Fire Safety Legislations Essay Example | Topics and Well Written Essays - 1500 words

Fire Safety Legislations - Essay Example Many fire safety legislations have come into practice in recent decades and have reduced injury, death and calamity. Fire Precautions Act 1971 was the first exclusively fire devoted act and this was the result of the Report of the Holroyd Committee in 1970 which recommended that the law pertaining to fire safety should come under two branches: one that would apply to new and altered premises and other, to apply exclusively to premises that were already occupied. Committee found it so important that fire safety regulations should branch out to become more effective and understood by people, and this was necessary looking at the risk involved. In july 2002, the Office of the Deputy Prime Minister issued a Consolidation paper for further reforms on fire fighting legislation and amending wherever necessary, with a view to make it more understandable and less intimidating. New legislations are proposed to be introduced, dropping the certification which was made compulsory under the Fire P recautions Act 1971. Next major piece of regulation was The Fire Precautions (Workplace) (Amendment) Regulations 1999 to be followed by The Regulatory Reform (Fire Safety) Order 2005 and this Report tries to map the differences and similarities between them. "Houses occupied as single private dwellings are exempt, but the fire authority has powers to make it compulsory for some dwellings to be covered by a fire certificate" http://www.healthandsafety.co.uk/firep.htm Premises that require a fire certificate were many and for those premises, obtaining a certificate became mandatory. "The use of certain types of premises has been designated by the Secretary of State as requiring a fire certificate under the Fire Precautions Act 1971 (in Northern Ireland under the Fire Services (Northern Ireland) Order 1984 as amended). There are two designating orders in force in Great Britain - one relates to larger hotels and boarding houses; the other to those factories, offices, shops and railway premises in which people are employed to work" http://www.communities.gov.uk/index.aspid=1124874 Mainly these applied to non-domestic premises and the intention was reducing death and injury and damage. Provisions for reasonable means of escape, inspection were made and officers are entitled to take action to enforce the act. This was further fortified by Building Regulation Act of 1991 that limited internal fire spread including furniture and fittings by more regulations while considerable facilities for fire service was given including rules on fire warning and emergency lighting. Offices, shops, factories were covered according to number of workers. Guidance about storage of flammable materials, means for fighting fire, warning, training of employees, licensed premises, standards of fire precautions, inspection procedures, methods and types of inspection, escape related precautions, notifications of proposed changes were meticulously guided with extensive provisions. Some premises were exempted from fire certificate requirement and standards of exempted premises like factorie s and offices with only ground floor/basement/first floor power, not using explosive materials etc. had to be

The New BreatherSaver The Energy Mint Research Paper

The New BreatherSaver The Energy Mint - Research Paper Example Eventually, it became clearer that there are several ways to indulge the food industry in the manner production and marketing mint was adapting to. This has led to a new area of study in marketing strategy that the food industry so proudly presents to the world of corporate production and strategy formulation (Baldauf and Stair, 2010). In this discourse, the Hershey Company is applied as case study to explain the mint industry experiences in terms of product design overview, SWOT, marketing strategies, effectiveness and future performance predictions. Snack foods and chocolate business has had an all time high performance since the emergency of Hershey Chocolate Company that has since found a special market niche eventually renaming to the Hershey Company (Weaver and Weston, 2007). Continued evolution of the snacks market has not only witnessed competition among a number of market players but has also experienced diversification of products range. In the growing list of products is the market mint brand known as BreathSaver. Initially, it was exclusively produced and marketed by the Hershey Company but other food companies have joined in the production. Generally, the BreathSaver is a product that not only serves as an ordinary mint product for the market but is also enhanced to capture the market that needs breath fresheners. Neutrazin is a special additive to the mint product that makes the BreathSaver an exciting market hit. In terms of its design, the BreathSaver is an improved mint disc shaped into a cylindrical product made of mint to capture these two markets. Alternatively, there are a few other features that distinguish it from other mint products, mainly through the product design. One of such features is the embossment of the name BreathSaver on the product. In addition, there are various flavors and packaging designs which include a certain number of the mint rolls in a single packaging. Regarding the new product, BreathSaver

Principles of Marketing | Dissertation

Principles of Marketing | Dissertation Definition of Marketing Marketing is part of all of our lives and touches us in some way every day. Most people think that marketing is only about the advertising and/or personal selling of goods and services. Advertising and selling, however, are just two of the many marketing activities. In general, marketing activities are all those associated with identifying the particular wants and needs of a target market of customers, and then going about satisfying those customers better than the competitors. This involves doing market research on customers, analyzing their needs, and then making strategic decisions about product design, pricing, promotion and distribution. Philip Kotler says, Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. Broadly defined, marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others. Narrowly defined marketing involves building profitable, value-laden exchange relationships with customers. In short, it has been defined as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. The new definition given by American Marketing Association reads, Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. The marketing process Create value for customers and build customer relationships Capture value from customers in return In the first four steps, companies work to understand consumers, create customer value and build strong customer relationships. In the final step, companies reap the rewards of creating superior customer value. By creating value for customers, they in turn capture value from customers in the form of sales, profits and long term customer equity. Core concepts of marketing Target Markets and Segmentation A marketer can rarely satisfy everyone in a market. Everyone in the market has different taste, likeliness, income and spending habit. Not everyone likes the same soft drink, automobile, college, and movie. Therefore, marketers start with market segmentation. They identify and profile distinct groups of buyers who might prefer or require varying products and marketing mixes. Market segments can be identified by examining demographic, psychographic, and behavioral differences among buyers. The firm then decides which segments present the greatest opportunity—whose needs the firm can meet in a superior fashion. The lucrative segment/s are selected or targeted for offering/selling the product. For each chosen target market, the firm develops a market offering. The offering is positioned in the minds of the target buyers as delivering some central benefit(s). For example, Volvo develops its cars for the target market of buyers for whom auto- mobile safety is a major concern. Volvo , therefore, positions its car as the safest car a customer can buy. Customer Needs, Wants and Demands Needs are the basic human requirements. People need food, air, water, clothing, and shelter to survive. People also have strong needs for creation, education, and entertainment. The above needs become wants when they are directed to specific objects that might satisfy the need. An American needs food but may want a hamburger, French fries, and a soft drink. A person in Mauritius needs food but may want a mango, rice, lentils, and beans. Wants are shaped by ones society. Demands are wants for specific products backed by an ability to pay. Many people want a Mercedes; only a few are able to buy one. Companies must measure not only how many people want their product but also how many would actually be willing and able to buy it. Product or Offering Customers needs and wants are fulfilled through a marketing offer or product. A product is any offering that can satisfy a need or want, such as one of the 10 basic offerings of goods, services, experiences, events, persons, places, properties, organizations, information, and ideas. A brand is an offering from a known source. A brand name such as McDonalds carries many associations in the minds of people: hamburgers, fun, children, fast food, and golden arches. These associations make up the brand image. All companies strive to build a strong, favorable brand image. Value and Satisfaction In terms of marketing, the product or offering will be successful if it delivers value and satisfaction to the target buyer. The buyer chooses between different offerings on the basis of which is perceived to deliver the most value. We define value as a ratio between what the customer gets and what he gives. The customer gets benefits and assumes costs, as shown in this equation: Based on this equation, the marketer can increase the value of the customer offering by (1) raising benefits, (2) reducing costs, (3) raising benefits and reducing costs, (4) raising benefits by more than the raise in costs, or (5) lowering benefits by less than the reduction in costs. Exchange and Transactions Exchange, the core of marketing, involves obtaining a desired product from someone by offering something in return. For exchange potential to exist, five conditions must be satisfied: There are at least two parties. Each party has something that might be of value to the other party. Each party is capable of communication and delivery. Each party is free to accept or reject the exchange offer. Each party believes it is appropriate or desirable to deal with the other party. Whether exchange actually takes place depends upon whether the two parties can agree on terms that will leave them both better off (or at least not worse off) than before. Exchange is a value-creating process because it normally leaves both parties better off. Marketing Mix Marketers use numerous tools to elicit the desired responses from their target markets. These tools constitute a marketing mix. Marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market. McCarthy classified these tools into four broad groups that he called the four Ps of marketing: Product, Price, Place, and Promotion. Robert Lauterborn suggested that the sellers four Ps correspond to the customers four Cs. Winning companies are those that meet customer needs economically and conveniently and with effective communication. Marketing Philosophies and Concepts There are five competing concepts under which organizations conduct marketing activities: produc- tion concept, product concept, selling concept, marketing concept, and societal mar- keting concept. The Production Concept The production concept, one of the oldest in business, holds that consumers prefer products that are widely available and inexpensive. Managers of production-oriented businesses concentrate on achieving high production efficiency, low costs, and mass distribution. This orientation makes sense in developing countries, where consumers are more interested in obtaining the product than in its features. It is also used when a company wants to expand the market. Texas Instruments is a leading exponent of this concept. It concentrates on building production volume and upgrading technology in order to bring costs down, leading to lower prices and expansion of the market. This orientation has also been a key strategy of many Japanese companies. The Product Concept Other businesses are guided by the product concept, which holds that consumers favor those products that offer the most quality, performance, or innovative features. Managers in these organizations focus on making superior products and improving them over time, assuming that buyers can appraise quality and performance. Product-oriented companies often design their products with little or no customer input, trusting that their engineers can design exceptional products. A General Motors executive said years ago: How can the public know what kind of car they want until they see what is availablefi GM today asks customers what they value in a car and includes marketing people in the very beginning stages of design. The Selling Concept The selling concept, another common business orientation, holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organizations products. The organization must, therefore, undertake an aggressive selling and promotion effort. This concept assumes that consumers must be coaxed into buying, so the company has a battery of selling and promotion tools to stimulate buying. The selling concept is practiced most aggressively with unsought goods—goods that buyers normally do not think of buying, such as insurance and funeral plots. The selling concept is also practiced in the nonprofit area by fund-raisers, college admissions offices, and political parties. Most firms practice the selling concept when they have overcapacity. Their aim is to sell what they make rather than make what the market wants. The Marketing Concept The marketing concept, in the mid-1950s, challenges the three business orientations we just discussed. The marketing concept holds that the key to achieving organizational goals consists of the company being more effective than its competitors in creating, delivering, and communicating customer value to its chosen target markets. The marketing concept focuses on the needs of the buyer. Marketing is preoccupied with the idea of satisfying the needs of the customer by means of the product and the whole cluster of things associated with creating, delivering and finally consuming it. The marketing concept rests on four pillars: target market, customer needs, integrated marketing, and profitability. The marketing concept takes an outside-in perspective. It starts with a well-defined market, focuses on customer needs, coordinates activities that affect customers, and produces profits by satisfying customers. The Societal Marketing Concept Some have questioned whether the marketing concept is an appropriate philosophy in an age of environmental deterioration, resource shortages, explosive population growth, world hunger and poverty, and neglected social services. Are companies that successfully satisfy consumer wants necessarily acting in the best, long-run interests of consumers and societyfi The marketing concept sidesteps the potential conflicts among consumer wants, consumer interests, and long-run societal welfare. Yet some firms and industries are criticized for satisfying consumer wants at societys expense. Such situations call for a new term that enlarges the marketing concept. We propose calling it the societal marketing concept, which holds that the organizations task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumers and the societys well-being. The societal marketing concept calls upon marketers to build social and ethical considerations into their marketing practices. They must balance and juggle the often confiicting criteria of company profits, consumer want satisfaction, and public interest. Yet a number of companies have achieved notable sales and profit gains by adopting and practicing the societal marketing concept. Marketing vs. Selling Oftentimes, marketing and sales are perceived interchangeably. But in actuality, these are two different things. Selling is a small portion of the entire marketing scheme. Selling is the transaction where a product is transferred from the business owner to a buyer for a price. In contrast, marketing is a process that involves several steps ranging from the generation of a product idea to the delivery of that product to the customer. Even after delivery of the product to the customer, the marketing process continues with direct communication with the customer to obtain feedback about the product. Profits from satisfied customers Theodore Levitt of Harvard drew a perceptive contrast between the selling and marketing concepts: Selling focuses on the needs of the seller; marketing on the needs of the buyer. Selling is preoccupied with the sellers need to convert his product into cash; marketing with the idea of satisfying the needs of the customer by means of the product and the whole cluster of things associated with creating, delivering and finally consuming it. The marketing concept rests on four pillars: target market, customer needs, integrated marketing, and profitability. The selling concept takes an inside-out perspective. It starts with the factory, focuses on existing products, and calls for heavy selling and promoting to produce profitable sales. The marketing concept takes an outside-in perspective. It starts with a well-defined market, focuses on customer needs, coordinates activities that affect customers, and produces profits by satisfying customers. CHAPTER 2 MARKETING ENVIRONMENT In order to correctly identify opportunities and monitor threats, the company must begin with a thorough understanding of the marketing environment in which the firm operates. The marketing environment consists of all the actors and forces outside marketing that affect the marketing managements ability to develop and maintain successful relationships with target customers. A companys marketing environment consists of the actors and forces outside marketing that affect marketing managements ability to develop and maintain successful relationships with its target customers Importance: The marketing environment offers both opportunities and threats Changes in the marketing environment often occur at a rapid pace. Marketers tend to be trend trackers and opportunity seekers. The company must use its marketing research and marketing intelligence systems to monitor the changing environment. A systematic scan of the environment helps marketers to revise and adapt marketing strategies to meet new challenges and opportunities in the market place. The marketing environment is made up of a micro environmental and macro environment. The Companys Microenvironment The micro environment consists of six forces (actors) close to the company that affect its ability to serve its customers: The company itself (including various internal departments) Suppliers. Marketing channel firms (intermediaries) Customer markets. Competitors. Publics. The Company The first actor is the company itself and the role it plays in the microenvironment. Top management is responsible for setting the companys mission, objectives, broad strategies, and policies. Marketing managers must make decisions within the parameters established by top management. Marketing managers must also work closely with other company departments. Areas such as finance, R D, purchasing, manufacturing, and accounting all produce better results when aligned by common objectives and goals. All departments must think consumer if the firm is to be successful. Suppliers Suppliers are firms and individuals that provide the resources needed by the company and its competitors to produce goods and services. They are an important link in the companys overall customer value delivery system. One consideration is to watch supply availability (such as supply shortages). Another point of concern is the monitoring of price trends of key inputs. Marketing Intermediaries Marketing intermediaries are firms that help the company to promote, sell, and distribute its goods to final buyers. Resellers are distribution channel firms that help the company find customers or make sales to them. These include wholesalers and retailers who buy and resell merchandise. Resellers often perform important functions more cheaply than the company can perform itself. Seeking and working with resellers, however, is not easy because of the power that some demand and use. Physical distribution firms help the company to stock and move goods from their points of origin to their destinations. Examples would be warehouses (that store and protect goods before they move to the next destination). Marketing services agencies (such as marketing research firms, advertising agencies, media firms, etc.) help the company target and promote its products to the right markets. Financial intermediaries (such as banks, credit companies, insurance companies, etc.) help finance transactions and insure against risks associated with buying and selling goods. Customers The company must study its customer markets closely because each market has its own special characteristics. These markets normally include: Consumer markets (individuals and households that buy goods and services for personal consumption). Business markets (buy goods and services for further processing or for use in their production process). Reseller markets (buy goods and services in order to resell them at a profit). Government markets (agencies that buy goods and services in order to produce public services or transfer them to those that need them). International markets (buyers of all types, including governments, in foreign countries). Competitors Every company faces a wide range of competitors. A company must secure a strategic advantage over competitors to be successful in the marketplace. No single competitive strategy is best for all companies . Publics A public is any group that has an actual or potential interest in or impact on an organizations ability to achieve its objectives. A company should prepare a marketing plan for all of its major publics as well as its customer markets. Generally, publics can be identified as being: Financial publics. Media publics. Government publics. Citizen-action publics. Local publics. General public. Internal publics. The Companys Macroenvironment The macroenvironment consists of the larger societal forces that affect the microenvironment: Demographic. Economic. Natural. Technological. Political. Cultural The company and all of the other actors operate in a larger macroenvironment of forces that shape opportunities and pose threats to the company. Major forces in the companys macroenvironment include: Demographic Environment Demography is the study of human populations in terms of size, density, location, age, sex, race, occupation, and other statistics. It is of major interest to marketers because it involves people, and people make up markets. Demographic trends are constantly changing. Some of the more interesting trends are: The worlds population (though not all countries) rate is growing at an explosive rate that will soon exceed food supply and ability to adequately service the population. The greatest danger is in the poorest countries where poverty contributes to the difficulties. The most important trend is the changing age structure of the population. Generational marketing is possible, however, caution must be used to avoid generational alienation. Changing family structure Geographic shifts in population will also alter demographics. Changing educational level : In general, the population is becoming better educated. The work force is becoming more white-collar. Products such as books and education services appeal to groups following this trend. Technical skills (such as in computers) will be a must in the future. The final demographic trend is the increasing ethnic and racial diversity . Economic Environment The economic environment includes those factors that affect consumer buying power and spending patterns. Major economic trends include: Changes in income—personal consumption (along with personal debt) has gone up (1980s) and the 1990s brought recession that has caused adjustments both personally and corporately in this country. In the 2000s, consumers are more careful shoppers. Value marketing (trying to offer the consumer greater value for their dollar) is a very serious strategy in the 2000s. Real income is on the rise again but is being carefully guarded by a value-conscious consumer. Income distribution is still very skewed in the United States and all classes have not shared in prosperity. In addition, spending patterns show that food, housing, and transportation still account for the majority of consumer dollars. It is also of note that distribution of income has created a two-tiered market where there are those that are affluent and less affluent. Classes of consumers include: Upper class—spending patterns are not affected by current economic events and who are a major market for luxury goods. Middle class—somewhat careful about its spending but can still afford the good life some of the time. Working class—must stick close to the basics of food, clothing, and shelter and must try hard to save. Under class—(persons on welfare and many retirees) must count their pennies when making even the most basic purchases. Changing consumer spending patterns: Consider Engles Laws where differences were noted over a century ago by Ernst Engle regarding how people shift their spending across food, housing, transportation, health care, and other goods and service categories as family income rises. Spending patterns have generally supported his ideas. Marketers must carefully monitor economic changes so they will be able to prosper with the trend, not suffer from it. Natural Environment The natural environment involves natural resources that are needed as inputs by marketers or that are affected by marketing activities. During the past two decades environmental concerns have steadily grown. Some trend analysts labeled the 1990s as the Earth Decade, where protection of the natural environment became a major worldwide issue facing business and the public. Specific areas of concern were: Shortages of raw materials. Staples such as air, water, and wood products have been seriously damaged and non-renewable such as oil, coal, and various minerals have been seriously depleted during industrial expansion. Increased pollution is a worldwide problem. Industrial damage to the environment is very serious. Far-sighted companies are becoming environmentally friendly and are producing environmentally safe and recyclable or biodegradable goods. The public response to these companies is encouraging. Government intervention in natural resource management has caused environmental concerns to be more practical and necessary in business and industry. Leadership, not punishment, seems to be the best policy for long term results. Instead of opposing regulation, marketers should help develop solutions to the material and energy problems facing the world. Concern for the natural environment has spawned the so-called green movement. Environmentally sustainable strategies and practices are being created. Companies are recognizing a link between a healthy economy and a healthy ecology. Technological Environment The technological environment includes forces that create new technologies, creating new product and market opportunities. Technology is perhaps the most dramatic force shaping our destiny. New technologies create new markets and opportunities. Every new technology, however, replaces an older technology. The challenge is not only technical but also commercial—to make practical, affordable versions of products. Political Environment The political environment includes laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society. Business is regulated by various forms of legislation. Governments develop public policy to guide commerce—sets of laws and regulations limiting business for the good of society as a whole. Almost every marketing activity is subject to a wide range of laws and regulations. Some trends in the political environment include: Increasing legislation to: Protect companies from each other. Protecting consumers from unfair business practices. Protecting interests of society against unrestrained business behavior. Changing government agency enforcement. New laws and their enforcement will continue or increase. Increased emphasis on ethics and socially responsible actions. Socially responsible firms actively seek out ways to protect the long-run interests of their consumers and the environment. The recent rash of business scandals and increased concerns about the environment have created fresh interest in the issues of ethics and social responsibility. The boom in e-commerce and Internet marketing has created a new set of social and ethical issues. Privacy issues are the primary concern. Another cyberspace concern is that of access by vulnerable or unauthorized groups. Cultural Environment The cultural environment is made up of institutions and other forces that affect societys basic values, perceptions, and behaviors. Certain cultural characteristics can affect marketing decision-making. Among the most dynamic cultural char- acterisitics are: Persistence of cultural values. Peoples core beliefs and values have a high degree of persistence. Core beliefs and values are passed on from parents to children and are reinforced by schools, churches, business, and government. Secondary beliefs and values are more open to change. Shifts in secondary cultural values. Because secondary cultural values and beliefs are open to change, marketers want to spot them and be able to capitalize on the change potential. The Yankelovich Monitor has identified eight major consumer themes: Paradox. Trust not. Go it alone. Smarts really count. No sacrifices. Stress hard to beat. Reciprocity is the way to go. Me 2. Societys major cultural views are expressed in: Peoples views of themselves. People vary in their emphasis on serving themselves versus serving others.. Peoples views of others. Observers have noted a shift from a me-society to a we-society. Consumers are spending more on products and services that will improve their lives rather than their image. Peoples views of organizations. People are willing to work for large organizations but expect them to become increasingly socially responsible. Many companies are linking themselves to worthwhile causes. Peoples views of society. This orientation influences consumption patterns. Buy American versus buying abroad is an issue that will continue into the next decade. Peoples view of nature. There is a growing trend toward peoples feeling of mastery over nature through technology and the belief that nature is bountiful. Nature, however, is finite. Love of nature and sports associated with nature are expected to be significant trends in the next several years. Peoples views of the universe. Studies of the origin of man, religion, and thought-provoking ad campaigns are on the rise. Spiritual individualism may be a new theme. Chapter 3 Marketing segmentation Market Segmentation It is the process of dividing a market into distinct group of buyers who have distinct needs, characteristics or behavior and who might require separate product or marketing mixes. Market segment A group of consumers who respond in a similar way to a given set of marketing efforts. For Example: In the car market, consumers who want the biggest, most comfortable car regardless of the price make up one market segment. Consumers who care mainly about price and operating economy make up another segment. Requirements of Market Segments In addition to having different needs, for segments to be practical they should be evaluated against the following criteria: Identifiable: the differentiating attributes of the segments must be measurable so that they can be identified. Accessible: the segments must be reachable through communication and distribution channels. Substantial: the segments should be sufficiently large to justify the resources required to target them. Unique needs: to justify separate offerings, the segments must respond differently to the different marketing mixes. Durable: the segments should be relatively stable to minimize the cost of frequent changes. A good market segmentation will result in segment members that are internally homogenous and externally heterogeneous; that is, as similar as possible within the segment, and as different as possible between segments. Bases for Segmentation in Consumer Markets Consumer markets can be segmented on the following customer characteristics. Geographic Demographic Psychographic Behavioral Geographic Segmentation The following are some examples of geographic variables often used in segmentation. Region: by continent, country, state, or even neighborhood Size of metropolitan area: segmented according to size of population Population density: often classified as urban, suburban, or rural Climate: according to weather patterns common to certain geographic regions Demographic Segmentation Some demographic segmentation variables include: Age Gender Family size Family lifecycle Generation: baby-boomers, Generation X, etc. Income Occupation Education Ethnicity Nationality Religion Social class Many of these variables have standard categories for their values. For example, family lifecycle often is expressed as bachelor, married with no children (DINKS: Double Income, No Kids), full-nest, empty-nest, or solitary survivor. Some of these categories have several stages, for example, full-nest I, II, or III depending on the age of the c

Macbeth: Many People Were Involved In the Death of Duncan :: Macbeth essays

Macbeth: Many People Were Involved In the Death of Duncan There were many people involved in the death of Duncan, the King of Scotland. However, Macbeth bears the major responsibility for the murder. Macbeth committed the task by his own hand. He understood the significance of the prediction in relation to his own ambitions. Finally, Macbeth was aware of his actions and he accepted them. Macbeth murdered Duncan. He was the one who stabbed the King and he admits that freely in the play. "I have done the deed" relates Macbeth to his Lady after he completed the objective. (II, ii, l.19) Before the murder he says "I go and it is done; the bell invites me. Hear it not, Duncan, for it is a knell That summons thee to heaven, or to hell." (II, I, l.69-71) In such he plainly states his intent to murder Duncan and again later on, he mentions in a soliloquy that "To know my deed, ‘twere best not know myself." (II, ii, l.92) Preceding the actual death of Duncan, Macbeth's ambitions became apparent as the significance of the prediction and actual events emerged. Being an ambitious man, Macbeth said "I have no spur To prick the sides of my intent, but only Vaulting ambition which o'erleaps itself And falls on the other." (I,vii,l.25-28) In this speech Macbeth broadcasts his immense ambitions which are the only reason he is pursuing the witches prediction. Macbeth, upon hearing the witches speak was startled at their prophecy. Banquo said to him "Good sir, why do you start, and seem to fear / Things that do sound so fair?"(I,iii,l.54-55) Macbeth was startled because of the implications of the forecast. Macbeth had thought before about the very thing that he was now being told was his. He was infatuated with the idea and he lusted after information pertaining to it. "Stay, you imperfect speakers, tell me more: By Sinel's death I know I am thane of Glamis; But how of Cawdor? The thane of Cawdor lives, A prosperous gentleman; and to be king Stands not within the prospect of belief, No more than to be Cawdor. Say from whence You owe this strange intelligence? or why With such prophetic greeting? speak, I charge you." (I,iii,l.73-81) Macbeth began to fluster and ramble on, as if in fear that the truth of his thoughts become clear to those near him. He wanted more information from the witches on how he was to become King, but he feared that he would be considered

JetBlue Airways Corporation Essay

JetBlue Airways Corporation was formed in August 1998 as a low-fare, low-cost but high service passenger airline serving select United States market. JetBlue’s operations strategy was designed to achieve a low cost, whilst offering customers a pleasing and differentiated flying experience. JetBlue has had a successful business model and strong financial results during that period, and performed well in comparison to other airline companies in the US during the period between 2000 and 2003. It had been the only other airline apart from Southwest airlines, to have been profitable during the aftermath of the September 11, 2001 attacks on World Trade Center, and at a time when the entire airline industry was experiencing losses. The core of JetBlue’s strategy was low operating cost achieved through a smaller and more productive workforce; utilizing aircraft efficiently; better use of technology to achieve lower distribution cost i.e. use of electronic ticket as against paper ticket; use of brand new single model planes that reduced maintenance costs and training costs at the same time. However, moving into the growth phase, JetBlue was contemplating expansion with the introduction of a new model of planes, i.e. Embraer E190, that are smaller than the A320s that they were using. These planes were to be utilized for penetrating mid-size cities and also during off-peak times on existing routes. The company defined these markets as destination with 100 to 600 local passengers per day each way, compared to the much larger markets that the company was serving with its A320s. This had potential implications for its low-cost strategy. Jetblue’s expansion required investments in areas other than just new aircraft. Owen needed to decide how to raise additional capital to fund the  company’s growth. Investment bankers had presented two financing proposals; a new public equity offering and a private placement of convertible debentures. Own needed to decide which proposal, if any, to recommend to the board. QUESTION 1 PART A In early 2003, JetBlue continue to see opportunity to grow by adding both new market and new flight to existing destination. One of such new market where the company believed there was attractive opportunity was the mid-sized market segment which comprised of destinations with 100 – 600 local passengers per day each way. To accommodate this growth, the company is seeking to purchase 65 new Airbus A320, with an option to buy additional 50 new aircraft, and also committed to purchase 100 Embraer E190 aircraft, with the option to purchase 100 additional ones. Jetblue had embarked on a $6.8 billion plane acquisition program that would increase its aircraft fleet from 45 to 252, including existing aircraft purchase commitment. The company needs thus to think about a way to finance those acquisitions, as well as other needed investments such as spare parts, new engines, additional hangars and a flight training centre JOHN OWEN THE CFO OF JETBLUE IS TRYING TO DECIDE WHICH OF TWO FINANCING PROPOSALS (NEW PUBLIC EQUITY OFFERING AND A PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURE) TO PURSUE. A straight equity issue will dilute his principal shareholders’ ownership, but favored a conservative capital structure that would help to ensure JetBlue’s financial flexibility, access to capital and a favorable lending rate. On the other hand, a convertible debt alternative seems less dilutive, and cheaper, but brings with it an increased risk of default and financial problems. PART B The financing decision taken by the CFO is important because of the positive impact it is expected to have on the current and future performance of the JetBlue. The considerations as regards impact of the financing decision are discussed; IMPACT ON CURRENT PERFORMANCE OF THE COMPANY It is expected that the new capital would ease Jetblue’s ability to finance its short term obligations as JetBlue does not have a line of credit, or short-term borrowing facility. Therefore, the company depends on its operating cash flow to finance its short-term obligations The new capital will be required to finance working capital requirement of Jetblue, Working capital is the short term resources that are used to manage the business on a daily basis. This is otherwise referred to as current asset. The financing decision which is aimed at securing the purchase of the new 100-seat Embraer E190 aircraft would allow JetBlue to enter smaller markets while maintaining low operating costs, and increase flight frequency on existing routes. The low fares offered by JetBlue would allow it to attract new passengers who might otherwise not fly. Earnings from this market segment is expected to contribute to the profitability and positive financial performance of the company IMPACT ON FUTURE PERFORMANCE OF THE COMPANY The additional capital is expected to strengthen the company’s balance sheet at a time when JetBlue will be shouldering a significant amount of debt related to new aircraft deliveries. The decision on financing method would result in a strong capital structure for Jetblue which would ensure that the company would continue to grow while avoiding financial problems. The new cash inflow which is directed at ensuring JetBlue achieves its expansion activities. It is expected that the company will be in a position to purchase larger volumes of jet fuel and would thus have more leverage in procuring fuel than today. The company will thus suffer relatively less from fuel shortages and the negative impact a rise in fuel has an operating income QUESTION 2 PART A John Owen the CFO of JetBlue generally favored a conservative capital structure. A conservative funding strategy is when a firm finances both its seasonal and permanent requirement with long term debt. The criteria which John Owen used to evaluate his decision on the appropriate capital structure and mode of financing to support the expansion drive of the business are; FINANCIAL FLEXIBILITY: This refers to the firm’s ability to take advantage of unforeseen opportunities or their ability to deal with expected events depending on the firm’s financial policies and financial structure. A firm with a high debt obligation and weak solvency and liquidity is not financially flexible. FAVORABLE LENDING RATE: The lending rate to a business varies directly with the risk associated with any given financial structure which can be accessed by leverage analysis. It is expected that a higher leverage (as a result of accepting debt offering) tends to amplify a firm’s predictable business swings i.e. associated risk. This inclines to increase lending rate to the firm and ultimately result in an unfavorable lending rate. CONTROL: The financing scheme of a company can imply changes in control constrains on the firm, this can be indicated by percentage distribution of share ownership and structure of debt covenant. There is a high chance that the board of directors will not favor the equity offering as they were  sensitive about the dilution (i.e. control dilution) that an equity offering would cause to existing shareholders. INCOME: This compares financing tactics on the basis of their effect on value creation and distribution i.e. the impact on Earnings per share (EPS) and Return on equity (ROE). The debt option limited the ability of Jetblue to manage one of the airline’s principal risk; rising fuel prices. As discussed above, the debt offering afforded Jetblue less financial flexibility. If fuel prices rose unexpectedly, operating income will decline thus hurting JetBlue’s ability to meet the additional debt service payments. PART B Other criteria John Owen could use to evaluate his decision on the appropriate capital structure and mode of financing are; Timing: This considers whether the current capital market environment is the right time to implement any alternative financial structure and what the implication for future financing will be if the proposed structure is adopted. Financial market condition often favour one or another kind of financing. Others: This is the consideration of the impact of the alternative financing choice on other issues and vice versa. An example is the ability to use collateral to reduce the costs and risk of debt financing and the effect of various financing tactics on the liquidity of investment. REASONS WHY JOHN OWEN SHOULD PROPOSE THE EQUITY FINANCING OPTION From the above analysis, it can be deduced that using equity financing option minimizes the company’s weighted average cost of capital, thus maximizes the overall stock price of the company and the shareholders’ wealth. The NPV of the company is higher under the equity financing option JetBlue, as any airline company has a debt to equity ratio of 61.21% and incurs very high fixed costs as a result of high value operating property and equipment. An equity offering would increase the financial flexibility of the company. The company has a very high operating leverage as a result of variability in fuel price. This exposes the company to the risk of cash flow projections errors in case it does not meet the projected revenues figures. Any variation in the estimated revenues, might lead the company to a position where it could not meet its financial obligations related to debt. From this point of view, JetBlue needs to secure its cash flows. This can be achieved using equity financing. The lending rate to a business varies directly with the risk associated with any given financial structure which can be accessed by leverage analysis. Issuing equity will reduce the leverage of business and reduce lending rate. PART C Other financing option I would like to recommend to the board and John Owen are; JetBlue can consider some other alternatives as well. Indeed, the company can issue some preferred stock. This stock might be considered as equity in accounting, to strengthen the balance sheet of the company, but will at the same time accommodate the board members’ concern about dilution. Another alternative might be the issuance of simple corporate bonds. The coupon rate for those will however be higher than the 3.5% of the convertible bonds. This option will thus cost more for JetBlue than convertible bonds QUESTION 4 PART A Aviation fuel cost is the second largest operating cost in the airline industry after payroll, this has significant impact on operating and financing risks of a company. IMPACT ON OPERATING RISK: In 2002, JetBlue’s fuel cost amounted to $76 million or 14.4% of operating cost. In the event that fuel prices rises, there will be a significant drop in operating income and higher exposure to operating risk (risk created by operating leverage). Operating leverage is the magnification of the top half of the income statement, it measures how EBIT changes in response to changes  in sale, and the relevant cost is the fixed cost of operating the business. It is expected that as operating leverage increase due to jet fuel increase, the operating risk of the business likewise increases. IMPACT ON FINANCING RISK In the event that jet fuel rises, it is expected that operating profit will drop and operating leverage would increase. This will also hurt JetBlue’s ability to meet the additional debt service payment i.e. it may face risk of default or potential financial loss which is known as financial risk. Financing risk is the risk associated with financing and its created by financial leverage. Financial leverage is the magnification of the bottom half of the income statement, it measures how EPS (earnings per share) changes in response to changes in sale, and the relevant cost is the fixed cost of financing, in particular interest. PART B The operating and financing risk exposure of JetBlue through rising fuel price of JetBlue has being managed in the past through hedging 75% of its fuel using a combination of CALL OPTIONS, SWAPS AND COLLARS hedging instrument. PART C HEDGING: Fuel hedging is a contractual tool some large fuel consuming companies such as airlines (JetBlue) use to reduce their expose to volatile and potentially rising fuel cost. A fuel hedge contract allows a large fuel consuming company to lock in the cost of future fuel purchase, allowing an increasing number of airlines to avoid surprises from unforeseen cost fluctuations. The hedging could be done via a commodity swap or option. One of the basic reasons why a company enters into hedging contract is to mitigate their exposure to future fuel prices that may be higher than current prices and/or  to establish a known fuel cost for budgeting and predictability of earnings. PRINCIPAL WAYS JETBLUE HAS BEING USING HEDGING TO MANAGE FUEL PRICING RISK: Jetblue is a small airline which had less leverage in procuring large volume of jet fuel in order to mitigate risk of volatility or shortage of jet fuel. In order to mitigate fuel pricing risk, Jetblue used a combination of fuel call option, swaps and collars hedging instrument. From time to time Jetblue has simply bought call options which tend to be at least $5 per barrel. HOW THE HEDGING INSTRUMENT WORKS The hedging instrument mostly used by JetBlue is the call option. CALL OPTION: This is a financial contract between two parties, the buyer and the seller of this type of option. The buyer of the option has the right but not the obligation to buy an agreed quantity of a particular commodity (jet fuel) from the seller of the option at a certain time (the expiration date for European call option or at any time during the life of the option for American call option) for a certain price (the strike price). The seller is obligated to sell the commodity (jet fuel) or financial instrument should the buyer so decide. The buyer pays a fee called a premium for this right. In the case JetBlue, the premium it pays is at least $5 per barrel. SWAPS: Swaps are tailor made futures contract whereby an airline exchanges payment at a future date (which can be in jet aviation fuel and could be further into the future into the future than possible through commodity exchanges), based on the fuel or oil price. There could be an arrangement with a supplier such as Air BP. The airline would buy a swap for a period of say one year at a certain strike price for a specified amount of jet fuel per month. The average price for that month is then compared with the strike price, and if it exceeds it the counter-party would pay the airline the difference times the amount of fuel. However, if it were lower, then the airline would pay the difference. They lock in a given price, as with forward contacts. COLLARS: This is a combination of a call and a put option. The call protects the holder from adverse price increases above its strike price, at a cost of the option premium that would be paid in any event. The holder of this call also writes a put option that limits the advantage it can take of price reduction below its strike price. The total cost of taking the two options is the call option premium paid less the put option premium received. A collar limits the speculative risk to a small range of price moves and locks in the price that will be paid for fuel between two known values.

Comparison of King Richard III and Looking for Richard Essay

Examinations of Shakespeare’s play ‘King Richard III’ and Pacino’s docu-drama ‘Looking for Richard’ reveals relationships between the texts and their respective audience. The fifteenth century and twentieth century contexts demonstrates the values of each text and enables understanding of how the film enriches the ideas presented in the play. ‘King Richard III’ portrays a hateful, corrupted Richard exploring divine justice and the notion of appearance versus reality in the context of the Elizabethan era. With a time difference of four centuries ‘Looking for Richard’ reflects the Pacino’s quest to understand a Shakespearean text through a personal examination of the same character. This docu-drama reflects the postmodern era’s absence of divine order and the change of conscience. Through the comparative study of these texts our understanding of different contexts and values are illuminated. Shakespeare portrays Richard’s deception through his soliloquies and asides, revealing his multifaceted nature. Richard is shown to use intelligent word play, irony and stichomythia; he is ultimately cast as the Machiavellian character â€Å"determined to play a villain†. Richard blames his appearance for his immoral acts â€Å"deformed, unfinished, sent before my time† and uses it to fulfill his hunger for power. Richard’s duplicity is emphasized when Clarence is sent to the tower. Any sympathy elicited from the audience is undermined by the thick irony in the dialogue. Richard appears to have no idea what is going on and innocently asks â€Å"Brother, good day. What means this armed guard/ That waits upon your grace?† Richard then tries to act like the loving brother â€Å"Brother farewell†¦ this deep disgrace/ Touches me deeper than you can imagine†. The Elizabethan audience is reassured that divine order will be restored and retribut ion will be reaped, Richard will be punished for his deceptive act. ‘Looking for Richard’ reflects the values of its society as Pacino attempts make Shakespeare accessible to a twentieth century audience. The film begins and ends with an intertextual extract from ‘The Tempest’ justifying the ambiguity of the twentieth century â€Å"†¦this insubstantial pageant†¦such stuff that dreams are made on†¦Ã¢â‚¬  reinforcing that life cannot provide us with stability in the search for the truth and  morality as it is endless, unlike the Elizabethan era. Pacino’s portrayal of Richard shows his ability to deceive those who trust him â€Å"he’s in good shape. He can move around. He can maneuver†. He plays the villain, loving brother, resistant king and desperate lover with skill. The fluid editing between rehearsal scenes, the staged performances and the actors’ heated discussions reveal Richard’s ability to construct the truth. Richard’s punishment is not God’s divine r etribution as he is haunted by his conscience. The final scene almost persuades the audience to feel sympathy in his death. Low angle shots reflect his loss of power. A contemporary audience understands that humans are multifaceted and do not condemn his deception as instantaneously as the Shakespearean audience. ‘King Richard III’ depicts Richard’s character through divine order and justice. Richard attempts to usurp authority as king being the catalyst of chaotic events. Richard removes anyone that acts as a barrier, including his own family â€Å"lies well steeled with weighty arguments†. His hunger for power results in his diabolic depiction â€Å"foul devil†, as he attempts to disturb divine order. The text was set in a theocentric society, God will seek retribution to anyone who goes against his will, demonstrated by Shakespeare when Margaret curses Richard for killing her husband and son â€Å"sin, death and hell have their marks set on him†. Richards disruption to moral order caused chaos, therefore divine order had to be restored. Richard had to pay the ultimate price for his sins â€Å"Hie thee to hell for shame†¦ there thy kingdom is† as justification in the Elizabethan era. ‘Looking for Richard’ ignores Richardsâ₠¬â„¢ villainous chaos, instead targeting the audience who live in a world where importance is placed on the individual. This is evident when Pacino states â€Å"A person has an opinion. It’s only an opinion. It’s never a question of right or wrong.† The dialogue demonstrates that theocratic elements are no longer universally accepted. The film juxtaposes twentieth century values with those of the Elizabethan people to show that people are guided only by their own morals. This is shown as Pacino chooses to focus the conversation of Clarence’s murderers on their own individual guilty consciences â€Å"Faith, certain dregs of conscience are here within me†. Pacino chooses to cut out the religious rhetoric to stress that Elizabethan values seem irrelevant to the contemporary audience. Rapid camera movements portray  Richard as a tormented, psychologically unstable man. He becomes haunted by the ghost of his conscience and is punished by his madness rather than his death. ‘Looking for Richard’ proves there is no fear of retribution, only the impact of their immoral behaviour on their identity. In our contemporary context justice is displayed as of individuals own psychological destruction and guilt, rathe r than endorsed by God. The analysis of â€Å"King Richard III† by Shakespeare and â€Å"Looking for Richard† by Al Pacino extends our understanding of the values and contexts of the texts and the attributes they share. Shakespeare’s Elizabethan audience valued religion and God’s restoration of rigid order as Pacino’s twentieth century audience have no decisive spiritual references and live in a world where independence is placed on the individual. The contextual comparison of the texts furthers our understanding of the values portrayed within two largely diverse time periods.