A governing body should not be able to dictate an artist's work Essay

A governing body should not be able to dictate an artist's work - Essay Example The nature of art, particularly in the 20th century, functions to push the boundaries on acceptability and develop new perspectives on the world. In these regards, the notion that a governing body would seek to regulate an artist’s work is antithetical to the very nature of artistic production. Still, it’s clear that in some situations artists act not with integrity, but simply in a way designed to garner attention and sensationalism. Furthermore, governing bodies are oftentimes responsible for choosing works of art that are meant to function to beautify city structures or serve a specific atmospheric purpose. In these situations, the artist enters a contract with the governing body. I believe then that the artist is responsible for producing works that functions within the designated context. Still, from an overarching perspective, it’s clear that governing bodies should have limited to no involvement in the regulation of art. Allowing these institutions to regu late art stifles not merely the creativity of the artist, but the collective creative spirit of the society; all of these are elements that are essential to the progress of society, its continued innovation, and economic

Globalization Assignment Example | Topics and Well Written Essays - 250 words

Globalization - Assignment Example Clearly, the author locates much emphasis on the favorable side of globalization notwithstanding how competition would fare somehow if allies prove to struggle with success. Implicitly, the idea felt it would bear adverse impact on working class as a consequence of the necessity to increase production, with long hours of work and reduced time for break hence. Without guarantee of additional compensation, Fiat may run the risk of losing employees especially the tenured ones who have lived up to align their type of service and principle with the company’s vision and have accomplished goals on every item with unparalleled quality. Though the article appears enthusiastic with Mr. Marchionne to keep an eye on a 50% rise in sales in four-year time, since shareholders are bound to augment their share from either group or grow in number, Fiat might reach a point of obtaining lesser shares or dissolution of ownership at worst (Madslien). So in essence, globalization for Fiat in this overwhelming scenario amounts to moderate predictability on the positive side until such time that the risk factors could be directed to settle at the manageable advantage by the

Marks and Spencers Business Strategy

Marks and Spencers Business Strategy Introduction In section A of this report, we will analyse and assess Marks and Spencers (MS) food sector business strategy. In previous consultancy task we examined UK supermarket sector and business environment. That will be crucial in understanding current MS strategic position. Also, it will help us to identify sources of competitive advantage and at the same time opportunities for future strategic positioning. In addition, we have to be aware of companys non-financial performances as well as quantitative corporate objectives and key performance indicators. Analysing them using balanced scorecard and benchmarking method will show us, is our strategy sustainable, does it have long run perspective and direction we are currently moving. This will be covered in part B of this report Part A Strategy can be defined as â€Å"the direction and scope of an organization over the long term, which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations† (Johnson et al. 2005, pp.9). According to Porter (1996) company can do better than other companies only â€Å"if it can establish a difference it can preserve† (Porter 1996, pp.63). Delivering additional value to customers, providing them with comparable products at lower cost or both is a good way to make a difference according to the author. Johnson et al. (2005) presented three Porters generic strategies which could be used by companies to achieve competitive advantage: cost leadership, differentiation and focus. It can be concluded that MS using focused differentiation strategy. According to the Bowmans strategy clock this strategy is seen as high price strategy which gives perceived high value to customers. They choose to differentiate themselves from other food retailers with: top quality own label food, ready prepared meals, fresh food and food for special occasions. They do not attract customers for full weekly groceries shopping but gives them additional value for their money with focus on freshness and quality. Their simply food stores contributed with high margins to overall sales in past few years. Also, they expanded abroad to 40 countries in order to attract new sales into the same niche. This is consistent with Johnson et al. (2005) who explained that growth may be achieved by targeting new sale at the same market niche abroad. In previous consultancy we analyse supermarket sector using Porters five forces framework. That helped us to better understand industry in which MS operates. We concluded that power of suppliers is high due to a lot of supermarkets and brands. Also the threat of substitutes is high because customers now want better value for money. MS is aware of that, especially because that was primary reason for a big decline in sales in 1990. The power of suppliers is low because of huge number of fragmented suppliers. Threat of new entries is on medium level and competition among industry is on high level. The four biggest food retailers in UK (Tesco, Asda, Sainsbury and Morrison) have almost 76% market share. Therefore, MS with 3.9% market share in 2009 cannot compete with lower price strategy. Their focus is more on product quality. The MS food offer ‘has largely focused on the upper end of the mass market, typically higher than its positioning for non-food.'[1] They are selling own brand labels only to their customers which giving them value for money. It helps them in promotion of overall MS brand. The good thing is introduction of some branded goods from 2008, because of higher targeted customers demand. MS food sector strategy lies on companys basic values: Quality, Freshness, and Value, Standards of innovation, Ethical Sourcing and Healthy eating.[2] MS is premium food retailer and food sector is very important to overall group business and performance. It brings over 50 percent of group revenues in UK with sales of  £4.25bn in 2009. Previous consultancy also shows that the most influential trends in broad environment related to food industry are: Food industry was relatively recession proof and these days UK is officially out of recession after six consecutive quarters.[3] High level of inflation in UK (CPI inflation=3 percent) is the reason which contributed to retailers profitability. In 2009, MS reported slightly decrease in margins and profitability. Previous year, they were moving in good direction with initiatives to cut costs (marketing, distribution, support) and reinvest that money in prices to provide better value to customers. The bad thing is reducing capital expenditures for almost 40% which have to create value in future. Increasing number of healthy conscious consumers is a second trend. As a premium food retailer who is selling top quality food, this trend is big strategic opportunity for MS future strategic positioning. In addition to this, survey show that only one in six customers switched to less expensive and frozen food.[4] Today we have environmentally aware consumers. MS is first food retailer who realizes that. Thus, they presented Plan A in 2007 with 100 environmentally commitments to complete within five years. Today, after two years they achieve 39 commitments. This strategy have aim to differentiate their food business from main competitors. Online shopping is also todays trend and opportunity for retailers. They launched MS direct and free wine delivery as a result of growing demand. In 2009 MS market share decline from 4.3% to 3.9% and this is opposite to what board of directors announced in 2008. They predicted growth in market share to 5%.[5] In formulating strategy for next year, they have to take into account few things which will have effect on customers disposable income. From January 2010, we have increase in Value added tax from 15 to 17.5%. Personal income tax will stay at the same level in 2011.This fiscal measure will affect 70,000 people across UK who are now in higher tax band. Additionally we have announced increase in sin taxes for alcoholic drinks. Customers are today spending  £36 per person per week on food in UK.[6] Previous mentioned changes will have certain impact on customers spending habits. Probably they will not cut food expenses, but some products coul be more affected. That is one reason more for MS to provide customers with additional value for money. Part B Balanced scorecard The Balanced scorecard is â€Å"an integrated set of performance measures derived from the companys strategy that gives top management a fast but comprehensive view of the organizational unit.† (Drury 2004, pp.1001). The main question behind the balanced scorecard concept according to Kaplan and Norton (2001) is how to measure future performance. The authors were aware that companies are only in 10 to 30 percent successful in executing its strategy. The main reasons are vision, people, resource and other barriers. For example non-understanding of strategy by employees or management fails to link budget with strategy objectives. Also they realize importance of intangible assets, not capital anymore in adding value to company. In this new business environment focus only on past financial measures (profit, cash flow) and not taking into account non-financial performances such as customer satisfaction could be fatal for organization. The authors presented framework and suggest eve ry company to be viewed from four perspectives: financial, customer, internal business process and learning and growth perspective. All financial and non-financial measures and objectives should be based on companys vision and strategy. That will help managers to have overview over whole processes in company and employees to better understand global firms strategy. We will use suggested framework to support formulation and implementation of Marks and Spencers current strategy. 1. Financial perspective Kaplan and Norton (2001) argue that non-financial perspectives are important but the same is with financial perspective. The reason is simple. Effects from other three perspectives will show their impact through companys financial performances. Marks and Spencer current financial objectives on group level and business unit level are to reduce costs and manage cash flow. In 2009, the effect of broad environment and recession in UK impacted direction of MS strategy. Because of decrease in UK food sector sales and decrease in market share from 4.3% to 3.9 % they choose to reduce costs with aim to keep profitability. Food gross margin was down 235 bps at 31.5%. We can continue to use gross margin as performance measure. Also, we could use profitability measures such as Operating profit, Return on equity, Return on capital employed and net margin which are already being used as MS key performance measures. The results of reducing costs are, reduced spending in support areas and marketing activities of 8.6% without threatening customer satisfaction (stayed at average high level of 84%) and increase of only 1.9% in staff costs. These activities will have impact on profitability in coming years. The target for next year should increase of 10% in mentioned profitability measures. On the other hand, significant cut in capital expenditures of  £450 million h ad immediate impact on companys cash flow from investing activities. MS also have to focus to on how to improve operating cash flow. They decreased cash conversion cycle for almost 6 days.[7] They should further monitor debtor payment period, creditor collection period and stock clearance period (decrease from 8.7 to 4.29 days in 2009).[8] In future, decrease of 10-20 % in stock clearance period and cash conversion cycle could help the company to have stronger cash flow. 2. Customer perspective Main objectives of MS in order to increase market share, acquire new customers and keep customer satisfaction on a high level are to provide customers on targeted market with additional innovation, improved on-shelf availability and to give them additional value for money. The last have roots to year 1935 slogan â€Å"Dont ask the price its a penny†[9]. They took numerous promotions like â€Å"Wise buys†, ‘Family favourites for  £4 and ‘Dine in for two for  £10 during the year. Despite this investing in prices across food range have impact on companys margins, it also provides customers with better value. In 2009 survey, MS is recognized as a leader in top quality food. In future, they should increase ‘wise buys products from existing 10% food range and set target measure to 15%. Also, innovation in products should be continued and monitored with comparing percent of new products in overall products. Relating to on-shelf availability, they already employ more people in stores, open new 75 and close 26 stores with underperforming performances. This trend should be continued because it gives customers more convenience shopping. Customer loyalty, satisfaction and quality customer service are important in future period especially when market share declined 0.4%. 3. Learning and Growth perspective Kaplan and Norton (1996) recognized importance of intangible assets and employees as most important resource company have. In order to keep customers satisfied and loyal, company need to invest in its employees, systems and organizational procedures according to Drury (2004). Therefore, employee satisfaction, investment in employee skill and training must not be overlooked. MS have good communication with employees via MS intranet and employee magazine. The results from employee satisfaction survey ‘Your Say show high response rate (90%) and consistent score with previous years of 70%. Another two measures could be applied to measure employee capabilities- employee retention and employee productivity. Last two derived from employee satisfaction, because only satisfied employee could be productive. Investment in employee skills is recognized as important for MS. Thus, organization of development programme for 2000 lines managers, leadership programme and food academy are vital for future growth and development. The aim to become most sustainable retailer by 2015 they converted into the Plan A. It is also in accordance with Food industry sustainability strategy presented by DEFRA in 2006. They already fulfilled 39 commitments in order to become energy efficient, send no waste to landfill and become carbon neutral. Target of accomplished 15 new commitments per year will keep them on right way to reach this strategic goal. 4. Internal business process perspective According to Drury (2004) internal business process perspective need to give answer on question what business processes will increase value to shareholders and customers and help company achieve its vision at the same time. MS recognizes that investment in innovation process and operation process (decrease distribution costs, maintain supplier satisfaction, increase efficiency in value chain and process quality) are vital to succeed. MS already presented innovation in food from national cuisines (Italian, Chinese etc.) and should monitor percentage of sales from these new products, also compare themselves with competitors (at first place Waitrose who is concentred on the same market niche- top quality food). To excel in innovation field, they should also focus on market products in which they are first or second in the market according to Drury (2004). Innovations in operation process has aim to make more efficient supply and value chain in a company. On one side we have suppliers and customers on other. Already half of 2000 suppliers were trained on MS ethical standards. Distribution costs will be managed with implementation of SAP software and building of domestic and international logistic and distribution centres. Once a build, they will significantly decrease distribution cost and time. Balanced scorecard method (BSC) will help organizations to translate vision into performance measures and improve communication within the company. Also we have to be aware of some limitations of BSC. Othman (2007) argues that BSC is static, ignores external environment and treat company as mechanical system. Drury (2004) describe that empirical study failed to provide evidence that link between non-financial data and financial performance in future exists- which is the assumption of BSC method. Benchmarking There are numerous definitions of benchmarking. One of the first books written about benchmarking providing definition of this method was in â€Å"The search for industry best practices that lead to superior performances† in 1989 by Camp. Until today many definitions emerged but still the most quoted one is from this book that says â€Å"Benchmarking is the search for the best industry practices which will lead to exceptional performance through the implementation of these best practices† (Ungen 2007,pp. 335). In this part, we are going to look at our internal strength and weaknesses, make comparison with our closest competitor in UK market- Waitrose, because both have almost the same market share of about 4% and the same market focus- top quality food. At the end, we will make comparison with Tesco and Sainsbury as a market leaders and see could we use knowledge to improve our operations. Here the aim is to learn from our competitors, not only to compare with them. First we have to understand our internal position- segments we are good at, possible opportunities and segments where improvement is needed. MS differentiate itself with high quality food and at the same time have perception among customers as a top food retailer. It has strong brand for last 125 years, strong internal financial sources and good communication with customers and suppliers. Almost 100% own label food is advantage but at same time could be weakness. So, they start selling branded premium food which they do not produce. Main opportunity is in further expansion to international market. Today, MS has 296 stores in 40 countries with significant 26% increase in international sales. In future, they should expand more as a wholly owned business, not as franchising business. Second, comparison with Waitrose we will start comparing their financial performances because they will show us how successful other perspectives from the balanced scorecard are. An MS food sector sale is down 0.1% at  £4.25bn with loss of market share of 0.4%. On the other hand, in the same period Waitrose increase its sale for 5% to  £4.2bn, market share 0.4% and decrease in operating margin 45 bps to 5.1%. Increase in Waitroses margins is at some part result of 13 Somerfield stores acquired in 2008. Waitrose is also focused on premium organic food brand. Comparing with Waitrose, MS opened 47 stores more and is selling 3600 products more with much more own label food selling. This store opening trend in previous years was primary reason for margin increase but now MS should closely monitor store performance (already close 26 underperformed stores in 2009) and different product lines and replace slow selling products. MS in terms of pricing is above Waitrose and selling almost 1 00% own brand food with products made in UK is major difference from competitor.[10] As a result their sales depends entirely on own label products. In addition to this in 2009 MS made a cut of  £127m in marketing activities which was important for him in food sector positioning.[11] In Corporate social responsibility section, MS is leader with presented 100 commitments plan A. Also partnership with Amazon will help them improve on-line shopping segment. On the other hand, Waitrose presented online food delivery service which could be next step for MS in satisfaction of customer needs. In UK food retail sector, major market share has Tesco and Sainsbury. They both have access to economies of scale and price promotions are fundamental part of their strategy. On the other hand, MS differentiate itself with providing additional value not cheaper price to customers. Despite different in size, MS could use good practice from leaders to achieve better results. Sainsbury launched these days promotion ‘buy now free next time.[12] MS could implement these on 500 wise buys products which are 10 % of range in a one month period and closely look at sales, profit margin and overall financial effect. Also, Tesco since last year increase 29% percent increase in marketing activities.[13] In year where we have 13.8% drop in organic food sale, cutting marketing activities as MS did should be re-examined. Tesco, for example offer double points in order to keep customer loyalty. MS has only 39 outlets out of 668 stores in UK. This number should be increased in future because of rising consumers demand for convenience shopping. Also, search for value and healthier eating will be still in customer focus.[14] Benchmarking can support BSC with recommendations from outside the company how internal, customer and learning and growth perspective could be improved. One of the main critics to benchmarking according to Johnson et al. (2005) it will not identify the reasons for companys good or poor performance. But Benchmarking as a tool have aim to improve companys performance and can support BSC. Therefore, synergy between benchmarking and BSC and implementation of current trends and best practice into organization will improve financial perspective of our company. Conclusion This report showed importance of understanding broad environment and market sector in strategy formulating and implementation. For example, mature supermarket sector in UK is one of the reasons for MSs decision to invest in developing countries in the same premium food market niche. In part B we showed changed focus from capital to intangible assets and from financial to non-financial measure. It is important for MS to monitor all four perspectives in order to have sustainable long- run strategy. Also it is vital for MS to understand what facors influence the financial and operational performance. Therefore, benchmarking and BSC should be used together in strategy formulation and implementation. References: Competition Commission (2000). Supermarkets: a report on the supply of groceries from multiple stores in the United Kingdom. Chapter 5. [online]. Last accessed on 24 April 2010 at www.competitioncommission.org.uk/rep_pub/reports/2000/fulltext/446c5.pdf Competition Commission (2008). The supply of groceries in the UK market investigation. [online]. Last accessed on 23 April 2010 at www.competitioncommission.org.uk/rep_pub/reports/2008/fulltext/538.pdf Department for Environment Food and Rural Affairs (DEFRA) (2009). Food Statistics Pocketbook. [online]. Last accessed on 24 April at www.defra.gov.uk Delpachitra, S. and Beal, D. (2002), Process benchmarking: an application to lending products, Benchmarking: An International Journal Vol. 9 No. 4, pp. 409-420. [online]. Last accessed on 24 April 2010 at www.emeraldinsight.com DEFRA (2010). Recovery, Growth and the Environment. [online]. Last accessed on 25 April 2010 at www.defra.gov.uk DEFRA (2010). UK Food Security Assessment. [online]. Last accessed on 24 April 2010 at www.defra.gov.uk DEFRA (2010). Economic note on UK grocery retailing. [online]. Last accessed on 24 April 2010 at www.defra.gov.uk Department store retailing (2007), [online]. Last accessed on 25 April 2010 at http://academic.mintel.com.lcproxy.shu.ac.uk Drury, C. (2004), Management and cost accounting, 6th edition, Thomson learning, London Food Standards Agency (FSA) (2008). Consumer Attitudes Survey. [online]. Last accessed on 25 April 2010 at www.food.gov.uk/ Food retailing in UK (2009), [online]. Last accessed on 25 April 2010 at http://academic.mintel.com.lcproxy.shu.ac.uk IGD Retail Analysis (2010). IGD Retail Analysis News Tescos growth strengthens. [online]. Last accessed on 25 April 2010 at www.igd.com/analysis/news/index.asp?nid=6634 Johnson, G., Scholes,K., Whittington, R. (2005), Exploring corporate strategy, 7th edition, Pearson education limited, Essex John Lewis (2010). Interim report 2009. [online]. Last accessed 24 April 2010 at www.johnlewispartnership.co.uk/Download.aspx?ResourceId=56427 Kaplan, S. R., and Norton, P. D. (2001), Strategy focused organization, Harvard Business School Publishing Corporation, USA Kaplan, S. R., and Norton, P. D. (1996), Using the balanced scorecard as a strategic management system, Harvard business review, January.February issue, [online]. Last accessed on 24 April 2010 at www.hbr.org Kaplan, S. R., and Norton, P. D. (2001), Building a strategy- focused organzation, Harvard business review, May/June issue, [online]. Last accessed on 24 April 2010 at www.hbr.org Kaplan, S. R., Norton, P. D. and Rugelsjoen, B. (2010), Managing alliances with the balanced scorecard, Harvard business review, January/February issue, [online]. Last accessed on 24 April 2010 at www.hbr.org Kyro P. (2003), Revising the concept and forms of benchmarking, Benchmarking: An International Journal Vol. 10 No. 3, pp. 210-225. [online]. Last accessed on 24 April 2010 at www.emeraldinsight.com Marks and Spencer annual report (2009), [online]. Last accessed on 25 April 2010 at www.marskspencer.com Managing food costs (2009), [online]. Last accessed on 25 April 2010 at http://academic.mintel.com.lcproxy.shu.ac.uk National statistics office, [online]. Last accessed on 25 April 2010 at www.statistics.go.uk Norreklit H. (2000), The balance on the balanced scorecard- a critical analysis of some of its assumptions, Management accounting research, Vol. 11, pp. 65-88. [online]. Last accessed on 24 April 2010 at www.emeraldinsight.com Othman, R. (2007), Enhancing the effectiveness of the balanced scorecard with scenario planning, International Journal of Productivity and Performance Management Vol. 57 No. 3, pp. 259-266. [online]. Last accessed on 24 April 2010 at www.emeraldinsight.com Porte, E. M. (1996), what is strategy?, Harvard business review, November-December 1996. [online]. Last accessed on 24 April 2010 at http://hbr.org/product/what-is-strategy/an/96608-PDF-ENG Retail review, UK (2008), [online]. Last accessed on 25 April 2010 at http://academic.mintel.com.lcproxy.shu.ac.uk Telegraf newspaper (2009), [online], Sainsbury launches first ever buy now free next time promotion, [online]. Last accessed on 25 April 2010 at http://www.telegraph.co.uk/earth/agriculture/supermarkets/6609035/Sainsburys-launches-first-ever-buy-now-free-next-time-promotion.html Telegraf newspaper (2009),Shoppers turning their backs on supermarker own label brands, [online]. Last accessed on 25 April 2010 at http://www.telegraph.co.uk/earth/agriculture/supermarkets/6790854/Shoppers-turning-their-backs-on-supermarket-own-label-brands.html Thompson, L. J. (2003), Strategic management, 4th edition, Thomson learning, London Ungen, C. M., (2007), Manufacturing best practices: implementation success factors and performance, Journal of Manufacturing Technology Management, Vol. 18, issue 3,pp. 333-348. [online]. Last accessed on 24 April 2010 at www.emeraldinsight.com Food retailing in UK (2009,pp.2), [online]. Last accessed on 25 April 2010 at http://academic.mintel.com.lcproxy.shu.ac.uk Marks and Spencer annual report (2009), [online]. Last accessed on 25 April 2010 at www.marskspencer.com National statistics office, [online]. Last accessed on 25 April 2010 at www.statistics.go.uk Managing food costs (2009), [online]. Last accessed on 25 April 2010 at http://academic.mintel.com.lcproxy.shu.ac.uk Marks and Spencer annual report (2009), [online]. Last accessed on 25 April 2010 at www.marskspencer.com Food retailing in UK (2009), [online]. Last accessed on 25 April 2010 at http://academic.mintel.com.lcproxy.shu.ac.uk Marks and Spencer report (2009),Fame database, [online]. Last accessed on 25 April 2010 at https://fame2.bvdep.com/version-2010420/Report.serv?seqnr=0context=GH10NF_cid=159 Marks and Spencer report (2009),Fame database, [online]. Last accessed on 25 April 2010 at https://fame2.bvdep.com/version-2010420/Report.serv?seqnr=0context=GH10NF_cid=159 Marks and Spencer annual report (2009,pp.37), [online]. Last accessed on 25 April 2010 at www.marskspencer.com Department store retailing, UK (2007), [online]. Last accessed on 25 April 2010 at http://academic.mintel.com.lcproxy.shu.ac.uk Retail review, UK (2008), [online]. Last accessed on 25 April 2010 at http://academic.mintel.com.lcproxy.shu.ac.uk Telegraf newspaper (2009), [online], Sainsbury launches first ever buy now free next time promotion, [online]. 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Hegels Phenomenology of Spirit, Ecos The Myth of Superman, and CamusThe Fall :: Phenomenology Dialectical Essays

Hegel's Phenomenology of Spirit, Eco's The Myth of Superman, and Camus'The Fall    It is impossible to truly realize the impact of earlier minds on modern society, simply because that which they taught is so intrinsic to thought which followed. One great example is G.W.F. Hegel, an eighteenth-century philosopher who first named dialectical relationships. In his book Phenomenology of Spirit, Hegel details the relations between people and ideas in a way that now seems obvious, but was groundbreaking at the time. He opens his discussion by describing consciousness meeting as master and slave, and describes the development of the interaction in a dialectical fashion. In this particular situation, the slave receives an original definition from the master, then negates it, since it is not a complete (and therefore an inaccurate) description of the self. The relationship between the two consciousness plays out as a progression of a definition, the negation and the result. The common terms given to this movement are thesis (the original posit or definition), antithesis (th e negation), and synthesis (the final movement combining elements of each of the first two). The synthesis often becomes the new thesis, which is similarly negated. The whole theory can be seen as an elaboration of cause and effect, where the original thesis "causes" the antithesis which "causes" a synthesis. There is a direct causal progression. An interesting concept which the dialectic gives rise to is the fact that once a thesis is made everything that comes after is affected by the original posit. For example, one can attempt to negate a label, yet still give validity to the label, and the synthesis will cause the slave, even in the "free" definition, to define the self in terms of what the master originally defined. Even a negation ends in the original terms, because the original terms were the "cause" of any definition the slave would create. Hegel's theory held prevalence in society for many years, thinkers such as Kierkegaard and Heidegger relying heavily upon the dialectic as a way to further their own theories. Cause and effect became the main way of looking at world events, and life continued until the advent of the twentieth century, which saw a negation of Hegel's thought and a shift in the dialectic. In 1972, an English translation of Umberto Eco's The Myth of Superman was published. In this article, Eco, a critic and novelist, discussed the shift from the Hegelian dialectic in light of the Superman saga.

Managerial Economics

P7. 6 Optimal Input Mix. The First National Bank received 3,000 inquiries following the latest advertisement describing its 30-month IRA accounts in the Boston World, a local newspaper. The most recent ad in a similar advertising campaign in Massachusetts Business, a regional business magazine, generated 1,000 inquiries. Each newspaper ad costs $500, whereas each magazine ad costs $125. A. Assuming that additional ads would generate similar response rates, is the bank running an optimal mix of newspaper and magazine ads? Why or why not? No, the bank is not running an optimal mix of newspaper and magazine ads because the optimal combination would occur when MPn / Pn = MPm / Pm ? newspaper output: 3,000 / 500 = 6 and magazine output: 1,000 / 125 = 8. Therefore, amount spent on newspaper ads attracted 6 inquiries while amount spent on magazine ad attracted 8 inquiries. So to run an optimal mix of newspaper and magazine ads, the bank has to run more magazine ads and/ or fewer newspaper a ds. B. Holding all else equal, how many inquiries must a newspaper ad attract for the current advertising mix to be optimal? For the current advertising mix to be optimal, MPn / Pn = MPm / Pm therefore, to increase the newspaper output from 6 to 8, Find: MPn / 500 = 8 *500 ? MPn = 4,000 *500 So inquiries generated by newspaper ads would have to increase from 3,000 to 4,000. P7. 7 Marginal Revenue Product of Labor. To better serve customers interested in buying cars over the Internet, Smart Motors, Inc. , hired Nora Jones to respond to customer inquiries, offer price quotes, and write orders for leads generated by the company’s Web site. During last year, Jones averaged 1. 5 vehicle sales per week.On average, these vehicles sold for a retail price of $25,000 and brought the dealership a profit contribution of $1,000 each. A. Estimate Jones’ annual (50 workweek) marginal revenue product. oJones’ marginal revenue product can be found by the number of cars sold and the profit of each sale. MRPL = MPL * MRQ ? MRPL = (1. 5 * 50) * ($1,000) = $75,000 (Vehicles sales p/week * workweek) * (profit contribution) B. Jones earns a base salary of $60,000 per year, and Smart Motors pays an additional 28 percent of this base salary in taxes and various fringe benefits.Is Jones a profitable employee? oNo, Jones is not a profitable employee because her cost to be employed is $76,800 ($60,000 base salary + 28% of taxes and fringe benefits) and her marginal revenue product is only $75,000. Therefore, MRPL ($75,000) < PL ($76,800). This means that even though Jones brings in $75,000 additional profit it costs Smart Motors $76,800 to have her which means she brings $1,800 of marginal loss to Smart Motors. P7. 8 Optimal Input Level. Ticket Services, Inc. , offers ticket promotion and handling services for concerts and sporting events.The Sherman Oaks, California, branch office makes heavy use of spot radio advertising on WHAM-AM, with each 30-second ad costing $ 100. During the past year, the following relation between advertising and ticket sales per event has been observed: Sales (units) = 5,000 + 100A – 0. 5A2 ?Sales (units) / ? Advertising = 100 – A Here, A represents a 30-second radio spot ad, and sales are measured in numbers of tickets. Rachel Green, manager for the Sherman Oaks office, has been asked to recommend an appropriate level of advertising.In thinking about this problem, Green noted its resemblance to the optimal resource employment problem studied in a managerial economics course. The advertising/sales relation could be thought of as a production function, with advertising as an input and sales as the output. The problem is to determine the profit-maximizing level of employment for the input, advertising, in this â€Å"production† system. Green recognized that a measure of output value was needed to solve the problem.After reflection, Green determined that the value of output is $2 per ticket, the net marginal revenue earned by Ticket Services (price minus all marginal costs except advertising). A. Continuing with Green's production analogy, what is the marginal product of advertising? **Marginal Product measures additional output from one more unit of the variable input. ** oMPA = MS/MA = ? Sales (units) / ? Advertising (OR ? Q/? A) = 100 – A B. What is the rule for determining the optimal amount of a resource to employ in a production system? Explain the logic underlying this rule. The rule for determining the optimal amount of a resource to employ is: MRPA = PA (see slide 17) MPA * MRQ = PA (see slide 9) The above equation turns to: ?Q/? A * ? TR/? Q = ? TC/? A ?Q’s cancel each other out and the equation turns to: ?TR/? A = ? TC/? A This leads to Marginal Total Revenue (MTR) = Marginal Total Cost (MTC), which means the inflow = outflow. C. Using the rule for optimal resource employment, determine the profit-maximizing number of radio ads. oUsing the above equatio n MPA * MRQ = PA ? (100-A )* $2 = $100 $200-2A = $100 ? $100= 2A ? A=$50 P7. 9 Net Marginal Revenue.Crane, Poole & Schmidt, LLC, is a successful Boston-based law firm. Worker productivity at the firm is measured in billable hours, which vary between partners and associates. Partner time is billed to clients at a rate of $250 per hour, whereas associate time is billed at a rate of $125 per hour. On average, each partner generates 25 billable hours per 40-hour workweek, with 15 hours spent on promotion, administrative, and supervisory responsibilities. Associates generate an average of 35 billable hours per 40-hour workweek and spend 5 hours per week in administrative and training meetings.Variable overhead costs average 50 percent of revenues generated by partners and 60 percent of revenues generated by associates. A. Calculate the annual (50 workweek) net marginal revenue product of partners and associates. For Partners: oMRPP = MPP * MRQ ? MRPP = ($25 * 50) * ($250* 100% – 5 0%) = $156,250 (Billable hrs * workweek) * (rate billed * % overhead cost) For Associates: oMRPA = MPA * MRA ? MRPA = ($35 * 50) * ($125* 100% – 60%) = $87,500 (Billable hrs * workweek) * (rate billed * % overhead cost) Each marginal hour of effort by partner brings the firm $250 in revenue – $125 ($250 *50%) of variable costs, so a partner has a net marginal revue of $125 p/hr. ?Each marginal hour of effort by associate brings the firm $125 in revenue – $75($125 *60%) of variable costs, so a partner has a net marginal revue of $50 p/hr. Both of these reflect the marginal value of service output. B. If partners earn $175,000 and associates earn $70,000 per year, does the company have an optimal combination of partners and associates? If not, why not? Make your answer explicit and support any recommendations for change. Comparing partners marginal revenue products with their salary shows MRPP = $156,250 ; $175,000. This means that partners bring $18,750 ($175,000 -$156,250) marginal loss to the firm. oComparing associates marginal revenue products with their salary shows MRPA = $87,500 ; $70,000. This means that associates bring $17,500 ($87,500-$70,000) marginal profit to the firm. Therefore to help move the company to an optimal combination where profit is maximized, they will have to either reduce the number of partners or have a small increase in the number of associates.This can be done by expanding the number of associates until MRPA = $70,000. After this is done we can recalculate the MRPP to see if it has increased. If the new MRPP = $175,000, no other change needs to be made. Chapter 7 Power Point Problem Stereo Receivers. Do-It-Yourself, Inc. , sells budget-priced stereo receivers, in both kit and fully-assembled forms. Customers who assemble their own receivers benefit from the lower kit price of $100 per receiver. â€Å"Full-service† customers enjoy the luxury of an assembled receiver, but pay a higher price of $150 per re ceiver.Both kit and fully assembled receiver prices are stable. The company has observed the following relation between the numbers of assembly workers employed per day and assembled receiver output: Number of workersFinished receivers 00 18 214 318 420 521 A. )Construct a table showing the net marginal revenue product derived from assembly worker employment. Number of WorkersFinished receiversMarginal Product of Labor (MPL)Net Marginal Revenue Product of Labor (NMRPL) (1)(2)(3)(4) = (3) x $50 00N/AN/A 188$400 146$300 3184$200 4202$100 5211$50 B. )How many assemblers would Do-It-Yourself employ at a daily wage rate of $120? oDo-It-Yourself would employ 3 workers since from the table above, three workers NMRPL is $200 which is greater (;) than the $120 they would pay in wages. C. )What is the highest daily wage rate Do-It Yourself would pay to hire four assemblers per day? oTo hire four assemblers per day, the highest daily wage rate Do-It-Yourself should pay is $100 since thatâ€⠄¢s the NMRPL for the fourth worker. Managerial Economics Q1. In a country, the velocity of money is constant. Real GDP grows by 5% per year, the money stock by 14% per year, and the nominal interest rate is 11 per cent. What is the real interest rate? A. 1 The following is provided in the question GDP growth rate (Y)- 5% Money Stock growth rate (M)-14% Nominal Interest Rate- 11% Velocity Of Money- Constant Real Interest Rate = Nominal interest rate – Inflation †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Fisher Effect By the quantity equation we have; M . V = P. YThe Quantity theory of Money assumes that V is constant and exogenous. Inflation= Change in the Money Growth- Change in the GDP Growth Using the above values Inflation= 14% – 5% = 9% Thus; Real Interest Rate = 11%- 9%= 2% Therefore the real interest rate is adjusted for inflation. Q. 2 Suppose a country has a money demand function (M/P)d = kY, where k is a constant parameter. The money supply grows by 12% per year, and real income grows by 4% per year. (a) What is the average inflation rate? b) How would inflation be different if real income growth were higher, say 6%? Explain. (c) Suppose, instead of a constant money demand function, the velocity of money in this economy was growing steadily, say by 2% per annum because of financial innovation. How would that affect the inflation rate? Explain. A. 2 The Money demand function (M/P)d = kY, where M/P = Real Money Balances k= money people wish to hold for each rupee of income and k= 1/V (a) Average Inflation Rate 12%- 4%= 8% b) If Y=6%, then Inflation is 12% – 6 %= 6% Inflation depends upon changes (in this increases) in the Money Supply and Real Income, which is given by the quantity theory of money. So if the money growth rate is greater than the real income growth rate it results in Inflation. In the (a) the money growth rate was 12% whereas real income growth rate is 4% so the Inflation rate is 8%, whereas in (b) the real income growth rate has increased to 6% and hence the inflat ion has rate has changed and decreased to 6%. c) The Velocity of money is not constant in this case as assumed in the Quantity theory of money. V=2% The Inflation would now therefore be determined as follows- Inflation rate = Change in Money Supply + Change in Velocity – Change in Real Income Inflation rate = 12% + 2% – 4%=10 % The Inflation in this case is highest and is equal to 10%, this is because the growth rate of money supply is greater than real income growth rate and also because the V is not a constant and hence the a unit of the money is being used 2% more.

Background and Methodology of the Research Process- Childhood Obesity

For some time there has been a largely growing concern about the junk food made available in schools and how it contributes to childhood obesity. In this article it is discovered through research among fifth graders that the junk food that is available in schools does not significantly increase the BMI or obesity of these students. This research was aided from the amount of junk food available and the amount purchased. Problem to Solve The problem that this article focuses on is childhood obesity. Childhood obesity in the United States is highest it has ever been with practically one-third of all children and adolescents considered overweight or obese (Datar, A, & Nicosia, N 2012). Therefore most of the focus has been on the schools in hopes to find this as the cause of the epidemic. There has been debates on the nutritional value of schools competitive foods and believe them to be the largest source of junk food. Purpose It seems as though the purpose of this study is to inform or let the reader know about the statistics behind childhood obesity and the junk food available at schools. They may have wanted the reader to be aware of the risks of childhood obesity that comes directly from the foods that their child may be buying from the schools vending machines or from the a la carte options. This is believed to truly not be the reasons for the increase in obesity of children. This articles purpose is to make it aware that it could also come from what they are eating outside the schools and what type of exercise they are getting (Datar, A, & Nicosia, N 2012). Competitive foods can be found in many schools, there is a difference in what is available to elementary, middle and high schools. 7% of high schools and 82% of middle schools have vending machines that students have access to, but in elementary schools there is only 17% that have vending machines. A la carte options are also a huge source of food sales. These a la carte lines are largely available in all grade levels, with 93% availability in high school, 92% in middle school, and a surprising 71% in elementar y schools (Datar, A, & Nicosia, N 2012). Research Question A research question is basically the first step that a researcher must conduct before starting the research. It is known as the methodological point and any questions that are asked should be answered during the research (Datar, A, & Nicosia, N 2012). It should be defined clearly as well as accurately. It can be used for qualitative and quantitative research. This step allows the researcher to figure out what he or she wants to know the most (Datar, A, & Nicosia, N 2012). This article did clearly state a question, these questions were for the fifth graders asking them what they are eating at school and at home or what type of exercise they are getting. A study was done in the fall on 1998 of kindergarten, and in the spring another was conducted on first, third, and fifth graders. This study got information from the kids, their parents, and the teachers. They collected information on their social, emotional, physical development, BMI, and their environment in and out of school. The only information that was used was that of the fifth graders. The study was taken in 2003-2004 school year from 9,380 fifth graders in both private and public schools. In the questionnaire they were asked about how often and how much of a certain food they ate during the past week. The kids were also asked to include any food that they also ate outside of school, including if they may have went to a friend’s house or to a restaurant. School administration and the children of the fifth grade gave information on the availability of junk food within the schools. The administrators stated that an average of 17 junk food items were available through vending machines, the school stores, snack bar, or from the a la carte that the children can purchase. Hypothesis A research hypothesis is a statement created by the researcher, and it is a speculation of what they believe the outcome will be. This article does not have a hypothesis directly stated; the authors only provide statistics within each paragraph. If there were to be a hypothesis it would state that the food did or did not cause the obesity of the children or if it were a direct result of their home lives and not just the schools fault (Datar, A, & Nicosia, N 2012). Independent and Dependent Variables An independent and dependent variable are two different variables. An independent variable is a variable that can be wielded by the researcher. It s basically a hypothesized to influence or affect the dependent variable. The independent variable is measured from the researcher. The researcher assigns an experimental or a controlled condition to the participants. The independent variables would be the surveys and what they say prior to the participants taking the survey (Datar, A, & Nicosia, N 2012). The dependent variables would be the participants that partake in the research. Theoretical Framework The theoretical framework is used in research to give details or to create an outline of what the possible actions may be. It is used to try and connect the aspects of the topic. The theoretical framework that was conducted in this article was what the relationship between a parent’s perception of their child’s BMI and obesity and what the school’s role is in preventing as well as treating the children’s obesity issues. (Datar, A, & Nicosia, N 2012). Literature Review Literature review is important because it allows the researcher to discover what has already been discovered and what has not. It gives them a chance to create a research strategy that works best for them. It gives them a chance to avoid other researcher’s mistakes. Instead of surveying the school nurses or random people, the researchers in this article asked the fifth grade children how they felt and what they feel is important to keep children on a healthy track so that they do not become obese (Datar, A, & Nicosia, N 2012). Study Design There are many research designs that can be used. Descriptive design, correlation studies, semi-experimental designs, experimental designs, reviewing other research, and test study before conducting full-scale study. This article is more of a descriptive design because it was based off surveys (Datar, A, & Nicosia, N 2012). In schools students have access to so many foods and drinks that are full of sodium and sugars. These children can purchase things like candies, chocolate, cookies, salty snacks, and even ice cream. They also have access to drinks that are nothing but sugars and caffeine. Many of these children are consuming more junk food outside of the schools then they are within the schools and are not getting the proper xercise they need to burn all those extra calories they are consuming. The schools cannot give children all the physical activity that they need in a day. Children need to also be active outside of school because the little activity that they get while in school is not enough for any child to keep their BMI down. I do know that there are more and more schools that are removing the junk food from the vending machines or making that these vending machines are only in use dur ing thinks like sporting events or other after school activities. Childhood obesity is a growing issue, and there are many contributions to this problem. Children spend much of their lives at school, so changing the ways that schools handle health issues is important. By removing vending machines, providing more healthy programs, and allowing more physical activities can be a positive start. What the children learn in school can be brought into their home lives and when the school nurses, parents, and children are all on the same page healthier changes might start to show and the level of childhood obesity may start to decrease.