Essay about Martin Luthers Impact on Germany - 1451 Words

Martin Luthers Impact on Germany Although we remember Luther as the great thinker who sparked the reformation with his revolutionary ideas, it would be unfair to not acknowledge that Luther was the first to form these new ideas. Many attempts at reform had been attempted prior to Luther, led by heresies such as John Wycliffe, John Hus et al. In fact, during the course of Christianity there has been resistance and dissent, attempts at reform. Fortunately for Luther, when he made his idea and theses public, the German or rather Holy Roman Empire was in such a state that made conditions very well suited for the acceptance and spread of his words. The conditions that I speak of can be mostly†¦show more content†¦Luthers message was particularly successful in spreading and sustaining due to its flexibility. Luther purposeful made it so, adapting it to different audiences. The finer points were understood by the literate types in the larger cities and the rural communities picked up on beneficial points to the m and the portrayal of a corrupt papacy. The agreement between the literate and illiterate shows just how flexible his message was. Religion was the main subject of Luthers ideas and teachings, his disgust at indulgence selling sparking him of to try and start a reform. The church and clergy were seen as being very corrupt at all levels, and were with held in little respect by many. Indulgences were sold to the laity, denouncing their sins with a word from the pope. These were not cheap and not available to many save the rich who could afford them. This did not please many, believing it was unfair that they would have to spend more time in purgatory just for being materially less well off. Much of the money from indulgence selling went to Albert of Mainz, and was used to fuel yet more corruption, such as bribery prior elections and concubinage, breaking the clergies rules of chastity. This corruption was widespread and present at all levels of the clergy,Show MoreRelatedMartin Luther : A Father Of The Protestant Reformation1462 Words   |  6 PagesMartin Luther: A Father of the Protestant Reformation During the 16th century, many people began to question the doctrine and practices of the Catholic Church. The church was selling indulgences (forgiveness) to release people from their debt of sin. The higher positions held in the church were being sold to those who would pay the most money. The clergy’s greed and thirst after money essentially divided the church between the peasants and clergy. One man disagreed with the actions of the CatholicRead MoreThe Life of Martin Luther1037 Words   |  5 PagesMartin Luther was a man who impacted the world’s society and history. He marked the beginning of the Protestant Reformation, which changed the course of Christianity forever. He was a powerful man of God, who reformed the corrupt Catholic Church, rediscovered the Living Word of God, and restored many authentic Christian doctrines. Luther was a man who changed the world. Martin Luther was born in Eisleben, Germany on November 10, 1483 to a middle-class family. During his childhood, two of his brothersRead MoreThe Reformation in Germany1299 Words   |  6 Pagesin Germany to c. AD 1535. The Reformation in Germany, which made a major impact on world history, was started by Martin Luther when, on a quest for his own personal salvation, became disillusioned with the Roman Catholic Church and began to speak out about his beliefs. This essay will describe and account for the progress of the Reformation in Germany to c. AD 1535 by outlining Luther’s life to 1517, the conflict that followed his Ninety-Five Theses, and the disputes of 1518 – 1520. 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Hans Behem,--a manRead MoreMartin Luther Essay1557 Words   |  7 PagesMartin Luther (November 10, 1483 - February 18, 1546) was a Christian theologian and Augustinian monk whose teachings inspired the Protestant Reformation and deeply influenced the doctrines of Protestant and other Christian traditions. Martin Luther was born to Hans and Margaretha Luther on 10 November 1483 in Eisleben, Germany and was baptised the next day on the feast of St. Martin of Tours, after whom he was named. Luthers call to the Church to return to the teachings of the Bible resulted inRead MoreMartin Luther and The Protestant Reformation1110 Words   |  4 PagesMartin Luther What is the first thing that comes to mind when you think of October 31st? The answer is probably Halloween, correct? October 31st is a significant date, however, this paper will describe how, in 1517, Martin Luther changed the course of religion with his visionary leadership and ethical beliefs. 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The Effects Of Gender Discrimination On The Workplace

Introduction According to Smith (2013), depression can be described as a low mood and unwillingness to undertake activities due to mental and physical exhaustion. This is common to people who engage in demanding activities that require high concentration and long working hours. Eventually, it leads to poor health, strained social connections as well as low performance and engagement. Notably, the impacts and rate of depression development vary significantly between the genders. In fact, Legato Tucker (2005) argues that women are more prone to experience depression in comparison to men considering they experience hormonal fluctuations. This is a gap is even more pronounced in case the level of stressors is high in certain environment such as working places. Moreover, women are likely to multitask and it requires concentration and devotion to duties. Ultimately, this causes job burnout which is a major cause of depression among women. Furthermore, there are noted cases of gender discrimination in the workplace and it is often directed to women; therefore, in the process of working to attain freedom in a male dominated society, it increases risks of developing depression due to unreasonable demands. As such, this paper will entail reviewing past studies to identify core insights on the depression among women in workplace. In addition, it will seek to present materials in a way that it can be criticized and improved in future studies. Particularly, it will explore theShow MoreRelatedEffects Of Gender Discrimination On The Workplace1229 Words   |  5 Pagesour country has made great strides in the area of gender equality in and out of the workplace. With that being said things are still not equal. Women still on average make less than men for the same jobs. Even though they make up almost half of the workforce they are not treated as equals. What causes this blatant discrimination against the female sex? There are so many factors that add to gender discrimination on the workplace but it seems that gender bias, stereotyping, having children and even howRead MoreNegative Effects of Gender Discrimination at Workplaces in the USA1037 Words   |  5 PagesRecently, gender inequality is being emphasized as an acute and persistent problem. In the USA, this is predominantly due to that fact that women are demanding their rights at workplaces. Mostly, they try harder to be appropriate and successful in their careers rather than men. ‘Differential treatment within the labor market is what we refer to as labor market discrimination’ (Ehrenberg and Smith, 2012, p398). Gender discrimination against women in the market place reduces the available talent inRead MoreGender Discrimination : An Ethical Problem Essay1043 Words   |  5 PagesAbstract: Gender Discrimination is a type of discrimination where basing on a particular person’s gender (or) sex a person is discriminated, majorly this type of discrimination is faced by women and girls. In this globalized world, where interaction between two individuals became easy as seams of finger touch and where we always debate, speak about the equality rights for men and women, we still see many instances of many individuals being discriminated based on the gender difference. This paperRead MoreEffects Of Discrimination On Females Vs. Males1364 Words   |  6 Pages The Effects Discrimination in the Workplace Have On Females vs. Males A Research Proposal 1. Introduction: I am researching the effects discrimination in the workplace have on females vs. males to find out why males get treated with a higher amount of respect than females. My readers will learn to understand the impact gender differences plays in our everyday lives. The society that we have emerged ourselves within have become so judgmental that equality seems to get ignored. Many individualsRead MoreWhen People Think Of Discrimination, They Tend To Think1254 Words   |  6 Pagespeople think of discrimination, they tend to think back to older times of slavery, racism, and an underdeveloped country. Sadly, discrimination actual plays a large role in the workplace of today. Discrimination is defined as â€Å"treating a person or particular group of people differently, especially in a worse way from the way in which you treat other people, because of their skin color, sex, sexuality, etc.† according to the Cambridge Dictionary (Cambridge University Press 1). 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In a global marketplace diversity is theorised as a corporation that employs a diverse workforce in that includes both genders, people of many generations and those from ethnically and raciallyRead MoreGender Discrimination At The Workplace1749 Words   |  7 PagesMatthew Anders Prof. Bross College Writing November 14, 2014 Gender Discrimination in The Workplace In recent years, the issue of gender equality in the workplace and equal pay has been under serious debate. Although there has been significant improvement since when women were first able to work and equal opportunity laws were created, there is still some room for more improvement. The federal government has made laws over the years such as The Civil Rights act, Equal Pay Act and Family andRead MoreDiscrimination In The Workplace1211 Words   |  5 Pages While the world has unanimously advanced and is more accepting of change, the workplace continues to be a place of discrimination, prejudice and inequality. Discrimination is broadly defined to ‘distinguish unfavourably’, isolate; and is context based (Pagura, 2012). Abrahams (1991) described the workplace as an ‘inhospitable place’ where gender disparity and wage gaps persist (Stamarski Son Hing, 2015). Among other states and countries, the Australian government actively implements and passes

Assurance of learning exercises Free Essays

Implemented plans to Inhalant and accelerate the turnaround of the Mix business in Europe. Their plans focused on enhancing the brand by improving product appeal. In order to do this the company made key appointments to the Mix Europe Holdings management team. We will write a custom essay sample on Assurance of learning exercises or any similar topic only for you Order Now Along with appointing a new interim CEO, they appointed John Moore as consulting Vice President. Mr.. Moore came with an extensive background. Mr.. Moore was an Important factor with Firebombed Bitch’s Hollister Co. Line and Modern Amusement for Moslem Inc. LIZ Collarbone Inc. Believed that the turnaround process was at a critical juncture and the enhancements, structural changes and new leadership were necessary to reinvigorate the brand and improve performance (Bloomberg. Com). Liz Collarbone Inc. Hired Thomas Grate in 2009 as their permanent CEO for the Mix chain. Grate headed up a plan to improve the chain by changing the business modes so that one manager would oversee all aspects of a product segment, Including design, production, product management, and merchandise management. He called this â€Å"one-hand responsibility. Then there was an urgent need to have a new corporate brand identity focused on the core markets in Germany and the Benelux countries. He implemented sales productivity improvement by accenting a â€Å"consumer need-based merchandise planning approach† and placing an emphasis on e-commerce (Reuters. Com). Grate continued to focus on the right products for the targeted group, not making the Mix line too much Like casual American sportswear or too city oriented. Grate resigned as CEO In 2012. Shortly after this LIZ Collarbone Inc. Sold Mix to The Gores Group which has also implemented many changing in leadership. I think that you need to do whatever is necessary to keep the business thriving. In this case the leaders are very informed and knowledgeable in their industry. The execution has at least stopped the Mix line from its downward spiral. The losses today are less than those predicted by Wall Street. The management brought the Mix line out of the gutter and made it possible for LIZ Collarbone Inc. To sell a majority stake to relieve some of the worries of the struggling chain. How to cite Assurance of learning exercises, Essays

Managing Human Resources for Environmental Sustainability

Question: Discuss the individual challenges, which an organization based on the objectives of the business focuses towards developing a proper human resource management. Answer: Introduction The present assignment will focus on individual challenges, which an organization based on the objectives of the business focuses towards developing a proper human resource management. There are certain assets present in the association. Out of all the assets, the most significant assets in the team are human resource administration. To get the job done by the staffs in an efficient manner is one of the most as well as challenging job for the managers (Collins, 2012). However, there are certain managerial challenges based on the human resource management will be highlighted in the overview of the study, which is reflected in the following part of the survey. Change in the management system, leadership development process, Human Resource effectiveness measurement, the effectiveness of the directorial behavior, various kinds of compensation and learning as well as development are some of the most challenging parameters that the majority of the business firms faces in the operations (De ssler, 2014). The current organization, which is selected in the study, is Optus. Optus is one of the most common as well as important telecom corporation, operates its business in entire Australia. There are some managerial problems, which has been highlighted in the firm operations. To resolve this particular issue, the implementation of change in the overall management is required. Problem Statement This part of the study will analyze as well as specify the problem statement on which the company will focus. The current challenges, which this particular organization faces, are towards change in management, leadership development, and HR effectiveness measurements. Leadership development is the second biggest problem which different organization including Optus faces in the daily business operations (Holmqvist Spicer, 2013). Human resource professional emphasize to reduce high absenteeism, workplace harassment, high staff turnover, loss of profit, sabotage, work related injuries, racism and discrimination (Homann, Koslowski, Lutge, 2007). These are some of the standard parameters which majority of the human resource managers tries to eliminate from the organization (Dessler, 2014). The idea of ability to effetely management a diverse body of different kinds of talents in the group. All theses will bring different various innovative ideas, perspective as well as the view of the w ork. On the other hand, with the mixture of the various talents as well as a cultural background in the business can be benefited more from research skills, which must be one of the group goals to be ttained and support of diversity broadly which will present losing talent to competitors (Lengnick-Hall, Beck, Lengnick-Hall, 2011). To increase the overall efficiency, the performance of the employees contributes a significant part towards the achievement of the organizational goals and activities (Homann, Koslowski, Lutge, 2007). Globalizations of business, which includes outsourcing, and off shoring as well as global security and on the other hand Economic, as well as technological changes, are some of the additional problems HR management of Optus faces in the business operations (Mondy Mondy, 2014). The rate of absenteeism is increased day by day, which usually hampers the overall production of the business. Workplace harassment is another problem, which this group faces, in the daily managerial operations. The final issues, which Optus is facing is the loss of profit. Analysis and solutions of the problem This part of the study will examine all the crucial factor, which will conclude how the current problem in the business will be resolved. The primary job of the management is to identify what are the key factors, which are affecting the productivity of the employees. The main reason is the employees are de motivated. There are certain reasons why the employees of the organisations are de motivated. The notion of motivation can be concluded as the value of the desired outcome with the value of achieving it (Pynes Lombardi, 2012). Some of the key factors, which can be completed as the primary reasons for motivation, are analyzed in the following part of the study. The classification is done based on two factors. One factor is known as the internal reward and the other factor is known as the external rewards system. These are the two elements, which Optus needs to focus on (Shen, 2011). The outer reward system includes salary, working conditions, benefits, and environment and on the ot her hand, internal reward system includes achievement, responsibility, recognition, feedback, learning, and growth (Shen Jiuhua Zhu, 2011). The analysis of the problem can be done if relevant examples support all these factors. Performance, responsibility, recognition, feedback, as well as learning and growths, are the critical area that needs to focus in order concludes how the peoples are motivated. Achievement can be done through programs that highlight performance (Snell Bohlander, 2013). Responsibilities have volunteer programs and another plan, which enables different employees to highlight their liability in the process of each other and the society to a large, extend. Recognition can be concluded as motivating employees which includes awards like quality service awards, best operations award and best trainer acts (Truss, Mankin, Kelliher, 2012). Feedback system and performance appraisal are the two factors, which concludes towards developing a proper feedback system in th e organization, which boost the morale of the employees largely (Collins, 2012). The final point, which the current structure is lacking at, is to organizational learning as well as corporate growth. Managerial learning, as well as corporate growth, gives a lot of importance towards tanning and development process (Homann, Koslowski, Lutge, 2007). On the other hand, analyzing the needs to recognizing the competency gaps and impart knowledge through customized tanning and development programs. To identify the key issues to conclude the factor why the employees are de motivated are the lack of learning opportunities, bad management, and bad feedback in the association (Dessler, 2014). Development of change program activity To solve the particular issues in the current team the management needs to develop a proper shift in the overall managerial and operational activities in the association. Some of the key factors, which the team needs to develop to bring changes as well as to develop a proper organizational function, are listed in the following part of the assignment (Holmqvist Spicer, 2013). Forces for change, the principle of changes, inspiring modification, creating a vision of change, increasing following support, managing transitions, and supporting momentum are the key factors, which needs to be analyzed towards a development of change program activity. Change in the management system is necessary and on the other hand, absorption of change in the management system is equally important (Homann, Koslowski, Lutge, 2007). Change is a procedure that can be enable which cannot be managed. The development of the transform process must be connected to the commerce and with the presentation goal (Jack son, Ones, Dilchert, 2012). To develop an efficient change process, a systematic view of Optus is required to produce. The overall change process in the management includes both organizational as well as personal transitions. On the other behavioral change is the purpose which includes perceived needs and occur at the emotional level not at the intellectual level (Mondy Mondy, 2014). Optus also needs to focus on the factors on which the human resources of the organizational will be benefited. It is the job of the management to concentrate on both the interest of the business as well as the benefit of the employees. There are eight steps, which Optus needs to follow towards a proper change in the overall management system (Pynes Lombardi, 2012). The first step the management needs to support the change. It is very much critical that the administration should support the change and demonstrate that support when communicating and interacting with the stuff (Shen, 2011). The second step is to analyze the case for change. There are individual sources from which a case for change can be concluded. The third phase for Optus is to investigate the employees involvement, which should involve the views of the employees at some level of the managerial activities (Shen Jiuhua Zhu, 2011). The next step is towards communicating the change, which should follow a particular as systematic structure. Implementation of changes is one of the crucial part in which the management needs to arrange a proper follow up system, which will remove all the barriers in the organizational operations (Snell Bohlander, 2013). Conclusion The concluding part of the study will investigate what are the key factors, which will bring a proper change in the overall management of Optus. There are certain HR related problems, which the present organization needs to focus, in order to solve the current issues mainly on employee unrest, high absenteeism, and workplace bullying harassment, racism and discriminations. The productivity of the organization being hampered a lot with the following identified issues. In order to solve all current issues the organization needs to implement a proper change management system, which will analyze as well conclude the best solution to solve the highlighted problem in the management and will undoubtedly increase the overall productivity Reference List Collins, D. (2012).Business ethics. Hoboken, N.J.: John Wiley Sons. Dessler, G. (2014).Fundamentals of human resource management. Boston: Pearson. Holmqvist, M. Spicer, A. (2013).Managing 'human resources' by exploiting and exploring people's potentials. Bingley, U.K.: Emerald. Homann, K., Koslowski, P., Lutge, C. (2007).Globalisation and business ethics. Aldershot, England: Ashgate. Jackson, S., Ones, D., Dilchert, S. (2012).Managing human resources for environmental sustainability. San Francisco, CA: Jossey-Bass, A Wiley Imprint. Lengnick-Hall, C., Beck, T., Lengnick-Hall, M. (2011). Developing a capacity for organizational resilience through strategic human resource management.Human Resource Management Review,21(3), 243-255. https://dx.doi.org/10.1016/j.hrmr.2010.07.001 Mondy, R. Mondy, J. (2014).Human resource management. Boston: Pearson. Pynes, J. Lombardi, D. (2012).Human resources management for health care organizations. San Francisco: Jossey-Bass. Shen, J. (2011). Developing the concept of socially responsible international human resource management.The International Journal Of Human Resource Management,22(6), 1351-1363. https://dx.doi.org/10.1080/09585192.2011.559104 Shen, J. Jiuhua Zhu, C. (2011). Effects of socially responsible human resource management on employee organizational commitment.The International Journal Of Human Resource Management,22(15), 3020-3035. https://dx.doi.org/10.1080/09585192.2011.599951 Snell, S. Bohlander, G. (2013).Managing human resources. Mason, Ohio: South-Western. Truss, C., Mankin, D., Kelliher, C. (2012).Strategic human resource management. Oxford: Oxford University Press.

Government Intervention And Antitrust Law Essays -

Government Intervention And Antitrust Law Government Intervention in Individual Markets: A Look at Government Intervention and Antitrust Law via the Microsoft Case Growth and Development in the US Economy 36-363 Professor Burnett Josh Preiser 0032432 May 9, 2000 Preface In light of recent developments, I took a different approach to this paper. The Microsoft Antitrust case has been somewhat of a phenomenon that has become one of the most prominent cases in recent years. Because of this, I decided to look at government intervention into individual markets, along with antitrust law, via that particular case. I am of the opinion that we can learn a great deal by using that particular ongoing litigation. Antitrust law protects the public from companies that attain an undue domination of the marketplace via mergers, tying 1 product to another, vertical integration, and other practices tending to eliminate competition or bar entry into the market to newcomers. In the early 1980s, Microsoft was a much smaller company than it is today. However, it had already established a reputation of being a predator, a greedy predator. They were known to terminate licenses mercilessly once they figured out a way to clone a given technology, regardless of whether it was legal or not. Back then, Microsoft had some enthusiastic competition. The biggest of which were Borland (programming), Ashton-Tate (databases), Visicalc and Lotus (spreadsheets), as well as Wordstar and WordPerfect (word processors). All of these companies have now either merged out of existence or are completely defunct, with the exceptions of Borland and Lotus (which are barely afloat). Microsoft now has the leading product in each sector of the market once occupied by these firms. The company was responsible for ridding itself of these early competitors by either buying them out or simply driving them into the ground. This early disregard set the tone for how Microsoft does business eve n today. Microsoft's advantage comes from their domination of operating systems (OS). ?By definition, if the OS maker creates applications, they will run better with the OS than a third party's, and the OS owner can, over time, create modifications that will make this even more so,? (Rapacious 1). Microsoft has the power to leverage their dominance in operating systems (Microsoft currently has its Windows software in over 90% of all PCs) to gain a large market share in the various application sectors. They have always been able to do this and as a result have been able to get, or achieve, whatever it is that they have wanted. This is the vertical integration that the antitrust laws talk about. In a July 1994, settlement, the Justice Department came to an agreement with the software giant over the antitrust charges it had filed against the company. The charges were brought after the department found out that Microsoft was giving personal computer manufacturers a discount on their OS when the PC manufacturer would pay the company a royalty for each computer sold, including those without MS-DOS or Windows software installed. ?The practice gave PC makers little incentive to install competing programs since they would have had to pay a royalty to both the competitor and Microsoft,? (Ramstad 1). The settlement only dealt with this single count and left Microsoft alone to continue performing its numerous other anti-competitive practices. In the spring of 1995, Judge Stanley Sporkin rejected the deal that the Justice Department settled on. He did so on the grounds that: 1. The government refused to give the court enough information about the agreement; 2. The deal was too narrow; it failed to deal with issues like OS/application leverage, and allegations that Microsoft intentionally made changes to Windows that made third party applications hard to run; 3. The parties did not adequately consider anti-competitive issues; 4. The deal was unsatisfactory when it came to enforcement and compliance mechanisms. Around the time of the settlement, some suggestions started to come about how to deal with Microsoft. Stewart Alsop suggested ?that Microsoft be forced to document the API's in Windows, so that other companies could legally clone it. That would still leave Microsoft an eighteen month head start on each release,? (Rapacious 3). It was also suggested that the company be broken up. This way, the operating system and the applications would be separated into different companies and the playing

An Analysis and Comparison Between Talbots Inc. and Chicos Fas, Inc. Essays

An Analysis and Comparison Between Talbots Inc. and Chicos Fas, Inc. Essays An Analysis and Comparison Between Talbots Inc. and Chicos Fas, Inc. Essay An Analysis and Comparison Between Talbots Inc. and Chicos Fas, Inc. Essay A Brief Summary of the Businesses The purpose of this term paper is to discuss the similarities and differences between Talbots Inc. (Talbots) and Chicos FAS Inc. (Chicos). This paper will detail the nature of each companys respective business, past financial performance, and expected future outlook. The paper is divided into two sections. The first section will discuss each companys history, business structure, and future plans independently from each other. The second section will discuss several important financial ratios and provide a detailed analysis comparing the two companies. By the end of this analysis, the reader will have a better understanding of these two retailers and the industry in which they operate. Chicos is a specialty retailer of private label womens merchandise, with fashion looks ranging from casual to dressy. The company also sells intimates, accessories and other non-clothing items. Chicos began its operations in 1983 with its target market being women over 35 years old and of moderate to high level income households. The company designs the vast majority of its products in-house or through its independent vendors. Chicos has made small acquisitions of product lines and/or companies, including the White House / Black Market (WHBM) brand and Somas, as well as acquiring most of the assets of Fitigues which operated 784 retail stores in 47 states, the District of Columbia, the U. S. Virgin Islands and Puerto Rico. Over the past several years, Chicos has continued to open new stores. Chicos business strategy is focused on its private-label merchandise and the accessories it sells at a great, bargain value. As of March 17, 2006, Chicos operated 31 Chicos brand outlet stores, eight WHBM brand outlet stores and one Fitigues brand outlet store. Currently, the distribution for all brands (except the Fitigues brand) is handled through Chicos distribution center in Winder, Georgia. As of January 28, 2006, Chicos had roughly 11,000 employees. In fiscal year 2005 (FY 2005 ), Chicos continued to see strong growth in its financial performance. Chicos reported its ninth consecutive year of double-digit comparable same store sales increases, as well as record revenues, net income and its highest ever operating margin. They also elieve that the increase in comparable Company store net sales in the current fiscal year resulted from the continuing effort to focus Chicos product development, merchandise planning and allocation, buying, technical design, and marketing departments on Chicos target customers. In FY 2005, net income rose 37. 4% from $141 million to $194 million. Net sales increased for the FY 2005 by 31. 7%, to $1. 4 billion and operating income rose 33% to $298 million. The main drivers in the increase of net sales were catalogue orders and Internet orders for FY 2005, which increased by $9. 3 million, or 34. 7%, compared to FY 2004. It is believed that this increase was primarily due to the increased circulation of catalogue mailings and additional television spots in FY 2005 compared to FY 2004. Comparable store sales for Chicos owned stores increased 14. 3% year over year, primarily due to increased transactions compared to FY 2004. Chicos believes that comparable store sales growth is critical in achieving its ability to manage their stores efficiently and continue future increases in financial performance. In other words, by increasing the transactions per store, while minimizing markdowns, and other miscellaneous costs, the same store sales will increase. Besides their operating liabilities, Chicos is virtually debt-free, while having cash and marketable securities of over $400 million. In FY 2005, Chicos generated $268 million of cash flow from operations compared with $224 million in FY 2004, an increase of 20%. Strong cash flow is paramount to Chicos future success. By efficiently managing its cash flows, Chicos will help support its general operating needs and capital expenditure requirements while simultaneously increasing shareholder value (i. e. , increasing the present value of future cash flows). In FY 2005, Chicos brand strategy was re-focused by refining the business operations, and broadening the customer base. In FY 2005, Chicos opened a total of 106 new stores, 57 Chicos stores, 44 WHBM store, and five Somas stores. In addition to its new store openings, 36 stores increased their square footage, thus allowing them to have more merchandise readily available to the customer. Based on its current business strategy, Chicos will continue improving their existing stores by increasing the square footage as additional selling space is needed. In addition, the Chicos loyalty club (also known as Passport) reached 1. 7 million permanent members with spending in excess of $500 by the end of FY 2005. As Chicos moves into FY 2006, their goal remains unchanged: to continue to create and grow strong branded concepts that target compelling niche markets and ultimately deliver predictable, sustainable growth to out shareholders . In FY 2006, Chicos plans to open between 140 and 165 net new stores (as of January 2007, there are currently 920 total stores). Talbots is a national specialty retailer and cataloguer of womens, childrens and mens classic apparel, accessories and shoes. Talbots operates stores in the United States, Canada and the United Kingdom. They offer many varieties of clothes, ranging from sportswear to casual wear and shoes. They also brand their own merchandise in misses and womens petite sizes. Talbots merchandising strategy focuses on achieving a classic look, emphasizing different styles and quality. Talbots stores and catalogues offer the option to mix and match clothing with accessories, enabling the customer to complete their wardrobe. Talbots has two reportable segments, including the retail segment and direct marketing segment (i. e. , the internet and catalogue sales). Each segment requires a different marketing and management strategy. The retail segments (based on television and printed advertisements) revenue is driven primarily by the in-store sales of women, children and mens clothing and accessories. The direct marketing segments (based on online advertising and mailings) revenue is driven primarily by its approximately 25 catalogue mailings per year and online, via the website. Talbots currently circulates 48 million catalogues per year. As of January 28, 2006, Talbots employed 11,600 people and operated a total of 1,082 stores (as compared to 1,049 stores in FY 2004). Based on Talbots filing of the 10-K, net sales in FY 2005 were $1,808,606 compared to $1,697,843 in FY 2004, an increase of 6. 5%. Operating income was $152,148 in FY 2005, compared to $142,115 in FY 2004, an increase of 7. 1%. Cash flow from operations was 12% of sales, or $211,438 for FY 2005, compared to $155,223 for FY 2004. Total revenues for the year rose 7% to approximately $1. billion. Comparable store sales also grew at a modest 2. 6%. Comparable store sales were positive in each of the first seven months of FY 2005, driven by a healthy sales performance across the U. S.. However, the catastrophes of Hurricane Katrina and Rita, led to a decrease in comparable store sales in September 2005 as Talbots had significant operations in the south (roughly 50 stores, from Louisiana to Alabama , up to Arkansas and Kentucky). Due to the natural disasters, Talbots needed to markdown its merchandise in order to clear out unsold inventory. Another reason for the small comparable same store sales, year over year, was also due to the fact of more of the same styles, thus, resulting in fewer options to choose from for the customer, again resulting in markdowns. The final reason for the lower sales was due to Talbots releasing fall clothing in September, based on customer patterns, but the customers were not ready to buy such clothing at that time period. In other words, for this time period, Talbots did not have a good sense of product differentiation, as many of these styles werent unique or unusual to the general population. Customers were not enthusiastic about the semi-annual sale either, and much of the summer inventory was also left unsold. Because of this, inventory was up 3. 4% in FY 2005 as compared to FY 2004. Talbots direct marketing business also increased at 9% to $265 million, driven by an impressive 28% increase in internet sales. Online sales accounted for roughly 42% of the total direct marketing sales, up from 36% in FY 2004. Besides record profits for the third consecutive year, Talbots set a record for Internet and catalogue order fulfilments. Based on the companys studies, 50% of customers who visit Talbots online are considered window-shoppers, who would then make their purchases at their local stores. Likewise, 67% of those who receive catalogues would also shop in the store within two weeks. Talbots has a credit charge card, except theirs does not go through a third party, as they have their own department who process orders and fulfil sales (also known as the Talbots Charge Card), to roughly 600,000 customers. The nature of the business tends to create two different distinct selling seasons; spring and fall. During the spring season, direct marketing sales are stronger in the first quarter, while retail store sales become stronger in the second quarter. During the fall and winter seasons, both the retail stores and direct marketing have strong fourth quarters, as Christmas holiday season is the primary cause. The Companys fourth quarter sales for the last two years were 26. 9% for FY 2005 and 27. 7% for FY 2004, of total sales for the year. The Companys merchandising strategy focuses on liquidating seasonal inventory at the end of each selling season which historically happens at the end of the second and fourth quarters. These markdowns usually lead to an increase in sales; however, since these are markdowns, this negatively impacts the companys bottom line. Understanding the Businesses, based on Ratios and Financial Statements I will now start discussing the financials of both companies, based on the form 10-K filed with the SEC. A comparison of both companies will be performed from the perspective of financial ratios as well as benchmarking against the industry average for several of the ratios. The first ratio that I will discuss is the price earnings ratio, also known as the P/E ratio, as well as price multiple or earnings multiple. The P/E ratio is calculated by the market price of the security in relation to the earnings per share of the security. The historic P/E ratio for Chicos as of January 28th, 2006 was 39. 8, while the P/E ratio for Talbots during the same time was 16. 5. In general, a high P/E suggests that investors are expecting higher earnings growth in the future compared to compani es with a lower P/E, but this isnt always the case. For Chicos, an investor is willing to pay $39. 8 for $1 of current earnings while Talbots investors are willing to pay $16. 5 for $1 of current earnings. I will now touch upon another very important ratio, the quality of inventory turnover analysis. As we are dealing and focusing on retail businesses, understanding this ratio is paramount to the industry, as this is the heart of the business. The inventory turnover is calculated by taking the cost of goods sold divided by the average inventory for the year. This ratio measures the efficiency of a companys inventory management and should be compared against industry averages. A low turnover implies poor sales and therefore, excess inventory. A high ratio implies either strong sales or ineffective buying. For FY 2005, Chicos inventory turnover was 6. 5, while Talbots was 4. 8. Based on these numbers, we can see that Chicos inventory moves more quickly through the production process to the ultimate sale to the customer, thus reducing storage and miscellaneous costs. Since 2001, inventory turnover has increased each year for Chicos, while Talbots inventory turnover has decreased during the past year. Much of this has to do with the hurricanes during September, as well as incorrectly forecasting customers patterns of when they would buy products, thus resulting in price markdowns. To note, the industry average inventory turnover is 4. 56. Gross profit margin (GPM) is also a very important measure for retailers. The GPM shows the relationship between sales revenue and cost of sales and indicates the portion each dollar of sales that contributes to the companys profit. GPM is calculated as revenue minus cost of goods sold divided by revenue. Chicos GPM was 61% in FY 2005, 61. 4% in FY 2004 and 60. 5% in FY 2003. The GPM for Talbots during the past three years was 36. 2% in FY 2005, 35. 6% in FY 2004 and 38. 3% in FY 2003. Gross profit margin serves as the source for paying additional expenses and future savings. As with most retailers, they [i. e. the industry] are very fickle with fashion (i. e. wrong guess in style and design could ruin an entire season). This typically results in price markdowns. In this particular case, I feel that Talbots fluctuation between FY 2003 to FY 2005 could be based on the fact that they had bad styling and designs for the line of clothing and accessories, and the customers were not pleased. Another ratio I will discuss is the net profit margin (NPM) . It is calculated as net income divided by net sales. Based on FY 2005 results, the NPM for Chicos was 13. 8% while the NPM for Talbots was 5. 15%. What NPM truly shows is managements effectiveness at controlling revenues and expenses to generate greater shareholder returns. Basically, it measures the portion of sales a company actually keeps in earnings. Since 2003, Chicos NPM has steadily increased, while Talbots NPM has steadily decreased. The NPM since 2003 for Chicos was 13. 24% in FY 2004 and 13. 04% in FY 2003. The NPM for Talbots over the same time span was 5. 2% in FY 2004 and 6. 44% in FY 2003. This may also be attributable to Talbots inefficiency to sell and market their products. I will now touch upon another very important ratio, the quality of income ratio (QIR). The QIR is calculated as cash flow from operating activities divided by net income. The QIR measures the portion of income that was generated in cash. With all things being equal, a higher QIR indicates greater ability to finance operating and other cash needs from operating cash flows. Any ratio [QIR] that is greater than 1:1 is considered quality income. Based on FY 2005, Chicos QIR was 1. 38:1, while Talbots was 2. 27:1. Based on the assumption that anything greater than 1:1 is quality income, both Chicos and Talbots have quality income. The next two ratios are considered liquidity ratios . The first ratio that I will talk about is the working capital turnover. Working capital turnover is used as a means of comparing the depletion of working capital to the generation of sales over a given time period (i. e. money used to fund operations and the sales generated from these operations). This provides some useful information as to how effectively a company is utilizing its working capital to generate sales. It is calculated by dividing sales by working capital . Based on FY 2005 results, the working capital turnover for Chicos was 3. 38, while the working capital turnover for Talbots was 4. 81. In a general sense, the higher the working capital turnover, the better, because it means that the company is generating a lot of sales compared to the money it uses to fund the sales. The current ratio is also a term used frequently when discussing a companys liquidity. The current ratio measures a companys ability to pay short-term obligations utilizing current assets. It is calculated by dividing current assets by current liabilities. It is also known as liquidity ratio, cash asset ratio, and cash ratio. The higher the current ratio, the more capable the company is of paying its current obligations. The current ratio for Chicos is 4. 39:1 and Talbots is 2. 54:1. Based on these ratios, it can be assumed that both companies do not have any issues paying off their obligations. Free cash flow (FCF) is an integral part of every company. It is a measure of financial performance calculated as operating cash flow less capital expenditures and dividends. In other words, FCF represents the cash that a company is able to generate after expending the money required to maintain or expand its asset base. FCF is important because it allows a company to pursue opportunities that enhance shareholder value. Without cash, it is difficult to develop new products, make acquisitions, pay dividends or reduce debt. Based on the calculations, the FCF for Chicos is 120,771 and the FCF for Talbots is 113,420. Debt to equity is yet another important term used when discussing companies. It is a measure of a companys financial leverage calculated by dividing its total liabilities by stockholders equity (also can be calculated by long-term debt divided by stockholders equity). It indicates the portion of equity and debt the company is using to finance its assets. Chicos debt to equity is 0. 24 (24%) while Talbots is 0. 83 (83%). In this case, both Chicos as well as Talbots assets are primarily financed through equity. In the same category as debt to equity, return on equity (ROE) is also a useful tool in measuring a corporations profitability. It reveals how much profit a company generates with the money shareholders have invested. The ROE is useful for comparing the profitability of a company to that of other firms in the same industry. ROE is viewed as one of the most important financial ratios. ROE is equal to a fiscal years net income (after preferred stock dividends but before common stock dividends) divided by total equity (excluding preferred shares), expressed as a percentage. Based on FY 2005 calculations, the ROE for Chicos was 28. 4% and the ROE for Talbots was 15. 3%. Based on these calculations, it shows that Chicos is more efficient at generating profits for every dollar of net assets, and to that extent, shows how well it uses investment dollars to generate earnings growth. Gross profit percentage (GPP) is another measurement used to analyze companies. It measures how much of every sales dollar is considered gross profit. All things being equal, a high gross profit results in higher net income. For FY 2005, Chicos GPP was 61%, while Talbots was 36. 2%. Historically, the GPP for Chicos was a bit higher than 61% (61. 4% in FY 2004 and 61. 3% in FY 2003). The decrease of 40 basis points over the last year resulted primarily from a decrease in merchandise margins from their outlet stores, as well as their investments into WHBM and Somas. Year over year, Talbots GPP increased from 35. 6% in FY 2004 to 36. 2% in FY 2005. The final ratio I will talk about is the total asset turnover (TAT). The TAT can be defined as sales (or operating) revenues divided by average total assets. In other words, the amount of sales generated for every dollars worth of assets. Asset turnover measures a firms efficiency at using its assets in generating sales or revenue the higher the number the better. It also indicates pricing strategy: companies with low profit margins tend to have high asset turnover, while those with high profit margins have low asset turnover. Based on FY 2005 results, the TAT for Chicos as well as Talbots was 1. 64. Regarding the common sized income statement, I will now express the ending fiscal year figures since for Chicos as well as Talbots. CHICOS To note, all percentages above represent their respective dollar amounts over net sales, with net sales being 100%. For instance, the gross profit (net sales minus cost of goods sold) was $857,042. $857,042 divided by $1,404,575 is 61%. TALBOTS The same situation is expressed here. Net sales for the year were $1,808,606 (expressed in thousands). Hence, if cost of sales was 63. 8%, then the actual dollar amount was equivalent to $1,153,890. Thus the gross profit (not expressed above) is $654,872 (roughly 36. 2%). Every percentage is divided by the net sales to achieve the desired result (within reason). In conclusion, there is a lot to be said about these two companies and where they are going. They are both highly motivated to produce the highest quality merchandise and they scale their merchandise to the mid-income families, more towards the women 35 and over. While one company was gaining ground versus their peers, the other was having an average year, but the negativity was centered on the hurricanes and bad judgement of when styles were in and when to have their sales. Much can be said about these companies, and where they are heading. Both CEOs seem very upbeat and optimistic about the market as well as their expansion. Both companies feel that their future success relies on the many different factors, and that uncertainties will occur. These potential risks and uncertainties include the financial strength of retailing in particular and the economy in general, the extent of financial difficulties that may be experienced by customers, the quality of merchandise received from vendors, the extent and nature of competition in the markets in which the companies operate, and the extent of the market demand and overall level of spending for womens private label clothing and related accessories, to name a few. Hopefully, after reading this analysis and comparison of Chicos and Talbots, you were able to understand a bit more about the nature of their businesses and management strategies.

Power, poliics and knowledge Essay Example | Topics and Well Written Essays - 1500 words

Power, poliics and knowledge - Essay Example Power is very important to the managers or leaders of any organization since it is essential in the directing of its staff. However, the process of acquiring power and using it usually ruins the ethics and values held in the organization (Kelly, 1988 p.3). Discussion Power defines leadership in any company and by definition; leadership refers to the ability of directing a group of employees towards achieving the goals of an organization. Therefore, leadership has formed the basis of classifying managers into five groups or profiles, namely: leader, destructive achiever, builder, mechanic, and innovator (Kelly, 1988 p. 4). The leader refers to the ethical manager who effectively uses his charisma to lead other employees towards achieving organization goals. The builder on the other hand refers to the manager who might be ethical but lacks charisma. Therefore, they are referred to as leaders with limited leadership potential. The destructive achiever is an unethical manager who, even t hough might have high potential, he or she will not contribute towards the achievement of the long term goals of the organization. The innovator is a very creative manager in his or her field but is not termed as a leader and is sometimes termed untrustworthy. Lastly, the mechanics refers to the persons that are competent in their profession but lack the personal impact towards settling of group issues. Therefore, they are not considered leaders or builders of the organization. From the managers listed above, it is evident that for any organization to be prosperous, it requires leaders who are ethical and have charisma which are essential in the realization of the long-term goals of the organization. Ethics is demanded by the society in any given part of the world. Therefore, it has led to the classification of ethics into two groups: ethics of integrity and ethics of social responsibility. The demand for integrity in the business came into existence following the arrival of new mil lennium, which led to the increased number of accounting scandals that occurred in different parts of the world. The results were negative for example; many organizations lost their trust in the corporate world. The demand for social responsibility maintains safety to the society as well as the environment it operates (Jeurissen 2007, p. 3). According to ethics, the exercise of power must conform to the cultural standards as well as the legal standards of ethics. For instance, it has been termed unethical for any organization to use power for its own gain by engaging in illegal activities. For example, an HR assistant has the power of representing the services of the company to client companies as a process of obtaining customers. However, if he or she lies to the clients as a way of gaining more clients is an unethical behavior (Society for Human Resource Management, 2006 p.180). Many workers or employees of an organization have been in dilemma following the use of power by the sen iors. Many employees have experienced tough challenges in choosing between what is good for the organization in terms of profitability and what is right according to the set ethical standards in the community. The findings of the research conducted among the graduates at Harvard revealed that young managers were being forced to make decisions, some of which were unethical by their seniors. Even though the actions were unethical, the young managers still complied because of fear of losing their jobs.