Effect of Art Essay Example for Free

Effect of Art Essay Traditionally, we have believed that art imitates life. The painter represents what he or she sees by producing a scene on a canvas. The sculptor does the same with bronze or stone. A photographer or film maker does it even more directly. A writer describes life in his or her books. This simple concept is known as mimesis. But some have questioned the one-way nature of mimesis by arguing that art also changes the way we view the world, and in fact, life sometimes imitates art rather than the other way around. The person who first articulated this belief effectively was Oscar Wilde. Speaking about the foggy conditions in London in the late 19th century, he wrote that the way we perceive them changed because of art. Referring to the wonderful brown fogs that come creeping down our streets, blurring the gas lamps and turning houses into shadows he argued that poets and painters have taught [people] the loveliness of such effects. According to Wilde, They did not exist till Art had invented them. And you don’t have to look too far to see anti-mimesis in our lives. To what extent is our outlook on life altered by ideas we read in books? The portrayal of people in films? The styles we see in fashion photography? One great example of this is the TV series The Sopranos, and how it affected both the Mafia in the USA and the FBI. Art’s influence on society: propaganda and censorship Throughout history, it has always been the case that art has the power to change society, especially when new media are used to express an idea. During the First World War, for example, movie cameras were used for the first time to record trench warfare – when the film was shown in cinemas in Britain, audiences ran out screaming. This led to the government censoring further such use of such a powerful medium. And in government censorship, and use of art as propaganda, we see how seriously governments take the effect of art. All of the major dictators of the C20th understood the power of art to influence the population. In Nazi Germany, Hitler set up the Ministry of Propaganda and National Enlightenment. It was headed by Goebbels, who made sure that nothing was published, performed, or exhibited without his approval. When this happens, you know there isn’t going to be a happy ending. And what Goebbels approved, of course, only fit in with Nazi ideology and ideas. In terms of art, this meant no modern and abstract art, certainly nothing hostile to the regime, and nothing that featured images other than the stereotypical blonde-haired, blue eyed set in idyllic pastoral scenes of blissful happiness. In Stalinist Russia, there was also a keen understanding of the power of art. Art portrayed contented peasants, industrious workers, and Stalin himself. In fact, Stalin was shown god-like in many paintings, a phenomenon known as the Cult of Stalin. Just as in Germany, gigantic architectural projects expressed the power of the state. However, there is no doubt that in Russia there were greater artistic achievements than in Nazi Germany. Composers worked with fewer hindrances – as seen in the works by Prokoviev and Shostakovich, and film-makers such as Eisenstein emerged. Art’s influence on society: the trial of Lady Chatterley’s Lover But even under less oppressive governments, the artistic expression of certain ideas can be subject to control. One great example is the book ‘Lady Chatterley’s Lover’ by DH Lawrence, which was deemed offensive on many levels. In this book, Constance Reid, a woman from a progressive liberal middle class family marries a minor member of the aristocracy, Lord Clifford Chatterley, and takes the title ‘Lady Chatterley’. But her husband is injured in the First World War, confined to a wheelchair, and left impotent. Despite this, he becomes a successful writer and businessman. It is more his obsession with financial success and fame rather than any physical difficulties which come between him and his wife, and she begins an affair with their gamekeeper, Oliver Mellors. The largely aristocratic ‘establishment’ of Britain at the time – the book was published in Italy in 1928 were shocked by many aspects of the book. First, there was the fact that the book was ‘obscene’, in the way it went into explicit detail the affair that took place (see below). Second, there was the fact that a women was breaking her marriage vows, something considered far worse than a man behaving in the same way. Finally, it represented an intimate relationship between a member of the ‘lower’ classes (although it emerges during the story that Mellors is actually well-educated, and became an officer in the army during the First World War) and the ‘upper’ classes, a concept that was totally taboo in Britain at that time. The book was duly banned. But the book was republished by Penguin books in 1960. The attorney general, Reginald Manningham-Buller (dubbed ‘Bullying-Manners’ by the journalist and author Bernard Levin) had to read only four chapters to decide to prosecute Penguin books for publishing it. What annoyed him was not just the content, but the fact that the price of the book meant it was affordable to women and members of the lower classes (remember that only few women worked at this time, and husbands were generally in charge of family finances). The trial was a disaster for Manningham-Buller and the prosecution. They had failed to find any experts to support their case, in stark contrast to Penguin’s defence team, which had brought in authors, journalists, academics, and even members of the clergy to defend the book. Manningham-Buller and his team had very little idea of what Lawrence had been trying to express in his book, regularly being caught out by the superior insight of the witnesses they were trying to catch out. And although they tried to shock the jury – in his opening speech, Manningham-Buller announced: The word fuck or fucking appears no less than 30 times . . . Cunt 14 times; balls 13 times; shit and arse six times apiece; cock four times; piss three times, and so on. they were unable to prove that the book would have a negative influence on the readers it was aimed at. According to the Guardian: No other jury verdict in British history has had such a deep social impact. Over the next three months Penguin sold 3m copies of the book – an example of what many years later was described as the Spycatcher effect, by which the attempt to suppress a book through unsuccessful litigation serves only to promote huge sales. The jury – that iconic representative of democratic society – had given its imprimatur to ending the taboo on sexual discussion in art and entertainment. Within a few years the stifling censorship of the theatre by the lord chamberlain had been abolished, and a gritty realism emerged in British cinema and drama. (Saturday Night and Sunday Morning came out at the same time as the unexpurgated Lady Chatterley, and very soon Peter Finch was commenting on Glenda Jacksons tired old tits in Sunday Bloody Sunday and Ken Tynan said the first fuck on the BBC.) Homosexuality was decriminalised, abortions were available on reasonable demand, and in order to obtain a divorce it was unnecessary to prove that a spouse had committed the matrimonial crime of adultery. Judges no longer put on black caps to sentence prisoners to hang by the neck until dead. Can we say, though, that it was art in this case that changed society, or was it an interaction between human sciences (ie, the law) and the arts (the book) that led to change? This is from the same Guardian article: †¦the message of Lady Chatterleys Lover, half a century after the trial, is that literature in itself does no harm at all. The damage that gets attributed to books – and to plays and movies and cartoons – is caused by the actions of people who try to suppress them.

Roles of Leadership and Motivation in Management

Roles of Leadership and Motivation in Management This paper tells about roles of leadership and motivation in the field of management, how it plays, what kind of role it plays, how it is useful in getting success of the team and theories of leadership and motivation. Introduction Leadership and motivation, from the definitions leader means that who leads the team then he will be the leader for that team. But clearly, the leader does not always go first and he develops the effective ideas and implements those ideas by motivating the team members. So leader ship and motivation both are linked together. Now leader will be the person who motivates the team and that will be his leadership. The leader to accomplish their responsibility has to be familiar with how to inspire people and be obliged to search for ways to do this so as to preserve their position has leader. A good leader must posses a vision and having a vision provides a leader with purpose. This vision can help each employee to see what the future holds and what is the results of todays extra efforts and hard work. It also display what future offers as a rational extension of todays efforts. To a leader, vision is a reality that is in the reach in the near future. Vision is not a dream, it is reflect of breadth of understanding that enables an organization to advance and compete. A good leader designs and directs a precise plan for how to make a vision reality. The best vision is generated through discussion and debate with employees who carry and implement the vision. If employees are convinced about the purpose and reasons of implementing the plan, they will do extra effort in the reaching the shared vision. The vision should have a direct link with the objective of the organization. Finally, a shared and accepted vision is the critical link to high commitment and performance by every members of organization. A shared vision not only ties individual employees with together and leadership, but also generates a positive and constructive relationship between management and employees. The main steps in the creating of the shared vision are; employees and leaders must establish a working relation for the generation of shared vision; they proactively seek out for change rather than wait for a crises that demands action; they should define a shared vision for improvement of products and services; and they implement vision with the team work and group efforts. Ethical Issues In Leadership And Motivation Actual leaders contemplate resting on undertaking the accurate obsession, not resting on deed possessions correct. With the aim of recommendation as of managerial board of advisers comes seeing with the aim of refusal bolt from the blue in the direction of respective firm leaders, according to what actives are crammed by means of easier said than done principled dilemmas. Principals knowledge suchlike uncertainties taking place an every day basis. Having ethical liabilities in the direction of the social order, on the road to the line of work, en route for the institute panel in addition to students, they come across with the intention of this frequently is not comprehensible what is correct or incorrect, or what individual have to carry out, or else which point of view is spot on within ethical stipulations. Unluckily, comparatively a small number of chairpersons have been skilled in the direction of agreement in the midst of these contrasts. In anticipation of awfully newly, principled issues were agreed modest concentration within grounding structures. Here Is An Example Describing About Ethical Issues Of School Leader A senior fellow in the leadership field comments so as to school leader countenance an only one of its kind set of moral difficulties. Academies are ethical associations, premeditated to endorse communal criterions, in addition to chiefs are ethical assistants those have to time and again create resolutions with the intention of good turn single honest worth in excess of a different. In addition, even though schools are devoted on the way to the welfare of kids, students contain practically refusal authority into what appears close at hand. Intended for all such kind of contemplates. The privileged behaviour has got to be intentionally ethical. Influentials ethical sense of duty asserts develop not merely into the palpable everyday principled confusions, other than in the routine actions and structured networks with the aim of might encompass concealed moral casual remarks. A senior fellow in managing field comments that each communal preparation settlements several persons next to the outlay of the rest of persons; merely to suppose so as to schools exemplify pleasing values are morally inexperienced, if not in the incorrect. consequently, the chief has got to not simply perform dependably at the same time as an human being, other than be obliged to produce an moral foundation or society. Since influentials, cardinals have a particular accountability on the way to put into consequence influence into a principled technique. A senior fellow in Leadership studies adverts out that much of a principals authority is moral; that means, tutors have got to be persuaded so as to the principals indicate of spectacle reflect principles they prop up. Compulsion from side to side self-important influence will hardly ever encompass an optimistic, permanent consequence or result. Examples Of Some Moral Dilemmas Are Facing By Chiefs Since distinct by a senior fellow, a moral predicament is not a selection between correct and incorrect, although an alternative flanked by two privileges. If suppose, allowing for an inducement would be an ethical enticement; conclusive if insufficient possessions have to set off on the way to an outstanding set of courses or a dissenter-avoidance structure would comprise a quandary. Confusions happen when exquisite standards divergence. A main who standards in cooperation educator self-sufficiency in addition to scholar attainment will countenance a tight spot while tutors wish for endorse a guiding principle so as to push down opportunities. This variety of disagreement is finely tuned for the reason that discipline best are unrestricted administrators by means of commitments to a lot of individuals those frequently encompass challenging principles or comforts. Must guardians be well-versed if an analyst apprentices with the intention of guardians spawn is making an allowance for an aborting? Must a learner assemblage be talented to manuscript a congregation presenter and that presenter attitudes will hurt somebodys feelings several in the commune? Should the chief hold up an educator who has completed doubtful marking pronouncements? Several educational programmers put forward those commitments towards managers or chiefs set particular weight resting on princi pled executive. Meant for case, a fellow asked chiefs to approximation how a characteristic co-worker would act in response to theoretical confusions. Compassionate frequently announced that equals or co-workers would obtain the pathway of smallest amount confrontation with adjourning to admirable or captivating place of safety in bureaucrat actions, that the theoretical social group in point of fact reproduce the standard. Ethical confectioners in general are in agreement close at hand is no moral recipe book with the intention of provides trouble-free solutions to multifaceted dilemmas. Other than a numeral of academicians encompass recommended a number of guiding principles. 1. Influential persons must have and live enthusiastic in the direction of take action lying on an unambiguous intelligence of principled values. A fellow asserts that a completely well-versed principled awareness will be full of arguments of compassionate like what perform our affairs stipulate of us? Means that a leader should know that what he is going to perform; impartiality and it tells that how can we administer ourselves fairly? Because as a leader we should administer ourselves in order to perform requirements; and assessment Where do we go down diminutive of our have possession of principles? Like these type of questions has to be developed by an ethical leader. 2. Guider should look at problems commencing dissimilar attitudes. A senior fellow described that there can be three kinds of dilemmas in any organization. One is to look forward to the momentousness of every preference and endeavor towards make out who is going to be pretentious, with in what kind of conducts. One more come up to have ethical regulations, presumptuous with the intention of the humankind would be a recovered position if populace for eternity helped definite extensively conventional principles (such as influential the genuineness). And final viewpoint accentuates thoughtful, which is comparable in the direction of the fair-haired imperative: How would we in the vein of to be appraised concealed by comparable state of affairs? 3. Superiors can frequently reassemble principled or moral issues or arguments. A lot of noticeable confusion fluctuations are in point of fact â€Å"confusion fluctuations or dilemmas, contributing a third pathway so as to abstain the either-or thoughts. If we take an example like, double-dealing with a parent who substance in the direction of a meticulous coursework assignments on spiritual justification, a most important chief or principal might be capable to discuss an substitute project, by this means cherishing educational truthfulness devoid of circumventing on guardian privileges. 4. At long last, privileged individuals have to maintain the practice of mindful indications, anywhere it possibly will show the way them. Explaining Leadership And Motivation Within The Group Here I am explaining about a group and how the leader motivates the group. Here is a brief description about leadership and motivation by taking a group as an example. This example is my past experience when I worked in the group during my graduation project work. We are five people formed as a group and our topic was how to make a successful organization and how individual should work in groups. So we searched a lot books and we collected a number of journals and we read successful managers autobiographies and we finally came up with a great subject that was a â€Å"Belbins profiles† and in that we found a very much information regarding leadership and motivation in order to get success a group or an organization should make an assembly and they should choose a leader. Here controversy comes in to the group who is going to be leader and how to choose a leader and there we found important key roles to choose a leader. Those key roles are divided like resource investigator, team worker, plant, complete finisher, monitor, evaluator, coordinator and shaper. So every individual has their own personalities or profiles like explained above. If any individual want to become leader to a respective group he should fulfill all the requirements and achievements of those profiles like resource investigator deals in investigating of resources required to achieve a success of that group or an organization, team worker should maintain healthy relationships among the coworkers and walk on the road with coworkers to get success, plant this role is very important to the team because plant means base to the team or an organization. This role links with every role in the organization, complete finisher is the role deals in completing a project of a firm or a group. Complete finishers main duty is to complete the project without loopholes. He gets a copy of the project and stars investigation from plant to every profiles role and eliminates unnecessary factors and includes if there is a need to include a particular concept in order to finish like closed chain, monitor role plays a vital role in the group that is this role duty is to monitor every individuals work from starting the project onwards till closing of the project and he should present a daily base report or feedback to the team workers and to every individuals taking part in the project, evaluators role is to evaluate the drawbacks or loopholes of the respective project, having healthy relationship with monitor and resource investigator, shaper , team worker. And about shaper this role deals with maintenance, performance of coordinator, monitor, and the structure of the project and team. So any individual wants to become leader he should have experience in the entire roles and fields witch I just explained above and also if any group wants to choose its leader that group should consider all the roles. Because leader and his leadership is everything for an organization or a group and he should have capability to motivate his group. Key factors to choose a perfect leader Leader should have the aim on to improve workplace efficiency and also to diminish the minor problems with workplace he should come with his own creative ideas in order to motivate his team. And the successful leader has a goal like in any task to get the work completed and his leadership controls efficiency and by controlling efficiency he gets control on competitive value of service and finally achieves the success â€Å"Leadership Innovation Today, fast growing organizations are built on leadership innovation, that is, they are not built by product visionaries but by social visionaries — those who invent entirely new ways of organizing human effort.† And we have variety kinds of leaderships here like Visionary Leadership in this decision making management plays an important role because for every success and failure of a management there should be an effective or ineffective decision making skills behind that success or failure. And this decision making visionary leadership puts an eye on work efficiency by moving decision-making responsibility to the frontline and there by achieves an increased efficiency. Efficiency is achieved with limited supervision. To make frontline responsibility effective, leadership must give workers opportunity to develop quality decision-making skills and learn to trust them. Standard leadership , in this standard leadership leader only concentrates on the employees work like what he said and what is going on their? And what employees are doing to get work done? And workers to be robots to get work done, this is all about leaders nature in their qualities of making decisions and makes creative quality decisions. â€Å"This is called as command and control leadership. Low efficiency is caused by the disconnect between management and the frontline. Management is busy dealing with problems that affect them while ignoring problems that affect the frontline. Front line problems are only dealt with when they explode into a major problem. K-Mart stores use standard leadership.† Policies the style of Leadership is monitored by workplace policies. â€Å"Leaders will adapt their style to the organization priorities and its goals.† High efficiency workplaces are based on visionary leadership, where workplace policies authorize decision-making responsibility at the frontline. Limited supervision is needed with worker responsibility. Standard leadership is based on mans instinctive desire for control, which is leadership by default. A leaders changing mood controls policy of the moment and no one knows what the priorities are mood-changing priorities reduce efficiency. Standard leadership requires a high level of supervision. Elements To Consider Ethical policies Ethical policies at the organizations top filter down to the frontline. It is not possible to have unethical policies at the top and enforce ethical policies at the bottom. Leaders ethical policies become the mindset of the organization. A person with high ethical standards will not stay long in an organization with low ethical standards, they will quit or be fired. A potential whistle blower becomes a threat, yet, this type of person makes an organization efficient. Success of workplace responsibility requires high ethical policies from top to bottom. Exception to the rule The military uses command-and-control leadership, yet the troops are highly skilled, motivated and morale is high. This is opposite the statements stated above. The difference military organizations are team orientated with continuous training. Troops expanding their skills and experiencing capabilities they never dreamed possible, produces a highly motivated and efficient organization. Learning opportunity and responsibility is the key.

The Sisters of Mercy :: Exploratory Essays Research Papers

The Sisters of Mercy   Ã‚  Ã‚  Ã‚  Ã‚   For this assignment, I decided to research the Sisters of Mercy, a Catholic order of nuns.   I never before realized that there is so much behind their amazing devotion to the Catholic Church and God. I must admit that they are beautiful examples of God's teaching, and I feel truly blessed to be involved with the Sisters of Mercy. Each and every one of them has a unique story to tell about her life, but none is more intriguing than that of Sister Mary Joel Hopkinson. Having only heard bits and pieces, and not knowing for sure the steps that each of these women had to take to become who she is today, I asked Sister Mary Joel to share her story with me.    When she was born into a Protestant family in New England, no one could have guessed that Sister Joel would end up becoming a Catholic, let alone a Sister of Mercy. But as it turned out, as Sister Mary Joel Hopkinson says, "There was no way to deny it; this is what God wanted for me." Sister Joel has been a Sister of Mercy for almost fifty years. What is so interesting about her story is that she has been a Catholic for only fifty years. Only a little more than a year after she converted to Catholicism, she found herself looking to enter a convent. She explained that all her life she had had Catholic friends. At one of her jobs, she was the only non-Catholic in the carpool. The Catholic Church intrigued her, and she was of a curious nature, but not until years later did she realize that God was sending her a sign. She puts it rather bluntly when she says, "God pushed me out of the window and into the convent." Sister Joel was not always a businesswoman; in fact, she worke d in a building in Brooklyn, New York, cleaning windows on the second floor. It was a rather old building, and the chains on the windows had been painted over a number of times. Once, while struggling to pull the window down, she lost her footing and fell out the window. The reason she says God pushed her is that the only ambulance on call that day was from St.

Violas Disguise in Twelfth Night :: Twelfth Night essays

  Ã‚  Ã‚  Ã‚  Ã‚   As in most comedies, William Shakespeare's Twelfth Night extensively uses disguises, masks and mistaken identities to add to the comical nature of the play. Viola's disguise as Orsino's page, Cesario, becomes crucial to the action in the play. Without this important element, the action in the play would slow down dramatically, making the story much less intriguing. In addition to making the play less interesting, the disguise is also necessary to develop the storyline involving Sebastian, and the confusion that his return creates. It also is vital to the conflict between Olivia and Orsino, which depends on Viola's disguise to keep things exciting.      Ã‚  Ã‚  Ã‚  Ã‚   Viola's disguise becomes increasing more important as the events take place. The majority of the plot lines depend on the disguise. Without it, the main theme of the play would be the gulling of Malvolio. In a play where most of the characters fall in love with each other, blind to the gender and true identity of the objects of their desires, a disguise like Viola's becomes the center of the action, and causes almost all the of the important aspects of the play.      Ã‚  Ã‚  Ã‚  Ã‚   The confusion that Sebastian creates when he returns would not occur without Viola's disguise. Sir Andrew believes that the woman of his desires, Olivia, is spending too much time with Cesario, and challenges him to a duel. As he put it, Olivia was doing "more favors to the Count's servingman than ever she bestowed upon me." (3-2 l.5-7) At first, Viola is nearly forced into a battle, but is saved when the confused Antonio arrives. Later on, Sebastian and Andrew do get involved in a scuffle, for which Viola is unjustly blamed. Finally Sebastian and Viola are reunited, but only after they have already caused a large amount of chaos and have confused everyone. It is only then that everyone begins to discover the extent of Viola's trickery.      Ã‚  Ã‚  Ã‚  Ã‚   More disorder is created when Olivia, who Orsino is hopelessly in love with, falls for Cesario, who is secretly in love with Orsino. Orsino sends Cesario to express his affection for Olivia, which Cesario/Viola is not thrilled with. As she puts it, "whoe'er I woo, myself would be his wife." (1-4 l.

Saint Philip Neri :: essays research papers fc

Saint Philip Neri was born in Florence, Italy, in the year 1515. He was the oldest son of Francis Neri and Lucretia Soldi, both descendants of Tuscan families. He was kind hearted as a kid and soon became known as Philip the Good - "the good Pippo." As a child, he studied philosophy and later he took a comprehensive course in theology. With fourteen companions, he created the Confraternity of the Most Holy Trinity for looking after pilgrims and convalescents. The members met for Communion, prayer and other spiritual exercises in the Church of San Salvatore, and Philip himself introduced the idea of having exposition of the Blessed Sacrament at least once a month. At these devotions, Philip preached, even though he had not yet become a priest. In 1550, he transferred this Confraternity to the Church of the Holy Trinity, and built a new hospital. His work continued and in 1551, he was ordained a priest at the age of thirty-six. As a newly ordained priest, Philip continued his spiritual conferences to ever-increasing numbers, who came seeking his guidance and help. In a short time, several priests and young clergymen associated themselves with him. They began to aid him with his conferences and in reading prayers and meditations to the people of the Church of the Holy Trinity. This small group soon became known as an Oratory, because at certain hours each day, they would gather the people together for prayer and meditation. Therefore they laid the foundation of a new religious society. In 1564, when Philip had formed his congregation into a regular community, he had several of his young clergy men ordained to the priesthood. Saint Philip lived to be eighty years of age. In the year 1595, he was struck by an unusual violent fever and was confined to his bed for the entire month of April. Cardinal Caesar Baronius game him Extreme Unction and Cardinal Frederick Borromeo, an intimate friend, brought him Holy Viaticum. His entire congregation accompanied him on his deathbed. It was shortly after midnight on May 26th, 1595 that he passed away. Saint Philip was noted also for his kindness and simplicity and was much sought after as a confessor. His sense of humor was note worthy. He was beautified by Pope Paul V in 1615 and was canonized a saint by Pope Gregory XV in the year 1622. After Philip's death it was discovered that two of his ribs were broken and had formed an arch, enlarging the normal space for the heart. His body rests in the Chiesa Nuova where it remains miraculously incorrupt.

Net Present Value and Correct Answer

Question 1 2 out of 2 points | | | Assume that the economy is in a mild recession, and as a result interest rates and money costs generally are relatively low. The WACC for two mutually exclusive projects that are being considered is 8%. Project S has an IRR of 20% while Project L's IRR is 15%. The projects have the same NPV at the 8% current WACC. However, you believe that the economy is about to recover, and money costs and thus your WACC will also increase. You also think that the projects will not be funded until the WACC has increased, and their cash flows will not be affected by the change in economic conditions.Under these conditions, which of the following statements is CORRECT? Answer | | | | | Selected Answer:| You should recommend Project S, because at the new WACC it will have the higher NPV. | Correct Answer:| You should recommend Project S, because at the new WACC it will have the higher NPV. | | | | | Question 2 2 out of 2 points | | | Which of the following statements is CORRECT? Answer | | | | | Selected Answer:| Multiple IRRs can occur only if the signs of the cash flows change more than once. | Correct Answer:| Multiple IRRs can occur only if the signs of the cash flows change more than once. | | | | Question 3 2 out of 2 points | | | Which of the following statements is CORRECT? Answer | | | | | Selected Answer:| One advantage of the NPV over the IRR is that NPV assumes that cash flows will be reinvested at the WACC, whereas IRR assumes that cash flows are reinvested at the IRR. The NPV assumption is generally more appropriate. | Correct Answer:| One advantage of the NPV over the IRR is that NPV assumes that cash flows will be reinvested at the WACC, whereas IRR assumes that cash flows are reinvested at the IRR. The NPV assumption is generally more appropriate. | | | | Question 4 2 out of 2 points | | | Which of the following statements is CORRECT? Answer | | | | | Selected Answer:| One defect of the IRR method is that it assumes that the ca sh flows to be received from a project can be reinvested at the IRR itself, and that assumption is often not valid. | Correct Answer:| One defect of the IRR method is that it assumes that the cash flows to be received from a project can be reinvested at the IRR itself, and that assumption is often not valid. | | | | | Question 5 2 out of 2 points | | | Which of the following statements is CORRECT?Assume that the project being considered has normal cash flows, with one outflow followed by a series of inflows. Answer | | | | | Selected Answer:| If a project has normal cash flows and its IRR exceeds its WACC, then the project’s NPV must be positive. | Correct Answer:| If a project has normal cash flows and its IRR exceeds its WACC, then the project’s NPV must be positive. | | | | | Question 6 2 out of 2 points | | | Assume that the economy is enjoying a strong boom, and as a result interest rates and money costs generally are relatively high.The WACC for two mutually excl usive projects that are being considered is 12%. Project S has an IRR of 20% while Project L's IRR is 15%. The projects have the same NPV at the 12% current WACC. However, you believe that the economy will soon fall into a mild recession, and money costs and thus your WACC will soon decline. You also think that the projects will not be funded until the WACC has decreased, and their cash flows will not be affected by the change in economic conditions. Under these conditions, which of the following statements is CORRECT?Answer | | | | | Selected Answer:| You should recommend Project L, because at the new WACC it will have the higher NPV. | Correct Answer:| You should recommend Project L, because at the new WACC it will have the higher NPV. | | | | | Question 7 2 out of 2 points | | | Which of the following statements is CORRECT? Assume that the project being considered has normal cash flows, with one outflow followed by a series of inflows. Answer | | | | | Selected Answer:| The highe r the WACC used to calculate the NPV, the lower the calculated NPV will be. Correct Answer:| The higher the WACC used to calculate the NPV, the lower the calculated NPV will be. | | | | | Question 8 2 out of 2 points | | | Which of the following statements is CORRECT? Answer | | | | | Selected Answer:| An NPV profile graph is designed to give decision makers an idea about how a project’s contribution to the firm’s value varies with the cost of capital. | Correct Answer:| An NPV profile graph is designed to give decision makers an idea about how a project’s contribution to the firm’s value varies with the cost of capital. | | | | Question 9 2 out of 2 points | | | Which of the following statements is CORRECT? Answer | | | | | Selected Answer:| If two projects have the same cost, and if their NPV profiles cross in the upper right quadrant, then the project with the lower IRR probably has more of its cash flows coming in the later years. | Correct Answer:| I f two projects have the same cost, and if their NPV profiles cross in the upper right quadrant, then the project with the lower IRR probably has more of its cash flows coming in the later years. | | | | Question 10 2 out of 2 points | | | Which of the following statements is CORRECT? Assume that the project being considered has normal cash flows, with one outflow followed by a series of inflows. Answer | | | | | Selected Answer:| If a project’s NPV is less than zero, then its IRR must be less than the WACC. | Correct Answer:| If a project’s NPV is less than zero, then its IRR must be less than the WACC. | | | | | Question 11 2 out of 2 points | | | Which of the following statements is CORRECT?Answer | | | | | Selected Answer:| The NPV method assumes that cash flows will be reinvested at the WACC, while the IRR method assumes reinvestment at the IRR. | Correct Answer:| The NPV method assumes that cash flows will be reinvested at the WACC, while the IRR method assumes re investment at the IRR. | | | | | Question 12 0 out of 2 points | | | Which of the following statements is CORRECT? Assume that the project being considered has normal cash flows, with one outflow followed by a series of inflows.Answer | | | | | Selected Answer:| If a company uses the same payback requirement to evaluate all projects, say it requires a payback of 4 years or less, then the company will tend to reject projects with relatively short lives and accept long-lived projects, and this will cause its risk to increase over time. | Correct Answer:| One drawback of the regular payback for evaluating projects is that this method does not properly account for the time value of money. | | | | | Question 13 2 out of 2 points | | | Which of the following statements is CORRECT?Assume that the project being considered has normal cash flows, with one outflow followed by a series of inflows. Answer | | | | | Selected Answer:| A project’s IRR is the discount rate that causes the PV of the inflows to equal the project’s cost. | Correct Answer:| A project’s IRR is the discount rate that causes the PV of the inflows to equal the project’s cost. | | | | | Question 14 2 out of 2 points | | | Which of the following statements is CORRECT? Answer | | | | | Selected Answer:| Projects with â€Å"normal† cash flows can have only one real IRR. Correct Answer:| Projects with â€Å"normal† cash flows can have only one real IRR. | | | | | Question 15 0 out of 2 points | | | Which of the following statements is CORRECT? Answer | | | | | Selected Answer:| If a firm uses the discounted payback method with a required payback of 4 years, then it will accept more projects than if it used a regular payback of 4 years. | Correct Answer:| Multiple IRRs can exist, but not multiple MIRRs. This is one reason some people favor the MIRR over the regular IRR. | | | | | Question 16 0 out of 2 points | | When evaluating a new project, firms should include i n the projected cash flows all of the following EXCEPT:Answer | | | | | Selected Answer:| The salvage value of assets used for the project that will be recovered at the end of the project’s life. | Correct Answer:| Previous expenditures associated with a market test to determine the feasibility of the project, provided those costs have been expensed for tax purposes. | | | | | Question 17 2 out of 2 points | | | A firm is considering a new project whose risk is greater than the risk of the firm’s average project, based on all methods for assessing risk.In evaluating this project, it would be reasonable for management to do which of the following? Answer | | | | | Selected Answer:| Increase the cost of capital used to evaluate the project to reflect its higher-than-average risk. | Correct Answer:| Increase the cost of capital used to evaluate the project to reflect its higher-than-average risk. | | | | | Question 18 2 out of 2 points | | | Which of the following stateme nts is CORRECT? Answer | | | | | Selected Answer:| A sunk cost is a cost that was incurred and expensed in the past and cannot be recovered if the firm decides not to go forward with the project. Correct Answer:| A sunk cost is a cost that was incurred and expensed in the past and cannot be recovered if the firm decides not to go forward with the project. | | | | | Question 19 2 out of 2 points | | | Which of the following statements is CORRECT? Answer | | | | | Selected Answer:| An example of an externality is a situation where a bank opens a new office, and that new office causes deposits in the bank’s other offices to increase. | Correct Answer:| An example of an externality is a situation where a bank opens a new office, and that new office causes deposits in the bank’s other offices to increase. | | | | Question 20 2 out of 2 points | | | Which of the following statements is CORRECT? Answer | | | | | Selected Answer:| Simulation analysis is a computerized version of scenario analysis where input variables are selected randomly on the basis of their probability distributions. | Correct Answer:| Simulation analysis is a computerized version of scenario analysis where input variables are selected randomly on the basis of their probability distributions. | | | | | Question 21 0 out of 2 points | | | Which of the following statements is CORRECT?Answer | | | | | Selected Answer:| The existence of any type of â€Å"externality† will reduce the calculated NPV versus the NPV that would exist without the externality. | Correct Answer:| If one of the assets to be used by a potential project is already owned by the firm, and if that asset could be sold or leased to another firm if the new project were not undertaken, then the net after-tax proceeds that could be obtained should be charged as a cost to the project under consideration. | | | | | Question 22 2 out of 2 points | | | A company is considering a new project.The CFO plans to calculate th e project’s NPV by estimating the relevant cash flows for each year of the project’s life (i. e. , the initial investment cost, the annual operating cash flows, and the terminal cash flow), then discounting those cash flows at the company’s overall WACC. Which one of the following factors should the CFO be sure to INCLUDE in the cash flows when estimating the relevant cash flows? Answer | | | | | Selected Answer:| The investment in working capital required to operate the project, even if that investment will be recovered at the end of the project’s life. Correct Answer:| The investment in working capital required to operate the project, even if that investment will be recovered at the end of the project’s life. | | | | | Question 23 0 out of 2 points | | | Which of the following statements is CORRECT? Answer | | | | | Selected Answer:| Using accelerated depreciation rather than straight line normally has no effect on a project’s total projec ted cash flows nor would it affect the timing of those cash flows or the resulting NPV of the project. Correct Answer:| Using accelerated depreciation rather than straight line normally has the effect of speeding up cash flows and thus increasing a project’s forecasted NPV. | | | | | Question 24 0 out of 2 points | | | Which of the following rules is CORRECT for capital budgeting analysis? Answer | | | | | Selected Answer:| If a product is competitive with some of the firm’s other products, this fact should be incorporated into the estimate of the relevant cash flows. However, if the new product is complementary to some of the firm’s other products, this fact need not be reflected in the analysis. Correct Answer:| Only incremental cash flows, which are the cash flows that would result if a project is accepted, are relevant when making accept/reject decisions. | | | | | Question 25 0 out of 2 points | | | Which one of the following would NOT result in incremental cash flows and thus should NOT be included in the capital budgeting analysis for a new product? Answer | | | | | Selected Answer:| Using some of the firm’s high-quality factory floor space that is currently unused to produce the proposed new product.This space could be used for other products if it is not used for the project under consideration. | Correct Answer:| The cost of a study relating to the market for the new product that was completed last year. The results of this research were positive, and they led to the tentative decision to go ahead with the new product. The cost of the research was incurred and expensed for tax purposes last year. | | | | | Question 26 2 out of 2 points | | | The relative risk of a proposed project is best accounted for by which of the following procedures?Answer | | | | | Selected Answer:| Adjusting the discount rate upward if the project is judged to have above-average risk. | Correct Answer:| Adjusting the discount rate upward if the pro ject is judged to have above-average risk. | | | | | Question 27 2 out of 2 points | | | Dalrymple Inc. is considering production of a new product. In evaluating whether to go ahead with the project, which of the following items should NOT be explicitly considered when cash flows are estimated?Answer | | | | | Selected Answer:| The company has spent and expensed for tax purposes $3 million on research related to the new detergent. These funds cannot be recovered, but the research may benefit other projects that might be proposed in the future. | Correct Answer:| The company has spent and expensed for tax purposes $3 million on research related to the new detergent. These funds cannot be recovered, but the research may benefit other projects that might be proposed in the future. | | | | | Question 28 2 out of 2 points | | Which of the following should be considered when a company estimates the cash flows used to analyze a proposed project? Answer | | | | | Selected Answer:| The new p roject is expected to reduce sales of one of the company’s existing products by 5%. | Correct Answer:| The new project is expected to reduce sales of one of the company’s existing products by 5%. | | | | | Question 29 2 out of 2 points | | | Langston Labs has an overall (composite) WACC of 10%, which reflects the cost of capital for its average asset.Its assets vary widely in risk, and Langston evaluates low-risk projects with a WACC of 8%, average-risk projects at 10%, and high-risk projects at 12%. The company is considering the following projects: Project Risk Expected Return A High 15% B Average 12% C High 11% D Low 9% E Low 6% Which set of projects would maximize shareholder wealth? Answer | | | | | Selected Answer:| A, B, and D. | Correct Answer:| A, B, and D. | | | | | Question 30 2 out of 2 points | | | Which one of the following would NOT result in incremental cash flows and thus should NOT be included in the capital budgeting analysis for a new product?Answer | | | | | Selected Answer:| A firm has spent $2 million on R&D associated with a new product. These costs have been expensed for tax purposes, and they cannot be recovered regardless of whether the new project is accepted or rejected. | Correct Answer:| A firm has spent $2 million on R&D associated with a new product. These costs have been expensed for tax purposes, and they cannot be recovered regardless of whether the new project is accepted or rejected. | | | | | Thursday, November 17, 2011 11:33:19 PM EST OK

Marketing †Brand Essay

1. Executive Summary This report provides an analysis of the international marketing environment of fast- food industry in US and evaluates the international marketing activities of McDonald’s, which is considered a key player. Firstly, the PEST framework is used to analyse external environmental factors influencing the industry. The Porter’s Five Forces framework is utilised to analyse the competitive rivalry within the industry, and its attractiveness for potential new entrants. Key players and their positioning was identified using a strategic-groups model, mapping brand value against global presence. Based on the industry analysis, McDonald’s was identified as the market leader and an examination of their market entry modes was carried out. Their international marketing mix was evaluated to identify success factors, drawing focus upon international branding, international distribution, international communications and standardisation vs. adaptation of the service offering. An internal analysis identified the firm’s strengths and weaknesses whilst an external analysis considered the opportunities and threats posed to McDonald’s as market leader. Finally, short and long term strategic and tactical recommendations were outlined in order to enhance McDonald’s competitive position within the global fast-food industry. These recommendations are both realistic and well supported, based upon the evaluation of their current strategy and activities. 3 2. Introduction The global fast-food industry is dynamic with a variety of competitors. This report identifies the current factors influencing the industry before specifically focusing on McDonald’s Corporation, who is considered as the current global leader. Based on this analysis, the report identifies several areas for improvement and makes strategic recommendations for McDonald’s to enhance its position. 4 3. International Marketing Analysis? 3. 1. PEST Analysis and Environmental Impact Matrix (Macro Environment) The following framework provides an analysis of the external international marketing environment, relating to the fast-food industry: *These ratings are based on the authors’ subjective judgement 5 Political Global fast-food firms must comply with country-specific political requirements, such as national minimum wage regulations, affecting costs. Hygiene and quality regulations vary significantly between nations and may influence the quality of products provided by fast-food outlets (FDA, 2012). Different countries set varying regulations regarding labelling and packaging. For instance the UK government pressured firms to promote healthy eating, and several fast-food companies have voluntarily included calorie information on their products (BBC, 2011). Economic Despite the 2008 recession and the resulting decrease in consumer confidence across the globe, average consumer fast-food spending has increased (The Economist, 2010) due to convenience and low-cost. Consumers are still looking for the convenience of eating out, but are drawn to the low prices of fast-food over table-service restaurants (Financial Times, 2009). Many fast-food chains have capitalised upon the recession by introducing new deals in addition to their already low-priced menus. Between 2005 and 2010, Latin America, Asia Pacific, Eastern Europe and Russia accounted for 89% of global growth in the fast-food industry (Passport, 2012). Social Increasing consumer awareness about healthy lifestyles has pressured many fast-food players to offer healthier selections within their menus (BBC, 2011). This includes offering low- calorie options and salads alongside burgers, and prominently displaying nutritional content. The fast-food industry has also been heavily criticised for targeting young children by including toys within children’s meals (New York Times, 2003). Recently in the UK, the broadcasting of ‘junk food’ adverts during commercial breaks in children’s programmes has been banned (BBC, 2007), following increasing childhood obesity. 6 Technological As consumer familiarity with new technology increases, fast-food firms are using channels such as social media websites to engage with their customers. For example, McDonald’s is the 9th most ‘liked’ brand on Facebook (CNBC, 2012) (Appendix 1). Additionally, digital displays allow outlets to change their menus efficiently, to suit the time of day (NRA, 2012) and self-service ordering points have increased service speed and reduced labour costs. Environmental Environmental lobbyists and governments are pressuring the fast-food firms to become more ‘green’ (Greenpeace, 2012). Rainforests are being destroyed to increase the area of land for beef production to meet the demand for beef-burgers (Kline, 2007). Recycling is a prominent global issue and in response, McDonald’s adopted recyclable packaging. Increased environmental awareness among consumers provides firms with a significant opportunity to position themselves as ‘green’ to garner customer loyalty (National Pollution Prevention Centre for Higher Education, 1995). Legal Global operators must comply with country-specific regulations and legislation. This includes opening hours, taxation and employment regulations such as the National Minimum Wage Regulations (1999) in the UK. Firms are often required to meet national food standards such as the requirements set out by the US Food and Drug Administration (FDA). Furthermore, authorities are becoming increasingly worried about childhood obesity associated with the industry (WHO, 2012) and have tightened regulations regarding targeting children. 7 3. 2. Porter’s Five Forces – Fast-food Industry This framework identifies the competitive forces affecting the fast-food industry: THREAT OF NEW ENTRANTS Industry dominated by global chains with very high brand values High brand awareness and loyalty. Retaliation from strong incumbent players Low initial capital outlay Low fixed costs Economies of scale POWER OF SUPPLIERS Many undifferentiated suppliers Fast-food chains have high purchasing power due to high volume COMPETITIVE RIVALRY IN THE FAST-FOOD INDUSTRY Fragmented market Low exit costs Low margin, high turnover – drives competition High brand power POWER OF BUYERS High product differentiation Target many segments High price sensitivity THREAT OF SUBSTITUTIONS Alternative foodservice options Ready meals and home cooking ingredients Main players quite differentiated No switching costs. Convenience is the value adding component which is difficult to substitute 8 Threat of New Entrants – Moderate The industry is dominated by a number of international Quick Service Restaurant (QSR) chains, including McDonald’s, Burger King, Pizza Hut, KFC and Domino’s (Datamonitor, 2010). These global brands are extremely valuable, boasting strong customer loyalty and recognition; indicating consistent quality and service. Key players including McDonald’s, adapt their marketing orientation to suit local cultures and social norms (Datamonitor 2010), strengthening the brand and avoiding consumer alienation. New players struggle to compete with incumbent firms, as their brands are unknown and advertising campaigns are expensive. Established chains have the resources to retaliate aggressively through pricing promotions, deterring new players from entering the marketplace. New entrants lack economies of scale, which existing chains have developed over time, and utilise to remain competitive in this low-margin, high-turnover industry. However, social media websites have evened the playing field in terms of marketing communications; they allow firms to efficiently communicate their message inexpensively. Initial capital outlay and fixed costs are low, encouraging new entrants (Datamonitor, 2012). Threat of Substitutions – Moderate Substitutes are readily available: food can be purchased almost anywhere, through foodservice or retail. However, convenience is the value-adding component of the service which reduces the threat of substitutes. Consumers can cook at home cheaply, but this lacks the convenience element which people require nowadays. Ready-meals are therefore a more substantial threat, competing with fast-food on price as well as convenience. (Datamonitor, 2012). If you are ‘on-the-go’ however, without access to a microwave, QSRs are almost uncontested if you want a hot meal in a short timeframe. With many differentiated players (Datamonitor, 2012) and varying service offerings, customers can select the best value option. 9 Competitive Rivalry – Strong Although McDonald’s and Burger King almost hold a duopoly in the ‘burger segment’, the market as a whole is fragmented with many global chains and independent operators (Datamonitor, 2012). Competition is primarily cost-based with firms continuously investing in their production and service processes to undercut competitors. Exit costs are low and capacity is easily increased through franchising. Branding is the most prevalent weapon for competing; McDonald’s spent over $650 million on global advertising in 2009 (Datamonitor, 2012). Power of Buyers – Moderate Figure 1 shows sales and growth of the top ten fast-food companies (Euromonitor International, 2012). The market’s competitiveness increases buyer power and customers are price sensitive (Muhlbacker et al., 1999) with no switching cost between providers. However, key players attempt to reduce buyer power, offering a product range which caters for the entire demographic, rather than one specific segment. For example, McDonald’s target children with ‘Happy Meals’ and professionals with breakfast options and take-away coffee (McDonald’s, 2012). Firms are increasingly promoting differentiated products: McDonald’s â€Å"Big Mac†, Burger King’s â€Å"Whopper† and offers such as Domino’s â€Å"Two for Tuesday† campaign. High brand value and customer loyalty has reduced buyers’ bargaining power. The 2011 ranking of the top 100 brands indicates McDonald’s’ success (Interbrand, 2011). 10 Power of Suppliers – Moderate Figure 1: Top Ten Fast-food Companies by Growth. With a competitive global supply chain, supplier power is limited. â€Å"17,500 British and Irish farms that provide us with top-quality ingredients. † (McDonald’s – UK, 2012) These farms supply Tier 1 suppliers who transform raw materials into food items, ready for McDonald’s to cook and serve. Due to the number of suppliers in the industry, it is difficult for them to leverage significant power over fast-food firms. The supply of soft-drink is dominated by Coca-Cola (McDonald’s and Burger King) and Pepsi (KFC) due to their global distribution channels. Additionally, Coca-Cola and Pepsi provide fast-food chains with equipment such as refrigerators and drink dispensers. This markets their brand and aligns it with fast-food brands, reducing costs for customers, which would otherwise be passed onto them (SMO, 2011). 11 3. 3. Identification of Key Players and their Competitive Position 3. 3. 1. Strategic Groups The following framework identifies the key players in the international fast-food industry and identifies which firms are in the most direct competition with each other: Brand value and the chain’s global presence (Appendix 2) are significant indicators of overall performance. The above strategy-group chart maps the firms’ performance. Brand value (US$) is plotted against the chain’s global presence, in terms of the number of outlets worldwide. The strategy-grouping shows that McDonald’s has the 12 highest global market value and revenue in the industry, despite Subway having more international outlets. 4. Key Player – Evaluation of International Activities 4. 1. Identification of Key Player Based upon their global presence, market value and revenue, McDonald’s is identified as the key player in the industry. 4. 2. McDonald’s International Market Entry Modes In 1940, McDonald’s operated only one QSR but today has restaurants at 33,000 locations in 119 countries. McDonald’s utilises a variety of international market entry modes for rapid expansion: sole ventures, franchising, master franchising and joint ventures. 15% of McDonald’s branded restaurants are operated as sole ventures. This involves a significant capital commitment but allows the highest degree of control.? Most restaurants are operated as franchises, allowing rapid expansion without high capital requirements. Franchising has also allowed McDonald’s to benefit from local knowledge, demonstrated by the menu differences by country. However, McDonald’s maintains control over crucial aspects such as the supply chain, marketing mix and staff training. Master Franchising introduces a third party as a ‘go-between’ to overcome geographical and cultural barriers. The combination of the master franchisee’s local knowledge and McDonald’s brand and model has been a successful formula, allowing expansion whilst maintaining significant control. McDonald’s has also expanded internationally through joint ventures. Again, this allows for rapid expansion and utilises the knowledge of firms in closely-linked markets. Since 13 Both firms invest equity in the project, there is a lower financial risk for both parties; however, many joint ventures end in hostility and conflict due to firms taking advantage of one another (Brown and Harwood, 2010).