Finance Essays Financial Management

Finance Essays Financial Management Role of financial management in Wolfson Microelectronics plc. TASK 1: Financial management is related to the acquisition, financing and management of assets with a future goal and planning. Efficient financial management requires the laying down an objective or goal, because judgement whether a financial decision has been rightly taken or not must be in light of some standard. The most important goal of a firm in financial context is to maximize the value (wealth) of firm and of the shares holders’ wealth. Maximizing the wealth of share holders (owners) of the firm is judged by the effect of share price which is the result of business decisions. Thus we define role of financial management into three areas: Investments: Investment decisions for an investor are based on historical prices and security analysis of financial assets such as stocks and bonds. However from company’s point of view investment is all about finding out new feasible ways to manage the business mainly in area of production, distribution and marketing. Further more, company also considers which portfolio of the different types of financial assets to hold. A common example could be common stocks, preferred stocks, bonds and debentures etc. With regard of Wolfson Microelectronics, it made investments in Research and Development of capital equipment and soft wares to $10.6 m alone in 2004. Furthermore, company has intentions to significant contributions to research in the future. As a result value of fixed assets rose to $ 29,680k in the year 2004. Wolfson unveiled two main ideas behind putting capital expenditure (long-term investments):   to time the market requirement decrease production cost by constant research and design Wolfson clearly showed its intention not to distribute retained earnings among its shareholders due to the need of capital expenditure in future projects. The future electronics market belongs to consumer’s digital portable stuff. Wolfson’s management is planning to contribute in this huge market share around the world, making it sure they keep alive with the high demanding consumer market in the future, though they are newly born public listed company in the London Stock exchange. 1. Refer: Balance sheet figures (Pg. 53) of Wolfson Microelectronics plc. Annual  Ã‚  Ã‚  Ã‚   Report and Accounts 2004 2) Financing: This is the second major issue of the firm as the management needs to ascertain How much money could be available by floating stocks in the market? Based on both factors, a company forms its capital structure. This is also referenced as ‘finance mix’. How much money they could borrow to run their business with getting in trouble of getting default or excess borrowings. Wolfson raised investment money to meet their requirements by issuing stocks (an increase of $ 9105 k) and increasing debt by $ 8273 k. In other words, it financed its projects by issuing stocks and bonds to its stakeholders. Wolfson plc. also mentioned financing of $1204 K as negative-inflow stream as compare to   $39,364 K   in year 2003 in the form of share capital issues and bank term loan. (3.) 3) Dividend policy:   In addition to two important decisions, dividend policy must be viewed as an integral part of the firm’s financing decision. The dividend payout ratio determines the amount of earnings that can be retained in the firm. Dividend payout ratio = Annual Cash dividends Annual earnings Wolfson paid equity dividends of $ 407 K in year 2003 but no dividends were paid in year 2004, but on non-dividend equity, company did not pay dividends to its shareholders. So the dividend payout ratio is Zero for year 2004. As described earlier, it has been clearly mentioned in the annual report to retain all future earnings for investment in development and expansion of business and the management does not expect to pay dividend at least for some years in future. (2.)   However, this is not an encouraging sign for shareholders of Wolfson because stock investors often judge performance of the company stocks by their growth which is possible by declaration of dividends. 2.Refer consolidated cash flow statement (Pg.54) of Wolfson Microelectronics plc. Annual Report and Accounts 2004 3. Notes to Cash flow statement (Pg. 72) of Wolfson Microelectronics plc. Annual Report and Accounts 2004 If we combine the effects of the financing, investment with dividend policy, the relation could be in a shape of three schools of thought: Some argue that Dividend policy is irrelevant because for a company investment and debt decisions are not relevant by the amount of dividend payments. This is also due to the fact when we say that capital markets are perfect and complete and all information is available regarding market conditions and its constituents (companies). Some say that High dividends increase Stock value. They provide the reason that dividends are more certain than capital gains (price growth of the securities), so a firm which is paying less returns but sticks with the dividends is more attractive for the share holders.   Thirdly, low dividends increase stock value because some argue that dividends actually hurt the investors in shape of taxes, so less dividend income means less tax deduction for the shareholder. TASK 2: Is Wolfson successful to satisfy needs of Shareholders? Certainly not according to the annual report 2004. As we discuss earlier, stock investors are not impressed at all knowing the fact company is not paying dividends, but one has to consider that Wolfson is a new public listed company in London Stock Exchange which has a great impact of its group directors holdings. If we look at the current price trend of Wolfson Micro Electronics plc. (source: uk.finance.yahoo.com), we find that there is good improvement in market price as it is trading above 200p per share from Sept, 2005 to date. The volume of the stock traders is also increased from July onwards, although in odd days there are sudden fall in price and volume which is bit worrying for shareholders. Chart 2.1 But the good aspect is Wolfson stock is performing above average as compare to FTSE index. If we see the chart 2.2, creating good price increase from beginning of this year. Chart 2.2 Let’s talk about the expectation of shareholder and growth rate of stock price in absence of dividends (as in the case of Wolfson). As shown in chart 2.3, if there is a decline in dividends, as a result the expectation level will also be decreasing and so as the price of the stock. A rise in the dividend growth then put the expectation of the investors at increasing level as well as the growth in stock price occur. Chart 2.3 Would it be better if Remuneration package for a Director is based on Shareholders wealth? The concept of shareholder’s wealth arises from the theory that a company should only work solely for the benefit of these people and has responsibilities to its owners. That could be an effective style in management and it sounds very good for the investors. Following points should be observed in this regard: If company is giving dividends to its share holders from the reserves allocated in the company retained earnings then there is a secure feeling for stockholders that they will not lose all of their money if company goes bankrupt. Management if decides to use dividends for increasing future value of the firm by utilizing them in capital expenditures, then this also makes sense for a firm like Wolfson that is involved in digital technology. We know that innovations and inventions are constantly taking place in this industry which means high proportion of firm’s money is spent on RD of new products. We have to bear in mind that distribution of dividends also require transaction cost for a firm to pay in the shareholders account plus dividend   income is taxable for shareholders. Knowing these facts, if were a Director of Wolfson I would not decide in company’s meetings not to distribute dividends to our shareholders at all for number of years. Rather than I would continue to give shareholders at least some amount of returns in form of dividends. Why I should go for the decision, this is because of following reasons Directors and top management are bound by fiduciary duties to act in the good interest of shareholders. Value of my firm will increase if shareholders have more trust in our performance. If we allocate a portion of profit towards them that means that as Directors of Wolfson, we give respect to our shareholders even in tough period of our business cycle (we know our company is new to the stock market but has opportunities to capture its share in the market). Moreover, total shareholder return of Wolfson would be lower than its competitors in the market because when stock investor compares the performance of different companies for his investment, it would be inevitable that share price appreciation and dividends paid are not in a row in our company. The reference group of companies (having similar business) in same sector would also pose threat for us when a shareholder takes investment decision.

The Debate Over Euthanasia Essay -- Euthanasia Death Argumentative Ess

The Debate Over Euthanasia The controversy over euthanasia has recently become highly publicized. However, this issue is not a new debate. Society has voiced its opinions on the subject for hundreds of years. Euthanasia, which is Greek for "good death", refers to the act of ending another person’s life in order to end their suffering and pain.1 Two forms, passive and active euthanasia, categorize the actions taken to end the person’s life. Passive euthanasia involves removing a patient’s life support, withholding food and water, and discontinuing medical treatments. Active euthanasia includes any direct action taken to cause the death of the person, such as administrating a lethal drug.2 The debate over this issue stems from moral, ethical, and religious beliefs. All of these standpoints either side with the patient dying a natural death or from an accelerated death by euthanasia. History Throughout history, euthanasia has been used as a way to relieve a patient from an incurable illness or from living a life of unbearable pain. Many cultures, such as the ancient Greek and Roman civilizations, did not oppose one’s decision to end his life rather than living with agonizing pain.3 During this time period, this choice was commonplace. A few ancient philosophers, who believed that the ending of a human life belonged to the gods only, met it with objection. When the Christian era began, the subject was rarely discussed or practiced because of the strong trust and faith held in God and his divine command. It was not until the eighteenth century Enlightenment period that new ideas favoring euthanasia were put forth by philosophers and other prominent figures such as Samuel Williams and David Hume.4 By the close of the 1800’s... .... - "Euthanasia: Answers to Frequently Asked Questions," International Anti-Euthanasia Task Force, 2 March 1999, http://iaetf.org/index.htm (8 March 1999). - Euthanasia and Physician Assisted Suicide: All Sides of the Issues, 3 March 1999, http://www.religioustolerance.org/euthanas.htm(4 March 1999). - Green, James T. The Effects of Chemotherapy, 22 January 1999, http://www.databaun.com/jamez/writing/chemo.html(2 March 1999). - "Interview With Timothy Quill M.D.," Frontline/WGBH Educational Foundation, 1998, http://www2.pbs.org/wgbh/pages/frontline/kevorkian/medicine/quill2.html(4 March 1999). - Larue, Gerald, Th.D. Playing God: Fifty Religions Views on Your Right to Die Wakefield, NJ: Moyer Bell, 1996. - Manning, Michael M.D. Euthanasia and Physician Assisted Suicide. Mahwah, NJ: Paulist Press, 1998.

Alvin Ailey

Gerald L. Archard November 22, 2010 2nd block dance 2 Dance Pioneers, Companies, and Choreographers Alvin Ailey Alvin Ailey, Jr. was an African American modern dancer, dance teacher and choreographer, who founded the Alvin Ailey American Dance Theater. Ailey was a gifted creator of dance expressing the African American cultural experience and history. His choreographic works live on in performances by the company he founded. The Alvin Ailey American Dance Theater toured extensively and regularly in Europe and Asia during Ailey's lifetime, making Ailey a familiar name worldwide.His works continue to inspire, uplift, educate, and communicate brilliance to all who witness them. One of his best known works, the choreographic masterpiece, Revelations, based on Ailey's experience growing up as an African American in the South, consistently brings audiences to their feet in enthusiastic, spontaneous ovation. Ailey was born to his 17-year-old mother, Lula Cooper, in Rogers, Texas. His father abandoned the family when Alvin was only a few months old. Ailey's mother was determined to make a better life for herself and child. She moved numerous times in Ailey's early years.One of the constants in Alvin's childhood was attendance at the True Vine Baptist Church. His mother sang in the choir. Ailey's immersion in the experience of charismatic and enthusiastic worship filled with gospel music and traditional spiritual songs had a lasting affect. Later in life, he choreographed dances to some of the music he first heard as a churchgoing youngster. In 1943, he and his mother moved to Los Angeles, California. Alvin was fourteen years old then. His mother worked often. The teen used his freedom after school to explore the city.Ailey was drawn to the music from the big band jazz clubs while the musicians practiced for their evening shows. He was also drawn to the theater marquees announcing upcoming shows like Billie Holliday, Duke Ellington, and others. One day he spotted a hand bill with a photo of Katherine Dunham, a dancer costumed in layers and layers of ruffles. At the time, Dunham's dance troupe was the only group of dancers touring and performing dances from Africa, Haiti, and Latin America. Ailey's curiosity was so intense that he found himself peeking in the stage door to catch sight of the performance of Dunham's Tropical Revue.This was the beginning of Ailey's lifelong passion for dance. Alvin began hanging around the stage door of the theater during the run of Dunham's show. He was there so often that one of the dancers invited him backstage and into the auditorium to watch. This introduction led him to study dance. Initially, Alvin took dance classes in the style and method of choreographer and dancer Katherine Dunham, from a student of hers. However, he was not really comfortable with this style that involved abandoning oneself to sensuous full body movement.Later, he was introduced to dance teacher Lester Horton. Horton had a dance school in nearby in Hollywood and his style was more straightforward. After seeing the school performance of fellow Jefferson High School student and Horton protege, Carmen de Lavallade, Alvin signed on with Horton. Lavallade was to be a lifelong friend and colleague of Ailey's. While studying with Horton, Ailey pursued college courses in the Romance languages. At various times Ailey was enrolled at the University of California, Los Angeles, Los Angeles City College, and the University of California, Berkeley.He studied the writings of James Baldwin, Langston Hughes, and Carson McCullers. His scholarly pursuits led him away from Lester Horton's school. In late summer of 1951, Ailey left for San Francisco to work and go to school. He soon befriended a young singer and dancer by the name of Margareurite Angelos (Maya Angelou). The two worked up a nightclub act called â€Å"Al and Rita. † They performed occasionally, and Ailey earned a living waiting tables and dancing at the New Orleans Champagne Supper Club. It was here that he first began choreographing acts of his own.This experience also marked the end of his college pursuits. Ailey started his own dance company in 1958, featuring primarily African American dancers. The company was invited back to Ted Shawn's summer dance festival in Massachusetts, in the summer of 1959. Following the stint, Susan Pimsleur, a concert manager offered to add the Ailey dancers to her roster. She laid out a plan for tours and concerts and designed a brochure, calling the company the Alvin Ailey American Dance Theater. A third concert at the 92nd Street YMCA was planned for January 31, 1960.It was during this performance that Ailey first staged his signature work, Revelations. The piece came from a very deep place within Ailey's psyche. The performance was an intense expression of heavenly faith, earthly despair, and unquenchable humanity. From its very first performance that January day, the audience jumped to their feet with a res ounding ovation. The producer of the dance program at the YMCA finally went on to the stage to silence the audience and announce that due to the overwhelming response of the audience, a second performance would be scheduled, an unprecedented fro that venue.In 1961, the United States Department of State approached Ailey, and invited him to travel in Southeast Asiaa for a thirteen week tour produced by the President's Special International Program for Cultural Presentations. Ailey accepted the invitation. He gathered dancers including some from his Horton days, including de Lavallade, Truitte and others. This was the first of many successful tours by the company. In a three years, Ailey had created a company and a body of work that communicated powerfully and conveyed to the world the beauty and universality of art and its rightful place in American culture.Alvin wrote in program notes for one of the tours, â€Å"The cultural heritage of the American Negro is one of America's richest treasures. â€Å"Ailey integrated his dance company in 1963. He also did some acting and directing. One notable production he directed was Langston Hughes’s Jericho-Jim Crow (1964). In summer of 1965, Ailey spotted Judith Jamison, a strikingly tall dancer with a strong foundation in ballet, at an audition he was attending. Ailey saw something special in her and tracked her down to invite her to join the company. She accepted, and today it is Jamison who runs the AAADT.Presented around the world by the Ailey's dance theater, the choreographic masterpiece Revelations, which is based on Ailey's experience growing up as an African American in the South, is among the best known and most frequently seen of modern dance performances. This piece ‘speaks' to audiences of all stripes in such a profound and inspiring way that audiences often leap to their feet in ovation at the close of the performance. It is a timeless portrayal of the experience of the American south of the fi rst half of the twentieth century.Ailey has been memorialized by the renaming of West 61st Street between Amsterdam and Columbus Avenues in New York City as â€Å"Alvin Ailey Way;† the Alvin Ailey American Dance Theater was located on that block at 211 West 61st Street from 1989 until 2005, when it moved to a new, bigger facility at the corner of West 55th Street and Ninth Avenue. In 1987, Ailey received the Samuel H. Scripps American Dance Festival Award. The citation on the award read, â€Å"To Alvin Ailey, dancer teacher and choreographer, whose work is generated from the heart and powered by passion; he stands as a model of artistic integrity.An American, informed by the Black experience, Mr. Ailey's choreography presses through cultural lines and speaks a universal language. His dances, whether sassy, sad, witty or lyrical, have brought joy and a sense of purpose to people throughout the world. Alvin Ailey's consistent artistic achievements have insured him a place as a giant in the history of American modern dance. † His longtime friend, Harry Belafonte presented the award. Ailey was awarded the Kennedy Center Honors in 1988. Alvin Ailey Gerald L. Archard November 22, 2010 2nd block dance 2 Dance Pioneers, Companies, and Choreographers Alvin Ailey Alvin Ailey, Jr. was an African American modern dancer, dance teacher and choreographer, who founded the Alvin Ailey American Dance Theater. Ailey was a gifted creator of dance expressing the African American cultural experience and history. His choreographic works live on in performances by the company he founded. The Alvin Ailey American Dance Theater toured extensively and regularly in Europe and Asia during Ailey's lifetime, making Ailey a familiar name worldwide.His works continue to inspire, uplift, educate, and communicate brilliance to all who witness them. One of his best known works, the choreographic masterpiece, Revelations, based on Ailey's experience growing up as an African American in the South, consistently brings audiences to their feet in enthusiastic, spontaneous ovation. Ailey was born to his 17-year-old mother, Lula Cooper, in Rogers, Texas. His father abandoned the family when Alvin was only a few months old. Ailey's mother was determined to make a better life for herself and child. She moved numerous times in Ailey's early years.One of the constants in Alvin's childhood was attendance at the True Vine Baptist Church. His mother sang in the choir. Ailey's immersion in the experience of charismatic and enthusiastic worship filled with gospel music and traditional spiritual songs had a lasting affect. Later in life, he choreographed dances to some of the music he first heard as a churchgoing youngster. In 1943, he and his mother moved to Los Angeles, California. Alvin was fourteen years old then. His mother worked often. The teen used his freedom after school to explore the city.Ailey was drawn to the music from the big band jazz clubs while the musicians practiced for their evening shows. He was also drawn to the theater marquees announcing upcoming shows like Billie Holliday, Duke Ellington, and others. One day he spotted a hand bill with a photo of Katherine Dunham, a dancer costumed in layers and layers of ruffles. At the time, Dunham's dance troupe was the only group of dancers touring and performing dances from Africa, Haiti, and Latin America. Ailey's curiosity was so intense that he found himself peeking in the stage door to catch sight of the performance of Dunham's Tropical Revue.This was the beginning of Ailey's lifelong passion for dance. Alvin began hanging around the stage door of the theater during the run of Dunham's show. He was there so often that one of the dancers invited him backstage and into the auditorium to watch. This introduction led him to study dance. Initially, Alvin took dance classes in the style and method of choreographer and dancer Katherine Dunham, from a student of hers. However, he was not really comfortable with this style that involved abandoning oneself to sensuous full body movement.Later, he was introduced to dance teacher Lester Horton. Horton had a dance school in nearby in Hollywood and his style was more straightforward. After seeing the school performance of fellow Jefferson High School student and Horton protege, Carmen de Lavallade, Alvin signed on with Horton. Lavallade was to be a lifelong friend and colleague of Ailey's. While studying with Horton, Ailey pursued college courses in the Romance languages. At various times Ailey was enrolled at the University of California, Los Angeles, Los Angeles City College, and the University of California, Berkeley.He studied the writings of James Baldwin, Langston Hughes, and Carson McCullers. His scholarly pursuits led him away from Lester Horton's school. In late summer of 1951, Ailey left for San Francisco to work and go to school. He soon befriended a young singer and dancer by the name of Margareurite Angelos (Maya Angelou). The two worked up a nightclub act called â€Å"Al and Rita. † They performed occasionally, and Ailey earned a living waiting tables and dancing at the New Orleans Champagne Supper Club. It was here that he first began choreographing acts of his own.This experience also marked the end of his college pursuits. Ailey started his own dance company in 1958, featuring primarily African American dancers. The company was invited back to Ted Shawn's summer dance festival in Massachusetts, in the summer of 1959. Following the stint, Susan Pimsleur, a concert manager offered to add the Ailey dancers to her roster. She laid out a plan for tours and concerts and designed a brochure, calling the company the Alvin Ailey American Dance Theater. A third concert at the 92nd Street YMCA was planned for January 31, 1960.It was during this performance that Ailey first staged his signature work, Revelations. The piece came from a very deep place within Ailey's psyche. The performance was an intense expression of heavenly faith, earthly despair, and unquenchable humanity. From its very first performance that January day, the audience jumped to their feet with a res ounding ovation. The producer of the dance program at the YMCA finally went on to the stage to silence the audience and announce that due to the overwhelming response of the audience, a second performance would be scheduled, an unprecedented fro that venue.In 1961, the United States Department of State approached Ailey, and invited him to travel in Southeast Asiaa for a thirteen week tour produced by the President's Special International Program for Cultural Presentations. Ailey accepted the invitation. He gathered dancers including some from his Horton days, including de Lavallade, Truitte and others. This was the first of many successful tours by the company. In a three years, Ailey had created a company and a body of work that communicated powerfully and conveyed to the world the beauty and universality of art and its rightful place in American culture.Alvin wrote in program notes for one of the tours, â€Å"The cultural heritage of the American Negro is one of America's richest treasures. â€Å"Ailey integrated his dance company in 1963. He also did some acting and directing. One notable production he directed was Langston Hughes’s Jericho-Jim Crow (1964). In summer of 1965, Ailey spotted Judith Jamison, a strikingly tall dancer with a strong foundation in ballet, at an audition he was attending. Ailey saw something special in her and tracked her down to invite her to join the company. She accepted, and today it is Jamison who runs the AAADT.Presented around the world by the Ailey's dance theater, the choreographic masterpiece Revelations, which is based on Ailey's experience growing up as an African American in the South, is among the best known and most frequently seen of modern dance performances. This piece ‘speaks' to audiences of all stripes in such a profound and inspiring way that audiences often leap to their feet in ovation at the close of the performance. It is a timeless portrayal of the experience of the American south of the fi rst half of the twentieth century.Ailey has been memorialized by the renaming of West 61st Street between Amsterdam and Columbus Avenues in New York City as â€Å"Alvin Ailey Way;† the Alvin Ailey American Dance Theater was located on that block at 211 West 61st Street from 1989 until 2005, when it moved to a new, bigger facility at the corner of West 55th Street and Ninth Avenue. In 1987, Ailey received the Samuel H. Scripps American Dance Festival Award. The citation on the award read, â€Å"To Alvin Ailey, dancer teacher and choreographer, whose work is generated from the heart and powered by passion; he stands as a model of artistic integrity.An American, informed by the Black experience, Mr. Ailey's choreography presses through cultural lines and speaks a universal language. His dances, whether sassy, sad, witty or lyrical, have brought joy and a sense of purpose to people throughout the world. Alvin Ailey's consistent artistic achievements have insured him a place as a giant in the history of American modern dance. † His longtime friend, Harry Belafonte presented the award. Ailey was awarded the Kennedy Center Honors in 1988.

Relationship to Background Research Essay

Researchers Dunbar and Waynforth (1995) carried out research into human differences in mate selection by focusing on 900 different lonely-hearts ads taken from four different American newspapers. The investigation aimed to see what characteristics males and females looked for in potential mates by analysing each ad and recording how each person described themselves and what characteristics they looked for in a partner. It was found that women were more likely to advertise themselves as physically attractive, whereas males tended to highlight their economic status, displaying their potential ability to provide. Darwin’s theory supports this, as stereotypically good looking women will be good child bearers and provide ample food and care for children, and therefore will be more likely to produce healthy children with good genes for the next generation. Similarly, by highlighting their economic status men label themselves as good providers for children and will be able to care and help throughout the child’s life, meaning chance of survival is higher. Furthermore, stereotypically good-looking men (big, muscley etc) will have a higher chance of survival and therefore pass on these good genes to their offspring. I am going to investigate Darwin’s sexual strategy theory similarly to Dunbar’s methods, by looking into the way in which people advertise themselves in personal advertisements and seeing if they relate with Darwin’s, Andersson and Cunningham’s ideas about physical appearance and also pervious research done by Dunbar. I would be interested in finding out if Dunbar’s results done in America are similar to results that I will find in Macclesfield (England). I would further be interested in seeing if results have changed over time as men and women’s perceptions of each other may have differed in the last few years. His research led to my directional hypothesis which is â€Å"Men will describe their resources more than youth and looks in personal advertisements, women will describe their looks and youth more than resources. â€Å"The aim of the experiment is to find out what characteristics men and women offer when advertising himself or herself as a potential mate and to investigate if there are gender differences between the way men and women make themselves attractive to the opposite sex through lonely hearts advertisements. inspiration My directional hypothesis therefore, as influenced by Dunbar, is that heterosexual men will be more likely to offer resources such as wealth and financial stability. Heterosexual women, however, are more likely to offer youth and physical attractiveness. The null hypothesis would be as follows: there will be no significant difference between how men and women advertise themselves to the opposite sex.

Case analysis-Harrington Collection Essay

Problem identification In 2008, Harrington Collection, a large manufacturer and retailer of U.S. high-end women’s apparel, was facing opportunities and challenges whether to launch of active-wear products to meet the market and customers’ needs. But according to the macroeconomic environment, the target market, competitors and its own financial condition, Harrington needed to take careful consideration and then make the best decision for their own development. The U.S. women’s apparel industry Market trends From the data of U.S. Apparel Market Sale (2002-07), we could find out that, even when subjected to the impact of the economic downturn, the U.S. women’s apparel industry remained in a mature and stable state and held by continued growth momentum. The Retail Sales increased from $106 billion in 2002, to $133 billion in 2007. The average annual growth rate is 4.7%. It showed that the total sales of the women’s apparel industry did not receive the macroeconomic impact. Consumers still had a high desire to go shopping. At the same time, analyzed the data from U.S. Apparel Market Units, influenced by the economic downturn, consumers were more interested in less than $100, low-priced women’s apparel. From 2005 to 2007, the growth rate of units sold in more than $200 is 3.4%, the product growth rate of between $100-200 is 1.4%, and $50 to 100 product growth rate is 14.3%, while less than $50 low-priced products have the highest growth rate of 16.1%. The low-cost market has a great opportunity for manufacturers. Characteristics and competition The value chain of the women’s apparel industry is about: (1) branding; (2) design; (3) buying; (4) production; (5) channel marketing; (6) distribution; and (7) retailing. In the era of apparel products are relative homogenization, price war seems to become a common method to erode the market share of each other between brands. Each brand need to face how to  effectively reduce costs. Many brands established overseas plants or outsourced to overseas factories. This could reduce their cost of production and labor. Through effective monitoring, the overseas factory’s products also have a good quality. This makes the increased competition on the market. Women’s apparel retailers included department stores, mass merchandisers, specialty stores, and warehouse clubs/supercenters. Among them, the specialty stores got the 1st position, 58.6% share of channel, changed 11% from 2005 to 2007. The 2nd place is department store, 19.0%. Mass merchandisers got the 3rd position with 11.4%. In the retailing women’s apparel for the U.S. market, the most important distribution channel is specialty store. Harrington Collection Company’s background As a nearly 50-year history of the women’s apparel brand, Harrington Collection has a clear market positioning. Targeted at the high-end market is the original intention of Harrington Collection. The 1980s, the Harrington Collection expanded Vigor and Christina Cole brands, the product line aimed at the younger customer market. Because of their superior quality, knowledgeable sales staff and designer styles, they have a group of loyal customers. Four product lines Harrington Collection targeted affluent, fashionable, college-educated, professional women from 25 to 60. This company has four product lines, covered three classifications (Designer, Bridge, and Better) of the women’s apparel market. They targeted women of different ages, different background, and different family income. The Harrington Limited, as the â€Å"Designer† classification. This product line focuses on the Designer Collection, targets the customer as â€Å"Sophisticated Elegance†. Their age is from 35 to 60, an average household income is more than $200k. The retail price range is $500-$1000+. And it has 20% of Market Share, as the â€Å"Cash Cow†. It shows Harrington Collection’s market position is a high-end brand. Harrington Limited is the company’s most important product, and as a high-end brand, the products could show the strength of Harrington Collection. The Sopra, positions as the â€Å"Bridge† classification. This product line focuses on the Evening Wear; it targets the consumers of â€Å"Status Seeker†. The retail price  is about $400-$800. Most of the customers are 35-60; household income is more than $150k. The market share of Sopra is the lowest among the four product lines, only 5%. It is the â€Å"Dog† product, but the Evening Wear means the high-end position of a company, Harrington Collection needs to keep this product line. The Christina Cole, positions as the â€Å"Bridge† classification. This product line focuses on the high-end Career Wear; it targets the customers of â€Å"Office Chic†, with the price from $300-$700. The average information of the customers is 30-55, with more than $100k household income. The market share is 8%. The market positioning of this classification’s products are very competitive, so 8% is acceptable. It is the â€Å"Star†. The Vigor, â€Å"Better† classification’s product line, focuses on the Career Wear. Targeted customers are â€Å"Trend Setter†. They are from 25 to 50, with more than $75k household income. As the targeted age of the customers is younger than the others product lines, this line is full of fresh and flexible. It is able to adapt to the needs of the market to react and change, the â€Å"Star†. Manufactory strategy Harrington Collection does not set up overseas factories in Asia or outsourcing, for two reasons. First, they expected of high-quality women’s apparel products, good quality make their products to attract high-end consumers. Second, they hoped to catch up with the fashion, the close plants will have a high speed to deliver their product to the retail department, it could be able to help the brand issue season’s trend styles with the fastest speed. This strategy improves the cost of product, but it will help to enhance the brand image. Active wear In recent years, more and more of the company launched its own active wear products, just like hoodie, pants, and tee-shirt. Consumers buy active wear’s aimed not just in gym, but worn in everyday life. Consumers believe that active wear is very comfortable, very fresh, and very casual. There is also a very important reason, active wear is relatively cheap. In 2007, the â€Å"moderate† and â€Å"budget† classifications got 80% of market share on the apparel market and sold 7.5 million units in that year. But in 2009, many brands started to transform at the level of the â€Å"better† active wear. The average selling price was just below $100.By such changes in the market, we  can see that the consumer’s demand of high-grade active wear was increased. And consumers are willing and able to buy high-end active wear. Active wear of Vigor Division To Harrington Collection, in 2007 and 2008, the active wear market was not suitable for them to locate a high-end brand. Their brands, Vigor, the lowest level of the product line, but also achieve the â€Å"Better† classification. At that time, the consumers were more interested in the cheaper products. But the Market trends had a sudden shift in 2009, so Harrington Collection got an excellent opportunity to join into the active wear market. Harrington Collection’s Vigor brand is the most suitable for the introduction of active wear products. In the minds of consumers, Harrington Collection is a high-end brand, if Vigor was able to launch active wear products, would be favored by the consumers of high-end brands. Vigor’s styles were much more flexible than the others brands of Harrington Collection. And the core styles of active wear were about fresh and lifestyle. As a brand of Harrington Collection, Vigor continued the strategy of their company, provided the hi gh quality and agility products to fix the consumers’ needs, wants, and demands. This would attract the existing customers of Harrington Collection to purchase Vigor active wear products, because they believed that these garments were high quality and fashion. The Vigor team made decision about pricing. That hoodie, tee-shirt, and pants would be $100, $40, and $80, it seemed not a very high price, the working-class even could afford for them. It could help Vigor to get shares in the market of â€Å"moderate† classification. However, the establishment of a new product line requires the purchase of new equipment, the new plant, equipped with the appropriate staff. Harrington Collection needed to build a management team, design team. However, even the prospects of the market were perfect, but it still had a high risk to invest. Because of the market was full of uncertainties. But as a very promising project, Harrington Collection should carry out investment and development. Potential retail trade Because of the Vigor has laid a foundation, with a number of loyal customers. The active wear’s released as a new product sold in the present  market. Consumers can purchase the Vigor products from company-owned stores, upscale department and sociality stores. Company-owned stores’ sales and units are about 20% of the other two kind’s stores. Company-owned stores As the retail group of the Harrington Collection, they operated 120 stores, 50 of them were dedicated solely to the Vigor division. As the advantages of these stores that belong to the same forest senior enterprise distribution strategy can be effective implementation. Harrington Collection can avoid large retailers control, independent development and implementation of the marketing strategy. In these stores, Harrington Collection can be unified planning, unified propaganda, to help establish and enhance brand image. The stores’ management can be more direct contact with the market, and is easy to understand the changes in market demand, and at first time to adjust the marketing strategy. But with the high operating costs, many involve the management of business, need to invest a lot of manpower, material and financial resources. Upscale department and sociality stores As another two very important sales channels, they sold 80% of the Harrington Collection’s products. Both the two storefronts implement the same plan and strategy, with a certain degree of stability and integrity, and at the same time are able to avoid the vicious competition among the channel members. However, in this distribution channel, the prices of the previous link directly decide the latter part of the cost. Vigor’s active-wear The Vigor active-wear’s pricing relative to other products is relatively low, less than $100. This series is a strong attraction for consumers. In the initial launch, Vigor would be vigorously publicized. With Harrington Collection’s brand awareness, it was estimated that due to the current market demand is relatively large, and will soon get a valid response. The pricing strategy of Vigor active-wear is market skimming prices. Although these prices are lower than the other products of Vigor. But the variable costs of these products are only $20.55 (Hoodie), $7.50 (Tee-shirt), and $16.40 (Pants). The pricings are $100.00 (Hoodie), $40.00 (Tee-shirt), and $80 (Pants). Even with other related variable costs, and the fixed costs as  well as the construction of the plant, the purchase of equipment, and the administrative expenses of the management. The total cost of the product is much lower than the pricing. This pricing strategy can maximize profits of each single product. And it will not affect their own brand positioning to consumers buying enthusiasm. These products as same with other products of Vigor, will perform the same sales strategy; simultaneous promotion. The active-wear will not become a special product, which will affect the attitude of consumers to Vigor, that the active-wear of lower grade, or a decline in sales situations. Vigor’s competitors’ reaction â€Å"Better† level Positioning â€Å"Better† level the active-wear market is very competitive. Liz Claiborne’s Juicy Couture was one of the early leaders in this market. The leading companies, such as Jones Apparel Group and Liz Claiborne, both of them had a high share in the women’s apparel market. Even more, most of their products positioned in the â€Å"Better† classification. After Harrington Collection released Vigor series active-wear, the two companies will certainly respond. These two competitors in the overall grade lower than Harrington Collection, but because they build factories in the third world, their cost is lower than Harrington Collection, so they can drive down prices, establish a price war in this â€Å"Better† classification. At the same level, the relative homogenizations of active-wear products make it difficult to get a breakthrough in the design. So the price seems to have become a major factor in many consumers’ choice. Each company will be fully developed characteristics of their own company’s products, in order to attract more loyal customers, and seize the market share of other companies. Other levels Competitors with the same grade of the Harrington Collection will seize this opportunity to enter the active-wear market. They will not have a distinct advantage in the price, even in the presence of a disadvantage. But their quality may be higher, more innovative style design; fabric selection will be more comfortable. These products will attract high-end consumers’ details. The low-end brands will not impact on the formation of Vigor. They target different customer groups, both the customers will not be  influenced by each other. There is no direct competition, but would impact overall active-wear market share. Potential financial impact of Vigor active-wear manufacturing group The establishment and promotion of a new product needs to Harrington Collection invest. As the Vigor active-wear manufacturing group, this part of the investment is very high. The pants’ equipment costing was about $2 million and plant start-up cost estimated at $1.2 million. This program’s cost estimated $3 million. The hoodie and tee-shirt’s equipment costing was about $2.5 million and plant start-up cost estimated at $2.5 million. This program’s cost estimated $3.5 million. The expenses of national advertising and public relations campaign were estimated at $2 million. The carrying of active-wear line for every company-owned store was $50000 per store. The total carrying expense was about $2.5 million for 50 company-owned stores. The other data will be calculated in the form at the end of this part. In the end, the profit before tax in 2009 was $6,304,590. The profit margin before tax was 15.8%. Make decision A mature company should be good at discovering market opportunities, and seize the opportunity. Every investment has its risks, and identifies real opportunities for each company is very important. As people increasingly focus on practical demand for clothing, active-wear has good market prospects, and Harrington Collection has an advantage for the development of this product line. Even though the initial investment is huge, but this product is also huge gains. These products sale for a period of time then  the early investment will be recovered form earnings. Harrington Collection should let Vigor add this product line.

The Correlation between Unemployment and Divorce Rates in the United Term Paper

The Correlation between Unemployment and Divorce Rates in the United States - Term Paper Example A tendency to emphasize the social and economic costs of unemployment on society in the aggregate avoids the clear and definite problems that joblessness creates in the home. Some of these household challenges are responsible for lowering levels of subjective well-being in society, which exacerbates the negative overall effects of unemployment. One particularly troubling hypothesis is that divorce tends to increase to some degree in proportion to unemployment rates in developed countries (Jensen & Smith, 1990). The marriage destabilization caused by the loss of a job and the perhaps long-term unemployment that results may explain a great number of divorces. However, especially as one deals with aggregate population data from past years, one is not dealing with causal inferences but rather correlational observations. While it is intuitive to speculate that unemployment increases risk to divorce, one could wonder whether divorce is likely to increase unemployment. It does not seem out of the question that marital instability increases one’s chances of being dismissed or issuing a resignation from his or her work. In fact, Rogers and May (2003) found a significant correlation between increases in marital discord (defined as thoughts or actions supportive of divorce) and declines in job satisfaction. Finding a statistical correlation between unemployment and divorce would signify a number of things, namely that individuals facing long-term unemployment but are happy in their marriages should take steps to ensure the sustainability of that relationship through financial hardships. At a broader level, predictors of unemployment can also be taken as predictors of higher divorces, which give society a chance to plan for increased levels of marital instability in addition to unemployment

Businesses and Society Essay Example | Topics and Well Written Essays - 1000 words - 15

Businesses and Society - Essay Example As the paper outlines they also need to meet other expenses such as food as well as other related bills from this same income. Against this backdrop, it can be noted that the basic problem addressed is that elderly people remain citizens of their given communities and they should be honoured and cushioned from paying high prices especially on drugs that are meant to save their lives from threatening diseases. The main concepts being addressed here include the issue of corporate social responsibility (CSR) and that of morality which derives from the concept of ethics. There is need to balance the needs of the people in the society and the need for businesses to be profitable in a moral fashion. This paper highlights that Strydom suggests that â€Å"Social responsibility is the concept that maintains that businesses are part of the larger society in which they exist and are accountable to the society for their operations.† In other words, there is need for the organisations to strike a fine balance between the needs and interests of customers, needs of the environment and the need for businesses to realise their financial goals. This goes hand in hand with the concept of ethics, which is loosely defined as an attempt to distinguish between something that is morally good from bad. The issues of morality and social responsibility have gained prominence especially with regards to the ways businesses operate. There is need for businesses to establish goodwill with the values and norms of any given society it would be operating in as a way of promoting mutual understanding. The success of any given company would be determined by its willingness to observe the social norms of the areas it would be operating in.