Cultural Approach Towards Brandsing by Starbucks

Investigation of social methodology taken by Starbucks to marking in worldwide commercial center ABSTRACT: _The global advertising vows to take care of administrative issues utilizing specialized and universalizing approach. Ethnocentric way to deal with marking is been received by the analysts. As the worldwide market builds up this is by all accounts hazardous. Consequently it is significant that some key premises and establishment should be reexamined. The marking research should be verifiably and relevantly grounded, polycentric in direction, and intensely receptive to the representative centrality of brands of various types. Presentation: Brands are going wherever in the worldwide well known market. The Nike tick mark, the Coco-Cola image or McDonald’s M triggers tens and several reactions. Brands are turning out to be basic piece of our way of life in this manner there is an extraordinary requirement for worldwide promoting researchers to change with the changing worldwi de economic situation and furthermore add to the open disharmony of marking rehearses. The hypothesis and instruments accessible are not adequate to break down the multifaceted nature of globalization and the brands job in it. The universal showcasing still doesn't propose the proper hypothetical and methodological difficulties brought by globalization, and furthermore in marking. Point: Study of social methodology taken by Starbucks to marking in worldwide commercial center. OBJECTIVE: Theoretical and methodological outline for examining the social job of Starbucks in worldwide market. Writing REVIEW: 1. A* Cultural Approach to Branding in the Global Marketplace*. Audit: Related Questions: Premises: What social contrasts (national, territorial) do marking procedures implant? How have distinctive marking ideas and speculations risen and for what purposes? Expository methodology: How do conventional brand scenes influence globalized brands? How do brands at various geological scales associate in showcase space? What sorts of mythic components make for good brand stories? Would we be able to anticipate the development of â€Å"antibrands† (e. g. , Mecca Cola, reasonable exchange)? Units of examination: How do brands globalize? What exactly degree do different brand models decipher across societies? Is it conceivable to build up a file of monetarily convincing story components? Audit: The Starbucks Brandscape and Consumers’ (Anti-corporate) Experiences of Globalization Review: Significance of Research: Help Starbucks comprehend the social impact on globalization. Help Starbucks to receive proper technique relying upon the social viewpoints and shopper conduct geologically. Information assortment: Journals from Internet. Individual visit to Starbucks. Meeting with the staff and administrator of Starbucks. BIBLOGRAPHY: Burgess, Steven M. furthermore, Jan-Benedict E. M. Steenkamp (2006), â€Å"Marketing Renaissance: How Research in Emerging Consumer Markets Advances Marketing, 23 (4), 337â€56. Aaker, Jennifer and Patti Williams (1998), â€Å"Empathy Versus Pride: The Research, 25 (December), 241â€61.

Abortion Essays (1761 words) - Human Pregnancy, Abortion, Fertility

Premature birth Essays (1761 words) - Human Pregnancy, Abortion, Fertility Premature birth arah Park Task #2 Revise December ninth 1998 During the previous century, premature birth has joined race and war as one of the most begging to be proven wrong subjects of discussion in the United States. The issue of premature birth causes conversations about human cooperations where morals, feelings and law meet up. There are numerous reasons why ladies choose to have premature births. A few ladies have premature births due to wellbeing confusions, some have conjugal issues, and some need duty. Whatever the reasons a lady chooses to have a premature birth, it appears to be just supported that she ought to have the option to settle on choices with respect to her life and body. The choices that she makes concerning what she does with her body and the embryo will be valuable to both the lady and the baby since it will keep numerous issues from happening later on. On the off chance that a lady were to have an undesirable infant, she may disregard or even maltreatment the kid making the youngster go into the consideration of the a dministration. Carrying an undesirable kid into the world is unjustifiable to the blameless youngster and the lady. The administration has no legitimate explanation in carrying an undesirable life into the world. Carrying an undesirable youngster into the world isn't useful to the guardians, the kid and the administration, in such a case that the guardians can't deal with the kid, in the end, the legislature will be liable for the kid. The option to have a premature birth is close to home and basic to a womans life, on the grounds that having a child in ones life causes sensational changes. Pregnancy and labor can keep ladies from keeping and landing positions. At the point when ladies are pregnant numerous businesses would prefer not to enlist them since when the lady has an infant, the organization or manager should even now pay her for the time that she is unemployed by law. Additionally, raising an infant and accommodating all the necessities that a youngster has is a great deal of cash, which can make an inadequate salary for some ladies. Another factor that forces on ladies when they have kids is simply the measure of time they have for themselves as well as other people past the child. Ladies feel that it keeps them from offering types of assistance for other people and time for themselves. At times after a pregnancy and labor, numerous ladies need to surrender their fantasies on beginning in school or wind up dropping out on the grounds that they don't possess the energy for it. They need to abandon something that will altogether impact her family and her future. Pregnancy greatly affects the womans future and her future relationship with her family. Much of the time of undesirable pregnancies, the ladies are not hitched. These ladies deepest cases can't return home and declare that they are pregnant and be pleased with it. Their pregnancy would be am humiliation and disrespect to the family. A few families would propose to the pregnant lady about abandoning her, tossing her out of the house, and cutting off family interchanges and riches. A large number of these ladies can't manage loosing their family and the new way of life that they need to confront. So as to forestall losing their family and having an extreme existence, they investigate the alternative of premature birth. Ladies ought to have the decision of choosing what might be best for their future, regardless of whether they are prepared to change their way of life and choose the connection among themselves and their family. A lady is equivalent to a man. However, during a pregnancy, when the lady doesn't have the decision to prematurely end the hatchling becoming within her, she isn't his equivalent. A man can essentially pull back from a relationship when he gets some answers concerning a pregnancy. He has the decision of staying and supporting the pregnant lady, or the decision of leaving her and the advancement of another life. He can essentially say a sentence or get his packs and leave while a totally different life is becoming within her, a real existence that she can't dispose of except if she has proficient assistance. Without the decision of fetus removal, a lady doesn't have similar options that a man would have. With the option to have

Advanced Citizenship, 2016 Edition A Reading List for Becoming an Informed Voter

Advanced Citizenship, 2016 Edition A Reading List for Becoming an Informed Voter Four years ago, I wrote a post in advance of the presidential election that, in many ways, is both still relevant and widely outdated. Were facing what could likely be the most significant election in most of our lifetimes that will have the most wide-reaching and potentially long-lasting consequences. Some of my previous suggestions are still relevant (see: The Handmaids Tale,  Whats the Matter with Kansas, A Peoples History of the United States, etc.). But the American landscape had changed dramatically in the last four years, and the issues we face, that are most contentious between  the Clinton and Trump campaigns, are not only complicated, theyre fundamental aspects of American citizenship.  If youre looking for some primers to get up to date before you head to the polls on Nov. 8th, this updated list will help you out.         1.  Big Girls Dont Cry: The Election that Changed Everything for American Women  by Rebecca Traister.  Even though it was written after the 2008 election, Traisters examination of feminism and sexism in the midst of Hillarys first presidential run is all the more relevant now. Take the revelations in it and multiply them. 2. Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right  by Jane Meyer.  The Koch brothers are one of the most powerful forces in American politics, and with the passage of Citizens United, a bill that allows for previously illegal sums in political contributions that open the doors of influence, the red carpet was rolled out. With Clinton vowing to repeal it and Trump enjoying its spoils, this examination is required reading if you want to understand the economics behind our political system and why Trump likely hasnt paid federal taxes in 18 years. 3. Americas Bitter Pill: Money, Politics, Back-Room Deals, and the Fight to Fix Our Broken Healthcare System  by Steven Brill.  In the wake of Obamacare, Brills look at the political fight for its passage is great background when looking at possible futures of healthcare under either a Clinton presidency or a Trump presidency and understanding why it matters. 4. Ratf**ked: The True Story Behind the Secret Plan to Steal Americas Democracy  by David Daley.  You might think that voting rights are a thing of the past, a remnant of 1960s Civil Rights era politics, but in the wake of President Obamas 2008 election, Right Wing politicians scrambled to keep hold of an  electoral map that is  as red as possible, using among other things   Citizens United to do  so. The consequences of their underhanded tricks will be on full display in November. 5. Black Flags: The Rise of ISIS by Joby Warrick.  This Pulitzer Prize-winning look at the most prominent Middle Eastern terrorist group is told with the gripping narrative usually reserved for thrillers and mystery novels. Tracing the origins of ISIS (which includes two unwitting US presidents), Warrick paints a picture of our worlds most dangerous extremist threat.           6.  Hillbilly Elegy: A Memoir of a Family and Culture in Crisis by  J.D. Vance. Part memoir, part social analysis, Vance examines poor rural America in the lens of his own Appalachian family. His family history reveals along with sociological studies the changing idea of the American dream and the shifted definition of the middle class. A personal and deeply moving look at the struggles of Americas white working class. 7. Strangers in Their Own Land: Anger and Mourning on the American Right  by  Arlie Russell Hochschild. Addressing the ever-widening gap between the Right and the Left, Hochschild examines a movement  (the Tea Party), a state (Louisiana), and an issue (environmental pollution) to reveal the heart of American conservatives and open a door, particularly to liberals who do not understand what’s happening in  the hearts  of the country’s right wing voters. Empathy, she argues, is key to closing that gap. 8. Between the World and Me by Ta-Nehisi Coates.  Perhaps one of the most politically divisive movements of the last few years is #BlackLivesMatter, and nowhere else is the root of racism in America better articulated than in Coates award-winning cultural critique. If you are looking for one book to read before the election, make it this one. 9.  Asking for It: The Alarming Rise of Rape Culture and What We Can Do about It by Kate Harding. The term rape culture has finally entered the mainstream lexicon, but, Harding argues, the system still supports the accused over the accuser. With her no bullshit take, she examines rape culture, what that means in our modern political landscape, and how we can work to dismantle the system in which only 5 of 100 rapes results in a felony conviction.   10. The Morning They Came for Us: Dispatches from Syria by  Janine Di Giovanni. The civil war in Syria is at the heart of many issues in this political season: refugees, isolationism vs. interventionism, jihadism, etc. This intensely personal account of the authors last four years in Syria as the country underwent revolution and then utter devastation is a  heartbreaking  testimony to human resilience.       11.  The New Jim Crow: Mass Incarceration in the Age of Colorblindness  by  Michelle Alexander. Former litigator Alexander scrutinizes the US criminal justice system, which operates ostensibly as a colorblind institution but which actually decimates communities particularly men of color. Also relevant is Alexanders explanation how the modern Republican party built its base. 12. Listen, Liberal: Or, What Ever Happened to the Party of the People? by Thomas Frank.  His iconic political treatise,  Whats the Matter with Kansas, made the last version of this list, but his unflinching examination of the Democratic Party is especially important in an election in which blaming the stupidity of Republicans  is an  easy answer for the rise of liberals. Its not that simple, Frank argues, and his extensive research into the ways in which modern  Democrats are failing to fulfill the  philosophical goals of the party is delivered with his trademark sardonic wit. 13. Too Dumb to Fail: How the GOP Went from the Party of Reagan to the Party of Trump  by  Matt K. Lewis.  Then again, the party of Trump really may be the downfall of the Republican party, whether the Democrats help it along or not. Lewis a young leader of the conservative movement traces the GOPs history and posits an argument to save the modern Republican party from falling into anarchy. 14.  The Court and the World: American Law and the New Global Realities  by Stephen Breyer.  Who better to explain the role of the Court in todays modern world than Associate Justice of the Supreme Court Stephen Breyer? And why should you care? Because the next president will choose at least two, possibly three or more justices, which will have so great an impact on the future of not only the country but the world that the scope is close to unimaginable. Justice Breyers examination takes the smallness of the world and the courts crucial role within it into consideration in this timely and necessary book. 15. A Question of Choice: Roe v. Wade 40th Anniversary Edition  by Sarah Weddington. Originally published for  the 20th anniversary of Roe v. Wade by the lawyer who argued the case in front of the Supreme Court, this updated version includes a new chapter about the current state of womens health in the political sphere. Just as Breyers book above provides a good overall view of where we stand with SCOTUS, Weddingtons book shows us exactly whats at stake.         16. The Fire This Time edited by Jesmyn Ward.  Inspired by James Baldwins landmark book about race  The Fire Next Time, Ward gathers 18 pieces from landmark writers who examine race in 21st century America, answering questions about whether we live in a post-racial world or whether people of color are any better or worse off than they were 50+ plus years ago,  since  Baldwins original essay was published. Its a stirring collection, full of original and powerful voices. 17. The Book of Unknown Americans by  Cristina Henriquez.  Examining immigration into America can certainly be done in nonfiction, but capturing the immigrant experience is best done in fiction, which is what Henriquez has done and brilliantly so. Through a love story between a Panamanian boy and a Mexican girl, readers  are asked to examine not only their own definitions of what it means to be an American, but the idea that more than one definition exists. 18. Redeployment by Phil Klay.  Winner of the National Book Award, Klays collection of short stories examines our ongoing wars and  the people directly impacted by them: soldiers and their families. As the characters come to terms with not only the things they seen and done, Klays moving and brutal language slams  home the point that no one makes it out unscathed. 19. Citizen: An American Lyric  by  Claudia Rankine.  Of course a book called Citizen is going on a list about citizenship. Rankines incredible volume of poetry addressing the everyday aggressions of racism in the US is a must-read, whether youre a poetry fan or not. 20. Bitch Planet, Vol. 1 by  Kelly Sue DeConnick and  Valentine De Landro.  Listen, I wont pretend that Im not terrified of an actual dystopian future in which President Trump jails women for acts against the patriarchy. Prepare yourself for the possible coming gender wars, friends. Sign up for True Story to receive nonfiction news, new releases, and must-read forthcoming titles.

Gender Inequality and Family Structure - 800 Words

Gender Inequality and Family Structure Gender is the oldest form of categorization among society. The problem is not that gender is a differentiating category, but that the female gender is exploited through both benevolent and hostile sexism that creates unequal conditions. Given the biology of males and females, physically and neurologically, it is not farfetched to assume that it is natural for men and women to have tendencies associated with different social roles. Attitudes and behaviors shape how people define parental roles and family structure. Family structure is strongly correlated to class and gender inequality (Murray 171). Providing affordable educational opportunities and counseling and welfare programs which hold parents,†¦show more content†¦Looking back, we can see that attitudes change over time based on events and movements. The 1920s saw the peak of the Womens Suffrage movement. Gender equality has made strides in progress over the last century, but the f eminist movement has played out very differently for the diverging classes of America (Massey 237). The problem of gender inequality is perpetuated by the unfair distribution of parenting responsibilities within a significant portion of the population. Attitudes shape everyday decisions and are embedded in policy decisions. Take for example, the former exclusion of married women from the definition of rape. According to this exemption, consent to marry was consent to all future sexual acts with her husband. Today, conformity with such a belief or law is absolutely horrific to conceive. Douglas S. Massey discusses stereotypes of housewives are perceived as warm, or likable, but not competent. On the other hand, career women are perceived as competent, but not likable (216). These attitudes influence womens career decisions based on the need for greater flexibility for the sake of having the greater responsibility of family management and childcare, whether this need is by choice or c ircumstances beyond ones control. Competent women who break through glass ceilings are often stigmatized for their perceived negligence of the roleShow MoreRelatedIn His Account of the Sociological Imagination, C. Wright Mills (1959) Distinguishes Between ‘Private Troubles’ and ‘Public Issues’. Discuss in Relation to Domestic Violence.746 Words   |  3 Pagescouples in the privacy of their homes and affects the individuals involved personally (Knoblock, 2008). But if we look closer, domestic violence is largely driven by social forces and structures (Furze, Savy, Brym, Lie, 2008). Ideologies and social norms about men and women such as patriarchy and gender inequalities contribute greatly to the occurrence of domestic violence in society. Hence C. Wright Mills’s concept of the sociological imagination, â€Å"the quality of mind to see what is going on in theRead MoreAnalysis of Gender Inequality with a Focus on Feminist Ideas Essay804 Words   |à ‚  4 PagesAnalysis of Gender Inequality with a Focus on Feminist Ideas The goal of this paper is to describe and analyze gender inequality, focusing on the history of feminist ideas. I will start with a basic overview of the entire feminist movement, and will then analyze feminism more specifically. In this analysis I will focus on the different types of feminism. Most notably of these types will be the main groups that consist of socialist feminists, liberal feminists, and radical feminists. I will describeRead MoreGender Inequality863 Words   |  4 PagesProfessor Fischer Gender Inequality in a Global Perspective What is Gender Inequality? Like others, a social problem that is widespread in American society is Gender inequality. It is a problem that has had a negative impact on American society. Gender inequality can be found in many sub-systems of America. It is important to understand what gender inequality is in order to identify and correct the problem. Two sub-systems that gender inequality can be found are in the family and in the workplaceRead MoreThe Gender Trap : Parents And The Pitfalls Of Raising Boys And Girls Essay1240 Words   |  5 PagesName Course Tutor Date Book Review of â€Å"The Gender Trap: Parents and the Pitfalls of Raising Boys and Girls† by Kane Emily W. This is a book that explains why the gender trap is not the parent’s fault, but a social construction. One of the social institutions is the family. Through the family, Kane has explained the role of the parents in maintaining the social gender trap. Kane has analyzed her interviews with parents of preschool children to show the beliefs and motivations that construct theRead MoreGender Roles And Its Impact On The Family Structure1661 Words   |  7 PagesIn this paper I will discuss gender role and its impact on inequality. I will discuss gender inequality and its impact on creating as well demolishing families. I will mention different family structures and how gender roles have changed throughout time. I will explain how feminism has given opportunities to women and in effect transformed the family structure. First let me define gender. Gender is composed of three parts: biology, gender roles, and sexuality. Gender roles are the behaviors, attitudesRead MoreGender Inequality Is The Unequal Treatment Of Someone Based Off Their Gender961 Words   |  4 PagesIn modern society gender inequality is the unequal treatment of someone based off their gender rather than their varying skills, abilities, and characteristics. In our society gender equality can be hard to notice sometimes but in other cases it is very obvious such as pay scale for jobs. Many efforts have been taken in the past to get rid of this unequal gap between genders especially in the modern workplace. It is difficulty for many of us to think about gender inequality especially consideringRead MoreSocial Inequalities Within New Zealand Essay1322 Words   |  6 PagesThis essay will be discussing the social inequalities within New Zealand. These inequalities can include unequal income, education and healthcare. Through extensiv e research of academic resources, I will be discussing how educational, family, social and political factors contribute to the development of these inequalities. I will also be providing a line graph that shows the unequal income between classes and a second line graph that demonstrates the difference in student success between high decileRead MoreGender Inequalities And Gender Inequality922 Words   |  4 PagesGender Inequalities in Education Judge Sonia Sotomayor states, â€Å"Until we get equality in education, we won t have an equal society. That quote resonates throughout the world because of gender inequality in education. Researchers believe gender inequality still exists in the 21st century. Through research, controversial opinions exist about inequality in schools and what has been done to address this situation. What is gender equality? Gender inequality refers to disproportionate dealing or assessmentsRead MoreFeminism Is An Interdisciplinary Idea881 Words   |  4 Pagesinterdisciplinary idea. In sociology, feminism broadens our ideas on gender and transforms it into a major field of study. George Ritzer, in Contemporary Sociological Theory and Its Classical Roots, breaks feminist theory down into four major varieties, gender differences, gender inequality, gender oppression, and structural oppression. He then explains the different forms of feminism seen in each variety. The first variety, gender difference, describes, explains, and traces the implications of howRead MoreWhy Do Women Occupy the Subordinate Position in the Sex/Gender System851 Words   |  4 Pagesthe Sex/Gender System? Gender inequalities between males and females have been existent since time began. In the Bible, these gender inequalities are evident with Eve (woman) causing the fall of man and the distancing from our â€Å"Father† and our banishment from Paradise, the Garden of Eden (Genesis 3:7). Not only that, the very creation of Eve, being of Adam and Adam being of God, highlights that women are seen as an afterthought in creation. This brief essay will examine gender inequalities within

The Needs Of The Elderly Patient - 1662 Words

The Administration on Aging predicts that by the year 2060, the U.S. population will top 98 million (Administration on Aging, 2016). As our population of aging adults increases, it’s essential that nurses understand how to care for this population. A key part of that care is lessening the risk for injury in this vulnerable population. This paper is the first in a three-part assignment in which I will interview an individual, over the age of 70, use assessment tools to measure their risk of injury, provide my overall impression of my findings, determine their medication knowledge and identify at least one actual or potential nursing problem. My client for this assignment is a 70 year old woman who I will refer to as J.B. Assessment tools In the field of gerontology, nurses must use a comprehensive process to collect information to fully understand the needs of the elderly patient. This assessment should be holistic covering the individual’s physical, social, psychological and spiritual aspects. It’s also crucial that the nurse evaluate the patient’s level of function and ability to perform self-care activities. This enables the nurse to identify strengths that may enhance the patient’s independence and diminish their disability. For the first part of this assignment, I am using tools and scales to evaluate J.B.’s social history, nutrition, cognitive function, fall risk, and ability to perform activities of daily living. Social History J.B. is a 70 year old womanShow MoreRelatedProper Patient Care Of The Elderly 2875 Words   |  4 Pages PROPER PATIENT CARE OF THE ELDERLY 2 Introduction: Many people come through the doors of health care facilities for numerous reasons. They come, sometimes scared of the news they are about to receive or with extra baggage like financial issues, personal issues etc. These things problems cannot be separated from the physical problems that plague human beings. Doctors and health care providers must wear numerous hats in order to provide a complete health care. This is aRead MoreIs Biology A Role For Caring For The Elderly?1630 Words   |  7 Pagesthat will discuss elderly patient care. Biology means the study of life, but it also has much more to the definition. â€Å"Biology stresses the value of classification and experimental control. The latter is the means of identifying true causes, and therefore privileges experimental methods over all other methods of obtaining information† (Repko, 2008). There are many ways that show how biology plays a role in caring for the elderly. Age has been a good indicator of health. The eld erly face additionalRead MoreNursing Paper: Gerontological and Geriatric Nursing1702 Words   |  7 PagesAssignment 18 December 2012 1. End of Life Issues and the Elderly (2) Identify and discuss the role of the nurse in providing family centred care to an elderly client who is palliative and living at home with his/her spouse or another family member. Palliative care is an approach to provide a coordinated medical, nursing, and allied health service to address the patients physical, social emotional and spiritual needs for people with progressive incurable illness. Palliative care seeksRead MoreThe Dangers Of Elderly At Risk And Solutions759 Words   |  4 PagesThis post is about the elderly and the risks that make them be a vulnerable group in our society. I will discuss the causes that put elderly at risk and solutions to avoid some of those risks. Our nation is experiencing an increased growth in the older adult population, this brings the concern for their well-being since they are usually at risk for injuries and poor health in general. The elderly often have decreased and impaired mobility, visual or hearing deficit, numerous chronic health conditionsRead MorePreventions of falls866 Words   |  4 PagesNursing Care of the Older Adult 07/30/2014 Assignment 5- Prevention of falls When dealing with the elderly population it’s important to make sure they are cared for properly. Usually by this age it is hard for the elderly adult to care for themselves and need extra help around the house or need help with activities of daily living. Usually elderly patients are very resistant to getting help because they feel like they are becoming helpless and if they can’t do it themselves,Read MoreAging Bias For The Elderly1446 Words   |  6 PagesIt is important to understand that patients have been experiencing aging bias for a very long time. It is also evident in the medical profession as well, and one needs to do more to ensure that everyone is treated fairly especially the elderly patients. The elderly patients need to treat with the utmost respect and dignity. One needs to understand that the elderly are the ones who pave the way for the younger generation. Therefore, it is important that one takes the time out of their busy assignmentsRead MoreInflue nza in the Elderly1248 Words   |  5 Pages Influenza in the elderly: What you need to know Access to health care services Influenza is a serious but common respiratory illness. The flu usually occurs in 15-25% of the worlds human population each year. This illness typically has a low death rate, with average overall mortality rates of 0.1% (Pierce Black 2008: 1). However, the elderly are one of the more susceptible populations to contracting influenza and suffer more severe consequences than healthy adults as a result of beingRead MoreChallenges of Caring for Elderly Patients1839 Words   |  7 Pagesboomers goes into the older adult phase, the number of elderly individuals requiring medical services will certainly magnify (Topaz, Maxim Doron, 2013). Older patients who come to the emergency department usually have more complicated conditions than younger patients. The older persons typically have multiple co-existing diseases, take different medications and present with atypical symptoms (Peters, 2010). The management of elderly patients is further complicated by numerous aging-related changesRead Mo reFall Prevention on Elderly Patients in a Surgical Ward768 Words   |  4 PagesFALL PREVENTION ON ELDERLY PATIENTS IN A SURGICAL WARD There are various reasons why elderly patients in a surgical ward may fall, injuring them even more almost instantly, the issue of patient’s safety and security have been the primary concern of most hospital and clinical institution but elders do fall unpredictably. Elderly patients at the age of 65 falling is a serious problem, medical professionals has realized the needs to develop a plan to purposely prevent such incidents from happeningRead MoreEssay about Communication1499 Words   |  6 PagesThis assignment discusses barriers to, and methods of, effective communication with people who are confused by reflecting on my experience in communicating with an elderly confused patient. Specifically, and within the scope of this assignment, I reflect on two methods of effective communication with elderly confused patients; one verbal (reality orientation) and one non-verbal (touch). During my first placement I was asked to assist in the care of Elsie (pseudonym), an 86 year old lady admitted

Huntsville Project Team Meeting Free Essays

HUNTSVILLE PROJECT TEAM MEETING As the Huntsville project manager to effectively coordinate and host a progress meeting with team members. There are three things that must be accomplished: meeting objectives; use the minimum amount of time; and participants should leave with a sense of direction and effectiveness in the meeting process. With these criteria in mind, the process of structuring, planning, preparation, and execution of the Project Progress Team Meeting will be a definite success. We will write a custom essay sample on Huntsville Project Team Meeting or any similar topic only for you Order Now Predetermine the outcome and purpose of the meeting. Prior to setting the meeting objectives, I have to decide the end results or what I want this meeting to accomplish; whether it’s decision based, to generate ideas, update the status of the project, etc. so that it maximizes the allotted time and all participants can come prepare. Under all the stress of schedules, and time constraints; time is a precious resource during the life of a project and it should be used wisely. Therefore, during the planning stage of this meeting, I owe it to my team members and myself to streamline the meeting in the most effective way to meet and cover all objectives in the least amount of time. In doing so I would prepare the agenda with the following factors in mind: priorities the agenda to determine what absolutely has to be covered; define the end result (what I want the meeting to accomplish); identify who needs to be in attendance and if required consider previously scheduled obligations so that I pick the superb time and date for max participation. With solid objectives, a tight agenda and a commitment to involving the meeting participants in the planning, preparation, and execution of the meeting, it’s a common curtsy to circulate the agenda to participants (team members) to get their feedback and buy-in. This gives them the sense of belonging and lets them know they’re actively contributing to the success of the project. Prior to closing the meeting I think it’s important to reintegrate the highlighted points of the meeting and identify any team member due out so that everyone leaves the meeting on the same accord. Sending out meeting notes to assure objectives were met, would be the icing on the cake. How to cite Huntsville Project Team Meeting, Essay examples

Rumble Fish Essay Research Paper SummaryRumble fish free essay sample

Rumble Fish Essay, Research Paper Drumhead Rumble fish is a narrative narrative where a male child named Russell-James meets up with his old friend Steve and remembers the yesteryear. It all started with Russell-James ( Rusty-James was his moniker ) saw his old friend Steve. They talked for a piece when Russell-James is reminded about the knife battle he had 5 old ages ago because of his reunion with Steve. { Flashback } His narrative started out with him being told that he would be killed in the pace behind the ally by Biff in the late afternoon. He went to the battle and about did acquire killed until his brother the Motorcycle Boy stepped in and took down Biff in one interruption of the carpus. The narrative continues with Russell-James thankful that his brother is back from LA, but he is earnestly wounded but does non desire to travel to the infirmary, so he passes out one time or twice due to miss of blood. We will write a custom essay sample on Rumble Fish Essay Research Paper SummaryRumble fish or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The narrative negotiations about why Russell-James and Steve ere friends, and how Russell-James got expelled from his old school, but many of these events do non add to the chief secret plan of the narrative. One dark the # 8220 ; Motorcycle Boy # 8221 ; , Russell-James, and Steve took to downtown. Steve, moving queerly since his female parent was in the infirmary, st arts drinking and throwing up (Steve never drinks so this is not normal). Eventually, â€Å"Motorcycle Boy† looses his regular toughness and feels sorry for the first thing in his life: His lack of being able to see color. He wanted to see the bright yellow city lights, and the red of neon signs, but is unable to. That night the trio go to a party and â€Å"Motorcycle Boy† leaves without Steve and Russell-James. When the now duo leave, they are muged by a gang and are both half dead. Once again, â€Å"Motorcycle Boy† steps in and helps out, almost killing the two gang members for what they have done. The story goes on and we learn that Russell-James girlfriend Patty dumps him and how Steve s father is abusive. But the main part near the end of the story is how â€Å"Motorcycle Boy† becomes obsessed with rumble fish (Siamese fighting fish) at the near by pet shop because of the colors he cannot see on them. On the Saturday night of that same week, â€Å" Motorcycle Boy† breaks in the store, takes all of the animals in there, and releases them. Both of the boys were sent to jail (Russell-James tagged along). {End Flashback} The story ends in the present where Russell-James says goodbye to his good friend Steve and they both take different ways.

Honorary vs. Honourary

Honorary vs. Honourary Honorary vs. Honourary Honorary vs. Honourary By Maeve Maddox The post was intended to be a straightforward look at the fact that although American and British speakers differ as to the spelling of the nouns honor/honour, humor/humour, and glamor/glamour, they agree on the spelling of the adjectives honorary, humorous, and glamorous. I felt secure in declaring that the spellings honourary, humourous, and glamourous are wrong because the Oxford English Dictionaries site lists all three with their â€Å"commonly misspelled words.† When I looked the words up in the Oxford English Dictionary, I found that glamourous receives an â€Å"also spelled† notation, but that honorary and humorous are the only options. Another source, the WordWebOnline dictionary, flags glamourous as â€Å"nonstandard British usage.† When I went Web-diving for usage examples, I discovered that not all speakers of British English are on the same page as the Oxford dictionaries when it comes to spelling these adjectives: Wagamese receives honourary degree from Lakehead University –Wawatay News Online (Ontario) Ryan Giggs ‘tremendously proud’ to receive honourary degree WalesOnline Bruce Cockburn to receive LU honourary degree –Sudbury Northern Live.ca A humourous take on a serious issue –Deccan Herald (India) A humourous look at our Customer Service (Irish travel site) A humourous look at weekends at the cottage –muskokaregion.com (Ontario) I don’t want to spark an international incident, but because my principal authorities for British English usage are the OED and its offshoot the Oxford Dictionaries site, my advice to writers is that honourary, humourous, and glamourous are nonstandard spellings of honorary, humorous, and glamorous. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Spelling category, check our popular posts, or choose a related post below:100 Whimsical Words45 Synonyms for â€Å"Old† and â€Å"Old-Fashioned†Ã¢â‚¬Å"Least,† â€Å"Less,† â€Å"More,† and â€Å"Most†

Effective Lesson Objectives

Effective Lesson Objectives Lesson objectives are the key element in creating effective lesson plans. The reason for this is that without stated objectives, there is no measure of whether a particular lesson plan produces the desired learning results. Therefore, time needs to be spent before creating a lesson plan by writing effective objectives. The Focus of Lesson Objectives In order to be complete and effective, objectives must include two elements: They must define what is going to be learned.They must give an indication of how that learning will be assessed. First, an objective tells students what they are going to be learning in a lesson. However, the objective does not end there. If it did, they would read like a table of contents. In order for an objective to be complete, it must give the students some idea of how their learning is going to be measured. Unless your objectives are measurable in some manner, there is no way that you can produce the evidence necessary to show that the objectives were in fact met. Anatomy of a Lesson Objective Objectives should be written as a single sentence. Many teachers like to start their objectives with a standard beginning such as: Upon completion of this lesson, the student will be able to.... Objectives must include an action verb that helps the students understand what they are going to learn and how they will be assessed. In Blooms Taxonomy, Bloom looked at verbs and how they related to learning, dividing them into six levels of thinking. These verbs are an excellent starting point for writing effective objectives. A simple learning objective that meets the criteria listed above is: Upon completion of this lesson, the student will be able to convert fahrenheit to celsius. By stating this objective from the beginning, students will understand exactly what is expected of them. Despite everything else that might be taught in the lesson, they will be able to measure their own learning if they can successfully convert fahrenheit to celsius. In addition, the objective gives the instructor an indication of how to prove that learning has taken place. The teacher should create an assessment that has the student perform temperature conversions. The results from this assessment show the teacher whether or not the students have mastered the objective. Pitfalls When Writing Objectives The main problem that teachers encounter when writing objectives is in the choosing of the verbs that they use. As previously stated, Blooms Taxonomy is a great place to find many action verbs that can be used when writing learning objectives. However, it can be tempting to use other verbs that are not part of the taxonomy such as enjoy, understand, appreciate, and like. An example of an objective written using one of these words is: Upon completion of this lesson, the student will understand why tobacco was such an important crop to the settlers in Jamestown. This objective does not work for a couple of reasons. The word understand leaves a lot open to interpretation. There were a number of reasons why tobacco was important to the settlers at Jamestown. Which one should they understand? What if historians disagree about the importance of tobacco? Obviously, because there is a lot of room for interpretation, students do not have a clear picture of what they are expected to have learned by the end of the lesson. Second, the method for measuring learning is not clear at all. While you might have an essay or other form of assessment in mind, the student is not given insight into how their understanding will be measured. Instead, this objective would be much clearer if it was written as follows: Upon completion of this lesson, the student will be able to explain the impact that tobacco had on the settlers at Jamestown. Upon reading this objective, students know that they are going to be learning about not only the impact that tobacco had on the colony, but they are also going to have to explain that impact in some manner. Writing objectives is not meant to be a form of torture for teachers, but instead, it is a blueprint for success for both teachers and students. Create your objectives first, and many questions that need to be answered about your lesson will fall into place.

Writing two Radio PSAs Assignment Example | Topics and Well Written Essays - 750 words

Writing two Radio PSAs - Assignment Example The voices consist of s female and a male. The drama is set in such a way the two actors are holding a discussion, about the discovery of recent research on the effect of smoking on non-smokers. The male character is not aware of the findings of the research and makes it clear to the listeners through asking questions. On the other hand, the female character is energetic and is in control of the discussion. The female character has the details pertaining the cause of lung cancer in non-smokers. The drama is set to take place in a radio studio where there are no noises apart from background music that is fading away at a distance. Silence is used as a gap between scenes to mark the end of a scene. The scenes will end abruptly that will come as a shock to listeners to act as a way of excitement to obtain total attention from the listeners. The silence will take about 2 seconds. The drama ends with both voices agreeing that a no smoking population leads to a long life. The PSAs is a health discussion presented to a radio station by a not-for-profit organization. The not-for-profit body advocates against smoking that leads to death of many people both smokers and non-smokers. The issue of smoking affects both the young and the old in the society. The storyline is follows a group of family members taking a trip to an island to celebrate the success of their business. The drama consists of different sound effects and music at the end of the PSAs. The PSAs targets people between the age of teenagers and adults. In addition, it aims to attract people from both genders that is male and females. In addition, the main audience of the PSAs is from middle and high class in the society. Moreover, the PSAs does not discriminate against any religious background. The sound effects vary according to the preceding statement of the PSAs. In addition, the sound effects are put in between the voice of the announcer. It will

An Excellent Analysis and Methods With a Pulmonary Disorder Essay

An Excellent Analysis and Methods With a Pulmonary Disorder - Essay Example Use of histograms, correlation ÃŽ ±-coefficients, regressions, random variables, sampling distribution, probability laws and conditional probability. In the use of histograms, some values are likely to occur more than others, therefore, provide clear information about the disease and how often it is spreading in society. Multiple peaks show how the histogram leans to one side an interpretation of who is more vulnerable to this condition. Histograms are for prediction purposes; an example is a time taken for a particular condition to treat from previous samples and graphical presentations on how patients with similar conditions treatment exercise made. Important to note is that these predictions might not be accurate as those conducted step-by-step (Scanlan, p 152). Discrete probability can be done independently or combined with a histogram to provide desired frequencies and expected data is from the analysis. Correlation is another aspect of statistics that are used to determine vari ous variables. In this case, of respiratory therapy, it is used to determine the degree to which certain pulmonary diseases vary and how they cause harm to the body. They may change positively to mean that their effect will lead to the same target or damaging the same organ example being the lungs both the x and they variable increasing (Anthony, p 249). A negative correlation is a condition under which the x-variable is growing while they-variable is decreasing. There is no chance of any relationship where all the variables being plotted are near zero.

The Garment Industry :: essays research papers

Globalization is basically about attempting to make things global and expanding products and companies over seas to countries all around the world. It can also be classified as the process of creating languages, services, and products that apply not just to an individual neighborhood or city or country, but to the whole world. Canadians have experienced many benefits that globalization has brought to their lives including the availability to products and services from all around the world. However, at the same time on the other side of the world it has had many pessimistic or negative effects on workers in developing countries. As Globalization began to boom, the number of sweatshops also increased greatly and its effects were most definitely harming in many ways to the individuals employed by them; mainly women and children. Out of all the industries that have become globalized, the textile and garment industries are amongst the most. Mutually the textile and garment industries mak e up one of the largest sources of industrial employment in the world. In virtually every country around the world clothing is being produced but being sold somewhere else. Around 30 million people are making clothes and textiles around the globe and out of those thirty million, most of them are women. Around the world women and children are suffering because of the introduction of sweatshops, low wages, unsafe working environments, free trade zones, foreign control, sub contracting and abuses of human and worker rights. Historically, the word "sweatshop" originated in the Industrial Revolution to describe a subcontracting system in which the middlemen earned profits from the margin between the amount they received for a contract and the amount they paid to the workers. Today a sweatshop is defined by the government as any business or factory that violates one or more of the federal or provincial labor laws which are as follows: minimum wage and overtime, child labor, industrial homework, occupational health and safety, workers compensation, or industry registration. Originally when the garment industry went global it was all about the positive effects it was having on the developing countries in which the factories were located and about all the jobs that were introduced to those who once could not ever imagine getting paid to work. As Globalization began to show more of its negative effects on those lives of the individuals in developing countries, it became more evident that because of this globalization people on every continent and territory were exposed to and forced to consume a North American culture.

Square Pharma Ltd

SQUARE PHARMACEUTICALS LIMITED Mission Our Mission is to produce and provide quality & innovative healthcare relief for people, maintain stringently ethical standard in business operation also ensuring benefit to the shareholders, stakeholders and the society at large. Vision We view business as a means to the material and social wellbeing of the investors, employees and the society at large, leading to accretion of wealth through financial and moral gains as a part of the process of the human civilization. ObjectivesOur objectives are to conduct transparent business operation based on market mechanism within the legal & social framework with aims to attain the mission reflected by our vision. Global Pharmaceutical Industry Overview T he pharmaceutical industry of the world develops and markets medicines prescribed for patients by medical practitioners. The U. S. , U. K and European pharmaceutical companies are the major ones of the industry. The total number of major pharmaceutical companies worldwide is estimated to be about 50.The global pharmaceutical industry recorded annual revenue of $830 billion in 2010 with a healthy growth rate of around 5 to 6 percent. While the pharmaceutical industry in regions like Latin America, Europe and Japan are growing at a steady rate (which is more are less equal to that of the overall industry), the developing regions like China and India are recording corresponding growth in double figures. Industry analysts’ predict that the pharmaceutical market would reach $1. 1 trillion by2015 with the average growth rate of around 7 percent.Bangladesh’s Pharmaceutical Industry Overview T he Bangladesh pharmaceutical market in 2004 stood at approximately US $ 560 million, which was very small when compared to the population base of the country, which currently stood at about 140 million. To  put this number on a proper perspective, the total global pharmaceutical sale in 2004 was $430 billion. This is expected to grow at 8. 1% to about $530 billion in 2005. However today, the pharmaceutical companies in Bangladesh are one of the fastest growing sectors in the nation.Prior to post-liberation, the Multinational companies used to dominate the market but today this situation has been completely reversed. Now approximately 80% of the domestic pharmaceutical need is met by the local companies. In 2010, the total size of the pharma market of Bangladesh was estimated to be USD 100bn with an annual growth rate of about 24. 58%, which has the highest annual growth in the world. With high growth rates and increasing demand for products both locally and overseas Bangladesh’s Pharmaceutical Industry is now heading towards self-sufficiency.Eventually pharmaceutical industry got an occasion to post a growth above 20% in 2010. Fig. Growth Rate in Bangladesh Pharmaceutical Industry SQUARE PHARMACEUTICALS: COMPANY PROFILE Company Name| Square Pharmaceuticals Ltd| Corporate Headquarters| Square Center48, Mo hakhali, C/ADhaka- 1212BangladeshPhone: + 880 28316323Mobile: + 880 01670507907Fax: + 880 29348365  | Factory Premises| Plot # 18, Main Road, Section # 9Kaliakoir, GazipurPhone: +880 2 8924240Fax No: +880 2 8316323| Founded| January 1, 1958|Scope of the Business| Manufacturing and marketing of pharmaceutical drugs| Board of Directors| Samson H Chowdhury Founder and Ex- ChairmanSamuel H Chowdhury Managing DirectorTapan Chowdhury Managing Director/ DirectorJahanara Chowdhury DirectorKazi Harunur Rashid DirectorKazi Iqbal Harun Director| Number of Employees| 400| Associated Bank| Janata Bank1, Dilkusha C/ADhaka- 1000| Associated Auditor| Andrew Gomes and Co. | Authorized Capital| 1,000, 000,000 TK| Issued and Outstanding Shares| 10,000,000 TK|Brief Company History S quare Pharmaceuticals Limited, one of the parts of Square Group, the main flagship of this particular group of companies, is holding the strong leadership position in the pharmaceutical industry of Bangladesh since 1985 a nd is now on its way to becoming a high performance global player. The company was founded in 1958 by Samson H. Chowdhury along with three of his friends as a private firm. It went public in 1991 and is currently listed on the Dhaka Stock Exchange. Square Pharmaceuticals Ltd. the flagship company, is holding the strong leadership position in the pharmaceutical industry of Bangladesh since 1985 and it has been continuously in the first position among all national and multinational companies since 1985. Square Pharmaceuticals Ltd. is now on its way to becoming a high performance global player. They named the company ‘SQUARE’ because it was started by four friends and also because it signifies accuracy and perfection meaning quality† as they committed in manufacturing quality products.Now, that small company of 1958 is a publicly listed diversified group of companies employing more than 28,000 people. The current yearly group turnover is 616 million USD. In the moder n competitive market, SQUARE today is a name not only known in the Pharmaceutical world, but also known as a symbol of quality- based consumer product. All these were possible due to the innovative ideas, tireless efforts, perseverance and dedication with self-confidence of its management and workforce, which contributed to their successful achievements.Under a dynamic leadership, SQUARE is set to continue its progress globally. OBJECTIVES: 1. Finding out the working capital management of the company by determining the relationship between the current assets and current liabilities. 2. Discussing creditor, debtor, inventory and cash management of the company to show whether they are efficient in managing these. 3. To identify the financial strengths & weakness of the company with the help of different ratios. 4. Through the net profit ratio & other profitability ratio, understand the profitability of the company. 5.Evaluating company’s performance relating to financial statem ent analysis. SCOPE The management of working capital helps us to maintain the working capital at a satisfactory level by managing the current assets and current liabilities. It also helps to maintain proper balance between profitability, risk and liquidity of the business significantly. By managing the working capital, current liabilities are paid in time. If the firm makes payment to its creditors for raw material in time, it can have the availability of raw material regularly, which does not cause any obstacles in production process.Adequate working capital increases paying capacity of the business but the excess working capital causes more inventory, increases the possibility of delay in realization of debts. On the other hand, absence of adequate working capital leads to decrease in return on investment. The goodwill of the firm is also adversely affected due to the inability to pay current liabilities in time. Hence, the management of working capital helps to manage all the fa ctors affecting the working capital in the most profitable manner. Methodology:Primary data collection- We did not use any primary data collection method such as taking interviews of office personnel. Secondary data collection- For this report we have collected our data mainly from the annual report. We have conducted the report based on 6 years financial report of Square Pharmaceuticals from 2005 to 2010. In our report we showed working capital management under which we showed creditor, debtor, inventory and cash management. We also took data from different websites as well as our text book for relevant information. Company OrganogramThe overall management and superintendence of the company is vested in the Board of Directors. Since the demise of the founder and chairman of the company Mr. Samson H Chowdhury, the firm’s day to day operations are now being run by his son Mr. Tapan H Chowdhury. He is supported by a group of highly qualified professionals. The basic structure f or the Board of Directors for the company are given below, The board of directors is then responsible for hiring a CEO and a management team whose duty will be to manage the daily operations of Square Pharmaceuticals.SWOT Analysis Strengths * Establishing strong distribution channel through franchising both in local and international market. * | Weakness * Obsolescence of current technology used in pharmaceutical plants * Dependency on imports of raw materials from foreign markets| Opportunity * Building strong brand image of a pharmaceutical company, that can be carried to the global market * Opportunity to grow in the local market as well as the international market; huge un-captured market in Africa. Threats * Any adverse change in the Government Drug Policy and Import Policy * Restrictions from the Department of Environment on plant facilities in Pabna. | WORKING CAPITAL MANAGEMENT Working Capital Management Working capital is the money needed for running day-to-day business of a firm. Hence, it is the lifeline of any business concern. The basic theme of working capital management is to provide adequate support for smooth and efficient functioning of normal day-to-day business by striking a tradeoff between the three dimensions of working capital; liquidity, profitability and risk (Sur & Chakroborty, 2011).Excessive working capital leads to unproductive use of scarce resources and inadequate working capital interrupts the smooth flow of business activity and profitability. The balance allocation of working capital funds between inventories, book debts and other components of working capital is a crucial phase in Working Capital Management. According to Harris (2005) Working capital management is a simple and straightforward concept of ensuring the ability of the firm to fund the difference between the short term assets and short term liabilities.Nevertheless, a complete and mean approach is preferred to cover all of a company’s activities related to vendors, customer and product (Hall, 2002). Now a day’s working capital management is considered as the main central issue in the firms, and financial managers are trying to identify the basic drivers and level of working capital management (Lamberson, 1995). Scope of Working Capital Management As we have seen before working capital management is the ability of a company to finance its operations through its current assets and current liabilities.Current Assets are those assets that can be converted into cash within one year without diminishing its value. Some of the major current assets are cash, marketable securities, accounts receivable and inventory. Current liabilities are those liabilities which are intended to be paid within a year of inception. Some major current liabilities include accounts payable, bills payable, bank overdraft and outstanding expenses. Importance of Working Capital ManagementThe importance of working capital management stems from two reasons (i) A substantial portion of the investment is invested in current assets, and (ii) The level of current assets will change quickly, with the variation in sales. Hence, in this study, an attempt has been made to analyze the size and composition of working capital and whether such an investment has increased or declined over a period of seven years. After determining the requirement of current assets, one of the important tasks of the financial manager is to select a group of appropriate sources of finance for the current assets.Normally, the excess of current assets over current liabilities should be financed by the long-term sources. It is not possible to find out precisely which long-term sources has been used to finance current assets, but it can be examined as to what proportion of current assets has been financed by long-term funds. Why is working capital needed? Cash Inventory Receivables Given that the basic assumption of finance is to maximize shareholders equity it is necessary to generate sufficient profits.In general we can say that profits are the direct product of sales. Thus it is safe to say that in order to earn profits a business needs to have a successful sales program. However sales do not convert into cash easily and there is an invariable time lag between the sale of goods and the receipts of cash. There is therefore the need for working capital in the form of current assets to deal with the problem arising out of the lack of immediate realization of cash against that of the goods sold. Technically this is referred to as the operating cycle.In a simpler form the term cash cycle refers to the time needed to complete the following activities 1. Conversion of Cash into Inventory- purchase of raw materials, conversion of raw materials into WIP inventory, and finally transferring the finished goods to the warehouse for sale. 2. Conversion of Inventory into Accounts Receivables through Sales- this happens when firms make credit sales to customers 3. Conversion of Receivables into Cash- this is the stage where receivables are collected from the credit sales that were made.If it were possible to complete the sequence of the three events instantaneously there would be no need for current assets or current liabilities. However since cash inflows and cash outflows do not match firms have to keep cash or invest in short term liquidities so that they will be in a position to meet any obligations in case they arise. CASH MANAGEMENT Cash is an important current asset of the business. Cash is the basic input needed to keep the business running on a continuous basis, it is also the ultimate output expected to be realized by selling the product or service manufactured by the firm.The firm should keep sufficient cash, neither more or less; cash shortage will disrupt the firm’s manufacturing operations while excessive cash will simply remain idle, without contributing anything towards the firm’s profitability. Cash is the money which a firm can disburse immediately without any restriction. The term cash includes coins, currency, and checks held by the firm as well as balances in the bank account. Sometimes near cash items such as marketable securities or bank time deposits are also included as cash.Facets of Cash Management Cash Management is concerned with three things, i. Cash flows into and out of the firm ii. Cash flows within the firm iii. Cash balances held by the firm at a point of time by financing deficit or investing surplus cash The cash management process can be represented by the cash management cycle as shown below, Motives for Holding Cash A firm’s reason for holding cash may be to three main reasons 1. Transactional- the transaction motive requires a company to hold cash for daily transaction purposes.The firm needs cash primarily to make payments for purchases, wages, salaries and other operating expenses such as taxes and dividends. On the other hand there is a regular cash inflow into the company from sales operations, returns on outside investments and so on. However these inflows and outflows are not always synchronized and hence the firm needs to hold an extra cash balance. 2. Precautionary- the precautionary motive requires a company to hold cash to meet contingencies in the future. It provides a cushion or a buffer to withstand any unexpected emergencies.The amount of precautionary cash we need to have will depend on the predictability of the cash flows. If cash flows can be predicted with accuracy then less precautionary cash will be required, and vice versa. The amount of precautionary cash a firm holds will also depend on how quickly a firm will be able to borrow money at short notice. Stronger the ability to borrow cash the less precautionary cash that needs to be kept. 3. Speculative- the speculative motive requires the company to hold cash for future investments in profit making opportunities if required.These opportunities may arise when there i s a change in the price of securities n the stock market. When the interest rates on the markets are rising then firms will withhold cash, as this signals the drop in the price of the securities. When the interest rates are falling then firms will invest in securities as this signals the rise in the price of securities in the near future. Objectives of Cash Management The basic objectives of cash management is to 1. Meet Payment Schedules-in order to meet payment schedules a firm needs to have sufficient cash to meet the cash disbursements of the firm.It is important for firms to have adequate cash because apart from providing just liquidity cash also helps to ensure that the a) Relationship with the bank is not strained b) The firm has a good relationship with trade creditors and suppliers of raw materials, as prompt payments help them with their own cash managements. c) Cash discount can be obtained if payment is made before the due date. d) Credit scores remain high and hence the firm can purchase other goods on favorable terms and helps to maintain its line of credit with banks and other loan handling institutions. ) Advantage of favorable business opportunities is taken on a periodic basis. f) The company can unanticipated cash expenditure during periods of strain. 2. Minimizing Funds Committed to Cash Balances- the second objective of cash management is to reduce the cash balances. While minimizing the cash balances two conflicting aspects of have to be reconciled. Firstly a large cash balance will ensure prompt payment. However it will also imply that large amounts of funds will remain idle, and as we know cash is a non-earning asset. On the other hand a low level of cash balance means that the firm is not able to meet the payment schedule.Hence the aim of cash management should be to have an optimal amount of cash balance. Preparation of Cash Budget Cash budget is the most significant device to plan and control cash receipts and payments. A cash budget is a summary statement of a firm’s expected inflows and outflows over a projected period of time. The cash budget gives the timing and the magnitude of future expected cash flows over the projected period. This cash budget helps finance managers plan the future cash requirements of the company, and make plans to control the liquidity of the company.In order to prepare the cash budget much information is required such as 1. Estimation of cash inflows- this includes all operating, non-operating and financing information of the company 2. Estimation of cash outflows- this includes * Operating outflows (wages, payment of A/P etc. ) * Capital expenditures * Contractual payments (such as repayment of loans) and * Discretionary payments (dividends) Besides this it is also necessary to know the percentage of credit sales vs. cash sales being made and the average collection period for accounts receivables.However since most of this information is company sensitive information, it was not possible for us to collect this information and hence we could not prepare the cash budget. CREDITORS MANAGEMENT Creditors/Payable Management Managing creditors / payables is a key part of  working capital management. The working capital requirements of a firm are affected by credit terms granted by its creditors. A firm will need less working capital if liberal credit terms are available to it. Similarly, the availability of credit from banks also influences the working capital needs of the firm.A firm which can get bank credit easily on favorable condition will operate with less working capital than a firm without such a facility. Trade credit is the simplest and most important source of short-term finance for many companies. The objectives of  payables  management are to ascertain the  optimum level of trade credit to accept from suppliers. Deciding on the level of credit to accept  is a balancing act between liquidity and profitability. By delaying payment to supp liers companies face possible problems: * supplier may refuse to supply in future * supplier may only supply on a cash basis * there may be loss of reputation Supplier may increase price in future. Relationship between Square Pharmaceuticals Ltd & Creditors The board of Square Pharmaceutical Ltd manages the financial transactions and ensures to meet company's commitments to the lenders without default. This has resulted in securing lower interest rates from them financers. The company receives the highest level of banking services and conducts its business operations efficiently. The company enjoys the minimum interest rate on the lending by the banks. The company has established long term business relationship with the banks namely Janata Bank Ltd. , Citibank N.A, Standard Chartered Bank, HSBC Ltd. , Eastern Bank Ltd. , Commercial Bank of Ceylon Ltd. , Mercantile Bank Ltd. , Bank Alfalah Ltd. , Shahjalal Islami Bank Ltd. , Trust Bank Ltd. , Bank Asia Ltd. and DEG Germany who provid e most efficient service at minimum cost/interest that benefit the shareholders. The company has neither ever defaulted in any commitment with its Bankers nor did get entangled in legal dispute at any court premises. Relationship between Square Pharmaceuticals Ltd ; Suppliers Square is a renowned company which imports plant and machinery and almost all the raw materials from well-known suppliers of abroad.It maintains cordial and mutually beneficial interest with its international as well as local suppliers and this has enabled the company to avoid any legal disputes in international/local courts and enhanced the company's image as a good customer to its suppliers. Creditors & Sales | 2011 | 2010 | 2009 | 2008 | 2007 | 2006| | | | | | | | Collection| 18,579,768,546| 15,264,808,445| 11,401,786,553| 9,706,402,257| 8,231,097,525| 7,455,061,355| Of sales| | | | | | | | 2,016,551,125| 2,627,483,864| 736,443,848| 1534345782| 2,669,693,184| 1,818,777,878| Short Term| | | | | | | ank loan| | | | | | | | | | | | | | | | | | | | | Long-term loans-current portion. | 477,141,480| 478,199,933| 462,090,211| 295,590,601| 297,002,646| 225,176,449|   | 2493692605| 3105683797| 1198534059| 1829936383| 2966695830| 2043954327| Total credits | | | | | | | Creditsas a % of| 13. 42%| 20. 35%| 10. 51%| 18. 85%| 36. 04%| 27. 42%| Sales| | | | | | | | | | | | | | In the figures of creditors only the creditors-Short term bank loans, long term bank loans- current portion which are related to purchases are taken. Other payments relating to tax, outstanding expenses or any other liability are not taken under it.The creditors as a percentage of sales show the sales of Square Pharma Ltd, generating from credit purchases up to what extent. If more sales are contributed by credit then the working capital required will be less. In the above table of the creditors as a percentage of sales focusing on the data of 2006 to 2012 where we can see that the company achieved highest percentage in the y ear 2007-2008 but then it came down to 10. 51% in 2008-2009. During 2010-2011 periods the creditors as a percentage of sales again increased to 20. 35% but then again it dropped to 13. 42% in 2011-2012 periods.Square Pharmaceuticals Ltd should try to enhance this percentage so that to increase sales the company does not need to rely on working capital but rather on credit. TRADE CREDITORS Time period| 2011-2012| 2010- 2011| 2009-2010| 2008-2009| 2007-2008| 2006-2007| 2005-2006| Trade Creditors| 875,431,555 | 733,369,218| 394,715,915 124,222,699| 124,222,699| 100,953,258| 60,601,743| 79,390,166| The amounts shown in the above chart are the payables to regular suppliers of raw materials, packing materials, promotional materials etc. All suppliers were paid on a regular basis.Inventory Management Inventory management is the process of efficiently overseeing the constant flow of units into and out of an existing inventory. This process usually involves controlling the transfer in of uni ts in order to prevent the inventory from becoming too high, or dwindling to levels that could put the operation of the company into jeopardy. Competent inventory management also seeks to control the costs associated with the inventory, both from the perspective of the total value of the goods included and the tax burden generated by the cumulative value of the inventory.Balancing the various tasks of  inventory management means paying attention to three key aspects of any inventory. The first aspect has to do with time. In terms of materials acquired for inclusion in the total inventory, this means understanding how long it takes for a supplier to process an order and execute a delivery. Inventory management also demands that a solid understanding of how long it will take for those materials to transfer out of the inventory be established. Knowing these two important lead times makes it possible to know when to place an order and how many units must be ordered to keep production running smoothly.Calculating what is known as buffer stock is also key to effective inventory management. Essentially, buffer stock is additional units above and beyond the minimum number required to maintain production levels. For example, the manager may determine that it would be a good idea to keep one or two extra units of a given machine part on hand, just in case an emergency situation arises or one of the units proves to be defective once installed. Creating this cushion or buffer helps to minimize the chance for production to be interrupted due to a lack of essential parts in the operation supply inventory.Inventory management is not limited to documenting the delivery of raw materials and the movement of those materials into operational process. The movement of those materials as they go through the various stages of the operation is also important. Typically known as a goods or work in progress inventory, tracking materials as they are used to create finished goods also h elps to identify the need to adjust ordering amounts before the raw materials inventory gets dangerously low or is inflated to an unfavorable level. Finally, inventory management has to do with keeping accurate records of finished goods that are ready for shipment.This often means posting the production of newly completed goods to the inventory totals as well as subtracting the most recent shipments of finished goods to buyers. When the company has a return policy in place, there is usually a sub-category contained in the finished goods inventory to account for any returned goods that are reclassified as refurbished or second grade quality. Accurately maintaining figures on the finished goods inventory makes it possible to quickly convey information to sales personnel as to what is available and ready for shipment at any given time.In addition to maintaining control of the volume and movement of various inventories, inventory management also makes it possible to prepare accurate rec ords that are used for accessing any taxes due on each inventory type. Without precise data regarding unit volumes within each phase of the overall operation, the company cannot accurately calculate the tax amounts. This could lead to underpaying the taxes due and possibly incurring stiff penalties in the event of an independent audit. Inventory as a strategic assetBy deploying inventory as a strategic asset rather than a tactical sticking plaster, any organization can achieve: * ? higher service levels with reduced inventory * ? simplified planning processes * ? reduced obsolescence * ? significant liberation of cash. However, this can only really be delivered in a sustainable way if the current inventory deployment can be modeled and assessed, and alternative strategies developed and tested in a ‘safe environment’ before any implementation of change.The inventory profile can then be reviewed and re-aligned as the business evolves into new markets or new products come on stream. It is essential for the organization to hold the stocks to minimize the cost The important elements those need to manage inventory and run the production: In other words ,Inventory is an idle stock of physical goods that contain economic value, and are held in various forms by an organization in its custody awaiting packing, processing, transformation, use or sale in a future point of time. Any organization which is into roduction, trading, sale and service of a product will necessarily hold stock of various physical resources to aid in future consumption and sale. While inventory is a necessary evil of any such business, it may be noted that the organizations hold inventories for various reasons, which include speculative purposes, functional purposes, physical necessities etc. From the above definition the following points stand out with reference to inventory: * All organizations engaged in production or sale of products hold inventory in one form or other. Inventory c an be in complete state or incomplete state. * Inventory is held to facilitate future consumption, sale or further processing/value addition. * All inventoried resources have economic value and can be considered as assets of the organization. The whole above process is needed to run a company’s production. Debtor management Trade Debtors or Sundry debtors or accounts receivable is the person(s) to whom goods are sold on credit and agreed to receive payment in future. If company starts to sell on return of cash, then it decreases the level of company’s sale and profitability.If company promotes credit sale, it can increase the risk of bad debts. So, it is required to control and to manage debtors and to minimize the loss due to not receiving money from debtors is the main aim of debtor management. Main elements or dimensions of Debtors management: 1. Credit policy: Credit policy effects debtor management because it guides management about how to control debtors and how to make balance between liberal and strict credit. This liberated credit policy which means there is no restriction in case of credit sales will increase the amount of sale and profitability.If goods sold to those debtors whose capability to pay is not good, then it is possible that some amount will become bad debts. Company can increase the time limit for paying by such debtors. On the other hand, if company’s credit policy is strict, then it will increase liquidity and security, but decrease the profitability. So, finance manager should make credit policy at optimum level where profitability and liquidity will be equal. We can show it graphically Sub part of credit policy- (a) Length of Credit periodLength of credit period is also an element that affects decisions of finance manager relating to manage debtors. It is the time which allows to debtor to pay his debt for purchasing goods on credit from vendor. Finance manager can increase the length of credit period according t o reputation of customers. (b) Cash discount Cash discount is technique to get money faster from debtors. It is cost of investment in credit sale. Again many companies provide with cash discount to attract more customers and increase the overall sales of the company. 2. Credit policy analysisIt means decision relating to analysis of credit policy. Evaluation and analysis of credit policy is based on following factors. a) Collection of debtor’s information For analyzing the financial position of debtors, information relating to debtors need to be collected. This information can be obtained from customer’s financial statements of previous years, bank reports, and information given by credit rating agencies. These information is useful for deciding where debtors are capable to get credit sales and whether they will be able pay out the outstanding debt or not. b) Credit DecisionsAfter collecting and analyzing the debtor’s information, manager has to decide whether c ompany should facilitate to sell goods on credit or not. If company sells the goods on credit to particular debtor, then at what level it will be sold after seeing his position. For this manager can fix the standard for providing goods on credit. If a particular debtor is below than given standard, then he should not accept his proposal of buying goods on credit. 3. Formulation Collection Policy: To get the fund faster from debtor, the following steps will be taken under formulation of collection policy. ) Send reminding letter for paying debt b) Take the help of debt collection agency for getting bad debt. c) To do legal action against bad debtors. d) To request personally to debtor to pay his dues on mobile or email. e) Finance manager should monitor collection position through average collection period from past sundry debtor and their turnover ratio. f) To make ageing schedule. Debtor management of Square Pharmaceuticals from 2005-2010: Trade debtors occurred in the ordinary cou rse of business are unsecured but considered good. Ageing of the debtors from 2004 to 2010 is as follows: 012 2011 2010 2009 2008 2007 2006 Below 30 days 317,174,045 239,122,710 189,657,421 209,027,961 247,995,969 138,729,113 131,653,153 Within 31-60 days 188,262,890 78,672,302 43,329,446 32,015,833 37,053,893 30,428,440 63,588,500 Within 61-90 days 94,301,441 49,905,875 12,010,002 9,245,177 15,330,219 14,028,426 20,624,190 Above 90 days 208,573,338 404,720,458 263,252,305 227,273,031 59,865,565 139,678,658 72,866,294 Tk. 808,311,714 772,421,345 508,249,174 477,562,002 322,864,637 360,245,646 288,732,137 Debtor Turnover ratioDebtor turnover ratio is the relationship between credit sales and average debtors and it is also called account receivable turnover ratio. Debtor Turnover ratio = Credit Sales / Average Debtors Year| 2006| 2007| 2008| 2009| 2010| 2011| 2012| Net credit sales| 288,732,137| 360,245,646| 322,864,637| 477,562,002| 508,249,174| 772,421,345| 808,311,714| Avg. debtors | 278,129,939| 324,488,892| 341,555,142| 400,213,320| 492,905,588| 640,335,260| 790,366,530| Debtor Turnover ratio| 1. 04| 1. 11| 0. 95| 1. 20| 1. 03| 1. 21| 1. 02| Debtor's turnover ratio shows how long people normally take to pay a firm for purchases on average. By comparing between the periods, management can tell if they are collecting their receivables quicker or longer on average.If a firm's debtor's turnover ratio is higher than the amount the firm normally gives people to repay their credit, then the firm is doing a poor job of collecting receivables. The term Debtor Collection Period indicates the average time taken to collect trade debts. Debtors collection period = 365 days/Debtor turnover ratio Year| 2005| 2006| 2007| 2008| 2009| 2010| 2011| 2012| Debtors collection period| 338| 351| 329| 384| 304| 354| 302| 358| Here the number of days shows how long it takes Square Pharmaceuticals to collect its receivables and we know that reducing period of time is an indicator of in creasing efficiency. Here we can see that there is a fluctuation in the ratio over the time period.It takes a lot of time for the company to collect the receivables. But the company should try to minimize the collection period to get more efficient performance. Export debtors: Due from export sales Realized amount Unrealized amount 2005 14,724,353 12,194,435 2,529,918 2006 26,490,877 10,330,471 16,160,406 2007 773,713,422 92,961,015 80,752,407 2008 33,874,927 13,852,927 20,022,000 2009 63,096,760 57,957,585 5,139,175 2010 31,693,422 16,089,143 15,604,279 2011 64,924,422 35,758,364 29,166,058 2012 98,568,421 62,347,054 36,221,367 From the above chart it is visible that the credit sales from export also have some uncollected receivable amount from the period of 2005-2010. The management needs to be more efficient in case of collecting the receivables from the debtors to ensure company’s profitability. In all those years there was no amount due by the directors, managin g agent, manager and other officers of the company and any of them severally or jointly with any other person. Also no amount is due by associate undertakings. Debtors and Working Capital As on 31st March ears| 2006| 2007| 2008| 2009| 2010| 2011| 2012| Debtors| 288,732,137| 360,245,646| 322,864,637| 477,562,002| 508,249,174| 772,421,345| 808,311,714| WorkingCapital| 1,770,929,474| 1,126,944,426| 910,991,333| 1,202,644,301| 2,557,566,793| 2,354,024,414| 2,492,572,163| As a % of W. C. | 16. 30%| 31. 97%| 35. 44%| 39. 71%| 19. 87%| 32. 81%| 32. 24%| There a fluctuation in the ratio over the time period and it has decreased from 2005 to 2006 then again increased in 2007, 2008 and 2009. Again it dropped in 2010 and again rose in 2011 and 2012. The lower the ratio is the better so management should try to manage their accounts receivables policy properly. RATIO ANALYSISCompany| MKT Size| Growth in 2011| Market Share| | 2011 2012| Square Pharmaceuticals | 15,725. 8 | 20. 5% | 18. 7% | 19. 2% | Incepta Pharmaceuticals | 7,851. 5 | 28. 6% | 9. 3% | 9. 0% | Beximco Pharmaceuticals | 7,415. 0 | 30. 5% | 8. 8% | 8. 4% | OpsoninPharma| 4,275. 4 | 27. 2% | 5. 1% | 4. 9% | Renata| 4,076. 8 | 26. 1% | 4. 9% | 4. 8% | Total Sector | 84,044. 1 | 23. 6% | Key Financial Highlights: Before going to the main part of the paper, which is financial ratio analysis of Square Pharmaceuticals Limited, some key financial data about the company can give deep understanding on the company’s financial positions and performance. Net Profit:Net profit also increased all over the last six years. In from 2006-2012 net profit increased by 6. 06%, 36. 76%, 10. 48% and 21. 26% respectively. But key point here is that the rate of increment from year to year is not so much consistent, although increment of turnover is very much consistent from one year to another. This also indicate that increment of expenditures were not consistent from these years. Asset Ratio Analysis Performance evaluation o f a company is usually related to how well a company can use its assets, shareholder equity and liability, revenue and expenses. Financial ratio analysis is one of the best tools of performance evaluation of any company.In order to determine the financial position of the Square Pharmaceutical Limited and to make a judgment of how well is the efficiency of Square Pharmaceutical Limited, its operation and management and how well the company has been able to utilize its assets and earn profit. We use ratio analysis for easily measurement of efficiency, liquidity position, asset management circumstance, investment condition, and profitability, market value and debt coverage situation of the Square Pharmaceutical Limited for performance evaluation. It analyzes that how the company uses of its assets and control of its expenses. It determines the greater the coverage of liquid assets to short-term liabilities and it also compute ability to pay. It measures overall efficiency and performan ce of Square Pharmaceutical Limited.It determines of share market condition of Square Pharmaceutical Limited. Square Pharmaceutical Limited is the most famous company in Bangladesh. It was established in 1958 but their converted into public limited company in 1991. It is the first among all national, multinational, private and public of pharmaceutical company of Bangladesh. Their mission is to produce and provide quality healthcare relief of people, maintain strongly ethical standard in business operation also ensuring benefit to the shareholder, stakeholder, and society. Their vision is social wellbeing of the investors, employee and society at large, wealth financial and moral gains as a part of the process of the human civilization.Their objectives are to conduct transparent business operation based on market mechanism within the legal and social frame work. Financial ratios are useful indicators of a firm's performance and financial situation. Financial ratios can be used to ana lyze trends and to compare the firm's financials to those of other firms. Financial ratios can be classified according to the information they provide. The following types of ratios frequently are used: 1. Liquidity ratios 2. Asset management ratios 3. Debt management ratios 4. Profitability ratios 5. Market value ratios Interpretation and Analysis of Financial Ratios LIQUIDITY RATIOS Liquidity ratios are the first ones to come in the picture.These ratios actually show the relationship of a firm’s cash and other current assets to its current liabilities. Two ratios are discussed under Liquidity ratios. They are: 1. Current ratio 2. Net Working Capital 3. Quick/ Acid Test ratio. 4. Cashflow to Total Debt 5. Cash Cycle 6. Cash Turnover 7. Net Liquid Balance Liquidity Ratio| 2006-2007| 2007-2008| 2008-2009| 2009-2010| 2010-2011| 2011-2012| Current ratio| 1. 44| 1. 26| 1. 46| 2. 15| 1. 50| 1. 59| Net Working Capital| 1126945| 910991| 1202644| 2557567| 2354025| 2492572| Quick rati o| 0. 84| 0. 68| 0. 66| 1. 05| 0. 96| 1. 58| Cashflow to Total Debt| 0. 81| 0. 60| 1. 30| 2. 21| 1. 04| 1. 51| Cash Cycle| 138. 33| 145. 63| 140. 4| 158. 5| 142. 39| 114. 9| Cash Turnover| 2. 63| 2. 50| 2. 6| 2. 30| 2. 56| 3. 18| Net Liquid Balance| 17906710| 18117139| 71456952| 65071270| 75554041| 259448647| 1. Current Ratio: It is the ratio of current assets to current liabilities. Interpretation: * In 2012, Square Pharmaceuticals current assets were 1. 59 times of its current liabilities. Current ratio increased steadily from 2006 to 2010 except for the year 2007 when it decreased compared to previous year and then finally it settled to 1. 59. * According to the industry average Squares current ratio is far above at 1. 59 times, were as the industry average lies at 1. 8 times, so indicates a good performance by Square. The current ratio figure of Square indicates that their proportionate increase in assets has been more than their proportionate increase in liability because of wh ich the ratio figure increased over the period. 2. Quick Ratio: It is the ratio of current assets, excluding inventory, to current liabilities. Interpretation: * In 2012, Square Pharmaceuticals current assets, excluding inventory, was 0. 96 times of its current liabilities. * Quick ratio did not follow the same upward trend of increasing, it fell from 0. 84 (2007) to 0. 68 (2008) and 0. 66 (2009) and it increased in 2010, again taking a fall and landing on 0. 96 times in 2011. Again, it slightly falls in 2012 to 0. 95. * The company’s quick ratio was below the industry average unlike current ratio, which appears to be a negative sign. Comparing the current ratio and quick ratio, we can conclude that the company had a high amount of inventory, which lead to a high current ratio but a low quick ratio. Net Liquid Balance: | 2011-12| 2010-11| 2009-10| 2008-09| 2007-08| 2006-07| NLB| 17,906,710| 18,117,139| 71,456,952| 65,071,270| 75,554,041| 259,448,647| Net liquid balance for th e square pharmaceuticals limited is increasing in the recent years 2011 and 2010. In 2006 company got the highest NLB of Tk. 259,448,674. Holding too much idle balance is bad as company lose investment opportunity. Thus the company invested in short term loan in the following years. In recent years, company holding some handsome amounts of NLB. So the NLB position of square pharmaceuticals is good in recent years.ASSET MANAGEMENT RATIO ASSET MANAGEMENT RATIOS Asset management ratios are the financial statement ratios that measure how effectively a business uses and controls its assets. Below are discussed five types of asset management ratios: 1. Inventory turnover ratio 2. The days sales outstanding 3. Average payment period 4. Fixed asset turnover ratio 5. Total asset turnover ratio Asset management ratio| 2006-2007| 2007-2008| 2008-2009| 2009-2010| 2010-2011| 2011-2012| Total Asset Turnover| 2. 76| 2. 40| 2. 70| 2. 97| 3. 03| 3. 25| Inventory Turnover Ratio| 2. 76| 2. 39| 2. 70| 2. 97| 3. 03| 3. 25| Days in Inventory| 132. 27| 138. 98| 132. 05| 152. 34| 135. 04| 122. 8| Average payment period| 89 days| 174 days| 207 days| 199 days| 120 days| 112| Days sales outstanding| 13 days| 13 days| 15 days| 14 days| 18 days| 20 days| Total Asset Turnover Ratio: It is the ratio of sales to total assets. Interpretation: * In 2012, the company’s every 1-taka worth of Total Assets generated 0. 15 taka of sales. * Overall the total asset turnover improved over the years, except for the years except for 2008 when it felled to . 14 times, but it gradually increased throughout 2009 to 2011 and stood at . 14 times at 2011. This is a good sign of utilization of assets. * The company’s performance seems to be very satisfactory as total asset turnover is far above the industry average of 0. 33 times.Overall, the performance is very good. Inventory Turnover ratio: It is the number of times a company sells and restocks its inventory. Interpretation: * In 2012 the comp any sold and restocked its inventory 3. 41 times. * Inventory turnover ratio for Square has been fluctuating between the period 2007 and 2010 very insignificantly rising to a level of 3. 03 times in 2011. * The company’s rate of inventory turnover is higher than the industry average of 2. 2 times, so we can conclude that the company is efficiently and quickly selling off and restocking its inventory. The company’s balance sheets show increase of inventory with declining turnover every year.Declining inventory turnover commonly indicates that the company is not being able to flush its inventory very well as it was doing in the previous years. A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. High inventory levels are unhealthy because they represent an investment with a zero rate of return in addition to the increased cost associated with maintaining those inventories. It also opens the company up to tr ouble should prices begin to fall. However, in some instances a low rate may by appropriate, such as where higher inventory levels occur in anticipation of rapidly rising prices or shortages. In order to improve Inventory Turnover ratio, at first an end-to-end view in addressing inventory needs to be looked at.Supply chains need to be optimized, production processes should have to be efficient as well, so that the suppliers become able to produce and deliver materials in a timely, low cost fashion that allows the company to minimize their inventory and cost of materials. Collaborative relationships with customers can allow them to make their demand for products more predictable thereby allowing to minimize finished product inventory without failing to meet their needs for volume and timeliness. Discount-driven sales may generate a boost in sales. Such discounts can erode the company’s profit margins but will boost revenue and rate of inventory turnover. The company might look like it is becoming leaner, when in fact it may simply be pushing products into the marketplace using artificial low pricing. However, before it can be done, the gross margins reported by the business needs to be analyzed carefully.If gross margins decrease as a percentage of sales in spite of an increase in inventory turnover, they should not apply this policy. Supplier-financed inventory may reduce inventories and show improved inventory turnover by forcing suppliers to carry the inventory for the company. The suppliers assume the cost of maintaining inventory and passes that cost on. Alternatively, the company may reduce inventory by the use of express shipment or other costly means of delivery to ensure the availability of materials and supplies when needed. Solutions of maintaining inventory that simply shift cost to suppliers return the cost in added mark-ups to the materials and supplies purchased. This results in a rise in unit product unit cost.Days in Inventory: It shows the time taken by the company to sell out its inventory. Interpretation: * In 2012, the company held onto its inventory for 123 days before selling it out. * In 2011, the company held onto its inventory for 120 days before selling it out. * Days in inventory rose dramatically in 2008 to 152 days in it slowly climbed down to 120 days in 2011. The company is improving in quickly selling off its inventory rather tying it back and arising cost. * In 2010, however its value was below the industry average, which shows its good position among competitors. Square has the lowest days in inventory. Average Collection Period: It shows the time taken by the company to collect its account Interpretation: For Square Pharmaceuticals, it took an average of 18 days to collect its accounts receivables from its customers in 2011. * The ACP started to peak up after 2008 with 15 days (2009) and then falling to 14 days ( 2010) and then it gradually increased to 18 days in 2011 and stood there. The compan y seems to be inconsistent in collecting its debt and it is increasing which is a bad sign cause it will lead to a scenario of funds being tied up. * The company’s figure is really below the industry average, which is a good sign for the company as it indicates that they at least more efficient in collecting their funds then their competitors. They will have more cash available at hand by elongating the payment periodSince the DSO was the highest in 2004-05 that indicates that customers were taking longer times to pay their bills, which may be a warning that customers were dissatisfied with the company's product or service, or that salespeople were making sales to customers that are less credit-worthy, or that salespeople have to offer longer payment terms in order to seal the deal. Long credit policy might be used deliberately to boost sales temporarily. Of course, it could also mean that the company has an inefficient or overtaxed accounts receivables department. However, t he significant improvement in 2005-06 signifies that the company collected its outstanding receivables quicker than the previous years and that the credit terms are getting more realistic.It also connotes that the company had greater control over quality of its customer relationship management (CRM) during the following year. Average Payment Period: It shows the time taken by the company to pay off its accounts payable. Interpretation: * In 2011, it took an average of 120 days for the company to pay its accounts payables. * The company’s average payment period started to rise from the period 2008 and continued to rise till 2009 amounting at 207 days and then it started to decline in 2010 and stood at 120 days in 2011. * The company’s payment period was below the industry average which shows the company might be at lack of fund due to paying off its creditors early, than its competitors .The underlying reason for the ratio to go up is the significant increase of company ’s debt; especially short and long term bank loans (which made the current portion of long-term loans high). Each year this amount is getting higher than the previous years. Furthermore, in 2004-05 there was a huge sum trade credits unpaid. All these played key role for the payables to increase. A long payment period at first improves the company's liquidity, but may also be an indicator for liquidity problems. Therefore, it is important to keep the value equal or close to the average value. Since the company’s payment period is getting longer, i. e. the company pays too late, then it means the liquidity problem of the company.The company probably lacks of the money to pay its liability. Hence, questions may arise on the company's credit worthiness and paying habits. It has long been recognized that late payment of business debt is a serious problem for suppliers of goods and services. Late Payment can make it necessary for a company to increase borrowing and to extend overdraft facilities. Time and resources can be taken up on maintaining and collecting late payments instead of being devoted to other areas of business. PROFITABILITY RATIOS Profitability is the net result of a number of policies and decisions. Profitability ratios show the combined effects of liquidity, asset management and debt on operating results.There are four important profitability ratios that we are going to analyze: 1. Net Profit Margin 2. Gross Profit Margin 3. Return on Asset 4. Return on Equity 5. Earnings Per Share Gross Profit Margin: It is calculated by dividing gross profit by sales. Interpretation: * In 2012, for every 100-taka worth of sales, Square Pharmaceuticals earned 43. 2 taka * In 2011, for every 100-taka worth of sales, Square Pharmaceuticals earned 42. 8 taka. * Over the period of five years, Square Pharmaceuticals had an inclining trend leading to a stable rate of 42. 8% over the past three years. This is an indication of consistent and stable performan ce. The cross sectional analysis shows that the company has been maintaining its profit well enough as it is far above the industry average of 27. 2% The Gross Profit Margin has remained pretty much stable throughout the whole three years. It increased slowly each year. It indicates that Square Pharmaceutical is managing its Sales and Cost of Goods Sold very well. Operating Profit Margin: It is calculated as the ratio of operating profit to sales. This shows the amount of operating profit earned relative to sales. Interpretation: * In 2012, for every 100-taka worth of sales, Square Pharmaceuticals earned 20. 9 taka of operating. * In 2011, for every 100-taka worth of sales, Square Pharmaceuticals earned 20. 4taka of operating. The operating profit figures show that Square Pharmaceuticals had a fluctuating trend over the period, with O/P margin being highest in 2007 and then it followed an up and down trend while gradually declining to 20. 4% in 2011. * Perhaps proportionate increase in sales was greater in the proportionate increase in operating which lead to a gradual decline in the figures. While the company had an inconsistent and declining figure for O/P margin, it still managed to catch up with the industry, with the industry average being at 19. 8%. Net Profit Margin:It is calculated by dividing net profit by sales. Interpretation: * In 2011, for every 100 taka worth of sales, Bangladesh Lamps generated 18. 8 taka worth of net income. * The Net income has deterioted over the years but still is being somehow consistent. The company has the highest industry average, so it shows their performance are way better than their rivals. The main reason that the profit margin declined is high cost. High cost, in turn, generally occurs due to inefficient operations. Profit margin also declined because in 2005-06 Square Pharmaceuticals used a lot of long-term debt. This invariably resulted in more interest cost, which brought the Net income down. Return on Asset: It is the ratio of net income to total assets. Interpretation * In 2011, Square Pharma generated 13 taka worth of net profit from its 100 taka worth of total assets. * The company has an improving trend of ROA. In spite of this the company’s ROA is below industry average. Return on Equity Interpretation: We can see that the ROE of Square Pharmaceuticals is stable and having a good number which is a good indication cause the higher the ROE, the higher the rate of return. Earnings per share: Over the years Square Pharmaceuticals’ earning per share has been increasing. For 2009-10 to 2010-11 EPS of Square Pharmaceuticals increased by 21. 42%. As its’ EPS is also higher than the industry average (presented at the later part of the paper), it can be said that Square Pharmaceuticals could use it equity efficiently in generating profit. MARKET VALUE RATIOSThe final group of ratios, the market value ratios relates the firm’s stock price to its earnings and book valu e per share. These ratios give management an indication of what investors think of the company’s past performance and future prospects. In this section, we are going to have a discussion mainly on two types of ratios: 1. Price/ Earnings ratio 2. Market/ Book ratio Price/ Earnings ratio: The Price/ Earnings ratio (price-to-earnings ratio) of a stock is a measure of the price paid for a share relative to the income or profit earned by the firm per share. P/E ratio – Price per share / earnings per share Market/ Book ratio: The ratio of book value to market value of stocks.Market/Book ratio (M/B) = Market price per share / Book value per share Following table shows the P/E and M/B ratios of Square Pharmaceuticals in different years: Year| 2006-07| 2007-08| 2008-09| 2009-10| 2010-2011| 2011-12| P/E Ratio| 10. 3 times| 17. 5| 18. 3| 17. 8| 16. 5| 15. 3| M/B ratio| 1. 78 times| 1. 77 times| 2. 36 times| 2. 41 times| 2. 94 times| 3. 26 times| The P/E ratio was 8. 43 times in 2 006-07. However, in 2007-08 it declined to 9. 70 times which is an alarming signal for the potential investors. The M/B ratio was 1. 78 times in 2006-07 and increased further to 2. 92 times in the following year which was excellent to draw the attention of investors.The main reason behind the declination of P/E and M/B ratio is the fall of price per share. Price of share may fall for several reasons. Failing to meet market expectations is one of the main reasons for the market to lose interest in a share. Shares are usually valued according to what investors reckon the company will do in future. Therefore, when a business fails to meet those expectations then it is not unreasonable for investors to reconsider their position. We can see this fact applicable for this company too. As the company was doing well in 2000-05, the share price was higher than among the three years. Interestingly, the impact on shares depends to a large degree on the influence that they have on the market as well.During 2005-06 financial year the capital market situation deteriorated to the level that the DSE General Index fell by 14. 91%. The overall hostile market situation put a negative impact on Square Pharmaceutical’s stock price too. Therefore, the investors should not be concerned much about the particular company’s P/E and M/B ratio. Debt management ratio Risk and Return Standard deviation derived from the monthly returns of Square Pharmaceuticals Ltd. over the last 5 years, is 14. 32% and the average rate of monthly return is 2. 56% Standard deviation is a measure of total risk of this stock. Thus this 14. 32% indicates the fluctuation of the 60 monthly returns of Square Pharmaceuticals stock from its mean.Thus, compared to the average monthly return of the stock which is only 2. 56%, the stock seems to be volatile. Coefficient of Variation = RiskReturn = 14. 32%2. 56% = 5. 60 Consequently, the coefficient of variation of this stock is quite high. The risk per un it of return is 5. 60. This means that the investors of Square Pharmaceuticals have taken only 5. 60 units of risk for every unit of historical return. Beta of Square Pharmaceuticals Limited The following scatter plot shows the relationship between the market returns (DSE) and Square Pharmaceuticals stock’s return. The scatter plot of Square Pharma stock’s price change against DSE general-index shows the movement pattern of these 60 data.Plot also demonstrates fairly positive correlation between Square Pharmaceuticals Ltd’s return and market return. The slope of this regression line is Beta which is a standardized measure of systematic or market risk of the stock. The beta of the stock of Square Pharmaceuticals has a value of 0. 623 which indicates that the stock has market risk which is not very close to the average market risk. The beta of the market or average market risk is always 1 Working Capital Requirements: | 2011-12| 2010-11| 2009-10| 2008-09| 2007-08| 2006-07| WCR| 2,077,569,872| 888,936,561| 685,445,639| 966,839,517| 1,433,895,492| 890,228,553| WCR for square pharmaceuticals ltd. shows an increasing trend over the years 2001 to 2010.This is happening because sales for square pharmaceuticals is increasing during those years. Net sales reflects the change in WCR. As we see from year 2001 to 2003 sales falls as a result WCR also falls. Again in year 2004 sales increased and thus the WCR also increased. Working Capital Requirements/Sales (WCR/S): | 2011-12| 2010-11| 2009-10| 2008-09| 2007-08| 2006-07| WCR/S| 0. 16| 0. 08| 0. 07| 0. 11| 0. 20| 0. 14| WCR/S is more or less same in the early years 2006, 2009 and 2010. Then we see an increase in 2008 and fall in 2007 and falls continues till 2011. Then increase in 2012 again. This ratio shows company’s dependency on external funds and also talks about firm’s liquidity.Thus we can see in the year 2006, 2007, 2008 and 2009 this ratio is higher, as a result WCR is high in th ose year indicating company’s OC needs a higher fund. DIH, DSO, DPO, OC, CCP: | 2011-2012| 2010-2011| 2009-2010| 2008-2009| 2007-2008| 2006-2007| DIH| 122. 78| 135. 04| 152. 34| 132. 05| 138. 98| 132. 27| DSO| 13. 97| 15. 34| 13. 75| 13. 53| 14. 87| 15. 75|