Global business context Essay Example | Topics and Well Written Essays - 1500 words

Global business context - Essay Example The purchasing power is significant consideration for Glass Phone. As Glass Phone is costly thus, per capita income of prospective customer is expected to be in between 5,000 USD to 15,000 USD or above. The cell phone industry has strong potential for growth. It is recognized as one of the fastest growing industries globally. In the year 2004, almost 58.5% of telephone subscribers used cell phone which is almost 1,752 billion globally. Only Asia comprised of 709 million of global cell phone users. In the year 2004, China which was recognized as â€Å"low and middle income nation† had 335 million mobile phone subscribers and the rate is growing rapidly. In present day, society is living with innovative technology and everybody desires to keep pace with latest technology. This is the reason for the new Glass Phone to have great future potentials in the Asian market. Using cell phone need not require high level of education. Customers irrespective of literacy have already recognized the necessity of having a cell phone. But literacy level can influence the perception and utilization of cell phone. Mobile phone industry has low necessity of infrastructure compared to landline telephone industry, but it has high necessity for skilled labour. Only skilled labours can deliver quality products and services which led to higher customer satisfaction. Mobile phone manufacturing company requires high level of reliability and unskilled employees are less dependable which can impact on the performance of the organizations. As Glass Phone is high tech instrument, the cheap labour is ineffective as it can lead to defective products. Highly qualified employees are appropriate which might call for greater expenses, can provide positive results by minimizing number of faulty products. The Glass Phone is an expensive product and thus it would require increased marketing

Discussion 2 Article Example | Topics and Well Written Essays - 250 words

Discussion 2 - Article Example t will require continued changes in the nursing practice because the learners and faculty have to learn how to respect the diverse population with different beliefs and values. As noted by Diekelmann, (2012) in page 6, there is also a shortage of nursing faculty which has a constraint on nursing education. There are also changes in student demographics because the racial and ethnic diversity among students in schools is increasing. In addition, students are now entering nursing schools at older ages with different work experiences. Many are raising families and there are those with full-time careers. This has a constraint on their education because it needs a lot of flexible schedules. The other factor affecting nursing education is the technological explosion in the health sector. A look at the current scenario in the health care sector shows that there is rapid growth in technology resulting to a radical impact on how nurses get educated (Willis Commission on Nursing Education, 2012). It has promoted the technological applications for example, telemedicine. Therefore, nurses in this century not only have to learn on concepts of health promotion, reduction of risks and disease prevention among others but need to be skilled in the use of computers. There is also distance learning that links students from different locations with the nursing faculty. The advancing technology continues to stimulate the critical thinking of students and their acquisition of skills in environments which are

Teacher Effectiveness Essay Example for Free

Teacher Effectiveness Essay In the initial perceptions report I selected confidence and patience as the personal attributes most relevant to effective teaching, and thorough subject knowledge and outlining clear and consistent expectations as the two most important classroom strategies to overall effective teaching. Various research studies into effective teaching have found that personal attributes, teaching and learning strategies and classroom management all play a significant role in overall teacher effectiveness. It has been found that teachers who exhibit socially just personal attributes such as care, compassion and empathy for all students are most effective. Teachers who are ? active in employing a range of teaching and learning strategies that are heavily based on student-teacher and student-student interaction are also found to be effective. In terms of classroom management, effective teachers are able to outline and stick to a clear set of high expectations for all students. These findings correlate with my initial perceptions to carrying degrees. While all the initial perceptions bear some relevance, generally speaking, factors and influences that make up effective teaching involve a much broader set of criteria than just patience, confidence, subject knowledge and expectations. The personal attributes of teachers is shown to be a significant factor in overall teacher effectiveness in a number of studies. Generally speaking, teachers who are socially just and have a genuine concern for all students have been found to be the most effective. This is a much broader conception of personal attributes than what was identified in the initial perceptions of teacher effectiveness, that of confidence and patience. The keen ambition to care for, respond to and develop the talents of all students is repeatedly referred to in studies as being a significant determinant of overall teacher effectiveness (Dinham, 2004, OECD, 1994, Batten, 1993). Such an ambition requires a number of personal attributes, one of which would include patience. In all teaching frameworks, teachers will inevitably face a range of abilities, skills and personalities. If teachers are genuinely committed to caring for and developing all students equally they will inevitably require patience each in terms of the rate at which students understand the concepts and information being presented to them as well as the manner in which students act and respond to both them personally and to the work they are presented with. However, while patience is a definite requirement in the care for all students, there is a broader set of attributes that are needed to achieve this ambition. Teachers who exhibit socially just attributes such as honesty, empathy and compassion are more likely to genuinely care for and develop all students, thereby making them more effective (Dinham, 2004). Significantly, these attributes will also play a significant role in providing a safe learning environment for all students, one of the three central components of the Quality Teaching Framework (NSW Quality Teaching Framework). Teachers who are reflective, willing and able to adjust and improve and to set an example of moral conduct for their students have also been found to be effective (OECD, 1994). A willingness and ability to reflect and adjust, as well as to provide a moral example for students depends significantly on the personal attributes of the teacher. Confidence is relevant to these attributes as in order for the process of self reflection and moral modelling to be successful, teachers must first be confident enough to engage in the process. For example, if a teacher does not possess confidence in their own moral beliefs and reasoning, they will be unable to model them for their students in any effective manner. However reflection and moral conduct requires more that just confidence. Ultimately it requires outward looking behaviour in an attempt to achieve positive relationships and a culture for success (Dinham, 2004). Specific teaching and learning strategies as they are implemented in the classroom bear a significant impact on overall teacher effectiveness. In terms of my initial perceptions report, thorough subject knowledge was identified as being of great importance for overall teacher effectiveness. The role and relevance of thorough subject knowledge is acknowledged as dependant upon overall teacher effectiveness to varying degrees (Darley-Hammond, 2000). The Darling-Hammond study (2000) found mixed support for subject matter knowledge as a determinant of effective teaching. The study showed that the greater time spent in teacher training courses and in subsequent professional development, on method areas and pedagogical development in specific methods, increased overall teacher effectiveness. While this doesnt relate directly to specific subject knowledge, content knowledge undoubtedly supports pedagogical knowledge, thereby making it relevant and influential. A student focussed, interactive approach that draws upon a range of specific teaching strategies is consistently found to be most significant in terms of effective teaching and learning practices within the classroom (Batten, 1993, Brophy and Good, 1986, OECD, 1994, Ayers et al. , 2004). Brophy and Good (1986) describe ? active teaching as being a central component of overall teacher effectiveness. By active teaching they are referring to an approach that relies heavily on student-teacher and student-student interaction, limiting the amount of time spent on independent instruction and unsupervised seatwork (Brophy and Good. 1986). The Organisation for Economic Co-operation and Development, Quality in Teaching, Paris Report (1994) supports this assertion in their report findings, stating that effective classrooms generally implemented teacher led activities with considerable interaction between the students and the teacher. Both studies acknowledge whole class discussion, closely monitored group work and effective questioning as part of the teacher led interactive approach. Each of these studies acknowledged class discussion and effective questioning as integral to the ? active teaching approach. Such skills involve the ability to effectively pose a combination of open and closed questions, questions that are based on recall and reflection and questions that allow for differences of opinion and interpretation in order to encourage meaningful discussion (Wragg and Brown, 2001). Such techniques allow students to personally engage with material, thereby making the work significant to students, one of the three components of the NSW Quality Teaching Framework. It is doubtful whether this would be able to be effectively achieved without a thorough knowledge of the content to which the teacher would develop questions and discussion about. Ayres et al. (2004) in their study regarding effective HSC teaching found that teaching and learning strategies that were dynamic and varying, for example lessons that progressed from presentations, to discussions, to interactive seat work and to some independent work, were found to be  effective. The study also found that the more effective teachers were willing to choose more difficult topic options and would change their chosen topics regularly. In order for teachers to effectively teach the difficult options, or continuously change their chosen topic in order to maintain their motivation, they would need to possess thorough knowledge in their subject. Therefore, while specific subject knowledge may not be an overwhelming component of effective classroom strategies, those that are deemed most effective would not work without the teacher first possessing thorough knowledge of their subject. Classroom management is the third component that is found to be most influential in overall teacher effectiveness. In my initial perceptions report I chose outlining clear and consistent expectations as an effective teaching strategy in order to increase the chance of student behaviour consistency. This initial perception seems to be supported by various studies regarding teacher effectiveness. The OECD report (1994) describes effective classroom management as providing a safe and orderly classroom where a set of high expectations are explained to and understood by students. In Margaret Battens (1993) study of individual Victorian teachers who had been deemed to be effective teachers, such practices as refusing to talk over students, carrying out outlined consequences such as giving more work to students who misbehaved and clearly and firmly stating to students to change their behaviour when they were not following classroom expectations, were often employed to manage an orderly and safe classroom for all students. All such strategies involve my initial perception of outlining clear and consistent expectations of students, and if carried out effectively, support the creating supportive environments element of the NSW Quality Teaching Framework. Effective teaching depends upon a broad range of criteria relating to socially just personal attributes, a broad ranging and interactive set of teaching and learning strategies and high classroom expectations. Within the range of this criteria patience, confidence, subject knowledge and consistent expectations undoubtedly bear some influence, however there are many other factors that also bear significant influence. References Ayers, P. , Sawyer, W. and Dinham, S. (2004) ? Effective teaching in the context of a Grade 12 high-stakes external examination in New South Wales, Australia, British Educational Research Journal, Vol. 30, No. 1 pp 141-165. Batten, M. , Marland, P. and Khamis, M. (1993) Knowing How to Teach Well: Teachers Reflect on Their Classroom Practice. ACER Research Monograph No 44. Hawthorn: ACER. (Chapter 3 pp. 18-33) Dinham, S. (2004) ? The Influence of Leadership in Producing Outstanding Schooling Outcomes in Junior Secondary Education, AESOP Report, School of Education, University of New England, Australia. Darling-Hammond (2000) http://eppa. asu. edu. epaa. v8nl Organisation for Economic Co-Operation and Development (1994) Quality in Teaching, Paris: OECD (Chapter 4: pp. 34-71). Wragg, E. and Brown, G. (2001) Questioning in the Secondary School, 2nd Edition, London: RoutledgeFalmer. (Chapter 3: pp. 27-39).

Marks and Spencer Business and Financial Performance Analysis

Marks and Spencer Business and Financial Performance Analysis Marks and Spencer is a British retail giant specialised in apparel and food industry. The company had been in its business for more than hundred years and has the biggest market capitalisation in the retail industry. This research is conducted to measure and analyse the business and financial performance of the company. Business performance is measured in this study considering the opportunities and constraints in company macroeconomic and industry circumstances. Financial performance had been measured using ratios on profitability, liquidity, efficiency and leverage. There performance of MS is then compared with the financial performance of Next Group, the next biggest player in British retail industry. The study found that, although MS has many business successes over the years, it had been performing financially poorer than Next Group and needs emergency improvement in its liquidity. The study recommends Marks and Spencer to rethink its leverage strategy and exploit the benefit of debt as like Next Group. Chapter 1 Introduction 1.1 Study Background Marks and Spencer is one of the largest retailers in UK specialised in clothes and foods with a market capitalization of more than  £6400 million1. We have over 700 stores located throughout the UK and Republic of Ireland; this includes our largest store at Marble Arch, London. In addition, the company has over 300 stores worldwide, operating in more than 40 territories2. In 2010 the companys sales revenue from general merchandise was  £4.1 billion and  £4.3 billion from foods. Its nearest competitor Next, which has a market capitalisation of around  £4100 million1, had a turnover of  £3.41 million in 2010 with a market share of 8.3% in comparison to 11% by Marks and Spencer in general merchandise segment. This study is particularly concerned with the business and financial performances of Marks and Spencer which are compared with the performances of Next. 1.2 Study Objectives The prime objective of this research is to analyse and evaluate the key business and financial performances of British retail giant Marks Spencer from year 2007 to 2010. While achieving this objective the research will try to meet the following secondary objectives 1.2.1 Analyse the major business performances of the company over last three years: The study will examine the companys performances in major business areas including its growth, market share, competitive position in the whole macro environment and major strengths over its competitors. 1.2.2 Identify and analyse the measures key financial performances: The second objective of the study is to identify the measures of companys financial performances especially in profitability, liquidity, investment and leverage performances. Besides this operational performances in other areas would be identified and anlaysed under this objective. 1.2.3 Compare the performances against Next: The third objective of the study is to compare the financial performances of M S with the performances of Next, the nearest competitor in general retail section. 1.2.4 Identify the major problems of Marks Spencer in business and financial performances and provide recommendations: Finally the study will try to identify the major weaknesses of Marks Spencers based on the measures of business and financial performances. The research will also formulate 1.3 Study Scopes and Usefulness of the Study Scope of this research work is three years (2007-2010) business and financial performances of Marks and Spencer. The scope also includes financial performance of Next for the same period. The findings of the study can be useful information for investors. The method used by the study can be a guide for the business and financial analysts. 1.4 Research Structure The research paper is structured in line with the sequence of objectives. The first chapter includes the rationale and objectives of the study. Then relevant literatures and theoretical issues are discussed in chapter two. The third chapter will present the methods of conducting this research work. Companys business performances and financial performances would be presented consecutively in chapter four and five. In chapter six Marks and Spencers performance will be compared with Nexts performance and areas of improvement for M S would be identified. Finally in chapter six recommendations would be provided with final remarks. Chapter 2 Literature Review 2.1 Introduction As discussed earlier, this research work is concerned with the business and financial performance of Marks and Spencer. This chapter will narrate an overview of the business operation of the company. This chapter will also review the techniques of measuring business and financial performance especially using qualitative and quantitative techniques along with brief interpretation of the performance measures. 2.2 Marks and Spencer: An Overview Marks and Spencer is a FTSE 100 company with the largest revenue base of more than  £8 billion as a retailer. It is headquartered in City of Westminster, London having operation in more than 40 countries. The following section provides a brief discussion on companys history, main line of business, geographical spread, summary of financial performances, its corporate social responsibility and the management. 2.2.1 Corporate History Marks and Spencer was established in 1884 by Michael Marks and Thomas Spencer3. The company had a policy of selling only British-made goods which made it popular in early 20th century. It started its apparel brand St Michael in 1928 and in 1950 St Margaret label was introduced for woman clothing. The company started its international expansion in 1970s by putting its step in central Europe and Ireland. During its hundred years of lifetime the company became the pioneer in quality management, customer relationships, health and safety and energy efficiency. The companys performance briefly slumped during the first decade of new millennium. However, the company is back to profit and growth in 2010 under the strong leadership of Marc Bolland who joined the company as CEO in May 2010. 2.2.2 Core UK Businesses M Ss core UK businesses include general merchandise and foods. It is largest clothing retailer including womenswear, lingerie and menswear and kidswear. Last year the companys turnover in general merchandise was  £4.1 billion which constituted an stunning 11% of the overall market share. Marks and Spencer is also the leading provider of high quality food, selling everything from fresh produce and groceries, to partly-prepared meals and ready meals and an award winning range of wines. Turnover from foods was  £4.3 billion in 2010 with a modest market share of 3%. 2.2.3 Sales Channel Customers shop with MS in many ways in stores, online or over the phone (MS Annual Report, 2010). The company has 690 stores across the UK. Its shops are located in convenient locations from high streets to retail parks, train stations to airports. Over the past four years the company has transformed these stores into bright and contemporary destinations with a range of hospitality options. The company also sells online which it calls MS Direct. MS Direct is a platform for improving customer convenience and service including via its website and newly launched Shop Your Way facility. The company aims to achieve £500m in sales through MS Direct by 2010/11. 2.2.4 International Business MS has 320 owned and franchised stores in 41 countries. The companys mix of ownership models and countries enabled it to perform well over the past year even when individual markets were weak. In 2010 its international turnover was  £949 million which is more than 15% of its overall revenue. 2.2.5 Recent Business and Financial Performances In 2010 the companys sales were up by 3.2% despite recessionary pressure. The overall gross margin was 41.2% with sales revenue  £9.3 billion. The company significantly improved its cost by saving  £145 million. The company reduced its capital expenditure cash outflow and generated a cash inflow of  £412m after tax and dividend. However, the companys market share was slightly down from 4.3% to 3.9%. Average visit to MS shops had been estimated around 21 million and average mystery shopper score was found to be stunning 89% in 2010. 2.2.6 About Next: The Nearest Competitor NEXT is the second largest UK based retailer offering clothing, footwear, accessories and home products. It distributes through three main channels: NEXT Retail, a chain of more than 500 stores in the UK and Eire, NEXT Directory, a home shopping catalogue and website with nearly 3 million active customers, and NEXT International, with more than 180 stores around the world. In 2010 the company had overall revenue of  £3.4 with a profit after tax of  £400 million. 2.3 Techniques of Measuring Business Performances A companys business can be analysed using various tools like PESTLE, SWOT analysis and Porters five force models. Measures of business performance might be companys expansion rate, revenue growth, development of strength, management of weaknesses and exploitation of opportunities etc. These measures can be achieved by subjective analysis and using business analysis tools. A brief discussion on these tools is presented as below. 2.3.1 PESTLE Analysis PESTLE, which is a popular macro-environmental analysis tool, stands for Political, Economic, Social, Technical, Legal, and Environmental analysis. Political factors include governments tax policy, employment and environmental law, trades and tariffs regulation, and political stability. Common Economic factors are GDP growth, nominal interest rates, exchange and the inflation rate. Key social factors are population growth, age distribution, health consciousness, religious views and career attitudes etc. Technological factors are spread and dependence on technology, innovation, research, and technological change etc. Legal factors are laws on discrimination, consumer, heath and safety law etc. Finally environmental factors include weather, climate, climate change etc. 2.3.2 Porters Five Force Model The five forces model is an industry analysis tool and provides a good idea of how a business should perform inside an industry. The model analyses five industry variables. These variables are ease of getting entry into industry, availability and potentiality of substitute products, suppliers and customers bargaining power and degree of competition in the industry. These factors determine how attractive and profitable an industry might be. 2.3.3 SWOT Analysis PESTLE and Porters models are used to analyse a companys macro and industry environment. SWOT Analysis is used for measuring a companys internal strengths and weaknesses. It also helps to identify specific opportunities and threats to company from the macro environment. 2.4 Techniques of Measuring Financial Performances Generally, financial performances are measured using the financial information of a company. Practically, ratio analyses are conducted on financial statement figures. Financial statements include companys income statement, balance sheet, statement of cash flow and statement of equity. There are several types of ratios profitability, liquidity, efficiency, gearing, and investor ratios. In following sections these groups of ratios are briefly discussed 2.4.1 Profitability Ratios These ratios are also called performance ratios where profit at different levels are compared with other figures and expressed in percentage. These ratios are (a) Gross Profit Margin: Gross profit margin is found by dividing gross profit by sales turnover and the formula looks like following The ratio can be a good indicator of companys direct cost or cost of sales. Profitability of a company in its core operation can be determined using this ratio. The higher the ratio the better it is. (b) Operating Profit Margin: Operating profit margin is found by dividing net profit by sales turnover and the formula looks like following As operating profit is found by deducting indirect expenses from gross profit, the ratio shows how much a company spends on non-direct activities. Too much cost on indirect cost might result in lower or negative operating profit margin. (c) Return on Capital: Shareholders and debt investors generally count profit on their investments. Return on capital can be calculated using the following formulas This ratio (ROCE) provides percentage return on the overall funds invested in the business. There is another ratio that provides return on stockholders equity which is called Return on Equity (ROE). The formula is as following ROE measures the profitability of the fund provided by the companys owners or shareholders. Profit margins and return on capital ratios together gives a good idea of overall profitability of the firm. A company having very good profit margin may have a poor ROCE or ROE ratio. Such cases happen when companies large investment operates in small scale or during the initial years. 2.4.2 Liquidity Ratios These are also known as solvency ratios, as they refer to the ability of the business to pay its payables in the short term. There are two main liquidity ratios. (a) Current Ratio: This is also known as the working capital ratio, as it is based on working capital or net current assets. It is calculated as: Current ratio is a measure of the liquidity of a business that compares its current assets with those payables due to be paid within 1 year of the statement of financial position date (otherwise known as current liabilities). (b) Quick Ratio: This is also known as the acid test ratio and is calculated as following This is similar to the current ratio, but takes the more prudent view that inventories may take some time to convert into cash, and therefore the true liquidity position is measured by the relationship of receivables and cash only to current liabilities. 2.4.3 Efficiency Ratios These ratios are also referred to as use of assets ratios. They measure the efficiency of the management of assets, both non-current and current. (a) Asset Turnover Ratio: These ratios compare the assets with the sales revenue (turnover) that they have earned. The end result is often expressed in money value to represent the value of sales revenue for each $1 invested in those assets. The formula is: (b) Inventory Days: Inventories may be analysed by calculating the ratio of inventories to cost of sales, and then multiplying by the number of days in a year to give inventories days. The formula is as following This figure gives the number of days that on average an item is in inventories before it is sold; this may alternatively be expressed as the number of days a firm could continue trading if the supply of goods ceased. (c) Receivable Days: This is a measure of the average time taken by customers to settle their debts. It is calculated by: As with inventories days, a slowing down in the speed of collecting debts will have a detrimental effect on cash flow. On the other hand, it may be that the business has deliberately offered extended credit in order to increase demand. (d) Payable Days: This is a measure of the average time taken to pay suppliers. Although it is not strictly a measure of asset efficiency on its own, it is part of the overall management of net current assets. It is calculated by: The result of this ratio can also be compared with the receivables days. A firm does not normally want to offer its customers more time to pay than it gets from its own suppliers, otherwise this could affect cash flow. Generally, the longer the payables payment period, the better, as the firm holds on to its cash for longer, but care must be taken not to upset suppliers by delaying payment, which could result in the loss of discounts and reliability. It is important to recognise when using these ratios that it is the trend of ratios that is important, not the individual values. Payment periods are longer in some types of organisation than in others. 2.4.4 Capital Structure Ratios Different firms have different methods of financing their activities. Some rely mainly on the issue of share capital and the retention of profits; others rely heavily on loan finance; most have a combination of the two. (a) The Gearing Ratio/Leverage Ratio: Gearing is a measure of the relationship between the amounts of finance provided by external parties (e.g. debentures) to the total capital employed. It is calculated by: The more highly geared a business, the more profits that have to be earned to pay the interest cost of the borrowing. Consequently, the higher the gearing, the more risky is the owners investment. On the other hand, a highly geared company might be more attractive to shareholders when profits are rising, because there are fewer of them to share out those profits. (b) Interest Cover: Connected to the gearing ratio is a measure of the number of times that the profit is able to cover the fixed interest due on long-term loans. It provides lenders with an idea of the level of security for the payment. The formula is: 2.5 Using Ratio Analysis Calculating the ratios is only one step in the analysis process. Once that is done, the results must be compared with other results. Comparison is commonly made between: Previous accounting periods; Other companies (perhaps in the same type of business); Budgets and expectations; Government statistics; Other ratios. 2.6 Conclusion This chapter gave brief overview of Marks and Spencer and also the tools and ratios that will be used to analyse the business and financial performances the company. The same ratios will be used to compare the performance of MS with Next. The next chapter will provide a brief overview on the research methodology and data that will be used for the research. Chapter 3 Research Methodology 3.1 Introduction Methodology may be defined as procedures that are used to conduct a function or activity. This chapter will briefly discuss on the methodology that will be used to analyse the business and financial performance of Marks and Spencer and comparing its performance with that of Next Inc. This section will also provide an overview of the data used in this study and their sources. 3.3 Required Data, Sources and Collection Methods Data required for completion of this research work are of secondary nature. Mark Spencers business related information were collected from companys website and annual reports of three years 2007, 2008 and 2009. Annual reports were collected from company website. The data required for macro-environmental analysis were collected from various articles, national statistical websites and newspapers. Financial information required for analysing financial performances are extracted from the annual reports of the company. Financial information of Next was collected in the same way. Findings of financial performance analysis are then used to identify the areas of improvement for MS. 3.4 Research Methodology Various quantitative and qualitative methods had been used to achieve the objectives these research. The nature of the methodologies are briefly discussed as following 3.4.1 Method for Analysing Business Performances: Method used for this purpose is qualitative. PESTLE analysis had been used for analysing the business performance in macro-environment. Porters model were used for analysing industry performance and position of MS. Finally, SWOT analysis was used to find out company specific opportunities and threats and companys key strengths and weaknesses. (See Chapter One to have idea of these tools). 3.4.2 Methods Used for Analysing and Comparing Financial Performances: Financial ratio analysis (discussed in chapter 1) is used to analyse the companys performance in profitability, liquidity, efficiency and leverage. The values of these ratios are compared against the ratios of Next to compare the performances of two companies. For presentation of findings different types of charts were used. 3.4.3 Methods of Identifying Improvement Areas: Areas of improvement would be identified using the findings of financial performance analysis using ratios. The areas where Next is performing better than MS would be identified as areas of improvements. After identifying areas of improvement strategy would be formulated to eliminate problem areas in companys financial performances. 3.4.4 Research and Data Analysis Tools Microsoft Excel 2007, which is a popular spreadsheet application, is used for conducting the ratio analysis and presenting findings of analysis graphically. 3.5 Conclusion This chapter provided a brief overview of the research data, methods and tools used in this research. In next, chapter the findings of the research would be presented followed analysis of findings. Chapter 4 Analysis and Findings 3.1 Introduction This research is conducted based on the information available on the Annual Reports of Marks and Spencer and Next Group as well as on the findings of professional business analysts found on reliable internet sources. In this chapter, the most important section of this study, key findings of companys business performance in light of PESTLE, Five-Forces and SWOT analysis and also the financial performance over last three would be presented. A comparison of performance with Next Group would also appear in this section. 3.2 An Analysis of MSs Business and Performance Summary Business performance of Marks and Spencer can be measured in reference to the factors available in macro-economic environment, factors in apparel and food industry and in terms of companys strengths and weaknesses. The findings of business analysis are presented as following. 3.2.1 Findings from PESTLE Analysis MSs Performance Key factors relevant to Marks and Spencers business found from PESTEL analysis can be summarised as following (table 3.1) Recent political development in United Kingdom is posing threat to many businesses in form of rise in tax rate, cut of social benefit and cap in immigration. There is also setback of recession that had injured the British economy significantly. Despite these negative elements in political and economic environment Marks Spencers revenue has grown at a steady rate over last three years (See Chart 4.1) showing no sign of recessionary impact on its business. Social environment however demonstrate goods signs for clothe and food retailers. Marks and Spencer had introduced various successful brands that meet the changing social pattern and consumer demand. The company is also successful in adopting technologies. Its ecommerce sales have increased at a sizable chunk in last few years. MS has also successfully used consumer research technologies for identifying market demands and customer needs. The retailer has proved it as one of the most energy conscious and environmentally friendly comp any in British history. Marks and Spencer is a century old company and had well adopted itself in the macroeconomic context of United Kingdom. British retail industry is run by a few very big players. In apparel retailing the popular names are Marks and Spencer, Next and Debenham. However, food retailers like Tesco and Asda are trying to get into apparel market with lower prices. However, for completely new businesses it would be very tough to challenge companies like Marks and Spencer which have grown its market share by 4% from 7% to 11% in cloth and general merchandise. The companys market share has also improved by 2% in 2010. However, MS could not maintain its image regarding its relationships with suppliers. Many international pressure groups had criticised its bargaining power on its suppliers. 3.2.2 SWOT Analysis and MSs Performance Marks and Spencer is well capitalising on its strength by adding more clothing brands and stepping foot in international markets. Last year companys international revenue was more than  £900 million with a growth of 5%. The company also have capitalised on ecommerce technology; in 2010 MS Directs revenue grew by 27%. Financial Performance Analysis In this study, Marks and Spencers financial performance have been analysed on four performance areas. These areas were profitability, liquidity, efficiency and leverage. For measuring performance in these areas eleven different ratios had been used. The findings of ratio analysis are presented as following. 3.3.1 Profitability: MS vs. Next Average operating profit of MS and Next is respectively 11% and 15%. Though revenue of both the companies grew over the period, operating profit was steady. However, according to findings Next Group is more profitable than Marks and Spencer. Nexts Return on Capital Employed and Return on Equity are also significantly higher than MS (See Figure 4.3 and 4.4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Based on the above analysis, the research concludes that Next Group is a highly profitable business by providing extra ordinary return to its equity holders. Liquidity Performances Both the companies liquidity is poor scoring far below standard value of 2:1. Marks and Spencers liquidity is at an alarming level of around 50% capability of paying off its current liabilities. Also, over the year none of the retailers could improve liquidity performance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3.4 Efficiency Although in profitability and liquidity M S is lagging behind Next, in case of efficiency in receivables, payables and inventory management MS had been showing excellent dexterity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The ratios (Figure 4.6) indicate that, inventories are sold in 23 days by MS and in 40 days by Next after purchase. On the other hand, MS is capable of collecting its receivable assets within eleven days of sales which Next can do in 67 days. Payable days are matched with receivable days. However, though MSs collection from customers is faster, its payment frequency to suppliers is a little slow. This might a sign of efficiency in working capital management. The reason behind MSs extra ordinary efficiency is because of its long experience in British industry. Average Asset Turnover Ratio of MS over the last fours years is below 1.5 which is above 2.0 for Next. The ratio indicates that MS can generate sales of around  £1.34 against  £1 of its assets which, though is not poor, in comparison to Next is pretty ordinary. 3.3.5 Leverage Performances Leverage indicates the use of debt in boosting of equity return. Both Marks and Spencer and Next Group use debt which is reflected in their gearing ratios (See Table 4.7). .From Figure 4.8 it can be easily understood that Next Group a highly geared company in comparison to Marks and Spencer. MSs policy seems to be keeping long-term debt less than 50% in its balance sheet. The leverage ratio better explains why Nexts Return on Equity is very high. Now question is are the companys comfortable with these levels of leverage? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In managing its leverage MS is again performing poorer than Next. While Nexts average interest cover ratio is 13.45 times, MSs one is only around 6 times. The figures indicate that, MS generate only around  £6 of operating profit for paying  £1 of debt cost. Therefore the leverage ratios indicate that MSs competitor is better managing its leverage with higher interest coverage ratio against higher leverage rate. 3.4 MS Summary of Business and Financial Performance Business Performance Summary Financial Performance Summary Marks Spencers revenue has grown at a steady rate over last three years Introduced various successful brands that meet the changing social pattern and consumer demand. Ecommerce sales have increased at a sizable chunk in last few years. Successfully used consumer research technologies for identifying market demands and customer needs. Most energy conscious and environmentally friendly company in British history. Grew its market share by 4% from 7% to 11% in cloth and general merchandise. Market share has also improved by 2% in 2010 in foods. MS could not maintain its image regarding its relationships with suppliers. International revenue was more than  £900 million with a growth of 5%. The company also have capitalised on ecommerce technology; in 2010 MS Directs revenue grew by 27%. Average operating profit margin is 11% in comparison to 15% of Next; Liquidity performance is very poor; Both current and quick ratios are less than 0.5; Average asset turnover rate is more than 1 in comparison to 1.5 of Next; Inventory, receivables and payables management is highly efficient and better than Next; Moderately levered company while Next is a highly levered one; Interest coverage ratio is healthy; but Next is doing better which shows the rationale behind using more debt by Next Overall financial performance of MS is not satisfactory against its competitor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Table 4.9: Performance Summary Chapter 5 Conclusion Recommendations 5.1 Introduction In previous section, it has been observed that Marks and Spencers financial performance is not satisfactory in comparison to Next Group. Except the efficiency areas, MS needs to improve itself in profitability, liquidity and leverage. 5.2 Improving Profitability MSs average operating profit margin was only around 11%. It is found that though companys revenue has grown in last three years its profit margin shrank because of increase costs. Marks and Spencer needs to cut its operating costs to match its profitability with the industry. 5.3 Improving Liquidity The companys liquidity is below the alert level which had been persistent over last four years. Although for very large and established companys it is not a big concern. However, in times

Free Essays - False Pride in The Necklace :: Mauassant The Necklace Essays

False Pride in The Necklace In Mauassant's essay, The Necklace Matilda Loisel borrowed a necklace from a rich friend, Mrs Forestier, so that she would not present a "shabby air in the midst of rich women." She loses the necklace but refuses to admit that. Her and her husband, not realizing that the necklace was fake, buy a similar necklace to return to Mrs Forestier. They end up having to work for ten years to pay off this debt. All of Mme. Loisel's actions leading up to the loss of the necklace were directed by an attempt to maintain her false sense of pride, for which she gave up her dignity over the next ten years. Mme Loisel's thoughts and actions were conditionsed by her vain character. As Maupassant says, she "felt that she was made for" frocks, jewels, elegant dinners, and admirers. Since she and her husband were poor, she would weep for days "from chagrin, form regret, from despair adn disappointment." When her and her husband wer invited to a fancy ball, she couldn't stand the thought of looking simple. She would be ashamed if she couldn't at least look equal to the other women at the ball. True pride comes from self respect or satisfaction in achievement. Mme Loisel's only pride came from her physical appearance. She also had always wanted to gain pride through having material possesions. Her sense of self-importance at the ball was essentially claimed without right since it stemmed only from her outfit. This feeling lasted for one night, but the consequences of that evening continued for ten years. Because of her false pride, Mme. Loisel did not think of different avenues to solve her problem and did not weigh the effects of her decision. The most obvious alternative would have been to be honest with Mrs Forestier. Even if the necklace were real, I doubt that she would have asked the Loisel's, who were poor, to replace such an expensive item. Instead, as always, Mme Loisel tried to maintain this false pride. The Loisel's had a hard time giving up only 400 francs for dress she had worn at the ball. They didn't go out and buy a necklace in the first place because they couldn't afford it, so I don't see any justification in going out to buy a replacement necklace for the lost one.

Free Essay on Nathaniel Hawthornes Scarlet Letter - Three Scaffold Scenes :: Scarlet Letter essays

Three Scaffold scenes - Progression of Dimmesdale In The Scarlet Letter, Nathaniel Hawthorne portrays Arthur Dimmesdale as a troubled individual. In him lies the central conflict of the book. Dimmesdale's soul is torn between two opposing forces: his heart, his love for freedom and his passion for Hester Prynne, and his head, his knowledge of Puritanism and its denial of fleshly love. He has committed the sin of adultery but cannot seek divine forgiveness, believing as the Puritans did that sinners received no grace. His dilemma, his struggle to cope with sin, manifests itself in the three scaffold scenes depicted in The Scarlet Letter. These scenes form a progression through which Dimmesdale at first denies, then accepts reluctantly, and finally conquers his sin. During Hester Prynne's three-hour ignominy, Dimmesdale openly denies his sin. Hawthorne introduces Dimmesdale as "a being who felt himself quite astray and at a loss in the pathway of human existence" (64). The author made it obvious that a grim secret lies hidden in the depths of Dimmesdale's soul. This secret, however, does not reveal itself immediately, since Dimmesdale hides it from the closely watching town. In addition, he magnifies his own denial of his sin when he charges Hester to "speak out the name of thy fellow-sinner and fellow-sufferer"(65). By deliberately speaking to Hester as if the sinner were not himself, the pastor makes sure that nobody suspects him. One may also interpret Dimmesdale's speech as a hint to Hester not to name him. He feels he must "add hypocrisy to sin" in order to keep his standing in the town. He thinks that if the town finds out about his sin, they will never forgive him, much like his belief system tells him that God will never forgive him. So great is his relief when he finds that "she will not speak" that he stands in awe of the "wondrous strength and generosity of a woman's heart"(66). Despite an inward wish for his sin to be discovered, Dimmesdale feels better knowing that Hester will not willingly expose him. In this scene in front of the town, Dimmesdale shows his original strength of character, which will diminish along the course of the book. In the middle of the night, seven years after Hester's punishment, Dimmesdale holds a vigil on the scaffold where he finally accepts his sin. The battle within Dimmesdale between "Remorse, which dogged him everywhere" and "Cowardice, which invariably drew him back"(144) leads to a temporary compromise in his midnight vigil.

Government-operated Gambling

Over the past few years, government operated gambling has grown into a massive business, there has been much controversy around the topic of weather or not Gambling should be regulated. In this essay I will explain my point of view on this topic and give examples that support my ideas. So, what should the state’s policy towards gambling? I believe that the state should not regulate gambling because of three main reasons. My first reason is people’s rights and freedoms.Second, Gambling has grown into a major industry over the pas few years; the centre for addiction and mental health stated in their Gambling Policy framework in 2011 â€Å"Government-operated gambling has steadily expanded in Ontario in the past two decades, revenues reaching $4. 7 billion in 2009. † (2). This shows that Gambling has grown to become a major industry in today’s economy and by doing so it has helped society in several different aspects, the growth of the gambling industry has l ead to an increase in revenue for the government, thus resulting in more social benefits towards the public.Finally, The gambling industry has lead to many job opportunities in north America, offering a beacon of hope to those in need of jobs during a recession. In modern society, freedom is not only supported but also cherished, people should be given the freedom to live their lives as they please, weather they choose to live their lives in a healthy way or not that is up to them. However, they must be given the right to live as they please. In the United States, groups such as the KKK are protected under the first amendment, which protects their freedom of speech, no matter how ludicrous it may be, they have the right to say as they please.The same should be applied to life. People should have the choice to live their lives as they please without being watched over by the government. Since gambling does require participants to be of legal age, we know that the people gambling are adults. These grown ups should be able to have control over their own lives, its their responsibility to understand the chances they are taking when gambling. Some may argue that certain people can’t control their gambling problems and have gotten too addicted to gambling and that casinos take advantage of these people.These claims are supported by some statistics given in the centre for addiction and mental health, which states, â€Å"it is estimated that between 30% and 40% of Ontario’s gambling revenues come from the 3% of the population with gambling problems† (2). This statistic shows that the gambling industry does heavily depend of the people addicted to the game. I would respond by expressing two points. First, the people with gambling problems of which they cannot control are a minority, in Jonathan Wolff’s â€Å"Ethics and public policy A Philosophical inquiry†, the author states that â€Å"between 0. and 0. 8 of the UK adult population could be classified as problem gambles† (59). Furthermore, in the centre for addiction and mental health’s Gambling Policy framework in 2011 that â€Å"just over 3% of the province’s population experiences moderate to severe gambling problems. †(57). These numbers do not justify having to discipline an entire industry that would affect hundreds of thousands of people that work in it and making their living off jobs in that industry.Second, increasing government regulations on casinos and lotteries will not stop these problem gamblers from gambling. Jonathan Wolff states â€Å"in the late 1950s there were towns about 25 percent of the adult population gambled illegally on a regular basis. †(55). Taking this point into perspective, it could be inferred that if the government increases the regulations on legal casinos and lotteries that would make it harder for people with an addiction to gamble, these people will find other ways to feed their addictio n.This is a severe problem because when these people begin to gamble illegally they will put their money into other illegal activities, which could include drugs, weapons or violence. In fact, many large gangs could use this opportunity to fund their illegal activities, which would lead to more trouble in society; another point to be made towards this issue would be that of money, not only would these gamblers be putting their lives at risk when gambling illegally and dealing with gangs, but they could also be keeping this money out of the government’s hand which could go government programs to help the less fortunate.This brings me to my next point and that is that gambling has become a major source of revenue for the government. Government regulated gambling has grown into a massive industry which generates a significant amount of revenue each year of which most ends up in the government as funding for many different organizations. in the paper named â€Å"Gambling: Its Pl easure and costs† by Lorne Tepperman it states that â€Å"The industry group’s report †¦ says 57 per cent of gambling revenue – $8. 7 billion- supported government services and charities. (9). Tepperman also states that gambling is the â€Å"most financially significant† (9) segment in entertainment and that it contributes â€Å"$15. 3 billion a year to the economy, according to the Canadian Gaming Association. † (9). Ronald Pavalko also states in his paper titled â€Å"gambling and public policy† â€Å"State revenues from casino taxes totaled nearly $3. 5 billion. † (336). The reality is that today, we are in a recession we can’t afford to decrease that revenue by implementing harsh restrictions on gambling.It is argued that even though gambling is a major source of revenue for the government, it is also a source of misery for people with gambling addictions. The centre for Addiction and Mental health states that â€Å"F or these individuals, a range of harms may occur, resulting in heavy social, economic, and health costs such as crime, dysfunctional relationships, and bankruptcy. † (2). However, the solution to this problem is not adding restrictions to gambling but is actually using the money made from gambling towards a better cause.As I have previously stated, people addicted to gambling will not be cured from their addiction by regulating legal gambling because they will find other means to feed their addiction. I believe that the best solution to these people’s gambling problem would be using the revenue that they generate for the government in taxes could be used to create social programs for people with serious addictions to gambling that would help them quit.I believe this solution would be ideal because the minority of people with gambling addictions will be treated in a proper healthy way in order to get over their addiction, the left over revenue could still be used in othe r social programs and finally, the money and profit that the casinos and lotteries generate will still flow which would result in more jobs, another source of income to the economy and would prevent people from getting fired from their jobs if harsh restrictions were to be applied to gambling agencies.My final argument for this essay is that of employment. As previously stated, gambling generates a huge amount of revenue for the government, Gambling is a growing industry and with its growth it creates several opportunities for jobs for people in need. Gambling generates many jobs that help the economy grow in this time of need. Gambling generates jobs of all sorts, from the engineers and architects that build and design the casinos, to the people who sell lottery tickets, to those who actually work in casinos.All of these people generate their income because of the gambling industry. Tepperman states that in Canada gambling accounts for â€Å"267,000 full time jobs. † (6). Pa valko also states in his paper that in only eleven states a total of 370,207 people are employed in casinos, In a country with a current unemployment rate of 8%, the Gambling industry should be seen as a source for solutions to a much more serious problem than an addiction to gambling. Expanding the gambling industry will in return create more job opportunities and help decrease the unemployment rate dramatically.However, if the government begins to set harsher policies towards gambling and casinos are required to cut costs, the unemployment rate might increase which would create even more social issue, which could result in protests and riots from the workers who have lost their jobs due to the harsh policy towards gambling. Some might argue that Gambling still creates harm towards many people and even though it can create jobs it can also result in many people losing their jobs. I would respond by quoting Lorne Tepperman â€Å"A majority of adults gamble responsible; only a small minority of the population experiences gambling related harm. (1). I believe that gambling will create more jobs that it will end and that that is just a minor side effect that could be easily cured by the revenue that gambling will generate for the government, this money could be put back into society and produce new projects that create new job opportunities and these jobs could be offered to those who had lost their previous jobs. In conclusion I would say that I do not believe that the government should regulate gambling because of the reasons that I have stated earlier in this essay.First, Gambling is a choice and freedom. It a civil right and the government should not be able to decide weather or not you are allowed to gamble or how much you are allowed to gamble. Second, Gambling has grown into a major industry and has become a major source of revenue to the government. Gambling has helped fund many government programs used to help the less fortunate, even though gambling do es create certain people who are addicted to it, they are nowhere near as many as the people whom gambling helps.In this situation the pros drastically outweigh the cons and as previously stated, the revenue generated from gambling could go towards social programs made to help people with gambling addictions, that way these people will eventually cure themselves of their addiction and the hundreds of thousands of people whom depend on gambling a source of income would not be affected, which is what I believe is a win-win situation. This brings me to my final argument, employment.The gambling industry has created hundreds of thousands of job opportunities to many of those who need it, especially in a recession where millions struggle to find an income support for them and their families. I would say that the government should encourage gambling businesses to grow. However, as Christiane Pouline states in his paper titled â€Å"Gambling† that â€Å"Decisions on policy pertaini ng to gambling need to be based on a full accounting of the health, economic and social benefits and costs of gambling. (1208). Which is why the policy towards gambling should be set to help both the gambler and the Casinos. That policy should state that a majority of the profit that is generated from Casinos should go towards social programs that will benefit society; these social programs should include programs made to help gambling addicts with their problems. James Doughney perfectly sums up this policy in his book titled â€Å"The poker machine state†.Doughney says, â€Å"Try to do good; but even when you cannot at least do not knowingly cause harm. † (1). Over the past several years, gambling has grown into the largest sector of the entertainment industry, creating the most amount of revenue to the government. Our society should be scared of this phenomenon and try to regulate it, we should actually take advantage of it and use it to help make the most the most of this opportunity by using the money made from gambling to improve our lives and the lives of those around us.