Perspectives on Industrial and Corporate Change Case Study

Perspectives on Industrial and Corporate Change - Case Study Example Organizational structure and the leadership style as they realized that to improve the quality  of work they needed to improve the quality of work life of the employees as well.  To achieve this they began using a five-phase diagnostic model with two aims in mind. The first aim was whether this model of strategic human resource development could still be in use in five years and the second aim was to see what the changes were to achieve this goal. The diagnostic model of assessment required to see the strengths and weaknesses of the organization in question as well as every aspect within the organization itself (including employment, finances and leadership style and atmosphere). The model of SHRD (Strategic Human Relations Development) since it was delegated into phases took several years to be implemented. One of the most important benefits gained for the Tetra Pak project1 was the implementation of better communication systems in every area (especially that of employer-employe e relationship) and as a result of these several employees who have never been able to communicate effectively began to see this as an opportunity to voice out their opinions. The betterment of communication within the organization is very important  because effective communication allows for a better work environment and dissipates any resistance or discontent among the workforce. Proper understanding leads to a better quality of work as the supervisors and management are able to convey what they want to the workforce and the workforce has the ability ask what is required and needed and whether they will be able to do the task at hand.  Dosi, G., Teece, D. J., & Chytry, J. (Eds.). (1998). Technology, Organization, and Competitiveness: Perspectives on Industrial and Corporate Change. Oxford: Oxford University Press. Retrieved May 5, 2007,   L., Hailey, V. H., Stiles, P., & Truss, C. (1999). Strategic Human Resource Management Corporate Rhetoric and Human Reality. Oxford: Oxfor d University Press. Retrieved May 5, 2007 C., Cole, C., & Brunning, H. (1997). A Manual of Organizational Development: The Psychology of Change. London: Karnac Books. Retrieved May 5, 2007, from Questia database: http://www.questia.com/PM.qsta=o&d=55270794

Valhalla Partners Due Diligence Case Study Example | Topics and Well Written Essays - 750 words

Valhalla Partners Due Diligence - Case Study Example Deciding to go ahead and invest in Telco Exchange would create a nice future for Valhalla if everything went well. Art Marks is educated and has plenty of real-world experience that will assist with making a fair and important decision. This opportunity, if Art Marks decided to vote yes, would allow Valhalla to test out their new due diligence process and decided whether or not the process was a good idea. The Due diligence process consisted of a twelve step process that followed a certain order. This certain order was important for Valhalla to become the most profitable and aid companies that it may be investing in. The steps began with a one-pager, and then deep diligence would begin. Next would be an investment memo followed by an investment decision. The decision would lead to a present term sheet, negotiating terms, a 100-day plan, and a close. Following the close are an active board stewardship, finance and research assistance, critical moves and an exit. This due diligence pro cess would play a huge role in the decision by Marks. After learning about the company and what it has to offer, Art Marks should vote yes on investing in Telco Exchange. Telco Exchange is already in business with popular companies like IKON and Marriot. If these already established companies were able to seek services from Telco Exchange it was likely that with the right marketing, Telco Exchange can become more popular and become more successful. Becoming more successful would make Telco Exchange a better investment. The Due Diligence process would help ensure that Telco Exchange is where Valhalla wants it to be. An appropriate valuation for Valhalla and Telco Exchange is to work with one another. Working with one another and coming to an agreement that is beneficial to both businesses will create better relations between the two and open up more opportunities in the future. Valhalla partners need to think about how the future of a successful Telco Exchange can benefit Valhalla. L ike any company, Telco Exchange faces risks. Risks can be changeable and benefit investors or they can be unchangeable and make investing seem like a waste of money. The top three risks facing Telco Exchange are easy to move past. One of the main risks is marketing. Marketing is important for companies to get there name out there and move forward. The memo doesn’t really state the marketing that Telco Exchange has in place. A good marketing strategy will help improve Telco Exchange and make Telco look more appealing to investors. The second risk associated with Telco Exchange is the issues it faces with software. The software can never be perfect and will always require upgrading and repairs. What does Telco have in store for upgrading and improving software? Companies are always going to want the best and the easiest.

Ethnic Identity and Socialization: Bend It Like Beckham’

Ethnic Identity and Socialization: Bend It Like Beckham’ In April 1992, when a mostly white jury acquitted four police officers accused in the videotaped beating of a black motorist, thousands of people in Los Angeles, mainly young black and Latino males, joined in what has often been characterized as a race riot. In the summer of 2001, ethnic riots occurred on the streets of towns and cities in the north of England (Oldham, Leeds, Burnley, Bradford), involving young British Asian men and young White British men. More recently, in November 2005, riots emerged in Paris suburbs, sparked by the accidental deaths of two Muslim teenagers, and then spread to 300 French towns and cities. Most of the rioters were the French-born children of immigrants from Arab and African countries, a large percentage being Muslim. These race and ethnic riots have all recently placed the issue of racial and ethnic identity at the forefront of political debate in the United States and in Europe. In this paper, we endeavour to discuss many issues especially on gend er issues, relationship issues, family issues, notion of beauty, women in sports and migration issues. The way the characters behaved and how the other characters behaved towards them portrays the theme and the issues involved. Gender issue is portrayed through Indian beliefs as well as Western beliefs. The traditional notion that girls should not be involved in sports existed in both the Indian family as well as the England family. This can be seen in both Jesminders family as well as Catherines family where their mothers strongly discouraged them from playing soccer as soccer is meant only for the boys. Both mothers cannot tolerate the idea that their daughters are playing and enjoying soccer thus all kinds of comedies ensued because of the differing ideas mothers and daughters have. Through gender issues, the traditional notion of beauty is also depicted. Anything that is ugly has to be hidden while things that are not of social norms are frowned upon. For example, in the Indian family, Jesminders mother was shocked that her daughter would reveal her scars just to wear shorts to play soccer. Indian girls are supposed to cover up their bodies and must not dress up like the boys. Jesminders mother also does not want Jesminder to play soccer because it causes her to become dark and thus she is not beautiful. This perceptions cause Jesminder to put on a faà §ade. In front of her family members, she dressed up like a dutiful Indian daughter. Behind them, she strips to her jersey and shorts in order to pursue her passion. Hilarity is created through such perceptions and the things done by Jesminder to bend the rules and yet appear to be a dutiful daughter in her parents eyes. As for the England family, Catherines mother wants her daughter to be ladylike. It is highly comical when mother and daughter went shopping and the mother insists that her daughter wears a push-up bra. This typical notion on how girls should doll up is highly comical as the mother is enforcing her daughter something that she is not. This shows that the tradition notion of beauty not only exist amongst the Indians but the England people as well. Issues on gays and lesbianism have also been touched on in this movie. Gays and lesbianism is not accepted in both societies. For example, Jesminders male best friend confesses to her that he likes David Beckham. The issue on him being gay is kept hushed amongst them as being Indians; they are not supposed to go against social and traditional norms by becoming gay. Lesbianism is touched upon when Catherines mother assumed that Catherine and Jesminder are lesbian couples. Due to her overreactions, hilarity was created. This shows that Indians still stick to their traditional culture whilst England people are not that advanced in their thinking either. The traditional issue on marriage still exists amongst the Indian characters in this movie. Pinkys boyfriend broke up their engagement just because Jesminder, Pinkys sister, was seen hugging an England boy. This shows the unfairness that befalls on Pinky for something she has not done. To heighten the comic effect, the boy Jesminder was hugging is actually a girl. Catherine was mistaken to be a boy just because she has short hair. Once again, the traditional notion of beauty on how girls hair length should be creeps in. Jesminder also refuses to inform her family that her England coach is her boyfriend for fearing that her parents could not accept the idea. Thus this shows that they are still traditional. Apart from gender issues, family issues and relationship issues, migration issues also play a large role in this movie. Their house is a symbol to show how the Indian family has assimilated to the England society. The semi-detached house is a reflection of how the family has blended into England while at the same time preserving their cultural roots and background. The occasional lights displayed on the house show the difference of the family compared to the rest of the neighbourhood. However, this difference has also been accepted by the society there as the lights gave out a beautiful effect. This film also examines women who must explain their choice to participate in a sport, which traditionally men only competed in. It was noted that how a woman who plays soccer and enjoyed it immensely and even dreamt of playing professionally, had to overcome the traditional ideas of her family in order to achieve what she wanted the most. It presents a myriad of complex issues and presents them in a way that is appealing and stimulating. In this film, women in sport is an issue, but one that has come far in the history of women and sport-now, at least in soccer, women can and do play professionally and that is not an odd or remarkable thing. Women are now able to play sports; however, there are still obstacles and stereotypes which the characters still come into contact with and deal with on a daily basis. Jules, one of the main characters, has to live with her mother who tries so hard to make her more feminine; while Jess, the main character, must live with the traditional notions and experiences of her family. It can be said that Bend It Like Beckham really presented a more realistic example of the obstacles that women face, by looking specifically at one individual and her specific circumstances. It allows for a situation in which Jess must fight for what she believes in and try to move her own family forward. This film also brought in questions of not only femininity but also gender issues and gender relations, and what it means to be a woman playing sports today. There are still stereotypes and ideals about women that are not necessarily written in stone any longer, and it appears that we can look forward to a future where those stereotypes may no longer be so deeply imbedded. The families learnt to assimilate into Englands culture through their childrens experience. Pinkys ability to find an Indian husband and moving on with her life creates satisfaction amongst her family members. This shows that they belong in the society. Jesminders achievements in her A Levels examinations and her ability to qualify in an England soccer team for girls also show that assimilation and acceptance has taken place. The comic effect that was produced in this movie reflects the things that occur in the society and shows how the society adapts to it. The Indian family managed to preserve their traditional and cultural roots despite being far away from India. Westerners are also not spared from traditional thinking. We conclude that intense forms of ethnic identity and socialization appear to be formed in social contexts in which the minority ethnic trait is mostly threatened either directly by the actions of the majority group or indirectly simply by being exposed to the interaction with the majority norm of behaviour in a mixed neighbourhood. Bend It Like Beckham is all about a young girls search for cultural identity in the 21st Century England. Referencing Stevenson, D. Women, Sport and Globalisation; competing discourses of sexuality and nation Journal of Sport and Social Issues, Vol 26, No. 2 May 2002 Messner, M., Duncan, M., Cooky, C. Slience, Sports Bras and Wrestling Porn; women in televised sports news and highlights shows Journal of Sport and Social Issues, Vol 27, No. 1 February 2003 Wearing, B. (1996) Gender; the pain and pleasure of difference, Longman, Melbourne Chapter 8 Leisure Grosz, E. (1994) Volatile Bodies: Towards a Corporeal Feminism, Allen Unwin, Sydney Kell, P. (2000) Good Sports: Australian sport and the myth of the fair go, Pluto Press, Annandale Chapter 7 Golden Girls, Lesbians and Sexing Up; Women and Sport Jarvie, G. Maguire, J. (1994) Sport and Leisure in Social Thought, Routledge, London Chapter 7 Feminist thought and the boundaries of sisterhood Young Murdock, I. (1990) Throwing Like a Girl and Other Essays in Philosophy and Social Theory, Indiana University Press, Bloomongton Company Analysis: Value Proposition Of eBay Company Analysis: Value Proposition Of eBay The secret that can be considered behind the success of E-bay is by increasing its customers ad their satisfaction. To spread the business globally, an e-business strategy has to be implemented which can address the management and adopt new market culture. The new process implementation will change the services offered from local market to global market. Strategic planning process will bring all these changes in the way services are offered and improves the market globally. The strategic planning process involves several phases as shown in the figure 1.1. E bay is one of the leading websites in e business, when it comes to selling and buying of products online. At present the company operates its services through the worlds most popular website www.ebay.com for online selling, buying ad biding of products. In 1998, the revenue of e bay was $4.8 million in the US, in 2008 revenue increased to $ 5.5 billion revenue worldwide and sold $60 million merchandise. The page rank of e bay was rated the first in 2008 with 85.4 million visitors. Today, from 2009 reports, the figures appear very promising; they have increased to $24 million despite unfavorable economic conditions gaining 71%. The core competence of E bay were the other online auction websites like Amazon, fixed price retailers, search engines and comparison shopping websites which were offering the services at fixed lower prices. These are attracting the consumers more and e-bay has started to revive their 3 year plan after the revenue fall in 2009 and trying to meet the consumers demand and achieve higher customer satisfaction. 1.3 Market analysis and trends: Market Analysis is a major task that has to be performed before launching a new service or product. It is important to perform this to determine if they really require that new idea that company is going to implement. In the process of developing a new product or service the market needs should be very well understood and how the competitors service the same product/ service should be analyzed too. By conducting such type of market analysis, company can: Be fully prepared to enter a new market Can launch a new product/Service The main steps involved in performing market analysis are Definition of the problem Analysis of the current situation acquire data that is relevant to the problem study and understand the data Get ideas and resolve the problem Market analysis determines strengths, weaknesses, threats and opportunities of a company and one of the most common methods to achieve this is SWOT analysis. The major competitors for E bay are Amazon, online search engines, fixed price retailers. The results of SWOT analysis on E bay are given in table 1.3.1. SWOT ANALYSIS FOR E bay STRENGTHS excellent service refined technologies used Largest market share in till 2008 Had very Good reputation Good customer satisfaction User friendly software WEAKNESS No proper marketing strategies Lacked global presence Missed its name in the list of all web directories Lack of social sites usage OPPORTUNITIES Increase market shareholder International demand for Ebay services will increase Increase in number of business partners THREATS More number of competitors Cost of software and hardware may increase Price competition with present competitors Table 1.3.1: SWOT analysis for Ebay 1.4 Evaluation of the business in terms of Porters business model: The five forces business model by Michael E. Porter can be used by the company to analyze the competition in the market with respect to the profitability and attractiveness of the services in all the aspects. Figure 1.4.1 shows clearly about the five different competitive forces. Figure 1.4.1: Porters five forces business model Source: http://www.anythingresearch.com/Strategic-Planning/Porters-Five-Forces.htm These five forces are very important in the implementation of new business plan by E bay as shown below: Threat of Substitute products or services Negatives: Every company website creates a substitute to the services offered by ebay and this way they can be a threat to eBay. Positive: Good market environment can be established with internet and will lead to healthy competition. All firms need an improvement to survive in todays market. Bargaining power of suppliers Negative: Customers are given bargaining power than suppliers as they have multiple choices. But with internet, suppliers also have more access to many customers. Bargaining power of buyers Negative: The internet can reduce switching costs for E bay. Positive: Improves bargaining power over traditional channels. Rivalry among existing competitors Negative: The increase in the number of competitors will be created by internet both nationally and internationally. It may also create competition in price among different companies offering similar service for cheaper rates. Barriers to Entry Positive: As E bay is an online business, there is no requirement of offices, sales staff rent for offices. All it requires is a hosting cost for website 1.5 Information and communication technology (ICT) challenges: As E bay is going to spread globally, there is a possibility of some information and communication technology (ICT) challenges. Some of the major challenges are described in terms core business process and system including legacy systems, B2B system integration, and efficient use of ICT infrastructure, security and standards. 1.5.1 Core business process and systems including legacy systems: As E bay is a online auction website, it deals with the customers private information, and the customers expect the company to keep their information very confidential. They have to use very effective CRM applications. The main challenge for CRM is that it should meet the concepts of Confidentiality, Availability and Integrity triangle. As E bay business is spreading globally, it is very crucial to consider business process and systems such as customer relationship management, supply chain management, and also knowledge management. 1.5.2 Efficient use of ICT infrastructure: As The E bay business runs on its auctions via internet it is important to implement proper ICT infrastructure with right technologies such as disaster recovery plan(DRP) to make sure that their business keeps running without any system hurdles such as system failure or any other natural disasters. With the help of DRP the resumption of hardware, data, communications, applications and other it infrastructure can be planned and made safe. Apart from DRP E bay should also include Business continuity plan (BCP) to make sure that their business will never discontinue .Unlike DRP, BCP includes plans for non IT related aspects. Nowadays BCP is well supported by Virtualization which also provides effective and easily manageable disaster recovery (DR) solution. The infrastructure of virtualization along with Disk-to-Disk (D2D) backup helps to build DR infrastructure with very easier and cheaper methods than ever. 1.5.3 B2B system integration: Business to Business e-commerce (B2B EC) also known as electronic B2B (eB2B) or simply B2B refers to transactions between the businesses conducted electronically over the internet, extranets, intranets or private networks(Turban et al. 2008).The B2B system integration is classified into two types Integration with the existing internal infrastructure and applications Integration with business partners systems ( Turban et al. 2008) Through e bay, customers can make reservations in one or more restaurants at a time and make a single payment for all the reservations with the help of these two types of integration systems. This makes transactions between E bay and customers very safe and secure. 1.5.4 Standards: As e bay runs the business electronically, a high level of standard should be used to spread the business globally. At present E bay is not using any ISO (International Standard for Organisation) standard. The best suited ISO standard for E bay is ISO/TS 15000-5:2005ISO/TS-Electronic Business Extensible Markup Language (ebXML).This standard is employed in businesses that work in open area or worldwide and transmit/exchange information between organizations, government agencies and other business related firms. This standard will form the basis for standard development work of business analysts in E bay. 1.5.5 Security: The major risks involved in any business would me information exchange and electronic transactions between organizations. To overcome such type of risks, it is advised that E bay should install use Firewalls, security socket layer (SSL), virtual private networks (VPN), Digital signatures etc while making any transactions.

Noy: A glimpse of our society’s status Essay

The movie ‘Noy’, directed by Dondon Santos and starred by Coco Martin, allowed us to take a look into the lives and different problems of an ordinary Filipino. This brought us the chance to have a closer look to the issues of this country concerning drugs, poverty, education, crimes, family and many others. ‘Noy’ showed us how one’s decisions and actions can affect the lives and beliefs of many people. This reaction paper is not about how good the movie was, in terms of how well it has been directed or portrayed by the actors, not in a perspective of a movie critique but in a view of an ordinary student and a concerned citizen. This would be about the social issues and problems that has been sited in the film and are very relevant nowadays. In the movie, Noy is living in an uncomfortable and struggling life with his manicurist mother, crippled brother and a smart sister. Their family lived in a house floating on flood water. He faked some of his documents, his diploma and demo reel, and posed to be a journalist to the hope that their status in life would change. He started working on a documentary about Senator Noynoy Aquino which was way back then, running for presidency. Later on, his brother has been involved to drugs and his sister got blind. After that, everything got messy and he eventually got killed by the drug pushers/addicts. As what has shown in the movie, education, poverty, crimes and drugs, these four things are interrelated with each other. Why? Most Filipinos was not able to go to school, not because they chose or wanted to, but because they cannot afford; because of poverty. As a result of this, they are opt to fool other people, to do crimes, to be involved in drugs. This scenario has been a cycle in our society and has always been the main problems. Upon knowing those things, what can we do? How can we lessen these scenarios? That’s what we need to figure out.Yes, these problems are not simple. It’s a nation’s problem, but if each of us will take an action to at least resolve  these, it may help a lot. There’s a large number of jobless Filipinos especially in poor, rural areas. We can put up community projects in which they can be involved ,like for example establishing nurseries, making recycled crafts (to help in segregating waste that is considered to be one of the factors for flooding), weaving and others. With this projects, they can earn and at least be helpful in their daily expenses. These can also be beneficial to take them away from doing crimes and drugs as well. We can be or have volunteer teachers for out-of-school children. We may not be able to send them to school, but at least we can teach them the basics, how to count, read and write. We can lend them books for them to practice and study. We can communicate with LGUs and the local government to help in giving those children other resources or even scholarships for them to have a formal education. Though, we should not always be dependent in the government, as what has also shown in the movie. We can make a change. We can help other people if we want to, even a little unselfish act will do as long as we will do it wholeheartedly. We all have the shared responsibility in serving this nation. Let us all be involved in empowering every Filipino in any way we can do. Ignorance is a plague in our society. We should set our eyes open to the reality that this world keeps on hiding from us. Stop being ignorant , instead be vigilant.

Economics of Sumeria

By 7000 BCE there was farming, which required permanent settlement. ————————————————- By 4500 BCE, people archaeologists call Ubaidians were living in towns near where the Tigris and Euphrates rivers emptied into the Persian Gulf. EKONOMIKS –( http://earlyworldhistory. blogspot. com/2012/01/sumer. html poltics) (http://www. sjsu. edu/faculty/watkins/sumer. htm-poltics) This was  Mesopotamia  (Greek for â€Å"between two rivers†). It was around 4000 BCE that a people called Sumerians moved into Mesopotamia.By 3800 BCE the Sumerians had supplanted the Ubaidians and Semites in southern Mesopotamia. They built better canals for irrigating crops and for transporting crops by boat to village centers. They improved their roads, over which their donkeys trod, some of their donkeys pulling wheeled carts. And the Sumerians grew in number, the increase in population the key element in creating what we call civilization Do you know? Civilization is a word derived from an ancient word for  city. LIVINGS around each city were fields of grain, orchards of date palms, and land for herding.Besides planting and harvesting crops, some Sumerians hunted, fished, or raised livestock. In addition to an increase in population, civilization was also about variety, and enough food was produced to support people who worked at other occupations — such as the priesthood, pottery making, weaving, carpentry and smithing. There were also traders, and the Sumerians developed an extensive commerce by land and sea. They built seaworthy ships, and they imported from afar items made from the wood, stone, tin and copper not found nearby The Sumerians used slaves, although they were not a major part of the economy.Slave women worked as weavers, pressers, millers, and porters. The social structure of the Sumerians was decidedly different from other societies of th at and later times. The Sumerian communities were city states organized around a temple and ruled by a priesthood. There was a class of craftsmen in addition to the priests and peasants. The craftmen devoted most of their time to producing things for either the temples or the warrior-soldiers which protected the temple community. The people were to devote their lives to propitiating the gods to prevent calamities from befalling the community.

Native American Influences on Modern American Culture

When the first Europeans came to the North American continent. they encountered the completely new cultures of the Native American peoples of North America. Native Americans, who had highly developed cultures in many respects. must have been as curious about the strange European manners and customs as the Europeans were curious about them. As always happens when two or more cultures come into contact. there was a cultural exchange. Native Americans adopted some of the Europeans ways. and the Europeans adopted some of their ways. As a result. Native Americans have made many valuable contributions to American culture. particularly in the areas of language. art, food. and government. Native Americans left a permanent imprint on the†¦show more content†¦When the thirteen American colonies were considering what kind of government to establish after they won their independence from Britain. someone suggested that they use a system similar to that of the League of the Iroquois. Under this system. each colony or future state would be autonomous in managing its own affairs but would join forces with the other states to deal with matters that concerned them all. This is exactly what happened. As a result. the present form of government of the United States can be traced directly back to a Native American model. In conclusion. we can easily see from these few examples the extent of Native American influence on our language. our art forms. our eating habits. and our government. Modern Americans are deeply indebted to Native Americans for their contributions to United StatesShow MoreRelatedSherman Alexie s The Lone Ranger And Tonto Fistfight1405 Words   |  6 Pagesplight Native Americans go through in modern day America. 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Reporting on Equity Evaluation of major airlines in the industry - Free Essay Example

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