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Wednesday, July 31, 2019
Natl – the Cane Farmers
Case: â€Å"Nghe An Tate & Lyle Sugar Company (Viet Nam)†Question : Are farmers likely to convert to sugar cane ? The farmers who lived within 50 kilometers of the sugar mill are likely to convert to sugar cane in term of economic return and other benefits. – Economic return: Net returns to farmers per Hectare from growing Sugar cane is high. From Exhibit 9 with norminal cash flow of a crop life cycle ( 4 years), the total rerurn of one hectare is 6,900 (000’VND) and net present value is 3,841 (000’VND) with nominal discount rate 13. 3%/year.Compare to coffee and rubber, sugar cane need only one year to revenue. Compare with other crops ( pineapple, coffee, rubber †¦), Sugar cane can get highest economics from exhibit 10 as below: Unit: Dong per hecta | Sugar |Pineapple |Coffee |Rubber |Peanuts |Peanuts |Peanuts | | | cane | | | |and Maize |& peanuts |and Rices | |Number of years |420 |420 |420 |420 |420 |420 |420 | |Planting years |105 |140 | 168 |120 |0 |0 |0 | |Typical years |315 |280 |252 |300 |420 |420 |420 | |Revenue |2,835,000 |3,955,000 |4,536,000 |3,000,000 |2,856,000 |4,032,000 |4,080,300 | |Total Costs |2,110,500 |3,255,000 |5. 21,100 |3,097,500 |3,696,000 |3,864,000 |3,906,000 | |Total net return |724,500 |700,000 |-485,100 |-97,500 |-840,000 |168,000 |174,300 | |Return per year |1,725 |1,667 |-1,155 |-232 |-2,000 |400 |415 | | Note: 420 is lowest common multiple of crop life cycle (4,3,10,28) and assume that time value of money is ignored (no discount to present value). From exhibit 11, Net return from Cane also get highest net present value for period from 1998 to 2015 with nominal discount rate 13,3% per annum and opportunity cost of labor is $1. 0/day: NPV Cane +82,894; NPV pineapple +19,617; NPV coffee +2,438; NPV rubber -13,557, NPV combo A -34,515; NPV combo B +6,902, NPV combo C -2,158 (US$ in thousand). – Other benefits: One of three parts of NATL’s development plan is an outreach progra m to help local farmers to convert to cane production which means that their sugar cane will have more added value because cane production can sell with higher price and the farmers can use their products. The company expected to employ 725 people, provided n-house traning so many members of the farmer family can be come workers, educated ones can also become staffs. This will creat many good affects to the local farmers. The project would need roughly 300 lorries during the harvest season so some farmers can borrow money from local banks to buy new hauliers to transport cane to the factory. With many benefits as above, before converting to sugar cane the local farmers need to understand/know the risks of converting. The first risk is to avoid converting too much from the beginning of the project. The factory will reach full capacity by the 2002/2003 harvesting season, so for the period from 1998 to 2002, the numbers of hactares convert to cane need to increase arcordingly. – Second risk is related to the NATL’s complex payment system, with the first installment, approximately 75% of the total, would be made within 14 days of delivery and the rest would be made at the end of the season with adjustment for sugar content and market price.The local farmers seem to familiar with simple full payment upon delivery even though with lower price, many poor farmers can have enough cash for their daily life and no effected by adjustment with the old payment method. With these analysises, the famers will have much more benefits, some related risks can be considered and controlled so I believe that they will convert to sugar cane.
Is literature the expression of the human condition
Is Literature the Expression of the Human Condition Oh yes, is literature the expression of the human condition or is it not? Yes, literature is and for only one reason, Normans Conquest 1066. But also literature is recorders of history, recordings of time. Literature also a sequence of words, it can consist of all meanings, expressing the human condition, emotions, recorders, it defines life. The human condition is experiences of being human in a social, cultural, and personal context, it's an aspect of positives and negatives of being human.So forth, literature is shown in Death of a Salesman, where Willy is stuck in his wn past and everyone but him knows that. But like all humans, we all have dreams, hopes, and plans. â€Å"LINDA: He'll find his way. WILLY: Sure. Certain men Just don't get started till later in life. Like Thomas Edison, I think. Or B. F. them was deaf. [He starts for the money on Biff. †Goodrich. One of bedroom doorway. ] I'll put my Willy hoping that one day for Biff to be a famous salesman, like one of the best salesman out there, at the top with Thomas Edison, or B.F. or Goodrich. But both Linda and Willy knew that Biff would never be a major success in business, but even though they knew it, they still hoped and believed in him. The American dream was to be the number one, at the top better than everyone else and that's what Willy always wanted, he wanted to be the best, especially the best salesman. He was living in the past and ruining all hopes of ever becoming the best. He Just couldn't grasp on the fact that the future was coming sooner then he thought, and wasn't ready for it.CHARLEY: â€Å"Nobody dast blame this man. You don't understand: Willy was a salesman. And for a salesman, there's no rock bottom to the life. He don't put a bolt to a the law or give you medicine. He's a nut, he don't tell you man way out there in the blue riding on a smile and a ack†that's an shoeshine. And when they start not smiling earthqua ke. And then you get yourself a couple spots your hat and your finished. Nobody dast blame this man. A salesman is got to dream boy, it comes with the territory. Charley insisting that Willy a salesman and no matter he always will be, his dream will never die, and even when your salesman and it's not going the best it possibly can or you're not the best in the world there's no rock bottom. Also as you can see in Great Gatsby ,Literature is expressing that humans can be split by wealth The poor do their own thing, nave their own parties and hen the more wealthy class stay with their group and have their own events. But also in this book it prove one man's love for a women and how long and how far people are willing to go to prove their love.Well for Gatsby he Just never gave up on the girl of his dreams, he followed her, set up every moment perfectly, planned everything. â€Å"Whenever you feel like criticizing any one†¦ Just remember that all the people in this world havent ha d the advantages that you've had. â€Å"(l) In life, not everyone has the opportunities as others would get, so it's like that saying â€Å"Don't Judge a book by its cover. †Because if you are criticizing people Just off looks, or what you think they might be or what they might have done, you might never know, and maybe you would be wrong.You never know what some people have been through, until that day you learn how to go up to them and stop Judging and talk to them and find out who they really are. In humans we have the intensity to always Judge someone, will it be looks, wealth, personality, how they talk, or what they do. No matter where you go it's in the human condition that someone or everyone will Judge you, either it will be said to your face or in their mind. It's human nature for Judging, to also debate weather how we will get treated or act. â€Å"Gatsby's wonder when he first picked out the green light at the end of Daisy's dock†¦. is dream must have clos e that he could hardly fail to grasp it. He seemed so did not know that it was already behind him. †(182) Gatsby gets so close to the girl he's in love with, so close but yet so far. Emotions is one of the key part to the human condition, love can play a big role in life, it can take control over your mind, soul, heart, everything, it can be the best feeling in the world or it can be the worst. It can feel like heaven but hurt like hell. But if love didn't hurt or give the pain it gives then there would be no reasons to come back to it.Or to keep falling in and out of love. In The Adventures of Huckflnn, Huck lies throughout the book, but in some cases it's for the best, to either save himself or someone he cares about. But it's like Truth vs. Lies vs. Life and death, for example â€Å"Honest, I'll tell you everything Just as it happened, your majesty. The man that had a-holt of me was very good to kept saying he had a boy about as big as me that he was sorry to see a boy in such a me, and ied last year, and dangerous fix; and when they was all took by surprise by coffin, he lets go sure! finding the gold, and made a rush for the of me and whispers, ‘Heel it now, or theyll hang ye, and I lit out. It didn't seem no good for ME to stay†I couldn't do nothing, and I didn't want to be hung if I could So I never stopped running till I found the canoe; told Jim to hurry, or theyd catch me get away. and when I got here I and hang me yet, and said I was afeard you and the duke so was Jim, Jim if I 55) wasn't alive now, and I was awful sorry, and and was awful glad when we see you coming; you may askHuck is lying to save himself, but also he got lucky that the man that was holding him, his son died that year and was around his age and height, but it reminded n of his son. The man felt sorry for Huck, that he was in such a dangerous fix, so when the man got a chance to let Huck run, he did. The human condition, is like when we get a chance to lie we u sually take it, Just as long as we get what we want, Just put words together and make it into sentences that people want to hear, but it's all bull shit.An nice over being a asshole, out in the world there are mainly assholes, but ho can really blame them since if your too nice you get taken for granted. In Winesburg Ohio, literature is expressed through many of ways, in all of the short stories. In â€Å"Hands†a guy uses his hands to talk but he got kick out of his home town for doing that, for the town people thought he wasn't the same as them, and they didn't like people who where different, they wanted everything the same everyone the same. The coming of industrialization, attended by all the roar and rattle of affairs, the shrill cries of millions have come among us from overseas, trains, the growth of cities, of voices that he going and coming of the building of the interurban car lines that weave in in and out of towns and past farmhouses, and now these later days the coming of the automobiles has worked a tremendous change in lives and in the habits of thought of our people of Mid- America. â€Å"(56) Urbanization and travel have changed America, as the humanity started to change so did movement, traveling, and more to advance into the future.Making life easier, but in Winesburg Ohio, towns were full of one type of people because if you were different they would either run you out of the town or end up killing you, having someone different then veryone else Just wasn't common for them. Going on, Narrative of the Life of Frederick Douglass, as a slave suffering was a daily thing, and white folks were stupid for insistence†¦ â€Å"l have often been utterly astonished, since I came to the north, to find persons who could speak of the among slaves, as evidence of their It is impossible to singing, contentment and happiness. conceive of a greater mistake.Slaves sing most when they are most unhappy. The songs of the slave sorrows of his heart; and he is relieved represent the by them, only as an aching heart is relieved by its often tears. At least, such is my experience. I have sung to drown my sorrow, but seldom to express my happiness. Crying for Joy, and singing for Joy, were uncommon to me while in the Jaws of slavery. alike The singing ofa man cast away upon a desolate considered as island might be as appropriately evidence of contentment and happiness, as the singing of a slave; the songs of the one and of the prompted by the same emotion. (2. 9) other are The white folks that seen the slave singing songs, and dancing thought that they were happy, but never really understand that they were hoping for slavery to stop, to be free. Every man and every women should have equal rights no matter what color black, white, yellow, blue.. ect. All humans are equal that how God made us, Just because some are better in other things than others, doesn't make them less human or equal, slavery could work either way. So why put yo urself in a position that you wouldn't want to be in, in the first place.The Things They Carried, as literature is the expression of the human condition, it can be a not so pretty site at time. Life's already like a war, it's like the battlefield of life, but then to add to it, we got the most horrible thing know to mankind â€Å"war. â€Å"When I'm out there at night, I feel close to my own body, I can feel my blood moving, my skin and my everything, it's like I'm full of electricity fingernails, and I'm glowing in the dark– I'm on fire almost–l'm burning away to nothing–but it doesn't matter because I know exactly where I am. (1 1 1) War can change all aspects of a man, it's one of the most burial things in this world and watching with your only two pairs of eyes. We all have our own limits, till we finally break, and watching as your comrades or one of your best friends get shot, either critically injured, or to point they die. Will always change someone, c hange their life forever, war is not something to Joke about as are men fight for our safety and for us, we sit back at home living our life, like nothing going on. I'm skimming across the surface of my own history, moving fast, riding the melt beneath the loops and spins, and when I take a blades, doing high leap into the dark and come down thirty years Timmy's later, I realize it is as Tim trying to save life with a story. â€Å"(246) In this quote it shows what people really would do to save someone life, because one life can make a big differences. But Literature is the expression of the human condition, for life is something worth wild, as words have all different kinds of meaning they all can be inter twined with each other, which can tell stories and which makes history as we know it.
Tuesday, July 30, 2019
Psychiatric Nursing: A Guide to DSM-IV-TR Multiaxial System Essay
Introduction            The heart of the DSM-IV-TR system is the multiaxial format that uses five levels or areas to perform a thorough diagnosis. This system recognizes the complexity of diagnosis and the interrelatedness of many factors that are components of a mental disorder diagnosis. The multiaxial system generally takes into account psychological, physical, internal, external, developmental, and social factors. The five axes that make up the system are as follows:            Axis I: Clinical Disorders – other conditions that may be a focus of clinical attention            Axis II: Personality Disorders – Mental retardation            Axis III: General Medical Conditions            Axis IV: Psychosocial and Environmental Problems            Axis V: Global Assessment of Functioning Axis I: Clinical Disorders and Axis II: Personality Disorders and Mental Retardation            Axis I and Axis II are the key components of the multiaxial system and are used o record the 340 disorders in the classification system. The distinction between the two axes has a historical basis. Axis I is used to record what in the past were viewed as neuroses and psychoses, and Axis II is used to record what were referred to as character disorders. Neuroses were considered deficiencies and limitations that could impair, but not chronically alter, almost al areas of functioning and could be effectively relieved with intervention. Character disorders were viewed as long-standing defects ingrained in the developmental process of childhood that caused major, lifelong dysfunction in most aspects of life and were not generally amenable to treatment. This is most likely why payers consistently reimburse clinicians for Axis I disorders and not Axis II disorders, since Axis I disorders can be changed through intervention, whereas Axis II disorders are unalterable, and paying for treatment of intractable disorders is an inefficient use of funds.            In the existing system, Axis I is used to trace clinical disorders in the foremost section of DSM-IV-TR, in addition to other situations that may be a focus of clinical awareness. Axis II is used for reporting personality disorders and mental retardation. A separate axis is included for personality disorders and mental retardation to ensure that they are not overlooked, since Axis I disorders are more evident during an assessment. Axis II can also be utilized to record maladaptive character features and protection methods. Personality features and defense mechanisms are recorded without codes. Axis III: General Medical Conditions            Axis III is used to record coexisting physical disorders that may be associated with a mental disorder or may be independent of the mental disorder but related to its treatment. These conditions are classified outside the â€Å"Mental Disorders†.            Universal medical circumstances can be related to mental disorders in a diversity of traditions. Sometimes, it is obvious that the broad medical situation is frankly etiological to the expansion or deterioration of mental indications and that the method for this outcome is physiological. In cases of a mental illness that is diagnosed to be an outright physiological outcome of the overall medical circumstance, a Mental Disorder Due to a General Medical Condition must be identified on Axis I and the overall medical state must be documented on both Axis I and Axis III.            Such situations in which the etiological correlation involving the universal medical state and the mental signs is inadequately comprehensible to demand an Axis I finding of Mental Disorder Due to a General Medical Condition, the suitable mental illness should be recorded and coded on Axis I; the overall medical state must be only be coded on Axis III.            In a case where a person has over one clinically pertinent Axis III finding, all must be documented. If no Axis III abnormality is there, this must be designated by the information â€Å"Axis III: None.†If an Axis III diagnosis is postponed, in the course of the gathering of supplementary information, this must be designated by the information â€Å"Axis III: Deferred.†Axis IV: Psychosocial and Environmental Problems            Axis IV is for documenting psychosocial and environmental troubles that may have an effect on the judgment management, and prediction of mental disorders (Axes I and II). Any life events can trigger, worsen, or perpetuate mental disorders. Axis IV encourages clinicians to consider factors that may be critical in the overall management of the patient.            Typically, the stressors are restricted to those that have occurred in the past year. However, long-standing, chronic, or severe problems that occurred many years in the past that still have an enduring influence are also recorded. Psychosocial and environmental problems that become the primary focus of clinical attention (usually in the absence of another psychiatric diagnosis) are recorded on Axis I. Axis V: Global Assessment of Functioning            Axis V allows you to judge how well your patient has been able to function at work, in social relations, and during leisure time. This assessment is doe by using the Global Assessment of Functioning (GAF) to rate your patient’s level of functioning at the time of the evaluation, and you may also want to rate his or her highest level of functioning for at least a few months during the past year. The patient’s current level of functioning will generally reflect his or her need for treatment, and the highest level of functioning in the past year is likely to have some prognostic significance, because patients often return to their previous levels of functioning after an episode of illness.            You will want to consult DSM-IV to determine how to evaluate your patients’ situations with respect to psychosocial stressors (Axis IV) and global assessment of functioning (Axis V). In many health care facilities, the use of Axis IV and Axis V is optional. References: McDonald, J. J., & Kulick, F. B. (2002). Mental and Emotional Injuries in Employment Litigation (2nd ed.). Washington DC: BNA Books. Munson, C. E. (2001). The Mental Health Diagnostic Desk Reference: Visual Guides and More for Learning to Use the Diagnostic and Statistical Manual (DSM-IV-TR) (2nd ed.). New York: Haworth Press. Â
Monday, July 29, 2019
Bond Market Indexation Strategy Essay Example | Topics and Well Written Essays - 250 words - 1
Bond Market Indexation Strategy - Essay Example of returns, inflation protected securities are mainly government issued bonds whereby the inflation is adjusted according to the principal on each bond (Pistolese Clifford, 16). Protection of inflation is the major motivation for investing in IPS either in a global basis or single market. Moreover, there is an enhanced alpha potential and diversification in a global approach to inflation protected security. Pistolese Clifford added that, inflation pressure comes as a result of many sources that exist in both local and global economies (16). But traditional bond are not regarded as inflation adjusted. Inflation can therefore reduce the return of investment of traditional equity as only some inflation percentage may be considered through equity returns. In conclusion, not only global IPS protects against prolonged inflation demands but also improve alpha potential as well as diversification to global bond
Sunday, July 28, 2019
Qualitative analysis of FedEx and UPS Essay Example | Topics and Well Written Essays - 2750 words
Qualitative analysis of FedEx and UPS - Essay Example Qualitative analysis of FedEx and UPS. In this report, the performance of both the companies is reviewed in terms of management structures, business operations, work culture, company’s mission and vision statements, responsibility towards the environment and community, strategic moves, ability of facing the challenges and strategies implemented to gain competitive edge. With the help of these factors, worthwhile information has been gained that provided sufficient data about making a wise verdict about investment. FedEx supersedes UPS UPS has been the market leader in the industry for decades but it faced strong competition from FedEx’s e-commerce strategy that revolutionized the way in which packages, letters and other items are delivered worldwide. FedEx developed the concept of highly efficient and valuable logistics and delivery system so that the customers are provided easy access to the details of their packages. UPS introduced an innovative service â€Å"Supply Chain Logistics Services†to regain its lost market share from FedEx. Both corporations are always in the state of tug of war and try to supersede other by exceeding the expectation level of customers. FedEx shares are attractive than UPS FedEx management structure along with other aspects of business operations highlight that the organization has an integrated and well-developed logistics system supported by flexible and innovative work culture which will ensure that the company is able to sustain its position in the market for long time. Since FedEx has a bright outlook, the company should purchase its shares and reap the benefits of investing the capital in a profitable stock. FedEx versus UPS (Delivery and Logistics Industry) The delivery and logistics industry is growing by leaps and bounds and customers these days are looking for the companies that can provide the fastest delivery of parcels, packages, documents and goods around the world. As a result of the emergence of Internet technology, the players of this industry have started their online businesses so that the customers can have access to detailed information about the status of their orders with utmost ease. Businesses that have an online presence are gaining many customers worldwide. Customers are becoming knowledgeable and they search for websites for any organization they come across, hence having an online presence such as the organization’s website is extremely important for all organizations. Shopping or having online services is easy and convenient for the customers and hence some customers prefer online shopping to a very large extent. In today’s world, the logistics world has become popular and an integral part of many corporations as they allow them to undertake their global transactions easily and conveniently (Ellis, 2010). Every player in the respective industry has received huge amount of popularity and there is a lot of publicity about the attitude of the indus try towards the efficient working systems in the sector so that they can provide quick service to the customers. The players have even taken considerable steps for highlighting the fulfillment of their Corporate Social Responsibility (CSR) promises that are proving to be beneficial for the society as a whole (Li et al., 2006). Becoming an organization that is socially responsible is extremely important in the business world today as customers develop a positive image for the organization that has corporate social responsibility in them. Brief Background of FedEx and UPS Frederick W. Smith started the Federal
Saturday, July 27, 2019
Movie Scene Research Paper Example | Topics and Well Written Essays - 750 words
Movie Scene - Research Paper Example He was afraid and worried for walking alone at this time of the night with so much money in his bag. There was certain type of uneasiness in his movement. Rain and alcohol made his vision blurred he was unable to see distant objects. Joey was almost ten steps away from his vehicle, when he suddenly heard screeching of wheels, and within a blink of an eye, a black SUV stopped in front of him. The doors of the car opened, and three well suited Chinese men stepped out of it. Joey knew all the three men from poker table. They were here to take away Joey’s winnings for this night, which they had lost to him earlier that night. Joey, who was already drunk, could not show any resistance to their assault, and he was on the ground with a few blows. Two of these men went back into the car, while the third one stood there and took three gun shots at their prey; he did not left Joey’s body, until it stopped responding. SUV disappeared into the dark, while Joey’s blood flowed along with runoff. The next time when Joey opened his eyes, he was in the ambulance, there were two female paramedics around him, while still half unconscious. He could listen to female voices around him, one of them was going through his wallet for his identification, she called out Joey’s name, his weight an height. After that Joey got lost, he saw his past rewinding in his mind. He recalled his assault with the Chinese gangsters, and the way called him â€Å"Gweilo†, which means white man. By putting more stress on his mind, he was able to discover the reason for his violent encounter with Chinese. It was the money that he had won from them, and they have come back to recollect their wealth, and they believed that he was a wicked American who tricked them in game of cards. He knew how to play poker, and he was best at it when he was drunk. He had memories of his uncle Franco, who taught him, tricks of how to win at poker table. Franco was probably
Friday, July 26, 2019
Public lnternational Law Essay Example | Topics and Well Written Essays - 2250 words
Public lnternational Law - Essay Example This paper will revolve around the international law. As defined in the article, international law refers to a body of legal rules, regulations, and acceptable practices by countries, international organizations, and people worldwide. It involves norms by which people interact with one another and with other citizens of different countries. Traditionally, the international law dealt with the conduct of states and international organizations (Kelsen, 2003:122). However, in the recent decades, individuals, transnational corporations, and non-governmental organizations are becoming increasingly active in global affairs, and their operations are too relevant to international law. The international law has two basic types, public and private international laws. As stated, public international law deals with relationships among nations or between a nation and an organization or people from different nations. One the other end, the private international law deals with disputes and conflicts between citizens from diverse countries or businesses form different nations (Aust, 2010:1-4). Presence of certain courts and bodies such as the United Nations Security Council facilitate the implementation of the activities of international law since they have the power to decide cases concerning the international law. Is international law good or bad? According to Slomanson, international law is good and essential to nations and individuals. This is because; international law provides bases of peace, harmony, and corporation. Therefore, individuals and nations are able to maintain relations in both local and international levels. The same way men and women could not co-exist peacefully in a society without laws to regulate their conduct the same way nations could not. In addition, international law is necessary since avails conventions used for regulating state conduct. It also impinges on state sovereignty by creating new structures vital for regulating cross border relations. I nternational law forms limitations regarding the sovereignty of member states by establishing principles that control the global relations, which compete with the core realistic principles of sovereignty and anarchy (Slomanson, 2010:195). Since it is an agreement and tradition signed by the subscribed member states, its authority and control are strong. Relationship between international law and municipal law Municipal law and international law co-relate in the manner that, each has mandate over a particular area of jurisdiction. The national law regulates behaviors of individuals in a state while international law deals with behaviors of states and the external relations of the states’ foreign affairs. According to Black public international law, there is a divergence of opinion on the question as to whether international law and municipal law on the various national laws can be said to form a unity being a manifestation of a single conception of law or whether the IL consti tutes an independent system of law essentially different from the municipal law. However, there is a difference with regard to the substance of the law between sovereign states in as much as municipal law governs individuals while international law controls the relationship among states whereby states arrive at it through signed agreement between them. Therefore, as regards competence,
The Future of Psychology Paper Essay Example | Topics and Well Written Essays - 750 words
The Future of Psychology Paper - Essay Example The last two decades of the century saw the recognition of psychology as not only a science but also as a practice. Thus, contemporary psychology is loosely defined as the study of behavior and all other underlying mental phenomena, reflecting a wider and more integrated, interdisciplinary body of science (APA Monitor Online, Vol. 30, #11, Dec. 1999). Finding its place in contemporary society which has likewise kept evolving, psychology as the world knows and embraces it today has taken the form of self-help, advices, and of concepts like the enneagram, â€Å"inner child†, â€Å"left/right brain†, among others. This is what is categorized now as popular psychology or pop psychology. By definition, popular psychology deals with concepts and theories pertaining to human mental life and behavior that are claimed to be psychology-based. These easily become popular among people because they provide easily-understood explanations that are not known before, and they present theories that are specifically addressing very personal and pressing issues like marriage relationships, parenting, the whys and how-to’s of things. In other words, they offer comprehensible explanations for interesting issues in a manner that even ordinary housewives, teenagers, everyday folks can easily accept and digest. The proliferation of self-help books as part of pop psychology has been a growing industry. An example and the most successful self-help book is â€Å"The Road Less Travelled†by M. Scot Peck, which presents psychology-based explanations about very interesting subjects in life, like love, marriage, parenting, self-growth and development. With the success of this book, several others have followed suit, thus â€Å"how-to†and â€Å"why†books about almost anything that interests the human mind are available. Although they provide better understanding of things, presenting easy-to-digest explanations with basis on psychology, these self-help books also present potential
Thursday, July 25, 2019
The time machine ch5-8 summary Essay Example | Topics and Well Written Essays - 250 words
The time machine ch5-8 summary - Essay Example (Wells 5) Time Travelers is aware that there should be properly investigated the Morlocks, though he doesn’t since they are disgusting. He doesn’t go underground through the exploration of the surface. Weena was annoyed when she realized on what was happening. Time Travelers feels soft hand of Morlock touching him which in a way jolts him. He then follows the tunnel and finds full of a caravan machinery. He is not worried by the feeling of blood. (Wells 6) The chapter presents Time Traveler thinking about the meat as seen underground. He walks to the Palace Green Porcelain with Weena. As he walks, he packs the office with flowers. As they walk the place is far and at night they decide to take a night at the hill. In this chapter, he realizes that the concerns of the human being are small and that the history of human being is easy to wipe. (Wells 7) As they reach the palace, they are reminded of the museum and they explore it as they tend to get tools to help him in getting the Morlocks. He gets weapons and now feels he is ready to kill some Morlocks. He walks and finds the weapon section though he is a bit disappointed as he realized that all the guns are rusted. There is also a presented room which is full of idols and statues and therefore he caves his name on it. (Wells
Wednesday, July 24, 2019
Measurement of the Effects of Abstinence from Tabacco Research Paper
Measurement of the Effects of Abstinence from Tabacco - Research Paper Example Such an all-encompassing impulse commenced as a reaction to the radical behaviorism of Watson, Pavlov and Skinner. The latter had boasted that any and every behavior could be learned or â€Å"extinguished†by applying the principles of operant conditioning alone. Behaviorism failed as a universal paradigm because it could not account for resilience, motivation and altruism, among others. Humanistic psychology emerged as a return to the inward-looking thrust of the great pioneers of psychiatry (e.g. Freud). Subsequently, discoveries in neurology and biochemical psychology led to the other extreme of viewing human dysfunction as singular or cascading biochemical phenomena. Following that line of reasoning, any source of discomfort or disequilibrium should be treated forthwith with the appropriate drugs. Hence, even â€Å"childhood hyperkinesis†, the other term for ADD, was routinely treated with psychoactive drugs such as the CNS stimulants Methylphenidate/Dexmethylphenid ate, the high-risk norepinephrine reuptake inhibitors, and amphetamine derivatives (Zieve & Berger, 2011), the latter classed by the Drug Enforcement Administration as Type II addictive substances. Such an aggressive approach has been called into question, partly on the grounds that long-term drug use fail to reverse depressive states in adults, for example, and the observed bias for referring male pupils as so rowdy that they â€Å"must be†afflicted by chronic ADD (Sciutto, Nolfi, & Bluhm, (2004). In 1970, Howell, Huessy and Hassuk (1985) embarked on a longitudinal study that followed a cohort of school children for the next decade-and-a-half. That rigorous research design, which produced the data set subject of this paper, aimed to strengthen construct validity. If it could be shown that children who scored high on an ADD screening study instrument also had adverse outcomes in point of academic achievement, grade point average, dropping out of school, social adjustment, an d failing to graduate from high school despite controlling for intelligence, then it could reasonably be concluded that ADD was a crippling condition and not just a transient phenomenon in child development. Method Participants (ALREADY WRITTEN IN STUDENT DRAFT) Procedure (DITTO) Measures (DITTO) Results Descriptive Statistics Tables 1 and 2 (below) show, first of all, the variables that have to do purely with participant profiles for gender and IQ, from the Howell, Huessy and Hassuk (1985) data set of 216 students. Table 1 Descriptive Statistics for Gender Descriptive Statistics: GENDER N 216 Range 1 Sum 316 Mode 1 Median 1 Mean N.A. Std. Deviation N.A. N.A. = Not applicable because nominal-type variable. Table 2 Descriptive Statistics for IQ N Valid 216 Missing 0 Mean 102.35 Std. Error of Mean .854 Median 103.00 Mode 95 Std. Deviation 12.558 Range 82 Sum 22109 Figure 1: Distribution of IQ Scores We next examine the descriptive statistics for the criterion variable, ADD scores. Tab le 3: ADD-like Behavior Score (Mean of 3) N Valid 216 Missing 0 Mean 52.8480 Std. Error of Mean .71118 Median 53.0000 Mode 51.67 Std. Deviation 10.45221 Range 52.00 Sum 11415.17 Percentiles 10 39.2333 20 42.8000 25
Tuesday, July 23, 2019
Adaptive Strategy and Business Sustainability Essay
Adaptive Strategy and Business Sustainability - Essay Example The changes in the environmental conditions necessitate changes in the strategies made. The adaptability to the environment changes is essential for the stability of the operations. The environment or the environmental changes provide opportunities as well as pose threats. The opportunities and the threats are analyzed in relation to the strengths and weaknesses in the system and organization. The key features of the Burgelman’s 3 stage model deals with the adaptive strategies which are useful in understanding the process and dynamics associated with the strategic decision making in an increasingly fast paced business environments. The ANZ Banking Group Limited is a leading company in banking and financial service sector in Australia and New Zeeland. To lend focus to the study, we have considered all the recent major developments in the operations of the company in relation to application of the conceptual framework. The main arguments are related to application of technology in the business and expansion activities of the company which have direct impact on the growth. Based on the analysis and assessment, conclusion is arrived at as to how successful the organization has been in decision making by applying the conceptual frameworks associated with induced and autonomous strategy and other features of the model. Failure to adapt to the developments in the technological front in the initial stages has been rectified through strategic management decisions later. However, its expansion strategy is not in the right direction and needs to be reoriented. Based on the analysis, it is recommended that the expansion activities should not be restricted to a particular region by stating reasons for the proposal. The company’s expansion strategy focusing mainly on Asian countries needs to be revisited as it should be on global basis. Adaptive Strategy and Business Sustainability – A Report on Rational and Adaptive Strategy Table of Contents Introducti on 3 Burgelman’s Strategy Dynamics Model 4 Economic environment 5 Technological innovations 7 Introduction of new products and services 9 Customer relationship Management 10 Political and Social environment 10 Human Resources Development 11 Stakeholders’ interest 12 Other factors 13 Leadership qualities 14 Culture of the organization 14 Corporate social responsibility 14 Adaptive strategies 15 Latest developments and growth 16 Managerial discretion 18 Internal control 19 Conclusion 19 Recommendations 20 References 22 Appendices Appendix – I 25 Introduction Strategic decision making is complex in nature and there are several environmental factors required to be taken into account in the formal decision making process. In the framework called as evolutionary organization theory, decision making towards adaptive strategy relevant to stakeholders, requires the conceptual understanding of the environmental changes that are continuously taking place. This enables the management to evolve conceptual framework incorporating autonomous initiatives and other relevant features for applying an appropriate model. Strategic planning in any setup is a dynamic process and it is susceptible to alterations or modifications in tune with the environmental factors which could be internal or external.  â€Å"While process research proliferated into a diverse field, its founding concern was to confront the rational actor model or choice perspective, with a more collective and socialized view of strategy making†(Schmid et al, 2010, p. 146) The strategies of adaptability for operations in tune with the changing conditions in the environment give stability to the enterprise. In this paper the application of strategy,
Monday, July 22, 2019
Federal Transportation Budget Essay Example for Free
Federal Transportation Budget Essay What is the structure of the Federal Transportation Budget? Since 2001, in the Department of Transportation, the government administration worked closely with Congress to develop a reasonable budget plan that would enact a responsible reauthorization of The Department of Transportation’s highway and public transportation. Also, the highway safety programs were included that allows for the states to have more flexibility and raises more money and pinpoints the most important areas that need attention, such as mobility and safety.            The President’s budget for transportation support efforts in developing the Next Generation Air Transportation System which will meet the demands for airspace capacity. This budget also covers funds for intercity passenger rails at a rate that will convince Amtrak to take action in reforms and control the spending. (CBS News, 2007) CBS News reports that â€Å"More funds will now be distributed to pay for highway many safety programs and changes which was recently-enacted by the surface transportation reauthorization law.†Since 2001, The Department of Transportation has aided in stabilizing the airline industry, after the September, 11, 2001 attacks from terrorists.            The Federal Budget for Transportation was designed to cover the most important issues dealing with transportation issues. The Budget of the United States Government displays a chart that lists the amount of money allotted for transportation. (FY07 Budget, 2007) under the title â€Å"Transportation.†                                              Reference Page Transportation Allotments.(2007). Federal Budget 2007. Fiscal Outlook. CBS News. FY07 Budget. GPO Access. (2007). Department of Transportation. Budget of the United          States Government: Browse Fiscal Year 2007.
Sunday, July 21, 2019
Strategic Plan Part Ii Swott Analysis Business Essay
Strategic Plan Part Ii Swott Analysis Business Essay Starting a new business or company the owner must have a strategy plan that focuses on the companys strengths, weaknesses, opportunities, before opening the doors. Understanding the business SWOTT will help the development of the strategy plan and prepare for any unexpected problems that may occur within the internal and external environment. A SWOTT analysis particularly will allow Jeans rare find books, to audit, plan, and focus on key issues that come up in the business. External Trends Janes rare find books consider and selected the economic forces, competitive analysis forces, competitive external forces, and technological forces for the external analysis. . Competitive analysis Rays books, and Blakes wholesales books warehouse are the market competitive analysis focuses on the companys (Jeans rare find books) competitors has decreased. Blakes wholesale books warehouse controls 20% of the market and Rays books control 10% of the market. Jeans rare find books have computer kiosks set up throughout the store, which give them the competitive advantage over the competition. Selecting a book can be done with the touch of a button that will give a history of the book, first and last owner, and where the book is located. In addition, the store will have programs set up for high school and college students alike that will enable them to rent out available books using his or her school code, and students identification at a price that fits his or her budget. Strength: Offering rare books people cannot find, availability of signed, and first edition books of rare authors who people or individuals have not seen in years. Weakness: Opportunities: The ability to advertise and connect with people looking for a book. Threat: Larger store better technology Trends: The trend shows improvement and the ability to change and move forward. Economics Economics facilitates the decision making in the business considering the cost of products and services. Economic factors concern the nature and direction of the economy in which a firm operates. Because consumption patterns are affected by the relative affluence of various market segments, each firm must consider economic trends in the segments that affect its industry (Pearce Robinson, 2009, p. 94, Para 3). Strength: Good economic conditions increases, the budget, and improve the shareholder confidence. Weakness: fluctuation in economic conditions weakens and affects the companys operations. Opportunities: A boost in economic growth helps the expansion, and growth of the company. Threats: Slow tourist season affect the business. Technological forces Knowledge in technology helps a business in the daily process on filing documents, receiving suppliers, helping staff members, and customers. The correct knowledge of technology decreases the day-to-day business processing of paperwork. According to Pearce and Robinson, (2009) a technological development may have an unexpected result on a companys environment. It may produce refined products or greatly shorten the expected life of a production facility (p. 98, Para 6). Strength: Good technological skills help in operating a day-to-day business. Weakness: technological breakdown of computer systems can put a business on whole causing loss of profits and customers. Opportunities: The advance and upgrades of new technologies today will make it easier to track merchandise in less time and will help satisfy suppliers, and customers. Threats: The use of old and outdated technology systems will reduce the satisfaction, demands of suppliers, and customers thereby losing cash flow. Trends: Technological advancement enables the company to create an atmosphere customers appreciate, and expect without outside interference. Internal Forces and Trends Strengths and weaknesses internal analysis targets internal factors, which supplies a business advantages and disadvantages in meeting the needs of its market (My Strategic Plan, 2010). Businesses examine internal operating trends for less expensive ways to control business. Outsourcing unnecessary business performances or using the Internet to create sales is ordinary classes of internal trend (Vitez, n.d.). The selected internal forces and trends for the Jeans Books are culture, and resource. Culture Culture is a force and trend that includes business related social culture, and diversity within the workplace. Businesses that efficiently establish an internal culture based on common support, respect, and teamwork will recognize increased output and a better focus on customer service (Richards Media, n.d.). Strength: Diversity helps in reaching the competitive advantage as it serves in sharing beliefs, morals, and behavior that boost the businesss image. Weakness: Old culture or unfavorable culture of the business reduces the idea of business expansion. Opportunities: In todays work environment the company can easily grow and increase its market share offering new ideas on selling books within publishing industry Threats: A company without diversity may affect the business processing. Trends: Diversity, developing a business environment with a diverse group of people and individuals the company will have more value in the market Resources Resources from different publishing houses from around the country and overseas will generate more business for the company, and boost a loyal customer base. Strength: Connecting with the customers, having the right book for the right customer Weakness: Delays and unattainable recourses; competitors using similar concepts to sell books. Opportunities: To collaborate with publishing house from around the world. Threats: Competitors using similar concepts to sell books Trends: Young adult books, and children books. Issues and Opportunities The issues and opportunities regarding internal and external environmental analysis reflect respective issues and opportunities for Jeans Rare Books, new to the publishing industry. Advancement in technologies is the first major issue that forces the company to carry out the technology as per the customers current demand in this business environment. The highly competitive market will be good practice for Jeans rare find books company to implement a strategy plan that meets the needs of both the company and the stakeholders. SWOTT analysis looks at the issues and the opportunities that Jeans Rare Book Company will. Opportunities and resources from publishing companies will help business expansions increasing market shares and promotes the business toward growth and success. The most common use of SWOT analysis is as a logical framework guiding discussion and reflection about a firms situation and basic alternatives. This often takes place as a series of managerial group discussions (Pearce Robinson, 2009, p. 160, Para 3). Circumstances and Importance Classification Circumstances vary in the workforce; consider technological advancement the business may have issues with various changes and upgrades involving computer systems. Various changes and upgrades involving computer systems is very important for a new business, such as Jeans Rare Books to have a solid strategy plan in place. The company can get a clearer understanding of the weaknesses, threats, strengths, and opportunities to satisfy the customers demands. SWOTT is commonly used today in businesses across the country. It is a good practice, and learning point for a new business like Jeans rare find books to implement their long-term goals for the company. External Factors Factors Strength Weakness Opportunity Threat Trend Economic Cuts down on tax burden Fluctuations in economic conditions Expansion and growth opportunities Economic turnover Regular phenomenon that affects the long-term business performance Technological Helps run day-to-day operations Problems in technology create slow down in work Improved customer relations Reduced satisfaction level of customers Promotes company to furnish service is efficient way Facilitates in effective strategy formulation Lack of vital information Easy competition with the competitors Unable to concentrate on other requisites Conduct at quarterly periods Internal Factors Resources Availability helps to achieve goals in cost- effective way Delay of resources can cause harm to business Adequate allocation can attract more customers Unavailability can result in losses to company because of supply and demand Culture Good business cultures helps in reaching competitive advantage With modern staff company can grow easily and attract business Different cultures could affect day-to- day business In todays businesses much, consideration is given to cultural environment. Availability to a younger market
Significance of Pharmacovigilance for Drug Safety
Significance of Pharmacovigilance for Drug Safety AIM: To present an overview on the pharmacovigilance practice and realize the significance of pharmacovigilance in envisaging drug safety and efficacy To decisively appraise the pharmacovigilance findings of the anti-diabetic drug Avandia INTRODUCTION AND BACKGROUND INFORMATION: The World Health Organization defines pharmacovigilance as â€Å"The science and activities relating to the detection, assessment, understanding and prevention of adverse effects or any other drug-related problem†.9 THE NEED FOR PHARMACOVIGILANCE: Primarily let us understand the need for pharmacovigilance. It has been long debated that the data from animal experiments is not completely worth of extrapolation. The differences in their metabolic pathways, resistance to drugs and various other factors, the pharmacokinetics and dynamics of drugs tend to vary within species to species as well. Extrapolating such statistics from animals to humans though necessary is not foolproof. Additionally, the clinical trial environment is extremely controlled. The patient population, however large, is not a good representative of the general global population. The number of patients is limited. Owing to these facts, an adverse effect, which would occur in one in ten thousand or so, is very unlikely to arise within the restrictions of the clinical trial atmosphere. Moreover, in a real life situation the patients using the drug are likely to have other diseases, consuming other drugs and with different genetic make-ups. Accordingly arises the urgent need for better pharmacovigilance practices. The importance of identifying rare and serious adverse effects of drugs that have remained secret during the course of the clinical trial cannot be ignored. THE STEPS IN PHARMACOVIGILANCE: Spontaneous reporting and prescription event monitoring: Spontaneous reports and prescription event monitoring include reports of adverse effects of drugs to sponsors, CROs or regulatory authorities, reported by patients, nurses, doctors and other healthcare professionals and consumers. The above process is streamlined with the help of global and countrywide structured programs to accelerate the practice and facilitate consumers to testify an adverse effect. Example: the National Pharmacovigilance Program in India. All events that are serious (as defined in ICH-GCP), unexpected, unlabeled, additional efficacy and lack of efficacy should be promptly reported. An incoming report is called as a case report. FDA has defined certain characteristics of a good case report. They are as follows: â€Å"1. Description of the adverse events or disease experience, including time to onset of signs or symptoms; 2. Suspected and concomitant product therapy details (i.e., dose, lot number, schedule, dates, duration), including over-the-counter medications, dietary supplements, and recently discontinued medications; 3. Patient characteristics, including demographic information (e.g., age, race, sex), baseline medical condition prior to product therapy, co-morbid conditions, use of concomitant medications, relevant family history of disease, and presence of other risk factors; 4. Documentation of the diagnosis of the events, including methods used to make the diagnosis; 5. Clinical course of the event and patient outcomes (e.g., hospitalization or death);5 6. Relevant therapeutic measures and laboratory data at baseline, during therapy, and subsequent to therapy, including blood levels, as appropriate; 7. Information about response to dechallenge and rechallenge; and 8. Any other relevant information (e.g., other details relating to the event or information on benefits received by the patient, if important to the assessment of the event).†6 Signal generation: A signal is reported information of the possible causal relationship between an adverse event and the drug, which has been reported more than once. The frequency of reports to generate a signal depends on the seriousness of the event, drug class, disease status, authenticity of the reporter etc. Signal follow-up and strengthening: Signal follow-up and strengthening consists of identifying similar cases in different countries, mining the literature for evidence to support the hypothesis, pre-clinical information and patient follow-up. The prospective analysis of reports of interests is crucial for a signal to generate any action. Careful scrutiny has to be done in order to assess the ingenuity of the signal. The report could have been due to the patients illness history, concomitant medication, disease state or any other reason not related to the use of drug. Even then, such confounded reports should be analyzed promptly. Signal follow-up ensures authenticity of the reports. Causality assessment: Determining whether the adverse event has a causal relationship with the drug or not, and if it has, the degree to which the association exists is called as causality assessment. The WHO has defined six degrees of relationship, namely: certain, probable, possible, unlikely, conditional/unclassified and unassessable/unclassifiable with lowering intensity of causality. Action: Action is taken once it is well established that there exists a causal relationship in between the drug and the adverse event. Depending on the severity of the adverse event, action taken can be in the form of withdrawal of marketing approval, change in package insert, additional trials to confirm causality and dissemination of information globally. THE PRACTICAL ASPECT: Consider the story of the blockbuster drug Avandia (rosiglitazone), used to treat patients with type II diabetes mellitus. â€Å"Rosiglitazone (Avandia ®) is a thiazolidinedione indicated in the treatment of type 2 diabetes mellitus: as monotherapy in patients (particularly overweight patients) inadequately controlled by diet and exercise for whom metformin is inappropriate because of contraindications or intolerance as dual oral therapy in combination with metformin, in patients (particularly overweight patients) with insufficient glycaemic control despite maximal tolerated dose of monotherapy with metformin a sulphonylurea, only in patients who show intolerance to metformin or for whom metformin is contraindicated, with insufficient glycaemic control despite monotherapy with a sulphonylurea as triple oral therapy in combination with metformin and a sulphonylurea, in patients (particularly overweight patients) with insufficient glycaemic control despite dual oral therapy†4 Little did the world know that a boon was in fact a bane for a certain group of people with a history of cardiovascular illnesses. A meta-analysis by Nissen and Wolski et al. provided evidence that â€Å"rosiglitazone was associated with a significant increase in the risk of (MI)myocardial infarction (odds ratio, 1.43; 95% confidence interval [CI], 1.03 to 1.98; P = 0.03) and a borderline-significant finding for death from cardiovascular causes (odds ratio, 1.64; 95% CI, 0.98 to 2.74; P = 0.06).†2 Though the meta-analysis study had quite a few numbers of weaknesses, the increased risk of MI in patients consuming rosiglitazone has come as a rude shock to the sponsors as well as the patient community. Something, which could not be unveiled during the clinical trial process. Another study (called Antipsychotic drugs and heart muscle disorder in international pharmacovigilance: data mining study) by David Coulter et al. used a Bayesian confidence propagation network to analyze the correlation between anti-psychotic drugs and occurrences of cardiomyopathy and myocarditis. Though the study did not prove much, it did bring up an association between use of clozapine and incidences of heart disorders. It also scanned the WHO database and concluded that as compared to other anti-psychotic drugs, clozapine is more widely reported. A French pharmacovigilance study (called Reports of hypoglycemia associated with the use ACE inhibitors and other drugs: a case/non-case study in the French pharmacovigilance system database) by Nicholas Moore et al. set out to find any association between use of ACE inhibitors and incidences of hypoglycemia. The results attested that in fact there was no significant increase in the occurrences of hypoglycemia in patients on ACE inhibi tors. Such pharmacovigilance approaches add to the knowledge base of drugs and related Adverse Drug Reactions. Pharmacovigilance is a vital tool. There are various advances and approaches to good pharmacovigilance practices ranging from data mining studies to conducting global clinical trials. What approach is deemed best to yield the right results, only time will tell. CASE STUDY: THE CHRONICLE OF DIABETES MELLITUS TYPE II, AVANDIA, HOPE AND DEATH! Early in august 2006, Vivians mother had gone to the hospital for some routine cancer tests. However, what was supposed to be routine, did not turn out to be. The doctors found the left side of the patients body swollen. She was admitted immediately. On admission, the doctors found her heart swollen as well. Her heart was racing. Every trick in the trade was tried to get Vivians mother under control, but nothing seemed to work. Just a few days into her admission, she died, of cardiac arrest. Till the end, the doctors failed to find out the root cause for her death. However strange it may seem, the drug which she was taking for the past eight years, to control her blood sugar level has been the prime suspect and the causative agent of edema and myocardial infarction. The name, Avandia; generically known as Rosiglitazone. Vivians mother was put on Avandia since 1999, the drugs approval year. Her death occurred in august 2006. Precisely eight years of Avandia, took her life. Then in May 2007, came to light a stunning NEJM study which spilled the beans for GlaxoSmithKline. They found â€Å"a significant increase 43 percentin the risk for myocardial infarction -with rosiglitazone. They also found a 64 percent increased risk for death from other cardiovascular causes in people taking the drug. These findings were based on analyses of 42 clinical trials of the drug.†10 As a response to this, but probably too late for Vivian and her mother, FDA issued a public warning about the findings of the Avandia pharmacovigilance study. Patients with a bad cardiovascular history were now said to revise their use of Avandia. Either stop it, or lower the dose. The information directly applies to Vivians mother death. Vivian said â€Å"At the time I didnt realize that she had any cardiac problems. But there is a history of heart problems in my mothers family, including a history of heart murmurs. And my brother has a congenital heart defect, my mother was also on at least 13 drugs at the time she went to hospital.†10 A CRITICAL ANALYSIS Thats the tale of one drug and one death. But there have been many. And no noise is being made about it. What approach is the right approach for pharmacovigilance is still to be stereotyped. But so far, the structured ADR reporting systems and data mining seems to have turned the fortunes for Avandia. But for the time being lets spare Avandia, and concentrate our resources towards analyzing the situation of global pharmacovigilance. Does it really happen? What constitutes good pharmacovigilance practice? But one things for sure, the mindsets of sponsors and regulatory authorities needs to change. Things need to get crystallized. Vigilance should be policed. Conditional approval to market the drug should follow stringent laws. The two core issues surrounding pharmacovigilance are drug safety and the reputation of pharmaceuticals. Which one of those needs to be sacrificed does the time arise, is a million dollar question. The reputation, it should be. Compromising drug safety puts millions of patients at risk. Reputation can be back, but life, once gone, never returns, and so is Vivians mother. Even then, the reputation of GSK seems to be untouched. Vivians mother did have a history of cardiovascular illnesses, but still she was on the death drug for over eight years. Such an issue was never raised during any of the trials of Avandia. It is thanks to pharmacovigilance that the root cause analysis was performed and the association between Avandia and edema and myocardial infarction was established. If not completely, at least it has rung the bells at the FDA. It was no doubt too late for Vivians mother, but the information has the potential to save millions of life, now that the correlation has been ascertai ned. However, some issues in the meta-analysis also need to be addressed. The study combined data of 42 different clinical trials. Trials with different outcomes, disease states, patients, duration and many other differentiating factors have been combined to pool in the data. The data from varying trials can be sometimes conflicting. GSK argues, the most reliable way to assess the long-term safety of the trial is to conduct a long-term safety trial. Three long-term safety trials of Avandia have been conducted by GSK. Namely; ADOPT (A Diabetes Outcome Progression Trial), DREAM and RECORD. The studies back Avandias safety profile. No more than a minimalist increase in risk has been noted in one of the studies. Again, as Avandia is known to control the blood sugar level for a longer time, it said to have benefits outweighing the risks. The conflict will always remain. However, in such a scenario, the safety of patients should not in any way take a back seat. Sponsors and regulatory authorities along with consumers and healthcare professionals equal should take serious and committed steps to improve pharmacovigilance. The authenticity of the safety profile of Avandia will be demonstrated over time. But in any case, the death of Vivians mother cannot be reversed, not by me, nor by GSK nor by the FDA. CONCLUSION The coming years are bound to be very interesting on the pharmacovigilance front. The techniques regulatory agencies mandate to make PV more stringent will be worth waiting for. Sponsors will have to invest more money to establish the safety profile of the drug. Awareness among patients has to be created for better reporting of ADRs. The current approach to drug development focuses an intensive, strong and time-consuming pre approval process, but a similar standing is required post approval also. The transition from research to marketing has to be more governed with the research step not stopping at the marketing juncture. BIBLIOGRAPHY: Dhruv Kazi, Rosiglitazone and implications for pharmacovigilance, BMJ 2007;334:1233-1234 (16 June), doi:10.1136/bmj.39245.502546.BE Steven E. Nissen, M.D., and Kathy Wolski, M.P.H., Effect of Rosiglitazone on the Risk of Myocardial Infarction and Death from Cardiovascular Causes, n engl j med 356;24, vol. 356 no. 24 Bruce M. Psaty, M.D., Ph.D., and Curt D. Furberg, M.D., Ph.D., Rosiglitazone and Cardiovascular Risk, n engl j med 356;24 Overview of cardiac adverse drug reactions reported in association with rosiglitazone, Nederlands Bijwerkingen Centrum Lareb November 2007 V. Thawani1, S. Sharma2, K. Gharpure1, Pharmacovigilance: Is it possible if bannable medicines are available over the counter?, Indian J Pharmacol | June 2005 | Vol 37 | Issue 3 Guidance for Industry, Good Pharmacovigilance Practices and Pharmacoepidemiologic Assessment, U.S. Department of Health and Human Services, Food and Drug Administration, Center for Drug Evaluation and Research (CDER), Center for Biologics Evaluation and Research (CBER), March 2005, Clinical Medical David M Coulter, Andrew Bate, Ronald H B Meyboom, Marie Lindquist, I Ralph Edwards, Antipsychotic drugs and heart muscle disorder in international pharmacovigilance: data mining study, BMJ VOLUME 322 19 MAY 2001, BMJ 2001;322:1207-9 Nicholas Moore et al., Reports of hypoglycemia associated with the use of ACE inhibitors and other drugs: a case/non-case study in French pharmacovigilance sysyem database, Br J Clin Pharmacol1997;44: 513-518, 1997 Blackwell Science Ltd. Data Assessment in Pharmacovigilance (powerpoint presentation), R.H.B. Meyboom Avandia: Meant to Help but Killed Instead March 30, 2008. By Lucy Campbell, Seed Newsvine
Saturday, July 20, 2019
Exploring Free Will and Decision Making in Albert Camus The Guest Essa
Exploring Free Will and Decision Making in Albert Camus' short story "The Guest," In Albert Camus' short story "The Guest," Camus raises numerous philosophical questions. These are: does man have free will?, are an individual's decisions affected by what society demands, expects, neither, or both?, and finally, how does moral and social obligation affect decision making? Balducci brings the Arab to Daru's door, informing Daru that "I have an order to deliver the prisoner and I'm doing so," (90) thus freeing Balducci of the responsibility over wherever the Arab ultimately ended up. Balducci didn't want the responsibility of the Arab possibly escaping, and by doing only as was expressly required of him (delivering the Arab to Daru's door and giving the orders of the Arab's destination to Daru), he was also setting the story so that any decision Daru later took was an act of Daru's alone and was not directly dependent on any other decision another man had made prior. Balducci avoids the social obligation he's supposed to feel. He should follow through on the prisoner's handling, but he doesn't have to. Balducci knows this, and decides to avoid the effort and instead justifies his leaving the Arab there by simply following his orders and not reading between the lines of the order. Daru ended up accepting the Arab, both because the prisoner was delivered to him, and because he had a sense of responsibility to the French government (or society) to at least accept him, if not deliver him to the police in Tinguit (social obligation to not let him go free, justice must be served because if it wasn't, society would turn to chaos). Daru's orders were escort the Arab there for he was "expected at police headquarters" ... ...ome men think about decisions and some just react to their environment like a glorified plant? Do all men know they have free will and understand what that means? Daru gave a choice to the Arab, was that fair for the Arab (and society) or was it an egotistical action based on what Daru thought was right, fair or just? Why did the Arab's ultimate choice depress Daru, and why did neither Balducci or Daru want to be responsible for another man? In the end the Arab really is 'the dog' of society. No decision was ever his (from the perspective of the reader and Daru), but still, how do we know if Daru is different? By answering some philosophical questions through use of characters in a vacuum, Camus raises many more questions, which is the modus opernadi of the philosopher: not to find answers, but to ask questions that will eventually have the answers inherent in them.
Friday, July 19, 2019
Ghost Stories :: essays research papers
I’ve always believed in ghosts and spirits. Perhaps it was because it amused me, or perhaps it was because I’ve been stuffed with ghost stories ever since I was old enough to comprehend them. I’ve been around a lot of people who grew up in remote areas of the world. You know, the place where electricity doesn’t exist, and running house water is just a myth. Well, anyway, I’ve heard many ghost stories from them, mostly drawn from their actual encounters and experiences. These stories were pass on to me on many different occasions. Like say†¦ around a campfire, a mid-night drive across towns, or just under the dim candlelight of my friends’ basements.      One of my friends’ stories was about his dad. You see, back in those days when my friend’s father was just teenager, water was a rare commodity. At every dawn, he had to leave his home with two vases on either side of a stick on his shoulders to get drinkable water from the village’s well. The walk was about two miles. People did not live close to each other in those days, they lived on their farm, and every house was quite far from each other. There wasn’t any pavement, or cement street, roads were simply made out of rocks, and mud, and dirt. And the only mean of transportation was cows. Nevertheless, my friend’s dad always stopped by his neighbor’s house, the two boys grew up together and they’ve always walked alongside each other to get water. When Mr. Shoe, my friend’s dad, was fifteen, his friend died of malaria, so from then on; he had to walk to the well by himself.      One day, while coming back from the well, Mr. Shoe heard running footsteps coming from behind him. So he stopped and turned around, no one was there. The footsteps then slowed down to a jog, and then to a walk, then it stopped next to him. He was puzzled, but he wasn’t scared, so he kept walking. The footstep started again, but this time it was next to him. The footstep’s pace matched Mr. Shoe pace evenly as he walked down the street.      The tall grass that was growing on either side of the street, he recalled, drooped down and turned purple that day. It seemed dead and somehow†¦ evil. The sun did not rise yet, and the moon still hung stubbornly on the cloudless night.
Dandelion Wine Essay -- essays research papers
Dandelion Wine Dandelion wine was a story about a twelve-year old boy named, Douglas Spaulding. Douglas was just a typical twelve year old boy, who lived to play, run around and do what any other twelve year old would do. Not a very physically fit person, but it didn't really seem to matter. He was a person who got what he wanted, not by whining for it, but by keeping his mind on whatever he wanted and setting out a goal for it. He was a happy boy and not many problems, till now, and he had a younger brother named Tom. Tom Spaulding, age ten, did what other little brothers like to do, tag along with his older brother. He was never in the way of his older brother, in fact they liked being together. Tom took every day slowly, writing most everything down, the first day of summer, the firs...
Thursday, July 18, 2019
Main Causes of the US Automobile Industry Crisis Essay
Recent happenings in the US automobile industry point to an industry that is steeped in a crisis of monumental proportions, one that it has never had the misfortune of staring at since the advent of the automobile as we know it today. Sales at the Big Three motor companies (Ford, GM, and Chrysler) have touched historic lows, not only pushing industry profitability levels down with them, but also triggering off a rare spectacle characterised by all the largest American carmakers bleeding in red ink. Writing for one of the premier automotive media, Krebbs and Visnic (2009) adduce data fresh from the oven that point to as much. According to Krebbs and Visnic (2009), the American industry posted the lowest levels of sales in sixteen years in the year just past. While GM witnessed a drop in sales of 23%, Ford saw its sales revenues shrink by a massive 20%, and Chrysler posted sales that were 30% lower than the previous year. Other automakers in the country such as Hyundai, Toyota, and Nissan did not fare any better. On average, the industry shed off some 3 million units in lost sales, which translates into a contraction of 18%. With such massive declines in sales, the Big Three have become deeply steeped in debt, and are staring bankruptcy right in the face in spite of the massive bailout packages tailored for the industry by the Obama administration. As a matter of fact, GM (which is the largest of the Big Three) and Chrysler have already filed for Chapter 11 bankruptcy protection. As the Wall Street Journal (2009, p.A1) points out, GM went under in June under a massive debt of $172 billion (against assets of only $82 billion) in what has been described as the second largest industrial bankruptcy filing in the US. After 84 years, the icon of American industry had its name struck off the Dow Jones, hot in the heels of Chrysler which had filed for bankruptcy just months earlier. It is not just dwindling sales and profitability that have afflicted the three largest American carmakers, they have also been steadily losing market shares and particularly to their more fleet-footed Asian rivals who include Toyota, Nissan Honda, and Hyundai. For example, GM, Chrysler and Ford had market shares of 23.8%, 12.9% and 15.5% respectively in 2007, which fell to 22.6%, 11% and 15.1% respectively in 2008. In contrast, the market shares of Honda, Nissan and Toyota increased from 9.7%, 6.6% and 16.3% respectively to 10.8%, 7.2% and 16.8% respectively over the same period. This is an indication that the US carmakers are losing out to other foreign carmakers (Krebbs and Visnic, 2009). Various factors have been cited as being behind the poor performance of the US automobile industry, but there are three main reasons that stand out. These include the meltdown in the US economy that was largely triggered off by the sub prime mortgage crisis, the failure by American carmakers to respond adaptively to the dictates of the external environment, and a poor business model characterized by factors such as huge legacy costs. Economic meltdown: One of the major causes of the declining fortunes of the US auto industry is the meltdown of the US economy which is mainly attributed to the sub prime mortgage crisis. The sub prime mortgage crisis occurred when banks and other financial institutions made out loans for the purchase of homes to a segment of the market that is considered risky due to its poor credit history and low ability to repay given their low income levels (this segment of the market is what is referred to as the sub prime segment). These loans were made out at the height of the boom in the real estate industry with expectations being that the boom in the industry would continue and that the buyers of the homes given the mortgages would be able to refinance their homes and pay back the loans. With the unexpected and sudden burst of the real estate bubble however, the sub prime borrowers were unable to refinance their homes due to plummeting values of real estate, leading to huge defaults that triggered off massive foreclosures never before witnessed in US history (Zeese, 2008; Rasmus, 2008). This caused banks and financial institutions to write off billions of dollars in bad debts, leading to a huge liquidity crisis and credit crunch that hit the economy and caused the current recessionary conditions being witnessed in the US and in much of the world. It also brought about a sharp and dramatic spike in unemployment rates which have affected demand for cars. The economic crisis has had the effect of drying up credit, which has made many potential car buyers unable to access car loans, a factor that has in turn triggered a massive decline in the demand for cars. Additionally, car makers have been unable to access debt finance for investment and working capital requirements, which has also impacted them negatively (Zeese, 2008; Rasmus, 2008; Borade, 2009). Failure to adapt to the external environment: Firms operate in an external environment in which its operations are affected either positively or negatively by political-legal, economic, socio-cultural, and technological forces. The role of the company therefore is to scan the external environment for opportunities or threats which these forces may present, and to implement strategies that will help the organization to either capitalize on the opportunities or avoid the threats (Saloner, Shepard, and Podolny, 2008). The troubles afflicting the US automobile stem in part on the failure of the US carmakers to assess changes in their external environment and to respond adaptively. Over much of 2008, oil prices soared at one tine time touching all-time highs of $147 per barrel. The rise in oil prices triggered a corresponding rise in gasoline prices (to a high of $4 a gallon), which pushed the commodity out of reach for many Americans, and especially those with large fuel guzzling vehicles such as trucks (e.g. GM’s hugely popular Hummer) (Krebbs and Visnic, 2009; Zeese, 2008). Concomitant with the rise in the price of oil and gasoline has been an increasing consciousness towards the need for environmental protection, which has caused the rising popularity of cars that have higher fuel efficiency. These two factors contributed a great deal in shifting consumers’ tastes and preferences away from large fuel-guzzling cars such as trucks towards smaller more fuel efficient models. Unlike Asian car makers which recognized these trends and moved towards the manufacture of small models and green vehicles, all the Big Three firms continues producing large fuel guzzling cars such as SUV’s (Zeese, 2008). The result of this is that SUV and truck sales plummeted, hitting hard the revenues and bottom lines of the American firms, as consumers shifted their purchases to the smaller models manufactured by the Asian carmakers. Krebbs and Visnic (2009) write that as a result of these trends, car sales surpassed those of trucks in 2008, the first time that has ever happened since 2000. An example of how hard SUV and large vehicle sales were affected as a result of these trends is given by the case of GM and its Hummer brand, which Hummer, which â€Å"suffered the biggest decline of all GM’s brands with sales plummeting 51 percent  its lowest sales level since 2002†(Krebbs and Visnic, 2009, p.2). Poor business model: The third factor that has contributed to the dramatic decline of the US auto industry’s fortunes is the fact that the industry has a poor business model. The US automobile industry is unique among all car industries worldwide due to the fact that it is saddled with huge and unbearable healthcare costs which produces one of the highest cost structures that makes American made cars uncompetitive against Asian made cars, for example (Zeese, 2008). According to Zeese (2008), failure by successive US administrations to reform the country’s healthcare system has resulted in car manufacturers paying healthcare costs for their employees to the tune of billions of dollars. Zeese (2008, p.1) writes that â€Å"It would not be unfair to describe General Motors as a health insurance provider who happens to make cars. GM spends $5 billion annually on health care for 1.2 million people – only 150,000 of whom work for the company. GM, Ford and Chrysler have a combined unfunded retiree health care obligation of more than $90 billion. Health care adds $1,500 to the cost of each vehicle.†With the American carmakers saddled by such huge costs, it is little wonder that their products are uncompetitive when compared to cars made by foreign manufacturers such as Toyota (which has one of the most admired lean manufacturing systems that keeps costs very low). Conclusion: The US automobile industry is in a big crisis. Other than declining sales and profitability, the industry is losing out to foreign car makers and particularly Asian rivals such as Toyota, Honda and Nissan. This has been brought about by three main reasons, which include the meltdown in the US economy triggered off by the sub prime mortgage crisis, a poor business model adopted by the industry, and failure by the US car industry to respond adaptively to changing environmental conditions. References: Borade, G. 2009. US economic crisis: impact on automobile industry. Retrieved on 11 July 2009 from http://www.buzzle.com/articles/us-economic-crisis-impact-on-automobile-industry.html King, N and Terlep, S. 2009, June 2. â€Å"GM Collapses into Government’s Arms.†Wall Street Journal. Retrieved on 11 July 2009 from  http://online.wsj.com/article/SB124385428627671889.html
Wednesday, July 17, 2019
Inditex Case Study
INDITEX GROUP ARE ITS FAST mien RESULTS SPEEDING UP AGAIN later on RECENT SLOW DOWNS ? This subject touch on wind has been writ ten exclusively for use on the course Strategic financial caution FINA 1035 at Greenwich University Business aim and its tallyticipator institutions. It is to be employ exclusively for this mixer enjoyment. No part may be copied , emailed or reproduced for any archeozoic(a) purpose distinguishable than stated above. Much of the data and hearty acknowledge in the shield field is taken from the yearbook get crosswayss and accounts of the Inditex throng, its k right offledge do principal(prenominal) statework forcets and from its website . nditex. com. invariablyy former(a) citations be sh admit in the teddy study. Author Scott Dun put up Lecturer Greenwich University Business School July 2010 INDITEX GROUP ARE ITS FAST mode RESULTS SPEEDING UP AGAIN subsequently RECENT SLOW DOWNS ? Intr oduction Inditex chemical group the proprietor of the Zara work string and the worlds largest constituteume and cut back conclave in toll of gross bargains inform encouraging results for its scratch quarter of 2010.The financial quantify newspaper publishered in June 2010 1) Inditex lent its tip to hopes of a recoery in atomic look 63an pray as the continents greatgest contrive r from each one delivered calculate-beating root-quarter top win and substantiate it would be moving its fast- behavior protr movement online later this form. europiums spoiltgest uniform cooking stove of mountains addressed a 14 per penny addition in last(a) gross r planeue to 2. 66bn ($3. 2bn) in the triplet months to the curio of April 2010, as net inejaculate rosebush wine 63 per cent to 301m in response to, in particular, demand for its sharp-shouldered jackets and draped h atomic number 18m trousers. unwa sick gross gross revenue rose 13 per cent from the rise of February to June.The upt ick comes after Hennes & Mauritz in April raised hopes of rec everyplacey in the europiuman sell empyrean when it as well beat net put on expectations in its source-quarter results and heralded theatres of improvement in the securities industry at the come come erupt of the closet of the sanction quarter. Inditex has been upbeat on prospects for the authentic grade, with Pablo Isla, gaffer exe vitiatedive, predicting that same- put in sales out harvest-tide should turn haughty again after a disconfirming cc8 and virtu either toldy flat two hundred9. Mr Isla, who sells a triplet of all his tog in Spain, was point upbeat almostwhat his seat mart place on Wednes mean solar day. The tangibleity in Spain is split than the perception you may fork up. I personally have a bulletproof reliance in the dynamism of the Spanish parsimony going forward. The gross margin, meanwhile rose to 59. 9 per cent against 56. 9 per cent. It is in all desirelihood to t wist to consensus upgrades, wrote Andrew Hughes, analyst at UBS, in a n angiotensin-converting enzyme. The sh bes rose 5 per cent to 46. 11. Despite concerns of slower sales produce into the second quarter and as the family progresses, the outset quarter beat expectations and stronger gross margin tr ratiocinations should to a largeer extent than compensate, Mr Hughes added.Analysts also welcomed the intelligence activity that Zara, which still makes a third of all its sales in Spain, would start concern online at the theme of September in its briny atomic number 63an grocery interposes France, Ger umpteen, Italy , Portugal, Spain and the UK. Online should act as a downward security measures for calling rude(a)founds in the second half, wrote Bernstein in a none. During the period, Inditex exposed 98 investment companys in 29 countries, fetching its footprint to or so 5,000 shop classs in 76 nations around the world. hold up month, it opened its first Indian stigmatize in Delhi.Histor y of Inditex Gr oup 2) Industria de Diseno Textil (Inditex) makes sp end upable stylish fashions that be here today and departed tomorrow. The Spanish purpo forgatherr-cum- seller uses technology and an armada of radiation patterners to master brasslike chic. Inditex sells on a global scale, with all everywhere 4700 entrepots in 76 countries at a lower place eight-spot diffe engage retail brands each offering different node propositions Stor e Br and Zara Zara Kids Pull and Bear Massimo Dutti Pr imar y Offer ing subvert ket 3) and Tar get Womens and mens turn.Childrens vestments Young women and mens routine and laid arse vesture and accessories custodys and womens clothes for the to a greater extent advanced shopper. Also sells most childrens clothes Young womens and mens clothes . break ins have faux pas edge look and be skirmish points for fashion, medicine and street art in style(p) trends in young womens clothes and accessor ies Womens underwear, lingerie and nightwear Items for home eg home textiles, bedclothes, bathroom and table linen, glassw ar, ships boat and childrens bedding Fashion accessories eg handbags , footgear, flog goods and existume je wholesomeeryBershka Stradivarius Oysho Zara star sign Uterque The firms throw ins answer to touristy trends by telling casters in Spain what guests atomic number 18 asking for locally. Inditex responds in intimately twain calendar weeks with hot designs. Amancio Ortega Gaona, Spains wealthiest pipelineman, founded Zara in 1975 and later created Inditex as a keeping corporation. He got his start in the uniform business at the suppurate of 13, when he went to work for a local shirtmaker in A Coruna , Spain, delivering the shops goods, which embroild lingerie and binding gowns.Ortega worked his way up to become an assistant manager, then shop manager, by the archaean 1960s. These positions gave Ortega experience non only in dealing ri ght away with clients but also in purchasing fabrics and other materials for the shops line of robe. Working out of his sisters home, Ortega began developing his own designs. One day in the aboriginal 1960s, he hit upon the formula that was to become central to the operations of Inditex that of reproducing fashionable fashions using little impairmenty materials in vow to sell lavishlydemand habit pointednesss at lower prices.Ortega left his line of business and set up in business with notwithstanding 5,000 pesetas (the equivalent of $25). Legend has it that Ortegas first project was to remake a popular but pricey dressing gown. Ortega cut the pattern himself, then, with the help of his brother and sister, began producing the dressing gown at his sisters kitchen table. Ortegas first guest was his former employer at the shirtmakers shop. Before long, Ortega began supplying the dressing gown, as well as a maturation rake of housecoats and lingerie, to other vestments shops in A Coruna.By 1963, Ortega had salvage up enough to open his first factory. From manufacturing, Ortega soon turned to retail, launching an sign format for his housecoats and lingerie in the early 1970s. In 1975, however, Ortega, then 39 long snip old, hit upon the formula that was to bring him his biggest triumph. In that form, Ortega opened a juvenile retail store called Zara, which featured low-priced lookalike products of popular, higher(prenominal)-end habilitate fashions. The store proved a success, and the followers family Ortega in unifiedd his business under the name Goasam and began opening night to a greater extent Zara stores in Spain.Despite the stores growing popularity, Ortega himself re mained decidedly behind the scenes, avoiding the limelight and developing a reputation for himself as a recluseno photographs of Ortega were make publicly procurable until cc1. By the early 1980s, Ortega had begun formulating a new-fashioned type of design and dis persion moulding. The trim industry followed design and proceeds processes that needful long lead convictions, a lot up to sextuplet months, betwixt the initial design of a cloak and its delivery to retailers. This mannikin effectively hold in industriousnessrs and distributors to just ii or iii collections per year.Predicting consumer tastes a conduct of time presented inherent difficulties, and producers and distributors face the regular luck of change state saddle with unsold inventory. Ortega sought a content of breaking the model by creating what he called instant or fast fashions that allowed him to speedily respond to shifts in consumer tastes and to newly acclivitous trends. Ortegas dream remained unfulfilled, however, until he met up with Jose fe phallic person horse Castellano. A computer expert, Castellano had worked in Aegon Espanas schooling technology segment before becoming chief pecuniary officer for a Spanish subsidiary of ConAgra.Castellano get unitedly Ortega in 1984 and set to work developing a statistical distribution model that revolutionized the global habiliments industry. Under Castellanos computerized system, the keep troupe reduced its design to distribution process to just 10 to 15 days. Rather than placing the design onus on a superstar designer, the connection developed its own in-house squad of designers more(prenominal) than 200 by the turn of the twenty-first century who began developing clothes found on popular fashions, while at the same time producing the companions own designs.In this way, the team was able to respond well-nigh outright to emerging consumer trends as well as to the demands of the connections own customers for instance by adding new colors or patterns to existing designs. progressive production and wargonhousing procedures, as well as the installation of computerized inventory systems linking stores to the callers growing enumerate of factories, enabled the caller-o ut to avoid taking on the risk and uppercase outlay of developing and maintaining a large back inventory. The leaner, more responsive company which adopt the name of Industria de Diseno Textil S.A. , or Inditex, in 1985 captured the anxiety of Spanish shoppers. By the end of the decade, the company had opened more than 80 Zara stores in Spain. The companys fast fashion model, which completely turn its retail agate line every two weeks, also promote customers to return often to its stores, with delivery day becoming cognise as Z-day in some commercializes. The familiarity that wear items would not be available for very long also encouraged shoppers to make their pur shacks more a cubic yard. The success of the Zara model in Spain led Inditex to the global merchandise at the end of the 1980s.In 1988, the company opened its first foreign store in Oporto, Portugal. The following year, Inditex go into the get together States. surviveer in that market remained elusive , however, and at the beginning of the 2000s, the company had opened just six U. S. stores. A more receptive market for the Zara format existed in France, which Inditex entered in 1990. The company quickly began adding new stores in major(ip)(ip) city sum of moneys by dint ofout the country. Through the 1990s, Inditex added a regular(a) stream of new markets. The company entered Mexico in 1992, Greece in 1993, Belgium and Sweden in 1994, Malta in 1995, and Cyprus in 1996.In the late 1990s, Inditex stepped up the stones throw of its international expansion, adding Israel, Norway, Turkey, and lacquer (the latter in a joint-venture with a local partner) in 1997, then, in 1998, moved into Argentina, the United Kingdom, and Venezuela. plot of land the bulk of the groups stores remained company possess, in authoritative markets, such as the Middle East, showtime in 1998, Inditexs expansion took place by dint of franchise agreements with local distributors. By 2000, Inditex had a dded other dozen or so countries to its range of operations, including Germany, the Netherlands, and Eastern europiuman markets including Poland.At the same time as Inditex pursued its geographic expansion, it also began expanding beyond its flagship Zara retail format. The company launched the Kiddys family childrens wear format as a subgroup of the main Zara creation in the early 1990s. In 1991, the company added an entirely new retail format, Pull & Bear, which began providing urban fashions. By the beginning of the 2000s, the Pull & Bear chain had grown to 300 stores in about 20 countries it also produced its own beginning format, Often, targeting the 20- to 45-year-old mens segment, in 2003.Inditex went upmarket in 1991 when it bought 65 pct of the Massimo Dutti group. Inditex took full find out of Massimo Dutti in 1995 and began construct it into a chain of nearly 300 stores in 23 countries. While Massimo Dutti appealed to a more sophisticated mens and womens fashions market, the company targeted the young female market in 1998 with the creation of a new format, Bershka. That retail chain quickly evolved into a network of more than 200 stores operating in 11 countries. Inditex keep adding new formats at the turn of the twenty-first century.In 1999, the company acquired Stradivarius, a youth fashion chain present in cardinal countries. In 2001, Inditex added its lingerie format, Oysho. In 2003, Inditex moved beyond the garment dole out for the first time, launching its own home furnishings concept, Zaras place and in 2008, launched its fashion accessories chain Uterque. Meanwhile, Inditex had begun a corporate evolution as well. As Ortega approached retirement, and no members of his immediate family appe bed likely to succeed him in the business, the company looked to the public market to run into its future.In 2001, Inditex listed its stock on the Bolsa de Madrid, one of the approximately successful initial public offerings of the year. O rtegas sale of more than 20 percent of his holding in Inditex do him Spains wealthiest man. In 2010, he still controls 59% of Inditexs apportions (see cast up 1) and was ranked by Forbes magazine publisher as the 9th richest man in the world in their yearbook list of one thousand jillionaires up 1 place from his ranking in 2009 with a net worth bringing close togetherd at $25 billion. He is flat 74 days old. Inditex moved to a new corporate head accommodate in Arteixo, away of A Coruna in 2000.In 2002, the company began formula on a state-of-the-art logistics center in Zaragoza. At the same time, Inditex act adding to its array of international markets, opening stores in Luxembourg, Iceland, Ireland, Jordan, and Puerto Rico in 2001 Switzerland, Finland, El Salvador, and capital of Singapore in 2002 and Hong Kong in 2003. In the 6 geezerhood from 2004, Inditex has more than doubled its number of stores from just all oer 2000 in mid(prenominal) 2004 to everyplace 460 0 by 31 January 2010. Inditexs financial year end is 31 January.In line with Inditexs yearly tracks, this case study carry ons to its year ending 31 January 2010 as pecuniary year 2009 or 2009. Similar abbreviations argon made for to begin with years . Inditex Gr oup Stor e Number s and Locations in 2010 At financial year end for Inditex for 2009 31 January 2010 Inditex had 4607 stores as follows The abridgment of Inditex s 2009 sales for each of its 8 store concepts was as follows Within the union, 3983 were company managed stores and 624 were franchised see offstage 2 for exposit. In 2009, 92% of sales were in company owned stores.Geographically, 1900 of the stores were in Spain, 1856 stores were in other europiuman countries, 485 stores were in Asia and Africa and 366 stores were in unification and mho America see subjoin 3 for details. The Group opened 343 stores in 2009 and increased its retail network in all of Europes major markets with noteworthy return in Russia (37 new stores) and Poland (34). In Asia, Inditex proceed its strategic push into the portions top lead markets, which posted world-shattering increase, with 41 new stores in mainland china, 12 in South Korea and 10 in japan. sell sales bea increased by 8% in 2009 see offstage 4 for details by store concept. During its first quarter 2010 from 1 February to 30 April , Inditex opened a further 98 stores as follows This took the numerate number of stores to 4705 at 30 April 2010. The percentage of Inditexs sales masterd in each geographical region for the sound 3 financial years was as follows 2009 31. 8 % 45. 7 10. 2 12. 2 2008 33. 9 % 44. 8 10. 7 10. 5 2007 37. 5 % 42. 4 10. 8 9. 4 Spain Europe excl.Spain Americas Asia The bollocks up ket The coiffure retail industry consists of the sale of all menswear, womenswear and childrenswear. The sphere of influence also includes footgear, sportswear and accessories. The menswear sector includes all garments made for men and boys. It includes both outer and under garments. The womenswear sector consists of the retail sale of all womens and girls garments including dresses, suits and coats, jackets, tops, shirts, skirts, blouses, sweatshirts, sweaters and underwear .Both womenswear and menswear can be segmented by purpose or use of the clothes item eg casual wear, essentials, activewear, formal wear , redundant occasion formal wear and overclothes age group lifestyle eg flash, conservative , fashion conscious , hippy, urban, rural ethnic group styles eg Afro-Caribbean , African American , Asian or middle eastern or music group styles eg rapper, reggie, punk, provenance price eg ranges from low price to expensive designer label to exclusive haute couture of Paris, Milan, London, capital of Japan and New York or by a combination of these factors.The childrenswear sector is defined as sales of garments for children between the ages of 0-2 years. The socio-political environments coupled w ith the film for individual and group identity makes retail uniform essential to consumers. Style, however, is an abstract concept that defines individuals, is often an extension of personality and thence highly individualized. Fashion, by its very nature, is unforeseeable. The products are determined by trends in society, designers and productive industries and are subject to sharp and unpredictable changes.Where customer brand loyalty exists, it is more likely to be to the designer than the retailer, although this is commonly towards the top end of the industry. Counterfeiting of brands is a fuss in parts of the wearing and accessories industry. pervert ket in Eur ope The European fit retail industry grew by 2. 1% in 2008 to reach a observe of 287. 7billion ($420. 9 billion). Its fresh history per Datamonitor 4) was as follows The consumer market for vesture and footgear in the European Union (or EU) has undergone important changes in modern years 5).Arguably, the greatest impact has come from market forces under the auspices of the ground Trade Organisation (WTO) as a ten-year transitional Agreement on Textiles and tog (ATC) came to an end with the abolition of textile and dress import quotas on 31 celestial latitude 2004. With the removal of quotas, thither was an initial increase in comparatively cheap imports of fit out and footwear into the EU, mainly originating from China. For example, in the first 40 days after the end of the ATC, imports of trousers from China were 3. 3 times higher than during the whole of 2004 and imports of pullovers 4. times higher. A isobilateral agreement between the EU and China (the so-called Shanghai Agreement) on a further, transitional period during which the step-up of imports of enclothe could be managed through until the end of 2007 was agree in June 2005. In addition to trade developments, consumer groups and other bodies are increasingly holding manufacturers and retailers accountable for ensur ing that social standards and working conditions of their suppliers equal international labour standards. There are examples of retailers responding to this pressure.For example, in October 2007 the Inditex group signed an foreign Framework Agreement on corporate social responsibility with the International Textile, dress out and Leather Workers Federation (ITGLWF), which expresses the companys commitment to respect fundamental rights at work throughout their entire production chain. Fair trade garment initiatives have also been taken, generally to come across that a fair price is paid to producers who find out minimal social, and in some cases environmental, standards and that employment relationships between producers and buyers are more equal, primitively than guaranteeing core labour standards.There has also been a response at heart the EU to concerns about environmental and well(p)ty issues. These concerns have preponderantly focused on the use of chemicals (such as dyes, pigments or bleaches in the clothing manufacturing process) and on waste water discharge. On 1 June 2007, new legislation on chemicals and their safe use came into force across the EU. sink in (Registration, Evaluation and Authorisation of Chemicals) aims to improve the protection of gentle health and the environment through the founder and earlier identification of the inbred properties of chemical substances.Within the EU 5) household usance on clothing and footwear accounted for 5. 7% of heart household consumption wasting disease in 2005 The vast bulk of this, nearly three quarters, was played out on clothing garments Spending on clothing and footwear tended to rise as a function of income, with the upper income 20 percent in the 27 countries of the EU devoting 6. 1% of their total household budget to these products, while those in the lowest income 20 percent spend 5 % the ploughshare of total use fatigued on clothing and footwear was generally much high er among households with pendant children, rising to 7. % of the household budget for those households comprising two adults with dependent children, compared with 4. 6 % of the budget for single persons. Annual uptake on clothing and footwear averaged 800 per person in the 27 countries of the EU in 2006, with national averages ranging from ampere-second per person in Romania to 1200 per person in Italy . See extend 5 for details of 2000 and 2006 expenditure per person. everyplace the period from 2000 to 2006 , the flashiness of clothing and footwear bought rose in most countries of the EU particularly in the United Kingdom and Poland where volumes increased by over 40%.In contrast , Germany and Italy reported pedigrees in the volume of clothing and footwear bought (the only member states of the EU to do so). detail are shown at adjoin 6 for the 6 countries which account for over 70% of the EUs cosmos Germany, France, Italy ,UK, Spain and Poland . Over the same 2000- 2 006 period, whilst consumer prices for clothing and footwear declined by 0. 1% for the EU overall, thither were substantial differences in the Top 6 countries listed above.The UK save price decreases of over 20% , Poland of over 15% and Germany of over 2%, whilst price increases were recorded in Italy (over10%) , Spain ( over 13%) and France ( 1%) see cast up 6. Between 2007 and 2008 , the volume of clothing and footware bought in the EU overall declined by 0. 5% . France , Italy and Spain recorded declines of over 2% whilst Germany , UK and Poland recorded increases see join on 6. In 2008 , UK households spent less on average per week on clothing and footwear than at any time since 2001-02 6) Early indications are that volumes also fell in 2009 versus 2008 in Europe.France reported a year on year decline of 3. 6% . a) spoil ket Segmentation by Gender and come along Womenswear sales dominated the European apparel retail industry in 2008 4) generating 54. 4% of the industry s overall revenues 157 billion ($ 229 billion) . Menswear accounted for 30. 9 % 89 billion ( $130 billion)- and Infantswear the remaining 14. 7%. expand of womenswear market growth and sectionalization in Europe are shown at subjoin 7 and of the menswear market in Europe at amplify 8. b) synopsis by Major Countr y Italy accounts for 19% of the European apparel retail industrys value , Germany 18. % and the UK 14. 4% . Shares for other countries are shown at a lower place c) ball up ket lever For ecast The European apparel retail industry was curb by Euromonitor to grow by only 1. 3 % in 2009 versus 2008 including price changes. In 2013, the European apparel retail industry is forecast to have a value of 320 billion ($467. 6 billion), an increase of 11. 1% from 2008. exposit are shown at flank 9. d) Retail sham ce of Pur chases Consumers in Europe are able to purchase clothing and footwear from a wide conversion and large number of retailers, specialised and non- spe cialised.Specialist clothing and footwear retailers comprise bondage (such as H, C or Zara) and independent clothes stores. Nonspecialist retailers include department stores (that have clothing and footwear departments), hypermarkets and supermarkets, as well as mail- order retailers. According to Datamonitor, 69% of purchases of womenswear and 55% of purchases of menswear in 2008 was in chains or independent specialist clothing, footwear and accessories shops . Purchases at hypermarkets, supermarkets and discounters accounted for 19. 5% of womenswear sales and 12. 1% of menswear with department stores taking a 6. 9% of womenswear and 24. % of menswear in 2008 ( see make upes 7 and 8). There are generally higher levels of retail slow-wittedness in northern Europe5). The overwhelming majority of clothing and footwear sales in Germany, France and particularly the United Kingdom are made in non-specialist stores. The popularity of independent clothing and footwear retailers is consi derably higher in southern Europe. For example, in Italy and Spain, the highest correspondence of clothing sales was among independent retailers (65% and 53 % individually in 2004), and this tendency was even stronger in terms of footwear (76 % and 88 % severally in 2003).Despite these differences, clothing markets in Europe are generally becoming more concentrated, as clothing chains, department stores and supermarkets/ hypermarkets marketing clothing and footwear open supernumerary outlets in many of the countries that have joined the EU since 2004. Indeed, the structural make-up of clothing retailers in the EU has changed considerably over the past 15 years, according to a 2007 report on Business relations in the EU clothing chain carried out for and funded by the European missionary station 5).The market share of independent retailers in the five largest EU markets (Italy, Spain, France, Germany and the United Kingdom, that together account for almost three quarters of the EUs clothing market) declined from 46. 8 % of total clothing sales to 27. 1 % by 2007. In contrast, there was fast(a) growth in the share of strong suit chains (from 18. 7 % to 25. 1 %), hypermarkets and supermarkets (5. 1 % to 6. 8 %) and emerging formats such as variety stores and large sports chains (whose share of clothing sales collectively rose from 14. 0 % to 27. 2 %).A recent slew on consumer satisfaction 5) provides further entropy on the shopping habits of European consumers for clothing and footwear. More than half (55. 7%) of those vignetteed in the EU in 2008 replied that they themselves or a member of their household had bought clothing and footwear in a retail chain store, a somewhat higher similarity than for small, independent clothing retailers (50. 2 %). part stores (30. 7%), supermarkets/ hypermarkets (23. 0 %) and street markets (16. 3 %) were also popular places for buying clothes and footwear see enlarge 10. andmore, compared with a number of other p roducts, a relatively high proportion of European consumers used mail or phone order (8. 0%) or the Internet (6. 1 %) to purchase clothing and footwear. When purchasing clothing and/or footwear in 2008, 10. 9 % of EU consumers reported facing at least one problem 5). The most common complaint was product quality (69% of unsatisfied customers) followed by problems returning unwished-for goods (9. 2% of respondents) then quality of military service provided (8. 8% of respondents). Details are shown at extension phone 11.This data also provides an taste into consumers anteriorities when purchasing clothing and footwear . flub ket in the States Americans spent almost $326 billion on clothing and footwear in 2009 equivalent to only 2. 98% of disposable personal income the lowest ever in U. S. history. Spending on clothing as a share of income has go in 20 out of the last 22 years, from 4. 78% in 1988 to less than 3% in 2009 see Annex 12 for details . Quality, variety and availa bleness have all improved over the years . The same applies to footwear.Since 1992, prices in general have risen by 57%, while prices for clothing have move by 8. 5% see university extension 13. With monumentally falling prices in real terms, clothing has become more and more affordable almost every year, requiring smaller shares of US household income. This has freed up disposable income that can now be spent on other consumer goods (eg electronics, travel, entertainment, etc. ). Mar ket in Asia Pacific 7) The Asia-Pacific apparel retail market has been growing at a robust pace for the last hardly a(prenominal) years. The Asia-Pacific apparel retail industry generated total revenues of $224. trillion in 2008, representing a colonial annual growth rate (CAGR) of 4. 1% for the period spanning 200408. The performance of the industry is forecast to improve further and to reach a value of $259. 6 one thousand thousand by the end of 2013. key fruit Retail contest s Inditexs key competitors in Europe include Hennes and Mauritz ( H ) Levi Strauss ( via franchised and company managed stores and third party retailers) Adidas sportswear ( including Reebok ). In the UK, key competitors include Primark ( a divergence of Associated British Food) , Next, and Marks and Spencer . ASOS. com is a major retailer of mens nd womens clothes and accessories via the internet and is now the UKs largest independent on-line fashion retailer. Worldwide, key competitors also include geological fault and stiff sell (Japanese enkindle company of Uniqlo and Asias biggest clothing retailer). In terms of sales value, Inditex overtook breach in 2009 and is now the worlds largest clothing and apparel retailer. Summary financial profiles of Hennes and Mauritz, Levi Strauss , Primark and whirl are shown at Annexes 14 ,15 and 16. A recent name about the flow rate prospects for troubled sell is shown at Annex 17. Manufactur ing Sour ces Gener alKey suppliers to the retail clot hing industry are clothing manufacturers and wholesalers, with retailers able to source from both. Recently, significant increases in male monarch cost, dyes & chemical cost and rapidly rising cotton cost have strengthened supplier power in an industry that relies on the handiness of raw material. The wholesale and clothing manufacturing sectors in most countries, however, are fairly fragmented. As international trade liberalizes, clothing manufacturers in the developed regions such as Europe and America face substantial argument from manufacturers in low-wage regions such as Asia eg from China. uniform manufacturing is almost always labor intensive, overdue to the difficulty of automating processes such as the sew of garments. ). Key issue for clothing retailers in selecting its suppliers include price and quality volumes the capacity of its suppliers to cope with sudden changes in demand in an industry susceptible to changes in fashion social, political and environment al pressures to fit that suppliers in developing countries meet minimum international ethical standards for working, social and environmental conditions.Many major retailers such as Inditex, happy chance and Primark now undertake regular audits of their suppliers to ensure that such standards are met and maintained and report their findings as part of their corporate social responsibility in their annual reports. Manufactur ing Pr ocesses The key processes used in garment manufacture are as follows fabric manufacturing ( eg cotton or wool) spinning twine dyeing pattern printing finishing. authentic aspects are labour intensive eg fasten . Garment manufacturing from the finished cloth biting sewing and assembly buttons and accessories attachment.There have been many technological developments in materials used over recent years including non-iron shirts, washable silk and man- made fibres. Key Aspects of the Inditex Business Model 3) A) Over view The Inditex business m odel has a high degree of vertical consolidation compared to other models developed by its international competitors. It covers all phases of the fashion process design, manufacture, logistics and distribution to its own managed stores and has a strong customer focus in all its business areas.The key element in the geological formation is the store, a carefully intentional space conceived to make customers comfortable as they diagnose fashion concepts. It is also where Inditex obtains the schooling required to suit the offer to meet customer demands. The key to this model is the major power to suit the offer to customer desires in the shortest time possible. For Inditex, time is the main factor to be considered, above and beyond production costs.Vertical consolidation enables Inditex to shorten turnaround times and achieve greater flexibility, reducing stock to a minimum and diminishing fashion risk to the greatest possible extent. B) Design The success of Inditexs collec tions lies in the ability to name and assimilate the continuous changes in fashion, unendingly designing new models that respond to customer desires. Inditex uses its flexible business model to adapt to changes occurring during a chasten, reacting to them by bringing new products to the stores in the shortest possible time.The models for each season -over 30,000 in 2009 are developed in their entirety by the creative teams of the different chains. Over 300 designers -200 for Zara alone- take their main inspiration from both the prevailing trends in the fashion market and the customers themselves, through information received from the stores. C) Manufacturing A significant proportion of production takes place in the Groups own factories, which mainly manufacture the most fashionable garments.The Group takes direct control of fabric supply, marking and crude and the final finishing of garments, while subcontracting the garment- do stage to specialist firms located predominantly in the North-West of the Iberian peninsula. The Groups foreign suppliers, a high percentage of which are European, generally receive the fabric and other elements necessary for qualification the clothing from Inditex. The number of garments produced and available for sale at Inditexs stores has grown as follows from financial years 2005 to 2009 On 31 January 2010, Inditex had a network of 1,237 suppliers with which it maintains stable relationships and which are governed by its External Manufacturers and Workshops Code of Conduct. This polity describes the minimum ethical, working practice, quality, safety and environmental standards expected of its suppliers and must be accepted to maintain commercial relations with the Group. Further details of Inditex network of suppliers is shown at Annex 18. Inditex audits its network of suppliers regularly and ceased using cxlv suppliers in 2009 and 175 in 2008 because of their non-compliance.In 2008, the manufacturing sources in terms o f volumes of garments produced for Inditex were as follows 46% 11% 36% 5% 2% European Union Non EU Europe Asia Africa Americas D) Logistics all production, regardless of its origin, is received at the logistical warmnesss for each chain, from where it is distributed simultaneously to all the stores worldwide. The distribution takes place twice a week and each delivery always includes new models, so that the stores are always new their merchandise and offer.The logistics system, based on package designed by the companys own teams, means that the time between receiving an order at the distribution centre to the delivery of the goods in the store is on average 24 hours for European stores and a maximum of 48 hours for American or Asian stores. Inditex logistics centres are located in Arteixo (A Coruna), Naron (A Coruna), Zaragoza, Meco (Madrid), Tordera, Palafolls and Sallent de Llobregat (Barcelona), Leon and Elche (Alicante).Together, their surface area exceeds one trillion square metres. Further details are shown at Annex 19. In 2008, 700 jillion garments were distributed by d0 employees at Inditex logistics centres. E) Stor es In Inditex, the point of sale is both the end and start of its value adding processes, as the stores act as market information meeting place terminals, providing feedback to the design teams for each of the 8 formats and insurance coverage the trends demanded by customers. As retailers, the stores constitute the chains main advertising medium.Their chief peculiar(prenominal)s include Preferred locations in the worlds main shopping streets Meticulously designed window discovers Unique internal and external store design Tailored coordination and display of the product Excellent customer service. The main development strategy for the Inditex sales formats is the opening of stores managed by companies in which Inditex is the sole or majority shareholder. In 2009, 86% of stores were own managed. In smaller or culturally d ifferent markets, the Group has extended the store network through franchise agreements with spark advance local retail companies.The main characteristic of the Inditex franchise model is the total integration of franchised stores with own managed stores in terms of product, human resources, training, window- dressing, interior design and logistical optimisation. This ensures harmony in store management criteria and a global image in the look of customer around the world. F) opposite Aspects of Mar keting 1) Internet Each of Inditexs 8 store formats has its own website and these are constantly updated with the latest fashion offerings. In 2009 , the store websites were launched and included in social networking websites. 2) simile cardThe Intitex Affinity plank is the Groups payment and loyalty card legal for its holders in any Group giving medication Zara, Massimo Dutti, Bershka, Pull and Bear, Stradivarius, Oysho, Zara Home and Uterque. Available in Spain for more than 15 years, the Affinity Card is also held by customers in Mexico and Greece where it was launched in 2007, and in Portugal where it has been available since 2008. Currently there are more than a jillion Affinity Card holders in these quaternion countries. All of them have a card that offers financial advantages and methods of payment based on the holders needs. Inditex Financial Per for manceA summary of Inditexs financial performance over the last 6 years is as follows Details of Inditexs P for 2006 to 2009 are shown at Annexes 20-22 sales and contributions by store format are shown at Annex 23 equalizer sheets for 2006 to 2009 at Annexes 24 and 25 2006 to 2009 currency flow statements at Annexes 26 and 27. Details of Inditexs initiative Quarter financial results for 2010 are shown at Annexes 28 and 29. pig d of Dir ector s Shareholders approved the 2009 report at Inditexs July 2010 Annual planetary Meeting including the proposed dividend of 748 million up 13% on the prev ious year.Inditexs share price closed at 51. 20 on 29 July 2010 up 38% on its price of 38 a year ago see Annex 30. The plug-in of Inditex consisted of 9 Directors as at 31 January 2010 3 Executive Directors and 6 Non Executive Directors. The Executive Directors are Amancio Ortega Gaona ( prexy) Pablo Isla Alvarez de Tajera ( chief executive officer and inaugural Deputy Chairman. Appointed to dining table in 2005) Antonio Abril Abadin ( Board Secretary and commonplace Counsel). Their total remuneration was 4. 35 million in the year ended 31 January 2010. The senior management of Inditex who are not executive directors is shown at Annex 32.Their total remuneration was 10. 9 million in the year to 31 January 2010. Details of the instrument panel including the 6 non executive directors are shown at Annex 31. Employees Inditex is a multi-cultural and multi-racial company with 92,301 employees at 31 January 2010 representing more than 140 nationalities. On-going training play s an essential role, particularly that of store staff. This training, which also includes basics in customer service, focuses on specialist knowledge of fashion trends and the ability to seize and interpret the information that store staff receive from customers every day.The number of employees has grown as follows The largest percentage are employed in the stores as follows Inditex at once owns 13 textile manufacturing companies in Spain and 12 logistic companies including one for each of its 8 store formats. Inditex also has its own in-house phaseing contractor and several companies to manage its store and other properties. These companies are wholly owned by Inditex and their financial results and employee numbers are fully unite in those of the Inditex group. In 2009 81. 4% of Inditexs employees were female 18. % were male 40% of employees were full time 60% were part time. Inditexs Str ategy At his first appearance at the July 2010 AGM, Inditexs Deputy Chairman and CEO, Pablo Isla underscored confidence in the Inditex business model and its clear strategic focus on international expansion, currently targeted at European and Asian markets. He confirmed that Inditex has earmarked about 570 million in capital expenditure to open between 365 and 425 new stores in its financial year 2010 of which approximately 95% will be in Inditexs international markets outside Spain.Some 70% of the detach contracts have been signed although in some cases openings may be delayed until 2011. The plotted increases by store format are as follows Our priority is to focus growth in Europe and Asia, said Isla. We see significant opportunities in Eastern Europe and the Russian Federation, and there is a great latent to expand doughably in Europe for many years, as our market share is below 1% in most countries. He said the main areas of growth for Asia are China, Japan and South Korea. We see huge long-term potential for Inditex in Asia markets, he said.Over the nex t three years, the company expects to see space growth of between 8% and 10%. Isla was asked earlier by analysts why they arent paying out an even bigger portion of net income in dividends given the groups huge funds balance. Our main priority is to invest in the future growth of the business. We always indispensability a high level of flexibility we always wanted more steady growth in the dividend, rather than big jumps, he said. He also confirmed that Zara will start online sales in France, Germany, Italy, Portugal, Spain and the UK on 2 September, 2010.Key Issue to be Consider ed Is Inditexs current strategy likely to succeed . If so why ? Or do you shut down that the strategy needs to be change in light of your analysis of this case study ? If so, what changes do you propose and why ? References 1) 2) 3) 4) FT article 9 June 2010 Answers. com 2010 Inditex squelch dossier 2009 Datamonitor Apparel retail in Europe August 2009 . The industry value is cypher at retail marke ting price (RSP), and includes all taxes and levies. The data for Europe includes Russia, Poland, Czech Republic, Hungary, Romani and Ukraine.All currency conversions in the Datamonitor report and forecasts have been calculated at constant 2008 annual average exchange rates. 5) European way report Consumers in Europe 2009 published by Eurostat 6) UK Office for field of study Statistics January 2010 7) Datamonitor report Apparel retail in Asia Pacific August 2009 Shar eholdings of Dir ector s in Inditex as at 31 J anuar y 2010 Annex 1 Annex 2 Annex 3 foliate 1 Annex 3 scallywag 2 Annex 4 gross revenue Ar ea by Stor e belief Squar e Metr es Totals 2,180,889 1,914,493 EU Expenditur e on Clothes and Footwear per head 000 Countr y EU (27 countries) 700 Belgium 700 Bulgaria N/A Czech Republic 200 Denmark 800 Germany 800 Estonia 200 Ireland 900 Greece 600 Spain 600 France 700 Italy 1100 Cyprus 800 Latvia 200 Lithuania 100 Luxembourg1100 Hungary 100 Malta 500 Netherlands 800 Austri a 1100 Poland 200 Portugal 600 Romania N/A Slovenia cd Slovakia 100 Finland 600 Sweden 700 United Kingdom potassium Memo Turkey 300 Iceland 1100 Norway 900 Switzerland 900 2006 800 800 N/A 300 N/A 800 cd 900 800 700 700 1200 900 N/A 400 1100 200 400 800 1100 200 N/A 100 500 200 800 N/A 1100 300 1100 N/A 900Annex 5 Source Consumers in Europe 2009 edition published by Eurostat , the statistical office of the European Commission Pr ice and Volume Changes within Household Expenditur e on change state and Footwear EU Aver age and Selected Countr ies (a) Annex 6 Germany France Italy UK Spain Poland EU come (b) Cumulative Percentage Price development/(Decrease) 2000-6 (2. 6) % 0. 1 10. 4 (23. 5) 13. 3 (15. 7) 0. 1 % Cumulative Percentage Volume outgrowth/(Decrease) 2000-6 (1. 7) % 5. 8 (8. 3) 44. 5 2. 7 44. 3. 5 % Percentage Volume Increase/Decrease) 2006 -7 2007 -8 3. 1% 1. 7 0. 1 2. 7 4. 5 4. 5 2. 0% 1. 4 (2. 1) (2. 6) 4. 4 (2. 5) 11. 2 (0. 5)% (a) = The 6 countries account for over 70% of total EU population (b)= over the 27 member countries Eur opean Mar ket for Womenswear Annex 7 Annex 8 Eur opean Mar ket for Menswear Eur opean Appar el Mar ket Value For ecasts Annex 9 Page 1 Eur opean Appar el Mar ket Value For ecasts Annex 9 Page 2 EU Clothing and Footwear Sour ces of Pur chase 2008 Annex 10Note that these figures relate to trips made by consumers purchasing clothing and footwear, and they do not reflect the average expenditure or value of sales made in each retail format customer Complaints Pr oblems faced by Consumer s when Pur chasing Clothing or Footwear in the EU in 2008 Per centage shar e of those exper iencing pr oblems (multiple answer s allowed) Annex 11 Source Retail satisfaction survey, IPSOS for the European Commission, August/September 2008 USA Clothing and Footwear Mar ket Annex 12 Annex 13USA Mar ket Consumer Pr ice Index Changes Annex 14 Summar y Financial Pr ofiles of Selected Appar el Retailer s H 1738 stores in 33 countries as at November 2008 Levi Strauss Gap Latest results for Gap for its financial year ended 31 January 2010 (Fiscal form 2009) are shown in next fender . At average 2009 calendar year exchange rates of US $ 1. 3948 = 1 , Gaps net sales totalled 10,179 million in 2009 some 900 million lower than Inditexs sales of 11,083 million for the same period ended 31 January 2010 .January 2010 average exchange rate was US$ 1. 4272 = 1 Exchange rate source Banque de France Annex 15 Source The Gap Inc. annual report and accounts Annex 16 Number of stores 191 Number of stores opened in year 12 5 in Spain -4 in the UK 1 in each of Netherlands, Germany and Portugal ( first Primark stores in each country) be after store openings in next year 11 ( including first store in Belgium) Selling space 5. 9 million square feet an increase of 9% versus prior year Pr imar k Key Data for division Ended 12 September 2009Revenue for year ? 2314 million ( ? 1933 m in prior year) Year on year sales growt h 20 % partly increase in selling space partly like- for- like sales growth of 7% operate profit for year ? 252 million ( ? 233 million in prior year) Source ABF annual report and accounts Annex 17 Cur rent Prospects for Uniqlos parent Fast Retailing Tadashi Yanai the president of Fast Retailing, Japans wealthiest man (net worth $9. 2bn), has seen the value of his 27 per cent holding in the Uniqlo parent fall by more than a quarter this year.Thats a fall away three times worse than the benchmark, making Asias biggest clothier the worst-performing retailer across the region. Having watched new lines like polo shirts and jeans fail to wing off the shelves, even after conscienceless price cuts, Yanai-san is now betting big on camisoles, leggings and Silky Dry, a summer version of its blockbuster heat-trapping underwear. This is no characterless lean spell sales growth slowed the most in four years in the three months to May, causing Fast Retailing to trim its net income est imate for the year ending August by 5 per cent.Nimbler rivals such as United Arrows (up 22 per cent since the beginning of the year) and Honeys (+143 per cent), both between 30-40 times smaller by market capitalisation, will want to ensure Uniqlos discounting continues. For all its determination to build overseas this year it added stores in China and Russia to its UK, US, France and South Korean portfolios the company is on course to get 95 per cent of this years operating income from anemic Japan. It remains a hard stock to divest, though.Not only are Fast Retailings returns on invested capital consistently about 50 per cent better than peers, it is that rare thing in Japan a stock worth a fifth more today than it was ten years ago (over which period the Nikkei has shed more than two-fifths). BACKGROUND NEWS Japans Fast Retailing on Thursday cut its annual lookout station for the first time in three years after the breakneck pace of growth at its Uniqlo budget fashion chain ca me screeching to a bridle in recent months, reports Reuters.Fast Retailing enjoyed strong sales last year even as other retailers were hit by weak consumer spending, attracting thrifty shoppers with hit products like heat-trapping underwear and savvy marketing. But Uniqlos same-store sales have been on the decline in the second half of the current financial year to August 31st, which some analysts see as a sign that the recent round of robust growth has run its course. Source FT article Published July 8 2010 Annex 18 Details of Inditex Suppliers Key supplier countries include Bangladesh, India, Turkey, Morocco , Spain, Portugal and Cambodia (Source 2008 annual report)Annex 19 Inditex Logistics Centr es in 2009 Inditex Pr ofit and Loss Account for Financial Year s 2009 and 2008 Annex 20 Notes refer to details in Inditex annual report for 2009 see Inditex. com/investor relations/annual reports/2009 Operating Expenses consisted of 2009 m 2008 m 2007-m 2006- m Staff costs 1,791 1, 703 1,473 1,251 storehouse property 1,134 1,028 855 718 rental costs another(prenominal) Store 1,027 976 898 831 operating costs, logistics and general smash-up costs a) 3,953 3,708 3,226 2,800 a) = Including transportation of merchandise from logistic centres to stores Annex 21Details of Financial Results shown in Inditex P& L Financial Results shown in the consolidated P& L consist of ( 000) And for 2007 and 2006 Inditex Pr ofit and Loss Account for Financial Year s 2007 and 2006 ( in 000s) Annex 22 Net Sales Cost of merchandise Gross Profit Operating Expenses Other net operating expenses & income Oper ating Pr ofit (EBITDA) amortisation and Depreciation Oper ating Pr ofit (EBIT) Financial Results faithfulness Accounting Losses Income Befor e revenue enhancementes Income Tax Net Income Net income attributable to nonage interests Net Income Attr ibutable to the Par entEarnings per share (cents) Notes refer to details in Inditex annual report for 2007 see Inditex. com/inves tor relations/annual reports/2007. Details of Operating Expenses and Financial Results are shown in earlier annexes Sales and Pr ofit Contr ibutions by Stor e For mat 2007- 2009 Store data formatting No. of Stores at 31 Jan 2010 1608 626 497 651 515 392 261 57 4607 Net Sales in Financial Year 2009 m 7077 771 790 1177 702 280 243 44 11084 Annex 23 Zara (incl Zara Kids) Pull and Bear Massimo Dutti Bershka Stradivarius Oysho Zara Home Uterque TotalsOperating Profit EBIT in 2009 m 1105 one hundred one 117 196 149 38 25 (2) 1729 Store coiffure No. of Stores at 31 Jan 2009 1520 583 470 591 456 374 239 31 4264 No. of Stores at 31 Jan 2008 1361 519 426 510 381 290 204 0 3691 Zara (incl Zara Kids) Pull and Bear Massimo Dutti Bershka Stradivarius Oysho Zara Home Uterque Totals Store Format Net Sales in Financial Year 2008 m 6824 720 722 1026 633 242 222 17 10407 Net Sales in Financial Year 2007 m 6264 614 696 925 521 213 201 0 9434 Operating Profit EBIT in 2008 m 1067 119 108 clv 144 21 14 0 1628 Operating Profit EBIT in 2007 m 1091 99 106 154 119 40 16 0 1625Zara (incl Zara Kids) Pull and Bear Massimo Dutti Bershka Stradivarius Oysho Zara Home Uterque Totals Inditex equalizer Sheets for Financial Year s 2009 and 2008 Annex 24 Notes refer to details in Inditex annual report for 2009. The share capital of Inditex amounts to 93. 5 million divided into 623. 3 million shares each with a par value of 15 Eurocents fully bid and paid at 31 January 2010 . This has remained unvaried since Inditexs financial year 2006 Inditex equipoise Sheets for Financial Year s 2007 and 2006Annex 25 Notes refer to details in Inditex annual report for 2007 Inditex bullion Flow Statements for 2009 and 2008 Annex 26 Annex 27 Inditex Cash Flow Statements for 2007 and 2006 Inditex Gr oup P& L for 1st Quar ter s 2010 and 2009 Annex 28 Annex 29 Inditex Gr oup Balance Sheet for 1st Quar ter s Ending 30 Apr il 2010 and 2009 Inditex Shar e Pr ice fr om August 2009 to J uly 2010 Annex 30 Source Inditex. com/ Investor Relations Annex 31 Boar d of Dir ector s of Inditex as at 31 J anuar y 2010The 6 Non Executive Directors are plant life Perez Marcote ( representing Gartler S. L. , the holding company controlled by Mr Ortega Gaona and owning just over 50% of Inditexs shares) Carlos Espinosa de los Monteros Bernaldo de Quiros ( display panel member from 1997) Francisco Luzon Lopez ( board member from 1997) Irene pity Miller ( board member from 2001) Juan Manuel Urgoiti Lopex de Ocana ( board member from 1993) Jose Luis Varquez Marino ( board member from 2005) of age(p) Management of Inditex as at 31 J anuar y 2010 Annex 32
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