Channel Members Role in Utility Improvement

Channel Members Role in Utility Improvement Porters five forces tool is a recommended tool used to analyze and comprehend areas considered crucial in every business. It helps business to analyze its competitive position, and strength the future business wants to progress.Advertising We will write a custom coursework sample on Channel Members’ Role in Utility Improvement specifically for you for only $16.05 $11/page Learn More When a business identifies where the power is, it can take the fair advantage of a situation of strength and try to work on its weakness. This will make the managers make informed decisions. Porter’s tool gets used commonly when introducing a new product in the market to evaluate whether the product has potential of making a profit. Five forces analysis indicates that there are five distinct but interrelated forces that affect the business competitive performance. These forces are as follows: Supplier power: this is the power when suppliers have to control the price s of goods. The marketer needs to assess how easy the supplier can manipulate the prices of their products. The number of suppliers in each key point mostly affects this. The uniqueness of the products they produce and the cost incurred when one change from using one product to another. Fewer suppliers are capable of manipulating the price easily. The more one needs for supplier they become, the more powerful they are. Buyer power: in this case, one evaluates how easy the buyers are to drive the prices down. This gets determined by the number of buyers and the amount of goods they buy. If a market has few and powerful buyers, the buyers are able to make the firm lower their product prices. Threat of substitution: this occurs when current customers come up with different ways of doing what a manager is selling. If customers are able to come up with powerful products, then the ones currently supplying power get affected.Advertising Looking for coursework on business economics ? Let's see if we can help you! Get your first paper with 15% OFF Learn More Threat of new entry: this is the ease in which new people get involved in the business one is carrying out. New entrants result in competition for customers and raw materials. When the cost to entrance demands little amount of money and time, new entrants will be extremely easy. Functions of marketing channels can be considered to be barriers to allow new entrants in the business. Every marketer needs to have his own marketing channels. The new entrants find it hard to convince the existing market channels to market their goods, which are not well known by the customers. Existing market channels may refuse to stock and deal with the new entrants products, thereby, saving the existing marketers the threats of new entrants. Marketing channels are the key influencer to the price of the goods. This is because marketing channels are the ones who buy the marketers goods in bulky. The amount of goo ds they buy makes them dictate the price at which they have to buy the products. Marketing channels determine the power of wholesalers as suppliers. They dictate to wholesalers the price at which they will buy manufacturers products. They also offer transportation services to wholesalers who buy goods in bulky. They form a link between manufacturer, the wholesalers and the customers. Marketing channels are particularly beneficial to the marketers as they help to minimize the chances of customers to come up with substitutes. This is because marketing channels do add value to the products produced by the manufacturer. The customers get provided with goods in the shortest time possible thus having no need to come up with the substitutes. The channel marketers make customers develop loyalty to the manufacturer products. This is extremely valuable to the manufacturer as it ensures continuous purchase of consumer goods. Channel distributors can be motivated by forming a partnership with t hem. In this case, the company forms an agreement with the channel distributors whereby the company honors the distributors demands. Since the channel distributors enter into business with an aim of making a profit, the marketing managers should honor their demands and provide them with strong support for them to achieve their goals.Advertising We will write a custom coursework sample on Channel Members’ Role in Utility Improvement specifically for you for only $16.05 $11/page Learn More Channels members can be motivated by being provided with free goods. This is beneficial to them because the extra free goods can be used to entice potential customers. They can also be motivated by providing them with bonuses whereby they get rewarded after achieving the marketers’ goals. The marketers can motivate their channel distributors by initiating creative product promotions. This will make them improve their sales and their profit margin. The marketer s can also create sales contests whereby the channel distributors come together, share ideas, and come up with solutions to any challenge they face. The marketer can also motivate channels of distribution by ensuring they are well distributed. This is crucial as it reduces rivalry among them it also ensures that channel distributors are making a decent profit. They can be motivated by conducting visits to them. In these visits, the marketers advice them on product display. They can motivate the channel distributors by training them on how they use the product or preserve them in case they deal with perishable goods. The intermediaries carry out different activities that lead to improvement of utility. Some of these activities include breaking the bulk of goods. This is extremely vital as these leads to meeting customer needs effectively. The channel distributors buy goods in large quantity, which they then divide into small portions, which customers can afford to buy. Channel member s improve the utility by packaging products. This is done when breaking the bulk. They pack the goods in colorful colors, which attract the customers. This attracts customer and lure them to purchase the well-packaged goods. Customers prefer goods, which are attractive to their eyes. This is crucial as it relieves the company the burden of packaging making it concentrate on other issues. A channel member improves utility by storing the stock. This is Important as it helps to maintain a continuous supply of goods to the customers. It also relieves manufacturers the expenditure on renting vast stores to store goods.Advertising Looking for coursework on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Bringing goods closer to the customers. Channels members bring goods closer to the customers. This makes customers shop conveniently. The goods are brought closer to the customers. This is important as the customers are saved the costly expenses of transportation. Channel members play a vital role in utility improvement through product promotion. Through product promotion, they educate the product users, inform them on where to find the manufacturers products and on how to achieve maximum value by using the product well. A channel member adds value to product by branding the products. This helps customers to identify these products well, and this make them develop product loyalty. This makes entry of new marketers hard as they find it hard to convince the existing product users hard to convince to use alternative product. It also makes exit impossible as the firms whose products with significant market share fear that by exiting a new firm may come and reap the benefits they had bee n reaping.

Sugaring Recipes to Attract Moths

Sugaring Recipes to Attract Moths Many moths will come to lights at night, but if you really want to sample the species in an area, you should try sugaring for moths. Sugaring or baiting is an effective and fun way to attract moths to an area. The bait is usually a mixture of fermenting fruit, sugar, and alcohol. When sugaring for moths, you apply the bait mixture to tree trunks, fence posts, stumps, or other structures, usually around dusk. After dark, you visit your bait sites at regular intervals of time to collect or photograph any moths. You can try sugaring for moths any time of the year, but youll have the best results if the temperature remains above 50 °F. Warm, muggy nights are ideal for baiting moths. Making a Sugar Bait for Moths Every moth enthusiast or entomologist I know has their own favorite recipe for sugar bait. The key to effective bait is making a concoction with a strong odor to attract the moths, and a sweet taste to keep the moths around. Finding a mixture that yields good results may take a bit of trial and error on your part. Start with this basic recipe, and modify it to your liking. Basic Sugar Bait Recipe to Attract Moths brown sugaroverripe bananasbeer (stale beer is preferable)molasses Were not baking a cake here, so theres no need to measure anything. Making a good bait for sugaring moths is more a matter of consistency than it is of proportion. You should try to achieve a consistency thick enough to keep it from dripping, but thin enough to spread with a paintbrush. Crush up the ripe bananas and mix them in. Use enough beer to dissolve the sugar. Stir it all together until you have a thick but fluid bait mixture. Some people prefer to age their sugaring bait, by letting it sit at room temperature for a few days. This will allow it to ferment, which will make the bait all the more attractive to the moths. If you choose to do this, dont put your mixture in an airtight container. Use a loose-fitting lid, or cover the container with a paper towel held in place with a rubber band. If you have any stale or skunky beer around, heres your chance to put it to good use. Moths dont mind a stale beer. Other Sugar Bait Ingredients Really, the fun part of sugaring for moths is creating your own perfect bait recipe. Try some of these ideas to modify the basic recipe, and see what works best to attract moths. dry yeast - if youre going to let your mixture sit and ferment, this may be a good addition to tryrumsweet liqueurs, like schnappswhite sugar – can be substituted for brown sugarhoneymaple syruprotting watermelon – some moth enthusiasts swear by watermelon, claiming its the best moth attractant you can findfermenting peaches, pears, or applesblack treacle – a sweet syrup produced when sugar is refinedcola – some people like to simmer the cola, stirring in sugar and perhaps some molasses until it dissolvesorange soda – open it and let it sit for a while, so it goes flat Applying the Sugar Bait to Attract Moths Now that youve mixed your sugar bait, its time to do some mothing! Youll need a paintbrush to apply the concoction. A 3-4 width paintbrush is ideal for this purpose. Take your mixture to the area where you hope to collect moths, and choose a few tree trunks or fence posts that are easily accessible. Paint the mixture on these locations, making about a 12-inch square (smaller, obviously, if the tree trunk isnt that wide) at eye level. If youre planning to photograph the moths, keep that in mind when applying the sugar bait. Make sure the ground is clear of debris or undergrowth, so you can collect or photograph any moths easily. I recommend sugaring the trees around dusk, so the scents of a fresh batch of bait are wafting through the air just when the night-flying moths are waking up from their naps. When youre applying the bait, remember that other insects (ants, anyone?) may enjoy a sugary snack, too. If you want to find moths, you need to be careful not to spill the bait solution as you walk around the area. Dont let the bait mixture drip down the tree trunk, either. You need to make a nice, neat square of sugar bait, without creating trails for ants to follow. If it drips, its not thick enough and you should go back to the kitchen. Adding molasses will usually do the trick. Some people recommend using the bait mixture as a barrier, to keep hungry ants from reaching the bait square intended for moths. Try painting a ring of the sugar bait around the tree trunk, several feet below the moth bait, and also several feet above the moth bait. This should effectively intercept any ants, and keep them preoccupied and away from the moths. Checking the Bait for Moths Now its just a matter of sitting and waiting for the moths to find your irresistibly stinky bait. Youll probably notice the most moth action between the hours of 10 pm and 1 am but check your bait sites every half hour or so. Be careful you dont spook the moths! Dont shine your flashlight directly at the moths. Flashlights with a red filter, or with red LED lights, will make it easier to observe the moths without disturbing them. Keep your flashlight pointing down toward the ground as you approach. As moths in the area detect the scent of the bait, they will fly to the site to investigate. Youll see moths resting on the areas where you applied the bait.   Sources: Discovering Moths: Nighttime Jewels in Your Own Backyard, by John Himmelman Sugaring for Moths, Catocala website, accessed November 19, 2012 Sugaring for Moths, University of Washington, accessed November 19, 2012Sugar Baits for Moths, National Moth Week, accessed November 19, 2012Sugaring for Moths  (PDF), Michigan Entomological Society, accessed November 19, 2012Attracting Moths, Staffordshire Moth Group, accessed November 19, 2012

Bahai Religion Essay Example | Topics and Well Written Essays - 750 words

Bahai Religion - Essay Example Bahà ¡Ã¢â‚¬â„¢Ãƒ ­ is second to Christianity in its geographical distribution (Ibid.), however, unlike Christianity, Bahà ¡Ã¢â‚¬â„¢Ãƒ ­ does not view itself as an independent religion or a static belief system. In order to understanding the Bahà ¡Ã¢â‚¬â„¢Ãƒ ­ Faith it is important to understand the principle of â€Å"progressive revelation,† which is a common principal throughout Bahà ¡Ã¢â‚¬â„¢Ãƒ ­Ã¢â‚¬â„¢s beliefs, ethics, and practices. It is the idea that the spiritual development of human civilization is constantly advancing and that the central beliefs of any given religion were based on Messages brought by a prophet (Adam, Buddah, Jesus, Mohammed, etc.) that were appropriate to the spiritual needs of the people in that place and time (Kourosh 445). This paper will provide an overview of the general tenets of the Bahà ¡Ã¢â‚¬â„¢Ãƒ ­ belief system, its ethics, and its ritual practices. Bahà ¡Ã¢â‚¬â„¢Ãƒ ­ beliefs revolve around the teachings of Bahà ¡Ã¢â‚¬â„¢u’llà ¡h. His teachings exist in the form of written manuscripts, known as the Sacred Texts to Bahà ¡Ã¢â‚¬â„¢Ãƒ ­s. The three central teachings of the Faith include the Oneness of God, Oneness of Religion, and Oneness of Mankind (Kourosh 445). These teachings each exhibit the principle of â€Å"progressive revelation,† mentioned above. Bahà ¡Ã¢â‚¬â„¢u’llà ¡h taught that despite the diversity of religions and ways of calling God around the world, that there is only one Supreme Being in the world, worshipped by all who worship one God (Kourosh 445). They view God as an elevated being who can never be fully grasped by humans, because he is elevated above creation (Ibid.). Bahà ¡Ã¢â‚¬â„¢Ãƒ ­Ã¢â‚¬â„¢s devote themselves to a never-ending quest for spiritual discovery and growth (BIC). They believe that humans have an immortal soul that is born at conception and that physical death does not indicate the end of individual life, because the soul continues in the spiritual world (Kourosh 446). The Bahà ¡Ã¢â‚¬â„¢Ãƒ ­ Faith views physical life as a sort of training ground to prepare the soul for

Proposing a Solution to a Problem Essay Example | Topics and Well Written Essays - 500 words

Proposing a Solution to a Problem - Essay Example Just like a prisoner, Jessa had to comply with the schedule provided. Everything within the institution follows a daily routine. As a residence of the Hospital, she lives most of her life following the house rules. At age 31, Jessa decided that she had to leave the hospital so she could learn to deal with life outside a confined area. Since she doesn’t know how to read and write and was enclosed in the institution for a very long time, she encountered a lot of difficulties coping with the life situation in the community. Her long stay at the institution contributed most to her lack of self-confidence and fear of trying something new. She also had a problem dealing with other people. Jessa told us that many years ago she was invited to join People First, a social institution that provides support for people with learning disabilities. At first she was reluctant to accept the invitation. It was the third invitation she received when she finally agreed to participate in the group discussion. The mission of People First is to inspire all adults with learning difficulties throughout different state to become a confident self-advocate(s) through proper teaching and guidance of the volunteers. (PAMONA, 2004) This group helped Jessa restore her self-confidence by simply attending the trainings that were provided to them. They were taught how to think positively and be confident about themselves. The self-advocacy skills were necessary to empower and encourage her not to give up on learning. They also provide her personal self-advice when necessary. The trusted people behind the People First were the main source of inspiration for Jessa in taking the necessary steps such as making her own decisions in order for her to gain control over her own life. Self-Advocacy is very important in the life of Jessa because it made her realize that as a human being, we all have the right to be treated equally with respect and dignity. (People First of Norfolk, 2007) In line with

Breathless Reaction Paper Essay Example for Free

Breathless Reaction Paper Essay Katherine Paler- Rivera According to the many articles and film history that I read, this is the first feature film directed by Jean- Luc Godard who was considered the influencial director that started the French New Wave. And based on our lectures, what makes the French New Wave famous was the technique like jumpcuts, shooting on location, using handheld cameras, loose narrative form or improvised dialogue. Godard also uses the history of cinema art and music. He also includes pictures in posters of famous artists like Picasso and Renoir women. The music in the soundtrack also includes Mozart’s clarinet concerto and French pop radio. The entire story started when the character of Michel Poiccard which Jean Paul Belmondo portrays, has stolen a car. While he was driving he passed by two hitch hikers and decides to decline for the thought they were far too ugly for him. Then suddenly, he realized that the cops was behind him. He hid on the side of the street. Thinking he got away he feels relieved. But suddenly a cop found him. He was shocked and unconsciously because of his instinct killed the cop. It was not shown how he shot the cop, it was suggested because the next scene, the cop falls down in the bushes. Then he runs away in an open field. In Paris, he called up somebody on the phone but no one is answering. Then he bought a newspaper from a boy in a bicyle, browse it a bit then head to an apartment employee asking for that somebody. He just took the keys when the man was not looking. Next scene he was inside the room. He just had a quick time in the wash room to freshen up. He was looking for money in the drawer but he was disappointed. He took a newspaper, read a bit then rubs in in his shoes. Then a some girl opens the door and let him in. The room was full of posters of girls. He was asking for money. While the girl was changing, Michel easily took the money in her wallet. Then in the next scene he was on the streets looking for a girl. It was Patricia Franchini who was portrayed by Jean Seberg. She was studying journalism whom he had met in Nice a few weeks earlier. She was selling New York Herald Tribune. Michel was having a conversation with him about what had happen in their stay in Nice, his women and their plans. He asks for a copy of the newspaper but return it once he realized it had no horoscope. They were planning to see each other on the same same street when the day ends. When they parted, he saw a newspaper stand, bought a copy. Patricia rushed through him and gave him a quick smack on the cheek. Right then and there I observed that these two were an item. In the building where he got inside, he was looking for a guy friend named Tolmachov.. They talked about certain guys common to them. Then his friend handed him an envelope which he was not please. He was given a certain phone number that he called. Then he bid goodbye. Two gentlemen came inside the building, the bigger man I knew was an inspector. He was asking for Michel or a certain other name. At first Tomalchov denied he saw Michel but they were busted when a girl passed by and the detective asked her if he saw Tomalchov with a man 5 minutes ago. He was also reminded that accessory of a murder is a crime. I find Michel’s character rude, proud, dishonest and self centered. He likes to have everything easy without trying to work on it. Examples are the cars he stolen, the man he beat up in the comfort room so he can have money. I don’t think the respect Patricia. He â€Å"uses† people and loves to use the word â€Å"louse†. He almost always has a cigarette on her mouth which makes me annoyed. Some critic said he made it sexy but I don’t find it appealing. As usual he always has a newspaper but I don’t think he paid for it. He wore sunglassed even if its late in the afternoon which I find truly absurd. Patricia’s character gets into my nerve. I hate movies that shows women they are like a â€Å"thing to be used†. I don’t like if someone used bad words to a woman. Good for him that he told the police about Michel. The background music also bores me. They keep on using it again and again. Except for the classical music they played when they were inside Patricia’s room. There was also this scene when Patricia was interviewing a man alongside other journalist. When she asked â€Å"What’s your greatest ambiton? † The man replied, â€Å" To become immortal and then die. † Patricia took off her sunglasses, think deeply and face the camera as if connecting to the viewers. In the scene where he called the cops about Michel, she even talked to him hear to heart. She love him that’s why she gave him away which made him furious. According to Wikipedia, â€Å"Godard envisaged Breathless as a reportage (documentary), and asked the Cinematographer Raoul Coutard to shoot the entire film on a hand- held camera, with next to no lighting. In order to shoot under low light levels, Coutard had to use liford HPS film, which was not available as motion picture film stock at the time. He therefore took 18 metre lengths of HPS film sold for 35mm still cameras and spliced them together to 120 metre rolls. During development he pushed the negative one stop from 400 ASA to 800 ASA. The size of the sprocket holes for motion picture film and the Cameflex camera was the only camera that would work for the film used. † â€Å"The production was filmed on location in Paris during the months of August and September in 1959, using an Eclair Cameflex. Almost the whole film had to be dubbed in post- production because of the noisiness of the Cameflex camera and because the Cameflex was incapable of synchronized sound. † â€Å"Filming began in August 17, 1959. Godard met his crew at the Notre Dame cafe near the Hotel de Suede and shot for two hours until he ran out of ideas. Coutard has stated that the film was virtually improvised on the spot, with Godard writing lines of dialogue in an exercise book that no one else was allowed to look at. Godard would give the lines to Belmondo and Seberg while having a few brief rehearsals on scenes involved, then filming them. No permission was received to shoot the filmin its various locations (mainly the side streets and boulevards of Paris) either, adding the spontaneous feel that Godard was aiming for. However all locations were picked out before shooting began and Assistant Director Pierre Rissient has described the shoot very organized. Actor Richard Balducci has stated that shooting days ranged from 15 minutes to 12 hours, depending on how many ideas Godard had that day. Producer Georges de Beauregard wrote a letter to the entire crew complaining about the erratic shooting schedule. Coutard claims that on a day that Godard had called in sick de Beauregard bumped into the director at a cafe and the two got into a fist fight. † â€Å"Godard shot most of the film chronologically, with the exception of the first sequence which was shot towards the end of the shoot. Filming at the Hotel de Suede for the lengthy bedroom scene between Michel and Patricia included minimal crew and no lights. This location was difficult to secure, but Godard was determined to shoot there after having lives at the hotel after returning from South America in the early 1950’s. Instead of renting a dolly with complicated and time- consuming tracks to lay, Godard and Coutard rented a wheelchair for the film that Godard often pushed himself. For certain street scenes Coutard would hide in a postal cart with a hole in it for the lens and stamped packages piled on top of Coutard. Shooting lasted 23 days and ended on September 12, 1959. The final scene where Michel is shot in the street was filmed on the rue Campagne- Premiere in Paris. † It left me hanging where Michel was shoot and Patricai catched up with the detective. Their dialogue had me thinking what was the meaning of their conversation especially the word â€Å"louse†. In my research it means a plural of â€Å"lice†, a wingless usually flattened blood sucking insect parasitic on warm- blooded animals or a person who has a nasty or unethical character underserving of respect. Michel for me is the big â€Å"louse†! Frankly speaking I was not really into the film. The very first time I watched it, it was all in French with no subtitles. I tried myself to be interested with it but I just found myself bored. Good thing our teacher shared a copy with subtitle. Being a student I was diligent in all the dialougues and scenes. I was carefully observing the techniques that I’ve learn in French New Wave. I find it fascinating that during that time, Godard was a young director who was thinking outside the box. I love the confidence and the guts he puts into his film. He was even part of the film. So I tried to know him more. His most influential innovations was to design shots that seem astonishingly flat. He is the most widely imitated director of the entire post war era.

Personal Ecology :: Creative Writing Essays

Personal Ecology A deep desire to cry. The hanging, haunting chant of Gordon Comes at Night, waves of sweat crystallizing on the skin, loosened joints, unfolded from the lodge into the cold night air. Wiped clean, nothing to say. Reach inside for a voice, a meaning, the distance between the earth and the moon in its fullness. Which orbits which? For a year I sat in the only seat that was not part of the circle. "Me" is still a long way off. Each stanza seems a step in a different direction. For predictive value I wear my lapis necklace, just now Blackfeet-blessed. Gil will become a soulmate but for the time being he is just there. The one I adore I can barely speak to, can barely reach, although he is the nexus of my system. Letting go is a skill. But for all the growth, movement, experience—for all that, I learn, there is loss. Dances and costumes and heart-pounding drumbeats of the powwow hold the mind in temporary suspense. Men of the tribal council give away blankets, toys, dollar bills, scarcely affordable tokens of an amicable nature. I am at peace, but I feel raw, the agony of a first love and an ideal whose flaws I can never know. There is garbage everywhere on the reservation, but people leave an offering of tobacco when they pick sage or sweetgrass—a love and a hate of the land where I expected only love. I gather refuse wherever I go because work is the only sure way to avoid long awkward pauses. This fear—perhaps it is inherited, perhaps it just rubbed off on me, but it is a legacy of my mother. Pause is earned, the awe of an eagle feather pressed into the hands, the return for the playground we build. Gil works just as hard and so we work side by side, joined in this practice of leaving a record behind. Community has many meanings. Even now I know that the real beauty, the real friendship, will come later, when words can supplant presence. But I am still here, you know, extracting something and leaving something behind. If I rub my necklace I can sense the continuity with no center. Practice of leaving a record behind The possibility of a recipe. Our Ahtna friends cook a feast of fresh salmon and banok, fry bread.

Gillette Fusion Essay

Recommendation In order to increase total sales and put Gillette Fusion on track to be a $1 billion business in the next few years, Gillette Fusion should launch a new advertising campaign and reduce cartridge package prices by 20% with the introduction of a onetime coupon. Explanation The media’s reaction to the â€Å"blockbuster† advertisement campaign highlights many of the campaign’s flaws. The campaign focused on the product features rather than its benefits. Due to the ad’s product focus, Gillette failed to communicate why the additional blades and elastomer handle coating improved the quality of consumer’s shave. The proposed advertising campaign would address these flaws and focus on the customer experience. In order to educate consumers, Gillette should employ a mass media campaign similar to Pepsi’s â€Å"Pepsi Challenge.† This campaign will include blindfolded individuals testing and comparing the Gillette Fusion with several other razors, and will be hosted by a celebrity who shares similar brand qualities as the Fusion. The celebrity will be young, sleek and innovative, like Ashton Kutcher or Dwayne Wade. †¢TV Advertisement: The television advertisements will include a short introduction by the celebrity and clips of customers who have taken the challenge describing why the Gillette Fusion is superior to its competitors. It should be featured during male-focused programing, like sporting events and adult comedies. †¢Print Advertisement: The print advertisement will feature a picture of the celebrity next to the razor and several quotes from individuals who have taken the challenge. It should be featured in men’s style magazines (GQ), music magazines (Rolling Stone) and sports magazines (ESPN, Sports Illustrated). †¢Radio Advertisement: The radio advertisement will begin with an introduction by the celebrity describing why he prefers the Gillette Fusion and then transition to reviews by those who have taken the challenge ( i.e. â€Å"The Gillette Fusion is incredible because †¦ If you don’t believe me, hear what people who have taken the challenge have to say for themselves †¦Ã¢â‚¬ ). It should be featured during adult talk shows (Howard Stern Show) and sports programming. In order to encourage users to purchase the product, Gillette should offer a 20% discount on cartridges with the introduction of a one time coupon. Because 64% of men look at the price of the cartridge before  purchasing the corresponding razor, introducing a 20% discount with a onetime coupon will encourage those consumers weary of the high cartridge prices to purchase the razor. Once purchasing and using the razor, it is likely that the consumer will notice a significant difference in the quality of shave, and be willing to pay a higher price for the superior product. This is supported by the fact that of the 9,000 men who tested the new razor, Fusion was preferred 2 to 1 over the competition. For the few who would usually not be willing to pay the higher price for the cartridges, they will likely continue to purchase the cartridges because of the switching costs associated with purchasing a new razor. The coupon should be displayed at points of purchase and in direct mail outs. The former can be achieved by providing collaborators with display allowance. Alternative Strategies Unlike the proposed strategy, each of the alternative strategies fails to simultaneously communicate the effectiveness of the product and encourage customers weary of the price to purchase the product. †¢Lowering the retail price of the razor – This will not encourage customers to purchase the product because (a) 64% of consumers look at the cartridge price before purchasing a razor and (b) a razor is a one-time cost to consumers, with a less elasticity of demand than cartridges. Also, without a new advertising campaign, they also will continue not to understand why the product is superior, and more expensive, than its competitors. †¢Reducing cartridge package prices by changing cartridge package size. Reducing the current four cartridge package with three cartridge packages is only effective if consumers fail to register the difference in package size because the price per cartridge will actually increase. Moreover, this strategy fails to educate consumers on why the product is superior, and more expensive, than its competitors.

Dick’s Sporting Goods, Equity Valuation and Analysis

Table of Contents Executive Summary2 Company Overview2 Economic Analysis GDP Growth3 Inflation3 Interest Rates3 Housing5 Consumer Spending5 Sovereign Debt6 Unemployment6 US Dollar7 Impact of Sporting Goods Stores Industry7 Industry Analysis8 Porter’s 5 Forces8 Big Four Analysis11 Industry Life Cycle13 Dick’s Sporting Goods Analysis Review of Annual Report16 Company SWOT Analysis18 Trend Ratio Analysis20 Cross Sectional Ratio Analysis22 Analyst Analysis/Estimates24 DuPont Ratio Analysis25 Valuation P/E Multiplier26 Valuation FCF to Equity27 Summary of Analyst Reports28Beta Analysis29 Technical Analysis29 Conclusions31 Executive Summary After analyzing Dick’s Sporting Goods and taking into account both positive and negative aspects associated with the stock, I am giving the stock a Moderate Buy Recommendation, with a target price of $46. 50. The recommendation took into account DKS’s recent earnings report, improving financial health, growth estimates, and i ndustry outlook. In this report I will evaluate the current overall economic conditions and how they affect the Sporting Goods Stores industry and the Retail sector in general.The report then focuses on Dick’s Sporting Goods’ key measure of financial health, profitability, and growth compared to historical levels and competitors. A P/E Multiple analysis and a Free Cash Flow to Equity valuation approach was then used to derive an intrinsic value of the stock. Company Overview Dick’s Sporting Goods is the largest Sporting Goods Store in the United States, selling sports equipment, exercise and fitness equipment, apparel and footwear along with outdoor sports equipment and accessories.Dick’s was founded in 1948 and operates 455 stores in 42 states primarily in the eastern part of the United States. Dick’s Sporting Goods controls 13. 4% of the market share within the industry and has the largest market cap at $4. 75 billion. When the most recent fiscal year ended in January of 2011 (FY 2010), Dick’s Sporting Goods generated over $4. 8 billion in sales and had Net Income of just over $182 million. Currently Dick’s Sporting Goods has 120. 72 million shares outstanding. Economic Analysis GDP Growth Recently GDP grew at an annualized rate of 1. % and 2% in the second and third quarters of 2011 respectively. Consumer Spending is one of the key drivers and is a large portion of the US economy and with consumer confidence still below healthy levels. Combined with low consumer spending current monetary and fiscal policy have prevented GDP from getting above the aforementioned growth levels for an extended amount of time. Also contributing to low GDP is the traditionally higher unemployment as of late, lack of confidence in the US government, and low home values as a result of the housing crisis.The low growth in GDP will more than likely continue in the near future as the economy will work out of the recent recession and wi ll therefore keep interest and inflation rates. Once the economy starts to strengthen and expand however, GDP growth rates will increase from their current bleak levels. Inflation Inflation expectations have remained low recently, showing trust in the Red to monitor/control inflation rates when the economy begins to start expanding.With Ben Bernacke and the Fed’s commitment to keep interest rates at their historically low levels, it seems that monetary policy is following a trend of attempting to prevent any policy from causing further struggle to the U. S. economy. In the short term there seems to be no immediate threat/fear of inflation rising in the US. According to an article from Reuters, the Fed wants to keep inflation around its 2% target in order confirm the Federal Reserve’s ability to keep control over inflation levels. Interest RatesInterest rates set by the US Federal Reserve within its over-arching monetary policy are very important in terms of the world e conomy. Recently the Fed pledged to keep the federal funds rate close to zero through mid year 2013. Operation Twist, a plan to buy long-term U. S. debt and sell short-term debt, which will result in a flattening of the yield curve and a drop in long-term debt yields, is a part of the expected future according to the Fed. This means that the historical lows in interest rates that we are seeing will continue in the short run.In the long run however, there looks to be a divergence from that short-run trend. Consumers and businesses in the long-run will get away from the de-leveraging process that we are seeing in the recent past and currently and begin to build up cash that will circulate more unreservedly. This will cause the Fed to set interest rates at higher levels in order to combat against the rise in inflation in the post-deleveraging period. Housing Post-housing/financial crisis of 2007-2009, the housing market seems to be showing signs of improvement after great downturn.With the downturn in housing prices, many homeowners did not have enough equity to avoid taking a loss on the sale of their homes so they are sitting with home loans based off of higher-than-current mortgages. However, in November the National Association of Home Builders’ sentiment index jumped to 20, which is the highest reading in over a year. Demand for mortgages has also seemed to pick up a bit according to the Fed’s 4th quarter loan survey. Construction remains at historically low levels but has increased as of late, and the number of foreclosures has increased this quarter also.These trends do seem to be geared to a more short-term thought process and many analysts believe that in the long run, the housing market will improve and strengthen along with the strengthening of the US economy. Consumer Spending In October personal income increased $48. 1 billion and disposable personal income increased $30. 2 billion according to the Bureau of Economic Analysis. In additi on, personal consumption expenditures increased $8. 2 billion. With consumer spending representing about 70% of total GDP increases in the different income categories translates into more consumer spending.Analysts believe that with continued increasing we can start to return to pre-recession levels of spending. This increase is a positive sign for retailers because there is more disposable income to purchase their products than recently as we continue to move away from recessionary levels. From the chart below you can see the upward trend from the 2008 lows in personal consumption spending. The chart on the next page does a good job portraying the recent trends in consumer spending. Sovereign Debt Foreign currencies have been seen weakening relative to the US dollar due to many debt issues in countries abroad.This has caused investors to flock towards the safest reserve currency, which is the US dollar. Fear in Europe stems from economies that are much too large to be bailed out or allowed to completely default on their debt and the means for a solution have not come about as of yet. Greece, Italy, and Spain are among those countries that are seeing investor fear and are also causing investors to be cautious to the other European economies, even ones that have proved to be more reliable (Germany and France). There have been austerity measures that are aimed at reducing the debt levels of the countries in fear of defaulting however oliticians in the near future must discuss the outlook of the European Union and whether or not there is a need for countries to break apart. These threats significantly reduce the expected growth in forecasted GDP and spending, which could be harmful to worldwide markets that depend on Europe. Unemployment The unemployment rate and the number of unemployed persons have remained stagnant through October ranging around 9%-9. 2% and 13. 9 million respectively. Within retail trade, employment increased in general merchandise stores and the industry has added 156,000 jobs over the past 12 months.The unemployment rate is forecasted to decline as the economy starts to strengthen and pull its way out of recessionary levels. This obviously affects consumer spending and consumer confidence in general. Higher unemployment rates tend to mean less disposable income, which would affect the pricing point of retailers and would hurt big ticket items such as different luxury goods. With dropping unemployment rates predicted for the future, consumer confidence will ultimately increase and consumer spending, therefore benefitting the retail sector. Value of the US DollarAs mentioned before with the fear of default and crisis abroad foreign currencies have weakened in relation to the dollar. Also this chaos in Europe helps support against the loose monetary policy of late, limited growth see in GDP, and large trade deficits, which would otherwise weaken the dollars position. Investors favor the safety that the US dollar provides . This strengthening in comparison to other currencies also gives sentiment to the fact that investors are becoming more and more confident in the US market again and thus moving more and more capital back into it.In the near future I believe that the dollar will remain strong relative to other foreign currencies and that investor confidence from abroad will continue as a direct relation to a strong future currency. Impact on Industry Many of the indicators listed in the Economic Analysis greatly affect the Retail Sector and Sporting Goods Stores Industry as a whole. The most obvious one is the gradual rise in consumer spending and therefore GDP. Both of these are positive signs for the retail sector, who’s profits are directly linked to variations in consumer spending.Consumer spending will also increase when consumer deleveraging process begins to slow down in the next few years. Due to low consumer confidence as a result of the financial crisis people were paying down more debt in order to be more financially healthy (deleveraging. ) As confidence increases consumers will use more disposable income towards consumption and less towards paying down debt. The high unemployment rates that we are currently seeing have negative effects on disposable income and therefore negatively affect the retail sector.However, with the forecast of adding jobs and a declining unemployment rate, the result will be increases in disposable income and therefore increases in consumer spending. The strong dollar in relation to foreign currencies makes US goods more expensive, however this does not have an adverse effect on Dick’s Sporting Goods because it generates the vast majority of its sales domestically. Industry Analysis Dick’s Sporting Goods operates in the Sporting Goods Stores Industry within the Retail Sector.Companies in this industry retail new sporting goods including sports equipment and apparel, exercise and fitness equipment, footwear and other s porting goods and accessories. Dick’s Sporting Goods also owns 81 Golf Galaxy stores in 30 states. DKS operates in off-mall locations and feature an interactive store-within-a-store environment. Revenue growth for the past five years in the industry has been volatile due to drivers such as high volatility in disposable income. Average annual revenue growth over the past five years was just 0. 3% and the forward five years are forecasted for average annual revenue growth of 2. % Porter Five Forces Barriers to Entry The most dominant barrier to potential entrants into the industry has to do with the large start-up costs associated with firms. The initial cost of establishing a retail outlet or acquiring a retail outlet with sufficient inventory to supply customers is a great inhibitor to new entrants. High marketing and advertising costs are also important cost barriers to be dealt with in order to become competitive in the industry. This expenditure increased in the five years to 2011, which was a directly from rises in competition.This has caused massive investment in brand promotion and promotional campaigns in attempts to increase store traffic and differentiate. This is another capital barrier to entry for possible entrants. In addition, the present and well-established channels of distribution between suppliers and the major players of the industry can be a major deterrence. In order to achieve success new entrants would have to need to somehow establish strong relationships with the upstream manufacturers and wholesalers in order to obtain high quality, low-priced stock. CompetitionDespite their low market shares individually the concentration in the Sporting Goods Stores industry is increasing due to increases in M&A as of late. This trend along with the growth in the number of outlets operated by the larger players of the industry create high levels of difficulty for the smaller and specialty firms within the industry. These smaller firms have be en forced to reduce product margins in order to remain competitive. In addition, IBISWorld estimates that through 2016 the number of enterprises within the industry will grow at an average rate of 0. 9%, further intensifying competition.There has been recent competition from department stores and other mass merchandisers and IBISWorld predicts that this will be the single biggest threat to the industry in the years to 2016. Because of their great size and buying power, these competitors are able to offer merchandise at considerably lower prices and in bulk quantities. From there department stores and mass merchandisers are able to pass cost savings onto the consumers via lower prices, while still maintaining margins. Large chains like Walmart and Target can also lower prices more readily making it harder to compete on price.This has caused larger Sporting Goods Store Chains to open â€Å"superstores† that allows them to compete more effectively on price with department stores . Substitutes/Compliments In terms of sports equipment, which is the largest product segment in the industry, market share has declined since 2000 and can be attributed to the growth in the rental market. With declining disposable income levels, it became more cost effective for consumers to rent sports equipment then purchasing it outright. Sale of sports equipment by external competitors like department stores has also accounted for this loss in market share.Other substitutes that affect this industry have to do with how people spend their leisure time and competition with products such as toys, crafts, fashion, and music related items exist because of this factor. Home entertainment products also directly compete with sporting and recreational goods depending on how consumers spend their leisure time. With advances in technology the competition for these substitutes increases, which holds true in advances in video game systems, computer games, and online resources to spend leisur e time.Buyer Power Buyer power can be seen mostly through the affects that disposable income takes on industry sales. The products that Sporting Goods Stores would not be generally viewed as necessities and therefore sales are hurt when consumer spending takes a downturn due to tightening of disposable income. Fluctuations in income levels among consumers also alters price levels of goods purchased. In continuing with price, price remains the single largest basis of competition between firms within the industry.Consumers are price conscious and will ensure that they purchase goods at the best possible price. Therefore, buyers have the power to shift pricing points of firms and facilitate competition based on those pricing points. Along with price comes quality and the demand for popular branded items by consumers. Consumer preferences can determine the range of merchandise carried by companies and also the brands that stock the shelves. Therefore changes in consumer preferences grea tly affects the products offered to public by consumers and the quality of products offered. Supplier PowerSupplier power within the industry has come mostly in retailers seeking exclusive contracts with them in the hopes that those retailers gain an advantage over rivals with the types of products they are able to offer. For example, Foot Locker, which is more of a sports apparel retailer but nonetheless, has secured specific partnerships with Adidas and Reebok for the back-to-school period. With the partnership Foot Locker became the exclusive retailer of new-release Adidas and Reebok shoe products. This trend of seeking exclusive contracts with suppliers is forecasted to ontinue in the future in hopes of increasing industry revenue. However, this also gives more power to suppliers in terms of which companies they competitively position themselves with. Big Four Analysis Demographics Sports participation rates by age have a pretty solid effect on industry revenue. Children aged 5 to 17 years old are estimated to represent the key market for the industry, comprising of about 53 million individuals. This age group also has the highest participation rates in sports, thus driving sales for this age demographic.The problem is that as this age group gets older there is a trend of decreases in sports participation in order to focus attention on activities other than sports. The relative size of this market in the five years to 2016 is expected to decrease by 9% because of this changing of activities. Also, as people live longer they want to maintain healthy lifestyles, which is why the aging baby boomers are expected to lead to higher sports participation rates among people 64 years and older. This will have a very favorable effect on the industry given the vast number of individuals that fall within this category.Sporting Goods Stores are also found to greatly position themselves in areas of the United States most densely populated. The industry is largely concent rated in the Southeast and West regions, which account for 24. [email  protected] and 17. 5% of industry establishments. These two regions also account for the largest share of US population at 25. 2% and 17. 0% respectively. Lifestyle Increases in consumer awareness regarding living healthy lifestyles and incorporating regular exercise into their daily lives is a positive factor for the industry.This lifestyle thus boosts sports participation rates resulting in increasing revenue for industry players. There has also been recent rise in popularity for sports activities that strengthen the mind-body spiritual connection, which also has a positive effect on the industry. Another key driving factor that has positive results for the Sporting Goods Stores Industry is the national culture of the United States. Sports are a very important part of our nation’s culture whether it be via the professional sports exposure or the team sport participation driven by association with secon dary and tertiary schools.The exposure and the vast amount that sports are imbedded within our every day life create continued positive figures in terms of sports participation. Legal/Regulatory Sports retailers that sell firearms must comply with the Federal Brady Handgun Violence Prevention Act, requiring retailers to perform presale background checks of consumers who want to purchase hunting rifles. Each background check generates a specific transaction number that is recorded on Form 4473 of the Bureau of Alcohol, Tobacco, and Firearms and retained for 20 years for auditing purposes.In addition retailers must hold a federal firearms license. Retailers are not exposed to tariffs on goods supplied but do have a range of organizations that provide guidance and support to them. Some key examples of such organizations include the National Retail Federation, the American Apparel and Footwear Association, and the National Sporting Goods Association. Technology Some technological advanc es that have made firms more competitive in the industry include, point of sale systems, bar-code scanning and electronic data interchange.These enable firms to control merchandising, distribution, sales, and markdowns. Increases in labor productivity have also been a direct result of such technological advances. Establishments of online means of shopping also have given retailers another channel of product distribution and have created further competition. Some technological threats to the industry have to do with shifts in consumer preferences as far as how they spend their leisure time. Wii Sports for Nintendo is an example of this as consumers have shifted to digital games as opposed to physical sports.The Wii series also offers additions such as Wii Fit and Wii Fit Plus Yoga, which shows the ways in which consumers view sports participation has altered. Technological advances in video and computer games have enhanced the quality, affordability, and experience of undertaking the se leisure activities and continued growth in those areas has a drastically negative effect on traditional sporting activities and the Sporting Goods Stores Industry as a whole. Industry Life Cycle The Sporting Goods Stores Industry is currently in the mature stage of their ife cycle, with growth rates failing to outpace the overall economy, the consolidation of the industries players, and the lack of product innovation significant enough to change the industry’s landscape. Maturity in the industry has been supported by competition from department stores and the lack of change in the key buyers and sellers of sporting goods along with a slowdown in the rate of technological advances. Department store competition has caused contraction within the industry, which is typical of a mature industry.While more affluent firms have been the primary targets for consolidation, the industry also experienced a decline in the number of non-employing operators, such as the small â€Å"mom and pop† stores. Finally, while manufacturers look to continue enhancing product designs and functionality to make products faster, lightweight, more durable, and more versatile, these types of product advancements generally have little impact on the overall growth of the industry. These product advances aren’t the catalyst that can propel this industry into a growth phase.Sporting Goods Stores as % of GDP (in millions) Year| 2006| 2007| 2008| 2009| 2010| Industry Sales| 38,132. 60| 39,980. 40| 39,826. 80| 39,000. 00| 38,385. 70| Sales Growth| -| 4. 8%| -0. 4%| -2. 1%| -1. 6%| Nominal GDP| 13,398,800| 14,061,800| 14,369,100| 14,119,000| 14,582,400| GDP Growth| -| 4. 95%| 2. 19%| -1. 18%| 3. 28%| Sales as % of GDP| . 285%| . 283%| . 271%| . 272%| . 265%| The industry sales chart that is shown above includes all companies that operate within the Sporting Goods Stores Industry, from major players to small and specialty stores.From the data above we can see that revenue gro wth for the industry has lagged behind Nominal GDP growth. Supporting the notion that the industry is in the mature stage. This was most likely caused by the fact that growth in the industry over the previous five years was hit hard by declines in consumer spending and consumer deleveraging. Declines in consumer confidence and consumption levels seemed to affect Industry revenue than Nominal GDP as a whole. Sporting Goods Stores Companies with over $250 million in Sales as % of GDP (in millions) Year| 2006| 2007| 2008| 2009| 2010|Industry Sales| 9,705. 20| 11,404. 40| 11,881. 10| 12,265. 80| 12,838. 50| Sales Growth| -| 17. 5%| 4. 18%| 3. 24%| 4. 67%| Nominal GDP| 13,398,800| 14,061,800| 14,369,100| 14,119,000| 14,582,400| GDP Growth| -| 4. 95%| 2. 19%| -1. 18%| 3. 28%| Sales as % of GDP| . 00072%| . 00081%| . 00083%| . 00087%| . 00088%| The second chart is the same breakdown as the one before, however it is a make up of only the 7 firms in the industry that receive revenue over $25 0 million on an annual basis (Sports Authority is included but is privately held so only basic revenue data was able to be retrieved).What we see now is quite a different story, with industry revenue growth outpacing Nominal GDP growth in all years of the historical breakdown. This suggests that the large cap firms within the industry are not as mature in nature as the broad industry and have ample room for growth in the future. This would suggest that based on the forecasts of increased consumer spending/consumption in the future as the economy strengthens and consumer confidence returns, growth figures for these large cap firms will be even higher. Dick’s Sporting Goods Analysis Review of Annual Report Key Risk FactorsThe following are some of the risk factors presented from management as their biggest threats in terms of influencing sales. : * Economic and financial downturn causes declines in consumer spending, which will adversely affect the company’s operations. * The business is very seasonal and is highly dependent on the success of the 4th quarter. * The industry is very sensitive to general macroeconomic changes that would affect either consumer sentiment or consumer spending. * The terms of their senior secured revolving credit facility impose certain restrictions that may impair their ability of available capital. The lack of acceptable retail store sites on terms acceptable to Dick’s Sporting Goods, rising real estate prices and other costs related to new store openings could limit expansion plans. * Private brand offerings, which are being emphasized more and more, expose DKS to many other risks than more popular brands. * If inflation were to increase it would greatly affect Dick’s Sporting Goods’ operating results unless DKS was able to fully pass on the increases in costs to the consumer via price. Legal Proceedings In 2011 Dick’s Sporting Goods has 14 cases ongoing in litigation, which is down from 20 10 when there was 39.One of the cases that received a lot of notoriety recently was Tamara Barrus vs. Dick’s Sporting Goods in 2010. Barrus was a former employee who was suing her former company on claims that DKS failed to pay her wages and failed to compensate her for overtime. The reason this case got so much attention was because as the case drew on, additional claims were added to the case from 35 other states with the same allegations. The settlement ended up being for approximately $10. 8 million before taxes in favor of Barrus and the other defendants.What is important to note is the potential vast negative effect this could have had on DKS’s reputation as well as the losses they had to pay in court. Off Balance Sheet Arrangements The off balance sheet arrangements for Dick’s Sporting Goods relate to operating leases, future minimum guaranteed contractual payments, and letters of credit. In the annual report, Dick’s Sporting Goods holds a firm sta nce that these off balance sheet items do not have any material effect on the financial condition of the company, revenues or expenses, results of operation, liquidity, capital expenditures, or other resources.When looking at the figures however there seem to be a different story. DKS lists $3,717,112,000 in total contractual obligations and $21,527,000 in total other commercial commitments that are not listed on their balance sheets. This would definitely seem to affect their operations and liquidity when looking at the magnitude of those numbers. In addition, DKS lists over $200 million in goodwill on its financial statements but its largest subsidiary Golf Galaxy was determined to have their goodwill unit fully impaired upon further investigation, which calls into question the size of the goodwill figure.DKS lists $130,496,000 in financing leases and $9,524,000 in capital leases, the financing leases do not have to be listed in financial statements but as you can see carry a very large amount. Finally, Dick’s Sporting Goods agreed to new terms on its Credit Agreement that allow DKS to incur unlimited capital lease obligations and indebtedness to finance the acquisition or improvement of any fixed capital assets. The new agreement also allows Dick’s to increase their ability to incur up to $200 million of unsecured indebtedness. ManagementIn examining the upper management of Dick’s Sporting Goods there are only a few things that I would like to point out. Edward Stack, whose father founded Dick's, has served as chairman and CEO since 1984. One area for concern is the board's staggered terms and the firm's dual-class common stock structure, which includes Class B shares with super-voting rights. Stack owns about 26% of the outstanding shares (including 23 million Class B shares) and controls 66% of the voting power. This drastically limits the control of minority shareholders.Dick's also has takeover defenses in place to prevent potential suitors from acquiring the firm. Executive compensation is weighted toward Stack, who received more than $7 million in total compensation over the past two years while the other top four officers received between $3. 8 and $1. 2 million. Salaries, all less than $1 million, are relatively small in the executive compensation system, but stock awards and stock options have been generously given and have consistently increased share counts. The dealings of the CEO and his family are also means for concern.Company SWOT Analysis Strengths Store-within-a-store merchandising concept With this type of merchandising model Dick’s Sporting Goods is able to gain advantages as a large store as well as that of a specialty store. Each of DKS’s large 50,000-75,000 square foot buildings it has specialty stores including: Golf Pro Shops, Footwear Centers, Fitness Centers, Outdoor Centers, and Team Sports. Deep product selection and knowledgeable staff are two advantages that DKS is able to provide with these specialty shops.These stores focus on specific categories and carry very deep products selections within each area of interest. The area that hurts specialty stores is competing on price but since DKS is also a mass merchandiser it is able to be competitive on price in that aspect. The combination of these two types of stores increases the average spend, customer satisfaction, price competitiveness, and product selection. Leading Market Position Garnered from Competitive Pricing Dick’s Sporting Goods is the leader in market share in the industry capturing about 13. 4%.The small number of large cap firms in the industry create an attractive competitive dynamic for these companies, as they have better bargaining power and can pass on the benefits of this large scale to customers in the forms of lower prices and higher quality merchandise. At the end of fiscal year 2011 DKS operated 486 stores and has growth plans set in the motion to increase that number at a staggering rate. A key aspect that has fueled its market position is its price positioning. DKS maintains a policy of matching competitor’s advertised prices and maintains the notion of providing value at each price point.Weaknesses Strained Relationship with the Employees Dick’s Sporting Goods has been involved with labor issue lawsuits over the past few years. Claims by former employees of failing to pay wages and overtime wages and various class action lawsuits. These not only deteriorate the relationships between corporate and lower level employees but also result in financial loss and gives a hit to the company’s overall reputation. Opportunities Increased Health Consciousness As mentioned in the lifestyle section, the health and wellness trend is expected to gain tons of momentum in the coming years.Industry analysis shows that yoga, aerobics, tennis, hiking, and running/jogging were the top five sporting activities that people were involved in 2010. Growing participation in these areas can be attributed to growing public awareness and emphasis on the benefits of a healthy lifestyle. In order to take advantage of this DKS can push its exercise/fitness equipment areas and fitness apparel lines, which would directly benefit in sales from higher participation in those five sporting areas mentioned. Offering Merchandise with Higher Margins in order to Enhance Profitability DKS has been ontinually improving profitability by offering higher margin merchandise such as apparel and footwear. In 2010, DKS incorporated Nike Field House shops at its retail outlets and plans to open 100 Nike Field House shops at its stores by the end of 2011. By partnering with manufacturers who are trying to push these types of products, DKS stands to benefit by way of product differentiation and product exclusivity as it is Nike’s key strategic apparel partner. More initiatives such as this will stand to boost profitability for DKS and will increase its return on investments. Threats Lower Participation in GolfPrimarily due to the economic slowdown there has been a decline in golf participation in the last few years as club members have not been able to afford the high fees charged by golf clubs. According to estimates participation is down 11. 5% from the year before, which has led to sluggish sales growth in that area for DKS. Gold equipment related purchases decreased 14% industry wide last year, which is a threat to Dick’s Sporting Goods as the revenue from the sale of golf equipment forms an important part of DKS’s total revenue. It also hurts the sales revenue of the 81 Golf Galaxy stores that are owned by Dick’s Sporting Goods.Non-replicable Characteristic of Products Demand for particular sporting goods equipment depends heavily on the region of the United States and DKS has limited scope in terms of replicating its products across all of its stores because of this. Climate changes play a significa nt role as well in the merchandising mix to be offered in regions and demands changes in the seasonality of certain products. With these obstacles to deal with, it limits DKS’s ability to have huge gains on inventory even though it is a large retailer. Trend Ratio Analysis Key Growth Ratios, YOY| 2007-01| 2008-01| 2009-01| 2010-01| 2011-01| Revenue %| 18. %| 24. 9%| 6. 2%| 6. 8%| 10. 4%| Net Income %| 3. 6%| 3. 9%| (1. 0%)| 3. 1%| 3. 7%| Dick’s Sporting Goods has had positive growth each of the last five years in terms of revenue, and has had positive growth four of the last five years in terms of their bottom line. This can be attributed to its strong position with the industry in terms of market share and its ability to compete on price as a mass merchandiser and be profitable in terms of its specialty stores. Growth looks to continue in the future for DKS with analysts predicting around 8% growth in fiscal year 2012 and low double digit growth in 2013.Liquidity/Fina ncial Health| 2007-01| 2008-01| 2009-01| 2010-01| 2011-01| Current Ratio| 1. 5x| 1. 4x| 1. 7x| 1. 5x| 1. 8x| Quick Ratio| 0. 3x| 0. 1x| 0. 2x| 0. 3x| 0. 7x| Cash Conversion Cycle| 59. 5| 66. 8| 71. 4| 62. 5| 51. 3| Receivables Turnover| 90. 2x| 76. 5x| 68. 9x| 94. 7x| 138. 4x| Inventory Turnover| 3. 8x| 3. 6x| 3. 4x| 3. 7x| 3. 8x| Dick’s Sporting Goods’ liquidity ratios seem pretty stable over the past five years. However, the quick ratio is very lower compared to the current ratio because inventory represents such a large part of DKS’s current assets.Despite this the quick ratio has been increasing over the past four years of operation. DKS’s cash conversion cycle has declined in recent years after extreme growth in the beginning of the last five years. Inventory turnover has been pretty stagnant for Dick’s Sporting Goods and DKS should look to improve this number in order to reduce inventory costs and storage costs. Finally the receivables turnov er of Dick’s Sporting Goods has seen great growth in the past five years meaning that it has been doing a better job of collecting on its accounts receivable.Profitability| 2007-01| 2008-01| 2009-01| 2010-01| 2011-01| Asset Turnover| 2. 3x| 2. 2x| 2. 1x| 2. 1x| 2. 0x| ROA| 9. 1%| 9. 4%| 7. 5%| 7. 0%| 8. 3%| ROE| 21. 8%| 20. 0%| (4. 5%)| 13. 7%| 14. 9%| ROIC| 17. 7%| 18. 0%| 14. 0%| 12. 8%| 14. 7%| Dick’s Sporting Goods’ profitability ratios are down from their beginning levels in this recent five-year period. These are unfavorable trends in terms of investor confidence. Return on Equity is lower than the beginning of the period by 6. 9% and Return on Invested Capital is at 3% lower than fiscal year 2006 levels.The good note is that all the ratios are improving from the previous year in attempts to return to levels prior to the recession. These ratios will hopefully increase as consumption increases and consumer confidence returns to pre-recessionary levels. Leve rage Ratios| 2007-01| 2008-01| 2009-01| 2010-01| 2011-01| Debt/Equity| 29. 2%| 20. 4%| 20. 3%| 13. 1%| 10. 3%| Long-term Debt/Equity| 29. 1%| 20. 4%| 20. 2%| 13. 0%| 10. 3%| Interest Coverage| 18. 2x| 13. 2x| 13. 7x| 51. 9x| 22. 8x| Financial Leverage| 0. 29| 0. 20| 0. 20| 0. 13| 0. 10| Dick’s Sporting Gods has approximately $. 3 of liabilities for every $1 of assets. Dick’s has also done a very good job of reducing its long-term debt relative to equity in addition to reducing its debt relative to equity. In addition DKS currently covers its interest expenses 22. 8 times with earnings. This is a significant drop from the previous year but it is an overall increase from the beginning of the five years leading to fiscal year 2010. Cross Sectional Ratio Analysis I chose to compare Dick’s Sporting Goods with Cabela’s Inc. and Big 5 Sporting Goods, which are its two biggest publicly owned rivals in the industry.All three are industry leaders in many statistica l and ratio categories. For comparison sake I will use the most recent fiscal year (2010) for the cross sectional ratio analysis of the three firms. Key Growth Ratios, YOY| DKS| CAB| BGFV| Revenue %| 10. 4%| 4. 3%| 0. 1%| Net Income %| 3. 7%| 5. 0%| 2. 3%| In looking at the year-over-year key growth ratios, Dick’s Sporting Goods’ revenue is more than double above Cabela’s and substantially higher than Big 5 in the most recent fiscal year. DKS is only second however in year-over-year net income, losing out to its closest industry competitor Cabela’s Inc.Liquidity/Financial Health| DKS| CAB| BGFV| Current Ratio| 1. 8x| 2. 0x| 1. 8x| Quick Ratio| 0. 7x| 1. 6x| 0. 1x| Cash Conversion Cycle| 51. 3x| 76. 4x| 100. 3x| Receivables Turnover| 138. 4x| 61. 0x| 63. 2x| Inventory Turnover| 3. 8x| 3. 3x| 2. 5x| The current ratios for the industry leaders are pretty similar across the board and CAB is the leader of the three in terms of quick ratio with DKS in second. I n terms of receivables turnover, Dick’s Sporting Goods is much more efficient in collecting on its accounts receivable than either CAB or BGFV, however DKS is last of the three in its average cash conversion cycle.Finally, DKS is has the best inventory turnover among the top three public players of the industry meaning that it is more efficient in reducing its inventory costs and DKS does a better job of getting its products off the shelves and into the customer’s hands. Profitability| DKS| CAB| BGFV| ROA | 8. 3%| 3. 4%| 5. 9%| ROE| 14. 9%| 11. 2%| 14. 6%| ROIC| 14. 7%| 5. 1%| 11. 3%| Profitability measures of the industry’s three largest players shows that Dick’s Sporting Goods earns greater income off of their equity relative to its two competitors.Return on Assets and Return on Invested Capital also favor DKS in comparison to its peers. Leverage Ratios| DKS| CAB| BGFV| Debt/Equity| 10. 3%| 227. 4%| 34. 4%| Long-Term Debt/Equity| 10. 3%| 120. 8%| 33. 1% | Interest Coverage| 22. 8x| 9. 5x| 25. 8x| Financial Leverage| 0. 10| 4. 42| 2. 60| As you can see Dick’s Sporting Goods is a much less levered company in comparison to its two largest competitors. It has drastically lower debt to equity ratios and a dramatically lower financial leverage statistic. This make Dick’s Sporting Goods a less risky company in comparison to Cabela’s Inc. and Big 5 Sporting Goods Inc.However, DKS’s beta is slightly greater than one; around 1. 24, which means that its is riskier than the market. Analyst Analysis/Estimates A key factor in DKS’s merchandising strategy is strong vendor relationships. Most mass merchants and specialty retailers have limited access to sports equipment because they can’t offer the high level of service that manufacturers demand from the firms they supply to. The store-within-a-store layout however Dick’s Sporting Goods provides that high level of service through experienced profess ionals, value-added repairs, maintenance, and assembly services.There is also an interactive shopping experience for customers with them being able to try products out before purchase, which most competitors don’t match. Dick’s has a great opportunity to expand nationwide in terms of number of storefronts and overall market share. Management has identified the potential for at least 900 DKS stores in the US before it nears saturation, which means that as of right now Dick’s is only halfway to its ultimate goal in terms of store base. It’s estimated that Dick’s Sporting Goods will open on average 36 new stores per year in the near future, suggesting a mid/high single digit square footage growth rate.In the long run, analysts expect more M&A similar to the acquisition of Golf Galaxy in order to provide immediate market penetration into several new markets. These types of acquisitions will also give DKS a better understanding of local markets, which w ill allow for DKS to adjust for regional preferences as discussed earlier. Dick’s Sporting Good’s category-leading inventory turns and high profitability within the industry will likely produce enough cash to fund its store growth initiatives in the near future.This will prevent DKS from having to turn to capital markets or the use of levering up. This will allow the firm to remain one of the industry’s healthiest companies financially. Analysts give Dick’s Sporting Goods a Fair Value Estimate of $41 per share, which is an increase from prior estimates based off of longer term operating margin assumptions. In terms of comparable ratios for valuation, analysts’ fair value estimate implies 22 times forward earnings, 9 times enterprise value to EBITDA, and 3% free cash flow yield.In terms of operating margin, analysts estimate that it will be on average between 8%-9%, which is a conservative estimate compared to company estimates of double-digit margi ns in the next three to five years. The model that the Morningstar analysts are using takes into account the growth plans that Dick’s Sporting Goods has in the future in terms of store openings at an average of 35 per year and that the chain reaches a total store count of more than 800 in the next 10 years at the end of the forecast.For fiscal year 2012, the model gives just under 8% growth in revenues, continued leverage of operating margins are to reach 8% on both gross margin improvement and SGA leverage. In 2013, analysts project low double-digit growth on a faster store-opening rate and slightly improved same-store sales along with flat operating margins as percentage of revenue. DuPont Ratio Analysis Over the most recent five-year period, Dick’s Sporting Goods saw drastic decreases in Return on Equity and moderate decreases in Return on Assets.By breaking down these ratios into the Dupont formula we can see what played a part in these decreases. Return of Assets= Net Income/Total Assets= Profit Margin*Asset Turnover | 2007-01| 2008-01| 2009-01| 2010-01| 2011-01| ROA=NI/TA| 9. 1 %| 9. 4 %| 7. 5%| 7. 0%| 8. 3%| Profit Margin= NI/Sales| 20. 93%| 20. 68%| 15. 75%| 14. 7%| 16. 6%| Asset Turnover= Sales/TA| 2. 3| 2. 2| 2. 1| 2. 1| 2. 0| From dissecting Return on Assets further we see that the main contributor to the decreasing ROA was the decreases in profit margin from the beginning of the most recent five-year period.Profit margins were cut because due to decreases in consumer spending during recessionary periods, Dick’s Sporting Goods was forced to cut its prices while input costs remained high, thus narrowing margins. Asset turnover was reduced during this five year period but not at a significant enough rate to be a major contributing factor to the massive decreases in Return on Assets. We now look at the Return on Equity based on the Return on Assets computations. | 2007-01| 2008-01| 2009-01| 2010-01| 2011-01| ROE= ROA*TA/EQ| 21. 8%| 20. 0%| (4. 5%)| 13. 7%| 14. 9%| Fin. Lev= TA/EQ| 0. 29| 0. 0| 0. 20| 0. 13| 0. 10| With the financial leverage decreasing because of there being less equity in the market as the recession continued after 2007, in order for Return on Equity to increase the ROA needed to offset that decrease in financial leverage. As we saw before, due to the drastic drops in profit margin over the period the Return on Equity suffered also. Therefore, variability in ROE can be attributed to volatility in the Return on Assets of Dick’s Sporting Goods. (Some of the values are not exact because of miscalculations in on the part of the Capital IQ database).Valuation P/E Multiplier The current P/E for Dick’s Sporting Goods is 20. 1. Since the economic outlook calls for expansion I will use the average annual growth of earnings from 2002-2007, which was deemed an economic expansion era. The average annual earnings growth rate over this time period is 24. 084%. This is a realistic estimation because if the economic forecast proves correct the we would experience a similar type of growth as we did post Internet bubble crisis, which is right around the beginning of 2002. Dick’s Sporting Good’s current earnings per share is $1. 92.Therefore, in order to get estimated earnings you take the current earnings per share and multiply it by the average annual growth rate of earnings during economic expansionary times. This gives us estimated earnings of $1. 92*(1. 24084)= $2. 3824. From there we multiply expected earnings per share times the current price to earnings ratio in order to get the intrinsic value based on this valuation model. Therefore we take 20. 1*$2. 3824 to get an intrinsic value of $47. 886. The current stock price of DKS is $38. 53 (as of 11/29/11). This would suggest that the market undervalues DKS by about 19. 54%.Free Cash Flow to Equity Approach In using the free cash flow to equity approach there are many inputs in which you need to identify and defend their use. Here are some of those inputs: * WACC=11. 64%; This was based off of a WACC calculator in which total debt and total equity were extracted from the most recent financial statements, corporate tax was 38. 8% based on public information, cost of debt was 7. 0% based on analyst information, and cost of equity was found using CAPM. For risk free rate the 3 year treasury rate was used of . 4% and for market return the 3 year return on the Russell Midcap Growth Index of 10. 8% was used because that is the style of stock DKS is and 3 years after analyst growth estimates for 2012 and 2013 is when we expect economic expansion. * 2012 growth rate is 8% based on analyst estimates and 2013 growth is 11% based on analyst estimates. * From 2014 until 2016 we expect there to be growth but at a decreasing rate of about 1. 5% per annum until after 2016 when we expect growth to mimic economic expansion from 2002-2007 in which the average annual growth rate was 6. 31%. Calculatio n of Intrinsic Value on Following Page Year| FCF/Share| 2002| . 3902| 2003| . 3168| 2004| . 0283| 005| . 3412| 2006| . 0541| 2007| . 7692| 2008| -. 5089| 2009| 2. 2119| 2010| 1. 8934| 2011| 2. 032| 2012| 2. 19456| 8% growth| 2013| 2. 43596| 11% growth| 2014| 2. 66737| 9. 5% growth| 2015| 2. 88077| 8% growth| 2016| 3. 06802| 6. 5% growth| Perpetuity| 61. 1934| 6. 31% growth| Intrinsic Value| $41. 0685| The current stock price is $38. 53 (as of 11/29/11), and based on the intrinsic value this suggests that the market undervalues DKS by about 6. 18%. Summary of Analyst Reports According to Morningstar Investment Research Center, the fair value estimate for Dick’s Sporting Goods is $41. 0. In addition, analysts recommend to consider buying the stock at $24. 60 and consider selling the stock at $63. 60. Morningstar also gives Dick’s Sporting Goods a three star rating. In looking at YahooFinance the mean target for the stock based on analyst estimates is $46. 50 with a high target of $50. 00 and a low target of $36. 00. Accordingly, this month there are 10 Strong Buy recommendations, 7 Buy recommendations, 9 Hold recommendations, and 1 Underperform recommendation. Beta Coefficient Dick’s Sporting Goods has a Beta coefficient of 1. 4, indicating that it is generally more risky than the general market. This risk factor is most likely determined by the high revenue volatility that the industry is exposed to as a direct result of consumer spending and also due to the industry’s mature state. Technical Analysis In examining Dick’s Sporting Goods using technical analysis I chose to pick a few popular technical analysis indicators and use them to assess DKS. First we look at Bollinger Bands, which are variable width bands that become narrower during less volatile periods and wider during more volatile periods.In examining the Bollinger Bands for DKS we can see that as of right now there seems to be low levels of volatility in pricing espe cially compared to August where there was much volatility in pricing for DKS along with the overall market. The recent lower volatility would suggest stable pricing trends to continue in the near future. Next I looked at the Relative Strength Index. The RSI is a calculation where average up and average down are calculated using a simple average method for the initial observation. Subsequent values are computed using these initial values in conjunction with a damping factor to smooth out extreme points.An RSI indicator falling below a value of 30 indicates an oversold condition. A buy signal is triggered when the indicator crosses 30 from below. Similarly, an RSI value greater than 70 indicates an overbought condition. A sell signal is triggered when the indicator crosses 70 from above. If you look at the bottom half of this picture you can see the Relative Strength Index for the current year. In going with the description on the previous page, it seems that in late August/early Sept ember the RSI crossed 30 from below, which would have signaled a buying situation at the time.In looking at other technical analysis trends, financial visualizations or FINVIZ. com, gives distance from simple moving average statistics. The SMA50, or the distance from the 50 day simple moving average is 3. 25%, which according to the site is a favorable statistic. In addition it states that the SMA200 or the distance from the 200 day simple moving average is 2. 28%, which is once again a favorable statistic according to the site. Conclusions * Dick’s Sporting Goods has the leading market share in a mature Sporting Goods Stores industry that’s marked by high levels of pricing competition. The industry is very dependent on consumer spending and disposable income per capita. Decreases in these along with consumer confidence pose huge threats to the industry as we saw with the extremely marginal average annual growth from 2006 to 2011. * DKS is the leader in the golf indust ry with its acquisition of Golf Galaxy and its us of the store-within-a-store model for specialty golf stores. * The industry is seeing decreases in sports participation among children in lieu of other avenues to fulfill leisure time that could put restraints upon growth within the industry. Dick’s Sporting Goods’ high lease expense represents off-balance-sheet financing and means the company is more leveraged than investors realize. * DKS has benefitted from its ability to compete on price as a mass merchandiser and from offering deep product selection and higher margin items within it’s specialty stores. * Management has store expansion plans that on average would open up about 35 new stores per year and would put Dick’s Sporting Goods over 800 stores within the 10 year forecast, which is just under the estimate for number of stores until saturation. ————————————— —- [ 1 ]. Zumbrun, Joshua. â€Å"Fed Says Economy Has Picked Up While Still Detecting ‘Significant’ Risks. † Bloomberg – Business & Financial News, Breaking News Headlines. Bloomberg, 2 Nov. 2011. Web. [ 2 ]. EVANS, KELLY. â€Å"Housing Market May Be Nearing a Bottom. † Business News & Financial News – The Wall Street Journal – Wsj. com. Wall Street Journal, 21 Nov. 2011. Web. [ 3 ]. Bureau of Economic Analysis. Personal Income and Outlays: October 2011. Accessed 11/27/11. [ 4 ]. Bureau of Economic Analysis. Real Personal Consumption Expenditures.Accessed 11/27/11 [ 5 ]. Bureau of Labor Statistics. Employment Situation Summary. October 2011. [ 6 ]. IBISWorld Market Research Industry Report. Sporting Goods Stores. Accessed 11/21/11 [ 7 ]. BizMiner [ 8 ]. Bureau of Economic Analysis [ 9 ]. BizMiner [ 10 ]. Bureau of Economic Analysis [ 11 ]. â€Å"Capital IQ. † Financial Records: DKS. Accessed 11/30/11 [ 12 ]. â€Å"Capita l IQ. † Financial Statements: DKS, CAB, BGFV. Accessed 11/30/11. [ 13 ]. Morningstar Investment Research Center. Swinand, Paul. Analyst Research: DKS. Accessed 11/21/11. [ 14 ]. â€Å"Capital IQ. † Financial Statements: DKS. Accessed 11/30/11.

distinction between relation of ideas and matter of fact Essays

distinction between relation of ideas and matter of fact Essays distinction between relation of ideas and matter of fact Essay distinction between relation of ideas and matter of fact Essay Essay Topic: Ideas Hume makes a distinction between relation of ideas and matter of fact. Relation of ideas is a priori, meaning that it can be justified by reason. It does not depend on something else that exists in the universe. Denying, or trying to falsify the propositions is a contradiction or inconceivable. People gain this knowledge intuitively, or through demonstrative reasoning. Matters of fact are posteriori in that they are only justified through experience. They are possible, but they may not be necessary, and it is consequently necessary to deny them without contradiction. Denying such propositions is conceivable. People know and understand this knowledge through cause and effect, and this is based on their experiences; accordingly, it is not possible to demonstrate it. This makes it possible to infer an unobserved fact from an observed one. Since there is no contradiction made in denying matters of fact, then one cannot justify a causal inference. People are able to tell what will happen in the future because of what they have observed in the past. Reasoning by induction is based and justified on a universal principle, which explains with certainty that the future will resemble the past. It is not possible to determine a universal principle, through reason since denying such a reason would be possible and conceivable. Hume, further points out that reasoning by induction is not valid because of the impossibility of proving a universal principle. People’s acceptance of a universal principle is not rational since they have no reason for doing something in their own way, and not in another way. It is possible to get the intended results, but the results can also fail. People’s acceptance of a universal principle is based on customs rather than reason. There are two parts of the dilemma. If determinism is true, then there is no free will. If there is indeterminism, then there is no control of will, and consequently, no control of action. Determinism is the idea that all events are caused, and, as a result, there is no free will since all actions are pre determined. Determinists believe that having free will means acknowledging the idea of a supernatural. The existence of a supernatural enables them to make conscious decisions, and this separates them from the other natural world. This limits people in the decisions they make. A person who is worried and conscious about the alternative he chooses does not have free will when making that decision. Compatibilism posits that it is possible to have determinism and free will. Incompatibilism rejects the idea of free will in determinism. Compatibilism rejects the idea of someone or an agent determining a person’s actions because if this were the case, then there would be no free wi ll. Some compatibilists believe that a free willed action is one that a person does out of his own decision, without any force or compulsion from someone. The definition of free will or freedom is the main determinant in understanding compatibilism in such a case. Such compatibilists believe that freedom is lack of constraints by forces, which are beyond someone’s control. In such a case then, the person has both free will and determinism. Libertarians are incompatibilists, in that they do not believe that free will and determinism are compatible. They recognize that there may be some constraints limiting people’s actions, but these constraints do not determine people’s actions. People are rational and they are capable of choosing one choice from the possible alternatives freely. Compatibilism recognizes the presence of determinism, which in essence hinders free will. Libertarianism advocates the idea of people being free. Actions are free if they originate from the agent, and if there are alternatives. This gives the agent the freedom of the mind, in terms of the actions thought of and the freedom to choose from the alternatives. Agent-causation means that the agent has free will in determining the cause of the action. This differs from event causation, whereby the agent does not have any free will. A chain of caused events begins with the agents, and the agents do not act in response to the event, which would signify them having limited options.

Preparing to Teach Grammar in an ESL Class

Preparing to Teach Grammar in an ESL Class Teaching grammar in an ESL / EFL setting is quite different from teaching grammar to native speakers. This short guide points to important questions that you should ask yourself to prepare to teach grammar in your own classes. Important Questions to Address The important question that needs to be answered is: how do I teach grammar? In other words, how do I help students learn the grammar they need. This question is deceptively easy. At first look, you might think that teaching grammar is just a matter of explaining grammar rules to students. However, teaching grammar effectively is a much more complicated matter. There are a number of questions that  need to be addressed for each class: What are the objectives of this class?Is the class preparing for an exam? Is the class improving their English for business purposes? Is the class preparing for summer holidays? etc.The answer to this question is important as it will help you decide on how much grammar really needs to be taught. If students are preparing for a Cambridge Exam then grammar will play a large role in your lesson plans. On the other hand, if you are teaching a business class, linguistic formulas may play a larger role as you provide the learners with standard phrases for written documents, participating in meetings, etc.What type of learning background do the learners have?Are the students at school? Have they not studied for a number of years? Are they familiar with grammar terminology?Adults who have not been attending school for a number of years are likely to find grammar explanations confusing while as students who are currently studying will probably be much more adept at understanding grammar chart s, expressions, etc. What learning materials and resources are available?Do you have the latest student workbooks? Do you have no workbooks at all? Is there a computer in the classroom?The more learning resources you have the easier it will be for you to employ different strategies when teaching your students grammar. For example, a group of students who like using computers could use the computer to study a certain grammar task while another group who prefers spoken explanations might prefer to have you explain the point with a number of examples. Obviously, the more varieties of learning opportunities the better your chances are that each student will be able to learn the grammar point well.What kind of learning style does each student have?Is the learner comfortable with standard right brain learning techniques (logical charts, study sheets, etc.)? Does the learner work better with listening and repeating exercises?This is one of the most difficult aspects of teaching - especially teaching grammar. If you have a class of learners with similar learning styles, you can afford to use a similar approach. However, if you have a class of mixed learning styles then you need to try to provide instruction using as many different methods as possible. Once you have answered these questions you can more expertly approach the question of how you are going to provide the class with the grammar they need. In other words, each class is going to have different grammar needs and goals and it is up to the teacher to determine these goals and provide the means with which to meet them. Inductive and Deductive First, a quick definition: Inductive is known as a bottom-up approach. In other words, students discovering grammar rules while working through exercises. For example, a  reading comprehension which includes a number of sentences describing what a person has done up to that period in time. After doing the reading comprehension, the teacher could begin to ask questions such as: How long has he done this or that? Has he ever been to Paris? etc. and then follow with When did he go to Paris? To help the students inductively understand the difference between the simple past and the present perfect, these questions could be followed with which questions spoke about a definite time in the past? Which questions asked about the persons general experience? etc. Deductive is known as a top-down approach. This is the standard teaching approach that has a teacher explaining rules to the students. For example, the present perfect is made up of the auxiliary verb have plus the past participle. It is used to express an action which has begun in the past and continues to the present moment,  etc. Grammar Lesson Outline A teacher needs in the first place to facilitate learning. That is why we recommend providing students with inductive learning exercises. However, there are certainly moments when the teacher needs to explain grammar concepts to the class. Generally, we recommend the following class structure when teaching grammar skills: Begin with an exercise, game, listening, etc. that introduces the grammar concept.Ask students questions that will help them identify the grammar concept to be discussed.Follow with another exercise that more specifically focuses on the grammar concept, but takes an inductive approach. This could be a reading exercise with questions and responses in the structures that are being taught.Check responses, ask students to explain the grammar concept that has been introduced.At this point introduce teaching explanations as a way of clearing up misunderstandings.Provide an exercise which focuses on the correct construction of the grammar point. This could be an exercise such as a fill the gap, cloze or tense conjugation activity.Ask students to once again explain the concept. As you can see, the teacher is facilitating students to do their own learning rather than using the top-down approach of dictating rules to the class.

Globalization Essay Example | Topics and Well Written Essays - 2250 words

Globalization - Essay Example Furthermore, the paper also discusses PESTEL Analysis and what benefits does it have in UK economy and their drawbacks. Lastly, it describes the future of globalization. The term ‘Globalization’ is defined as a process of integration which has been derived from the human connectivity and their exchange of ideas, products and different aspects of their culture and trends. In other words globalization is represented as a new term for changes in International relations which was exploited in the end of the twentieth century. Globalization refers to the larger context with respect to the globe rather than in a national context. The advancements and breakthroughs in transportation and telecommunication play an important role in the rise of globalization alongside with the increase use of the internet which has led to the growth in globalization. When economies are interconnected with each other, it has provided an opportunity for globalization to occur (Jones 2010). Globaliza tion has various meanings and it has been the source of argument in the recent decade about its true meaning. Albrow (1990) argues that globalization is far broader concept than interconnection and relations between the different objects. He explained that globalization is referred to all those processes by which different people of the world and different products of the world are incorporated to form a single concept or a society (Gupta 2009). However, many of the terms superseded the previous terms due to change in the nature of the world. Appadurai (1996) suggested that globalization is the process of mixing of the culture with respect to different locations and identities of regions. The author tried to propose that globalization will occur if people from different identities and regions would come together and blend their culture to form one idea is to be known as globalization (Appadurai 1996). Carnoy (2001) defines globalization as the weakening of the state when it cannot c ope up with the environment. This implies that if a country fails to adapt to the new conditions of the world in the global environment, then it blends up with the environment itself for keeping themselves alive in the market (Munck 2005). Many scholars have traced back the history to gather information on the origins of globalization which was found to present before the European age of discovery. When people moved to different regions, they tried to adapt to the certain environment and to the cultures of the particular region. It is where the role of globalization play its part when people share different ideas and merge it to become one single idea (Jones 2010). Aspects of Globalization Globalization has both the social and economical aspects, if understood; it can help nations to achieve greater heights of success and growth. In economical terms, it is the rapprochement of countries and their flow of goods and capital from one place to another due to various inventions that has been made by countries. The first wave occurred in the era of economic boom which made Great Britain to realize its capability and brought the nation into foreground. Many scholars term the modern globalization as the increase in the technological achievements of a country which have made possible for people to migrate and allowed the flow of capital and information to satisfy its needs. Scientific reforms and revolution have created new forms of transportation and the rise of