The Rise And Fall Of Troy Maxon - 1278 Words

The Rise and Fall of Troy Maxon: An Analysis of August Wilson’s play Fences In Fences, August Wilson, the playwright, provides a believable and powerful examination of the African American experience in the late 1950’s. It provides an apt portrayal of the mentality of African American men going into the civil rights movement, as well as a well-developed account of the friction that occurs between a father and a son, and a husband and wife in the face of conflict. According to Wilson, his play provides Caucasians with a view into an African Americans life to find similarities to their own (Kennedy and Gioia 1883). Not only did Wilson accomplish this, but also provided a representation of interfamily relationships that occurs in many cultures. For instance, Katz maintains that the father son relationship contains â€Å"†¦ inherent seeds of conflict† (Katz). The relationship between Cory and Troy mirrors the conflict between many young men and their fathers as they attempt to create their identity and independence while the fathers are still attempting to shape their future based on their experiences, creating conflict that transcends differences in race and culture. Similarly, the issue of infidelity in a marriage is another issue that is common in a multitude of cultures (Hartnett), and addressed in this play through Bono’s accusations toward Troy, and Troy’s subsequent admission to Rose that he had an affair resulting in a child. Wilson puts the most effort into developing

How Relationships Is Effective Communication - 883 Words

Relationships involve effective communication to keep going. Otherwise, the relationship slowly dies or is forgotten. Although, not just any sort of communication keeps a relationship from fading. It must be effectively done. Different components go into effective communication. First, the conversations must be initiated somehow through a channel or method of communicating. Next, the conversations should be transactional or each person is communicating with one another through speaking and listening to one another. Lastly, each party should be aware of the three different contexts that go into the conversation; relational, situational, and cultural. Avoiding so could lead to conflicts. Both parties must want to and try to actively communicate and understand each other in order to have a lasting and healthy relationship with one another. In order to communicate with someone, you must have some way to do so. These include texting, calling on the phone, writing, and the most common form; speaking face to face. These are all different methods of communicating which are also known as a type of channel. In order to help with utilizing different channels, you should look at the problems associated with them. Each channel has their drawbacks and strengths. When speaking face to face it is easier to get flustered around someone making it difficult to effectively communicate. Non-face to face communication channels are a lot easier for someone with speaking disabilities or who isShow MoreRelatedEffective Communication: The Foundation of Any Successful Relationship789 Words   |  3 PagesEffective communication is at the foundation of any successful relationship. Without communication based in respect, understanding, and love, relationships often disintegrate. Ober (18) described how there are four Cs and and A concepts that are associated with successful marriage, which include commitment, communication, compassion, connection, and acceptance. In order to improve relationships and prevent conflict or eventual partnership dissolution, individuals involved can seek out help and guidanceRead MoreEffective Communication As A Health Care Professional1313 Words   |  6 PagesCommunication is about more than just exchanging information. It s about understanding the emotion and intentions behind the information. Effective communication is how you convey a message so that it is received and understood by someone in exactly the way you intended (L. Robinson, J. Segal, Ph. D., M. Smith. 2015). This paper looks at the requirements of effective communication as a health care professional and the essential concepts to have as a registered nurse. Effective communication assistsRead MoreChallenges in Interpersonal Relationships976 Words   |  4 PagesInterpersonal Relationship Class 101 Laura Lyles COM 200 Interpersonal Communication Kenneth Newton April 8, 2013 Challenges In Interpersonal Relationship Class 101 Dear Jace and Kelli, I am thrilled to know that you are taking this class in Interpersonal Relationship. This class is to strengthen and empower you two as a couple as you embark on your new transition of becoming a married couple. Many areas will be covered in this class. We will discuss effective listening, empathyRead MoreCommunication : Verbal And Non Verbal Communication1216 Words   |  5 PagesCommunication is a complex activity which involve verbal and non-verbal communication, the topic under discussion, the prejudgments that people bring to the topic, and the â€Å"communication history† between participants in the discussion. A Speaker who transmits message must ensure that the message is delivered clearly. A listener who takes the messages must be an active listener. As effective communication can only take place when the recipient of the message understands it’s meaning and able to expressRead MoreThe Relationship Between Effective Communication And Organizational Efficiency11 23 Words   |  5 PagesExamine the relationship between effective communication and organizational efficiency, showing in particular how communication barriers may impact adversely on an organisation. This essay will focus on the relationship between effective communication and organizational efficiency, highlighting the main barriers in communication and their consequences. In order to facilitate the understanding of this relationship, it is very important to comprehend the purpose of communication in businessRead MorePrevention of Criminal Activity in the Society1275 Words   |  5 PagesWhat is the importance of effective communication in coaching? Communication is the cornerstone of coaching; and effective communication is the primary prerequisite of effective coaching. Even if the coach and person being coached speak completely different languages, the coaching relationship can be built on nonverbal communication. Communication engenders trust, and allows the coach to transmit knowledge, ideas, and emotions to the mentee. As Burton Raedeke (n.d.) point out, As a coach, youRead MoreEffective Communication For The Nursing Profession1493 Words   |  6 PagesEssay on Effective Communication Skills in the Nursing Profession. Name: Carmela Alitin Student Number: n9713271 Unit: PYB007 Communication for Health Professionals Tutor: Aleana Green Tutorial: Thursdays 11am-1pm, Z-607 Word Count: 1,380 A Reflective Essay on Effective Communication Skills in the Nursing Profession â€Å"Effective communication is integral in every profession, but in nursing, it could mean the difference between life and death,† (E.S Alitin, personal communication, 31 MarchRead MoreThe Importance Of Active Listening, Positive Verbal Communication And Understanding Level Of Communication1588 Words   |  7 PagesListening, Positive Verbal Communication and Understanding Level of Communication with Different Clients. Communication is an essential skill that involves the ability to exchange our attitude, thoughts and feelings through written, verbal and non-verbal interaction with each other (Crisp, Potter, Perry, 2013). In a wide range of workplaces, these interactions are primarily used to develop professional relationships with clients. To discuss the importance of effective communication in workplaces, I hadRead Moreletter of advice com 200 wk 51575 Words   |  7 Pagesyou both would like advice on how to effectively communicate in your relationship. In taking an interpersonal communication course, I have learned several concepts that I would like to share with you throughout this letter. I feel that it is only right that I share information I have learned for the marriage you have ahead. I know that you are newly engaged, and this information will prove to be of use in your relationship. It is important that interpersonal communication become the building blocksRead MoreTherapeutic And Non Therapeutic Communication1108 Words   |  5 Pagesnon-therapeutic communications, in nurse-patient relationship, on patient’s conditions in hospital. The paper contains of explanation of each article followed by the relation to the PICOT statement. This paper will discuss the importance of therapeutic techniques, in contrast of non-therapeutic techniques, in health care setting by providing different resources and different rationales. It also will provide different types of techniques for both therapeutic and non-therapeutic communications. The PICOT

Real or Fake Character Foils in Great Expectations Essay Example For Students

Real or Fake?: Character Foils in Great Expectations Essay One of the most remarkable aspects of Charles Dickens Great Expectations is its structural intricacy and remarkable balance. Dickens plot involves complicated coincidences, extraordinary tangled webs of human relationships, and highly dramatic developments in which setting, atmosphere, event and character are all seamlessly fused. Although, perhaps the most visible sign of Dickens commitment to intricate dramatic symmetry-apart from the knot of character relationships, of course- is the fascinating motif of character doubles or foils that run through the novel. The use of character doubles or foils in the novel effectively let readers understand important aspects and messages of the novel. Throughout the novel the foils of different characters give readers the opportunity to learn important messages about class, happiness, superficiality, satisfaction, greed, crime, punishment and money. The effect of class and superficiality on a person are clearly identified in the foil and comparison of Biddy and Estella. Biddy and Estella are both friends of Pip that take a key role in Pip’s life, but their level of compassion, attitude towards rank in society and their relationship with Pip, and overall happiness in life are very different. Biddy is a character that is considered common and not very beautiful on the outside but expresses a lot of inner beauty. She is kind and compassionate and understanding. Pip recounts Estella’s physical features, â€Å" She was most noticeable I thought, in respect of her extremities; for, her hair always wanted brushing, her hands always wanted washing, and her shoes always wanted mending and pulling up at the heel† (Dickens, 45). This shows that Pip makes note that Estella is not beautiful. On the contrary Estella is a character that tends to be a snob although she expresses a lot of outer beauty. This relates to the me ssage of superficiality. Although Estella is beautiful what is more important is the way in which you treat other people. As a result Estella can be considered superficial where as Biddy is real. Biddy is very kind and compassionate this is shown in the scene where Pip and herself are by the river, and she still shows her love towards Pip even though he says rude things like, â€Å"I should have been good enough for you; shouldn’t I Biddy? (Dickens, 136). Biddy is very easy going and allows Pip to be disrespectful although his comments hurt her. This shows that unlike Estella, Biddy is a very good friend who allows Pip to take her frustrations out on her, without saying rude things back. In his heart Pip knows fully well that Biddy is the ideal soul mate and wife for him, but he is completely overwhelmed by his foolish infatuation for Estella. This quote, â€Å" The unqualified truth is, that when I loved Estella with the love of a man, I loved her simply because I found her irresistible. Once for all; I knew to my sorrow, often and often, if not always, that I loved her against reason, against promise, against peace, against hope, against happiness, against all discouragement that could be. Once for all; I loved her none the less because I knew it, and it had no influence in restraining me, than if I had devoutly believed her to be human perfection† (Dickens, 245-246). This shows that Pip realizes that he shouldn’t love Estella, they weren’t meant for each other and the only reason he is drawn to her is because of her beauty. This passage infers that Biddy would have a much better match for Pip. Biddy unlike Estella was never insulting or capricious and wonders, â€Å"How could it be, then that I didn’t like her much better than the two† (Dickens, 276). Biddy is unaffected by class and doesn’t care less about it. When Pip is a blacksmith she loves him. He is very kind and not condescending. When he is exposed to a higher class he becomes much more condescending and jaded, and she falls in love with Joe who is a lower class blacksmith. Biddy believes not in the rank or class but the kindness of a person. Estella’s view on a persons rank in society is a crucial point to the relationship they will have, when Pip becomes a gentleman. Once Pip becomes a gentleman, Estella starts treating his with more respect, and starts calling him ‘Pip’ his real name instead of boy, which she called him when he was a blacksmith. This shows the respect that Estella treats Pip with once he becomes of higher class, compared to the little respect she showed him when he was of the lower class. All Estella cares about is the position in society whereas Biddy doesn’t care about anything but the kindness and personality of that person. Kindness is much more important than class and as a result of Estella’s superficiality and her lack of ability to posses true love she ends up marring Drummel who doesn’t care about anyone but himself, and is abusive. We see that Biddy is rewarded for her kindness by marring Joe, who is a kind and compassionate person. Biddy is a very satisfied person and finds happiness with Joe, where as Estella is never completely satisfied or happy about the way her life turned out. This shows that social class and money cant get you everything that you want in life, including happiness you must earn it. Global Warming Fact Or Fake?Magwitch does this to spear Pip from getting in trouble. Unlike Magwitch, Compeyson is not a very nice man. He was able to only get half of the sentence that Magwitch received just because of his gentleman ways. He was the one that was going to marry Miss. Havisham but left her at the alter. What is different about Magwitch than many other characters in Great Expectation is that Magwitch becomes wealthy through hard work and devastating conditions. He is a self made man. Although Magwitch does use money to help Pip, it is the tender friend ship towards the end that is the most powerful. This shows us that money isn’t everything, friendship is more important. Compeyson did not believe this according to Magwitch, â€Å" ‘Hed no more heart than an iron file, he was as cold as death, and he had the head of the devil afore mentioned’(Dickens, 369). This just shows us that Compeyson was a coldhearted man that never actually escaped from cr ime. In the end Compeyson died from drowning while in a fight with Magwitch. Magwitch dies away from crime with Pip by his side. Some of the most powerful devises Charles Dickens uses in Great Expectations is the idea of character doubles or foils. Through these foils readers learn powerful messages from each pair. Through Biddy and Estella readers learn about the effect superficiality and class can have on a person, through Joe and Pumblechook we learn about greed and satisfaction and through Magwitch and Compeyson we learn that friendship is more important then money and that crime is always present throughout the novel. All of these foils add contrast and excitement to plot as well as the extraordinary tangle webs of human relationships. Works Cited Dickens, Charles. Great Expectations. New York: Bantam Dell, 2003. PRINT

Solviet Union Essays - Communism In Russia, Communist States

Solviet Union Essay #1 Samuel P.S.204 3-14-9 The Soviet Union sparked its first paths of development towards a communist economy through a five-year plan in 1938. The plan called for government controls and government regulation for their workers. This planned also controlled prices and wages for the workers to control the standard of living and to keep the needs of the common man minimal. The government wanted control of all private industries so that they can push for a rapid industrial society. Benefits such as health care and public housing were terminated to help the Soviet government with their plan. The Soviets wanted to combine their work force with their investments in coal, steel and iron to boost their capital and help them create a super nation. After Joseph Stalins death in 1953 a change began to occur in the Soviet Union. A new set of reforms was set up which were to reestablish welfare programs and public housing. This plan that was coined the destalinization effort, was used to introduce the new market strategies, expanding production and raising the profit margin. However politically this plan was looked upon negatively and was merely disregarded. Over time several attempts towards this model were made as late as 1988. Gorbachev was still trying for economic reforms. Small business enterprises began to branch out and with new laws in place more businesses were in control of themselves without that much government regulations. These businesses folded and inflation became a horrid realization for the soviets. The soviet economic plan was failing and was not showing any signs of revival. It was not until the breaking up of the Soviet Union in the early 90s where the Soviet economy would show signs of hope. Compared to the theories of Marx, the Soviet Union did not begin their economic development in the way, which Marx theorized. He believed that the economy needed to be collectively ran and owned rather than in private hands. He also believed that education should be free for all children in public schools and that benefits for workers should be in place. His overall ideas were thatThe revolutionary overthrow of capitalism and the Bourgeoisie state by a mass up rising of the urban working class, the Proletariat. (Nagle, J.pg.156) At times, the Soviet society had beliefs of Marxism and economic reforms were beginning to align in a conceptual sense. During the destalinization period the beliefs were beginning to give back to the working man and uses of new strategies to help overall production arose and thus helped the economy. During the period of the five-year plan the Soviet Unions economic and political structure was almost totally different in that the goal of the society was to ha ve total government control. Control of the worker, control of the resources and control of the profits. The failures of the economic and political development of the Soviet Unions were that during the times of the five-year model rise of Communism. The government believed that their system would help create a super power nation when in fact it made the nation weaker because it failed within two years because of distress among the common man. Efforts to correct the damage done to the society tremendous and since the break up the Soviet Union they are still trying to rebuild the nation to what it once was before the fall or the revolution. It would be difficult to speculate about the future of the Soviet Union or current day Russia. In keeping with current events I believe that Russia will continue trying to rebuild its economy and the future of its economy and the future of its people. With Yeltsin as their as their leader Russia will hopefully be able to create a system that will raise the rate of production of goods which will lead to raising the standards of the economy and living. Political Issues

Create a Mouseover Color Highlight Using Delphi

Create a Mouseover Color Highlight Using Delphi Have you ever seen a menu or table column or row highlight to a different color when your mouse hovers over it? Thats what our goal is here: to have a row become highlighted when the mouse pointer is within range. The TDBGrid Delphi component is one of the jewels of the VCL. Designed to enable a user to view and edit data in a tabular grid, the DBGrid provides various ways of customizing the way it represents its own data. For example, adding color to your database grids will enhance the appearance and differentiate the importance of certain rows or columns within the database. However, dont be fooled by over-simplistic tutorials on this topic. It might seem easy enough to just set the dgRowSelect property, but remember that when dgRowSelect is included in Options, the dgEditing flag is ignored, meaning that editing the data using the grid is disabled. What youll find below is an explanation on how to enable the OnMouseOver type of event for a DBGrid row, so that the mouse is recorded and located, making the record active so as to highlight the corresponding row in a DBGrid. How to Work With OnMouseOver and Delphi Components The first order of business is writing code for the OnMouseMove event in a TDBGrid component so that it can locate the DBGrids row and column (cell) that the mouse is hovering over. If the mouse is over the grid (handled in the OnMouseMove event handler), you can use the MoveBy method of a DataSet component to set the current record to the one displayed below the mouse cursor. type THackDBGrid class(TDBGrid);...procedure TForm1.DBGrid1MouseMove (Sender: TObject; Shift: TShiftState; X, Y: Integer);var gc: TGridCoord;begin gc: DBGrid1.MouseCoord(x, y); if (gc.X 0) AND (gc.Y 0) thenbegin DBGrid1.DataSource.DataSet.MoveBy (gc.Y - THackDBGrid(DBGrid1).Row); end;end; Similar code can be used to show which cell the mouse hovers over and to change the cursor when its over the title bar. In order to correctly set the active record, you need to hack a DBGrid and get your hands on the protected Row property. The Row property of a TCustomDBGrid component holds the reference to the currently active row. Many Delphi components have useful properties and methods that are marked invisible, or protected, to a Delphi developer. Hopefully, to access such protected members of a component, a simple technique called the protected hack can be used. With the code above, when you move the mouse over the grid, the selected record is the one displayed in the grid below the mouse cursor. Theres no need to click the grid to change the current record. Have the active row highlighted to enhance the users experience: procedure TForm1.DBGrid1DrawColumnCell (Sender: TObject; const Rect: TRect; DataCol: Integer; Column: TColumn; State: TGridDrawState);beginif (THackDBGrid(DBGrid1).DataLink.ActiveRecord 1 THackDBGrid(DBGrid1).Row) or (gdFocused in State) or (gdSelected in State) thenbegin DBGrid1.Canvas.Brush.Color : clSkyBlue; DBGrid1.Canvas.Font.Style : DBGrid1.Canvas.Font.Style [fsBold]; DBGrid1.Canvas.Font.Color : clRed; end;end; The OnDrawColumnCell event is used to handle the need for a customized drawing for the data in the cells of the grid. You can use a little trick to differentiate the selected row from all the other rows. Consider that the Row property (integer) is equal to the ActiveRecord (1) property of the DataLink object that the selected row is about to be painted. Youll probably want to disable this behavior (the MoveBy method in OnMouseMove event handler) when DataSet connected to a DBGrid is in Edit or Insert mode.​

The Writ of Habeas Corpus essays

The Writ of Habeas Corpus essays Habeas Corpus is a legal action which is sometimes called a writ and it says a person under arrest is to be brought before a judge to make sure that there is enough evidence to hold the person. If there isnt enough evidence then the prisoner must be released. Any prisoner or a legal person representing the prisoner can request Habeas Corpus. Habeas Corpus does have some limits. It is a guarantee against wrongly holding a prisoner but doesnt exactly protect a persons rights. The right to petition for the legal action has long been celebrated as the best safeguard of the liberty of a person. The writ of habeas corpus was issued by the English courts in the name of the monarch to control inferior courts and public authorities. rather than issuing the writ immediately and waiting for the return of the writ by the custodian, modern practice in England is for the original application to be followed by a hearing with both parties present to decide the legality of the detention, without a ny writ being issued. If the detention is held to be unlawful, the prisoner can usually then be released. On September 11, the United States was changed we became more determined than ever to defend our country. As a result of the tragedy of so many lives lost on September 11 President Bush signed on November 13, 2001 an order establishing the governments right to use military tribunals to try accused terrorist. In 2002, the United States military began bringing prisoners they thought were terrorist to the United States military base in Guantanamo Bay Cuba. The Bush Administration said that the detainees were enemy combatants not prisoners of war. By doing so he bypassed the constitution and the Geneva Convention. Both of those would have served as a protection for the detainees to make sure they were handled properly. President Bush signed an order on November 13, 2001 establishing the government right to use milit...

What Criteria might be used to Define a State as Liberal Democracy Essay

What Criteria might be used to Define a State as Liberal Democracy - Essay Example The liberal state can be explained as an opposition of the individual against the norms of custom, tradition, and religion (Barry et al 2001, p. 3). As a result, the liberal inherently distrusted the imposition of any authority over the individual and the forces of the marketplace. Democracy is a means by which members of a community could ensure equality while working to achieve common goals and aspirations. Liberal democracy can be defined as a political system in which the application of state power is curtailed in several specific ways. The first, most important constraint is the clear separatior if the private and the public realms. Any explicit attempt to merge the two is considered illegitimate. Liberal democracies are also political systems in which any application of political power must be sanctioned by law and a certain degree of equality before the law is accorded all citizens. Political power is subject to popular control through regular, open, and reasonably fair elections in which at least two parties compete for power. Finally, while there may not be a constitutional separation of secular and clerical authorities, the former has prevailed over the latter, at least in recent times. (Bell 2006, p. 123). The main criteria used to defined the state as liberal democracy are the rule of laws and supremacy of constitution, voting rights and equality of all citizens, civil liberties and minority rights, independent judiciary and parliamentary power, independent media and religious freedom, subordination of military to the state power and freedom and autonomy of movements and assassinations. The examples of liberal democracies are France and Austria, Jamaica and Poland. Following Plattner (2007, p. 41), the general will of the community could force men to be free. Far from seeking to defend the liberty of the individual from the power of the state, the essence of democratic thought is to capture and employ the power of the state to benefit the community as a whole. Phrased another way, if liberalism proclaims the primacy of the individual, democracy demands the subordination of the individual to the collective welfare of the whole. Liberal values are not, of course, the only desiderata. Th ere are ideals which others share, of unity, efficiency, order and security. In addition, all societies today, whether democratic or non-democratic, pursue the secular grail of economic growth, and democracy is likely to be judged not only by its merits but its performance. Some account, therefore, had to be taken of the relationship between political reform and economic freedom--a liberalization of markets and the spread of local wealth to match the dispersal of political power (Barry et al 2001, p. 43). Civil society corresponds to liberal democratic society in its political aspects and to the pluralistic society of voluntary associations and private corporations on the other. Civil society entails the freedom of contract and the market economy. The private ownership of property and the freedom of contract and the organization of the market economy around them, are necessary conditions for civility in society. Seen in the crudest terms, civility and the market seem to be antithetical to each other--one altruistic, the other egoistic, the one inclusive, the other exclusive--but in fact they are mutually dependent. The very anonymity of the market, its relative disregard for the primordial and personal, is a necessary condition of the extension of the collective self-consciousness to the inclusion of unknown and unseen persons (Bell 2006, p. 13). Political scandals in the modern world can be understood only by developing an appreciation for this ambiguity concerning the use of politic al power-an ambiguity

Mental Disorder and Medical Disorder Essay Example | Topics and Well Written Essays - 2000 words

Mental Disorder and Medical Disorder - Essay Example chological health disorder that presents with spontaneous shifts in moods, energy levels, and activities, which in turn impact the ability to perform day to day tasks. The disorder is also referred to as manic-depressive illness. Several factors work together to bring about the disorder. These causes can be anatomical or genetic. Research has shown that certain families are predisposed to having bipolar disorder due to the possession of a certain gene. The anatomic perspective of the development of bipolar disorder shows that there are structural abnormalities in the brain of individuals with bipolar disorders. For instance, similarities have been established through magnetic resonance imaging between the brain development patterns of children with multi-dimensional impairment, bipolar disorder and schizophrenia. These finding implies that the brain plays a substantial role in the development of volatile temperament. The signs of bipolar disorder can be categorized between those associated with manic flare-ups and those related to depressive episodes. Indicators of manic outbreaks include mood alterations such as prolonged periods of excitability and extreme tetchiness. Behavioral changes include rapid speech, impulsive indulgence in risky behavior, restlessness, intense physical activity, having unrealistic expectations, poor sleep and lack of sleep. On the other hand, depressive signs include loss of interest in pleasurable activities, prolonged periods of despair, fatigue, loss of concentration, poor appetite, and suicidal tendencies. Type 2 diabetes mellitus (T2DM) is a metabolic disorder that arises due to the inability of the body to utilize insulin. The condition may be a consequence of insulin resistance or the loss of insulin receptors. It presents with symptoms such as extreme thirst, sudden unexplained loss of weight, fatigue, delayed wound healing and blurred vision. There is a relationship between type 2 diabetes mellitus and BD (Svendal, Fasmer,

Shawshank Redemption Essay Essay Example for Free

Shawshank Redemption Essay Essay Analyse how at least one setting helped you better understand one or two characters or individuals. !! In the film, The Shawshank Redemption the director, Frank Darabont, uses the prison setting to help the audience to better understand the inmates of Shawshank State Prison. Darabont uses an array of film techniques to illustrate his purpose of institutionalisation and the importance of hope. !! The nature of the prison is cold and oppressive. The prison is lit by blue/grey lighting that complements the blue and grey backgrounds of the walls, adding a claustrophobic ambience to the already disheartening prison. Darabont cleverly uses the prison setting in The Marriage of Figaro by Mozart Scene to help the audience understand how the inmates have become institutionalised from everyday prison life. Not only does this scene uncover institutionalisation, but also how the prisoners respond to the feeling of hope and therefore exposing its importance. Andy Dufresne, a former vice president of a bank who was wrongly accused of murdering his wife and her lover, is shown excitedly going through a box of records. He comes across a certain album, Mozarts The Marriage of Figaro, he pulls it from the stack and plays it on a phonograph. Andy works up his courage and broadcasts the duet to the entire prison.!! Darabont effectively uses the technique of soundtrack to convey how the inmates have become institutionalised to benefit the audiences understanding. Soundtrack enables the audience to understand the toll prison has had on the inmates, as said by Red Redding, a longtime inmate of Shawshank State, they send you here for life, and thats exactly what they take. The part that counts, anyway. We understand that the inmates feel that they are defined by the walls of the prison and have accepted that theres no way theyre going to make it on the outside as quoted by Red Redding. As the music plays, the inmates stop still, hypnotised and overcome by its beauty. Inmates either go up to the windows or look up at the sky in an attempt to look beyond the prison walls. This shows how they have become institutionalised as they are transfixed by something so simple. The inmates melodramatic response to the sound of music enables the audience to understand how much they are missing out on life. We better understand the inmates by learning that even though they essentially resented prison regime, it quickly became part of their life and soon depended on the prisons rules and came to believe that they could not function without it. The inmates have ultimately lost their independence. !! Other techniques in this scene include dialogue and voiceover. These techniques are effectively used to show the necessity of hope to the inmates. During this scene, we see shots of the inmates either looking out windows or up at the sky, complemented by Reds voiceover he says, I have no idea to this day what them two Italian ladies were singing about I tell you those voices soared. Higher and farther than anybody in a grey place dares to dream. It was like some beautiful bird flapped into our drab little cage and made these walls dissolve away and for the briefest of moments every last man at Shawshank felt free. Red speaks for the rest of Shawshanks inmates as he metaphorically uses the beautiful bird to symbolise hope. He states how it made the prison walls dissolve away and allowed every last man at Shawshank to feel free. Hope enabled them to withstand the drudgeries of prison life and gave them the will to live. Another technique used is dialogue which directly addresses the importance of hope. Near the end of the scene, we see Andy and fellow inmates having a conversation in the prison cafeteria where Andy says, we need it (hope) so we dont forget that there are things in this world not carved out of grey stone. That theres a small place inside of us that they can never lock away, and that place is called hope. Andy enlightens his peers by teaching them that hope cannot physically be taken away. Its something that you decide whether you take it into account or not. We can a better understand of the inmates as we learn that hope is not only wishful thinking, but never giving up and more importantly it is the foundation for motivation. Inmates know that hope is fundamental to prison survival and know that whatever prison or oppressors may do to the body, they can never kill the soul. !! From the prisons setting we gain a better understanding of the prison inmates. We gain insight about the inmates and how institutionalisation slowly crept in their lives, but also how hope serves an importance purpose to their welfare. Hope is very significant in todays society; hope gives us motivation or strength to withstand adversity. Hope is something that carries a person through life just like it does for the men of Shawshank Prison. Darabont uses the film techniques of soundtrack, voiceover and dialogue to help the audience gain a better understanding of the prison inmates in the film.

Pettiness of the Wealthy Exposed in The Stolen Party Essay -- Stolen P

Pettiness of the Wealthy Exposed in The Stolen Party  Ã‚     Ã‚  Ã‚   In Liliana Heker’s short story, "The Stolen Party," Senora Ines invited Rosaura to the party for only one reason, to serve. Rosaura was a very smart girl in school, but she lacked people smarts. Senora Ines told Rosaura that she would be a guest there but tricked Rosaura into being a helper instead of a guest. Senora Ines needed Rosaura to help at the party so she mislead Rosaura by making her tasks seem as if they were privileges. Senora Ines’ deviousness ultimately devastated poor, innocent Rosaura. Rosaura was a smart yet naive girl. Heker tells us that, "she was barely nine, and one of the best in her class" (1133). But as her mother, Herminia, says, "Get away with you believing any nonsense you’re told" (Heker 1133). Rosaura felt like she was equal to Lucinda, but to Senora Ines she is nothing but the maid’s daughter, another pair of hands. Rosaura wanted a better life than her mother’s, and she thought that this might be the first step in that direction. Senora Ines was very secretive in her true intentio...

Perfection: already in humans?

Dear Brother Allen,Hope this letter finds you in good stead and full of happiness. Here I'm also feeling happy, as today I have the scope to write to you. Everything is going fine here at our Institute, which is in fact going from strength to strength with the steady enrolment of new volunteers.News apart, I'm feeling excited to share certain reflections of my present day thought which you wanted to know. Presently I'm preparing a discourse aimed to bolster the spirit of the modern youth and I would like to share some excerpts from it.The recent train of thought in me has provided a new light on the topic of perfection. It has been for quite some time, I was receiving various hints from the nature and the living beings about the genesis of perfection. Later, one day when I was trying to join those loose threads of thought, I suddenly stumbled upon a revelation – which, in fact has brought in a new bend in my vision! No, it hasn't brought me on any crossroad – on the con trary, it has elevated me to a plane, from where I'm seeing more things with more clarity.The idea, of which I'm excited about, can be expressed in a single phrase and I'm doing that for you now: â€Å"Education is the manifestation of perfection, which is already in humans†!This is the goldmine of ideas that I've struck just a few days back. It perfectly conforms with the philosophy of Vedanta – even more, it consolidates the very base of it – that is, Monism.Let me try to explain in detail. You must be knowing that Vedanta philosophy is essentially based on the idea that it is one unique that has been working all around.. This premise brings down this fact that the Almighty is not something or someone existing in somewhere, but it is He who is in us, exists equally everywhere. All around us and beyond is attuned with His existence. Now when I was contemplating with the idea of perfection, it suddenly came to my mind that if He is in us, and if He is the epitom e of perfection, then perfection is supposed to be inherent in us as well! This idea made me so excited and I took to the narrow road down through our garden and settled myself beneath our big banyan tree to meditate in the joy of revelation.Brother James, the halo of this idea is still exerting its influence in me; as now I am gradually coming to the terms of its fuller possibilities; which, in essence is a limitless magic of the Divine Almighty.Imagine what would happen, if each individual perceives this truth that they are already endowed with the power to be perfect in their acts and deeds, and all they have to do is to tap that infinite reservoir of power! Then this would bring in a collective spiritual revolution across the globe; where all men and women would be busy in discovering the inner power of their own and all will be on the equal plane with a soothing sense of equality! Being convinced of equality, all would only be eager to extend their helping hands to others.This act of recognizing the inner reservoir of perfection has to have innumerable other implications as well, let alone the possibility of a collective and organized journey towards salvation. It would shorten the cycle of rebirth if there is any; because it would connect to the soul, the spirit, or the atman in Vedic parlance; which would in itself be an act of rising over the body and mind!The application of this new found philosophy, as I'm feeling from within, would actually set everyone in motion; much like the gases in the stars which emit the light till it attains the nirvana or moksha or salvation,   you name it! This would only spell a relentless development but without any competition; it would be a confident march where everyone will arise, awake and will stop not till the goal is reached.I can feel the excitement in me already, which speaks of the power of this idea. It was only days back I wrote in the pages of my intended discourse for the youth of the world: â€Å"What I want is the muscles of iron and nerves of steel, of which the thunderbolt is made..†Ã‚   and now I have to add lines to it, mentioning clearly that â€Å"you have it all in you, the iron, the steel, the thunderbolt. All you need is to believe in this fact and act on this. The rest will take care of it.†Brother Allen, I sincerely pray that this idea evokes a new spirit in you too, that you become aware of your potential and utilize it to the fullest and bask in the glory of salvation after blooming like a star or a flower in this universe.Best Wishes,Swami Vivekananda,Ramkrishna Mission,Kolkata, India.01/01/1889Works ConsultedSayings of Swami Vivekananda. 3 Nov. 2007http://mysticsaint.blogspot.com/2005/06/sayings-of-swami-vivekananda.htmlQuotes of Swami Vivekananda. 3 Nov. 2007.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   http://thinkexist.com/quotes/swami_vivekananda/Biography of Swami Vivekananda. 3 Nov. 2007.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   http://www. writespirit.net/authors/swami_vivekananda/biography-swami-  Ã‚  Ã‚   vivekananda/Swami Vivekananda. http://www.sriramakrishna.org/vvksay.htm

Merck vs Pfizer

Evaluating Merck & Co. , Inc vs. Pfizer, Inc. Amy Lan Lan Liu Connor Buestad Raghul Subramanian Natalia Cosa ACCT 831 March 16, 2011 Table of Contents: Part 1: History, Background and Core Business †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 2 a. Merck & Co. , Inc. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2 b. Pfizer, Inc. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2 c.Core Business †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 Value Chain †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4 Porter’s Five Forces †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 SWOT Analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 Part 2: Financial Analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5 a. Profitability Analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 15 b. Liquidity Analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 18 c. Solvency Analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 19 Part 3: Valuation Analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. .. 20 a.Residual Income †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 20 b. Cost of Equity †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 21 c. Valuation †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 22 d. Sensitivity analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 23Part 4: Recommendations †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 23 Appendix: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 25 Appendix A: Profitability Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 25 Appendix B: Liquidity Analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 25 Appendix C: Solvency Analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6 Appendix D: Residual Income and Cost of Equity†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 26 Appendix E: Sensitivity Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 27 References †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 28 Part 1: History, Background and Core Business a. Merck & Co. , Inc. : History and Background Information Merck is headquartered in Whitehouse Station, New Jersey. According to its website, the company was originally established in 1891 as a US subsidiary of the Merck KGaA German company. Merck became an independent company in 1917.In 1963 Merck launch the first measles vaccine, and, in 1967 launched a mumps vaccine. In 2009, Merck acquired Schering-Plough and now represent the world’s third-largest pharmaceutical company by market share. Today, the company has over 94,000 employees worldwide (2012). Merck is the third largest global healthcare company in the world. The company specializes in prescription medicines, vaccines, animal health, and consumer care products, that are marketed directly and through its joint ventures. The company operates four segments namely Pharmaceutical, Animal Health, Consumer Care, and Alliance segments (merck. om, 2012). Starting 2011, in order to drive future growth, Merck started focusing on reducing costs, making strategic investments in new product launches, and improving its research and development pipeline. Merck’s sales worldwide reached $48 billion in 2011, which was a 4% increase from 2010. With two dr ugs under review with the FDA, the company has 19 other drugs in the Phase III of development. b. Pfizer Inc. : History And Background Information Found by Charles Pfizer and Charles Erhart in 1849 Pfizer, Inc. is the largest pharmaceutical company in the world.Their main goal was to discover new drugs that would help improve the healthcare around the world. Both Pfizer and Erhart were born and raised in Germany before descending upon Brooklyn, New York, where Pfizer first opened its doors as a fine-chemicals business. The first product launched by Pfizer was used to intestinal worms, a disease that was prevalent in mid-19th century America (Pfizer. com, 2012). According to their website, in 1880, Pfizer shifted its focus to manufacturing citric acid which was the raw material for soft drink products such as Coca-Cola, Dr. Pepper, and Pepsi-Cola.In 1944, Pfizer succeeded in producing penicillin with was also called â€Å"the miracle drug. † By 1980, Pfizer was manufacturing a n anti-inflammatory drug called Feldene (piroxicam), which was the first product to generate revenue of one billion dollars from sales around the world. Today, Pfizer is known for its creation of drugs such as Lipitor used for cholesterol, Viagra used for erectile dysfunction, and Celebrex used as an anti-inflammatory (2012). The range of products sold by Pfizer has many applications in the health industry that serves in wellness prevention and treatment of a wide variety of diseases.Some of its promises drugs that are under review are potential cures for Alzheimer’s disease and cancer. c. Core Business: Merck and Pfizer share the same core business model of researching, developing, and marketing pharmaceutical products. As with any business, Merck and Pfizer are facing increasing competition and challenges, not the least of which is the expiration of patent protections on key products. There are three tools that are increasingly useful in analyzing the core business and econ omic characteristics of an industry. These include the value chain analysis, Porter’s Five Forces Model, and the SWOT analysis.The Value Chain The first tool, the value chain analysis, represents the chain of activities involved in the development, manufacturing, and distribution of products and/or services of a company. The value chain of pharmaceutical companies usually consists of research and development of drugs, drug approval by government regulators, manufacturing of drugs, creation of demand for drugs, and marketing to consumers. The analysis of each stage of the value chain can reveal the central focus and competencies of the firm, and can point to the activities that drive profit.According to Fortune 500, the leading pharmaceutical firms in 2011 were Pfizer, Johnson & Johnson, Merck, and Abbott Laboratories (CNN. com, 2011). The two companies we discuss in this paper, Merck and Pfizer, have similar value chains. Merck and Pfizer position themselves as companies that provide innovative and effective drugs and medical solutions globally. Due to the increasing threat of patent expiration and generic drug competition, both pharmaceutical companies focus extensively on research and development and new drug approval value chain activities.Both companies devote considerable internal resources on R&D, and continue to expand through acquisitions or by entering into agreements with other companies that focus on the discovery and development of new drugs. In 2009, Pfizer acquired Wyeth for $68 billion, an acquisition that is considered the largest pharmaceutical merger in nearly a decade (Hoover's Company Records, 2012). In addition, Pfizer acquired Excaliard Pharmaceuticals in November 2011, and in September 2011 it gained 70% ownership of the outstanding shares of Icagen, Inc.Merck is also constantly seeking out collaborations, licensing, and outsourcing agreements in the area of Research and Development (Datamonitor, 2011). In November 2009, it acquir ed Schering-Plough for $41 billion (Hoover's Company Records, 2012), and in May 2011 it acquired Inspire Pharmaceuticals. Pfizer and Merck focus heavily on the new drug approval process. In 2011, Merck had 2 drugs under review by government regulators and 19 drugs in last trial phase, and it also planned to file 5 major products for approval between 2012 and 2013.Pfizer had 19 drugs submitted for FDA for approval, and 5 already approved for 2011. Both Merck and Pfizer benefit from using sophisticated and efficient manufacturing and supply chains. Both companies create, move and sell tremendous amounts of product each year and therefore must rely on a dependable manufacturing system. Their manufacturing network consists of numerous manufacturing sites and distribution networks around the world. In addition to their internal manufacturing, pharmaceutical firms work with networks of external partners to produce lines of product, packaging, and active ingredients.To create demand for th eir products, both companies market extensively in multiple media outlets and encourage consumers to ask their doctors about different drugs. Merck markets its products in over 140 countries through direct sales forces and international distributors. Its customers are drug wholesalers, retailers, government agencies, and healthcare providers (Hoover's Company Records, 2012). Pfizer sells its products through wholesale distributors like McKesson and Cardinal health and it markets its products directly to doctors, hospital, nurses, employer groups, and patients.Porter’s Five Forces The pharmaceutical industry is a highly dynamic with new technologies emerging in the market quite often. Michael Porter’s Five Forces model can be used to study and verify the factors affecting the market performance of Merck & Co and Pfizer. This model focuses on the external forces that the companies must pay attention to in order to maintain their profitability. The five forces of the phar maceutical industry are analyzed below. 1. Threat from new entrants is predicted to be low in this industry due to the following reasons.The pharmaceutical industry is a high-tech industry and involves high capital costs. Economy of scale is required to keep the costs down and the established firms (Merck & Co and Pfizer) are well known for excelling in this area. The existing drugs are safe-guarded by patents at least for a particular period of time before the generic drugs hit the market. This gives companies like Merck and Pfizer a considerable leg up on competitors. However, these patents do eventually expire, thus opening the door to more competition from generic drug makers. Product differentiation is necessary in order to attract new customers.In the field of pharmaceuticals, it is very hard to bring a differentiated product to market. New drugs undergo extensive testing by the FDA before entering the market. The drugs by the established firms get easily passed when compared to new entrants whose credibility is still uncertain. 2. Rivalry among established firms is high in the industry among players like Johnson & Johnson, Merck & Co, Pfizer, Abbott Laboratories etc. The pharmaceutical industry is high revenue industry and there is a tough competition to obtain more market share. No company owns more than 6-10 % of the market share.In addition, high costs of R and marketing are incurred by all the firms involved in this competition. 3. Buyer power would be classified as low to moderate in this industry due to the following reasons. The concentration of buyers relative to overall industry size is low. The demand for chronic and lifesaving drugs is high due to the ageing baby-boom population. The buyers have little knowledge about the industry cost structure and hence the pharmaceutical companies use this advantage to price their products higher. The patents protect the drugs from lower priced competitor drugs, but many patents are expiring. . Supplier po wer is considered medium to low in the industry. The supplier switching costs incurred by pharmaceutical companies like Merck and Pfizer is low. The threat of forward integration by suppliers is low due to lack of knowledge and expertise. Differentiation of the supplier products is low because they have a wide range of applications, with the biotech firms being one of them. 5. Substitute products always present a challenge to companies operating in the pharmaceutical industry. This can be attributed to the following factors.Biotech firms like Amgen are beginning to market their own products, unlike the traditional method of selling them to pharmaceutical companies like Merck and Pfizer. This presents a new segment of competitors that can provide substitutes. Increasingly, patients can use medical alternatives such as surgery, homeopathic remedies, acupuncture and herbal medicines. The overall healthcare industry is very dynamic and always changing. New products and healing methods a re constantly being developed, some of which could serve as substitutes to existing treatments offered by Merck and Pfizer.SWOT Analysis Merck & Co. SWOT Merck is the third largest healthcare company in the world. Over the years, a large investment in R has enhanced the company’s top-line growth. However, new competitors and large cost of drug development could affect their revenue growth. | Strengths |Weaknesses | |Leading market position; third largest healthcare company in |Generic brand competition | |the world. High litigation cost | |Successful launches of new products | | |Merger with Schering-Plough strengthens their industry | | |position | | |Opportunities |Threats | |Cost savings from internal restructure |US regulatory setbacks | |Expansion in emerging markets |Healthcare reform of US | |Strong pipeline | | Strengths Leading Market Position; Third Largest Healthcare Company in the World Merck is a well-known and respected company worldwide. One of their great est strengths is their leading market position. Merck’s worldwide sale totaled $48 billion in 2011, an increase of 4% compared to 2010.The increase of revenue is mainly due to the company’s signature products such as Singulair, Januvia, Remicade, Zetia, Vytorin, Janumet, Isentress, Nasonex, Gardasil, and Temodar (Datamonitor, 2011). Successful Launches of New Products Merck has a proven success record for launching new products. Since 2006, it has successfully launched 10 new therapeutics, including Victrelis, a treatment for chronic hepatitis C (2011), Elonva, a corifollitropin alpha injection (2010), Janumet, a treatment for diabetes, Isentress, an HIV integrase inhibitor (2007), Gardasil, a drug that could prevent diseases caused by HPV, and Januvia, a cure for type 2 diabetes (2006) (Datamonitor, 2011). Merger with Schering-Plough Strengthens Their Industry Position The merger with Schering-Plough has certainly strengthened Merck’s industry position.Schering -Plough owned many popular pharmaceutical drugs such as allergy drugs Claritin and Clarinex, anti-cholesterol drug Vytorin, and a brain tumor drug Temodar. Schering Plough had 1. 4% market share in the U. S. , 17th in the top 20 pharmaceutical corporation by sales (Datamonitor, 2011). Weaknesses Generic Brand Competition Merck pharmaceutical products have traditionally accounted for most of their total sales. One weakness is the competition Merck faces with generic brands. Due to the current economy, we tend to estimate people will shift to more inexpensive and generic brand products. This can cause sizable losses for Merck’s total revenue. High Litigation CostsMerck continues to face litigation related to their Vioxx recall, a drug that is used to cure arthritis and acute pain. In 2004, Merck withdrew Vioxx off the market because it cased potential cardiac attacks among the patients who took it regularly for a period of 18 months or longer. During 2010, Merck was forced to s pend around $140 million in legal defense costs (Datamonitor, 2011). Opportunities Cost Savings from Internal Restructure Merck has emphasized the idea of decreases costs in order to drive greater efficiencies within the company. According to Datamonitor’s SWOT analysis, Merck hopes to reduce costs by $3. 5 billion annually beyond 2011 (2011). Expansion in Emerging MarketsMerck has strengthened its international market share by signing exclusive agreements with other established companies to co-promote and distribute a number of products. For example, Merck and Johnson & Johnson agreed to govern the rights to distribution of Remicade and Simponi. Remicade is a treatment for nasal allergy and Simponi is an asthma treatment for patients above the age of three. According to the agreement with Johnson & Johnson, Merck is allowed to market Simponi and Remicade in Asia, Canada, Africa, The Middle East, and Central and South America as of July 1, 2011. In addition, Merck exclusively markets these products in Turkey, Russia, and Europe.These two products brought in 70% of Merck’s revenue from 2010 (Datamonitor, 2011). Strong Pipeline Datamonitor expects that Merck’s 20 new products will add combined annual sales of more than $7 billion to its top-line by 2015 (2011). â€Å"While Merck retains its internal focus on pipeline productivity, half of its new launches were obtained in the company’s merger with Schering-Plough. Recently Merck has had considerable success with a number of new launches since moving into its core portfolio. It will look to replicate this success with the pipeline programs it has inherited from Schering-Plough as well as with those it has been developing prior to the merger. † Threats US Regulatory SetbacksUS regulatory setbacks include terminations of Merck’s treatments such as for Tredaptive for atherosclerosis, and Taranabant for obesity. The potential for further setbacks and termination can be a conc ern for Merck’s brand image during the drug development stage. There could also be threats for the clinical and regulatory failures with developing Saphiris (schizophrenia), boceprivir (hepatitis C) and TRA (Datamonitor, 2011). Healthcare Reform of US The recently enacted US Healthcare Reform could decrease Merck’s profit margins. According to Datamonitor, Merck incurred additional expenses from increases in Medicaid rebates, which increased from 15. 1% to 23. 1% for the branded prescription drugs.Being in the Medicare Part D coverage gap, Merck was required to pay a 50% discount utilization required by law in 2011. In addition, Merck expects to Also, beginning in 2011, Merck expects that it will pay an additional annual health care reform fee, which will be calculated as a percentage of the industry’s total sales of branded prescription drugs to specified government programs. The fee was $2. 5billion for 2011 (2011). Pfizer Inc. SWOT Pfizer is the world's large st research-based pharmaceutical company and still remains the strongest industry player in terms of sales and marketing capability. However, Pfizer relies on a large-scale M&A structure and lacks some key aspects of an organic sales growth model. Strengths |Weaknesses | |M&A to gain economies of scale |Difficulty in gaining market share due to already | |Strong advertising capabilities |established position in the market | |Acquisition of Wyeth in 2009 |Heavy reliance on Lipitor franchise | |Opportunities |Threats | |Acquisition of King in 2010 |Difficulties in achieving organic sales growth | |Enhancing established products in emerging markets |Development setbacks of Sutent and Chantix/Champix | |Decreasing cost structure | | Strengths M&A to Gain Economies of Scale Pfizer has used large-scale acquisitions to establish and maintain its position as the biopharmaceutical industry's leading player. Since 2000, Pfizer acquired four big pharmaceutical companies: Warner-Lambert, Pharma cia, Wyeth, and King Pharmaceuticals. Pfizer acquired Wyeth in 2009. Wyeth was known for manufacturing over-the-counter drugs such as Robitussin and Advil, around $3 billion in sales annually. The acquisition of Wyeth enhanced Pfizer’s position as the industry's largest prescription pharmaceutical manufacturer.According to an article from MarketWatch, Pfizer’s large economies of scale growth also enhanced the company's ability to implement restructuring programs designed to reduce costs and drive profitability, while maintaining a steady increase in R expenditure (2012). Strong Advertising Capabilities According to MarketWatch, Pfizer has a strong marketing and sales infrastructure that helps grow sales for new products as well as mature product that face strong competition from generic competition. According to MarketWatch, â€Å"The most visible illustration of Pfizer's sales and marketing capability is the significant revenue stream recorded by Pfizer attributable to third party products marketed under-license in selected geographic markets. In short, Pfizer remains a marketing partner of choice for many medium and smaller sized prescription pharmaceutical players† (2012). Acquisition of WyethThe acquisition of Wyeth gives Pfizer an immediate access to many well-known biologic and vaccine products such as Enbrel, an anti-inflammatory product and Prevnar, a vaccine. Pfizer’s financial statement 2011 stated the worldwide revenues from biopharmaceutical products in 2010 were $58. 5 billion. This was increase of 29% from 2009, primarily attributed to the addition of operational revenues from Wyeth products of approximately $13. 7 billion (Datamonitor, 2011). Weaknesses Difficulty in Gaining Market Share Given Pfizer’s current market share (world’s largest research-based pharmaceutical company), it will be difficult for the company to continue to grow at the historical rate of sales without further use of large-scale M&A .According to MarketWatch, â€Å"Pfizer's 15 established blockbuster products in 2010, only a few products, including the neuropathic pain therapy Lyrica (pregabalin), are forecast to deliver a positive sales growth contribution through to 2015 (2012). All other products, including Lipitor, will deliver net negative sales growth, primarily due to generic exposure. † Heavy reliance on Lipitor franchise According to the analysis of MarketWatch, â€Å"Pfizer's blockbuster portfolio is dominated by the Lipitor franchise, which generated global sales of $10. 7 billion in 2010 (2012). However, Lipitor revenue growth slowed substantially since mid-2006 due to the ‘indirect generic impact' of therapeutic substitution via loss of patent exclusivity for Merck & Co. ‘s rival statin Zocor.With the Lipitor patent expiration set to occur in mid-2011, exposure of this one product to generic competition will have a significant impact on the overall performance of the company. â €  Opportunities Acquisition of King in 2010 Pfizer acquired King Pharmaceuticals on Oct 12, 2010, the world's 39th largest pharmaceutical company that focuses on pain management. Its product includes Altace for heart attack prevention, and Sonata, a sleeping aid. According to MarketWatch, â€Å"the acquisition of King represents the latest stage in a diversification strategy implemented by Pfizer over the past two years, as it seeks to prepare for the loss of patent exclusivity on its best-selling prescription pharmaceutical product Lipitor (atorvastatin) in late 2011.King is a leading developer of analgesics and its integration will broaden Pfizer's pain offering to include opioid drugs with anti-abuse technologies (2012). Datamonitor currently forecasts that King's total revenues will increase at a CAGR of 11. 3% during 2010-15, from $1. 2 billion to $2 billion† (2011). Enhancing Established Products in Emerging Markets Pfizer established two independent business units, one focused on established products and the other focused in emerging markets. The goal is to bridge emerging markets with established products. Pfizer, like Merck, plans to expand to the emerging markets by collaborating with local players to source branded generic products. Decreasing Cost StructurePfizer’s aim to grow profit will be depending on its continued use of a decreasing cost structure. According to MarketWatch, Pfizer forecasted the acquisition of Wyeth will save $3 billion by the end of 2012 (2012). Pfizer’s reason for the large-scale M&A is to cut cost substantially (by not having to invest in R&D and the development of new drugs) to drive increased profitability (by leveraging what other companies have developed). Threats Difficulties in achieving organic sales growth Pfizer success relies heavily on large-scale M&A and lacks organic sales growth. Datamonitor believes that further large-scale M&A activity will be undertaken by Pfizer because of growing competition of generics (2011).Pfizer's own R operations will find it difficult to keep up with the historical M for its organic growth. Development setbacks of Sutent and Chantix/Champix Sutent, a treatment of advanced renal cell carcinoma, experienced development setbacks. Sutent’s revenue growth depends partially on approval in additional tumor types; the termination of clinical trials in both colon cancer and breast cancer indicates that the product's performance in the marketplace could suffer. In addition, Pfizer also experienced setbacks in Chantix/Champix, smoking cessation therapy. Revenue declined mainly due to the updated labeling to warn of neuropsychiatric symptoms.As DataMonitor pointed out, â€Å"further failures in clinical trials of Sutent and other products could significantly affect Pfizer's sales growth† (2011). Part 2: Financial Analysis a. Profitability Analysis (Appendix A) Using return on assets (ROA), return on common equity (ROCE), and earning s per share (EPS), one can properly illustrate the profitability of Merck and Pfizer. Merck’s ROA decreased significantly from 2009 to 2010, dropping from 16. 8% to 1. 29%. This decrease was attributed to a decline in net income and profit margin. After their acquisition of Schering-Plough, Merck was left with higher costs, such as an 88% increase in R expense and a 55% increase in Marketing and Administrative Expenses. Total costs increased by 265%, while sales increased by only 67%.Net income also decreased in 2010 due to an increase in Other Expenses attributable to the Schering-Plough merger, an exchange loss of $200 million due to two Venezuelan currency valuations, and a $950 million charge for the Vioxx Liability Reserve. The disaggregated ROA showed a decrease in profit margin as well, from 48. 9% in 2009 to 3. 06% in 2010. A year after the merger, Merck’s ROA bounced back to 6. 7%, which is closer to the industry average of 11% (CNN. com, 2011) by decreasing s ome expenses (R, Materials & Production) and an increase of $2 million in sales. Pfizer’s ROA shows a similar decreasing trend for 2010. Its ROA decreased from 9. 03% in 2009 to 4. % in 2010 due to deductions related to asset impairment charges that were $1. 3 billion higher in 2010 than in 2011, due to the Wyeth acquisition in 2009 and litigation related to their subsidiary Quigley Company, Inc. The ROA has increased in 2011 to 5. 83% because the costs and expenses decreased by $3 million. The disaggregated ROA shows both the decrease of asset turnover and profit margin from 2009 to 2010, and the increase in both for 2011, showing that the operation profitability is getting stronger. However, we believe that both firms’ profit margins are healthy when compared to the industry average of 16. 7% (yahoofinance. com, 2012)After comparing the Asset Turnover, Profit Margin, and ROA for both companies, we can conclude that both are starting to improve in regards to profitabi lity, after their acquisitions in 2009. However, Merck seemed to be using its assets more efficiently to generate sales than Pfizer in 2011. Merck also had a higher ROA. However, both companies are below the industry average ROA of 11% and below the ROAs of competitors (Johnson & Johnson ROA is 8. 5% and Abbott is 7. 8%) (CNN. com). Return on common equity helps to explain how well a company uses its investment dollars to generate profits. ROCE can be very important to shareholders as it informs common stock investors how effectively their capital is being reinvested.Merck’s ROCE decreased significantly in 2010 due to the acquisition of Schering-Plough, which led to a decrease in Net Income due to the cost of acquisition (increase in R, and increase in marketing, administration, materials and production expenses), and an increase in Shareholders’ Equity. Pfizer’s ROCE declined marginally in 2010 as well, due to the acquisition of Wyeth. However, both companies w ere back to normal operations in 2011 and had similar ROCEs, around 11%, which is considered the average percent for publicly traded companies in the US. This means that both companies have healthy ROCEs and are generating healthy returns to shareholders.The desegregated return on common shareholders’ equity reveals a decrease in the financial leverage of Pfizer from 2. 29 in 2010 to 2. 25 in 2011. Merck’s financial leverage is constant, 1. 92 in 2010 and 1. 93 in 2011. We conclude that both companies are not heavily leveraged by short and long term debt, which shows that they are less risky financially. The disaggregated ROCE also reveals low asset turnover ratios for both companies and this is not uncommon for companies with high profit margins in the pharmaceutical industry. Finally, Earnings per Share is also used to assess a company’s profitability. EPS allow us to compare the companies’ power to make a profit. This means that Merck’s Price Ea rnings Ratio performs better than that of Pfizer’s.Whereas Pfizer’s EPS has been constant for the last three years (around 1), Merck experienced a significant decrease in 2010 to 0. 36 for diluted. The notes of their financial statements list the following reasons for the decrease: R impairment charges, restructuring and merger with Wyeth (had to recognize a full year of amortization of intangible assets and inventory set-up), legal reserve deductions related to Vioxx, and the US healthcare legislation reform. Non GAAP results were evaluated as well, and we believe these results give a better understanding of the performance of the company as they exclude the non-recurring costs mentioned above. b.Liquidity Analysis (Appendix B) The following section analyzes the short term liquidity risk of Merck and Pfizer. The Current Ratios for both companies are healthy, above 1, which means that they both have substantial cash and near-cash assets available on their Balance Sheet to repay their obligations within the next year. The Quick Ratios for both companies is also healthy, above 0. 5, which means that both companies have liquid assets on hand to repay their short term obligations. The Operating Cash Flow ratio is similar for both companies, above 0. 4, which means that both companies generate enough cash flow from operations after funding working capital needs.According to the notes of the financial statement, Pfizer’s lower rate in 2010 was attributed to certain tax payments made in connection with the increased tax costs associated with the Wyeth acquisition and therefore, the decrease in net cash flow from operations. From analyzing the Revenue to Cash and Days Revenue Held in Cash ratios, it is noticeable that Pfizer has less cash on hand. Pfizer has less cash because they are more focused on M. Pfizer spent 3. 3. billion on acquisitions in 2011, while Merck spent just 3. 7 million. Merck has a healthy ratio for accounts receivable turnove r. Merck’s accounts payable turnover is almost double that of Pfizer.These findings show that Merck is paying their supplier twice as fast as Pfizer. Pfizer’s lower ratio might be due to the fact that its creditors allow more time to pay off its debt. The Accounts Receivable and Inventory Turnover ratios are also pretty high and pretty similar for both companies. This means that both firms are selling inventory and turning accounts receivable into cash relatively quickly. However, it looks like Merck is collecting money from customers faster and turns inventory over quicker than Pfizer. Overall, we believe that both firms have healthy short term liquidity. c. Solvency Analysis (Appendix C) The following section analyzes the long term solvency risk of Merck and Pfizer.The Liabilities to Asset Ratio reveals that both Merck and Pfizer finance their companies with approximately 50% debt and 50% equity. However, Merck’s ratio is a little lower, with around 45% debt a nd 55% equity financing. As can be noticed in the table, the Liabilities to Shareholders’ Equity, Long Term Debt to Long Term Capital, and Long Term Debt to Shareholders’ Equity ratios are healthy, which means that both companies will have no problems meeting long term obligations and are not heavily financed by debt. The Interest Coverage ratios for 2011 reveal that both companies are able pay interest on outstanding debt and can carry additional debt as well.Therefore, their credit risk is considered low. The Operating Cash Flow to Total Liabilities ratios are around 20% or higher, which means that both firms generate enough cash flow from operations to service debt. Both firms experienced a lower ratio in 2010 due to increased tax costs for the acquisition of Wyeth for Pfizer and due to increased costs associated with the Schering Plough merger and the Vioxx impairment charges for Merck. The liquidity and solvency analysis revel that both firms are not experiencing any financial distress. However, we consider Merck less risky that Pfizer because Merck relies less on debt and more on equity financing. Part 3: Valuation AnalysisAs outlined above, profitability, liquidity, and solvency all go a long way in providing analysts with viable information used to measure the performance of a firm. In addition to these measures, residual income, cost of equity, and valuation can also be used when analyzing companies such as Merck and Pfizer. a. Residual Income (Appendix D) We started our valuation analysis by calculating the residual income for both Merck and Pfizer. In order to achieve this, we used the companies’ 10K reports from 2009-2011 to project the forecast for 2012-2016, a five-year time frame. The method we used for this forecast was the same method used to project the residual income. Pfizer’s residual income for 2012 was $82,621million while Merck’s was $54,517million.Please note that all numbers in our calculations are i n millions. Our valuation was based on the assumption that both companies will grow by an average rate in the following years. We took into consideration three factors: the current growth rate, past growth rate and macroeconomic factors. Both Merck and Pfizer are in the maturity phase of their growth cycles and show steady growth figures. Residual income growth for Merck was negative for 2010, however we believe this was due to Merck’s merger with Schering-Plough Corporation. In 2007 and 2008, Merck showed a positive double-digit growth. In 2011, residual income growth was virtually flat, at 0. %, however we believe this is also due to the Plough acquisition. For Pfizer, residual income growth figures for the previous three years averaged approximately 3%. Based on these values for residual income, we choose to be conservative and assume a 1% long-run growth rate for residual income for years 2012 to 2016 for both Merck and Pfizer. We chose this modest growth number because b oth companies are still adjusting to recent large-scale M activity. On a macroeconomic level, both Merck and Pfizer’s growth may be stunted by an overall down economy, the health care policy restructuring in the United States and the expiration of long-standing patents. b. Cost of Equity (Appendix D)After determining the 5 year forecast for each company, we next calculated the cost of equity. The capital asset pricing model was used to calculate the cost of equity. We used the yield on a ten-year Treasury Bill as the risk free rate which was 1. 98% (US Department of Treasury, 2012). The betas we used to calculate these numbers were retrieved from a financial website index (yahoofinance. com, 2012). The beta for Pfizer was 0. 71 and for Merck it was 0. 8342. The return on market was set at 14. 50% for both companies (NYSE, 2012). Using the Camp Model, the cost of equity for Pfizer was determined to be 10. 869%, while for Merck it was 12. 424%. Therefore, stockholders of Merck require a larger return than stockholders of Pfizer.Given that Pfizer is the number one pharmaceutical company in the world, it is implied that investors require more return from Merck than from Pfizer. c. Valuation (Appendix D) Using the growth rate of 1%, we forecasted 2012’s residual income by multiplying the growth rate by 2011 residual income. We performed the same calculation for the next five years until 2016, and then discounted it to get the present value. From 2016 on, we assumed a perpetuity growth rate, which means we assumed this company would grow forever. Therefore, we needed to calculate the current value for the company as if it were to grow at a rate of 1%, forever. We first calculated next year’s residual income by multiplying 2016’s residual income by 1%, then dividing by 2.The reason we divided by 2 was to account for the fact that the firm might not grow at a rate of 1% forever. In fact, in some cases, there might be negative growth, as Mer ck experienced from 2009 to 2010. Therefore, to be conservative, we divided the residual income in half, and then we discounted the value by the discount factor to get the present value. After we calculated the present values, we added all the values together and divided by the current number of shares outstanding to obtain the value per share. For Pfizer, the value per share was $79. 39 and for Merck $114. 93. The value we calculated is three times the amount of what the stock is currently trading at.We believe this number is high, but not unreasonable. Around the year 2000, Pfizer was trading near $50 and Merck was trading near $100. We think the current low share value is due to the overall weak economy and we believe that the share price will grow in the future. Please note that all the values of the calculations are in millions except for value per share and current share value. d. Sensitivity Analysis (Appendix E) We performed a sensitivity analysis based on changing horizon g rowth factors and discount rates (cost of equity) to show the value per share. This gives investors the value per share for a different discount rate or growth factor. Part 4. RecommendationsAfter a thorough analysis of both Merck and Pfizer based on profitability, liquidity, and solvency evaluations, we found that both companies are preforming well financially. We found that both companies use assets and investments effectively to generate profit and their profitability growth seems to be steady. The analysis of short term and long term liquidity of both firms shows no risk in their ability to generate cash to meet working capital needs, and satisfy short term and long term debt. From the valuation analysis, we can predict that the future share values of both Pfizer and Merck seem to grow at a steady rate, assuming that both companies grow at a rate of 1% each year.From an investor’s point of view, we consider that the earning per share, the price/earnings ratio, and the lev erage are important factors to consider before making an investment. |Company |EPS |Price/Earnings Ratio |Leverage | |Pfizer |2. 14 |10. 47 |2. 25 | |Merck |3. 25 |11. 95 |1. 93 | After analyzing both companies, on the basis on earning per share, the price/earnings ratio, and the leverage, we have the following recommendations for potential investors. Comparing these values for both companies (table above), we found that Merck outperforms Pfizer marginally.We believe that investment in both companies is safe, however, investment in Merck will bring a higher earnings return than a similar investment in Pfizer in the future. In addition, the financial leverage shows that the financial risk investment in Merck is lower than Pfizer’s, which makes it an even better choice for investment. However, the investor should keep in mind that the pharmaceutical industry involves high risk due expiring patents and threats from generic drugs and their profitability can be highly impacted by these events. According to a recent article on Dailyfinance. com, we found that the patents for major drugs like Pfizer’s Lipitor and Protonix, and Merck’s Singulair, which make up a large portion of the companies’ revenues, are about to expire(2011).These patent expirations cause uncertainty in the future growth of the companies and might have a substantial impact on their stock prices. Appendix A |ROA |Pfizer |Merck & Co | | |2009 |2010 |2011 |2009 |2010 |2011 | |Asset Turnover |0. 46 |0. 32 |0. 35 |0. 34 |0. 42 |0. 45 | |Profit margin |19. 50% |14. 60% |16. 50% |48. 90% |3. 06% |14. 70% | |ROA |9. 03% |4. 80% |5. 38% |16. 80% |1. 29% |6. 70% | ROCE |Pfizer |Merck & Co | | |2009 |2010 |2011 |2009 |2010 |2011 | | |10. 28% |9. 21% |11. 53% |33. 47% |1. 73% |11. 74% | |EPS |Pfizer |Merck & Co | | |2009 |2010 |2011 |2009 |2010 |2011 | |GAAP |$1. 24 |$1. 09 |$1. 10 |$5. 65 |$0. 36 |$2. 01 | |Non GAAP | | | |3. 77 |3. 42 |3. 25 | Appendix B Pfizer | |Merck | | |20 11 |2010 | |2011 |2010 | |Current Ratio |2. 0566461 |2. 1306398 | |2. 0425362 |1. 8581932 | |Quick Ratio |1. 438099 |1. 4454533 | |1. 4301631 |1. 2496004 | |Opr. CF to Current Liab. |0. 7210802 |0. 399986 | |0. 7622653 |0. 6918995 | |Revenue to Cash |19. 051992 |38. 649568 | |3. 5508832 |4. 2189908 | |Days Revenues Held in Cash |19. 158102 |9. 438314 | |102. 79133 |86. 51358 | |Accounts Payable Turnover |1. 67 |2. 11 | |3. 77 |3. 89 | |Days Accounts Payable |218 |173 | |97 |94 | |Outstanding | | | | | | |Accounts Receivable Turnover|5 |4. 79 | |6. 16 |6. 59 | |Days Receivable Outstanding |73 |76 | |59 |55 | |Inventory Turnover |1. 88 |1. 53 | |2. 78 |2. 4 | |Days Inventory Held |194 |238 | |131 |138 | Appendix C | Pfizer | |Merck | | |2011 |2010 | |2011 |2010 | |Liabilities to Asset Ratio |0. 560 |0. 540 | |0. 458 |0. 463 | |Liabilities to Shareholders'|0. 583 |0. 555 | |0. 300 |0. 290 | |Equity Ratio | | | | | | |Long Term Debt to Long-Term |0. 297 |0. 303 | |0. 220 |0. 220 | |Capi tal Ratios | | | | | | |Long Term Debt to |0. 422 |0. 435 | |0. 284 |0. 84 | |Shareholders' Equity Ratio | | | | | | |Interest Coverage Ratio |8. 600 |6. 180 | |10. 900 |3. 480 | |Operating Cash Flow to Total|0. 190 |0. 099 | |0. 300 |0. 120 | |Liabilities Ratio | | | | | | Appendix D | | |10 year |Merck's Beta|Merck's Rm | | | | | |Treasury Bill | | | | | | | |1. 98% |0. 8342 |14. 50% | | | | |CAPM |12. 2% | | | | | |Merck |2012 |2011 |2010 | | | | |Beginning SE |54,517 |54,376 |59,058 | | | | |Comprehensive Loss |3,132 |3,216 |2,767 | | | | |Income Available to Com. |57,649 |57,592 |61,825 | | | | |Shareholders | | | | | | | |Required Income |-222 |-222 |-221 | | | | |Residual Income |57,427 |57,370 |61,604 | | | | |Changed in Residual Income | |0. 10% |-6. 7% | | | | | | | | | | | | | |2012 |2013 |2014 |2015 |2016 |CV | |Projected Residual Income |57,427 |58,001 |58,581 |59,167 |59,759 |30,178 | |Discount Factor |1. 12424 |1. 2639156 |1. 420944 |1. 5974826 |1. 795954 |0. 2051731 | |Present Value |51,081 |45,890 |41,227 |37,038 |33,274 |147,086 | | | | | | | | | |Total Value |355,596 | | | | | | |# of Share Outstanding 3,094 | | | | | | |Value per Share |114. 93 | | | | | | |Current Share Value (5/4/12) |38. 84 | | | | | | | | |10 year Treasury|Pfizer's |Pfizer's Rm | | | | | |Bill |Beta | | | | | | |1. 98% |0. 71 |14. 50% | | | | |CAPM: |10. 7% | | | | | |Pfizer |2012 |2011 |2010 | | | | |Beginning SE |$82,621 |$87,813 |90,014 | | | | |Comprehensive Loss |-4,129 |-3,440 |552 | | | | |Preferred Dividends |45 |52 |62 | | | | |Income Available to Com. |$86,705 |$91,201 |89,400 | | | | |Shareholders | | | | | | | |Required Income |3,142 |4,520 |4,510 | | | | |Residual Income |$89,847 |$86,681 |84,890 | | | | |Changed in Residual Income | |3. 65% |2. 1% | | | | | | | | | | | | | |2012 |2013 |2014 |2015 | |CV | | | | | | |2016 | | |Projected Residual Income |89,847 |90,745 |91,653 |92,569 |93,495 |47,215 | |Discount Factor |1. 10869 |1. 22919352 |1. 3627 |1. 5109 |1. 6751 |0. 1653 | |Present Value |81,039 |73,825 |67,254 |61,267 |55,813

Product Development Management

Product Development Management Summary For any manufacturing industry to make any meaningful success in the competitive market, proper management of the new product development process, is a must to ensure the correct products are rolled to the market at the right time at a reasonable cost otherwise the industry has to make losses. Production is a multi-factorial process involving much planning and management which must be done with the aim of maximizing product fit with market need, shorten development process, and minimize development costs.Advertising We will write a custom report sample on Product Development Management specifically for you for only $16.05 $11/page Learn More Maximizing Customer’s Needs Maximizing customer’s needs ought to be the first priority and this must be achieved with extensive market study and research. This will enable delivery of not only customer requirements but also at an affordable price. Apple’s Newton Message Pad failed due to fail ure to meet customer’s need while on the other hand Phillips failed due to production of both very sophisticated and expensive product. Massive losses can be minimized by cutting down on development time society that the products hit the market at the optimum time neither too early nor too late. Bringing products to the market brings customer loyalty and early market capture while late entry may find that market has already been taken. In addition production costs are likely to be cut in the process though rushing may compromise on quality of the products. The whole process of development must be both effective and efficient for profit maximization. Product development Product development takes place in stages which may occur either sequentially or concurrently and it is the work of production managers to make sure that product design, concept development and manufacturing in every stage is coordinated for optimum results and also for early detection of flaws or feasibility. Project championing is important in that project managers can take the challenges and responsibility of the project. Project managers are better positioned to integrate communication and cooperation from different branches and levels of production. They can provide the drive and the motivation needed to take the risk in the project. However precaution must be taken to ensure that too optimistic managers do not push projects further into losses even when it is evident the project is failing. Development process will bear much result if both customers and suppliers are involved in the development process. Most manufacturing industries involve customers in the manufacturing process by releasing semi finished or beta products to access the response of the customers. Suppliers are also involved in order to make sure that different supplies are incorporated in the manufacturing process whilst at the same time checking on timeliness and cost. Improving new product development process can b e made through techniques such as stage gate processes whereby the viability of the whole project is rigorously checked at every level. Design for manufacturing involves techniques such as making of prototypes, use of Computer-aided design (CAD) to build and test new design before the actual manufacturing. Computer aided manufacturing enhances quality product manufacturing by use of computer controlled automated production.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Conclusion Measuring new product development performance is important in ensuring that the goals previously set are actually met and making timely corrections when the need arises. By use of various product development process metrics different dimensions of the firm’s potential to complete a given project successfully as per previously set targets are analyzed. All this concepts, stages and processes are important in ensuring effective new product development process.

Definition and Examples of Conciseness in Writing

Definition and Examples of Conciseness in Writing The term conciseness refers to speech or writing that is brief and to the point. In a concise composition, a great deal is conveyed in just a few words. Its not about just writing short sentences, though, but getting across the most important information economically, without  repetition, unnecessary jargon, needless details, and tangents. Concise writing keeps the reader engaged and doesnt waste his time with  circumlocution, padding, and verbosity. Without unnecessary clutter, the reader is more likely to understand the message, remember it, and even act on it, if thats the point of the piece. First Steps: Before the Draft The first steps in writing concisely overall begin as soon as the project starts, when you narrow down your topic to the thesis statement, story you want to ​tell, or message you need to convey. Before you even start drafting, you may sketch out ideas, necessary avenues of research, or plot points. Organize the best ideas in your outline, cutting some of the unnecessary before you even write a word. This enables you to target your writing and not waste time developing sections that arent necessary to the goal of the article, essay, report, or story.  Ã¢â‚¬â€¹ Drafting On your first draft, the main task is getting through it from start to finish. During the research phase, you may have discarded or added some points to your outline, making your thesis stronger. The cutting can continue throughout composing the first draft (and beyond). Get through that first draft, composing your main points. You dont have to write it from beginning to end; sometimes its easier to start in the middle and come back to the introduction and conclusion, sprinkling in the perfect cited quotes or the tense scene of dialogue in just the right spot. The perfect quotes from sources in articles, essays, and reports can actually save a lot of words spent narrating. Watch the ratio of quoted material and paraphrased sources to your own writing, though. Use only the best material as direct quotes for maximum impact. Summarize and paraphrase your research (cite paraphrases) in your own words. The piece needs to be your work in the end.   When youre satisfied with the draft, take a break. Youve accomplished something significant. And yes, the break is necessary, because you need to come back to the piece with fresh eyes to see what can be cut next. Author Elie Wiesel describes the process this way: Writing is not like painting where you add. It is not what you put on the canvas that the reader sees. Writing is more like a sculpture where you remove, you eliminate in order to make the work visible. Even those pages you remove somehow remain. There is a difference between a book of two hundred pages from the very beginning, and a book of two hundred pages, which is the result of an original eight hundred pages. The six hundred pages are there. Only you don’t see them. (Elie Wiesel: Conversations, edited by Robert Franciosi. University Press of Mississippi, 2002) Big-Picture Revision Depending on your works length, your revision step may first be large-scale trimming of sections or chapters, or you may start at the paragraph or sentence level. With a longer work, its useful to take a step back and compare the thesis statement and outline to the draft. Do you have sections, points, examples, or paragraphs that stray from your topic? Do they move the information or story forward? Will the reader still understand your point without them? We often meet large-scale cutting with reluctance, so it softens the blow to have a cuttings document. You move it rather than delete it. The work is still there if you feel later you need some bits of it, but its not slowing down or cluttering up the paper youre refining. It could even be the start of another piece later. This is where eliminating some tangents before drafting really pays dividends. Roy Peter Clark,  author of Writing Tools has this advice: [B]egin by pruning the big limbs. You can shake out the dead leaves later. Cut any passage that does not support your focus. Cut the weakest  quotations,  anecdotes, and scenes to give greater power to the strongest. Cut any passage you have written to satisfy a tough teacher or editor rather than the common reader. Dont invite others to cut. You know the work better. Mark optional trims. Then decide whether they should become actual cuts. Sentence-Level: Redundancy and Repetition After youve honed your message, the sentence level is where the scissors and scalpel come in, and the hatchet goes back in the closet. First look at the remaining paragraphs for spots where youve said the same thing in multiple ways. The area is likely something difficult to explain or complex. Solutions: Take these sentences and combine the best parts of them or start over explaining that particular point.   Example: The ability of the different bird species to eat seeds depends on beak style and shape. Its form dictates function. The beak needs to be powerful enough to break seeds, and those that eat mainly fruit or leaves may not be able to eat seeds due to their types and shapes of beak. Reworded fix: Whether different bird species can eat seeds depends on their beak style. For example, seed eaters beaks are shaped differently and stronger than those species that eat mainly fruit or leaves because seed eaters need to break hulls. The moral of the story: Dont be afraid to recast sentences to condense ideas. The beak shape and style was referenced explicitly more than needed. Your reader will be able to follow along if youre clear. And concise sentences are often more clear than wordy  ones. Sentence-Level: Wordiness Next, look for sentences that are really long. Read them out loud. Do you have to take a breath? Does the meaning get lost? Do they sound awkward to the ear? Solutions: Take out explanations put in parentheses or dashes, which send a reader on a winding path. These can be their own sentences. Break one into two to three or two long sentences (more than 25–30 words each) up into three or four. Itll help you to be clear and the reader to grasp whats going on. Recast passive voice.  Example:  Following the author’s study of The Naval Chronicle, which goes into detail on the wars with Napoleon, a trip aboard a freighter from California to Central America, and his trip back home to Britain, the first book in the series was plotted.Fix: The author studied The Naval Chronicle, which details the Napoleonic wars, and took a freighter from California to Central America. By the time he returned to Britain, hed plotted the series first book.The moral of the story: The extra-long sentence has a long parenthetical in the middle of a series of items, passive voice, consecutive prepositional phrases, and wordiness. The information flows more smoothly when made into two sentences following a more chronological path than starting with a dependent clause. Rephrase passive there is/are constructions. Example: There is a rule on the books that covers fencing styles for the homeowners association.Fixes: The homeowners association has a rule on the books that covers fencing style. OR The homeowners association rulebook covers fencing style.The moral of the story: Eliminating to be verbs automatically makes your sentences better. Getting rid of there is often also gets rid of that. Cut excess adjectives and adverbs: Will your sentence be understood without the adjectives or adverbs? Cut them, if so.   Example: She walked very slowly.Fix: She plodded along.The moral of the story:  Changing the verb makes for a stronger image. Qualifiers and intensifiers are often just filler. Other fixes: ​ Cut jargon.  Your work will be more accessible if you dont make your prose too flowery. Keep it simple.Use shorter words instead of long ones.  Cut  empty phrases  and  common redundancies.   Author Annie Dillard sums it up like this in Notes for Young Writers: Dont use any extra words. A sentence is like a machine; it has a job to do. An extra word in a sentence is like a sock in a machine.