A Brief Explanation of Evolution

A Brief Explanation of Evolution The hypothesis of development is a logical hypothesis that basically expresses that species change after some time. There are a wide range of ways species change, yet the vast majority of them can be depicted by the possibility of normal determination. The hypothesis of advancement through characteristic choice was the main logical hypothesis that set up proof of progress through time just as a system for how it occurs. History of the Theory of Evolution The possibility that attributes are passed down from guardians to posterity has been around since the antiquated Greek savants time. In the center 1700s, Carolus Linnaeus thought of his ordered naming framework, which assembled like species and suggested there was a developmental association between species inside a similar gathering. The late 1700s saw the principal hypotheses that species changed after some time. Researchers like the Comte de Buffon and Charles Darwins granddad, Erasmus Darwin, both recommended that species changed after some time, however neither one of the men could clarify how or why they changed. They likewise stayed quiet about their thoughts because of how questionable the musings were contrasted with acknowledged strict perspectives at that point. John Baptiste Lamarck, an understudy of the Comte de Buffon, was the first to openly state species changed after some time. Notwithstanding, some portion of his hypothesis was off base. Lamarck suggested that procured qualities were passed down to posterity. Georges Cuvier had the option to demonstrate that piece of the hypothesis wrong, yet he additionally had proof that there were once living species that had advanced and become wiped out. Cuvier put stock in catastrophism, which means these progressions and annihilations in nature happened unexpectedly and savagely. James Hutton and Charles Lyell countered Cuviers contention with the possibility of uniformitarianism. This hypothesis said changes happen gradually and amass after some time. Darwin and Natural Selection Now and then called natural selection, normal choice was most broadly clarified by Charles Darwin in his book On the Origin of Species. In the book, Darwin recommended that people with characteristics generally reasonable to their surroundings lived long enough to imitate and went down those attractive qualities to their posterity. In the event that an individual had not exactly ideal qualities, they would kick the bucket and not pass on those attributes. After some time, just the fittest qualities of the species endure. In the end, after enough time passed, these little adjustments would indicate make new species. These progressions are absolutely what makes us human.â Darwin was by all account not the only individual to concoct this thought around then. Alfred Russel Wallace likewise had proof and reached indistinguishable resolutions from Darwin around a similar time. They worked together for a brief timeframe and mutually introduced their discoveries. Equipped with proof from everywhere throughout the world because of their different ventures, Darwin and Wallace got great reactions in established researchers about their thoughts. The organization finished when Darwin distributed his book. One significant piece of the hypothesis of advancement through normal choice is the understanding that people can't develop; they can just adjust to their surroundings. Those adjustments include after some time and, in the end, the whole species has advanced from what it resembled before. This can prompt new species framing and here and there elimination of more seasoned species. Proof for Evolution There are numerous bits of proof that help the hypothesis of development. Darwin depended on the comparative life structures of species to interface them. He likewise had some fossil proof that indicated slight changes in the body structure of the species after some time, regularly prompting minimal structures. Obviously, the fossil record is deficient and has missing connections. With todays innovation, there are numerous different sorts of proof for development. This remembers similitudes for the incipient organisms of various species, a similar DNA groupings found over all species, and a comprehension of how DNA mutationsâ work in microevolution. Progressively fossil proof has additionally been found since Darwins time, in spite of the fact that there are as yet numerous holes in the fossil record. The Theory of Evolution Controversy Today, the hypothesis of advancement is regularly depicted in the media as a questionable subject. Primate advancement and the possibility that people developed from monkeys has been a significant purpose of grinding among logical and strict networks. Government officials and court choices have discussed whether schools should show development or in the event that they ought to likewise show interchange perspectives like wise structure or creationism. The State of Tennessee v. Extensions, or the Scopes Monkey Trial, was a renowned court fight over showing development in the homeroom. In 1925, a substitute instructor named John Scopes was captured for illicitly encouraging development in a Tennessee science class. This was the primary significant court fight over advancement, and it pointed out an in the past no-no subject. The Theory of Evolution in Biology The hypothesis of advancement is frequently observed as the principle all-encompassing topic that ties all subjects of science together. It incorporates hereditary qualities, populace science, life structures and physiology, and embryology, among others. While the hypothesis has itself advanced and extended after some time, the standards spread out by Darwin during the 1800s despite everything remain constant today.

Ulysses An Odyssey of Errors free essay sample

An artistic survey of Ulysses by James Joyce. This paper looks at the debate encompassing Ulysses concerning its place as a bit of workmanship. It examines whether later forms of Ulysses have prevailing with regards to clearing up the obscurities in the first novel or have served to additionally befuddle the issue. Joyce was the first to utilize the procedure of inside monologue1. Through this procedure he endeavored to acquire the peruser more touch with the sentiments of the character and give the piece more prominent profundity. Joyce drew from an abundance of natural imagery trying to make the inside ramblings progressively lucid and recognizable to the contemporary 1920s individual. He utilized many created words, inferences and jokes to include enthusiasm for the peruser. James Joyce depended upon the presumption that the entirety of his perusers would be acquainted with the references that he utilized. His work was composed for a group of people of knowledgeable and balanced people. We will compose a custom exposition test on Ulysses: An Odyssey of Errors or then again any comparable point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page A portion of the disarray encompassing this work may originate from individuals perusing it who were not from the objective instructive crowd for which Joyce had composed. To a less instructed crowd, his references would appear to be ambiguous and secretive.

Power of suggestion

Power of suggestion You know, Im not a real admissions worker, but I bet they often get the question, Whats the typical MIT student like? and then they have to say something like, Oh, the campus is incredibly diverse but all are united by a thirst for knowledge and an indefatigable work ethic, etc There is no typical MIT student. Well, no offense, admissions officeyou really do an excellent jobbut I think I just came up with the absolute perfect answer to this question. My freshman year, I went to Sigma Kappa Late Night, a fall talent show for charity sponsored by one of MITs five sororities, and they held a raffle there. About halfway through the awards, one of the sisters announced: Okay, and the next winner is number 1024! Did you just think, Hey, thats a power of 2!? So did I! So did Mitra. So did Mike Short. Apparently, pretty much every one of the several hundred MIT students in the room was simultaneously struck with that exact same realization for a fraction of a second. As you can probably see from these blogs, the MIT student population is remarkably diverse and its nearly impossible to come up with just one distinguishing interest, habit, or characteristic. Some undergrads spent their years in high school winning science fairs, some spent them cow-tipping. Some like to sit on the beach alone and read physics textbooks, some like to watch the worst television shows in the world. Still, I think its safe to say that the typical MIT student will instantly recognize 1024 as a power of 2. Its just a strange piece of deep, psychological programming that seems to unite pretty much the whole campus. So, really, I think you could boil this whole stressful application process down to just one question if you wanted to. Have an interviewer say 1024! and if the applicant says power of 2! they get into MIT undergrad. And then every college in America could do the same thing, just with a different question. I am so smart. Now that I think of it, this is totally creepy in a Brave New World kind of way. Moving on

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Great Wall of China Report Essay - 2063 Words

The Great Wall of China The Great Wall of China is truly one of the greatest architectural achievements in recorded history. The longest structure ever built, it is about 6,700 kilometers (4,163 miles) long and made entirely by hand. This wall is said to be visible from the moon. It crosses Northern China, from the East coast to Central China (Karls, 1). This massive wall is not only one of the ancient wonders of the world, but it also has been the inspiration of many writers and artists. With a history of more than 2,000 years, some of the sections of the Great Wall are now in ruins or even entirely disappeared. However, it is still one of the most appealing attractions all around the world, because of its architectural greatness and†¦show more content†¦Being 7.8 meters high and 5.8 meters wide at the top on the average, it has battle forts at important points, including the corners (Karls, 1). Located 10 kilometers south of the Badaling section of the Great Wall, was a built in 18.5 kilometer long valley (Karls, 1). The pass has always been an important gateway northwest of Beijing. Cloud Terrace, built in 1345, was originally the base over looking the main road of the town pass (Karls, 1). The arched gate of the terrace and the walls inside the arch are decorated with carvings of elephants, lions, birds, and flowers (Karls, 1). Also included are the heavenly kings as well as charms in six languages (Karls, 1). The Mutianyu section of the Great Wall, 70 kilometers northeast of Beijing, is linked to the Gubeikou section on the east and the Badaling section on the west (Karls, 1). The Mutianyu section of the Great Wall was used for watching and shooting at the invading enemy (Karls, 1). Some of the battle forts on the wall are as close as 50 meters apart. It is one of the best sections of the Great Wall (Karls, 1). The Jinshanling division of the Great Wall, like the Simatai division, belongs to the Gubeikou section of the huge defense barrier. The walls in the Jinshanling division of the Great Wall are built along the ridge of a mountain, where the soldiers can resist the invading enemy byShow MoreRelatedEssay about Great Wall Of China Report2006 Words   |  9 Pages The Great Wall of China nbsp;nbsp;nbsp;nbsp;nbsp;The Great Wall of China is truly one of the greatest architectural achievements in recorded history. The longest structure ever built, it is about 6,700 kilometers (4,163 miles) long and made entirely by hand. This wall is said to be visible from the moon. It crosses Northern China, from the East coast to Central China (Karls, 1). This massive wall is not only one of the ancient wonders of the world, but it also has been the inspiration ofRead MoreThesis Example1548 Words   |  7 Pagesthe Great Wall of China: Myths, Tales and Mysterious Materials in the making of it. 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Lack of Motivation/ work ethic in American youth Free Essays

string(93) " the individual includes affiliation, recognition of talents and potentials, and competence\." Every one is faced with the challenge of living his life amidst the challenges that it presents to the individual. The individual must determine the way he must live his life, the way he is supposed to live his life, and how to behave or react to the situations that life presents to him. In a way, all individual carries a goal in his life in order for him to get what he wants and what he deserves. We will write a custom essay sample on Lack of Motivation/ work ethic in American youth or any similar topic only for you Order Now Through these situations, one may feel overwhelmed and incapable of making the right choices at the right time. there are also several times in which a person will experience failure and be wrong about the decisions in his life. To understand the cause of failure, the emotions that contributes and results to failure, entails a sense of lack of interest for the individual to pursue his dreams or aspirations in life. All these things are a contributing factor to the development of motivation in the individual. Or the absence of which defines the lack of motivation. The paper will explore the concept of motivation. In doing so, the discussion regarding how motivation is developed and the reasons for the lack of it will be evaluated. Specifically, the paper will examine why American youths lacks motivation and work ethic despite the opportunities presented to them in a first-world country like the United States. To begin, let us define the concept of motivation. Motivation is defined as a noun that gives a person a reason to act (Encarta, 2006). It can also be defined as the desire of an individual to accomplish a goal or participate in any activity that promotes his goals and aspirations in life.   Motivation is the driving force behind the actions and behaviors of an organism. It is the internal state or condition that gives direction or desire to drive the person towards a goal-oriented behavior. Motivation should also be understood as based on emotions. It is the search for positive emotional experiences. A person motivated tries not to worry about the challenges or the negative ideas when facing challenges. Motivation is essential to be part of one person’s growth and life because simply, it involves the person’s performance in all learned responses to the challenges. One good theoretical definition of motivation is used by Abraham Maslow in his developed concept, the hierarchy of needs. The hierarchy of needs explains how personality influences different fields of and within the individual. Maslow uses the hierarchy to reflect the realities of personal experiences. Maslow as a psychology theoretician is classified in one of the school of though in psychology which is the humanist approach. In the particular view, their approach is not based on mechanical forces, reinforcements or stimuli, unconscious instinctual impulses or how other psychology school of thought perceives it. Humanist believes that the individual’s potentials drive him to his success. Maslow attributed that the fullness of one’s potentials is contributed by a mentality of a fully functioning person and a person who has a healthy personality. Maslow attributed these characteristics to a self-actualized person. The contribution of Maslow in defining the character of an individual is essential for us in understanding why US teenagers lack motivation nowadays and lacks work ethics. In Maslow’s theory of the hierarchy of needs, the basic needs such as food, shelter and clothing are instinctive needs. The basic needs are the first level in Maslow’s five levels of basic needs. The needs mentioned above the basic needs are understanding, esthetic appreciation and purely spiritual needs. It must be noted that the fist level of needs must be fulfilled first before the rest and above needs are fulfilled. The need mentioned by Maslow that is important in the development of one’s self is first the physiological needs. The physiological needs are biological needs that serve as the basic needs like oxygen, food and water. Second, the safety needs. The safety needs, after the physiological needs are satisfied, the need for security alarms the person. Take for instance an adult responding to an emergency or a child’s moments of insecurity. Third level is the need for love, affection and belongingness. After the two latter needs are satisfied, Maslow theorized that people seek to overcome feelings of loneliness and alienation. That is why this need is realized through socialization processes of the individual. The fourth level is the need for esteem. Both self-esteem and esteem from other persons becomes dominant at one point. Human needs stable self-respect and respect from other people. Without this realization, people tend to feel weak, helpless and worthless. After four below levels are satisfied, the top level emerges and becomes dominant. This is the need for self-actualization. This level is what Maslow attributed as the person in which he must be and was born to be. The self-actualization needs enable the person to feel restless, on the edge or even confused in his pursuit for his right state of mind. Maslow believes that this level makes an individual realize what he must be doing for his personal fulfillment. He also believes that the society is placing hindrances for a person to fulfill his self-actualization needs. Education is one of the hindrances that Maslow mentioned. This had caused the call for action of educators to respond to this need and focus on the potentials of the individual. After providing the basic theoretical concept for us to understand the lack of motivation and work ethics among teenagers, the concrete studies and reasons for such will be discussed and explored. Many studies had already contributed in the society’s understanding of how humans are motivated and the reasons for the lack of it. We mentioned earlier the theory conceptualized by Maslow, the Hierarchy of Needs, because the strong point in using this theory is the comprehension that the higher level of needs of the individual includes affiliation, recognition of talents and potentials, and competence. You read "Lack of Motivation/ work ethic in American youth" in category "Essay examples" Motivation is a concept in life that that originated in the Latin word â€Å"motus† which means to move. Being motivated is an indication of a person’s strong will to overcome obstacles and challenges. It initiates action for the individual to move towards a direction beneficial for him. Motivation is regarded as a process of integrating and interaction between internal and external factors of an individual. LACK OF MOTIVATION In understanding the lack of motivation among teenagers in the United States, we must first give importance to the role of society and its means that reflects the lack of motivation among teens. Today, media and entertainment influence greatly on teenagers. Each of them is influenced through music, movies and others. These factors one way or another, without us knowing, is a contributing factor to one’s lack of motivation, the same way that these influences become a motivating factor in the formation of goals of teenagers. Some of them want to become rich and popular. Some wants to like the personalities that they admire. But in further discussion of the lack of motivation and work ethics among teenagers, several reasons can be attributed to such in a much larger perspective and theoretical framework. According to Stipek (1988), several reasons for the lack of motivation are brought by internal and external factors. Teenagers do not define goals that characterize their personal success. These goals initiate the motivation, the drive for the person to do something to fulfill them. Or even if they have goals, the goals and activities in which it is executed is the wrong method in fulfilling it. The goals may also be non-achievable goals. Another attributed reason for the lack of motivation is the negative feelings and emotions one person situates his or herself at. Teenagers also have the tendency to set goals for future endeavors, and if they fail, they lose the drive to try to achieve it once more. That is why goals must be set within bounds of achieving them in time. The prolong satisfaction of achieving goals in the distant future affects teenagers lack of motivation. The goals set by teenagers also are not reflected in their present-day activities. The activities they include themselves may be not related to the goals they have set. Stipek (1988) also mentioned that the important goals teenagers must achieve should not conflict their present-day activities. Motivation also comes with reinforcements and rewards. Lack of motivation can also be attributed to low incentives that teenagers get disappointed at. Another significant reason why teenagers lack motivation is the interference and influence of personal problems in their family, society and the activities they participate in. To address to this problem, parents and educators must share the same responsibility to increase motivation among teenagers to achieve success and realize their potentials. As we have discussed the reasons for teenagers’ lack of motivation, it is now the goal of educators, parents and the society in greater scale to act on this phenomenon. Parents and educators must encourage teenagers to become authentic, to listen to themselves and the inner voices that govern their emotions. Parents and educators must teach the teenagers to be different because the reality is, everybody is different. The media and the different personalities and figures in the society today greatly influences teens today and this brings several challenges for the development of one’s individuality. Teenagers want to be who ever they admire and see on television, which brought such problems as the reason why teenagers want to be skinny, undergo surgical procedures to look like their idols or be popular. They must teach teenagers to transcend the limitations and perception of cultural differences. They must also teach the importance of following their hearts desire, as clichà © as it may sound. Their calling, fate or destiny will be able to motivate them in achieving their goals. To this goal parents and educators must encourage teenagers to discover their potentials and develop the skills they inherently have. Also important is to instill in teenagers mind that life is worth to be experienced thus the need to do necessary actions to live life to the fullest and to their potentials. Parents and educators must also accept the teenagers for their own personality and must not give reasons for them to doubt what they want is not what they are supposed to do. Encouragement and reinforcements is very essential in overcoming the challenge with lack of motivation. from the real attitudes and perception of the teenagers, potentials are discovered and further developed into something the teenager will perceive as essential for him to achieve success and happiness. Also as the responsibility of parents, the basic needs must be satisfied. Included in which is safety, belongingness and esteem need. Parents must secure these needs before the teenager can focus on his personal development and achievement of goals. He will appreciate the things done for him to achieve success in life. As for the role of educators, they must refresh the knowledge and consciousness of teenagers for them to realize their importance in the society. In conjunction with satisfying the need for belongingness, teenagers are encouraged and motivated is they have an idea of their worth and importance of the role they play in the society. Teenagers must be taught to control the activities in their lives, to get involve in activities that are related to their goals. When an individual has control in their life, it naturally improves the condition of their life in all aspects. This means that teenagers must be taught to be aware how to grace under pressure and practice minimalism. Teenagers must also be encouraged by parent and educators to never give in to failure. They must let them understanding the failures is a natural occurrence that one has to learn and live in. parents and educators must also encourage teenagers to transcend into personal problems for their own benefits. With the growing alarm rate of divorced parents in the United States, parents must make it a priority to let teenagers understand the situation for them to realize that they are still important amidst the personal problems they encounter. Whether it may occur in the home or in school, the responsibility to overcome lack of motivation must involve the teenager to adhere to the situation and react to it in a positive manner. Although this is not an easy process as we are still govern mostly of our emotions, parents and educators must enforce teenager’s perception of a better life ahead of these problems and negative situations. Lastly, parents and educators must give teenagers the right to choose and present them with viable choices for them fulfill their potentials, goals and aspirations. Reference: Stipek, D. (1988). Motivation to learn: From theory to practice. Englewood Cliffs, NJ: Prentice Hall. Mary, Rose. â€Å"Tips on how to overcome lack of motivation while working at home†. EzineArticles. November 1, 2006. December 1, 2006 http://ezinearticles.com/?Tips-on-How-to-Overcome-Lack-of-Motivation-While-Working-at-Homeid=344463 Huitt, W. (2004). â€Å"Maslow’s hierarchy of needs†. Educational Psychology Interactive. Valdosta State University. Retrieved December 1, 2006 from, http://chiron.valdosta.edu/whuitt/col/regsys/maslow.html. Anonymous. â€Å"Adherance to Youth Guidelines.† 1. Maslow, A. H. â€Å"A Theory of Human Motivation.† Classics in the History of Psychology Christopher D. Green, 1943. Messina, J. J., and Messina, C. M. . â€Å"Testing Motivation in Recovery.† 2006. Perera, Karl. â€Å"Self-Motivation.† 2005.    How to cite Lack of Motivation/ work ethic in American youth, Essay examples

Waste Land And Great Gatsby Essays - The Great Gatsby,

Waste Land And Great Gatsby An examination of the connection between F. Scott Fitzgerald's novel, The Great Gatsby, and T.S. Eliot's poem, "The Waste Land," reveals that Fitzgerald transposes the meanings and motifs of "The Waste Land" to The Great Gatsby. For instance, the poem begins with: April is the cruellest month, breeding Lilacs out of the dead land, mixing. Eliot sees the renewal of life doomed from the beginning, as in the end it will die anyway. Similarly, in The Great Gatsby, Gatsby tries to repeat the past and live his fantasy, yet he will never be able to achieve it. In addition, another example is the physical description and resemblance of both of the landscapes. In The Great Gatsby, the valley of ashes, like Eliot'' is a "waste land." Eliot enters into the barren land and describes how the roots "clutch" infertile ground, desperately seeking to gain something out of nothing. The valley of ashes is alike with its "fantastic farm where ashes grow like wheat into ridges and hills and grotesque gardens." These descriptions suggest that no life forms can ever exist in the harsh environment and that the waste lands offer no forgiveness. The characters' adrift nature is yet another example. In "A Game of Chess," the woman says despairingly: What shall I do now? What shall I do? . . . What shall we do to-morrow? What shall we ever do? Likewise, Daisy says in the first chapter: What'll we plan? What do people plan? And once again in chapter seven: What'll we do with ourselves this afternoon, and the day after that, and the next thirty years? The actions of these women show that they do not know how to manage their time wisely and they waste it. Finally, the similarities between Owl-Eyes and Tiresias can be pointed out. Owl-Eyes has these "enormous owl-eyed spectacles," is blind, "but perceptive." In the same way, Tiresias is also blind, but he foresees all. Both characters represent the eye of the mind. In conclusion, T.S. Eliot's "The Waste Land," is influential to The Great Gatsby. Conversely, both of these fantastic works of literature share many of the same meanings and motifs.

Marketing Coursework on Cadbury Essays

Marketing Coursework on Cadbury Essays Marketing Coursework on Cadbury Essay Marketing Coursework on Cadbury Essay Essay Topic: The Birth Mark Cadbury is a successful company known for its chocolate bars. The market is very competitive and it is becoming more and more difficult to find new products that achieve long term success for the company. I have been given the job as sales and marketing director for Cadbury and I have to develop a new product for the company. Cadbury is a successful company well known for selling chocolate bars. Over the past 10 years Cadburys have produced a wide range of chocolate bars aimed at different target markets, which has had varied degrees of success, both in the uk and abroad. However the market is getting more competitive and it is becoming a lot harder to produce new products for long term success for the company. Cadburys Richard Tapper Cadbury moved to Birmingham from the West Country in the 1790s, his son John Cadbury owned the shop next door to his father and sold tea, coffee, hops, mustard and unlike most cocoa and drinking chocolate which he made himself using a mortar and pestle. Cocoa and drinking chocolate was established in the 1650s and had remained an luxury enjoyed by the high class of the English society. Johns customers were members of the richest families of Birmingham at the time, which could afford to pay for the cocoa. John Cadbury experimented with the cocoa using his mortar and pestle and produced a wide range of cocoa and chocolate drinks. Later on John added sugar and sold his products in a block which was added to hot water or milk. John Cadbury promoted and advertised his products until he rose to being one of the leading tradesman of Birmingham and helped his shop grow. Soon later he became one of the first cocoa and drinking chocolate manufacturers. Benjamin Cadbury the brother of John joined the company and they became the Cadbury brothers of Birmingham. A larger factory in the centre of Birmingham was bought. Taxes on cocoa were dropped which made chocolate available to a wider selection of people so the business boomed however the partnership ended and John retired living his sons, George and Richard to run the business and they became the second Cadbury brothers of Birmingham and were awarded their first Royal Warrant. The brothers discovered process for pressing the cocoa butter from the cocoa beans. This allowed the brothers to sell a new cocoa essence and all sorts of new types of eating chocolate which had never been made before. The business outgrew the bridge street factory so the brothers moved to a Greenfield site which later was called Bournville. The business carried on growing and the brothers started producing milk chocolate for eating which would not be of good quality now but at the time was a revolution and their was big competition with the Swiss and their fancy chocolate. Richard had a sudden death and George became the chairman, Richard and Georges sons became directors and Cadburys growth did not decline. By the 1900s all sorts of chocolate products were being made and Cadbury released their first and biggest selling brand Cadburys Dairy Milk. Cadburys today has factories all over the world and still maintains in being one of the biggest chocolate confectionary companies in the world. Cadbury Products Cadburys brand has a wide consumer base with all ages and types of people buying it. This means that Cadburys Dairy Milk was never really targeted at a specific market. This was because Cadburys Dairy Milk is an old product but its repretation from the past allows it continueing in being one of cadburys leading products. Fuse was launched in 1996 it is packed with lots of snacking ingredients and is aimed at those people whose fast moving lifestyles find them snacking. The target market is the 16 to 30 years the ones who are usually snacking. More than 250 different ingredients were tested in the making of this product. It took 5 years of planning to launch the fuse and cost 10 million pounds. It was mainly made to fill there gap in the developed market. When the fuse bar was launched it was a massive success and rose confectionary goods bought up within the year. Target Markets Most products produced today have aimed their products at a specific group of people like say a drill is targeted at a man who does some DIY or a sewing machine more at older women etc. This is easy enough but when you get further down to something less specific like confectionary goods each different brand but the same thing a chocolate bar still try and target different groups or into different groups for why they are bought. For example Cadbury roses is a product that is not bought for self indulgence or for snacking but more for a gift for someone else. However a regular Cadburys dairy milk would not be bought as a gift but to eat yourself or perhaps share with friends. These little groups are called market segments and these segments are usually where the products are aimed. Marketing Map I have decided to make a marketing map to see where most confectionary brands lie and in which category. These categorys are: * Snacking The chocolate bars you eat when you have no time for a meal or just to quench your hunger for a little while longer. * Gift The Chocolate selections you would buy someone as a gift like on valentines day or for their birthday etc. * Indulgence Something bought for your self-pleasure, maybe bought as a privilege. * Gutfil These are the chocolate bars you would buy to fill yourself up a little. Like you have no time for dinner so you buy a chocolate gutfil bar. * Sharing These are the chocolates you would buy and share out between your friends if you dont want to be selfish. * Casual Indulgence These are the brands, which like indulgence are a bit of a treat. Easy to eat and bought more frequently than indulgence brands. This is my finished result: I have decided that there is a gap in the casual indulgence and Sharing because of the lack of brands in these circles. Both have only 3 products in them however as I tend to buy more casual indulgence brands than sharing brands myself I think I will aim my brand at the casual indulgence section. Market Research Marketing is the identification, anticipation and satisfaction of customer needs and wants at a profit. To decide the best way to market a product first I need to carry out market research. The market research is based upon four factors, which are Price, Product, Promotion and Packaging.

Sample Essay

Sample Essay Sample Essay is a website providing students with free essay writing tips. It is time to start working on admission essays. It becomes much easier to write your own essays if you have a sample admission essayas an example. College admission essays writing are very important, creating the only chance you have to tell the committees who you are. Good sample essay gives you an idea about attractive admission essay writing. That person you describe in the essay will come off as phony, superficial, exaggerated, and boring. Writing admission essay do everything in your power - describe yourself, your goals, your achievements. Your English college essay writing gives the admission committee an idea about who you are and why you should be chosen. Do not neglect the importance of sample essay provided below. Sample Admission Essays Admission essays sample about personal achievements and community service: ...In the Urban Health Care Program I did an elective at Women in Crisis, a program in Harlem for women with HIV/AIDS. I did workshops in churches, beauty parlors, and nail salons. I stood on corners distributing condoms and literature. I talked to women for hours, not just about HIV/AIDS but also about other issues affecting their health and/or well-being: self-esteem, safe sex, drug/alcohol abuse, the importance of an education. The following summer, I also participated in the AMSA/NHSC Health Promotion/Disease Prevention Project at the Institute for Urban Family Health in New York City. I developed lower literacy material on a variety of health topics. During my clerkships, I believe that I was able to bring all my skillsand caring to fusion. Patients at all age levels and genders seemed to take to me. My most rewarding clerkship (among many successful ones) was an elective I did at the Phillips Family Practice at Jefferson Medical College. I felt like a doctor, perhaps the way they were portrayed in old movies: like a family confidante, like a friend. I worked in an office and even made (my pleasure) home visits. I spoke to middle-aged patients about Diabetes and Hypertension and to adolescents about sex, social, or cultural issues - the death of a rap star, for example, why an eight-year-old shouldn't be drinking Kool-Aid. At Phillips, I felt that my life's sum was sending a resounding message: Family Practice would be my choice. But with a heart!... Check this out: Did you like the above sample? We can write a unique admission paper for you as well! All admission essays we deliver are original and customized. Thus, you get guaranteed results with our writing help. Interesting topics: Informative and Surprising Essay Conclusion Writing English Essay Writing Parts of a Thesis Term Paper on Cholesterol and Lipids

LI & FUNG Case Study Example | Topics and Well Written Essays - 1000 words

LI & FUNG - Case Study Example In Asia, there are high oil-related costs, yet oil is an essential aspect in the economy of most countries. The high cost of oil therefore, has a considerably adverse effect on most companies in Asia. This also has an effect on a company’s selection of best sourcing. In addition, this also influences transport and shipping costs, including freight and sea. Therefore, these among other aspects of the business environment in Asia have resulted in most Asian-based companies raising their costs. So far, Li & Fung has registered poor sales in the European market. This therefore, poses a risk to its overall profitability. In order for this company to realise an improved performance in its European market, there are different adjustments that it needs to undertake in its approach in this specific market. First, Li & Fung should be customer-centred, and be driven by the demands in the market. This means that the company must have a special interest in its customers in the European market. This includes understanding the needs of the customers in this market. By being customer-centred, the company will be able to deliver the products that are specific to the customer needs, thus ensuring customer satisfaction. Similarly, the company should understand the product demands of the customers in Europe, in order to avail them products that they require. Li & Fung should also focus on its major competency. The company should as well consider outsourcing its non-major activities. This way, the company will develop a positioning in the supply chain. This aspect will be important in ensuring that the company lessens its cost and time on non-major activities, while paying more attention to the core activities that are of importance to the customers and the company itself. Li & Fung should also ensure that the production lead time for products is short, as well as the delivery. This is important in ensuring that there

How memory works Essay Example | Topics and Well Written Essays - 1000 words

How memory works - Essay Example This is stored with the usage of three ways. First of all, the human mind changes matter into storage forms. This is done by integrating memory with known events which can be things are seen, heard or experienced. This method is referred to as encoding. The second step is storage whereby the human mind places information in the memory for storage. The final part is the ability of a human being to recall and recover the stored information in times of need that is when a person needs to utilize the memory. An interesting aspect of human memory which is unique to the human memory is that their memory functions as a multi unit. The three basic divisions include the sensory memory, the short term memory and the long term memory. The sensory memory is one which comes directly from the persons five senses. This memory is not very long lasting and stays for around 350 milliseconds. This memory does not possess ways for improvement. In 1960 an experiment was conducted by George Sperling to test this memory. According to the procedure a group of people was shown twelve letters arranged in three different rows. Different subjects were asked to repeat the different letters present in different rows. The subjects recalled what they saw but they could not remember it for a long time. The experiment suggested that the sensory memory got erased after some time and the maximum capacity of the sensory memory that a person could retain was around twelve letters. The short term memory is the next step which is reached when the events are moved from the sensory part to the area of realization and perception. This information is also short lived but the time duration of this memory is greater than that of the sensory memory. This time is around 30 seconds and this memory is used basically in short tasks. But this memory does have space for improvement by a method which is known as chunking. Chunking as the name implies means to break in to pieces. An

A Third Leg In The Strategy Tripod Commerce Essay

A Third Leg In The Strategy Tripod Commerce Essay In recent times strategy has become a major and significant part of international businesses (IB). A strategy is there to help the organisation to achieve its objectives and goals. There are various factors in the industry that multinationals can take to make investment decisions, nevertheless in the international business environment, it has been dominated by both industry and resource base views. A resource base view lies within the company and not on the outside, it also tells us how the company or organisation will deliver a sustainable competitive advantage and how these resources will be controlled and managed in a way that its end results cant be copied by its competitors and would create a competitive barrier and generate a competitive advantage at a sustainable level Porter 1980).An industry base view is based on a clear understanding of the organisations competitive and economic structure, the challenge here is to position the company in a way that it could gain a bigger po rtion of the profits in the market that the company is operating in and even with new entrants coming into the market place , the organisation should turn its core competencies in an advantage. According to the journal the authors (M.W.Peng, D.Y.L. Wang and Y. Jiang) state that the view of international business strategy emerged through and institution base. They also state that this one of the legs that support and uphold the tripod strategy, and the other two part of the tripod strategy is based on a resource base view and an industry base view. In the journal the authors did a review of four distinct characteristic s or qualities of important research , these four characteristics are :(1)antidumping as entry barriers;(2)competing in and out of India;(3)growing the firm in China and the fourth being governing the corporation in emerging economies. According to the authors they state that there were questions confronting the international business raised by (Peng 2004a), where he identified emerging nations in Asia to indicate a realistic and intermediate phase during the early and late stages of institution transitions. In the article the authors stats two arguments that is based on network strengths and network content. To determine strategy and performance the authors cite (Porters 1980) competitive strategy, which a frame works for industry analysis (Porters Five Force analysis). A third leg in the strategy tripod In the third leg of the strategy tripod the authors state that the industry-base view is rooted in a way the MNEs strategy is based on certain conditions within the nature of the industry that the company has a focus on. They (authors) also state that with a resource based view IB concentrate more internally that externally, as most of the value lies within the organisation. With both industry and resource-based views, it still brings up questions to investment locations. In the tripod strategy the authors cite (Scot 1995:33) where he define institutions as concrete structures , e.g. buildings and as human capital , including political and social aspects which they state , e.g.corruption,economic liberations and ethical norms , these are a few examples from the article that also affect the stability of markets that MNEs operate in. Research by (Lawrence Lorsch , 1969) clearly shows that the dominate part of research is a task environment view , where economic variables were looked at and what the market demand are and a change in technology.(Peng 2008) states that shaping strategies and performance have an impact on both formal and informal institutions. Antidumping as entry barriers Peng citing (Porter 1980) states one of the five forces that govern competitiveness within an industry is entry barriers. Within the IB environment entry barriers give rise to a new term known as liability of foreignness. Dumping is legally defined as an exporter selling goods below price abroad. Mexico is an active user of anti-dumping policy and they have initiated investigations against China. Anti-dumping is a contingent protection and is permitted by the WTO, the law is there to protect market price and minimum pricing protection is inconsistent with regards to anti-dumping legislation. The law was primarily used by four nations, USA, EU, Canada and Australia. During the period 1995-2000 South Africa had 173 anti-dumping investigations and 113 anti-dumping measures imposed, compared to USA with 354 and 219 and India with 400 and 302. In Australia, Customs is responsible for anti-dumping and the Department of Commercial Defence in Brazil and discrimination is also evident, whereb y cases are filled by local companies. Competing in and out of India (Dacin, Goodstein Scot, 2002) state that institutional logic is what shapes a companys strategy. Peng cites (Kapur Ramaurti, 2001) that Indian and non-Indian company strategies are affected by politics, societal and legal changes, also documented in the article is the rise of Indias information technology (IT) and there emergence as the 2nd largest player in the IT field behind the USA. The reason for the growth in India is due to government investing in higher education. Since 1991 India made major changes to its legal and regulatory reforms and this has liberalized the economy and made it a competitive market for IBs. Indian companies abroad are having issues with the local or host countries, where the western countries are passing laws to protect jobs and a ban on contracts to the Indian companies.(Lewin Peeters 2006) state that a lot of MNEs have invested in India because of the quality of work and the value created by the IT industry .MNEs that invested in India are Cisco , I BM , SAP and GE to mention a few , these MNEs also tap into the talent pool and with the arrival of so many MNEs in India , it has forced the local IT companies to be more competitive. Growing the firm in China Chinas growth started in 1978, it embarked on economic reform and prior to that everything was state controlled. The government liberalised foreign investment and trade and relaxed on prices. They invested by educating their workforce and industrial production. IMF research shows increase worker efficiencies are the major factors behind the growing economy, together with new factories , machinery for manufacturing and communications. (Peng Heath , 1996 ) did research that shows the local managers in China and the interpersonal networks has helped informal substitutes and has translated micro into macro , thus linking alliances to grow the company. According to (North, 1990) strategic choices are formed through networks of formal and informal structures, where he states the weakness come from formal institutions and informal institutions with governing relations play a bigger role in organisation strategies and performance. Governing the Corporate in Emerging Economies According to (Jensen Meckling 1976) the system used to govern developed economies is known as the Anglo-America system, they also state that conflicts by both the shareholder and managers are the key conflict issues.(Morck,2000:11)states that concentrated ownership is how most companies throughout the world is controlled. In emerging nations the authors raise issues where key conflicts are based on two principles and this is controlling and minority shareholders. Emerging nations that do not understand the nature of conflict policies in corporate governance becomes disastrous and irrelevant. In South Africa which is an emerging nation, directors are appointed from outside to assist the company in improving its performance. , e.g. Pick n Pay a south African company employed its CEO from the UK (Tesco) , Pick n Pay is a family owned company (90%) with a smaller interest from outside shareholders. IB in emerging economies have to focus on various things other than the companies capabilities and the nature of the business .IBs have to focus on the political aspect , as well as cultural and language. In South Africa they have to understand the countrys diverse race groups, religions and languages as the country has eleven official languages, as for China MNEs are operating on their door step via Hong Kong and with India now a leader in the IT field, the west must work together with both China and India so that capitalise on their resources. Industry-base view and resource-based view are there to maintain a tripod strategy, thus giving the opportunity to IBs to invest in foreign countries and to gain market share

The Natural Cycle of Humanity and the Decay of Modern Society in The Wasteland

There is no romance, no passion, only a mundane circular sequence of events, â€Å"crowds of people, walking round in a ring† (56). In The Wasteland, by T. S. Eliot, the society of the twentieth century is described as detached, dreary and monotonous. It is a collection of dysfunctional relationships and tedious tasks, saturated with an anxiety about death. There is a parallel between the atrophy of society and the land destroyed during the Second World War. To escape a routine and apathetic existence, humans strive for the unattainable, to overcome the limits of humanity. However any departure from the natural cycle of the human world leads to the emergence of the wasteland. Although death haunts the speakers in the poem, it is liberation in comparison to the horror of the wasteland. There is persistent angst and fear of death in the poem, yet death is everywhere. The many speakers in the poem wish for immortality and to overcome the confines of humanity. In â€Å"The Burial of the Dead† the woman, anxious about her fate, goes to see the fortune-teller, Madame Sosostris, who pulls out the â€Å"Hanged Man† tarot card and warns her to â€Å"fear death by water† (55). The fortune-teller's words reoccur later in â€Å"Death by Water†, a description of the grotesque death of â€Å"Phlebas the Phoenician. † His death, symbolized by â€Å"the whirlpool,† confirms that there is no regeneration; there is no return from â€Å"the whirlpool. † The realization of the fortune implies that fate cannot be defeated. In â€Å"What the Thunder Said† Eliot again states that there is no escape from death: â€Å"He who was living in now dead/ We who are living are now dying† (328-329). In â€Å"The Burial of the Dead† the speaker desires to abandon memories, he describes spring as cruel; it causes sorrowful memories to resurface, while â€Å"winter kept us warm/ covering Earth in forgetful snow† (5-6). What he does not realize is that human existence is a collection of fragments that distinct memories in an ongoing cycle, illustrated in the first stanza of â€Å"The Burial of the Dead. † Abandonment of memories leads to a futile existence. The wasteland first appears in the second stanza of â€Å"The Burial of the Dead† contrasting the first stanza, which is full of life and memories. The narrator is separated from the natural course of existence and is addressing a person of the human world, â€Å"Son of man (†¦ ) for you only know a heap of broken images† (20-23). The listener is part of the human cycle, he is still part of time: â€Å"Your shadow at morning striding behind you/ Or your shadow rising to meet you† (28-29). He does not understand the true fear that comes once time ceases to exist the way the speaker does: â€Å"I will show you fear in a handful of dust† (30). The speaker has disconnected from society and drifted into the wasteland, suggested by Eliot's diction: â€Å"stony rubbish†, â€Å"dead tree†, â€Å"dry stone†, â€Å"dust†. Only there has he discovered the true meaning of fear; an unearthly abyss. The wasteland is a situation or a place more terrifying than human imagination can conceive. It is complete emptiness, devoid of the structures of person, place and time. Without time memories become meaningless repetitions and cease to exist. The epigram at the beginning of the poem introduces the immortal character Sibyl. Sybil is detached from the rest of the world by her cursed immortality and lives withering away and shriveled up, longing for death, the only escape from her suffering. The other immortal character in the poem, Tiresias, is â€Å"blind, throbbing between two lives† (line 218), also alienated from the human world, not only by his immortality but also because he is a hermaphrodite. Sybil and Tiresias's separation from the sequence of life compel them to lead a miserable existence. The voices of these immortal characters portray how only once immortality is experienced can death become a salvation, a place of peace. The modern relationships that Eliot portrays are devoid of love, companionship and desire. The theme â€Å"when love fails, a wasteland develops† is recurring throughout the poem. The author constantly alludes to the legend of the Fisher King. In the legend, The Fisher King was hurt and became impotent and ill, disabling him to care for his kingdom. He was left alone to lead a meaningless life, fishing. Without his love the land deteriorated, lost its fertility and perished into the wasteland. Similarly, in the modern society, alienation from the natural world and a depletion of love leads to decay. The woman in â€Å"A Game of Chess† attempts to speak to her significant other, distressed about their relationship. She pleads with him to stay with her, to speak to her and to share his thoughts with her (111-113). He is detached, remaining silent and thinking only of death. The man has separated from humanity while the woman remains part of the cyclical existence. The couple remains together yet their relationship has become a wasteland; there is nothing between them. In â€Å"A Game of Chess†, Lil and Albert's relationship is presented though a conversation in a pub. Lil is revolting to Albert, he tells her that he cannot even bare to look at her (144). Lil's body is disintegrating, a consequence of the pills, given to her by the pharmacist, that she took to induce an abortion. They caused her to drastically age and lose her teeth. Lil's desire to not have children is portrayed as unnatural, â€Å"What you get married for it you don't want children? † (164). Lil's actions lead to her body becoming a wasteland. The encounter between the banker and the typist in â€Å"The Fire Sermon† again manifests the absence of love. Their meeting is solely sexual and devoid of any feelings. Even the sex holds no pleasure and is non-reproductive. The woman is indifferent to their relations and upon his departure thinks: â€Å"Well now that's over: and I'm glad it's over† (252), as if she had completed another chore. These series of affairs reflect the atmosphere of the society, the lack of intimacy and the disconnection of human relations. The wasteland is a consequence of the failure to care, to love, to give birth and to partake in the cycle. T. S Eliot creates a parallel between the wretched land of the Fisher King and the slaughter, destruction and ruin created by World War II. The barren landscape left by World War II reflects the inner decay of humanity the same way the sterile land of the Fisher King is an outward projection of his inner sickness. The desolate landscape of the wasteland described in the beginning of the poem, returns along with the character of the Fisher King. Eliot describes the miserable condition of the wasteland, sterile, dry and unbearable. He creates a surreal image of a desert â€Å"mountains of rock without water†, â€Å"endless plains†, â€Å"cracked earth† (370), and â€Å"bats with baby faces in the violet light† (380). This place transforms into the barren kingdom of the Fisher King, suggested by â€Å"the empty chapel†, which is an allusion to the Chapel Perilous. In the legend of the Holy Grail, Parsifal found the Holy Grail in the Chapel Perilous and life returned to the land. However, in the empty chapel in the poem there are only â€Å"dry bones†, signifying that vitality will not return to the land like it does in the legend. Instead society continues to decay illustrated in the line â€Å"London Bridge is falling down† (427). In reality there is no Holy Grail, there is no change: â€Å"I sat upon the shore/ Fishing with the arid plain behind me† (424-425). The banal, circular sequence of human life continues. Eliot explores the themes of life, death, immortality and alienation throughout The Wasteland. These themes are examined in various historical contexts, from ancient myths to the modern society and tied together by the immortal characters, Sibyl and Tiresias. Disconnected by the varying historical context and the many narrators, T. S. Eliot's style of writing in The Wasteland mirrors the disintegrated moments that give meaning to human life. Human life is cyclical, routine and mundane with memories as the only specks of color on an otherwise gray canvas. Death is not an ending; it is only part of the cycle. Immortality, the desire to forget and deprivation of emotion and of love are unnatural and create a partition from the human world where the wasteland appears. Modern Society consists of failed relationships and hollow humans existing in the â€Å"Unreal City. † Its loss of fertility and love results in the emergence of a wasteland.

Text Response the Catcher in the Rye - 1379 Words

Text Response: The Catcher in the Rye The novel, The Catcher in he Rye, written by J.D. Salinger was set in the late 1940 - early 1950s in New York. This novel explores the themes of loneliness, relationships and deception though the use of literary devices. Many symbols are used to enhance our understanding of the novel; such as Holden Caulfield s red hunting hat, the museum of Natural History, the ducks in Central Park Lagoon and the carousel. The author gives us an insight into the life of a young teenager facing physical and emotional exhaustion. He struggles to understand and connect to the society. he uses self deception to view society as phoney : fake and not genuine. The author has achieved the purpose of this novel. The†¦show more content†¦This creates a comparison between Holden and the novel. The novel is unpredictable and messy, completely opposite to Holden s idealised world/imagination; simple and understandable. Furthermore, the theme of this novel relies strongly on character development. The three themes of the novel: the painfulness of growing up, alienation as a form of self defence and the phoniness of adulthood are all based on the main character, Holden. Throughout the novel, Holden seems to isolate himself from the world. As he says to Mr Spencer, he feels trapped on the other side of life , and he constantly attempts to fit in as well as protecting himself from maturity. As the novel progresses, we began to realise that Holden s alienation is his way of protecting himself. Just as he wears his red hunting hat as a sign of individuality, he uses isolation as a proof that he is better than everyone else around him. He never describes his own emotions directly, and never attempts to discover the source of his pain, which shows he desperately needs love and companion. This painfulness of growing up is another theme of The Catcher in the Rye that helps our understanding of the novel. Holden is growing into adulthood, yet, he resists it. He fears change and complexity and wants everything to be simple and predictable; just like childhood. He rejects his fears and creates an idea that adulthood is superficial and phoney. As theShow MoreRelatedThe Catcher in the Rye Essay1442 Words   |  6 PagesThis paper proposes to delineate the characteristics of Holden Caulfield, the adolescent protagonist hero of J.D. Salinger’s The Catcher in the Rye and illu minate the reasons as to why this prototype of brooding adolescence, displaying a rather uber-cool style of disaffection, disenchantment and disillusionment became an indispensable figure of interest, in literary circles as well as popular culture. 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Raising Capital Theory and Evidence - Free Essay Example

Sample details Pages: 11 Words: 3254 Downloads: 1 Date added: 2017/09/13 Category Advertising Essay Did you like this example? Introduction New information announcements about security offerings by publicly listed firms can cause one of three reactions in the financial markets: (i) positive, (ii) negative, or (iii) indifferent reactions. These responses are measured in the average two-day common stock price reactions adjusted for general market price changes (abnormal returns) to announcements of public issues of common stock, preferred stock, convertible preferred stock, straight debt and convertible debt. Stock markets react to such news by adjusting the market value of the company either upwards or downwards. to take account of the newly announced information. In 1986, Clifford W. Smith Jr. , took note of some very important patterns about the stock market’s reactions security offerings and explored them through his article entitled Raising Capital: Theory and Evidence. His primary finding was that, on average, announcements either lead to reductions in the market valuations of companies issuing securities or being ‘insignificantly different from zero. Furthermore he noted that there is usually no significant positive reaction to the valuation of a company as a result of a new security offer announcement. His findings also differentiated and drew correlations among the types of security offerings and the intensity of market response. The stock market’s reaction to common stock offers was ‘more strongly negative’ than when preference stock and debt cap ital was issued. As a senior claim to common stock, it could be argued that issuing debt capital communicates information about management’s confidence in the firm to the financial markets. Don’t waste time! Our writers will create an original "Raising Capital Theory and Evidence" essay for you Create order Smith also observed that stock markets react more unfavorably to announcements of issue of convertible loans when compared to issuance of non convertible loans. Given the characteristics of convertible loans, which contain elements of common stock, these negative reactions seemed to fit the general pattern of findings. Once a firm has decided on the type of security to issue it must then take into account the different methods of marketing it. These options include pro-rata issuance to existing stockholders, hiring underwriters to issue securities publicly, or private placement of securities. Against this backdrop, Clifford W. Smith laid out two primary objectives to be addressed in the article: (i) to examine evidence on market response to security offerings by public expectations, and (ii) to evaluate methods of marketing corporate securities. This report draws upon and provides critiques of Smith’s survey of three less credible explanations, (Optimal Capital Structure, Earning Per Share Dilution, and Price Pressures) and three more important explanations for the market reactions to security offerings: (i) Unanticipated Announcements; (ii) Insider Information; and (iii) Ownership Changes. Additionally, the report tracks the evolution of the decision-making process from choice of security, through Smith’s three identified tradeoffs in marketing corporate securities: (i) rights versus underwritten offerings; (ii) negotiated versus competitive bid contracts; and (iii) traditional versus shelf registration. The special case of initial public offerings (IPO) is also evaluated. Finally, the report provides an overall evaluation of Smith’s body of work in relation to present day finance. Survey of Potential Explanations for Market Responses Optimal Capital Structure (OCS) As explained in chapters 15 and 16 of the Financial Management textbook, firms organize their capital to maximize the wealth of the firm, and achieve the lowest weighted average cost of capital. Therefore, in this context the OCS argument puts forth an idea purported by some financial economists that negative market response could be related to investors fear of a new issuance moving a firm’s capital structure away from its optimum. However, this does not align well with evidence that shows a consistently negative response, whereas investors to always bear an unfavorable outlook if the OCS argument alone held true. In effect, this would imply that equity issuance always move the capital structure away from its optimal level which is inaccurate. Earnings Per Share (EPS) Dilution The first commonly cited argument by financial analysts to explain the above-mentioned findings is that negative adjustments to firm valuations occur as a result of equity offerings that cause short-term reductions of earnings per share, as well as a reduction in the return on equity. The argument is based upon the premise that increasing the number of shares will immediately increase the denominator of the EPS calculation (Net Income less preferred stock/Number of shares outstanding). As such, more shares outstanding equals lower earnings per share. The assumption is that investors main objective is to maximize their EPS and automatically will reduce their estimates to any issuance of equity. This would seem at odds with modern finance theory as the goal of shareholders is to maximize share price and not necessarily earnings per share. Particularly in cases where investors are cognizant and approving of the use of funds from an equity issuance (i. e. the capital expenditure program is value creating), then the share price would, if anything, rise. Smith quickly dismisses this theory highlighting that the market is far more sophisticated than the implied mechanical reactions to the increase in the number of shares outstanding. Additionally, there is immense difficulty in isolating causality of reductions in earnings per share as the only reason for negative stock price effects from equity issue announcements. Price Pressures Similar to EPS dilution, the Price Pressure theory is related to announcements of equity or convertible issues. The theory assumes a downward sloping demand curve for shares of any company, therefore requiring discounts in market prices proportional to the size of the issuance. This theory too, however, has many flaws and little empirical evidence. Given the availability of close substitutes Smith argues that the demand curve for corporate securities is more horizontal than downward sloping. Furthermore, Smith cites three separate studies to disprove the theory. Scholes (1972) dissertation found that although prices declined for distribution of large blocks of shares, that the reduction is better explained by the information communicated by the stock issuance than the result of price pressure. Kalay and Shimrat (1986) discovered that bond prices reactions to new equity offers also dropped. This is important because according to the logic of price pressures, bond prices should either remain unaffected or even rise as a result of its senior claim on a firms cash flows. Therefore, price pressures alone could not be the answer. Finally, Linn and Pinegar (1985) found that preferred stock prices did not fall as with announcements, closing the argument that price pressures could provide a sufficient argument. Unanticipated Announcements Timing and/or awareness of announcements weighs heavily on their revisions of firm valuation. According to Smith, the magnitude of stock prices change at an announcement will vary inversely with the degree of predictability of the announcement if other effects are held constant. This is precisely because stock price changes only reflect the unanticipated component of the announcement. In order to maintain a firm within its target capital structure range, debt repayment must be matched with new debt issuance. Similarly, the predictability of earnings will determine the predictability of the new externally obtained equity funds. In general, a new debt issue is likely to be more predictable than a new equity issue because principal repayments are more predictable than earnings. Another reason for the greater predictability of public debt offerings is related to the cost structures of public versus private debt. Flotation costs for publicly placed debt have a larger fixed component and more pronounced economies of scale than bank debt. If potential security holders can observe the amount of bank borrowing and the pattern of public debt issuance, then predictable announcements of public bond issues should have smaller price reactions. Therefore, Smith finds some validity to the unanticipated announcements argument with regard to debt versus equity offerings. Insider Information Financial theory suggests that when managers have a number of financing alternatives and choose equity as the preferred source of funding, this decision is interpreted by the investors as a negative signal regarding the future of the firm. The results show that in general the market reaction to these announcements is significantly negative. The negative announcement effects imply that market participants perceive the decision to issue additional equity as an unfavorable signal about the future prospects of the firm. On the other hand, investors may perceive that management is overconfident about its future profitability and operating performance, and is in fact timing the issuance of its offerings when the market conditions are favorable. In both circumstances there is recognition that managers possess more accurate and relevant information than do outside investors. As such, investors will discount the stock prices of companies issuing new offerings. Smith argues that new security offerings affect investors’ outlook via two primary channels: (i) implied changes in net operating cash flows, and (ii) the leverage change. According to Smith, investors ultimately care about the company’s ability to generate cash flows and therefore will make inferences about the changes in operating cash flows from announcement that do no explicitly link the sources with the use of funds. Funds may be raised either to fund new capital investments or to compensate for a shortfall in cash or operating performance. Following this line of reasoning, the more explicit a firm’s intentions, the better (if pursuing a capital investment). Insofar as leverage is concerned, the market responds remarkably favorable to leverage increasing and the opposite to leverage decreasing transactions. This theory seems intuitive with the evidence given that security offerings with less sensitivity to the firm’s value will be viewed by investors as signs of a positive outlook by management. In sum, Smith finds the insider information theory to have reasonable explanatory power of market reactions. Changes in Ownership Key changes in ownership and control of the firm are also reflected in the observed price reaction. Smith finds that announcements of â€Å"transactions that increase ownership concentration raise share prices, while those that reduce concentration lower share prices†. Therefore, the insider information impact is offset by the positive signals sent to investors. Additionally, on average voluntary organizational restructuring tends to benefit shareholders. For example, he cites Schipper and Smith (1986) examination of firms that sell common stock of a previously wholly owned subsidiary. These ‘equity carve-outs’ are associated with significant positive returns for the ive days around the announcement. There are important control implications of the public sale of a minority interest in a subsidiary. Schipper and Smith also found that 94 percent of the carve-outs adopted incentive compensation plans based on the subsidiary’s stock. The evidence from equity carve-outs is also consistent with the insider information argument. If management expects that the su bsidiary is undervalued, then by segregating the subsidiary’s cash flows and selling separate equity claims, the firm can more effectively capture that gain. Some security sales involve potentially important ownership structure changes, which lends credence to this explanation. Development of Smithsonian findings: From selection to marketing corporate securities Once Smith identified the three main arguments that play a vital role in a firm’s choice of corporate securities, he develops his ideas further by ushering us through the marketing methods decision-making process. To tackle this second objective Smith outlines the alternative methods. The firm can offer securities on a pro rata basis to its own stockholders through a rights offering; it can hire an underwriter to offer the securities for sale to the public; or it can opt for private placement. Hiring an underwriter would require negotiations between the firm and the underwriter on the terms of the offering. Conversely, the firm could choose to structure the offering internally and tender it for competitive bidding. The underwriting contract can be a firm commitment or a best efforts offering. Finally, under its traditional registration procedures the issue would be registered with the Securities and Exchange Commission (SEC), unless it can employ shelf registration in which the firm registers all securities it intends to sell over a period of two years. Rights versus Underwritten offerings Particularly given the issues identified with insider information it should be less of a surprise that 80% of equity offerings employ underwriters despite being 3 to 30 times more expensive than rights offerings. In an underwritten offering the firm sells the issue to a financial intermediary investment bank), which then resells the issue to the public. Therefore, given the information asymmetry between investors and management, Smith rationalized that the performance of due diligence by investment banks and their effective monitoring mechanisms of firms’ activities provide an â€Å"implicit guarantee† to investors when securities are resold. Conversely, in a rights offeri ng, while the stockholder receives a warrant to buy the security, the onus is on the investor to forecast the value of the firm without the backing an insider. Therefore, even though there is a higher cost to the firms to use underwriters, Smith contends that their usage increases the value of the firm by reducing the information gap between management and investors thereby raising the price investors are willing to pay for the security. Negotiated versus Competitive Bid Contracts In similar fashion to the rights vs. underwritten offerings tradeoff, negotiated contracts are used far more frequently than competitive bids despite higher flotation costs. Yet again information disparity plays a key role. Again, investors receive an implicit guarantee of monitoring in the case of negotiated offerings because the â€Å"issuing firm has less control over the terms and financing of the offer† and hence investors are less susceptible to exploitation. Furthermore, the firm also reaps a benefit by having some measure of control over the use of information by investment bankers who place and unsuccessful bid. As such, Smith notes that the majority of firms that use the competitive bidding process are those that are required to do so by law. That being said, he notes that there are occasions in which the competitive bidding process is more valuable. When there is little disparity between the management and the investors‘ perceptions of market value, and/or with senior claims such as debt, the savings achieved through the competitive bidding process can be more pronounced and worthwhile for the firm. This point, however, does not take away from the importance of the insider information theory. Shelf versus Traditional Registration All public security offerings require registration with the SEC. In this tradeoff, both information asymmetry and unanticipated announcements become relevant. Under traditional registration procedures investors can count upon greater assurance of the management’s intentions for the offering as multiple entities (investment bank, audit firm, law firm etc) play a role in the participants in filing. On the other hand, as previously stated, qualifying firms those authorized by Rule 415 with more than $150 million of stock held by investors unaffiliated with the company avail themselves of shelf registration. This means that the firms can register the dollar amount of securities they anticipate will be sold over the coming two years and issue them at management’s discretion. Therefore, Smith anticipates that stock price reactions to offerings from shelf registration could be more negative given the flexibility for management to exploit the information gap and the timing of the issuance. As such, he also argues that shelf registration should be more frequently used with senior claims such as debt rather than with equity offerings. Special Case of IPOs Smith acknowledges that the obvious outlier to these dynamics is the case of initial public offerings, in which neither the firm nor the investors has the upper hand in the information game. Uncertainty about the market clearing price of the offering as well as analysis of the market reactions to the initial announcement are unlikely to provide productive recommendations. Therefore, Smith claims that this leads to separate pricing, contractual and management issues. If securities are underpriced then both informed and uniformed investors will submit bids and full subscription is more likely. Conversely, if overpriced the informed investors will not submit bids and the issue will be undersubscribed. Additionally, Smith asserts that the greater the uncertainty about the after-market price of an IPO, the more attractive best efforts contracts are to investors as overpriced offerings would be more likely to cancelled altogether if sales fall short of the contractual minimum. Finally, if a Green Shoe option is included in the contractual arrangement between the firm and the investment bank, Smith affirms that there less likelihood for the investor that the issue would be overpriced since the option would be taken after the investment bank’s due diligence another implicit guarantee. Critical Evaluation There are certain elements that must be reviewed in greater scope given the age of the academic piece. Smith’s findings and recommendations were geared toward, and therefore can only be applied to developed markets. The operating assumption of the paper is that firms have the choice of what instruments to employ when raising capital, which carries latent within it, the opportunity for insider information. However, when a firms financing alternatives are limited, the market participants may not perceive the announcement of a stock offering as a negative signal. In developing economies alternative sources of capital are usually limited, and therefore, analysis of market reaction to stock offering announcements in such economies may yield results different from those in developed economies. In those markets where investors as a whole may not be as informed, sophistication and rational judgments cannot always be assumed. Therefore, further research would need to be carried out to assess stock price reactions to announcements of security offerings in other markets before concluding upon universal applicability. It is also worth mentioning that significant value is generally created by what is on the left side of the balance sheet. In other words, Smith’s research outcomes could have been different if the announcement on the stock market was that of an investment program and not that of a common stock offer announcement. Given that management in many firms may not have understood this subtlety, the average abnormal returns could have shown slightly different readings had the announcements been categorized by left-side or right-side balance sheet. As analyzed throughout the course of this report, Clifford Smith answer the questions of why stock prices of companies announcing new stock and convertible offers systematically experience reductions. Primarily owing to the insider information which management can exploit at the investors’ expense via overvalued equity or convertible offerings, market responses reflect this lack of trust, power and risk exposure by reducing their firm aluation estimates. As such Smith’s argument that firms should be sensitive to investor interpretations of these announcements, and that they clearly state their intentions for the use of funds is critical on both sides of the equation. He has shown that the basis for interaction between the firm and the market is not solely about maximizing the capital raised in each individual offering, but in nurturing trust over the medium to long term. In sum, this body of work is extremely significant to our understanding of how to select, how to price, and how to market corporate securities. References: Avner Kalay and Adam Shimrat, â€Å"Firm Value and Seasoned Equity Issue: Price Pressure, Wealth Redistribution, or Negative Information,† New York University 1986. Clifford W. Smith, â€Å"Alternative Methods for Raising Capital: Rights versus Under-Written Offerings,† Journal of Financial Economics 5 (1973), 273-307. Clifford W. Smith, â€Å"Raising Capital: Theory and Evidence,† Journal of Financial Economics 5 (1986). Katherine Schipper and Abbie Smith, â€Å"A Comparison of Equity Carve-Outs and Seasoned Equity Offerings: Share Price Effects and Corporate Restructuring,† Journal of Financial Economics 15 (1986), pp. 153-186. Scholes, â€Å"Market for Securities: Substitution versus Price Pressure and the Effects of Information on Share Prices,† Journal of Business 45 (1972), 179-211. Scott Lian and J. Michael Pinegar, â€Å"The Effect of Issuing Preferred Stock on Common Stockholder Wealth,† University of Iowa, 1985.