Biography Of Benjamin Franklin Essay Example | Topics and Well Written Essays - 750 words

Biography Of Benjamin Franklin - Essay Example Despite his achievements at school, he was removed from school at the age of 10 to work at candle making with his Dad. At the age of 12, Benjamin was apprenticed to his brother James at his printing shop by his father. Benjamin took on the fake name Mrs. Silence when James refused to publish any of his writings. With this, his imaginative and amusing letters were in print in his brother’s news paper. When the letters were discovered to be Benjamin’s, James was very angry. After that, Benjamin escaped to New York, although he settled in Philadelphia, this is the place he settled for the rest of his life (Sherrow 7). During the 1730s, Franklin’s prominence and success grew very much at the end of the 1732 with the publication of Poor Richard’s Almanack. He established a lending library for people to share his zeal for reading, and he chosen the Grand Master of Pennsylvania Mason, postmaster of Philadelphia and clerk of the state assembly. In the 1740s, Franklin went up into entrepreneurship with his invention of the Franklin stove; he also rose into scientific pursuit. In 1750, he conducted the kite-and-key experiment and some of his electricity theories were published in England the preceding year. He was tapped as an ambassador to represent the Pennsylvania Assembly, Georgia, Massachusetts and New Jersey, in England. He went on working towards colonial union and in 1766 he hold up the repeal of the Stamp Act (Dubourcq 10). Having mapped the postal routes in 1762, Franklin was designated the second Continental Congress and as a postmaster general in 1775. Moreover, in 1776, he was among the five men who drafted the Declaration of Independence. Also he was one of the men who planned the Article of Confederation. In 1785, Franklin returned to America from France. He was chosen to stand for Pennsylvania at the constitutional convention that planned and ratified the new U.S constitution. He took part in electing

Quoting, summarizing and paraphrasing Essay Example | Topics and Well Written Essays - 500 words

Quoting, summarizing and paraphrasing - Essay Example Employers using the services of these people usually pay them much below the minimum wages. It should also be noted that not all illegal immigrants enter a country voluntarily. Many times girls from poor family are deceived into thinking that they will get good jobs in the foreign country and then smuggled into a country for prostitution. This kind of illegal immigration is a problem in Middle East and Europe (Illegal Immigration, http://www.usimmigrationsupport.org/illegal_immigration.html). In recent years, the problem of illegal immigration has become a cause of concern in the United States. The state has stepped enforcement measures leading to many illegal immigrants feeling insecure. The Pew Hispanic Center carried out a survey in 2007 to understand the view of the Hispanics, the largest minority group in the US, regarding the recent tough stand of the administration against the illegal immigrants. The study found that â€Å"just over half of all the Hispanic adults in the United States worry that they, a family member or a close friend could be deported.† Many Hispanics are also wary of the inability of the government to enact an immigration reform bill. It was also widely felt that increased public attention was making life more difficult for them and that they were less likely to use government services or travel abroad. As many is 75% of all the Hispanics surveyed opposed stepped up enforcement measures against illegal immigrants. However, non-Hispanics supported such measures and there was a â€Å"wide variance in the views of the Hispanics and the non-Hispanics.† (Pew Hispanic Center). The survey also found that even within the Hispanic community there was significant variance between the views of native-born and foreign born Hispanics, with native born Hispanics having a view closer to that of the rest of the US population. These enforcement measures were stepped up after the September 11 attack on the World Trade Center.

Political And Economic Stability In Singapore

Political And Economic Stability In Singapore MICE industry is increasing rapidly and create tremendous amount of profits worldwide in tourism sector. MICE stand for meeting, incentives, conferences and exhibition which driving ahead as a key growth driver. The MICE industry plays a very important role and economic contributor in Singapores tourism industry. There are many factors that makes Singapore become a major MICE destination in the world. Singapore is working hard to stay on top of the competitive business event arena and now Singapore is ranked as the top convention city in Asia for ninth times. Singapore has the first class conventions venue such as Singapore Expo. Besides, Singapores pro business environment, multi-ethnic landscape, strategic geographic location and multi lingual populace has attract many business travellers prefer to do their business tourism in Singapore. With its strategic location, government support and all those strengthen factors; it makes Singapore boost them to hit the highest achievement in this sector. The influencing factors are divided into few different categories. 1.2 Problem Statement This research is about how Singapore develops themselves to become a major MICE destination among the world. At the moment, they are doing a very great job as a MICE destination in Singapore. In fact, there are several factors that influence Singapore as a MICE destination. 1.3 Research Question What is MICE industry all about? What are the major factors that influence Singapore as a major MICE destination in the world? What makes Singapore become a major MICE destination in the world? The forecast be for this sector in Singapore and why? What makes Singapore continuously attracts high profile and highly rated international business events? What have Singapores government done in order to boost up their MICE industry among the world? 1.4 Research Objective This research is going to find out the factors that influence Singapore as a major MICE destination in the world. By carry out this research, the MICE industry in Singapore has growth rapidly and future lifestyle as well. Besides, there is also the understanding of how importance MICE industry that could affect Singapores tourism sector and to find out the reason why business travelers loyalty toward Singapore as their favorite MICE destination. Lastly, this research also show the evaluate business travelers benefit and interest by organizing an event in Singapore. 1.5 Conceptual Framework Define MICE industry in Singapore Strategic Location Critical Mass Communication Infrastructure Stability political and economic in Singapore The major factors that influence Singapore as a major MICE Destination in the world Excellent transportation system and telecommunication connectivity. Excellent meeting and conference venue. Pro Business environment and governments support The forecast be for this sector in Singapore Figure 1.1 According to this figure 1.1, it illustrates the major factor that influences Singapore as a major MICE destination in the world. The purpose of showing this figure is to demonstrate the topic of this report. The theory framework will show the reason why Singapore can become a ideal MICE destination to the business travellers. Firstly, this research shows aspect that could influence Singapore as a major MICE destination. Besides this, the report also shows how Singapore develops their MICE industry in tourism sector. Lastly, will be the evaluation of forecast for this sector in Singapore. 1.6 Scope and Limitation The scope for this research is to focus on Singapore MICE industry. Besides that, is to observe how Singapores MICE industry growth rapidly within these few years, how they develop their MICE industry in order to increase the amount of tourist and to predict Singapores MICE industry in the future. The time constraint will be the limitation as this research paper due to the study period of time which is from January 2010 to June 2010. It s about half year time, due to the limited time the researcher may face the difficulties when finding the resources and getting the information from journals, online journals, newspaper, websites, books and etc. There is only limited and restricted literature for Singapore MICE industry that is related in the journal databases such as EBSCO Host, Ebrary, and Google Scholar, and some of the sources that provided were not up to date. But this is a challenge for me to do more on this research. Significance of the Study This research aims to gain an understanding on how Singapores MICE industry growth rapidly in tourism sector. To carry out this research, Singapore is working hard and put themselves out on top of the challenging business events field. This research is very important and very useful. Through this research, the targeted readers which are interested in organize a conference event in Singapore can refer to and to find out the reason why Singapore can be a major MICE destination in the world by maintains their quality and their MICE facilities. Other than that, this research could recommend targeted readers to choose Singapore as their ideal MICE destination. Chapter 2 Review of the Related Literature 2.1 MICE Industry in Singapore MICE industry is increasing rapidly and create a tremendous amount of profits worldwide in tourism sector. MICE are acronym of meeting, incentives, conferences and exhibition which driving ahead as a key growth driver. Europe and North America has been stated as one of the front MICE destination but Asia also one of the country that involves a lot in this industry. Singapore is not an exception. The MICE industry plays a very important role and economic contributor in Singapores tourism industry. A new era of tourism development and attractions will be gearing up for major revitalization by Singapores tourism sector; it will also re-define Singapores tourism landscape. Singapore has the first class conventions and exhibition facilities such as SINGAPORE EXPO and SUNTEC Singapore international convention exhibition centre. In addition, Singapore has outstanding communication infrastructure, it provides more convenience to tourist travel from one place to another domestically and internationally. Singapores pro business environment, multi-ethnic landscape, strategic geographic location and multi lingual populace has attract many business travellers prefer to do their business tourism in Singapore and accompaniment by MICE facilities, infrastructure, expertise and proficient in event management. Singapore put themselves out on top of the challenging business events field. Singapore MICE industry has grown rapidly and now Singapore is ranked the world top three cities for meetings by the Unions of International Associations (UIA). Apparently Singapore has been stated and positioned as the Top Convention City all around Asia for ninth time and the Third Top Convention City around the world for the second consecutive year by ICCA Ranking. Singapore has leapfrogged two score to reach on top of the ranking, defeating Paris and Vienna and providing its goal to be the top of the universe an improvement. 2.2 The factors that could influence Singapore as a major MICE destination in the world. There are many factors that can manipulate Singapore to become a major MICE destination in the world and it also could affect their tourism sector by increase MICE events in their own country. The factors also can be consider as their strength mean while it is a positive factor that can enhance their MICE sector to becoming the Best City for MICE events among the world in the future. 2.2.1 Critical Mass The most important factor is it has critical mass; it has been awarded by the Union of International Association (UIA) and Asias top convention city for several years. By developing a critical mass of MICE event is this industry, this will helps to create an eco-system of business event that harmonize one anothers existence. Business event not only generate enliven of MICE industry in the mean time its also build up Singapores value intention as a MICE destination. For the past few years, Singapore has increase the amount of international meetings. These shows from the creativity and quality of the Singapore MICE industry and construct Singapore constantly catch the attention of high-profile international business event. 2.2.2 Strategic Location Secondly, Singapore has a strategic geographic location which is central location in Asia and also a connection between east and west. It also acts as key district hubs for Asia. This strategic location makes Singapore exert a pull on global businesses and it smoothly links around the world. There were few big events of different industries was held in Singapore such as Asia Aerospace, Food Hotel Asia, Communic Asia and Broadcast Asia and etc. The feedback was great. Singapore is a safe hospitable country; this is also one of the reasons that event organizers choose Singapore. Beside this, Singapore Changi Airport is also one of the busiest airlines in the world, which connects to over 180 cities in 50 countries and is categorize as a premier International Maritime Centre. Its wide ranging air and sea linkages allow ones business to allowed 2.8 billion people within a seven hours flight radius. Singapore Tourism Board claims that Singapore position attest to its appeal as a premium business travel and meetings, incentive travel, convention and exhibition destination 2.2.3 Stability political and economic in Singapore Singapore has a good reputation of efficient, honest and politically stable government compare to other countries. Singapores stability of political gives the trust of safe for business travellers to decide to organise events in Singapore. Singapore is a knowledge-based economy and attracts worldwide investments. This may attract foreign investors flock its shores because of their open trade procedure, social stability, world class infrastructure and international communication links. The stability of Singapores economic also will raise the amount of business travellers invest in promoting their product in Singapore. The IMD World Competitiveness Yearbook 2008 stated that Singapore as the worlds second most competitive economy. The stability political and economic growth is sustain by the government of Singapore, it helps to attract more business travellers to held their event in Singapore with no burden compare to their competitors such as Malaysia and Hong Kong. 2.2.4 Communication Infrastructure Singapore is well known by their efficiency and good communication infrastructure have allow it to attract a whole train of international events including the Asia-Pacific Economic Cooperation (APEC) meetings in 2009 and the forth coming event will be the first-ever summer Youth Olympic Games which falls on 14th August 2010 to 26th August 2010. Singapore also attracts business travellers to contribute to its achievements as a main destination for both business and entertainments. Singapore has rated the top in terms of basic infrastructure and technology infrastructure in the World Competitiveness Yearbook. Its efficiency through latest technology and modern infrastructure makes Singapore MICE industry speedily grow in tourism industry. 2.2.5 Pro Business environment and Government Support Singapore is recognized as a PRO business environment and its recommended as the most beneficial place in the world for businessman to start their business there. In facts, Singapore has been noted as No 1 in terms of Ease of Doing businesses for the past four years by the World Bank. Singapore is one of the lowest corporate and income tax rates among the most of the countries. The government has improves the firm environment to help business manage more efficiently. Singapore has effectively reached a good amount of association meetings by its well-built business basics and plans to assemble a active ecosystem of business events. Singapore Tourism Board (STB) said All vital signs are pointing towards the return of business confidence in the Singapore business event sector, fuelled by dynamic developments taking place within the tourism landscape. Leverage in our sterling track record and a sound business fundamental, Singapore has secured a robust pipeline of business events, including key international association meeting in coming years. The general pro-business environment gives Singapore a competitive boundary as a major MICE destination in the world. There is another reason that makes Singapore become a PRO business environment and MICE destination because of the strongly government support through Singapore Tourism Board (STB), government support was the key to make an event successful. Singapores government give fully support in this sector and contributes Singapore as a vibrant business environment. Singapore devoted a lot in promoting the MICE business and also their tourist attractions because conventions and event have the ability to make more profits and jobs in short term and it can increase the interrelated investment and the amount of visitation on longer term. The Singapore Exhibition and Convention Bureau (SECB), a group of the STB has develop the Business Events in Singapore (BE in Singapore) its help business events organizers release a higher amount of events. Besides, Singapore Tourism Board (STB) also launched another campaign Make It Singapore and it helps to offer marketing support and motivation to potential MICE business. Furthermore, Singapore is has the professionalism in the MICE industry that can makes Singapore to be a global exchange core where people can gather and share their ideas and knowledge. 2.2.6 Excellent meeting and conference venue and offers venue Singapore is a global core for business and leisure and it is also a best option for convention and events. The excellences of hotel ballrooms and with the first class convention centres, Singapore has continuously recreates with new event location and attraction such as Marina Bay Sands Singapore. Marina Bay attractions will create a unique MICE venue that we cannot found elsewhere in Asia with international standard MICE facilities and services. MICE facilities in Marina Bay Sands, Singapore Expo, Suntec International Convention and Exhibition Centre are amalgamate to boost Singapores attractiveness as a business and leisure destination. Suntec Singapore International Convention and Exhibition Centre and Singapore Expo are defined as a favourite choice for all find of business event due to their huge exhibition spacious. A good convention centre, exhibition halls and meeting venue plays a very important role when we organize an event. 2.2.7 Excellent Transportation System and Telecommunications Connectivity Singapore posses of efficiency and excellent public transportation system, which includes cabs, buses and the modern Mass Rapid Transport (MRT) rail system same goes to their air transportation. Tourists can get around in Singapore with no burden due to their excellent transport system. An outstanding network of railway system and buses connect travellers to reach any point of the city and the public transportation prices are reasonable to everyone. Singapore provides convenience for foreign business travellers to reach any destination, conference venues and attractions with their public transport system on time due to their punctuality of railway systems. The newly opened MRT network has made ease of access to conference venue such as Suntec Singapore and Singapore Expo, it made convenient for those business travellers. Beside this, Singapores bus network is tremendously frequent and extensive and it does not only bring convenient to Singapores citizen and also tourists. Singapore is well recognized for their public transportation and telecommunications connectivity. According to a survey carried out by Singapores Land Transport Authority in year 2006, 8 out of 10 Singaporeans were satisfied with their public transportation system such as buses and also railway system, Singapore has 21 Tbps of installed international communication infrastructure capacity, adequate for every business require in telecommunications connectivity. They are one of the more aggressive telecommunication hubs around Asia Pacific. They also provide excellent telecommunication links with broadband network all around business hotels, so those business travellers can surf the internet anytime when inside the hotel room. 2.3 Forecast Singapore MICE industry in the future. From my point of view, I strongly believe that Singapore will finalize to the top spot and becoming the Best City for MICE venue in the future. Singapore will also be leading ahead of other countries. Singapores tourism background is going through a dynamic transformation. On year 2010, there will be more cityscape that gives off more vibrant and enthusiasm on the atmosphere. Singapore are still innovating themselves by introducing newly, modern venue and outstanding facilities to give their foreign business travellers and demonstrators a pleasure knowledge and ambience. They will also keep up their status as Asias premier MICE destination through recommending new transportation system and entertainments. The Asia-Pacific is likely to attract over 100 million business travellers and MICE visitors by 2015 with the growth prospective in the region. Therefore there will be no surprise that Singapore to become a bigger slice of this MICE market. With its stability political and global economy shows signs of reflect, the business event sector is in good chance of taking advantage of on business opportunities. In the upcoming years, Singapore will keep a strong pipeline of business occasion, including the key international association meetings. Ms Melissa Ow, Assistant Chief Executive, Business Travel and MICE Group, Singapore Tourism Board (STB) said: As we move into 2010, and climate of economy recovery the STB will continue to work closely with our industry partners to meet business event organisers evolving needs, explore new business leads and strengthen our international marketing and channel development efforts. Marina Bay sands will be one of the improvement into an amalgamate MICE venue which offers 200,000 square meter of convention and exhibition space which create and grow strategic business occasion. These developments will redefine Singapores downtown and central business region. There are estimate more than 150,000 meeting attendees are to stopover Singapore for those events that already booked at the Marina Bay Sands. Besides, Resort World Sentosa has accommodated 35,000 attendees at a single event. Marina Bay Sands said that it has secured more than 30 events development to be held there from this year to 2012. On the year of 2010, the worlds first -ever summer Youth Olympic Games will be hosted by Singapore. With approximately arrival of 15,000 overseas participants and visitors bring about 180,000 or more visitor to Singapore. Beside this, Singapore is also hosting a series of upcoming events and meetings in these few years, such as International Cruise Terminal 2010, Gardens by the Bay 2010, Sports Hub 2010, National Art Gallery 2013 and many more. Singapore will continue to expand their abilities and upgrading their infrastructure to provide business event travellers in order to guarantee their position as one of the top Asian. Singapore Tourism Board (STB) has planned to upgrade the facilities of Singapore Expo to make sure Singapore Expo is well-organized to sustain the development of MICE industry. The upgraded facilities will ensure Singapore Expo retains their excellent venue for business events. There are many growing competitors out there from other country such as Malaysia, Hong Kong, Thailand, Macau and etc. But Singapore is making every chance to offer good facilities and services to their business event travellers. Besides, STB are working continuously closely with the events industry. The main purpose is to increase the amount of the business event at Singapore and to make sure that the MICE sector continues to move ahead as a key driver of tourism development in Singapore. Lastly, I personally think that Singapore has performed well in this industry and lead Singapore to be on top of the MICE industry, because during the staging events in Singapore, the event organiser can be assured of their quality service, accompanied by its tremendous transportation and professional workforce. Although Singapore has obtain a lot of awards but they dont feel self-esteem, they keep on their good work and maintaining their facilities to achieve and make them the best MICE destination in the world. Furthermore, Singapores MICE industry is on the roadway and I strongly believe that if Singapore put in more efforts on this industry, it can leapfrog to reach the top and becoming the Best City for MICE events among the world in the future. Chapter Three Research Methodology 3.1 Research Method For the methodology, this research will be using questionnaire. Among quantitative method and qualitative method, I use both of the method for my research. It is also known as a mix of approaches. The first method is quantitative method which is a technique to gather quantitative data such as information dealing with numbers and anything that is measurable. While for the qualitative method is to understand the meaning of the numbers produced by quantitative method. We have to observe case analysis with given research imply to qualitative methods and quantitative methods to request respondents to rank their perception about these particular topic. 3.2 Research Design There are two types of research method which is qualitative method and quantitative method. Qualitative method is more on observation and quantitative method is subjective. Qualitative method need to collect date based on quality and is difficult to generalize because everyones perception is different; meanwhile it may affect the quality of the result. For the quantitative method, it is more objective compared to qualitative method because the data must be fact and logic. And it will be in numbers and also in statistics such as graphs or tables. It is essential to use both methods to understand the core of this research. 3.3 Data Collection Apparently the data in this report is collected from the secondary data which is online database. Secondary data can be easily found at journal, articles, websites, textbooks, books and etc. The researcher gets the journal from the college library website and it is mainly taken from the Google Scholar and EBSCO Host.

Affirmation :: essays research papers

Affirmation is defined as a recognition of political, personal, cultural values and identity. The Puritans, African Americans, and Native Americans affirmed their identity in Colonial America through: oral traditions, songs, and rituals. This is the reason they are studied all over the world.   Ã‚  Ã‚  Ã‚  Ã‚  The Puritans affirmed their identity through their religious beliefs, utopian ideas and theocracy. The Puritans had a storyteller who spoke of their genealogy. Since these stories were based on the bible, most of the listeners (children) were isolated from the reality of life. They grew up with their same beliefs as their parents, grandparents, and elders. All Puritans were considered sinned because of the teachings on the bible. However, they believed in predestination (only those people, â€Å"the elect† by God are saved and go to Heaven) yet the other Puritans continued to value the bible and obtained good citizenship. The Puritans respected hard work and had a distrust of leisure, a suspicion that the poor are shiftless which is said to have contributed to their downfall. When the Puritans escaped Europe from its Religious persecution and came to the colonies, they dreamed of becoming a utopian society. This society was also looked at as â€Å"the city on top of the hull† probably expressing the point of view the Puritans had of themselves. They used their theocracy (belief that the bible was the supreme authority) to complete their utopian society and has been debuted by historians if they achieved their dream. The Puritans did affirm their beliefs by their storytelling, by their genealogists, their theocracy, and the achievement of their utopian society.   Ã‚  Ã‚  Ã‚  Ã‚  Enslaved African-Americans affirmed their identity through their developmental resistance towards slavery, sacred songs and their storytelling. Storytelling has existed in many cultures, but existed for different reasons than that of the Puritans. Survival skills folk wisdom and hope, were the most common reasons and were important to their everyday survival. Mr. Rabbit and Mr. Bear is one of many stories told by the griot (genealogist) which focuses on hope that the Enslaved African-Americans will one day be a trickster like Mr. Rabbit and escaped slavery; like the Rabbit escaped being hung from a tree. After a long bitter life, the Enslaved African-Americans began to imagine and dream of freedom. Most slaves had learned to speak English and sang. Having been a slave herself, Harriet Tubman, helped other slaves escape by using her songs to guide them North, thus becoming the founder of the Underground railroad; by her will to give and her heroism, she is still re membered and her determination inspires people still today.

Visual Shopper Stop

ualMedia Release Shoppers Stop recognised as ‘Most Respected Company in the Retail Sector’ By Business World Mumbai, February 9, 2011: The New Year has started off on a rewarding note for Shoppers Stop. India’s premier lifestyle and fashion destination was one among 20 Indian Companies honored by Business World as ‘Most Respected Companies’ across various sectors. Shoppers Stop was awarded the ‘Most Respected Company in the Retail Sector’ at the hands of the Honorable Finance Minister Mr. Pranab Mukherjee at the award ceremony held last evening in the Capital City.Business World’s ‘Most Respected Companies’ award is recognized as one of the most coveted awards in the country. Companies are measured not only on the basis of their balance sheets but also on the basis of innovativeness, depth and quality of top management, financial performances and returns and moreover, on qualities like ethics and transparency, quality of products and services, people practices/talent management and global competitiveness. About Shoppers Stop Shoppers Stop is a leader in the Indian Retail Sector and one of the pioneers in setting up large format department stores chain in India.Shopper’s Stop Ltd has a national presence, with over 2. 05 million square feet area across 34 stores in 15 cities viz. Mumbai (8 stores), Delhi (4 stores), Kolkata (3 stores), Bangalore (4 stores), Hyderabad (3 stores), Jaipur (2 stores), Pune (2 stores), Gurgaon, Chennai, Ghaziabad, Lucknow, Noida, Amritsar, Bhopal and Aurangabad. Shoppers Stop is the only Indian member of IGDS (Intercontinental Group of Departmental stores) along with 29 other experienced retailers from all over the world.Mr. B. S. Nagesh, Customer Care Associate & Vice Chairman, Shopper’s Stop Ltd, has been recognised as an iconic retailer and was inducted into the World Retail Hall of Fame 2008. Mr. Nagesh is the only Indian retailer to take a significant place alongside more than 100 stalwarts of the global retail industry, which includes veterans like Sam Walton of Wal-Mart, Giorgio Armani, Jack Cohen of Tesco, Simon Marks and Israel Sieff of Marks & Spencer; Ingvar Kamprad of Ikea, amongst others.CMAI felicitated the ‘Golden Scale Trophy’ to Mr. Nagesh in honour of this achievement. Mr. Govind Shrikhande, Customer Care Associate & Managing Director, Shopper’s Stop Ltd received prestigious honours of the ‘Retail Professional of the Year’ by CMAI in 2009 & ‘Most Admired Fashion Retail Professional’ at the Images Fashion Awards 2010. Images Retail Awards consecutively for two years (2008 & 2009) named Shoppers Stop the ‘Most Admired Retailer of the Year –CRM’.The Company has also been felicitated with ‘Retailer of the Year –Fashion & Lifestyle’ at the Asia Retail Congress in 2009. Shopper’s Stop Ltd also received the ‘Best Visual Merch andising’ Award at the VMRD Retail Design Awards 2009 and the ‘Prestigious Loyalty’ award for Customer & Brand loyalty in the ‘Retail Sector’ 2010 at the 3rd Loyalty Summit. Shopper’s Stop Ltd has been awarded by CMAI -The ‘Golden Scale Trophy’ as the ‘Brand of the Year’ for its STOP Ladies ethnic wear in 2008 & 2009, and the ‘Marketing Campaign of the Year’ in 2009.Images Fashion Awards held in 2009 recognised Shoppers Stop as ‘The Most Admired Fashion Retail Destination of the Year’ and in 2010 ‘Most Admired Large Format Retailer’ award by Gini & Jony and the ‘Most Admired Partner’ by Gili. Shoppers Stop has also introduced new formats in the market viz HomeStop – the exclusive home furnishings, decor as well as furniture store and HyperCity– a premium shopping destination for Foods, Homeware, Home Entertainment, HiTech Appliances, Furniture, Sports, Toys & Fashion. For further information contact – Perfect Relations Juhi Khanna @ 9820601226 Kirti Pachauri @ 9819898306

Dell Computer Company

DELL’s Working Capital 1. How was Dell’s working capital policy a competitive advantage? Dell has achieved low working capital by keeping its work-in-process and finished goods inventory very low. The competitive advantage Dell achieves from this is that its inventory is significantly lower than its competitors, it does not require large warehouses for stocking the inventories and Dell is also able to adapt the fastest to technology changes in the components. The competitors would find it difficult to adapt to technology changes in a short time because they have larger inventories than Dell does. In short, Dell builds computers only when ordered and thus does not spend much capital as a result. The declining DSI means that Dell takes increasingly shorter days to sell its inventory. 2. How did Dell fund its 52% growth in 1996? Dell needed the following amount to fund its 52% growth in 1996 (using exhibit 4&5): Operating assets (OA) = total assets – short term investment OA in 1995 = 1594 – 484 = 1110 Mil USD Operating Asset to Sales ratio = 1110/3457 = 32% Sales increased from 3457 to 5296 Mil USD in 1996. Multiplying the operating asset to sales ratio by the increase in sales 0. 2 x (5296 – 3457) = 582 mil USD, which is the operating assets that Dell needed to fund its 52% growth. This increase in assets meant an increase in liabilities too, proportional to the sales. The increase in liabilities would be: Liabilities in 1995 = 942 Mil USD Liabilities to Sales ratio = 942/3475 = 27. 1% Increase in liabilities = 0. 271 x (5296 – 3475) = 494 mil USD S o, Dell would have an increase in operating assets of 582 mil USD and an increase in liabilities of 494 mil USD. The short investments would remain the same as it is not related to operations. Operational profit would increase with the Operating Profit to Sales ratio: (net profit/sales) x (5296 – 3457) = (149/3457) x (5296 – 3457) = 227 mil USD In all, we see that a sales increase of 52% has to be funded by 582 mil USD operating assets. The sales increase would also bring additional 494 mil USD in liabilities, while generating 227 mil USD of operating profit, with short term investments remaining the same at 484 mil USD. As a result, any two combinations of liabilities, operational profit or short term investments would be sufficient to offset the 582 mil USD operating assets needed to sustain the 52% sales growth. In 1995, as shown earlier, the operating asset to sales ratio was 32%. Similarly, the ratio in 1996 was (2148 – 591)/5296 = 29. 4%. The difference in the percentages is 2. 54%. This decrease in operating assets in year 1996 suggests that operating efficiency was improved by the same amount. Multiplying this difference in ratio by total sales in 1996: 5296 x 0. 0254 = 134. 5 mil USD, this amount can be reduced from the originally forecasted 582 mil USD to give the actual additional operating asset required to fund the 52% growth: 582 – 134. 5 = 447. 5 mil USD. The net margin in 1995, as shown earlier was 4. % (149/3457). In 1996 it increased to 272/5296 = 5. 14%. This net profit is an increase from the forecasted 227 mil USD (calculation shown earlier), and can be attributed to improved net margins. Also, we see an increase in current liabilities of 187 mil USD between 1995 and 1996. We also see that the sum of the increase in current liability and the net profit, of 199 6, is higher than the actual additional operating asset requirement: 272 + 187 = 459 mil USD > 447. 5 mil USD. Therefore, Dell funded its 1996 sales growth through internal resources, i. e. reducing its current assets and increasing its net margin. . Assuming Dell sales will grow 50% in 1997, how might the company fund this growth internally? How much would working capital need to be reduced and/or profit margin increased? What steps do you recommend the company take? For the year 1996, Operating Assets = Total Assets – Short term Investments = 2148 – 591 = 1557 Mil USD When the sales increases by 50% in 1997, operating assets are also expected to increase by 50%. So for 1997, Dell requires an operating asset of 1557 x 1. 5 = 2336 Mil USD. We should also assume that the net profit as a percentage of sales will increase proportionally by 50% for 1997. For 1996, Net profit as a percentage of sales = 272/5296 = 5. 14% For 1997, Net profit = 5296 x 0. 0514 * 1. 5 = 408 Mil USD For 1997, additional operating asset required = 2336 – 1557 = 779 Mil USD How could this be funded by Dell? Let us assume two scenarios Scenario 1: Let us assume the liabilities remain the same for the year 1997 even when sales increases by 50%, i. e. DELL would not go for any additional liability to fund the increase in operating asset and it would try to do it internally. As per the calculation shown in the attached exhibit, Dell would need 371 Mil USD to fund the increase in sales. The following are the ways DELL could fund this increase in operating asset 1. They could liquidate the short term investments of 591 Mil USD which would cover all of the additional funds required. 2. Dell could sell some of its fixed assets 3. They could reduce inventories, account receivables, and increase the account payables. They could bring down the working capital substantially by having a very low cash cycle. They could negotiate with their suppliers for a higher DPO. With the Just In Time (JIT) concept, they could receive payments immediately from their customers. Let us assume in 1997 Â   |Q4 1996 |Q4 1997 |Difference | |DSI |31 |20 |-11 | |DSO |42 |25 |-17 | |DPO |33 |50 |17 | |CCC |40 |-5 |-35 | So, there is a high possibility to attain a negative cash cycle which in turn saves on the working capital. Average daily sales in 1997 = 7944/365 = 21. 8 Mil USD Cost of sales in 1997 = (4229/5296) x 7944 = 6343. 5 Mil USD Average daily cost of sales in 1997 = 6343. 5/365 = 17. 4 Mil USD For the year 1997, savings due to improved cash cycle is Savings due to reduced inventory days = 11 x 17. 4 = 191. 4 Mil USD Savings due to reduced receivable days = 17 x 21. 8 = 370. 6 Mil USD Savings due to increased payable days = 17 x 17. 4 = 295. 8 Mil USD Total saving from cash cycle improvements = 857. 8 Mil USD Scenario 2: Let us assume liabilities for 1997 increase proportionally (50%) with the increase in sales, i. e. Dell would look for external funding for the increase in operating asset. As per the calculation shown in the attached exhibit, Dell would have enough money to fund the increase in sales with the corresponding increase in liabilities. In fact they will have an excess of 161 Mil USD assuming the long term debt remains unchanged. Dell could use this excess money to repay the long term debt or it could buy back some common stocks. 4. How would your answers to Question 3 change if Dell also repurchased $500 mil USD of common stock in 1997 and repaid its long-term debt? Let us assume Dell repurchased 500 Mil USD of common stock in 1997 and it also repaid its long term debt. In such a scenario, as per the calculation shown in the attached exhibit, Dell would need 452 Mil USD to fund the increase in sales. The points discussed in scenario 1 of Q3 holds good here as well.