Identifying, Organizing, and Analyzing Your Sources Essay

Each statement below contains a logical fallacy. Identify the fallacy and briefly explain, in one or two sentences, why it is an error in reasoning. 1. Mabel is not qualified to lead the school board because she used to drink liquor in her 20s. †¢ Ad hominem: committed by attacking the person who’s making an argument, rather than the argument itself. One of the most common fallacies, it is a direct attack on a person’s character rather than focusing on his or her arguments. Stating that Mabel used to drink that why she is not qualified it a person attack. 2. A child can be either an athlete or a good student. †¢ Either/Or: An oversimplification that assumingly reduces several alternatives to a mere binary opposition, basically means you only have two choices. You only have two choices of being a athlete or a good student. You can choose to be bad student if you wanted. 3. Any change in health care will lead to socialism; we don’t want to live in a socialist country, so we can’t reform health care. †¢ Slippery Slope (Bad Precedent): assuming that a proposed step will set off an uncontrollable chain of undesirable events. Changing health will lead to socialism is an extreme statement. 4. All teenagers text while they drive; therefore, we should raise the driving age to 21. †¢ Hasty Generalization: drawing conclusions from too little of evidence and often relying on stereotypes. Say all teenager text and drive, well some teenager don’t have a car and/or a cell phone. 5. If we don’t all drive hybrid cars, the world will end in the next decade because of environmental damage. †¢ Slippery Slope (Bad Precedent): assuming that a proposed step will set off an uncontrollable chain of undesirable events. That an extreme statement stating that the world will end because we’ll don’t drive hybrid. 6. Senator Range has been seen entering a strip club; therefore, his economic reforms are not plausible. †¢ Ad hominem: committed by attacking the person who’s making an argument, rather than the argument itself. One of the most common fallacies, it is a direct attack on a person’s character rather than focusing on his or her arguments. In this case strip club makes the senator economic reform wrong it a personal attack, degrading his character which will degrade his reforms as mediocre  or of no value to the public. 7. Everyone else is getting rid of TV, so we should too. †¢ Bandwagon: Just because everyone is doing it doesn’t make it right. We used to think that our planet was flat. 8. Because of the recent shootings in schools and theaters, we can conclude that these are inherently dangerous places that need more regulation. †¢ Begging the Question: an argument is held to be true because of practical truths and common sense. Common sense is sometimes correct, but all too many times all too commonly incorrect. 9. If you want a successful child, you should enroll him or her in as many early learning classes as possible. †¢ Creating false needs: emotional proof appeals to what people value and think they need. Advertisers often create a false sense of need in order to sell a product. 10. Music education is useless because it just teaches kids how to play music. †¢ Begging the question: restating the premise in the conclusion rather than disproving. Choose your answers from these eight fallacies. Note: Some of these will be used more than once. †¢ Begging the question †¢ Either-or †¢ Slippery slope †¢ Ad hominem †¢ Creating false needs †¢ Red herring †¢ Hasty generalization †¢ Bandwagon

Competition Freaks Essay

According to Dr. Phil, Everybody likes to be a winner, but some people are â€Å"competition freaks† who have to be first, be the best or win at everything they do. This overly competitive nature oftentimes causes tension in their personal relationships. â€Å"Love and competition are oil and water, they do not mix,† Dr. Phil warns. He offers the following advice for competitive people who want to overcome their need to compete, and learn to relax and enjoy what they have. Being competitive in our academic, working and personal lives can be good for achieving success and moving into the ranks of glory and glamour. Competitive attitudes can help you to feel energized, able to take on challenging tasks and ready to achieve many things in life. However, competitive behavior that is not considerate of your well-being or well balanced in its application can take its toll, leading to self destruction and perhaps ostracizing the very people you care about the most. REFERENCE: http://www.drphil.com/articles/article/510 http://www.wikihow.com/Be-Competitive-in-a-Non-Destructive-Way 1. SELFISHNESS B. EFFECTS OF COMPETING 1. NEGATIVE EFFECT 1.1 SELF- HATRED Another risk of burying our competitive feelings is that we may turn them around and use them to feel bad about ourselves. A straightforward competitive thought like, â€Å"I hate that he is so smart and always says the right thing,† may turn into an attack toward our selves like, â€Å"You are so stupid. You never know what to say. He is so much more engaging than you.†Ã‚  When we turn against our competitive feelings, we turn against ourselves. We feel ashamed of who we are and what we want. Instead of seeking to emulate the people we admire, we simply tear ourselves down in relation to them. With so many negative manifestations of suppressing our direct competitive feelings, how can we face them more honestly and make sure to use them in healthy ways? First of all, we have to remember that feeling competitive is not about letting these emotions take over or ruminating in negative thoughts. It’s about accepting our naturally occurring competitive responses, feeling them fully and moving on. We can accept that we have these feelings a lot of the time. We can even have fun with them, letting ourselves have the nastiest thought possible, then letting that thought go. Doing this as an exercise can feel clean, healthy and even refreshing. As illustrated by the above examples, when we suppress our competitive feelings, they have a way of seeping into and influencing our behavior. Yet, each time we acknowledge that we have these thoughts, we can consciously choose how we want to act. We can be much more proactive in becoming the best version of ourselves, both accepting ourselves and evolving, as the motivated (and competitive) individuals that we inherently are. 1.2 JEALOUSY/BEING ENVY Competitive feelings can be full of jealousy. Allowing ourselves to have competitive thoughts will not leave us falling victim to unstoppable fits of envy or suspicion. When we hold back our healthy and natural competitive feelings, we strengthen the negative parts of those feelings –jealousy included. Instead of building a case against someone, we can face the reality of our feelings and adopt a healthier attitude. For example, a guy I know recently revealed to me a thought process he went through at a party with his girlfriend. He noticed that she was happily chatting with other people, including a few men throughout the night. At first he thought, â€Å"She is totally flirting with my friend. Why does she light up around him? Is she more into him than me? I should just dump her before she makes a fool out of me.† At a certain point, he realized that what he was really feeling was competitive. He wanted her to respond to him the way she was responding to other people at the party. His thinking quickly changed to, â€Å"I love when she is fun like this. I want to share that with her.† Instead of listening to  the voice in his head that told him to pull away and act cold to her, he joined her and engaged in joking around with her. By being lighthearted and fun himself, she was naturally drawn to him, and they were both able to feel closer and happier with each other. If he’d acted on his jealous insecurities, rather than admitting he felt competitive, he would have achieved just the opposite. 1.3 SELF-DENIAL One of the worst results of denying our competitive feelings is that it can cause us to reject what we really want in life. Because feelings of desire or jealousy make us uncomfortable, we may pretend that we don’t want whatever we once longed for anymore. If someone we had a crush on goes out with someone else or if a job we interviewed for falls through, we can easily turn against ourselves and become self-denying. Instead of thinking, â€Å"I really wanted that, and I’m furious that I didn’t get it,† we might think, â€Å"I don’t even care. I never really wanted that. I’m not going to put myself out there to embarrass myself again.† When we engage in this pattern, we become increasingly passive. Rather than going after what we desire, we avoid it, all in the interest of denying our â€Å"unacceptable† competitive feelings. REFERENCE: http://www.psychologytoday.com/blog/compassion-matters/201309/the-benefits-feeling-competitive 2. POSSITIVE EFFECT 2.1 MAKES YOU PERSEVERE When you look at someone ahead of you and you do whatever it takes to catch up to them†¦that is the essence of perseverance. You don’t give up until you are at the top. Without competition, we would have no reason to persevere. We wouldn’t know our limits and how far we can stretch them. The rewards of perseverance are priceless and to experience such rewards, you need a reason, and competition is that reason. 2.2 HELPS ASSESS YOUR STRENGHTS AND WEAKNESSES Following up from my previous point, what you do notice is what you are doing right and what you are doing wrong. With competition, you have a way to measure how well or how poorly you are doing. Knowing what you are good at and what you are not is extremely important, because success is all about accentuating your strengths and hiding your weaknesses. How well you accomplish this determines how far you go. REFERENCE: http://www.ineedmotivation.com/blog/2008/05/7-positives-of-competition/

A research on an asset Case Study Example | Topics and Well Written Essays - 2500 words

A research on an asset - Case Study Example Since 1961, however, banks have issued negotiable CDs. They now are traded actively in a secondary money market. Corporations can raise funds by issuing stock or selling bonds. Business equities are shares of ownership, such as stock that corporations issue. Owners of equities are residual claimants on the income and the net worth of a corporation. The equity holders of a company are paid after all the debts of a company is paid. The significant characteristic of equities is the variation of returns with the profitability of the company. An investor can become the owner of a corporation by purchasing the equity. The edge of bonds on equity is that if the company goes bankrupt the bond holder will be paid before shareholder on the other hand the profitability of the company doesnt benefit much to the bond holder as a bond holder will only get principal plus interest. Hence the ownership of bonds involves low risk as compare to the ownership of stocks, but this comes at the cost of a lower return. Corporate bonds: Corporations can raise funds by issuing corporate bonds. A Corporate Bond is a long term instrument yielding interest twice each year until the date of maturity. Convertible bonds can be converted into equity shares before the maturity. The corporations offer the convertibility feature with the bonds in order to attract investors. Another feature which increases the attractiveness of bonds is their degree of liquidity which they provide the investors as compare to the equities. The higher liquidity of bonds is due to their trading in the secondary markets. In order to encourage the secondary market trading the Corporations must maintain higher credit ratings. Bonds reduce the short term volatility of the stock market. The perception that the stocks yield higher returns as compare to bonds is true for the period of 10 years or more. Bonds are suitable for the investors who cannot bear the volatile

Does Oil prevent Libya's democracy Research Paper

Does Oil prevent Libya's democracy - Research Paper Example They argued that oil is an impediment to democracy in countries that derive revenue from it. The presence of oil has reinforced autocratic administration. The revenue from the oil regimes prevents the formation of social groups that claim participation and representation in the government. The oil revenues will provide the government with sufficient money and will prevent the mobilization of these groups independent of the state at the end. Oil rent refers to the revenue derived from the sale of oil products (Arwa 19). This income directly accumulates to the administration coffers. The revenue derived implies that the government will not have to tax its citizens. This excise effect minimizes the citizens’ demands for accountability and their aching desire to participate politically in the government adequately. This effect thus eliminates the ruler and the ruled linkages. The net effect is that democracy will less likely thrive in the state. The no taxation or representation i n a state will make the leaders postpone democracy indefinitely. Oil rent enables the government to obtain political opposition to achieve legitimacy. The government has exceptional authority on how to account for revenue and spend because the oil rents directly accrue to the government. In order for the government to win legitimacy and consent from the total population, it uses rewards and even social welfare to dwindle off the social groups. The government is able to redistribute the proceeds to the public by offering education, employment, and a well-developed infrastructure through the welfare system (Arwa 20). In a rentier state, the biggest employer is the government. Only a few people from the total population will benefit from the oil rent through welfare, in addition to other benefits such as land gifts. In the end, the population also becomes a rentier class that regularly engages in a â€Å"rent-seeking behavior". This will influence the individuals to view this behavior as the best option compared to political unrest as a means to encourage redistribution. Loyalty and legitimacy in a rentier state creates patronage networks. Examples of patronage networks involve personal favors in the form of jobs belonging to the public sector and distribution of public resources in terms of licenses, contracts and even projects. This action leads to increased corruption and bribery. The individuals involved in these activities have a tendency of resisting democracy since democracy encompasses high levels of accountability and transparency (Arwa 22). At times, the state uses the oil rent to provide funds for repressive measures aimed at controlling opposition and the population at large. As oil revenues decline, the repression effect takes place thus leaving minimal amounts of money for activities such as patronage and welfare. This repression is achievable by banning of political parties and the independent media thus hindering democracy. Libya’s crisis resulted from the Arabs uprising and unrest in the Middle East. The presence of deleterious governance has been the core influence of the unrest. Then there is the issue of the western interest in the Libyans oil (Martinez, 28). The leadership of Muammar Qaddafi has attracted international interest. A peaceful protest in February 2011 culminated into a global crisis with a violent attack. The situation continued until the royal citizens took arms and engaged in a battlefield that have left so much

Written Essay Assignment Example | Topics and Well Written Essays - 1500 words

Written Essay - Assignment Example For example, the value of a particular sales invoice is ought to be compatible with the sales amount of tax being charged on the invoice (ACCA, 2011). Processing controls are attached with developing varied programmed routines (Pearson, n.d.). This particular system acts as an effective specific control in the form of supporting the managers or the supervisors to adopt and apply routine decisions. Specially mentioning, it contributes in maintaining the reliability of data by extracting valuable data from a specific database to compile various important reports. These reports can be reckoned as financial statements, sales analyses and inventory-level based details among others (Collins, 2015). It is regarded as an efficient interactive system, which tends to gather, incorporate and analyze data from varied sources. More importantly, it aids in supporting the business managers of an organization to make several routine decisions. The maintenance of data reliability through this particular system could be better understood from the adoption as well as application of relevant decisions while operating different business functions (Collins, 2015). Output controls mainly relate to work upon the performance of the transactions whether input or output. This specific control relating to output segment helps in preserving accuracy and determining the completeness of the different processing outputs. It will be vital to mention that the conception of run control totals would aid in ensuring greater data reliability in the form of various ways. These ways entails authorizing all such data transactions that are already processed, ensuring that no such transactions are being omitted also making sure that unlawful transactions are being added (Alkhatib & Labban, n.d). The perception of DDBS is identified to be dissimilar to that of centralized database system. This is mainly owing to the reason that

Closing Entries Essay Example | Topics and Well Written Essays - 250 words

Closing Entries - Essay Example Finally, closing entries are also needed at the end of an accounting period in order to save accounting data in case any error occurs during closing. If any error is detected, then it will be easier for the business to rectify the error (Warren, Reeve & Duchac, 2012). Adjusting entries refer to journal entries made at the close of an accounting period to account for expenditure and income of the time in which they essentially occurred (Warren, Reeve & Duchac, 2012). The income recognition code is the root of making adjusting entries, which pertain to accrued and unearned spending under accrual-basis accounting. Adjusting entries are at times referred to as Balance Day adjustments as they are prepared on balance day. Closing entries, on the other hand, are journal entries prepared at the close of an accounting period to move short-term accounts to lasting accounts (Warren, Reeve & Duchac, 2012). An income review account can be used to demonstrate the balance between expenses and revenue, or they could be closed against retained incomes where dividend expenses will be subtracted

Residual RFIDs - are these a threat Essay Example | Topics and Well Written Essays - 250 words

Residual RFIDs - are these a threat - Essay Example This information has adverse threats on the person that buy the products containing these tags because the information can be used to cause harm to them when it lands in wrong hands (Cazier, Wilson and Medlin 2007). Some of these threats are outlined below. The RFID tags can be used by non-authorized personnel to track and retrieve personal information of people without their knowledge using objects containing these tags. The assessment of their belonging may lead to access to these belongings without the consent of the owner (Spiekermann and Ziekow 2005). The use of mining of data can help acquire information from RFID tags. This information can be used to retrieve and identify the social links that exist between people. This information can be used by security agents to track criminals, but it can also be used by criminal to cause harm to the people (Spiekermann and Ziekow 2005). RFID tags can also cause technology paternalism. This is the fear in people who have objects that contain these tags over the lack of control of machines’ action that cannot be overridden. This can cause punishment to owners of these objects thus intruding on the peoples live. RFID residual tags have their benefits, but the presence of threats on the lives of consumers cannot be overruled. Addressing these threats will ensure that consumers are comfortable buying products containing these tags (Gao, Xiang,Wang, Shen, Huang and Song 2004). Gao, X., Z. Xiang, H. Wang, J. Shen, J. Huang, and S. Song. (2004). â€Å"An Approach to Security and Privacy of RFID System for Supply Chain,† Proceedings of the Conference on IEEE International, September 2004, pp.

Moral luck Essay Example | Topics and Well Written Essays - 1250 words

Moral luck - Essay Example Concepcion (2002) describes the "standard view of responsibility" whereby "it is unjust to hold a person morally responsible for that which she did not control. Agents deserve to be morally appraised or held liable only for that which they controlled" (455). The problem this poses is that at some level it can always be argued that a situation was outside of a person's control. There will invariably be some uncontrollable factor that, when joining the confluence of other factors over which a person did have control, it can be argued was the cause of any given scenario. For example, if a person driving a vehicle strikes a child who suddenly runs into the road, it might be argued that the person could have been paying closer attention and thereby braked sooner, or should have been driving more slowly. On the other hand it could be argued that a reasonable person under the circumstances could not have predicted the child running into the road, and therefore this was just bad luck and the driver should not be held responsible. This epitomizes the concept of moral luck. To what extend does a random, uncontrollable occurrence relieve a person of moral responsibility for a harm done Concepcion goes on to argue that accepting the standard view of responsibility "is tantamount t... never morally responsible, show that luck is not ubiquitous or at least that ubiquitous luck is not moral, or show that ascriptions of responsibility can retain justice despite the omnipresence of luck" (455). The implication is that it does not make sense to avoid assigning responsibility simply because luck played a role in the moral dilemma, since luck will virtually always be a factor to some degree. This would logically mean that nobody is ever morally responsible for anything. Paradox of Moral Luck and Moral Responsibility The paradox, as Thomas Nagel (1979) describes it, is that individual moral responsibility is possible even though luck is ubiquitous. We hold a person responsible for actions taken within a scenario he/she did not bring about. It is possible for a person to be morally blameworthy even though the bulk of the circumstances bringing about a scenario were entirely outside of that person's control. Degrees of control are virtually irrelevant, as proximate causation of uncontrollable variables fails to offer any relief from a person's moral responsibility for actions taken within any given situation. Consider the case of a soldier who voluntarily enlists in the U.S. Marine Corps in the hopes of being deployed in Iraq to fight in the war on terror. This person, after months of grueling patrols in Baghdad watching his fellow marines get killed by improvised explosive devices, decides to take revenge by entering the nearest civilian residence and shooting up the women and children inside. Then consider the kid who had his sights set on college but was instead drafted into the U.S. Army during the Vietnam War and becomes so worn down by the war and numbed to killing that he partakes in a massacre of civilians at Mai Lai. The former soldier chose to

CLOUD COMPUTING Essay Example | Topics and Well Written Essays - 1250 words

CLOUD COMPUTING - Essay Example ). Moreover, cloud computing consists of applications that are represented as a service on the web and the provision of hardware / software services provided by companies operating data centers. Likewise, the services provided over the Internet are referred as (Software as a Service) ‘SaaS’. There are few sellers who use the term (Infrastructure as a service) ‘IaaS’ and (Platform as a service) ‘PaaS’ in order to demonstrate their products and services. However, these terms are avoided and not accepted globally, due to variation (ARMBRUST, FOX et al. 2010). The Commerce Department’s National Institute of Standards and Technology (NIST) have illustrated some helpful definitions that focus on three concepts (Ryan, Loeffler 2010): Cloud infrastructure as a service ‘IaaS’ consists of provisioning elementary computing resources. Cloud software as a service ‘SaaS’ access software application that operates on a cloud inf rastructure. Cloud platform as a service (PaaS) provides the accessibility to users for implementing and developing applications with programming language and tools supported by the providers. The core components of a cloud are consists of the data center hardware and software. When these resources are made available to the public, they are referred as public clouds and the service provided by the cloud is called as utility computing. Moreover, private clouds are only available to private organizations and are not accessible by public. Accordingly, cloud computing is the combination of ‘SaaS’ and utility computing (ARMBRUST, FOX et al. 2010). Current Trends Information Technology organization has already invested millions since the 1990’s, to contribute in reshaping cloud computing. For instance, a popular slogan from Sun that was â€Å"Network is a computer† was recognized in 1980’s. Furthermore, salesforce.com, a ‘SaaS’ enabled websit e is providing services since 1999. Today, cloud computing represents a more innovative and productive approach, in order to provide online services along with online operating systems. Microsoft Azure provides an online operating system along with the set of development tools and services. Moreover, Google Docs provides online word processors along with spreadsheets and presentation applications similar to Microsoft Office. Furthermore, Google Apps gives the freedom to the developers to execute their codes and applications on Google infrastructure. Sun Microsystems provides computing power by charging $1 per hour for one CPU. In addition, Amazon provides web services named as EC2 and S3. Moreover, Yahoo has also announced recently that it will utilize ‘Apache Hadoop framework’ that will enable users to work on thousand of nodes and one million bytes of data. Accordingly, the contribution of cloud computing is covering every aspect of computation required for small, med ium and large businesses (Han 2010). Benefits Cloud computing provide many cost effective short term and long-term benefits. The organizations can avail services from multiple cloud-computing providers, to improve computerized business processes and high availability of services within the organization. Cloud computing also provides standardization of APIs, by operating on compatible applications to enable hybrid cloud computing. Moreov

Imports and Exports Essay Example for Free

Imports and Exports Essay The importing and exporting of goods are flourishing despite the economic pitfalls splattered across the media. Let’s face it, if there is demand for a product this usually means there is a market. And where there is a market, there is sure to be a product waiting to rest in the hands of those who need it. There is a phrase for this recipe. Its called â€Å"Supply and Demand. † Supply and demand results in trade. A case worth examining is how effective trade is between the United States and foreign countries. The article entitled â€Å"US versus China Hidden Export Advantages and Trade Opportunities† is an examination of just how effective trade can be between two countries where supply and demand exists. The author uses the example of how there continues to be a high demand for soybeans in China. It has been reported that China consumes more soybeans than any other country. With soybeans being a chief product of the United States, this creates a competitive advantage of exporting this valuable commodity. Another fine example the article gives in regards effective imports and exports, is the fact that the Untied States has been very profitable in supplying waste and scrap metals to Chinese plants. These Chinese plants in turn, recycle the iron, steel, copper and aluminum into substantial new metals. Statistics show that this more than doubled the surplus of the United States in the year 2009. In summary, this article was very instrumental in supporting the success of imports and exports between international countries, despite economic complexities.

Single Molecule Magnets and Single Chain Magnets Analysis

Single Molecule Magnets and Single Chain Magnets Analysis The structures and magnetic properties: molecular nanomagnets phenolic oxime complexes GUAN Shengyang Table of Contents (Jump to) 1 Introduction 1.1 Research background 1.2 Introduction to nanomagnets 1.2.1 Single molecule magnet 1.2.2 Single Chain magnet (magnetic nanowires) 1.3 Structure of phenolic oxime and complexes 2 Researches 2.1 Iron complex 2.2 Manganese complexes 2.3 Complex containing cobalt and sodium ions 2.4 Complex containing lanthanide 3 Conclusion 4 Bibliography Abstract The basic concepts needed to understand and model singlechain magnets will also be reviewed. 1 Introduction 1.1 Research background The researches on molecular nanomagnets began from 1990s, when the first single molecule magnet (SMM) [Mn12O12(O2CPh)16(H2O)4 was researched by Christougroup of University of Florida. [GS1]This mixed-valent manganese complex was found to have an abnormal high spin ground state of S=10[GS2] and highest blocking temperature (below which temperature could the nanomagnets show magnetic properties) in its family ([Mn12O12(O2CR)16(H2O)4], R = various). A large number of SMMs have been reported since then. These[GS3] kind of complexes display the classical property of magnetization hysteresis[GS4] and quantum properties of quantum tunnelling of the magnetization (QTM). These initial discoveries provide a molecular approach to nano-scale magnetism. Following investigation of single molecule magnets (SMMs) and single chain magnets (SCMs) explorers their potential applications in high-density information storage[GS5], quantum computing[GS6], magnetic refrigeration [GS7]and so on. However, to date, nanomagnets discovered have very low blocking temperature (TB). So it is very important to choose appropriate chelate ligands and corresponding metal centres to construct a proper complex with properties to improve blocking temperature (TB) for practical application. Phenolic oxime is a family of compounds with generic structure shown in Figure 1. The phenolate and oxime function groups could form intramolecular hydrogen bonding with its neighbour. These hydrogen bonding resulting in strong coordination effect on metal ions. Such property makes phenolic oxime a good extractant for copper[GS8] in mining industry. Detailed discussion of the phenolic oxime complex structure will be introduced in SECTION 1.3 . Figure 1 general structure of phenolic oxime In this review, knowledge of nanomagnets will be introduced firstly to provide an overview of this field. Then the structure and magnetic properties of compounds with phenolic oxime ligand will be introduced. New techniques applied in synthesis will also be included. It is hoped that this review could be used to assess the potential of phenolic oxime ligand in high performance nanomagnets. 1.2 Introduction to nanomagnets 1.2.1 Single molecule magnet It is helpful to describe the basic theory of SMM with an example. The first single molecule magnet (SMM) [Mn12O12(O2CCH3 )16(H2O) 4] 4H2O ·2CH3CO2H[GS9] was determined to have an S=10 ground spin state, which is contributed by the antiferromagnetic interactions between 4 MnIV ions and 8 MnIII ions[GS10]. However, not like normal size magnet, SMM shows slow magnetic relaxation below a characteristic blocking temperature. This phenomenon is explained by the exist of an energy barrier in reorientation process of magnetic moment. Sessoli et.al. confirmed there exists a relatively large zero-field splitting in this molecule by high-field EPR experiments with a CO2 far-infrared laser. This axial zero-field splitting leads to a splitting of the S=10 state into 21 levels: -10 , -9 , -8, -7, -6 , -5†¦0, 1, 2, 3†¦8, 9, 10. Each level is characterized by a spin projection quantum number ms, corresponding potential energy: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦..(1) D:axial zero-field splitting parameter. In [Mn12O12(O2CCH3 )16(H2O) 4] 4H2O ·2CH3CO2H D=-0.5cm-1 Figure 2 Figure 1. PovRay representation of the core of[Mn12O12(O2CCH3 )16(H2O) 4] 4H2O ·2CH3CO2H, showing the relative positions of the MnIV ions (shaded circles), MnIII ions (solid circles), and  µ3-O2 bridges (open circles[GS11]). Figure 3: Plot of potential energy of different spin state versus magnetization direction From Figure 3, it could be known that the splitting of potential energy levels resulting in a potential energy barrier in the process of changing the magnetic moment. For the example SMM, this barrier equals to E(ms=0)-E(ms=à ¢Ã¢â‚¬ Ã¢â‚¬Å¡Ã‚ ±10à ¢Ã¢â‚¬ Ã¢â‚¬Å¡)=100D. Due to the small value of D, this barrier could be easily crossed in room temperature. If sample SMM is magnetized at 1.5K, the magnetic relaxation time becomes too long to measure. When fitted into Arrhenius relationship: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦(2) The magnetic anisotropy of the SMM is caused by the structure of the eight MnIII ions. Each MnIII ion with in octahedral crystal shows Jahn–Teller distortion. These distortion[GS12] together with spin-orbital interaction give rise to the easy axis type of magnetoanisotropy. To conclude, a typical SMM consists of an inner magnetic core with a surrounding shell of organic ligands. The desired SMM requires well isolated system which exhibit high spin ground state (S) with a high magnetic anisotropy of the easy-axis (Ising) type. The difficulty is: high spin ground state often requests for several nucleuses, but the magnetic orientation of each nuclei tends to obey Maximum Entropy Models. In this way, the highest magnetoanisotropy of a molecule couldn’t be achieved easily. Some researches show that replacing magnetic core with lanthanide[GS13] ions or using single nuclearity spincluster [GS14]could avoid this problem. Their approaches will be discussed in SECTION 2. 1.2.2 Single Chain magnet (magnetic nanowires) While clusters of SMM can be considered as zero dimensional material, it is possible that one dimensional materials such as nanowires exhibit slow magnetic relaxation and hysteresis effects which are not associated with three-dimensional (3D) order. At 1963, Glauber[GS15] predicted one dimension Ising model (easy axial) would show magnetization relaxation under low temperature. Due to insufficient knowledge in this area and stringent conditions required in the synthesis procedure, chemist wasn’t be able to find any evidences to support or against the prediction, until Gatteschi et al successfully synthesis [Co(hfac)2(NITPhOMe[GS16])] in 2001. Figure 4 Structure of NITPhOMe=4†²-methoxy-phenyl-4,4,5,5-tetramethylimidazoline-1-oxyl-3-oxide Figure 5 Drawing of unit cell of[Co(hfac)2(NITPhOMe)2]. Large dark spheres represent the metal ions. Hydrogen, fluorine, and most of the methyl carbon atoms have been omitted for clarity The structure of the SCM consists of Co(hfac)2 and radicals arranged in helices alternately( Figure 5). In this one dimensional structure, the magnetic core (octahedral cobalt(II) centres) has overall S=1/2 and shows easy axis of magnetization in the chain direction[SG17]. Detailed analysis of spectrums could be found in Caneschi’s report in 2001. To conclude, three essential conditions are need for design SCMs: 1) the ratio of the interaction and interactions is very large. 2) the material must behave as a 1D Ising ferro- or ferrimagnet. This requires the building block or the core of the chain have large ground state spin. 3) the interchain interactions should be minimized to avoid the magnetism of the material be associated with three-dimensional (3D) order. This final condition also apply for SMMs. 1.3 Structure of phenolic oxime and complexes Metal complexes with a planar, electronically delocalized structure have proven particularly attractive for development of cooperative electronic properties because of the strong molecule–molecule interactions that can arise from Ï€-stacking of the planar units 2 Researches 2.1 3d nanomagnet Many 3d nanomagnets have been synthesized and researched on since the first SMM was discovered. f hexanuclear MnIII SMMs based on the complex [MnIII6O2(sao)6(O2CH)2(EtOH)4](saoH2=salicylaldoxime[GS18])9-12 Spin Switching via Targeted Structural Distortion 2.2 Iron complex Variation of alkyl groups on the ligand fromt-octyl ton-propyl enabled electronic isolation of the complexes in the crystal structures of M(L1)2contrasting with Ï€-stacking interactions for M(L2)2(M = Ni, Cu). This was evidenced by a one-dimensional antiferromagnetic chain for Cu(L2)2but ideal paramagnetic behaviour for Cu(L1)2down to 1.8 K. 2.3 Complex containing cobalt and sodium ions 2.4 Complex containing lanthanide Although many magnetic transition metal complexes have been synthesised, the temperature required for transition metal complex to exhibit magnetization relaxation (i.e. blocking temperature) is too low. Hence lanthanide metals were introduced to the complex to increase the blocking temperature. 4 Bibliography [GS1]R. Sessoli, H.-L. Tsai, A.R. Schake, S. Wang,  J.B. Vincent, K. Folting, D. Gatteschi, G. Christou,  and D.N. Hendrickson, J. Am. Chem. Soc. 115  (1993) p. 1804. Sessoli, R.; Tsai, H.-L.; Schake, A.R.; Wang, S.; Vincent, J.B.; Folting, K.; Gatteschi, D.; Christou, G.; Hendrickson, D.N.J. Am. Chem. Soc.1993, 115, 1804-1816.  [GS2]à ¥Ã‚ Ã…’à ¤Ã‚ ¸Ã…  Ãƒ ¦-†¡ [GS3]Resonant magnetization tunnelling in the half-integer-spin single-molecule magnet [PPh4][Mn12O12(O2CEt)16(H2O)4] â€Å"Spin Tweaking† of a High-Spin Molecule: An Mn25Single-Molecule Magnet with anS=61/2 Ground State New Routes to Polymetallic Clusters: Fluoride-Based Tri-, Deca-, and Hexaicosametallic MnIIIClusters and their Magnetic Properties Molecular Cube of ReIIand MnIIThat Exhibits Single-Molecule Magnetism Syntheses, structures and single-molecule magnetic behaviors of two dicubane Mn4complexes [GS4]Macroscopic Measurement of Resonant Magnetization Tunneling in High-Spin Molecules

Who Should Be the Determining Factor? Essay -- Gay Marriage Homosexual

Who Should Be the Determining Factor? In today’s society more people are getting engaged in gay marriages and becoming more open to society. From our society changing from a highly conservative rate to a more liberal state, this will increase the amount of open mindedness towards gay marriages. These two short arguments represent the pros and cons of gay marriage; and why gay marriages should be allowed. Andrew Sullivan will be discussing why gays should be allowed to be married. In contrast to Sullivan, William Bennett wrote a response to give a heterosexual perspective. Throughout this paper there will be numerous summarizing and synthesizing for the two arguments. Because there is two such different points of views this helps the contrast of both. In my synthesis there are topics that relate to Bennett and how he doesn’t have a strong enough back up to say who should and shouldn’t get married. In the essay, â€Å"Let Gays Marry,† by Andrew Sullivan, there were a few main arguments stated. In the document, Sullivan claims that gays and lesbians want the government to enable the law so it lets gays get married. They presented themselves in front of the Supreme Court and in fact, this was the first time they actually got some acknowledgment. Gays and lesbians are going to want to be together (some are lucky enough to meet that special someone), basically why not give them the right to be an equal citizen? The fact that churches do not want them to get married is not the focus; the difference is that Sullivan wants the government to take action. He’s simply asking for the government’s approval to allow a civil marriage. No one has the choice to be white, black, female, male, gay, hetero, etc. As a response to Bill Bennett,... ...on different scenarios. In the beginning half of the paper there is a summary of both stories, â€Å"Let Gays Marry† and â€Å"Leave Marriage Alone.† Basically in â€Å"Let Gays Marry,† it discusses how gays feel towards the society and how they don’t want to be second- class citizens. Also, it explains you cannot choose to black, white, gay, etc... In â€Å"Leave Marriage Alone,† Bennett believes that it will hurt the heterosexual marriage institution. Within the essay the focus was mainly on how same sex unions go against Church and God. Lastly, based on a 4,000 year tradition nothing should be adjusted. I believe that the contrast and summarizing was the main outcome of the essay. Clearly this represents two people who have very strong and different perspectives/personalities. In the end there will be the good/bad aspects of gay marriages, people will always feel uncomfortable.

Napster :: essays research papers

Napster Napster is a music-sharing service that serves people with downloadable software for their computer and allows the download of almost any music from around the world. The Webster’s Universal and Thesaurus, says that the definition of music is: Music: harmony, melody, symphony. The basic idea of Napster is for anyone who wants to listen to music. However, the argument about Napster is that it is a directory service that allows users to transfer music files from music labels that have not signed a deal with Napster. The music industry feels they are losing money because there are devices known as CD-RW and this allows for the burning of homemade compact discs with songs that Napster provides. Besides the music industry, there are bands that feel that due to Napster's popularity; they are losing money that they work for. The music industry feels that if people are burning there own compact discs at a cheap rate then the music company are going to lose money. In the following paper I will discuss why people use Napster, why there is a problem with the use of Napster, and how the service can be used legally. The idea of Napster was started by a freshman at Northeastern University in January 1999. In May 1999 Napster took shape as one of the most used computer software around. From the Napster web site you easily download the software. The software then connects you with millions of users who have the song you are searching for. After you find the song you can start the download process and download that song onto your computer. One negative aspect of Napster is that the songs you download mostly take a long time to download, depending on your connection speed, and take up a lot of space in your memory. After you download the song you can then make your own compact disc if you have the right equipment that is. The equipment needed is a compact disc burner and the recordable compact discs. You then are able to distribute the songs and only have paid a fourth of the price that you would have paid if you had bought the compact disc from a music store (Napster). Many bands and music labels have sued the people behind Napster. The music industry is saying that Napster breaks copyright laws by allowing people to spread music without the proper authorization for usage.

Decision Making at the Top: The All Star Essay

Sunru Yong prepared this case solely as a basis for class discussion and not as an endorsement, a source of primary data, or an illustration of effective or ineffective management. This case, though based on real events, is fictionalized, and any resemblance to actual persons or entities is coincidental. There are occasional references to actual companies in the narration. Copyright  © 2008 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business Publishing, Boston, MA 02163, or go to http://www.hbsp.harvard.edu. This publication may not be digitized, photocopied, or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School. M I C H A E L B E E R S U N R U Y O N G TerraCog Global Positioning Systems: Conflict and Communication on Project Aerial Emma Richardson squinted at the TerraCog GPS (Global Positioning System) prototype in her hand. She zoomed in until the display showed a clearer satellite photo of the lake 200 feet in front of her and into which her Labrador had already happily bounded. Most weekends, Richardson made the hike to the lake to clear her mind and, on occasion, to test new GPS models from her employer, TerraCog, Inc. Unfortunately, with the â€Å"Project Aerial† launch meeting scheduled for the next day, it was difficult to enjoy this particular hike. Emma wondered how to get all parties to reach an agreement on the price point for Aerial. TerraCog had started losing share to a competitor, Posthaste, and it was imperative to get the new product to market. Arriving at the lake, Richardson gave in to the urge to check her phone and grimaced as she noticed two new voicemails. The first message was from Allen  Roth, the director of design & development (see Exhibits 1 and 2 for an organizational chart and brief biographies of key managers): â€Å"Emma, it’s Allen. Listen, Tony and I have been over these cost numbers on Aerial. We cut all that we could and we ended up with only a 7% or 8% reduction to cost. Unfortunately, I don’t think this will get us to the price point that Sales is looking for. But I don’t need to remind you that we gave Sales the features and functionality they wanted in Aerial, so I’m not going back now to ask my team to do the impossible. We’ll hash it out tomorrow, but I figured it best you hear it from me.† The second message was from her boss, Richard Fiero, the company president: â€Å"Emma, I wanted to check on Aerial. I heard grumbling from Ed and the sales team on Friday. They seemed frustrated with Tony Barren’s production team. Make sure Production has its act together. Tony should know he’s on thin ice after the recent production fiasco on that sonar project-he’s got to succeed on Aerial. We need to have Aerial on shelves at the start of Q3. Some board members are worried, so Aerial will be near the top of the agenda at the board meeting next month.† 2184 A P R I L 1 1 , 2 0 0 8 For the exclusive use of B. Shi This document is authorized for use only by Bixi Shi in Organizational Behavior- Fall 2014 taught by Elaine Wong University of California – Riverside from October 2014 to December 2014. 2184 | TerraCog Global Positioning Systems: Conflict and Communication on Project Aerial 2 BRIEFCASES | HARVARD BUSINESS SCHOOL Neither message was encouraging. The Aerial meeting the next day, involving  the sales, design & development, and production departments, was now guaranteed to be contentious. It was March 2008-only two months since Richardson had been promoted to executive vice president. Fiero had tasked her with moving TerraCog toward greater operational alignment and increasing cross-departmental cooperation. Richardson had already been tested by both inventory problems and quality issues, which had led to significant tension between the U.S. headquarters in Chicago and the production team in Shenzhen, China. Now, disagreement over the proposed price point for Aerial threatened to derail the launch of the prototype in her hand. Company and Industry History TerraCog was a privately held company specializing in high-quality Global Positioning System (GPS) and fishing sonar equipment. Founded in 1977, TerraCog got its start manufacturing high-end sonar equipment for serious sport fishermen and boaters. In the late 1990s, the company had introduced its first GPS products, marketed specifically to hunters, hikers, and campers. Management believed that it was the company’s skill at translating retailer and user feedback into exceptional product design and functionality that fueled the growth of its GPS business. Through attentive channel management and, as Fiero put it, â€Å"a deep understanding of what specialty retailers needed,† TerraCog had developed strong relationships with its key accounts. Fiero also believed that TerraCog’s grasp of its consumers’ preferences and usage had given it an edge over GPS manufacturers whose core business was in automotive applications. The firm had built its GPS line for the serious outdoor enthusiasts’ market, and the products had won plaudits for durability and value-added features like the integrated compass and barometric altimeter. Moreover, industry reports indicated that the TerraCog GPS outperformed competing products on navigation. TerraCog’s proprietary firmware-a custom computer program embedded into hardware that â€Å"ran† functions-optimized the GPS chipset’s Wide Area Augmentation System  capability, which provided more precise navigation. The company was not always first to market. In fact, TerraCog had found it was free to lag in technological innovation with little risk because, when the company finally introduced new products, they surpassed those of competitors in addressing customer needs. Customer word-of-mouth recommendations had given TerraCog strong momentum with its handheld GPS. In early 2007, TerraCog prepared to enter new, underserved GPS sub-markets, including cycling and fitness applications. â€Å"Google Earthâ„ ¢ for your GPS† At the Summer 2006 Outdoor Retailer Show-the biggest trade show for vendors of outdoor goods-a competitor, Posthaste, had unveiled a GPS prototype called â€Å"BirdsI† that displayed satellite imagery. The imagery was not live, but rather static satellite photographs that had been â€Å"stitched† into a single view. This was a marked improvement on the simple, vector-based graphics used by the rest of the industry (see Exhibit 3 for a comparison). This did not impress the TerraCog team. The imagery was crisp and had a certain visual appeal, but TerraCog’s research showed that BirdsI technology did not offer substantive performance improvement over the standard maps in TerraCog’s GPS system. Furthermore, the TerraCog team was convinced that Posthaste’s receiver lagged TerraCog’s product in both accuracy and reception quality. While the TerraCog team dismissed the Posthaste concept, a number of key buyers and product reviewers found it an exciting innovation. One magazine reviewer observed, â€Å"Imagine having For the exclusive use of B. Shi This document is authorized for use only by Bixi Shi in Organizational Behavior- Fall 2014 taught by Elaine Wong University of California – Riverside from October 2014 to December 2014. TerraCog Global Positioning Systems: Conflict and Communication on Project Aerial | 2184 HARVARD BUSINESS SCHOOL | BRIEFCASES 3 Google Earthâ„ ¢ built into your GPS-it’s much more compelling to look at an actual satellite image than to have yellow for land, blue blobs for water, and grey squiggles for roads.† Based on the buzz, TerraCog’s executives debated whether to upgrade to satellite imagery. However, they realized that adding the feature to the existing GPS platform required upgrades to processor speed and memory, as well as new firmware. After some deliberation, the company dropped the idea as a non-essential fad. TerraCog’s management remained confident that the company’s core customers were discerning purchasers who would value durability and performance over dressed-up graphics. In October 2006, with much fanfare, Posthaste introduced BirdsI as â€Å"the only handheld GPS with satellite imagery.† BirdsI had an exclusive launch at two major national outdoor retailers, both of which were key accounts for TerraCog. Within two months, TerraCog’s sales representatives in the field reported impressive sell-through rates for BirdsI nationwide. While the product’s success surprised TerraCog, management attributed it to the ebullience of the holiday shopping season. The TerraCog team was confident that the popularity of BirdsI wouldn’t last. Project Aerial However, by spring 2007 TerraCog’s sales reps were noticing increasing customer demand for a GPS with satellite imagery like BirdsI. Ed Pryor, vice-president of sales, began pressing for a reversal of the decision not to develop the product. â€Å"It’s embarrassing to have no answers for our retailers when they ask for our version of this,† he said. â€Å"Look at it from our perspective. We’ve changed the compensation plan for the whole Sales team-including me-so we take a real hit if we don’t reach our sales targets. Customers now want something different, and I can’t tell my reps we have no  plans to develop the product they need to hit those targets.† In response to these repeated requests, TerraCog’s president, Richard Fiero, changed his mind on satellite imagery, if only to satisfy the â€Å"gadget† appeal of such an innovation. The initiative was dubbed Project Aerial. In order to speed development and avoid the costs of new moldings and major reconfiguration, the team decided to redesign within the existing GPS platform. Shortly after making the decision to proceed with Aerial, Fiero and Pryor met with Allen Roth, director of design & development. Roth brought his key managers to the meeting: Cory Wu, who oversaw software and firmware, and Alice Gorga, who managed hardware design. RICHARD FIERO: Allen, we’re obviously in a hurry to get to market. But we don’t want something slapped together – let’s make sure we get this product completely right the first time. Our reputation for quality is paramount. ALLEN ROTH: Understood. Are we including all the same features that we have in our current GPS line? ED PRYOR: Yes. We plan to offer Aerial at approximately a $50 retail premium to the current top- of-the-line GPS, so it’s important to maintain the same high-end functionality. ALLEN ROTH: What about speed? Satellite imagery requires a lot of processing power, so without some serious juicing, Aerial might run slower than you’d like. ED PRYOR: I think we’ll be okay there, Allen. Our consumers are tech-savvy-they know there’s an inherent trade-off to get more sophisticated graphics. As the meeting ended, Roth indicated that they would have to do some careful planning to keep costs as low as possible, but he was sure the product design could be completed by year’s end. At that point, they could hand it off to production to develop detailed cost estimates, which would allow the  sales team, in consultation with finance, to determine pricing and develop a go-to-market plan. For the exclusive use of B. Shi This document is authorized for use only by Bixi Shi in Organizational Behavior- Fall 2014 taught by Elaine Wong University of California – Riverside from October 2014 to December 2014. 2184 | TerraCog Global Positioning Systems: Conflict and Communication on Project Aerial 4 BRIEFCASES | HARVARD BUSINESS SCHOOL Given the manufacturing lead-time, TerraCog expected to get Aerial to stores by the 2008 holiday season (see Exhibit 4 for timeline of events). The product development team members did not greet the Aerial decision with enthusiasm. First, they felt that a redesign of the total platform-including firmware, external case, internal components, and TFT (thin-film transistor) display-was feasible if management could extend time to market by six more months; the resulting product would be superior and the project would be more stimulating technically to the team members. Second, they had several other ideas for new products that they believed would position TerraCog to capitalize on growth in cycling and fitness GPS applications, and Project Aerial was forcing them to put aside these more exciting projects. Finally, with company co-founder Harold Whistler preparing for retirement, Roth was eager to prove his readiness to be the next VP of design & development. The Aerial project impeded his building of a product line he could truly call his own. Aerial Pre-Launch Meeting As promised, the design team completed Aerial by the end of 2007. Late in January 2008, the production team received the design specifications it  needed to establish production methods, conduct a pilot run, and estimate costs. As the new executive vice president, Emma Richardson was tasked with overseeing the product launch. She scheduled a launch meeting in early March with sales, production, and design & development. In the past, Fiero and Whistler had been very involved in new products and tended to make quick decisions. TerraCog’s growth forced Fiero to take a step back from the launch process, while Whistler had cut back to part-time hours. There were many more employees involved in Aerial than in past product launches, and Richardson worried that the size of the group might threaten the focus and thwart decision making. She needed to finalize decisions on costs, pricing, and initial production volume. At the start of the pre-launch meeting on March 7, Richardson looked down the table, seeing Ed Pryor, Allen Roth, production director Tony Barren, Cory Wu representing software and firmware, and Alice Gorga representing hardware. Richardson opened the meeting by asking Barren to present his cost estimates. Barren looked around grimly and did not mince words: â€Å"This thing’s expensive to build. It looks the same, but Aerial’s got higher-end components and it’s more complex to manufacture.† He gave a high-level overview of product-cost breakdown and concluded by saying, â€Å"I’ll be blunt. You’re going to have to sell this product for a lot more than you thought. If anything, we have been too aggressive in our cost estimate. We can’t lower it beyond what I’ve presented.† ED PRYOR: I know you think your estimates are sound, but that isn’t going to help us. With these numbers, we would have to sell Aerial for $550 to maintain our margin. We’d be two years late to market with a price point $100 over BirdsI. CORY WU: Tony, those cost estimates are surprisingly high. We tweaked the firmware without overhauling it, so it’s basically the same components. It doesn’t seem justified that the costs should come out as you say. ALICE GORGA: I’m not sure, Cory. Those costs look realistic, given how my  team upgraded the hardware. Sales probably just needs to reconsider how to position this thing. I think – ED PRYOR: Wait, are we here to talk about positioning or pricing? Fiero and I already figured out how we’ll position the product, so let’s just get the pricing straightened out. For the exclusive use of B. Shi This document is authorized for use only by Bixi Shi in Organizational Behavior- Fall 2014 taught by Elaine Wong University of California – Riverside from October 2014 to December 2014. TerraCog Global Positioning Systems: Conflict and Communication on Project Aerial | 2184 HARVARD BUSINESS SCHOOL | BRIEFCASES 5 TONY BARREN: Well, we don’t perform miracles. The cost won’t change, and I’m not going to cut corners in production. I had my head handed to me the last time we had quality issues. ED PRYOR: Allen, your designers must be able to tweak something, right? Hate to say it, but maybe you guys need to go back to the drawing board and figure out how to solve this problem. ALLEN ROTH: Ed, we’re well into a couple of other projects now. Frankly, I don’t think this is Sales’ call to make. We already put other projects on hold for Aerial, and we’ve given you what you requested. The discussion continued, but it became clear the group was at an impasse. Richardson suggested ending the meeting: â€Å"Why don’t we wrap it up for now and meet again next week? In the meantime Tony and the Design team should look for opportunities to cut these costs.† As the meeting adjourned, Pryor announced to the room, â€Å"If we can’t lower these costs and fix the finances on Aerial, I can’t sell it. I won’t try.† Resumption of Aerial Pre-Launch Meeting One Week Later Roth and Barren had spent much of the intervening week reviewing the cost estimates. When the team re-gathered on March 14, the participants seated themselves around the conference table (see Exhibit 5 for a seating chart). Becky Timmons, the CFO, was in attendance. At the last minute, Harold Whistler also decided to join the meeting. As Emma Richardson passed out copies of the new cost estimates, she explained that Roth and Barren had agreed to make minor changes to the Aerial prototype, and that they now felt it could be produced for approximately 8% less than the prior week’s estimate. On this basis, the Aerial could be priced at $475, about $100 more than the current full-featured TerraCog GPS. A long silence followed, then Cory Wu spoke up. â€Å"Eight percent-that’s all? I don’t understand it. I’d like to know where the differences lie between our costs and PostHaste’s on BirdsI. There’s got to be room for more cuts.† Barren snorted derisively. â€Å"You can’t wish away the costs,† he said. â€Å"We’ve cut what we can. Last time we got pressured into being too aggressive on cost estimates and then we got burned when the price of plastic went through the roof. I’m not making that mistake again.† Allen Roth concurred, pointing to the drivers of the cost increase: â€Å"Incorporating the satellite imagery requires five times as much memory as our standard graphics. That increases cost-but if you cut it, you undermine Aerial’s value proposition. Then we also did some reconfiguration internally, and that increases the labor required to put one of these together.† He paused, surveying the frustrated faces around him. â€Å"I don’t like the situation any more than the rest of you do, but we’ve got to be realistic. Look at the numbers in front of you-there’s nothing we can do to further reduce costs.† As everyone scrutinized the new cost estimates, the meeting broke into several conversations. Ed Pryor and Richardson huddled together, while Allen Roth and Tony Barren carried on a conversation with Harold Whistler. After several minutes, Richardson realized she needed to get the discussion back on track. She addressed the entire group, saying, â€Å"We have the estimates, so we just have to set a price that makes sense for the company. What do you think, Ed?† ED PRYOR: We have to consider the selling price of the Aerial relative to competition. Posthaste is selling at around $250 to dealers, which means they retail for around $400. Garmin just announced For the exclusive use of B. Shi This document is authorized for use only by Bixi Shi in Organizational Behavior- Fall 2014 taught by Elaine Wong University of California – Riverside from October 2014 to December 2014. 2184 | TerraCog Global Positioning Systems: Conflict and Communication on Project Aerial 6 BRIEFCASES | HARVARD BUSINESS SCHOOL their satellite-image version, which will hit shelves at somewhere around $395 MSRP. You all are talking about $475 retail, and that’s too high. We have to be in the ball park with our list price or we’ll be shut out of the game. EMMA RICHARDSON: What should list price be? ED PRYOR: $425 tops-but we should be lower than that if we are going to be aggressive at recapturing lost share. Let’s not kid ourselves. The way we’re trending, same-store sales will be down 10% this year. And this is with the GPS handheld market growing. HAROLD WHISTLER: What if we relax our margin requirements for once? BECKY TIMMONS: Absolutely not. We’re cutting it close already. HAROLD WHISTLER: Okay, then how about a redesign? Let’s go to market with what we have, and I’ll have my team take another look at possible changes that we can incorporate later. ALLEN ROTH: I’m afraid that’s wishful thinking, Harold. Given the product requirements the sales team called for, the cost is as low as it will get. CORY WU: I don’t know about that. The changes we made to meet sales’ requirements were not enormous. Why would they contribute to such a large increase in projected labor costs? TONY BARREN: Cory, you and Harold can run the numbers for yourself. Then you’ll see that these high costs are real. BECKY TIMMONS: I’d still feel more comfortable if we could price it at $500 retail. With fuel costs still rising, the cost to get these here from Shenzhen will only increase, and we run the risk of our margins really getting squeezed. ED PRYOR: Becky, you don’t understand how competitive this market is! Even at $475, why would anyone give us shelf space? We are late to market and we’d be pricing at a substantial premium. And is the product superior enough to justify that premium? I’ve been trying out our prototypes and I’m concerned about the speed. The update speed is terrible, and switching between functions is just – ALLEN ROTH: Come on, don’t start talking speed now. We were clear from the start that we would trade some speed to get new functionality and features. ED PRYOR: Well, my sales managers are going to be fuming. Fiero told them  Aerial would be available at $400, and now you are talking about a minimum of $75 more than that. I still want to see Cory or Harold take a crack at reducing unit cost. Emma Richardson took a deep breath. The company needed a â€Å"go/no-go† decision on the existing Aerial, and whether to do so at a competitive price in the hope that costs might be cut in the future, or at a high price. She wondered fleetingly what the consequences might be if the company abandoned Aerial altogether. As things stood, the arguments and finger-pointing were bound to continue, and the group would never come to a decision on its own.

Equality, Diversity and Inclusion Essay

Diversity is about valuing individual difference, it can be visible and non-visible. Recognising everyone is unique and has individual differences such as: * Race * Gender * Age * Sex * Ethnicity * Religious beliefs * Sexual orientation * physical beliefs/ qualities * political beliefs * educational background * income * appearance see more:identify barriers to children and young people’s participation In a workplace environment it is very important to support people’s individual differences and to embrace on diversity with each individual. Diversity means more than just acknowledging or tolerating differences it’s about respecting them and understanding that we are all different in many ways. There are seven main forms of discrimination being: Direct discrimination occurs when someone is treated less favourably than another person because of a protected characteristic. Indirect discrimination occurs when a seemingly neutral provision, criterion or practice that applies to everyone places a group who share a characteristic e.g. type of disability at a particular disadvantage. Associative discrimination occurs when someone discriminates against someone because they associate with another person who possesses a protected characteristic. Discrimination by perception occurs when someone discriminates against an individual because they think they possess a particular protected characteristic. Dual discrimination occurs when someone is less favourably because of a combination of two protected characteristics. This means that it will be possible for an applicant to claim that they have been treated less favourably not just because of their race but also their gender. Detriment arising from a disability arises when you treat a person with a disability unfavourably because of something connected with their disability. This type of discrimination is unlawful where the employer or other person acting for employer knows, or could reasonably expected to know, that the person had a disability. Victimisation occurs when an employer is treated unfavourably, disadvantaged or subjected to a detriment because they have made or supported a complaint of discrimination or raised a grievance under the equality act, this policy or the harassment, bullying and discrimination policy or because they suspected of doing so. Third party harassment occurs when an employee is harassed by someone who does not work for the employing organisation such as a customer, visitor, client, contractor from another organisation. They employer will become legally responsible if the employer knows the employee has been harassed on two or more occasions and fails to take responsible steps to protect the employee. Equality Equality is the current term for â€Å"equal opportunities†. In October 2010 it was put in act to protect people from discrimination. Equality is not about treating everyone in the same way, it’s about recognising that there need s are met in different ways. We should aim to recognise, value and manage difference to enable all people contribute and realise their full potential. Inclusion Inclusion is about allowing everyone to join in group activities despite their differences. It’s about promoting equality of opportunities for all and encourages everyone to be treated fairly and valued equally.

Compare and Contrast Television Essay

There are so many TV’s to choose from now days it is so hard to pick the right one. Maybe this guide will help you out. The first color TV was introduced into the world in the year of 1966. It has taken 25 yrs for a mass acceptance. In today’s society majority of the homes have the up to date television. The newer versions of TV’S are a better choice to make when picking out a TV. Here are list of some web sites for you to look at before buying any TV’s. http://shop. panasonic. com, www. bestbuy. com, www. rca. com. Television sets in the early nineties were pretty cool then even though a TV had a price tag of: $750 for a 1997 28 inch Samsung. The graphic was ok but still needed so much work on it to make it clearer. The other thing about the TV’s back then is it’s bulky and not to mention heavy. There are great advantages to having a TV in the 90’s. You can hook up RCA jacks to use a DVD player or video games. People in the 90’s gave someone a new TV for a gift for Christmas or birthday or even a graduation present. In the year of 2012 there are so many ways to see the world of televisions. One of the ways is through the TV set of Panasonic VIERA HDTV. One plus is that they have a new sleek and thin look to them not to mention the price tag of more or less than $2,999. 99. New up to date Graphics are so exciting. There are taking the original 2D and turning it into 3D eye popping full high definition. Smart phones in the last 5 years and now for the year of 2012 there is a smart TV out there called : SMART VIERA ® 55†³ Class WT50 Series Full HD 3D LED HDTV (54. 6†³ Diag. ). These TV’s still have some of the basics that are on TV. You can still plug RCA jacks and also hook up cables for game playing. You can also give these TV’s as Christmas, birthday, wedding, or even a graduation present. Knowing these facts about televisions you should have enough confidence to go out and buy a new TV. Even go to a goodwill store and get a good used TV there. If you were to go out and buy a new one you should get a newer model like the new 2012 models so you can get the most up to date technology. With the older TV’s being obsolete due to the technology in the year 2012. The pawn shops don’t even take them . with them being older than the year 2001. TV’s are like cars they are always changing over a year’s time. There are so many TV’s to choose from now days it is so hard to pick the right one. You just have to keep looking for the right information for your own needs not everyone has the same needs that is also why there is so many models of TV’S. The way the technology is increasing and moving forward in this short amount of time make you wonder how the next 20 years of technology is going towards.

Business Plan for a Recreational Business

EXECUTIVE SUMMARY Away with the old and in with the new ‘X-Treme Gravity’ recreational park. The business is viewed as exhilarating, enjoyable and flexible. It accommodates almost all ages and different packages are designed to suit the customers’ capacity and beyond that to boost one’s confidence by motivating them to overcome their fears. The first task accomplished was the brainstorming and mind-mapping session. This was done in order to develop an exhilarating and fresh idea for recreational businesses. The factors considered for the business were divided in to two. There were the external factors that were considered such as economic factors, political factors, the socio-cultural factors and the competitors in the industry. Then, there were the internal factors considered which include: the start-up costs, the returns on investment, the assets and other resources required and the overall financial budget. The business’s main center is located in Karen within Nairobi. These premises offer several extreme and outdoor sports such as paintballing, go karting, dirt bike racing, and zorbing, among others. The business also extends their services by offering extreme sports packages for certain extreme sports that cannot be done on the premises. Therefore, the packages comprise of mountain climbing, trekking, scuba diving, snorkeling, white water rafting and sky diving to different areas within Kenya. The vision of this business is; to provide excellent customer services, build long-term relationships with the clients, create awareness & increase stipulation for the extreme sports. Various sources for the research were used, such as: The Internet, newspapers, magazines, journals, public banners, the general public, individual businessmen and successful companies. The task of SWOT analysis was much of a group contribution, whereby the group members contributed information based on their own knowledge and understanding of the business. The financial projections of the business were based on estimated values. The business interviewed companies with similar products such as, ‘Out of bounds’ and ‘Kitengela adventures, to acquire reasonable figures for costs and revenues. They were mainly interviewed via email and telephone. Our business also did surveys and face-to-face interviews. A market research was carried out to determine market growth, trends and needs. Survey objectives were determined and the questions were prepared based on these objectives. The promotional campaign was addressed and researched through a market survey. Overall, the business was seen as viable and acceptable. MISSION STATEMENT: AIM AND OBJECTIVES OF THE BUSINESS -Short Term goals: From 1 to 12 month of operating: a)Establish the target market and inform the target market of the products existence by 10% in the first year. )Creating a promotional and marketing plan that will fasten the awareness process by 15% in a year. c)Using discount and seasonal pricing to increase the demand of the products and services in the market by 10% in the first year. d) To develop a relationship with our customers in order to create a friendly environment and to keep them loyal to our business. This will maintain and steadily increase revenue by 5% each year. -Middle term goals: From 13 to 60months: a)Design a marketing plan that will keep our customers loyal to the business. Profits will steadily increase by 10% in a year. )Design a plan to increase our customer’s margin; revenue will increase by 9% in a year. c)Increase the profit monthly through the above plans. Profits should increase by 15 in a year. d)Receive higher returns on the investment of 12% in a year. e)Grow in the market and expand the business’s market share by 6%. f)Increase revenue and sales margins after the first year, by 10% each year thereafter. – Long-term goals: a)To expand the business by locating it in different areas to facilitate the access of our products to potential customers in those areas; revenue will increase by 15% in a year. )To design a plan that will expand the business in terms of the target market; profits will rise by 18% in a year. c)Maintain long-term relati onships with the clients and receive customer feedback. Market share will expand by 7%. d)Introduce new activities and extreme sports packages. Profits will increase by 19% in a year. e)Maximize profit margins and revenue margins by 22% in a year. f)Continue expanding in the market to eliminate any other competition. Increase market share by 10%. KEYS TO SUCCESS The essential keys to success of this business include: Create an environment for people to feel good about themselves, both physically and mentally. †¢To keep our customers comfortable by creating a relationship with them †¢Provide special activities for various holidays. †¢To insist on excellent customer assistance at all times †¢To recruit professionals in the different domains to insure customers’ satisfaction Always a follow up on the customers’ experiences in our premises and in outdoor facilities arranged by us. IDEA GENERATION When selecting an appropriate business, the group identif ied various factors and their implications on the business. EXTERNAL FACTORS CONSIDERED: Economic factors: These included factors such as inflation, unemployment, economic growth and income inequality. Each factor was considered and evaluated in order to determine the most detrimental one to the business in the market. Initial surveys and experiments show that Income inequality will affect this business the most in this market. Political factors: These include the political upheaval in the market. Another major detrimental factor to businesses in Nairobi is the political factors. Therefore, it is important to study the current political situation and the impact it will have on our business. Socio-cultural factors: These include factors such as population structure, lifestyles and behavior of the market. This was vital to consider since the nature of the business is one that has rarely been explored before and therefore, its success depends entirely on the customer behavior and lifestyles. Competition: The fewer the competitors, the easier the success of the business. Therefore, the business was selected based on the number of competitors in the market. X-Treme Gravity faces its main competition from â€Å"Out of Bounds† and â€Å"Kitengela adventures†. (Sourced from surveys) The pie chart shows which one of these factors is seen as the most detrimental in the market, especially for our business. INTERNAL FACTORS CONSIDERED: Assets and resources: The assets and resources for the business are limited, since most of the sports being done on the premises are outdoor and require, one-off payments for the main equipment. Similarly, since the business is outsourcing for the extreme sports packages, then the assets and resources required are controlled. Financial budget: The business was also selected because the preparation of the projected financial budget was not impractical. Initial start-up costs: The initial start-up costs for the business are relatively high for the new business. This is because the business is being located in Karen and the cost of acquiring lad is quite expensive. However, it is a one-off cost. Return on Investment: The return on investment is attractive. This encourages more investors to ‘pitch in’ and the success of this business highly depends on the attractiveness of the investment. Profitability: The nature of this business is very dynamic which constantly eliminates any new type of competition to this business. The business may experience high initial start up costs but these costs are likely to be recovered fully within the course of the business. BUSINESS DESCRIPTION / COMPANY SUMMARY COMPANY DESCRIPTION AND OWNERSHIP: 1. 1Company description The business is mainly accentuated around extreme sports. We provide our customers with different thrilling activities. These include: A set of activities that can be enjoyed in either the ‘X-Treme Gravity’ recreational park or outside the premises. Our premises are situated in Karen, Nairobi. This is our main center, and it will be an extreme sports recreational park. Then we extend our services by offering other extreme sports packages so that certain extreme sports such as scuba diving, skydiving, mountain climbing and white water rafting, among others, can be done in style. The extreme sports packages have been designed in such a way that it stretches out to different, unique places within Kenya that are best suited for that particular extreme sport. The main objective of this business is to provide a new way of enjoying and relaxing during leisure time to our Nairobi residents. Therefore, ‘X-Treme Gravity’ is not only an extreme sports park but also a fun park, specifically founded to add enjoyment in the lives of our customers. EXTREME SPORTS AGENTS: We extend our services as extreme sports agents and the procedure that tour business followed is: 1. 2Company Ownership After a careful analysis of all the different possible ownerships available, this company will operate as a limited company for the following advantages: a)The ordinary shareholders are the owners of our company. b)The ordinary shareholders at the AGM elect the Board of Directors. )The members of the company can vary from two till infinity (depending on the no. Of shares) d)The shares are traded on the stock exchange. e)There is a separate ‘legal entity’ from the shareholders f)There is a limited liability to shareholders. g)Funds and finance are raised through the issue of shares and redemption of debentures. (MBA Publishing Ltd, 2005) COMPANY LOCATION AND FACILTIES : This company will be located in Karen considering the atmosphere we would like to create for our customers as well as the issue of land. Extreme sports which need to be done outdoors will then have its appropriate locations where customers will either be transported there using the company’s facilities or use their private transport. Those w need to hire out our company vehicles to pick and drop them to our premises need to give a weeks advance notice, including the numbers needed to be picked. (Sourced from Kitengela Glass) The facilities included are: A cafeteria: The cafeteria is designed in a modern art style. It extends outdoors so that our customers can enjoy the outdoor breeze on a sunny day under the table umbrellas. People may also sit in the well-designed, creative loft. Changing rooms: These have been included on the premises so that the people doing the outdoor sports can change there and lock their belongings in the secure lockers in the changing rooms. Picnic site: There is a picnic site on location, which has bee well designed to fit the description of â€Å"peaceful, relaxing and scenic†. This has been specially introduced for the schools, companies and families. An area filled with nature and comfort perfectly designed specifically for the satisfaction of our customers. Go-kart and dirt bike tracks: The premises also include two separate tracks for go karting and dirt bike racing. Attention has been given to developing these tracks so that various competitions can be held on location under the categories of ‘junior karting’ and ‘team building’. Artificial rough rock wall: This has been installed on location as well for the purpose of training for rock climbing. There is one separate wall for juniors and one separate one for adults and professionals. Within this area, individuals are also trained for abseiling/ rappelling. Rope crossing/ Tarzaning/ aerial rope structures: Once again, a separate area within the premises will be dedicated to all the rope games (heights), where ropes are tied to various tall structures very high off the ground. PRODUCTS AND SERVICES PRODUCT AND SERVICE DESCRIPTION: X-TREME GRAVITY will be offering the following activities within the premises: 1. Paintball: P aintball is a sport in which players eliminate opponents by hitting them with pellets containing paint (referred to as a â€Å"paintball†), usually shot from powered paintball gun (or marker). Wikipedia, 2007) The area for paintballing has been designed in such a way that it offers flexibility in the types of paintball games that can be played on location. These variations in the paintball games have been done intentionally, to offer a wider variety for customers ranging from the age group of 10 onwards. Among the paintball games that can be played on our premises are: Capture the flag- players need to steal th e enemy flag and defend the friendly flag Elimination- shoot the enemy team; may replay if hit King of the hill- one team defends a raised flag while the other team attempts to lower the flag. Zombie- a few players are considered enemy (only die with goggle shots) which will turn others into their team by hitting them Speedball- players start from 2 far sides of a round field trying to capture a flag placed in the middle and returning it to friendly base. (Wikipedia, 2007) 2. Go-karting: T He business chose to introduce go-karting on the premises because it is a very fun-filled, enlivening and stimulating game. The game requires a person to hire out a go-kart and complete several rounds, competing with other fast drivers on the same tracks with them. The idea is to reach the finish point before the opponents and the thrill lies in the speed at which they drive the go-kart. The game has been designed and split in to two categories: The ‘junior karting’ for all the children under the age of 12 and ‘team building’ for adults and companies who come to the premises for ‘team building’ activities. We can also provide photography, video recording and product displays if required. (Envermeyer, 2009) ‘TEAM-BUILDING’ GO KARTING: What better way to get your workforce motivated than a Grand Prix-style event? Once your staff is confronted by a track full of adrenaline-fuelled workmates and a burning desire to win you will soon see who responds best under testing conditions; there really is no better way of bringing people together than on the race track. (Envermeyer, 2009) â€Å"JUNIOR KARTING†: All likelihood the next Formula 1 Champion will have started his career in a go-kart. Youngsters from 8 years upwards are competing on a regular basis and whether you are trying the sport to see if the child has potential or simply looking for a different type of birthday treat the karting could be something to consider. Envermeyer, 2009) 3. Dirt bike riding: This game has several similarities with go-karting. To start with, it is a game that spells out ‘wild and crazy’ fun, just as go-karting. Separate dirt-bike tracks have been designed in such a way that the tracks are dusty, uneven, uphill, downhill, through bushes, testing various levels of difficulty. The tracks are quite long and the game requires a well protected and geared up individual to ride a motor cross bike through the different levels along the track, competing with his/her opponents along that track. The deal is to reach the finish point before your opponents. The game is only applicable for children above the age of 15 and requires a certain level of skill or enthusiasm. (Dirtrider. net, 2005) 4. Aerial ropes / Rope crossing and Tarzaning: This activity emphasizes on height and balance. There are several activities involving ropes within the premises that have especially been designed for ‘team-building’ activities, ‘junior’ activities and ‘professional training’. One rope is tied from one tall structure to another and a person is to balance him/herself on the one end to the other wearing the harness and other necessary protective gear, for our client’s protection. However, this is just one of the many activities with the ropes. There are bridges made of ropes only, suspended high off the ground, there are ‘Tarzaning’ activities as the name suggests and many more. (South Stafford shire council, 2009). The ropes are suspended very high of the ground and they have been positioned in an area within the premises that has outdoor, adventurous, bushy excursion scenery. This helps overcoming the fear of heights. Some of the trails we offer are: MINI AERIAL ROPES TRAIL: 8 years of age & up: This trail is to be created especially for small adventurers. The trail is similar to the regular trail, but is adapted to the younger clientele. This trail permits children to have fun going from one tree to the next all the while at their own rhythm and abilities. Although, the trail has different levels of difficulties for the juniors as well. Participation Requirements: (South Stafford shire council, 2009). Must measure a minimum 1m40 arms extended, from fingertips to toes. Adult supervision is obligatory. Be in good health. THE ‘CAP JASEUX’ TRAIL: Aerial ropes course in Cap Jaseux consists of 73 suspended bridges, which cross over 4 distinct areas. These bridges wind through a majestic trees, bushes and woods, from platform to platform within’ the trees. Each section is composed of a complete route with each its own challenges and surprises, but always respecting the capacities of each hiker. (South Stafford shire council, 2009). Participation Requirements: You must be over 8 years of age and measure a minimum of 1m80, arms extended, from fingertips to toes. Participants under 16 years of age must be accompanied by a responsible adult (an adult can accompany a maximum of 3 young participants). Participants cannot be under the influence of alcohol or drugs. Participants must be healthy. 5. Zorbing: The activity of sphering, zorbing or globe riding is the recreational practice of humans rolling downhill in a bouncing sphere, generally made of transparent plastic. Sphereing is generally performed on a gentle slope, but can also be done on a level surface, as well as on water, permitting more rider control. The zorbing zone has been designed with several exciting and challenging barriers. While rolling downhill in the plastic ball, the sphere is rolled down n a certain direction and from there it meets several ‘cushioned’ barriers that make the sphere ‘bounce-off’ the cushioned barrier. We offer two types of spheres, the single holder and the double holder. Zorbing is a very flexible game as it can be done in various ways. It could be rolled down, it could be in water, it could be bounced off various barriers. Extras: We also include a low level of water in the zorbs. Extreme dreams, 2009) . 6. Wall/rock climbing and abseiling/rappelling: For those who are interested in high-adrenaline adventures and the terror of height, wall/rock climbing was not forgotten in the mixture of the creation of X-TREME GRAVITY. In this sport, the climber wears a harness and other protective equipment before the activity begins in order to protect them from accidents of any sorts. The built-in wall/rock wall has an uneven, rough texture just as in a real adventure. Individuals are required to climb it using different levels of support. The wall stretches very high. On reaching the top, then the individual is required to climb down using the appropriate equipment from the other side of the wall. This helps in overcoming fear of heights and it can be used especially for training of using the appropriate equipment and climbing and descending aptly, for a real rock climbing expedition. (Wikipedia, 2007) EXTREME SPORTS PACKAGES: The business is keen to provide exciting, thrilling and adventurous extreme sports packages and therefore, X-treme Gravity has designed several exhilarating packages for the introductory stage of the business. The business looks forward to expanding and introducing more new and unique extreme sports packages over time. The packages that X-treme Gravity introduces, includes: Mountain Climbing White-Water Rafting and Kayaking Scuba Diving Sky diving Mountain Climbing If you enjoy climbing/hiking, Kenya has a lot to offer, the most favorable areas being, the Aberdare Mountains, the Chyulu Hills, Hell's Gate, Mt. Susua, Mt. Longonot, the Menengai Crater in the Rift Valley, Ngong Hills, located south-west of Nairobi, Cherangani Hill, Mt. Elgon and Mt Kenya. (East Africa Shuttles & safaris Ltd, 2008) Mt Kenya offers a rewarding hike as well as challenging climbs. There are eight routes up the mountain, three of them being the most popular and accessible to anyone of reasonable fitness. Naro Moru, lying to the west, is the easiest ascent with Sirimon to the north and Chogoria to the east being equally popular but you still need to be fit and properly equipped. Batian at 5,199meters is the summit and should only be attempted by experienced climbers. You need to be accompanied by a porter or go with organized tour. Be careful of altitude sickness and hypothermia. The best time of the year for climbing is from mid-January to late February and from late August through September but it is accessible most year round. (East Africa Shuttles & safaris Ltd, 2008) You will need warm, wind proof clothing, strong comfortable walking boots, gloves, a tent and a good sleeping bag as well as a stove and high-energy food and drinks. Several places hire equipment (East Africa Shuttles & safaris Ltd, 2008) Mount Kenya Routes and Rates (East Africa Shuttles & safaris Ltd, 2008) Sirimon Route – The least used of the three principal routes. Because Sirimon is on the dry side of the mountain it offers some of the finest forest walking to be had on any tropical mountain. In the lower sections, above the Park Gate. Higher up, Hugh specimens of St John's Work interspersed with small thickets of Bamboo. Near the top of the track, beautiful alpine flowers and the start of the tussock grass. Animal life abounds and parties often come across buffalo, elephant and sometimes-even lions. Naro Moro Route – Although the least scenic of the three principal routes, it remains the most popular. Firstly it is the fastest route to Lenana and back if you enter from the main road. Secondly both the Naro Moro River Lodge and Mountain Rock Hotel offer excellent facilities for climbers, including equipment hire porters and comfortable accommodation. Chogoria Route – Having reached the road head, Chogoria is the fastest and, arguably, the most beautiful and spectacular route up the mountain. Itinerary: (Packages designed by X-Treme Gravity) Option 1: -2 night 3 days. Sirimon Route $537 pp (Kshs. 42950) Day 1: Transfer from Nairobi and beginning of ascent. The first night is spent at Old Moses Day 2: Trek from Old Moses up to Shiptons Hut, in preparation for the final ascent. Day 3: Starting very early in the morning, ascend up to Lenana Point for Sunrise. The descent begins shortly afterwards, back past Old Moses in order to meet the vehicle, for the transfer back to Nairobi. Option 2: 2 nights 3 days. Naro Moru – route. From US$537 pp (Kshs. 42950) Day 1: Transfer from Nairobi and beginning of ascent. The first night is spent at the Met Station. Day 2: Trek from the Met Station up to Mackinders Hut, in preparation for the final ascent. Day 3: Starting very early in the morning, ascend up to Lenana Point for Sunrise. The descent begins shortly afterwards, back past the Met Station in order to meet the vehicle, for the transfer back to Nairobi. Option 3: 3 nights 4 days Sirimon Route from US$600 pp (Kshs. 48,020) Day 1: Transfer from Nairobi up to Old Moses. Day 2: Trek from Old Moses to Shiptons Hut. Day 3: Starting very early in the morning, ascend up to Lenana Point for Sunrise. The descent begins shortly afterwards, back to Old Moses for the night. Day 4: Final descent and transfer back to Nairobi. All Prices include: All prices exclude: Park FeesTipping PortersClimbing Gear & Sleeping Bags GuidesBeverages & Mineral Water Accommodation in huts 3 simple meals per day Cooks White-Water Rafting and Kayaking Kenya has three rivers; the Tana, the Athi and the Ewaso, suitable for rafting at all levels of competence up to exhilarating Class V white water. The experience is more rustic and less crowded than the Zambezi version. (East Africa Shuttles & safaris Ltd, 2008) Below are details of the rivers we run and the rates for established trips. Rivers and Rates: The Tana River – one day rafting trip: Our premiere one-day trip ideal for people with a day or two to spare when visiting Nairobi, or those basing themselves in the capital (only 100kms along the Nyeri Rd). This will be an exciting day of thrills (and often spills) with a great mix of high action white-water (up to grade V) interspersed with scenic calm water where bird life abounds. Not enough? Why not leap feet first into a big surfing hole, jump a 30ft waterfall or swim The Devils Toilet Bowl (water level dependant). (East Africa Shuttles & safaris Ltd, 2008) A typical day trip starts with you being picked up from either The Norfolk hotel, or Sarit Centre in Nairobi by 8am. A 1. 5hr drives sees you arriving at our Camp at Sagana. Here you can relax with tea/coffee and biscuits before receiving a comprehensive safety briefing. After signing a compulsory release and assumption of risk form, we drive up to the put-in where you will receive some final practical training before heading down river. The trip is either 16km (high water season) or 8km (low water season) and lasts approximately 4hrs. This varies greatly due to the water levels and we often find ourselves rafting 8km one day, then 11km the next due to rain upstream. The trip takes out at Savage Camp, where you can enjoy a solar heated shower or relax in the pool before enjoying a three-course BBQ lunch. Trips depart Savage Camp no later than 5pm for Nairobi to ensure you arrive back at your pick up point before dark. Other options available on the Tana include scenic float trips from the camp downstream on completely flat water for those not wishing to experience any white-water. This trip lasts 4hrs and takes in the abundant bird life inhabiting the lush riverine forests along the river. To date our guides have recorded over 120 species of birds on this section. A Kenya Professional Safari Guide usually takes trips. (East Africa Shuttles & safaris Ltd, 2008). New to our repertoire of Tana trips is the full moon run. This takes in the white-water section only and lasts about 3hrs. (Packages designed by the X-treme Gravity) Prices All prices are in US dollars: One day trip — 99. 00 (Kshs. 7,910) One day/one night —137. 00 (Kshs. 10,920) Scenic float trip — 82. 00 (Kshs. 6,540) Full moon trip — 124. 00 (Kshs. 9,950) The Athi River – 3 day rafting expedition: Itinerary (East Africa Shuttles & safaris Ltd, 2008) If you like multi-day expedition style trips then the Athi is for you! Flowing through Tsavo National Park, we raft up to 80km`s of Kenya’s second longest river with three days and three nights on the river. The river gives an awesome mixture of relaxing calm water with game viewing (Lion, Elephant, Buffalo, crocodile and hippo have all been seen from our boats) and abundant birdlife interspersed with some great white-water (up to grade IV). The trip usually goes out fully self supported with our guides providing breakfast (full cooked or cereals/fruit/toast), lunch (a selection of cold meats and cheeses with bread/salad and fruit) and dinner (three courses). If a more luxury trip is your style then vehicle support (at an extra cost) is available to bring those added necessities. (East Africa Shuttles & safaris Ltd, 2008)Day one: gets you to Athi at Kibwezi, a short drive from the Mombassa road. After our comprehensive safety briefing, you will set out in the afternoon to raft the short distance to our first camp, Bushwhackers. Set on a secluded sandbar mid river. The first night is spent round the campfire listening to the sounds of Africa and swapping stories with the guides about the days ahead. Day two: after breakfast and an early start you will soon reach our first major rapid followed by a few calm sections interspersed with smaller rapids down to our lunch spot. More rapids and flat open plains where hopefully you will see some of the animal’s native to this area follow this. Late afternoon we arrive at our second camp `scorpion` on the relatively unpopulated left bank of the river. Day three has some of the best rapids with the legendary `Vietnam` taking you through dense undergrowth and crocodile burn providing an awesome hit. After another fun packed day you will arrive at our final camp, `Hippo`, where you will spend a final night by the fire relaxing and re living the previous day’s action. Day four: we return to Nairobi by around lunchtime. Price (US Dollars) – $623. 00 (Kshs. 49,800) All prices exclude: Tipping Beverages & Mineral Water Scuba Diving and balloon safaris Kenya has nearly 600 kms of coastline, nearly all bordered by spectacular coral reef. The Indian Ocean provides warm, hospitable waters, with coral reefs teeming with marine life, ideal for scuba diving. Often on our way to dive sites the boat will slow down to play with a school of friendly dolphins or stop to dive with the gentlest of giants, the whale shark. (Africastay, 2004) In Kenya we work with Diving the Crab and Diani Marine – Kenya's top dive schools. Both are based at Diani Beach on the South Coast of Kenya and are accredited to run PADI and SSI dive courses. Diani Marine was established in 1978, Diving the Crab in 1983 so both schools have nearly many years experience of scuba diving in Kenya and operate very well run dive bases, equipped with the latest equipment, dive boats and high qualified instructors and dive masters. Africastay, 2004) The package: 7 night’s accommodation at beach side hotel on the spectacular Diani Beach + flying safari to the Masai Mara for 2 nights 3 day in Luxury tented camp. on full board with 3 game drives per day in 4Ãâ€"4 vehicle Optional extras such as diving with Whale Sharks, scuba dives and courses, dolphin watching, kite surfing + windsurfing; Flights from Europe not included, airport transfers included and park fees included Location, Mombassa Region, Diani, South Coast Price, from US $ 1,198 (Kshs. 5,800) All prices include:All prices exclude: Flights, Included Tipping Availability: All yearBeverages & Mineral Water Skydiving Divers are usually based at a single beach resort and make their way to a local airstrip before falling out the sky at enormous heights. At Diani, skydivers take a short trip to Ukunda airstrip, and ascend in a Kenya Twin Otter, completing the spectacular and exhilarating drive by landing on the doorstep of their chosen accommodation to enjoy a well-earned drink. Mowngera Kioga, 2005) This means that at Diani, skydivers stay at the Safari Beach Hotel – take a short 10 minute drive to Ukunda airstrip, take off in a waiting Air plane [Twin Otter], and then dive directly over the beach- landing on the sands right at the doorstep of the resort. For the skydiving addict, th is is a perfect arrangement. For most skydivers, it's all about the fall- the pure freedom of flight that lasts from the time a jumper leaves the plane until the parachute is pulled at around 2000 feet. The average diver falls at the incredible speed of 120 miles per hour- but those who have never tried it may be surprised to know that this experience does not feel like falling- the continued momentum of the plane sends the diver earthward on a sustained arc- which means that there is none of the stomach lifting â€Å"plunge† sensation that you may expect. (Mowngera Kioga, 2005) This is the nearest experience possible to flying free as a bird n freedom at its most pure and simple. Packages 2 night, 3 days, Diani beach. US $ 1,074, (Kshs. 85,900) Day 1: Transfer from Nairobi to Mombasa Diani Day 2: sky diving day. Day 3: Starting very early in the morning, for the transfer back to Nairobi. Location, Mombasa, Diani Region, Kenya, Africa All prices include:All prices exclude: Flights, IncludedTipping Availability, January, February, March, November, December,Beverages & Mineral Water CURRENT SITUATION AND SWOT ANALYSIS INDUSTRY PATTERNS: Whilst millions of shillings are being pumped into the sports industry especially the extreme sports industry, by companies in the form of sponsorship, most extreme sports remain at amateur levels, bedeviled by problems. This is in sheer contrast to the thriving environment businesses are currently enjoying. Among the most attractive extreme sport is mountain climbing and trekking which is mainly practiced in on Mt. Kenya, Mt. Elgon, the Aberdare Mountains, the Chyulu Hills, Hell's Gate, Mt. Susua, Mt. Longonot, the Menengai Crater in the Rift Valley, Ngong Hills, located south-west of Nairobi, Cherangani Hill, as just a few to mention among others. Extreme sports are a combination of both professional and corporate social sports at the same time. The second most popular extreme sport is Skydiving, which is usually based at a single beach resort and make their way to a local airstrip before falling out the sky at enormous heights. At Diani, skydivers take a short trip to Ukunda airstrip, and ascend in a Kenya Twin Otter, completing the spectacular and exhilarating drive by landing on the doorstep of their chosen accommodation to enjoy a well-earned drink. Throughout the 2002 event, over 120 divers made continual skydives over 2 weeks. Kenya has a weak reputation for extreme sports compared to the other sports, the coastal regions are mainly the scene for these sports mainly because of the huge water bodies (sea), and on the other hand, motor sports tend to recover the reputation through big sporting events like the Kenya Safari Rally, which takes place around Easter. The rally, which starts and finishes in Nairobi, follows a route that covers 4,000 kilometers (2,486 miles). Large crowds follow the event in the rural areas and the cities. During the rally, daily results dominate radio, print, and television news coverage as Kenyans cheer for the local heroes competing against top international drivers. In the sports industry, the rules of play change constantly. Sports organizations must deal with an ever-evolving array of challenges such as risks that can threaten organizations' ability to compete in this dynamic and high-profile marketplace, finding professionals experienced in identifying and solving the unique risk management challenges facing companies and organizations within the sports industry. Some of the major challenges are Designing and negotiating cost- effective, custom-made insurance programs tailored to the needs of your company or organization, Establishing a loss-control program by assessing the risks facing your company or organization and preventing losses before it is too late and designing a claims management program that will help reduce your total cost of risk. The Government says that it will support establishment of extreme sports lottery that will among other issues help fund the welfare of extreme sports people and promote sporting activities in the country. President Kibaki said a committee will soon be formed to manage the lottery to improve extreme sports in the country. â€Å"We want to have institutionalized mechanisms in Kenya that will promote various fields of Extreme sports and improve the welfare of extreme sports people in the country,† the President said. In recognition of the importance of sports, President Kibaki said the Government has initiated measures to strengthen the sports industry in Kenya. He disclosed that the Government has allocated resources in the budget to support sports development programmes. Said President Kibaki: â€Å"My Government has also established the sports stadia management board and set aside funds for maintenance of sports facilities countrywide. † The President said, in addition to these measures, programmes will be intensified for the promotion of extreme sports through identification and training of talented young people from the districts and provinces up to the national level. He observed these sporting activities are essential not only for nurturing good health but also in creating opportunities for individuals and communities to socialize among people â€Å"Thus sport contributes to building a cohesive society that is an essential base for a strong and prosperous nation,† the Head of State said. The President pointed out that sports have become a source of dependable employment for many young people and urged extreme sports people to aspire to excel in their chosen fields in order to benefit from these sports. In terms of market needs, there is legitimate great need for extreme sports entertainment. A growing economy means more people have more money to spend and leisure activities are gaining a premium. The local entertainment industry mostly consists and is almost limited to media. People are willing to spend a lot just to enjoy the pleasures of extreme sports and explore these sports to rise in the sports industry for economic purposes. Some of these sports are professionally practiced around the world and cost quite a lot compared to the local sports but this in turn brings a benefit to the country as a whole, not only financially but economically and socially as well. In terms of promotion and engagement, our emerging culture has a tremendous tie to sports. People will develop a personal identity with a sport; being in such a group fulfills a strong social need. This is a social need that is currently only served by mainstream sports. Club sports tend to disappoint but there is a legitimate social need not being met here. This is because club sports are usually amateur played and do not engage in team building so as to play among people and get to know the sport very well, such an example is golf, which is played individually, so it is up to the player to play it right. COMPETITION AND BUYING PATTERNS Competition is mainly among touring companies, lodges and resorts that associate with different packaging styles and enhance these extreme sports. They help in the practice of these sports such as to get the appropriate locations for the sports. These touring companies have professionals who help in the process of undertaking these sports, where they guide the actual practitioners all through the way. Some of these companies include Africa scope safari and tours located in Nairobi, Extreme Safaris located in Mombasa, Kenya eco lodges, Kenya diving resorts, Mt. Kenya treks, Burguret Chogoria, Wildlife safaris, the ultimate expedition and various others. This leads to a monopolistic competition among the market therefore competition is intense due to many choices and a wide range of variety for customers to make decision upon. These touring companies create a ‘smart’ marketing strategy in order to attract their customers. This is done through affordable and attractive packages and offers that customers look forward to all the time. This is mainly generated during the peak seasons although most recover their costs through high pricing but in an attractive way or package therefore making the competition intense. This allows very little room for new entrants in the market therefore creating barriers to entry. The buying patterns are mostly the youth who are excited to explore these sports in many ways. This is because most of them are fearless of the risks and are energetic therefore allowing them the opportunity to participate in these sports. Even though money is an issue, as most of them are not employed, they still do these sports as they borrow money from other sources. Following the youth are the middle-aged adults who have fear of safety but still some of them dare to challenge themselves. These people are mostly employed but still have concerns about prices due to economic downturn plus some get limited salary just enough to survive. This in turn causes a high pricing pressure on the companies allowing them to target their market. Therefore in summary, the main market here is the market with high income and flexible lifestyle who can afford to enjoy these sports at any time although those with an average income tend to save but this eventually takes a long time before they practice these sports. OTHER PRODUCTS THAT AFFECT OUR BUSINESS PRODUCTS: Other competitor’s products: The extreme sports industry is dormant in the industry currently. Perhaps the biggest reason for that are the backward trends of the society and the cultural backgrounds. Therefore, the idea is to make extreme sports a new and latest fashion in Nairobi in order for the business to succeed. However, the downfall in our competitor’s products allows our business to pick their weaknesses and turn them in to our strengths. SWOT ANALYSIS: STRENGTHS: a)Excellent staffs that are highly trained and are very customer attentive: Customers are drawn to excellent services since it is the only indicator of the quality of services. Since we are employing highly trained staff who will provide efficient and effective services to our customers; keeping the customers in mind at all times; it is expected that the reputation of our business will grow rapidly as a result of our efficient staff. )Well-equipped ground state of art equipment: This is an indicator of quality of the services we provide. Apart from that it offers a competitive edge for our services. c)The business is able to establish a strong reputation for our services because the business is monopoly in the market. The nature our of the business apparently makes us stand-alone and as a result gain customer loyalty. d)Th e business is a unique idea: We offer our services as a package. This will be convenient to our clients especially those who normally prefer paying at once when booking. )Superior service offering: Extreme sports; sky diving, scuba diving mountaineering, Bungee diving and white water rafting. f)The Internet: Our website www. xtremegravity. com promises to be significant technological solution for our products in the areas of registration, communication and information delivery system. The website has demonstrated the ability to provide more extensive and current information at reduced costs. g)A state-of—the art computer system: utilizing the latest software that continues to enhance our productivity and expand our capacity. There is real time processing where customers requirements are processed as they are received. WEAKNESS a). The business is struggling to build brand loyalty. The business has not yet developed footing with the customer and is still creating market demand for the product. b). Difficulty in finding well skilled workers: -Extreme sports are very fragile and needs highly skilled workers who unfortunately are very difficult to find. c). Lack of knowledge, awareness and information of the new business being offered. Most of our local customers tend to be ignorant in extreme sports and consider it as a ‘sport for others’. We therefore in our promotion strategy focus intensively on creating awareness of this new product. d). Seasonal revenues posses as another weakness. Apart from the locals we are also targeting tourist who actually and factually jet according to the season. We therefore need to adjust in promotions during high and off pick season to maximize our profits. OPPORTUNITIES a). Growing awareness due to the rising awareness in health, fitness and extreme sports and interest too. The government and the world health organization in general have organized campaigns stressing on Importance of physical fitness. This advantage since awareness is being created and indirectly advertising our product. b). Ability of developing long-term customers . Basing on the monopoly nature of our product, there is a great potential of developing long term customers who are very much loyal to our product. c). At the moment very low competition in the market for this product. We have the potential of acquiring the lion’s share of the market. THREATS. a)Seasonal interest in particular sports which is in direct competition with our own sports. Examples of these sports include the marathons e. g. Lewa marathon, the safari rallies e. . KCB and cycling. Most people tend to plan for this programs in their Holiday calendars and this Impacts negatively to our business at these times of the year. b). Lack of knowledge and interest in our product. Extreme sports is not In the mind of most people while others who have information about it tend to behave like they have other better things to handle than go for su ch sports. c)Many fears and safety concerns associated with our product. Due to the risks associated with this sports, some of our expected customers turn away from it and making them o change their minds may not be that easy. )Legal and liability issues. Extreme sports continues to be exposed to liability issues in many aspects in many aspects of the experience it provides . The potential concerns range from health and safety issues to various forms of verbal or physical abuse in an increasingly litigious society, there is always potential for legal actions. MANAGEMENT SUMMARY ORGANIZATIONAL STRUCTURE: The business will operate using the common organizational structure. The business operates using the concept of ‘departmentalization’ and in particular the ‘vertical functional’ approach. Since the business is in the preliminary stages, most of the positions besides, the directors are vacant. (Organizational structure, O. E. ) MANAGEMENT TEAM: Since this is a new business being ventured, the management team is constricted to the main departments for this business. As the business expands, we will be able to employ more managers and initiate other secondary departments. Qualifications: A basic Bachelor of Business degree or A bachelor’s degree with any one area of expertise required for that position A professional degree Masters of Bachelor of Administration (MBA) At least 5 years work experience. The vital departments for this business have been addressed and managers are required for the field of: General manager: The general manager will be in charge of the day to day running of the business and will mainly accentuate around the administrative staff and the sundry staff. Extreme sports / Outdoor manager: The extreme sports manager is required and is perhaps the most vital manager for this business since the business mainly comprises of extreme sports and a leader is required for the extreme sports specialists. Cafeteria manager: Since the premises will also consist of a cafeteria, it is necessary to have a manager controlling the daily activities for the cafeteria and reporting to the general manager or even to a director. The manager is also required to observe the needs of the staff. Marketing manager: Another very important section of the business. This is essential because the business requires expertise knowledge on marketing and promotion of the business is to be successful and expand. Therefore, a marketing manager is required. Financial and accounting manager: A financial manager needed to fill the position. Required to maintain the basic book keeping for the business and calculate the daily finances. Work hand in hand with internal auditors. SALARIES AND REMUNERATION FOR MANAGEMENT AND STAFF: Constant for three years: No. Kshs. Directors remuneration p. a22,000,000 Managers salaries5300,000 Staff salaries10250,000 Proffessionals salaries8280,000 2,830,000 FINANCIAL PLAN FINANCIAL OBJECTIVES: The following are the financial goals of the business for a year. ?Achieve revenue growth of 10% per year Increase earnings by 15% annually ?Increase dividends per share by 5% per year ?Increase net profit margins 2% to 4% ?Boost annual returns on invested capital from 15% to 20% ? Stronger bond and credit ratings ?Recognition as a â€Å"blue chip† company ?A more diversified revenue base ?Stable earnings during recessionary periods ?Return on investment (ROI) of 15. 5% ?Solvency ratio of about 30%; ?Dividend distribution of at least 30% of the net profit, unless dictated otherwise by long-term investments and/or acquisitions and/or exceptional circumstances. DIVIDEND POLICY: In recommending the dividend, the directors will consider the following: The availability of distributable profits: Dividends will be given on a basis of the profits that are distributable The availability of liquid funds: In a time of solvency problems, dividend payments will be adjusted accordingly Whether the revenue reserves are adequate or need to be increased by further profits ploughed back into the business A balance between dividend growth and capital growth The liability to advance corporation tax, which arises from the payment of dividend. (Dividend Policy and account, W. M. ) IMPORTANT ASSUMPTIONS: There are certain factors that are not mentioned and cannot be explored, therefore X-Treme Gravity analyzed, debated and made an assumption based on those factors. These factors are mainly pertaining to the projected financial statement and the start-up plan for the business. The specific assumptions are stated in the calculations for revenue and expenses. For a broad view on the assumption though, these factors were considered: The tax rate of 30% per annum (approximated) The estimated cost of equity The estimated cost of debt i. e. bank loans and debentures The cost of marketing and research The number of expected customers for each year The number of expected customers for each outdoors sport and the extreme sports packages. The fixed cost remains constant for the first three years The fees per person from: The entrance fees, activities and the picnic site remain constant for the three years. The variable costs will increase by 10% each year. START – UP PLAN FOR THE BUSINESS: (Sourced from Finance lecture notes, WACC, F. A. ) Since the business will operate as a limited company, there are various sources of funds and finance for this business. These include: Bank loans Ordinary shares Preference shares Corporate bonds: Debentures Bank loans: These are currently being given at an interest rate of 16. 50%. The business cannot highly depend on its shares for raising its initial investment since it carries a high risk. Therefore, a bank loan will also be used, with an annual interest of 11. 55% after tax. Ordinary shares and preference shares: The business is issuing five million ordinary shares and one million preference shares for the first year. The cost of equity is 13. 50% and 12. 50% respectively. Debentures: The business is also issuing corporate bonds for the purpose of long-term security. The cost of its debt is 9. 0% after tax. SourcesAmount (Kshs)Cost of debt/ equity (%)After-tax cost (%)WeightsWACC (%) Ordinary Shares (@ Kshs 5)25,000,00013. 50%-0. 364. 86 Preference shares (@ Kshs 10)10,000,00012. 50%-0. 141. 75 Bank loan17,500,00016. 50%16. 5(1-0. 3) = 11. 550. 252. 89 Debentures17,500,00014%14(1-0. 3) =9. 800. 252. 45 Total70,000,000111. 95% The estimated tax rate is 30% each year and the required rate of return is 11. 95%. INITIAL START-UP COSTS: (Start-up costs sourced from different businesses) CostKshs. Cost of purchasing land in Karen42,000,000 Cost of construction and renovation7,000,000 Cost of business van / bus1,500,000 Cost of furniture for the lobby and cafeteria1,600,000 Cost of office furniture and equipment1,200,000 Cost of marketing research750,000 Cost of acquiring licenses1,000,000 Cost of outdoor tables and chairs320,000 Cost of activity equipment (W3)13,154,000 Total69,424,000 CALCULATION FOR REVENUE AND EXPENSES: PROJECTED INCOME STATEMENT: FINANCIAL ANALYSIS: PROJECTED INCOME STATEMENT: The projected income statement shows that the initial year expenses are very high relative to the revenue. However, the business will still make a profit in the first year. The net profit margin for the first year is 2. 4%, which indicates that for every Kshs. 100 of revenue earned, a profit of 2. 74 is being made on it. The second year projections indicate a sharp increase in the net profits. The net profit margin increases to 17. 23%. This shows that the business will be picking up especially in the second year. In the third year, the net profit margin indicates that, the net profits are increasing at a slow rate but the margin is still very high. MARKET RESEARCH AND SURVEY DESIGN METHODS OF RESEARCH: The business used various methods for research: ?Surveys / questionnaires ?Face-to-face interviews ?Telephone and e-interviews. Market experiments Surveys/ Questionnaires: The business highly depended on the surveys to determine whether the sample market accepted this business. The survey was used to determine several factors that required fieldwork that could not be gathered otherwise. This was the main form of research. Face-to-face interview: These were conducted with the general public as well as several travel agencies such as Twiga tours and Ibis. It was used to determine information such as the form of operation of a travel agent, the costs involved for outsourcing with travel agents and the marketing costs for using travel agents. Telephone and e-interviews: These were conducted with those companies that were too far to travel to. Our competitors ‘out of bounds’ and ‘Kitengela adventures’ were interviewed via telephone due to distance. Similarly, banks, insurance companies, hotels and lodges were interviewed via email due to the timing constraint for these firms. The market experiment: This was conducted for the purpose of the promotional campaign effectiveness. The general public was asked whether they could recall the advertisement for the business, whether they could summon up the slogan for the business and what other details they could evoke. OBJECTIVES OF THE SURVEY: Before conducting the survey, the business opted to decide the key objectives or goals that the survey was trying to achieve. After viewing the different aspects that required the attention of the market, the questionnaire was designed strategically to cover all these aspects and objectives. The objectives selected are: ?To determine the potential demand for extreme sports as a recreational activity in the market. ?To establish the potential competition for extreme sports, outdoor sports and extreme sports packages in this market. ?To identify the ability and the chances of the business survival in the market. To establish what the general public of this market is looking for in this business. ?The demand for different types of extreme sports. ?The preference for Karen as a location and the opinions of the general public, concerning the location for the business. ?To determine other locations for the business. ?The audience’ opinion on the pricing of the packages and products offered by X-Treme Gravity. ?To determine the target market for the business’s products and packages. ?Analyzing and identifying the key external and economical factors that are barriers to the success of this business. ?The acceptability / viability of the business. SAMPLE SURVEY: (Web surveyor, 2009) X-TREME GRAVITY QUESTIONNAIRE This is a recreational business that is mainly accentuating on extreme sports such as skydiving, bungee jumping, white water rafting, scuba diving, snorkeling, surfing, mountain climbing and trekking, among others. The business is a new and unique idea for leisure in Nairobi City, mainly developed for the purpose of diverting people to healthier ways of enjoying their leisure time. We will be carrying out various extreme sports within our premises (which has been conveniently located). We also extend our services as extreme sports agents. Those activities that cannot be done within the city (e. g. the water sports) will be arranged for in different areas within Kenya. These packages are directed towards anyone and everyone, ranging from school children to adults. (Circle your choice) NB: The 5 – point scales used, range from: Bad (1), Average (2), Good (3), Very Good (4), and Excellent (5). 1)How do you prefer extreme sports? 1 2 3 4 5 2)Are you? Male Female 3)What age bracket would you appear under? a)11 – 20 b)21 – 30 c)31 – 40 d)41 – 50 e)50+ 4)Are you currently? )Employed b)Looking for a job c)Studying d)Retired 5)During your leisure time, you enjoy: a)Doing some sports b)Going on a long vacation c)Watching TV at home and lazing around d)Others 6)If a new extreme sports business develops in the markets, would you: a)Be one of the first to try the sports for this new business b)Wait for a while for the business to settle in to the market and then try it. c)No, I prefer doing my ow n activities at the sports club d)No, it’s not my area of interest. 7)The location of the business would be in Karen. How would you prefer it? 1 2 3 4 5 ) Which district do you live in? ___________________________________ 9)Would you find the location of the business in Karen? a)Convenient b)Out of the way- too far for you to get there c)Appropriate for the type of business (extreme sports) d)Skewed / biased 10) If you had a choice, where would you locate this business? _____________________________________________ 11)Since the business offers extreme sports packages, among the rates included for these packages are: What would you think of these rates? Extreme sports packages: Ranging from Kshs. 30,000 p. p. to Kshs. 90,000 p. p (approximately) 2 3 4 5 12)Approximately how many people do you think will turn up in the first year? a)150 – 300 b)301- 450 c)451 – 550 d)550 + 13)Out of these extreme sports, which would you like the most? a)Sky diving b)Bungee Jumping c)Water sports i. e. Scuba diving, white water rafting, surfing d)Mountain climbing & trekking e)Others 14)The idea of a new extreme sports recreational park would be? a)Exciting b)Unique c)Not realistic d)None of the above 15)According to you, which one of these economic conditions will the biggest factor to affect the market for extreme sports adversely? )Inflation b)Unemployment c)Downturn in economic growth d)Income inequality e)Others 16)From this business, your biggest expectations are: a)Excellent quality of services b)Fun and exciting extreme sports packages c)Reasonable prices for the extreme sports packages d)Other activities besides extreme sports 17)Do you see this business as? a)A new and unique business in the market b)A similar business to a few other competing businesses that already exist c)A small business competing with many small businesses of its own type 18)Out of these factors, which would affect majority of the businesses in Kenya? a)Economic factors i. . re cession / downturn in the economy b)Political or legal factors c)Socio – cultural factors d)Competition 19)To what extent does your chosen factor affect the survival of a new extreme sports business? 1 2 3 4 5 20)What other suggestions or advice would you give for this new extreme sports business? ~END OF SURVEY~ Thank you for your cooperation and time. We assure you that your responses in this questionnaire will be kept highly confidential. RESULTS OF SURVEYS AND DATA COLLLECTED: DATA COLLECTED: A total of 36 surveys out of 50, were successfully completed. INTEREST IN EXTREME SPORTS: Level:No. Of people(%) 1-Bad26% 2-Average38% 3-Good925% 4-Very good1028% 5-Excellent1233% TARGET MARKET Class of people:No. of people(%) Gender: Male2569% Female1131% Age group: 11-201233% 21-301953% 31-4038% 41-5013% 50+13% Occupational status: Employed822% Looking for a job38% Studying2569% Retired00% Lifestyles / Behavior: Innovators1542% Conservatives411% Not interested514% Wait for business to settle1233% LOCATION: Preference for Karen: LevelNo. Of people(%) 1-Bad26% 2-Average925% 3-Good1542% 4-Very good411% 5-Excellent617% The location is: No. Of people(%) Skewed/ biased:411% Convenient:617% Out of the way:1233% Appropriate for the business:1439% DEMAND (IN TERMS OF CUSTOMERS) FOR THE 1ST YEAR: No. Of customers expected in the first yearNo. Of people(%) 150-3001850% 301-450822% 451-550514% 550+514% INTEREST IN DIFFERENT TYPES OF EXTREME SPORTS: Type of extreme sport:No. Of people(%) Sky diving1028% Bungee jumping822% Water sports822% Mountain climbing1028% ECONOMIC FACTORS AFFECTING THE BUSINESS ADVERSELY: Economic factors:No. of people(%) Inflation38% Unemployment1131% Economic Recession925% Income inequality1336% CHANGES IN UNEMPLOYMENT AND INCOME INEQUALITY OVER TIME: YearsUnemploymentIncome inequality (%)(HDI) Year 200540%0. 521 Year 200640%0. 532 Year 200740%0. 532 Year 200845%0. 544 Year 200943%0. 541 TYPE OF BUSINESS IN THE MARKET: Type:No. of people(%) Monopoly2569% Oligopoly822% Monopolistic 38% PROJECTED MARKET SHARE FOR THE BUSINESS: Year:No. Of competitorsMarket share Year 2009337% Year 2010526% Year 2011720% Year 2012817% OTHER FACTORS AFFECTING THE BUSINESS ADVERSELY: Factors:No. of people(%) Economic factors1747% Political-legal factors822% Socio-cultural factors719% Competition411% ANALYSIS OF THE DATA: Figure 1. 2 shows that, 86% of the sample market has a great interest in extreme sports while 14% of the sample market does not. This permitted us to continue further with the business proposal. Figure 1. 3 supplements figure 1. 2. After determining the interest in extreme sports by the sample market, the level of preference was determined. The figure shows that 33% think of extreme sports as ‘excellent’ while 6% think of extreme sports as ‘bad’ due to lack of interest. Figure 1. 4 shows that 42% find the location of the business ‘good’ while 6% find the location of the business ‘bad’. 25% find the location ‘excellent’. The reasons are illustrated below: Figure 1. shows that 39% find the location of the business ‘appropriate for the type of business’ while 33% find the location ‘out of the way’. Hence, this explains why the highest level of preference is ‘3-good’. Figure 1. 6. Indicates that majority of the sample market expect a turn up of ‘150-300’ customers in the first year. Figure 1. 7. Sho ws that Economic factors will affects the business the most. Competition in the market will least affect the business. Figure 1. 8. Shows that income inequality will be the most detrimental factor for the business, followed by unemployment, economic recession and then inflation. Figure 1. 9 shows the demand for various extreme sports. Skydiving and mountain climbing have the highest demand. Bungee jumping and water sports have a lower demand. Figure 2. 1. Indicates that unemployment rate has increased at an increasing rate from 2007 onwards. After 2008, the unemployment rate grows at a decreasing rate. This is a major factor affecting our business. Figure 2. 2 shows that income inequality (measured using HDI) has been on an upward trend since 2005. After 2008, the HDI has gradually decreased and this could be a positive signal for the business. Figure 2. 3. Shows that the projected market share for the business will rise at an increasing rate. This indicates the chances of the business growth and expansion in the market, is high. The expected number of competitors determined the market share over the years, depending on the profits and the return on investment in the business. RE – ASSESSING THE VIABILITY OF THE BUSINESS POSITIVE COMMENTS: ?A new and unique business: Most of our potential clients believed that our business is very interesting, exciting and unique as opposed to other recreational businesses. There is a chance for survival with this business. Location for the on-premises activities: There are several activities that we are offering on location. The location of the business, as mentioned earlier, is in Karen along Karen road. Even though it seems inconvenient to our potential customers, the surveys indicated otherwise. People actually find the location for the business appropriate and acceptable. ?Diversifying: With a business such as extreme sports, that has rarely been explored, the idea is to spread the risk. Therefore, besides offering extreme sports on the premises, we are sports agents, also offering extreme sports packages. Prices for the products are reasonable: Another surprising result of the survey are the prices. Many of the people in the market find the prices reasonable for the nature of the products being offered. NEGATIVE COMMENTS: ?Uncertainty with the location for extreme sports packages: There were a lot of questions that were raised conc