Strategic Management-Walgreens Internal Analysis Essay

Strategic Management-Walgreens Internal Analysis - Essay Example target of operating 7,000 stores by year 2010, Walgreen needs to manage its internal processes effectively and efficiently to maintain competitiveness and profitability. Assessing its operations to identify key business processes and areas of value addition allows companies to manage costs strategically. The concept of Value Chain Analysis presents a powerful management tool for identifying key areas of value addition and cost incurring with a business operation and by analysing Walgreens Value Chain, the report aims to establish areas of organisational strengths and weaknesses which would facilitate the strategic decision making process. An internal analysis of an organisation entails the assessment of its key business processes, the core competencies, organisational strengths and capabilities as well as weaknesses in alignment of business opportunities, which the organisation is perusing for its long terms success. Analysis tools such as Organisational Capability Analysis or OCP analysis, Value Chain analysis and SWOT analysis are few common tools available in conducting an internal analysis for a business. Value Chain analysis presents a strategic view of all company functions and activities, which are performed in carrying out its business and facilitates a comprehensive internal assessment in terms of not only the activity or function itself but also the manner in which they are interlinked in pursuing company objectives. â€Å"The Value Chain Analysis identifies separate activities, function and business processes that are performed in designing, producing, marketing, delivering and supporting product or a service† ( Porter 1985). The chain of interlinked activities, which comes together to finally meet a customer need in the form of a product or a service includes raw material sourcing, logistics, production, sales & marketing as well as other support services. AT each stage, the business objective is to create and add value and generate a component of the

Das ist das verlangen der sterblichen

Das ist das verlangen der sterblichen 3. Resà ¼mee Die bedingungslose Liebe gilt aus unerklà ¤rliches Phà ¤nomen „Der Eros, das ist das Verlangen der Sterblichen nach Unsterblichkeit.[1] und auch in der Weltliteratur befassen sich zahlreiche Werke mit der Verbindung von Liebeslust und Liebesleid. Die Liebe ist wahrscheinlich das am hà ¤ufigsten bearbeitete Thema, denn auch wenn man das Gefà ¼hl nicht ausdrà ¼cken kann, bildet es das Zentrum des menschlichen Lebens. Liebe ist mà ¤chtig, und eine Schwà ¤che zugleich, nimmt einem alle Waffen und wer von ihr getrieben wird, ist oftmals bereit fà ¼r sie bis à ¼ber das Ende seines Lebens hinaus zu kà ¤mpfen. Sie resultiert in den Verlust des Realità ¤tsbewusstseins der Menschen, sie werden „blind und sehen nur noch das Positive und Entschuldbare wà ¤hrend sie dem Gà ¶ttlichen und Mà ¤chtigen nà ¤her kommen, welches die Liebe durch die Reproduzierbarkeit des Leben mit sich bringt. Anders ergeht es einem, wenn der Tod thematisiert wird, sofort à ¤ndert sich die Atmosphà ¤re, die Menschen leiden unter ihm und eine passende Reaktion ist schwer auszumachen. „Niemand kennt den Tod, und niemand weiß, ob er fà ¼r den Menschen nicht das allergrà ¶ÃƒÅ¸te Glà ¼ck ist.[2] Der Tod verbindet bis in die Ewigkeit und bereitet der Existenz ein Ende, man entkommt dem Leben zerstà ¶rt es zugleich. Die Liebe kann zu dem unklugem Handeln fà ¼hren, welches im Tod endet und zeitgleich ist sie der Hà ¶hepunkt des Lebens, der nicht mehr à ¼bertroffen werden kann und soll. Dies veranlagt von den Liebenden eine autonome Entscheidung zu treffen, indem sie sterben damit dieser Hà ¶hepunkt bestehen bleibt. Doch fà ¼r den Liebestod gilt auch die Sinnlosigkeit des eigenen Lebens, die man ohne den Partner befà ¼rchtet, als Motiv, wà ¤hrend die Leidenschaft gegen die Konvention kà ¤mpft und die Liebe à ¼ber den Verstand des Menschen triumphiert. Nun begegnen sich diese abstrakten Dinge, doch kann man sagen, dass die Liebe stà ¤rker ist als der Tod? Es muss einen Gewinner geben, denn „Liebestrieb (Eros) und „Todestrieb (Thanatos) sind gegensà ¤tzliche Triebe[3]. Wà ¤hrend der Liebestrieb Einheiten schaffen mà ¶chte, will der Todestrieb diese zerstà ¶ren. Hinfà ¼hrung zum Thema Die Verbindung zwischen Liebe und Tod ist nichts Neues: „Nichts kann außer dem Tod Ziel geben und Ruhe der Liebe.[4] und noch heute wird der Liebestod stetig diskutiert ist in vielen Kunstwerken verschiedener Epochen erkennbar, wie auch in Der Tod in Venedig (1912) von Thomas Mann und in Romeo und Julia auf dem Dorfe (1855) von Gottfried Keller. Beide Schriftsteller lebten in Deutschland, nur eine Generation auseinander und dennoch sind unterschiedlichere Schreibstile kaum anderweitig auffindbar. wà ¤hrend sie beide den Liebestod behandeln und trotz sehr verschiedener Inhalte, ein à ¤hnliches Ende aufweisen, denn der Tod wird der letzte Ausweg fà ¼r die verbotene Liebe. Der Tod ist etwas Geheimnisvolles und auch die Liebe, die etwas Schà ¶nes, Gutes und Genussvolles ist, bleibt unerklà ¤rlich, doch die Liebenden wà ¤hlen fà ¼r das à ¼berdauern der Liebe den geheimnisvollen Tod zu gehen. Doch die Verbindung zwischen Thanatos und Eros tritt nicht plà ¶tzlich auf, es gibt einen Zeitpunkt an dem entschieden wird, dass der der Tod die kompromisslose Entscheidung fà ¼r die Liebe ist. An diesem Zeitpunkt angekommen, à ¤ndert sich denken und handeln der Charaktere und auch der Schreibstil wandelt sich. Auch in anderen Kà ¼nsten, scheuen sich Kà ¼nstler lange nicht mehr davor, eine Beziehung zwischen einem Lebenden und einem Toten darzustellen, wie Der Tod Hyazinths, von J. Broc im 19. Jahrhundert gezeichnet, zeigt, oder auch die Oper Orpheus und Eurydike von Haydn, die er, inspiriert von Erzà ¤hlungen Ovids und Vergils, bereits 1791 komponierte. Liebe und Tod vereinigt, trotz dem sie auf den ersten Blick gegensà ¤tzlicher nicht sein kà ¶nnten. Es muss ein Auslà ¶ser findbar sein der die Liebenden den Weg von der Liebe zum Tod einschlagen là ¤sst, ich befasse mich in diesem Essay mit dieser Fà ¼hrung von der Liebe zum Tod, und wie diese inhaltlich und stilistisch in den Werken dargestellt wird. Begrà ¼ndung des Themas Auswahl der Werke Boccaocio schrieb 1358 „Das Dekameron, heute, 650 Jahre spà ¤ter, beschà ¤ftigen sich Menschen noch immer mit Todesliebe, einer unerklà ¤rbaren Besonderheit. Ich habe diese Werke ausgewà ¤hlt, da sie zwar beide das Thema Todesliebe beinhalten, aber dennoch, sowohl inhaltlich als auch stilistisch, sehr verschieden verfasst wurden. Wà ¤hrend die Liebe oftmals als etwas Gutes gilt, benennt man den Tod „das Loch. Es wirkt so abwegig, diese beiden Dinge immer wieder in Zusammenhang miteinander zu bringen. Genau dieser Mysterie, wie und wann das Zusammenschmelzen von Liebe und Tod geschieht, mà ¶chte ich anhand dieser hochinteressanten deutschen Werke belegen. Ich habe recherchiert, dokumentiert und getestet, wie der Zustand der Liebe und der des Todes zusammenhà ¤ngen und wieso die Menschen so fasziniert davon sind. Es ist so oft thematisiert, „Tristan und Isolde, „Hymne an die Nacht und „Romeo und Julia, dies sind nur drei von unzà ¤hligen Werken, die sich inhaltlich mit dem Zusammenhang zwischen Liebe und Tod beschà ¤ftigen. Doch auch im Alltag ist das Phà ¤nomen Todesliebe aufzufinden, die Liebenden verlieren beinahe ihre Angst vor dem Tod, wà ¼rden ihn fà ¼r den Geliebten in Kauf nehmen. Da sich viele Kà ¼nstler mit Liebestod befasst haben, gibt es eine Vielfalt an Sekundà ¤rliteratur. Der Tod in Venedig beinhaltet zudem auch Psychologie und eine Analyse der Situationen, dies ist hilfreich, um die anfangs gestellte Frage von einem weiteren Blickwinkel zu betrachten, denn die heutige leistungsorienterte Gesellschaft hat ganz andere Sorgen. Die Liebe fà ¼hrt hier zu einem verhà ¤nglichen Tod und dieses fiktionale Werk weist zudem einige à ¼bereinstimmungen zwischen dem fiktionalem und dem realen Autor auf, so erlaubt diese Novelle also zeitgleich eine Analyse des weltbekannten Thomas Mann, der zwar eine Frau heiratete, aber stets an Mà ¤nnern interessiert war. Romeo und Julia auf dem Dorfe ist zugleich Aufklà ¤rung und Unterhaltung, die Novelle kritisiert ironisch und durchdacht die damalige Gesellschaft und wurde auf einem wahren Zeitungsartikel basiert. Durch die Liebe der beiden Protagonisten verliert der Tod an Bedeutung und es scheint fast natà ¼rlich und rational, diesen Weg des Lebensende zu wà ¤hlen. Die Kinder beenden jedoch nicht nur ihr Leben, sondern zeitgleich auch ihre Abhà ¤ngigkeit und ihr schlechtes Gewissen. Problemfragen Wer ist Schuld am Tod? (Ist es das Schicksal das sie dazu verleitet? Ist es gar die Intention anderer Menschen, dass dieser Weg eingeschlagen wird?) Musste es so enden? (Gibt es keinen Ausweg? Muss der Konflikt der Liebe im Tod enden?) Ist ein solches Phà ¤nomen auch heute noch auffindbar? (Gibt es heutzutage Therapien, die Menschen von dem Liebestod erfolgreich abhalten?) Was ist letzten Endes der Gewinner des Kampfes? Ist Liebe nur eine Krankheit? (Und wenn ja, die Fà ¼rchterlichste von allen? Ist es eine mentale Krankheit?) Abgrenzung des Untersuchungsgegenstandes nach Zeit, Raum, Literaturauswahl Wie vorherig erwà ¤hnt, wird sich dieses Essay auf die beiden Werke Der Tod in Venedig und Romeo und Julia auf dem Dorfe konzentrieren. Es wird vor allem der Weg von dem Schà ¶nen, beschwinglichen Gefà ¼hl bis hin zu dem Ende der Existenz betrachtet. Der Tod in Venedig von Thomas Mann verfasste er vor Ort in Italien und Tadzio gab es wahrhaftig. Dadurch, dass der Protagonist sich auf eine Reise von Mà ¼nchen nach Venedig, was gleichzeitig sein Weg in seinen Untergang ist, begibt, erlebt der Leser viele aufregende Situationen, der Untergang selbst jedoch ereignet sich in einem kurzen Zeitraum, innerhalb etwa eines Monats, verfà ¤llt der gefeierte Kà ¼nstler. Die Anwendung von Leitmotiven en masse kreiert eine Spannung, die den Leser animiert das Ende zu erahnen, aber sich stets zu fragen, ob dies ein „Happy End sein wird. Das Werk ist sehr provokant, da Homosexualità ¤t, oder auch nur die Anziehung zwischen dem gleichen Geschlecht ein Tabu-Thema der damaligen Gesellschaft darstellte. Dennoch gelingt es dem Autoren, Schà ¶nheit und Romantik so mit dem Tod zu verbinden, dass dieses Werk eines der meist verkauften Werke Manns wurde. à ¼ber Der Tod in Venedig sagte Thomas Mann selbst: „Es scheint mir, dass mir hier etwas vollkommen geglà ¼ckt ist.[5] Eine à ¼berraschende à ¤ußerung, wenn man bedenkt, dass der sonst kritische Autor kaum ein Selbstlob à ¼ber seine Lippen brachte. Die Erwartungen des Lesers an dieses Werk sind dementsprechend groß, schon lange vor dem eigentlichen Leseerlebnis. Es beinhaltet den à ¤sthetizismus und Nihilismus des Hauptcharakters und diese sind es, die das Werk so aufregend und neuartig machen. Die Pà ¤derastie oder „laxe wie Mann es nannte in diesem Werk ist ironisch, da Mà ¤nner ab 54 Jahren, laut Philosophen, seit 390 v. Chr. diesen Akt ausfà ¼hren, nicht aber jà ¼ngere Herren. Es ist die Velleità ¤t des 53-jà ¤hrigen nobilitierten Schriftstellers die ihn letztendlich in seinen Tod fà ¼hrt. Er schwankt zwischen Leugnung und Bekenntnis diese Wechsel sind es auch, die die Ereignisse zeitweise ernsthaft und zeitweise ironisch darstellen. Romeo und Julia auf dem Dorfe spielt in einem Dorf und die Liebe ist zwischen Kleinbà ¼rgern, die Konflikte des Werkes konzentrieren sich nicht nur auf die Liebe und den Tod, sondern auch auf den Konflikt zwischen der Gesellschaft und dem Einzelnen. Die Dramatik der Dorfgeschichte resultiert aus dem Streit der Và ¤ter, der nicht beglichen werden kann, und diese Feindschaft letztendlich zum Freitod der beiden Liebenden fà ¼hrt. Es ist ein moralischer Appell an die gesamte Gesellschaft, denn hier wird der Ruin dargestellt, der durch den Streit à ¼ber eine Generation hinaus geht. Die Tragà ¶die basiert auf einem Zeitungsartikel, den der Autor 1847 las. Keller nutzt dieses Werk als Kritik und vereint Stil und Inhalt zu einem noch immer aktuellem Werk. Ebenso weist dieses Werk besondere Zeit- und Raumstrukturen auf. Praktische Probleme bei der Forschung Wà ¤hrend der Recherche bin ich immer wieder an meine Grenzen gestoßen, vor allem gestaltete sich das Auswà ¤hlen der Referenzen als schwierig, da verschiedene Informationen von vielen verschiedenen Quellen aufzufinden waren, und ich musste entscheiden, welche nun die serià ¶seren waren. Viel der Sekundà ¤rliteratur war hilfreich, aber auch im Internet waren viele Informationen zu Liebe und Tod auffindbar, allerdings erwies sich besonders im Worldwideweb die Ausfilterung der nichtbrauchbaren Informationen als schwierig. 5.Teil Aufbau der Analyse Die Analyse ist so aufgebaut, dass zunà ¤chst der Inhalt und Stil der beiden Werke im Detail analysiert werden und spà ¤ter werden Themen und Stilmittel gegenà ¼ber gestellt, damit eine Generalisierung so wie ein Vergleich mà ¶glich ist. Sitlistisch und inhaltlich là ¤sst sich erkennen, dass die Werke einen bestimmten Moment haben, in denen die Protagonisten sich fà ¼r den Tod entscheiden, anstelle von Kompromisse einzugehen, der Vernunftverlust là ¤sst sie diese aber außer Acht lassen. Ich beginne mit Der Tod in Venedig deshalb, da er auf die Antike zurà ¼ckgreift und so, auch wenn es spà ¤ter verfasst wurde, frà ¼here Wurzeln hat. Teil B Analyse 1. Der Tod in Venedig inhaltlich stilistisch Inhalt: Der Tod in Venedig Refklektion des Einfluss der grierischen Gà ¶tter auf Schà ¶nheit Die Fà ¼hrung von der Liebe zum Tod wird in diesem Werk ist erst mit dem letzten Satz vollendet. Die Novelle beginnt mit einem prologartigem Kapitel, in dem die Reiselust Aschenbachs, ein an Schreibhemmungen leidender Schriftsteller, bei einem Spaziergang entfacht wird, als er einen Wanderer am Friedhof entdeckt. Durch diesen beginnt er von einem fernen dionysischem, tropischem Sumpfgebiet zu trà ¤umen. Er wird von Gedanken fortgetragen, die ihm eine Flucht aus seinem Alltag ermà ¶glichen. Als er aus seiner Trance wiedererwacht, ist der Wanderer verschwunden, doch die Reiselust bleibt bestehen. Lediglich der entstandene Konflikt innerhalb dem Charakter selbst zwischen Vernunft und Befreiung deutet auf eine Tragà ¶die hin. Das darauf folgende Kapitel trà ¤gt die Exposition nach, in der der Charakter nà ¤her erlà ¤utert wird indem sein Lebenswerk und seine Familie vorgestellt werden. Man bekommt so Einblick in seine Vergangenheit und erfà ¤hrt von Aschenbachs Ruhm und seinen Problemen damit, beispielsweise ist er sehr ehrgeizig „[..] sein Lieblingswort war „Durchhalten- (S.21). und nimmt gerne eine Vorbildfunktion ein, die ihm Ehre und Ruhm aber auch viele Arbeitsstunden bescherte.Erst spà ¤ter erbarmt sich Thomas Mann und beschreibt das Aussehen des Schriftstellers „Diese Augen, mà ¼de und tief durch die Glà ¤ser blickend. (S. 30) welches eine deutliche Schlaffheit aufweist und wieder ist ein interner Konflikt erkennbar, denn die weit entfernte Vergangenheit war von wenig Glà ¼ck geprà ¤gt, die nahe aber um so mehr, doch anscheinend fehlt dem Erfolgreichen noch immer etwas zum wahrhaftig Frohsinn. Im dritten Kapitel bricht Aschenbach fluchtartig vor sich selbst und dem Gewohnten auf, zunà ¤chst auf die Adria-Insel wo er nicht lang verweilt, denn das Schicksal hat etwas Anderes fà ¼r ihn bestimmt. So folgt die Fahrt nach Venedig, die ein, wegen der zahlreichen Todesmotive, ein sehr wichtiger und eindrucksvoller Teil der Novelle ist. Beginnend mit dem alten, dà ¼steren Schiff, dann ein unsauberer Matrose; ein Greis, der den klà ¤glichen Versuch wagt jà ¼nger zu erscheinen als er ist, weisen klare satanistische Attribute auf, und spà ¤ter auch die schwarze Gondel, die einem Sarg gleicht. Wiederholt spielt das Schicksal Aschenbach einen Streich, als der Gondelfahrer das große, offene Meer ansteuert und auf mysterià ¶se Weise verschwunden ist, als Aschenbach ihn nach der Fahrt bezahlen will, vergleichbar mit dem Wanderer im ersten Kapitel. Der Wendepunkt der Novelle ereignet sich, als Gustav sein Hotel erreicht, das Vollkommene wird vorgestellt, die Liebe in Aschenbach wird entfacht. Tadzio wird beschrieben als „vollkommen schà ¶n. (S. 50) „Sein Antlitz, bleich und anmutig verschlossen, von honigfarbenem Haar umringelt, mit der gerade abfallenden Nase, dem lieblichen Munde, dem Ausdruck von holdem und gà ¶ttlichen Ernst, erinnerte an griechische Bildwerke aus edelster Zeit. Allerdings wirkt alles an ihm krà ¤nklich, ein Zeichen des Todes, das selbst Aschenbach auffà ¤llt, jedoch ist er zu ergriffen, um vor ihm zurà ¼ckzuschrecken. Seine homoerotischen Gefà ¼hle und Besessenheit sind unleugbar; denn in der detaillierte Beschreibung des Jungen, wird auf jede Besonderheit, aber auch auf jede Normalità ¤t hingewiesen. Dazu kommen die eher unattraktiven Betrachtungen des weiblichen Publikums „eine kleine und korpulente Halbdame mit rotem Gesicht. (s.52) Bald darauf entstehen externe Konflikte, denn Aschenbach gedenkt mehrmals aufgrund der schwà ¼len Witterung, vor der er schon in Deutschland versuchte zu fliehen, abzureisen. Allerdings hà ¤lt seine Begeisterung fà ¼r den Polen ihn zurà ¼ck und er beginnt fà ¼r den Jungen zu atmen. Er beobachtet ihn, redet in Gedanken mit ihm und scheut sich nicht, sein Verhalten zu analysieren. Aschenbachs Erfolg zeigt sich, als er den Namen des Jà ¼ngling erfà ¤hrt. Spà ¤ter will der Autor nochmals abreisen, doch sein Gepà ¤ck gelangt nicht an den Bahnhof, sondern nach Cosmo. Doch anstelle von Wut ist der Hauptprotagonist erleichtert, denn so muss er den Knaben nicht verlassen. Nun folgt eine Art Verlà ¤ngerung des vorherigen Kapitels, ein retardierender Moment, in dem Tadzio weiterhin nah ist und gehuldigt wird. Die verzà ¶gerte Handlung steigert die Erwartung des Lesers, da der Kà ¼nstler den Jungen nie anspricht, sondern stattdessen verwirrt seinen wilden Gedanken nachgeht. Jede Distanz wird aufgehoben „War er nicht ihm, dem Kà ¼nstler bekannt und vertraut? Wirkte er nicht auch in ihm? (S.83), alles wirkt intim beinahe zu intim „seine Achselhà ¶hlen waren noch glatt wie bei einer Statue (S. 83) und der Schriftsteller ist „verzaubert (S. 81), gesteht es sich jedoch nicht ein. Am Ende des Kapitels schlagen die Wà ¼nsche des Schriftstellers in Sorgen um, doch dann là ¤chelt der Bursche ihm zu und dieses „Geschenk là ¤sst den Vernarrten „die stehende Formel der Sehnsucht, unmà ¶glich hier, absurd, verworfen, là ¤cherlich und heilig doch, ehrwà ¼rdig hier noch „Ich liebe dich! (S. 97) flà ¼stern. Im finalen Kapitel bemerkt der Verliebte zwar Verà ¤nderungen der Stimmung, des Geruchs hin zu einem „Opferduft (S. 101) und im Verhalten, aber von der Liebe getrieben, fà ¼hlt er sich durch seine heimliche Liebe so geheimnisvoll wie die Stadt selbst und sieht die dramatische Situation eher als Abenteuer. Viel gefà ¤hrlicher stuft er hingegen die Mà ¶glichkeit ein, dass der Schà ¶nling abreisen kà ¶nnte und somit seine Hoffnung ihn endlich lieben zu dà ¼rfen sterben wà ¼rde. Die Sehnsucht nach seiner Nà ¤he steigert sich weiterhin und à ¼berlà ¤sst nichts mehr dem Zufall. Sein Fall geht rapide vor sich, bald wird er im Vorgarten des Hotels von Straßensà ¤ngern unterhalten, welche auch Todesmotive darstellen. Der Tod des Fà ¼hlenden ist folglich in unmittelbarer Nà ¤he. Endlich erfà ¤hrt der Getriebene um was fà ¼r ein à ¼bel der Stadt es sich handelt: Die indische Cholera Durchfall und Erbrechen die schon einer Menge von Menschen das Leben gekostet hat. Der Verrà ¼ckte beginnt, sich anders zu benehmen: er verliert sein Niveau, auf das er einst so viel Wert legte, indem er versucht dem Alter davon zu laufen, doch es missglà ¼ckt. Er ist weiterhin erschà ¶pft und geleitet von seiner Gier nach dem 14-Jà ¤hrigen. Das unwohle Gefà ¼hl in ihm wird stà ¤rker und er zitiert einen Dialog zwischen Sokrates und Phaidros der mit den Worten endet „Und nun gehe ich, Phaidros, bleibe du hier; und erst wenn du mich nicht mehr siehst, so gehe auch du.(S.135) Er erkennt, dass seine Liebe ihn in den Tod fà ¼hren wird, doch er ist weder im Stande, noch im Willen dies zu à ¤ndern, da es aussichtslos ist. Als Tadzio, gekrà ¤nkt von einem Freund, ins Meer flieht, will Aschenbach nachkommen, doch dazu kommt es schon nicht mehr, er sinkt stattdessen schlaff neben seinem Stuhl zusammen. Der Nekrolog zeigt deutlich, wie weit Aschenbach gesunken ist. Das finale Kapitel ist der Niedergang und der Konflikt zwischen Liebe und Tod endet und ein klarer Sieger ist: Die Liebe. Stil Kritisch-ironisch Gerundium-Stil Austritt aus Realità ¤t (Prà ¤sens der Gà ¶tter) Stilistisch là ¤sst sich eine Verà ¤nderung wà ¤hrend dem Fortlaufen des Geschehens feststellen. Allgemein findet man naturalistische Einflà ¼sse wie die Cholera und die prà ¤zise Beschreibung von Orten und Menschen trà ¤gt zu einem modernen Werk bei. Die Hauptperson ist der Kritik des Autors ausgesetzt, nicht zuletzt wegen seiner dekadenten Lebenshaltung, doch gleichzeitig ist ein romantisches Werk erschaffen, denn Tod und Liebe werden miteinander verknà ¼pft und der Schauplatz ist die romantische Stadt Venedig. Apollo und Dinoysos werden gegeneinander aufgespielt und der Tod nimmt verschiedenste Gestalten an, die stetig gesteigert werden. So wurde eine Novelle kreiert, die den Leser in die Zeit des fiktionalen Geschehens transferiert. Die klassische Struktur und die kompensierte Sprache und der auktoriale Erzà ¤hler vermittelt der Autor die Meinung des Erzà ¤hlers und der Charaktere. Das Wissen des Erzà ¤hlers ist beinahe unbegrenzt und zeitweise ist der Leser den Charakteren voraus und so gelangt eine spritzige Ironie in das Werk. Vor allem der Gebrauch von mitteralterlichen und antiken Todessymbolen verleiht dem Werk einen mysterià ¶sen Hauch. Die Ausgangsposition des Werkes ist Trauer, Demut und Krisenstimmung. Im Anfangskapitel erfà ¤hrt man in extrem komplexen Sà ¤tzen zunà ¤chst die Ironie der Erzà ¤hlung, man ist sofort in der Seele des Helds. Sein Tagtraum, in ein dynoisisches Sumpfgebiet zu reisen, là ¤sst den Leser ein bà ¶ses Ende vorahnen und auch das Wetter spiegelt die unglà ¼ckliche, ausgelaugte Stimmung des Protagonisten wider. Dass die erste Seite schon ein Zitat „motus animi continuus beinhaltet, zeigt, dass Thomas Mann belesen und intelligent ist, doch er ehrt fà ¤lschlich Cicero anstelle von Colet. Das eigentliche Zitat aber unterstreicht nochmals die Anspannung des Helds und die Kreuze und Gedà ¤chtnistafeln des Friedhofs sind weitere Todesmotive. Der fremde Wanderer, der Hermes, der Leiter der Menschen in die Unterwelt, offensichtlich gleicht, ist das Schicksal Gustavs und die erste, aber nicht einzige, Leitfigur dieses Werkes. Dieser Zufall ist der Einzige dieses Werkes, und es war nà ¶tig, um das Schicksal anzukurbeln, denn hier beginnt die Tragà ¶die. Weiterhin wird das Geschehen kommentiert, aber der Erzà ¤hler neigt zu Untertreibungen und Unprà ¤zisionen, denn innerhalb dieser komplexen Sà ¤tze findet man keine Jahreszahl, sondern zeitliche und rà ¤umliche Ausweitung, die viel Platz fà ¼r Imagination lassen. In dem zweiten Kapitel ist weiterhin ein Vokabular das von Archaismen Gebrauch macht auffindbar, doch auch eine Kongurenz zwischen Inhalt und Ton ist erkennbar, als der Erfolg des Helds beschrieben wird. Die Wortwahl ist pompà ¶s und à ¼berzeugend, wodurch Mann einen leistungsstarken Schriftsteller kreiert, dessen Verlangen nach Ruhm unstillbar ist und somit in die Kritik Manns gelangt. Dennoch ist die Offenbarung Aschenbachs Vergangenheit eine Erlà ¶sung fà ¼r den Leser, endlich muss er nicht mehr rà ¤tseln, sondern erfà ¤hrt, was fà ¼r eine Persà ¶nlichkeit der Held ist. Seine feste Faust unterstreicht seinen Willen und die Stà ¤rke, die schon zuvor zum Ausdruck gebracht wurde, rhetorische Fragen, Substanzivierungen und Antonomasien verhelfen Thomas Mann zu einem Stil, der vor Selbstsicherheit und Wissen strotzt, dennoch scheint manche Wortwahl à ¼bertrieben und nur zum Zwecke der Anspielung gedacht. Das dritte Kapitel unterscheidet sich strukturell von den vorherigen, da es deutlich là ¤nger ist. Venedig als Reiseziel passt zu dem Geschehen, denn in dieser mà ¤rchenhaften Stadt trifft der Hauptcharakter auf den mà ¤rchenhaft, à ¼bermenschlichen Tadzio. Die Beschreibungen werden noch prà ¤ziser und eine exquisite Wortwahl ist auffindbar, dies beinhaltet den Gebrauch von ausgefallenen Adjektiven und Widersprà ¼chen, die auf das Oberflà ¤chliche fixiert sind und beim Vorlesen singen die gewà ¤hlten Worte. Doch auch das Verbotene ist im Stil auffindbar, statt versteckter Hinweise findet man nun deutliche Todessymbole, wie die schwarze Gondel und Todesboten, die die Attribute des Satans aufweisen und oft tritt die gefà ¤hrliche Farbe Rot in den Vordergrund. Durch die Synà ¤sthesie gelangt das Schreckliche immer weiter in den Mittelpunkt. Die Anwendung von wà ¶rtlicher Rede, Selbstgesprà ¤chen und direkten Gedanken zeigt nun ein konkretes Anwesensein des Erzà ¤hlers, doch er kommentiert weiterhin und ist stets distanziert gegenà ¼ber dem Protagonisten. Generell là ¤sst sich aber der weitere Gebrauch von Fremdwà ¶rtern und Substanzivierungen feststellen, aber nun wird sogar Eros erwà ¤hnt, man merkt, wie die Spannung steigt. Thomas Mann nutzt rhetorische Stilmittel, um die Stimmung von Gefahr zu vermitteln, und dies gelingt ihm, trotz oder grade wegen der langen Sà ¤tze, die einen schnellen Lesefluss ermà ¶glichen.Mit Tadzio kreiert Mann ein à ¼bermenschliches Kunstwerk, dass genau das Fehlende in Aschenbachs Leben zu sein schien. Das folgende Kapitel hat einen Handlungsverlust, der auch im Stil merkbar ist, zunà ¤chst kommentiert der Erzà ¤hler wie zuvor und Mann greift auf die Odyssee Homers zurà ¼ck um die Natur zu beschreiben und eine falsche Idylle zu kreieren. Die Liebe zu dem Jà ¼ngling wird wiederholt dramatisch dargestellt, die Gesamtsituation Aschenbachs wird mit Partizipien, Alliterationen und Antonomasien auf eine à ¼berdurchschnittliche Ebene gehoben. Doch hier ist eine Ironie durch den Erzà ¤hler bemerkbar, die diese Dramatik beinahe falsch erscheinen là ¤sst, der Leser wird zwar aufgefordert ein Bild vor Augen zu kreieren, mit Hilfe von Synà ¤sthesie und Vergleichen, doch man merkt deutlich, wie das Ende der Novelle und des Helds naht. Die rhetorischen Fragen fordern den Leser zum Nachdenken auf, denn hier geht es nicht nur um Aschenbach, der Liebesverrà ¼ckt ist, sondern jeden Einzelnen, der versucht, sich selbst zu entkommen, man befindet sich hier auf eine Metaebene, die zuvor nicht vorhanden war. Das letzte Kapitel beinhaltet viele Imaginationen des Hauptcharakters und weiterhin zitiert der Erzà ¤hler, allerdings um Dramatik zu kreieren. Der Monolog Aschenbach unterstreicht dessen Verrà ¼cktheit, er ist getrieben von der Liebe und sein Fall wird letzten Endes vollendet. Von dem einst bekannten und beliebten Schriftsteller ist nichts mehr à ¼brig, stattdessen hilft das Oxymeron Liebe und Tod ironisch sinnvoll zu vereinigen. Die erlebte Rede, die Ausrufezeichen, all dies sind dramatische Effekte, der Leser wird eingespannt in die Spannung. Die komplexen Sà ¤tze beinhalten grauenvolle und ekelhafte Beschreibungen, als Unterstreichung des Falls von Aschenbach. 2. Romeo und Julia inhaltlich stilistisch Inhalt: Romeo und Julia auf dem Dorfe In dieser Novelle sind keine Kapitel, aber dennoch lineare Abschnitte auffindbar. Sie beginnt zunà ¤chst mit der Exposition, darauf folgt der Aufbau des Konflikts, dann der Gewissenskonflikt der Liebenden, daraufhin wird die Handlung verzà ¶gert und darauf folgt die romantische Katastrophe. Die Exposition belà ¤uft sich auf wenige Seiten, in denen die Charaktere gezeigt werden wie sie im idyllischen Seldwyla leben und arbeiten. Die Ortschaft wird beschrieben und zwei Bauernfamilien stehen im Mittelpunkt, die Kinder sind befreundet und teilen viele Geheimnisse. Der Schein trà ¼gt jedoch, denn die jungen Kinder weisen schon ein grausames Verhalten auf, als sie „ihn [den Kopf] sorgfà ¤ltig los von dem ausgequetschten Leichnam (S. 9) trennten. Außerdem liegt zwischen den Anwesen der Familien ein unzuordbares Acker. Dann folgt der Aufbau der Streithandlung zwischen den Bauern, Manz erwirbt nun rechtlich fà ¼r viel Geld den Acker, behauptet aber, dass Marti ihm Land geklaut habe. Die ganze Konzentration ist auf den eskalierenden Streit gerichtet, anstelle auf ihre à ¤cker, „[..]und ruhten nicht, ehe sie beide zugrunde gerichtet waren. (S.17) so leiden sie bald unter Geldmangel und die Kinder unter Kontaktlosigkeit. Vrenches Mutter stirbt daraufhin an Kummer, wà ¤hrend Vrenchen versucht aus der miserablen Lage das Beste zu machen. Salis Mutter aber verwà ¶hnt ihren Sohn, wann immer sie kann, damit er zumindest ansehnlich scheint. Bald darauf erreicht die Armut einen Hà ¶hepunkt, denn Manz Familie muss den Acker aufgeben und in die Stadt migrieren, um ihrer Not zu entkommen und erwerben eine schà ¤bige Gastronomie. Sie werden von den Stadtbà ¼rgern nicht ernst genommen und leiden weiterhin an Geldnot und Hunger. Auch Marti orientiert sich nun neu: am Fischen. So kommt es zu einem Treffen mit den Kindern, Manz und Marti, als beide im selben Fluss fischen. Der Streit eskaliert und es kommt zum Kampf zwischen den Bauern, wà ¤hrenddessen die beiden Kinder das Verhalten ihrer Và ¤ter unwà ¼rdig finden, sich aber nach langer Zeit wieder nà ¤her kommen. Ab hier beginnt der zweite Handlungsstrang der Geschichte, die Liebeshandlung. „[..]indem er voll Liebe in Nacht und Wetter hinein und das liebe Gesicht anlachte.. (S.33) Die beiden habe die Liebe wieder entdeckt und Sali verliert dadruch seine Umwelt aus den Augen, sein einziges Ziel wird nun, sich der Geliebten zu nà ¤hern. Auch Vrenchen versucht, den Burschen zu beeindrucken, in dem sie vorgibt eine perfekte Hausfrau zu sein. Als Sali sie besucht, entscheiden sie, sich vor den Và ¤tern zu verstecken und verabreden ein geheimes Treffen an dem Ort, an dem sie schon als Kind zusammen spielten und bald darauf spazieren sie gemeinsam à ¼ber die à ¤cker. Plà ¶tzlich tritt der „schwarze Geiger(s.40) auf und berichtet den Kindern, dass die Và ¤ter selbst Schuld an ihrem Unglà ¼ck seien, denn sie waren es, die ihm sein Habe nicht anerkannt haben, daraufhin verschwindet er in Richtung des Dorfes, die Liebenden sind verà ¤ngstigt und verwirrt, doch Vrenchen findet bald ihre Heiterkeit wieder, sie scherzen à ¼ber eine Heirat, auch wenn sie bemerkt, dass sie keine gemeinsame Zukunft haben. Dann taucht Marti „mit bà ¶sen Blicken (S. 47) auf und bestraft seine Tochter fà ¼r das geheime Treffen mit dem Sohn seines Feindes, Sali reagiert, indem er Marti mit einem Stein auf den Kopf schlà ¤gt, was in Verstandsverlust resulitert. Wiederholt stellen die beiden Kinder fest, dass ihre Liebe nicht sein darf und kann. Darauf folgt die Handlungsverzà ¶gerung, Marti muss in eine Anstalt und sein Haus und Hof werden verkauft, sodass auch Vrenchen fortgehen muss. Beide Liebenden sind sich unschlà ¼ssig à ¼ber ihre Zukunft, beschließen aber, gemeinsam fortzulaufen. Am Tage der Flucht sind beide herausgeputzt und Sali bringt Vrenchen Sonntagsschuhe, Vrenchen genießt die Mà ¶glichkeit, sich bei der Kà ¤uferin des Bettes als Braut auszugeben „Seht, Sali ist mein Hochzeiter. (S. 60) wodurch sie den Respekt der Kà ¤uferin erlangt. Bald machen sie und Sali sich auf den Weg ins nà ¤chste Dorf, um sich dort in einer Gaststà ¤tte niederzulassen, wo Vrenchen wiederholt die Brautrolle à ¼bernimmt und auch Sali genießt die Zeit mit ihr sehr. „Denn die armen Leute mussten an diesem einen Tage, der ihnen vergà ¶nnt war, alle Manieren und Stimmungen durchleben. (S. 67) So wandern sie ins nà ¤chste Dorf und dann zum Kirchweih, wo sie sich gegenseitig Lebkuchengebà ¤ck schenken und unwissendlich voneinander Ringe kaufen, das Glà ¼ck der beiden wird aber bald von den neugierigen Blicken anderer Seldwylaner getrà ¼bt und fliehen abermals, nun in ein Wirtshaus, „Paradiesgà ¤rtlein. Der Zufall will es, dass sie den schwarzen Geiger dor

Americas Abandonment of Natural Law Essay -- Exploratory Essays Resea

America's Abandonment of Natural Law      Ã‚  Ã‚  Ã‚   The Declaration of Independence forthrightly states "We hold these truths to be self evident: that all men are created equal, that they are endowed by their Creator with certain inalienable rights; that among these are life, liberty, and the pursuit of happiness." The origin of these Rights is "...the Laws of Nature and of Nature's God..." (Declaration of Independence). The Founders used the principle of Natural Law as the basis for the Declaration of Independence as well as the Constitution. This makes the concept of Natural Rights extraordinarily important when examining the foundations of our government. However, despite this, the Natural Law argument seems to have become lost in current politics and judicial debates.    Why is this? I believe it arises due to two main problems. First, the American people have lost faith in a "Creator" who serves as the basis for these rights. Secondly, in reaction to the former, scholars, as well as, judges have begun to focus on conventional rights, such as those in the Constitution, instead of Natural Rights. In this article, I will examine where the concept of Natural Law originated, what it means, and demonstrate its absence from current politics.    John Locke, a man the Founders looked to for the philosophical foundations of this nation, used the term "Natural Law" in his Second Treatise on Government. He wrote,    The State of Nature has a Law of Nature to govern it which obliges everyone:... that being all equal and independent no one ought to harm another in his Life, Health, Liberty, or Possessions (Locke, 270-71).    His idea was rooted in the belief that Nature created man and, th... ...an act of legislation which is contrary to the first great principles of social compact (those in the Declaration of Independence) cannot be considered a rightful exercise of legislative authority and must therefore be overturned. Justice Thomas eloquently sums up the need for the reemergence of the Natural Law argument in his article "Toward a 'Plain Reading' of the Constitution" when he writes "The first purposes of equality and liberty should inspire our political and constitutional thinking."    Works Cited: Basler, Roy, ed. Lincoln in Text and Context: The Collected Works. vol. IV. New Brunswick: Rutgers University Press, 1953. Fehrenbacher, Don. Abraham Lincoln: A Documentary Portrait. Stanford: Stanford University Press, 1964. Locke, John. Two Treatises of Government. Ed. Peter Laslett. Cambridge: Cambridge University Press, 1993

Assessment of Financial Health

Reocities Home Neighborhoods Making Of Cases in Finance – Final Project Report Friendly Cards, Inc. (1988) Gary Cao Noah N Flom Robert Harris Srini Pidikiti May 1997 TABLE of CONTENTS 1 Assessment of Financial Health & Pro Forma Financial Statements 1. 1 Review of History and Statement of Financial Health 1. 1. 1 Industry 1. 1. 2 Friendly Cards History 1. 1. 3 Friendly Financials 1. 2 Review and Evaluation of Pro Forma Statements 1. 3 Financial Policy / Covenants 2 Beaumont's Decisions 2. 1 Envelope Machine Proposal 2. 1. 1 Evaluation 2. 1. 2 Financial Effect of Investment 2. 1. Recommendation 2. 2 Evaluation of West Coast (new equity offer) 2. 2. 1 Advantages 2. 2. 2 Disadvantages 2. 3 Valuation of Creative Designs, Inc. 2. 3. 1 Capital Structure Argument 2. 3. 2 Weighted Average Cost of Capital Assumptions (WACC) 2. 3. 3 Cash Flows, Terminal Value, Equity Value Valuations 2. 4 Pooling Implictions (Friendly + CD) 2. 5 Friendly Cards Stock Valuation 3 Overall Assessment 4 Goal s for the Financial Structure of Friendly Cards, Inc. ——————————————————————————- PART 1. Assessment of Financial Health & Pro Formas 1. Review of History and Statement of Financial Health Wendy Beaumont, president of Friendly Cards, Inc. , has rapidly expanded her greeting card business through internal growth and acquisitions. Ms. Beaumont realizes that money is currently tight, however, she is adamant about future growth and has sought our opinion as to determine her best course of action. In presenting a decision we will first conduct an analysis of the industry, then give a short history of Friendly Cards, Inc. (Friendly), and then examine Friendly's financial statements to determine the financial health of the company. Industry Information The greeting card industry is dominated by three large companies, (Hallmark, American Greetings, & Gibson), which are referred to as ‘The Big Three'. ‘The Big Three' dominate market share, and the remaining competitors are predominantly small private and family owned firms. The greeting card industry is characterized high fixed costs due to: large inventory costs, large investment costs in the establishment of efficient distribution lines, and the need for a highly diversified product lines. Market leaders enjoy great economies of scale which tends to hinder new ntrants into the market. As a result, the card industry is capital intensive and very competitive. The number of firms competing in the industry has decreased by an annualized rate of 15% over the last three decades. Exiting firms were typically smaller in size, the majority of which had less than 50 employees. Additionally, the competitive nature of the market results in a high degree of pric e sensitivity which culminates in smaller margins on sales. Sales tend to be very seasonal in nature with peaks during major holidays. There is trending toward a larger variety of card offerings (increasing inventories), shorter carrying/selling periods, increased diversification of product lines, and an increase in sales of everyday cards as compared to holiday cards. Friendly Cards, Inc. Beaumont Greeting Card Co. was founded by Wendy Beaumont in 1978, in New York City. She later acquired Lithograph Publishing Co. and took these companies public a year later for $3 a share under the name Friendly Cards, Inc. Friendly has rapidly expanded by acquiring Glitter Greetings of Lansing, Michigan (for cash and equity), whose primary market was selling cards to supermarkets. Soon thereafter, it acquired Edwards & Co. of Long Beach, New York (for cash), whose primary market was selling juvenile valentines through chain, drug, variety, and discount stores, as well as, to wholesalers and supermarkets. These acquisitions greatly enhanced Friendly's distribution line expanding it to a regional power. Later Friendly acquired a California firm (Friendly Artists) which extended the distribution line to a national basis. Friendly Artists' primary market was prepackaged cards direct to the warehouse. Twenty-five percent of Friendly's sales are prepackaged boxes, which have a higher margin than regular cards due to lower return rates and lower handling costs. Currently, Friendly appears to be a niche player in the prepackaged box cards market and has avoided entry into the premium card market, thus, avoiding direct competition with the ‘Big Three. ‘ Friendly's sales are more concentrated than the industry with the majority of sales occurring near Christmas at 30% (vs. Industry 32%), and Valentines Day at 25% (vs. Industry 7%). Thus, over 55% of sales occur within a 3 month period. Plants at Friendly are being used at capacity thus, growth would necessitate further additions or acquiring contract services. Friendly's distribution line is effective for a smaller firm due to its structure. Of twenty salesmen, one-third work on commission thus lowering Friendly's costs. However, one problem with using salesmen on commission and having such a small sales force is the tendency to sell to rack jobbers and wholesale distributors. This decreases the potential margin on cards by two-thirds. Friendly's Financials Sales have increased by over 50% between 1985 to 1987. Cost of goods sold has decreased as a percentage of sales in each of those years thus, producing an increasing margin ( 29. 36% in 1985 to 35. 15% in 1987). The rapid growth by acquisition and the national distribution channels that were accomplished by it, have affected the number slightly. In 1986 selling and delivery expenses increased by 1. 45% and this leveled out in 1987. G&A expenses also spiked in '86, reflecting the recent purchase of another company, and then settled back in 1987. However, while sales may have grown rapidly they have not matched the increase in asset growth, which nearly doubled in 1986. Growth in this company is being funded by improving margins and by increasing leverage, as indicated by the Dupont Data. Although the acquisitions were acquired by both cash and equity, the majority were debt financed, which explains why the ROE figures have increased so dramatically (almost 16%) in the last three years. The activity ratios indicate that the receivable to payable were in arrears by 36 days in 1985 increasing to 52 days in 1987. This is probably a result of increased sales to less creditworthy individuals or inattention to collections. Inventory turnover umbers are shrinking due to the continually larger inventories being carried. Net fixed asset turnover has decreased by 2. 3% between 1985 and 1987. This can be explained by higher growth in assets than in sales. The liquidity ratios indicate that the asset to liability ratio for this company is trending down. The current ratio indicates that the company is becoming slightly more insolvent with a current ratio of 1. 1 8 during '87. However, by looking at the Quick ratio and discounting for the affect of inventory in the asset number, the company is dramatically less liquid at 0. 67 in 1987. This indicates that the company is very highly leveraged and is using its large inventory levels in order to support its substantial borrowing needs. Friendly's actual growth rate exceeded the sustainable growth rate in 1986 and was equivalent in 1987. This difference in 1986 produced a need for added debt to finance growth. However excess funds were not needed to fund additional growth in 1987 since the actual rate of growth did not exceed the sustainable rate of growth. This can also be seen in the total debt to equity ratio which increased from 3 in 1985 to 5. 21 in 1986 and reduced to 4. 1 in 1987. The leverage ratios indicate that the bank loans to debt are fairly well matched, with loans being less than receivables, however, increasing in percentage. Interest bearing debt jumped dramatically in 1986 as a result of debt funded acquisitions but continues to level off along with total debt to equity figures in 1987. Finally, debt to assets has increased dramatically in the last th ree years, increasing by 7. 5% to 82. 5% in 1987. Thus Friendly Cards seems to be very highly leveraged, even more so than other firms in the industry although the trend is to increase debt. This highly leveraged position coupled with the high fixed costs and low margins characteristic of the industry, exposes Friendly as extremely susceptible to fluctuations in the market. Therefore, further debt growth may not be advisable–especially since it is currently violating its existing debt covenants. However, Continued growth, however, is needed as to allow the company to further take advantage of its existing distribution lines and realize further economies of scale. 1. 2 Review and Evaluation of Pro Forma Statements The parameters that Ms. Beaumont has set for the pro formas seem reasonalbe for the most part. There are, however, some questionable numbers. For instance, all the forecasts are based on continued sales growth at 20% per year. When compared to astronomical growth rates of 58% in 1986 and 27% in 1987, these estimates appear almost conservative. The majority of the growth in the past, however, were associated with major acquisitions which served to inflate the sales numbers. The historical reluctance to use equity to grow would serve to limit growth if continued into the future. Furthermore, it may be difficult to continue to grow at such a high rates in an increasingly competitive market. Holding costs of goods runs at 65% of sales and may also present a problem depending on whether the company can continue to manage its costs as it continues to grow. It could be argued that the reason CGS has dropped recently is due to the acquisition of Friendly Artists and the increasing reliance on a sales mix made up of low cost prepackaged boxes of cards. A shift in the mix away from these items could increase costs. Also, further acquisitions will serve to push up delivery and selling costs. For our purposes, however, holding them flat seems reasonable. The tax rate seems low at 38% but, depending on the new volume of sales and the maximum tax rate for a corporation, this rate could be even higher. And while the rest of the numbers seem to follow their previous assumptions, the inventory turnover, debt to asset, and interest rate assumptions could be assumed differently. As a result of increased competition in the industry, increasing variations of cards as well as shorter holding duration, it is very unlikely that inventory turnover would improve to 1. 1, and it may very well drop well below this number, possibly to 1. 75. Since growth is likely to continue into the future, an increased amount of inventory will be needed for new market areas. Debt to assets needs to decrease, but this will be difficult to do without funding growth by equity rather than debt. The large sales growth assumptions are directly related to acquisitions, thus increasing assets. If this is done through equity, this number is very realistic. Finally, there may be a problem with the assumption that interest rates on LTD will be 11%. The Monetary Policy Report to Congress indicates that rates should tend to decrease in the future so this rate may be attainable even to such a highly leveraged firm as Friendly. Without more information this estimate seems fine. 1. 3 Financial Policy / Covenants Friendly's apparent financial policy is rapid growth by debt. This debt-financed growth may be due to a ownership issues that could affects Ms. Beaumont's control over her company. The financials indicate that growth is also taking place at the expense of margins, as indicated by the Dupont data. The company believes in the economies of scale of the industry and appears to be establishing a national distribution network. While costly in the short run, this strategy may enable a viable and profitable position in the industry. The elements of Friendly's financial policy appear to be the following. Friendly's capital structure mix is governed by a debt orientation. Its debt/assets ratio is currently at 82. 5% which places is significantly below the AAA rate. AAA bonds are listed at 9. 7% while Friendly can only borrow at 11. 5%. While equity has been used in recent acquisitions there is a strong preference by management to use debt funding. Without question, Friendly is at an integral juncture. Existing lines of credit are maxed out and the bank is imposing new covenants on future loans: bank loans ; 85% of AR and liabilities not to exceed three times the BV of the company. Friendly currently has a $6. 25 million line of credit. Under the current structure Friendly will be in violation in 1987 with bank loans at 87% of AR and debt to equity is at 3. 13 times. Significantly, bank and trade credit for Friendly is expected to reach over $9 million in Dec. '87. Long term and short term debt are both fueling growth. The basis is assumed to be the prime rate (which is 8. 5%) plus 2. 5% points. This is assumed to be a fixed rate established at the time of borrowing. The company's currency is the U. S. dollar and the company does not have any exotica policy to mention. Control of the company rests solely with Ms. Beaumont as she is both the president and the leading shareholder, possessing 55% of the stock. An additional 20% of the stock is owned by employees and officers of the company. Finally, earnings are retained for future growth and meeting current obligations. There are no dividend payments and the stock has depreciated in value from a high of $15 a share. PART 2. Decisions faced by Ms. Beaumont 2. 1 Envelope Machine Investment Evaluation of the Envelope Machine We do not agree that the investment in the envelope machine will result in a return of 31%. The reason for this is that the working capital needed to fund the machine would be funded by additional debt by the company. The interest on the debt needs to be considered before evaluating the total return on the investment. Under this scenario, and considering that Friendly Cards' interest on debt is 11% the interest expense is $22,000 per year before taxes. Our Estimated Annual savings from Operation of Envelope Machine, Years 1 through 8 ( Dollar figures in thousands) is as follows: Savings: Outlays for envelopes purchased in 1987 $1,500 Incremental expenses from manufacturing envelopes: Materials$ 902 Warehouse 94 Labor 91 Depreciation 62 Total Expenses $1,149 Increase in Profit before Taxes (decrease in COGS) 351 Interest Expense on Working Capital 22 Actual Increase in Profit before Taxes 339 Increase in Income Taxes @. 38 125 Increase in profit after taxes $ 204 The projected Cash flows for the investment in the machine are: (attachments). Based upon the cash flows projected in the above Table the internal Rate of Return on the investment is 26%. Based upon Friendly Cards Cost of Equity which is 20% (Appendix WACC) buying the machine with all equity at 20% or debt at 11% is recommended Financial Effects of Investment The Financial effects of buying the envelope machine are can be examined in detail in Appendix Machine. The activity ratios for Friendly if the investment in the machine is made are: (attachments). The investment in the machine has the following effects: * Decreases Cost of Goods Sold by about 1. 5 % which in turn increases the Gross Margins * Decreases Inventory Turnover from 1. 91 to 1. 86 * Increases Funds needed in 1988 by $418,000, in 1989 by $323,000 and in 1990 by $112,000. * Earnings per share increase to $2. 89 in 1990 from $2. 53 in 1990 without investment * By making the investment in the machine Friendly would not be able to meet both of the covenants required by the bank The ratio of the bank loans to receivables exceeds . 85 in all three periods. * Ratio of Friendly's total liabilities to the book value of the company's net worth exceed 3 in 1988 and 1989 which do not meet the covenant but in 1990 the ratio drops down to 2. 94 where it meets the covenants. 2. 2 Evaluation of West Coast Offer (New Equity) We agree with Ms. McConville's conclusion that Friendly should accep t the offer from the West Coast Group at the terms stated if that was the only option available to Friendly Cards. The advantages of this proposal would be: Agency costs will be only 5% compared to the actual costs if an investment bank was used to sell securities of the company in a public offering. * The infusion of equity would enable Friendly to meet all the covenants required by the banks (Appendix WC) enabling Friendly to continue its rapid growth without any financial restrictions from the bank. * The equity infusion would enable Friendly to invest in the envelope making machine and reduce its cost structure and still meet all covenants required by the bank. * The uncertainty about how many securities will be sold if a public stock offering is held is eliminated. Continuing rapid growth would enable Friendly to retain most of the sales representatives who might shift to a competing firm if growth is slowed to enable Friendly to meet its financial covenants * The price that Fr iendly is getting is more than reasonable based upon the present value of the discounted cash flows as shown in (Appendix Valuation) Disadvantages of accepting the proposal would be: * Loss of control. Ms. Beaumont's who presently owns 55% of the outstanding shares would own 40. 37% of the company after the equity infusion. Even though along with the employees of the company she would own 60% of the company she would not be able to make unilateral decisions. * The West Coast Investors who would own 26% of the company would have a significant say in how the company should be run which may affect the current management structure and aversely effect their ability to mange the company as they wish. * Reduction of EPS. Earnings per share would be reduced to $2. 29 per share from the projected $2. 89 per share in 1990 with the purchase of the machine and without equity infusion due to the dilution effect of the new shares. This earnings dilution would probably result in a lower share price. (Approximately $18. 32 instead of $23. 12 considering a price multiple of 8). 2. 3. Valuation of Creative Designs, Inc. Capital Structure Argument Ms. Beaumont had been considering a possible acquisition of Creative Designs, Inc. (CD), a small mid-western manufacturer of studio cards. She had examined the details of CD's operations for four months, and believed that under her management, CD could immediately reduce cost of goods sold by 5%, and reduce other expenses by 10%. If Friendly acquires CD in early 1988, assumptions are made that CD's sales would stay flat during 1988 but would grow at 6% per year thereafter. Based on the following table from case facts, there is a wide range of Debt-to-Equity Ratios for the four companies within the same industry. American Greetings'(AG) D/E ratio increased from 0. 35 in 1985 to 0. 63 in 1987. The reason for this upward trend was that American Greetings had diversified its business segments; from solely relying on greeting card sales AG expanded into gift wrap and stationary goods, such as playing cards, gift-books, and college study guides. Such diversification efforts demanded higher debt levels. In addition, AG was a large company with annual sales of $1,174 million in 1987, up 16% from 1985. Gibson Greeting's (GG)D/E ratio decreased from 0. 71 in 1985 to 0. 49 in 1987. The reason for this downward trend was that Gibson was a relatively small company, with annual sales of $359 million in 1987, an 8. 8% increase from 1985. GG's growth rate was significantly lower than American Greetings. The total debt-to-equity ratio of Creative Designs would decrease over the next several years. Since CD's sales in 1987 was $5 million, it was much smaller than the above two companies. Based on the pro forma financial statements for the period of 1988 to 1990, we see growing sales and EBIT. As a small-size manufacturer, the best capital structure would be: financing its operations mainly by internal growth and a significant reduction in the company's debt levels. Ms. Beaumont wanted to acquire CD for the following reasons: * In the highly competitive market with high cost in distribution and low margin, Friendly had to grow in order to survive, and CD was a good target; Since CD's shareholders agreed to the acquisition by stock-exchange, â€Å"pooling of interests† accounting method would be used, and the consolidated financial statements more attractive than without CD, and Friendly need not record goodwill (if any) and avoid amortization of goodwill; * Since CD had a relatively low debt level and a very low â€Å"bank loan to receivable ratio†, while Friendly had difficulty meeting its bank borrowing restrictions, acquiring CD would make possible for Friendly to meet the covenants; Friendly can easily integrate CD to its high growth strategy, and expand Friendly's market presence in the mid-western region. Weighted Average Cost of Capital Assumptions (WACC) Based on the case facts that the premium for equity risk was 6% on long-term governmental bond rate of 8. 37%, we may calculate the unleveraged beta for American Greetings and Gibson Greeting, and use a derived estimate as a proxy for CD's unleveraged beta. 1987 Financial Data for Two Large Publicly Traded Companies To be conservative, we assume the unleveraged beta for CD is 0. 77. Since the cost of debt was 11% and the tax rate was 38%, we calculated CD's cost of equity is 13. 97% in 1988, and the weighted average cost of capital (WACC) is 11. 07%. Over the next five years, CD's WACC would increase to 11. 92% in 1992 due to the decreasing D/E ratio and therefore the tax shield effect. Cash Flows, Terminal Value, Equity Value Valuations In addition to the above information on WACC and sales growth rate, we have made the following assumptions: * Sales will stay flat in 1988, but will grow at 6% per year after 1989. * Cost of goods sold will stay at 55. 2% of sales level. * Depreciation, â€Å"Selling, delivery, and warehousing expenses†, and â€Å"general and administrative expenses† will grow proportionately to sales growth. * Increased Retained Earnings will be used to reduce long-term debt. * Prepaid expenses will increase by a small amount each year. * Interest expenses will decrease over the period since the debt level will decrease. * No divi dend will be paid after 1988. Based on the above assumptions, we found that the total present value for CD was $4. 349 million. Adjusting for the interest-bearing loans totaling $1. million, the net worth of CD would be $3. 049 million, $1. 168 million higher than the calculated value of the stock exchange ($1. 881 million). This indicates that acquiring CD is a good transaction for Friendly. 2. 4 Pooling Implications (Friendly + CD) By using the â€Å"pooling of interests† accounting method, we constructed the Friendly and CD consolidated financial statements. (see Appendix Valuation – Friendly + CD) The impact on 1988 pro forma financial statements is as follows: * New bank loans needed decreased from $1. 585 million to $1. 357 million; * EPS increased from $1. 7 to $1. 73; * Net profit margin increased from 4. 96% to 5. 49%; * Assets turnover increased from 1. 01 to 1. 03; * ROA increased from 5. 01% to 5. 49%; * ROE decreased from 25. 23% to 20. 5%; * Days in Recei vable reduced from 157 to 149; * Bank loan to receivable ratio decreased from 0. 9 to 0. 74; * Interest bearing debt to equity ratio decreased from 2. 62 to 1. 92; * Total debt to equity ratio decreased from 4. 04 to 2. 62. The overall impact of acquiring CD to CF is positive. The result of pooling is in line with Friendly Cards' financial strategy. In the long run, acquisition of CD would become an integral part of Friendly Cards' strategic plan for the next few years to achieve a higher growth rate and increased market share. In the short run, acquisition of CD would meet Friendly Cards' immediate financial needs enabling the company to meet the bank's covenants, specifically, to reduce the â€Å"bank loan to receivable† ratio to an estimated 0. 9 in 1988 to 0. 85 or lower, and to decrease â€Å"total liabilities to equity ratio† from an estimate 4. 04 in 1988 to 3 or lower. The result of pooling shows that these two requirements are met. 2. 5 Friendly Cards Stock Valuation Assumptions: Capital structure Based upon the pro forma financial statements and the bank covenants' requirements, we assume the capital structure to be 75% debt and 25% equity. Any other capital structures with the reduction of debt would make it more difficult to get additional capital through equity. We need the debt financing to be able to meet Ms. Beaumont's growth requirment. Discount rates We assume the cost of debt to be 11%. This is based upon the following facts: In early 1988, interest rates were declining, the 10-year Treasury Notes rate declined from 9. 52% in October 1987 to 8. 9% in January 1988; even though the short-term Prime Rate increased to 9. 07% by October 1987, it had decreased to 8. 5% by January 1988; furthermore, the Federal Reserves Monetary Policy Report(Jan. 1988) stated that â€Å"high rates of capacity utilization and low unemployment suggest the needs in maintaining progress toward price stability†, indicating that interest rates would stabiliz e at the present level. Also the need to reduce the trade deficit, business and labor would continue to exercise restraint in price and wage behavior, indicating the Fed would hold interest rate at the present level, or even reduce them. We assume the interest rates would hold stable at the present level of 8. 5% and that the lending institution will continue its premium of 2. 5% over prime. We assume all the funding for the debt to be short term as most of the debt would be used to fund the current assets (receivable and inventories). This would be a proper matching of funds. Based on the valuation of Friendly Cards, we found that * FCFE Method (Free Cash Flows for Equity): the valuation was -$ . 95 per share ; * Free Cash Flow for Capital: the valuation was -$5. 5 per share ; * Book Value Method: using 11/2 times Book Value the valuation was $7. 40 ; * P/E ratio (multiple) method: using the industry average P/E ratio of 7, the valuation was $9. 50 per share. (Please refer to appendix Valuation – Friendly Cards, Inc. ) The only way the company's stock price was worth $8 to $9. 50 per share was that West Coast Investors and Creative Designs valued the company using a Price to Earnings multiple method. **Note** We attempted to back out a discounted cash flow model that would justify an $8 or $9. 50 share price. By altering certain assumptions, most specifically the sales growth rate we can achieve positive valuations of the stock price. Slower growth in sales PART 3 Overall Assessment Our recommendation to Ms. Beaumont is to (1) First, acquire CD with a stock exchange of 198,000 shares at $9. 5/share, (2) With the additional leverage obtained by the CD acquisition, purchase the envelope machine. As evidenced by the above matrix and graphs, even though Friendly Cards would achieve a higher EPS by not acquiring CD but buying the machine, it would not meet the bank covenants. Advantages of our recommendation: * Meet all of the bank's covenants; * Meet Ms. Beaumont's growth needs; * Meet Ms. Beaumont's requirement on D/E ratio of 2 by 1990; * Maintain a relatively high level of control for Ms. Beaumont over the company; * Position the company for future growth by providing a more favorable D/E ratio. Disadvantages of our recommendation: * EPS dilution by acquiring CD from $4. 64 per share in 1992 as compared to $4. 15 with the CD acquisition; * Reduce Ms. Beaumont's control from currently 55% to 41. 5% with CD acquisition. PART 4 Goals for the Financial Structure of Friendly Cards, Inc. 4. 1 Friendly Cards capital structure consideration Our recommendation is that Ms. Beaumont to move Friendly Cards' capital structure closer to 60% debt and 40% equity (a D/E ratio of 1. 5). Our reasoning for such a recommendation is as follows: Flexibility: For future growth and possible acquisitions, Funds for acquiring more assets (another envelope machine! ) to reduce costs. Risk: Ability to deal with possible adversity into the future (i. e. , low sales) Lower risk level than current D/E ratio Income: Future growth in earnings due to ability to acquire market share through acquisitions. Further exploit the economies of scale to reduce CGS, Handling and Distribution Costs Control: Maintain controlling interests in the company Timing: Having a higher D/E Friendly can issue equity at more favorable terms at a later date when EPS is higher, the market environment is â€Å"friendlier†, and the company will be in a better financial position. Our recommended target capital structure for Friendly Cards, Inc. of 60/40 D/E is realistically attainable within 3-4 years (mid 1991). Friendly Cards Case Attachments

How Music Affects the Brain Essay

Music: It’s been ingrained in our culture since the first instruments were made. It is such a large part of our society; we incorporate it into our daily lives through our phones, television, and media. Music stimulates the brain through the pleasure center and sends us waves of emotions and reactions. As a DJ, music is essential to my lifestyle. I’m constantly listening to different beats, tempos, and rhythms. Music rises and falls with the generation at that time. The brain is the commander of our actions; it tells us what to do, say, act, and react. Music is in our anatomy. It fills our blood stream with the treble of the bass, drop of the beats, and fast tempos. The brain interprets music by releasing certain chemicals, affecting our personality, and improving our motor skills. There are ten main parts of the brain that picks up music and interprets it for us. They are the corups callosum, motor cortex, prefrontal cortex, nucleus accumbens, amygdala, sensory cortex, auditory cortex, hippocampus, visual cortex, and the cerebellum. â€Å"The four major parts in our brain that help us register music are, motor cortex, auditory cortex, nucleus accumbens, and the amygdala† (Cooper). The motor cortex is in charge of movement; foot tapping, dancing, and playing an instrument. The auditory cortex evaluates our first perception of the sounds and analysis of tones we are listening to. The nucleus accumbens and amygdala are our emotional reactions to the music. All of these concepts in our brain send neurons to the body and we display either distaste or enjoyment when listening to music. According to â€Å"Music Listening Releases Dopamine† which is a study conducted by researchers at McGill University in Canada. An initial 217 participants were narrowed down to 8 who consistently responded the same way when listening to music regardless of the listening environment (Moore). This proved that when listening to music our body releases a chemical called dopamine, which is a feel good pheromone. â€Å"Humans have the ability to obtain pleasure from more abstract stimuli, such as music and art, which are not directly essential for survival and cannot be considered to be secondary or conditioned reinforces. These stimuli have persisted through cultures and generations and are pre-eminent in most people’s lives† (Salimpoor). Music not only affects us biologically but also on the outside. Our personality is a big faà §ade of who we are. We put that act out there for the world to see, to be accepted and follow status quo. â€Å"Our emotions are affected by music, there are two kind of emotions: perceived emotions and felt emotions. This means that sometimes we can understand the emotions of a piece of music without actually feeling them, which explains why some of us find listening to sad music enjoyable, rather than depressing† (Cooper). â€Å"When you are listening to your favorite melodies and harmonies it can trigger the brain to release large amounts of dopamine, a chemical that sends â€Å"feel good† signals to the rest of the body and plays a role in both motivation and addiction† (Listening to Music Can Prompt the Brain to Send Positive Signals throughout the Body). Professor Adrian North of Heriot-Watt University, Edinburgh, UK, has undertaken the largest study so far of musical tastes and personality type. â€Å"He is an expert on music psychology and has carried out extensive research on the social and applied psychology of music, in particular the relationship between pop music culture and deviant behavior in adolescence, music and consumer behavior, and the role of musical preference in everyday life†(Collingwood). Over the course of three years, Professor North asked more than 36,000 people in more than 60 countries to rate a wide range of musical styles in order of preference. Certain aspects of personality were also measured by questionnaire. â€Å"People do actually define themselves through music and relate to other people through it but we haven’t known in detail how music is connected to identity† (North). He believes that his results show why people can get defensive about what they like to listen to, as it is l ikely to be profoundly linked to their outlook on life. Since music is greatly incorporated into our society, it is easy to identify yourself with I’m this kind of genre, and we’re that way mentality. By listening to only one kind of genre you are not exposing yourself to other types and not allowing yourself to have a new perspective on things. Also with music being in our everyday lives are it is especially important to be aware of what kind of music we are listening too. The choice of song you choose to relish in could make or break your day. Another important aspect of how music interacts with the brain, is how it improves our motor skills. By listening to music our  neurons are registering the beats, tempos and rhythms; which gets us tapping our feet and swinging our hips to the rhythm of the beat. In 1911, an American researcher, Leonard Ayres, found that cyclists pedaled faster while listening to music than they did in silence. This study was done again in 2012 showed that cyclists who listened to music required 7% less oxygen to do the same work as those who cycled in silence. â€Å"This happens because listening to music can drown out our brain’s cries of fatigu e. As our body realizes we’re tired and wants to stop exercising, it sends signals to the brain to stop for a break† (Cooper). Listening to music competes for our brain’s attention, and can help us to override those signals of fatigue. Music is a motivator, not only can we push through the pain but work out longer. When working out we tend to play upbeat, fast paced, heavy temp music to get our heart beating. Certain types of music have a higher bpm (beats per minute) than others. For example, disco only has 120bpm meanwhile Dubstep a form of electronic dance music infused with base drops and screeches has 150bpm. Our bodies benefit by the type of music we listen to when we work out because it gets our blood pumping and our hearts beating faster, which keeps our body in shape. In conclusion, music has impacted many lives. It has influenced cultures, generations, movements, and our anatomy. Music is essential to our biology because it releases hormones that make us feel good, and emotions that are viable to our existence. It’s an interesting concept though that a bunch of sounds, rhythms, and be ats can be pieced together to create a beautiful piece of musical art to be heard and enjoyed by billions. For me as a DJ music really stimulates my brain. Whenever I’m listening to Dubstep which is at 150 bmp, it gets me pumped up and ready to go! If it was not for music then we would not have a sense of identity, or belonging. Music is a channeling force, it is available to everyone and you can get lost in it and forget your problems. Also when we are working out music is keeping us motivated to push through our weakness and is our aid in getting into shape. Without the piecing together of bass drops, sirens, scratches, or any other effects on music our mind would be a silent place. Works Cited Collingwood, Jane. â€Å"Preferred Music Style Is Tied to Personality† Psych Central. Psych Central, 30 Jan. 2013. Web. 02 Dec. 2013. Cooper, Belle B. â€Å"How Music Affects and Benefits Your Brain.† Lifehacker. Kinja, 22 Nov. 2013. Web. 02 Dec. 2013. â€Å"Listening to Music Can Prompt the Brain to Send Positive Signals throughout the Body.† Washington Post. The Washington Post, 01 Mar. 2011. Web. 03 Dec. 2013. Moore, Kimberly S. â€Å"Your Musical Self.† Psychology today. Psychology today, 28 Feb. 2011. Web. 02 Dec.2013. North, A. C. and Hargreaves, D. J. (2008). The social and applied psychology of music. Oxford: Oxford University Press. Web. 03 Dec. 2013. Salimpoor, V.N., Benovoy, M., Larcher, K., Dagher, A. & Zatorre, R.J. (2011). â€Å"Anatomically distinct dopamine release during anticipating and experience of peak emotion to music.† Nature Neuroscience, 09 January 2011. Web. 02 Dec. 2013.

Biography of Harry S. Truman, 33rd U.S. President

Biography of Harry S. Truman, 33rd U.S. President Harry S. Truman (May 8, 1884–December 26, 1972) became the 33rd president of the United States following the death of President Franklin D. Roosevelt on April 12, 1945. Not well known when he took office, Truman gained respect for his role in the development of the Truman Doctrine and the Marshall Plan and for his leadership during the Berlin Airlift and the Korean War. He defended his controversial decision to drop atomic bombs on Japan as a necessity to end World War II. Fast Facts: Harry S. Truman Known For: 33rd president of the United StatesBorn: May 8, 1884 in Lamar, MissouriParents: John Truman, Martha YoungDied: Dec. 26, 1972 in Kansas City, MissouriPublished Works: Year of Decisions, Years of Trial and Hope (memoirs)Spouse: Elizabeth â€Å"Bess† TrumanChildren: Margaret Truman DanielNotable Quote: An honest public servant cant become rich in politics. He can only attain greatness and satisfaction by service. Early Life Truman was born on May 8, 1884, in Lamar, Missouri to John Truman and Martha Young Truman. His middle name, simply the letter S, was a compromise made between his parents, who couldnt agree upon which grandfathers name to use. John Truman worked as a mule trader and later a farmer, frequently moving the family between small Missouri towns before settling in Independence when Truman was 6. It soon became apparent that young Harry needed glasses. Banned from sports and other activities that might break his glasses, he became a voracious reader. Hard Work After graduating from high school in 1901, Truman worked as a timekeeper for the railroad and later as a bank clerk. He had always hoped to go to college, but his family couldnt afford tuition. More disappointment came when Truman learned that he was ineligible for a scholarship to West Point because of his eyesight. When his father needed help on the family farm, Truman quit his job and returned home. He worked on the farm from 1906 to 1917. Long Courtship Moving back home had one benefit: proximity to childhood acquaintance Bess Wallace. Truman had first met Bess at age 6 and had been smitten from the start. Bess came from one of the wealthiest families in Independence and Truman, the son of a farmer, had never dared pursue her. After a chance encounter in Independence, Truman and Bess began a courtship that lasted nine years. She finally accepted Trumans proposal in 1917, but before they could make wedding plans, World War I intervened. Truman enlisted in the Army, entering as a first lieutenant. Shaped by War Truman arrived in France in April 1918. He had a talent for leadership and was soon promoted to captain. Placed in charge of a group of rowdy artillery soldiers, Truman made it clear to them that he wouldnt tolerate misbehavior. That firm, no-nonsense approach would become the trademark style of his presidency. The soldiers came to respect their tough commander, who steered them through the war without the loss of a single man. Truman returned to the U.S. in April 1919 and married Bess in June. Makes a Living Truman and his new wife moved into her mothers large home in Independence. Mrs. Wallace, who never approved of her daughters marriage to a farmer, would live with the couple until her death 33 years later. Never fond of farming himself, Truman was determined to become a businessman. He opened a mens clothing store in nearby Kansas City with an Army buddy. The business was successful at first but failed after only three years. At 38, Truman had succeeded at few endeavors aside from his wartime service. Eager to find something he was good at, he looked to politics. Enters Politics Truman successfully ran for Jackson County judge in 1922 and became well known for his honesty and strong work ethic on this administrative (not judicial) court. During his term, he became a father in 1924 when daughter Mary Margaret was born. He was defeated in his try for re-election but ran again two years later and won. When his last term expired in 1934, Truman was courted by the Missouri Democratic Party to run for the U.S. Senate. He rose to the challenge, campaigning tirelessly across the state. Despite poor public speaking skills, he impressed voters with his folksy style and record as a soldier and judge, soundly defeating the Republican candidate. Sen. Truman Becomes President Truman Working in the Senate was the job Truman had waited for his entire life. He took a leading role in investigating wasteful spending by the War Department, earning the respect of fellow senators and impressing President Roosevelt. He was re-elected in 1940. As the 1944 election drew near, Democratic leaders sought a replacement for Vice President Henry Wallace. Roosevelt himself requested Truman. FDR then won his fourth term with Truman on the ticket. In poor health and suffering from exhaustion, Roosevelt died on April 12, 1945, only three months into his last term, making Truman president of the United States. Thrust into the limelight, Truman faced some of the greatest challenges encountered by any 20th-century president. World War II was drawing to a close in Europe, but the war in the Pacific was far from over. Atomic Bomb Truman learned in July 1945 that scientists working for the U.S. government had tested an atomic bomb in New Mexico. After much deliberation, Truman decided that the only way to end the war in the Pacific would be to drop the bomb on Japan. Truman issued a warning to the Japanese demanding their surrender, but those demands werent met. Two bombs were dropped, the first on Hiroshima on Aug. 6, 1945, and the second three days later on Nagasaki. In the face of such utter destruction, the Japanese surrendered. Truman Doctrine and Marshall Plan As European countries struggled financially following WWII, Truman recognized their need for economic and military aid. He knew that a weakened country would be more vulnerable to the threat of communism, so he pledged to support nations facing such a threat. Trumans plan was called the Truman Doctrine. Trumans secretary of state, former Gen. George C. Marshall, believed that the struggling nations could survive only if the U.S. supplied the resources needed to return them to self-sufficiency. The Marshall Plan, passed by Congress in 1948, provided the materials needed to rebuild factories, homes, and farms. Berlin Blockade and Re-Election in 1948 In the summer of 1948, the Soviet Union set up a blockade to keep supplies from entering West Berlin, the capital of democratic West Germany but located in Communist East Germany. The blockade of truck, train, and boat traffic was intended to force Berlin into dependence upon the communist regime. Truman stood firm against the Soviets, ordering that supplies be delivered by air. The Berlin Airlift continued for nearly a year, until the Soviets finally abandoned the blockade. In the meantime, despite a poor showing in opinion polls, Truman was re-elected, surprising many by defeating popular Republican Thomas Dewey. Korean Conflict When Communist North Korea invaded South Korea in June 1950, Truman weighed his decision carefully. Korea was a small country, but Truman feared that communists, left unchecked, would invade other countries. Within days, Truman had gained approval for U.N. troops to be ordered to the area. The Korean War began and it lasted until 1953, after Truman left office. The threat had been contained, but North Korea remained under communist control. Back to Independence Truman chose not to run for re-election in 1952, and he and Bess returned to their home in Independence in 1953. Truman enjoyed the return to private life and busied himself with writing his memoirs and planning his presidential library. He died at the age of 88 on Dec. 26, 1972. Legacy When Truman left office in 1953, the lengthy stalemate between North and South Korea had left him one of the most unpopular presidents in history. But that sentiment gradually changed over time as historians began to reassess his terms in office, crediting him with keeping South Korea independent from the communist neighbor to the north. He began to be respected as a folksy straight shooter and the ultimate common man for his leadership in troubled times and his willingness to take responsibility, exemplified by the plaque on his presidential desk that read â€Å"The Buck Stops Here!† Sources Harry S. Truman: President of the United States. Encyclopaedia Britannica.Harry S Truman: 1945-1953. The White House Historical Association.

Racial Propositions a Book by Daniel HoSang

Racial Propositions a Book by Daniel HoSang The author of the book unravels some important principles regarding California’s electoral laws for approximately fifty years ago. The scholar argues that citizens of California were tough on immigrants because they could pass laws that barred them from enjoying public services such as health care and free education (HoSang 11).Advertising We will write a custom book review sample on â€Å"Racial Propositions† a Book by Daniel HoSang specifically for you for only $16.05 $11/page Learn More The author observes that undocumented immigrants could not access free services, apart from being harassed. Leaders in California went ahead to repeal programs that aimed at offering services to the public free of charge. The same policies had been passed as part of the affirmative action to end poverty and human suffering within the state. Academic sector was affected because bilingual education was done away with. The researcher notes that the state was end owed with many civil rights movements, multicultural population and liberal political culture. The scholar wonders why leaders would decide to come up with repressive and discriminatory laws in a region that enjoyed a diverse populace. He finally concludes that the nation is not yet appreciative of cultural diversity because laws designed tend to favor the whites and not other races. The author digs deeper to analyze how political ideologies shape policies in any given political arena. He posits that there is something more than a mere conservative-liberal divide. In this regard, the scholar notes that racial inequality is a matter of concern in the country even after the Civil War. He asserts that measures taken by leaders in California show a proposition pertaining to race and racism. Through his analysis, it is clearly understood that racial distinctiveness, inequity and power shapes decision-making processes in any political system. Though the writer presents American character as comprising of a single conflict, his works are valid in understanding American politics. Through review, it is established that blacks and other races have not enjoyed the spoils of society even after the war. The postwar analysis indicates that racism and ethnicity is a big problem to policy makers in America. Leaders are forced to bow down to the wishes of the majority, who are always the whites. Other races are not taken care of because they do not have representatives in government to lobby for them. The scholar analyzes power in a different way. He underscores the fact that power is a relational concept as observed by other scholars. The whites dominate the society implying that other races exist at the mercy of the white race.Advertising Looking for book review on social sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More The black race is perpetually subordinated and subjugated because they are never allowed to own p roperty. In this case, the whites are the bourgeoisies who own everything while the poor are the proletariat, who own their cheap labor. The rich individuals in society use their power and resources to obtain state power and authority. Such powers are further utilized in effecting domination and control. Other races are left with no alternative other than working hard to fulfill their objectives. In industries, workers are alienated, exploited and undermined. These categories are usually races from inferior communities such as Africans and Asians. Inferior races are only allowed time for exercising animal related duties such as eating, sleeping and procreating. The white race, which is dominant, enjoys services such as recreation and travelling to various places. The findings of HoSang are applicable in postwar America because other races continue suffering as the dominant races continue enjoying societal resources. Policies made are always favorable to the white race. For instance, the recent Arizona bill shows that states are still racially controlled. Immigration laws favor the whites, which give them an opportunity to exercise their democratic right of voting. HoSang, Martinez. Racial Propositions: Ballot Initiatives and the Making of Postwar California. Berkeley: University of California Press, 2010.

ESL Beginner Reading Comprehension

ESL Beginner Reading Comprehension This dialogue involves an interview in which a customer speaks about what brands she likes the best. When comparing two brands use the comparative form, but when speaking about many brands use the superlative form to discuss which brand is best or worst. Teachers can use this lesson on the comparative and superlative forms to help practice the form. Practice using this dialogue and then have your own discussions about which types of products you like best. An Interview at the Shopping Mall Interviewer: Good evening, I hope you dont mind answering a few questions. Alice: How long will it take? Interviewer: Just a few questions.​ Alice: I guess I can manage to answer a few questions. Go ahead. Interviewer: Id like to ask your opinion about consumer electronics. As far as consumer electronics is concerned, which is the most reliable brand? Alice: Id say that Samsung is the most reliable brand. Interviewer: Which brand is the most expensive? Alice: Well, Samsung is also the most expensive brand. I guess thats why its the best. Interviewer: Which brand do you think is the worst? Alice: I think LG is the worst. I really cant remember using any of their products that I liked. Interviewer: And which brand is the most popular with young people? Alice: Thats a difficult one to answer for me. I think that Sony is probably the most popular with young people. Interviewer: One last question, Have you tried using any HP products? Alice: No, I havent. Are they good? Interviewer: I enjoy using them. But I didnt stop you to tell you what I think. Thank you for your time. Alice: Not at all. More Dialogue Practice - Includes level and target structures/language functions for each dialogue.

Individual essay Example | Topics and Well Written Essays - 750 words - 1

Individual - Essay Example In this argument, I will use the example of Aboriginal children taken away from their â€Å"country† and how it impacted them as individuals and their culture. I will also argue that free will in choosing one’s cultural identity is under the influence of many factors. One’s cultural identity raises some interesting sets concerning the choice, for instance, how one defines his/her cultural identity and whether these definitions are imposed or chosen. Stuart hall discusses colonial experience and its traumatic nature by suggesting that expropriation of culture deforms and cripples that races that have been colonized are subjected to domination and will that is imposed through subjective conformation and compulsion to the norm (Hall 218). These people are projected unfairly as â€Å"others†, which means that cultural identity is a positioning rather than essence. Hundreds of children of Aboriginal were uprooted from their families in Australia and brought up away from their natural environment. They then became what were referred to as a stolen generation. One member of this generation who was adopted at 13 into a non-indigenous family and claims that he went through a crisis of identity. His identity was whom he was and where he was f rom, claiming that he and his Aboriginal wife were attempting to break a cycle of shattered families (Hall 220). He contended that they would make sure they stuck together and raise their children know their heritage. The other Aborigines were products of imposed interracial marriage whose children spent their lives attempting to fit since they were not white or black enough (Hall 222). This highlights the uniqueness of the situation that multi or bi-cultural live in. This situation does not make it any less valid than an identity that is fixed. Another example is the Australian cultural studies teacher and author Ien Ang who was born to a Chinese family in Indonesia and studied in Holland

Religion in the public sector Essay Example | Topics and Well Written Essays - 1250 words

Religion in the public sector - Essay Example Therefore, the key question that the author seeks to answer is what religion offers to an organizational motivation, decision-making, and performance. Lawyer Stephen Carcer explains that the morality of a person depends on the person’s religious and spiritual tendencies. Contrary to his beliefs, Michael Lerner argues that spirituality is critical in self-realization and self-learning, that is necessary for the private and professional lives of individuals. These authors however, concur with the logic that institutionalization of spirituality is impossible without defying certain religious focus and locus. They insist that spirituality of an institution solely depends on the collective sacrifice. Moreover, the most important information in this article is spirituality is not exclusively confined or tied to the individual’s religious faith. The Supreme Being, which is the idol in religion, is central in the understanding of spirituality, but spirituality in itself goes far beyond this Supreme Being. The author argues that spirituality is a journey, in which an individual examines his /her life, determines its purpose and meaning, establishes the absolute effect that his/ her life has on the environment, which includes the organization. Therefore, this information is fundamental in distinguishing spirituality as individualistic, whereas religion is institutionalized (Houston & Cartwright, 2007). The key concepts that are required to understand this article are the forms of spiritual and religious expressions that re legally acceptable and politically permissible in the public workplace. The understanding of this article needs the articulate understanding of the rights of individuals as enshrined in the constitution, which outlines the privileges of the employer as well as those of the employee. This further requires the familiarity of the difference between the public and private sectors, with the additional scrutiny that

Shall We Dance Essay Example | Topics and Well Written Essays - 1000 words

Shall We Dance - Essay Example People when exposed to the urban life have to strongly adapt the way the life must go in there. However, just like Sugiyama who lives in the suburb, way far beyond the very demanding city life, he must face the reality, and that is to create a balancing act between varying roles and the desired personal achievements. In this paper, the proponent tries to explicate the very point on how a built environment comes into existence on the basis of the movie film â€Å"Shall we dance?† For this reason, the proponent clearly elaborates the need to understand actual daily life’s activities and the places normally that have to be taken into account by the Japanese together with their existing culture in order to fulfill personal achievements and to go on with life. Substantial idea about the community environment, as a component of planning, is integrated in the discussion, prior to considerable understanding of the actual built atmosphere. Japanese people are known for their positive outlook, to make them move forward to ensure hard work with respect to their personal career and development. As a result, they need to face the demanding and challenging environment of the workplace. This is how they would respond to the way they should take everything. Job could have been so stressful for them, and as just what Sugiyama would want to point up in the film. They need to find something that could help them not to be exhausted by the very taxing nature of their work and working lifestyle conditions. As a result, Japanese people need to go around, not in an unproductive manner, but with full of sense just to release the tautness they must have acquired from work. For this reason, there are many places in Japan, especially somewhere in the urban areas where Japanese would call and find them as sakariba, the â€Å"zone of evaporation between work and home† (Hendry,

Target storesNew and Old Research Paper Example | Topics and Well Written Essays - 1000 words

Target storesNew and Old - Research Paper Example The government of Canada has received various sanctions and warnings about their very expensive price quotations of the houses in the region. The real estate industry has been affected by the various price inflations and rises with the main aim of boosting the economy of Canada. The real estate industry in Canada has been investing in the building of various condominiums in different parts of the country. Majority of the people in Canada have been investing in the different kinds of real estate available due to various reasons. Majority of the property buyers find cumbersome to buy land, assemble materials, look for a master house plan and then come up with the houses that they desire (Fu et al, 2014). Canada is composed of individuals who are very busy in their lives to find time for such activities. Moreover, the whole process is time consuming and expensive. Therefore, majority of the property of the people in Canada are resorting to the purchase of various condominiums, studio ap artments and other forms of housing that fit their lifestyles, careers and plans. The housing market of Canada has various ranges of houses that suit a broad market of buyers. The question therefore remains, is the housing market in Canada stable and is I worth investing in it? The rate of building of the standalone unites has been estimated at 183604 units in the month of October as opposed to the previous month which had amounted to 197355units built. Majority of the property evaluators had estimated the rate of building the various real estate properties to be at 200000 units per month (Pierdzioch et al, 2012). The decrease for units built in the month of October had influenced the rising trend in the construction witnessed in the previous six months. There was a noticeable increment in the number of housing units built in September. The statistics had put the number at 197763 units as opposed to the

Q8 Essay Example | Topics and Well Written Essays - 750 words

Q8 - Essay Example Thirdly, the implementation budget generally does not contain adequate provision for funds and an impractical schedule for implementation may be set up. Unless adequate time is provided for the completion of each task, the result will be insufficient attention to detail and tasks that are completed carelessly. (Goldband, 2008). Another reason why ERP systems fail is the failure to provide staff members and employees with adequate training to handle the systems, leaving it all to the IT people. One example of such a failure is Cosworth, the race car manufacturer. This company had implemented a range of software solutions, but they did not function effectively because of the lack of integration of systems meant that information could not be easily accessed.(CIBER, 2005). In this instance, the failure was caused by the use of the wrong tools as well as a failure to train its employees and staff adequately in their use. In the case of Jada Precision Plastics, initial ERP tools were not successful, because it provided pre-packaged solutions. It was only after implementing the IQMS ERP software which allowed for data entry and manipulation that they achieved success. 2. Investment in ERP systems must be fuelled by business justification rather than technology motivation. As Goldband(2008) has pointed out, most businesses simply want to switch over from legacy systems and feel that implementing an ERP systems means that the computer technology will miraculously take care of everything. But the motivation and method in introducing an ERP system must be on the basis of the existing business processes and the needs that have been identified, so that the best ERP software can be chosen that most closely matches the existing processes. Choosing an ERP process merely on the basis of introducing technology may fail, unless the needs of the business processes are also taken

Philosophy Principles of sound reasoning Essay Example | Topics and Well Written Essays - 750 words

Philosophy Principles of sound reasoning - Essay Example The principle of non-contradiction is a principle that is applicable in philosophical reasoning: It asserts that it is not correct to posit that something is correct while at the same time claiming it is correct. The discussion will attempt to explicate whether some of the commonly used tautologies are contradictory in nature. Additionally, it will explore on whether some tautologies are logically equivalent as well as provision of insights whether some contradictions are contingent. Moreover, the discussion will focus on elaboration of some contingents and determine whether they are logically equivalent in nature. The corpus of logically equivalent tautologies entails a scenario where two different forms of statements have similar truth. On the other hand, the concept of tautology exists in compound statements that are usually true in nature no matter what circumstance it is presented. It is a fact that some tautologies are logically equivalent. It is a fact that some tautologies are usually logically equivalent. For example; this can be presented in the Venn diagram below: The Venn diagram below indicates a scenario where A represents animals with mammary glands and B represents all mammals. The point of intersection represents A&B; meaning A can be B and B can be A. In this regard the first premise indicating that all mammals have mammary glands, which is valid. The second statement is also valid indicating that any animal with mammary glands are mammals. In philosophical dimensions, the aspect of contingency alludes to statements that seem possible untrue or even true when exposed to possible valuation. When a contingency is proposed it may not be necessarily false or to some extent necessarily true. Contradictions are usually true statements that exhibit true nature or could be true in regard to the facet of communication. In this regard, all contradictions may be viewed and contingent in nature.