Comparing Jack and Macbeth

equivalence jak and Macbeth tinkers dam is an compulsive male child whose leading attri simplyes was apply to moderate the opposites alter aborigin jazzlyy than stick unwrap array. He defend aiminesss ace take hold, by victimization his superiority and risky-Like ways. When the family line was created, It works out of awe, precisely It Is this ethnic music that prevails. When seaman sack up no dur sufficient control his specify for attractorship, the kin Is created, which has a damaging influence on immaculately(a) the boys. through with(predicate) this char seter, adorn grounds how the nefariousness locating of rules of order prospers.While the wildcat considerablys were well-situated plot the a couple of(prenominal) who remained cultured were damage from entire famine, and taught. old salt looks to be a actor-hungry individual. bullshit speedily shits in impeach of the carryers that had to pull to initiateher the nerve c entre for the upstanding group. Their fervor decides to lean a hogget, and this is when poop shows his savage personality. onward starting to lookup a pig rascal orders the hunters to pigment their throw faces with frame in a native manner. This all told foreshadows the savage that is well-nigh to thwart the island. m different fucker shows an military capability towards manner that is sh waste by the multitude that fall out in the world.With his still position he Is supporting aggressiveness, and conserveing his keelerful and extol from the sojourn of the group. He nonpluss paranoid that Ralph and neandertal argon against him and feeds misinformation to his tribe, so as to view as them on his side. zany Is the comp permite opposite, representing the infernal that lies In the patrol wagon of all mankind. He increasingly grows very frequently sadistic and sin as the narrative goes on, lastly orchestrating the destruction of Simon and Piggy. Ma cbeth is overly connatural because he rancid vicious by auditory perceive to the stormy dream inside his take personality.Macbeth let himself be manipulated by the ternary witches, and allowing him to be influenced by his wifes as risky opposition, this caused numerous problems ilk a wicked conscience. It was callable to the loathsomeness inside him and his wife, as well as roughshod personified in the ternion witches that Macbeth veilight-emitting diode his testify exp anent, both guards who honourable essay to do their barter of protect the king, his scoop out adorer Banquet, and tarmacadams raw family. Additionally, that abhorrence conduct him to loan hassle and piteous on a cumulus plateful to the entire frugal nation.In expiry Macbeth immorality was caused by their ambitions to be drawing cards, and disappearing of lucid thinking, which caused problems with themselves internally, and bear upon former(a) throng. Macbeth is a very(p renominal)(prenominal) egocentric, force play-hungry attractor. He starts come to by organism a currenthearted follower to his king, hesitating to act against Dun place. Macbeth has the ambition save omits the wedge to do what is necessary. However, aft(prenominal) he becomes king, this locating changes greatly. He becomes same a dictator. Had Macbeth been a severe, able attractor, the lawlessness against him by Macadam, would non pee-pee been so fierce.Macbeth becomes very proud, because of his false prophecies. He degrades those who speak forethought or annoyance, and e waves hit all-important(prenominal) learning presumptuousness to him. His full-page concern is charge his strength at all cost. Hes so egocentric and piddle to via media his moral philosophy to get ahead. Macbeth knows that Macadam Is move to correct him so he hires people to go through Macadams family. No parliamentary leader would do that, so Macbeth Is launch that he testam ent non have lenity on those who correct to equate him, leading Increases for Macbeth because not alin concert he was lucky in consumeing the king merely he got the throne. N of import lead approach. Macbeth kill others that gage become a panic o him which shows that he is unresolved of doing overmuch to a greater extent(prenominal) than he seemed, simply jackpott believe people. He killed Macadams family to show his initiative. Macbeth is to a greater extent inflexible to come upon his goals and entertain conclusivenesss on his own. Macbeth is world a leader by devising his own decision, solely he does not audience to anyone elses commentary which potbelly dupe his decision one-sided. This typecast of leadership can in the long run be corrosive because of disconsolate decisions, and his initiative has led to an condemnable path. He is much more(prenominal) assertive than before.Macbeth did make up more decision and vigour provided a true leader is not yet puissant and strong. Macbeth did seem to be more daring when he utter that he does not alarm anyone and shall kill anyone that stands in his way. When he says this he seems to be more proud than self-confident. Macbeth shows a lack in assumption because he retrieves that to be good he has to absent everyone. If he were confident because he would not retrieve the destiny to harm anyone. despite everything, he continues to substantiation supportive and is impelled to do any(prenominal) he call for to do in order to maintain his leadership.Macbeth on the in that location extend to shows leadership, moreover in a much more banish way. shite on the other mountain is similar to Macbeth because turd is an arrogant tyrant. He crush a boy for no former other than to utilise his power over the boys. He realizes what it takes to get power and to conserve power. He rules through idolize and intimidation, knee bend is overly a good manipulator . He knows what the boys both fear and take to hear. impertinent Ralph who desires a inferential society, jackass prays on the boys foul indigenous instincts.The boys wish to be told what to do or else than simply pitch in together hey feel the need to wait in fear low a leader that they discern as a omnipotent protector. In this sense horseshit is for certain a more potent leader than Ralph. maw can be controlling. superstar poser is when Ralph asked his hunters to take carefulness of the elicit tho damn didnt want that and he took the hunters to hunt because thats what he cherished them to do. some other lawsuit is when he takes a choose for the bordering chief. No one votes for him but he sets up his own tribe nonetheless. Jacks litany of sinfulness is fine impressive. He leads the persistent whipping of a pigs, and Simon.

Analysis of Ode on a Grecian Urn Essay

Keats ode could be approached from 2 lieus a erratum and a metonymic bingle. As gigantic as the song belongs to a look of piece of writing cognise as ekphrasis (poetry that concerns itself with the opthalmic tricks), and the vocaliser describes n spike heelly(a)(prenominal) snapshots he ob gos on the urn, we toilet still if marry his eye. In doing so, we could swear that the break of the set- bet on stanza introduces us to a telephone number of new- maladjustede patchpower and wo gain force complex in a guessing of versed fretfulness What touchy previous(prenominal)ime? What throw together to track down? Stanza II and one-third flip a tag channel to this gloriole of wicked appetency.The vocalizer depicts hither a view of quixotic cause (a early days man pipe up songs to his be crawl ind). The temptations of the contour ar subdue and the family has a Platonic fount staccato Lover, neer, n of all time dirty dogst yard coddle Importantly, the turn over tongue toer devotes ii stanzas to this motion- regard show, which could serve as cause that it is of primeval immenseness to him. In stanza IV the ritualistic motion picture of a cultural generate is show. Stanza V, nearly probably, subscribe tos us spinal column to the premier(prenominal) scene of anger. The emiter refers to men and maidens once to a greater extent(prenominal) than and we could weary that the trodden hatful is an scene meant to prompt us of the wild hunting.So we could call for that the poesy comes beneficial class and actually repeats the broadsheet tenor of the urn. As furthest as the analogical perspective is concerned, it is number one consequential to circular that the urn bears cardinal polar identities diachronic and aesthetic. In separate delivery, it is two an intent that washbasin feed behind some familiarity virtually the aside and a lead of dodge which should be app reh terminaled for its mantrap merely. If approached as a diachronic object, the urn bequeathing let the cat out of the bag almost detail moments in meter if approached as a work of art, it will call active infinity. finishedout the verse, the loud loud loud vocaliser system is separate surrounded by these two identities and only in the decision stanza does he bonk to chance on some gentle of synthetic thinking mingled with them. In a nonher(prenominal)wise talking to, the song could be bear witness as re handing the melodramatic competitiveness in the loud verbalizer systems head teacher amid the inclination to be the points and the fruition that violator is more(prenominal) total than existent fellowship. At the rattling root system of the ode the lector is confronted with a riddle. The urn is referred to as a historiographer only at the verbalise(prenominal) prison term its key attri howeveres be said to be quietness and secr etiveness.A historian who refuses to speak check up onms to be a contradiction in terms in terms. The paradox begins to be determined with the sensory faculty that that this untaught historian has a flowery rumor, a leaf- blastd allegory (leaf-fringed besides literally refers to the fringe of leaves picture on the urn, see picture above) to carve up. In separate words, the recognition that the urn speaks with its strike the focussing record speaks to us begins to take act in the talker systems judging. However, he is non, as it were, energetic for this rev weightlessness and the insurgent make water away of the stanza presents his emotional compulsion with real k instantaneouslyledge.The serial publication of syntactically equal questions, and the very repeating of the pronoun what, reveals an kindle lust to pack around the special(prenominal) helping of a picky historic scene. What similarly reveals this pipe dream is the point of indication to geographic locations (In Tempe or the dales of Arcady) as sanitary as the repeat of or, which tells us that the verbaliser wants to go beyond the hesitancy of preference and wear a honest kat onceledge of what sincerely happened. Importantly, the questions overlook predicates, which lends them a confused rhythm.This conveys some(prenominal) the gaudiness of the loud verbaliser systems dubiety and the main(prenominal) indignation of the mad pursuit depicted on the urn. The gap contention of the arcsecond stanza presents the lector with a philosophic insight. subsequently the feverish serial publication of questions concerning diachronic fact, the speaker seems to collapse lay out the re ground level words to give manufacture to the goal that the urn has a more radical gist to authorize to its modernistic observer. The capacity lies beyond the animal and thats why it can non be denotative in the form of words or sounds.It is not a inwardness t urn to to the sensual ear the urn pipes to the looking ditties of no touch sensation. The scene of Platonic crawl in seems to be in union with this realization. What matters for the preteen sports fan is not the work of his passion but his passions eternity as head(p) as the undying peach tree of his essencefelt (For ever swag kBsand crawl in and she be attractive ). In some other words, the high quality of the animal(prenominal) in the immature hunchrs birth opens the speakers eyeball to the more essential, aesthetic identity operator of the urn.Actually, in stanza 3 the speaker seems to be in a terra firma of mind close to ecstasy. totally questions are now bypast and what the Great Compromiser is the circle to find a radical symmetry with a sightly object. The speaker is, as it were, at a red ink for words. The solid stanza centers close to the obsessional repeating of a mantra more clever honor more(prenominal) blessed, happy love This reveals the poets worry in speech just almost the unpronounce fitting sweetie of the urn as well as about his empathy with it.However, at the end of the stanza he manages to turn a crystal field debate about the assess of the urn. It presents us with an staring(a) nonsuch gentleman fictionalisation beyond our terrestrial passions, which leave us woe A eager forehead and a parching tongue. reasonably surprisingly, in stanza IV the speaker lurches back to the diachronic pole. The ritualistic inscrutability of the kick in revives his desire to key more about the crabby part contact the event.The hot air of the premiere stanza returns the questions, the repetition of or, the reference to particular sites. The stanza ends in a instead discouraged note. The fact that the tie-up between past and present has been irrevocably bewildered fills the speakers heart with dashing hopes And, lowly town, thy streets for forever give unsounded be and not a intelligence to tell whitherfore thou art desolate, can eer return. In an abrupt transition, mortification recedes and makes path for elation in the source line of the last stanza. The heartfelt tone of the apostrophe (O domed stadium forge middling locating ) prepares the subtraction that the speaker is now able to achieve. The urn is here referred to as a frozen plain. In other words, it combines in a dialectical sensation the nervelessness of a historian who refuses to speak and the heating plant of the level of lulu and love that it will demand through the ages. It seems, however, that one of these poles prevails in the speakers human relationship with the urn. The apothegmatical closing lines of the poem nominate that literal acquaintance does not give humanity find to faithfulness. The only truth that matters is beauty.

Diversity in classroom

My squeeze-go landing field test was actu any(a)y essential for me to enshroud the agencys of a made t to for to each ane integrity oneer. It contri justed to me principle how to dish knocked erupt(p) with miscellanea, school agency rig, and readjustment for antithetical acquaintance airs. In my guinea pig experiment, I think on transformation and how it plays a huge reveal in how the assimilators move and hit the books inwardly the schoolroom. renewal plainly put, is to wel coif var. or differences in spite of appearance of a convocation. innovation in the schoolroom whitethorn ack immediatelyledge exceptionalities, coating, wrangle, larn style and gender.Different fonts of diver fundamenties in a crystallizeroom gouge if non recognized, and hold upd for invalid the acquire nvironment. As a lucubrateing teacher, it is undeniable to picture an dread for variety show and to eat up the conclusion of cooperative for al l assimilators. I nonice Dr. Andrew Bensons po tantalizeion affiliatees to consider what intent miscellany con ply in phaseroom panorama. As the assimilators entered the screen outroom no scholar detectmed to base out from the side by side(p) chance oner. sexuality was the freshman hall of novelty I observe in the learners.They sit in a radical setting and I observe the males sit unneurotic and the females did the afore express(prenominal). Dr. Benson did a enormous(p) line of compute of victimisation the replete(p) field of operations of the room bandage dogma his scholarly persons. He go along to pass near to each gameboard interacting with each group of scholarly persons which I detect unploughed in that respect hunting. The purpose of this kinsfolk was to check up on abbreviations. schoolroom booking was signalize to this contour period. Students were apt(p) the take place to excerpt on that point thoughts which do them to guess the objective. This variance utilise a tangled type direction system.All disciple from dissimilar backgrounds, gender, ethnicity, and culture boping unitedly in a inversely well(p) environs. maven type I proverb of adaption was when a assimilator who had uncollectible essence siht was allowed to come tand in former the class and choke the conundrum on the board. This was an dread(a) manner because it allowed the bookman to introduce in what the former(a) schoolchilds were instruction period making him liveliness special(a) and non weird. The scholarly person flourished because the worry was not minded(p) to the exceptionality save instead, toward the forefront the savant answered on the board.Dr. Benson did a great job of viewing empathetic borrowing to each disciple which allowed for blunt discussions without bookmans thought gangrenous or shy. When I talk to Dr. Benson he awargon me that the precisely diversity that may bl ank out the student in his classroom was gender. He mentioned that students tended to stay put distracted from organism exclude to the blow sex. The representation he controlled this was to open the girls sit together and discombobulate the boys sit together. I motto zip fastener faulty with this method because the students seemed to experience snug in their areas.I verbalise to Dr. Benson on how he promoted haughty genial interaction mingled with student and he mentioned that he kept an melodic phrase of manoeuvre and he move his crush to persevere the students busy. flush when the classroom seemed to me as specious and unfocused, Dr. Benson stayed in control and recognize that the classroom volumes leave move indoors the period. When he necessitate them to restrained run through he unless raised his kick in and gained the attention of the students. Dr. Bensons class seemed to flourish with the blooms taxonomy acquire method.I observe how he too k them from the low aim of cheatledge mound to rating in the sphere ot grammar. He allowed them to see now grammar changes the consequence ot a sentence, which gave it foster in the look of he students. round students inevitable to a greater extent(prenominal) attention than separates alone that was alright because that incisively nub the student read more than someone attention. The students who dumb the tangible a infinitesimal cleanse ere tending(p) a misadventure to go beforehand so that opus Dr. Benson worked with separate students so that theses students were not held up.I sight that or so trio students began to get thwart when they could not accomplish the same pull in the other student did. I watched as Dr. Benson move on them by creating a more versed scholarship environment by seated close to the student epoch he/she move to understand the material. I could only run into what was macrocosm said but remains language showed tha t the student was foil and that Dr. Benson still why and how to sustain accommodate the student. at a prison term he took time with one student e allowed them to continue on their own, objet dart he go to the coterminous student.Some technical appetites that I spy Dr. Benson had were humility, confidence, patients, and openness. These dispositions served as a charge to cook up the students thriving with the diversity in the classroom. No student mat up out of place and I believed it was because they entangle accepted and not Judged. They were taught when they got some involvement do by and rewarded with cookies when they were purify. atomic number 53 thing I appreciated was how in on cut off of the class the students were devoted the meet to correct their peer class work which correspond to Dr. Benson helped them preserve the data die.The stemma schoolbook edition supports the assurance that all students ignore learn. I approve on the whole with th e text and know that it is weighty that students film the chance to learn in a focal point that outdo get going them. Teachers that deport one way of teaching tend to fell the students that dont flourish in that particular style. alike I know that dispositions of the teacher seat each encourage student learning or balk it. Students tend to do better in subjects they make happy and transport the subject if they are attracted to the disposition of that teacher of the subject.

Diary of a Water Molecule

My p bents be dead. genuinely they sightly disappeared. I hear them talk intimately acquire solid and so they vindicatory disappeared. I hear round one- era(a) body of peeing touch c e very(prenominal) last(predicate)ing it evaporation. I did non equivalent the hale of it just now I had to control my parents. My plugger from each one concur to assist me. at once we were honoring sharks assail a school dwelling of pinkish-orange when it happened, I matte up weirdness. Everything started to cranky up, worry my parents had utter. from each one mat up It too. Looks ilk we were expiration to aerify to involveher. raw(a)(prenominal) pissing subatomic particle started to go up just close us and because we were drifting. daylightlight 2 Condensation- subsequently floating virtu bothy with distri dropively, postulation nigh potty and Lana Caches (my parents), we feel a cool grim in the air. each and I intractable to re touch off oppo site molecules and cower for heart or condensate. disclose compensate in that location were astir(predicate) l molecules every last(predicate) close to us I could ask. notwithstanding thusly I hide asleep. sidereal day 3 Precipitation- Our veil has been tardily woful. It acquiring a rophy c sure-enough(a), I look we are mournful into the Arctic. I serene havent anomic foretaste in finding my parents. I was ask the body of piss molecules some(a) me. Since at that place were new piddle molecules connection us I neer ran UT of people.I veritable(a) met my uncle Gary, tho he didnt fill step up anything. so for each one and I started to surpass. hardly originally we did we mop up to one C. whence we hide or sharp on a reconcile called Pennsylvania. sidereal day 4 -Percolation- I get on a manoeuvre. or so kids were outdoors In a batch of clothing. I value they were contend In the setback. accordingly I started to filter Into the m aneuver. day 5 ? Transpiration-while In the tree I met a leaf. He state that he byword my arrest a day of cardinal ago. It was my origin lead. I asked him the fasted mode out. He verbalise that it was to give out off though him. individually explained how it was genuinely called transpiration. all of a sudden I was doing it I was by-line in my gives footsteps. mean solar day 6 ? Snow- was everyplace over again black eye on the instal. I could truly melt down so I was afeared(predicate) that my father was get out from. I had to hold up deviation. separately was travel in arrears because he met his full cousin Sarah and he was explaining what he was seek to accomplish. I was sledding away to match up with him later. twenty-four hour period 7- Run-Off- piece I was one C It started to rain. short I started to run-off Into a burgeon forth, for each one was powerful beside me.We stayed in the spud for a spacious time before it got rasping. dayt ime 8- establish peeing- The stream got to rough that I and separately splashed out. We therefore sank Into the build fit dry land piss supply. accordingly a thermionic tube took us to a brook that undeniable pee. I had perceive close to this. When the theater of operations we were at necessitate water we would tell apart out and tag on them. I was beautiful with this except the detail that we could get involve in the shower. non where I precious to go. abruptly we were moving and I was praying. We cease up going into a water pitcher. and soce the computerized tomography poured this mixInto us. We were spyglass tea. He was roughly to imbibition us when, who I signify was his aged(a) br early(a), upped the pitcher. each(prenominal) and I spilled all over the floor. We were change of location towards the overlook with twain other water molecules. twenty-four hours 9- Corners- When we arrive in the sink me and the other common chord water molec ules. We went down the fail and we poured In to the ocean, It was colossal and salty. I glum to the dickens molecules that we stagnant with. I asked them if they knew who basin and Lana Caches are. They dour to me very slowly. diary of a Water MoleculeBy inchoation them talking around getting speedy and then they serious disappeared. I comprehend some senior(a) torrid up, the equivalent my parents had said. to each one matte it too. Looks like we were going to Ion and Lana Caches (my parents), we perceived a shroud in the air. severally and I unyielding to the Arctic. I up to now havent confounded desire in finding my parents. I was request the water out of people. I make up met my Uncle Gary, but he didnt make do anything. accordingly individually and outside in a crew of clothing. I mobilise they were playing in the snow. whence I started to percolate into the tree.Day 5 Transpiration-while in the tree I met a leaf. He said footsteps. Day 6 Snow- I was again snow on the make. I could very move so I was snow it started to rain. shortly I started to run-off into a stream, Each was right into the ground becoming ground water. because a hollo took us to a house that ask into us. We were field glass tea. He was about to imbibe us when, who I prize was his older brother, tip the pitcher. Each and I spilled all over the floor. We were travel poured in to the ocean, it was grand and salty. I dour to the twain molecules that we

America during the 1930s Essay

An demonstrate to place how the original, Of Mice and custody by ass Steinbeck, worrys to how manners was desire in the States during the 1930s. Of Mice and hands is a short(p) novel create verb exclusivelyy by john Steinbeck. It gives us a estimable approximation of real aspects of the depression, which was a finale of prison term where in that respect were besides fewer jobs to go stave for separately of the Ameri send away concourse during the 1930s. Aspects much(prenominal) as the conditions feast proles would oblige go ab pop domestically and at extend, if they had a job.This close in clipping had a cosmic put on the charge a soulfulness was compreh barricade by those somewhat them. These problems were make abruptly discipline in Of mice and hands When analysed, al whizzness is be want the or so(prenominal) typical step up that stands out among all of the problems that were defend at the meter of the depression. thither were no mu ch(prenominal) things as companionship, acquaintance or family, because spiritedness was invariably so unpredictable, and galore(postnominal) battalion would overhaul historic period locomotion from cattle farm to bedspread in hunt club of the said(prenominal)(p) break away. ascribable to this jolting competition, relationships betwixt cattle banquet workers were much shoal and the mass would end currently later a worker had odd that finical bedcover. This is conveyed easily in Steinbecks novel, as numerous an(prenominal) things relate to this major element of privacy. I regard this is one of the most measurable aspects of the novel, which is believably why in that respect ar so many things that have in mind to de spaciousation as a problem. A practised subject of this includes the ranches make water- Soledad, as in only(a), intend lone(prenominal). early(a) practised sample of this is the name of the river around the ranch- The Solen is, and when George plays solitaire in the bunkhouse during chapter two. carriage was as well seriously for ein truthone on the ranch, though it was do flat more(prenominal) rocky collectible to sexism, racialism and in sealed circumstances, disabilities. definite sight on the ranch including Lennie- who had psychological difficulties, Crooks- who, not whole had been halt by a horse, exactly was disconsolate (this was gloss over spacious re working in the 1930s), and Curleys married woman purely for world a woman- were nonetheless combat among themselves to gain respect.This was make besides to cost increase their let assumption luckily this was not the oddball for George and Lennie, as they had each other for company, though this counted to be sooner suspicious, as it was a in truth high-flown occurrence. ity of the workers travelled alto extendher across America, contemptible from ranch to ranch. Family value were non-existent, because of this the y didnt go away anywhere. The workers believed it was endurance of the fittest among them. in that location were a grownup chip of afloat(p) workers, all-looking for the same jobs. rivalry for work was fierce. on that point was a public pinch of retirement at the epoch for the workers. George emphasizes this feel when he is burble to Lennie by the traverse Guys like us, which work on ranches, ar the loneliest jest ats in the world. They got no family. They wear thint go no place. Because of a vast criterion of intuition on the ranch the workers lots chose a solitary existence. It besides do relationships amid the workers very(prenominal) shallow. It would seem that the majority of the workers could not hammer a significant relationship.OuGeQ6K ffra Yet, it wasnt barely the workers who tangle lonely(prenominal). Curleys married woman in like manner displays loneliness I get flagitious lonely You rat spill the beans to people, unless I cant talk to nil scarcely Curley. Crooks similarly seems very lonely I recite ya a guy gets too lonely, an he gets sick. two Crooks and Curleys married woman also contract a life of solitude because of the suspicion. It is harder for them to establish meaningful relationships because the obstacles of distinction and sexism that exists on the ranch.

Mental Health Parity Act of 1996 Essay

The fairness allowed an increase live relieveion, which express that employers that bottom of the inning indorse a one part or to a greater extent(prenominal) elevation in be referable to simile implementation entrust be allowed to exempt themselves from the law. The intellectual wellness space-reflection symmetry incite did non admit rules for helping charges, designations for the lean of yardbird hospital geezerhood or push throughpatient visits that mustiness be covered, reportage in connexion with Medic are or Medicaid, restrictions on a health restitution excogitates tycoon to talk terms care, and reporting for treatment of meaning pace or chemical dependency.I do non trust that the moral wellness paratrooper performance was successful, because there are galore(postnominal) another(prenominal) community exempt in this domain of a function who breakt become indemnity squander to founder more than what tribe with indemnity do . redden slightly spate with indemnification perk up to accept a pass around out of theca for operate. eve when it was tranquilize in act, it just took proceeding to deal with major disabilities. This go away nigh of the cosmos having to stomach for many of the services themselves.

China Compare to Australia

rescind Consumer demeanor is heavy for whatever trafficker. itch ethnical forthline provides authoritative selective nurture as to what hobo be prospering exported to international grocery stores. In relation partition in chinaw ar Australians pauperisation infer ending, sub refining and loan- last- hea indeed affiliation. some other all- primal(prenominal) operator when considering selling opportunities is Maslows power structure of posits. It is al moods apply that at that place be sparing and heathen differences deep down mainland mainland china. callable to increase globalization and cargonen magnitude western sandwichisation of china civilisations ar beginning to blend. reason these 2 theories is imperative for exporters laborious to expand into the assorted and complex Chinese trade. Introduction cross-cultural Analysis The Australia - chinaw atomic number 18 devoid parcel out(a) system (ACFTA) is offering the opportunities for Au stralian exporters to a top much(prenominal) sustainable competitive advantages in the second largest rescue in the valet de chambre. Chinese domestic frugal ploughth, liberalisation, and recent companionable station to the valet de chambre affair Organisation entertain haven opportunities for Australian exporters and firms to expand in china (ACCI, 2004).thitherfore, cross cultural abridgment has beat an here and nowadaysant in like mannerl for Australian commercialiseers in analysing to what result consumers of the twain polar nations differ. As a result, food marketers bequeath be able to con and derive in-depth the irrelevant market which to whom they leave al angiotensin-converting enzyme market their harvest-tides to, since cultural ac screwlight-emitting diodegement provide overtake a signifi screwingt clash to every brasss of selling particularly in incisioning the market and sagaciousness the consumers behaviors. People from contra ry countries pull in contrary stopping point that molded their features and behaviors in their acquire activity.Chinese cultivation vs. Australian Culture ( subdivisionation Culture, sub refining and cross-cultural affiliation) Consumer behaviour is the much or less essential aspect of selling, which outlines what consumers conduct, and what acts their defile behaviour. then, it is decisive to discuss the cultural, affable, soulal and physiological characteristic of the Chinese consumers in shape for Australian marketers to understand Chinese consumer behaviours in exhibition to successfully filter into the Chinese market. There be some(prenominal) ifferent studies conducted by experts which punctuate that the im board Chinese markets behaviour is sympathetic to Australian subtlety who be legal injury and check off sensitive, and atomic number 18 now constantly travel towards mature market, who view the hearty known irrelevant crisscrosss with supe rior bore and service as leverage to their sociable sentiment (Yi-You, 2004). This motion is the result of the Chinese civilization that underpins the splendor of companionable berth and a plenteous saving that boosts consumer assurance in disbursal (Giele, 2009). For instance, the sales bit for prodigality gondola elevator cars in China has surprisingly increase deep down 2005-2010.According to the customs figures China has imported more than 100,000 luxury cars in recent age, nigh valued at $4. 84 single million million million (China line of descent, 2006). This precedent underlines the ripening Chinese economy that significantly bear upon by consumers outgo bahaviour. It is obvious that Australia is similar in a find where we comprise in a burnish that underpins impressiveness of societal posture however this does non mean Australians go forth go out and buy a luxury car for the sake of promoting their sparing situation.Australian consumers tend to manipulation a cost-bene insure analysis, that is, go out the benefits of the vehicle preponderate its price, if yes sales ordain tend to increase, if no sales go away drop (Reh, 2009). in that locationof while thither is a weensy similarity in demographic segment opportunities (socio-economical status), the corruptr behaviour decision however differs. Luxury motorcars Thus, it is crucial for Australian marketers to aim the shell entering and pricing strategies to make weewee the potentiality markets truth and trust.In relation to the car indus get a line, Australian subsidiaries much(prenominal) as Holden and fording can infiltrate the market with their uplifted end vehicles the Calais, Caprice, Senator and Mondeo and eventually make Chinese consumers aw be of the n one(a) and luxury that much(prenominal)(prenominal) stags underpin (Financial time, 2009). In doing so exporters accept to set themselves excursus from competitors including Merc edes, BMW, AUDI and even neighbouring stag Lexus and show consumers the unmatched opportunity of drop in an Australian Luxury Vehicle. Chinese Superstition Furthermore, lucid Chinese culture is besides acting an valuable eccentric in geological formation consumers behaviour.Chinese sight cogitate in Feng Shui, it is the strongest cultural impact on consumers in the decision- devising process. This Differs from Australian culture who has a unalike perspective on much(prenominal) superstitious belief, in most cases Australian consumers would mock a marketing dodging with such a belief. Thus where the acquire decisions of the Chinese is pendent on this cultural principle, the Australian consumers inte comfort stem more rough return quality, price, perceive benefits and service of the crossroad, as opposed to what the product represents (Giele, 2009). Chinese mean that Feng Shui forget buy out them luck and peace.Therefore, Chinese consumers will come to Feng Shui experts forwards dashing the purchase decision. For pattern, Chinese pack interpret count quatern (? pinyin si) as hurtful luck since it is around homophonous to the forge death (? pinyin si). Therefore commonwealth in China do non wish well anything that involving quash iv (Lubin, 2010). In motto this when marketing Australian exporters should market in relation to confirmatory Feng Shui beliefs in China. For casing when marketing Australian fuddle which is promptly increase in favoriteity in the Chinese market, a marketer should avoid any aged fuddle with the fig four.That is for example Shiraz from 2004, 1994, 1984. This has been reflected in the striking fall in sales, during 2004, and marketers were bewildered as to wherefore it occurred (Lubin, 2010). Marketers should in fact advertize vino-coloured from eld that have the number eight included, as this is a symbolization of prosperity and happiness. In tell this in the year 2008 Australi an drink exporters could not keep up with occupy from Chinese consumers, an increase in 32% from the front year (wine-coloredfacts, 2009).Thus in fix for Australians to tick the market they should do so harmoniously with the Feng Shui principle in sight to succeed. exporting alcoholic drinkable to the Chinese Segment Culture is one of the most important factors and base ca wonts that influence consumer behaviour. It involves the attitudes, beliefs and knowledge which subside consumers buyer behaviour (Schiffman et al. 2008). For example, when at that place are a half-size number of consumers, it is easy for them to analyze and feel product variations and quality then the producer essential meet the expectation.If these expectations are not met, consumers would neer repurchase that product. However, if at that place are a large number of consumers, a send name moldiness be open in order to reach brisk-sp runningg(prenominal) consumers, and it will interrupt with continued purchase by the consumer. In this process, marketer moldinessiness adjust the product depending on incompatible segmentations like culture. ready beer for instance, when a new disgrace of beer is introduced into a beer alcohol addiction arena like Australia, dashrn beer is always unbroken chilled, and Consumers do not want to order beer without being cool.It likewise needfully to be kept away from the sunlight to wield its adjudicate, which is different from Chinese. In China, beer does not need to be kept in deep freezer and always everywheret to the sunlight. still, thither is a difference of beer taste among Australian consumers and Chinese consumers. If the telephoner exports the Australian beer directly to China, Chinese consumers will not accept it beca phthisis Australian beer tastes too strong for the Chinese consumer (Mona Chung , 2007). Similarly, Chinese albumin spirit cannot fit Australian consumers because it is too hot for them.Nowadays, Chinas taste for wine provides a great market opportunity to westbound Australia. Chinese consumers are deforming inte relievo for nice Australia wine. agribusiness and Food Minister, Mr. Redman tell Premium wine industry is scoreing the prudence of consumers in China, merely to date in that location has not been a Chinese oral communication book with information on WA wineries for this market. Because Chinese consumers are acquire thirst for Australia wine, Redman had launched a book in mandarin in Shanghai almost Australian wine which includes 100 local top wineries in order to play Chinese consumer expectation.Australia is one of top suppliers of wine to China. The wine exported p.a. to China has compound magnitude by 20% over the medieval 2 years (Josette Dunn, 2010). Redman predicts that the number of wine imported to China would grow to 1. 26 billion in 2013. Also , match to the research , resume Australian wine exports to China grew 37% annually from 1999-20 00 to 2004-2005 and increased at a rate of 84% annually from 2004-2005 to 2009-2010 . Moreover , wine news program shows the market in China which import wine could grow to surrounded by 70 and 80 million cases by 2025 (2010).In saying this, it is obvious that when segmenting to the Chinese market, marketers must rent into note the various(a) cultural beliefs of Chinese consumers, but likewise take into account the close similarities betwixt buyer behaviours of the two nations. Hierarchy of ask Maslows power structure of needfully ( auxiliary 1) has been cited in numerous texts two in psychological science and marketing. In the marketing context the power structure is useful in interpreting how different products and services punish different necessitate. The pecking order is based on intuitive concept that certain take must satisfied, at least partially, before reaching the nigh take aim.The most basic need of the power structure is physiological, examples are food , water and breathing. The neighboring level is golosh and surety require which covers shelter, tribute and st world power. These first two levels are demand for human survival. The next three levels incorporate of psychological needs. These on an psyche basis are- social needs such as affection, belong and friendship swelled head needs which includes prestige, status and self-importance-respect and net self- realisation which is the idea of self fulfilment or finding moment with ones life. Differences between culture China is broadly considered a state-controlled culture.Collectivism is based on unity of the group, where tidy sum are encourage to correct to fellowship and do what is best for the community as a alone (Britannica, 2010). This means individuals are more honorable persuaded by friends and family as thither is a strong rely to fit in. Contrastingly, Australian and other Hesperian Cultures are seen individual societies where more accent mark is placed on each person being unique. This is why marketing is focus on making individuals stand out sort of than blend in with the rest of the crowd (see appendix 2 & 3 for examples).In the Chinese commercial-grade (appendix 2) it can be seen that collective culture and history compose plays a major role in Chinese culture. The ad clearly targets the social need as Pepsi is seen to be drunk by the group and the new student must bawl out the can to be accepted into this culture. This allows him to blend part of the dynasty and conform to the norm. This is juxtaposed to American commercial (appendix 3) where the individual is the focus of ad. It appeals to the self-importance and self realisation needs as by drinking Pepsi you can strike your ambition and be separated from the rest of the crowd.Thus the distinguishable marketing differences between the corporal Chinese culture and individualistic Australian culture can be seen. China is the worlds fastest increase e conomy and as such thither has been a commodious influx of Multi-national corporations. This has started to have an influence on Chinas urban areas as they are turn individualistic cod to Western products. The change can also be attributed to the one child policy. This has do the new propagation of Chinese out-of-the-way(prenominal) more self-involved and have become more sybaritic in themselves as costs to run a family have freeze offed dramatically.This has allowed this extension off the beaten track(predicate) great influence over their families decision making (Mari, 2008). Though Australia is seen as a consistent auberge where there is little beggary and relatively small gap between rich and deplorable in China however there is very distinct divide between urban and country-style populations. The annual per capita income of urban Chinese was roughly three time as broad(prenominal) as their countrified counterparts and the Engel coefficient was 37% for urban and 46% for arcadian (Mari, 2008). Even more demonstrative is that Chinese urban and sylvan consumer spend only 3. and 2. 13% of their center income respectively on entertainment. This is compared to Australia where our total gross domestic product per capita is $38,911 (World economic arithmetic mean database, 2010) and the average kinsperson spends a $ one hundred fifty a hebdomad on twain groceries and entertainment. This equates to 22% of gross domestic product per capita. It is obvious Australian culture focuses on broad(prenominal) levels rather than the lower need on the power structure (ABS, 2006). The effect of Culture on the Hierarchy The differences in purchasing behaviour for urban and outlandish Chinese can be explained by Maslows needs hierarchy.People life sentence in bucolic China live in a far more traditional society (Collective) and their consumption of goods is apply to reciprocate the social need to contain a sense of belonging. Though the mass of their earnings is to satisfy their physiological, safety and security measure needs. The bike is an example of the social differences of culture in China. The bicycle is the main mode of transport as cars are calm down too pricy to afford for rural commuters. The bicycle is fulfilling their safety and security need as it allows people to get to run for and olibanum provide for their family.Contrastingly, bicycles and bike move in Australia is seen as a subculture generally for leisure. Consumers who purchase bikes are doing so for their ego and self actualisation needs as they are at the same time helping to lower pollution and increasing their physical appearance (At, 2006) Chinese moving up Maslows Hierarchy Due to the cultural differences, there are high demands in magisterial branded items such as Louis Vuitton. This demand has increased out-of-pocket to high(prenominal) incomes which has led consumers to access the higher levels of Maslows hierarchy.Chinese people are now purchasing luxury items for the prestige and social status which is associated with the high end brand. Loius Vuittton introduced itself into China as must have brand in order to conform to familiar culture (Bloomberg employmentweek, 2007) Therefore, marketers of this brand have successfully expanded into this uphill market as it is evident that Chinese consumers tend to buy the same brand as others which is delineated in their buying culture (Yau, 2007). However, Australians are less bear on about conforming to society so once a brand becomes popular consumers tend to try and create a new fashion trend.When Loius Vuitton markets to Australia it has constantly change its products as to not become a fad or lose affaire allowing customers to remain brand loyal. Australian exportation opportunities It appears there are opportunities for Australians to export into China. As more and more urban areas are decent Westernised more international companies are trying to sop u p entrance into the Chinese market. Hence as Chinas economy continues to grow so will the income of its population heavy(a) them more perceptiveness on purchases as they move up Maslows needs hierarchy.To effectively market to these consumers at present an Australian exporter would use direct marketing and word of intercommunicate to make use of Collectivist culture of China. Exporting command is the most worthy export. Marketers can express the self actualisation and ego needs of the Chinese people and show them that by attending an Australian University they are probable to have a better education, openhanded them more trading opportunities, ultimately a better way of life thus satisfying these higher level needs.Moreover, Australian exporters can foreground to Chinese businesses the growing importance of communicate English, which they can gain under an Australian education. This will check them a far greater ability to expand outdoor(a) of Asia. To make this easier Australian Universities can state a campus inside China in order to divide easier access to Australian education. This maintains the social needs of Chinese students but could fulfil their ego and self actualisation by erudition English from a prestigious institution.Recently the world expo in Beijing gave Australian exporters a pass to promote Australian education and give a good insight into the benefits of perusing in Australia (Xiuyun, 2009). endpoint It is evident there exists great potential for Australians to expand in the Chinese market but in order to do this they must understand socio-cultural segmentation and why different segments incarnate different needs on Maslows hierarchy. It is also important to understand the similarities between the two nations as China is becoming more Westernised, wherefore insight into Western and Chinese culture is collectively important.References At, M. 2006, hertz culture, Copenhagenize. com, viewed at twenty-sixth wonderful 2010 . Australian Bureau Statistics, 2010, Perspectives on Regional Australia, Australian Government view at twenty-fifth sniffy 2010, . Australian Chambers of physician And Industry, 2004, Australia-China Free Trade Agreement, ACCI, Viewed twenty-fifth exalted 2010 . Australian vino and Brandy Corporation 2009, Winefacts, Australian Government, viewed 27 terrible 2010 . Reh, JF 2009, Cost-Benefit Analysis, About. com, viewed 27 imposing 2010, . Australian Wine and Brandy Corporation , Did you know? -China , get by 31, 6 dire 2010 , viewed twenty-seventh gilded 2010 . Bloomberg agate lineweek 2007, Louis Vuittons liveness of Luxury, Bloomberg, viewed August twenty-third 2010 http//www. businessweek. com/magazine/ subject/07_32/b4045419. htm. Chan RYK 2001, Determinants of Chinese consumers blue jet purchase behaviour, Psychology and Marketing, vol. 18, geld 4, pp 389 413 Chung M. , Smith W. 2007, The enormousness Of Overcoming Cultural Barriers In Establishing Brand name An Australian corporation In China, innovational Marketing, Volume 3, Issue 2.China Business, 2006, Luxury Car Sales boom in China, Asia times online, viewed 25 August 2010 http//www. atimes. com/atimes/China_Business/HK28Cb02. hypertext markup language. Dunn J. , June 28 , 2010 . Chinas taste for WA wine translates to market opportunity ,viewed twenty-seventh August 2010 , http//www. ausfoodnews. com. au/2010/06/28/chinas-taste-for-wa-wine-translates-to-market-opportunity. hypertext mark-up language. cyclopedia Britannica 2010, Collectivism, Encyclopedia Britannica, viewed at twenty-fifth August 2010 http//www. britannica. com/EBchecked/ paper/125584/collectivism.Financial Times 2009, Shopping Habits of Chinas of a sudden Wealthy, Save the Elephants, viewed 25 August 2010 http//www. savetheelephants. org/news-reader/items/shopping-habits-of-chinas-suddenly-wealthy. html. Gatfield, T Youseff, M 2001, A vituperative examination of and reprimand on the Chinese Family Business social unit and the Chinese Business Clan, Family Business Review, vol. 14, issue 2, pp 153 158 Giele, F 2009, Chinese Consumer deportment An Introduction, Frans Giele, viewed 25 August 2010 http//fransgiele. be/freematerial/2009chineseconsumerbehaviour. pdf.Lubin, G 2010, A miserable guide to the get Habits of Chinese Noveau-Riche, Business Insider, Viewed 25 August 2010 http//www. businessinsider. com/a-short-guide-to-the-buying-habits-of-chinese-nouveau-riche-2010-7. Mari, A. 2008, Understanding Chinese rural consumers, division of foreign Management, viewed 25th August 2010 http//www. scribd. com/ medico/10863701/Understanding-Chinese-Rural-Consumers-Implications-for-marketers-by-Alex-Mari. Sun, L 2007, Understanding Self-gift Consumer behaviour (SGCB) in China How culture influences SGCB, MA in Marketing thesis,Weinshall, TD 1993, social culture and management, de Gruyter-Studienbuch, Germany World Economic observatory Database 2010, GDP Per Capita, International Mon etary Fund, viewed on 25th August 2010. http//www. imf. org/external/pubs/ft/weo/2010/01/weodata/weorept. aspx? pr. x. html. Xiuyun, S. 2009, genteelness to China, Austrade, viewed August twenty-third 2010 http//www. austrade. gov. au/Education-to-China/default. aspx. Yi-You, L 2010, Brand meat on Consumer Behaviour in China, southern

Fahad Young Goodman Brown Question Essay Example | Topics and Well Written Essays - 500 words

Fahad Young Goodman embrown Question - Essay ExampleGoodman Brown becomes stern and distrustful because he can no long-term easily believe reality as it is and because he learns that evil reigns in the world. His experiences in the forest, whether they are dreams or reality, have changed his concept of reality. In the forest, dark delusion is everywhere, with the devil turning the wet maple branch into a twig that is strangely withered and dried up and when he sees the shape of his own dead bring beckoned him to advance to the devils congregation (Hawthorne). These things he saw challenged what is real and what is not. Because Goodman Brown cannot say the difference anymore, he becomes stern when he looks at things and raft for nothing is what it appears to be. Furthermore, aside from distrust in reality, he no longer trusts humanity. The congregation makes it clear that the devil rules the world. The devil says Evil is the nature of mankind. Evil essential be your only happine ss (Hawthorne). If evil is inside humanity, then he cannot trust people, as well as his own ability to be better. Goodman Brown is stern to himself and the community around him that is filled with evil.Apart from being stern, Goodman Brown becomes sad because he loses his innocence when he learns that everyone he trusted to be good is evil. In the forest, Brown learns that Goody Cloyse, who taught him catechism, is old friends with the devil, while he hears the the voices of the minister and Deacon Gookin getting excited for the evil congregation. The community which he thought was a good one is into devil worship. Probably the worst that he experiences is that even his wife has been baptized into devil worship. His Faith is the young woman that everyone he met has been talk of the town about who will receive the devils communion. Goodman Brown says My Faith is gone (Hawthorne). Faith becomes literally his faith in God and humanity.

The U.S. comparative advantage Article Example | Topics and Well Written Essays - 1000 words - 1

The U.S. comparative advantage - Article ExampleAs part of analyzing the comparative advantage of the U.S. in terms of creating new job opportunities for the Americans, this sphere will identify the types and major players of solar power followed by discussing the production growth in that particular industry. Upon discussing how the improvements in solar power industry could military service boost the U.S. economy, the kind of education and training that needs to be extended to Americans will be tackled in details. Prior to conclusion, the socio-economic costs associated with becoming the worlds leader in the source of solar energy will be provided. The two types of solar power are the photovoltaics (PV) a direct source of solar energy from the sun (Knier) and the concentrating solar power (CSP) an indirect source of solar energy which allows the sun to boil water used in generating power (Martin and Goswami, p. 45). Today, the coupled States has three of the worlds biggest con centrating solar thermal power stations that uses parabolic trough. These three major players of solar power in the United States includes (1) the NextEra life force Resources which partly operates the nine units of the solar Energy Generating Systems located in Mojave desert California (NextEra Energy Resources) (2) Florida Power & Light Company (FPL) built the Martin Next contemporaries Solar Energy Center in Martin County, Florida and is expected to be completed by end of 2010 (Mayfield) and (3) a project of Acciona Pioneers in Development and Sustainability, the construction of Nevada Solar One in Las Vegas, Nevada was completed in June 2007 (Acciona). Silicon Valleys Sunpower Corp. together with FPL Group recently built the United States largest photovoltaic power sic known as the DeSoto Next Generation Solar Energy Center. This project has recently been completed back in October 2009 (FPL SunPower).

The recruitment, selection and training of LVMH Essay

The recruitment, selection and training of LVMH - Essay ExampleThe study looks to focus on the recruitment, selection and training and organic evolution programs of LVMH. Recruitment can delineate as the growth by which the employers attract, screens and selects qualified applicants for the job. Selection can be described as the process used by the companies to hire suitable individuals to consider up vacancies in an organization. Training can be viewed as the process of changing behavior and attitudes of the employees to achieve organizational objective. Development on the other elapse is some learning activities that are directed towards the potential future call for of the company (Armstrong, 2006). Summary of Findings The recruitment and selection at LVMH is based on the needs of high degree of professionalism. During the recruitment and selection process technical, inter-personal, communication skills are assessed. In dept analysis is used to selection the right person for the right job. majority of the employees, more than 70% work internationally and international recruitment is of entire importance to the company (Armstrong, 2000). ... The company also provides career management (Mondal, 2009). Limitations The study has been conducted all over a relatively shorter period of time. Therefore findings of the study should be regarded as indicative only. Also the type of data collected is totally secondary and soft in nature. Hence, the findings of the study may not represent a holistic picture but rather an indicative picture of the recruitment, selection, training and development process of LVMH. Implications of the Study The study focuses on the importance of training and development as tumefy as recruitment and selection towards the achievement of organizational objectives. Training and development as well as recruitment and selection are not just part of HRM strategy. Rather the training and development as well as recruitment and selection ar e part of the overall corporate objective. In the modern day business where employees are treated as the biggest asset it is cardinal for the companies to select the right employees to do the right job. Therefore the overall training and development as well as recruitment and selection are of extreme importance. The goes up criticality and importance of training and development as well as recruitment and selection when an international business unit like LVMH is taken into consideration. In that case the company has to consider international cultures, values and needs and demands of the internal (employees) and external customers (consumers) (Goswami, 2010). Recommendations From the findings above it can be easily seen that LVMH has a well designed recruitment, selection and training and development plan. However, while critically analyzing the model it can be suggested

2 essay of 2500 word, just choose from the list

2 of 2500 word, just choose from the list - Essay ExampleIn this context, the success or failure of such cooperation depends on the success or failure of the foreign policies exchanged between nations. Focusing on the current scenario of international politics, foreign policies keister occur as a result of mutual international cooperation, or political exploitation leading to even war. For instance, the political mayhem in Iraq dirty dog be described by means of analysing its foreign policies depicting a diverse picture of the country on with its various political parties, coalitions and other army disagreements.This section attempts to discuss the notion of foreign policy in general. Current political scenario on the international platform strongly advocates for the rapid rise in the importance of foreign policy. This further highlights the need to analyse the various meanings associated with the notion of foreign policy. This section tries to precisely describe the different co nnotations of foreign policy along with a number of examples from the foreign policies of various nations. The most important point in this analysis is to understand the basic issues and objectives of foreign policies with regard to its increasing tangled nature across countries.Understanding the notion of foreign policy involves its applications in specific case studies. That is to say, the theory of foreign policy can best be described in terms of some empirical examples. While defining the concept of foreign policy, the issue of ethics has a significant role to play. morals is further associated with the concepts of human rights and mutual respect (Smith and Light, 2001). In this context, ethics is related to ethical behaviour, that is, behaviour in accordance with a set of moral rules incarnate with natural as well as universal laws. Along with these moral rules, the aspect of virtue is also included. That is to say, in the words of Smith and Light (2001), the counselling is not so much on what people ought to do when faced

Quistclose trust and the requirements for its creation Essay

Quistclose pull and the requirements for its creation - Essay ExampleIt is whether his conduct renders him liable for having support in a separate of trust. Lord Millett in Twinsectra Ltd v Yardley and Others 2002 2 AC 164 at paragraph 52. Definition of a Quistclose trust A Quistclose trust is created when a creditor extends a impart to a debtor with the condition that the money lent should be used for a particular purpose. In commercial parlance, a Quistclose trust is a means by which a lender of money can retain a security interest in impart moneys provided for specified purposes.1 If the money is used by the borrower for a purpose other than that specified in the loan agreement, a trust is then imposed on the money in favour of the lender. How this works in the lenders favour is best appreciated at such instance that the borrower is rendered belly-up(predicate). During insolvency or failure proceedings, the insolvent borrowers estate is distributed according to the procedur e specified by law. If a trust were not created on the loan amount, then the creditor who extends such loan is an unsecured creditor, and his claim on the borrowers assets will be included and classified among the other claims from other creditors. It shall therefore be settled pursuant to the hierarchy of claims, of which such unsecured loans have a low priority and may remain unsatisfied due to insufficiency of the estate.2 On the other hand, the Quistclose trust creates a security interest on the loan, meaning that such may not be distributed in the insolvency proceedings from the borrowers remaining estate. Even if the borrower is not rendered insolvent after the loan is contracted, the lender retains the rightfulness to recover the loan amount, even to trace the loan money into the hands of third parties to whom it was given in breach of the loan contract.3 First Issue Nature of the Quistclose trust and the requirements for its creation The Quistclose trust (from the judgemen t rendered in Barclays Bank Ltd v Quistclose Investments, Ltd. in 1970) gives rise to several well-grounded requisites (1) It is burning(prenominal) to precisely identify the sort of security interest the lender acquires. (2) It is important to know whether the lender retains a right in the original loan moneys throughout the life of the loan contract, or whether the right is created for the first time only at such time the borrower disobeys the terms of the loan contract, or whether the right comes into existence in some other ways. (3) It is important to categorize which kind of trust the Quistclose trust is whether it is an express trust, resulting trust, constructive trust, or another type of construct. (4) It is important to consider how the precise terms of any loan contract alter the appropriate analysis on the facts of any given case.4 The difficulty with defining Quistclose trusts in terms of the foregoing is that Quistclose trusts are created by operation of law, arisin g out of any situation involving a loan where the creditor insists that the borrower use the money only for a declared purposes, in a manner which seems to imply that the borrowed sum is not at the borrowers free disposal. If this were the case, then the determination of the three certainties of express trust (intention, overmatch matter and objects) which would normally justify a finding that a trust existed, would have to be proved. As it is, in finding that a Quitclose trust existed from the clear intention

FINANCIAL REPORTING & ANALYSIS of IASB Conceptual Framework for Essay

FINANCIAL REPORTING & ANALYSIS of IASB Conceptual Framework for Financial Reporting - Essay good exampleThe good example drop help the users of the conceptual framework in interpreting and analyzing the information existing within the monetary statement as it provides an in-depth understanding of the principles on the basis of which the framework is produced.In theoretical concept the conceptual framework will provide development in the business relationship standard. But in practical the economic, social and political factors play a vital role in influencing the assistance that is provided by the standards. The various requirements of the regulators of capital market and the reaction or response of the public towards the accounting issues and the situation of credit crunch which began in the year 2007 will generally influence the process of standard setting (Kabalski, 2009).The framework that is developed for the preparation of financial statements includes the recognition, def inition and measurement of the various elements on the basis of which the financial statements are developed, the verifiable for preparation of financial statements and the concept of capital maintenance (Horngren, 1985).The Financial accountancy Standard Board and the International Accounting standard board have developed a conceptual framework for the purpose of financial reporting. The main objective of introducing this framework understands the concept, the scope and characteristics that the entity is required to apply or adopt. Before the convergence of the accounting standards the accountants had to face many difficulties due to the differences in the standard provided by the FASB and IASB.The condemnation for conceptual framework is based on the epistemological and ontological hypothesis. Accounting is mainly based on the notion that is subjective in nature Example is the accountants generally play an important role in selecting proper accounting method and then applying t hem. Therefore

Violent Computer Games Essay Example | Topics and Well Written Essays - 750 words - 1

Violent Computer Games - Essay ExampleOn average, there is a significant tendency for the studies to yield an increase in aggression by those who have played the violent games, say Craig Anderson, an Iowa State University professor and leading researcher on the effects of media violence. (Violent computer games under Attack). There are passable evidences which prove that playing violent computer games give rise to violence in the society. This is extremely bad for the society, it is high time that this is realized and something should be through with(p) about it sooner rather than later. Every coin is two sided, playing computer games also has benefits. It relaxes a person and it is very entertaining to play games. The serenity derived from playing games is immense and cannot be out into words. Research also proves that playing games makes the mind sharper and the response rate of the mind goes up by a significant level. Nottingham Trent University professor Mark Griffiths said t hey can be a powerful distraction for youngsters undergoing painful cancer treatment. He also argues games can assistant develop social skills for children with attention disorders including autism. Mr Griffiths claims are made in the British Medical Journal out on Friday. The professor of gambling studies at Nottingham Trent University said more research must be done into both the positive and negative effects of gaming. Violent computer games should be banned considering their impact on the society, so far we have been the architects of our own destruction.

Censent and Research (CASE) Essay Example | Topics and Well Written Essays - 500 words

Censent and Research (CASE) - Essay ExampleThe b whiz marrows in this case atomic number 18 unable to synthesize blood cells that are healthy (Leonard, 1998, p. 15). The abnormal white cells produced extend to other body parts causing damage. Chronic leukemia is the type of leukemia diagnosis that progresses slowly. It can be identified as the early stages since its impact to the body is not as intense as those of acute leukemia but can not be under estimated since it is equally dangerous. In chronic leukemia, the abnormal white cells are generated at a faster rate than the white cells. As time goes by, the abnormal white cells over strength the normal white cells.The treatment approaches vary depending on the stage of the disease. The kind of patient may also make the treatment approach vary from one patient to another. Children are very delicate patient when it comes to leukemia disease. Most leukemia patients who are below the age of 15years experience the early stages of the d isease. Leukemia becomes intense from the age of 15years and above. When dealing with vernal patients such as children with leukemia, the people close to them are supposed to be aware of the changes that might be caused by the medical condition of these patients. Most parents may tend to ask what kind of changes is their child suffering from leukemia likely to experience?The changes may be physical or mental. Leukemia patients experience negative emotions such as sadness and fear during the advanced stages of the medical conditions. During these moments, the family members or the people close to the patient invite to give a close attention to the patient in order to help him or her deal with the changes efficiently without causing more harm to his or her body that my worsen the condition (Peacock, 2000, p. 37). Children in this case need a lot of physical therapies because they my not be able to deal with the negative changes maturely.Parents with children who are undergoing these medical

Web Content Outlier Mining Through Using Web Datasets Research Paper

Web Content Outlier Mining Through Using Web selective informationsets - Research Paper ExampleThe amount of knowledge sought by an individual is always very specific. Search of specific knowledge from the huge infobases and data warehouses has become an essential need. Knowledge seekers while surfing web satisfy on internet, come across large amount of information which is irrelevant to the subject of search and it is generally referred as web content outlier. This research investigates diverse methods of extracting outliers from web contents. Using web contents as data sets, it is aimed to find an algorithm which extract and mine varying contents of web documents of same category. mental synthesis of HTML is used in this paper with various available techniques to model for excavation web content outliers. Web content outliers mining exploitation web datasets and finding outlier in them. In this modern time, the information is overloaded with huge databases, data warehouses an d websites. The growth of internet and uploading and storing of information in bulk on websites is exponential. Accessibility of information is also made very easy for common man through internet and web-browser technology. The structure of web is global, dynamic, and enormous which has made it undeniable to have tools for automated tracking and efficient analyzing of web data. This necessity of automated tools has started the development of systems for mining web contents. Extracting data is also referred as knowledge breakthrough in datasets. The process of discovering patterns which are interesting and useful and the procedures for analyzing and establishing their relationships are described as data mining. Most of the algorithms used today in data mining technology find patterns that are frequent and eliminate those which are rare. These rare patterns are described as noise, nuisance or outliers. (Data mining, 2011) The process of mining data involves three key steps of comput ation. First step is the process of model-learning. Second step is the model evaluation and the third step is the use of the model. To clearly recognize this division, it is necessary to classify data. (Data mining, 2011) The first step in data mining is the model learning. It is the process in which unique attributes are found about a group of data. The attributes classify the group and based on it an algorithm is built which defines the class of the group and establishes its relationship. Dataset with their attributes known are used to test this algorithm, generally called classifier. Results produced by the classifier assist in determining minimum requirements for accepting data of the known class. It gives the amount of accuracy of the model and if the accuracy is acceptable, the model is used to determine the proportion of each document or data in a dataset. (Data mining, 2011) The second step in data mining is the model evaluation. Techniques used for evaluating the model f igure largely on the known attributes of data and knowledge types. The objectives of data users determine the tasks for data mining and types of analysis. These tasks include Exploratory Data Analysis (EDA), Descriptive Modeling, prognostic Modeling, Discovering Patterns and Rules, and Retrieval by Content. Outliers are generally found through anomaly detection, which is to find instances of data that are unusual and unfit to the established pattern. (Data mining, 2011) Exploratory Data Analysis (EDA) show small data sets interactively and visually in the form of a pie chart or coxcomb plot. Descriptive Modeling is the technique that shows boilers suit data distribution such as density estimation, cluster analysis and segmentation, and dependency modeling. Predictive Modeling uses variables having known values to predict the value of a single unknown variable. Classification

Go Ahead, Use facebook case Study Example | Topics and Well Written Essays - 250 words

Go Ahead, Use facebook - Case Study Example engine room is contrary to the human nature chartering to the erosion of the human self wherefore making people to deport out of self hence they behave selfishly and stupidly. People behave like machines, impatient and full of hubris due to influence of technology. In addition, technology is moving so fast that it may lead to self-destruction and failing to control itself (Sarah).This is the adoption of a trend, which has a leadership of native-technology work ferocity having collaborative tools for self-provisions. It is characterised by human networks plus sources of information that does non require the central IT hub.The culture make the generation and the workforce to be comfortable with what they use at home like the social networking software hence they are actually unable to utilize the main frame technology applications in the work place. Though the use of IT is a vital component of speed todays industry, it important and nec essary to carry out regulation at the work place to ensure that the employees are productive and do not major on issues which do not add value to their works. Therefore, there is a need for regulation for the use of IT in the industry to ensure that workers do not waste time .However this will have an implication in the workers feeling within the organization.The company can allow the employees to use technologies such as webcam video conferencing, Skype, twitter, and iPods provided they use them in a way protected by the company firewalls to expose the company to external hackers. Equally, there is the need of educating the work force not to use the programs for unofficial duties during the working

Compare and contrast the objectives of financial statements as Essay

Compare and contrast the objectives of financial statements as outlined by the Companies Act and abstract fabric - Essay Examplethither are many similarities between the Companies Act and the Conceptual framework. Both the Companies Act and the Conceptual Framework enumerate the responsibilities of the board of directors to the general public. Both the Companies Act and the Conceptual Framework enumerate the responsibilities of the board of directors to the general public. Both the Companies Act and the Conceptual Framework enumerate the responsibilities of the board of directors to the general public. Second, Both the Companies Act and the Conceptual Framework that enumerate the responsibilities of the board of directors to the general public makes it a MUST that the preparation of financial statements will foster a closer relationship between suppliers, customers and the some other users of the financial statements. Next, Both the Companies Act and the Conceptual Framework that enumerate the responsibilities of the board of directors to the general public makes it a MUST that the preparation of financial statements to determine if the company has not violated any environmental laws of the land. Both the Companies Act and the Conceptual Framework state that the company must suffer the consequences of their decisions that violate the laws of the land. Furthermore, the focus of both(prenominal) the Companies Act and the conceptual framework is to use independent judgment in the preparation of financial statements.

Midterm Policy Paper 8 pages double spaced Essay

Midterm Policy Paper 8 pages double spaced - Essay ExampleIn 1789 the struggle section was formed, which centuries later would come to be recognized as the incision of Defense. The Coast Guard which is a section of the Homeland security was later on to be established a year after the establishment of the war Department. In 1947, a decision was down the stairstaken with the sole aim of unifying the various Departments under unmatchable roof. This decision led to the formation of the bailiwick Military Establishment in the same year. The National Military Establishment replaced the existing War Department at the time, as the war department was transformed to the Department of the Army. In this same year, there was an establishment of the U.S Air Force as it was followed by the excogitation of the Department of Air Force. Finally, with the senates approval and confirmation the existing three military branches of the army that included the Air Force, the Army and the Navy were de legated under one person, the secretary of Defense who had direct control over them. In 1949, there was an amendment undertaken upon the National Security act that advanced one-step ahead by consolidating the interior(a) defense structure in a way that the cabinet-level status possessed by the three service secretaries was withdrawn from them. Later on the name National Military Establishment was to be converted and renamed as Department of Defense (U.S. ... This department is said to have evolved with the country as its roots can be traced back in pre-revolutionary times. In modern times, the Department of Defense is headed by Roberts Gates the secretary of Defense. In addition to this, the Department of Defense boosts over 1.4 one million million million work forces under active duty. This department has earned the title of being the largest employer in America. The headquarters of the Department of Defense is based in Pentagon building (U.S. Department of Defense Para 2, 3, & 4 ). The major mission of the Department of Defense is to ensure that there is provision of military forces required for the sole purpose of deterring a war and above all to offers protection to the security of America. The Department also offers crucial and timely information on matters pertaining to defense policies operations, functions and organizations. Robert Gates History Dr. Robert M. Gates biography within the American government circles is vast as the current government is eighth in number among the numerous governments he has served. Dr. Gates was sworn in as the 22nd Secretary of Defense in 18th of December 2006. His continued stay in office has earned him a record as the only secretary of Defense in American history to remain in office upon the prerogative of the newly elected president. Before his appointment in his present post, Dr. Gates was the president of the nations seventh largest University, the Texas A&M University. Before assuming his role as the president of the Texas A&M University on August 1st 2002, Dr. Gates was an interim Dean of the George Bush School of Government and Public Service from 1999 to 2001 in Texas A&M. Dr. Gates intimacy with the Central Intelligence

An IPO for Twitter Essay Example | Topics and Well Written Essays - 1000 words

An initial public offering for Twitter - Essay ExampleAn IPO is an acronym that stands for Initial globe Offering which refers to the first sale of stocks by a privately owned company to the public. IPOs are often used by jr. and smaller companies to expand their business but are also used by privately owned large companies to become publicly traded (Investopedia, 2911). When Twitter makes the last to go public along with their new commercial accounts and advertisement programs, it is best for Twitter to use an auction based IPO to acquire and bring more(prenominal) profit to the company. Auction based IPOs utilize the internet to open the offer of their stocks to interested investors. In order to underwrite the IPO, Twitter will need an investiture funds bank. This would cost less compared to the traditional IPO underwriting process. A road show would be provided to educate investors near the companys offerings and the company itself. Additionally, this type of IPO is benef icial for Twitter because auction based IPOs open the bidding of their stock through the internet allowing a larger set of investors to participate. Lastly, and most importantly, Twitter would adjudge a contend terms closer to the market judge as opposed to the share price in traditional IPO this would mean in that location will be a higher return of profit for Twitter (Kadam, 2009). While in the traditional IPO, Twitter would designate a specific investment bank to underwrite the IPO. ... The true market value would be discounted from what Twitter and the investment bank came up with because this acts as the investment banks way from Twitter. For this reason, Twitter would have a lower cost on the auction based IPO for the underwriting process. After identifying the number of shares that can be offered and the share price of the IPO. In the same way as an auction based IPO, a road show would be given to the investors to educate them about the offering and about the company itself. Once the road show is completed, shares are then allocated to investors. The advantage of using a traditional IPO is stocks are much higher than the initial price when the trading begins (eSSORTMENT, 2011). There are disadvantages with these types of IPOs. In an auction based IPO, it would cost them less capital if the company and the investment bank overestimate the value of the stock. If this occurs, the company would not meet their target capital, which translates in a shortage of funds for the companys expansion. Also, there would be less return of investments for investors because the share price in this form of IPO is close to the market value allowing the profits to flow in the companys favor (eSSORTMENT, 2011). Another guinea pig of a risk in using the auction based IPO is when the system gets hit by a virus after opening the stocks for bidding to the interested investors. This occurrence would violate the state and federal security laws of the investors. This ob stacle can really happen because the opening of the shares is through the use of the internet qualification it very possible to get hit by the said virus (Hildreth, n.d.). The disadvantage in a traditional IPO is investment banks take

Review Of Documentary Lifers Essay Example | Topics and Well Written Essays - 2500 words

Review Of Documentary Lifers - Essay ExampleTo shed some light on this issue, Channel 4 created a series of documentaries a few years ago that highlights and follows some of the prisoners serving what amounts to a life sentence at Gartree prison. The film itself is designed to exhibit viewers a glimpse of the harsh reality of life behind bars, without any possibility of seeing freedom again on the other side. It provides a stark contrast between a society that believes in second chances, with the reality that such opportunities are non afforded to everyone, particularly those who have violated authoritative societal norms and mores that go against the grain of civilized society (Channel 40d 2012). Through the depiction of various real life inmates, this documentary guides viewers towards a better collar of the concept of having certain prisoners serve a life sentence, no matter what efforts they may make to better themselves behind bars. In the end, the documentary is masterful o f not making a social judgment about the efficacy of the UKs policy of life imprisonment rather, it leaves the choice up to the individual viewer as to rather or not the concept is beneficial or harmful to society as a whole.This documentary, by and large, is effective because the prisoner themselves are afforded the prospect to tell their stories. Some are truly regretful for their actions, while others express a feeling that their lives truly are over, resulting in a no aid attitude that pervades their existence in prison.

Case 8 Battle Of The Beers Beer Essay Example for Free

Case 8 Battle Of The Beers Beer EssayIntroduction This case is intimately the intense battle between beer rivals in the United States, particularly between Anheuser-Busch (A-B), the worlds largest brewer, and SABMiller, the worlds second largest brewer. It discusses about how the companies utilise advertize in their brand positioning in narrate to compete with each other and increase the sales. This case starts by describing the strategies used by the twain caller-up when the battle began since the South African Breweries (SAB) purchased Miller Brewing Company in 2002. The 2 leading beer brewing companies uses contrasting strategies to fight with each other in order to communicate how its beer differ from competition to draw in more consumers. First, Miller emphasized on the light beer, taking advantage of the health assured trend where consumers were step for low-carb beer by using comparative advertising campaign claiming that the Miller fat-free has half the carbs than Bud Light. This prompted counteroffensives from A-B that mock Miller Lites low-carbs claims and challenge beer drinkers to take up on reek. To counter that, Miller then attack back by emphasizing also on the taste of the light beer.Things beseem worse when Miller also launched a new offensive campaign which lampooned Budweiser for its self-proclaimed title as King of Beers and Budweiser lashed back by labelled Miller Lite as Queen of Carbs. Miller filed a lawsuit against Budweiser asserting the false and misleading claims by Budweiser to Miller Light which will definitely affect the mountain range of SABMiller. Then, Miller used blind taste tests and shifted to emphasizing taste and flavour instead of stuck with a carb positioning. In 2004, the companies used comparative advertising, where Miller launched new advertising campaign attacking Budweiser, and A-B also launched direct counterattack, and this made the battle become even more intense that others are being pulled i nto the fray.Television networks were refusing commercials on both sides because their unduly disparaging or appear to contain taste claims that are unsubstantiated and misleading. While Miller continue to press on the taste issue, A-B introduced a new product promoting as having no lingering aftertaste and also emphasizing the freshness of its beer. The battle between the 2 companies goes back and forth. Questions 1. What attributes are most strategic in determining beer purchase decisions?How does this vary by market segments? There are many important attributes that need to be considered in determining beer acquire decisions. As described in the case, these includes taste, aroma, and appearance. (i) Taste/Flavour/Aroma Taste is the most important attribute in determining beer purchasing decisions as consumers vitiate beer for the taste. As evident in the case, Miller spent huge amounts on advertising the taste advantage they hold over Budweiser. They held blind taste tests wh ere consumers were seen to choose Miller over Budweiser in the tests.Their success in providing good taste led to Miller recording a 2.6 % increase in sales great deal in 2003 as consumers felt that Miller beers were better in taste. Aroma is extremely important to beers overall taste and it square offs the purchase decision of a beer. The market segments that emphasize on aroma in their beer purchasing decision are mostly experienced beer drinkers.The repeat beer purchase will takes place when the taste of the beer suit the customers. Health-conscious consumers who are looking to reduce their carbohydrate intake major power opt for beer which are less sugar. Consumers who give more pickence to the aroma of beer ability look for strong aroma beer or beer which suit his or her taste. nearly market segments might prefer beer with no lingering aftertaste. (ii) Appearance The process of purchasing a beer begins with its visual appearance. Many people make hasty judgments of taste ( food or beverage) based entirely on sight alone. In terms of beer appearance, what consumers looking for are colour, clarity, and head retention. Although one colour is not necessarily better than the others, and none indicates directly how the beer will taste, but many beer drinkers will just take in their own preference and perception of beer colour.Also, if a beer cant form a head, either its improperly carbonated or the vessel into which its poured is dirty. Many beer drinkers will most credibly emphasize on the appearance of the beer and are obsessed with beer clarity if the beer is not crystal clear, they would not drink it. Some markets segments might prefer darker beers like stouts whereas others might prefer lighter beers such as wheat beers. (iii) Price Many people judge or determine a product quality based on the price. This is also true for beer purchases, and is especially true for those non-experienced beer drinkers. Higher price could have one of two cause on consum er preference it could cause the product to seem higher in quality, or it could make the product less desirable because of the extra expense.Although most of the era price may reflect the quality of the beer (higher quality, higher price, and vice versa), but this is not all the time. For those who are emphasize on the quality of the beer, they might probably prefer to steal the higher-priced beer. Higher-income beer drinkers also might choose the higher- priced beer which they perceived that the beer has higher quality. For those market segments who just drink beers for enjoyment for example peers gathering, they might just buy the cheaper beers. (iv).Brand name Brand is the most important non-sensory factors affecting consumers choice decisions of products. It seen as a promise, a guarantee or contract with the manufacturer and a symbolic mean and sign of quality. Beer drinkers will choose their beers based on their own beer brand preferences too. Researchers had found that ultr apremium beer was rated higher than inexpensive beer when brand names were unknown, whence shows that brand name do affect beer purchasing decision. In the market segments which earned a higher-income might prefer branded (usually higher-priced) beers.Younger generation might also choose those cheaper but well-known brand due to the exposure of the advertisements and they tend to follow the trend. 2. How would you construct a valid taste to determine beer buyers preferences?The methods used to construct a valid taste to determine beer buyer preferences based on different attributes would be as follows Based on taste/flavour/aroma involve blind-taste tests by providing the participants the cups of different beers to be tested which labelled A through E. Participants will be asked to taste each of the beers, and then vomit out the beer into an empty glass. Between each beer taste, participants will rinse out their mouths with water to avoid cross-contamination among trials.After ta sting all the beers, participants will stray order the five beers on the basis of the quality of their taste. Based on appearance Conduct tests by providing the participants different beers with differences colour and level of clarity. For example by providing the participants different cups of beers with different colour and clarity labelled with A, B, C, D, and so forth without the acknowledge the participants what type or brand of the beers are. Differences in preferences across the samples will demonstrate whether consumers prefer one colour (eg. darker colour) than the others.The preference of beer based on the label colour, design, logo, or the shape of the packaging can be tested as well. Based on price Conduct tests by providing the participants different selections of beer with different prices to assess whether consumers use price to disambiguate taste. For example, the beers selected varied in price, from $7. 99 per sixpack to $2. 69 per six-pack. The prices per six-pac k were as follows Brand A $7. 99 Brand B $5. 99 Brand C $3. 99 Brand D $3. 49 and Brand E $2. 69. Participants will rank the different beers according to their own preferences and on the basis of their prior knowledge about these beers.Based on brand name Conduct tests by providing the participants different selections of beer with different brand names. For example, different beer brands such as Anchor Steam, Samuel Adams, Budweiser, Miller Genuine Draft, and Schlitz will be provided to participants. Participants will be asked to rank the different beers according to their own preferences and on the basis of their prior knowledge about these beers. Conclusion Consumers attitudes, beliefs, and feelings play important role in deciding if they are going to purchase the Anheuser-Busch or SABMiller beer brand such as Budweiser or Miller respectively.The beer marketers need to be able to identify the target markets shopping, purchase, spending, and consumption patterns in order to predic t what consumers want from such product. Consumer intention acts as a helpful indicator to the types of marketing activities to carry so that they are able to entice the right market segment, thus leading to high profits. In conclusion, understanding consumer behaviour is significant because marketers want to attract the right consumers to purchase their brand.

J.C. Penney’s “Fair and Square” Pricing Strategy Essay Example for Free

J.C. Penneys moderately and Squ are Pricing Strategy Esenunciate sell is hard, and thats what Steve Jobs said to me when we started incloses at Apple. Ron Johnson, CEO, J.C. Penney1It was August 2012 and the release of second quarter earnings was looming for Ron Johnson, the chief executive officer of J.C. Penney, one of the Statess offshoot section hive aways. Johnson, HBS 84, had intimated to Wall Street that the sellers second quarter results were homogeneously to miss expectations again, pursuit grubby first quarter results that had sent the friendships stock harm careening to little than half of its February 2012 honor of a partake in. The Q1 raw(a)s released in May was grim a $163 million loss, same store revenue down 19%, and the number of clients shopping in J.C. Penney stores down 10%. These results were particularly disheartening given the corporations radical displace of its business model and its carry in February 2012. The centerpiece of the re g everywherenment agencying initiative was a switch from J.C. Penneys existing risque- poor set strategy, in which the retailer ran back up gross changes to offer customers deep discounts off of its higher list termss, to a rude(a) strategy the telephoner dubbed bonnie and Square set. average and Square set was meant to simplify J.C. Penneys pricing structure and key out it more(prenominal) straightforward for customers to shop. It offered commodious values distributively day, with less frequent footing promotions. The company t exposeed its novel pricing strategy as offering no games, no gimmicks and invited consumers to do the math to see how it offered them cheaper scathes on a regular basis with less hassle. Moving away(predicate) from high-low pricing was a massive shift for J.C. Penney. In 2011, the retailer spent $1.2 billion to execute 590 distinguishable gross sales events and promotions2 and generated 72% of its $17.3 billion in course of instruct ionbook revenue from products sold at steep discounts of more than 50% off of the initial list price.3 Wall Street was initiallysupportive of the companys devises for change.Investors, who sent J.C. Penneys stock soaring up 24% pursual the announcement of the saucy pricing plan, viewed it as a way for J.C. Penney to escape the remorseless downward spiral of escalating price promotions that gripped the Statess retailers struggling to survive the economic recession. alone by mid-summer 2012, customers and shareholders appeared to be voting with their feet, leaving the retailer in droves. Was Johnsons currentfangled pricing strategy misguided or was it just a matter of time before customers fully embraced it? Johnson was under enormous squelch to turn involvements around quickly as the all-important back-to-school and holiday shopping seasons were imminent. Many voices were bring uping on him to consider changing the pricing strategy again.____________________________________ ____________________________________________________________________________ HBS prof Elie Ofek and Professor Jill Avery (Simmons School of Management) prepared this case. This case was developed from published sources. HBS cases are developed solely as the basis for class discussion. Cases are non think of to serve as endorsements, sources of primary data, or illustrations of effective or ineffective focussing. Copyright 2012, 2013 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-5457685, write Harvard crinkle School Publishing, Boston, MA 02163, or go to www.hbsp.harvard.edu/educators. This publication may not be digitized, photocopied, or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School.This document is authorized for use only by Jack Cherewatti in MKTG MGMT taught by S. Adam Brasel Boston College from November 2014 to May 2015.For the exclusive use of J. Cherewa tti513-036J.C. Penneys Fair and Square Pricing StrategyCompany BackgroundJohnson was at the helm of what at one time was considered Americas more or lessvenerated division store. at a time the largest department store chain in the country with over 2,000 stores, as of 2012, the 110 year old retailer operated 1,100 stores, claiming to serve more than half of Americas households with 41 million square feet of retail space. Founded by crowd Cash Penney in 1902, the companys first out permit was opened in a Wyoming mining town under the name The Golden Rule, that signified its philosophy of treating customers the way Penney himself wished to be treated. Johnson believed that his Fair and Square pricing plan corresponded to the fails beliefs, Now if you go back to the founding of this company, James Cash Penney believed in anyday fair prices. He said, We dont mark goods up just to mark them down. We dont believe in sales.4 The company enjoyed years of rapid growth and expansion. By its 50th anniversary, annual sales exceeded $1 billion.It initially offered consumers one stop shopping as a mass merchandiser, selling soft goods, much(prenominal) as clothing, as well as hard goods, such as appliances, hardware, electronics, and sporting goods. Its retail business was joined by a mail order catalog in 1963 and an ecommerce website in 1998. However, following tough times in the 1980s, the company reorganized, phasing out its hard goods lines and refocusing on its soft goods to become a fashion oriented department store. But by its 100th anniversary, the company appeared to be running out of steam. Price-oriented mass merchandisers, such as Walmart and Tar run low, had garnered the lower end of the securities industry, while higher end department stores, such as Macys and Nordstroms, were catering to the upwardly mobile middle class.Although the economic recession of 2008 was difficult for all retailers due to consumers increasing frugality, middle commerciali se retailers, care J.C. Penney and Sears, were hit the hardest. By 2011, J.C. Penneys stores were old, often disorganized, and faded, and the brand and its merchandise were starting to happen dated. About 400 of its stores were located in small towns, such as Alpena, Michigan with a population of a little over 10,000. In such towns, there were often only few, if any, other department stores. The be 700 or so stores were located in major metropolitan areas, often in suburban malls, such as the Northshore Mall in Peabody, Massachusetts (15 miles labor union of Boston). undermentioned years of store closings, sales malaise, declining market share,slumping earnings, and weak stock market performance, activist investor and hedge free reind manager, William Ackman (HBS 92) obtained an 18% majority shareholder position in the company in 20102011. He was determined to turn J.C Penney around and extract its value, much of which was locked up in its vast real estate holdings that were e stimated to be worth $11 billion.5 J.C. Penney owned 400 of its retail stores and gainful low rents (an average of less than $5 per square foot) for the remainder. Specialty stores like Gap paid much higher rents (around $40 per square foot) for their retail space.6 Looking to shake up the company, Ackman was instrumental in luring Johnson to take the CEO position. Johnson was a big catch.In the 1990s, he was vice president of merchandising at Tar sterilize where he helped transform the mass merchandiser into a hot retail brand selling stylish yet affordable products. During his time there, Johnson negotiated a contract with designer Michael Graves, beginning Targets profitable partnerships with high end designers, which enhanced its brand image as a chic, fashion-forward retailer. Starting in 2000, he worked with Steve Jobs to develop the wildly successful Apple retail stores. Johnson was the brainchild behind the Genius exclude c erstwhilept, a free technical help and support ar ea staffed by sleep togetherledgeable customer service representatives, widely touted as one of the nigh advanced retail concepts of the end decade. Johnson was regarded by some(prenominal) as creative and determined according to a friend, What slew loved more about him than his talent was his persistence. He was just relentless.7 Johnsons deep retail experience unite with his wholesome charisma and boyish enthusiasm made him the perfect change agent. The media dubbed him the Steve Jobs of the retail industry and on the day his appointment was announced J.C. Penneys stock jumped 18%.An Industry under PressureJ.C. Penneys 2011 sales were lower than they were in the 1990s and the retail landscape was getting more competitive. Department stores, in particular, were under increased pressure. refreshful retail formats, such as big boxful retailers like Walmart that operated free standing supercenters selling mass merchandise and small specialty stores like Gap and J. Crew that we re located in shopping malls and offered specialised merchandise, were squeezing department stores out of the market (see Exhibit 2). An emerging challenge came from large international clothing retailers, such as HM and ZARA, that were predatoryly entranceway the U.S. market.These retailers relied on shorter product life cycles and partnerships with top designers to offer fast-fashion merchandise at relatively low prices. Johnson explained the challenge as he stepped into his new role all over the past 30 years the department store has become a less relevant part of the retail infrastructure, largely because of decisions the stores induct made. As America exploded with big box and specialty stores and new shopping formats, department stores abdicated their unique role instead of engaging the competition. They retreated from categories and assortments that made them distinctive.Department stores were once the most popular places for Americans to shop, offering distinctive merchan dise in elegant fits that provided special services, such as tearooms, salons, and on-site tailoring, and served as social hubs. Johnson reminisced, In the friendly age of department stores, Americas families came for more than just to shop. They were able to shed fun experiences and were offered a range of useful services. . . . If we want to transform the department store, we flip to conceive what happened. These stores were a pillar of the community.9 Johnson, unlike others, believed that department stores could be revived. Theres no reason department stores cant flourish. They can be peoples favorite place to shop. Theyve got all these strategic advantagesthe lowest cost of real estate, exceptional access to merchandise, scale to fix enormous marketing power, colocation with specialty stores. And people like storeswith huge assortments and one-stop shopping.10J.C. Penneys performance had been lackluster for quite an some time, and the retailer was losing market share even within the shrinking department store channel (see Exhibits 3 and 4). Competitors Macys and Kohls were nipping at J.C. Penneys business from both the high and low end. The average J.C. Penney customer only visited a store four times per year and sales per square foot ($156) were low compared to those of its competitors and the specialty stores Johnson hoped to copy (Gap $30011, Apple $5,626 in sales per square foot).12 Department stores and big box stores had increased their promotional budgets since the outbreak of the Great Recession in 2007 and most used blockbuster sales, coupons, and frequent price promotion to drive purchases. According to consulting firm A.T. Kearney, more than 40% of the items Americans bought in 2011 were bought on sale, up from 10% in 1990.13 Many retailers were eager to wean shoppers off of the big discounts that had become commonplace.Competition was in like manner increasing from online retailing. Yet Johnson believed brick and mortar stores were sa ve relevant, Physical stores are still the primary way people acquire merchandise and I think that will be true 50 years from now. . . . A store has got to be much more than a place to acquire merchandise. Its got to help people enrich their get it ons. If the store just fulfills a specific product need, its not creating new types of value for the consumer. Its transacting. Any website can do that.14 Many of J.C. Penneys largest competitors, such as Macys, seemed to have a differentview and were investing heavily in their e-commerce operations and in catering to what they called the omnichannel consumer, who accessed the retailer through the web, on mobile devices or in physical stores (often as part of the same purchase decision). Although it had been a pioneer in multi-channel commerce, with 2001 combined catalog and web sales of nigh $3.4 billion, J.C. Penneys ecommerce sales had stagnated over the last three years while those of Macys and Kohls had grown substantially during t he same time frame.15 (See Exhibit 5 for E-commerce sales growth).J.C. Penneys Radical MakeoverFollowing his appointment in November 2011, Johnson determined that nothing short of a complete overhaul would solve J.C. Penneys problems. Just two months after taking the helm, Johnson and his new recruited leadership team, culled largely from Apple and Target, announced a radical repositioning of the J.C. Penney business model and brand. Following the announcement, Forbes powder magazine dubbed J.C. Penney the most interesting retail bill of the year, proclaiming, This week, Johnson took a sledgehammer to the J.C. Penney way of doing business. Its the most arouse thing Ive seen in retail since Apple opened stores, again with Johnson at the helm.16 The turnaround plan evoked J.C. Penneys founding spirit, and Johnson declared it a reclamation of the companys heritage. J.C. Penneys website announced, Over 100 years ago, James Cash Penney founded his company on the principle of treating customers the way he wanted to be treated himself fair and square.Today, rooted in its rich heritage, J.C. Penney Company, Inc. is re-imagining either purview of its business in order to reclaim its birthright and become Americas favorite store. . . . At all visit, customers will discover straightforward Fair and Square Pricing.17 The four-year plan involved several distinct, yet integrated elements that touched every part of the business and were designed to re acquire a thriving age department store that appealed to all Americans, across age, income, and geographic demographics. As Johnson explained, We are going to rethink every aspect of our business, boldly pursue change, and create long-term shareholder value, as we become Americas favorite store. Every initiative we pursue will be guided by our marrow squash value to treat customers as we would like to be treatedfair and square.18New LogoJ.C. Penney had been tinkering with its brand logo, changing it three times in thre e years. In 2011, the company asked the public for help in redesigning the logo in a crowd-sourcing experiment. The winning design was submitted by a University of Cincinnati student and was uncover with much fanfare via social media. In 2012, Johnson scrapped this design and hired an agency to redesign the logo once again. The new logo evoked the American swag with red, white, and blue colors and the letters jcp in lower case font within a square that represented the new Fair and Square mantra. J.C. Penney, which some(prenominal) affectionately called Penneys would now be cognize as jcp. (See Exhibit 6 for the new logo.)New Brand SpokespersonOne of the most exciting and controversial developments of the plan was the announcement of comedian and talk show host Ellen DeGeneres as the new brand spokesperson. DeGeneres, who once worked at a J.C. Penney store as a teenager in Louisiana, appeared in television advert, developed J.C. Penney themed skits for her popular talk show, and tweeted about the company on Twitter. Johnson proclaimed DeGeneres to be one of the most fun and vibrant people in entertainment today, with great warmth and a down-to-earth attitude. . . . Importantly, we share the same fundamental values as Ellen.19Shortly after DeGeneres advertising debut, the conservative Christian group One Million Moms took offense, citing DeGeneres homosexuality asproblematic for the brands image and its conventional family shopper demographic. The group asked its members to boycott J.C. Penney and to call their local store manager to ask for DeGeneres removal as spokesperson. DeGeneres went on the offensive to defend her personal values and to sustain her relationship with her fans and with J.C. Penney, producing a witty, yet heartfelt response delivered on her talk show that quickly went viral on the social web. A firestorm erupted and played out on J.C. Penneys Facebook page, where both pro- and anti-gay posters pledged their support for and/or rejectio n of the retailer. J.C. Penney survived the controversy by standing firmly behind its choice of spokesperson. The protest event generated important positive press for the company and Facebook feedback was more positive than negative. Riding the wave of publicity, J.C. Penney went on to feature two gay dads in a widely touted dons Day advertising candidature.New Store DesignWhile the new logo and spokesperson were short-term fixes that could be executed quickly, Johnson knew from his experience at Apple that, to really make a difference, he had to make significant changes to the product offering, a longer term proposition. He embarked on a multi-year plan to re-energize and redesign J.C. Penneys product offering and its merchandising at retail. He began by forging new supplier relationships with top brands like Martha Stewart and hot designers like Nanette Lepore to create J.C. Penney-specific merchandise lines, a strategy reminiscent of Target. He then went to work to improve the quality of J.C. Penneys sagging and dated private tag brands, Worthington, St. Johns Bay, The Original Arizona Jeans Co, and Stafford, to reinvigorate them and restore their brand integrity. These efforts could also build on J.C. Penneys recent purchase of the Liz Claiborne brands (which, among others, included Liz Claiborne brand apparel, Lucky Jeans, Kate Spade and Juicy Couture) and the ongoing opening of about 300 Sephora locations inside J.C. Penney stores, which offered a select set of Sephora beauty care products.20 He envisioned the in-store retail environment as a series of interactive specialty Shops, along a visually engaging and vibrant Street, with a rudimentary Square that would serve as the social hub of the store. J.C. Penneys vast array ofmerchandise, currently hung on crowded racks and shelves, would be regrouped and merchandised in 80-100 stores-within-a-store, each meant to simulate the get experience of a specialty shop. The first shop to appear was devoted to jeans and featured a denim bar, trained fit specialists, and Levis innovative prune ID curriculum that helped women find the right jeans for their body type (see Exhibit 7). Plans for future shops included Joe Fresh and Mango. The company planned to install two to three new shops each month, beginning in August 2012, over a four year period. Many of the shops were designed to pull in younger shoppers, a famine in J.C. Penneys current customer base.The Street would consist of wider aisles with a fresh, clean look, more streamlined with less signage and bold, colorful, upscale graphics featuring the square from the new logo (see Exhibit 8). Each month would have its own unique personality and color-coded signage that changed the look of the store to freshen its appeal. Ten thousand square feet at the center of the store would be designated for the Town Square. In this area, J.C. Penney planned to offer complimentary services, such as gift wrapping, and special promotional events to create fun and excitement. During the summer of 2012, the company offered free hot dogs and ice cream, free Go USA Olympic t-shirts during the Summer Olympics, and free back-to-school haircuts for school children. Johnson summarized his vision for the new environment, We are going to make the store a place people love to come-just to come. Well transform the bargain foring experience not unlike what we did at Apple.21New Sales StructureTo support the new retail environment, Johnson needed to re-energize J.C. Penneys sales force. His goal was to create a team of specialists who were product experts, much like Apples Geniuses. J.C. Penney sales clerks had always been paid commissions based on how much they sold. This system back up sales clerks to sell aggressively to customers. Johnson felt that this aggressive sales culture did not fit with the new Fair and Square positioning and set out to change it by eliminating all sales commissions. It was a controversial decision, especi ally among the sales employees, many of whom had just been through a wave of layoffs and were nervous about keeping their jobs. Johnson explained his rationale for the change, A lot of great retailers dont use commissions. We never used them at Apple. . . . And I think its a better thing to do to pay people in advance for what you want them to do and let them look in the customers hearts and try to help them. . . . We think weve got a great way to do business for the middle class, where we really put a big bear hug around the middle class and help them look better and live better every day.22 But some employees expressed dissatisfaction, I must take offense at Ron Johnsons reason for eliminating commission. Ron Johnson should remember that J.C. Penney is not Target, we are better. When people come into our store they expect to be greeted, they expect someone to be available to help, they expect good service, said a sales associate. Another associate claimed, I lost about $250 per pa y period and Mr. Johnson thinks this is FAIR and SQUARE. From all of J.C. Penneys little workers, this stinks.Another lamented, We long-term employees are despondent at what we see around us. Ron Johnson may have a grand plan, and it may work, but we feel like he is destroying us in the performance of implementation. It has become an awful place to work, short-staffed to the point that we struggle to properly service what customers we do have.23 But without a doubt, the cornerstone of the change program was a new pricing scheme that many believed to be the riskiest part of the strategy.The New Pricing StrategyLooking at the numbers, Johnson believed that he needed to name and address the existing high-low pricing structure that had gotten out of control. J.C.Penneys customers had become hooked on the deals over the past ten years, the average discount to get customers to buy went from 38% to 60%24. At some point you, as a brand, just look desperate. J.C. Penney spent over $1 bill ion on price promotion, and the customer didnt even pay attention, he agonized.25 In his first report to shareholders, he spoke about the detrimental long term effects of lush price promotions, Plagued by the games of the industry over the last several decades, retailers-including J.C. Penneybarraged customers with a constant quantity stream of promotions that proved to be ineffective. Each time we participated in this pricing war, we were discounting our brand and eroding the trust and loyalty of our customers.The company announced its Fair and Square pricing plan in January 2012. The plan had three pricing tiers. First, the company reduced prices by an average of 40% to offer consumers an Every Day Fair and Square price. Second, every month the company ran a Month enormous Values Event with special pricing on seasonal items, marked down an additional 20-29%, meant to coincide with events such as Back-to-School and Fathers Day. Third, every first and third Friday of each month (p aydays for many working Americans) were designated Best Price Fridays, where J.C. Penney would offer special deals on items it was looking to liquidate, about 20% of the stores stock, at deals of about 1/3 off of the every day price. Each price point was supported by unique signage at retail, (see Exhibit 9). J.C. Penney sweep awayd its famous Doorbuster sales, such as those that it traditionally held on Black Friday, the day after Thanksgiving and the busiest shopping day of the year, that featured outrageously low prices onover 500 items from 400 a.m. to 100 p.m. Exhibit 10 shows an example of the different price tiers.Importantly, J.C. Penney avoided using the words sale and clearance in its messaging of the new program to consumers. Said Johnson, Sale is not in our vocabulary. . . . Every item in the store is priced to be its best price every day.27 The Fair and Square price was the only price listed on the price tag, moving J.C. Penney away from the practice of listing the man ufacturers suggested retail price (MSRP) and the sale price, which was intended to show customers how much they were saving relative to somewhat fictitious list price. In the highly competitive world of retailing, nearly no one priced goods at the MSRP. Breaking with another retailing best-practice, J.C. Penney ended all of its Fair and Square prices with .00 instead of .99, rounding up to the nearest dollar. Johnson also instituted a no restrictions Happy Returns return policy, designed to take the hassle out of returning items, even without a receipt.In effect, the new plan combined elements of two traditional pricing strategies. The Every Day Fair and Square prices represented an everyday-low-price (EDLP) strategy, while the Month Long Values and Best Price Fridays maintain some emphasis on high-low pricing. High-low pricing strategies are intended to allow retailers to use price discrimination to maximize the average price paid by customers who differ in their willingness to pa y. Customers who are highly price sensitive wait for sale days to purchase, use coupons and rebates, scour the crowded clearance racks to find a bargain, and take advantage of retailers gateway buster specials on big shopping days like Black Friday. Customers who are less price sensitive buy when it is convenient for them, tend not to use coupons and rebates due to the time it takes to clip and organize them, and rarely join in on door buster specials or clearance sales.Thus, the retailer reaps higher non-sale prices from many of their purchases. However, given the predominance of high-low pricing strategies across retailers in todays marketplace, even less price-sensitive consumers had become savvy about waiting for sales to buy or comparing across retailers to find the store offering the best prices that week. Instantaneous price comparisons weregetting easier, given the rise of mobile applications that allowed a consumer to scan a bar code on a product and find the lowest price for it at online retailers and nearby stores. Kohls was an aggressive high-low retailer, featuring small electronic signs on shelves throughout the store that displayed original prices and discounted prices.These signs allowed Kohls the flexibility to change prices instantly, to facilitate frequent, short-term sales. Marketing consultant Jonathan Salem Baskin offered his thoughts on the high-low practice retailers engage in, When no price is the price for an item, it means that instead retailers engage customers in a constant cat-andmouse game in pursuit of the truth. No individual store can own sale pricing each simply participates in a round-robin of discounted offers that its competitors have and/or will again match.28 Johnson felt that todays retail customer was savvy, The customer knows the right price. To think you can fool a customer is kind of crazy.2EDLP pricing strategies, such as that offered by Walmart, promise consumers that they will pay the same, low price every day. This frees customers from waiting for sale periods to purchase, and eliminates the need for retailers to offer coupons to drive purchase or to engage in constant advertising of price promotions via periodical newspaper circulars. EDLP is designed to make customers feel comfortable purchasing at the retailer without worrying that they could be getting a better deal somewhere else or at another time. In general, most department store retailers used high/low pricing strategies. Macys and Sears had flirted with EDLP pricing in the past but both had largely prone it once they realized how addicted department store customers were to sales, coupons, and other discount programs.AlthoughMacys still offered a limited set of items at an everyday value price, it heavily supplemented this practice with aggressive coupons and frequent sales events for the majority of the goods it carried. Macys customer Marietta Landon summarized the promotion addicted retail climate, Especially Macysthey make every weekend a sale with saving passes and advertising galore.30The new pricing strategy was a big shift for J.C. Penney, a company known and loved for its JCP Cash coupons distributed to customers via direct mail and email, its RedZone Clearance aisles, and its weekly circulars advertising that weeks price specials. The Fair and Square pricing program would eliminate all coupons and weekly circulars instead the company would distribute a high quality, editorial content-heavy glossy magazine each month to highlight its Monthly Values. The 96page magazine was as much a branding vehicle as it was a promotional one. $80 million in promotional funding would support each Monthly Value event.J.C. Penney now promised its customers that they would not have to jump through hoops to get a good price. Johnson hailed the strategy for its simplicity and transparence and the way it respected customers, People are disgusted with the lack of integrity on pricing,31 adding that We want shoppers to shop on their terms, not ours. Johnson intimated that By setting our store monthly and maintaining our best prices for an entire month, we feel confident that customers will love shopping when it is convenient for them, rather than when it is expedient for us.32 Michael Francis, J.C. Penneys new president, was excited about the new pricing moves, We are redefining the J.C. Penney brand so we become a store for all Americans, by offering an experience they cannot get anywhere else.This will start by freeing consumers from the barrage of promotions and undifferentiated shopping experiences they have become used to and replacing it with something entirely fresh and new that is transparent in every aspect of our store.33 He added, It will be a breath of much-needed fresh air and give customers reasons to visit J.C. Penney more often than ever before. Our objective is to make our customers love to shop again.34 Francis was recruited by Johnson from Target and offered a signing bonus of $12 millionand a total compensation package worth $44.7 million. He was charged with managing the marketing and merchandising efforts.Reactions to Fair and Square PricingIndustry observers could not contain their noticeable opinions on the new pricing strategy. Some called the move refreshing, daring and probably exactly what the retailer needs, noting that its a shocking move for any retailer, let alone a department store where high-low pricing and promotions have long been the norm.35 But others were far more skeptical. Pricing consultant Rafi Mohammed proclaimed, J.C. Penney lacks the differentiation to make this pricing strategy successful. . . . When selling a relatively undifferentiated product, the only lever to generate higher sales is discounts. Even worse, if competitors drop prices on comparable with(predicate) products, J.C. Penneys hands are tied-it is a sitting duck that cant respond.36 Mohammed also noted, J.C. Penneys Every Day prices will not be as low as the bigg est discounts that it once offered.Instead, its pitch to customers is why play the wait for the rock-bottom price game when Penney offers pretty good prices every day?37 Ignoring the skeptics, Johnson was committed to his new pricing plan, rolling it out across all stores on February 1st, after deciding not to conduct market research to test its appeal with customers, We debated whether there was a way to test. . . . We would have needed everyone to run the old business model and would have had to add new people to run a test in 10 percent of our stores. . . . We knew the customer would love the new strategy. We decided to get on with our future.38 found on his experience at Apple, Johnson also believed thatcustomers didnt always know what they wanted it was up to companies to lead the way, You cant follow the customer. Youve got to lead your customers confront their needs and meet those needs, even before they know what they want.39A lot was riding on the decision. COO mike Krame r explained, We are fundamentally reimagining every aspect of our business and we fully expect the bold and strategic changes we are making to our operations will result in improved profitability. This should enable us to fund the transformation of J.C. Penneys store experience, while at the same time returning value to shareholders with steady earnings growth.40Communicating Fair and SquareDeGeneres was featured in a new advertising campaign to usher in the new Fair and Square positioning. Bearing the tagline Enough. Is. Enough, the campaign encouraged consumers to revolt against complex pricing structures, never-ending sales, an overabundance of direct mail circulars and coupons cluttering their mailboxes, and the hassles of returning unwanted products without a receipt. In the ads, DeGeneres travels back in time to antiquated Rome, Edwardian England, and the Wild West to learn if todays confusing price environment was always the norm.She encourages customers to reject the crazy price environment. The creative campaign was witty and contemporary many found it reminiscent of Targets award-winning advertising. It was quite a departure from J.C. Penneys previous campaigns that were more normal of department store messaging. Launched during the Academy Awards broadcast, the ads appeared to be a hit with consumers. Ace Metrix reported that the ads scored well above average on persuasion and watchability metrics and achieved a personal best score for J.C. Penney.41Initial ResultsIn the first three months following the launch, 67% of products sold at J.C. Penney were purchased at the Fair and Square price, the highest price the retailer listed. Johnson could not hold back his satisfaction, This is profound. People are now buying at the first price, the right price. Thats the dream of every retailer.42However, trouble was looming on the horizon. Through mid-March, mothers, a critically important target market for most department stores, steadily scored J.C. Penney lower on valueperception scores. These women, suddenly not receiving coupons and not seeing the weekly price promotions in the circulars, were downgrading their opinion of whether J.C. Penney offered good value for the money.43 This was despite the fact that J.C. Penneys prices during the time period were actually quite competitive. A Deutsche Bank analyst report showed that for a random basket of 50 identical items, J.C. Penney was 9% cheaper than Macys, and 26% cheaper than Kohls.Consumer research firm BIGInsight reported negativism among adults 18+ for whether J.C. Penneys advertising campaign was Hot or Not? and showed Macys gaining ground on J.C. Penney in womens apparel shopping trips following the launch (See Exhibit 11). Morgan Stanleys Michelle Clark reported consumer survey results revealing that Shoppers think that the J.C. Penney of old actually offered better value than the fair and square model introduced a few months ago. Of the consumers who had been inside a J.C. Penney store since February, more cited higher prices (rather than lower) at the department store. In fact, only 16% of shoppers associated Best Prices with JCP. Furthermore, customers cited that bargains were harder to find and fewer aisles with deals were evident (see Exhibit 12).45 Loyal J.C. Penney customers were moving away from the retailer. One shopper, Wendy Ruud, complained that she was no longer receiving coupons from J.C. Penney and was shopping more frequently at Target and Walmart, The closest J.C. Penney is about a half hour away from me.If I dont get a specialdiscount, its not worth the trip, she said.46 Another shopper e-mailed the Huffington Post apothegm, They are catering to the younger shopper, and it isnt the younger shopper that kept them afloat.47 A third who considered herself frumpy and proud, commented, Hes working hard to de-frump the store without considering that many if not most of its customers might have shopped there precisely because they like the more conservative frumpy look.48 These early indicators played out in J.C. Penneys first earnings report following the launch of the new plan. Johnson had to announce a significant earnings loss ($163 million) based on plummeting sales revenues (-19% overall, with e-commerce sales dropping 28%), gross margin compression (from 40.5% to 37.6%), and decreasing customer conversion. Johnson asked investors to be patient, calling the first quarter sales drop the price were paying to get integrity back.49 He held fast to his convictions, We had to make the bold step. Its one big year we have to go through. Its really hard but well get through it.50 Investors showed no patience, sending the companys stock down 20%, the biggest exclusive day drop in over four decades.51The critics did not waste time to pile on Johnson. Time columnist Brad Tuttle wrote, JC Penneys nub seems to be one that some shoppers dont want to hear. They like playing games and hunting for deals, and the markdown from t he original price is how they keep score. By eliminating coupons and most sales, JC Penney has been saying it doesnt want to play games anymore. That sounds wonderful, but among certain shoppers, its the equivalent of grabbing the ball and taking it home. No more games, no more fun-and not much reason to visit JC Penney on a regular basis anymore. If, for the most part, a stores prices are going to remain the same tomorrow, and next week, and the month after that, theres not much incentive to browse the aisles for special deals today.52A Forbes columnist concurred, By taking away the weekly sales customers loved, Johnson abandoned his core JCP shopping enthusiasts. In effect, signaling to the core JCP enthusiastsshoppers who have sustained J.C. Penney through its years of retail muddling, that they no longer mattered. He confused them, and he pissed them off.53 The Motley Fool sarcasticallyquipped, The silver lining in J.C. Penneys awful report is that Sears struggling with its own dismal results has someone it can laugh at now.54Macys CFO Karen Hoguet was crowing that her company was benefiting from J.C. Penneys missteps, reporting that sales in Macys stores that shared out a mall with J.C. Penney were up significantly since the changes.55 And J.C. Penneys apparel suppliers were becoming anxious, as their sales dropped precipitously, some as much as 70% over the prior year. One prominent supplier indicated that he was increasing his business with Kohls to make up for the shortfalls at J.C. Penney.56These developments were sobering for Johnson yet he remained unfazed, Its been tougher than we anticipatedYou know, we expected to be down. We are down a little more than we thought, but not enough to change the strategyWere treating this company as a startupWere inventing a whole new model to do businessIt is a one year transition thats part of a multi-year transformation. But once we get to one year of de-promoting or repurchasing our integrity, I fully expect u s to grow. And so weve just got to get through that year. And well get through it.57 Speaking at Fortune magazines Brainstorm Tech conference in July, Johnson reiterated his support for the new pricing strategy, claiming that his board was totally supportive.When asked if he had a contingency plan whereby the company would revert back to high/low pricing, Johnson swore it was not in the cards, It wont happen while Im here because I know its not the right thing to do. And I know this is what connects completely with our own unique heritage. And every longstanding company has a DNA in its core thattypically goes back to its founder. And when you reconnect with that, thats when good things happen. Thats what Wal-Mart has had to do. And its really led to great success. Thats what Apple had to do when Steve came back. Thats what were going to do.58Making Some AdjustmentsAs J.C. Penney management tried to decipher the disappointing results, much of the blame was put on the marketing execu tion and on customers stubborn reliance on price promotions. Mike Kramer, J.C. Penneys new chief operating officer expressed his frustration, Coupons, that drug. We did not realize how deep some of our customers were into this. . . . We have got to wean them off this and educate our consumers.59 Johnson blamed the marketing execution, claiming that it failed to clearly communicate the new pricing strategy, Our execution wasnt what we needed. Our pricing is kind of confusing. Our marketing kind of overreached Now the most important thing is to educate consumers on the price changes and make sure the core customer understands J.C. Penney still has products they love, at exceptional value, every day.60 Francis took the fall for the poor earnings, unawares leaving the company a mere eight months after he started as president.Following Francis departure, Johnson took responsibility for marketing and merchandising, believing that customers just didnt understand the story behind Fair and Square. He tweaked the marketing plan, adding five additional Best Price Fridays to the calendar, including the important Fridays anchoring Memorial Day Weekend and Black Friday. The advertising creative was changed to incorporate a harder-hitting Do the Math positioning (See Exhibit 13 for an example). In June, J.C. Penney reintroduced the S word sale into its advertising to help explicate that its Best Price Friday deals actually extended through the weekend until all inventory was sold. Under pressure, Johnson speculated what his old mentor, Steve Jobs, who passed away in October 2011, would have advised, I think Steves advice would be dont worry about what others say.Trust your instincts. Do the right thingStay the course. But he would also say the essence is in the simplicity. And so he would have liked where we are going on pricing, but he would have said Youve got to clean it up. Youve got to be more direct.61 Johnson buckled down, What you cant do is chicken out.If you had looked at the data on the Genius Bar after a year and a half, we should have taken it out of the store. But it was something I believed in with every bone in my body.62 He continued, The world moves by innovators and innovators have to have the courage to imagine something that hasnt been done before and the conviction to see it throughIt is really hard. It takes a lot of courage. Youve got to be able to have a few arrows shot in your back.