E-Marketing study notes

Owned Media: carry communication megs from the org to net users on owned channels(our site) Paid media: properties owned by others who are paid to carry promotional megs (advertising) Earned media: when Individual's conversations become the channel (WHOM) Media type Definition: Examples: The role Benefits Challenges OwnedChannel a brand controls Web site, mobile site, blob twitter account Build for LET RSI with existing potential customers and earn media Control, cost efficiency, longevity, versatility, niche audiences, build B image No guarantees, company communication not trusted, takes time to scale Paid Brand pays to leverage channel Display ads, paid search, sponsorship Shift from foundation to a catalyst that feeds owned and creates earned media In demand, immediacy, scale, controlClutter, declining response rates, poor credibility limited control Earned When customers become the channel WHOM, Buzz, viral Listen & respond – earned M Is result of well executed & coordinat ed owned/pall media Most credible, key role in most sales, transparent and lives on No control, can be negative, scale, hard to measure Owned media: Content marketing: strategy involving creating & publishing content on sites and in social media.Having content available to inform ,entertain and engage users when eek the company Companies organizing themselves as media publishers online All owned media is content Sell digital content on media (music software), accept Google Ad Sense and recover payments when click on ads. Websites: Marketing public relations (MR.) brand related actively & non paid, 3rd party media coverage to positively Influence market. DVD for using W to publish plus Info: low cost alternative, Info updated, can reach new prospects. Entertain, build communities, communication channel, provide info and

Self reflection in it truest sense education essay

Integrating a brooding pattern in one ‘s ain professional instruction methods, would be one manner to maintain up with the on-going assessments that should happen in any professional set up or larning experience. One could depict contemplation as looking back at past instruction experiences, either good or bad, and finding whether the experience could hold been better managed or taught. There is a clear differentiation between believing and reflecting. Thinking could be associated with a job and solution where as reflecting may non hold an absolute terminal consequence. Working as a instructor in a secondary school airss many jobs, and many inquiries that are really seldom answered. The job that surfaces with the thought of reflecting on 1s ain pattern is that we as instructors are non given the clip, or the motive to reflect more frequently, or more profoundly into our methods, learning manners or bringing of the course of study. The debut of standardization by manner of the N ational Curriculum towards the terminal of the 1980 ‘s and the beginning of the 1990 ‘s by the Conservative Government, has taken away the power from the single instructor in make up one's minding what is of import. It could be argued it has reduced the instructor to nil more than a courier of a province controlled course of study. It besides suggests a concealed docket. Neary, M ( 2002 ) highlights the ‘hidden course of study ‘ and the attitude towards instruction and the map a school should play in fixing people for society. Neary, M ( 2002, p45 ) states Lynch 1989 ( 1989, p3 ) : ‘The peculiar societal dealingss they deem of import in the generative procedure are chiefly the hierarchal division of labor between instructors and scholars, the anomic character of scholars ‘ school work itself, and the atomization in work – reflected in the institutionalized and frequently destructive competition among scholars through continual and apparently meritocratic ranking and rating ‘ . Neary, M argues that authors such as Bowles and Gintis have made connexions with a capitalist society and how this is reflected in the school system. It is of import to reflect on the course of study one Teachs and who decides what is ‘Really Useful Knowledge ‘ and how socially effectual this is for the scholars that we teach. The course of study that is offered at The Community College Whitstable is GCSE ‘S in all the nucleus topics, BTEC in Construction, Physical Education, Science, Drama, Science, Music, Business Studies, Travel and Tourism, Design and Technology, NVQ in Hairdressing, professional makings in Motor Vehicles ( IMA and ABC ) and A ‘ Levels. Students at The Community College Whitstable are progressively going familiar with BTEC instead than the traditional GCSE ‘S which are favoured by most Grammar and the top grade of other State schools. The logical thinking for this could be that province instruction is undergoing immense cardinal alte rations through political and ideological mentalities. The National Curriculum was sought to increase the pupil ‘s acquisition, the House of Commons 4th study provinces ( 2008, p10 ) : ‘This papers basically identified four wide intents ; presenting an entitlement for students to a wide and balanced course of study ; scene criterions for pupil attainment and to back up school answerability ; bettering continuity and coherency within the course of study, and helping public apprehension of the work of school: ‘ The school province system has now moved on more than a decennary since that pledge and is presently at the Centre of a political inspection and repair. The Community College Whitstable is come ining more pupils onto the BTEC programmes than of all time before. Through contemplation of the stance and vision that the school is taking, and with respects to the increased flexibleness of the school course of study programme, one could see that schools such as The Community College Whitstable are progressively fighting to vie on national and local footings through GSE ‘S consequences. Therefore turning to BTEC ‘s is a manner to increase pupils consequences and travel up the conference tabular arraies. The popularity with BTEC ‘s are that they are all coursework driven and this does give them an advantage over GCSE ‘S which are portion coursework, and portion terminal of twelvemonth test towards concluding Markss. The coursework is internally marked and externally v erified, pupils who would non hold had any opportunity of acquiring good consequences through GSES ‘s, stand a better opportunity with BTEC ‘s ( perchance acquiring 4 GSSE ‘s at A* – C class on another topic. ) The Community College Whitstable has been first-class in implementing the old Governments name for Vocationalism and Diversity in the course of study but is that all about to alter with the new Coalition Government. It is of import to reflect on 1s learning of the course of study, cognition, bringing, larning manners and methods, if we are to come on and turn as a instructor or facilitator. At present there are no school guidelines to go a Brooding Practitioner but there have been many writers and professionals that have laid down theoretical accounts for brooding pattern to be incorporated into the course of study. Brookfield, S provinces ( 1995 p29 ) : ‘We have available four lenses through which we can see our instruction. These lenses are represented by the four pointers in figure 2.1. They are ( 1 ) our autobiographies as instructors and scholars, ( 2 ) our pupils ‘ eyes, ( 3 ) our co-workers ‘ experiences, and ( 4 ) theoretical literature. Sing what we do through these different lenses alerts us to falsify or uncomplete facets of our premises that need farther probe. ‘ For illustration utilizing a ambitious pupil as a instance survey who attends the vocational Centre is a good manner to reflect on Brookfield ‘s lenses. The pupil that I have identified has had domestic jobs and personal jobs that stem from his place life. The pupil has a low academic ability and falls into the class of extra excess demands, which would hold been recorded on his informations from appraisals conducted in cardinal phase two and three. I believe this pupil suffers from low ego regard and assurance which reflects his aggressive nature towards instruction and higher-ups such as instructors and people in authorization. The pupil was pushed into the vocational Centre because of stereotyping and the low standards needed to inscribe on the classs at the vocational Centre at The Community College Whitstable. Taking this into consideration and seeing it from the pupil ‘s eyes would assist all instructors deal with his/her disputing behavior with greater empathy and compassion, and in bend this would enable us to undertake these jobs with greater cognition. A minority of pupils may hold an atrocious place state of affairs and life in a societal environment that does non advance larning. Students may be come to school with that luggage of place life and may endure from a deficiency of assurance through low academic ability. Sing this state of affairs from a pupil ‘s point of position should promote us as instructors to be more thoughtful and tactful when covering with certain pupils. From my experience of working and learning at The Community College Whitstable, the pupils who chose vocational classs are by and large lower ability pupils. Although there are some exclusions to this, and at that place will ever be pupils who opt for vocational class who are academically bright. Students that are on the Construction courses at The Community College Whitstable may hold jobs that range from behavioral, societal and academic through to the medic al and physical. Through my experience as a instructor, communicator or facilitator I have ever relied on my autobiographical acquisition, for illustration, learning pupils woodworking and joinery through my ain good experience as an learner and so traveling on to analyze at college. This contemplation into my past experiences has helped me to go a more rounded and competent instructor of the accomplishments of a trade that goes back many centuries. I believe that all instructors should utilize their autobiographical acquisition in their instruction because we can all retrieve the good instructors or the good teachers and employers. Our autobiography should organize the foundation of our learning methods and manners. Peer appraisal is a important portion of a instructors larning experience either informal or formal, both of these tools are every bit of import. Teaching on the BTEC Level 2 Construction class involves two members of staff and each member has equal duty to internally verify each others work. Fifty per cent of all pupils work will necessitate to be cross referenced and internally verified. There are regular squad meetings and departmental meetings on marker, pupil ‘s public presentation, attending and behavior. These meetings have ever been a good manner to go through on shared cognition and to interchange thoughts and beliefs on the best ways of learning. Informal feedback from 1s co-workers can be merely as effectual, for illustration inquiring a co-worker to come into a category to detect a peculiar portion of the lesson can supply us with greater cognition of the state of affairs. By merely inquiring other instructors how they deal with job pupils can work out the enigma. From my experience a co-worker had advised me to do up a seating program at the beginning of the lesson to battle bad behavior. The thought is that you have already taken control of the state of affairs and the pupil understands this and responds consequently. To this twenty-four hours the scheme has worked. Understanding how and why pupils behave in a mode requires understanding of human demands, this may non come of course to most of us, but the ability to reflect and to research is a tool all instructors have at their disposal. Completion of the Certificate of Education class in old old ages and now analyzing the BA Hons in Lifelong Learning, has put me on a acquisition curve utilizing theoretical literature that I am still researching and seeking to grok. This research into course of study political orientation, course of study alteration, cognition of instruction etc. suggests that instruction is non what it seems but a smokescreen for viing self-importances and constabularies f rom political parties at the helm of the state ‘s hereafter. Brookfield ‘s Lenses challenges us to travel off from our point of position and to take onboard other interventions that may or may non do a pupils advancement or fail. Brookfield highlights the complexnesss of how we learn, and how the acquisition environment is ever affected by more than one issue. By going a Brooding Practitioner it can assist one understand the jobs that arise from the jobs instructors face. Brookfield identifies Reflective Practice as a manner in which instructors can do sense of the instruction system and the political invasions that occur in the course of study. He suggests that through critical contemplation we find our terms and are so able to hold an openness that benefits both pupils and instructor. The pupils can be really ambitious and will all hold their ain set of issues to cover with as lineations above. Using Brookfield ‘s Four Lenses to cover with a ambitious pupil would be one manner of detecting the true art of pedagogical instruction. Brooding Practice through Brookfields theoretical account would be good when 1 encounters a hard twenty-four hours. Peer rating signifiers an of import function in our instruction methods, Brookfield highlight this in his Four Lenses and provinces ( 1995, p35 ) ‘Our co-workers serve as critical mirrors reflecting back to us images of our actions that frequently take us by surprise. As they describe their ain experiences covering with the same crises and quandary we face, we are able to look into, reframe and broaden our ain theories of pattern. ‘ This find through other instructors who deal with the same job pupils is really of import for a instructor to come on, and travel on in their chase of going a competent instructor. Brookfield ‘s 4th lens system focuses on theoretical literature whereby instructors and lectors should read more about the procedures of larning theory and research. Brookfield provinces ( 1995, p37 ) : ‘Reading a theoretical analysis that offers an alternate interpretative model for a state of affairs can be life salvaging – or at least, calling economy. Critical theory may assist us recognize, for illustration, that pupils ‘ neutrality is the predictable effect of a system that forces people to analyze staccato balls of cognition at a gait prescribed by course of study councils and license organic structures. ‘ Theoretical literature is covered by the leading squad at The Community College Whitstable in Staff Development eventides. From my experience this literature is used to warrant their scheme instead than to professionally develop a instructor ‘s head. Theoretical literature can assist instructors to still their frights and seek confidences from other professionals outside their on the job environment. Unfortunately excessively few instructors actively read theoretical literature on pedagogical instruction, from my experience reading and analyzing literature on behavior has been a great beginning of encouragement. Brookfield points out that the logical thinking for this is that the surveies carried out about learning in theoretical books are ever written by faculty members and non instructors. The old Government had realised this, the 4th study on the National Curriculum provinces ( 2008, p32 ) : ‘At the same clip, instructors need to be given a stronger sense that their ain inventions in teaching method can be valued. There is considerable support for the debut of some signifier of ‘pedagogic bank ‘ developed by instructors for instructors. ‘ In order for instructors to go a Brooding Practitioner or instructor they would hold to oppugn the footing of the Curriculum and the hierarchal establishment that administers it. This would convey them in direct struggle with the whole school system and the powers that control the system, both centrally through authorities, and straight through the senior direction of the school. This theory of oppugning the nucleus values of an educational establishment goes against the National Curriculum set up under the Conservative Government, where instructor control and powers are limited. In a universe where we are now used to following the regulations and codifications of administrations the true spirit of people power has been born out of us through Capitalism, Globalisation and laterality. If one was to take onboard brooding instruction and utilize it as portion of the course of study timetabling it would assist us to go better instructors and this would assist us learn pupils what we thin k is of import to them in the outside universe. Schon, D ( 1995, p332 ) argues: ‘What happens in such an educational bureaucratism when a instructor begins to believe and move non as proficient expert but as brooding practician? Her reflection- in-action poses a possible menace to the dynamically conservative system in which she lives. ‘ As mentioned earlier the ‘hidden course of study ‘ has many dockets, of all time since the debut of free province schooling in the 1940 ‘s the issue has ever been what should the pupils learn and why. Education was seen to be a manner to travel a state on from the injury of the World War and the deepnesss of desperation. The Education Minister at the clip was R. A. Butler. In a bill of exchange white paper ( 1943, pp182 ) he stated: ‘The new educational chances must non, hence, be of a individual form. Schools and classs must be available to accommodate the demands and aptitudes of different types of student or pupil. It is merely every bit of import to accomplish diverseness as it is to guarantee equality of educational chance. ‘ Although the Government were non straight involved in educational course of study there was a steadfast directive from the Government. Scholars throughout history have identified learning theoretical accounts and theories, armitage et Al ( 2003 ) identified five Models of Educational Political orientations: Classical Humanism, Liberal Humanism, Progressivism, Instrumentalism and Reconstructionism. Armitage argues that we as instructors need to understand these political orientations in order to take them on board and through this cognition we as instructors can put the acquisition experience for our pupils. Out of the five political orientations Reconstructionism seems the furthest off from our educational system and would accommodate the Developing World who need political orientations to draw themselves out of economical convulsion. Neary, M ( 2002 ) suggests that the Liberal Humanist political orientation has been the most relevant since the industrialized West evolved. Neary argu es that this political orientation had favoured the private and higher classed schools such as the Grammar schools but non the State schools. Tony Blair ‘s New Labour Government and the educational political orientation could be coined with instrumentalism. The educational policies under Blair such as the Leitch Report ( 2006 ) are in maintaining with the instrumentalism armitage et Al provinces ( 2003, p209 ) : ‘The instrumental course of study sees knowledge in factual footings and is clearly lecturer/teacher/trainer led. Therefore, through instrumentalism instruction and preparation pupils are fixing themselves for their functions in the workplace and in society as a whole. ‘ This instrumentalism has had a major consequence on province schools such as The Community College Whitstable because since New Labour, Vocationalism has made its manner into Secondary schools and is now portion of the course of study for 14 twelvemonth olds. It remains to be seen whether the new Coalition Government are prepared to transport on these political orientations or follow another way. In a perfect universe the educational political orientation would be Progressivism Armitage et Al provinces ( 2003, p208 ) : ‘The course of study would be based around active problem-solving in a assortment of societal contexts and be constructed of subjects which interested and challenged pupils ( larning from experience ) with the purpose that people would larn how to believe for themselves, make determinations, cooperate and take part as shapers of a democratic society. ‘ The job that has arisen in the course of study today is that pupils are being spoon fed the information and that they can non believe for themselves. This is the consequence of the course of study being excessively narrow and excessively focussed on good consequence and attainment instead than pupils growing. In order for our society or political administrations to make up one's mind the destiny of our instruction system or the function it plays in how the pupils will be taught, curriculum research is carried out to determine the terminal end. Neary, M ( 2002 ) has highlighted two course of study theoretical accounts the Product Model and the Process Model. The Product Model is linked with behavior and Neary, M ( 2002, p60 ) cites Tyler ( 1949 ) ; ‘1. What are the purposes and aims of the course of study? 2. Which larning experiences run into these purposes and aims? 3. How can the extent to which these purposes and aims have been met be evaluated? 4. How can these learning experiences be organised? ‘ Under this theoretical account each inquiry will necessitate to be answered in order for the development of the course of study to be successful and achieve the ends and results intended. Harmonizing to Neary the theoretical account was non without its critics based entirely on the idea that a course of study can non be based on Behaviourism. Armitage et al provinces there was an alternate theoretical account for course of study development, the Process Model ( 2003, p203 ) : ‘This is an attack to curriculum which is interested in the procedures and processs of larning so that the scholar is able to utilize and develop the content, non merely have it passively. ‘ Neary, M states the Process Model focuses on ( 2002, p61 ) : ‘Teacher activities ( and hence the instructor ‘s function ) , pupil and scholar activities ( possibly the most of import characteristic ) , the conditions in which the acquisition takes topographic point. ‘ Students on the BTEC degree 2 Construction classs at The Community College Whitstable will hold a variable grade of both theoretical accounts in the class purposes and aims and the construction and bringing of the content stuff and appraisals. The BTEC Level 2 Construction classs will already hold predetermined purposes and results in which the scholar will hold to run into to fulfill the awarding organic structure, if they are to accomplish the making, this type of course of study falls in line with the Product Model. The BTEC does let for some liberty of the instructors because the faculties or units will hold to be personally written by the instructor or lector for the pupils to finish. This does reflect portion of the Process Model but the ego written units and bringing of the units have specific guidelines laid down by BTEC Edexcel. Curriculum alteration and the political orientation behind it are really of import when sing a sweeping alteration of the National Curriculum for schools in Britain. With the debut of new makings, the appraisal of that is basically of import to the success and the length of service of the new set up. Knight, J Minister of province schools ( 14-19 ) provinces ( 2008, p1 ) : ‘Many schools are already seeing the benefits of utilizing appraisal for larning patterns and resources, but I want all schools to hold entree to high-quality preparation and support so that appraisal for acquisition can be embedded in all schoolrooms. ‘ The old Labour Government had targeted appraisal as the manner frontward for schools to undertake pupil ‘s weaknesss. Harmonizing to the section for Children, Schools and Families ( 2008 ) the appraisal for larning championed by Labour would enable pupils, instructors, parents and schools to cognize how the pupil is executing, where they should be and how they are traveling to accomplish a satisfactory degree of public presentation. For schools this meant that the construction would be crystalline for all to see. For instructors they would now hold a foundation to work from and be able to prove pupils intermittently against the in agreement appraisals and standards that are laid down by Government organic structures. There are many ways to prove pupils runing from summational testing ( terminal of twelvemonth test ) , to formative testing: this could be conducted in the schoolroom and workshops, and initial testing which would be carried out at the beginning of the class. The n ucleus inquiry that needs to be answered when assessing is, are the agencies of proving dependable and valid? Armitage et Al ( 2003, p 157 ) provinces: ‘A valid appraisal method is one which tests whether the purposes and aims of a learning experience have been achieved. ‘ The BTEC degree 2 Construction class that is taught at The Community College Whitstable has assorted signifiers of appraisal in order for the pupil to finish the units for that peculiar class. Currently pupils will hold to go through six units in which three are theory units, and three are practical units. The theory units are taught on a modular footing, one time the pupil has completed one unit they move onto the following 1. The units are broken down into three smaller balls of appraisal so that it is easier for the pupils to digest and use themselves and come on through the scaling system. The rating systems start with a base on balls and so travel onto a virtue and eventually a differentiation. This sort of appraisal follows the standard referenced path of appraisals, the pupils will hold a set of inquiries and each inquiry will hold base on balls, virtue or differentiation attached to it. The pupils can lucubrate on their replies and accomplish a higher mark or class. The prono unced work is so marked by the assessor and so internally verified by a co-worker learning the same class. This is indispensable for the appraisal procedure to be made valid and dependable. The practical elements of the BTEC degree 2 Construction class are marked by the assessor every bit shortly as the pupils has achieved the purpose, which could run from constructing a Flemish Bond wall, doing a panel door or preparing and painting a booth. The instructor ( assessor ) will immediately tag their piece of work in line with the class specification and rate the pupils a fail, base on balls, virtue or differentiation. This appraisal is in maintaining with a competency based expression which is similar with NVQ ‘s. There have been unfavorable judgments of this sort of competency based proving Armitage et Al ( 2003, p166 ) provinces: ‘Some argue that a competence-based system makes larning assessment-led. That is, for pupils at least, one oculus is ever on the competences that have yet to be awarded and the full class of survey the becomes skewed towards clicking off such competences. ‘ The pupils at The Community College Whitstable could place with this unfavorable judgment as we as instructors are pushed to increase accomplishments and base on balls makings instead than doing certain that the pupil is ready equipped for the outside universe. Assessment schemes and the dependability and cogency have become an issue with new Coalition Government. An independent reappraisal conducted by Sir Richard Sykes ( 2010p3 ) provinces ; ‘There is an compulsion with measuring, puting quantitative marks and roll uping conference tabular arraies, as though what can non be measured numerically has no value and should hold no topographic point in instruction. Yet the best things in instruction frequently can non readily be measured in this manner. ‘ Dockrell and Black ( 1980 ) pick up on this subject of cogency and dependability but their focal point is assessment in the affectional sphere. Dockrell and Black ( 1980 ) argue that this sort of appraisal is good for the success of the pupil ‘s patterned advance in their educational experience. Assessing person ‘s public assistance and fixing lessons to suit all pupils sat in forepart of them is portion of the pupil centred course of study at The Community College Whitstable. Teachers are expected to compose studies three times a twelvemonth on every kid they teach measuring both ability and attitude although this does non travel towards their concluding class it can move as a tool to measure the pupil ‘s advancement. Every kid must be taught to the best of their ability is the mantra at the college. Although I do non hold with the current instruction system in Britain one hundred per cent, there seem to be really small alternate. The 11 plus trial that is conducte d in the Kent District is designed to divide the brighter pupils from the less academic to the addition of the Grammar schools. This sort of appraisal has a immense consequence on all secondary schools in Kent, particularly The Community College Whitstable who will hold to choose pupils that have failed or are non eligible. The Tomlinson study ( 2004 ) had promised or set out a new course of study and appraisal that would hold revolutionised our province instruction. The study had identified that GCSE ‘s and A'Levels needed to be reformed every bit good as vocational instruction for 14 twelvemonth olds. Unfortunately, the reform did non transform the instruction system but was merely brought in a moire downed degree. Sir Richard Sykes ( 2010, p3 ) argues: ‘We therefore present a treatment and a set of recommendations which if adopted would, we believe, help to right the balance between instruction and appraisal. ‘ The new specification for all BTEC classs has been renewed as of September 2010, this follows a whole shingle up of the QCA model and the regulating organic structures that preside over the way of our making system in Britain. It remains to be seen whether this will convey the alteration that will bridge the spread between pupil ‘s advancement and an instruction system that is envied throughout the universe. In decision Reflective Practice enables one to see their professional function as a instructor and within society. It is of import that we as instructors and professionals encourage pupils to accomplish all that they can in the instruction system and to go life long scholars. It is of import that we encourage pupils to non merely larn what the course of study has offered them but to widen their acquisition. The essay has researched the course of study of The Community College Whitstable and how it has adapted to the alterations of a tiered school system through conference tabular arraies and appraisals such as the Eleven Plus. Schools such as The Community College Whitstable will hold to continually excel their outlooks if they are to last in this Capitalist State System. Brookfield ‘s Four Lenses is an of import starting point for contemplation in 1s ain professional pattern and this can set the teacher/professional onto the route of true satisfaction of 1s ain pattern. Curric ulum political orientations have played an of import portion in Britain and the World ‘s instruction system. This essay has focussed on instrumentalism and how this affects The Community College Whitstable and how it has played an of import portion in Britain ‘s Education System. This essay has identified and developed a cognition and apprehension of appraisals in our State Education System. It has identified how these appraisals are being used in a vocational sense through BTEC makings at The Community College Whitstable. It is of import to understand Britain ‘s instruction system, political orientations and cardinal beliefs as this will enable the instructor to come on and to do sense of educational alteration. Schools such as The Community College Whitstable have benefited from political orientation, political invasion and course of study development because more pupils are now come ining 6th signifier and traveling on to university or higher instruction than of all time before. Schools play an of import portion when educating the pupil and the local community, it is the start of womb-to-tomb acquisition for some pupils. Comparing the instruction system of the 1970 ‘s to the present twenty-four hours, pupils have a greater advantage because schools are now set up to profit the pupil. The Community College Whitstable offers a huge scope of makings that would be the enviousness of many states.

Cancer and How It Develops Essay Example | Topics and Well Written Essays - 500 words

Cancer and How It Develops - Essay Example However a tumor on reaching a critical mass secretes chemicals to tempt blood vessels to invade the tumor to provide a channel for its nutrient supply and waste removal to support its uncontrolled growth. This also opens up a route for the cancer cells to metastasize or spread to other locations in the body through the blood and lymph vessels making surgical removal impossible. Chemotherapy or radiation is used to destroy metastasized cells. Cancerous cells defy the control mechanisms that are placed to regulate cell division. In a normal cell cycle proto oncogenes and tumor suppressor genes in combination with each other regulate cell division. Proto-oncogenes promote the division of cells through its effects on growth factors or by producing them where as products of tumor- suppressor genes act in damage control such as repair and programmed cell death. Mutations in these genes results in malfunctions in cell cycle and leads to uncontrolled cell division giving rise to cancerous cells. Mutation in the tumor-suppressor gene p53 is associated with more than half known cancers. A protein produced by gene p53 regulates another gene whose gene product keeps a check on cell division. A mutation in p53 lifts that check resulting in uncontrolled cell division. Mutations in a proto-oncogene turn it to an oncogene which produces larger amounts of proteins (which are mostly growth factors or its receptors) or enhances the activi ty of the protein resulting in hyper stimulation of cell-division. A distinguishing character of cancer cells is its lack of contact inhibition. They are devoid of anchorage unlike in normal cells that stop division on contact with neighboring cells through information from signaling systems. Failure to trigger the mechanism of programmed cell death or apoptosis also is a characteristic of cancerous cells. The genetic suicide program is activated in normal cells in response to a physiological or biological signal in

Organizational and Technical Issues of Significance in the Essay

Organizational and Technical Issues of Significance in the International or Global Magagement of Information Systems - Essay Example However, over 60 percent IS projects have been failures (Goepp et al., 2008). Knowledge of people and organizational issues in the implementation and management of IS has been growing (Ash et al., 2008). Group problem solving approach has a positive influence on IS development and implementation (Tesch et al., 2009). In the context of several stakeholders, implementation of information systems is likely to be disappointing and troublesome, if stakeholders are not identified and their interests not taken into consideration (Boonstra & de Vries, 2008). A â€Å"fit† between organizational characteristics and business processes embedded in the system affects the likelihood of implementation success or failure (Morton & Hu, 2008). Management of information security has been a challenge, as it has been neglected and skills needed for organizational culture have not been adopted (Ashenden, 2008). Organizations should be able to evaluate implications of knowledge management (KM) within their technical infrastructure, and identify the role of tools in the flow of knowledge in organizational processes (Rodrà ­guez-Elias et al., 2008). KMS designed to support specific goals are more appropriate, as knowledge problems are divergent across organizations (Hahn & Wang, 2009). The quality of information and system integration were found to influence usefulness of IS; which was a good predictor of extended usage (Saeed & Abdinnour-Helm, 2008). While developing IS, business processes and supporting databases should be closely related (van Hee et al., 2009). Yen et al. found that the implementing team created higher level of integration and effective management of projects within the organization, influencing the success of IS (2008). Involvement of users and designing models of an integrated enterprise are necessary in the development of IS (Goepp et al., 2008). Development of organizational competencies helps in harnessing IT,

American Illustrator Gil Elvgren Coursework Example | Topics and Well Written Essays - 1000 words

American Illustrator Gil Elvgren - Coursework Example His career spanning four decades from the 1930s to the 1970s encompassed different types of art work including commercial advertisements for Coca Cola and other products, and creating illustrations for magazines like the Saturday Evening Post and Good Housekeeping. Elvgren as an artist continues to be remembered till today, mostly for his pin-up paintings for calendars commissioned and produced by the promotional firm Brown and Bigelow. Thesis Statement: The purpose of this paper is to investigate the work of American illustrator Gil Elvgren, particularly with reference to his pinup art. Gil Elvgren’s Distinctive Pinup Art Style â€Å"Although most of Gil Elvgren’s work was created for commercial use, it has been increasingly recognized as fine art by many private collectors, dealers, galleries and museums† (Meisel & Martignette:12). As the most important pinup and glamor artist of the twentieth century, Elvgren’s expertise in portraying the feminine form was extended beyond the calendar pinup industry. He was greatly influenced by the early â€Å"pretty girl† illustrators such as Charles Dana, Gibson, Andrew Loomis, and Howard Chandler Christy. The Brandywine School founded by Howard Pyle also influenced his work. Besides being a successful commercial artist in various fields, Gil Elvgren was also a professional photographer of repute. He had amazing energy and talent, and was considered as a respected and even revered teacher of students, some of whom went on to become famour artists in their own right. Elvgren’s personally rendered instruction and support was responsible to a great extent, for his students’ success (Meisel & Martignette: 13). Although Elvgren was best known for his pinups, his advertising work â€Å"depicted typical Americans, ordinary people doing everyday things† (ElvgrenPinup.com, 2010). Further, the women that the artist painted were not the femme fatale, the female adventuress, or somebody’s mistress. They reflect the girl next door whose feminine charms are innocently revealed in an unexpected instant, in what might be an embarassing situation. The artist’s supporters agree that Gil Elvgren portraying that fleeting moment when a girl is caught off guard is not only unusual, but has a sexy quality about it. Several of his paintings from the 1940s to the 1960s feature a woman doing an ordinary task such as barbecuing, watering the lawn, or shopping, when she is unprepared for a sudden gust of smoke (Fig.1), jet of water from a hose (Fig.2) or other effect which raises her skirt to reveal her stockings and garters. The woman’s expression is one of shock but never horror, with a hint of a smile â€Å"in the O of her perfectly painted lips† (Taormino: 125). Fig.1. Smoke Screen by Gil Elvgren, 1958 (The Pinup Files 1, 2011) Fig.2. A Near Miss by Gil Elvgren, 1960 (The Pinup Files 2, 2011) It is evident that the context for the scene is created by Elvgren as a pretense for the viewer to get a glimpse under the girl’s skirt. It is both voyeuristic and innocent, because it tells the viewer that he just saw something that he was not supposed to. Though occasionally, the artist has uncovered the upper part of the body, there is very little nudity in his paintings which portrayed an old fashioned naughtiness (Taormino: 125). The Contribution of PInups to World War II Wartime imagery was an anomaly, deviating from the usual norms, and more decorous due to military control over the images. Gil

The effects of the educational assessment on the students life Essay

The effects of the educational assessment on the students life - Essay Example Assessments take different forms and range from simple but subjective judgments to complex standardized tests. Educational assessments have profound effects on the lives of students. This is because they often determine the chances that a student has to advance in academics and other aspects of life. This paper focuses on effects of educational assessments on the students’ life. In any learning institution, assessments form an integral part of the curriculum. They indicate how well the students understand academic aspects. Additionally, the results obtained after the assessments are used for different purposes such as education advancement, grading, seeking funds, and in placement or ranking of students. Depending on the purpose that the assessment was designed for, the effects of the outcomes affect students differently (Gibbs and Simpson 16-19; Mclnerney, Brown and Darmanegara 72-76). Every assessment is designed to serve a given purpose. Academic assessments are intended to determine the student’s status regarding a given topic. There are numerous arguments on whether assessments reflect the intelligence of students. Traditionally, the role of teachers entailed teaching or instilling knowledge on the students. The students were supposed to concern themselves with learning whatever the teacher teaches. Assessment was considered a tool of evaluating how well the students had understood. The focus of the assessment was for judging the students (Mclnerney, Brown and Darmanegara 101-104). The effects of educational assessments on the students life is greatly determined by the purpose of the assessment. Learning institutions and instructors use assessments for varying purposes. Being able to determine the level of knowledge in students can be hard. Assessments are important in that they enable the instructors determine the level of knowledge a student possesses. Assessments are used in making educational decisions such as whether a student is qualifi ed to proceed to the next learning level. This is because the assessments are supposed to evaluate if the students have the capacity to understand courses given at each level. If students fail to prevail in a test, they may be barred from proceeding to the next academic level. Therefore, assessment affect the rate at which student complete a curriculum. Assessments for purposes like those that have been discussed above should be tailored appropriately to ensure that they are reliable and fair (Gibbs and Simpson 24-26). There is always competition for resources. Assessments are often used to determine the individuals who can benefit from such resources. Awards such as scholarships are often based on academic performances. For students who may not have enough finances and may want to apply for scholarships, assessments are crucial. They are often used by those awarding scholarships for selection purposes. In such cases, assessments may determine the chances of the students to further their academics (Gibbs and Simpson 24-26). Academic assessments may result in labeling of students as failures or achievers, depending on their scores. Since assessments are used to evaluate the level of knowledge in students, those students who fail to achieve the set pass mark are considered failures while those who prevail are considered successful. Being considered a failure or successful has effects on the students. When students fail,

Climate Change Displacing People and Animals Research Paper

Climate Change Displacing People and Animals - Research Paper Example Studies that were previously conducted posit to the effect that the phenomenon of climate change can be mainly attributed to the activities of a human kind which immensely contribute to the amount of greenhouse gas emissions. There remains confusion with regards to universal policies that can be implemented in order to check that the activities of men are under control such that they do not wantonly continue damaging the climate (Makombe 1993). It can thus be noted that the issues of climate change have become topical in many societies during the contemporary period, but there is need to generate more knowledge about the major effects and causes of climate changes such as global warming. A holistic approach has to be taken in an attempt to combat this threat to the climate. In essence, there is a need to recognize that conservation of the environment and development are both necessary to human life and are also interdependent. It can be seen from this argument that conservation of the environment cannot ignore the needs of the human beings while development projects by human beings that ignore the limits of the environment will be doomed (Gore 2006). There is a need to create a fine balance between the activities of human beings and the need to maintain a safe environment. Such a holistic approach may be difficult to attain but it is necessary as far as minimizing the negative impacts of human activities on climate are concerned. This paper, therefore, seeks to critically analyze the concept of climate change and its impact on the welfare of the people. The paper will begin by reviewing the published literature that is related to the topic area. The bulk of the reviewed literature will be centered on the concept of global warming which is central to the phenomenon of climate change.  

Organizational change Management Essay Example | Topics and Well Written Essays - 3000 words

Organizational change Management - Essay Example Various individuals in the organization will be involved in the change process and unless they understand the need for that change, their behaviour towards the proposed change will not be favourable. Behaviour change is very imperative for successful change because of the uncertainty that people perceive to come because of that change (Shea & Solomon, 2013, p. 15). The great need for the change in the organization enables the management to envision what they really want. This involves understanding reasons for the change, the structure of the change process and ensures successful implementation of that change (Shea & Solomon, 2013). Involving all the party concerned in the change also contributes greatly to the understanding of the change (Conway & Monks, 2011, p.. 191). Though strategic change may result from the top management, they should consider the middle level employees input to ensure they will not encounter much resistance. This also helps to counter any resistance early enough and make any clarification on time. Conway & Monks (2011) further asserts that for a successful change implementation, a clear outline of the benefits the change will bring must be present. However, many organizations often face opposition to change thus derailing the implementation process. Majority of the individuals defy change because it comes from top management and without proper consultations with them, the management forces them to adopt the change (Conway & Monks, 2011). This is especially so when they perceive that the change will negatively adjust their work status for instance in relation to workload, status change, which may prompt some of them to guard their own interests. According to Bates (2005), various individuals defy change for different reasons. Some may resist change to guard their own self-interest. Others fears the uncertainties that change brings while others lack clarity on the change process and some

Chinese Business Culture Essay Example | Topics and Well Written Essays - 1000 words

Chinese Business Culture - Essay Example Accordingly, business culture of a particular country can be defined as a specific way of business relations existing between the members of a company influenced by national cultural values and norms. National Influences Chinese business culture includes both conscious and unconscious national values, ideas, attitudes and symbols that shape employees behavior. The combination of Chinese language and religion creates a unique culture and traditions. At its deepest level, however, chinese business culture comprises a set of basic assumptions that operate automatically to enable groups of people to solve the problems of daily life without thinking about them. In this way, business culture is that which causes one group of people to act collectively in a way that is different from another group of people. Chinese business culture is influened by religious traditions including Taoism and Buddhism (Kenna, Lacy, 1994). Language Language plays a dominant role in every culture as the main tool of communication. Language can be divided into spoken or verbal language and non-verbal language, which includes communication through gestures, touching and other forms of body language that supplement spoken communication. The official language in China is Chinese, but it has verious variation and dialects. Mandarin is the official spoken standard of language, but the variety of dialects (Shanghaiese and Cantonese) creates a difficulty to communicate with firms in different parts of the country. In many cases, the official language of business negotiations is English, but it is highly recommended for businessmen to find an interpreter in order to understand subtle nuances of everything during meetings. For instance, "without special study of Cantonese someone from Beijing cannot understand residents of Guangdong or neighboring Hong Kong" (Business Culture throughout China, 2005). It is important to note that Chinese businessmen rely on subjective feelings in forming opinions and solving problems, and a message or speech should be very concise and laconic. Manners Collectivism is a remarkable feature of Chinese business culture which has a great influence on manners and personal relations. High individualism is a general aspect of culture in the United States and Europe; low individualism is characteristic of a Chinese culture pattern. It includes extreme respect for age and hierarchy. The delegation of power is very limited with most power holds by managing directors. The manners of Chinese businessmen are based on the Confucian concept of the Superior man. "Such rituals prescribe how the Superior man should behave when dealing with other people (as a means of exercising self-control by directing his emotions in the right direction (Williamson, 2003, p. 5). Face Expression or "Mian-zi" Some implications of 'face' for expatriate managers include the need for extreme caution and reflection in Chinese business communication. 'Face' can be put to good effect through displays of public recognition for exemplary accomplishments at work and more generally in the design of effective reward systems. Loss of self-control by a businessman through displays of anger and threats signal weakness and contributes to a loss of 'face' (Seligman, 1999). Gestures Because of differences in traditions, customs, religions and related cultural features of a society, extreme care should be taken in selecting gestures that can convey

The Future of Bachelor Prepared Nurses Essay Example for Free

The Future of Bachelor Prepared Nurses Essay Registered nurses are increasingly recognized as leaders in transforming the health care system . Nurses need to meet the demand for prevention, wellness and primary care services, with a focus on improving quality and managing costs. In addition to their clinical expertise, they are being sought out to serve in a variety of new roles, such as care coordinators, wellness coaches, and also in leadership roles. A bachelor degree prepares nurses for advancement in their profession, in todays world most Assistant Nurse managers(ANM) and Nurse Managers(NM) require a bachelor or masters in nursing. Having a bachelor degree also provides an opportunity to educate future nurses and help develop leadership ability. (Chitty Black, 2011). Goals for Achieving a Bachelors in Nursing The goals for a bachelors educated professional nurse are to apply leadership concepts, skills, and decision making in the nursing practice, integrating this knowledge to deliver safe and effective nursing care. Demonstrating critical thinking with a critical decision making for the delivery of a competent, evidence-based, holistic and compassionate care to patients across the life span, always serving as an advocate for health promotion and disease prevention to patients and their families. (Chitty Black, 2011) . As patients become sicker and technology develops increasingly, the demands of the nurse are becoming greater. An essential ability for a bachelor prepared nurse is the skill of critical thinking, making decisions and solving problems in actual setting and seeking guidance when needed. Improving Patient Safety Staffing nurses with higher levels of education has been linked to better patient outcomes. Studies show that for every 10% increase in bachelor prepared nurses on a hospital staff there was a 4% decrease risk of death for patients. The same study also showed a significantly lower mortality  rate for patients who were treated by nurses prepared at a minimum of the bachelor level. (AACN, 2012) Magnet Hospitals and Bachelors Degrees Hospital employers across the country are currently making policy decisions that require the nurses they hire to have bachelor degree or require them to obtain a four year degree within a set time limit. Nurse workforce education is a factor in achieving magnet status. Magnet hospitals are recognized for nursing excellence and superior patient outcomes. In the October 2012 issue of Medical Care, researches from the University of Pennsylvania found that surgical patients in Magnet hospitals had fourteen percent lower odds of inpatient death within 30 days and 12% lower odds of failure to recover compared with patients cared for in non-magnet hospitals. The study concludes that these better outcomes were attributed to highly qualified and educated nurses, with a bachelor or higher degree. (AACN, 2012) Workforce Requirements for Nurses The American Nurses Association (ANA) believes that bachelor in nursing education is necessary to prepare the nursing workforce for the challenges of a complex and changing health care system and reaffirms that baccalaureate education should be the standard for entry into professional nursing practice. (Chitty Black, 2011) The desire to learn and keep abreast of new developments in the field of nursing is and expected characteristic of the bachelor prepared nurse. Professional, financial autonomy and career advancement are directly correlated with higher education. Also the process of education to achieve a BSN degree is more intensive, nurses receive more knowledge regarding the services require to give excellent nursing care. References Chitty, K., Black, B. (2011). Professional nursing: concepts challenges. (6th ed.). Maryland Heights: Saunders Elsevier. American Association of Colleges of Nursing, AACN, (2012, October 24). Creating a More Highly Qualified Workforce. Retrieved from (http://www.aacn.edu/media-relations/fact-sheets/nursing-worforce)

Instant Noodle Consumption Behaviour

Instant Noodle Consumption Behaviour During the economic recession, consumers have to spend more economically and change their consumption behavior. Food which people around the world initially thinks of and enables people to save more is instant noodles which are very cheap and have diversified brands and flavors. Therefore, the instant noodle market can make a lot of money when compared with other consumption goods because consumers like to buy and store the instant noodles during the economic recession period. Almost every family in Thailand always store and eats the instant noodles as a meal or emergency food. When people are hungry at night and they want to save money, the instant noodles are their first choice. The study of Nano Search Co., Ltd showed that, at present, consumers buy and eat the instant noodles with which they have been familiar or a long time. Thai people in all ages know the instant noodles in diversified brands and original and new flavors which meet consumers need. Most students at Rajamangala University of Technology Thanyaburi (RMUTT) have domiciles in various provinces while some students houses are from the university. Therefore, they have to live in the dormitories outside and inside the university. As most students have no incomes, they have to save their expenditure on consumption. Therefore, the instant noodles are their first choice because there are several brands and original and new flavors of the instant noodles which meet consumers need. Therefore, the idea to learn about what events or factors affecting the consumption of instant noodles students. 2. Statement of the research The report is interested in purchasing behavior of the students at Rajamangala University of Technology Thanyaburi. The research is conducted within RMUTT and data collection will be gathered from RMUTT student. 3. Research Objectives Objective of this research are listed as below; 1. To study the reason for the purchase of instant noodles students. 2. To study the advertising is to attract the consumption of instant noodles students. 3. To study the satisfaction of the students in the appropriate price and quality. 4. To study the satisfaction and popularity of the student with flavor of instant noodles. 4. Scope of the Research We will study about instant noodles consumption behavior of Rajamangala University of Technology Thanyaburi Students by making selected representative sample of 100 people resided in dormitories of internal and external university to take Questionnaires on various topics related to the purchase of instant noodles such as the reason for the purchase, advertising of instant noodle, appropriate price and quality and flavor of student satisfaction.. We will collect data to analyze the behavior of students instant noodle consumption. 5. Limitations of the Research Problem of data errors may have findings that do not match reality because the university has students many which representative samples are less than 10% of all students. Researcher still has limitations in terms of research and duration of storage could not increase the number of representative samples. 6. Significance of the Study Significance of the Study about instant noodles consumption behavior of Rajamangala University of Technology Thanyaburi Students. To know what the factors affecting consumption of students and students have any opinion about the instant noodles today. To manufacturers and distributors preliminary results of this study can be used as guidelines for improvement of instant noodles better and for this research will enable students consume Instant noodles even more desirable. Provided the problem and make suggestions, manufacturer and distributor of lead analysis and action. 7. Definition of Terms 1. Instant noodles means : Product line consisting of noodles or cooked and partially cooked. Garniture different flavor. Oil and seasoning in the appropriate ratio. Packed in small envelopes. Total containers and packaging in the same Cook without eating more than five minutes. 2. Economic recession means : Lower economic growth sluggish start trading conditions. Sellers are less Operators to reduce production losses due. Consequences are the termination of employment. 3. Changing consumer behavior means : That the expression of individuals directly related to the use of products and economic waiter. Process, including decisions affecting expression. Chapter 2 Review or related literature and studies 2.1Definition and Features of the Independent Variables Instant noodle is very famous in Thailand. It has variety of brand and target to many age ranges. Many children love to eat instant noodle especially not when they are not boiled. They eat it as snacks. Instant noodles sold in ready-to-prepare packages area popular industrially processed food in Thailand. Six million packages are produced each day, 80% of which are made by only three companies. Most are consumed domestically, although they are also exported. In 1993instant noodle consumption in Thailand was 30 packs per capita [Anonymous. Reaching the masses. Asia Pacific Food Industry 1996;8:38-45.]. Over 90% of these instant noodles are of the deep-fried type, which are sometimes classified by academics as junk food due to their high salt, fat, and carbohydrate content and low-quality protein. Therefore, the label on the package suggests adding meat or egg and vegetables, which is the traditional mode of eating noodles in Thailand. However, because of inconvenience, this suggestion is seldom practiced by consumers. Both males and females aged 15 to 49 years from all socio-economic strata in Thailand consume instant noodles. The consumption of the products according to the countrys regions and zones is shown in table 1. Forty-one percent of the products are consumed in Bangkok, at the same percentages as in up-country rural areas. TABLE 1. Regional and zonal percent distributions of instant noodles Location Percentage Regions Bangkok 41 Central 17 North 18 North-East 18 South 7 Zones Bangkok 41 Rest of country Urban 18 Rural 41 Source: Thai President Foods Public Company Limited, Bangkok,Thailand, 1996. There are many brands present i.e. MAMA, WAI WAI, YUM YUM, and etc. The instant noodle war is very competitive. As the data on 21st June, 2010, the leader brand is MAMA of Thai President Food. It has market share 53 percent or around 5,000 Million Baht. Meanwhile WAI WAI- the market follower of Thai Preserved Food Factory takes only 25 percent [www.banmuang.co.th]. For MAMA cup, it has been grown by 50% when compare with the sales at the same period last year. That is the highest sales volume during last 20 years. The growth in market value leaped in significant level in last 6 years, as seen in below table. Year Market Value (Million Baht) Percentage 2005 9,500 2006 10,000 5.26% 2007 11,500 15.00% 2008 12,000 4.35% 2009 10,000 -16.67% 2010 10,300 3.00% 2.2 Theories Related to the Independent Variable(s) Health awareness Health becomes a hot issue for todays talk. There are many reports and news that related to health care. People are concern to health more than past. As we can see from the product which has sold in the market, they are presented as organic product, non-chemical products and many things those were labeled as chemical-free. There are some supermarkets that has organic corner. Moreover a corner in the supermarket, there are supermarkets those sell only organic food- Whole Food grocery shop. Whole food has dedicate all the store are to organic because there are many customer that want to use organic product as we can see from the sales revenue. The revenue of Whole food has climbed up every year. It has increased by 70% in past 4 year (Fiscal Year 2005 2009, source www.wholefood.com). It means there are many people interested in health more and more. Furthermore this trend is still increasing. Purchasing behavior of consumers. The aim of this research is to found out what the marketing mix variables that have significant influence toward instant noodle buying decision and also to found out the marketing mix variables that have dominant influence toward instant noodle buying decision based on the problem formulation, research background and suggested theoretical fundamental, hypothesis are formulated: it is estimate that the marketing mix variables consist of product, price, promotion and distribution have the significant influence toward instant noodle buying decision and it is estimate that promotion And it is a factor in decision making of RMUTT student. The Appropriate prices of Instant noodles. The study found that instant noodles are a low cost of production is sold on the cheap, but in terms of food quality noodles are semi-successful low nutritional value, if too many consumers will negatively impact the body. Student RMUTT take into account the price and quality rather than quantity of food. The nutritional value is not enough. The instant noodle market is growing fast in RMUTT, and is gaining popularity in the market. Wheat flour which is usually used to make instant noodles is not only low in fiber and protein contents but also poor in essential amino acid lysine 2.3 Critical Analysis/Discussion of the Theories Related to the Dependent Variables While my group is studying with protein, fiber and low in the instant noodle. People who had previously studying is Prof. Dr. Siri loyal Poe Secretariat of the Food and Drug Administration. Disclosed that according to the news media. From newspapers to explore the sodium condiments, instant noodles, Journal of intelligent shopping Foundation. To find that consumers have high sodium content of 50-100% of your body needs each day.Thai consumers need to carefully the Office of the Food and Drug Administration. As a regulatory agency that controls the safety of food products. Including semi-finished food products sold into the market. Ask for clarification. Consumers knowledge of food semi. The only instant noodle. Thai people of all ages consuming instant noodles that the organized food quality or standards. The safety requirements, such as microbes that may not cause disease of toxic substances. And the nutritional requirements. Protein must be at least 8.5 percent by weight. In additi on to the elements in the noodle flour oil / fat and seasonings. With sodium salts. MSG is also the case with Do. Has determined that sodium Thais aged six and over should receive not exceed 2,400 milligrams per day. This is consistent with the values that the United States. 2.4 Discussion of the Dependent Variables Health awareness Food safety is an important issue that has shown a thoughtful effect on the consumers behavior in the food industry. Also the growing awareness about health wellness play an important role in influencing the consumers demand for healthy food products. People are concern to health more and more every day. Junk food is suggested not to take too much especially taking balance dietary. Also many organizations promote health awareness to the public. Regular breakfast eating, physical activity and regular sleep patterns were associated with good Quality of life among early adolescents [Chen, 2005]. Unhealthy sleep habits are increasing and related to several other behavioral and emotional problems among children [Lui et al, 2002]. Purchasing behavior of consumers First Noodle flour makers in East and Southeast Asia tend to favor white wheats for making certain oriental noodles, a large and growing consumer item in the region. U.S. soft white wheat has good characteristics for making some of these noodles. However, some types of oriental noodles require a hard white wheat, of which the U.S. produces little. Australia is the favored supplier of hard white wheats for such noodles. Now, hard white wheat varieties are being developed for U.S. farmers that would be competitive with Australian varieties for this noodle market [Huo, Guotran, Miskelly, D.M, Park, W.J., D.R. Shelton, C.J. Peterson, T.J. Martin, S.D. Kachman, and R.L. Wehling,1998]. Next to the Malaysian government recently introduced a ban on fast food advertisements targeting children on television. This study reports on data covering 6 months of television food advertising targeting children. Six out of seven of the Nations commercial television networks participated[Asia Pac J Clin Nutr ,2008] while This paper is an attempt to use Korean ramyeon to examine some of the major issues in the study of food and culture. In Japan, as in Korea, ramen and ramyeon not only came to find loyal consumers and occupy significant places in the food culture of both countries, but also began to cross national boundaries to find fans and markets in China and other countries. The Chinese noodle has come home, after a hundred-year-long voyage to and from Japan via Korea. Korean ramyeon is a class confuser that, instead of delineating and reinforcing class distinctions, seems to confuse and modify them. I propose to introduce the concept of ramyeo nization. This process is found in the increase of new forms of instant food sold in plastic packages, and also involves the dominance of hot and spicy taste in Korean cuisine [Beadsworth, Alan, and Teresa Keil ,1997]Moreover strategies for customer-oriented product development are an essential strategy for remaining competitive in a highly competitive business environment with changing markets. This research used instant rice noodles as a representative food product in a highly competitive market. The two main objectives were to analyze attitude and value awareness on target customers of instant rice noodle and to evaluate the potential of using Quality Function Deployment (QFD) in the product development process. The most important of product technical specifications found from QFD were packaging material, noodle rehydration time, and package form [Kasetsart J.,2006] in addition foods stuffs requiring extensive preparation are being replaced by convenience products that require li ttle time, energy, or preparation Food companies constantly invest in research and development of new convenience foods to make daily life easier for consumers. The objective of this study is to determine whether the demand for convenience foods is growing around the globe [Buckley, M., C. Cowan, and M. McCarthy., 2007] likewise apart from paying attention to product quality and usability, consumers enjoy the package design of the product when purchasing commodities. Other relevant research has pointed out that using an illustration in the package design can draw more attention to the product. Based on the results of that previous research, this research finds that having illustrations in the package design is one of the factors which influence buying emotion [Ahtola, O. T., Batra, R. and Atayman, D. M., Donovan, R. J. and Rossiter, J. R.,2007] next The Analysis of Marketing mix variabels Influence toward Instant Noodle Buying Decision of Mie Sedaap Brand (Study on Students in 3rd C ampus of Muhammadiyah Malang University)? The aim of this research is to found out what the marketing mix variables that have significant influence toward instant noodle buying decision of Mie Sedaap brand and also to found out the marketing mix variables that have dominant influence toward instant noodle buying decision of Mie Sedaap brand. and it is estimate that promotion it is estimate that the marketing mix variables consist of product, price, promotion and distribution have the significant influence toward instant noodle buying decision of Mie Sedaap brand. While the variable that have dominant influence toward instant noodle buying decision of Mie Sedaap brand is product variable[Bauran pemasaran, Mie Sedaap] in addition with sustained income growth and fast urbanization, Indonesia will see a major shift in the growth of grain consumption from rice to wheat products. New demand estimates from consumption survey data give a relatively high income elasticity of demand for wheat -based products with dependable supply; product quality assurance, and credit availability, North American suppliers may still remain in this market[Jacinto F. Fabiosa,2006] next confocal laser scanning microscopy (CLSM) was used for examining micro structural differences resulted from different steaming time in modern instant noodles production. Thus, fundamental understanding of microscopic spatial arrangement between starch and protein affected by steaming time in instant noodles processing could be achieved via CLSM[Lynn, A. and M.P. Cochrane.,1997] finally noodles are widely consumed throughout the world and their global consumption is second only to bread. The instant noodle market is growing fast in Asian countries, and is gaining popularity in the Western market. Wheat flour which is usually used to make instant noodles is not only low in fibre and protein contents but also poor in essential amino acid lysine. Australian sweet lupin, a low cost grain legume, is becoming popu lar in various food applications as it is rich in fibre and protein[Anonymous. ,2008] Appropriate price of Instant noodles First, the noodles manufacturing is facing fierce competition domestically because of rapid development of alternative food. The instant noodle market is reaching maturity status, slowing growth. That is to say, operators have to develop new products to spur buying sentiment. To avoid competition, operators should build a sound brand image and reinforce marketing strategies and brands to increase sales. A large degree of overlap in noodle products should exhort firms to improve their abilities to control costs in order to ensure profits.Moreover, operators should also rely on joint purchases to deal with soaring prices of raw materials. First-tier firms may rely on parent companies resources, while small and medium enterprises on joint-purchases to lower costs [F.Z.AHMADI_ESFAHANI R>G>STANMORE,2006]. Next the cost of a 55-g package of instant noodles is only 3.50 to 4.00 baht (US$0.14-0.16), whereas one serving of Thai fast food costs at least 10-15 baht (US$ 0.50-0.60). This price increased in October 1996 after remaining at about 3.00 baht (US$0.12) for almost 16 years. The price was previously fixed because of high market competition. Instant noodles are a low-profit-margin product, but they can be distributed to consumers all over the country. In addition to its low price[Food and Nutrition Bulletin,1998]. While The attitude distribution survey found that the target customers of instant rice noodle product had attitude types mainly belongs to Reformer and Mainstreamer class. These types of attitude classes had a significant correlation to the product characteristics of sensory quality, added nutrition, convenience and price. Such information could be used for product communication[Jacinto F. Fabiosa,2006]. In addition although protein-energy malnutrition in Thailand has lessened in severity over the past 10 years, deficiencies of certain micronutrients, such as iodine, irons, and vitamin A, are still significant. Among the many control and prevention strat egies that have been implemented, fortification of industrially processed foods is now emerging as potentially important, since a growing reliance on such foods by the Thai people has arisen due to the countrys rapidly expanding industrialized and cash-based market economy. One such food is the instant noodle, which is acceptable, available, and affordable in Thailand[Becker, Jasper. Evasive Citizens Throw Wrench in Census Results [South China Morning Post, March29, 2001]. Moreover in Thailand The cost of a 55-g package is about 5 baht, whereas one serving of Thai fast food costs at least 10 15 baht. Instant noodles are therefore an affordable dish for people of all socioeconomic levels[Kasetsart J.,2006]. And In the United States, the cost of a volumetric feeder varies widely between US$ 5,000 and 7,000, while that of a ribbon or paddle Blender/mixer varies between US$ 9,000 and 15,000. This equipment, however, may be available locally at lower prices[Naohito Abe and Akiyuki Tonog i,2008]. Next to Instant food become more and more necessity in fast pace ages. Instant noodle and rice etc. are featured as the merits of low price and convenience but the demerits of high-calorie and nutrition shortage. In China, the major consumers of instant noodle can be divided into two categories: one is travelers and the other is single youths, such as university students and so on. In China, the price of instant noodle packed with bag is below two Yuan (0.29 USD) and the price of instant noodle packed with bowl is less than four Yuan (0.58 USD). However, the average price of a buffet is more than eight Yuan (1.14 USD) in the big cities in China. In 2008, the sales volumes of Chinese instant noodle, rice and vermicelli were over 5.5 million tons valued at least 6 billion USD,in which instant noodle accounted for about 95% market share of sales volumes and 90% market share of sales revenues[Chiu Shi-fang,2007]. However The prices of instant noodles have scale up with the incr ease in the prices of basic material including the main basic material wheat flour. Now the prices of instant noodle have risen to more than Rp1, 000 per 60-68 gram pack[Akkermans, H. ,1995]. As The latent demand for instant noodles in India is not actual or historic sales. Nor is latent demand future sales. In fact, latent demand can be either lower or higher than actual sales if a market is inefficient (i.e., not representative of relatively competitive levels). Inefficiencies arise from a number of factors, including the lack of international openness, cultural barriers to consumption, regulations, and cartel-like behavior on the part of firms. In general, however, latent demand is typically larger than actual sales in a market[James Buchanan, Rent-seeking and profit-seeking, in James M. Buchanan, Robert D. Tollison, and Gordon Tullock ,1980] . Finally, the domestic players hold the advantages of lower cost of production and distribution, competitive retail prices, local knowled ge and network, but they are relatively weak in taste, variety, advertising and packaging[Terrence H. Witkowski, 2007] The nutritional value is not enough The first improvement of instant fried noodles with oat bran. Oat bran is rich in Æ’Â ¢-glucan, a soluble fiber in oat by dry milling and cooking extrusion to improve the nutritional quality of wheat noodle and to evaluate the noodle quality. OBC native were used to replace wheat flour in noodle production[Reungmaneepaitoon, S., Sikkhamondhol, C. and Tiangpook, C.,2006]. Next instant noodles are becoming popular in North America due to some recognized factors such as ready-to-eat convenience, acceptable taste and preferred texture. These factors are created by the interactions of certain ingredients including water, starch, gum and others [LI JUAN YU,2003]. And Korean traditional foods have not been given enough attention for a long time, but recent domestic consumption has gradually increased in view of peoples recognition and consciousness of such products as health foods. The food culture of Korea has also caught the interest of other countries through the export of traditiona l food. Traditional food has been developed on the basis of unique techniques from each country, and efforts to export them are now expanding. Hence, it is now considered a competitive product, what with its unique materials and production techniques. In order for traditional foods to meet the international standard, it is necessary to develop new policies and strategies, such as the development of traditional foods for foreign consumption, fusion foods, adaptation and brand marketing, and scientific and safety guarantees. The need for international standardization of traditional food and improvement of packaging and design must also be addressed[Jeanette Hunter,1996] Also MSG has been used as a food additive ever since it was first isolated early in the 20th century in Japan. It enhances food flavor. Many claim harmful effects due to it [David Tin Win,2008]. Moreover Flours processed from eight cassava roots were selected from recently developed Cassava Mosaic Disease resistant var ieties. They were processed into noodles[Nwabueze, U. Titus* and Anoruoh, A. Glory,2009]. And the instant noodle market is growing fast in Asian countries, and is gaining popularity in the Western market. Wheat flour which is usually used to make instant noodles is not only low in fibre and protein contents but also poor in essential amino acid lysine[Vijay Jayasena, Peggy Leung and Syed M. Nasar-Abbas,2008]. After the changes in noodle texture occurring after changes in amylases and protein composition. This combined approach may prove to be useful in resolving differences and similarities in noodle texture wrought by changes in the constituent polymers of wheat flourHWANG,E-Nam,2007]. Then the healthy lifestyle and appropriate nutrition are stressed nowadays. New foodstuffs are still investigated with the aim to improve the diet and conduce to a better health state of the population. Their high nutritious and dietary quality meets the demands of the food industry and consumers. Ou r collective dealt with quinoa, a commodity of Andean, because quinoa is a good source of essential amino acids such as lysine and methodize. Quinoa contains relatively high quantities of vitamins (thiamin, vitamin C) and minerals[Gary Vocke,1998]. As well the remarkable economic changes occurring within the Peoples Republic of China since 1978 have resulted in striking alteration in food consumption patterns for urban Chinese residents. Higher incomes, busier life styles, greater choices in food retailers, the increasing availability of refrigeration, and the greater variety in food choice have all resulted in shifts of household consumption[Dong-Hwa Shin,2003]. Finally large-scale supermarkets have rapidly expanded in Japan over the past two decades, partly because of zoning deregulations for large-scale merchants. The analysis reveals that stores in the treatment group lowered their prices of curry paste, bottled tea, instant noodles, and toothpaste by 0.5 to 4.7 percent more tha n stores in a control group in response to a large-scale supermarket opening. The price response is larger in stores with similar floor size as new entrants[Cho, J.S. Kimchi.,1998] 2.5 Relationship of the independent variable to the Dependent variable. Research indicate that consumers will step behavior of instant noodles are consumed. When student demand to eat instant noodles Student will demand to buy noodles semi Finished form and the purchasing behavior Student to compare the suitability of the price And some student will consider the nutritional value And these factors will result in Instant noodle consumption Behavior of RMUTT Students 2.6 Previous Studies Nano Search company, study about the behavior of instant noodles were consumed. The sample is 48.0 percent male and 52.0 percent female, age range can be classified into 3 age range is 18-25 years old accounted for 63.0 percent age 26-35 years accounted for 34.5 percent and over 35. in percentage 2.5 respectively of the sample income not exceeding 10,000 baht per cent 36.0 Income 10,001 15,000 baht per cent 28.5 and more than 15,000 percent 35.5 for education degree Most degree 93.0 percent respectively, followed. Education Secondary School. / Secondary and Vocational / associate professionals, respectively, private companies and 64.0 per cent to group students accounted for 17.5 percent. The study of the behavior of consumers of instant noodles that In the reasons for eating instant noodles found a reason to eat it. I think eating 22.8 percent respectively, followed by hungry and 16.3 percent, to save money and 15.6 percent from the behavior of buying instant noodles with various size That the inquiry found. Consumers have to buy popular instant noodle. Pack a small 46.0 percent and buy a big bag. 24.0 percent and buy a pack (envelope) of 24.0 per cent share at the same place to buy instant noodles at a regular place to buy it. Revealed that location was purchased by the majority. Convenience Stores (convenience store), such as 7-11 as 54.0 percent respectively, followed. Department store retail / wholesale (District Councils Department Store) as Lotus, Big C, , etc. representing 14.5 percent of the retail and online stores. Percentage 13.5, respectively, for the cost of buying instant noodles per month, it was found that the cost to purchase per month, approximately up to 50 per month, per cent 46.0 and more than 100 Baht percent per month. And from 31.0 to inquire about purchasing behavior of consumers of instant noodles that With the behavior. Buy the original brand new taste, but each time a purchase. Percent. 53.0 respectively, followed. The behavior of purchasing brand new But taste is taste the same. Percent. 20.0 and for the nee d to have instant noodles at home always on them. Consumers see that Necessary to have instant noodles on the house always 68.0 percent and 32.0 percent, only to see that not only have to have instant noodles in the house on the important factors in decisions to buy instant noodles, it was found that the main factor. The good taste / smell / taste 24.9 percent respectively, followed. The advertising media. 10.3 per cent and can be purchased easily Available online.6.9 percent and the appropriate subject of inquiry in terms of quality and price to buy instant noodle. Found that most consumers agree on the appropriate price and quality of the noodle-half years at Sam Century Direct sales in general and the reason for that. Affordable quality that consumers price was good / not expensive and 58.1 percent full power good 12.9 percent. Chapter 3 Research Frameworks Conceptual Framework Student concerned in their health. Instant noodle consumption Behavior of RMUTT Students Purchasing behavior of consumers. Appropriate price of Instant noodles. The nutritional value is not enough. Research Hypothesis Ho1- There is no relationship between Instant noodle consumption behaviors of RMUTT Students toward health care. Ha1- There is relationship between Instant noodle consumption behaviors of RMUTT Students toward health care. Ho2- There is no relationship between Instant noodle consumption behaviors of RMUTT Students toward the purchasing behavior of consumers. Ha2- There is relationship between Instant noodle consumption behaviors of RMUTT Students toward the purchasing behavior of consumers. Ho3- There is no relationship between Instant noodle consumption behaviors of RMUTT Students toward the appropriate price and quality of Instant noodles.. Ha3- There is relationship between Instant noodle consumption behaviors of RMUTT Students toward the appropriate price and quality of Instant noodles. Ho4- There is no relationship between Instant noodle

Inevitability Of Independence :: essays research papers

Many colonists, in the soon to be United States, felt that the English government under which they lived was not fulfilling the needs of its citizens. The poor governing of the British parliament and king left the colonies in a position where seceding from great Britain was the most logical solution. Colonist is a term used loosely in reference to the revolution. The people responsible for the declaration of independence and other important revolutionary acts were not the average colonists, rather they were the rich and powerful land owners. These men, like Thomas Jefferson and George Washington, were interested in making money and their only real barrier was England. Taxation without representation separated these men from their money and they felt that it was unfeasible to continue living under a government which such absolute power. England claimed that the colonies were virtually represented in parliament but the government in England was looking into the best interests of Englan d and not the best interests of the colonies. The forefathers of our great country were interested in forming a new government utilizing the ideas of the enlightenment period but they were also very interested in making money. England was making it increasingly difficult for these men to get richer. In 1765 a document called â€Å"Resolutions of the Stamp Act Congress† was written. Within it the colonists pointed out several discrepancies in their governing powers, one of which was this excerpt.   Ã‚  Ã‚  Ã‚  Ã‚  IX. That the duties imposed by several late Acts of Parliament, from the peculiar   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   circumstances of these colonies, will be extremely burdensome and grievous; and   Ã‚  Ã‚  Ã‚  Ã‚   from the scarcity of specie, the payment of them absolutely impracticable.The powerful men of America certainly felt that they were not going to be able to make money, in fact from what they told the British government, they stood to lose money.They also felt that they might not only lose the ability to make money but also the ability to survive. This next excerpt is from the 1775 â€Å"Declaration of the Causes and Necessity of Taking up Arms†The commercial intercourse of whole colonies, with foreign countries, and with each   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  other, was cut off by an act of parliament; by another several of them were entirely   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  prohibited from the fisheries in the seas near their coasts, on which they always   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  depended for their sustenance.When one thinks of revolution, one may conjure up images of angry citizens bearing arms with a mind set to gain political change.

Hand Guns and Conceal Ability :: Guns Weapons Violence Essays

Hand Guns and Conceal Ability The debate of hand guns is highly argued among American citizens. The article "Handgun Bands" from GunCite.com, and the article "Concealed Carry and its Effect on Crime" from CCNCrime.com, advocate the legal possession of a concealed handgun. They attempt to show that legal handguns actually deter crime and violence. The first article "Handgun Bands" takes an emotional approach followed by statistical information to prove the point that handgun bands, or limitations on the ability to purchase and carry a hand gun, do not effectively counter violence. The author begins by giving the statistic from the F.B.I. Uniform Crime Report that over 55% of all murders are committed with handguns. This leads you to believe that the author is an advocate of handgun bands. This idea is quickly thrown out in the next paragraph where it is stated that handguns are more often used in self defense than in crime. The claim is also made that most instances of self defense involving a handgun result in no shots fired. The question is then brought up, if handguns are banned will violent crime decrease? The author claims that not only will crime not decrease but, will grow resulting in more violence than ever. A survey from the National Institute of Justice shows that 72% of felons that use handguns would simply switch over to other weapons, such as shotguns in order to commit their violent acts. The author then gets information from an article by R. Taylor called "Gunshot Wounds of the Abdomen." This article proves that shotguns and rifles cause much more damage to the abdomen than handguns. The author is also able to show that studies taken by Don B. Jr. in his article ‘Guns, Murders, and the Constitution," show that 54% to 80% of homicides committed with handguns could have just as easily been committed with a long gun. The author effectively defends his idea that banning handguns will have no effect on the reduction of violent crime, but may actually increase instances of gun crimes. This is due to the fact that civilians would no longer be able to defend themselves effectively. The second article, " Concealed Carry and its Effect on Crime" tries to persuade the reader that the right to carry concealed weapons will deter criminals. Most of the information in this article is taken from a July 26, 1996-article called "Crime, Deterrence, and Right-to-Carry Concealed Handguns," written by John R. Hand Guns and Conceal Ability :: Guns Weapons Violence Essays Hand Guns and Conceal Ability The debate of hand guns is highly argued among American citizens. The article "Handgun Bands" from GunCite.com, and the article "Concealed Carry and its Effect on Crime" from CCNCrime.com, advocate the legal possession of a concealed handgun. They attempt to show that legal handguns actually deter crime and violence. The first article "Handgun Bands" takes an emotional approach followed by statistical information to prove the point that handgun bands, or limitations on the ability to purchase and carry a hand gun, do not effectively counter violence. The author begins by giving the statistic from the F.B.I. Uniform Crime Report that over 55% of all murders are committed with handguns. This leads you to believe that the author is an advocate of handgun bands. This idea is quickly thrown out in the next paragraph where it is stated that handguns are more often used in self defense than in crime. The claim is also made that most instances of self defense involving a handgun result in no shots fired. The question is then brought up, if handguns are banned will violent crime decrease? The author claims that not only will crime not decrease but, will grow resulting in more violence than ever. A survey from the National Institute of Justice shows that 72% of felons that use handguns would simply switch over to other weapons, such as shotguns in order to commit their violent acts. The author then gets information from an article by R. Taylor called "Gunshot Wounds of the Abdomen." This article proves that shotguns and rifles cause much more damage to the abdomen than handguns. The author is also able to show that studies taken by Don B. Jr. in his article ‘Guns, Murders, and the Constitution," show that 54% to 80% of homicides committed with handguns could have just as easily been committed with a long gun. The author effectively defends his idea that banning handguns will have no effect on the reduction of violent crime, but may actually increase instances of gun crimes. This is due to the fact that civilians would no longer be able to defend themselves effectively. The second article, " Concealed Carry and its Effect on Crime" tries to persuade the reader that the right to carry concealed weapons will deter criminals. Most of the information in this article is taken from a July 26, 1996-article called "Crime, Deterrence, and Right-to-Carry Concealed Handguns," written by John R.

Dr. Jekyll and Mr. Hyde Essay -- English Literature

Dr. Jekyll and Mr. Hyde Dr. Jekyll and Mr. Hyde was published in 1886 as a 'shilling shocker' novella written by the young novelist Robert Louis Stevenson. At that time there was a surfeit of cheap horror novellas. Stevenson's novella was different because it explored the evil inside human kind. I will look into Victorian attitudes and how these influenced Victorian life. The cultural and historical context of the text is typical of the author but not his time because there was a contradiction between Science and religion and this novella scared people about possibilities of evil. Victorian values at this time were very strict and those people who broke them were looked down on in the social order. Jekyll was the perfect upright Victorian man, he was tall, well mannered, rich and had earned his place in society. Hyde on the other hand was short, ugly and evil. Because Jekyll is so good he needs something to take his mind off his "9 tenths life of relentless struggling and grinding". He created Hyde to do just that, to take his mind off and be evil and careless when he feels like it. This whole story line would have shocked a Victorian reader because of the paradox between religion and science. People were very duplicitous at this time because they all knew about the underground prostitution, drug-abuse and pornography, yet they did not talk about it or let their friends know about their drug habit or weekly trip to the brothel. ^his shows the corruption of the community and the fraudulent morals. In the text there are elements of thriller and horror. In chapter ten 'Henry Jekyll's Full Statement of The Case' there is a horrific description of Jekyll's transformation into Hyde. 'The most racking pan... ...sickliness of Jekyll. This means that the more Jekyll is disgusted at Hyde's actions, the more Hyde's powers of evil and destruction grow gradually stronger. Jekyll now wants out f the whole double life and plans to kill himself and Hyde as well. Henry Jekyll feels some remorse about leaving Hyde in the world. He says 'Will Hyde die on the scaffold? Or will he find the courage to release himself at the last moment? God knows; I am careless; this is my true hour of death, and then as I lay down my en, and proceed to seal up my confession, I bring the life of that unhappy Henry Jekyll to an end. Her Henry Jekyll has ended his own life rather than see himself turn completely into Hyde. This novella has two morals; one is not to mess about with your body and not to indulge too heavily in anything because it turns out bad like the life of Henry Jekyll.

Financial Statement Analysis of Bata Pakistan from 2005-2010

Running head: Financial Statement Analysis of Bata Pakistan â€Å"Bata Pakistan†; Financial Statement Analysis From 2005 to 2010 Anum Fatima BSc. IV Section: B Lahore School of Economics This report is submitted as partial requirement for Financial Statement Analysis of Pakistani Companies to Dr Farooq Chaudhry Abstract This paper does an in depth analysis of Bata Pakistan Limited. It includes a brief summary of accounting policies and standards of the company. The analysis revolves around financial statements, their horizontal and vertical analysis.It also includes a detailed analysis of different financial ratios to measure different aspects of the company’s performance. Weighted average cost of capital is calculated on the basis of which intrinsic value of the stock is calculated. It also includes analysis of economic value added and Du Pont. Introduction Bata Pakistan is a public limited company and it is listed on Lahore and Karachi stock exchange. The main office of the company is at Batapur, Lahore. This company manufactures all kinds of footwear with accessories sells them at its outlets.Sales are both local and export The parent company is Bafin B. V. , Netherlands whereas above it is Compass Limited, Bermuda. The financial data disclosed in the annual report has been prepared in accordance with IFRS (International Financial Reporting Standards) stated by International Accounting Standards Board. These standards are applied under the Companies Ordinance of 1984. The company made some amendments to account standards; some of them are effective whereas some of them will be effective in the near future.According the company’s opinion, these amendments didn’t have a significant effect on their financial statements. The financial statements follow the principle of historical cost rather than the fair value concept except some employee benefits whose details will be discussed later. All statements except the statement of cash flow are recorded at accrual basis. After giving a brief summary of accounting policies there is an in depth analysis of company’s financial statements, company’s valuation and then recommendations based on that analysis. Accounting PoliciesEmployee benefits are calculated through the defined benefit plan. A defined benefit plan basically involves a determined amount of gratuity dependent on factors like age, years of service, compensation etc. the company has an unfunded gratuity scheme for all employee excepting management. The provision for employees which are also the member of provident fund is calculated on the basis on 3 weeks basic salary for every year of service whereas for employees which are not the members of the provident fund it is calculated on the basis of 30 days gross highest salaries/wages.The actuarial gains and losses are recognized as per defined in IAS 19 over the expected average remaining working life of the employee. The company also operates pro vident fund scheme in which equal monthly contributions by the company and the employee at the rates of 8% and 10% are made to the employee and managerial staff respectively. The current taxation is calculated on the taxable income from local sales at the present tax rate after accounting for the tax credits, rebates or exemptions if any. Deferred tax is calculated by using balance sheet liability method for all temporary differences between tax bases of assets and liabilities.The carrying amount of deferred income tax asset is revised at each balance sheet date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the liability is calculated on the basis of tax rates applicable on the balance sheet dates. Revenues, expenses and assets are recognized net of sales except when sales tax is recognized as part of cost of acquisition of asset and when receivables and payables include the amount of tax. Property plant and equipmen t are reported at cost minus depreciation and impairment losses which are accumulated but land is stated at cost.The method used to calculate depreciation is the reducing balance method. Recognized expenditures, related to an item of property plant and equipment, are added to the carrying amount of asset when future economic benefits are expected. To measure the impairment of non financial assets, at each balance sheet date the carrying amount of assets id revised to check for any impairment loss. If such is the case then recoverable amount of the asset is calculated. Recoverable amount is higher of an asset’s fair value less cost to sell and value in use.The company’s rubber factory represents assets that are leased out under the operating lease and that has been leased out to a third party for processing products and is included in the fixed assets of the company. Their depreciation is calculated in the same way as done for the other assets. Intangible assets are cal culated on initial recognition at cost. After that they are carried at cost minus any amortization and impairment losses that are accumulated. If such assets have finite lives then they are amortized over that life and assessed for impairment if any. The amortization mechanism is reviewed at least once every financial year.This expense is recognized in the income statement. Gain and loss from intangible assets are measures as the difference between net disposal proceeds and carrying amount of asset and recognized in the profit and loss account. The investments of the company have fixed maturity and the company intends to hold till maturity. These investments are first recognized at cost including transaction costs and then carried at the amortized cost. Stores and spares which are purchased are valued at weighted average cost whereas in transit stores and spares are valued at actual costs.Stock in trade is valued at lower of cost and net realizable value. Raw materials that is own p roduction and purchased are valued at weighted average cost whereas in transit are valued at actual cost. Work in progress is valued at the production cost. Finished goods that own production are valued at production cost on FIFO basis, purchased are valued at actual cost on FIFO basis whereas in transit are valued at the actual cost. Cost is calculated on the basis of cost of material, labor and production overheads. Net realizable value is based on estimated selling price minus estimated cost to completion and estimated cost to make sale.Provision for doubtful debts and other receivables are decided by management’s assessment of customer’s creditworthiness. It is recognized in the profit and loss account. Contingencies and commitments are also important. Contingent liabilities are disclosed when there is a possible obligation from the past due to any future event not within control of the company or when there is a present obligation from the past events but the amou nt of that obligation cannot be measured in a reliable manner. Borrowings are recognized at fair value net of transaction costs then they are carried at amortized cost.Any difference between proceeds and redemption value is recognized in the P and L account using effective interest rate method. Provisions are recognized when there is an obligation from past events and it can be estimated in a reliable manner. This amount is the best estimate while taking into account the risks. When the amount required settling a provision is expected to be recovered from a third party then a receivable is recognized if it is certain and estimate is reliable. Revenue recognition is done as stated below. The revenue from wholesale is recognized when company has delivered the product to the wholesaler.Retail sales are recognized when product is sold to the customer by cash or by credit. Customer loyalty card sales are recognized as revenue over the period that the award credits are redeemed. Profit on investment is recognized on accrual basis by using effective interest method. Profit on bank deposits is recognized on accrual basis whereas rental income is recognized on accrual basis over the duration of lease agreement. Cash and cash equivalents include cash in hand, deposits with banks, other short term investments with original maturities of three months or less and bank drafts.In cash flow statement, it is cash in hand; cash in transit, bank balances and short term investments. Recognition and measurement of financial instruments is done at times when company enters the contract. Al financial assets and liabilities are measured at fair value. Major categories of assets are investments, advances, deposits, trade debts, other receivables and cash and bank balances. Financial liabilities are creditors, accrued expense and other payables. Any gain or loss is recognized in the P and L account for the period.Offsetting of financial assets and liabilities is done and the net amount is reported in the balance sheet if the company has a legal right to set off. Corresponding income and charge are also off set. The amount of loss is the difference between asset’s carrying amount and present value of the estimated future cash flows discounted at effective interest rate. Related party transactions are conducted at arm’s length just as with the third party using comparable uncontrolled price method whereas related parties are those who are able to influence the operating and financial decisions of the company.Dividends and other appropriations to reserves are recognized when these are approved. Operating segments are reported in a manner consistent with the internal reporting. Board of Directors is the chief operating decision maker that makes strategic decisions. Significant changes observed during the 6 year period under consideration are discussed below. In 2006, stores and spares and stock trade didn’t use FIFO or LIFO, rather purchased unit s were valued at lower of moving average cost and net realizable value. In 2007 same method was used whereas in 2008 FIFO was used for similar valuation of inventory.This change of method has been effective since. When this method was used there was a remarkable increase in the amount of stock in trade as well as cost of sales and gross profits from the previous years. Other than that no significant policy changes are observed except some minor changes in standards which according to the company’s opinion had no significant effect on financial statements, Analysis of Financial Statements First of all we will be analyzing the financial statements indirectly through financial ratios divided in feasible groups. Liquidity RatiosThe working capital of the company has shown healthy growth over the year. Working capital is useful in evaluating company’s ability to meet currently maturing liabilities. The working capital of the company is not only positive but it is growing at an average rate of 44. 46%. It also means that current assets are growing at a rate faster than current liabilities. Working capital took a jump in 2007 which proved to be a prosperous year for the company due to favorable economic conditions and the company used this opportunity in an efficient manner to gain from the situation.This shows that current assets are always in access of current liabilities which is a good indicator. Comparing working capital with the industry is not very useful because it depends on the size and scope of the company. The Current ratio is basically another way of expressing the relationship between current liabilities and current assets. Minimum it should be equal to 1 meaning that current liabilities are exactly matched with current liabilities. The company is showing good performance in this regards as the current ratio is greater than 1 and increasing steadily over the years from 1. 1 in 2006 to reach 2. 66 in 2010. This again points to the fact that current assets are covering current liabilities effectively. Inventory and accounts receivables are forming major part of current assets. It still remains to be seen that whether this growth in current assets is solely due to increasing accounts receivables and inventory and then whether accounts receivables are being collected of inventory being sold in time. The current ratio was a little behind the industry averages in 2006 but it soon caught up and is growing side by side the industry averages.Quick ratio is calculated by excluding inventory from current assets as they are considered to be least liquid assets. It is a better measure of liquidity. Quick ratio shows a significant decline from current ratio owing to the fact that inventory is a major part of the current assets. It caught u with the industry average in 2009 when it went from 0. 51 to 1. 15. This also points to the fact that low quick ratio is not an indicator of less liquidity rather it points to the nature of the business and its dependence on inventory because it is in line with industry averages.Collection period measures the length of time after which the company expects to realize cash from its accounts receivables. Company has improved from 2006 to 2010 remarkably. In 2006 it was 30 days which reduced to 11 days in 2010. A major change was in 2007 as collection period fell by 10 days. They caught up with industry averages in 2009 which is 10 days. It shows that company’s accounts receivables are enforceable and not resulting in defaults. Days to Sell Inventory is the length of time after which company realizes sales from its inventory.They have improved from 2006 to 2010, falling from 131 to 101. They are in line with industry averages of 113 days. Major improvement was again seen in 2007 when days fell from 131 to 116. This is a good achievement as inventory has increased over time. Looking at all these indicators there isn’t any cause of concern for the company in terms of liquidity. Capital Structure and Solvency Ratios Solvency means the ability of the firm to meet its long term obligations which also involves analysis of capital structure of the company that is the debt and equity mix.The debt to equity ratio of 0. 52 means that for each one rupee of equity, 0. 52 is provided by creditors. This ratio is very low showing high percentage of equity. This is in line with industry average and has decreased over the 5 year period. This ratio should be typically low for a manufacturing company which is the case for Bata. This means that the company is in good position to meet its long term obligations. The long term debt to equity ratio is even lower meaning the company is relying very little on long term debt. it is less than 1 and decreases from 0. 13 to 0. 05.It has shown a slight decrease over the years and is in line with the industry averages. Times Interest Earned measures the times for which the amount of interest can be paid out of income befo re tax. This ratio was low in 2006 but it rose from 8 to 24 times in 2007 which is a big improvement. After that it came in line with industry average of 29 times. This also points to the fact that the interest charges of the company are very low and are only less than 1% of total sales. These set of ratio indicate that the debt equity mix of the company is satisfactory. Less reliance on debt means lower risk of default.So the company is in a great position to manage its long term liabilities which are meager in quantity as compared to equity. Return on Investment Ratios Return on assets determines the amount of return when 1 Rupee is invested in assets. In 2006 it was 18. 18% which later rose sharply in 2007 to 34. 79% and maintained the position till 2010 with slight variations. Industry average has been slightly higher that is 35% but in any case the performance of company’s assets is a satisfactory and generating good return. Another side is the return on common equity be cause shareholders are interested in the returns on equity.Return on equity shows the same pattern as return on assets. It was 16. 66% in 2006, rose sharply to 43% in 2007 and then maintained steady levels until 37% in 2010. Industry average has been almost 36% so company is earning good returns as per industry. Operating Performances This set of ratio link income statement line items with sales. These basically measures profit margins in different forms. Gross profit measures the relationship of cost and sales. Gross profit margin has maintained a steady well and increased from 37% in 2006 to 41% in 2007. The usual impact of 2007 boom is not very much apparent here.Then it maintained a steady level till 2010 of 40%. This is in line with industry average of 41%. Industry averages also doesn’t show much variation over the 5 years. Operating profit margin was initially 9% in 2006 but improved to 14% in 2007 and maintained the level till 2010. Industry average has remained more or less around 14% so compared to the industry company is doing fine and generating good returns. Net profit margin was 3. 67% but improved greatly in 2007 to 9. 05%. It has improved to 10. 46% in 2010. The industry average is around 9% according to which net profit margin of the company is satisfactory.Overall operating performance shows a good picture. Asset Utilization Ratios Asset utilization relates sales to different assets and their importance lies in the fact that they are important determinants of return on investment. Cash Turnover is the firm’s efficiency in its use of cash for generation of sales revenue. This ratio shows a volatile trend. The value in 2006 is 36 fell to 16 in 2007, rose to 57. 4 in 2008 and then maintained 13% to 15% from 2009 to 2010. This can be explained by rather volatile cash and bank balances portraying varying liquidity requirement each year.Accounts receivable turnover is an indicator of how many times company has collected its receivable s in a year. This has increased steadily from 2006 to 2008 and shows a sharp rise in 2009 due to high sales and 31 in 2010. This is almost in line with industry average which is 35. this shows that the company is not having any significant problem in receivable collection. Inventory turnover is steady over the years from 2. 74 to 3. 56 in 2010. It shows that how many times inventory is sold during the year. This is in line with industry average.It may seem quite low but seasonality has a big factor in shoe business as business peaks when season changes but after that it slackens until the next change. Working capital turnover is high in 2006 and 2007 but falls in 2008 till 2010. Still they isn’t any significant difference between industry average and the company’s average. Property Plant and equipment turnover maintains a steady growth profile from 9. 72 in 2006 to 13. 73 in 2010. Industry average is also steady around 12 so that show good results. Total asset turnover varies around 2 but is steady same as the industry average. Market MeasuresPrice to earnings ratio shows that how much investor is willing to pay per rupee of the profits. It was 8. 90 in 2006 but rose to 10. 23 in 2007, rose steadily in 2008 and 2009 and rose to 17% in 2010. This increase is attributed both to increasing market share price and rising earnings per share. This too is more or less around industry average and rose above industry average in 2010. Earnings yield is the reciprocal of price to earnings. It shows the percentage of each rupee invested in stock that was earned by the company. They dipped in 2007 to 2009 but then rose above industry average in 2010.Dividend yield shows how much a company pays in dividends relative to its share price. Dividend yield is not steady but 4. 24% in 2010. This means that the dividends are not stable but they are showing growth rather than decline and has risen significantly from Rs1. 50 per share in 2004 to Rs 12 per share in 2009. Dividend Payout Rate basically shows the percentage of earnings paid to the shareholders. This ratio is quite high supporting the same growth in dividends. This ratio increased considerably to 27% in 2006 but then EPS rose significantly because of which the ratio fell to 10%.This is also in line with industry average of around 10%. Price to book value of the share has increased over time significantly indication high growth in the market value of the stock. But if we look at industry average they are also quite high showing the trend in the industry of increasing stock prices. Overall the company’s stock is performing well in the market and also its dividend policy is investor friendly and ensures high and stable returns as compared to the industry in which dividends are not very common and that too every year. Bata also gave interim dividends in 2006 in addition to the usual annual dividends.Du Pont Analysis Return on common equity is disaggregated into its component to have a better look at what drives this return on common equity. Return on common equity was 13. 57% in 2005 then increased sharply in 2007 to 42. 94% then falling to 39%, 34% and 37% in 2008, 2009 and 2010 respectively. The good economic conditions in 2007 were efficiently utilized by the company. It is disaggregated in profit margin, asset turnover and leverage. Profit margin is basically net income divided by sales or net income as a percentage of sales. It measures how much a company keeps out of sales revenue as earnings.Both net income and sales of the company has increased over time. The ratio increased significantly in 2007 and after that maintained same level of around 9% which rose to 10% in 2010. Then sales divided by average assets shows a steady trend over the years which show company’s ability to generate revenues from investment. This means that the growth of sales and although higher than growth in assets but still the increase is more or less proportionate. Averag e assets over equity fall in 2007 and then maintain same level till 2010. It tells how much assets are owned by the company and how much are leveraged.A low ratio indicates that the company is strong and relies more heavily on equity rather than debt. So we can say that Net income over sales or profit margins are driving the return on common equity. This points towards the strength of the company that is a stable growth in sales and also a stable growth in net income that is ensuring good returns to the shareholders. Common size Balance Sheet Common size balance sheet means all components of balance sheets as a percentage of total assets. We will start with the analysis of current assets. In this company current assets form a major part of the total assets.In 2005, they were 74. 66% of total assets, varied slightly till 2008, increased to 78. 68% in 2009 and then 82. 82% in 2010. This is a good sign but it can be an indicator of deficient investment in long term assets or property p lant and equipment. In current assets, inventory and accounts receivables form the major component of total assets. Inventory was 44. 45% in 2005, increased to 50% in 2006, decreased to 41% in 2007, increased to 55. 97% in 2008 then started to decline till 36. 56% in 2010. Stock in trade and stores and spares determine total amount of inventory.High value of inventory may be inherent to this type of business as seasonal changes induce sales and hence inventory to sale out but in any case high inventory are required to be maintained. Next major component is account receivables or trade debt which shows the good credit policy of the company as receivables have significantly decreased over the years from 23. 27% in 2005 to 0. 53% in 2010 indicating majority of sales are in cash that solves many problems. A steady level of cash is being maintained showing slight dips in 2005, 2006 and 2008. Cash is 13% of total assets in 2010.This shows that liquidity position is very strong but it can also means that company may be holding idle cash that can be invested somewhere to generate returns. Non Current assets form a small portion of total assets which means that the company is not very ambitious and doesn’t involve in expansionary operations. In 2005 they were 25% of total assets whereas they have fallen to 17. 18% in 2010. in long term assets only property plant and equipment noteworthy and constitute almost all noncurrent assets. They have declined in conjunction with total noncurrent assets.Total equity as percentage of total equity and liabilities has increased over the years. In 2005 it was 45. 278%, showed a slightly downward trend in 2006 and 2007 but rises from 63% to 65% from 2008 to 2010. It shows that company is using more equity financing as compared to debt financing. Even in debt financing, current liabilities form a higher percentage of total liabilities and equity. It was 48% in 2005, showed a significant decrease in 2008 and then 31% in 2010. It shows that the even in liabilities the company prefers to finance its assets with current liabilities and trade payables in current liabilities.Provision for taxation has shown significant increase from 0. 24% IN 2005 to 7. 47% in 2010. The major increase was from 2009 to 2010. Noncurrent liabilities form a small portion of total liabilities and equity. It was 6. 47% in 2005 and decreased to 3. 23% in 2010. This also indicates that the company is matching its current and noncurrent assets with current and noncurrent liabilities so that there is no liquidity or solvency problem. Common size balance sheet shows good financial health of the company. Common size Income Statement Analysis Common size income statement measures all income statement components as a percentage of net sales.Cost of goods sold is a major component of net sales but it hasn’t increased significantly over time showing company is employing good cost minimization measures. It was 63% in 2006 then decreased t ill 57. 62% in 2008 then increased slightly to 60% in 2010. Managing costs is not creating problems for the country. Gross profit as a percentage of sales the opposite trend of cost increases till 2008 then falls to 40% in 2010. This is a reasonable percentage of gross profit. Interest expense of the company is very low so there remains a bigger chunk for the shareholders.Next major component is operating expenses which is the only significant expense due to the requirement of maintain international standard outlets throughout the company and hiring specialized staff. But operating expenses has shown decrease over time from 29% in 2005 to 24. 80% in 2010 with slight variation in between. Profit before taxation has shown good improvement over time. It increased from 5. 05% in 2005 to 14. 27% in 2010 with a steady increase over the year. Profit after taxation has increased over the years which is also a good sign. It was 3. 03% in 2005.There was a significant increase in 2007 due to f avorable economic conditions and then that level was maintained with slight increases over the years finally 10. 46% in 2010. Common size income statement shows that the company’s profit and loss account is in good health. Balance Sheet Horizontal Analysis (Year over Year Analysis) This analysis is useful in tracking the trends of different components of balance sheet over the years and then analyze those trends. Starting with current assets, from 2005 to 2006 current assets showed a slight decrease of 0. 51%.Within current assets the major assets of the company that is account receivables and inventory decreased by large percentages whereas cash and loans showed increases. This fall in current assets may not be harmful as it may pertain to inventory sale out or realization of accounts receivables. After that there is a consistent increasing trend. From 2006 to 2007, current assets increased by 37. 87% because all major assets showed increase. They dipped slightly from 2007 t o 2008 but gained paced later. From 2009 to 2010 they increased by 43. 58% with different components showings different inconsistent trends.Noncurrent assets increased from 2005 to 2006 by 15. 82% and kept increasing each year at an increasing rate. The trend was broken in 2008 to 2009 when the increase was only 4. 49%. Property plant and equipment shows an increasing trend till 2008. After that they are increasing but at a much lower rate. Largest increase was in 2007 to 2008 of 33% indicating expansionary phase of the company. Total equity is increasing over the years at an increasing rate. From 2005-2006 it increased by 12. 84% but in the next year it increased by 39. 49% and showing a major increase from 2008 to 2009 of 47. 5%. This is a favorable trend showing that the shareholders are putting n more and more equity and less and less debt. Current liabilities show an inconsistent trend sometime decreasing and some time decreasing. Only significant current liabilities are provis ions for taxation which show significant increases over the year. Noncurrent liabilities show an increasing trend over the years but by a small amount. The overall trend is inconsistent but not unfavorable. Income Statement Horizontal Analysis (Year over Year Analysis) Net sales show a reasonable trend.From 2005 to 2006 net sales increased by 17. 54% but the rate almost double next year when net sales increased by 32. 60% as compared to previous year. This again is the result of boom year of 2007. The rate fell to 29% next year but maintained its pace. This shows that growth of sales is healthy. Cost of goods sold increases at same rate over the years as the net sales with a slight variation. Gross profit has peaked from 2006 to 2007 at an increase of 47% and then the rate normalizes. The achievement of the company lies in the fact that gross profits have increased steadily over the years.The next important item is the operating expenses that increased over the years but the company managed to decrease the rate from 28. 09% to 16. 04 in 2009 to 2010. Operating profits have shown positive increase from year over year. From 2006 to 2007, operating profits increased by 133. 98% again showing effects of favorable economic conditions of the economy. Provisions for taxation have increased at an increasing rate over the years. Profit after taxation shows the same trend. From 2006 to 2007, profit after taxation increased by 227% which shows great performance.After that rate increase lowers down significantly but rises again from 2009 to 2010 when profit after tax increases by 48. 81%. The overall year over trend is quite favorable with no major setbacks in different measures of profit such as gross profit, profit before tax and profit after tax. Statement of Changes in Equity Statement of changes in equity also shows favorable trends. From 2006 to 2007 total equity increases by 39. 49% which is again owing to economic conditions but the good thing about the company is that they profited by this big push and maintained and even improved same levels.From 2007 to 2008 equity increased by 47. 55%. It increased by 36. 57% next year and finally increased by 39. 81% from 2009 to 2010. Dividends also show healthy growth over the years showing consistent dividend policy of the company. Cash Flow Analysis Company is generating enough cash flows from operating activities to cover its investing and financing activities. In 2005 net cash flows were coming out to be negative but combined with previous cash flows the end result was still positive. From 2006 onwards the amount became positive and showed a major increase.There is a major decrease in cash flows in 2008 because of very low cash generation from operation indicating some problem in realization of receivables or sale out of inventories. There is also an increase in loss on net change in assets and liabilities and income tax paid. But the latest year of 2010 shows a favorable situation. Growth of cash flows over the years is very inconsistent. From 2005 to 2006, cash flow from operating activities is increasing by 2584. 57% which is a huge amount. Then from 2006 to 2007, cash flows from operating activities fell by 2. 5% and fell by 80% next year. Then there is a big increase from 2008 to 2009 of 1159. 73% and a fall of 48% from 2009 to 2010. Cash flow from investing activities shows same volatile trend but on average it is positive or increasing. Cash flow from financing activities decrease at a decreasing rate till 2007 to 2008. Later it increased by 300% from 2008-09 and also from 2009-10 by 49%. Total cash flows are also increasing from year to year but from 2006 to 2007, they are showing a decrease of 64%. So the only problem in the statement is the inconsistency of cash flows.Economic Value Added Economic value added is the true economic profit of the business for the year and it is very different from the accounting profit. Its basically net operating profit after tax min us weighted average cost of capital into capital invested, where capital invested is working capital plus fixed assets. Economic value added deducts cost of all charges including equity which is basically opportunity cost of the invested equity capital. This basically measures the amount that the firm has added to shareholder’s value.Because of the way EVA accounts for the equity it is a better measure to decide upon corporate goals of the company and determining performance of the management. This number is positive for the company and also showing year over year growth. From 2006 to 2007 it is showing a growth of 227. 48%. As capital invested increased, NOPAT also increased. Company Valuation One of the most important task when analyzing a company is to gauge whether the current market price of the company’s stock shows intrinsic value of the stock or whether it is overvalued or undervalued.The first step is the calculation of weighted average cost of capital or WACC . For Bata Pakistan, WACC is calculated to be 13. 83%. Next step is to apply different techniques for determining the rate at which the company is growing. The average growth rate of sales is coming out to be 26. 89%. The average growth rate of dividends is coming out to be 60. 33% which is abnormally high due to extreme values and sharp increases in the amount of dividends paid. The last technique is that of calculating growth of free cash flows.The free cash flow is basically the amount available to the shareholders after deducting all charges. Values of free cash flows is coming out to be positive but again the average growth rate is coming to be 88. 22% which is also due to extreme values attributed to uneven and inconsistent growth in the operating cash flows used in the calculation of free cash flows. So we didn’t apply the dividend growth model. In any case WACC is coming out to be less than growth rate so we used free cash flow to equity model and assumed an average g rowth rate of 12% for the sake of simplicity.The intrinsic value of the company is coming out to be 639. 08. The stock price on 31st Dec 2010 was 660. The stock seems to be slightly overvalued but this amount is not significantly different and can easily be attributed to calculation mistakes. Recommendations * The company seems to be performing satisfactorily overall as it is making significant yearly profits. * It has sound credit and dividend policy and managing its inventory effectively. * Cash flows are inconsistent but that is not creating significant problems for the company. The company has the potential to expand if it increases its investment in long term assets. It basically means that the company needs to be a bit less conservative. * The previous points follow to the fact that going for a certain percentage of debt financing may open new opportunities for the companies. * Based on the analysis and valuation, we can positively say that even if the stock is slightly overva lued it is a good buy and a good hold for those who already have it. The stock price is not very volatile. The company is growing but still it has the potential to grow further or maintain its growth; nothing less.Apart from intrinsic value, its dividend policy is very attractive and ensures good return for its shareholders. References Wild, J. & Subramanyam, K. (2008). Financial Statement Analysis (10th ed. ). McGraw-Hill Brigham, E. & Houstan, J. (2003). Fundamentals of Financial Management (10th ed. ). South Western Publisher Arifeen, S. (2010). Financial Statement Analysis of Companies Listed at Karachi Stock Exchange (2005-2010). State Bank of Pakistan, Statistics and DWH Department www. kse. com. pk www. investopedia. com www. lse. com. pk