Kohls Dillards Essays

Kohls Dillards Essays Kohls Dillards Paper Kohls Dillards Paper FINANCIAL ACCOUNTING Kohl’s Corporation and Dillard’s Inc. – Financial Statement Analysis A. Kohl’s Corporation and Dillard’s Inc. are in the retail industry which is a highly competitive industry. There are a high number of retail stores, department stores which compete between each other on local, regional and national level. That competitiveness is highly influencing operating results of the company. The importance of the retail industry emphasizes the sentence below: â€Å"An estimated two-thirds of the U. S. gross domestic product (GDP) comes from retail consumption. Therefore, store closings and openings are an indicator of how well the U. S. economy is recovering after the Great Recession in the late 2000s. †[1] Regarding the size, Kohl’s Corporation has 929 stores in 47 states and Dillard’s Inc. has 326 stores in 29 states. They offer apparel, footwear and accessories for women, men and children, soft home products and other consumer goods. As we can see they differ in numbers of the stores and also in the approach. Kohl’s Corporation is more like discount store where Dillard’s Inc. offers more sophisticated and upscale approach, although both of the companies offer also on-line shopping on their websites. For Kohl’s Corporation we can see their expansion below: | | | | | | |Region |  Ã‚   |States |  Ã‚   | |Net Sales |100. 0% |100. 0% |100. 0% | |Cost of merchandise sold |63. 5% |63. 6% |64. 4% | |Gross margin |36. 5% |36. 4% |35. % | |Operating expense: |25. 6% |24. 7% |25. 0% | | Selling, general, administrative |22. 4% |21. 9% |22. 2% | | Depreciation and amortization |2. 7% |2. 5% |2. 5% | | Preopening expenses |0. 4% |0. 3% |0. 3% | |Operating Income |11. 0% |11. 6% |10. 5% | |Other expenses |0. 4% |0. % |0. 5% | | Interest expense |0. 5% |0. 4% |0. 5% | | Interest income |0. 1% |0. 2% |0. 0% | |Income before income taxes |10. 6% |11. 4% |10. 0% | |Provision for income taxes |4. 0% |4. 3% |3. 7% | |Net income |6. 6% |7. 1% |6. 3% | DILLARD’S INC. COMMON – SIZED STATEMENTS OF OPERATIONS |Dillard? Inc | Feb 2, 2008 | Feb 3, 2007 | Jan 28, 2006 | |Net Sales |100. 0% |100. 0% |100. 0% | |Cost of merchandise sold |64. 9% |64. 4% |65. 2% | |Gross margin |35. 1% |35. 6% |34. 8% | |Operating expense: |33. 0% |31. 2% |31. % | | Selling, general, administrative |28. 0% |26. 8% |26. 5% | | Depreciation and amortization |4. 1% |3. 9% |3. 9% | | Rentals |0. 8% |0. 7% |0. 6% | | Loss on disposal on assets |-0. 2% |-0. 2% |0. 0% | | Asset impairment and store closing charges |0. 3% |0. % |0. 8% | |Operating Income |2. 1% |4. 4% |3. 0% | |Other expenses interest |1. 2% |1. 1% |1. 4% | |Income before income taxes |0. 8% |3. 3% |1. 6% | |Provision for income taxes |0. 2% |0. 3% |0. 2% | |Equity of earning in joint ventures |0. % |0. 2% |0. 1% | |Net income |0. 7% |3. 1% |1. 6% | KOHL’S CORPORATION COMMON – SIZED BALANCE SHEET |Current Assets | Feb 2, 2008 | Feb 3, 2007 | Jan 28, 2006 | |   | | | |   | |   |Cash |1. % |2. 1% |1. 4% | |   |Short-term investments |4. 6% |4. 8% |1. 7% | |   |Merchandise inventories |27. 0% |28. 5% |24. 4% | |   |Accounts Receivable |0. 0% |0. 0% |18. 0% | |   |Deferred Income Taxes |0. 7 % |0. % |0. 3% | |   |Other |1. 3% |1. 7% |0. 7% | |   |Total Current Assets |35. 3% |37. 6% |46. 6% | |   | | | |   | |   |Property and equipment, net |61. 6% |59. 3% |50. % | |   |Favorable lease rights, net |2. 0% |2. 4% |2. 3% | |   |Goodwill |0. 1% |0. 1% |0. 1% | |   |Other assets |1. 0% |0. 6% |0. 5% | |   |Total Assets |100. 0% |100. 0% |100. % | |   | | | |   | |Total Liabilities Shareholders’ Equity | | |   | | | | | |   | |Current Liabilities | | |   | |   |Accounts payable |7. 9% |10. 3% |9. 1% | |   |Accrued liabilities |7. 6% |8. 0% |7. % | |   |Income taxes payable |1. 2% |2. 6% |1. 8% | |   |Current portion of long-term debt and capital leases |0. 1% |0. 2% |1. 2% | |   |Total Current Liabilities |16. 8% |21. 2% |19. 1% | |   | | | |   | |   |Long-term debt and capital leases |19. 4% |11. 5% |11. % | |   |Deferred income taxes |2. 5% |2. 7% |2. 4% | |   |Other long-term liabilities |3. 5% |2. 6% |2. 0% | |   | | | |   | |   |Total Liabilities |42. 2% |38. 0% |34. 9% | |   | | | |   | |   |Common stock $. 1 par value,800,000 shares authorized, 350,753 ; 348,502; and|0. 0% |0. 0% |0. 0% | | |345,088 shares issue | | | | |   |Paid in Capital |18. 1% |19. 4% |17. 3% | |   |Treasury stock at cost, 40,285; 27,516; and 0 shares |-22. 5% |-18. 0% |0. 0% | |   |Retained Earnings |62. 2% |60. % |47. 8% | |   | | | |   | |   |Total Shareholders’ Equity |57. 8% |62. 0% |65. 1% | |   | | | |   | |   |Total Liabilities and Shareholders’ equities |100. 0% |100. 0% |100. 0% | DILLARD’S INC. COMMON – SIZED BALANCE SHEET Current Assets | Feb 2, 2008 | Feb 3, 2007 | Jan 28, 2006 | |   |Cash and cash equivalent |1. 7% |3. 6% |5. 4% | |   |Accounts Receivable |0. 2% |0. 2% |0. 2% | |   |Merchandise inventories |33. 3% |32. 8% |32. 7% | |   |Other Current Assets |1. 2% |1. 3% |0. % | |   |Total Current Assets |36. 4% |37. 9% |39. 0% | |à ‚   |Property and Equipment: | | |   | |   |Land and land improvements |1. 6% |1. 7% |1. 6% | |   |Buildings and leasehold improvements |58. 4% |54. 3% |50. 7% | |   |Furniture, fixtures and equipment |36. 9% |40. 0% |38. % | |   |Buildings under construction |1. 8% |1. 1% |1. 7% | |   |Buildings and equipment under capital lease |0. 9% |0. 9% |1. 5% | |   |Less accumulated depreciation and amortization |-39. 8% |-39. 7% |-37. 3% | |   |Total property and equipment |59. 8% |58. 3% |57. 1% | |   |Goodwill |0. 6% |0. 6% |0. % | |   |Other Assets |3. 2% |3. 1% |3. 2% | |   |Total Assets |100. 0% |100. 0% |100. 0% | |Total Liabilities Shareholders’ Equity | | |   | |Current Liabilities | | |   | |   |Trade accounts payable and accrued expenses |14. 1% |14. 8% |15. % | |   |Current portion of long-term debt |3. 7% |1. 9% |3. 6% | |   |Current portion of capital lease obligations |0. 0% |0. 1% |0. 1% | |   |Other short-term borrowings |3. 7% |0. 0% |0. 0% | |   |Federal and state income taxes including deferred taxes |0. 7% |1. 4% |1. 5% | |   |Total Current Liabilities |22. 2% |18. 1% |20. % | |   |Long-term debt |14. 2% |17. 7% |19. 2% | |   |Capital lease obligations |0. 5% |0. 5% |0. 6% | |   |Other liabilities |4. 1% |3. 8% |4. 7% | |   |deferred income taxes |8. 2% |8. 3% |8. 7% | |   |Guaranteed preferred beneficial interests in the companys subordinated |3. 7% |3. 7% |3. % | | |debentures | | | | |   |Total Liabilities |52. 9% |52. 2% |57. 7% | |   |Common stock Class A |0. 0% |0. 0% |0. 0% | |   |Common Stock Class B (convertible) |0. 0% |0. 0% |0. 0% | |   |Additional paid in capital |14. 6% |14. 3% |13. 6% | |   |Accumulated other comprehensive loss |-0. 4% |-0. 4% |-0. % | |   |Retained Earnings |50. 2% |48. 9% |43. 7% | |   |Less Treasury stock at cost Class A |-17. 3% |-15. 1% |-14. 7% | |   |Total Shareholders’ Equity |47. 1% |47. 8% |42. 3% | |   |Total Liabilities and Shareholders’ equities |100. 0% |100. 0% |100. 0% | D. ROE = NI / Average stockholders equity KOHL’S CORPORATION ROE2007= 18. 5 % ROE2006=19. 18% DuPont Model |2007 |2006 | |Cost of Taxes |37. 78% |37. 52% | |Cost of Debt |3. 46% |2. 22% | |Operating Profit |10. 95% |11. 64% | |Asset Turnover |1. 68 |1. 72 | |Capital Structure Leverage |1. 67 |1. 57 | |Return on Equity (ROE) |18. 52% |19. 18% | ROE = NI / Average stockholders equity DILLARD’S INC. ROE2007 = 2. 11% ROE2006 = 10. 00 % |DuPont Model |2007 |2006 | |Cost of Taxes |11. 17% |3. 3% | |Cost of Debt |60. 20% |25. 67% | |Operating Profit |2. 06% |4. 37% | |Asset Turnover |1. 37 |1. 43 | |Capital Structure Leverage |2. 11 |2. 22 | |Return on Equity (ROE) |2. 11% |10. 00% | E. Trends in Subcomponents of ROE Trends for Cost of Taxes Kohl has a pretty stable tax rate around 37. 5% while Dillard has a highly unstable one, growing from 3. 42% and 3. 23% in 2005 and 2006 to 11. 17% in 2007. Trends for Costs of Debt While Kohl has fair costs of debt of 3. 6% in 2006 (which is below the industry average of 4%), Willards cost of debt worsened to 60. 2% in 2006 (from 25. 7% in 2005). Trends for Operating Profit Kohls profit slightly dropped by 5. 9% to 10. 95% from 2006 to 2007, Dillard worsened by 58. 2% to an EBIT of 2. 06% from 2006 to 2007. Trends for Asset Turnover Kohls asset turnover rate stayed relatively stable, slightly declining from 1. 72 to 1. 68. Dillard declined from 1. 43 in 2006 to 1. 37 in 2007. Trends on Capital Structure Leverage Kohl nearly doubled their long-term debt and increased their capital structure leverage from 1. 57 in 2006 to 1. 67 in 2007. Dillard reduced their leverage from 2. 22 in 2006 to 2. 1 in 2007. Profitability With 18. 5% ROE in 2007 (19. 2% in 2006), Kohl is by far more profitable than Dillard, whose ROE dropped to 2. 1% in 2007 (from 10% in 2006). While both firms have a similar gross profit (Kohl 36. 5%/2007; Dillard 35. 1%/2007), Kohl achieves an EBIT of 10% against 2. 1% for Dillard. Looking at both companies RNOA, it confirms that Dillard is struggling with a very low NOPM of only 1. 75% in 2007 against 6. 8% in the same year for Kohl, while Dillard is making better use of their net operating assets. F. Kohl’s Corporation asset efficency Dillard’s Inc. asset efficency G. Liquidity and solvency for Kohl’s Corporation Liquidity Solvency |2007 |2006 |2005 | |Current ratio |2. 10 |1. 78 |2. 44 | |Quick ratio |0. 49 |0. 43 |1. 16 | |Debt-equity ratio |0. 73 |0. 61 |0. 54 | |Interest cost |5. 76% |3. 64% |8. 36% | Liquidity and solvency for Dillard’s Inc. |Liquidity Solvency |2007 |2006 |2005 | |Current ratio |1. 64 |2. 10 |1. 7 | |Quick ratio |0. 14 |0. 28 |0. 30 | |Debt-equity ratio |1. 12 |1. 09 |1. 36 | |Interest cost |170. 30% |35. 68% |86. 90% | COMPARISON OF CURRENT RATIO‘S FOR KOHL’S CORPORATION AND DILLARD’S INC. [pic] COMPARISON OF QUICK RATIO [pic] COMPARISON OF DEB T TO EQUITY RATIO [pic] COMPARISON OF INTEREST COST [pic] [1] Farfan, Barbara â€Å"Retail Industry Information: Overview of Facts, Research, Data Trivia  2011†. About. com June 2011 http://retailindustry. about. com/od/statisticsresearch/p/retailindustry. htm

Multiple Main Characters in Your Story Follow These 3 Tips

Multiple Main Characters in Your Story Follow These 3 Tips 3 Tips for Featuring Multiple Main Characters in Your Story Writing a novel with multiple main characters   can seem insurmountable. Who’s on stage when, and what do you do with the others at the same time? When your top priority is crystal clarity for your reader, you must somehow weave different perspectives in a way that makes sense. Common wisdom says you get one perspective or point-of-view (POV) character per scene, preferably per chapter, and usually per book. My latest novel, The Valley of the Dry Bones, has one perspective character throughout. Though it’s written in third person, it’s limited to just my lead character’s perspective. He is the camera, so everything that happens on every page is seen through his eyes, heard through his ears, and any internal dialogue is his. That’s the easiest, most direct, and clearest way to handle POV. Using more than one is not for the faint of heart. It’s complex and tricky, and only more so if you go beyond two. I first used two perspective characters when I wrote my novel Left Behind. So why did I do it? Because the scope of my story demanded it. I needed my airline pilot (Rayford Steele) to get around the world- and I told a cosmic tale that also impacted him and his immediate family. But meanwhile, I also needed my globe-trotting journalist (Buck Williams) to be where Rayford wasn’t. If your story likely requires more than one main character to make it work, it’s crucial you learn to deftly navigate featuring multiple main characters. So what’s the secret? A few clear guidelines can make it work. Here are three: Need help writing your novel?  Click here to download my ultimate 12-step guide. How to Successfully Feature Multiple Main Characters 1. Think Reader-First You want nothing to stand in the way of the reader’s experience. She should know who your POV character is without having to re-read or ferret it out. When I began a scene Rayford Steele’s mind was on a woman he had never touched, there was no question he was the main character and that we would experience this scene through his lens. For some reason, many beginning writers mistakenly assume that rendering a scene from one character’s perspective means it must be written in the first person from his or her point of view. As you can see from the example above, it can be done just as well in third-person limited. Also, remembering that you get only one POV character per scene should keep you from head hopping- where readers get a peek inside the minds of others. Say Jim is your POV character and he notices Mary is scowling. You can say, â€Å"Jim thought Mary looked skeptical, so†¦Ã¢â‚¬  But you cannot say, â€Å"Mary was skeptical. She doubted Jim knew what he was talking about.† If you do, you have hopped into her head mid-scene and have either switched the POV from Jim to Mary, or you have slipped into an Omniscient Viewpoint where the author is not limited to one person’s perspective. You know all and tell all, and unless you are a master like J.K. Rowling, you’re unlikely to sell such a manuscript. I’ve written 192 books, two-thirds of those novels, and I wouldn’t even attempt such a thing. In Left Behind, when I switched to my second POV character, I added double the space between paragraphs (and some authors or publishers also center a typographical dingbat like * * * between paragraphs, just to make things clearer) and introduced him this way: Next to a window in first class, a writer sat hunched over his laptop. He shut down the machine, vowing to get back to his journal later. At thirty, Cameron Williams was the youngest ever senior writer for†¦ Handling it that way ensured that no reader could miss that I had switched from Rayford in the cockpit to Buck in first class. 2. Make Your POV Characters Distinct In subsequent books in the Left Behind series, I used as many as five different perspective characters for one novel. That made it even more vital to make clear to the reader who my perspective character was whenever I switched. But just as important, my individual perspective characters had to be crisply distinct from one another. I established Rayford as a middle-aged family man, while Buck was younger and single. Another perspective character was female, another an elderly man. The more distinct the better. Some novelists have multiple perspective characters speak from their POVs in the first person. That can make it easier to distinguish between characters, provided you work hard to give each his own voice, pace, vocabulary, and delivery. 3. Choose Carefully The point of having multiple main characters is to allow your story to expand geographically. But you may find, as I did, that eventually your perspective characters wind up in the same scene. Then from whose perspective do you tell it? If one of your main characters is most main, if you know what I mean (in Left Behind  Rayford and Buck were both strong leads, but Rayford was really the star), stick with that character. Otherwise, choose the one who has the most to gain or lose in the scene. You Can Make This Work As you can see, there’s a lot to consider when you try to tell a story featuring more than one main character, but if you’re careful and intentional and always consider your reader first, you can enhance a story this way and make it something special. Our best writing often results from working through such difficult challenges. Need help writing your novel?  Click here to download my ultimate 12-step guide. Tell me how you’ve handled multiple main characters, or pose any questions raised by this post. Connect with me in the comments below.

Strategic Management Essay Example | Topics and Well Written Essays - 1000 words - 14

Strategic Management - Essay Example The company’s mission statement claims, â€Å"To bring inspiration and innovation to every athlete in the world.† In a statement, Bill Bowerman, who is among the founders of the company, states, "if you have a body, you are an athlete† (Nike 2014). Nike integrates Bowerman’s statement as part of the company’s mission statement. Among the key values of the company is its aspiration â€Å"to deliver growth in the right way† through the development of sustainable strategies that are capital-efficient, profitable, and enhance the company’s brands(Nike 2014). These are among the company’s core values of developing brand-enhancing initiatives. Despite Nike’s stand on brand-enhancing initiatives, its production and growth strategies were harming the company’s image. The labor crisis in Indonesia almost destroyed Nike’s corporate image (Braddock 2011) The company’s use of contracted sweatshops was among the issues that contributed towards the development of a negative image towards the company. Nike took measures aimed at enhancing the company’s brands and its market sustainability including aiding the creation of the Fair Labor Association (Nike 2008). Consequently, the emergence of issues concerning practices in its affiliates factories led to comprehensive audits of its factories across the world. Though various issues emerged after the audit, Nike has since taken measures to prevent the recurrence of such issues in the future. Rindova & Kotha (2001) contend that firms co-evolve their organizational form and function to maintain a competitive edge in a dynamic environment.Nike’s competitive strategy is the unique differentiation of its products and focuses on sustaining the brand to grow its operations across the world markets. The organization’s growth depends on strategies that focus on enhancing the core competencies in

How the Internet Has Affected Communication Behavior Essay

How the Internet Has Affected Communication Behavior - Essay Example From the essay it is clear that prior to the Internet were video games, which over time became more and more sophisticated. The social impact of video games spawned a plethora of studies on human behavior and interaction, especially regarding young people and families. As the Internet began to take hold, people began to be able to communicate and play games over long distances, in real time. It was felt that this activity interrupted family and social life. This study proposes to further examine how the internet is changing the way people communicate with each other on an everyday basis, both for better and for worse. Internet use decreases social interaction. According to a recent study by Stanford University, frequent Internet users report a drop of 15% in traditional social activities, and as much as a 25% drop in use of the phone for talking to friends. While this may be startling at first, history reflects that increased use of the telephone also decreased personal visiting and social activities. There are many variables affecting increases in social Internet use, such as savings in long distance telephone calls and less time spent in the car. This could be interpreted as social isolation if one is simply looking at the numbers and not the reasons behind the numbers. A discouraging report indicated that only 22% of Internet users of two or more years had ever made a new friend online. While this study downplayed the potential value of online friendships, it also encouraged more rigorous study in the area of balance between online communication and person-to-person communication.... 5), frequent Internet users report a drop of 15% in traditional social activities, and as much as a 25% drop in use of the phone for talking to friends. While this may be startling at first, history reflects that increased use of the telephone also decreased personal visiting and social activities. There are many variables affecting increases in social Internet use, such as savings in long distance telephone calls and less time spent in the car. This could be interpreted as social isolation if one is simply looking at the numbers and not the reasons behind the numbers. A discouraging report (Scott Sleek, 1998) indicated that only 22% of Internet users of two or more years had ever made a new friend online. While this study downplayed the potential value of online friendships, it also encouraged more rigorous study in the area of balance between online communication and person-to-person communication. A more recent study (David E. Rohall, et.al, 2002) looked for links between Internet usage and self esteem issues in the realm of person-to-person contact. Again, further research was encouraged, yet the outcome of the study was much more positive. This could lead us to believe that as use of the Internet is integrated into everyday life, a balance could create itself simply through adaptation and users' natural inclinations. These examples provide a clue as to the concerns of our society in terms of interrelationships; it is indicated that in the dawning days of the internet there was trepidation regarding how internet communication would affect person to person communication, yet research has shown that much of the communication taking place by email and chat rooms on the part of college students and others took place within the context of an already existing social

Trusts Law And Reasons For Appeal Essay Example | Topics and Well Written Essays - 2500 words

Trusts Law And Reasons For Appeal - Essay Example 2. The facts of the High Court case are as follows: Vallee the plaintiff was an adopted child of the deceased. She was staying in France, but one day she called on the deceased before his demise in the third quarter of 2003. She promised him that she would return during Christmas, to which he answered that he did not contemplate to live up to the time and that his desire was to hand over his house to her upon his death. The deceased handed over the title deeds to the land on which the house was built and a key to the estate to her. He also gave her a plastic container with his war treasures and a photo album. Four months later, he passed on. The defendant was informed of her father’s demise by the Coroner’s Office, which regretted that the deceased had not left any valid will specifying how the estate would be divided. 3. In 2006, the defendant directed lawyers, who contacted the treasury solicitor in writing to claim the property on the grounds that her father had given it to her by a donatio mortis causa; which is a gift whose ownership remains conditional until the death of the donor. The treasury refused her claim and proceeded with an advertisement for any potential claimants.  The defendant, a clinician who was running a business organization named â€Å"Celtic Research Limited†, established through his â€Å"heir hunting† that the deceased had a surviving male sibling, Mr. Mykola Bogusz. He acquired a power of attorney from the surviving Bogusz and made applications for, and was given documents for administering the property on October 8, 2009, â€Å"for (his) use and benefit.† The treasury solicitor permitted Mykola Bogusz’s claim and placed a caveat on the property against further claims. Ms. Vallee filed proceedings in court seeking to claim the property by a donatio mortis causa. 4. The case came before the Oxford County Court on 26th October 2012 and was presided over by Justice Harris.

UK Cheese Market Analysis

UK Cheese Market Analysis Assignment about The Cheese and its Determining Factors on the Market Executive Summary Economy in the real world is not just a subject in the university, but the major basic of a modern day business. â€Å"The large set of inter-related economic production and consumption activities which aid in determining how scarce resources are allocated.† (Investopedia.com, 2014) The report describes the cheese market in the United Kingdom. Highlight the relationship between wine and its compliment, the cheese and how the actual market responsive to economical changes, such as demand, supply, elasticity and equilibrium. Table of Contents Introduction.4 Main Body5 1.The aspects which influencing the amount of cheese..5 2. About Elasticity and Inelastic6 3. About Equilibrium.7 4. Example for the cheese` prise changing..8 5. Recently used marketing strategy..9 Conclusion..10 Bibliography.11 Introduction This report created by the Author –Mr. Istvan Csuha– on the request of Northampton University on the behalf of its subsidiary the London School of Business and Management and their lecturers in respect Prof. Bruce Johnson to clarify the position of the cheese market in the United Kingdom, the key economic factors which influences marketers and consumers in the decision making process. Main Body The aspects which influencing the amount of cheese The aspects influencing the amount of cheese that shoppers request can be categorised four main parts (Begg, D. & Ward, D., 2007, P.26-32), such as: Costs of surrogates: relates to researches (Fitday.com. 2013). there are some options to alternate cheese, but the prices of those merchandises is higher and do not give back the same taste, as cheese, therefore only a small amount of clients will leave â€Å"the cheesy side†. Salary of the clients: an investment banker demand is completely different, then a street cleaner and one of the key motivator is what they can afford; ASDA have been closely monitored and the finding is, individuals can purchase cheese products from  £2 up to  £20, therefore cheese products widely accessible to everyone (ASDA.com. 2014). Various flavours: Every single human being different from the other, so as their tastes and conclusion of that, they required different products. Value: is the product worth the sum of money what the retailer asking for it; if the answer is yes, then highly possible the quantity demanded by a consumer is higher. About Elasticity and Inelastic The characteristics of the magnitude of cheese that manufacturers and retailers supply is strongly related to the previous part of the report, but a new economic term has to be considered, Elasticity: â€Å"Price elasticity of supply measures the relationship between change in quantity supplied and a change in price.† (Tutor2u.net. 2014). There are Inelastic is the modification in the price indicates a proportionately minor modification in the quantity required. (Begg, D. & Ward, D. 2007, P.35) Elastic is the modification in the price indicates considerable larger modification in demand. (ibid, P. 32-35) There is another very important factor what every supplier have to consider regarding the amounts need to supply and is called a well-known PESTEL analysis -macro-environmental aspects, what a supplier cannot change, only can adapt to them. Assuming there are alterations in the purchasers â€Å"tongs†: Consumer demand decreasing= retailer profit decreasing also. Overcome on that retailers has to start manufacturing products, therefore they have to enter a new segment of the market. Avoid failure Porters five forces advisable to considered, -designed to evaluate the possibilities of the company upon entering to a new market and/or segment. Assuming there are modifications in the manufacturers technology, -that is a technological factor from the mentioned PESTEL analysis-: In that occasion the retailer or the consumer only can adapt to that factor, in that case keep purchasing products, but less quantity (if the technology is not as cost-effective anymore, therefore the price of the product rising too), or find a substitute (either retailer or substitute product). Therefore price elasticity applied. About Equilibrium Equilibrium of â€Å"cheese market wise†, when the manufacturer selling the product for the price, what a retailer is demanded, or the distributor selling the merchandise for the price, what a consumer demanded. (ibid, P.76) According to worldwide known economists and authors of many books the forces that drive the market in the direction of its equilibrium are: The connection between the alteration of need and supply and prices: if the need of cheese products rising, supply has to follow, then retailers raise their prices too, therefore the equilibrium will balanced again. Need for cheeses falling, then traders have to reduce their activity, therefore prices will fall too. That is the optimal market scenario. (ibid, P.88) Example for the cheese` prise changing Assumption: a hypothetical situation, when the price of wine increases. First we have to clarify the right questions. The author of these report was that fortunate, came from the family which have long-lasting history –and himself spent over ten years as well- in the Hospitality and Catering Industry; worked from kitchen porter through sommelier assistant to night manager in various countries and several high-end catering event as well (for example: wine-waiter at the House of Parliament in Hungary), therefore to clarify and answer this questions was his table. Why wine and cheese related to each other? How the supply of wine and cheese will change? How the needs of wine and cheese will change? Will the prices of cheese change? Are the amount of cheese and wine supplied and demanded will change? The answers are the following: Many countries –especially the ones with long-lasting histories and more mature cuisine i.e.: France and the United Kingdom- use cheese, as a substitute of desserts, also another reason possibly, because the weather colder than for example Italy and Spain. Those countries, consuming mostly wine for/and throughout the meal, if their choice for the dessert is any sweet, -such as ice cream or crà ¨me bulee-, they choose a light and sweet liquor, or a dessert-wine; but when they choose cheese, then the wine has to be semi-dry, or dry light white-wine. When the price of wine increasing, in the short term the supply will be the same, until marketer realise the equilibrium turned into a disequilibrium –at this occasion the proper term is surplus, when the supply of goods greater than its demands-, and they want to balance again; therefore marketers reducing supplies. The needs of cheese and wine at the event of the price of the wine increase can be: The increase of the price will be minor, therefore only small amount of purchaser decide to discontinue consuming those products, therefore inelasticity occur. When the needs of cheese and wine reactive to the price change, then â€Å"massive† amount of purchasers decide to discontinue purchasing products= elasticity occurs. The price of the cheese can be reactive to the wine price (elastic), or non-reactive (inelastic). When: The quantity of demand reactive to the price change: yes= elasticity; The amount of need non-reactive: no= inelasticity; Marketers want to balance the equilibrium, yes, when the demand decreases, the quantity of supply has to follow, therefore the price will change to; when equilibrium reached, demand is increasing, supply increasing, prices increasing. 5. Recently used marketing strategy Companies nowadays like to use a new marketing strategy. Organisations evaluate the demand and the quantity of demand, they producing less quantity of product, therefore artificially create shortage and they can raise the prices too, i.e.: entry-tickets for pop-concerts. (ibid, P.85-86) Conclusion The report found the cheese market very responsive for price changes, which is depending on various factors. Found also the definition of economy; clearly concluded the meaning / variations of elasticity, moreover described the definition of equilibrium. Bibliography ASDA.com. (2014). Asda Groceries. Available: http://groceries.asda.com/asda-webstore/landing/home.shtml?cmpid=ahc-_-ghs-sna1-_-asdacom-dsk-_-hp#search/cheese/7/price_asc. Last accessed 11.12.2014. Begg, D. & Ward, D. (2007). Economics for Business. 2nd ed. New York: McGraw-Hill. p26-p32. Begg, D. & Ward, D. (2007). Economics for Business. 2nd ed. New York: McGraw-Hill. p32-p35. Begg, D. & Ward, D. (2007). Economics for Business. 2nd ed. New York: McGraw-Hill. p76. Begg, D. & Ward, D. (2007). Economics for Business. 2nd ed. New York: McGraw-Hill.p85-86. Begg, D. & Ward, D. (2007). Economics for Business. 2nd ed. New York: McGraw-Hill. p88. Fitday.com. (2013). Substitutions for Cheese. Available: http://www.fitday.com/fitness-articles/nutrition/healthy-eating/substitutions-for-cheese.html. Last accessed 11.12.2014. Investopedia.com. (2014). Definition of Economy. Available: http://www.investopedia.com/terms/e/economy.asp. Last accessed 11.12.2014. Tutor2u.net. (2014). Elasticity of Supply. Available: http://www.tutor2u.net/economics/content/topics/elasticity/elasticity_of_supply.htm. Last accessed 11.12.2014. LON 15403546Mr. Istvà ¡n Csuha

The Apprenticeship of Duddy Kravitz :: The Apprenticeship of Duddy Kravitz

Apprenticeship of Duddy Kravitz In the Apprenticeship of Duddy Kravitz, Mordecai Richler clearly intends to portray his main character as a failure.   Duddy understands perfectly well that a man must pursue his dreams, which is why he is one of the most motivated young man of his time.   From the moment Duddy hears his grandfather say, "A man without land is nobody,† he is prepared to seek the land of his dreams.   This aspiration of Duddy’s is very respectable, but unfortunately his methods are totally inappropriate, and that leads to him being a failure.      The moment that Duddy began to immerse himself into the establishment of his film company, it could be seen that he was willing to do anything to get money, even if he had to lie.   For example, the film Duddy made for the bar mitzvah was of extremely poor quality, and as a result, the product was an obvious failure.   Duddy himself knew that well: â€Å"Duddy didn’t say a word all though the screening but afterwards he was sick to his stomach.† (Page 148). Later, Duddy said to Mr. Friar: â€Å"I could sell Mr. Cohn a dead horse easier then this pile of _† (page 148).   After this particular incident, Duddy does not even speak honestly to his clients.   In conclusion, the only way Duddy sells his waste films is by telling lies.   He always lies to gain money, and that’s all that Duddy cares about.        Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Duddy has never been loved in his family, so originally he was quite content to know that Yvette cares about him.   At the beginning, Yvette and Duddy are in love.     Ã¢â‚¬Å"It’s so nice to see you lie still for once, she said.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Your always running or jumping or scratching.     Duddy was surprised and flattered to discover that  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     anyone cared enough to watch him so closely.† (Page 92)      As time passed by, however, Duddy began to use Yvette as a tool.   The main reason for that is Duddy was striving to get the land, and since he could not legally own it as a minor, he employed Yvette to act as a figurehead in his purchase.   This treatment of Yvette, combined with her breaking ties with her family due to Duddy being a Jew, is what ruins their relationship.