magic why, thats my spirit. Instead of overtly ordering Ariel to do his bidding, Prospero simply suggests that it is his duty to do as he says Ariel, thy charge exactly is performed. But theres more work. Ariel, meanwhile, generally responds with o bedience. Ariel is not the moody character that Prospero describes him as when he tentatively asks for his liberty, but is rather charmingly energetic and enthusiastic. When describing his actions, he uses expressive adjectives such as flamed amazement and Joves lightnings an insight into the potential power of Ariel. His references to Neptune and Jove, both ancient Greek gods, forms a direct comparison between his work and that of a god an idea that instantly prompts the audience to recognise that Prospero cannot govern Ariel exclusively as a servant. There is an aspect to Ariel that separates him from the earthly world of humans. Although he may well be subject to the magician, his own conjuring is more natural and of a higher order than that the powers learned from books. Ariel is associated with the power of the elements; images such as flame, thunder-claps, spirits and nymph o the sea all enhance the idea that his is a pure figure, a child of nature. While Prospero ultimately presides over Ariel, the audience is made aware that the relationship between the two cannot be defined so simply as master/slave. Prospero requires Ariels magic, while Ariel needs him to earn his liberty. Shakespeare presents the concept of mutual dependence in this scene so that as the play unravels and all achieve their aims, the conclusion is not alien to the audience, but rather relates to the beginning of the play. Ariel is presented more favourably than his master Prospero in Act I, scene 2. Although one expects Prospero to be a positive influence on the island due to the fact that he has been usurped from power himself, and assumed the role of leader of the island due to his noble status, one must consider Prosperos disruption of the natural order. While Prospero has seemingly convinced himself that he has the right to rule over Ariel, which in turn raises the question of whether Prospero can be considered a good character or not, he has dominated over the natural world in Arial and the rightful heir of the island in Caliban. In Act I, scene 2, Shakespeare introduces Ariel as both powerful and subservient, committed to the cause of his master, Prospero. Their relationship is one of mutual dependence, but is ultimately governed by Prospero, who consistently exerts his authority over Ariel. Ariels introduction is important in that he is symbolic of the beauty of the island. It is clear that Ariel, possibly like the island, wishes to be rid of the meddling Prospero, but he realises that he is under must obey his master: Pardon, master, I will be correspondent to your command, and do my spiriting gently. Ariels obedience to Prospero signifies the latters continual misuse of power; he utilizes Ariels magic to cause disturbances, but is unwilling to grant Ariel his rightful liberty. Ariels appearance as one who is both natural and powerful, but under the dictatorship of Prospero, implies that he is being ruled over unjustly. Indeed, Shakespeare forges their relationship either to provoke the suggestion that Pr osperos right as ruler is not indisputable, but open to debate, or in support for the continuation of the royal inheritance of kings.

Authoritarian methods Essay Example | Topics and Well Written Essays - 1250 words

Authoritarian methods - Essay Example This report will also discuss the general advantages of an authoritarian governments approach and ability to command the military in cases of defending the rights of its people. The report suggests that an authoritarian approach is best to address such vices such as terrorism and other related crimes generated because of unregulated democratic systems. One of the principal functions of government is to justify its authority to uphold and preserve its conception of societal order and harmony. How social order is achieved is dependent on the status of the countrys internal political environment at any given time, and this is executed with different levels of control. Different countries have varying levels of government control. Economies that are considered stable with robust constitutional customs are normally typified by measured restraint. Countries that have fragile constitutional customs in most cases demonstrate low levels of restraint (Petersmann, 2008.). There are different types of mode of governance; some are characterized by authoritarian controls by the government, and some are democratic in nature. Numerous arguments have featured prominently arguing the possibility of a moral compatibility between authoritarian modes of governance with democratically formed institutions and principles. A democratic system of governance is characterized by delimitation of state powers. Governing power is vested in the public who govern the country through democratically elected leaders. The public to manage the systems of government as stipulated in the Constitution entrusts the elected leaders. Conversely, the powers of governance emanate from the state as opposed to the democratic systems where the people give authority to their leaders. In this system of governance, the state puts a lot of emphasis on order and law and the prominence of the state authority. It is possible to have elected leaders in authoritarian types of governance. However, they rule for

National Basketball Players Association Essay Example | Topics and Well Written Essays - 1250 words

National Basketball Players Association - Essay Example According to Stein (2011), the union was supposed to be like the guardian angel to the players by negotiating collective agreements, representing their grievances and guiding the players. It would also solve disputes arising between players and their teams, even player-player quarrels. Its overall purpose was to act at the best interest of players. The organization also creates a forum for members to engage in union activities. This is mainly through community outreach programs and in leadership roles. History of the Union The organization of the basketball union began in 1954 by the league’s top player Bob Cousy. He contacted other top players within the league and encouraged them of the importance of player unity. However, he received some opposition mainly from club owners, but the  club owners  insisted on their perspective. NBPA Official website (2013) says that in the year 1955, they came up with a list of concerns to the league’s bosses especially on the paym ent of back wages to the non-operational Baltimore Bullets club. They urged for the institution of a twenty-game limit on exhibition games and also to allow players to share on the benefits. They also championed for an independent settlement of player-owner conflicts. In 1957,  the National Basketball Association's board of governors eventually gave in to the pressure and acknowledged the players union. They gave in to a list of demands from the players. According to the demands, players’ contracts had to be done by September 1st of every year. Regular players were not needed to report to training earlier than four weeks before the start of the season. Appearance of players on radio and television was to be considered, and the removal of the fine on whispering. According to Stein (2011), these acts were all for the benefit of the professional basketball players, thus encouraging them to participate in it. With time, they were able to bargain for more; in 1967 they bargained for monthly pension to players up to 65 years of age from start of their careers. These included new insurance packages and medical benefits and an increase to rookie salaries. Current Demographics of the Union The National Basketball Players has grown a lot over the years. It has led to the growth and development of talents. Many basketball players owe their fortune and careers to this organization. It has helped nurture and protects the players, welfare throughout all these years since its inception.  Thirty basketball clubs have their representatives on this union, and they are players chosen  by their colleagues  to represent them during executive meetings. The union’s current president is Derek Fisher while the first vice president is Jerry Stackhouse. Secretary-Treasurer is James Jones with six other vice presidents. Thirty teams each have one representative to the union. The representatives also have alternatives who can sit on their behalf in case they might no t be available. The organization has well over four hundred professional basketball players as its members. They are thus the major stakeholders of the union and are responsible for electing new officials to govern this body. The organization is created such that it has a number of departments with each responsible for various activities. According to NBPA Official website (2013), executive director’s office is the overall office overseeing all activities in the organization. We then have the legal department involved in handling all legal

HIV Essay Example | Topics and Well Written Essays - 1250 words - 2

HIV - Essay Example This results in the further marginalization of these groups as a result of the stigma that is associated with people who are affected by this disease. They are thus, doubly oppressed as they have to face oppression as a result of their class and their medical condition. In some cases, the situation is complicated by issues of ethnicity. This paper shall look at such details as they are found in Unity Dow’s novel Far and Beyond and Beauty’s Gift by Sindiwe Magona. The paper shall look at how the issues of race and class influence and inform the analyses that these two writers make of the problem of HIV/AIDS. The sensitivity with which the issues of how the two problems interact, is handled, shall be looked at in the paper. The paper shall also look at the complex nature of this interaction. Unity Dow’s novel, Far and Beyond, looks at the condition of women in Botswana. It is the condition of such women who are indoctrinated into believing that they are inferior to men that the novel analyses. This position is complicated by the fact that the women of this community often have to fight against diseases and medical conditions on their own as well. The novel delves deep into the family of Mara where she and her children are faced with the burden of dealing with social marginalization and the problems that are a part of living with AIDS. What the novelist hints at is the fact that in such a society, it is difficult to deal with issues such as medical care when the main preoccupation of the people who are victims is to fight off poverty. In such situations, one also needs to analyse the fact of whether such conditions of poverty are not engendered by a lack of opportunities that are a chronic problem in countries such as Botswana. Such conditions of underdevelopment also lead to problems within the legal and social frameworks for

Operations Management Principles Research Paper

Operations Management Principles - Research Paper Example According to the study conducted management has always been important to businesses and sustainability of organizations nowadays. All the functions and activities in a group of people must have proper management to ensure the success and that efforts given will not be put to waste. It also allows people to coordinate with one another in working and achieving certain goals. Management can be considered to be a field of study, a class of people, and a process. Management as a field of study means focusing on the principles, functions and techniques in the practice of that profession. Management may pertain to a class or level of people which can be seen in all organizations. They are responsible for practicing the managerial activities while process is the managerial activities itself. The activities involve POSDICON or planning, organizing, staffing, directing, and controlling. Management can be compared to investment as its goal is to maximize the results from the resources used. It focuses on getting the highest possible return from all resources involved in the process. In simple terms, management is concerned with how things are accomplished. It involves the ways on how a group or individuals get the set goals which is said to be both an art and a science. Management is considered as an art when it focuses on the method of doing things. When management is considered as an art, it must be able to apply the skills needed by a person on certain practice and can be enhanced through experience. It requires the manager to use his knowledge, experience and skills in making solutions to existing problems. Ernest Dale even pointed out that management involves more art than science since the managerial abilities is owned by personnel that requires thinking. On the other hand, management is considered as a science when it involves a system which means the discipline is an organized body of knowledge following certain verified principles and outcomes. It should be able to prove results as true in any kinds of situations. It is different from physical sciences which are very specific and exact since management involves people and human behavior is changing and hard to predict making management to be categorized under social sciences (Khandkar, n.d.). Now that management is thoroughly discussed, operations management would be the next to be defined. Operation management concentrates on managing processes to create desired outcomes and products. Product development, production and distribution are under the focus of that discipline or profession. It is also associated with process controls like inventory control and quality control. Purchases must be studied thoroughly as to be exact with the needed amount of products to be made. Processes are also analyzed and studied to ensure their effectiveness. In that discipline, standards and measurements are needed to enhance the performance of the internal processes. The way operations management is observed in a business depends upon the industry in which the organization falls under (McNamara, n.d.). Usually, operations managers perform the following tasks: budget preparations for programs, company programs for the company, inventory control, logistic responsibilities and employee supervision.

MCA DENVER Essay Example | Topics and Well Written Essays - 500 words

MCA DENVER - Essay Example 3). Several events are hosted in the museum, and it provides an ample opportunity for amateurs as well as professionals to develop an appreciation for contemporary art. This paper briefly describes three images that form an integral part of the prestigious MCA Denver museum. Image 1: Schuttbild (6-Day Play) The paintings by famous Austrian painter, Hermann Nitsch, are on display in the MCA Denver museum of contemporary art in the series entitled, â€Å"Bloodlines: Paintings by Hermann Nitsch,† which represents Abstract Expressionism (â€Å"Bloodlines: Paintings by Hermann Nitsch,† par. 1). The image â€Å"Schuttbild (6-Day Play)† is a brilliant depiction of the emotions of an artist who has spilled agony, frustration, and helplessness on canvas. The use of a blend of pigments and blood on the canvas also portrays the enigma of materialism and sacrificial practices of the Catholic Church (â€Å"Bloodlines: Paintings by Hermann Nitsch,† par. 1). It is intere sting to note the use of fresh red color with an almost invisible backdrop of brown color. The bright red color shows new and vibrant emotions, while the brown color shows old and faded emotions.

Humanities Week 4 discussion Essay Example | Topics and Well Written Essays - 250 words

Humanities Week 4 discussion - Essay Example Expressionism is mainly characterized use of realistic color and utilization of perspective techniques in regeneration of an illusion of reality (Chilvers, 2009). Moreover, the colors are normally selected in order to suit the emotion felt or in creation of the emotional effect. Expressionism painting responds to the current challenges via motivation in arguing individuals to abandon their underlying conventional means of viewing things and embrace fresh perception of the ever-dynamic universe. The underlying messages are mainly voiced by the prevailing groups that are normally baffled society, broadening the gap amidst traditional culture and the corresponding avant-grade art. Impressionism was radical art movement that emanates from the corresponding moving outdoors from the underlying studio and painting (Chilvers, 2009). The artist broke up the prevailing light into numerous colors and paint such that viewers eye could be mixed and blend from far. Conversely, Expressionism mainly depicted emotions via feelings of the universe and underlying artist. Moreover, Expressionism art in the 20th century mainly reconnoitered the prevailing innermost landscape of the soul whilst those of the 19th century rematerialize painting with coloring and beauty depicting natural landscape fundamentally in diverse

Employment Law, First Examination (Essay Essay Example | Topics and Well Written Essays - 750 words

Employment Law, First Examination ( - Essay Example To be noted, Momma Mia operates through a total of around 1000 employees, which is greater than the minimum required size to be classified as a Title VII included company, whereby the employees are protected under the provisions of the Civil Rights Act (US Equal Employment Opportunity Commission, â€Å"Title VII of the Civil Rights Act of 1964†). Security, Inc. However, in doing so, she will have to prove few elements, which will support her action of whistle blowing. Laws and elements that Jill needs to prove. In order to avail the benefits liable to her for whistle blowing against the sexual harassment she had to face in Momma Mia, Jill has to prove that she is an employee in the company and not an independent contractor by policy as was mentioned in her contract. In order to prove that she was an employee and correspondingly, justify the contractual term ‘independent contractor’ as void, Jill needs to satisfy the 6 silk criteria as was declared in accordance to the case of [Schultz v. Capital Intern. Security, Inc. No. 05-1192. 460 F.3d 595 (2006)] (Leagle, â€Å"Schultz v. Capital Intern†). ... o share the profit/loss of the company depending on their managerial skills, which signifies the second silk factor and hence should be proved by Jill to obtain the legitimate rights in the case. The third silk factor states than an independent contractor and not an employee will have rights to invest in the resources to make the work done in the best interest of the company. As Jill did not make any such investment and also because no such clause was mentioned in her contract, she can prove that was an employee in Momma Mia. However, a critical understanding to the factors depict that the fourth and the fifth silk factors do not clearly advocate in favor of Jill but also do not oblige Momma Mia to suffice the conditions required to prove Jill as an independent contractor to the company. In the sixth silk factor, Jill can prove the significance of her job role in the company as a public relations manager, which in turn would suffice her stance as an employee and not as an independent contractor to Momma Mia (Juffras, 2008). Jill can furthermore prove the selection process of the company, through which she was hired, as unjustifiable and irrelevant for the position on offer. In the selection process, the employers intended to select candidates on the basis of their physical appearances where the educational merits along with other professional skills commonly argued as mandatory for such a job role became decorative features. Additional preference to females rather than to males also indicates towards the fallacy of the selection process, which might turn the case in favor of Jill. Correspondingly, taking the advantage of the Equal Employment Opportunity Commission (EEOC), Jill can also file for privacy rights violation conducted by the employer in her interview

Olpers Uht Milk Essay Example for Free

Olpers Uht Milk Essay First introducing about milk producing capacity in Pakistan. With an estimated 33 Billions Liters of annual milk production from 50 million animals managed by approximately 8 million farming households, according to latest statistics Pakistan is the 4th largest milk producing country in the world. It has a livestock and agriculture sector contributing over 10% to the GDP, and a milk economy that in value terms is 27. 7% of the total agriculture sector. It is an untapped market, expected to grow an additional 3 billion liters in the next few years at a growth rate faster than most sectors. Undeniably, a sector with such credentials can bring about not just a radical change but also a dairy revolution in the country. The annual milk production of 33. 6 billion liters in Pakistan is shared between a 71. 1% share for the rural economy and a much smaller urban share of 29%. Only 3% of the total production of milk is processed and marketed through formal channels. For the other 97%, a multi-layered distribution system of middlemen has evolved to supply milk. The contribution of the formal sector processed milk to real GDP in Pakistan is 0. 43% in 2004-05. Despite only a small percentage (3%) of milk being processed, the (UHT) market is growing at a steady rate of 20% a year. Presently 97% of raw milk produced in the rural economy is not linked to the market mechanism because of a number of reasons (defined ahead in this paper). Due to this reason, the dairy sector in the rural economy is not making a significant impact in the National economy in accordance with its potential and also with the quantity of milk, which is available. The White Revolution is targeted to achieve an annual production of 40 billion liters of milk by 2015; it aims to create an additional 3 million jobs in the formal economy and provide an estimated 350 million rupees per day in cash flow to farmers in the sector. The Dairy Vision till 2015 . Given success of the programs discussed in this paper, what might the dairy industry look like in the year 2015. The formal sector to be 40% of the total dairy industry. Low cost but good quality pasteurized milk to be available in cities and towns accounting for 70% of Pakistan’s population. Pakistan’s dairy industry meets the needs of consumers, thus minimizing imports. The range of goods offered to consumers is as wide as in say the markets of the Gulf. The well being of farmers throughout Pakistan is enhanced, and dairying is acknowledged to be a profitable enterprise. Dairying will have lifted millions of farmers above subsistence levels of activity. A thriving commercial dairy farming sector will be in place. Well-regarded Research Institutes will be active in their chosen fields, with a focus on meeting the needs of farmers. Quality of some sectors of the industry will be such that exports are viable. UHT milk was invented in the 1960s, and became generally available for consumption in the 1970s. UHT milk has a typical shelf life of six to nine months, until opened. It can be contrasted with HTST pasteurization (high temperature/short time), in which the milk is heated to 72 °C (161. 6 °F) for at least 15 seconds UHT MILK. UHT milk is a sanitary and veterinary controlled milk which is subjected to special thermal treatment (ultra-pasteurisation or Ultra High Temperature) which destroys germs and preserves vitamins and nutrients. In the absence of bacteria activity and with the pre-sterilisation of the packaging, the milk becomes less perishable: through ultra-pasteurisation, the validity period of milk is prolonged without adding preservatives. The temperatures lies beyond the boiling point (135 150 ° C) but the boiling time is very short: 2-4 seconds). This very short stage of heating and cooling destroys bacteria and microorganisms and ensures the preservation of vitamins and proteins, unlike the normal boiling of milk, which doesn’t destroy all germs and bacteria, instead destroying its nutritional value. The validity period varies between 3-6 months, depending on the quality of the raw milk collected from farms (deriving from hygiene during milking alongside handling and storing conditions until the moment of reception in the factory). After unsealing the box, UHT milk need to be kept refrigerated and consumed within the next 3 days. HISTORY OF UHT MILK The aseptic packaging implies that both packaging and filling environment be sterilised thus preventing any recontamination of the food after being â€Å"purified† through thermal treatment. Furthermore, if we talk about UHT milk, we must know that a multilayer cardboard packaging is used, which also contains an aluminum foil in the middle, captured between the inner layers of cardboard and polyethylene. The cardboard box protects the milk from contact with light and oxygen, two factors that contribute to vitamin degradation. Vitamin B2 in milk exposed to light for 12 hours for example in a transparent recipient, degrades up to 35%. Aseptic technology is based on the invention of the Swedish company Tetra Pak, which created the first aseptic packaging in 1961. This packaging allows storing milk or other perishable liquids for a period of 3 6 months, without adding preservatives or refrigerating the product. By forming a barrier and impeding oxygen from penetrating (the packaging consists of multiple cardboard, aluminum and polyethylene layers for the food industry) and using a special technique to sterilise the packaging, aseptic technology ensures the protection of food against environmental aggressions. The International Institute for Food Technologies declared the technology of aseptic processing to be â€Å"the most important innovation of the 20th century in the industry†. Tetra Pak packaging can consist only of the cardboard and polyethylene layer (both on the outside and on the inside), in which case it is used for pasteurised milk. For UHT milk another special packaging material is used, which contains aluminum foil in the middle. Thus the packaging maintains the contents and the milk properties intact for the whole validity period of the product, because it impedes germs and light from penetrating the package (it is a known fact that light diminishes nutritional value of milk) Louis Pasteur already carried out villagers and improve their socio-economic status by experiments on sterilization of milk in bottles, but it was utilizing the agricultural raw materials. The solution is to not until around 1960, when both aseptic processing and link of know edge, skills and investments into the villages, aseptic filling technologies became commercially not only keeping appropriate technology in subsistence available, that the modern development of UHT processes level, but giving new approach in substantial manner so started. UHT-treated milk and other UHT-treated liquid that large value addition even within the limited food products are now accepted worldwide, but it has not investment is affordable by them at villages themselves.always been like that. The first UHT plant operated on the Milk production began 6000 years ago or even principle of direct steam injection. Compared with the inearlier. Practically everywhere on earth, man started container sterilization plants, the new UHT plants soon domesticating animals. As a rule herbivorous animal, gained a reputation for producing an excellent flavour. multipurpose animals were chosen to satisfy his need The first indirect plant was introduced on the market some of milk, meat, clothing etc. Farmer produces the food ten years later. Research and development have been for all human being, however today his status is intense since UHT was first introduced. Modern plants weak. Milk production is the efficient crop to him deliver a superior product with colour and nutritional and will help to improve their income. It is possible values practically unchanged. ABOUT PAKISTAN In Pakistan, modern milk processing in the dairy sector started in early 1960s, and by mid-1970s 23 milk pasteurization and sterilization plants were set up. With one exception, all of them are closed due to low consumer acceptance, the short shelf-life of the product and lack of trained manpower. The first UHT plant was set up in Pakistan in 1977. The success of this plant attracted many other investors also and during 1983-87, 20 new plants were set up. In the current situation, UHT capacity in the dairy industry is more than the demand for the product. Existing plants are operating below capacity and growth in demand is not likely to keep pace with the demand for relatively high-priced UHT milk. Initial UHT milk processing Plant IN Pakistan| Plant| Start up| Installed Capacity (liters/day)| Milko, ltd. Lahore| 1977| 25,000| MilkPak limited, sheikhupura| 1981| 150,000| Pakistan Dairies, Sahiwal| 1983| 50,000|. Halla, Pattoki| 1984| 75,000| Chaudhry Dairies, Bhai Pheru| 1986| 80,000| Milkways, tandlianwala| 1987| 90,000(2)| | | | | Plant| Location| Manufacturer of| Year of Establishment| | Nestle Milkpak ltd | Sheikhupura| UHT plane milk, UHT cream, Milk powders, yogurt| 1981| | Nestle Milkpak ltd| Kabirwala| | UHT plane milk, UHT cream, Milk powders| 2005| | Haleeb Foods limited| Bhai Pheru| UHT plane milk, UHT cream, Milk powders, yogurt| 1986| | Haleeb Foods limited| R. Y. khan| UHT plane milk, UHT cream, Milk powders| 2005| | Nirala Dairy Pvt Ltd| Tandlianwala| UHT milk, UHT cream, Milk powders| 2004| | Premier dairy Pvt. Ltd. | Lahore| UHT plane milk, Milk powders| | | K K Dairy Pvt. Ltd| Lahore| UHT plane milk, Milk powders| 2005| | Shaker Gunj Foods ltd| | Jaranwala| UHT plane milk, UHT flavored milk, Milk powders| 2003| | Noon Pakistan| Bhalwal| UHT plane milk, UHT flavored milk, Milk powders| 2003| | Engro Foods Ltd| Sukkhar| UHT plane milk, UHT flavored milk, Milk powders| 2005| | Engro Foods Ltd| Sahiwal| UHT plane milk, Ice cream| 2007| | Royal dairy| Karachi| | UHT flavored milk| | | Millac Foods Pvt. Ltd. | Lahore| Milk powders| |. | Military Dairy| Okara| Milk powder and cheese| | | Prime dairy| Lahore| Yogurt| | | Butt dairy| Tandlianwala| Milk powder| | | Idara-e-Kissan| Pattoki| | Pasteurized milk and Milk powder| | | Gourmete| Lahore| Pasteurized milk and ice cream| | | Adam’s Dairy| Sahiwal| Cheese and whey powder| | | Alpha Dairy| Jhung| UHT plane milk, Milk powders| | PROCESSING TECHNIQUE OF UHT MILK ANGRO FOOD INDUSTRY Foods is among the biggest and fastest growing conglomerates in Pakistan with a vision to cater to local needs with products conforming to global standards. Highly passionate about providing millions of people across the length and breadth of Pakistan and beyond with the ultimate brand experience, our product portfolio comprises some of the countrys biggest and best selling brands including Olpers, Olpers Lite, Olfrute, Omore, Omung, Omung Lassi and Tarang. But whether it is our thick, creamy all-purpose milk, scrumptious ice-cream high on nutrition content or refreshing range of fruity beverages, our approach remains largely the same as we strive to keep product innovation at the forefront of our guiding philosophy and consumer satisfaction at the heart of our operational strategy. The word Engro stands for Energy for growth. Engro Corporation limited formerly known as engro chemical Pakistan limited is one of the largest corporation in Pakistan. Engro foods Limited is the subsidiary of Engro Corporation Limited and has started his operations in 2006 (Our Company, 2013). Engro Corporation has chosen the dairy market as their next target to capture. Engro foods are the biggest competitor for the contemporary organization in the dairy industry like Nestle, Haleeb, Good Milk, and Nurpur. Engro foods are coming up with the quality and reliable product and launch multiple products like Ice cream, Milk powders, Fruit juices, and Flavored Milk. 1. 2 Olper’s Milk Olper’s Milk is the brand of Engro Corporation Limited started in 2006, which is providing Milk to the customer in Pakistan. Olper’s Milk is getting more and more reputation every day in the dairy market as Olper’s is providing quality milk and cream to the market. Olper’s Milk is highly Ultra heated milk to preserve the thickness of the milk. Olper’s Milk is the major competitor for the existing organizations in the dairy milk industry. Olper’s Milk has achieved a strong consumer base due to his good quality product all across Pakistan. Olper’s Milk is available in different packs of different weight which is Stock keeping unit (SKU), of 200 ml, 500 ml, 1000 ml, and 1500 ml value packs. In Pakistan Milk contribute 11% to the GDP, and 35 million people are involved in dairy farming (Jassar Farms (Pvt) Limited, 2013). Olpers has secured 51% Market Share in year 2012 (Khud Pakistan Annual Report 2012, 2012). Engro Foods which has captured 51% market share in the 4th quarter of 2012 is the giant foods service provider in the food and beverages industry of Pakistan. Engro food is the subsidiary of Engro Corporation Ltd. started his operations in 2006. Engro foods are competing with giant companies currently in the food industry and the growth rate indicates that engro foods are big threat for these companies. Over 5 million people in Pakistan are using engro foods products, and over 50 million people start their day with Olpers Milk. Engro foods have two milk processing plant located in Sukkar, and Sahiwal. Engro have one dairy farm in sukkar named NARA dairy farm, which is producing 25,285 liters per day, and a total herd size of 3,444 animals of which 1,707 is part of the milk cycle. Engro foods have over 350 distributors across the country which is covering 12 regions. Olpers have three distribution centers in Islamabad, Sukkar, and Sahiwal. Engro foods have consumer centric marketing strategy for their brands which made engro a giant in the food and beverage industry. 250 ml serving of Tetra pack Calories| 159| Sodium| 0 mg| Total Fat| 0 g| Potassium| 0 mg| Saturated| 0 g| Total Carbs| 12 g| Polyunsaturated| 0 g| Dietary Fiber| 0 g| Monounsaturated| 0 g| Sugars| 0 g| Trans| 0 g| Protein| 8 g| Cholesterol| 0 mg| | | Vitamin A| 0%| Calcium| 22%| Vitamin C| 0%| Iron| 0%| Operations Olper’s Milk is managing its operations in a way to maintain the freshness, quality, and thickness of the milk. Production is the main area responsible for making output of inputs being processed. The Production Manager is responsible for making sure that a needed and proper raw material is provided on timely basis, being processed effectively, and turned into finished goods. The production manager has to supervise all the production process and to make sure that the work is going smoothly and to make it more interesting for the staff. The production department has shift in-charge whenever he takes the control he has to review the ongoing production and what material is needed to order for successful completion of the output. They always communicate with the employees how to handle machinery, packaging material, and quality assurance. Marketing Sales Marketing is the major revenue producing area in any business to plan, price, promote, and distribute product to final consumer. Olpers Marketing includes Situational Analysis, Target Market, Objectives Goals, Marketing Strategies and the Marketing Mix, and Monitoring and Controlling. Due to good marketing strategies engro foods growth is 35% per year, and 181% growth in Earning per Share (EPS) per year, in 2012, (anwer, imran ;, 2013). Olpers have over 350 distributors which are serving 12 regions across Pakistan from the three distribution centers in Islamabad, Sahiwal, and Sukkar. Olpers supply chain has secured 24% growth in volume 5 | P a g e delivery of dairy and ice cream products in the year 2012 (Khud Pakistan Annual Report 2012, 2012). General Administration Olper’s Top management is highly qualified, talented, experienced, and holds degrees in Business Administration from the reputed organization of Pakistan and USA. These managers know the importance of team work, commitment, coordination and support of different department to achieve a common goal of the company. In the year 2012, the Board of Director held 6 meeting to cover all the activities and new initiative to be taken in near future (Khud Pakistan Annual Report 2012, 2012). Human Resource Management. Engro foods have a well-established Human Resource department which support in the company’s growth. Olpers has an innovative, efficient, and talented workforce. Engro food’s HR is one of the best workforces in the country, which is because of its up to date HR Practices the most remarkable of which is recruitment, hiring, training development, performance appraisal. The performance appraisal system of Engro has been declared to be the best in industrial sector of Pakistan. Engro’s Human Resource department has a best leave system. The Human Resource department at Engro foods is doing succession planning and implementing other HR policies pertaining to motivation, retention, and training development of the employees. Engro foods have a best Compensation Administration in the industry, and providing competitive packages to their employees relatively higher than the competitors. Engro Human Resource offers 23 days holiday per to each employee. Engro Human Resources provides PERKS to the employees on top position in type of Car. Engro food has a proper reward system to stimulate performance and productivity of employees. Engro foods believe on equal employment opportunity, and have transparent, merit based performance management system, provide opportunity to employees to acquire knowledge for technical and managerial skills via class rooms, and on job training. Besides this engro provides an environment from all forms of discrimination, and harassment at workplace, provide flexible working arrangement for all, have good reward policies liking to performance (Booklet, 2012, p. 44). Technological Development Olpers has realized that for successful operations there must be an up to date technology to meet the challenges of the market and to compete in the industry. Technology can be a source of competitive advantage for the company. Olpers have latest and unique technology which has been using for pasteurizing, purifying, and preserving the milk. Olpers uses imported plants machinery for the milk processing. They have a proper system of transferring milk from one place to another which protects the milk from light, heat, and bacteria. The Research and development department of Olpers is very efficient and keep look on the new technologies being introducing in the market. Olpers has two processing plants and production farm (Khud Pakistan Annual Report 2012, 2012). Olpers plant is located at the distance of 8 kilometer from the National High way Sahiwal Bypass Pakpattan Road which covers an area of 33. 5 acres of land and its production range is 70 SKUs of dairy Olpers, Tarang, and Omore. Engro foods has made some changes in its North Plant which include Installation of a new AMF plant with a production capacity of 3000 liters per hour, Installation of two new A3 lines with a production capacity of 6000 liters per hour, Installation of a new SL-900 (Stick production line) with a production capacity of 720 liters per hour, Installation of two new Ecolean lines with a production capacity of 2250 liters per hour each (Khud Pakistan Annual Report 2012, 2012). The Engro foods South plant is located at a distance of 1. 5 kilometer from Sukkar Barage, which has covers a 27 acres of land (Khud Pakistan Annual Report 2012, 2012). Procurement Olpers has its own dairy farm located in Sukkar named NARA dairy farm, which covers 50 acres of land with an additional acreage available for further expansion, and currently have herd size of 3900 animals, which makes it the country’s largest dairy farm. (Khud Pakistan Annual Report 2012, 2012). The farm currently produces 25,285 liters per day with a total herd size of 3,444 animals of which 1,707 is part of the milking cycle (Recipes for Success, 3rd quarter, 2012). Olpers is also collecting milk from rural farmers and have suppliers who provide milk on timely basis to make it possible to offer quality milk to the market. Olpers is focusing more and more on quality of raw milk being collected and conducted a test to check the quality and freshness of raw milk after the test the milk is transferred to the plant for further processing. Internationally recognized test were been conducted to check the raw milk such as adulteration, Microbiological contamination, and adequacy of nutritional contents. The test being performed in the initial stage include testing smell, taste, color, temperature, clots boiling, fat test, and iodine value. Olpers has established strong relations with its suppliers, farmers, and machinery providers from abroad. Innovation New olpers milk (3d technology) Engro Foods’ flagship brand Olper’s unveiled new and innovative packaging formats using holographic technology to create a 3D simulation at a local shopping mall. The new packaging formats include a new format for the region that employs Ecolean technology for 250ml, and Tetra Edge for 1 liter pack. Ecolean also referred to as Olper’s Mini Jug is a specialized and convenient jug-shaped pouch that offers ease of pouring and handling the pack. It is an eco-friendly and biodegradable packaging with microwaveable capabilities. Tetra Edge, on the other hand, is a premium-packaging format with benefits of a tilted head and a heli cap, which controls milk spillage, increases the usability of the pack and keeps the milk smell-free. Both these are newest innovations in milk packaging, not just in Pakistan but worldwide. Olper’s is Engro Foods’ flagship dairy brand and has emerged as the leading dairy product in the market since its launch in 2006 after gaining preference over other established brands and securing a loyal consumer base all across Pakistan. Olper’s Milk is sheer indulgence in every sip and is backed by its high nutrition content and invigorating freshness that have become synonymous with the Olper’s brand. The new packagings were unveiled by Olper’s Brand Ambassador Marina Khan. Olper’s created a high definition, extremely intelligent holographic 3D content iGhost to create a jaw dropping virtual world to interact with audience and to take them on a journey which they have never seen or experienced before. iGhost is a technique which creates three-dimensional images. It involves the use of a laser, interference, diffraction, light intensity recording and suitable illumination of the recording. Future of olpers milk olumetric growth of 50% is expected in the dairy segment combined with Rs10 per litre price hike in Olpers and Tarang during April to June 2012,† estimates BMA Capital as detailed account will be released on a later date. Engro Foods became the leader in tetra pack milk market in 2010 and holds a 44% market share as of March 2012. The result is in line with market expectation as analysts estimated the local food giant to make around Rs1 billion. Sales revenue grew by 47% to Rs19,765 billion during the period review, says a notice sent to the Karachi Stock Exchange on Tuesday. The outgoing quarter witnessed addition Omung Lassi to its portfolio. The product is still in the introductory phase and yet to post any significant result. The growth curve is likely to continue upwards as it plans to introduce another 13 products in the near-term future, say analysts. Engro Foods earlier this year announced plans to invest Rs8. 7 billion in expansion this year. Of this Rs2 billion has been set aside for the powdered milk business, whereas the rest will be divided between cold chain infrastructure development, dairy capacity expansion and livestock acquisition. The ice cream segment’s contribution in revenue is also expected to increase to 9. 5% in the second quarter of 2012 from the preceding quarter’s 4. 2% owing largely to a seasonal uptrend in sales, according to BMA Capital. The stand out in the profit and loss statement was financial charges. Financial expenses – the cost of carrying a debt – declined by 10% indicating lower capital expenditure, which is concerning especially given the company’s aggressive expansion plans . Gross margins improved 3. 51 percentage points to 24. 5% thanks to higher prices for premium Olpers brandOther income increased by 294% to Rs172 million likely due to a better cash position. Meanwhile, financial charges decreased by 16% to Rs441 million during January to June 2012. Going forward, market share expansion in the company’s flagship brand Olpers is expected while Omung will likely eat into the loose milk market as well, according to analysts.

Master of Business Administration Essay Example for Free

Master of Business Administration Essay Pricing policy refers to the policy of setting the price of the product or products and services by the management after taking into account of various internal and external factors, forces and its own business objectives. Pricing Policy basically depends on price theory that is the corner stone of economic theory. Pricing is considered as one of the basic and central problems of economic theory in a modern economy. Fixing prices are the most important aspect of managerial decision making because market price charged by the company affects the present and future production plans, pattern of distribution, nature of marketing etc. Generally speaking, in economic theory, we take into account of only two parties, i. e. , buyers and sellers while fixing the prices. However, in practice many parties are associated with pricing of a product. They are rival competitors, potential rivals, middlemen, wholesalers, retailers, commission agents and above all the Govt. Hence, we should give due consideration to the influence exerted by these parties in the process of price determination. Broadly speaking, the various factors and forces that affect the price are divided into two categories. They are as follows: I External Factors (Outside factors) 1. Demand, supply and their determinants. 2. Elasticity of demand and supply. 3. Degree of competition in the market. 4. Size of the market. 5. Good will, name, fame and reputation of a firm in the market. 6. Trends in the market. 7. Purchasing power of the buyers. 8. Bargaining power of customers 9. Buyers behavior in respect of particular product II. Internal Factors (Inside Factors) 1. Objectives of the firm. 2. Production Costs. 3. Quality of the product and its characteristics. 4. Scale of production. 5. Efficient management of resources. 6. Policy towards percentage of profits and dividend distribution. 7. Advertising and sales promotion policies. 8. Wage policy and sales turn over policy etc. 9. The stages of the product on the product life cycle. 10. Use pattern of the product. Objectives of the Price Policy: A firm has multiple objectives today. In spite of several objectives, the ultimate aim of every business concern is to maximize its profits. This is possible when the returns exceed costs. In this context, setting an ideal price for a product assumes greater importance. Pricing objectives has to be established by top management to ensure not only that the company’s profitability is adequate but also that pricing is complementary to the total strategy of the organization. While formulating the pricing policy, a firm has to consider various economic, social, political and other factors. The Following objectives are to be considered while fixing the prices of the product. 1. Profit maximization in the short term The primary objective of the firm is to maximize its profits. Pricing policy as an instrument to achieve this objective should be formulated in such a way as to maximize the sales revenue and profit. Maximum profit refers to the highest possible of profit. In the short run, a firm not only should be able to recover its total costs, but also should get excess revenue over costs. This will build the morale of the firm and instill the spirit of confidence in its operations. 2. Profit optimization in the long run The traditional profit maximization hypothesis may not prove beneficial in the long run. With the sole motive of profit making a firm may resort to several kinds of unethical practices like charging exorbitant prices, follow Monopoly Trade Practices (MTP), Restrictive Trade Practices (RTP) and Unfair Trade Practices (UTP) etc. This may lead to opposition from the people. In order to over- come these evils, a firm instead of profit maximization, and aims at profit optimization. Optimum profit refers to the most ideal or desirable level of profit. Hence, earning the most reasonable or optimum profit has become a part and parcel of a sound pricing policy of a firm in recent years. 3. Price Stabilization Price stabilization over a period of time is another objective. The prices as far as possible should not fluctuate too often. Price instability creates uncertain atmosphere in business circles. Sales plan becomes difficult under such circumstances. Hence, price stability is one of the pre requisite conditions for steady and persistent growth of a firm. A stable price policy only can win the confidence of customers and may add to the good will of the concern. It builds up the reputation and image of the firm. 4. Facing competitive situation One of the objectives of the pricing policy is to face the competitive situations in the market. In many cases, this policy has been merely influenced by the market share psychology. Wherever companies are aware of specific competitive products, they try to match the prices of their products with those of their rivals to expand the volume of their business. Most of the firms are not merely interested in meeting competition but are keen to prevent it. Hence, a firm is always busy with its counter business strategy. 5. Maintenance of market share Market share refers to the share of a firm’s sales of a particular product in the total sales of all firms in the market. The economic strength and success of a firm is measured in terms of its market share. In a competitive world, each firm makes a successful attempt to expand its market share. If it is impossible, it has to maintain its existing market share. Any decline in market share is a symptom of the poor performance of a firm. Hence, the pricing policy has to assist a firm to maintain its market share at any cost. Ques2. Explain the important features of long run AC curve. Ans: Long run AC curves Long run is defined as a period of time where adjustments to changed conditions are complete. It is actually a period during which the quantities of all factors, variable as well as fixed factors can be adjusted. Hence, there are no fixed costs in the long run. In the short run, a firm has to carry on its production within the existing plant capacity, but in the long run it is not tied up to a particular plant capacity. If demand for the product increases, it can expand output by enlarging its plant capacity. It can construct new buildings or hire them, install new machines, employ administrative and other permanent staff. It can make use of the existing as well as new staff in the most efficient way and there is lot of scope for making indivisible factors to become divisible factors. On the other hand, if demand for the product declines, a firm can cut down its production permanently. The size of the plant can also be reduced and other expenditure can be minimized. Hence, production cost comes down to a greater extent in the long run. As all costs are variable in the long run, the total of these costs is total cost of production. Hence, the distinction between fixed and variables costs in the total cost of production will disappear in the long run. In the long run only the average total cost is important and considered in taking long term output decisions. Important features of long run AC curve 1. Tangent curve Different SAC curves represent different operational capacities of different plants in the short run. LAC curve is locus of all these points of tangency. The SAC curve can never cut a LAC curve though they are tangential to each other. This implies that for any given level of output, no SAC curve can ever be below the LAC curve. Hence, SAC cannot be lower than the LAC in the ling run. Thus, LAC curve is tangential to various SAC curves. 2. Envelope curve It is known as Envelope curve because it envelopes a group of SAC curves appropriate to different levels of output. 3. Flatter Unshaped or dish-shaped curve. The LAC curve is also U shaped or dish shaped cost curve. But It is less pronounced and much flatter in nature. LAC gradually falls and rises due to economies and diseconomies of scale. 4. Planning curve. The LAC cure is described as the Planning Curve of the firm because it represents the least cost of producing each possible level of output. This helps in producing optimum level of output at the minimum LAC. This is possible when the entrepreneur is selecting the optimum scale plant. Optimum scale plant is that size where the minimum point of SAC is tangent to the minimum point of LAC. . Minimum point of LAC curve should be always lower than the minimum point of SAC curve. This is because LAC can never be higher than SAC or SAC can never be lower than LAC. The LAC curve will touch the optimum plant SAC curve at its minimum point. A rational entrepreneur would select the optimum scale plant. Optimum scale plant is that size at which SAC is tangent to LAC, such that both the curves h ave the minimum point of tangency. In the diagram, OM2 is regarded as the optimum scale of output, as it has the least per unit cost. At OM2 output LAC = SAC.

Remix Culture and Postmodernism | Essay

Remix Culture and Postmodernism | Essay The identity of our society fluxes continually with time change- as was noted by Greek-free-thinker, Heraclitus- when he expressed the impossibility of one to jump into a particular river more than once. This point of view about the dynamic nature of society continued for long when philosophers became rather convinced that the onward drive of society hinged on immutable laws. Recently, the evolutionally nature of society is considered to be progressive and that it relents more or less on pastiche, parody, or self-conscious appropriations through arts, philosophy and other humankind-related-creativity that are projecting civil, modern, and modernized society into the post-modern era, arguably. This paper will discuss Post-Modernism and how remix culture has affected or influenced it. Chances offered by discussed remix strategies to cultural and political critiques of post-modernism will also be considered. However, to appreciate the influence of remix-culture on post-modernism, it is appropriate to discussion the evolutionally path of post-modernism. Hence, the paper will address the topic using the approach. Evolution of Post-modernism By the end of the 1970s, the question began to be considered among French thinkers about the soar of society, and whether it was driven at all. There was the denier of the point that humans were still in the modern period which had been introduced by Enlightenment, two centuries back (Lash, Samuel and Friedman James. 1992). To this school of thought, modernization introduced a period of scientific thinking and capitalistic industrialization as well as the likelihood of nuclear battles, slavery and neo-colonialism, horror, racism, Euro-centralization, and immense hunger in third world countries. The legacies of Enlightenment were not particularly friendly, then, the thinkers concluded (Anderson, Paul. 1998). It was better to consider the theories by which modernism stood as been harmful and terrible. Certainly, humankind had moved completely ahead of modernism into a post-modern age. Post-Modernism Post-modernism has been defined as a propensity in present-day culture typified by rebuff of purposeful truth and worldwide traditional meta-narrative or accountability (Jameson, Fredrick. 1991). However, this definition cannot be relied on completely because it falls to identify completely with the wide viewpoints of post-modernism which include response to the implicitly scientific nature, objectivity, and attempt to elucidate reality. The definition has also not complied with the fact that: Postmodernism is used in critical theory to refer to a point of departure for works of literature, drama, architecture, cinema, journalism, and design, as well as in marketing and business and in the interpretation of law, culture, and religion in the late 20th and early 21st centuries (Georg, Iggers. 1997). There is a complexity in finding a very reliable definition that satisfies completely the topic of post modernism, therefore, due to its much diversified nature as the majority of definitions on the topic are terribly vague and habitually incoherent to others. There is a further complexity in deep differentiation between modernism and post modernism since the both could be linked with intellectual movements and aesthetics which are common in literary arts and philosophy. †¦modernity and post-modernity have tended to be used to refer to changes in social and economic institutions (Giddens, Amber. 1990). The context of knowledge of post-modernism, and how it is affected by remix-cultures, will be limited in this paper to two distinct examples: Arts and philosophy. This is imperative to limit the discussion to the question as well as to avoid perplexity. Art In consideration of post-modern art, it is proper to state that this is a little more than sculptural and paint art. Post-modern art also involves architectural, musical, dramatic, and literary arts with a major undefined meaning and depth. It is characterized by content and form diversity. Thus, art critics have based their critic of post-modern art on the characteristic of its vagueness. For example, Callinicos argued: †¦ multidimensional and slippery space of post-modernism [where] anything goes with anything, like a game without rules. Floating images †¦ maintain no relationship with anything at all, and meaning becomes detachable like the keys on a key ring. Dissociated and decontextualized, they slide past one another failing to link up into a coherent sequence. Their fluctuating but not reciprocal interactions are unable to fix meaning (Callinicos, Awender. 1989). The ready acceptance to this critic is based on the non-specified emergent style of architectural works around us in the past few decades. Building architects seem to be entirely dependent on remix of the past works. Most of the most adored cities around us are actually product of rejuvenation by certain architects in a quest to gratify their proficient fantasies. A very interesting illustration of this is the London Docklands. Even in developing countries like Nigeria, in Africa, art has gone old school and fashion, music and architecture has followed suite. Another critic says: Using operatic arias to promote football matches, classical music to persuade us to fly a particular airline, watching Pavarotti in the Park there is no longer a distinction between high and popular culture [anything goes with anything, like a game without rules] (Layder, Dye. 1994). The medias increase and power, culturally, through films, television or advertisements has contributed immensely to the perception people have on society. Kumar is of the point of view that post-modernists consider the media slightly differently from the customary idea of a mere communication means. The present-day media, for them, is not quite a communicational device; it is an entirely fresh environment for the present-day human- the kind of environment were one is entirely engrossed to social epistemology. People can interact with computers for hours in total contempt of the company. Kumar concludes: The media have created a new electronic reality, suffused with images and symbols, which has obliterated any sense of an objective reality behind the symbols †¦ In hyperreality it is no longer possible to distinguish the imaginary from the real (Kumar, Kanger. 1997). This viewpoint was first recognized by Baudrillard Jean who initiated the theory of reality as been an interchange of signs and ops in semantic acts through digital technology and electronic media for the consumption of the viewer. The theory contended that in a situation as stated, there is a detachment of the subjects from the results of occurrences (including artistic, philosophical or personal) such that events loss identifiable perspective. He held to the claim that a steady flow of forms and orientation that do not posses a direct effect a viewer would certainly create a gap between an object, indiscernibly, and appearance, and would result, paradoxically, to holography of appearance. The lost of identity of works of art in our time results into parody in the sense that they utilize cynical approaches by imitating previous works of arts of earlier years. To some extent, this works are not meant to mock previous art works. However, they embedment in a description of pastiche, parody, or self-conscious is totally identified by the lost of originality in such works. Recently, the imitation of previous art pieces seems to by primarily accepted by national laws through the limitation of copy rights. For example, it is believed: Film is a popular industry where a parody may be created. Iconic films that contain a parody of an original work include the Scary Movie series, which are spoofs of many top box office horror films and Spaceballs, which spoofs the George Lucas film Star Wars. Similarly, the tendency for parody in music is overwhelming. Already, there is an existing market for parody music and it is growing rapidly. Philosophy During the latter part of the 1960s, the US and Western Europe were caught up in political dilemma. Tendencies for significant political transformation in the year 1968 were obvious in the Western world consequent of movement such as the Chicano which sort for true liberation for minors. In France, the fight was debatably rather severe. This resulted to weakening of the large sway which had previously been exercised by the gargantuan Communist Party (where a majority of scholars owned reasonable commitment). This disenchantment resulted to their detachment from political affairs and consequent disbelief in political theories like Marxism. Even though they had many discrepancies, they accepted the fact of a disconnected and plural nature identifiable with reality. They disagreed with human thoughts on the possibility to reach significant objective explanations of reality. Ideologies or social theories that supported humankind activities as ways to express the order or progress of soci ety were considered to be vain and without credibility, post-modernist argued. All that was done in time past is rightly in the control of the informed against the non-informed. Implications of Remix Culture on Post-Modernism The implication of remix culture on post-modernism is the lost of values and personal identity. In schools, originality is fast giving way to pastiche. Students are reluctant to learn or interact with society in traditional formats, except through digital machines- which they are heavily reliant on. Obvious, there is a dilemma here! Conclusion This paper takes a look at the evolutionally nature of society considered to be progressive and which relents on pastiche, parody, or self-conscious appropriations through arts, architecture, and other humankind-related-creativity which are projecting civil, modern, and modernized society into the post modern era. It has also discussed Post-Modernism and how remix culture has affected or influenced it.

Self StudyBasics of Education :: essays papers

Self StudyBasics of Education Chemistry is not my favorite subject. I think it seems funny to have a minor in chemistry when I don't even like chemistry, but it was sort of a package deal when I decided my biological science major. It not that I despise or hate chemistry, it's just that I have a ingrained fear of it. Chemistry is the only class that I've failed. I've never failed any class up until I failed my inorganic class my sophomore year. That class was unbearable and I really believe that it was partially the instructor's fault. She taught us one thing and we where tested over something else, she never showed up to her office hours, and when we had scheduled review sessions, she told the class that she would not go over the old material. She believe that she had already taught it once and that if we had questions we should look back in our notes and read our book. Besides she was foreign and had quite a thick Eastern European accent and she could be hard to understand. It seemed the more I studied th e worse I did on tests and quizzes so by the end of the semester I gave up because it was hopeless. I would of had to get over %100 on my final to even come close to passing. At the end of the semester I found out that almost half of the class failed. I think that says something when there is that many students failing a class. It has been three semesters since I took that class. I took one semester off from chemistry, and then retook that inorganic class this previous semester. Now I am back on tract and on my next phase of chemistry, "The Deep Fried World of Organic Chemistry". The first day of class was a real eye opener. "Organic Chemistry 251 is the biggest class I have ever been in! I'm guessing that there is about 400 people in this class. It would make sense that there would be this many people since this is the only one lecture time of 251 this semester. I had a hard time finding a seat. The seating capacity for this lecture hall is 438 people, and I think it almost at that capacity.

The Spanish Influenza Epidemic :: Journalism Epidemics Health Essays

The Spanish Influenza Epidemic Los Angeles, October 28--The effects of the Spanish influenza outbreak from its date of original contamination, September 13(1), to now have been widespread and horrific. With more than 4500 new cases being reported today, the total for California is now above 60,000.(7) Not even two days prior to this printing, San Francisco witnessed its worst day, with over 2000 new cases reported accompanied by 96 deaths.(6) The once thought of "army epidemic" now has a firm grip on civilian life. Following a trend set by many East coast cities over a month ago, many public facilities remain closed. Operational theaters and moving picture shows are now quite difficult to find, public schools are said to remain closed until at least November 6, and the City of Los Angeles' Liberty Fair has be postponed indefinitely.(5) Many churches have had to stop congregations and Sunday schools, and generally any unnecessary places of public gatherings have been shut down. Earlier this month the Balloon School in Arcadia tried taking preventative measures by enacting a quarantine of its students to the surrounding cities where no cases of influenza were reported.(3) The ban was lifted on October 5, with the school remaining clear of the epidemic. Employment has been an issue for not only citizens but employers. Many workers are unable to continue duty, while the unemployed are not being hired for fear of contamination. Only two weeks ago a call for civil service workers from Los Angeles to Washington D.C. was halted until the epidemic calms down, not only hurting civilians looking for work but also impairing the United States military machine in its effort to win the war. The specific agent responsible for this outbreak is still unknown, but the symptoms seem to be clear. As quoted from Surgeon General Blue, "The disease has a sudden onset ... people are stricken on the streets, while at work in factories, shipyards, offices, and elsewhere." He continues, saying "First there is a chill, then fever with temperature from 101 to 103, headache, backache, reddening and running of the eyes, pains and aches all over the body, and general prostration." It is commonly suggested that if feeling these symptoms, one should quickly get into bed and isolate oneself, then call a physician. Common advice to prevent infection from this malady has been to stay active, eat well, sleep well, and spend as much time in open spaces as possible as to have the most amount of fresh air around. The Spanish Influenza Epidemic :: Journalism Epidemics Health Essays The Spanish Influenza Epidemic Los Angeles, October 28--The effects of the Spanish influenza outbreak from its date of original contamination, September 13(1), to now have been widespread and horrific. With more than 4500 new cases being reported today, the total for California is now above 60,000.(7) Not even two days prior to this printing, San Francisco witnessed its worst day, with over 2000 new cases reported accompanied by 96 deaths.(6) The once thought of "army epidemic" now has a firm grip on civilian life. Following a trend set by many East coast cities over a month ago, many public facilities remain closed. Operational theaters and moving picture shows are now quite difficult to find, public schools are said to remain closed until at least November 6, and the City of Los Angeles' Liberty Fair has be postponed indefinitely.(5) Many churches have had to stop congregations and Sunday schools, and generally any unnecessary places of public gatherings have been shut down. Earlier this month the Balloon School in Arcadia tried taking preventative measures by enacting a quarantine of its students to the surrounding cities where no cases of influenza were reported.(3) The ban was lifted on October 5, with the school remaining clear of the epidemic. Employment has been an issue for not only citizens but employers. Many workers are unable to continue duty, while the unemployed are not being hired for fear of contamination. Only two weeks ago a call for civil service workers from Los Angeles to Washington D.C. was halted until the epidemic calms down, not only hurting civilians looking for work but also impairing the United States military machine in its effort to win the war. The specific agent responsible for this outbreak is still unknown, but the symptoms seem to be clear. As quoted from Surgeon General Blue, "The disease has a sudden onset ... people are stricken on the streets, while at work in factories, shipyards, offices, and elsewhere." He continues, saying "First there is a chill, then fever with temperature from 101 to 103, headache, backache, reddening and running of the eyes, pains and aches all over the body, and general prostration." It is commonly suggested that if feeling these symptoms, one should quickly get into bed and isolate oneself, then call a physician. Common advice to prevent infection from this malady has been to stay active, eat well, sleep well, and spend as much time in open spaces as possible as to have the most amount of fresh air around.

Depiction of Africa in Heart of Darkness :: Heart Darkness essays

Depiction of Africa in Heart of Darkness Chinua Achebe believes that Joseph Conrad's Heart Of Darkness is racist based on Conrad's descriptions of Africa and it's people. Achebe, author of Things Fall Apart, stresses Conrad's depiction of Africa as the antithesis of Europe and civilization, and the animal imagery present throughout the novella. Heart of Darkness, written in 1899 during the period of British Imperialism, concerns a British trading company and their expedition into the Congo for ivory. The African natives are treated brutally by the Europeans, and despite Conrad's casual condescension towards the Africans, one cannot help feeling resentment at the unnecessary cruelty they must endure. The novella stands as a document against the imperialist practices -- Conrad was quite liberal for the time. The natives are referred to as "savages" several times throughout the story, but Conrad is not using any particularly strong words for the time. The European audiences who would be reading would not find anything racist about it. By today's more sensitive standards, such deference is more serious, but turn-of-the-century England was sure to expect far harsher. Educated people reading Conrad's novel should understand the differences between the past and the present, and be forgiving of his language. The deeper the expedition progressed into the center of the continent, the more isolation was felt by the crew. In a sense, Central Africa IS the antithesis of Western Europe -- it lacks not only the hectic urban structures but also the Social Darwinist attitudes of the time. It is in this remote environment that man must face his true self without any illusions, and the darkness of the human soul is apparent. The uncivilized environment may mock western civilization's refinement, but this is not derogatory towards the jungle, but rather an eye-opener to the European audience. By exhibiting the deeds of the Europeans, their portrayal becomes so negative that they become the savages. Conrad clearly is sympathetic to the plight of the Africans, and any racial epithets, if not accepted by progressives of the time, are not meant as attacks directed at the natives. It should be obvious that Conrad is on their side -- or is this "undermined by the mindlessness of its context and the pretty explicit

Problems of Cross Border Listing and the Way Forward

Background Paper: Obstacles to cross-border listings and acquisitions in the financial sector A. Purpose of the paper In September 2004, the informal Ecofin Council in Scheveningen discussed the issue of lagging crossborder consolidation1 in the banking area. This low level of cross-border consolidation is not confined to banking, but is relevant for the whole financial sector, with some nuances. In the upcoming Financial Integration Monitor report, the Commission will dedicate a chapter on the quantitative aspects of crossborder restructuring, confirming the trends discussed in Scheveningen. Indeed, between 1999 and 2004, the report will show that cross-border mergers and acquisitions (M&As) accounted for around 20% of the total value of M&As in the financial sector, whereas cross-border deals represented 45% of M&As in other sectors over the same period. 2 Finance Ministers asked the Commission to examine possible explanations for this low level of pan- European restructuring specific to the financial sector, by reviewing the obstacles to cross-border M&As, in order to identify possible internal market failures, gaps or shortcomings. It should be stressed that the role of the Commission is to ensure that existing EU law is enforced properly, as well as to propose growth-supportive actions, within the context of the overall EU competitiveness policy. It must be equally clear that the Commission does not intent to favour specific business models or to influence individual market decisions, as long as they are compatible with the Treaty rules and the EU secondary law. On that basis, it is the role of the Commission to analyse market functioning, in order to detect any unjustified obstacles that would hamper companies in making their own decisions regarding their business organisation in the Internal Market. The misuse of the supervisory powers to block cross-border mergers has been identified by Ministers of Finance as a possible obstacle to cross-border mergers and acquisitions. The Commission has already taken steps to improve and clarify the current provisions in the relevant directive, to avoid such situations. At the same time, there may be other factors explaining the lack of cross-border mergers in the financial services sector, when assessed against the domestic consolidation3 process. This paper tries to draw a first list of potential obstacles to cross-border mergers, i. e. obstacles that would make a cross-border merger less attractive, more expensive or more complex than a domestic merger. It covers the whole financial sector, trying to distinguish between market segments when relevant. Obstacles to consolidation in general (i. e. bstacles that impede domestic consolidation as well) are not covered. Obstacles to forms of integration other than cross-border M&As (such as direct cross-border provision of services) are also out of the scope of this paper, even though some obstacles might be relevant for different channels of integration. This list is aimed at providing all possible explaining factors, in order to serve at a later stage as a base for discussion on which of those obstacl es should, and could, be removed in order to achieve the objective of improving the functioning of the Internal Market for financial services. It is not a policy paper, but a first analysis of the explanations behind the facts discussed at the Scheveningen informal Ecofin Council. 1 Cross-border consolidation means in this paper consolidation involving entities located in different EU Member States. 2 The full study will be published in the â€Å"Financial Integration Monitor – 2005†, due in May 2005. 3 Domestic consolidation is to be understood as consolidation occurring within a single EU Member State. DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 2 In its present form, the paper does not distinguish between those obstacles that are key to explain lagging cross-border consolidation, and those of a more anecdotic nature. In addition, some obstacles mentioned here might be not relevant any more, but they may have influenced the situation of the past few years and could therefore provide part of the explanation for low cross-border consolidation up to now. However, we tried to mention the ongoing developments related to each obstacle identified. Introduction To Cross Border Listing The last two decades has witnessed acceleration in financial globalization represented by an increase in cross-country foreign assets. This has been the consequence of the international liberalization of capital flows as well as of the technological progress. These two phenomenons have lowered the barriers among individual national capital markets; however, geography has not become irrelevant. Obstacles to international capital flows (mainly the legal restrictions and costs associated with trading and acquiring information on firms listed abroad), i. e. the segmentation of markets, still exist. These barriers are creating incentives for corporate managers to adopt financial policies such as international cross-listing. For example, the US exchanges over the last few decades have attracted a sizeable share of the cross listed firms. Reasons for Cross border Quotation Cross border listings can help the company raise more capital by targeting new shareholders. However not all cross border listing are accompanied by share placements as this may affect liquidity and share price. Publicly-listed foreign corporations would therefore undertake to list on overseas exchanges for a variety of reasons: 1. To boost its status as a truly global player. 2. To raise Capital through debt or equity. 3. To increase trading volume. 4. To improve shareholder relations. 5. To enhance its visibility among overseas investors and consumers. 6. To tap into retail and institutional funds and benefit from changing global attitudes toward equity investing Challenges and recommendations of cross border listing There are challenges that happen to exist when considering cross-border listing for a company or country in general. First of all, potential investors located in the secondary market might be reticent, unwilling to trust and invest in a foreign firm on the market. In such a way, the company might lose prestige rather than gain more of it whilst entering a foreign xchange market. Secondly, barriers exist between countries; the real challenge might be the attitude regarding foreign firms entering a local market; this encompasses shareholder attitudes from an internal point of view of a company, as the latter might not be willing to go abroad in certain cases. Furthermore, political attitude of the secondary market’s country plays a great role in the presence of barriers. Restrictive political attitudes might give ri se to more barriers than usual to those wishing to enter the exchange market. This might also be the case the other way round, more precisely, regarding political stability; meaning that political instability in a country results in the market to be more risky and potentially unprofitable for the external firm. Another challenge is the element of uncertainty concerning policy factors such as taxation, accounting and financial standards and mechanisms but also the country’s economic and financial policies that might change, for example in the case of a change in political regiment. Such a change, if radical in some cases can become very challenging in terms of adaptation for the firm. . Methodology The paper tries to distinguish between three generic categories of obstacles: (i) Execution risks: those are obstacles that may pose a threat to a successful outcome of a bid, or may well result in the blocking of a deal. This category also covers obstacles because of which the expected result of a bid may not be what could be expected, even though the bid itself was successful. Obstacles in this category may not materialize and therefore may not have a direct cost, but their simple perception may deter potential bidders, or target entities and their shareholders, from initiating a merger process. (ii) One-off costs: those are specific costs that are caused by the execution of the cross-border deal, and would not exist in a domestic merger or acquisition deal. (iii)On-going costs: those are additional costs in the management of the merged entities, once the merger is achieved, which would not exist in the management of merged entities within the same domestic arket. Those costs can be direct (additional costs to manage the entities merged cross-border compared with the entities merged domestically) or indirect (lower synergies within the entities merged cross-border that within the entities merged domestically). The identified obstacles are also grouped according to their nature: legal barriers, tax barriers, implications of supervisory rules and requirement s, economic barriers and attitudinal barriers. A summary table is enclosed at the end. * * * C. Identified obstacles to cross-border mergers I. Legal Barriers a) Execution risks 1. Cross-border takeover bids are complex transactions that may involve the handling of a significant number of legal entities, listed or not, and which are often governed by local rules (company law, market regulations, self regulations). Not only a foreign bidder might be disadvantaged or impeded by a potential lack of information, but also some legal incompatibilities might appear in the merger process resulting in a deadlock, even though the bid would be â€Å"friendly†. This legal uncertainty may constitute a significant execution risk and act as a barrier to cross-border consolidation. The new Takeover Bids Directive (2004/25/EC), adopted on 21 April 2004, lays down common rules in order to ensure greater legal certainty for cross-border takeovers. The Directive has to be transposed by May 2006. DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 3 2. The financial sectors of some Member States include institutions with complex legal setup resulting in opaque decision making processes. An institution based in another Member State might only have a partial understanding of all the parameters at stake, some of them not formalized. Such a situation might constitute a significant failure risk, as a potential bidder might not have a clear understanding of who might approve or reject a merger or acquisition proposal. 3. In some cases, legal structures are not only complex but also prevent, de jure or de facto, some institutions to be taken over or even merge (in the context of a friendly bid) with institutions of a different type. Such restrictions are not specific to cross-border mergers, but could provide part of the explanation of the low level of cross-border M&As, since consolidation is possible within a group of similar institutions (at a domestic level) whereas it is not possible with other types of institutions (which makes any cross-border merger almost impossible). 4. In some Member States, the privatization of financial institutions has sometimes been accompanied by specific legal measures aimed at capping the total participation of non-resident shareholders in those companies or imposing prior agreement from the Administration (i. . â€Å"golden shares†). Some of such measures were clearly discriminatory against foreign institutions, when it came to consolidation. The European Court of Justice has indicated that such measures were not justified by general-interest reasons linked to strategic requirements and the need to ensure continuity in public services when applied to commercial entitie s operating in the traditional financial sector. See for instance cases C-367/98 (judgement of 4 June 2002) or C-463/00 (judgement of 13 May 2003). 5. In some Member States, company law allows the company boards to set up defence mechanisms, such as double voting rights and poison pills, to prevent any hostile bids. Such asymmetries in company law might distort the level playing field within the EU, and protect national markets, sometimes to the benefits of participants in these markets. The initial Commission’s proposal for the new Takeover Bids Directive (2004/25/EC), adopted on 21 April 2004, included the approval of shareholders before activating defence mechanisms to counter a takeover bid. This provision has been repelled by the European Parliament and the Council. In the adopted text, Member States may decide to forbid such arrangements (i. e. opt in). 6. Even if an acquisition is successful, there may exist impediments to effective control, i. e. there may be a risk that the acquiring company does not acquire proportionate influence in the decision making process within the acquired company – while being exposed to disproportionate financial risks. This can be explained notably by the existence of special voting rights, ineffective proxy voting or use of the Administrative office by a foreign acquirer. Also barriers (or restrictions) to sell shares could hamper the process. As mentioned in  §5, the Commission’s initial proposal for a new Takeover Bids Directive tackled some of these issues, but some provisions were taken out of the final version during the co-decision procedure. Also, as part of the Corporate Governance Action Plan, the Commission opened a consultation on the exercise of Shareholders’ rights which was closed in December 2004. 7. Differences in national reporting schemes, notably as regards accounting systems, may result in difficulties to assess the financial situation of a potential target. From January 2005, listed EU companies will be required to publish their consolidated accounts using International Accounting Standards, as endorsed by the Commission. Member States have the option of extending the requirements of the IAS Regulation (EC 1606/2002) to unlisted companies and all banks and insurance companies and to the production of non-consolidated accounts. DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 4 b) One-off costs 8. The national laws of some countries might include restrictions on the type of offers that can be executed (i. e. ash only vs. exchange of shares). Even though such measures are not in themselves discriminatory to cross-border mergers, they might constitute a barrier to cross-border consolidation, given that the different features of such mergers (notably in terms of size) could call for a specific type of offer. c) Ongoing costs 9. Differences in employment legislation across t he EU may also create barriers for efficient and flexible (re)organisation. In particular, the procedures to move staff within a pan-European group remain very complex (furthermore in some cases, prudential rules impose constraints on the location of staff – cf. n insurance art. 3 of Directive 95/26/EC). Those differences may also result in higher legal costs to deal with the different legal systems, as well as complex processes and different timelines when trying to introduce changes on a cross-border basis. 10. The different accounting systems across the EU have also required companies to set up adapted IT, specific personnel and reporting systems. This limits the scope of possible cost synergies when two institutions merge across the border, where as such synergies do exist when two institutions merge within the same Member States. ? See  §7. 11. The consumer protection rules are very different from one Member State to another. This heterogeneity translates into the nece ssity of country-customised financial products compliant with those rules, and therefore also specific IT systems that handle those products and consumer relationship. For instance, this has been evidenced in the mortgage credit sector in the report recently published by the mortgage credit forum group set up by the Commission. Furthermore, those different rules are often based on the â€Å"general good† provisions and consequently potential abuses aimed at protecting the national markets are difficult to challenge in court. A significant example is the case C-442/02 (CaixaBank vs. France), where the European Court ruled in October 2004 that France could not ban interest bearing current accounts in that it constitutes an obstacle to the freedom of establishment. 12. Differences in national implementations of the Directive on data protection may also interfere with an optimal organisation of businesses within merged companies. Indeed, it can have a strong impact on IT systems and limit back-office rationalisation. 13. More generally, differences of approaches in private law, sometimes explained by historical or cultural factors, may impose a country-by-country approach for some products or services (especially in the insurance sector), with the same results as differences in consumer protection rules. Those differences include notably liability and bankruptcy rules, with the implied difficulties of enforcing cross-border collateral arrangements, as well as differences in legal rules for securities. ? The Commission is working with researchers and stakeholders to develop a Common Frame of Reference for contract law as a form of handbook identifying best solutions in European contract law and giving guidance on the different approaches used, with a view to providing common definitions, principles and model rules for use in lawmaking (see COM 2004 (651) final: â€Å"European Contract Law and the revision of the acquis: the way forward†). DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 5 II. Tax barriers a) Execution risks 14. As mentioned earlier, mergers and acquisitions are complex processes. Despite some harmonised rules, taxation issues are mainly dealt with in national rules, and are not always fully clear or exhaustive to ascertain the tax impact of a cross-border merger or acquisition. This uncertainty on tax arrangements sometimes requires seeking for special agreements or arrangements from the tax authorities on an ad hoc basis, whereas in the case of a domestic deal the process is much more deterministic. The Merger Directive (90/434/EEC) provides for the deferred taxation of capital gains arising from cross-border corporate restructuring carried out in the form of mergers, divisions, transfers of assets or exchanges of shares. Taxation of the capital gain is deferred until a later disposal of the assets. In October 2003, the Commission put forward a proposal to improve the Mergers Directive (90/434/EEC), which aims at clarifying the scope of the Directive as well as ensuring it applies to European Companies and European Co-operative Societies. Political agreement by the Council was reached on 7 December 2004. 15. The uncertainty on VAT regime applicable to financial products and services may put at risk the business model or envisaged synergies. The EU's VAT legislation in this area is badly in need of modernisation and because of its inadequacies, there is an increasing tendency to resort to litigation. The outcome can often be uncertain and as a result tax implications may place a question mark over otherwise sound business strategies. In recent years, the number of significant ECJ cases on VAT and financial services has increased steadily. Individual judgement may indeed clarify the law in particular circumstances but often at the cost of consequences which may not always be compatible with overall Community policy objectives. To take just one example, case C-8/03, Banque Bruxelles Lambert SA vs. Belgian State, the ECJ arrived at a judgement on the VAT treatment of open-ended investment companies (SICAVs) which has the potential to create tension in achieving the objective of equality of treatment and sustaining a level playing field for operators across the EU. In the absence of legislative measures, it is inevitable that the Court will play an increasing role with uncertain consequences. The Commission has attempted to address the provisions of the 6th VAT Directive (77/388/EEC) dealing with financial services but without much success. DG Taxud is currently looking at the distortive effect of these provisions and intends to proceed with a process of modernisation which will better ensure their compatibility with the objectives of the Internal Market and give business greater certainty about the tax implications of business decisions. ) One-off costs 16. The principal relief from the Merger Directive (90/434/EEC) is the deferral of tax on the capital gains on the assets transferred in a transaction covered by the Directive. However, in some cases where the Directive does not apply, special corporate structures have to be put in place to avoid such an exit tax on capital gains. This is for instance the case when permanent establishments are transferred from one Member State to another, by a holding company located in a third Member State. It can also occur when a subsidiary is converted into a branch. See comment of  §14. Also related to this issue is the judgement published in March 2004 (case C-9/02 – de Lasteyrie du Saillant) by the European court which ruled that taxation on unrealised capital gains of a natural person moving to another Member State constitutes an obstacle to the freedom of establishment. c) Ongoing costs 17. The issue of transfer pricing is a complex one for a group operating in several countries. As was evidenced in the Commission’s Communication â€Å"Towards an Internal Market without tax obstacles – A strategy for providing companies with a consolidated corporate tax base for their EU-wide DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 6 activities† (COM(2001) 582), a lack of common approach to allocate profits may rise to numerous problems on the fiscal treatment of intra-group transfer pricing, notably in the form of high compliance cost and potential double taxation. The Commission set up a â€Å"EU Joint Transfer Pricing Forum† with Member States and business representatives, meeting on a regular basis. Bringing together all parties concerned to discuss the issues at stake it helps to reach a better common understanding and allows to identify possible non-legislative improvements to the practical problems in order to reduce compliance cost and prevent disputes. 18. A group operating across several Member States may wish to centralize support functions to increase operating efficiency. But in many cases the result will include creating a VAT penalty on the inter group supply of services (e. . legal services or other back technical operations) to another Member State. Given that in the financial services sector VAT is at best only partially recoverable, this represents significant additional costs that penalised cost synergies to expect from a crossborder merger when compared to a national merger. This tax penalty on cross-border shared ser vice operations is in addition to the general bias towards vertical integration which is widely perceived as a barrier to efficiency in the existing VAT provisions. See comment of  §15. 19. The lack of a homogeneous system of loss compensation across the EU affects the profit taxation at the group level. A group with several subsidiaries in the same Member State may offset profits in some of them by losses in others, whereas it will be more difficult, if possible at all, with a group with subsidiaries in several Member States. Therefore groups may prefer intra-domestic consolidation to enjoy wider diversification effects as they may benefit from direct horizontal loss compensation instead of deferred and incomplete vertical compensation between subsequent fiscal years. ? In the pending case C-446/03 (Marks & Spencer), the European Court Justice has been asked whether it is contradictory to the EC treaty to prevent a company to reduce its taxable profits by setting off losses incurred in other Member States, while it is allowed to do so with losses incurred in subsidiaries established in the State of the parent company. 20. Specific domestic tax breaks may favour specifi c, non-harmonized products or services, with the result that every institution has to provide this service or product if it wants to remain competitive. In such a situation, a merger between two entities located in that domestic market may yield synergies of scale, whereas it will be more difficult to exploit comparable synergies for a foreign institution taking over a domestic one, while not being entitled to the tax break in their home state. 21. In some cases, there may be discriminatory tax treatments for foreign products or services, i. e. products or services provided from a Member State different from the one where it is sold. Therefore, a cross-border group will be disadvantaged when trying to centralise the â€Å"industrial functions† (e. g. asset management functions) over a domestic group since the latter may keep all its value chain within the country and still benefit from synergies. In the area of asset management, the Commission has opened a number of infringement cases to examine the tax treatments of dividends on foreign investment funds that could potentially be discriminatory (infringements 2000/5059 vs. DE, 2002/4714 vs. AT, 2003/2009 vs. FR, 1994/476 vs. EL, 2003/2010 vs. IT). 22. The impact of taxation on dividends might influence the shareholders’ acceptance of a cross-border merger. Even though a seat transfer or a quotation in another stock market might be justified for economic reasons, groups of shareholders could be opposed to such an operation if it implies higher non-refundable withholding tax, and thus lower returns on their investments. See COM(2003) 810 for a presentation of the different tax schemes applying to dividends across the EU. In the cases C-315/02 (Lenz) and C-319/02 (Manninen), the European Court of Justice ruled in 2004 that taxation on DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 7 dividends should make no distinction between dividends originating from domestic companies and those originating from companies established in another Member State. In particular, tax credit mechanisms or reduced rates should apply equally to all dividends distributed by any company established in the EU. III. Implications of supervisory rules and requirements a) Execution risks 3. A cross-border merger may highlight gaps or imperfections in the regulatory framework which may make regulators feel uncertain how to proceed, leading to delay, the imposition of specific measures or a veto of the proposed merger. In the banking sector, for example, the emergence of large cross-border groups might raise local supervisors’ concerns regarding financial st ability (e. g. the ongoing discussions on deposit guarantee schemes). In other sectors such as exchanges which had traditionally operated within one national market, regulators may be unclear how to operate in a cross-border context. ? The Economic and Financial Council is examining the effects of increased integration of the financial sector on financial stability and crisis management. Several areas, among which deposit guarantee schemes, are being scrutinized to ensure that the regulatory and supervisory framework is adapted to cross-border consolidation. 24. The misuse of supervisory powers, notably regarding those related to the approval of changes in the shareholding, have also been indicated as raising obstacles to cross-border consolidation. Although it was confirmed by the Commission that such powers should only be used on prudential grounds (Champalinaud case), the current legislation offers significant leeway for supervisors to veto cross-border consolidation. Following the mandate given by the Economic and Finance Council at their Informal Scheveningen meeting (10 and 11 September 2004), the Commission is considering the relevant provision of the Codified banking Directive and has put a discussion paper to the Banking Advisory Committee on 24 November 2004. A similar discussion took place at the Insurance Committee on 1 December 2004. 25. The complexity of the numerous supervisory approval processes in the case of a cross-border merger can also pose a risk to the outcome of the transaction as some delays must be respected and adds to the overall uncertainty. In particular, in the case of a merger between two parent companies with subsidiaries in different countries, ‘indirect change of control’ regulations may require that all the national supervisors of all the subsidiaries must approve the merger. b) One-off costs c) Ongoing costs 26. Despite a common regulatory framework, there might be significant divergences in supervisory practices at the level of institutions. Such divergences might be explained by optionality in the harmonised rules, including provisions taken at national level that exceed the harmonised provisions (‘superequivalent’ measures), or lack of coherence in enforcement of common rules. The consequence is a limit on homogeneous approaches, and therefore synergies, of risk control and risk management within a cross-border group. The Lamfalussy approach has been extended to the areas of banking and insurance, which i. . provides for EU supervisory committees in charge of achieving greater convergence in supervisory practices. The new Capital Requirements Directive provides an enhanced framework for supervisory cooperation, as will the upcoming Solvency II Directive. 27. The multiple reporting requirements, in some cases combined with a lack of transparency in terms of requirements and d efinitions, may also impose a significant and costly administrative burden on DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 8 cross-border groups. Indeed, a cross-border merger might cause heavier reporting requirements compared to those imposed on the two entities that are being merged. Instead of creating cost synergies as in a domestic merger, a cross-border might even create additional costs. The Commission set up a forum group which set out several recommendations in a report published in June 2003. To follow-up on these recommendations and within the overall so-called â€Å"Pillar II† work, the Committee of European Banking Supervisors is investigating the technical solutions to enable a streamlined reporting regime in the field of banking. IV. Economic barriers a) Execution risks b) One-off costs 28. The fragmentation of the European equity markets may impose additional transaction cost on a cross-border merger. For instance, the exchange of share mechanism can be complex, and more expensive, when the two entities involved are listed on different stock exchanges. The additional costs might also influence the bidder on the type of deals (i. e. cash vs. exchange of shares). c) Ongoing costs 29. Independently of the legal frameworks or tax incentives (see  §13 and 20), some differences in product mix, are explained by habits, preferences or even history. This is especially true for the most common products, such as payment instruments. As a result, the potential for product rationalization resulting from a cross-border merger is more limited than for a domestic merger. 30. In cross-border groups, there are also more non-overlapping fixed costs, which cannot be spread over several countries. Indeed, even without legal, tax or prudential barriers, there would remain differences between Member States that would require a differentiated approach to be adapted to the local environment. This limits potential synergies. The most obvious example is language, and the implications in terms of customer services for instance. 31. The low level of cross-border consolidation might also be explained by a lack of potential targets, due to the lack of middle-size institutions. National consolidation of middle-size institutions resulted in the emergence of rather large and complex institutions. The few examples of cross-border mergers seem to indicate that it implies more often a big institution taking over a middle-size one. Taking over a big institution may perceived as too complex (and risky), whereas the takeover of a small one might not be sufficient to offset the induced costs. 32. The absence of critical size in some market segments (e. g. investment banking) may incite institutions to enter into a niche strategy, where the advantages of cross-border mergers that create large players is less evident from an economic point of view. Indeed, not only it would be difficult to find synergies between two niche players, but also absolute size would not necessarily be an advantage if an institution wants to maintain its competitive advantage in its niche market. 3. Domestic mergers can contribute to increase market power, and therefore increased profitability even without any cost synergies (i. e. raising the income while maintaining the costs at a constant level). Since most of the retail markets are still organized on a national basis, cross-border mergers yield very few, if any, increased market power. 34. Differences in economic cycles across the different Member States may also play a role, in that the economic environment has a strong effect on bank profitability. Different strategies might be DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 9 needed for different macroeconomic conditions, and therefore it might limit the scope of a potential pan-European strategy implemented at the level of a cross-border group, whereas domestic groups face a single economic environment. However, this could also be a driver for consolidation, as those differences in cycles can help to smooth the profitability by reducing risk and earnings volatility through geographical diversification. V. Attitudinal barriers ) Execution risks 35. Openly or not, some Member States may promote a â€Å"national industrial policy†, aiming at the creation of â€Å"national champions†. Among possible justifications, some may argue that such a policy may ensure adequate financing of the national economy. Political considerations may also play a role with recently privatised companies or institutions that have received public money. This political interference may block a cross-border merger, even though such this transaction is compatible with the existing rules. Such interference might not require formal powers or rules to materialize. Indeed, as evidenced in the previous sections, there are many obstacles to overcome to carry through a cross-border merger that it is realistic to think that no cross-border merger can be achieved if there is a strong political opposition. In addition, such a policy may lead to tolerance of high levels of concentration at a domestic level, allowing (or even encouraging) domestic consolidation over cross-border consolidation and making it even more difficult to accept a foreign takeover of a national institution with a significant market share. 36. Employees’ reluctance within the target company of a cross-border deal might also pose a threat to the successful outcome of the transaction. Indeed, employees may not accept to be managed from another country. A public opposition to the project may influence analysts’ assessment. Also employees may play a role if they have a participation in the company. 37. Cross-border mergers may imply a change in the place of quotation, or even in the currency of quotation. Shareholders’ acceptance of quotation changes may be limited, even all risks or tax impacts are eliminated. Indeed, the place of quotation may have an important symbolic value. 8. Given that cross-border mergers are complex and need to overcome a number of execution risks (as evidenced in this document), there might be an impact on shareholders’ and analysts’ apprehension of failure risk when it comes to cross-border mergers. b) One-off costs c) Ongoing costs 39. Interference with political considerations may also have consequences in the structures put in place after a cross-border merger. Such political concessions (e. g. guarantees of level of employment, no headquarter moves, protection of the local brand) may help in getting the merger through the ifferent obstacles, but constrain the resulting cross-border entity in realising the full potential of the merger as options may be severely limited. 40. Consumers may mistrust foreign entities, meaning that all parameters being equal, a local incumbent may have an advantage over a competitor identified as foreign. This explains why foreign institutions often prefer to keep a local brand, even though it might impede synergies across certain functions (e. g. marketing) or slow down the integration process (transition from one brand to another over a long period of time). DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 10 Summary I. Legal Barriers II. Tax barriers III. Implications of supervisory rules and requirements IV. Economic barriers V. Attitudinal barriers a) Execution risks 1. Legal uncertainty 2. Opaque decision making processes 3. Legal structures 4. Limits or controls on foreign participations 5. Defence mechanisms 6. Impediments to effective control 7. Difficulties to assess the financial situation 14. Uncertainty on tax arrangements 15. Uncertainty on VAT regime 23. Concerns regarding financial stability 24. Misuse of supervisory powers 25. Supervisory approval processes 35. Political interference 36. Employees’ reluctance 37. Shareholders’ acceptance of quotation changes 38. Shareholders’ and analysts’ apprehension of failure risk b) One-off costs 8. Restriction on offers 16. Exit tax on capital gains 28. Fragmentation of the European capital markets c) Ongoing costs 9. Employment legislation 10. Accounting systems 11. Divergent consumer protection rules 12. Data protection 13. Differences in private law 17. Transfer pricing 18. Inter-group VAT 19. No homogeneous loss compensation 20. Specific domestic tax breaks 21. Discriminatory tax treatments 22. Taxation on dividends 26. Divergences in supervisory practices 27. Multiple reporting requirements 29. Different product mixes 30. Non-overlapping fixed costs 31. Lack of middle-size institutions 32. Absence of critical size 33. Market power 34. Differences in economic cycles 39. Political concessions 40. Consumer mistrust in foreign Entities Conclusion: Whether benefits outweigh costs depends on whether total trading volume increases subsequent to listing abroad (Mittoo 1992). Although financial markets are becoming more integrated globally, geography still has a role to play. More precisely, regulations, technological variances, market barriers and legislation vary in different regions. Barriers still exist and stock exchange markets are trying to continuously bring those down by creating strategic alliances. Cross-listing provides several advantages to firms; they are able to reduce the cost of their equity capital as they can reduce the risk to investors. The company’s firms become more liquid and there is also better flow of information on the exchange markets. In such a way, cross-border listing becomes advantageous both for investors as well as the company itself