Operational Motivation Plan Essay - 902 Words

Operational Motivation Plan This plan incorporates many aspects of motivation. It looks to some motivational theories described by Robbins as well as the opinions discussed in other articles. Robbins (2001) said that managers get things done through other people. They make decisions, allocate resources, and direct the activities of others to attain goals. Highlighting the positive elements will provide an excellent basis for management objectives, as well as the profile of the organization. The most difficult job that faces a supervisor is learning how to effectively motivate and keep his/her employees motivated. The average person when asked how to motivate someone will tell you what†¦show more content†¦* Discuss ways to empower staff. * Consider training and/or development needs of staff and work out for them corresponding training and development plans to raise the capability of staff for performance improvement. Organizations and Managers also have a responsibility to enhance the environment for their staff members. Per Herzberg’s Two-Factor and McClelland’s Theory staff should enjoy quality management by leaders who are not afraid of delegating decisions and sharing the accomplishments. Affording staff fair pay, organizational policies which they can aspire to, positive relationship with colleagues and a sense of job security, are the roles of the manager and the organization. Their employment should provide career advancement through promotion and personal growth, as well as a chance for an input in the behavior of others, appreciation, responsibility and achievement. Motivation in many ways is the key to success of many organizations. It is one of the most difficult tasks that a manager faces because everyone is different. The methods that are used to motivate employees must be tailored to fit each one. With multi cultural staff and organizational globalization these cannot be applied in isolation. Staffs are motivated in differing manners by their perception ofShow MoreRelatedThe Planning Control Link : The Basic Function Of Management Essay995 Words   |  4 Pagesactions for achievement of pre-determined goals. 1)Goals- ïÆ'Ëœ Planning requires a systematic approach. Planning starts with the setting of goals Setting of goals by which it means to work for the vision of the organisation to set a goal for which the plan is to be laid 2)objectives- Planning requires a systematic approach. ïÆ'Ëœ Planning starts with the setting of goals and objectives to be achieved. ïÆ'Ëœ Objectives provide a rationale for undertaking various activities as well as indicate direction of effortsRead MoreStudent Attitudes About The Recreational Services964 Words   |  4 Pagesthose can be driven from this method or the results. 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Financial Statement Analysis of Ibm Free Essays

string(23) " rivalry is very high\." Financial Statement Analysis of IBM Financial Statement Analysis of IBM I. Company Facts IBM – International Business Machines Corporation The home office of IBM is located in Armonk, Town of North Castle, New York, United States. IBM was founded in 1911 as the Computing Tabulating Recording Company (CTR) through a merger of three companies: the Tabulating Machine Company, the International Time Recording Company, and the Computing Scale Company. We will write a custom essay sample on Financial Statement Analysis of Ibm or any similar topic only for you Order Now CTR adopted the name International Business Machines in 1924, using a name previously designated to CTR’s subsidiary in Canada and later South America. Standard Industrial Classification Codes are 7379 which are mainly on computer and relative stuff. Chief Executive Officer (CEO) of IBM now is Virginia M. Rometty. Chairman of the Board of IBM now is Samuel J. Palmisano. The end date of recent fiscal year of IBM is Dec. 31st 2011. Main services IBM provides include business consulting, IT related services, outsourcing service and training. Main products IBM provides include mainframe, software, system and storage. IBM’s major operations consist of five business segments: Global Technology Services, Global Business Services, Software, Systems and Technology and Global Financing. In the latest fiscal year, IBM has an amount of 433,362 wholly owned employees all over the world. PricewaterhouseCoopers LLP (PwC) is the independent auditor retained to audit IBM’s consolidated financial Statements and the effectiveness of the company’s internal control over financial reporting. The stock ticker symbol is IBM. IBM common stock is listed on the New York Stock Exchange, the Chicago Stock Exchange, and outside the United States. And the latest stock price was $188. 32 on Nov. 14th 2012 on NYSE. II. Business and Strategy Analysis 1. Industry Description and Competitive Anlysis Since IBM is a highly diversified company, it concentrates on several industries at the same time. So let’s say IBM mainly concentrates on the computer related hardware and software manufacturing industries. As we all now, these two industries supplement each other and depend on each other while the most competitive companies always work on both industries at the same time. The computer related software and hardware manufacturing industry is characterized by significant research and development activity and rapid technological change. The rapid pace of innovation in this sector creates a constant demand for newer and faster products and applications. While the sector has grown faste r than most other industries over the past several decades, it faces challenges from rising costs, global market share, and the rapid pace of innovation. The main competitors for IBM now are Hewlett-Packard, Dell and Microsoft. Here I will use the Porter five forces analysis to give a competitive analysis among these four companies. Threat of new competition: The market of this industry is profitable in some parts like high-level software and frames, not too profitable in some other parts like PCs. So we can say the market is still profitable and is attracting the new entrants, which has the possibility to decrease profitability for all firms in this industry. While in this industry, because of the existence of several big companies, the barriers to entry are relatively high which are non-profitable for the new entry firms. The several big companies have held very high brand equity, customer loyalty, efficient distribution methods and scale effect to decrease the costs and increase the profits. There is not too much threat from the new firms to compete with IBM, there are high possibility for other main competitors like HP, Dell and Microsoft to enter the markets where IBM is making high profit, well they have the RD capabilities. But to make the biggest profits, although IBM’s main competitors are Hewlett-Packard, Dell and Microsoft, each of these companies has a different focus area. Dell makes most of its money on PC and server hardware, while Hewlett-Packard is more diversified as the leader in PCs and Imaging ; Printing as well as offering IT services and Microsoft concentrates on the computer software development. So we can conclude that there is threat of new competition, but the level is relatively low. Threat of substitute products or services: The threat of substitute products or services is relatively high compared with the threat of new competition. Also these threats come from the main competitors. For products, such as PC, most customers will compare the price, screen size, life time and other attributes instead of just the brand the same way as services such as IT consulting etc. Bargaining power of customers: The bargaining power of customers is also described as the market of outputs: the ability of customers to put the firm under pressure, which also affects the customer’s sensitivity to price changes. In this factor, because customers of these two industries have many channels to access the products and services, high information availability, different choices, differentiated advantages of products and customers is also kind of price sensitive. So we can conclude that the bargaining power of customers is strong. Bargaining power of suppliers: The bargaining power of suppliers is also described as the market of inputs. Suppliers of raw materials, components, labor, and services (such as expertise) to the firm can be a source of power over the firm, when there are few substitutes. Because there are plenty of suppliers in most parts, presence of substitute keeps being produced, degree of differentiation of inputs is not high enough and supplier competition is very strong. Then we can conclude that bargaining power of suppliers is also in a lower level. Intensity of competitive rivalry: Intensity of competitive rivalry is the major determinant of the competitiveness of the industry. Sustainable competitive advantages through innovation, all these four big competitive companies have strong RD team and invest much money on it. And we can always see the advertisements of their products anywhere. Each company has a differentiated competitive strategy to concentrate on their own areas and holds sustainable competitive advantages through innovation. So we can conclude that the intensity of competitive rivalry is very high. You read "Financial Statement Analysis of Ibm" in category "Papers" Given the Porter five forces analysis above, here we have a general conclusion that computer related hardware and software industries are relatively highly competitive and sustainable based on the current situation and future development trends. There do have some profitable niche market and some areas can be developed further. The big four companies have their own advantages and emphasis and also compete heavily with each other. There is no easy way for each of them to lead in all. 2. Industry’s Future Prospects Assessment When we come to talk about the future prospects of computer related hardware and software industries, I’m sure that it will not be that promising like nanotechnology or genetic therapy which is still in research period, since he computer related hardware and software industries have been developed many years, most of products, technologies and services have been mature enough. But it is still profitable and sustainable because the world has been established based on these two industries. Without their support, the world cannot step forward even a little. And the intense competition and fast replacement speed will drive these two industries to be developed faster and faster. There may be some lawsuits and governmental regulations there confronting companies, such as the plagiarization, copyright infringement, anti-monopoly, cutthroat competition, tax issue, local protection and so on. These will be the main legal issues that companies of two these industries are certainly meeting now and will still never end in the future. Plagiarization and copyright infringement will be the two main issues that these companies should pay more emphasis on cuz these two are the vital parts for them to keep their competitive advantages and make profits. Incorporating the relative small companies may be judged by the court saying it is buying the potential competitor due to the concern of monopoly of government. Cutthroat competition may not happen, while once it happened, it will certainly be a disaster. Tax issue and the local protection are always come together. Local government may protect the local companies by dealing high tax to the foreign competitors. Furthermore, due to the fast replacement speed, the price of products and services in these two industries will never be high as long as there is no monopoly. So the cost control is one of the key parts to determine these companies’ future. And innovation will never be too much. 3. Summarization and Evaluation of IBM’s Future Goals and Strategies The next decade holds enormous promise for IBM. They are uniquely positioned to deliver the benefits of a vast new natural resource – a gusher of data from both man-made and natural systems that can now be tapped to help businesses and institutions succeed in an increasingly complex and dynamic global economy. IBM has steadily realigned its business to lead in a new era of computing and to enable its clients to benefit from the new capabilities that era is creating. As a consequence, its investors benefit from a business model that is both sustainable over the long term and fueled by some of the world’s most attractive high-growth markets and technologies. It will be on track toward its 2015 Road Map goal of at least $20 in operation earnings per share and $20 billion in revenue growth by 2015. This goal for IBM is quite suitable. There are four high-growth spaces as following, growth markets, business analytics, cloud and smarter planet. These four spaces IBM is working hard on will certainly drive to high profits due to its high emphasis and profession. The world is undergoing disruption, but IBM now stands out among its industry peers and in business at large as distinctively able to keep moving to the future, and to keep generating differentiating value for its clients, its employees and the citizens of the world. III. Accounting Analysis The accompanying Consolidated Financial Statements and foot notes of the International Business Machines Corporation (IBM or the company) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). 1. Revenue The revenue recognition principle provides guidance on when a company must recognize revenue. To recognize means to record it. If revenue is recognized too early, a company would look more profitable than it is. If revenue is recognized too late, a company would look less profitable than it is. The company recognizes revenue when it is realized or realizable and earned. The company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed or determinable and collectability is reasonably assured. Delivery does not occur until products have been shipped or services have been provided to the client, risk of loss has transferred to the client, and either client acceptance has been obtained, client acceptance provisions have lapsed, or the company has objective evidence that the criteria specified in the client acceptance provisions have been satisfied. The sales price is not considered to be fixed or determinable until all contingencies related to the sale have been resolved. IBM’s revenue was growing in an increasing speed and its pre-tax income margin grew from 18. 9 percent in 2009 to 19. 7 percent in 2010 to 20. 02 percent in 2011 which is the ninth consecutive increasing year. If only based on this, IBM was doing better and better in last three years. 2. Major Expenses The expense recognition (or matching) principle, prescribes that a company record the expenses it incurred to generate the revenue reported. The expense recognition (or matching) principle aims to record expenses in the same accounting period as the revenues that are earned as a result of those expenses. This matching of expenses with the revenue benefits is a major part of the adjusting process. Under the accrual basis of accounting, expenses are recognized when incurred, usually when goods are received or services are consumed. This may not be when the goods or services are actually paid for. The point at which an expense is recognized is dependent on the nature of the transaction or other event that gives rise to the expense. The major expense of IBM includes stock-based compensation, prepared expense, advertising and promotional expense, research expense, development expense, engineering expense, workforce rebalancing charges, retirement-related costs, amortization of acquired intangibles assets, interest expense and other expense. Below tables show the main expenses IBM recognized from 2009 to 2011. Table 3-2-1 Total Expense and Other Income ($ in millions) For the year ended December 31:| 2011| 2010| 2009| Total consolidated expense and other (income)| $29,135| $26,291| $25,647| Total operating (non-GAAP) expense and other (income) | $28,875| $26,202| $25,603| Total consolidated expense-to-revenue ratio| 27. 30%| 26. 30%| 26. 80%| Operating (non-GAAP) expense-to-revenue ratio| 27. 00%| 26. 20%| 26. 70%| We can see from this table that the expense is increasing with time goes on. While compared with the increasing speed of revenue and that of expense-to-revenue, we can figure out a little bit progress on expense control of IBM. Table 3-2-2 Selling, General and Administrative ($ in millions) For the year ended December 31:| 2011| 2010| 2009| Selling, general and administrative expense| | | | Selling, general and administrative—other| $20,287| $18,585| $17,872| Advertising and promotional expense| $1,373| $1,337| $1,255| Workforce rebalancing charges| $440| $641| $474| Retirement-related costs| $603| $494| $503| Amortization of acquired intangibles assets| $289| $253| $285| Stock-based compensation| $514| $488| $417| Bad debt expense| $88| $40| $147| Total consolidated selling, general and administrative expense| $23,594| $21,837| $20,952| Non-operating adjustments| | | | Amortization of acquired intangible assets| ($289)| ($253)| ($285)| Acquisition-related charges| ($20)| ($41)| ($8)| Non-operating retirement-related (costs)/income| ($13)| $84| $127| Operating (non-GAAP) selling, general and administrative expense| $23,272| $21,628| $20,787| Table 3-2-3 Research, Development and Engineering ($ in millions) For the year ended December 31:| 2011| 2010| 2009| Total consolidated research, development and engineering| $6,258| $6,026| $5,820| Operating (non-GAAP) research, development and engineering| $6,345| $6,152| $5,943| Table 3-2-4 Interest Expense ($ in millions) For the year ended December 31:| 2011| 2010| 2009| Interest expense| $411| $368| $402| From all the tables above, we can find that the most important or the highest portion of the expense is the selling, general and administrative expense which includes most of the expense. 3. Investments IBM’s 2009 cash investment was $1. 2 billion for six acquisitions — five of them in key areas of software. And after investing $ 5. 8 billion in R D and $3. 7 billion in net capital expenditures, IBM was able to return more than $10 billion to you — $7. billion through share repurchase and $2. 9 billion through dividends. Last year’s dividend increase was 10 percent, marking the 14th year in a row in which it has raised its dividend. IBM’s 2010 cash flow has enabled it to invest in the business and to generate substantial returns to investors. Our 2010 cash investment was $6 billion for 17 acquisitions— 13 of them in key areas of software. After investing $6 billion in RD and $4 billion in net capital expenditures, IBM was able to return more than $18 billion to you— $15. billion through share repurchases and $3. 2 billion through dividends. Last year’s dividend increase was 18 percent, marking the 15th year in a row in which it has raised its dividend. Over the past decade, IBM has returned $107 billion to you in the form of dividends and share repurchases, while investing $70 billion in capital expenditures and acquisitions, and almost $60 billion in RD. IBM’s 2011 cash flow has enabled IBM to invest in the business and to generate substantial returns to investors, while spending $6. billion on RD. In 2011 IBM invested $1. 8 billion for five acquisitions in key areas of software and $4. 1 billion in net capital expenditures. IBM was able to return $18. 5 billion to you — $15 billion through share repurchases and $3. 5 billion through dividends. Last year’s dividend increase was 15 percent, marking t he 16th year in a row in which IBM has raised its dividend, and the 96th consecutive year in which it has paid one. From the table and the description above, the RD investment was always above 5% of total revenue. IBM put much emphasis on its RD to keep the sustainable development and competitive advantages. 4. Inventories Raw materials, work in process and finished goods are stated at the lower of average cost or market. Cash flows related to the sale of inventories are reflected in net cash from operating activities in the Consolidated Statement of Cash Flows. Table 3-4-1 Inventories ($ in millions) At December 31:| 2011| 2010| 2009| Finished goods| $589| $432| $533| Work in process and raw materials| $2,007| $2,018| $1,960| Total| $2,595| $2,450| $2,494| 5. Property, Plant and Equipment Property, plant and equipment are carried at cost and depreciated over their estimated useful lives using the straight-line method. The estimated useful lives of certain depreciable assets are as follows: buildings, 30 to 50 years; building equipment, 10 to 20 years; land improvements, 20 years; plant, laboratory and office equipment, 2 to 20 years; and computer equipment, 1. 5 to 5 years. Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease term, rarely exceeding 25 years. Below is the table of Property, Plant and Equipment from 2009 to 2011 including the depreciation. Table 3-5-1 Property, Plant and Equipment ($ in millions) At December 31:| 2011| 2010| 2009| Land and land improvements| $786| $777| $737| Buildings and building improvements| $9,531| $9,414| $9,314| Plant, laboratory and office equipment| $26,843| $26,676| $9,314| Plant and other property—gross| $37,160| $36,867| $35,940| Less: Accumulated depreciation| $24,703| $24,435| $23,485| Plant and other property—net| $12,457| $12,432| $12,455| Rental machines| $2,964| $3,422| $3,656| Less: Accumulated depreciation| $1,538| $1,758| $1,946| Rental machines—net| $1,426| $1,665| $1,710| Total—net| $13,883| $14,096| $14,165| The data from the table show a relatively steadily decreasing status of IBM’s property, plant and equipment in all. This means a good control and a relatively 6. Goodwill and Intangibles Below tables show the intangibles from 2009 to 2011 Table 3-6-1 Intangibles in 2009 ($ in millions) At December 31, 2009:| GrossCarryingAmount| Accumulated Amortization| Net Carrying Amount| Intangible asset class| | | | Capitalized software| $1,765| ($846)| $919| Client relationships| $1,367| ($677)| $690| Completed technology| $1,222| ($452)| $770| Patents/trademarks| $174| ($59)| $115| Other*| $94| ($75)| $19| Total| $4,622| ($2,109)| $2,513| Table 3-6-2 Intangibles in 2010 ($ in millions) At December 31, 2010:| GrossCarryingAmount| Accumulated Amortization| Net Carrying Amount| Intangible asset class| | | | Capitalized software| $1,558| ($726)| $831| Client relationships| $1,709| ($647)| $1,062| Completed technology| $2,111| ($688)| $1,422| In-process RD| $21| $0| $21| Patents/trademarks| $211| ($71)| $140| Other*| $39| ($28)| $11| Total| $5,649| ($2,161)| $3,488| Table 3-6-3 Intangibles in 2011 ($ in millions) At December 31, 2011:| GrossCarryingAmount| AccumulatedAmortization| NetCarryingAmount| Intangible asset class| | | | Capitalized software| $1,478| ($678)| $799| Client relationships| $1,751| ($715)| $1,035| Completed technology| $2,156| ($745)| $1,411| In-process RD| $22| ($1)| $21| Patents/trademarks| $207| ($88)| $119| Other*| $29| ($22)| $7| | $5,642| ($2,250)| $3,392| The net carrying amount of intangible assets decreased $96 million during the year ended December 31, 2011, primarily due to amortization, partially offset by intangible asset additions. No impairment of intangible assets was recorded in any of the periods presented. Total amortization was $1,226 million, $1,174 million and $1,221 million for the years ended December 31, 2011, 2010 and 2009 respectively. The aggregate intangible amortization expense for acquired intangibles (excluding capitalized software) was $634 million, $517 million and $489 million for the years ended December 31, 2011, 2010 and 2009 respectively. In addition, in 2011 the company retired $1,133 million of fully amortized intangible assets, impacting both the gross carrying amount and accumulated amortization for this amount. The amortization expense for each of the five succeeding years relating to intangible assets currently recorded in the Consolidated Statement of Financial Position is estimated to be the following at December 31, 2011: Table 3-6-4 Estimated consolidated statement of financial position ($ in millions) | Capitalized Software| Acquired Intangibles| Total| 012| $480| $634| $1,113| 2013| $250| $590 | $840 | 2014| $70| $446 | $516 | 2015| —| $340 | $340 | 2016| —| $303 | $303 | The changes in the goodwill balances by reportable segment, for the years ended December 31, 2009, 2010 and 2011, are as follows: Table 3-6-5 Goodwill Balances in 2009 ($ in millions) Segment| Balance anuary 1, 2009| Goodwill Additions| Purchase Price Adjustments| Divestitures| Foreign Currency Translation and Other Adjustme nts| Balance December 31, 2009| Global Business Services| $3,870 | —| —| —| $172 | $4,042 | Global Technology Services| $2,616 | $10 | $1 | —| $150 | $2,777 | Software| $10,966 | $994 | ($50)| ($13)| $708 | $12,605 | Systems and Technology| $772 | —| ($7)| —| $1 | $12,605 | Total| $18,226 | $1,004 | ($56)| ($13)| $1,031 | $20,190 | Table 3-6-6 Goodwill Balances in 2010 ($ in millions) Segment| Balance anuary 1, 2010| Goodwill Additions| Purchase Price Adjustments| Divestitures| Foreign Currency Translation and Other Adjustments| Balance December 31, 2010| Global Business Services| $4,042 | $252 | $0 | —| $35 | $4,329 | Global Technology Services| $2,777 | $32 | ($1)| —| ($104)| $2,704 | Software| $12,605 | $4,095 | ($52)| —| $315 | $16,963 | Systems and Technology| $766 | $375 | ($1)| —| ($1)| $1,139 | Total| $20,190 | $4,754 | ($54)| —| $245 | $25,136 | Table 3-6-7 Goodwill Balances in 2009 ($ in millions) Segment| Balance anuary 1, 2011| Goodwill Additions| Purchase Price Adjustments| Divestitures| Foreign Currency Translation and Other Adjustments| Balance December 31, 2011| Global Business Services| $4,329 | $14 | $0 | ($10)| ($20)| $4,313 | Global Technology Services| $2,704 | —| ($1)| ($2)| ($55)| $2,646 | Software| $16,963 | $1,277 | $10 | ($2)| ($127)| $18,121 | Systems and Technology| $1,139 | —| ($6)| —| $0 | $1,133 | Total| $25,136 | $1,291 | $2 | ($13)| ($203)| $26,213 | Purchase price adjustments recorded in the 2011, 2010 and 2009 were related to acquisitions that were completed on or prior to December 31, 2010, 2009 or 2008 respectively, and were still subject to the measurement period that ends at the earlier of 12 months from the acquisition date or when information becomes available. There were no goodwill impairment losses recorded in 2011, 2010 or 2009 and the company has no accumulated impairment losses. IV. Financial Analysis 1. Financial Ratio Display and Interpretation 2. 1 Liquidity and Efficiency Ratios a. Current ratio 2011 Current ratio=Current assetsCurrent liabilities=50,92842,123=1. 21:1 2010 Current ratio=Current assetsCurrent liabilities=48,11640,562=1. 19:1 The current ratio is a financial ratio that measures whether or not a firm has enough resources to pay its debts over the next 12 months. It compares a firm’s current assets to its current liabilities. Here, we can conclude that IBM is totally able to pay for its debt. b. Quick ratio (Acid-test ratio) 2011 Quick ratio=Cash+Short-term investments+ Current receivablesCurrent liabilities=11,922+4,895+18,38242,123=0. 84:1 2010 Quick ratio=Cash+Short-term investments+ Current receivablesCurrent liabilities=10,661++4,895+17,39140,562=0. 81:1 Quick assets are cash, short-term investments, and current receivables. These are the most liquid types of current assets. The acid-test ratio, also called quick ratio, reflects on a company’s short-term liquidity. The quick ratio is more conservative than the current ratio, a more well-known liquidity measure, because it excludes inventory from current assets. Inventory is excluded because some companies have difficulty turning their inventory into cash. Here, the quick ratio is pretty good for IBM. c. Accounts receivable turnover 2011 Accounts receivable turnover=Net salesAverage accounts receivable, net=106,91617,886. 5=5. 97 times 2010 Accounts receivable turnover=Net salesAverage accounts receivable, net=99,87016,724=5. 97 times An accounting measure used to quantify a firm’s effectiveness in extending credit as well as collecting debts. The receivables turnover ratio is an activity ratio, measuring how efficiently a firm uses its assets. d. Inventory turnover 2011 Inventory turnover=Cost of goods soldAverage inventory=56,7782,522. 5=22. 51 times 2010 Inventory turnover=Cost of goods soldAverage inventory=53,8572,472=21. 89 times The Inventory turnover is a measure of the number of times inventory is sold or used in a time period such as a year. e. Days’ sales uncollected 011 Days’ sales uncollected=Accounts receivable, netNet sales*365=18,382106,916*365=62. 75 days 2010 Days’ sales uncollected=Accounts receivable, netNet sales*365=17,39199,870*365=63. 56 days Accounts receivable turnover provides insight into how frequently a company collects its accounts. Days’ sales uncollected is one measure of this activity. f. Days’ sales in inventory 2011 Days’ sales in inventory=Ending inventoryCost of goods sold*365=2,59556,778*365=16. 68 days 2010 Days’ sales in inventory=Ending inventoryCost of goods sold*365=2,45053,857*365=16. 0 days Days’ sales in inventory is a useful measure in evaluating inventory liquidity. A measure of how quickly a company turns its inventory into sales. Days’ sales in inventory is linked to inventory in a way that days’ sales uncollected is linked to receivables. g. Total assets turnover 2011 Total assets turnover=Net salesAverage total assets=106,916114,942. 5=0. 93 times 2010 Total assets turnover=Net salesAverage total assets=99,870111,237=0. 90 times The total asset turnover ratio measures the ability of a company to use its assets to efficiently generate sales. This ratio considers all assets, current and fixed. Those assets include fixed assets, like plant and equipment, as well as inventory, accounts receivable, as well as any other current assets. 2. 2 Solvency Ratios a. Debt ratio 2011 Debt ratio=Total liabilitiesTotal assets=96,197 116,433 =82. 6% 2010 Debt ratio=Total liabilitiesTotal assets=90,279113,452=79. 6% A ratio that indicates what proportion of debt a company has relative to its assets. The measure gives an idea to the leverage of the company along with the potential risks the company faces in terms of its debt-load. b. Equity ratio 011 Equity ratio=Total equityTotal assets=20,236116,433=17. 4% 2010 Equity ratio=Total equityTotal assets=23,172113,452=20. 4% A financial ratio indicating the relative proportion of equity used to finance a company’s assets. The two components are often taken from the firm’s balance sheet or statement of financial position (so-called book value), but the ratio may also be calculated using market values for both, if the company’s equities are publicly traded. c. Interest coverage ratio 2011 Interest coverage ratio=Income before interest expense and income taxesInterest expense=22,904411=55. times 2010 Interest coverage ratio=Income before interest expense and income taxesInterest expense=20,923368=56. 9 times A metric used to measure a company’s ability to meet its debt obligations. It is calculated by taking a company’s earnings before interest and taxes (EBIT) and dividing it by the total interest payable on bonds and other contractual debt. It is usually quoted as a ratio and indicates how many times a company can cover its interest charges on a pretax basis. Failing to meet these obligations could force a company into bankruptcy. 2. Profitability Ratios a. Return on total assets 2011 Return on total assets=Net incomeAverage total assets=15,855114,942. 5=13. 8% 2010 Return on total assets=Net incomeAverage total assets=14,833 111,237=13. 3% A ratio that measures a company’s earnings before interest and taxes (EBIT) against its total net assets. The ratio is considered an indicator of how effectively a company is using its assets to generate earnings before contractual obligations must be paid. b. Return on equity 2011 Return on equity=Net income-Preferred dividendsAverage equity=15,855-3,47321704=57. % 2010 Return on equity=Net income-Preferred dividendsAverage equity=14,833- 3,177 22963. 5=50. 8% The amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested. c. Net income as a percentage of net sales (Profit margin ratio) 2011 Net income as a percentage of net sales=Net incomeNet sales=15,855106,916=14. 8% 2010 Net income as a percentage of net sales=Net incomeNet sales=14,833 99,870=14. % A ratio of profitability calculated as net income divid ed by revenues, or net profits divided by sales. It measures how much out of every dollar of sales a company actually keeps in earnings. Profit margin is very useful when comparing companies in similar industries. A higher profit margin indicates a more profitable company that has better control over its costs compared to its competitors. d. Gross profit rate (Gross margin ratio) 2011 Gross profit rate=Net sales-Cost of goods soldNet sales=106,916-56,778106,916=46. 9% 2010 Gross profit rate=Net sales-Cost of goods soldNet sales=99,870-5385799,870=46. % A company’s total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage. The gross margin represents the percent of total sales revenue that the company retains after incurring the direct costs associated with producing the goods and services sold by a company. The higher the percentage, the more the company retains on each dollar of sales to service its other costs and obliga tions. 2. 4 Market ratios a. Price-Earnings ratio 2011 Price-Earnings ratio=Market price per common shareEarnings per share=183. 8813. 25=13. 9:1 010 Price-Earnings ratio=Market price per common shareEarnings per share=146. 7611. 69=12. 6:1 P/E ratio is an equity valuation measure defined as market price per share divided by annual earnings per share. b. Dividend yield 2011 Dividend yield=Annual cash dividends per shareMarket price per share=2. 90183. 88=1. 6% 2010 Dividend yield=Annual cash dividends per shareMarket price per share=2. 50146. 76=1. 7% A financial ratio that shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment for a stock. . Comparison and Interpretation of Ratio Values With Main Competitors Microsoft All the comparisons are based on the data of 2011. 3. 5 Liquidity and Efficiency Ratios a. Current ratio 2011 IBM Current ratio=Current assetsCurrent lia bilities=50,92842,123=1. 21:1 2011 Microsoft Current ratio=Current assetsCurrent liabilities=74,91828,774=2. 60:1 The lower current ratio means that Microsoft has more resources to pay its debts over the next 12 months. b. Quick ratio (Acid-test ratio) 2011 IBM Quick ratio=Cash+Short-term investments+ Current receivablesCurrent liabilities=11,922+4,895+18,38242,123=0. 84:1 011 Microsoft Quick ratio=Cash+Short-term investments+ Current receivablesCurrent liabilities= 9,610+43,162+14,98728,774=2. 35:1 Microsoft has a higher quick ratio which means that Microsoft’s shot-term liquidity is better than that of IBM. c. Accounts receivable turnover 2011 IBM Accounts receivable turnover=Net salesAverage accounts receivable, net=106,91617,886. 5=5. 97 times 2011 Microsoft Accounts receivable turnover=Net salesAverage accounts receivable, net=69,94314000. 5=5. 00 times The similar accounts receivable turnover means that both the companies have a relatively good ability to use its assets efficiently. . Inventory turnover 2011 IBM Inventory turnover=Cost of goods soldAverage inventory=56,7782,522. 5=22. 51 times 2011 Microsoft Inventory turnover=Cost of goods soldAverage inventory=53,8571,372=39. 25 times Microsoft has a higher inventory turnover which means a better inventory control. e. Days’ sales uncollected 2011 IBM Days’ sales uncollected=Accounts receivable, netNet sales*365=18,382106,916*365=62. 75 days 2011 Microsoft Days’ sales uncollected=Accounts receivable, netNet sales*365=14000. 569,943*365=73. 1 days IBM has a faster pace to collect its accounts. f. Days’ sales in inventory 2011 IBM Days’ sales in inventory=Ending inventoryCost of goods sold*365=2,59556,778*365=16. 68 days 2011 Microsoft Days’ sales in inventory=Ending inventoryCost of goods sold*365=1,37253857*365=9. 30 days Microsoft has a quicker speed to turn its inventory into sales. g. Total assets turnover 2011 IBM Total assets turnover=Net salesAverage total assets=106,916114,942. 5=0. 93 times 2011 Microsoft Total assets turnover=Net salesAverage total assets=69,94397408. 5=0. 72 times IBM has better abilities to use its assets to efficiently generate sales. . 6 Solvency Ratios a. Debt ratio 2011 IBM Debt ratio=Total liabilitiesTotal assets=96,197 116,433 =82. 6% 2011 Microsoft Debt ratio=Total liabilitiesTotal assets=51,621 108,704 =47. 5% IBM has a higher proportion of debe relative to its assets, which means a higher risk. b. Equity ratio 2011 IBM Equity ratio=Total equityTotal assets=20,236116,433=17. 4% 2011 Microsoft Equity ratio=Total equityT otal assets=57,083108,704=52. 5% c. Interest coverage ratio 2011 IBM Interest coverage ratio=Income before interest expense and income taxesInterest expense=22,904411=55. times 2011 Microsoft Interest coverage ratio=Income before interest expense and income taxesInterest expense=28,071295=95. 2 times Microsoft has better ability to meet its debt obligations. 3. 7 Profitability Ratios a. Return on total assets 2011 IBM Return on total assets=Net incomeAverage total assets=15,855114,942. 5=13. 8% 2011 Microsoft Return on total assets=Net incomeAverage total assets=23,15066213. 5=35. 0% Microsoft is more efficient in generating earnings by using its assets. b. Return on equity 2011 IBM Return on equity=Net income-Preferred dividendsAverage equity=15,855-3,47321704=57. % 2011 Microsoft Return on equity=Net income-Preferred dividendsAverage equity=23,150-5,39451629=34. 4% IBM has a better performance in generating profitability by using shareholders’ investment. c. Net income as a percentage of net sales (Profit margin ratio) 2011 IBM Net income as a percentage of net sales=Net incomeNet sales=15,855106,916=14. 8% 2011 Microsoft Net income as a percentage of net sales=Net incomeNet sales=23,15069,943=33. 1% Microsoft is better in keeping earnings in how much out of every dollar of sales. d. Gross profit rate (Gross margin ratio) 011 IBM Gross profit rate=Net sales-Cost of goods soldNet sales=106,916-56,778106,916=46. 9% 2011 Microsoft Gross profit rate=Net sales-Cost of goods soldNet sales=69,943-56,77869,943=18. 8% Higher percentage of IBM means it retains more on each dollar of sales to service its other costs and obligations. 3. 8 Market Ratios a. Price-Earnings ratio 2011 IBM Price-Earnings ratio=Market price per common shareEarnings per share=183. 8813. 25=13. 9:1 2011 Microsoft Price-Earnings ratio=Market price per common shareEarnings per share=26. 872. 73=9. 84:1 P/E ratio gives a clear comparison, Microsoft is better. b. Dividend yield 2011 IBM Dividend yield=Annual cash dividends per shareMarket price per share=2. 90183. 88=1. 6% 2011 Microsoft Dividend yield=Annual cash dividends per shareMarket price per share=0. 64 26. 87=2. 4% Microsoft give higher percentage of dividend. 3. Comparison and Interpretation of Ratio Values with Key Business Ratios All the comparisons are based on the data of 2011. Only compared with those available online. 4. 9 Liquidity and Efficiency Ratios Table 3-3. 1-1Liquidity and Efficiency Ratios with Key Business Ratios Item| IBM 2011| IBM 2011| Key Business Ratios| Current ratio| 1. 21:1| 1. 19:1| 1. 9:1| Quick ratio| 0. 84:1| 0. 81:1| 0. 68:1| Return on equity| 57. 0%| 50. 8%| 13. 96%| Net income as a percentage of net sales| 14. 8%| 14. 9%| 10. 2%| Price-Earnings ratio| 13. 9:1| 12. 6:1| 13. 2:1| Dividend yield| 1. 6%| 1. 7%| 2. 05%| The lower current ratio means IBM has a more resource to pay its debts over the next 12 month compared to the industry average. IBM has a higher quick ratio which means that IBM’s shot-term liquidity is better than industry average. A higher return on equity ratio means IBM has a better performance than industry average in generating profitability by using shareholders’ investment. A higher Net income as a percentage of net sales means IBM is better in keeping earnings in how much out of every dollar of sales than industry average. IBM’s P/E ratio increased and exceeded the industry average and is a little bit better. Its stock performed well last year. A lower dividend yield ratio means less dividend compared to industry average gave to shareholders. In conclusion, IBM had a quite well performance in last two years. All the ratios shows that IBM had got an obvious growth and improvement. 4. Common-size Comparative Statements Analysis Appendix 1 is IBM Common-Size Comparative Balance Sheets A 0. 4% point increase in cash and equivalents, which is likely balanced with a 0. 87% point decline in Marketable securities, both steady status in inventories and property, plant and equipment, a marked increase 8. 5% in retained earnings and with most of the good increase and good decrease in percentage means a better performance year in 2011 than that in 2010. App endix 2 is IBM Common-Size Comparative Income Statement A 0. 33% decline in cost of services, a 0. 39% decline in cost of sales, a 0. 11% decline in cost of financing, a 0. 82% decline in total cost contributes a 0. 82% increase in gross profits, and a 0. 2% decline in net income (loss) shows a better performance of IBM in 2011 than that in 2010. Appendix 3 is IBM Common-Size Comparative Cash Flow Statement A 4. 01% increase in net income, a 1. 29% decline in inventories, a 5% decline in other assets/other liabilities, a 0. 09% increase in investment in software, a 0. 61% in non-operating finance receivables – net, a 21. 17% increase in acquisition of businesses, net of cash acquired, and a 21. 37 increase in net cash flows from investing activities gives a enough evidence to show the better performance of IBM in 2011 than that in 2010. So in conclusion, IBM performed better in 2011 than in 2010. 5. Trend Analysis Appendix 4 is IBM Income Statement Trend Percent The base period is 2009 and the trend percent is computed in each subsequent year by dividing that year’s amount by its 2009 amount. Total revenue in trend percent is 100% in 2009, 104. 29% in 2010, and 111. 65% in 2011; Total cost is 100% in 2009, 103. 62% in 2010, and 109. 25% in 2011; Total expense other income is 100% in 2009, 102. 51% in 2010, and 113. 60% in 2011. These data shows a good control of cost but a relatively bad expense control. IBM used the relatively same cost generates more revenue but fewer revenue with the same expense. Total revenue falls short of that for total expense other income in 2011 but exceeded in 2010, IBM fails to show an ability to control these expenses as it expands in 2011. Appendix 5 is IBM Balance Sheet Trend Percent The base period is 2009 and the trend percent is computed in each subsequent year by dividing that year’s amount by its 2009 amount. Total revenue in trend percent is 100% in 2009, 104. 29% in 2010, and 111. 65% in 2011; Total assets are 100% in 2009, 104. 60% in 2010, and 106. % in 2011; Retained earnings are 100% in 2009, 114. 38% in 2010, and 129. 61% in 2011. With these percent, we can figure out that IBM was more efficient in using its assets in 2011. Management has generated revenues sufficient to compensate for this asset growth. And in retained earnings shows a better in expense control and higher efficiency in generate revenues. So in conclusion, IBM did a quite good job in 2011. V. Prospective Analysis and Summary Here, based on what I have calculated and the interpretation. We can definitely come to a conclusion that IBM is still growing and it did very good in most parts. As the trend analysis listed above, the faster growing total revenue and the slower growing total cost shows a quite good control of the cost. IBM used the relatively same cost generates more revenue. And IBM was becoming more efficient in using its assets to generate revenue. The fairly good current ratio gives an average performance in giving the debts in next 12 months. And with the quite good quick ratio, return on equity, net income as a percentage of net sales, P/E ratio in 2011 which are higher than the average key business ratios and the ratios of IBM in 2010, we can anticipate a good performance in 2012 and far future. Common-size comparative statements analysis also gives a quite good result, such as the increase in cash and equivalents, gross profits, net income, acquisition of businesses, net of cash acquired, net cash flows and retained earnings, the decline in cost of goods and inventories. Although IBM didn’t perform as well as Microsoft, and there is still some defects in its performance in last two years. As a whole, I would like to invest my hard -earned dollars into the stock of IBM. Appendix 1 | | | Common-size Percent| Report Date| 12/31/2011| 12/31/2010| 12/31/2011| 12/31/2010| Cash ; cash equivalents| 11,922,000| 10,661,000| 10. 4%| 9. 40%| Marketable securities| 0| 990,000| 0. 00%| 0. 87%| Notes ; accounts receivable – trade, net| 11,179,000| 10,834,000| 9. 60%| 9. 55%| Short-term financing receivables| 16,901,000| 16,257,000| 14. 52%| 14. 33%| Other accounts receivable| 1,481,000| 1,134,000| 1. 27%| 1. 00%| Finished goods| 589,000| 432,000| 0. 51%| 0. 38%| Work in proc ess ; raw materials| 2,007,000| 2,018,000| 1. 72%| 1. 78%| Inventories| 2,595,000| 2,450,000| 2. 23%| 2. 16%| Deferred taxes| 1,601,000| 1,564,000| 1. 38%| 1. 38%| Prepaid expenses ; other current assets| 5,249,000| 4,226,000| 4. 51%| 3. 2%| Total current assets| 50,928,000| 48,116,000| 43. 74%| 42. 41%| Land ; land improvements| 786,000| 777,000| 0. 68%| 0. 68%| Buildings ; building improvements| 9,531,000| 9,414,000| 8. 19%| 8. 30%| Plant, laboratory ; office equipment| 26,843,000| 26,676,000| 23. 05%| 23. 51%| Plant ; other property, gross| 37,160,000| 36,867,000| 31. 92%| 32. 50%| Less: accumulated depreciation| 24,703,000| 24,435,000| 21. 22%| 21. 54%| Plant ; other property, net| 12,457,000| 12,432,000| 10. 70%| 10. 96%| Rental machines, gross| 2,964,000| 3,422,000| 2. 55%| 3. 02%| Less: Accumulated depreciation| 1,538,000| 1,758,000| 1. 2%| 1. 55%| Rental machines, net| 1,426,000| 1,665,000| 1. 22%| 1. 47%| Plant, rental machines ; oth property, gross| 40,124,000| 40,289,000| 34. 46%| 35. 51%| Less: Accumulated depreciation| 26,241,000| 26,193,000| 22. 54%| 23. 09%| Plant, rental machines ; other property, net| 13,883,000| 14,096,000| 11. 92%| 12. 42%| Long-term financing receivables| 10,776,000| 10,548,000| 9. 26%| 9. 30%| Prepaid pension assets| 2,843,000| 3,068,000| 2. 44%| 2. 70%| Deferred taxes| 3,503,000| 3,220,000| 3. 01%| 2. 84%| Goodwill| 26,213,000| 25,136,000| 22. 51%| 22. 16%| Intangible assets, net| 3,392,000| 3,488,000| 2. 1%| 3. 07%| Deferred taxes| -| -| | | Deferred transition ; set-up costs ; other deferred arrangements| 1,784,000| 1,853,000| 1. 53%| 1. 63%| Derivatives, non-current| 753,000| 588,000| 0. 65%| 0. 52%| Alliance investments – equity method| 131,000| 122,000| 0. 11%| 0. 11%| Alliance investments – non-equity method| 127,000| 531,000| 0. 11%| 0. 47%| Prepaid software| 233,000| 268,000| 0. 20%| 0. 24%| Long-term deposits| 307,000| 350,000| 0. 26%| 0. 31%| Marketable securities| -| -| | | Other receivables| 208, 000| 560,000| 0. 18%| 0. 49%| Employee benefit related| 493,000| 409,000| 0. 42%| 0. 6%| Prepaid income taxes| 261,000| 434,000| 0. 22%| 0. 38%| Other assets| 598,000| 663,000| 0. 51%| 0. 58%| Total investments ; sundry assets| 4,895,000| 5,778,000| 4. 20%| 5. 09%| Total assets| 116,433,000| 113,452,000| 100. 00%| 100. 00%| Taxes| 3,313,000| 4,216,000| 2. 85%| 3. 72%| Commercial paper| 2,300,000| 1,144,000| 1. 98%| 1. 01%| Short-term loans| 1,859,000| 1,617,000| 1. 60%| 1. 43%| Long-term debt – current maturities| 4,306,000| 4,017,000| 3. 70%| 3. 54%| Short-term debt| 8,463,000| 6,778,000| 7. 27%| 5. 97%| Accounts payable| 8,517,000| 7,804,000| 7. 31%| 6. 88%| Compensation ; benefits| 5,099,000| 5,028,000| 4. 8%| 4. 43%| Deferred income| 12,197,000| 11,580,000| 10. 48%| 10. 21%| Other accrued expenses ; liabilities| 4,535,000| 5,156,000| 3. 89%| 4. 54%| Total current liabilities| 42,123,000| 40,562,000| 36. 18%| 35. 75%| U. S dollar notes ; debentures| 24,192,000| 21,766,000| 20. 78%| 19. 19%| Other debt in Euros| 1,037,000| 1,897,000| 0. 89%| 1. 67%| Other debt in Japanese yen| 1,123,000| 1,162,000| 0. 96%| 1. 02%| Other debt in Swiss francs| 173,000| 540,000| 0. 15%| 0. 48%| Other currencies debt| 177,000| 240,000| 0. 15%| 0. 21%| Long-term debt| 26,702,000| 25,606,000| 22. 93%| 22. 7%| Less: net unamortized premium (discount)| -533,000| -531,000| -0. 46%| -0. 47%| Add: SFAS No. 133 fair value adjustment| 994,000| 788,000| 0. 85%| 0. 69%| Long-term debt before current maturities| 27,161,000| 25,863,000| 23. 33%| 22. 80%| Less: Current maturities| 4,306,000| 4,017,000| 3. 70%| 3. 54%| Long-term debt| 22,857,000| 21,846,000| 19. 63%| 19. 26%| Retire ; nonpension postretire benef obligs| 18,374,000| 15,978,000| 15. 78%| 14. 08%| Deferred income| 3,847,000| 3,666,000| 3. 30%| 3. 23%| Income tax reserves| 3,989,000| 3,486,000| 3. 43%| 3. 07%| Executive compensation accruals| 1,388,000| 1,302,000| 1. 19%| 1. 5%| Disability benefits| 835,000| 739,000| 0. 72% | 0. 65%| Derivatives liabilities| 166,000| 135,000| 0. 14%| 0. 12%| Restructuring actions| 347,000| 399,000| 0. 30%| 0. 35%| Workforce reductions| 366,000| 406,000| 0. 31%| 0. 36%| Deferred taxes| 549,000| 378,000| 0. 47%| 0. 33%| Enviromental accruals| 249,000| 249,000| 0. 21%| 0. 22%| Non-current warranty accruals| 163,000| 130,000| 0. 14%| 0. 11%| Asset retirement obligations| 166,000| 161,000| 0. 14%| 0. 14%| Other liabilities| 777,000| 841,000| 0. 67%| 0. 74%| Total other liabilities| 8,996,000| 8,226,000| 7. 73%| 7. 25%| Total liabilities| 96,197,000| 90,279,000| 82. 2%| 79. 57%| Common stock| 48,129,000| 45,418,000| 41. 34%| 40. 03%| Retained earnings| 104,857,000| 92,532,000| 90. 06%| 81. 56%| Treasury stock, at cost| 110,963,000| 96,161,000| 95. 30%| 84. 76%| Net unreal gains (losses) on cash flow hedge derivatives| 71,000| -96,000| 0. 06%| -0. 08%| Foreign currency translation adjustments| 1,767,000| 2,478,000| 1. 52%| 2. 18%| Net change retirement-related benefit plans| -23,737,000| -21,289,000| -20. 39%| -18. 76%| Net unrealized gains (losses) on mktble secur| 13,000| 164,000| 0. 01%| 0. 14%| Accum gains ; (losses) not affecting ret earns| -21,885,000| -18,743,000| -18. 0%| -16. 52%| Total stockholders’ equity| 20,138,000| 23,046,000| 17. 30%| 20. 31%| Non-controlling interests| 97,000| 126,000| 0. 08%| 0. 11%| Total equity| 20,236,000| 23,172,000| 17. 38%| 20. 42%| Appendix 2 | | | Common-size Percent| Report Date| 12/31/2011| 12/31/2010| 12/31/2011| 12/31/2010| Services revenue| 60,721,000| 56,868,000| 56. 79%| 56. 94%| Sales| 44,063,000| 40,736,000| 41. 21%| 40. 79%| Financing revenue| 2,132,000| 2,267,000| 1. 99%| 2. 27%| Total revenue| 106,916,000| 99,870,000| 100. 00%| 100. 00%| Cost of services| 40,740,000| 38,383,000| 38. 10%| 38. 43%| Cost of sales| 14,973,000| 14,374,000| 14. 0%| 14. 39%| Cost of financing| 1,065,000| 1,100,000| 1. 00%| 1. 10%| Total cost| 56,778,000| 53,857,000| 53. 11%| 53. 93%| Gross profit| 50,138,000| 46,014, 000| 46. 89%| 46. 07%| Selling, general administrative – base expense| 20,287,000| 18,585,000| 18. 97%| 18. 61%| Advertising promotional expense| 1,373,000| 1,337,000| 1. 28%| 1. 34%| Workforce reductions – ongoing expense| 440,000| 641,000| 0. 41%| 0. 64%| Retirement-related expense| 603,000| 494,000| 0. 56%| 0. 49%| Amortization expense-acquired intangibles| 289,000| 253,000| 0. 27%| 0. 25%| Stock-based compensation| 514,000| 488,000| 0. 8%| 0. 49%| Bad debt expense| 88,000| 40,000| 0. 08%| 0. 04%| Total selling, general administrative exps| 23,594,000| 21,837,000| 22. 07%| 21. 87%| Research, development engineering expenses| 6,258,000| 6,026,000| 5. 85%| 6. 03%| Intellectual property custom development income| 1,108,000| 1,154,000| 1. 04%| 1. 16%| Foreign currency transaction gains (losses)| (513,000)| (303,000)| -0. 48%| -0. 30%| Gains (losses) on derivative instruments| 113,000| 239,000| 0. 11%| 0. 24%| Interest income| 136,000| 92,000| 0. 13%| 0. 09%| Net ga ins from securities investments assets| 227,000| (31,000)| 0. 1%| -0. 03%| Other income (expense)| 58,000| 790,000| 0. 05%| 0. 79%| Total other income (expense)| 20,000| 787,000| 0. 02%| 0. 79%| Interest expense| 411,000| 368,000| 0. 38%| 0. 37%| Total expense other income| 29,135,000| 26,291,000| 27. 25%| 26. 33%| Income (loss) bef income taxes – U. S. opers| 9,716,000| 9,140,000| 9. 09%| 9. 15%| Income (loss) bef inc taxes – Non-U. S. opers| 11,287,000| 10,583,000| 10. 56%| 10. 60%| Income (loss) from continuing operations before income taxes| 21,003,000| 19,723,000| 19. 64%| 19. 75%| U. S federal income taxes (benefit) – current| 268,000| 190,000| 0. 5%| 0. 19%| U. S. federal income taxes (benef) – deferred| 909,000| 1,015,000| 0. 85%| 1. 02%| Total U. S. federal income taxes (benefit)| 1,177,000| 1,205,000| 1. 10%| 1. 21%| U. S. state local inc tax (benef) – current| 429,000| 279,000| 0. 40%| 0. 28%| U. S. state local inc tax (benef) †“ deferred| 81,000| 210,000| 0. 08%| 0. 21%| Total U. S. state local income taxes (benef)| 510,000| 489,000| 0. 48%| 0. 49%| Non-U. S. income taxes (benefit) – current| 3,239,000| 3,127,000| 3. 03%| 3. 13%| Non-U. S. income taxes (benefit) – deferred| 222,000| 69,000| 0. 21%| 0. 07%| Total non-U. S. ncome taxes (benefit)| 3,461,000| 3,196,000| 3. 24%| 3. 20%| Provision for income taxes| 5,148,000| 4,890,000| 4. 81%| 4. 90%| Net income (loss)| 15,855,000| 14,833,000| 14. 83%| 14. 85%| Weighted average shares outstanding-basic| 1,196,951. 006| 1,268,789. 388| 1. 12%| 1. 27%| Weighted average shares outstanding-diluted| 1,213,767. 985| 1,287,355. 388| 1. 14%| 1. 29%| Year end shares outstanding| 1,163,182. 564| 1,227,993. 544| 1. 09%| 1. 23%| Net earnings (loss) per share-basic| 13. 25| 11. 69| 0. 00%| 0. 00%| Net earnings (loss) per share-diluted| 13. 06| 11. 52| 0. 00%| 0. 00%| Dividends per share of common stock| 2. | 2. 5| 0. 00%| 0. 00%| Total number of employees| 433,362| 426,751| 0. 41%| 0. 43%| Number of common stockholders| 504,093| 523,553| 0. 47%| 0. 52%| Appendix 3 | | | Common-size Percent| Report Date| 12/31/2011| 12/31/2010| 12/31/2011| 12/31/2010| Net income (loss)| 15,855,000| 14,833,000| 79. 89%| 75. 88%| Depreciation| 3,589,000| 3,657,000| 18. 08%| 18. 71%| Amortization of intangibles| 1,226,000| 1,174,000| 6. 18%| 6. 01%| Stock-based compensation| 697,000| 629,000| 3. 51%| 3. 22%| Deferred taxes| 1,212,000| 1,294,000| 6. 11%| 6. 62%| Net loss (gain) on asset sales other| (342,000)| (801,000)| -1. 2%| -4. 10%| Receivables (including financing receivables)| (1,279,000)| (489,000)| -6. 44%| -2. 50%| Retirement related| (1,371,000)| (1,963,000)| -6. 91%| -10. 04%| Inventories| (163,000)| 92,000| -0. 82%| 0. 47%| Other assets/other liabilities| (28,000)| 949,000| -0. 14%| 4. 85%| Accounts payable| 451,000| 174,000| 2. 27%| 0. 89%| Net cash flows from operating activities| 19,846,000| 19,549,000| 100. 00%| 100. 00%| Payments for pl ant, rental machines other property| (4,108,000)| (4,185,000)| -20. 70%| -21. 41%| Proc from disp of plant, rental machines oth prop| 608,000| 770,000| 3. 06%| 3. 4%| Investment in software| (559,000)| (569,000)| -2. 82%| -2. 91%| Purchases of marketable securities other investments| (1,594,000)| (6,129,000)| -8. 03%| -31. 35%| Proceeds from disposition of marketable securities other investments| 3,345,000| 7,877,000| 16. 85%| 40. 29%| Non-operating finance receivables – net| (291,000)| (405,000)| -1. 47%| -2. 07%| Acquisition of businesses, net of cash acquired| (1,811,000)| (5,922,000)| -9. 13%| -30. 29%| Divestiture of businesses, net of cash transferred| 14,000| 55,000| 0. 07%| 0. 28%| Net cash flows from investing activities| (4,396,000)| (8,507,000)| -22. 5%| -43. 52%| Proceeds from new debt| 9,996,000| 8,055,000| 50. 37%| 41. 20%| Payments to settle debt| (8,947,000)| (6,522,000)| -45. 08%| -33. 36%| Sht-tm borrows (repays)-less than 90 days-net| 1,321,000| 817,000 | 6. 66%| 4. 18%| Common stock repurchases| (15,046,000)| (15,375,000)| -75. 81%| -78. 65%| Common stock transactions, other| 2,453,000| 3,774,000| 12. 36%| 19. 31%| Cash dividends paid| (3,473,000)| (3,177,000)| -17. 50%| -16. 25%| Net cash flows from financing activities| (13,696,000)| (12,429,000)| -69. 01%| -63. 58%| Eff of exch rate chngs on cash cash equivs| (493,000)| (135,000)| -2. 8%| -0. 69%| Net change in cash cash equivalents| 1,262,000| (1,522,000)| 6. 36%| -7. 79%| Cash cash equivalents, beginning of year| 10,661,000| 12,183,000| 53. 72%| 62. 32%| Cash cash equivalents, end of year| 11,922,000| 10,661,000| 60. 07%| 54. 53%| Cash paid during the year for income taxes| 4,168,000| 3,238,000| 21. 00%| 16. 56%| Cash paid during the year for interest| 956,000| 951,000| 4. 82%| 4. 86%| Appendix 4 | Trend Percent| Report Date| 12/31/2011| 12/31/2010| 12/31/2009| Services revenue| 110. 15%| 103. 16%| 100. 00%| Sales| 115. 05%| 106. 36%| 100. 00%| Financing revenue| 91. 46%| 97. 5%| 100. 00%| Total revenue| 111. 65%| 104. 29%| 100. 00%| Cost of services| 109. 68%| 103. 33%| 100. 00%| Cost of sales| 110. 05%| 105. 64%| 100. 00%| Cost of financing| 87. 30%| 90. 16%| 100. 00%| Total cost| 109. 25%| 103. 62%| 100. 00%| Gross profit| 114. 51%| 105. 09%| 100. 00%| Selling, general administrative – base expense| 112. 36%| 102. 93%| 100. 00%| Advertising promotional expense| 109. 66%| 106. 79%| 100. 00%| Workforce reductions – ongoing expense| 92. 83%| 135. 23%| 100. 00%| Retirement-related expense| 187. 27%| 153. 42%| 100. 00%| Amortization expense-acquired intangibles| 101. 40%| 88. 7%| 100. 00%| Stock-based compensation| 123. 26%| 117. 03%| 100. 00%| Bad debt expense| 59. 86%| 27. 21%| 100. 00%| Total selling, general administrative exps| 112. 61%| 104. 22%| 100. 00%| Research, development engineering expenses| 107. 53%| 103. 54%| 100. 00%| Intellectual property custom development income| 94. 14%| 98. 05%| 100. 00%| Foreign currency trans action gains (losses)| -51300. 00%| -30300. 00%| 100. 00%| Gains (losses) on derivative instruments| 941. 67%| 1991. 67%| 100. 00%| Interest income| 144. 68%| 97. 87%| 100. 00%| Net gains from securities investments assets| -202. 8%| 27. 68%| 100. 00%| Net real gains (losses) from real est activs| -| -| 100. 00%| Other income (expense)| 16. 48%| 224. 43%| 100. 00%| Total other income (expense)| 5. 70%| 224. 22%| 100. 00%| Interest expense| 102. 24%| 91. 54%| 100. 00%| Total expense other income| 113. 60%| 102. 51%| 100. 00%| Income (loss) bef income taxes – U. S. opers| 102. 02%| 95. 97%| 100. 00%| Income (loss) bef inc taxes – Non-U. S. opers| 131. 03%| 122. 86%| 100. 00%| Income (loss) from continuing operations before income taxes| 115. 80%| 108. 74%| 100. 00%| U. S federal income taxes (benefit) – current| 56. 6%| 40. 17%| 100. 00%| U. S. federal income taxes (benef) – deferred| 67. 79%| 75. 69%| 100. 00%| Total U. S. federal income taxes (benefit) | 64. 88%| 66. 43%| 100. 00%| U. S. state local inc tax (benef) – current| 357. 50%| 232. 50%| 100. 00%| U. S. state local inc tax (benef) – deferred| 43. 78%| 113. 51%| 100. 00%| Total U. S. state local income taxes (benef)| 167. 21%| 160. 33%| 100. 00%| Non-U. S. income taxes (benefit) – current| 138. 01%| 133. 23%| 100. 00%| Non-U. S. income taxes (benefit) – deferred| 89. 88%| 27. 94%| 100. 00%| Total non-U. S. income taxes (benefit)| 133. 2%| 123. 21%| 100. 00%| Provision for income taxes| 109. 23%| 103. 76%| 100. 00%| Income (loss) from continuing operations| -| -| 100. 00%| Net income (loss)| 118. 10%| 110. 49%| 100. 00%| Weighted average shares outstanding-basic| 90. 19%| 95. 60%| 100. 00%| Weighted average shares outstanding-diluted| 90. 49%| 95. 97%| 100. 00%| Year end shares outstanding| 89. 11%| 94. 07%| 100. 00%| Earnings (loss) per share from continuing operations-basic| -| -| 100. 00%| Net earnings (loss) per share-basic| 130. 93%| 115. 51%| 100. 00%| Earnings (loss) per share from continuing operations-diluted| -| -| 100. 0%| Net earnings (loss) per share-diluted| 130. 47%| 115. 08%| 100. 00%| Dividends per share of common stock| 134. 88%| 116. 28%| 100. 00%| Total number of employees| 98. 99%| 97. 48%| 100. 00%| Number of common stockholders| 92. 70%| 96. 28%| 100. 00%| Appendix 5 | Trend percent| Report Date| 12/31/2011| 12/31/2010| 12/31/2009| Cash cash equivalents| 97. 86%| 87. 51%| 100. 00%| Marketable securities| 0. 00%| 55. 28%| 100. 00%| Notes accounts receivable – trade, net| 104. 13%| 100. 91%| 100. 00%| Short-term financing receivables| 113. 32%| 109. 00%| 100. 00%| Other accounts receivable| 129. 7%| 99. 21%| 100. 00%| Finished goods| 110. 51%| 81. 05%| 100. 00%| Work in process raw materials| 102. 40%| 102. 96%| 100. 00%| Inventories| 104. 05%| 98. 24%| 100. 00%| Deferred taxes| 92. 54%| 90. 40%| 100. 00%| Prepaid expenses other current assets| 133. 02%| 107. 10%| 100. 00%| Total current as sets| 104. 07%| 98. 33%| 100. 00%| Land land improvements| 106. 65%| 105. 43%| 100. 00%| Buildings building improvements| 102. 33%| 101. 07%| 100. 00%| Plant, laboratory office equipment| 103. 69%| 103. 04%| 100. 00%| Plant other property, gross| 103. 39%| 102. 58%| 100. 0%| Less: accumulated depreciation| 105. 19%| 104. 05%| 100. 00%| Plant other property, net| 100. 02%| 99. 82%| 100. 00%| Rental machines, gross| 81. 07%| 93. 60%| 100. 00%| Less: Accumulated depreciation| 79. 03%| 90. 34%| 100. 00%| Rental machines, net| 83. 39%| 97. 37%| 100. 00%| Plant, rental machines oth property, gross| 101. 33%| 101. 75%| 100. 00%| Less: Accumulated depreciation| 103. 19%| 103. 00%| 100. 00%| Plant, rental machines other property, net| 98. 01%| 99. 51%| 100. 00%| Long-term financing receivables| 101. 24%| 99. 10%| 100. 00%| Prepaid pension assets| 94. 4%| 102. 23%| 100. 00%| Deferred taxes| 83. 50%| 76. 76%| 100. 00%| Goodwill| 129. 83%| 124. 50%| 100. 00%| Intangible assets, net| 134. 98%| 138. 80%| 100. 00%| Deferred transition set-up costs other deferred arrangements| 100. 68%| 104. 57%| 100. 00%| Derivatives, non-current| 133. 27%| 104. 07%| 100. 00%| Alliance investments – equity method| 113. 91%| 106. 09%| 100. 00%| Alliance investments – non-equity method| 26. 62%| 111. 32%| 100. 00%| Prepaid software| 74. 68%| 85. 90%| 100. 00%| Long-term deposits| 99. 03%| 112. 90%| 100. 00%| Other receivables| 33. 71%| 90. 76%| 100. 00%| Employee benefit related| 115. 46%| 95. 78%| 100. 00%| Prepaid income taxes| -| -| -| Other assets| 76. 37%| 84. 67%| 100. 00%| Total investments sundry assets| 91. 00%| 107. 42%| 100. 00%| Total assets| 106. 80%| 104. 06%| 100. 00%| Taxes| 86. 59%| 110. 19%| 100. 00%| Commercial paper| 978. 72%| 486. 81%| 100. 00%| Short-term loans| 108. 65%| 94. 51%| 100. 00%| Long-term debt – current maturities| 193. 79%| 180. 78%| 100. 00%| Short-term debt| 203. 05%| 162. 62%| 100. 00%| Accounts payable| 114. 54%| 104. 95%| 100. 00%| Compensation benefits| 113. 19%| 111. 61%| 100. 00%| Deferred income| 112. 7%| 106. 78%| 100. 00%| Other accrued expenses liabilities| 86. 83%| 98. 72%| 100. 00%| Total current liabilities| 117. 00%| 112. 67%| 100. 00%| U. S dollar notes debentures| 132. 58%| 119. 29%| 100. 00%| Other debt in Euros| 30. 26%| 55. 35%| 100. 00%| Other debt in Japanese yen| 71. 76%| 74. 25%| 100. 00%| Other debt in Swiss francs| 35. 74%| 111. 57%| 100. 00%| Other currencies d ebt| 62. 11%| 84. 21%| 100. 00%| Long-term debt| 111. 22%| 106. 66%| 100. 00%| Less: net unamortized premium (discount)| 101. 14%| 100. 76%| 100. 00%| Add: SFAS No. 133 fair value adjustment| 147. 70%| 117. 9%| 100. 00%| Long-term debt before current maturities| 112. 45%| 107. 08%| 100. 00%| Less: Current maturities| 193. 79%| 180. 78%| 100. 00%| Long-term debt| 104. 22%| 99. 61%| 100. 00%| Retire nonpension postretire benef obligs| 115. 18%| 100. 16%| 100. 00%| Deferred income| 108. 00%| 102. 92%| 100. 00%| Income tax reserves| 109. 98%| 96. 11%| 100. 00%| Executive compensation accruals| 119. 66%| 112. 24%| 100. 00%| Disability benefits| 105. 03%| 92. 96%| 100. 00%| Derivatives liabilities| 25. 58%| 20. 80%| 100. 00%| Restructuring actions| 78. 68%| 90. 48%| 100. 00%| Workforce reductions| 89. 9%| 99. 27%| 100. 00%| Deferred taxes| 116. 81%| 80. 43%| 100. 00%| Enviromental accruals| 101. 63%| 101. 63%| 100. 00%| Non-current warranty accruals| 129. 37%| 103. 17%| 100. 00%| Asset r etirement obligations| 143. 10%| 138. 79%| 100. 00%| Other liabilities| 99. 49%| 107. 68%| 100. 00%| Total other liabilities| 102. 01%| 93. 28%| 100. 00%| Total liabilities| 111. 51%| 104. 65%| 100. 00%| Common stock| 115. 11%| 108. 63%| 100. 00%| Retained earnings| 129. 61%| 114. 38%| 100. 00%| Treasury stock, at cost| 136. 58%| 118. 36%| 100. 00%| Net unreal gains (losses) on cash flow hedge derivatives| -14. 6%| 19. 96%| 100. 00%| Foreign currency translation adjustments| 96. 24%| 134. 97%| 100. 00%| Net change retirement-related How to cite Financial Statement Analysis of Ibm, Papers

A Stereotypical Media Essay Research Paper A free essay sample

A Stereotyped Media Essay, Research Paper A Stereotyped Media The media of today? s society plays the pedlar to the stereotypes that plague our state. However, the media is non entirely to fault. Susan Sontag provinces in her essay? The Image World? : ? Through being photographed, something becomes portion of a system of information, fitted into strategies of categorization and storage? ( Sontag 196 ) . Through our ain demand as consumers, the usage of advertisement in telecasting, newspapers, and particularly magazines relays to the populace an fickle system of stereotyped information. The system of information relayed through photographic imagination in advertisement straight affects the ideas of society, on how a adult female should look and experience. Thus, blending the stereotyped adult female of daintiness, and magnificence with sex and gender. The huge sum of stereotyped advertisement today is directed at the middle-class, American worker. This specification in advertisement is due to the fact that the in-between category workers are the chief consumers. This thought is represented in the magazine, Newsweek. Printed on April 3, 2000, Newsweek prints legion articles of intelligence that are non so focussed and in-depth, but still contains valid consistence. The magazine is M/C Phillips, Page 2 genuinely tailored to the in-between category and so is its advertisement. In the thick of jumble, from articles of political power, to the rise of the doughnut civilization, sits an ad of poise and content. Posted by the Target Corporation, a shop tailored to the in-between category, the ad shows, a really immature, beautiful adult female covered shoulders to toe in Hedera helix, keeping a rayon pocketbook. She is poised, celebrated and elegant, a mirror image of a statue. The background of the image is unagitated, organized and calm. The ad reads? Hedera helix works $ 6.99, rayon crochet bag $ 14.99? ( Newsweek 7 ) . However, the ad? s imagination at first glimpse does non to the full portray the stereotypes within it. The visual aspects of stereotypes in this calm ad are difficult to happen, but are found deep in the text of the image. The evident intent of the ad is to sell points such as a pocketbook, and ivy workss. However, the apparent does non relay the world. The usage of a adult female? s stereotyped gender covers up the existent with the phantasy. A stereotype as defined by the Module, ? Images of Women and Men? , ? is viewed today as a procedure that distorts world? ( Unger A ; Crawford 219 ) . So in kernel this is what the image, or the advertizement has done. Ad takes the procedure of picture taking, and distorts its world by using such methods as stereotyping. This creates a coveted and common visual aspect of the perfect, beautiful, fantasy adult female. The position of this image relays a sense of polish, such M/C Phillips, Page 3 polish that would be found in the stereotyped elegant, sexy adult female. The arrangement of her custodies gives manner to the image of elegance. They are poised, and keep to the endearment of elegance, beautiful but refined. Even when with the sense, or stereotype of the polish, comes the gender of the image. With the polish comes the impression of sex. To explicate this, one must see that the adult female is covered shoulder to toe in Hedera helix. This is the same Hedera helix that is on sale for $ 6.99. The ad leads to the false belief that even the elegant and refined adult female can be sold. This ad besides carries with it, the stereotype of the phantasy, or the storybook impression. When looking at the ad, one can see world redefined. As stated by Susan Sontag, in her essay? The Image World? , ? Photographs do more than redefine the material of ordinary experience, they add huge sums of stuff we neer see? ( Sontag 196 ) . The stuff in this instance, is the application of the fantasy image. From birth, we are confronted with the ste reotype of the fantasy adult female, relayed to us by faery narratives and myths. Fairy dress suits and myths that convey the common semblance that all adult females must be beautiful, and graceful, re-confirming the phantasy stereotype. The ad in inquiry has besides re-confirmed this childhood belief. Covering the immature, beautiful adult female about wholly in ivy brings her to the fantasy degree. This image is about amusing in a sense, but is an fickle M/C Phillips, Page 4 stereotype. The image portrays her as a common phantasy, straight out of a kid? s storybook, posed in Hedera helix, controlled by a mer works. This image relays the attitude all adult females are governable and must adhere to the phantasy. Strive to be immature, scraggy and beautiful. In analysing the ad, another predominating stereotype can be seen. The usage of gender stereotypes besides plagues this ad, more specifically, the stereotype of the desirable, attractive adult female. Gender stereotypes can be defined as? consensual beliefs about the different features of work forces and adult females? ( Unger A ; Crawford, 213 ) . The consensual belief portraying the misconception of world. Or instead, the common positions of pigeonholing shared by our civilization and re-enforced by our media. The categorization, or pigeonholing of such properties of the? sexy adult female? ( Unger A ; Crawford, 217 ) , can be clearly seen in the advertizement at manus. The constructs of a good figure, long hair, and reasonably face are all combined in this ad to farther enhance this categorization. However, no 1 construct is more clearly used in this ad than the construct of the pretty face. In fact the face is straight focused on. Her hair is besides a prevalent factor of pigeo nholing. The hair gives the adult female an alien, yet refined expression. The environing boundary lines of the ad are a dark shadiness of purple and pink, but in the centre is a focussed light of the adult female? s face. The light does non concentrate on the M/C Phillips, Page 5 merchandises for sale, but focuses the consequence on the adult female. Directly heightening her face and upper thorax country, concentrating the attending on her gender and alleged chief control factor. Media has successfully continued to stamp down adult females and heighten the stereotypes that adult females are to adhere to. By using supposed unconscious effects such as stereotyping and classifying, we as a society have fallen victim to media? s gambits in advertisement. For old ages the common belief that a adult female? s merely power is her gender has been instilled into our society by media propaganda, in advertisement. The media is seen as playing to the crowd. The common impression that sex sells is straight represented in such gambits of advertisement and more over in this ad. As Robert L. Heilbroner provinces, ? advertisement is non merely a carrier of messages ; it is the message? ( Heilbroner 99 ) . The message that advertisement carries is the implicit in cabal of stereotypes. The stereotyped gambit that will pull the consumer to the merchandise, the merchandising characteristic. In this ad, the adult female and her fantasy image are non merely selling common stereotypes but selling the really adult female herself. Puting the adult female in the Hedera helix makes the statement that adult female is the Hedera helix. She is the really object that is for sale. The ad is besides, selling the really ploys that have been conflicting with the battle to prosecute equality and non the merchandises stated to be for sale. M/C Phillips, Page 6 We as a society will neer be equal unless, we strive to free the propaganda at manus. Media and advertisement are vas of all ruin, in the promotion for a stereotype free image of a adult female. What good is it for a adult female to declare herself an person, if she is continuously plagued with the common stereotypes of categorization and sex? To genuinely be equal, we must endeavor to see the debasement that all stereotypes in media and advertisement bring upon our society. 331

South African Breweries free essay sample

SAB has the leading position to produce and distribute both alcoholic and non-alcoholic beverages. it’s been registered in 1895 in London and since then with momentous profit and prevailing market position it has develop its business in home sectors as well. SAB was fully incorporated in 1970 after the shifting of its head office from London to Johannesburg. Government put high restriction on the expansion and international business of SAB. From 1955 to the following seven years beer production was the highest taxed beverage and SAB had to respond to competitors’ acquisition and production and distribution rationalisation.In 1960 it took over Stellenbosch Farmers’ Winery and obtained brewing license locally for Amstel and Carling, Black Label and Guinnes which played major turn of its expansion. Within 1979 SAB could capture about 99 percent South African market alongside major control over Lesotho, Swaziland and Rhodesia. SAB was the first organisation in the country which published a non-discriminatory employment code in 1978. We will write a custom essay sample on South African Breweries or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The Lion Match Company merged with SAB in 1987. SAB concentrated on developing three mega breweries in the country in 1990 and the invention of joint venture in Zambia, Mozambique and Angola followed in the following years.The company got dominance over 98 percent of market and faced a little left expansion in local business and tried to expand globally in 2000. It made its way to central Europe in 1993 with the acquisition of the largest brewery of Hungary Dreher. In the following year it established operation in Czech Republic, Poland, Romania, Russia and Slovakia. SAB had spread small business with Rolling Black Beer one of the breweries in United States of America as well. Then 2001 it expanded its business into Central America. In 2001 SAB had production of 77m hectolitres of alcoholic and non- alcoholic beverages and dominated as the fifth largest brewer in the world covering 21 countries. In 1990 the head quarter moved back to London. In this report i would like to narrow down my focus on SABs expansion globally by acquiring the second largest brewery of America; the Miller Brewing Company and having new name as SABMiller in 2002 and it became the second largest volume in the world. Though it is facing some profit margin difficulties in North America because its competitors are lowering down the price of beer.To keep up with the market over there SABMiller has to compromise with the margin of profit. Challenge for the Company No arguments come when SAB admits that South African market is fully dominated by them. Though it had made some tactically poor judgment while expanding in Hungary and US market. Among the challenges SAB faced were: In 2001 it acquires 58 percent interest in breweries in Hunduras and El Salvador which cost them US$ 500million. Further it spent a sum of US$5. 6 bn when it acquired Miller from Altria. To expand its business in Western Europe SAB acquired a major company in Italy named Peroni and spent US$ 270 million.In Africa SAB had to encounter problems when for low income in Malawi the industry does not appear to be set up. Again in Ghana SAB has made its entrance where there is already good competition between Guinness and Heineken. In Nigeria governments has imposed restriction on importing brewing materials as barley. So quality and consumption dropped sharply there. After the acquisition of Miller in US; SABMiller faced problem within six months. SAB had to go on with the existing CEO as head of SABMiller and later on the sacked him. Altria holds 23 percent shares of SABMiller.According to some experts debates SAB has spent too much for acquiring Miller. Again SABMiller is also facing difficulties to keep up in the competition with the competitors in US market. In addition to this in America the Beer market is in downward trend as the Americans are continuously and increasingly turning to wine than beer. This has adverse impact on SABMiller’s profit margin. Another market dominant competitor Anheuser-Busch (AH) upgraded its profit margin to 17. 3% by raising its production where Millers and Coors has (9. 3%) and (8. 9%) respectively.Then to compete with AH SABMiller and Coors went as a joint venture which has very positive impact on their business. Policy/ Strategy The long term direction and scope of a company which are aimed to achieve advantage for the organisation using its configuration or resources in a challenging surrounding is described strategy. In other sense strategy is – -The place where the business aimed to reach in time span. -The market where the business will compete and activities of the competitive market -The process of doing better in this competition -Required ability or resources How to get up with the external and internal environmental factors -The values and expectation of the stakeholders According to Henry Mintzberg strategy comprises five Ps: Plan, Position, Pattern, Perspective and Poly. Andrew (1998) states the term strategy in form of decision in a company which helps identifying and disclosing the target, underlying objectives and company goals. Strategy helps to create major policy and plan to achieve company objectives. The range of the business to follow for the company is also described by strategy. Micheal Porter narrates strategy is about being different or unique.According to him within strategy an organisation purposely sets up a unique package of activities to deliver a mix of value. Paradoxes and debates around strategy The theory of strategy is an academic field which is diversified by many experts as they expressed on the base of different understanding. Thus theories derived from different experts have contradiction as well. Some of the renowned experts as Whittington (2002), Mintzberg (1990, 1998), Schendel (1994) and Kuhn (1996, 1970) have described strategy with the help of several schools. In this study i will try to focus on Mintzberg and Whittington theories.

Tortilla Flat essays

Tortilla Flat essays 1) Primarily post World War I, with the preface occurring before the war-during prohibition. Uphill of the Californian coastal city of Monterey lies the town of Tortilla Flat. It is inhabited by the paisanos, a hardy, simple race of men descended from the Spanish, the Indians, the Mexicans, and half a dozen other Caucasian heritages. When Danny arrived home from the war he discovered that his grandfather had died and left him the two houses in Tortilla Flat. The weight of the property immediately brings out the worst in Danny. 2) Danny: Leader of the pack, protagonist, owns the two houses. Pilon: The thinker of the group, spiritual, like the beauty of nature. Mr. Torrelli: Bootlegger, wealthy man, holds the towns wine supply. 3) Justifying Crime - Yes, Danny and his paisano friends are thieves, but they never commit a crime because they find it pleasurable to be doing something wrong or out of spite for someone. They only commit crimes when they can justify them to their admittedly loose moral system. They steal the picnic foods, for example, because it was cruel of the picnickers to show off their luxury in such a way, and because they needed something to smooth the way in talking to Danny about his house that they burned down. Most of their crimes are victimless, and the rest fit into the 'rob the rich to feed the poor' mentality reminiscent of Robin Hood. The pompous restaurant owners who would have thrown food out anyway, the railroad tycoons who could afford to lose a few nails and who were destroying their precious landscape anyway, and the miser Torrelli, who had so much wine and money that whatever they took meant nothing to him anyway, are a few examples. The greatest thrill for the paisanos is when they can steal for a truly good purpose, as is the case when they raid the warehouse in order to save Teresina Cortez's children. 4) Above I wrote about the paisanos justifying their crimes. I believe that even though ...

Definition and Examples of Taboo Language

Definition and Examples of Taboo Language The term taboo language refers to words and phrases that are generally considered inappropriate in certain contexts. Social anthropologist Edmund Leach identified three major categories of taboo words and phrases in English: 1. Dirty words that are concerned with sex and excretion, such as bugger, shit.2. Words that have to do with the Christian religion, such as Christ and Jesus.3. Words which are used in animal abuse (calling a person by the name of an animal), such as bitch, cow. (Brà ³na Murphy, Corpus and Sociolinguistics: Investigating Age and Gender in Female Talk, 2010) The use of taboo language is apparently as old as language itself.  You taught me language, Caliban says in the first act of Shakespeares The Tempest, and my profit ont /  Is, I know how to curse. Etymology The word taboo  was first introduced into European languages by Captain Cook in his description of his third voyage around the world, when he visited Polynesia. Here, he witnessed the ways in which  the word taboo  was used for certain avoidance customs ranging across widely different things...(The Oxford Handbook of the Archaeology of Ritual and Religion, 2011) Examples and Observations People constantly censor the language they use (we differentiate this from the institutionalized imposition of censorship)... In contemporary western society, taboo and euphemism are closely entwined with the concepts of politeness and face (basically, a persons self-image). Generally, social interaction is oriented toward behaviour that is courteous and respectful, or at least inoffensive. Participants have to consider whether what they are saying will maintain, enhance, or damage their own face, as well as to be considerate of, and care for, the face needs of others. (Keith Allan and Kate Burridge, Forbidden Words: Taboo and the Censoring of Language. Cambridge University Press, 2006) Tips on Using Four-Letter Words in Writing [S]omeone in my position has had to devise some rough rules governing the use of [four-letter words]. My own set of rules I now put in writing for the first time. In what follows, they and them stand for what were once obscenities. (Kingsley Amis, The Kings English: A Guide to Modern Usage. HarperCollins, 1997) Use them sparingly and, as classicists used to say, for special effect only.Even in low farce, never use any of them in its original or basic meaning unless perhaps to indicate that a character is some kind of pompous buffoon or other undesirable. Even straightforward excretory ones are tricky.They may be used in dialogue, though remember rule 1. An attempt at humor will often justify their appearance...If in doubt, strike it out, taking it here as one of them. Linguists on Taboo Language in Cultural Contexts Discussion of verbal insults invariably raises the question of obscenity, profanity, cuss words, and other forms of taboo language. Taboo words are those that are to be avoided entirely, or at least avoided in mixed company or polite company. Typical examples involve common swear words such as Damn! or Shit! The latter is heard more and more in polite company, and both men and women use both words openly. Many, however, feel that the latter word is absolutely inappropriate in polite or formal contexts. In place of these words, certain euphemismsthat is polite substitutes for taboo wordscan be used... What counts as taboo language is something defined by culture, and not by anything inherent in the language. (Adrian Akmajian, Richard Demers, Ann Farmer, and Robert Harnish, Linguistics: An Introduction to Language and Communication. MIT Press, 2001) Linguists have taken a neutral and descriptive stance on taboo words. The role of linguistic studies has been to document which words are avoided in what situations... Words themselves are not taboo, dirty, or profane. Many of the words currently considered inappropriate in public settings were the neutral, normal term for an object or action in earlier forms of English. The word shit was not always deemed inappropriate or impolite. In a similar way, many languages of the world still treat bodily functions in a less euphemistic manner. (Peter J. Silzer, Taboo.  Encyclopedia of Linguistics, ed. by  Philipp Strazny. Taylor Francis, 2005) ​The Lighter Side of Taboo Language Shifting Standards in South Park Ms. Choksondik: All right children,...Im supposed to clarify the schools position on the word shit.Stan: Wow! We can say shit in school now?Kyle: This is ridiculous. Just because they say it on TV, its all right?Ms. Choksondik: Yes, but only in the figurative noun form or the adjective form.Cartman: Huh?Ms. Choksondik: You can only use it in the nonliteral sense. For instance, Thats a shitty picture of me is now fine. However, the literal noun form of [writes on the board] This is a picture of shit is still naughty.Cartman: I dont get it.Stan: Me neither.Ms. Choksondik: The adjective form is now also acceptable. For example, The weather outside is shitty. However, the literal adjective is not appropriate. For example, My bad diarrhea made the inside of the toilet all shitty, and I had to clean it with a rag, which then also became shitty. Thats right out!Timmy: Sssh...shit!Ms. Choksondik: Very good, Timmy.Butters: Ms. Choksondik, can we say the expletive, like Oh shit! or Shit on a s hingle? Ms. Choksondik: Yes, thats now fine.Cartman: Wow! This is gonna be great! A whole new word! (It Hits the Fan. South Park, 2001 Taboo Language in Monty Pythons Flying Circus Voice Over: The BBC would like to apologize for the poor quality of the writing in that sketch. It is not BBC policy to get easy laughs with words like bum, knickers, botty or wee-wees. (Off-camera laughter) Sh!(Cut to a man standing by a screen with a clicker.) BBC Man: These are the words that are not to be used again on this program.(He clicks the clicker. The following slides appear on screen: B*MB*TTYP*XKN*CKERSW**-W**SEMPRINI (A woman comes into the shot.) Woman: Semprini? BBC Man: (pointing) Out! (Cut back to the chemists shop.) Chemist: Right, whos got a boil on his semprini, then? (A policeman appears and bundles him off.) (Eric Idle, Michael Palin, and John Cleese in The Chemist Sketch. Monty Pythons Flying Circus, Oct. 20, 1970)

Letter of explanation Essay Example | Topics and Well Written Essays - 500 words

Letter of explanation - Essay Example Coming from a family with such strong feelings about learning about languages, my chosen ESOL classes encompassed aspects related to reading, writing, grammar and speech. These classes were attended from basic to advanced levels to achieve a good command over the language. The field of study that has always attained my attention is business administration. I have always found myself inclined towards the study of interesting modes and processes of businesses that make only few of them different than the rest. This interest has evolved into a dream of acquiring a bachelor degree in the field of business administration. Upon my arrival in this country, I was aware of the fact that I would not be able to fulfill my dream of attaining the above stated degree in the absence of fluency in English. Therefore, the fulfillment of my dream to have a bachelor degree also provoked me to attend multiple ESOL classes in the beginning of my college career. After attending ESOL classes, I have sensed a great difference in my academic performance since I am able to comprehend the on-going lectures and class discussions in a better manner. My questions do not remain unanswered since I can frame my queries in a correct manner. Class discussions have gotten more interesting and make me learn many things that cannot be comprehended in isolation. I believe that my time spent in ESOL classes have proved to be an important factor in helping me attain good academic results and experience of a productive college career. Learning a new language does not only facilitate the effective acquisition of education in another country, it also helps the individual in mingling with the prevailing culture and norms of the society. Fluency in the language of the region tends to remove the communication barriers and helps in getting one comfortable with his new surroundings. This kind of psychological aspect has also been facilitated from

Scene Analysis Essay Example | Topics and Well Written Essays - 500 words - 2

Scene Analysis - Essay Example However, Laizi’s quest for freedom leads the two into a frantic search for freedom in a world where it can be compromised by anyone. The film begins in a setting a town where a crowd is distracted from the frantic attempts by Laizi to leave the dojo. The director does not reveal the initial intention of Laizi and his desires if he gets the freedom. One of the key features about this film that make it outstanding is the wide use of Chinese tunes to create an atmosphere. The use of sounds and music makes the movie emotional, which is one of the features about the movie that helped it win the Cannes Palme dOr, making it to be the first and only Chinese movie to win the award. Douzi’s introductory scene is also very intriguing. Initially, Douzi’s mother takes her young boy to the master who refuses to accept him due to his disability, which is a polydactyly finger. His mother chops off the finger making a contract with the master on leaves that the master accepts her son. This scene is characterized by a close up of the camera shifting closer towards the finger being chopped off to create suspense and to achieve a more dramatic scene. Douzi and Laizi’s relationship grows and they become good friends for years. However, as was the initial case, Laizi influences Douzi to run away from the troupe, but they choose to return after attending a performance in the Perkin Opera. After Laizi’s death, Douzi is faced with countless challenges. For instance, the Eunuch Zhang sodomizes Douzi. However, the director avoids this scene only showing the initial attraction that the Eunuch Zhang had for Douzi and later revealing that the latter had been molested and was a little shaken by the situation. The director opts to eliminate the scene in which the Eunuch Zhang traumatizes Douzi to ensure that the film does not become too obscene. This form of censorship is common in most Chinese movies covering themes such as sex. The

Between White and Roberts Essay Example for Free

Between White and Roberts Essay Between the descriptive essay Once More to the Lake by E.B. White, and the narrative essay How to Say Nothing in 500 Words by P.M. Roberts I find the descriptive essay to be far more interesting to read for the way it is written appeals to the senses of the reader. Both essays, however, carry good merit and are written very well. The essay that is currently being presented is an interpretation of the similarities and differences between the styles of these two essays, and the impact they have on the reader as well. Among the major differences between the two essays is the way they are structured. In the essay â€Å"How to Say Nothing in 500 Words† Roberts uses nine different headings relating to the key elements of what he is writing about. He breaks down each component of what he considers to be good practices of writing with each section consisting of its own idea. He uses this method to present multiple ideas pertaining to the same general subject of the essay. Using headings to separate ideas and points is a good way to present information clearly, but it also gives a paper an impersonal and formal feeling that most casual or average readers do not relate to. In â€Å"Once More to the Lake†, however, White does not separate ideas into different headings. The story he tells in his essay progresses forward without being broken up into multiple ideas, and the general subject does not change throughout the essay in any major way. The entire essay reads like it is its own chapter of a book. It provides the reader with a fluent story from start to finish. Another large difference between these two essays is in the tone and language that the authors use. Roberts uses a mostly formal tone and language throughout most of his essay. There are a few places in which he uses mild humor to keep the readers’ interest, but his dry tone mixed with the subject his essay is centered on limits the effectiveness of his attempts. One such attempt at humor is where he speaks of a college  professor grading essays in the sentence, â€Å"As he reads paper after paper all saying the same thing in almost the same words, all bloodless, five hundred words dripping out of nothing, he wonders how he allowed himself to get trapped into teaching English when he might have had a happy and interesting life as an electrician or a confidence man.† (P.M. Roberts) He has a very dry sense of humor that leaves the reader wondering why he even makes the attempt at humor in many cases. White uses an informal tone in his essay, and uses language that appeals to the readers’ senses. He makes no attempts at humor in his essay like Roberts does, but he instead paints pictures of scenery with words in exuberant detail. The depth and detail with which he writes stirs the readers’ emotions and memories in the way he tells of his own memories. He takes the mind of the reader on a journey with him as he recounts memories of his childhood. The tone he uses is one that is somber and serious, but also quite casual. â€Å"Summertime, oh summertime, pattern of life indelible, the fade proof lake, the woods unshatterable, the pasture with the sweet fern and the juniper forever and ever, summer without end; this was the background, and the life along the shore was the design, the cottages with their innocent and tranquil design, their tiny docks with the flagpole and the American flag floating against the white clouds in the blue sky, the little paths over the roots of the trees leading from camp to camp and the paths leading back to the outhouses and the can of lime for sprinkling, and at the souvenir counters at the store the miniature birch-bark canoes and the post cards that showed things looking a little better than they looked.† (E.B. White) It is with the use of this kind of language that White fills the writing canvas, as well as the reader’s thoughts, with the detailed images of the surroundings of the lake. The subject matter between the essays by Roberts and White is yet another drastic difference. â€Å"How to Say Nothing in 500 Words† is an informative narrative essay about what to, and what not to do in the writing of a college essay. It is a strictly academic essay. It covers a number of points of what kind of language and ideas to use in a college level paper. The section of his essay that he names â€Å"Call a Fool a Fool† can easily be summarized as him trying to get across that one should say what they think of a matter regardless of what they think the instructor grading the paper or anyone else that might read it would think of what you have to say. He  basically states that if it is your opinion, then state it without worrying that it may offend anyone that may not share the same view. The subject matter of Roberts’ essay is a topic that only a college student would truly care to read about. The subject matter of the essay by White, however, is nearly as far in the other direction as you can get from Roberts’ essay about writing an essay about college football. White’s essay â€Å"Once More to the Lake† is about his visit with his son back to the same lake that his own father took him to every summer with his family while he was growing up. He describes in detail the changes that have occurred in the many years since he had been back to the lake, and the times he had with his family in his youth as well as the time he is spending there now with his own son. â€Å"Inside, all was just as it had always been, except there was more Coca Cola and not so much Moxie and root beer and birch beer and sarsaparilla. We would walk out with a bottle of pop apiece and sometimes the pop would backfire up our noses and hurt. We explored the streams, quietly, where the turtles slid off the sunny logs and dug their way into the soft bottom; and we lay on the town wharf and fed worms to the tame bass. Everywhere we went I had trouble making out which was I, the one walking at my side, the one walking in my pants.† (White E.B.) The way he describes and speaks of his surroundings and the small adventures that he and his son embark upon makes it evident that he truly cares about the story he has written, and that the entire compositio n is a nostalgic journey through his past and present. The feelings that he clearly has while writing his essay is something that nearly any reader can relate to. Now that the major contrasting points between the two essays have been presented we should move on to the similarities, but there are next to no similarities at all. The most prominent similarity between them is simply the fact that both compositions are considered essays. They are written in completely different styles on completely different subjects, and with a completely different reading audience in mind. It can be said, however, that both essays are properly written for their intended audience, and one could also argue that the essays are similar in regards to the fact that both essays give the reader something to think about after having read the compositions, but that would be reaching very far to find some form of similarity simply for the sake of being able to say that they are similar in some fashion. It is easy to say  that the two essays contrast in major ways, but it is not so easy to say that they compare in any significant way. The essays â€Å"How to Say Nothing in 500 Words† by P.M. Roberts, and â€Å"Once More to the Lake† by E.B. White are both well written, but the descriptive essay by White is the superior of the two for his use of easily understood descriptive language and the seamless flow of his ideas and thoughts on the paper making for an easy and enjoyable read. His essay is also written about a subject that nearly any reader can relate to in some way while the essay by Roberts is aimed more at a particular demographic. Roberts also uses a â€Å"matter of fact† kind of tone that if he had not introduced a dash of humor here and there throughout his essay would have made it too technical to keep the average reader interested enough to read the whole composition while the essay by White draws the reader in and leaves them wanting more. The essay â€Å"Once More to the Lake† by E.B. White is a timeless piece of literature that the writer of this essay strongly recommends to any reader. References Roberts, P. M. (n.d.). How to say nothing in 500 words. Retrieved from https://docs.google.com/document/d/1Gw_UcMT4u-ZSW7ZBN_RAMspZFex6o83oIbnvtuV-CM8/edit?pli=1 White, E.B. Once more to the lake. Retrieved from http://www.freewebs.com/lanzbom/EBWhiteLakeEssay.pdf