Friday, November 29, 2019

Boeing Financial Analysis free essay sample

The Boeing Corporation, originally Pacific Aero Products Company, was established in 1916 in the Washington Puget Sound region. The company was originally incorporated to build aircraft, air mail delivery, and pilot training, but was broken up by the government in 1934 creating United Airlines and Boeing Aircraft Company. During the first 97 years the company expanded through strategic mergers and acquisitions of storied aerospace pioneering companies into the $81. 7 billion dollar company it is today. Many of the companies are household names with the older generations: North American Aviation, McDonnell Douglas, Rockwell International, Hughes Space Communications, and Jeppesen. Through these expansions, Boeing has become the world’s largest and most diversified player in the aerospace and defense industry. Ranked in the top of U. S. exporters, Boeing supports airlines as well as the U. S. and allied government customers in 150 countries. The company is divided into two major business units supported by nine corporate functions. We will write a custom essay sample on Boeing Financial Analysis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The two business units are Commercial Airplanes (60%) and Defense, Space Security. Boeing Commercial Airplanes (BCA) is a $36. 1 billion dollar business as of December 31, 2011 headquartered in Puget Sound Washington that employs over 80,000 worldwide. The business of the division is to design, assemble, and support jetliners for its customers. There are five major aircraft lines with VIP/Corporate derivatives, fabrication and assembly facilities, and a global customer support system for delivery and maintenance. There are over 12,000 Boeing jetliners in service today representing approximately three-quarters of the global fleet. Commercial Aviation Services (CAS) offers a broad range of services to passenger and freight carriers ranging from maintenance to retrofits. BCA’s main customer base is the global commercial airline and freight companies. Boeing Defense, Space, Security as of 2011 is a $31. 9 billion dollar business headquartered in St. Louis Missouri that employs over 60,000 worldwide. The division is a conglomeration of four separate businesses: Boeing Military Aircraft, Global Services Support, Network and Space Systems, and Boeing Phantom Works as well as several joint ventures. Boeing Military Aircraft’s business includes the design, assembly, and support of manned and unmanned tactical (fighter/bomber), transport, tanker and rotary wing aircraft, surveillance and engagement systems as well as ordinance. Boeing’s current fleet includes many storied aircraft such as A-10 Thunderbolt, F-18 Super Hornet, F-15 Strike Eagle, Air Force One, and EB4 Advance Airborne Command Post. Rotary wing aircraft include AH64 Apache, CH47 Chinook, MD530, and V22 Osprey. The ordinance side of the business ranges from JDAM to Patriot Missile to Minuteman Guidance, Navigation and Control. The most recent notable system is the Arrow Interceptor, also known in Israel as, the Iron Dome. Global Services Support provides assistance to government customers worldwide with over 264 locations. The services include maintenance of all Boeing products and services such as supply chain management, logistics support, and training for maintenance personnel along with various other defense and government services. Network and Space Systems (NSS) designs satellites, launch vehicles, and defense systems. The division is also the world’s largest supplier of both commercial and military satellites. The most famous satellite system from Boeing is the GPS system we all use every day. Commercial customers include many well-known businesses like DirecTV and SIRIUS XM Radio. Boeing manufactures launch vehicles via a joint venture with Lockheed Martin known as United Launch Services. This group designs and manufactures the Delta II as well as three launch vehicles. NSS is currently the largest contractor for NASA being the main for supply of the International Space Station. Boeing Phantom Works develops advanced systems and technology to meet future customer needs as well as scoping out opportunities to broaden the company’s offerings. Phantom Works has five distinct sections: Advanced Boeing Military Aircraft, Advanced Network Space Systems, Advanced Services, Strategy Development Experimentation, and Phantom Works Ventures. Systems under operation include Directed Energy Weapon Systems (lasers), Wideband Global SATCOM (future battlefield communications), Phantom Eye (hydrogen-fueled unmanned surveillance) aircraft, and X37B Orbital Test Vehicle. II – Overview of Industry Boeing is part of the Aerospace and Defense Industry (AD); at $68. 7 billion in sales in 2011, it is the largest company in its global peer group. EADS is a very close second with sales of $68. 3 billion. (For purposes of this analysis of Boeing, EADS is not used in the competitor analysis because their annual reports follow IFRS instead of GAAP as they are headquartered in France. ) The second largest U. S. publicly traded company in competition with Boeing is Lockheed Martin who grossed $22 billion less than Boeing in 2011. The Aerospace and Defense (AD) industry has been characterized by growth over the past five years. According to IMAP, an MA (Mergers and Acquisitions) advising firm, the AD industry has grown at a compounded annual growth rate of 8. 7% from 2005 to 2009. The expected growth during 2010 to 2014 is an estimated CAGR of 5. 3%. PwC reported 2011 to be the best year for the AD industry in terms of revenue and net profit. The continual growth in commercial aviation has offset the recent trouble in the defense sector. There are many macroeconomic factors at play in the AD industry including prices of raw materials, geopolitical risk, business demand and fiscal policy. As the world demands more fuel-efficient aircrafts, businesses must adapt to these needs by replacing old materials such as Aluminum and Titanium to composites which allow aircrafts to become more aerodynamic. The future costs of composites will in turn affect the expenses of the AD sector. Lighter weight and more aerodynamic airframes drive better fuel efficiency. The airline industry has done well here over the past 10 years, as air travel has grown 53% but fuel demand has been level at a 3% increase. This has been achieved by a combination of retiring older aircraft and replacing them with the more efficient designs as well as financial hedging of fuel costs. Boeing, for its part has been actively working on alternatives such as bio fuels, fuel cells and mini-nuclear drives. The price of oil affects not only the demand for aircrafts, but the economy as a whole. Geopolitical risk in the Middle East can create an upward pressure on the price of oil and thus dampen business demand. Fiscal policy decisions also have a severe effect on the defense spending which in turn determines the earnings of defense contractors. As the United States becomes more cognizant of spending, the risks increase for the defense sector which could create more volatile earnings. In aggregate, the industry has reduced volatility in inputs such as oil by using derivatives to hedge against price increases. Boeing had the largest reported revenue during the 2011 fiscal year followed by Lockheed Martin, of the United States, at $46. 5 billion. The Boeing Company has dominated the AD sector, but is losing market share to a number of new entrants in the market from Japan, Russia, and China. Graph 2. 1 lists the top 10 AD companies by revenue in 2011 (source: PwC): Company Revenue 2011 (in millions) Revenue 2010 (in millions) % Change Boeing $68,735 $64,306 7% EADS $68,328 $60,599 13% Lockheed Martin $46,499 $45,671 2% General Dynamics $32,677 $32,466 1% BAE Systems $30,745 $34,428 -11% United Technologies  $26,935 $25,227 7% Northrop Grumman $26,412 $28,143 -6% Raytheon $24,857 $25,183 -1% Finmeccanica $24,086 $24,762 -3% GE Aviation $18,859 $17,619 7% A record amount of MA activity in 2011 is the result of these new competitors in the industry. Cash on balance sheets have AD executives participating in 341 deals totaling 43. 7 billion in value in 2011 according to PwC. This trend can co ntribute to increased non-organic growth within the top firms of the Aerospace Defense industry. III – Management Analysis In general, the market views the management as well as the board of directors of Boeing as weak. The scandals from the previous CEO have made the transition for Jim McNerney difficult, and analysts and researchers are skeptical of the managerial performance. Jason Busch, a researcher for the best practices firm, Spend Matters, criticized Boeing for the delays in completing the Dreamliner 787 in 2009. Outsourcing the plane has led to issues in the supply chain which could have been remedied had the firm produced it in the United States. He continues by saying the top managerial positions and the Board of Directors has too many MBAs and not enough engineers. The Harvard Law School Forum on Corporate Governance has also been critical of Boeing due to the structure of the board of directors. While over 70% of the Fortune 500 firms have separated the role of CEO and Chairman of the Board, Boeing has not. James McNerney acts as the board of directors as well as the president and Chief Executive Officer. This creates an inherent conflict of interests since the board is responsible for watching the managers of the firm. Jon Talton of the Seattle Times claims the Board of Directors should have been aware of the issues surrounding the lithium-ion batteries in the 787 Dreamliners. These batteries are responsible for grounding the 787s. Rather than use a traditional battery, they attempted to make the planes more fuel efficient by using lighter batteries to reduce drag on the planes, but these batteries were overheating and causing fires in the planes. Regardless of this black-eye for the firm, Jim McNerney has not received any financial penalties and instead got a bonus for the initial delivery of the 787s. The executive compensation structure allows for room to earn more for financial milestones, but fails to address setbacks. The experience of the Board of Directors provides a wealth of financial and managerial knowledge. Table 3-1 illustrates the name and position of each Director: Table 3-1 Board of Directors Name Experience Ken Duberstein Reagan Chief of Staff Susan Schwab Former U. S. Trade Rep. Edmund Giambastiani Retired Admiral David Calhoun CEO Nielsen Holdings Larry Kellner Former CEO: Continental Airlines Ron Williams Former CEO: Aetna Mike Zafirovski Former CEO: Nortel Linda Cook Senior Executive: Royal Dutch Shell Ed Liddy AIG crisis management after 2008 James McNerney Jr. (Chairman) CEO: Boeing The Board contains ten directors as of December 31, 2011. Included in this group are three former CEOs, two current CEOs, a senior executive, a former U. S. trade representative, and the Chief of Staff in the Reagan Administration. While the leadership and experience of the Board has been established, the lack of engineers can dramatically reduce the perspective overall. Management is also full of talented individuals who have been with the company for a number of years. Many of the managers have ascended the ranks to help provide a greater perspective. Table 3-2 illustrates the name, position, and number of years with the company: Table 3-2 Management Name Position Years with Boeing Raymond Conner CEO: Commercial Airplanes 36 James A. Bell Executive VP 8 Wanda Denson-Low VP: Internal Governance 13 Thomas Downey Senior VP: Communications 27 Shepherd Hill Senior VP: Strategy 19 Tim Keating VP: Government Operations 5 J. Michael Luttig VP: External 7 James McNerney President, CEO, Chairman 8 Dennis Muilenburg CEO: Defense 28 Anthony Parasida Senior VP 35 Greg Smith CFO 9 Richard Stephens VP: Human Resources 33 John Tracy Chief Technology Officer 32 Jim McNerney was the previous CEO of 3M and next in line to succeed Jack Welch at General Electric. It is important for a CEO to provide contacts to expand business opportunities and McNerney’s wealth of experience in the industrial sector is a great fit. According to the 2012 proxy, the board is 75% independent, but highlighted potential conflicts with Jim McNerney being the CEO and Chairman of the Board. This conflict as well as the perverse payment structure could be a sign of future trouble ahead. Intense competition from emerging markets such as China and Russia has put a damper on growth. It’s up to management to find innovative ways to compete in this economy as sequestration looms over the defense sector and a weak recovery hampers consumer and business spending. IV – Presentation of Financial Reports Throughout the following section, Boeing’s financial statements for the years 2007 to 2011 are presented. They include the company’s balance sheets, income statements, cash flow statements, as well their respective restatements. In Appendix A you can also find the financial statements of Boeing’s top four competitors, which have also been averaged out in order to get an idea of Boeing’s true competitive advantage.  48 V – Common-Sized Presentation of Restated Reports VI – Detailed Discussion/Analysis of Section IV and V Reports Restatement of the Boeing Company’s Balance Sheet was necessary in order to assess the primary information for proper comparison. Stockholder’s equity remained the same as t he information was significant enough in its original form. Boeing’s Net Receivables were expanded to reflect the figures associated with their Allowance for Uncollectible Accounts. The data for this expansion came from Note 6 of Boeing Company’s published 10K’s (Boeing, 2012). In addition, Advances and Progress Billings were separated from Inventories to give a truer analysis of their actual inventory. The data for extracting this information is supplied in Note 7 of their published 10K (Boeing, 2012). Assets were separated between tangible and intangible which were included in other long term assets. Property, Plant, and Equipment was separated in order to recognize what area significant asset acquisitions may have occurred, less Accumulated Depreciation, that can be found in Note 9 of their 10K (Boeing, 2012). In the Intangible and Other Long Term Assets section Accumulated Amortization was separated as well. This information was found alongside the actual other assets line item in their balance sheet. Other changes made to the information in this section include moving the short term portions of deferred taxes, investments, and notes receivable from the current assets section of the balance sheet and including them on a separate line item along with the corresponding long term debt in this section. This allows for an easier analysis of the most liquid current assets. The only change to liabilities was moving the current portion of long term debt down to be reflected along with the long term portion of the corresponding debt. This was done to stay consistent with current and long term assets to ensure ratio reliability and accuracy. Common sizing was necessary to observe trends within the financial statements. This report reflects both horizontal and vertical common sizing which used 2007 as the base period. The base year is preferred because 2007 was before the recent economic crisis and provides results from operating to measure the post-recession growth. Total current assets and total tangible assets continue to trend upwards regardless of the recession. Cash and cash equivalents declined in 2008 by approximately $4 billion or 53. 6 % as a result of a $401 million cash outflow attributable to higher working capital requirements. This loss in cash and cash equivalents was offset by a larger than normal increase in inventories â€Å"driven by continued spending on production materials, airplane engines, and supplier advances during the IAM strike, lower commercial airplane deliveries and the continued ramp-up of the 787 program†(SEC Filing, 2008). Total assets declined by approximately $5 billion, 8. 8%, between 2007 and 2008 due mostly in part of a large decrease in investment activity due to the economic recession. Some of this loss in investment was offset by a gain in deferred income taxes of approximately $2. 5 billion that is a result of unrealized pension assets that tax had yet to be paid on as of end of year 2008. In 2009 there is a large increase in cash and cash equivalents that comes from a reduction in working capital from the buildup of inventory in 2008 due to the IAM strike. In 2010 cash flow decreased again as Boeing increased inventories in anticipation of the deliveries of their 787 and 747-8 airplanes. In 2011 the large increase in total assets is reflected in a $12 billion dollar increase in inventories and a $5 billion dollar increase in cash and cash equivalents which comes from increased sales and customer advances. All other assets from 2008 through 2011 remained relatively constant with a slight increase in 2010 that is due to an increase in time deposits. Liabilities reflect an approximate $18 billion dollar increase over the five years 2007 through 2011. This comes from an increase in long term debt for unsecured debentures and notes that are due through 2043 and an increase in pensions and other postretirement benefits which is primarily due to a higher amortization of actuarial losses and higher service costs driven by lower discount rates (Boeing, 2012). As depicted in the graph above, Boeing’s assets and liabilities have increased overall in the past five years. The increase in liabilities may at first glance seem like a negative trend but the overall increase can in part be attributed to the company’s simultaneous rise in assets, and also can imply a higher level of participation with additional companies; that is, Boeing is continuing to expand as a company in the global market. There are two notable equity trends, the first of which is a slight steady increase in the company’s retained earnings. Growth in retained earnings is proof that a company has more available holdings each year, and Boeing’s balance sheets indicate just that. The second is that each year Boeing conducts a tremendous reinvestment in itself by repurchasing a large amount of its treasury stock, and by reinvesting a large amount of their available resources back into the company, Boeing will be able to experience continued gains on equity from future operations. This is important news for stockholders. In order to fully analyze the financial state of Boeing, a restatement of the Income Statement was required. Taking the Income Statements available in the 10K’s, they were restated in the six profit point Multi-Step format. The multi-step breakdown of Gross Profit, EBITDA, Net Operating Income, EBIT, EBT and Net Income is essential to align Boeing year over year as well as Boeing to the competition. The multi-step approach helps better understand the financial state of the business by segregating the operating revenues and operating expenses from the non-operating revenues, non-operating expenses, gains, and losses. This approach allows anyone to review selected areas without having to sort through notes and reading the complete 10K. In addition, depreciation expense was removed from COGS and was reflected with all other depreciation expenses. In 2004 Boeing conducted a purchase and sale agreement with GEEC (General Electric Capital Corporation). In this agreement Boeing has agreed to sell to GEEC all of the assets related to Boeing Capital’s commercial financing services business. This was listed as an extraordinary item on Boeing’s original income statement. The restatement moves this to discontinued operations as it has occurred regularly since 2004. The income tax from the extraordinary item was also moved above the line and included with income tax expense. All financials were reviewed in common size format, both horizontal and vertical to better help see noticeable trends. The horizontal common size method used to analyze Boeing was the base year method. In reviewing the data, it is clear that there was a dramatic drop in product revenues in 2008 of $5,478 (12%) which was slightly offset by an increase in service revenues. This drop in product revenues can be directly attributed to the IAM strike. Even with the recession coming on strong, there was a rebound in product revenues that is attributed to delivery of backlogged aircraft delayed by the strike. In 2010, there is again a dramatic drop in revenues that directly lines up with the bottom of the recession. The Gross Profit in 2010 did not follow the trend; instead there was a 5% increase due to both an increase in Service revenues and a 3% decrease in the Cost of Goods Sold. 2009 saw a large increase in RD due to the launch of 737 Max, 747-8 and issues with the launch and subsequent delay of the 787 Dreamliner. The above graph was constructed from the last five years of Boeing’s income statements, and several trends were identified. At a first glance, their yearly revenue from sales has seemingly fluctuated around the same point, which overall shows that their sales are relatively constant. Shareholders would rather see a positive growth in sales than what is displayed in the graph; constant sales over the recent five years do not indicate that the company has been selling more of its products and services. Changes in supply and demand of its products and services as well as inflationary effects serve as additional factors for relatively stagnant sales revenue. Likewise, there has been an overall loss on operating investments, which essentially means that the company does not generate enough liquid revenue to cover its operating expenses and that is generally not a good sign. A noteworthy and possible root cause for these overall negative trends was the extremely large and unusual amount of reinvestment costs Boeing incurred in 2008, which can also be indicative of the impact of the global recession. As a result, Boeing’s overall Earnings-Per-Share and overall Net Income values have generally remained constant. Furthermore, when taking into account the rate of inflation, their Net Income actually decreased. Cash flows from operations are measured against net income to check for reliability of portraying the economics of Boeing. There appeared to be a large deviation between net income and cash flows from operations from 2007-2009; the largest deviation takes place in 2008 with a difference of over 700%. During 2010 and 2011, the gap decreases which makes earnings a more accurate measurement of the cash inflows and outflows. 2011 2010 2009 2008 2007 Net income $4,018 $3,307 $1,312 $2,672 $4,074 CFFO $4,023 $2,952 $5,603 (401) $9,584 % difference .1% 12% 76% 766% 57% A negative cash flow from operations in 2008 was a widespread phenomenon due to the recession. All other years analyzed reflect Boeing generating positive cash flows from operations. The cash flows from investing section indicate Boeing allocating a consistent amount of capital to property, plant, and equipment over the last five years. Over 2008-2010, Boeing allocated over $600 million per year to acquiring new companies which placed a strain on their cash position. These strategic acquisitions could misconstrue the economics of Boeing’s operating cash flows in the future as purchased accounts receivable are repaid. A large cash outlay of $15 billion in 2010 for contributions to investments follows a sharp drop in investments proceeds in 2009. After Boeing saw investments proceeds decline to $1 billion in 2009 from $11 billion in 2008, management deemed a contribution to be necessary. An examination of the cash flows from financing shows Boeing adding a significant amount of leverage in 2009 by borrowing nearly $6 billion. Outside of 2009, Boeing did not add debt of more than $300 million in any particular year. This large cash inflow from new borrowings played a part in the above-average debt ratios. Despite cash flows being affected by the recession in 2008, Boeing maintained a steady dividend. Since the market views a cut in dividend as a weakness in the fundamentals of the company, it is often seen as a last resort. Rather than reduce dividends, Boeing instead discontinued share repurchases in 2010. This is still a reduction of return to shareholders because the decrease in outstanding shares gives the remaining stock more value. The chart below shows Boeing’s free cash position after return to shareholders: 2011 2010 2009 2008 2007 Dividends (1,244) (1,253) (1,220) (1,192) (1,096) Repurchase 0 0 (50) (2,937) (2,775) Return to Shareholder (1,244) (1,253) (1,270) (4,129) (3,871) CFFO-CapEx  $2,310 $1,827 $4,417 (2,075) $7,853 Cash Excess $1,066 $574 $3,147 (6,204) $3,982 Share repurchases in 2007 and 2008 amounted to nearly $3 billion each year. A sharp reduction in 2009 cut the return to shareholders by nearly half. Despite the reduction, cash excess of free cash flow declined from the high in 2007. The overall trends observed in the cash flow statement depict a mature company interested in acquisitions. Cash flows from operations are generally positive and growing from the low in 2008. Investing cash flows are oscillating as evident from their acquisition activities in 2008-2010. A negative cash position from financing activities is a result of the mature company paying constant dividends. As a result of the recession in 2008, Boeing has been careful with cash. Now that the economy is showing signs of life, it may be possible Boeing begins to acquire more companies as they have cash of over $10 billion. VII Analysis of Liquidity Ratios Boeing Liquidity Ratios Ratio Name 2011 2010 2009 2008 2007 Competitor Average Days Sales in Receivables 31. 044 31. 014 32. 538 35. 182 32. 631 64. 86 Accounts Receivable Turnover 12. 155 11. 134 11. 420 10. 318 11. 186 5. 63 Accounts Receivable Turnover in days  30. 029 32. 782 31. 961 35. 374 32. 631 64. 86 Days Sales in Inventory 215. 445 175. 454 111. 766 116. 019 66. 959 20. 49 Inventory Turnover 1. 932 2. 453 3. 398 3. 902 5. 451 17. 81 Inventory Turnover in days 188. 972 148. 815 107. 406 93. 543 66. 959 20. 49 Payables Turnover 7. 759 7. 828 4. 697 3. 220 5. 407 9. 92 Average Days Payables Outstanding 47. 041 46. 6 27 77. 705 113. 351 67. 501 36. 79 Working Capital Turnover 0. 410 9. 853 -0. 656 -0. 281 -0. 476 14. 58 Operating Cycle 220. 016 179. 829 139. 945 128. 725 66. 959 85. 35 Trade Cycle 172. 97 133. 20 62. 24 15. 37 32. 09 20. 49 Working Capital 9161 651 -243 -5883  -8431 2237. 25 Current Ratio 1. 235 1. 019 0. 992 0. 806 0. 726 2. 17 Quick Ratio 0. 407 0. 313 0. 466 0. 292 0. 415 1. 08 Cash Ratio 0. 258 0. 156 0. 286 0. 108 0. 229 0. 37 Cash Flow from Operations (CFO) Ratio 0. 103 0. 086 0. 174 -0. 013 0. 311 0. 33 Calculations of the short-term liquidity ratios yielded several trends in the recent operations of The Boeing Company as well as some interesting results using comparisons to the calculated competitor average values from 2011. The receivables ratios are fairly consistent for Boeing over the five years; this may be indicative of collection policies not subject to drastic change. When comparing Days’ Sales in Receivables for Boeing to the competitor average, it appears the allowable time for collections is twice as long within the competition as Boeing has reported. This has several inferences, the first being that Boeing may have stricter collection policies than the competition, which could be due to a large amount of high-risk contracts. Another inference could be Boeing is collecting quicker in order to reinvest more in its company, which can lead to higher sales. Similarly, Boeing’s higher Accounts Receivable Turnover compared to the competition may indicate a higher level of liquidity. The inventory ratios present an interesting dilemma: over the past five years Boeing’s Inventory Turnover in days has significantly increased each year, rising from 67 days in 2007 to a staggering 215. 45 days in 2011. Compared to the competitor average of just 20. 49 days, it is obvious Boeing has been holding onto their inventory for longer periods of time. There are several reasons why this may be, the first being the most obvious – they are simply unable to sell their finished goods but are still continuing to produce them, or in other words they are producing more goods than they can sell which is leading to a surplus. A less obvious implication is the current recession has reduced demand for Boeing’s products, and rather than halt production and cut their workforce the company is waiting out the recession. Using the Inventory Turnover ratio the same conclusions can be drawn: in 2011 Boeing was able to sell their finished goods only 1. 93 times, whereas the competitor average was 17. 81 times per year. Regardless of whether or not the products are similar, Boeing is simply not getting rid of excess inventory, which ultimately will drive up their fixed costs such as rent for additional storage space or additional buildings. The payables ratios signify Boeing’s Payables Turnover has increased overall; it is taking Boeing longer to pay off their suppliers than the competitor average. An interesting note is that Boeing may have strict collection policies (as shown in the receivables analysis previously), and at the same time they could be simply neglecting their obligation to their suppliers. Shorter collection times and longer outstanding payable times are not typically associated with a well-developed company, but again the high number of risky business contracts could be the reason for this oddity. The Working Capital turnover ratios for Boeing do not fare well at all when compared to the competition. Working capital funds operations and purchases inventory, and a high ratio is favorable; this means the company is generating more sales than what it takes to fund the sales. As shown in the inventory ratios, Boeing is having trouble selling off their inventory, and perhaps they are increasing their marketing and selling expenses to such an extent they are essentially breaking even. Over the five years Boeing’s Working Capital turnover has fluctuated but is overall very close to zero and this is also not indicative of a mature and developed company. The competitor average is 14. 58, which signifies other companies may have an advantage over Boeing in terms of sales generation. This leads to the large and steady increase of both the Operating Cycle and Trade Cycle for Boeing, which are both drastically higher than the competitor average. This is further evidence there may be a fundamental problem with inventory or their basic process. The Working Capital ratio for Boeing does appear to shed some light on Boeing’s likely inventory problem, but only within the last year. Between 2007 and 2010 Boeing’s Working Capital went from negative to just slightly positive, which means up until 2010 Boeing did not have enough liquid assets to cover their short-term debt, which really could have been a major problem. Even though 2011 yielded a much better value for Boeing and thus a better liquidity stance, the company is still far below the competitor average, and needs to continue its recent improvement to stay competitive. On a related note, Boeing’s Current Ratio was comparatively weak in 2007 (0. 726), but over the years it has steadily increased to 1. 235. Even though it is still well below the competitor average of 2. 17, a Current Ratio value over 1 means there are enough short-term assets to cover outstanding short-term debt indicating some recent improvement for Boeing. However, in regards to the Quick Ratio, a 2011 value of 0. 40 for Boeing is additional proof they have too high a proportion of their current assets in the form of idle inventory. The Cash Ratio is a more conservative measure of liquidity, and Boeing’s 2011 value of 0. 258 is weak compared to the competitor average of 0. 37. This suggests these industries do not have a high concentration of cash equivalents, but Boeing does not even meet their competitors. Finally, there is additional evidence there is a problem regarding cash generation, which comes to light in the Cash Flow from Operations Ratio. Boeing’s overall decrease from 0. 311 in 2007 to 0. 103 in 2011 and the competitor average of 0. 33

Monday, November 25, 2019

Get Paid

Get Paid As more and more people dip their toe into writing, more and more publications and editors think they can pay less. Supply and demand is a tried and true concept, and with way more writers clamoring to write, the cost of those writers diminishes sometimes to nothing. That does not give you permission to accept less. That does not give you permission to write for nothing. Instead, that means that you become pickier. I write for free in a few places: Blogs. Few of those pay. However, if I have something to promote, like my latest novel, I will piggy-back on someone elses readership to make a splash. Im making money, just in a sideways manner. A magazine that also advertises me. I periodically write articles for a certain magazine for free. They like my work, and in return, theyve promoted me well outside the parameters of that article, often providing the graphics for the advertising both in the magazine and for me to use elsewhere. An annual tourist guide recently asked me to write a piece, using an excerpt from my novel. This publication comes out once a year and goes in every rental in that coastal town, and sits on the counter of every restaurant. The bottom line is that writing for free has to pay somehow. Not in the ambiguous manner like I need some exposure that I am a writer. Thats a slippery slope. You enjoy seeing your hard-earned Write for free . . . on occasion. But be sure that when you do, theres a defined purpose that WILL result in tangible income. You want to be able to look at yourself in the mirror in the morning.

Friday, November 22, 2019

Immigration and Immigration Policy Today Essay Example | Topics and Well Written Essays - 1750 words

Immigration and Immigration Policy Today - Essay Example A recent report shows that more than 700 million adults from around the globe would like to migrate to a developed country. Predominantly, there are two driving factors in the immigration process; push factors and pull factors. Push factors refer primarily to the motive for emigration from the country of origin. In the case of economic migration (usually labour migration), differentials in wage rates are prominent. If the value of wages in the new country surpasses the value of wages in one's native country, he or she may choose to migrate as long as the travel costs are not too high. Particularly in the 19th century, economic expansion of the U.S. increased immigrant flow, and in effect, nearly 20% of the population was foreign born versus today's values of 10%, making up a significant amount of the labour force. Poor individuals from less developed countries can have far higher standards of living in developed countries than in their originating countries. The cost of emigration, which includes both the explicit costs, the ticket price, and the implicit cost, lost work time and loss of community ties, also play a major role in the pull of emigrants away from their native country. American immigration or Immigration to U.S. ... ligion, economic benefits, job growth, settlement patterns, environmental impact, and impact on upward social mobility, levels of criminality, nationalities, political loyalties, moral values, and work habits. As of 2006, the United States accepts more legal immigrants as permanent residents than any other country in the world. In 2006, the number of immigrants totalled 37.5 million. Immigration to the U.S. is one of the hot topics being discussed and debated upon around the globe these days, especially amongst the Third World countries. In order to get clearer picture of the whole situation and to look at it from an immigrant's point of view, I conducted a series of interviews with people coming from different ethnic backgrounds, age group and walks of life. Following are the exclusive accounts of different people and their view point on USA's immigration: Omar Rizvi, 15, student of Pleasant Valley High School is an American national with Asian background and has been living in the United States for over 13 years now. Here is what he had to say about our topic: Q. What are immigration reasons according to your understandings Explain with reasons under which circumstances its inevitable keeping the USA in mind. R. To escape war, poverty and to have better opportunities in life. Q. Is the current immigration policy catering to all creeds and cultures R. No Q. What factors and under currents should influence USA's immigration policy R. I have no idea. Q. Is the man in charge of immigration into and out of the USA most suitable for the job Explain why or why not. R. No, because he does not see all aspects of the issue properly. Q. How would you classify immigration As a plight to greener pastures Solution or living in a fool's paradise Justify your

Wednesday, November 20, 2019

Research Proposal Paper Example | Topics and Well Written Essays - 750 words

Proposal - Research Paper Example This is because the combination ensures very high level of empirical representation of data as well as consolidates the validity and reliability of data collection and analysis. It is estimated that the present research will cost USD 900 and span for a period of 2 months. It would however become the hub of comprehensive information for Al Waseet to identify its market base and rightly strategize on both short term and long term to take advantage of this market. Background Al Waseet enters the Daily New Paper market as a new entrant who is faced with a number of critical competitions, which if not addressed could affect and undermine the success of the business (Project Management Institute, 2008). But to address the issues effectively, it is important to have a comprehensive marketing research that identifies key opportunities, threats, strengths and weaknesses of the company (Alexis, 2007). It is against this background that the present marketing research proposal is necessary. It w ould be observed that access to information is fast becoming a necessity for the ordinary person on the streets of Bahrain (McClain, 2002). This is partly because the world is shrinking in terms of access to information and becoming closed up under the wheels of globalization. The Daiky Newpaper industry has therefore become competitive in Bahrain. This notwithstanding, Al Waseet is in a position to creating its own competitive advantage that would make it not just a local force in the business but a company with international repute (Perry, 2008). Problem Definition/ Objectives of the Research There exists a well formulated Newspaper industry in Bahrain (Gabby, 2009). This however does not mean that the door is closed to new entrants. The only problem is that new entrants would have to have their own competitive advantages and marketing strategies that would help them win new lines of customers. The objective of the research is therefore to come out with both short term and long te rm strategic marketing plan that would ensure that Al Waseet gains a competitive advantage as a new entrant on the Bahrain market. Approach to the problem As a marketing research, it is highly important that the proposed research have qualities that make it possible to have tangential access to information (Tawiah, 2009). More to this, it is important that data collected can be ascribed to both qualitative and quantitative scrutiny. In light of this, there shall be a mixed approach towards the research whereby the researcher shall use a mixed approach made up of qualitative and quantitative research approaches. Research Design The selection of research design is directly linked to the research approach because the research design should be selected in a way that makes it possible to achieve the provisions of the research approach, which is proposed to be a mixed approach. To this end, the researcher proposes the use of survey research design for the present study. With a survey rese arch design, the researcher will be offered the opportunity to use a number of data collection instruments to collect a combination of qualitative and quantitative data from both the field and from existing literature (Alpha, 2005). Fieldwork/ Data Collection The fieldwork is going to constitute an important component of primary data collection. What this means is that the researcher is going to use fieldwork to collect

Monday, November 18, 2019

Repositioning Target Market Demographics Using U.S. Census Data Essay

Repositioning Target Market Demographics Using U.S. Census Data - Essay Example It can be stated that the target customers for compact cassettes could be the students as well as the young people who possesses the fascination in listening music. According to the Census Data of the United States, it has been apparently observed that the nation has the highest amount of listeners. On the basis of this significant data, it can be affirmed from a broader perspective that the repositioning of the product especially targeting the listeners like the youths as well as the students along with others fond of listening music would be beneficial. Relating to the aspect of repositioning, certain key dimensions are needed to be implemented that includes understanding company’s’ effort for doing well, discovering the needs of the customers and exploiting organizational strengths for meeting the demands of the customers. Another key dimension can be identified as culture building for focusing on customers as well as market intelligence (Trout, & Rivkin, 2009). From the above observation it can be stated that in order to enter into new market segment, it is required to identify the strengths and weaknesses of the organizations. It can be observed that compact cassettes requires mass reproducing aspects, phonography records as well as prerecording for attracting customers in the global markets. According to the census data belonging to the US, it can be stated that the target market for the product concerning compact cassettes would be the rural areas of the nations wherein the students and the youths among others resides substantially. It has been apparently observed that the population in the rural areas of the US has been estimated to be nearly about 18% and with targeting this particular market, it would be possible to elevate technological advancements particularly in those areas. In accordance with the reports that published by the US Census Data, it can be observed that the value of shipments and annual payrolls is much higher in the US business markets as compared to others in the global context. The products like compact cassettes entering into the target market i.e. the US would have ample scope of generating greater revenues by delivering quality products to the customers (United States Census Bureau, 2011). 2. Type of Research Required for Repositioning Compact Cassettes The marketing research for products of compact cassettes can be identified as current marketing and promotion plan along with distribution of compensation, current customers profile and competitive products review (McGrath Marketing, n.d). In this similar concern, it can be stated that the types of research required for repositioning the product of compact cassettes in the new target market of the US can be identified as conduction of interview with practitioners, assessing the competition in the target market and developing a detailed understanding of the attributes of products. Furthermore, the other sort of research encompassing conduction of primary along with secondary data is also required for establishing a product such as compact cassettes in the target market of the US. It is quite significant that the identification of competitors within the market segment is quite indispensable for repositioning a product in target market. It can also be stated that the conduction of qualitative research is also required

Saturday, November 16, 2019

Different techniques of spread spectrum

Different techniques of spread spectrum CHAPTER 1 INTRODUCTION: The idea of this project is to study different techniques of spread spectrum. These techniques include the two processes of direct-sequence spread spectrum and frequency hopping spread spectrum. Both these techniques will be simulated in software called MATLAB. Also a brief mention will be there about the multiple access property of spread spectrum. This project deals with the implementation of spread spectrum using the techniques- direct sequence spread spectrum and frequency hopping spread spectrum. Spread spectrum is a new method of communication. It provides a jam-free network and prevents any kind on interference. It helps to provide immunity to channels by not allowing any kind of interference or disturbance. We will be discussing more about spread spectrum and its technique in the following chapters. The project has been divided into six chapters. The second chapter deals with spread spectrum. It starts of with the history of spread spectrum followed by a basic definition of spread spectrum. Certain characteristics of spread spectrum are discussed along with a mathematical explanation of advantage of spread spectrum over narrow band communication. It then describes the working of a spread spectrum and finally mentions how a spread spectrum can be demodulated. Chapter three describes different techniques of spread spectrum. There are four techniques of spread spectrum namely direct sequence spread spectrum (DSSS), frequency hopping spread spectrum (FHSS), chirp spread spectrum (CSSS) and time hopping spread spectrum (THSS). Each of these techniques is described, with a brief mention about its basic mechanism.A brief comparison is drawn between FHSS AND DHSS. A mathematical explanation is given for DSSS under the conditions of noise (jammer). Chapter four discusses different multiple accesses of spread spectrum. These are frequency domain multiple access (FDMA), time division multiple access(TDMA) and code division multiple access(CDMA). CDMA is dealt with in a more detail manner and is presented with a mathematical explanation. Chapter five presents a MATLAB simulation of direct sequence spread spectrum (DSSS), Frequency hopping spread spectrum (FHSS) and Code division multiple access (CDMA). It discusses how a signal when multiplied with a pseudo random noise and put on a frequency wave gets spread. This technique is called direct sequence spread spectrum. Also this chapter presents the MATLAB simulation of Frequency Hopping Spread Spectrum where four randomly carrier frequency waves are generated to form a spread spectrum and multiplied with pseudo random generator to determine the frequencies where the information has to be hopped. The information is sent in the form of a BPSK modulated signal. Also a MATLAB simulation on CDMA is presented .It basically shows how CDMA works. Three stations are taken and how they send codes through a single channel by using the property the CDMA. Finally, chapter six winds up the project with the conclusion from each chapter. It mentions in short what has been realized from this project. CHAPTER 2 SPREAD SPECTRUM 2.1 HISTORY OF SPREAD SPECTRUM This chapter talks about spread spectrum. It begins with a brief history behind spread spectrum. It also mentions about the various fields where spread spectrum is being effectively used. Certain characteristics of spread spectrum are also discussed.A basic definition of spread spectrum is discussed in this chapter which basically explains what actually spread spectrum and why is preferred over conventional wireless communication. A brief mechanism of how spread spectrum works is discussed. It also mentions the mathematical reason behind why a spread signal is an effective way to communicate. A comparison is drawn between spread spectrum transmission and fixed frequency transmission. Finally a demodulation technique is discussed mentioning about how demodulation can be achieved. Spread spectrum has become a new commercial communication technique over the past 8-9 years. However the first intentional use of Spread Spectrum came during the period of 1921-1930 by Armstrong. He had used wideband Frequency Modulation. The real use for Spread Spectrum how ever came in World War II. Both the allies and the Axis powers experimented with simple Spread Spectrum systems. The first publically patent on Spread Spectrum came from Hedy Lamarr, the Hollywood movie actress, and George Antheil, an avant gard composer. Lamarr had mentioned to Antheil about her idea for a Secret Communications System that could guide torpedoes to their target without being intercepted by the enemy. This could be done by sending messages between transmitter and receiver over multiple radio frequencies in a varied random pattern. The message would be transmitted at such a high rate that no one would be able to decode it. They sent their invention to National Inventors Council. Instead of developing the patent commercially, they gave it away to the government for the war effort. As a result of which the commercial use of Spread spectrum came many years later [1, 3, 19]. Spread Spectrum was first used for commercial purposes in the 1980s when Equatorial Communications of Mountain View used Direct Sequence for multiple access communications over synchronous satellite transponders [1]. Today, spread spectrum is being used to provide communications in a variety of commercial applications, including mobile communications and interoffice wireless communications. In the coming years hardly anyone will prevent themselves from being involved in one way or the other with spread spectrum communications as it will become an integral part of the communication world. [1, 4]. 2.2 DEFINITION OF SPREAD SPECTRUM Spread-spectrum is a technique by which electromagnetic energy produced over a particular bandwidth is spread in the frequency domain on purpose. Spread spectrum signals are used for transmission of digital information which are characterized by the fact that their bandwidth W is much greater than the information rate R in bits/sec. Hence the bandwidth expansion factor is always greater than unity. This results to provide a signal with a wider bandwidth and a lower power density. These techniques are used for a variety of reasons which include the establishment of secure communications, increasing resistance to natural interference and to limit the power flux density on satellite downlinks. Narrow band signal and spread spectrum use the same amount of power to transmit the same data. However the power density of the spread spectrum is lower as compared to narrow band and it is this property that makes spread spectrum achieve secure and jam free communication. Spread spectrum is a type of wireless communication in which the frequency of the transmitted signal is intentionally varied and changed to achieve a higher bandwidth. This results to provide a much greater bandwidth than that of the signal if its frequency was not altered [2, 5]. A spread spectrum should full fill the following requirements: 1) The message signal should undergo two modulations that produce the wideband spectrum having bandwidth much in excess of the minimum bandwidth needed to send the message. 2) The spreading ,that is the second modulation is caused by means of a spreading signal 3) The receiver should recover the message by the method of de-spreading the signal that is received by using the same spreading signal [23]. Spread spectrum is preferred over conventional wireless communication for many reasons; however there are at least a couple of problems associated with conventional wireless communication. First, a signal whose frequency is constant and not changing is subject to interference. This condition occurs when another signal is sent on, or very near to the frequency of the desired signal. Interference can be accidental (as in the case of amateur-radio communications) or it can be deliberate like during war time. Second, a constant-frequency signal is very easy to intercept or lock and reveal the information it is carrying and hence is not well preferred to applications where the information must remain confidential between the transmitter and receiver. [2]. To minimize troubles and to maintain the confidentiality of the information, transmitted signals frequency can be deliberately varied and changed over the large segment of the electromagnetic radiation spectrum. This variation is done by using a specific and complicated mathematical function. This function is the most important part of the spread spectrum for maintaining the confidentiality. For intercepting the signal, the receiver must be tuned to frequencies that vary exactly to this function. The receiver must have the knowledge of the frequency-versus-time function employed by the transmitter, and must also be provided with the information about the starting-time point of the function. If someone wants to hack or intercept the spread-spectrum signal, that person must possess a transmitter that contains the information about the function and its starting-time point. The spread-spectrum function hence must be well protected for confidential information communication and it this feature of spread spectrum that helps maintaining the secrecy of information. If this function comes in the wrong hands, it can lead to the invasion of secrecy of the information [2]. 2.3 HOW SPREAD SPECTRUM WORKS Spread Spectrum uses wide band which is a noise-like signals and hence are hard to detect. These signals are also hard to lock on to or be tracked by any intruder. Spread signals are made in such a manner that their bandwidth is larger than the information they are transmitting to give them a noise like appearance, hence protecting the information it is carrying and maintain its secrecy and confidentiality [4]. Spread Spectrum signals use fast codes that have a high data rate. These codes are called Pseudo Random or Pseudo Noise codes. These are called Pseudo for the reason being that they are not real Gaussian noise [4]. Spread Spectrum transmitters possess similar transmits power levels to that of narrow band transmitters. Spread Spectrum signals are so wide hence they transmit at a much lower spectral power density which is measured in Watts per Hertz as compared to narrowband transmitters. This characteristic (lower spectral power density)gives spread signals a huge advantage in digital communication and it is this capability that is responsible for the rapid use of Spread Spectrum today [4]. The numerical advantage of wider bandwidth is obtained from the Claude Shannons equation describing channel capacity [4]. (2.1) Where; C=channel capacity of the signal, B=Bandwidth of the signal, S=signal power, and N=noise power. = (2.2) On Applying the MacLaurin series development for (2.3) is usually low for spread-spectrum applications. Assuming a noise level such that

Wednesday, November 13, 2019

Islam :: essays research papers

The Diffusion of the Islam in North Africa/Southwest Asia The North Africa/Southwest Asia realm has spread itself from the Atlantic shores of Morocco to the mountains of Afghanistan. Sometimes this part of the world is referred to as the Arab world. This realm is one the richest in the world of historical and cultural point of view. It has been the origin of three of four religions; Christianity, Islam and Judaism. The Islam is the major religion in the "Arab World", but along with it Christianity and Judaism take an important place. It is also a region of intense conflict basically on religious and cultural issues. The Islam started to spread out more than thousand years ago, A.D. 613, with the work of Muhammad the Prophet. This man began to receive messages from Allah and soon he started preaching among his people. The Islam could be interpreted as an improvement or revision of the Christianity and Judaism. In someway Islam brought to the Muslim world not only uniting religion but also a new set of values, understandings, a whole new way of life. After the death of Muhammad the Prophet the Islam continued to spread. The Arab armies were attacking, invading and conquering different parts of three continents, Europe, Asia and Africa. They converted to their religion wherever they went. About A.D. 700 the Islam reached North Africa and most of Southeast Asia. Centuries later it came to Southern and Eastern Europe, West and East Africa, South Asia and it reached even China about A.D. 1000. This spreading religion is a perfect example of diffusion processes, particularly spatial diffusion. The first center was at Medina in Arabia, but it was moved to Damascus and finally to Baghdad. The Islam was carried by any man of this religion, no matter if he was a child, soldier, teacher or even the sultan. Not only the Islam fit in the definition. Any new form in the fashion, in the music or in our culture that takes place in our live is a form of spatial diffusion. Almost every place, every city and nomadic community in the Arab world was touched by the expansion diffusion formed by the local nearness, which is referred by scientists as a contagious diffusion. High ranked people like sultans and kings also spread the Islam, which is hierarchical diffusion and this is only one of the various forms of hierarchical diffusion.

Monday, November 11, 2019

A Brief Guide to Byzantine Icons

Eikona is a Greek term for Icons. The four subjects shown in Byzantine Icons are God, Jesus Christ, Virgin Mother, and the Saints and Martyrs. Byzantine refers to the Byzantine Empire where representations became an essential element of the Orthodox Faith.They are illustrated in vibrant colors and frequently gold tinted backgrounds. The intention of Byzantine art was the veneration of God, and Jesus. Icon creates an admiration in worship and serves as an existential link to God.The Second Commandment relates to what God is not an idol and about idolatry. It teaches us about worshipping things that are not God. Idolatry is something that takes the place of God as the center of our lives. Anything that is greater than God in our precedence can be considered as an idol.The Second Commandment says that we are not to make idols for ourselves, not to put anything other than God in the center of our lives. It situates that we should not build or adore any idols. The consequences are not goo d because the punishment for disregarding this Commandment is retribution for generations. But to those who comply with the Commandment is rewarded for a thousand generations.Byzantine Icons exemplify an exceptional cultural victory. It uses Greek philosophical class and thoughts. European religious art generally represent a specific person or religious occasion. Each piece presents symbolism local to that religious party.They attempt to revolutionize the ancient legacy from within and in radiance of the Gospel, bringing about the missionary mission of Christianizing their direct cultural background. The synthesis of Christianity within the Byzantine tradition has become a classic and significant for the whole history of the Church.As justification that Byzantine Icons or art is not an idol, they are regarded as wonders functioning to present spiritual and secular blessings. They are respected as instruments of phenomenal intervention. They give courage and strength in a world full of misfortune and suffering. They grant joy because Icons remind us that we are sincerely loved by God.ReferencePW de Ruyter. (2007 May 12). What are Byzantine Icons? The Visual and Spiritual Treasures of the Eastern Orthodox Church. Retrieved November 22, 2008, form http://www.iconsexplained.com/iec/byz_about_byzantine_icons.htmByzantine Sacred Art. (2008). Byzantine Icons. Retrieved November 22, 2008, from http://www.byzantinesacredart.com/byzantine-icons.html

Saturday, November 9, 2019

Designing Customer Driven Marketing Strategy

Designing Customer Driven Marketing Strategy: Now-a-days companies recognize that they can not appeal to all buyers in the marketplace or at least not to all buyers in the same way. Buyers are too numerous, too scattered, and too varied in their needs and buying practices. Moreover, the companies themselves vary widely in their abilities to serve different segments of the market. There are 4 steps of designing customer driven marketing strategy. They are described below: (i) Market Segmentation:Buyers in any market differ in their wants, resources, locations, buying attitudes, and buying practices. Through market segmentation, companies divide large heterogeneous markets into smaller segments that can be reached more efficiently and effectively with products and services that match their unique needs. Market segmentation is of two types: A) Segmenting consumer market: There is no single way to segment a market. A marketer has to try different segmentation variables, alone and in comb ination, to find the best way to view the market structure. There are four segments of consumer market: . Geographic Segmentation: It calls for dividing the market into different geographical units such as nations, regions, states, provinces, cities or even neighborhoods. ECONO DX mainly does their business in villages. They are also supplying their pens in big cities of Bangladesh but, in few amounts. 2. Demographic Segmentation: It divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation and nationality. Demographic factors are the most popular bases for segmenting customer groups.One reason is that consumer needs, wants and usage rates often vary closely with demographic variables. Another is that, demographic variables are easier to measure than most other types of variables. As example, old people will buy ECONO DX because; memorable events are related to it. Another example is lower income people uses ECONO DX pen as it is cheap. 3. Psychographic Segmentation: It divides buyers into different groups based on social class, life style or personality characteristics. People in the same demographic group can have very different psychographic makeups.Mainly middle and lower class people are the target customers of ECONO DX. 4. Behavioral Segmentation: It divides buyers into groups based on their knowledge, attitudes, usage or response to a product. This grouping is done depending on occasion, benefit sought, user status, user rate, loyalty status etc. As example, patriotic people will want to buy ECONO DX Ball pen because, it is an old brand and they are using this brand may be from the time of liberation war. B) Segmenting Business Market: Consumer and business markets use many of the same variables to segment their markets.Yet, business marketers also use some additional variables, such as customer operating characteristics, purchasing approaches, situati onal factors, and personal characteristics. By going after segments instead of the whole market, companies can deliver just the right value proposition to each segment served and captured more value in return. When ECONO DX was first introduced in the market, the owner of the company was very cleaver to grab the market for his product. He made a contract with BD government that- in all government official sectors ECONO DX will be the only ball pen to be used as official accessory.Requirements for effective segmentation: Clearly there are many ways to segment a market, but not all segments are effective. To be useful, market segments must be- 1. Measurable: The size, purchasing power and profiles of the segments can be measured. 2. Accessible: The market segments can be effectively reached and served. 3. Substantial: The market segments are large or profitable enough to serve. 4. Differentiable: The segments are conceptually distinguishable and respond differently to different market ing mix elements and programs. 5. Actionable: Effective programs can be designed for attracting and serving the segments.ECONO DX fulfills all these five criterions. (ii) Market Targeting: Market segmentation reveals the firm’s market segment opportunities. The firm now has to evaluate the various segments and decide how many and which segments it can serve best. In evaluating different market segments, a firm must look at three factors: segment size and growth, segment structural attractiveness, and company objectives and resources. Firstly, the company must collect and analyze data on current segment sales, growth rates and expected profitability for various segments.But â€Å"right size and growth† is a relative matter. The largest, fastest-growing segments are not always the most attractive ones for every company. Smaller companies may lack the skills and resources needed to serve the larger segments. Secondly, the company also needs to examine major structural fac tors that affect long-run segment attractiveness. For example, a segment is less attractive if it already contains many strong and aggressive competitors. The existence of many actual or potential substitute products may limit prices and the profits that can be earned in a segment.The relative power of buyers also affects segment attractiveness. Buyers with strong bargaining power relative to sellers will try to force prices down, demand more services, and set competitors against one another- all at the expense of seller profitability. Finally, a segment may be less attractive if it contains powerful suppliers who can control prices or reduce the quality or quantity of ordered goods and services. Even if a segment has the right size and growth and is structurally attractive, the company must consider its own objective and resources.Some attractive segments can be dismissed quickly because; they do not mesh with the company’s long-run objectives. Selecting Target Market Segmen ts: After evaluating different segments the company must decide which and how many segments it will target. A target market consists of a set of buyers ho share common needs or characteristics that the company decides to serve. Market targeting can be carried out at several different levels- Undifferentiated marketing strategy, Differentiated marketing strategy & Concentrated or Niche marketing.ECONO DX is following undifferentiated marketing strategy. Undifferentiated marketing: Using an undifferentiated marketing or mass marketing strategy, a firm might decide to ignore market segment differences and target the whole market with one offer. This mass marketing strategy focuses on what is common in the needs of consumers rather than on what is different. The company designs a product and a marketing program that will appeal to the largest number of buyers. (iii)Differentiation and Positioning:A product’s position is the way the product is defined by consumers on important att ributes- the place the product occupies in consumers’ minds relative to competing products. Products are created in the factory, but brands are created in the mind. Consumers are over-loaded with information about products and services. They cannot reevaluate products every time they make a buying decision. To simplify the buying process, consumers organize products, services, and companies into categories and â€Å"position† them in their minds.A product’s position is the complex set of perceptions, impressions and feelings that consumers have for the product compared with competing products. They must plan positions that will give their products the greatest advantage in selected target markets, and they must design marketing mixes to create these planned positions. Choosing a Differentiation & Positioning Strategy: Some firms find it easy to choose a differentiation and positioning strategy. The differentiation and positioning strategy of ECONO DX is, â€Å" ECONO DX in different generation†. Competitive Advantage:To build profitable relationships with target customers, marketers must understand customers needs better than competitors do and deliver more customer value. To the extent that company can differentiate and position itself as providing superior customer value, it gains competitive advantage. The competitive advantage of ECONO DX is it’s lower price. Selecting an Overall Positioning Strategy: The full positioning of a brand is called the brand’s value proposition- the full mix of benefits upon which the brand is differentiated and positioned. It gives the answer to the customers that why they will buy this brand.Overall positioning strategy can be of five types. Among them ECONO DX follows â€Å"More for the Same Strategy†. This strategy says about, companies can attack a compititor’s more-for-more positioning by introducing a brand offering comparable quality but at lower price. From past til l present, time has changed a lot. Sometimes it was hard to pass the time, and sometimes time became a matter of joy. So, as shown in our video advertisement- by the side of type-writer or keyboard using, ECONO DX ball point pen became something that supports all the time.

Wednesday, November 6, 2019

Review of The Age of Spiritual Machines by Ray Kurzweil essays

Review of The Age of Spiritual Machines by Ray Kurzweil essays In the first chapter of his book The Age of Spiritual Machines, author Ray Kurzweil gives a very brief history of the Universe, which serves as a preface for his subsequent theories. In this history, Kurzweil chronicles the rapid expansion of time between salient events in the history of the Universe, describing time, in his own words, as geometrically slowing (pg. 10). He then jumps head first into the history of evolution, and shortly thereafter of technology, in both of which the time between salient events is shrinking exponentially. This leads him to question the opposing nature of the trend (how can time be accelerating as applied to technology and evolution yet decelerating as applied to the very Universe which contains these?) as well as search for similarities between the trends. Thus is created Kurzweils first theoretical law, that of time and chaos. Kurzweils Law of Time and Chaos is as follows; In a process, the time interval between salient events (that is, events that change the nature of the process, or significantly alter the future of the process) expands or contracts along with the amount of chaos. (pg.29) In other words, as things become more chaotic as applied to a specific process it takes longer for significant events to occur within that process, and vice-versa. According to this law, the rate at which we advance technologically has, and will continue to, accelerate exponentially. What if this exponential growth hits a wall so to speak, as trends of the exponential variety frequently do? Kurzweil is quick to answer this question, which he knows will be raised quickly by most readers. According to the Law of Accelerating Returns, which states simply that as a process speeds up so do the returns from that process speed up as well, technology will continue to build upon and advance itself. As technology advances, we are able to create more technologically advanc...

Monday, November 4, 2019

Postwar Vietnamese Film - CYCLO Essay Example | Topics and Well Written Essays - 1500 words

Postwar Vietnamese Film - CYCLO - Essay Example Tran Anh Hungs brilliant film exposes to light how poverty and inexorable pressure of robber capitalism in high-crime area make ordinary people face ethical dilemma and experience problem of choice in a vibrant urban environment of modern Vietnam. Tran Anh Hungs Cyclo is a sophisticated poetic tale of Ho Chi Minh City. It opens the door to a gloomy world of turbulent 90s in the Vietnams largest city, where misery runs in the family from generation to generation and hellish toil does not mean decent life. The movie focuses on times of so-called "doi moi" or market liberalization in Vietnam, when the government of the country took measures to make a transition from a command economy to a market-driven economical system of Western type (Narkunas 148), which was a huge challenge for the nation. During these transition times portrayed in the movie the corruption of state apparatus and hyperinflation of national currency were a commonplace, while unemployment and crime rates soared and caused social unrest in big cities. A great number of Ho Chi Minh City inhabitants were foredoomed to be trapped in a vicious circle of hard poverty and moral decadence, incoming crime waves and abrupt eruptions of street violence, gender bias and ho peless lack of opportunities for younger generation. The protagonists of the movie represent the lower class of Vietnamese society that struggles hard to escape from grasp of misery. Each of them makes morally questionable choices all the way down in hope for better life. However, despite the fact all of the protagonists are tangled in a shady business, they are more to be pitied than censured. The story is told in a somewhat dismal strain. Its chronological narration is far from having a linear progression and often intermingles with colorful surrealistic scenes. The film is rich with vivid imagery, when

Saturday, November 2, 2019

Is Wind Power Green Issue 9 Essay Example | Topics and Well Written Essays - 1500 words

Is Wind Power Green Issue 9 - Essay Example These options may not supply the entirety of the power to the unit, but they are usually able to make a significant impact on cutting conventional energy costs, depending on the area. Naturally, in an area like the Pacific Northwest where it is usually cloudy or rainy, solar power would be less effective, and in an area where there is not much wind, wind power may not be justified on a cost basis. â€Å"Many energy providers say they have to charge more for renewables to offset the risk and expense of researching and developing new markets. "Providers say it is more expensive energy to produce, and its definitely true that wind and solar power have very small government subsidies compared to coal and nuclear power energy," says Isaac Elancavae of the Michigan Environmental Council† (Donner, 2002). As time passes, however, the cost of these options is dropping. Wind power does not create any sort of pollutant gases, as conventional power does. These elements of wind power, pros and cons, will both be explored in more significant detail later in the report, but generally, these elements are used in tandem to create living and consumer spaces that are more environmentally friendly than they were in the past. For both materials and renewable energy resources, builders have virtually endless options. In terms of material, everything from insulation (recycled spray-insulation) to flooring (non-soil eroding bamboo floors) can be seen from a building green perspective. And in terms of renewable energy, as discussed above, although the main options are till solar and wind power, there are many other options also available to builders, such as methane and geo-thermal heat installation. Generally, as these technologies age, they become progressively cheaper. One may remember when buying a VCR cost several thousand dollars, when they were first invented. Today the same player costs under a hundred