Global Tobacco Market Essay Online For Free - Free Essay Example

Sample details Pages: 13 Words: 3771 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Imperial Tobacco Company Plc is the worlds fourth largest tobacco company in the world with a market share of over 5%. The UK market share for 2010 was 45%. The group primarily operates in Europe, Africa, Middle East and Asian regions. It has a presence in over 160 countries worldwide, operates 51 manufacturing sites and has around 38,000 employees. Past, Present and Future. Executive Summary In 2014, the global tobacco market forecast is to have a value of $490.2 billion, an increase of 14.2%. Cigarette is the largest segment of the global tobacco market, accounting for 91.8% of the markets total Value1. Analyst Don Hedley suggests that volume trends are a fairer way to calculate prevalence. Looking at a CAGR from 2009-2040, based on historical trends, Japans tobacco market would be 80% smaller in 2040, and the USA, Brazil and the UK would be 30% smaller 2. Given this scenario and the fact that IMT PLC has begun on the growth track in 2010 and it still has time to make the most of the global market. The major global competitors for IMT PLC are Philip Morris International, China National Tobacco Co. and Japan tobacco Inc 1. Other than mentioned previously, in the UK major competitors are Altria group Inc, British American Tobacco Plc and Reynolds American Inc 1. Throughout the review Imperial Tobacco PLC would be written as IMT PLC. It can be categorized within Consumer goods in the tobacco industry. Imperial reports its business under two operating segments: tobacco and logistics. Despite intense competition, crisis times and unfavourable attitudes towards tobacco consumption, IMT PLCs performance has been positively growing in the past years. Currently IMT PLC is faced with restructuring and strategies to cope with legal regulations since 2007. It is arguably obvious that governments across the globe derive highest amount of tax benefit from manufacturing and sale of tobacco and tobacco equivalents; however for a tobacco company maneuvering its way around these regulations and sustaining itself optimally is getting difficult. The companys transforming year was 2008. The company acquired Altadis and Logista with an estimated operational efficiency of around ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬300 million. Today IMT PLCs performance is on the rise with competitors on most parameters. The overall performance of the company was positively affected by th e growing business in Spain, repayment of their short term liabilities by refinancing and increased sales volume for three brands. The need to change the dividend policy and provide higher (return on investments) ROI was a strategic decision that IMT PLC lived up to this year and plans to for the next few years. The credit rating still with all these changes and huge leverage conditions has still been positively high. The company performance has had a positive impact on the overall Shareholder value analysis by increasing its operating profits and huge achievements were Debt clearance, Acquisitions, emerging markets and planned price rise for 2011. A detailed SWOT Analysis is attached in the Appendices 1. The conclusion section gives a fair evaluation in brief about future shareholder options. All figures have been extracted only from these sources: Company Annual reports Income statement, Balance Sheet, Cash flow statement and mainly Notes to the financial statements, Reuters.com and Forbes.com C:UsersUserDesktopCapture.JPG Don’t waste time! Our writers will create an original "Global Tobacco Market Essay Online For Free" essay for you Create order Analysis Ratios: C:UsersUserDesktopCapture.JPG Despite the totoal tobacco market shrinkage, profit margins have increased owing to increase in sales of Davidoff, West and Gauloises Blondes which reflected sales growth of 8.7% from Spain. The negative growth in white stick equivalents and cigarettes was compensated by the growth in Fine cut tobacco. C:UsersUserDesktopCapture.JPG The actual capital employed in the business has been and will be reducing. The business sold, depreciated and amortised several assets. Also the current liabilities (borrowings) had significantly reduced from 2560 million last year to 329 million this year 6. The decrease in non-current assets in 2010 is because of the adjustment of reduced goodwill from Reemtsma acquisition 4 worth 41 million and increase in inventories and foreign gains worth 210 million under current assets. With so much asset reduction ROCE improved since last 2 years. C:UsersUserDesktopCapture.JPG ROSC Industry average 2010 8 ROSC Sector Average 20108 12.16 (as of 14th April 2011) 5.82 (as of 14th April 2011) The Equity amounts for 2009 was lower since the organisations operations were not able to repay all the liabilities. Hence the organisation paid up equity from retained earnings. The ROSC in 2010 tripled as the net profit grew more than half from 2009. The huge leap on shareholder payment was the main priority after in 2009 hence the company chased profitability to achieve this. Also since the group saved on finance costs the resulting PBIT was high increasing the ROSC. ROA Industry average 2010 8 ROA Sector Average 20108 0.95 (as of 14th April 2011) 1.62 (as of 14th April 2011) The total return on Assets was owing to increased operating profits in 2010 and disposal of many assets from the Altadis synergies. As stated earlier, figure in 2010 would be higher than industry and sector averages, owing to reducing assets and increased operating profit. Also many restructuring costs borne today from the European acquisitions will yield result 3-5 years from now; hence this ratio will be expected to improve. C:UsersUserDesktopCapture.JPG The debt position has had a 16% improvement since last year, however IMT PLC plans to keep up on higher net incomes to balance equity proportions. Debt to Equity also shows that for the C:UsersUserDesktopCapture.JPG past three years the risk component of the business has decreased by looking at Equity over long and short term borrowings and overdrafts; the company is uses very high leverage but does have financial risk mitigation initiatives like a group treasury committee to warn them of any debt triggers. Debt position overall needs to reduce for the risk factor associated. This would mean inviting shareholder contributions which in turn means aiming for profitability in the next coming years aggressively. Interest Cover Industry average 2010 8 Interest Cover Sector Average 20108 0.58 (as of 14th April 2011) 0.59 (as of 14th April 2011) The company has been gradually increasing its capacity to meet interest obligations from its operational earnings; especially in 2010 as the operating income was fairly high. The companys strategies of sales growth, cost and efficiency and cash utilisation must be maintained at least through the next 2-3 years to maintain the same levels of operating profit as 2010 for risk aversions and credit rating improvement on subsidiaries from other countries. The company has huge revolving refinance facility at floating interest rates for non current borrowings. Any significant increase in the borrowed interest rates may eat into operating earnings. Moreover the company has undertakings worth 3976 million which is unsecure and can be paid back on demand. C:UsersUserDesktopCapture.JPG In 2008 the profit for the year was low and the taxation rate was high as were the finance costs. The trade receivables were lower than trad e payables. All this had to be managed from operating cash flow. In 2010 the profit was significantly high; however movement of cash in to working capital and provisions and increase in trade payables affected cash flow. In 2009 even though the profits were low, income from investments were very high and the movement in provision was very low. The group also has  £231 million of total cash and cash equivalents held in countries in which prior approval is required to transfer the funds abroad. The overall cash position is secure. C:UsersUserDesktopCapture.JPG C:UsersUserDesktopCapture.JPG Industry average 2010 8 Sector Average 20108 Current Ratio 0.44 (as of 14th April 2011) 0.87 (as of 14th April 2011) Quick Ratio 0.25 (as of 14th April 2011) 0.63 (as of 14th April 2011) There has been an increase in the ratio between current assets and current liabilities. This is a good indicator of the company being able to pay off liabilities from the cash it generates off of its current assets. However as per the quick ratio, the company is relatively low on this ratio. It needs to able to funds for its short term liabilities in a much bigger proportion owing to its size and nature of business- Consumer which is usually fast moving. If stocks are removed then the company has relatively very few assets that can help sustain its liabilities. If in the future if bans minimise current assets and therefore current liabilities, production would be affected and so would sales. The total assets also include several acquisition assets, the sale of which would be accounted for in the next financial statement. Thi s figure is also expected to improve. C:UsersUserDesktopCapture.JPG Current Ratio Quick Ratio C:UsersUserDesktopCapture.JPG Shareholder liquidity has remained consistent over the years. Despite unfavourable operating profit conditions in last few years the company has managed to keep the shareholders interest secure in the company. Satiating Shareholder liquidity is the right decision as it is extremely important for future survival since all the mergers, acquisitions made by the company would take at least 3-5 years in effect to show results. C:UsersUserDesktopCapture.JPG The average number of days that the company takes to repay its debtors has been reducing since 2008. This is because the organisation has been making increasing payments debtors year on year and the deferred income amount has been increasing consistently. C:UsersUserDesktopCapture.JPG Trading and sales have picked up and apt amount of investments have been made in maintaining optimum level of inventories or stock. The average number of days that stock sits in warehouses before it is sold ha s reduced 2008. More finished goods were made available for sale suiting demand rise. The stock turn over period could increase further more if the group can make use of all its assets and enter emerging markets. The noticeable consistency between Stock turnover and creditors turnover suggests that creditors are being paid even before or almost immediately after cash generation. The payment amount has been fairly consistent last year and in 2010. The company has maintained healthy supplier relations and is improving on the same. C:UsersUserDesktopCapture.JPG Optimum Assets have been put to produce the current ROCE and working capital has been reducedby 1.7% from last year. The company has been able to clear a high debt owing to which the cash cycle has improved. C:UsersUserDesktopCapture.JPG In 2008 and 2009 the dividend payouts were significantly lower as even equity was being paid from retained earnings and there was practically not much left for dividend payouts. I n 2010 however the strategic focus was on shareholder satisfaction and arguably the dividend payout was given on time to possibly retain share prices in the future and also to maintain credibility from an investors perspective. There has been almost a 50% percentage change in Dividend payment from last year to 2010. With respect to competitors, global and domestic the investor confidence in the future growth of IMT PLC today is relatively much lower than competitors and industry average. It definitely though does not indicate any insecurity for investors. The company is in the midst of settling down and emerging from acquisitions made since 2008 and it has been growing in every way marginally every year. These share price figures were extracted from Reuters, and Forbes (2011) as on 12th April 2011. The dividend yield has been calculated based on the year end date 30th September for the past three years. The yield is high in 2010 owing to high dividend payouts since investor co nfidence is required to boost market capital and shareholder support. Without any profit retentions or movement to provisions, if the company pays off everything that it earned to shareholders as dividends each shareholder as of 2010 still expect to gain 8.13 of dividend yield. This obviously is high in 2010 owing to high dividend payouts that affected the current expected share value from investors. C:UsersUserDesktopCapture.JPG C:UsersUserDesktopCapture.JPG Growth Sustainability: The production volumes for the company have been increasing since 2008. The total volumes of sales last year was 697 million units. Observing past trends the variables costs for IMT PLC needs to increase margins. Achieving growth in the future with regards to cost savings means avoiding opportunity costs, impairment costs. On profitability Liquidity -maintaining an optimum balance on debt levels, dividend payouts, equity and retained earnings. Assuming an overall growth rate of 8% for 2011 ( 2010 -6%) on total revenue the company must make approx  £ 30,426 million revenue next year as against 28173 in 2010. 8% growth with the plan to increase product prices ensures nout just profitability but a secure cash and debt repaying position. More so operating profits need to grow from value generated (hard factors) not just by savings (soft factors). Considering that the selling price per tobacco unit (especially cigarettes) is  £ 7.5, there is not enough room for passing the variable cost to the price. Hence the company should arguably opt for volume sales and tap as much emerging market as possible in these next few years. Corporate governance initiatives: Business in the Communitys 2009 Corporate Responsibility Index awarded IMT PLC a Gold rating with an improved score of 93.8%. The organisation structure is relatively highly centralised owing to the nature of business. The business has a methodology of appointing a neutral team known as the Group Treasury Committee t hat takes care of all the financial risks in the best interest of employees and shareholders. Many other risks such as Litigations, Competition, Market dependency, illicit trade and regulations etc have structured mitigation plans in place. The group also involved in community spending worth  £ 3.7 million in 2010. Global market share: IMT PLCs production strategy includes both volumes (54%) and differentiation (46%). It caters both to customers who demand value and customers who are brand conscious. Major opportunities for the organisation are to firstly increase profitability and brand in and from emerging countries with a view to increase overall market share. Today IMT PLC a just above 5% on global market share, it has ample growth opportunities. IMT PLC may appear global in terms of their how many countries they operate in; however a truly global organisation is also measured in terms of assets placed, employees hired and revenues generated internationally. Philip Morris, China National Tobacco and Japan Tobacco Inc lead the global market share with 17.4%, 13.8% and 13.3% respectively. IMT PLC has touched today with Japan Tobacco. The reasons on why countries such as Colombia, Egypt, Philippines, Austria, Poland India etc have been declared less profitable is unclear however if the company studies these markets and adopts a strategy to suit their needs collectively the market share would increase significantly. IMT PLC needs to expand its planning horizons to make global expansion as a factor in the future which adds value. Emerging Tier I and II markets are major survival aids for the long term. Value Generation: Only based on the financial analysis it was observed that difference between the companys variable costs and revenue is in a good position but can be improved further by reducing a huge amount on yearly impairments that the company writes off. Also there are huge opportunities for IMT PLC to strengthen its existing Logistics business as a robust measure of sustainability in the long future in the midst of uncertain regulations and high risks. Logistics business has not shown any improvements in the past three years. The group needs to focus on utilising logistics as a major business improvement opportunity in times of reducing tobacco markets. According to the Z score calculation by E I Altman the Z score value for IMT PLC is 2.4 which categorises it as a healthy organisation. In the near future IMT PLC has decided to hike prices of products and improve margins to support their operating cash flows and operating profits. It has also strategically sought to invest heavily in sales force to sustain as a defence from any government or legal policy. It is a growing organisation and must increase the workforce to grow efficiently. Conclusions: The debt position is being monitored but the company is in a secure position overall and performance can improve immensely based on asset utilisation, market share, value gener ation and volume and margin increase. Although some competitors are better performing and at par, the group performance has been above industry and sector averages also strategic objectives are well defined and being aggressively chased for 2011. The value returns are aimed to start this year on since settlement from mergers are almost done. It is now that shareholder support is required the most and the group ensures optimum returns. Bibiliography Datamonitor (2008-2010), Imperial Tobacco PLC Company and Industry Profiles. Available at: https://search.ebscohost.com/login.aspx?direct=truedb=buhauthdb=dmhcoAN=71ED6984-EA5C-4945-9E4E-F35280EAFA2Bsite=bsi-live https://search.ebscohost.com/login.aspx?direct=truedb=buhAN=52479880site=bsi-live Euromonitor (2011) The Future of the Tobacco Industry, Euromonitor [Online]. Available at: https://blog.euromonitor.com/2011/02/the-future-of-the-tobacco-industry.html Imperial Tobacco PLC (2008) Imperial Tobacco PLC- Annual Reports and Accounts 2008 Reports- Financials Consolidated Balance sheet. Available at: https://www.imperial-tobacco.com/files/financial/reports/ar2008/index.asp?pageid=50 Imperial Tobacco PLC (2008) Imperial Tobacco PLC- Annual Reports and Accounts 2008 Reports- Financials Consolidated Income statement. Available at: https://www.imperial-tobacco.com/files/financial/reports/ar2008/index.asp?pageid=49 Imperial Tobacco PLC (2008) Imperial Tobacco PLC- Annual Reports and Accounts 2008 Reports- Financials Consolidated Cashflow statement. Available at: https://www.imperial-tobacco.com/files/financial/reports/ar2008/index.asp?pageid=52 Imperial Tobacco PLC (2008) Imperial Tobacco PLC- Media- News 2008-2010. Available at: https://www.imperial-tobacco.com/index.asp?page=78 Imperial Tobacco PLC (2009) Imperial Tobacco PLC- Annual Reports and Accounts 2008 Reports- Financials Consolidated Balance sheet. Availabl e at: https://www.imperial-tobacco.com/files/financial/reports/ar2009/index.asp?pageid=58 Imperial Tobacco PLC (2009) Imperial Tobacco PLC- Annual Reports and Accounts 2008 Reports- Financials Consolidated Income statement. Available at: https://www.imperial-tobacco.com/files/financial/reports/ar2009/index.asp?pageid=57 Imperial Tobacco PLC (2009) Imperial Tobacco PLC- Annual Reports and Accounts 2008 Reports- Financials Consolidated Cashflow statement. Available at: https://www.imperial-tobacco.com/files/financial/reports/ar2009/index.asp?pageid=60 Imperial Tobacco PLC (2011) Imperial Tobacco PLC- Annual Reports and Accounts 2008 Reports- Financials Consolidated Income statement. Available at: https://www.imperial-tobacco.com/files/financial/reports/ar2010/index.asp?pageid=64 Imperial Tobacco PLC (2011) Imperial Tobacco PLC- Annual Reports and Accounts 2008 Reports- Financials Consolidated Cashflow statement. Available at: https://www.imperial-tobacco.com/fi les/financial/reports/ar2010/index.asp?pageid=67 Imperial Tobacco PLC (2011) Imperial Tobacco PLC Media- News 2008- Imperial Tobacco Group PLC completes delisting from the New York Stock Exchange and files forms 15 and 15F with the U.S. Securities and Exchange Commission. Available at: https://www.imperial-tobacco.com/index.asp?page=78newsid=634type=18year=2008 Imperial Tobacco PLC (2011) Imperial Tobacco PLC- Annual Reports and Accounts 2010 Reports- Financials Notes to the financial statements- Note 20-29. Available at: https://www.imperial-tobacco.com/files/financial/reports/ar2010/index.asp?pageid=73#note29 (Accessed:2nd April 2011) Imperial Tobacco PLC (2011) Imperial Tobacco PLC- Annual Reports and Accounts 2010 Reports- Business overview- Highlights- Operational Highlights. Available at: https://www.imperial-tobacco.com/files/financial/reports/ar2010/index.asp?pageid=81 (Accessed: 2 April 2011) Imperial Tobacco PLC (2011) Imperial Tobacco PLC- Annual Reports and Accounts 2010 Reports- Financials Notes to the financial statements- Note 1-15 Available at: https://www.imperial-tobacco.com/files/financial/reports/ar2010/index.asp?pageid=71 (Accessed: 3 April 2011) Imperial Tobacco PLC (2011) Imperial Tobacco PLC- Annual Reports and Accounts 2010 Reports- Financials Consolidated Balance sheet. Available at: https://www .imperial-tobacco.com/files/financial/reports/ar2010/index.asp?pageid=65 (Accessed: 2 April 2011) Imperial Tobacco PLC (2011) Imperial Tobacco PLC- Annual Reports and Accounts 2010 Reports- Financials Consolidated Balance sheet. Available at: https://www.imperial-tobacco.com/files/financial/reports/ar2010/index.asp?pageid=65 (Accessed: 2 April 2011) Imperial Tobacco PLC (2011) Imperial Tobacco PLC- Annual Reports and Accounts 2010 Reports-Note to the Imperial Tobacco PLC Balance Sheet. Available at: https://www.imperial-tobacco.com/files/financial/reports/ar2010/index.asp?pageid=84 (Accessed: 3 April 2011) Reuters (2011) Imperial Tobacco Plc (IMT.L) Quotes-Reuters.com, Reuters [Online]. Available at: https://www.reuters.com/finance/stocks/overview?symbol=IMT.L (Accessed on 12th April 2011) Reuters (2011) British American Tobacco Plc (BATS.L) Quotes-Reuters.com, Reuters [Online]. Available at: https://www.reuters.com/finance/stocks/overview?symbol=BATS.L (Accessed on 1 2th April 2011) Reuters (2011) Philip Morris International Inc (PM.N) Quotes-Reuters.com, Reuters [Online]. Available at: https://www.reuters.com/finance/stocks/overview?symbol=PM.N (Accessed on 12th April 2011) Forbes (2011) Japan Tobacco -Stock/Quote Analysis at a glance Forbes [Online]. Available at: https://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlancelw.jsp?passName=2914O-TOpassSymbol=2914O-OisOut=nullsedol= (Accessed on 12th April 2011) Yahoo Finance (2011) IMT.L Historical Prices/IMPERIAL TOBACCO STOCK Yahoo Finance [Online]. Available at : https://finance.yahoo.com/q/hp?s=IMT.L+Historical+Prices (Accessed on 12th April 2011) Investopedia (2011) Ratio Analysis Investopedia [Online]. Available at: https://www.investopedia.com/university/ratios/ Appendices I IMT PLC SWOT ANALYSIS Datamonitor (2008-2010) 2010 2009 2008 Appendices II Profitability Ratios Profit Margin Profit Margin = PBIT/Revenue 2010 2009 2008 PBIT 2118 945 621 Revenue 28173 26517 20528 Prft Mrgin 5.40 2.55 2.15 Return on Capital Employed ROCE = PBIT/ Capital Employed 2010 2009 2008 PBIT 2118 945 621 Total Assets 30615 32009 29825 Current Liabilities 9142 11140 9543 Capital Employed (Total Assets- current Liabilities) 21473 20869 19742 ROCE ratio 9.86 4.53 3.15 Return on Gross Assets ROA = PBIT/ Total Assets 2010 2009 2008 PBIT 2118 945 621 Total Assets 30615 32009 29825 ROA ratio 6.9 2.1 4.8 Appendices III Capital Structure and financial ratios Debt to Equity Ratio Debt to Equity = (Short Term Loans + Overdrafts + Long Term Liabilities)/Shareholder Capital 2010 2009 2008 Short Term Loans + Overdrafts + Long Term Liabilities 14173 16834 16064 Actual Shareholder Capital (excluding non controlling Interests) 7029 6538 6307 D-E ratio 209.32 257.32 254.70 Interest Cover Ratio Interest Cover = PBIT/ Interest charges 2010 2009 2008 PBIT 2118 945 621 Interest Charges 609 562 608 Interest Cover Ratio 3.48 times 1.2 times 2.33 times Cash flow Ratio Cash flow ratio = Cash flow from operating activities/Total debts 2010 2009 2008 Cash flow from operating activities 2859 3569 1700 Total Debts 23526 25414 22929 Cash flow Ratio 12.15 14.04 7.41 Appendices IV Liquidity and solvency ratios Current Ratio Current Ratio= Current Assets/Current Liabilities 2010 2009 2008 Current Assets 7086 7222 6581 Current Liabilities 9142 11140 9543 Current Ratio 0.78 0.65 0.69 Quick Ratio Quick Ratio= (Current Assets -Stock)/Current Liabilities 2010 2009 2008 Current Assets 7086 7222 6581 Stocks 3019 2925 2858 (Current Assets Stocks) 4067 4297 3723 Current Liabilities 9142 11140 9543 Quick Ratio 0.44 0.39 0.39 Shareholders Liquidity Shareholders Liquidity = Shareholders funds/Long term liability 2010 2009 2008 Shareholders funds 14384 14274 13386 Long term Liability 7029 6595 6356 Shareholders liquidity ratio 0.49 0.46 0.47 Appendices V Working Capital Management Ratios Average Debtor Days Average debtor days = (Trade Debtors/Annual Sales)*365 2010 2009 2008 Trade Debtors 2755 2681 2650 Annual Sales 28173 26517 20528 Debtor days 35.7 36.9 47.1 Stock Turnover Period Stock Turnover period = (Stocks/Cost of Sale)*365 2010 2009 2008 Stock 3019 2925 2858 Cost of Sale 22718 21201 16665 Stock Turn over 48.5 50.4 62.6 Creditors Turnover Creditors Turnover = (Trade Creditors/Cost of sale)*365 2010 2009 2008 Trade Creditors 1248 1247 1096 Cost of Sale 22718 21201 16665 Creditors days 48.5 50.4 62.6 Cash Cycle Cash Cycle = (Stock Turnover+Debtor Days)- Creditor Days 2010 2009 2008 Creditors days 48.5 50.4 62.6 Stock Turn over 48.5 50.4 62.6 Debtor days 35.7 36.9 47.1 Cash Cycle 64.1 65.8 85.7 Appendices VI Investor Ratios Dividend Cover Dividend Cover= Earnings Per Share/Dividend per share 2010 2009 2008 Earnings per share 148.5 65.5 50.6 Dividend per share 84.3 73 63.1 Dividend cover 1.76 0.90 0.80 Price Earnings Ratio- (Share prices, Industry average and sector average-Extracted from Reuters and Forbes.com) Dividend Yield Dividend Cover= Earnings Per Share/Dividend per share 2010 2009 2008 Current Share Price (as of 30th Sept each year) 1808 1797 2241 Annual Dividend 84.3 73 63.1 Dividend Yield 4.7 4.1 2.8 Earnings Yield Earnings Yield= Dividend Yield*Dividend cover 2010 2009 2008 Dividend Yield 4.7 4.1 2.8 Dividend Cover 1.76 0.90 0.80 Earnings Yield 8.3 3.7 2.2

Works Made For Hire The General Rule Of Copyright Ownership

Question 1: Works made for hire is an exception to the general rule of copyright ownership. It is a category, defined by copyright law, which states that the author of a work is the commissioning party, not the actual creator of the work. Within this category, there are two classifications: (1) works created by an employee within the scope of employment and (2) specially commissioned works (Bouchoux, 2012). Employees, under the first classification, are determined by common law agency principles (Bouchoux, 2012). Meaning that â€Å"[i]f the person doing the work is an employee under common law agency principles and the work was done in the scope of employment, the employer†¦is the copyright owner† (Bouchoux, 2012, p. 232). 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Social Control of Prostitution Prostitution is ambiguous to define. The Macquarie dictionary defines prostitution as 1. the act or practice of engaging in sexual intercourse 2. any base or unworthy use of talent, ability, etc. But the act of prostitution involves many other associated facets that are included under this extensive act. There’s the act itself, soliciting, advertising, pimping, house brothels, street prostitution, phone sex and even computer sex. Sweden treats prostitution as legal, however pimping is illegal. Canada bans soliciting for prostitution, but not the act themselves. Except for a few places in Nevada, the United States bans prostitution but permits its advertisement and tolerates massage parlours or bars that†¦show more content†¦The legal definition of prostitution has recently expanded in many Australian jurisdictions to encompass voyeuristic practices as well as non-monetary exchanges. Prostitution laws now make inclusions for massage parlours, phone sex and computer sex. Sullivan’s study into the politics of the sex industry in Australia since 1945, found that due to the shifts in sexual culture there have been discursive changes in society’s’ view of what constitutes as prostitution and what signifies as deviant sexual behaviour. Post war culture accentuated sexuality as the source of individual uniqueness, later progressing into the ideals of equality and mutuality between the s exes thus producing our sexual culture, as we know it today. Defining prostitution as a deviance Ancient civilisations did not condemn prostitution as sinful, but within the course of events over the past century, the view in most societies has changed to deem the act to the contrary (Thio p 214). To define prostitution as a deviance one must take into consideration the dynamics to which it applies. In correspondence with the Interactionist Perspective, Anleu observes how it is not the act of prostitution but how people identify it that makes it deviant . According to Roach Anleu (p 70) prostitutes carry the general label of thoseShow MoreRelatedThe Differential Theory And Social Control Theory1567 Words   |  7 Pagesand social control theory link to prostitution â€Å"Prostitution is the continual supply of physical sexual intercourse of some kind in direct exchange for material rewards, usually money† (Adriaenssens and Hendrickx 2012, p. 1) It is a corrupt way of producing one’s financial or personal gains. Women and men enter this line of business due to various reasons, which results with various types of prostitutes, such as; high-end escorts, third world sex slaves and street prostitutes. Prostitution is aRead MorePro Legalization of Prostitution Essay1151 Words   |  5 PagesPro Legalization of Prostitution The world’s largest trade, prostitution, has always found ways to overcome the legal attempts to suppress it. Prostitution has become one of the most common trades throughout the world. Many poor countries have turned to prostitution as an outlet from their economic difficulties. It is the easiest from of labor for those who do not have a proper education or the economic background to join the legal labor force. Many men and women haveRead MoreWhy The Agent Is Fully Self Owning Essay1445 Words   |  6 PagesLibertarians hold that every agent is fully self-owning. Every agent morally owns their own body, just as they can morally own an inanimate object. A set of five rules comes with full ownership of an entity. First, they control the right to use of their entity, â€Å"both a liberty-right to use it and a claim-right that others cannot use it† (Vallentyne). Second, the agent has the right to compensation if someone else uses the entity without the agent’s explicit permission. Third, the agent has the rightRead MoreBook Review: Lydias Open Door Essay1518 Words   |  7 PagesOpen Door contextualizes prostitution within a political and economic framework revealing how it is impossible to diagnose one without the others. She uses both macro and micro-analysis to deconstruct the variability in how prostitution is practiced, regulated and perceived through space and time. Throughout he r ethnography she discusses how globalization and neoliberalism changed the economic climate of Mexico and in turn transformed prostitution into an issue of social hygiene as well as a modernRead MoreShould Prostitution Be More Beneficial?1659 Words   |  7 PagesAllie Godat Jessica Perkins Writing 1 November 13, 2015 Prostitution In this essay, I will be giving my arguments on whether or not prostitution would be more beneficial to society and safer it wasn’t illegal. I will be giving you background information on the history of prostitution at the beginning of civilization, and how it came to be illegal in the United States. Next I will state the reasons why prostitution is currently criminalized, and why people think it should remain that way. I willRead MoreProstitution, Drugs And Money Laundering922 Words   |  4 Pages Prostitution, drugs and money laundering are all tied together in the underground world of the public crimes arena. In fact, acts are all influenced by the political, economic, and social relations intertwined with organized crime resulting in violence, public health issues, and money laundering schemes. Markets can be found online, on the streets, and through legitimate and illegitimate practices. The very nature of prostitution and drug crimes are considered victimless crime s, resulting in collateralRead MoreAdvantages of Legalizing Prostitution1749 Words   |  7 PagesProstitution is known as the oldest profession and has been around for millenniums, dating back to Roman, Byzantine, Greek and Egyptian empires (Baldwin, 2004). The ancient cultures of those empires dealt with the needs of the group and consequently developed protocols for dealing with sexual relations that have propagated throughout time to the modern era. As a result, prostitution is prominent in society today. When analyzing the sex trade, the factors of cultural precedence, philosophy, religionRead MoreThe Case Of Criminalising Prostitution1631 Words   |  7 Pagesgovernor of DKI Jakarta response to legalise prostitution in his territory. The Indonesian government has been criminalising prostitution based on the Book of the Criminal Justice Act (KUHP) regulation since more than 30 years ago, yet it did not make prostitution diminished and tends to increase the quantity of the pr ostitutes (Kenedi 2015). The current governor of DKI Jakarta, Basuki Tjahaja Purnama (Ahok) believes that there should be some form of control over the sex industry (Wardhani 2015). HeRead More Prostitution and Functionalism Essay694 Words   |  3 PagesProstitution and Functionalism Works Cited Not Included Throughout America and the entire world, prostitution flourishes. Prostitution is another never ending war like abortion, which society feels is immoral. This immorality leads functionalists, who apply functionalism to this social problem, on a chase to figure out why prostitution is what it is today. Functionalism is the best theory for looking at prostitution. It allows us to see how prostitution changes along with other aspects ofRead MoreA Walking Tour Of Montreal s Historical Red Light District995 Words   |  4 Pageswalking tour of Montrà ©al’s historical Red Light District presented by Karen Herland, professor and specialist in the history of prostitution. Her historical analysis (personal communication, October 2, 2015) of the neighbourhood gave great insights on morality and legislation issues regarding sex work, specifically about the relationship between authorities and prostitution as well as some of the impacts that these laws and other attitudes that regu late sex work have on women. Her astute reports lead

The Stranger Character Analysis - 738 Words

The Stranger: Representation of the Setting In Camus’s novel, The Stranger, Camus uses the elements of setting to shows that human’s action and emotion are influenced by the physical world. For example, the sun at Manan’s funeral that makes Meursault hard to see and think. The heat that forces him to murder. And the light in the courtroom that makes him tire. The weather and the surroundings in the novel controls Meursault’s emotions, making him angry, sleepy or happy. By the uses of setting, and elements of setting, such as the sun and the heat, Camus illustrates the physical world is taking over the inner feelings of individuals by influencing their actions and emotions. We are introduced to the novel by the death of Maman. Camus†¦show more content†¦Similarly, Camus demonstrates how the weather can affect individual’s thinking. While Meursault was in the examining magistrate after the murder, Meursault was introduced to his lawyer in the afternoon. Camus described the room as â₠¬Å"very hot†, where the room was â€Å"filled with sunlight barely softened by a flimsy curtain.† (Camus 66) When the sunlight shining into the office, Meursault was unable to focus, and he was â€Å"repeating the same story over and over.† (Camus 67) By repeating over and over again under the pressure of heat, Camus suggested the feeling of annoyed. Camus uses the heat to set a constant reminder that Meursault is a man who does not have his own feelings. Rather, is a man who can be controlled by the surroundings. Camus uses the setting of sun, heat and weather to demonstrates that there is a separation between the physical world and the emotional world, in which people are aware of their surroundings, but slowly forgotten their own feelings. Camus included the death of Maman to shows that even though Meursault and Maman cares about each other, but when the heat is presented, the heat will override the feelings between the mother and son. Accordingly, the presenc e of the murder, which shows how Meursault was controlled by the weather under the hot sun. Meursault unintendedly walked towards the Arab just to cool off. Meursault also acts differently accordingly to the lighting and weather in the cell.Show MoreRelatedThe Stranger Character Analysis1634 Words   |  7 PagesThe Stranger by Albert Camus follows the story of a man named Meursault, who received notice that his mother had passed away. Meursault was not emotionally connected to his mother, and his reaction is not what the reader would expect, as he did not seem to care at all. Therefore, the day after attending his mother’s funeral, Meursault goes to the beach and meets up with his girlfriend, Marie. After the beach, Meursault and Marie go to a movie and spend the night together. When he returns home fromRead MoreCharacter Analysis of Meusault in The Stranger637 Words   |  3 PagesThe main character in The Stranger, Meursault is mentally not attached to the world. He is u nable to decipher good or bad in his actions. The passing of his mother has no effect on him or a girl’s continuous proposal whom he is very attracted too, also, he murders a man for no apparent reason and does not see anything wrong in doing so. Meursault is seen as a careless monster too society. At the beginning of this story Meursault is told his mother has passed away. After hearing the news, MeursaultRead MoreTitle and Character Analysis of The Stranger by Albert Camus784 Words   |  3 PagesThe Stranger: Character and Title Analysis In Albert Camus’, The Stranger, the characters in the novel are individually unique in ways that bring out the positive and negative aspects of each other. When examining their traits you get the deeper meaning of things and what they stand for. The major characters in this novel are Meursault, Raymond Sintes, and Marie Cardona. Meursault shows no emotion through everything that goes on in his life such as a death. Raymond Sintes is a rude person and onlyRead MoreCharacter Analysis Of Meursault In The Novel The Stranger752 Words   |  4 Pages Albert Camus in his novel, The Stranger, shows a genuinely interesting character, Meursault. In the beginning Meursault is depicted to appear as unethical and cruel, through him not showing no grief at his mother’s funeral. However, Camus, throughout the story builds up a considerably more engaging character that portrays more human-like emotions. At the end, Meursault character changes because he leaves off with a sympathetic feel towards him and is left off with thoughtful reflections and revelationsRead MoreThings Fall Apart, And The Heart Of Darkness1518 Words   |  7 PagesIntroduction The following essay will contain a critical analysis of two passages from Things Fall Apart, and the Heart of Darkness. I will compare and contrast the narrative structure, the language used and the themes explored. Through this critical analysis, we can gain a better understanding of the two extracts, each one helping to illuminate the other. The passages I will be analysing are: Things Fall Apart, Chinua Achebe, Page 124 Heart of Darkness, Joseph Conrad, Page 116-117 Narrative StructureRead MoreThe Individual Versus His Environment in The Stranger and Grendel1674 Words   |  7 Pages The Individual Versus His Environment in The Stranger and Grendel Due to the multifaceted nature of literature, analysis thereof is prone to generalization. One of the most grievous generalizations oft encountered involves failing to distinguish between a character and the novel it inhabits. Take John Gardener’s Grendel and Albert Camus’s The Stranger, for instance. It’s far too easy, when analyzing for dominant ideologies, to slap them both with the label of existentialism and be done withRead MoreAnalysis Of Mary Shelley s Frankenstein1411 Words   |  6 Pagesstructures of the celebrated authors around her time period. She did this by empowering her main character, Victor Frankenstein, with the enlightenment values of individualism and self exploration; only in a very pessimistic and gloomy way. Through careful analysis of quotes from Mary Shelley s frankenstein from a psychoanalytic view we can reveal some of mary Shelley s true motives in how she designed her characters. Psychology is all about finding motives. It’s all about finding out why people thinkRead More The Stranger Essay1301 Words   |  6 PagesWhile reading The Stranger I noticed that traits that Albert Camus character depicts in the book are closely related to the theories of Sigmund Freud on moral human behavior. Albert Camus portrays his character of Meursault as a numb, emotionless person that seems to mindlessly play out his role in society, acting in a manner that he sees as the way he’s supposed to act, always living in the moment with his instincts driving him, and if the right circumstance presents itself the primal deep seededRead MoreCrime and Punishment vs. The Stranger1438 Words   |  6 PagesThroughout the novels Crime and Punishment by Fyodor Dostoevsky and The Stranger by Albert Camus, sun, heat, and light play a significant role in the development and understanding of the novel and the characters in it. Upon the initial reading of The Stranger, the rea der may have a general acknowledgment of a relationship between the novel’s protagonist, Mersault, and the sun and heat, either proceeding or following one of the novels significant events. What is harder to understand on the first readRead MoreGender Roles In Alfred Hitchcocks Rear Window And Strangers On A Train1232 Words   |  5 Pageslives for quite sometime. Women are often portrayed as sexual objects, or delicate individuals; a body with no brain or strength. These traits are easily found within many novels and movies- old and new. In Alfred Hitchcock’s films, Rear Window and Strangers on a Train, Hitchcock begins his films representing women with the same characteristics as stated above. They are very stylish, attractive and presented as second-class individuals to males. But after examining these two films, Hitchcock does something

The Nandi Warriors Free Essays

Deep in the Western Highlands of Africa lives a group of people known as the Nandi people. These people once lived a sedentary life as cattle herders and agriculturalists.   Interesting facts about the Nandi people include beliefs of male and female circumcision. We will write a custom essay sample on The Nandi Warriors or any similar topic only for you Order Now In the past, large ceremonies were held every seven and one half years for male circumcision, which provided rite of initiation into adulthood (Wikipedia, p.1). While male circumcision is an everyday occurrence here in the U.S., female circumcision is not. Female circumcision was performed among the Nandi females in preparation for marriage. In addition to beliefs such as male/female circumcision, this culture also believed in female-female marriages (Wikipedia, p.1). The female-female marriages solved the problems of marriage failure, and served as a way to rescue young mothers from social and economic distress.   Born from this group of intriguing people were the Nandi warriors. Men young and old formed this protective group who later came to be known as one of the most notorious for slaying in Kenyan history (Kamau, p.1). The Nandi Warriors were successful in keeping out any possible threats to their people by limiting access into their territory. Many outsiders attempted intrusion in order to proceed with trading practices, and as a result, thousands were killed. Small groups of the Nandi warriors would lead intruding caravans deep into the Nandi lands, where, later in the evening, the warriors would massacre their â€Å"guests† (Bishop, p.1).   Only rarely did the warriors entertain trading  opportunities. Items up for trade included ivory and other coastal goods in exchange for cattle (Biship, p.1). While the Nandi Warriors’ protective measures would continue to last only a short time longer, the British’s own slaying of Nandi Warrior leader Kimnyole arap Sameoi would end slayings on the Nandi people’s behalf completely (Kamau, p. 1) in order to proceed with foreign rule. This defeat, enforced by the Imperial British of East Africa, would end the Nandi Resistance, and allow the peaceful beginnings to show face to the Nandi people, as well as surrounding areas. The Nandi were noted warriors (Bishop, p.1). After many battles, many victories and many defeats, the Nandi Warriors were feared by anyone who had reason to walk by their territory. Resistance to foreign rule would eventually weaken the opposition of the Nandi Warriors, and much needed peace would be restored in East Africa. Works Cited 1.Cultural Safari. 2005. Kenya Tourist Board. MK Literary Group. January 2007. 2.   Warriors in the Heart of Darkness: The Nandi Resistance. 2002. Koitalel Kenyan Heroes. Dennis Biship. January 2007. 3. The Unresolved Issue of the Kenyan Freedom Movement. 1999, Rev. 2000. Saxakali.com. Michael Mundia Kamau. January 2007.       How to cite The Nandi Warriors, Essay examples

Self Reflection on Leadership and Management †Free Samples

Question: Discuss about the Self Reflection on Leadership. Answer: Introduction: The following report is going to manifest self reflection process of leadership material within myself. The manifestation of leadership is set to encompass varieties of leadership concepts and skills. Leadership in order to imply strategic changes in the business organisations needs to be brought into effect by the person who holds the key to drive operations pertaining to different sectors within it. Leadership management according to Kaouther Korbi (2014), is surrounded by an environment that is to be analysed through the skills of perceptions as well as intelligibility. As per Corbis views, leadership is the incorporation of the individual traits that helps a person develop the ability to look deep into each possible trait of the employees (Parkay, Anctil Hass, 2014). The following report thus tends to reflect inbuilt leadership quality as well as learned leadership skills during the procedure of guiding the subordinates in professional business course.The self analysis and reflective paper constitutes leadership theories while managing strategic change in an organisation. Strategic Change Management: Change management is the process or tool that is applied to change the mode of working and performance of the people or the procedure of operations in order to improve the quality of production or service of an organisation. Change management is cordially associated with the strategies implemented by a worthy leader who possesses the skill to develop change management skills of the employees. Self Reflection: I have been working as an operations manager in a company that deals with content development. The company creates contract with the clients belonging to advertisement sectors as well consumer sectors. Different clients belonging to the advertisement department hire the company in order to develop writing contents and making graphical designs on the website. Since the task is completely client oriented, the coordinating staffs are responsible to work according to the requirements of the clients. The requirements are preloaded in the job portal and the work is done accordingly. As a matter of fact, the writers(employees) and the content developers are highly responsible for the project designing required by the clients. It has often been found that there remains a lacuna between the content developers and the clients pertaining to exact requirement files. Being the operations manager, the responsibility is shouldered upon me to form a communicative bridge between the clients and the e mployees. As an organisational leader, it is my obligation that I am supposed to guide the employees of all layers in terms of attaining the the most potential working environment thus attracting greater number of the clients to our company. Establishment of Leadership Theories: I consider myself as a democratic leader and I firmly believe in contingency leadership theories. I do not believe in the great man theory that says a leader is born. While guiding the subordinates in the organisation I make my decisions depending on the present circumstance. Therefore my leadership method does not contain a one way driving. It varies according to the organisational situations. I would like to emulate the quote of Dickens that leadership is not a position, it is rather a fiduciary calling (Dickens, 2015). Who could forget the famous dialogue from Spiderman- with great power, comes great responsibility? In my personal opinion, leadership is not matter of dictating the subordinates in regard to bring best potential out of them. According to Hersey Blanchards Situational Leadership Theory, leadership quality depends on the individual situation. Adaptation of leadership quality depends on how a leader responds to different individual situations in an organisation. This theory somehow links to the contingency theory of Leadership. I can chronicle some of the examples where I realised that I have the zeal to respond to different complex situation while working in this same organisation. Last year, due to huge influx of the trainee candidates in the organisation, the existing workers started fearing that they would lose their job. It gave birth to employment anxiety and resulted in snail- production. Though I was not a human resource manager, I had to hold the steering and drive the entire population inside the organisation to vibrant working culture. The work was quite simple- to give a brief lecture pertaining to the importance of collaborative work. For few days I decided to work with them in the same room. I did so in order to realise their feeling as junior content developer. In most of the cases in found that the employees were not communicated well pertaining to the new opening of a branch of this organisation and they were not supposed to be replaced by the newcomers. On the other hand, there was a huge problem pertaining to the placement of the newly recruited employees as the new branch was nothing but the projection. The next challenge was to settle the newly joined employees under a roof. Since there was no extra space for the fresh employees, I called some of the engineers of my acquaintances and built a temporary wooden building within a month. This was enough to provide space for fifty employees. For next one month the process ran with ease and we could manage both the offices proficiently. Decision Making Theories: I exemplified this incident as it provided me with confidence with decision making. So far I have judged my decision making process, the way of decision making could be placed under the shade of the theory of attribution. Theory of attribution is employed upon the practice of decision making process and it has two different modes of decision making: i) Internal Attributes ii) External Attributes Internal attributes are the characteristics of a person that lead to a firm decision making idea. The internal attributes may be the presence of mind in judging certain circumstances. On the other hand, the external attributes are caused by the behaviour of the situation oriented to the the decision making process. In the aforesaid incident, the internal attribute was the boldness of the decision making process. However, I personally believe that the external attribute was more effective than the internal one. The external attribute was the complexity of the situation pertaining to the shifting of the newly joined employees and construction of the temporary office. Application of Experience: The experience would definitely help me learn better process in leadership band decision making. Though the company belonged to unorganised working sector, the working experience for me has been really helpful as it provided me with ample opportunity to learn leadership quality. Leadership and Strategic Change: Learning of leadership and strategic change helps an individual identify the types of required change in the strategy and management process. It would further assist the individuals to analyse the context of the organisations in designing strategic change programmes (Booth, 2015). Followings are the key elements of strategic change management in an organisations; Fig: Key Elements of Strategic Change Management Source: Created by the Author The elements of strategic change management work as complementary force to each other. In case of bringing the change in the organisation or the operations a leader needs to diagnose the present situation or the problem stated in order to bring the change. The diagnosis is then set to lead and manage the required change. Then it goes on to manage the change programmes in need (Beck, Cowan, 2014). In the previously mentioned case I have applied all the elements in analysing and diagnosing the problem so as to plan the change accordingly. Though the process of diagnosis did not imply any systematic process, it was based on spontaneous understanding of the situation. Then different change materials were incorporated so as to create an idea to revamp the present situation with the conceptualised one. Key Premises of the Change Management: There are four key premises of change management. These are: i) Strategy ii) Context iii) Inertia and Resistance iv) Leadership v) Strategy matters in the identification for the need for bringing the change in a particular direction. vi) Context drives in the right approach to the change depending on the mode of the circumstances. vii) Leadership is the basic need for bringing the change in an organisation (Belias, Koustelios, 2014). Leadership and Nature of Change: Fig: Nature of Change Source: Created by the Author The above diagram illustrates the nature of change adapted by a leader in terms of organisational development. Leadership is one of the most effective forces in brining the change in an organisation (Cameron Green, 2015). Conclusion: Having understood the theories and concept of change management and leadership, i could roughly create a genre of my own thus framing the strategies for change management. As a matter of fact, the change brought in the organisation where i was working, was actually motivated by the situation. My leadership quality was reflected while supposing the change for the new employees. It can thus be concluded that the change management strategies need clear insight of the problem as well as effective planning framework of for the fture improvement. Reference: Beck, D. E., Cowan, C. (2014).Spiral dynamics: Mastering values, leadership and change. John Wiley Sons. Belias, D., Koustelios, A. (2014). The impact of leadership and change management strategy on organizational culture.European scientific journal,10(7). Booth, S. A. (2015).Crisis management strategy: Competition and change in modern enterprises. Routledge.s Cameron, E., Green, M. (2015).Making sense of change management: a complete guide to the models, tools and techniques of organizational change. Kogan Page Publishers. Dickens, P. (2015). ABC Denomination.Director,905, 466-6340. Parkay, F. W., Anctil, E. J., Hass, G. (2014).Curriculum leadership: Readings for developing quality educational programs. Prentice Hall.