What are Juliets feeling and emotions Essay Example For Students

What are Juliets feeling and emotions? Essay What advice would you give an actor playing this part? In this passage Juliet has strong conflicting emotions. It is all showing how Juliet copes in a time of despair and how she deals with such a traumatic circumstance. It is a solo scene, and therefore I feel it shouldnt be acted with too much hysteria. But instead quite calmly. I think this would make it seem more realistic and consequently more dramatic. She begins by saying: Farewell! God knows when we shall meet again. We will write a custom essay on What are Juliets feeling and emotions? specifically for you for only $16.38 $13.9/page Order now This suggests that she is both hesitant about taking the poison and scared as to whether it will work. Because of this risk she is very afraid. For this to be acted out during the period of time it was written there wouldnt have been an actress to play Juliet. A pre-pubescent boy would play it because his voice wouldnt have broken and would be suitable to play the opposite sex. However, to modernise it to fit into life today, I would have a woman act the part. At this point in the scene, Juliet hasnt had a real chance to digest what she is about to do or think about the consequences in detail. With this in mind, I would have the actress use few facial expressions, but instead, have straight pale almost life-less look about her. In the next couple of lines she goes on to say: I have a faint cold fear thrills though my veins That almost freezes up the heat of life Juliet is starting to feel more and more terrified about the ideas, I think here the actress should start to tremble and maybe start to shed a few tears as she raises her arms to look at her veins. Ill call them back again to comfort me Nurse! What should she do here? My dismal scene I needs must act alone Come, vial In these lines Juliet seems to get more tense. Shes doubtful as to whether she is able to do this by herself and so calls for the nurse to come back. She knows thats it is her family duty to marry her parents choice Paris, and that even her faithful nurse will not be able to help her go against social necessity and tradition. Whilst acting this I think the actress should start to show Juliet is upset and nervous. This should be done by her starting to cry and, if possible, getting clammy or sweaty. When shouting Nurse! the actress shout trail off at the end to show the definite change of mind leading into determination of doing this act alone. This can be shown by the actress sniffing as a physical full stop to the tears before leaning forward to pick up the poison. The last few lines of the paragraph say: What if this mixture do not work at all? Shall I be married then tomorrow morning? No, no, this shall forbid it; lie thou there. After saying this, Juliet places a dagger by her bedside. She is prepared to kill herself rather than marrying Paris if the poison doesnt work and she were to wake in the morning. To do this shows she is obviously starting to get confused as well as terrified about the whole scheme. Juliet I think should have a slight slip in her firm attitude as she starts to worry that the scheme will fail and she will have to resort to stabbing herself. What if it be a poison which the Friar Subtly hath ministered to have me dead, Lest in this marriage he should be dishonoured, .u717d59c44249b72df7d45808a829b873 , .u717d59c44249b72df7d45808a829b873 .postImageUrl , .u717d59c44249b72df7d45808a829b873 .centered-text-area { min-height: 80px; position: relative; } .u717d59c44249b72df7d45808a829b873 , .u717d59c44249b72df7d45808a829b873:hover , .u717d59c44249b72df7d45808a829b873:visited , .u717d59c44249b72df7d45808a829b873:active { border:0!important; } .u717d59c44249b72df7d45808a829b873 .clearfix:after { content: ""; display: table; clear: both; } .u717d59c44249b72df7d45808a829b873 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u717d59c44249b72df7d45808a829b873:active , .u717d59c44249b72df7d45808a829b873:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u717d59c44249b72df7d45808a829b873 .centered-text-area { width: 100%; position: relative ; } .u717d59c44249b72df7d45808a829b873 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u717d59c44249b72df7d45808a829b873 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u717d59c44249b72df7d45808a829b873 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u717d59c44249b72df7d45808a829b873:hover .ctaButton { background-color: #34495E!important; } .u717d59c44249b72df7d45808a829b873 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u717d59c44249b72df7d45808a829b873 .u717d59c44249b72df7d45808a829b873-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u717d59c44249b72df7d45808a829b873:after { content: ""; display: block; clear: both; } READ: We have looked at many different types of courtship and we have seen the different parts that convention plays in each one EssayBecause he married me before to Romeo? I fear it is, and yet methinks it should not, For he hath still been tried a holy man. This section of the passage shows that she is becoming very anxious and paranoid. She fears that even the good Father Lawrence would try and kill her to save his reputation. But she recognises that this would be improbable and her fears take another form. Being anxious, Juliet should start to pace up and down her bedroom, unable to rest. Her hand movements should start to get more dramatic as she asks herself these distressing questions. She should also start to pull at her hair in a distracted way. Juliet then reflects that even if the potion is not poisonous she may be forced to awake alone in the tomb. She is a young girl and her imagination gives her a series of harrowing possibilities. She fears she may wake and suffocate in the tomb before Romeo arrived or possibly, even wore, she may wake amongst the corpses and bones in the family vault and be driven crazy by the horrors of such surroundings. O, if I wake, shall I not be distraught, Environà ¯Ã‚ ¿Ã‚ ½d with all these hideous fears, And madly play with my forefathers joints, And pluck the mangled Tybalt from his shroud. The actress may now stop pacing up and down and sink onto her bed, clutching her arms, rocking backwards and forwards. She imagines being next to the festering body of Tybalt and being distraught enough to kill herself in madness. At this point she has worked herself to hysterical resolution, she suddenly stops this train of thought. She is still very frightened and feels helplessly naà ¯Ã‚ ¿Ã‚ ½ve to it all. The actress ceases to rock herself and takes on a calm, but slightly false attitude. Refocusing on Romeo, Juliet drinks the potion. Romeo, Romeo, Romeo! Heres drink I drink to thee.

How to Teach the Present Perfect Continuous

How to Teach the Present Perfect Continuous The present perfect continuous form is often confused with the present perfect. Indeed, there are many instances in which the present perfect continuous can be used as well as the present perfect. For example: Ive worked here for twenty years. OR Ive been working here for twenty years.Ive played tennis for twelve years. OR Ive been playing tennis for twelve years. The main emphasis in the present perfect continuous is on expressing how long the current activity has been happening. Its best to stress that the present perfect continuous form is used for shorter periods of time to express how long that particular action has been taking place. Ive been writing for thirty minutes.Shes been studying since two oclock. In this manner, youll help students understand that the present perfect continuous is used to express the length of a current action. Compare this to cumulative length for which we tend to use the present perfect, although the present perfect continuous can be used. Introducing the Present Perfect Continuous Start by Speaking about the Length of Current Actions Introduce the present perfect continuous by asking students how long theyve been studying in the current class on that day. Extend this to other activities. Its a good idea to use a magazine with photos and ask questions about how long the person in the photo has been doing a particular activity. Length of Current Activity Heres an interesting photo. Whats the person doing? How long has the person been doing XYZ?What about this one? He looks like hes getting ready for a party. I wonder if you can tell me how long hes been getting ready for the party. Result of Activity Another important use of the present perfect continuous is to explain what has been happening that has caused a present result. Stating results and asking questions are effective in teaching this use of the form. His hands are dirty! What has he been doing?Youre all wet! What have you been doing?Hes tired. Has he been studying for a long time? Practicing the Present Perfect Continuous Explaining the Present Perfect Continuous on the Board Use a timeline to illustrate the two principal uses of the present perfect continuous. With such a long string of helping verbs, the present perfect continuous can be a bit confusing. Make sure that students understand the construction by providing a structural chart like the one below: Subject have been verb(ing) objectsHe has been working for three hours.We havent been studying for long. Repeat for the negative and interrogative forms as well. Make sure students understand that the verb have is conjugated. Point out that questions are formed with How long ... for the length of an activity, and What have you ... for explanations of current results. How long have you been sitting there?.What have you been eating? Comprehension Activities Its a good idea to compare and contrast both the present perfect and present perfect continuous when first teaching this tense. At this point in their studies, students should be able to handle working with two related tenses. Use lessons that focus on the differences to help them distinguish usage. Quizzes testing present perfect or perfect continuous use also help students become familiar with the two tenses. Present perfect and continuous dialogues can also help with practicing the differences. Also, make sure to review non-continuous or stative verbs with students. Challenges With the Present Perfect Continuous The main challenge students will face with the present perfect continuous is understanding that this form is used to focus on shorter lengths of time. I find its a good idea to use a common verb such as teach to illustrate the difference. For example: Ive taught English for many years. Today, Ive been teaching for two hours. Finally, students may still have difficulties with the use of for and since as time expressions with this tense.

SPSS project Assignment Example | Topics and Well Written Essays - 2000 words

SPSS project - Assignment Example Respondents aged less than 35 years old for both male and female was 28% and 31% respectively. 55.6% of the respondents reported to be married/common law, 32.3% were single and another 12.1% were either separated, widowed or divorced. The female respondents topped the list with the highest percent (39.3%) of separated/widowed/divorced while the male respondents led in the percentage of the married/common law couples. Only 0.2% of the male respondents reported to have been divorced. At the same time, the percent of male and female single respondents was reported to be 34% and 28.5% respectively. The respondents’ income ranged from below $15,000 to over $65,000 with majority of the respondents (32.6%) being in the income bracket of $55,000-$64,999. Only 5.7% of the respondents interviewed reported to earn below $15,000. In summary, 62.8% of the respondents interviewed said to earn an annual income of $45,000 and above. The P-value for the Chi-Square test is 0.0000.05 (significance level), leading us to fail rejecting the null hypothesis. The results for this analysis therefore show that there is no association between taking Delta and the marital status of the respondent. The P-value for the Chi-Square test is 0.000

Issues in Developmental Psychology Essay Example | Topics and Well Written Essays - 750 words

Issues in Developmental Psychology - Essay Example Every person is doing one's own duty in one's own station for which one is best suited to do by Nature. There are others like John Locke who considers that a person is like a tabula rasa or a blank slate when someone is born. What is expounded here suggests that a man's personality can be molded into any desired and aspired for direction and shape through modern means of education. Empty mind, however, is the devil's workshop! Similarly, early influences on human mind have a more lasting and prolonged effect in one's life. Most of the psychologists, including Sigmund Freud, believe that experiences of an early age cause deep imprints upon the concerned human mind. Experiences are more efficacious way of shaping up of a man's than merely the classroom lessons. How and at what pace change from birth to life is taking place These changes are merely quantitative or they are qualitative as well Children at certain stage of development show more of specific skills than others. Why is it like this To grasp these aspects of human growth and development, it is necessary to go into the Freudian psycho-sexual, Erik Erickson's psycho-social, Pavlov's classical conditioning, D. F. Skinner's operant conditioning and Piaget's cognitive stages of development theories related to psychologists through different experiments and experiences. According to developmental guidel... For modern psychologists, falling behind a normal yardstick of growth may at times be due to individual differences of personality and not due to any abnormalcy on the part of the concerned person. All above mentioned issues are mutually interrelated. They are to be understood in a balanced way. Freud's psycho-analytic approach to human growth depending on psycho-sexual stages, Erickson's lifespan theory of development in stages, Pavlov's environment and mutual interaction aspect, Skinner's operant conditioning impact and Piaget's focus on development of mental processes, skills and abilities are all to be known before delving deep into the developmental psychology. Analyses and Opinion This article on "Issues in Developmental Psychology" pin points major concerns in this field. As such, the concise nature of this article maybe appreciated. Mainly four issues raised are related to apparent questions about importance of a child as a person. What is more significant - inherent nature, acquired education, social environment or learned skills -- in bringing about a change in one's personality Answers to such questions are indicated to be found in different approaches to child growth and development. This is, indeed, a thought provoking article for those who are seriously inclined to find relevant answers to problems faced by them in their routine life of dedicated teachers and parents. The main weakness of this article lies in its attempt to keep away from finding answers to highlighted issues. It seems Wagner does not want to impose her own answers upon readers and practitioners of education and knowledge. She is just putting before us a few available options. An apparent difference is

Importance of Risk Assessment Research Paper Example | Topics and Well Written Essays - 1500 words

Importance of Risk Assessment - Research Paper Example Effective risk assessment is quite crucial to the success of every organization or business activity.Risk assessment requires consistently applying and defining an approach that is tailored to the organization. Any assessment activity begins with the outlay of a plan and scope considering objectives, timing, input, output and responsibility requirements (Wenyuan 21). These responsibilities are assigned to parties that can provide a meaningful perspective on relevant risks. In implementing these responsibilities, one requires input sources which are determined by the information available such as prior assessments, lessons learned and loss data. On the other hand, output requirements are determined based on specific requirements of sponsors and stakeholders. The execution of the assessment process is done once the planning and scoping have been determined. Â  There are several important steps required in carrying out a risk assessment.The first step involves the identification of relevant organization objectives. Identifying relevant objectives provides a basis for ascertaining the potential risks that may have an impact on the achievement of certain objectives. It further ensures relevance of consequential risk assessment and management plan to important organizational objectives. These objectives are usually defined as a number of organizational levels and it is necessary to comprehend how they are formulated. (Vose 12). Moreover, well-formulated objectives are analyzed by considering the weaknesses, opportunities, threats, and strengths.

Foreign Exchange Risk Management Analysis

Foreign Exchange Risk Management Analysis Chapter 1 Introduction This chapter will introduce the reader to the subject at hand and why the chosen research area is of interest and relevance for further development. Finally, the chapter includes a problem discussion, which in turn ends up in the research purpose of the thesis. 1.1 Background of the Study The deepening of globalization process has led to an increase in foreign exchange transactions in international financial markets. This has determined a higher volatility of exchange rates, and, implicitly, an increased foreign exchange risk. There are many types of risks, but only few of them can bring losses as large as foreign exchange risk. In these conditions, the development of new modern and effective methods for managing foreign exchange risk becomes a great necessity for the players in international financial activity. Foreign exchange risk management is crucial for companies frequently trading in the international market. Empirical research shows that profits of multinational companies are affected by volatile floating foreign exchange rates. Nevertheless, small firms trading exclusively on their domestic markets also become increasingly exposed to foreign currency fluctuations. Actually, small firms depend on the volatility of the main currencies because many of them out-source their production to foreign countries. This means that they incur costs in a foreign currency (wages, taxes, material, etc.) and they also need to manage this exposure. Other small firms are exposed indirectly given that their strategic position can be affected by volatile FX rates. By definition, all entrepreneurial activities incur risks, and coping with risk has therefore always been an important managerial function. In recent years, however, risk management has received increasing attention in both corporate practice and the literature. This is particularly true for the management of financial risks, i.e. the management of foreign exchange risk, interest rate risk and other financial market risks. A major reason for this is the development of markets for derivative financial instruments. Forward contracts, futures, options, swaps and other, more complex financial instruments today allow firms to transfer risks to other economic agents who are better able, or more willing, to bear them. In 1971, the Bretton Woods system of administering fixed foreign exchange rates was abolished in favour of market-determination of foreign exchange rates; a regime of fluctuating exchange rates was introduced. Besides market-determined fluctuations, there was a lot of volatility in other markets around the world owing to increased inflation and the oil shock. Corporates struggled to cope with the uncertainty in profits, cash flows and future costs. It was then that financial derivatives foreign currency, interest rate, and commodity derivatives emerged as means of managing risks facing corporations. The interest in the potential vulnerability of multinational firms to foreign exchange rate risk is heightened by the wide currency fluctuations experienced during the last few decades and this issue has engendered a considerable amount of research (Muller, A., Verschoor, W.F.C. 2006). In India, exchange rates were deregulated and were allowed to be determined by markets in 1993. The economic liberalization of the early nineties facilitated the introduction of derivatives based on interest rates and foreign exchange. However derivative use is still a highly regulated area due to the partial convertibility of the rupee. Currently forwards, swaps and options are available in India and the use of foreign currency derivatives is permitted for hedging purposes only (Giddy et.al. 1992). 1.2 Problem Statement Transaction exposure to foreign exchange risk results from the effect of (unanticipated) changes in the spot exchange rate on the base currency value of foreign currency cash flows (contractual payables and receivables). Financial hedging of transaction exposure is implemented by taking an opposite position (to the spot position) on a currency derivate (such as forwards, futures and options) or by using money market hedging. In some cases, however, financial hedging may not be possible or it may be too expensive. For example, forwards, futures, and options may not be available for some currencies or for long maturities, and it may not be possible to obtain credit lines in certain currencies (which precludes money market hedging). This observation is particularly valid for countries where financial markets are rudimentary. If a firm facing (transaction) exposure to foreign exchange risk cannot indulge in financial hedging, it may resort to the operational hedging techniques of risk sharing and currency collars, which can be implemented by using customised hedge contracts embedded in the underlying trade contracts. Under a risk sharing arrangement, the benefits accruing to one party of a transaction as a result of a favourable change in the exchange rate (which is necessarily an unfavourable change for the other party) are shared by the two parties. A currency collar, on the other hand, is used to set a minimum value for the base currency value of cash flows at the expense of setting a maximum value. Thus, it involves a trade-off between potential loss and potential gain. The unpredictability of forex market may erode or even eliminate the profit margin built into an international sale at the time the sale was carried out, when selling on terms of weeks and even months. Foreign exchange rate keeps on fluctuating and they depend upon the market forces of demand and supply (Platt, G. 2007). Hedging refers to managing risk to an extent that makes it bearable. In international trade and dealings foreign exchange play an important role. Fluctuations in the foreign exchange rate can have significant impact on business decisions and outcomes. Many international trade and business dealings are shelved or become unworthy due to significant exchange rate risk embedded in them. Historically, the foremost instrument used for exchange rate risk management is the forward contract. Forward contracts are customized agreements between two parties to fix the exchange rate for a future transaction. This simple arrangement would easily eliminate exchange rate risk, but it has some shortcomings, particularly getting a counter party who would agree to fix the future rate for the amount and time period in question may not be easy. In India many businesses are not even aware that some banks do provide forward rate arrangements as a service to their customers. By entering into a forward rate agreement with a bank, the businessman simply transfers the risk to the bank, which will now have to bear this risk. Of course the bank in turn may have to do some kind of arrangement to manage this risk. Forward contracts are somewhat less familiar, probably because there exists no formal trading facilities, building or even regulating body. 1.3 Research Objectives and Questions There is a need to identify, quantify, and evaluate a firms risk exposure and to choose appropriate procurement strategies. The general objective of this study is to incorporate procurement and marketing decisions into a single hedging model, considering risk factors typically faced by firms in the textiles and garment industry. There are several reasons to explain why foreign risk management has gained in popularity over the last decades. The most important reason lies in the increased volatility of exchange rates, interest rates, and commodity prices, causing firms cash flows to become more uncertain. Secondly, firms tend to focus more on their core business, which makes them less diversified. As a consequence, the volatility of firms cash flows may increase. A third reason for the growing importance of foreign risk management can be found in the globalization of business activities, in which competition has increased and profit margins have declined. A final explanation we offer is the growing number of opportunities to manage risks. Based on the problem discussion our research objectives are formulated as follows: To review and critically analyse the practices adopt by the Indian exporters to hedge the forex risk. To evaluate the impact of foreign exchange risk on exporters and exports of a country like India To critically compile the issues faced by the Indian exporters in hedging foreign exchange risk. Based on the above stated research objectives the following research questions have been developed: RQ 1: How the export company determines foreign exchange risk? RQ 2: Which level the company can actively manage foreign exchange risk? RQ 3: How it can hedge the forex risk? RQ 4: What techniques are preferred by company in its forex risk management? 1.4 Relevance of Research Currently there is a scarcity of research papers about currency exposure management in companies in emerging markets. Theoretical studies like that of Copeland and Copeland (1999) are usually supported by the findings from developed countries (the USA, Canada, the UK). Therefore, the application of such studies might be complicated in developing markets. Researchers that analyze the foreign exposure management in companies often use large samples and questionnaires to evaluate the derivate use, and are successful in describing countries with well-developed markets. For emerging markets like India such quantitative approaches are extremely rare. Most often the situation with currency exposure management and application of derivatives by non-financial institutions is reflected in the newspapers. Yet, these articles are not academic papers and serve only as descriptions of the situation. Therefore, this study will be distinctive in several areas. First, it concentrates on India and will contribute to the increase in the number of academic studies about emerging markets. Second, it will contribute to the business community , as it will analyze the application of derivatives by exporting companies for hedging currency exposure and reveal the causes higher or lower popularity of derivatives. Third, it will apply the theoretical model which was developed based on the practice in developed countries, and test if the results from model application match the empirical findings in reality in India. 1.5 Outline of the Study This dissertation consists of five chapters (see Figure 1.1). In chapter one, a relative broad description is given in the beginning, providing the reader with a background and discussion of issues related to the problem area. This discussion lands in a specific research problem, which has been broken down into research questions. Chapter two gives a presentation of theories relevant for the research problem. Continuously, a description and justification of the methodological approaches chosen in this thesis is given in Chapter three. In chapter four the received empirical data is presented and contains an analysis of the collected data against the theory. Finally, conclusions and implications are presented in chapter five. Literature Review This chapter reviews the literature theory of foreign exchange risk management include the concepts of foreign exchange risks, its characteristics by different types, and hedge theory of foreign exchange risks. 2.1 Foreign exchange risk Whenever a company is running overseas business, the company is exposed to different categories of risk including commercial risk, financial risk, country risk and foreign exchange risk (Oxelheim 1984). Country Risk Foreign Exchange Risk Financial Risk Commercial Risk Figure2.1 The company risk Source: Oxelheim 1984, p14 Foreign exchange risk is commonly defined as the additional variability experienced by a multinational corporation in its worldwide consolidated earnings that results from unexpected currency fluctuations. It is generally understood that this considerable earnings variability can be eliminated-partially or fully-at a cost, the cost of Foreign Exchange Risk Management. (Jacques, 1981). According to Shapiro (2006), foreign exchange rate exposure can be defined as a measure of the potential changes in a firms profitability, net cash flow and market value because of a change in exchange rates. 2.2 The existing classifications of foreign exchange risks In the recent literature of foreign exchange exposure management, the types of exposures are usually summarized and simplified into three categories, translation, transaction, and economic ( Cowdell, 1993; Girnblatt and Titamn, 1998; Eitman et. al.,1998 and Shapiro, 2006). It is conventionally stated that the exposure to currency risk is categorized into three factors; seen below in figure 2.2. Figure 2.2 Types of currency risk exposure Source: Eun et al.,2007 Transaction Exposure The transaction exposure concept concentrates on contractual commitments which involve the actual conversion of currencies. A firms transaction exposure thus consists of its foreign currency accounts receivables and payables, its longer-term foreign currency investments and debt, as well as those of its foreign currency cash positions which are to be exchanged into other currencies. Until these positions are settled, their home currency value may be impaired by unfavorable parity changes. There exist four possibilities by which transaction exposure may arise (Eiteman 2007): When prices are stated in foreign currencies and the firm decides to purchase or sell goods or services. When borrowing or lending funds while contractual agreements on repayment are to be make in a foreign currency. When becoming a party to an unimplemented foreign exchange forward contract. When incurring liabilities or acquiring assets which are denominated in foreign currencies. The total transaction exposure consists of quotation exposure, backlog exposure and billing exposure, see figure 2.3: Figure 2.3 The life span of a transaction exposure Source: Eiteman et al., 2007 2.2.2 Economic Exposure The economic exposure, also called the operating exposure, measures any change in the present value of a company resulting from changes in future operating cash flows caused by unexpected changes in currency exchange rates. The analysis of economic exposure assesses the result of changing exchange rates on a companys own operations over coming months and years and on its competitive position in comparison with other companies. By measuring the effects on future cash flows related to economic exposure, the goal is to identify strategic moves or operating techniques that a company might wish to adopt in order to enhance its value in the face of unexpected exchange rate changes (Eiteman et al., 2007). Loderer and Pichler (2002) assert that firms often manage economic exposure by lending and borrowing in foreign currencies. He cites the following reasons for not hedging economic exposure: firms are unable to measure the size and the currency of future expected cash flows with much confidence, firms already hedge transaction exposure, firms consider that in the long term currency fluctuations offset each others. Surprisingly, the cost of hedging economic exposure is not an obstacle. 2.2.3 Translation exposure By consolidating its financial statements, a parent company with foreign operations must translate the assets and liabilities of its foreign subsidiaries, which are stated in a foreign currency, into the reporting currency of the parent firm. Basically, foreign subsidiaries must restate their local currency into the main reporting currency so the foreign values can be added to the parents reporting currency denominated balance sheet and income statement. The translation is usually used for measuring a subsidiarys performance(McInnes, 1971), providing accurate information for decision makers and investors (Ross, 1992; Bartov, 1995), and for both internal and external users (Sercu and Uppal, 1995). The common reason for translation from a foreign currency into the home currency is to meet the requirements of accounting regulations of home countries. External Hedging Methods As it is shown, the exposure to currency risk may involve current business transactions, future business transactions as well as financial statement translations. However, as there are factors or risk, so are there strategies for dealing with them. For companies, there are a number of external methods to use for the management of currency risk, namely the use of financial derivatives. The name derivative arises from the fact that the value of these instruments is derived from an underlying asset like a stock or a currency. By using these instruments it is possible to reduce the risks associated with the management of corporate cash flow, a method known as hedging. Financial market hedging instruments include (Butler, 2004): Fig 2.4: External Hedging Techniques 2.3.1 Foreign Exchange Forwards A foreign exchange forward is an agreement to buy or sell one currency at a certain future date for a certain price with a specific amount. It is the most common instrument used to hedge currency risk. The predetermined exchange rate is the forward exchange rate. The amount of the transaction, the transaction date, and the exchange rate are all determined in advance where the exchange rate is fixed on the day of the contract but the actual exchange takes place on a pre-determined date in the future. In major currencies, forward contracts can be available daily with maturities of up to 30, 90 or 180 days (Bodie Marcus 2008). A survey by Belk and Glaum (1990) indicates that the most common method used to hedge exchange rate risk is the forward contract. An empirical study of Pramborg (2002), also demonstrates that firms can be fully hedged with forward contracts. 2.3.2 Currency Futures In principle, a futures contract can be arranged for any product or commodity, including financial instruments and currencies. A currency futures contract is a commitment to deliver a specific amount of a specified currency at a specified date for an agreed price incorporated in the contract. The futures perform a similar function to a forward contract, but it has some major differences. Fig 2.5 Currency Futures The specific characteristics of currency futures include (Pike et.al., 1992): They are marketable instruments traded on organized futures markets. Futures can be completed (liquidated) before the contracted date, whereas a forward contract has to run to maturity. They are relatively inflexible, being available for only a limited range of currencies and for standardized maturity dates. The dealings occur in standard lot sizes, or contracts. They require a down-payment of margin of about 5 percent of the contract value, whereas forward contracts involve a single payment at maturity. Futures are usually cheaper than forwards contracts, requiring a small commission payment rather than a buy / sell spread. Table 2.1 provides a clearer summary of the major differences between forward and futures contracts. Table 2.1: Major Differences between Forward and Futures Contracts Forward Contracts Futures Contracts Customized contracts in terms of size and delivery dates Standardized contracts in terms of size and delivery dates Private contracts between two parties Standardized contracts between a customer and a clearing house Difficult to reverse a contract Contract may be freely traded on the market Profit and loss on a position is realized only on the delivery date All contracts are marked to market- the profit and loss are realized immediately. No explicit collateral, but standard bank relationship necessary Collateral (margins) must be maintained to reflect price movements Delivery or final cash settlement usually takes place. Contract is usually closed out prior to Maturity Source: Hull (2006), Moffett et al (2006) and Solnik and McLeavey (2004). 2.3.3 Currency options A foreign exchange option which is different from currency forward contracts and currency futures is to give the holder of the contract the right to buy or sell a certain amount of a certain currency at a predetermined price (also called strike or exercise price) until or on a specified date, but he is not obliged to do so. The seller of a currency option has obligation to perform the contract. The right to buy is a call; the right to sell, a put. There is option premium needed to pay by those who obtain such a right. The holder of a call option can benefit from a price increases (profit is the difference between the market price and the strike price plus the premium), while can choose not to excise when the price decreases (locked in loss of the option premium). Vice versa is for the holder of a put option. For the advantages of simplicity, flexibility, lower cost than the forward, and the predicted maximum losswhich is the premium, the currency option has become increasing popular as a hedging devise to protect firms against the exchange movements. Whenever there is uncertainty in the size of cash flows and the timing of cash flows, currency option contracts would be superior to traditional hedging instruments such as forward contracts and futures contracts. Grant and Marshall (1997) examined the extent of derivative use and the reasons for their use by carried out surveys in 250 large UK companies, found that a widespread use of both forwards and options(respectively 96% and 59%). The pointed that comparing to the primary reasons for the use of forwards were company policy, commercial reasons and risk aversion, a good understanding of instrument, and price were prominent while the primary reasons to use option for company management. 2.3.4 Currency Swaps Currency swaps are a hedging instrument for which two parties agree to swap a debt denominated in one currency for that in another currency. For example, an agreement between two firms to swap their debts of which one is denominated in Euro and that in US dollar (Leger and Fortin, 1994). In order to explain the use of currency of swaps, a Japanese firm that has exports to Australia is given as an example. The Japanese firm wants to protect its Australian-dollar receivables by using currency swap to match inflows in one currency with outflows in a foreign currency (natural hedging). Assuming the Japanese firm is not well recognized in the US financial markets, it may obtain funds from a domestic bank to swap with another firm that has dollar-denominated debt. This process is carried out by the swap dealers (usually banks) as an intermediary. The common objective of this type of transaction is that firms want to alter various future currency cash flows in its schedules into a particular currency for which its future revenues will be generated (Eiteman et.al 1998). The preference of particular currency is caused by several factors, such as, capital market segmentation, differences in regulation governing investment by institutional investors and asymmetry in the tax treatment of interest income and capital gains/losses (Jacque 1996). Although there are other types of swaps involving foreign currencies, such as, foreign currency forward swaps, plain vanilla, and a three-way back-to-back currency swap, they are designated primarily for hedging interest rate exposure. 2.4 Internal hedging methods For the reason that external hedging techniques with derivatives to manage foreign exchange exposure are often costly, many multinational firms would rather turn to consider using internal hedging devices such as Michael (2006): Currency matching, which involves pairing suitably a multinational firms foreign currency inflows and outflows with respect to amount and timing Currency netting, which involves the consolidated settlement of receivables, payables and debt among the subsidiaries of a multinational firm Invoicing in domestic currency, which reduces transaction risk primarily related to exports and imports. 2.5 Fundamental Philosophy behind Hedging We have presented that authors embrace hedging as insurance, and hedging as a value-enhancing tool. We believe the common view of hedging can be summarized as follows: Hedging is one of the three most fundamental reasons for the existence of the financial market, alongside speculative and arbitrage activities (JÃ ¼ttner, 2000). The hedging industry is evolving just like the rest of the business world. In fact, there is no definite set of tools or technique that can define hedging. As the world changes, new hedging mechanisms are derived; and as time passes, these mechanisms are refined and evolve into something new that can be better applied to the contemporary commercial marketplace (Batten et al, 1993; Faff and Chan, 1998; Alster, 2003;). Hedging is not a way of making money, but to assist management in better managing corporate revenue through reducing the corporate exposure to volatility in the foreign currency markets (Nguyen and Faff, 2002, 2003a; Anac and Gozen, 2003; Alster, 2003; De Roon et al., 2003; and Dinwoodie and Morris 2003). When used prudently, hedging can be effective insurance as well as a value-enhancing exercise for corporations. Effective hedging programs have been proven to allow corporations to minimize or transfer their foreign currency exposure. The diminished exposure to foreign currency fluctuations allows more stable and predictable cash-flows, notably in terms of revenue. As a result, firms are then capable of making more comprehensive financial plans, including more reliable estimations on tax, income after tax and dividends payable to shareholders. It is believed that a dividend payout is often of significant appeal to long-term, current or prospective shareholders (Nguyen and Faff, 2002, 2003b; Alster, 2003; Anac and Gozen, 2003; De Roon et al., 2003; and Dinwoodie and Morris, 2003). The three main questions surrounding hedging: when, what and how to hedge are shown in Figure 2.2 below as a decision tree. How to Hedge? Hedge Ratio 10% 50% 100% OR Any Ratio between 0.1%-99.9% What to Hedge? When to Hedge? Financial Tools Forward Futures Options Swap Hedge Under Currency Risk Exposure Non-Financial Tools Leading Lagging Fully participating market movements No Hedge Fig 2.7 Generic Hedging Decision Tree The question to hedge or not to hedge is a complex and controversial one in financial risk management. Natural hedges carry no explicit out of pocket cost and intrinsically form a better offset to economic exposures and so generally are preferred to synthetic hedges. Synthetic hedging can be likened to insurance, where the company incurs an explicit cost to reduce the risk or volatility inherent in its business results. The cost must be weighed against the risk-reducing benefits of the transactions, taking into account their precision and effectiveness. The real drivers of any hedging decision are 1) what is the risk tolerance of the company; and 2) what cost is acceptable for entering into transactions to reduce or eliminate the risk. Foreign currency-denominated activities engaged by Indian Exporters Expected payments of foreign exchange from trade Expected receipts of foreign exchange from trade Liabilities Assets Debt Debt Equity Net trade foreign exchange exposure (before derivates) Net balance sheet foreign exchange exposure (before derivatives) Foreign exchange Derivatives Net foreign exchange exposure (after derivatives) Fig 2.8: Decision to Hedge Foreign Currency Exposures Some managers feel strongly that hedging either should always be done or never done, and their approaches vary tremendously. Indeed, there is an academic perspective that hedging is never appropriate since risks like FX exposure represent diversifiable risks from the shareholder perspective, and thus, the cost is wasted effort for shareholders. Some managers share this view, but most multinational businesses of significant size engage in some financial hedging transactions. Major arguments for and against hedging are displayed in Table 2.2 Table 2.2: Theoretical Arguments on Hedging For Against Managing earnings volatility for FX risk can reduce a firms potential cost of financial distress. PPP and CIP imply compensating levels of FX rates and prices. Firms in financial distress face higher contracting costs with customers, suppliers, and employees. FX rates even out over time. Firms that hedge and reduce their earnings volatility pay less taxes over the long run if tax rates increase the income levels. With transactions costs, hedging is a losing bet on average. Managing FX risk and smoothing earnings volatility has a positive effect on stock price and shareholder value. Shareholders can diversify their own portfolios to compensate for FX risk.

Character Sketch of The Sniper :: Sniper

Character Sketch of The Sniper War. Death. Pain. Anger and remorse. None are pleasantries, but all are faced and handled every day. In Liam O'Flaherty's "The Sniper," all of these things are brought to an acute reality. To aid in his creation of such emotional conflict, O'Flaherty portrayed the sniper as a very controversial character. We can see this contrast in personality by looking at appearance, actions, and thoughts. "...the face of a student, thin and ascetic,...eyes had the cold gleam of the fanatic." And so the sniper is described in a physical sense. Upon looking at the meaning of the words, we find an unexpected conflict of definition. O'Flaherty writes that the sniper's face is "that of a student." We think young, and vibrant. However, to describe his meaning, he goes on to say that his face is both "thin and ascetic." Also, gaunt, and displaying self-discipline; both qualities carried more so in adults than students. Also, it is stated that the sniper had "the eyes of a man who is used to looking at death." One might imagine an older man, who has lived through many-a-war and seen lives lost. These three descriptions show that the sniper was older than his years in appearance, as well as emotionally. The snipers' actions also are cause to believe that he is more than meets the eye. In the story, the sniper considers lighting a cigarette. "It was dangerous...he decided to take the risk." One's knowledge that something is dangerous and then their persistence to carry out the action shows a true daredevil. A characteristic of the "student" in him mentioned earlier. Another, much different, action of the sniper's is the need to discover who he killed. After the remorse of the crime committed, the sniper proceeds to investigate his enemy's identity. "...felt a sudden curiosity as to the identity of the enemy sniper..." This shows that the sniper did, in fact, have a streak of humaneness and care in him. A very different mood from the daredevil. Lastly, the way the sniper thinks reveals much about his character. When he is considering means of escape, he comes up with a plan to trick the enemy sniper into believing he himself was dead.

Best Buy Failure in China (International Business) Essay

In the world today, there are many companies getting involved in international business, and developing to become a multinational company. Why do these firms want to take the multinational route? One of the dominant frameworks to explain the existence of these multinational companies is the Ownership-Location-Internalisation (OLI) paradigm (Dunning & Lundan 2008). Running an international business is different from running a domestic business. International business requires you to recognise and understand the cultural differences between countries. Failing to recognise and understand this difference could possibly lead to many difficulties, or worse still, failure. In this essay, I will be discussing the difficulties that Best Buy Co. Inc. faced, and its eventual failure due to the lack of understanding of the cultural differences in its host country, China. The rise of China has matured into hope for the entire consumer electronics industry. The country’s 1.3 billion consumers and their fast increasing buying power have transformed China into the world’s largest consumer electronics market, a market opportunity that multinational giants cannot afford to neglect (Chen & He 2005). As such, Best Buy was just one of the many multinational companies that tried to enter the Chinese market. Best Buy Co. Inc. Best Buy is a multinational retailer of consumer electronics from the United States and operates in the United Kingdom, Canada, Turkey, Mexico, China as well as its home country. Started as the Sound of Music in 1966 as an audio specialty store by Richard M. Schulze, it was later changed to Best Buy Co., Inc. by the board of directors in 1983 and is now the leading consumer electronics retailer in the United States (Pederson 2004). Best Buy sells consumer electronics as well as a wide selection of related merchandise such as music, mobile phones, computers, computer software, DVDs, Blu-ray discs, video games, digital cameras, video cameras as well as home appliances. The multinational used a two-track approach to enter the Chinese market. The consumer electronics giant first opened a sourcing office in Shanghai in 2005 and began its efforts to expand into the Chinese market in May 2006 by foreign acquisition. The multinational invested $108 million to obtain a majority stake in China’s fourth largest consumer electronics retailer, Jiangsu Five Star Appliance (Bloomberg 2006). Soon after in December 2006, the company used the greenfield mode of entry and opened its first â€Å"Best Buy† store that followed their own US business model, in Shanghai’s busy Xujiahui shopping district. By imposing a US business model, Best Buy intended to convince fastidious Chinese customers with helpful and dependable service in clean, pleasant outlets. The chairman and general manager of Best Buy China, Lu Weiming declared that they were confident with the store model they had, which will differentiate them from competitors and consequently help them win the consumers’ heart (Kurtenbach 2006). The company later opened another eight stores, which increased the total number of â€Å"Best Buy† stores in China to nine. Problem Identification According to the China Daily on March 21, 2011, Jiangsu Five Star Appliance continued to expand. However, Best Buy’s expansion was slow and was not running as smoothly as anticipated. â€Å"The multinational brought in a Western business model and it failed to sufficiently attract the Chinese clients and customers,† said Chen Can, a senior analyst from Analysys International (China Daily 2011). Best Buy’s business model in the US, where the brand markets itself as delivering a better service than competitors, did not go well in China. After being in the Chinese market for five years, the company only managed to open nine stores, capturing less than one per cent of the Chinese market as according to analysts. Failing to catch on in the Asian country, the company decided in February, 2011, to close its headquarters along with all its nine stores (Birchall, Strauss & Waldmeir 2011). Causes of the problem Even though the company opened a sourcing office in 2005, the multinational still had a lot to learn about the Chinese and the way they did business. â€Å"The lesson we learned is that we got too far ahead of the Chinese consumer in how business is done in China,† said Brian Dunn, Best Buy’s Chief Executive (Groth 2011). He said the company’s mistake had been to open big box stores with fixed prices that were staffed entirely by Best Buy’s blue-shirted employees (Jopson & Waldmeir 2011). Clearly, Best Buy entered the Chinese market in 2006 with a lack of knowledge of the local consumer’s culture. International strategy is a strategy where the firm uses the core competency, which it developed at home, as its main competitive weapon in the foreign market (Sumantra & Nitin 1993). This is the strategy which Best Buy used. The company did not enter China with the intention to hire local talent who knew how to be successful in China. Rather, it entered the country intending to create talent that knew how to be successful in the United States (Adam 2011). When the multinational first entered the Chinese market, many people hoped that it would successfully replace the prevailing, yet widely criticised Chinese business model that focused on price-centred competition (Ni 2011). Imposing their core competency in the US model, the company offered â€Å"a concept ahead of the consumer,† said retail analyst Paul French of Access Asia which was based in Shanghai (Macleod 2011). Best Buy provides a premium shopping experience for its consumers, to which the Chinese consumers were ultimately not willing to pay for (Jopson 2011). Consumers in China are generally different from consumers in the United States. Wei and Salil (2010) stated that the Chinese consumers have a higher cognitive age perception, lower levels of physical health status and lower life satisfaction levels as compared to their American counterparts. Eastman et. al. (1997) conducted a study and found that there were statistically significant differences between the two, such that Chinese consumers were more materialistic than those in the United States. Eastman’s research was later backed up by Schmitt’s (1999) studies. In addition, Schmitt found that the Chinese consumers were more brand conscious and would go shopping with brands as a key influencing factor. The cross-cultural study above is just one of the reasons as to why Best Buy failed to attract consumers in China. For instance, the company’s store in China generally divides up electronics and other large-ticket items by category (Birchall, Strauss & Waldmeir 2011). However, the Chinese are inclined to put more faith in brand names than consumers in the US do. Due to this reliance on brands as a deciding factor, the Chinese consumer would generally prefer items in the store to be categorised according to their make rather than function. Another cause of the company’s failure in attracting Chinese customers lies in the fact that all sales staff in the store were the company’s direct employees who donned the ubiquitous blue Best Buy uniform. This was a stark difference to the scene in typical Chinese outlets, where consumers were accustomed to subsections of electronics stores being manned by the manufacturer’s own employees, who were also able to offer specialist knowledge (Jopson 2011). At the same time, Best Buy’s market research showed that Chinese consumers liked to try out new products. While this was true, what eventually happened was that the Chinese shoppers would first go to Best Buy to try out products, before promptly marching across the street to one of the other Chinese retailers and buying the said product for less (Adam 2011). This was partly due to the pricing in Best Buy stores, which was based on a fixed-price policy (Jopson 2011) and only served to push the Chinese consumer even further away. As stated by Montlake (2006), bargaining is a way of life in China. Chinese consumers like bargaining and they are used to negotiating with the salesperson to get a discount, which was not an option in Best Buy. Not only is bargaining not an option, the prices at Best Buy were also set at a premium as it followed the company’s US model of offering high-quality service and a better shopping experience to consumers, such as the opportunity to try products before making a purchase. However, that did not seem to suit the immature Chinese market very well (Ni 2011). Purchasing decisions made by Chinese consumers are determined by price and not service (Birchall, Strauss & Waldmeir 2011). At the same time, Chinese consumers had the perception that Gome and Suning, two of Best Buy’s biggest competitors, were able to under cut Best Buy’s prices significantly (Adam 2011). Chinese consumers care more about price than service (D’Altorio 2011). The Chinese do not penny-pinch and save because they like to, but because they have to. They voluntarily tax themselves so as to protect against the absence of a welfare safety net. If a Chinese consumer gets old, he will need that money to survive, since state pensions remain inadequate. As his parents age, he will need to support his elders, especially since he is likely to be their only child, a result of the country’s one child policy. This reality is what perpetuates and engenders the low-cost, bargain basement Chinese retail environment (French 2007). To top it off, Best Buy’s choice of a Chinese name left many consumers pondering over its decision. A country steeped in traditions and superstitions, many Chinese consumers commented that the company’s Chinese name, â€Å"Bai Si Mai†, was a bad one as it literally meant â€Å"to buy after thinking 100 times† (Ni 2011). Overall, the company’s business model, like its Chinese name, showed a lack of understanding for the Chinese culture. It tried too hard to educate Chinese consumers about high-end service value when lower prices were typically the only value that motivated them to make quick decisions. The consumer electronics giant’s overconfidence in transforming the Chinese consumer philosophy finally hurt its performance in the Chinese market. Maintaining only a small market presence in China, Best Buy not only failed to please its consumers, but its suppliers too, who did not receive many orders from the company (Ni 2011). Proposed Solutions There are huge cross-cultural differences between the US and China. Therefore, one change I will make if I was Best Buy is to take up a multi-domestic strategy instead of the international strategy adopted by the company. Multi-domestic strategies involve a high degree of customisation to the local market place (Hout, Porter & Rudden 1982). This is important, noting the huge cultural gap between the China and the US. Hill, Hwang and Chan (1990) also stated that a multi-domestic strategy is based on the belief that national markets differ widely with regard to consumer preferences and taste, competitive conditions, operating conditions and social structures. According to organisational capabilities theory, in order to leverage its competitive advantages in the foreign market, an enterprise must understand its business environments and adapt its operation modes to the host country (Xu, Hu & Fan 2011). This is also in line with the multi-domestic strategy, to which Anne-Wil (2002) has highlighted the need of multi-domestic companies to deal with markets where products tailored to local circumstances are required; and to be able to do so, companies need to be well aware of the local market and be well-integrated into it. This can be easier achieved by acquiring an existing company that possesses a knowledgeable work force and good connections in the local market. As such, the mode of entry decided upon by a multinational is a critical and strategic decision. To support the multi-domestic strategy and aligning with conditions in China, I will still first enter the Chinese market using foreign acquisition. Foreign acquisition involves having to invest in a local firm and in this case, I will be investing in Jiangsu Five Star Appliance. Acquiring Jiangsu Five Star Appliance will create access to local resources as well as knowledge of the Chinese retail environment within a much shorter span of time (Cristina & Garcia-Canal 2004). Acquisition is also a more effective way of exploiting foreign resources and markets as compared to joint ventures or licensing, as supported by the transaction cost theory (Hennart 2010). Tapping on the knowledge and expertise of Jiangsu Five Star Appliance, I will then use the greenfield method, which is the setting up of a new company legally independent from parents, to set up a Best Buy store in China (Cristina & Garcia-Canal 2004). By using a multi-domestic strategy, the management seen in the greenfield approach will be more similar to that of acquisitions (Anne-Wil 2002). The consequent Best Buy outlets will then be managed and accustomed to the Chinese market. For instance, as most Chinese consumers shop by brands, the store will therefore be segregated by brands rather than product category. Sections of the store will also be rented out to brand manufacturers and their designated areas will be staffed with their own sales team, so that consumers can receive specialised knowledge as well as bargain for a lower price. The store will not be carpeted or provide services like allowing consumers to test out the product before purchase. This is to prevent the Chinese consumers from having the perception that the store is pricier as compared to competitors, especially since China is a highly price-conscious market. As French (2007) aptly stated, â€Å"win on price and you win, period†. It is therefore of utmost importance to have a lower price as compared to competitors. In order to provide lower prices, I will acquire the real estate, instead of renting or leasing the property like my two biggest competitors Gome and Suning do. This will provide me with a great advantage as I can lower rental prices for the manufacturers, who can then pass the accumulated savings down to the Chinese consumers. Noting the Chinese aversion to inauspicious names, I will also conduct sufficient research and preparation into choosing a Chinese name for the store before its opening. Instead of using a direct sound conversion of the brand name like â€Å"Bai Si Mai†, I will translate the brand name by meaning instead, such as â€Å"Zui Hao Mai†. This literally means â€Å"best buy†, and doubles up as a call that encourages consumers not to miss out on a deal. Conclusion In conclusion, China is a huge and growing market with tonnes of opportunities that multinationals cannot afford to neglect. However, there is a huge cultural divide between China and countries from the west like the United States. Entering the Chinese market will require multinationals to recognise and understand the cultural difference between their homeland and the Chinese market. Best Buy failed in China due to a lack of knowledge and understanding of cross-cultural differences. Although the company chose the correct mode of entry by first using foreign acquisition followed by the greenfield approach, it failed because it adopted an international strategy thinking that Chinese consumers will welcome the same offerings that reflect its core competency in the US — value-added service. Thinking it could import its success in the US to China by focusing on the same areas, Best Buy’s targeted service approach failed to take off in a climate governed by financial sensitivity. While focusing on providing consumers with a great shopping experience, the company failed to consider a fundamental portion of the retail environment — price, which affects Chinese consumers much more than service. To improve on this situation, I would first enter the Chinese market through foreign acquisition, so that I may gain access to knowledge about the culture in China before starting on the greenfield route. However, instead of using an international strategy, I will opt for the multi-domestic strategy by adapting my operations towards the needs of Chinese consumers. This would circumvent the issues that led to the company’s downfall in China. Due to the country’s rich traditions, its people are habitual and tend to shy away from the unfamiliar. Should Best Buy have chosen to use a multi-domestic strategy, it would have realised the need to customise its offerings in accordance to local tastes and might have gone on to capture a larger share of China’s consumer electronics market. Reference List Adam, M. 2011, ‘Bye-Bye, Best Buy (China): You had it coming’, Adam Minter of Shanghai Scrap, 22 February, Viewed 22 August 2012, Anne-Wil, H. 2002, â€Å"Acquisitions versus Greenfield investments: International strategy and management of entry modes†, Strategic Management Journal, vol. 23, no. 3, pp. 211-227. Birchall, J., Strauss, D. & Waldmeir, P. 2011, Best Buy brand shuts up shop in China and Turkey, London (UK), United Kingdom, London (UK). Bloomberg 2006, Best Buy chain on road to China, Tulsa, Okla., Tulsa, Okla. Chen, X. & He, Z. 2005, ‘Understanding the Structure of China’s Consumer Electronics Market: An Empirical Investigation of Its Consumer Segments’, Multinational Business Review, vol. 13, no. 2, pp. 43-61, viewed 15 August 2012, Proquest database. China Daily 2011, ‘Best Buy seeks the best way to survive’, China Daily, 21 March, (Business section), Viewed 20 August 2012, Cristina, L.D. & Garcia-Canal, E. 2004, â€Å"The Choice Between Joint Ventures and Acquisitions in Foreign Direct Investments: The Role of Partial Acquisitions and Accrued Experience†, Thunderbird International Business Review, vol. 46, no. 1, pp. 39-58. D’Altorio, T. 2011, ‘How the Chinese Consumer Defeated Best Buy’, Investment U Research, 10 March, Viewed 22 August 2012, Reference List Dunning, J.H. & Lundan, S.M. 2008, â€Å"Institutions and the OLI paradigm of the multinational enterprise†, Asia Pacific Journal of Management, vol. 25, no. 4, pp. 573-593. Eastman, J.K., Fredenberger, B., Campbell, D. & Calvert, S., ‘The Relationship Between Status Consumption and Materialism: A Cross-Cultural Comparison Of Chinese, Mexican, And American Students.’, Journal of Marketing Theory & Practice, Winter97, vol. 5, no. 1, pp. 52. French, P. 2007, ‘When the Best Buy Is No Buy’, The Wall Street Journal Asia, 07 August, United States, Hong Kong. Groth, A. 2011, ‘Why Best Buy’s Overseas Strategy is Failing’, Business Insider, 04 November, Viewed 22 August 2012. . Hennart, J. 2010, â€Å"Transaction Cost Theory and International Business†, Journal of Retailing, vol. 86, no. 3, pp. 257-269. Hill, C.W., Hwang, P. & Chan, K.W. 1990, â€Å"An Eclectic Theory of the Choice of International Entry Mode†, Strategic Management Journal (1986-1998), vol. 11, no. 2, pp. 117-117. Hout, T., Porter, M. E., Rudden, E. 1982, ‘How Global Companies Win Out’, Harvard Business Review, viewed 25 August 2012, . Jopson, B. 2011, ‘Best Buy seeks ways to return brand to China’, FT.com Jopson, B. & Waldmeir, P., 2011, Best Buy seeks ways to return brand to China, London (UK), United Kingdom, London (UK) Reference List Kurtenbach, E. 2006, Best Buy opens store in China — Top U.S. electronics retailer to offer wide array, better service, Memphis, Tenn., United States, Memphis, Tenn. MacLeod, C. 2011, Best Buy, Home Depot find China market a tough sell, McLean, Va., United States, McLean, Va. Montlake S. 2006, ‘China’s newest shopping craze: ‘team buying’ ; More and more consumers meet online before banding together at stores to bargain down prices’, The Christian Science Monitor, Boston, Mass., United States. Ni, V. 2011, Best Buy’s Withdrawal: American Morals Fail to Transcend Chinese Consumer Market, Asia Briefing Ltd., viewed 20 August 201. < http://www.china-briefing.com/news/2011/03/02/best-buys-withdrawal-american-morals-fail-to-transcend-chinese-consumer-market.html>. Pederson, J.P. 2004, International directory of company histories, St. James Press. Schmitt, B. H. 1999, ‘Consumer Segmentation in China’, In Marketing Issues in Transitional Economies, Rajeev Batra eds. Norwood, MA: Kluwer Academic Publishers. Sumantra, G. & Nitin, N., ‘Horses for courses: Organizational forms for multicultural corporations’, Sloan Management Review, pp. 27, 31. Wei, Y. & Salil, T., 2010, ‘Materialism of Mature Consumers in China and USA: A Cross-Cultural Study’, Journal of International Business and Cultural Studies, vol. 2, pp. 1-14, viewed 15 August 2012, ProQuest Central. Xu, Y., Hu, S. & Fan, X. 2011, â€Å"Entry mode choice of Chinese enterprises: The impacts of country risk, cultural distance and their interactions†, Frontiers of Business Research in China, vol. 5, no. 1, pp. 63-78.

Saved and The Wasp Factory Essay Example

Saved and The Wasp Factory Essay Example Saved and The Wasp Factory Paper Saved and The Wasp Factory Paper Essay Topic: Literature In The Wasp Factory and Saved one obviously apparent theme is the lack of community spirit in the societies. In The Wasp Factory there is no mention of a character who wonders why Frank isnt in school or doing things that other young men do. In Saved there is no mention of anybody making any sort of judgement when Pam goes to meet Fred, somebody who has been jailed for the murder of her baby. Therefore it is important to look into the issue of cultural poverty, as it will make clearer why the characters are who they are and behave as they do. Obviously, Saved is a play and The Wasp Factory is a novel. As Saved is a play the audience physically see characters actions and emotions whereas Iain Banks has to use imagery. The effect of this is that the disturbing images in Saved are there for the audience to see, initially making Saved even more sickening. The setting for Saved is on a bare stage so the plot seems extreme as the setting doesnt dilute the harsh actions and language used in the play but reinforces them. Although harsh actions and emotions are in The Wasp Factory the setting of empty beaches softens these actions, contrasting them with the natural splendour in which they take place. Perhaps Bond is suggesting that his characters have been formed by the environment and uses the setting to illustrate this whereas Banks makes it clear that ugly actions are not dependant on ugly surroundings. The Wasp Factory is written in the first person narrative therefore the reader sees things from Franks viewpoint. The whole book is based on Franks thoughts and actions so the readers perceptions are based on those of Frank. When Frank says that he has killed people he says it casually; the reader isnt as shocked as they should be. Frank says on page 42, Thats my score to date and It was just a stage I was going through when talking about his murders which gives the impression he has no remorse. Saved, as a play on the other hand, actually shows the audience the murder of the baby. Stage directions such as He starts to throw burning matches in the pram and He takes a stone from the pram and throws it at point blank range are actually shown to the audience. Unlike The Wasp Factory there is no escape from, nor sympathy with, the murder of the baby. In both texts the reader feels very close to the main characters and this is due to the language. The Wasp Factory is written in a Scottish dialect e. g. the girl who Jamie meets in the pub says to Jamie Dud he say sumhin er? referring to Frank who is drunk at the time, which makes the novel seem more realistic. This language seems strange to the reader but by using this dialect the language links the book with the time and the setting and this realism involves the reader in the book. In Saved the cockney accent makes the reader feel more involved in the story. In a conversation between Len and Pam on page 82 Pam says None a that ld a appened if yer ain bin ere. Without this accent it would be harder to picture the London setting and characters. Violence pervades in both texts. The extreme details of violence in the texts are sickening to any audience. Even the description of the battle between Frank and a rabbit contains violent images as Frank says how he feared the rabbit tearing the flesh off his finger and how he feared the rabbit biting his nose off. The instances of violence on living things are quite sickening but they pale in comparison to the murder of the baby in Saved and the murders in The Wasp Factory. In Saved when the men are trying to get the baby to sleep Pete says, give it a punch and also that cloutins good for em. These images alone show signs of abnormal behaviour and attitudes. The men then begin throwing stones at the baby with Mike asking Oos got the matches? showing that the characters intend burning the baby, another sickening thought. These disturbing images can also be linked to The Wasp Factory where Frank kills three children. Franks explanation for killing his young brother Paul is on page 67 where he says that Paul was not long for this world. Frank made Paul blow himself up by hitting a bomb with a stick at the age of five. When Franks father asks him about killing living things Frank tells the reader how of course I was out killing things and there just arent enough natural deaths. The innocence of the victims in the texts increases the horror of the audience. The use of innocent victims in The Wasp Factory again highlights Franks mental instability as he almost sees himself as a God like figure. Characters from Saved thought that it was a giggle to hurt the baby and Frank thought that it was his duty to kill the characters in The Wasp Factory for no real reason, all protagonists are seemingly amoral which poses the question whether society is actually amoral. Another point to consider is the portrayal of women in both texts. Frank sees women as weak and stupid in The Wasp Factory and feels that they live in the shadows of men perhaps because Franks mother left at a very early age giving him no real female guidance. Iain Banks wrote The Wasp Factory at the time Thatcher was Prime Minister. Thatcher wasnt a popular figure in Scotland; they saw her as more of a dictator than somebody who was willing to help them. Thatcher had set ideas and didnt really adapt to certain situations. This could be why Banks has chosen to hardly include women in the book at all as he saw Thatcher as somebody who ignored women in his perception. Therefore because of Thatchers influence on Banks life he chose to represent women as a non-existent gender whose only role in the book was to leave their child to live in a one-parent family. However this is ironic as the audience learns at the end of the book that Frank is female, so the destructive character who was anti-female and violent is really a female. When Frank finds this out he says he shivers at the thought of the idea of intercourse and giving birth on page 82; the main female character in The Wasp Factory behaves and thinks as a male. Saved also has a negative image of women. Pam is portrayed as an easygoing woman who would go to bed with anyone. Pam takes Len home without even finding out his name so therefore from the start of the play Pam is portrayed as easy. Pam is reflected negatively, as the audience doesnt have much sympathy for her when her baby dies especially as Pam goes to meet Fred. Fred helped to torture the baby yet Pam still insists he moves in with her, goes to meet him from prison and hopes that they will have a relationship. Pam puts her feelings for Fred above the fact that he helped to kill her baby, which therefore shows how motherhood is represented in Saved. As in The Wasp Factory the representation of motherhood is negative. Similarly Mary is also portrayed negatively by her husband Harry. Harry says to Len that the reason he came back was so Mary could do his washin an cookin', he says that if he left Mary would soon ave someone in my bed so the man to whom she is married dislikes her. It is fair to say that neither Iain Banks nor Edward Bond have any positive images of women in their texts; as they dont include women in any real positive role in their texts as their writing excludes the caring half of society. The majority of the characters in Saved seem unpleasant. Len however contrasts with these characters as he is portrayed as respectable; this highlights the behaviour of the other characters. Len seems a flawless character who acts in the best interest of others. Len explains in scene eight how I lost me job stayin out a elp you when yer was sick! The audience feels sympathetic towards Len, as Pam acts terribly towards him throughout the play. Pam says in scene eleven Es pullin me t pieces. Nothin but trouble referring to Len who was somebody who supported Pam throughout. Therefore in Saved Len is the only real good character, which emphasises the faults in the other characters. There are some very strange relationships in the two texts and it is important to look at these relationships in order to find out why certain characters are shaped as they are. The person who Frank has most contact with in The Wasp Factory is his father, his closest relation. Yet his father tells Frank that he is a man and feeds him male hormones. When Frank does finally find out, through forcing the truth out of his father, he says that his fathers truth had murdered what he was. The man on whom Frank relies is responsible for ruining his life. Therefore it could be said that there are no real relationships in The Wasp Factory and that it is a book made up of individuals. Most characters have their own secrets e. g. Franks the only one who knows about his murders, Eric doesnt tell anybody where he is and Franks father is the only one who knows the real truth about Frank. Frank doesnt really have anybody to talk to apart from Jamie so therefore he spends a lot of time on his own, contributing to his psychopathy. The relationships in Saved are also quite strange. Len moves in with Pam after they had only met once. Pam makes it obvious that she wants Len to leave as she says Why dont e go? and that Lens pullin me t pieces in one of the final scenes in the play. It is Len who stands by Pam throughout the play and looks out for her yet, she would rather have Fred back, somebody who helped to kill her baby. The longest standing relationship in Saved is between Mary and Harry yet Harry says that if he was to leave Mary shed soon ave someone in my bed which shows the lack of faith he has in his wife. Although the characters talk more in Saved than in The Wasp Factory the relationships are still dysfunctional. It could be fair to say that there are more normal characters in Saved (Len, Harry and Mary) than in The Wasp Factory where one of the only normal characters is a dwarf. However for all the talking that is done little of value is exchanged which again highlights the cultural poverty in the text. Linking with relationships is isolation, which is very apparent in both of these texts. Frank is isolated from society as he was never registered as he tells on page 13. This would make him isolated; as he was unable to attend school for example, as officially he didnt exist. However Frank doesnt even want to bother trying to get to know other people, he says in chapter 1 that I dont bother people and they best not bother me and that hes learned to live without people. This could be the reason Frank kills living things. It could be argued to explain his murders, as he was unable to learn societys norms and therefore set his own boundaries. Franks life is based on what Frank experienced. When Blyth killed Frank and Erics rabbits Frank felt the hiding he got from his father was not enough and that Frank wanted to kill Blyth there and then. It is fair to say that as Frank was so isolated he was shaped differently to other people in society. There is a different type of isolation in Saved as the family seem isolated as a group rather than as individuals. The baby is isolated as, apart from Len everybody neglects it. Len says in scene four that he wishes to god that he could take that kid out a this and he listen out for the kid. They ain bothered. The family seem isolated because of the strange events that occur. Stoning to death of a baby and the mother wanting to get back in a relationship with one of the perpetrators seems to go unremarked. As in The Wasp Factory the lack of friendship and communication with other characters from society could have shaped Pam. The only real people she did communicate with that werent family were the people who stoned her baby to death. In both texts the only person to be diagnosed with a mental illness was Eric who was certified insane. Although Franks father says to Frank sometimes I think youre the one who should be in hospital its only Eric who is contained. However Frank obviously has mental problems and perhaps the only reason he hasnt been assessed is down to the fact that he hasnt been registered and therefore he cant see a doctor. Pam suffers from depression in Saved but this is more down to Fred going to jail rather than the murder of her baby. Pam does suffer postnatal depression but this seems to be completely ignored because it poses no threat to anybody but herself. It could be said that based on these texts society only reacts to what threatens society. There is optimism in the two texts, showing perhaps the only way out of the effects of cultural poverty. There are brief scenes of optimism; Frank finding the study door open results in his true identity and Len is optimistic in Saved. He stays with Pam even though she treats him badly. The real optimism however is found right at the end of both books where Frank says, Now the door closes and my journey begins and there are no arguments at the end of Saved, which represents a new peaceful beginning. Lack of education, lack of hope and lack of access to societys norms are all parts of both texts so therefore it is true that cultural poverty is a major theme. Even though shocking images have been discussed I think the ending shows the characters can escape. Frank can start his new journey and the final scene of Saved shows that Pam and Len can fold the radio times without arguing. These two texts are initially very depressing yet we do end in hope. Therefore it could be argued that by the end of both texts the writers offer hope for society and a way forward. They show us that society is our safety net as humanity; if we can be shocked by the murder of a few how can we ignore the needs of many?

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