Running Head: British Airways †A Marketing Plan

British Airways is one airline that has gone through both bright and turbulent times since its founding in 1974.[i]   After thirteen years of government control, British Airways went into privatization in 1987.[ii]   The airline is the surviving entity after merger and consolidations made with British Overseas Airways Corporation (BOAC) and British European Airways Corporation (BEA).Currently it operates about 240 aircrafts servicing 120 destinations throughout the United Kingdom and Europe, Africa, North and South America, the Middle East, Asia and the Pacific.[iii].British Airways competes with about 42 other British airlines but has maintained leadership in most areas of the aviation industry not only in the United Kingdom but in Europe as well.[iv] Its main competitor is Virgin Atlantic, an airline established by Richard Branson in 1984 and with about 10 per cent market share in terms of kilometers logged as of 2007.[v]As airlines around the world struggle to survive in the m idst of the worldwide financial crisis, British Airways vows to target growth and raise its market share while intently addressing its operational concerns towards excellence and financial health.The surging complexity of the market ahead is expected to put the airline industry on the offensive to obviate possible downturns as what happened to the automobile and the investment banking industries during the last quarter of 2008 leading to the global financial turmoil.Reports had it that requests for government bailouts were made in the face of lower demand from car buyers. The airline industry thus, is among those expected and likely to be affected by the crisis due to the expected economic contraction in the aftermath of the financial meltdown.Importance of the StudyThe study is an attempt at providing a trajectory, focus as well as strategic road map on how British Airways should repackage itself towards upgrading and raising its potentials in a cutthroat aviation industry not mere ly in the United Kingdom but in the airline’s other service areas around the globe, Europe especially.For a start, British Airways dutifully crafted the BA Business Plan (BP11) which is aimed at focusing on four key priorities arising out of the previous year’s plans. These are:  (1) Upgraded customer experience with its trademark Basics and Brilliance, Club World, First Cabin and similar programs meant to introduce innovative customer come-ons with its plan to acquire long-haul aircrafts as well as counter the negative impact of the operating glitches during the transitions experience at Heathrow Terminals 1, 4 and 5. Incidentally, this was planned to introduce new forms of premium customer experience through increased presence in the European and American markets;(2) Planning for growth in terms of new long haul aircrafts, premium services and added destinations between Europe and the Americas;(3) Continuing need to control costs in the face of tight competition, r ising cost of delivering service, fuel and administrative costs. The entity additionally attempts at undertaking a more efficient assets and liability management to reasonably assure itself the advantage of liquidity and solvency under the current economic environment; and,(4) Taking a lead in corporate social responsibility to articulate a social and corporate balance in the conduct of its operations.[vi]A critical component of BP11 is the marketing plan (MP11) which identifies and concentrates on the opportunities available to British Airways worldwide in congruence with its identified key priorities.The marketing plan clearly outlines a road map towards market recovery via excellence in the basics, and ultimately to the deployment of brilliant premium services not available anywhere or in other airlines competing in identical routes.Specifically, the Marketing Plan MP11 cross links with the Business Plan (BP11) with the former as the centrepiece of the airline’s assertive leadership thrusts towards the first half of the 21st century. Just like the Victoria era slogan that the â€Å"sun does not set on the British empire†, British Airways is determined to head for industry prominence after several turbulent encounters with difficult challenges that it had to go through.Apparently brought about by its own weight, its bigness is without the support mechanism it needed to stabilize its moves.   A component of the BP11, the MP11 describes in more detailed fashion how the BP11 will breathe through the heart of the MP11 which is considered the heart of the Business Plan.On the aspect of significance on research, the MP11 serves as the management blue print for strategic decision-making; especially in the area of marketing management under various assumptions, scenarios, alliances and configurations.Strategic marketing management which is contained in this road map MP 11 will enable management to adopt strategies such as cost leadership, attractive premium services, human resource strategies and expanded terminal network in the industry as means to create a demand gap in the long haul travel sector as well as a similar gap in the premium business travel from continental Europe to the premier city of New York in the United States. The experiences of the past years are expected to provide hard lessons for British Airways management towards strategic marketing processes.For the business traveller all over, the MP11 attempts to redefine the concept of basic and premium travel. With the integration of cost advantage expected to ensue along the airline’s objective of operational excellence, airline travellers can reasonably expect these cost rationalization measures to have a positive effect on the pricing competitiveness of British Airways while maintaining the class with which British Airways has been known for.The airline industry, for one, is likewise expected to significantly benefit from this study specifically in the a rea of collaboration, alliances and economic cooperation without any attempt at abusing the regulatory privilege this union may provide such alliances.Hence, partnerships should be undertaken for the development and maintenance of constructive relationship with other companies in the industry as at work.[vii] In the same way that this will be tempered and enhanced by a strong corporate social responsibility not only in terms of the environmental aspect, it is expected similarly to be strong along the social issues directly and indirectly affected by the industry.The society, in general, and the employees in particular will reap benefits from this study in terms and along the key balanced scorecard perspectives over secure employment tenure, human resource training and performance recognition dimensions incorporated into the business and marketing plans; all considered critical components and means to stabilize the goal of operational excellence with a genuine corporate social respon sibility.Primarily, the shareholders are the targets of this study as among the major beneficiaries through which an innovative and unprecedented pricing incorporates real shareholder value and corporate pride enhanced with financial viability through operational excellence.   British Airways aims to show gratitude for continued support and recognition as Britain’s primary carrier.The academe is similarly expected to acquiesce the benefits from this Plan which comes as a result of intensive research and careful study on the travel and industry markets in which British Airways is among the major players.Of equal importance is the fact that British Airways is a corporate organization that is considered an excellent source of academic studies in an industry characterized with great risks, complexities as well as opportunities with huge potentials for learning, and even further researches. [i]   Annual Report, 2007, British Airways, http://www.britishairways.com, accessed Dec ember 28, 2008 [ii]   Ibid. http://www.britishairways.com,  [iii]   Ibid, http://www.britishairways.com,  [iv]   Ibid., http://www.britishairways.com,  [v]   Ibid., http://www.britishairways.com,  [vi]   Ibid,   http://www.britishairways.com,p. 34  [vii]   J. Hicks, The Challenge of the New Millenium: winning the Struggle with Ourselves, New Falcon Publications, Arizona, 1997, p. 131.   

North Carolina Gubernatorial Election

The election for governor of North Carolina proved to be tightly contested race; with Richard Vinroot the republican candidate gaining support in the weeks immediately prior to the election. Mike Easley had an early advantage, being the democratic incumbent. Easley was the better-known and better-financed candidate, which helped him to an early advantage. However, during the final weeks of the campaign the advantage swung to Vinroot as undecided voters were swept up in a republican surge lead by the momentum gained by presidential candidate Bush. With the gubernatorial race growing ever closer, the candidate†s stance on issues began to stand out as the determining factor for many voters. Thus, Democrat Mike Easley was able to gain an advantage not because of party affiliation, but the due to his stance on important issues, one important issue being education. So how did the numbers stake up? Well the final elections showed Mike Easley receiving 1,492,170 votes or 52 percent of the vote; Richard Vinroot received 1,335,862 votes or 47 percent of the vote; the rest of the vote being split between the Libertarian and Reform candidates . The 2000 North Carolina gubernatorial election was closely contested and would be decided not mainly according party affiliation, but by the candidate†s stance on major issues. The Democratic candidate for governor Mike Easley has a strong background, which brought him public favor and votes. Michael F. Easley is 50 years old, was born in Nash County, received a degree in Political Science from the University of North Carolina, and gained a law degree from North Carolina Central University. Easley served as a District Attorney, which gained him a reputation due to his prosecution of drug traffickers. Easley was elected the Attorney General of North Carolina in 1992. He was re-elected in 1996 by a large margin receiving 60 percent on the vote. While he was Attorney General, Easley gained a strong reputation, Easley sought to reduce violent crimes by pushing for a new sentencing structure and removal of the prison cap. Easley was fairly successful, â€Å"Since he took office in 1993, the rate of violent crime in North Carolina has fallen by more than 15%. Easley also gained a strong reputation due to his efforts of attacking consumer fraud, creating a Citizen†s Rights Division, and increasing the environmental section with the creation of an Environmental Crimes Task Force. As Attorney General, Easley also contributed to the national tobacco settlement, and â€Å"Brought nearly $5 billion in revenue to North Carolina to protect farmers, communities and the public health. 2† Mike Easley†s stance on important issues played an important role in the election. One important issue, which Easley highlighted, was his plan for patient†s rights. His plan includes patient privacy and a system that would provide prescription drugs for the elderly. While campaigning Easley outlined his plan for patient†s rights, however he made it apparent that his major concern was his â€Å"No Excuses† approach to education. The main points in Easley†s plan are smaller class sizes, and a pre-kindergarten program. The staple of Easley†s plan is not to raise taxes, with financing coming from a state lottery. Easley†s focuses on three aspects in his education plan; character education, alternative schools, and dress codes. Easley†s education plan states, â€Å"In order to enhance academic performance and safety in our public schools, we must nurture the personal character of young people while demanding that all students be disciplined and appropriately attired. † Candidate Mike Easley brought his strong reputation, and stance on important issues to the gubernatorial campaign in order to gain popular support. Richard Vinroot the Republican candidate for governor also brought his strong reputation and background to the campaign trail. Vinroot like Easley also had a long list of credentials and a strong background, which helped him win public favor. Vinroot was awarded a Morehead Scholarship to the University of North Carolina at Chapel Hill were he received a degree in business administration and later his law degree. Vinroot is also a Vietnam veteran and was awarded a Bronze Star for his service. In 1991, Vinroot was elected mayor of Charlotte and was re-elected in 1993. As mayor of Charlotte Vinroot focused on crime, while he was mayor crime dropped 17 percent. Vinroot also focused on taxpayer relief. One of the major issues in Vinroot†s campaign was also education. Vinroot made it apparent that he supported tax paid vouchers, which gives parents a choice to send their children to the school of their choice. Vinroot†s plan supports home schooling and vouchers for children to attend private schools. Vinroot also supports a pay system for teachers based on merit. Vinroot†s main stance during the campaign was that he continually promised to never raise taxes and offered real change in education. Richard Vinroot gained public support in the gubernatorial campaign with a strong personal background, and by pronouncing never to raise taxes. The Reform candidate, Douglas Schell, and Libertarian candidate, Barbara Howe, offered voters additional choices for governor. However, both candidates played an insignificant role in the election with each candidate receiving about one percent of the vote. Similarly to Easley and Vinroot, both candidates† main issue was education. Howe†s education plan was a tax-based scholarship system giving the student an option when it comes to education. Schell†s stance on education was a plan for initiating a minimum salary for teachers, and focusing on discipline and school standards. However, both candidates were severely under funded; lacking the resources like Easley and Vinroot were able to attain. Thus, the Reform and Libertarian candidates played an insignificant role in the election. Richard Vinroot the republican candidate for governor hoped to ride the coattails of George Bush. Vinroot did gain support because of Bush strength in North Carolina, but this only helped make the race contested. However, Vinroot was unable to seize upon Bush†s support in North Carolina to become governor. Vinroot tried to play the connection with Bush to the fullest, thus making a late comeback. Unfortunately for Vinroot, several other factors caused Mike Easley to seize the election. The election showed that image, personality, and more importantly stance on issues wins votes rather than party affiliation. An important factor is swaying voters to Easley was his standing on important issues, especially the education issue. Easley was able to gain votes by strongly opposing tax-paid vouchers for education. In addition, Easley†s plan for education was more widely accepted including his pushing for a state lottery to pay for education. Some distinctions that caused the party splitting in North Carolina, was Easley†s stance on education. Image and personality also played key factors in Mike Easley†s election win. These traits where made apparent to voters in the campaigning through the numerous television ads and in the debate. Television ads played an important role in the campaigns of both candidates. Easley, due to better finance was able to run more television ads, allowing him to run more issue-focused ads. Conversely, Vinroot ran many ads attacking Easley in an effort to label him as a liberal, and associate of Al Gore. Vinroot†s attacks gave him an aggressive image, which hurt him in the election. Vinroot†s aggressive image was also apparent in the one television debate, Vinroot even grabbed Easley†s arm during the debate. Television ads also helped contribute to Mike Easley†s election win, especially the ads Easley ran the weekend before the election. Easley†s last television ads played upon the popularity of actor Andy Griffith, who endorsed Easley in those final ads. Image and personality are important to voters and these characteristics favored Mike Easley. The first North Carolina governor of the 21st century won an election that became tightly contested due to party affiliation. However, in the end it was not party affiliation that was the determining factor in the election. The determining factors in the election were the candidate†s stance on major issues, namely the issue of education, and the candidate†s image and personality. Richard Vinroot made the election contested by playing heavily on the popularity of George W. Bush; this did not however carry him into office. Voters broke party lines and voted for the candidate who best addressed their needs. Mike Easley was able to win because he promised to improve education without raising taxes due to a state lottery. Richard Vinroot had a chance in the gubernatorial election by trying to ride the coattails of George W. Bush, but when it came down to it voters concerned themselves not with party affiliation, but concerned themselves with the current issues, with the greatest emphasis on the issue of improving education.

Describe B2B market opportunities for Belvita Breakfast Biscuits( Essay

Describe B2B market opportunities for Belvita Breakfast Biscuits( Offer examples) - Essay Example Belvita Breakfast biscuit has great potential for B2B marketing because of the areas of the product use. Being a food product, it can be consumed by organizations as part of the meals or snacks provided by the company, which includes snacks for promotional campaigns (Preston 112). For instance, a fast food restaurant can use the biscuits to promote the purchase of drinks or tea by offering free biscuits on every purchase of a drink. In such situations, the fast food restaurant offers business to business platform for product purchase and promotion. In order to be effective, Belvita Biscuits can market the product to fast food restaurants such as McDonald and other established organizations. These organizations will be using the products to achieve their organizational goals of selling high volumes of food stuff. There are other business targeting children such as childrens stories for candy, and toys. These businesses can also employ the promotional approach can be employed by the fa st food joints. However, these businesses may not be dealing with foodstuff leading to the creation of seasonal promotions and marketing campaigns. Regardless of the focus, the main role in the purchase of the biscuit is to encourage the consumers to purchase from the various organizations. In addition, there are other organizations that do not deal with food stuff, but purchase for organization consumption. The consumption it to ensure that employee welfare is catered for. Such organization includes banks, electronic businesses and Software Company. Their purchases are basically for organization consumption and not for sale. The product of a variety of biscuits ensures that the purchase organization can provide the employees with a variety of biscuit products. The purchase for consumption has a goal of improving human resource effectiveness and reduces the time

Implementing Strategy Assignment Example | Topics and Well Written Essays - 500 words

Implementing Strategy - Assignment Example The organizational strategy between divisions is characterized with bureaucracy. This is as a result of a centralized organization structure which is inflexible to the constantly changing market needs. The need for an innovative approach in global expansion in addressing the constantly changing global market demands calls for a review of the organizational structure. The new model in figure 1, is a decentralized system to inspire innovation in global expansion. As opposed to a centralized system where control and decision-making mechanism lies solely with the board, the model structure allows departments to make independent decisions fast as changes in prevailing market conditions fluctuates. For efficiency in logistics, the model integrates distribution and purchasing process under a single department function (Barca 2003). The new model includes a set of tools that allow departmental managers and branch managers to cooperate with a mutual understanding of the production process and the goals of the organization. By this, it facilitates the quick response to internal and external opportunities, and utilize creativity to present new processes, ideas and products at the local level. Implementing this organizational strategy saves time due to its flexibility to consumer demands. Departmental independence also facilitates the contribution of each department towards realizing the company’s goal of a continued global innovation expansion. With continued expansion of IKEA globally, the benefits of a decentralized system of management increases immensely. With the rapid growth, different challenges arise at various levels of production and supply. The challenges range from difficulty in responding to different nation`s needs and cultural variations. These constant changes call for an organizational structure whose decision-making mechanism is not constrained

Sexuality among Individuals with Disability Research Paper

Sexuality among Individuals with Disability - Research Paper Example It is important to note that the lives of individuals with intellectual disability occur within various social systems that interact, including peer systems, work systems, family systems, school systems, legal systems, and community systems. Thus, it is vital to understand the mores and norms that may influence sexual identity development of such individuals through providing them with or mitigating opportunities for such development. According to Dukes and McGuire (2009), the attitudes that the surrounding individuals may have in relation to the sexual expression of individuals with intellectual disability is a measure of inclusiveness and openness of the community to such individuals(McGuire, Daly, & Smyth, 2007). As such, communities that are more inclusive will tend to have a more positive attitude towards such expression of the intellectually disabled as they are allowing them the same platform of judgment as the rest of the members of the society. It is clear from research that most caregivers are still overshadowed with attitudes when dealing with the sexual expression of the intellectually disabled individuals. Case in point, in the explorative study conducted by Isler, Beytut, Tas and Conk (2009), in which the concerns, opinions, knowledge and attitudes of parents of children having intellectual disabilities, it was clear that such parents have great concern regarding their children’s sexuality. It is important to note that most young people and children are shaped by the beliefs.

JPMorgan Chase Essay Example | Topics and Well Written Essays - 1250 words - 5

JPMorgan Chase - Essay Example The Commission enforces its authority also by bringing â€Å"civil enforcement actions† against those who violate the securities laws (SEC, n.d.). On the other hand, the SEC as an overseer, watches over â€Å"the key participants in the securities world,† which include â€Å"securities exchanges, securities brokers and dealers, investment advisors, and mutual funds† and heads in advancing â€Å"the disclosure of important market-related information, maintaining fair dealing, and protecting against fraud† (SEC, n.d.). The SEC also persistently works with the participants of the major market as well as investors in the securities markets to take note of their concerns and experiences (SEC, n.d.). The primary responsibilities of the Commission include: interpreting and enforcing â€Å"federal securities laws†; issuing â€Å"new rules and amending existing rules†; overseeing the examination of â€Å"securities firms, brokers, investment advisers , and ratings agencies†; overseeing â€Å"private regulatory organizations in the securities, accounting, and auditing fields†; and coordinating â€Å"U.S. securities regulation with federal, state, and foreign authorities† (SEC, n.d.). The Commodity Futures Trading Commission (CFTC) on the other hand, is mandated â€Å"to regulate commodity futures and option markets in the United States† (US CFTC, n.d.). ... 2. Determine the elements of a valid contract, and discuss how consumers and banks each have a duty of good faith and fair dealing in the banking relationship. The elements of a valid contract are â€Å"parties competent to contract, a proper or lawful subject matter, consideration, mutuality of agreement or assent, and mutuality of obligation† (Henke v. U.S. Dept. of Commerce, 83 F.3d 1445 (D.C. Cir. 1996); Foundation Telecommunications, Inc. v. Moe Studio, Inc., 341 Ark. 231, 16 S.W.3d 531 (2000); Mallory v. City of Detroit, 181 Mich. App. 121, 449 N.W.2d 115 (1989); Rhode Island Five v. Medical Associates of Bristol County, Inc., 668 A.2d 1250 (R.I. 1996). It may also be â€Å"offer, acceptance, and consideration† (Gatlin v. Methodist Medical Center, Inc., 772 So. 2d 1023 (Miss. 2000); Sauner v. Public Service Authority of South Carolina, 354 S.C. 397, 581 S.E.2d 161 (2003); Shaw v. Smith, 964 P.2d 428 (Wyo. 1998). In every contract, there is always â€Å"an implied covenant of good faith and fair dealing† (Lloyd Noland Foundation, Inc. v. City of Fairfield Healthcare Authority, 837 So. 2d 253 (Ala. 2002); Wells Fargo Bank v. Arizona Laborers, Teamsters and Cement Masons Local No. 395 Pension Trust Fund, 201 Ariz. 474, 38 P.3d 12 (2002), as corrected, (Apr. 9, 2002)), where â€Å"neither party shall do anything† which would destroy or injure â€Å"the right of the other party to receive the fruits of the contract† (Diagnostic Laboratory, Inc. v. PBL Consultants, 136 Ariz. 415, 666 P.2d 515 (Ct. App. Div. 2 1983); Okun v. Morton, 203 Cal. App. 3d 805, 250 Cal. Rptr. 220 (2d Dist. 1988); Dunfee v. Baskin-Robbins, Inc., 221 Mont. 447, 720 P.2d 1148 (1986); Spanish Oaks, Inc. v.

'The reader does not have to be a deconstructionist to see that the Literature review

'The reader does not have to be a deconstructionist to see that the Victorian text is often divided against itself, proclaimin - Literature review Example When looking at â€Å"Jane Eyre† and â€Å"Dr. Jekyll and Mr. Hyde,† it can be seen that there are specific concepts related to the text that show socio – political undertones of the time. Jeckyll and Hyde and Victorian Literature The different socio – political context which was seen in Victorian literature is defined by the undertone of the main issues of Victorian society. A representative of this is â€Å"Dr. Jeckyll and Mr. Hyde.† This specific book is not only noted as one in which there are specific innovations which allow the main character to turn from one personality to another. The undertones which are a part of this create a sense of imagination in specific reference to the political, economic and social status of those within society. The book works as a main reference to the components which are occurring in society through the actions the main character takes. The character, plot line and the outcome all work as a metaphor of what is occurring within the society at the time as well as how this is associated with the concepts and philosophies of the socially elite class. The book turns into one which is based on the intellectual ideologies of the elite class and references the opposition to the several changes occurring within society (Cherry, 195). There are several moments when this book shows the main reference to changes occurring in society. The first metaphor is with the character of Dr. Jekyll and Mr. Hyde, specifically as technology is the main key to turning the main character from one to the other. The personality of the character changes into one which is considered a part of the community while the other is considered monstrous. The character notes this difference, specifically by his own understanding of his alternative character. For instance, when speaking to a girl, he changes his character instantly. â€Å"He had in his hand a heavy cane, with which he was trifling; but he answered never a word, and seemed to listen with an ill – contained impatience. And then all of a sudden he broke out in a great flame of anger, stamping with his foot, brandishing the cane, and carrying on like a madman† (Stevenson, 33). This specific reference shows the dichotomy of the time, specifically with he changes in character from the lack of control which was a part of the changes. The alteration into Mr. Hyde is one which is expressive of the inability to control the machinery and manmade materials of the time which were being revered at the time, while turning men in society which were considered evenly tempered into mad men. The question which arises is based on what the machinery, industry and the changes in society would lead men to do, both with their own personalities and when having the interference of machinery. Not only are there references to the technology and movement into industrialization. There is also a division between romanticism and realism which takes place th roughout the book. The concept of romanticism comes from the possibilities which can take place with the use of technology and the innovations which may occur. The realism is based on the components based on the unknowing and the outcomes which may occur, as well as how this will create divisions in society. At the end of the book, this

Marketing and Sales Essay Example | Topics and Well Written Essays - 2500 words

Marketing and Sales - Essay Example It is for this reason that marketers and salespeople alike, focus on integration and alignment of the two functions and a greater focus on the ultimate objective, rather than departmental goals. The American Marketing Association defines marketing as â€Å"Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.†(American Marketing Association 2008) Sales is largely a subset of marketing and focuses on the delivering and exchanging part of the paradigm. It also involves maintaining cordial working relationships with clients, partners and customers all across the society. Marketing is broad context that also encompasses sales and merchandizing. In context of a small business, there are stark differences between the two concepts. The core focus of the marketing process includes: Discovering the products, services or ideas to be implemente d. Producing products with the ideal features and quality that cater to the target market. Correctly pricing the product. Promoting the product through several techniques to allow the message to spread to maximum people. Selling and delivering the product to willing customers. It is clear that selling is just one of the activities of the entire marketing process. It essentially involves effort to implement the plan and make the actual sale. All marketing activities support the eventual objective of magnifying sales. It must be noted that it is extremely important that marketing and sales activities are aligned in ways that complement rather than ways that contradict (Atkins & MBA 2009). Some of the key differences in the way marketing and sales are done are: A marketer looks at the decision making aspect of the spectrum. He empathizes with the customer by identifying needs, wants, deciding on the target market, positioning the brand, promoting and taking other steps that communicate to the customer that the product is designed specifically for him and that he should consider its purchase. A seller, by contrast, focuses on the execution state after the work has been done by the marketer. His main focus is on reaching targets, achieving goals and focusing on numbers. He also needs to ensure the timely availability of products for customers. Importance of Aligning Marketing and Sales: In many companies and small business, the personnel and actions of sales and marketing contradict each other significantly. Sales people accuse marketers of being unaware of the actual needs of customers or overestimating the buying power of customers resulting in overpriced or unneeded products. They argue that marketers then expect them to generate sales revenue with such redundant and overpriced products. Such decision making leads to deviation from the ultimate objective of maximizing profits and hinders growth in sales numbers. Marketers, in contrast, suggest that salesmen have a very shortsighted focus on individuals and short term sells rather than looking at the bigger picture. This alienates the firms from prospective long run profitability and stable revenue. Furthermore, the limited knowledge they have about the strategic decision making involved in coming about the final product makes them vulnerable to misinterpreting the essence of the product and its

Motivation letter Assignment Example | Topics and Well Written Essays - 500 words

Motivation letter - Assignment Example objectives are to, first become a first mate, and then in time, work hard to secure a promotion that will see me achieve my dream of becoming a captain. I believe that I possess determination and focus, which will ensure that I gain experience with the ambition of not achieving the highest rank in motor yachting, but also contributing towards the industry positively by ensuring that I ensure my crew members are safe and have confident in me. Despite personal endeavors in achieving my dream job of becoming a captain, I am also determined to uphold the moral ethics that defines a motor yacht crew given the extra care required in sailing passengers from one port to another. Pursuing motor yachting profession is not satisfying by its own, but through the integration of various aspects such as taking responsibility, conforming to the code of ethics, respect for others and giving other options to correct my unintentional wrong doings, which will help me build my career from a moral, emotional, and professionalism perspective. Motor yachting has substantial challenges that are associated with the conditions in which the sea vessels work. Remarkably, being at the middle of an ocean with no place to pull over in emergency cases is one of the psychological challenges that may face every motor yacht crew among many others including natural and experience challenges. However, there is no single profession that comes without risks; hence, I am determined not to be defined my fears and challenges, but what I can do to ensure that the challenges are part of everything a human being pursues. In reference to the saying the saying, â€Å"experience is the best teacher†, I am always ready to experience new things irrespective of whether they are challenges, obstacles or even hardships, which ensures that I thrive through my career successfully and learning from my past experience. It is my wish to spend my time in large water bodies aided by professional yachting crews

Biochemistry Prac Report Essay Example for Free

Biochemistry Prac Report Essay Alcohol dehydrogenase (ADH) plays an important role in the anaerobic fermentation of yeast. This reports aims to analyse the kinetic parameters of ADH through spectrophotometry of ADH-catalysed reaction where ethanol is used as a substrate. The Lineweaver-Burk and the Eadie-Hofstee plots are used to linearly transform the hyperbolic form of the Michaelis-Menton equation and to calculate the accurate values of the kinetic parameters under consideration. This results obtained from these plots and equation help tp determine the importance of Km values of enzymes and various factors affecting it such as pH, temperature, presence of metalloenzymes. A brief discussion about the poor substrate specificity of ADH towards ethylene glycol and methods to prevent the occurrence of acidosis in human being due to the presence of ethylene glycol is also presented. INTRODUCTION Dehydrogenases enzymes oxidize a substrate by transferring hydrogen to an acceptor. (Branden et al. , 1975). Alcohol dehydrogenase (ADH- EC 1. 1. 1. 1) belongs to this group and catalyses many enzyme reactions (Sund and Theorell, 1963). Saccharomyces cerevisiae (Yeast) has three isoenzymes of ADH namely YADH-1, YADH-2 and YADH-3. YADH-1, which is important for fermentation, consists of four identical subunits, each containing a co-enzyme binding site and a bound zinc atom (Leskovac et al. 2002). Anaerobic conversion of Saccharomyces cerevisiae involves conversion of pyruvate (formed during glycolysis) into ethanal (acetaldehyde) in the presence of enzyme pyruvate decarboxylase (first step) and then reduction of acetaldehyde in the presence of ADH using co-enzyme NADH into ethanol, carbon dioxide and NAD+ (second step). The second step is reversible and these post-glycolysis reactions take place in the cytosol (Petro, 2005). The above-mentioned reactions were the basis of this practical where the kinetics of ADH was closely monitored by spectrophotometric analysis. NADH has an absorption maximum at 340nm while the oxidized form has no absorption at this wavelength. A backwards reaction was carried out and an expected increase in absorbance of the solution was observed as at 340 nm as NADH was reformed (Suzuki et al. 2000). The role of kinetic parameters, maximal velocity (Vmax) and the Michaelis constant (Km) of ADH were also investigated. The isoezyme YADH-2, which differs from YADH 1 at position 294 (methionine inYADH-1, leucine in YADH-2) is responsible for promoting the backward reaction by oxidizing ethanol to acetaldehyde. The higher activity of YADH-2 can be attributed to tighter binding of the longer chain alcohols and more rapid hydrogen transfer (Gould and Plapp, 1990). This background helps to define a hypothesis for this practical.

Was Sir Douglas Haig a Good or Bad Leader?

Was Sir Douglas Haig a Good or Bad Leader? The issue of Douglas Haigs role as a general on the Western Front, during the Battle of the Somme in 1916, has been thoroughly questioned by many historians to date. Through different views and opinions, Haigs skills have been both heavily celebrated and criticised. Therefore he has been viewed as both Butcher of the Somme and the Architect of Victory, much evidence supporting both arguments. However the majority of people seem to favour the idea of Haig being a merciless leader, which is completely understandable. For instance, the Battle of the Somme hugely affected almost every person in Britain, many losing family members. For them, it would have been easy to blame the British losses solely on General Haig, and many did just that. However many people saw him as a highly gifted soldier and leader, and there was a good side to Haig, for example, he did manage to eventually wear down the German army, and played a part in the result of World War 1. Therefore this controversial issue will perhaps be continually debated. The Battle of the Somme was a largely Scottish battle, with three Scottish divisions participating. This also applied to Douglas Haig, who was born in Edinburgh and was commander in chief. He was blamed for the enormous slaughter of the Battle of the Somme, during which there were around 60,000 British casualties on just the first day, a third of which were killed. This alone is evidence enough for a lot of people of Haigs failures as a general. However, many of the flaws in Haigs leading of the Battle of the Somme stemmed from the fact that he was commanding a group of sixty divisions, when the usual number was just six. This shows the extreme circumstances under which Douglas Haig was commanding at the Battle of the Somme. The Battle of the Somme was a significant event in history; this is mainly due to the absurd amount of deaths, even though they were no larger than were to be expected, however some people find fault in the fact that Haig kept the army fighting even when he became aware of the continuous height of casualty figures. Just like any general, Haig strove for success, however he had a major fault: he was extremely optimistic, and constantly believed that the German army was close to surrendering, therefore believing that a win was also close. This positive personality is shown by a quote which Douglas Haig himself said at the beginning of the war, The situation is never so good or so bad as first reports indicate. However, even though he felt that his army was fully capable of defeating the Germans, he wasnt correct, in fact, Haigs army didnt have the huge amount of soldiers, which the German army were able to take advantage of this clearly shows that his targets were impossibly to achieve , he was just too ambitious. Haig was also heavily criticised for the ridiculous length of the battle, this was simply because it could have been ended much sooner than it was, and this would have even prevented Britain in constantly finding fault in Haigs leadership skills. The main reason that Haig even allowed the battle to continue because he wished to straighten his trenches, as this would have had a great effect on his armys attacks. However Haig was also criticised for allowing the British army to fight in the appalling weather at the time of the Somme, although technically he cannot take the entire blame for this decision as the idea actually came from the French army officer. Haig was certainly one to override his army commanders, although this is understandable, as if he found their advice questionable then he had to trust himself to make the correct decision alone. However at the beginning of the battle of the Somme, Haig was overruled himself, by the governments of Britain and France, they asked Haig to attack the German army at that point in time, but Haig didnt agree this was because he felt that his armies werent ready; however his argument wasnt effective, therefore he was ignored. Haig understood that he would have to plan an attack quickly, because if he took too much time to do so then the alliance which stopped the French from attacking the British could be put in jeopardy, and that was a risk that Haig couldnt afford to take. At the start of the battle, the British army looked to have no chance in defeating the German army, in fact, Official History wrote that the Somme was the first time that the †¦British line been held with so few men and so few guns†¦. The British army were also overwhelmed by the power of the Germans and after just one day of fighting there were an enormous number of casualties, most of them due to bite and hold attacks. In the beginning, Haig was severely short of forces and, trying to find a solution, ended up having to leave Goughs twelve divisions alone to defend 42 miles of the front, this resulted in some having very few soldiers. Haig could have managed the Somme better, however by the end of the battle, the British were achieving success against the Germans and eventually the Germans did surrender, in fact the German General Ludendorff mentions in his autobiography, My war memories, As a result of the Somme we were completely exhausted on the Western Front. When considering Haigs skill as an army commander it has to be remembered that the situation at the Battle of the Somme was extremely unique, Haig was handling ten times the amount of forces, most of whom were learning the tactics of war as they went along. After the battle ended Haig was compared to other generals who sent hundreds of soldiers to their deaths, he was viewed as uncaring and constantly making horrible decisions. Although Haigs opinion of the turnout of the war was never made clear, it was suggested that he agreed with the result, as in 1919, Haig defended the fact that the Germans were offered a settlement at the end of the war. The relationship between Douglas Haig and David Lloyd George was a cause of major conflict and had an overpowering effect on Haigs reputation. Lloyd George was clear in the fact that he had no trust or liking for Haig, especially during the Somme, when he didnt understand why Haig was allowed the high casualty rates to continue, especially since this didnt give any advantage to the British. He saw Haig simply as a man with no intelligence, and no understanding, although he also never replaced him, or even stood up to him. However, it was no secret that a war was waged between Haig and Lloyd George. An example of the tension between these characters was on the 1st September, when Haig received a telegram from Henry Wilson, marked personal, this carried a warning, that Haig was to stop preventable casualties during the battle of the Somme. The clear reason for the telegram was for the protection of Lloyd George; however Haig took it that he could strike the Hindenburg line if he felt t he need to do so. The tension between them grew when Lloyd George published his war memoirs, in which he unleashed an attack on Haig, both, simply as a man and as part of the army. This was one of the very little books that really cause chaos for an important figures reputation, especially since when it became available, Haig had already passed and therefore he couldnt even protect his own reputation. However Lloyd George isnt the only politician that Haig had a significant relationship with, Haig and Winston Churchill also had a somewhat interesting relationship, in fact Haig helped out Churchill in the writing of his book, The World Crisis, by sending him parts of his personal diaries which he kept during the war. The reason that this is interesting is the fact that Churchill often criticised Haig, especially as a General during the war. However, Churchill did admit that when reviewing the war he began to think a good deal better if Haig than I did at the time. Unlike Lloyd George, Churchill felt that it would be impossible to find as good a general as Haig was to replace him. Haig didnt mind some criticism from Churchill in his book, but it was that criticism which strongly effected Haigs reputation. The conflict between these politicians and Haig meant that Haig had to fight the war against not only the Germans, but also those politicians. It wasnt just Churchills writing that affected Haigs reputation though; there were many different memoirs and accounts released after the war, by many different people, for example, David Lloyd George, Churchill and Gough. However when these records were released Haig mentioned to Foch that he couldnt release a book on the war, as it was too soon to tell the truth. If he had written them however, they would have not only been successful, but would have probably heightened his reputation. However Haigs Final Dispatch, published in 1919 actually had only a small effect on the opinions of the war. Yet, decades later, a revisionist historian, John Terraine revised these arguments and tried to re-build Haigs reputation. In fact, Terraines Douglas Haig: An Educated Soldier strongly defended Haigs reputation, his main point being that it was Haig who eventually wore down the German army. However historian, John Laffin, has the opposite opinion, he feels as though Haig should be accused beca use of his wilful blunders and wicked butchery. This shows clear argument between the two recent historians, both trying to challenge Haigs reputation. Terraine passed away in 2003, however before his death, he did manage to change the way that some people saw Douglas Haig, and he restored Haig to the position of serious commander. Haig was criticised and celebrated by different historians, few ever looking at both sides of things. Haigs reputation was heightened the most due to his input in helping and celebrating ex-servicemen. Haig devoted a large part of his life, after the war, to charity events and war-memorials. This shows that people were even slightly wrong about the fact that he didnt care about the young men fighting in the war. For example, in 1922, Haig travelled to Swansea and 4000 people turned out to see him lay a stone for the city memorial, and in 1925, the Haigs toured Canada; some 10,000 people came to see Haig lay a stone on a cenotaph in Toronto. Also, in Glasgow, in 1924, Haig revealed a monument. These days people may be shocked to find out that in 1925 Haig opened the Newfoundland Memorial Park; this was where the 1st Newfoundland attack took place in 1916. The fact that Haig was sought after to carry out the ceremony by the government, shows that even though there is constant argument over Douglas Haigs reputation, at this time he must have been highly thought of. This is why Haig was overwhelmed with huge amounts of requests to reveal all sorts of different memorials. Haigs speeches at these events were never completely neutral, the issues of sacrifice and the needs of ex-soldiers were constantly highlighted. This made his reputation improve to a lot of people, because they felt as if he was more caring. In the early 1920s Haig began to type up his wartime diary, he wished for this to be published after his death. In 1928 a line of war diaries and memoirs began being published, some attacking Haigs reputation seriously, however Haig wasnt alive to see this, as on the 29th January 1928, Douglas Haig died of a heart attack. This death came as a shock to Britain, many people in disbelief. Haigs wife believed that the strain of wartime command had worn out his heart, and the media began to print headlines, field marshal a war victim, Haig was treated just like any soldier who had fought in the war, and he too was seen as a war casualty. The real surprise after Haigs death was the extent to which the public mourned him; his death was treated much more graciously than any other British general. Therefore his coffin was escorted by the two future kings of England, showing that he was obviously an important member of the nation, even though some people viewed him as a callous butcher. This was reinforced because St Pauls, Wrens great cathedral was suggested as where Haig would be buried and if he had been then hed have been buried with Wellington and Nelson, two heroes from WW1, however Haig had wanted to be buried at home, in Edinburgh, therefore he body was sent north. A crowd of people waited for him to arrive, to pay their respects. Eventually he was buried in the grounds of Dryburgh Abbey. However the event of his death just brought more conflict to the argument of Haigs reputation. Again, Haigs reputation plummeted. Therefore Haigs reputation is constantly debated, going from one extreme to the other, barely ever balancing, or being fair to the actions of Haig. However much argument is presented in favour of Haig, the evidence is overpowered by the casualty figures of the battle of the Somme, by Churchills criticisms of Haig and by the tension in Haigs relationship with David Lloyd George, these are the facts people cant just forget and therefore the points which effect Haigs reputation. Haigs reputation was most significantly analysed through memoirs and accounts, for example of Churchill, Lloyd George, Gough and Terraine, although his reputation took a severe hit after his death also. Its clear that Haig will forever be viewed as heartless general, which is a fair judgement, considering the fact that he was the general in charge during the Battle of the Somme, and allowed the horrific casualty figures to present, and the fact that he let the battle go on for much longer than it should have, fo r personal or no gain, and thats why Douglas Haig will forever be condemned as Butcher of the Somme. Hedging Techniques: Analysis of pros and cons Hedging Techniques: Analysis of pros and cons This report will discuss the basics of hedging, advantages and disadvantages of hedging. There is description of methods and techniques used for hedging. This also discusses the primary need of hedging. Then follows the detailed calculations of the receivables of 500M pesos due in six months time and the best way of hedging to get the most of it. This report then goes on to discuss the forward contracts and futures along with forward options that are available for individual and basic differences between forward contracts and options Introduction: An unexpected change in exchange rates is the economic exposure which is commonly seen as a political disaster or natural disaster. The effect of economic exposures on exchange risks is kept out from this paper on one hand. On the other hand the cross-border firms do not get affected by the volatility of the exchange rates, in terms of the translation transaction exposures. Foreign exchange risk does not exist; even if it exists, it need not be hedged; even if it is to be hedged, corporation need not hedge it. When compared with certain results this hypothesis seems to be inconsistent. Different ways have been found out by some empirical researches to hinder different exposures. For instance, in some real cases financial instruments or netting was applied. Hedging and Importance Normally foreign exchange rates are dictated based on the supply and demand of two currencies and are persuaded depending on both the interest and inflation rates of the corresponding countries. For entering into a contract both the parties those are going to buy sell must have to be familiarised by the forward exchanging rate. Above all relationship between forward exchange rates, spot exchange rates, inflation and interest have to be introduced. Due to some factors such as government intervening and costs of transaction, relationship should not always be hold in the short run. But however the relationship could be hold on the long run by the four parties: purchasing power, expectations theory, the interest rate parity the international Fisher effect. Types of exchange rate exposures: In an international firm exchange rate losses those are unfavourable are protected by hedging currency exchange risk. Thus hedging currency exchange risk can be considered as one of the factors for eliminating risks. There are basically three forms of exchange rate exposures. Transaction exposure Translation exposure Economic exposure Transaction exposure: It is caused when the organisation is driven into certain financial agreements or obligations. The future gains or losses of an organisation are completely dependent on the changes caused to the exchange rates in the future cash flows of the agreements or obligations. The values that were before after the accounts received paid along with those engagements to buy or leasing financial cash flows do not match. The risk of transaction exposure is completely different from the risk of transaction exposure since the former one contains potential changes regarding cash flows. Translation exposure: Translation exposure is also known as balance sheet exposure or accounting exposure. It is a kind of exposure which occurs when if the financial statements of all the affiliates have been consolidated by the parent company. The denominated currencies of the affiliates are quite different when compared to their parents. Economic exposure: Economic exposure is also known as real exposure or operating exposure. It is mainly concerned about the risk of losses in exchange in association with the changes in future cash flows. It is completely different from the former two exposures which operate by long-term diplomatic decisions. There are mainly three barriers for non-financial organisations hedging currency risks compared to the financial organisations. Firstly, models to forecast forward are not well devised. Secondly, team of management is incessantly hesitant to hedge risks of FX the team seems to risk-averse with respect to FX risks. Lastly, the risk management is less in non-financial firms compared to financial firms. The main purpose of hedging FX risks for most of the non-financial firms is for variance reduction in future cash flows. Some of the advantages of corporate hedging are as below. It can predict the cash flows of the firm that are generated internally can arrange the financing plan of a firm either internally or externally. Also hedging helps for the smoothening of the net income of a firm, which proves to be valuable in the present financial market which focuses attention to quarterly earnings rather than the cash flows in the long-run. Based on the proponents of hedging, some of the many arguments are opposed to hedging. Spending on hedges of currency opt for an exceed in the loss in currency risk exposures. If the management fails in reducing the risks using hedging, rivalry arises between management shareholders, where as the value of the shareholder crumbles. There are several hedging instruments in order to protect our money from getting exposed to the above mentioned exposures/risks. These hedging techniques include spot, forward contracts, options, futures, currency swaps and so on usually referred to as derivatives. The most frequently used instruments are: Forward Contracts: The two parties enter a contract in which they agree on a favourable current exchange rate on a specified future date. Thus this guarantees a customized future payment and maturity date and eliminates future volatility. It is tailor made instrument that it includes and specifies all its parameters like money, date, exchange rate and denomination of payment. Also the cost of forward contracts is low comparing with other instruments and the settlement date is up to one year. Futures: These are similar to forward contracts but are more standardised in terms of volume that is about to be exchanged. This is generally intended to speculating profits. Spots: This allows us to buy or sell a currency at todays exchange price and the day of settlement will be no more than two business days. Currency Options: Options are like contracts but are more costly than contracts. It guarantees a worst-case exchange rate for the future purchase of one currency for another. There is a right to sell or buy but there is no obligation to do so as such giving the options holder substantial benefits. Currency Swaps: These are in general long term high value transactions. By swapping their future cash flow obligations the counterparties are able to replace cash flows denominated in one currency with cash flows in a more desired currency. As requested billing in U.S. dollars, forward contracts and money market hedge are some effective techniques of hedging and safe guarding the firm from any possible fluctuations and risks arising from the same. In U.S. dollar billing we charge the goods at the rate in their home country but enter a contract based on the spot rate on the day of sale, and which means they need to pay the equivalent amount in dollars when the payment is due. Irrespective of the fluctuations of the currency rates the company is bound to make the payment of that exact amount of dollars at the end of contract or due date. Forward contracts are mentioned above lock in the exchange rate on future currency transactions and thus reducing their exchange risk. The payment is due in future but the current exchange rate is used for entering into such a contract. Money market hedge is a technique where in the company relies on borrowing and investing funds via money markets and using the spot rate to lock in the amount from the receivable. We borrow in the home currency the same amount that we are expected to receive ad invest in the other currency. Billing in U.S. Dollars As per our previous exports made to Mexico, we will receive 500 million Mexican Pesos. The spot rate of Peso/USD is 15.3555-15.3561, one of 15.3555 is the bid price at which the trader will buy from us and 15.3561 is the price at which he will sell. So we need to buy 500 million Mexican pesos meaning we need to consider the spot exchange ask rate 15.3561. Thus the 500 million Mexican pesos will come to USD which is $32.5604 M. Therefore we will be receiving a definite sum of $32.5604 M after the end of contract which is 6 months. So what ever is the exchange rate at the end of 6 months or whatever be the range of fluctuations we will get $32.5604 M. But the company has to pay an equivalent of $32.5604M which is $32.5604M*15.3555 = 499.9812M pesos. This is mainly due to the depreciation of peso with respect to US dollars. Forward Contract Since the goods have been exported the importer is now short if 500 million Mexican pesos. By entering into a forward contract we sign an agreement with the importer, which states that the delivery of the equivalent of the amount due should be made after 6 months time at the forecasted forward rate which is 15.0123-15.0134 (peso/USD). So as in the previous case we will be entitled to a sum of USD which turns out to be $33.3036 M. Hence we now entered into a future contract which gives us $33.3036 M at the end of 6 months. While we receive $33.3036 M, as an equivalent to 500 M Mexican pesos, the importer needs to pay the trader an amount of $33.3036*15.0123 = 499.9636 M pesos. However if the future rate increases then the importer is obliged to pay the 500M pesos at the prevailing spot rate. But in case the spot rate goes down then the importer has to meet the previously agreed rate for the payment. Money Market Hedge Here we are expected to receive 500 M pesos, so we borrow the same amount from a Mexican bank at the borrowing rate of 2.6% p.a. and we convert them to US dollars and invest the exact same amount in US dollars at 3.1% p.a. We borrow 500M Mexican pesos at 2.6%, which is = 493.5834M and we convert them into dollars at the prevailing spot rate of 15.3561, which transforms to = $32.1425M and we invest them in US market at 3.1%, which gives us $32.1425*1.016 = $32.6568M. But once we receive the payment of 500M pesos the loan will have to be repaid and we have $36.6568M*15.0123 = 550.3029M pesos, whereas the loan amount is 500M*1.013 = 506.5M pesos. Which means we have a profit of 550.3029M-506.5M pesos = 43.8029M pesos, which in turn is = $2.9176M Best Hedge By observing the figures, it is clear that future contracts method is more beneficial than the rest of them. This hedging earns us $32.5604M by billing in U.S. dollars, $33.3036M in forward contracts and $32.6568M by money market hedging. Derivatives The derivative securities market has become quite large in recent years. In 2007, according to the International Swaps and Derivatives Association the notional value of all financial swaps stood at $587 trillion worldwide. The GDP of the entire world was only about $60 trillion by the year 2008. The swaps and derivatives transfer risk from those who do not want to bear to those who are willing to bear for a fee. It is almost like insurance on property or automobile. For example, a put option is to safeguard if the price of a stock is expected to fall. And, like the insurance industry, both parties are mutually benefitted by this type of transaction; it is called hedging. Bulk of the transactions in derivative securities is mainly based on speculation than for the purposing of hedging against foreign currency risks. These help in providing liquidity in the currency market apart transferring risk. The sizes of banks and stock brokerage firms in derivative securities may give rise to huge loss which may well bring the entire financial system to a standstill. At the same time, some participants in these derivatives markets are reporting huge profits. Swaps The derivatives market involves more than just put and calls options. There are also contracts involving swapping fixed interest rate payment streams for adjustable or floating interest rate payment streams. Simply put its mutual agreement of two parties which satisfy both the parties. Forward Contracts and Futures Swaps, caps, and floors are recent innovations in the derivatives markets. The derivatives market traditionally included forward contracts in addition to options (puts, calls, warrants). A forward contract involved a commitment to trade a specified item at a specified price at a future date. The forward contract takes whatever form the two parties agree to. There is also a market for standardized forward contracts, which is called the futures market. The standardization makes possible a wider market with greater liquidity and efficiency. Often the futures markets eliminate the ties between specific parties, the party and the counter-party, and the risk that the other might not fulfil the contract. In the futures market everyone deals with the clearinghouse who guarantees fulfilment. Forward exchange operations carry the same credit risk as spot transactions, but for longer periods of time; however there are significant risks involved. A forward contract requires delivery, at a fixed future date, of a specified amount of one currency against other foreign currency payment; the exchange rate is fixed at the time of writing the contract. It is to be noted that gain or loss on the forward contracts is irrespective of the current spot rate. The gain or loss exactly offsets the change in currency costs. The major active participants in forward markets are arbitrageurs, traders, hedgers who seek to reduce their exchange risks by locking in the exchange rate on future trade or financial operations. There are differences in even the quoted prices, commercial customers are usually quoted the actual price while the dealers quote the forward rate only as a discount/ premium on the spot rate. These contracts are usually available for 1,2,3,6 or 12 months delivery. However forwards for odd maturities can also be formulated. With the increase in the maturity and volatility of the currency the bid-ask spread rises. Forward Exchange Options Contract In the options market there has developed some terminology that is somewhat intimidating to the uninitiated. A call option is the right to buy a share of a stock, the underlying security, at a specified price, called the exercise price or the strike price. A put option is the right to sell a share of a stock at a specified price, the exercise price or the strike price. There is a limited time for the exercise of the call option. An American option can be exercised at any time up to and including the expiration date. A European option can only be exercised on the expiration date. The value of a call option at any time depends upon: The current market price of the underlying security The exercise price The interest rate Time remaining until expiration The volatility of the price of the underlying security. When any of these change the value of the option will change. The options terminology that is most obscure is the use of Greek letters to refer to the response of the option value to changes in the variables which affect it. Ά Delta = the change in the price of the option per unit change in the price of the underlying; i.e., the increase in option value if the current market price of the stock goes up by one dollar. Delta is important in creating a perfectly hedged portfolio. The rate of change of the delta of an option is called its gamma. à Ã‚  Rho = the rate of change in the price of an option in response to a unit change in the interest rate. ÃŽÂ ¸ Theta = the rate of change in the price of an option with respect to time; i.e., the change as the time until expiration decreases by one unit. Vega (this is not a Greek letter) = the rate of change in the price of an option for a unit change in volatility. Despite having the right to buy a call option or to sell a put option, the rights holder is not obliged to buy or sell but can do so at his will. This will give him total flexibility as to when to buy/sell his options

Swallowing Stones :: essays research papers

Throughout the novel Swallowing Stones, Michael is faced with problem after problem. Each problem that occurs, he must make choice after choice. Michael is faced with a position that he must make the choice that will change the course of his indefinitely. Michael soon finds out the mystery death of Charlie Ward. Soon Michael starts asking himself the question â€Å"Could he be Charlie Ward’s Killer?† Michael is sure of it. He is now faced with the ultimate consequences that he must face. He knows that if he turns himself he might be let off easy. But then Joe gets him thinking about how easy it would be to just get away with it. He knows that there is know way that they could ever trace that bullet back to his Grandfathers antique rifle, or could they. Michael soon decides that if he can trust Joe enough to keep in silence, he may be able to out wit the police. When Michael makes his decision, he never considers the ramifications that will come of it. For example, Michael never even considers the long agonizing nights he will stay awake or the ling pain filled days he will go through thinking of Jenna Ward and her mother suffering day after day. On the contrary, Michael thinks he will be able to just move on and forget about it. Michael soon realizes that he wishes he would have simply turned himself in. Afterwards, it seemed like such a logical choice, but he knew that if he did he would be breaking the loyalty to Joe. Michael changed drastically over the course of only a few weeks. He learned more about his friends, family, and himself than he ever wanted to know.

Responses to Human Crises Revealed in The Rite by Hiroko Takenishi Essa

Responses to Human Crises Revealed in The Rite In the short story "The Rite," Hiroko Takenishi tells of some of the horrors that took place during and after the bombing of Hiroshima. This story was a creative response to the actual devastation Hiroko witnessed. She may have chosen to write this story as fiction rather than an autobiography in order to distance herself from the pain. This work may have served as a form of therapy, by allowing her to express her feelings without becoming personal. She could accomplish this by attributing her own feelings and thoughts to Aki, the narrator of this story. The crises to which this work responds was the total annihilation of Hiroshima and the aftershock experienced by those left behind. Those who witnessed this devastation were left to make sense of it, and then attempt to carry on with their lives. Aki had temporarily managed to go on with her life until she went to visit her friend Tomiko. At her friends house she saw "two small jars"that contained "fetuses that had been miscarried"( Takenishi 1895), most likely an after affect of being exposed to the bomb. The sight of these fetuses must have stirred some deeply buried feelings, because shortly afterwards, Aki started to have very disturbing flashbacks and dreams of the devastating event that took place during her childhood. Through these dreams and flashbacks it becomes apparent that Aki is unable to acquire any closure regarding this horrible event. This feeling of deficiency could be, in part, attributed to her feeling that there was a shameful lack of consideration shown for the "rites" owed to those who died. In her eyes they were never properly laid to rest; Therefore they" will not rest in peace" (Takenishi 18... ...in it brought with it ( Takenishi 1907). She felt these memories held a lot of value, and it was important to hold onto them. As she said " someone who can just casually wipe out the memory of his own history will not be fit ... to play the role of the great hero" (Takenishi 1907). I believe she wants to preserve these memories out of respect for those who died, and possibly, as a contribution to their rite. Hiroko Takenishi used the framework of a fictional story to tell of a real life tragedy. As mentioned before, this may have been done to create distance from the writer and her painful memories. This story was a creative and interesting way of allowing others to experience the devastation felt by those who lived through this crises. At the same time it makes clear the suffering and injustice that was inflicted on innocent lives, and the senseless evils of war. Responses to Human Crises Revealed in The Rite by Hiroko Takenishi Essa Responses to Human Crises Revealed in The Rite In the short story "The Rite," Hiroko Takenishi tells of some of the horrors that took place during and after the bombing of Hiroshima. This story was a creative response to the actual devastation Hiroko witnessed. She may have chosen to write this story as fiction rather than an autobiography in order to distance herself from the pain. This work may have served as a form of therapy, by allowing her to express her feelings without becoming personal. She could accomplish this by attributing her own feelings and thoughts to Aki, the narrator of this story. The crises to which this work responds was the total annihilation of Hiroshima and the aftershock experienced by those left behind. Those who witnessed this devastation were left to make sense of it, and then attempt to carry on with their lives. Aki had temporarily managed to go on with her life until she went to visit her friend Tomiko. At her friends house she saw "two small jars"that contained "fetuses that had been miscarried"( Takenishi 1895), most likely an after affect of being exposed to the bomb. The sight of these fetuses must have stirred some deeply buried feelings, because shortly afterwards, Aki started to have very disturbing flashbacks and dreams of the devastating event that took place during her childhood. Through these dreams and flashbacks it becomes apparent that Aki is unable to acquire any closure regarding this horrible event. This feeling of deficiency could be, in part, attributed to her feeling that there was a shameful lack of consideration shown for the "rites" owed to those who died. In her eyes they were never properly laid to rest; Therefore they" will not rest in peace" (Takenishi 18... ...in it brought with it ( Takenishi 1907). She felt these memories held a lot of value, and it was important to hold onto them. As she said " someone who can just casually wipe out the memory of his own history will not be fit ... to play the role of the great hero" (Takenishi 1907). I believe she wants to preserve these memories out of respect for those who died, and possibly, as a contribution to their rite. Hiroko Takenishi used the framework of a fictional story to tell of a real life tragedy. As mentioned before, this may have been done to create distance from the writer and her painful memories. This story was a creative and interesting way of allowing others to experience the devastation felt by those who lived through this crises. At the same time it makes clear the suffering and injustice that was inflicted on innocent lives, and the senseless evils of war.

Sports and Student Athletes :: Dialogue Conversation Essays

Student Athletes My alarm woke me up, screaming incessantly in my ear. It was eight o'clock Saturday morning, and I felt like I had fallen asleep only a few minutes earlier. I rolled out of bed onto the itchy carpet and somehow found my towel and shampoo in the darkness so I could drag myself to the shower. As the steaming water helped wake me up, I began to think about the day I had in front of me. "Here we go," I thought. "I better make it through this one or I'll be in serious trouble." It was the 27th, and in under an hour I would be in huge gym with hundreds of people taking the SAT. A mere two hours later, I would have to row my first 2k erg test of the season. My new coach from Germany would be standing over my shoulder, and I knew that those seven minutes would have a huge impact on whether or not I would make the varsity boat that spring. I could not help thinking about how important this day would be for me as I saw in my mind the e-mails from Dartmouth, Harvard, and Brown asking me about my times on the erg, which would determine how much interest they would take in me. Last minute thoughts on standardized test strategy swirled through my head as I tried to eat my quick breakfast of toast in the dining hall. Micah tried to talk to me about what we would do that night, but my mind was in a haze as I tried to focus on the task ahead. His voice was just background noise, an every once in a while I would nod me head and appear interested in what he had to say, but his words didn't register in my mind. Before I knew it, we were in Ridgedale. The long rows of desks stretched out before me, and I felt overwhelmed by everything going on around me. I sat down and refocused, realizing that I was getting over-excited about nothing. I tried to calm myself down, but I couldn't help worrying about doing well on the test and proving to everyone around me that I deserved the scholarship I had received to this school.

In what ways does Eliza Doolittle change in Pygmalion?

Based on classical myth, Bernard Shaw's Pygmalion plays on the complex issue of human relationships in a social world. Phonetics Professor Henry Higgins, tutors the very Cockney, uneducated Eliza Doolittle, not only in the refinement of speech, but also in the refinement of her manner. When the end result produces a very ladylike Miss Doolittle, the lessons learned become much more far reaching. Shaw took the title of his play from the legendary King of Cyprus, Pygmalion, who was also a famous sculptor. Pygmalion sculpted a beautiful woman from ivory, called Galatea, with whom he fell in love. On begging Aphrodite (the Greek goddess of love), to breathe life into his creation, his wish was granted and he married her. Pygmalion is therefore an appropriate title for this play, for Galatea is created from a block of stone, and Eliza herself originates from similarly unpromising beginnings, with Professor Higgins as the ‘Pygmalion' character, as it is he who creates a ‘new woman' from such raw material. It is Eliza's metamorphosis, from downtrodden flower girl to a polished young lady (the highs, the lows, the intense drama and the comic moments) which provide the basis for Pygmalion's well crafted story-line. Eliza's Appearance Our first introduction to Eliza, is in the form of the Act 1 stage directions (page 8), where her appearance comes under scrutiny by Shaw's vivid writing. She is described as being, â€Å"not at all a romantic figure† whose â€Å"hair needs washing rather badly† and whose clothes are â€Å"coarse† and â€Å"shoddy†. All of this, plants a very vivid picture of Eliza as a lowly, insignificant figure- another bleak form on the miserably wet London skyline, which is a far cry from the mental images of her appearance conveyed later, as a cosmopolitan and fashionable young woman who, rather than paling into insignificance, as she previously did, is quite striking. This is one Eliza's major transformations, -her change in her appearance. It is a major key in the metamorphosis from flower-girl to lady, and is beautifully executed with the help of Mrs Pearce's severity on the insistence that cleanliness is vital, -â€Å"Well, don't you want to be clean and sweet and decent, like a lady? You know you can't be a nice girl inside if you're a dirty slut outside†, and Prof. Higgin's vast funds which kept dressed in the latest fashions. She makes particular impact at the ambassador's garden party, her final test, where she must be passed of as a duchess, (for a bet). The character of the hostess is clearly very taken with Eliza, and acts as an indication to the reader (by whom the transformation cannot be witnessed) of the enormity of Eliza's change in appearance, with her comments of â€Å"She will make a sensation†, â€Å"†¦wonderful young lady† and â€Å"They tell me there has been nothing like her since people stood on their chairs to look at Mrs Langtry†. Eliza's Status Much of Pygmalion revolves around a very divided class system. The play's theme that a person's success in life should not be dictated and limited by their social class, speech and status, was a belief of Shaw's that clearly held a lot of importance for him. This is evident due to his early membership to the Fabian Society- a socialist organisation dedicated to the establishment of an equal and just society for all citizens. Shaw's apparently cruel and even insulting comments on Eliza's initial appearance may seem harsh, however they have very important relevance. The Eliza's shabbiness at first not only amplifies the dramatic transformation which results, but also highlights the vast difference between her and Miss and Mrs Eynsford Hill, which conveys to the reader Eliza's lower status and class. Eliza herself behaves, as though she is inferior (she is still very polite to Miss Eynsford Hill despite her rudeness in Act 1), however Eliza's status, by the play's end has soared from a poor, uneducated Cockney, to a much more respectable young woman. Before her transformation in Act 1, Freddy pushes past Eliza quite abruptly, barely noticing her presence, however after meeting her in all her finery at Prof. Higgin's house (Act III), he is besotted with her. Although Freddy is far from wealthy or aristocratic (Shaw describes the Eynsford Hill's as having the air of â€Å"genteel poverty†), to seem respectable enough to be worthy of his attention, to be unrecognisable to Mrs Eynsford Hill and considered fashionable by the previously haughty Miss Eynsford Hill, is quite a vast leap in status for Eliza, and a credit to her teaching. *Eliza's Speech Shaw himself, was a crusader for many changes to be made to the English language, believing it to be in need of great reform. He fought long and difficult battles throughout his life to change the spelling system of the English language, because of his views that it was illogical that most English spelling did not relate to the way words are pronounced. So this is probably one of the reasons he has made language and pronunciation major themes of the play, and as he says in his comprehensive Preface to Pygmalion, made an â€Å"energetic phonetic enthusiast, the hero of a popular play†. Shaw began Eliza's speech (in Act I) in a mixture of written broken English and phonetic symbols, quite unintelligible to the reader (and as he describes it, â€Å"unintelligible to anyone outside London†). This has a dual purpose, for it clearly shows the reader the distinctiveness of Eliza's accent (and the large distance between her â€Å"kerbstone English† and her ambitious aim of being able to speak like â€Å"a lady in a flower shop†). This will not only increase the reader's awe at the magnitude of her transformation, but it will also show the amount of work that would have had to go into the transformation (Shaw does not show the many months of tutoring in the play- he just surprises the audience with Eliza's ‘new found eloquence'). The other purpose of spelling out Eliza's pronunciations is to enhance the element of confusion the scenes of Act I are intended to evoke from the reader (and no doubt the audience of a staged Pygmalion). The confusion arises in a variety of places; the true identity of some characters (the ‘Note Taker', the ‘Daughter', the ‘Gentleman', etc.) and Eliza's hysterical confusion when she wrongly accuses the ‘Note Taker' (Prof. Higgins) of being a â€Å"copper's nark† (police informant) when a ‘Bystander' warns her that someone is writing down her speech. Eliza's character It seems that confusion follows Eliza relentlessly throughout the beginning of the play, embarrassingly highlighting her uneasiness and ignorance when she finds herself in many unfamiliar situations. Not only is it present in Act I, but it is clear in Act II as well, when she bravely seeks out Prof. Higgins to request elocution lessons. In this scene, Eliza finds herself lost and misunderstanding, -drowned in a sea of complex words and jokes used by everyone around her, leaving her totally bewildered. For example, when Eliza offers Prof. Higgins a shilling for her lessons, he comments to Colonel Pickering that a shilling in relation to Eliza's earnings is about the equivalent of about sixty pounds from a millionaire, which Eliza misunderstands and fearfully thinks is the sum of money she must pay. However, by the end of the play Eliza has gained masses of confidence, which compliments her raw, fiery spirit and gives her the ability to argue her point well and defend herself. For example later in the play, she confronts Higgins on the subject of his insensitivity towards her- â€Å"..I'm not dirt under your feet.† (Page 102) and is no longer prepared to be suppressed by his haughty egotism. There is no doubt that Eliza's transformation is a successful one, however, I think something very important to realise about Eliza is that despite the radical changes that take place in the play with her appearance, speech and status, her character still remains as strong-minded, fiery and emotional as it was on that bleak, rainy day in the heart of London's Covent Garden. The fact that this is one of the few things that do not change in Eliza, is a huge indication of the tremendous sincerity of her character. Prof. Higgins has created something which is unnatural and out of place in society, with his intensive training of Eliza. Her appearance and behaviour are doll-like, her movement is robot-like and her speech too careful and precise to ever be real. To create the outward appearance of the lady she becomes, Eliza is forced to sacrifice and suppress her own personality, leaving her empty and without any vitality or energy. This is the reason why Eliza clearly strives for a rich combination of her original vigour and strong-mind, and the new manner and speech of the middle and upper classes introduced to her by Higgins to create a true identity for herself which she is happy with. Higgins, typically for him, claims all the credit for the transformation in Eliza, showing him not only to be big-headed, arrogant and conceited, but to also undervalue Eliza's own hard work. â€Å"You will jolly see whether she has an idea in her head or a word that I haven't put into her mouth. I tell you I have created this thing out of the squashed cabbage leaves of Covent Garden†¦Ã¢â‚¬  (Page 92) I think it is vital for the reader/audience to remember that Eliza and her own character and personality have achieved her transformation. Although, there is no doubt that Eliza would have remained in the gutter if Higgins had not taken her into his home and changed her speech, dressed her fashionably and shown her how the upper classes behave, I personally, resent any direct comparisons between Eliza and her mythical equivalent, Galatea. This is because I think that her initial character had the foundations present for the creation of her ‘new self'. Whereas Galatea was created from nothing (a block of ivory) by King Pygmalion,- Prof. Higgins, Colonel Pickering and Mrs Pearce merely enhanced and remoulded many of the qualities Eliza already possessed to create the end result. Without Eliza's self discipline, raw talent, commited and swift learning, it would have been impossible to pass her off as a duchess after just a matter of months. I think the way Shaw portrays her as growing more and more confident and independent throughout the play, does well as a message to the reader that Eliza herself, was in a sense, her own creator. I think that Eliza's need to liberate herself from Prof. Higggins to become a teacher herself, was more necessary than she herself even knew, for just like Galatea, she could never truly like Prof. Higgins (the equivalent of King Pygmalion) for as Shaw cleverly points out, â€Å"his relation to her is too godlike to be altogether agreeable†. Throughout his life, Shaw's plays often tended to attack what he felt to be bad elements in society and make his audiences feel uncomfortable with the bitter truth of society's flaws. If this is what he intended for Pygmalion, I think he was certainly successful. Pygmalion challenges many of the damaging root elements of society including the segregation of the class system, and the ruthlessness of human nature, themes that almost all of us are guilty of either condoning or ignoring- both of which are detrimental if there is ever to be any kind of social reform.

Esperanza Rising Essay

From being born with a silver spoon your mouth and having your world revolve around you to having nothing, can be a life changing experience. In the historical fiction story Esperanza Rising, by Pam Munoz Ryan this exact thing happens to a 12 year old girl named Esperanza. Esperanza’s world is turned upside down when her father is murdered and she and her mom are forced to move to Las Angels. We watch as Esperanza changes from a self important unrespectful child into a mature greatful unpredjidus young adult. When Esperanza’s father, Sixto, dies everything ends up going down hill. When her father was murdered his brothers Tio Luis and Tio Miguel were part of the will, so that meant that they got part of the land. But when Tio Luis asked for Ramona’s hand in marriage they were forced to move to Las Angels. While Esperanza still thinks she’s a princess, she winds up being a pretous stuck up and predjidus to others. When she left she left with one thing and that was the doll she had gotten from her father for her 13th birthday. When Esperanza and her family arrived in Las Angels they started to look for work. When they found work it was for farming and they got a job and started working. When Esperanza tried working she couldn’t because she didn’t know how to do anything on her own. At the end we see Esperanza change because she has been able to feel the earths heartbeat and gave the doll to Isabela.

Tobacco Advertising Is Illegal but Alcohol Is Not

COMM 3P14 – Media Industries Tobacco Advertising is Illegal, but Advertising for Alcohol is not, Is This Hypocritical? Rebecca Stewart 4574927 Russell Johnston Seminar 3 November 11, 2012 Advertisements are a vital part of any company’s marketing strategy, and are used to inform or persuade an audience about a certain product or service. In fact, North American companies are among the world’s highest advertisers (Boone et al. , 2010, 502). Today, an average consumer is exposed to hundreds of advertisements every day.It is when these companies attempt to promote a dangerous product that restrictions must be, and have been put in place. For several years, Canada’s regulations on tobacco advertisements have become stricter, while alcohol advertisements are still permitted across multiple mediums. This leads one to question the difference between the two substances, and if this notion is in fact hypocritical. The stakeholders identified in this paper are the v iewers and listeners of the advertisements, specifically the youth audience.The principles involved with alcohol promotion are examined with a lens that incorporates the views of Horkheimer and Adorno’s perspective on advertising. Along with a brief history of tobacco advertising regulations, this paper will discuss the ethical issues involved in alcohol advertising, and evidence to support that alcoholic products are no less of a danger than tobacco, and should have the same advertising restrictions. There is also evidence to suggest that the majority of Canadians are in favour of tighter restrictions on alcohol advertising.The current hypocritical state of allowing alcohol to be advertised, but removing all tobacco related marketing is further discussed in detail. Literature Review Not only is advertising illegal for tobacco companies, retailers are now obligated to remove these products from sight. Cigarette companies are also no longer permitted to label their product as light or mild on the package (Pollay, 2004, 80). The first Canadian legislation successfully passed in favour of advertising regulations was the Tobacco Act of 1997 (Pollay, 2004, 80).Health Canada created provisions in this act such as, tobacco products must not be promoted, and all manufacturers must share information about the product’s emissions and health hazards arising from use of the product on the packaging (Health Canada, 2011). The intent of this act was to protect young people and others from being encouraged to try tobacco related products without being informed of the dangers to their health (Polley, 2004, 81). The belief was that tobacco ads were aimed at new smokers, and that companies were trying to attract young people towards their brand.This idea is plausible because in order to maintain a strong business over a long period of time, new users must be targeted. Further, there is evidence supporting the fact that current smokers are not likely to be converte d to another brand, making youth targeted advertisements more likely (Polley, 2004, 83). There was pressure to strengthen the advertising restrictions after countless health risks and deaths were attributed to smoking. â€Å"Smoking has been estimated to result in roughly 45,000 deaths annually and is a major cause of respiratory disease, cancer and circulatory disease† (Sen, 2009, 189).A study conducted by the American Journal of Public Health looked at 481 randomly selected tobacco retailers after the product display ban to understand the changes that resulted in tobacco promotion (Cohen et al. , 2011, 1879). Their study revealed that this ban successfully limited the exposure of tobacco products, and demonstrated the importance of a complete ban on retail tobacco displays (Cohen et al. , 2011, 1880). Clearly, limiting advertising exposure to hazardous products such as cigarettes truly limits consumer exposure, and thus promotes the idea of a healthy public.Since these ad r egulations have proved to be a success, it would likely have a very similar effect when applied to alcohol. Ethics is an essential consideration in the world of advertising. Marketers should make responsible decisions, and not just focus on generating profits, because it is legal. â€Å"Ads should address audiences not just as consumers who care about material interests but as citizens who care about social virtues and the public good† (Hove, 2009, 35). The idea of advertising alcoholic beverages is unethical.While there are mild restrictions in Canada regarding alcohol promotions, there is a demand for more. Some provinces run ads that promote responsible drinking, or the dangers of drinking and driving in an attempt to shed light on alcohol abuse (Boone, 2010, 525). However, these attempts do not cancel out the multitude of beer and liquor advertisements in today’s media. Some alcohol advertisements include the ideology that drinking a certain brand of beer will infl uence their social class, or improve their quality of life in some way. This is extremely controversial.An article from the South African Journal of Psychology notes, â€Å"there are no laws against [alcohol] advertisements; however, responsible corporate and professional action, would prevent the use of these advertisements from a social and moral standpoint† (Dubihela & Dubihela, 2011, 209). Clearly, an ethical dilemma is present. The Canadian Radio-television and Telecommunications Commission is one organization that has viewed alcohol advertisements critically. Since 1968 they have required broadcasters to report the number of alcohol related messages broadcasted annually (CRTC, 2011).The messages also must adhere to their Code for Broadcast of Alcoholic Beverages (CRTC, 2011). This code includes provisions to ensure promotions for alcoholic beverages do not encourage non-drinkers or young people to drink or purchase alcohol, imply a certain brand is superior because of a higher alcohol percentage, and that consumption of alcohol enhances enjoyment of an activity (CRTC 2011). These regulations are far more lenient compared to the restrictions on tobacco advertising.Advertising Standards Canada has now gained responsibility to review advertisements concerning alcohol to ensure they are in accordance with the CRTC’s code (Darling, 1996). Moreover, alcohol is just as dangerous to society as tobacco. Statistics Canada shows that alcohol use by drivers was a factor in nearly 30% of motor vehicle related deaths from 2003-2005 (Statistics Canada, 2011). Also, deaths from other alcohol related disorders such as cirrhosis of the liver accounted for over 1400 deaths in 2003 (Statistics Canada, 2009).The most relevant stakeholders in this issue, young people, are severely affected by alcohol use in Canada. In 2011, 13. 2% of Canadian youth ages 12 to 19 fell under the heavy drinker category, that is, consuming 5 or more drinks on one occasion at least o nce a month (Statistics Canada, 2011). Similarly, â€Å"the rate of persons accused of impaired driving offences was highest among young adults between the ages of 19 and 24† (Statistics Canada, 2011). Additionally, 28. 8% of Canadian students admitted to being driven by someone who was legally impaired (Statistics Canada, 2011).Many Canadians support the public opinion that seeks to enforce stricter regulations when it comes to alcohol products. A study from the Drug and Alcohol Review Journal reports that 50. 1% of Canadians agree with prohibiting alcohol advertising (Macdonald et al. , 2011, 653). Similarly, 47. 4% thought the current legal drinking age of nineteen should be increased, and 40. 1% believed taxes on alcoholic beverages should be raised (Macdonald et al. , 2011, 653). These kinds of changes would make alcohol less available or attractive to young adults.The CRTC’s report that outlines the framework for their advertising regulations states, â€Å"parti es argued that excessive alcohol consumption is as dangerous as smoking and, therefore, should be treated in the same way: the consumer should be warned of the dangers associated with abusive consumption† (Darling, 1996). Clearly, encouraging the sale of any product that can cause this kind of harm is morally irresponsible. Evidently, many Canadians believe alcohol is a dangerous substance that should not be easily accessible to young people. Establish an Interpretive ContextThis research is used to establish whether or not a bias exists. The death and disease rate caused by both alcohol and tobacco is examined to prove that hypocrisy is present. Harmful effects caused by the use of alcohol and tobacco is compared to uncover why this imbalance of advertising restriction is unjust. This is not to say that tobacco products should be reintroduced, but that both substances should be eliminated from media advertising altogether. Furthermore, the views of actual Canadians are consid ered because this fosters a public sphere and forms a widespread opinion on the issue.Also taken into account is the amount of time spent with media by Canadians and specifically young people. Statistics that outline hours spent watching television and surfing the web will be considered. The best outcome for this situation is to restrict alcohol advertisements based on the same grounds outlined in the Tobacco Act. Discussion After reviewing the available data, it is clear an unjust bias exists. The position of this discussion remains that alcohol should be eliminated from advertising for the same reasons tobacco is.Tobacco has been restricted from advertising based on major health concerns, and in an attempt to deter youth from smoking. These same properties are present, and even heightened, with alcohol. â€Å"Some parties, including government representatives, stated that anyone involved with the sale of alcoholic beverages should have the opportunity to advertise their productsà ¢â‚¬  (Darling, 1996). Since evidence categorizes both alcohol and tobacco as dangerous substances, both should be treated the same way with regards to advertising.Alcohol has proven to be even more dangerous than tobacco in some cases. The immediate effects are particularly alarming. Consumption of alcohol can alter one’s state of mind, causing negative health effects, accidents and addiction in some cases. The Canadian Public Health Association reports, â€Å"drinking too much alcohol in a short period of time can lead to poor judgment, impulsive behaviour and alcohol poisoning† (CPHA, 2008). Alcohol poisoning can contribute to long-term health problems and even death. Also of concern are the permanent consequences of long term drinking.Serious conditions such as, brain damage, certain cancers, cirrhosis of the liver, and sexual problems are attributed to alcohol abuse (CPHA, 2008). In addition to life threatening illnesses, withdrawal symptoms can also occur when h eavy drinkers suddenly stop consuming alcohol. These symptoms include but are not limited to insomnia, sweating, tremors, and convulsions (CPHA, 2008). Clearly the additive properties of alcohol are similar to tobacco, and should therefore be handled the same way in advertisement laws. Problems with mental health can also be found with alcohol abuse.According to the Canadian Community Health Survey, â€Å"fifteen percent of people who were alcohol-dependent have experienced major depressive episodes† (Tjekpema, 2004). Also, women who consume alcohol while pregnant are of grave concern. Regular alcohol intake during pregnancy can lead to miscarriages, low birth weight, and genital malformations in boys (Damgaard et al. , 2007, 272). â€Å"Children born to women who consume alcohol during pregnancy may exhibit a range of abnormalities and developmental deficits that together are termed fetal alcohol spectrum disorders† (Kobor & Weinberg, 2011, 29).These preventable defec ts are another reason why alcohol should be considered as dangerous as tobacco. Overall, the negative statistics for alcohol are no less alarming than they are for tobacco. In 2011, 10. 1% of 15 to 17 year olds considered themselves smokers (Statistics Canada 2011). This is substantially lower than the 13. 2% of Canadian youth who fall under the category of heavy drinkers, not to mention the 30% of motor vehicle accidents that are alcohol related. These contrasting statistics speak for themselves, and prove the hypocritical nature of only banning tobacco advertising.Alcohol brands use effective marketing strategies that specifically reach a youth audience, the main stakeholder in this issue. Since the ‘young market’ is attractive to advertisers, their ads frequently catch the eye of people aged 15 to 34 (Novak, 2004). Celebrity endorsements are one way marketers attempt to sell their product to young people. Dan Aykroyd, Zak Galifianakis, and Will Ferrell are just a few celebrities who have endorsed popular alcohol brands (Novak, 2004).These people are relevant to Canadian youth, and they may be inclined to purchase the same brand of alcohol as one of their favourite celebrities. Moreover, 20. 1% of males and females ages 18 to 22 claimed to watch 15 or more hours of television per week (Statistics Canada, 2007). This is a large portion of young people who are subject to the dozens of alcohol advertisements broadcast each day. Alcohol advertisements are not limited to radio and television broadcasting. Many brands are turning to the Internet and social media to promote their products. This is problematic.According to a 2009 survey by Statistics Canada, 82. 9% of Canadians ages 34 and younger claimed to use the Internet at lease once a day, and 86% of these users went online for social media purposes (Statistics Canada, 2009). The government should implement restrictions on encouraging the sale of alcohol to a youth audience. They act as a legitima te spokesperson because they look out for citizen’s best interests. The reasoning behind banning tobacco advertising stemmed from the health hazards and dangers associated with smoking, and the same should be true for alcohol.Some parties argue that there is no scientific evidence linking advertising to overconsumption or underage drinking. If this is true, then the same can be said for tobacco products. However, polls taken in 2011 show that tobacco use fell rapidly amongst teenagers 15 to 19 years of age, shortly after the ban was placed (Goldfarb, 2011, 209). If these restrictions were applied to alcohol products, similar results could be expected. This issue fits into the realm of communication theory. As Horkheimer and Adorno proclaim, the direction of society, â€Å"is incarnate in the subjective purposes of company directors.Production is geared primarily towards profit, not towards the satisfaction of human need or use value† (Johnston, lecture, 2012). Advertis ing executives constantly make decisions based purely on profit instead of taking culture into consideration. Their ads are intended to increase sales and attract new customers of any age. This is problematic on a youth audience. These theorists proclaim that the audience has no choice in the matter (Johnston, lecture, 2012). â€Å"If all culture is enmeshed in the capitalist marketplace then all cultural products espouse the ruling ideology† (Johnston, lecture, 2012).This ideology is business. The government needs to intervene in this cycle so that ethics and moral responsibility are taken into consideration, just as they were with the tobacco advertisement ban. Conclusion If tobacco advertising was banned because it was considered wrong to encourage a habit that causes such detrimental effects, should not the same be true for alcohol? This bias is hypocritical because the government deemed it necessary to intervene when it came to tobacco advertising, and alcohol should not be overlooked.Smoking and alcohol consumption take away people’s lives at the height of their productivity (Jiloha, 2012, 65). By keeping these activities out of the media, youth can be deterred from engaging in them. In fact, advertising has profound consequences. Its persuasiveness and lack of information give audiences a false sense of what the product at hand really is (Hove, 2009, 36). Advertising experts should focus their attention on directing youth audiences against dangerous habits such as smoking and drinking, instead of encouraging them through advertising.While there is no scientific link connecting advertising to over consumption of alcohol, the decrease in young smokers as previously mentioned after the tobacco retail display ban gives reason to assume the same could be true for alcohol. 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