Heroism in literature

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Heroism in Literature

Stories of yesterday have defied time in the essence that they are eternal. From as early as the tenth century, English authors have found ample ways of sharing their stories with the world. These timeless stories usually involve a threat of some kind with a character who defeats this threat. That character is often called a hero. The epic poem Beowulf and Shakespeare’s tragedy of Hamlet are just two of these eternal stories. These two stories have a character that is often referred to as a hero. Beowulf and Hamlet, although written at very different times, describe what the concept of a hero is, how the hero is viewed by society, and how heroes can differ depending on their personality.

The concept of a hero in is a man with unusual strength. This strength is both physical and mental. A hero is thought of as a fearless leader. Heroes are brave, self-less, powerful men who will stop at nothing to rid the world of evil (Tucker). A hero cannot be afraid of death he must face it head-on. Beowulf and Hamlet are both considered heroes of their time, though for different reasons.

The society that Beowulf represents is one of great turmoil. It is a male-dominated society based on warfare. During the time the epic was written, men were expected to be honorable and brave. For a warrior, the purpose in life was to die in battle. Those who did not die would gain honor and glory. People believed that their lives were predetermined. There were some who were meant to die and some who were meant to prosper. For these people fame was the highest honor. “I had a fixed purpose when I put to sea. / As I sat in the boat with my band of men, / I meant to perform to the uttermost/ what your people wanted or perish in the attempt, / in the fiend’s clutches. And I shall fulfill that purpose, / prove myself with a proud deed/ or meet my death here in the mead-hall”(Heaney, 18).




The society that Hamlet represents is quite different from that of Beowulf. Hamlet is living during the time of the Renaissance in England. The society is experiencing a rebirth of ideas. Education is valued highly and the concept of humanism is being explored. Humanism is “human centered” thought. Man is thought of as innately good. The major “war” was between the Catholic Church and the Protestants. Men did not battle daily; there was time for reflection and leisure. The people of the time were not looking for someone to “save” them. They were looking for a strong leader to assure them peace and safety. At this time a hero could be someone of superior mental strength. “Let me be cruel, not unnatural. / I will speak daggers to her, but use none”(Miller). Hamlet has decided to use his mind rather than his might, to defeat his uncle.

The personality of the hero in a story can be reflected in his actions. Beowulf was a fierce warrior who was trained to fight. This is why he feels no fear when challenging the monsters. He is not consumed by the fear of death, but rather relishes in the fact that he could die in the most honorable fashion. Beowulf uses his bare hands to defeat evil. He believes it would be braver if he were to fight without any weapons. Beowulf completely disregards his own safety for the safety of others. He pursues the danger until he is able to conquer it. Beowulf is a man of action. He understands that something needs to be done quickly and he does it. Beowulf sees a threat and demolishes it. Beowulf is arrogant in the sense that he does not respect death. He does not think death will get him. This air of confidence could be just the thing that gets Beowulf killed.

Hamlet on the other hand is a man of inaction. Had Hamlet been an instinctual character, like Beowulf, he would have immediately run and committed murder (Andrews). Hamlet displays psychology under extreme stress (Tucker). Hamlet did show some heroic characteristics. He demonstrated a lack of fear when he spoke with a ghost. He also acted boldly by plunging the sword into the stranger behind the curtains. Hamlet spends most of his time pondering what to do. He loses the motive of revenge because he is consumed with hatred for his mother. Hamlet is led by his mind, not his heart. He has opportunities to kill Claudius but his conscience gets the better of him. “At times he allowed himself to fearlessly speak back to Claudius, while others feared to do so because of his powerful political position” (Andrews). He makes plans to avenge his father’s murder, but little is followed through until the last act of the play. Hamlet finally comes out of his shell of fear and contemplation to kill both King Claudius and his mother.

Some scholars would even refer to Hamlet as an Anti-Hero. Hamlet shows many signs of weakness and immaturity. He refuses to accept the fact that his mother has remarried and that his all-powerful father is dead. He suffers from the Oedipus complex, he envisions his father to be the best thing in the world. Hamlet is not overtly angry with Claudius. His anger is for his mother alone. Hamlet is definitely not self-less. The person he is mostly concerned for is himself. He wonders why his father was taken from him, not why his father was murdered. He does not seem too concerned with the fact that his father’s soul has to dwell in purgatory. He cannot fathom why it has to be him who suffers so greatly and not someone else. Another characteristic of an anti-hero is the fact that Hamlet draws sympathy, as well as admiration from the reader (Tucker). A typical hero would not require sympathy. The fact that Hamlet’s life is not directly in jeopardy attributes to his “hero” status. In addition, his major fault is the desire to avenge his father’s death, an act considered completely honorable by the reader. However, Hamlet’s negative attributes including his rudeness towards others, and a violent nature when he kills Polonius with no remorse, causes a reclassification from the classic hero, to the more appropriate label of anti-hero (Andrews).

The authors of both works accurately depict the concept of a hero during that time, how each society views its heroes, and how the personality of the hero is revealed in the actions or inactions taken. Heroes of today are people who put others first, who are not afraid to risk their lives for the greater good of man. Heroes are born everyday; those who exude honor and valor are those who will be remembered in the future. The concept of a hero changes slightly with every generation, but one-thing remains, the willingness to never give up.



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Why have Shares in Internet & Technology companies been so volatile in the last few years?

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Why have Shares in Internet & Technology companies been so volatile in the last few years?

Introduction

In 1/000, there was a belief that ‘dotcoms’ were going to change business methods and replace the ‘old economy’. People thought that Internet based companies could eliminate the cost of real estate and sales staff, reducing average total costs therefore being able to undercut the costs of traditional competitors and make higher profit margins. It was relatively easy for small companies to get funding from venture capitalists and by placing shares on OFEX or AIM. Investors believed the hype and shares boomed.

In March 000 technology shares slumped . Since then dotcoms and technology stocks have been in the doldrums, Venture capitalists have become more conservative and the Initial Public Offering (IPO) market has snapped shut since internet companies would not be able to raise much capital in the new market. Advertising revenues have collapsed, confidence has dropped out of the market and investors have lost confidence in the stocks, resulting in an oversupply of shares leading to plunging market capitalisations and share prices.




This chain of events caused the share price of Internet and Technology companies to rise to dizzy heights, then fall as quickly as they rose. In this report the volatility shown by this sector shall be analysed.



Methodology

The Information used has been both from primary and secondary sources.

Secondary data has been collected using various websites such as Moneyextra, Imiweb, Ft.com, Bigcharts and The Economist. These websites have been used to collect essential financial statistics on the companies used, as well as information about the sector. To gain more specific information I have used company reports for Lastminute.com, Bookham Technology and Vodafone. I have used these companies as barometers to indicate the relative rise and fall of the Techmark and NASDAQ (high tech) share indices, to the ‘Old Economy’ FTSE 100.

For a primary source I have conducted an interview with a local stockbroker, representing Charles Stanley & Company Ltd.

For further information on methodology, consult appendices 1 - 8





Analysis

The Boom Period

It is inaccurate to blame a single variable on the initial boom of the sector; the sudden rise can be attributed to 5 factors

• Media & Public Hype. This is not novel, the Australian Mining Boom and the UK Property Boom are earlier examples. People bought into the stock when companies possessed no fundamental attributes to back up the share price and high P/E’s, representing an increase in expectations on earnings per share (EPS).

This shows how the market ‘bid up’ share prices way above their real value. This lead to extremely high PE ratios. For example at the height of the boom, March 000, Vodafone’s share price was 400p with an EPS of 4.64p, giving a PE ratio of 86.

In June 00, Vodafone’s share price was 80p with an EPS of 5.p, giving a PE ratio of 15. . This is a more realistic ratio.

This also lead to massive overvaluation classic in the case of small companies like Sopheon & Superscape, where the stock rose to £5 per share, but is now valued at approximately £0.15 .

This was a trend set by many Internet based companies flooding the market. The business sector they were in had very low or no barriers to entry and whilst the ‘dotcoms’ had good ideas the funding they were able to obtain was not sufficient to cover the ‘burn rate’. The capital was used so quickly (i.e. burnt) before estimated profitability could be realised. These companies had good ideas as well as niche markets, but were not sufficiently funded to represent themselves and didn’t posses robust enough business plans, with overestimated profitability.

The growth of these firms was unprecedented and their market capitalisation was overvalued compared to their net assets. An example is eBay, which offered itself on the stock market on the 4th September 18 for $18 per share. months on the company traded at around $0, a staggering rise of 1,600%, while profitability declined. Another months on the company was still to make a profit and had a market capitalisation of $7,56,85,50.00 (i.e. $7.5bn)



• High Expectations. People paid extremely high prices in ‘hope value’ for the stock. For the sector as a whole, especially the dotcom’s, people paid inflated prices for the stock due to the expectation of future profits that realistically couldn’t materialise. This ‘hope value’ was generated by the analysts who talked the stock up, as well as the herding instinct of the city, creating huge levels of demand, as they too wanted to gain the sort of returns made by other investors, greed overcame sense. This can be expressed best when we compare the share price to the asset based share value. For example Bookham Technology & Lastminute.com (September 001)

Bookham Technology Lastminute.com

Total Assets Less Current Liabilities £68,410,000 £8,455,000

Total Ordinary Shares In Issue 18,861,000 170,17,0

Asset Value Per Share £.08 £0.5

At the height of the year Bookham was trading at 5,00p, a massively inflated price over book value. It was trading at 00p at the end of 001, and is now trading at approx 74 ½ p; undervalued. It would be the opinion of the shareholders to liquidate the assets of the business because they would receive more per share.

Rising market capitalisations allowed the shares to reach the FTSE 100 & 50 indices, forcing tracker funds to buy stock. These tracker funds buy into the market as a proportion of the shares within them. For example Vodafone is the nd largest company within the FTSE 100, with a market share of 10% , this means a tracker fund who invests £100,000 in the FTSE 100 will invest £10,000 with Vodafone. Companies such as ARM Holdings and Bookham Technology reached this level of trading. This created further artificial demand for the product so the price rose further.

Further ‘hope value’ was added by the brokers whose estimates for the shares were inflated. However when we examine the EPS values for the companies rising share prices couldn’t be justified with no fundamentals

Vodafone Group

18 1 000 001 00 00E 004E

Norm EPS (p) .68 .75 4.64 .55 5. 5.7 6.6

Bookham Technology

18 1 000 001 00 00E 004E

Norm EPS (p) -4.7 -10.0 -1. -5.0 -7.8 -.8 -0.

Lastminute.com

18 1 000 001 00 00E 004E

Norm EPS (p) -0.40 -.0 -6.4 -. -8.56 5.1 15.0



• Low Asset Bases & Demonstration of Goodwill. The publicly quoted company usually acquired a private company owned and started by the management and promoters of the company. The PLC acquired the private company at an inflated price thus creating goodwill.

For example

X Ltd

Shareholders funds = £15m Property = £10m

Current Assets = £5m

Total Net Assets = £15m

X Ltd is Acquired by X.com PLC

Shareholder funds = £0m Net Assets = £15m

Goodwill = £15m

Total = £0m

This happened in many cases, notably with Vodafone with their acquisition of many smaller telecoms companies. Also large companies such as Marconi were buying up-and-coming firms and many mergers were taking place during the boom, for example supply contracts with Bookham Technology . This caused the share prices to increase as these companies could now reap larger economies of scale, which would lower their costs. An example of an inflated acquisition is AOL who paid $4. billion for Netscape.

Goodwill inflated massively as companies overpaid in order to secure the supposed massive profit growth of the future. This also precipitated the fall, when auditors forced goodwill to be depreciated leading to massive losses. For example, AOL Time Warner Inc has just announced losses of $100 bn with a large proportion being attributed to the amortisation of goodwill.

• Liquidity of Shares. Small companies’ shares are relatively limited and were only given to the financial institutions of the city via ‘placing’ . Thus there was limited liquidity in the market, shown by wide bid offer spreads. These quotes are two-way prices, the lower of which is known as the bid price (the price at which the holder can sell shares) and the higher is the offer price (the price at which the holder can buy shares).

Limited liquidity meant few shares were released by current holders when the price increased so demand for shares increased along a price inelastic supply curve. Later in the boom many companies issued more capital to increase liquidity of the market for shares, making supply more elastic and slowing share price growth.

Scarcity value causing increased demand and insufficient supply, can be seen on a demand and supply diagram





• The Profit-Signalling Mechanism. This attracted more new investors to the stock market. For example Vodafone’s share price increased from 0p in January 1 to 50p in January 000, an increase of15% , for a supposed ‘blue chip’. New entrants, such as Bookham Technology rose from ,000p to 5,00p in months a 65% increase .

Consequently supply increased and due to the factors mentioned increased demand. Demand is a ‘self-fulfilling’ prophecy, as demand increases so does the price (See Fig 1.).

As the demand increases excess demand is created at the equilibrium price and quantity of P1, Q1. This causes prices to be ‘bid-up’ to clear the excess-demand. As prices increases there is a contraction of demand and extension of supply, until equilibrium is re-established at the increased price of P, and the increased quantity of Q. As demand increases the shares become more price inelastic, as investors are willing to pay more.





The Bust Period

Here the focus is on three companies, which will act as barometers for representing the state of the technology sector as a whole

 Vodafone PLC - caused the initial decline.

 Bookham Technology PLC - entered the market at its peak, but consequently fell with the competition.

 Lastminute.com PLC - appears to have survived the volatile nature of the market and is becoming profitable.

The bust may be attributed to the following

• Lack of Fundamentals. The market upwards trend was mainly a function of momentum; investors kept on buying in the hope that the stock would go up and up. Many investors failed to analyse the stock on a fundamental basis, i.e. ratio of market price to asset value. Thus investors were subject to a weak form of market efficiency, and did not rely on fundamental analysis. It was speculation based on market trends and naïve investing.

Vodafone caused a bust period due to this. This company is large and even this ‘blue chip’ firm was paying what appeared to be huge amounts of money in ‘hope value’, to develop the rd Generation (G) mobile telecommunications market. Vodafone overpaid world governments in order to obtain the licences to develop the technology.

This investment was necessary, otherwise the company would be deemed as ex-growth, but it was difficult to see how the firm would generate the cash needed to pay off the initial expenditure over the next 5 years. The strategy and figures were questioned. This lack of confidence in such a major company led to a downturn in the sector and forced people to examine the financial viability of their portfolios, which led to a snowball effect throughout the sector as share sales, produced falling prices.



This may be seen on a demand and supply curve



The figure shows how as demand fell, prices fell along a price elastic supply curve, produced due to a saturation of companies back into the market, thus scarcity value disappeared.



The companies lacked fundamentals to support their share price

• Poor or non existent asset backing

• Low turnover by company/low EPS in stock

• No dividends

• Shrinking Market/slowing growth

• Poor Liquidity

There was a sudden realisation after Vodafone that the market couldn’t deliver the expected profits because of oversupply in the market place.

Investors failed to realize that many of the dotcom’s and other technology companies had and still have very weak financials. Prior to the peak of technology stocks in March of 000, external financing was very easy to get for technology companies. Private investors were more than willing to invest in start-up tech companies. Those companies that were riding the tech wave could simply issue additional shares at an inflated price. Thus, cash flow problems were nonexistent for these companies. The well soon ran dry and many start-ups were unable to finance operating activities internally. The external environment was beginning to realize that many of these start-ups were not producing the results as expected. Many dotcoms and other technology-laden companies were forced into bankruptcy within the first six months since IPO.

Share price decreased so market capitalisations fell, forcing tracker funds to fall. An example of this is Bookham Technology which reached the FTSE 100 in 000, but now operates in the FTSE small cap . People started to look at shares with very high P/E Ratios to see if that premium was too optimistic.

This was the case for all companies; in March 000 their ratios were as follows

Vodafone

Price EPS PE

400p 4.64p 86.

Bookham Technology

Price EPS PE

4,000p -5.0p -160

Lastminute.com

Price EPS PE

40p -6.4p -1.5



• Weak Revenue & Earnings Base. Many tech and dot.com companies also suffered and still suffer from a weak revenue and earnings base. Early in 000, many companies with less than $1 million in sales had market caps in the billions (Vodafone & Bookham Technology). For example in June 000 Bookham Technology had a market capitalisation of (18,861,0005,00) £68, 6, 00, 0000 but a turnover of just £6.m . Companies such as TheGlobe.com made a net loss of more than $16m on sales of $5.5m .

This should have been an immediate signal to investors that a company is overvalued. Even if sales are growing exponentially, sales will have to grow for years before a billion dollar market cap can be justified. Investors had prematurely priced in years of great results and excellent earnings. When these results were not delivered in the short-term, investors reassessed their outlook on various stocks and adjusted their portfolios accordingly. This reassessment caused many investors to return to fundamental valuations. The NASDAQ market as a whole saw a 67% decline from 000-00 . This caused many billion-dollar dotcoms to be reduced to a small fraction of their year high, for example the ‘% club’ companies who lost % of their market value, e.g. the Norwegian search engine company Fast Search .

• Conservative Use of the Web to Reduce Costs. Many dotcoms did not capitalize on using the Web as a tool to reduce costs. Many investors believed that the Internet would create a distinct advantage for Web companies, while bricks and mortar companies would be at a disadvantage. It soon became apparent that margins were about the same for Internet and non-Internet companies. For example, Internet retail companies had to establish a distribution centre and invest in a large quantity of inventory, while still having to rely on a distinctly low tech postal system. This does not differ much from a bricks and mortar company as a large capital investment must be made followed by a high volume of sales to maintain operations. Most dotcoms in this space have yet to determine a way to become profitable. Many dotcoms even have losses that exceed sales (Lastminute.com is yet to announce profitable earnings). There is also the problem of certain retailing online e.g. Boo.com offered women’s clothing, but there is no system to try clothes on or compare (However the technology is being developed).

• Periphery Companies. The bust also appeared bigger because the boom had sucked in many periphery companies who were bracketed as being dotcom’s, e.g. telephone exchanges. The boom made many of these companies profitable once again, and the banks handed out indiscriminate loans, which materialised into bad debts.

• Saturation of Small Companies. The Profit-Signalling Mechanism attracted many smaller companies to join the market. A classic example of this was Bookham Technology. In the first quarter after flotation, its price had risen to £5 per share, it is now 74 ½ p . One problem with such companies was that they didn’t have enough working capital to produce a financially viable product. They had very high PE Ratios and after spending huge amounts on R & D, when the product was finally marketed, there was little demand and no sales.

Lastminute.com is the best publicised of all the companies affected by this volatile period. The company floated on the London Stock Exchange and the NASDAQ National Market on 14 March 000 and its initial share price was £4.80 per share, but in the first quarter the price fell to £1.0 . It then steadily declined. It is a true dotcom company survivor and is soon expected to become a profitable business. This is because of two factors; firstly the company is extremely well managed by two very astute entrepreneurs, secondly it has a novel idea, for which there is a genuine consumer demand.

To summarise we may attribute the bust period to

• The overvaluing of companies in the sector

• The problems faced due to oversupply within the market

• The lack of economic fundamentals possessed by the companies in question and resulting reduced confidence

• The lack of demand for the services and goods offered by the companies, as well as lack of competitiveness

• Reduced economic activity and long term global economic uncertainty e.g. Iraq



Conclusion

What is the result of the stock market gyrations over the last 5 years?

The world of e-commerce has too many companies vying for business. Market analysts have compared the crash in the internet and technology market to a forest fire that has cleared out the jungle and created space for fewer but stronger web companies. Venture capitalists will now be more careful examining business proposals and will only invest in businesses with sound commercial plans.

The wall of money that hits web entrepreneurs should shrink in size. Investors will now be more careful before speculating on hot new IPO’s, as ‘old economy’ values are now back in vogue with investors, Revenue, Earnings and Profits are benchmarks again.

Most Internet start ups failed because they were based on the premise that the internet represented a revolutionary business model. The Internet still has the potential as a tool for firms to expand their business, if they can combine it with a distinctive product and avoid ruinous price wars. For example, supermarkets will benefit from the internet because the internet is just one more outlet for the chain.

The volatility has also lead to a massive drop in confidence. There has been a flight of cash by investors to real assets, thus property prices have risen greatly. In the last year (001/00) commercial property in the south has risen by 10/1 ½% .

Finally, it may be said that now is the time to invest in Internet companies, as many are grossly undervalued. There is opportunity in the sector; however we will not see the mega profits and one must be content with a slow growth. The FTSE is now trading on 11x trend earnings, and yielding almost 4%. Dividends grow by real GDP and inflation implying that equities will return 4% plus inflation plus real GDP, consequently the equity market should return 8% .



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Shirley Jackson title of her short story The Lottery” gives the reader the impression that it maybe about a person winning the lottery or something of that nature. As the story goes on the reader finds out that is not the case. The plot development of The Lottery is rather simple, on June 7th, people of a small village gather for the annual drawing of the lottery. Tessie Hutchinson arrives late, but in a good mood to know the results, when her family is selected she becomes hysterical. She begs for mercy as the village people beat her up with stones for she was the one that ended up winning the lottery.

The basic situation of the plot in the short story The Lottery is the gathering of the village people. “The morning of June 7th was a clear and sunny, with the fresh warmth of a full-summer…The people of the village began to gather in the square (Jackson 55). The way the day was described by Jackson lets the reader to believe that the lottery may be something good. Jackson sets up the men of the village as regular man, “the man began to gather…speaking of planting, and rain, tractors and taxes” (Jackson 55). She also sets up the women as regular women with nothing out of the ordinary, “they greeted one another and exchanged bits of gossip” (Jackson 55).

The plot continues to develop with the rising actions. When Mr. Summers enters the story Jackson gives the reader a hint that the lottery may not be so good after all, “when he arrived in the square, carrying the black wooden box, there was a murmur of conversation among the villagers” (Jackson 55). When Mr. Summers arrives with the black box the villagers do not show any sort of emotions to make the reader believe that they are happy to see Mr. Summers arrive with the box. In many forms of literature the color black tends to symbolize death, the black box may give the reader the idea that something bad will occur. Jackson mentions that a list had to be made for the head of each family in the village and the members of each household in each family (Jackson 56). Everyone in the village had to participate in the drawing of the lottery. Just before Mr. Summers turned to the assembled villagers, Mrs. Hutchinson hurried along to the path to the square (Jackson 56). Jackson makes it look as if Mrs. Hutchinson, although late really wants to be there. One by one the heads of the families goes up to the black box an pick out a folded paper (Jackson 58). After everyone has gone up the reader is left wondering who got it, “who is it, who got it?” (Jackson 5). The plot takes true form when the reader finds out who got it, “it’s Hutchinson. It’s Bill” (Jackson 5). By the reactions of Mrs. Hutchinson, “You didn’t give him time enough to take any paper he wanted I saw you it wasn’t fair” (Jackson 5), the reader now knows that the lottery can not be something good.

The climax of the story develops right after the Hutchinson family has to draw amongst themselves to see who from the family gets the lottery. One by one they unfold their luck. None of the children or Bill gets the mark that proclaims the winner. Mrs. Hutchinson is the last one with a folded paper (Jackson60). ““It’s Tessie” Mr. Summers said” (Jackson 60). Now that the reader knows that Mrs. Hutchinson is the winner of the lottery everything from that point on are falling actions and the resolution.




The falling actions of the plot are when Mr. Summers said “let’s finish quickly” (Jackson 60), “Mrs. Delacroix selected a stone so large she had to pick it up with both hands” (Jackson 60) and “the children had stones already, and some gave little Davy Hutchinson a few pebbles” (Jackson 61). All those are falling actions because the suspense that was build up by the plot is no longer there. The reader knows who will most likely get the stones. The final resolution of the plot is “Mrs. Hutchinson screamed, and then they were upon her” (Jackson 61).

The prize for winning the lottery turned out to be a stoning by the village people. Mrs. Hutchinson the winner or loser of that year’s lottery was eager to get to the square gathering for the drawing, but as it turned out she would have been better of staying home. The plot development in The Lottery by Shirley Jackson was one with a simple basic situation, many rising actions, an unexpected climax, few falling actions and a horrifying final resolution.



Mind that the sample papers like sex presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!

PFIZER STRATEGY

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EXECUTIVE SUMMARY

Pfizer, one of the world¡¦s most valuable companies in terms of market value has positioned itself to become a ¡§transforming force¡¨ in the global healthcare, CEO Mckinnel tells at the annual meeting of shareholders.



On the way to become a global transforming force, Pfizer formed new ¡§Human Health Care Organization¡¨ combining three formerly separate organizations namely; Pfizer Global Research and Development, Pfizer Global Pharmaceuticals and Pfizer Global Manufacturing units. New organizational changes will allow Pfizer to effectively leverage its global scale in our most important business, human pharmaceuticals which almost account for 0% of the companies revenues derived from medicines discovered, developed or licensed for the benefit of patients worldwide. With the acquisition of Pharmacia complete Pfizer is targeting to convert from an industry leader to a transforming force in the global health care. Combined product portfolio includes 14 medicines that are No. 1 in their therapeutic categories and 1 products with annual revenue of more than $1 billion.




Company expects to submit 0 new major medicines for regulatory approval in a five-year interval. Pfizer has more than 400 projects in its discovery pipeline and is building the industry¡¦s largest library of chemical compounds.

Pfizer¡¦s consistent over-the-industry growth even in the years of recession, its emphasis on Research and Development and its high competence in adapting itself to changes in the business environment creates a promising future view on its way to fulfill its mission.

MISSION and PURPOSE

Our Mission;

We will become the worlds most valued company to patients, customers, colleagues, investors, business partners, and the communities where we work and live.

Our Purpose;

We dedicate ourselves to humanitys quest for longer, healthier, happier lives through innovation in pharmaceutical, consumer, and animal health products.

INDUSTRY STRUCTURE

The pharmaceutical industry is one of the world¡¦s most dynamic and lucrative in terms of sales volume. Worth an estimated US$50 billion in 001, the industry enjoyed an annual growth rate of 10% in 000 when the rest of the market slumped. According to a report by IMS Health, the industry can expect annual growth rates of over percent through 006 worldwide. According a survey conducted by ¡¥yahoo finance¡¦ industry analysts expect an annual growth rate of 11.0% for the next 5 years.

Mergers and product turnover continue to refashion the companies and products that lead the industry, but all of the top companies have historical ties to the industry often dating 50 years or longer. Because there are numerous specialties within the industry--numerous forms of cancer, AIDS, hypertension, cholesterol, and neurological drugs to name a few--many of the leading producers may at first only compete with one or two others on a product-by-product basis. This pattern derives primarily from the enormous research costs usually involved with producing a new drug, a reality that has made many drug makers to specialize in a few specific fields.

Pharmaceutical preparations are commonly divided into two categories ethical and over-the-counter (OTC). Worldwide, most ethical drugs are paid for by governments or consumers (patients) indirectly through third-party payers like health insurance companies. The top six classes of prescription (ethical) drugs are central nervous system and sense organs; cardiovascular; digestive and genitourinary; neoplasms, endocrine and metabolic diseases; parasitic and infectious diseases; and respiratory.

These classes of finished-form drugs commanded the highest profit margins (0% of sales was commonplace), but also demanded high research and development and marketing expenses--15 percent and 4 percent of sales, respectively. Pharmaceutical firms used two primary methods to maximize the profit potential of their discoveries marketing and patenting.

There are specialized marketing techniques unique to the pharmaceutical industry. Since doctors usually made the purchase decision for the customer or patient, and (in most countries) ethical drugs could not be advertised to the general public, most pharmaceutical marketing is directed to health care professionals. Branding is the primary method of product differentiation. Knowledgeable sales forces make regular calls and visits on doctors in order to sway their prescribing decisions. Most pharmaceutical firms also employed advertising in medical journals, direct mail, conference sponsorships, and promotional giveaways. In 000, pharmaceutical companies spent US$15.7 billion on promotion of ethical drugs, over half the amount they spend on research and development.

Over-the-Counter drugs makes a relatively small contribution to industry-wide sales and profits, they have the potential to increase faster than forecasted as consumers increasingly turned to self-diagnosis (i.e., at home pregnancy and cholesterol-testing kits) and self-medication.

The United States is the worlds top producer and consumer of pharmaceutical preparations with 48 percent of the global market in 000. In terms of dollar sales, the largest prescription categories in 1 were ulcer drugs (US$15.8 billion), cholesterol treatments (US$1.4 billion), antidepressants (US$11.7 billion), calcium blockers (US$. billion), and anti-rheumatics (US$7.7 billion). The countrys relatively open market also made it the leader in research and development, funding more than a third of the worlds R&D.



Europe is the second largest consumer of healthcare preparations following U.S. with a market share of 4 percent of the worldwide pharmaceutical preparations market. The harmonization of the drug approval process in member countries, performed under the European Medicines Evaluation Agency based in London, in addition of rollout of new European currency, the Euro, is seen as the beginning of Europe¡¦s competition with U.S. in health care market.

The rise in market share for European pharmaceutical firms, the United Kingdoms GlaxoSmithKline, Switzerlands Novartis, and Frances Aventis and Roche Holdings, bodes well for continued competition in that market.

To summarize the industry in Porter¡¦s terms; it is a highly competitive industry with seven major competitors - detailed information provided in the following table- Suppliers don¡¦t have any significance within the industry. When we consider the structure of the industry, and the histories of the major players in the industry, it is not surprising that there are no Entrants. The high capital oriented nature of the industry makes it almost impossible for the new companies to enter the market. Thus it can be claimed that the industry is monopolized by the major players. Mergers and acquisitions are very common and through these mergers new firms are being constructed but these are not considered as Entrants in this analysis. Genetics engineering and biotechnology are new methods for unraveling the causes and treatments of such complicated diseases as cancer and AIDS, which accaunt for a massive share of ongoing research efforts. Although treatment through these new techniques can be categorized as supplements, all these researches are conducted by the major pharmaceutical firms. Channels can be classified as conventional pharmacies and on-line drug stores which is a rising trend in the industry. In this industry defining the customers is a little complicated in relative to other industries.

Even though primary customers are patients who need treatment, the decision of which medicine to choose is made by doctors while the payments, in most cases, are made by third-party payers either the governments or health insurance companies. Thus the marketing and sales efforts are concentrated on practitioners and social-security organizations of the governments.

COMPANY POSITION

STRENGTHS

�æ Formation of new ¡§Human Healthcare Organization¡¨, a critical organizational restructure¡K

Pfizer formed new ¡§Human Health Care Organization¡¨ combining three formerly separate organizations namely; Pfizer Global Research and Development, Pfizer Global Pharmaceuticals and Pfizer Global Manufacturing units. New organizational changes will allow Pfizer to effectively leverage its global scale in our most important business, human pharmaceuticals which almost account for 0% of the companies revenues derived from medicines discovered, developed or licensed for the benefit of patients worldwide.

�æ ¡§Back to Core¡¨ business strategy via M&A Activities

Over the past four years Pfizer acquired some global health care businesses; Warner Lambert and recently Pharmacia and divested a group of non-core businesses to focus even more intensely to its core human pharmaceutical business, which generates 0% of the total revenues.

�æ Acquisition of Pharmacia

1. With the acquisition of Pharmacia complete Pfizer is targeting to convert from an industry leader to a transforming force in the global health care.

. Acquisition expands company¡¦s deep and broad product line, increases operational flexibility, and improves research and development opportunities.

. Company expects to realize cost synergies of $1 billion in 00, rising to $ billion in 00, and approaching $4 billion in 005.

4. Pharmacia establishes Pfizer¡¦s animal-health business as No. 1 worldwide.

5. Combined product portfolio includes 14 medicines that are No. 1 in their therapeutic categories and 1 products with annual revenue of more than $1 billion.

�æ Distinctive Sales Force

The depth and experience of Pfizer¡¦s distinctive sales force offers the company an important competitive advantage for sustaining growth and will be used to increase the already strong position of company in its current markets and the new markets entered by current acquisition.

WEAKNESSES

�æ Lack of competitiveness in the ¡§Pharmacy-Benefit-Management¡¨ Services¡K

Although Pfizer is ranked as the world¡¦s fourth most valuable company in terms of market value its revenues is less than Merck whose market value is less than half of Pfizer¡¦s. Merck & Co. has recorded $51.8 billion revenue, including its pharmacy-benefit-management company Medco Health. Medco health contributed Merck Medco¡¦s revenues with $0.16 billion (5%) in 00.

What¡¦s Pharmacy Benefit Management?

Medco Health Solutions, Inc. is a pharmacy benefit manager (PBM) that provides sophisticated programs and services for its clients and the members of their pharmacy benefit plans, as well as for the physicians and pharmacies that the members use. The Companys programs and services help its clients control the cost and enhance the quality of the prescription drug benefits that they offer to their members. The Company accomplishes this primarily by negotiating competitive rebates and discounts from pharmaceutical manufacturers, obtaining competitive discounts from retail pharmacies and administering prescriptions filled through its national networks of retail pharmacies or its own home delivery pharmacies. In 00, the Companys national network of home delivery pharmacies filled approximately 8 million prescriptions.

Although this sector can be perceived as out of the core business, Medco Health solutions Inc. demonstrates how lucrative this business can be if operated properly. Pfizer¡¦s lack of competitiveness in this industry affects its overall competitiveness.

OPPORTUNITIES

�æ Distinctive Effectiveness of Research & Development, promises a sunny prospect¡K

Pfizer¡¦s global research and development is the largest privately funded biomedical organization in the world. The research and development group has more than 00 projects in the development pipeline, including more than 100 distinct new molecular entities and more than 100 projects to evaluate new indications or delivery systems for marketed medicines. Pfizer expects to submit 0 new major medicines for regulatory approval in a five-year interval. Pfizer will have more than 400 projects in its discovery pipeline and building the industry¡¦s largest library of chemical compounds.

Pfizer is using a variety of new tools to better predict the success of early-stage clinical compounds. These tools include biomarkers and imaging approaches in humans that permit clinicians to evaluate much earlier if a new investigational medicine is producing the expected response before proceeding with larger, more expensive clinical trials.

�æ Lipitor, the major Cash Cow¡K

Lipitor is the world¡¦s number one selling medicine with sales of nearly $8 billion in 00. Pfizer estimates that, while 64 million Americans have elevated cholesterol, only around one third are treated. The market has another significant growth potential through evolving treatment guidelines that encourage the user of statin (Lipitor) therapy; under diagnosis and under treatment of dyslipidemia, and new clinical data support the early use of statins.

�æ Genomics¡K

Pharmaceuticals embraced genetic engineering and biotechnology as new methods of unraveling the causes and treatments of such complicated diseases as cancer and AIDS, which account for a major share of ongoing research efforts. Genomics or gene-based research is expected to drive up the drug discovery rate. Pfizer, having the world¡¦s largest privately funded R&D department and heavily investing in genetic researches, is expected to have a big stake in the future drug developments through genetic engineering.

THREATS

�æ Patent protection¡K

Majority of payments made to the pharmaceutical companies are from the social security systems of the countries, indirectly by the governments. With the health care costs rising to double digit percentages in U.S. and E.U., law makers are considering reducing the patent protection time among other remedies, to allow greater competition by generics¡K

�æ Brand-Name patent expirations¡K

After the expiration of patent terms and the drug is open to generic competition, market forces usually bring prices down substantially from the levels obtained during the founding company¡¦s monopoly. Although Pfizer also have some brands expiring in middle term, this doesn¡¦t look like a major problem in company¡¦s future as it is to its competitors. Thus this threat may turn into an advantage according to the new drug developments of the companies.

�æ Cheap drugs from Canada...

In 00, the House of Representatives voted to legalize the import of cheap drugs from Canada. Considering that U.S. accounts for 48% of global healthcare industry, this legislation poses a serious threat. Some of the states already began importing drugs from Canada, since it is legal, for their social health care systems. The United States is the last industrialized country where drug manufacturers are allowed to set prices without government interference. The pharmaceutical industry earns half of its revenues and most of profits in the U.S.- profits that are claimed to be essential to pay for drug research. In 00 drug prices in U.S. were 67% higher than in Canada. Possible new regulations on the benefit of government may have substantial effects on drug manufacturers.

FUTURE POSITION

After a series of strategic restructurings in its organization and in its portfolio of businesses, Pfizer sees itself ready to master the challenges ahead, challenges that range from unlocking the Human Genome to bringing lifesaving medicines to areas that have yet to see a paved road. The ultimate goal is the healthy aging of people. The company positioned itself to become a ¡§transforming force¡¨ in the global healthcare CEO Mckinnel tells at the annual meeting of shareholders.

When Pfizer¡¦s organizational transformation is assessed, the company has done its duties to avoid almost all environmental jolts. Pfizer¡¦s consistent over-the-industry growth even in the years of recession, its emphasis on Research and Development and its high competence in adapting itself to changes in the business environment creates a promising future view on its way to fulfill its mission. Company¡¦s long-term performance is characterized by four hallmarks strong revenue growth driven by existing and new products; ongoing investment in support of these products¡¦ profit margin expansion stemming from operating leverage and productivity initiatives; and strong revenue growth.

MAJOR COMPETITORS 1/00

Annual Sales Market Value

Merck $ 51,70 $100,568

Pfizer $ ,7 $45,66

Novartis AG $,151 $6,15

Bristol-Myers Squibb $18,11 $4,7

Johnson & Johnson $6,8 -----

Glaxo SmithKline $4,0 -----

Aventis $17,51 -----

Roche $1,77 -----

In the short-run company wants to become the leader of the industry in terms of sales too where it currently is behind Merck. Rising revenues can only be provided by new major drug introductions. Thus company aims to make 0 major drug applications within the regulatory authorities in the five-year period.

Another goal of the company is being less dependent on any individual product, therapeutic category or market and increase its operating flexibility.

One other important objective is to continue to deliver outstanding financial performance. Company expects to expand its operating margin through ongoing cost-saving initiatives and achievement of merger-related cost synergies.

Company targets successful integration of Pharmacia¡¦s medical and Sales organizations in order to maximize its benefits from the synergies generated by the acquisition.

EXECUTION

Current Products

Pfizer expects its portfolio of current products to keep growing through more effective sales operations worldwide by the improved sales force with the contribution of Pharmacia¡¦s sales force.

Lipitor accounts for about half of the statin market in the U.S., more than double of its nearest competitor. We estimate 64 million Americans have elevated cholesterol where only around one third is treated. This creates an enormous growth opportunity for this product.

The launch of Crestor by AstraZeneca is a threat for Pfizer in this market. Currently Pfizer¡¦s Lipitor and Merck¡¦s Zocor, two worldwide best selling drugs, are leading the market According to an article in Forbes Magazine estimated sales of Crestor in 007 will be .7 billion compared to Lipitor¡¦s 7.5 billion sales at that time. Sales efforts of this product should be enforced in order not to loose market share.



Viagra remains the worlds most recognized pharmaceutical brand among the most widely prescribed medications, with more than 10 million prescriptions having been written since launch by physicians for more than 0 million men worldwide, including 1 million in the U.S.. We expect Viagra¡¦s growth trend to continue since there is no major challenger in the market.

NEW PRODUCTS IN THE PIPELINE

Pfizer expects to submit 0 new major medicines for regulatory approval in a five-year interval. Pfizer will have more than 400 projects in its discovery pipeline and building the industry¡¦s largest library of chemical compounds.

Pfizer is using a variety of new tools to better predict the success of early-stage clinical compounds. These tools include biomarkers and imaging approaches in humans that permit clinicians to evaluate much earlier if a new investigational medicine is producing the expected response before proceeding with larger, more expensive clinical trials.

Below tables represent company¡¦s R&D efforts.

Major Drug Approvals and Launches Year-To-Date

Q1 Replax Launched in U.S.

Q1 Spiriva Launched in Spain, Australia, Canada, and other markets co-promoted by Pfizer and Boehringer Ingelheim

Q1 Zoloft Obtained an exclusive license in an agreement with Daiichi Pharmaceutical

Q1 Somavert Approval in the U.S. for social anxiety disorder.

Q DK-507k (Pharmacia) received marketing approval in the U.S. - a novel, extended-spectrum quinolone antibiotic

Q Inspira FDAapproved Inspra for treatment of heart failure

Major FDA Filings

Q1 Submitted a filing for the dual therapy of Lipitor and Norvasc.

Q1 Pfizer submitted a filing in the European Union in March for pregabalin for treatment of neuropathic pain and adjunctive therapy in epilepsy

Q1 Submitted a supplemental filing in the U.S. Inspra for treatment of congestive heart failure.

Q1 Pfizer submitted a supplemental filing in the U.S. for use of Zithromax in sinusitis

Q Submitted an sNDA for use of Pfizers anti-psychotic Geodon for a new indication, the treatment of mania in patients with bipolar disorder.

Q Submitted an NDA with the FDA for pregabalin for treatment of neuropathic pain and adjunctive therapy in epilepsy



Major R&D improvements

Q Varenicline, a promising new compound for smoking cessation, advanced into Phase III testing

Q Pfizers novel anti-cancer compound SU-1148 advanced to Phase testing

Q Edotecarin, an anti-cancer compound moved into Phase development, (brain tumors).

Q Torcetrapib/atorvastatin, the one-pill fixed-dose combination drug candidate to both lower LDL cholesterol and to raise HDL cholesterol 40-50 percent, has begun Phase clinical studies.

Q Pfizer announced that it had entered into a global agreement with Organon Ltd. For the exclusive worldwide development and commercialization of asenapine

M&A opportunities¡K

In the hypercompetitive healthcare industry, Pfizer plans to strengthen its position with new mergers to expand its product line in its core business.

In the hypercompetitive healthcare industry, Pfizer plans to strengthen its position within the industry with new mergers to expand its product line in its core business. Pfizer¡¦s success in integrating Warner-Lambert and recently Pharmacia proves that the company is competent at creating the synergies related to these mergers and this success encourages the Pfizer management to seek new opportunities. Below table represents the major M&A activities corresponding with its ¡§back to the core¡¨ business.

MAJOR MERGER ACQUISITION ACTIVITIES

Company Date To $

Acquired Warner-Lambert 000 ------ $ 80,000

Sold Tetra Acquarium and Pond Suppliers 00 Tritron Fund $ 84

Sold Shick-Wilkinson Sword 00 Energizer Holdings $ 0

Sold Adams Confectionary Business 00 Cadbury Schwepps $ 4,00

Acquired Pharmacia 00 ------ $ 60,000

More Pressure on Canadian Pharmacies

Pfizer is already collaborating with other U.S. pharmaceutical companies, such as GlaxoSmithKline, Wyeth and AstraZeneca, in tracking orders from Canadian pharmacies to see that they do not exceed prescriptions from Canadian doctors. According to New York Times, the company is eliminating the Canadian wholesalers and requires Canadian pharmacies to begin ordering directly from Pfizer. In the upcoming years we expect these measures to be tightened by the company considering the deregulation in the industry.

Pharmacy Benefit Management

In the next five years we also expect the company to focus its efforts on exploring its strategic opportunities in the Pharmacy-Benefit-Management market. As stated earlier, Pfizer¡¦s biggest rival generates almost 60%, app. billion, of its revenues in this market and keeps growing.

Online Drugs

A recent trend in pharmaceutical marketing is the rise of online drugstores and mail order pharmaceuticals. According to pharmaceutical market research firm IMS Health, prescription drug orders to US mail order pharmacies rose 7 percent to US$1.6 billion the year ending in June 000. The total market, including traditional retail pharmacies, rose 17 percent to US$8 billion. The typical mix of name-branded to generic sales in those pharmacies is 5 percent to 41 percent, respectively. Mail order drug stores, however, typically fill name-branded prescriptions 7% of the time ¡V a significant difference for maintaining or increasing brand market share. I believe there are substantial strategic benefits in focusing on-line operations in the middle term.

FINANCIALS

Pfizer is expected to grow at a rate of 1% in the next 5 year priod according to a survey conducted by Yahoo finance among industry analysts where industry growth rate is expected to be 11% at the same time period. Pfizer expects to be the market leader in terms of revenues by the end of 008 and a fierce global competition especially with Merck. in the next five years period.



With the integration of Pharmacia Pfizer now expects to realize cost synergies of $1 billion in 00, rising to $ billion in 004 and approaching to $ 4 billion in 005 through a broad range of sources including streamlined organization, reduced operating expenses, the consolidation of sites, and procurement savings. With the strong revenue growth and a full-year contribution from Pharmacia, company is to accomplish a % growth in 00.

Pfizer had the highest gross margin within the industry in 00 (1%), and is expected to preserve its high gross margin throughout the next 5 years. The company also the shared the highest rates of Net Profit Margin (16.%), with Novartis (16.%). There is an expected expansion of Net profit margin with the full integration of Pharmacia, and the realization of expected cost synergies. The effect of cost-synergies created with the acquisition cannot be seen in the gross margin but can be clearly detected in the net profit margin. This is because the cost synergies will probably be in the Sales General Administrative Expenses and the Research and Development Expenses items of the income statement influences the new profit margin of the company. Company¡¦s Return on Assets ratio, 5%, is lower than the industry average which is 11.% because of its high level of current assets. In 00 5% of company¡¦s assets were consisted of current assets where only % of the assets were fixed assets. This ratio has fallen to 8% as of September 00 after the merger.

Income Statement Dec 08 Dec 07 Dec 06 Dec 05 Dec 04 Dec 0 Dec 0 Dec 01 Dec 00

Revenue 88,6 78,46 6,41 61,47 54,60 45,000 ,7 ,5 ,574

Cost of Goods Sold 10,55 , 8,65 7,14 6,47 5,58 ,07 4,06 4,05

Gross Profit 78,07 6,07 61,148 54,11 47,888 ,64 ,6 8,10 5,515

Gross Profit Margin 0.88 0.88 0.88 0.88 0.88 0.88 0.1 0.87 0.86

Operating Income 7,1 ,861 ,081 5,75 1,50 16,10 1,78 10,76 8,670

Operating Margin 41.0% 41.0% 41.0% 41.0% 0. 0.6 7.% 4.00% .0%

Total Net Income 1,068 7,44 4,1 1,5 16,400 1,600 ,16 7,788 ,76

Net Profit Margin 5.05% 5.05% 5.05% 5.05% 0.17% 8.00% 8.0% 4.10% 1.60%

Diluted EPS from Continuing Operations ($) . .5 .1 .76 .1 1.7 1.47 1. 0.5

Balance Sheet Dec 08 Dec 07 Dec 06 Dec 05 Dec 04 Q 0 Dec 0 Dec 01 Dec 00

Assets

Total Current Assets 116,41 8,8 84,05 71,4 60,78 4,744 4,781 18,450 17,187

Net Fixed Assets 55,00 46,778 ,771 ,814 8,74 18,7 10,71 10,415 ,45

Total Assets 7,705 7,807 0,186 171,00 146,150 14,58 46,56 ,15 ,510

Liabilities and Shareholders Equity

Total Current Liabilities 67,816 58,760 50,1 44,114 8, ,157 18,555 1,640 11,81

Long-Term Debt 11,57 10,60 8,76 7,778 6,7 6,710 ,140 ,60 1,1

Total Liabilities 110,57 5,767 8,78 71,86 6,5 5,76 6,406 0,860 17,44

Shares Outstanding (mil.) 7,71 7,71 7,71 7,71 7,71 7,786.0 6,16.00 6,77 6,14

Cash Flow Statement Dec 08 Dec 07 Dec 06 Dec 05 Dec 04 Dec 0 Dec 0 Dec 01 Dec 00

Net Operating Cash Flow ,556 6,156 ,147 0,484 18,000 1,000 10,18 ,6 6,15

Sources;

�æ www.pfizer.com

�æ Business and Company Resource Center data base, Encyclopedia of Industries, NAICS Code 541 ¡V Pharmaceutical Preparation Manufacturing

�æ R&D Business Magazine, R&D Directions, May 00

�æ Pharmacy News Magazine. August 18,00

�æ Pfizer Annual Financial Performance Reports 001,00,00

�æ Pfizer Annual Financial Performance Reports Q1 00,Q 00,Q 00

�æ Pfizer investor news releases

�æ Business and Company Resource Center; www.galenet.galegroup.com

�æ Hoovers online business database; www.hoovers.com

�æ The New York Times, August 7, 00. ¡§Pfizer Moves to Stem Canadian Drug Imports¡¨

�æ Yahoo Finance/ Pfizer/Estimates

�æ www.merck.com

�æ www.ft.com

�æ www.fda.gov

Notes;

„� Tables involved in this report are derived from these resources and constructed by the author.

„� In estimating the future revenues; companies own growth estimates and a survey conducted by yahoo.finance.com among industry analysts are used interchangeably.

„� Industry growth rate is also taken from the same survey in yahoo.finance.com

„� In estimating balance sheet items; historical weighted average rate of that item to the related category has been used. To elaborate; when estimating the current assets, historical weighted average ratio of current assets to total assets has been used.

„� The same rationale is applied to the income statement items too.

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Aspects of Love

We are ready to represent the best custom paper writing assistance that can cope with any task like Aspects of Love even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Aspects of Love in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.

The Aspects of Love

The purpose for this paper is to express the perception that I received from being a member in the audience of The Aspects of Love. I will include my thoughts and feelings for some of the performances. I will also give an overview of the whole celebration.

The opening ceremony occurred at 70 p m, and the announcer gave a general introduction at the beginning of the performance. We were then enlightened with a couple of musical numbers, as well as a brief explanation of the meaning and the purpose of the celebration. The first speaker then announced the first aspect.

There were four aspects of love. The four aspects were looking for love, finding love, loosing love, and celebrating love. Sometimes people look for love in all the wrong places; however, after finding love people are not always satisfied with what they have found or what they have found is not satisfied with them. So having to experience the lost of love is not a good feeling. I suggest if you have a love that makes you feel good and healthy stick with it and celebrate having it.




The colors in the apparel and the stage set up blended together very well. The colors were soft and delightful to my eyes. The red the ladies and gentlemen had on really brought out the night. The lights corresponded with each piece especially the heart shape lighting at the beginning.

The dancers were very talented but I couldn’t really see how it was related to the play. The dancer costumes went perfect with their background. The dancers did a great a job.

I enjoyed all the musical numbers. It was evidence that a lot of hard work was put in. My favorite song was “Unforgettable” I feel Mr. Don Eastman did a wonderful job.

The Aspects of Love had a very heart filling meaning to it. I didn’t enjoy all the songs because I was not familiar with some of them. The over all celebration was nice.



Mind that the sample papers like Aspects of Love presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!

Different uses of the –ING form from the student viewpoint

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Why I chose this topic

As used as it is, students still find it difficult to understand most of the uses of the �ing form. I do not believe there is any other member of all parts of speech that has such a wide range of functions and as much influence on our daily talks and writings as the �ing form. It is interesting to note that, standing alone, the gerund can function as noun, as verbs in non-finite noun clauses, as the complement of to be, as object of a preposition. Moreover, the difficulty that the �ing form posses regarding its translation into Spanish is also a matter to be considered. These are the reasons why I decided to focus my essay on this topic.

To begin with, the gerund is a noun in the form of the present participle of a verb (that is ending in �ing) which not only may be qualified by adjectives and adverbs but also it can be used with an article and can have a plural form, while the participles either function as verbal adjectives or operate as verbs in non-finite clauses.

In my opinion, the most commonly known function of the �ing form from the student viewpoint is that used in continuous tenses. Sentences including this form are intended to express simultaneity between the action and the time of speaking or between two or more actions which have not yet been finished, -as in the case of the Present Continuous and the Past Continuous- or which have just stopped -as in the case of the Present Perfect Continuous.




However, being able to determine when to use the �ing form is not that simple. To begin with, there are several verbs that are followed by �ing, such as enjoy, mind, suggest, stop, delay, imagine, consider, admit, miss, involve. Enclosed as annex “A” I listed most of the verbs I could find fitting within this classification. But studying this complete list will not be sufficient to know when to use �ing. In fact, there are also some phrasal verbs when after which we should also use the �ing form, such as give up; put off; carry on; go on and keep on.

When one verb follows another verb, it is not easy for foreign learners to determine whether they have to use the structure verb + -ing or the structure verb + to…. It may be helpful to mention two guidelines to distinguish which form of the verb should be used a) the distinction general (for using �ing) vs. particular (when using the infinitive; and b) that we often use �ing for an action that takes place before the first verb or at the same time, i.e. “She admitted stealing the money”. On the contrary, we frequently use the structure verb + to… for an action that follows the first verb, i.e. “She decided to steal the money”. Needless to say, this difference does not apply to all uses of �ing and to… In fact, some verbs can be followed by �ing or to… with differences of meaning in all sentences including, as an example, the verbs remember, regret, try, need, etc.

If a preposition is followed by a verb, such verb should carry the �ing form. In this connection, students should bear in mind that “to” is also a preposition and therefore they cannot assume that the word “to” is always a part of the infinitive. An example of this misleading appearance of the “to” word is that of the structure “to be/get used to”, after which we cannot use the infinitive. In fact the word “to” in said structure is a preposition, after which an �ing verb must follow. Finally, there are also several expressions which, when followed by a verb, the verb ends in �ing, such as those mentioned in the attached annex “B”. (Page 14/5 � Murphy). But the gerund is not only used when a verb follows a preposition, but also when a verb follows a prepositional verb or a phrasal verb.

So far I have only explained some of the features of the �ing form when used in verbs. However, there are may adjectives ending in �ing, such as boring, interesting, tiring, satisfying, depressing, amusing; exciting, etc. It is interesting to note, and student almost find it easy to learn that the ending in �ing adjectives are not used to describe people, but to describe situations or objects. When we are describing the way people feel about different situations, we use the �ed form, as opposed to the �ing. Therefore, we would find the following adjectives bored; interested; tired; satisfied; depressed; amused; excited, etc.



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Time management for college students

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Time Management For College Students

When we say Time management,it might occur to some of us that its something complicated only experts and intelligent people can do it,while some of us will say that their times are always managed and they dont realise that its not.

Time management is a skill few people master,but it is one that most people need(Truer,00).

Time cant be managed,time is uncontrollable we can only manage ourselves and our use of time.




Everybodys time needs to be managed,from the school student to the university student to the working adult.In this essay,Im going to talk about us,college students of how we waste our time without realising that and I will give some advice of how to manage out times in the best way.

In order to manage your time effectively you need to know the things and habits you do that steal your time.Then try to list all of them and find a solution for each of them.On a pad of paper,log in interruptions as they occur over a few days. Put down who brings them to you, how long each interruption lasts, and whether or not they were valuable or of no value. Once you accumulate your data, get the most frequent interrupters who bring the interruptions with no value to change their actions and agree to not bring as many low value interruptions to you in the future.(Donald Wetmore,001)

For example,Id determine two hours to study a special chapter,during these two hours a friend of mine might call me up asking me to explain her something about an assignment(and of course I cant say no to my friend) and lets say that this phone call will take 0 minutes from my time.After that my sister will tell me that my favourite soap is showing,so Id rush to watch it which will take another 40 minutes.A whole hour has been wasted in silly things instead of studying that chapter.So,Ill continue reading the chapter in the remaining hour and it will pass too quickly that I wont finish it,so Id procrastinate it to another day,although Ill be having more chapters to read till that day which will lead me to have extra study hours.

Three things interrupted me and stole my time;a phone call,television,my inability to say no and procrastination.Watching TV and talking on the phone arent always time stealers,but in my case they were.You can watch TV and chat on the phone in your break time or when you fnish your studies,not during a studying plan.

I shouldve had the ability to say noto my friend and ask her to call me back later,or Ill call her back later myself once I finish my studies.And instead of watching that soap,I shouldve recorded it to watch it in my break time or in the weekend.If I have done these things,I wouldnt have to procrastinate my studies to some other time. Procrastination occurs when we deliberately choose to delay or omit a behavior that we believe we should do.(Jeffrey Gordon,16) And, The easiest way to avoid procrastination in your day is to do the Daily Planning each day.(Donald Wetmore,001)

Also,as my schedule is loaded from Saturday to Tues(8 am-4 pm),I only have six hours to write my homeworks and do some studies and revisions.So,when I get back from the university I feel too exhausted to start anything,so I plan to eat and get some sleep for an hour,but instead of that once I come back and see my family sitting,I cant stop myself from sitting with them and chat about my day.So,I keep on chatting for hours and hours.After that I feel totally exhausted to do anything,so I go to sleep and my day has been wasted on nothing!

When I plan my day,I should stick to it,otherwise my whole day is unproductive.Time management is doing the right things.(Donald Wetmore,00)

So,always face your time stealers and try to get rid of them and if they were habits try to reduce them step by step.

Now its time to manage your time in an effective way,and there are many benefits from managing your time,It can provide a guide for putting your intentions into action,lowering you stress,and helping you achieve your goals.(Carlson,1)

It isnt just like that,time management helps you to organize your whole life.Students like us are the most students who need an effective time management,because we are the most people who have loaded schedules,different than working people and school students.

Have you ever felt that you want to accomplish thousands of things during this semester?

You might want to get an A in the most courses,you might want to do the best projects,u might want to participate in as many societies as you could( which will require extra work),you might want to enjoy your time with your friends and hang out with them every now and then,but how could you all that during a 15 week semester??

You might feel that its impossible and you cant do it,but have you ever asked yourself why can other students accomplish all that and more??

I think the answer is easy,its because they manage their time so effectively,but getting everyone to do it is hard,because not all people have the skills to manage their times.

One person is able to manage their time more effectively than the other person. This does not mean that one person works harder, but rather,the person who accomplishes more in less time has figured out how to work smarter.(Pagewise,00)

I will try my best to give you the best tips and advice to manage your time during your semester with great accomplishments.

First of all,you have to remember all the things you want to do in this day,this week,this month or this year,and of course you cant remember the same things everyday,Your thoughts are valuable,write them down( Woodgold) so always keep a daily list(Archer,00) and a calendar.And on your daily list write down everything you want to do today and read them every now and then to add new things.Set the important things,such as quizzes,mid-semesters and the last day to hand your projects on you calendar.You maybe listing some other things such as,shopping , goingto the movies and meeting your friends.Of course you should hang out every now and then in order to accomplish the best,so fun should be included in your list.Number your things from most important(1) to less important (10).Focus on each thing you want to do and see if you have the materials,such as researches and handouts from the teacher,so that you be sure that you can fnish the assignment on the scheduled time.Sometimes when you see your list,you dont feel like doing anything,but once youve started,you begin feeling more motivated to continue doing it,so dont worry if you didnt feel like studying.Or if you still cant study,take a short break to something you like to do,such as listening to music,then youll feel guilty that youre doing something you are not supposed to do,so youll go back studying.

If you have some difficult lessons or homeworks should be done,give the priority to them especially at the beginning of your day to get rid of them,as theyll be the only things you think about most of your time.

Give youself ten minutes(Gordon,16).If you managed to finish an assignment in an hour and you finished it ten minutes before,then you can have a rest before you start your next study. If you get up ten minutes earlier in the morning, you wont have to rush. If you leave for class or an appointment ten minutes earlier, you arrive on time, regardless of traffic or parking. That extra ten minutes reduces stress, and it also reduces the likelihood that you will make a mistake because you are hurrying. That extra ten minutes adds quality to your life.(Gordon,16)

Never give up any work for no reason,because if you did,then you have to add extra hours to your next schedule which will make you more exhausted and unable to focus and understand very well,and this will limit your break time.

In conclusion ,dont forget that time management isnt just a list to write down what to do,its something that will make you comfortable the rest of you life. Time management is not necessarily working harder,but rather smarter(Wetmore).

After all Time management is managing yourself when following some basic time management principles.(Treuer,00)

The lesson to learn is that the more time we spend planning our time and activities the more time we will have for those activities. By setting goals and eliminating time wasters and doing this everyday you may find you will have extra time in the week to spend on those people and activities most important to you. Archer,James.00.Time management.[Online],Available

http//www.counsel.ufl.edu/selfHelp/timeManagement.asp

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Carlson,Betty Clark.1.Seven steps for effective time management.[Online],Available

http//www.crazycolour.com/os/stress_0.shtml

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Gordon,Jeffrey.16.How to manage your time.How to study.[Online],Available

http//www.dushkin.com/online/study/dgen6.mhtml

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How to manage your time effectively.00.[Online],Available

http//ks.essortment.com/howtomanage_yorfwe.htm

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Martin,Donald.11.How to be a successful student.[Online],Available

http//www.marin.cc.ca.us/~don/Study/5time.html

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Time management.Manage your time, not yourself[Online],Available

http//www.tsuccess.dircon.co.uk/timemanagementtips.htm

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Treuer,Paul.00.Time management.[Online],Available

http//www.d.umm.edu/student/loon/acad/strat/time_manage.html

[00,Sept ]

Wetmore,Donald.001.Stop wasting time.[Online],Available

http//www.selfgrowth.com/articles/Wetmore6.html

[00,Sept 0]

Wetmore,Donald E.00.Top five time management mistakes.[Online],Available

http//www.crazycolour.com/os/timemgmt_0.shtml

[00,Sept 0]

Woodgold,Cathy.Time management.[Online],Available

http//www.ncf.carleton.ca/~an588/time_man.html

[00,Sept ]

Mind that the sample papers like Time management for college students presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!

reframing

We are ready to represent the best custom paper writing assistance that can cope with any task like reframing even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like reframing in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.

A frame of reference can be defined as ‘a system of assumptions and standards that sanction behaviour and give it meaning.’ It helps manager’s order experience and aid decision-making, allowing them to analysis complicated data and events quickly and effectively. However, in increasingly complex and dynamic organisational environments the use of a single frame of reference is becoming constraining. Managers must realise that superior decisions to organisational problems are likely to emerge as a result of recognising that any given situation can be viewed from a number of perspective’s or frames. Boleman and Deal describe four frames, and claim the advantages of using these are unbounded. Viewing the environment based on the structural, human resource, political and cultural frames allows mangers to develop multiple alternatives, adapt to complex and changing environments and overcome the limitations of using one single frame. Therefore, a manager’s frame of reference is not their most enabling asset, but rather their most disabling weakness.

A manager’s frame of reference is not their most enabling asset as it limits their ability to explore alternative strategies, processes and opportunities. As people become familiar with a certain frame, the need to accept and explore new ways of doing things is neither recognised nor considered. (Dunbar et al, 16) As a result managers become trapped in the past, and find themselves unable to adapt to changing competitive landscapes. They begin to rely exclusively on a standardised frame and ingrained ways of thinking and acting that have served them well in the past start to dominate their mindset. (Dunbar et al., 16) Consequently opportunities are missed and investments misused. The organisation tends to focus in one uncompromising direction, and all factors unrelated to this path are ignored. (Porac et al, 16) While this can be rewarding if the direction chosen is the correct one, this is rarely the case in the long run and often leads the organisation into increasing trouble. Even when a problem is detected, relying on a single frame often may not provide any significant insights or solutions to the problem, leading to a growing sense of inertia within the company. (Dunbar et al., 16) The changing nature of competitive advantages is also making the ability to explore alternative opportunities increasingly important. While in the past competitive advantages were relatively sustainable and built upon a stable set of core competencies, today both competitive advantages and to an extent core competencies are transient in nature. (Gurad et al., 16) Globalisation, technology and freely available information reduce both product lifecycles and organisational dominance. (Whitwell et al, 00) As a result managers must constantly scan the external environment, developing multiple options and strategies in response to a wide variety of variables. This process is extremely limiting and constraining if managers view the world from a single frame. In fact the realisation of change is often not recognised until too late, by which time core competencies that managers rely on have become ‘core millstones’ around the organisations neck. (Garud & Nayyar, 14) However, scanning the environment through multiple frames can provide the organisation with a wealth of options. (Boleman et al, 17) Rather than being wed to the past or present, an organisation’s strategy evolves as the environment and organisation itself evolves. The firm becomes flexible and dynamic, and in a sense the ability to deframe and reframe becomes the organisations only enduring advantage. Developing multiple reference frames is crucial for companies in today’s business environment, and its ability to develop wide-ranging alternatives for a company clearly makes it a managers most enabling asset.






Mind that the sample papers like reframing presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!