Summer Experience at Stanfords EPGY and UC Berkeleys SIG Program

Going to summer school doesnt always sound appealing at first, but its often more rewarding and exciting than it seems. Take it from TerenceZ! Now a USC student, he shares his experience at Stanfords EPGY and UC Berkeleys SIG Program. Summer is truly the most fantastic time of the year — we are finally rewarded with a break from the dull monotony known as school. But to college admission officers, how you spend your summers is key. Gone are the simple summers where all that happens is â€Å"nothing much, relaxing at home,† or â€Å"nothing, just having some friends over.† That certainly doesn’t mean you stop having fun, though. I was blessed with the opportunity to attend EPGY at Stanford and SIG at UC Berkeley during my sophomore and junior summers, respectively. Both were on-campus summer programs that give students the opportunity to either pursue a subject area further than what typical high school classes allow with other students that share similar interests. There were a plethora of different courses offered at both camps, thus allowing every student to find at least one thing that they love. The biggest benefit of the two summer programs is that because of their prestige, they attract the best and most passionate students in each field. It’s surprising how much more one can learn when the entire class is constantly engaged, attentive, and always willing to test theories out. I was amazed when I got to the â€Å"Frontiers of Physics† class at EPGY and discovered the passion students had for exploring the edge of our universe and the mysteries it holds. The teachers were also highly specialized and enthusiastic, and I quickly realized the advantages—we got to experiment with explosives (under supervision, of course) at SIG and at EPGY we got the opportunity to visit the Lick Observatory, a large telescope owned by the UC system. Of course, if you’ll be living, eating, and learning with the same people, you are bound to make some pretty close friends. And yes, that’s one of the main benefits of investing three weeks of your summer to attend a summer program. I personally have made friends that I still talk to, even two years down the road. As an underclassmen, you’ll also have the advantage of knowing friends who’ll go through the application process before you, and will be able to help you out when it’s your turn. Plus, you get to visit when they are in college and get a personalized tour! Finally, we also got to experience the â€Å"college vibe† at both schools before we applied. If you have a school that you are interested in, spending a few weeks of your summer there will definitely learn more about the school’s academic offerings and culture. Both summer programs provide a rather extensive tour of the school, so students get to know the environment and the resources you’ll have access to as a college student. It’s a shame there weren’t that many college students on campus, but the ones that were there were often enthusiastic and happy to answer any questions you have about their school. Some may even give you a tour.

Raising Capital in the Financial Markets Essays

Raising Capital in the Financial Markets Essays Raising Capital in the Financial Markets Essay Raising Capital in the Financial Markets Essay CHAPTER 14 Raising Capital in the Financial Markets CHAPTER ORIENTATION This chapter considers the market environment in which long-term capital is raised. The underlying rationale for the existence of security markets is presented, investment banking services and procedures are detailed, private placements are discussed, and security market regulation is reviewed. CHAPTER OUTLINE I. The mix of corporate securities sold in the capital market. A. When corporations raise cash in the capital market, what type of financing vehicle is most favored? The answer to this question is corporate bonds. The corporate debt markets clearly dominate the corporate equity markets when new (external) funds are being raised. B. From our discussion on the cost of capital, we understand that the U. S. tax system inherently favors debt as a means of raising capital. During the 1999-2001 period, bonds and notes accounted for about 76. 9 percent of new corporate securities sold for cash. II. Why financial markets exist A. Financial markets consist of institutions and procedures that facilitate transactions in all types of financial claims. B. Some economic units spend more than they earn during a given period of time. Some economic units spend less than they earn. Accordingly, a mechanism is needed to facilitate the transfer of savings from those economic units that have a savings surplus to those that have a savings deficit. Financial markets provide such a mechanism. C. The function of financial markets then is to allocate savings in an economy to the ultimate demander (user) of the savings. D. If there were no financial markets, the wealth of an economy would be lessened. Savings could not be transferred to economic units, such as business firms, which are most in need of those funds. III. Financing business: The movement of funds through the economy. A. In a normal year the household sector is the largest net supplier of funds to the financial markets. We call the household sector then a savings-surplus sector. 1. The household sector can also be a savings-deficit sector. 2. From 1995 – 1999, the household sector was a net user of financial capital as a result of taking advantage of low interest rate mortgages. B. In contrast, the nonfinancial business sector is typically a savings-deficit sector. 1. The nonfinancial business sector can also be a savings-surplus sector. . Economic conditions and corporate profitability influence the ability of this sector to provide funds to the financial market. C. In recent years, the foreign sector has become a major savings-surplus sector. D. Within the domestic economy, the nonfinancial business sector is dependent on the household sector to finance its investment needs. E. The movement of savings through the economy occur s in three distinct ways: 1. The direct transfer of funds 2. Indirect transfer using the investment banker 3. Indirect transfer using the financial intermediary IV. Components of the U. S. financial market system A. Public offerings can be distinguished from private placements. 1. The public (financial) market is an impersonal market in which both individual and institutional investors have the opportunity to acquire securities. a. A public offering takes place in the public market. b. The security-issuing firm does not meet (face-to-face) the actual investors in the securities. 2. In a private placement of securities, only a limited number of investors have the opportunity to purchase a portion of the issue. a. The market for private placements is more personal than its public counterpart. b. The specific details of the issue may actually be developed on a face-to-face basis among the potential investors and the issuer. c. Venture capital (1)Start-up firms often turn to venture capitalists to raise funds. (a)Broader public markets find these firms too risky. (b)Venture capitalists are willing to accept the risks because of an expectation of higher returns. (1)Venture capital firms that acquire equity in a start-up firm manage risk by sitting on the firm’s board of directors r actively monitoring management’s activities. (2)Venture capital is often provided by established non-venture-capitalist firms that take a minority investment position in an emerging firm or create a separate venture capital subsidiary. (a)The investment approach allows the established firm to gain access to new technology and to create strategic alliances. (b)The subsidiary approach allows the established firm to retain human and intellectual capital. B. Primary markets can be distinguished from secondary markets. 1. Securities are first offered for sale in a primary market. For example, the sale of a new bond issue, preferred stock issue, or common stock issue takes place in the primary market. These transactions increase the total stock of financial assets in existence in the economy. 2. Trading in currently existing securities takes place in the secondary market. The total stock of financial assets is unaffected by such transactions. C. The money market can be distinguished from the capital market. 1. The money market consists of the institutions and procedures that provide for transactions in short-term debt instruments which are generally issued by borrowers who have very high credit ratings. . Short-term means that the securities traded in the money market have maturity periods of not more than 1 year. b. Equity instruments are not traded in the money market. c. Typical examples of money market instruments are (l) U. S. Treasury bills, (2) federal agency securities, (3) bankers acceptances, (4) negotiable certificates of deposit, and (5) commercial paper. 2. The capital market consists of the institutions and procedures that provide for transactions in long-term financial instruments. This market encompasses those securities that have maturity periods extending beyond 1 year. D. Organized security exchanges can be distinguished from over-the-counter markets. 1. Organized security exchanges are tangible entities whose activities are governed by a set of bylaws. Security exchanges physically occupy space and financial instruments are traded on such premises. a. Major stock exchanges must comply with a strict set of reporting requirements established by the Securities and Exchange Commission (SEC). These exchanges are said to be registered. b. Organized security exchanges provide several benefits to both corporations and investors. They (l) provide a continuous market, (2) establish and publicize fair security prices, and (3) help businesses raise new financial capital. c. A corporation must take steps to have its securities listed on an exchange in order to directly receive the benefits noted above. Listing criteria differ from exchange to exchange. 2. Over-the-counter markets include all security markets except the organized exchanges. The money market is a prominent example. Most corporate bonds are traded over-the-counter. . NASDAQ, a telecommunication system providing an information link among brokers and dealers in the OTC markets, accounted for 43% of the national exchange equity market trading in the U. S. , measured in dollar volume for the year 1998. Nasdaq Stock Market, Inc. trades securities of over 3,600 public companies as of 2002. V. The Investment Banker A. The investment banker is a financial specialist wh o acts as an intermediary in the selling of securities. The investment banker works for an investment banking house (firm). B. Three basic functions are provided by the investment banker: 1. The investment banker assumes the risk of selling a new security issue at a satisfactory (profitable) price. This is called underwriting. Typically, the investment banking house, along with the underwriting syndicate, actually buys the new issue from the corporation that is raising funds. The syndicate (group of investment banking firms) then sells the issue to the investing public at a higher (hopefully) price than it paid for it. 2. The investment banker provides for the distribution of the securities to the investing public. 3. The investment banker advises firms on the details of selling securities. C. Several distribution methods are available for placing new securities into the hands of final investors. The investment bankers role is different in each case. 1. In a negotiated purchase, the firm in need of funds contacts an investment banker and begins the sequence of steps leading to the final distribution of the securities that will be offered. The price that the investment banker pays for the securities is negotiated with the issuing firm. 2. In a competitive-bid purchase, the investment banker and underwriting syndicate are selected by an auction process. The syndicate willing to pay the greatest dollar amount per new security to the issuing firm wins the competitive bid. This means that it will underwrite and distribute the issue. In this situation, the price paid to the issuer is not negotiated; instead, it is determined by a sealed-bid process much on the order of construction bids. 3. In a commission (or best-efforts), offering the investment banker does not act as an underwriter but rather attempts to sell the issue in return for a fixed commission on each security that is actually sold. Unsold securities are simply returned to the firm hoping to raise funds. . In a privileged subscription, the new issue is not offered to the investing public. It is sold to a definite and limited group of investors. Current stockholders are often the privileged group. 5. In a direct sale, the issuing firm sells the securities to the investing public without involving an investment banker in the process. This is not a typical procedure. VI. More o n Private placements: The Debt Side A. Each year billions of dollars of new securities are privately (directly) placed with final investors. In a private placement, a small number of investors purchase the entire security offering. Most private placements involve debt instruments. B. Large financial institutions are the major investors in private placements. These include (l) life insurance firms, (2) state and local retirement funds, and (3) private pension funds. C. The advantages and disadvantages of private placements as opposed to public offerings must be carefully evaluated by management. 1. The advantages include (a) greater speed than a public offering in actually obtaining the needed funds, (b) lower flotation costs than are associated with a public issue, and (c) increased flexibility in the financing contract. 2. The disadvantages include (a) higher interest costs than are ordinarily associated with a comparable public issue, (b) the imposition of restrictive covenants in the financing contract, and (c) the possibility that the security may have to be registered some time in the future at the lenders option. VII. Flotation costs A. The firm raising long-term capital typically incurs two types of flotation costs: (l) the underwriters spread and (2) issuing costs. The former is typically the larger. 1. The underwriters spread is the difference between the gross and net proceeds from a specific security issue. This absolute dollar difference is usually expressed as a percent of the gross proceeds. 2. Many components comprise issue costs. The two most significant are (l) printing and engraving and (2) legal fees. For comparison purposes, these are usually expressed as a percent of the issues gross proceeds. B. SEC data reveal two relationships about flotation costs. 1. Issue costs (as a percent of gross proceeds) for common stock exceed those of preferred stock, which exceed those of bonds. 2. Total flotation costs per dollar raised decrease as the dollar size of the security issue increases. VIII. Regulation A. The primary market is governed by the Securities Act of 1933. 1. The intent of this federal regulation is to provide potential investors with accurate and truthful disclosure about the firm and the new securities being sold. 2. Unless exempted, the corporation selling securities to the public must register the securities with the SEC. 3. Exemptions allow follow for a variety of conditions. For example, if the size of the offering is small enough (less than $1. 5 million), the offering does not have to be registered. If the issue is already regulated or controlled by some other federal agency, registration with the SEC is not required. Railroad issues and public utility issues are examples. 4. If not exempted, a registration statement is filed with the SEC containing particulars about the security-issuing firm and the new security. 5. A copy of the prospectus, a summary registration statement, is also filed. It will not yet have the selling price of the security printed on it; it is referred to as a red herring and called that until approved by the SEC. 6. If the information in the registration statement and prospectus is satisfactory to the SEC, the firm can proceed to sell the new issue. If the information is not satisfactory, a stop order is issued which prevents the immediate sale of the issue. Deficiencies have to be corrected to the satisfaction of the SEC before the firm can sell the securities. 7. The SEC does not evaluate the investment quality of any issue. It is concerned instead with the presentation of complete and accurate information upon which the potential investor can act. B. The secondary market is regulated by the Securities Exchange Act of 1934. This federal act created the SEC. It has many aspects. 1. Major security exchanges must register with the SEC. 2. Insider trading must be reported to the SEC. 3. Manipulative trading that affects security prices is prohibited. 4. Proxy procedures are controlled by the SEC. 5. The Federal Reserve Board has the responsibility of setting margin requirements. This affects the proportion of a security purchase that can be made via credit. C. The Securities Acts Amendments of 1975 touched on three important issues. 1. Congress mandated the creation of a national market system (NMS). Implementation details of the NMS were left to the SEC. Agreement on the final form of the NMS is yet to come. 2. Fixed commissions (also called fixed brokerage rates) on public transactions in securities were eliminated. 3. Financial institutions, like commercial banks and insurance firms, were prohibited from acquiring membership on stock exchanges where their purpose in so doing might be to reduce or save commissions on their own trades. D. In March 1982, the SEC adopted Rule 415. This process is now known as a shelf registration or a shelf offering. . This allows the firm to avoid the lengthy, full registration process each time a public offering of securities is desired. 2. In effect, a master registration statement that covers the financing plans of the firm over the coming two years is filed with the SEC. After approval, the securities are sold to the investing public in a piecemeal fashion or off the shelf. 3. Prior to each specific offering, a short statement about the iss ue is filed with the SEC. E. Congress passed in July 2002 the Public Company Accounting Reform and Investor Protection Act. The short name for the act became the Sarbanes-Oxley Act of 2002. 1. The Sarbanes-Oxley Act was passed as the result of a large series of corporate indiscretions. 2. The act contains 11 â€Å"titles† which tightened significantly the latitudes given to corporate advisors (like accountants, lawyers, company officers, and boards of directors) who have access to or influence company decisions. 3. The initial title of the act created the Public Company Accounting Oversight Board. This board’s purpose is to regulate the accounting industry relative to public companies that they audit. Members are appointed by the SEC. . As recently June of 2003, the oversight board itself published a set of ethics rules to police its own set of activities. IX. The Multinational Firm: Efficient Financial Markets and Intercountry Risk A. The United States’ highly developed, complex and competitive financial markets facilitate the transfer of savings from the saving-surplus sector to the saving-deficit sector. B. Multinational firms are reluctant to invest in countries with ineffective financial systems. 1. Financial and political systems lacking integrity will often be rejected for direct investment by multinational firms. . Countries that experience significant devaluation of its currency may also be considered too risky for investment. ANSWERS TO END-OF-CHAPTER QUESTIONS 14-1. Financial markets are institutions and procedures that facilitate transactions in all types of financial claims. Financial markets perform the function of allocating savings in the economy to the ultimate demander(s) of the savings. Without these financial markets, the total wealth of the economy would be lessened. Financial markets aid the rate of capital formation in the economy. 14-2. A financial intermediary issues its own type of security which is called an indirect security. It does this to attract funds. Once the funds are attracted, the intermediary purchases the financial claims of other economic units in order to generate a return on the invested funds. A life insurance company, for example, issues life insurance policies (its indirect security) and buys corporate bonds in large quantities. 14-3. The money market consists of all institutions and procedures that accomplish transactions in short-term debt instruments issued by borrowers with (typically) high credit ratings. Examples of securities traded in the money market include U. S. Treasury Bills, bankers’ acceptances, and commercial paper. Notice that all of these are debt instruments. Equity securities are not traded in the money market. It is entirely an over-the-counter market. On the other hand, the capital market provides for transactions in long-term financial claims (those claims with maturity periods extending beyond one year). Trades in the capital market can take place on organized security exchanges or over-the-counter markets. 14-4. Organized stock exchanges provide for: (1)A continuous market. This means a series of continuous security prices is generated. Price changes between trades are dampened, reducing price volatility, and enhancing the liquidity of securities. (2)Establishing and publicizing fair security prices. Prices on an organized exchange are determined in the manner of an auction. Moreover, the prices are published in widely available media like newspapers. (3)An aftermarket to aid businesses in the flotation of new security issues. The continuous pricing mechanism provided by the exchanges facilitates the determination of offering prices in new flotations. The initial buyer of the new issue has a ready market in which he can sell the security should he need liquidity rather than a financial asset. 14-5. The criteria for listing can be labeled as follows: (1) profitability; (2) size; (3) market value; (4) public ownership. 14-6. Most bonds are traded among very large financial institutions. Life insurance companies and pension funds are typical examples. These institutions deal in large quantities (blocks) of securities. An over-the-counter bond dealer can easily bring together a few buyers and sellers of these large quantities of bonds. By comparison, common stocks are owned by millions of investors. The organized exchanges are necessary to accomplish the fragmented trading in equities. 14-7. The investment banker is a middleman involved in the channeling of savings into long-term investment. He performs the functions of: (1) underwriting; (2) distributing; (3) advising. By assuming underwriting risk, the investment banker and his syndicate purchase the securities from the issuer and hope to sell them at a higher price. Distributing the securities means getting those financial claims into the hands of the ultimate investor. This is accomplished through the syndicates selling group. Finally, the investment banker can provide the corporate client with sound advice on which type of security to issue, when to issue it, and how to price it. 14-8. In a negotiated purchase, the corporate security issuer and the managing investment banker negotiate the price that the investment banker will pay the issuer for the new offering of securities. In a competitive-bid situation, the price paid to the corporate security issuer is determined by competitive (sealed) bids, which are submitted by several nvestment banking syndicates hoping to win the right to underwrite the offering. 14-9. Investment banking syndicates are established for three key reasons: (1) the investment banker who originates the business probably cannot afford to purchase the entire new issue himself; (2) to spread the risk of loss among several underwriters; (3) to widen the distribution network. 14-10. Several positive benefits are associated with p rivate placements. The first is speed. Funds can be obtained quickly, primarily due to the absence of a required registration with the SEC. Second, flotation costs are lower as compared to public offerings of the same dollar size. Third, greater financing flexibility is associated with the private placement. All of the funds, for example, need not be borrowed at once. They can be taken over a period of time. Elements of the debt contract can also be renegotiated during the life of the loan. 14-11. As a percent of gross proceeds, flotation costs are inversely related to the dollar size of the new issue. Additionally, common stock is more expensive to issue than preferred stock, which is more expensive to issue than debt. 4-12. The answer on this is clear. The corporate debt markets dominate the corporate equity markets when new funds are raised. The tax system of the U. S. economy favors debt financing by making interest expense deductible from income when computing the firms federal tax liability. Consider all corporate securities offered for cash over the period 1999-2001. The percentage of the total represented by bond s and notes was 76. 9 percent compared to 23. 1 percent equity. 14-13. The household sector is the largest net supplier of savings to the financial markets. Foreign financial investors have recently been net suppliers of savings to the financial markets. On the other hand, the nonfinancial corporate business sector is most often a savings-deficit sector. The U. S. Government sector too is a deficit sector in most years. 14-14. First, there may be a direct transfer of savings from the investor to the borrower. Second, there may be an indirect transfer that used the services provided by an investment banker. Third, there may be an indirect transfer that uses the services of a financial intermediary. Private pension funds and life insurance companies are prominent examples of the latter case.

Intergenerational Transmission of Education Research Paper

Intergenerational Transmission of Education - Research Paper Example However, others have believed associated demographic phenomena and drawn contradictory conclusions. Mare (1997) in his article, â€Å"Differential Fertility, Intergenerational Educational Mobility, and Racial Inequality† talks about the impacts of differential fertility prototypes among African-American and white women for secular drifts in educational ability within each of these populations and for race differentiations in educational ability. Mare has developed models that combine regeneration of population with intergenerational mobility for the 1925-1995 periods and look into the aggregate outcomes of demographic drifts on socioeconomic interests and inequality with a focus on the trend and allocation of educational achievement. He depicted the extent to which differential productiveness within the black and white populations has given to dissimilarities in the educational achievements of these two groups. Although this paper discusses current issues relating to communal inequality, it is provoked by theoretical issues about communal stratification as well. The study f ocused on the intergenerational transmission of socioeconomic position. He described the population projection model that is applied to replicate trends in educational achievement for blacks and whites. He built discrete-time models of population expansion that include the impacts of age-specific fertility and mortality in addition to communal mobility for blacks and whites. Differential fertility by educational achievement of mother has hindered the expansion of average educational accomplishment over the past 70 years; however, this consequence is small. Although the differential level of fertility of women has decreased but the differential timing of fertility has approximately no impact. Diversifications in fertility, mortality, and intergenerational flexibility have self-effacing effects on racial disparity1. . It is obvious that there should have been differences

Discuss the reasons why we need a regulatory framework for financial Essay

Discuss the reasons why we need a regulatory framework for financial reporting. What are the advantages and disadvantages of making accounting rules by law as opposed to using IASB standards - Essay Example Due to globalization, many UK companies are now acquiring subsidiary companies in other countries, which function under different financial parameters and there may be a need to modify the existing regulatory and financial frameworks (Haller and Walton, 2003). When different financial accounting standards exist in different countries, it may be necessary to harmonize them and this can only be achieved through modification of the financial regulatory networks. In this context, a report published by the Institute of chartered accountants in Scotland offers the view that the current position in the context of globalization is such that there is an â€Å"ever increasing volume of accounting rules†, which is not sustainable in the long run (ICAS, 2006:2). It’s only principles based accounting is likely to be beneficial Domestic law and regulation has changed in different ways. First, the London Stock exchange was once self regulatory but it is no longer the Listing authority within the U.K. The UKLA (UK Listing Authority) which is a part of the Financial Services Authority (FSA) is now the responsible authority for this purpose. Second, professional bodies which are a part of the UK Accountancy profession, have set up their own private regulatory framework – the Accountancy Foundation – to provide independent oversight of their auditing standards, ethical standards and regulatory activities, including disciplinary procedures. New regulations have also been issued in respect of limiting the remuneration paid to directors and the Companies Act has also been modified (Fearnley and Hines, 2003). These changes in the domestic law mean that the framework which existed earlier and was largely self-regulatory may no longer be adequate. Bullen and Crook (2005) have explained why a conceptual framework is needed. Both the FSAB and IASB, share a common goal of ensuring that their standards are â€Å"principles

Measurement of the Turbidity of Raw Water and Study the Effects of Lab Report

Measurement of the Turbidity of Raw Water and Study the Effects of Coagulation and Flocculation - Lab Report Example During coagulation, matter in suspension becomes unstable due to the effect of cationic particles. Aluminum salts, ferric and ferrous salts are useful for the process of coagulation. The salts include alum, FeCl3 and Fe2 (SO4) 3. The iron sulfate used is that with and without lime. Introduction of the salts in waste water results, in the formation of Ions (Hijnen & Gertjan 33). The positive ions present in water exist in hydrated states. Positive ions combine with hydroxyl ions leading to insoluble hydroxides. Insoluble complexes result when ions combine with carbonates and bicarbonates. Coagulation results when the insoluble hydroxides precipitate in water and are separable through filtration. Precipitation of colloids takes place in the presence or absence of lime. The level of solubility of aluminum plus ferric hydroxides depends on PH, which determines the charge of the complex (Bratby 40). When PH is low, absorption of the complexes on the colloidal surface occurs leading to coagulation. When Aluminum chloride and sulfate are in wastewater, they exist as ion, which form non-dissolving complexes. The negative colloid repels anions and attracts cautions. The attraction power between positive and negative colloids results to agglomeration of particles (Wang 6). The repelled anions cling to positive colloids forming agglomerates. AlCl3 has a relative power of one against positive colloids and a power of 1000 against negative colloids. Al2 (SO4)3 exhibits a power of 30 against positive colloids and above 1000 against negative colloids (Bratby 39). ThuyKhanh, Trinh. & Lim Seok Kang. "Response Surface Methodological Approach To Optimize The Coagulation–Flocculation Process In Drinking Water Treatment." Chemical Engineering Research And Design 89. (2011): 1126-1135. ScienceDirect. Web. 2 Feb.

Analysis Of The Pepsi International Strategy

Analysis Of The Pepsi International Strategy PespiCo is facing price hike issue in Saudi Arabia; it is hurting its further expansion in soft drink industry. PepsiCo requested ministry of economy of UAE to approve a price hike for their products in the country. But ministry said Government will send it to the higher committee of consumer protection association for approval. Reasons For Expanding To Foreign Markets: Coca-Cola, the major competitor of Pepsi has been exiled from the desert kingdom. Because of this, Pepsi expanded into Arab Countries has an 80% share of the $1 billion Saudi soft-drink market. Saudi Arabia is the third largest foreign market of Pepsi, after Mexico and Canada. In 1993, about 7% of Pepsi-Cola Internationals sales came from Saudi Arabia. The environment in Saudi Arabia makes the country very favorable to soft-drink sales because alcohol is banned climate is very hot and dry. Mode of Expansion: Pepsi uses franchise system for international expansion. Sources of Competitive Advantage: PepsiCo has competitive advantage in terms of worldwide distribution the company is able to produce all its products in the country where they are consumed. Pepsi has a competitive advantage over Coke because of its brand image good word of mouth. Pepsi promotes itself as the number one choice of the Next Generation. Government Policies: Currently a 50 percent rise in Pepsi prices in Saudi has angered customers and provoked the kingdoms government to call on more than 30 soft drink companies to hold off on further price hikes. Pepsi increased the price of a can to 1.50 riyals $0.40 from 1 riyal.it. Saudi Consumer Protection Association investigated the sudden unjustified price hike, the Saudi Gazette reported that official permission should be granted to soft drink firms before they are allowed to increase prices and price rise should not be more than 10 percent. PEST Analysis Political Influences: Many PepsiCo products are subject to different federal laws due to their manufacturing, distribution use, such as the Food, Drug and Cosmetic Act, the Occupational Safety and Health Act ad the Americans with Disabilities. The international ventures are subject to the Government stability and businesses are subjected to different taxation policies in each consumer country. Economic Influences: PepsiCo relies on trucks to move products so fuel is an important subject fuel prices matters. The economic impact of foreign exchange rates movements on them is complex because such changes are often linked to variability in real growth, inflation, interest rates, governmental actions, etc. PepsiCo is also subjected to other economical factors like money supply, energy availability, cost and business cycles. Socio-Cultural Influences: Pepsi is subject to the lifestyle changes, so it bases her advertising campaigns in people with special lifestyle. For that PepsiCo has to pay special attention on lifestyle changes. It has to be very careful with the possible problems with the governments and those which could rise from PepsiCo act with the people of KSA. Technological Influences: PepsiCo is exposed to new manufacturing techniques, for its three business units, snack food, juices and soft drinks. It has to pay attention while adopting flexible advanced distribution techniques. PORTER 5 FORCES Analysis 1. Threat of New Entrants: The threat of new entrants in the industry is small yet substantial. This is because there are already four players in the market other then Pepsi itself. 2. Threat of Substitute Products: Currently, the threat of new viable competitors in the carbonated soft drink industry is not very substantial. Possible substitutes that continuously put pressure on Pepsi include tea, coffee, juices, milk, and hot chocolate. 3. Bargaining Power of Suppliers: The bargaining power of the suppliers tends to be low according to the recent analysis. PepsiCo needs to manage its relationships carefully with the bottling units in order to make changes in its way to market the local retailers. 4. Bargaining Power of Buyers: Here the concern is how to increase market share and retain its current customer because customer always try to optimize benefit. The buying power of consumers also poses a key threat in the industry. Moreover consumers can simply switch to other beverages with little cost or importance. 5. Rivalry Among Competitors: Pepsi has 48.9% share of market it is situated in an environment that is ever changing and dynamic because coca cola is holding 30.9% share Cadbury Schweppes 8%. The local brands are also in the market to compete Pepsi. These brands are Mecca cola holding 0.5% market share and 0.6% Zamzam cola. SWOT Analysis 1.Internal Attributes(Strengths Weaknesses) Pepsi has strong worldwide distribution system. But it is poorer in its fountain drink division. The ownership in fast food restaurants has always been challenging for Pepsi. The Coca Cola has been in the top position for fountain beverages because of their ownership in famous fast-food restaurants. 2.External Attributes(Opportunities Threats) External influences that are affect planning include the actions of competitors, and a series of social, legal, economic, and technological factors. An effective plan therefore needs to be designed to take account of the external environment threats. In addition to its large consumer base, Saudi Arabia has some of the regions biggest athletic clubs, most passionate sports fans, and has a growing population of athletes and active people. When PepsiCo started its own Pepsi Bottling Company, it allowed them to cut costs, reduce overhead, and coordinate their distribution to create a better synergy. Critical Issues or Barriers: Pepsi can serve the 90% market but problem is the bottling of the drink. War crisis between Palestine and Israel is bringing hate against Pepsi that why USA is not interest in resolving the issue As Pepsi is US product and these days US and foreign products are campaigned not to be used to show rage against non-Muslim acts. Due to recent oil prices increase, there is international factor of inflation and on the other hand Pepsi is cheaper in KSA compared to other countries, so Pepsi is facing problem to maintain the profits. Since employers in KSA are required to give their employees time to pray toward Mecca five times per day, as set forth in the Koran, break times caused additional operating cost. Health and stomach diseases due to over use. Obesity problem which is becoming common in Saudis. Rumors of Haram ingredients. The tough competition is carried out through packaging as well as price. Recommendations: Pepsi is being forced to re-examine their strategic models, based on carbonated soft drinks and move to new beverage categories. Heavy investmentment in risky innovations may be suggested in order to transfer resources from other brands. Pepsi spends 15% of overall budget on advertising and marketing to be no.1 in the consumer sight. Pepsi should use all media vehicles to attract consumers. Conclusion: Consumers want to buy soft drinks delivered at convenient locations with the right package. Pepsi have to make sure that the market keeps growing annually, and that company products are available everywhere. Pepsi has won the International Quality Award and Bottlers of the year Award, so the company feels quite optimistic. Although difficult challenges lay ahead, yet to exploit opportunities through the implementation of an effective and comprehensive marketing plan 2009. Appendix:

My Typical American Family :: Traditions Cultures Cultural Essays

My Typical American Family What is a typical American? What is generally viewed as a typical American is that your family has lived here for years and years and you don't personally know who immigrated here. Along with this, your family has molded into this typical view with no "foreign" traditions and things. A lot of people in my class can talk about their relatives that speak another language or have immigrated here. I don't have anything like that so I'll tell you about mine. According to Blauner: Members of an ethnic group hold a set of common memories that make them feel that their customs, culture, and outlook are distinctive. My family doesn't pass down stories or anything. No real passed on customs, no immigrant stories. Takaki thinks everyone should be educated in all culture that makes America so diverse. I don't really have a culture. My family more or less assimilated to the traditional mainstream American. AS far as I know, I am Irish, German, and Native American. Where or when each came together, I don't know. Randall Bass says: Individuals derive their sense of identitiy from their culture, and cultures are systems of beliefs that determine how people live their lives. Well I have my own story. I'll start by talking about my mother's side of my family. As far as I know both my grandparents grew up and lived in Detroit. They raised my mom and Uncle there too. My grandma stayed at home while my grandpa fixed airplanes. It's kind of cool because he was in WWII also to fix the fighter planes. They were fairly well off and had a boat on the river. They're background is Irish and German. Although they never personally told me there was German,I'm taking an educated guess because the last name (Volkening) looks really German. My dad's side is German and Native American. I've been told I have relatives in Germany with the same last name although I've never met them or know their names. My grandma also stayed at home and my grandma worked in a factory. They too lived in Detroit and raised my dad and my two Uncles in a two-bedroom house. My dad slept in the laundry room next to the water heater because there wasn't enough room in the other two rooms. My parents both met in Detroit and lived there for about twenty years. Both my parents worked through college to help pay for each other's tuition.

Observation Toddler

The name of the child that is being observed is Rachael. She is a female toddler who weighs 26 pounds and is 32 ? inches tall. According to biosocial development most children, by 24 months, weigh almost 30 pounds and are between 32 and 36 inches tall. According to the data of the United States, Rachael weight of 28 pounds lands between the 10th and the 50th girls percentiles, which are 22 ? pounds and 26 ? pounds. Her height of 32 ? is in the 10th girls percentiles. Her skin tone is dark and her hair long curly brown she is Spanish and causasion mix. Rachael and her eight year old sister were sitting on at the kitchen table when I came in. They both were having lunch, sandwich with turkey and cheese, raw carrot, chips and juice. Rachael’s mother told the girls after wash their hands; they can go out in the backyard to play. Rachael was excited and told her, â€Å"Play mommy†. As I watched Rachael wash her little had it looked like she loved the warm water and soap on her hands. She looked at me and smiled, and I winked at her with approval. Smiling is an emotional development which falls in biosocial and psychosocial development. Rachael dried her hands and rushed outside to play in the backyard. The first thing she did was get on her electric Barbie truck. Using her fine motor skills, she was able to manver it without any help, as her was grinded one hand on the wheel she waved to her mother. Hi mommy! Her older sister saw playing with a ball and started to bounce it. Rachel, stop her truck and jumped out and ran to her said and told her, no that’s mine and had gripped the ball and walked away. She then started to use her gross motor skills, she had bounced the ball as her sister did and then was hitting it with her hand. She then walked up to her sister and said, â€Å"Here ball† the emotional was a smile. Her social interaction is of her beginning to acknowledge sharing with others. She then went to pick up a toy and throw it and her Mother told her in a claim voice Rachael please does not throw the toy. She just looked at her Mom and just started running around chasing her sister. She was laughing and at one point started to crawl on the ground and rolling in the grass again using her gross motor skills. There was a little play structure and she climb the latter another motor skill in the biosocial development and in which context and culture are crucial for acquisition of this skill. Rachael used her sensor motor skills and memory skills today. Her social interaction I observed was positive which I saw in her playing and communication. In receptive vs. expressive language skills, she seemed to receive when spoken. Though at this age, language is a leading cognitive accomplishment. By doing this observation, I had learned that it’s much easier to understand children and their development by observing their unique ways.

Audience is Everything

Audience is Everything Audience is Everything Audience is Everything By Sharon Just as real estate revolves around the old adage, Location! Location! Location!, students, teachers, authors and any writer worth his or her salt lives by a motto as well. Quite simply, audience is everything. Audience dictates all of the elements that go into a successful piece of writing. For instance, one would generally write very differently when addressing a teacher or employer in a formal piece of writing than one would when informally addressing a friend, family member or classmate. For example, after missing a day of work, if you left a message for your boss, it might read: Dear Mr. Smith, I’m very sorry that I was absent from work yesterday, but I fell ill on Tuesday evening and felt it necessary to visit my doctor in an effort to make it back to the office today. In contrast, when writing a note to a friend or co-worker about the same situation, you might say: Carla, Sorry I missed ya yesterday. I got really sick the other night and had to go to the doctor. I’d hate to miss another day of work. The audience that will read your writing dictates the words you choose, the formality of your work and the tone of your writing â€Å"voice.† Writing that requires formality generally sounds proper and practiced while informal writing often comes across as conversational. Always keep in mind the appropriateness of your writing and the way your writing voice might sound to an objective reader when you put words to paper. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Writing Basics category, check our popular posts, or choose a related post below:Wether, Weather, WhetherThe Six Spellings of "Long E"7 Proofreading Steps

Womens Role in Greece essays

Women's Role in Greece essays Womens role in Greece can be seen when one first begins to do research on the subject. The subject of women in Greece is coupled with the subject of slaves. This is the earliest classification of women in Greek society. Although women were treated differently from city to city the basic premise of that treatment never changed. Women were only useful for establishing a bloodline that could carry on the family name and give the proper last rites to the husband. However, women did form life long bonds with their husbands and found love in arranged marriages. Women are "defined as near slaves, or as perpetual minors" in Athenian society (The Greek World, pg. 200). For women life didnt extend far from the home, which was thought to be their sole realm of existence. Though they ranked higher than slaves did, they were treated in many of the same ways. Just like slaves, their mothers trained women as adolescents what their domestic duties were. They were secluded from all males, including those in their family. They lived in gynaikeion, which were womens apartments in Athens (Daily Life in Greece, pg. 55). They were kept at home where they were taught the proper manners and duties of a desirable wife. "Marriage was the inevitable goal to which her whole life tended. To remain a spinster was the worst disgrace which could befall a woman" (Everyday Life in Ancient Greece, pg. 82). However, it was seen as more of a disgrace on her father who owned her until she was married. Although Athenian women were completely in charge of their household and slaves, they didnt have much freedom. They rarely left the house, unless they were part of some sort of religious procession. They could only walk abroad in the streets if accompanied by a slave or other attendant. It was improper for respectable women to share the same social entertainments as men. Even if caught in the courtyard of the house...

Leadership and nursing care management Assignment

Leadership and nursing care management - Assignment Example Scheduling and staffing in nursing care management is an aspect of management that poses a lot of challenges to managers. Formulating strategies to achieve the goal of bringing new nurses to the nursing profession and scheduling already recruited nurses is quite important to the profession. Employing forceful and well-researched scheduling tactics will tap the skills and competencies of qualified workers to the profession and on the right jobs (Seifert, 2000). After employing a new workforce, efforts must be taken to properly schedule the current nurses on the basis of their wealth of knowledge and expertise which are vital for assisting and developing trainee nurses into experts and sustaining qualified service delivery. The reason this topic is chosen is the negative physical and mental health consequences of poor scheduling on overworked health care employees. In addition, poor scheduling results in domestic problems as employees have little or no time for families and friends. Fi nally, low morale in employees due to overwork and lack of understanding and consideration from managers and administrators results in reduced productivity (Chin, 2008). This essay discusses the modern trends in staff and scheduling strategies as well as the challenges that these process pose to the management. Finally, it provides research based recommendations on how to solve problems of staff and scheduling in nursing care management. Implications of Staff Shortage on Scheduling Staffing plays a rather critical role in the operation budget of health care facilities. In fact, for many health care facilities, it has been established that up to between 50% and 70% of operation budget goes to staffing issues. It is thus a counterproductive trend or practice to ignore or underestimate the necessity of effective and efficient staff management strategies and nurse scheduling processes (Buchanan, 2002). In general, staffing and scheduling strategies and practices should not result in unc alled for overtime, lopsided caseloads and even staff suffering exhaustion. As is generally understood, unhappy or discontented staff implies unproductive and unprofitable business (Buchanan, 2002). For optimal staff scheduling practices that would yield happy and contended nurses, it is of the essence that a balance is struck between resident perceptions and the skill levels of the nurses in question (Buchanan, 2002). Importantly, health care managers should ensure that staff schedules are tightly connected to the needs and populations of the clients to be attended. Managers should be consistent in their scheduling, considering that no single nurse would want to work on holidays and every other weekend. Thus, there should not be any indications of favoritism in staff scheduling. This fairness would ensure no employee grumbles given that employees are the greatest asset that a health care facility may have. In addition, it pays for health care managers who ensure their nurses and ot her staffs are happy as this happiness would translate to better care and improved client outcomes (Buchanan, 2002). Numerous challenges are often encountered in staff scheduling, staff shortage being a key challenge. There is a wide spread shortage of registered nurses (RNs) in many countries including The United States of

David Mas Masumoto's Wisdom of the Last Farmer Essay

David Mas Masumoto's Wisdom of the Last Farmer - Essay Example When his father was attacked by stroke, Masumoto, had no other option but to go back home and stay with his father, despite the fact that he was a sociology graduate, which could have earned him a different job (Heidmann, 116). Initially, his father used to teach him many lessons about farming and about life. However, after suffering from stroke, his speech is lost and his ability to work with the right hand also affected. The only way out, is for Masumoto to try and teach his father, how he can operate the farm machinery in his present condition. The attachment of the family to farming is more than just as a source of livelihood. It is more about the relationship with the life of the farm, and that of the consumers. Farming is not a mere way of earning a living for Masumoto and his family, but a pathway for supporting life. Therefore, there are more lessons that Masumoto learns from his father throughout his tenure on the farm, other than just farming skills. The first valuable less on that Masumoto learns is that; the growth cycle of the farm plants represents the stages of human life. The moment the seeds are sown on the fields, they emerge as new plants which need to be taken care of, since at that stage, the plants are still tender and the failure to take adequate care of them might mean their failure to grow to full harvest (Masumoto, 29). The same happens with the life of humans. Once a child is born, there is a lot of input applied by the parents to bring the child up, always taking good care of the baby and providing for the baby with all its necessities, since the baby cannot fend on its own. However, as the child grows, he/she turns out to be youthful and independent, capable of doing many things without much assistance, but still remains inexperienced in life (Masumoto, 37). It is at this stage that the young adult requires much lessons regarding life, since at this stage, there are chances that good advice will shape the youth for a better future, a nd the contrary lead to the young adult being a baggage to the society. Thus, as the plants in the farm are taken care of differently during their different stages of growth, human beings need to be treated the same. After the plant matures, it bears fruits that are ready for harvest by the farm owner, who then sells the farm produce to earn a living. Therefore, the usefulness of the farm plant is enjoyed when its fruits are transferred to the consumer. The same happens for the human beings, where the old people have to transfer their wisdom to the young adults, which helps them to shape their future, and make it fruitful even to others. This is exactly what happened with Masumoto, since he learnt a lot of wisdom from his father, which informs his life thereafter (Masumoto, 154). The other invaluable lesson learnt by Masumoto is the value of patience and persistence in life (Masumoto, 54). Whenever the farmers are planting their crops, they have hope that they will obtain bumper har vest from the fields. However, all it takes is patience and persistence, as the farmers sow, till and take care of the crops against all odds, such as pests and diseases. There are seasons when there is sun, and others when it is cold, yet the farmers have to be continuously working on the farm. There are seasons when the harvest will be bumper, and there are other seasons when the farmer barely gets any harvest. Yet in all these seasons, the