Christopher Marlowe Works During The Renaissance

Many major and influential authors emerged during the Renaissance. Among these talented individuals was Christopher Marlowe. Marlowe and his fellow writers of the late sixteenth and early seventeenth centuries, impacted the course of writing, which preceded their life. Their works continue to be read and studied by numerous people, to this day. Christopher Marlowe was a dominant English poet and playwright, who perhaps was William Shakespeare†s most important predecessor in England (Britannica 917). Of all writers in the Elizabethan era, he was perhaps the most dashing, tempestuous, and appealing (Microsoft Encarta). Although Marlowe was considered the most important dramatist, prior to Shakespeare, his entire career as a playwright lasted only six years. Marlowe was born on February 6th, 1564 in Canterbury, England. His father, John Marlowe, was a shoemaker and tanner. His mother, Catherine Author, was the daughter of a clergyman. Marlowe attended Kings School in Canterbury, England. At Kings School, he received a very regimented education, which was considered one of the best available during that time. The school day began and ended with a prayer at six am and five p. m. respectively. In addition to daily instruction in religion and music, they also sang the morning mass in the Cathedral. The boys were allowed to speak solely in Latin, even while at play. He was granted a scholarship, established by Matthew Perry, to attend Corpus Christi College in Cambridge. (Gale Research) After receiving his BA in 1584, he became known as â€Å"Dominus† Marlowe(. At age twenty-one, his motto was â€Å"That which nourishes me, destroys me† (Kunitz 823). This statement foretold and shaped his writing style. From thereafter, many absences from the university were recorded. In 1587, he was allowed to obtain his Masters, only after the Privy Council sent a letter to the university making it very clear that his service to the government had frequently taken him abroad. He left Cambridge after six and a half years of study with the intention of taking holy orders and entering the Anglican Church, as ordained by his scholarship. However, instead he entered the government service, as an agent. In edition, Marlowe became a playwright for the London theatres. As an occasional actor in 1589, Marlowe maintained his role as a regular dramatist for the Lord Admirals Company. He also wrote for The Earl of Nottinghams Companies. Marlowe was often in trouble with the law, and little is known about his life, aside from his writings. He led an adventurous and dissolute life. Earlier playwrights concentrated on comedy, while Marlowe worked on tragedy, and advanced it considerably as a dramatic medium. By uncovering the great possibilities for strength and variety of expression in blank verse, Marlowe helped to establish the verse as the predominant form in the English drama. His first successful play, Tamburlaine the Great, was divided into two sections, parts one and two. It appeared that originally Marlowe intended to only write the first part. However, the popularity of the first part motivated him to create a second part. It was produced at Rose Theatre from 1587 to 1588, and published by R. Jhones in 1590. The ambition-maddened hero, in Tamburlaine the Great, was a shepherd, who desired the crown, luxury and power. However, his conquests were damaged by his absurdity. Tamburlaine marked the birth of the Shakespearean drama. The following lines from Tamburlaine illustrate Marlowe†s opinion of human glory: Nature that fram†d us of four elements Warring within our breasts for regiment, Doth teach us all to have aspiring minds: Our souls, whose faculties can comprehend The wondrous architecture of the world, And measure every wandering planet†s course, Still climbing after knowledge infinite, And always moving as the restless spheres, Wills us to wear ourselves and never rest, That perfect bliss and sole felicity, The sweet fruitition of an earthly crown. (Britannica 917) His masterpiece, The Tragical History of Doctor Faustus, told of a man selling his soul for the price of all knowledge. This appealed to the superstitious Elizabethans. It was produced in 1594 as Dr. Faustus at the Rose Theatre. V. Simmes published The Tragical History of Doctor Faustus in 1604. The following lines from this work show the possible redemption through Christ†s blood: The stars move still, time runs, the clock will strike, The devil will come, and Faustus must be damn†d. O, I†ll leap up to my God! -Who pulls me down? – See, see, where Christ†s blood streams in the firmament! One drop would save my soul, half a drop: ah, my Christ! – Ah, rend not my heart for naming of my Christ! Yet will I call on him: O, spare me, Lucifer! – Where is it now? 'tis gone: and see, where God Stretcheth out his arm, and bends his ireful brows! Mountains and hills, come, come, and fall on me, And hide me from the heavy wrath of God! (Britannica 918) In addition to writing plays, Marlowe also wrote poetry. His major poetic work was Hero and Leander. This was incomplete at his death, the first two sections were completed at his death and the remaining two were finished by George Chapman in 1598, almost five years after Marlowe†s death. Marlowes writing here shows an amazing skill in the management of the narrative decasyllable couplet. No agreement was reached as to the composition date of this poem, but it is ranked as a major work along with Tamburlaine and Faustus. Marlowe began writing poetry and performing plays, when he entered Kings School. His education shaped him to become the genius who first created the Shakespearean blank verse drama. This is why many hailed him as â€Å"The Morning Star†, of the turning point from comedy to drama in England (Marlowe Society Home Page). Marlowe had a dangerous reputation for being â€Å"atheist†; however, he could have had just unorthodox beliefs. He was aquatinted with Sir Walter Raleigh, who was adventurous in his religious beliefs. Marlowe was summoned on May 18th, 1593, to appear before the Privy Council for accounts of â€Å"atheism and immortality†. The charge was a heresy and a most serious crime; the ultimate penalty was burning at the stake. Despite the seriousness of the crime, Marlowe was released bail, however he had to appear at the court daily. Marlowe escaped to Debtford, England. He stayed at Dame Eleanor Bull†s house who hired out rooms and served meals. Marlowe was murdered there on May 30th, 1593, at age 29. The strange circumstances for Marlowes murder in that room in Debtford, have been the subject for many debates. Four men were present at the house on that day Robert Poley was an experienced government agent who carried the Queens most secret letters to and from the courts in Europe. He had arrived from Debtford, straight from The Hague, where he had been on the Queens business. Igram Frizer was the personal servant and business agent of Marlowe†s patron, Thomas Walsingham. Nicholas Skeres often assisted Poley. Poley, Skeres and Frizer were all experienced con men and liars. Also present that day was Christopher Marlowe. Some believe that the cause of his murder was a dispute over a dinner bill. Others believed that Marlowe was murdered because the three men believed that he knew too much about the government. Although the facts surrounding his death are unknown, the end result was Marlowe†s death by stab wounds. Igram Frizer was accused of the murder of Marlowe, however he was pardoned on June 28th, 1593. Marlowe was buried in Debtford on June 1st, 1593. The death of Christopher Marlowe led many scholars to theorize that he faked his death and assumed the name William Shakespeare to escape the Privy Council. Shakespeare was born two months after Marlowe, and he became very popular shortly after the death of Marlowe. Little is known about Shakespeare other then mentioned of his poor education. There is not much evidence of his existence other then baptism paper, and a will left leaving his bed to his wife. There is no mention of his works or manuscripts in his will Marlowe began his career as a poet and playwright towards the end of the Renaissance. The Renaissance was the period from about 1350 to 1600 in which European scholars revived the learning of ancient Greece and Rome. It was a period in European history that saw a renewed interest in the arts. In this time, the middle ages and feudal times were transformed into a society dominated by the arts. It was a time of achievements in the arts and sciences as well as a period when people were deeply concerned with religious issues. Renaissance is a French word meaning â€Å"rebirth†. Scholars reacted against what they saw as the â€Å"dark ages† of medieval Europe and revived the learning of ancient Greece and Rome. Like painting and sculpture, literature expressed the attitudes of the Renaissance. The middle class formed a demanding new audience, which enjoyed dramatic tales rather the comedies. Literature was often written in the common language, but some continued to write in Latin. Literature emphasized religious as well as worldly themes. Invention of printing during the Renaissance greatly increased the number of book available. In the fourteenth century, Europeans learned from Arabs who had previously learned from the Chinese how to make paper from rags and wood pulp. The fifteenth century invention of movable type by Johann Gutenberg also shaped the way literature had previously been written. Gutenberg developed a type of metal that could be used to make movable type. In 1455, the first complete edition of the bible was printed; this started the era of printed books. More and more pieces began to be printed up, and thus decreased the cost of books, making them more available and more popular (Beers 245). Each of Marlowe†s play included a protagonist with single passion that dominated them. The character is doomed to destruction due to their desire of power. He had a background of classical and theological learning. Marlowe â€Å"turned blank verse into a supple instrument for dramatic expression†. (Gale Research). Marlowe worked on tragedy and advanced it immensely. â€Å"Marlowe shows the power to view a tragic hero from more then one angle, achieving a simultaneous vision of grandeur and impotence† (Microsoft Encarta). Renaissance impacted Marlowe due to the desire of the middle class for tragedy rather then comedy, which had previously been the focus of European literature. Marlowe was one of the first writers of drama and tragedy that shaped the history of Europe. Marlowe laid the foundation of tragedy of what would rise up as a new era, known as the Shakespearean Era. Writing was a competition and was taken very seriously by writers including Marlowe. Writers are impacted tremendously by the time period that is taken place during their careers. The Renaissance was a time of new ways of writing and expressing ideas, which impacted the attitudes of the people. The writers changed their style to reflect the time and attitudes. They influence the minds of people to think about their ideas and opinions on a particular subject. Writers can persuade people concerning a topic by revealing the positive and negative aspects of it. Marlowe was an influential and powerful writer. It was unfortunate that his career was cut short. He had a very promising career, but his own decision to become a government agent endangered his career and stopped him from becoming an more popular and productive playwright.

Immanuel Kant Essay

A 19 year old college student and addicted gambler was pulled over for erratic driving on the Long Island Expressway. He pulled out a toy pistol and pointed it at the officer, he was then shot and killed. Another incident involving a 45 year old cancer patient had the same ending in new Jersey. He walked into a Pizza Shop and pointed a gun at the officers inside eating. Experts believe that they force the cops to kill them as a form of suicide. Suicide is difficult to commit and forcing an officer to kill you takes away the pressure of completing the task. Some insurance companies don’t cover suicide and religions forbid it so it is away of taking the guilt and shame away from common suicide. 10% of fatal police shootings are brought on by people seeking to die. -Evaluate the moral permissibility of â€Å"suicide by cop† -To what extent is a police officer morally obligated to assess whether a person he or she shoots actually wants to be killed? Virtue Ethics Aristotle’s theory of moral virtue categorizes the pursuit of happiness as a process that is achieved by pursuing real goods in a morally correct way. It is a mean between two vices (excess & defect). Our actions are voluntary and the product of choice. In these cases they seem to have self delusion defects. They are rationalizing conduct (suicide) and making excuses in an effort to justify their morally impermissible actions(carried out by cops vs. self). A person is giving up on their pursuit of happiness and there for, from the victims standpoint nothing is morally permissible about their actions. The officer doesn’t have time to assess the motives of suspects that pull firearms on them. They have to make a quick decision at the drop of a hat. Kill or be killed. Their own pursuit of happiness and life is protected. Formalizism Emmanuel Kant developed formalizes theory. It focuses on carrying out your duties without thinking about the consequences. Categorical and Practical imperative are the two main components. Categorical imperative is the idea that the moral obligation is valid only if it applies universally to everything. Practical imperative states that a person should treat humanity as an end and not as a mean. When you apply this to suicide by cop it is never right to go point a gun at someone in order for them to kill you. The officer does apply those situations universally to everyone though. You are met with the same type of force that you bring. Their first priority is protecting themselves. Utilitarianism John Mill’s theory of utility expanded from the viewpoint of motivations of pleasure and pain. The goodness of an act is determined by the consequences of the act and how much happiness is promoted. Using this theory the victim is still not morally correct with their choice of suicide by cop though the pleasure of death may outweigh the pain of life. They don’t promote any happiness by getting themselves killed. Their loved ones all get hurt. From the officers eyes they have an armed person pointing a gun at them and they don’t have the time to weigh the pros and cons they can only react. They aren’t going to be happy about killing someone they still wouldn’t be happy if they did stop and think and ended up shot themselves. Suicide is a selfish act and even more selfish when you force someone else to do your dirty work. No one wants to take a life but most people don’t want to lose theirs either. I do not believe that officers should be morally obligated to assess weather a person is violate or just wants to die. It is too dangerous to try and play psychologist is what could possibly mean a life or death situation for a police officer. My step dad has a grading company and hit a man on a motorcycle that was dying of cancer. He left the house that day and told his family he was going to kill himself I guess his dump truck looked like the best option in completing his mission and he drove head on right into him. Even though the man wanted to die my step dad never wanted to kill someone and it is a pretty emotional topic. The selfishness that it takes to take your life at someone else’s expense is beyond me and something I really don’t understand.

Bajaj Case Study

Financial Management at Bajaj Auto Bajaj Auto Limited is one of India's largest two-wheeler manufacturers. As the dominant player until the early 1990s, Bajaj's market share declined from 49. 3% in 1994, to 38. 9% in 1999 with the entry of major competitors like Hero Honda. Bajaj has initiated several measures to regain its market share and strengthen its competitive position. The case discusses the financial strategy pursued by Bajaj. Financial Management at Bajaj Auto We want to get back the leadership position in the two-wheeler segment and will use the cash if required to do so.However, in current volatile market conditions (not to forget the Japanese and their huge cash reserves), we would rather have the security of cash any day. We are competing not only with Indian companies, but also with large foreign two-wheeler companies, many of whom have much deeper pockets than ours. While our surplus cash will assist us in future growth, it also acts as a deterrent to others from indu lging in predatory pricing tactics – Sanjiv Bajaj, Vice-President Finance, Bajaj Auto Limited. 1 IntroductionIn 2003, Bajaj Auto Limited (Bajaj) was one of India’s largest manufacturers of both two and three-wheelers. The three-wheelers, also known as autorickshaws, were unique to the South Asian region. The company recorded revenue of Rs. 5125. 73 crores representing a 13% increase over the previous year 2. Once the unchallenged market leader, Bajaj trailed Hero Honda in the late 1990s. Bajaj’s market share declined from 49. 3% in 1994, to 38. 9% in 1999. 3 Thereafter, Bajaj had initiated several measures to regain its market share and strengthened its competitive position.In 2003, Bajaj had a workforce of 12,000 employees and a network of 422 dealers and over 1,300 authorised service centers. 4 The Indian Two-Wheeler Industry Two-wheelers had become the standard mode of transportation in many of India’s large urban centers. Use of two-wheelers in the ru ral areas had also increased significantly in the 1990s. The birth of the Indian two-wheeler industry could be traced to the early 1950s, when Automobile Products of India (API) started manufacturing scooters in the country.While API initially dominated the scooter market with its Lambrettas, it was Bajaj which rapidly emerged as the unchallenged leader in the scooter industry. A number of government and private enterprises who entered the scooter segment, had disappeared from the market by the turn of the century. The License Raj that existed prior to economic liberalization (1940s-1980s) in India, did not allow foreign players to enter the market, making it an ideal breeding ground for local players. But the Raj also hurt the growth of the industry by imposing various restrictions.In the mid-80s, the government started permitting foreign companies to enter the Indian market, through minority joint ventures. During this period, the twowheeler market witnessed a boom with Japanese p layers like Honda, Suzuki, Yamaha and Kawasaki, entering the market through joint ventures. 1 2 3 4 M. Anand, ? Is Munjal Being Too Generous Businessworld, 19th May 2003. B1 Source: Prowess Database. Gita Piramal, Sumantra Goshal and Sudeep Budhiraja, ? Transformation of Bajaj Auto Ltd,? Lessons in Excellence Case Contest, www. thesmartmanager. om, February-March, 2003. Source: Bajaj Auto Limited Annual Report 2003. 109 Financial Insights Figure (i) Indian Motorcycle Market Source: Honda Annual Report 2003. Foreign players quickly changed the rules of the game. From a supplier’s market, it became a buyer’s market. Companies tried to outdo each other in terms of style, price and fuel efficiency. The technological expertise that the foreign collaborators brought to the market place helped increase the overall quality of the products quite significantly. In the early 2000s, the competition intensified further.In 2000, Honda announced its intentions to set up a 100% subsid iary to manufacture scooters and motorcycles. Exhibit I Comparative Valuation of the Leading Companies Source: Motilal Oswal, Equity Research, February 2003. The Indian two-wheeler industry witnessed remarkable growth rates since 2000, due to a host of factors like fall in interest rates, availability of finance and affordable prices relative to the growing purchasing power. Despite the impressive growth rate of the last few years, two-wheeler penetration still remained low in the country.Analysts believed, increasing urbanization, expanding cities, lack of other modes of transportation and favourable demographics would support double-digit growth in the coming decade. The Indian two-wheeler industry could be broadly classified into three major segments— scooters, motorcycles and mopeds5. Until the early 1990s, locally manufactured scooters with gears dominated the markets. But in recent times, demand 5 Mopeds were small motorcycles, with less engine power which were priced l ow and were aimed at the low-income market. 110 Financial Management at Bajaj Auto or scooters had tapered off, while that for motorcycles looked buoyant. The motorcycle market in India had about tripled in size over the past 10 years 6. In 2002, the two-wheeler industry demand totaled 5 million units, making India the second largest market in the world after China 7. Exhibit II Two Wheelers Industry: Changing Dynamics Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Total Two wheelers (unit sold) 1,503,172 1,763,210 2,208,231 2,660,005 2,965,474 3,042,347 3,403,471 3,776,719 3,745,516 4,318,531 5,053,562 Geared scooters 41. 8% 43. 3% 42. 6% 40. 6% 38. 4% 35. 4% 32. % 25. 9% 16. 0% 12. 3% 6. 7% Ungeared scooters 9. 4% 7. 9% 8. 6% 9. 1% 8. 9% 8. 8% 8. 3% 10. 0% 10. 9% 9. 5% 10. 5% Motorcycles 20. 2% 21. 6% 23. 9% 24. 8% 27. 1% 30. 0% 34. 6% 42. 7% 54. 1% 66. 2% 74. 4% Mopeds 20. 0% 17. 6% 15. 1% 16. 8% 16. 5% 15. 5% 14. 6% 14. 1% 12. 9% 8. 7% 6. 2% Stepthrus 8. 6% 9. 6% 9. 8% 8. 7% 9. 1% 10. 3% 9. 8% 7. 3% 6. 1% 3. 3% 2. 2% Source: Bajaj Auto Annual Report 2002-03. Background Note The Bajaj group was founded by Jamnalal Bajaj in the 1930s. His eldest son Kamalnayan established Bajaj Auto, the flagship of the Bajaj group, in 1945, as a private limited company.From 1948 to 1959, Bajaj imported scooters and three wheelers from Italy and sold them in India. In 1959, the company obtained a license to manufacture scooters and motorized three wheeler vehicles. In 1960, it entered into a technical collaboration with Piaggio of Italy and got the right to manufacture and market Piaggio’s Vespa brand scooters and three wheelers in India. The same year, it went public. Bajaj’s first full-fledged manufacturing facility at Akurdi (Bombay-Pune Road) was inaugurated in 1960. Scooter production commenced in 1961, followed by three wheeler production in 1962.Bajaj’s scooters and three wheelers started selling under the Bajaj brand name only in 197 1, when the agreement with Piaggio expired. Till the 1980s, Bajaj scooters were so popular that the basic strategy was long production runs along with a constant focus on costs. In 1984, Bajaj established its second plant (1000-acre plant) at Waluj, Aurangabad. Scooter production at this plant started in 1986, followed by three wheeler production in 1987 and scooterettes and motorcycle production in 1990 & 1991, respectively. 6 7 Source: Honda Annual Report 2003.China was number one with an annual production and sales of over 10 million. 111 Financial Insights As Bajaj’s products were in great demand, the company did not feel the need to introduce new products or upgrade its old models. The Chetak, which accounted for 60% of Bajaj’s scooter sales, did not even have an electronic ignition. The model’s 2stroke engine also had an emission problem that was quite serious by international standards. As competition became intense and the market was flooded with increas ing numbers of models, Bajaj’s market share declined.During this period, Bajaj also followed a highly centralized, paternalistic management style. In the early 1990s, as the motorcycle market began to expand and became an attractive proposition, Bajaj lost ground. Though Bajaj had a presence in the motorcycle segment with its KB100 and 4S Champion, it did not take the segment seriously enough. Bajaj believed, motorcycles were a temporary aberration and people would return to scooters. But the scooter market kept shrinking and Bajaj was relegated to fourth place in the motorcycle market. Exhibit III Comparative Analysis: Motorcycle Sales (Number)Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Bajaj Auto 32,028 34,672 42,080 75,067 89,675 129,263 137,717 200,132 255,129 421,966 670,117 % Share 10 14 14 17 16 18 17 19 17 22 23 Hero Honda 134,801 127,803 150,456 183,131 230,194 168,936 407,563 530,607 761,700 1,029,391 1,425,302 % Share 44 51 50 42 40 38 50 50 50 53 5 0 TVS Motors 33,744 30,085 42,080 53,120 125,286 164,083 211,667 268,099 326,357 354,497 450,113 % Share 11 12 18 20 22 23 26 25 21 18 16 Others 108,601 59,066 56,894 89,643 132,922 146,625 60,674 64,529 177,704 123,472 312,547 Total 309,174 251,626 302,550 435,053 578,077 708,907 817,621 1,063,367 1,520,890 1,929,326 2,858,079Source: Society of Indian Automobile Manufacturers. In the late 1990s, Bajaj with the support of Kawasaki, started producing motorcycles. The result was an aggressively priced Boxer 100cc motorcycle in 1997, about Rs. 8000 cheaper than Hero Honda. As Bajaj’s volumes increased, it started pushing prices down by value engineering, localization and better capacity utilization that cut its costs by Rs. 4000 per vehicle. Exhibit IV Bajaj: Major Models Category Motorcycle Wind BYK Pulsar Eliminator 112 Products Year of Introduction 2003 2003 2002 2001 Financial Management at Bajaj Auto Category Caliber Products Boxer CT Boxer AT 4S Champion KB 100 LegendYear of Introduction 1998 1997 1997 1991 1987 1998 1976 1972 2000 1998 1990 1986 1987 Geared Scooters Super Chetak Saffire Ungeared Scooters Spirit Sunny M80 Major M80 Major 4S Step-Thrus Source: www. bajajauto. com In early 1998, Bajaj established a new plant (Rs. 3. 15 billion investment in 200-acre plot) at Chakan near Pune for its future generation vehicles. The new plant specialized in plastic bodied and tubular structure scooters. Bajaj’s relatively high level of backward integration helped it to keep raw material costs well below the industry average. For example, the company bought raw materials in bulk for itself as well as for its suppliers.For most of the two-wheeler companies, material costs accounted for about 70% of operating income, but for Bajaj it was only 57% in 1998, the lowest in the industry. In 1998, Bajaj was ranked India’s fifth most valuable company 8. Internationally, it was the world’s largest scooter producer and the fourth largest two-whe eler manufacturer after Hero Honda, Yamaha and Suzuki. But the delay in realizing the potential of motorcycle segment by Bajaj, allowed Hero Honda to race ahead to become the market leader in 2001. During 2000-01, Bajaj entered into non-life and life insurance business along with Allianz AG of Germany, one of the largest insurance companies in the world. Two companies were set up: Bajaj Allianz General Insurance Company Ltd and Allianz Bajaj Life Insurance Company Limited.Bajaj and Allianz signed two separate joint venture agreements for these two businesses and respectively committed 74% and 26% of the initial share capital of Rs110 crore in case of the general insurance venture and Rs150 crore in case of the life insurance venture. Bajaj received Rs. 1. 17 billion from Allianz as goodwill. In 2001-02, Bajaj Allianz General Insurance issued the largest number of policies among all private players in the non-life segment, and became the leader in this line of business. Allianz Bajaj Life Insurance commenced operations in October 2001. 8 ?The BT 500,? Business Today, 7th September 1998. 113 Financial Insights Exhibit V Bajaj vs. Competitors: Major Models in Different Segments in 2003 Segments BYK Economy (Priced Rs. 27,000 – Rs. 37,000) Executive (Priced Rs. 38,000 – Rs. 5,000) Premium (Priced Rs. 45,000 – Rs. 75,000) Style (Priced above Rs. 75,000) Boxer AT Boxer AR (K-Tec) Boxer CT Delux (KTec) Caliber (K-Tec) Caliber Croma Caliber 115 Pulsar 150 Pulsar 150 (self-start) Pulsar 180 CD100 SS Dawn Splendor Passion Ambition Disc CBZ Disc CBZ (selfstart) Bajaj Auto Hero Honda TVS Motors No Competition Samurai Max 100R Max DLX Victor Fiero Fiero DLX Fiero ES Crux Crux R Libero Enticer Yamaha Eliminator No Competition Note: List is not exhaustive. Source: Compiled from various sources by ICFAI Knowledge Center. The shift in preference from geared to nongeared scooters continued in 2002, resulting in a 35% decline in yearly sales.The company†™s market share in the ungeared scooter market declined due to lack of models. Both LML and Honda Motorcycles strengthened their foothold in 2002 after the launch of ‘Nova' and ‘Dio' respectively. Bajaj Auto's ‘Spirit', the ungeared scooter, commanded around 25% market share in the below 100 cc category. Bajaj was one of the very few companies manufacturing three-wheelers in the world. It commanded a monopoly in the domestic market with a market share of above 80%. The rest was shared by Bajaj Tempo, Greaves Ltd and Scooters India. The company saw a sharp rise in three-wheeler demand. In early 2002, the market grew by 23%. Bajaj had also commenced the commercial production of goods carriers.In 2002, this segment generated 22% of the company’s profits. The profit per three-wheeler was estimated to be 2. 5-3 times that of a motorcycle. Bajaj gained market share in the motorcycle segment through its models like ‘Pulsar' and ‘Boxer AR'. Boxer virtu ally created the four-stroke economy segment and Pulsar expanded the lifestyle segment. Pulsar’s volumes surpassed the most optimistic expectations in terms of volumes. In February 2003, Bajaj launched ‘Caliber 115' and steadied its presence in the executive motorcycle segment. The new model registered sales of 25,706 units in March 2003. 114 Financial Management at Bajaj Auto Financial ManagementBajaj earned bulk of its revenue from the automotive business. In 2003, motorcycles dominated the automotive segment, accounting for 55 % of its revenues. In 2002-03, Bajaj achieved a turnover of Rs. 5071 crore and earning before interest, taxation, depreciation and amortization (EBITDA) of Rs. 817 crore. EBITDA as a percentage of net sales and other operating income increased from 16. 8 % in 2001-02 to 19 % in 2002-03. Return on operating capital, which had dipped to a low of 14% in 2000-01, increased to 60% in 2002-03. Bajaj continued its efforts to drive top-line growth, imp rove operational efficiency, cut costs and improve economies of scale.Working Capital Bajaj continued to minimize its overall working capital. Debtors declined from Rs. 198 crores on 31st March 2002, to Rs. 167 crore on 31st March 2003 – a reduction of 16%. Bajaj succeeded in reducing inventory levels by using the direct on-line delivery of materials from vendors. Inventory of raw materials and components declined from seven days as on 31st March 2002, to six days as on 31st March 2003, and spare parts for replacement market from 42 days to 31 days. The inventory of finished goods however increased from six days to nine days because of the sluggish market. 9 Exhibit VI Bajaj: Operating Working Capital (Rs Million)Source: Bajaj Auto Annual Report 2002-03. Cost Structure Raw materials, advertising and marketing, and indirect taxes (excise, etc) were the major cost heads for Bajaj. During 2002-03, through its continuous efforts in value engineering and improving relations with t he vendors, Bajaj was able to reduce its 9 Bajaj Auto Annual Report 2002-03. 115 Financial Insights material costs. The share of materials to net sales and other operating income reduced from 63. 3 % in 2001-02 to 62 % in 2002-03, while the share of stores and tools was contained at 1. 5 % of net sales and other operating income. 10 Labor costs for 2002-03 included a sum of Rs. 461 million (Rs. 3 million in 2001-02) towards compensation paid to employees under the voluntary retirement scheme. A total of 1,106 employees opted for the scheme, which had a payback period of two years. Bajaj’s labor costs made up 4. 66% of its total revenue in 2002-03. 11 Despite a 16. 5% increase in net sales and other operating income – from Rs. 36. 96 billion in 2001-02 to Rs. 43. 06 billion in 2002-03, factory and administration costs had come down from 5. 3% of net sales and operating income to 4. 3%. This was the result of a thorough review of fixed costs with each plant head. Sales a nd after sales expenses were around 6. 7 % of net sales and other operating income. In 2003, Bajaj’s advertising and marketing expenditures were Rs 233. 9 crore (8. 61% of its total revenue), whereas Hero Honda’s expenditures were Rs. 147. 01 crore (4. 16% of total revenue) and TVS’ were Rs. 212. 49 crore (11. 06% of total revenue). Bajaj’s total indirect tax expenses were Rs. 601. 22 crore in comparison to Hero Honda’s Rs. 9. 75 crore and TVS’ Rs. 435. 77 crore in 2003. 12 Investments Bajaj invested its surplus funds in secured and fixed investment securities like G-Secs, T-Bills, etc. The return earned by Bajaj on its treasury portfolio was comparable with the return earned by the top mutual funds. During 2002-03, Bajaj reduced its equity investments and concentrated more on the G-Sec and bond market.Thus, the market value of the portfolio changed from a diminution in value to cost in 2002, to an appreciation in value to cost of Rs. 343 mi llion in March 2003. During 2002-03, Bajaj provided Rs. 26. 7 million towards impairment in the carrying costs of its investment portfolio. In addition, continuing its efforts to liquidate non-performing assets, Bajaj booked a total loss of Rs. 853 million. This loss was set off against gains on sale of assets of Rs. 1, 067 million that resulted in a net gain of Rs. 214 million. 13 Figure (ii) Bajaj: Liability Structure, 2003 Source: Prowess Database. 10 11 12 13 Bajaj Auto Annual Report, 2002-03. Source: Prowess Database.Source: Prowess Database. Bajaj Auto Annual Report, 2002-03. 116 Financial Management at Bajaj Auto Exhibit VII Bajaj: Investment of Surplus Funds (Rs. million) Source: Bajaj Auto Annual Report, 2002-03. Exhibit: VIII Income from Investments (Rs Million) 2002-2003 Dividends Interest on debentures and bonds Interest on government securities Interest on inter-corporate deposits and other loans Income from mutual fund units Lease rent and equalization Profit on sale o f investments Interest on fixed deposits Others Total Interest on tax refunds Total non-operating income Non-operating expenses Net non-operating income Source: Bajaj Auto Annual Report, 2002-03. 17 127 408 405 239 44 214 2 11 1,450 1,450 274 1,176 2001-2002 592 291 18 364 79 234 6 1,584 18 1,602 436 1,166 Financial Insights Return on Capital In early 2003, Bajaj maintained a free cash reserve of Rs 2,700 crore. The management had no intention of reducing that cash pile in the near future. Meanwhile, analysts argued14 that retaining surplus cash would only dilute a company's Return on Capital Employed (ROCE) and, over a period of time, destroy shareholder value. Bajaj had a capital employed of Rs 4,000 crore, of which only Rs 1,300 crore was deployed in its two-wheeler operations. This generated an excellent ROCE of 60%. But the remaining Rs 2,700 crore of idle cash, earned a return of only 17%.As a result, Bajaj Auto's overall ROCE was 31%, far lower than Hero Honda's 95%. Exhibit IX Return on Operating Capital (Rs. Million) As at 31, March 2003 Fixed assets Technical know-how Working capital Total Operating profit after interest and depreciation Pre-tax return on operating capital exmployed Source: Bajaj Auto Annual Report, 2002-03. As at 31, March 2002 10,910 128 699 11,737 4,834 41% 10,502 107 638 11,247 6,744 60% Exhibit X Dividend Payouts (%) Company Bajaj Hero Honda TVS 1999 19. 18 22. 89 21. 96 2000 20. 88 23. 08 23. 92 2001 35. 69 26. 74 32. 54 2002 27. 34 75. 53 42. 47 Source: Businessworld, 19th May 2003. Capital Structure Bajaj’s debt-equity ratio was 0. 6 and interest coverage was 717. 76 times in 2003. Bajaj mostly relied on internal generation rather than external funding. In 2003, Bajaj had Rs. 3139. 42 crore of reserve & surplus (49% of it total assets), where as Hero Honda and TVS had only Rs. 821. 09 crore and Rs. 399. 85 crore respectively. Bajaj deployed bulk of its funds in investments (44. 02% of total assets) and fixed assets (20 . 57% of total assets). 14 M. Anand, ? Is Munjal Being Too Generous Businessworld, 19th May 2003. 118 Financial Management at Bajaj Auto Exhibit XI Bajaj: Equity Holding, December 2003 Equity Holding Indian promoters Mutual funds and UTI Banks, FI's, Insurance Cos.FIIs Private corporate bodies Indian public NRIs/OCBs Any other Total equity holding Source: Prowess Database. No of Shares 29516461 1612731 3829868 19318255 13264490 29054237 401776 4185692 101183510 % of Total Shares 29. 17 1. 59 3. 79 19. 09 13. 11 28. 71 0. 40 4. 14 100 In September 2000, Bajaj had spent about Rs 720 crore to buy back 15% of its equity. The offer was announced at a price of Rs 400 per share when the prevailing price was around Rs 320. Though prices fell to Rs 200 immediately after the buyback, it had later recovered to about Rs 500. Bajaj believed buy back was a better way to distribute profits to shareholders than dividends.Bajaj had a cash reserve of $ 575 million and paid a final dividend of 120% an d a special dividend of 20% in 2002 (paid on account of the one-time premia received from Allianz AG, Germany, the company's partner in the two insurance joint ventures)15 and a final dividend of 140% in 2003. The amount of dividend and the tax aggregated to Rs. 1,598 million. The company’s dividend yield i. e. , (dividend per share by the market price) showed that Bajaj had a yield of 2. 7%. 16 Looking Ahead In the motorcycles segment, ‘Boxer' had performed well and had increased its market share to 45% in the entry-level market, which was estimated at 102,000 units (35% of total motorcycle sales). But growth was primarily led by ‘Pulsar', the premium-end motorcycle. Against the company's estimate of 10,000 units per month at the beginning of 2002, the model notched sales of around 17,000 units per month in late 2002.Encouraged by the success, Bajaj planned to ramp up sales to 25,000 units per month by early 2004 and expected to achieve total leadership in the mo torcycle segment, aiming at a growth rate of 15%. Bajaj expected to improve its relationships with customers by expanding its product range and widening its dealer network. It planned to launch a 125 cc motorcycle with Kawasaki Heavy Industries Ltd, which was in the final stage of development. A rear engine diesel goods carrier was in the testing stage 15 16 Source: Prowess Database. Chetan Soni & Nandini Sen Gupta, ? Rolling stock: Payouts put auto investors in top gear,? Times News Network, 4th June 2003. 119 Financial Insights and would be launched in 2004. Bajaj also planned to broaden its vision and work towards being a truly global player.Effective management of the company’s finances would play an important role in this regard. Figure (iii) Bajaj: Closing Share Price & Traded Quantity Source: Prowess Database. Figure (iv) Bajaj: Traded Quantity Source: Prowess Database. Figure (v) Bajaj: Dividend Yield & Earning Per Share Dividend Yield 6 5 4 3 2 1 0 Dec-97 Dec-98 Dec- 99 Dec-00 Dec-01 Dec-02 Dec-03 Jun-98 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Earning Per Share 80 60 40 20 0 Dec-97 Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Source: Prowess Database. 120 Financial Management at Bajaj Auto Figure (vi) Bajaj: Assets Structure Source: Prowess Database. Exhibit: XIIBajaj: Capital History Issue Month Issue Type Face Value (Rs. ) 10 10 Security Amount (Rs. Crore) 0 0 Additional Increased Paid up Paid up Capital Capital (Rs. Crore) (Rs. Crore) 18. 81 37. 63 37. 63 75. 25 Security Type Sep-91 Bonus Jun-94 Bonus Euro Oct-94 Issue Sep-97 Bonus Equity Equity Global Depository Receipts Equity 10 10 10 345. 07 0 0 4. 34 39. 8 0 79. 59 119. 39 101. 18 Buybac Sep-00 k Equity Source: Prowess Database. Exhibit XIII Bajaj: Ratios Bajaj Auto Ratios Liquidity Ratios Current ratio Quick ratio Solvency Ratios Debt-equity ratio Interest coverage 0. 26 0. 22 0. 20 45. 04 0. 16 33. 85 0. 17 21. 23 0. 11 11. 83 0. 29 18. 43 0. 52 5. 63 0. 6 4. 58 2. 07 1. 20 1. 88 1. 01 1. 69 0. 69 1. 11 0. 16 1. 20 0. 25 1. 44 0. 81 1. 01 0. 34 1. 12 0. 47 1. 16 0. 36 2003 2002 2001 Hero Honda 2003 2002 2001 T V S Motor 2003 2002 2001 717. 76 161. 91 121 Financial Insights Bajaj Auto Ratios 2003 2002 2001 Hero Honda 2003 2002 2001 T V S Motor 2003 2002 2001 Efficiency Ratios (in Days) Average days of finished goods stock Average days of debtors Average days of creditors Net working capital cycle Profitability Ratios PBDIT (NNRT) as % of sales PBIT (NNRT) as % of sales PAT (NNRT) as % of sales Return on net worth Return on capital employed 20. 19 16. 65 11. 07 17. 50 21. 47 16. 87 13. 12 8. 63 13. 3 16. 74 13. 07 9. 18 8. 24 10. 26 9. 98 17. 59 16. 45 10. 02 67. 10 94. 64 16. 77 15. 63 9. 72 67. 67 95. 27 14. 46 13. 07 7. 87 47. 52 70. 98 9. 23 6. 66 3. 94 32. 89 42. 10 6. 79 4. 57 2. 47 8. 18 5. 78 3. 47 9. 90 13. 80 42. 40 -5. 68 10. 27 13. 95 43. 47 0. 69 11. 38 15. 42 49. 54 6. 61 3. 91 8. 62 35. 57 -7. 47 3. 53 5. 80 32. 71 - 4. 79 3. 93 4. 28 31. 10 14. 09 8. 14 52. 96 14. 97 13. 13 15. 95 19. 82 52. 05 44. 89 -1. 24 7. 54 2. 05 -14. 15 16. 05 18. 80 20. 86 20. 74 90. 00 80. 00 Dividend rate (sum of interim and final) 140. 00 140. 00 Market Ratios P/E P/B 16. 61 3. 19 9. 54 1. 63 80. 00 900. 00 850. 00 150. 00 120. 00 9. 25 1. 32 3. 46 7. 63 9. 27 5. 62 13. 66 6. 21 18. 41 5. 02 10. 35 10. 39 3. 08 0. 99 Source: Prowess Database. Exhibit XIV Common size Income statement Commonsize Income Statement 2003 Total Revenue Sales Other income Change in stocks Non-recurring income Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 94. 22 3. 51 0. 64 1. 64 92. 27 4. 22 -0. 67 4. 18 91. 85 6. 18 0. 36 1. 61 97. 76 0. 44 0. 40 1. 40 98. 24 1. 04 -0. 13 0. 85 98. 75 0. 33 0. 56 0. 35 97. 76 0. 67 1. 25 0. 31 98. 96 0. 89 0. 15 0. 01 98. 04 1. 05 0. 90 0. 01 122 Financial Management at Bajaj AutoCommonsize Income Statement 2003 Exp enditure Raw materials, stores, etc. Wages & salaries Energy (power & fuel) Indirect taxes (excise, etc. ) Advertising & marketing expenses Distribution expenses Others Non-recurring expenses Profits / losses PBDIT Financial charges (incl. lease rent) PBDT Depreciation PBT Tax provision PAT Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 52. 84 4. 66 1. 19 11. 73 51. 39 5. 12 1. 41 11. 80 52. 79 6. 20 1. 80 14. 57 67. 59 3. 86 0. 49 0. 19 68. 80 3. 71 0. 56 0. 12 72. 87 3. 67 0. 73 0. 19 60. 37 3. 27 0. 66 13. 69 63. 29 3. 37 0. 69 13. 86 73. 20 3. 46 0. 90 1. 72 8. 61 0. 86 3. 50 1. 63 19. 3 8. 62 0. 82 5. 28 0. 69 19. 06 9. 83 0. 90 4. 93 2. 85 10. 77 4. 16 1. 89 4. 57 0. 07 18. 51 2. 99 1. 88 5. 55 0. 22 17. 10 2. 74 1. 81 4. 12 0. 46 14. 18 11. 06 2. 08 3. 92 0. 10 9. 23 8. 37 2. 12 4. 65 0. 04 6. 69 8. 76 1. 60 4. 69 0. 04 7. 99 0. 02 19. 01 3. 34 15. 67 5. 24 10. 43 0. 07 18. 99 3. 47 15. 52 4. 06 11. 46 0. 19 10. 58 3. 57 7. 01 0. 68 6. 33 0. 48 18. 04 1. 11 16. 93 5. 81 11. 12 0. 72 16. 38 1. 12 15. 26 5. 08 10. 17 1. 09 13. 09 1. 38 11. 72 4. 04 7. 67 0. 35 8. 88 2. 51 6. 36 2. 30 4. 06 0. 80 5. 89 2. 20 3. 69 1. 28 2. 41 1. 24 6. 75 2. 35 4. 40 1. 03 3. 37 Source: Prowess Database. Exhibit XV Common size Balance SheetCommon size Balance Sheet 2003 Total assets Gross fixed assets Land & building Plant & machinery Other fixed assets Capital WIP Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 41. 62 4. 02 35. 09 2. 45 0. 06 46. 97 4. 65 39. 56 2. 69 0. 07 53. 65 5. 30 44. 99 2. 88 0. 48 35. 60 5. 77 28. 21 1. 20 0. 42 40. 72 6. 96 31. 96 1. 25 0. 55 54. 82 7. 93 43. 57 1. 68 1. 64 77. 80 12. 72 58. 45 4. 01 2. 63 78. 81 10. 14 63. 09 4. 22 1. 35 77. 23 10. 39 59. 41 4. 40 3. 04 123 Financial Insights Common size Balance Sheet 2003 Less: cumulative depreciation Net fixed assets Investments In group / associate cos.In mutual funds Other investments Inventory Raw materials Stores and spares Finished goods Semi-finished goods Sundry debtors Accrued income Advances / loans to Group / associate cos. Advances / loans to Other cos. Deposits with govt. / agencies Advance payment of tax Other receivables Cash & bank balance Deferred tax assets Intangible assets & deferred revenue expenditure not written off Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 21. 05 20. 57 44. 02 4. 13 3. 50 36. 39 3. 30 0. 89 0. 34 1. 82 0. 25 2. 65 0. 32 21. 67 25. 30 36. 82 4. 75 2. 29 29. 78 3. 31 1. 00 0. 57 1. 44 0. 30 3. 66 0. 47 24. 30 29. 35 25. 89 1. 46 2. 64 21. 79 5. 46 1. 96 0. 91 2. 23 0. 36 2. 60 0. 71 12. 47 23. 13 54. 3 0. 16 54. 37 0. 00 9. 18 5. 10 1. 14 2. 51 0. 43 6. 46 0. 00 12. 74 27. 98 41. 41 0. 20 41. 21 0. 00 10. 17 6. 17 1. 54 1. 94 0. 52 5. 69 0. 00 15. 55 39. 27 26. 18 0. 30 25. 88 0. 00 17. 18 10. 62 2. 32 3. 16 1. 08 3. 66 0. 00 28. 15 49. 65 8. 19 5. 60 2. 57 0. 02 19. 95 3. 89 4. 13 10. 36 1. 58 4. 87 0. 00 28. 18 50. 63 1. 66 1. 60 0. 00 0. 05 17. 15 4. 24 2. 50 8. 44 1. 97 9. 97 0. 00 24. 69 52. 54 1. 79 1. 68 0. 00 0. 12 18. 32 5. 49 2. 13 8. 46 2. 25 12. 89 0. 00 1. 68 3. 56 0. 11 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 1. 16 1. 60 8. 21 0. 00 0. 00 0. 00 1. 43 4. 49 1. 86 0. 06 0. 40 0. 41 0. 01 0. 01 0. 11 0. 08 0. 02 3. 93 21. 99 2. 52 0. 8 1. 08 21. 04 2. 28 0. 47 0. 84 21. 71 4. 74 0. 46 0. 00 0. 52 4. 48 1. 11 0. 04 0. 59 7. 31 6. 21 0. 05 0. 88 7. 08 3. 90 0. 00 0. 00 7. 59 7. 69 0. 55 0. 59 6. 48 8. 56 0. 41 0. 77 5. 93 1. 92 0. 00 0. 17 0. 24 0. 35 0. 53 0. 58 1. 75 0. 00 0. 03 0. 05 124 Financial Management at Bajaj Auto Common size Balance Sheet 2003 Total liabilities Net worth Paid-up equity capital Reserves & surplus Secured borrowings Unsecured borrowings Deferred tax liabilities Current liabilities Sundry creditors Interest accrued / due Other current liabilities Provisions Tax provision Dividend provision Dividend tax provision Other provisions Bajaj Auto 2002 2001He ro Honda 2003 2002 2001 2003 TVS 2002 2001 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 51. 36 1. 60 49. 75 0. 85 12. 46 3. 81 7. 21 6. 56 0. 00 0. 65 24. 30 21. 01 2. 25 0. 29 0. 76 52. 99 1. 87 51. 12 0. 59 10. 99 4. 36 8. 41 7. 60 0. 00 0. 81 22. 65 19. 56 2. 62 0. 00 0. 47 56. 80 2. 18 54. 62 1. 21 9. 86 0. 00 10. 07 7. 70 0. 00 2. 37 22. 06 19. 77 1. 74 0. 18 0. 37 39. 34 1. 82 37. 52 0. 00 6. 14 3. 53 31. 14 18. 73 0. 00 12. 41 19. 86 0. 50 16. 42 2. 10 0. 84 39. 10 2. 28 36. 82 0. 00 6. 64 4. 07 34. 97 22. 73 0. 00 12. 24 15. 22 0. 48 13. 66 0. 00 1. 08 54. 44 3. 46 50. 98 0. 00 5. 75 0. 00 31. 63 22. 03 0. 00 9. 60 8. 18 0. 82 5. 18 0. 3 1. 64 39. 42 2. 15 37. 27 3. 82 7. 54 8. 27 37. 87 37. 81 0. 00 0. 06 3. 08 0. 00 1. 51 0. 19 1. 38 37. 27 2. 66 34. 61 10. 50 8. 74 9. 14 33. 31 33. 08 0. 00 0. 24 1. 04 0. 00 0. 00 0. 00 1. 04 43. 06 2. 78 40. 28 19. 09 9. 09 0. 00 25. 55 25. 51 0. 00 0. 05 3. 20 0. 00 2. 23 0. 23 0. 75 Source: Prowess Database. Exhibit XVI Comparative Income Statement Comparative Income Statement 2001 Total Revenue Sales Other income Change in stocks Non-recurring income 3628. 74 4172. 1 4829. 37 3177. 2 4471. 87 5107. 7 1820. 98 2213. 59 3111. 28 244. 19 190. 61 179. 85 14. 13 -30. 4 32. 58 83. 93 10. 63 18. 17 11. 42 47. 21 -5. 81 38. 54 23. 24 21. 08 72. 8 19. 57 16. 65 0. 27 19. 8 3. 27 0. 23 21. 4 39. 82 9. 94 Bajaj Auto 2002 2003 Hero Honda 2001 2002 2003 2001 TVS 2002 2003 63. 66 189. 21 125 Financial Insights Comparative Income Statement 2001 Expenditure Raw materials, stores, etc. Wages & salaries Energy (power & fuel) Indirect taxes (excise, etc. ) Bajaj Auto 2002 2003 Hero Honda 2001 2002 2003 2001 TVS 2002 2003 2085. 47 2323. 71 2708. 23 2344. 39 3131. 72 3531. 81 1359. 65 1415. 78 1921. 32 245. 14 231. 48 239. 05 117. 96 168. 94 201. 63 64. 26 75. 37 104. 05 71. 03 63. 64 61. 12 23. 4 5. 98 25. 61 5. 39 25. 82 9. 75 16. 63 15. 44 20. 85 575. 8 533. 48 601. 22 31. 88 309. 94 435. 77Advertising & marketing expenses 204. 94 200. 41 233. 29 Distribution expenses Others 35. 46 37. 02 44. 23 64. 17 58. 1 93. 73 147. 01 119. 04 118. 49 212. 49 85. 39 98. 92 29. 64 47. 36 66. 27 194. 82 238. 63 179. 61 132. 45 252. 48 238. 84 31. 25 83. 7 14. 65 10. 24 3. 86 87. 15 103. 91 124. 72 0. 83 0. 86 3. 28 Non-recurring expenses 112. 59 Profits / losses PBDIT Financial charges (incl. lease rent) PBDT Depreciation PBT Tax provision PAT ppropriation of profits Dividends Retained earnings 425. 47 861. 9 975. 28 456. 32 778. 31 967. 36 148. 39 149. 74 293. 69 7. 4 3. 38 1. 12 35. 1 44. 27 32. 92 51. 01 24. 82 57. 98 303. 8 22. 97 43. 73 81. 69 19. 12 62. 7 17. 96 49. 22 28. 61 11. 24 79. 91 73. 19 418. 07 858. 52 974. 16 421. 22 745. 39 942. 54 125. 42 131. 78 282. 45 141. 12 156. 68 171. 16 276. 95 701. 84 803 376. 95 694. 38 884. 56 82. 56 202. 54 53. 95 129. 35 27 183. 68 268. 36 130. 08 231. 45 249. 95 518. 16 534. 64 246. 87 462. 93 580. 76 89. 21 141. 66 159. 81 160. 74 66. 01 349. 67 405. 49 20. 36 42. 21 22. 91 31. 04 29. 79 99. 56 376. 5 374. 83 180. 86 113. 26 175. 27 Source: Prowess Database. Exhibit XVII Comparative Balance Sheet Comparative Balance Sheet (Rs Crore) Assets Gross fixed assets 2001 Bajaj 2002 2003 Hero Honda 2001 633. 61 2002 714. 21 2003 779. 25 TVS Motor 2001 641. 3 2002 683. 85 2003 834. 7 2490. 26 2540. 08 2626. 18 126 Financial Management at Bajaj Auto Comparative Balance Sheet (Rs Crore) Land & building Plant & machinery Other fixed assets Capital WIP Less: cumulative depreciation Net fixed assets Investments In group / associate cos. In mutual funds Other investments Inventories Raw materials Stores and spares Finished goods Semi-finished goods Receivables Sundry debtors Accrued income Advances / loans to Group / associate cos. Advances / loans to Other cos. Deposits with govt. / agencies Advance payment of tax Other receivables Cash & bank balance Deferred tax assets Intangible assets (goodwill, etc. Deferred revenue expenditure not written off 245. 85 Bajaj 251. 53 Hero Honda 253. 42 Mar-00 May-00 May-00 503. 59 19. 45 18. 95 179. 76 453. 85 302. 59 3. 46 299. 13 0 198. 54 122. 79 26. 81 36. 47 12. 47 135. 54 42. 29 0 560. 54 21. 89 9. 69 223. 47 490. 74 617. 32 26. 37 9. 19 273. 01 506. 24 TVS Motor 86. 24 493. 09 36. 49 25. 21 204. 92 436. 11 14. 89 13. 92 0 0. 97 152. 03 45. 53 17. 65 70. 2 18. 65 210. 64 106. 95 0. 04 88. 03 547. 47 36. 66 11. 69 244. 54 439. 31 14. 39 13. 92 0 0. 47 148. 79 36. 76 21. 73 73. 23 17. 07 187. 09 86. 52 0 136. 47 627. 07 42. 97 28. 19 302. 03 532. 67 87. 92 60. 08 27. 58 0. 26 214. 07 41. 71 44. 32 111. 1 16. 94 149. 87 52. 21 0 088. 17 2139. 11 2214. 16 133. 81 22. 43 1127. 91 145. 48 3. 96 154. 59 4. 01 1171. 8 1327. 95 1362. 35 1368. 28 1298. 23 1201. 65 1991. 42 2777. 68 67. 62 122. 77 257. 02 123. 99 260. 88 220. 77 726. 29 1193. 52 3. 46 3. 46 722. 83 1190. 06 0 178. 36 108. 27 26. 96 34. 02 9. 11 238. 52 99. 72 0 0 200. 92 111. 67 25. 04 54. 84 9. 37 251. 26 141. 49 0 1011. 26 1610. 41 2296. 03 253. 43 91 42. 17 103. 49 16. 77 179. 1 54. 32 30. 57 77. 95 16. 26 207. 98 56. 16 21. 15 114. 63 16. 04 1786. 88 1785. 53 1917. 13 120. 72 33. 01 198. 17 25. 34 167. 04 20. 24 5. 3 380. 88 19. 24 192. 75 86. 6 21. 73 106 73. 11 3. 87 1387. 8 159. 07 30. 03 68. 06 10. 68 0 1. 26 10. 14 81. 85 45. 09 0 0 0 0 0. 21 10. 34 128. 25 108. 96 0. 81 0 0 0 0. 32 11. 31 98. 14 24. 33 0. 89 0 0 15. 43 32. 66 6. 38 49. 18 15. 91 0 0 0 39 0. 14 5. 16 56. 27 74. 27 3. 57 0 0 15. 3 0. 86 0. 03 81. 47 82. 46 5. 9 0 1007. 75 1137. 62 219. 98 21. 32 0 0 123. 32 25. 2 45. 48 12. 8 16. 03 0 0 20. 2 10. 22 11. 52 0. 44 0. 3 0 127 Financial Insights Comparative Balance Sheet (Rs Crore) Share issue expenses not written off VRS expenses not written off Other misc. expenses not written off Total assets Net worth Authorized capital Issued equity capital Paid-up equity capital Bonus equity capital Buy back amount Buy back shares (nos. Reserves & surplus Free reserves Specific reserv es Borrowings Bank borrowings Short term bank borrowings Long term bank borrowings Govt. / sales tax deferral borrowings Debentures / bonds Fixed deposits Other borrowings Secured borrowings Unsecured borrowings Bajaj Hero Honda TVS Motor 0 0 0 0 0 0 0 0 0 0 0 0 0. 44 0 0. 3 0 0 0 16. 03 0 0 20. 2 10. 22 11. 52 0 830. 02 357. 41 25 23. 1 23. 1 0 0 0 334. 31 291. 81 42. 5 233. 95 107. 37 76. 12 31. 25 0 0 4641. 66 5407. 81 6309. 79 1155. 81 2636. 53 2865. 79 3240. 61 150 101. 18 101. 18 114. 17 18. 21 1820730 4 2535. 35 150 101. 19 101. 19 114. 17 0 0 150 101. 19 101. 19 114. 17 0 0 629. 19 50 39. 94 39. 94 23. 96 0 0 589. 25 589. 25 0 66. 48 0 0 0 1753. 9 2188. 68 685. 76 50 39. 94 39. 94 23. 96 0 0 645. 82 645. 2 0 116. 44 0 0 0 861. 03 50 39. 94 39. 94 23. 96 0 0 821. 09 821. 09 0 134. 28 0 0 0 867. 72 1072. 89 323. 39 25 23. 1 23. 1 0 0 0 300. 29 270. 59 29. 7 166. 94 53. 64 34. 89 18. 75 422. 95 25 23. 1 23. 1 0 0 0 399. 85 380. 05 19. 8 121. 89 16. 13 16. 13 0 2764. 6 3139. 42 2515. 39 2744. 64 3121. 21 19. 96 513. 71 55. 97 55. 97 0 19. 96 626. 09 31. 83 31. 83 0 18. 21 840. 23 53. 91 53. 91 0 451. 64 0 6. 1 0 55. 97 457. 74 588. 96 0 5. 3 0 31. 83 594. 26 781. 9 0 4. 42 0 53. 91 786. 32 66. 48 0 0 0 0 66. 48 116. 44 0 0 0 0 116. 44 134. 28 0 0 0 0 134. 28 0 85 0 41. 58 158. 49 75. 46 0 59. 4 0 53. 9 91. 11 75. 83 0 39. 6 0 66. 16 41. 03 80. 86 128Financial Management at Bajaj Auto Comparative Balance Sheet (Rs Crore) Current portion of long term debt Total foreign currency borrowings Deferred tax liabilities Current liabilities & provisions Current liabilities Sundry creditors Interest accrued / due Other current liabilities Share application money Provisions Tax provision Dividend provision Dividend tax provision Other provisions Total liabilities Bajaj Hero Honda TVS Motor 0 0 0 0 0 0 65. 38 36 11. 48 0 0 0 236. 05 0 240. 47 0 0 0 0 71. 47 77. 16 0 0 0 79. 35 0 88. 72 1491. 42 1679. 88 1988. 48 467. 55 357. 29 0. 11 110. 15 454. 93 411. 13 0. 1 43. 7 454. 9 413. 86 0. 08 40. 96 460. 14 365. 62 254. 61 0 111. 01 880. 3 1116. 21 613. 32 398. 61 0 214. 71 681. 52 409. 94 0 271. 58 238. 66 212. 1 211. 71 0 0. 39 298. 04 289. 05 287 0 2. 05 439. 33 406. 26 405. 65 0 0. 61 0 0 0 0. 02 94. 52 9. 51 59. 9 6. 11 19 0. 02 266. 91 8. 34 239. 64 0 18. 93 0 434. 69 10. 9 359. 44 46. 05 18. 3 0 26. 56 0 18. 48 1. 88 6. 2 830. 02 0 8. 99 0 0 0 8. 99 0 33. 07 0 16. 17 2. 07 14. 83 1023. 87 1224. 95 1533. 58 917. 58 1057. 94 1325. 98 80. 95 8. 26 17. 08 141. 66 0 25. 35 141. 66 18. 15 47. 79 4641. 66 5407. 81 6309. 79 1155. 81 1753. 9 2188. 68 867. 72 1072. 89 Source: Prowess Database. 129 Financial Insights Bibliography 1. 2. ?The BT 500,? Business Today, 7th September 1998.Gita Piramal, Sumantra Goshal and Sudeep Budhiraja, ? Transformation of Bajaj Auto Ltd,? Lessons in Excellence Case Contest, www. thesmartmanager. com, February-March, 2003. M. Anand, ? Is Munjal Being Too Generous Businessworld, 19th May 2003. B19th May Chetan Soni & Nandin i Sen Gupta, ? Rolling stock: Payouts put auto investors in top gear,? Times News Network, 4th June 2003. Motilal Oswal, Equity Research, February 2003. Honda Annual Report 2003. Bajaj Auto Limited Annual Report 2003. CMIE – Prowess Database. CMIE – Industry Analysis Service. www. bajajauto. com. www. siamindia. com. www. indiainfoline. com. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 130

Marketing management Essay Example | Topics and Well Written Essays - 2500 words

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TV Series Research Paper Example | Topics and Well Written Essays - 1750 words

TV Series - Research Paper Example However, these days, there are various services that would allow that individual to watch any episodes they missed, including the DVR. The DVR allows individuals to record a program, which they can watch at a later time. The availability to services like Netflix, Hulu Plus and Amazon which provide similar features, also contribute to this lack of urgency. In a brief description, a television program is a segment of content intended for broadcast on television; the United States uses an audience measurement system developed by the Nielsen Company, in an effort to determine the size of the audience and the arrangement of television programming. This decline in television ratings affects the life span of the shows themselves. I always pondered the question of how a TV show makes money, and then I read an article about TV Commercials which are a span of television programming produced and paid for by an organization, which conveys a message, usually to advertise a product or service. From what I understood companies look at TV ratings to see if they have something to gain from advertising within the specific TV program. This research is worth a lot of money. Advertising companies pay to air their advertisements on TV programs using the information interpreted from Nielsens figures. Network executives also use Nielsens figures to see if scheduling decisions are paying off or not. Just because a show has millions of viewers don’t always mean that it is successful, it may make it popular to certain crowds but in order to be a financial success it needs to be above the network average and stable. Thats why some shows with a steadfast fan base still get canceled (How TV ratings work). In 2011 Comcast, the No. 1 cable company has launched their on-demand podium Xfinity TV on Demand, in an effort to compete against DirecTV and Netflix making Comcast the only pay TV provider to offer recent episodes from existing shows from all the

Why I want to be a nurse Essay Example | Topics and Well Written Essays - 500 words

Why I want to be a nurse - Essay Example Nurses were looked down upon but with the development of the human mind, it has been realized that it is a very noble profession where a person lives with a cause and purpose of serving other people. It is for this reason that I have actually been influenced by the fact that I should opt for this career and work towards improving the health status of the world by becoming an integral part of the healthcare system. I have always been interested in this field, particularly after my exposure to the hospitals when I came across nurses and realized the fact that how important they are for the field of medicine. My exposure to this field has made me aware of the fact that I would truly want to devote my life for the purpose of providing the best health for the patients. The example of Florence Nightingale serves as an inspiration to me. She was a woman who was devoted to her work despite of the difficulties that she had to face and the criticism that she received. She worked day and night to save precious human lives and worked in very difficult conditions. Seeing her example, I have realized that I would also want to dedicate my life to help people who will actually be able to live in a better way because of my work. The aim of this field is itself very inspiring to me.

Attention Deficit Disorder Essay Example | Topics and Well Written Essays - 1000 words

Attention Deficit Disorder - Essay Example The first step that most patients take that you may want to consider is that of pharmacological medication. By choosing this option you will be using a cost effective way of managing the disorder because this treatment has been proven to be the most successful. Your doctor my prescribe Ritalin, Adderall, Cylert with Ritalin being the most popular. Ritalin contains methylphenidate which is "Currently the focus of widespread and intensive study and is broadly considered by experts in the treatment of ADD to be the single most effective intervention for inattention and impulsivity" (Noral). Methylphenidate has demonstrated effectiveness in controlling undesirable symptoms such as "Inattentiveness and impulsivity for approximately seventy percent of the diagnosed with ADD for whom it was prescribed (Noral). While methylphenidate is the most effective in most patients, your doctor may go through the process of elimination and have you try several different drugs in order to find the one t hat works best for you. Typically you will be prescribed a once daily dose of this medication and the "Effects of this dose on predetermined behavioral and educational objectives such as focus, time on task, and impulse control are carefully monitored" (Noral). When you take these medications they will raise the level of your neurotransmitters, dopamine and norepinephrine which are all chemicals in your brain that control your motivation, concentration and alertness. In the beginning of your treatment you may suffer several side effects depending on the medication you are taking. This is why it may take some time and patience before you and your doctor find the medication and dosage that is best suited for you. "Nervousness and insomnia are the most common adverse reactions to methylphenidate and other medication side effects can include "Upset stomach, decreased appetite, nausea or vomiting, dizziness, allergic reactions, increased blood pressure and psychosis" (ADHDNews.com). Whil e you will find this pharmacological treatment to be the most effective it is also the most controversial due to the undesirable side affects that have been seen in certain patients. If these side effects are too detrimental you may want to then take a step back and explore other treatment options. Often behavior therapy and interventions are the second step patients take when they are not getting results from their medication or the side effects are too overwhelming. You may want to consider this second step in treating your ADD if you have exhausted all possible pharmacological medications. One type of behavioral therapy you may want to consider is psychoeducational input. "Psychoeducational input is a form of therapy in which patients and their relatives should be empowered to understand and accept the illness and cope with it in a successful manner" (Sherman). This method can often mean many sacrifices for yourself and your family, because you will need to make changes in your routine and daily life in order to work around your ADD. Another method you may consider is Interpersonal Psychotherapy. If you choose to pursue this method your therapist will work with you and help diagnosis the direct instances when your ADD symptoms appear and identify your problem areas. Once the se have been

Critically discuss, with examples, the contributions that Managing Essay - 1

Critically discuss, with examples, the contributions that Managing Diversity policies can make to the promotion of equality in organisations - Essay Example These have been studied from different perspectives, such as gender discrimination, HRM, performance management, cultural dimensions, and best practice implementation resulting from diffusion process, with specific examples. In the era of globalization, managing diversity promotes organizational effectiveness to a large extent. Diversity management is said to have originated in the United States with the Civil Rights Act, 1964 promoting equal employment opportunities (Mor-Barak, 2005). Realization of importance of diversity management through policies and legislation is a more recent affair in most of the countries. The main prerequisites of diversity management are said to be equal rights legislation and affirmative/positive action policies in order to create social, legal and organizational environment conducive for diversity management. The benefits of globalization have lured many organizations to become multinational and also adopt diversity management practices. Diversity management is now being used as a tool in management to tackle discrimination at workplace (Wrench, 2005). This can be best evidenced by the Kosek and Lobel’s model (1996), cited by Mor-Barak (2005), of diversity management approach through diversity enlargement, diversity sensitivity, cultural audit and strategies for achieving organizational outcomes. With the legislative policies related to equal employment opportunities and antidiscrimination laws being introduced, most of the organizations started hiring people belonging to distinct groups and nationalities, incorporating a diverse workforce. The various activities used in organizations to manage this diversity include training and development for all employees, employee involvement teams, links with the community, different work hours and workplaces, benefits, affirmative action programs, top-management attention, public relations efforts,

Financial statements interpretation Essay Example | Topics and Well Written Essays - 1250 words

Financial statements interpretation - Essay Example The main reason is that the ratios are simple to calculate. Moreover, they provide a standard for comparison between companies or between the company and the industry in general. They can also be applied to various time periods of the same company and can provide valuable information related to the trend and future prospects (Pendlebury and Groves, 2004). The ratios that are chosen for analyzing VDB Limited include Operating Profit Margin, Return on Assets, Current Ratio, Quick Ratio, Average Collection Period, Stock turnover period. The ratios are computed for VDB Limited based on the financial statements provided for the two years. This will provide a base for comparison of the The profit margin is the measure of the company's ability to earn profit from the generated revenue. This is a very important and crucial ratio as this depicts the earning capacity of the company (Samuels et al, 2000). It is clear from the values that the profit margin has declined steeply in 2008 relative to 2007. Though the revenue is much higher in 2008, the purchases and the expenses are relatively higher and hence lesser profits. This ratio measures the income generating ability of the assets. ... This ratio is necessary, since the income or the earnings is given higher importance and a company should not only have high revenues, but should also earn the income from it. The return on assets is computed as Return on Assets = (Net Income / Total Assets) * 100 Profitability 2007 2008 Return on Assets 10.53% 7.89% It is evident that the assets are not being utilized at the same level as that of 2007. The income generating ability of the assets has come down in 2008. iii. Current Ratio: The current ratio is a measure of the company's ability to cover its current liabilities using its current assets (Samuels et al, 2000). It is computed as Current Ratio = Current Assets / Current Liabilities Ratio 2007 2008 Current Ratio 3.16 2.96 The current ratio is a measure of liquidity and it indicates that VDB Limited is well positioned in terms of liquidity and will be able to cover its liabilities. Though the ratio has reduced in 2008, it is still very substantial and a healthy value. iv. Quick Ratio: The quick ratio is a measure of the company's ability to cover its current liabilities using its liquid assets. The assets included in this ratio are those which can be easily converted to cash (Samuels et al, 2000). It is computed as Quick Ratio = (Current Assets - Inventories) / Current Liabilities Ratio 2007 2008 Current Ratio 1.5 1.48 VDB Limited has sufficient liquid assets to cover the current liabilities. There is no change in the quick ratio in 2008. v. Average Collection Period: The time period (no. of days) taken to collect the receivables is a crucial measure that illustrates the company's ability to collect the debts (Samuels et al, 2000). It is computed as Average Collection Period = (Average (net) Receivables) / Net Sales) *

Cartoon and Japanese Society Essay Example for Free

Cartoon and Japanese Society Essay Japans animation boom began in the summer of l977, when the movie Uchu Senkan Yamato (Space Cruiser Yamato) captivated teenagers and young adults to emerge as a major box-office hit. The success of this sci-fi anime prompted a fundamental shift in the cultural status of animation. Even before Space Cruiser Yamato, Japan had produced a considerable number of animated films, but they were generally regarded as childrens fare or, at best, family entertainment; the few adult-oriented animated movies were not successful commercially. Space Cruiser Yamato was the first anime to demonstrate that the medium need not restrict itself to kiddies fare. Following suit, from the late l970s, Japan put out a steady stream of animated films geared to young adults, including Ginga Tetsudo 999 (Galaxy Express 999) and Kido Senshi Gandamu (Mobile Suit Gundam). Most of these were commercial successes as well, although critics dismissed these as exploitation films pandering to teenage taste. The attitude of film critics changed abruptly, however, with the 1984 release of Kaze no Tani no Naushica (Nausicaa of the Valley of the Wind), a film whose artistic quality was widely regarded as more than sufficient to hold the attention of adults. With this movie, writer-director Miyazaki Hayao overturned the conventional image of the anime director as a versatile hack, and was soon crowned as animes first genuine auteur. Of course, not all anime rose to the level of non-juvenile entertainment or art. In fact, in the late 1980s, with young adult anime showing signs of staleness, the focus began to revert to childrens films. Nevertheless, the genre never relinquished the commercial foothold it had gained during the young adult anime craze; furthermore, Miyazaki began to enjoy a large degree of freedom in his filmmaking, as did several other directors who subsequently achieved the status of anime auteur. The results of those efforts, particularly the anime produced by Miyazakis Studio Ghibli, are not simply movies with high box-office potential; they are in many instances artistically superior to the live-action films made in Japan, and they have won growing legions of fans overseas. During the 1990s, animation, spearheaded by the work of a few anime auteurs, emerged as the face of Japanese film, positioning Japan as the worlds undisputed anime superpower. And in 1997 — a full twenty years since anime took off — animations preeminence over live-action films in Japan was more apparent than ever. In a matter of months after its release, Mononoke-hime (Princess Mononoke), Miyazakis latest film to date which was then alleged to be his last directorial effort, broke every box-office record to become the biggest domestic movie hit of all time in Japan. In the languishing field of young adult anime, the avant garde sci-fi work Shin Seiki Evangerion (Neon Genesis Evangelion) scored a major box-office hit and won a huge cult following. Moreover, childrens anime are as popular as ever. In all, it appears that anime has taken center stage in the Japanese film industry, pushing live-action movies into the wings. Kenji (2002) opined that Animation became popular in Japan as it provided an alternative format of storytelling compared to the underdeveloped live-action industry in Japan. Unlike America, where live-action shows and movies have generous budgets, the live-action industry in Japan is a small market and suffered from budgeting, location, and casting restrictions. The lack of Western-looking actors, for example, made it next to impossible to shoot films set in Europe, America, or fantasy worlds that do not naturally involve Asians. The varied use of animation allowed artists to create characters and settings that did not look Japanese at all Now a bit about how animation gets to wherever you are today. In the dusty yet not-so-long-ago time, when old cities began to get overweight and thus suburban areas started to be a new synonym for the term eyesore, the post-LSD generation of the Northern hemisphere imported anime from the Land of the Rising Sun at approximately the pace of a snail-mail package sent from Alabama to Tibet. The riotous 1970s has just received enlightenment in this field of concern the quicker-witted Americans in the industry started to stop calling non-human-non-nature-non-animal motion pictures ‘cartoons’ and have used the word ‘animation’. Naturally the content of slim boxes of taped animation movies embarking there was then called ‘Japanese animation, and for the convenience of those who tend to misspell anything more than three-lettered it was promptly squeezed into ‘Japanimation, so no wonder that they still misspell it. Anyway, no derogatory wink was involved in the term Japanimation its just a matter of geoprofile for the product that has come in faster and in bulk during 1980s. The malicious intent is not there, if you really are so paranoid about such things; it is for instance in the term Japornimation, for which the Yoshiwara might have had an influence (i. e. modern sexually explicit and repulsively bloody anime movies). Meanwhile, in 1990s someone (probably the same person who snail-mailed from Alabama to Tibet) informed the Northerners that the Japanese themselves have always called the thing animation. From then on animation often replaces Japanimation in the lexicon, but it didnt blast the old word out of circulation usually attached to the Old School of diehard, seasoned, loyal and zealous anime fans (otaku) among the Americans, it is still valid to use Japanimation today in any case of generally useless elaboration such as this, plus the term anime is seen as too wide to refer to just the characteristic Japanese product anime could mean the entire baggage this planet must carry in the form of every kind of animation, including Beavis Butthead.

Issues And Assumptions Of Hotel Mangement

Issues And Assumptions Of Hotel Mangement The following report is a thorough analysis of the outrigger Hotels and Resorts case that describe the current Information Technology (IT) being used by this firm and the Information System resources that are being employed by Outrigger Hotels and Resorts. We will first start by giving a brief background history of the company and then analyze the current business structure and the Information System currently being employed. Key Issues and assumptions are identified from the case and thoroughly analyzed. Additional SWOT (strength, weaknesses, opportunities and threats) analysis questions are answered and finally, additional recommendation on how Outrigger can improve their current IS and IT infrastructure are provided to improve the future outcome of Outrigger Hotels Resorts. INTRODUCTION: Outrigger Hotels and Resorts is a management company that is owned by its holding corporation, Outrigger Enterprises. It is one of the largest, privately-held leisure lodging and hospitality firm in the Asia Pacific and Oceania. With rapid growth, Outrigger is expanding its presence throughout the Hawaiian Islands and the south pacific. By the dawn of the 21st century, the industry was estimated to have exceeded $295 billion in sales (Outrigger, 2010). With more than 60 years of hospitality experience, Outrigger has a diverse product portfolio that include highly successful, multi-branded line of hotels, condominiums and vacation resort properties, including Outrigger Hotels resorts, OHANA Hotels Resorts and Outrigger Condominium Collection (Outrigger, 2010). It is considered as one of the leading destination and vacation spots in the Hawaiian market with above average performance levels of the global industry (Piccoli, G., 2005, p. 106). KEY ISSUES AND ASSUMPTIONS: Main focus is to gain competitive advantage. Currently in waves 1 and 2 of the Waves of Innovation development of its electronic interfaces with their wholesalers. But not all wholesalers were interested in automating The firms integrated CRS/PMS (Central Reservation System/Property Management System) IT infrastructure Stellex, failed to migrate with a modern platform that was thought to simplify connectivity with the other off-the-shelf computer systems Having a Central Reservation Office (CRO) operating in Denver, Colorado. Reservations were centralized for all properties in Hawaii and beyond Hawaii, reservations was taken at each property. Issues with distance, high telecommunication costs and unacceptable reliability of international network led to a decentralized structure. Competitive pressures raising the importance of integration as larger branded hospitality and resort companies are entering the market. travel agents and wholesalers were finding the condominiums hard to sell advancements in technology and the overall internet boom proving a challenge for outrigger to keep up with and jeopardizing Outriggers future stability Detailed description: The main concern that Outrigger had was to analyze the current outriggers business strategy and to come up with an appropriate IS vision, IS architecture, and a strategic IS plan for outrigger hotels and resorts that not only gives Outrigger competitive advantage but also ensures future stability and success of the firm. When looking at IT and how it is used by industries and enterprises, waves of innovation chart is used (provided in the appendix, figure 4) that identifies the current evolution of IT within a firm (McNurlin, Sprague, Bui, 2009, p. 46). Currently, it is our assumption that Outrigger Hotels and Resorts are in Wave 1 and Wave 2. Their main goals are to reduce costs (Wave 1) and in leveraging investments (Wave 2) that focus on cutting cost through organizational effectiveness while increasing corporate assets and profitability (McNurlin, Sprague, Bui, 2009, p. 47). Outrigger achieved in reducing costs by automating manual processes to wholesalers such as billing and invoicing generating organizational effectiveness. They gained competitive advantage by implementing the electronic interface to be used by wholesalers. As shown in Figure 4, both Wave 1 and Wave 2 are below the line as this identifies that systems were developed mainly for administration, finance, and manufacturing (McNur lin, Sprague, Bui, 2009, p. 47). Furthermore, with the outsourcing of their website and web services, they introduced online chat to better help their customers and provide more information to them. Although this can be regarded as Wave 5 under the Waves of Innovation as it shows how IT is used to communicate directly with consumers, thereby leading to new marketing, distribution and service strategies (McNurlin, Sprague, Bui, 2009, p 47). Also what can be considered under Wave 5 is the adoption of a dynamic package that Outrigger serves that appeals to travellers, suppliers, even travel agencies. It provides the option and flexibility to choose air, hotel, car rental and even activities, ticketed independently and then priced out as a bundle to the buyer. This is another example of how Outrigger is reaching consumers and creating opportunities (Wave 5 in Waves of Innovation) by directly communicating with their prospective clients, making use of internet and e-commerce (McNurlin, Sprague, Bui, 2009, p. 47). Outrigger Hotels and Resorts historically maintained a highly centralized organization structure. As the firm grew in size from Hawaii locations and expanded internationally such as Australia, Outrigger remained consolidated and offered centralized services where possible such as in accounting, IT, finance, engineering, purchasing etc. The challenge that was presented with their Australian resorts was of distance and real-time coordination of the reservation system with the central reservation service. Within the IT infrastructure, the firm felt that its current centralized IT infrastructure was the source of competitive advantage. Their software Stellex was an integrated Central Reservation System/Property Management System (CRS/PMS) which was upgraded to Stellex 2.0 in 1992 to provide revenue management functionality and reservation center support. But with the expansion of the firm internationally, they ran into issues such as high telecommunication costs to and from Hawaii and the unacceptable reliability of international networks. Therefore, they did not extend their centralized model to their operations in Australia and the Pacific. Outriggers IT professionals did minimal application development wrote customized reports, and configured and interfaced with off-the-shelf applications. Even their website development and web services were outsourced and hosted by a third party in Portland, Oregon. Their main competitive advantage that outrigger had was the development of real-time electronic interfaces with wholesalers as mentioned above. Outrigger felt that with the use of technology, electronic interfaces will generate substantial efficiencies, including automatic billing and invoicing without human handling and thus lowering costs. But not all wholesalers were interested in automating reservation processing. The lack of interest was generated from those doing small operations or those for whom Hawaii and the Pacific represented a small percentage of business. Not only that, but the electronic interfaces proved to be expensive to maintain and replace and didnt provide the expected goals that Outrigger envisioned to gain to get beyond their competitors (Piccoli, G. 2005, P 113). System integration is the trend that allows different departments to have communication and information flow amongst each department and thus making technologies and systems co-exist with one another to work together. This is usually accomplished by implementing and ERP system that provides the accessibility of working from a single computing platform integrating different departments and functions across an organization (McNurlin, Sprague, Bui, 2009, p. 333). With stellex software though, it failed to migrate with the modern platform that integrated other off-the-shelf application prompting outrigger to re-evaluate Stellexs role. Additionally, Stellex also failed to interface with outriggers Point of Sales (POS) system which were old and needed to be upgraded first. Therefore, the whole project was aborted. Outriggers management is also in need of change management. They had this misconception that they did not want to extend their centralized model in operations because of high telecommunications cost and the unacceptable reliability of international networks. They had no central servers, stand alone systems and their use of outsourcing was limited to website development and hosting. Their data management systems consisted of data marts setup to hold detailed information for a maximum of three years, and later they would consolidate this data for aggregate analysis. Overall, Outriggers management felt that their IT function was enabling them complete success and that their IT function would be able to operate more efficiently than its competitors. QUESTIONS: What are Outriggers most important internal business strengths and weaknesses, as well as, the external opportunities and threats to their competitive environment? Strengths: Through Partnerships and management agreements with third party owners, Outrigger added properties on Maui and Kauai and grew to 26 locations in the Hawaiian Islands. Furthermore, through partnerships, joint ventures, acquisitions, and new developments the firm grew internationally adding properties in Guam, Fiji, Tahiti, Australia, and New Zealand thus becoming geographically dispersed. They also begain to diversify their product portfolio by adding condominium resorts The changing of their name from Outrigger Hotels Hawaii to Outrigger Hotels and Resorts and rebranding their off beach hotels in Waikiki to launch a new hotel brand name OHANA Hotels of Hawaii. OHANA became the largest Hawaii-owned operator in Waikiki catering to budget travelers looking for value on off-beach properties. Even though they were expanding their firm and buying properties (both on-beach properties/condominiums and off-beach budgeted properties) their commitment in their identity remained the same. Providing hospitality and sense of place to their guests visiting and a leisure experience that is rich in culture and the characteristics of their destination. 2004 data showed outrigger as being the stronghold in the Hawaiian market with performance levels above the average of the global industry. By 2005, Outrigger had a portfolio exceeding US $1.4 billion and approximate revenues of US $45 million. It awarded their success of their destination markets and to the well-being of airlines serving its destinations. Being quite isolated from any large population pool, Hawaii is a classic destination market with an exclusive fly-in customer base. Their Stellex software proved to be an anchor from which all operational systems connected, including telephone switches, call accounting, and in-room entertainment. All the Hawaiian islands had access to Outriggers centralized IT system which was served from the Honolulu-based data center, through the firms Wide Area Network. Their management of their multicultural and multilingual employees and guests in a multicultural environment adding to the richness and culture of their organization. Also, engaging in a non-unionized business in a heavy unionized Hawaiian labor market. Operating properties that have good location, strong travel distribution network and employees who provide hospitality from the heart adds value and creates a differentiated product. David Carey Use of outsourcing was limited to website development and hosting. Weaknesses: Even though condominiums represented an increasingly important share of the total portfolio of properties, travel agents and wholesalers found them hard to sell. Not only are condominiums expensive, but they were also complex and proved to be a non-standard product from what Outrigger offered. It appealed to independent travelers and are built to serve as primary or vacation homes for the tenants offering little office or staging space for management companies to operate in. They also lacked typical hotel services and departments such as food and beverage, room service, laundry, and daily maid services. Thus, there was a lack of reasoning involved on Outriggers behalf when they decided to expand their firm into condominium market and acquiring expensive properties. As Outrigger started to diversity their product portfolio, the profile of their customers and competitors also changed. Traditionally targeting to middle class travelers and families with income below $100k a year, they became to target towards leisure travelers. A typical guest staying at their premium brand was often a multigenerational customer with a sense of loyalty to the brand and an income exceeding $75,000. Their guests became exclusive leisure travelers. Outrigger still relied on the traditional system of faxing. Reservations were taken at each location and almost all the reservations were faxed to the property. Although Outrigger was expanding rapidly, they had yet to find an integrated solution for international properties namely for operations in Australia and Pacific. Having centralized stand alone systems or legacy systems. It created high telecommunication costs to and from Hawaii, as well as international networks proved to be unreliable. Their Stellex software failed to migrate to a more modern platform that was thought to simplify connectivity with the other off-the-shelf computer systems. Point of Sales (POS) systems were not centralized and couldnt be interfaced with Stellex software as they were old and needed to be upgraded first. This resulted in inefficiency as a manual charge voucher had to be manually written. Data marts were setup to hold detailed customer information for three years, but later this data would be consolidated and it would only provide aggregate analysis. Outsourcing was done to website only. Opportunities: Investments in condominiums provided a way for expansion to expensive properties. It created value to on-beach property location spots Condominiums also appealed to independent travelers and couples who desired privacy. Hawaii is a classic destination market Competitive pressures will raise the importance of integrated system and the benefits that come along with it within Outriggers IT infrastructure. Better integrating of its international properties is a crucial stepping stone to the firms continued success. With the increasing competition in its key markets, outrigger should also look towards strengthening their electronic presence and relationships with their distributers, improve their trademark hospitality and customer service. Threats: More competition from larger brand competitors entering into the market. Hawaii is the classic destination spot and many competitors are entering into the Hawaiian market. More larger branded hospitalities and resorts are entering into the Hawaiian market Not all the wholesalers were interested in automating the service of billing and invoicing for small operations IT infrastructure needs to be upgraded and changed to keep up with modern platforms. Competitive pressures will raise the importance of integration systems within Outriggers IT infrastructure The change in the overall hospitality distribution is also rapidly changing. Historically, travel agents would provide significant amounts of information, counseling, and reassurance to leisure travelers, but more and more consumers are turning to the internet for this information. Thus, Outrigger should challenge populating the new electronic world and create a powerful presence. The emergence of online agencies such as Expedia has created significant opportunities and threats. Explain the strengths and/or weaknesses of Outriggers existing infrastructure i.e. Information Systems Technology, People (users and IS staff), and Data. Include your assessment of its performance today as well as how well equipped it is to support future needs. Outrigger existing infrastructure includes the overall establishment with their Stellex software. It was introduced in 1987 as a COBOL application and guaranteed complete redundancy and 24/7 uptime. Later in 1992, and update to stellex, Stellex 2.0 was introduced by Outrigger which ran on Sun Microsystems UNIX platform and provided revenue management functionality and reservation center support. They also implemented JD Edwards ERP system as a foundation for their back-office operations. This led to Outrigger having a competitive advantage by having centralized IT infrastructure (Piccoli, G., 2005, p. 111). All of the properties in the Hawaiian Islands had access to the Outriggers centralized IT systems and was served through their Wide Area Network based in Honolulu. Stellex provided the anchor to which all other operational systems connected, including telephone switches, call accounting, and in-room entertainment. Due to the high telecommunication costs to and from Hawaii and the unreliability on the international networks, Outrigger did not extend this centralized model to its operations in Australia and Pacific. The properties in Australia and New Zealand which were all condominiums, used standalone Property Management Systems (PMS). None of the properties in Hawaii had a server on property and these other regions used standalone PMSs and on-property reservations. Additionally, Outriggers IT professional engaged in interfacing off-the-shelf applications and writing customized reports with minimal application development. The use of outsourcing was limited to the Web site that was developed and hosted by a third party in Portland, Oregon. But to maintain the integration of the direct channels, Stellex served as the booking engine behind Outriggers Web site. The development of electronic interfaces with wholesalers was considered a key initiative and was custom-developed by the firms IT group using XML (Piccoli, G., 2005, p. 113). This provided real-time electronic interfaces for wholesalers allowing them to check availability, to get reservations instantaneously, to provide automate billing and invoices, and ultimately lowering any estimated costs. However, not all wholesalers were interested because of Outriggers small percentage of business. In 2001, business intelligence software, a data mart and analytical tools, were acquired from E.piphany and the application ran on Windows 2000 platform. Their data management system could hold data for up to three years, and then it would get consolidated for aggregate analyses (Piccoli, G., 2005, p. 118). Being able to harness the analytical power of E.piphany to do forecasts and generate business intelligence, outrigger could better use the data for marketing and operational analysis as well as incorporate information into their daily operations with improved efficiency and service to their customers. With regards to their IT staffing and organization as a whole, an organization chart has been provided in the appendix section detailing the distribution of duties and responsibilities among Outriggers IT staff. The overall IT function was organized along user needs one IT professional in charge of Australian properties application needs. The hardware support was contracted out to local vendors. Outriggers senior executives found technology a great asset to enable communication and felt confident that the IT function was enabling the firm to compete effectively and that they were operating more efficiently than their competition (Piccoli, G., 2005, p. 116). As the firm was expanding aggressively, they still had yet to find an integrated solution for their international properties. Some even questioned the viability of reinvesting in Stellex. The IS group felt that their legacy system namely their ERP, integrated PMS/CRS, and electronic interfaces with distribution partners was serving the firm quite well. They were prompted to re-evaluate the role of Stellex after a failed attempt to migrate a more modern platform thought to simplify connectivity with the other off-the-shelf computer systems in the portfolio. Outrigger engaged in limited formal technology training and relied mainly on on-the-job training when it came to software applications. This approach however created difficulties for people who were hired from outside the firm. With the latest advancements in technology, even the guests who arrive to resorts expect to have access to their technological needs. Eg wireless access and thus outrigger should look into future to provide that feasibility to their guests. Additionally, it would be best to strengthen their internet presence and populate the electronic world strengthening their electronic relationships with their distributers, improving their own trademark hospitality and customer service. Although currently their firm is doing well, but for the future, a better integrated system that connects all the international properties is a crucial step in enabling the firms continued success. Developing a right kind of information strategy and developing a clear vision for the role of IS and a solid IS architecture are a crucial step in enabling these goals. Based on your assessment of the case, state your key recommendations and rationale to Outriggers senior management to ensure that it competes successfully. To compete successfully in the future, a key recommendation for Outrigger is to implement a change in their overall current IT and IS systems and strategy and look towards the advantages that are offered by a complete ERP system. An ERP system aims to integrate corporate systems by providing a single set of applications from a single application (McNurlin, Sprague, Bui, 2009, p332). Although Outrigger has already implemented the JD Edwards ERP as their back-office operations, its more advantageous to have the ERP system integrating the whole overall different departments and properties together with one module and have information flows in real time. These days, an ERP system is used extensively in almost every major organization whether it be in manufacturing or distributing services, an integrated ERP system allows a firm to gain competitive advantage. Not only that but competitive pressures have raised the importance of integrating business processes and thus, the underlying info rmation system. Additional motivations for ERP implementations are provided in Figure 4 outlining the advantages of an ERP system implementations. To realize the benefits of ERP, Outrigger must therefore change its organizational structure and culture. APPENDIX CASE 1: OUTRIGGER HOTEL RESORTS Outrigger Organization: Figure : Organization Chart Outriggers Infrastructure: Figure : Timeline of Major Infrastructure Developments at Outrigger Waves of Innovation: Picture2.jpg Figure : Waves of Innovation Motivations for ERP implementations: Figure : Motivations for ERP implementations

Media Influences On Publics Fear Of Crime Media Essay

Media Influences On Publics Fear Of Crime Media Essay Fear of Crime, Violent Behavior And Policy Changes. Mass media is obsessed with crime. Today in our society, as well as other western societies, crime seems to be a topic of fascination. The criminal justice system appears throughout the mass media. From television shows and films to books, newspapers and magazines, crime turns up for everyone to see. By the 1970s the crime or police drama had replaced the western for the most prevalent prime-time television fare (Doyle, 2006). The boundary between crime entertainment and crime information has been blurred progressively more in the past years (Dowler, Fleming, Muzzatti, 2006). Roughly half of the newspapers and television items people come into contact with are concerned with crime, justice or deviance (Doyle, 2006). With the bombardment of criminal images surrounding people every day, the mass media often influences how people look at crime. The picture presented in the media of crime differs from the picture by official and other statistics (Doyle, 2006). How the public fears crime, the violent behavior associated with it and even some policy changes are all thought to be influenced by the media. While there is some debate as to how much influence the media actually has on these things, there is some evidence to suggest there is some connection. The study of media influences on crime has increased substantially throughout the years. In more than 30 years the interest and diversity of the field has expanded substantially, along with our knowledge about the interplay between the media and crime. Throughout the late 1970s and 1980s Gerbner et al (1980) works expanded the knowledge about the relationship between the consumption of various media sources, mainly television, and the fear of crime. Heath and Gilberts (1996) works on how audience traits affects and Liska and Baccaglini (1990) works on direct experience expand the understanding of how different characteristics could affect the medias influence on the fear of crime. When people interact with the mass media, they are often showered with criminal images. It is suggested by many that this bombardment of criminal images people experience can lead to a higher fear of crime. Since many of these images are violent or include violence in some way, they can cause the public to overestimate how much crime there is. Throughout the years, more and more crime has been mentioned in the media. There is a highly skewed presentation of crime highlight stories of select forms of crime (Dowler, Fleming, Muzzatti, 2006). It seems the old adage if it bleeds, it leads is true when it comes to news stories. The most serious and violent crimes are given the best entertaining angles and are presented as hard news, even if the facts are distorted and misrepresented (Dowler, Fleming, Muzzatti, 2006). Often times crime in the media is stylized as infotainment, that is it is presented in a way that is edited, stylized and formatted in a way that is camouflaged as realisti c and informative (Surrette, 2006). People associate the information they see on the television to real life. If the television shows elevated crime rates, real life must also. The line between media crime and real life crime has become blurred. For example, studies in Canada have found that despite significantly lower crime rates, Canadians are more afraid of crime than their American counterparts (Dowler, Fleming, Muzzatti, 2006). It is not quite known why this is the case since both counties enjoy much of the same viewing habits. It seems that maybe the line between reality and media portrayals of crime have blurred even more for Canadians than for Americans. This could lead to potentially remarkable analyses of how people filter news, reality shows and drama to construct their ideas about crime (Dowler, Fleming, Muzzatti, 2006). In addition, television series and movies have seemed to make the move towards criminal themes. These criminal justice themes run throughout many American television shows, each showing a skewed view of justice in which the public absorbs. There is some debate among researchers as to whether or not the mass media actually influences the publics fear of crime. In an earlier study, Gerbner et al (1980) found that individuals who watch mass amounts of television show a higher rate of fear towards their environment than those who watch a less television. A later study conducted in the 2000s seemed to partially reinforce Gerbners early results. Even when controlling for age, gender, race, income, education and marital status, people who watched crime shows regularly showed a significantly higher rate of being fearful of crime (Dowler K. , 2003). On the other hand, the hours of television as the primary source of crime news was not significantly related to the fear of crime (Dowler K. , 2003). The crime portrayed on the television is more violent, haphazard and hazardous than the crime in reality. Those who are exposed to it more internalize these images and develop a mean world view (Dowler K. , 2003). Crime show viewers we re more likely to worry about being sexually assaulted, shot or stabbed and getting killed. On the other hand, Rice and Anderson found a weak association between television viewing and the fear of crime (Dowler K. , 2003). While Dowler himself found that there was a statistically significant relationship between the watching of crime shows regularly and the fear of crime, he also found that it was not a strong relationship (Dowler K. , 2003). Who is viewing the stories and where the person is located influences how much influence the media has on the fear of crime. Heath and Gilbert (1996) suggest that the relationship between the mass media and the fear of crime is contingent on the audience and the message. Large amounts of local crime news increased fear among those who lived in the area while large amounts of non-local crime had the opposite effect (Dowler K. , 2003). Chiricos et al (2000) also found that local and national news affected the fear of crime. They found that the effect of local news was greater for residents of high crime neighborhoods. Also, those who live in high crime areas and watch large amounts of television were more likely to be fearful of crime (Dowler K. , 2003). Other factors, like experience and demographics, influence whether or not media consumption affects the fear of crime. For instance, when a person has a direct experience with a particular crime in a story, he or she is less likely to be influenced by that story. It is when direct experience is lacking that the media influences the fear of crime the most (Liska Baccaglini, 1990). Gerbner et al (1980) found that the relationship between the fear of crime and the amount of television watched was greatest for females and whites. Another researcher also found that the females, whites and the elderly were more likely to be fearful of crime even though they had a lower risk of being victimized (Dowler K. , 2003). As mass media grew in size and number, the fear that the violent images seen on television caused violent behavior seemed to increase as well. From research on video games to violent television shows, trying to understand whether or not violence in the media causes violent behavior has been a topic of vast discussion. For centuries people have been concerned with the corrupting nature of media, dating back to at least ancient Greek and Roman times. Plato cautioned that plays and poetry may have detrimental effects on youth and should be burned (Ferguson, 2010). Throughout history, people have been arguing that violent media could lead to violent or unwanted behavior from those who are exposed to it. In the 1930s social research on the matter began and the Payne Fund studies were released which suggested a link between movie watching and aggressive behavior (Ferguson, 2010). Setting the stage for the debate that was to come, critics noticed a lack of control groups and difficulty meas uring aggression (Ferguson, 2010). Several decades later the debate would really begin to take off with the introduction of the television into society and a few decades later moral crusaders began to link crime waves with the mass production of the device. Violent crime spiked in the late 1970s to the 1980s but even though the rates were comparable to those before 1930, a link was established by looking only at a slice of Americas crime patterns (Ferguson, 2010). In the 1970s video games came onto the market with the launch of first game counsel. Almost immediately debate as to whether violent video games could have an adverse effect on childrens development started. This concern for the violence developing because of the video games at the time was founded since according to the American Psychology Associations pamphlet violent behavior is learned, not genetic (Ferguson, 2010). When Grand Theft Auto was introduced to the market, the debate really began to take off. David Grossman, a respected activist, claims video games desensitize youth to killing because they simulate the real thing. His main argument claims these killing, violent video games mimic combat and the US military actually uses similar devices to desensitize soldiers so they will be more willing to kill an enemy combatant (Ferguson, 2010). He argues that since the military began to use simulators, soldiers in combat are more likely to shoot and kill an enemy soldier than a WWII soldier (Ferguson, 2010). He also claims that exposure to violent media and specifically violent video games can be a predictor of youth violence (Ferguson, 2010). In an extensive meta-analysis study conducted by Anderson et al (2010), they found that violent video games stimulate aggression in players and increase violent behavior later in life. After playing for a short while, Anderson showed that mild aggressive beha vior increased in youth for a short while. After repeated, habitual exposure to the violent game, the youths aggressive behavior became worse and even became physical on occasion. On the other hand, while some researchers have found some positive relationships between violent video games and violent behavior, others have found no relationship or a negative one. Others who have found effects, when looked at closer by critics the relationship disappears when certain factors are accounted for. It is also said that meta-analysis of violent video games produce inconsistent and weak results (Ferguson, 2010). Sherry (2007) found that a meta-analysis on video games produced weak effects and the results were even weaker than for the television (Sherry, 2001). Numerous other researchers produced similar results that violent video games did not have an effect on the violent or aggressive behavior of children and youth. Even with their interactive nature, video games do not produce more of an effect on violent behavior than television or anything else. In the case of television, there is much debate as to whether or not there is a relationship between violent media and violent behavior. While some research has shown that violent television and media have an effect on violent behavior others do not. In a two year longitudinal study done by Hopf and associates, they found that the more frequently children view horror and violent films and the more frequently they play violent video games at the beginning of teenage years, the higher their violence and aggression rates will be at the age of 14 (Hopf, Huber, Weiß, 2008). Other research by Anderson and associates found that exposure to any kind of violent media, whether it is television or video games, increases the risk of violent or aggressive behavior in both immediate and long term contexts (Anderson, et al., 2003). Short-term exposure to violent media increases aggressive thoughts, behavior and emotions (Anderson, et al., 2003). Earlier research results tended to show that shor t term exposure could increase aggression in people (Drabman Thomas, 1974). Many of the studies done throughout the years have shown that exposure to violence on television through film and series increases peoples aggressive and violent behavior but there are a few critics out there claiming the effect is small and/or weak. Political policy changes are also thought to be influenced by the media. Since we are contently surrounded by media texts, it is reasonable to conclude that the media would have some influence on policy. Particularly gruesome, heinous crimes have tremendous appeal to the media. Since these stories sell and are attractive to both consumers and the producers, these types of crimes often saturate the airwaves and print material. The media can construct a new crime problem or can construct a moral panic around a particular crime by twisting and relaying facts. By creating a moral panic or by creating fear and anxiety around a crime, public pressure for solutions to problems are put on political figures. Some researchers found that the presentations of crime news increases pubic pressure for more effective policing and more punitive responses to crime (Dowler K. , 2003). Dowler (2003) also found that those with a college education were more likely to hold non-punitive attitudes. It was su ggested that these people were more likely to recognize the inequality of the justice system (Dowler K. , 2003). Crime news has been long understood to have influence in moving society towards law and order campaigns, increasing social control and punitive responses to criminal conduct (Dowler, Fleming, Muzzatti, 2006). Research has indicated a sophisticated understanding of the interplay between the media and policy (Dowler, Fleming, Muzzatti, 2006). The message from the media outlets is clear: there is a strong support for more critiques of police efforts, harsher measures, stronger laws and/or an increase prison sentences. Although the debate rages on as to whether or not the media actually influence the fear of crime, violent behavior and policy changes, there are some things that future research needs to consider. First of all, one should be careful not to make associations prematurely. Assumptions should be made carefully about the production or reception of media products when the analyses based on the media products themselves (Doyle, 2006). Numerous researchers use the media texts themselves to make assumptions about the production and reception of different forms of media. Many times it is also assumed that the audience taking in the various media forms conforms to a dominant ideology the same way. While this may work for some research, work rooted in various critical theories should avoid this mistake and not assume a homogeneous public (Doyle, 2006). Secondly, one should acknowledge the considerable diversity and complexity in media organizations, production, formats and audiences (Doyle, 2006). Media and crime are both complex entities which researchers need to take into account. Crime in the media is a diverse phenomenon that needs to be accounted for. It shouldnt be oversimplified and unified. It is assumed that crime in the media isnt as varied and complex as other social phenomena. Often times the media reports have a pack mentality in which they try to appeal to a wide population. On the surface this may make it seem as though it is a homogeneous entity but in reality it is more complex. One key flaw in academic and other accounts of crime in the media a unitary, reductionist reading in terms (Doyle, 2006). This flaw should be changed by accounting for the fragments and recognizing that neither the audience nor the media texts themselves are homogeneous. More complex, specific, and contingent way of thinking about crime is needed when thinking about how it is represented in the media (Doyle, 2006). In order to explore effects or influences has been to move away from the construct of a homogenous audience and look directly at the repercussions of representations of crime in the news media in particular political and institutional contexts (Doyle, 2006). Specific media coverage could provide some insight into how the media actually influences the criminal justice system and the public. Political consequences should be considered when looking at influences and effects. It could prove to be easier to analyze effects directly on political events and other institutional contexts. Case studies should be used to show the political effects on political episodes of media coverage in a more specific, localized way (Doyle, 2006). For example, in New York, police and politicians used the media to manufacture a crime wave which served their own ends by resulting in more police resources and tougher laws. Analyzing more direct political and institutional effects of crime and the medial repres ent an advance (Doyle, 2006). It offers perhaps the best way of approaching the question of how news-media coverage contributes to the politics of law and order (Doyle, 2006). It also opens up more questions about the place of crime stories in the lives of individuals, questions that cannot effectively be answered by the fear of crime topics (Doyle, 2006). Lastly, researchers should give more attention to the very substantial interplay between crime news and crime fiction (Doyle, 2006). Most researchers only consider one subject, even though there is often similar and intersecting public concern. These common approaches ignore the fact that these two aspects could be intertwined. Both news and entertainment media texts interact, shape and are shaped by frames of meaning about crime and punishment (Doyle, 2006). Sometimes fictional television shows take their stories from news headlines. These shows incorporate the story of real life and when seen by the public it is often interpreted in that context. Both of these factors seem to be interpreted together by the public as a package. Since these items are absorbed together and not separately from each other, they should also be studied as such. There have been lots of efforts and difficulty to try and isolate and measure influences of the media on crime. For example, many critics have come forward questioning whether or not the media actually influences the fear of crime. It has been widely criticized for the way it operationalizes key concepts, like simply counting the number of hours people watch television and contrasting the attitudes of high viewers and low viewers (Doyle, 2006). Other factors need to be taken into account in order to make sure there is an actual relationship. For example, while it could be suggested that watching lots of television causes fear of crime, it could be that those who are fearful of crime tend to watch lots of television (Doyle, 2006). It is not clear which factor causes the other. While lots of research has been done to try and figure out which way the causation goes, it is more likely that fear and media consumption reinforce each other (Doyle, 2006). In an effort to isolate causality in the media more control has been imposed through the creation of experimental situations (Doyle, 2006). This has mostly been used in violent behavior and television violence relation studies. One key problem with this study is external validity: it becomes difficult to judge how the artificial environment generalizes to the outside world (Doyle, 2006). There is much debate as to whether or not media actually influences crime and criminal behavior. While some researchers contend that the effect of media influence is significant, others claim it is weak, if not nonexistent. Even if we are not influenced by them as strongly as some believe, they are still all around us. Crime is ever present while the lines between reality and the media continue to be blurred. No matter what one believes, one thing is for sure: we are and will continue to be bombarded with media images.