Democracies Essay Example | Topics and Well Written Essays - 1250 words

Democracies - Essay Example However, different inaugurals, studies, and declarations such as; The Four Freedoms which were presented by Franklin D. Roosevelt for the strengthening of democracy; the UDHR; President Obama’s Second Inaugural; etc. This paper critically analyzes these articles and declarations on the topic which are in significant relevance with each other; UDHR and Four Freedoms and Kaplan’s Article and Obama’s Second Inaugural. Moreover, it will also highlight the impacts on each other. Likewise, other responsible democracies of the world, United States also have great respect and serious interest towards democracy and human rights. These components have long been the core focus of the U.S. Foreign Policy. The increased emphasis on democracy by its leaders, government, and other concerned authorities is because of the fact that it allows them to advance their national interests on global levels. Moreover, the freedom for religion and the workers and labor rights as essential American ideologies are also well promoted through it. It is believed by the U.S. Government and people of U.S. that, democratic nations have more contribution towards global peace; it helps in diminishing aggression; allows expanding open markets, and ensures and safeguard the basic rights of Americans (Patterson). It is due to these reasons that many U.S. Presidents have addressed the topic of democracy and has shown its importance in their speeches at different occasions. Similarly, different institutions and the UN have also highlighted its significance. The UDHR in 1948 was also presented to show the vitality of the human rights. It was due to this declaration that the organized community of nations declared the human rights and the relevant essential freedoms for the first time (United Nations). However, the declaration was presented for democracies all over the world and was conceived as ‘a common standard of achievement for all people and nations’ (United Nation s). It was formulated to measure and identify the level and degree of respect for an agreement with the international human rights principles. Varying from economic, social, cultural, to political rights, to which all individuals are authorized without any differentiation, the UDHR consists of 30 articles (United Nations). Declaring all humans as equal individuals since their birth (Article 1), the UDHR is a complete set of rules. The economic, cultural and social rights to humans are mentioned in Articles 22-27. All individuals are declared as equal members of the society (Article 22). The declaration’s mandate limits everyone and every state and government to provide all humans the same rights without any discrimination (Article 2). The declaration in its 4th Article also highlights the curse of slavery telling that no one should be held in slavery or servitude (United Nations). The right to justice is also declared to all individuals and that all of them can make use of th e right before the law as a person everywhere. Right to privacy (Article 12) and the freedom of thought, conscience and religion is also declared to all in Article 18. Article 19 deals with the freedom of expression and speech. The declaration also deals with religion giving every human equal right for it (Article 26). The United Nation’s, UDHR worked as a chief declaration for the human rights and many democratic states including U.S. followed it with its full implementation. However, the

Short answers,Times New Roman,font size 10.5 Coursework

Short answers,Times New Roman,font size 10.5 - Coursework Example Moreover, there is an innovative aspect based on the process need that is otherwise deemed to be a weak link evidenced in every process. It is characterized by the fact that the majority intends to move around the problem instead of making an attempt towards the success of the success of an enterprise solution. Ultimately, Drucker also contributes to the development, demographics that constituted the population size structure and employment background and a new knowledge with advanced scientific assumptions thus creating new products and new market demands (Mitra 25) Mitra (25), points out at various attributes how technology has contributed towards the realization of entrepreneurial activities. The fundamental technological advancement is critical in the advancement of scientific understanding of entrepreneurial activities. Besides, it has contributed to the initiation of different kinds of industries that are either owned privately or by the state. Moreover, technology has also played a vital role in the conceptualization of feedbacks from the already existing enterprise while utilizing the results to enhance further technological advancements. On a number of occasions, government policies are seen as barriers to innovative aspects and entrepreneurial developments. In essence, a change in certain policies of the government often has devastating effects towards the success of entrepreneurial activities. According to Mitra (28), the government for setting up various policies and deployment of resources that are also characterized by incentive-oriented strategies thus most likely to affect the forces of the market demands. Mitra (33) explains that an economic equilibrium theory may not give a proper understanding of the entrepreneurial relationship because it mainly concentrates on the production function. Moreover, it concerns rationalization choice

Facebook and Knowledge Management

Facebook and Knowledge Management Until the advent of Facebook, no inventor of an Internet-based technology has ever been heralded on TIME Magazine as person of the year (Grossman 2010) until Mark Zuckerberg came up with an invention that ate the world (Grossman 2009). The importance of Facebook as a technological platform has been unparalleled precisely because it has transcended from being a mere digital platform to become a part of the social reality of people around the globe (Naughton 2010). In the Facebook Age, knowledge creation has become ubiquitous. People transmit and consume knowledge every second as they share information, thoughts, opinions, and multimedia (Richardson 2010). This innovation started out as a college tradition before becoming a social networking site (Grossman 2007). Facebooks launch occurred in 2004 in a Harvard dorm room and started out as a networking for undergraduate students (Fuglsang 2008, p. 13). Students get introduced to one another using photographs into a physical facebook patt erned after Hot or Not where students got to vote who looked hotter in compared photos (Schwartz 2003). From its origin as a networking tool, Zuckerberg developed it into a web-based service where members can post their profiles containing information such as birth dates, employment, interests, favourite books, favourite music, and others (Schonfeld, 2008). Moreover, the service enabled people to privately communicate with each other through messages or by posting a message on someones wall (Richardson 2010). During his interviews, Zuckerberg underscores the motivation behind Facebook: enhancing real connections (Grossman 2010). His theory revolves around the fact that people communicate most naturally and effectively with those they know friends, family, and associates. All Facebook did was to provide information to a set of applications through which people want to share information, photos or videos or events (Calrson 2010). Today, Facebook is a way of life for millions of peopl e, which as of January 2011 total 600 million users (Carlson 2011). Due to its phenomenal rise and usage, Facebook has become a significant product that has several implications for the practice of knowledge management. How Facebook has revolutionised collaboration for knowledge management One area where technology has become a crucial tool for knowledge management has been in collaboration. Among the fundamental goals of knowledge management is to improve organizational performance by enabling individuals to capture, share, and apply their collective knowledge to make optimal decisionsà ¢Ã¢â€š ¬Ã‚ ¦in real time (Smith and Farquhar 2000, p. 17). Knowledge management goes beyond technology facilitating information sharing and collaboration; it creates and sustains communities of practice, copes with culture and behavior of people, and creates trust and validated content (Payne 2007).The use of technology for collaboration has vastly changed from what it meant 10 years ago. The evolution could be divided into stages: Disks and file transfers via email. Before, collaboration referred to the process of transferring files one-by-one via email or passing around floppy disks. This proved time-consuming for people and difficult to retrieve information; labelling was either incomplete, out-of-date, or the contextual information was vague. The effect was that people took too much time browsing in order to retrieve data (Adler and Kwon 2002). Network drives. After file transfers came the more advanced collaboration tool by using network drives so that all folders can now be accessed by all through a local network. Yet, this system of collaboration posed problems: it was limited by memory and attention spans and personal connections. People still relied on others to determine where data can be retrieved. A linear relationship existed between the time required to manage data and the size or number of data being managed. Hence, managing data was still time-consuming and people found minimal incentives in dealing with data or information management. Web-based software solutions. The advent of the Internet made collaboration easier especially when Web-based collaboration software was developed by companies. A case in point is Microsoft SharePoint which offered features that allowed the smooth flow of information: alerts, document libraries, forms, surveys, discussion boards, personal profiles, categorizations, and functions such as pulling information from data sources on the Web (Payne 2007). Despite expanding access to resources and organizing data at the same time protecting information, what lacked was a critical element of the collaboration process: user participation. Social networking. Encouraging people to become active participants in the knowledge management process is a challenge. With the popularity of social networking sites like Facebook, knowledge management has now considered the use of the social media approach to stimulate collaboration (Shih 2009). Facebook offers not merely a platform where people exchange information it also enhances satisfaction and emotional gratification because the engagement becomes personal and hence, more fun. Effective collaboration requires two primary elements: adoption (number of teams having access to the system) and engagement (number of people regularly using the system) (Alavi and Leidner 2001). Social media such as Facebook has revolutionised the way knowledge management among organisations has been defined. Current state of the art of Facebook: a review From a simple networking technology, Facebook has progressed and evolved in terms of interface and interaction for users, ability for knowledge creation, as well as potential threats to knowledge creation (Gawer 2009). Interface and interaction for users. Many interface changes have been made to address privacy issues and improve page management for Facebook users. Some of these changes were received positively and negatively. On the one hand, the new privacy features limited knowledge sharing and exchange while on the other hand, it also enhanced trust during the knowledge exchange. Some of the following listed here are the major interface changes in Facebook: May 2006 Networks are expanded to workplaces as well as colleges and high schools. September 2006 News Feed and Mini-Feed are added, aggregating profile changes of friends. New privacy settings are made available. Additionally, registration is expanded so anyone can join. May 2007 Facebook launches their Applications platform. July 2007 Facebook removes the profile field that allows users to list their courses. March 2008 New privacy controls are added (Lampe, Ellison and Steinfeld 2008). October 2010 Facebook changed user interface to accommodate its Groups feature. The Edit Notifications button was changed to Edit Settings and users have the option to opt out (Constine 2010) February 2011- Providing one-click link for various administrative tasks, removal of tabs for page improvement, a new masthead composing five images latest to be added (called Photostrip) (Ware 2011) Ubiquity in knowledge creation. What makes Facebook lead its rivals such as MySpace is its friendliness to third-party application developers. Facebook developed an application programming interface (API) which developers can now use and take advantage of in the context of social networking at Facebook. Developers can now utilize user social graphs and from there design applications which would enhance user interaction in a myriad of ways. Aside from user interaction, businesses stand to gain from API because advertising and financial transaction functionalities can also be integrated. However, the key element to the ubiquitous knowledge creation in Facebook is the news feed which has already been patented to Zuckerberg. Developers could now tap into the social graph of users and create applications of all types that would allow people to interact in new and interesting ways. Once a user posts information, status, media, or installs an application, a message kicks off and appears in the news feeds of all the users friends (Treadaway and Smith 2009, p. 186). For November 2007, more than 7,000 applications were developed using the Facebook Platform or roughly 100 every day (Rampell 2007). There were over 400,000 registered application developers (Ustinova 2008). Moreover, Facebook simplifies gathering and connecting information between images, videos, and text. Its structure allows individuals (nodes) to be connected to information from non-connected individuals; for instance, a user can view messages through the news feed made by unconnected contacts to the users friends. Moreover, groups are able to create knowledge based on interest such as social or political groups or a group of experts exchanging knowledge. Another interesting feature that enhances knowledge creation is Notes which allows individuals to create content on topics or concepts (Kirkpatrick 2010). People may respond through the comment facility which refines and develops information further. Som e of the numerous features which Facebook has that contribute to knowledge creation include: liking; comment; ratings; threaded conversations; feeds; automatic updates when specific things of interest happen; the ability to ask questions (survey); the ability to make requests; and the ability to pass word along about things that are happening (Hearn 2008, Gawer 2009). Factors that help or hinder KM when using Facebook. While Facebooks API platform has made knowledge creation and knowledge sharing easier, it has also raised questions of privacy. Some of the popular apps that Facebook has have become spam or in some cases, relayed identifying information without users consent (Acohido 2011). These are then transmitted to advertising companies and Internet tracking businesses (Steele and Fowler 2010). Privacy issues have affected nearly 10 million Facebook users; this issue is forecast by some tech experts to plague Facebook for years to come (Malbon 2011). The impact of Facebook of KMS Knowledge work. Facebook has facilitated the process in which users share their knowledge with a group of other users or an organisation (Hearn 2008, p. 74). The sharing of knowledge can be within a closed or open community. In the knowledge sharing process, users possess the knowledge they contribute (Van Grogh 1998, p. 151). This means that the identity of the users is known and associated with the contributions. Ideally, users have full control over the content with respect to granting and withdrawing access rights for sharing, grouping, and annotating contributions (Alavi and Leidner 2001) but loopholes in Facebook has led to significant privacy control issues (Van Grove 2010). Collaboration communication. Mass collaboration using digital technologies like Facebook is transforming all aspects of the knowledge society even more rapidly than envisioned (Howlett 2010, p. 21). These users can give hints, make suggestions how to solve the problem, or give concrete solution directions (Choi and Lee 2003). Private communication between the users through the collaborative problem-solving platform is not possible, thus all feedback, hints, answers, and solutions provided are visible to all users of the community (Golder and Huberman 2006). There are however features which allow for private communication. Management. Facebook has had several implications for management. First, there is the perceived loss of productivity because of excessive engagement with social networking sites. An article featured in The Economist stated that an IT company lost over 1.4 billion pounds (USD 2.3 billion) yearly due to overuse of social networks during working hours. The same article cited how banning Facebook from the workplace would improve productivity (Yammering away at the office 2011). However, Facebook has also revolutionised the recruitment process because it has made information transparent. In fact, almost half (47%) of executives in the U.S. reported that they browsed through the Facebook pages of potential candidates and from that information, made decisions pertaining recruitment (Anonymous no more 2010). Trust issues. Perhaps the biggest issue with Facebook in relation to knowledge management is trust (Schwartz 2011a). Privacy experts have repeatedly indicated that Facebook sent user information to its advertising through cookies (Van Grove 2010). Essentially, Facebook is said to have deanonymised the whole social networking process and only when the issue gained significant media mileage did Facebook act (Malbon 2010). The future of Facebook The future of Facebook with respect to KMS seems bright but if it is unable to resolve privacy issues, it may find itself out of the lead (Schwartz 2011b). Facebook may lead to fast and easy knowledge creation but the high participation of end users presents problems such as privacy issues and low productivity. The Facebook Platform allows the integration of different kinds of knowledge particularly the integration of applications and the constant creation of content (Gawer 2009, p. 134; Kirkpatrick 2010). Facebook, when properly managed, can provide knowledge management support for professional organisations as well as of non-professional organisations.

The Northern Lights Essay -- essays research papers fc

The Northern lights are poetry, they are nature's light show, and they are quantum leaps in the oxygen atom. They are elementary particle physics, superstition, mythology and fairy tales. The northern lights have filled people with wonder and inspired artists; they have frightened people to think that the end is at hand. More exact explanations of the phenomenon could not be given until modern particle physics were developed, and knowledge about details in the earth’s magneto sphere has been based on measurements from satellites. When the northern lights are seen over Tromsà ¸, it happens in a set pattern, although this pattern varies considerably. The outburst starts with a phosphorocent glow over the horizon in northwest. The glow dies out and comes back, and then an arch is lit. It drifts up over in the sky. And new arches are lit and follow the first one. Small waves and curls move along the arches. Then within a few minutes a dramatic change is seen in the sky. A hailstorm of particles hit the upper atmosphere in what is called an aurora sub-storm. Rays of light shoot down from space, forming draperies, which spread, all over the sky. And they really remind us of draperies or curtains, which are flickering in the wind. And you can see a violet and a red trimming at the lower and upper ends. Or the colors are mixed all together, woven into each other. The curtains are disappearing and forming all over again by new rays of light shooting down from space. Above our head we cans see rays going out in all directions forming what is called an aurora corona. After 10 to 20 minutes the storm is over and the activity decreases. The bands are spread out, disintegrating in a diffuse light all over the sky. We can not see individual pockets of light, but the total effect is bright enough to enable us to make out details of the countryside around us. If we look very carefully, we can see the remains of the northern lights display as faint, pulsating flames. Clouds of light which is turned on and off regularly every 5 - 10 seconds as though by an electric light-switch. The natures own gigantic light show is over. What causes the northern lights? To answer this, we start with the sun whose energy production is far from even and fluctuates on an 11-year cycle. Maximum production coincides with high sunspot activity when processes on the sun's surface throw particles ... ...ll over the sky. 7) Bands of northern lights one above the other, raising towards the zenith indicates that the sub storm is starting. 8) Rays of light shoot down from space tells about higher activity. 9) Draperies are formed with waves at the lower end. 10) Curls and waves wave along the draperies. 11) The draperies look as if they are flickering in the wind. Maximum activities close. 12) The interaction between the moving charged particles and the earth’s magnetic field creates a charging magnetic field. The particles stream down along the magnetic field lines. 13) Rays and draperies can die out in one place of the sky, and form at another. 14) During the maximum of a sub storm, the whole sky can be full of light. 15) An all-sky (fish eye) picture showing that the draperies are stretched from east to west, through zenith. 16) When the activity reaches Zenith, by an optical illusion, it seems like the rays stretch out in all directions above our heads. This form of the northern lights is called aurora corona. Works Cited http://www.uit.no/npt/nordlyset/nordlysbilder.en.html http://www.uit.no/npt/nordlyset/ Way North Magazine, publication by Tromsà ¸ Museum.

Divorce

Marriage can be defined as a union between a man and a woman. This was initiated by God after the creation. Marriage enables individuals to procreate by having children. People who are married usually live together and this makes it possible to share responsibilities in the house. People are expected to live happily in marriage considering that marriage occurs between individuals who love each other. During marriage, individuals take vows that they will live together as a long as they are alive. However, this has changed and what has been observed is that some marriages break after some time.Court cases facilitating divorce have been on increase. In the previous years, divorce was something that was unacceptable. However, the society seems to be accepting divorce due to the circumstances surrounding a marriage. The highest proportion of the society members argue that divorce should not be allowed due to its consequences. In United States, people believe that people have the freedom t o do whatever they wish with their lives. In this regard people should be allowed to divorce when they feel that there is a need. This research paper will argue against divorce in the society.It will also look at both sides of the argument so that it can prove there is a need to protect marriages (Clarke-Stewart). Divorce has many negative consequences for the couples involved and the children in the family and this is why it should be avoided at all costs. Financial management is a challenge to divorced couples. Individuals should consider the costs associated with divorce. In the first place, the divorce process requires expenditure. This may be so expensive for the couples involved. Second, the parties involved need to seek a new residential area which involves a cost.One of the parties incurs greater costs in meeting the costs of paying school fees for the children. If there is no divorce, it means that individuals share these costs such that there is no burden in meeting these expenses (Peterson). Two individuals are also able to better plan for their finances for the future benefit as compared to when all the decisions are made by one individual. The money that could have been wasted in the divorce process could be invested so that the couple can receive future revenues from their investment activities.There are various reasons why people divorce. In the first place, couples argue that there is lack of commitment in their relationships. This means that one of the partners is less concerned about the social needs of the family such as socializing, meeting financial needs, meeting educational needs of the children and planning for the future. This makes one person to seek a happier marriage elsewhere after divorce (Wallerstein). When both persons are not committed infidelity is a constant problem, a partner may be unfaithful such that he/she engages in extramarital sex.In this case, the other partner feels that this is not acceptable considering that the c urrent world is full of sexually transmitted diseases some of which are very dangerous. The offended party in the marriage finds that the best way to deal with the situation is through divorce. Another reason is financial problems. Unfortunately, money is a problem for almost everyone, and it is even more so with married couples who more than likely split the bill in most situations, financial obligations can cause conflict between couples.When they get married, they have to be certain that they are financially prepared for an increase of expenses, especially if the birth of a child is involved. Also unemployment can cause conflicts between the marriage, due to arguments about expenses, not being able to find a new job, or one individual feeling superior to the other. When this happen couples opt for a divorce since after the separation the stress will be less and money can be manage better by just one person. Communication is essential to a successful marriage.We have all heard thi s at some point in our lives but at the present time there are many married couples that lack of communication for several different reasons such as work schedules, demanding families or even technological distractions. This soon creates anger and frustration builds up, which ends in larger issues. Larger issues are not as easy to solve as smaller ones. Even if the couple manages to work out these issues and stay together, it’s not a real marriage. Without communication, there is no relationship and therefore the marriage is ready for divorce.Generally, there are many challenges that make people to divorce. These reasons are reasonable and people seek to be in marriages that are more satisfactory. Some of the problems that lead to divorce are intentional and some spouses find it difficult to continue with marriage. Some Christians also argue that individuals are allowed to divorce if the reason for divorce is infidelity. Infidelity is unacceptable even to the Christians and p eople are allowed to divorce if this happens in their marriage.

A strong sense of class consciousness in “Emma”

There is a strong sense of class consciousness in â€Å"Emma†. What is Emma's attitude towards social position? How do the Martins and the Cole's reflect changes in the class structure of 19th century England? How willing is Emma to accept these changes? Compare and contrast Emma and Mr Knightley's attitudes towards Robert Martin. â€Å"Emma† was written at the beginning of the Nineteenth century when dramatic change was going on in social structures. Up until then society was governed by a rigid class system and mixing of classes was very rare, however the ‘middle class', the land owners and work-force owners were beginning to carve their own place in society. Increases in international trading and the start of the Industrial Revolution were key factors in the rise of the ‘middle class'. Emma as the daughter of a substantial landowner and at the top of society resists these changes with immense social snobbery although she is aware the change is imminent. â€Å"Emma conceives of her society in terms of rigid inequalities; Miss Woodhouse cannot visit Mrs Martin, the Coles will not presume to invite the Weston's, Mr. Elton may not aspire to the heiress of Hartfield† writes Helen Dry, â€Å"Syntax and the Point of View in Jane Austen's Emma†, (1977), 87-99. Emma clings to ancient established ideas of social hierarchy: but only when it suits her. She ignores Harriet's illegitimacy purely for her own fancy and sees no problem in a match between Harriet and Mr. Elton, or Harriet and Frank Churchill; however the idea of an unequal match between Harriet and Mr. Knightley shocks her, â€Å"Such an elevation on her side, such a debasement on his!† She is also feels extremely insulted when Mr. Elton proposes to her: Should suppose himself her equal in connection or in mind! Look down upon her friend, so well understanding the gradations of rank below him, and be blind to what rose above, as to fancy himself shewing no presumption in addressing her!-it was most provoking. Emma objects highly to Mrs Elton, partly due to her self-inflated ideas of social status: â€Å"She brought no name, no blood, no alliance. Miss Hawkins was the youngest of two daughters of a Bristol merchant†, â€Å"The idea of being indebted to Mrs. Elton†¦The dignity of Miss Woodhouse of Hartfield, was sunk indeed!† Mrs Elton shows a great deal of snobbery herself; she is harsh, brash and arrogant, she boasts on numerous occasions about â€Å"Maple Grove†, and the â€Å"barouche-landau† belonging to her brother-in-law. She constantly compares everything and everybody to his circle: the only good society she knows. Mr. Weston marries a â€Å"portionless governess†, yet Emma does not oppose this because Mrs Weston happens to have been her governess. And Emma angrily defends Mrs Weston when Mrs Elton expresses her surprise at her ladylikeness. â€Å"I was rather astonished to find her so very lady-like! But she really is quite the gentlewoman†. Emma's inherent snobbery is demonstrated when the Coles host a party in Highbury. â€Å"The Coles were very respectable in their way, but they ought to be taught that it was not for them to arrange the terms on which the superior families would visit them. This lesson, she very much feared, they would receive only from herself; she had little hope of Mr. Knightley, none of Mr. Weston†. Emma feels the Coles are attempting to rise above their station; however she recognizes that neither Mr. Knightley nor Mr. Weston will agree or support her here because as Robert Miles writes, â€Å"they have better judgement†¦Knightley's flexibility absorbs the threat, whereas Emma's stiffness augurs friction† (Jane Austen [Northcote House, 2003], p.105) Emma's dislike of the Coles stems from their recently acquired wealth: â€Å"They†¦by this time were, in fortune and style of living, second only to the family at Hartfield.† High rank in society was dictated more by family history than current wealth. Hereditary wealth was perceived as infinitely superior to recently earned ‘new money'. However, change was imminent with the increase in trade wealth and the upper class had to accept this, some even embraced it, Emma however refuses to accept these changes and adapt to this new way of thinking. The Martins are an honest, respectable family and Emma's attitude towards them shows the extent of her snobbery, conceit and class consciousness: â€Å"amused by such a picture of another set of beings and enjoying the youthful simplicity which could speak with so much exultation of Mrs Martin's having ‘two parlours†. Here Emma laughs at the idea of less fortunate people than herself and is exceedingly patronising towards Harriet; however Emma is not perceived as cruel because she doesn't know any different and has not experienced life outside of Highbury and the unchanged community she was born into. â€Å"A young farmer†¦is the very last sort of person to raise my curiosity† She discourages Harriet's attachment to the family and in particular Robert Martin, â€Å"I did not expect much; but I had no idea that he could be so very clownish, so totally without air. I had imagined him, I confess, a degree or two nearer gentility† Emma warns her that the accident of her birth obliges her to dissociate herself from any connections which would lower her social status further; Harriet is probably of the same class as the Martins, but Emma feels that the association with herself has raised Harriet far above an association with a farming family. This demonstrates the arrogant, hypocritical and interfering characteristics which flaw Emma's character. When Mr. Martin proposes to Harriet, Emma is surprised by the quality of his letter, â€Å"She read, and was surprised. The style of the letter was much above her expectation†, this reveals the extent of her superiority and condescension. â€Å"You banished to Abbey-Mill Farm!-You confined to the society of the illiterate and vulgar all your life! I wonder how the young man could have the assurance to ask it. He must have a pretty good opinion of himself.† This shows humour and irony because what Emma says is very spiteful and untrue (although she does not mean it to be so), but also hypocritical because she has an extremely high opinion of herself. Mr. Knightley, on the other hand, has a high regard for Mr. Martin and his family; â€Å"I never hear better sense from any one than Robert Martin. He is an excellent young man both as son and brother.† Mr. Knightley is outraged when he learns of Harriet's refusal. He is a realistic, sensible man and knows Martin is a good, respectable match for Miss Smith. â€Å"Robert Martin's manners have sense, sincerity and good-humour to recommend them; and his mind has more true gentility than Harriet Smith could understand.† Emma, although aware changes in social position are happening and being accepted, is reluctant to change, and as the first lady of Highbury does not welcome the break-down of the rigid class structure. The Martins and the Coles represent these changes and we see them accepted warmly by nearly everyone except Emma. Characters such as Mr. Knightley and Mr. Weston are much more realistic, with a wider understanding of social issues than Emma, who has never left Highbury.

European Parliament Essays

European Parliament Essays European Parliament Essays The EU Institutions Remember: Treaty of Lisbon (ToL) The ToL has created two new Treaties: The Treaty on the European Union (TEU). Treaty on the Functioning of the EU (TFEU) - sets out explicit competencies of the Union and detailed procedures to be used in each policy field. Art 13(1) TEU- EU Institutions 7 institutions recognized: European Parliament, European Council (added with the ToL) Council European Commission Court of Justice of the European Union European Central Bank (added with the ToL) Court of Auditors. Each institution â€Å"†¦shall act within the limits of powers conferred on it by the Treaties†. Art 13(2) TEU provides that â€Å"the Union shall have an institutional framework which shall aim to provide its values, advance its objectives, serve its interests, those of its citizens and those of the Member States, and ensure the consistency, effectiveness and continuity of its policies and actions†. Formation/composition and Functions/powers of each of the following institutions: The European Commission The Council The European Council The European Parliament The Court of Justice The European Commission; Article 17 TEU; Articles 244-50 TFEU Composition: 27 Commissioners, appointed by governments but must be independent. They represent the EU; 5 year term; operate on principle of collegiality; the College of Commissioners takes collective responsibility for all decisions (political arm). Divided into Directorates-Generals (administrative arm, like national ministries) http://ec.europa.eu/about/ds_en.htm Cabinets: appointed by the President, each Cabinet is the Office of a Commissioner: interface between the Commissioners and the DGs. The President of the European Commission Proposed by the European Council – elected by the Parliamentary majority: renewable term of two years; responsible for the political direction of the Commission; his confirmation approved by the MSs and EP; he then chooses the Commission, subject as a whole to approval by the EP. President allocates portfolios to individual Commissioners, each assisted by its own cabinet. Commissioners are responsible to him; he can request an individual Commissioner to resign. High Representative of the Union for Foreign Affairs and Security Policy: Appointed/dismissed by Council with the agreement of the President. The only member that cannot be dismissed unilaterally by the President of the Commission. Member of the Commission, takes part in the work of the European Council and chairs the Foreign Affairs Council. = Britain's EU commissioner Catherine Ashton Aim: to create a more integrated and coordinated external policy / international profile of the EU. Responsible for the conduct of the Union common foreign and security policy and its security and defence policy. However, they are to act under the mandate of the Council. Powers of the Commission Article 17 TEU – (no rigid separation of powers) 1. The Commission shall promote the general interest of the Union and take appropriate initiatives to that end. It shall ensure the application of the Treaties, and of measures adopted by the institutions pursuant to them. It shall oversee the application of Union law under the control of the Court of Justice of the European Union. It shall execute the budget and manage programmes. It shall exercise coordinating, executive and management functions, as laid down in the Treaties. With the exception of the common foreign and security policy, and other cases provided for in the Treaties, it shall ensure the Union's external representation. It shall initiate the Union's annual and multiannual programming with a view to achieving inter institutional agreements. 2. Union legislative acts may only be adopted on the basis of a Commission proposal, except where the Treaties provide otherwise. Other acts shall be adopted on the basis of a Commission proposal where the Treaties so provide. EC

Raisin in the sun essays

Raisin in the sun essays A Raisin in the Sun, written by Lorraine Hansberry ,is by far one of the best books have read yet. The setting is in the mid-1900's in the Southside of Chicago. The main focus of this book occurs around a poor black family in a poor black community, the Younger's. Hansberry does a great job of using dialect to make the scenes quite realistic and uses quite a bit of symbolism, irony, motifs, and situations that involve making decisions where you become stuck between a rock and a hard place. The book starts off with Walter Younger's obsession with his mother's insurance check so he can become a true entrepeneur and invest in his own liquor store. Since religion played a vital role in Mama's reaction to this sinful act it really damaged Walter's hopes and dreams. Later in the book Mama finally decides to give Walter the money and leaves him with the responsibility of taking care of the family, this is where the rising action begins. Then the climax hits when Walter finds out that the mo ney he gave to his partner is gone. This leaves Walter and the rest of the family in a sudden feeling of disillusionment. Then as things cool down Walter and the rest of the family decide to go ahead and move into the all white neighborhood. The rest of the story is jam packed with racial, religious, economic, and even feministical motifs that aid in the release of all the true tensions in the novel, between characters, which Hansberry purposely relates to the reality of the way society really is. Her purpose for writing this book was to show the way society worked and to make it apparent how hard life was for a poor black family. Overall I really enjoyed this book. It had alot of realistic elements , enough to make the reader stay interested and more. The plot is dramatic and ends ironically. I gave this book 4 stars because it had all the elements of a good book it just did not have the ending I was expecting. I recommend this book t ...

Challenging Reality Essay

Challenging Reality Essay M.C. Escher: Challenging RealityM.C. Escher was a master of perspective. He challenged reality, and his critics minds. His artwork was considered to be highly mathematical, even though Escher never had any formal training in the math or sciences. Yet artists around the still world regard his work as great. Escher was able to manipulate geometry to create illusions that were often used to tell a story. In Day and Night and Ascending and Descending, Escher illustrated daily events and their meaning by using his artistic and mathematical techniques.In Day and Night, one of Eschers most acclaimed pieces, the idea of transformation from basic geometric shapes was used to depict a linking together of two separate events. In the center of the woodcut he began his design with a simple square which transformed into the farmland and geese. From these geese a city, in both the day and the night, emerged. The city in the day was a mirror image of the city at night that suggested the two events w ere inseparable. Day and Night was particularly special because Escher eliminated all negative space. Every inch of the paper was used to illustrate an event, which aided in the idea of day and night being one. Ascending and Descending is another well-known piece by Escher. This architectural drawing illustrated Eschers ability to create realistic designs, or did it? If the viewer took a closer look, he would see that Escher was once again playing with perspective to tell a story symbolically. To every person (monk) walking on the castles roof, there seemed to be an endless amount of stairs. Yet, these stairs were completely useless. These fictitious monks were either perpetually ascending or descending hence the title. This lithograph appeared to show the mundane and useless life that was lead by a monk in this time period. Once again Escher was able to symbolically show the life of a monk through his mathematical techniques. In contrast to both Day and Night and Ascending and Desc ending was a piece titled Grasshopper. This woodcut did not contain a symbolic message or tell a story of the grasshoppers life, but rather was a still life. Here Eschers realistic artistic ability shone. The detail that was carved into the woodcut was intense and very finely created, which proved, if not otherwise seen, that Escher could create extremely detailed and beautiful pieces of art that were completely realistic in form. Eschers use of intricate repeating patterns and mathematically complex structures created wonderful illusions for his viewers. However, he was able to depict realistic events with the same amount of mastery. MC Escher was, and will continue to be through his art, one of the great artists.

Babylon under Hammurabis law Essay Example | Topics and Well Written Essays - 1250 words

Babylon under Hammurabis law - Essay Example Babylonians started ruling over Sumer in 1900 BC. Hammurabi, the king of Babylon led his armies to occupy Mesopotamia and build an empire there. As the supreme ruler, Hammurabi established a set of rules of conduct for the Babylonians. The laws of Hammurabi were written in cuneiform and encrypted on stone, stating exactly how the Babylonian society was to behave. Lewis (pp.18) sates, â€Å"the code is engraved in cuneiform writing on a seven-foot tall black stone pillar†¦Ã¢â‚¬  This discussion is going to focus on the laws of Hammurabi concerning marriage, divorce, adultery, inheritance, and life in Babylon in general. According to Hammurabi’s code, marriage was considered a contract between a man and a woman. Marriages were organized by parents and other relatives for their children, with the bride-groom’s parents obligated to pay bride price to the girl’s family. This type of marriage arrangement sounds authoritative since the lovers did have any say in their own marriage. Parents were in complete control of their children’s lives and marriages were not based on love or mutual agreement on the part of the ones getting married. This is very unfair, since a person would be forced to marry a person they did not want for a partner. Divorce was handled very differently for men and women. Whereas men were allowed to divorce their wives at will, wives were only permitted to separate from their husbands on grounds of neglect or cruelty.

Choosing health Supporting Legislation For Health Essay

Choosing health Supporting Legislation For Health - Essay Example A report by the department of health dated on August indicates that a third of adults and a fifth of children aged below15 years will be clinically obese .By the year the 2010 it is estimated that 12 million adults in the UK and a million children will be obese while more will be overweight (Department of Health, 2004a). In this case we mainly focus on children’s health and various health issues affecting them where we approach obesity as one of the major challenge. Health support legislation in Liverpool seeks to realize the shared responsibility that everyone has to make changes that will lead to improvement of health (Department of Health, 2004b). One is considered obese when his or her body Body mass index (BMI) is 30-39.9, when its 40 one is considered morbidly obese, when its 50 one is considered super obese. Prevalence of obesity cases has tripled since 1980 and obesity is mostly associated with various aspects for example age, gender (where it mostly affects the female), ethnic belonging to a certain group and people of the lower economic status. In the year 2000 it was estimated that one out every five adults was obese. Obesity may lead to complications and diseases which include diabetes, hypertension, myocardial infarction, colon cancer, stroke among others. The main causes of obesity are sedentary lifestyle, increased energy food intake through eating and lack of regular exercises. In childhood obesity which is our main area of focus it is estimated that more than 75% of obese children become obese during their adulthood, for the last 20 years the number of obese children has been seen to triple mainly for children a ged between six to seventeen years of age (Department of Health, 2000). These is due to increased central fat deposition, it is believed that nowadays children may have a lower life expectancy compared to their parents

International Law Essay Example | Topics and Well Written Essays - 2250 words

International Law - Essay Example Benin also ratified to this convention, however, there are many states that still are not part of this Contract. CISG gives exporters the ‘choice of law’ avoidance of issues. There are many rules and clauses that are in CISG that exporters can rely on. Conflict of law means that the litigation case leads to conflict in laws between different jurisdiction bodies and the outcome is to use the courts of one area to enforce the law. The United Nations Commission on International Trade Law (UNICITRAL) developed this law and it was initiated in 1980. It became a multilateral treaty and it continuously accepted by many states. Countries that do ratify to this Convention are known as ‘contracting states’ and it is usually part of the law of the state or within the laws unless otherwise specified and it lies between the transaction of goods among different states under the contract or contracting states. Therefore it also facilitates trade. (Schlechtriem, 1998) A few countries that have ratified to the Convention are Argentina, Albania, Australia, Belgium, Canada, China, Colombia, Denmark, Egypt, France, Greece, Japan, Mexico, Singapore, Turkey and USA etc. However, a few countries do not follow the Convention to the book and have certain restrictions towards it. The Nordic region countries do not allow the application of part II of the clause to be applied all over, unless the contract of the transaction made is pointed out. In place of this, Nordic council applies the local law which leads to some differences from the Convention. CISG according to part II would allow the seller to withdraw the offer but before the buyer has accepted it. However, the Nordic council believes that a period of time should be given to the buyer to make a decision when an offer is made. This is a reservation of clause 94 of part II of the Contract. (Will, 1996) The major states that are absent from this Contract are India, Taiwan, Brazil, Hong Kong, South Africa as well as United Kingdom. They have not ratified to the contract. Japan made a depository and entered the Convention by 2009. However UK is still absent from the Convention because its government doesn’t view entering into this Contract as a priority for the state and the businesses have also not given support for this ratification as well. There is also a large amount of opposition from a number of organizations in UK, as well as scarce resources for the public, and a fear that London would lose out on its edge in the world with regards to litigation and arbitration. (Huber & Mullis, 2007) Why exactly does UK not want to be under this contract? The reason is that the Ministers do not feel that it is the priority of the legislation. The Government has many other issues to deal with and this Convention would just need to stand in line and wait its attention. The parliament meeting covers issues relating to the legislation of employment, energy, civil partnerships and company la w, which are considered to be more important issues as compared to the issue of exporters. The country itself doesn’t seem interested in ratifying the Convention. There have been instances when the Ministers have circulated letters asking for ratification and why UK has not adhered to it. The lack of Convention isn’t having an impact on the economy of UK and so the people haven’t considered this issue important enough to respond to. Business is working smoothly and isn’

Love.Ethical Dilemma of repeat Valve replacement Essay

Love.Ethical Dilemma of repeat Valve replacement - Essay Example This dysfunction in turn causes a need for re-operation of the patients, due to complications arising such as the structural deterioration of bioprosthesis. Though the chances of patient mortality when undergoing a repeat operation are high, there has always been re-operations to such patients (Antunes, 1992). An ethical question arises to why a patient should be re-operated, yet in so doing, the chances of that patient’s death are increased. In the subsequent operations after the first one, the causes of patient’s death changes from the structural deterioration of the bioprosthesis to valvular leak. This is what further increases the chances of death. With such knowledge though, MVR has continued to be done over the years. Furthermore, subsequent re-operations have continued to be undertaken on patients, even though they increase their chances of death. However, the justification to this is that there are chances of saving the lives of the patients, even though such chances continues to diminish with each re-operation done (Antunes, 1992). Although performing re-operation to patients well knowing that it increases their chances of death seems unethical, there is a need to have it since the patient’s chances of surviving are increased by the re-operation, than when they are left to die of valvular

Germany Essay Example | Topics and Well Written Essays - 250 words - 8

Germany - Essay Example To begin with, Germany has well matured culture of Music, in the past, it successful ride since it has produced the best classical music composers of the world who among them; Beethoven and Bach Mozart (Bernstein, 2004).These two musicians played a very important role during the transition face in music when the world was moving from classical music to romantic music especially in the western countries (Bernstein, 2004). It is because of this successful history of music in Germany, that has seen Germany establish the fifth largest music market in the world and this simply means that Germany is still interested in preserving its culture in music industry .The culture of Germany in terms of music, has been identified with originality unlike in America where the culture of music has been influence by people moving from the Diaspora and settling in the country. Germanys have maintained the use of traditional foods. Most restaurant in Germany, prefer preparing traditional foods, although the food differ from one region to the other. For example, people who stay in the northern part of Germany, like eating fish that has been prepared in their traditional ways while those who stay in the Rhine region prefer taking their original beer as compared to wines that are being introduced in the country. Generally, Germania’s have maintained their traditional foods and they have resisted any assimilation into taking other foods unlike in the United States, where dishes that are prepared in the various regions vary with the kind of immigrants who have settled in those areas Germany has been known for its great contribution in the field of science, this has been made possible by the fact that Germany has maintained a strong historical back ground in research and adventure. Some of the fields that Germany has been credited for having played a key role include; invention and engineering (Bernstein, 2004).For example, Johannes Gutenberg was credited for the

Reasoning Paper Personal Statement Example | Topics and Well Written Essays - 1250 words

Reasoning Paper - Personal Statement Example In general, conflict is an affliction common to all of people, but the ways that people "struggle" with one another are quite diverse. One employee might not ever discuss important issues, yet the next will argue incessantly over minutia. There is a touch of idealism revealed in our belief that appropriate control over the process of communication may lead to more equitable, humane, and satisfying forms of conflict than are often experienced. Still, the relationship between communication and conflict is not straightforward. Sometimes the ostensibly "best" forms of communication lead to the worst consequences and vice versa (Dixit and Nalebuff 2003). My description of communication in conflict entails a logical sequence of steps. The conflict situation shows that one must be able to describe what people do when they have conflict; for example, they may lash out, apologize, sulk, laugh, or disclose. The second step in analysis is to describe the characteristics of communication systems . This involves a shift in the level of analysis from individual messages to recurring patterns of communication. System characteristics are potentially more revealing than individual styles. A particular form of communication, say a single angry outburst or even a series of outbursts, may reveal little about the interpersonal relationship that is observed until the recurring events that elicit the outbursts are understood (Hardt and Harris 2007). This is hardly a new idea but it is difficult to put into practice. It is simply easier to describe individual conflict styles than it is to describe patterns of interaction. Our discussion focuses on five properties of conflict patterns: variety, symmetry, continuity, stationarity, and spontaneity. Although individuals behave strategically at times, at other times conflicts proceed without clear goals and plans. Much conflict behavior is experienced as "just happening." The spouse who is criticized by the other may automatically respond w ith a counter complaint and not make a reflective choice about those behaviors (Hardt and Harris 2007). In this conflict situation, affect is a second important dimension. Some styles are hostile (e.g., confrontation), others are neutral or friendly (e.g., conciliatory behavior and humor), and still other styles, such as conflict avoidance, are inconsistent or unclear in the sort of emotion expressed. The implications of affect are reasonably straightforward. Generally, people who are more compatible (i.e., satisfied, well-adjusted, and the like) are more friendly to one another. For example, they make fewer confrontational statements, speak in a more positive vocal tone, sit closer together, touch one another more, and so forth (Dixit and Nalebuff 2003). During the conflict, evasive comments can occur when one employee asks a question or makes a statement about conflict and the other employee responds ambiguously. Evasive comments are related to the understanding of "disqualification." Disqualifying comments can occur when employees see themselves in a "bind" (i.e., a way to avoid a conflict situation). When given a choice between the acceptation of decision, and a disqualifying response, employees usually say that they would choose the latter (Hardt and Harris 2007). The heavy use of denial by roommates is to be expected, given the awkward and unprecedented social arrangement that roommates have

Germany Essay Example | Topics and Well Written Essays - 250 words - 8

Germany - Essay Example To begin with, Germany has well matured culture of Music, in the past, it successful ride since it has produced the best classical music composers of the world who among them; Beethoven and Bach Mozart (Bernstein, 2004).These two musicians played a very important role during the transition face in music when the world was moving from classical music to romantic music especially in the western countries (Bernstein, 2004). It is because of this successful history of music in Germany, that has seen Germany establish the fifth largest music market in the world and this simply means that Germany is still interested in preserving its culture in music industry .The culture of Germany in terms of music, has been identified with originality unlike in America where the culture of music has been influence by people moving from the Diaspora and settling in the country. Germanys have maintained the use of traditional foods. Most restaurant in Germany, prefer preparing traditional foods, although the food differ from one region to the other. For example, people who stay in the northern part of Germany, like eating fish that has been prepared in their traditional ways while those who stay in the Rhine region prefer taking their original beer as compared to wines that are being introduced in the country. Generally, Germania’s have maintained their traditional foods and they have resisted any assimilation into taking other foods unlike in the United States, where dishes that are prepared in the various regions vary with the kind of immigrants who have settled in those areas Germany has been known for its great contribution in the field of science, this has been made possible by the fact that Germany has maintained a strong historical back ground in research and adventure. Some of the fields that Germany has been credited for having played a key role include; invention and engineering (Bernstein, 2004).For example, Johannes Gutenberg was credited for the

Rhino Poaching facts Essay Example for Free

Rhino Poaching facts Essay A total of 158 rhino have been poached since the beginning of the year. In the Kruger National Park, 116 rhino had been poached, the department of environmental affairs said in a statement. Thirteen were poached in North West, 12 in KwaZulu-Natal, nine in Mpumalanga and eight in Limpopo. Sixty-one people had been arrested: 38 of them alleged poachers and three alleged couriers, the department said. In the past week, two poachers were arrested in the KNP. Nine people had also been arrested at a game farm near Lephalale, in Limpopo, in connection with a rhino poaching incident on March 10. Over 630 rhino were killed by poachers in 2012. Rhino poaching debilitates the being of the rhinoceros. At present, the black rhinoceros is recorded as basically endangered, and the white rhinoceros is recorded as close endangered. Expanded levels of poaching are prodding the rhino closer and closer to eradication. Number of inhabitants in the dark rhino is presently bound at 4,840, while the white rhino is assessed to be near 20,000. Developing interest and costs for rhinoceros horn are driving poaching levels up. Different techniques are utilized to attempt and avoid rhino from falling prey to poachers yet the butcher and damaging of this jeopardized species proceeds unabated. The rhinos bear a certain measure of anxiety in the dehorning activity and once their horn has been evacuated, they no longer have that defense component. On the account of female rhinos, when they conceive a calf, they require the horn to encourage the baby rhino to its feet. The other hindrance of dehorning is that the horn develops back and the dehorning process must be rehashed on a general support all through the rhino’s lifetime. As a substitute for using cash on dehorning, we accept that the best and most financially savvy path to minimize the poaching and attempt to avoid the extinction of the species is to direct toxic substance to the horns. An agriculturist in South Africa finished this and he says the toxin, while savage to people, and has no impact on the rhino. This may appear to be an extraordinary measure yet the main route to counteract rhino poaching is to debilitate individuals from getting it and it would just need to be finished once to every rhino. Marks could be raised where rhinos are continued cautioning poachers that the horns are harmed. Warnings could additionally be issued through media fights worldwide and the saying might soon get around that utilization of rhino horn could demonstrate lethal The rhinoceros has an uncommon part inside its environment, and provided that it was to go terminated, different plants and creatures might endure. The rhino plays an exceptionally unique part because rhinos are mega-herbivores; they have an enormous effect on the environment. They smash ways through thick brush and woodland and clear a path for different creatures. Their waste enhances soil nourishment and structure, and holds seed that can sprout it claim instant heap of compost. They additionally burrow to make wallows; securing pools of water profiting different. Reference: http://www.environment.co.za/wildlife-endangered-species/rhino-poaching-in-south-africa.html, Published on: May 3, 2013 Impact of rhino poaching on the environment: 1. Rhino poaching often leaves baby rhinos to die or unborn rhino fetuses to never be born as it is often pregnant or nursing mothers who are poached. This affects the rhino population. 2. As large herbivores searching for more plants to eat, rhinos often charge through bushes and trees and make new paths for other animals so that they, too, can access food. Without the role of the rhino, animals have a harder time finding food. 3. The excrement of rhinos enriches the soil and its structure, ensuring that plants continue to grow in that area. Without their dung, soil fertility suffers. 4. Rhinos dig to creat esmall pools that collect water and help other animals like frogs and insects who use them to complete their life cycles. Without these wallows, other animal species suffer. 5. Rhinos are one of the animals that attracts tourists to the areas they live in. without the tourism dollars rhinos attract, conservation of the area is at risk.

Report for potential investors in tesco plc

Report for potential investors in tesco plc The purpose of this report is for potential investors who are considering buying shares in Tesco plc. The report creates an overall picture of Tescos financial position and provides an assessment of Tescos performance over the last three years. The information used to assess the financial position of Tesco was gathered from the Annual report of the last three years. This information was downloaded from the official Tesco website. From that, the ratios were calculated from the financial statements within the report. Results Ratios 2004 2005 2006 Change (%) Return on capital employed 13.99% 14.77% 17.29% 19.09% increase Net profit Margin 5.17% 5.76% 5.78% 10% increase Asset Turnover 2.72 times 2.56 times 2.99 times 9.03% increase Current Assets 0.56 times 0.57 times 0.52 times 8.77% decrease Quick Ratio 0.35:1 0.35:1 0.33:1 05.71% decrease Gearing Analysis 35.35% 34.52% 28.38% 19.72% decrease Interest Cover 7.75 8.31 9.46 18.08% increase Earning per share 15.05p 17.44p 20.07p 25.01% increase Dividend Cover 2.13 times 2.29 times 2.57 times 17.12% increase Introduction The aim of this report is to provide an assessment of the companys performance over the three year period to a group of potential investors in the company. So this report will use nine financial ratios which are useful for the investors to help them to identify and highlight area of good and bad performance of the company and area with significant change. Therefore this report will consist: brief overview of the history of Tesco and Then it will analyse the profitability, liquidity, investment analysis of Tesco plc. The report will also advice potential investors on whether shares in this company would be a good investment. Brief Background on Tesco plc It is best known that Tesco Company is the leading retailer in the UK and one of the largest food retailers in the world. The retail industry is a highly competitive market. Tesco competes with a wide range of retailers with a wide range sizes and there face increased competition from UK retailers as well as international operators. Tesco also sell non food goods such as electrical goods and clothing. In general Tesco is a successful profitable company which attract investors to invest in the company. General Financial Analysis It is well known fact that the financial ratios become important for investors to help them whether they should buy shares in the business, sell them, or hold on shares which already own them. Therefore ratios analysis helps investors to identify and highlight area of good and bad performance of the company and area with significant change. In addition, financial ratios explain the relation between different figures in the financial statements consequently we could calculate hundred of ratios fro a set of financial statements, because of this we need to know which ratio provide a good and useful information for the investors , the ratios which are applied incorrectly they may be completely useless and misleading. However if they are used correctly they are useful for understanding the performance of the company and interpreting the company account. Ratios describe the relationship between different items in the financial; however the relative usefulness of each ratio depends on what aspects of a companys business affairs are being investigated. In this case of Tesco plc, there are four elements of ratios that are been analysed. These are Profitability, Liquidity and Investment analysis. Return on Capital Employed (ROCE): The ROCE is an important measure of the profitability of a company. This is because it is a popular indicator of management efficiency by contrasting the net profit generated by the company with the total capital employed (traditionally, total capital employed in this case has been taken to be the long term funding). It does not only incorporate the funds the shareholders have invested, but also funds invested by banks and other lenders, and therefore shows the productivity of the assets of the group. ROCE = PBIT ÃÆ'-100 Capital employed 2006 = 2,280 ÃÆ'-100 9,444 + 3742 = 17.29% 2005 = 1,952 ÃÆ'-100 4,563 + 8,654 = 14.77% 2004 = 1,729 ÃÆ'-100 7,990 + 4,368 = 13.99 These calculations show that the return on capital employed has been on steadily increasing for the past three years. For 2006, the ROCE is 17.29% which is 1.94 % above the average for the three years. This indicates that Tesco is using its invested resources more efficiently and that by comparing with other leading retailers, they ROCE are higher. This shows that this figure is more likely to be acceptable to potential investor. Comparison on Return on Capital employed Year Tesco plc J Sainsbury plc Morrisons 2004 13.99 7.99 6.01 2005 14.77 -2.56 5.1 2006 17.29 3.73 -5.63 Average 15.35 3.053333333 1.826667 Net profit margin is another widely used ratio in the assessment of company performance and in comparison with companies in the same industry. Net profit margin = Profit before exceptional items, interest tax ÃÆ'-100 Revenue (turnover) 2006 = 2,280 ÃÆ'-100 39,454 = 5.78 % 2005 = 1,952 ÃÆ'-100 33,866 = 5.76 % 2004 = 1,735 ÃÆ'-100 33,557 = 5.17 % From the calculation, it shows that net profit margin has been increasing slightly which shows Tesco have kept control of its expenses. Group sales have increased consistently through 2004/05 by 9.4% and in 2005/06 by 14.33%. (Note: in order for comparisons, two different figures were used in 05 sales due to the implementation of IFRS while the comparison for 04/05 was accounted under the standard of UK GAAP). As for PBIT, there was not much increase in 2004/05, however between 2005/06 there was an increase of 14.16 %. Comparison on Net profit Margin Year Tesco J Sainsbury plc Morrisons 2004 5.17% 3.23% 6.19% 2005 5.77 -0.99% 2.12% 2006 5.78 1.43% 2.17% Average 5.573 0.012 0.035 This shows Tesco average on net profit margin for the past three years is way above the averages of other leading supermarkets. This illustrates that in 2005 and 2006, Tesco profit margin is miles ahead. From this it can be concluded that it is a profitable company which has kept control of its expenses. The Asset Turnover is a measure of how much sales are generated by the capital asset base of a company. Asset turnover = Revenue (turnover) Capital employed For Tesco plc, asset for the three years are as follows: For 2006 = 39,454 13,186 = 2.99 times For 2005 = 33,866 13217 =2.56 times For 2004 = 33,557 12,358 = 2.72 times this shows that asset turnover is slightly increasing. This is due to the fact that revenue has increased considerably from  £33,557 in 2004 to  £39,454 in 2006 Comparison on Asset Turnover Year Tesco plc J Sainsbury plc Morrisons 2004 2.72 2.47 0.98 2005 2.56 2.57 2.59 2006 2.99 2.61 2.59 Average 2.7566667 2.55 2.053333 This shows that Tesco is above the average asset turnover for the market. From this it can be concluded that Tesco is generating more sales from its capital base. Liquidity Analysis It is clear that liquidity ratios analysis important to the investors as liquidity ratios related to the capacity of business to pay its short term debt as become due, therefore the focus is on the relationship between current assets and creditors due within one year, since these measure short term sources of cash and short term calls on that cash, there are two commonly used ratios which highlight such a situation: Current ratios (current assets/current liability) The current ratio measure the relationship between the companys current assets and its current liability in Tesco Companys balance sheet shows the current asset for 2006 3991 and current liability of 7518, the current asset for 2005 3224 current liability 5680, for 2004 current assets 3139 current liability 5618 Current ratios = currents assets Current liabilities For 2006 = 3919 7518 = 0.52 times For 2005 = 3224 5680 = 0.57 times For 2004 = 3139 5618 = 0.56 times It can be seen from the results the current ratio for Tesco company is stable between 2004 and 2005, however it fell slightly in 2006, this is because of the fact that there was an increase in current liabilities. Quick ratios (Current assets inventories) / current liabilities The quick ratios ignore the stock and concentrates upon those assets which can be turned into cash, the quick ratios important for investors who want to take share in Tesco Company where stock is turned over quickly and the sales are mainly on a cash, consequently the quick ratios compares liquid current assets with current liabilities. For 2006 = 3919 1464 7518 = 0.33: 1 For 2005 = 3224 -1309 5680 = 0.35: 1 For 2004 = 3139 1199 5618 = 0.35: 1 As it can be seen from the results the quick ratios test follow much the same trend on average over the three years of 0.34, which shows low level of resources are tied up in inventory. It can also be concluded that Tesco does not have any cash flow problems and therefore the company is using its resources well. Gearing Analysis An important determinant of a companys capacity to develop is its funding structure. This very important as it enables the company to assess its capacity to satisfy its long term commitment. The financial structure of a business is an important consideration when assessing the financial health of any entity. The most commonly used structure is the Gearing ratio, which quantifies the relationship between debt and equity. The higher the ratio then the more vulnerable the company is perceived to be this is because there is a high and fixed call on its profit before equity can be satisfied. This means that a company that has high gearing will has deal with its long term commitment such as long term debt and this in turn means they will be less fund for payment such as dividend for shareholders. Gearing Ratio = Long Term Debt ÃÆ'-100 Capital Employed For 2006 = 3742 ÃÆ'-100 9444 + 3742 = 28.38% For 2005 = 4563 ÃÆ'-100 8654 + 4563 = 34.52% For 2004 = 4368 ÃÆ'-100 7,990 + 4,368 = 35.35 % From these calculations, it shows that the long term debt has been decreasing steadily for the past couple of years while on the other hand the equity of the company has been increasing steadily, which indicate the finances of the company as moving towards equity and less on debt. Interest cover ratio: It is important to recognize that the interest cover ratio is important for investors as they measure the amount of profit available to cover interest payable. The high interest cover ratio it means that the company or business is easily able to meet its interest from profit. in the same way a low value from interest cover ratio it means that the business is in danger to meet its interest obligations therefore the profit available to the shareholder will be very low. In Tesco company the measure of interest cover ratio as follow: Interest cover ratio = profit before interest and tax Interest charge For 2006 = 2280 241 = 9.46 For 2005 = 1952 235 = 8.31 For 2004 = 1729 223 = 7.75 The measure of interest cover ratio of Tesco within the last three years tells us that the company maintaining increase in interest cover ratio 7.75, 8.31, 9.46 as a result Tesco is able to meet its interest from the profit therefore the profit are sufficient to pay the interest it owes and the profit available to the shareholder increased from 1729m in 2004 to 2280 in 2006. Investment Analysis Potential investors who want to buy shares in a company want to be able to have the information they require to compare the benefit from their investment. There are two measures of benefit to the investor: One is the profit of the period (usually referring to the profit available for the ordinary shareholders). The other is the dividend, which is the amount actually paid to the shareholders. Earning Per Share (EPS) EPS is a widely used measure of business performance and progress, and importantly the percentage change from year to year should be monitored for the trend. It explains to an investor the kind of return they could receive for each share during the accounting period. Therefore, it is important ratio as earning per share works out the average amount of profits earned per ordinary share issued. In accordance with FRS 14 Earnings per share, EPS must be disclosed on the face of the income statement. This means that when producing financial statements companies must disclose the EPS figures for investors to see. EPS = Earnings (profit) Number of equity share in issue For 2006 = 1,570 7,823 = 20.07p For 2005 = 1,344 7,707 = 17.44p For 2004 = 1,100 7,307 =15.05p As it can be seeing there has been a steady increase of EPS for the past of years. This indicates that potential investors would have an attractable return on there shares Dividend Cover The dividend cover ratio is another important ratio for potential investors as it measures the proportion of available profits which are issued to shareholders and the amount which is reserved by the company. In another words, the dividend cover ratio tells the investor how easily a business can pay its dividend from its profit. Dividend Cover = Profit after tax Ordinary dividend For 2006 = 1,570 609 = 2.57 times For 2005 = 1,344 587 = 2.29 times For 2004 = 1100 516 =2.13 times The measure of dividend cover ratio of Tesco plc for the last three years has shown a steady increase. It increased slightly from 2004 to 2005 and again in 2006. A high dividend cover means that a company can easily afford to pay dividend. For the last year (2006), the dividend covers shows that for every  £2.57 made in the profit,  £1 was issued to the shareholders Investment Advice Sales have risen by 14.94 %to  £39,454m Pre-tax profits are up by 24%, with earning per share increasing by 25% in 2006 from 2004. This result shows the excellent performance from all aspects of Tesco strategy. This is an extract from the Directors report for 2006: The directors recommend the payment of a final dividend of 6.10p per ordinary share, to be paid on 14 July 2006 to members à ¢Ã¢â€š ¬Ã‚ ¦. Together with the interim dividend of 2.53p per ordinary share paid in December 2005, the total dividend for the year will be 8.63p compared with 7.56p for the previous year, an increase of 14.2% This shows that Tesco plc strong performance is been implemented in dividend as can be seen in the increase of payment. Tesco faces strong competition from other leading supermarket, however with the management strategy implemented by Tesco and their huge experience which has given them good image (every little help!) and trust in the market as a leading retailer. Therefore, it will be worthwhile investment for those who are interested in earning money through share price fluctuations to invest in Tesco. Conclusion This report has used nine ratios to analyse and interpret the financial position of Tesco plc. There are many other ratios that could be used and will also assist in the interpretations of the financial accounts. Although there are limitations to ratio analysis such as; ratios are based upon past performance and hence there are historical data. However ratio analysis is one of the best ways to analyse the financial performance of a company. This is because, it allows managers to spot any problems and therefore concentrate resources on that area. If ratio analysis is interpreted the right way then it can be useful tool of results which can be understood by accountants and non-financial users such potential investors.

MP3 :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  MP3   Ã‚  Ã‚  Ã‚  Ã‚   Subject: MP3   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  One of the most exciting and innovative ways to get music these days is not in the mall and not at a huge mega electronic store, it's not even by a mail order CD club, it sits right on a desk and can allow you access to almost any kind of music available right in our home. Technology is changing the way we listen to music now downloading an MP3 from the Internet is as easy if not a lot easier than going to the store and buying the CD. An MP3 is a near CD quality digital recording of a musical piece that is compressed so it can be distributed through the internet. It seems the high prices, new technology, and a big one is availability are causing most music lovers to turn to the internet to lister to their music. It's convenient to search a database for a song you've been wanting to hear by your favorite artist, download it, and copy it on to a CD. More and more people are doing this because with the help of search engines it's possible to find any song imaginable and download it for free. What most people don't realize is that the reproduction of a musical work, distribution of copies of a musical piece, and the public performance of the work without the copyright owner's consent are all violations of copyright laws. However, they do know that getting caught for the is very unlikely. Catching people who violate copyright laws is very hard to find out just who is a fault. Is it the web site promoting pirated music or is it the user who downloads it? Do to digital audio compression technologies and using special software that is readily available and free on the internet, one can download a MPEG 1 layer 3 or MP3 for short, play the music on there computer and with read/write CD's, even make a CD of there own. That would mean people can from there own home create illegal copies of the copyrighted material at or near industrial compact disc quality. Now they even have portable MP3 players so you don't even have to burn a CD, you can just download it to the player were it stores it digitally. Being so convenient and easy to do with such minimal risk of being punished the MP3 is destined to get bigger and bigger.

Counting the minority vote Essay -- essays research papers

Counting the Minority Voter This election year the presidential candidates are courting the minority voters like never before in history. States like Arizona, Florida, New Mexico and Ohio are considered swing states or battleground states. In many states voter registration drives have significantly increased the number of minority registered voters, particularly Hispanics, African Americans, and Asians. The candidates are well aware of this and are campaigning issues relevant to minority voters because they are prominent players in the political arena in the upcoming presidential election (Kamman). According to the "Current Population Reports," a report put out by the U.S. Census Bureau in 2002, there are 25.1 million Hispanics in the United States. Of these 25.1 million, 15 million are U.S. citizens, of those 8.1 million are registered voters, of those 4.7 million reportedly voted. In percentages it relates in the following way: 52.5% of Hispanics are U.S. citizens, 30% of those Hispanics are registered to vote. Of the 30% that are registered to vote 57.9% reported to have voted. Hispanics have traditionally voted Democratic but in recent history a few more are swaying to the Republican Party. According to a poll analyzed by Steve Sailer 20 % of the Latino voters identifies themselves as Republican with the percentage of Latino voters voting Republican being slightly higher in Texas (the President's hom...

Environmental Psychology Essay

Environmental psychology is the study of transactions between individuals and their physical settings (Gifford, 2007a). In these transactions, individuals change their environments, and their behavior and experiences are changed by their environments. It includes theory, research, and practice aimed at making the built environment more humane and improving human relations with the natural environment. Considering the enormous investment society makes in the physical environment (including buildings, parks, streets, the atmosphere, and water) and the huge cost of misusing nature and natural resources, environmental psychology is a key component of both human and environmental welfare. Environmental psychologists work at three levels of analysis: (a) fundamental psychological processes like perception of the environment, spatial cognition, and personality as they filter and structure human experience and behavior, (b) the management of social space: personal space, territoriality, crowding, and privacy, and the physical setting aspects of complex everyday behaviors, such as working, learning, living in a residence and community, and (c) human interactions with nature and the role of psychology in climate change (e.g., Gifford, 2008a). The history of environmental psychology has been reviewed elsewhere (see Bechtel & Churchman, 2002, Bell, Greene, Fisher, & Baum, 2001, and Gifford, 2007a). But, for perspective, we note that early 20th century psychologists studied the effect of noise (United States) and heat (England) on work performance, while scholars in Germany and Japan explored concepts and moral philosophy related to environmental psychology. By mid-century, environmental psychology was a clearly established discipline with work on topics such as sensory isolation, personal space, and building design. Journals devoted to the field were established; the most prominent of these are the Journal of Environmental Psychology and Environment and Behavior. The IAAP Handbook of Applied Psychology, First Edition. Edited by Paul R. Martin, Fanny M. Cheung, Michael C. Knowles, Michael Kyrios, Lyn Littlefield, J. Bruce Overmier, and Josà © M. Prieto.  © 2011 Blackwell Publishing Ltd. Published 2011 by Blackwell Publishing Ltd. c18.indd 440 11/25/2010 8:54:04 PMMartin—IAAP Handbook of Applied Psychology Se Environmental Psychology 441 While recognizing the value of theory and research, many environmental psychologists nevertheless prefer to apply knowledge. Instead of working in an research setting, many enter into consultancy or public service to make good use of research findings for developing policy or solving local problems. Some are geared to improving the built environment (e.g., Preiser, Vischer, & White, 1991), while others are dedicated to overcoming sustainability problems in the natural and global ecosystems (e.g., Gifford, 2007b; Nickerson, 2003). The Distinctiveness of Environmental Psychology Most psychologists examine the relations between environmental stimuli and human responses in one way or another. However, what sets environmental psychology apart is its commitment to research and practice that subscribe to these goals and principles: (a) Improve the built environment and stewardship of natural resources, (b) Study everyday settings (or close simulations of them), (c) Consider person and setting as a holistic entity, (d) Recognize that individuals actively cope with and shape environments; they do not passively respond to environmental forces, (e) Work in conjunction with other disciplines. Figure 18.1 broadly depicts the scope of environmental psychology.

Sony Case 1991-2003

Exploring Corporate Strategy CLASSIC CASE STUDIES Restructuring Sony Vivek Gupta and Konakanchi Prashanth The electronics and media giant Sony was struggling through the late 1990s and early part of the 21st century. With each disappointment, it seemed that Sony’s management launched another restructuring of the company. By 2003, commentators were beginning to ask whether restructuring was part of the solution or part of the problem. How should Sony be managing its strategic renewal? G G GAs conditions change, Sony has to change accordingly, because their conventional strategy won’t transcend to the Internet-enabled model. 1 Mitchell Levy, author of The Value Framework INTRODUCTION For the first quarter ending 30 June 2003, Japan-based Sony Corporation (Sony)2 stunned the corporate world by reporting a decline in net profit of 98 per cent. Sony reported a net profit of ? 9. 3 million compared to ? 1. 1 billion for the same quarter in 2002. Sony’s revenues fell by 6. 9 per cent to ? 1. 6 trillion for the corresponding period.Analysts were of the opinion that Sony’s expenditure on its restructuring initiatives had caused a significant dent in its profitability. In the financial year 2002–03, Sony had spent a massive ? 100bn on restructuring (? ?500m; ? a750m). Moreover, the company had already announced in April 2003 about its plans to spend another ? 1 trillion on a major restructuring initiative in the next three years. Analysts criticised Sony’s management for spending a huge amount on frequent restructuring of its consumer electronics business, which accounted for nearly two-thirds of Sony’s revenues.In 2003, the sales of the consumer electronics division fell by 6. 5 per cent. Notably, Sony’s business operations were restructured five times in the past nine years. Analysts opined that Sony’s excessive focus on the maturing consumer electronics business (profit margin below 1 per cent in 2002†“03), coupled with increasing competition in the consumer electronics industry was severely affecting its profitability. 1 2 ‘Sony Analyzed via the Value Framework’, Mitchell Levy, posted on www. ecmgt. com, October 2002. Sony was established in 1946.The company invented the video recorder, walkman and mini-disc recorder. It is a leading manufacturer of audio, video, communications and information technology products. Sony has also forayed into diverse fields like music, television, computer entertainment and motion pictures. The company is engaged in five main lines of business – electronics, games, music, pictures and financial services. This case was prepared by Vivek Gupta and Konakanchi Prashanth of the ICFAI Center for Management Research, Hyderabad, India.It is intended as a basis for class discussion and not as an illustration of either good or bad management practice.  © V. Gupta and K. Prashanth, 2004. Not to be reproduced or quoted without permissi on. Exploring Corporate Strategy by Johnson, Scholes & Whittington 1 Restructuring Sony Table 1 Sony’s financials (1991–2003) Year ended March 31 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 * ? 100 = approx. A0. 75. Source: Annual Reports 1991–2003, www. sony. net. Sales & Operating Revenue (? bn)* 3695. 51 3928. 67 3992. 92 3744. 8 3990. 58 4592. 56 5663. 13 6755. 49 6804. 18 6686. 66 7314. 82 7578. 26 7473. 63 Operating Income/loss (? bn) 302. 18 179. 55 126. 46 106. 96 ? 166. 64 235. 32 370. 33 520. 21 338. 06 223. 20 225. 35 134. 63 185. 44 Net Income/loss (? bn) 116. 92 120. 12 36. 26 15. 30 ? 293. 36 54. 25 139. 46 222. 07 179. 00 121. 83 16. 75 15. 31 115. 52 However, Sony’s officials felt that the restructuring measures were delivering the desired results. According to them, the company had shown a significant jump in its profitability in the financial year 2002–03.Sony reported a net income of ? 115. 52bn in the fiscal 2002–03 compared to ? 15. 31bn in 2001–02. (See Table 1 for Sony’s key financials in the past 13 years. ) A statement issued by Sony said, ‘The improvement in the results was partly due to the restructuring of its electronics business, especially in the components units. ’3 At the beginning of the new millennium, Sony faced increased competition from domestic and foreign players (Korean companies like Samsung and LG) in its electronics and entertainment businesses.The domestic rivals Matsushita and NEC were able to capture a substantial market share in the internet-ready cell phones market. Analysts felt that the US-based software giants like Microsoft and Sun Microsystems and the networking major Cisco Systems posed a serious threat to Sony’s home entertainment business. BACKGROUND On 7 May 1946, Masaru Ibuka (Ibuka) and Akio Morita (Morita)4 co-founded a company called Tokyo Tsushin Kogyo Kabushiki Kaisha (Tokyo Telecommunications Engineer ing Corporation) with an initial capital of ? 190,000 in the city of Nagoya, Japan.They gave importance to product innovation and decided to offer innovative, high-quality products to their consumers. The founders introduced many new products like the magnetic tape recorder, the ‘pocketable radio’, and more. By the 1960s, the company had established itself in Japan and changed its name to Sony Corporation. During the 1960s, the company focused on globalisation and entered the US and European markets. In the 1970s, Sony also set up manufacturing units in the US and Europe. During this period, Sony developed and introduced the Walkman, which was a huge success.It significantly boosted Sony’s sales during the 1980s. By the mid-1980s, Sony’s consumer products were marketed in Europe through subsidiaries in the UK, Germany and France. 3 4 ‘Financial Results for the Second Quarter, FY 2002’, posted on www. sony. net, 28 October 2002. Akio Morita was a graduate in physics, while Masaru Ibuka had a degree in electronic engineering. When Morita joined the Japanese navy as a Lieutenant, he met Ibuka at the navy’s Wartime Research Committee. Exploring Corporate Strategy by Johnson, Scholes & Whittington 2 Restructuring SonyTable 2 Sony’s businesses (1994) Business Electronics Product Groups/Companies Video equipment Details Comprises 8mm, VHS, and Beta-format VTRs, laserdisc players, broadcast and industrial use video equipment, Hi-Vision-related equipment, and videotapes. Comprises CD players, Mini Disc system, headphone stereos, personal component stereos, hi-fi components, digital audio tape recorders/players, radio-cassette tape recorders, tape recorders, radios, car stereos, car navigation systems, professional-use audio equipment, audio tapes, and blank MDs.Comprises colour TVs, Hi-Vision TVs, computer displays, professional-use monitors, satellite broadcast reception systems, projector systems, and large colour video display systems. Comprises semiconductors, electronic components, cathode ray tubes (CRTs), telephone and telecommunications equipment, computers, computer peripherals (including floppy disk systems and CD-ROM systems), home video game systems, batteries, and FA systems. Includes Columbia Records Group; Epic Records Group; TriStar Music Group; Sony Music International; Sony Classical; Sony Classical Film & Video; Sony Wonder; Sony Music Entertainment (Japan) Inc.Includes the Columbia TriStar Motion Picture Companies; Sony Television Entertainment; Columbia TriStar Home Video; and Sony Pictures Studios and The Culver Studios. Sony Retail Entertainment includes Sony Theatres. Comprises the insurance business of Sony Life Insurance Company Limited and the finance operations of Sony Finance International. Audio equipment Television Others Entertainment Music Group – Sony Music Entertainment Pictures Group – Sony Pictures Entertainment Inc. (SPEI) Insurance and Finan ce Sony Life Insurance and Sony Finance InternationalSource: Sony Annual Report 1995, www. sony. net. In 1989, Norio Ohga (Ohga) took over as the chairman and CEO of Sony from Morita. Under Ohga, Sony began to place greater emphasis on process innovations that improved efficiency and controlled product costs. By 1994, Sony’s businesses were organised into three broad divisions – Electronics, Entertainment and Insurance and Finance (see Table 2). Each business division was in turn split into product groups. The electronics business division was split into four product groups, which produced a wide variety of products.The entertainment division, which consisted of the music group and the pictures group, made music videos and motion pictures. The finance division consisted of Sony’s life insurance and finance business. The company’s growth was propelled by the launch of innovative products and by its foray into the music and films business. Restructuring of electronics business (1994) Under Ohga’s leadership, Sony witnessed negligible growth in sales during 1990 and 1994. Sales and operating revenues improved by only 2 per cent during that period.However, the net income and operating income registered a drastic fall of 87 per cent and 67 per cent respectively. Analysts felt that the stagnation in the electronics industry coupled with factors such as the recession in the Japanese economy and the appreciation of the yen against the dollar led to the deterioration in the company’s performance. Exploring Corporate Strategy by Johnson, Scholes & Whittington 3 Restructuring Sony Table 3 Sales performance of the electronics business (1991–95) (in ? bn)* Year/ Business 1991 1992 1993 1994 1995 * ? 100 = approx. A0. 75. Source: Sony Annual Report 1995, www. ony. net. Video Equipment 928 896 828 669 691 Audio Equipment 882 948 928 841 899 Televisions 552 593 634 618 709 Others 619 793 772 817 909 It was noticed that in the e lectronics business (see Table 3), the revenues of the video and audio equipment businesses were coming down or were at best stagnant, while the television and ‘Others’ group were showing signs of improvement. The ‘Others’ group, which consisted of technology intensive products such as computer products, video games, semiconductors and telecom equipment, was performing very well and had a growth rate of nearly 40 per cent.In order to focus on the high growth businesses, Sony announced major changes in the structure of its electronics business in April 1994. Sony’s management felt that the ‘Group’ structure, which had fuelled the company’s growth in the 1980s, was proving to be redundant in the dynamic business environment of the 1990s. In the new structure, the product groups of the electronics businesses were regrouped into eight divisional companies. The eight companies were the Consumer Audio & Video Products Company, the Recor ding Media & Energy Company, the Broadcast Products Company, theBusiness & Industrial Systems Company, the InfoCom Products Company, the Mobile Electronics Company, the Components Company, and the Semiconductor Company. The restructuring exercise laid special focus on the products that formed the ‘Others’ group. Each divisional company had its own goals and was responsible for all its operations (production, sales and finance). The presidents of the divisional companies were authorised to decide upon the investments to be made up to a prescribed limit. They could also take decisions regarding the HR issues for all employees up to the level of divisional director.In addition, they were made responsible for the financial performance of the companies headed by them. Sony’s presidents were expected to perform a role similar to that of CEOs and were accountable to shareholders. The restructuring of Sony’s electronics business was aimed at improving the companyà ¢â‚¬â„¢s focus on high potential products and expediting the decision making process to make the company more responsive to changing market conditions. Following the restructuring, the number of layers in the decision-making process was reduced from six to a maximum of four layers.Commenting on his responsibilities within the new structure, Ohga said, ‘First of all, I would like for the divisional presidents to run their companies as if they were reporting to shareholders once a year at a shareholders’ meeting. My role will be to review their strategies, examine any points I feel should be questioned and provide advice when and where necessary. ’5 The main goals of Sony’s newly formed organisation system were explained in a memorandum entitled ‘The Introduction of the Company within a Company System’ (see Table 4).Explaining the rationale for the new system, Ohga said, ‘By revitalising its organization, Sony aims to introduce appealing p roducts in the market in a timelier fashion while further strengthening cost-competitiveness companywide. ’6 In 1995, after the implementation of the divisional company structure in the electronics business, changes were announced in Sony’s management structure. Under the new framework, Sony was to be led by a team of executives at the top management level.The team included the Chairman & CEO, Vice Chairman, President & Chief Operating Officer (COO), Chief Officers and the presidents of divisional companies. Analysts felt that Sony’s management took this measure to reduce the company’s reliance on 5 6 ‘From a Business Group System to a Divisional Company System’, posted on www. sony. net. As quoted in the 1995 annual report, posted on www. sony. net. Exploring Corporate Strategy by Johnson, Scholes & Whittington 4 Restructuring Sony Table 4 Five main goals of the new systemG To further enhance core businesses while developing new ones. G To i ntroduce an organisational structure in which sales and production work closely together and respond quickly to market changes. G To simplify the structure to clarify responsibilities and transfer authority, thus ensuring quick responses to external changes. G To reduce the levels of hierarchy in the organisation. G To encourage the entrepreneurial spirit in order to foster a dynamic management base for the 21st century. Source: ‘From a Business Group System to a Divisional Company System’, posted on www. ony. net. a single leader. In March 1995, Nobuyuki Idei (Idei) was appointed the President and Chief Operating Officer of Sony. Despite the organisational changes, the financial performance of Sony deteriorated in 1995. For the fiscal year ending March 1995, Sony reported a huge net loss of ? 293. 36bn. The write off of goodwill during 1994, the poor performance of the Pictures group and the strength of the yen were regarded as major reasons for this loss. During 1994, the yen was at an all-time high against the dollar, making Sony’s exports uncompetitive.Analysts also felt that Sony’s consumer electronics business lacked new, innovative products. Given this poor financial performance, the top management of Sony decided to integrate the company’s various domestic and global business functions such as marketing, R&D, finance, and HR. The functions of its numerous divisional companies were thus brought under the direct purview of headquarters. Idei also decided to strengthen the existing eight-company structure and to lay more emphasis on R&D in the IT field. He felt that Sony needed to focus on developing IT-related businesses.Accordingly, Sony’s management reorganised the existing structure to create a new ten-company structure. THE TEN-COMPANY STRUCTURE (1996) In January 1996, a new ten-company structure was announced, replacing the previous eight-company structure (see Table 5). Under the new structure, the previous Consumer Audio & Video (A&V) company was split into three new companies – the Display Company, the Home AV Company and the Personal AV Company. A new company, the Information Technology Company, was created to focus on Sony’s business interests in the PC and IT industry.The Infocom Products Company and the Mobile Electronics Company were merged to create the Personal & Mobile Communications Company. The other companies formed were the Components & Computer Peripherals Company (formerly called the Components Company), the Recording Media & Energy Company, the Broadcast Products Company, the Image & Sound Communications Company (formerly called the Business & Industrial Systems Company) and the Semiconductor Company. Table 5 Basic features of the ten-company structure G A new company structure to promote quicker, more effective operations that better reflect market changes.G The establishment of an Executive Board to reinforce headquarters and corporate strategy and mana gement functions. G The appointment of new companies and groups for entering into the IT and telecommunications businesses. G The consolidation of marketing functions. G The establishment of Corporate Laboratories for new business development. G The training of promising young talent to foster future managers. Source: ‘Sony Announces a New Corporate Structure’, posted on www. sony. net, dated 16 January 1996.Exploring Corporate Strategy by Johnson, Scholes & Whittington 5 Restructuring Sony In order to devise and implement the corporate strategies of the Sony Group, an Executive Board was created. The board was chaired by Idei. The other members of the board included the Chief Human Resources Officer, the Chief Production Officer, the Chief Marketing Officer, the Chief Communications Officer, the Chief Technology Officer, the Chief Financial Officer, the Executive Deputy President & Representative Director and the Senior Managing Director.In an attempt to consolidate th e marketing operations of Sony, the marketing divisions that belonged to the previous organisational setup were spun off to create three new marketing groups – the Japan Marketing Group (JMG), the International Marketing & Operations Group (IM&O) and the Electronic Components & Devices Marketing Group (ECDMG). The JMG was responsible for all marketing activities in Japan for five companies – the Display Company, the Home AV Company, the Information Technology Company, the Personal AV Company and the Image & Sound Communications Company.The IM&O was responsible for supporting all overseas marketing efforts for these companies. The ECDMG oversaw the worldwide marketing operations for the Semiconductor Company and the Components & Computer Peripherals Company. Analysts felt that this consolidation was done to separate Sony’s Japanese marketing operations from its worldwide operations so that the company could operate in a focused manner. To centralise all the R&D e fforts of Sony, the previous R&D structure (in which each company had its own R&D division) was revamped and three new corporate laboratories were established.The laboratories were the Architecture Laboratory (responsible for carrying out R&D for software, network and IT-related technologies), the Product Development Laboratory (R&D for product development in AV businesses) and the System & LSI Laboratory (R&D for LSI and system design, the basic components of hardware products). In addition, a new D21 laboratory was established to conduct long-term R&D for future oriented technology intensive products. Sony also gave emphasis to grooming young, talented people to take up top management positions. The company also introduced the oncept of ‘virtual companies’ – temporary groups consisting of people from different divisions for launching hybrid products. Sony applied this idea when developing the latest generation Mini Disk players. For the financial year 1995†“96, Sony registered a 15 per cent increase in revenues and became profitable again. In April 1998, a new organisation, Corporate Information Systems Solutions (CISS), was established to realign and upgrade Sony’s information network systems and its global supply chain. The CISS comprised an advisory committee of individuals from management consultancy firms and Sony’s CISS representatives.The committee members advised the President on technological and strategic issues related to CISS. Representatives of the CISS were placed in all divisional companies to accelerate the implementation of corporate IT projects. During early 1998, Sony formed Sony Online Entertainment in the US to focus on internet-related projects. In May 1998, Sony changed the composition of its board of directors and established the new position of Co-Chief Executive Officer (Co-CEO). Idei was appointed Co-CEO. Idei reshuffled the management system to facilitate speedy decision making, improve effi ciency, and provide greater role clarity to managers.The new system separated individuals responsible for policy-making from those who were responsible for operations. Under the new system, Idei was responsible for planning and designing Sony’s strategies and supervising the growth of e-business. Along with Ohga, he had to supervise the performance of the entire Sony group. President Ando was made responsible for overseeing Sony’s core electronics business, while Chief Financial Officer (CFO) Tokunaka was made responsible for the company’s financial strategies and network businesses.In addition, the top management positions of Sony’s global subsidiaries, which were previously called Corporate Executive Officers, were redesignated Group Executive Officers. Explaining the rationale for these changes, a Sony spokesman said, ‘These changes are aimed at making Sony’s management more agile’. 7 7 ‘Sony Names Management Team’, by Yoshiko Hara, EE Times, 9 May 2000. Exploring Corporate Strategy by Johnson, Scholes & Whittington 6 Restructuring Sony Table 6 Sales performance of Sony’s businesses (1995–99) (in ? bn)* Year/Business 1995 1996 1997 1998 1999 CAGR (4 years) ? 100 = approx. A0. 75. Source: Sony Annual Report, 1999, posted on www. sony. net. Electronics 3027 3283 3930 4377 4355 8. 55% Game 35 201 408 700 760 215% Music 481 506 570 660 719 10. 5% Pictures 282 317 439 643 540 17% Insurance 113 207 228 291 339 31% Others 52 78 88 84 81 11. 7% The implications From 1995 to 1999, Sony’s electronics business (on which the restructuring efforts were focused) grew at a compounded annual growth rate (CAGR) of 8. 55 per cent (see Table 6). The music business had a CAGR of 10. 5 per cent while the pictures business had a CAGR of 17 per cent.Significant gains were, however, recorded by the games and insurance business. The games business registered a CAGR of 215 per cent, while the insurance business registered a CAGR of 31 per cent. In the late 1990s, Sony’s financial performance deteriorated. For the financial year 1998–99, its net income dropped by 19. 4 per cent. During that period, Sony was banking heavily on its PlayStation computer game machines. It was estimated that the PlayStation (Games business) accounted for nearly 42 per cent of Sony’s operating profits and 15 per cent of total sales for the quarter October–December 1998.In the late 1990s, many companies across the world were attempting to cash in on the internet boom. At that time, Sony’s management felt the need to establish a link between its electronics business (TVs, music systems, computers) and its content-related businesses (music, video games, movies and financial services) by making use of the internet. The management felt that in future, the revenues generated by internet-related businesses might even surpass those earned through the consumer electronics busin ess. It wanted to use the internet as a medium for selling its electronic products as well as its content (music, movies and so on).In order to achieve this, Sony announced another reorganisation of business operations. Analysts felt that Sony was in a good position to exploit the opportunities offered by the internet since the company already had an established position in the electronics and content-related businesses. THE UNIFIED-DISPERSED MANAGEMENT MODEL In April 1999, Sony announced changes in its organisational structure. Through the new framework, the company aimed at streamlining its business operations to better exploit the opportunities offered by the internet.Sony’s key business divisions – Consumer Electronics division, Components division, Music division and the Games division – were reorganised into network businesses. This involved the reduction of ten divisional companies into three network companies, Sony Computer Entertainment (SCE) Company an d the Broadcasting & Professional Systems (B&PS) Company (see Exhibit 1). SCE Company was responsible for the PlayStation business while the B&PS Company supplied video and audio equipment for business, broadcast, education, industrial, medical and production related markets.The restructuring aimed at achieving three objectives – strengthening the electronics business, privatising three Sony subsidiaries, and strengthening the management capabilities. The restructuring also aimed at enhancing shareholder value through ‘Value Creation Management’. 8 8 It aimed at creating value by dividing the group into networked autonomous business units such that the resources within the Sony Group complemented each other. Exploring Corporate Strategy by Johnson, Scholes & Whittington 7 Restructuring Sony Exhibit 1 The unified-dispersed management modelSource: ‘Sony Announces Organization Structure for New Network Companies’, posted on www. sony. net, 29 March 1999 . Strengthening the electronics business The three network companies created were the Home Network Company, the Personal IT Network Company and the Core Technology & Network Company. Each network company was governed by a network company management committee (NCMC) and a network committee board (NCB). The NCMC was responsible for developing management policies and strategies. Its members included the officers and presidents of the concerned network company.The NCB was responsible for managing the day-to-day operations of the network company while keeping in mind the overall corporate strategy of the entire organisation. Each NCB was chaired by the concerned company’s President & CEO, Deputy President, President and Representative Director, two Executive Deputy Presidents and Representative Directors, and Corporate Senior Vice President. The new structure aimed at decentralising the worldwide operations of the company. The corporate headquarters gave the network companies the authority to function as autonomous entities in their corresponding businesses.To facilitate more functional and operational autonomy, the corporate headquarters also transferred the required support functions and R&D labs to each network company. To give a further boost to Sony’s electronics business, the management created Digital Network Solutions (DNS) under the purview of headquarters. The role of DNS was to create a network business model by charting strategies and developing essential technologies for exploiting the opportunities offered by the internet. The basic aim of creating DNS was to develop a network base that would provide customers with digital content (such as music and movies) and financial services.Privatising Sony’s subsidiaries As part of its strategy to promote functional and operational autonomy and to devote more attention to units which contributed significantly to its revenues and profits, Sony decided to convert three of its companies â€⠀œ Sony Music Entertainment ( Japan), Sony Chemical Corporation (manufactured printed circuit boards (PCBs), recording media and automotive batteries), and Sony Precision Technology (manufactured semiconductor inspection equipment and precision measuring devices) – into wholly Exploring Corporate Strategy by Johnson, Scholes & Whittington 8 Restructuring Sony owned subsidiaries of Sony.In addition, Sony converted SCE, which was jointly owned by Sony and Sony Music Entertainment ( Japan), into a wholly owned subsidiary of Sony. Strengthening the management capability To strengthen the management capability, Sony clearly demarcated the roles of headquarters and the newly created network companies. Accordingly, distinction was made between the strategic and support functions. Sony’s headquarters was split into two separate units – Group Headquarters and Business Unit Support. The role of Group Headquarters was to oversee group operations and expedite the allocation of resources within the group.The support functions, such as accounting, human resources and general affairs, were handled by the network companies so that they could enjoy more autonomy in their operations. Significant long-term R&D projects were directly supervised by the headquarters, while the immediate and short-term R&D projects were transferred to the concerned network companies. In order to evaluate the performance of the network companies, a value based performance measurement system9 was introduced. The implications While pursuing its restructuring efforts, Sony started developing products which were compatible with the internet.Its electronic products, such as digital cameras, personal computers, music systems, and Walkman, were made web compatible. Through its website, www. sony. net, consumers could participate in popular television game shows, listen to music, and download songs and movie trailers. Sony also ventured into e-business with the acquisition of Sky Perfect Communications. 10 While focusing on offering internet-enabled products, Sony also attempted to increase internet penetration by offering internet connection at lower cost and higher speed to consumers in urban areas. Sony’s restructuring efforts in 1999 were well received by investors.Following the announcement of the restructuring programme, Sony’s stock prices nearly tripled. This positive trend continued even in 2000. By March 2000, its stock prices were at a high of $152. Having already offered its PlayStation game console on the internet, Sony successfully launched its PlayStation 2 (PS2) video game console in Japan in March 2000. The PS2 sold 980,000 units within the first three days of its launch. However, Sony still faced problems since its other businesses, including electronics, movies, personal computers, and mobile telecommunications, were not performing well.Analysts felt that the low internet penetration rate in Japan (estimated to be 13 per cent in 199 9) was proving to be a major hurdle for Sony. Consequently, Sony’s financial performance deteriorated by the end of 1990s. For fiscal 1999 –2000, Sony’s net income fell to ? 121. 83bn compared to ? 179bn in the fiscal 1998–99. This resulted in a major fall in its stock prices. By May 2000, Sony’s stock prices fell by 40 per cent to $89. Analysts were quick to criticise Sony’s efforts towards transforming itself into a web-enabled company.They commented that the company had created more hype rather than taking a few significant steps in this regard. In response to these financial problems, Sony announced a reshuffle in its top management. Idei became the Chairman and Chief Executive Officer of Sony. Ando, who headed Sony’s PC division, was 9 A system that helps in effectively determining the cost of capital. The measurement is based on economic profit, which is calculated by subtracting the cost of debt and equity from the operating pr ofit after tax. Sony planned to use this system of measurement to set targets and evaluate business unit performance.The performance was to be linked, in future, with management compensation. 10 A popular satellite broadcasting company in Japan which owned Sky Perfect TV and had successfully ventured into the internet service provider (ISP) business by launching the website, www. so-net. This website enabled online shopping, interactive games, fortune telling as well as stockbroking. Exploring Corporate Strategy by Johnson, Scholes & Whittington 9 Restructuring Sony made the President, while Tokunaka, who previously headed the PlayStation unit, was made the Chief Financial Officer of Sony.Sony also undertook a massive cost-cutting exercise. Its global manufacturing facilities were reduced from 70 in 1999 to 65 in 2001. Sony planned to further bring down the number of manufacturing facilities to 55 by the end of 2003. This move would result in the elimination of 17,000 jobs. While im plementing these measures, the company had to deal with severe resistance from employee unions and local governments (in areas where jobs would be eliminated). Despite the above measures, Sony’s financial condition did not show any significant improvement in 2001.The company was severely affected by the slowdown in the IT industry during 2000–01, which led to a decline in the demand for its computer-related products. As a result, in spite of a 9. 4 per cent increase in revenue in the fiscal 2000–01 (mainly due to the improved sales of the PlayStation games console) Sony’s net income dropped significantly from ? 121. 83bn in the fiscal 1999–2000 to ? 16. 75bn in the fiscal 2000–01. Analysts commented that Sony required a new business model. The company had immediately to take concrete measures to increase its net income.Sony’s management also felt that with the emergence of net-compatible devices like cellular phones, audio and video g adgets and laptops, PCs were losing their charm. It felt that in the emerging age of ‘broadband’11 the demand for the above products was likely to increase in future. Sony’s management felt that in order to boost profitability and exploit the opportunities offered by the broadband era, there was a need for yet another organisational restructuring. RESTRUCTURING EFFORTS IN 2001 Sony announced another round of organisational restructuring in March 2001.The company aimed at transforming itself into a Personal Broadband Network Solutions company by launching a wide range of broadband products and services for its customers across the world. Explaining the objective of the restructuring, Idei said, ‘By capitalising on this business structure and by having businesses cooperate with each other, we aim to become the leading media and technology company in the broadband era. ’12 The restructuring involved designing a new headquarters to function as a hub for Sony’s strategy, strengthening the electronics business, and facilitating network-based content distribution.New headquarters to function as a hub for Sony’s strategy Under the new structural framework (see Exhibit 2), Sony’s headquarters was revamped into a Global Hub centred on five key businesses – electronics, entertainment, games, financial services and internet/ communication service. The primary role of the Global Hub (headed by the top management) was to devise the overall management strategy of the company. Sony’s management decided to integrate all the electronics business related activities under the newly created Electronic Headquarters (Electronics HQ).In order to achieve the convergence of Audio Video Products with IT (AV/IT convergence), Sony devised a unique strategy called ‘4 Network Gateway’. Under this strategy, the games and internet/communication service businesses were combined with the electronics hardware busine ss so that innovative products could be developed and offered for the broadband market. The three businesses were under the supervision of Ando. In order to provide support services for the entire group, a management platform was created, which consisted of key support functions in diverse fields such as accounting, finance, legal, intellectual 11An acronym for broad bandwidth, it is a high-speed, high-capacity data transmission channel that sends and receives information on coaxial cable or fibre-optic cable (which has a wider bandwidth than conventional telephone lines). This channel can carry video, voice and data simultaneously. 12 As quoted in the Annual Report 2002, www. sony. net. Exploring Corporate Strategy by Johnson, Scholes & Whittington 10 Restructuring Sony Exhibit 2 Sony organisational chart: electronics-related business (as of 1 April 2001)Source: ‘A New Group Structure for the Next Stage of Integrated, Decentralized Management’, www. sony. net, 29 March 2001. copyrights, human resources, information systems, public relations, external affairs and design. The management platform was later split into the Engineering, Management and Customer Service (EMCS) Company and the Sales Platform (which comprised the regional sales companies and region-based internet direct marketing functions). The management platform was headed by the Chief Administrative Officer, a newly created position.Sony’s management also converted the product-centric network companies into solution-oriented companies by regrouping them into seven companies. Group resources were allocated among the network companies on the basis of their growth potential. Exploring Corporate Strategy by Johnson, Scholes & Whittington 11 Restructuring Sony Strengthening electronics business To enhance the profitability of the electronics segment, Sony’s management decided to give emphasis to product development efforts. The management felt it was also essential to enhance the quality of the electronic devices manufactured.In order to achieve this, Sony’s management devised an innovative business model called the Ubiquitous Value Network,13 which connected the company’s existing hardware, content and services through an agency of networks. Sony planned to develop a wide range of products which could be connected through this network. Network-based content distribution Like the electronics, games and internet/communication service businesses, the entertainment and financial services businesses were also developed in a network compatible manner to facilitate electronic content distribution.In the entertainment business, music and movies were converted into a digital format and distributed over the internet (apart from being distributed through traditional channels such as music stores and theatres). In Japan, Sony Music Entertainment launched online music through its website. This website allowed customers to download popular songs for a f ee. In the financial services business, Sony Life Insurance Japan launched the ‘Life Planner’ consultancy system which offered personalised financial services online to its customers.Sony Life Assurance Japan also went online and started selling its insurance policies over the internet. The implications Soon after the reorganisation, Sony launched some innovative products to cater to the broadband market. For instance, in 2001, the company launched a series of internet-compatible mobile phones. However, the product was unsuccessful (owing to problems in the software used in the mobile devices) and in early 2002 Sony had to recall three batches of phones sold to Japanese companies. In consequence, Sony had to write off $110m in the quarter ending June 2002.In April 2003, Sony announced another major restructuring exercise (to be carried out in the next three years) in order to strengthen its corporate value (see Exhibit 3). Following this announcement, Sony was reorganis ed into seven business entities – four network companies and three business groups (see Exhibit 4). These business entities were given the authority to frame short-term and long-term strategies. According to analysts, the company’s financial performance did not improve in spite of the frequent restructuring by Sony’s management.For the financial year 2001–02, Sony’s operating income fell by a significant 40. 3 per cent while its revenues registered a marginal increase of 3. 6 per cent. According to a BusinessWeek report, sales of Sony’s most profitable products – the PlayStation and the PS2 game consoles – were likely to fall (see Exhibit 5). Due to Sony’s poor financial performance, the management planned to further reduce the number of manufacturing facilities and shift some production activities out of Japan.Analysts also criticised Sony for being a diversified business conglomerate engaged in several businesses from semiconductors to financial services. They felt that the company should focus on a few highly profitable businesses like games, insurance, and audio-video equipment and hive off the unprofitable businesses. Analysts felt that spending huge amounts of money on restructuring was not justified, particularly since the restructuring exercises had not yielded the expected results. In 2001, restructuring efforts had cost the company ? 100bn; and the proposed restructuring in April 2003 was expected to cost another ? 40bn. 13 The Ubiquitous Value Network is an environment in which PC and non-PC consumer electronics devices are seamlessly connected to each other and to the network, giving users access to all types of content or service, from anywhere across the globe. Exploring Corporate Strategy by Johnson, Scholes & Whittington 12 Restructuring Sony Exhibit 3 Sony organisational chart (as of 1 April 2003) Source: ‘Sony Announces Executive Appointments and Organizational Reforms Effec tive as of April 1, 2003’, www. sony. net, 31 March 2003. Exhibit 4 Responsibilities of network companies and business groups No. 2 3 Network company/ business group Home Network Company Broadband Network Company IT and Mobile Solutions Network Company 4 5 6 Micro Systems Network Company Game Business Group Entertainment Business Group Responsibility To create a new home environment with networked electronic devices centred on next-generation TV Development of next-generation electronics devices and linkages to Game devices To realise a connected world with PC and mobile devices and strengthen the B2B solutions business To enhance key devices and modules as core components of attractive set products To promote Game businesses for the broadband era To develop entertainment content businesses based on pictures and music and develop a new content business model for the network era To integrate various business units providing services based on direct contact with customers (fina nce, retail, etc). Strengthen synergies and develop attractive new business models for customers through the application of IT. 7 Personal Solutions Business Group Source: ‘Sony Announces Executive Appointments and Organizational Reforms Effective as of April 1, 2003’, www. sony. et, 31 March 2003. Analysts also felt that the convergence of consumer electronics, PCs and the internet was not only opening up new opportunities for Sony but also creating more competition for its core businesses. As Sony took steps to strengthen its networking capabilities, the company faced new forms of competition in both domestic as well as foreign markets. For instance, in the US, software giants like Microsoft and Sun Microsystems (as well as a few startups) were planning to enter the home entertainment market. Exploring Corporate Strategy by Johnson, Scholes & Whittington 13 Restructuring Sony Exhibit 5 Break-up of Sony’s businesses (31 March 2002)Business Electronics Games Insu rance Films Music Others Sales ($bn) 35. 6 7. 4 3. 7 4. 6 4. 5 0. 6 Operating profits ($m) 125 578 91 147 203 NA Source: ‘Can Sony Retain the Magic’, by Irene M. Kunii & Cliff Edward, BusinessWeek, 11 March 2002. Even Cisco Systems, which provided network solutions, had started manufacturing consumer electronics products. A BusinessWeek report said that Sony lacked any distinctive competencies in the internet-related businesses. It was neither an aggregator of content like Yahoo! , nor a limited-product vendor with an efficient distribution network such as Dell. Exploring Corporate Strategy by Johnson, Scholes & Whittington 14