Historical Profile of the Visigoths

Historical Profile of the Visigoths The Visigoths were a Germanic group considered to have separated from other Goths around the fourth century, when they moved from Dacia (now in Romania) into the Roman Empire. Over time they moved further west, into and down Italy, then to Spain where many settled and back east again into Gaul (now France). The Spanish kingdom remained until the early eighth century when they were conquered by Muslim invaders. East-German Immigrant Origins The Visigoths origins were with the Theruingi, a group comprised of several peoples Slavs, Germans, Sarmatians, and others under the recently acquired leadership of Gothic Germans. They came to historical prominence when they moved, along with the Greuthungi, from Dacia, across the Danube, and into the Roman Empire, possibly because of pressure from Huns attacking westwards. There may have been approximately 200,000 of them. The Theruingi were â€Å"allowed† into the empire and settled in return for military service, but rebelled against Roman strictures, thanks to the greed and mistreatment of local Roman commanders, and began plundering the Balkans. In 378 CE they met and defeated the Roman Emperor Valens at the Battle of Adrianople, killing him in the process. In 382 the next Emperor, Theodosius, tried a different tactic, settling them in the Balkans as federates and tasking them with the defense of the frontier. Theodosius also used the Goths in his armies on campaign elsewhere. During this period they converted to Arian Christianity. The Visigoths Rise At the end of the fourth century a confederation of Theruingi and Greuthungi, plus their subject people, led by Alaric became known as the Visigoths (although they may only have considered themselves Goths) and began moving again, first to Greece and then into Italy, which they raided on numerous occasions. Alaric played off rival sides of the Empire, a tactic which included plundering, in order to secure a title for himself and regular supplies of food and cash for his people (who had no land of their own). In 410 they even sacked Rome. They decided to try for Africa, but Alaric died before they could move. Alaric’s successor, Ataulphus, then led them west, where they settled in Spain and part of Gaul. Shortly after they were asked back east by the future emperor Constantius III, who settled them as federates in Aquitania Secunda, now in France. During this period, Theodoric, who we now regard as their first proper king emerged, who ruled until he was killed at the Battle of the Catalaunian Plains in 451. The Kingdom of the Visigoths In 475, Theodoric’s son and successor, Euric, declared the Visigoths independent of Rome. Under him, the Visigoths codified their laws, in Latin, and saw their Gallic lands to their widest extent. However, the Visigoths came under pressure from the growing Frankish kingdom and in 507 Euric’s successor, Alaric II, was defeated and killed at the Battle of Poitiers by Clovis. Consequently, the Visigoths lost all of their Gallic lands bar a thin southern strip called Septimania. Their remaining kingdom was much of Spain, with a capital at Toledo. Holding together the Iberian Peninsula under one central government has been called a remarkable achievement given the diverse nature of the region. This was helped by the conversion in the sixth century of the royal family and leading bishops to Catholic Christianity. There were splits and rebel forces, including a Byzantine region of Spain, but they were overcome. Defeat and End of the Kingdom In the early eighth century, Spain came under pressure from Umayyad Muslim forces, which defeated the Visigoths at the Battle of Guadalete and within a decade had captured much of the Iberian peninsula. Some fled to the Frankish lands, some remained settled and others found the northern Spanish kingdom of Asturias, but the Visigoths as a nation ended. The end of the Visigothic kingdom was once blamed on them being decadent, easily collapsing once they were attacked, but this theory is now rejected and historians still search for the answer to this day.

Analysis of qualitative design part 2 Research Paper

Analysis of qualitative design part 2 - Research Paper Example Qualitative design is always accredited with the ability to seek and gain insight, this is often by exploring the depth, richness and complexity that is rooted in a particular phenomenon. In conducting this research study, the research relied upon an ethnographic research design, in this case, the researchers main aim was to study the prevailing characteristics of people in relation to adult literacy and gender equity empowerment among the people of rural Elsalvador (Prins 2005). The methods of study applied in ethnographic research designs identify a people’s prevailing culture, variables of the study and makes a comprehensive review of literature. In terms of data collection methods, the research design employs those that give it access to culture patterns and attributes, informants as well as ability to collect first-hand data. The researchers use of ethnographic design in this research was aimed at gaining an in-depth analysis of the effect of literacy education, gender and equity empowerment among the people of rural El Salvador. First, the research design was essential in gaining first-hand data from respondents, through this research design, it was easy to interact with people that provided particular services on the ground and get their views on the particular influence the subjects of study were having on people. Secondly, this research design was essential in enabling the researcher to move and record his observations about the characteristics of the people of rural El Salvador in the wake of literacy education and gender equity empowerment. Thirdly, the nature if this study was too complex to be answered by simple yes or no answers, the respondents were needed to provide an in-depth analysis of what they found as being the impact of gender equity empowerment initiatives and literacy education. The rationale for this study was to

Future of Moderinization Essay Example | Topics and Well Written Essays - 1000 words

Future of Moderinization - Essay Example The central concept in the study of social change is modernity, where social patterns emerge from the lap of industrialisation. In everyday terms, modernity refers to the present in relation to the past. Sociologists use this gross concept to describe different social patterns, set in motion by the Industrial Revolution of Western Europe during mid-eighteenth century. Modernisation, then, is the process of social change begun by industrialisation. Modernity shelters â€Å"the progressive weakening, if not destruction, of the . . . relatively cohesive communities in which human beings have found solidarity and meaning throughout most of history† (Berger, 1977, 72). Small, isolated communities still exist in the United States, but they are sheltering only a tiny percentage of the nation’s population. These days, any physical isolation is only geographic: Cars, telephones, television, and computers give most far-flung and remote families the pulse of the larger society and the accessibility to the entire world. People in traditional, preindustrial societies lived their lives as at mercy of forces that is gods, spirits, or simply fate that is beyond any human control. As the power of tradition weakens, people come to see their lives as an unending series of options, a wide-open cielo of choices. Modernisation introduced a more rational and scientific viewpoint as tradition loses its hold and people adopted more and more individual choice. The growth of cities, the expansion of impersonal bureaucracy, and the socio-cultural mix of people from various backgrounds combine to encourage diverse beliefs and behavior. Modern people are not only forward-looking but also optimistic about new inventions and discoveries, which will improve their lives. Modern people organize daily routines down to the very minute. With the introduction of clocks in the late Middle Ages, Europeans began to think not in terms of

Inquiring Minds Want to Know - Now Case Coursework

Inquiring Minds Want to Know - Now Case - Coursework Example The other research question could be, should the company retain the reader services cards in it future advertisement services? Investigative questions: How does the current trend in the number of reader service card subscribers compare with the recent past? What are the alternative services being used by the clients and how can the alternative methods be implemented in Penton Media to enhance its advertising revenue returns? 2. Ethical issues relevant to this case study. The ethical principles of confidentiality, privacy and individual autonomy emerge as the most relevant issues in this case study. Since the company investigates individual customer behaviors and views, it is therefore, ethically obliged to ensure that its finding remain confidential and are not exposed to other people other than for the company’s use only. In this case, the company committed itself to respect the principles of confidentiality and privacy in handling the participants’ responses (Cooper & Schindler, 2010). On the other hand, the company must seek the consent of the participants before sharing its findings with the rest of the company stakeholders. The findings should remains anonymous from the point of collection to its analysis in which no identification should be given for responses provided. Researchers must present the research findings without any form of biasness or manipulation of the results to suite certain expectations. 3. Describe the sampling plan. Analyze its strengths and weaknesses? Researchers in this study applied the unrestrictive random sampling plan in which different sample were drawn from the company’s database of 1.7million subscribers. A small sample of 300 subscribers was then used for the mail survey pretest. Researchers are also used the stratified disproportionate random sampling to draw another sample of 4,000 participants including executives, managers, purchasing agents and engineers from the company’s database(Cooper & S chindler, 2010). Some weaknesses can identified with sampling plan including the possibility of locking out some participants that could provide important information about the problem faced by the company. The use of self-reporting questionnaires provides participants with the freedom to present their views although resulted in significant reduction of the targeted sample. The use of mail surveys in form of questionnaires made the collection data less costly and time consuming. 4. Describe the research design? The research design involved in this study was the multistage design in which different samples and different phenomena were studied in the same study. The study entailed the pretests and the main study. The first study established the views of subscribers through questionnaires and phone surveys, then a selected sample of 300 subscribers and finally a sample of 4000 participants selected from the company’s leadership (Cooper & Schindler, 2010). 5. Critique the survey used for the study The survey did not reflect the actual situation in the publication market segment because the sample was drawn from the company’s database comprising of its clients rather than obtain information about the market. Therefore, segmentation of the sample population limited the information obtained from the study. The study also had a significantly high error margin of +- 4% which raises issues of reliability and validity of the data obtained (Cooper & Schindle

Marks and Spencer Business and Financial Performance Analysis

Marks and Spencer Business and Financial Performance Analysis Marks and Spencer is a British retail giant specialised in apparel and food industry. The company had been in its business for more than hundred years and has the biggest market capitalisation in the retail industry. This research is conducted to measure and analyse the business and financial performance of the company. Business performance is measured in this study considering the opportunities and constraints in company macroeconomic and industry circumstances. Financial performance had been measured using ratios on profitability, liquidity, efficiency and leverage. There performance of MS is then compared with the financial performance of Next Group, the next biggest player in British retail industry. The study found that, although MS has many business successes over the years, it had been performing financially poorer than Next Group and needs emergency improvement in its liquidity. The study recommends Marks and Spencer to rethink its leverage strategy and exploit the benefit of debt as like Next Group. Chapter 1 Introduction 1.1 Study Background Marks and Spencer is one of the largest retailers in UK specialised in clothes and foods with a market capitalization of more than  £6400 million1. We have over 700 stores located throughout the UK and Republic of Ireland; this includes our largest store at Marble Arch, London. In addition, the company has over 300 stores worldwide, operating in more than 40 territories2. In 2010 the companys sales revenue from general merchandise was  £4.1 billion and  £4.3 billion from foods. Its nearest competitor Next, which has a market capitalisation of around  £4100 million1, had a turnover of  £3.41 million in 2010 with a market share of 8.3% in comparison to 11% by Marks and Spencer in general merchandise segment. This study is particularly concerned with the business and financial performances of Marks and Spencer which are compared with the performances of Next. 1.2 Study Objectives The prime objective of this research is to analyse and evaluate the key business and financial performances of British retail giant Marks Spencer from year 2007 to 2010. While achieving this objective the research will try to meet the following secondary objectives 1.2.1 Analyse the major business performances of the company over last three years: The study will examine the companys performances in major business areas including its growth, market share, competitive position in the whole macro environment and major strengths over its competitors. 1.2.2 Identify and analyse the measures key financial performances: The second objective of the study is to identify the measures of companys financial performances especially in profitability, liquidity, investment and leverage performances. Besides this operational performances in other areas would be identified and anlaysed under this objective. 1.2.3 Compare the performances against Next: The third objective of the study is to compare the financial performances of M S with the performances of Next, the nearest competitor in general retail section. 1.2.4 Identify the major problems of Marks Spencer in business and financial performances and provide recommendations: Finally the study will try to identify the major weaknesses of Marks Spencers based on the measures of business and financial performances. The research will also formulate 1.3 Study Scopes and Usefulness of the Study Scope of this research work is three years (2007-2010) business and financial performances of Marks and Spencer. The scope also includes financial performance of Next for the same period. The findings of the study can be useful information for investors. The method used by the study can be a guide for the business and financial analysts. 1.4 Research Structure The research paper is structured in line with the sequence of objectives. The first chapter includes the rationale and objectives of the study. Then relevant literatures and theoretical issues are discussed in chapter two. The third chapter will present the methods of conducting this research work. Companys business performances and financial performances would be presented consecutively in chapter four and five. In chapter six Marks and Spencers performance will be compared with Nexts performance and areas of improvement for M S would be identified. Finally in chapter six recommendations would be provided with final remarks. Chapter 2 Literature Review 2.1 Introduction As discussed earlier, this research work is concerned with the business and financial performance of Marks and Spencer. This chapter will narrate an overview of the business operation of the company. This chapter will also review the techniques of measuring business and financial performance especially using qualitative and quantitative techniques along with brief interpretation of the performance measures. 2.2 Marks and Spencer: An Overview Marks and Spencer is a FTSE 100 company with the largest revenue base of more than  £8 billion as a retailer. It is headquartered in City of Westminster, London having operation in more than 40 countries. The following section provides a brief discussion on companys history, main line of business, geographical spread, summary of financial performances, its corporate social responsibility and the management. 2.2.1 Corporate History Marks and Spencer was established in 1884 by Michael Marks and Thomas Spencer3. The company had a policy of selling only British-made goods which made it popular in early 20th century. It started its apparel brand St Michael in 1928 and in 1950 St Margaret label was introduced for woman clothing. The company started its international expansion in 1970s by putting its step in central Europe and Ireland. During its hundred years of lifetime the company became the pioneer in quality management, customer relationships, health and safety and energy efficiency. The companys performance briefly slumped during the first decade of new millennium. However, the company is back to profit and growth in 2010 under the strong leadership of Marc Bolland who joined the company as CEO in May 2010. 2.2.2 Core UK Businesses M Ss core UK businesses include general merchandise and foods. It is largest clothing retailer including womenswear, lingerie and menswear and kidswear. Last year the companys turnover in general merchandise was  £4.1 billion which constituted an stunning 11% of the overall market share. Marks and Spencer is also the leading provider of high quality food, selling everything from fresh produce and groceries, to partly-prepared meals and ready meals and an award winning range of wines. Turnover from foods was  £4.3 billion in 2010 with a modest market share of 3%. 2.2.3 Sales Channel Customers shop with MS in many ways in stores, online or over the phone (MS Annual Report, 2010). The company has 690 stores across the UK. Its shops are located in convenient locations from high streets to retail parks, train stations to airports. Over the past four years the company has transformed these stores into bright and contemporary destinations with a range of hospitality options. The company also sells online which it calls MS Direct. MS Direct is a platform for improving customer convenience and service including via its website and newly launched Shop Your Way facility. The company aims to achieve £500m in sales through MS Direct by 2010/11. 2.2.4 International Business MS has 320 owned and franchised stores in 41 countries. The companys mix of ownership models and countries enabled it to perform well over the past year even when individual markets were weak. In 2010 its international turnover was  £949 million which is more than 15% of its overall revenue. 2.2.5 Recent Business and Financial Performances In 2010 the companys sales were up by 3.2% despite recessionary pressure. The overall gross margin was 41.2% with sales revenue  £9.3 billion. The company significantly improved its cost by saving  £145 million. The company reduced its capital expenditure cash outflow and generated a cash inflow of  £412m after tax and dividend. However, the companys market share was slightly down from 4.3% to 3.9%. Average visit to MS shops had been estimated around 21 million and average mystery shopper score was found to be stunning 89% in 2010. 2.2.6 About Next: The Nearest Competitor NEXT is the second largest UK based retailer offering clothing, footwear, accessories and home products. It distributes through three main channels: NEXT Retail, a chain of more than 500 stores in the UK and Eire, NEXT Directory, a home shopping catalogue and website with nearly 3 million active customers, and NEXT International, with more than 180 stores around the world. In 2010 the company had overall revenue of  £3.4 with a profit after tax of  £400 million. 2.3 Techniques of Measuring Business Performances A companys business can be analysed using various tools like PESTLE, SWOT analysis and Porters five force models. Measures of business performance might be companys expansion rate, revenue growth, development of strength, management of weaknesses and exploitation of opportunities etc. These measures can be achieved by subjective analysis and using business analysis tools. A brief discussion on these tools is presented as below. 2.3.1 PESTLE Analysis PESTLE, which is a popular macro-environmental analysis tool, stands for Political, Economic, Social, Technical, Legal, and Environmental analysis. Political factors include governments tax policy, employment and environmental law, trades and tariffs regulation, and political stability. Common Economic factors are GDP growth, nominal interest rates, exchange and the inflation rate. Key social factors are population growth, age distribution, health consciousness, religious views and career attitudes etc. Technological factors are spread and dependence on technology, innovation, research, and technological change etc. Legal factors are laws on discrimination, consumer, heath and safety law etc. Finally environmental factors include weather, climate, climate change etc. 2.3.2 Porters Five Force Model The five forces model is an industry analysis tool and provides a good idea of how a business should perform inside an industry. The model analyses five industry variables. These variables are ease of getting entry into industry, availability and potentiality of substitute products, suppliers and customers bargaining power and degree of competition in the industry. These factors determine how attractive and profitable an industry might be. 2.3.3 SWOT Analysis PESTLE and Porters models are used to analyse a companys macro and industry environment. SWOT Analysis is used for measuring a companys internal strengths and weaknesses. It also helps to identify specific opportunities and threats to company from the macro environment. 2.4 Techniques of Measuring Financial Performances Generally, financial performances are measured using the financial information of a company. Practically, ratio analyses are conducted on financial statement figures. Financial statements include companys income statement, balance sheet, statement of cash flow and statement of equity. There are several types of ratios profitability, liquidity, efficiency, gearing, and investor ratios. In following sections these groups of ratios are briefly discussed 2.4.1 Profitability Ratios These ratios are also called performance ratios where profit at different levels are compared with other figures and expressed in percentage. These ratios are (a) Gross Profit Margin: Gross profit margin is found by dividing gross profit by sales turnover and the formula looks like following The ratio can be a good indicator of companys direct cost or cost of sales. Profitability of a company in its core operation can be determined using this ratio. The higher the ratio the better it is. (b) Operating Profit Margin: Operating profit margin is found by dividing net profit by sales turnover and the formula looks like following As operating profit is found by deducting indirect expenses from gross profit, the ratio shows how much a company spends on non-direct activities. Too much cost on indirect cost might result in lower or negative operating profit margin. (c) Return on Capital: Shareholders and debt investors generally count profit on their investments. Return on capital can be calculated using the following formulas This ratio (ROCE) provides percentage return on the overall funds invested in the business. There is another ratio that provides return on stockholders equity which is called Return on Equity (ROE). The formula is as following ROE measures the profitability of the fund provided by the companys owners or shareholders. Profit margins and return on capital ratios together gives a good idea of overall profitability of the firm. A company having very good profit margin may have a poor ROCE or ROE ratio. Such cases happen when companies large investment operates in small scale or during the initial years. 2.4.2 Liquidity Ratios These are also known as solvency ratios, as they refer to the ability of the business to pay its payables in the short term. There are two main liquidity ratios. (a) Current Ratio: This is also known as the working capital ratio, as it is based on working capital or net current assets. It is calculated as: Current ratio is a measure of the liquidity of a business that compares its current assets with those payables due to be paid within 1 year of the statement of financial position date (otherwise known as current liabilities). (b) Quick Ratio: This is also known as the acid test ratio and is calculated as following This is similar to the current ratio, but takes the more prudent view that inventories may take some time to convert into cash, and therefore the true liquidity position is measured by the relationship of receivables and cash only to current liabilities. 2.4.3 Efficiency Ratios These ratios are also referred to as use of assets ratios. They measure the efficiency of the management of assets, both non-current and current. (a) Asset Turnover Ratio: These ratios compare the assets with the sales revenue (turnover) that they have earned. The end result is often expressed in money value to represent the value of sales revenue for each $1 invested in those assets. The formula is: (b) Inventory Days: Inventories may be analysed by calculating the ratio of inventories to cost of sales, and then multiplying by the number of days in a year to give inventories days. The formula is as following This figure gives the number of days that on average an item is in inventories before it is sold; this may alternatively be expressed as the number of days a firm could continue trading if the supply of goods ceased. (c) Receivable Days: This is a measure of the average time taken by customers to settle their debts. It is calculated by: As with inventories days, a slowing down in the speed of collecting debts will have a detrimental effect on cash flow. On the other hand, it may be that the business has deliberately offered extended credit in order to increase demand. (d) Payable Days: This is a measure of the average time taken to pay suppliers. Although it is not strictly a measure of asset efficiency on its own, it is part of the overall management of net current assets. It is calculated by: The result of this ratio can also be compared with the receivables days. A firm does not normally want to offer its customers more time to pay than it gets from its own suppliers, otherwise this could affect cash flow. Generally, the longer the payables payment period, the better, as the firm holds on to its cash for longer, but care must be taken not to upset suppliers by delaying payment, which could result in the loss of discounts and reliability. It is important to recognise when using these ratios that it is the trend of ratios that is important, not the individual values. Payment periods are longer in some types of organisation than in others. 2.4.4 Capital Structure Ratios Different firms have different methods of financing their activities. Some rely mainly on the issue of share capital and the retention of profits; others rely heavily on loan finance; most have a combination of the two. (a) The Gearing Ratio/Leverage Ratio: Gearing is a measure of the relationship between the amounts of finance provided by external parties (e.g. debentures) to the total capital employed. It is calculated by: The more highly geared a business, the more profits that have to be earned to pay the interest cost of the borrowing. Consequently, the higher the gearing, the more risky is the owners investment. On the other hand, a highly geared company might be more attractive to shareholders when profits are rising, because there are fewer of them to share out those profits. (b) Interest Cover: Connected to the gearing ratio is a measure of the number of times that the profit is able to cover the fixed interest due on long-term loans. It provides lenders with an idea of the level of security for the payment. The formula is: 2.5 Using Ratio Analysis Calculating the ratios is only one step in the analysis process. Once that is done, the results must be compared with other results. Comparison is commonly made between: Previous accounting periods; Other companies (perhaps in the same type of business); Budgets and expectations; Government statistics; Other ratios. 2.6 Conclusion This chapter gave brief overview of Marks and Spencer and also the tools and ratios that will be used to analyse the business and financial performances the company. The same ratios will be used to compare the performance of MS with Next. The next chapter will provide a brief overview on the research methodology and data that will be used for the research. Chapter 3 Research Methodology 3.1 Introduction Methodology may be defined as procedures that are used to conduct a function or activity. This chapter will briefly discuss on the methodology that will be used to analyse the business and financial performance of Marks and Spencer and comparing its performance with that of Next Inc. This section will also provide an overview of the data used in this study and their sources. 3.3 Required Data, Sources and Collection Methods Data required for completion of this research work are of secondary nature. Mark Spencers business related information were collected from companys website and annual reports of three years 2007, 2008 and 2009. Annual reports were collected from company website. The data required for macro-environmental analysis were collected from various articles, national statistical websites and newspapers. Financial information required for analysing financial performances are extracted from the annual reports of the company. Financial information of Next was collected in the same way. Findings of financial performance analysis are then used to identify the areas of improvement for MS. 3.4 Research Methodology Various quantitative and qualitative methods had been used to achieve the objectives these research. The nature of the methodologies are briefly discussed as following 3.4.1 Method for Analysing Business Performances: Method used for this purpose is qualitative. PESTLE analysis had been used for analysing the business performance in macro-environment. Porters model were used for analysing industry performance and position of MS. Finally, SWOT analysis was used to find out company specific opportunities and threats and companys key strengths and weaknesses. (See Chapter One to have idea of these tools). 3.4.2 Methods Used for Analysing and Comparing Financial Performances: Financial ratio analysis (discussed in chapter 1) is used to analyse the companys performance in profitability, liquidity, efficiency and leverage. The values of these ratios are compared against the ratios of Next to compare the performances of two companies. For presentation of findings different types of charts were used. 3.4.3 Methods of Identifying Improvement Areas: Areas of improvement would be identified using the findings of financial performance analysis using ratios. The areas where Next is performing better than MS would be identified as areas of improvements. After identifying areas of improvement strategy would be formulated to eliminate problem areas in companys financial performances. 3.4.4 Research and Data Analysis Tools Microsoft Excel 2007, which is a popular spreadsheet application, is used for conducting the ratio analysis and presenting findings of analysis graphically. 3.5 Conclusion This chapter provided a brief overview of the research data, methods and tools used in this research. In next, chapter the findings of the research would be presented followed analysis of findings. Chapter 4 Analysis and Findings 3.1 Introduction This research is conducted based on the information available on the Annual Reports of Marks and Spencer and Next Group as well as on the findings of professional business analysts found on reliable internet sources. In this chapter, the most important section of this study, key findings of companys business performance in light of PESTLE, Five-Forces and SWOT analysis and also the financial performance over last three would be presented. A comparison of performance with Next Group would also appear in this section. 3.2 An Analysis of MSs Business and Performance Summary Business performance of Marks and Spencer can be measured in reference to the factors available in macro-economic environment, factors in apparel and food industry and in terms of companys strengths and weaknesses. The findings of business analysis are presented as following. 3.2.1 Findings from PESTLE Analysis MSs Performance Key factors relevant to Marks and Spencers business found from PESTEL analysis can be summarised as following (table 3.1) Recent political development in United Kingdom is posing threat to many businesses in form of rise in tax rate, cut of social benefit and cap in immigration. There is also setback of recession that had injured the British economy significantly. Despite these negative elements in political and economic environment Marks Spencers revenue has grown at a steady rate over last three years (See Chart 4.1) showing no sign of recessionary impact on its business. Social environment however demonstrate goods signs for clothe and food retailers. Marks and Spencer had introduced various successful brands that meet the changing social pattern and consumer demand. The company is also successful in adopting technologies. Its ecommerce sales have increased at a sizable chunk in last few years. MS has also successfully used consumer research technologies for identifying market demands and customer needs. The retailer has proved it as one of the most energy conscious and environmentally friendly comp any in British history. Marks and Spencer is a century old company and had well adopted itself in the macroeconomic context of United Kingdom. British retail industry is run by a few very big players. In apparel retailing the popular names are Marks and Spencer, Next and Debenham. However, food retailers like Tesco and Asda are trying to get into apparel market with lower prices. However, for completely new businesses it would be very tough to challenge companies like Marks and Spencer which have grown its market share by 4% from 7% to 11% in cloth and general merchandise. The companys market share has also improved by 2% in 2010. However, MS could not maintain its image regarding its relationships with suppliers. Many international pressure groups had criticised its bargaining power on its suppliers. 3.2.2 SWOT Analysis and MSs Performance Marks and Spencer is well capitalising on its strength by adding more clothing brands and stepping foot in international markets. Last year companys international revenue was more than  £900 million with a growth of 5%. The company also have capitalised on ecommerce technology; in 2010 MS Directs revenue grew by 27%. Financial Performance Analysis In this study, Marks and Spencers financial performance have been analysed on four performance areas. These areas were profitability, liquidity, efficiency and leverage. For measuring performance in these areas eleven different ratios had been used. The findings of ratio analysis are presented as following. 3.3.1 Profitability: MS vs. Next Average operating profit of MS and Next is respectively 11% and 15%. Though revenue of both the companies grew over the period, operating profit was steady. However, according to findings Next Group is more profitable than Marks and Spencer. Nexts Return on Capital Employed and Return on Equity are also significantly higher than MS (See Figure 4.3 and 4.4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Based on the above analysis, the research concludes that Next Group is a highly profitable business by providing extra ordinary return to its equity holders. Liquidity Performances Both the companies liquidity is poor scoring far below standard value of 2:1. Marks and Spencers liquidity is at an alarming level of around 50% capability of paying off its current liabilities. Also, over the year none of the retailers could improve liquidity performance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3.4 Efficiency Although in profitability and liquidity M S is lagging behind Next, in case of efficiency in receivables, payables and inventory management MS had been showing excellent dexterity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The ratios (Figure 4.6) indicate that, inventories are sold in 23 days by MS and in 40 days by Next after purchase. On the other hand, MS is capable of collecting its receivable assets within eleven days of sales which Next can do in 67 days. Payable days are matched with receivable days. However, though MSs collection from customers is faster, its payment frequency to suppliers is a little slow. This might a sign of efficiency in working capital management. The reason behind MSs extra ordinary efficiency is because of its long experience in British industry. Average Asset Turnover Ratio of MS over the last fours years is below 1.5 which is above 2.0 for Next. The ratio indicates that MS can generate sales of around  £1.34 against  £1 of its assets which, though is not poor, in comparison to Next is pretty ordinary. 3.3.5 Leverage Performances Leverage indicates the use of debt in boosting of equity return. Both Marks and Spencer and Next Group use debt which is reflected in their gearing ratios (See Table 4.7). .From Figure 4.8 it can be easily understood that Next Group a highly geared company in comparison to Marks and Spencer. MSs policy seems to be keeping long-term debt less than 50% in its balance sheet. The leverage ratio better explains why Nexts Return on Equity is very high. Now question is are the companys comfortable with these levels of leverage? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In managing its leverage MS is again performing poorer than Next. While Nexts average interest cover ratio is 13.45 times, MSs one is only around 6 times. The figures indicate that, MS generate only around  £6 of operating profit for paying  £1 of debt cost. Therefore the leverage ratios indicate that MSs competitor is better managing its leverage with higher interest coverage ratio against higher leverage rate. 3.4 MS Summary of Business and Financial Performance Business Performance Summary Financial Performance Summary Marks Spencers revenue has grown at a steady rate over last three years Introduced various successful brands that meet the changing social pattern and consumer demand. Ecommerce sales have increased at a sizable chunk in last few years. Successfully used consumer research technologies for identifying market demands and customer needs. Most energy conscious and environmentally friendly company in British history. Grew its market share by 4% from 7% to 11% in cloth and general merchandise. Market share has also improved by 2% in 2010 in foods. MS could not maintain its image regarding its relationships with suppliers. International revenue was more than  £900 million with a growth of 5%. The company also have capitalised on ecommerce technology; in 2010 MS Directs revenue grew by 27%. Average operating profit margin is 11% in comparison to 15% of Next; Liquidity performance is very poor; Both current and quick ratios are less than 0.5; Average asset turnover rate is more than 1 in comparison to 1.5 of Next; Inventory, receivables and payables management is highly efficient and better than Next; Moderately levered company while Next is a highly levered one; Interest coverage ratio is healthy; but Next is doing better which shows the rationale behind using more debt by Next Overall financial performance of MS is not satisfactory against its competitor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Table 4.9: Performance Summary Chapter 5 Conclusion Recommendations 5.1 Introduction In previous section, it has been observed that Marks and Spencers financial performance is not satisfactory in comparison to Next Group. Except the efficiency areas, MS needs to improve itself in profitability, liquidity and leverage. 5.2 Improving Profitability MSs average operating profit margin was only around 11%. It is found that though companys revenue has grown in last three years its profit margin shrank because of increase costs. Marks and Spencer needs to cut its operating costs to match its profitability with the industry. 5.3 Improving Liquidity The companys liquidity is below the alert level which had been persistent over last four years. Although for very large and established companys it is not a big concern. However, in times

The Role of Mexican-American Border Relations in the Political Process

The Role of Mexican-American Border Relations in the Political Process Throughout the 1990’s up until the present, Mexican-American political relations have been very inconsistent in their endeavors to define what the relationship should and will be between the two different countries. The massive influx of Mexican immigrants has commanded attention from the governments of both countries. This has resulted in attempts to make a working partnership acknowledging the fact that the peoples of Mexican decent have grown into the largest minority group in the United States and there are many issues to be hammered out by both countries in establishing just economic and political relations. However this effort has encountered many setbacks and questions of dedication to a working relationship between Mexico and the United States both in the past and currently. Politicians who once jumped on the bandwagon of demonizing Mexican Americans are now fronting to be their closest allies and representatives in order to gain there votes in reelection. Who were once a people solely confined to the lowest of economic class and labor, are slowly working their ways into the higher classes and employment opportunities. Conservative citizens prejudiced attitudes towards Mexicans is balanced out by liberal populations as well. While poor economic times and difficulty in finding employment tend to point fingers at populations like the Mexican immigrants, there is still a need for the cheap labor in the fields and factories to keep production moving. The list of contradictions goes on and on and this complex issue will remain one for years. The goal of this paper is to address Mexican-American relations of the past and the present, and to pr... ...beth. Making Labor Flexible: The Recomposition of Tijuana's Maquiladora Female Labor Force. Feminist Economics 6, no. 3 (2000), 59-79. Global Exchange. Maquiladoras: Sweatshops by any other name. http://www.globalexchange.org/education/california/DayOfTheDead/maqui ladoras .html Guskind, Robert. â€Å"Border Backlash.† National Journal 4 June 1994: 1296-1299. Muller, Henry. â€Å"There is a Limit to What We Call Absorbant.† Time 18 Nov. 1991: 54-63 Natives: Immigrant Bashing on the Border. Film â€Å"Powell says U.S. eager for immigration agreement with Mexico† (Cnn.com) 30 May 2003. Rodriquez, Cindy. â€Å"Tamales no substitute for a place on podium.† Globe. 12 August, 2000.

Representation of Love and Marriage in Pride and Prejudice Essay

Although love is considered significant in the world we live in now, it was not the case in the 18th century- Austen’s time. As time progressed, so did education, fashion styles, medical practises and most importantly social constructs and values. Love and marriage in Austen’s century, though it had some similarities, it was considerably different. Pride and Prejudice, a romance novel by Jane Austen, first published in 1813 depicts the manner of marriage and love in the Regency era. It is a story of transformation, in which the protagonist, Elizabeth Bennet and her counterpart change to believe that love does transcend all things. The novel delves into the passion and excitement of love, but also the detachment that exists between loveless couples. Marriage in Austen’s time can be described as a business transaction. For the women, the man’s income was all they could depend on. And usually for men, the women’s dowry or ‘portion’ would be taken under consideration. In Pride and Prejudice, the marriage between Wickham and Lydia was purely based on money, and perhaps Lydia’s foolish adoration towards Wickham. Wickham married Lydia for the money, which he lacked. Before their matrimony Mr Gardiner stated in a letter â€Å"They are not married, nor can I find any intention of being so,† however after there was a discussion between Darcy, Wickham and Mr Gardiner regarding the ‘payment’ behind their marriage Wickham was more than ready to marry Lydia. Mr Darcy was willing to pay off all Wickham’s debts and give them another thousand pounds if Wickham was to marry Lydia, and Wickham would only marry Lydia if those conditions were provided to him- this is a marriage com pletely based on a monetary deal. Furthermore, the narrator says, â€Å"Wickham still cherished the hope of more effectually making his fortune through marriage.† This clearly shows that not only women, but men also gained financial means from marriage. Another example in the text where marriage is represented as a business deal is when Colonel Fitzwilliam states, â€Å"there are not many in my rank of life who can afford to marry without some attention to money.† Austen uses dialogue, to reinforce the fact that marriage is money and the bluntness of Austen’s choice of words results in the reader of the modern era to be strongly opposed to what marriage use to be. The novel represents marriage as a business trade, shown by the relationship between Wickham and Lydia. Each gains wealth from the other, and not care, trust or love- the morals of a marriage in today’s society. Men looked for women who had many ‘accomplishments,’ not necessarily if they loved them, or if they were intelligent or had good personalities. â€Å"A woman must have a thorough knowledge of music, singing, dancing, drawing, and the modern languages†¦,† stated Caroline Bingley. Not only accomplishments were to be perfected, men looked for beauty as well. In the case of Mr Bennet, he followed the social trend where he married based on appearances and accomplishments. Mrs Bennet was a beauty, however she turned out to be a frivolous, foolish and oblivious character, resulting in an inharmonious marriage. A woman in a marriage was about presentation, to be beautiful and accomplished- to not embarrass the husband. Therefore men did not search for their soul mate, but rather a woman who was presentable. Not only did Mr Bennet marry to a beauty, it is also the case for Mr Bingley who loved Jane for her beauty. Austen represents marriage to be decided on by a woman ’s charm and accomplishments, in order to win a man’s heart a woman had to be talented in all the art forms. To be accomplished was a vital requirement for women. Marriage for women is represented as their ultimate goal in life, because it was impossible to live independently- especially the women who belonged to the genteel class. Genteel women were not allowed to pursue professional careers or university degrees. The only accepted occupation was to be a governess, however they were not highly respected. Consequently, women depended on marriage to have money of which men would be the one who provided it. Charlotte Lucas did not, â€Å"think highly either of men or of matrimony, marriage had always been her object†¦Ã¢â‚¬  and that was the reason for her to marry the pompous Mr Collins. Charlotte did not love Mr Collins, she was twenty-seven and still dependent on her family- the only goal she had was to be married, and she was desperate. For women to be dependent on family was something to be ashamed of and the only way to escape out of under the protection of family was to marry. Using characterisation, Austen represents marriage as the most important event, the only respectable option for women. Marriage was a must for those living in the regency era, unlike today, where living independently is accepted and even encouraged. Not only was marriage from the Regency era different from today, so was the concept of love. Love was not sought for in Austen’s time, rather it would just be convenient if you were really in love with your fiancà ©. Pride and Prejudice represents love as an unnecessary asset in a relationship. It is not required to love someone, in order to be with him or her and even be married with them. In the case of Charlotte and Mr Collins, love was not apparent. After Charlotte accepted Mr Collins’ proposal, the narrator states that, â€Å"his attachment to her must be imaginary.† Charlotte did not love Mr Collins, but accepted his hand in order to obtain a comfortable home. She was not looking for love to be happy, she wanted social security, which could be provided by the clergyman. Charlotte’s view on love represented society’s view, which is that love is not a vital component of marriage, but rather gaining financial security. The absence of love within a marriage was acceptable. Another type of love was radical, new, true. Mr Darcy and Elizabeth represented true love, though it was formed from misunderstanding and disagreeable first impressions. Love grew despite the differences; Austen’s protagonists are in true love, the type of love where they can conquer all things. Elizabeth, â€Å"†¦with tears in her eyes [replied], ‘I love him,’† though her pride influenced her to misjudge Mr Darcy she overcame her wall of prejudice and was deeply in love him. Similarly with Mr Darcy, he disregarded his embarrassment and preconceptions and confessed his love for Elizabeth. Austen composed the two central characters to fall in true love, implying the idea that true love is the better and more rewarding. Elizabeth did not totally conform to the social constructs, she was self-reliant and romantic- she wanted love, unlike Charlotte who wanted a comfortable life. And because she did not follow the ways of conduct books, she was rewarded with true love. Though the two characters were deeply in love, they were not hopelessly in love, another radical aspect of the relationship between Darcy and Elizabeth. Mr Darcy confessed to Elizabeth that he,† ardently admire and love you [Elizabeth].† He uses the word ‘admire,’ showing that there is respect and equality between the two, Mr Darcy did not love Elizabeth only on her appearances but of her ‘impertinence’ and ‘liveliness of your mind.’ Love, in Elizabeth and Mr Darcy’s case is represented as the first step towards eternal happiness, it is the ideal marriage with a balance of emotion and rationality. Both the social and radical perspectives of marriage and love were represented in Austen’s Pride and Prejudice. Through Jane and Bingley, Charlotte and Collins and Lydia and Wickham the social standard of marriage is presented. And through Elizabeth and Darcy, a new outlook of marriage and love was formed. Today’s society revolves around love, but in Austen’s time finding marriage was far more crucial. Jane Austen renews the ideas of love and marriage and re-presents them by moulding them with her values. Though she writes in the romance genre, she ventures away at times to create her idealistic true love. In conclusion, marriage is represented as a business transaction, love may be thoughtless but to find true love is to fall in love with ones personality and not only their appearances. Austen believes that marriage is based on the strong foundation of true love and intellectual unity within the marriage.