Social Desirability and Effectiveness of a Fat Tax in Countering Essay

Social Desirability and Effectiveness of a Fat Tax in Countering Obesity and Dietary-Related Disease in Canada - Essay Example Food labeling measures have been implemented for years, but despite such policies being in place, people in these nations continue to grow obese. Recently, most governments, especially in America, Europe and parts of Asia have or are considering implementing high tax policies on junk food. Experiences show that food tax policies are withdrawn later for their unintended consequences, with only a few exceptions of countries like Finland that seem to progress well with such policies. Thesis: This paper asserts that fat tax yields unintended consequences by impacting consumers differently in reference to regression effect, and there are challenges in altering consumer dietary behavior. Fat tax alone is an insufficient measure to solve the problem of obesity in any country; it would require combined policies and regulations by different responsible parties to alleviate the health problem. Each government has individually selected which food categories to impose the tax on. Some focus on levying high sugar foods, while others focus on fat saturation or the cholesterol content. These are some of the ways used to evaluate taxable junk food. However, defining junk food is complicated for the reason that it extends even into the healthy food types. First, not every meal that is served at the table even in sizable proportions is healthy or has the right nutritional value. Researchers classify vegetables and fruits among the recommended food types, others extend to healthy fatty acids which can be challenged when high-fat content is considered, but place a bias on the served fast foods at most outlets, targeting those prepared or manufactured with high sugar, salt, fat, cholesterol and fat-saturated or low vitamins contents. Others define unhealthy foods as a combination of the latter category but criticized to be rather harsh on the consumer.

Samsung electronic corporate governance practices Essay

Samsung electronic corporate governance practices - Essay Example During the collapse of large corporations during (2001-2002), fraud, embezzlement of funds were notably blamed for this phenomenon (2013 Samsung Electronics Annual Report 10). Today, some of the leading companies such as Samsung have managed to create a monumental corporate governance policy. Sadly, many people have little knowledge on the significance of company corporate governance. This paper will explore Samsung financial reports, the audit committee, board of directors and their roles in order to enhance in-depth understanding of the corporate governance. Besides, a historical review of the company under scrutiny will enhance a better reflection of the milestone that has led to the development of concrete policy. Samsung Company came into existence around 1938 after the first Samsung General stores opened its doors. It is a company dealing with three-tire electronics portfolio, namely electronics, mobile devices and information technology. It is a company that has defined its position within a competitive and dynamic electronic industry over a few decades. During its inception, the company objectives included provision of world-class electronic devices that will improve access to information. Today, the company boost of monumental corporate governance that has led to investment in advance technology and enormous proceeds. By 2013, the company has raised its shares to 130 million that translated to 10% growth rate from the previous year. Today, the company faces vulnerability to litigation due to patent suits. Notably, Apple sued Samsung in 2012 in numerous country, including U.S, Japan, China among other big consumers (2013 Samsung Electronics Annual Report 12). In addition, the company faces a high capital requirement occasioned by unpredictable shift in technology and customers change in taste and preference. Besides, there are new entrants in the market coupled with huge tax levies and international customs poses uncertainty in future profits

Modern Germany in the span 1648 to the present day Term Paper

Modern Germany in the span 1648 to the present day - Term Paper Example Germany in dealing with its enemies to win a war makes them be the hammers as opposed to the Anvil. For example when France declares war in 1870, the Germans reluctantly places their army under the command of the Prussian King, this act is purely seen as a German cause (Heath pg. 78). After the victory of the war in sedan, Germany achieves unification and in November, the same year a deal is struck resulting into a single state under the Prussian leadership. In the arrangement, William I is extremely reluctant to accept the title of emperor of which Bismarck later convinces him and he proclaims the Hall of Mirrors at Versailles and his s the symbol of French power and Triumphalism. The occurrences of this period are just a form of strategy as later an added twist of the knife comes in when victory is imposed by Bismarck of the Prussian troops through the streets and Germany becomes the hammer once more (Taylor pg. 76-9). The ancient German Reich gets reconstituted into a modern, comp act, national form in which the Reichstag comes back as a form of parliament. A meeting is held in Berlin of all the delegates elected all over the new nation. The Reichstag at this stage is only a legislative body that command very little control over the executive arm of the government. this makes Bismarck be the executive himself more than ever before and by an extent qualifies him as the first imperial chancellor. He commands the whole of the German empire that consists of 4 kingdoms, 5 grand duchies, 13 duchies, principalities and other free cities. This period marks the unification of Germany into a nation of federal in nature and with a strong central control making the story of Prussia be that of Germany (Heath pg. 128). Concisely, this is he period in German History where the country experiences a rise in nationalism in the face of Napoleon’s Conquest. Thereafter, Germany became united under the auspice of Prussia where Australia is left out. The country prospers fur ther through the growth in agricultural sector and an end to serfdom; such developments are followed by a growth of industry and railroads (Taylor pg. 224). The next face in the history of Germany is the duration between 1890 and 1945, which begins by the signing of the Heligoland-Zanzibar Treaty, which made Germany gain control of a strategic Island near its main seaports and gained agreement on its colonial holdings in Africa (Solsten pg. 59). This saw Germany turn its colony, Zanzibar to Britain. It is within the same period that the Rudolf Diesel engine is invented as well as the Kruger telegram sent. For the better part of he century after Bismarck’s fall, a political paralysis is realized in Germany as a result of the political system that he left in place. This is largely attributed to the lack of reforms that existed between the democratic Reichstag, the parliament of the new united Germany, which came in place through an election by universal suffrage, in the mix, is also the parliaments of the individual states (Heath pg. 223). Bernhard Von Bulow, the new Reich Chancellor announces the second proposal for a German fleet in which he expresses his belief on an expansionist German foreign policy. This is because he believed that political expansion was necessary for the sole reason of protecting Germany from other powers. He metaphorically uses, â€Å"the hammer and anvil, phrase as he speaks to his fellow citizens (Taylor pg. 72).

Amazon's Data Assurance Policies Assignment Example | Topics and Well Written Essays - 750 words

Amazon's Data Assurance Policies - Assignment Example Amazon’s customers receive immediate notification of whether the transaction has been successful.   This is done first immediately online, giving them an opportunity to keep a printed record as well as being stored in their account history, which is viewable online.   An electronic mail is also sent to the customer as a further notification and security measure.In a credit card transaction there are three stages to processing an order; namely, authentication of the cardholder, authorization for the transaction from the card issuer, and eventually settlement by the card issuer with Amazon.   Once the card issuer authorizes the transaction Amazon will send a confirmation to the customer.   In a successful credit card transaction for an existing customer the following information assurance policies are embedded within Amazon’s order processing system to safeguard customers, Amazon and the card issuer against the risk of identity theft:Amazon’s information as surance policies ensure that it does not collect any data from customers that is not required either to facilitate online transactions or to improve the quality of their experience whilst on the site.   For example, behind the scenes, Amazon ensures that all credit card numbers are transferred to and stored on a computer that is not accessible by network or modem or connected to the Internet.   This is done via a one-way interface.   This acts as another layer of protection from internal security risks as most staff will have no reason to access that server.Often the weakest point in the information assurance policy is interaction with the end-user, as an organization relies on the end-user to keep personal data accurate and safeguard against threats to the integrity of network systems to which they have access.   Amazon’s success here is mixed.   For example, customers are forced to keep their personal data accurate in order to be authenticated for purchasing from the site and Amazon does not collect personal data for any other reason.  

Ulysses And Tennysons Narrative Techniques Essay Example for Free

Ulysses And Tennysons Narrative Techniques Essay A: Look again at Ulysses and write about Tennysons narrative techniques In Ulysses, Tennyson presents the characteristics and attitudes of the eponymous central character through the dynamic form of the dramatic monologue. Through an adroit blending of literary techniques including those of structure, form and language, he seeks to clarify much of the mystique behind the mythological background of Ulysses, and reveal his persona of desire and heroism, alongside his undesirable traits of contemptuousness and hubristic pride. Throughout the poem, its form and structure allow Tennyson to reveal the character of Ulysses as he wishes him to be portrayed. Ulysses takes the form of the dramatic monologue, with Tennyson adapting the persona of his mythical character and using this form to reveal Ulysses character through his own words. This choice of form, combined with the structural use of unrhymed iambic pentameter, or blank verse, allows the poem to adopt a rhythm that is one of the closest imitators of human speech in verse. This makes the words that Tennyson, writes and Ulysses speaks take on a much more personal tone and a deeper meaning, fully disclosing his character and attitude in a way that a more artificial and structured form, for example the Spenserian, simply could not achieve. This effect is added to the by the extensive and contrasted uses of enjambment and caesurae, further imitating the depth and sincerity of speech rhythms, examples being The long day wanes: The slow moon climbs: the deep/Moans round with many voices, the listed pauses of wanes and climbs accentuating the slowness of the day and moon, and the enjambment through the deep stressing the true profundity of said deep. Furthermore, the extensive use of enjambment allies with the themes of endeavour to an excessive, almost unattainably foolish level, the line beyond the utmost bound of human thought exemplifying this, the poem runs on to the excess of Ulysses mind. Finally, the balance between lines and theme is also important- twenty-six lines go on the zeal of Ulysses previous explorations, and a further twenty-six go on his hopes, fears and attitudes for and towards the future. In contrast, he spends only eleven lines on his government and responsibility, and can spare just a single bitter indictment, aged wife for the ever faithful Penelope. This structure echoes the theme of responsibility against detachment- Ulysses excessive description of himself and the fleeting mention of his subjects illustrates his abdication of responsibility and the egocentric nature of his character, although this could be expected from a great classical king. It also exemplifies the excessiveness of Ulysses ambition, an excess that as the monologue progresses, can be seen to expand to encompass the boundaries of the foolish, the detrimental and the unattainable. However as in much of his verse, the main techniques that Tennyson uses to portray the ideas and themes of Ulysses character are those of imagery and language. This is especially evident through the contrasting imagery and rhythm of his description of his people against his adventures. The initial imagery of the poem, of an idle king, and the barren crags of his kingdom of Ithica, sets up a tone of monotony, suggesting Ulysses lack of passion or feeling for his duties and who unto his duties are performed. This takes another level with his description of his own people, Unequal laws unto a savage race, /That hoard, and sleep, and feed, and know not me. This description shows his contempt and lack of compassion for his people, as they are given a primitive, uneducated character as opposed to his own illustrious nature that is revealed throughout the poem. Furthermore, the lack of even a personal pronoun, that instead of who, for example, furthers the distance between him and his people, the idea of detachment being inverted in conjunction with that of responsibility. The final nature of this point is in its structure- the monosyllabic, strong and harsh beats of hoard, and sleep, and feed portray the tedium that Ulysses sees himself to rule. This contrasts directly with the opening descriptions of Ulysses own character, and his views and memories of his past adventures. He states, I cannot rest from travel: I will drink/Life to the lees, with the enjambment through the two lines portraying the excess and the metaphorical consumption of the lees that he strives to reach- the words could also suggest a curse however, with the extent such that as he consumes so much of life, he will inevitably take in the less desirable and the negative aspects. This consumption imagery is continued with For always roaming with a hungry heart/Much I have seen and known: cities of men/And manners, climates, councils, governments, the listed monosyllables now highlighting how far he has gone, rather than the extent of his contempt in the previous usage- this highlighting the contrasting areas of Ulysses character. Tennyson also employs the technique of antithesis to highlight the extent of Ulysses zeal for travel, and to show that this may reach the realms of foolishness, introducing the idea of the glamour of the unattainable. He states All times I have enjoyed/Greatly, have suffered greatly, both with those/That loved me, and alone, the use of antithesis in the images and the enjambment of the lines combining to highlights Ulysses powerful, almost excessive desire for travel- the excess continues through the drunk delight of battle, as he metaphorically revels in the bitterness of war to the extent that it is almost an addiction of the mind, to the extent that he has become a name. This can be interpreted in many ways- he could be known world over for his great journeys, or left simply as a shadow of a man, with just the superficiality of a name to back up his previous greatness, his involvement with a part of all that I have met. He then moves on to talk of celestial imagery filled with gravitas- Yet all experience is an arch wherethro/Gleams that untravlld world, whose margin fades/For ever and ever when I move, the enjambment of the lines highlighting the fading of the arch, as if he will never be satisfied, that the unattainable is the most desirable. This continues to the extent of To follow knowledge like a sinking star,/Beyond the utmost bound of human thought, the simile of celestial permanence being juxtaposed against its own sinking possibly revealing an acceptance of his plausibly misguided nature, and the exaggeration of utmost bound of human thought showing the foolishness in his wants, or simply highlighting the zealous heroism that runs throughout the poem. The tone of the imagery changes upon his reference to Telemachus- his son who will inherit his title of King. He describes him as blameless and decent not to fail, ending the reference to his son with He works his work, I mine. This shallow praise highlights a caring for his son, but more interestingly reintroduces his contempt and condescension towards his responsibilities- the final patronising and heavily accented I mine implying a scornful attitude towards the insignificant duties that he considers Kingship to be. These descriptive epithets of Telemachus, blameless, discerning, are spoken with an air of indifference bordering on malicious contempt, and become ironic through Ulysses own abdication of duty, though this does not have the effect of removing the depraved tone. The shortening of the lines when referring to Telemachus also relate to his attitude through structure- the zeal of the enjambment and fleshed out lines of his memories (and future plans further on in the monolo gue) is replaced by short, sharp lines, as if they are confined, as opposed to the free flowing, almost liberated verse of his memories. As the tone changes with thoughts of the future, he talks of his trusted mariners, those who have Toild, and wrought, and thought with me, the use of thought over fought being an interesting idea, possibly highlighting Ulysses earlier intellectual superiority over his savage race. He then moves on to talk of death and its consequences- Death closes all: but something ere the end,/Some work of noble note, may yet be done, his acceptance of deaths reality juxtaposed against his overwhelming zeal for exploration heightening the sense of purpose to a possible extent of foolishness. This is furthered by lines like It may be that we shall touch the Happy Isles/ One equal temper of heroic hearts/Made weak by time and fate, but strong in will, the idea of the acceptance of time and fate being more powerful than himself removing the previous hubristic tone that accompanied his words. The final line, To strive, to seek, to find and not to yield, exemplifies all that is revealed about Ulysses in the monologue- he will endure to the end, whether or not if it is the right, or even most rational course of action- his desire will conquer all, as much as he accepts that ultimately, death has the same enduring power. In conclusion, Tennyson uses many literary devices to portray the nature and attitudes of the mythological character of Ulysses. Through artfully blending technically adept poetic devices against the purest echo of human speech, he reveals the multi faceted character of Ulysses through his words, allowing the reader to fully understand the motives behind Ulysses seemingly limitless ambition, and the more sinister power that this ambition can hold to the detriment of the individual- a powerful message to society, as well as an exploration of one of the most remarkable characters of mythology. B: How far do you agree that the character of Ulysses is far from heroic? Tennysons dramatic monologue, Ulysses has been subjected to many literary interpretations since its first drafting in 1833, just weeks after the death of Tennysons closest friend, Hallam. One of the most debated points is on the nature of Ulysses character in relation to heroism, and whether he is the typically zealous and gallant mythological king, or a misguided and erroneously naà ¯Ã‚ ¿Ã‚ ½ve individual, who obsessively seeks the unattainable alongside a malicious contempt for those for who he should hold responsibility. Of course, the concept of heroism is not the only interpretation of the character of Ulysses that has been presented- ideas of responsibility and of social symbolism have also been put forward. Ever since its publishing, literary critics have understood Ulysses to have the underlying theme of heroism with it, and one of the secondary interpretations of this is that the character of Ulysses is in fact far from heroic. Chiasson states that Ulysses is a type of human being who held a set of ideas which . . . [are] destructive of the whole fabric of his society, suggesting that he was not in fact a hero, but someone with no comprehension of responsibility for his people, to the extent of selfish desire over support of his people. This is exemplified by the words of the poem, where he describes his people as a savage race, who hoard, and sleep, and feed, and know not me, highlighting the arrogance and superiority that he feels for over his people, and his subsequent contempt of lifes duties. This is furthered by the virile condescension of his description of his son, blameless and discerning, culminating in He works his work, I mine, highlighting the lack of heroism in his selfish actions of pursuing his aspirations of travel and excess, rather than the basic humanitarian needs of his people. A secondary idea about his lack of heroism is the air of misguided, unattainable desires that permeates some of the description of his character. His desire to To follow knowledge like a sinking star/Beyond the utmost bound of human thought has a sense of foolishness and excess upon reading it, as if it is too far, as if the heroism of the character is being overtaken by this cursed drunk delight- by convention a true hero would know when to stop, yet many of the greatest heroes have had their own hubristic, tragic flaws- perhaps this inability to recognise the boundaries of the gleaming arch is the one that can be put alongside Ulysses. As a tertiary interpretation of a lack of heroism, the closing parts of the poem can be seen to take on a tone of acceptance, almost a suicidal wish for release juxtaposed against the powerfully stirring rhetoric that undercuts the entire poem. Critics have agreed with this interpretation in the past- McCulloch describing the masterly, inspirational oratory of the closing lines of this poem with a recognition that what it encourages is reckless and suicidal, and Buckley has the interpretation that Ulysses does not have a complete will to go forward . . . but a determined retreat, a yearning, behind allegedly tired rhythms, to join the great Achilles (or possibly Arthur Hallam) in an Elysian retreat from lifes vexations. The context of the poem, written just after Hallams death certainly complements this interpretation, with the suggestion of Tennyson wishing to regress from the trials of life into a stupor in memory of his friend, and the words of the poem We may touch the Happy Isles and Death closes all also reflect this interpretation. Therefore the monologue does present a case for Ulysses character to be described as far from heroic, as if he is a symbol of naivety and endless greed, disinterested and indifferent to those who it is his duty to serve. However, alongside the presentation of Ulysses being far from heroic, the idea that Ulysses is indeed heroic immediately comes into focus. The images of consumption early in the poem could suggest a dangerous addiction to his adventure, but equally could suggest the admirable quality of taking life with both hands and throwing himself into experience, I will drink life to the lees and I have enjoyd/Greatly, and have suffered greatly, the juxtaposed ideas heightening the sense of depth that Ulysses goes to as he fully experiences life, and how his seemingly limitless ambition could, or should be an example to the readers, the savage race. This can be applied to much more of the poem- his views on life itself can be extended to heroism. He states that How dull it is to pause/As if to breathe were life, as if he is advocating the proactive approach to life, that pausing turns life to a mere existence- possibly echoing a secondary attitude of Tennyson to Hallams death, that he in fact mu st go on to continue is own life, instead of fading into a mere existence. Furthermore, much of the hyperbolic imagery of the monologue, the ideas of utmost bounds and gleaming arches could exemplify the glamour and beauty of heroism, which for many of the Victorian people was what Ulysses represented, a revolt against the bourgeoisie imposed laws of monontony, to simply hoard, and sleep, and feed. Finally, the acceptance of deaths implications and meaning in the closing lines of the poem could represent an intelligent heroism, as if Ulysses is a true hero, knowing that he cannot go on forever, not now that strength that in old days/Moved earth and heaven, his acceptance that there is a limit showing compassion for those who accompany him, and the idea of to strive, to seek, and not to yield adding to the never-say-die attitude of a hero. A secondary interpretation of the final line is its supposed irony underneath its resoluteness, made relevant to the similar attitude of Satan in Miltons Paradise Lost, never to submit or yield, going back to the perception of Ulysses as an anti-hero of his own resolve. James D. Kissane addresses this idea of a heroism in both sides of his character with desire to escape the wearisome present . . . ; but it is after all the counter-melody to the main theme, a negative emotion which an affirmative must transcend. Thus the mood of Ulysses is resolute though rooted in a sense of weakness as well as strength. As well as the ever-present idea of heroism, there are other interpretations of the dramatic monologue, and one of these is that of social responsibility, and its contrast with detachment from the vagaries of this and life, a similar theme to that presented in The Lady of Shalott. Ulysses is seen throughout the poem to want to escape from his own, enforced reality of Kingship, which is seen through his description of his land barren crags, and his people a savage race. This is in contrast with for example, the Lady of Shalott, who while not in true contact with life, has a suppressed desire to be within it- what Ulysses sees as life is the complete antithesis of what his life was set out to be, and hence this creates a juxtaposition of his personality and adventure against his feelings for his people. This is highlighted with the contrast of the imagery above with his glamorous desires and memories, examples including Gleams that untravlld world and Drunk delight of battle with my peers, accentuating Ulysses lack of concern for his people, but at the same time showing that despite his egotism, his desires for experience and life are ones that can be admired, and could even be seen by him to be his example to his people, that they should know him rather than know(ing) not me- it does also however suggest his inability to look back on and be satisfied with his lot- he can only look for more. A final interpretation of the poem is how it fits in with Tennysons own attitudes, and how he could be seen as symbolic to the Victorian people. The poem was of course written shortly after Hallams death, and as a result numerous conclusions can be drawn as to how the poem relates to Tennyson, and how he sees himself through the persona he adopts. The idea of the poem being an exercise in catharsis for Tennyson is certainly relevant, and one of the attitudes that can be portrayed is that of a desire to go forward from Hallams death, as Charles Tennyson put it in his 1849 biography, Tennyson expressed his realization of the need for going forward and braving the battle of life, in spite of the crushing blow of Arthurs [A. Henry Hallams] death- this is highlighted in Ulysses desire for exploration and experience, I will drink life to the lees. A second idea is that of Tennyson wishing to regress into a stupor of death, as the resigned and almost suicidal air of the closing lines of the monologue indicates, to an extent, an example being It may be that the gulfs will wash us down,/It may be that we will touch the Happy Isles, as if he wishes to join Hallam in the Happy comfort of death. As effectively explained by Thomson, the poem could be recognizably the product of internal debate, suggesting that Tennysons confusion over his own reaction to Hallams death comes out in the two sides to Ulysses attitude to adventure in the poem itself. Finally, the closing line, To strive, to seek, to find, and not to yield came to be a symbol for the people of the Victorian age, a symbol of proactivity and change that they could fully relate to, ironically in contrast to the receptors of Ulysses in the monologue itself, his savage race. In conclusion, I agree that the character of Ulysses is far from heroic. His contemptuousness in terms of his people, combined with the overly hubristic and foolish desires upon the greatest of knowledge shows him to be an egocentrically misguided character, despite some of the qualities portrayed by Tennyson seeming, and being admirable. However, on a grander scale I feel that he character of Ulysses is more driven by Tennysons feelings than the individual portrayed in Homers Odyssey and Dantes Inferno, with the character representing more than anything the deeply personal and highly conflicting emotion of grief.

Elements of the Marketing Mix Essay Example for Free

Elements of the Marketing Mix Essay This case will study describe the elements of the marketing mix. These four elements include product, place, price and promotion. This paper will include a description of how an organization’s marketing strategy is affected by the four elements of the marketing mix. Another aspect that this paper will include is a description of how each element is implemented in the company. One more topic that this paper will describe is the organizations name and industry in which it exists. The marketing mix is defined as a mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand. Several concepts and ideas are combined together to formulate final strategies helpful in making a brand popular amongst the masses to form the marketing mix (Marketing Mix Meaning and Its Elements, n.d.). The elements of the marketing mix are often called the four P’s of marketing (Perreault, Cannon, McCarthy, 2011). First, Product is defined as goods that are manufactured by organizations for the consumer. Products can be two types, tangible and intangible. A product in a market place is something which a seller sells to the buyers in exchange for money. Price is defined as the money which a buyer pays for a product. The price of a product is indirectly proportional to its availability in the market. If a product is not readily available then the price goes up (Marketing Mix Meaning and Its Elements, n.d.). Place refers to the location where the products are available and can be sold or purchased. Here one is exposed to a physical building, or store, or one can purchase items on the internet. Finally, the fourth element is promotion. Promotion refers to the various strategies and ideas implemented by the marketers to make the consumer aware of their product (Marketing Mix Meaning and Its Elements, n.d.). Today’s market is huge and there is an abundant variety of products available. Frito Lay is a multi-national  corporation that is predominantly in the salty snack business. Frito Lay aims its market strategy at both the mass market and target markets alike. This food driven company does have some strengths such as its renowned reliability, high quality control and markets its product as convenient fun foods. The products that Frito Lay generates have consumers in mind that particularly buy snack foods as a leisure item. Their packing and branding is targeting a consumer that wants to snack on the go or during lunch with a sandwich. With this in mind, the organizations marketing strategy uses all four of the marketing mix very well. Frito Lay sells a wide variety of chips form Ruffles to Lays, Cheetos to Doritos and Tostitos to Funyions. These products satisfy many customers’ needs for fun snacking. In the Product element, packaging is also very important when keeping the consumer satisfied. Bright colors are used to catch the eye when they design the bags that carry all of their brands. In the Place element, the product is highly visible in that one can purchase said items and every convenience store in the marketplace. Not only is the product in just about every UDS store but in vending machines and supermarkets. The channel of distribution is very important to deliver these products to the consumer and Frito Lay has an excellent distribution system in place. The third element, Promotion, targets new customers and retaining current customers. Many people have heard the phrase â€Å"no one can eat just one.† This catch phrase was designed for Lays potato chips and hasn’t been used in years, but just about everybody has heard that. That is advertising at its finest. The use of mass selling techniques has been advantageous to Frito Lay. The fourth â€Å"P† is Price and that obviously plays an important part in Frito’s model. Frito Lays strategy is to stay competitive with other salty snack manufacturers and their price points. Their target price is also directed at young adults and children. Each element in the marketing mix is used very well by Frito Lay. The products that this corporation sells to the consumer vary from salty snacks to cookies and even beef jerky. Frito Lay guarantees freshness for its product and delivers a price point that is competitive to just about any consumer. In the channels of distribution process it is important to get a food item to the retailer in a timely manner as the food item can spoil. The freshness guarantee that Frito Lay offers dictates that the salty snack has a shelf life of about a month for most products and the  products need to be removed from the shelves if they do not sell. Because of this model, the delivery system promotes efficiency when sold and distributed to each retailer. Promotions are huge with Frito Lay as they spend millions for point of sale coupons and retail discounts. Not only is there retail push for sales but Frito Lay spends millions on advertising. Advertising can be seen in standard commercials to big budget commercials during super bowl ads. These methods of communication are geared at mass selling and are very effective. Finally, the Price element is important to Frito Lay as the market price for materials goes up so does the price of their products. To circumvent these price hikes, Frito Lay will lower the content volume in the bag and not raise the price. In other instances, they will raise the price by ten cents and remove the price on the bag for a short period of time. The idea is to trick the consumer into believing the price is the same. In all the instances, Frito Lay has a business model that is very effective and has endured for many years. By understanding the similarities and differences between these elements one can understand how a corporation uses the marketing mix to their advantage. The four elements are critical to understand the very nature of the consumer and the retailer. This case study shows that it is important to understand the marketing mix business model as it pertains everyone and final user. References Marketing Mix Meaning and its Elements. (n.d.). Retrieved from http://managementstudyguide.com/marketing-mix.htm Perreault, W. D., Cannon, J. P., McCarthy, J. (2011). Basic Marketing. A Marketing Strategy Planning Approach. Retrieved from The University of Phoenix eBook Collectioon database.

Nationalisation of Royal Bank of Scotland

Nationalisation of Royal Bank of Scotland Purpose The purpose of this report is to discuss the change in Royal Bank of Scotland indicated by the companys nationalization in 2008. Shareholders lost the most part of the company in favour of the government and management of the bank had to be changed. The purpose will be fulfilled by analyzing the process of nationalization and its implications for RBS. Theoretical literature provides a lot of models of change management and strategic management. For example, Ansoff (1987) model suggests four quadrants of strategy. Companies can grow by penetrating the market and winning larger market share while competitors share will shrink. Firms can also develop their key products which are their strength and this will be a strategy for expansion. The third Ansoffs (1987) strategy would be to diversify the products and operations to achieve growth. Finally, the company can choose to pursue market development which is entering new geographical areas or new niches that will help generate higher revenue. The case of RBS represents this final model of market development. The banks pursued the new market of mortgage backed securities in the US through acquisition of ABN Amro. This strategy appeared to be unsuccessful and led the bank into a position where accounting losses reached tremendous value of over 30 billion pounds in 2008 and led to national ization of the bank by the UK government. Company Overview Royal Bank of Scotland Group plc is a banking corporation with its branch Royal Bank of Scotland (RBS) that is spread around United Kingdom with almost 700 sub-branches, located in Scotland, England and Wales and is one of the largest banks in UK. It was founded in 1727 and is the first bank introducing overdraft availability to its clients. Since its foundation, RBS expanded greatly, with big number of acquisition deals, such as its acquisition of NatWest Group in 2000, First Active (Ireland), Charter One (USA) , Churchill Insurance (UK) and ABN Amro (Netherlands) in 2007 (House of Commons Treasury Committee, 2008). The Royal Bank of Scotland still uses a privilege of printing its own banknotes. Until 2009, it was one of the main shareholders of the Bank of China, but had to sell its shares after the global financial crisis impact. RSB is still in the list of worlds largest banks, being on 6th position in 2003, 10th in 2007 and 19th in 2008 (Financial Ranks Online, 2009). Financial performance of RBS was changing in the last years. In 2005 group operating profit rose by 16%, with total dividend for the year increase by 25%, with capital and earnings increase. During 2006, RBS showed great results and continuing growth, with increased dividends by 25% with total income growth by 10%. With unstable position in the market and in global financial system, RBS had some problems, but managers were working toward control of the situation, however growth of the operating profit decreased by 9%, earnings per share by 18% and return on equity 19.9%. The company faced big net losses of around 7.9 billion pounds. In the 2009 bank entered hard times with reorganization in management field and in structure. (RBS Annual Report, 2005-2009). Due to changing situation in the global economy, in 2008 Royal Bank of Scotland announced its greatest loss in the banks history with the amount of 692 million pounds that was connected to unhealthy loans and 71 billion pounds as a result of incorrect deal of acquiring ABN Amro (Bradley, 2009). Prior to the global financial crisis RBS have had great profit margins and was a respected brand with long history. And it is necessary to mention that the bank was at great position in terms of facing crisis, with little impact until the decision of getting ABN Amro, which brought various problems. In 2008-2009 UK citizens were under shock of the fact that one of the largest UK banking system representatives had incredible losses and unpredictable future. At this position RBS had one way to survive seek government support. However not all UK banks suffered from consequences of global financial crisis, which can be connected with accurate and carefully planned management strategy. RBS have got some capital of about 2 billion pounds from selling its share in Bank of China and after giving up part of Linea Directa, a Spanish insurance company for about 4.5 billion pounds. However, it did not help to make a radical change of the situation (Bradley, 2009). According to Hester, current Chief Executive of the RBS Group (2009), great losses of the Group had nothing to do with management of businesses as their performance was profitable. However problems appeared mainly in two divisions Global Banking Markets and Asia Retail Commercial Banking. Their profits were crushed by market and credit losses, within fast changes in the economic conditions. At the same time top managers of the Royal Bank of Scotland were facing risks of acquisition and had limited time to make decisions. Global financial crisis had its impact in different countries, affecting economies and markets especially in terms of exchange rates. Here, decrease in sterling exchange rate had an influence on further performance of the bank and changing market position intensified the situation (Hester, 2009). In spite of the fact that financial situation became critical for many banks, RBS was still having serious and stable business. Top management was taking steps to recover from crisis consequences, in order to return capital and provide stable ground for future operation such steps included applying to government support. The strategic plan for recovery was supposed to be finished in 2009, meanwhile the focus is on long-term customer franchises, quality and profitability. Royal Bank of Scotland can be an example of the fact that in terms of global financial crisis even big and powerful organisations can face danger. It is the biggest UK company that suffered from the global economic crash. Today it is still far from recovery, having bad loans and loss before tax in the beginning of 2009 was around 44 million pounds. From the forecasts, 2009 and 2010 will still be challenging for the RBS with main focus on debt returns. Now, after current management revision, directors of RBS are more confident of future recovery and success (The Telegraph, May 2009). New Chief Executive supports the position that management must stay calm and take steps for a slow but effective recovery, rather than fast and wasting strategies in order to save more that to spend (Murchie, 2009). However, human resource management of the bank is not so confident and planning to shorten around 9000 jobs, which is about 20%. It is believed that this action will help to decrease costs of around 3 billion dollars (Global Crisis News, 2009). Moreover, RBS represented the worst results in the market, being at the bottom of banking sector in September 2009 (Frei, 2009). Aspects of Nationalisation According to Encyclopedia Britannica, nationalisation is â€Å"alteration or assumption of control or ownership of private property by the state† (Encyclopedia Britannica, 2009) with several variations in the types and motives. Nationalisation usually appears through assets or shares taken over, and this can help the company to continue its business but under control of the government. If the company is nationalised by government it can continue to produce and operate, getting some revenue and have some returns on shares. Usually this process is followed by structural reorganisation, including traditional administrative strategy and style of control (Backhaus and Wagner, 2004). As a fact, nationalisation can come in the form of expropriation, if the previous owners do not get compensation for the business and in the form of rescue tool or governmental support. Not every company can get such support; it is usually a privilege of the companies and corporations that have national importance and heritage. There is a number of examples in the UK history of nationalisation, which helped to reorganise the structure of the company as well as to get financial support (Floud and McCloskey, 1994). It is believed that nationalisation started in the UK in 1908 after the establishment of Port of London Authority with the necessity of production control (Beardshaw and Ross, 2001). Some researches mention negative effects of nationalisation, pointing that it can damage economy and banking sector. One of the problems is decreasing competitiveness, especially in banking sector (Lee, 2007). Also, financial institutions and government avoid participating in management as it can lead to further recalls of nationalisation. And when the company fails to use management as an appropriate tool, the chance of mistake gets bigger with a cause of future nationalisation (Cuthbert and Dobbins, 1980). Mainly, nationalisation has political or economic aspects and motives. When government has power to control specific corporations and their production as well as financial position, it can use the company as an instrument to correct economy. In addition, government can provide more accurate and efficient capital and assets diversification. If the company is fully nationalised, government becomes the owner of the business and has to deal with its problems and debts. Nationalisation is connected to economy, here in order to have more attractive economy, government trying to stabilise financial system through bad assets escape. There are still debates around the necessity of nationalisation and its problems. On the other hand, there is a view that this process must have temporary term, and government acts more as guardian of the company or bank for the hard period. However, one must consider that the process of nationalisation must be done correctly and carefully, with revision of all advantages and disadvantages (Richardson, 2009). Looking at the advantages of the nationalisation first comes its ability to save the company or in our case the bank from heavy and senseless assets, which were collected over the time and are representing thread of bankruptcy. This will include separation such assets from the business allowing operating more efficiently. Unnecessary assets then can be put for sale or managed by another organisation and the bank, free from problematic sectors can continues to operate. In addition, nationalization can help to restructure top management, getting rid of dilettantish approach of operating the business (Richardson, 2009). RBS is also supporting this fact and according to Montia (2009), is now selling some of its asset management business with managed capital of 30 billion pounds. In addition, it is possible that RBS will have to sell more of its business and even at the very low price that is now at the market. It is also a part of the Chief Executives recovery plan for the RBS to separa te troubled divisions from working ones with further selling of non-core parts of the business (Bradley, 2009). Without considering the advantage of nationalisation, government can continue to give money support to the banks that are big and important for the economy, but this can create the situation, where nothing will be changed and achieved. Government support can give a privilege of a competitive advantage, for example, Northern Rock could cut its prices in mortgages and insurance and attract new customers. Among disadvantages of nationalisation is management problem. In reality it is very difficult to find right and appropriate human capital for each bank in order to manage them properly. Still there will be a chance of risks regarding new borrowings, credits and market position. And these risks are now to be taken by the owner. Again the problem of unnecessary assets appears and banks need to get rid of then, basically on very low prices. In this situation market will have clear advantages of nationalisation, while banks will suffer. In addition, nationalisation is very challenging to the government. It must find labor force and money to finance the process. Future performance of the company also depends on who will be in charge could be government itself or another managing company (Richardson, 2009). In order to avoid afterward problems, other options and decisions must be revised before the final decision of nationalisation. The company must stay efficient and respond to the market and global changes in time. Management must stay open and react quickly in order to avoid critical point. Change Process: Nationalisation of RBS In the beginning it is important to discuss global economic situation which caused problems in RBS and necessity of taking radical directions, including nationalisation. UK banking sector was under pressure of economic crisis 2006-2009 and is still recovering. It all started from the US sub-prime mortgage crisis and reached the rest of the world at the beginning of 2007 with increasing debts. Most of all crisis hit banking sector, central banks and international banks worldwide. As a result the Bank of England had to decrease interest rates, and all banks were under risk of failure (Rayner, 2008). Current crisis was named the worst for the last 75 years with negative effects on many types of businesses and customers expectations (Altman, 2009). During this time period management was facing great challenges, especially risk management. In addition, it is obvious from current crisis practice that risk management can help to win the race and using various models and strategies matters (Varma, 2009). Spreading from United Stated over Europe and UK crisis attacked banking sector. UKs economy is connected to the US through trade and loans and borrowings. As a result of the continuing bankruptcy of banks, some tried to avoid it through help request from government. The first bank that was fully nationalised in UK is Northern Rock, followed by the Lloyds Banking Group with partial control from the government. Some researchers put nationalisation under meaning of rescue, and as a fact not all banks or companies were getting such rescuing package from the UK government. In the case of Northern Rock, decision was made according to the point that this bank is special and its failure can cause growing instability in the UK banking sector (Tomasic, 2008). This also can be true about the Royal Bank of Scotland as it is bank with great history, representing Scottish nation as part of Britain, with its own printed banknotes and heritage. In spite of the fact that many banks across the world were put into critical situation, having choices of selling just assets or banks itself, not many were rescued (Woods, Humphrey, Dowd, Liu, 2009). In the report of the House of Commons Treasury Committee (April, 2008) it is discussed that in October 2008 RBS introduced new plan of rescue with capital amount of 20 billion pounds, however, shareholders were getting unattractive returns and government had to rescue RBS through acquisition of major part of its shares. At that time point nationalisation was inevitable in relation to future life of the RBS. Looking at the managerial problems that caused such consequences it can be pointed that RBSs top management along with its prior Chief Executive, Sir Fred Goodwin was taking over optimistic decisions as well as misunderstanding of the critical situation. Wrong decisions were made due to fast process of the economic worsening in UK and globally. According to Hester, RBS was suffering from great downturn due to prior decisions. In addition wrong risk management strategies that were adopted at that time made even worse, in particular control issues. It seems that RBS had a great balance sheet for a long time period and was not prepared for immediate change. In 2007, RBS made a crucial decision of taking over ABN Amro bank, in cooperation with Fortis and Santander banks, this resulted in RBSs independence of private organization. Acquisition of the ABN Amro was a wrong step to take in the thread of economic crisis which made RBS unable to finish its strategic plan. Newly formed group was defenseless in the worsening situation of market changes (House of Commons Treasury Committee, 2008). The step of huge expenditure, acquiring ABN Amro in wrong time, could have been avoided by managers of RBS. Even more, loss of around 72 billion Euros intensified critical situation. Managerial decisions of this acquisition were made without disclose of credit and asset problems in ABN Amro prior to the deal. In addition, this decision was influenced by shareholders, here 94.5% of them agreed on acquisition and it may appear that they pressed top management to finish the deal. However, RBS directors and top managers agreed about the deal with unanimity. Consequence of this deal is big loss in 2008 of around 30 billion pounds instead of assumed profit. The change associated with acquisition of ABN Amro was a representation of Ansoffs (1987) market development strategy. RBS attempted to expand into the US market geographically and in addition the company attempted to profit from dealing with US mortgage backed securities. However, the failure of the strategy caused the banks to suffer losses and request the help from the government which acquired the shares of the business. The process of nationalisation of the RBS began with basic rescue program. In October 2008, RBS started new strategic program in order to increase capital. One of the solutions was to offer ordinary shares at a price of 65.5 pence per share. The offer consisted shares for 15 billion pounds. HM Treasury has got around 12% for 5 billion pounds and later on around 57.9% of shares were acquired by the Government. Decisions that were made by RBS and Government were directed to the achievement of more stable bank position and additional resources for strength and further capital enlargement. Government and the bank deny that there was a strategy of total nationalisation and when financial position of RBS will be stable, it will again be under private ownership (Webster, 2008). It can be argued that this nationalization is an example of emergent change rather than planned strategy (Whittington, 1993). Emergency was caused by the high dependency of the bank on the inflow of cash for sustaining its operations. Whittington (1993) proposed four basic approaches to strategy. These can be classified as classical, systematic, evolutionary and processual. Classical approach suggests that the companys strategy would be to maximize profit. Evolutionary approach suggests that the environment will select the strongest businesses. The systematic approach suggests that social environment will determine business strategy. The change in RBS is processual because it implies that the company consists of different stakeholders who have their own interests and ambitions. The goal of the management is to satisfy the interest of each stakeholder. If RBS was not nationalized and this changed was not made, the society, employees and even shareholders would suffer negative effects. However, it can be argued that the nationalization might have hurt shareholders even more because the value of their equity has gone down as the share price plummeted. PEST Analysis of RBS The change in the organization connected with the process of nationalization can be reflected in the PEST analysis of the company: Political Factors The Ownership of the bank is changed in favour of the UK government; Bail out was done out of the UK government budget; Support of the government will have positive effects on financial matters; Governments support will cause managers to act in the interests of the government rather than shareholders. Economic Factors Interest rates declined; so demand for lending can rise; Financial Crisis in the UK and the world may further deteriorate performance of the banks and additional capital may be required from the government. Social Factors The change in the bank is also connected with restructuring of the company and lay offs; Rising unemployment is a negative consequence of business failures such as RBS. Technological Factors Technologies are constantly improving and this facilitates the banking business of RBS because some costs are being reduced and the work is being optimised; However, since the ownership of the company changed from shareholders to the government, management will be rather interested in meeting the objectives of the government rather than optimising the work with new technologies. Conclusion Royal Bank of Scotland is now almost entirely owned by British government around 70%. Today, RBS is among first banks to enter new program named asset protection plan. In 2009 RBS had suffered of worst loss of about 24.1 billion pounds and adopted plan of survival. Some analysts point that as the RBS is not fully nationalised it can still face the risks and fail to satisfy investors expectations. As resent investors rate increased with great returns there is number of requests to have RBS fully nationalised (Werdigier, 2009). It is hard to judge whether RBS could have avoid nationalisation in the situation when it is hard to turn back and see other choices. However, there were some managerial mistakes that could have been avoided. Poor change management was not ready to face difficulties and get over them. Besides the acquisition of the ABN Amro that was already discussed, there was another managerial mistake of continuing dividend increase after the change in earnings that were decreasing. Trying to attract new investors with high dividends and please current shareholders, management put the business under risk of failure. After the ABN Amro deal, this, along with unhealthy assets that were not sold in time had lead RBS to the final step of nationalisation. Being attractive for investors and shareholders for a short time period RBS created consequences where investors of the company became most affected by nationalisation. Prior to the crisis RBS was a profitable company with attractive position. Later on there was a decrease of the UK shares market and dramatic drop in RBS share prices. Overall at the point that RBS entered in 2008, nationalisation seems to be the last chance of survival. It can give some extra time to make new strategic plan and to recover from the financial instability. There is still a chance for RBS in the future to become profitable, independent and private company. References Altman, R.C. (2009) The Great Crash, 2008 , Foreign Affairs, January/February [Online]. Available at http://www.foreignaffairs.com/articles/63714/roger-c-altman/the-great-crash-2008# [Accessed 27 October 2009]. Ansoff, I. (1987) Strategic Management, New York: Wiley Backhaus, J.G., Wagner, R.E. (2004) Handbook of public finance, Birkhà ¤user, pp. 554. Beardshaw, J., Ross, A. (2001) Economics: a students guide, Pearson Education, pp.740. Bradley, J. (2009) ‘RBS tipped for  £1.5bn Profit a Year After Crash, The Scotsman, July 19, [Online]. 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