Entrepreneurial Finance Assignment 1 - 2511 Words

Entrepreneurial finance assignment 1 Problem 4.4. Introduction The CAPM model can be used to analyze the performance of a portfolio of investments. The model should be calculated by comparing the return of assets (Ri) minus the return of risk-free cash (Rf) of the fund against those numbers of a known index with historical data (Rm). With least-squares regression, a straight line has to be drawn through the points to finish the model. Alpha represents the point where the graph starts and beta the slope of the regression line. Alpha is the number that represents the fact of how well the fund did against the CAPM model. A positive alpha means the fund did better than CAPM predicted and negative the opposite. R ² represents the ‘fit’†¦show more content†¦This results in an adjusted regression equation defined as: Because the model used to calculate the regression does not entail the stale value problem, we consider the concern of Bonnie as valid. (c) Chris thinks that this model does not properly adjust for the high probability of failure for VC investments. This concern is invalid. The unexpected portion of the return (and thereby referring to the higher risk) is represented by alpha. A higher alpha means that the portfolio performance was better than the original CAPM model. A lower alpha means that the performance was worse. (d) Dave thinks that this model does not properly adjust for the illiquidity of VC investments. This concern is valid. Dave refers to one of the other three interpretation problems of CAPM results; liquidity risk. Investors may require a premium for illiquid investments. They refer to it that investments that are illiquid are more risky. The model presented by the management team does not take this risk into account. To overcome this, the management team should use the Pastor-Stambaugh model (adjustment 2 of the CAPM model) which takes the size (of the company), value (growth prospects) and liquidity risk of an investment into account. This model is defined as: (e) Ellen thinks something else is wrong, but she can’t put her finger on it. Ellen could be thinking of another points, that the model is not adjusted for ‘styleShow MoreRelatedEntrepreneurial Finance Assignment 12519 Words   |  11 PagesEntrepreneurial finance assignment 1 Problem 4.4. Introduction The CAPM model can be used to analyze the performance of a portfolio of investments. The model should be calculated by comparing the return of assets (Ri) minus the return of risk-free cash (Rf) of the fund against those numbers of a known index with historical data (Rm). With least-squares regression, a straight line has to be drawn through the points to finish the model. Alpha represents the point where the graph starts and betaRead MoreIncommendations1292 Words   |  6 PagesEconomic recommendations 4.3 The availability of finance support from the government The researcher suggests that government should provide support in terms of finance for the young people in order to develop Indonesia’s economy and encourage competition and innovation among the youth. The researcher recommends government to create a program that providing funds for impressive business plan from young entrepreneurs. This program should provide sufficient funds require for young entrepreneurs to startRead MoreWork capital simulation1130 Words   |  5 Pagesï » ¿Working Capital Assignment This assignment is an individual assignment. Each student is required to complete two runs of the Working Capital Simulation. The simulation site is https://cb.hbsp.harvard.edu/cbmp/access/20227364 (Cost: $12.50). Use the attached instructions to get started. 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Environmental Risk Assessment Of Pipelines Environmental Sciences Essay Free Essays

The aims of this survey are to analyze the function of ESI for hiting the hazards posed by grapevines to the environment every bit good as to bespeak the hazard tonss in location-based maps. A comparative semi-quantitative attack based on land utilizations and High-Value Areas ( HVAs ) was carried out. A geographical information system ( GIS ) as a tool was employed to make fresh maps related to environmental hazards utilizing rational mathematical equations. We will write a custom essay sample on Environmental Risk Assessment Of Pipelines Environmental Sciences Essay or any similar topic only for you Order Now The chief logic for utilizing the equations was the distance-based attacks and ESI every bit good as intersections. A hazard geographical map based on the ESIs and concluding hazard mark ( FRS ) is presented with consequences demoing that the most sensitive and bad country is an country comprised of Rhizophora mangle forested flora located in the grapevine locality. It is shown that mapping the hazards of grapevines with the applied method is of more dependability and convenience every bit good as comparative fullness in comparing to show non-holistic methods for measuring the environmental hazards of grapevines. Hazard is the badness of the effects of a risky activity sing its chance of happening ( Jafari et al. , 2010a, B, degree Celsius, vitamin D ) . Pipeline failures can potentially do terrible amendss. Environmental hazard appraisal ( ERA ) involves the scrutiny of hazards ensuing from natural events ( deluging, utmost conditions events, etc. ) , engineering, patterns, procedures, merchandises, agents ( chemical, biological, radiological, etc. ) and industrial activities that may present menaces to ecosystems, animate beings and people ( Belluck and Sally, 2001 ; Anonymous, 2004 ) . Hazard directors may make up one’s mind, for illustration, that estimated hazards are acceptable, and no action is required, or that hazards are excessively high and require redress, extenuation, ordinance, decrease, or prohibition ( Belluck and Sally, 2001 ) . 1.2. Environmental sensitiveness index ( ESI ) Environmental Sensitivity Indices ( ESI ) composed of many field-data is indispensable for monitoring and control systems ( Schiller et al. , 2005 ) . Mok Kang ( 2002 ) has carried out a sensitiveness analysis of the Korean composite environmental index ( CEI ) by analyzing the CEIs computed by functional signifiers and those derived from sentiment studies, with a particular accent on the appraisal of weights of environmental indexs and subjects: the CEIs are based on environmental subjects and force per unit area indexs. NOAAaa‚ ¬a„?s ( National Oceanic and Atmospheric Administration ) Environmental Sensitivity Index ( ESI ) attack consistently compiles information in standard formats for coastal shoreline sensitiveness, biological resources, and human-use resources. ESI maps are utile for placing 47 sensitive resources before a spill occurs so that protection precedences can be established and cleanup schemes designed in progress. Using ESIs in spill response reduces environmental effects of the spill and killing attempts ( NOAA, 2008a ) . Environmental Sensitivity Index ( ESI ) maps have been an built-in constituent of oil-spill eventuality planning and response since 1979, when the first ESI maps were prepared yearss in progress of the reaching of the oil slipperinesss from the IXTOC 1 good blowout in the Gulf of Mexico. Since that clip, ESI Atlass have been prepared for most of the U.S. shoreline, including Alaska and the Great Lakes Before 1989, traditional sensitiveness maps were produced as colour paper maps, with limited distribution ( because of the cost of reproduction ) , and without a agency for ready updating. However, since 1989, ESI Atlass have been generated from digital databases utilizing Geographic Information System ( GIS ) techniques. As the oil-spill response community moves towards development of machine-controlled sensitiveness maps, it is of import to specify what comprises the ESI function system and how this information is being developed and distributed utilizing GIS engineering ( NOAA, 2008b ) . 1.3. ESI in grapevine hazard appraisal For the initial stages of hazard direction, a rigorous definition of environmentally sensitive countries might non be perfectly necessary. A working definition by which most people would acknowledge a sensitive country might do. Such a on the job definition would necessitate to turn to rare works and animate being home grounds, delicate ecosystems, impacts on biodiversity, and state of affairss where conditions are preponderantly in a natural province, undisturbed by adult male. To more to the full distinguish sensitive countries, the definition should besides turn to the ability of such countries to absorb or retrieve from taint episodes ( Muhlbauer, 2004 ) . In the United States, a definition for high environmental sensitiveness includes intake locations for 70 community H2O systems, wetlands, riverine or estuarial systems, national and province Parkss or woods, wilderness and natural countries, wildlife saving countries and safeties, preservation countries, precedence natural heri tage countries, wild and scenic rivers, land trust countries designated critical home ground for threatened or endangered species and federal and province lands that are research natural countries ( Stansbeny, 1995 ) . These country labels fit specific definitions in the US regulative universe. In other states, similar countries, possibly labeled otherwise, will no uncertainty be ( Muhlbauer, 2004 ) , as it is so for Iran with more focal point on IUCN classs of protected countries. Shorelines can be particularly sensitive to grapevine spills. Specifically for oil spills, a superior system for impact to shore-line home grounds has been developed for estuarian, lacustrine, and riverian parts ( NOAA, 1994 ) . As an illustration of an appraisal 80 attack, an rating of a gasolene grapevine in the United Kingdom identified, weighted, and scored several critical factors for each grapevine section. The environmental evaluation factors that were portion of the hazard appraisal included ( Muh lbauer, 2004 ) : Land screen type ; Distance to nearest lasting surface H2O ; Required surface H2O quality to prolong current land usage ; Conservation value ; Habitat preserves ; Habitats with longer lived biology ( forests, vineries, groves, gardens ) ; Slope ; Groundwater ; Rock type and likeliness of aquifer ; permeableness and deepness to bedrock every bit good as distance to groundwater extraction points. This appraisal included consideration of costs and troubles associated with reacting to a leak event. Points were assigned for each feature and so grouped into qualitative forms ( low, moderate, high, really high ) ( Morgan, 1995 ) . Schiller et al. , ( 2005 ) presented an algorithm which emulates human expert-decisions on the categorization of sensitiveness categories. This will allow the necessary regular updates of ESI-determination when new field informations become available utilizing automated 92 categorizations processs. Showing a survey on sensitiveness analysis, Hadi d and Afra ( 2000 ) carried out a numerical sensitiveness analysis of the site 93 consequence on dynamic response of grapevines embedded in some idealised dirt sedimentations resting on a half infinite covering a broad scope of dirt profiles encountered in pattern and subjected to vertically propagating shear moving ridges. A paper described how HSE has piloted a Geographic Information System ( GIS ) by Brazier and Greenwood ( 1998 ) . To back up the adept determination doing procedure and to help in guaranting consistent responses within statutory deadlines. It considers both the advantages and disadvantages of a GIS over more conventional methods every bit good as possible developments such as the usage of population informations in sing social hazards, biological restraints and 3D terrain function. 1.4. Equivalencies of receptors A trouble in all hazard appraisals is the finding of a harm province on which to establish frequency-of-occurrence estimations. This is farther complicated by the normal presence of several types of receptors, each with different exposures to a menace such as thermic radiation or taint. The overall trouble is sometimes addressed by running several hazard appraisals in analogue, each matching to a certain receptor or receptor-damage province. In this attack, separate hazard values would be generated for, as an illustration, human deaths, hurts, groundwater taint, belongings harm values, etc. The advantage of this attack is in gauging absolute hazard values. The disadvantage is the extra complexness in mold and subsequent determination devising. Another attack is to allow any particular exposure of any threatened receptor govern the hazard appraisal. There is a protocol for grouping assorted receptor impacts into three sensitiveness countries: normal, sensitive, and allergic. This was developed to execute an environmental appraisal ( EA ) of a proposed gasolene grapevine. Under this classification, an country was judged to be sensitive or allergic if any 116 one of the receptors is defined to be sensitive or allergic. This conservatively uses the worst instance component, but does non see cumulative effectsaa‚ ¬ † when multiple sensitive or allergic elements are present. A 3rd option in uniting assorted receptor types into a hazard appraisal is to set up equivalencies among the receptors: This attack might be more controversial because judgements are made that straight value certain types of receptor amendss more than others. Note, nevertheless, that the other attacks are besides faced with such judgements although they might be pushed to the determination stage instead than the assessment stage of hazard direction. This attack presents another possible marking strategy for some environmental issues and HVAs. In this strategy, the higher tonss repre sent higher effects. This establishes some equivalencies among assorted environmental and other receptors, including population denseness ( Muhlbauer, 2004 ) . How to cite Environmental Risk Assessment Of Pipelines Environmental Sciences Essay, Essay examples

New Accounting Treatment

Question: Explain on new accounting treatment for leases under IFRS 16 that affects tenants in entering into debt convenants with creditors. Answer: Implementation of IFRS 16 leases depends largely on the debt convenants as well as cost of borrowing factors that needs attention as far as possible. It leads to changed lease accounting as well as fails in affecting level of commitments in paying cash (Spiceland, Thomas and Herrmann 2011). It helps in considering matters by the lenders as well as understanding their economic position of business firms. It depends upon the terms and conditions in case of future debt convenants for changed lease accounting standards for the same. Implementation of new rule in form of IFRS results in effective decision-making process in the near future. Addition to that, debt hypothesis indicates concepts relating Positive Accounting theory for future analysis purpose (Shim, Siegel and Shim 2012). It gets violated as per debt convenants as per accounting matters. Firm manager intends in selection of accounting procedures as well as shifting from earnings future with specified period in an overall manne r. It includes terms and conditions for future debt convenants. It brings changes for anticipation of IASB in distinguishing between true economic changes as well as accounting changes in the near future (Scott 2012). Possible social and economic consequences resulting in adoption of IFRS 16 Leases It is necessary to view at the possible social as well as economic consequences in resulting adoption of IFRS 16 leases. It aims at recognizing right use of assets in accordance with lease liabilities in the most appropriate way (Scott 2011). As far as accounting change is concerned, it deals with defining accounting principles as well as reporting entities and accounting estimates at the same time. It indulges in changed accounting principles as mentioned in the accounting method for future analysis purpose. It addresses usage of various types of depreciation methods like LIFO and FIFO methods (Schroeder, Clark and Cathey 2011). It indulges in adequate changes by the accountants working in an organization. It needs to disclose on matters relating to accounting changes as per the notes to financial statements. It provides extreme help to the shareholders in analyzing with the financial position of business firm in an accurate manner. Total amount of liquidity involves decreases cash allocation for decreased standard of living. It affects the cash flow cycle for fewer amounts of cash and inflation brought in the society. An increased ratio lowers the cash amount that affects society as a whole. It mainly takes into consideration on various financial metrics for tenants and lower return on assets for future analysis purpose (Riahi-Belkaoui 2012). Relation to objectives and qualitative characteristics of general purpose of financial reports as stated in conceptual framework in AASB General purpose of financial reporting renders financial information for reported entity. It aims in providing reliable information especially to the potential as well as existing investors, lenders and creditors. It indulges in several qualitative characteristics that are faithful representation as well as provides relevance in decision-making process (Libby, Libby and Short 2011). It includes enhancing qualitative characteristics like verifiability, timeliness as well as understands ability and comparability in the most appropriate way. Identification of positive theory and explanation with examples Positive accounting theory is identified in the particular question for bringing actual accounting practices for future analysis purpose. Implementation of positive accounting theory are kept in optimal condition as well as prescribed in desired ways (Hendriksen and Van Breda 2012). Positive accounting theory counts from the perspective of modern theory on accounting. It helps in guiding selected accurate accounting practices in case of specified products as well as services in an overall manner. Positive accounting theory establishes methods for transactions in case of ascertainment of accounting theories in giving permission for practical course of action. For instance, positive accounting theory occurs when managers of specific industry studies for predicting the accounting theories (Glautier, Morris and Underdown 2011). Managers need to select positive accounting theory for using for specified situation in an effective way. Positive theories examples include stakeholder theory as well as legitimacy theory in an accurate form. Positive accounting theory determines in realistic assets as well as liabilities values in representation of general financial condition of business enterprise (Freeman 2011). Discussing relation between positive and normative theories Positive theories Normative theories Positive theories fail in guiding business entities with respect of application of accounting theories. It aims at analyzing particular accounting theory for specified industry based upon current market situation. It establishes explaining on particular industry for future reference purpose. This theory fails in suggesting ways that accounting theories runs under successful business in the near future (Feldmann and Rupert 2012). Normative theories aim at taking fundamental unique approach. This particular theory fails in looking at the current situation of any company. It mainly aims at guiding ways in accordance with accounting policies (Dyckman, Magee and Pfeiffer 2011). It undertakes making strategies and application of theoretical principle in an overall manner. Examples of Positive theories of accounting From the real-world examples, it is noticed that positive theories of accounting is used for explaining past financial events and causes of business individual current financial standing. Wesfarmers makes use of positive theories of accounting in making the assumptions from past financial statements. This particular company determines on operating net loss requirements as per accounting practices. It compares actual revenues with actual expenses for specified period. It typically used for construction of financial documents like balance sheet, cash flow statements. Examples of Normative theories of accounting Woolsworth is an Australian Listed Company that uses normative theories for setting economic policies based upon the theories. Woolsworth mission statement as well as market strategies in business plans as reflected in the normative statements. Discussion on professional judgment allowed as per accounting standards and poses material impact on reported profits It is important to understand the fact that professional judgment establishes in the accounting standards and fails in gaining material impact for reported profits. It becomes judgment by the professional auditors for analyzing ways in gaining information on matters relating to material misstatement in the financial statements (Duska, Duska and Ragatz 2011). Professional auditors should be ethical in making judgment and maintain quality of audit reports at the same time. Process of judgment should be held in accordance with framework as well as proper documentation on justification of judgment in an overall manner. On critical analysis, it is noticed that professional judgment plays an important role for item measurement as presented in the financial statements. It includes transactions presented in financial statements in judging free from materiality and estimation of ascertaining of accounting in any form. Judgement should be carried forward after gathering relevant information an d proceed with proper analysis in the most appropriate way (Devi and Hooper 2011). Example: In case of asset recognition, business entity in beverage business and brand name known in and throughout the world. It includes products command on premium prices as well as product names represented on future economic benefits. In case of liabilities, it measures substantial degree of estimation. It includes provision for payments as well as under existing warranties for covering pension obligations. Australian Accounting Conceptual Framework issued by AASB highlights stewardship, decision usefulness or both On critical analysis, it is noticed that accounting information has increased demand as it helps in decision making process and stewardship at the same time. It helps in evaluating accounting information in case of stewardship plays an important role in the current scenario. Stewardship is a concept presented in governance as well as involved in assessment of management for future analysis purpose. Stewardship helps in information-taking verification in an accurate manner. It reveals demonstration of implied stewardship in case of treating as separate objectives as well as interpretation by the respondents at the same time (Deegan and Unerman 2011). It provides relevant information for fair representation of financial statement figures in final decision-making process. AASB proposes ways for performance management in discharging responsibilities in stewardship. It affects business reporting entity in various cash flow generations. It results in investors analysis for providing capita l for performance management in an overall manner. For example, AASB and Stewardship manages with the company performance in real world scenario. Manager performance relates with discharging stewardship responsibilities for business entity in generation of cash inflows. Management performance interest for potential capital providers Critical perceptive of accounting in providing social and environmental information On critical analysis, it is noticed that disclosure involves bringing social as well as environment information by business organization. It is opined that business organization hesitates in rendering true picture and figures mentioned in the financial statements. Imposition of fines reduced as indicated in the income for taxation. It gains advantages in case of fiscal means of communication for future analysis purpose. Reasons include environmental accidents as well as tendency for avoiding remedial costs for the same (Barnett 2012). Information regarding environment helps in providing business as in case of loss for subjective environmental disruptions on an adverse manner. It requires depiction ways in case of penalties and deduced taxable income for derived fiscal advantage in the most appropriate way. It reveals social as well as environmental information for loosing trust in case to stakeholders and portraying ethically and environmental responsible. Arguments for supporting the view those companies provide an optimal level in case of social and environmental information It is important to understand the fact that absence of information would lead to company devastating impact in every form. Regulations mandate ways for providing environment as well as social information in acting for bringing compulsion in disclosing details in an overall manner. In case of mining firm, it is noticed that operations takes place in an isolated area for wastage of oil and leading extraction. It requires proper disposal of waste in absence of regulatory measures like environmental regulations (Albrecht, Stice and Stice 2011). It mandates companies for following appropriate methods for disposable wastes on an adverse manner. It needs dumping waste anywhere in the river without even thinking of inhabitants as well as posing ethical irresponsible. It measures loss in monetary terms as well as negotiation loss for bearing costs in social wealth for future analysis purpose. Reference List Albrecht, W., Stice, E. and Stice, J. (2011).Financial accounting. Mason, OH: Thomson/South-Western. Barnett, K. (2012).Accounting for Profit for Breach of Contract. Oxford: Hart. Deegan, C. and Unerman, J. (2011).Financial accounting theory. Maidenhead, Berkshire: McGraw Hill Education. Devi, S. and Hooper, K. (2011).Accounting in Asia. Bingley: Emerald. Duska, R., Duska, B. and Ragatz, J. (2011).Accounting ethics. Chichester, West Sussex, U.K.: Wiley-Blackwell. Dyckman, T., Magee, R. and Pfeiffer, G. (2011).Financial accounting. [Westmont, Ill.]: Cambridge Business Publishers. Feldmann, D. and Rupert, T. (2012).Advances in accounting education. Bingley, U.K.: Emerald. Freeman, R. (2011).Governmental and nonprofit accounting. Boston: Prentice Hall. Glautier, M., Morris, D. and Underdown, B. (2011).Accounting. Harlow, England: Financial Times/Prentice Hall/Pearson. Hendriksen, E. and Van Breda, M. (2012).Accounting theory. Homewood, IL: Irwin. Libby, R., Libby, P. and Short, D. (2011).Financial accounting. New York: McGraw-Hill/Irwin. Riahi-Belkaoui, A. (2012).Accounting theory. San Diego: Harcourt Brace Jovanovich. Schroeder, R., Clark, M. and Cathey, J. (2011).Financial accounting theory and analysis. Hoboken, NJ: Wiley. Scott, W. (2011).Financial accounting theory. Toronto, Ont.: Pearson Canada. Scott, W. (2012).Financial accounting theory. Toronto: Pearson Prentice Hall. Shim, J., Siegel, J. and Shim, J. (2012).Financial accounting. New York: McGraw-Hill. Spiceland, J., Thomas, W. and Herrmann, D. (2011).Financial accounting. New York: McGraw-Hill/Irwin.

Syphilis In Measure For Measure Essays - Syphilis,

Syphilis In Measure For Measure Syphilis in Renaissance Europe and in Shakespeare's Measure for Measure Bibliography to venereal disease appear as early in the second scene of Shakespeare's Measure for Measure. Syphilis, the primary and most horrible of venereal diseases, ran rampant in Shakespeare's time. By giving a brief history of the disease in Renaissance Europe one can gain a better understanding of the disease which will provide a greater insight into the play which would have gone unknown. This brief history will include, the severity of the disease in fifteenth and sixteenth century Europe, believed origins and symptoms of the time period, and methods of curing or combating the disease.. By reading and analyzing passages referring to syphilis in Measure for Measure it is clear that Shakespeare himself believed in most of the truths established by the poet and physician Fracastor. Fracastor was the primary source and influence regarding studies of syphilis in Renaissance Europe. The disease we now commonly identify as syphilis is believed to have arrived in Europe for the first time in the late fifteenth century. Though there are few statistics from that period available to prove such an argument, there is plenty of evidence that supports that the disease suddenly emerged in great abundance during this time period. It is also believed that syphilis was much more severe then, than it has ever been since. Zinsser writes in his book, Rats, Lice, and History that: ?There is little doubt that when syphilis first appeared in epidemic form, at the beginning of the sixteenth century, it was a far more virulent, acute, and factual condition than it is now (Rosebury 23).? The first time syphilis, called evil pocks at the time, was mentioned in print occurred on August 7, 1495 in the Edict of the Holy Roman Emperor Maximilian. In this document syphilis was believed to be a punishment sent from God for blasphemy and was described as something ?which had never occurred before nor been heard of within the memory of man (Rosebury 24).? Between the years 1495 and 1498 there were a total of nine similar documents that emerged through out Western Europe. In 1530 Fracastor, a poet and physician, published the poem, Syphilis sive Morbus Gallicus, translated ?Syphilis or the French Disease.? The main character was a shepherd in Hispaniola named Syphilis. Syphilis caught the disease for disrespecting the Gods. At the time Fracastor believed in the previous documents, but would provide his own original ideas concerning how the disease reached Europe. He also alluded to possible treatments, that Shakespeare will later use in his plays. Fracastor used the name ?syphilis? for both the main character and the disease he contracted. However, the name of the disease continued to be known as ?the French disease.? It was not until the 1850's, more than three centuries after Fracastor's poem, that the disease was called ?syphilis.? Fracastor's poem grew widely popular in Western Europe, and was believed to be mostly factual at the time. It might seem odd that a fictional poem with fictional characters would be widely regarded as truth, but under the extreme circumstances of the sixteenth century syphilis epidemic it makes perfect sense. Syphilis had caused terror in the hearts of the people in the sixteenth century due to its rapid spread. Physicians seemed helpless to cure it. No one could do anything, but believe in what Fracastor wrote. In the poem Fracastor had answers concerning its origin, symptoms, and cure for this new disease. He went along with the common belief that it appeared in the French army before Naples around the year 1495. ?From France, and justly took from France his name, (Rosebury 31).? This quote provides the evidence concerning syphilis' former name, ?The French Disease.? He also discussed how he believed that it originated in America, and was brought back with Columbus and his men. This was the popular view of the day, and many researchers still find truth in it. What Fracastor truly believed, at the time, was that the positions of the planets influenced the outbreak of the disease. He believed that they lined up in such a way that provided great conditions for the emergence of the disease. In the poem Fracastor also

Odyssey Book IV - Summary of the Events

Odyssey Book IV - Summary of the Events Odyssey Study Guide Contents Telemachus and Pisistratus arrive at the court of Menelaus and Helen where they are welcomed, bathed, oiled, dressed, and feasted even though the royal couple is making their childrens wedding preparations. After they eat Menelaus hazards a guess that they are the sons of kings. He says that few among mortals have as much wealth as he although he has also lost much, including men; the one whose loss he most laments is Odysseus. He doesnt know whether Odysseus is dead or alive but when he sees how moved Telemachus is, he silently deduces that he is the son Odysseus left in Ithaca as a baby. Helen comes in and voices Menelaus suspicion. More stories bring more tears until Helen doses the wine with a pharmacopeia from magical Egypt. Helen talks about how Odysseus disguised himself to get inside Troy where only Helen recognized him. Helen helped him and said that she regretfully longed to be with the Greeks. Then Menelaus tells about Odysseus work with the wooden horse and how Helen almost undid it all by tempting the men inside to call out to her. Telemachus says its time to sleep, so he and Pisistratus sleep outside in the colonnade while the royal couple goes to their indoor bedroom. At dawn, Menelaus sits beside Telemachus. Menelaus asks why Telemachus came to Lacedaemon. Telemachus tells him about the suitors, which Menelaus says is shameful and Odysseus would do something about if he were there. Menelaus then tells Telemachus what he knows about Odysseus fate, which involves the story of meeting Proteus, the Old Man of the Sea, at Pharos. Proteus daughter, Eidothea, tells Menelaus to take 3 men (whom she covers with sheep skin) and wait until her father has finished counting his seals and fallen asleep. Then Menelaus is to grab Proteus and hold on regardless of whether Proteus becomes a lion, a boar, water, or fire. Only when Proteus stops morphing and starts asking questions should Menelaus let go and ask him how he can get out of Egypt. After gaining the necessary information about sacrifices and doubling back down the Nile, from Proteus, Menelaus inquires about Odysseus and learns he is being held by Calypso. Menelaus asks Telemachus to stay a while so he can gather together gifts. Telemachus says he wants to get going on his quest, but appreciates the gift offers. Theres only one problem, Ithaca is ill-suited to horses, so could he please exchange the kind offer of horses for something else? Menelaus agrees and thinks well of him for asking. Back in Ithaca, the man who lent the ship to Telemachus wants it back and asks the suitors if they know when it will return. This is the first the suitors know that Telemachus is gone. Penelope also hears about it for the first time and is distraught. She questions Eurycleia who dissuades Penelope from notifying old Laertes about his grandsons departure. The suitors plan to ambush and murder Telemachus on his return. They sail out to wait in a cove. Penelope is comforted by a dream phantom of her sister, Iphthime, to reassure her of Telemachus divine protection. Book III Summary|Book V Read a Public Domain translation of Odyssey Book IV. Odyssey Study Guide Contents This book suggests that Helen may have gone willingly to Troy and then later regretted her decision. Menelaus may not have entirely forgiven her. He changes the topic from her helpfulness towards the Greeks in her narrative about Odysseus to the related one of the men inside the horse who are tempted by her voice to call out to her. It is not clear why it matters whether Menelaus makes it back before Orestes does to kill Aegisthus, murderer of Agamemnon. Proteus tells Menelaus that because he is the husband of Helen, who is the daughter of Zeus, he will end up in a good spot in the afterlife, in the Elysian Fields. Telemachus had told his nurse Eurycleia about his plan but hadnt wanted his mother to know for fear she let on too soon. He had good reason as her tearful behavior shows. Had the suitors known any earlier, they might have killed him before he had accomplished anything. Mentor was recognized in the ship in which Telemachus set sail, but he was also seen in town. This doesnt present a problem. It is simply assumed that one, presumably the one with Telemachus, is a god in Mentor-disguise. Telemachus didnt turn down a present but asked if he could have something else instead because the present was unsuitable. I dont think we do that very much today because we are afraid of hurting feelings, but perhaps people today would react as Menelaus did perfectly amenable to replacing it with another. Near the start of the book, the familiar theme of hospitality creeps up. Menelaus is prepping for weddings, but when he hears there are strangers on his shore, he insists that they be properly entertained, and all, of course, before he questions his visitors. Odyssey in English Odyssey Study Guide Contents Telemachus - Son of Odysseus who was left as a baby when Odysseus went off 20 years earlier to fight in the Trojan War. Menelaus - king of Sparta and brother of Agamemnon. When Menelaus married Helen, a promise was extracted from all the rejected suitor-princes that they would come to the aid of Menelaus should anyone try to abduct her. Helen - daughter of Zeus and wife of Menelaus. Paris took her to Troy and the Greeks came to take her back, fighting the Trojan War over her. On her return, she and her husband Menelaus are long delayed in Egypt where Helen learns some of the magical properties of herbs. Pisistratus - Youngest son of Nestor. Younger brother of Trojan War fighters Antilochus and Thrasymedes. Pisistratos accompanies Telemachus on his journey. Proteus - the Old Man of the Sea. He herds seals and can change into any form. Menelaus has to hold onto him no matter what shape he changes into. His daughter is Eidothea, who not only helps Menelaus against her father, but s laughters four seals in order to provide covering for the men. Penelope - the faithful wife of Odysseus who has been keeping the suitors at bay. Iphthime - sister of Penelope, daughter of Lord Icarius and bride of Eumulus. A phantom of her is sent to comfort Penelope. Eurycleia - the old faithful servant who kept Telemachus secret when he left Ithaca and didnt want his mother to let on to the suitors. Antinous - The ringleader suitor who is approached for information about the ship Telemachus borrowed. He gathers together the suitors chosen to ambush and murder Telemachus. Profiles of Some of the Major Olympian Gods Involved in the Trojan War Poseidon Zeus Athena Notes on Book IV

Thinking Outside the Box, Turning Rejections to Payments

Thinking Outside the Box, Turning Rejections to Payments Its always painful when we spend time writing up articles only to have them rejected, time and again. However, a simple technique can turn your rejection emails in to payments. You just need to think outside the normal boxes and appeal to a different audience. Let me set the scene. Walking, hiking and backpacking are where I draw most of my inspiration for my writing. I planned a weekend trip to a mountain bothy, a small mountain shelter that is free to use and is a great place to spend an overnight in the wild. They are little more than brick built tents. On my return, I pitched an article to several magazines specialising in hiking and mountaineering. However, they all rejected me. Feeling a bit lost and dejected, I flicked through the long list of magazines accepting submissions. After spending some time reworking the article, I submitted to a completely different genre. Living in the city of London and then spending time in the mountains of Wales, I had the chance to see more of the stars and the heavens than I had ever seen before. Reflecting on this, I decided that it would be good to rewrite the article for a Christian magazine. After all, I am a practising Christian, and enjoy reading about others experiences so why not share my own? I spent some time considering Bible quotations and rewriting the article to reflect how the experience could bring other people closer to God. As the article was for a non-specialist magazine, I need to adapt the language and add explanations that would be required for readers to understand the context of the article. The experience of rewriting was extremely useful, not just to be published, but also to find errors and to tidy up my original article. I pitched to the editor and almost immediately received a response, requesting some images and examples of my previous writing. The article went to features meeting where it was accepted and so I sent the final article with the photographs that I had taken on my trip. The editor was impressed with the uniqueness of the article, especially for his magazine, which led to getting the article published. Having photographs helped too, as this meant that the editor had a complete package and did not need to spend money on stock photography. Magazines that specialise in the outdoors will undoubtedly be inundated with lots of articles on the topic of spending a night in a bothy, so to stand out and have a chance of being published you need to provide a unique angle. Whereas a publication that has a different focus might be more willing to publish as you have a different angle. Try it with one of your own rejected article pitches. Where else could you submit it? Perhaps you could rewrite the news feature for a specialist magazine into an article for a local newspaper. Or maybe a local interest story that was covered My tips for turning rejections to payments:  · Try rewriting the article for a different market  · Look beyond the obvious sources of income, who else might be interested  · Find a different angle for your article  · Try to include photographs and images as editors prefer a complete packaged (you may be paid more for it!)

Immigration Essay Example | Topics and Well Written Essays - 2500 words - 1

Immigration - Essay Example The repercussion is dealt with in turn with a strong-willed defense of immigration. As time goes by, the debate becomes more intense; immigration will perhaps be a foremost issue in the politics of the near future and the next generation. Some contestants in the debate dispute that immigration is an economic advantage to the nation but a catastrophe in cultural implications, that the latter dimension is more essential than the former; hence immigration should be trimmed down (Loveless, 1996). I have a different assessment. Persistent soaring immigration is likely to generate economic problems for the nation but as well provide key social opportunities, and because of this, immigration will contribute constructively to the nation. Some of the contestants in the debate believe that it is just a waste of time to argue about the implication of immigration to the United States and whether it should be supported or thwarted. Immigration is an enormous reality of human existence, they assume, and nothing can be done to prevent the surge of newcomers even if a cutback were intended. What must be disputed, they claim, is the treatment granted to the immigrants, specifically the human rights and political privileges bestowed upon them. The point of view taken in this essay is dissimilar. Even though the laws of the nation cannot absolutely regulate the population of immigrants into the United States, they still have a remarkable impact. The recent dramatic increase in immigration has occurred in reaction to a major transformation in immigration law in 1965, and that law might be amended once again, in so doing altering the pattern of immigration (Loveless, 1996). In this essay I will defend immigration. Even though I take critical consideration of the several reasons put forth for criticizing immigration, I conclude that these immigrants actually contribute encouragingly to the value of American life and that immigration corresponds to the

Unit 7 Application 1 Essay Example | Topics and Well Written Essays - 1000 words

Unit 7 Application 1 - Essay Example Experience coupled with education is a preferred combination (Gully & Phillips, 2010). It would be advantageous for a company to hire a candidate with many years of experience and a solid education since they not only have the knowledge but also practicality in the application of concepts (Gully & Phillips, 2010). Moreover, there in a better position of handling complex duties or a crisis since they have prior encounter of such scenarios (Heneman & Mueller, 2012). An organization seeking to fill a position would opt for one who brings their experience in the company and thus become an asset. Although a candidate’s qualification and experience are vital, it is important to check on their performance (Gully & Phillips, 2010). If the candidate was working in another organization, then as an employer, one should review their performance in order to rate on whether they are able to deliver on this job given their work history. This is because one might have all other qualifications in check but fails to live up to the company’s expectations. Cognitive ability is another factor of importance (Harris & Brannick, 1999). A candidate should possess the ability to think on their feet as in certain circumstances, one is not afforded the time to consult on a particular issue as it would require a decision there and then. Since there no company that would want to make losses as a result of poor decisions made. Other factors that would come after conclusion of the aforementioned include integrity, background and drug test in that respective order. A candidate should have good ethics and not suffering a drug addiction. The three applicants that I would select from the above list are based on the criteria given above are Frank, Radhu and Raul. This is on the basis of their educational qualification, company experience and performance rating (Gully & Phillips, 2010). In the case of Raul,

Common man Essay Example for Free

Common man Essay At one level, the thesis is then just another callow compromise by the author in a life that he would call hollow, servile, and insincere. He is a weak and miserable man. Early in life, he was instilled with the desire to live according to what Bolles (1985) referred to as the three boxes of life, a desire that most middle-class parents bequeath to their children in the developing world. The three boxes of life being: foreign Western education, or rather training; high paying professional work in the West or the Middle East; and lastly a cushy retirement plan in North America and/or Europe, or a dollar-indexed pension to be paid in the home country. In other words, to borrow the incisive language of Malcolm X, my social milieu spoke to me in the following way: try to change your status from that of a field slave in the developing world to a house slave in a developed country so that you are of more use to the master and get to live a relatively comfortable life. On no account are you to forge a common cause with your fellow field slaves and work towards a new reorganization of the plantation so that all can live with dignity. You are, of course, allowed to be compassionate towards the lower orders, give charity, and urge them to be like you in the lust to emulate the master. Thus, I came to view myself as a rat, in all senses of the word, and my country as a sinking ship. Foreign education was the life boat on which I could get out of the ship and serve with a smile those very institutions and interests that had boarded and scuttled not only my ship but many others like it. As for those drowning in the decks below, the thought never really entered my mind. I now freely admit that I could not escape the clutches of the first box even when I became aware that I would be serving the very interests that were antithetical to what I thought represented the best in humanity. My ensnarement was due not so much to the strength of the box but to some path dependency processes which were accentuated largely by my own weaknesses, an unhealthy craving for wealth and status, and, lastly, craven cowardice that has made me so far, to quote Hamlet, ‘bear the ills we have than fly to those that we know not of.’ The jury is still out on the second and third boxes though. I hope the thesis will help me make my escape from them.

Role of Religion in Victorian Life Essay -- Victorian Era

Role of Religion in Victorian Life Religion throughout history has been a dominating social factor, and in Britain during the nineteenth century, this same religious domination can be seen. The Victorian era was marked by the Church of England which developed such an influence in politics as well as religion that it became difficult to separate the two (Yi 1). The tyrannical power of the church fostered many problems (lack of space, not relating to its people, hypocrisy, etc.) and created an air where a variety of dissenting groups could form and develop (1). The atmosphere of the high church compared to that of the dissenting groups explains why the shift of religion occurred with such a large response. Wealthy (High Church) vs. Middle Class (Dissenters) In the high church, funding came from the wealthy which in turn gave them a piece of the church as property--pews. These pews were branded with a family name and would pass from generation to generation. If the family moved, the pew would remain vacant not open for others to sit in! This left the lower classes to standing r...

Bollywood Film Essay

The development of technology has caused various changes in the different aspects of the society. One of the most observable modifications is in terms of the source of entertainment for most people. Nowadays, majority of the people are interested in watching movies. They tend to get the satisfaction out of looking at actors and actresses play various roles. Motion pictures also portray different themes that could be focused on romance, actions, horror, science fiction, and others. The clamor for movies also paved the way for the success and popularity of numerous thespians such as those in Bollywood. Bollywood usually make movies that feature the concept of Scopophilia, which literally means the â€Å"love of watching. † This term is also synonymous with voyeurism that pertains to the experience of sexual gratification by means of observing other people in secret. Most of the time, the object of such kind of desire is someone who is undressed or engaged in a sexual activity. The main idea in the concept of scopophilia is that the one who is looking or peeping does not interact with the person being observed. In the same manner that movie-viewing also adheres to such practice because the audience watches the activities of the people on the screen, who are unaware that they are being observed. Most of the time, filmmakers would use erotic scenes in order to satisfy the sense of scopophilia within a person. However, they could get around it by featuring a chaste woman in the plot of the story. In this sense, the filmmakers are actually creating a balance between a woman who easily engages in sexual activity and another female who represents the conservative value of being chaste. This is greatly observable in Shri 420, wherein it shows two women that were linked with the main character Raj, Vidya the virtuous woman and Maya the sultry temptress. The film shows erotic scenes especially those involving Maya. Nevertheless, they were able to get away with it because of the argument that these scenes are important in order to show the difference of Maya from Vidya. As such, erotic scenes were perceived to have an important purpose in the plot of the story to be able to distinguish the kinds of women that exist. This also symbolizes the difference of the good and the bad that is shown in the movie, wherein Raj was with Vidya when he was still living a morally upright life but later on tempted by Maya when he was already engaged in illegal activities. The discussions above show that scopophilia is actually the main idea behind the very nature of movie-watching. Filmmakers usually use erotic scenes in order to satisfy this kind of desire within a person. Nevertheless, erotic scenes also have an important part in the movie as it tends to distinguish the upright life from the unethical one by using women as examples.

Strengths and Weaknesses of the Qualitative Methodology

Cotte’s paper primarily deals with the Economic, Symbolic and Hedonic motives of gambling (2-3). Her method is centered on Ethnographic Participant Observation (1). The study was conducted on a Northeastern casino (10) for 90 hours that was accumulated through 30 visits between October 1995 and March 1996 (9). This critique will concentrate on the analysis of Cotte’s Literature Review, Research Design and Methods and Subjects chosen for the study. Literature Review Cotte’s literature review tackles the economic, symbolic and hedonistic motives of recreational gambling.With an emphasis centered on â€Å"Experiential Consumption† (6) which explains the role of motives in human behaviors and decisions, the paper was able to prove its point that the human drive to gamble stems out from the desire to learn and evaluate the game (12), to have a feeling of a â€Å"rush† (14), to demonstrate self definition such as being a â€Å"variety-seeker, rebel, and casino pro† (15), to fulfill the desire to be a risk-taker (18) and to view â€Å"cognitive self classification† that is primarily achieved through â€Å"interpersonal relationships† (19).Similarly, the study reveals that urge for â€Å"emotional self classifications† are also evident (19); similarly, human competition (20) and communion (21) are also part of the characteristics that were studied. The paper’s main criticism for the author’s literature review is: Cotte, by opting to focus on the hedonistic aspect of gambling has established the claim that recreational gambling primarily is a result of emotion in its most â€Å"barbaric sense† and provides no rational explanation whatsoever on the concept of recreational gambling.Cotte presented eight cells (12-21) which tells the reason in a form of conversation between her (i. e. the researcher) or other people through overheard conversations or observations explaining why people gambl e. It could be significantly noted that Cotte have made various explanations linking the results of the observation and or interview to her related literature; and it appears that those explanations are only liked to the situations wherein there is an emphasis on the hedonistic drive (12-18).The author explained that the feeling of excitement, rush, the unknown etc are the primary reasons why people keep on coming back to the casino and even bringing their families with them to gamble as well (18). However, the paper would like to assert that although the first few cells are significantly linked on the theories that the author used, the last three cells were explained by the author in such an abrupt manner that she suddenly inserts a theory that in no way was she was able to elaborate on her literature review (19, 21).The Utilitarian Theory which definition is not established or discussed at all was inserted and was used to explain â€Å"emotional self classification† (19) an d communing (21) . In virtue of its philosophical roots, the Utilitarian theory was introduced by JS Mill and is commonly known of having this maxim: the greatest amount of happiness for the greatest number of people. However, the paper would want to establish that the author coined a different concept to the theory by equating utilitarianism to â€Å"rationality† which is definitely not the case.The paper acknowledges however that linguistics of course allows convention to give a different meaning to a particular word. However, if this is the case, the author should have at least provided an operational definition on her review of related literature. Research Design and Methods The author’s method is qualitative research focusing on Ethnographic Participant Observation (1). Her data gathering method was done primarily through unstructured interviews (Bailey, 1994) and observation (Holloway, 2002). The paper has two main criticisms: (1) Unstructured interviews are rela tively prone to bias (Bailey, 1994, 195).The unstructured interview wherein the interviewer has the advantages of probing her subjects more has a high degree of possibility to be interpreted in a different manner than what the subjects really intend it to be (195). Also, in comparing the unstructured interview to the structured interview, Bailey argued that â€Å"the mere fact that a highly structured interview has a neatly typed questionnaire is easy to code, and seems to be reliable does not ensure that the information gathered will be superior to that gathered with an unstructured interview† (195).(2) The second criticism of the paper is that observations that are primarily documented through field notes and should be in four types: condensed account, the expanded account, the fieldwork journal, and analysis and interpretation notes (Holloway, 2002, 135). However, it could be noted that the author has made clear on her paper that she only has â€Å"field notes† (whi ch is a generalized note) and â€Å"introspections† (10) for her data gathering. Holloway (2002) by quoting Spradley (1979) on her book explained that it is necessary that all of these field notes should be done by any researcher who will use the Ethnographic method.However, the paper also recognizes the advantages of the unstructured research. It is also noted by Bailey (1994) that most cases reveal that unstructured interviews have the capability of eliciting more favorable responses from its subjects. The fact that the interview is more informal in its setting and is generally friendly, most researchers are able to get the innermost feelings of their subjects that the subjects on the other hand might not consciously realize that they possess.Similarly, the descriptive ethnography method (Holloway, 2002) is capable of presenting an account of a particular behavior on a specific area or industry. Similar on the case of the recreational gamblers in the northeast, the author w as able to present what type of recreational gamblers those people are going in that casino. Cotte’s output as she stated on the latter part of her paper could be grounds for better and improved researches. Subjects of the Study The subjects of the study are randomly chosen.As evident on the research conducted, the author claims that most of the data gathered are from abrupt conversations, overheard conversations and observations. Hence, the paper claims that there is no way that the author could further verify if the same emotions or motives still apply after that particular day or the days after that particular study. Similarly, the context of the study (Holloway, 2002) that is in Northeast America does not allow the study’s conclusion to be extended to other locations or cultural contexts. Conclusion:The paper would say that the author’s attempts to verify that recreational gambler’s motivations in gambling are primarily driven by their hedonistic moti ves are successful. However, there should be enough detail that should be given in terms of the literature’s completeness, further efforts to make the methodology more valid and a more diverse choosing of the respondents. Literature Cited Holloway, I. (2002). Qualitative Research Methods in Public Relations and Marketing Communications. London: Routledge. Bailey K. (1994). Methods of Social Research. New York: The Free Press.

Modernism The movement and what it brought about

Modernism The movement and what it brought about Today, I can type this essay on my computer and print it on my printer because of modernism. Many people are to thank for the great things that we have today, like Picasso and Freud for example. Modernism is what lets us grow and expand our culture into something great.Anything that is created today, that has never been used before or if it is an upgrade to something that is old, would be considered modern because it is new and different, and it is more at a higher level. There are different types of modernism, like modern technology, and paintings, art, music, foods, hair styles and clothes styles. I think it is amazing what people can do when they set their mind to it. If people did not have creative and new ideas, willing to take a risk of maybe looking silly or being persecuted, people would still be living without electricity, or and kind of electrical technology, and still be drawing pictures on rocks with mud or clay.Pablo Picasso, Three Musicians (1921), Museum of M...Picasso created the new technique during his time known as cubism. No one had ever heard, seen, thought of, or used the technique of cubism at that time. Picasso had instead of painting portraits the way they are normally shaped, the way that they look, he made it into a sort of abstract cube shape. One picture that Picasso painted using this sort of cubism is called Man with a Violin. This was a different kind of cubism, it is called analytic cubism. It is called this because it has "a multiplicity of viewpoints replaced one-point perspective. The cubist image, conceived as if one were moving around, above, and below the subject and even perceiving it from within, appropriated the fourth dimension-time itself"(Fiero 9).It is a painting...

Marketing Budget Summary Essay Example | Topics and Well Written Essays - 500 words

Marketing Budget Summary - Essay Example Going through the history of the events Panera has organized it can be approximated that the company will spend around 10 million in 2007. Panera operates a newsletter and website to increase the awareness about its products and services amongst the customers which are examples of the items that will come under publications. As the newsletter is based on a subscription model the expenditure on the newsletter is covered by the subscription fee. However the cost of maintenance of the website and its content and other publications items will require some additional expenditure in the future. Thus publications will require a spending of around can be approximated 1 million in 2007. As Panera's bakery products are its major market the marketing expenditure for that segment will be the highest in 2007, followed by caf products and then pantry products. Ideally the marketing budget should be based on the proportion of the product category wise sales. However, due to unavailability of such data these values have been derived based on judgment. Panera has a vast operation in 36 states. Having such a vast operation it must divide its marketing budget area wise as well. There are several ways for making a region wise division of the market budget.

Describe the structures and regulatory mechanisms essential for both Essay

Describe the structures and regulatory mechanisms essential for both quiet and heavy breathing - Essay Example As diaphragm contracts and moves down, the chest cavity is enlarged reducing lung pressure. Air moves in to equalize the pressure. When the diaphragm relaxes, it moves back to its original position pushing air out due to the increased pressure in the chest cavity. In heavy breathing, many other muscles are involved. During the inspiration process, the lower ribs are raised up and out by the external intercostal muscles. The process increases lateral as well as anterposterior proportions of the thorax. Sternomastoids and the scalene muscles also aid the process by helping raise and push the sternum and the upper ribs2. This creates a pressure gradient which draws air into the alveoli. Unlike quiet expiration which is predominantly passive, heavy expiration requires the functioning of several muscles. The most important muscles here are the ones making up the abdominal wall. They include the internal and external obliques and the rectus abdominus. The transverse abdominus also plays a role in the process. These abdominal wall muscles raise the intra- abdominal pressure by contracting3. It results in the pushing up of the diagram. The upward movement raises the pleural and alveolar pressure thus driving air out. The ribs are also pushed down and in during heavy expiration by the internal intercostals. The breathing rate is controlled by the respiratory center in the brainstem. It is responsible for sending signals to the various respiratory muscles thus dictating when to breathe. The spinal cord is directed to maintain breathing by the medulla4. A part of the brain called the pons, located near the medulla, is key in smoothening the breathing and respiration pattern. Synchronization occurs between the involved neural centers and the muscle movement in order to ensure smooth breathing. The control occurs automatically and continuously. One

Macroeconomics - Inflation, Disinflation and Deflation Term Paper

Macroeconomics - Inflation, Disinflation and Deflation - Term Paper Example The paper outlines that the global financial crisis has led the whole world to think of taking the radical measures through which the financial situation of the globe can be improved. The global recession spread across Europe and US has also caused everyone to become indebted. This situation serious attention and the first thing that the economists need to do are to review the macroeconomic policies in their respective economies in order to reform them. The most dangerous economic ailment that is also considered as a potential cause of economic recession is inflation, which is known as the sustained rise in the general level of prices for the goods and services. Due to the inflation, the monetary value liquidates and although people have same amount of money, but their buying power is reduced. Therefore, the purpose of the report is to make the readers understand some of the basic yet alarming principles of macroeconomics that are leading the current financial situation in to its worst era. Apart from the causes and effects of inflation, the disinflation, and deflation will also be discussed. In the end, the conclusions and recommendations will be made concerning how the inflation and its forms can be overcome. The main conclusion from the study is that inflation and deflation are the two driving forces that drag the prices sometimes up and sometimes down. The rise in the inflation leads to rise in supply and decline in demand, where as the deflation rise will result in the decline in supply and rise in demand, and this cycle goes the same way.

MBA - business Startegy Essay Example | Topics and Well Written Essays - 2000 words

MBA - business Startegy - Essay Example In today’s world, a company can have its head office in London, the main production facility in China, the research laboratories in Germany and the support centre in Pakistan. At the same time, the individuals working for the company in different locations are likely to come from different cultures, have different logistical needs and they may even require different management policies (Hollinshead and Leat, 1995). While it may seem complicated, these elements are just some of the basic concerns of a modern MNE (Johnson et. al., 2005). However, it must be noted that the functioning of the company may be much simpler than comparative companies in the past and the size of the company can actually be tiny compared to the global organisations of the past. The internet is certainly a great tool which allows relatively miniscule companies to come face to face with big players in the market. A company can have less than ten employees, work only with a capital of a few million and yet have a logistics and supply chain system which works better than giants such as BP. Margulius (2006) presents several examples of how companies can use information technology to improve their position in competing with larger companies on the basis of their created supply chains. This certainly complicates the organisation of the company since every individual is a key decision maker but at the same time, it lets the MNE be more agile in terms of conducting business across the world. For example, a very small company such as Oriel wines was the subject of the cast study by Chozich (2005) who showed that a producer and supplier of wine could used the internet to give their clients an image of a company which seems to be much larger than it actually is with a supply chain that runs from California to Germany and as far as Japan. The company is simple in structure, but the organisation of such an effort depends on several very complicated technologies which work

Comparing Idealism And Realism Philosophy Essay

Comparing Idealism And Realism Philosophy Essay Idealist, idealized, ideal (adjective), and the ideal (noun), all of are derived from the Greek idea which means new thought flashed across the mind. This signifies image, figure, form: it can be used in the sense of likeness, or copy as well as in that of type, model, or pattern: it is this latter sense that finds expression in ideal, and the ideal and the derivatives are mentioned above. When we talk about the ideal or idealism, it is not the copy of a out of the world image or object, but it is only a type which can be a thought. It cannot beyond reality but it can only be a fairer, nobler and the most perfect which exists in reality. [http://dictionary.reference.com/browse/idealism (23-Nov-2010)] It is the characteristics of those people who respect the ideas and who pays respect the truth According to Plato, visible world is simply a copy of a super sensible, intelligible, ideal world and consequently things are but the impress stamped on reality by that which is of a higher, spiritual nature. It is just a technical term which was made by Plato and it has a vital and important affect on the task to be attained and it has significance influence on the people. It has a impressive affect on reality which help in obtaining the higher level or we can say spiritual nature. There are two theories which are interrelated to each other, Idealism and other is Realism. Plato is in favour of Idealism and hence known as Platonism while Aristotle is in favour of reality and so called as Realism. Platonism is one of the oldest form idealism and is in favour of the idealist to long extent. Normally, it is the contrast comparison of the both the philosophies of Idealism and Realism. Realism does not support the new concepts and thoughts but it is in favour of the real world and supports the things as they happen which is just the copies of every day life. Plato is in favour of the idealism and therefore it is considered to be more accurate and correct as idealism is more important in teaching and it helps in putting new ideas into art. Both, Aristotle and Plato have a vital influence on the Greek life, their life style, their style of thinking and their actions which carries the deep moral and ethical influence on their life. On the basis of these theories and the ir deep influence, convicted the first and highest principle of all things is the one perfect spiritual which is the transcendental idealism of Plato and with which they call God and by which means of intermediate principles, essence and form, purpose and law, and some of the working individual which obey these principles are the visible world. So, idealism is the doctrine philosophy which leads towards the high spiritual principles and which lowers downs the materialism. On the base of these characteristics, idealism is being called as the dual characteristic philosophy and it is against the single characteristic philosophy which describes as the higher and the lower are same. The principle philosophy of higher is against the philosophy of the lower material and again this philosophy is against the single characteristic philosophy or doctrine. When we talk about the older version of the idealism, it clearly indicates that there is no one which is One- All, but there are different i ndividuals who have some different roles and they have some specific features and there is certainly some alpha and omega i.e. a supermundane cause and end of the world. I affirm without hesitation that the assertion, the existence of the world consists merely in our thinking, is for me the result of a hypertrophy of the passion for knowledge. To this conclusion I have been lead chiefly by the torture I endure in getting over idealism. Whosoever attempts to take this theory in downright earnest, to force his way clean through it and identify himself with it, will certainly feel that something is about to snap in his brain. (Jerusalem, Die Urtheilsfunktion, Vienna, 1886, p. 261). J. Volkelt (Erfahrung u. Denken, Hamburg, 1886, p. 519); It should kept in mind that the term, idea has a lot of contents and should be so far degraded as to signify such aberrations of thought. Geschichte des Idealismus (2nd ed., Brunswick, 1907) has taken the ground that the original meaning of these terms should be restored to them. Realism Realism is the philosophy which can be described as the independent of conceptual schemes, having linguistics practices, beliefs, etc. According to the international business point of view, it is the dominant thinking within the international relations which is interlink with the ideology, security, morality, reconstructions, socialism and political realm. Most of the philosophers who are in favour of the realism, they believe in reality having strict point of view against idealism and they are the speaking to the other minds, their past, present and future as well. Realism deals with the universalism, morality, materialism, thinking, and natural numbers as well. The people who believe in realism, they consider the reality and how approximate is the reality, they also believe that whenever there will be any new observation, it helps the individuals to come closer to each other and they are against idealism and anti realism. The philosopher has been discussing on the realism. While discussing, they have been looking for the true meanings of the realism and the origin of realism. They have been discussing this issue from so long and the history of philosophy is full of this discussion. If we talk about the medieval interpretation and adaptation of Greek philosophy, it clearly signifies that the origin of this term Real is from the medieval period and according to this philosophy, the meaning of this word is some thing different and in present it means opposite. It should also be kept in mind that realism is the contrasting philosophy of conceptualism, nominalism and idealism. The philosophers who have been discussing realism have found out the problems which a universe has been facing and these problems are being called as the problems of universals which is a term that does not describes a single individual but it is being applied on many things and hence it is believed that realism is the thing which really exist and it is associated with other things and also to the world. When we consider it to be associated with the world, we can definitely say that it is linked with Plato. It should also be considered that conceptualism exists in this world but this is the on ly thing which exists in mind and moderate realism say that it exists in some specific things where as philosophers when they start discussion about the nominalism, they say that universals do not exist at all and this is to be believed that realism exists in the world from the centuriesand. In its Kantian sense, realism is contrasted with idealism. In a contemporary sense, realism is contrasted with anti-realism, primarily in the philosophy of science. Conversational is simplicity and oneness with nature. Idealism vs. Realism To make the clear differences, it is necessary to understand the clearly idealism and realism. Idealism is to see things in a way as we want where as realism is to see the things as they happen in a current situation and what they are and how they are. Idealism is the philosophy that describes that the current situation is being shaped into by our thoughts while realism is independent of our thoughts but its the existence. A person, who believes in idealism, always looks for the good and he can be less affective while a person who believes in realism can be more affective. Idealists are more positive where as realists are less positive. Idealists are more goal ambitious as compared to realists.

Common Program Models :: essays papers

Common Program Models There are various forms of year-round education. The program consists of several plans including, concept 6, multi tracks, and single tracks. These options allow schools to provide a better working environment for students. Most calendars are designed to split the school year into periods with vacation time, called intersession. One popular plan that has been proven to be successful is the concept 6 program. Concept 6 plan has been used successfully at both elementary and secondary levels. It is particularly useful when there is lack of space. It requires that students be divided into three groups, with one group always on vacation, thus releasing a considerable amount of space for instructional use. A high school built for 1,600 students can house 2,400 under a Concept 6 three-track plan. It also can be administered in a single-track pattern. The Concept 6 plan calls for six terms of approximately 43 days each. Students attend four of the six terms but must attend two of their four terms consecutively. The plan provides for 160 or more days a year. In states where 175 or more days of attendance are required, additional days can be completed by over-lapping the groups on half-day sessions the first and last day of each term, by independent study and intersession programs, or by creative off-campus group activities. In states that mandate the number of minuets per year in various subjects as a substitute for the number of days, Concept 6 can operate effectively by extending the minuets of instruction each day so that the total accumulation of minutes of instruction each day so that the total accumulation of minutes equals the minimum number of days required by the state. (Ballinger C.E, pp. 23) Standard multi-track schedules include the 60-20 and 45-15 schedule. Both of these calendars can work in the form of single track scheduling, using multi-tracks school facilities get more use because different groups are in and out of the school, allowing the school to cater to more students. There are benefits for the single track plans. Experts say that single tracks improve attendance and the students are more attentive (Rasmussen, 2000). The main difference between the two is that during single-track programs all of the students and staff follow the same calendar, where as the multi tracks have several different tracks that students and staff are divided into.

A Literature Review About Mecication Errors Essay

Introduction An error rate of 5% is acceptable in most industries, however, in the health care industry; one single error can result in death. (Berntsen, 2004, p5) This paper discusses medication errors in relation to pharmacology and drug treatment. It will summarize three academic peer reviewed journal articles, followed by general information in relation to medication errors, the impact of medication errors on client care, strategies to prevent medication errors  and conclude with the relationship to nursing. Summary of Articles Related to Medication Errors. The first article is by Karin Berntsen, 2004, and is entitled â€Å"How Far Has Health Care Come Since ‘To Err is Human’? Exploring Use of Medical Error Data†. This is a review of what changes have been made since a medication error report written by the Institute of Medicine was published in 1999. This article depicts how the health care system has changed since this 1999 report was written, and how the information was utilized for our benefit. They concluded that in the USA, medical errors were one of the top 8 leading causes of death. They reported the cost for these errors was between $17 Billion to $29 billion dollars. Until a new report is completed, health care providers will be unaware whether their goals in increasing patient safety were accomplished. The article finalizes that there has been progress in regards to prevention of medication errors and health care leaders feel passionate about increasing patient safety. (Berntsen 2004) The second article is by William N. Kelly, 2004, and is titled â€Å"Medication Errors: Lessons Learned and Actions Needed† and highlights the death of a one year old child who was diagnosed with cancer. She subsequently died, not from the cancer, but from receiving an incorrect dosage of a drug that she was being treated with. This report indicates that medications are systematically checked and balanced and errors are usually caught before a drug is administered to a patient. The article states that problems are not being solved in a timely manner since the industry has been â€Å"putting ‘band aids’ on problems that need ‘major surgery’.(Kelly 2004). In conclusion, the article questions whether or not they are taking the right approach in preventing errors. Many people are trying to fix this problem however; errors are still made too frequently. (Kelly 2004) The final article is by Rosemary M. Preston, 2004, and is titled â€Å"Drug Errors and Patient Safety: A Need for Change in Practice†. This article presents that errors continue to happen for many reasons. It concentrates upon calculations errors, lack of knowledge of drugs, over/under dosing drugs,  interactions with drugs and food, and legalities regarding drug administration. It also presents recommendations to minimize the risk of drug errors with good communication and honesty. The article closes by stating that â€Å"nurses should never estimate the skills needed for safe administration of medicines.† (Preston 2004) Key aspects: medication errors and their causes. To understand the impact that medication errors have on a patient, we have to understand what a medication error is. According to Health Canada online, a medication error is defined as: Any preventable event that may cause or lead to inappropriate medication use or patient harm while the medication is in the control of the health care professional, patient, or consumer. Such events may be related to professional practice, health care products, procedures, and systems, including prescribing; order communication; product labelling, packaging, and nomenclature; compounding; dispensing; distribution; administration; education; monitoring; and use.† [Developed for use by the National Coordinating Council on Medication Error Reporting and Prevention]( http://www.hc-sc.gc.ca/english/index.html) Medication errors occur for a variety of reasons. An error can affect all areas of a health care facility from health care management, staff, physicians, pharmacy and especially patients. Studies have indicated that errors will usually occur when the staff demonstrates signs of fatigue, stress, are over-worked or encounter frequent interruptions and distractions. When physicians display bad handwriting, ineffective communication with patients, and do not educate staff and patients effectively, a medication error is more likely to happen. Poor management can result in more medication errors when there is an emphasis on volume, over service quality. This results in inadequate staffing and disorganization. Medication errors affect all components of the health care environment. (http://www.napra.org/docs/0/95/157-/166.asp) Impact on client care. As disturbing as it sounds, one miniscule error can result in a patient’s injury or can even lead to their death. According to the American Journal of Medicine, statistics reveal that â€Å"more than two million American hospitalized patients suffered a serious adverse drug reaction in relation to injury within the 12-month period and, of these, over 100,000 died as a result.† http://www4.nationalacademies.org/news) Death and injury is a sad reality to any single error. The government established six rights of drug administration to prevent medication errors and ensure accuracy. These six rights include: Right drug, right dose, Right client, right route, right time and right documentation. (Kozier & Erb 2004) Injuries that result from a medication error are called adverse drug events. Usually, these unpleasant effects can be eliminated and injury can be avoided. However, every drug produces harmful side effects, but the severities of these effects vary from individual to individual. These side effects also depend on the drug and the dose given. (Kozier & Erb 2004) Health care professionals must report all errors and are accountable for their actions. No matter how insignificant, nurses are taught to document and report all mistakes. When statistics show what types of errors are made, an analysis can be done. This analysis can be used to plan ways to prevent them medication errors. (Berntsen, 2004)When a nurse does not report a mistake, the probability that it will happen again will increase. Medication errors have a huge impact on client care. They can result in death, injury, and result in unwanted effects of drugs. It is our responsibility as nurses to comply with the clients’ six rights of drug administration, to prevent errors from taking place. Strategies to prevent medication errors. There are many efficient ways to prevent nurses from making an error. To ensure patient safety in all aspects of client care, nurses are taught to think critically, and to problem solve. Nurses use critical thinking to ensure safe, knowledgeable, nursing performance and they must be able to keep up with updated health facts by constantly educating themselves with new information. (Kozier & Erb 2004) Critical thinking assists in the prevention of medication errors. The six rights in drug administration help prevent medication errors from occurring. It is important to maintain the highest standards of practice of these rights for a drug to be prepared properly. Failure to adhere to any one of these rights will definitely result in a medication error. (Clayton & Stock, 2004) Take your time when preparing medications and research any unknown drugs. Rushing should be avoided when preparing, administering and reading medication labels. Proper research must be done before an unfamiliar drug is administered it to a client. Even when in a rushed emergency situation, drugs should be looked at carefully to know the correct concentration and name of the drug, to prevent injury. (http://www.hc-sc.gc.ca/english/index.html) Labels should be read carefully and accurately. Before a drug is given to a patient, three checks should be done to ensure you are giving the proper drug and dose. In a situation where you are unsure of a drug order, you are expected to refuse the order and clarify it by law. If an individual is unfamiliar with a particular drug, the drug should not be given. (http://www.napra.org/docs/0/95/157-/166.asp) When a label is unclear, do not try not to examine the drug order yourself. Do not ask an associate, or ask for anyone else’s interpretation of the drug. To get the correct information, contact the individual who ordered the drug to clarify the label. In order to decrease the chances of error, verify all unclear hand writing, abbreviations, decimal points, decimal places and dosages. (http://www.napra.org/docs/0/95/157-/166.asp) Use of dosage abbreviations should not be used to avoid drug miscalculations. Dosage abbreviations are misinterpreted more often, than any other type of abbreviation. Using standardized abbreviations, would assist in preventing misinterpretation of abbreviations. (Preston 2004) A drug check should be done three times prior to the administration of a drug. The drug label should correspond with the physician’s orders. The three checks should be done; â€Å"Before removing the drug from the shelf or dosage cart, before preparing or measuring the actual prescribed dose, and before replacing the drug on the shelf or before opening a unit dose container, just before administering a dose to a patient.† (Clayton & Stock, 2004) Do not make assumptions regarding drugs. Physicians, pharmacists, make mistakes and other parts of the health system may be flawed. For example, when documentation shows the patient has no drug allergy, it is wrongful to assume the patient will have no adverse reaction to a new drug. This could result in detrimental results to a client’s health. Therefore no assumptions should ever me made. (http://www.ismp.org-/ToolsAllina-Orientation.html) A quiet environment for preparing medications will prevent prescription errors from occurring. Sometimes, nurses are repeatedly interrupted when preparing a medication. Distractions interfere with processing information and decision making. Errors will least likely occur when preparations are done when there are no distractions. (http://www.ismp.org-/ToolsAllina-Orientation.html) When preventing errors, staff must be certain all dosage calculations are correct and clarified. It may be beneficial to ask a colleague to assist you in checking doses, to minimize the chance of miscalculations. Other suggestions to minimize error include; â€Å"making pre-calculated conversion cards, always use a leading zero before a decimal, never use a zero after the decimal and include indications whenever possible. Miscalculations are preventable if proper methods of inspecting calculations are used.† (Preston  2004, p.72) Assess for the effects of drugs to avoid harming a client. A client must be assessed before and after a drug is given. For instance, before giving an oral medication, assess whether the client can swallow or feels nauseated. An appropriate follow up should be done after a medication is administered. It is important to check if the client experienced the desired effect of the drug. Significant abnormal responses to drug should be reported to the physician. (Kozier & Erb 2004) Conclusion. To finalize this assignment, medication errors are mistakes that can cause harm to patients and can even result in death. The articles that have been summarized illustrate situations where medication errors have occurred and review what the health care industry is doing to prevent errors. A medication error is preventable and errors can be caused by a variety of reasons. This paper has discussed the impact medication errors have on client care and strategies of how to prevent errors from occurring. As a nurse, this knowledge will assist me in keeping beneficence a priority for client care. References Clayton, Bruce D., BS, RPh, PharmD, and Yvonne N. Stock, MS, BSN, RN. Basic Pharmacology for Nurses. 13th ed. United States of America: Mosby, 2004. Government of Canada Online. (2004, Summer). Retrieved July 18, 2004, from Health Canada Web site: (http://www.hc-sc.gc.ca/english/index.html) Kelly, William N. â€Å"Medication Errors.† Professional Safety 49: 35. Academic Search Elite. EBSCO. Assiniboine Community College. 22 July 2004 . Government of Canada Online. (2004, Summer). Retrieved July 18, 2004, from Health Canada Web site: (http://www.hc-sc.gc.ca/english/index.html) Kozier & Erb, Barbara, et al. Fundamentals of Nursing. 7th ed. Upper Saddle River, New Jersey: Pearson Prentice Hall, 2004. Minimizing Medication Errors. (n.d.). In NAPRA: National Association of Pharmacy Regulatory Authorities. Retrieved July 17, 2004, from NAPRA: National Association of Pharmacy Regulatory Authorities Web site: http://www.napra.org/docs/0/95/157/166.asp Preston, Rosemary M. â€Å"Drug errors and patients safety: the need for a change in practice.† British Journal of Nursing (BJN) 13: 72. Academic Search Elite. EBSCO. Assiniboine Community College. 22 July 2004 .

Plantaze

INTERNATIONALIZATION OF SEE-FIRMS Final Group Report Table of content 1 1. 1 1. 2 1. 3 INTRODUCTION †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 1 Background Description †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 1 Research Purpose †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Structure of the Report†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2 2 2. 1 2. 2 RESEARCH METHODOLOGY†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 2 Data Collection †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 2 Data Analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 3. 1 3. 2 3. 3 CASE STUDY †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6 Company Description (www. plantaze. com) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6 Internationalization Process†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 7 Internationalization Motives †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 4 4. 1 4. 2 ANALYSIS AND INTERPRETATION†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 11 Theoretical Background †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 11 Application of the Uppsala Model †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 13 5 5. 1 5. 2 IMPLICATIONS AND LIMITATIONS †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4 Implications of the Study †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 14 Limitations of the Study †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 15 6 7 8 CONCLUSION AND FUTURE RESEARCH †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 15 REFERENCES †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 APPENDIX †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 19 1 Introduction In this chapter the background of the case study will be presented, as well as the purpose of the study will be stated, before an overview of the structure of this report is given. 1. 1 Background Description Today, many companies take the step to establish themselves abroad. The motives for internationalization are many. Perhaps the home market is saturated, presence in a certain country grants access to strategic resources or there are cluster effects to be explored in a specific region.The decision makers of the companies that are becoming international have different experience, are in different situations and consider different motives before taking the step into the international market. (Masum/Fernandez 2008, 2) For the past few decades researchers have been debating over existing theories and developing new theories of international business to explain why and how companies internationalize. Internationalization theories are explaining different internationalization processes, which are taking place when companies expand across national borders.Ranges of internationalization have been discussed in various investigations with the conclusion that the majority of these frameworks fail to explain internationalization behavior of various companies, however, this doesn’t mean that they are not usefu l at all. (Pett 2008, 1) It is inappropriate to approach the internationalization process without formulating a strategy. Without a proper strategy the firm is about to fail in their internationalization. Formulating a strategy also involves deciding hen, how and which markets to enter. There are several market entry modes a firm can choose from, such as exporting, contractual relationships (licensing, franchising), as well as equity or ownership-based international business activities like FDI or collaborative ventures. (Masum/Fernandez 2008, 2) 1. 2 Research Purpose The purpose of this study is to gain a better understanding of the internationalization process of a SEE company, particularly the usefulness of the main theory: the Uppsala Model. 1 1. 3 Structure of the ReportThe report is divided into six major parts: Introduction, Research Methodology, Case Study, Analysis and Interpretation, Implications and Limitations, and our Findings and Conclusion. The introduction part conta ins the background description of the general topic and the research purpose. Followed by the Research Methodology part, where the research method, data collection and data analysis is described. Then the chosen company is presented in particular and their internationalization process and their motives for internationalization are discussed.In the Analysis and Interpretation chapter the theoretical background and to which extend the company followed the theory is presented, along with a broad discussion of the gathered empirical data. There are also some implications and limitations mentioned in the next chapter. In the conclusion there is a brief presentation of the findings as well as possible further research on the topic. 2 2. 1 Research Methodology Data Collection The data collected and used in this analysis has been mainly collected from websites and online databases. This means that the method applied was Desk Research.As depicted by name Desk Research is the research techniq ue that is mainly acquired by sitting at a desk. It involves collecting data from existing resources and, compared to Field Research, is the cheapest and quickest option. Nevertheless, there is always the problem of the validity, objectivity and credibility of the data found. There are basically two types of desk research: Internal Desk Research and External Desk Research. Whereas the former is being used only in corporations or companies that possess an internal database, the latter can be done by anyone.External Desk Research is the actual method that was used when gathering information about the company, about the market and about other countries. 2. 2 Data Analysis First of all, it has been decided to go with the company Plantaze. Afterwards, a huge amount of data about the company’s history, strategy and current situation has been gath2 ered directly from their official website, plantaze. com. Moreover, detailed information about their products and production process has been found here.Additional financial and statistical information was found on the website of the Montenegro Stock Exchange (MNSE), montenegrobreza. com, where the company is listed and traded. Normally, looking and searching for data in online databases is very expensive. Fortunately, there has been access to the WU network, where many online databases are available for the research. ‘Amadeus’, ‘Factiva’ and others have given supplementary data about the company’s foreign subsidiaries for example that were not that clear in the places looked before.Actually, the main difficulty was finding data about the company’s operations abroad. For that reason it was necessary to get in contact with the Plantaze company in order to get more accurate data on their internationalization process. The people were kind enough and shared some very important facts and dates that completed the information pool that was needed. In order to work on the Excel sheets , economic, political and geographical data on the countries in which the Plantaze company is directly or indirectly doing business were needed.For this, the official websites of the specific countries governments and other websites of some important international organization like the World Bank or the CIA World Factbook were used. Before starting to write about the company’s past, present and future situation in the company description, articles from the press about the company and its operations were read. Also a look at various customer reports and trade association reviews about the company were necessary, so that an objective and closer insight to the true image of the analyzed company could be provided.Psychic Distance Psychic distance is defined as factors such as differences in language, culture, political systems, etc. , which disturb the flow of information between the firm and the market. Psychic distance chain refers to economic, geographical and cultural distanc e. (Johanson/Wiedersheim-Paul 1975, 308). Hofstede’s model of cultural dimensions from 1970s as one of the first theories that could be used to explain observed differences between cultures, has become an internationally recognized standard and major resource in cross-cultural studies. The original theory identified four cultural dimensions for distinguishing cultures: †¢ Power distance dimension (PD) focuses on the degree of inequality between people with and without power in society; †¢ Individualism dimension (IDV) refers to strength of interpersonal connections and share of responsibility among people; †¢ Uncertainty Avoidance Index (UAI) measures degree of tolerance towards uncertainty and unknown situations and †¢ Masculinity (MAS) referring to gender differentiations and inequity in society.After some more researches Hofstede added a fifth dimension – long-term orientation (LTO) which relates to how much society values long-term devotion to t raditional values; and in the 2010 a sixth dimension – Indulgence versus restraint defining the attitude of society towards gratification of basic and natural human needs related enjoying life and having fun. (mindtools. com 2012) The following factors were used for this case study: The geographical distance is an important factor to calculate transportation cost from the production facility in Montenegro to the sales markets abroad.The figure was calculated by measuring the air line distance from Podgorica (Montenegrin capital) to the capital of the reference country. It is the most important figure for Plantaze as it is a mainly exporting company. So this factor was overweighed against all the other chosen factors. The cultural distance consists of the above-mentioned dimensions, power distance, uncertainty avoidance, individualism, and masculinity. Regarding to Hofstede the differences of the dimension of country A and the reference country, i. e. Montenegro, are calculate d in a first step.This difference has to be squared and divided by the variance of the whole spectrum of countries. Cultural distance in exporting is important because of the sheer nature of the product. Drinking wine is something that is embed in the national culture, thus making the cultural distance a factor that needs to be taken into consideration. Furthermore for marketing and communication reasons the cultural distance between two countries can make a company change the strategy. 4 It was calculated by using the Kogut and Singh-Formula:When calculating the internationalization process of the company regarding only the subsidiaries and the joint venture the cultural distance variable gains importance. Because entering a market in this way, by greenfield investment, a company has to think and act on a long-term level. The country’s culture can be decisive in whether the own company will be successful or not. The â€Å"wine† distance measures the wine consumption p er capita of a nation compared to Montenegro. This figure is relevant because it would make no sense for a wine producing company to enter a market that scores low.As already mentioned wine consumption is something that is highly linked to the nation’s culture and their drinking habits. That is why this is a relevant figure. To calculate the wine distance, the same formula as above has been used. The economic distance was not taken into account because of the fact, that it is not relevant for this type of industry. To calculate the psychic distance the above mentioned factors have been standardized to numbers between 0 and 1, while 0 stands for Montenegro respectively a country with the same figures than Montenegro and 1 for the country with the highest distance to the reference country.The factors have been weighted according to their importance. In the exporting internationalization process the geographical distance has been weighted with 60%, the cultural and the â€Å"wi ne† distance were weighted with 20% each. In the subsidiary and joint venture internationalization process the geographical distance has also been weighted with 60%, the cultural distance with 40% and the wine distance was not taken into consideration. 5 3 3. 1 Case Study Company Description (www. plantaze. com) ‘13jul-Plantaze’ is a wine-producing company from Montenegro.Its history takes us back more than 100 years, more specifically to 1907 when the Montenegrin wine ‘Vranac’ won its first prize in London. It was but more than 50 years later, when the government of Montenegro decided to invest in the development of agriculture, that the led to the creation of the company Plantaze as we know it today. Between 1964 and 1974, Plantaze expanded the vineyard to 377 ha and the wine cellar capacity to 26. 000 hl. In the 1977-1982 period, the company realized one of its most important projects.Transforming the arid and rocky soil of the ‘Cemovsko†™ field into one of the largest green oasis of the Balkan area is not something to be overlooked. 62 million U. S. dollars cost the creation of the largest vineyard in Europe at that time, covering 2000 ha of orchards and vineyards. The geographical position makes this place so unique. Located at about 30 km from the Adriatic See, on the river Bojana, the ‘Cemovsko’ field has a microclimate of its own, suitable for quality grape production.In 1979 the main processing plant was built near the vineyard. ‘Agrougostitelj’, ‘Agrokom’, ‘Agroekonomski institut’, ‘Uvoz-izvoz’ and ‘Ribnjaci’ merged with Plantaze in 1998. 2005 was the year in which the company established a joint venture with their Italian partners and added the first sparkling wine ‘Val’ to the product range. During the years, they successfully obtained international certificates of quality such as the ISO 9001:2000; HACCAP or the IS O 14000. In 2007, Plantaze invested 2 million euros in the remarkable wine cellar ‘Sipcanik’.Located at 30 meters below the soil, covering about 7000 m2, this completely natural area has the perfect climatic and technological conditions to age over 2 million liters of wine in wooden barrels, oak barriques and bottles. In the last 10 years exports have risen by 530% to 4 million bottles in 2008. The company exports to over 30 countries situated all over the world, from the U. S. A to Canada, to the E. U. countries, Russia, China and Australia. Today, Plantaze still owns and manages Europe’s biggest vineyard at ‘Cemovsko’ field, which stands on 2310 ha and contains three wine cellars with a capacity of 310. 00 hl. They recently announced that the investments made in the period 2003-2009 were over 40 million euros. With an annual production of 22 6 million kilos per year, Plantaze is the biggest producer of wine and table grapes in Montenegro. A quick l ook at their company’s official website will be enough to understand that this company has something special about it. Their mission statement is to produce worldclass quality products with which they can satisfy their loyal customers and gain new ones.It must be added that the company is not just producing and selling wine and grapes. An 85ha peach plantation that averages an annual production of 1. 200 tons is one of their most prized possessions. As of 1957, Plantaze produces and sells about 100 tons of Californian trout. The ‘Mareza’ fish pond covers 6. 000 m2 and is exclusively fed by fresh spring water. The grapevines used are not being bought; they are being grown on a nursery of rootstocks that spreads over 40 ha. Two restaurants complete their portfolio. Mareza’, a restaurant with a capacity of over 400 seats, located 5 km outside of Podgorica and ‘Jezero’, with a capacity of over 300 guests, located along the main road between Podgor ica and Petrovac, on the shore of the beautiful and relaxing Skadar Lake appear in every touristic guide of Montenegro. Coming back to the wine business, we can see that Plantaze offers a great variety of wines. 11 types of red wine and 6 types of white wine are currently in their catalogue. Furthermore, we can find a special rose wine made from red grapes applied in the white wines production. Three types of brandy complete the offer.The Plantaze company is probably one of the most successful brands and businesses in Montenegro. Their incredible attitude towards the environment and their fine attention to detail stands before every product they make. The Plantaze company must be a proud flag-bearer and ambassador of Montenegro because they managed to achieve something that many firms only dream of, and that is to produce traditional goods from your local country and culture at the highest quality possible. For this reason and others, the company Plantaze has been chosen to be analy zed and presented. 3. 2 Internationalization ProcessBecause the company has a history of over 40 years, in which it sold goods on an international level, the need for splitting up the process into more than one period was created. Therefore, the internationalization process was divided into four different phases. 7 These phases are not equal. For example, the first period is twenty years long, whereas the second one is fifteen years long. The reason for this is that the first two periods were slower from the internationalization point of view than the last two. So, in the first period that is between 1964 and 1984, they started selling their products on the Yugoslavian market and in Albania.The argumentation for the fact that Yugoslavia has been added to the internationalization process is actually very easy to follow. Because for the company at stake the cultural distance is of great importance, it was clear that Yugoslavia had to appear on the graph. Although from a political and technical point of view, there was only one single country and one single market, taking the cultural differences into consideration, the situation changes dramatically. The seven entities that are now seven different countries have their own traditions, habits and culture.Therefore, selling products all over the ex-Yugoslavian territory makes the process an international one. Furthermore, if the Uppsala Model is the center point of this presentation, gaining knowledge about different cultures and using it into new markets, like Plantaze did, just proves out argumentation. In the second phase, from 1985 and 2000, numerous other markets were penetrated. Of course, after 1991 and the fall of ex-Yugoslavia, the products sold into these new established countries could officially be called exports. The company entered some Central European countries like the Czech Republic, Slovakia, Poland and Hungary.In the east, Bulgaria was chosen to start exporting to. The first countries from the E uropean Union in 8 which the firm started internationalizing were Italy, France and the U. K. , in which they established a wholly-owned sales subsidiary in London. Russia was the first distant market they choose. In the third period, or between 2001 and 2004, the focus remained on Central and Western Europe. Germany, Austria, the Netherlands, Belgium and Sweden were the next markets they entered. The third period also meant a development of the internationalization process.Some very distant markets such as China and the United States were submitted to the process. The fourth and final phase takes place from 2005 until the present day, in 2012. Norway and Switzerland are the newest addition from the European continent, while Canada and Australia are another two distant markets to which the company started exporting. 3. 3 Internationalization Motives To figure out the motives for the internationalization of Plantaze a quick look at Dunning’s different categories of motives is necessary. Strategic Asset Seeking Resource Seeking Efficiency Seeking Motives for Internationalization Network SeekingMarket Seeking 9 Dunning (2000) explains how market and resource seeking motives have been the two most recognized categories of motives before. These two categories still correspond to most first time internationalization by firms. Overall, efficiency seeking and strategic asset seeking motives increase in significance and are more common as motives for companies already engaged in multinational activity. He also shows that closer relations with customers and durable relations with suppliers were important motives. Furthermore, he suggests that internationalization was more driven by opportunities rather than threats. Hansson/Hedin 2007, 5) Market Seekers: Companies that invest in a particular country or region with the intention to supply goods and services are called market seekers. This category of motives focuses on demand aspects. (Hansson/Hedin 2007, 6) Plant aze’s home market is limited as Montenegro is a small country and so it brings the firm not enough revenues. This fact and also to diversify the customer base of Plantaze to reduce the dependence on the home market are reasons why they decided to go abroad. Resource Seekers: According to Dunning (1993) resource seeking means to invest abroad in order to obtain resources.This could be resources that can be acquired at a lower comparative cost, or simply does not exist at all in the home country. (Hansson/Hedin 2007, 7) Plantaze is not seen as a resource seeking company, as the conditions for producing in Montenegro are unique. Sometimes skills and capabilities are resources that can be used through collaboration with a business partner. Efficiency Seekers: The purpose is to rationalize structures of established investments in order to gain from common governance. Often those benefits come from economies of scale, but also risk diversification.Therefore, efficiency seeking is s een as gaining from the differences of factor 10 endowments, cultures, institutional arrangements, and economic systems etc. (Hansson/Hedin 2007, 7) Economies of scale and scope as well as the increase of sales and profits are issues that an efficiency seeker often focuses on, and so does Plantaze. Another motive for the company to internationalize is that Plantaze might be able to lower the tax burden. Strategic Resource Seekers: Strategic resources are for example patents, knowledge, the skills of employees, and strategic supplies necessary for developing comparative advantages.By focusing on developing strategic resources the company supports its long term strategic objectives. (Hansson/Hedin 2007, 8) Plantaze’s aim is it to create brand awareness in foreign countries and to transmit the positive image of Montenegro by producing a traditional product from the home country and selling it to other countries. Network Seekers: The network orientation reflects to what extent co mpanies participate in alliances, cooperative ventures and other forms of similar social connections. Networks outside the organization can be very important for the companies.Companies intend to nurse, develop and expand their existing networks. (Hansson/Hedin 2007, 9) Developing useful foreign relationships is an important factor for Plantaze. Their partner have knowledge of the local markets and the necessary skills. 4 4. 1 Analysis and Interpretation Theoretical Background The Uppsala Internationalization Model The Uppsala Internationalization model is a model of a firm's choice of market and form of entry when going abroad. It was developed by a number of Swedish researchers, Johanson, Wiedersheim-Paul and Vahlne (1975, 1977). The model was named after the business 11 chool of the Swedish city and based on the process of internationalization of four Swedish manufacturing companies with operations in more than 20 countries. The model assumes that internationalization is a progre ssive process made of several successive stages. The main aspects of internationalization are market knowledge and level of commitment in a particular host country. The major obstacle to international operations is the lack of knowledge about foreign markets and operations, which can be overtaken gradually by actively engaging in such foreign environments (Forsgren, Hogstrom, 2004; Lakomaa, 2009).The Swedish researchers noticed that observed companies had begun to operate abroad in nearby markets and then slowly penetrated markets far away. They entered new markets through export, and after several years of exports the company could establish wholly owned or majority-owned operations. Thus, the process of progressive internationalization is built on four stages that are: sporadic export, export via independent representatives, foreign sales subsidiaries and production and manufacturing units in foreign markets. Source: Forgren and Johanson 1975, 16 12The figure shows that additional market commitment will be made in small steps, both in the market commitment and geographical dimension. The geographical dimension means that firms enter new markets with successively greater psychic distance, defined in terms of factors like language differences, culture and political system, etc. Therefore, companies internationalize by going to those markets they can most easily understand and where the perceived market uncertainty is low. Criticism of the Uppsala Model There were several critics referring to the Uppsala model.Some of them are that the model is too deterministic (Reid, 1983; Turnbull, 1987) or that the model doses not take into account interdependencies between different country markets (Johanson and Mattson, 1986). Studies have shown that the model is not valid for service industries, situations of highly internationalized companies and industries and that the whole internationalization process has speeded up. Firms also tend to enter ‘distant' markets i n terms of psychic distance at an early stage (leap-frogging tendency), because the world has become much more homogenous and that has lead to that psychic distance has decreased. . 2 Application of the Uppsala Model Only by simply looking at the internationalization process that the Plantaze company followed over the years, it is easy to conclude that the firm followed more or less the theory that the Uppsala Model describes. In the beginning, for example, when the firm started selling their products only on the ex-Yugoslavian territory and Albania without having the need of going to distant markets is clearly the kind of behavior that a newly founded enterprise would have in the Uppsala Model.After learning from this experience (because in from the companies point of view, since culture plays an important factor, it learned a great deal from selling on the whole territory of Yugoslavia, where seven different entities and cultures were mashed together under one flag) they could sta rt and wonder off to other countries and cultures. In the second phase of their internationalization process, countries from Eastern Europe were chosen and some small steps to the Western part of Europe were also made. The first important milestone in the company’s history is the opening of their first sales-subsidiary in the United Kingdom.It is called Monteadria and it is located in 13 London. This particular step can be noted as the exception from the rule since the firm ventured off to a distant market directly by establishing a sales-subsidiary and not starting by exporting and then gradually develop. Nevertheless, it is quite difficult for a company that is active on the market to truly and without exceptions follow the Uppsala Model since it does not take into account other important factors such as market attractiveness, market size and others.The globalization and internationalization effect can be seen in every market and in every country. Because of that, because o f the massive inflow of information and data available in a blink of an eye, companies show leapfrogging tendencies and go to more distant markets earlier. The overall psychic distance between countries has decreased. Plantaze took full advantage of the fast moving business world in which they operate. The company grew rapidly and intensified export activities worldwide. As a result, their export figure has increased by more than 550% since 2003. 5. 1 Implications and Limitations Implications of the Study The main implication of the study would surely represent if whether or not managers that handle the company use the Uppsala Model when entering the internationalization process. Just by looking at the export path explained in the Excel sheet above, it is easy to conclude that the firm applied the model. Of course, the fact that the managers specifically used the Uppsala Model or that the pattern used just randomly fits, is something that needs to be analyzed more in detail.In contr ast, when it comes to the path chosen by the company for entering new markets and countries via wholly-owned or partially-owned subsidiaries or joint-venture, the situation changes. The path chosen is not similar to the Uppsala Model. One argument would be that they chose to enter the British market with a subsidiary in London before opening one in Belgrade or Sarajevo. The logical step, according to the Uppsala Model would be to start with establishment of subsidiaries in neighboring countries and afterwards spread out to other, more foreign countries. 14 5. 2 Limitations of the StudyThe main limitation of this study would be that it revolves around the Uppsala Model and thus making its criticism point, the major liability of the study. The model is old and was not updated to the current economic situation. For example, in today’s business world, companies have the tendency to leapfrog some entry modes and to go directly to more physically distant markets. The world today ha s become more homogenous because of the globalization process that has been going on in the last decades and the psychic distance has also decreased. The company described and used in the study, Plantaze, is not the perfect fit to the Uppsala Model.The point that the company posses enough financial resources leads to the fact that consequences of their commitments won’t have a huge impact on their balance sheets. Moreover, the company is not obliged to go abroad to gain new market knowledge and gain experience because today they can call on other sources for additional information and know-how. Universities, government databases and institutions or other companies from the branch can provide this kind of data. Regarding the limitations of the research, the fact that the findings are closely linked to a specific context is underlying.This research has been confined to a few countries in the European Union. This may not be sufficient to generalize our findings in this paper. Ho wever, this paper points out the direction and may act as an indicator how our company internationalized. Thus, we believe that our findings are useful to better understand the driving forces of the internationalization of Plantaze. 6 Conclusion and Future Research The path chosen by the Plantaze company follows to a certain degree the theory of internationalization that the Uppsala Model presents.No one knows for sure if the higher management of the company intentionally acted in this manner or if the match is just a random one. To better understand their internationalization process, in future studies, interviews with the persons responsible and who took the decisions must be conducted. Only then, only with that data, the study can truly show how the company reacted to the internationalization process and how they proceeded. Nevertheless, without having that data available to be 15 used, and only through analyzing ex-post the steps taken in the past, the Uppsala Model provides a p ossible framework for companies to follow.In addition to future research possibilities arising directly from the limitations, it should be recommended that future research may explore longitudinal research design for further contribution to international business in this context. 16 7 References Publications Birn, Robin J. 2001. The Handbook of International Market Research Techniques, London 2001 Hansson, Anders and Hedin, Kim. 2007. Motives for internationalization. Small companies in Swedish incubators and science parks, Uppsala Hofstede, Geert. 2001. Culture’s Consequences: Comparing Values, Behaviors, Institutions, and Organizations Across Nations.Thousand Oaks, CA: Sage. Johanson, Jan and Wiedersheim-Paul, Finn. 1975. 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Worldbank http://data. worldbank. org/indicator/NY. GDP. PCAP. CD, accessed October 15, 2012. 18 8 Appendix 19