analysis of Prverts paroles essays

examination of Prvert's paroles papers Q: Discuss Prverts thoughts of adolescence and youth regarding sonnets from Paroles. Jacques Prvert was conceived on the fourth February 1900 in Neuilly-sur-Seine. Celebrated artist, scriptwriter and dear companion of craftsmen Picasso and Motand; he was an unmistakable figure of the post war social scene in Paris. Known for the remarkable achievement of his assortment of sonnets Paroles and his key job in the French surrealist development; Prverts youth days were a long way from the fruitful figure he later became. Prverts more youthful youth days were a cheerful time for him. He had affectionate recollections of this time and this was frequently reflected in his work. In any case, when Prvert was 7 years of age (in 1906) his dad, Andr lost his employment; and the pure, lighthearted youth youthful Jacques had once known, vanished at the same time. The family moved to a lodging in the least fortunate quarters of Paris. Prverts world was flipped around, into that of a common laborers Paris and its Parisian road urchins. Adolescence is a repetitive analogy of beautiful creative mind and endless youth, and is a pervasive element in his work in Paroles. It is accepted that Prverts own youth has had a solid impact in his thoughts both decidedly and adversely. The motivation behind this exposition is to talk about this thought. Prverts father at last found a new line of work working in the focal office for the poor of Paris. He would discover families and survey their money related circumstance. His dad was managing probably the least fortunate individuals in the city. Prvert who was just seven years of age at the time inspires this memory in the sonnet La Grasse Matine Lazy Day. This is a sonnet, which distinctively brings out the perusers creative mind and tells the story of the torment of somebody unab ... <!

Conflict management in aviation Example For Students

Peace promotion in aeronautics Contentss Subject DiscussedStandardsPage Number ( s ) Undertaking 03 Strife resolutionP4-5 Strife TransformationM6 Purposes behind a conflictD7 Undertaking 04 ICAO and conventionsP8-9 Various features of conflictsM10-11 Strategy sing riotous passengersD12-13 Notice Page14 Undertaking 03 Compromise Clashes happen when there are disputes between a man or gatherings. At the point when a single emphatically restrict each other’s thoughts a battle may get down. Struggle can get down whenever and at any topographic point between anybody. A battle outcomes in verbal proclamations, abuses what's more crown jewels connections. What ought to be noted is no issue how great you deal with your association battles may start no issue what. Clashes are ever non awful for an association. Whenever oversaw nicely battles can deliver a positive outcome to the association. Various achievements are utilized by the administrations to work out battles. Talked about underneath are hardly any plans used to pull off battles. Pleasing this plan essentially gives the rival side what it needs. The use of change much of the time happens when one of the gatherings wishes to keep up the harmony or treats the issue as minor. Staying away from The dismissing plan attempts to set off battle before it occurs. By keeping or ignoring the battle, the avoider trusts the activity settle itself without an announcement. The individuals who effectively maintain a strategic distance from battle regularly have low regard or hold a position of low force. In certain fortunes, keeping away from can work as a beneficial battle bearing plan Teaming up This works by fall ining contemplations set out by numerous individuals. The main point of this plan is to happen an originative arrangement adequate to everybody. Cooperation, however utile, takes significant clasp to be comprehended Bargaining This plan commonly calls for the two sides of a battle to provide up so as to set up a worthy arrangement. This plan wins most every now and again in battles where the gatherings hold about commensurate force. Contending This plan regularly results in which one side successes and different loses. Exceptionally self-stating characters every now and again swear by rivalry as a battle course plot. In spite of the fact that this is non the best answer for a battle it is broadly utilized by the bearing to work out battles. Regarding the matter of battle course George Kohlrieser states that, ‘Conflict bearing plays an extremely of import work at working environments to prevent battles and for the representatives to focus on their work. The crew chiefs must ensure that the capacities and obligations of every single worker are obviously given to them.’ Pull offing battles is extremely basic for the association in such a case that non dealt with sufficiently they can affect the productiveness of the organization final result. Preparing the staff of such situation can be profitable to the association by numerous ways. On the off chance that the vital arrangement is given to the staff the battles can be forestalled and be taken care of in a progressively proficient mode. The business would other than experience the significance of battle heading furthermore would do sure to loan to prevent it at any expense. Legitimacy 02 Strife Transformation One perceptual experience of a battle is that it very well may be useful for the association. On the off chance that a battle has come up it is verily because of one of the flopping inside the association. When this falling flat is distinguished the association or concern can amend it and run better. Clashes are grouped into two as long haul and present moment. Short-run battles can be nearly simple settled while since quite a while ago run battles include non-debatable issues that will in general resist resolution.Conflict might be a heap to the association in the event that it goes long haul. As we have examined before, an unsolved battle may affect the productiveness of the organization and would result in the destruction of the association. The undermentioned writings are taken from Challenges of negociating long haul concerns ( 2010 ) , ‘to secure the great beyond contributions of their association, negotiants now and again should acknowledge less advantages or ingest more noteworthy loads in the short count to expand the incentive to every single significant gathering †including future representatives and investors †over time.’ On the off chance that the battle is non settled the association would make each conceivable move to work out it. Moderators are acquired by the organization if there is no momentary answer for the battle. This progression is taken by the association to thwart the battle to be a drawn out one since it would so go a progressively intricate activity. The negotiants would look to acknowledge the requests set up by the gatherings who are influenced regardless of whether it’s non incredibly useful for the association. On the off chance that a battle goes a drawn out issue it would be a very mind boggling work for the association to work out. At that point the association would hold to do sure to hold invariable connection with the gatherings who are included so the battle can be understood with no more remote due. Separation 02 Explanations behind a battle Explanation behind clash The auxiliary of the air hose feels disregarded by the predominant and grumbles that the organization is non made a big deal about the physical open help of the individual what's more feels that he is non happy with the arrival he jumps on all the troublesome work he places in. Arrangement The best arrangement the higher-ups can concoct is to principal hold a gathering with the aircraft ordinate to talk the issue. Here they can talk all the employments the individual is going through and an answer for it. Since the auxiliary feels that he’s nearness is non felt by the air hose, the higher-up ought to procure them required during any assurance doing system of the organization. Aircrafts ought to other than hold gatherings and dockets to talk the occupations of the organization and its representatives. Thusly the worry can develop a reverberation between the higher-ups and its aircraft ordinates. This would do the workers that their idea is investigated and they feel that they exorbitantly are of import resources of the organization. Kurt Cobain (770 words) EssayIn this way a battle would neer be settled. A straightforward battle may join with different battles and transform into an extremely intricate situation where the arrangement can be astounding, Regarding the matter of battle transmutation Johan Galtung states that, ‘a battle may about obtain ever-enduring life, irritating and declining, disappearing and reappearing, the first, root, battle subsides out of spotlight like when cold war going to concentrated to a great extent on such organizations of destruction as nuclear rockets. Clashes have both invigorating and life-annihilating aspects. When framed, clashes experience a grouping of transformational systems. .Strife transmutation is worried about five explicit sorts of transmutation, concentrating upon the basic, conduct and attitudinal aspects of battle: a. Actors†altering actors’ closes and their assault to arraigning these finishes, including by hamburger uping understanding with regards to the circumstances and end results of their few activities ; b. Contexts†contesting the criticalness and perceptual encounters of battle itself, unconventionally the few mentalities and anxieties of explicit histrions towards each other ; c. Issues†reclassifying the issues that are cardinal to the predominant battle, and redeveloping the spot of cardinal histrions on those truly issues ; d. Rules†adjusting the standards and guidelines controlling dynamic at all degrees so as to ensure that battles are managed valuably through institutional channels ; e. Structures†seting the overall development of connections, power circulations and financial conditions that are installed in and advise the battle, in this way affecting the truly fabric of cooperation between prior incongruent histrions, issues and finishes. For battle transmutation to go on, tensenesss between gatherings to the battle must be overwhelmed by guaranting that all histrions perceive their associations non through power. Struggle transmutation looks past clear issues and is portrayed by originative critical thinking. Strife transmutation includes an outsider, so as to help histrions alter their passionate situations on the ‘Other’ , in this way helping to hinder down divisions between the two gatherings associated with the battle. Separation 03 Approach Sing Unruly Passenger Rowdy and wild riders are regular sight which happens in airdromes furthermore during flights. Travelers ordinarily become rowdy when they are inebriated. Flight holds or potentially hapless customer administration are not many other contributory variables for crazy riders. Carriers ordinarily attempt their best to dodge such condition of affairss on the grounds that it could affect the cooperative attitude of the air hose. In this way air hoses handle these occasions with much defend in light of the fact that they are incredibly delicate. The undermentioned writings are taken from Disruptive rider conduct, ‘The employment of rambunctious riders is constantly expanding inside the air hose industry. Albeit rambunctious riders speak to just a little extent of our riders in general, we should neer cover that one forceful rider can imperil wellbeing on board.’ Carriers attempt to make quick stride while overseeing uncontrollable and crazy riders since they could jeopardize the wellbeing of the airplane. With regards to dealing with these examples air hoses typically follow the rules gave by IATA sing overseeing rambunctious and crazy riders. In the event that the pilot in offer feels that that the rider has done or is going to make anything which may jeopardize the security of the airplane the pilot is qualified for make reasonable strides To secure the wellbeing of the airplane. Secure people ready Land boisterous

A Summer Reading List

A Summer Reading List Though it may be difficult to believe, sometimes MIT students like to do things other than science, technology, or engineering. I personally find summertime a particularly good season for the things I used to do much more frequently before the chaotic workload that is college, and a huge one of those things is reading. I love books. I used to be one of those kids that would hide somewhere for six hours with a thick book (usually fantasy) until one of my parents found me and, for the millionth time, asked if I really couldn’t hear them when they were yelling my name or if I was just ignoring them. I would get so engrossed in books that I found myself incapable of doing anything other than reading, once I started one. And it translated to school, toomy middle school English teacher was surprised I wanted to go into STEM subjects, actually. Then, you know, I grew up and high school was hard and so the reading decreased significantly. But I think that I’ve still been able to retain a love for reading and keep up with it, even if I have to wait for less busy times of the year, like summer break. Here was my reading list for last year (strikethrough indicates books I actually finished): The Emporer of All Maladies: A Biography of Cancer by Siddartha Mukherjee This is How You Lose Her by Junot Diaz Purple Hibiscus by Chimamanda Ngozi Adichie The Thing Around Your Neck by Chimamanda Ngozi Adichie Cloud Atlas by David Mitchell Extermely Loud and Incredibly Close Jonathan Safran Foer The Unbearable Lightness of Being by Milan Kundera I also ended up re-reading the whole Harry Potter series (fan for life) and the Lord of the Rings series (which took me through winter break to actually finish) in lieu of Purple Hibiscus and Unbearable Lightness, because last summer I was back home in Colorado, and also traveled a bit, which meant I was without as much access to the library as I have now. Did you know Hayden Library also has, like, novels?? I must admit that I was sort of vaguely aware that it was also a real library instead of just a place for exam-cramming until midnight, but this fact really hit me only a week ago. Also, since the Hayden library is for the MIT community, there’s a much shorter wait time on popular books! Here’s my reading list for this year, where I’m being a lot more ambitious: Fiction: China Rich Girl by Kevin Kwan White is for Witching by Helen Oyeyemi The Icarus Girl by Helen Oyeyemi What is Not Yours is Not Yours by Helen Oyeyemi (in progress) Purple Hibiscus by Chimamanda Ngozi Adichie Americanah by Chimamanda Ngozi Adichie Nonfiction: The Gene by Siddartha Mukherjee Fresh Off the Boat by Eddie Huang A Supposedly Fun Thing I’ll Never Do Again by David Foster Wallace The Immortal Life of Henrietta Lacks by Rebecca Skloot I want to read at least 12 books by the end of the summerambitious, since I’m leaving for Ethiopia on August 6th and was in China until June 21st. But I think I can work through them, especially with Hayden Library so accessible. I’ve always liked the metaphor of reading as eating. in that I always used to be hungry for books, and I like the image of people “devouring books”, a common expression. I gulped down China Rich Girl at my local library in Colorado, so I finished that while visiting home, and have swallowed up Purple Hibiscus, White is For Witching, The Icarus Girl, and What is Not Yours is Not Yours in the last 10 days since I got back from China. Purple Hibiscus was such a well-woven story that I just spent my whole Sunday reading it from start to finish, and didn’t move from the couch much. Here are my thoughts on the books I’ve read so far, reflections on the authors and genres, and why I chose the books on my list this summer. Books Ive Read: China Rich Girl is the sequel to another novel that I actually read for a class at MIT: 21G.046, Modern Chinese Fiction and Cinema. I didn’t really choose it so much as stumble across it in the library. The book I initially read for class is called Crazy Rich Asians, and it’s a detailed, dramatic plot that’s kind of meant to expose the lives of wealthy Singaporeans and reveals a lot about Asian wealth culture. That’s why my professor picked it. I think I liked Crazy Rich Asians betterit’s a book that kind of fools you. I read the cover blurb and thought, why are we reading a cheesy book like this for class, but it actually had many moments of commentary on sexism and classism in Asia, and seemed to say, yes, this story is bizarre, but it’s also entrenched in systemic issues that real people in real life face. I felt like the second novel was a little more plot-focused and therefore, had more Gossip Girl-esque, weekday TV sorts of dramatic reveals. I did like, though, that the second novel explored the side of wealth culture in China and Hong Kong vs. Singapore, and since I’d known a little more about that it was interesting to connect the fictional characters to their real life counterparts”Jack Bing” in the novel mirrors the real life Jack Ma, the wealthiest man in Asia and founder of the Alibaba Corporation. I’m going to be honest and say that I don’t think I really understood White is for Witching, but I still liked it a lot. I hesitate to identify a key theme or point of the novel; it’s not clear to me, except that after reading both it and The Icarus Girl, it seems to me that Helen Oyeyemi has a thing for twins and curses. If I had to write an essay about it right now, I’d at least say that it’s a kind of spread-out, extended metaphor about institutional racism, but told in a haunting, magical realism sort of fashion. But it took me a lot of thinking to even get to that conclusion, that began as a vague idea in the back of my head after I finished the book. The Icarus Girl I really really really liked, because it’s a story about a half-English, half-Nigerian child, and reflects some of the same struggles particular to mixed people that I had as a child (especially in middle school). This novel is again magical realism, but particularly introspective as the child struggles against a ghost from a Nigerian legend. It makes the young girl’s story relatable, and the conflict is much more grown-up than an 8 year old should have to endure (though I suppose, that’s kind of the point). I couldn’t put down Purple Hibiscus, so much that I spent an entire Sunday reading it, from start to finish x) It does an excellent job with addressing the moral ambiguity of real life, with no clear good and evil people, yet, a lot of good and terrible things that happen. Another book where I saw my own family dynamic reflected (well definitely not quite so horrible and dysfunctional, but still, a little bit). What is Not Yours is Not Yours is a series of short stories I’ve been working through, stories that force you to think, and at the same time, are wildly different in their narrative voices. It displays a brilliance on the part of the author, as she switches between such different storylines and characters. Incredible versatility. Books I Plan to Read: I chose Americanah and The Gene because I liked these authors’ previous works a lot. I chose Fresh Off the Boat because now that I’ve read a bit of African literature, I want to read more Asian and Asian American literature. I find that the more I intentionally explore authors of different backgrounds, particularly ones close to my own heritage, I find stories a lot closer to the reality I have experienced, and on topics I never, ever read about when I was a kid (particularly in middle school) when I think I really needed to hear some of these messages. At least I’m hearing them now :) I might chose two more Asian/Asian American works, since the list I currently have doesn’t meet 12 books yet. I chose A Supposedly Fun Thing I’ll Never Do Again by David Foster Wallace because my friend from high school, Brian D. Amherst College ‘18, at some point tried to get all of us to read Infinite Jest, which was his favorite book at the time. I plan on reading it eventually (its a daunting 1,000+ pages), but for now I came across this nonfiction collection of essays by the same author, and I’m eager to have a look at it. I chose The Immortal Life of Henrietta Lacks because after reading The Emperor of All Maladies last summer, I decided I wanted to read more nonfiction books about science and technology, as they frequently touch on ethics. Lacks is particularly centered on the ethics of research, and I think it’s just as important to be informed and think about ethics as any other aspect of STEM. It also just looks really interesting! Authors/Genres: I discovered Helen Oyeyemi when my friend Sarah A. ‘18 sent me “The Lemonade Syllabus”, a very interesting set of works across many humanities disciplinesfiction, nonfiction, music, film, theology, etc.created after Beyonces Lemonade visual album came out.  I saw some of Oyeyemi’s novels under the “fiction” section. I picked up What is Not Yours is Not Yours at my library in Denver, but didn’t start it before I left for China. I’ve now read three of her books and find her writing versatile, relevant, and introspective. I say versatile because What is Not Yours is Not Yours is a collection of short stories that are all very different in their structure and narrative voice. It’s very relevant, to me at least, because she touches on a lot of themes of gender in general, on being African, on specifically being an African women, and the general idea of forbidden things. Yet another thing I like about Oyeyemi is she also writes books that don’t necessarily have to do wi th African women in particular, but contain a diverse cast of characters whose diversity is not the point of the book. The different names and descriptions of the characters’ physical appearance is simply there, so that other people can see themselves reflected, but the characters have other powerful traits that define their personalitieswhich is real life, after all. It’s sometimes difficult to convey in books or art in general, though, so I’m impressed by the mastery with which she does it. I’ve been trying to diversify my reading, in every sense of the word I can think offiction, nonfiction, authors of different backgrounds, stories of different topics, modern, classics, etc. It’s been particularly interesting to read classic and modern works together. For example, I highly suggest reading Things Fall Apart by Chinua Achebe and The Thing Around Your Neck by Chimamanda Ngozi Adichie one soon after the other, because I think the contrast between the themes in both books are fascinating. On one hand, there are modern and ancient issues that are the same between both books (oppression, fighting, the merits of “old ways” and “new ways”, etc.). On the other hand, Adichie opens up a box that Things Fall Apart doesn’t: the implications of these same issues on women, and how women react, fight, fail, or succeed. Things Fall Apart largely focuses on the men involved. The different time periods and backgrounds of each author allows for interesting comparisons. SO, while the majority of MIT students are nerds, you’ll find that we can be nerdy in quite a few waysfrom eccentric hobbies like building one’s own furniture, to eccentric hobbies like perusing books in the basement of Hayden library. I hope you enjoyed this rant discussion on the books I’m reading this summer. I’d love to hear about whatever you’re reading, and what you think of it!

Essay on The Out of Control Alter Ego - 1552 Words

The story â€Å"The Strange Case of Dr. Jekyll and Mr. Hyde† by Robert Louis Stevenson conveys the theme of duality in nature in which man is fighting himself, or in this case, another version of himself. Being a psychology major, it is interesting to see a case this serious over how an alter ego can control the main psyche up to the point where it no longer conveys influence, but instead manipulation. In order to understand the control an alter ego can eventually have on the individual, it is important to comprehend exactly what an alter ego is and how an individual can lose dominance over it. A common misconception with this story is the readers’ belief that Dr. Jekyll suffers from schizophrenia. Schizophrenia (also called dementia praecox)†¦show more content†¦Jekyll. Someone who suffers from split, or multiple, personality generates their personality or personalities unconsciously. Typically, the personality is created during a traumatic event in order to u nearth a means to separate themselves from the pain felt during the incident. In order to suppress the ache, their psyche splits into two where one psyche consumes the pain and evil while the main psyche suppresses it. Furthermore, personality requires more than the frontal lobe to operate. In order to function, personality uses the frontal lobe to maintain personality while also utilizing the temporal lobe to balance the emotions of each personality. To do this, one personality has to repress the other in order to manifest itself. Because of this, when another personality takes over, the main psyche cannot recall any events that occurred when the other personality had taken over, or when the transition between psyches took place. They also have no recognition of the existence of other personalities unless told by a third party. Dr. Jekyll was aware of the presence of Mr. Hyde within him and could manipulate when he transformed. That is. at least before the potion mutated his geneti c makeup, causing him to lose control over the regulation of his conversions. To our knowledge, Dr. Jekyll did not go through a traumatic event that could have created Mr. Hyde. Rather, he suppressed Mr. Hyde until he found an outlet in which he could release Mr. Hyde into the world.Show MoreRelatedLife of Pi, Shutter Island Essay1419 Words   |  6 Pagesideas of alter ego, the juxtaposition between reality and fantasy, and sanity, as was previously mentioned. Two of these ideas are similar between the novel and the movie while one of them is different between the two works. We can now go into greater detail for each of the themes. The first theme that is common to both Life of Pi and Shutter Island is the theme of alter ego. Both of the main characters in each work created an alter ego for themselves. 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I met  Trystan  Matthey  during the Halloween period of 2015.  Immediately I thought iconography.  His alter-ego was still a wishful fantasy whilst his art was a reality.  The streets were heavily lit with neon light and taxi lamps.  The city buses were proven well-suited circus wagons with the sidewalks shy of a midnight cowboy.  The darkest corners of LondonRead MoreLacan ´s Mirror Stage Essay1284 Words   |  6 PagesLacans mirror stage Self-recognition is fundamental building block for humans, we exist as individuals each with out own differences and recognition of each other is an important feature for us. Psychoanalytic theorist had attempted to understand the complexities of the human mind truth identity and agency in the world. Advance in technologies brought us an opportunity to create virtual worlds2 and in many ways artificial reality is bound by the fundamental rules of gravity, day night cycle,Read MoreEssay on Analysis of Franz Kafkas The Judgement1584 Words   |  7 Pagesindependence and instead, letting external forces decide his fatal outcome. Georg Bendemanns relationship with his father has always been a complex and undulating one. Initially, up until the death of Georgs mother, his father had had total control over Georg- both psychologically and business wise (Lawson 22). In correlation with his fathers power, Georg has been a pathetic, lonely, and subservient person. While speaking of Georg, the narrator states, Perhaps during his mothers lifetime

The Manufacturing Practices of the Footwear Industry Nike...

The Manufacturing Practices of the Footwear Industry: Nike vs. the Competition Steven Van Dusen The current manufacturing practices of the sneaker industry, in particular companies such as Nike, Reebok, Adidas, Converse, and New Balance, takes place throughout the globe. With the industry experiencing severe competition, and the product requiring intensive labor, firms are facing extreme pressure to increase their profit margins through their sourcing practices. The following paper will analyze the sneaker industry, while examining the multitude of viable manufacturing options, and critiquing their current manufacturing structure. Footwear Industry – Players, Revenues, Market Share To properly review the manufacturing in the†¦show more content†¦As the economy develops along with the skill of manufacturing, countries begin moderately technical light manufacturing, which includes footwear, outerwear and, performance sportswear. The next step in this growth involves the production of technical consumer products such as radios, calculators, and wristwatches. With the most developed economies gaining high levels of technical expertise, manufacturing grows to include technical durables, which includes automobiles and computers. This progression represents the advancement of economies throughout the world today, and provides the reasoning behind sneaker companies manufacturing beginning in the United States and Germany, and passing through Japan, Korea, and Taiwan, to its present day central areas of China, Indonesia, and Vietnam. As these three countries progress over the next decade, and large amounts of new capital is pumped into their economies, their st andard of living will rise along with their manufacturing expertise. Companies will be forced to relocate their manufacturing in countries such as Cambodia, Pakistan, and underdeveloped regions of Africa in search of lower wages. Nike Nike currently enjoys a 47% market share of the domestic footwear industry, with sales of $3.77 billion. Nike has been manufacturing throughout the Asian region for over twenty-five years, and there are over 500,000 people todayShow MoreRelatedManufacturing Practices of the Footwear Industry: Nike vs. the Competition2300 Words   |  10 Pagestrends surging through popular culture, none is more prevalent than flashy footwear. Mainly with athletic sneakers, the footwear industry has experienced a major influx in the demand for the output of iconic shoes. The current manufacturing practices of the sneaker industry, in particular companies such as Nike, Reebok, Adidas, and New Balance, takes place all over the globe. With the industry experiencing severe competition and the product requiring intensive labor, firms are facing extreme pressureRead MoreNike and What It Does to Third World Countrys1726 Words   |  7 PagesThe Manufacturing Practices of the Footwear Industry: Nike vs. th e Competition The current manufacturing practices of the sneaker industry, in particular companies such as Nike, Reebok, Adidas, Converse, and New Balance, takes place throughout the globe. With the industry experiencing severe competition, and the product requiring intensive labour, firms are facing extreme pressure to increase their profit margins through their sourcing practices. The following paperRead MoreNike Report13324 Words   |  54 Pagesthe athletic footwear industry, and all aspects of its operations. It will focus on Nike, the industry’s leader, and a selected few of its competitors; Adidas-Salomon and Reebok, Sketchers, and K-Swiss. A brief overview of Nike and its competitor’s company profiles, brand portfolios, and current developments will provide an understanding that leads to an analysis of the external environment. This analysis further discusses the geographic distribution, general environment, industry environment usingRead Mor eSupply Chain Management - Nike Adidas4205 Words   |  17 PagesDeringer, 2007). Nike and Adidas are two global companies try to improve their competitive advantage through strategically managing and utilizing their supply chain. The purpose of this report is to compare and evaluate the supply chain management practices of Nike Adidas. 2. CORPORATE PROFILE 2.1 Nike Corporate Profile Based in Beaverton, Oregon, and employing approximately 29,000 people worldwide, Nike Inc. is the worlds leading designer and marketer of authentic athletic footwear, apparel, equipmentRead MoreMarket segmentation of the Nike company 3635 Words   |  15 PagesMarket segmentation of the Nike company Demographic  Segmentation Demography segmentation they include age, race, family income, and education level, among others.Besides, it was observed that the majority of the respondents consist of professional from various fields like engineers, software professionals, working executive etc. who effective form 38% of our database. While 36% were students from various fields. Others constitute designers and athletes etc. the further study is carried on the buyingRead MoreStrategic Analysis of Nike8813 Words   |  36 Pages------------------------------------------------- CONTENTS 1. Introduction 4 2.1. Vision amp; Mission 4 2.2. Company Portfolio 4 2.3. Nike Value Chain 6 2. Environment Analysis 3.4. Remote Environment Scan 7 3.5. Industry Environment Scan 10 3.6. Business Environment Analysis 11 3.7. Firm s Analysis - Strategic Capabilities 13 3. Strategy Read Morenike vs adidas Essay14192 Words   |  57 PagesVS 1 A COMPARITIVE ANALYSIS OF MARKETING STRATERGIES FOLLOWED BY NIKE AND ADIDAS TEAM MEMBERS ANUPAMA VENU CLAES JOTORP DEEPAK TUSHIR GUSTAV TENERZ SAIRAM KRISHNAN SANJAY SHARMA SUNANDA SURESH 09014 09126 09032 09128 09088 09090 09112 2 INDEX 1. INTRODUCTION 1.1. BRIEF ANALYSIS OF INDUSTRY 1.2. BRIEF DEFINITON OF INDUSTRY 1.2.1.TRENDS IN THE INDUSTRY 1.2.2.MARKET ANALYSIS 1.2.3.MAJOR PLAYERS AND MARKET SHARES 1.3. MAJOR FORCES SHAPING THE INDUSTRY 1.3Read MoreNike Inc.: China Essay5605 Words   |  23 Pages†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦16 Section 5.1 | Opportunity ...†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..16 Section 5.2 | China and the Beijing Olympic Games ..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦........................16 Section 5.3 | Branding ...†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...16 Section 5.4 | Product Manufacturing and Company Structure ...†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.17 Section 5.5 | Problems †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...17 Section 5.6 | Corporate Social Responsibility †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...17 Section 5.7 | Competitors †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..18 Section 5.8Read MoreA Financial Ratio Quarterly Trend Analysis of Nike, Inc.4463 Words   |  18 PagesA Financial Ratio Quarterly Trend Analysis of Nike, Inc. Stock Symbol: NKE Listed on the New York Stock Exchange In Partial Fulfillment of the Requirements of the Course: FIN 6406 Report Completed By: 1. Introduction A financial ratio quarterly trend analysis was completed to provide the reader with a clear assessment of the financial health of the company: NIKE International. Just knowing that this company chose a symbol that references the winged goddess of victory seems to have been aRead MoreComplete Project on Nike16139 Words   |  65 PagesA SUMMER TRAINING REPORT ON MARKETING STRATEGY OF NIKE AT â€Å"NIKESHOES INDUSTRIES LIMITED† SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF BACHELOR OF BUSINESS ADMINISTRATION (BBA) TRAINING SUPERVISOR SUBMITTED BY SESSION 2005-2008 ACKNOWLEDGEMENT The present work is an effort to throw some light on Marketing Strategy of Nike at â€Å"Nike Industries Limited†. The work would not have been possible to come to the present shape without the able guidance, supervision and help

Production Cost Analysis Free Essays

Production Cost Analysis: Economic Analysis as a tool for Process Development: Harvest of a High Cell-Density Fermentation For the biotech industry to be profitable, it must consider economics along with process recovery, purity, and product quality. The number of biotechnology-based human therapeutic products in the late-stage pipeline, and the average cost to commercialize a biotech product, have steadily increased. 1,2  This has required biotech companies to use economic analysis as a tool during process development and for making decisions about process design. We will write a custom essay sample on Production Cost Analysis or any similar topic only for you Order Now Process development efforts now aim to create processes that are economical, as well as optimal and robust. 3-6 |[pic] | Novais et al. recently performed an economic comparison of conventional versus disposables-based technology for the production of an antibody fragment from an  E. coli  fermentation. 7The authors concluded that the capital investment required for a disposables-based option is substantially reduced—less than 60% of that for a conventional option. The disposables-based running costs were 70% higher than those of the conventional equivalent. However, the net present value of the disposables-based plant was found to be positive and within 25% of that for the conventional plant. More recently, the economic feasibility of using disposables has been examined for facility design, highlighting the need to perform a thorough analysis for the application at hand. 8,9 |[pic] | |Quick Recap | Harvesting biotechnology products from cell culture or fermentation process streams is often performed by a combination of several-unit operations. Centrifugation, depth filtration, and microfiltration are commonly used. In a recent publication, different harvest approaches were investigated for a case study involving recovery of a therapeutic protein from  Pichia pastoris  fermentation broth. 10 |[pic] | |Figure 1. Schematics for options 1 and 2 | that are examined in this economic analysis | This article, the seventh in the â€Å"Elements of Biopharmaceutical Production† series, describes how economic analysis can be used to compare different processes and assist in designing an â€Å"economical† option. BACKGROUND |[pic] | |Table 1. Comparison of process performance | |for option 1 and option 2. Adapted from | |reference 10. | Figure 1 illustrates the two options that will be examined in this economic analysis. Option 1 involves a three-unit operation harvest process: centrifugation, followed by depth filtration, and completed with a concentration and buffer exchange via tangential flow ultrafiltration–diafiltration (UF–DF). Option 2 involves a two-unit operation process: microfiltration followed by a concentration and buffer exchange via tangential flow filtration (UF–DF). Table 1 presents a comparison of process performance under the two options. Under optimal conditions, both options can deliver the desired product recovery ( 80%), harvest time ( How to cite Production Cost Analysis, Essay examples

Emotion and Culture in Secret Life of Bees Essay Example For Students

Emotion and Culture in Secret Life of Bees Essay Heart break, joy, love, happiness, The Book The Secret Life of Bees has it all! The book is about a young girls that accidentally shot her mother. After spending nine years with her abusive, and emotionally absent father, she decides to run away. So, she breaks her beloved nanny out of prison, and Lily escapes to Tiburon South Carolina, a town she links to her mother through the writing on one of her old possessions. While in Tiburon, Lily finds the calendar sisters three very different, very helpful sisters. The family agrees to take Lilly in, despite the fact that almost every white person in town frowns upon the very idea of this white girl staying in an African American household. While staying with the sisters, August, May, and June, Lily learns lots of things, ranging from bee keeping, to why and how her mother first left her. She falls in love, explores her past, and finds it within herself to forgive her mother for leaving her, and herself, for shooting her mom. This book is rich in both , and culture. Although the main character in the book was white, the author, Sue Kidd, does a great job of depicting the African American culture during the time. Whether it was Rosaleen getting beat up in jail, or Zach dreaming of being a lawyer, this book showed you what it was like being a minority during a time when rights where still being fought for. One of the smaller conflicts in the story was a man verses man conflict, when Lily and Zach started to like each other. Though they knew that a colored man, and a white girl could never be together, they both were attracted to each other. Were they not from different cultures, people would have been fine with them dating, but because Zach was black, it couldn?t work out. Another internal conflict is how Lilly feels responsible for her mother?s death. When she was four, she accidentally shot her mom, and wasn?t able to forgive herself. The reason she runs away in the first place is because her dad tells her that her mom left her, which is both an internal, and man versus man conflict. She?s mad at her dad for saying it, but can?t fully convince herself that it isn?t true. There?s a man versus society conflict when men beat up Rossaleen because of her color, and another internal conflict when May is so overcome with grief that she cant stop crying.

Approaches to improve your motivational speech

No one wants to listen hours of boring speech with no purpose. A speech that ends with no point cannot be productive or motivational. A good speech keeps audiences to engage with the speaker and keep them motivated. To deliver a good motivational speech the speaker needs to connect with the audience and provide them some purpose so that they listen to him. provides highly professional consultants who provide complete guidance and instructions on how to deliver the best motivational speech. Be transparent: Transparency is vital to deliver an excellent motivational speech. There should be no illusion and conflict in your speech that can distract the listener. Keep the interest of audience on prior basis and present your idea in a way that they do not feel negative about you. Research paper writing services provide the bulk of the material on making motivational speech purposeful and worth-listening. Logical argument: The provided argument should have some logic and order. Thereshould be flow of idea throughout the speech so that the listeners do not get confused. Logical argument will make your point of view clear and understandable to the audiences. Research paper writing services provide highly skilled and compatible writers who provide excellent motivational speeches with proper flow and amazing ideas. Make headlines first: Most importantly you need to grab the attention of the audiences to make your speech. Start your speech with some interesting question or a catchy headline that compel the listeners to get attentive to you. Great headlines help to make the motivational speech extra-ordinary.Research paper writing services provide detailed notes on how to make your motivational speech better and presentable. Connect with the audiences: There should be a strong connection between the speaker and listener that can only be possible by delivery your ideas or viewpoint in a clear manner. Keep your speech short and constructive to make people motivated.Make a story with the introduction, main body and conclusion so that you can continue with proper flow. You should have a point to connect audiences with you but not more than a few. Innovative ideas: Stereotype and monotonous speeches make people get bored and they lost interest in listening to you. There should be complete anonymity and innovation in your speech so that the audiences find it new and interesting. Innovative ideas make your speech worth-listening. is the hub of intellectual writers who provide scholarly speeches that can easily motivate the audiences and set goals for them. Take intellectual risks: To deliver long, boring and typical andof speeches to avoid any mistakes or risk are of no use. If you are not going to present something new and purposeful, people will not waste their time to listen a speech with no result and meaning. A speaker should take intellectual risks to make the speech exclusive and extra-ordinary. Academized provide bulk of monotonous motivational speech that can make your speech different and interesting. Educate yourself: You cannot deliver a good motivational speech unless you yourself will not aware of what you are talking about. The coherence and purpose in a speech can only be possible by complete knowledge and grip on the idea that you are going to deliver. Before going to educate other people it is necessary to educate yourself so that you can easily make connection with the audiences. The aim of a motivational speech is to deliver your idea to the audience and convince them. Nobody wants to get stuck with a boring speech. There should be a clear message in your speech with politeness and purpose.

Words to Describe Fearful Recoil

Words to Describe Fearful Recoil Words to Describe Fearful Recoil Words to Describe Fearful Recoil By Maeve Maddox Writers are constantly reminded Show, dont tell! One way to be more descriptive in our writing is to use verbs that convey movement. Here are some words that describe movement prompted by fear, cowardice, or pain. flinch [flÄ ­nch] to draw away in anticipation of pain. The prisoner flinched when the guard raised the whip. The nobleman did not flinch as he mounted the steps to the guillotine. The soldier marched unflinchingly through the hail of arrows. shrink [shrÄ ­ngk] to draw back as if trying to make ones body smaller. One might shrink into the shadows in an attempt to become invisible. Figuratively it has the sense of avoiding danger, often used with a negative: He did not shrink from battle. By the way, the principal parts of this verb are shrink, shrank, (have) shrunk. wince [wÄ ­ns] One might wince from pain, real or anticipated. The patient winced as the dentist probed the painful molar. She winced when he called her fat. Flinch, shrink, and wince all derive from words meaning bend, turn, or turn aside blench [blÄ•nch] I used to think blench included the idea of turning pale along with recoiling. However, it is not related to blanch. It just means move suddenly, wince, or dodge. cower [kouÉ™r] Although the word looks as though it might have a connection with coward, it probably comes from a German word meaning to lie in wait. In current usage it conveys a cowardly or fearful movement. The sailor cowered under the lash. The frightened puppy cowered under the porch. cringe [krÄ ­nj] In Old English the word could mean to fall dead in battle. Now it has the less final meaning of to draw back or move in a fearful manner. The servant had a cringing manner, as if moving in constant fear of being struck. The nurse cringed as the demanding patient rang the bell for the twentieth time in ten minutes. grovel [grÃ… vÉ™l, grÃ… ­v-] This is a word to use when the action takes place close to the ground. It conveys the sense of demonstrating servility by dropping onto ones knees, or even going face down. Figuratively it can be used of people too eager to please. Deprived of his weapon, the enemy grovelled in the dirt, pleading for his life. quail [kwÄ l] Although spelled the same as the name of the game bird, the verb to quail, to lose courage, to shrink, is not related. Its origin is uncertain. Words meaning to be ill, to die, and to curdle have been suggested. In current usage, quail means to draw away in fear or weakness. He quailed at the prospect of climbing the mountain a second time. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Arrive To vs. Arrive AtAmong vs. AmongstList of Prefixes and Suffixes and their Meanings

Metaphors For HCI Assignment Example | Topics and Well Written Essays - 500 words

Metaphors For HCI - Assignment Example Unrelentless research in the field of HCI has been mostly successful. Consequently, this has basically transformed computing (Brad, 1999). Metaphors are often used in daily speech. For example, people speak about time like it is currency or money. By employing a metaphor, time which is an abstract concept is made more understandable and familiar. By using this currency metaphor in respect to time, it becomes normal for people to spend, save, waste, give or borrow time. When we look at how system interfaces are designed, we can also view how metaphors play a vital role. The types of user interactions people do, the objects found on the screen, and names associated with commands are mostly based on terms which are familiar. Icons, desktops, windows, menus, pasting, cutting and copying are all part of the virtual interface metaphor. The desktop metaphor has been used by mac windows system from an early age. This led to the windows operating system designed by Microsoft. The current desktop metaphor poses some significant problems to its users. They have difficulty in; finding or organizing information within the hierarchical file systems, managing their reminders and schedules, obtaining a big picture view, and utilizing archived or stored information, which is often discarded by users so that they are not overwhelmed by it. However, these problems have been addressed in Lifestreams. As such, it is a better metaphor than the current desktop metaphor. Lifestream replaces conventional directories and files by adopting a time ordered stream of documents. The human memory too works this way in storing information. It stores information in a stacking order according to time. To locate, organize, monitor or summarize incoming information, Lifestream uses software agents and stream filters. Lifestream solves the difficulties experienced by desktop system users by providing a metaphor

Iran from 500 - 100 BC - Artistic Research Paper

Iran from 500 - 100 BC - Artistic - Research Paper Example It was eventually restored to Persian control between 330 and 100BC, and prospered into the modern era again. The area covered by modern day Iran was then called Persia, and as mentioned in the Bible and in Greek history and literature, it was a proud nation at the heart of a great Empire. Much of our knowledge comes from Greek and Jewish sources because original writings from that location have been lost. This means, unfortunately that some of the historical information is somewhat biased. The Greeks admired the skills of the Persians in producing fine works of art in metal, with precious jewels, and in sculpture, painting and weaving, but at the same time saw them as a threat, and dismissed their culture as â€Å"barbaric.†i Some scholars have noted that the best Greek imperial artefacts of this period such as statues and monuments demonstrate the use of styles and materials, such as gold, which they borrowed from the so-called â€Å"barbarian† culture of Persia.ii Al though very little in terms of writings has survived from Persia in this period, there is fortunately quite a lot of archaeological evidence in the form of metalwork, such as precious armlets in silver and gold, and carved stonework with a distinctive theme: â€Å"The realism of Achaemenian art manifests its power in the representation of animals, as can be seen in the many reliefs at Persepolis. Carved in stone or cast in bronze, the animals served as guardians to the entrances or, more often, as supports for vases, in which they were grouped by threes, their union a revival of the old traditions of tripods with legs ending in a hoof or a lion’s paw.†iii Some of these animal images are realistic, like bulls and horses, while others are more figurative, like griffins and strange creatures with lion’s heads and wings. Another art form that was perfected by the Persians in this period was inlay work, using precious stones that were obtained via the extensive tradi ng networks that the empire had built up over the preceding centuries. The devolved system of government used by the Persians meant that local governors (called â€Å"satraps†) looked after the infrastructure of the empire, and collected taxes. They also made sure that great cities were built and maintained with impressive architecture, including tombs for great leaders, temples for the predominant religion which was Zoroastrianism, and buildings for legal and commercial activity. This infrastructure is evidence of considerable wealth, allowing citizens to learn new decorative trades and arts. The city of Susa, which is often known by its Greek name Persepolis, is a fine example of the high level of planning in city architecture that the Persians were capable of. Another major innovation which the Persians enjoyed was the creation of a postal system, consisting of good roads with posting stations placed a day’s ride from each other.iv Official documents, trade items, a nd all kinds of ideas travelled along this network, making Persia the envy of the civilized world in those days. Reflection It was very interesting to read that even in this early period Persian carpets were famous across the world for their luxurious quality. I think that the cold of the desert areas at night in winter time caused the

Finance Now, New Zealand Analysis

Finance Now, New Zealand Analysis Company Name: Finance Now, New Zealand Companies find it hard to survive in todays world of cut throat competition. All functions, including but not limited to, IT, Marketing, Service, Operations, Human Resource Management etc. are vital in making an organization a commercial success (Scott, 2015). Marketing, being one of the most significant domains, has a crucial role to play. Right from zeroing on a target market to communicating the end product to users, marketing has it all covered under its wing (Slater, 2015). This report highlights the facets of marketing, such as market segmentation, impact the overall performance of a firm named Finance Now. It also gives an overview of the impact of external as well as internal business environment on the functioning of the firm. A detailed analysis highlighting the strengths, weaknesses, opportunities and threats of organization has also been done. Finance Now Ltd, established in 2000, is a company that is 100% owned and managed by a loan-lending, local company of New Zealand. SBS (Southland Banking Society) is the parent company of Finance Now and was established in 1869. The company is known to grant loans to only kiwis and work visa holders. A wide array of loans comprising of retail loans, business loans, personal loans etc. are offered to kiwis by the largest building society of New Zealand, SBS. Finance Now has a diverse range of products to offer to its customers. Its association with over 1500 retail locations helps boost its credit sales for motor vehicle dealers as well as good finance/consumer loans all through New Zealand. Interest rates charged by the organization vary from person to person depending on the type of application (Now, financenow.co.nz, 2017). The business world, today, is facing with numerous challenges when it comes to running a commercially successful organization,courtesy the ever-changing external and internal environment. The growth and profitability of a firm are largely dependent on factors within and beyond the scope of the organization (Dibrell, 2015). Thus, it is in the best interest of a firm to adopt strategies that promote sustainable development taking into consideration the impact of external as well as internal factors affecting growth (Boons, 2013). External Environment: Some of the factors, beyond the control of the organization, that may have an impact on its growth are: 1. Social Factors: The lifestyle of the local population of the country in which the firm is operational is a major determinant of the success of firm. This is because a grand lifestyle with little disposable income would result in an enhanced customer base taking loans (Medina Munro, 2017). Growth in population is another factor that could enhance the penetration of Finance Now as more people would mean more requirements of houses and other facilities (Rothaermel, 2015). Also, the rapidly increasing working population of New Zealand has the potential to impact the growth of Finance Now. 2. Legal/Regulatory Factors: Affirming to the rules and regulations set by the government of New Zealand is a prerequisite to establishing and running any business in the nation. Fluctuating interest rates have a direct impact on the growth of financial firms with more customers taking loans when the interest rates are low (Chang, 2013). The documentation process is often standard and a simpler process helps getting more customers on board. 3. Economic Factors: The economic situation of New Zealand is expected to impact the growth of Finance Now the most. This is because, a fluctuating economy would directly contribute to a fluctuating customer base with more people opting for personal and business loans when the economy is low. An evidence is that SBS recorded an annual growth of 24% in Financial Year 2014-15 even though the GDP staggered at 3.5% (McBeth, 2015). A rise in inflation rates leads to a rise in interest rates. On the other hand, a drop in inflation may lead to more locals taking to financial help due to lesser rate of interests. This helps in increasing profitability of financial firm. For example the profit made by SBS rose to $14.7 mn in the first two quarters of Financial Year 2016 despite the drop of interest rates as more people opted for loans (Morgan, 2016). 4. Technological Factors: Technology helps make the otherwise complex procedures of documentation easy, hence contributing to the growth of an organization (Rouse, 2016). E-Money feature E Finance cash card for consumer loans Online Portal Mobile Apps-AMP Digital Marketing PPC Digital Advertising, Remarketing or Retargeting Internal Environment The internal environment of an organization comprises to elements that can be controlled by the organization to an extent (Kuratko, 2014). For example infrastructure, employees, values, vision and mission and products and services offered (Hair, 2015). Finance Now competes against others of its kind in the market, including Kiwi Bank, ASB Bank, Moneyshop, Loansmart, Harmoney, Ferratum, Moola, Rapid Loans etc. The more the presence of competitors, the more beneficial a companys products and offerings must be in order to sustain competition. A competitive advantage can be gained by organizing marketing campaigns to increase awareness about products, offering products with enhanced customer value and also guaranteeing superior service (Wagner III, 2014). For example, SBS banks on competitive pricing for gaining an edge over other players in the market. It launched a 3.99% fixed mortgage rate in 2016, which was the lowest observed interest rate in decades. SBS also offered a 0.20% bonus on Term Investments which provided an added benefit to existing investors, thus contributing to customer retention (Bank, 2016). The diverse range of products offered by Finance Now, ranging from personal and home loans to retail loans, helps attract cu stomers from all walks of life. The coming together of Finance Now and dentists of New Zealand to offer an interest free credit deal for 12 months is a great example of how the company intends to diversify its offerings (Times, 2014). A SWOT analysis helps us determine the Strengths, Weaknesses, Opportunities and Threats of a firm. Strengths 1. Advertisements: The light hearted advertisements of SBS bank help in attracting new customers and also retaining those existing For example the warm advertisement depicting a couples excitement to embark on a journey of owning their own home (Commercial, 2016). Finance Now also organizes competitions to help keep its customers engaged (Now, Finance Now) 2. Team, members and partners: The team of Finance Now is its biggest strength. The customers are referred to as members. The company also has over 1500 retail partners to help boost its business (Now, financenow.co.nz). 3. Innovation: Finance Now follows innovative techniques to cope with the ever advancing technology. For example the e-money card and mobile app launched by the company have been immensely popular among masses (Fung, 2014). 4. Customer Service The finance companies or banks are always known to be in the good books of its existing customer base by virtue of its superior customer service. The testimonials put up on the website are evidence of the same (Now, financenow.co.nz, 2016). Weaknesses 1. High interest rates Finance Now offers Business loan interests ranging from 0% to 22.5% (Now, financenow.co.nz). Other competitors offer loans at a borrowing rate of 14-18% on an average (Tarrant, 2017) 2. Nomenclature Since Finance Now is an extremely common name, particularly in the world of finance, its becomes difficult for the company to mark its online presence Opportunities With more and more people taking to loans as an easy way of starting a business or buying a house, the loan market is on a rapid growth (Riasi, 2015). The ease of applying for loans makes it an even better deal. With Finance Now positioned as a Kiwi Bank, it has an edge among the locals of New Zealand. Threats Presence of several competitors with substitute products at cheaper interest rates poses the biggest threat to Finance Now. Government policies may also not always turn out to be in favor of the financial institution. Advertising Policies- Google facebook- Ban on Payday personal Loans with high interest rates. Govt Financial Organization Polices Example of Competitor- recent New Rapid Loans The theory of stakeholder identification is majorly concerned with the principle that who all and what really counts in an organization. The normative theory of stakeholder identification helps us understand why employees and managers are important stakeholders in an organization (Agnà ©, 2015). Some of the other important stakeholders of Finance Now are: 1. Parent Company SBS The board of members of the parent company of SBS comprises of the most prominent stakeholders of Finance Now. The ultimate decision pertaining to any activity carried out by Finance Now is monitored by the parent company. 2. Associated Company -Marble Finance 3. Team Finance Now has its own employees working to attain the vision and mission of the company. The employees belonging to different levels of management and varied domains are significant stakeholders as they impact the profitability of the organization and vice versa. 4. Members The company treats its customers as its members, offering privileges from time to time. The members of Finance Now invest money and show faith in the organization which makes them important stakeholders in the firm. 5. Retailers Finance Now has a tie up with over 1500 retailers(list enclosed appendix no ) in order to boost sales across the country. 6. Associates In addition to having an association with retailers, Finance Now also makes associations with third party Sales and Marketing Teams in order to ensure deeper penetration of its products into the market. 7. Customers/Loan Applicants The loan applicants are also put their faith on company before applying for a loan. 8. Other Investors Target market identification is essential for an organization. This is because it becomes difficult, almost impossible, to cater to the needs of the masses without having a target population in mind. The same product may not suit everyone. Hence, market segmentation is done in order to ensure greater profitability. The products are designed to fit the needs of the target market, thus ensuring a deeper penetration and bigger market share. Market segmentation at Finance Now was done based on the industry it was to operate in. Money lending financial institutions often target a market that they can rely on to repay the loan within a stipulated time. The needs of the target market were then reviewed to create a portfolio of product that could fit the needs of the target population. The process of target market identification proved to be robust with the company making profits soon after its inception. Finance Now aims at catering to the needs of the working population (Li, 2016). This is because the working population has the ability to repay the loans along with the interests associated with it in the future (Bilton, 2016). Finance Now offers a wide range of products ranging from car loans to vacation loans, thus ensuring that all sub groups of the target market are catered to. Secured loans with lesser interest rates are available for those who wish to provide a backup or security, such as a car or property, against the loan that they take. Unsecured loans at the other hand, have the benefit of not having to keep anything as security. The interest rates, however, in case of unsecured loans are higher than those for secured loans. The market segmentation strategy has been working in favor of Finance now with the firm expanding its customer base and making enha nced profits. Finance Now has been a profitable financial institution because of effective market segmentation and positioning. The firm has also efficiently used marketing campaigns to its favor. The wide array of product portfolio offered by the company is instrumental in helping it cater to its target market. The use of technology further enhances its growth prospects. The organization aims at outweighing the presence of competitors in the financial arena by virtue of providing a superior experience to its customers. Appendices Types of loans and products List of Retailers and partners List of competitors Organic Rank Report Glimpse of Google Adwords TV and Radio Advertisements links

Risk and Return Analyis and Portfolio Management of Indian Automobile Companies

PSG INSTITUTE OF MANAGEMENT FINANCIAL SYSTEMS A PROJECT REPORT On RISK AND RETURN ANALYSIS & PORTFOLIO MANAGEMENT Of INDIAN AUTOMOBILE COMPANIES Submitted by, G. Abirami(9UTB02) M. Kamalam(9UTB13) N. Nirupa(9UTB18) P. Srilakshmi(9UTB32) INDEX CONTENTS PAGE NO. Acknowledgement Statement of Problem Introduction: Industry overview Company profiles Objectives Scope & Limitations Literature Review Research Methodology Analysis & Interpretation Findings Suggestions Conclusion Bibliography (i) (ii) 1 1 3 13 13 14 18 20 33 36 37 38 ACKNOWLEDGEMENT First of all we thank the Almighty for having bestowed upon us the sufficient potential with which we are able to complete whatever work we undertake successfully. We feel a heart full of gratitude to our Director Mr. R. Nandagopal for encouraging us regarding all our curricular activities which take place at PSGIM. We also extend our thanks to our co-ordinator Mrs. V. Srividhya for being a constant support throughout and keeping us guided along the right path always. We also wish to thank our teacher for Financial and Management Accounting Mr. P. Varadharajan for having given us this opportunity in taking up this project and for his constant support and guidance throughout the course of the project. We also like to thank our parents who have carved a bright future for us by placing us in such a spectacular and prestigious institution where we could see ourselves as what and as whom we dream to become. May be the last but not the least people to thank are our friends. Thanks is a word not to be shared among friendship but it should be felt for the presence of their soulful support throughout our life. (i) STATEMENT OF PROBLEM Automotive Industry has significantly increased its contribution to overall industrial growth in the country. By 2030 India will be the third largest car market in the world after China and Japan. This coupled by the purchasing power of the ultra rich makes India a top destination for manufacturers of luxury cars Investment by foreign companies in automobiles implies a bright future for the auto industry India. This will lead to the creation of jobs, and a wider range for consumers to choose from. It will also give Indian companies a chance to compete globally for clients. This will greatly benefit the auto component and ancillary industry that will get access to the latest technology and manufacturing practices. According to Commerce Minister Kamal Nath, India is an attractive destination for global auto giants like BMW, General Motors, Ford and Hyundai who were setting base in India, despite the absence of specific trade agreements. Current Scenario On the cost front of Indian automobile industry, OEMs are eyeing India in a big way, investing to source products and components at significant discounts to home market. Overview By 2010, India is expected to witness over Rs 30,000 crore of investment. Maruti Udyog has set up the second car with an investment of Rs 6,500 crore. Hyundai will bring in more than Rs 3,800 crore to India. Tata Motors will be investing Rs 2,000 crore in its small car project. General Motors will be investing Rs 100 crore and Ford about Rs 350 crore. Ashok Leyland and Tata Motors have each announced over Rs 1,000 crore of investment. (ii) ________________________________________ ________________________________________ INTRODUCTION In India there are 100 people per vehicle, while this figure is 82 in China. It is expected that Indian automobile industry will achieve mass motorization status by 2014. Industry Overview: Since the first car rolled out on the streets of Mumbai (then Bombay) in 1898, the Automobile Industry of India has come a long way. During its early stages the auto industry was overlooked by the then Government and the policies were also not favourable. The liberalization policy and various tax reliefs by the Govt. of India in recent years have made remarkable impacts on Indian Automobile Industry. Indian auto industry, which is currently growing at the pace of around 18 % per annum, has become a hot destination for global auto players like Volvo, General Motors and Ford. A well developed transportation system plays a key role in the development of an economy, and India is no exception to it. With the growth of transportation system the Automotive Industry of India is also growing at rapid speed, occupying an important place on the ‘canvas' of Indian economy. Today Indian automotive industry is fully capable of producing various kinds of vehicles and can be divided into 03 broad categories : Cars, two-wheelers and heavy vehicles. Snippets: The first automobile in India rolled in 1897 in Bombay. India is being recognized as potential emerging auto market. Foreign players are adding to their investments in Indian auto industry. Within two-wheelers, motorcycles contribute 80% of the segment size. Unlike the USA, the Indian passenger vehicle market is dominated by cars (79%). Tata Motors dominates over 60% of the Indian commercial vehicle market. 2/3rd of auto component production is consumed directly by OEMs. India is the largest three-wheeler market in the world. India is the largest two-wheeler manufacturer in the world. India is the second largest tractor manufacturer in the world. India is the fifth largest commercial vehicle manufacturer in the world. The number one global motorcycle manufacturer is in India. India is the fourth largest car market in Asia – recently crossed the 1 million mark. 1 Segment Knowhow: Among the two-wheeler segment, motorcycles have major share in the market. Hero Honda contributes 50% motorcycles to the market. In it Honda holds 46% share in scooter and TVS makes 82% of the mopeds in the country. 40% of the three-wheelers are used as goods transport purpose. Piaggio holds 40% of the market share. Among the passenger transport, Bajaj is the leader by making 68% of the three-wheelers. Cars dominate the passenger vehicle market by 79%. Maruti Suzuki has 52% share in passenger cars and is a complete monopoly in multipurpose vehicles. In utility vehicles Mahindra holds 42% share. In commercial vehicle, Tata Motors dominates the market with more than 60% share. Tata Motors is also the world's fifth largest medium & heavy commercial vehicle manufacturer. 2 COMPANY PROFILES ASHOK LEYLAND In 1948, The Company was incorporated on 7th September, at Chennai. The Company Manufacture Comet chassis and Leyland `Tiger' and `Titan' Chassis and Leyland diesel engines. In 1955, the name of the Company was changed from Ashok Motors Ltd. , to AshokLeyland Ltd. in July. Ashok Leyland Motors Ltd. , are the associates Of the company In 2006, Ashok Leyland gets ISO/TS 16949 corporate certification In 2010, Ashok Leyland, the flagship company of Hinduja group, unveiled the Country’s first electric plug-in CNG hybrid bus, HYBUS, at the Delhi Auto show. Company Background Name Auto LCVs/HCVs House Name Hindujas Group Year of Incorporation 1948 Board of Directors: R J Shahaney Chairman / Chair Person D J Balaji Rao Director Ramachandran R Nai Director Shardul S Shroff Director V Sumantran Director Vinod K Dasari Whole Time Director J N Amrolia Executive Director S Balasubramanian Executive Director R R G Menon Executive Director M Nataraj Executive Director Rajive Saharia Executive Director 3 EICHER MOTORS In 1982, The company was incorporated on 14th October, and the Certificate of commencement of business was obtained on 28th March, 1983. It was promoted in the joint sector by Eicher Goodearth Ltd. Mitsubishi Corporation, Japan, Mitsubishi Motors Corporation Japan and Madhya Pradesh Audyogik Vikas Nigam Ltd. In 2005, Eicher Motors entered into definitive agreements with TMTL on May 27, In 2006, Eicher Motors Ltd (EML) on Feb 20, announced Mr. Siddhartha Lal as its new Managing Director designate. Eicher joins hands with Wipro to source hydraulic kits In 2007, Eicher Motors Ltd has informed that the Board of Directors of the Company in its meeting held on October 22, 2007 approved appointment of Mr. Rajesh Arora as Company Secretary as well as Compliance Officer of the Company. Company Background: Industry Name Auto LCVs/HCVs House Name Eicher Group Year of Incorporation 1982 Board of Directors: S Sandilya Chairman / Chair Person Priya Brat Director Prateek Jalan Director Siddhartha Lal Managing Director & CEO 4 ESCORTS In 1947, After partition the registered office of the Company was shifted from Lahore to New Delhi. The name of the Company was changed from Escorts (Agents) Pvt. Ltd. , to Escorts Ltd. upon its conversion into a Public company. In 2005, Escorts win . 5-m tractor order from Ghana Escorts Ltd has acquired its Polish joint venture partner, Farmtrac Tractors Europe Escorts' US subsidiary teams up with SAME Deutz-Fahr Italia In 2006, Escort India is set to manufacture tractors in Bangladesh through a Joint venture with the Nitol-Niloy group. Company Background Name Auto Tractors House Name Nand Year of Incorporation 1944 Board of Directors: Rajan NandaChairman and Managing director M G K MenonDirector P S PritamDirector Nikhil NandaJoint Managing Director 5 HERO HONDA In 1984, The Company was incorporated on 19th January, at New Delhi. The Company Manufacture motor cycles up to 100 cc capacity. The Company Was promoted by Hero Cycles (P) Ltd. (HCPL). In 2005, New product launches widen HHML's product portfolio Two-wheeler major Hero Honda on October 5 announced launch of its First scooter ‘Pleasure' Hero Honda rolls out 150-cc motorcycle Achiever. In 2006, Hero Honda announced the launch of two new variants the new ‘Glamour' and ‘Passion Plus' limited edition. In 2007, Hero Honda Motors Ltd. has appointed Mr. Yutaka Kudo as Director and Whole-time Director of the Company in the category of Executive Director w. e. f. April 1, 2007. Company Background: Industry Name Auto 2 & 3 Wheelers House Name Hero Year of Incorporation 1984 Board of Directors: Toshiaki Nakagawa Joint Managing Director Masahiro Takedagawa Non Executive Director Pawan Munjal Managing Director and CEO Takashi Nagai Non Executive Director Pradeep Dinodia Non. Exe. Independent Director 6 HMT In 1953, The Company was incorporated in Bangalore. The Company was converted into a Public Limited Company on May 13, 1977. The main objects of the Company is Manufacturing of the Machine tools, metal forming presses and press brakes, pressure die, casting machines and automatic plastic injection molding machines, automatic plastic injection molding machines. In 1998, HMT International Ltd, a wholly-owned subsidiary of HMT, has bagged a Rs. 3-crore order for setting up an Entrepreneur Technical Development Centre (ETDC) at Dakar in Senegal. In 2010, HMT Ltd has informed that Shri Harbhajan Singh has been appointed as Part-time Official Director on the Board of the Company with Effect from January 11, 2010 Company Background: Industry Name Auto Tractors House Name Public Sector Year of Incorporation 1953. Board of Directors: Rajiv BansalDirector S G SridharDirector (Operations) S BehuriaDirector Sourabh ChandraDirector K KipgenDirector Prakash SharanExecutive Director Harbhajan SinghPart Time Official Director 7 MARUTI SUZUKI In 2000, The Company was awarded the Highest Exporter Award in New Delhi. ICRA has assigned `LAAA' rating to the Rs. 200-crore Long-term non-convertible debenture program and `A1+' rating to the Rs. 100-crore commercial paper program of the company. In 2002, The government on May 14, 2002 set into motion big-ticket disinvestment in 2002-03 by announcing a two-stage process to exit from Maruti Udyog Ltd, a joint venture with Suzuki Motor Company. In 2007, Maruti Udyog Limited has informed that Mr. Tsuneo Kobayashi, a Non-executive director, has been appointed as Whole-time Director designated as Senior Joint Managing Director. The Board of Directors in their meeting held on 22nd January, 2007 has approved the above. UTI Bank and Maruti have joined hands for giving car finance. Company Background: Industry Name Auto Cars & Jeeps House Name MNC Associate Year of Incorporation 1981 Board of Directors: R C BhargavaChairman / Chair Person Amal GanguliDirector Keiichi AsaiDirector Osamu SuzukiDirector Davinder Singh BrarDirector 8 TATA MOTORS Tata Motors Limited is India's largest automobile company, with consolidated revenues of Rs. 70,938. 85 crores (USD 14 billion) in 2008-09. It is the leader in commercial vehicles in each segment, and among the top three in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. The company is the world's fourth largest truck manufacturer, and the world's second largest bus manufacturer. The company's 24,000 employees are guided by the vision to be â€Å"best in the manner in which we operate, best in the products we deliver, and best in our value system and ethics. Established in 1945, Tata Motors' presence indeed cuts across the length and breadth of India. Over 4 million Tata vehicles ply on Indian roads, since the first rolled out in 1954. Company Background Industry Name Auto LCVs/HCVs House Name Tata Group Collaborative Year Of Incorporation 1945 Board of Directors: Ratan N TataChairman / Chair Person N A SoonawalaDirector R Gopalakri shnanDirector S M PaliaDirector S BhargavaDirector V K JairathDirector 9 TVS MOTORS TVS has been at the forefront in bringing a revolution in the way personal commutation was happening, way back in the 1980s. Beginning with launching a simple, easy-to-use moped for the middle class in India in the 1980s to launching 7 new bikes in a single day (first time in the history of the automotive industry in the world), TVS has often taken the unbeaten path to innovation. The Group's principal activity is to manufacture and sell motor cycles and components. The Group operates in two segments: Automotive Vehicles and Automotive Components. Automotive Vehicles include motorcycles, mopeds, ungeared scooters and three wheelers. The products of the Group include TVS Apache, TVS Scooty, TVS Fiero, TVS Super XL, TVS Victor, TVS Centra, TVS Star etc. It's plants are located at Hosur, Tamil Nadu , Mysore, Karnataka and Solan, Himachal Pradesh. Company Background Industry Name Auto 2 & 3 Wheelers House Name TVS Group Year of Incorporation 1982 Board of Directors: Venu Srinivasan Chairman and Managing director T Kannan Director K S Bajpai Director Prince Asirvatham Director 10 MAHINDRA AND MAHINDRA: Mahindra embarked on its journey in 1945 by assembling the Willys Jeep in India and is now a US $6. 3 billion Indian multinational. It employs over 1,00,000 people across the globe and enjoys a leadership position in utility vehicles, tractors and information technology, with a significant and growing presence in financial services, tourism, infrastructure development, trade and logistics. The Mahindra Group today is an embodiment of global excellence and enjoys a strong corporate brand image. Mahindra is the only Indian company among the top tractor brands in the world and has made an entry in the two-wheeler segment, which will see the company emerge as a full-range player with a presence in almost every segment of the automobile industry. The Mahindra Group expanded its IT portfolio when Tech Mahindra acquired the leading global business and information technology services company, Satyam Computer Services. The company is now known as Mahindra Satyam. Mahindra's Farm Equipment Sector is the proud recipient of the Japan Quality Medal, the only tractor company worldwide to be bestowed this honour. It also holds the distinction of being the only tractor company worldwide to win the Deming Prize. The US based Reputation Institute recently ranked Mahindra among the top 10 Indian companies in its Global 200: The World's Best Corporate Reputations list. Mahindra is also one of the few Indian companies to receive an A+ GRI checked rating for its first Sustainability Report for the year 2007-08. Company Background: Industry Name Auto -Cars & Jeeps House Name M & M Year of Incorporation 1945 Board of Directors: Keshub Mahindra Chairman / Chair Person Deepak S Parekh Director M M Murugappan Director A S Ganguly Director Anupam Puri Director 11 BAJAJ AUTO Bajaj Auto Ltd. is the largest exporter of two and three wheelers. With Kawasaki Heavy Industries of Japan, Bajaj manufactures state-of-the-art range of two-wheelers. The brand, Pulsar is continually dominating the Indian motorcycle market in the premium segment. Its Discover DTSi is also a successful bike on Indian roads. 2010 – Bajaj Auto launched a 135 cc Pulsar, priced at Rs 51,000, pushing the Pulsar brand into the mass segment. Company Background: Founder Jamnalal Bajaj Year of Establishment 1926 Industry Automotive 2 & 3 Wheelers Business Group The Bajaj Dominant presence in Sri Lanka, Bangladesh, Columbia, Guatemala, Peru, Egypt, Iran and Indonesia. Joint Venture Kawasaki Heavy Industries of Japan Board of Directors: Rahul Bajaj Chairman / Chair Person Rajiv Bajaj Managing Director D S Mehta Director Shekhar Bajaj Director J N Godrej Director Suman Kirloskar Director 12 ________________________________________ ________________________________________ OBJECTIVES Primary Objective: Construction of optimal portfolio using Sharpe Index Model To analyze the risk and return of Indian automobile companies. Secondary Objectives: To understand the Sharpe's Portfolio Selection Model over the Standardized Index Portfolio called Market portfolio in respect of stock market perations in India. It also involves the estimation of Beta for each potential asset; these estimations are obtained based on past data and using statistical methods in order to obtain future Beta. To understand the current scenario of Indian automobile industry. SCOPE & LIMITATIONS Scope: To get overview outline about the selected Indian automobile company, their performance comparison, market share, potential and their volatility. Serves as a source of information for investors in identifying the risk averse and risk seeking shares (more return and less risk)of selected automobile industry. To get insight about the application of Sharpe index model in risk and return analysis of portfolio management. Limitations 1. Only selected industries in Indian automobile sector. 2. The data obtained and collected are only approximate and not more accurate. 3. Market fluctuations in share price of the selected industries. 4. Application of Sharpie index model alone. 13 ________________________________________ ________________________________________ LITERATURE REVIEW â€Å"The Accounting Review†: Elgers, Pieter T. Murray, Dennis ( Apr 1982) published that a measure of investment risk-the systematic risk of the Sharpe-Linter capital asset pricing model (CAPM)-is now widely employed. The relationship between beta estimates and various accounting risk measures (ARMs) have been extensively studied by accounting researchers, but results have led to different inferences about the usefulness of ARMs. The impact of the choice of market index on inferences concerning the usefulness o f ARMs in explaining and predicting beta is investigated. The association of ARMs and beta tests are always joint tests. Beta reflects the expected co variation between the returns of a given security and those of the market portfolio of all risky capital assets. The market portfolio, however, is not observable. Empirical evidence showed: 1. that the stability of beta estimates over time are quite sensitive to the market index employed, 2. that the ability of ARMs to explain differences among betas for a cross-section of firms is highest when the betas are estimated using the CRSP equal-weighted index, and 3. that the ability of ARMs to improve upon market-based forecasts of beta depends upon the choice of market index and the error metric employed. The Journal of Finance†: Kwan, Clarence C. Y (Dec 1984) published that a simple common algorithm that is applicable to 7 models is suggested for optimal portfolio selection disallowing short sales of risky securities. The 7 models considered are: 1. Sharpe's (1963) single index model, 2. Cohen and Pogue's (1967) multi-index models in diagonal and cova riance forms, 3. Two multi-index models with orthogonal indexes, and 4. Two constant correlation models. The proposed algorithm successfully bypasses the requirement of explicitly ranking securities that is essential in previous research on the topic. Because of this feature, the algorithm is especially useful for the 2 multi-index models with orthogonal indexes where there are problems in establishing a ranking criterion. An illustrative example is provided showing the results of all the iterative steps. It is demonstrated in a simulation study performed on the 5 models with multiple groups that the procedure involved in the search for optimality requires only small numbers of simple iterative steps. Thus, the method can enhance the usefulness of these index models and constant correlation models in portfolio analysis. The Journal of Portfolio Management†: Gressis, N. , Vlahos, G. , Phillipatos, G. C. (Spring 1984) published that the recent establishment of stock index futures markets has opened up a variety of new investment opportunities that should improve the performance of both secondary markets and individual investor portfolios. Trading in stock index futures has been proposed as an effective hedge against investment risk. A technique based on the capital asset pricing model (CAPM) framework is here developed to identify the profit opportunities of stock index futures trading. With this technique, the systematic risk of a stock index futures contract can be identified for the investor buying on margin, along with the abnormal returns that can be expected from the contract and its equilibrium price. The technique is demonstrated in application to the Standard & Poor's 500 Index futures. It is shown that the risk of a stock index futures contract declines with the length of the investment horizon. However, the degree of abnormal performance and the deviation of the equilibrium price of the contract from the market price increases with time to maturity. The Journal of Portfolio Management†: French, Dan W. , Henderson, Glenn V (Winter 1985) published that the investment portfolio performance measures based on the capital asset pricing model are examined under ideal conditions that work around the problems that their critics have discovered. These problems include Miss specified independent variables, omitted variables, errors in variables, and unstable p arameters, all of which are basically beta problems. A database is constructed by simulating 60 portfolios or security return series, each containing 3 random variants having their own distribution. Regression analysis results show that winners cannot be distinguished from random performers, and that winners cannot even be labelled as such unless they are remarkably successful. If random noise is the only contaminating factor in performance evaluation, then the 4 currently popular performance measures rank in an internally consistent fashion and rank portfolio performance correctly â€Å"The Journal of Portfolio Management†: Peters (Summer 1985) published that Evidence is presented suggesting that early mispricing of stock index futures was due to market inefficiencies, but that the markets have become more efficient over time. This growing efficiency is the result of more experienced traders and the increasing availability of accurate valuation models. This evidence is derived from a test of market efficiency done using a cost-of-carry valuation model. The test is limited to the Standard & Poor's 500 and the New York Stock Exchange Composite indexes. The theoretical value for each future contract over the period June 1982-December 1983 is computed using data from CE/ICD's ANALYSTICS database. Results indicate that both index futures markets have become more efficient with time. If it is assumed that investors are rational and that expectations of the index value are not considered in valuation, it can further be assumed that dividend stream estimation is the major source of market inefficiency. Portfolio managers can now use index futures for hedging with greater confidence. 15 â€Å"The Journal of multinational financial management†: Javier Estrada and Ana Paula Serra (July 2005) published that the proper identification of the risk variables that explain the cross-section of returns in emerging markets has many and far-reaching implications for both companies and investors. We examine this risk–return relationship by focusing on three families of models, over 25 years of data, and over 1600 companies in 30 countries. We perform a statistical analysis that seeks to identify the variables that should be incorporated into the calculation of required returns on equity, and an economic analysis that seeks to determine the variables that produce the most profitable portfolio strategies. We find rather weak statistical results that prevent us from strongly recommending a given family to estimate required returns on equity. And we find somewhat stronger economic results that show that a variable belonging to our downside risk family, the global downside beta, is the one that has the largest impact on returns when portfolios are rebalanced every 5 years. â€Å"University of Mannheim – Department of Business Administration and Finance† : Alen Nosic (March 6, 2007), published that the determinants of investors' risk taking behavior. We find that investors' risk taking behaviour is affected by their subjective risk attitude and by the risk and return of an investment alternative. Our results also suggest hat consistent with previous findings in the literature objective or historical return and volatility of a stock are not as good predictors of risk taking behavior as subjective risk and return measures. Moreover, we illustrate that overconfidence or more precisely miscalibration has an impact on risk behavior as predicted by theoretical models. However, our results regarding the effect of var ious determinants on risk taking behavior heavily depends on the domain the respective determinant is elicited. We interpret this as an indication for extended domain specificity. In particular with the Markets of Financial Instruments Directive (MiFID) coming into effect we believe practitioners could improve on their investment advising process by incorporating some of the determinants we argue to influence investment behavior. † European Journal of Operational Research†: Xiang Li, Zhongfeng Qin, Samarjit Kar (April 1, 2010) published Numerous empirical studies show that portfolio returns are asymmetric, and investors would prefer a portfolio return with larger degree of asymmetry when the mean value and variance are same. In order to measure the asymmetry of fuzzy portfolio return, a concept of skewness is defined as the third central moment in this paper, and its mathematical properties are studied. As an extension of the fuzzy mean-variance model, a mean-variance-skewness model is presented and the corresponding variations are also considered. In order to solve the proposed models, a genetic algorithm integrating fuzzy simulation is designed. Finally, several numerical examples are given to illustrate the modeling idea and the effectiveness of the proposed algorithm. Banking and Finance†: Cheol S Eun, Jinso Lee (April 2010) published that the risk-return characteristics of our sample of 17 developed stock markets of the world have converged significantly toward each other during our study period 1974-2007, and (ii) that this international convergence in risk-return characteristics is driven mainly by the declining ‘country effect', rather than the rising ‘industry effect', suggesti ng that the convergence is associated with international market integration. Specifically, we first ompute the risk-return distance among international stock markets based on the Euclidean distance and find that the distance thus computed has been decreasing significantly over time, implying a mean-variance convergence. In particular, the average risk-return distance has decreased by about 50% over our sample period. We also document that the risk-return characteristics of our sample of 14 emerging markets have been converging rapidly toward those of developed markets in recent years. This development notwithstanding, emerging markets still remain as a distinct asset class. Lastly, we show that the convergence in risk-return characteristics has exerted a negative impact on the efficiency of international investment during our sample period. â€Å"Journal of investment management†, Lisa R Goldberg, Michael Y Hayes (first quarter 2010) published that a practical and effective extension of portfolio risk management and construction best practices to account for extreme events. The central element of the extension is (expected) shortfall, which is the expected loss given that a value-at-risk limit is breached. Shortfall is the most basic measure of extreme risk, and unlike volatility and value at risk, it probes the tails of portfolio return and profit/loss distributions. Consequently, shortfall is (in principle) a guide to allocating reserve capital. Since it is a convex measure, shortfall can (again, in principle) be used as an optimization constraint either alone or in combination with volatility. In principle becomes in practice only if shortfall can be forecast accurately. A recent body of research uses factor models to generate robust, empirically accurate shortfall forecasts that can be analyzed with standard risk management tools such as betas, risk budgets and factor correlations. An important insight is that a long history of returns to risk factors can inform short-horizon shortfall forecasts in a meaningful way. 17 ________________________________________ ________________________________________ RESEARCH METHODOLOGY Sources of data: We selected the companies based on the market capitalisation and for this we referred money control. om from where we sorted out the top ten automobile companies in India based on the market capitalisation value given as of March 1, 2010. Then the opening and closing stock price of the top ten automobile companies for the previous five financial years (2005-2006, 2006-2007, 2007-2008, 2008-2009, 2009-2010) was downloaded from NSE website(nseindia. com). The overall index return price was also downloaded from the same website for the same period. Top ten automobile industries selected based on market capitalisation are: Company nameMarket Capitalisation(Rs. Crore) Tata Motors43,388. 97 Maruti Suzuki 42,705. 24 Hero Honda38,218. 19 Tech Mahindra31,398. 74 Bajaj Auto 27,698. 93 Ashok Leyland 7,183. 83 HMT 6,307. 10 TVS Motor 1,800. 58 Eicher Motors 1,685. 52 Escorts 1,387. 46 Market capitalization (often market cap) is a measurement of the size of a business enterprise (corporation) equal to the share price times the number of shares outstanding of a public company. As owning stock represents ownership of the company, including all its equity, capitalization could represent the public opinion of a company's net worth and is a determining factor in stock valuation. Tools used: We used certain formulae to study on the risk and return of the companies and the portfolio management based on the Sharpe – Index model. The calculations were done in a spread sheet to make it easier. The formulae of the elements used in the spread sheet are as follows: Sum of Individual Stock returns – Ri and Market return – Rm. 18 Stock return – Y and Market return – X: = ((Today’s price – Yesterday’s price) / Yesterday’s price)*100. Mean of stock return – Y? , Mean of market return – X?. Y? = (sum of Y)/ total number of days X? = (sum of X)/ total number of days Standard deviation of Stock return – ? , Standard deviation of market return – ? x. Correlation = Covariance/(? y * ? x) Risk factor ? = Covariance *(? y / ? x) Return indicator ? = Y? – ? (X? ). Unsystematic risk – ? ei?. Cut off point Ci: n Ci = ? m? * ? ((Ri-Rf)? )/ ? ei? ) i =1 n 1 + ? m? * ? ( / ? ei? ) i=1 where , ? m = market variance. Z value = Zi/ ? _(i=1)^n-Zi where, Zi = ? /? ei? ( Ri-Rf)/? – Ci X value = Zi / Z. Tables and bar graphs are drawn for average values of important parameters like ? , ? x, ? y, X? , Y? , for each company for all five years. Outcomes are represented diagramaticaly) A table for all companies’ cut-off point, Z value, X value is also drawn. Population & Sample size: There was a total of about 16 automobile companies registered in NSE website out of which we selected top 10 companies based on the market capitalisation as mentioned before. Total population in NSE = 16. Sample size = 10. (Specific yrs. 2005-2010) 19 ________________________________________ ________________________________________ ANALYSIS AND INTERPRETATION Ashok Leyland Interpretation: Average Stock return Y? is largest during the year 2009(approximately 0. 6) and lowest during the year 2008 (approx. -0. 4). Risk factor ? is more during the year 2010 and low during the years 2006, â €™07, ’08. Highest deviation is seen in the year 2008 and least is seen in 2005. 20 Eicher Motors Interpretation: The company experiences the highest average stock return during the year 2009 (approx. 0. 5) and the lowest during the year 2010(approx. -0. 25). Risk factor ? is below 1 for all the years except 2010. But the average value for the five years stays below 1. Highest deviation is seen in the year 2008 and least deviation one is seen in 2005. 21 Escorts Interpretation: The company has a highest stock return in 2009 and less stock return in 2008. Average stock return is very low which is near to 0. 053. ?eta value is high in the year 2005 and low in the year 2009 and all the beta values are above 1. Deviation is seen high in 2008 and less in 2010. 22 Hero Honda Interpretation: Beta value is seen to be above 1 during the years 2007 & 2010. Average beta value of the company is seen to be below 1. Stock return is high during the year 2009 and negative during the years 2006 & 2007. Deviation is high in the year 2008. 23 HMT Interpretation: The company has a good stock return during the years 2005 and 2010 and negative during the year 2008. The deviation is very much high for the company here. Average deviation of 4. 5 is seen here. Average beta value is more than 1. 24 Maruti Suzuki Interpretation: Stock return is highest during the year 2009 and less during 2008. Beta value is less than 1 after 2007 and more than 1 before 2007. Deviation is large during 2008. 25 Tata motors Interpretation: Stock return is high in the year 2009 and has gone negative in the previous year. Beta value is less 1 from 2007 and >1 in 2005 & 2006. The deviation is more in 2009 and 2008. 26 TVS Motors Interpretation: Stock return high in 2009and very low in 2008. Beta value is less than 1 in all cases than in 2006. Deviation is supposed to be high in 2009. 27 Tech Mahindra Interpretation: The stock return is very high during the year 2006 and very less(negative) during the year 2008. Deviation is almost high for all the years. Average beta value is < 1. 28 Bajaj Auto Interpretation: The company has shown a good stock return of positive value during the years 2009 & 2010. Beta value is less than 1 for all the years. Deviation is high during the year 2008. 9 Table- Summary of Calculations Market return vs. Individual stock return Figure – 1 30 Comparison of Unsystematic risk and cut off points Figure – 2 Systematic Risk Figure – 3 31 Interpretation from Summary of Calculations: Table Figure – 1: HMT has the highest stock return and is greater the market return(about 170) Second comes the Maruti Suzuki followed by Hero honda. (about 150) TVS Motors has the lowest stock return of all the 10 companies and is less than the market return. (about 70) Figure – 2: Unsystematic risk is high for HMT (approx 19) and second Escorts. (approx 18) Hero Honda has the lowest unsystematic risk. (approx 5) Bajaj Auto has the highest cut off point whereas Ashok Leyland has the lowest cut off point. Figure – 3: Escorts has highest systematic risk (approx. 1. 36) HMT has the second higher risk value(approx. 1. 09) Bajaj Auto has the lowest risk value (approx. 0. 65) 32 ________________________________________ ________________________________________ FINDINGS Ashok Leyland: The ? value gives us a stock’s risk profile. Here we can take the average beta value and interpret and comment on the overall risk for the five years taken by the concern. Average beta value = 1 which means it is neither stable nor unstable. It is a neutral share and is expected to follow the market. From the table when we look at the ? value its average value is . 01233 which means that the minimum riskless return is 1. 23%. The company’s earnings from stock investment has reduced in the year 2010. We get a positive correlation value which implies that a 0. 5% in the market return will affect a company’s stock return by 0. 5% in the same direction. Eicher Motors: The company’s earnings from stock investment has reduced in the year 2010 from 2009. Here ? he company expects less volatility and less risk and therefore less returns. These are called defensive shares and will generally experience smaller than average gains in a rising market, will generally experience smaller than average falls in a declining market. From the table the average ? value 0. i6691. The minimum risk free return is 16. 69%. Mahindra is having high risk free rate so it is safe to hold this stock. Correlation value = 0. 44% 0. 44% of change in market return affects the stock return by 0. 44% in the same direction. Bajaj Auto: The return on stock investments is good during 2009 & 2010 when compared to the year 2008. Since beta value < 1. The company expects a stability, less risk and less returns. These are called defensive shares and will generally experience smaller than average gains in a rising market, will generally experience smaller than average falls in a declining market. Alpha From the table the average ? value 0. 24715. The minimum risk free return is 24. 715%. Bajaj is having the highest risk free retun in all the ten companies so it is very safe to invest. Correlation value = 0. 46% 0. 46% change in Rm = 0. 46% change in Ri in the same direction. 35 Summary of calculation: HMT is having high stock return because they are using stock investments efficiently in the business The low cut-off point is good which implies less payback. Ashok Leyland has minimum payback whereas Bajaj has maximum payback. Escorts involves in high risky projects expecting more returns rather Bajaj is not involving in risky projects. SUGGESTIONS Hero Honda is having low risk and high return. So it is good for the investors to invest in this company. (for investors) HMT is taking high risk and provides decent returns. So next to Herohonda, HMT is a good company to invest. (for investors) Bajaj is having a low return at a medium risk so the company have to indulge in risky projects to get good returns in the future. (for company) HMT and Escorts have high unsystematic risk, so they can go for product diversification to reduce the unsystematic risk. (for company) (Product diversification helps the companies to reduce the unsystematic risk because even if they lose in one of the products they can make up their revenues by some other product) Cut off point is the point at which the required rate of return is worth the expense. If it is high then that company is going to take a long time to repay its initial investment. In our case Ashok Leyland will be able to recover the money invested in the project as soon as possible than others. Ashok Leyland might serve as the best company to invest to get their investment back whatever the return may be. Based on the stock return, risk and the cut off point, Herohonda is a good company to invest because they have an optimum return at an optimum risk level. TVS motors has a high cut off point, less stock return at a high risk. They can reduce their risk level, because it might involve large sum of investment. 36 ________________________________________ ________________________________________ CONCLUSION According to our findings we suggest that Hero Honda is the best Automobile company in India to invest and the investment can range up to 42% as per our analysis. Although India has been much discussed in recent years, and has been the recipient of major foreign investment in its automotive industry, it has in many ways not received the attention of the world’s other major developing country, China – but this is about to change. With the world’s second largest and fastest-growing population, there is no denying India’s potential in both economic and population terms and the effect it will have on the auto industry in the years to come. The country is already off to a good start, with a well-developed components industry and a production level of one million four-wheeled vehicles a year, plus a further five million two- and three-wheelers. India also has substantial strength in mass production techniques and is particularly well served in the fields of research and development and software design. Therefore, as always, the question is when will expansion occur and to what level? The implications, market drivers and scope of a future massive Indian vehicle market are covered in the India Strategic Market Profile, a brand-new forecast of Indian automotive and related activity to 2020. 37 BIBLIOGRAPHY Robert A. Strong, year, Portfolio Management, 82-85,123-131. Jeff Madura, 2009, Finance Markets and Institutions, 243-283. Dr. G. Ramesh Babu, 2007, Portfolio Management Including Security Analysis, 577-647. www. nseindia. com www. moneycontrol. com www. springerlink. com www. proquest. com www. sciencedirect. com www. jstor. org www. informaworld. com 38