Economic Terms and Health Care History - 879 Words

Economic Terms and Health Care History In this paper the author will describe the history of health care economics along with the evolution and timeline of health care funding. Gaining insight from economical terms can assist with understanding the history and future changes; terms such as, elasticity, inelasticity, supply and demand. Health care costs are changing over the years and by understanding the history of health care economics will help individuals be prepared for future amendments. History, evolution and timeline of funding. Economics in the United States (US) health care is experiencing transformations during the course of history. Previously, the economical changes in health care may be due to the evolutionary†¦show more content†¦In the 1960’s, The Social Security Act, employer-provided health insurance and the government had taken responsibility in health insurance. The additions would provide insurance for the elderly and less fortunate; these de veloping expectations would alter supply and demand (Getzen Allen, 2007). Understanding how the flow of funds falls in line with knowing what transactions take place between sellers and buyers. It is best to also understand where the monies sources come from, how the money flows throughout the system and how the funds are used; and how to make the right choices based on if the resource of supplies in greater than the need to have the product no matter what the cost will be; this process is known as elasticity or inelasticity (2007). Examining how these behaviors and decision process are broken down into branches of economics is known as microeconomics. All the components that allocate how decisions are made for resources affects the need for supply and demand. Particularly, microeconomics deals with market breakdown. An example can be when the market does not resourcefully arrange or distribute services and goods to the consumer (2007). Inefficient organization of production will result in an unsatisfied buyer being able to purchase their necessities. However, if a microeconomic production is doing well, it will avoid difficult circumstances and profit in all aspects. In the text HealthShow MoreRelatedHcs/440 Individual Essay755 Words   |  4 PagesEconomic Terms and Health Care History Amber Rainwater HCS/440 Economics: The History of Health Care February 26, 2012 Health Care History Throughout the history of the United States, the economics of the health care system has experienced many changes. There are many factors to consider that has been the drive behind many of the changes within the health care system. Medical and surgical technologies are some factors that relate to the changes in health care. Besides these factors, allocatingRead MoreHistory and Evolution of Health Care Economics Essay936 Words   |  4 PagesHistory and Evolution of Health Care Economics University of Phoenix History and Evolution of Health Care Economics Health care economics have drastically changed over the course of history in the United States. While some can contribute these changes due to the evolutionary changes the US has undergone since her inception, the major contributing factors that influence the changes in health care economics are advances in technology and medical care. By understanding the history of healthRead MoreThe Health Care System Is Designed, And How It Functions1345 Words   |  6 PagesAll of my courses have enhanced my understanding of how the US health care system is designed, and how it functions. I have gotten a clearer glimpse into how it is supposed to work, in theory, though I am aware of some the pitfalls of the system, in practice. But I would say my coursework in HCA 6200 (US Heatlh Care System), HCA 6275 (Evolution of Managed Care) have enhanced my awareness of the social, economic, political factors affecting the practice of healthcare professionals. They have affectedRead MoreBusiness P roposal Economic Analysis1552 Words   |  7 Pagesï » ¿The United States health care system relies heavily on private health insurance, which is the main source of coverage for most Americans. According to the Center of Disease Control, approximately 58% of Americans have private health insurance. The primary public programs are Medicare, a federal social insurance program for seniors and certain disabled individuals and Medicaid, also referred to as Medical. These two are funded jointly by the federal government and states but managed at the stateRead MoreEconomics : The Financing Of Health Care1379 Words   |  6 Pages Thomas Gordon Healthcare Economic History ECONOMICS: THE FINANCING OF HEALTH CARE March 2, 2016 Lena Watson Health Care History The United States HealthCare System is pushing and getting ready to have a huge reformation. It is evolving on a major substantial evolution from its organization, management structure, and payment structure. The economic component of healthcare is equally important to better understanding the order to structure stature and is very successful. InRead MoreHealth Care Coverage in the United Staes Essay1021 Words   |  5 PagesHealth care coverage in the United States is a big business with a relatively recent history. For a company like Castor insurance, providing health care coverage is just as much of a business enterprise as any venture undertaken by a modern organization. As with any business, the central goal idea is to ensure ongoing profitability and viability in an every changing and increasingly competitive environment. Therefore, before offering any company insurance coverage, there are, important economic factorsRead MoreDomestic Factors: Insurance Companies Essays1131 W ords   |  5 Pagesproblematic concerns of nature pertaining to health care that are unforeseen and all may possibly not be addressed by government, privatization or through subsidies. The nature of the issue is that countless individuals in society are deficient or without any accessibility to health care and insurance coverage. Since the expenses of health care are encumbering patients’ capabilities to afford medical treatment and management. Asymmetric information affects the health care and insurance market because thoseRead MoreThe New Eldercare Service Model Must Be One Of Inclusion1293 Words   |  6 Pages Chapter Health Disparities in America The new eldercare service model must be one of inclusion. We can no longer afford to marginalize any group of seniors. –Author Introduction I n the United States, wealth is the strongest determinant of health; and the strength of this relationship is profound and continues to increase. Wealth confers many benefits that are associated with health and quality of life outcomes. Wealth creates disparities in high quality education, employment, housing, childcareRead MoreHealth Care Organizations Essay920 Words   |  4 Pagesmost likely will cause health care organizations to merge. Provide support for your rationale. Cost is the driver that will most likely cause healthcare organizations to merge. Most healthcare organizations have issues with spending. Most industries today are faced with a variety of obstacles in achieving or remaining profitable. The healthcare industry is no exception. Profitability is enough of a challenge under normal circumstances, but especially so during fragile economic times. Uncertain revenueRead MoreThe Economics Of Pediatric Head Injury1435 Words   |  6 PagesSTATEMENT OF GRANT PURPOSE Sonia Singh, United Kingdom, Health Economics The Economics of Pediatric Head Injury Economic evaluation of health care delivery is a global necessity. The U.S spends 17% of its GDP annually towards health care compared with 8-9% by Australia and the United Kingdom. In contrast, when comparing government spending of cash and services for families with children, the U.S. spends 2.4% of its GDP per child under 15 years, compared to 11.8% in the U.K. and 8.9% in Australia

The Mexican American Border And Its Effects On The United...

I am writing this letter to respectively bring your attention to the Mexican-American border, its damaging effect on the United States economy, and potential solutions to this specific situation which has become known as the Border Crisis. As you may already know, the border runs from Tijuana, Baja California to Tamaulipas and Texas. According to the International Boundary and Water Commission, the border’s length is 1,954 miles and is the most frequently crossed international border, mainly by undocumented immigrants from Mexico and Central America. As an attempt to contain this influx of illegal migration, former President George W. Bush signed the Secure Fence Act of 2006 stating, â€Å"This bill will help protect American people. This bill will make our borders more secure. It is an important step toward immigration reform.† While Mr. Bush may have had the United States’ safety at heart, one must question if the border fence is actually helping the economy or hurting it? There are several problems that have risen following the creation of the border fence; immigrants coming from The Northern Triangle have actually increased, Texas has become the deadliest entry state, undocumented and unaccompanied children are costing taxpayers even more, and simply maintaining the border fence is a very high cost. To start with, when people hear the word â€Å"immigration†, many automatically refer to Mexican immigrants. However, few tend to realize that the majority of immigrants are comingShow MoreRelated Nafta Essay1069 Words   |  5 Pages The North American Free Trade Agreement or as its most commonly known NAFTA â€Å"is a comprehensive rules-based agreement between the United States, Canada, and Mexico†, that came into effect on January 1,1994. All three countries signed it in December of 1992; later on November of 1993 it was ratified by the United States congress. NAFTA was not only used in cutting down on tariffs between both countries but it also help deal with issues such as Transportation, Border Issues, and Environmental IssuesRead MoreThe Dangers Surrounding the United States and Mexican Boarder1048 Words   |  4 Pagesto provide for their family and the slight chance of a better life. The immigrants crossing the U.S border from Mexico are the ones taking the deadly journey through the fiery desert. They all have different backgrounds, family but the one thing they all share is the goal of escaping poverty to find riches in the united states â€Å"and there it was, the line dividing not just two countries, but the developed and developing worldsRead MoreMexican Drug War : The United States And Mexico1055 Words   |  5 PagesNarco History: How the United States and Mexico Created the â€Å"Mexican Drug War† analyzes Mexico’s modern history and how the country has seen a dramatic rise of drugs and consequently an increase in the number of people associated with drug cartels and also fighting between drug organizations resulting in bloodbaths all around Mexico. The Mexican government has declared a war on drugs, this period has seen the deaths of thousands of people that has put the country in a crisis state. Mexico s drug worldRead More American Economy in Today’s World Essay547 Words   |  3 PagesAmerican Economy in Today’s World It is often wondered how the superpowers achieved their position of dominance. According to time magazine, to be a superpower, a nation needs to have a strong economy, an overpowering military, immense international political power, and related to this, a strong national ideology. Three of the articles that impacted me the most were: As U.S. economy slows down, Profits Rise in Pressure on U.S. Owned Factories in Mexico Border Zone, and last but not least PovertyRead MoreThe Functional Equivalent Of The Border And The Fourth Amendment1673 Words   |  7 Pagesfunctional equivalent of the border and the Fourth Amendment closely tie together in the fact that although the government has the power to conduct warrantless border searches, in the essence of the law, the Fourth Amendment strictly prohibits unreasonable searches and seizures and requires a warrant to be present to conduct the search. Understand when mentioning â€Å"functional equivalent†, this means the final port o f entry after persons and property have entered the United States. The Fourth Amendment originallyRead MoreEssay on Immigration Issues Between UU And Mexico1256 Words   |  6 Pagesmay be anywhere between 4 to 12 million undocumented immigrants living in the United States. For undocumented immigrants from Mexico, population experts have discovered that there is a constant flow of both immigrants into the US and leaving the US . This is the primary reason why the exact number remains unknown. Mexicans make up the single largest group of undocumented workers. Many cross illegally into the United States each year looking for work. Experts suggest that many of these workers acquireRead MoreEssay about Mexican Lives by Judith Adler Hellman1239 Words   |  5 PagesMexican Lives by Judith Adler Hellman   Ã‚  Ã‚  Ã‚  Ã‚  The author of Mexican Lives, Judith Adler Hellman, grapples with the United States’ economic relationship with their neighbors to the south, Mexico. It also considers, through many interviews, the affairs of one nation. It is a work held to high esteem by many critics, who view this work as an essential part in truly understanding and capturing Mexico’s history. In Mexican Lives, Hellman presents us with a cast from all walks of life. This enables aRead MoreCrucial To Understanding The Appeal Of A Multi-National1714 Words   |  7 Pagestheir long-term benefits. Free trade’s opponents focus their criticism on the deals’ short-term consequences, such as ephemeral job loss in the state with higher labor costs. A temporary decline in employment does not outweigh the long term benefit of an economic deal such as NAFTA, which had the potential to refocus billions of dollars on goods which American industry is more efficient at producing in a process known as creative destruction. Using international relations concepts, I will explain whyRead MoreEssay on We Must End Illegal Immigration in the United States1391 Words   |  6 PagesEveryday illegal immigrants try to come to the United States for freedom. The United States government should double the patrolling of the borders and the coast of the United States in order to keep out illegal immigrants. We need to some how create a program that will end illegal immigration. Ensuring that people who enter the United States illegally will not be able to obtain employment, public assistance benefits, public education, public housing, or any other taxpayer-funded benefit should beRead MoreMexican Immigration1346 Words   |  6 Pagesand negative opinions. Short term influences include Mexican food, Mexican events like Cinco de Mayo, Mexican music, and many other things from their culture. 2nd generation immigrants influence the amount of cheap labor filled up in the countr y, and Mexican culture being accepted into the mainstream such as entertainment. Long term impact of these immigrants may result in general acceptance of Mexican immigration, a backlash against the Mexican immigration, or possibly easier ways to move to

Shakira on Philantrophy Free Essays

Maybe most of you known Shakira as one of the greatest Latin American singer ever but most of you may not know her as an activist. BAREFOOT FOUNDATION In 1997 at the young age of 20, Shakira founded the â€Å"Pies Descalzos† (â€Å"Barefoot†) foundation, after the great success of her record â€Å"Pies Descalzos†, in order to help Colombian poor children not only to get an appropriated education, but to be healthy and nourished. She says that the children are the future of every country, especially in Latin America, so we should give them all the tools they need to succeed in life. We will write a custom essay sample on Shakira on Philantrophy or any similar topic only for you Order Now On 2003 Shakira and the ex Chancellor and ex education Minister Maria Emma Mejia started to work together and Maria assume the Executive President of the Barefoot Foundation. The Foundation moved from Barranquilla to Bogota and began working on a massive program of nutrition for children from disadvantaged areas and displaced communities in Colombia On 2004 the foundation began the construction of the first educational institution which provided attention to 1565 children; also they opened offices on Quibdo. Now they give psychosocial help. On 2006 it was made the ‘First Strategic Plan 2006 – 2008’, whose main goal is the comprehensive care of children on vulnerable areas or displacement areas. They made the educational intervention strategy stronger which care about of 3,072 children and young people. Also it strengthens the comprehensive model of community development center, taking care to 10,500 people around. Because this foundation not only care about children but care about their families since they’re the people that spend more time with them and so if they’re fine, the children would be too. That year, 52 000 people donated money, which raised $15 000. The second building of School District Las Americas is constructed in Barranquilla, with the support of European foundations. Om 2008 it elaborates the ‘II Strategic Plan for the triennium 2009 – 2011’, whose mission is to implement a model of quality public and private assistance support. So far the Barefoot Foundation has built 4 schools on 3 different cities of Colombia that are: Barranquilla, Quibdo, and Altos de Cazuca. Their new challenge is to build schools in Cartagena also implement a project which is concern about the people there and the environment. BARRANQUILLA * Educational Institute of the Americas The Barefoot Foundation began its work there in 2004 and through several programs now helps 680 children, young people, and their community * Educational Institution Barefoot Foundation- Township La Playa This Public School, was built and opened in 2009 and now helps 1469 children, youth and the community there. Quibdo Educational Institution Barefoot Maria Berchmans The Barefoot Foundation began its work in 2004 and through several projects now helps 1225 children, young people and people of the area. There they help displaced families from the tragedy of Bojaya. Altos de Cazuca Gabriel Garcia Marquez Educational Institution Located in the commune of 4 de Altos de Cazuca in Soacha, where most of the victims of displacement and high levels of poverty are settled , from Boyaca, Santander, Cundinamarca, Tolima, Huila, the Pacific Coast and the Eastern Plains. The Barefoot Foundation supports this Public School since 2005 and through various educational projects now serves 1340 children and young people and 814 families in the sector THE LAST SCHOOL WAS BUILT THANKS TO CONTRIBUTIONS BY DONORS LIKE SHAKIRA, THROUGH PROCEEDS FROM HER 2006 BARRANQUILLA CONCERT, AND CONTRIBUTORS LIKE THE HOWARD BUFFET FOUNDATION, THE GERMAN TELEVISION NETWORK RTLTV, THE CITY OF MADRID, HARD ROCK CAFE AND SEAT. Pies Descalzos Programs If I eat well, I will learn more Pies Descalzos Foundation believes that if children are hungry, not nourished or unhealthy they can’t pay attention in class and they feel weak or lazy, so the foundation have this program in order to reduce malnutrition and encourages a healthy life so the kids improve their learning If I learn more, I can be more Good spaces for children to be educated are important since they feel comfortable, that’s why Pies Descalzos has implement with great equipment on its schools so children are able to have the tools they need to have a quality education If I smile more, I can achieve more Bad experiences can give children terrible traumas. Through this program Pies Descalzos help children who have been victims of violence, not just to overcome a trauma but also to help them adjusting to the school setting. So they use art, music and any kind of assistance like psychological to support them and their families Family income Most of the children Pies Descalzos help have to work because they are alone and they need to survive or just because their parents haven’t enough money to maintain the family. That’s why this program is very important, since Pies Descalzos provides economic opportunities for the families, so the children don’t work anymore and go to school. This program helps build projects that benefit children and their families. Sponsor a Child You can be a monthly sponsor of a kid, called a â€Å"Godparent† so you can help a Colombian child receive an education, uniforms, books, nutritious food, recreational activities and homework support while also letting him or her know that they matter. UNICEF After being working for 5 years on her barefoot foundation, Shakira was named goodwill ambassador for UNICEF How to cite Shakira on Philantrophy, Essay examples

U.S.- Japan Trade free essay sample

Examines conflicts, economic political environments, strategies, exchange rates, Clintons New Economic Partnership, barriers to American exports, foreign investment, export subsidies and more. Includes a chart. Introduction There has been much publicity surrounding trade practices within Japan, particularly with regard to that nations trade with the United States. Japan is one of the United States major trading partners, and the various regulations and policies which the two countries pursue are critical to the long-term success of this relationship. Amid cries of protectionism and similar complaints, there has been increasing pressure on the Japanese to open their markets to American products and companies, while the Japanese assert that the technically inferior American products are simply not in demand in Japan. This research examines the current trade relationships that exist between the United States and Japan, and considers the opportunities for American companies seeking to do business in Japan.

Dsl Vs Cable Essays - Modems, Internet Access,

Dsl Vs Cable Cable Modems and ADSL Two modem technologies have emerged over the past year for switched data communications services. Cable Modems operate over two-way hybrid fiber/coax and provide user rates as high as 10 Mbps. ADSL Modems (Asymmetric Digital Subscriber Lines) operate over existing copper telephone lines and provide rates as high as 9 Mbps. Both technologies address the large markets for Internet access, remote LAN access for work at home and telecommuting, and network access for the hundreds of millions of personal computers in place today and to be sold over the next ten years. Cable modems may offer more raw speed than ADSL, but that advantage is compromised by inevitable reductions in available cable modem speed. Cable modems share a line with tens of other users; as more users join a line, the capacity available to any one inevitably drops. The top speeds of both technologies will not be usable for years anyway. Internet server speeds, network delays, and personal computer limitations will hold usable rates at or below 2 Mbps for some time. ADSL offers higher security and reliability profiles. Both technologies are at about the same state of maturity and integration. Cable modems may offer a less expensive network solution because of its shared architecture, but that differential is more than offset by infrastructure costs required to upgrade existing networks. The largest advantage of ADSL, and it is a significant one, is the number of telephone lines already installed that can support ADSL, or prospectively available with network upgrades. Today the global ratio is in the order of 400 million to 6 million, or about 60 to 1. Aggressive upgrades will not improve the ratio to better than 10 to 1 in the next five or six years. Even in the United States the ratio today is in the order of 20 to 1, and will not likely get better for CATV suppliers than 3 to 1 over the next five or six years. The end of 1997 will have sold two hundred million personal computers. At present run rates, another 240 million will be added by 2001 as PCs start to approach the global population of televisions. Small offices and residences will absorb at least 25% of them, or 100 million. Forester has projected 6 million cable modems will be installed by the year 2000. With suitable pricing, telephone company connections could be triple that number, yielding an altogether reasonable figure of 25 million personal computer users operating at megabit rates as the century turns. BASIC MODEM TECHNOLOGIES Cable Modems. While cable modems come in many forms, the most typical create a downstream data stream out of one of the 6 MHz TV channels that occupy range above 50 MHz (and more likely 550 MHz). An upstream channel carved out of the currently unused band between 5 and 50 MHz. Using 64 QAM, a downstream channel can realize about 30 Mbps (the speed of 10 Mbps refers to PC rates associated with Ethernet connections). Upstream rates vary considerably from vendor to vendor. The downstream channel is continuous, but divided into cells or packets, with addresses in each packet determining who actually receives a particular packet. The upstream channel has a media access control that slot user packets or cells into a single channel. To avoid collisions, the system gates each upstream packet onto the network with control signals embedded in the downstream information stream. (Some cable modem configurations divide the upstream into frequency channels and allocate a channel to each ! user. Others combine the two multiplexing methods. A few modem companies are proposing techniques like spread spectrum or code division multiplexing to provide more robustness in the presence of ingress noise.) Cable modem rates do not depend upon coaxial cable distance, as amplifiers in the cable network boost signal power sufficiently to give every user enough. Variation in cable modem capacity will depend rather on ingress noise in the line itself and the number of simultaneous users seeking access to a shared line. ADSL. Asymmetric Digital Subscriber Lines locate modems on either end of existing copper telephone lines. As the name suggests, they realize downstream speeds up to 9 Mbps, but upstream speeds up

5 Assorted Usage Errors

5 Assorted Usage Errors 5 Assorted Usage Errors 5 Assorted Usage Errors By Mark Nichol Using the right word for the job, or considering whether a word is needed at all, distinguishes careful writing from careless writing. Discussion and revision of the following sentences illustrate various ways in which writing can be improved by word-by-word attention to detail. 1. Here’s a list of several webinars that we have hosted that we think you may be interested in. The conjunction that is often optional in a sentence, but when it appears twice in a sentence, omit at least one expendable instance: â€Å"Here’s a list of several webinars we have hosted that we think you may be interested in† (or â€Å"Here’s a list of several webinars we have hosted we think you may be interested in†). 2. Smith snapped back in a rare display of emotion during an otherwise unflappable matter-a-fact testimony. Venerable idiomatic phrases a writer may have heard spoken but not seen written out may be misheard or misremembered and subsequently erroneously recorded, so always double-check the exact wording of such phrases: â€Å"Smith snapped back in a rare display of emotion during an otherwise unflappable matter-of-fact testimony.† 3. Jones’s teammates stressed how little he stresses in the postseason. Stress is often used as a synonym for emphasize, but it is better to employ it only to refer to physical or mental pressure, and emphasize is especially preferable if, distractingly, both senses of stress are used in the same sentence: â€Å"Jones’s teammates emphasized how little he stresses in the postseason.† 4. He’ll make his first scheduled public remarks at the state convention, where he is expected to address his future plans. Plans are, at least in the context of this sentence, something pertaining to the future, so future is redundant here: â€Å"He’ll make his first scheduled public remarks at the state convention, where he is expected to address his plans.† Always scan your writing to delete such extraneous wording. (See this DailyWritingTips.com post and this one for more examples.) 5. Depressed labor markets incent people to monetize their possessions, time, and talents in whatever ways they can. This sentence is a matter of aesthetic consideration rather than error, but avoid using neologisms when perfectly adequate (and often superior) antecedents exist: â€Å"Depressed labor markets incentivize [or â€Å"motivate†] people to monetize their possessions, time, and talents in whatever ways they can.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Usage Review category, check our popular posts, or choose a related post below:Definitely use "the" or "a"Precedent vs. PrecedenceParticular vs. Specific

Applying Tactics, Actions and Control planning system on Chicken Essay

Applying Tactics, Actions and Control planning system on Chicken Cottage restaurent - Essay Example They wanted to create a logo which can be memorable for all and also create brand recognition for the company in the mind of the customers. The company was been founded by Mohammad Khalid. It has 115 outlets in UK and outlets in the other countries like Dubai, France, South Africa, Libya, Algeria, Pakistan, Iraq, Iran and Sweden. It is also planning to expand its business in other parts of world in certain other countries like Canada, china, Australia and India. In this report the Tactics, Action and Control strategies of the company will be seen which has helped the company to grow in such a huge manner and achieve such good amount of success in such a loess time and the way they are helping the company to achieve its goal. The main goal that the company has set up is to become the leading local fast food restaurant in UK. Chicken Cottage restaurant since the time of starting in 1994 has kept on growing at a constant rate. The company has made serious attempts to expand the business operations and take it to a higher level. The company has been able to open 115 outlets in the whole country and get a good visibility among the customers (Chicken Cottage, 2014). It has also been able to create a good brand image in the mind of the customers. But because of the presence of huge number of competitors present in the fast food restaurant industry in the UK market it has been a tough journey for the company and it has not been able to get the position of the market leader capturing maximum market. To help the company in increasing their market share SOSTAC model is been used to analyze. Among all the 6 factors which are situation, control, action, tactics, strategy and objectives the main three factors that are been used in this case are the Tactics, Action and Control. In this section the objectives and the goals of the company is been seen and based

Standard Practices of the Magistrate Court Outline

Standard Practices of the Magistrate Court - Outline Example The main aim of this research presented in this outline was to determine if there is a specific combination of factors that leads to a ruling of guilty, or to a guilty plea. If there is such a combination, research should show what the factors are that make it up. Should there not be an identifiable pattern to guilty pleas, the data provided by this research should be able to point future researchers in the right direction. The methodology used by the researcher was Ethnographic Observation as this allowed the researcher to quietly observe the proceedings without altering those proceedings with their presence. Multiple cases were observed in several different courtrooms to allow for maximum opportunity of fully comprehensive data. At the end of the 3-week placement, the data was analyzed and evaluated for patterns of consistency. At the end of the 3-week placement period, the data gathered was to be analyzed for patterns of consistency in what age and gender groups are most frequentl y brought before the Magistrate Court, and on what charges they are brought forth. The conclusion reached at the end of this research was that lay magistrates, unable to lean on the legal training they do not have, are essentially forced to rely on tangible evidence presented to them in the courtroom. Although the tangible evidence they rely on may or may not have anything to do with the actual case, there is clear evidence that the defendant’s appearance in court influences the judgments handed down.

Differentiate laissez-faire capitalism from state-directed capitalism Essay

Differentiate laissez-faire capitalism from state-directed capitalism - Essay Example The policy is a modification of the industrialized economy in the modern society. Laissez-faire capitalism differentiates an economy from a state. As such, crucial decision of the nation is designed to serve the economy. â€Å"A minimal role for government is called laissez-faire capitalism, from the French for â€Å"Leave us alone,† supposedly said by the French economist Vincent de Gournay (1712–1759) to a government bureaucrat† (Dahlman, Carl & William, 472). Laissez-faire capitalism entails manipulating national budgets, redistributing income and formulating national policy for an overall growth and expansion of a nation. State-directed capitalism refers to a systematic policy where the government contributes largely to the trade affairs target to improve an economy. The structure entails nationalizing resources and incorporating productive enterprise to develop the economy. The state-directed capitalism dynamics include privatization of enterprises, raising stock markets and providing investment capital for nation building. The program regulates trade affairs generating income under controlled government schematics. This system targets to develop an economy under regulated approaches originating from the government. State-directed capitalism revolves around government involvement in economic developments. The government allocates the necessary resources to generate revenues with assistance from other private markets. â€Å"Direct government participation in the economy ranges theoretically from a communist system, in which both the natural resources and the productive enterprises are nationalizedâ €”that is, owned by the government in the name of the people—to a capitalist system, in which the state defers to private enterprise and a stock market raises and allocates investment capital† (Dahlman & William, 472). . The American economy establishes a capitalist enterprise for national growth and

Do People Deserve The Death Penalty Philosophy Essay

Do People Deserve The Death Penalty Philosophy Essay What is capital punishment, and what do people do to deserve such a misfortunate fate? Capital punishment is the death penalty and is performed on criminals who have committed heinous acts of murder, rape, or a combination of the two crimes. When the words death penalty are used, it makes activists from opposite ends of the spectrum yell and scream, trying to make their voices and thoughts heard. Some people would say that using the death penalty deters criminals from performing crimes while others disagree and would say innocent people are killed needlessly with the death penalty. Regardless of the great debate, the death penalty should remain legal and be used sparingly on criminals who can be convicted and proven guilty without a reasonably doubt. The death penalty has always been a very touchy subject because of the moral obligations humanity has to the treatment of others and the obligation to the victims in acts of animosity. The death penalty was legal up until 1972, when the Supreme Court declared the punishment unconstitutional in Furman vs. Georgia (Liptak, 2007). In this particular case, Furman was burglarizing a home when the family members discovered him. In an attempt to flee, Furman tripped, and the gun he was carrying went off and killed a member of the house. He was convicted of murder and sentenced to death (Oyez Project, n.d.). However, the Supreme Court ruled that in cases similar to this one, like Jackson v. Georgia and Branch v. Texas, that the death penalty was a violation of the Eight and Fourteen Amendments which state that cruel and unusual punishment are unconstitutional. Four years later, the Supreme Court reversed the decision with Gregg vs. Georgia. Gregg was charged with armed robbery and murder whe n he robbed two men and gunned them down. Gregg was later found guilty and sentenced to death (FindLaw, n.d). The key difference between Furman vs. Georgia and Gregg vs. Georgia was that Furman fell and accidently killed while Gregg killed two men without mercy so that he could rob them. Because of Greggs actions, the Supreme Court overturned their previous decision, and the death penalty was reinstated. Despite the reinstatement of the death penalty, thirteen states in America do not have the death penalty. These states are Alaska, District of Colombia, Hawaii, Iowa, Maine, Massachusetts, Michigan, Minnesota, North Dakota, Rhode Island, Vermont, West Virginia, and Wisconsin. Without the death penalty institutionalized in these states, they have a higher crime rate than the states that do have the death penalty ( Death Penalty Information Center, 1992). According to H. Naci Mocan, an economist at Louisiana State University, there is a deterrent effect on criminals who live in states that have the death penalty. Mr. Mocan, along with several other economists, conducted studies over the past decade and compared the numbers of executions in different areas with homicide rates over time. The conclusion these economists found in roughly a dozen studies is that for each inmate put to death three to eighteen murders are prevented (Liptak, 2007). In addition to preventing murders and crimes, states that have legalized the death penatly do tend to have a lower crime rate than states that do not have the death penatly. Nothing will completely deter someone from comitting a crime, however, according to Johanna M. Shepherd, a law professor at Emory, People do respond to incentives (Liptak, 2007). The evidence of such a powerful statement has been proven through numerous of studies conducted over the past decade. Although the death penalty provides incentives for people not to commit crimes, there are a few that are not capable mentally to understand their wrongs. It has always been a major concern of humanity activists that one day a mentally ill criminal may be sentenced to death. The existence of mentally ill criminals who do not comprehend the reason or the reality of their crimes is one major reason why the death penalty should be used sparingly if it is to remain legal throughout the states. It is all right for a jury to convict a criminal who is sane when there is no reasonable doubt. However, to convict a mentally ill person violates the U.S. constitution with the court case ruling of Ford vs. Wainwright. This ruling left the determination of insanity up to each individual state (Amnesty International USA, 1961). With a mentally ill criminal, there is no justice or satisfaction with the death penalty. Using the death penalty on someone incapable of understanding the extremity of his o r her crimes is like sentencing an innocent man to die. Instead of killing someone who could have no more understanding of the law than a five year old, the judge and jury should have the right to give the person life without parole rather than the death penalty. Although the death penalty was not used in The Leo Frank Case, the principle of convicting an innocent man to die remains the same. The Leo Frank Case began in Atlanta were a thirteen-year-old girl was found raped and strangled in a local pencil factory owned by a Jewish man named Leo Frank. Leo Frank was arrested and participated in a rigged trial were witnesses lied continually on the stand and convinced the jury, judge, and bystanders that Leo Frank was guilty without a reasonable doubt. Leo Frank was sentenced to death and hung in the hometown of Mary Phagan. Four years later, the real murderer of Mary Phagan was convicted and sentenced to death. According to old police files that never came into evidence in Leo Franks court case, a worker of Franks by the name of Jim Conley was proven to be the murderer when he confessed on his deathbed (Dinnerstein, 1966). Leo Frank had been an innocent man convicted to die because of poor judgment. Although the case happened many years ago, th e same poor judgment in our court systems continues today. That is why the death penalty should only be used when there is no reasonable doubt that the criminal is guilty of committing the crime. Life without parole is a much better alternative for an innocent man rather than killing him for a crime he did not commit. Because with the sentence of life without parole, the man could file for appeals and prove his innocence rather than his life being taken away to false witnesses or corrupted judges who have a second agenda. Although the death penalty has saved many innocent lives and given many people peace, the process should always be used as a last resort. The death penalty should be used sparingly because the process deters some, not all, criminals from committing crimes. According to the U.S. constitution, mentally ill criminals cannot be put to death. In addition, innocent people die by the death penalty and are never given a chance to prove their innocence. The death penalty will always be a touchy subject no matter how many years pass. However, although the death penalty saves lives and protects the interests of the citizens of America, the death penalty should be used sparingly and wisely because life without parole is always a better alternative than death.

F. Scott Fitzgeralds The Great Gatsby :: essays research papers

Jay Gatsby: Pure Corruption Embodied   Ã‚  Ã‚  Ã‚  Ã‚  The story The Great Gatsby, written by F. Scott Fitzgerald, takes place in the 1920's. It is the story of a man named Jay Gatsby who is on what he sees as a quest to recapture his former love Daisy Fay. Gatsby is a poor man who feels that he can win her back, if he acquires enough material wealth. He sees getting Daisy back as part of finally getting his American Dream. His whole life he has been chasing his American Dream of being happy. He was a corrupt man who saw only corrupt means to make his dream come true. Gatsby is not tricked by anyone into becoming corrupt, on the contrary, he willfully lets himself become corrupt all to achieve what he sees as the American Dream and finally become happy.   Ã‚  Ã‚  Ã‚  Ã‚  Gatsby, as a young man, believes that he can make his dreams come true and become great. The average American believes that you can achieve anything through hard work, Gatsby believes that he does not need to work hard, but only use people. Gatsby is born James Gatz to poor parents. He always thinks that he should have been born rich and 'his imagination had never really accepted them as his parents'; (104). He wants to be rich or famous; he wants to be a somebody, and not the poor farm boy that he merle is. He feels that he can reinvent himself into the person he thought he should be. He renames himself Jay Gatsby and leaves home. He feels that if other people think that he is the person he wants to be, then he will really become that person. He lies about where he comes from to anyone that may ask. He knows from a young age how to deceive people and he does not think twice of it. After young Gatsby leaves home, he does not work like a man driven to achieve great ness, he works ', half fierce, half lazy'; (104). He was better at using young woman rather than manual labor. 'Since they spoiled him he became contemptuous of young virgins because they were ignorant, of the others'; (104). From a young age Gatsby is already corrupt, but only on a small scale. He has no real driving force to motivate him, he is happy with just taking advantage of young women. It will take his obsession of getting back his lost love Daisy to take his corruptness into a whole new arena. F. Scott Fitzgerald's The Great Gatsby :: essays research papers Jay Gatsby: Pure Corruption Embodied   Ã‚  Ã‚  Ã‚  Ã‚  The story The Great Gatsby, written by F. Scott Fitzgerald, takes place in the 1920's. It is the story of a man named Jay Gatsby who is on what he sees as a quest to recapture his former love Daisy Fay. Gatsby is a poor man who feels that he can win her back, if he acquires enough material wealth. He sees getting Daisy back as part of finally getting his American Dream. His whole life he has been chasing his American Dream of being happy. He was a corrupt man who saw only corrupt means to make his dream come true. Gatsby is not tricked by anyone into becoming corrupt, on the contrary, he willfully lets himself become corrupt all to achieve what he sees as the American Dream and finally become happy.   Ã‚  Ã‚  Ã‚  Ã‚  Gatsby, as a young man, believes that he can make his dreams come true and become great. The average American believes that you can achieve anything through hard work, Gatsby believes that he does not need to work hard, but only use people. Gatsby is born James Gatz to poor parents. He always thinks that he should have been born rich and 'his imagination had never really accepted them as his parents'; (104). He wants to be rich or famous; he wants to be a somebody, and not the poor farm boy that he merle is. He feels that he can reinvent himself into the person he thought he should be. He renames himself Jay Gatsby and leaves home. He feels that if other people think that he is the person he wants to be, then he will really become that person. He lies about where he comes from to anyone that may ask. He knows from a young age how to deceive people and he does not think twice of it. After young Gatsby leaves home, he does not work like a man driven to achieve great ness, he works ', half fierce, half lazy'; (104). He was better at using young woman rather than manual labor. 'Since they spoiled him he became contemptuous of young virgins because they were ignorant, of the others'; (104). From a young age Gatsby is already corrupt, but only on a small scale. He has no real driving force to motivate him, he is happy with just taking advantage of young women. It will take his obsession of getting back his lost love Daisy to take his corruptness into a whole new arena.

Global Warming and Its Management Essay

Managers are the most important human resource in any organization because they are charged with the responsibility of ensuring that the organizational goals are achieved within the specific time through a good business environment. Both organizations and people need each other to further their different goals or objectives. Therefore if mutuality is missing, it makes no sense in trying to assemble a group and develop a cooperation because there is no common base on which to build. Therefore, for attainment of organizational effectiveness, human resource and especially the managers is the most important asset that must be paid attention by the management. (Rampton, 2003) Causes of global climate change From this article we find that Dr Walker suggest that global climate change is not necessarily caused by the increased use of the fossil fuel, many scientists have been found to be against his arguments claiming that most of the global warming cases are caused by human activities apart from that caused by climatic changes, whereby we find that they reported that in the year 1998 the earth was found to be warmest as compared to the current years arguing that the carbon dioxide concentration is higher claiming that it has increased by over three percent, these scientists claim that a rise in the global warming is mainly caused by the following factors There have been heated political, religious, social and scientific arguments about what could be the causes of global warming. Scientifically, burning of fossil fuels such as petrol, coal, electricity, garbage disposal, and methane from reared animals’ e. g. dairy cattle, goats and sheep the atmosphere of the earth is everywhere and it includes the air we breathe. The earth’s surface, water, land, and the whole biosphere absorb the heat from the sun after which it sends it back to the atmosphere. However, some of the sunlight energy passes back to the space while a good percentage is trapped by the greenhouse gases in the atmosphere thus causing the earth to heat up. (Maslin, 2004) From the article we find that Dr Walker says that most of the green house gas effects are brought up by the existing water vapor and the carbon dioxide resulting from the human activities he is reported saying that â€Å"the anthropogenic carbon dioxide increase in the atmosphere makes an insignificant contribution to the enhanced greenhouse gas effect’ research indicates that many scientists are against the Doctors ideas are incorrect they bring in the idea that in the cases where there is an increase in the concentration of the carbon dioxide with the combination of the other green house gases will actually lead to an increase to the amount of vapour in the atmosphere and since scientifically vapour is found to be a strong green house gas cause an increase in the atmospheric temperature which is regarded as a positive effect to the atmospheric change. This vapour also leads to the formation of cloudiness which brings in cooling effect to the atmospheric temperate which many scientists regard it as a negative effect. The article indicates that eighty five percent of the global temperatures come up as a result the emission of the green house gases while fifteen percent of the temperature is caused by other factors Planning and Controlling Functions This paper will focus on the planning and controlling functions of management and how managers can utilize such functions to reduce the effects of changing climate in the business world. As Dr. Len walker puts it; â€Å"cool heads needed on global warming† (Paul, 2007). There have been heated political, religious, social and scientific arguments about what could be the causes of global warming. Scientifically, burning of fossil fuels such as petrol, coal, electricity, garbage disposal, and methane from reared animals’ e. g. dairy cattle, goats and sheep affects the atmosphere of the earth everywhere and it includes the air we breathe. The earth’s surface, water, land, and the whole biosphere absorb the heat from the sun after which it sends it back to the atmosphere. However, some of the sunlight energy passes back to the space while a good percentage is trapped by the greenhouse gases in the atmosphere thus causing the earth to heat up. It is prudent therefore for managers to put in place plan of actions that will ensure the economic growth of their businesses despite the negative effects of global warming. Therefore such scenarios necessitates the willpower and the knowledge of planning and controlling management activities from the current managers in order to avoid adverse effects caused by changing climate. (Hilltop, 1994) According to the latest research, reports suggest that managers have a discrete and decisive function in all organizations particularly in the debate on global warming and they do not only act as a medium between the top managers and the external bodies such as the UN. Managers in many organizations in an effort to be effective and efficient in the understanding of global warming effects have the planning responsibility of balancing the ever competing demands of their roles brought about by effects of changing climate in the world. In order to attain the above objective this managers have embarked on planning and controlling roles in order to avoid any unwanted outcome as a result of changing climate and thus achieve the desired output. Such roles include the following Managers in most organizations through the overall controlling function act as change agents within these organizations. There is increased interaction of people from different cultures, societies, and various backgrounds in undertaking various business activities with the aim of achieving their goals for example opening of more branches that has effects on the business environment . e. g through pollution. Because of invention of advanced technology the world has increasingly become a village and as a result global business is the modern form of business in this 21st century. Therefore managers are expected to strategize on the best controlling measures of changing climate in order to change the business activities to the desired levels that do not further effects of global warming. (Rampton, 2003) Because of globalization in relation to business firms there have been great disregard to national borders, governments have lower hand in controlling the flow of their economies and large companies including organizations are now not restricted to only one particular country as it was before. Managers in these organizations through the planning function have to cope with changes brought about by this aspect of globalization particularly on the issues relating to garbage and sewerage treatment. This implies that mangers have to incorporate the desired actions in the planning process in order to curb the changing climate that may affect the success of businesses in the future. They also have the task of ensuring that the employees in the organizations are well equipped with skills, expertise, and knowledge that can help understand the effects of global warming. Middle managers have the planning duty of being a strategist in order to cope with the increasing demands particularly with regards to the effects of global warming on success of an organization. This implies that they have the tasks of ensuring that the strategies formulated by the organization are implemented and executed in a good way that will lead to decreasing the effects of global warming. They should therefore have the ability to interpret direction from the external bodies like the United Nations in to functional departmental strategies and policies that will avoid any conflicts in the organization and those plans must be viable and supportive for the mission of the organization regarding changing in climate. (Maundy, 2001) In order to enhance this responsibility’ the managers must pay much attention to formulation of workable strategies. A strategy may be defined as the calculated means by which the enterprise deploys its resources to accomplish its purpose and basic objectives under the most advantageous circumstances. Therefore the mangers have the task of ensuring that the organization for example a multinational firm must be overall low cost effective system which will ensure good systems of controlling pollution, sewerage and garbage treatment among other climate effects by using of advanced technologies. So the work of middle managers is to ensure sourcing of competent expertise and application of approved high quality technologies e. g. the use of approved chemicals in treating of sewerages. This implies that planning and controlling functions will be required by managers in order to enhance formulation of viable strategies as well as setting parameters on how such strategies are controlled. Managers must also act at as ethicists in any organization in order to balance the competing demands brought about by the effects of global warming. This role implies that the managers should develop a system that will help them sustain pressure from external forces in the process of promoting positive effects of global warming. This implies managers must show commitment, support and cooperation among the top management, low level management or the subordinates and themselves regarding the controlling of effects of climate changes. For these managers to maximize the concept of teamwork in the organization then they should emphasize on formation of groups within the workplace. A group can be defined as social unit which people interacts face to face when working. If an organization emphasizes group work then it is more likely that good results will be achieved. Sometimes some kind of work require teamwork participation in order to achieve goals, so managers should encourage group decisions too because they bound to succeed unlike individual decisions. This may involve planning function of coming up with ideas regarding making decisions jointly concerning how to curb the effects of global warming. (Maundy, 2001) Economic Effects The economic implications of global climate change are worse since these weather phenomenons occur unpredictably. Insurance companies for example have a lot to loose when a weather condition such as the El Nino damage property and businesses which makes it not only difficult to compensate but also expensive to cater for. Economic implications are considered to be harsh for third world countries as compared to developed countries because they lack the capacity to counter such disasters of big magnitudes. The other sector of the economy affected by global warming is the transport sector. Most of the infrastructure in Indonesia and India has collapsed as an outcome of these disasters thus making it very expensive for the countries to repair and maintain them. Agricultural production being dependant on weather conditions of a particular place is under threat from global warming. Countries in the Islands such as Madagascar produce very little agricultural produce not because they lack the water but because the conditions there are very uncertain and also harsh such that only greenhouses can produce well.

Franchising

Franchising is defined as a business model wherein the owner of the business (franchisor) gives the independent operator (franchisee) the right to distribute his product, apply his business techniques and use his brand and/or trademark in the conduct of the business. With such a business model, the business owner can maximize their business’ profit potential in a shorter time compared to other more traditional business models. In franchise business, it is not only the products or service that the franchisee can avail; it is more of the system-the business plan of the chosen franchise. It is fact that before franchise companies offer their business packages, they already conducted strenuous researches and studies to test the capability of the franchise to withstand the various factors that might affect the operation of the business. Simply put, franchise business offers a time-tested business plan. When entrepreneurs think of franchising, food is often the first thing that comes to mind. Most of the world’s biggest restaurant concepts are all franchised businesses. This chapter focuses on study and literature readings of franchising business specially food franchising. Different report related to this research will help researcher educate themselves to the different aspect of purchasing a food franchise. Since 1950s, food establishments have quickly become the most popular sector in franchising. In U. S. as the nation’s economic environment hold steady, franchising continues to exhibit its positive influence. According to William Rosenberg International Center of Franchising at the University of New Hampshire Whittemore School of Business and Economics, â€Å"Franchised Businesses create more value and perform better financially than their non-franchised competitors†. The study found that over the 10 year period, U. S. public restaurant franchisor have created more value than their non-franchising competitors. â€Å"Franchising firms minimize agency problems, and have access to cheaper capital, motivated managerial expertise, and better local market knowledge,† according to the report. Franchising has grown so fast since the 1950s that it is now pervasive in different economy around the world. In study commissioned by the International Franchise Association, PriceWaterhouseCoopers estimated that in 2001 there were more than 767,000 business establishment in the United States engaged in franchising, providing directly or indirectly more than 18 million jobs, over $506 billion in payroll, and over $1. 5 trillion of output. Franchising now dominates certain sectors of the U. S. economy, over 56 percent of quick-sevice restaurants are franchises. Franchising is also one of the fastest-growing U. S. xports, and it is now estimated that franchising will grow 12 to 14 percent per year in the future. The restaurant industry has earned a reputation for high risk and high rewards. Some industry analysts claim a dubious 90 percent failure in the first year. Franchise restaurants based on proven systems have a high success rate—about 62 percent over four years—than independent operators. In U. S. the average full-service restaurant in 2006 grossed $867,000. The restaurant industry is the U. S. largest employer after the government. The profitability of a food franchise always depends in their ability to provide satisfaction in their customers. Research indicates that consumers have strong preference about choosing where to eat—with 62 percent saying they look for â€Å"environmentally friendly† establishments, 70 percent want offerings not easily duplicated in their home kitchen; and 83 percent express approval of healthier eating options at quick service eateries. The Success of food franchise can be put down to strong customer focus; franchisees are selected and entrusted with a loved brand and the quality of product and service is never compromised. It is necessary that the franchisor offers its franchisees a comprehensive franchise system, with maximum support and training. Entrepreneurial Failure: The Case of Franchises†, by Steve Michael, a professor of business administration at the University of Illinois at Urbana-Campaign, concluded that â€Å"Franchisees are less likely to fail if they have been trained effectively by the franchisor†. Franchises with the best, most robust training programs have the most successful franchisees. The length of the training program was significantly tied to the chance of failure. Those franchises with the shortest franchisee training programs were more likely to fail. Those with longer programs were more likely to succeed. Michael Newman, president and founder of ABC, based in Citrus Heights, California, agrees and says training of franchisees was paramount from the word â€Å"go†. â€Å"We realized very early on that everything is about training† says Newman. â€Å"Franchisees need good training in order to be successful out in the field. There are as many varieties of food franchises as there are types of foods. Investments can range from the very high end of hundreds of thousands of pesos for full-service restaurants, to a moderate capital outlay for vending machine. There are franchises that specialize in sandwiches, barbeque, burgers, pizza, ethnic foods, candy, ice cream, smoothies and many other types of foods. Food franchising is most often associated with restaurants and it is the best franchise because food and eating remain constant. In Maslow’s Hierarchy of needs, survival needs is the first factor that man should satisfy. In here, nourishment of one’s body is essential, not just because man wants to eat but rather man needs to eat in order to survive. Aside from being a need for human survival, food is the best franchise to engage in because people spend much for food. Plus, human choices of what kind of food or menu to offer are almost endless. Another good thing about food franchise is that, there are a lot of affordable franchise packages that will fit your capital. Entrepreneurs can select from food carts, which is a good start-up, or by kiosks and cafes. This type of food franchise do not require investors to dole out millions or hundreds of thousands pesos. Franchising has recently been named as one of the most outstanding and most successful business models in the country today. It has become so popular that we now have more than a thousand franchise Philippines brands (from just about 50 franchising brands during the 1980s). No wonder, the Philippines is now being dubbed as the â€Å"Franchising Hub of Asia†. Food franchise here in the Philippines is a good earning potential since the products are usually affordable and the taste suits the Filipino taste buds. The very simple explanation for this is that Filipinos love to eat good food. Investors can put their franchise near the schools and universities, transport terminals and even within shopping malls. They can place their franchise anywhere, provided there is traffic or consumers who willing to pay for good tasting meals. There is no doubt, that food business or franchise is a stable industry despite the greet hit of economic recession. Entrepreneurs likely to think that competition in food franchise is stiff. Yes, of course. But their edge depends on the quality and taste of the food. They have to make sure that they deal with the best franchise company who offer good food at good price. Food products should be clean, properly processed, and served in an appetizing way. Naturally, man will spend good money for a great meal. So, it is a confirmation that food franchise can stay sturdy and growing even if other business entities face bankruptcy. Everyone can afford to skip buying latest gadget, but it is a sure bet that, they cannot afford to skip food. As long as there are people around, then food industry stays. Today, even if the economy is down, is still the best time to buy a food franchise. Food business in the Philippines is one of the best investments but it does not promise a 100 percent success. Successful business often start with an idea an entrepreneur hatches, slowly builds up and takes to market. Planning and controlling often occupy the top of every aspiring businessman’s to-do-list before they even starts leasing space and producing products. As it turns out, there are always exceptions to the rule, even in business. Take for instance Edgar Injap Sia. For him, taking advantage of a great opportunity outweighs all the planning known to man, which why he took up a vacant mall in his hometown of Iloilo City without a plan on what to do with. After a few weeks of conceptualizing, Sia decided to put up a restaurant offering an Illonggo staple called inasal in a ciy that was already teeming with versions of the same product. But due to his relentless work ethic, Sia’s Mang Inasal Restaurant became a critical and dominant success in the Visayas region in no time. After establishing a good foothold in that region, he then set his sights on conquering the holy grail of every Filipino businessman: taking his concept to Luzon, specifically the make-or-break capital city, Metro Manila. I was not very familiar with Manila, because I was born and raised in Visayas. I only visited once a year, and it was usually for very short stays. So I knew I was in for a quite a challenge taking Mang Inasal to Luzon,† he said. Out of nowhere, Mang Inasal branches in Metro Manila had sprouted like mushrooms. Mang Inasal’s Founder Edgar Injap Sia shares the secret on making up in the big league. First, be brave and be hold. Second, innovate and start something new. Third, be ready for backbreaking work. Fourth, refuse to give up. Fifth, go slow and steady. Sixth, join reputable organizations. Seventh, stand out. Eight, continue to look for opportunities. â€Å"Nothing is impossible with right attitude. Do not be intimidated by problems look at them as an opportunities for growth. That’s the entrepreneurial spirit of Mang Inasal’ Chairman and CEO, Edgar J. Sia II. In food franchise business commitment with the right attitude is one of the most important recipe. It is impossible to survive and succeed being a franchisee if you are not committed in your business. Source http://www.bison.com/press_ABCSeniors_06092008

Professional Mobile Signature For Business Email [Examples]

Professional Mobile Signature For Business Email [Examples] One of the major benefits of my executive business writing coaching work is hearing first hand what bothers executives about business email, mobile communication, and all business writing issues. I learned something recentlywhile working with a very smart, very mobile, technology executive. "It drives me crazy when people don't include their full contact information in their mobile signatures. If I receive an email on my mobile phone and need to call the sender, I often have to waste ten minutes digging somewhere for their phone number. I don't care what kind of device they sent the message from. I just want the information I need to quickly contact them." Good point! Indicate in Your Mobile Signature that You're Sending from a Mobile Device I had to send four urgent emails while on the train from New York City to my office in Princeton recently. I was wedged in tightly on a shared seat between two napping passengers. I was careful not to move my arms much because I didn't want to wake up my napping seat neighbors. Writingthese emails with my elbows hugged in fully was challenging. I just noticed I mistyped two words in one of the messages I sent. Typos do happen more on mobile devices. Stating you sent a message from your mobile device does inherently convey a "cut me some slack" request. And, it lets readers know you are out of the office. We should send the clearest message possible, even by email, so I don't intend this advice as a free pass for good grammar and punctuation. An email, even sent by mobile device, is still a business document. It's discoverable in a lawsuit or investigation. Accuracy matters. Interestingly, when I researched this topic on technology and writing sites, there was some controversy: Some felt it was pretentious to include a statement that the message came from a mobile device, as if it showed off your technology status.Wow, he has an iPad! Others felt it conveyed a sense of care. You're so valued I'm answering you right now. I'm more concerned about conveying accurate information that helps your reader and increases the ease of information flow. Professional Email Signature Format Include your phone number in your signature. Yes, include your email address in your signature. Often, in a forwarded message, a second recipient will only see your name, not your email address, in the To: or Cc: lines. Include any other information relevant to your readers, such as your company website and time zone. If you receive an email on your mobile device that requires immediate response and length, reply with a quick summary and tell your reader you will respond fully when you are back at your office. When you are faced with the speed vs. accuracy dilemma when mobile, always lean to accuracy. hbspt.cta._relativeUrls=true;hbspt.cta.load(41482, 'c61cbd6e-f7ce-458b-af11-45f3cbe8af31', {}); Business Email Mobile Signature Cautions No need to state the brand of your phone. As much as I love my iPhone, many of my clients work closely with Microsoft and Google, so it's not appropriate - or even relevant - to name my phone. You likely email to a wide range of industries, too. Simply use the neutral statement "Sent from my mobile device." I received an email recently with the signature, "Sent from my blackberry please excuse any typos." Even without the ironic capitalization, comma, and missing word errors, this feels careless. Mentioning the mobile device is enough. Don't highlight that you'll likely make typos. Signature Examples Sent from my mobile device.Mobile phone: 609-555-5555 (if you share this widely)Office phone: 609-555-5556Email: yourname@gmail.comAny other information relevant to your industry, such as website, special login page, ortime zone. Omit any sentimental statements: Please consider the environment before printing this email, or Today's the day to soar, or any other inspirational statements. Remember, a mobile signature should enhance information flow. If particular information in your mobile signature helps information flow, include it. If information is irrelevant, omit it. As always, think about what works best for your reader. To learn all aspects of business email, consider our email course.

Green house gases effect Essay Example | Topics and Well Written Essays - 1250 words

Green house gases effect - Essay Example In particular, the level of carbon dioxide has increased from 280 ppm to 360 ppm. Careful observations have made it clear that the increase of greenhouse gases concentration has contributed to increase in global warming (Global warming. In The Encyclopedia of Ecology and Environmental Management, Blackwell Science). Thus a close relationship between the greenhouse gases and global warming has been established. Scientists use mathematical models of the energy balance of the Earth’s surface in relation to the properties of the atmosphere, to determine the intensity of the relationship between greenhouse gases and global warming. These models are very helpful in establishing that increase in greenhouse gases concentration leads to increase in global temperature. A number of supercomputers have been employed to analyze the data and predict the possible effect of this relationship. In addition, weather scientists developed global circulation models or GCMs for this purpose. If the current level of CO2 doubles, then there will be a long – term change in surface air temperatures. It is predicted that such long-term change would result in a temperature increase of 1.5 to 4.5 degrees Celsius. Thus the average increase is predicted to be 2.5 degrees Celsius. As such, vegetation in the North ern hemisphere is experiencing the effects of global warming (Global warming. In The Encyclopedia of Ecology and Environmental Management, Blackwell Science). Greenhouse gases are molecules in the earth’s atmosphere that have more than two atoms. They have the capacity to retain heat reflected from the earth’s surface, which results in increasing the temperature of the earth. The principal greenhouse gases are carbon dioxide or CO2, methane or CH4, ozone or O3, water vapor or H2O and minute quantities of CFC’s or chlorofluorocarbons (Nave). It is vitally important to properly assess the harm caused

Channel Design plan Term Paper Example | Topics and Well Written Essays - 1000 words

Channel Design plan - Term Paper Example A good channel distribution plan identifies the market segment that the products target, the preferences of the target customers, various market conditions and describes the appropriate structures that ought to be put in place so as to ensure efficient distribution of goods and services (John, 2002). Channel design planning enables products to grow from obscurity to become internationally recognized brands. This has made channel design planning one of the most demanded strategies in marketing in the contemporary world. The main essence of marketing channels is about making products and services available to consumers conveniently when, where and how they need them. A distribution channel entails a lot of strategies, most of which the consumer is not aware about because the consumer is only interested in getting the final product (Louis and David, 2000). The channels consist of very complex and dynamic systems which include distribution centers, technologies and strategies that are al l aimed at ensuring the customers can access the products and service more conveniently. This plan will focus on creating a channel design for my new business dealing in interior design. This is a new business that I have set up by establishing an interior design company. In this company I intend to create decor products for homes and sell the same on the website of my company. I also intend to offer a wide range of services relating to interior design. There is already an existing market for interior design with few companies already existing I the industry. The problem however is that the distribution channel is not well designed. Having my own channel design plan will make my business stand out and benefit more from because it will be much easier for me to get my services and other products to the target customers. I decided to take my company to the internet because this is turning to be one of the easiest ways to get products to consumers. More and more consumers are becoming a ware of buying goods from the internet making e-commerce one of the most popular business transactions. By selling my products on the internet I will be reaching out to consumers directly without the need of going through traditional middle men in the supply chain. This will make my products cheaper and attractive to my target consumers. A detailed analysis of the design plan is as shown below. The Market to be targeted by the new business Interior design is an emerging field that is gaining ground with a few established companies already offering their services to consumers. My new business hopes to grow quickly and become one of the leading businesses in the industry. In order to achieve this, it is important to identify my target consumers so as to be aware of the market segment that the business will be focusing on. The main consumers in the interior design industry include the real estate investors, home owners, event planners among others. There is a huge demand for decor mate rials, interior design advice among other services. Given this huge market the industry has, my business will only focus on events planners as the primary market segment. These events planner include planners of wedding receptions, birthday parties and other gatherings that need decor products. Since most of my products will be sold on the internet, a huge chunk of this segment will

Is There Enough Food to Go Around Essay Example | Topics and Well Written Essays - 250 words

Is There Enough Food to Go Around - Essay Example Abundance best describes the quantity of food supply in the world today. The rate of food production has increased tremendously (Einarsson, n. pag). Despite having enough food for everybody on earth, unfortunately, some people still go hungry. This is extremely shocking more so in the developing countries where hunger is being experienced in the face of ample amount of food. It is noted that even the countries that are considered the most devastated by hunger do have enough for all its citizens. If these countries export more of their agricultural products than they do import, then they end up suffering from food insecurity (www.whale.to). The world today has demonstrated over-reliance on corn as a source of calories. Corns are used in preparing almost every single diet in the menu. Additionally, it has proved to be the most productive crop across the world. Its seeds are edible while its stalks are detrimental in generation of biogas, feeding animals and manures. This simply tells us that we cannot do without it in everyday part of our lives. Therefore, corn meals become part of daily human diet. The overdependence on this crop has led to the development of genetically modified corn to speed up the production so that it can match the demands globally. Genetically modified products are associated with health problems hence corns that are modified are not good for human health if over consumed. With increased production, the environment becomes over utilized leading to nutrient depletion in the soil (Misselhorn et al.,

Secular law Essay Example for Free

Secular law Essay Incidents in which police officers shoot and kill citizens often provoke substantial controversy. And this is even more true where the shooting occurs as a consequence of a person’s own provocative behavior and in circumstances that be defined as amounting to a victim provoked shooting or a victim precipitated shooting. Where death occurs it may be victim precipitated homicide, and in other terms as suicide by cop. Despite the fact that such events are surprisingly common, the literature is unexpectedly sparse and is often, lacking in empirical study. Outside the law enforcement community, the existence of the phenomenon is not well known and is certainly too often seriously misunderstood. But understanding suicide itself will help to give some understanding to this type of assisted suicide and how it is seen in the eyes of a criminologist. First I want to examine the criminologist perspective of suicide and this was first introduced by Emile Durkheim with his research on suicide that laid the foundation for anomie or strain theory. Anomic suicide, he postulated, occurs when rapid or extreme social change or crisis threatens group norms. People become uncertain of the appropriateness of their behavior. This results in a state of confusion or normlessness. Durkheim’s examples referred to the higher suicide rates during wars and revolutions as well as during periods of economic recession, depression, or advancement. Durkheim considered fatalistic and anomic suicides as opposites, that is, the former reflecting over-control while the latter represents a lack of normative control. Criminologists have extended the idea of anomie or strain to account for the genesis of crime. Durkheim’s four types of suicide are: Egoistic, which is suicide resulting from a weakening of commitment to group values and goals, especially when the individual has come to rely on primarily upon his or her own resources. Altruistic, suicide precipitated by an over-commitment to group values and norms. Fatalistic, suicide derived from excessive regulation. And Anomic, suicide that occurs when rapid or extreme social change or crisis threaten group norms (Vowell May, 2000). In a historical perspective those who believe that the roster of victimless crimes ought to be thinned or eliminated argue that an essential trait of a democracy is that it extends freedom to all citizens so long as that freedom does not infringe upon the equivalent liberty of other people. Those holding this view assert that victimless offenses are outlawed primarily on moral and religious grounds. For example prostitution violates theological dictates condemning fornication and adultery. But most Western religions also condemn a considerable variety of other acts that the criminal law ignores, such as taking the Lord’s name in vain. Suicide also is abhorred in Catholic theology. In earlier times, suicides were declared criminal offenders, their goods confiscated, and their bodies buried in unhallowed ground at crossroads, with stakes driven through their hearts. These views no longer influence secular law. And it is argued, should any other facets of any group’s moral or religious beliefs be imposed by law on those who do not accept the group’s principles unless it can be shown that a particular action harms others. The opposing position holds that victimless crime is a faulty construct that in actual fact there is no such thing. Prostitutes, it is said, degrade women in genera, transmit AIDS and venereal diseases, disrupt families and support men who exploit them ruthlessly. Drug addicts, because of their habit, often are unable to engage regularly in productive work and steal from innocent victims (Schneider, 2000).

Implement Synthesizable Square Root Algorithm On Fpga Engineering Essay

Implement Synthesizable Square Root Algorithm On Fpga Engineering Essay The main objective of this paper is to implement synthesizable square root algorithm on FPGA. As square root function is not synthesizable on Silicon, this paper proposes optimized non restoring square root algorithm for unsigned 8 bit number on ED2C20F484C7 device in Cyclone II family. This algorithm is implemented in gate level abstraction of Verilog HDL. The basic building block of the design is CSM (Controlled Subtract Multiplex) block. It makes use of only subtract operation and append 01 which is an improvement over restoring algorithm. Keyword: FPGA,CSM,Verilog HDL,fixed point Introduction The square root function is a basic operation in computer graphic and scientific calculation application. Due to its algorithm complexity, the square root operation is hard to be designed in digital system. As known, digital system has been used in daily life or industrial purpose that may have been in need of square root operation to fully execute its functions. Scientists have developed various algorithms for square root calculation. But the implementation of algorithms is difficult because of their complexities and thus results into long delays for its completion. There are two main families of algorithms that can be used to extract square roots. The first family is that of digit recurrence, which provides one digit (often one bit) of the result at each iteration[6]. Each iteration consists of additions and digit-by-number multiplications (which have comparable cost) Such algorithms have been widely used in microprocessors that didnt include hardware multipliers. Most of the FPGA implementations in vendor tools or in the literature use this approach. Second family of algorithms uses multiplications. It includes quadratic convergence recurrences derived from the Newton-Raphson iteration [5]. The digit recurrence approaches allow one to build minimal hardware, while multiplicative approaches allow one to make the best use of available resources when these include multipliers. Also there are estimation method and digit-by-digit method. Digit-by-digit method is classified into two distinct classes: restoring and non- restoring algorithm [1]. In restoring algorithm, remainder is restored in the regular flow. So its implementation needs more hardware. Compared to the restoring algorithm, the non restoring algorithm does not restore the remainder, which can be implemented with fewest hardware resource and the result is hardware simple implementation. It is most suitable for FPGA implementation. Restoring and non restoring square root calculation Restoring Algorithm Step 1: If it is a 2n bit number then divide it in a group of 2 bits Step2: Subtract 1 from the first 2 digits (starting from MSB) Step3: Whenever the result of the subtraction is positive then the developed root is 1 otherwise 0 Step4: Whenever the result is negative, write it as it is. We have to restore the wrong guess by appending 01 and guessed square root. Step5: Now take the next two digits Step6: Append 01 (to be subtracted from next two digits of dividend) and guessed square root to subtract from the remainder. Step7: If the result of subtraction is negative then restore previous remainder by adding wrong guess by appending 01 and guessed square root. Step8: Every time guessed square root has to be updated while appending 01. Step9: Continue the steps until the group of two digits end 1 0 0 1.1 0 1 0 01 01 11 01.00 00 00 00 01 00 01 take next two digits from dividend 1 01 Append 01 Negative value 11 00 + 1 01 0 0 01 11 -10 01 11 10 Negative value + 10 01 01 11 01 10 00 01 11 00 00 10 01 01 01 01 1 00 10011 01 1011111 + 1001101 010110 00 010011001 000010111 00 100110101 1100100111 Figure 1: The example of restoring algorithm to solve square root B. Proposed Modified Non Restoring Algorithm A little modification in non restoring algorithm makes calculation faster. It uses only subtract operation and appends 01. It uses n stage pipelining to find square root of 2n bit number. The following algorithm describes the modified non restoring square root algorithm. Step1: Start Step2: Initialize the radicand (p) which is 2n bit number. Divide the radicand in two bits beginning at binary point in both directions. Step3: Beginning on the left (most significant), select the first group of one or two digit (If n is odd then first group is one digit ,else two bits) Step4: Select the first group of bits and subtract 01 from it. If borrow is zero, result is positive and quotient is 1 else it is 0. Step5: Append 01(to be subtracted next two digits of dividend) and guessed square root to subtract from remainder of previous stage Step6: If result of subtraction is negative, write previous remainder as it is and quotient is considered as 0, else write the difference as remainder and quotient as 1. Step7: Repeat step 5 and step 6 until end group of two digits. Step8: End 1 0 0 1.1 0 1 0 01 01 11 01.00 00 00 00 00 01 00 01 take next two digits from dividend 1 01 Append 01 11 10 01 01 11 01 100 01 11 00 00 1001 01 001011 00 1001101 00101100 00 10011001 0000010111 00 100110101 001011100 Figure 2: The example of modified non restoring algorithm to solve square root Basic Building Block for Non restoring algorithm Inputs of the building block are x,y,b and u while d and b0(borrow) are outputs. If b0=0, then d b0=( ~ x .y)+(b.~x)+(by); d= (~x.y.~b.~u)+(~x.~y.b.~u)+(x~y.~b)+(x.u)+(x.y.b); csmblock.jpg Figure 3: RTL schematic of CSM block The generalization of simple implementation of non restoring digit by digit algorithm for unsigned 6 bit square root by array structure is shown in Fig.4. Each row of the circuit executes one iteration of non restoring digit by digit square algorithm, where it only uses subtract operation and appends 01. Figure 4: Pipelined structure of 6 bit unsigned square root number The design can be optimized by minimizing the logic expressions and can be implemented by modifying CSM block. The specialized entities A,B,C,D,E,F,G and H are derived from CSM block and are defined as follows: For csmA, ybu = 100 b0 = ~x d = ~x For csmB, yu = 00 b0 = ~x.b d = ~x.b + ~b.x For csmC, u = 0 b0 = ~x.y + ~x.b + y.b d = ~x.y.~b + ~x.~y.b + x.~y.~b + x.y.b For csmD, yb = 10 b0 = ~x d = ~x.~u + x.u For csmE, y = 0 b0 = ~x.b d = ~x.b.~u + ~b.x + x.u For csmF, xy = 00 b0 = b d = b.~u For csmG, xyb = 010 b0 = ~x d = ~u For csmH, xyu = 000 b0 = b Figure 5: Optimized Pipelined structure of 8 bit unsigned square root number Results and analysis The Non Restoring algorithm can be implemented with least hardware resources and the result will be the faster than restoring square rooting techniques. The source code is implemented in such a way that it can be extended according to users requirement to calculate complicated square root in FPGA. Figure 6: Simulation result of 8 bit square root using non restoring algorithm The DE1 kit has 4 seven segment displays only so the maximum number which can be displayed is 9999d and also it doesnt have a decimal point. Hence output obtained is less precise if one of the displays is considered as a decimal point. Table 1 shows the list of Logic Elements usage for 8 bit implementation. This indicates the size of the implemented circuit hardware resource. Table 1: Comparison of LEs usage in 8 bit implementation No Implementation of non restoring algorithm for 8 bit LEs 1 8 bit (with seven segment) 85 2 8 bit (without seven segment) 71 3 optimized 8 bit (with seven segment) 64 4 optimized 8 bit (without seven segment) 50 Table 2: PowerPlay Power Analyzer Status No PowerPlay Power Analyzer Status 8 bit with optimization (mW) 8 bit without optimization (mW) Low Medium Low 1 Total Thermal Power Dissipation 71.65 447.96 72.84 2 Core Dynamic Thermal Power Dissipation 0 190.47 0 3 Core Static Thermal Power Dissipation 47.36 48.06 47.36 4 I/O Thermal Power Dissipation 24.29 209.44 25.48 Conclusion: This implementation and analysis shows that proposed method is most efficient of hardware resource. This is reasonable, because it only uses subtract operation and append 01. The result shows that the proposed algorithm is easy to implement and also uses less resources. The result is extended for square root implementation of 8 bit floating point number and also it can be expanded to larger numbers to solve complicated square root problem in FPGA implementation.

The Role of Mass-Media in the Contemporary World Essay -- essays resea

The Role of Mass-Media in the Contemporary World The power of the mass media has once become so powerful that its undoubtedly significant role in the world today stays beyond any questions. It is so strong that even politics uses it as a means of governing in any country around the world. The mass media has not only political meaning but also it conveys wide knowledge concerning all possible aspects of human beings’ lives and, what is utterly true, influences on people’s points of view and their attitude to the surrounding environment. It is completely agreeable about what kind of virtues the mass media is supposed to accent. Nevertheless, it is not frequent at all that the media provides societies with such a content, which is doubtful in terms of the role consigned to it. Presenting violence and intolerance as well as shaping and manipulating public are only a few examples of how the role of mass media is misunderstood by those who define themselves as leading media makers. As long as violent programmes are shown on TV, the role of the mass media becomes completely different from how it was originally treated. Violence is socially harmful and especially the youth are very prone to such scenes that may strongly affect their psyches. It is true that programmes featuring cruel pictures are marked as ‘only for adults’ but the time when they are emitted is relatively early and the access to them seems to be rather unlimited to young people. Another matter that is very fre...

Inditex Case Study

â€Å" INDITEX GROUP – ARE ITS â€Å"FAST FASHION† RESULTS SPEEDING UP AGAIN AFTER RECENT SLOW DOWNS ? † This case study has been written exclusively for use on the course Strategic Financial Management FINA 1035 at Greenwich University Business School and its partner institutions. It is to be used exclusively for this purpose. No part may be copied , emailed or reproduced for any other purpose other than stated above. Much of the data and material included in the case study is taken from the annual reports and accounts of the Inditex Group, its public statements and from its website . nditex. com. All other sources are shown in the case study. Author : Scott Duncan Lecturer Greenwich University Business School July 2010 INDITEX GROUP – ARE ITS â€Å"FAST FASHION† RESULTS SPEEDING UP AGAIN AFTER RECENT SLOW DOWNS ? Intr oduction Inditex Group – the owner of the Zara fashion chain and the world’s largest clothing and apparel group in te rms of sales – reported encouraging results for its first quarter of 2010.The Financial Times reported in June 2010 1) : â€Å"Inditex lent its weight to hopes of a recovery in European demand as the continent’s biggest fashion chain delivered forecast-beating first-quarter net profits and confirmed it would be moving its fast-fashion offer online later this year. Europe’s biggest clothing chain reported a 14 per cent increase in net sales to â‚ ¬2. 66bn ($3. 2bn) in the three months to the end of April 2010, as net income rose 63 per cent to â‚ ¬301m in response to, in particular, demand for its sharp-shouldered jackets and draped harem trousers. Sales rose 13 per cent from the beginning of February to June.The uptick comes after Hennes & Mauritz in April raised hopes of recovery in the European retail sector when it also beat net profit expectations in its first-quarter results and reported signs of improvement in the market at the start of the second q uarter. Inditex has been upbeat on prospects for the current year, with Pablo Isla, chief executive, predicting that same-store sales growth should turn positive again after a negative 2008 and virtually flat 2009. Mr Isla, who sells a third of all his clothes in Spain, was even upbeat about his home market on Wednesday. [The] reality in Spain is better than the perception you may have. I personally have a strong confidence in the dynamism of the Spanish economy going forward. † The gross margin, meanwhile rose to 59. 9 per cent against 56. 9 per cent. â€Å"[It is] likely to lead to consensus upgrades,† wrote Andrew Hughes, analyst at UBS, in a note. The shares rose 5 per cent to â‚ ¬46. 11. â€Å"Despite concerns of slower sales growth into the second quarter and as the year progresses, the first quarter beat [expectations] and stronger gross margin trends should more than compensate,† Mr Hughes added.Analysts also welcomed the news that Zara, which still ma kes a third of all its sales in Spain, would start trading online at the beginning of September in its main European markets: France, Germany, Italy , Portugal, Spain and the UK. â€Å"Online should act as a downward protection for trading news in the second half,† wrote Bernstein in a note. During the period, Inditex opened 98 stores in 29 countries, taking its footprint to nearly 5,000 stores in 76 nations around the world. Last month, it opened its first Indian shop in Delhi†.Histor y of Inditex Gr oup 2) Industria de Diseno Textil (Inditex) makes disposable chic fashions that are here today and gone tomorrow. The Spanish designer-cum-retailer uses technology and an armada of designers to master cheap chic. Inditex sells on a global scale, with over 4700 shops in 76 countries under eight different retail brands each offering different customer propositions : Stor e Br and Zara Zara Kids Pull and Bear Massimo Dutti Pr imar y Offer ing Mar ket 3) and Tar get Women†™s and men’s clothes.Childrens’ clothes Young women and men’s casual and â€Å"laid back† clothes and accessories Men’s and women’s clothes for the more â€Å"sophisticated† shopper. Also sells some children’s clothes Young women’s and men’s clothes . Stores have â€Å"cutting edge† look and are meeting points for fashion, music and street art Latest trends in young women’s clothes and accessories Women’s underwear, lingerie and nightwear Items for home eg home textiles, bedclothes, bathroom and table linen, glassware, cutlery and children’s bedding Fashion accessories eg handbags , footwear, leather goods and costume jewelleryBershka Stradivarius Oysho Zara Home Uterque The firm's stores answer to popular trends by telling designers in Spain what customers are asking for locally. Inditex responds in about two weeks with new designs. Amancio Ortega Gaona, Spain's wealthiest businessma n, founded Zara in 1975 and later created Inditex as a holding company. He got his start in the clothing business at the age of 13, when he went to work for a local shirtmaker in A Coruna , Spain, delivering the shop's goods, which included lingerie and dressing gowns.Ortega worked his way up to become an assistant manager, then shop manager, by the early 1960s. These positions gave Ortega experience not only in dealing directly with customers but also in purchasing fabrics and other materials for the shop's line of apparel. Working out of his sister's home, Ortega began developing his own designs. One day in the early 1960s, he hit upon the formula that was to become central to the operations of Inditex: that of reproducing popular fashions using less expensive materials in order to sell highdemand clothing items at lower prices.Ortega left his job and set up in business with just 5,000 pesetas (the equivalent of $25). Legend has it that Ortega's first project was to remake a popul ar but expensive dressing gown. Ortega cut the pattern himself, then, with the help of his brother and sister, began producing the dressing gown at his sister's kitchen table. Ortega's first customer was his former employer at the shirtmaker's shop. Before long, Ortega began supplying the dressing gown, as well as a growing range of housecoats and lingerie, to other clothing shops in A Coruna.By 1963, Ortega had saved up enough to open his first factory. From manufacturing, Ortega soon turned to retail, launching an initial format for his housecoats and lingerie in the early 1970s. In 1975, however, Ortega, then 39 years old, hit upon the formula that was to bring him his biggest success. In that year, Ortega opened a new retail store called Zara, which featured low-priced lookalike products of popular, higher-end clothing fashions. The store proved a success, and the following year Ortega incorporated his business under the name Goasam and began opening more Zara stores in Spain.De spite the stores' growing popularity, Ortega himself remained decidedly behind the scenes, avoiding the spotlight and developing a reputation for himself as a recluse–no photographs of Ortega were made publicly available until 2001. By the early 1980s, Ortega had begun formulating a new type of design and distribution model. The clothing industry followed design and production processes that required long lead times, often up to six months, between the initial design of a garment and its delivery to retailers. This model effectively limited manufacturers and distributors to just two or three collections per year.Predicting consumer tastes ahead of time presented inherent difficulties, and producers and distributors faced the constant risk of becoming saddled with unsold inventory. Ortega sought a means of breaking the model by creating what he called â€Å"instant† or â€Å"fast fashions† that allowed him to quickly respond to shifts in consumer tastes and to ne wly emerging trends. Ortega's dream remained unfulfilled, however, until he met up with Jose Maria Castellano. A computer expert, Castellano had worked in Aegon Espana's information technology department before becoming chief financial officer for a Spanish subsidiary of ConAgra.Castellano joined Ortega in 1984 and set to work developing a distribution model that revolutionized the global clothing industry. Under Castellano's computerized system, the company reduced its design to distribution process to just 10 to 15 days. Rather than placing the design burden on a single designer, the company developed its own in-house team of designers–more than 200 by the turn of the 21st century – who began developing clothes based on popular fashions, while at the same time producing the company's own designs.In this way, the team was able to respond almost immediately to emerging consumer trends as well as to the demands of the company's own customers – for instance by add ing new colors or patterns to existing designs. State-of-the-art production and warehousing procedures, as well as the installation of computerized inventory systems linking stores to the company's growing number of factories, enabled the company to avoid taking on the risk and capital outlay of developing and maintaining a large back inventory. The leaner, more responsive company – which adopted the name of Industria de Diseno Textil S.A. , or Inditex, in 1985 – captured the attention of Spanish shoppers. By the end of the decade, the company had opened more than 80 Zara stores in Spain. The company's fast fashion model, which completely rotated its retail stock every two weeks, also encouraged customers to return often to its stores, with delivery day becoming known as â€Å"Z-day† in some markets. The knowledge that clothing items would not be available for very long also encouraged shoppers to make their purchases more quickly. The success of the Zara model in Spain led Inditex to the international market at the end of the 1980s.In 1988, the company opened its first foreign store in Oporto, Portugal. The following year, Inditex moved into the United States. Success in that market remained elusive, however, and at the beginning of the 2000s, the company had opened just six U. S. stores. A more receptive market for the Zara format existed in France, which Inditex entered in 1990. The company quickly began adding new stores in major city centers throughout the country. Through the 1990s, Inditex added a steady stream of new markets. The company entered Mexico in 1992, Greece in 1993, Belgium and Sweden in 1994, Malta in 1995, and Cyprus in 1996.In the late 1990s, Inditex stepped up the pace of its international expansion, adding Israel, Norway, Turkey, and Japan (the latter in a joint-venture with a local partner) in 1997, then, in 1998, moved into Argentina, the United Kingdom, and Venezuela. While the bulk of the group's stores remained company owned, in certain markets, such as the Middle East, starting in 1998, Inditex's expansion took place through franchise agreements with local distributors. By 2000, Inditex had added another dozen or so countries to its range of operations, including Germany, the Netherlands, and Eastern European markets including Poland.At the same time as Inditex pursued its geographic expansion, it also began expanding beyond its flagship Zara retail format. The company launched the Kiddy's Class children's wear format as a subgroup of the main Zara concept in the early 1990s. In 1991, the company added an entirely new retail format, Pull & Bear, which began providing â€Å"urban† fashions. By the beginning of the 2000s, the Pull & Bear chain had grown to 300 stores in nearly 20 countries; it also produced its own offshoot format, Often, targeting the 20- to 45-year-old men's segment, in 2003.Inditex went upmarket in 1991 when it bought 65 percent of the Massimo Dutti group. Indite x took full control of Massimo Dutti in 1995 and began building it into a chain of nearly 300 stores in 23 countries. While Massimo Dutti appealed to a more sophisticated men's and women's fashions market, the company targeted the young female market in 1998 with the creation of a new format, Bershka. That retail chain quickly evolved into a network of more than 200 stores operating in 11 countries. Inditex continued adding new formats at the turn of the 21st century.In 1999, the company acquired Stradivarius, a youth fashion chain present in nine countries. In 2001, Inditex added its lingerie format, Oysho. In 2003, Inditex moved beyond the garment trade for the first time, launching its own home furnishings concept, Zara's Home and in 2008, launched its fashion accessories chain – Uterque. Meanwhile, Inditex had begun a corporate evolution as well. As Ortega approached retirement, and no members of his immediate family appeared likely to succeed him in the business, the com pany looked to the public market to ensure its future.In 2001, Inditex listed its stock on the Bolsa de Madrid, one of the most successful initial public offerings of the year. Ortega's sale of more than 20 percent of his holding in Inditex made him Spain's wealthiest man. In 2010, he still controls 59% of Inditex’s shares (see Annex 1) and was ranked by Forbes Magazine as the 9th richest man in the world in their annual list of billionaires – up 1 place from his ranking in 2009 – with a net worth estimated at $25 billion. He is now 74 years old. Inditex moved to a new corporate headquarters in Arteixo, outside of A Coruna in 2000.In 2002, the company began construction on a state-of-the-art logistics center in Zaragoza. At the same time, Inditex continued adding to its array of international markets, opening stores in Luxembourg, Iceland, Ireland, Jordan, and Puerto Rico in 2001; Switzerland, Finland, El Salvador, and Singapore in 2002; and Hong Kong in 2003. I n the 6 years from 2004, Inditex has more than doubled its number of stores from just over 2000 in mid 2004 to over 4600 by 31 January 2010. Inditex’s financial year end is 31 January.In line with Inditex’s annual reports, this case study refers to its year ending 31 January 2010 as â€Å"Financial year 2009† or â€Å"2009†. Similar abbreviations are made for earlier years . Inditex Gr oup Stor e Number s and Locations in 2010 At financial year end for Inditex for 2009 – 31 January 2010 – Inditex had 4607 stores as follows: The analysis of Inditex’ s 2009 sales for each of its 8 store concepts was as follows : Within the total, 3983 were company managed stores and 624 were franchised – see Annex 2 for details. In 2009, 92% of sales were in company owned stores.Geographically, 1900 of the stores were in Spain, 1856 stores were in other European countries, 485 stores were in Asia and Africa and 366 stores were in North and South America – see Annex 3 for details. The Group opened 343 stores in 2009 and increased its retail network in all of Europe's major markets with noteworthy growth in Russia (37 new stores) and Poland (34). In Asia, Inditex continued its strategic push into the region’s top three markets, which posted significant growth, with 41 new stores in China, 12 in South Korea and 10 in Japan.Retail sales area increased by 8% in 2009 – see Annex 4 for details by store concept. During its first quarter 2010 from 1 February to 30 April , Inditex opened a further 98 stores as follows : This took the total number of stores to 4705 at 30 April 2010. The percentage of Inditex’s sales achieved in each geographical region for the last 3 financial years was as follows : 2009 31. 8 % 45. 7 10. 2 12. 2 2008 33. 9 % 44. 8 10. 7 10. 5 2007 37. 5 % 42. 4 10. 8 9. 4 Spain Europe excl.Spain Americas Asia The Mar ket The apparel retail industry consists of the sale of all menswear, wom enswear and childrenswear. The sector also includes footwear, sportswear and accessories. The menswear sector includes all garments made for men and boys. It includes both outer and under garments. The womenswear sector consists of the retail sale of all women's and girls' garments including dresses, suits and coats, jackets, tops, shirts, skirts, blouses, sweatshirts, sweaters and underwear .Both womenswear and menswear can be segmented by: – purpose or use of the clothing item eg casual wear, essentials, activewear, formal wear , special occasion formal wear and outerwear – age group – lifestyle eg â€Å"sporty†, â€Å"conservative † , â€Å"fashion conscious† , â€Å"hippie†, â€Å"urban†, â€Å"rural† – ethnic group styles eg Afro-Caribbean , African American , Asian or middle eastern or music group styles eg â€Å"rapper†, â€Å"reggie†, â€Å"punk†, â€Å"rocker† – price eg ranges from low price to expensive designer label to exclusive â€Å"haute couture† of Paris, Milan, London, Tokyo and New York or by a combination of these factors.The childrenswear sector is defined as sales of garments for children between the ages of 0-2 years. The socio-political environments coupled with the need for individual and group identity makes retail clothing essential to consumers. Style, however, is an abstract concept that defines individuals, is often an extension of personality and therefore highly individualized. Fashion, by its very nature, is unpredictable. The products are determined by trends in society, designers and creative industries and are subject to sharp and unpredictable changes.Where customer brand loyalty exists, it is more likely to be to the designer than the retailer, although this is usually towards the top end of the industry. Counterfeiting of brands is a problem in parts of the clothing and accessories industry. Mar ket in Eur ope T he European apparel retail industry grew by 2. 1% in 2008 to reach a value of â‚ ¬287. 7billion ($420. 9 billion). Its recent history per Datamonitor 4) was as follows : The consumer market for clothing and footwear in the European Union (or EU) has undergone important changes in recent years 5).Arguably, the greatest impact has come from market forces under the auspices of the World Trade Organisation (WTO) as a ten-year transitional Agreement on Textiles and Clothing (ATC) came to an end with the abolition of textile and clothing import quotas on 31 December 2004. With the removal of quotas, there was an initial increase in relatively cheap imports of clothing and footwear into the EU, mainly originating from China. For example, in the first 40 days after the end of the ATC, imports of trousers from China were 3. 3 times higher than during the whole of 2004 and imports of pullovers 4. times higher. A bilateral agreement between the EU and China (the so-called Shanghai Agreement ) on a further, transitional period during which the growth of imports of clothing could be managed through until the end of 2007 was agreed in June 2005. In addition to trade developments, consumer groups and other bodies are increasingly holding manufacturers and retailers accountable for ensuring that social standards and working conditions of their suppliers meet international labour standards. There are examples of retailers responding to this pressure.For example, in October 2007 the Inditex group signed an International Framework Agreement on corporate social responsibility with the International Textile, Garment and Leather Workers’ Federation (ITGLWF), which expresses the company’s commitment to respect fundamental rights at work throughout their entire production chain. Fair trade garment initiatives have also been taken, generally to ensure that a fair price is paid to producers who meet minimum social, and in some cases environmental, standards and that tra ding relationships between producers and buyers are more equal, rather than guaranteeing core labour standards.There has also been a response within the EU to concerns about environmental and safety issues. These concerns have predominantly focused on the use of chemicals (such as dyes, pigments or bleaches in the clothing manufacturing process) and on waste water discharge. On 1 June 2007, new legislation on chemicals and their safe use came into force across the EU. REACH (Registration, Evaluation and Authorisation of Chemicals) aims to improve the protection of human health and the environment through the better and earlier identification of the intrinsic properties of chemical substances.Within the EU 5) : – household expenditure on clothing and footwear accounted for 5. 7% of total household consumption expenditure in 2005 – The vast majority of this, almost three quarters, was spent on clothing garments – Spending on clothing and footwear tended to rise as a function of income, with the upper income 20 percent in the 27 countries of the EU devoting 6. 1% of their total household budget to these products, while those in the lowest income 20 percent spent 5 % – the share of total expenditure spent on clothing and footwear was generally much higher among households with dependent children, rising to 7. % of the household budget for those households comprising two adults with dependent children, compared with 4. 6 % of the budget for single persons. – Annual expenditure on clothing and footwear averaged â‚ ¬800 per person in the 27 countries of the EU in 2006, with national averages ranging from â‚ ¬100 per person in Romania to â‚ ¬1200 per person in Italy . See Annex 5 for details of 2000 and 2006 expenditure per person. – Over the period from 2000 to 2006 , the volume of clothing and footwear bought rose in most countries of the EU particularly in the United Kingdom and Poland where volumes increased by ov er 40%.In contrast , Germany and Italy reported declines in the volume of clothing and footwear bought (the only member states of the EU to do so). Details are shown at Annex 6 for the 6 countries which account for over 70% of the EU’s population – Germany, France, Italy ,UK, Spain and Poland . – Over the same 2000- 2006 period, whilst consumer prices for clothing and footwear declined by 0. 1% for the EU overall, there were substantial differences in the â€Å"Top 6† countries listed above.The UK recorded price decreases of over 20% , Poland of over 15% and Germany of over 2%, whilst price increases were recorded in Italy (over10%) , Spain ( over 13%) and France ( 1%) – see Annex 6. – Between 2007 and 2008 , the volume of clothing and footware bought in the EU overall declined by 0. 5% . France , Italy and Spain recorded declines of over 2% whilst Germany , UK and Poland recorded increases – see Annex 6. – In 2008 , UK househo lds spent less on average per week on clothing and footwear than at any time since 2001-02 6) – Early indications are that volumes also fell in 2009 versus 2008 in Europe.France reported a year on year decline of 3. 6% . a) Mar ket Segmentation by Gender and Age Womenswear sales dominated the European apparel retail industry in 2008 4) generating 54. 4% of the industry's overall revenues – â‚ ¬157 billion ($ 229 billion) . Menswear accounted for 30. 9 % – â‚ ¬89 billion ( $130 billion)- and Infantswear the remaining 14. 7%. Details of womenswear market growth and segmentation in Europe are shown at Annex 7 and of the menswear market in Europe at Annex 8. b) Analysis by Major Countr y Italy accounts for 19% of the European apparel retail industry's value , Germany 18. % and the UK 14. 4% . Shares for other countries are shown below: c) Mar ket Value For ecast The European apparel retail industry was forecast by Euromonitor to grow by only 1. 3 % in 2009 ver sus 2008 – including price changes. In 2013, the European apparel retail industry is forecast to have a value of â‚ ¬320 billion ($467. 6 billion), an increase of 11. 1% from 2008. Details are shown at Annex 9. d) Retail Sour ce of Pur chases Consumers in Europe are able to purchase clothing and footwear from a wide variety and large number of retailers, specialised and non- specialised.Specialist clothing and footwear retailers comprise chains (such as H, C or Zara) and independent clothes stores. Nonspecialist retailers include department stores (that have clothing and footwear departments), hypermarkets and supermarkets, as well as mail- order retailers. According to Datamonitor, 69% of purchases of womenswear and 55% of purchases of menswear in 2008 was in chains or independent specialist clothing, footwear and accessories shops . Purchases at hypermarkets, supermarkets and discounters accounted for 19. 5% of womenswear sales and 12. 1% of menswear with department stor es taking a 6. 9% of womenswear and 24. % of menswear in 2008 ( see Annexes 7 and 8). There are generally higher levels of retail concentration in northern Europe5). The overwhelming majority of clothing and footwear sales in Germany, France and particularly the United Kingdom are made in non-specialist stores. The popularity of independent clothing and footwear retailers is considerably higher in southern Europe. For example, in Italy and Spain, the highest proportion of clothing sales was among independent retailers (65% and 53 % respectively in 2004), and this tendency was even stronger in terms of footwear (76 % and 88 % respectively in 2003).Despite these differences, clothing markets in Europe are generally becoming more concentrated, as clothing chains, department stores and supermarkets/ hypermarkets selling clothing and footwear open additional outlets in many of the countries that have joined the EU since 2004. Indeed, the structural make-up of clothing retailers in the EU has changed considerably over the past 15 years, according to a 2007 report on ‘Business relations in the EU clothing chain’ carried out for and funded by the European Commission 5).The market share of independent retailers in the five largest EU markets (Italy, Spain, France, Germany and the United Kingdom, that together account for almost three quarters of the EU’s clothing market) declined from 46. 8 % of total clothing sales to 27. 1 % by 2007. In contrast, there was steady growth in the share of speciality chains (from 18. 7 % to 25. 1 %), hypermarkets and supermarkets (5. 1 % to 6. 8 %) and emerging formats such as variety stores and large sports chains (whose share of clothing sales collectively rose from 14. 0 % to 27. 2 %).A recent survey on consumer satisfaction 5) provides further information on the shopping habits of European consumers for clothing and footwear. More than half (55. 7%) of those surveyed in the EU in 2008 replied that they themselves or a member of their household had bought clothing and footwear in a retail chain store, a somewhat higher proportion than for small, independent clothing retailers (50. 2 %). Department stores (30. 7%), supermarkets/ hypermarkets (23. 0 %) and street markets (16. 3 %) were also popular places for buying clothes and footwear – see Annex 10.Furthermore, compared with a number of other products, a relatively high proportion of European consumers used mail or phone order (8. 0%) or the Internet (6. 1 %) to purchase clothing and footwear. When purchasing clothing and/or footwear in 2008, 10. 9 % of EU consumers reported facing at least one problem 5). The most common complaint was product quality (69% of unsatisfied customers) followed by problems returning unwanted goods (9. 2% of respondents) then quality of service provided (8. 8% of respondents). Details are shown at Annex 11.This data also provides an insight into consumers’ priorities when purchasing clothing and foo twear . Mar ket in USA Americans spent almost $326 billion on clothing and footwear in 2009 equivalent to only 2. 98% of disposable personal income – the lowest ever in U. S. history. Spending on clothing as a share of income has fallen in 20 out of the last 22 years, from 4. 78% in 1988 to less than 3% in 2009 – see Annex 12 for details . Quality, variety and availability have all improved over the years . The same applies to footwear.Since 1992, prices in general have risen by 57%, while prices for clothing have fallen by 8. 5% – see annex 13. With significantly falling prices in real terms, clothing has become more and more affordable almost every year, requiring smaller shares of US household income. This has freed up disposable income that can now be spent on other consumer goods (eg electronics, travel, entertainment, etc. ). Mar ket in Asia Pacific 7) The Asia-Pacific apparel retail market has been growing at a robust pace for the last few years. The Asia -Pacific apparel retail industry generated total revenues of $224. million in 2008, representing a compound annual growth rate (CAGR) of 4. 1% for the period spanning 2004–08. The performance of the industry is forecast to improve further and to reach a value of $259. 6 million by the end of 2013. Key Retail Competitor s Inditex’s key competitors in Europe include : Hennes and Mauritz ( H ) Levi Strauss ( via franchised and company managed stores and third party retailers) Adidas sportswear ( including Reebok ). In the UK, key competitors include Primark ( a division of Associated British Food) , Next, and Marks and Spencer . ASOS. com is a major retailer of men’s nd women’s clothes and accessories via the internet and is now the UK’s largest independent on-line fashion retailer. Worldwide, key competitors also include Gap and â€Å"Fast Retailing† (Japanese parent company of Uniqlo and Asia’s biggest clothing retailer). In terms of s ales value, Inditex overtook Gap in 2009 and is now the world’s largest clothing and apparel retailer. Summary financial profiles of Hennes and Mauritz, Levi Strauss , Primark and Gap are shown at Annexes 14 ,15 and 16. A recent article about the current prospects for â€Å"Fast Retailing† is shown at Annex 17. Manufactur ing Sour ces – Gener alKey suppliers to the retail clothing industry are clothing manufacturers and wholesalers, with retailers able to source from both. Recently, significant increases in power cost, dyes & chemical cost and rapidly rising cotton cost have strengthened supplier power in an industry that relies on the availability of raw material. The wholesale and clothing manufacturing sectors in most countries, however, are fairly fragmented. As international trade liberalizes, clothing manufacturers in the developed regions such as Europe and America face substantial competition from manufacturers in low-wage regions such as Asia eg from Ch ina. Apparel manufacturing is almost always labor intensive, due to the difficulty of automating processes such as the sewing of garments. ). Key issue for clothing retailers in selecting its suppliers include : – price and quality – volumes – the ability of its suppliers to cope with sudden changes in demand in an industry susceptible to changes in fashion – social, political and environmental pressures to ensure that suppliers in developing countries meet minimum international ethical standards for working, social and environmental conditions.Many major retailers such as Inditex, Gap and Primark now undertake regular audits of their suppliers to ensure that such standards are met and maintained and report their findings as part of their corporate social responsibility in their annual reports. Manufactur ing Pr ocesses The key processes used in garment manufacture are as follows: Cloth manufacturing ( eg cotton or wool) – spinning – weaving – dyeing – pattern printing – finishing. Certain aspects are labour intensive eg sewing . Garment manufacturing from the finished cloth: – cutting – sewing and assembly – buttons and accessories attachment.There have been many technological developments in materials used over recent years including non-iron shirts, washable silk and man- made fibres. Key Aspects of the Inditex Business Model 3) A) Over view The Inditex business model has a high degree of vertical integration compared to other models developed by its international competitors. It covers all phases of the fashion process: design, manufacture, logistics and distribution to its own managed stores and has a strong customer focus in all its business areas.The key element in the organisation is the store, a carefully designed space conceived to make customers comfortable as they discover fashion concepts. It is also where Inditex obtains the information required to adapt the offer to meet customer demands. The key to this model is the ability to adapt the offer to customer desires in the shortest time possible. For Inditex, time is the main factor to be considered, above and beyond production costs.Vertical integration enables Inditex to shorten turnaround times and achieve greater flexibility, reducing stock to a minimum and diminishing fashion risk to the greatest possible extent. B) Design The success of Inditex’s collections lies in the ability to recognise and assimilate the continuous changes in fashion, constantly designing new models that respond to customer desires. Inditex uses its flexible business model to adapt to changes occurring during a season, reacting to them by bringing new products to the stores in the shortest possible time.The models for each season -over 30,000 in 2009 – are developed in their entirety by the creative teams of the different chains. Over 300 designers -200 for Zara alone- take their main inspiration from both the prevailing trends in the fashion market and the customers themselves, through information received from the stores. C) Manufacturing A significant proportion of production takes place in the Group’s own factories, which mainly manufacture the most fashionable garments.The Group takes direct control of fabric supply, marking and cutting and the final finishing of garments, while subcontracting the garment- making stage to specialist firms located predominantly in the North-West of the Iberian peninsula. The Group’s external suppliers, a high percentage of which are European, generally receive the fabric and other elements necessary for making the clothing from Inditex. The number of garments produced and available for sale at Inditex’s stores has grown as follows from financial years 2005 to 2009 :On 31 January 2010, Inditex had a network of 1,237 suppliers with which it maintains stable relationships and which are governed by its External Manufacturers and Workshops Code of Conduct. This code describes the minimum ethical, working practice, quality, safety and environmental standards expected of its suppliers and must be accepted to maintain commercial relations with the Group. Further details of Inditex network of suppliers is shown at Annex 18. Inditex audits its network of suppliers regularly and ceased using 145 suppliers in 2009 and 175 in 2008 because of their non-compliance.In 2008, the manufacturing sources in terms of volumes of garments produced for Inditex were as follows : 46% 11% 36% 5% 2% European Union Non –EU Europe Asia Africa Americas D) Logistics All production, regardless of its origin, is received at the logistical centres for each chain, from where it is distributed simultaneously to all the stores worldwide. The distribution takes place twice a week and each delivery always includes new models, so that the stores are constantly refreshing their merchandise and offer.The logistics system, based on soft ware designed by the company’s own teams, means that the time between receiving an order at the distribution centre to the delivery of the goods in the store is on average 24 hours for European stores and a maximum of 48 hours for American or Asian stores. Inditex logistics centres are located in Arteixo (A Coruna), Naron (A Coruna), Zaragoza, Meco (Madrid), Tordera, Palafolls and Sallent de Llobregat (Barcelona), Leon and Elche (Alicante).Together, their surface area exceeds one million square metres. Further details are shown at Annex 19. In 2008, 700 million garments were distributed by 5000 employees at Inditex logistics centres. E) Stor es In Inditex, the point of sale is both the end and start of its value adding processes, as the stores act as market information gathering terminals, providing feedback to the design teams for each of the 8 formats and reporting the trends demanded by customers. As retailers, the stores constitute the chains’ main advertising medi um.Their chief characteristics include: – Preferred locations in the world’s main shopping streets – Meticulously designed window displays – Unique internal and external store design – Tailored coordination and display of the product – Excellent customer service. The main development strategy for the Inditex sales formats is the opening of stores managed by companies in which Inditex is the sole or majority shareholder. In 2009, 86% of stores were own managed. In smaller or culturally different markets, the Group has extended the store network through franchise agreements with leading local retail companies.The main characteristic of the Inditex franchise model is the total integration of franchised stores with own managed stores in terms of product, human resources, training, window- dressing, interior design and logistical optimisation. This ensures uniformity in store management criteria and a global image in the eyes of customer around t he world. F) Other Aspects of Mar keting 1) Internet Each of Inditex’s 8 store formats has its own website and these are constantly updated with the latest fashion offerings. In 2009 , the store websites were launched and included in social networking websites. 2) Affinity cardThe Intitex Affinity Card is the Group’s payment and loyalty card valid for its holders in any Group establishment: Zara, Massimo Dutti, Bershka, Pull and Bear, Stradivarius, Oysho, Zara Home and Uterque. Available in Spain for more than 15 years, the Affinity Card is also held by customers in Mexico and Greece where it was launched in 2007, and in Portugal where it has been available since 2008. Currently there are more than a million Affinity Card holders in these four countries. All of them have a card that offers financial advantages and methods of payment based on the holders’ needs. Inditex Financial Per for manceA summary of Inditex’s financial performance over the last 6 yea rs is as follows : Details of Inditex’s : – P for 2006 to 2009 are shown at Annexes 20-22 – sales and contributions by store format are shown at Annex 23 – balance sheets for 2006 to 2009 at Annexes 24 and 25 – 2006 to 2009 cash flow statements at Annexes 26 and 27. Details of Inditex’s 1st Quarter financial results for 2010 are shown at Annexes 28 and 29. Boar d of Dir ector s Shareholders approved the 2009 report at Inditex’s July 2010 Annual General Meeting including the proposed dividend of â‚ ¬748 million – up 13% on the previous year.Inditex’s share price closed at â‚ ¬51. 20 on 29 July 2010 – up 38% on its price of â‚ ¬38 a year ago – see Annex 30. The board of Inditex consisted of 9 Directors as at 31 January 2010 – 3 Executive Directors and 6 Non Executive Directors. The Executive Directors are : Amancio Ortega Gaona ( Chairman) Pablo Isla Alvarez de Tajera ( CEO and 1st Deputy Chai rman. Appointed to board in 2005) – Antonio Abril Abadin ( Board Secretary and General Counsel). Their total remuneration was â‚ ¬4. 35 million in the year ended 31 January 2010. The senior management of Inditex who are not executive directors is shown at Annex 32.Their total remuneration was â‚ ¬10. 9 million in the year to 31 January 2010. Details of the board including the 6 non executive directors are shown at Annex 31. – Employees Inditex is a multi-cultural and multi-racial company with 92,301 employees at 31 January 2010 representing more than 140 nationalities. On-going training plays an essential role, particularly that of store staff. This training, which also includes basics in customer service, focuses on specialist knowledge of fashion trends and the ability to seize and interpret the information that store staff receive from customers every day.The number of employees has grown as follows : The largest percentage are employed in the stores as follow s : Inditex directly owns 13 textile manufacturing companies in Spain and 12 logistic companies including one for each of its 8 store formats. Inditex also has its own in-house building contractor and several companies to manage its store and other properties. These companies are wholly owned by Inditex and their financial results and employee numbers are fully consolidated in those of the Inditex group. In 2009 : – 81. 4% of Inditex’s employees were female – 18. % were male – 40% of employees were full time – 60% were part time. Inditex’s Str ategy At his presentation at the July 2010 AGM, Inditex’s Deputy Chairman and CEO, Pablo Isla underscored confidence in the Inditex business model and its clear strategic focus on international expansion, currently targeted at European and Asian markets. He confirmed that Inditex has earmarked about â‚ ¬570 million in capital expenditure to open between 365 and 425 new stores in its financial year 2010 of which approximately 95% will be in Inditex’s international markets outside Spain.Some 70% of the appropriate contracts have been signed although in some cases openings may be delayed until 2011. The planned increases by store format are as follows: â€Å"Our priority is to focus growth in Europe and Asia,† said Isla. â€Å"We see significant opportunities in Eastern Europe and the Russian Federation, and there is a great potential to expand profitably in Europe for many years, as our market share is below 1% in most countries. † He said the main areas of growth for Asia are China, Japan and South Korea. â€Å"We see huge long-term potential for Inditex in Asia markets,† he said.Over the next three years, the company expects to see space growth of between 8% and 10%. Isla was asked earlier by analysts why they aren't paying out an even bigger portion of net income in dividends given the group's huge cash balance. â€Å"Our main priority is t o invest in the future growth of the business. We always want a high level of flexibility – we always wanted more steady growth in the dividend, rather than big jumps,† he said. He also confirmed that Zara will start online sales in France, Germany, Italy, Portugal, Spain and the UK on 2 September, 2010.Key Issue to be Consider ed Is Inditex’s current strategy likely to succeed . If so why ? Or do you conclude that the strategy needs to be adjusted in light of your analysis of this case study ? If so, what changes do you propose and why ? References : 1) 2) 3) 4) FT article 9 June 2010 Answers. com 2010 Inditex Press dossier 2009 Datamonitor â€Å"Apparel retail in Europe† August 2009 . The industry value is calculated at retail selling price (RSP), and includes all taxes and levies. The data for Europe includes Russia, Poland, Czech Republic, Hungary, Romani and Ukraine.All currency conversions in the Datamonitor report and forecasts have been calculated at constant 2008 annual average exchange rates. 5) European Commission report â€Å" Consumers in Europe† 2009 published by Eurostat 6) UK Office for National Statistics January 2010 7) Datamonitor report â€Å"Apparel retail in Asia Pacific† August 2009 Shar eholdings of Dir ector s in Inditex as at 31 J anuar y 2010 Annex 1 Annex 2 Annex 3 Page 1 Annex 3 Page 2 Annex 4 Sales Ar ea by Stor e Concept – Squar e Metr es Totals 2,180,889 1,914,493 EU Expenditur e on Clothes and Footwear – â‚ ¬ per head 000 Countr y EU (27 countries) 700 Belgium 700 Bulgaria N/A Czech Republic 200 Denmark 800 Germany 800 Estonia 200 Ireland 900 Greece 600 Spain 600 France 700 Italy 1100 Cyprus 800 Latvia 200 Lithuania 100 Luxembourg1100 Hungary 100 Malta 500 Netherlands 800 Austria 1100 Poland 200 Portugal 600 Romania N/A Slovenia 400 Slovakia 100 Finland 600 Sweden 700 United Kingdom 1000 Memo : Turkey 300 Iceland 1100 Norway 900 Switzerland 900 2006 800 800 N/A 300 N/A 8 00 400 900 800 700 700 1200 900 N/A 400 1100 200 400 800 1100 200 N/A 100 500 200 800 N/A 1100 300 1100 N/A 900Annex 5 Source : â€Å"Consumers in Europe† 2009 edition published by Eurostat , the statistical office of the European Commission Pr ice and Volume Changes within Household Expenditur e on Clothing and Footwear – EU Aver age and Selected Countr ies (a) Annex 6 Germany France Italy UK Spain Poland EU Average (b) Cumulative Percentage Price Increase/(Decrease) 2000-6 (2. 6) % 0. 1 10. 4 (23. 5) 13. 3 (15. 7) 0. 1 % Cumulative Percentage Volume Increase/(Decrease) 2000-6 (1. 7) % 5. 8 (8. 3) 44. 5 2. 7 44. 3. 5 % Percentage Volume Increase/Decrease) 2006 -7 2007 -8 3. 1% 1. 7 0. 1 2. 7 4. 5 4. 5 2. 0% 1. 4 (2. 1) (2. 6) 4. 4 (2. 5) 11. 2 (0. 5)% (a) = The 6 countries account for over 70% of total EU population (b)= over the 27 member countries Eur opean Mar ket for Womenswear Annex 7 Annex 8 Eur opean Mar ket for Menswear Eur opean Appar el Mar ket Value For eca sts Annex 9 Page 1 Eur opean Appar el Mar ket Value For ecasts Annex 9 Page 2 EU Clothing and Footwear Sour ces of Pur chase 2008 Annex 10Note that these figures relate to trips made by consumers purchasing clothing and footwear, and they do not reflect the average expenditure or value of sales made in each retail format Customer Complaints – Pr oblems faced by Consumer s when Pur chasing Clothing or Footwear in the EU in 2008 Per centage shar e of those exper iencing pr oblems (multiple answer s allowed) Annex 11 Source: ‘Retail satisfaction survey’, IPSOS for the European Commission, August/September 2008 USA Clothing and Footwear Mar ket Annex 12 Annex 13USA Mar ket – Consumer Pr ice Index Changes Annex 14 Summar y Financial Pr ofiles of Selected Appar el Retailer s H – 1738 stores in 33 countries as at November 2008 Levi Strauss Gap Latest results for Gap for its financial year ended 31 January 2010 (â€Å"Fiscal Year 2009†) are shown in next annex . At average 2009 calendar year exchange rates of US $ 1. 3948 = â‚ ¬1 , Gap’s net sales totalled â‚ ¬ 10,179 million in 2009 – some â‚ ¬900 million lower than Inditex’s sales of â‚ ¬11,083 million for the same period ended 31 January 2010 .January 2010 average exchange rate was US$ 1. 4272 = â‚ ¬1 Exchange rate source : Banque de France Annex 15 Source : The Gap Inc. annual report and accounts Annex 16 Number of stores : 191 Number of stores opened in year : 12 – 5 in Spain -4 in the UK – 1 in each of Netherlands, Germany and Portugal ( first Primark stores in each country) Planned store openings in next year : 11 ( including first store in Belgium) Selling space : 5. 9 million square feet – an increase of 9% versus prior year Pr imar k – Key Data for Year Ended 12 September 2009Revenue for year : ? 2314 million ( ? 1933 m in prior year) Year on year sales growth : 20 % – partly increase in selling sp ace – partly like- for- like sales growth of 7% Operating profit for year : ? 252 million ( ? 233 million in prior year) Source : ABF annual report and accounts Annex 17 Cur rent Prospects for Uniqlo’s parent â€Å"Fast Retailing† Tadashi Yanai – the president of Fast Retailing, Japan’s wealthiest man (net worth $9. 2bn), has seen the value of his 27 per cent holding in the Uniqlo parent fall by more than a quarter this year.That’s a slump three times worse than the benchmark, making Asia’s biggest clothier the worst-performing retailer across the region. Having watched new lines like polo shirts and jeans fail to fly off the shelves, even after steep price cuts, Yanai-san is now betting big on camisoles, leggings and Silky Dry, a summer version of its blockbuster heat-trapping underwear. This is no ordinary lean spell sales growth slowed the most in four years in the three months to May, causing Fast Retailing to trim its net income estimate for the year ending August by 5 per cent.Nimbler rivals such as United Arrows (up 22 per cent since the beginning of the year) and Honeys (+143 per cent), both between 30-40 times smaller by market capitalisation, will want to ensure Uniqlo’s discounting continues. For all its determination to build overseas – this year it added stores in China and Russia to its UK, US, France and South Korean portfolios – the company is on course to get 95 per cent of this year’s operating income from anaemic Japan. It remains a hard stock to divest, though.Not only are Fast Retailing’s returns on invested capital consistently about 50 per cent better than peers’, it is that rare thing in Japan: a stock worth a fifth more today than it was ten years ago (over which period the Nikkei has shed more than two-fifths). BACKGROUND NEWS Japan’s Fast Retailing on Thursday cut its annual outlook for the first time in three years after the breakneck p ace of growth at its Uniqlo budget fashion chain came screeching to a halt in recent months, reports Reuters.Fast Retailing enjoyed strong sales last year even as other retailers were hit by weak consumer spending, attracting thrifty shoppers with hit products like heat-trapping underwear and savvy marketing. But Uniqlo’s same-store sales have been on the decline in the second half of the current financial year to August 31st, which some analysts see as a sign that the recent round of robust growth has run its course. Source – FT article Published: July 8 2010 Annex 18 Details of Inditex Suppliers Key supplier countries include Bangladesh, India, Turkey, Morocco , Spain, Portugal and Cambodia (Source : 2008 annual report)Annex 19 Inditex Logistics Centr es in 2009 Inditex Pr ofit and Loss Account for Financial Year s 2009 and 2008 Annex 20 Notes refer to details in Inditex annual report for 2009 – see Inditex. com/investor relations/annual reports/2009 Operating Expenses consisted of 2009 – â‚ ¬m 2008 – â‚ ¬m 2007-â‚ ¬m 2006- â‚ ¬m Staff costs 1,791 1,703 1,473 1,251 Store property 1,134 1,028 855 718 rental costs Other Store 1,027 976 898 831 operating costs, logistics and general overhead costs a) 3,953 3,708 3,226 2,800 a) = Including transportation of merchandise from logistic centres to stores Annex 21Details of â€Å"Financial Results† shown in Inditex P& L â€Å"Financial Results† shown in the consolidated P& L consist of ( â‚ ¬000) : And for 2007 and 2006 : Inditex Pr ofit and Loss Account for Financial Year s 2007 and 2006 ( in â‚ ¬000s) Annex 22 Net Sales Cost of merchandise Gross Profit Operating Expenses Other net operating expenses & income Oper ating Pr ofit (EBITDA) Amortization and Depreciation Oper ating Pr ofit (EBIT) Financial Results Equity Accounting Losses Income Befor e Taxes Income Tax Net Income Net income attributable to minority interests Net Income Attr ibutable to t he Par entEarnings per share (â‚ ¬cents) Notes refer to details in Inditex annual report for 2007 – see Inditex. com/investor relations/annual reports/2007. Details of Operating Expenses and â€Å"Financial Results† are shown in earlier annexes Sales and Pr ofit Contr ibutions by Stor e For mat 2007- 2009 Store Format No. of Stores at 31 Jan 2010 1608 626 497 651 515 392 261 57 4607 Net Sales in Financial Year 2009 â‚ ¬m 7077 771 790 1177 702 280 243 44 11084 Annex 23 Zara (incl Zara Kids) Pull and Bear Massimo Dutti Bershka Stradivarius Oysho Zara Home Uterque TotalsOperating Profit EBIT in 2009 â‚ ¬m 1105 101 117 196 149 38 25 (2) 1729 Store Format No. of Stores at 31 Jan 2009 1520 583 470 591 456 374 239 31 4264 No. of Stores at 31 Jan 2008 1361 519 426 510 381 290 204 0 3691 Zara (incl Zara Kids) Pull and Bear Massimo Dutti Bershka Stradivarius Oysho Zara Home Uterque Totals Store Format Net Sales in Financial Year 2008 â‚ ¬m 6824 720 722 1026 633 242 2 22 17 10407 Net Sales in Financial Year 2007 â‚ ¬m 6264 614 696 925 521 213 201 0 9434 Operating Profit EBIT in 2008 â‚ ¬m 1067 119 108 155 144 21 14 0 1628 Operating Profit EBIT in 2007 â‚ ¬m 1091 99 106 154 119 40 16 0 1625Zara (incl Zara Kids) Pull and Bear Massimo Dutti Bershka Stradivarius Oysho Zara Home Uterque Totals Inditex Balance Sheets for Financial Year s 2009 and 2008 Annex 24 Notes refer to details in Inditex annual report for 2009. The share capital of Inditex amounts to â‚ ¬93. 5 million divided into 623. 3 million shares each with a par value of 15 Eurocents – fully subscribed and paid – at 31 January 2010 . This has remained unchanged since Inditex’s financial year 2006 Inditex Balance Sheets for Financial Year s 2007 and 2006Annex 25 Notes refer to details in Inditex annual report for 2007 Inditex Cash Flow Statements for 2009 and 2008 Annex 26 Annex 27 Inditex Cash Flow Statements for 2007 and 2006 Inditex Gr oup P& L for 1st Qua r ter s 2010 and 2009 Annex 28 Annex 29 Inditex Gr oup Balance Sheet for 1st Quar ter s Ending 30 Apr il 2010 and 2009 Inditex Shar e Pr ice fr om August 2009 to J uly 2010 Annex 30 Source : Inditex. com/ Investor Relations Annex 31 Boar d of Dir ector s of Inditex as at 31 J anuar y 2010The 6 Non Executive Directors are : – Flora Perez Marcote ( representing Gartler S. L. , the holding company controlled by Mr Ortega Gaona and owning just over 50% of Inditex’s shares) – Carlos Espinosa de los Monteros Bernaldo de Quiros ( board member from 1997) – Francisco Luzon Lopez ( board member from 1997) – Irene Ruth Miller ( board member from 2001) – Juan Manuel Urgoiti Lopex de Ocana ( board member from 1993) – Jose Luis Varquez Marino ( board member from 2005) Senior Management of Inditex as at 31 J anuar y 2010 Annex 32