Flaws of Case Study and Experimental Method Research in Psychology :: Psychology

Psychology is a type of science because psychologists sh be a primary assumption with all other scientists. Psychology methods can range from simple to complex. There are several research methods in psychology, and the outcome is relatively dissimilar for each. Each method studies and tests different situations. The goals of psychologist are to make predictions about the conditions that gave rise to them, and then use that knowledge to predict and possibly to control events in the approaching. (Stephen F.Davis, 2007)Case study uses information obtained from one person or a few people to illuminate the behaviors of others and suggest further research. Sigmund Freud popularized case study along with his psychonalytic theory of personality. A major advantage of the case study is that focussed on one person allows researchers to gather a great deal of exact information. The goal of a case study is to use the information gathered from one person to understand the behaviors of others . The case study is often utilise by used by psychologist in order to research into aspects of the human psyche. (Keirs, 2009) Psychologist use experiments, references, questionnaires, observations, diaries, and psychometric tests are used within a case study. There are two basic types of case study retrospective and longitudinal. In retrospective, your information comes from the history of the person you are studying. If it were a person who was being studied, you would have been to interview the person about their childhood and their family, as a result developed a report of their life and early life. In contrast longitudinal, investigates the future. They research consequences of a certain situation that has happened. The key feature in the case study method is subject matter. The subject matter is usually a person or an animal. Much like experimental case study, it often uses variables. As with any other method, it has its advantages and disadvantages. The advantage of case s tudy is the ecological validity of it. The information that is used in these studies is from real life environment. The information is good information because the research is so in depth. The research if often very useful. There are as well disadvantages and potential disadvantages. One main disadvantage is case studies usually relate to one individual, and what applies to you may not apply to me. Replication would not be unaffixed with case study because of the unique situations. The experimental

Dehumanization and Freedom in Narrative of the Life of Frederick Dougla

Dehumanization and Freedom in Narrative of the Life of Frederick Douglass The issue of slavery in antebellum America was not black and white. slackly people in the North opposed slavery, while inhabitants of the South promoted it. However, many people were orthogonal. Citizens in the North may have seen slavery as uncomplete good nor bad, but just a fact of Southern life. Frederick Douglass, knowing the North was home to many abolitionists, wrote his narrative in order to persuade these indifferent Northern residents to see slavery as a degrading practice. Douglass focuses on dehumanization and freedom in order to get his point across. Frederick Douglass emphasizes the dehumanization verbalism of slavery throughout his narrative. As is the general custom in slavery, Douglass is separated from his mother early in infancy and put under the care of his grandmother. He recalls having met his mother several times, but only during the night. She would make the trip from he r farm twelve miles away just to spend a little time with her child. She dies when Douglass is approximately seven years old. He is withheld from seeing her in her illness, death, and burial. Having limited contact with her, the news of her death, at the time, is like a death of a stranger. Douglass also neer really knew the identity of his father and conveys a feeling of emptiness and disgust when he writes, the whisper that my master was my father, may or may not be true and, true or false, it is of but little consequence to my purpose (Douglass, 40). Douglass points out that many slave children have their masters as their father. In these times, ofttimes the master would take advantage of female slaves and the children born to the slave w... ... the abolitionist movement is fueled by reading The Liberator, a newspaper that stirs his soul in fighting for the anti-slavery cause. While attending an anti-slavery convention at Nantucket on August 11, 1841, Douglass, wit h encouragement from Mr. William C. Coffin, speaks for the first time to a white audience about slavery. In conclusion, Frederick Douglass starts his life as a slave determined to get his freedom. At the end of his life, he is one of the foremost figures of the abolitionist movement. Douglass narrative takes advantage of the tangible advantage in order to abolish slavery. Through depictions of dehumanization and freedom, Frederick Douglass narrative is instrumental in swaying the views of the indifferent Northern residents. Work Cited Douglas, Frederick. Narrative of the Life of Frederick Douglas. crude York Signet, 1968.

Hamlet - Movie Critique :: essays research papers

The movie of Hamlet was an excellent, as far as book-movies go. I trust it was produced with focus, reason, and logic. The characters were also portrayed with a heavy interpretation. There were several changes to the play compared to the book, although the movie was done in such a way that they were not specially missed, from the movies point of view.Although, from my point of view, after reading the book, there were several somewhat important scenes and elements missing. The first scene in disuniteicular was missed. This played a part in setting the stage and was part of the whole theme throughout the whole play. It was in this scene that the ghost of Hamlet Sr. was first seen and where frequently of the plot developed. Hamlet Sr. told Hamlet Jr. that he had been killed by Claudius and that he must have revenge, Hamlet Jr. being the person to visit him. In the book, this carried on throughout the rest of the play and without it the plot was not as concrete from the beginning. The dumb-play and play for the king and court was compressed. In the movie, it consisted of primarily equitable a dumb-show and then the king got mad. It should have included that first and still had a whole play, in which special lines inserted by Hamlet Jr. were to be read. This did not have a dramatic affect on the way the plot was presented in the movie, but was just noticeable.As far as the cast of characters and setting is concerned, I believe that the director did an excellent job. Obviously, this coming from Hollywood kind of gives it advantages to all previous presentations. Mel Gibson was a great choice for Hamlet, because he is good actor and played his part wonderfully.

The Magic of a Dog :: Personal Narrative Essays

The Magic of a Dog I knew he was gone the moment I awoke on Christmas morning. While other families roundwhere laughed, smiled, and move overed presents, I could only stare listlessly at my own presents, and those placed in the shopping protrude in the corner, neer to be opened. With the death of my beloved golden retriever, Kennedy, a part of me had also died. For Kennedy was no ordinary dog. I was born with a disability. Although I have done intensive physical therapy since I was small and have made significant improvements over the years, I find it difficult to do some things which most people take for granted. Until I was eleven, I needed a aide at school. I could not go shopping by myself, or stay at home alone for more than a few minutes. My disability also resulted in social isolation from others my age many kids and adults were poorly(predicate) at ease around me. Even my friends were involved with activities that I couldnt keep up with, and I was left behind. I t was with the hope of increased self-reliance that I employ for a service dog from Canine Companions for Independence. Canine Companions (CCI) has been training dogs to assist people with disabilities other than blindness since 1975. Obeying about 70 commands, CCI service dogs retrieve dropped items, open doors, turn lights on and off, pull wheelchairs, and more. After submitting an application to CCI, I was interviewed and scheduled to attend a training class in December, at the regional amount near Columbus, Ohio. CCIs rigorous two-week training program is designed to teach dog training and leadership skills while matching each participant with a loving, leal companion and helper. For the first two days each person works with all the dogs on the third day everyone receives their Canine Companion. The remainder of the two weeks is exhausted learning commands and dog handling skills at the training center and in public places, with your new dog. In this way, Kennedy came in to my life. He brought me independence of the kind I had never known before. For the first time, I could move around the school without an aide following me, because he pulled my wheelchair and carried books in his backpack. I could shop at the mall by myself or with friends, and Kennedy would put his paws up on high counters to pay for things I bought.

Islands As A Narration Of A Yo :: essays research papers

A. Hemons Islands is the narrative of a young male childs initiation into the adult world. The boy travels to a place he has neer been before, far away from all thecomforts of his childhood home. The island is full of secrets about the adult world andthe terrible things t eyelid derriere happen within it. While away, he learns shocking lessonsabout the world in which he lives, mainly from his Uncle Julius, who tells scary storiesthat he thinks the boy should know about. The boy is defenseless from everything onthe island and everything it contains. Through this unprotected environment, he learnsthings about the adult world that are not learned anywhere else.In the car on the way to the coast, the boy almost loses his give tongue to by singingcommunist songs the entire journey. (129) By his singing songs about mournfulmothers looking through graves for their dead sons and the revolution the boydemonstrates his naivity. He is, after all, just a young boy. His limited life experie nce isshown in his singing such songs, without understanding the full meanings andconnotations that those songs carry. The boys innocence is emphasized here, as theseare adult songs and it is only, generally, children who sing on car journeys until theirvoices are gone. Even before boarding the boat, the boy begins to notice how ugly age and adulthood can be. He notices the gnarled knees , the spreading sweat stains on theirshirts and sagging wrinkles of fat on their thighs. (129) At one point, he sees one ofthe Germans, an old, bony man attain down on his knees and accordingly vomit over the pieredge. The boy sees this, but still relates it back to something he understands. The vomit Catherine Hendersonhit the surface and then dispersed in different directions, like children running away tohide from the seeker. (130) Again, by relating something so grotesque to something sochildlike and innocent, the boy reminds the reader that he is still just a young child, notyet ready to deal with this kind of adult vision.Once boarded on the boat and sailing to Mljet, the boy loses his hat. It is not justa hat though, it is his hat that shielded him from the grown-ups and the adult way of life. If he wanted to look at them properly, he had to raise his head. The hat was around straw hat with all the seven dwarfs painted on it. (129) When the gust of

Gullivers Travels †Comparing the Yahoos to Humans :: comparison compare contrast essays

Gullivers Travels Comparison of Yahoos to Humans           The comparison of Yahoos to humans in Book Four of Jonathon Swifts Gullivers Travels is entirely inappropriate.  The Yahoos are shown as base creatures of barbaric nature and with little or no aptitude for learning.  Swifts use of these lowly creatures to symbolize man is harsh, however, it does serve to enhance his badinage to a certain degree.  Nonetheless, his comparison is inaccurate and degrading to Mankind.       In his novel, Jonathon Swift uses the Yahoo, a creature with a great likeness to humans except in the amount of hair and the colors of their skin, to represent the nature of Man.  He implies that we are all ...strong and hardy, but of a cowardly Spirit, and by consequence, insolent, abject, and cruel.(p.    ).  Perhaps he is practiced about some people, but this is not true of all Mankind.  Most people are not ins olent or cruel, and many have rightfully courageous Spirits.  Any man or woman who joins the army in the time of the War on Terrorism can not be a coward.  In the World Wars, millions of people died for the love of their country, can you call that cowardice?         As well, millions of institutions of higher learning have been established across the world.  The Yahoos are shown to be ignorant and without any ability to learn.  Human beings are constantly in the pursuit of knowledge, going to extreme lengths to satiate their boundless curiosity for the way things deed within their world, and even without.  Without a doubt, many human beings possess similar qualities to those of the Yahoos.  We are capable of great cruelty, but also of great compassion.  We can be insolent and rude, or we can be respectful and polite.  We can be cowardly, but we are also capable of great feats of bravery.  Mankind is not hold in to the aspects of his nature that are unpleasant he is constantly striving to surpass those negative characteristics.           Swifts comparison may be inaccurate, but it is also quite effective.  In ones minds eye, one can almost see the lowly creatures.  Picking out only those negative aspects of our natures and magnifying them allows us to see them clearly, without making excuses for ourselves.

Gullivers Travels †Comparing the Yahoos to Humans :: comparison compare contrast essays

Gullivers Travels Comparison of Yahoos to Humans           The comparison of Yahoos to humans in Book Four of Jonathon Swifts Gullivers Travels is entirely inappropriate.  The Yahoos ar shown as base creatures of barbaric nature and with little or no aptitude for learning.  Swifts use of these lowly creatures to symbolize man is harsh, however, it does serve to enhance his ridicule to a certain degree.  Nonetheless, his comparison is inaccurate and degrading to Mankind.       In his novel, Jonathon Swift uses the Yahoo, a creature with a great likeness to humans except in the amount of hair and the colors of their skin, to represent the nature of Man.  He implies that we are all ...strong and hardy, but of a cowardly Spirit, and by consequence, insolent, abject, and cruel.(p.    ).  Perhaps he is cover about some people, but this is not true of all Mankind.  Most people are not insolent or cruel, and many have rattling courageous Spirits.  Any man or woman who joins the army in the time of the War on Terrorism can not be a coward.  In the World Wars, millions of people died for the love of their country, can you call that cowardice?         As well, millions of institutions of higher learning have been established across the world.  The Yahoos are shown to be ignorant and without any ability to learn.  Human beings are constantly in the pursuit of knowledge, going to extreme lengths to satiate their boundless curiosity for the way things go within their world, and even without.  Without a doubt, many human beings possess similar qualities to those of the Yahoos.  We are capable of great cruelty, but also of great compassion.  We can be insolent and rude, or we can be respectful and polite.  We can be cowardly, but we are also capable of great feats of bravery.  Mankind is not especial(a) t o the aspects of his nature that are unpleasant he is constantly striving to surpass those negative characteristics.           Swifts comparison may be inaccurate, but it is also quite effective.  In ones minds eye, one can almost see the lowly creatures.  Picking out only those negative aspects of our natures and magnifying them allows us to see them clearly, without making excuses for ourselves.

Intro to Security Final Project Essay

Due in Week Nine Write 3 to 4 paragraphs giving a bottom-line summary of the specific measure adequate to(p) goals and objectives of the security department plan, which can be implemented to define optimal security architecture for the selected dividing line scenario. The objective of the protection Policy is to provide the basis of a secure information governance within the Bloom Design Group. This policy depart protect the information system from threats that exist in nature as well as disasters that exist from humans. The policy pull up stakes also give consideration to the privacy, reputation, intellectual property and productiveness of Bloom Design Group.The efficient operation of this company is dependent on being able to access and habit resources within the building and being able to remote access with security. Each employees responsibility must be considered and appropriate access leave alone be given to ensure that information is sh atomic number 18d only(prenomin al) with those who wear the authority to have it. This policy will ensure the adherence to the Bloom Design Group policies but also with any government regulations. By limiting the access to certain groups of drug users, the security policy will guard against misuse of data and information.All processes that are within the system will be aligned with the policy and executed automatically to ensure that the policy is effectively protecting the information and resources in a continuous manner. Any disruptions or security risks will be dealt with immediately and automatically by means of the system software that has been established and configured for these purposes. 3. Introduction Due in Week bingle Give an overview of the company and the security goals to be achieved. 3. 1. Company overview As relates to your selected scenario, give a brief 100- to 200-word overview of the company.The Bloom Design Group is an interior design business that offers services to clients globally. The re is a corporate office in New York and a secondary office located in Los Angeles. The groups website allows clients a virtual decorating tool, where they are able to get an idea of the design and color scheme they would like to see and how it may look after the design is completed. This is a great tool to aid the client in making decisions, backed up by consultation by experienced interior designers as well.The designers are able to access their client files and style guides utilized by the company. The designers will also be able to process orders for materials and furniture when accessing the website. Access is gained by a secure login and password. The employees and designers of this company conduct most of their business remotely and access the network via a secure VPN. 3. 2. Security policy overview Of the different types of security policiesprogram-level, program-framework, issue-specific, and system-specific short cover which type is appropriate to your selected business sc enario and why.For The Bloom Design Group, a program-framework policy would be appropriate. The corporate office would set the security policy as it pertains to network usage. The program-framework policy would cover the WAN, the entire organization would be covered by it and all decisions associate to how data is accessed by the workforce. This would require an acceptable use policy, which pertains to all areas of access including remote access, authorized data retrieval and retention, and connections within the WAN. 3. 3. Security policy goalsAs applies to your selected scenario, explain how the confidentiality, integrity, and availability principles of information security will be addressed by the information security policy. 3. 3. 1. Confidentiality in short explain how the policy will protect information. Using the program-framework policy will help in making it possible that only those with authorized access to the companys data will be the ones doing so. VPN technology will be utilized for these individuals and devices only. These will continue their privileges as long as the policy is complied with.The VPN will be maintained so as to minimize risk of unauthorized access, keep user and data confidentiality as much as possible over the internet, ensure the reliability of the companys system as well as those systems of the authorized users of the network. 3. 3. 2. Integrity Give a brief overview of how the policy will provide rules for authentication and verification. Include a description of formal methods and system transactions. The program-framework policy will maintain the data and keep it secure, reliable, and free from corruption.The policy will keep unauthorized users from gaining, retaining, modifying, or deleting data of the company by means of firewalls, encryptions, and anti-spyware or anti malware tools. The VPN will be secured with using a tool that provides encryption and user authentication. Intrusion detection tools will also help prote ct the VPN. 3. 3. 3. Availability Briefly describe how the policy will address system back-up and retrieval, access control, and quality of service. The program framework policy will maintain that authorized individuals, users, and systems will have access to information in its original format and at all times.The IT department will keep the business continuity plan up to era and and secure it in such case that there is a need for it due to emergencies. The company will create a business impact outline which will evaluate risks to the companys data and systems will be ready to be utilise for recovery of data if needed. A disaster recovery plan will also be created with step by step implementation to ensure recovery and continuation of business operations in the particular recovery is needed due to loss.A risk analysis will be created to further identify and take steps to secure the companys data. Full cooperation from each department and the administration of the company is need ed for these plans to be effective. Training will be conducted in order to ensure that all are compliant to the plan. (Merkow & Breithaupt, 2006). 4. Disaster Recovery Plan Due in Week Three For your selected scenario, describe the key elements of the Disaster Recovery Plan to be used in case of a disaster and the plan for testing the DRP. 4. 1. Risk Assessment 4. 1. 1.Critical business processes List the mission-critical business systems and services that must be protected by the DRP. The Bloom Design Group has the need of protecting their general support systems. These are the mission-critical systems and services to be concerned with. They are related to network connectivity, access to the internet and various resources through applications that will rest on the network that will aid in the daily productivity of the company. The pursual list of systems is includes the assets that must be protected by this plan.

Displaced traditional penal practice

To what extent has actuarial Justice displaced traditional penal practice In present-day(a) societies? The displacement of traditional methods of penal practice deep d throw contemporary societies in favor of the more run a stake orientated model of actuarial justice has proved a contentious issue amongst academic and political discourse and still remains an arena of vigorous debate.The discussion surrounding the progressive area of actuarial Justice may be seen to provide opposing arguments of equal weight and pertinence within modern structures of national criminal Justice systems finishedout the glob however the construction and application f this theoretical model of criminal Justice may differ amongst societies and have heterogeneous effects In confederacy with differential cultural, economic and Ideological conditions.The concept and practice of actuarial Justice will first be considered and the way it subsequently departs from more traditional procedures of penal prac tice, primarily analyzing western hostelry, with a particular guidance upon the British model of criminal Justice. The arguments suggesting that contemporary isosceles are Indeed transposing conventional offender) towards an acknowledgment of potentiality risky and dangerous populations as a whole ND the consequential st rollgies of management will subsequently be discussed.Case representations of the way in which differential executions of the same(p) model of actuarial Justice may vary between societies and the disparate consequences they deliver will additionally be considered to highlight the divergent viewpoints and debates encompassing actuarial Justice.Drawing upon the various outcomes actuarial Justice may be argued to impose, with specific reference to the implementation of the indeterminate sentence for public protection (IPP), the debate accentuating the harms and inequalities which are promoted within reticular models of actuarial Justice and thus the argument that on the whole many traditional methods have not been displaced in favor of this new risk penology shall be assessed.The concept of actuarial Justice is the process whereby future scourges and risks posed by offenders to society are calculated and as such take over a dominant role in contri excepting to prevention techniques and policing which endeavourer to respond to such perceived risk accordingly. Actuarial Justice assumes that deviance within society is habitual and will remain as normalization, viewed as directly resultant of modern society.By this standard, it adopts the position of crime prevention through risk assessment, with a focus upon larger populations deemed dangerous to society opposed to the established approach of criminal Justice which places the individual and their specific offence as preeminent. It is through the depart of single to generalization which has shaped the management techniques associated with actuarial Justice. It can be argued that this model of J ustice is consequently unconcerned with the reformation of offenders, instead seeks to filter particular groups through thaws within the Justice system dependent upon their risk profile.As such it is possible to deduce that actuarial Justice is primarily concerned with the existing and future threat posed upon society by offenders, making the paramount concern crime prevention and constraining lawbreaking activity contrary to providing a suitable response and the lore factors contributing to individual criminality. The debate and evidence promoting the implication that actuarial Justice is indeed displacing traditional penal methods is maven which is widely and comprehensively presented within both(prenominal) academic and political discourse.Giddiness (1994) proffers the suggestion that societies are to a greater extent preoccupied with the view of future risk, which may be seen as a byproduct of the increased threat posed within the post modern world. Giddiness and Beck (date) refer to this focus upon sustained safety and prevention of future threat the risk society, in which social allegiance to the nation state is dissolved marked by a lack of reverence in traditional institutions and an ascendancy of international forces. Reflexive modernization, described as the possibility of a creative (self-)destruction for an entire epoch that of industrial society.The subject of this creative destruction is not the revolution, not the crisis, but the supremacy of Western modernization (Beck, date, pop). Concept which undercuts the formations of, for example, class, gender and occupation within the social hierarchy, imposing self-confrontation with the consequences of risk society which may no womb-to-tomb be managed under the practices of industrial societies institutionalized standards. The paradigm presented by risk society therefore is the split from the protection f the nation state to one of constructing individuals as responsible for their own safety an d risk management.The term advanced liberal is deployed by Rose (1996) to further emphasis this social shift, away from the explicit power of the nation state to one which governance is achieved at arms length, promoting greater independence and need for increased individual responsibilities. This sporadic governance of society is one which is still primarily concerned with the notion of risk and the probability of its subsequent effect, exposing the aggregate populations which are identified as presenting danger society.The focus shifted to an increased managerial approach to crime, aimed at reducing the rate of potential offences and eliminating the presence of carcinogenic situations (Garland, 1996). This is argued to have marked a divergence from rehabilitative responses targeted at individual offenders, to the generalizes management to particular sections of the population (Simon and Feely, 1992). No longer viewing offenders in a manner akin traditional criminal Justice respons es, understanding their motives and experiences consequently in need of reformation and treatment but as universal group of potential harm.

Marketing, Customer Value, and the Lin Essay

INTRODUCTIONIn at presents economy, firms are no longer the center of business. In order to survive, companies need to ac chicaneledge the fact that business now revolves just about nodes (Keith, 1960). As a result, merchandising becomes one of the most prominent philosophies in business. Therefore, to experience a better understanding of todays business, this essay lead be discussing about three important innovations. These concepts are marketing as a business ism, the understanding of customer value, followed by the link between marketing and customer value. In addition, this essay will be using the colonisation amber physical body movie house as example of the concepts application.MARKETINGMarketing as a business philosophy has grew astoundingly for the past few decades. It becomes one of the influential subjects that creation thoroughly explored in the society. Many have tried to define marketing in different ways. Based on a marketing expert Philip Kotler (1983), mar keting is defined as a human activity directed at repaying needs and wants through exchange processes (p. 7). Marketing exists in order to know what the customers wants and what are their needs, and satisfy those wants and needs through trans exploits. According to Kotler (1983), there are various philosophies that can guide the business conducts exchange and achieves desired outcomes. Using Village golden Class Cinema as example, philosophies that will be discussed here are fruit philosophy and marketing philosophy.Product PhilosophyAccording to Kotler (1983), reaping philosophy assumes that customers will choose to demoralise extravagantly quality products, and thus organizations should focus on the product design and its quality.Village bullion Class Cinema is an example of product philosophy application in business. In February 1997, Village Cinemas and Warner Bros partnered to open a new type of cinema in Melbournes treetop CasinoGold Class cinema (Wikipedia, 2014). Thi s new luxury cinema format was then expanded to otherwise Village Cinemas1throughout Australia and around the world. Gold Class Cinema is a premium venue, offering personalized service level with smaller and private cinemas. Gold Class Cinema focuses extremely on its products quality by improving the art projection and its sound trunks as well as adding recliner to its seats (Village Roadshow Limited, n.d.). All these new highschool quality products were prove as how Gold Class Cinema extremely value the quality of its products.However, product concept will not be full for Village Cinema to become successful. The purpose of a cinema is to entertain customers. Yet, entertainment as humans needs can actually be satisfied by something else such as sport events or music concerts. Thus, Village Cinema needs to apply marketing philosophy to complement the product philosophy.Marketing PhilosophyTo understand marketing philosophy, it is important to know the purpose of business in adv ance. Peter F. Drucker (1999) stated, there is only one valid description of business purpose to create a customer (p. 35). Marketing concept focuses on identifying what the customer needs, what products can attract customers and how to promote them effectively (Kotler, 1983). By pose marketing philosophy in practice, business can serve what consumers want and will generate greater profit.Village Cinemas developed the Gold Class concept even further in order towiden the appeal of going to movies and attract broader demographic (Village Roadshow Limited, n.d.). They put marketing philosophy into practice by analyzing what action should be undertaken in order to satisfy the customers need of being served. In addition to entertainment, human likes to be given personal service. Thus, Village Cinemas remediate the Gold Class Cinemas by providing entertainment with high quality products and giving a personalized service at the alike conviction. Gold Class Cinemas boast a full service bar, lounge and gourmet food with personal waiter service during each screening (Village Cinemas, n.d.). As the pioneer of this concept, Village Cinema has successfully embraced the marketing philosophy where business should focus on the customer and to provide what they want.2CUSTOMER VALUEZeithaml (1988, as cited in Smith & Colgate, 2007, p. 8) defined customer value as being what customers get from the purchase and use of a product versus what they pay. According to Drucker (1999), customer value determines what the business will produce and whether it will prosper or not. Clearly, customers will prefer to consume the product that offers them most benefits with least costs possible. Based on their researches, Smith and Colgate (2007) proposed four major values of customer that applicable to consumer and to customer value creation strategy. According to Smith and Colgate (2007), functional value is concerned about the purpose and usefulness of a product. existential value is con cerned with the customers stepings created by the product whereas symbolic value is concerned about the psychological meaning of a product to customers. On the other hand, cost is related to the both direct and indirect costs of using the product.The following table shows customer value creation strategy with Village Gold Class Cinema as the example.FunctionalCorrect/- Movies, sound systems, and seats has high qualityaccurateattributecreativity)Productcharacteristic(quality,customization, Given appropriate attributes when incumbent (e.g. 3Dglasses when watching 3D movies) All food and beverages menu should be availablewhen orderedAppropriate Movie delivered without any disturbance instruction execution Being served with high quality service Seat recliner move accordingly Ordered food and beverages come correctly andwithin appropriate time length.Appropriate Everything function effectively and appropriately as itoutcomesshould be Cinema should be able to entertain and serve the3cus tomers Foods and beverages should be able to satisfycustomersExperientialSensory More specialised and high quality flying field design forGold Class customers than other normal customers inorder to improve aesthetic value Food plating should be appealing Foods and beverages should smell and taste goodEmotional The movie watched will bring pleasure andenjoyment, (fun, excitement, happy, adventurous,sad, ludicrous or any other emotional feeling) Customers should feel satisfied after being entertainedand served personallySocial The design of Gold Class theatre have fewer seatsand intimate setting, which could lead to a love bondingbetween partners or loved ones Friendship and love bonding with families and friendsby watching movie in Gold Class cinema togetherEpistemic Some high quality movies provided by the GoldClasscinemas efficacyprovideknowledgeandeducational movie, fantasy, or any other experiencesdepend on the movie genreSymbolicSelf identity Staff and system interaction can make customer feel / worthbetter about their own selves. Personalised service can make customer feel exclusivePersonalWatchingwiththemeaninglovedoneandbecomeunforgettable memories Irreplaceable quality time with family or friends everyweek in the cinemaSelf Customers can express their taste of movie andexpressionpreference of way to spend their leisure timeSocial Customers can happen upon prestige and status by watching4meaningmovie in Gold Class Cinema in front of their friends The term Gold Class itself can boost up thecustomers image and self esteem when they enter thespecial theatre in front of ring As the ticket is expensive, customers will be known asrich by other, which can make them feel exclusiveConditionalmeaning greet People will think only those with higher disposableincome or rich background can watch in this cinemaEconomic The bell of the ticket, food and beverages The transportation cost or any other indirect costPsychologi- Some psychological relationship cost suc h ascal bail bond or addiction Equity conflict for customers who think highly of howsome people cant afford to enjoy the privilegePersonal Energy, labor and time spent to queue or click theinvestmentorder button through internetRisk Low personal and operational bump as Village GoldClass Cinema is a well-known brand High financial risk as the price is higher than othertheatre5LINK BETWEEN MARKETING AND CUSTOMER VALUEWhatever the market or the business operating at, marketing has one third estate theme to create perceived customer value that is superior to alternatives available while at the same time creating value for the business (Kotler, Brown, Burton, Deans, & Armstrong. 2010, p. 4). When marketing philosophy is applied in a business, customer value will play a really important role. Creation of the customer value is critical for marketing, in particular when the business is going to develop new products and services (Smith & Colgate, 2007). Customer value represents customer point of view, and marketing needs it in order to manage a profitable relationships between business and customers. With marketing philosophy, business needs to know what customers consider important in a productwhat customers value in a productand to develop those products according to customers preferences.Compared to marketing philosophy, customer value doesnt really influence product philosophy. In this case, business assumes that customers will prefer to buy high quality product with reasonable price, thus marketing effort is not much needed (Kotler, 1983). However, Village Gold Class Cinema whitewash considers customers value as critical to their business. Village Cinema didnt only focus on the product quality, yet they deliver a personalized and high quality service as well in order to satisfy the customers. Village Cinema knows that customers want to be entertained and personally served in the same time. Thus, the importance of customer value was demonstrated by applying m arketing philosophy in their business and develop Gold Class concept.CONCLUSIONTo conclude, marketing is highly linked with customer value. Despite having different philosophies, every business should not take customer value lightly if they want to survive in todays competition. Even if some businesses like Village Gold Class Cinema embrace more than one philosophy, they still need to address customer value as a really important concept that can influence their business outcome.REFERENCE LISTDrucker, P. F. (1999). The Practice of Management. Oxford, London Butterworth Heinemann.Keith, R. J. (1960). The Marketing Revolution. daybook of Marketing, 24(3), 35-38. Retrieved from http//www,jstor.org/stable/1248704Kotler, P. (1983). Marketing and Human Needs. Marketing in Australia (pp. 3-27). Melbourne, VIC Prentice-Hall of Australia.Kotler, P., Brown, L., Burton, S., Deans, K., & Armstrong, G. (2010). Marketing (8th ed.). Sydney, NSW Pearson Australia.Smith, J. B. & Colgate, M. (2007). Customer Value Creation A Practical Framework. Journal of Marketing Theory and Practice, 15(1), 7-23. inside 10.2753/mtp10696679150101 Village Cinemas. (n. d.) Gold Class. Retrieved from http//villagecinemas.com.au/goldclass VillageRoadshowLimited.(n.d.)CinemaExhibition.Retrievedfromhttp//www.villageroadshow.com.au/Company-Profile/Exhibition.htm Wikipedia.(2014).VillageCinemas.Retrievedfromhttp//en.wikipedia.org/wiki/Village_Cinemas

General Economic Indices for the Power Tool Market Essay

In assessing the king tool industries, it faecal matter be found that in that location are several ecumenical economic indices which have are important in assessing the viability of the industry. There are four-spot of these which could be assessed for the purpose of the Able Corporation as they pursue their goals with their products. These four general economic indices include housing lucres, expenditures for residential construction, expenditures for commercial construction, and expenditures for home repairs and improvement.First, the housing start statistics which have become relevant to the industry represent the low gear of the construction of modern privately owned single-family homes, townhouses, and multifamily apartment buildings (Frumkin, 2005, p. 132). Moreover, it excludes infrastructures for housing which fall under mobile homes, group quarters, public housing properties, renovations made to existing houses, and converted housing from non-residential to residenti al housing (Frumkin, 2005). From the historic info presented from the US Census dominance, there is an erratic trend that muckle be guessn from the form 2004 to 2008.However, it is apparent that there is a continuous decrease from the socio-economic class 2005 up to the 2008 leaving the form 2004 as the only exception. The respective values for each course of study are 1,955,800 for the year 2004 2,068,300 for the year 2005 1,800,900 for the year 2006 1,355,000 for the year 2007 and 905,500 for the year 2008 (New in private Owned, n. d. ). From the trend shown, it is made apparent that the housing units which have been started are becoming lower any year from the US data.Second, there are withal relevant data which are made available for the expenditures which are placed for residential repairs and improvement. This type of data shows the amount of money that has been used for the purpose of improving the residential places for purposes of repairs and improvement. For the year 2003, the data shows that $179,700,000,000 has been spent on the first quarter, $173,200,000,000 has been spent on the back up quarter, $187,400,000 has been spent on the third quarter, and $166,700,000,000 has been spent on the fourth quarter (US Census Bureau News, 2008).On the other hand, there are costs of $198,900,000,000 for the first quarter, $192,600,000,000 for the second quarter, $202,100,000,000 for the third quarter, and $200,500,000,000 for the fourth quarter (US Census Bureau News, 2008). For the year 2005, the respective value for the first to fourth quarters are $213,600,000,000 $192,800,000,000, $220,900,000,000 and $235,500,000,000 (US Census Bureau News, 2008). For the year 2006, the values for the respective four quarters are $232,200,000,000, $225,000,000,000, $231,000,000,000, and $226,000,000,000 (US Census Bureau News, 2008).As for the year 2007, the value for the first to the fourth quarter is $230,900,000,000, $227,700,000,000, $213,200,000,000, and $236,600,000,000 (US Census Bureau News, 2008). From these values, it is shown that the expenditures for each quarter and across the years are increasing such that there has been more cost spent for this on the latest years of the historical data. Third, the report of the US Census Bureau also shows that there are also expenditures for residential construction which can be studied from the year 2003 to 2007. For the year 2003, the total expenditure is $705,276,000,000.The succeeding values are $803,305,000,000 for 2004, $897,989,000,000 for 2005, $937,047,000,000 for the year 2006, and $875,010,000,000 for the year 2007 (Construction and housing, 2009). While the trend shows that here is a constant increase from the year 2003 to the year 2006, there is a sudden plunge for 2007 which can be accounted to several economic factors that prohibit the construction of new residential infrastructures. Fourth, there is also an economic index available for expenditures on nonresidential units , which is also taken from the US Census Bureau.From the year 2003 to 2007, the respective values are $229,335,000,000, $238,478,000,000, $256,644,000,000, $295,715,000,000, and $349,566,000,000 (Construction and housing, 2009). From these data, it can be observed that there is a continuous increase in the amount spent for the purpose of construction nonresidential units. In relation to the power tool market, these economic general indices are considered to be important because of the role it plays in terms of the demand for power tools which are required for construction.The housing start data would dictate how many new power tools may be required together with the amount of expenditures that are seen to be used for improvements and construction of new infrastructures. The fact that power tools are considered to be a necessity for the construction and repair of housing and nonresidential units relates this industry to the construction of housing and nonresidential ones. During case s where there are disparities, it is important to note that these general economic indices will be of great help only when accuracy is present.However, when there are cases where it is difficult to see which of the current findings are accurate, there should be information from other related economic factors that come from the government which could be a reliable source of data. Thus, it can be seen that there are several factors which affect the power tool market considering the economic relations it has with the construction industry. There are several ways through which the economic forecasts for the power tool industry can be obtained in relation to the construction data. References Frumkin, N.(2005). Guide to economic indicators (4th Ed. ). Armonk, New York M. E. Sharpe. Newly Privately Owned Housing Units Started. (n. d. ). Retrieved April 23, 2009, from http//www. census. gov/const/startsan. pdf. Section 20 Construction and housing. (2009). Retrieved April 23, 2009, from htt p//www. census. gov/prod/2008pubs/09statab/construct. pdf. US Census Bureau News. (2008). Expenditures for improvements and repairs of residential properties estimated at $226. 4 Billion in 2007. Retrieved April 23, 2009, from http//www. census. gov/const/c50_curr. pdf.

Accusations Without Proof

Accusations Without Proof In Arthur Millers play The Crucible, he tells the story of Salem, Massachusetts during the witch trials. He does this to lure a comparison between the red sc atomic number 18 of the 1950s and the false accusations of the girls and the community in Salem in 1692. In his play the little girls who are about twelve to eighteen, they were dancing naked in the forest with a black caldron with Tituba.Paris is the one who finds them and ow all the girls gull to lie and say Tituba is in touch with the devil, be like they see evil spirits, and say that spate were witches even thou they were not. In the cobblers last a lot of people hap oer silly things that could not even be proven. Some of the things they would do for punishment was, they would hold them underwater for ten minutes and if they came back up fallen they were not witches, if they were alive they were. It was a lose lose method and not the best way to solve things.Most cases they came up dead. Anot her thing they would do is good hang hem and not give them a chance to explain themselves. When they would take them into court and testify that they were not in touch with the devil the girls would act like they see things, and start to get scared. One girl went as furthest as faking a coma for several hours. The people that died did not be to over something silly like little girls trying to get out of trouble. This was much like the departure Scare because, everyone was paranoid thinking communism was winning over. pot were questioned to see if they were communist, ust like in The Crucible. It Just goes to show how fast rumors can spread. Arthur Miller wrote about The Crucible because he wanted to show how close it was to the Red Scare, and that people would be questioned without proof. The point of this book is to demonstrate how hysteria and rumors can cause people a lot of problems, which in this case caused several people to die. In the Red Scare people thought Russians w ere spreading communism. In The Crucible people thought witchcraft was spreading through Salem.The girls went as far as letting eople close to them die Just to save themselves from getting in trouble. When Proctor and another member of Salem start an argument over whose land they are on, rumors start to spread that the girls are doing this to get their neighbors land. Elizabeth is the one who convinces John into admitting that he has seen the devil. John agrees to do it. The officers of the court rejoice in purpose out something about the trials. But John refuses to give up anymore names in which he saw with the devil.The officers of the court want John to devil his confession public but he grows ith anger and tears up the document he was suppose to sign. John and three others were hung at the very end of the book. All of the Salem witch trials could have been avoided if the group of girls would nave Just contessed to dancing naked in the torest. They could nave saved several live s from being ended and unnecessary punishments. People had to sit in Jail for years and would have killed themselves instead of going crazy in Jail.In the end they still got in trouble but if they would have confessed indemnify away they would have robably Just got in minor trouble instead of ending up having a bunch of innocent people. The court didnt accost the situation in the right manor either. They put people in Jail that they had no proof against. They could have thought of better ways to dissolve if they were witches or not instead of having them killed. In conclusion all of the Salem Witch Trials could have been avoided and lives could have been saved if the self-centered girls would have Just confessed right away. Mr. Hale, you surely do not doubt my Justice. -Danforth

Gwen Harwood Essay

Gwen Harwoods poetry is steeped in Romantic traditions and is underpinned by humanist concerns. My doublel interpretation is that Harwoods poetry engages refs through its poetical treatment of pass and consolation as well as its exploration of universal themes about human populace and the processes of life.Harwoods poetry validates the satisfying influence of childhood go throughs upon boastful development explicit in At Mornington which explores unrivalled sense of outrage and consolidation go through in the cycle of life from birth to death. Harwood explores one transitory nature of life in her lyrical poem The Violets, revealing the counsel in which computer memory can illustrate agone experiences that will resonate in the present offering consolation.Furthermore Harwoods poetry is characterised by an over-arching existential quest for essence and consolation as experienced through her exploration of love in A Valediction. Whilst the notion that Harwoods poetry en gages readers through its poetic treatment of loss and consolation resonates with my own interpretation of her poems, readers are also engaged through Harwoods exploration of universal truisms.A contemplation of human existence and one way in which one cycle of life is characterised by loss and consolation as a pervading theme throughout Harwoods poetry. In At Mornington past, present and future experiences are united through the poems fragmented structure and poetic treatment experiences of loss of naivety and consolation in order to shut in the cycle of life characteristic of one human experience. Furthermore, Harwood uses biblical allusions secure in my fathers arms to convey the universality of human existence, zesty the reader.The poem begins in the personas past with her childhood innocence and naivety, which is conveyed in her belief in her own invincibility. I remember believing as a child I could walk on water. Harwoods use of biblical protrudery evokes the idea ofJesus walking on water and the consoling effect this had on the speakers childhood self, to represent her nave, childish outlook.This water paradigmry becomes a sustained motif. The speaker draws on the image of the flood on which memories of early childhood are born through a contemplative timber of spiritual replenishment as she stands among avenues of the dead, engaging the reader through the poetic treatment of both loss and consolation. In accordance with the Romantic tradition, the speaker acknowledges the restorative capabilities of the natural elements conveyed in the image of a knoll of water which becomes a metaphor for replenishment and revitalisation.As the poem shifts to the present tense, the reader is further engaged as the persona finds herself in a memorial park and coming to terms with the death and loss of a loved one. The persona comes to a peaceful acceptance of lifes transience and her own death rate as she acknowledges the inevitable passage of time that brings us to that time of our lives where our bones wear us offering her a sense of consolation.The poem concludes with a protuberance into the future, with the existential tone no hand will save me evoking the realisation that death and loss is one inevitable end of the cycle. Harwoods poem At Mornington engages readers through its poetic treatment of loss and consolation and the way in which these themes recur throughout the cycle of life.Harwoods poems elucidate themes of memory and recollection, highlighting the way these transcend time, death and loss and eventually offer consolation. In one nostalgic poem The Violets the speaker revisits a seminal childhood experience that affirms adult perspectives and engages the reader by identifying the importance of memories of filial love in sustaining the adult self, providing consolation. The childs nave question Where has morning gone? emphasises the power of dreams to gloss time and evokes the speakers sense of loss. The childs loss is co untered by the memory of her parents unconditional love.The use of enjambment creates a sense of continuity as the violets transport the speaker back to a time when she was lovingly comforted, thus continually engaging the reader. The maternal image of the mother who dried my liquid face and the visual image of stroking, golden brown hair conveys the tenderness of this memory. Through therecurring motif of the violets in our loamy bed Harwood shifts between past and present experiences of loss and consolation.Literary critic Elizabeth Lawson suggests identifying its ability to control moment s in time by transforming consciousness of the present. The speaker realises that although memories are ambiguous and time can be stolen, ultimately, as is portrayed in the personification Years cannot move the lamplit presences of her childhood. The poem concludes with a final natural image of the faint scent of violets drifts in the air conveying the personas awareness that the memories of her parents love transcends the power of death. In The Violets Harwoods poetic treatment of loss and consolation through the motif of the violets engages the reader on an emotional level.The theme of love and its permanent, passionate nature resonates within Harwoods poetry, engaging readers through its poetic treatment of the experiences of loss and consolation associated with love. Similar to At Mornington which expresses one cycle of life and the acceptance of its inevitable processes, A Valediction expresses the journey of maturation through reflection that leads the speaker from adolescent sentimentality to an appreciation of the enduring nature of love.The intertextual reference to John Donne in the poems title foreshadows the exploration and poetic treatment of the experience parting from a loved one and the emotional repercussions of this loss. The personas adolescent sentimentality is evoked through her ritual of seeking solace in her anthology of Donnes poetry.The memories of her youth are metaphorically inked in with aches from adolescence. Harwood explores the nature of love in her representation of two significant female figures and it is from their contrasting reactions to their experiences of love that informs the personas more mature perception of love and loss. One the one hand, Harwood kick downs representation Salome, whose indifference to the grand passion of love is conveyed in the flippant tone of her comment whether I kissed Nietzche on Monte Sacro I find I do not now remember.On the other hand, Harwood depicts Saint Therese, a nun buoy who dedicated her life to selfless love as conveyed in the sentimental tone of her comment when I love it is forever. Harwoods juxtaposition of these womens perspectives on love highlights the folly of both ideals and consolidates the personas understanding that it isrationalism and moderation that offer the most valued appreciation of love.The personas contract address dear ladies shall we meet half w ay between sanctity and liberation? conveys her awareness that there should be a balance between neutrality oversentimentality. The poem concludes with an idyllic scene that encapsulates the personas sense of contentment and maturity beyond her emotional angst. let me walk at sunset in the pasture feeding my geese engages the reader through the poetic treatment of loss and consolation as it is associated with the theme of love.Modernist poet Gwen Harwood adheres to the literary conventions of the Romantics in her anthology of poems, employing poetical devices and form to give expression to the themes of loss and consolation as well as other timeless themes. Harwood continues to engage readers through her exploration of universal themes of human existence evident in At Mornington, The Violets and A Valediction.

Counseling Interview Paper

Counselor Interview PaperJessica Peacock I plan on spillage into the School Counseling field, so for my interview I went to a long time family friend Kay Weems. Kay is a develop counselor currently at Madison Station Elementary, except she has 19 eld of see at different levels of education in counselling and in different environments as well. She also was an principal(a) teacher for 10 years prior to becoming a school counselor. Kay went to school at manuscript State and received a bachelors degree in elementary education with a minor in special education. She went on to obtain her masters degree in special education.After school she taught at the elementary level for ten years so she has plenty of experience with pincerren ages 5-11. When she had her only young woman Aubrey, she decided to get her masters certificate for guidance hash bulge and then went back to pass away as a guidance counselor. This year is her first year counseling at the elementary level, but previo us years she did high school two years and middle school 16 years in several different environments. When I asked Kays perspective on the purpose of the school counseling profession she give tongue to that she feels as though she makes an impact on childrens lives every sidereal day.Her goal is to manage children achieve academic, personal, as well as social success in the school environment. She provides individual counseling to students, as well as referrals for students to community support or for students that may need additional avail in the classroom or academic testing. When I asked her near the demands of her job, she took a second to think about it, I imagine situations running through her head when she struggled with a child or a childs family. She admitted that proceedinging with a childs set up can be very difficult.She exempted p arnts often generation want to believe their child is perfect and perfectly happy, so when a counselor has to sit down parents and i nform them something is wrong with their child m any times the response from parents isnt pleasant. Another struggle was dealing with abused children she described that as gut-wrenching. Often times it is hard for her to take off stuff like that at reach. She said that the exceed way to cope with those situations is to know that no take what, every single day you hasten done your very best to get that child out of the bad situation that they are in.Before I interviewed Kay, I asked her about working with culturally diverse, and/or underrepresented children and she said that in her 19 years of counseling she has worked an abundance of both of these aggroups. She said that each time you work with a child of a culture that you are not extremely familiar with, you often times learn something new. It is a learning process she said. But when I mentioned underrepresented children she started to tell me about a group of kids that had experienced a very tragic trauma before them.She to ld me of a Friday she found out she would be sent to Pearl High School on the next Monday to counsel to kids the next school day after the first school shooting in America. She explained that she had no idea what to tell these children, or how to answer there question, Will the killer show up again at school with a gasolene? These children had lost their friends and peers right before their eyes. She did her best and learned a split up about counseling children who have experienced extreme trauma.She made an effort to revisit these children that had been affected through a year limit and counsel them. She said often times when situations like this happen, the children that witnessed these murders of their friends in their own school get leave without the proper help they need. When I asked Kay about ethics in her job, she said it really comes down to having the best interest of the students at all time. It is important to know your job description and be able to explain it to p arents as well as to a child that may not understand in braggy language what you do.Always, let your students know limitations up front as well as the counselor-student relationship. We talked about the stave structure, but Kay, like most school counselors, is the only one at her school. She works close with teachers, mightiness staff, and the school nurse as well. She said she personally likes being the only counselor in her setting. I do know that at many high schools in the regional area there are as many as four school counselors in one school. I asked Kay about her companionship of current global issues, and she only mentioned cyber bullying.She said that there are so many problems with kids being bullied all over the internet out of school and it is causing problems inside the school. She said that this has definitely become more outstanding in the past five years and fears how much worse it can get. She didnt mention any global issues other than that though. Kay has impr oved many more lives than she has told me about but what she has told me has amazed me. She has a have sex for helping children and that is such a gift.When I look at the profession I think that the rewards outmatch the struggles and I am excited to see what this career path has for me in life. I have unendingly wanted to work in the school district just as my mom does. While talking with Kay I could easily see the passion she had for this career, it seems as though she wakes up liking to go to work unlike many people in the world today. I have learned a lot talking to her and would be interested in sitting in with her one day while she does her periodic work as a school counselor.

Analysis of “John Donne’s” “The Flea”

Phillip Hassoun English 1102 Dr. Thomason 03/14/12 Analysis The Flea, By hindquarters Donne Most of toilette Donnes work during his age frame was norm eachy seen as existenceness vulgar or too much, usually for the sexual themes he put bottomland them. But being the witty and clever author John Donne was, it is by no surprise that some mountain mature their shopping mall brows after meditateing his verse titled The Flea. In the poesy, he restores the curious connection among a flea and sex amid bracings. Using a metaphysical conceit, the poem is compose using that alliance in mind, which today most people would see as kind of shadowed or odd.In this whimsical comparison, he ultim take inly trys to deflect his beloved to produce doughty of the consequences in pre-marital sex. It is great to understand the use of metaphysical indite, and how it enabled writers like John Donne to write so intumesce about 2 very seemingly different liaisons. When the term m etaphysical is used, it is referring to a very healthy form of philosophy dating back to Aristotle. It is used to inform something usually Gordian in wide to understand terms, by making a comparison. One does this by asking themselves two questions what is there?And whats it like? These two questions lead the person into a higher level thinking proses, which usually finis up in a form of descriptive writing like parables and poems to add ever more than understanding and feeling to the thought. This is how authors like John Donne provoke write of comparisons amid something simple like a flea, and something as complex as the emotions we feel. However, the poem to most people today would still non rag sense. But when considering the issueledge and ethics of the people during his time frame, this poem makes much more sense.When John Donnes 16th blow love poem was written, it was believed that when two people had sex, the partners would share each others root. Also hygien e wasnt a very handsome issue, since it wasnt common intimacy to know that bacteria and viruses could make you sick or more plain that people didnt share parentage during sex. Due to wish of hygiene, people during this time all had some sort of human flea that lived on them, which ate their blood. The people from this time frame really didnt see it as something gross like people would see today.Because everybody had fleas on them, they were all equally as gross to each other in their minds. When John Donne is trying to persuade his beloved into sex with him, this is how he comes up with a metaphysical connection between the two, which is also a perfect example of why people thought he was coarse or dirty in his writing. Keeping this knowledge in mind as you read the poem is all important(p) in stray to understand the poem. In the first stanza he begins to set up his argument with the young woman he is addressing.Using the metaphysical conceit he makes between a flea and sex h e writes to his beloved, explaining why he thinks she should set out no reason to be worried about having sex with him. Mark but this flea, and abrasion in this, How subaltern you denist me is He says to open the poem. Look at how small this flea is, thats how small the occurrence of why you wont have sex with me is, to reword what he is saying. Describing how little the issue is as he goes on in the first stanza. He says that the flea can flub his blood, and past jump to the girls and suck her blood, and share all three of the souls in wholeness body.Then says that by doing so, the flea is not causing A sin, nor shame, not loss of virginal membrane (1 pg. 571) talking about her virginity. He describes the nature of the flea to enjoy the mixing of blood from humanness before it is in love, or without tutelage at all since it is a flea. He finishes the argument at the end of the stanza by saying to his beloved that the flea, is doing far worse than what only they would be doing. He continues in the plump for stanza by trying to protect the fleas liveness from the girl.It is understood from the reading that his beloved has become obviously disconnected with what he said, and so she attempts to polish the flea in spite of him. To prevent her from doing so, he starts to explain to her that the flea is carrying three souls deep down it, him, her, and the flea. And reiterates how the flea is doing far more than them even if they are to be married, since it shares all three souls. He says that since there blood is mixed with inside the flea, to look at the flea as their marriage temple and their use right to by rights have sex, since their blood is already mixed.And furthermore says that although your parents urge you to not get married to me, we already have inside the living soul of the flea. He then in the last part of the second stanza states his second argument for why they should have pre-marital sex. Though use make you apt to kill me, (1 p g. 172) hysterically saying that she wouldnt mind putting to death him. He argues that although she wants to kill the flea, doing so would mean cleanup position herself, himself, and the flea.An odd dash of explaining that there mutual love would die, and the fleas love for both would also die, which would be irreverent by cleanup position all three souls. As he continues to make this unconvincing argument to his beloved, she kills the flea at the beginning of the terzetto stanza, probably from his almost mockingly sounding poem about a big step in their relationship. However it is at that point when he turns the argument on her completely. Cruel and sudden, he describes her actions as she kills the flea. formulation that the flea was only innocent, and only was guilty for was stealing two drops of blood.By killing the flea that shared the couples blood, he asks her if she feels as if their relationship is weaker. Obviously not feeling like their relationship had full-grown ap art, he then completely switches the argument on her, after destroying their wedding temple, By saying that he taught her a lesson of fear. He explains further in the end of the last stanza that the honor she lost in killing that flea, would be on the nose as much honor lost if she were to engage in intercourse with him, since she obviously did not care about the death of the flea.He reiterates in his last statements that he is doing the exact same thing as the flea that took life from her. This concludes his not so romantic poem, but very interesting explanation of their situation. Johns poem is written in a clever way, unlike most of the poems people would read from Shakespeares century. He makes a good metaphysical connection between the flea and sex, and almost sounds like he denies the fact that he is really just trying hook up with her. If any girl was to be read this poem as a pickup line, and understand it, then they would probably be offended.This is why the poem cannot be read far too seriously when he explains that the important subject of losing your virginity can be compared to the intelligence of a flea, and dooms the poem to have you chuckling while you read it. However, when he ties everything up in the final stanza it turns into an eye opening poem. This was a very ingenious way to explain the feelings of the man in a relationship. The one who is trying to get the girl in the bed, but she fears all of the consequences.The connection he made between something as small and irrelevant as a flea being described into a deep exercise though about love, and mans thoughts just show his great writing skill. Works Cited rapscallion Barnet, Sylvan, William Burto, and William E. Cain. A Little Literature Reading/writing and Argument. New York Pearson/Longman, 2007. Print. John Donne The Flea and judgement StudyMode. com. 10 2011. 10 2011 .Analysis of John Donnes The FleaPhillip Hassoun English 1102 Dr. Thomason 03/14/12 Analysis The Flea, By John Don ne Most of John Donnes work during his time frame was usually seen as being vulgar or too much, usually for the sexual themes he put behind them. But being the witty and clever author John Donne was, it is by no surprise that most people raise their eye brows after reading his poem titled The Flea. In the poem, he makes the unusual connection between a flea and sex between couples. Using a metaphysical conceit, the poem is written using that relationship in mind, which today most people would see as kind of funny or odd.In this unique comparison, he ultimately trys to persuade his beloved to become fearless of the consequences in pre-marital sex. It is important to understand the use of metaphysical writing, and how it enabled writers like John Donne to write so well about two very seemingly different things. When the term metaphysical is used, it is referring to a very powerful form of philosophy dating back to Aristotle. It is used to explain something usually complex in simple to understand terms, by making a comparison. One does this by asking themselves two questions what is there?And whats it like? These two questions lead the person into a higher level thinking proses, which usually end up in a form of descriptive writing like parables and poems to add ever more understanding and emotion to the thought. This is how authors like John Donne can write of comparisons between something simple like a flea, and something as complex as the emotions we feel. However, the poem to most people today would still not make sense. But when considering the knowledge and ethics of the people during his time frame, this poem makes much more sense.When John Donnes 16th century love poem was written, it was believed that when two people had sex, the partners would share each others blood. Also hygiene wasnt a very big issue, since it wasnt common knowledge to know that bacteria and viruses could make you sick or more obviously that people didnt share blood during sex. Due t o lack of hygiene, people during this time all had some sort of human flea that lived on them, which ate their blood. The people from this time frame really didnt see it as something gross like people would see today.Because everybody had fleas on them, they were all equally as gross to each other in their minds. When John Donne is trying to persuade his beloved into sex with him, this is how he comes up with a metaphysical connection between the two, which is also a perfect example of why people thought he was coarse or dirty in his writing. Keeping this knowledge in mind as you read the poem is crucial in order to understand the poem. In the first stanza he begins to set up his argument with the girl he is addressing.Using the metaphysical conceit he makes between a flea and sex he writes to his beloved, explaining why he thinks she should have no reason to be worried about having sex with him. Mark but this flea, and mark in this, How little you denist me is He says to open the p oem. Look at how small this flea is, thats how small the fact of why you wont have sex with me is, to reword what he is saying. Describing how little the issue is as he goes on in the first stanza. He says that the flea can suck his blood, and then jump to the girls and suck her blood, and share all three of the souls in one body.Then says that by doing so, the flea is not causing A sin, nor shame, not loss of maidenhead (1 pg. 571) talking about her virginity. He describes the nature of the flea to enjoy the mixing of blood from humans before it is in love, or without care at all since it is a flea. He finishes the argument at the end of the stanza by saying to his beloved that the flea, is doing far worse than what only they would be doing. He continues in the second stanza by trying to protect the fleas life from the girl.It is understood from the reading that his beloved has become obviously upset with what he said, and so she attempts to kill the flea in spite of him. To preven t her from doing so, he starts to explain to her that the flea is carrying three souls inside it, him, her, and the flea. And reiterates how the flea is doing far more than them even if they are to be married, since it shares all three souls. He says that since there blood is mixed with inside the flea, to look at the flea as their marriage temple and their custom right to properly have sex, since their blood is already mixed.And furthermore says that although your parents urge you to not get married to me, we already have inside the living soul of the flea. He then in the last parts of the second stanza states his second argument for why they should have pre-marital sex. Though use make you apt to kill me, (1 pg. 172) hysterically saying that she wouldnt mind killing him. He argues that although she wants to kill the flea, doing so would mean killing herself, himself, and the flea.An odd way of explaining that there mutual love would die, and the fleas love for both would also die, which would be sacrilegious by killing all three souls. As he continues to make this unconvincing argument to his beloved, she kills the flea at the beginning of the third stanza, probably from his almost mockingly sounding poem about a big step in their relationship. However it is at that point when he turns the argument on her completely. Cruel and sudden, he describes her actions as she kills the flea. Saying that the flea was only innocent, and only was guilty for was stealing two drops of blood.By killing the flea that shared the couples blood, he asks her if she feels as if their relationship is weaker. Obviously not feeling like their relationship had grown apart, he then completely switches the argument on her, after destroying their wedding temple, By saying that he taught her a lesson of fear. He explains further in the end of the last stanza that the honor she lost in killing that flea, would be just as much honor lost if she were to engage in intercourse with him, since she obviously did not care about the death of the flea.He reiterates in his last statements that he is doing the exact same thing as the flea that took life from her. This concludes his not so romantic poem, but very interesting explanation of their situation. Johns poem is written in a clever way, unlike most of the poems people would read from Shakespeares century. He makes a good metaphysical connection between the flea and sex, and almost sounds like he denies the fact that he is really just trying hook up with her. If any girl was to be read this poem as a pickup line, and understand it, then they would probably be offended.This is why the poem cannot be read far too seriously when he explains that the important subject of losing your virginity can be compared to the instinct of a flea, and dooms the poem to have you chuckling while you read it. However, when he ties everything up in the final stanza it turns into an eye opening poem. This was a very ingenious way to explain t he feelings of the man in a relationship. The one who is trying to get the girl in the bed, but she fears all of the consequences.The connection he made between something as small and irrelevant as a flea being described into a deep elaborate though about love, and mans thoughts just show his great writing skill. Works Cited Page Barnet, Sylvan, William Burto, and William E. Cain. A Little Literature Reading/writing and Argument. New York Pearson/Longman, 2007. Print. John Donne The Flea and Persuasion StudyMode. com. 10 2011. 10 2011 .

Tata Corus

CONSOLIDATED financial STATEMENT PROJECT TATA- CORUS encyclopedism SUBMITTED TO Dean Dr. Badrinath Prof. K. Govindarajan SUBMITTED BY BADRI NARAYANAN 112071013 TABLE OF CONTENTS SR NO 1. relegatelyICULARS PART 1 Global stain industry nigh TATA poise About Corus PART 2 Legal form Mergers and attainment method acting Terms of effect Valuation Matters 2. 3. PART -3 Reasons for the uniting Objectives for a coalition Culture differences Post Acquisition 4. PART 4 Outcome of the uniting success or failure Financial indicators Milest wizs of the TATA Corus deal 5. completion 6. BIBLIOGRAPHY PART 1 GLOBAL STEEL INDUSTRY vane was an alloy of beseech and carbon containing less than 2 per cent carbon and 1per cent manganese and small tot ups of silicon, phosphorus, sulphur and oxygen. stain was the or so important engine room and body structure material in the world. It was utilize in every aspect of our lives, from auto causative manucircumstanceure to f ormulation products, from poise toecaps for protective footwear to refrigerators and washing machines and from cargo ships to the finest scalpel for hospital surgery. Most leaf blade was made via unitary of two basic routes 1.Integrated (blast furnace and basic oxygen furnace). 2. Electric arc furnace (EAF). The bl terminated route employ young materials (that is, push ore, limestone and coke) and dispose to create blade. The EAF method used scrap as its principal input. The EAF method was untold easier and faster since it unless required scrap mark. Recycled stain was introduced into a furnace and re-melted along with some different additions to bring out the end product. brand name could be produced by other methods much(prenominal)(prenominal) as consecrate hearth. However, the amount of leaf blade produced by these methods decr looseningd every year.Of the steel produced in 2005, 65. 4per cent was produced via the integrated route, 31. 7percent via EAF and 2. 9 percent via the kick in hearth and other methods. At a steel mill, the crude steel business process turn molten steel into ingots, blooms, billets or slabs. These were called semi-finished products. Semi-finished products were solid blocks of steel, usually with a squ be or rectangular plow section. A flat steel product was typically made by rolling steel by dint of sets of rollers to produce the final thickness. in that location were two types of flat steel products- Plate products and Strip products.Supply of raw materials was a key impression for the world steel industry. IISI addressd projects which hold backed at the availability of raw materials such as iron ore, coking coal, freight and scrap. Scrap iron was in the main used in electric arc furnace steelmaking. obscure from scrap arising in the making and using of steel, obsolete scrap from demolished structures and end-of life vehicles and machinery was recycled to make new steel. About 500 one thousand thousa nd slews of scrap was melted each year. Iron ore and coking coal were used mainly in the blast furnace process of iron making. For this process, coking coal was turned into coke, an l virtually pure form of carbon which was used as the main fuel and reductant in a blast furnace. Typically, it in like mannerk 1. 5 tons of iron ore and about 450kg of coke to produce a ton of pig iron, the raw iron that came out of a blast furnace. Some of the coke could be replaced by injecting pulverized coal into the blast furnace. Iron was a common mineral on the earths surface. Most iron ore was extracted in opencast mines in Australia and Brazil, carried to dedicated ports by rail, and then shipped to steel plants in Asia and Europe. Iron ore and coking coal were primarily shipped in all everyplaceturn essels, huge bulk carriers that could hold a cargo of 140,000 ton or to a greater extent. Since the World War II, the steel industry had experienced three distinct phases- growth (195073), s tagnation (1974-2001) and boom (2002-2006)3. The demand for steel grew at an annual rate of 5. 8per cent during 1950-73 as the industrializing nations were building their civil infrastructure. The oil shocks of 1973 by means of 1979 slowed consumption in the second phase. The production of crude steel grew at 0. 6per cent p. a. oer the entire period. nerve harms dec personal credit lined by 2-3 per cent p. a.During 1999-2001 the industrys overcapacity hovered near 25per cent world-widely. Only a a couple of(prenominal) companies were able to sustain. Since 2002 the annual steel production had grown at 7-8per cent driven almost entirely by the divalent digit growth in China. The huge demand from China had caused a commensurate leap in steel sets. The industry had experienced a drop in the over capacity from 23per cent in 2001 to about 17per cent from 2003-2005. nevertheless the demand from China had in addition witnessed a structural change. From 2002-2004 Chinas capacity for producing crude steel increased on average by 55per cent. By 2005 China became a net exporter of steel.In the first half of 2006 China overtook japan, Russia and the EU 25 to become the worlds jumbost steel exporting country. In June 2006 that winning companies in the steel industry would have somewhere between 150m-200m tons of annual capacity by 2015 and that scale was crucial in the pursuit of value. Shanghai Baosteel, which, although founded in 1998, had already become the worlds ordinal largest steel maker producing 22. 7 m tons in 2005. The potential scholarship of Corus by Tata steel would create a new entity with a production lot close to Baosteels. CONTRIBUTION OF COUNTRIES TO GLOBAL STEEL INDUSTRYThe countries like China, Japan, India and South Korea be in the top of the to a mellow place in steel production in Asiatic countries. China accounts for one third of fundamental production i. e. 419m ton, Japan accounts for 9% i. e. 118m ton, India accounts for 53 m ton and South Korea is accounted for 49m ton, which all totally becomes more than 50% of global production. Apart from this USA, BRAZIL, UK accounts for the major(ip) chunk of the whole growth. The steel industry has been witnessing robust growth in both national as well as international trades. In this article, let us have a look at how has the steel industry perform globally in 2007.ABOUT TATA & CORUS Tata marque has always believed that the principle of mutual derive between countries, corporations, customers, employees and communities is the most effective route to productive and sustainable growth. Tata Steel Limited is a multinational steel troupe headquartered in Mumbai. It was established by Jamsetji Tata in year 1907 and changed its pick out TISCO to Tata Steel in 2005. It is the tenth-largest steel producing smart set in the world and the largest private-sector steel alliance in India measured by domestic production with an annual crude steel capacity of ove r 28 million tonnes per annum.It is now one of the worlds most geographically-diversified steel producers, with operations in 26 countries and a commercial nominal head in over 50 countries. They were worlds 56th largest and Indias 2nd largest steel phoner with an annual crude steel capacity of 3. 8 million tonnes. Based in Jamshedpur, India, it was part of the Tata group of companies. Tata Steels larger production facilities include those in India, the UK, the Netherlands, Thailand, dandy of Singapore, China and Australia.Operating companies in spite of appearance the Group include Tata Steel Limited (India), Tata Steel Europe Limited (formerly Corus), NatSteel, and Tata Steel Thailand (formerly millenary Steel). Tata Steels vision is to be the worlds steel industry benchmark by dint of the excellence of its people, its innovative approach and overall conduct. Underpinning this vision is a performance culture commit to aspiration tar renders, safety and social responsibility , continuous improvement, openness and transp arncy. Corus Group is a multinational steel-making caller-out headquartered in capital of the United Kingdom.It is the worlds seventh largest and second-largest steel-maker in Europe and now a subsidiary of Tata Steel. Corus Group was formed through and through the merger of Koninklijke Hoogovens and British Steel in 1999 forming the third largest producer of steel behind POSCO of South Korea and Nippon Steel of Japan and was a constituent of the FTSE speed of light Index until it was acquired by Tata in 2007. In 2010 Corus announced it was changing its name to Tata Steel Europe and adopting the Tata corporate identity. British Steel Corporation was a large British steel producer, consisting of the pluss of former private companies which had been nationalized.In 1988 the company was privatized as a result of the British Steel. Koninklijke Hoogovens was a Dutch steel producer founded in 1918, located in Ijmuiden. The Corus was having l eading merchandise position in construction and packaging in Europe with leading R&D. The Corus was the 9th largest steel producer in the world. PART 2 effective FORM Generally, there atomic number 18 many forms of combination of two companies, such as learning, merger, takeover and bitter takeover etc.. They atomic number 18 assorted terminologies used under different situations.Though there is a thin line difference between them but the impact of each kind are completely different. Merger A merger is when two companies which are about the same size or strength come unitedly to form a single company. They meld their respective resources for mutual gains or to reduce competition. In such a case, the deal gets finalized on a friendly monetary value and both the companies component part equal earnings in the newly created entity. Acquisition When one company acquires the other and rules all its business operations, it is known as acquisitions. In this process of restruct uring, one company overpowers the other company.Among the two companies, the one that is financially faster and bigger in all ways establishes it power. Then we foundation know that acquisition is usually happen when the company is different in size, and both the acquiring company and subsidiary want the combination in the mean clock, in some other(prenominal) word, the subsidiary company is not resisted to the combination. It is frequently used to describe more friendly acquisition, or used in conjunction with the word merger, where the both companies are leave behinding to join together. coup Takeover also excretes when one company purchases another, it is the similar with acquisition, but takeover enerally happens when a company buys another company which is not doing well or has gone bankrupt, and when the transaction is done in an unfriendly manner in more or less a forceful way in which the company being acquired is resisting. The acquiring company usually initials the c ombination. Accounting Method Pooling of invades This is generally accomplished by a common song flip-flop at a specified ratio. For example When M&I Bank merged with National urban center Bank Corporation, the common stock of the two companies were swapped at a ratio between . 55 and . 5363 divvy ups of M&I for every destiny of National City. Such mergers are still allowed if they meet certain lawful requirements. Purchase acquisition This involves one company (the acquirer) purchasing the common stock or assets of the target company. The acquiring company stomachs to purchase the target companys stock at a pull inn hurt in interchange, securities or both. This offer is called a tender offer because the acquiring company offers to pay a certain charge if the targets dealholders allow surrender or tender their shares of stock.Generally, this offer is eminenter(prenominal) than the stocks current price to encourage the shareholders to tender their stocks. The differen ce between the share price and the tender offer is called the acquisition premium. Consolidation The populateing companies are dissolved and a new company is formed to combine the assets of the existing companies. Both companies stocks are surrendered and new stock is issued in its place. E. g. both Daimler-Benz and Chrysler ceased to exist when the two firms merged and a new firm DaimlerChrysler was created. Some other related terms are horizontal, vertical and conglomerate mergers.Horizontal mergers happen when a company merges with another company which is a direct contention in the same product lines and markets. A vertical merger occurs when the company merges with the suppliers or customers. Conglomerate mergers occur when the companies combine have no relationship to one another. Its a friendly takeover and 100% acquisition was done by TATA steel. For the consolidation, TATA used acquisition method. TERMS Following are some key terms of the transaction 1. Tata Steel purcha sed a 100% stake in the Corus Group at 608 pence per share in an all exchange deal cumulatively valued at $12. 4 one thousand thousand. The deal was the largest Indian takeover of a foreign company and made Tata Steel the worlds fifth-largest steel group. And a wholly owned subsidiary, called Tata Steel UK would be set up by Tata Steel. 2. TATA financed its acquisition not only through its own equity contribution but a package of market securities a) Equity crown from Tata Steel Ltd USD4. 10 meg. b) The non-recourse debt from a consortium of banks USD6. 14 billion from. c) QuasiEquity funding at Tata Steel Asia Singapore USD1. 25 billion. d) long term Capital funding at Tata Steel Asia Singapore USD1. 1 billion. 3. A new bestride for the new entity after acquisition This consists Ratan N. Tata, chairman of Tata Steel, Jim Leng of the Corus group, Muthuraman, Managing director of Tata Steel, Ishaat Hussain and A go across Gandhi, directors of Tata Sons was formulated to develo p and execute the integrating and supercharge growth plans. It is the group of top managers from both companies it can help the new entity fit in much quickly with different culture. Investors in a company that is aiming to take over another one must determine whether the purchase go away be honorable to them.In order to do so, they must ask themselves how much the company being acquired is really worth. Naturally, both sides of an M&A deal will have different ideas about the worth of a target company its removeer will tend to value the company at as high of a price as possible, trance the purchaser will try to get the lowest price that he can. there are, however, many legitimate ways to value companies. The most common method is to look at parallel companies in an industry, but deal makers employ a variety of other methods and tools when assessing a target company. here are just a few of them 1.Comparative Ratios The following are two examples of the many comparative rh ythmic pattern on which acquiring companies may base their offers Price-Earnings Ratio (P/E Ratio) With the use of this ratio, an acquiring company makes an offer that is a multiple of the earnings of the target company. Looking at the P/E for all the stocks within the same industry group will give the acquiring company good guidance for what the targets P/E multiple should be. ? Enterprise-Value-to-Sales Ratio (EV/Sales) With this ratio, the acquiring company makes an offer as a multiple of the revenues, again, while being aware of the price-to-sales ratio of other ompanies in the industry. ? 2. Replacement Cost In a few cases, acquisitions are based on the appeal of replacing the target company. For simplicitys sake, suppose the value of a company is simply the sum of all its equipment and staffing costs. The acquiring company can literally order the target to sell at that price, or it will create a competitor for the same cost. Naturally, it takes a long cartridge holder to assemble good management, acquire property and get the right equipment.This method of establishing a price sure enough wouldnt make much sense in a service industry where the key assets people and ideas are hard to value and develop. 3. Discounted Cash Flow (DCF) A key valuation tool in M, discounted cash flow analysis determines a companys current value according to its estimated future cash flows. Forecasted free cash flows (operating profit + depreciation + amortization of goodwill capital expenditures cash taxes change in working capital) are discounted to a present value using the companys weighted average costs of capital (WACC).Admittedly, DCF is tricky to get right, but few tools can rival this valuation method. Synergy The Premium for Potential Success For the most part, acquiring companies nearly always pay a substantial premium on the stock market value of the companies they buy. The justification for doing so nearly always boils down to the notion of synergy a merg er realizes shareholders when a companys post-merger share price increases by the value of potential synergy. Lets face it, it would be highly marvellous for rational owners to sell if they would benefit more by not selling.That means buyers will need to pay a premium if they hope to acquire the company, regardless of what pre-merger valuation tells them. For sellers, that premium represents their companys future prospects. For buyers, the premium represents part of the post-merger synergy they expect can be achieved. The equation solves for the minimum required synergy In other words, the success of a merger is measured by whether the value of the buyer is enhanced by the action. However, the applicative constraints of mergers, which discussed often, prevent the evaluate benefits from being fully achieved.Alas, the synergy promised by deal makers might just move short. PART 3 REASONS FOR MERGER Synergies from the TATA-CORUS Deal I. Tata Steel would get an access to the Europea n market. Corus has already a welldefined network in European Market. If Tata Steel had independently entered the European market, it would have taken a healthy time to develop a wellestablished network. In the post deal scenario it will become a global player with the balanced presence in developed European market and fast growing Asian Market. II.Tata Steel will have a strong position in construction, automotive and packaging market sector. III. It will have a low cost position in Europe and South einsteinium Asia. IV. It can double the size and profitability V. The deal has expand scale from 7 MTPA to 25 MTPA and reaps world-shattering economies of scale. VI. The merged entity would become worlds 6th largest steel company with 25. 6 MTPA of crude steel production. VII. The combined entity will have more high-octane operations through enhanced optionality to optimize asset base and material flow, including sourcing of raw materials, and semi-finished steel.VIII. Better equipp ed to race intensifying competition arising from consolidation in the industry globally. IX. Both Tata Steel and Corus are a strong heathenish fit. X. Tata Steel would benefit from Coruss pan-European distribution network. XI. The acquisition gets with Tata Steels stated objective of having a global distribution network. XII. There a strong cultural fit both the two companies. Both Tata Steel and Corus have strong commercial relationship. OBJECTIVES OF THE MERGER Tatas objectives for buying Corus 1. Tata is looking to manufacture finished products in come on markets of Europe. . At present manufactures low value long and flat steel products while Corus produces high value plain products 3. A diversified product mix will reduce risks while high end products will add to bottom line. 4. Corus holds a number of patents and R & D facility. 5. Cost of acquisition is lower than context of use up a green field plant and marketing and distribution channels 6. Tata is known for efficient handling of labour and it aims at reducing employee cost and improving productivity at Corus 7. It had already expanded its capacities in India. . It will move from 55th in world to 5th in production of steel globally. 9. Corus, being the second largest steelmaker in Europe, would provide Tata Steel access to some of the largest steel buyers open new markets and product segments for Tata Steel, which would help the company to de-risk its businesses through wider geographical reach. 10. A presence in mature markets would also provide Tata Steel an opportunity to go further up the value chain as demand for specialized and high value-added products in these markets is high. 11.Corus is also very strong in research and engine room development, which would add to the competitive strength for Tata Steel in future. 12. As stated by Tata, the initial motive behind the completion of the deal was not Corus revenue size, but rather its market value. Even though Corus is larger in size compar ed to Tata, the company was valued less than Tata (at approximately $6 billion) at the time when the deal negotiations started. Corus objectives for selling 1. Corus demand supply of raw material at lower cost 2. good debt of Corus is 1. 6bn GBP 3.Though Corus has revenues of $18. 06bn, its profit was just $626mn (Tatas revenue was $4. 84 bn & profit $ 824mn) 4. Corus facilities were relatively old with high cost of production 5. Employee cost is 15 %( Tata steel- 9%) 6. From Corus point of view, the basic reason for supporting this deal were the judge synergies between the two entities. Corus has supported the Tata acquisition due to different motives. With the Tata acquisition Corus has gained a great and profitable opportunity to make an exit as the company has been looking out for a potential buyer for quite some time.Benefit for the Tatas stakeholders Any advantage and profits from this deal will merge only when Tata Steel would be in a position to export low-cost slabs toCo rus. There may be restraints to exports as Tata Steel will need to heed the requirements of its other acquired companies in South East Asia of NatSteel and Millennium Steel. This effect may change if the Tatas can acquire businesses in the low-cost regions such as Latin America, opening up an assured source of slab-making that can be exported to Coruss plants in the UK. Iron ore polity in India undergoes a major change in the coming years. If global consolidation becomes possible with the merger of Thyssen Krupp with Nucor or Severstal with Gerdau or any the top five players. The possibility of pricing stability may ease the performance pressures on Tata-Corus and moderate the risks of restructuring at high cost plants in UK. If Tata considers global harkening learn in London it may help the group commands a much higher price-earning multiple and give it more flexibility in managing its finances. Objectives Achieved or not Going by the stock market chemical reaction initiall y, the acquisition was a big blunder.The stock tanked 10. 5 per cent after the deal was announced and another 1. 6 per cent. Investors were worried about the financial risks of such a costly deal. But after successfully acquiring Corus, Tata Steel became the fifth largest producer of steel in the world, up from fifty-sixth position. There were many possible synergies between Tata Steel, the lowest-cost producer of steel in the world, and Corus, a large player with a significant presence in value-added steel segment and a strong distribution network in Europe.Among the benefits to Tata Steel was the fact that it would be able to supply semi-finished steel to Corus for finishing at its plants, which were located closer to the high-value markets. Managing the obstacles Coping with a merger can create many problems, some of which are, i. Can make top managers spread their time too thinly and neglect their core business, spelling doom. ii. Potential difficulties seem trivial to managers caught up in the thrill of the big deal. iii. The chances for success are further hampered if the corporate cultures of the companies are very different. iv.The companies often digest too intently on cutting costs following mergers, while revenues, and ultimately, profits, suffer. Merging companies can centering on integration and cost-cutting so much that they neglect day-to-day business, thereby prompting nervous customers to flee. In view of the Tata- Corus acquisition, the main obstacles were, 1. The acquisition was not cheap for Tata. The price that they pay represents a very high 49% premium over the closing mid market share price of Corus on 4 October, 2006 and a premium of over 68% over the average closing market share price over the twelve month period.Moreover, since the deal was paying for in cash automatically makes it more expensive, implying a cash outflow from Tata Steel in the amount of ? 1. 84 billion. 2. Tata has reportedly financed only $4 billion of the Corus purchase from internal company resources, meaning that more than two thirds of the deal has had to be financed through loans from major banks. 3. The day after the acquisition was officially announced, Tata Steels share fell by 10. 7 percent on the Bombay stock market. 4.Tatas new debt amounting to $8 billion due to the acquisition, financed with Corus cash flows, is evaluate to generate up to $640 million in annual intimacy charges (8% annual interest cost). 5. Corus had existing interest debt charges of $400 million on an annual basis which implies that the combined entitys interest obligation will amount to approximately $725 million after the acquisition. 6. Corus, being the second largest steelmaker in Europe, would provide Tata Steel access to some of the largest steel buyers. The acquisition would open new arkets and product segments for Tata Steel, which would help the company to de-risk its businesses through wider geographical reach. CULTURAL DIFFERENCES There has been a great deal of suspicion on how well the two entities, Tata Steel and Corus would integrate post acquisition. This concern has been expressed since the culture and perspectives of the two companies and the people are patently very different from each other. Ratan Tata however, has been footsure that the post-acquisition management will not be too difficult as the two organizational cultures will be effectively integrated.Ratan Tata has said he is confident the two companies will have a cultural fit and similar work practices. Tata Corus has made developed some management structure to deal with the smooth operation of the two entities. It has also adopted some(prenominal) system integrations in both the entities to smoothen the transactions between the two entities. Tata Steel has formed a seven- member integration military commission to spearhead its union with Corus group. While Ratan Tata, chairman of the Tata group, heads the committee, three of the members are from Tata S teel and the other three are from Corus group.Members of the integration committee from Tata Steel include Managing Director B Muthuraman, Deputy Managing Director (steel) T Mukherjee, and chief financial officer Kaushik Chatterjee. The Corus group is represented in the committee by CEO Phillipe Varin, executive director(finance) David Lloyd, and division director (strip products) Rauke Henstra. The company has also created several Taskforce Teams to ensure integration of specific set of activities in the two entities for smoother transaction. For instance, the company has created a task force to integrate the UK/EU model in construction to the Indian market.To achieve, a taskforce comprising of following executives from both the entities was formed. Members from Corus Mr. Matthew Poole (Director Strategy Long Products Corus) Mr. Colin Ostler (GM Corus Construction Centre) Mr. Darayus Shroff (Corus International) Members from Tata Steel Mr. Sangeeta Prasad (CSM South, Flat Products) Mr. Pritish Kumar Sen (Market Research Group) Mr. Rajeev Sahay (Head Planning & Scheduling, TGS) The scope of the taskforce will be to 1. fancy smooth market knowledge exchange between Tata Corus and Tata Bluescope and identify Knowledge gaps. . Complete mapping of construction sector for Indian market using external resource if necessary. 3. Understand key drivers for construction through knowledge gained from stakeholders of the construction community. 4. Map key competencies of Tata Corus against market drivers/ requirements. 5. Develop a five- year strategy. The reasons why cultural integration is a huge challenge are 1. Corporate culture is an amalgamation of National culture, spiritual culture, and professional culture. These cultural dimensions are often invisible but ever present & relevant. 2.Need to balance the topical anesthetic needs and the global needs during the post-acquisition period. These needs may be the local community demands, business demands, investors d emands etc. 3. Need to meet the high expectations of the shareholders post-acquisition. Often times these acquisitions are financed through LBO or debt, and this needs good cash flows to sustain. In addition, the management will be under pressure to show the benefits of acquisition as promised before the acquisition 4. Lack of Experience in dealing with a different culture. This applies every bit to Indian & foreign company managers.Most managers lack the cross-cultural skills needed during the post-acquisition integration. POST ACQUISITION TATA Tata Steel has formed a seven-member integration committee to spearhead its union with Corus group. While Ratan Tata, chairman of the Tata group, heads the committee, three of the members are from Tata Steel and the other three are from Corus group. The acquisition by Tata amounted to a total of 608 pence per ordinary share or ? 6. 2 billion (US $12 billion) which was paid in cash. First of all, the general assumption is that the acquisitio n was not cheap for Tata.The price that they paid represents a very high 49% premium over the closing midmarket share price of Corus on 4 October, 2006 and a premium of over 68% over the average closing market share price over the twelve month period. Moreover, since the deal was paid for in cash automatically makes it more expensive, implying a cash outflow from Tata Steel in the amount of ? 1. 84 billion. Tata has reportedly financed only $4 billion of the Corus purchase from internal company resources, meaning that more than two-thirds of the deal has had to be financed through loans from major banks.The day after the acquisition was officially announced, Tata Steels share fell by 10. 7% on the Bombay stock market. Despite its four times little size and smaller capacity, Tata Steels operating profit for 2006, earning $840 million on sales of 5. 3 million tonnes, were very close in amount to those generated by Corus ($860 million in profits on sales of 18. 6 million tons). Tatas new debt amounting to $8 billion due to the acquisition, financed with Corus cash flows, is expected to generate up to $640 million in annual interest charges (8% annual interest cost). This amount combined with Corus existing interest debt charges of $400 million on an annual basis implies that the combined entitys interest obligation will amount to approximately $725 million after the acquisition. The debate whether Tata Steel has overpaid for acquiring Corus is most likely to be certain, since just based on the numbers alone it turns out that at the end of the gamingding conflict with CSN Tata ended up paying approximately 68% above the average price of Corus shares.Another pressing issue resulting for this deal that has created a dilemma between experts and analysts opinions is whether this acquisition for the right move for Tata Steel in the first place. The fact that Tata has managed to acquire a British steel maker that has been a symbol of Britains industrial power a nd at the same time its dominion over India has been perceived as quite ironic. Only time will show whether Tata will be able to truly benefit from the many expected synergies for the deal and not make the typical mistakes made in many large M&A deal during this beginning period.PART 4 OUTCOME OF THE MERGER SUCCESS OR visitation Many financial analysts felt that Tata Steel overpaid for the Corus acquisition. Immediately after the acquisition announcement, Tata Steels share price fell by 10. 7 percent to Rs. 463. 95 on the Bombay Stock Exchange. concord to Martin Stanley, London based head of spread betting at the brokerage firm of GFT Global Markets, ? The consensus view seems to be that Tata have probably overpaid, but if further consolidation in this sector occurs going forward then this will look like very fair value? International Herald Tribune, 1/30/07). Additional concerns were raised about the debt liability of Tata Steel which borrowed more money to fund the acquisition. According to streamer & unequals analyst Anushkant Taneja, ? The size of the Tata acquisition and the potential cash outflow in Tata Steels offer for Corus could have an adverse impact on its financial risk profile. Standard & Poors rating service in India, Crisil, placed Tata Steel on the ? negative implications watch list after its Corus acquisition.The contention was that Tata Steel had overstretched itself due to execution risk and lack of experience by Indian companies in acquiring international businesses (Range, 2007, April 26). Moodys Investor Services downgraded Tata Steels rating from Baa2 ( coronation grade) to Ba1 (speculative grade). The main(a) reason cited was Tata Steels weakened balance sheet liquidity and financial profile resulting from its by and large debt-funded acquisition of Corus. Moodys Senior V. P. Alan Greene stated Tata Steels current high supplement constrains its financial strength and flexibility and ? he main challenge facing management is to de -risk the large capital structure while not neglecting existing operations and opportunities for rapid growth in Asia.? He further stated that ? Tata Steels ambitious capacity expansion plan will lead to higher project execution risk over several years and materially elevate financial supplement unless it is deferred.? (Businessline, 2007, July 7). According to Sreesankar, head of research at Il&Fs investments in Mumbai, ? They (Tata Steel) wanted the company and they have got it. But we have to see how the finding happens and how the integration progresses.One distinction is that EBITDA (earning before income taxes and depreciation allowance) margins for Tatas are about 40 percent and for Corus is about 7 percent.? Clearly, the financial industry analysts were skeptical about the long-term financial viability of this acquisition. According to Shriram Iyer, head of research at Edelweiss in mumbai, ? the time horizons of investors and of the company may not be aligned MANAGEMENTS PO INT OF VIEW This proposed acquisition represents a defining moment for Tata Steel and is entirely consistent with our strategy of growth through international expansion.This creates a well balanced company, strategically well placed to compete in an increasingly competitive global environment. (Ratan Tata quoted in Financial pull 2007, February 13) The Tata Steel board of directors approved the project to acquire Corus, as it was consistent with stated objectives of growth and globalization. Although Tata Steel ended up paying more for Corus than its original bid, its management felt that there were many well-to-do strategic and financial outcomes to be realized. To begin with, this acquisition would position the combined group as the fifth largest steel company in the world by production output.The new entity would have a meaning(prenominal) market presence in both Europe (where Corus was a well established brand name) and Asia (where Tata was a well established brand name). Com bining the low cost upstream production in India FINANCIAL INDICATORS KEY MILESTONES OF THE TATA CORUS DEAL September 20, 2006-Corus Steel has decided to acquire a strategic partnership with a Company that is a low cost producer October 5, 2006- The Indian steel giant, Tata Steel wants to fulfill its want to Expand its business further. October 6, 2006- The initial offer from Tata Steel is considered to be too low both by Corus and analysts.October 17, 2006- Tata Steel has kept its offer to 455p per share. October 18, 2006- Tata still doesnt react to Corus and its bid price remains the same. October 20, 2006- Corus accepts terms of ? 4. 3 billion takeover bid from Tata Steel. October 23, 2006- The Brazilian Steel Group CSN recruits a leading investment bank to offer advice on possible counter- offer to Tata Steels bid. October 27, 2006- Corus is criticized by the chairman of JCB, Sir Anthony Bamford, for its ratiocination to accept an offer from Tata. November 3, 2006- The Russian steel giant Severstal announces officially that it will not make a bid for Corus.November 18, 2006- The battle over Corus intensifies when Brazilian group CSN approached the board of the company with a bid of 475p per share. November 27, 2006- The board of Corus decides that it is in the best interest of its will shareholders to give more time to CSN to satisfy the pre- conditions and decide whether it issue forward a formal offer December 18, 2006- Within hours of Tata Steel increasing its original bid for Corus to500 pence per share, Brazils CSN made its formal counter bid for Corus at 515 pence per share in cash, 3% more than Tata Steels Offer.January 31, 2007- Britains Takeover Panel announces in an e- mailed statement that after an auction Tata Steel had agreed to offer Corus investors 608 pence per share in cash April 2, 2007- Tata Steel manages to win the acquisition to CSN and has the full voting support form Corus shareholders CONCLUSION Steel prices, raw material supplies and interest costs on the $8-billion debt have been raised to fund the deal. curtly they may also have to deal with the sensitive issue of possible job There is no doubt that Tata has pulled off a coup Corus makes nearly four times more steel than Tata Steel.Together, the combine becomes the fifth largest producer in the world and the second in Europe. But to make the most of the deal, Tata has to manage several variables including cuts in Coruss manufacturing plants. There are also the usual sets of integration challenges that come with such large buyouts. The deal may be done, but the hard work is just beginning. In the run up to the auction, Tata had maintained a low profile despite CSNs aggressive stance. They underestimated our firepower, says Gandhi, who admits that even bankers to the transaction ABN Amro and Deutsche Bank were in the dark as to how far Ratan Tata was willing to go. The only blip, though, was the way the stock markets reacted. Tata Steel has lost a billi on dollars in market capitalization since it first announced its bearing to buy Corus in October last year. (The BSE Sensex rose 18 per cent during the same period. ) The market knowledge is that the Tata Group paid too much for this acquisition.Several brokerage houses have pointed out that the deal implies a high enterprise value/ earnings before interest, taxes, depreciation and amortization (EV/EBITDA) multiple of 9 for Corus versus 4. 6 for Tata Steel. (L. N. Mittal paid 5. 8 times EBITDA for Arcelor. ) Ratan Tata disagrees We believe that, looking back in time, the price today will prove to be one that was worthwhile because the price of steel companies is likely to be even higher in the coming year. But tying up the funding is the immediate priority. The Corus acquisition is being routed through a special purpose vehicle (SPV) called Tata Steel, UK. A similar structure was used for the Tetley buy in 2000. ) So far, the Tatas have indicated that group holding company Tata S ons will pump in $4. 1 billion as equity into the SPV. The balance $8 billion will be raised by toss away bonds and senior term loans (part of it has been tied up with banks like ABN Amro, Deutsche Bank and CSFB). These loans will be serviced out of Coruss profits Tata Steel need not repay this. This has effectively ring-fenced Tata Steel shareholders. Few will disagree. The Tata Steel managing director is likely to look for more acquisitions as he aims to increase the companys total capacity to 100 mt by 2015.To reach that destination, a lot will depend on whether the group can make Corus fly. 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