The motorcycle Helmet law Essay Example for Free

The motorcycle Helmet law Essay Millions of people all over the United States choose motorcycles over automobiles for the thrill, speed, and high performance capabilities. On the other hand, motorcycles are not at all the safest way of transportation. Motorcycles do not provide the passenger with the outer protection that cars provide, therefore, when one crashes, the results are usually much more serious. Injuries to the head are responsible for 76% of fatalities when dealing with motorcycle crashes many of which could have been prevented had the rider been wearing a helmet. For this reason, many states have adopted the motorcycle helmet law. The law states that every passengers must wear a helmet at all times when riding on a motorcycle. This law has created a great deal of controversy. One side supports the law, believing that it protects motorcyclists from danger and saves the economy a great deal of money. The other side argues that the law is unconstitutional and it violates our right to freedom. However, statistics show overwhelming support in favor of the motorcycle helmet law. Although wearing helmets cannot prevent motorcycle crashes, they can greatly reduce the number of deaths caused by head injury as well as lowering taxes, insurance rates, and health care costs. Therefore, the helmet law should be put into effect in every state across the United States. Helmets drastically reduce the tremendous number of deaths caused by head injuries as well as reducing the severity of any nonfatal injuries to the head. Statistics gathered by the Safety Nationwide Insurance Enterprises show that an unhelmeted rider is 40% more likely to suffer fatal head injuries, compared with a helmeted rider. Also, with the helmet law in effect, close to 100% of motorcyclists wear a helmet. Without the law, only 50% of motorcyclists wear helmets. Also, death rates are twice as high in states without the law. One study estimated that because 25 states ratified the law, over 3,300 lives were saved last year alone. Since helmets reduce the risk of injury and death, they will also, in tern, help the economy. The Vice President of Safety Nationwide Insurance Enterprises, Tim Hoyt, states, We may not be able to eliminate all the risk from motorcycling, but helmet laws greatly reduce the most expensive injuries head injuries. Reducing these costs is good for the consumer and it Is good for business, too. Health care costs and insurance rates are lowered because it is not as expensive to treat smaller-scale injuries. The government ends up paying a large portion of peoples medical bills because of different types of public assistance programs. Hence, when health care costs are lower, the government does not need as much of our money to pay for those programs and taxes are reduced. The Insurance Institute for Highway Safety estimated that over $4 million dollars were saved last year as a direct result of the motorcycle helmet law. For these reasons the motorcycle helmet law should indisputably be enforced in every state. If the motorcycle helmet law helps the economy and more importantly saves lives, why doesnt the entire country enforce the law? The answer is, many people feel that the helmet law is a violation of the rights granted to Americans in the Constitution. Most people in opposition to this law do not necessarily believe that it is a wise choice to ride a motorcycle without a helmet and they do recognize the positive impinge the helmet law has created. However, they do not think that the government has the right to tell people that it is mandatory to wear a helmet. One man argues, If we let the government dictate things like how we should ride a motorcycle, we will slowly develop characteristics of a communist government. Isnt communism what we fought against for so many years? Because of these strong points of view, a number of states do not endorse the motorcycle helmet law. Some people believe that the motorcycle helmet law violates our freedom as Americans, but the law is actually used to protect us from harm and maintain order. There are limitations on almost everything we do, because a society without some type of laws or rules would be complete chaos. Just as there are speed limits, drinking restrictions, and seatbelt laws to protect us while in an automobile, there needs to be some type of law to protect us while riding on a motorcycle (especially since motorcycles are more dangerous in the first place). Therefore, in response to the opposing argument, the helmet law is not imposing on our Constitutional rights, but merely the governments way of saving money for itself and consumers and protecting riders. The motorcycle helmet law was designed to lower taxes, insurance rates, and health care costs and more importantly to save the lives of our loved ones. Statistics have proved just that. There is not one study that disproves the positive effect the motorcycle helmet law has created thus far. Helmets will not stop a motorcyclist from getting into an accident, but with a helmet, the rider will most likely be able to survive the crash. The extra second it takes to put on a helmet could be the second that saves someones life. Why not make it the law?

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

Conflict :: essays research papers

Jack London’s â€Å"To Build a Fire† and John Updike’s â€Å"A&P† were very different, but interesting stories. Both authors chose a different approach to their chosen tone. Updike wrote in a more laid back and entertaining way, while London, on the other hand, chose to write in a more formal and serious way. The authors also developed much different characters. London’s main character was much older and rugged than the complicated teenage girls and grocery clerk that Updike chose to focus his story around. The most significant difference, however, is the choice of conflict. Updike’s conflict was a simple one focusing on man versus man, but London’s story had many conflicts that dealt with much more serious issues like, for example, life and death.   Ã‚  Ã‚  Ã‚  Ã‚  From the beginning of both stories one can get an immediate sense of where each story is headed. The author’s very appropriately set the tone to each of their stories early on. The first sentence in London’s â€Å"To Build a Fire† said, â€Å"Day had broken cold and gray, exceedingly cold and gray, when the man turned aside from the main Yukon trail and climbed the high earth-bank, where a dim and little- traveled trail led eastward through the fat spruce timberland† (561). From that very first sentence the audience can immediately tell that this is going to be a dramatic story. The strong and descriptive language prepares us for the rest of the story. The beginning of Updike’s â€Å"A&P† sets a much different tone for the story to follow. He wrote, â€Å"In walks these three girls in nothing but bathing suits. I’m in the third checkout slot, with my back to the door, so I don’t see them until they’re over by the bread. The one that caught my eye first was the one in the plaid green two-piece† (612). The beginning of this story has a relaxed and enjoyable tone. We, the audience, are now prepared for some easy reading.   Ã‚  Ã‚  Ã‚  Ã‚  Next, focusing on the characters, we see another big difference. London’s story had very few characters. London took his time and very descriptively developed his main character throughout the entire story. The story is periodically filled with bits about how the unnamed man feels and what he’s thinking. London paid very close attention to how his main character physically felt. For example, he wrote, â€Å"After a time he was aware of the first faraway sensation in his beaten fingers.

Human Cloning is Wrong :: Argumentative Persuasive Topics

Human Cloning is Wrong I bet many of you have seen Star Wars, Jurassic Park, Multiplicity, or many of the other movies that describe cloning. Most of what you see in these movies is false. What you don't know if that cloning could be dangerous, to the clone and to our society as a whole. It's unethical to have a human clone. What about identity? Humans are guaranteed the right to their own personality. What would happen if we overrode those rights by giving them someone else's genetic identity? True, personality is not bounded in someone's genes, but the clone would share any physical appearance or genetic defect of the cloned. Also, there is a large power struggle here. Cloning involves a degree of power and control over another person's physical identity and that violates their rights and degrades their unique individuality. The person doing the cloning would have more power than any parent would have. Cloning would also deal with killing embryos. You might not have known, but Dolly, the sheep that was cloned in 1996, was one of over 200 sheep embryos and hers was the only embryo that survived. The rest died or were thrown away. Imagine if the failure rate was that high when we started to clone humans. More than 200 embryos, the start of 200 human beings, would die for the sake of just one embryo that would have the same DNA as some one else. Cloning someone, at this present time, would be extremely dangerous to the birth mother and the clone. In studies done on cows, 4 out of 12 birth mothers died. There is also a very high abnormality rate for the clone. There is a very high failure rate, which is showed in the cloning of Dolly.

By the Waters of Babylon and Planet of the Apes :: By the Waters of Babylon Essays

By the Waters of Babylon and Planet of the Apes Comparitive Essay      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The short story by the waters of Babylon and the movie planet of the apes were both futuristic stories.   They also both showed the evil sides of today’s man and the chaos and mass destruction that we are capable of accomplishing.   They portrayed today’s man as selfish, violent, and full of hate and rage.   By the waters of Babylon was written from the point of view of a boy close to becoming a man who knew nothing of his past civilization.   Whereas in the movie planet of the apes it was from the point of view of a man that had come nearly directly from that past civilization.   The main people in charge keep knowledge from the public so they do not know the evils that they are capable of as to protect them from making the same mistake.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In both stories our present civilization had destroyed the earth, as we now know it and had killed most of the humans.   The cause of these catastrophes in both stories was suspected to be from nuclear war.   These places were the nuclear bombs had supposably hit could not grow food and had no signs of life and were called the forbidden zones.   The main people in charge did not allow people to go into these so-called forbidden places.   In the story by the waters of Babylon the people in charge were called the high priests.   In the movie the planet of the apes the main people in charge were the elder apes and Dr. Zayus.   In both stories their reasons for having the forbidden zones were similar they wanted to hide the past from them so they do not do it again.   One last strange similarity is that they both took place in New York City or in that area.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In by the waters of Babylon the main character and narrator was a boy on the verge of manhood.   He was in a culture that resembled that of medieval times.   Their culture had many tales, stories, good spirits, evil spirits, and magic.   He was the son of a high priest, he called himself John.   High priests made up the rules, purified evil objects and knew everything about everything.     As the high priest’s son he himself wanted to become a good priest but to become one he had to look at the place of gods with his own eyes.

How Money and Appearance Control the World Essay

This is an often discussed topic but I want to talk about both sides ,the supeficial and material Barbie and those who only care about the qualities ,because I can’t decide which side is better and can find both worlds deep in myself. I know judging is a bad thing but most of the people is judging and they just don’t want to admit it. I don’t want to start a debate but I think I need to write this down. I want to start with the supeficial and material people. I classify more and more people to this group. A lot of people say that it’s the society’s mistake, but we are part of the society so when they say this satement it like blaming ourselves, but I know those people who started living their life in a superficial way are part of the society either. We have to care about our body that’s why we have it. I’m not saying that everybody have to be a supermodel with sky-high legs and panther body, but compared to the possibility of everyone should bring out the best of himself or herself. Grooming, dressing sophisticated, stylish and sophisticated look, sport and healthy living†¦ The outside affects the inside and the look has its expressive power. I think that’s enough of the superficiality but I didn’t really talk about the money and what these people think about it. It’ll be weird what I want to say but I think it’s true. It’s better to be rich when you’re superficial. I know it sounds terrible but if someone cannot afford designer clothes and jewellery it can make him or her depression. I know some people like that. They live according to the bigger the better principle, exept clothes. The bigger house, the better car, the remote holiday the valnuable you are. Some of them do things just because these hobbies are make them look richer. I can say that money controls the world. I think that’s enough of this kind of living,but I’m not saying having thousands of clothes, millions and houses in different countries but have no emotions is the life that everybody wants to have but a lot of people is dreaming about a life like that until they find out what it’s like live like when only money can make you smile. Let’s see the other side.These people say that appearance is nothing and only the inside is important. I can partly agree with them, but sometimes they don’t care about their appearance at all. And this is not appealing to me. I think a quote is really needed here.†I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character.†I think judging someone by the color of their skin is uncool. And it’s really unfair not to employ someone because he or she is afro-american or came from another country. I also hate stereotypes like chinesee people are like calculators and they eat cats. And this was just one from the hundreds. Some researches proved some interesting facts like blodies get paid more but fat people get less money. If you’re handsome you’re handsomely paid. Nowadays more and more songs and books are about superficial and selfish girls. A classical song about these boys and girls is:Shania Twain: Don’t impress me so much. I think this song expressess all those things that these people think. She says that you don’t need to have a lot of money to get her. I agree with her and those people who think you don’t need to be rich and famous,you should be kind and nice to find a girl. A lot of women are trying to find Prince Charming but he dosen’t exist. I think I wrote enough about both sides and I wrote things which are not insulting. I think there could be a third group in which there are people like I, who can’t decide, who thinks both sides have it’s advanteges and disadvantages. The best thing you can do is be who you are.

Effects of Diabetes

Diabetes affects the body's ability to use blood sugar for energy. The main types of diabetes include type 1 diabetes, type 2 diabetes, and gestational diabetes. A person with uncontrolled diabetes can run into a lot of problems later in life. If not controlled, diabetes can put you at risk for a multitude of complications that can affect nearly every organ in the body. These organs may include, the heart and blood vessels, the eyes, the kidneys, the nerve endings, and also the gums and teeth. Later in life a woman with uncontrolled diabetes can also face problems in her pregnancy.A person living with diabetes has a normal life for the most part, if they maintain a healthy diet and keep their diabetes under controlled, however, if it is not controlled it may lead to high risks complications, for example losing a toe, or even their eyesight. I have been a diabetic for half of my life, since the age of 12 years old. It takes a lot of hard work and dedication for one to control their di abetes, but once it is in control, you can live a very normal life! Diabetes is a disease that affects the body's use and production of insulin.Insulin is important because it is used to move sugar or glucose through the bloodstream to many cells that need it for best possible function in our body. In someone dealing with diabetes, the sugar in their bloodstream is not being used, which then results in high blood sugar levels. With proper management and control of the disease, many of the diabetic complications people can face can be avoided or their complications less harmful. In uncontrolled diabetes, the complications or effects of diabetes can be far reaching, dangerous and quite devastating.There already is an increased risk for heart disease even for one whose diabetes is under control, but it is more for someone whose diabetes is not properly controlled with medications, dietary changes or the right doctor supervision. This type of uncontrolled diabetes can lead to damage of various blood vessels, cause hypertension and increase the amounts of cholesterol in the bloodstream, all of which puts one at greater risk for stroke and heart attack. Heart disease and blood vessel disease are the biggest complications that people with uncontrolled diabetes face.Approximately 65% of death from diabetes is due to heart disease and stroke. Diabetes can also cause poor blood flow in the legs and feet also known as peripheral artery disease. Many studies show that controlling diabetes can prevent or stop the progression of heart and blood vessel disease. Blood vessel damage or nerve damage can also lead to foot problems that can lead to amputations. Most of leg and foot amputations not related to an injury are due to patients whom do not have their diabetes under control. Diabetes is the leading cause of blindness in the U. S.Uncontrolled diabetes can cause a number of eye problems, some of which can lead to blindness if not treated properly and taken care of immediat ely. Some eye disorders caused by uncontrolled diabetes include: Glaucoma, Cataracts, and also Diabetic Retinopathy. My cousin is an eye doctor and she always stresses to me how important it is for me to get my eyes checked yearly. She has said that studies show that having a regular eye exam, and your eyes dilated, along with timely treatment of diabetes-related eye problems could prevent up to 90% of blindness related to diabetes.Along with blindness, diabetes is also known to be the leading cause of kidney failure in adults in the U. S. Drugs than drugs that lower blood pressure, even if you don't have high blood pressure. Over time, high blood sugar levels can harm the nerves. This can lead to loss of sensation or feeling which usually starts in the toes or pain and a burning sensation of the feet. Diabetes related nerve damage can also cause pain in the legs, arms, and hands, and can cause problems with digestion, going to the bathroom, or even having sex. People with diabetes are at high risk for gum disease.Keeping your diabetes under control, seeing your dentist regularly, and taking good daily care of your teeth can prevent gum disease and tooth loss. In a patient dealing with uncontrolled diabetes during or before pregnancy, many complications could arise. These might include miscarriages, birth defects or extremely large babies that could result in a difficult vaginal delivery or emergency cesarean section. When my mom was pregnant with me she had gestational diabetes and when I was delivered, she had to have a c-section, because I was 10 lbs!To control your diabetes take time and effort, but it is possible! No two people's diabetes is quite the same. This is due to the endless varieties of responses and treatments; the management of one’s diabetes depends mainly on individualized plans. Meal and exercise plans are very important in the treatment of all kinds of diabetes. These plans help control weight, blood sugars levels, and help reduce t he chances of needing additional medications. A healthy diet should include avoiding sugar, eating low fat and high fiber foods.Meals should be eaten regularly and at least three times a day to control blood sugar levels. The exercise for diabetics, help maintain muscle tone and physical fitness, it also helps to increase feeling to medications by making the blood circulate to all areas of the body and to lower blood sugar levels. As a diabetic if you do not follow these simple precautions and take your medications, you are setting yourself up for failure! Eating right and exercise helps a lot, and as a diabetic I can sure vouch for it!In conclusion, diabetes is a very serious disease that attacks millions of people around the world. It can strike at any age and can happen to anyone. The best way to manage your diabetes is to lose weight, and to maintain a good exercise program and a healthy eating plan. If a healthy diet is not kept up, then life-threatening complications may arise . If a diabetic takes care of themselves by exercising and eating right, then their life can be just as happy as anyone else’s.