Public affair class media material plan Essay Example | Topics and Well Written Essays - 500 words

Public affair class media material plan - Essay Example We believe the students bear the most responsibility since they make individual choices depending on their preferences. A committee member reckoned, â€Å"The international students form a huge part and we are conscious of their different problems and they should therefore feel encouraged and safe while applying for courses in the United States†. â€Å"The main reason for this press release is to address the problem of online courses that are increasing radically† said the Chairman. It is challenging for the department to control the number of colleges that are advertising for international courses online since we do not have control or access to the information that is released to people all over the world. In this regard we are therefore, looking for ways to control the number of these adverts over the internet and engage other government department to help in curbing the problem. The Department of International Students has received these complaints from citizens currently in the United States and in other parts of the world. We want to reiterate that although it is possible to control the problem within the country the same cannot be replicated in other parts of the world. This is because some of the messages the students receive are scams and they may originate from the home country. We are advising all students that although the terms and conditions for some and not all of these institutions may seem credible, it is advisable if they could contact us so that we can get the information and relay to them whether it’s credible or not. We are looking to engage other student bodies and organizations in other countries to get their view on the methods that they use to eradicate the problem and see what we as a department can use to help the students. â€Å"However, as aforementioned, the student bears the highest responsibility since they make the independent choices on the best courses that are in line

Plato’s Dialectical Method Essay Example for Free

Plato’s Dialectical Method Essay Plato’s method is presumably taken from that of Socrates, who wrote nothing down. Socrates believes, in the early dialogues, that he â€Å"knows nothing. † This is an irony, meant to be juxtaposed to the elite of Athenian society who are convinced of their own wisdom and knowledge on specialized subjects such as rhetoric, argument, literature, generalship, etc. In the early dialogues, Plato initially has Socrates speaking from a position of â€Å"ignorance. † That is, from a position where he claims to know nothing, permitting himself just a series of questions that are designed to lead his opponent into absurdities, proving, so to speak, that his opponent knows only conventional wisdom–images of knowledge–rather than knowledge itself. The Platonic project is to reveal the Truth, the forms of being that exist behind the ever-changing panoply of sense impressions, accepted â€Å"truths† and the opinion of either the masses or the powerful, and often both. Hence, it makes perfect sense that Plato’s project will begin with dialogues such as the Apology and the Euthyphro, both showing Socrates not providing any positive doctrine, but stripping bare the accepted wisdom on the relevant topics of crime and punishment, or piety and faith. Before Plato can provide his positive doctrine, he must first show that the accepted wisdom–images given by mass society or the elite, or both–are false, and exist solely in the realm of opinion, that of the natural or conventional worlds, rather than the truth, the world of the forms, beyond space and time, beyond sense impression, apprehensible only though the mind. Khan (1996) gives us a hint as to the importance of the dialectical method. The dialogue form used because Plato has an â€Å"acute sense of the psychological distance that separates his world view from that of his audience. † (66). And further, â€Å"philosophy is essentially the practice of spiritual liberation by which the rational psyche prepares itself for a successful voyage back to its transcendental homeland† (66). The world of late Athens, just prior to the conquests of Philip and Alexander, is one of petty crime, worldly glory and political manipulation, hardly the arena for the development of a powerfully transcendent form of philosophy. Hence, the early dialogues are a preparation, the first movement forward away from the changing fortunes of Athens, and the changing natural world that keeps most men in intellectual chains. The point is not to lose one’s audience. For, early on in Socrates’ career, for him to have unloaded the full content of the Republic or even the Laws onto a highly corrupt Athenian society would have been disastrous. Socrates might not have been executed, but considered a madman and banished. Hence, early on, and even, to some extent in the middle dialogues, Socrates is struggling with worldly-wise men to get them to see the nature and ground of their craft, rather than its service to the state, to social advancement or even the advancement of their ego. In Plato’s Apology, Socrates is presented to the literary world as a martyr, a martyr against mass appearances and a fighter for the existence of Truth, which he claims (39) is really not possible to reach, and belongs only to the divinities of Olympus. What passes for truth is not truth, but is a reaction to mere appearances, the world of opinion, of doxa. A philodoxer is one who exists solely in the realm of sense impressions, those impressions that can be manipulated by those in power and ingrained into the psyche by mass opinion. Of course, in modern times, mass media would be the very source of the philodoxer’s alleged knowledge. In attacking the worldly-wise of Athens, Socrates admission of ignorance also derives from the idea that he has no specific area of expertise (Khan, 89). In other words, while it is true that his opponents are experts in their various fields, and hence should be approached concerning any question about those fields, Socrates seems to have none at all. His â€Å"field† simply is the tripping up of his opponents who do not think systematically, but think according to the present utility of their areas of expertise. Furthermore, while Socrates feigns ignorance, he, as Khan has written â€Å"never denies that he has practical good sense and moral excellence† (Khan, 90) He sees around him a once glorious Athenian society, set on solid ground by Solon centuries earlier, no longer on solid ground. The tyranny of the 30 created a situation–or reflected a situation–where power, and hence opinion, became the only true goods. One’s skill, ones arete, exist solely to bring the user worldly gains, both for himself and the city. But this situation leads to moral degradation, since the only reason to have virtue is to prove one’s usefulness in glory, to gain praise and promotion. This is the backdrop to the rise of the sophists, a group of pseudo-philosophers who claim to have knowledge, but this just amounts to the manipulation of socially crated images to appear to have knowledge. The sophist can make any argument they are paid to, because truth either does not exist, or is not useful in all circumstances. The sophist is valuable because self-promotion is their specialty, and hence, they receive the venom of Socrates. Hence, when Socrates is speaking of a certain craft, a certain form of practical excellence, he insists that he must be speaking of the same object as his opponent. Hence, in the Euthyphro, Socrates and his opponent are not speaking of piety in the same way. The are not speaking of the same thing. Socrates is speaking about piety in a way that includes all specific incarnations of the phenomenon. While Euthyphro, as a good Greek at the time, speaks of it in terms of its utility. Hence, they are not talking about the same thing, which permits Socrates to continually thwart his opponents. They are speaking on two different planes, one Truth, the other, use, or truth (small â€Å"t†). While Truth is utile, utility does not exhaust it, and even if it did, they are speaking of â€Å"use† in two very different ways. For Socrates, as in the Apology, one should never do evil, even if it is immediately utile. While the â€Å"timocrat,† one who lives for earthly glory, might do evil (something cowardly, or mercenary, etc) for the sake of gaining immediate glory and fame. Socrates holds that all evil is inutile, though not in any worldly way, but because, slowly but surely, it turns the soul bad, hence the soul begins not to know truth from falsehood. All is power, all is crass utility. In response to the utilitarian idea, Socrates says to his accusers: â€Å"a man who is good for anything ought not to calculate the chance for living or dying; he ought to consider whether in doing anything he is doing right or wrong–acting the part of a good man or bad† (40). Socrates is claiming that goodness is beyond utility, that he is morally good, and finally, that the common opinion that goodness is utility is false. In the Apology, Socrates affirms; â€Å"young men of the richer cases, who have not much to do, come about me of their own accord. They like to hear the pretenders examined. . . .they are plenty of persons, as they quickly discover, who think they know something, but really know little or nothing. . . (33). This is behind the charges against Socrates. Socrates, speaking of himself and his mission, says to the judges â€Å"I am that gadfly that god has attached to the state; and all the day long and in all places I am fastening upon you, arousing, persuading and reproaching you. (43). Many things are said here about his method. A. Socrates says nothing about any positive philosophy. This is not the point. He is not unaware of the utility of the crafts that he takes apart in debate, but, for the good of the city, he is forced to make his opponents realize the true ground of the goodness of their craft. B. Socrates sees Athens in trouble. The tyranny, the mass democracy and the predictable rise of sophistry means that power and only power (whether military, financial or persuasive) is operative. If this is true, than moral goodness will be prostituted to the state. In the long run, this will lead to the destruction of the state and its famed liberties, since moral goodness will be defined as loyalty to one political faction or other, each faction seeing Athens as a means to financial or political advancement. Not real city can function with those sorts of divisions. Hence, Socrates, unbeknownst to his opponents, is a true patriot, seeking the moral betterment of his people. C. By â€Å"god† it is likely that Socrates means â€Å"world of forms. As Khan said earlier, the usage of common terminology is a strategy where he may gain acceptance. By the use of â€Å"god† he is talking about ultimate Truth (which he alone serves) in language that the common folk of Athens could understand. It is possible that Socrates viewed the Olympian pantheon as a popularization and â€Å"folkloric† method of understanding the forms. *** When Socrates is grilling the unfortunate but well intentioned Euthyphro, there is a passage from Socrates that strongly hints that his negative approach is leading, at some future time, to the positive ideas of the forms. Socrates says to his opponent, speaking of pious acts â€Å"The point I should first wish to understand is whether the pious or holy is beloved by the gods because it is holy, or holy because it is beloved by the gods† (12) Outside of the Crito, this is the most suggestive passage in the early dialogues concerning a foreshadowing of later, positive doctrine. Here, Plato is giving, in sharp relief, the distinction between the Platonic idea of Truth and the common, utilitarian Athenian view. The sophist would claim that the former is the case. That something is holy because it is loved by the gods. The power of the gods is accepted as arbitrary and unquestioned. Hence, the only thing to do is to is to figure ways to place them, and hence acquire various profits in so doing. That is the opposite of what we call Platonism. What is more important is the critical part. Instead of merely accepting that what his holy is holy because the gods love it, one must find out the nature of the holy, to which then the gods then must conform. Nothing is more Platonic than this distinction. The first is reflective of the power hungry Athenian state. The famed politicians, bankers and priests want power, thus, if you are a citizen, you do what you can to please the powerful, and hence become famed yourself, and promoted through the system. This is the world of power and prostitution. Power and profit are taken as good in themselves, and hence the powerful are off the intellectual hook. Platonism is reflected in the idea that there is a concept of power, and, beyond that, the Good by which power is thus justified that would force a ruling class to conform their behavior to. Once the philosopher can provide an outline of this Goodness in relation to power (the Republic and Statesman), or the mode of being that a ruling class must conform to, then one’s life can be called rational (politically speaking). This passage in the Euthyphro then, points to a much later development in Plato’s ontology: There is a Good that the Gods love. The only reason the Gods love it is that it is Good, hence the gods (assuming Plato believed in them) are to be emulated only because of the Good, not because they are gods. The political ramifications of this are staggering, and it is easy to make an argument that the political ramifications of the question of piety (especially given the nature of the charges against Socrates) are designed to reorient the mind of Athenian youth to the Good, rather than to power. The powerful seek to define the good for themselves, invariably, of course, defined as what is in their own interest. Hence, if this terrible state of affairs is to be avoided, the nature of the Good must be outlined. But in these early dialogues, only hits are being dropped.

We Propose Rhb Bank Marketing Essay

We Propose Rhb Bank Marketing Essay We propose RHB bank to have co-branding with Padini Concept Store and come out with a RHB-Padini Concept Store Credit Card to extent the RHB Platinum Card. Our target audience are workers and upper middle class who are aged at a range between 25 to 45 years old. One of the promotion strategies we propose to the RHB bank is through Sales Promotion by using various types of vouchers. And other types of promotion strategies such as Personal Selling Strategy, Advertisements and Social Media Marketing Strategy and Direct Marketing Strategy. 1. Sales Promotion Strategy Sales promotion is a short-term incentive to encourage the purchase of a sale a product or services. This may be used to help RHB bank tap into and extent the market in the Padini concept store. A cash voucher may attract customers to induce them in an instant sale and help the consumers to save more. Simultaneously, Padini Concept Store will also be able to increase their sales revenue, increase the number of RHB banks cardholder and gain loyalty from customers. This is a three wins situation to each other. The supplementary cardholders are not eligible for this Promotion. RHB bank could help the cardholders to save more money by sending Padini Concept Store a monthly 20% discount voucher to every cardholder through mail according to the applicants address. It includes seasonal promotions for example, Mothers Day, Fathers Day, Christmas, Chinese New Year, Halloween, and Valentines Day and so on. The cardholder will be given a Padini monthly discount voucher to get discount on the products among the brands available in Padini concept store. If the Padini is doing 10% discount on all items, by using this voucher, the customer can get another extra 20% discount. For example, if when there is Mothers Day, the cardholders are only allowed to redeem the 20% discount in the women department. However, the Padini monthly 20% discount voucher is only valid in every first week of the month. Upon the cardholder birthday, the existence RHB Platinum Credit Card will have 30% cash back during cardholder birthday month. In order to improve, RHB bank will contact that particular cardholder, to inform him or her to come over the Padini Concept Store to get a birthday gift voucher. The birthday gift voucher is worth RM 50. The cardholder may use this voucher to redeem any products sold in Padini Concept Store with the price at or below RM 50. However, if the price of the product is below RM 50, the extra balance is not refundable. Consequently, the cardholder will need to pay extra money to purchase the products if the amount exceeded RM 50 that offer in Padini store by using RHB-Padini Concept Store Credit Card to collect 5 times reward points. However, the voucher can only be used in Padini concept store. In the Padini Concept Store, there are several brands such as SEED, PCO, PDI, MIKI, VINCCI, and BRANDS OUTLET. The cardholders are allowed to choose to purchase any of the p roducts offered by these brands. 2. Personal Selling Strategy RHB bank may adopt the method of personal selling strategies for trying to induce potential consumer to apply for RHB-Padini Concept Store Credit Card in a road show inside or outside the shopping mall, because there are heavy human traffic and many potential customers. Personal selling is the selling of products and services by face-to-face contact with the customer. This can be done by having salespeople approaching the potential customers in person. If the customer is an existing RHB credit card holder, then the salespeople offer the customer the RHB-Padini Concept Store Credit Card as a cross selling. However, the salespeople must be well trained, because the salespeople is the person who will communicate directly and immediately to get the consumers feedback. It is a two-way communication. It can be expensive and time consuming, but also is the most effective form of promotion if compare to other mass communication because the salespeople can make adjustments to address questions or concerns to make the customer much understand about the product. Here is a relationship between personal selling and sales promotion. The first 200 applicants to apply RHB-Padini Concept Store Credit Card, no matter in bank or online purchase, the applicants are entitled to get a RM 200 Padini cash voucher and a free HP laptop bag that worth RM 70 for every cardholder. 3. Advertisements and Social Media Marketing Strategy Advertising is a form of mass communication that is paid for and involves the non-personal presentation of goods and ideas. It usually classified as two types, above-the-line and below-the-line. Through advertising, RHB bank can communicate and inform potential customers about products and services. Also, telling the consumers about the features and benefits and how to obtain it and finally persuade them to make a purchase. It is important for the consumers to know what are the company trying to offer and it create a position in the market place. Hence, it will enhance both the Padini Concept Store and RBH banks reputation and positive image. This is the relationship of Sales with advertising and promotions. Above-the-line advertising such as television and newspaper does not provide information regarding the promotions effectively and it can be expensive. Therefore, RHB bank can go for social media marketing strategy such as the internet. As internet are easily accessible and requires a relatively low cost, more information can be provided and easy for the consumer to obtain the information in the company website. They can just click on the particular advert in the website at everywhere in the world and 24 hours a day. This advertisement enables an organisation to reach every single potential consumer at a very low cost. Nowadays, popular social networking sites like Twitter and Facebook can be used to spread the news regarding the promotions. RHB bank may also consider creating a Facebook page and putting all the relevant information or pay an advertising fee to create a small advertisement on Facebook social network to build the awareness of the RHB-Padini Concept Store Credit Card am ong the Facebook users. The another method is below-the-line advertising, RHB bank may adopt direct mail to send the gift voucher together with Padini catalogues to deliver the current promotion to existing customers who already have saving account and current account or other type of RHB credit card holder to apply for RHB-Padini Concept Store Credit Card. This method is also known as cross selling. Because there are potential, it can lead to a higher probability of getting converted into actual sales. The more financial products and services they have, the more profitable the RHB bank is. The feedback from customers also will immediately be responded, therefore it is easier to measure the positive result. Because RHB bank is suggested to create a Facebook fan page in order to encourage more people to like the page, there must has a gift such as a recycle bag which is printed RHB bank logo to those who have like-ed the Facebook page during the road show. Some of the Padini Concept Store catalogue and any information about RHB-Padini Concept Store Credit Card may be printed on the recycle bag as an advertising tool. Besides, RHB bank may also distribute the company survey form during road show. For those who have completed the survey will get a free pocket umbrella that has a RHB bank logo printed on it and RHB-Padini Concept Store Credit Card image. Therefore, it can also be an advertising tool for RHB bank. The last advertisement tool suggests to RHB bank is advertising the RHB-Padini Concept Store Credit Card in a current on air movie. For example, the main character going to the RHB bank and show the RHB bank logo and the artist use the RHB-Padini Concept Store Credit Card to make payment in the film. For who have watched the movie no matter in cinema or home will also get the message. Because it is advertised in a movie, it will be impressive and positive positioning to the viewer therefore they will likely to apply the RHB-Padini Concept Store Credit Card. 4. Direct Marketing Strategy (Telemarketing and Direct Selling) Besides, RHB bank also can do direct marketing. Direct marketing is attractive because its positive results can be measured directly. Telemarketing takes the time and cost for finding new customers in the right time and right people, or generating interest in RHB-Padini Concept Store Credit Card by taking the information directly to the customer. Besides, it is easy to target the best customers and reach the prospects question with the most potential customer. The purpose of this method is to expand the market and increase the number of customer and sales. Telemarketing consistently outperforms all other forms of marketing and is the most powerful, cost-effective marketing tool available today. Thus, it should be part of RHB bank marketing plan. Direct selling is the marketing of products or services to consumers through sales tactics (give voucher) including presentations without go through any middle man. If the cardholder spends more than RM 300 in a single receipt, he or she will get a RM 30 Padini cash voucher. However, there is a maximum amount for the cardholder to get a RM 100 Padini cash voucher which is to spend RM 1799 or above in a single receipt on with RHB-Padini Concept Store Credit Card and obtain the voucher at the payment counter. As a conclusion, promotion strategy is a useful tool in attracting customers. Simultaneously, it can also help the Padini concept store to achieve higher profitability and strengthen their markets position in the clothing industry and also gain the customer loyalty in RHB bank. Promotional strategies are important for financial services to continual growth, because it is an intangible product, in order to increase the number of customer, there must be enough information and attractiveness to enhance the customer to make purchasing decision.

Oprah Winfrey :: essays research papers fc

OPRAH GAIL WINFREY   Ã‚  Ã‚  Ã‚  Ã‚  Oprah Gail Winfrey was born on January 29, 1954 on a farm in Kosciusko, Mississippi to Vernita Lee and Vernon Winfrey. Her parents originally planned to name her Orpah, but the midwife made a mistake on the birth certificate. Up until the age of 6 Oprah lived with her grandmother. After this Oprah went to live with her mother and two half brothers in Milwaukee. Instead of living on a farm she now lived in the ghetto. While Oprah was living with her mother who gave her no supervision, she became out of control. Her mother Vernita could no longer handle her, so she was sent to Nashville to live with her father Vernon and his wife, Zelma.   Ã‚  Ã‚  Ã‚  Ã‚  Her father who was a barber became a city council member and was a strict disciplinarian. He demanded that Oprah add five new words to her vocabulary before she had her dinner each evening. Under these conditions Oprah became an excellent student. At the age of 16 she won an oratorical that guaranteed her a full scholarship to the University of Tennessee. After graduating in 1976, Oprah was offered a job from the ABC affiliate in Baltimore. In 1984, Winfrey and her producer moved to Chicago to liven up an A.M. Chicago Show. In 1985, the show was renamed the Oprah Winfrey Show. In 1986, She formed a Production company called Harpo Inc. (The name Harpo is her first name spelled backwards.) Oprah was not only a talk show host, she was an actress who played in various movies, which were: The Color Purple, Native Son, The Women Brewster and beloved Oprah’s Angel Network 5 ways to be an Angel   Ã‚  Ã‚  Ã‚  Ã‚  This network started September 18, 1997. This program was designed to show you how you can improve your life and the world. Some important things that are involved in the Angel Network are: 1. Creating the World’s Largest Piggy Bank to raise money for needy students. a. All money will go into one big scholarship fund that will send needy students to college.

Nordstrom Financial Statement Analysis

NORDSTROM (JWN) I. Nordstrom’s overview Nordstrom is classified as an Upscale Independent Department Store Chain and is noted as one of the largest department stores of its type. Nordstrom is founded in 1901 by two partners, John W. Nordstrom and Carl F. Wallin. It’s headquarter is in Seattle, Washington area. Nordstrom carries a wide variety of merchandise and specialty goods, which includes apparel, shoes, jewelry, cosmetics, fragrances, handbags, accessories, and in some locations, home furnishings. Nordstrom is dealing with competition on many different levels.It is competing with higher end stores such as Neiman Marcus and Saks Fifth Avenue. In addition, it is also competing with second tier stores such as Macy’s, Dillard’s, and Bloomingdale’s. Dealing with diverse competition, upscale retailer Nordstrom has been famous for superior customer service for over 100 years and has been recognized on every 100 Best Companies To Work For list publishe d in Fortune magazine since 1998. Nordstrom operates over 200 retail locations across the country with worldwide revenue $10. 9 billion in 2011.It has two reportable segments: Retail and Credit. The Retail segment includes 115 ‘Nordstrom’ full-line stores, 89 off-price ‘Nordstrom Rack’ stores, two ‘Jeffrey’ boutiques, and one clearance store that operate under the name ‘Last Chance. ’ Nordstrom full-line stores and online store are substantially integrated to provide customers with a seamless shopping experience across channels. The Nordstrom Rack stores purchase high-quality name brand merchandise directly from vendors and also serve as outlets for clearance merchandise from Nordstrom stores.The Credit segment includes wholly owned federal savings bank, Nordstrom FSB, through which Nordstrom provides a private label credit card, two Nordstrom VISA credit cards and a debit card for Nordstrom purchases. The credit and debit cards fe ature a shopping-based loyalty program designed to increase customer visits and spending. Although the primary purpose of our Credit business is to foster greater customer loyalty and drive more sales, Nordstrom also generate revenues through finance charges and other fees on these cards.In retail department stores, consumer’s purchases are made within each department because each department is treated separately to achieve economies in promotion, buying, service, and control. Instead of categorizing departments by merchandise, Nordstrom created fashion departments that fit individual lifestyles. The retailer's best customers benefit from Nordstrom's â€Å"Perpetual Inventory† initiative, which provides the â€Å"right product, at the right place, at the right time. Nordstrom’s customer service is superior in that they put maintaining a customer relationship their top priority. It‘s main goal is to provide outstanding service every day, one customer at a time, and support the employees who deliver service to those customers. Each Nordstrom employee has a business card, which he or she gives to customers, to encourage them to reach back directly if they need anything. In addition, Nordstrom spends much less on traditional advertising than its competitors do, and to Nordstrom, â€Å"satisfied customers are much more persuasive than an ad†.Its legendary customer service is a competitive advantage that can't be easily duplicated, and the company spends a lot of time, money, and effort training employees to maintain that distinction. Even in times of economic distress, Nordstrom still maintains an unwavering commitment to making choices that are in the best interest of the customer. Therefore, Nordstrom keeps growing and maintains a great financial result in comparison with other department stores. Nordstrom business strategies are: 1. Maintaining good relationship with vendors and consumers 2.Maintaining good relationship with em ployees and providing effective training to them to develop future leaders 3. Expanding into new markets, technological investments, acquisitions and the timely completion of construction associated with newly planned stores, relocations and remodels. 4. Having effective inventory management; efficient and proper allocation of capital resources; successful execution of information technology strategy; and effective cost control in advertising, marketing, and promotion campaigns. 5.Managing debt levels to maintain an investment grade credit rating as well as operate with an efficient capital structure for its growth plans and industry II. Company financial ratio analysis: 1. Liquidity: Liquidity:| 2011| 2010| 2009| 2008| 2007| Current Ratio| 2. 16| 2. 57| 2. 01| 2. 01| 2. 06| Cash Ratio | 0. 73| 0. 80| 0. 39| 0. 04| 0. 22| Cash Flow from Operations Ratio| 0. 46| 0. 63| 0. 62| 0. 53| 0. 19| Overall regards to liquidity ratios, the higher the number the better; however, a too high also indicates that the firms were not using their resources to their full potential. Current ratio of 1. or greater shows that a company can pay its current liabilities with its current assets. JWN’s ratio increased from 2. 06 in 2007 to 2. 57 in 2010, and slightly decreased to 2. 16 in 2011. JWN’s cash ratio increased significantly from 22% in 2007 to 80% in 2010. JWN has a cash ratio of 73% in 2011, which is useful to creditors when deciding how much debt they would be willing to extend to JWN. In addition, JWN also has moderate CFO ratio of 46%, indicating the companies’ ability to pay off their short term liabilities with their operating cash flow. There was a great improvement in JWN’s liquidity ratios over the past 5 years.In general, JWN has efficient liquidity ratios which allow the company to cover its seasonal cash needs and to maintain appropriate levels of short term borrowings. 2. Activity: Activity| 2011| 2010| 2009| 2008| 2007| Inventory Turno ver| 6. 20| 6. 29| 5. 93| 5. 84| 5. 66| Avg. # of Days Inventory| 58. 83| 58. 03| 61. 59| 62. 53| 64. 50| Receivables Turnover| 5. 06| 4. 51| 4. 16| 4. 60| 7. 35| Working Capital Turnover| 3. 67| 3. 89| 4. 52| 5. 13| 5. 98| Fixed Assets Turnover| 4. 54| 4. 25| 3. 70| 4. 08| 4. 86| Total Assets Turnover | 1. 36| 1. 38| 1. 35| 1. 52| 1. 74| Length of Operating Cycle| 130. 9| 138. 87| 149. 38| 141. 93| 114. 18| I Inventory turnover shows how efficient a firm can keep its inventory turning at a steady flow from the manufacturer to the store and out to the consumer. Therefore, the higher the better because this means the firm is getting its inventory out to consumers at a more efficient pace. JWN’s inventory turnover is approximately the same in 2011 than in 2010, 6. 20 and 6. 29 respectively, which has slightly higher the number of days inventory from 58 days to 59 days. Same as inventory turnover ratio, AR turnover show how efficient a firm is at collecting its receivable.The fa ster a firm can collect its receivables, the better. JWN’s AR turnover has increased from 4. 78 in 2010 to 5. 36 in 2011. An increase in both inventory and AR turnover reduces the Length of Operating Cycle from 139 days to 131 days. In addition, there is also a good sign when JWN’s fixed asset turnover and total asset turnover increase. In general, JWN has ability to predict or respond to changes in fashion trends, consumer preferences and spending patterns, and to match its merchandise levels, mix and shopping experience to sales trends and consumer tastes, significantly impacts its sales and operating results. . Profitability: Profit| 2011| 2010| 2009| 2008| 2007| Gross Margin | 0. 39| 0. 39| 0. 36| 0. 37| 0. 39| Return on Sales| 0. 06| 0. 06| 0. 05| 0. 05| 0. 08| ROA | 0. 09| 0. 09| 0. 07| 0. 07| 0. 14| ROE | 0. 34| 0. 34| 0. 32| 0. 34| 0. 44| Upon evaluation of the operating efficiency, Gross profit margin, Return on sale, ROA, and ROE, JWN did a pretty good job du ring the fiscal year ended Jan 28th 2012. Gross profit margin, the net profit margin, ROA, and ROE have the same rate for 2011 and 2010, which are 39%, 6%, 9%, and 34% respectively. By evaluating JWN’s profitability ratio, JWN once again is upward looking.ROA is a comprehensive measure of profitability, taking into account how a firm’s assets and profits are used to create future profit. ROE is a profitability measure and is influenced by the affiliation between a firm’s debt and its owner’s equity. JWN has done an extraordinary job at maintaining moderate ROA and ROE ratio over 5 years period. Analyzing JWN’s profitability ratio shows that JWN should continue being profitably in the future. 4. Leverage: Leverage| 2011| 2010| 2009| 2008| 2007| Total Liabilities / Total Equity| 3. 34| 2. 69| 3. 19| 3. 68| 4. 02| Total Liabilities (BV) / Equity at Market| 0. 7| 0. 48| 0. 44| 0. 39| 0. 39| Times Interest Earned| 9. 61| 8. 80| 6. 04| 5. 95| 16. 85| As firm’s debt grows larger, debt to equity ratio in turn increases. Debt to equity ratio is an important factor in considering a firm’s credit risk. JWN’s debt to equity ratio increases 25% from 2. 69 in 2010 to 3. 34 in 2011. If this ratio decreases, there is less leverage within the firm. The increase in debt to equity ratio is due to the increase in long term debts and the decrease in total stockholder equity. Times interest earned ratio is a coverage measure; an increase has a positive impact on the firm.There was a significant decrease in Time interest earned ratio from 16. 85 in 2007 to 5. 95 in 2008. However, this ratio increased slightly over years. JWN’s Times interest earned has increased from 8. 80 in 2010 to 9. 61 in 2011. Ultimately, JWN generate more than enough income before interest and tax to cover for its interest expense. 5. Market related statistics: Like many luxury stores, Nordstrom has seen its sales rebound since late 2009 as well-he eled shoppers have become more comfortable with spending, despite volatility in the stock market.Nordstrom also has worked hard to make it easier to shop by adding Wi-Fi access for shoppers at all of its full-line department stores, offering free shipping on most items without any minimum purchase in September 2010, and fusing its online and in-store inventory systems so shoppers can find out online what's in stock at any given store in the chain. Nordstrom said it expects revenue at its stores open at least a year to rise 4 percent to 6 percent in the current full fiscal year, and it expects to earn $3. 30 to $3. 45 per share.JWN analyzes its dividend payout ratio and dividend yield, while taking into consideration its operating performance and capital resources, and plans to target a 25% to 30% dividend payout ratio in 2011. JWN has increased its dividend payout ratio and its dividend yield in 2011, 29% and 1. 9 % respectively. JWN paid dividends of $0. 92 per share in 2011, $0. 7 6 per share in 2010, and $. 64 per share in each of 2009 and 2008. 6. Quality of financial information Nordstrom uses a more moderate strategy when it comes to its accounting policies.It basically uses similar basic standards as other firms in the industry. Management and select employees of Nordstrom receive stock options and bonuses based on how profitable and how much growth the company is, which may lead to intentional accounting distortion to increase these benefits. Although distortion would be beneficial to management, the standards used by Nordstrom to account for stock issued to employees seem well disclosed and straight forward. Compared to the accounting policies and estimates used in the past five years, Nordstrom has not significantly changed any of its accounting standards.Estimates such as returns are based on past returns and performance and have not altered much in recent years. Nordstrom’s uses its historical data to estimate future performance for the use o f the inventory account. Nordstrom’s accounting policies and estimates seem to have no significant distortions. The changes in policies are well recorded and explained in the footnotes, leaving no concern about their accounting policies. The changes in policies accounting standards and estimates all seem to be legitimate. The manner in which Nordstrom discloses their financial information to the public is of extremely high quality.Nordstrom exceeds their expectation of providing customers and shareholders with an adequate explanation for nearly every element of their finances. After the presentation of each financial statement, Nordstrom provides a detailed clarification concerning each component listed in a manner that could be easily interpreted by the common inquirer. In general, Nordstrom effectively communicates their activities with their investors and are relatively free of unpredictable or unexplainable transactions. III. Comparison to the industry average and another store (Dillards)Liquidity:| JWN| DDS| Industry| Rating-JWN| Current Ratio | 2. 16| 1. 83| 1. 15| 8| Cash Ratio | 0. 73| 0. 26| 0. 12| 8| Cash Flow from Operations Ratio | 0. 46| 0. 58| -| -| Leverage|   | Total Liabilities / Total Equity| 3. 34| 1. 10| 1. 33| 4| Total Liabilities (BV) / Equity at Market| 0. 57| 0. 72| 0. 17| 4| Times Interest Earned| 9. 61| 5. 83| 7. 41| 7| Activity|   | Inventory Turnover | 6. 20| 3. 12| 6. 14| 6| Avg. # of Days Inventory | 58. 83| 117. 12| 59. 45| 6| Receivables Turnover | 5. 06| 232. 73| 22. 91| 3| Working Capital Turnover| 3. 67| 8. 88| 40. 9| 3| Fixed Assets Turnover| 4. 54| 2. 54| 6. 06| 4| Total Assets Turnover | 1. 36| 1. 47| 1. 91| 4| Length of Operating Cycle | 130. 98| 118. 69| 75. 38| 3| Profit|   | Gross Margin| 0. 39| 0. 37| 0. 29| 6| Return on Sales| 0. 06| 0. 07| 0. 06| 5| ROA| 0. 09| 0. 11| 0. 11| 5| ROE | 0. 34| 0. 22| 0. 25| 6| Both JWN and DDS maintained an efficient liquidity ratio which allowed them to cover their season al cash needs and to maintain appropriate levels of short term borrowings. DDS do not generate as much profit as JWN but it also has much lower leverage ratio than JWN.JWN has much higher debt to equity ratio than the industry average. However, its Time Interest Earned ratio is better than the industry. JWN’s activity ratio seems to be better than DDS, but below the industry average. JWN’s Beta is 1. 57 which theoretically indicates 57% more volatile than the market. DDS’s Beta is 2. 53 which is . 96 higher than JWN’s Beta and also means more volatile than the market. A beta of greater than  1 offers the possibility of a higher rate of return, but  also poses  more risk. In addition, JWN also has much higher dividend payout ratio and dividend yield than DDS.In general, JWN has higher rate of return and less volatile than DDS. JWN has higher dividend yield and lower dividend payout ratio than industry average. The growth and income pick pays an indus try-leading dividend yield of 1. 90%. Its ROE and Net profit margin are also higher than the industry average. Nordstrom clearly has a higher return than its competitor and is likely to be more profitable than its competitor and industry. In comparison with DDS and the industry average, it is apparent that there are no concerns with the accounting for the components of JWN ratios.JWN was consistently somewhat outperformed its competitor and the industry average. In its industry, JWN is apparently a leader in utilizing its capital to create value for the firm, creating profits, and increasing shareholder value IV. Growth in revenue and income Year| Revenue| Net income| 2011| $10,877| $683| 2010| $9,700| $613| 2009| $8,267| $441| 2008| $8,573| $401| 2007| $9,080| $715| 2006| $8,666| $678| Statistics|   | JWN| YoY growth in revenues | 2011| 12. 13%| YoY growth in net income| 2011| 11. 42%| YoY growth in revenues| 2010| 17. 33%| YoY growth in net income| 2010| 39. 00%|YoY growth in re venues| 2009| -3. 57%| YoY growth in net income| 2009| 9. 98%| YoY growth in revenues| 2008| -5. 58%| YoY growth in net income| 2008| -43. 92%| YoY growth in revenues| 2007| 4. 78%| YoY growth in net income| 2007| 5. 46%| YoY growth in revenues| (Average)| 12. 13%| YoY growth in net income| (Average)| 11. 42%| Nordstrom generates revenues from its credit segment, which consists of a wholly-owned federal savings bank that offers Nordstrom VISA credit and debit cards, and a private label card. Nordstrom also profits from its Faconnable boutiques located in France, Portugal, Belgium and the U.S. The remaining revenues are brought in by the retail store segment; the stores specialize in high quality apparel, shoes, cosmetics, and accessories. Nordstrom also sells direct via the internet at www. nordstrom. com. JWN’s revenue for 2011 increased 12. 7% compared with 2010 driven by the strength of Nordstrom full-line stores, rapid growth in its online business and improving results a t Nordstrom Rack. JWN opened three Nordstrom full-line stores, eighteen Nordstrom Rack stores and one Treasure & bond store, relocated two Nordstrom Rack stores, and acquired HauteLook during the year 2011.These additions represented 4. 0% of its total revenue for 2011. Same-store sales increased 7. 2%, with increases of 8. 2% at Nordstrom and 3. 7% at Nordstrom Rack. Nordstrom’s revenue was in a range of $8 billion to 11 billion from 2007 to 2011. There was a slightly decrease or increase in revenue over 5 years period. Nordstrom’s net income was in a range of $401 mil to $715 mil. There is a significant decrease in 2007 net income. It went from $715 mil to $401 mil, which is approximately 44% decrease in net income.However, its net income increased dramatically in 2010, from $441 mil in 2009 to $613 mil in 2010, which is nearly 40% increase in net income. In order to predict an accurate forecast for Nordstrom’s Income Statement, Statement of Cash Flows, and Ba lance sheet, a sustainable growth rate is needed. After examining Nordstrom’s past performance and computing past growth rates on Nordstrom’s financial, Nordstrom has an average growth in revenue and net income 12. 13% and 11. 42% respectively. V. â€Å"G† Growth rate Risk free rate |   | 3. 10%| Market rate|   | 10. 00%| Beta|   | 1. 58|Rate of return| Rf + B(Rm-Rf)| 14. 00%| # of share outstanding|   | 208| EPS|   | 3. 15| P/E ratio|   | 17. 48| Book value per share|   | 9. 42| Equity| Book value/share x # of share| 1959| Forecasted Net Income| EPS x # of share | 655. 2| Required Income| Equity x rate of return| 274| Residual Income| Forecasted NI – Required income| 381| Market price per share| P/E ratio x EPS| 55| Market capital| market price x # of share| 11453| Unrecognized intangible value (UIV)| market capital – equity| 9494| Growth rate| [(UIV *rate of return)-residual income]/UIV| 10%| With a risk free rate of 3. 0%, market r ate of 10%, and JWN’s Beta 1. 58, Nordstrom has a rate of return of 14% and growth rate of 10%. The growth rate 10% is slightly lower than the forecasted growth rate 11. 42% in net income and 12. 13% in revenue, based on the its past 5 years financial information. With the growth rate of 10%, the discount rate 14% from CAPM model is high enough for Nordstrom. Without the growth rate, discount rate 14% is too low because the capital market and market price per share will be $4679 million and $22. JWN’s market capital and market price per share are actually $11,453 million and $55/ respectively.With growth rate of 10%, JWN will have 14% in rate of return. VI. Recommendation about stock After evaluating Nordstrom’s past performance and forecasted its future growth, there should be a â€Å"BUY† in Nordstrom stock. Nordstrom has established itself as a high-end apparel retailing company. Nordstrom has founded itself upon excellent customer service and an unmat ched reputation. Its main competitors are Saks, Dillard’s, and Neiman Marcus. Nordstrom’s accounting policies are moderate and very well disclosed; they leave no room for any potential red flags to be raised. Nordstrom’s transparent accounting olicies show that the managers have confidence in the firm and its ability to perform. No distortion is used in their statements proving the firms high integrity standards. Upon completion of Nordstrom’s ratio analysis it is apparent that there should be no concerns as to how Nordstrom compares to its competition. In most cases Nordstrom was either average or stood above the competition. There were very few cases where Nordstrom fell behind in its market. Nordstrom would grow at an average 10% percent per year. This is shown through increasing sales and expansion of new stores.Nordstrom has $10,877 million net revenue, $683 million net income, EPS $3. 15, and dividend $. 90/share in fiscal 2012. Nordstrom is expecte d to have $11,705 Million net revenue, $735 million net income, EPS $3. 48 and dividend $. 90 per share during fiscal year 2013. JWN recently acquired online private sale leader HauteLook Inc, which will help the company in building its multi-channel retail format. The acquisition will facilitate Nordstrom to increase its direct business capabilities, implement an enterprise-wide inventory management system, direct sales to online customers and enhance customer service.JWN’s operations are based on a variable cost business model and about 40% to 45% of selling, general and administrative expenses are variable in nature. This flexible cost structure not only helps the company to mitigate the impact of sluggish sales trends on margins, but also enables it to quickly capitalize on the emerging opportunities when market conditions recover. Consequently, Nordstrom can expect a steady improvement in profitability moving forward. Nordstrom has 8. 6% increase in same-store sales for the five week period ended March 31st 2012 compared with the five week period ended April 2nd 2012.Total retail sales of $1. 03 billion for March 2012 increased 14. 7% compared with total retail sales of $897 million for the same period in fiscal year 2011. In addition, Nordstrom has a 7. 1% increase in same-store sales for the four-week period ended April 28th, 2012 compared with the four-week period ended April 30th, 2011. Preliminary total retail sales of $802 million for April 2012 increased 10. 5% compared with total retail sales of $726 million for the same period in fiscal 2011. First quarter same-store sales increased 8. 5% compared with the same period in fiscal 2011.First quarter total retail sales of $2. 53 billion increased 13. 7% compared with total retail sales of $2. 23 billion for the same period in fiscal 2011. In addition, JWN also invests 16. 4 million USD in Bonobos, an exclusive brand of men? s clothes that sells pants and other clothes online. Nordstrom will al so sell Bonobos products through its online store and through more than 100 brick and mortar stores. This move is one of Nordstrom? s efforts to capitalize on the growth opportunities and innovation potential that the web provides, which reflects a smart decision from a dynamic management team.

Athenian Democracy essays

Athenian Democracy essays A Democracy is defined as a government of, by and for the people. Originally, democracy meant rule by the common people. In this sense, and even before the beginning of modern class society, it was very much a class affair. It meant that power should be in the hands of the largest class: the poorest, least educated and the propertyless. As a result, democracy was feared and rejected by the educated, the cultured, and the wealthy. In classical Greece, democracy was seen by the enlightened and the educated as one of the worst types of government and society imaginable. The rule of the people was regarded as a threat to all the cherished values of a civilized and orderly society. It would curtail individual freedom and would lead to anarchy. The political system of ancient Athens was a Democracy, which involved all of its citizens and not only their representatives, by giving then daily access to civic affairs and political power. Both decision-making and decision-enforcing were the duty of every citizen, not just of those elected by them or by their leaders. The citizens of Athens were directly involved not only in government matters, but also in matters of justice, as there was no separation of powers in ancient Athens. The Athenian Democracy is one of the more intriguing aspects of political history. It is a source for much of our modern conception of democracy, but it is also quite singular in many of its features. Athenian Democracy started developing at the beginning of the 6th century BC. This development began not by a revolution of simple people demanding political rights, but by the initiative of the ruling class of ancient Athens in slow evolutionary ways. By the middle of the 5th century BC, Athens had developed into a pure and absolute Democracy. In 594 BC, Solon was appointed into power. He took immediate measures to relieve the citizens from the burden of their debts and at the same time began an institutional eff...