Analysis Swot Tows and Financial Herman Miller

Financial Ratios and Analysis of Herman Miller Liquidity Ratios Liquidity ratios for a company help whomever is analyzing the data determine the company’s liquidity. When a company has good liquidity they are able to pay off their short term debt without having to take out any additional financing. We will look at Herman Miller’s current ratio for 2009 and 2010. The current ratio is calculated by taking the company’s current assets and dividing it by the current liabilities. It shows how many times the current assets can cover the current liabilities. 2009 current ratio | 2010 current ratio | 50. 9/282. 2= 1. 597| 394. 7/313= 1. 261| Herman miller’s current ratio in 2009 of 1. 597 shows they have approximately $1. 60 of current assets to ever $1. 00 in current liabilities. In 2010 they had $1. 26 of current assets to ever $1. 00 of current liabilities. This is a bit of a drop from 2009 to 2010. With the ideal point for the current ratio being above 1. 0; Herman Miller can cover their short term debt without any financing but, the ratio is still mediocre. Debt Management Ratios Debt management ratios show to what extent a company uses borrowed funds to finance its operations.These ratios are important to a company because creditors use them to determine the riskiness of the company’s financial position. Using the debt ratio we can determine how much of Herman Miller’s assets are provided through debt. The debt ratio is found by taking the company’s total debt and dividing it by the total assets of the company. Here is the debt ratio for 2009 and 2010 Debt Ratio 2009| Debt Ratio 2010| 759. 3/767. 3= . 99| 690. 5/770. 6= . 896| From the debt ratio we can tell that Herman Miller has nearly as much debt as assets in 2009. This could shy away some creditors.In 2010 they improved y about 10% which really helps their potential ability to gain more financing from creditors. With ideal ratio being below 1 Herman Miller is ok here but far from good. Profitability Ratios Profitability ratios are used to determine how profitable a company is during a specific period of time. These ratios are important because most investors will look at them when deciding whether or not to take stake in your company. High profitability shows that your company is strong financially, and, can also show that your company is growing. We will look at the return on assets ratio for Herman Miller.The ROA is found by taking the net income an d dividing it by the total assets of the company. The ROA shows how well a company can turn the money it has to invest into net income. Here is the Herman Miller’s ROA for 2009 and 2010 ROA 2009 | ROA 2010 | 68. 0/767. 3= 8. 86%| 28. 3/770. 6= 3. 67%| Herman Miller has pretty good ROA considering the industry they are in. according to statistics posted by Fortune 500 on money. cnn. com Herman miller was one of the few profitable companies in their industry with many of the top competitors losing money from 2007-2009. So looking at the industry this is a strong ROA. http://money. cnn. com/magazines/fortune/fortune500/2009/industries/216/index. html)SWOT Analysis Strength The first strength we will talk about is that Herman Miller is a profitable organization. In the two years that we looked at (2009 & 2010) Herman Miller had a positive ROA. This shows that even during the harsh economic times in the United States over the last four years Herman Miller has managed to make a pro fit where a lot of their competition struggled. Another strength that Herman Miller has is its management. The best example of this being a strength is the fact that Herman Millers top executives are illing to take pay cuts before the general workforce in 2009 they took a 10% cut in January and another 10% in march when they cut all other employees 10%. Showing your workforce that you are willing to make the sacrifices to stay employed before they bottom of the totem pole makes the employees feel appreciated and more willing to go along with a pay cut when necessary. The third strength we recognized is that Herman Miller creates an empowered and positive workforce. Employees at Herman Miller feel empowered they have no problem telling a supervisor that they are breaking the rules and also feel like they can make some decisions.Empowering your workforce even just a little boosts morale and makes workers feel like they are important to the company. This in The last strength we will me ntion is Herman Miller’s production. Herman Miller implements the process of lean manufacturing. They call their process the â€Å"Herman Miller Performance System†. They maintain efficiencies and cost savings by minimizing the amount of inventory on hand by using â€Å"just in time† inventory process in the case they mention that some suppliers deliver to Herman Miller multiple times daily. Weaknesses The first weakness would be how close their debt ratio is to 1.Having such high debt ratio could chase away creditors. When you have a small amount of creditors to choose from then you lose the power to choose between different creditors depending on interest rates and other variables. This could greatly increase things like interest expense. Another weakness Herman Miller might have is also a strength. The manufacturing strategy and using just in time inventory can be very efficient but, it can sometimes create problems. If a supplier ran out of material or some other type of crisis could cause Herman Miller to lose out on orders and in relation lose out on sales.The third weakness is their participative management style. Although this could be considered a strength if this style isn’t used appropriately it could affect the company in a bad way. If managers take too much time making decisions because they want to have their employees participate in all decisions then it is extremely difficult to make the quick decision when needed. Sometimes in business managers need to make this quick decision and, with participative management if made fully participative some employees may feel different emotions about a decision being made without them knowing it was being made.The last weakness is they are in somewhat of a specialty market during a harsh economy. Being the manufacturer of high end office furniture during a recession is a big weakness when it comes to growth. Not many consumers are looking for high end products right now although they are still profitable with the strategy they have it could take a serious downturn if things were to get worse. Opportunities One opportunity that Herman Miller has is to become totally green. This means having next to no waste and using renewable resources.Herman miller has been working a little bit towards this in the past years. With the demand of environmentally friendly products on the rise this would open up the opportunity to break into and dominate a new market segment. Another opportunity is the increased amount of time spent by people in front of their computers. This is an opportunity because it opens up the idea of making ergonomically superior office furniture that would make the consumers time in front of their computer more comfortable and reduce the risk of injury. The third opportunity is the growth in the Mexican economy.With the Mexican economy rapidly growing this opens up a whole new country that Herman Miller could potentially do business in. the possibilit y of a whole new demographic of customers along with the possibility of opening a new location. The last opportunity Is the rising demand of senior housing in the United States. The baby boomers are getting older every year and with senior housing overflowing all over the US there will be more housing opening. These housing centers will need office furniture along with household furniture to furnish the units. Threats The first threat we will mention is the rise in telecommuting.With more and more people and business using telecommuting the demand for office furniture will see a hit. This could potentially hurt the sales for Herman Miller. Another threat is the possibility of new entrants in the market from overseas. Having international competitors enter the market can really hurt Herman Miller because of their ability to obtain low cost material while still creating a quality product. The third threat is the possibility of another economic downturn. With the economy on the downsid e right now Herman Miller is remaining profitable but would they be able to take an even harsher recession.The last threat is the shortage of skilled workers in the US. With skilled workers declining steadily in the US it is starting to effect manufacturing companies. Without skilled workers you have a higher turnover rate and longer training periods. This will boost up cost and will lose Herman Miller money in the long run.TOWS Analysis Strengths and Opportunities Herman Miller’s strength of an empowered good willed workforce could help them take advantage of the opportunity of the growing senior housing demand.With a workforce that is happy and willing to work they would have no problem taking on the extra hours and work needed to keep up with the added demand. Another strength that Herman Miller could use to take advantage of an opportunity is their production strategy would work well with the opportunity of a growing economy in Mexico. Using their production strategy and opening a new location in Mexico could help them benefit from the rapid growth of the Mexican economy. Strengths and Threats The strength of having empowered and good willed employees could help with the threat of declining skilled workers in the US.If the employees you get that are skilled are less likely to leave you company if they feel empowered and enjoy working there. This will lower your turnover rate and your demand for more skilled workers. Another strength that Herman Miller has is their management willing to take pay cuts. This could help during the threat of an economic downturn. During economic downturn most companies need to cut cost for the decrease in demand of their product having top executives take 10-20% pay cuts really helps the cost cutting process and, could be the difference between going under and staying afloat during a recession.Weaknesses and Opportunities A weakness for Herman Miller is operating in a high end market during a harsh economy. They could op en up a new location in Mexico where the economy is booming to help balance the loss of demand in the United States. With a dollar going a lot further in Mexico than it does in the US having a plant there would be more beneficial than exporting their goods from the United States. Using the same weakness Herman Miller could break into the rise of senior housing demand.Even with the economy being in a recession there are still customers that want your product it’s just a matter of getting the contracts and, having the willingness to make a product that suits the customers’ needs and wants. Weaknesses and Threats Herman miller has some weaknesses and threats that a related the goal is to turn them into opportunities and strengths. Every company tries to do this and the successful companies are good at it. Herman Miller needs to use their strengths as a counter when they see a weakness or a threat arise. They have done a good job at it thus far and will continue to stay a profitable company in the future.

The Ethnic Conflicts

Recent changes in American society have resulted in increasing number of minority students enrolling in colleges and universities. Differing views among these ethnic groups can sometimes cause conflicts for students of all races (Cozic 249). Some argue that students and universities benefit from these ethnic conflicts. Same time others believe that increasing racial diversity in American colleges and university has led to a decrease in the quality of education. People who support multiculturalism in universities believe that â€Å"students who can resolve conflict in racially diverse universities will be better prepared to succeed than students at universities that are more homogeneous†(Cozic 249). Conflict is expected, perhaps even healthy, in a social situation where people have different interests and compete for scarce resources (Duster 251). Some American schools are racially integrated, so â€Å"it is not surprising that students experience shock and tension when they arrive at their first experience of multiculturalism†(251). But shocks like this maybe a good preparation for future life. According to Duster, nowadays students are â€Å"far more competent, far more eligible, far more prepared than when this [Berkley] was an all-white university in 1950†³(252). Back in 1960s , when the campus was mainly white, almost every eligible student who applied to Berkley was admitted (252). But â€Å"when the United States changed its immigration laws in the 1970s, well-qualified candidates from China, Hong Kong, and Korea swelled the pool of applicants†(252). Suddenly, not everyone who was eligible could get in (252). The increasing number of minorities applying to universities created â€Å"increasingly ferocious competition at the same-sized admissions gate†(252). The media, so far has chosen to emphasize the beleaguered white student who has to adjust to affirmative action (252). Isn†t it a shame, stories imply, that these students are feeling uncomfortable in an environment that used to be their university (252). It isn†t theirs anymore (252). Since the demographics of the United States are changing at a fast rate, â€Å"shouldn†t the university population and curriculum reflect more of this new reality? â€Å"(252 – 53). Meanwhile, the quality of students at universities is only getting better. Duster implies that affirmative action exists because, â€Å"over the past two hundred years, blacks and Latinos have had a difficult time entering higher education, and that legacy hasn†t gone away†(253). There are economic barriers that restrict access to college for minorities. And these barriers aren†t disappearing. The smartest among them [Berkley students] also see that in a globalized economy, Berkley†s multiculturalism can make them better leaders†¦. (254). The opponents of cultural diversity believe that â€Å"affirmative action favors minorities whose average academic performance is unacceptably below university standards†(Cozic 257). D†Souza argues that the question is not whether universities should seek diversity but what kind of diversity. It seems that the primary form of diversity which universities should try to foster is diversity of mind (D†Souza 258). He says that â€Å"such diversity would enrich academic discourse, widen its parameters, multiply its objects of inquiry, and increase the probability of obscure and unlikely terrain being investigated†(258). According to D†Souza, the problem begins with a deep sense of embarrassment over the small number of minorities – blacks in particular – on campuses. University officials speak of themselves as more enlightened and progressive than the general population, so they feel guilty if the proportion of minorities at their institution is smaller than in surrounding society (259). As a consequence, universities agree to make herculean efforts to attract as many blacks, Hispanics, and other certified minorities as possible to their institutions (259). The number of minority applicants who would normally qualify for acceptance at selective universities is very small; therefore, in order to meet ambitious recruitment targets, affirmative action must entail fairly drastic compromises in admissions requirements (259). University leaders are willing to use unjust means to achieve their goal of equal representation, says D†Souza. For example, â€Å"the California legislature is considering measures to require all state colleges to accept black, Hispanic, white, and Asian students in proportion with their level in the population, regardless of disparity in academic preparation or qualifications among such groups† (259). Many selective universities are so famished for minority students that they will accept virtually anyone of the right color (260). For minority students, who struggled through high school, the courtship of selective universities comes as a welcome surprise. During their freshman year, many minority students discover that they are not prepared to the college work load and it is hard to keep up with another students. For minority students, especially those from disadvantaged backgrounds, these problems are often complicated by a difficult personal adjustment to a new environment (261). University leaders have discovered how displaced and unsettled minority freshmen can be, and typically respond by setting up counseling services and remedial education programs intended to assure blacks and Hispanics that they do belong, and that they can â€Å"catch up† with other students (261). For many minority undergraduates the university†s quest for racial equality produces a conspicuous academic inequality (261). In the minds of minority students, affirmative action is not a cause of their academic difficulties, but an excuse for white racism which is the real source of their problems (263).

How Different Moral Perspectives Have Influenced

The essence of morality is ‘concerned with the principles or rules of rights and wrong or conforming to standards based on those principles’ (Dictionary. com). However differing models for living morally, resulting from the diversity of experience, will conflict in how they determine what these principles are. Thus, these ethical frameworks will hold different conceptions of ethical practice and what services such as Youth and Community work should deliver. This essay will attempt to show the importance of understanding how different moral perspectives have influenced the practice of Youth and Community work, before describing three contending ethical frameworks of deontology, consequentialism and virtue ethics; assessing under what conditions, circumstances or criteria would each of these view these practices as a moral activity. Morality A moral principle is essentially one that distinguishes between right and wrong behaviour. When someone holds a coherent and compatible set of moral principles it can be considered an ethical framework, which provides the foundation for how people understand or explain social reality. Thus, it is the basis from which they choose to conduct their lives and interact with others. Such a ‘code’ will be constructed from, and determined by all manner of life experiences, social environments and circumstances, and therefore will vary greatly. Some of the most common factors that contribute towards an ethical framework are personal or religious beliefs and cultural standards. The nature of Youth and Community work entails working closely with in both individual and group settings, where diversity of these moral values is inevitable. Different moral perspectives will necessarily emphasise different roles and purposes for these projects and organisations. As informal educators, there are no ‘ready-made guidelines’ on what constitutes good and bad practice; instead practitioners will have a set of ‘core values’ that they strive towards (Jeffs and Smith 2005). However, it is important, to understand different conceptions of what moral practice entails in order achieve social inclusion, develop practice and interpersonal skills. Deontology Blackburn argues these premises of a deontological approach to morality ‘take us to thoughts about what is due, they take us to demands† (2001: 60). The framework asserts that social reality is objective and the capacity for human autonomy is limited by ‘the recurring pattern of human behaviour [that] determines the nature of human action’ (Parker, 2000: 125). Thus, the perspective is concerned notions of justice rights and ‘duty’ or responsibility (Blackburn 2001: 88) to act in accordance with rules, as the rightness of an action is inherent and independent of the consequences it brings about. To illustrate, the killing an innocent man would be wrong because he is innocent, not because of the pain and sense of loss that his loved ones will experience. This concept can be primarily accredited to the philosophy of Immanuel Kant, a key figure in the development of early deontological thought. As a rationalist, Kant argued that the moral value of human behaviour can be revealed ‘a priori’ or through pure intellectual reason. Thus, as these principles are theoretically available to all, regardless of personal circumstance, they must have a universal applicability, which leads Kant to an essential condition for moral action, the categorical imperative: ‘Act only on the maxim whereby thou can at the same time wish it to become a universal law. ’ (Kant [1785] 2003: 6) Taylor (1975) contends that for this each individual would treat others as ends, rather than a means and that it must be ‘self-imposed by the will of each person’. However the ‘interest’ ethics of Machiavelli, Hobbs and Burke also accommodate power as an inevitable factor of human interaction and organisation. They argue that the nature of humanity is inherently weak and immoral, claiming that governing minority is required in order to maintain the social structure and order. Therefore a hierarchical system of control where policies of institutions cohere is the most appropriate method in assuring the smooth running of society and the moral development and self control of its citizens. Agents accept the legitimacy of the elite as their moral authority ’ought to be greater than that of any or all the subjects’ (Hobbes [1651] 1996: 128). In line with this perspective, deontologists would measure all human activity against its capacity for the common good of society, adopting a conservative position regarding community initiatives and actively oppose those Youth and Community organisations that aim to bring about radical change, as this would upset established social and legal structures causing social unrest and uncertainty (Sanderson et al 2006). Professional workers would ideally be upstanding members of society, holding a higher level of ethical awareness than citizens as they are in a position of power. Workers would be expected to adhere to an externally set code of practice as this was their duty owed to the service user, the profession and the employing organisation (Banks 2006: 125). These would be prescribed by institutions, meaning an intrinsic duty to instil the values of the state in the service users they worked with encouraging them to fall in line with the status quo. Hence projects aiming to reduce young offence, drug addiction or teenage pregnancy would all be morally viable as they emphasise conformity rather than value deviation. Consequentialism Consequentialism is a system of ethics distinguishes right from wrong action purely on the basis of the effects it has: ‘The moral value of any action always lies in its consequences, and it is by reference to these consequences that actions, and indeed such things as institutions, law and practices are to be justified if they can be justified at all’ (Smart and Williams 1973: 79). Social reality is maintained objective and scientifically explainable, however the individual is regarded as autonomous and independent and thus is able to make rational speculations as to whether an action will lead to good or ill. The approach adheres with the utilitarian principle of striving for the ‘greatest happiness for the greatest number’ (Blackburn 2001: 86), where a moral action involves maximising the good outcomes for all those involved. Happiness’ corresponds to different types of hedonism, where pleasure and pain are the cardinal measures of good and bad; as John Stewart Mill argues ‘desiring a thing and finding it pleasant are one and the same thing’ (Blackburn 2001: 88). Within the doctrine there are several contending models; act utilitarianism involves assessing the consequences of every individual act, whereas rule utilitarianism involves setting laws that adhere with this principle. Finally, preference utilitariansim In addition, the perspective adheres to Machiavelli’s claim that humans are naturally wicked and selfish ([1518] 1969: 111–12). Thus a key notion in this is that as a population will be motivated by ambitions, desires and self-interest, so to maintain social order at least some of these must appear achievable. Advocates of this model therefore maintain that political liberty and economic freedom available through a democratic system and a competitive free market provide adequate level of civil and personal rights, resulting in pleasure, welfare and prosperity for all citizens. Thus, the market interests of individuals would take priority over local community agendas as ultimately security and freedom and therefore happiness, are available through the cultivation of material wealth (Sanderson et al: 2006). Therefore, members holding this perspective would oppose community imperatives that hindered or constrained opportunities to make profit for self-interested groups of individuals. For them, engaging with community would be encouraged but for the purpose of forming relationships that were mutually beneficial to the market interest of those individuals involved. Thus, moral Youth and Community work would provide services for the public good. As the framework is evaluates morality on the basis of consequences, the use of measurable targets and outputs is justified in order to be able to assess if an agency is delivering effective practice. Virtue Ethics It has been argued that these principle-based models place too much emphasis on specific actions (Banks 2006; 54). Both the previous theories focus on the concept of objective morality which is essentially concerned with setting a base line for ethics where individuals are simply required to meet this level to act morally. Conversely, Virtue based ethics accommodates takes a far more optimistic view of human nature than deontology or consequentalism, choosing to focus on the characteristics of the agent rather than behaviours. Virtues can be described as idealised goals or aspirations for good conduct which give direction for ethical human behaviour and provide an alternative and superior motivation than simply instinct. Aristotle, the founder of virtue theory, argued that all experiences were equal in that every individual had the capacity to infer virtues from their subjective experience. In support, Tam (1998:19) has explained that this universal potential for any individual to ‘behave morally’ means that that community values, goals and duties are not things to be defined by elite. Banks has further argued that regulations are ‘becoming increasingly irrelevant [as they are based on] †¦professionals' definition of values without consultation with service users’. The perspective emphasises a theme of natural behaviour aiming to align social norms with virtuous principles, however Aristotle maintained the need for laws to effectively allow humans to move progressively towards these, where education and practice can support the cultivating of virtue through the ‘supreme human capacity’ of reason (Blackburn 2001:96). As virtue ethics does not consider the consequences of an action, there is no specified standard for any individual to objectively achieve. Instead, the focus is on the ‘social nature of the self’ (Blackburn 2001: 97), where it is the community member’s responsibility to find agreed meanings of subjective concepts of rightness through interaction and debate with others, developing a collective understanding of social reality. Hence, moral relativity between groups is accommodated within virtue ethics, as negotiation of community agendas will inevitably vary. Furthermore, the suggested selfish or self-interested nature of humanity proposed by the previous two doctrines can be surpassed due to this collective nature and process of developing one’s morality, where happiness or flourishing is achieved through upholding these values. With respects to Youth and Community work, this moral framework would focus on training and cultivating the appropriate virtues required for the job, maintaining that, while actions are more reliable and measurable, it is also of vital importance that professionals display certain traits in character. Thus, workers would accountable not for specific outputs, rather if they did not act as a virtuous worker would. Banks (2006: 55) has suggested typical virtues of a worker would include courage, integrity, honesty and loyalty; however this is far from exhaustive. Strong parallels can be drawn between the ‘core values’ of Youth and Community work and concept of professional virtues, thus, these would be regarded with particular importance. The model also justifies a professional community where these values would be debated and negotiated in order to maintain a consensus code of ethics. Finally the approach would support the progressive and continuous education and rehabilitation of ‘deviant’ community members, unless this is unachievable, in the case of psychopaths for example. References http://www.infed.org/foundations/w-inf7.htm

Industrial Relations of Taiwan Research Paper Example | Topics and Well Written Essays - 1250 words

Industrial Relations of Taiwan - Research Paper Example Regarding specifically Taiwan, it has been proved that the ‘real export growth rate and the stock market development’ (Liu and Chen-Min 2006, 667) have benefited the country’s economy – a fact that also benefited the employment in all the country’s industries. The effects of globalization on Taiwan’s industrial relations can be identified by referring to the current Labor Law – both for natives and foreigners – that regulates employment relations across the country. The reference to the human rights framework in Taiwan would be also valuable – in order to understand the potential interaction between globalization and the industrial relations of the particular country. In accordance with a human rights report published by the US Department of State in 2010 human rights in Taiwan are generally protected but there are problems including the ‘corruption by officials, violence and discrimination against women, trafficking in persons, and abuses of foreign workers’ (US Department of State, March 2010) that have not been adequately addressed. Employment in Taiwan is controlled through three major legislative texts: ‘the Labor Union Act, the Collective Agreement Act , and the Settlement of Labor Dispu tes Act’ (Council of Labor Affairs Executive Yuan Taiwan, 2010); through these laws, all issues related to employment in Taiwan’s various industries are addressed – at least this is the target set by the Taiwanese government. The effectiveness of these laws needs to be tested – using appropriate literature – aiming to show the influence of globalization in employment relations across the country. One of the key elements of globalization is the limitation of obstacles to the development of business activities worldwide.

Assess the impact of Edward Snowden's revelations on the public image Essay

Assess the impact of Edward Snowden's revelations on the public image of GCHQ and the wider intelligence community - Essay Example ons have made efforts directed towards improving the level of their national security intelligence with an aim of ensuring that proper investigations, surveillance as well as supervision of security issues is undertaken to prevent terrorism attacks. In addition, some countries have resorted to the use of spy and other intelligence agencies that basically monitor groups that might have been suspected of terrorism activities. The issue of military strength between countries has also compelled governments and concerned stakeholders to undertake certain sensitive measures that would ensure that they monitor the military strength of rival countries and their level of security intelligence. These measures have included the use of spies and intelligence agencies that are usually sent to the rival countries to perform such missions. However, the major challenge that has been identified with regard to the use of spies emanates from the tension that occurs in the case that the rival country becomes aware of the spying activities within their military operations. In some cases, intelligence organizations have also undertaken roles geared towards ensuring that the level of security within internet is kept under proper surveillance by monitoring the activities that are performed in the internet by their respective populations. However, this has raised the question regarding the privacy of information of the populat ion owing to the fact that national intelligence organizations are usually provided with the authority to access any activity performed in the internet and other sources of media by a specific population. Many people have complained that by accessing personal information of the activities that are performed by individuals within the internet is a violation or a sense of intruding personal privacy. A case of revelations of an employee of an intelligence agency occurred when Edward Joseph Snowden revealed the activities the United States National Intelligence Agency

The Controversy Surrounding the law on the Positive Role of the French Essay

The Controversy Surrounding the law on the Positive Role of the French Presence Overseas - Essay Example This law, otherwise known as the 'February 23, 2005' law, was passed quietly in February of 2005, but came to prominence in the autumn when there was an overwhelming vote by conservative deputies against a bid to revoke the phrase. This touched off on a debate about whether France, whose empire ended in bloody wars in Indochina and Algeria, had learnt from its colonial experience. The trouble started in February when lawmakers quietly slipped a clause into a bill requiring schools to "recognize in particular the positive character of the French overseas presence, notably in North Africa." Some of the key players in this situation would be: President Jacques Chirac of Paris, Prime Minister Dominique de Villepin, Interior Minister Nicolas Sarkozy, Gilles Manceron, and Olivier Petre-Grenouilleau - a respected historian who was accused of making statements in an interview which implied that the slave trade was not a crime against humanity. (In fact, he said that it didn't constitute genocide). Gilles Manceron noted that for some historians, the treatment of the harkis exemplifies how France has basically failed to deal with aspects of its past, saying "The state put them in military camps or in isolated camps in forests, cut off from the rest of the French population. This isolation is comparable to the treatment of indigenous people in the colonies." (Gehmlich, 2006). Hamlaoui Mekachera, junior minister for veterans' affairs who is also of Algerian origin and in fact actually fought for the French army during the Algerian war, praised the law, saying it was "a historic moment for people of all origins who have been repatriated." He went on to say, "The current debate must not allow us to forget the real range of measures (the law) contains." (Geimlich, 2006). Who Wants a Repeal of the law and who Does not, and why More than 1000 historians, writers and intellectuals have signed a petition demanding the repeal of this law. "In retaining only the positive aspects of colonialism this law imposes an official lie on massacres that at times went as far as genocide on the slave trade, and on the racism that France has inherited," says the petition, which has also been signed by one of France's best-loved humorists, Guy Bedos, and a leading film director, Patrice Chereau. The principal objection to the law is

How do you account for the success of Korea’s chaebol What Essay

How do you account for the success of Korea’s chaebol What problems did the chaebol face in the Asian financial crisis of the late 1990s - Essay Example formance of chaebols and it is regarded that Korean economy became able to recover from the financial crisis of late 1990s due to the efficient performance and adequate restructuring of chaebols (Buzo, 2002, p187). At present, chaebols are successfully operating in South Korea significantly contributing towards the economic development (Choe and Chinmay, 2007, p232). The essay aims to discuss the performance of Korean Chaebols after the financial crisis that hit Korea along with many other Asian countries in late 1990s. The essay examines the recovery path adopted by the Korean Chaebols to identify the factors that have contributed towards re-stability of these conglomerates after the financial crisis. It is revealed that financial crisis draw devastating impact upon the performance and growth of Chaebols however, they recovered from the crisis within few years with the help of government support and adequate business strategies and planning. Chaebols are the South Korean business conglomerates that have attained strong position at international level and own several multinational enterprises. There are several dozen Chaebols working in Korea that are mainly operated by Korean family controlled corporate groups (Fields, 1995, p35). These Chaebols enjoy government support as well as finance that allow them evolving as well known international brands. Some of the well known Chaebols operating in South Korea include Samsung, LG and Hyundai etc. Traditionally Chaebols have played a very important role in economic as well as political progression of Korea. Chaebols have significantly contributed towards the development of new industries, markets and expansion of trade relation at international level (Kim, 1991, p272). It has been widely accepted that Chaebols have well supported Korean economy in attaining the position of East Asian Tiger (Rowley et al, 2001, p21). Chaebols use to play dominating role in the economy of Korea because these entities remain the focus of

America's Perception of American Italian Mafia Essay

America's Perception of American Italian Mafia - Essay Example These immigrants who come probably from different ethic backgrounds have been found to grow under strange circumstances that encouraged various schemes and scams. The sucker mentality is found in this people and that is why they engage in the organized crimes. A petty crime if it organized by a group of individuals can grow to become bigger if the individuals have continuity in forming a criminal organization. The chief goal of such criminal organizations is money. This criminal organization may come as a chain of many organizations. (Abadinsky, 2003) Consequently, such participants become mafia. These criminal organizations include burglary, car theft, street fangs, outflow motorcycle gangs, drug posses, and international drug cartels. It has been observed that less formal and simplex criminal networks aged by the Italian mafia do not necessarily end up in complex criminal organizations. In recent years some Italian-Americans have felt discriminated against in regard to their repres entation within the hierarchy of the American Catholic Church. They cite statistics to justify their contention that the Church has been biased in favor of Irish and Germans prelates to the exclusion of Italian-Americans. The basic perceptions of the Italian Americans who migrated to the US are perceived by the natives as gangsters who are basically associated with drug trafficking and prostitution among other crimes. The issue of illegal immigrants to the United States has been described as a major contribution to the high crime rate. This has elicited numerous reactions from various prominent people in the United State. There has been even a proposal for the deportation of the illegal immigrants back to their countries. (Rolle, 1968) There is a connection between the language and also the existence of the Italian Mafia. Since the official language used in America is English and as such they are not able to get office or formal jobs and as such they resolve in crime as a source of income. The Italian mafias are generally referred to as the thieves' in-law or professional thieves the code. This is a misconception that is associated with the Italians in the United States. However, there are other Italian Americans who are very instrumental in positive development by providing highly skilled labor in the various industries. A large number of Italians are perceived as criminals in the United States. For this reason the Italian American population was always on trial on the grounds of suspicion. (Iorizzio & Mondello, 1975) From a wider prospective the term Mafia can be understood to refer to organized criminal groups; clans that control politics and the economy in particular regions; corrupt government employees of recent years the term Mafia has been used to mean a person who controls particular goods and services. When the control is done to the detriment of the consumer to personal benefit then those controlling this are called Mafias. The Italian Americans have also been perceived as people who are driven by self interests so as to gain economic advantage. For this reason they have been know to use dubious means to gain this economic advantages. These thugs have international connections that enable then to achieve their objectives. These people have been known to pose a security risk to the

Department of Maritime and Logistics Management Essay - 1

Department of Maritime and Logistics Management - Essay Example Businesses tend to opt for air cargo due to quick and safe on time delivery. The cargo handling and processing procedure is critical as goods need to be transported elegantly and safely (Wensveen, 2012,p.14). Airlines throughout the globe ensure to deliver best cargo services as revenue generation from cargo is more than passengers’ shipment. The purpose of this paper is to elucidate about the acquisitions and deployment of aircrafts into the fleets. The key factors involved in the aircrafts addition to the fleets have been elaborated. Furthermore, the air cargo handling procedure along with the difference from handling passengers and luggage is demonstrated. The intention remains to present the entire view about the airlines logistics management. Acquisitions and Deployment of Aircrafts: The addition of aircrafts into the fleet is a matter of serious concern for the organization. Several elements need to be examined before taking this step. Initially the need and requirement paradigm is explored. The strategic business units dig in that either it is adequate and necessary to pursue for this step or not. The organizational expeditions are certainly expanded by opting for the option of adding aircrafts into the fleet. The mergers and acquisitions in the airlines industry have not worked out pretty well in the past. The only successful merger was of Air France with KLM in 2004, making it Air France KLM. The newly merged company escorted for adding new aircrafts into the fleet but that decision was made after one year operations collectively (Gudmundsson, 2010, p.48). The management of aircrafts previously became an issue for the organization but they sorted it out by inaugurating information systems into the firm. All the operations were virtually connected and scheduling of flights and delivery of cargo was certainly more transparent and viable. After getting heads up in the respective area, Air France KLM went to the addition of aircrafts into the fleet (Romano, 2012, p.23). Some of the key factors that need to be considered airline’s decision in adding aircrafts into the fleet are given below. Organizational Status: The airlines need to determine that either it is internally strong enough to deploy and acquire aircrafts into the fleet. The strategic business department of the airline needs to watch this matter deeply and scrutinize that either is the organization capable to handle the load. The requirement aspect wants to be covered too. The addition of aircrafts into the fleet without acknowledging, that either airlines market position is stable or not is vital. The organization propensity and tendency is crucial too. The addition of aircrafts requires expansion in staff and more finances for the organization. Some of the airlines go for acquisition and deployment step without working on these steps (Borken-Kleefeld, Berntsen and Fuglestvedt, 2010, p.5702). The precise understanding of the magnitude of coming events is imp ortant in the airlines industry. There are several external and internal factors that affect business endeavors of airlines industry, so it is eminent for the firms to concisely acknowledge the organizational status before stepping into something deep. The customers and business requirement is secondary issue but it is of much more significance. Airlines should have well equipped technological setup that would create synergy between the

The Black Diasporic discourse Term Paper Example | Topics and Well Written Essays - 1000 words

The Black Diasporic discourse - Term Paper Example Every period in the history of African American literature portrays its unique theme. Yet, in every period, almost all African American writers have tried to present event a quick look into the diverse and rich histories of African Americans. The transatlantic slave trade transported millions of Africans to the Americas, Caribbean, India, Europe, North Africa, and the Arab world. Numerous African American literary texts describe this great movement in detail. Michael Gomez provides a factual description of the African Diaspora in his book Reversing Sail: A History of the African Diaspora, while Charles Henry Rowell presents a collection of African American fiction and poetry in his book Making Callaloo: 25 Years of Black Literature. This paper analyzes how the African slave trade’s shaping of the African diaspora was described in these two important books. African Diaspora in Black Literature The massive forced transport of Africans does not match precisely the meaning of dias pora. African slaves do not belong to a single ethnic or religious group, but to different beliefs, cultures, and ethnicity. However, the concept of diaspora can be related to the African diaspora in its broadest meaning of diffusion and preserved cultural traditions. Millions of Africans who were scattered across the globe through the slave trade kept hold of their culture, and continuously practiced it through rituals, traditions, music, and religion. Over the recent decades, the black Atlantic discipline has placed emphasis on the shaping of racial groups across the globe, with a focus on the flow of material objects and ideas. And still Africa is strangely missing in these lively and flourishing discourses, as the Atlantic is still viewed as mainly talking about the flow of objects, peoples, and ideas between the Americas and Europe. Hence, African American literature emerges to describe how Africa is positioned in the discourses and writings of black diasporic authors. Taking i nto consideration literary portrayals of Africa by African, black British, and African-American authors, this paper argues that a charting of Africa in diasporic literature contributes much to the reconstruction of current perspectives of diaspora. In black diaspora literary texts, the symbol of Africa refers as strongly to aspirations of liberation and restoration of a lost homeland. Read as one, the literary creations of authors, such as Caryl Phillips, Percival Everett, and the other authors included in the book Making Callaloo, make up a black Atlantic collection. This collection comprises not just writings that emphasize transnational movement across different points of the Atlantic, but also texts that adopt the theoretical features of the concept of diaspora—the effort to unearth a valuable past, the significance of memory, and the loss of home. Moreover, a study of diaspora essentially requires a thought on the outcomes of slavery, as well as an analysis on the relati onship of Africans to the Western word and its intellectual forces, specifically those that have been identified with regard to Africans—reason and modernity. Two of the most remarkable contemporary writers of African diaspora are Michael Gomez and Charles Henry Rowell. In Reversing Sail, Michael Gomez explores the factual scattering and movement of Africans since ancient times. The struggles of Africans in Europe, the Arab world, and the Mediterranean are afterward marked by their migration into the Americas, where their predicaments in territories invaded by European colonizers are examined in relation to the African

Nursing Theory Website Paper Research Example | Topics and Well Written Essays - 500 words - 2

Nursing Theory Website - Research Paper Example The fact that they provide links to other websites is also additional help in finding the most relevant information about the theory. The currency of the information from these websites dates 2012 and some 2011 but none of the information provided is more recent than 2012 which is still considered fairly current. The information provided in these websites about the theory is deducted from books, articles and journals and these references used are listed at the end of the theory discussion. Since these books, journals and articles are per reviewed and considered credible, then the information posted in these websites concerning the nursing theory and even other theories is also considered to be valid and reliable to be used in theoretical and practical work. Orem’s Self-Care theory is applicable in hospitals not education purposes. This is so because it aims to identify the needs of the patient through using different methods to assess the condition of the patient. After the identification, the same theory and its methods are used to attend and solve the problems the patient presents with according to their need after extensive evaluation of which outcome and treatment will be effective. The major advantage of this theory is the fact that the nurse and the patient get to interact while the nurse tries to evaluate the patient to find out the problem as well as during evaluation of the best treatment methods and the care being provided so far to the patient. It is helpful to first time nurses fresh from nursing school and who are yet to get correct the assessment and treatment. It provides guidelines as well as courage on how to interact with the patient medically. The theory is attractive because it has not been overused compared to other theories such as the Florence Nightingale’s theory. The lack of monotony and overuse of a theory leads to its appreciation as

Ethical Principle Essay Example for Free

Ethical Principle Essay Ethical principles have a huge portion in the impact of intentional or assisted euthanasia. Beneficence according to Beauchamp states, â€Å"compassion; taking positive action to help others; desire to do good; are core principle of our patient advocacy† (Beauchamp,2009,p38). The value of beneficence simply states to do good to achieve the best possible outcome. For example, medical research is expanding and exploring numerous cures for diseases that are causing harm to people. Doctors that are approving euthanasia are because of empathy and kindness for the patient. The doctors and physicians are trying to do good for the patient by performing euthanasia because they know the prognoses is poor and the medical treatment won’t cure the disease. Utilitarianism theory can also be applied to the situation, â€Å"this theory supports what is best for most people. The value of the act is determined by its usefulness, with the main emphasis on the outcome or consequences†(American Nursing Association). In other words, the greatest value for all, is the selection that is morally accurate. For example, some patients support active euthanasia because it ends the suffering of the person. The choice to end life in return brings the great happiness for large amount of people. The autonomy theory states, â€Å"Agreements to respect right to self determine is a course of action and support of independent decision making†. (Beauchamp,2009 p.38). People should have their own choice to make decision for themselves when it involves their lifeà ¢â‚¬â„¢s. If the member is unable to make his or her needs known, an inform consent or power of attorney should be made before hand of the patient wishes. The ethical theory such as deontology mentions, people should abide to their task and obligations when review an ethical dilemma. Reference Beauchamp, T. L., Childress, J. F. (2009). Principles of biomedical ethics (6th ed., pp. 38-39). New York, NY: Oxford University Press. American Nurses Association. Retrieved from website: http://www.nursingworld.org/MainMenuCategories/EthicsStandards/Resources/Ethics-Definitions.pdf

Zara: Expanding Overseas | SWOT, Porters Five and PEST

Zara: Expanding Overseas | SWOT, Porters Five and PEST Zara is one of the most well known brands in the world and is also one of the largest international fashion companies. They are the third largest brand in the garment industry and are a unit of Inditex. It their flagship range of chain stores and are headquartered in Spain. Zara opened its first outlet in Spain in 1975. The headquarters of the company is based in Galicia. There are more than 2600 stores across 73 countries in the world. The Zara clothing line accounts for a huge bulk of its parent groups revenues. There are other clothing brands owned by Inditex such as KiddyÂÂ ´s Class (childrens fashion), Pull and Bear (youth casual clothes), Massimo Dutti (quality and conventional fashion), Bershka (avant-garde clothing), Stradivarius (trendy garments for young woman), Oysho (undergarment chain) and Zara Home (household textiles). Inditex owns all Zara outlets except for places where they are not allowed ownership of stores (thats where Franchises step in). Zara is renowned for coming up with products on a short timescale instead of taking forever. They are known for taking around 2 weeks to develop products and have been known to come up with around 10,000 new designs every year (which is an industry record). They have bucked the trend by making productions in Europe instead of shifting their entire production to Third World or Developing countries. However some of their clothes are manufactured in parts of Asia due to the fact that they have a longer shelf life. They make most of their own products inside Spain or other European Countries as they own a large number of factories in both Spain and Portugal. They also dont have to depend on anyone else as they can get everything done by themselves. Zara is unique in the way that it does not spend money on marketing and instead concentrates on opening new stores instead. Their brave experiments have led them to be labeled as one of the most innovative retailers in the world. Zara started out with low priced products which were pale imitations of high end fashion products. This move led to Zara being a smashing success and allowed them to expand by opening more stores in Spain. The company management also managed to reduce the time it took to create new designs and came up with the term instant fashions which allowed them to capitalize on new trends really fast. Zara is known to use teams of designers instead of individuals. Zara has to face a lot of competition from HM, Gap and Bentton internationally. Fortunately Zara is considered to be more fashionable than the rest of the brands despite the fact that its price is less than Benetton and Gap. HM is still cheaper than Zara but is equally fashionable as Zara. Gap and Benetton are less fashionable and more pricy. SWOT Analysis (S)trengths Zaras biggest strength is the fact that it provides cost leadership strategy by aiming at efficiency and cost reduction on products. There is a lot of efficiency merely due to the fact that products are put on fast track and costs are kept really low. They dont take a long time to come up with new collections. Zara is able to come up with collections really fast (around 2 weeks to get a collection ready). Zara focuses on what its customers want and thats why they have managed to do so well. They are able to get the opinions of its customers on a daily basis. The data is sent over to the headquarters where it is analyzed. This is a great way of saving time and helps them understand what sort of trends to follow. Since it does not take them a long time to come up with products they are able to cash in on the trends. They are also able to design, manufacture and send out the new products in less than 2 weeks. They are also very efficient when it comes to delivery of the products. Zara employs a huge team of designers who are able to design the clothes they require. Most of these designers are fresh out of Fashion schools and are able to do more for less. Most of the clothes manufactured are made in Spain and there is no need for outsourcing. Zara manufactures and distributes its clothes so it manages to cut out the middle man. This is one reason why they are able to get clothes out there so fast. They also have a great Information technology solution in place which allows for decentralized decision making. (W)eaknesses Zara does not spend any money on marketing or advertising. This is a huge weakness for them as its competitors spend a lot of money on advertising. Zara relies on goodwill and word of mouth so that people can shop at their stores. This is a weakness which can be exploited in the future by its competitors. Another weakness is the fact that Zara only has one manufacturing and distribution centre in the world. This is a double edged sword as it is both a weakness and strength. The fact that they have a huge distribution centre makes it an asset but then if it is hit by some sort of natural disaster or some logistical problem then it can have an adverse effect on its revenues. (O)pportunities There are a lot of opportunities for Zara lying ahead. They need to expand their presence in the USA where they face competition from the likes of GAP. They only have around 49 stores in the US which is not bad but then based on the size of the US that is equivalent to around one store per state. In comparison there are more than 300 stores in Spain which is a fraction of the size of the US. They may have conquered Europe but they still need to expand into the US market so they can give Gap a run for its money. They can grow properly if they expand their presence in the US. Zara is only going for markets where it is doing well such as Italy. However there is a huge opportunity for them to tap into the Indian market. The Indian Economy is doing really well and people over there love to buy good quality brand names at a reasonable price. Zara already has 2 outlets in India but then it wouldnt hurt to expand a bit more and form alliances with local manufacturers. This will make it easier for them to slowly grow within the Indian market. (T)hreats The biggest threat facing Zara is the fact that it is Europe Based. Zara is based in Spain and has a huge number of stores in Europe. Critics believe that there is an over saturation of stores in Europe and that having such a huge number of stores will dent the revenues over the longer term. The other reason is the fact that the Euro tends to be stronger than the Dollar. This is one reason why merchandise from Zara tends to be more expensive in other countries. This can be a big turn off and can have an adverse effect on their revenues in the longer term. Porters Five Forces Porters Five Forces allows us to look at the five forces which help us determine the competitive intensity and the attractiveness of a market. Some of these forces are related to competition from external sources while the rest are internal threats. These are basically all related to the macro environment. The various Forces are threat of substitute products, the threat of established rivals, the threat of new entrants, the bargaining power of suppliers and the bargaining power of customers. Porters Five Forces Analysis Threat of Competitors Zara faces a lot of competition in the market. There are a large number of competitors in the market such as HM, Benetton, Gap, etc. Fortunately The high level of competition makes it tough for everyone as they are all struggling to get a piece of the pie . The biggest problem is that due to the large number of competitors the growth rate is low due to the number of manufacturers around. The clothing industry has peaked and it is very difficult for people to stay in the industry as the competition is cut throat. Customers are spoiled for choice due to the number of brands within the market. They are also very fickle minded and base their buying habits on the basis of new trends. They will only buy based on price and brand recognition and this is why the manufacturers have to keep changing what they do and come up with new ways of gaining customers. The costs of manufacturing new goods are quite high plus it is not easy to procure raw material so thats why the ones who have the resour ces and the ability to do so are able to survive within the market. Threat of New Entrants There is always the threat of new entrants but then the risk is not so much as Zara already has a huge presence in most parts of the world. The barriers for entry for distribution are quite low in Spain ( where the bulk of their clothes come from.) New entrants will have it easy as the cost of distribution is quite low as they only need to rent a shop and need a bit of capital to start out. However when it comes to manufacturing then the barriers of entry are really high mainly due to the fact that it requires a huge investment to get started within the market. Substitutes There is no threat of substitutes as it is a basic necessity for everyone. Customers Bargaining Power Customers have varying levels of bargaining power as they can decide what they want. Customers are quite fickle when it comes to buying clothes. However the good thing is that each customer has a love purchase volume and that means that even if some tend to change their brand there will still be some who will buy Zara. It is not an item like a burger or a snack which is available easily anywhere for a low price. The good thing about the clothing business is that there is no risk nonpayment because customers pay for clothes during purchase. Supplier Negotiation Power There are too many suppliers in the market which is one reason why the suppliers dont have much negotiating power. The fact that Zara procures or makes most of the stuff itself is also another factor which doesnt work in the suppliers favor. If the supplier decides to cut down the supplies the manufacturer can easily go to another manufacturer. PEST Analysis The PEST analysis is a study of the environment before a company begins its marketing process. It is a study of the external macro environment. It stands for Political, Economic, Social, and Technological analysis and is an environmental scanning component of strategic management (P)olitical The political factors affecting Zara are when the government intervenes into the economy and comes up with laws which change the way things are done in the country. The government can easily change its policy and change the ways a business can operate in the country. They can change the laws and do drastic things like changing the interest rate. Zara needs to know the entire system and to be prepared for any potential problems it can face from the government due to a change in policies. (E)conomical Economic factors come into play as they are related to factors such as interest rates, taxation changes, economic growth, inflation and exchange rates. These have the potential to create many problems in the future. There are different duties and levels of tariffs in different countries and this can cause the prices of products to vary in different countries. The price of goods will also vary based on the country of origin and thats what Zara needs to keep in mind. (S)ocial If there are Changes in social trends it will have a huge impact on the demand for Zaras products and the availability and willingness of individuals to work. However that is not likely to happen as its not as if Zara makes niche products. They focus on a huge market and make different types of products so it is quite unlikely that there will be a social shift in this part. However the company still needs to work on trends and to make sure its updated with the times so that it can satisfy its customers and meet the demands of its demographics. (T)echnology Due to advances in technology companies have to make sure that they keep up. Zara has to make sure that they have the latest technology and that they are innovative in every way. The more advanced the technology the more it can bring about some quality. Zara has invested in technology and it has to keep improvising because if they dont then their competitors will get a head start on them. Part 2: Zara is the biggest contributor towards Inditexs profits. Its the most well known brand in the group and has played a huge role in the growth of the group as well as bringing about huge sales and profits. Zaras success has brought about a large number of case studies and reports. It has consolidated its position in the fashion industry and has made a good name for itself. Zaras business model is basically based on the principle that it can sell medium quality fashion clothing at affordable prices. Basically vertical integration and the ability to come up with a quick-response is a key factor to Zaras successful business model otherwise they would be no where without it. The process for Zara has been designed in such a way that it has the various functions within the business system such as designing, sourcing and manufacturing, distribution and retailing. They do all of these themselves and that is one reason why their growth is at a good rate. However what goes up must come down and Zara is not immune to the problems in the world. The way they operate can also prove to be their undoing due to the model they are currently utilizing. The fact that they have their own distribution centre and manufacturing unit is a very weak point. This can be discussed further in this document. The management at Zara have come up four fundamental success factors: short cycle time for creation of product, small quantity per product (and not too much of the same stock) , extensive variety of product every season (so that users can choose easily) as well as a huge investment in information and communication technology to allow them to stay on track . Zara knows what its customers want by tracking their preferences on a year round basis. They have their own team of designers who have been recruited fresh out of fashion school. It is not a tough job to tell them what they want based on the input they receive. They make around a limited quantity of clothes based on the 11000 various items designed by its in-house staff. Zara does not make any losses as they only order a limited quantity of each item which they believe is stylish and will be more restricted season wise. For example if they have miniskirts in design they will only be available for a short time due to the short summer period in Europe. Other clothes which can work the year around and for which the trend does not change are outsourced to Asia as the cost wont be so high. The outsourcing operation is very handy mainly because these clothes have a longer shelf life. It does not take a long time for the clothes to be prepared as it merely takes around 4 weeks total for the whole process : from design to the finished product in the stores. The fact that Zara knows what sort of trends are there in the market and are quick enough to change their strategy to match the trends in the fashion industry gives them a huge advantage. They are able to modify their timetable easily to adjust for a change in the trends in the market. Normally it takes around 8 to 12 months for any normal retailer to forecast trends and come up with a style and send it for production. They are unable to match what Zara does and they end up losing big time. Even if a style fails to sell much, Zara can easily sell the clothes on a discount. The fact that they quantity of clothes manufactured was so low that they lose much. Their low volume strategy has helped them have a very low number of discount sales every year as compared to a high rate for the rest of the industry. However this leads to higher costs which is a disadvantage but then they dont have to worry about having higher inventories. This method allows for a low inventory and high profit margins. They dont save any money here with costs but then they get the maximum out of their clothing line. A problem they face is the fact that since Zara controls everything it is not easy for them to expand or relocate as they have to stay put in one place or the whole operation will suffer and the goods will cost more to distribute. Zaras business model is wonderful in the sense that it has a very fashion forward line as they know which trends to cash in on. They seem to have the midas touch of turning everything into gold. Their policy is to have a mostly young and fashion conscious staff so that they will also be able to double as trend setters. If for instance a certain item in a store sells well then the management decides to sell the same item in other locations as well. The key is that most of the items are in short supply and people presume that there is a shortage of items which ends up making consumers want to buy more. A key factor in Zaras success is the fact that it has sourced its products from the right places. They have based their procurement offices in a couple of fashionable cities in the world. This allows them to witness the trends first hand and then to quickly come up with a solution of their own. They dont buy all the raw products on their own as they use one of their parent groups procurement units to do all its purchasing. One clever move on their part is that they buy most of their fabric in grey so that there is greater flexibility. It doesnt take long for the fabric to be prepared. The main distribution artery is in Spain where they have their biggest distribution centre. They also have some smaller distribution centers in countries such as Argentina, Brazil and Mexico. The problem with the distribution centre is that it is purely based in Spain and does not have the capacity for a heavy load. It is a huge distribution centre and occupies around 500,000 square feet in total. They only have the capability of processing around 60,000 folded garments in an hour. They need to find a new distribution centre or increase their operations so that they can save more time. However the biggest advantage for them is the fact that they have vertical integration which allows them to manufacture and distribute their own stuff without having to be at the mercy of any supplier. It is not tough to move any of their products as they have their own railway network which allows them to move goods easily to its distribution centre. Once the goods are ready they are shipped out immed iately though the shipping schedule is only twice a week. European stores get their goods early (around 24-36 hours) while other destinations get them within 2 days. This system has allowed them to achieve a very high level of accuracy in its shipments. The other good thing is that the outlets dont take long to display the new outfits once they reach their destination and this allows them to show new stock to their customers. The clothes are also coded according to their color so that the staff knows where to place them. This makes it easier for the customers to go around color matching the items they want to buy. Problems with Zara Zara is facing a large number of issues which can cause them a number of problems in the future. Despite the fact that Zara has a consistent business system which gives them a competitive advantage it is always in the danger of tanking badly. Zaras biggest advantage is the fact that its economies of scale are really good and that they have been able to ramp up their distribution system. The continued growth is good for them in every way. They have been helped a lot by their expansion in the international market. However their growth in the international market will be curtailed due to the reason that Zara has a very centralized logistics model. It is understandable that Zara has to expand its distribution centers and to increase its capacity. Zara has its main distribution centre in Spain and it wont be easy going trying to expand when their base is only in Spain. This will affect their plans to go international and to target more regions. They cant simply survive with a European presence alone. It is true that they do have a presence in other countries but then it is not as much as it should be. They have a huge presence in Spain but quite limited when it comes to other countries. They can easily target the North American region where they dont have much of a presence compared to the huge size of the region. The problem is that there are a lot of outlets there and a lot of competition coupled with the need for plus sized clothing, high cost of operations and a very mature market. Zara needs to come up with a strategy so they can compete very aggressively over there. They can also target South America but the problem is that it is not a very stable region and any geopolitical problems can lead to profits being low. A good market would be the ever reliable Middle East where Zara already has a small presence. However with talks of revolution in the air and other geo political problems it can be a risky bet. There are a few countries in the region which will lead it to be profitable but then the market is small compared to other regions. They can easily opt for countries such as the South East Asian markets and South Asia which have a lot of potential. Recommendations Zara can easily go around and expand its operations in many ways. The best thing would be to take it easy for the short term and to go for further expansion in Europe. Spain and Italy are neighbors and the fact that Zara has its main distribution centre in Spain will make it easy for Zara. For the time being they dont need to open any more distribution centers as they can work with regions which are quite near in proximity to them. Italy is one of the most fashion savy countries in Europe along with France. Zara already has 70 plus stores in the country but then they can do a lot better. They can enhance their presence in the market and try and take some share from some of its know rivals such as Benetton and HM. the biggest way for Zara to expand is to try and open another Distribution Centre in Eastern Europe and to be able to expand its operations in Eastern Europe. A number of countries are coming into the European Union and are ripe for the picking. They already have a presence in some countries but the number of stores per region is not as much as it should be. Zara should expand further in the Asian markets once they have been able to do their bit in Europe. They have already tested the waters in Asia despite the fact that there is a lot of competition from local vendors there. However the fact that people in the developing countries and with surging economies will be sure to try out Foreign brands and that would be one reason why its a good idea to expand further in Asia. The only problem is that Zara is based in Spain and that all their designs come from that region. The fact that they make items in limited quantities ensuring a low inventory will scuttle their plans to expand easily. If Zara decentralizes its manufacturing policy it can easily set up its own operations and distribution centre in Asia. It wont be easy as they will still have to procure items via local vendors. If they are unable to create a distribution centre in Asia they can still create a larger upscale distribution centre in Spain where they are able to take the load of supplying to a larger number of stores. In this way they will be able to keep up with the demand and supply. This will help in the growth of the company and allow them to face challenges. It wouldnt be a bad idea to expand in the US market in the long term even if it is not so friendly towards European labels. Competitors such as Benetton and HM have faced problems with the US market in the past. However Zara has the resources and the ability to be able to expand within the market. They can expand easily in the US market only if they manage to curb their costs which are quite high at the moment. They also need to invest in a proper high end IT system which can help them go with the trends. They will not have the advantage of the system they have in Spain as its a totally different ball game over there. There will be different political and economic circumstances which will dictate the way they do everything. It wont be easy to change their entire business model just for another region. This would mean that they have to decentralize the way they work so that they can work in the US. They would have to establish a distribution centre in Mexico or another cheaper place so that they can cater to the needs. The cost of labor wont be so much but the fact that it is decentralized and not under the control of the Spanish HQ. On the bright side it will be cheaper to ship products and the tariffs will be low. This will allow them to save a lot on costs and they will be able to keep their prices the same way they are in the origin countries. They will also be able to enjoy greater margins in this way. They will also be able to resolve other matters such as retailing overcapacity, less fashion-forwardness, need for larger sizes, and considerable internal variation. Risks The risks associated with expanding overseas are that it will require a lot of capital. They need to establish new facilities and it is not an easy task. They have to do a number of studies and research the market properly before they go ahead. It wont be an easy feat setting up everything from scratch. They will also have to train people the way they operate in Spain. However they can still keep the design and procurement process centralized as technology will allow their units to do what they want. Its just the units which need to be decentralized. There is the huge possibility that they will face a number of obstacles and losses before they can actually do something. The only problem is that they will face problems with their margin while they are at it. They will have to face increased costs and will have to pass on the buck to consumers so that their bottom line is not affected. Hypothetically they can also opt for joint ventures or franchising if they dont want to go and expand in the US. The only problem is that joint ventures and franchises dont always pan out as required. It can create problems for their brand name and can cause many unforeseen problems in the future. It is never a good idea to give out a franchise or work in a joint venture unless there is synergy between the two partners. Conclusion In the end it is highly recommended that Zara keep its house and affairs in order before they can think of expansion. Due to the environmental factors and the fact that the Euro Zone will not always be so stable should shake it out of its comfort zone. Expansion is the key but they have to play their cards right and plan their move properly before they end up making some costly mistakes.

Starwood Hotels And Resorts Worldwide Inc Marketing Essay

Starwood Hotels And Resorts Worldwide Inc Marketing Essay Starwood Hotels and Resorts Worldwide Inc is one of the most well recognized corporations in the hospitality industry. Founded in 1991 as a real estate company first under the name of Starwood Capital Partners it developed to be a top hotel owning, operating and hospitality management company. What really distinguishes Starwood from other hospitality companies is its philosophy towards hotel customers, employees and guest services (Starwood Hotels Resorts Worldwide, Inc., 2010). Providing unparalleled guest experience, high quality services products, creating team spirit among employees and by using an innovate customer approach it managed to be one of the leading companies in the hospitality industry (ibid.). Performing in the hospitality market since 1993, it developed to a global enterprise with the acquirement of Westin Hotels only 4 years after it first operated. In 1998 Starwood purchased the ITT Group, owner of the Sheraton and Four Points by Sheraton brands (ibid.). Today the company owns 992 properties all over the world (appendix 1). The majority of these properties are located in North America, where Starwood has presence with 533 hotels and 298.500 rooms in total. The company has also presence in Europe, Africa, Middle East, Asia and Latin America (Starwood Hotels Resorts Worldwide, Inc., 2010). Most of the properties are franchised or operated in joint venture with individual hotel owners. Only 63 of the hotels are privately owned. At this moment 145.000 employees work worldwide for hotels managed and operated by Starwood. The Group is consisted by nine hotel brands and one residential and vacation Ownership Company (appendix 2), (ibid.). St. Regis: St. Regis hotels and Resorts are properties which provide high-end service to satisfy the most distinguished and demanding guests, both business and leisure travelers (Starwood Hotels Resorts Worldwide, Inc., 2010). The Luxury Collection: This brand operates unique and exceptional hotels and resorts, usually classic buildings or palaces. The aim of Luxury Collection is to provide extraordinary services and experiences concentrating in the destination (Starwood Hotels Resorts Worldwide, Inc., 2010). W: W Hotels and Resorts is a new brand of ultra modern, fashion and trendy hotels that is now developing throughout the world. W offers services and experiences never offered by any company in the past. Some examples are the WhateverWhenever service and the unique design and internal environment (Starwood Hotels Resorts Worldwide, Inc., 2010). Westin, Le Meridien and Sheraton brands are the three historical and largest brands of Starwood. All of them operate in the upper scale of hospitality industry. Le Meridien is the most classic of them and provides a distinctive French style in all of its properties. Sheraton is the largest brand of Starwood and operates business city hotels and leisure resorts, whereas Westin hotels are distinctive for their gracious style and are ideal for those, who seek a superior guest experience (Starwood Hotels Resorts Worldwide, Inc., 2010). Four Points is a brand operating medium scale comfort hotels (Starwood Hotels Resorts Worldwide, Inc., 2010). Aloft, opened in 2008, is a collection of hip hotels with modern rooms. Aloft is similar in concept with the W brand but with cheaper rates (Starwood Hotels Resorts Worldwide, Inc., 2010). Element Hotels and Resorts, also opened in 2008, is a brand inspired by Westin and consists of environmental and nature friendly hotels (Starwood Hotels Resorts Worldwide, Inc., 2010). One of Starwoods key to success is based on its approach towards enterprises development, which generates from the idea of continuously growth, targeting top markets. Therefore there is no surprise that among the corporations future goals is the expansion in China market; a strong financial country with a huge market and many business potentials (Starwood Hotels Resorts Worldwide, Inc., 2010). 2.Financial Assessment Evaluating the financial assessment of a company is possible either by comparing one company to another one of the same industry or by comparing data of different financial years. In Starwoods case, in order to perform companys assessment the second method will be used; comparison of different years. Hence, from year 2008 to 2009 there was a significant decrease in return of equity, falling from 20.3% to 3.8% indicating that Starwood was not able to generate return for shareholders (figure 1). Caused partly by the fall of return of assets from 5.20% in 2007 to 1.80% in 2008 reaching -1.30% in 2009, showing that Starwood didnt use efficiently its assets to generate profit. Referring to return of capital one of its downside is that it doesnt represent something specific about where the return is being generating. Therefore its not a precise choice of financial evaluation (About.com, 2010). Figure 1: Ratio Analysis for 2007-2009 3 Year Annual Ratios (Year End) Fiscal Period 2007 2008 2009 Return on Equity (%) 26,10 20,30 3,80 Return on Assets (%) 5,20 1,80 -1.3 Profit Margin (%) 9.00 6.00 2.00 Gross Margin (%) 28,10 26,40 21,80 Net Margin (%) 8,80 5,60 1,50 Asset Turnover (%) 0.64 0.61 0.54 Fixed Asset Turnover (%) 1.6 1.64 1.41 Inventory Turnover (%) 7.81 6.09 3.74 Debt to Equity (%) 173 216 160 Current Ratio (%) 0.87 0.81 0.74 Acid Test (%) 0.53 0.44 0.35 Coverage Ratio (%) 8.28 4.55 1.48 Note: Euromonitor International, (2010) Our own Calculations Furthermore, a major drop from 8.80% to 1.50% in net margin occurred during the years 2007 and 2009 revealing that not all of its income is converted into profits. Regarding profit margin in 2007 for each dollar of sales Starwood generated $0.09 of profits, when in 2009 for each dollar of sales Starwood generated $0.02. Also, gross margin indicates that the company will retain $0.28 in 2007 for its dollar of revenue, to be able to pay additional costs and expenses, whereas in 2009 retained $0.21 for the same purpose. Concerning net margin there was a gradual fall from 8.80% in 2007, to 5.60% in 2008 and finally to 1.50% in 2009 meaning that finally for every dollar earned by Starwood, the profit is $0.015 (Investopedia ULC, 2010). Additionally, asset turnover remained almost the same. In 2007 asset turnover was 0.64, in 2008 0.61 and in 2008 it dropped to 0.54 showing that a smaller percentage of sales was able to be generated from the companys assets. Therefore fixed assets turnover had also a small decline from 1.6 in 2007 to 1.41 in 2009. Moreover there was also a substantial decline in inventory turnover from 7.81 in 2007 it fell to 6.09 in 2008, whereas we only had 3.74 in 2009 suggesting that the companys inventories are not marketable as they used to (Investopedia ULC, 2010). As far as debt to equity is concerned there was a significant rise in 2008 from 173% in 2007 to 216, but after a year it fell again to 160%. Also, current ratio had a slight decline from 0.87 in 2007 to 0.74 in 2009. Regarding acid test in 2007 it was 0.53 decreased to 0.44 in 2008 and in 2009 reached 0.35, indicating to investors and to Starwood how quickly the assets can be converted to cash in order to pay their current liabilit ies. Finally, coverage ratio from 8.28% in 2007, dropped to 4.55% in 2008, reaching 1.48% in 2009 (appendix 4.2). Hence, the company will be in danger in the future if the coverage ratio remains around 1.0% or falls below 1.0%, because at this case that will mean that it is not able to meet its obligations (Palepu, Healy, Bernard, Peek, 2007). 3.Financial Performance, Forecast Evaluation In order to perform a financial evaluation of Starwood Hotels Resorts Worldwide Inc. it is necessary to collect information regarding the balance sheet (appendix 7), income statement (appendix 8) and cash flow statement (appendix 9) of the company. Using these financial statements we were able to calculate the financial ratios, that were presented previously and to produce the forecast models (appendix 10 11 12 ). Also, as presented in Figure 2, Starwoods greatest Dividends per Share rate were in 2006. From that year the dividends per share followed a downward flow to 0.90 in 2007 and 2008 to reach the amount of 0.20 in 2010, the lowest for the past 10 years. This could have happened due to new equity issue. Figure 2: Per Share Data for years 2000-2009 Annual Per Share Data (Year End) Fiscal Period 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Revenue per Share ($) 22,43 20,06 23,36 22,89 25,72 27,26 28,20 30,90 32,27 25,20 Free Cash flow per Share 1,60 1,44 2,04 2,29 1,17 1,37 0,61 2,57 0,93 2,01 Earnings Per Share ($) 2,08 0,73 1,78 1,53 1,89 1,92 4,92 2,72 1,80 0,38 Dividends Per Share 0,69 0,80 0,84 0,84 0,84 0,84 13,90 0,90 0,90 0,20 Book Value Per Share 20,48 19,21 20,29 21,54 22,94 23,77 14,19 10,42 8,86 9,87 Note: (Euromonitor International, 2010) Moreover, Starwoods greatest Dividends per Share rate was 13.90 in 2006. From that year the dividends per share followed a downward flow to 0.90 in 2007 and 2008 to reach the amount of 0.20 in 2010, the lowest for the past 10 years. This could have happened due to new equity issue or the decrease of net income from the year 2006 to 2009. Earnings per Share(figure 3) is also a rate that is affected from the relegation of net income from $1 billion in 2006 to $71 millions in 2009. Operational Income is also a factor that indicated that Starwoods financial condition is not in a good position. Figure 3 Note: Our own Diagram Figure 4 Note: Our own Calculation Regarding the forecast models, firstly the moving average model is calculated as well as the weighted moving average model. However these forecasting models are providing predictions only for one future period, in this case for the year 2010. The same situation applies for the exponential smoothing model. After making two assumptions for the value alpha (0.6 and 0.05) it is proved that this model is also not appropriate, because it provides forecasts for one future period. The most accurate forecasting method for Starwood is the linear regression model. After calculating a and b, which are necessary for the formula y=a+ bx (appendix 10.2, 11.2 12.2) the yearly (seasonal) ratio is estimated (Higgins, 2009). After these calculations the estimation of the sales (appendix 10.3), profits (appendix 11.3) and cost forecast (appendix 12.3) was completed. 4. SWOT Analysis Strengths à ¢Ã¢â€š ¬Ã‚ ¢ Massive investment on Sheraton brand hotels. Starwood spent billions of dollars on renovations and new hotel openings in order to strengthen Sheraton globally and renew its corporate image (appendix 13), (Euromonitor International, 2010). à ¢Ã¢â€š ¬Ã‚ ¢ Hotel ownership: Starwood is selling its properties in return to long year management contracts of the same properties. This tactic is generally called Sale and lease back and is used in order that the company decreases its expenditures for maintaining the buildings. Starwood sold many of the leased, owned or operated by joint venture properties (Euromonitor International, 2010). à ¢Ã¢â€š ¬Ã‚ ¢ Starwood Preferred Guest loyalty program. The loyalty program of Starwood is well known in the tourism and hospitality industry and attracts new customers due to the benefits, innovative services and promotions in partnership with other companies offered to them (Euromonitor International, 2010). Also, to offer more benefits to their customers Starwood has cooperated with American Express to create a Starwood credit card (appendix 14). Weaknesses à ¢Ã¢â€š ¬Ã‚ ¢ Luxury Brand Hotels. Starwoods collection contains only luxury, up-scale and mid-scale brands. There are no economy hotels for business or leisure travelers that dont afford luxury brands. Starwoods competitors are present in budget hotels with brands for example Ibis, owned by Accor and Holiday Inn Express owned by IHG (Euromonitor International, 2010). à ¢Ã¢â€š ¬Ã‚ ¢ U.S. market oriented. Starwood has a large presence in the United States and that makes the company extremely dependant on the economy situation of the country. The U.S. economy upturns and downturns have direct effects on Starwood (Euromonitor International, 2010). Opportunities à ¢Ã¢â€š ¬Ã‚ ¢ Aloft brand. This new Starwood brand gives the opportunity to travelers that cant afford the other luxury brands to have access to modern hotels with high-tech design and facilities (Euromonitor International, 2010). à ¢Ã¢â€š ¬Ã‚ ¢ Growth in Asia. Asia and especially China are the emerging markets for Starwood in the fore coming years. China is the second largest market right now and Starwood plans to double its presence there by 2012 (Euromonitor International, 2010). à ¢Ã¢â€š ¬Ã‚ ¢ Attraction of wider range of travelers via the social media networking sites. By developing mini-sites in every social media site, Starwood could attract new target groups of customers that never before have used its services or sometimes havent even heard about Starwood brand name (Euromonitor International, 2010) . Threats à ¢Ã¢â€š ¬Ã‚ ¢ Consumer behavior. Starwood, having only a collection of luxury and upscale hotels is reliant to any changes in travelers behavior. Spending for luxury goods and services is usually the first thing that gets deleted or decreased from every business or family budget (Euromonitor International, 2010). à ¢Ã¢â€š ¬Ã‚ ¢ Travel industry downturns. Travel and tourism industry have experienced in the past a lot of uncertain and unexpected recessions due to facts like terrorism, enlarging fuel prices, political instability economic conditions or extreme weather conditions that caused major catastrophes. These effects could still happen anytime in the future. à ¢Ã¢â€š ¬Ã‚ ¢ The above point about industry downturns leads most of the times to less credit availability to the companies. This means that there will be fewer investments in tourism either in forms of renovations or new build hotel openings (Euromonitor International, 2010). 5. Competitive Challenges In general 2008 for the hospitality industry was a good year. More specifically a 5% growth occurred at that time, followed however by a significant fall of 11% during the year 2009 due to the economic crisis. Starwood enterprise was affected by this crisis by a 12% fall in that year. Therefore, one solution to avoid the catastrophe was to lower room rates and cut costs. But what Starwood did was to try and gain customer loyalty. One way to do that was by making him feel like home. Another way to offer 1000 reward points for every night the customer stayed at their hotel (Starwood Hotels Resorts Worldwide, Inc., 2010). Starwoods policy was by no means lower the price of the room rates significantly as some of their competitive did. Since it would be very difficult for them to recover after the crisis and the customers would become adapted to the discount room rates. Thus, it would be very difficult for Starwood to raise the room rate prices again. Eventually they would manage to do so, but it would take too much time (ibid.). For 2010 Starwood plans to launch its campaign of rediscover Sheraton, which cost US$ 6 billion in order to renovate and built new rooms, lobbies etc of Sheratons properties. A step, that will give Sheraton and Starwood a leading advantage (Starwood Hotels Resorts Worldwide, Inc., 2010). 6. Future Prospects The unpredictable and unstable economic situation in U.S and Europe resulted to the decrease of Starwoods revenue by 18% comparing the years 2008 and 2009. The weakening economic environment and the general reduction of business traveling led Starwood to offer an innovative promotion through the loyalty program called Preferred Guest. Starwood offered a 50% discount for guests staying from November until January 2010 (Euromonitor International, 2010). The future prospects for Starwood in order to adapt to the always evolving hospitality environment is first to franchise some brands to other hotel operators and owners (Starwood Hotels Resorts Worldwide, Inc., 2010). This means that Starwood could give permission to a 3rd organization to operate and be the master franchisor of its brands in a country or market that Starwood doesnt have prior experience. Second prospect intention is to increase sales booked directly from the companys website. That will lead to higher customer satisfaction and revenue increase. Another intention is to increase the number of guests joining the loyalty program and thereby increase the occupancy rates (ibid.). One final overall intention is to make the most out of what technology has to offer to hospitality and therefore boost the operating efficiency. Even though the information needed for Starwood Hotels Resorts Worldwide Inc evaluation was sufficient, there were some important statistics missing regarding Starwoods individual hotel brands and internal data for every country that Starwood is operating. Having these records we could have made a more informed report containing future prospects for each particular brand. Furthermore, if we had more information and data regarding taxes, distressed costs, market signaling, companys flexibility and management incentives we could make more efficient financial decisions (Starwood Hotels Resorts Worldwide, Inc., 2010),. 7. Recommendations Geographic expansion Starwood has already a large presence in North America and Europe covering a wide range of properties, from historical palaces to ultra modern and hi-tech hotels. Starwood is now starting to expand in China, India and other Asian countries. Additionally the company should expand its business to Africa and Middle East but certainly should focus on China as it is the rising economy of our days (Starwood Hotels Resorts Worldwide, Inc., 2010). The Chinese, in a few years, are expected to be the largest number of travelers worldwide both for regional and international tourism. It is rational for any company to have strong presence in this country in order to create loyal guests of the future (appendix 15). Affordable Luxury Starwood created new concepts in hospitality a few years ago when introducing the brands aloft and Element. In that way these two new ideas were offered to new target groups of travelers that in the past would have never chosen to stay in a Starwood managed hotel. Element is the eco-friendly brand of the group while aloft is the first hotel company of the group doesnt concentrate on business travelers but focuses on young travelers that dont want to spend large amounts of money but still enjoy staying in a modern, comfortable and hi-tech environment (Starwood Hotels Resorts Worldwide, Inc., 2010). Cost controlling Due to the global unstable economic situation companies and organizations like Starwood should deliberate to reducing their operational costs. This means that hotels should maximize the use of their existing resources and increase their efficiency. To give an example of that (Euromonitor International, 2010). New target groups In the near future Starwood should invest in new hospitality industry segments and new target group of both business and leisure travelers. Generation Y in a few years will have the ability to afford staying in a Starwood hotel. This is the reason why Starwood through the two new brands, element and aloft, should focus on developing them to attract the new generation (Euromonitor International, 2010). Customer experience The key point of success for the existing well-known brands of Starwood is to increase customer satisfaction and make each moment he spends using the services unique. This objective can be achieved from considering customers feedback and trying to adapt to their needs (Starwood Hotels Resorts Worldwide, Inc., 2010). Budget hotel brands A new trend that has been developed the last few years is for hotel chains to adapt low budget hotels. This doesnt mean under any circumstances that the quality standards will be lowered. Only that these specifically brand will provide more affordable services to future hotel guests. Other hospitality chains have recognized the market need for more inexpensive hotels and have already launched their budget hotels (Starwood Hotels Resorts Worldwide, Inc., 2010). 8. References About.com. (2010). Interest Coverage Ratio. Retrieved September 13, 2010, from beginnersinvest.about.com: http://beginnersinvest.about.com/od/incomestatementanalysis/a/interest-coverage-ratio.htm Ashpfoundation. (2009). SWOT Analysis. Retrieved September 21, 2010, from www.ashpfoundation.org: http://www.google.ch/imgres?imgurl=http://www.ashpfoundation.org/leadershiptoolkit/swot-analysis-sm.jpgimgrefurl=http://proiecte4.parvezbd.com/swot-de-starbucks.htmlusg=__6eEJug33fGnGxWj8RZmFQl5hfjg=h=371w=368sz=79hl=destart=0zoom=1tbnid=ui8SJD5s Credit Card Offers IQ. (2008). New Changes To The Starwood Amex Card. Retrieved September 21, 2010, from creditcardoffersiq.com: http://creditcardoffersiq.com/credit-card-news/new-changes-to-the-starwood-amex-card/ Euromonitor International. (2010). Starwood Hotel Resorts Worldwide Inc in Travel and Tourism World. Retrieved September 11, 2010, from www.portal.euromonitor.com: http://www.portal.euromonitor.com/Portal/ResultsList.aspx GuruFocus.com. (2010). HOT Starwood Hotels Resorts Worldwide Inc. ($47.45) . Retrieved August 27, 2010, from www.gurufocus.com: http://www.gurufocus.com/financials.php?symbol=HOT# Higgins, R. C. (2009). Analysis for Financial Management. New York: The McGraw- Hill Companies. Investopedia ULC. (2010). Fixed-Asset Turnover Ratio. Retrieved September 11, 2010, from www.investopedia.com: http://www.investopedia.com/terms/f/fixed-asset-turnover.asp Investopedia ULC. (2010). Gross Margin. Retrieved August 11, 2010, from www.investopedia.com: http://www.investopedia.com/terms/g/grossmargin.asp Investopedia ULC. (2010). Net Margin. Retrieved August 11, 2010, from www.investopedia.com: http://www.investopedia.com/terms/n/net_margin.asp Investopedia ULC. (2010). Return On Assets ROA. Retrieved September 11, 2010, from www.investopedia.com: http://www.investopedia.com/terms/r/returnonassets.asp Investopedia ULC. (2010). Return On Invested Capital ROIC. Retrieved September 11, 2010, from www.investopedia.com: http://www.investopedia.com/terms/r/returnoninvestmentcapital.asp Miles, D. P. (2009). Hotel Reward Programs: Starwood Preferred Guest (SPG). Retrieved September 21, 2010, from pointsmilesandmartinis.blogspot.com: http://pointsmilesandmartinis.blogspot.com/2009/06/hotel-reward-programs-starwood.html Palepu, K. G., Healy, P. M., Bernard, V. L., Peek, E. (2007). BUSINESS ANALYSIS AND VALUATION. London: Thomsom Learning. Starwood Hotels Resorts Worldwide, Inc. (2010). Company Overview. Retrieved September 9, 2010, from www.starwoodhotels.com: http://www.starwoodhotels.com/corporate/company_info.html Starwood Hotels Resorts Worldwide, Inc. (2010). Company Values. Retrieved September 9, 2010, from www.starwoodhotels.com: http://www.starwoodhotels.com/corporate/company_values.html Starwood Hotels Resorts Worldwide, Inc. (2010). Development Support. Retrieved September 8, 2010, from development.starwoodhotels.com: http://development.starwoodhotels.com/development_support/ Starwood Hotels Resorts Worldwide, Inc. (2010). Sales Marketing. Retrieved September 10, 2010, from development.starwoodhotels.com: http://development.starwoodhotels.com/sales_marketing/ Starwood Hotels Resorts Worldwide, Inc. (2010). The beauty of Starwood is the beauty of choice. Retrieved September 8, 2010, from development.starwoodhotels.com: http://development.starwoodhotels.com/brands/ Valane, J. (2009). Starwood Hotels Resorts: Fairly Valued At Current Price. Retrieved September 21, 2010, from seekingalpha.com: http://seekingalpha.com/article/35371-starwood-hotels-resorts-fairly-valued-at-current-price