Distribution Strategy free essay sample

In advertising, it is difficult to maintain a strategic distance from thought of promoting blend, which includes 4Ps. The 4Ps incorporate: place, advancement, cost and item (Viardot, 2004). This uncovered one of essential commitments of any advertising chief. That is, an advertising director is liable for detailing viable appropriation system (submit) so as to keep the different Ps moving (Distributionstrategy. organization. , 2013). Thus, examines depicted circulation procedure as essential for achievement of any business (Chapter 15: Product Distribution, n. d. ). It is an arrangement of activities utilized to move administration/item from the maker to the end buyers through various methodologies, for example, physical conveyance and appropriation channels. By and large, it attempts to portray where and how clients buy firm’s administration/items. Dispersion methodology centers around different elements, which include: area of the firm and target showcase, approaches of arriving at the objective market, warehousing, just as transportation. In this paper, dispersion system fundamentally examined other than assessing how it utilized in shopper showcase. Channel middle people are firms or people, for example, wholesalers, operators, specialists, or retailers who help move an item from the maker to the customer or business client. A company’s channel choices legitimately influence each other promoting choice. Spot choices, for instance, influence evaluating. Advertisers that circulate items through mass merchandisers, for example, Wal-Mart will have distinctive estimating goals and procedures than will those that offer to forte stores. Appropriation choices can now and then give an item an unmistakable situation in the market.The selection of retailers and different delegates is unequivocally attached to the item itself. Makers select mass merchandisers to sell center cost ran items while they circulate first class items through very good quality office and strength stores. The firm’s deals power and interchanges choices rely upon how much influence, preparing, inspiration, and bolster its channel accomplices need. Regardless of whether an organization creates or obtains certain new items may rely upon how well those items fit the capacities of its channel individuals. A few organizations give too little consideration to their circulation channels.

Industrial action Essay Example | Topics and Well Written Essays - 500 words

Mechanical activity - Essay Example On the off chance that we are to investigate this issue 17 years prior, it was expressed that A 1990 review of working time found that a little more than one of every 16 representatives in Britain had their working hours determined on a yearly basis.(1) At present there are a ton of laborers that are being paid in yield premise instead of the time they expend to complete the work. These works incorporates any semblance of care giving, independent occupations, columnists and the preferences. The sort of laborers that are remembered for these fields are paid in a yield premise which the greater part of the organizations does, on the grounds that as indicated by the organizations, these individuals are not required to go to standard working hours and the hours that they expend in satisfying their undertakings are not so indistinguishable and this incited these organizations were constrained to do such acts. In any case, this plan was not acknowledged by dominant part of the laborers and this situation regularly makes clashes and conflicts between the laborers and the businesses. There are accounts that laborers are either offered with positive sum all together for the companies’ cause the laborers to feel that they are redressed. Along these lines, the laborers would reconsider in bringing business related issues to the court, especially the privileges of the laborers that are denied by a portion of the businesses. Be that as it may, laborers and directors must know their obligations and their constraints. Moreover, Abramson asserted this vintage uprightness expressing â€Å"Wherever definitive jobs exist, they separate between the individuals who order and the individuals who comply. Also, in any association we can separate between the individuals who take an interest in the chain of importance of order, paying little mind to their situation in this progressive system, and the individuals who are subordinate.† This implies whatever the condition, the laborers must conform to the sort of authority his supervisor utilizes. In the event that we are to base it in a British administration point of view which manages relationship with

It isnt what you know, its who you know

It isn’t what you know, it’s who you know Networking is important. Probably one of the most important skills youll use. The MIT Career Development Center  collects  statistics on the number of students who got their job through networking, on-campus recruiting, direct  applications etc. Less than 20% of students got their job from a direct application to an employer. Everything elsethat they collect information on is some kind of networking. The only rule of networking is to talk to people. Well actually, theres a little  more to it, but thats probably the most important rule. Networking can help you find an internship, a job or just  find people to talk to about what you may want to do in the future. Rule No. 1 Dont be a afraid to put yourself out there Its up to you to start forming relationships. Ask the people you know for help. This may be your parents,  professors, friends, or GRT (graduate resident tutor). They may know someone who works in the field you are  interested in, went to the grad school you are looking at, or maybe just someone else who has these contacts.  Ask your professor for their contact list (something you too should start forming) and for suggestions on who  to talk to. Dont be afraid to go talk to people at career fairs, even if you arent looking for a job yet.  They may not have a ton of time to talk you right then, but you can always follow up with them later. Find  people with MIT connections who work at companies that you are looking at. The MIT connection is a great way  to find an in. You have to make the effort to begin making connections, they dont often just fall in your lap. Rule No. 2 Talk Dont be afraid to talk to people, no matter what their rank is in comparison to yours. You have a lot to say.  Granted, not all of it may need to be heard, or be correct, but you neednt be afraid to speak up and talk to  people. Ever heard of the elevator pitch? The idea is that you happen to be in the same elevator as the CEO and  you have the length of an elevator ride to pitch an idea. You cant get someone to remember you if you dont  talk to them. Ask them questions about they do, and any pressing questions you have. Rule No. 3 Take notes Well, not during the conversation, but if they give you a business card, write down some notes on the back. Or keep  a notebook of the people you have spoken to. Or make a contact list. Whatever will keep you organized. Rule No. 4 Follow up If you dont follow up, you have as good as fallen off the face of the planet. Day of, or day after, send a follow  up email. Remind them what you spoke about, ask a follow up question. Just something so that they have a record  that you spoke. Linked In is a popular professional social network and is a good way to maintain a network Rule No. 5 Use your contacts The whole point of networking is to create a network so that you can actually use it. The hard work comes with  the first four steps. When you contact people again, some may not remember you, some may need some prompting, some  may never reply, but most will. Most people are happy to help. Basically, keep in touch with people, talk to people, ask people questions. Be proactive.  People will be amazed by your networking abilities.  You can choose whether to let them in on your secrets.

The Legal Drinking Age Should Be Lowered - 955 Words

In the United States of America, the National Government requires the states to enforce a legal drinking age of twenty-one. Where as the world average drinking age is eighteen, and in some Countries it is even lower where it is possible to get a beer at sixteen years of age. Taking that into consideration, there is a great deal of controversy in the United States on what the legal age should be to purchase and consume an alcoholic beverage. The largest issue being that you are considered to be an adult at eighteen and can buy cigarettes and other tobacco products, but are unable to purchase alcohol. With that there are many other reasons why the legal age to drink should be lowered. Many teens from seventeen years of age to twenty do not obey the twenty-one year minimum legal drinking age. Most teenagers either have friends that are legal to buy alcohol or even family members such as an older sibling and even their parents that will purchase alcohol for them to drink. In 2006 a surve y was done by the National Center on Addiction and Substance Abuse that showed 72.2 percent of seniors in highschool have consumed alcohol at least once in their lifetime (Charlie Covey). In addition, underage drinking accounts for 17.5 percent of consumer spending on alcohol, which may not seem like a considerable amount, but in reality it adds up to 22.5 billion dollars (Joseph Califano Jr.). This comes largely due to the fact that in twenty-nine states underage drinking is allowed if done onShow MoreRelatedThe Legal Drinking Age Should Not Be Lowered973 Words   |  4 Pages The Legal Age for Drinking Alcohol Should Not Be Lowered To 18 In the United States. Every state has the right to set its own legal drinking age. However, according to George Will in an article he wrote in the Washington Post about the legal drinking age, â€Å"drinking age paradox† â€Å"lowering the drinking age will cost the state ten percent of its federal highway funds and cause a significant uproar from contractors and construction unions.† It is therefore in the best interest of every citizenRead MoreThe Legal Drinking Age Should Be Lowered1732 Words   |  7 PagesThe definition of the word adult is: â€Å"a person who has attained the age of maturity as specified by law†(Dictionary.com). If this is so, then why is it that in the United States 18 year olds are legally considered adults in our society, but they can’t legally buy or consume alcohol? Yet at this age they are able to vote in an election, get married, serve on a jury, live on their own, purchase cigarettes, adopt a child, and defend our country. These are not easy tasks for one to take on, yet our governmentRead MoreThe Legal Drinking Age Should Be Lowered1170 Words   |  5 PagesFor a majority of the 20th century, the United States drinking age has been a big issue. After prohibition had concluded in 1933, twenty- one was the new legal drinking age. Meanwhile, during the Vietnam War, eighteen became the new legal drinking age. Finally in 1984, Congress passed the National Minimum Drinking Age Act (MLDA). Since then, twenty-one years old has been the legal age to drink in the United States. There are several ways alcohol has been a reason for death such as, alcohol poisoningRead MoreThe Legal Drinking Age Should Be Lowered1553 Words   |  7 Pagesold male who lives in Oregon. To celebrate his 18th birthday, he decided to go out with some friends and have a few drinks. He knows that the legal drinking age is 21, but he thinks what is the harm? I am 18 and in other countries, you are allowed to drink before you turn 21. Later that night as John gets in the car with his friends after a few hours of drinking, everything seems to be going well as they are driving down the freeway on their way over to his friend Dan’s house that is just a few milesRead MoreThe Legal Drinking Age Should Not Be Lowered988 Words   |  4 PagesThe Legal Drinking Age Should Not Be Lowered There are copious amounts of people who believe that the legal drinking age should be lowered to eighteen. Others think the drinking age needs to remain the same. A few of those also conclude the legal age of adulthood should be raised to 21. The belief is if the adolescent brain has not matured enough to support alcohol use by age 21, it cannot make the responsible decisions required at 18 years of age. Voters should make the decision toRead MoreThe Legal Drinking Age Should Not Be Lowered1117 Words   |  5 Pagesto the legal age of alcohol consumption have been going on for many years. While some feel that 21 should remain as the legal minimum consumption age, others disagree. By examining different aspects of alcohol consumption such as social motives and health related concerns one is more able to fully grasp the role that alcohol plays in our society. Through research and analyzation one can come to the conclusion that a lowered legal drinking age is not the answe r. The legal drinking age should not beRead MoreThe Legal Drinking Age Should Be Lowered Essay1548 Words   |  7 PagesIn the United States, the legal drinking age is twenty-one. In all fifty states, however, there are exceptions for underaged drinking at home, under adult supervision, or for medical purposes (â€Å"Drinking Age†). Overall, the legal opportunities for any person under twenty-one to legally drink alcohol are very scarce. There are many different points, made by people from both sides of the issue about whether or not to lower the drinking age to eighteen, or leave it where it currently stands at twenty-oneRead MoreThe Legal Drinking Age Should Be Lowered1481 Words   |  6 Pagesthe century, underage drinking happens every day in the United States and for some this might seem unacceptable but for most this is all because an unfair law put up by the government. The legal drinking age should be lowered from 21 to 18 because, among other things; 18 is the age of adulthood in America and adults should have the right to make their own decisions, also traffic accidents and fatalities are most common among newly-legal drinkers regardless of their drinking age; and, this law has notRead MoreLegal Drinking Age Should Be Lowered2099 Words   |  9 Pages friends, and the feeling of being invincible. Although there are a legal alcohol drinking and purchasing age in various countries, it is easily accessible to those who are underage. Alcohol is a monitored and controlled substance that can be purchased legally, yet there are many concerns that surround the substance. There are pros, cons, and different patterns regarding alcohol and the legal alcohol drinking and purchasing age. As a result of alcohol use, there have been many fatalities and injuriesRead MoreShould the Legal Drinking Age Be Lowered?2541 Words   |  11 Pagesabysmal failure. It hasnt reduced or eliminated drinking. It has simply driven it underground, behind closed doors, int o the most risky and least manageable of settings,(Debate) said John McCardell of â€Å"Choose Responsibility†. Choose Responsibility is a non-profit organization that is for lowering the drinking age to 18. Young adults can vote, fight and die for their country overseas, and purchase tobacco at age 18, but why cannot they have a beer? Drinking among the youth in the United States has escalated

Definition Essay - 900 Words

Michael Pastrano Melinda Zepeda English 1301 November 26, 2012 Definition Essay Draft Living, the feeling of just having air in your lungs and blood pumping through your veins. Not only does living define a human being it also can resemble nature. I think living can have many different definitions, such as having a very good day or the best time of your life, enjoying the little things. When were talking about living I’m not talking about something from the movie the Hangover or anything were they do crazy stuff and say they are living, I believe it can also be something very simple and still be the best day ever. Depending on how you want to use the word is totally up to you and your thoughts. Living resembles nature in many†¦show more content†¦To me now living is coming home from work and seeing my daughter everyday is living. She gets older everyday and I realize how beautiful she is that to me is living life to the fullest. Being able to see you daughter grow up is an amazing filling I would not trade that for anything in the world. Coming home t o my family is living life to the fullest for me. What is it to you? Living, is very important in our lifes no matter which way you mean it. Without living we wouldn’t be here, without living life to the fullest sometimes we would all be bored all the time, and not know what a thrill is. Living is about taking the risk that sometimes people tell you not to do. Living is waking up every morning and seeing another day, seeing the beautiful world we live in. Either way that you use the word, you are still living no matter what you do in your life or with your life. Living is in nature, in everyday human life, and in animals all breathing eating, andShow MoreRelatedPride Definition Essay951 Words   |  4 Pagescan be many different meanings of pride. Pride can be the allegiance towards a certain group or club, the pride one gives towards its own country, or even the pride that someone has internally within themselves could be another way to look at the definition of pride. Prid e can be interpreted in more ways than one; it just depends on the way the word is being used. The pride that I have towards a group at church or an extracurricular club at school can have many different interpretations to otherRead MoreTourism Definitions Essay960 Words   |  4 PagesThe Framework of Tourism: Towards a Definition of Tourism, Tourist, and the Tourist Industry (Leiper, 1979) Find six academic definitions for tourism, tourist or travel. Discuss each of these six definitions and explain the merits and efficiencies of each one, making connections with the points raised by Leiper (1979) where possible. Then provide an overall discussion about which definition is best and for what reason/s. Introduction Six definitions for the term Tourism were found from a varietyRead MoreThe Definition of Justice Essay860 Words   |  4 Pagesmorality and the values individuals hold most important. One value looked at by Socrates and his colleagues is the principle of justice. Multiple definitions of justice are given and Socrates analyzes the merit of each. As the group defines justice they show how self-interest shapes the progression of their arguments and contributes to the definition of justice. The topic of justice first comes about through a conversation between Socrates and Cephalus. The two are reflecting upon their oldRead MoreDefinition of Cheating Essay716 Words   |  3 Pageson-line dictionary defines the word â€Å"cheat† simply as ‘using trickery to escape observation.’ The word cheat dates back to as early as 1590 and is a transitive verb (a verb that requires both a direct subject and one or more objects). Other definitions of the word cheat include: to deceive or mislead somebody, especially for personal advantage, to break the rules in a game, examination, or contest, in an attempt to gain an unfair advantage, and to have a sexual relationship with somebody otherRead More Definition Essay - Defining Freedom713 Words   |  3 PagesDefinition Essay – Defining Freedom Is it possible to define freedom? To define freedom is more than a difficult task, but perhaps easier than one might imagine if not overanalyzed. Given ample time to consider the task, however, a simple, sufficient definition can present itself: freedom is the ability to choose, for any creature living life in any place in any time. There is no greater truth to the statement, and no underlying meanings; freedom is simply the ability to choose. Read MoreAbnormality Essay Discuss Two or More Definitions of Abnormality920 Words   |  4 PagesINDIVIDUAL DIFFERENCES Question 10 â€Å"Abnormality is very difficult to define. It can be hard to decide where normal behaviour ends and abnormal behaviour begins† Discuss two or more definitions of abnormality AO1 = 6 marks Knowledge and understanding of definitions of abnormality. AO2 = 6 marks Commentary on definitions of abnormality. The term ‘abnormal’ means deviating from the average. Therefore, if we were to adopt a literal approach to defining abnormality, we would conclude that any rareRead More High Definition Television (HDTV) Essay examples511 Words   |  3 PagesHigh Definition Television (HDTV) High Definition Television, also known as HDTV, is a technological advancement compared to the analog television most Americans have now. High definition was a marvel that was bound to come. It seems that every time a new technology emerges, it is a must have, but is high-definition television worth buying? This is the question I have posed to myself and will try to answer. High definition started in Tokyo, Japan in 1964. It was a simple experimentalRead More HDTV: Implications for High Definition Television Essay1738 Words   |  7 PagesHDTV: Implications for High Definition Television    HDTV (High Definition Television) has many positive attributes and is the television set of the future, but the primary concern is how this revolutionary standard can coexist and eventually replace the existing color TV system.   This vital problem associated with HDTV is similar to the obstacle that color TV encountered in 1954 - which was enabling the color signal to be read simultaneously with the monochrome signal, without interferenceRead MoreDefinition Essay790 Words   |  4 PagesDEFINITION ESSAY Definition Essay Definition: The aim in this essay is to define, explain, and exemplify something. Generally, in definition essays, we try to make the terms that we use understandable for the reader. Our understanding of a term may be different from the general concept, or we may be focusing on a specific aspect. Giving an exact definition would enable the reader to follow the ideas and arguments in your essay. Organization: Definition of a term is generally given in the introductionRead MoreThe History and Development of Assessment and Evaulation761 Words   |  3 PagesAssessment and Evaluation, Definition, History and Development† Introduction In this short essay we will define â€Å"Assessment and Evaluation†, we are going to compare several definitions found in diferent books and web pages. We will be writing about the history and development of â€Å"Assessment and Evaluation† and how it is very important for the counseling profession. As we will later reasd in this essay, assessment and evaluation are two terms

Encyclopedic System of Herbert Spencer Free Essays

The most extreme reflection of nineteenth-century individualism is to be found in the encyclopedic system of Herbert Spencer (1820-1903). Both his paternal and maternal ancestors were of a long English and French nonconformists, dissenters and rebels, and Spencer traces in his â€Å"Autobiography† his â€Å"conspicuous disregard† of political, religious, and social authority to the tradition of independence and dissent so long cherished by his family. Spencer†s education was informal, unconventional, and highly deficient in the more traditional studies of literature and history. We will write a custom essay sample on Encyclopedic System of Herbert Spencer or any similar topic only for you Order Now His father encouraged his interest in the science and tecnology, and Spencer became an engineer. However, he practiced his profession for a few years, because he became increasingly interested in political economy, sociology, biology, and philosophy. He was a subeditor of The economist from 1848 to 1853, and then ventured into a full-time career as a free-lance author. As early as 1842 Spencer contributed to the Nonconformist a series of letters called The Proper Sphere of Government, his first major publication. It contains his political philosophy of extreme individualism and Laissez Faire, which was not much modified in his writings in the following sixty years. Spencer expresses in The Proper Sphere of Government his belief that â€Å"everything in nature has its laws,† organic as well as inorganic matter. Man is subject to laws bot in his physical and spiritual essence, and â€Å"as with man individually, so with man socially. † Concerning the evils of society, Spencer postulates a â€Å"self-adjusting principle† under which evils rectify themselves, provided that no one interferes with the inherent law of society. In discussing the functions of the state, Spencer is concerned with what the state should not do, rather than what it should do. Maintenance of order and administration of justice are the only two proper realms of government activity, and their purpose is â€Å"simply to defend the natural rights of man to protect person and property. † The state has no business to promote religion, regulate trade and commerce, encourage colonization, aid the poor, or enforce sanitary laws. Spencer went even so far as to deny the state the right to wage war; but as he says in his Autobiography, his â€Å"youthful enthusiasm of two-and twenty† had carried him too far in this respect. Viewing the nature of the state in evolutionary terms, Spencer is little interested in forms of government, such as the traditional distinctions of monarchies, aristocracies, and democracies. The two main forms of the state and society, according to Spencer, are the military state and the industrial state. The military state is the early form of social organization, primitive, barbarian, and geared to permanent readiness for war. The individual is no more than a means to an end set by the state: victory in war. Society is firmly organized, and every individual occupies the place assigned to him by the exigencies of militarism and authoritarian government. Status is the characteristic principle of the military society, and there is little mobility between classes and groups. Spencer defines the military state as one in which the army is the nation mobilized while the nation is the quiescent army. Showing unusual foresight long before total war was a reality, Spencer understood the impact of war on society as a whole, although his analysis of the military state refers to an early stage of society, it anticipates with remarkable accuracy the developments of the twentieth century. In the military state, Spencer says, the military chief is likely to be the political leader, and the economic activities of the industrial classes are oriented to the military needs of the state. There is massive corporation in a military state, but it is enforced and involuntary. Because the security of the state is the primary objective of all public actions. As the military state expands its territory and achieves stability over a long period of time, it gradually evolves into the industrial type of state and society. The way of life in the industrial state and society is based on voluntary cooperation, and the tendency is toward gradual elimination of elimination of coercion in all forms. Diversity, variety, and nonconformity characterize the industrial society with its emphasis on the value of the individual as the supreme end of government. The purpose of the industrial society is to assure the maximum liberty and happiness of its members, whereas the purpose of the military society is to increase its power by â€Å"rigid regimentation at home and imperialists conquest abroad. † In relation with other nations, the industrial society is pacific, eager to exchange the products of labor rather than to acquire wealth by force. As Spencer explains the members of the industrial society are therefore antimilitarist, anti-imperialist, cosmopolitan, and humanitarian. Free trade within and between nations is the formula of the industrial society, whereas economic nationalism is the ideal of the military state. In 1884 Spencer published four essays in the Contemporary Review, which were assembled in a book under the title, The Man Versus the State. It is his most famous work on politics and it is still the most influential statement of the Laissez Faire. In the first essay, â€Å"The New Tories,† Spencer attacks the English Liberals for abandoning their historical individualism in favor of social reform and the welfare state. According to Spencer, English Conservatives, like any conservative party, are the historical descendants of the principles of the military state, whereas the English Liberals, like liberals generally are the descendants of the industrial society. Moreover, Spencer also noticed that economic individualism, abandoned by Liberals, was more and more adopted by Conservatives, so that the roles of both parties came to be the opposite of what they had originally been. Therefore, the English Conservative would become the party of economic individualism and free enterprise, whereas the Liberals would accept public control of the economy. The second essay is â€Å"The Coming Slavery. † In it, Spencer refocus on the necessity that the laws of the society must not be interfered with the beneficent process of the survival of the fittest, and that interference with natural selection lowers the standards of society as a whole. Spencer stresses â€Å"on the official regulations to increase in a geometrical ratio to the power of resistance of the regulated citizens. † People get more and more accustomed to the idea that the state will take care of them, and therefore, they lose the spirit of initiative and enterprise. Spencer predicted that social-welfare programs would lead to socialization of the means of production, and â€Å"all socialism is slavery. † Spencer defines a slave as a person who â€Å"labors under coercion to satisfy another†s desires. † Under socialism or communism the individual would be enslaved to the whole community rather than to a single master. In his third essay, â€Å"The Sins of Legislators,† Spencer rejects the spread of government activity in social and economic areas. Progress is the result of the desire to increase personal welfare, and not the product of governmental regulation: â€Å"It is not the state that owe the multitudinous useful inventions from the spade to the telephone; it was not the state which made the discoveries in physics, chemistry, and the rest, which guide modern manufactures; it was not the state which devised the machinery for producing fabrics of every kind, for transferring men and things from place to place, and for ministering in a thousand ways to our comforts. † Spencer charges legislators with confusing â€Å"family ethics† with â€Å"state ethics. In the family, benefits received have little or no relation to merit. In the state, the ruling principle ought to be justice; therefore the relation between benefits and merits should be proportional. Spencer explains that the intrusion of family ethics into state ethics is a dangerous interference with the laws of nature and society, and slowly followed by fatal results. The last essay is â€Å"the Great Political Superstition. † In which Spencer says that the great political superstition of the past, was the divine right of kings. Whereas, in the present it is the divine right of parliaments. He attacks the doctrine of sovereignty as propounded by Hobbes and rejects the claim of â€Å"popular majorities for unlimited authority as being inconsistent with the inalienable rights of the individual. † Spencer concludes his book with the final reminder that government is not a divine institution but a committee of management, and that it has no intrinsic authority beyond the ethical sanction bestowed on it by the free consent of the citizens: † The function of Liberalism in the past was that of putting a limit to the powers of the king. The functions of true Liberalism in the future will be that of putting a limit to the powers of parliaments. † Spencer†s political ideas hardly changed between 1842, when he published his Proper Sphere of Government, and 1903, the year of his death. The constancy of his political thought in the face of rapidly changing social and economic scene explains why the same ideas that were the last word in radical individualism in the eighteen-forties had become the orthodox conservatism by 1900. And Spencer†s appeal to the English Liberals to return to their original individualism remained unheard, but he correctly foresaw that Conservatives would become the defenders of economic individualism. Spencer failed to see that the issue of the state intervention in the economy was essentially one of means and not of objectives, and that Laissez Faire could be progressive, dynamic, and revolutionary at one time –early 19 century-, and conservative, stagnant, and sterile at another time – late 19 century-. How to cite Encyclopedic System of Herbert Spencer, Essay examples

The Department Stores in Different Countries free essay sample

The department stores in America and Taiwan A department store is a place that sells a wide range of products to the consumer. The products sold in a department store including everything, like clothing, cosmetics, furniture, home appliances, food, books, jewelry, and electronics. Managing the department stores is one of the typical big businesses in the world. America and Taiwan, have many ways of operating the department stores in common, including the way to attract customer, a set price, the employees’ rotation. However, the Product display, the operating time, and the serving style of the workers, are very different from each other. Both American and Taiwanese love to shop. The department stores in both countries are always crowded. The appearance of a department store is very important in Taiwan, just as America. They are not only emphasize on the exterior of the building, but also changed the decoration of windows display every month. We will write a custom essay sample on The Department Stores in Different Countries or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page They also made some advertisement post on the subway, newspaper, and media to attract people. The price of each product in a department stores in the United States, just like Taiwan, is already set. People can not bargain about the price in the department stores. Only if there is a special event, like Christmas, an anniversary, New Years, or the customers have the specific credit card which the department store provides they can have some discounts. The employees rotation in America is similar to Taiwan. That is when people go shopping, they usually can’t see the same employees serving people, because the stores change the employees all the time. In Taiwan, the same cosmetic shops are located in different department stores, and the companies make the employees rotate. In addition to the similarities, there are also some differences in the department stores between America and Taiwan. First of all, department store in Taiwan, every brand has their own space and product display are always very neat. It makes the commodities look more valuable, then people would have more desire to purchase them; in contrast, American department stores, there are many different brands set in the same place, sometimes it looks messy and makes people lose interest. The way of serving in the department stores in the U. S. is difference from Taiwan. In general, one American employee can serve one customer in the department store, such as helping customer find the clothes, or introducing the new products to the customer. However, Taiwan is a crowded place, and the department stores are always full of people. It’s hard for the employee to pay attention to only one customer. Usually, the employee in Taiwan has to serve more than two people at the same time. A final difference is American department stores open in the morning, and close at 9:00 at night. On the other hand, Taiwanese department stores, the operating time is from 11:00 a. m. to 10:00 p. m.. During the weekends, the department stores in Taiwan continue serving until 10:30 p. m. to attract more customers than weekdays. Unlike the shopping malls in Taiwan, nevertheless, American department stores close at 6:00 p. m. on Sunday. Although there are some differences of product set up, operating styles and time. The operating methods of the United States and Taiwanese department stores still have something in common, including the way to attract customer, the price point, and the employees’ rotation. In fact, no matter where the department stores are located, the most important purpose of operating is to provide more good services to attract more customers, to make more profits.

The Drylanders video report essays

The Drylanders video report essays The Drylanders The film The Drylanders takes a look at the ups and downs of early farm life in Saskatchewan. This film shows us a family moving from the city to the prairies to start a new life. It shows the great harvest of 1927 and how lack of rain can affect the whole prairie life style. Most of all it illustrates how hard it was to adjust to these new lands. The film The Drylanders was a first-rate look at the hardships and the excellent times farmers had in the early 1900s. The harvest was a great time for everyone. The farmers would go out with their families and collect the wheat and crops from the fields. This was the main source of income for the prairie farmers. In the film it shows a great example of a wonderful harvest. It was the harvest of 1927, everything went well for the farmers on the prairie. There were more then enough crops for the whole family. Families were even able to buy cars due to all the inventory (crops). The film also explains how hard the times were when there were droughts. It teaches us how dead the parries were. People were angry and very depressed. Since they had no source of income they had to get their food from food banks. The film also portrays how hard it was to start a life on the prairies. Before they even came there were stories how children would die in the cold winters. The first harvest did not go well, it was ruined by hail a hail storm. This really hurt the families ego. Although there were good and bad times the drylanders were able to make it through both with smiles and with tears. If it were not for these brave men or women who labored over this land who knows what kind province Saskatchewan would have evolved into today. ...

Citing Primary Sources in OSCOLA Referencing

Citing Primary Sources in OSCOLA Referencing Citing Primary Sources in OSCOLA Referencing citation systems as well. In the UK, the most common form of legal referencing is OSCOLA (or the Oxford Standard for Citation of Legal Authorities). And in this post, we look at how to cite primary sources with OSCOLA. First, though, what exactly is a primary source? Primary and Secondary Sources OSCOLA classes sources as either â€Å"primary† or â€Å"secondary.† Primary sources are legal sources, such as cases and legislative documents. Secondary sources cover everything else, including books, journal articles, and websites. In either case, you will use superscript numbers (e.g., 1, 2, 3) to indicate a citation, with details of the source given in a footnote. But the information you give here will depend on the source in question. For primary sources, this usually means either a case report or a legislative act. Citing Case Reports in OSCOLA When citing a UK case with a neutral citation, you will need to provide the following information in the accompanying footnote: Case Name | [Year] | Court | Number,| [Year] | Volume | Report Abbreviation | First Page However, you only need to include the case name in the footnote if it is not used in the text. And as shown, the neutral citation should be separated from the law report citation by a comma. Cases from before 2001 will not have a neutral citation, so footnotes for older cases should only include the following details: Case Name | [Year] | Volume | Report Abbreviation | First Page | (Court) Examples of the above would thus appear as follows in footnote citations: Neutral Citation: PI vs Walls [2008] UKHL 15, [2008] 4 AC 1284 No Neutral Citation: GM vs Nissan [1983] 1 AC 154 (UKHL) Citing Legislation in OSCOLA Other than cases, the main primary sources in OSCOLA referencing are legislative acts and statutory instruments. When citing a UK legislative act, all you need is the short title and year. For instance: Act of Supremacy 1558 To reference a particular section, meanwhile, simply add it after the year: Human Rights Act 1998 s 7 The â€Å"s† before the â€Å"7† above is short for â€Å"section.† However, the correct abbreviation here may depend on what you’re citing: part/parts pt/pts section/sections s/ss subsection/subsections sub-s/sub-ss paragraph/paragraphs para/paras subparagraph/subparagraphs subpara/subparas schedule/schedules sch/schs You may also need to cite a statutory instrument at some point. To do this, the footnote should include the title, year and the SI number (after a comma). So, for instance, we could cite a statutory instrument as follows: The Deregulation Act 2015 (Commencement No. 4) Order 2015, SI 2015  2074 (C.  130) Cases and Legislation in an OSCOLA Bibliography As well as footnote citations, you will need to list all primary sources in a bibliography at the end of your document. For primary sources, the general rules in an OSCOLA bibliography are: Provide full information for each source. Divide primary sources into a Table of Cases and a Table of Legislation (you may also want to separate acts of legislation from legislative instruments). Sort cases/acts into separate sections by jurisdiction (unless you have not cited many sources, in which case they can be combined). List sources within their categories alphabetically by case name/title. List secondary sources separately under the heading â€Å"Bibliography.† This will make it easy for readers to find the various primary sources you have used in your work. And if you’d like someone to double check your referencing when youve finished writing, we’re always happy to help.

Health and disease relation to cigarette smoking Essay

Health and disease relation to cigarette smoking - Essay Example port identify that â€Å"among men who smoke cigarettes the death rate from cancer of the lung was 1,000 percent higher than among nonsmokers† and that â€Å"the incidence of coronary artery disease, the leading cause of death in the United States, was 70 percent higher among smokers† (Brandt 494). Brandt points out how the clash between traditional American libertarian ethic and communitarian ethic has influenced debates on cigarette smoking in the nation. The author also provides an elaborate discussion on accountability for tobacco induced diseases and finally concludes that more attention should be paid to the social responsibility theory for addressing the issue. Proponents of cigarette smoking emphasize on traditional American libertarian ethic which stress on individual freedom and individual decisions. As such they regard governmental interference on smoking behavior as an â€Å"unjustifiable intrusion into individual decisions† (Brandt 500). They also hold that rather than regulating the smoking behavior of the public government’s duty is only to inform them of its potential dangers. On the other hand, communitarian ethic holds that exposure to other peoples cigarette smoke cause serious health problems to non-smokers in the community. Various researches on the risks of side stream smoke and the addictive nature of cigarettes also emphasize the need to delegitimize and stigmatize cigarette smoking. The communitarian ethic thus views smoking as a moral issue as its health effects on the non-smoking community are quite dangerous. This tension between traditional American libertarian ethic and communitarian ethic on cigarette smoking raises a number of questions on who should shoulder the responsibility of the risks associated with cigarette smoking. While many attribute this responsibility to the tobacco industry there are others who stress on governmental accountability. The first Surgeon Generals Report emphasizes on governmental intervention and

IENG377 Essay Example | Topics and Well Written Essays - 500 words

IENG377 - Essay Example enable an additive process to occur, which makes sure that the powder forms are built to form a larger solid thing, which is in accordance to the preferences of the customer (McGrew 1). The water jet cutters will use super-duper high pressure water jets in the process of cutting the material for the printing in a perfect manner. Such ensures that the cutting process is effective and clean. However, in developing the products, the company has to identify a unique product, which is not been produced by the other companies. Such will create a competitive strength for the company in terms of selling the products in the market. Moreover, the finishing of the company product will be unique to create brand of the product and identity of the company in the market of these products. The 3D printers will enable the company to make molds of different sizes and forms. Such includes prototypes of buildings and sculptures, based on client requirements. For example, the printers will make the brackets, structural members of a building, furniture and sculptures. These products will be complex than what other companies are making in the market. The flow water jet cutters will aid in the cutting process of these products to ensure that they are within the size requirement for the printing process. The printing will occur in the following materials, ABS, PVC, PLA, Polyethylene and Polypropylene. Such printing occurs for 1mm course in case of the large objects to 0.35mm fineness based on the specification and the requirements of the customer. A typical example product for the company is robotic prosthetic, which is marketable in the field of medicine. Another example is micro-laptops, which will compete with other companies, which are making laptops, such as Samsung, HP, Acer and Dell among others. The manufacturing process of these products will focus on utilizing high level of technology in order to achieve success in the competitive market environment. Other companies are making

Development of Dynamic Contrast-Enhanced MRI

Development of Dynamic Contrast-Enhanced MRI Ioannis Tolios â€Å"Dynamic Contrast-Enhanced MRI† Introduction One of the most significant non-invasive imaging modalities applied both in research and clinical diagnostics cis Magnetic Resonance Imaging (MRI). Its widespread use is partially based on its characteristic to visualize tissues with high resolutions in 3D and its ability to provide anatomical, functional and metabolic tissue information in vivo (Strijkers, Mulder, van Tilborg, Nicolay, 2007). In an MR image, the basic contrast mostly derives from regional differences in the intrinsic T1, T2 relaxation times, except for local water content differences. T1 and T2 relaxation times can be selected independently to have a commanding influence on image contrast. Nevertheless, a sensitive and accurate diagnosis cannot always be feasible, due to the fact that the intrinsic water, T1 and T2 contrast values are modified and become very often limited by tissue pathology. Consequently, the need for enhanced image contrast led to the growing use of intravenously injected MRI contrast agents, wh ose use although violates partially the non-invasive character of MRI brought about significant benefits. Combining MRI and contrast agents (CA) increases the possibilities to image inflamed tissues in pathologies, such as arthritis, atherosclerotic plaques, and tumor angiogenesis (Strijkers, Mulder, van Tilborg, Nicolay, 2007). Definition of DCE-MRI A technique which combines MRI and contrast agents is Dynamic Contrast-Enhanced MRI (DCE-MRI). According to Gordon et al. (Gordon, et al., 2014), â€Å"DCE-MRI analyzes the temporal enhancement pattern of a tissue following the introduction of a paramagnetic contrast agent into the vascular system. This is accomplished by the acquisition of baseline images without contrast enhancement, succeeded by a set of images acquired over time (usually over a few minutes) during and after the arrival of the contrast agent in the tissue of interest†. A time intensity curve (TIC) for the tissue is generated by the acquired signal, as it can be seen in Figure 1. In a TIC, the response of the tissue is represented in enhancement values to the arrival of the contrast agent. Specific physiological properties that are in association with the microvascular blood flow, including tissue volume fractions, vessel permeability, and vessel surface area product, can be extracted by analyzing a TIC (Gordon, et al., 2014). Figure 1: An example of a time intensity curve obtained from a tumor metastasis (Bonekamp Macura, 2008). All variations of DCE-MRI studies are relied on a rather plain fundamental principle: the MR signal intensity of a tissue is modified, when a paramagnetic particle (contrast agent) penetrates and spreads over through the tissue, based on its local concentration (Gordon, et al., 2014). MR images of a chosen region of interest (ROI) are obtained in time intervals of few seconds before, during, and after the intravenous injection of a contrast agent. Each obtained image represents one time point, and each and every pixel in a set of images produces its own intensity curve. After the injection of the CA, the signal intensity varies at every time point (is related to the concentration of the CA in the tissue) based on tissue parameters, including vascularization, vessels’ permeability and surface area product, and in this way parametric maps of particular microvascular biomarkers can be extracted. Furthermore, by using suitable mathematical models absolute values of the aforementioned parameters can be estimated. These parameters usually reflect a compartmental pharmacokinetics model demonstrated by CAs, which are allocated between the intravascular and extravascular spaces as it can be seen in Figure 2 (Gordon, et al., 2014). Figure 2: Toft’s compartmental model for calculating DCE-MRI quantitative pharmakokinetic parameters (Verma, et al., 2012). DCE-MRI techniques Currently, two DCE-MRI techniques are defined based on its registration and the origin of the extracted signal. As MRI is highly sensitive to small concentrations of paramagnetic materials passing through a tissue, there are two different physical-chemical properties (Gordon, et al., 2014). Relaxation effect T1, T2 tissue relaxation times are reduced when a diffusible contrast agent is used. Positively enhanced T1-weighted images are generated, when this effect is used and the studies evaluating this effect are characterized asDynamic Contrast Enhanced(DCE)-MRI,T1-W DCE. Susceptibility effect When a paramagnetic contrast agent is located in the intravascular space of a tissue and its magnetic susceptibility is much higher than that of the surrounding tissue water, local magnetic inhomogeneities between the intra and extravascular space emerge, which generate negative enhanced T2 or T2* weighted images during the passage of the CA through the capillaries. Studies depending on this phenomenon are characterized asDynamic Susceptibility Contrast(DSC)-MRI or T2*-W DCE. Image Acquisition Gordon et al. (Gordon, et al., 2014) state that the method of quantification to be applied depends on the number of the measurements, which are required in order to obtain the data; thus, the measurements include: I. Creating a map of pre-contrast native T1 values, which is necessary in order to calculate the CA concentrations. II. Acquiring heavily T1-weighted images, prior and following the Contrast Agent introduction. In this case, high temporal resolution is needed in order to have the ability to further characterize the kinetics of the contrast agent’s entry and exit of the tissue. Typically, 3D image sets are acquired sequentially for 5–10 minutes every few seconds. The ideal for the acquisitions would be to be obtained approximately every 5 seconds, in order to allow the detection of early enhancement. With longer acquisitions (for instance, > 15 seconds), it becomes harder to detect early enhancement. III. Acquisition of the arterial input function (AIF), in order to estimate the CA concentration in the blood plasma of a feeding artery as a function of time. Acquiring the AIF is necessary for almost all quantitative analysis methods and is up to now technically the most difficult part in the data acquisition process. Contrast agents The most regularly used group of contrast agents in DCE-MRI is the low molecular paramagnetic gadolinium (Gd) chelates (Gribbestad, Gjesdal, Nilsen, Lundgren, Hjelstuen, Jackson, 2005). Principally, in Dynamic Contrast-Enhanced MRI, any low molecular weight CAs can be used. (Tofts). The use of contrast agents with high molecular weights leads to lower permeability and lower Ktrans values, since these agents remain in the intravascular space. Using macromolecular CAs the measurement of regional blood volume acquiring scans of low temporal resolution is feasible (Gribbestad, Gjesdal, Nilsen, Lundgren, Hjelstuen, Jackson, 2005). Molecular agent with high molecular weight might be more appropriate for tumor angiogenesis and thus offer better response evaluation to therapy (Turkbey, Thomasson, Pang, Bernardo, Choyke, 2010). Analysis Methods Gordon et al. (Gordon, et al., 2014) state that â€Å"the arrival of CA and thus the enhancement pattern of the tissue depend on a wide variety of factors including vascularity, capillary permeability, perfused capillary surface area, volume and composition of extracellular fluid, renal clearance and perfusion. The analysis of DCE data can provide valuable information concerning the vascular status and perfusion†. Data analysis can be performed using either: qualitative, semi-quantitative, and quantitative approach (Verma, et al., 2012). Qualitative This kind of analysis can range from visual inspection of the images for fast and extreme enhancement of lesions, to the plotting of kinetic curves of signal intensity against time (Gupta, Kauffman, Polascik, Taneja, Rosenkrantz, 2013). The qualitative analysis of DCE-MRI depends on the assumption of rapid and intense enhancement and wash-out as indicator of the existence of a tumor. The tumor vessels are generally leakier and more readily enhanced after the injection of the CA than the ordinary vessels. An early rapid high enhancement after injection is expected followed by a relatively rapid decline compared with a slower and continuously increasing signal for normal tissues during the first few minutes after contrast injection. However, the possibility for an overlap between the natural and the malignant tissues, limit the capabilities of this DCE-MRI approach. Finally, the qualitative approach is regarded as a subjective approach and therefore difficult to standardi ze among institutions, constituting multicenter trials less reliable (Verma, et al., 2012). Semi-quantitative – The semi-quantitative approach also depends on the same assumption as the qualitative approach. On the other hand, in the semi-quantitative analysis various curve parameters are integrated (Verma, et al., 2012). It must be mentioned that depending on the application area, different perfusion parameters are relevant. Nevertheless, some parameters are of general interest for almost all applications. These parameters are acquired to characterize the shape of the TIC, including the time of first arrival of the CA, peak enhancement ( PE the maximum value normalized if the baseline is subtracted), time to peak (TTP the timepoint where peak enhancement takes place), integral (the area between the baseline and the curve, indicating with PE if blood supply is reduced in a ROI), mean transit time (MTT – the timepoint where the integral is bisected), slope (the curve’s steepness during wash-in phase, downslope (the descending curve’s steepness i n wash-out phase ) and wash-in and wash-out curve shapes (Figure 1, Figure 3A). (Preim et al., 2009). Three common dynamic curve types exist in the literature after the initial CA uptake: type 1, persistent increase; type 2, plateau; and type 3, wash-out after initial slope, as it can be seen in Figure 3B and Figure 1. Even though the semi-quantitative approach is used widely in the evaluation of DCE-MRI, significant restrictions arise dealing with the factors contributing to the MR signal intensity (e.g. generalization across acquisition protocols, sequences), which have an effect on the curve metrics (Verma, et al., 2012). Figure 3: A) A typical TIC curve (Preim et al., 2009). B) Differentiation of three patterns of washout phase: type 1 (blue), progressive; type 2 (green), plateau ; type 3 (red), wash-out (Verma, et al., 2012). Factors like the injection rate and the temporal resolution can easily alter the shape of a wash-in/washout curve, creating difficulties in comparison and quantitation. High inter-patient variability is also a factor that can make the definition of threshold values more complex for every parameter that could standardize semi-quantitative approach. However, this approach is relatively simple which makes it even more appealing (Verma, et al., 2012). Quantitative The quantitative approach depends on modeling the concentration change of the CA by integrating pharmacokinetic modeling techniques (Gordon, et al., 2014). Several pharmacokinetic models were proposed, such as by Tofts (Tofts), Brix et al. (Brix et al., 1991). Most of them depend on estimating the exchange rate between extracellular space and blood plasma using some transfer rate constants, like Ktrans(forward volume transfer constant) andkep(reverse reflux rate constant between extracellular space and plasma). â€Å"The transfer constant,Ktrans, is equal to the permeability surface area product per unit volume of tissue.Moreover, Ktransdetermines the flux from the intravascular space to the extracellular space; it may principally represent the vascular permeability in a permeability-limited situation (high flow in relation to permeability), or it may represent the blood flow into the tissue in a flow-limited situation (high permeability in relation to flow). Theveis t he extracellular extravascular volume fraction, andkep=Ktrans/ veexpresses the rate constant, describing the efflux of contrast media from the extracellular space back to plasma. Thevpis the fraction of plasma per unit volume of tissue†, according to Verma et al. (Verma, et al., 2012). In quantitative DCE-MRI analysis, a four compartment model is used for â€Å"tissue†: plasma, extracellular space, intracellular space, and renal excretory pathway (Figure 2). This pharmacokinetic model is applied to the CA concentration changes in the artery (AIF) supplying the tissue of interest, and the CA concentration of the tissue. It must also be noted that due to the fact that pharmacokinetic models require concentration values, signal intensity must be converted to T1 values, because MRI signal intensity is not linear with the CA concentration (Verma, et al., 2012). Clinical Applications of DCE-MRI DCE-MRI has been used for the detection and characterization of tumors in the clinical setting. It also makes the monitoring of tumor treatment and the response to conventional chemotherapy and angiogenic therapies feasible by acting as biomarker (Figure 4). Early tumor detection and treatment affects significantly the survival of patients. DCE-MRI is applied increasingly in a wider range of patients with different kind of cancer, including breast, head and prostate cancer. The method’s quantification ability of characteristics of the lesion microvasculature has stimulated the scientists to use the technique for â€Å"in-vivo staging† of tumors. According to early studies in the field, an evident relationship was demonstrated between large and rapid increases in malignant behavior and signal enhancement in tumors located in prostate, breast, and head. Additionally, important overlapping of contrast enhancement patterns has been noticed between malignant and benign tumor s. Growing accuracy and specificity in the recognition of microvascular characterization parameters is expected to further ameliorate lesion characterization (Gribbestad, Gjesdal, Nilsen, Lundgren, Hjelstuen, Jackson, 2005). More specifically regarding prostate cancer detection and localization, DCE-MRI contributes to prostate MRI, succeeding higher specificity and sensitivity than T2-weighted MR imaging, and sextant u ltrasound guided biopsy, methods being used widely for the pre-treatment work up and screening of prostate cancer respectively (Choi, Kim, Kim, 2007; Bonekamp Macura, 2008). It has been proven that the multi-parametric approach has improved significantly the accuracy of prostate MRI and has a great future. In a cancerous tissue, the number of vessels and their permeability are increased in comparison with normal tissues. Moreover, the interstitial space is greater. These factors cause significant increase of contrast enhancement parameters, such as MTT, blood flow, interstitial volume. The aforementioned observations are applicable in prostate cancer, too. As it can be seen in Figure 3B, the red curve could represent a prostate cancer with faster and steeper enhancement and faster wash-out than in normal tissues. Figure 4 a-c (Turkbey, Thomasson, Pang, Bernardo, Choyke, 2010): a) A patient with prostate cancer. The arrow indicates a low signal intensity focus on axial T2W MR image B) Increased enhancement shown by the lesion on axial T1W DCE-MR image C) fusion of color-coded Ktrans Conclusion The determination of functional microvascular parameters by using DCE-MRI might be instrumental in evaluating many vascular diseases. The potential of the technique to assess the severity of illnesses, to non-invasively and in parallel measure multiple relevant parameters, to study the pathophysiology of diseases, seems to be extremely promising. Even though, the method is known for over 20 years it is still considered immature. This has mainly to do with the significant variations in data analysis and acquisition protocols from study to study. Furthermore, the analysis of the pharmacokinetic parameters is a complex task and computationally expensive, due to the existence of plethora of analysis algorithms (Gordon, et al., 2014). DCE-MRI is restricted in organs with physiologic motion, including lungs and liver, and may not be applicable in some specific group of patients, especially those with renal failure and claustrophobia (Turkbey, Thomasson, Pang, Bernardo, Choyke, 2010). However, although the extraction of quantitative pharmacokinetic parameters is more difficult, compartmental model based methods are more robust than the semi-quantitative approaches, and offer deeper understanding of physiology. Finally, they are not potentially based on the scanning technique, the type of scanner, and individual patient variations ( Gordon, et al., 2014).

Financial Statement Analysis of Bata Pakistan from 2005-2010

Running head: Financial Statement Analysis of Bata Pakistan â€Å"Bata Pakistan†; Financial Statement Analysis From 2005 to 2010 Anum Fatima BSc. IV Section: B Lahore School of Economics This report is submitted as partial requirement for Financial Statement Analysis of Pakistani Companies to Dr Farooq Chaudhry Abstract This paper does an in depth analysis of Bata Pakistan Limited. It includes a brief summary of accounting policies and standards of the company. The analysis revolves around financial statements, their horizontal and vertical analysis.It also includes a detailed analysis of different financial ratios to measure different aspects of the company’s performance. Weighted average cost of capital is calculated on the basis of which intrinsic value of the stock is calculated. It also includes analysis of economic value added and Du Pont. Introduction Bata Pakistan is a public limited company and it is listed on Lahore and Karachi stock exchange. The main office of the company is at Batapur, Lahore. This company manufactures all kinds of footwear with accessories sells them at its outlets.Sales are both local and export The parent company is Bafin B. V. , Netherlands whereas above it is Compass Limited, Bermuda. The financial data disclosed in the annual report has been prepared in accordance with IFRS (International Financial Reporting Standards) stated by International Accounting Standards Board. These standards are applied under the Companies Ordinance of 1984. The company made some amendments to account standards; some of them are effective whereas some of them will be effective in the near future.According the company’s opinion, these amendments didn’t have a significant effect on their financial statements. The financial statements follow the principle of historical cost rather than the fair value concept except some employee benefits whose details will be discussed later. All statements except the statement of cash flow are recorded at accrual basis. After giving a brief summary of accounting policies there is an in depth analysis of company’s financial statements, company’s valuation and then recommendations based on that analysis. Accounting PoliciesEmployee benefits are calculated through the defined benefit plan. A defined benefit plan basically involves a determined amount of gratuity dependent on factors like age, years of service, compensation etc. the company has an unfunded gratuity scheme for all employee excepting management. The provision for employees which are also the member of provident fund is calculated on the basis on 3 weeks basic salary for every year of service whereas for employees which are not the members of the provident fund it is calculated on the basis of 30 days gross highest salaries/wages.The actuarial gains and losses are recognized as per defined in IAS 19 over the expected average remaining working life of the employee. The company also operates pro vident fund scheme in which equal monthly contributions by the company and the employee at the rates of 8% and 10% are made to the employee and managerial staff respectively. The current taxation is calculated on the taxable income from local sales at the present tax rate after accounting for the tax credits, rebates or exemptions if any. Deferred tax is calculated by using balance sheet liability method for all temporary differences between tax bases of assets and liabilities.The carrying amount of deferred income tax asset is revised at each balance sheet date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the liability is calculated on the basis of tax rates applicable on the balance sheet dates. Revenues, expenses and assets are recognized net of sales except when sales tax is recognized as part of cost of acquisition of asset and when receivables and payables include the amount of tax. Property plant and equipmen t are reported at cost minus depreciation and impairment losses which are accumulated but land is stated at cost.The method used to calculate depreciation is the reducing balance method. Recognized expenditures, related to an item of property plant and equipment, are added to the carrying amount of asset when future economic benefits are expected. To measure the impairment of non financial assets, at each balance sheet date the carrying amount of assets id revised to check for any impairment loss. If such is the case then recoverable amount of the asset is calculated. Recoverable amount is higher of an asset’s fair value less cost to sell and value in use.The company’s rubber factory represents assets that are leased out under the operating lease and that has been leased out to a third party for processing products and is included in the fixed assets of the company. Their depreciation is calculated in the same way as done for the other assets. Intangible assets are cal culated on initial recognition at cost. After that they are carried at cost minus any amortization and impairment losses that are accumulated. If such assets have finite lives then they are amortized over that life and assessed for impairment if any. The amortization mechanism is reviewed at least once every financial year.This expense is recognized in the income statement. Gain and loss from intangible assets are measures as the difference between net disposal proceeds and carrying amount of asset and recognized in the profit and loss account. The investments of the company have fixed maturity and the company intends to hold till maturity. These investments are first recognized at cost including transaction costs and then carried at the amortized cost. Stores and spares which are purchased are valued at weighted average cost whereas in transit stores and spares are valued at actual costs.Stock in trade is valued at lower of cost and net realizable value. Raw materials that is own p roduction and purchased are valued at weighted average cost whereas in transit are valued at actual cost. Work in progress is valued at the production cost. Finished goods that own production are valued at production cost on FIFO basis, purchased are valued at actual cost on FIFO basis whereas in transit are valued at the actual cost. Cost is calculated on the basis of cost of material, labor and production overheads. Net realizable value is based on estimated selling price minus estimated cost to completion and estimated cost to make sale.Provision for doubtful debts and other receivables are decided by management’s assessment of customer’s creditworthiness. It is recognized in the profit and loss account. Contingencies and commitments are also important. Contingent liabilities are disclosed when there is a possible obligation from the past due to any future event not within control of the company or when there is a present obligation from the past events but the amou nt of that obligation cannot be measured in a reliable manner. Borrowings are recognized at fair value net of transaction costs then they are carried at amortized cost.Any difference between proceeds and redemption value is recognized in the P and L account using effective interest rate method. Provisions are recognized when there is an obligation from past events and it can be estimated in a reliable manner. This amount is the best estimate while taking into account the risks. When the amount required settling a provision is expected to be recovered from a third party then a receivable is recognized if it is certain and estimate is reliable. Revenue recognition is done as stated below. The revenue from wholesale is recognized when company has delivered the product to the wholesaler.Retail sales are recognized when product is sold to the customer by cash or by credit. Customer loyalty card sales are recognized as revenue over the period that the award credits are redeemed. Profit on investment is recognized on accrual basis by using effective interest method. Profit on bank deposits is recognized on accrual basis whereas rental income is recognized on accrual basis over the duration of lease agreement. Cash and cash equivalents include cash in hand, deposits with banks, other short term investments with original maturities of three months or less and bank drafts.In cash flow statement, it is cash in hand; cash in transit, bank balances and short term investments. Recognition and measurement of financial instruments is done at times when company enters the contract. Al financial assets and liabilities are measured at fair value. Major categories of assets are investments, advances, deposits, trade debts, other receivables and cash and bank balances. Financial liabilities are creditors, accrued expense and other payables. Any gain or loss is recognized in the P and L account for the period.Offsetting of financial assets and liabilities is done and the net amount is reported in the balance sheet if the company has a legal right to set off. Corresponding income and charge are also off set. The amount of loss is the difference between asset’s carrying amount and present value of the estimated future cash flows discounted at effective interest rate. Related party transactions are conducted at arm’s length just as with the third party using comparable uncontrolled price method whereas related parties are those who are able to influence the operating and financial decisions of the company.Dividends and other appropriations to reserves are recognized when these are approved. Operating segments are reported in a manner consistent with the internal reporting. Board of Directors is the chief operating decision maker that makes strategic decisions. Significant changes observed during the 6 year period under consideration are discussed below. In 2006, stores and spares and stock trade didn’t use FIFO or LIFO, rather purchased unit s were valued at lower of moving average cost and net realizable value. In 2007 same method was used whereas in 2008 FIFO was used for similar valuation of inventory.This change of method has been effective since. When this method was used there was a remarkable increase in the amount of stock in trade as well as cost of sales and gross profits from the previous years. Other than that no significant policy changes are observed except some minor changes in standards which according to the company’s opinion had no significant effect on financial statements, Analysis of Financial Statements First of all we will be analyzing the financial statements indirectly through financial ratios divided in feasible groups. Liquidity RatiosThe working capital of the company has shown healthy growth over the year. Working capital is useful in evaluating company’s ability to meet currently maturing liabilities. The working capital of the company is not only positive but it is growing at an average rate of 44. 46%. It also means that current assets are growing at a rate faster than current liabilities. Working capital took a jump in 2007 which proved to be a prosperous year for the company due to favorable economic conditions and the company used this opportunity in an efficient manner to gain from the situation.This shows that current assets are always in access of current liabilities which is a good indicator. Comparing working capital with the industry is not very useful because it depends on the size and scope of the company. The Current ratio is basically another way of expressing the relationship between current liabilities and current assets. Minimum it should be equal to 1 meaning that current liabilities are exactly matched with current liabilities. The company is showing good performance in this regards as the current ratio is greater than 1 and increasing steadily over the years from 1. 1 in 2006 to reach 2. 66 in 2010. This again points to the fact that current assets are covering current liabilities effectively. Inventory and accounts receivables are forming major part of current assets. It still remains to be seen that whether this growth in current assets is solely due to increasing accounts receivables and inventory and then whether accounts receivables are being collected of inventory being sold in time. The current ratio was a little behind the industry averages in 2006 but it soon caught up and is growing side by side the industry averages.Quick ratio is calculated by excluding inventory from current assets as they are considered to be least liquid assets. It is a better measure of liquidity. Quick ratio shows a significant decline from current ratio owing to the fact that inventory is a major part of the current assets. It caught u with the industry average in 2009 when it went from 0. 51 to 1. 15. This also points to the fact that low quick ratio is not an indicator of less liquidity rather it points to the nature of the business and its dependence on inventory because it is in line with industry averages.Collection period measures the length of time after which the company expects to realize cash from its accounts receivables. Company has improved from 2006 to 2010 remarkably. In 2006 it was 30 days which reduced to 11 days in 2010. A major change was in 2007 as collection period fell by 10 days. They caught up with industry averages in 2009 which is 10 days. It shows that company’s accounts receivables are enforceable and not resulting in defaults. Days to Sell Inventory is the length of time after which company realizes sales from its inventory.They have improved from 2006 to 2010, falling from 131 to 101. They are in line with industry averages of 113 days. Major improvement was again seen in 2007 when days fell from 131 to 116. This is a good achievement as inventory has increased over time. Looking at all these indicators there isn’t any cause of concern for the company in terms of liquidity. Capital Structure and Solvency Ratios Solvency means the ability of the firm to meet its long term obligations which also involves analysis of capital structure of the company that is the debt and equity mix.The debt to equity ratio of 0. 52 means that for each one rupee of equity, 0. 52 is provided by creditors. This ratio is very low showing high percentage of equity. This is in line with industry average and has decreased over the 5 year period. This ratio should be typically low for a manufacturing company which is the case for Bata. This means that the company is in good position to meet its long term obligations. The long term debt to equity ratio is even lower meaning the company is relying very little on long term debt. it is less than 1 and decreases from 0. 13 to 0. 05.It has shown a slight decrease over the years and is in line with the industry averages. Times Interest Earned measures the times for which the amount of interest can be paid out of income befo re tax. This ratio was low in 2006 but it rose from 8 to 24 times in 2007 which is a big improvement. After that it came in line with industry average of 29 times. This also points to the fact that the interest charges of the company are very low and are only less than 1% of total sales. These set of ratio indicate that the debt equity mix of the company is satisfactory. Less reliance on debt means lower risk of default.So the company is in a great position to manage its long term liabilities which are meager in quantity as compared to equity. Return on Investment Ratios Return on assets determines the amount of return when 1 Rupee is invested in assets. In 2006 it was 18. 18% which later rose sharply in 2007 to 34. 79% and maintained the position till 2010 with slight variations. Industry average has been slightly higher that is 35% but in any case the performance of company’s assets is a satisfactory and generating good return. Another side is the return on common equity be cause shareholders are interested in the returns on equity.Return on equity shows the same pattern as return on assets. It was 16. 66% in 2006, rose sharply to 43% in 2007 and then maintained steady levels until 37% in 2010. Industry average has been almost 36% so company is earning good returns as per industry. Operating Performances This set of ratio link income statement line items with sales. These basically measures profit margins in different forms. Gross profit measures the relationship of cost and sales. Gross profit margin has maintained a steady well and increased from 37% in 2006 to 41% in 2007. The usual impact of 2007 boom is not very much apparent here.Then it maintained a steady level till 2010 of 40%. This is in line with industry average of 41%. Industry averages also doesn’t show much variation over the 5 years. Operating profit margin was initially 9% in 2006 but improved to 14% in 2007 and maintained the level till 2010. Industry average has remained more or less around 14% so compared to the industry company is doing fine and generating good returns. Net profit margin was 3. 67% but improved greatly in 2007 to 9. 05%. It has improved to 10. 46% in 2010. The industry average is around 9% according to which net profit margin of the company is satisfactory.Overall operating performance shows a good picture. Asset Utilization Ratios Asset utilization relates sales to different assets and their importance lies in the fact that they are important determinants of return on investment. Cash Turnover is the firm’s efficiency in its use of cash for generation of sales revenue. This ratio shows a volatile trend. The value in 2006 is 36 fell to 16 in 2007, rose to 57. 4 in 2008 and then maintained 13% to 15% from 2009 to 2010. This can be explained by rather volatile cash and bank balances portraying varying liquidity requirement each year.Accounts receivable turnover is an indicator of how many times company has collected its receivable s in a year. This has increased steadily from 2006 to 2008 and shows a sharp rise in 2009 due to high sales and 31 in 2010. This is almost in line with industry average which is 35. this shows that the company is not having any significant problem in receivable collection. Inventory turnover is steady over the years from 2. 74 to 3. 56 in 2010. It shows that how many times inventory is sold during the year. This is in line with industry average.It may seem quite low but seasonality has a big factor in shoe business as business peaks when season changes but after that it slackens until the next change. Working capital turnover is high in 2006 and 2007 but falls in 2008 till 2010. Still they isn’t any significant difference between industry average and the company’s average. Property Plant and equipment turnover maintains a steady growth profile from 9. 72 in 2006 to 13. 73 in 2010. Industry average is also steady around 12 so that show good results. Total asset turnover varies around 2 but is steady same as the industry average. Market MeasuresPrice to earnings ratio shows that how much investor is willing to pay per rupee of the profits. It was 8. 90 in 2006 but rose to 10. 23 in 2007, rose steadily in 2008 and 2009 and rose to 17% in 2010. This increase is attributed both to increasing market share price and rising earnings per share. This too is more or less around industry average and rose above industry average in 2010. Earnings yield is the reciprocal of price to earnings. It shows the percentage of each rupee invested in stock that was earned by the company. They dipped in 2007 to 2009 but then rose above industry average in 2010.Dividend yield shows how much a company pays in dividends relative to its share price. Dividend yield is not steady but 4. 24% in 2010. This means that the dividends are not stable but they are showing growth rather than decline and has risen significantly from Rs1. 50 per share in 2004 to Rs 12 per share in 2009. Dividend Payout Rate basically shows the percentage of earnings paid to the shareholders. This ratio is quite high supporting the same growth in dividends. This ratio increased considerably to 27% in 2006 but then EPS rose significantly because of which the ratio fell to 10%.This is also in line with industry average of around 10%. Price to book value of the share has increased over time significantly indication high growth in the market value of the stock. But if we look at industry average they are also quite high showing the trend in the industry of increasing stock prices. Overall the company’s stock is performing well in the market and also its dividend policy is investor friendly and ensures high and stable returns as compared to the industry in which dividends are not very common and that too every year. Bata also gave interim dividends in 2006 in addition to the usual annual dividends.Du Pont Analysis Return on common equity is disaggregated into its component to have a better look at what drives this return on common equity. Return on common equity was 13. 57% in 2005 then increased sharply in 2007 to 42. 94% then falling to 39%, 34% and 37% in 2008, 2009 and 2010 respectively. The good economic conditions in 2007 were efficiently utilized by the company. It is disaggregated in profit margin, asset turnover and leverage. Profit margin is basically net income divided by sales or net income as a percentage of sales. It measures how much a company keeps out of sales revenue as earnings.Both net income and sales of the company has increased over time. The ratio increased significantly in 2007 and after that maintained same level of around 9% which rose to 10% in 2010. Then sales divided by average assets shows a steady trend over the years which show company’s ability to generate revenues from investment. This means that the growth of sales and although higher than growth in assets but still the increase is more or less proportionate. Averag e assets over equity fall in 2007 and then maintain same level till 2010. It tells how much assets are owned by the company and how much are leveraged.A low ratio indicates that the company is strong and relies more heavily on equity rather than debt. So we can say that Net income over sales or profit margins are driving the return on common equity. This points towards the strength of the company that is a stable growth in sales and also a stable growth in net income that is ensuring good returns to the shareholders. Common size Balance Sheet Common size balance sheet means all components of balance sheets as a percentage of total assets. We will start with the analysis of current assets. In this company current assets form a major part of the total assets.In 2005, they were 74. 66% of total assets, varied slightly till 2008, increased to 78. 68% in 2009 and then 82. 82% in 2010. This is a good sign but it can be an indicator of deficient investment in long term assets or property p lant and equipment. In current assets, inventory and accounts receivables form the major component of total assets. Inventory was 44. 45% in 2005, increased to 50% in 2006, decreased to 41% in 2007, increased to 55. 97% in 2008 then started to decline till 36. 56% in 2010. Stock in trade and stores and spares determine total amount of inventory.High value of inventory may be inherent to this type of business as seasonal changes induce sales and hence inventory to sale out but in any case high inventory are required to be maintained. Next major component is account receivables or trade debt which shows the good credit policy of the company as receivables have significantly decreased over the years from 23. 27% in 2005 to 0. 53% in 2010 indicating majority of sales are in cash that solves many problems. A steady level of cash is being maintained showing slight dips in 2005, 2006 and 2008. Cash is 13% of total assets in 2010.This shows that liquidity position is very strong but it can also means that company may be holding idle cash that can be invested somewhere to generate returns. Non Current assets form a small portion of total assets which means that the company is not very ambitious and doesn’t involve in expansionary operations. In 2005 they were 25% of total assets whereas they have fallen to 17. 18% in 2010. in long term assets only property plant and equipment noteworthy and constitute almost all noncurrent assets. They have declined in conjunction with total noncurrent assets.Total equity as percentage of total equity and liabilities has increased over the years. In 2005 it was 45. 278%, showed a slightly downward trend in 2006 and 2007 but rises from 63% to 65% from 2008 to 2010. It shows that company is using more equity financing as compared to debt financing. Even in debt financing, current liabilities form a higher percentage of total liabilities and equity. It was 48% in 2005, showed a significant decrease in 2008 and then 31% in 2010. It shows that the even in liabilities the company prefers to finance its assets with current liabilities and trade payables in current liabilities.Provision for taxation has shown significant increase from 0. 24% IN 2005 to 7. 47% in 2010. The major increase was from 2009 to 2010. Noncurrent liabilities form a small portion of total liabilities and equity. It was 6. 47% in 2005 and decreased to 3. 23% in 2010. This also indicates that the company is matching its current and noncurrent assets with current and noncurrent liabilities so that there is no liquidity or solvency problem. Common size balance sheet shows good financial health of the company. Common size Income Statement Analysis Common size income statement measures all income statement components as a percentage of net sales.Cost of goods sold is a major component of net sales but it hasn’t increased significantly over time showing company is employing good cost minimization measures. It was 63% in 2006 then decreased t ill 57. 62% in 2008 then increased slightly to 60% in 2010. Managing costs is not creating problems for the country. Gross profit as a percentage of sales the opposite trend of cost increases till 2008 then falls to 40% in 2010. This is a reasonable percentage of gross profit. Interest expense of the company is very low so there remains a bigger chunk for the shareholders.Next major component is operating expenses which is the only significant expense due to the requirement of maintain international standard outlets throughout the company and hiring specialized staff. But operating expenses has shown decrease over time from 29% in 2005 to 24. 80% in 2010 with slight variation in between. Profit before taxation has shown good improvement over time. It increased from 5. 05% in 2005 to 14. 27% in 2010 with a steady increase over the year. Profit after taxation has increased over the years which is also a good sign. It was 3. 03% in 2005.There was a significant increase in 2007 due to f avorable economic conditions and then that level was maintained with slight increases over the years finally 10. 46% in 2010. Common size income statement shows that the company’s profit and loss account is in good health. Balance Sheet Horizontal Analysis (Year over Year Analysis) This analysis is useful in tracking the trends of different components of balance sheet over the years and then analyze those trends. Starting with current assets, from 2005 to 2006 current assets showed a slight decrease of 0. 51%.Within current assets the major assets of the company that is account receivables and inventory decreased by large percentages whereas cash and loans showed increases. This fall in current assets may not be harmful as it may pertain to inventory sale out or realization of accounts receivables. After that there is a consistent increasing trend. From 2006 to 2007, current assets increased by 37. 87% because all major assets showed increase. They dipped slightly from 2007 t o 2008 but gained paced later. From 2009 to 2010 they increased by 43. 58% with different components showings different inconsistent trends.Noncurrent assets increased from 2005 to 2006 by 15. 82% and kept increasing each year at an increasing rate. The trend was broken in 2008 to 2009 when the increase was only 4. 49%. Property plant and equipment shows an increasing trend till 2008. After that they are increasing but at a much lower rate. Largest increase was in 2007 to 2008 of 33% indicating expansionary phase of the company. Total equity is increasing over the years at an increasing rate. From 2005-2006 it increased by 12. 84% but in the next year it increased by 39. 49% and showing a major increase from 2008 to 2009 of 47. 5%. This is a favorable trend showing that the shareholders are putting n more and more equity and less and less debt. Current liabilities show an inconsistent trend sometime decreasing and some time decreasing. Only significant current liabilities are provis ions for taxation which show significant increases over the year. Noncurrent liabilities show an increasing trend over the years but by a small amount. The overall trend is inconsistent but not unfavorable. Income Statement Horizontal Analysis (Year over Year Analysis) Net sales show a reasonable trend.From 2005 to 2006 net sales increased by 17. 54% but the rate almost double next year when net sales increased by 32. 60% as compared to previous year. This again is the result of boom year of 2007. The rate fell to 29% next year but maintained its pace. This shows that growth of sales is healthy. Cost of goods sold increases at same rate over the years as the net sales with a slight variation. Gross profit has peaked from 2006 to 2007 at an increase of 47% and then the rate normalizes. The achievement of the company lies in the fact that gross profits have increased steadily over the years.The next important item is the operating expenses that increased over the years but the company managed to decrease the rate from 28. 09% to 16. 04 in 2009 to 2010. Operating profits have shown positive increase from year over year. From 2006 to 2007, operating profits increased by 133. 98% again showing effects of favorable economic conditions of the economy. Provisions for taxation have increased at an increasing rate over the years. Profit after taxation shows the same trend. From 2006 to 2007, profit after taxation increased by 227% which shows great performance.After that rate increase lowers down significantly but rises again from 2009 to 2010 when profit after tax increases by 48. 81%. The overall year over trend is quite favorable with no major setbacks in different measures of profit such as gross profit, profit before tax and profit after tax. Statement of Changes in Equity Statement of changes in equity also shows favorable trends. From 2006 to 2007 total equity increases by 39. 49% which is again owing to economic conditions but the good thing about the company is that they profited by this big push and maintained and even improved same levels.From 2007 to 2008 equity increased by 47. 55%. It increased by 36. 57% next year and finally increased by 39. 81% from 2009 to 2010. Dividends also show healthy growth over the years showing consistent dividend policy of the company. Cash Flow Analysis Company is generating enough cash flows from operating activities to cover its investing and financing activities. In 2005 net cash flows were coming out to be negative but combined with previous cash flows the end result was still positive. From 2006 onwards the amount became positive and showed a major increase.There is a major decrease in cash flows in 2008 because of very low cash generation from operation indicating some problem in realization of receivables or sale out of inventories. There is also an increase in loss on net change in assets and liabilities and income tax paid. But the latest year of 2010 shows a favorable situation. Growth of cash flows over the years is very inconsistent. From 2005 to 2006, cash flow from operating activities is increasing by 2584. 57% which is a huge amount. Then from 2006 to 2007, cash flows from operating activities fell by 2. 5% and fell by 80% next year. Then there is a big increase from 2008 to 2009 of 1159. 73% and a fall of 48% from 2009 to 2010. Cash flow from investing activities shows same volatile trend but on average it is positive or increasing. Cash flow from financing activities decrease at a decreasing rate till 2007 to 2008. Later it increased by 300% from 2008-09 and also from 2009-10 by 49%. Total cash flows are also increasing from year to year but from 2006 to 2007, they are showing a decrease of 64%. So the only problem in the statement is the inconsistency of cash flows.Economic Value Added Economic value added is the true economic profit of the business for the year and it is very different from the accounting profit. Its basically net operating profit after tax min us weighted average cost of capital into capital invested, where capital invested is working capital plus fixed assets. Economic value added deducts cost of all charges including equity which is basically opportunity cost of the invested equity capital. This basically measures the amount that the firm has added to shareholder’s value.Because of the way EVA accounts for the equity it is a better measure to decide upon corporate goals of the company and determining performance of the management. This number is positive for the company and also showing year over year growth. From 2006 to 2007 it is showing a growth of 227. 48%. As capital invested increased, NOPAT also increased. Company Valuation One of the most important task when analyzing a company is to gauge whether the current market price of the company’s stock shows intrinsic value of the stock or whether it is overvalued or undervalued.The first step is the calculation of weighted average cost of capital or WACC . For Bata Pakistan, WACC is calculated to be 13. 83%. Next step is to apply different techniques for determining the rate at which the company is growing. The average growth rate of sales is coming out to be 26. 89%. The average growth rate of dividends is coming out to be 60. 33% which is abnormally high due to extreme values and sharp increases in the amount of dividends paid. The last technique is that of calculating growth of free cash flows.The free cash flow is basically the amount available to the shareholders after deducting all charges. Values of free cash flows is coming out to be positive but again the average growth rate is coming to be 88. 22% which is also due to extreme values attributed to uneven and inconsistent growth in the operating cash flows used in the calculation of free cash flows. So we didn’t apply the dividend growth model. In any case WACC is coming out to be less than growth rate so we used free cash flow to equity model and assumed an average g rowth rate of 12% for the sake of simplicity.The intrinsic value of the company is coming out to be 639. 08. The stock price on 31st Dec 2010 was 660. The stock seems to be slightly overvalued but this amount is not significantly different and can easily be attributed to calculation mistakes. Recommendations * The company seems to be performing satisfactorily overall as it is making significant yearly profits. * It has sound credit and dividend policy and managing its inventory effectively. * Cash flows are inconsistent but that is not creating significant problems for the company. The company has the potential to expand if it increases its investment in long term assets. It basically means that the company needs to be a bit less conservative. * The previous points follow to the fact that going for a certain percentage of debt financing may open new opportunities for the companies. * Based on the analysis and valuation, we can positively say that even if the stock is slightly overva lued it is a good buy and a good hold for those who already have it. The stock price is not very volatile. The company is growing but still it has the potential to grow further or maintain its growth; nothing less.Apart from intrinsic value, its dividend policy is very attractive and ensures good return for its shareholders. References Wild, J. & Subramanyam, K. (2008). Financial Statement Analysis (10th ed. ). McGraw-Hill Brigham, E. & Houstan, J. (2003). Fundamentals of Financial Management (10th ed. ). South Western Publisher Arifeen, S. (2010). Financial Statement Analysis of Companies Listed at Karachi Stock Exchange (2005-2010). State Bank of Pakistan, Statistics and DWH Department www. kse. com. pk www. investopedia. com www. lse. com. pk