Rise Of Inequality Essays - Social Inequality, Social Stratification

Rise Of Inequality In Some Principles of Stratification, Davis and More define the functional theory of stratification as the notion that societies need inequality in order to fill the important occupations wanted by society. The best people need motivation to take the most important jobs, and that motivation comes in the form of rewards, usually a higher income. However, this theory does not explain why inequality in the United States has been on the rise. In William Wilsons The Truly Disadvantaged, Frank Levy explains that the increasing inequality is a result of money-making power shifting from the average worker to the shareholders. Today, the highest paying jobs are not necessarily the most important ones. (For example, teaching is a job that is more functionally important to society than many jobs in the computer engineering field, yet software programmers make more money simply due to their acquired skills.) Furthermore, these high paying jobs have not encountered a shortage of qualified applicants, making the reward of high income unnecessary. Levy explains that the labor force has grown significantly, and this gives employers more choice in who they hire. This mostly hurts lower class workers, for they are less likely to have the skills and education necessary to succeed in the current highly competitive job market. This results in a vicious cycle that hold the underclass down and subsequently raisied the upper class higher above them. Levys explanation supports the findings of Oscar Lewis, who claims that the lower class have their own culture. Lewis also feels that children who grow up in this lower class culture do not fully acknowledge the ways in which they can escape their poverty. The ideas proposed by Oscar Lewis are similar to those of Melvin Tumin. In his response to the Davis and Moore article, Tumin gives a better explanation of the increasing inequality in the United States: he claims that people often inherit the level of jobs from their parents. For example, once the upper class has established itself, they have the power to increase their wages and restrict entrance into their positions. Tumins theory can also be applied to the lower class, for they usually do not have the resources necessary to obtain the required education and networking to get the high paying jobs. Davis and Moore would not completely oppose policies to reduce poverty, because the reduction of poverty would not necessarily take away the motivation for people to work towards careers in what they deem to be the most important professions. It is not necessary for everyone to be paid equally for inequality to be reduced in the US, but rather the lower classes need to have the opportunity to move up socioeconomically and into any profession that they wish (i.e. equal opportunity and equally access). Lower class workers are not any less motivated by the rewards of high paying professions than the upper classactually, they can often be more motivated in attempt to escape their socioeconomic state. But the lower class do not have the opportunities to gain the necessary qualifications (that the upper class tend to set as the norm) for those professions. Sociology Essays

English Learning Resources and Tips

English Learning Resources and Tips Learning English is the key to success for many around the world. This site provides extensive resources to learn English online for beginning through advanced levels. Resources include grammar explanations, vocabulary reference pages, quiz sheets, pronunciation help, and listening and reading comprehension strategies. Learn English Online These pages provide tips on how to learn English online, as well as free e-mail courses the will help you learn English: Free e-mail courses to learn English grammar, vocabulary, provide tips and teaching techniquesHow to learn English via the internet Learn English by Level If you know your English level, its helpful to learn English by visiting the category pages for each level. Each category provides grammar, vocabulary, listening, reading and writing help to learn English appropriate for that level. Learn English for Beginning Level LearnersStudy Skills for Intermediate Level LearnersEssential Resources for Advanced Level Learners Learn English Grammar If you are interested in focusing on grammar, these pages are excellent starting points to learn English grammar rules and structures. Grammar ResourcesLearn English Tenses - Visual Tenses TimelineGuide to Verb Structures and PatternsTenses OverviewTeaching Grammar in an ESL/EFL Setting Learn English Vocabulary Its important to know a wide range of English vocabulary in order to express yourself well. These vocabulary resources provide a wide range of materials to learn English vocabulary. 1000 Most Commonly Used Words in EnglishLearn English Commonly Confused WordsLearn English Idioms and Expressions Learn English Speaking Skills Most English learners want to speak English well in order to communicate at work, in their free time and on the internet. These resources provide help on improving pronunciation and strategies to speak English well. Learn English Conversations StyleLearn English PronunciationLearn English Small Talk TopicsLearn English Word Stress PatternsSpeaking Strategies for English LearnersLearn English Pronunciation Learn English Listening Skills Understanding spoken English is key to participating in English conversations. These resources provide listening comprehension practice and tips on understanding spoken English. Intonation and Stress: Key to UnderstandingListening Skills Learn English Reading Skills Reading English is easier than ever before with access to the internet. These reading English learning resources will help you improve your reading comprehension technique. Learn English Reading SkillsLearn English to Understand Newspaper Headlines Learn English through Beginning Level Reading Quizzes Learn English Writing Style Writing English is especially important for those who learn English for work. These writing resources will help you learn English while you develop important skills such as writing formal and informal letters, writing your resume and cover letters and more. Basic Business LettersLearn English Essay Writing StyleLearn English by Writing ParagraphsLearn English Writing Skills for Resumes

What Tear Gas Is and How It Works

What Tear Gas Is and How It Works Tear gas, or lachrymatory agent, refers to any of a number of chemical compounds that cause tears and pain in the eyes and sometimes temporary blindness. Tear gas can be used for self-defense, but it is more commonly used as a riot control agent and as a chemical weapon. How Tear Gas Works Tear gas irritates the mucous membranes of the eyes, nose, mouth, and lungs. The irritation may be caused by a chemical reaction with the sulfhydryl group of enzymes, though other mechanisms also occur. The results of exposure are coughing, sneezing, and tearing. Tear gas generally is non-lethal, but some agents are toxic. Examples of Tear Gas Actually, tear gas agents arent usually gases. Most compounds used as lachrymatory agents are solids at room temperature. They are suspended in solution and sprayed as aerosols or in grenades. There are different types of compounds that may be used as tear gas, but they often share the structural element ZC-C-X, where Z denotes carbon or oxygen and X is bromide or chloride. CS (chlorobenzylidenemalononitrile)CRCN (chloroacetophenone) which may be sold as Macebromoacetonephenacyl bromidexylyl bromidepepper spray (derived from chili peppers and most commonly dissolved in a vegetable oil) Pepper spray is a little different from the other types of tear gas. It is an inflammatory agent that causes inflammation and burning of the eyes, nose, and mouth. While it is more debilitating than a lachrymatory agent, it is harder to deliver, so it is used more for personal protection against a single individual or animal than for crowd control.

Hunting Tourism Essay Example | Topics and Well Written Essays - 250 words

Hunting Tourism - Essay Example Various reports show that endangered species such as the lions have reduced by 30% in Africa and the cats are perceived as seriously imperiled. In one of the reports that were published in the year 2011, it revealed that the economic and the environmental benefits of hunting tourism in countries such as Tanzania, Botswana, Namibia, Benin, and Cameroon among others were negligible. It was alleged that around 272 million acres had been open to the sport though the returns were quite dismal. In addition, as much as some scholars allege that hunting tourism generates tourism, it was determined that less than 10,000 people were hired on part time and permanent basis yet approximately 100 million people lived in the aforementioned countries (Bland, 2012). Despite various claims that hunting tourism increases revenue and helps the local communities, there has been no enough proof. The pro-hunting firms argue that there are only 3% of the revenues that goes to the communities that have been affected by poaching and the rest goes to foreign and government outlets. It is also to be noted that killing of animals such as the lions is irresponsible considering that the healthy members are endangered and when the adult male, which is the most sought after animal is killed, there is destabilization of its pride, leading to increased number of deaths. The act is also counter-evolutionary since it consists of selecting the healthy, robust, and large males that protect their cubs and mates as well as contributing positively to future generations (Flocken, 2013). Therefore, killing of defenseless species is definitely a bad idea and there is a need to have a balance. It is normal to hunt and kill wild animals for food but there is a need for the government agencies, the pro-hunting organizations, tourist oriented firms, and other stakeholders that are affected to come up with ethical and sustainable hunting methods that can enhance conservation. Ensuring there is balance

Conway Inn - Conway, TX Research Paper Example | Topics and Well Written Essays - 2500 words

Conway Inn - Conway, TX - Research Paper Example In this paper, the focus will be on some deficient areas that need to be taken care of by the hotel’s management in order to improve the levels of customer satisfaction and organizational productivity. Customer service quality raises many issues for almost every company related to hospitality industry in some way or other. Although the management of Conway Inn hotel takes good care of every business process to meet the required standards of quality, but there is an area which still needs some focus in order to bring it in line with the quality of all other business process. The area which needs improvement is the customer service area the quality of which has gone down a little in the past couple of years. Customers have made complaints about the behavior, food serving, and room service of the employees of the hotel. The management of the hotel needs to resolve these customer service quality issues in order win the trust of the precious customers and protect the customer base from shortening because of the customer service issues. It is essential for a company from the hospitality industry to implement a well-developed quality management system because it helps in attracting and retaining customers, as well as in gaining competitive advantage in the market. Quality management system is implemented in a company to ensure that the quality of the products and services meet the standards. It acts as the foundation for an organization’s success because without the implementation of an effective quality management system, an organization cannot become able to ensure the optimum level of quality in its business processes. Quality management in hotel industry improves overall business performance. In our case, decreasing customer satisfaction due to low quality customer service is causing problems for the company. A quality management system will be needed to improve this area and get the trust of the

Greek Influence on Western Literature Essay Example for Free

Greek Influence on Western Literature Essay Slide One: The plays performed at the Festival of Dionysus represented a completely new performance genre: drama. Plays like Oedipus Rex, Medea, and Antigone laid the groundwork for the great plays to make up the western canon, from Shakespeares Hamlet to Arthur Millers Death of a Salesman. Slide Two: This era also saw the birth and development of a new literary genre: tragedy. In plays like Oedipus Rex, the basic tragic structure in which a character experiences a change from happiness to suffering was codified and refined. In the hands of writers like Aeschylus, Sophocles, and Euripides, it became a vehicle for the exploration of some of humanitys fundamental fears and questions about existence. You can see the same questions being explored in works by Shakespeare, for example, hundreds of years later. Today, more than 2,000 years later, these plays are still studied by modern tragic playwrights. Slide Three: Finally, the Athenian tragedies were important because they put humans at the center of the story. In the Iliad, for example, the gods are closely involved in the action — they take sides, they intervene on behalf of their heroes, and so on. While gods do appear in these plays, it is the very human protagonists such as Oedipus or Medea who take center stage, and whose actions determine the plot. This change signaled a shift in focus from the supernatural to the human in literature, which would have a profound influence on the Western tradition, particularly after the Middle Ages.

The Holocaust :: Jewish Holocaust

The Holocaust   Ã‚  Ã‚  Ã‚  Ã‚  When you think of the holocaust, what do you think about? Is it the millions of Jews lives that were taken? Or is it a great, but wicked speaker named Adolph Hitler? Adolph Hitler, Auschwitz, and American involvement are some key roles in the holocaust.   Ã‚  Ã‚  Ã‚  Ã‚  Adolph Hitler is probably one of the worst people ever to live. When people talk of evil deeds he is at the top of the list. He was a man of words, and could use them to his advantage. He had an ability to talk and make the Germans believe that the Jews were the reason for the problems in their country; so he gave them the idea to move them out. Then under his command they forced the Jews in to death camps.   Ã‚  Ã‚  Ã‚  Ã‚  After Adolph Hitler convinced the Germans that the Jews were the center of all problems, he started to make camps to place all the Jews. These camps weren’t nice places to be. They were all used to kill millions of Jews. Auschwitz was the most feared of all. Over 2 million Jews were killed there in ways that aren’t humane, such as shooting them, or gassing them in a chamber, or even burning them alive. This camp even bought little farms and houses for places to kill. They had the ever so famous Little Red house and the Little White house. These were places that they took Jews to kill them.   Ã‚  Ã‚  Ã‚  Ã‚  How does America get involved in this? They started to ban Jews in America. Nazism started up here in the land of the free. This made it harder for them to come to America and get out of harms way in Germany. They were leaving one country to come to another that feared the Jews taking jobs away, and believed they had to take action as did the Germans. Organizations tried to help bring people in to the country, and the government was making it almost imposable to get in.

Consulting Report of Solberri Hotel

Solberri Hotel January 20 2012 This report is in response to the request by Solberri hotel group for a review of its facing issues and identification of possible solutions. Consulting report ? STATE OF AFFAIRS Solberri is a group of resort hotels registered as a listed company with 12 resort hotels in Europe. Established in the 1980s, it had run successfully until 2003 and also incurred losses in 2005 and 2006. To improve the situation, Solberri implemented strategy changes to the hotel operating environment such as the pricing changes and a refurbishment program. With these adjustments, situation gets better with a large forecast cash surplus in this financial year. Currently the chain of hotels is faced with critical issues revolving around its operation including human resources that are better explained with the help of SWOT analysis in Appendix 1. It is important for Solberri to make use of the management tools to understand the current situation and to achieve the revenue target, increased share holder value and better customer satisfaction. ? ISSUES IN HAND Solberri is faced with multiple issues that act as a barrier to meet their goals and target. From our review and understanding of the environment we put forth the below issues and rank them as priority and other issues. Priority issues: †¢Poor customer experience that could be a result of ethical issues such as oPoor treatment of General manages and senior employees. oMisdistribution of tips oInvestment in unprofitable environmentally friendly initiatives. †¢The potential need to borrow money to enhance spas before the 2007/08 Peak season †¢The need to raise occupancy rates and earnings generated from extra charges to hit the planned revenue for the financial year ending September 2008 †¢The poor share price and vulnerability of Solberri Other issues: †¢Installation of solar panels †¢Non-participation in the international star ratings system †¢Potential problems with the quality of outsourced services †¢Upgrading website to include a virtual tour of facilities . ? ISSUE ANALYSIS In this section, the analysis is done for top priority issues. Customer service and relevant HR issues. The quality of customer service is crucial to companies’ survival in service industry. Unfortunately, the service provided by Solberri failed to meet the expected standard of its customers. The main reason for poor customer service is employees’ lack of skills and motivation. The majority of Solberri employees are temporary, with limited knowledge of the hotel industry and relevant skills. Besides, all short-term employees only receive two days introduction training which is apparently insufficient. The customer service can be improved in two aspects. In the short term, Nick Silva, customer service Director, needs to review staffing level immediately to meet the upcoming demand. Strict selection and a specific regular training program are needed to ensure the quality of its employees. In the long term, adjusting the ratio of the number of long-term employees to that of short-term ones is necessary. Too many temporary employees lead to poor customer service and low stock of talents, resulting in General managers working long hours and under high stress (more details in ethical issues). Though more long-term employees mean more costs, the benefits from improved customer service will outweigh the costs. Furthermore, because recognition of employees’ efforts can stimulate them to offer better service, some motivation measures are recommended. According to ERG theory, people in different levels have different needs. Most temporary employees are in the existence level, they need money to maintain their existence requirements, and therefore incentives such as bonus will be useful. However, most long-term employees are in relatedness and growth level, so incentives such as vocation award or decision making involvement will be suitable. With the new recruitment, training and incentives, it’s estimated that an additional employee cost of â‚ ¬7. 5 million will be incurred, a 12% increase from last year. Ethical issues Two ethical issues will be discussed in this report. a. Poor treatment of employees. General Managers and key senior employees are working under high stress over 16 hours every day. Solberri gets into ethical issue of overworking employees and paying no compensation. Due to a shortage of senior employees, their workload is unlikely to be reduced immediately. Therefore, the hotel should compensate for their overwork. To solve this problem fundamentally Soberri should reserve sufficient elites by increasing its long-term employees. b. Misdistribution of tips. When Solberri collected all the tips and evenly distributed them to employees, an ethical issue arose for the transparency and fairness of such distribution. Such controversial tips distribution should be changed back to the traditional way—employees can keep the tips for themselves. For those non-facing-customer employees who don’t get tips, Solberri is recommended to increase their bonus to make up the difference. Forecast cash surplus investment issue Before analyzing the four proposals, it’s important to know how much cash is available for investment. Since Solberri is under loan covenants and other financing alternatives such as rights issue can’t raise funds in a short time, the only source of funds is the internal capital. It’s estimated that 59 million cash will be generated from operations in this financial year. After deducting finance costs, tax, dividends and additional HR reform costs in the first issue, there’s only â‚ ¬30. 9 million cash available. (Appendix 2. 1) The total amount for the four proposals is â‚ ¬123 million (Appendix 2. 2). Solberri has to perform a cost benefit analysis to choose the most profitable proposal as it is clear that Solberri doesn’t have enough funds to implement all of them. Proposal A is to extend the number of rooms at the four â€Å"Premier† hotels by adding each another 200 rooms and supporting facilities. It’s estimated to generate â‚ ¬10 million NPV for each hotel over a 5-year period based on an 80% occupancy level. However, this may have some negative effects since the additional rooms and facilities make the hotel more crowded and less comfortable. Therefore, the 80% occupancy level is not guaranteed. Besides, it’s just the first year that Solberri has had such high occupancy levels. Extending the number of rooms in such a large scale is too risky. Proposal B is to invest in refurbishment and extend spa facilities at the remaining hotels. The forecast cost is â‚ ¬6 million for each hotel. The high level of bookings at the 4 â€Å"Premier† hotels during the 2008 Peak season has demonstrated the success of the refurbishment plan. So this proposal contains relatively little risk. Furthermore, spa facilities have become a key selling point in resort hotels. This new trend provides great opportunity for Solberri to escape from the Red Ocean, the very competitive market of traditional resort hotels. By differentiating itself by providing exclusive spa facilities, Solberri can successfully grab the Blue-ocean market, namely the profitable and rapidly-developing market of resort hotels with exclusive spa facilities. Finally, refurbishing the hotels can improve Solberri’s profit margin. However, refurbishing all the remaining hotels simultaneously is beyond Solberri’s financial ability. It’s recommended that Solberri refurbish only three hotels—two â€Å"Superior† and one â€Å"Super Plus†. Refurbishing the â€Å"Super Plus† hotels is riskier since there is no previous experience and the refurbishment will need to close permanently 15 rooms in each hotel. But if Solberri only refurbish â€Å"Superior† hotels, in a short time, there will be a gap in middle-priced hotels, which is unfavorable to the company’s strategic development. Proposal C is to acquire an additional resort hotel costing 24 million. The expected NPV is â‚ ¬39. 2 million (Appendix 2. 3). Besides, the breakeven occupancy level is 60% (Appendix 2. 4), which is quite easy to achieve. So Proposal C seems profitable with reasonable risk. However, the initiate cost is too large as it’s for only one hotel. Compared with Proposal B, it’s too risky for Solberri in its first year with such good performance. Proposal D is to invest in environmentally friendly initiatives including the installation of solar panels costing â‚ ¬6 million and other environmental initiatives costing â‚ ¬9 million. Though investing in these initiatives cannot generate profits for the company directly, it can help establish Solberri as a socially responsible company which will be positive to its image. But funds are so limited that investing in all these in unrealistic. It’s recommended that Solberri invest in the solar panel project first since it can produce cost savings of 0. 6 million per year and defer the others. Loan covenant restriction The â‚ ¬20 million loan negotiated at the end of 2007 has loan covenants restricting the company’s further loan financing within 2 years from December 2007, resulting in a probable capital shortage for its future development. Solberri can try negotiating with the bank for removal of restriction by showing them the latest forecast figures and the high level of bookings. However, the good performance of only one year wouldn’t be convincing enough to the bank. Solberri can also try refinancing by issuing additional stocks through public offering or private placement. However, due to the relatively high standard and costly registration of public offering, private placement is preferable. With low threshold for issuing, private placement is feasible for Solberri whose business just began to pick up after slow seasons. With the good performance this year, it’s probable that the Solberri will attract strategic investment from institutional investors via private placements to ensure its future development. The poor share price and vulnerability of Solberri RECOMMENDATION Customer service and related HR issues. It is recommended that Solberri immediately work out a plan for recruitment and training, to ensure job fit and effective training among all employees. Employees who can’t provide the high standard of service will be refused or assigned to non-facing-customer positions. Moreover, Solberri should set up appropriate motivation mechanisms such as bonus and vacation rewards. It is also recommended that Solberri enlarge its long-term employee proportion by training some short-term employees to be skillful long-term ones. In this way, more employees will cultivate a sense of responsibility and can handle the previous temporary employees’ work in non-peak season. Ethical issues It’s recommended that Solberri compensate for employees’ overwork. In the long run, the company needs to enlarge its senior employee reserve. It’s recommended that Solberri abandon its controversial tips distribution and set up a bonus system for non-facing customer employees to make up their income difference. Forecast cash surplus investment issue It’s recommended that Solberri spend its forecast cash surplus on Proposal B to refurbish and extend the spa facilities at two â€Å"Superior† hotels and one â€Å"Super Plus† hotel, which costs â‚ ¬18 million in total. Since it’s just the first year Solberri has performed so well in these years, it’s better for it to be conservative towards investment. It’s also recommended that Solberri invest in the installation of solar panels at all 12 hotels costing â‚ ¬6 million and postpone other environmentally friendly initiatives due to its limited funds. These two plans will result in â‚ ¬6. 9 million cash retained Appendix 2. 5), which will help improve the liquidity of Solberri. . Loan covenant restriction It is recommended that Solberri try to negotiate with the bank for removal of the restriction. If it’s not workable, Solberri could try seasoned equity offering to refinance either by public offering or private placement, while private placement seems to be most feasible for Solberri and thus is highly recommended. If external financing doesn’t work, it is highly recommended that Solberri try all means to control its costs. The poor share price and vulnerability of Solberri ? CONCLUSION Solberri is now at a crucial time since it’s the first time it has had such good performance in these years. It is now facing several important issues. The most important ones are how to solve the poor customer service problem and which investment proposal to choose for its future development to increase the occupancy level for all the hotel rooms. It is believed that the analysis and recommendations above can serve as useful references for its decision-making. Solberri has to differentiate itself in the market through a shift by showcasing its spa facilities as its forefront in capturing holiday makers. With a change in visa regulations in Europe Solberri may opt to pay more attention to its local clients by offering the day use of the hotel’s services and facilities during non-peak seasons. To position itself as a â€Å"holiday resort hotel†, there should be a refurbishment of Solberri’s hotels to â€Å"Premier† standards ? SWOT ANALYSIS STRENGTHS †¢Good reputation with a long history; †¢Proven track record of range of spa facilities †¢Successful refurbishment program †¢Many of long-term employees have worked for Solberri for over 10 years with rich experience. †¢Stable co-operation with several travel agents. Experienced board directors. †¢High sense of Corporate Social Responsibility( 1 hotel won a bronze award in the Green Tourism business awards, 2007 †¢High level of bookings for Peak season 2008 with large cash surplus forecast WEAKNESS †¢Outdated information technology systems. †¢Restrictive loan covenan t. †¢Difficulty in enforcing agreed quality service levels. †¢Declining share price compared to 2002 †¢Poor customer service with disappointing customer feedback. †¢Low level of repeat booking. †¢Lack of motivation of short-term employees. †¢Poorly structured financial planning. †¢Resignation of Finance Director. OPPORTUNITIES High level of bookings and a forecast cash surplus of â‚ ¬59 million which can be used for further expansion, refurbishment program, paying dividends, and(or) meeting CSR by investing in environmentally friendly initiatives; †¢ Huge potential market for Spa service †¢Pricing structure changes to boost occupancy levels †¢Effective use of variety of media to generate more sales THREATS †¢ External completion from other hotel industries †¢ Understaffing and poor service to meet the high level booking that could impact reputation †¢Resistance from †¢Competitors having state of art information technology can be market eaders. †¢ Fall in spa revenues of one â€Å"premier† hotel due to a rival business operated by an ex-manager. †¢Difference of opinion amongst management staff may delay the strategy implementation. WORKINGS 2. 1. 1 Investible surplus â‚ ¬59 million is cash generated from operations before finance costs, tax and dividends, which should be deducted. Besides, the additional operation cost incurred by human resources management should also be deducted in order to get the available cash for investment. 2. 1. 2Cost of finance S. No. AmountRate of InterestDetailsDuration for CYInterest Cost a. 12 m10%Oct- Dec ‘073 monthsâ‚ ¬0. 3 m b. â‚ ¬6 m8%Repayable in Sep 20101 yrâ‚ ¬0. 48m c. â‚ ¬15 m11%June 20121 yrâ‚ ¬1. 65m d. â‚ ¬20 m10%Jan-2008 to Dec ‘149 mthsâ‚ ¬1. 5m Totalâ‚ ¬3. 93 m Notes: a. â‚ ¬12 million loan at 10% repayable in December 2007 -As its repayable date is in December 2007, the interest expens e incurred in this accounting period is only for three months (October 2007 to December 2007). â‚ ¬12 million*10%*3/12 = â‚ ¬0. 3 million b. â‚ ¬6 million loan at 8% repayable in September 2010 -â‚ ¬6 million*8% = â‚ ¬0. 48 million c. â‚ ¬15 million loan at 11% repayable in June 2012 -â‚ ¬15 million*11% = â‚ ¬1. 5 million d. â‚ ¬20 million loan at 10% beginning in January 2008 and repayable in December 2014 -As this loan began in January 2008, the interest expense incurred in this accounting period is only for nine months (January 2008 to September 2008). â‚ ¬20 million*10%*9/12 = â‚ ¬1. 5 million 2. 1. 3 Tax expense As stated in the case, the post-tax profit for the year ended September 2008 will be â‚ ¬27 million. Based on the tax rate of 32%, the taxable income = â‚ ¬27 million/(1-32%) = â‚ ¬39. 7 million . Therefore, the tax expense = â‚ ¬39. 7 million*32% = â‚ ¬12. 7 million 2. 1. 4 Dividends In 2007, Solberri made a profit of â‚ ¬5 million and paid â‚ ¬2 million for dividends, which equals a dividend per share of â‚ ¬0. 083. It’s recommended that Solberri double the DPS this year, making the total dividends expenditure as much as â‚ ¬4 million. 2. 1. 5 Additional operation cost As is mentioned before, the high occupancy level this year will incur additional operational cost due to the employee recruitment, training and motivation. It’ estimated to be around â‚ ¬7. 5 million based on an estimated 12% increase compared with 2007 when the staff costs were â‚ ¬62 million. Cash Available for Investment( in million) Investible surplus( before deduction)= â‚ ¬59. 00 Less: Interest cost –â‚ ¬3. 93 Tax expense –â‚ ¬12. 7 Dividend expense –â‚ ¬4. 00 Additional operation cost –â‚ ¬7. 5 Net surplus= â‚ ¬30. 9 2. 2. Total cost for all four investment proposals : ProposalInvestment cost per hotelNumber of hotelsTotal cost Aâ‚ ¬9 million4â‚ ¬36 million Bâ‚ ¬6 million8â‚ ¬48 million C****â‚ ¬24 million Dâ‚ ¬15 million Total costâ‚ ¬123 million **Total cost for Proposal C = acquiring cost + refurbishing cost + marketing cost = â‚ ¬5 million +â‚ ¬16 million+â‚ ¬3 million = â‚ ¬24 million Total cost for Proposal D = â‚ ¬15 million 2. . Expected NPV of Proposal C As is shown in the case, when occupancy level equals 95%, the NPV will be â‚ ¬100. 0 million. When it’s 80%, the NPV will be â‚ ¬35 million. When it’s 50%, the NPV will be –â‚ ¬25 million. And their probabilities are 25%, 60% and 15% respe ctively. Therefore, the weighted average NPV = â‚ ¬100. 0 million*25% + â‚ ¬35. 0 million*60% +(-â‚ ¬25 million)*15% = â‚ ¬42. 2 million However the marketing cost of â‚ ¬3 million is excluded in the above NPV, so the expected NPV of Proposal C = â‚ ¬42. 2 million – â‚ ¬3 million = â‚ ¬39. 2 million 2. 4. Breakeven occupancy level of Proposal C When occupancy level equals 95%, the NPV will be â‚ ¬97 million. When it’s 50%, the NPV will be -â‚ ¬28 million. Thus, when the occupancy level decreases by 1%, the NPV will decrease by â‚ ¬2. 78 million. [â‚ ¬97 million – (-â‚ ¬28 million)] / (95-50) = â‚ ¬2. 78 million In this way, when the occupancy level changes by about 35% (97/2. 78), the NPV will decrease to zero. Therefore, the breakeven occupancy level is around 60%. 2. 5 Estimated cash retained Estimated cash retained = cash available for investment – investment costs = â‚ ¬30. 9 million –â‚ ¬24 million = â‚ ¬6. 9 million Comparison between Solberri and Shangri-la Asia Limited with the DuPont Model 3. 1 DuPont Model of Solberri 2007 Return on Equity (ROE) 0. 568 Return on Assets (ROA) 0. 3086? Equity Multiplier (EM) 1. 8409 Profit Margin 0. 0314? Total Asset Turnover 0. 9815 1 /(1—Debt Ratio 0. 4568) Net Income/Net Sales Net Sales/Average Total Assets Total Liabilities/Total Assets 3. 2 DuPont Model of Shangri-la Asia Limited 200 7 Return on Equity (ROE) 0. 1046 Return on Assets (ROA) 0. 1029? Equity Multiplier (EM) 1. 016 Profit Margin 0. 3069? Total Asset Turnover 0. 3354 1 /(1—Debt Ratio 0. 0159) Net Income/Net Sales Net Sales/Average Total Assets Total Liabilities/Total Assets Comparison between Solberri and Shangri-la Asia Limited with the DuPont Model 3. DuPont Model of Solberri 2007 Return on Equity (ROE) 0. 0568 Return on Assets (ROA) 0. 3086? Equity Multiplier (EM) 1. 8409 Profit Margin 0. 0314? Total Asset Turnover 0. 9815 1 /(1—Debt Ratio 0. 4568) Net Income/Net Sales Net Sales/Average Total Assets Total Liabilities/Total Assets 3. 2 DuPont Model of Shangri-la Asia Limited 2007 Return on Equity (ROE) 0. 1046 Return on Assets (ROA) 0. 1029? Equity Multiplier (EM) 1. 016 Profit Margin 0. 3069? Total Asset Turnover 0. 3354 1 /(1—Debt Ratio 0. 0159) Net Income/Net Sales Net Sales/Average Total Assets T Solberri Hotel January 20 2012 This report is in response to the request by Solberri hotel group for a review of its facing issues and identification of possible solutions. Consulting report ? STATE OF AFFAIRS Solberri is a group of resort hotels registered as a listed company with 12 resort hotels in Europe. Established in the 1980s, it had run successfully until 2003 and also incurred losses in 2005 and 2006. To improve the situation, Solberri implemented strategy changes to the hotel operating environment such as the pricing changes and a refurbishment program. With these adjustments, situation gets better with a large forecast cash surplus in this financial year. Currently the chain of hotels is faced with critical issues revolving around its operation including human resources that are better explained with the help of SWOT analysis in Appendix 1. It is important for Solberri to make use of the management tools to understand the current situation and to achieve the revenue target, increased share holder value and better customer satisfaction. ? ISSUES IN HAND Solberri is faced with multiple issues that act as a barrier to meet their goals and target. From our review and understanding of the environment we put forth the below issues and rank them as priority and other issues. Priority issues: †¢Poor customer experience that could be a result of ethical issues such as oPoor treatment of General manages and senior employees. oMisdistribution of tips oInvestment in unprofitable environmentally friendly initiatives. †¢The potential need to borrow money to enhance spas before the 2007/08 Peak season †¢The need to raise occupancy rates and earnings generated from extra charges to hit the planned revenue for the financial year ending September 2008 †¢The poor share price and vulnerability of Solberri Other issues: †¢Installation of solar panels Non-participation in the international star ratings system †¢Potential problems with the quality of outsourced services †¢Upgrading website to include a virtual tour of facilities . ? ISSUE ANALYSIS In this section, the analysis is done for top priority issues. Customer service and relevant HR issues. The quality of customer service is crucial to companies’ survival in service ind ustry. Unfortunately, the service provided by Solberri failed to meet the expected standard of its customers. The main reason for poor customer service is employees’ lack of skills and motivation. The majority of Solberri employees are temporary, with limited knowledge of the hotel industry and relevant skills. Besides, all short-term employees only receive two days introduction training which is apparently insufficient. The customer service can be improved in two aspects. In the short term, Nick Silva, customer service Director, needs to review staffing level immediately to meet the upcoming demand. Strict selection and a specific regular training program are needed to ensure the quality of its employees. In the long term, adjusting the ratio of the number of long-term employees to that of short-term ones is necessary. Too many temporary employees lead to poor customer service and low stock of talents, resulting in General managers working long hours and under high stress (more details in ethical issues). Though more long-term employees mean more costs, the benefits from improved customer service will outweigh the costs. Furthermore, because recognition of employees’ efforts can stimulate them to offer better service, some motivation measures are recommended. According to ERG theory, people in different levels have different needs. Most temporary employees are in the existence level, they need money to maintain their existence requirements, and therefore incentives such as bonus will be useful. However, most long-term employees are in relatedness and growth level, so incentives such as vocation award or decision making involvement will be suitable. With the new recruitment, training and incentives, it’s estimated that an additional employee cost of â‚ ¬7. 5 million will be incurred, a 12% increase from last year. Ethical issues Two ethical issues will be discussed in this report. a. Poor treatment of employees. General Managers and key senior employees are working under high stress over 16 hours every day. Solberri gets into ethical issue of overworking employees and paying no compensation. Due to a shortage of senior employees, their workload is unlikely to be reduced immediately. Therefore, the hotel should compensate for their overwork. To solve this problem fundamentally Soberri should reserve sufficient elites by increasing its long-term employees. b. Misdistribution of tips. When Solberri collected all the tips and evenly distributed them to employees, an ethical issue arose for the transparency and fairness of such distribution. Such controversial tips distribution should be changed back to the traditional way—employees can keep the tips for themselves. For those non-facing-customer employees who don’t get tips, Solberri is recommended to increase their bonus to make up the difference. Forecast cash surplus investment issue Before analyzing the four proposals, it’s important to know how much cash is available for investment. Since Solberri is under loan covenants and other financing alternatives such as rights issue can’t raise funds in a short time, the only source of funds is the internal capital. It’s estimated that 59 million cash will be generated from operations in this financial year. After deducting finance costs, tax, dividends and additional HR reform costs in the first issue, there’s only â‚ ¬30. 9 million cash available. (Appendix 2. 1) The total amount for the four proposals is â‚ ¬123 million (Appendix 2. 2). Solberri has to perform a cost benefit analysis to choose the most rofitable proposal as it is clear that Solberri doesn’t have enough funds to implement all of them. Proposal A is to extend the number of rooms at the four â€Å"Premier† hotels by adding each another 200 rooms and supporting facilities. It’s estimated to generate â‚ ¬10 million NPV for each hotel over a 5-year period based on an 80% occupancy level. However, this may h ave some negative effects since the additional rooms and facilities make the hotel more crowded and less comfortable. Therefore, the 80% occupancy level is not guaranteed. Besides, it’s just the first year that Solberri has had such high occupancy levels. Extending the number of rooms in such a large scale is too risky. Proposal B is to invest in refurbishment and extend spa facilities at the remaining hotels. The forecast cost is â‚ ¬6 million for each hotel. The high level of bookings at the 4 â€Å"Premier† hotels during the 2008 Peak season has demonstrated the success of the refurbishment plan. So this proposal contains relatively little risk. Furthermore, spa facilities have become a key selling point in resort hotels. This new trend provides great opportunity for Solberri to escape from the Red Ocean, the very competitive market of traditional resort hotels. By differentiating itself by providing exclusive spa facilities, Solberri can successfully grab the Blue-ocean market, namely the profitable and rapidly-developing market of resort hotels with exclusive spa facilities. Finally, refurbishing the hotels can improve Solberri’s profit margin. However, refurbishing all the remaining hotels simultaneously is beyond Solberri’s financial ability. It’s recommended that Solberri refurbish only three hotels—two â€Å"Superior† and one â€Å"Super Plus†. Refurbishing the â€Å"Super Plus† hotels is riskier since there is no previous experience and the refurbishment will need to close permanently 15 rooms in each hotel. But if Solberri only refurbish â€Å"Superior† hotels, in a short time, there will be a gap in middle-priced hotels, which is unfavorable to the company’s strategic development. Proposal C is to acquire an additional resort hotel costing 24 million. The expected NPV is â‚ ¬39. 2 million (Appendix 2. 3). Besides, the breakeven occupancy level is 60% (Appendix 2. 4), which is quite easy to achieve. So Proposal C seems profitable with reasonable risk. However, the initiate cost is too large as it’s for only one hotel. Compared with Proposal B, it’s too risky for Solberri in its first year with such good performance. Proposal D is to invest in environmentally friendly initiatives including the installation of solar panels costing â‚ ¬6 million and other environmental initiatives costing â‚ ¬9 million. Though investing in these initiatives cannot generate profits for the company directly, it can help establish Solberri as a socially responsible company which will be positive to its image. But funds are so limited that investing in all these in unrealistic. It’s recommended that Solberri invest in the solar panel project first since it can produce cost savings of 0. 6 million per year and defer the others. Loan covenant restriction The â‚ ¬20 million loan negotiated at the end of 2007 has loan covenants restricting the company’s further loan financing within 2 years from December 2007, resulting in a probable capital shortage for its future development. Solberri can try negotiating with the bank for removal of restriction by showing them the latest forecast figures and the high level of bookings. However, the good performance of only one year wouldn’t be convincing enough to the bank. Solberri can also try refinancing by issuing additional stocks through public offering or private placement. However, due to the relatively high standard and costly registration of public offering, private placement is preferable. With low threshold for issuing, private placement is feasible for Solberri whose business just began to pick up after slow seasons. With the good performance this year, it’s probable that the Solberri will attract strategic investment from institutional investors via private placements to ensure its future development. The poor share price and vulnerability of Solberri RECOMMENDATION Customer service and related HR issues. It is recommended that Solberri immediately work out a plan for recruitment and training, to ensure job fit and effective training among all employees. Employees who can’t provide the high standard of service will be refused or assigned to non-facing-customer positions. Moreover, Solberri should set up appropriate motivation mechanisms such as bonus and vacation rewards. It is also recommended that Solberri enlarge its long-term employee proportion by training some short-term employees to be skillful long-term ones. In this way, more employees will cultivate a sense of responsibility and can handle the previous temporary employees’ work in non-peak season. Ethical issues It’s recommended that Solberri compensate for employees’ overwork. In the long run, the company needs to enlarge its senior employee reserve. It’s recommended that Solberri abandon its controversial tips distribution and set up a bonus system for non-facing customer employees to make up their income difference. Forecast cash surplus investment issue It’s recommended that Solberri spend its forecast cash surplus on Proposal B to refurbish and extend the spa facilities at two â€Å"Superior† hotels and one â€Å"Super Plus† hotel, which costs â‚ ¬18 million in total. Since it’s just the first year Solberri has performed so well in these years, it’s better for it to be conservative towards investment. It’s also recommended that Solberri invest in the installation of solar panels at all 12 hotels costing â‚ ¬6 million and postpone other environmentally friendly initiatives due to its limited funds. These two plans will result in â‚ ¬6. 9 million cash retained (Appendix 2. ), which will help improve the liquidity of Solberri. . Loan covenant restriction It is recommended that Solberri try to negotiate with the bank for removal of the restriction. If it’s not workable, Solberri could try seasoned equity offering to refinance either by public offering or private placement, while private placement seems to be most feasible for Solberri and thus is highly recommended. If external financing doesn’t work, it is highly recommended that Solberri try all means to control its costs. The poor share price and vulnerability of Solberri ? CONCLUSION Solberri is now at a crucial time since it’s the first time it has had such good performance in these years. It is now facing several important issues. The most important ones are how to solve the poor customer service problem and which investment proposal to choose for its future development to increase the occupancy level for all the hotel rooms. It is believed that the analysis and recommendations above can serve as useful references for its decision-making. Solberri has to differentiate itself in the market through a shift by showcasing its spa facilities as its forefront in capturing holiday makers. With a change in visa regulations in Europe Solberri may opt to pay more attention to its local clients by offering the day use of the hotel’s services and facilities during non-peak seasons. To position itself as a â€Å"holiday resort hotel†, there should be a refurbishment of Solberri’s hotels to â€Å"Premier† standards ? SWOT ANALYSIS STRENGTHS †¢Good reputation with a long history; †¢Proven track record of range of spa facilities †¢Successful refurbishment program †¢Many of long-term employees have worked for Solberri for over 10 years with rich experience. †¢Stable co-operation with several travel agents. Experienced board directors. †¢High sense of Corporate Social Responsibility( 1 hotel won a bronze award in the Green Tourism business awards, 2007 †¢High level of bookings for Peak season 2008 with large cash surplus forecast WEAKNESS †¢Outdated information technology systems. †¢Restrictive loan covenan t. †¢Difficulty in enforcing agreed quality service levels. †¢Declining share price compared to 2002 †¢Poor customer service with disappointing customer feedback. †¢Low level of repeat booking. †¢Lack of motivation of short-term employees. †¢Poorly structured financial planning. Resignation of Finance Director. OPPORTUNITIES †¢High level of bookings and a forecast cash surplus of â‚ ¬59 million which can be used for further expansion, refurbishment program, paying dividends, and(or) meeting CSR by investing in environmentally friendly initiatives; †¢ Huge potential market for Spa service †¢Pricing structure changes to boost occupancy levels †¢Effective use of variety of media to generate more sales THREATS †¢ External completion from other hotel industries †¢ Understaffing and poor service to meet the high level booking that could impact reputation †¢Resistance from Competitors having state of art information techno logy can be market leaders. †¢ Fall in spa revenues of one â€Å"premier† hotel due to a rival business operated by an ex-manager. †¢Difference of opinion amongst management staff may delay the strategy implementation. WORKINGS 2. 1. 1 Investible surplus â‚ ¬59 million is cash generated from operations before finance costs, tax and dividends, which should be deducted. Besides, the additional operation cost incurred by human resources management should also be deducted in order to get the available cash for investment. 2. 1. 2Cost of finance S. No. AmountRate of InterestDetailsDuration for CYInterest Cost a. â‚ ¬12 m10%Oct- Dec ‘073 monthsâ‚ ¬0. 3 m b. â‚ ¬6 m8%Repayable in Sep 20101 yrâ‚ ¬0. 48m c. â‚ ¬15 m11%June 20121 yrâ‚ ¬1. 65m d. â‚ ¬20 m10%Jan-2008 to Dec ‘149 mthsâ‚ ¬1. 5m Totalâ‚ ¬3. 93 m Notes: a. â‚ ¬12 million loan at 10% repayable in December 2007 -As its repayable date is in December 2007, the interest expense incurred in this accounting period is only for three months (October 2007 to December 2007). â‚ ¬12 million*10%*3/12 = â‚ ¬0. 3 million b. â‚ ¬6 million loan at 8% repayable in September 2010 -â‚ ¬6 million*8% = â‚ ¬0. 48 million c. 15 million loan at 11% repayable in June 2012 -â‚ ¬15 million*11% = â‚ ¬1. 65 million d. â‚ ¬20 million loan at 10% beginning in January 2008 and repayable in December 2014 -As this loan began in January 2008, the interest expense incurred in this accounting period is only for nine months (January 2008 to S eptember 2008). â‚ ¬20 million*10%*9/12 = â‚ ¬1. 5 million 2. 1. 3 Tax expense As stated in the case, the post-tax profit for the year ended September 2008 will be â‚ ¬27 million. Based on the tax rate of 32%, the taxable income = â‚ ¬27 million/(1-32%) = â‚ ¬39. 7 million . Therefore, the tax expense = â‚ ¬39. 7 million*32% = â‚ ¬12. 7 million 2. . 4 Dividends In 2007, Solberri made a profit of â‚ ¬5 million and paid â‚ ¬2 million for dividends, which equals a dividend per share of â‚ ¬0. 083. It’s recommended that Solberri double the DPS this year, making the total dividends expenditure as much as â‚ ¬4 million. 2. 1. 5 Additional operation cost As is mentioned before, the high occupancy level this year will incur additional operational cost due to the employee recruitment, training and motivation. It’ estimated to be around â‚ ¬7. 5 million based on an estimated 12% increase compared with 2007 when the staff costs were â‚ ¬62 m illion. Cash Available for Investment( in million) Investible surplus( before deduction)= â‚ ¬59. 00 Less: Interest cost –â‚ ¬3. 93 Tax expense –â‚ ¬12. 7 Dividend expense –â‚ ¬4. 00 Additional operation cost –â‚ ¬7. 5 Net surplus= â‚ ¬30. 9 2. 2. Total cost for all four investment proposals : ProposalInvestment cost per hotelNumber of hotelsTotal cost Aâ‚ ¬9 million4â‚ ¬36 million Bâ‚ ¬6 million8â‚ ¬48 million C****â‚ ¬24 million Dâ‚ ¬15 million Total costâ‚ ¬123 million **Total cost for Proposal C = acquiring cost + refurbishing cost + marketing cost = â‚ ¬5 million +â‚ ¬16 million+â‚ ¬3 million = â‚ ¬24 million Total cost for Proposal D = â‚ ¬15 million . 3. Expected NPV of Proposal C As is shown in the case, when occupancy level equals 95%, the NPV will be â‚ ¬100. 0 million. When it’s 80%, the NPV will be â‚ ¬35 million. When it’s 50%, the NPV will be –â‚ ¬25 million. And their probabilities are 25%, 60% and 15% respe ctively. Therefore, the weighted average NPV = â‚ ¬100. 0 million*25% + â‚ ¬35. 0 million*60% +(-â‚ ¬25 million)*15% = â‚ ¬42. 2 million However the marketing cost of â‚ ¬3 million is excluded in the above NPV, so the expected NPV of Proposal C = â‚ ¬42. 2 million – â‚ ¬3 million = â‚ ¬39. 2 million 2. 4. Breakeven occupancy level of Proposal C When occupancy level equals 95%, the NPV will be â‚ ¬97 million. When it’s 50%, the NPV will be -â‚ ¬28 million. Thus, when the occupancy level decreases by 1%, the NPV will decrease by â‚ ¬2. 78 million. [â‚ ¬97 million – (-â‚ ¬28 million)] / (95-50) = â‚ ¬2. 78 million In this way, when the occupancy level changes by about 35% (97/2. 78), the NPV will decrease to zero. Therefore, the breakeven occupancy level is around 60%. 2. 5 Estimated cash retained Estimated cash retained = cash available for investment – investment costs = â‚ ¬30. 9 million –â‚ ¬24 million = â‚ ¬6. 9 million Comparison between Solberri and Shangri-la Asia Limited with the DuPont Model 3. DuPont Model of Solberri 2007 Return on Equity (ROE) 0. 0568 Return on Assets (ROA) 0. 3086? Equity Multiplier (EM) 1. 8409 Profit Margin 0. 0314? Total Asset Turnover 0. 9815 1 /(1—Debt Ratio 0. 4568) Net Income/Net Sales Net Sales/Average Total Assets Total Liabil ities/Total Assets 3. 2 DuPont Model of Shangri-la Asia Limited 2007 Return on Equity (ROE) 0. 1046 Return on Assets (ROA) 0. 1029? Equity Multiplier (EM) 1. 016 Profit Margin 0. 3069? Total Asset Turnover 0. 3354 1 /(1—Debt Ratio 0. 0159) Net Income/Net Sales Net Sales/Average Total Assets Total Liabilities/Total Assets Comparison between Solberri and Shangri-la Asia Limited with the DuPont Model 3. 1 DuPont Model of Solberri 2007 Return on Equity (ROE) 0. 0568 Return on Assets (ROA) 0. 3086? Equity Multiplier (EM) 1. 8409 Profit Margin 0. 0314? Total Asset Turnover 0. 9815 1 /(1—Debt Ratio 0. 4568) Net Income/Net Sales Net Sales/Average Total Assets Total Liabilities/Total Assets 3. 2 DuPont Model of Shangri-la Asia Limited 2007 Return on Equity (ROE) 0. 1046 Return on Assets (ROA) 0. 1029? Equity Multiplier (EM) 1. 016 Profit Margin 0. 3069? Total Asset Turnover 0. 3354 1 /(1—Debt Ratio 0. 0159) Net Income/Net Sales Net Sales/Average Total Assets T

Rome’s Via Dei Fori Imperiali

Via dei Fori Imperiali Millions of tourists flock to the eternal city every year to look at the many beautiful and grandiose sites of Rome. What many might not realize is that in the 18th century Mussolini had a plan to restructure, and tear down many of important monuments that define Roman heritage, and he did just this. Benito Mussolini built the road known as Via dei Fori Imperiali in 1931-1933. Mussolini wanted a way to brand Rome with his distinct Fascist ideals.Via dei Fori Imperiali was first built with the idea that it would house many triumphal marches or parades. Mussolini also wanted to form a physical and symbolic link between Piazza Venezia, the headquarters of the fascist movement to the Roman Forum, the epitome of Roman power and strength, and all the way to the Colosseum. Many obstacles lay in Mussolini’s way, to start with many important and historic monuments but also little villages and houses that housed 746 of Rome’s poorest families.The dense amou nt of poor Romans living in the once- Alessandrino neighborhood, could not argue or protest against the tearing down of there homes precisely because they had no political power or even money to make any objection at the time. Apart from kicking thousands of people out of their homes, Mussolini also managed to destroy many millennia- old structures. To name a few Mussolini demolished the churches of San Lorenzo ai Monti and Santa Maria degli Angeli in Macello Martyrum. He also partially eradicated the forums of Caesar, Augustus, Trajan, Vespasian and Nerva.By building this road Mussolini completely changed the landscape of Rome, cutting completely the Forum area in two. Like many overbearing leaders Mussolini had the vision of creating a â€Å"new† Rome, one that had rid itself of the domineering aura of history. Mussolini wanted to make new open spaces that were not cluttered by history. He wanted to leave his own mark on the Country, and in his opinion the only way to do th is was to tear down thousands years of historic monuments and to displace thousands of people.Mussolini modeled himself on Julius Caesar, yet his role model was the first emperor Augustus. Mussolini admired the rulers of the ancient Roman Empire and strived to be like them yet with his arrogance he felt he needed to build bigger, better buildings than the Romans had built, he needed to make Rome the grandest it had ever been. ——————————————– [ 1 ]. http://www. heritage-key. com/rome/dei-fori-imperiali-mussolinis-fascist-route-through-rome

Service Management CNN

Service Management CNN Introduction Services providing firms, just like the goods manufacturing companies, need to establish sound strategies and operations in order to develop their overall businesses. Such strategies may involve determining new services, identifying a perfect competitive strategy, and defining target markets to serve the market effectively.Advertising We will write a custom essay sample on Service Management: CNN specifically for you for only $16.05 $11/page Learn More This paper seeks to discuss in detail the aspect of service management with special focus on one of the world’s leading news broadcaster, Channel Television Network (CNN). The paper designs a proposal for a new services offering for the company, as well as gives recommendations on the alternative ways through which CNN can improve its services offerings. Thesis Statement CNN’s differentiation strategy can provide the company with more competitive advantage globally if it is integrate d with a focus strategy. Components of CNN’s Service Offerings CNN is a TV channel that mainly broadcasts news for 24 hours. The TV channel is based in the United States of America, but it has a global outreach across all the continents. The services are mainly categorized into two, that is, CNN America and CNN international. CNN America is customized for the local US market, while CNN international includes content for the global market. News by the channel is structured into several categories to appeal to varying audiences. The categories include politics, justice, entertainment, and technical news. Other categories are health, living, travel, money, and sports. CNN international runs dedicated channels that focus on specific countries or regions. These specialized channels include CNN Chile, CNN Airport, CNN enEspanol, CNN TURK, CNN IBN, which is dedicated for the Indian subcontinent, and CNNj for Japan. The n-tv channel is a dedicated CNN affiliate that is focused on the German news market. CNN also provides its news services through the online platform via the web address cnn.com. Users can read news articles on the website or watch video clips directly. A highly interesting and interactive feature of the online news services, iReport, allows users who are amateur journalists to upload videos and photos. The firm has launched a recent service, CNN Films, which distributes and produces TV, as well as feature documentaries.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Target Markets Different CNN service components target varying market categories. The TV platform particularly targets viewers with a minimum of 45 years. Most people falling within this age bracket often consider TV as a traditional news channel. The younger generation of CNN’s viewers, mainly falling in the 15-40 age brackets, considers the online platform as more accommo dative than the traditional TV platform. Additional features of the online platform, such as iReport, allow users to increase their interaction by allowing them to send videos and photos that are later on uploaded on the company’s website.  CNN International (CNNI) is a 24-hour global channel that specifically focuses on news (CNN, 2013). Up to 212 countries throughout the world can watch the channel through 23 satellites (Ireland, Hoskisson Hitt, 2006). CNNI has further been regionalized in order to narrow down its content to specifically suit specific regional markets. The regions include CNN International Europe/Middle East/Africa, for the general European, Middle East, and African markets. Other regional markets include CNN International Latin America, for mainly the Southern American market, CNN International Asia Pacific, for countries in the Asia Pacific region, as well as CNN International South Asia for the Southern Asia market.  Finally, CNN International USA a lso exists, with its special focus being to provide international news to the local US viewers (Ireland, Hoskisson Hitt, 2006). CNNmoney, on its part, delivers comprehensive news about business for 24 hours for every weekday. Viewers enjoy broad range news on business, consumer, and financial news, which specifically targets both small investors, as well as business professionals (Ireland, Hoskisson Hitt, 2006). The details are credibly analyzed for purposes of helping viewers to enjoy high quality content that is not offered in other rival channels (CNN, 2013). CNN’s HLN service, which was previously referred to as CNN Headline News combines all top stories on health matters, technology, entertainment, breaking news, travel, as well as sports, and weather information (Ireland, Hoskisson, Hitt, 2006). This service targets an audience in need of relevant comprehensive news for purposes of their urgency and schedules. The news is delivered by a team representing four anchors , who interactively engage to ensure a lively delivery of the news content (Ireland, Hoskisson Hitt, 2006).  The specialized CNN channels have been particularly designed to focus on the national audience markets of the specific countries involved. CNN Chile, for instance, is customized for the Chilean market, as is the same case for CNN TURK, which specifically targets Turkey as a market (CNN, 2013).Advertising We will write a custom essay sample on Service Management: CNN specifically for you for only $16.05 $11/page Learn More Competitive Strategy CNN employs a differentiation strategy in order to achieve competitive advantage in the industry and market (Gershon, 2009). CNN has sought to create a unique operation and service delivery that makes it stand out exceptionally compared to other cable networks. CNN has succeeded to establish itself as a global leader in terms of delivering news that covers the entire world. The news coverage by the channel is more global, creating the feel, as well as look similar to a news magazine. This tends to vary with the positioning attained by its main rival Fox News, for instance, which is looked at as being mainly conservative and earning the â€Å"proAmerican news organization† tag. This is more evidenced by the presence of a US flag in its studio background (Gershon, 2009). Tools and Processes Supporting Differentiation Strategy Specialized channels CNN has introduced specialized channels that seek to customize its services for specific national markets in order to enhance its strategy of differentiation. Although CNN is an American firm, its focus and attention has been to cover international news comprehensively, in the same breadth that it covers local news, in order to effectively differentiate itself as an international news channel. Currently, there are up to eight specialized channels that are run by the broadcaster. CNN Chile, CNN TURK, CNN-IBN, CNNj, and n-tv, all represent e fforts by the company to support its competitive strategy (CNN, 2013). While CNN may still be regarded as foreign to the national markets represented by these channels, which include Chile, Turkey, India, Japan, and Germany, the company has sought to drop the tag by introducing special channels. These channels broadcast in the local languages, as opposed to English which is CNN’s main language of broadcasting, and give priority to events and features that occur within the countries. The specialized channels have been structured in a similar format to CNN/US, which mainly focuses on local US news. While distribution of international news remains the main purpose of CNN, the company realizes the importance of customizing each national market in order to effectively serve the specific needs. Bureaus CNN operates several bureaus, both within the US and on the international scene, to enable the firm to differentiate its service delivery to the diverse market that it serves. In the US, the bureaus are set up in ten states, including Atlanta, which also doubles up as the company’s headquarters, Boston, Chicago, Miami, New York City, San Francisco, and Washington DC (CNN, 2013).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More While the US is a single national market, CNN seeks to achieve more competition in the delivery of its news by giving all the country’s regions special attention. This ensures that the audiences residing in all the US regions are able to find services that have been specially designed to suit their interests. With the US being CNN’s home country, the company has given it special attention mainly because of the intense competition that exists within the country. Other well established cable channels, such as Fox News, have given the market more attention, which makes it critical for CNN to equally give it special attention.  On the worldwide scene, CNN runs several bureaus that are mainly established in the specific country’s capitals. In Africa, CNN has run bureaus in Cairo, Lagos, Nairobi, and Johannesburg in a bid to effectively cover regional news within the African continent. The Indian sub-continent, with a massive population exceeding one billion, is ser ved by the New Delhi bureau. Other bureaus established within the region include Islamabad in Pakistan, Jakarta in Indonesia, as well as in Istanbul Turkey (CNN, 2013).  Northern America, other than the USA market, is also served by an established bureau in Mexico City, while the European regional market relies on bureaus in Italy, Paris, Moscow, Madrid, London, and Berlin. Another significant market in the Asian continent, China, is served by an existing bureau in Beijing. Several other bureaus also exist in the Middle East region, South America, as well as in the Pacific region that includes Australia. In other regional areas where no established bureaus exist, CNN relies on affiliate station reports as strategic sources for filing their stories. CNN Films CNN’s latest launched operations target the film industry, which highlights the company’s competitive strategy more elaborately (CNN, 2013). Although films may appear to be a departure from the company’s m ain business objective of distributing news, CNN targets to increase its competitive capability by venturing into the operations. The company intends to distribute news through this new feature, where it will report on social, political, and economic aspects using documentaries. This represents a new business idea that has not been employed traditionally by news companies. Recommendations for Service Improvement CNN should consider employing a strategic scope to integrate it with its differentiation strategy in order to improve on its service delivery. In other words, CNN should consider narrowing down its target market such that it only focuses on a niche market. Currently, the firm focuses on a wide market that eventually affects its ability to tailor the marketing mix to the specialized market. With its global target market, and a wide service component, CNN cannot efficiently achieve its objective of emerging as the market leader in a more effective manner.  The company should begin by identifying distinct groups amongst its wide audience base and determine their special needs before coming up with ideal services for the groups. Using a focused strategy, CNN should narrow down its market segmentation to consider audience groups that are less susceptible to substitutes (Xiang et al., n.d.). The news broadcasting industry is highly competitive, and it is difficult for firms to be highly competitive in their delivery of service unless players adopt a focus strategy. BBC news, which is one of CNN’s main competitors, has aggressively employed the focus strategy by launching various specialized channels across the world in order to serve its wide audience effectively.  To succeed in this new focus strategy, CNN must create high efficiency and skill where completion of value chain activities, both primary and secondary, is involved (Xiang et al. n.d.). CNN must also narrow the target market by increasing the number of its specialized channels throughou t the regions that it serves. Only Chile, India, Germany, Turkey, the USA, and Japan enjoy a more focused service delivery from CNN at the moment. CNN has established local channels that are more dedicated for these markets, which also use the local language in their services. However, other significant global markets receive less focused service delivery, which gives too much room for competitors to create more competitive advantage over the firm. In China, for instance, CNN has not considered focusing its differentiation strategy to specifically suit its needs, yet there is a market potential of more than 1.2 billion people. A specialized news channel for China should adopt the local Chinese dialect and focus more on the events happening in the country. The idea should be to minimize the attention on CNN International service component, and instead seek to establish more specialized channels that focus on national markets. Priority should be given to market sizes since it is not c apable to establish specialized channels in all the countries of the world. Regional specialized channels, on the other hand, should focus on several national markets with common unifying factors. These may include language, especially where the countries use a similar language for communication. The ‘international news channel’ differentiation position that CNN currently enjoys will be enhanced further through specialized channels that focus on specific national markets. Collecting news within smaller national market areas will be more elaborate in a focus strategy, while this news can be shared throughout the other existing specialized channels to make the news content international. With CNN’s elaborate service component, a focused differentiation strategy will cement the company’s position as the world’s leading international news channel. Conclusion CNN has successfully established itself as a global leader in the distribution of international news. The company employs a differentiation strategy with the main focus of attaining a leadership position in international news. This is sustained through the establishment of its several specialized channels that exist in Germany, Chile, India, Japan, and Turkey. It also runs several bureaus across selected capital cities in the world, including in Europe, Asia, Africa, and North and South America regions. However, CNN should consider integrating its main strategy of differentiation with focus strategy. This will allow the company to improve its service delivery by introducing additional specialized channels for specific national and regional markets in order to achieve market customization. Equally, a focused strategy will enhance the company’s position as an international news-broadcasting channel by ensuring more elaborate news content for its audience. Special emphasis should be given to significant markets, such as China, that have huge populations. References CNN. (2 012). CNN. Web. Gershon, R. A. (2009). Telecommunications and business strategy. New York, NY: Routledge. Ireland, R. D., Hoskisson, R. E., Hitt, M. A. (2006). Understanding business strategy: concepts and cases. Mason, OH: Thomson-South Western. Xiang, Z., et al. (n.d.). Multi-focused strategy in value co-creation with customers: Examining cumulative development pattern with new capabilities. International Journal of Production Economics, 132, 122-130.

Accounting a Level A2 Specimen Paper

Corporate and management accounting Specimen Paper First examination May 2005 Time: 3 hours Materials required for examination Answer Book (AB16) Items included with question papers Accounting paper (AB34) (6 sheets per candidate) Instructions to Candidates Answer FIVE questions, choose TWO from Section A and THREE from Section B. In the boxes on the answer book, write the name of the examining body (London Examinations), your centre number, candidate number, the subject title (Accounting), the paper reference (9011), your surname and signature. Answer your questions in the answer book. Make sure your answers to parts of questions are clearly numbered. Use additional answer sheets if necessary. If the accounting paper provided does not allow you to set out your answer in the way you wish, rule up a page of the answer book to suit your requirements. Information for Candidates The total mark for this paper is 100. The marks for parts of questions are shown in round brackets: e. g. (2). This paper has 7 questions. Calculators may be used. Advice to Candidates Write your answers neatly and in good English. This publication may only be reproduced in accordance with London Qualifications copyright policy.  © 2005 Revised GCE Advanced Subsidiary and Advanced Level Accounting 8011/9011 – Specimen Papers and Mark Schemes 23 SECTION A Answer TWO questions from this section 1. The balance sheets of Limsol Ltd as at 31 October 2003 and 31 October 2002 were as follows: 31October 2003 Fixed assets (Net) Current assets Stock Debtors Bank ? 127 500 79 500 27 000 234 000 Creditors: due within one year Creditors Proposed dividends 117 000 37 500 154 500 79 500 979 500 78 000 30 000 108 000 177 000 897 000 ? 33 500 102 000 49 500 285 000 ? 900 000 31October 2002 ? 720 000 Creditors: due after one year 10% Debentures 195 000 784 500 90 000 807 000 Issued share capital 750 000 ordinary shares of ? 1 each Reserves Share premium General reserve Profit and loss 750 000 7 500 27 000 784 500 600 000 150 000 57 000 807 000 24======================Revised GCE Advanced Subsidiary and Advanced Level Ac counting 8011/9011 – Specimen Papers and Mark Schemes Additional Information: (i) (ii) (iii) (iv) During the year ended 31 October 2003, fixed assets with a net book value of ? 0 000 were sold for ? 37 500 and fixed assets costing ? 300 000 were purchased. An issue of one bonus share for every four shares held was made on 30 June 2003. To improve the working capital position the directors sanctioned a further issue of debentures on 1 November 2002. An interim dividend of ? 15 000 was paid on 31 May 2003. Required: (a) Prepare a statement reconciling operating profit to net cash inflow or outflow from operations. (13) Prepare a cash flow statement for Limsol Ltd for the year ended 31 October 2003 in accordance with the requirements of FRS 1. 9) â€Å"The management of cash flow is more important than profitability to ensure the survival of a business†. Explain this statement. (4) (Total 26 marks) (b) (c) Revised GCE Advanced Subsidiary and Advanced Level Accounting 8011/9011 – Specimen Paper s and Mark Schemes 25 2. The balance sheets of Rumba Ltd and Samba Ltd at 31 July 2003 were as follows: Rumba Ltd ? 240 000 93 750 333 750 29 625 31 050 28 950 89 625 50 250 39 375 373 125 225 000 27 000 121 125 373125 Samba Ltd ? 144 000 37 050 181 050 15 675 14 280 7 455 37 410 43 680 (6 270) 174 780 135 000 39 780 174 780 Fixed assets Premises at cost Vehicles at net book value Machinery at net book value Current asssets Stock Debtors Bank Current liabilities Creditors Working capital Financed by: Ordinary shares of ? 1 each Share Premium Profit Loss On 1 August 2003 Combo Ltd was formed, with an authorised capital of 750 000 ordinary shares of ? 1 each, to take over the assets and liabilities of both companies at book value with the exception of: (i) (ii) (iii) (iv) (v) (vi) The premises of Rumba Ltd were revalued at ? 300 000, and Samba Ltd at ? 180 000. The purchase consideration was settled by issuing to the shareholders of Rumba Ltd and Samba Ltd ordinary shares in Combo Ltd at ? 1. 50 each. Required: (a) Calculate the purchase consideration and the number of shares issued by Combo Ltd. (11) (b) Journal entries to close the books of Rumba Ltd. (Narrations are not required). An extract from the balance sheet of Combo Ltd at 1 August 2003 to show the share capital and reserves. (4) (Total 26 marks) (11) (c) Revised GCE Advanced Subsidiary and Advanced Level Accounting 8011/9011 – Specimen Papers and Mark Schemes 7 3. The directors of Kaslan Ltd are considering investing in one of two machines to increase production capacity. The details are as follows: Machine Y ? 300 000 120 000 140 000 60 000 30 000 Machine Z ? 300 000 45 000 75 000 180 000 135 000 Capital cost Estimated net profit: Year 1 Year 2 Year 3 Year 4 The estimated profit is calculated after deducting straight-line depreciation. Both machines will have a life of fo ur years and an estimated scrap value of ? 60 000. The cost of capital is 15%. Present value of ? 1 Year 1 2 3 Q 15% 0. 870 0. 756 0. 658 0. 572 All costs and revenues occur at the end of each year. Required: (a) Calculate, for both machines, the: (i) cash flows (6) (ii) pay back period (4) (iii) net present values. (8) 28======================Revised GCE Advanced Subsidiary and Advanced Level Accounting 8011/9011 – Specimen Papers and Mark Schemes (b) Using your answer to (a), state with reasons, which machine you would recommend the directors of Kaslan Ltd to purchase. (5) The accounting rate of return method of investment appraisal has one advantage, it is simple to calculate. State three disadvantages. 3) (Total 26 marks) (c) Revised GCE Advanced Subsidiary and Advanced Level Accounting 8011/9011 – Specimen Papers and Mark Schemes 29 SECTION B Answer THREE questions from this section 4. Dynamic Ltd has an authorised capital of 100 000 ordinary shares of ? 1 each which had been issued in full. In accordance with the required procedures the authorised capital was increased to 200 000 shares. The directors deci ded to issue to the public a further 75 000 shares as follows: ? 0. 30 0. 70 0. 50 Application Allotment (Including premium) First and Final Call Applications were received for 112 500 shares. Applications for 15 000 shares were rejected and the monies refunded. The 75 000 shares were alloted on a pro-rata basis, the surplus application money was applied to the amount due on allotment. The total due on allotment was received in full. The amount due on the first and final call was also received in full. Required: (a) Show the ledger accounts to record the above transactions. (A bank account is not required). (10) Give three advantages to a company and its shareholders of making a rights issue. (6) (Total 16 marks) (b) 0======================Revised GCE Advanced Subsidiary and Advanced Level Accounting 8011/9011 – Specimen Papers and Mark Schemes 5. Patel Ltd manufactures three products, X, Y and Z.  · The standard time for each unit produced is: X Y Z  · 12 hours 9 hours 16 hours Labour details: Actual direct labour hours worked 9 251. Standard hourly rate of pay ? 6. Actual wages ? 55 320.  · During August the act ual output was: X Y Z 320 units 260 units 180 units Required: (a) (b) Calculate the standard hours of actual output. (2) Calculate the following variances: (i) (ii) (iii) (c) Total direct labour variance.

Legal Memo with Blue Book formatted Citations Research Paper

Legal Memo with Blue Book formatted Citations - Research Paper Example However, their cars were towed from the scene of the accident, and junked afterwards. These events bring up the issue of destruction of evidence; for that, Mary would like to file legal claims against the insurance company of her car, for trashing the car before she could be able to file charges and sue the car manufacturer for faulty brakes. Destruction of evidence; spoliation as it is known, has different statutes that govern it in different states of the United States of America. As a result, of this, it is extremely vital that the client knows what she is dealing with before taking the first step towards legal justice. Rules The state of Michigan has several rules the govern situations of destruction of evidence. The Tort of Spoliation is one of the rules applicable in this scenario. Under this law, the state of Michigan does not recognize destruction of evidence as a separate tort. Panich v. Iron Wood Prods. Corp., 445 N.W.2d 795 Mich. Ct. App. (1989). Michigan considers destruc tion of evidence – if the correct facts are available - as an actionable tort claim. Wilson v. Sinai Grace Hosp., 2004 WL 915044 Mich. App. LEXIS (2004). Another rule applicable in spoliation of evidence case is presumption or adverse inference. In Michigan, destruction of evidence is governed by a jury instruction, M. Civ. J.I.2d 6.01(d). This provides that a person trying the case facts may infer the evidence that has not been offered in this case might be injurious to the offending party if (1) such evidence is/was under the control of the offending party; (2) the offending party could have produced such evidence; or (3) there is no reasonable grounds to support failure for disclosure of such evidence. A permissible inference is allowed when these three features are shown. The inference is such that the evidence would have been injurious to the offending party. The person trying the case facts, however, is free to determine this issue for itself. Lagalo v. Allied Corp., 59 2 N.W.2d 786, 789 Mich. Ct. App. LEXIS (1999). In cases where evidence of willful destruction exists, it is presumed that the evidence that was not produced may have been injurious to the offending party. When it has been left un-rebutted, a conclusion that such evidence may have been injurious to the offending party is required for this presumption. Trupiano v. Cully, 84 N.W.2d 747, 748 Mich. (1957). In general, failure of a party to produce evidence or deliberate destruction of evidence by a party is presumed by courts that such evidence may have worked against the party responsible for its destruction or its non-production. Johnson v. Secretary of State, 406 Mich. 420, 440, 280 N.W.2d 9 Mich. (1979); Berryman v. K Mart Corp., 193 Mich. App. LEXIS 88, 101, 483 N.W.2d 642 Mich. (1992); Ritter v. Meijer, Inc., 128 Mich. App. LEXIS 783, 786, 341 N.W.2d 220 Mich. (1983). Therefore, in Michigan, such a presumption can only arise when the complaining party is able to establish that ther e was intentional, fraudulent conduct, and a desire for destruction of evidence with the aim of suppressing the truth. Trupiano v. Cully, 349 Mich. 568, 570, 84 N.W.2d 747 Mich. (1957), quoting 20 Am. Jur., Evidence, Â § 185, p. 191; see also Lagalo v. Allied Corp., 233 Mich. App. 514, 520, 592 N.W.2d 786 Mich. (1999). Analysis In this case, it is factual that Mary Jane Plaine was driving at a considerable acceptable speed when she was involved in an accident. It is also a fact that the