The economies of northern and southern states and the US Civil War Essay

The economies of northern and southern states and the US Civil War - Essay Example This exploration will start with the explanation that the period of common war had left a great deal of exercises for the Americans to learn. Significantly, the economy of United States of America was isolated into its territorial pattern of working as far as governmental issues and laws. Numerous laws were made just after the common war as it had put both positive and negative effect on the economy of United States, when all is said in done. The point of this paper is to comprehend the distinction between the economies of Northern and Southern conditions of America. By and large, it tends to be said that the financial state of both northern and western states during the common war was better from numerous points of view. The American economy was once considered as a rural economy. It was noticed that during the common war, it progressed to a mechanical economy of the world. By 1900s, it was denoted that America got one of the main economies of the world. Be that as it may, it ought to be very much expressed that the modern upheaval was not seen in the Southern states. The turn of events and transformation were just seen in the northern states or the zone close to the Mason-Dixon Line. Discussing the Southern states during the 1900s, they significantly relied upon the selling of the staples worldwide market. It was a steady progression of flexibly inside the global market by the Southern states that wound up making cotton as the most esteemed fare from the United States. The consistent stream likewise permitted cotton to dominate different fares that were giving a great deal of preferred position to the nation.

Marketing plan paper Research Example | Topics and Well Written Essays - 500 words

Promoting plan - Research Paper Example For this situation, QuickBooks is the bookkeeping programming whose brand is overall famous and whose item situating and separation techniques are forthcoming (Stock, 2011). Separation of product alludes to the teaching of characteristics, for example, valuing and quality, into a product to urge forthcoming customer base to see it as various and usable. For example, the organization that produces QuickBooks, the famous bookkeeping programming has its targets set up. This is to guarantee that the quality estimation of their product bundles is precise and never comes up short. In addition, they need to guarantee that there is opportune conveyance when customers request them online without any instances of broken bundles. With respect to reality that other bookkeeping bundle makers bear assorted and one of a kind benefits against QuickBooks, this serves to separate it from its rivals (Hartline, 2010). Situating is the way affiliations give their product or administration brand distinguishing proof as they enter the commercial center. This progression follows assurance of how to separate product and administrations. For example, on account of the QuickBooks connection, it markets itself on the reason that it doesn't flop in conveyance forms and that its product is liberated from blunders or unpredictable flaws. Furthermore, the bookkeeping bundles are situated against the competitors’ correspondingly arranged bundles from different affiliations. This depends on convenient conveyance and greatness in the creation. QuickBooks, along these lines, guarantee that they commit their advertising endeavors to accentuate their situating (Stock, 2011). A situating proclamation is a short expression or sentence that imparts the relevance or pith of separation and situating possibilities. This announcement acts like a potential promoting applet, which tentatively appointed authorities all the showcasing components. This guarantees they are set up with the connection systems. For example, the QuickBooks situating

Wild Parties, Vaginas and Suburbia

Wild Parties, Vaginas and Suburbia Ive recently had the opportunity to see three MIT productions I know, I know, three plays AND five elections and/or speakers, how does she do it? Last week I saw Musical Theater Guilds Wild Party, which Keri produced entirely during the Month of January/IAP. It was about a couple during the 1920s that decides to throw a party to make themselves feel better about their failed relationship, and the party turns out a lot more exciting than either of them expected. I really liked the music because it was jazzy and the show in general was pretty energetic and nice to watch. Like Ive said before, I am not a great photographer, but apparently Jax Kirtley is, and since their photos are on the Wild Party photo page, they hopefully wont mind if I use a couple. I never wrote about it, but I saw MTGs production of Cabaret early this year which I really enjoyed I believe it was their summer production. The pictures are taken from the website. Again. So anyway, back to this semester, I saw Dramashops production of Suburbia. It was about some kids in a small town that hang out in a parking lot and their various issues, usually centered around Being Stuck In This Crummy Place, Not Caring That Youre Stuck In This Crummy Place, and Trying to Escape This Crummy Place. I cant find any pictures of the play, which is really sad because one of my friends pointed out that the set was AMAZING it was incredibly detailed, and especially considering it was just a parking lot and a 7-11, I was really really impressed. Last semester I also went to a Gilbert and Sullivan Players show called Cox and Box. It was quite a small affair only three or four characters, but I really enjoyed it. If you havent caught on by now, I really love all sorts of theater. Im not talented in any way in this department, unfortunately, but thats okay, Im busy with other things and am quite alright leaving it to the experts. I feel really bad about myself whenever I dont have pictures for you guys, or I do have pictures but theyre terrible. Seriously, when did it become an unstated prerequisite that you have to be a great photographer to be a blogger? Even my normal, non-artistic pictures turn out badly. Maybe I should take a class. Anyway, moving on. The most recent show I saw (last night) was the Vagina Monologues. Id never seen it, but its pretty famous so I was excited to do so. Apparently, on February 14th, or V-Day (for Valentines Day, Violence and Victory), thousands of Vagina Monologues productions are put on around the world to raise awareness and money for campaigns and charities that work to stop violence against women. MITs production of it It was held in the Stata Center in a large auditorium with soft red chairs, I might add, since people seem to care a lot about chairs nowadays. I was surprised to see the turnout: the 318-person auditiorium was full! Look at all the people that love to hear about vaginas! This is the only picture taken by me in the whole entry. Now you know why I rely on other people for photos.After discussing the (very entertaining and hilarious and sometimes sad) play with my guy friends,I noticed that they all believed that this was wild feminist propaganda that belittled men and encouraged women to keep to themselves. Id like to take this moment, with thousands of you listening, both guys and girls, to state that this is not what the play is about. Okay, so it is empowering towards women, it makes us feel good about being female and it makes us feel more comfortable with ourselves, and though there may be a few pokes taken at the opposite gender, in general, it is not an attack on men, nor is it counter-productive towards making society equal. Its hard to explain without you actually seeing it, but it is two simple things: a feel-good production, and just as importantly, an awareness campaign. Thats not to say that each production is not unique and that some may turn it into something else which is fine just dont make assumptions about something you havent actually seen. Funnily enough, I think I ended my last entry on a similar note. I dont mean for this to be uber-serious or anything. Just something to keep in mind. Any questions about theater at MIT will probably not be answered by me, because Im just a groupie ;) Someone from ARTalk can probably help you out :)

An Explication of The Day Came Slow Till Five OClock

Katie Nichols Dr. Tyrer ENGL 3380 10/24/11 Explication of Emily Dickinson’s â€Å"The Day Came Slow till Five o’Clock† This poem, written by Emily Dickinson, explores the theme of nature and its relationship to a sunrise coming over a hill. The poem describes the appearance of a sunrise as a female guest in a large house is watching it from her window. The poet describes the unique splendor of watching a sunrise mixed with the sounds of a war battle. The speaker seems to be speaking from an observant standpoint, perhaps from above or below, and has no role in the poem, except as a narrator. The speaker feels compelled to speak at this particular time because watching the sunset at this particular time seems to be significant to the woman.†¦show more content†¦Either way, in declaring â€Å"how mighty’t was to stay, a guest in this stupendous place† (14-15), the poet is finalizing her opinion of the place, in all its splendor, and by calling it â€Å"the parlor of the day!† (16), she is explaining that this is only morning, the sun just rose, and there is much more to be said about the hours to come, and whether they will reflect rubies or topaz, death or life. Referring to the setting as a parlor also indicates that there may be religious undertones in this poem, although they are not present until the last stanza, and that the place the poet is speaking from is a parlor to heaven, implying that life on earth only foreshadows life after death, instead of determining it. Emily Dickinson often used imagery in her poems to deepen their meaning, leaving room for her readers to interpret them however they please. Regardless of the true meaning of the poem, and when and why it was written, Emily Dickinson certainly impacts her readers to this very day with the eloquence and poise she displays in her poetry. â€Å"The Day Came Slow† is a mixture of happiness and adoration, disputed by the notion of death that the gunshots so readily bring forth in the poet. Dickinson often placed religious undertones in her poems, and this is no different. This poe m contains many different meanings, and Dickinson may have been using this as a reminder

Reporting on Equity Evaluation of major airlines in the industry - Free Essay Example

Sample details Pages: 12 Words: 3579 Downloads: 8 Date added: 2017/06/26 Category Business Essay Type Narrative essay Did you like this example? This report is based on the equity evaluation of an airline Ryanair which is a European leading low fare Airline belongs to Ireland with its headquarter in Dublin. One of its biggest operational bases is at London Stansted Airport in UK. It is one of the key players with in the market, and perhaps the most profitable air line. Don’t waste time! Our writers will create an original "Reporting on Equity Evaluation of major airlines in the industry" essay for you Create order Ryanair is Worlds favourite airline that operates in 41 bases and more than 1100 low fare routes across 26 countries and connecting 153 destinations. Ryanair has fleet of 232 new Boeing 737-800 aircraft with orders of additional 82 new aircraft that are expected to deliver over the next 2.5 years. Ryanair currently has employees of more than 7,000 and carry approximately 73 million passengers in the fiscal year 2010/11. Business Environment Every business has to set its own characteristics and profiles their competitors. For this every business establish its own unique mission and vision statements and the key objectives in order to satisfy their goals. Moreover, they usually set their mission, vision and objectives to serve the society as well as benefitting the community throughout their business cycle. When we talk about the airlines, the determination of the demands, preferences and taste of people is still valid. The suggestions of every people around the organization are also essential to create a just and comprehensive strategy. Mission of Ryanair It is the main mission of every airline to deliver the safety of their passenger, but how did the Ryanair attract the tourists and other individuals to travel is because of their undertaking to make air travel inexpensive, simple, convenient form of transportation in the world. The idea of low cost airlines are based on the probably demands of the people to fly more often when it is inexpensive or affordable to fly by aeroplane. Ryanair is the most suggested airlines when it comes to low- cost marketing. Vision Ryanair has a vision of a world where the fare could lower to reduce rates to bring the steady traffic of business people and tourists to their region. Its concept is not new in every airlines and their vision only underpins their mission. The broader vision in building an effective business and push on the tourism is more applicable (2003). Its a major challenge for the Ryanair to sustain their mission and yet with accordance of their vision in promoting tourism. Corporate Strategy Ryanairs objective is to maintain itself as the leading European low-fares scheduled passenger airline through continued implementation of cost reductions, operating efficiencies and offerings of its low fares service. Ryanair objective is to offer low fares that create increased passenger traffic while continuously focus on cost-containment and operating efficiencies. The key essentials of Ryanairs strategy include the following Low Operating Costs Safety and Quality Maintenance Development of Operating Results through Ancillary Services Focused Criteria for Growth Taking Advantage of the Internet Porter Generic Strategy Ryanair focuses on the cost cutting strategy according to the porters generic strategy model to position itself in the marketplace. Cost leadership strategy is based upon business organizing and controls its value-adding activities to be the lowest cost producer of a product with an industry. The company provides the reduced cost of fare than its competitors in the airline. On the other hand Ryanair has also become focuser as it is concentrated on an narrow customer segment that consist of Irish and UK business people who could not afford to fly major airlines. Nature of Industry with Reference to Strategic Grouping Ryanair is competing in high competitive environment where the competitors are competing to pull market share from their rivals. One of the reason for high competitive rivalry is boom of travel industry and also the European Union regulations. These regulations are intended to improve quality and prices of airline industry. If we consider the last decade we come to know that the air travel grew by 7% per year. Both business and leisure purposes travel grew worldwide. The scheduled airlines have carried more than 1.5 billion passengers last year. In case of the leisure market, the availability of large aircraft like Boeing 747 has made it suitable and reasonable for people to travel further to new and exotic destinations. Developing countries governments realized the benefits of tourism to their national economies and urged the development of resorts and infrastructure to allure tourists from the prosperous countries in Western Europe and North America. As the economies of develo ping countries are growing, their own citizens are becoming the new international tourists of the future. Strategic Grouping of European Airline Industry Price/ Quality Limited Market Coverage Local Area 1. Train Up Market 1. British Airways 2. American Airways 3. Lufthansa Discounter 1. Ryanair 2. Easy Jet Big 4 Virgin Atlantic According to this classification the Ryanair comes in the low cost segment or discounters. Airline Industry Life Cycle Same like living creatures, industry also has its circle of life. The stages of industry lifecycle include fragmentation, shake out, maturity an decline (Kotler 2003).The industry life cycle can be represented by having a look of the following figure: Product (Industry) Life Cycle Stages The first countries in Europe to grip air transport were France, Germany and the Netherlands. In 1919 KLM was established, still the oldest carrier. The first flight was from London to Schiphol, Amsterdam transported two English people in 1920. Major European airlines of the time like KLMs initial growth mainly depended to service routes with far-flung colonial possessions (Dutch Indies).The loss of the Dutch Empire was the only reason that KLM found itself based at a small country with small potential passengers, which relying mostly on transfer traffic, and was first to introduce the hub-system to assist easy connections. France started an airmail service to Morocco in 1919 which was sold i n 1927, renamed Aeropostale, and with more capital invested become a major international carrier. Aeropostale went bankrupt in 1933. It became nationalized and merged with many other airlines to become Air France. In 1926 the German airline industry started with Lufthansa and became a major investor in airlines outside of Europe, founding Varig and Avianca. Junkers, Dornier, and Fokker built the most advanced German airlines in the world at the time. German air travel got peak in the mid-1930s, when Nazi propaganda ministers approved the launch of commercial zeppelin service, the big airships but it was fact that they used flammable hydrogen gas which raised safety concerns that terminated with the Hindenburg disaster of 1937. Imperial Airways was United Kingdoms flag carrier which became BOAC (British Overseas Airlines Co.) in 1939. Imperial Airways made use of huge Handley-Page biplanes for routes between London, Middle East and India. Imperial aircrafts image in the middle of the Rubal Khali was being maintained by Bedouins and was among the most famous pictures from the heyday of the British Empire The deregulation of the European Union airspace in the early 1990s has had substantial effect on structure of the industry there. The shift towards budget airlines on shorter routes has been significant. Airlines such asÂÂ  EasyJetÂÂ  andÂÂ  RyanairÂÂ  got growth at the expense of the traditional national airlines. The trend has been there for these national airlines themselves to be privatized such as have occurred forÂÂ  AerLingusÂÂ  andÂÂ  British Airways. Other national airlines, including ItalysÂÂ  Alitalia, have faced chiefly with the rapid increase of oil prices in early 2008. Industry Profitability In View of Porter 5 Forces Model From a strategic management perspective it is useful for organisations to understand the competitive forces in their industry or sector since these will conclude the prettiness of that industry and the likely success and failure of particular organisations within it. The porter five core elements/forces are: Competitive Rivalry Threat of new entrants Threat of substitutes The Bargaining power of buyer The Bargaining power of suppliers Porters Five Forces Model Rivalry among Existing Competitors (Intense Rivalry) There is very tough competition among the competitors of European airline industry especially that lie in the same tier such as Easy Jet, Ryanair and Aer Lingus. The services level is same for all players in the third quadrant are the same with either low or no differentiation. The market in which the Ryanair is operating is saturated with Ryanair is holding the biggest chunk of customers and is the dominating player. Threat of Entrant (Low) Threat of new entrant is low because it requires quite high capital investment to enter in this industry. It is also hard to find suitable airports. Even with capital investment it is very hard for new entrants to challenge incumbent players like Ryanair that has experience of years and solid name in the market. Threat of Substitutes (High) Threat of substitutes for a short haul airline can be in the form of land travels and if we talk about indirect substitutes then it is video conferencing which may reduce the need for air travel. The most important point to mention here is that in both of the above mentioned cases there is no switching cost for the customers so they will not feel any hesitation to choose in between these. Bargaining Power of Buyers (High) Bargaining power of buyers is high as people are well informed of prices and deals via different resources and internet is one of them. Now most of airlines they are trying to reach this market segment where they can acquire more market share by providing lowest fares. The customers are price sensitive and they will switch to any other airline which will give them lowest fares. Bargaining power of Suppliers (High) The supplier power is medium to high, because the airplane providers are the ones with good amount of power in their hand while ancillary suppliers being the ones with low power hence balancing out the supplier power of the industry. Regulators and airport authorities have medium power and this has been balanced out by more use of regional airports rather than the main or national airports. Competitive Strategy and Three Generic Strategies Ryanair has been following mix cost based focus strategies according to competitive strategies. Cutting costs have been focused and Ryanair is delivering this benefit to their customers. The company not only focuses on techniques that save them money rather it is implemented in their system from top to bottom everywhere. Segmentation Strategy Differentiation Strategy Cost Leadership Narrow Market Scope Broad Market Scope Uniqueness Competency Low Cost Comptency Forecast of the Performance of the Firm of Choice Common Size Statements Balance Sheet 2004-2005 2004 CS 2004 2005 CS 2005 Fixes Assets Intangible Assets 44499 2% 30449 1% Tangible Assets 1576526 54% 2092283 55% Total Fixed Assets 1621025 55% 2122732 56% Current Assets Cash Liquid Resources 1257350 43% 1613643 42% Accounts Recievable 14932 1% 20644 1% Other Assets 19251 1% 24612 1% Inventories 26440 1% 28069 1% Total Current Assets 1317973 45% 1686968 44% Total Assets 2938998 100% 3809700 100% Current Liabilities Accounts Payable 67936 2% 92118 2% Accrued Expenses Other Liabilities 338208 12% 436187 11% Current Maturities of Long Term Debts 80337 3% 120997 3% Short term Borrowings 345 0% 7938 0% Total Current Liabilities 486826 17% 657240 17% Non Current Liabilities Provisions for Liabilities and Charges 94192 3% 112745 3% Other Cre ditors 30047 1% 18444 0% Long Term Debts 872645 30% 1293860 34% Total Other Liabilities 996884 34% 1425049 37% Shareholders funds equity Called Up Share capital 9643 0% 9675 0% Share Premium account 560406 19% 565756 15% Profit Loss account 885239 30% 1511980 40% Share Holders equity 1455288 50% 1727411 45% Total libilities Shareholders equity 2938998 100% 3809700 100% Balance Sheet 2006-2009 2006 CS 2006 2007 CS 2007 2008 CS 2008 2009 CS 2009 Non Current Assets Property Plant Equipment 2532988 55% 2884053 51% 3582126 57% 3644824 57% Intangible assets 46841 1% 46841 1% 46841 1% 46841 1% Available For Sale Financial Assets 406075 7% 311462 5% 93150 1% Derivative Financial Instruments 763 0% 59970 1% Total Non-Current Assets 2580592 56% 336969 6% 3940429 62% 3940429 62% Current Assets Inventories 3422 0% 2420 0% 1997 0% 2075 0% Other Assets 29453 1% 77707 1% 169580 3% 91053 1% Current Tax 1585 0% Trade Receivables 29909 1% 23412 0% 34178 1% 41791 1% Derivative Financial Instruments 18872 0% 52736 1% 10228 0% 129962 2% Restricted Cash 204040 4% 258808 5% 292431 5% 291601 5% Financial Ass ets Cash 3 months 328927 7% 592774 10% 406247 6% 403401 6% Cash Cash Equivalents 1439004 31% 1346419 24% 1470849 23% 1583194 25% Total Current Assets 2053627 44% 2354276 41% 2387122 38% 2543077 40% Total Assets 4634219 100% 5691245 100% 6327551 100% 6387862 100% Current Liabilities Trade Payables 79283 2% 54801 1% 129289 2% 132971 2% Accrued Expenses Other Liabilities 570614 12% 807136 14% 919349 15% 905715 14% Current Maturities of Debt 153311 3% 178918 3% 366801 6% 202941 3% Derivative Financial Instruments 27417 1% 56053 1% 141711 2% 137439 2% Current Tax 15247 0% 20822 0% 425 0% Total Current Liabilities 845872 18% 1117730 20% 1557150 25% 1379191 22% Non Current Liabilities Provisions 16772 0% 28719 1% 44810 1% 71964 1% Derivative Financial Instruments 81897 2% 58666 1% 75685 1% 54074 1% Deferred Income Tax Liability 127260 3% 151032 3% 148088 2% 155524 2% Other creditors 46066 1% 112177 2% 99930 2% 106549 2% Non Current Maturities of Debt 1524417 33% 1683148 30% 1899694 30% 2195499 34% Total Non Current Liabilities 1796362 39% 2033742 36% 2268207 36% 2583610 40% Shareholders funds equity Issued Share Capital 9790 0% 9822 0% 9465 0% 9354 0% Share Premium Account 596231 13% 607433 11% 615815 10% 617426 10% Cash Redemption Reserve 378 0% 493 0% Retained Earnings 1467623 32% 1905211 33% 2000422 32% 1777727 28% Other Reserves -81659 -2% 17307 0% -123886 -2% 20061 0% Share Holders equity 1991985 43% 25397 73 45% 2502194 40% 2425061 38% Total liabilities Shareholders equity 4634219 100% 5691245 100% 6327551 100% 6387862 100% Income Statement 2004-2006 2004 CS 2004 2005 CS 2005 2006 CS 2006 Operating Revenue Scheduled Revenues 924566 1128116 1433377 Ancilinary revenues 149658 208470 259153 Total Operating revenues 1074224 1336586 1692530 Operating Expenses Staff Costs -123624 -12% -140997 -11% -171412 -10% Depreciation Amortization -101391 -9% -98703 -7% -124405 -7% Fuel Oil -462466 -27% Maintenance, Materials Repairs -37417 -2% Marketing Distribution Costs -13912 -1% Aircraft Rentals -47376 -3% Route Charges -164577 -10% Airport Handling Charges -216301 -13% Other Operating Expenses -597922 -56% -767397 -57% -79618 -5% Total operating Expenses Excluding Good Will -822937 -77% -1007097 -75% -1317484 -78% Operating Profit 251287 23% 329489 25% 375046 22% Amortization of Goodwill -2342 0% -2125 0% Operating profit 248945 23% 327364 24% Other expenses Foreign Ex change Loss/Gain 3217 0% -2323 0% -1234 0% Gain/Loss on Disposal of Assets -9 0% 47 0% 815 0% Interest Receivable Similar Income 23891 2% 28342 2% 38219 2% Interest Payable Similar Charge -47564 -4% -57499 -4% -73958 -4% Total Other Expenses -20465 -2% -31433 -2% -36158 -2% Profit on Ordinary Activities before Tax 228480 21% 295931 22% 338888 20% Tax On Profit On Ordinary activities -21869 -2% -29190 -2% -32176 -2% Profit/Loss For The Financial Year 206611 19% 266741 20% 306712 18% Income Statement 2007-2009 2007 CS 2007 2008 CS 2008 2009 CS 2009 Operating Revenue Scheduled Revenues 1874791 225692 2343868 Ancilinary revenues 362104 488130 598097 Total Operating revenues 2236895 2713822 2941965 Operating Expenses Staff Costs -226580 -10% -285343 -11% -309296 -11% Depreciation Amortization -143503 -6% -175949 -6% -256117 -9% Fuel Oil -693331 -31% -791327 -29% -1257062 -43% Maintenance, Materials Repairs -42046 -2% -56709 -2% -66811 -2% Marketing Distribution Costs -23795 -1% -17168 -1% -12753 0% Aircraft Rentals -58183 -3% -72670 -3% -78209 -3% Route Charges -199240 -9% -259280 -10% -286559 -10% Airport Handling Charges -273613 -12% -396326 -15% -443387 -15% Other Operating Expenses -104859 -5% -121970 -4% -139140 -5% Total operating Expenses Excluding Good Will -1765150 -79% -2176742 -80% -2849334 -97 % Operating Profit 471745 21% 537080 20% 92631 3% Amortization of Goodwill Operating profit Other expenses Foreign Exchange Loss/Gain -906 0% -5606 0% 4441 0% Gain/Loss on Disposal of Assets 91 0% 12153 0% Interest Receivable Similar Income 62983 3% 83957 3% 75552 3% Interest Payable Similar Charge -82876 -4% -97088 -4% -130544 -4% Total Other Expenses -208708 -9% -98153 -4% 273118 9% Profit on Ordinary Activities before Tax 451037 20% 438927 16% -180487 -6% Tax On Profit On Ordinary activities -15437 -1% -48219 -2% 11314 0% Profit/Loss For The Financial Year 435600 19% 390708 14% -169173 -6% Appropriate Absolute Valuation Models Dividend Discount Model A dividend discount model is a financial model that values shares at the discounted value of future dividend payments. A share is worth the present value of all future dividends. As the values shares on the actual cash flows received by investors, it is theoretically the most correct valuation model. Dividend Discount Valuation A dividend discount model would specifically be a discounted cash flow (DCF) that uses dividend forecasts over several stages. If it is a case that there are any dividends which have been announced but the share has not yet gone ex- dividend for that then these are recognized amounts in the near future and it does not require forecasts. It is possibility for forecasts that based on detailed financial modelsÂÂ  for the near future. Beyond that the forecasts are based on less detailed models (e.g. assuming a slow reduction in profit growth and a fix payout ratios may be used Assume a fixed growth rate beyond some point (e.g. after five or ten years) provides a terminal valueÂÂ  to be intended at that point If you sum up the interest series we get, This p is then adjusted by various factors e.g the size of company Where k is expected return which is equal =yield + expected growth. Where D1= D0 (1+g) Then P0 = D1/k-g Free Cash Flow Approach Free cash flow (FCF) determines how much money a company gets after take away maintenance Capex. It is significant because it provides valuation of the existing business without harder to measure value of investment in growth and new ventures. The last should be value more than the money that is being invested in them. The free cash flow would be resulted same what the dividends would be when a company decided to pay out as much as it could in dividends exclusive of either running down its operations or rising debt. Free cash flow (FCF) is often used in discounted cash flow valuations. Free Cash Flow to Firm (FCFF) A free cash flow to firm is a measure of financial performance which indicates the net amount of cash generated for the firm, consisting of expenses, taxes and changes in net working capital and investments. Free cash flow (FCF) is calculated using the formula FCFF = NI + NCC + Int(1-T) FCinv Wcinv A positive value depicts that the firm has left with cash after expenses. A negative value represents that the firm has not made enough revenue to cover its investment actions and its costs. In this situation, an investor should look deeper to assess why it is happening. It would be either the major investment activities or company is facing deeper problems. Free Cash Flow to Equity (FCFE) This is the measure of how much cash can be paid to the equity shareholders of the company after expenditures, reinvestment, and debt repayment. The cash flow to equity is calculated by using this formula: FCFE =ÂÂ  NetÂÂ  Income Net Capital Expenditure Change in Net Working Capital + New Debt Debt Repayment. FCFE= NI Int(1-t) + net borrowings This alternative valuation method gained popularity as the dividend discount models usefulness became increasingly questionable. Residual Income A residual income model use to values securities using a combination of book value of the company (i.e. its NAV), and a present value based on accounting profits. The value of the company is the sum of 1) the NAV at valuation time and 2) the residual income present value: profits are expected to surpass the required rate of return on equity. The residual return is calculated as: (R-r) * B where B = NAV R = the return on accounting profits and owners equity r = required rate of return on equity. It can also be expressed as net proft- (r*B) The importance of the extra profit in excess of the required rate of return is measure of the wealth that the company creates for shareholders. The company sums to the value of its assets and justifies a company being value greater than the value of its assets. The value of a company therefore should be the sum of this and its assets. The NAV will differ from year to year affects the computation of the returns. The change in the net profit minus dividends and other returns to shareholders, plus capital increased. Valuation on wealth creation is abstractly similar to EVA. The Residual income models are suited to securities valuation where EVA is principally useful to management. The residual income models advantage is that it is based on accounting measures of profit and value of assets. The main objection of residual income is that as it is relied on accounting numbers which often fail to imitate the true economic value of assets and cash flows. Asset Based Models Asset- based models compute the value of a firm as the sum of the market values for the individual components of the firm, less the market value of the liabilities. This can be expressed as: Value of firm= Market value of assets- Market value of liabilities Asset based models are useful to estimate minimum value. They are easy to use and understand. Moreover they are also useful for comparing firms of similar size and nature. The disadvantage is that the book value is an asset based model is based on historical cost. The firms value is largely derived from its assets, whose value is dependent on management choice of accounting principles. Asset based models ignore future growth potential of the firm. Actual Valuation Reporting The value of the firm is calculated using the following models The Value of Firm Using Dividend Discount Model We cant apply the dividend discount model as Ryanair has never given dividends till yet but there are plans to give dividends from 2013 onwards. The Value of Firm Using Dividend Discount Model We will calculate the free cash flow to firm using the formula: Free cash flow to firm (FCFF) = Net Income + Amortization Changes in Working Capital -Capital Expenditure Where, Change in working capital = Cash + Accounts Receivable + Inventory Accounts Payable Accrued Liability Capital Expenditure = (Changes in assets current year previous year) (Changes in Liability current year previous year) Note: The values have been taken from the income statement and balance sheet of Ryanair available at: https://www.ryanair.com/en/investor/investor-relations-news Changes in Working Capital = 588374 Capital Expenditure = -77133 Free Cash Flow to Firm = 424297000 Value of Firm Using FCFF = Free cash flow from firm / WACC Beta Value Ryanair = 1.03 Cost of equity = (Market Risk Premium * Equity Beta) + Risk Free Rate Where, Market Risk Premium = Expected Rate of return Risk Free Rate Risk Free Rate UK 2009 = 4.55% Expected Rate of Return = 9.99% Cost of Equity = 10.15% Cost of Debt = 5.6% Ryanair Tax rate = 11% WACC = 15% Value of Firm Using FCFF = Free cash flow from firm / WACC = 2803008000 Euros The value of Firm using Free Cash Flow to Equity Model Free Cash Flow to Equity = FCFF + Net Borrowings Interest (1-t) Free Cash Flow to Equity = 301189 Euros Value of Firm Using Cash Flow to Equity = FCFE/Ke where Ke is cost of equity. Note: FCFE is calculated in excel (excel file attached) Value of Firm Using Free Cash Flow to Equity = 2967379000 Euros 4.0 Value of Firm using Residual Income Residual Income= NI (Net Income) (Cost of Equity* Value of Equity) Residual Income= -415317000 Note: Value of firm using residual income cant be calculated as the company does not provide dividends as we need to have value of g for calculating firms value. 5.0 Value of Firm Using Asset Based Model Asset based model for finding value of firm are used when the firm possess the natural resources like oil, gas, etc. As Ryanair does not possess any sort of natural resources, so we cant use this model to find the value of the firm.

A Man S Best Friend Free Essays

The people of this time adopted orphaned wolf pup and nursed them Shoemaker 2 with small children and babies. Once generations of these tamed wolves star Ted to breed more domesticated versions followed, eventually giving way to more dog like attire tutees. These dogs proved loyal companions in many ways: participating in hunting rituals, create nag strong companionship with its owner, and protecting the community it was raised in [parallel structure]. We will write a custom essay sample on A Man S Best Friend or any similar topic only for you Order Now As the population of humans started dispersing around the globe, many varieties of dog breeds followed suit. Depending on the area, many breeds were specialize De to perform a specific role. Breeds such as Beagles and Dachshunds were bred specifically f or hunting, with breeds such as Australian Sheppard and Border Collies for herding. Whatever the task, all dogs showed infinite amounts of companionship, which entitled them to the phrase e â€Å"man’s best friend. † Although today dogs are usually found in homes, they’ve never lost the e love and companionship they share for their owner, which is why fortresses percent of all households in the U. S. Own at least one. Dogs create an atmosphere of love, loyalty, and co impassion, earning their name, and the phrase in which we all know them by. The emotional attachment that dogs have to their owners IS unmatched by an y other animal. Dogs do not judge their owner, or hold a grudge. Canines, unlike the r species, forgive and forget quickly, which is evident by their ancestors. Wolf packs resolve disc agreements instantaneously, and move on. Since an owner is all that a dog has, they pick up on nonverbal clues which would be unattainable to a stranger, or even a family member. H unmans come In contact with so many people during the day that they’ve forgotten this useful tool, but their canine hasn’t. Each day when they get home the dog is waiting for them, as h app as the day before to greet them. Dogs help their owners unwind and relieve stress. This resolves issues and tension that humans build up in the struggle of everyday life. Playing and intent reacting with dogs Shoemaker 3 leads to increased levels of extinction, a stress relieving hormone, while decree sing cortical, a stress inducing hormone. â€Å"both pet ownership and social support are significant ant predictors of survival, independent of the effects of the other psychosocial factors and pay ecologic status† (Marathons), confirmed heart disease researchers whom researched this theory . Socializing with a go not only reduces the effects of aging, such as a heart attack or stroke, but also enhances the longevity of the owner. An Arizona school principle that has merged learning with canines evokes, â€Å"You can always talk to a dog, and the dogs not going to judge you† ( Marathons). This phrase is why many dog owners mourn so dramatically when they lose their c Annie counterpart, because they didn’t just lose a pet, but a best friend. The willingness of a dog t o just sit and listen, while the owner weeps, laughs, or yells, gives the owner a place to vent, just as a friend or family member. The canines compassion is the owners Achilles’ heel [allusion The life of a dog experiences many of the things its owner does as well, which creates a boo ND almost unbreakable by any occurrence. These experiences create a profound relation unships with the owner, as strong as a family member, because Of the sheer amount Of joy the dog brings into its handler. The dog loves them the same, even after getting laid off, being poor, or having a bad day [parallel structure]. Each day when the owner comes home, they know the e dog will be there, happy to have them in their life – and that’s why the dog is a man’s best friend. There’s also a scientific reason why dogs are known as man’s best friend. A H Nigerian team of scientists recently discovered that dogs are very similar to humans w hen it comes to vocal recognition. ‘†Crucially, dog brains respond to acoustic cues of emotion I n the same way as people’,† said Tail Antics, the head of the research team. ‘Our findings us gets that they also use similar brain mechanisms to process social information. This may us port the Shoemaker 4 successfulness of vocal communication between the species†Ã¢â‚¬Ëœ (Spencer). T his is why dogs not only know when we are mad, but also when we are depressed, sad, or disc Aragua. Dogs hear the tonal patterns in our voices and react to them. When a person is sad, dog s hear this and come to comfort their owner. Using the human and dog brain waves, researchers et Steed the subjects on various noises. These included various types of emotional noises; crying, pain full whimpering, playful laughing, and merciful yelling. The results concluded that human and t heir canine counterparts have similar voice areas in the brain. Another experiment by sic entities at Emory University in Georgia, show that dogs do not simply just want the food the owe nerds provide, they want the affection and praise. These scientists used Emir’s to inspect the brain of dogs during several tests. The scientists raised there hands to show the dogs they would b e receiving positive reinforcement (a treat). The researchers proved that a part of the brain called the caudate nucleus, responsible for positive emotion, was congruent in canines and humans. This strengthens the idea that dogs really do love their owner for more then just the extra incentive sees they provide, they want the same things that humans want, companionship and loyalty. The experiments prove not only that dogs show genuine love for their owners, but also that the musicianship between owner and dog are equivalent. The anatomical similarities in the brain NSA of dogs and humans show that the way humans feel about dogs are also reciprocated. Do g’s are truly man’s best friend and the science behind the phrase proves it. The lineage of the domesticated canines revolves around thousands of years of domesticating and specialized breeding; however the dog has proven a loyal c maroon throughout them all. Dogs are a common occurrence in everyday households, and every person that owns one knows the impact they have on the lives of the handlers they a effect. Dogs pour all Shoemaker 5 f their loyalty, compassion, and efforts into their owner, a trait the world woo old be lucky to attain. How to cite A Man S Best Friend, Papers

The Public Relations Practitioner as Cultural Intermediary Essay Example

The Public Relations Practitioner as Cultural Intermediary Essay The public relations practitioner as cultural intermediary. Author: Cornelis A. Coetzee Table of Contents 1. Introduction2 2. Literature review3 3. Theoretical approach3 3. 1 Theoretical perspective3 3. 2 Research approach4 3. 2. 1 Interpretive approach5 3. 2. 1. 1 Hermeneutics as a metatheory6 4. Postmodernism, globalization and culture in communication: a brief discussion6 4. 1 Postmodern communication6 4. 2 Globalization and communication7 4. 3 Multi-cultural communication8 4. 3. 1 Culture and cultural identities8 5. Conclusion11 6. Recommendation12 Bibliography12 List of figures Figure 1: Lull’s superculture11 List of tables Table 1: Functionalism, Conflict and Symbolic Interactionism Theories3 Table 2: Hall’s high and low context culture9 1. Introduction Sir William L. Bragg said, â€Å"The important thing in science is not so much to obtain new facts as to discover new ways of thinking about them. † (http://www. quotelady. com/subjects/science. html). Although this quotation is open to much discussion, it seems appropriate when debating the topic of non-Western public relations practice in which the practitioner is acting as a cultural intermediary. This implicates that public relations as a science, and in practice, needs to re-examine its approach towards the publics (organizational and social) in which it functions. But why? Is it merely the foundation for another approach to research the practice of public relations, or does it perhaps hold the core essence of public relations practice in a post-modern ideology? The first and most obvious answer is globalization. The term globalization is simplified by Smith Smith (2002:Online) as â€Å"a shorthand way of describing the spread and connectedness of production, communication and technologies across the world. We will write a custom essay sample on The Public Relations Practitioner as Cultural Intermediary specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Public Relations Practitioner as Cultural Intermediary specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Public Relations Practitioner as Cultural Intermediary specifically for you FOR ONLY $16.38 $13.9/page Hire Writer That spread has involved the interlacing of economic and cultural activity†. This brings the student to the second aspect to answer the questions posed, namely culture. With organizations and society being able to communicate and trade across geographical borders almost instantaneously (via amongst others, satellite, the internet and email), the communicator are also almost instantaneously exposed to different cultures – some of whose customs might have been previously completely unknown to the communicator. Hannerz (2001:58) descriptively explains the marriage of globalization and culture: â€Å"It is this particular emphasis (culture), entailing a conception of the organization of cultural diversity as a global mosaic of bounded units, which is most dubious in a world that is to a great extent characterized by mobility and mixture. † Hannerz’ description of a â€Å"global mosaic of bounded units† is particularly applicable to contemporary South Africa. Viewed micro-leveled to the international arena, it is the student’s opinion that the internal cultural structures of South Africa can be perceived as a true representation of a multi-national entity representing a â€Å"global community† within its geographical borders. This opinion is based on the fact that South Africa acknowledges eleven official languages; representing eleven officially recognized cultural identities. The result is that, within one organizational structure, one can easily encounter all eleven different cultures in one day. A situation which is partly due to migration as a result of socio-economic upliftment and development over the past fourteen years since the first democratic election, and which prompt the subsequent question: does contemporary South Africa, in principle, differ that much from the international arena? In this assignment, the student will discuss the question(s) posed by examining globalization and the post-modern society, focusing on the cultural aspects of communicating across cultures and how it impacts equally on the communication skills of the public relations manager to its publics. This approach will be based on the contemporary South African milieu with reference where necessary to the international perspective. 2. Literature review The sources cited in this assignment, whether on-line or published, were sourced in relation to their authority regarding the subject. The student attempted to consult as many South African researchers as possible since the topic of this assignment is embedded in contemporary public relations in South Africa. Incorporated into this assignment are the international perceptions and opinions of researchers such as Hannerz, Lull, Samovar and Porter, and Friedman all of which is internationally regarded as authoritarians in the field of globalization and multi-cultural research. 3. Theoretical approach Gudykunst (1993:35-37) argue that, with respect to human nature, communication is influenced by culture and group memberships, as well as structural, situational, and environmental factors. However, â€Å"the process underlying communication between people from different groups (including cultures and ethnicities) is the same as the process underlying communication between members of the same group. † This statement indicates that when approaching cultural studies, the principle in which the studies are approached, could well be the same approach as to any of the human sciences such as psychological, sociological, anthropological, and most importantly, communication studies. 3. 1 Theoretical perspective Papastefanou (2008:5-10) list three major theoretical perspectives in the study of social reality, namely functionalism, conflict theory, and symbolic interactionism. In brief, these theories are depicted in table 1: Table 1: Functionalism, Conflict and Symbolic Interactionism Theories FunctionalismConflictSymbolic Interactionism Functionalism is built upon twin emphases: application of the scientific method to the objective social world and use of an analogy between the individual organism and society. The emphasis on scientific method leads to the assertion that one can study the social world in the same ways as one study the physical world. Functionalists see the social world as objectively real, as observable with such techniques as social surveys and interviews. The conflict theory has its roots in the ideas of Karl Marx (1818-1883. The Marxist, conflict approach emphasizes a materialist interpretation of history, a dialectical method of analysis, a critical stance toward existing social arrangements, and a political program of revolution or, at least, reform. Marxists believe that social theory and political practice are dialectically intertwined, with theory enhanced by political involvement and with political practice necessarily guided by theory. Interactionism focus on the subjective aspects of social life, rather than on objective, macro-structural aspects of social systems. One reason for this focus is that interactionists base their theoretical perspective on their image of humans, rather than on their image of society. Interactionists tend to study social interaction through participant observation, rather than surveys and interviews. http://web. grinnell. edu/courses/soc/s00/soc111-01/IntroTheories. html) In relation to multi-cultural research, the student proposes the conflict perspective as a feasible perspective. Conflict theorists find social conflict between any groups in which the potential for inequality exists: racial, gender, religious, political, and economic. The conflict perspective, which originated primarily out of Karl Marxs writings on class struggles, presents society in a different light than do the functionalist and symbolic interactionist perspectives. While these latter perspectives focus on the positive aspects of society that contribute to its stability, the conflict perspective focuses on the negative, conflicted, and ever-changing nature of society. Unlike functionalists who defend the status quo, avoid social change, and believe people cooperate to effect social order, conflict theorists challenge the status quo, encourage social change (even when this means social revolution), and believe rich and powerful people force social order on the poor and the weak. The conflict perspective expanded Marxs idea that the key conflict in society was strictly economic. Conflict theorists take note of the fact that unequal groups usually have conflicting values and agendas, causing them to compete against one another. This constant competition between groups forms the basis for the ever-changing nature of society. Critics of the conflict perspective point to its overly negative view of society. The theory ultimately attributes humanitarian efforts, altruism, democracy, civil rights, and other positive aspects of society to capitalistic designs to control the masses, not to inherent interests in preserving society and social order. www. cliffsnotes. com). 3. 2 Research approach When researching multi-cultural communication, three approaches are dominant, namely the interpretive, critical and traditional approaches. Although the interpretive perspective are not the only approach advocated, Hall, as quoted by Papastefanou (2008:8), stated that concepts of culture are mostly, with regards to culture, interpretive in nature, because people are assumed to socially construct or interpret what is meaningful in their interactions with others. It is the student’s opinion that if a topic such as â€Å"the role of the public relations practitioner as cultural intermediary† is researched, the interpretive approach would be the most applicable. In such an approach, culture as an entity should be dually researched: firstly from the interpretation of the public relations practitioner’s own culture, and secondly, from the ability of the public relations practitioner to interpret the culture of its publics, which in this instance would relate to a different culture than that of his or her own. This is further illustrated by Leary and Miller (2000:148): â€Å"Social norms also influence people’s self presentations. When clear consensus exists about how one ought to behave in a particular situation, people typically try to ensure that their impressions are consistent with those norms†. Within the South African context, some scholars might argue that the critical approach be more appropriate due to the historical injustices of apartheid which related to prevailing power struggles throughout the South African communities and cultures. Ramphele (2008:121) notes that there is a notion of â€Å"power as finite. Other people are seen as competitors for this scarce and limited resource. Such an understanding of power leads to intolerance of people with different views. This notion of power is predicated on the idea of ‘power as a right to do what one wants’ rather than ‘power as a capacity to act’. Power as ‘right’ is an entitlement that excludes other. It is more about control of others than about enabling participatory decision-making. † This however, also underlines the student’s conviction that the interpretive approach remains a suitable approach to multi-cultural studies within the South African context, because by being able to interpret multi-cultures, their actions and motivations, the public relations practitioner will be able to communicate to his or her publics in a suitable and appropriate manner. Following, the student will briefly discuss the interpretive approach and hermeneutics as a metatheory when researching multi-cultural communication. 3. 2. 1 Interpretive approach According to De Vos, Schulze and Patel (2005:6), interpretive social science can be traced to the work of German sociologist, Max Webber (1854-1920) and German philosopher, Wilhelm Dilthey (1833-1911). Dilthey defined two fundamentally different types of science: the natural sciences and the human sciences. Natural sciences are based on abstract explanations (Erklarung) and human sciences are based on empathic understanding (Verstehen). Babbie and Mouton (2001:28) explains it as follows: â€Å"Not the human body, but the human mind or consciousness forms the basis for the presumed analogy between the study of man and the study of society†. Thus, understanding and not explaining people/culture. Hall in Papastefanou (2007:21) explains that the goal of those working from the interpretive perspective is to be able to explain what sense certain acts make and how people are able to create shared meaning and coordinate their actions. Knowledge and understanding are sufficient goals in, and of themselves. According to Henning in Papastefanou (2007:21), the interpretive paradigm states knowledge as constructed not only by observable phenomena, but also by descriptions of people’s intentions, beliefs, values and reason, meaning making and self-understanding. Interpretivist knowledge is dispersed and distributed a researcher has to look at different places and at different things in order to understand a phenomenon. That is why interpretivist research is a communal process, informed by participating practitioners and scrutinised and/or endorsed by others. â€Å"Observable phenomena† transcribe to the students topic as multi-cultures. The dynamics of these cultures manifests in â€Å"people’s intentions, beliefs, values and reason, meaning making and self-understanding†. Thus, the way in which multi-cultures is observed and interpreted. The researcher proposes that during the process of observation and subsequent interpretation, culture acts as a major interpretive agent. There are several related metatheories to interpretivism such as hermeneutics , symbolic interactionism, and ethnomethodology. Babbie and Mouton (2001:33) conclude that regardless of the related metatheory, the primary aim of interpretivism stays directed towards understanding: â€Å"understanding of individuals in terms of their own interpretations of reality and understanding of society in terms of the meanings which people ascribe to the social practices in that society†. Following will be a discussion of hermeneutics as a related metatheory to interpretivism. 3. 2. 1. 1 Hermeneutics as a metatheory The term â€Å"hermeneutics† is defined as â€Å"the science and methodology of interpreting texts† by the Encarta Dictionary (S. a. ). De Vos, Schultze and Patel (2005:6) states only hermeneutics as a related metatheory to interpretive social science, but Babbie and Mouton (2001:30) lists several related metatheories such as hermeneutics, symbolic interactionism, and ethnomethodology. In the process of understanding the nature of human inquiry, Dilthey used the term â€Å"hermeneutics† increasingly. â€Å"In the same way that we understand the meaning of texts through interpretation, we should aim to interpret the ideas, purposes and other mental states expressed in the world of human action† (Babbie and Mouton, 2001:31). De Vos, Schultze and Patel (2005:7) agree that â€Å"true meaning is rarely simple or obvious on the surface; one reaches it only through a detailed study of the text, contemplating its many messages and seeking the connections among its parts†. Babbie and Mouton (2001:33) further states that in an idealist epistemology, data collection should not be confined to observable behaviour, but should also include descriptions of people’s intentions, meanings, and reasons. Culture in this instance will substitute â€Å"people† in Babbie and Mouton’s definition. The emphasis thus is on interpretive understanding of the culture. Concluded from the information stated above, an interpretive approach would be most suitable to research the role of the public relations manager as cultural intermediary. . Postmodernism, globalization and culture in communication: a brief discussion 4. 1 Postmodern communication At approximately the same time that South Africa proceeded to become a democracy, a new movement, postmodernism, emerged. Postmodernism embodies a complicated term, which has only emerged as an area of academic study since the mid-1980’s and is a general, wide-ranging term which is applied to literature, art, philosophy, architecture, fiction, cultural and literary criticism, and communication. Postmodernism is largely a reaction to the assumed certainty of scientific (objective) efforts to explain reality. In essence, it stems from a recognition that reality is not simply mirrored in human understanding of it, but rather, is constructed as the mind tries to understand its own particular and personal reality. For this reason, postmodernism is highly sceptical of explanations which claim to be valid for all groups, cultures, traditions, or races, and instead focuses on the relative truths of each person. Postmodernism relies on concrete experience over abstract principles, knowing always that the outcome of ones own experience will necessarily be fallible and relative, rather than certain and universal. According to Steyn (2002:25), the postmodernism approach to society (and the individual’s place in it) comprises many different elements of which the most prominent aspect is the fragmented nature of society. Postmodernism is, to a large extent, a rejection of modernism. Whilst modernism is optimistic about the future and embraces progress and humanist value, postmodernism take a cynical approach towards these â€Å"values†. In addition, De Vos, Schultze and Patel (2005:8) emphasize that modernism has confidence in technology and science whilst postmodernism attacks this faith in science â€Å"by questioning its capacity to generate truth, in part because, like all human communications, it is dependent on language, which is socially constructed, and, as such, distorts reality†. Considering the above and the questions posed in the introduction of this assignment, it could be argued that the disarray in the contemporary corporate society is largely due to the postmodern reflection on society and not as such due to any hierarchal incompetence. For the past three decades, postmodernism dominated the cultural and intellectual scene in many fields throughout the world. The postmodern assault produced new social and political theories, as well as theoretical attempts to define the multifaceted aspects of the postmodern phenomenon itself, which in turn, seems aptly applicable to the current multi-cultural experience in South Africa. 4. 2 Globalization and communication Globalization refers to the compression of the world and the intensification of consciousness of the world as a whole (www. sociology. emory. du). In thought and action, it makes the world a single place. What it means to live in this place, and how it must be ordered, become universal questions. These questions receive different answers from individuals and societies that define their position in relation to both a system of societies and the shared properties of humankind from very different perspectives. Globalization broadly refers to the expansion of global linkages, the organization of social life on a global scale, and the growth of a global consciousness, hence to the consolidation of a world society. In concept, globalization is, contrary to contemporary belief, not a new one. The modern world-system originated around 1500. In parts of Western Europe, a long-term crisis of feudalism gave way to technological innovation and the rise of market institutions. Advances in production and incentives for long-distance trade stimulated Europeans to reach other parts of the globe. Superior military strength and means of transportation enabled them to establish economic ties with other regions that favoured the accumulation of wealth in the European core. While the Europeans started with only small advantages, they exploited these to reshape the world in their capitalist image. The world as a whole is now devoted to endless accumulation and profit seeking on the basis of exchange in a market that treats goods and labour alike as commodities. (www. sociology. emory. edu). The magnitude and the impact of globalization on world trade is illustrated by Friedman (2005:181-182) who developed and interesting perspective that, due to globalization, the world has become â€Å"flat†. In the last decade of the twentieth century, several parts of the world were making the transition from a closed economy to a free market system, such as China, India, Russia, and Eastern Europe. By 2000, the â€Å"global economic world,† the amount of the world’s population participating in global trade, reached six billion people, compared to 2. 5 billion in 1985. As it happened, this coincided with the digital revolution that was â€Å"flat tening† the world, thus not only leveling the playing field, but also bringing that field directly to these new players†. Philosophers such as Marshall McLuhan (1911-1980) predicted, if not recognized, globalization in the way society is experiencing it today, as early as the 1960’s. It was during this time period when McLuhan both announced the existence of a â€Å"global village†, and predicted the intensification of the world community to its present expression. â€Å"If the work of the city is the remaking or translating of man into a more suitable form than his nomadic ancestors achieved, then might not our current translation of our entire lives into the spiritual form of information seem to make of the entire globe, and of the human family, a single consciousness? (McLuhan, as quoted by Kappelman, www. leaderu. com). All of this was supposed at a time when television was still in its infancy, and the personal computer was almost twenty years into the future. Globalization in its current status is largely due to interconnectedness via satellite and cable connection. The majority of mass- and interpersonal communication today is transmitted through the effective use of information technology. The result, according to Hannerz (2001:62) is that a great many kinds of actors now operate, if not literally globally, then at least transnational. There are more â€Å"ethnic diasporas† than ever before, dispersed membership groups, multinational business corporations and transnational occupational communities, each one engaged in â€Å"its own particular way in the management of some part of contemporary culture†. Hannerz’ view underlines the importance of a public relations practitioner acting as a cultural intermediary within a globalized society. 4. 3 Multi-cultural communication Ramphele (2008:112-113) states that â€Å"all South Africans are newcomers to democracy. We (South Africans) must acknowledge our authoritarian political heritage. It will not simply go away in the face of a democratic national constitution. Building a participatory, inclusive democratic culture is a long term process of cultural change. Schools, homes, communities and the workplace have distinctive and mutually supportive roles to play in this†. Ramphele’s statement addresses the topic of this assignment in more than one aspect. Not only is South Africa as a democratic union in its infancy in comparison to global democratic practices, but is the way in which we approach, and are approached by the international community, a new-fangled experience. South Africans as a whole have to deal with its own internal multi-cultural aspects, as well as the exposure to international cultures simultaneously, which is more apparent as to why a public relations manager should be able to act as a cultural intermediary. George (2003:Online) highlight this aspect, stating that by â€Å"understanding the cultural uniqueness of a country enables a public relations practitioner to identify the most effective message, format, channel of communication, and spokesperson to deliver that message. It is noticeable from the above that, in order to communicate effectively to its publics, the public relations practitioner must be able to understand and interpret multicultural identities. 4. 3. 1 Culture and cultural identities Samovar, Porter and McDaniel (2007:123-125) argues that cultural identity is a focal element in intercultural communication. An individual’s culture shapes his or her understanding and expectations as to which is the correct communication practices for various social settings – some which may be appropriate to one culture, may be inappropriate in another. Issues of identity can be expected to remain – and perhaps become more – complex as multiculturalism increasingly characterizes contemporary society. It is clear, however, that the old understanding of a fixed cultural identity or ethnicity is outdated, and identity is rapidly becoming more of and â€Å"articulated negotiation between what you call yourself and what other people are willing to call you†. But regardless of what form they may take or how they are achieved, your identities will remain a consequence of culture. Cultural differences appear in many ways and in many forms along a set of key dimensions. Nolan (1999:5-6) list six variables on which cultural differences can be distinguished: Perceptions: People from different cultures do not necessarily see the same things, even when everyone is looking in the same di rection. Interpretations: People do not select, interpret, or remember what they see in the same way, even when they see the same thing. Facts: Because people from different cultures have different definitions of the situation, they use different pieces of information in their thinking. Goals: People from different cultures may have quite different purposes or destinations in mind. Methods: Even when destinations are the same, people may have different ways of getting there. Values: People from different cultures apply very different standards in their evaluations of individuals, situations, behaviors and outcomes. Although Nolan’s variables appear to be overtly simplified, these variables could be a good starting point when approaching multi-cultural studies. However, the most popular advance to cultural studies stems from the work of anthropologist, Edward T. Hall who did pioneering work in multi-cultural research such as proxemics, a study of perception and the use of space between gender and culture. For example: there are important cultural rules and boundaries between the sexes, which mean we cannot move about as we would wish to think we can. Different cultures have differing norms and attitudes towards personal space and how closely people stand to each other when communicating. More intimate communications have different norms. If someone breaks the norm in any given situation it might be interpreted as threatening or unfriendly. Hall also found that different cultures have different norms to do with time, friendship, business, written and oral agreements. Spatial zones are different for women and men. Women initially approach more closely, prefer side-by-side conversations, allow other women to be closer than men, whilst men have more face-to-face conversations, and tend to stand closer to women than women feel comfortable with. (http://www. onepine. info/mcult2. tm) More appropriate to this assignment though, is Hall’s conceptualization of high and low context cultural factors. In essence, in a high-context culture, there are many contextual elements that help people to understand the rules. As a result, much is taken for granted. This can be very confusing for a person who does not understand the unwritten rules of the specific culture. In a low-context culture, very little is taken for granted. W hilst this means that more explanation is needed, it also means there is less chance of misunderstanding, particularly when visitors are present. The application of Hall’s high- and low-context cultures is explained in table 2: Table 2: Hall’s high and low context culture Factor High-context culture Low-context culture Overtness of messagesMany covert and implicit messages, with use of metaphor and reading between the linesMany overt and explicit messages that is simple and clear Locus of control and attribution for failureInner locus of control and personal acceptance for failure Outer locus of control and blame of others for failure Use of non-verbal ommunicationMuch nonverbal communicationMore focus on verbal communication than body language Expression of reactionReserved, inward reactionsVisible, external, outward reaction Cohesion and separation of groupsStrong distinction between in-group and out-group Strong sense of familyFlexible and open grouping patterns, changing as needed People bonds Strong people bonds with affiliation to family and communityFragile bonds between people with little sense of loyalty Level of commitment to relationshipsHigh commitment to long-term relationships Relationship more important than taskLow commitment to relationship Task more important than relationships Flexibility of time Time is open and flexible Process is more important than productTime is highly organized Product is more important than process (http://changingminds. org/explanations/culture/hall_culture. htm) Applying the preceding two concepts as is to South Africa’s multi-cultural community would be rather complicated. The diverse compilation of cultures in South Africa simply does not allow for a â€Å"yes or no† answer. It would be required to analyze each of the eleven cultures in the country, including the free inflow of neighboring nationalities, in order to devise a suitable paradigm from which an applicable variable could be devised. This seems a rather daunting challenge. How then, to proceed to an acceptable, predictable, and definable course? Hannerz (2001:58) suggest that â€Å"we need a counter-image to that of the cultural mosaic, one that does not take for granted the boundedness of cultures and their simple relationship to populations and territories, but allows as a point of departure a more open, interconnected world. † To achieve that, and to move above the constraints of a multi-cultural collective, the student consulted Lull’s concept of a â€Å"superculture† (see fig. 1). According to Lull (2001:132-163), contemporary cultural conditions â€Å"appear to only exacerbate the confusion, isolation, and existential despair. The historically unparalleled development of communications technology and the sweep of globalization that surrounds us today are changing the very nature and meaning of culture. A superculture refers to a cultural mode that is above other modes, has a higher rank, quality and abundance than is reflected in other conceptions of culture. † It certainly exceeds the norms which typify and limit traditional ways of thinking about culture. Supercultures are composed in part of symbolic content that is made available by super media. The question immediately rises as to how cultural identities, for instance those officially recognized within South Africa’s geographical borders, fit into the concept of a superculture? The answer can be derived to from Lull’s explanation: â€Å"The super culture is the cultural matrix that individuals create for themselves in a world where access to ‘distant’ cultural resources has expanded enormously. At the same time, however, the superculture embodies traditional or ‘close’ cultural resources too – the values and social practices characteristic of ‘local’ cultures as they are learned and reproduced by individuals and group. The essence of the supercultures resides in the dynamic interfaces that link and mediates the available cultural spheres. † (Lull, 2001:132) Figure 1: Major components of Lull’s superculture (Lull, 2001: 139-157) To conclude the section on culture: in order to appropriately apply communication between multi-cultural identities, which in this instance signify the public relation practitioner and his or her publics, the student propose the implementation of Grunig’s two-way symmetrical model which â€Å"use communication to negotiate with publics, resolve conflict, and promote mutual understanding and respect between the organization and its public(s). † (http://iml. jou. ufl. edu). 5. Conclusion Friedman (2005:324-325) noted that â€Å"to reduce a country’s economic performance to culture alone is ridiculous, but to analyze a country’s economic performance without reference to culture, is equally ridiculous. As the world goes flat (globalize) , and more and more of the tools of collaboration get distributed and commoditized, the gap between cultures that have the will, the way and the focus to quickly adopt these new tools and apply them, and those that do not, will matter more. The differences between the two will become more amplified. Cultures that is open and willing to change, have huge advantage in this world. † Not only is Friedman’s statement applicable to a global economy, but is it also applicable to the global interaction of public relations practitioners. In addition, Jansoozi and Koper (2006:219-225) states that â€Å"public relations communication techniques have been forced to change as a result of globalization. The biggest challenge for public relations practitioners will be crossing language and cultural barriers. Often the subtleties of cultural difference are overlooked in the multinational’s own home country. Business organizations are realizing the importance of intercultural communication, even within the same national boundaries. Immigration and guest workers have altered the homogeneity of many countries and cultures. † It is within this framework (and with the support of quotations from authoritive source quoted in this assignment) that the student concludes: a purely western form of public relations practices no longer exists. As a result of globalization and the multi-national exposure that accompanies globalization, the public relations practitioner has inevitably become, amongst other, a cultural intermediary. The contemporary public relations practitioner’s communication is no longer restrained to the geographical, economic and cultural boundaries of his or her own country. Not only is the public relations practitioner able to communicate instantaneously on a global magnitude, but it is required of the practitioner to understand and interpret the culture of the publics which he or she communicates with. Global interaction demands that the public relations practitioner be aware of and implement trans-national customs and practices in the communication process. 6. Recommendation Exploring a topic such as culture and the effects it has on the process of communication globally, opens to a vast field of research. There are several factors that need to be explored in such a research project. For instance, the dynamics of a post-modern society, a globalized economic structure and the multi-cultural identities that accompanies such an economic structure, which all cannot possibly come to its fulfilment in a ten-page assignment. As Ihator (2000:44) clearly states: â€Å"The recognition of the cultural patterns of the world may be one positive stem in the understanding of the global publics. It behooves, therefore, international PR practitioners and researchers to use knowledge gained from various academic disciplines to adequately and effectively communicate with global constituencies†. Bibliography (Author unknown). S. a. Dictionary results – Hermeneutics [Online]. Available from: http://encarta. msn. com/encnet/features/dictionary/DictionaryResults. [Accessed: 05/04/2007]. (Author unknown). S. a. Edward T. Hall – The silent language [Online]. Available from: http://www. onepine. info/mcult2. htm. [Accessed: 10/04/2008]. (Author unknown). S. a. Globalization issues [Online]. Available from: http://www. sociology. emory. edu/globalization/issues01. html. [Accessed: 10/04/2008]. (Author unknown). S. a. Globalization theories [Online]. Available from: http://www. sociology. emory. edu/globalization/theories01. html. [Accessed: 10/04/2008]. (Author unknown). S. a. Three Major Perspectives in Sociology [Online]. Available from: http://www. cliffsnotes. com/WileyCDA/CliffsReviewTopic/Three-Major-Perspectives-in-Sociology. topicArticleId-26957,articleId-26837. html. [Accessed: 05/06/2008]. (Author unknown). S. a. Science Quotes [Online]. Available from: http://www. quotelady. com/subjects/science. html. [Accessed: 05/06/2008]. (Author unknown). S. a. Sir William Lawrence Bragg [Online]. Available from: http://www. britannica. com. [Accessed: 26/04/2008]. (Author unknown). S. a. The Importance of the Four Models of Public Relations [Online]. Available from: http://iml. jou. ufl. edu/projects/Fall99/Westbrook/models. htm. [Accessed: 07/03/2008]. BABBIE, E. MOUTON, J. 2001. The practice of social research. South African ed. Cape Town: Oxford University Press. DE VOS, A. S. , SCHULZE, S. PATEL, L. 2005. The sciences and the professions. In: De Vos, A. S. (ed. ) Research at grass roots: for the social sciences and human service professions. 3rd ed. Pretoria: Van Schaik:3-26. FRIEDMAN, T. L. 2005. The world is flat a brief history of the twenty-first century. New York: Farrar, Straus and Giroux. GEORGE, A. M. 2003. Teaching culture: The challenges and opportunities of international public relations. Business communication quarterly, 66[Online]. Available from: www. questia. com. [Accessed: 01/06/08]. GUDYKUNST, W. B. 1993. Toward a theory of effective interpersonal and intergroup communication. International and intercultural communication annual, 17:33-71. HANNERZ, U. 2001. Thinking about culture in a global ecumene. In: LULL, J. (ed. ) Culture in the communication age. London: Routledge:54-71. IHATOR, A. 2000. Understanding the cultural patterns of the world – an imperative in implementing strategic international PR programs. Public Relations Quaterly, Winter:38-44. (Class handout: Public Relations Management IV, 24/05/2008). JANOOZI, J. KOPER, E. 2006. Implications of globalization for the public relations practice. Comunicacao e Sociedade, 8, 2005:219-225 [Online]. Available from: http://www. revcom2. portcom. intercom. org. br/index. php/cs_um/ article/ viewFile/4734/4448. [Accessed: 05/06/2008]. KAPPELMAN, T. 2001. Marshall McLuhan: â€Å"The Medium is the Message [Online]. Available from: http://www. leaderu. com/orgs/probe/docs/mcluhan. html#text2. [Accessed: 06/08/2007]. LEARY, M. R. MILLER, R. S. 2000. Self-presentational perspectives on personal relationships. In: Ickes, W. Duck, W. (eds. ) The social psychology of personal relationships. New York: Wiley:129-155. LULL, J. 2001. Superculture for the communication age. In: Lull, J. (ed. ) Culture in the communication age. London: Routledge: 132-163. McCLELLAND, K. 2000. Introduction to theories [Online]. Available from: http://web. grinnell. edu/courses/soc/s00/soc111-01/IntroTheories. html. [Accessed: 01/06/2008]. NOLAN, R. W. 1999. Communicating and Adapting across Cultures: Living and Working in the Global Village [Online]. Available from: www. questia. com. Accessed: 20/06/2008. PAPASTEFANOU, N. 2008. Assignment 2: the public relations practitioner as cultural intermediary. Tshwane University of Technology: Pretoria. PAPASTEFANOU, N. 2007. Module 1: communication research and theory (CSC400T). Pretoria: Tshwane University of Technology. PAPASTEFANOU, N. 2008. Module 2: culture and related issues. Tshwane