Capital budgeting decision is whether to lease or buy an asset Essay

Capital budgeting decision is whether to lease or buy an asset - Essay Example It is very important to study all capital investments options that are available with the firm because of the long-term consequences. The simplest example of a capital budgeting decision is to decide if a firm should buy an asset or lease the same. Buying the asset will result in capital investments while leasing will lead to operational outflow. Capital budgeting methods In order to evaluate the capital budgeting options available with it, a firm can use many of the following ways: Net Present Value: Net present value is the cash the firm will need today as a substitute of making the investment of purchasing the asset (Ross, Westerfield, Jaffe, 2004). If the NPV is positive, this means that the firm will get that cash amount equal to the NPV. The calculation of the net present value takes into account the time value of money along with the cash flow associated with the project throughout the lifetime. A project should be pursued if the net present value is positive. Internal rate of return: This is the discount rate that makes the Net Present Value of a project zero. If the IRR of purchasing the asset is greater than the discount rate, the asset should be brought. Otherwise, the asset should be leased. ... Profitability index: The profitability index ratio is an indication of the cost associated with the project viz-a-viz the initial investment made. The ratio can be calculated as: Accounting rate of return: Accounting rate of return is the rate of return that is generated from the proposed capital investment. Each method has its own advantages as well as disadvantages. While NPV calculation is based on too many assumptions including that of the future cash flows as well as the return on equity. The calculation is also based on the premise that the cash flows generated are invested back at the discounted rate which is not a realistic assumption. The internal rate of return calculation assumes that the returns from the project are re-invested in the project. However, this might not be true in most of the cases. In addition, if the project has multiple positive and negative cash flows, it may have several IRRs. As a result of this, firms shall use modified internal rate of return (MIRR), which is the discount rate that makes the investment equal to the future value of the cash flows from investment (Kierulff, 2008). The actual method used for capital budgeting decisions differ from firm to firm depending upon the size of the firm, the rate of growth of firm and leverage of firm amongst others. Graham and Harvey (2000) in their paper â€Å"The theory and practice of corporate finance: Evidence from the field† indicate that net present value and internal rate of return are the most popular methods used for capital budgeting decision methods. They also concluded that there is no dependence of the method used on the growth rate for firms with smaller debt ratios. Large firms are more frequent user of NPV as compared to smaller firms. Public companies are more likely to

Abercrombie and Fitch report Essay Example for Free

Abercrombie and Fitch report Essay Abercrombie Fitch was established in 1892, and originally was a retailer of outdoor and sporting goods. In 1976, it went bankrupted and was acquired by Limited Brands in 1988. Michael Jeffries was nominated to become CEO in 1992, and he dramatically improved the status of AF to be a global fashion retailer. Now the symbol of American style and beloved brand by many customers worldwide, Abercrombie and Fitch produces mainly apparel, fragrance and lifestyle goods targeting at consumers aged from 18 to 25. There are 4 sub-brands in AF which are Abercrombie and Fitch, Abercrombie Kids, Hollister and Gilly Hicks. Each sub-brand has its own characteristics and its positioning in the fashion market is slightly different. Abercrombie Fitch is rooted in East Coast traditions and Ivy League heritage, it is the essence of privilege and casual luxury (Abercrombie and Fitch Co. 2012, P. 3). Abercrombie Kids is for the kids who want to be like their older brothers or sisters and the core concept of it is casual and preppy looks. Hollister’s heritage stems from Southern California and was designed to represent cool beach style. Gilly Hicks is the newest and smallest brand in AF made only for the girls’ clothes or underwear. With the opening of a flagship store in Canada in 2005, AF started to enter the global market. Now it has 139 stores outside of the US, and it recently opened stores in Seoul, South Korea and in Shanghai, China to expand into the Asian market. We chose Abercrombie and Fitch since we would like to see how successful this multinational apparel company can be by insisting its All-American style in different cultures. We wanted to explore its unique retail strategy and brand positioning as this brand is sought after a lot of young adult. Several controversial issues of AF were the deciding factor in our choice of company. Work Oriented Culture Of all the methods which exist for explaining cultural differences, â€Å"the dimensional approach is more influential† (Peng Meyer, 2011). Geert  Hostede, a Dutch professor, established the overarching theory consisting of five cultural dimensions. The first is power distance which outlines the expectation and acceptance of the unequal distribution of power by the less powerful members of a country (Peng Meyer, 2011). Individualism vs. collectivism is the cultural dimension characterized by whether the  citizens view themselves as distinctly different or dependent upon group involvement. The third cultural dimension is masculinity vs. femininity which refers to the values, traditional male or female, which are held in the highest regard. Determining the extent to which an individual will embrace uncertain circumstances is the uncertainty avoidance dimension. Finally, long-term orientation deals with the emphasis the citizens place upon â€Å"perseverance and savings fo r future betterment† (Peng Meyer, 2011). The US is the home country of Abercrombie and Fitch. Power Distance Individuality Masculinity/Femininity Uncertainty Avoidance Long-term Orientation Scoring a 40 caused the US to be in the lower half of the countries for power distance. Hierarchy is â€Å"established for convenience† (Geert-hofstede.com, 2014) as superiors are easily accessible and communicate informally. Information is free flowing as managers take input form their subordinates. The US received the highest individuality score of 91. Citizens are considered â€Å"the best joiners in the world† (Geert-hofstede.com, 2014). It is not extreme for Americans to work with people with whom they are not familiar as deep friendships are not commonly formed. What an individual is capable of doing or has already done will determine their value of being  hired or promoted. Ranking 15th on the masculinity scale with a score of 62 indicates a masculine nation. US firms create a culture of â€Å"live to work† (Geert-hofstede.com, 2014) where higher status and financial rewards are key driving factors. Leaders which are forceful and decisive are highly valu ed. Employees who are less visible and indecisive are not able to attain success With a score of 46, the US is shown to have a below average uncertainty avoidance. Innovation is extremely valued as new ideas are quickly accepted. As compared to firms in higher uncertainty avoidance countries, US firms will quickly go after new, emerging, and risky opportunities. The US is seventh from the bottom of the list for long-term orientation with a score of 29. While future planning is involved in US firms’ decision making process, quarterly reports are incredibly significant and limit the time firms can look ahead. Employees’ savings rates in countries such as the US are much lower than those in long-term oriented nations. Home Region Oriented Firm Rugman and Verbeke in 2004 established a triad of economic power consisting of Asia, the EU, and North America. Analysis of 380 firms determined how many were home-region oriented, bi-regional, host-region oriented, or global (Rugman Verbeke, 2004). A home-region oriented firm has â€Å"at least 50% of their sales in their home region of the triad† (Rugman Verbeke, 2004). To be a bi-regional company, at least 20% of all sales must take place in two regions, but the company cannot have more than 50% in the region where the company is based. If a firm has more than 50% of its sales in a region different than its home region then the firm is considered host region oriented. In order to be global, a firm must have â€Å"at least 20% of their sales in all three regions of the triad, but less than 50% in any one region† (Rugman Verbeke, 2004). AF is considered a home region oriented company based upon the released date from 2013. Of the $4,116.9 million in sales, 64.59% or $2,659.09 million is generated in the home region, North America. $1,116.78 million or 27.13% of all their sales take place in the EU region. Asia is far behind as the remaining 8.28% of sales, 341.03 thousand dollars, is dispersed across the  rest of the world. No calculations were needed as the sales figures and percentages were given. (Csimarket.com, 2014). The industry for which AF operates can explain their sales distribution. As the company is in the fashion and retail industry, its’ sales are incredibly dependent upon the affinity of the customers for specific brands and styles. Since the company is based in North America, the firm is much more familiar with the prevalent style which would need to be present to increase sales. AF also established itself in their home country before expanding. These factors could explain the firm’s international orientation. Ownership Advantages First, one downstream ownership advantage of AF is the possession of a specific brand image which is not easily imitable. The firm operates under different brands Abercrombie Fitch, Abercrombie Kids, Hollister, and Gill Hicks for slightly different targets. Each sub-brand represents a different brand image but they eventually add up to one big image, â€Å"American Cool†. To the fashion retailers, the most important ownership advantage is their own irreplaceable brand image. In this context, AF has its distinct position in the fashion market and is using their brand image successfully to attract the customers (Abercrombie Fitch Co. 2012, P. 3). Second, the other ownership advantage of AF is its’ in-store experience. AF stimulates the customers’ senses of sight, sound, smell, and touch by utilizing handsome male models, music, fragrances, rich fabrics and interior design. Customers (mainly females) can get a chance to take a photo with the models, and this became a representative in-store experience of AF. In addition to this, AF uses certain perfume to attract customers and to make them remember AF for a longer time than just seeing, which is called â€Å"scent marketing†. Also, the stores always play the video of the American beach to emphasize its â€Å"cool† brand image. AF only sets up the flagship stores and controls them through the managers who are trained in the US and sent to the international flagship stores to monitor the whole operation. This system makes it possible to transfer this in-store experience to the newly established flagship stores very well. Therefore, all AF stores, even those  overseas, are committing the standardized in-store experience by offering customers the same experience (Abercrombie and Fitch Co. 2012, p. 4). Uppsala Model Network Internationalization Model Differences â€Å"The Uppsala model views that market knowledge is gained only by operating directly in a market; thus the model focuses on experimental knowledge† (Childs Jin 2013, p. 38). According to the Uppsala model, will increase their market commitment gradually based upon their experience in the market and based on the knowledge they gain in the market. On the other hand, according to the Network internationalization model, firms can start their internationalization before they enter the market by settling network relationship in advance. Therefore, firms do not have to follow the stages of the Uppsala model but â€Å"building a number of such relationships constitutes a large and important investment, and once established, and organiza tional or ownership advantage† (Vahlne Johanson 2013, p. 195). Uppsala Model Network Internationalization Model Similarities Both models consider the network as important knowledge that firms should gain. The network facilitates information and experience by building up the trust in a relationship and also by learning from other market players. Within the Uppsala model, the core concept of the gradual extension of a company’s internationalization into a market, which gains the company valuable experience, should be based on the interplay with customers, suppliers, and other competitors. As the company’s network broadens, it can get more knowledge and at the same time its degree of internationalization will become higher. In this context, we can find similarity between the two models. International Trajectory In 2005, AF first opened its’ flagship store in Canada. Starting from this, AF entered the European market with opening flagship stores in major cities of the European countries, such as London, Milan, Paris, and Amsterdam. On December 15, 2009, AF opened its first Asian flagship store in Tokyo as a starting point to enter the Asian market. Currently, AF owns 19 flagship stores in Canada, 110 in Europe, and 11 in Asia. Among those stores, 39 are sales subsidiaries. In Canada, the Netherlands, and Hong Kong, AF has wholly-owned subsidiaries because there are DCs in those countries, meaning that they are the most important countries in each continent (Abercrombie   Fitch Co. 2012, PP. 19, 101102). Firms who have a strong brand image and possess asset specificity (a unique product or a unique way of doing business) are more likely to internationalize quickly (Childs Jin, 2013). AF is a good example of this case, so it could skip the lower stages of the Uppsala model, such as s poradic exports or exports through sales agents, and could set up the subsidiaries directly overseas, which only takes 7-9  years. Consequently, now we can assume that the company is already in a quite higher stage of the Uppsala-based stages model with its sales subsidiaries and wholly-owned subsidiaries. Degree and Nature of International Sourcing Abercrombie and Fitch does not own factories producing the products and it has not sourced more than 10% of its merchandise from any single member of its approximately 155 vendors in 20 countries, including the United States, China, Vietnam and Guatemala (Abercrombie Fitch Co. 2012, p. 4). In particular, more than 90% of its suppliers are in Asia (Google.com, 2011). The company has established supplier product quality standards to ensure the high quality of fabrics and other materials used in the company’s products (Abercrombie Fitch Co. 2012, p. 5). Abercrombie and Fitch has two distribution centers (â€Å"DCs†) in New Albany, Ohio. The two DCs were initially responsible for the distribution of merchandise to the stores and direct-toconsumer customers, both regionally and internationally. Since 2009, AF has offshored its DCs by using a third-party DC (TNT Fashion) in Roosendaal, the Netherlands for the distribution of merchandise to stores and direct-to-consumer cust omers located in Europe and a third-party DC in Hong Kong since 2011 for the distribution of merchandise to stores located in Asia. Its two DCs in New Albany, Ohio currently only support its North American stores, and direct-to-consumer customers outside of Europe (Abercrombie Fitch Co. 2012, p. 5). The nature of offshoring the DCs is to broaden the direct-toconsumer business worldwide and facilitate the international expansion of Abercrombie and Fitch stores in Europe and Asia. Furthermore, Abercrombie and Fitch has a strong, cooperative and long-term relationship with its vendor factories. When the CEO Mike Jeffries was asked about the cost pressures from raw materials and labor costs, he emphasized  that a strong relationship with vendors has been key since they had assisted AF and been fair in terms of cotton prices and other increases. He also added that AF and vendors have been there for each other for the long term (Barrie, 2010). Strategic Advantages and Drawbacks of International Sourcing and Offshoring The first advantage of international sourcing is that AF can hedge against the supplier risks. Since AF has relationships with over 100 vendors in 20 countries, it can flexibly switch from one source to another when necessary. AF has the ability to increase its total supply capacity. Even if there are a sudden wave of demand for certain products, having a strong relationship with over 100 vendors will ensure AF a certain supply of products and therefore the supply chain will be more stable (Inboundlogistics.com, 2011). However, such global sourcing strategy also brings some disadvantages. The source of production activity is too dispersed; it is a challenge to find qualified executives who know the local business environment and understand the corporation’s inner workings especially in the Asia Pacific region (Inboundlogistics.com, 2011). We would advise Abercrombie and Fitch to send executives from the US to those countries and hire local managers simultaneously to ensure the production activity smooth. The primary advantage of offshoring is to reduce costs. Offshoring its distribution centers in Europe and Asia can save distribution and transportation costs of merchandise to stores in Europe and Asia. However, if the third-party distribution center in the Netherlands or Hong Kong shuts down suddenly, the distribution of merchandise in Europe and Asia will be totally disrupted. Therefore, AF should leverage the risk by running an additional distribution center in some low-cost countries, such as Vietnam. This move will also support AF’s future expansion. Opportunities and Threats in Vietnam Opportunities Labor cost in Vietnam are absolutely lower than that of China (JETRO, 2011) (NWPC, 2014). See Appendix 1 for figure 1. Government policy to attract FDI (Kim, Lee Cheong, 2011). See AppendixThreats 2.  TPP (Trans-Pacific Partnership) Cost reduction, lead time reduction, and tax benefit. See Appendix 3 for table 1. Currently only 16% of AF clothes are produced in Vietnam (Google.com, 2011). See Appendix 4 for figure 2. Vietnam has a better status for lead times, infrastructure, and working circumstances than other developing countries (Kim, Lee Cheong, 2011). As AF doesn’t operate their own manufacturing facilities but uses vendors, it can be intense competition among the companies who want to attract vendors in Vietnam. Bangladesh, Cambodia, and Sri Lanka which have lower labor cost than Vietnam are trying to develop their infrastructure and manufacturing conditions to attract vendors. In the future, those undeveloped countries can be a threat to the Vietnam market. Minimum wage in Vietnam is increasing by 15% in 2013, and 17% in 2014 (Vettoretti Huyen, 2013). Suggestions for the Emerging Market We suggest establishing a distribution center (DC) in Vietnam as a strategy to create synergy with the new manufacturing facilities in Vietnam. Currently, many global fashion retailers are trying to generate vertical integration in the emerging markets because they can control the demand fluctuation easily and simplify procurement and administrative procedures eliminating the need to deal with a wide variety of suppliers and distributors. If TPP is concluded, the degree of tariffs will decrease, so it would be better to concentrate on upstream investment in Vietnam. Because emerging markets are not wellorganized and there is more lack of conditions than the developed market, owning a DC will be more stable and protective. Eventually, a DC in Vietnam will create good access to the Asian market. In  overseas developed markets, AF doesn’t own the distribution centers but uses third-party DCs in the Netherlands and Hong Kong. However in Vietnam, we assume that AF would set up a distribution center as a wholly-owned subsidiary. The third-party logistics in outsourcing the whole distribution to a specialized company would reduce the cost. Now AF has only third-party DCs in overseas and there is a threat to be shut down. In order to prevent this situation in advance, owning at least one wholly-owned DC is practical. Because a wholly-owned DC totally controlled by the company, the company can adjust to the demand fluctuation better than a third-party DC. Therefore wholly-owned DC will function as a safety net in a case there is an uncontrollable problem in a third-party DC. Strategic Objectives of Entering China With regard to market seeking, â€Å"China will represent the biggest market potential for our brands,† said Craig Brommers, senior vice president of marketing for AF (Fashionunited.com, 2014). Undoubtedly, China is a huge and growing market with a population of approximately 1.4 billion. Therefore, AF has been trying to locate its potential customers by opening the first flagship store in Shanghai and 8 Hollister stores in different cities since 2012. The company plans to open over 100 new stores under its Hollister and AFs label in China over the next ten years (Fashionunited.com, 2014). With regard to efficiency seeking, there are an abundant suppliers and a low-cost labor force. Specifically, over 60% of its vendors were located in China in 2011 (Google.com, 2011). Also, there has been a distribution center in Hong Kong since 2011. Therefore, AF can achieve lower transportation costs since the delivery is closer to its target markets. Past Foreign Entry Modes Abercrombie and Fitch started its international expansion in London by opening the first overseas flagship store in 2007, and it almost adopted a single foreign entry mode in the last 7 years. AF established a wholly-owned subsidiary when entering a new market, such as the Netherlands, UK, Hong  Kong, Singapore and Japan. However, AF opened its first Hollister store in Dubai in 2013 through a joint venture with Majid Al Futtaim Ventures and an AF flagship store is expected to open in Dubai in 2014 the same way (Majid Al Futtaim Ventures, 2014). For Abercrombie and Fitch, establishing wholly-owned subsidiaries is a better entry mode for international expansion. AF can enjoy full control of the international stores since it pursues an intensely American retail and marketing strategy (Marx, 2010). Therefore, establishing a wholly-owned subsidiary enables AF to integrate the operation of its subsidiaries tightly with itself and to control what the subsidiary should follow. In addition, it takes a lot of efforts to establish an effective relationship in a joint venture and the cultures of the companies may be incompatible. Financially, The parent company can consolidate the results of its wholly-owned subsidiaries into one financial statement (Basu, 2014).Considering that AF is opening more international stores worldwide, the financial reporting would be too complicated if it engages in joint ventures in many different countries. Multinational Strategy Home Replication Stage The multinational strategy of Abercrombie and Fitch closely resembles the home replication strategy. There are several evidences from practice. First of all, the local responsiveness of AF’s international stores is very low. The staff greets shoppers in English, rather than the local language of the foreign countries. This results in foreign customer alienation since some customers will be forced to surface their rusty English during the transaction (Marx, 2010). AF replicates its home country-based competencies such as brand positioning. Sex appeal is a big part of the brand’s charm in the United States; AF also puts this masculine ideal into practice of its international stores. Particularly, many of the male staff members are half-naked in the stores (Marx, 2010). Finally, the implementation of its marketing strategy and operation is easier. The store design and the interior are the same worldwide along with extremely dim lightings, a strong smell of cologne and perf ume and the staff singing or dancing with the  pounding American songs. ‘Real-life’ Social and Environmental Dilemmas A ‘real life’ social dilemma has adversely impacted AF in recent years surrounding its CEO. The official website of the company states the company strives to be â€Å"an inclusive environment that values the differences of its associates and customers† (Anfcareers.com, 2014). While this is the official statement, an interview with the CEO, Mike Jeffries, brought a contrasting view to light. Jeffries identified his target market by claiming, â€Å"a lot of people don’t belong [in our clothes]†¦Are we exclusionary? Absolutely† (Walker, 2014). AF has since released an apology, but boycotts, negative celebrity statements, and petitions were enacted. This issue is an ethical dilemma to the firm because of their strategic place in the clothing market. In order to stay popular, an essence of exclusivity has been built around the brand, since the more exclusive the brand appears, the more interest the brand receives. This has been AF’s approach, but this strategy is not inclusive. The firm had to determine whether to increase their size options or continue with the current productive model. The most important stakeholders for this dilemma are the CEO and those who hold a large portion of AF’s stock. If AF is not able to effectively remedy the situation then the company’s profits will continue to suffer. AF is a public company so their performance directly affects their stock. If the dilemma is not resolved quickly, it could trigger a chain reaction of a loss in profits which leads to lower stock causing several holders of the stock to drop it effectively dropping the value of the stock. The effects of this dilemma could have extremely long lasting repercussions. An environmental issue which has become a dilemma for AF is the implementation of harmful chemicals in their signature fragrances. Within the fragrance Fierce, â€Å"11 secret chemicals that are not listed on the label† (Henricks, Malkan, Shils, 2014) were found that heighten allergic reactions. This particular fragrance caused reactions from various activist groups such as Physicians for Social Responsibility, MomsRising, and others which total over 1.5 million people (Henricks, Malkan, Shils, 2014). Utilizing harmful chemicals is an ethical environmental dilemma for AF  because the current formula has generated incredible revenue. The official website of the company addresses large environmental impact areas such as limiting their carbon emissions, but nothing addresses something  which impacts the environmental on this particular scale. If AF is able to hide these chemicals and still gain their desired sales results then it has little motivation to stop acting in this manner. The most important stakeholders surrounding this dilemma are not only the executives and upper management of the company, but also the lowest store employees. A loss in serious sales will affect most employees in a company, but this situation would directly affect individual store employees.Customers may stay away from the stores in order to avoid the negative side effects resulting in a loss of profit and jobs for store employees. Developing a Globally Standardized Strategy Currently, Abercrombie and Fitch already has an established a globally standardized strategy to cope with the selected dilemmas. The strategy is laid out on a website by the company which was created specifically for displaying the considerate side of AF. Covering everything from the sustainability to collaborations to specific policies, AF clearly display their globally standardized strategy to â€Å"ensure that the highest values of human rights are being upheld at our headquarters, in our stores and within our supply chain† (anfcares.org, 2014). AF should have a globally standardized strategy. Even if ethical imperialism is not wise, the specific industry operations call for a globalized solution. Several ethical viewpoints are almost universal for garment manufacturing. Several unethical decisions such as environmental negligence and the use of harmful chemicals have resulted in scandals and dilemmas because of the accessibility of information. For example, the infamous in terview with the CEO was conducted years before it gained notoriety. By having a globally standardized strategy, AF could mitigate potential situations before they arise. The selected dilemmas have global relevance. Inclusion, the principle dealt with in the social dilemma, is incredibly important to a multitude of  cultures across the world. A store in the Netherlands which openly admitted to not wanting homosexual customers would experience a similar backlash. The environment issues also reaches across borders. Asthma, one of the problems which are heightened by the fragrances, is prevalent in â€Å"an estimated 300 million people† (Aaaai.org, 2014). Abercrombie and Fitchs’ Actions Compared to Unilever The actual solutions by AF are not similar to the solutions practiced by Unilever. Both AF and Unilever have explicit codes of conduct and plans to deal with ethical dilemmas which arise. Even though these plans exist, AF has demonstrated that its actions do not always align with their official stance. Unilever’s approach to social impact such as gender equality has been greatly documented, and one of their main goals by 2020 is to â€Å"help more than 1 billion people improve their health well-being† (Vis, 2014). The implementation of this policy is seen as Unilever has helped generate around â€Å"65,000 microentrepreneurs† (Vis, 2014). A stark contrast exists between Unilever’s actions and those of AF. Unlike Unilever, the ultimate actions of AF and their refusal to stock larger size clothing proves the company is dedicated to portraying a positive image without actually helping to make a positive change in society. AF’s actions toward their environmental impact align almost with their actions for social justice. Although its’ official stance is to reduce its environmental footprint, the company has taken no action in light of the protests by environmental groups driven â€Å"to get rid toxic chemicals from the environment† (Lutz, 2013) which are the result of their colognes. Unilever’s approach towards economic longevity has been greatly noted as â€Å"75% sites [send] zero waste to landfill† (Vis, 2014). Unilever’s approach is much more preferable to AF’s approach. From a social standpoint, Unilever’s actions have actively made a beneficial social change as Unilever continues to fulfill their promises. AF continues to ignore their customer’s plight even though the company claims to truly care. From a corporate standpoint, Unilever’s approach is better because many news outlets have cited the company as making a positive chan ge, while AF continues to have controversies resulting in a sales drop of 10%. Overall, Unilever has a much better strategy than AF. Appendix 1 Figure 1: Average Monthly Wage of Asian Countries (Nwpc.dole.gov.ph, 2014) Appendix 2 Improvement of the Vietnam Government Policy on FDI (Kim, Lee and Cheong, 2011) The Vietnam government policy for FDI was dramatically improved by registering into WTO (World Trade Organization) and preparing for PNTR (Permanent Normal Trade Relations). Besides, the government adopted global standards, abolished discrimination of foreigners, and opened the service part such as finance or communication. As a result, FDI into Vietnam broadened to various areas, for example, fabrics, mining, energy, finance, logistic and so on. Especially concluding PNTR between the US made it possible to participating into WTO and encouraged foreing investors to enter into the Vietnam market. Another important change in the policy is related to the modification of legal restrictions or rules. On 1st of July, 2006, the government changed the original law for FDI which had been adapted only to the local people into the newly modified law for FDI which is commonly adapted to the both parts of foreigners a nd local people. This was the effort of the government to create more competitive investment conditions which are changing subject of application, and abolishing double price and repatriation tax. Also the government has been modifying the original business law, investment law, land law, and corporate taxation. References 1) Aaaai.org 2014, Asthma Statistics | AAAAI. [online] Available at:http://www.aaaai.org/about-the aaaai/newsroom/asthma-statistics.aspx [Accessed 14 May. 2014]. 2) Abercrombie and Fitch 2012, Annual report 2012, Abercrombie and Fitch Co., New Albany, Ohio. 3) Anfcareers.com 2014, Abercrombie Fitch Careers. [online] Available at:http://www.anfcareers.com/page/Diversity [Accessed 15 May. 2014]. 4) Anfcares.org 2014, AF Cares Our Strategy. [online] Available at:http://www.anfcares.org/sustainability/environment/strategy.jsp [Accessed 16 May. 2014]. 5) Barrie, L. 2010, Abercrombie Fitch sees opportunities in higher costs. [online] Just-style.com. Available at: http://www.just-style.com/analysis/abercrombie-fitch-sees-opportunities-in-highercosts_id109585.aspx [Accessed 18 May. 2014]. 6) Basu, C. 2014, The Advantages Disadvantages of a Wholly Owned Subsidiary. [online] eHow. Available at: http://www.ehow.com/info_8627934_advantages-disadvantages-wholly-ownedsubsidiary.html [Accessed 18 May. 2014]. 7) Childs, M. and Jin, B 2014, Is Uppsala model valid to fashion retailers? An analysis from internationalisation patterns of fast fashion retailers. Journal of Fashion Marketing and Management, 18(1), pp.36 51. 8) Csimarket.com 2014, Abercrombie Fitch Co. (ANF) Jan. 31, 2014 Sales per Country and Region, Annual Report CSIMarket. 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Available at: http://safecosmetics.org/article.php?id=739 [Accessed 14 May. 2014]. 13) Inboundlogistics.com 2011, Supply Chain Gain: Global Growth Inbound Logistics. [online] Available at: http://www.inboundlogistics.com/cms/article/supply-chain-gain-global-growth/ [Accessed 18 May. 2014]. 14) Kim, T., Lee, J. and Cheong, J 2011, Firm Level Productivity and Survey Results for Korean Firms in Vietnam and Indonesia. KIEP Research Paper No. Policy Analysis-11-22, pp.16-180. 15) Lutz, A 2013, Reasons Why People Hate Abercrombie Fitch. [online] Business Insider. Available at: http://www.businessinsider.com/abercrombie-and-fitch-worst-controversies-20138?op=1 [Accessed 18 May. 2014]. 16) Majid Al Futtaim Fashion 2014, Hollister to make its Middle East debut in 2013. 17) Marx, W. 2010, In Tokyo, Abercrombie Misses Its Mark. [online] BoF The Business of Fashion. Available at: http://www.businessoffashion.com/2010/02/in-tokyo-abercrombie-misses-itsmark.html [Accessed 18 May. 2014]. 18) Nwpc.dole.gov.ph 2014, Official Website of National Wages and Productivity Commission. [online] Available at: http://www.nwpc.dole.gov.ph/pages/statistics/stat_comparative.html [Accessed 18 May. 2014]. 19) Overseas Research Department Japan External Trade Organization (JETRO) 2011, The 21th Comparative Survey of Investment-Related Costs in 31 Major Cities and Regions in Asia and Oceania. p.68. 20) Peng, M. and Meyer, K 2011, International Business. 1st ed. London: Cengage Learning, pp.7276, 363, 458-459. 21) Rugman, A. and Verbeke, A 2004, A perspective on regional and global strategies of multinational enterprises. Journal of International Business Studies, 35(1), pp.318. 22) The Ohio State University Fisher College of Business 2013, Abercrombie Fitch Equity Research Report. pp.3 4. 23) Vahlne, J. and Johanson, J 2013, The Uppsala model on evolution of the multinational business enterprise – from internalization to coordination of networks. International Marketing Review, 30(3), pp.189 210. 24) Vettoretti, A. and Huyen, H 2013, Vietnam Set to Increase Minimum Wages from December 31, 2013. [online] Available at: http://www.vietnam-briefing.com/news/vietnam-set-to-increaseminimum-wages-from-december-31-2013.html/ [Accessed 18 May. 2014]. 25) Vis, J 2014, Making Progress, Driving Change. 26) Walker, J 2014, Abercrombie Fitch: Sorry!. [online] The Huffington Post. Available at: http://www.huffingtonpost.com/2013/05/23/abercrombie-and-fitch-apology_n_3323668.html [Accessed 18 May. 2014].

The Customer Satisfaction By Measuring Service Quality Tourism Essay

The Customer Satisfaction By Measuring Service Quality Tourism Essay The measurement and management of service quality are fundamental to the survival and success of service companies Legcevic, 2008. The hotel sector is a large segment of the service industry which provides services and accommodations to a wide range of customers. To make sure that a hotel is satisfying its customers needs, it is necessary to measure service quality periodically to identify areas in need of improvement. There are several methodologies used for measuring service quality, but this research study shall employ one of the more popular models called the SERVQUAL model. This theory was developed by Parasuraman, Zeithaml and Berry. They were early researchers studies about the concept of quality (Jain and Gupta, 2004). The SERVQUAL model was created to measure service quality as perceived by the customer (Parasuraman et al., 1985). According to Shangri-La Hotels Annual Report of year 2008 and 2009, the occupancy rate of the Shangri-La Hotel, Bangkok has declined continuously (Shangri-La Asia Limited, 2008, Shangri-La Asia Limited, 2009). The most likely cause of this problem is the political instability that hit Thailand recently. On the other hand, it is possible that this decline in the number of customers was a result of a decline in service quality. Even though the Shangri-La Hotel continued to emphasize customer needs and provide excellent service to their customers, it is still crucial to measure service quality to ensure that the customers are satisfied with the hotels services and responsiveness to customer needs. The result of measuring service quality also helps management to understand exactly what their customers expect from the hotel and the level to which they are satisfied with their experience at the hotel. This measurement model functions as a tool to promote communication between the hotel man agement and their customers. This research was conducted to observe customer perceptions about hotel services by measuring service quality using the SERVQUAL model at the Shangri-La Hotel, Bangkok. The benefits of this research are not just to understand the level of customer satisfaction; but moreover, it can use as a guideline to enhance service quality and promote customer loyalty. Title of project: A Study of Customer Satisfaction by Measuring Service Quality; A Case Study of Shangri-La Hotel, Bangkok Statement of research problem: A continual decline in the number of hotel customers over the past few months has had a direct effect on the hotels income. The main factor which is believed to have caused this decline was internal political instability in Thailand. In an effort to transform a crisis into opportunity, this is an appropriate time to observe customer perceptions of service quality in order to help hotel management improve quality and prepare their business for when the situation returns to normal. Project objectives: The objectives of this research are as follows: To measure service quality of Shangri-La hotel, Bangkok by using SERVQUAL model, To understand the relationship between customer satisfaction and service quality, and To gain a clearer understanding of customer perceptions of service quality from Shangri-La Hotel, Bangkok in order to improve hotel service quality in the future. Conceptual framework Reliability SERVQUAL Dimensions Responsiveness Assurance Customer Satisfaction Empathy Tangibles Scope of the study: The scope of this research focuses on measurement of service quality at the Shangri-La Hotel, Bangkok by using the SERVQUAL model which considers service quality from the following five dimensions: a) reliability, b) responsiveness, c) assurance, d) empathy and e) tangibility. The sample population would be a random sample of 100 hotel customers during the period from June to July, 2010. The survey technique would employ the use of questionnaires. This study focuses on the relationship between customer satisfaction and service quality. Definitions of terms used in the study: SERVQUAL model: An instrument for measuring service quality comprised of five dimensions such as: a) reliability, b) responsiveness, c) assurance, d) empathy and e) tangibility. Parasuraman summed up that customers perceive service quality by comparing their expectations with the actual organizational performance, and they evaluate service quality in different dimensions (Parasuraman et al., 1988). Service Quality: A product or outcome of all the staff managers of the Shangri-La Hotel, Bangkok working together to satisfy their customers. In other words, high-quality service is a service that meets or exceeds customer needs and expectations (Wisniewski, 2001). Customer Expectation: is prediction service of customer that hotel should be provide to them. Predict service directly influence customer satisfaction evaluation (Zeithaml et al., 1993) Customer Perception: A feeling or sense possessed by the customer which is derived from their experiences at the hotel. Customer Satisfaction: The level to which a customer perceives that their expectations were met in the transaction with the hotel (Hallowell, 1996). Assumptions: A customer who receives a high level of service quality from the Shangri-La Hotel, Bangkok is more likely to be satisfied with the overall level of service at the hotel. Limitations: Size of sample: The political uncertainty in Thailand during the past several months resulted in a decrease in the number of tourists all over Bangkok. Furthermore, the occupancy level at the Shangri-La Hotel, Bangkok has been suppressed due to a reduction in room availability for internal renovations. The limited number of hotel customers may limit the sample size, leading to sample error. Time frame of data collection: The time frame is a major problem for this research because the research time table is quite short, especially considering that this season is the low season for tourism in Thailand. Since the tourist numbers are much lower than during high season, it could be difficult or impossible to reach the appropriate sample size. Human ethics considerations: This research is being conducted for educational purposes to learn about customer satisfaction at the Shangri-La Hotel, Bangkok. For this reason, the hotels management is allowing researchers to collect data from their customers. Therefore, the researchers should not force the customers to complete the questionnaire if they are hesitant. The questionnaire is being designed so that it does not contain sensitive items which would make customers feel uncomfortable. Practical significance: Measuring service quality is more difficult than measuring the quality of manufactured goods because the nature of services is intangible (Bergman and Klefsjo, 1994). The SERVQUAL model is an efficient tool to help measure service quality and clarify customer satisfaction. The result of this research would be useful for the Shangri-La Hotels management and staff members so that they can better understand their customers level of satisfaction with perceptions about the hotels services. It will help hotel management in their efforts to maintain and improve hotel service quality. In addition, other hoteliers and organizations within the service industries sector could adapt this research to use as basis for studies into their own organizations. Background information: Shangri-La Hotels and Resorts is a well-established Asian hotel chain in major cities throughout Asia, Oceania and The Middle East. The headquarters is located in Hong Kong. Shangri-La Hotel, Bangkok is one property of many properties of Shangri-La Company, located in the Silom district, has a total of 799 rooms including serviced apartments and other facilities such as restaurants, conference rooms, spa, swimming pool and tennis courts (Shangri-La Hotel, 2010). Shangri-La Hotel, Bangkok is located in a convenient place next to the Chao Phraya River which is the main river of Thailand, and is only half an hour from Suvarnabhumi Airport and 10 minutes away from central business by BTS Skytrain. For these reasons, this hotel has the ability to attract numerous tourists. Furthermore, Shangri-La Hotel, Bangkok is connected to Sathorn Pier, so tourists can take public boats or long tail boats to travel to and visit several kinds of tourist attractions easily such as the Temple of Dawn, the Grand Palace, the Flower Market and Khaosan Road. There is a high diversity of tourism industries which promote the economy in this district and along this river. However, in recent years, the Thai economy has experienced difficulty for a variety of reasons. Figures 1 and 2 compare the performance of Shangri-La Hotels and Resorts in the period from 2007 to 2008 with the period from 2008 to 2009. Figure 1: The Shangri-La Hotel Weighted Average Room Yield 2007-2008 Source: Shangri-La Asia Limited (2008) Figure 2: The Shangri-La Hotel Weighted Average Room Yields 2008-2009 Source: Shangri-La Asia Limited (2009) The figures above show that there was a significant decline in the performance of Shangri-La Hotels and Resorts, Thailand in 2008 compared with 2007, and this decline in performance continued into 2009 with a drop on average room occupancy. According to the 2008 Shangri-La Asia Limited Annual Report, occupancy and RevPAR for Shangri-La Hotels decreased in 2008 by 15 and 10 percentage points respectively (Shangri-La Asia Limited, 2008). Moreover, the overall weighted average RevPAR for Shangri-La Hotel and Resorts Thai properties decreased a further 11 percent in 2009 (Shangri-La Asia Limited, 2009). The global financial crisis, the extensive renovations at the Shangri-La Hotel, Bangkok and political uncertainty are cited as the main reasons for this decline. Literature review: There are several pieces of literature regarding studies of service quality which say that if a customer had a pleasant service experience, they would probably use that service again and would be likely to invite their friends or tell someone else to utilize those same services. In the same way, if customer had a poor service experience, they generally never forget about it, and many customers will complain and go elsewhere (Assael, 1987, Farrington et al., 2009, Peter and Olson, 1987). Word of mouth is a powerful communications tool. Customers may tell others whenever they experience poor service quality, and this would have a direct effect on the organizations image resulting in an eventual decrease in revenue. The power of this communications tool has always been evident from the past until the present. Consequently, organizations must always ensure that their service quality is the most pleasant and best to generate customers satisfaction. This is because the backbone of service organization growth is not just a high quality product or pricing strategy, but it is also the combination with good customer service. When customers receive good service the outcomes are positive(Farrington et al., 2009). Nowadays, companies increasingly emphasize service quality and customer satisfaction throughout, so that they can increase customer loyalty, because it has determined that high customer loyalty is key to success in their market segment(Cronin et al., 2000). Service quality is widely studied and useful in service industries(Carman, 1990, Collier and Bienstock, 2006, Cronin and Taylor, 1992, Cronin et al., 2000, Gronroos, 1984, Parasuraman et al., 1985, Parasuraman et al., 1988). Many scholars have taken an interest in service quality issues because of their intangibility, which makes them very difficult to measure (Bergman and Klefsjo, 1994). For these reasons, several researchers created a model to help clarify the measurement of service quality. The most popular and extensively used models are Gronroos Service Quality Model and Parasuramans Gap Model (Legcevic, 2008). It could be describes of each model as following; Gronroos Service Quality Model splits customer perceived service into two dimensions: 1) technical quality, and 2) functional quality (Gronroos, 1984). 1) Technical quality or outcome quality is what customer receives as outcome of the process in the resources. Functional quality is how customer receives from technical outcome (Legcevic, 2008). Parasuramans Gap Model indicates that five gaps exist between management and customers during the service delivery process (Parasuraman et al., 1985). For my research, I will employ the SERVQUAL scale by using gap scores to help measure service quality. Service Quality: Today quality become recognized as a strategic tool to enhance and improved business actual performance both of goods sector and service sector. The key factor to success in service industry is service quality. The purpose of service quality is to satisfy the customer. Hence, service quality and customer satisfaction influence each other. As mentioned in the beginning, service quality is defined as a product or outcome resulting from all members in the organization trying to satisfy their customers (Wisniewski, 2001). Service quality also could be defined as crucial decision-making criteria for service consumers (Cronin et al., 2000). Customers evaluate service quality by comparing organizational performance with their expectations (Zeithaml et al., 1993). However, Parasuraman proved and indicated that there is a problem with customer perception of service, because five gaps exist between the customer and the service provider during service delivery. The figure below illustrates the Service Quality Gap Model by Parasuraman. Figure 4: The Service Quality Gap Model Source: Parasuraman, Zeithaml, and Berry (1985) According to figure as above, it could be describes each gap as following; Gap1: Service provider not knowing what the customers expect Gap2: Service provider not selecting the right service design Gap3: Service provider not delivering to service standard Gap4: Service provider not matching performance to promises Gap5: The difference between customer expectations and customer perceived service (Legcevic, 2008) A gap which may occur between customer expectation and customer perception is not the only measurement of service quality. However, it is a determinant of customer satisfaction or dissatisfaction. If the service providers response to customer needs is below their expectations, the customer would estimate that the quality is low. Measuring the gap between expected and perceived service is a routine method of utilizing customer feedback(Pizam and Ellis, 1999). SERVQUAL Scale: The main benefit of the SERVQUAL instrument is that it helps management to measure the quality of service by comparing customers expectation of service and customer perceived service which categorizing each problem facet into five dimensions. It lets them classify the problems into dimensions, helping management to focus on the problems and improve service quality in the right way when some elements of service are found to be lacking. The SERVQUAL model was created by Parasuraman, Zeithaml and Berry in 1985. The 1985 version consisted of ten dimensions. The model was further developed, and in 1988 it was refined into five dimensions. The SERVQUAL model has been widely used as an efficient instrument for measuring service quality in many service industries (Asubonteng et al., 1996). The five dimensions are: 1) reliability, 2) responsiveness, 3) assurance, 4) empathy and 5) tangible. According to Parasuraman, Zeithaml and Berry (1985), they defined each dimensions as follows: Reliability: Ability to perform the promised service dependably and accurately Responsiveness: Willingness to help customers and provide prompt service Assurance: Knowledge and courtesy of employees and their ability to inspire trust and confidence Empathy: Caring, individualized attention the firm provides its customers Tangible: Physical facilities, equipment, and appearance of personnel The most important dimension that the customer used to evaluate service quality is the reliability dimension (Legcevic, 2008). Parasuraman developed a set of questionnaires using 22 parallel questions to measure customers expectation of service and customer perception of service in the five dimensions. The measurement uses a Likert Scale with seven levels ranging from strongly agree to strongly disagree. The service quality measurement of each pair of questions uses performance minus expectation. A positive score represents positive service quality (Parasuraman et al., 1988). Quality = Performance Expectation Nevertheless, there are numerous of academic studies which do not support these five dimensions. These studies determined that problems occur with this measurement method. Chen (2008) argued that SERVQUAL should add more dimensions to give the result more validity and credibility (Chen, 2008). Carman (1990) argued that each dimension should not be general because each service industry is different. Therefore, this model could not be used in the same format across industries (Carman, 1990). Although, there are weak points existing in SERVQUAL model, the concept of dimensions is still useful and when anyone interested in service quality issue, one choice which remind is SERVQUAL scale because its great to demonstrative power (Jain and Gupta, 2004). Then, it is used frequently today. SERVPERF Scale When discuss about SERVQUAL scale, it can not forgot to talks about SERVPERF scale as well. SERVPERF is one of service quality measurement scale. The results of both scale (SERVQUAL and SERVPERF), when compare these method to each other, the result which occurs are quite similar. However, there are differences in measuring process. Moreover, it is difference in reliability. To classify divergence between SERVQUAL scale and SERVPERF could be concise explain as following; SERVQUAL use customers expectation of service and customer perceived service to find service quality while SERVPERF use only customers perception for consideration. Cronin and Taylor (1992) compare between these two scales a found that SERVPERF is enough for measure service quality. However, the SERVQUAL scale is effective than SERVPERF scale because it provide more pragmatic diagnosis of service quality (Jain and Gupta, 2004). Customer Satisfaction: There are plentiful researchers studies on customer satisfaction. The definition of customer satisfaction is also diverse. Pizam and Ellis(1999) states that customer satisfaction is a psychological concept relating to a feeling of pleasure and well-being which is a result between needs in mind and an appealing product or service (Pizam and Ellis, 1999). The sense of satisfaction brings about positive attitudes which leads a customer seek that satisfying experience again (Assael, 1987). Customer satisfaction also has an influence on corporate survival. Naumann (1995) states that in order to attract a new customer, an organization has to pay costs in the form of time and resources equal to approximately five times that which is necessary to retain an existing customer (Naumann, 1995). Therefore, it leads the organization to determine quality as the ability to retain existing customers. However, not every customer will perceive the same level of satisfaction with the same level of service, because their sense of satisfaction is related to word of mouth communication and their past experiences (Pizam and Ellis, 1999). All people have had different experiences, thus they also have different objectives, needs and expectations. To ensure that the organization provides a high level of service quality, customer satisfaction surveys are necessary. Parasuraman, Zeithaml, and Bery (1994) suggested that product quality, service quality, and price are each factors that encourage satisfaction (Parasuraman et al., 1994). Customer loyalty develops when customers become satisfied with these different factors provided by the organization (Farrington et al., 2009). The following is a conceptual framework showing the connection of each element which involves customer satisfaction. Figure 3: A Conceptual Framework for the Effects of Perceived Product Quality, Service Quality, and Pricing Fairness on Consumer Satisfaction and Consumer Loyalty Customer Satisfaction Product Quality Perceived Product Quality Perceived Service Quality Service Quality Customer Loyalty Perceived Price Fairness Price Source: (Bei and Chiao, 2001) Understanding the critical elements described above, how they are related, and how they help the organization is a foundation to success in the service industry. Data required: The data required for this study would be based in information collected from Shangri-La Hotel, Bangkok customers. This research also requires the use of SERVQUAL as the main model to help measure service quality. Furthermore, may utilize some other theories from journal articles and textbooks which are related to this research. Other sources of information may include Shangri-La Hotel and Resorts information, particularly with regards to general information and occupancy data as required supporting in this research. Data sources: This research will utilize the following two types of data: Primary data: The primary data for this research will be collected from 100 hotel customers who stay at the Shangri-La Hotel, Bangkok for least one night. The guests will be selected by simple random sampling technique, and they will fill out questionnaires regarding hotel service quality. Each questionnaire shall contain three parts: the first part will be general information, the second part will be about the expectations, perceived service quality and third part is level of satisfaction of the customer. Secondary data: The secondary data will be gathered from literature such as journal articles, textbooks, Shangri-la Hotel, Bangkok data and hotel website sources. The process of data collection shall be conducted from June to July, 2010. Data collection techniques: This research would be collects the data from 100 of customers of Shangri-La hotel, Bangkok who stay at the hotel at least one night. The researcher would be select population sample by employ random sampling method and using questionnaire as the tools. The measuring service quality instrument in this research is SERVQUAL. The questionnaire composes of three parts as following; First part is about demographic data of customers (gender, age, nationality, occupation, reason for stay, how often that they have been stay at Shangri-La hotel, Bangkok and why they selected here as a place to stay). Second part, it would be focusing on customers expectation of service quality (customers expectations) and received service quality (customers perceptions), in this area customer would answer both of these two aspects into SERVQUAL dimensions. This research would use Likerts scale to measure into five point scales. Likerts scale is a instrument to help measure attitude and opinion (Laerhoven et al., 2004). On the customers expectation question side would be ask customer to rate ranging from Very unnecessary 1,2,3,4,5 Very necessary. On the customers perceive service question side would be ask customer to rate ranging from Very poor 1,2,3,4,5 Very good. Third part would be ask customer one question about their satisfaction of overall hotel service quality. In addition, researcher would leave the area for customer to add any recommendation. Data analysis: As for this research would be use SPSS program (Statistic Package for Social Science) to help analyze questionnaire survey. Timeline: Researcher has 13 weeks to process this report. This research process began on May 22, 2010. Due date of research proposal is on June 20, 2009. As for research final report is require to be submit on August 15, 2010

Direct :: Computer Science

Direct Direct input methods. In this report I am going to explain the different direct input methods starting off with bar codes. A single barcode number is actually seven units. A unit is either black or white. A unit that is black would display as a "bar". A unit that is white would display as a "space". Another way of writing a barcode unit is "1" for a single unit "black bar" and "0" for a single unit "white space". For instance, the number "1" is composed of the seven units, "0011001" or "space-space-bar-bar-space-space-bar". Remember, a single barcode number requires seven units. Also, on a UPC barcode the same numbers on the left-hand side (the Manufacturer Code) is coded different than the numbers on the right-hand side (Product Code). The left side numbers are actually the "inverted" or "mirrored" codes of the right side numbers, for instance what is a "bar" on the right-side, is a "space" on the left-side. The right-side codes are called "even parity" codes because there is an even number of "black bar" units. For instance the right-side "6" is "101000" - 2 even-numbered "black bar" units. The left-side is called "odd-parity" because there is an odd number of "black bar" units. For instance, the left-side "6" is "0101111" - 5 odd-numbered "black bar" units. Having different coded numbers for each side allows the barcode to be scanned in either direction. Direct input methods. In the second part of my report on direct input methods I am going to be talking about magnetic stripe readers. A magnetic stripe reader, also called a magstripe reader, is a hardware device that reads the information encoded in the magnetic stripe located on the back of a plastic badge. Magnetic stripe readers can be read by a computer program through a serial port, USB connection, or keyboard wedge, and are generally categorized by the way they read a badge. For instance, insertion readers require that the badge be inserted into the reader and then pulled out. Swipe readers require that the badge pass completely through the reader. The magnetic stripe on the back of a badge is composed of iron-based magnetic particles encased in plastic-like tape. Each magnetic particle in the stripe is a tiny bar magnet about 20-millionths of an inch long. When all the bar magnets are polarized in the same direction, the magnetic stripe is blank. Information is written on the stripe by magnetizing the tiny bars in either a north or south pole direction with a special electromagnetic writer, called an encoder. The writing process, called flux reversal, causes a change in the magnetic field that can be detected by the magnetic stripe reader.

Poem Comparing Essay

Good evening Mr. Georges and fellow classmates, I have researched about 2 poems and made a comparison between the two. I’m here today to talk to you about them and see what you think at the end of the speech. The two poems I researched were (on the sea, author John Keats) and (sea fever, author John Masefield). as you can see from the title of the poems that they are bot about the sea but don’t be confused, they’re both completely different stories. Both of these poems talk about the sea, they are both referring to the sea as a human and identifying it in a human characteristic kind of way. As we can see along the sonnet (on the sea), the author uses terms as uproar rude, mighty swell, caverns, and vexed, desolate shores. He also mentions The Greco-Roman goddess Hecate associated with magic and the wild. This is referring to the sea and how ruthless it can be. This poem deals with nature, focusing on its wild and violent side. This poem also reflects on human actions. The poem is comparing the nature with the human being, because we can also get wild and violent. It seems a criticism of the alienation of the human being -above all when living and working in big cities. So the author may be calling our attention – the speaker of the poem addresses to us (Oh ye!) -And giving us a piece of advice- not to underestimate nature. John Masefield’s poem â€Å"Sea Fever† is a work of art that brings beauty to the English language through its use of rhythm, imagery and many complex figures of speech. The imagery in â€Å"Sea Fever† suggests an adventurous ocean that appeals to all five senses. Along with an adventurous ocean, â€Å"Sea Fever† also sets a mood of freedom through imagery of traveling gypsies. These poems both use a rhythmic tone in their stanzas. In the sonnet â€Å"sea fever† lines 3 and four, it uses rhythmic language, these lines say â€Å"And the wheel’s kick and the wind’s song and the white sail’s shaking, And a grey mist on the sea’s face, and a grey dawn breaking† These are just two lines in the poem but if you actually read the poem you can see examples of rhyme throughout the whole poem. In the sonnet â€Å"On the sea† examples of rhythmic language can be found in the lines 4 and 5, these lines say â€Å"Of Hecate leaves them their old shadowy sound, Often tis in such gentle temper found† and as in the first sonnet, this sonnet also has rhythmic language throughout the whole poem. These poems also have their differences; they each talk about the sea but in a different perception. The sonnet, (on the sea), talks about the sea and how angry it can be, it is comparing the sea with human actions and is warning the humans to be careful of the nature. It talks about the Greco-Roman goddess Hecate associated with magic and the wild. I wonder if the author is referring to something that happened to his life that made him so angry to write this poem, what do you think it could be? The Author uses language techniques like Personification, Capitalisation and rhyme. He personifies the Sea in line 5 by saying it has a gentle temper. The author uses capitalization for the word †Sea† which makes me believe that he was trying to make the subject of the poem a human. â€Å"He uses Rhyme throughout the whole poem and it does make the poem seem more interesting to read. The sonnet (sea fever) is completely opposite to the sonnet (on the sea) because sea fever talks about the sea but it talks about a sailor and how he just can’t wait to get on a ship and sail into the sea. This poem talks about a sailor who is very excited to go out to sea, he wants adventure, and he wants a wild journey into the ocean living the vagrant gypsy life. The author refers to the sea as a home to this sailor unlike the sonnet (on the sea) which refers to the sea as a wild, dangerous and ruthless place. The author uses language techniques like Metaphors, emotive language and Repetition. Examples of Metaphors used in this poem are (sea and the sky) line 1, (star to steer) line 2, (and gull’s way and the whale’s way where the wind’s like a whetted knife) line 10. Examples of Emotive language used in this poem are (to the lonely sea and the sky) line 1 (and the sea gulls crying) line 8. An example of repletion is that he starts every stanza with the sentence (I must go down to the seas again). So in conclusion these poems are similar but different in many ways, and like me and you each of them has their ups and downs. They both talk about the sea but each in a different perception. Thanks for listening to my speech and I hope you gained a little information from me today.

Team Performance Reports Improve Team Productivity With CoSchedule

Team Performance Reports Improve Team Productivity With Tracking your teams performance can be†¦ well, challenging, to say the least. With multiple moving pieces Varying project timelinesand deadlines quickly approaching Consistent thoughts can include (but definitely not limited to) the following: â€Å"Are we completing all assigned tasks?† â€Å"Is my team overworked? Or worse, do they have enough work to do?† â€Å"Are we going to be late with a piece of content?† â€Å"Is an item going to be completedat all?† â€Å"How many tasks are overdue?† â€Å"Is an item going to get missed because I wasn’t tracking and supporting my team properly?† Yikes. With everything you have to keep track of already, you can hardly take the time to collect, measure, and analyze data about your team. So the bigger question from all of this is†¦ how can you fix + remediate any issues  if you can’t SEE how your team is performing? I mean as long as blog posts / emails / social media / etc. get out the dooryou’re good, right? Or at leastyou’re good for the meantime. BUT†¦ wouldn’t it be amazing if you could actually see your team’s performance? For instance, a nice gauge of all the items you worked on last month or a comprehensive list of completed, open, and overdue tasks? What if you saw a nice ‘ole 100% completion rate? And some correlating  GRAPHS 🠤“ †¦ created with data that came STRAIGHT FROM YOUR CALENDAR. Too good to be true? Think again :) Introducing  Team Performance Reports from . Gain insight into your team’s overall progress in one powerful report. Pinpoint areas of improvement, spot trends, and set realistic goals for your entire team (without all the tedious data collection). It’s going to make tracking your team much easier†¦ AND allow you the time to make adjustments so you can improve your team’s overall productivity. *GASP* Basically what I am saying is, it’s going to be pretty awesome. Gain Powerful Insight Into Your Team’s Overall Progress  In One Report Chasing down projects and tasks and deadlines is hard enough†¦ so adding another checklist item (like tracking down data and creating reports) when you are already swamped probably  isn’t going to happen. But with Team Performance Reports, we’ve made it easy for you to gain powerful insight into your team’s overall progress in one report, so you can focus on driving productivity and meeting your deadlines NOT scouring the calendar for project updates. It’s about saving you time, so you can focus on the things that matter (like your awesome content plan, of course). Now, let’s dive into how you can start making Team Performance Reports work for you. How to Get Started With Team Performance Reports To get started with Team Performance Reports, head to your Analytics tab on the left side of your calendar and select â€Å"Team Performance.† Your screen will look a little something like this: (!!!!) First,  specify your date range. From there, you can filter by person or project (read on for more details about this), view your overall completion rate and ultimately, grasp the productivity and progress of anything + everything you want to track within your calendar. *fist pump* Now, let’s talk about the SWEET completion rateand because you love data just as much as we do (#nerd), here is a quick explanation of how we get that number: Tasks Completed On Time: Tasks completed within your specified date range that are completed on or before the due date. Tasks Completed Past Due:  All the tasks due in a date range that are completed after the due date, and any tasks that were completed in the specific report date range that were overdue in a previous date range. Overdue Tasks:  Any tasks in the report date range that were not complete before or on the due date AND not completed before the end of the report date range. Basically, you’re going to be a TASK MASTER. #boom

French and Haitian Revolutions essays

French and Haitian Revolutions essays Throughout the French and Haitian Revolutions both political and social revolutions occurred. With the revolutions occurring first in France, lead to the need for Haitians to create there own government. A revolution takes place when people attempt to change the features of their society, that effect people as a whole. Most revolutions are decided by mass violence, which cant be controlled by the ones that started the action. Power over nations doesnt always come to the most authoritative and successful leaders, but also to countries that have financial success. Leading into 1614, France struggled to be financially secured. Louis XVI found a problem with the governments technique of selling congressional chairs to produce profit, because it took the absolute power that the king had previously. With the king beginning to feel pressured, steps where taken to prevent the public to become part of the governing body. In 1789, the Estates-General meet for the first time since 1614. The Estate-General was called to deal with the financial crisis. This Estate-General consists of the First Estate, the clergy, the Second Estate, the nobility, and the Third Estate, commoners. There purpose was to address the parliament of Paris, because of an attack on the parliament that gives agreement to the royal plan for taxing the nobility. At this point Louis XVI expected not to lose power to the owners of seats (nobles), or commissioners that made up what was called the third estate. The third estate was composed of a group that held one vote. This group was complied from the rich merchants to the poor peasants. These people where normally out voted by the other two estates, and they felt they were being deal with unfairly. With being barred from attending a meeting, the members met at in an indoor tennis court, where they came up with the Tennis Court Oath, which would break away from the Estate-General, and declare them the National As...