Yaxchilan - Classic Maya City-State in Mexico

Yaxchilan - Classic Maya City-State in Mexico Yaxchiln is a Classic period Maya site situated on the riverbank of the Usamacinta stream that fringes the two present day nations of Guatemala and Mexico. The site exists in a horseshoe wander on the Mexican side of the waterway and today the site must be reached by vessel. Yaxchiln was established in the fifth century AD and arrived at its most extreme quality in the eighth century AD. Renowned for its in excess of 130 stone landmarks, among which incorporate cut lintels and stelae delineating pictures of regal life, the site additionally speaks to one of the most rich instances of great Maya design. Yaxchiln and Piedras Negras There are numerous surviving and neat engravings in Maya symbolic representations at Yaxchilan, which give us an about one of a kind look into the political history of Maya city-states. At Yaxchilan, for most Late Classic rulers we have dates related with their births, increases, fights, and formal exercises, just as their progenitors, relatives, and other family and colleagues. Those engravings additionally insinuate a continuous clash with its neighbor Piedras Negra, situated on the Guatemalan side of the Usumacinta, 40 kilometers (25 miles) upriver from Yaxchilan. Charles Gordon and associates from the Proyecto Paisaje Piedras Negras-Yaxchilan have joined archeological information with data from the engravings at both Yaxchilan and Piedras Negras, gathering a political history of the entwined and contending Maya city-states. Early Classic 350-600 AD: Both people group started as little urban areas during the Early Classic in the fifth and sixth hundreds of years AD, when their illustrious traditions were set up. As ahead of schedule as the fifth century, a nonpartisan zone existed between Piedras Negras and Yaxchilan that was not constrained by either country; and fighting was restricted to a couple, irregular scenes of direct conflict.Late Classic 600-810 AD: During the Late Classic, the unbiased zone was repopulated and changed into a challenged wilderness. Fighting was generally visit in the eighth century AD and included the governors of optional and tertiary focuses faithful to each combatant.Between the seventh and eighth hundreds of years AD, Yaxchiln picked up force and freedom under the rulers Itzamnaaj B’alam II and his child Bird Jaguar IV. Those rulers expanded their territory over other close by destinations and began a goal-oriented development program that included the greater par t of what is noticeable on at Yaxchilan today. At around 808, Piedras Negras lost its ruler to Yaxchilan; yet that triumph was brief. Terminal Classic 810-950 AD: By 810, the two nations were in decrease and by AD 930, the district was basically terminated. Site Layout Guests showing up at Yaxchiln just because will be entranced by the convoluted, dim path known as â€Å"the Labyrinth† driving into the fundamental square, surrounded by probably the most significant structures of the site. Yaxchiln is comprised of three significant buildings: the Central Acropolis, the South Acropolis, and the West Acropolis. The site is worked over a high patio confronting the Usumacinta stream on the north and reaching out past there into the slopes of the Maya marshes. Primary Buildings The core of Yaxchilan is known as the Central Acropolis, which disregards the principle court. Here the primary structures are a few sanctuaries, two ballcourts, and one of the two hieroglyphic flights of stairs. Situated in the focal acropolis, Structure 33 speaks to the summit of Yaxchiln design and its Classic turn of events. The sanctuary was likely built by the ruler Bird Jaguar IV or committed to him by his child. The sanctuary, a huge stay with three entryways finished with plaster themes, disregards the primary court and stands on an astounding perception point for the stream. The genuine perfect work of art of this structure is its about unblemished rooftop, with a high peak or rooftop brush, a frieze, and specialties. The second hieroglyphic flight of stairs prompts the front of this structure. Sanctuary 44 is the fundamental structure of the West Acropolis. It was built by Itzamnaaj B’alam II around 730 AD to recognize his military triumphs. It is enlivened with stone boards delineating his war hostages. Sanctuary 23 and its Lintels Sanctuary 23â is situated on the southern side of the primary court of Yaxchilan, and it was worked about AD 726 and committed by the ruler Itzamnaaj B’alam III (otherwise called Shield Jaguar the Great) [ruled 681-742 AD] to his important spouse Lady K’abal Xook. The single-room structure has three entryways each bearing cut lintels, known as Lintels 24, 25, and 26. A lintel is the heap bearing stone at the highest point of an entryway, and its huge size and area drove the Maya (and different civic establishments) to utilize it as a spot to display their expertise at beautifying cutting. Sanctuary 23s lintels were rediscovered in 1886 by the British adventurer Alfred Maudslay, who had the lintels removed of the sanctuary and sent to the British Museum where they are presently found. These three pieces are consistently considered among the best stone reliefs of the whole Maya locale. Ongoing unearthings by the Mexican excavator Roberto Garcia Moll distinguished two entombments under the sanctuary floor: one of a matured lady, joined by a rich contribution; and the second of an elderly person, joined by a much more extravagant one. These are accepted to be Itzamnaaj Balam III and one of his different spouses; Lady Xooks burial chamber is believed to be in the adjoining Temple 24, since it includes an engraving recording the sovereigns demise in AD 749. Lintel 24 Lintel 24 is the easternmost of three entryway lintels over the entryways in Temple 23, and it includes a scene of the Maya phlebotomy custom performed by Lady Xook, which occurred, as indicated by the going with hieroglyphic content, in October of 709 AD. The lord Itzamnaaj Balam III is holding a light over his sovereign who is bowing before him, proposing that the custom is occurring around evening time or in a dull, separated room of the sanctuary. Woman Xook is going a rope through her tongue, in the wake of having penetrated it with a stingray spine, and her blood is dribbling onto bark paper in a bin. The materials, crowns and imperial frill are very exquisite, recommending the high status of the personages. The finely cut stone help accentuates the polish of the woven cape worn by the sovereign. The lord wears a pendant around his neck depicting the sun god and a cut off head, most likely of a war hostage, embellishes his hat. Archeological Investigations Yaxchiln was rediscovered by pilgrims in the nineteenth century. The acclaimed English and French pilgrims Alfred Maudslay and Desirã © Charnay visited the remnants of Yaxchilan simultaneously and detailed their discoveries to various establishments. Maudslay additionally made the clench hand guide of the site. Other significant wayfarers and, later on, archeologists that worked at Yaxchiln were Tebert Maler, Ian Graham, Sylvanus Morely, and, as of late, Roberto Garcia Moll. During the 1930s, Tatiana Proskouriakoff contemplated the epigraphy of Yaxchilan, and on that premise constructed a past filled with the site, including an arrangement of the rulers, despite everything depended on today. Sources Altered and refreshed by K. Kris Hirst Brilliant C, and Scherer A. 2013. Region, trust, development, and breakdown in Classic period Maya realms. Current Anthropology 54(4):397-435.Golden C, Scherer AK, Muã ±oz AR, and Vasquez R. 2008. Piedras Negras and Yaxchilan: Divergent Political Trajectories in Adjacent Maya Polities. Latin American Antiquity 19(3):249-274.Golden CW, Scherer AK, and Muã ±oz AR. 2005. Investigating the Piedras Negras-Yaxchilan Border Zone: Archeological Investigations in the Sierra del Lacandon, 2004. Mexicon 27(1):11-16.Josserand JK. 2007. The Missing Heir at Yaxchiln: Literary Analysis of a Maya Historical Puzzle. Latin American Antiquity 18(3):295-312.Miller M, and Martin S. 2004. Cultured Art of the Ancient Maya. Expressive arts Museum of San Francisco and Thames and Hudson.ONeil ME. 2011. Article, memory, and materiality at Yaxchilan: The reset lintels of Structures 12 and 22. Old Mesoamerica 22(02):245-269.Simon, M, and Grube N. 2000, Chronicle of the Maya Kings and Queens: Deciphering the Dy nasties of the Ancient Maya. Thames Hudson, London and New York. Tate C. 1992, Yaxchilan: The Design of a Maya Ceremonial City. College of Texas Press, Austin.

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Difference between Social and Traditional Business Models Free Essays

string(172) nations that a focal framework is set up that causes it feasible for water to be siphoned into a large number of families which probably won't be the situation in creating countries. Presentation Social plans of action are considered as another development to the manner in which associations work together in the 21st century. These models somewhat repudiate to the conventional plans of action, as the point of last is to essentially give budgetary comes back to investors. Notwithstanding, social plans of action have been conceptualized on the thought and method of reasoning of contributing significantly to the network, and are worked with the vision of accomplishing a social target (Donaldson et al, 2011). We will compose a custom article test on Distinction among Social and Traditional Business Models or on the other hand any comparative point just for you Request Now A social goal in this term may allude to socially capable targets which are planned for improving the lives of people living inside a network. Yunus and Weber (2010) for instance, express this could incorporate setting up foundations and offices and guaranteeing that people have a fitting way of life. In any case, the social obligation of the social plan of action, appears to go above and beyond, which is to structure its business as indicated by its social target point, which is as opposed to customary plans of action that structure their organizations as indicated by their guiding principle offering, and simply after benefits have been made, would they presently contribute a segment to their CSR objective. This article will survey the plans of action embraced by social organizations, and contrast them against conventional plans of action with determine whether, and to what degree, they are not quite the same as each other (1). Grameen Veolia Water Ltd is a water organization that fabricates and works water creation and treatment designs in a few poor towns in Bangladesh. It is a joint endeavor between a global enterprise and nearby social insurance organization which required a forthright speculation of 800,000 dollars. Their fundamental point is to create extends in five towns, where the organization would create and convey drinking water, which would then be sold at the industrial facility area for a benefit (Yunus Center, 2009). Generally, the company’s plan of action was to distinguish a social issue †drinking water, and put resources into foundation that would empower the organization to satisfy the need in the area. The water is being paid for, which empowers the organization to cover its ventures. As indicated by Yunus and Weber (2010), the benefits from this venture are re-put once more into the business and empower the organization to grow its tasks and further help with taking care of the issue of water lack in a few different districts. The plan of action embraced by Grameen Veolia Water Ltd in Bangladesh can be considered as a social plan of action since it has a non-profit, non-misfortune approach as portrayed by Yunus and Weber (2010), which at first conceptualized the social plan of action. Nonetheless, by looking at it against a comparative business, it is anything but difficult to recognize to which degree they are comparative, or unique in relation to the conventional plans of action. Thames Water is the UK’s biggest water and wastewater Services Company which supplies a large number of houses across London and 2.6 billion liters of faucet water every day. Its essential plan of action, as observed from its site, is to construct the pertinent foundation required to siphon a huge number of liters into London homes every day, and send them a month to month or quarterly bill. Essentially, while evaluating the two organizations, it appears that their models fit a similar example, which is to fabricate appli cable foundations required to convey water to clients. Grameen Veolia achieves that by conveying at the production line door to people, while Thames Water achieves it by siphoning into a large number of London homes. The primary inquiry here is to decide whether the two models are extraordinary or similar lies in the meaning of a plan of action itself. Chesbrough and Rosenbloom (2000) expressed that the term plans of action, while every now and again used to outline various methodologies and capacities inside an association isn't in every case unequivocally characterized. Creators offer a definition by KMLab, a counseling firm, which characterizes plans of action as â€Å"a depiction of how [a] organization expects to make an incentive in the commercial center. Plans of action incorporate the exceptional mix of items, administrations, pictures and conveyances that a specific organization conveys forward. It additionally incorporates the fundamental association of individuals and the operational framework that they use to achieve their work†. (2). Likewise, Magretta (2002) depicts a plan of action as the strategy for working together where an association supports itself and creates incomes by determining its situation in the worth chain. From every one of these definitions expresses that a plan of action portrays how an assoc iation uses its assets so as to produce incomes. A few plans of action exist, and they are normally unmistakable dependent on the business inside which they work. Linder and Cantrell (2000) for instance, in their Accenture distribution express that plans of action contrast dependent on their binding together idea, and incorporate value models, comfort models, experience models, channel models, and trust models, all of which characterize how an organization works together and creates income. Despite the fact that they don't determine precisely what a conventional or social plan of action involves, the term plan of action is special among the two terms and along these lines it is sheltered to accept that each different plan of action, aside from the â€Å"social business model† †is a customary plan of action. Moreover, in attempting to facilitate the regularly held disarray about what really comprises a plan of action, Linder and Cantrell (2000) delineated the segments of a plan of action, which generally involve the different components that establish any plan of action. These segments look to additionally clarify the way that a plan of action is restricted to the procedure in which a business makes an incentive for its investors and produces incomes. Alluding back to the water organizations that have been sketched out before, plainly the two substances make an incentive by making water open. Thames Water deals with the issue by making the applicable foundation, and siphoning a large number of water into families every day, while Grameen Veolia has achieved that by selling it straightforwardly to people. This must be accomplished because of the degree of foundation accessible that makes it feasible for the organization to accomplish this accomplishment. It is most likely just in evolved nations that a focal framework is set up that causes it feasible for water to be siphoned into a huge number of family units which probably won't be the situation in creating nations. You read Distinction among Social and Traditional Business Models in class Article models They might not have the pertinent framework, particularly in remote towns in Bangladesh where Grameen Veolia has decided to work. Be that as it may, this presents a feasible business opportunity. In the event that an organization were set up in these areas that offered a minimal effort way to deal with getting spotless new water, at that point it would succeed. This follows on from a comparative procedure embraced by Wal-Mart in the 1950’s when it decided to concentrate on remote towns where there was little foundation which has made troublesome obstructions to passage for contenders. Despite the fact that Sam Walton’s (Wal-Mart’s author) objective was not naturally social, by focusing on thes e business sectors and offering them esteem †ordinary low costs on large brands, they figured out how to make cosmic progress. As per Therefore, socially, Grameen Veolia might be achieving a social goal, and all the while, furnishing a poor society with reasonable water, yet they are putting private cash into this accomplishment, and subsequently making benefit out of this speculation, which inalienably, as indicated by the meaning of a plan of action, is a conventional business. The main distinction between this model and that of Thames Water in the UK is the accessibility of foundation, which has made theirs increasingly fitting for their condition. Since this paper has now settled that the essential plan of action of both the conventional business and the social business are the equivalent, the following stage is to distinguish their significant contrasts and determine whether that comprises to the deviation from the customary plan of action. As per Yunus and Weber (2010), the key qualities of a social business are for the business target to beat destitution; accomplish money related and financial supportability, return back the underlying venture capital of speculators; hold benefit in the business for extension and improvement; natural awareness; and market wage close by superior to standard working conditions for the workforce. Nonetheless, in light of Linder and Cantrell’s (2000) conversation on the constituents of a plan of action, close by different definitions utilized in this investigation, it appears that these attributes don't establish the meaning of a plan of action, however progressively like the CSR arrange ment of an association. As per Kotler and Lee (2005), â€Å"corporate social duty is a guarantee to improve network prosperity through optional strategic approaches and commitment of corporate resources†. By the utilization of the term optional, Kotler and Lee dismissal organizations that are committed to act socially as a result of the law, or in light of the fact that it is moral or moral and consequently anticipated. It characterizes organizations that decide to do useful for their locale dependent on inside approaches. Thusly, in light of this definition, it appears that social plans of action, as characterized by Yunus and Weber (2010), may inalienable distinguish (3) conventional plans of action that have a CSR strategy

How to Use Articles As Marketing Tools

How to Use Articles As Marketing ToolsArticle cover pages, also known as 'article widgets'article resource boxes', are a useful tool in establishing the tone and style of an article. Many article writers use them to add more information to an article without having to revise it. However, they should be used carefully and only when it is absolutely necessary.The first thing to keep in mind is that articles should always be formatted according to the look and feel of the content. As an example, if you have an article about weight loss and you are using an article form, make sure that the body copy of the article is bold and makes the article very clear about the content. On the other hand, if you were looking for a way to sell your products, the 'article widget' should not have anything to do with selling.If the information is important, keep the image and the title at the top of the page clear and to the point. A helpful tip is to leave some space between the images and the paragraphs . This will make the reader's eye to wander as it moves through the body of the text.You can also add links to the article to help the reader find out more about your topic. However, remember that links in an article cover page should be informative and not deceptive. You do not want to give the reader false information to entice them to click on the link and purchase the product.Of course, you do not want to take away any information from the article and try to fill it up with advertising. When writing the article cover page, you must remember that this is a tool to add to the content. Always remember that it is a tool to attract the reader to read the rest of the article. It should not become a vehicle for sales pitches.While it is important to do everything within the framework of the content, marketing a product can sometimes cause a problem. It is important to keep in mind that this is a place where people can take action, so you may want to include links to products and servic es. Remember, this is your visitor's money you are spending so it is important to make it useful and not confusing.As you can see, using article covers to sell products is frowned upon by many article writers. However, if you are looking for information to help you in your articles, using them can be useful.

Dividend Policy Of British Sky Broadcasting Group Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 2922 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Dividends and the implication of dividend choices have been the subject of much debate, particularly in the recent economic crisis where investors and other stakeholders are becoming increasingly nervous about the financial standing of companies in which they have an interest. On a basic level, dividends also provide a regular income to investors and, as such, the choice of how much dividend to pay out is seen as a critical signal from the management team. Investors will often select certain companies, based on the possibility that they are likely to receive a regular dividend and any changes in the underlying policies can have a very detrimental impact on the perceptions of both current and prospective investors. Don’t waste time! Our writers will create an original "Dividend Policy Of British Sky Broadcasting Group Finance Essay" essay for you Create order Although some investors will invest in a company for capital growth, the dividend level is still seen as a strong signal; therefore, regular analysis of dividend policies and payout rates are likely to be undertaken. In this report, Sky (British Sky Broadcasting Group PLC (BSY.L)) will be looked at, in terms of the way in which it has approached dividend payout in the last five years. Theory relating to dividend policy and the approaches taken will then be considered in order to determine whether Sky has complied with general theories, or whether it has deviated from what would be expected based on theory. Empirical data is contained in the appendices. Background to Sky Before going on to consider the dividend policies and how these have been applied by Sky, it is helpful to put the matter in context and to determine the way in which the company has been performing, in recent years, so that this can be correlated with any changes in dividend policy. The company was formed in its current standing, back in 1990, when there was a merger of British Satellite Broadcasting and Sky Television. This was an equal merger and created the company that we see today, Sky. Prior to the merger, both companies were sustaining heavy financial losses and it was found that by undertaking the merger, it was possible to gain economies of scale. It was also possible for the two companies to draw on each others strengths, for example, British Satellite Broadcasting had a range of solid advertisers, whereas Sky Television was renowned for having a wider range of channels. By pooling these two resources, it was possible for the company to go from strength to strength and it would be expected that this will be reflected in the financial performance of the company, from this point onwards. At the point of the merger, Sam Chisholm was the Chief Executive Officer and he remained in place, until 1997. He then handed over to Mark Booth; and, in 1999, Tony Ball went on to lead Sky during the period within which Sky Television was introduced. It was during this period that the company returned to profit and subscriber members rose at a substantial rate. As is the case with many large companies, Sky was not without its difficulties within the boardroom, particularly when James Murdoch was appointed, in 2003, as there were allegations of internal dealings from the shareholders and a general feeling of discontent, during this period. These difficulties rumbled on and in 2007 Rupert Murdoch, the father of James Murdoch, stepped down from his role as non-executive chairman, but was then replaced by his son who stepped down from the position of CEO, being replaced by Jeremy Darroch. During 2010, a takeover bid was made by News Corp where it attempted to gain control of the 61% of shares that it did not own, but were owned by other shareholders. The price offered was 700 pence per share; the shareholders rejected this offer, stating that they believed an offer of in excess of 800 pence per share would be necessary to make the deal appropriately valuable for the shareholders. It should be noted that, were this takeover to continue, it would be necessary to gain permission from both the European Commission and the Office of Fair Trading, due to anti-competitive dangers of having such a large player in one industry. Over the last 10 years, the profit within Sky has gone up and down with a particularly bad period being experienced during 2000 to 2002. Sky suffered a further drop in profit, in 2008, although this was largely attributed to the general financial crisis and individual inability to pay for what was perceived to be a luxury product. These difficulties and corporate movements are likely to have a direct impact on the perceptions of investors and are therefore relevant to the way in which management boards deal with dividend payouts. Maintaining confidence in the company is critically important and when there are period of difficulties, such as those experienced in 2008, the decisions relating to issues such as dividend become even more critical for the management board, which is likely to pay particular attention to the messages that it is sending out through its dividend decisions. Based on this, when the dividend payments are being considered and the policies looked at, it is important to bear in mind that there are underlying commercial issues that could have a direct bearing on the choices being made and the impact that these choices have on the company. Sky Dividend Approach Despite the variable performance of Sky (BSkyB, 2010), it has maintained a growth policy when it comes to dividends. This is indicated by the fact that, when looking at the discussion on dividends, during the last five years reports, there is an emphasis placed on management confidence and the decision to offer strong dividends, even when the profit levels are weak. Appendix 1 contains the earnings per share calculations, as well as the dividend per share calculations. Earnings per share reflect the amount of profit that can be attributed to each share. For example, in 2010, the calculation reflected profits before tax of 878 million divided by 1743 million shares, resulting in earnings per share of 50.4 pence. This earnings per share figure is the highest seen, in the last five years, with a figure in 2006 being 30.2 pence, dropping to a negative figure in 2008, before recovering, in 2009. Despite this dramatic fluctuation in the earnings per share, the company has maintained a consistent dividend policy because it had confidence in the strength of its position in the market. This consistent growth and confidence can be seen when looking at the dividend per share which is a reflection of the amount of equity dividends paid out per share. As would be expected, this is the highest in 2010; however, even in 2008, where the profit levels were negative, the dividend per share still increased on the 2007 figure. In fact, in every year of the last five y ears, the dividend per share figure has grown from the original figure of 12.2 pence per share, in 2006 to the current 19.4 pence per share. Essentially, these dividend per share figures show that the company has smoothed the negative impact of the downturn, in 2008. Appendix 2 shows the dividend cover and dividend yield within the company, in the last five years. Dividend cover effectively shows how many times the profit could have paid the dividends actually paid. This is a measure of the companys ability to pay its dividends and is a reflection of how realistic the dividend payments are. Interestingly, the coverage rate in 2010 is very similar to that in 2006, at 2.6 times and 2.5 times, respectively. This suggests that the financial health of the company, in terms of the dividend promised, has remained relatively consistent, over the five years. However, as indicated earlier, there was a substantial drop in 2008 and this is reflected in the fact that the coverage ratio shows that the profits did not cover the dividend payments, during this period. Although it recovered slightly, in 2009, with the coverage of 1.2 times, it was not until 2010 that recovery was seen on the ratio returned to 2.6. Again, this would be expected, given the fact that the dividend payment increased year-on-year, despite a substantial dip in profits, during 2008. It has, however, shown by the confidence displayed by the management team, in 2008, that recovery was imminent and this confidence was correctly placed with those investors that have stayed with the company for the previous five year s being rewarded by a higher dividend payment and higher share prices that they can now obtain for their shares. Finally, we shall now look at the dividend yield, i.e. the return an investor obtains on the capital, which involves taking the dividend per share and dividing it by the share price. Many investors see this as the key figure as it indicates the financial return that they are receiving on each share and this can be used in comparison with alternative investment that may be available to the investor, for example bank accounts. In this case, the dividend yield has fluctuated, in the last five years, reaching a high point in 2009, before dropping in 2010. It is not entirely unexpected, given the fact that, in 2009, the share prices were reasonably low after the poor performance of 2008 and the lack of general investor confidence and desirability of the shares. Despite this low share price that was in existence, in 2009, the dividends remained relatively high and therefore the return was naturally higher. As confidence increased in the shares, the share price would naturally rise, as there was a greater demand for shares in Sky and this will have the impact of reducing the dividend yield, as the dividends do not increase at the same rate. It should be noted, however, that the dividend yield is based on the share price in that given year and it is possible that investors who had purchased the shares, at an earlier date, when the prices were either higher or lower will find that there individual return is diffe rent. This supports the notion that those investors that have stayed with the company for the difficult period of 2008 and 2009 or alternatively those that chose to purchase shares during the troubled period will be gaining an increasing dividend yield, now the company is recovering. The approach taken by Sky will be considered in the context of wider dividend policy theories, in the following section. Dividend Policy Underlying Theories Given the importance of dividends to the investors in the companies, it is unsurprising that there is a range of different theories underlying the ways in which companies deal with the dividend policy. From the previous analysis, it can be seen that Sky has opted to maintain a policy of dividend growth, regardless of underlying profit levels, in order to maintain confidence in the company and, in this case, confidence has been well-placed due to the fact that there was a substantial recovery, in 2010, despite the weak performance, in 2008. However, alternative theories exist that could have been used in order to determine the appropriate dividend policy for Sky, during the previous five-year period. One theory which is often subscribed to is that of the residual policy. In accordance with this theory, a company will only pay dividends when it has residual earnings in place, for example, where it has taken advantage of all possible internal investment approaches. The argument in favour of this type of approach is that the shareholders will feel that the company is undertaking all possible action, in order to promote its long-term growth. By paying dividends when the company simply does not have the residual earnings to do so, there is an argument that the company is not putting itself in a good position for long-term growth. A secondary benefit from following this type of approach is that it refocuses the management team on ensuring that investment is undertaken and dividend policy becomes almost secondary. Furthermore, it reduces the chances of having to raise further equity by issuing new shares because any investment has been funded from the internal earnings; this can also ha ve a benefit to shareholders, as their own shareholding will not be diluted. This is not an approach that has been taken by Sky as, had it followed this type of approach, no dividend would have been paid, in 2008. Instead, the company prioritised a dividend growth theory and did not make investments a priority (Gordon, 1963). Another theory which has been developed by Modigliani and Miller (MM), back in the 1960s, is that which argued that dividend policy was irrelevant when all factors were pulled together (Baker, 2009). They argued that the way in which a firm divides its earnings pot between paying out to shareholders and retaining the funds, internally is, in essence, irrelevant in the long term. When developing the theory, MM relied on a range of assumptions including the notion that the way in which the company invests in growth is independent of its dividend decisions, and also that the company operates within a perfect capital market. For example, there are no transaction costs and no taxes and all investors have exactly the same information, at the same time. In theory, they argue that investors will act in a way that produces the correct level of dividend by either buying or selling shares, depending on how the company is performing. For example, if the company is not producing the level of divi dend that an investor requires, then it will simply purchase more shares to get more dividends and vice versa. This suggests that the dividend policy of Skys management team would be largely irrelevant, as investors would simply shift, in order to obtain the returns that suit their own needs. John Lintner (1962) also developed a dividend theory, namely the bird in the hand theory. The theory suggested that investors generally prefer to receive regular dividend payments, rather than reinvesting capital growth, in the future. This suggests that investors, on the whole, are risk-averse and prefer to receive dividend, in the current year, rather than potential growth in 5 to 10 years time. To a certain extent, Sky has followed this approach, because it recognises that providing a return to investors, on a year by year basis, is seen as preferable to promising long-term investment. Clearly, however, this type of theory will vary, depending on the needs of the individual investor. Some investors will be investing in shares with the view to long-term growth and therefore are less likely to pay attention to the dividend returns, on a year by year basis, (Frankfurter and Wood, 2002). Finally, and arguably the most influential theory, when it comes to the approach taken by Sky is that of the dividend signalling theory. It is argued that, contrary to the dividend irrelevant theory, the dividend value actually does have a dramatic impact on the share price, due to the fact that the choice of dividend policy gives a signalling effect as to how well the management team thinks the company will perform, in the future (Brittain, 1966). A change in the dividend payment, either upwards or downwards, has been argued to offer a signal to shareholders and investors, in terms of what the likely future earnings will be. For example, if the management team is positive about the future of the company as a whole and that they may maintain a high dividend. When dividend payment is reduced, this can often negative signal to the market and is therefore something that a company will often avoid, even where profit levels are low, as was seen in the case of Sky, in 2008. Summary and Conclusion By analysing the background commercial position of Sky, in the last five years, its financial performance in relation to dividends and also wider dividend policy theories, it is clear to see that Sky is following a dividend signalling approach, as well as the dividend growth theory, by increasing its dividend, year-on-year, regardless of the underlying position of the company. There are several concerns associated with this approach. Firstly, where dividends are being paid out at a high level in years where the income is simply not there to sustain this level, it is possible that the company is missing out on investment opportunities and therefore long-term growth may not be as rapid as it could be. Clearly, this depends on the underlying ethos of the company and whether or not investment is essential to sustain growth or whether it prefers to follow the bird in hand theory, which suggests that shareholders prefer to have immediate returns. Furthermore, paying out high levels of divi dend, even when there is no profit at all, is only sustainable for a certain period of time. Whilst, in this case, Sky returned to profit rapidly in 2009 and 2010 and therefore paying dividends in 2008 did not produce long-term financial difficulties for the company, had this not occurred, it is possible that the company would, ultimately, have suffered and run out of money to pay dividends. This may have required it to take out additional long-term loans, or to issue equity, which would eventually have had the impact of increasing costs and making the position within the company even more difficult to return to profit. In this case, however, the management team at Sky correctly assessed that the company was in a strong position and likely to grow, in the coming years and signalled as much to the shareholders through maintaining a high level of dividend. This, in turn, meant that the share prices increased and this has been reflected in the dividend yield dropping slightly, in 2010. Overall, Sky has followed a growth and signalling theory, which has resulted in positive trends of the company, but nonetheless, caution should be used when applying this type of approach, as it relies on recovery, in order to be sustainable.

Rostow s Theory Of Economic Growth - 997 Words

Rostow’s theory of economic growth (or Rostovian take-off model), is historically one of the major models of economic growth. Published in 1960 by American economist Walt Whitman Rostow, the model dictates that economic growth occurs in five stages of fluctuating time periods. The five stages include 1) the traditional society, 2) the preconditions for take-off, 3) the take-off, 4) the drive to maturity, and finally, 5) the age of mass production. The following definitions were established by Walt Rostow in his book published in 1960, The Stages of Economic Growth. The first stage, the traditional society, describes countries where the population is still actively engaged in agricultural practises, therefore eliminating any time available to undertake major economic and entrepreneurial risks. The technology and science in use is also described as ‘pre-Newtonian’. Examples of such societies include Medieval Europe and Chinese dynasties. The second stage, precondit ions for take-off, is explained as encompassing nations with a more stable political base. This stage was clearly established in Western Europe in the late seventeenth century and early eighteenth century, as scientific advancements and continued industrialisation had aided agriculture and the capital market to thrive. The next stage is the actual take off stage, where new industries appear and agriculture is being commercialised. Steady growth is evident through the exploitation of natural resources, and savingsShow MoreRelatedRostows Theory of Economic Development1055 Words   |  5 Pages MASINDE TASK: A DISCUSSION OF THE ROSTOW FIVE STAGES OF DEVELOPMENT GROPU MEMBERS NAME REGISTRATION NUMBER SIGNATURE NYABUTO MEPHINE BWARI E37/1523/2011 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ BARAZA A. DANIEL E37/1625/2011 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ LUMONYE FAITH JUMA E35S/11325/2010 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ DOUGHLAS NYAKUNDI E37/1509/2011 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ FREDDICK ACHACH E37/1614/2011 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Rostow’s five stages of Development This theory was written by Walt Whiteman Rostow. In 1960 he suggested countries go throughRead MoreRostows Theory898 Words   |  4 PagesRostow s Theory Rostow identifies five stages of economic development. The traditional society is characterized by the dominance of agriculture, which is largely at the subsistence level, and the non-realization of potential resources. In the second stage, economic growth begins to speed up. 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Business game free essay sample

Reflection on Personal Performance in Business Strategy Game Business strategy games involving management process before confirming the decision to be made. Lesson learned taken from the business game, from the process and the content from the case (industry and situation condition of the business). Management Process Planning was the first process taken. Reading and understanding the relevant information was necessary and plays a significant role in planning process. Expectation was established in the planning, and followed stepping process until all aspects have been determined, including all distinctiveness in production (capacity, model, etc. ), transportation (shipping), labor, etc. Planning is critical, and it was indicated in the business strategy games, in which it required quite some time to achieve an agreement. Time was also a factor should be considered, and it drove the discussion on the planning to obtain the agreement. Organizing was also needed in the game to obtain optimal process. One opinion was listened and it organized the discussion and the direction of the process toward certain strategy. Other opinion was taking in to consideration, whether support or as devil advocacy to the strategy. The process also managed by organizing the flow of discussion to center on the strategy with already decided to be focused on. One person plays role as organizer at one time became a source person or follower in the other time. This approach of organizing made the progress of the discussion in the one focal point that describes the strategy taken which leads to the decision. When a member played the role as organizer, then the member did directing the process and content according to the chosen strategy, and also can happened that the strategy can be changed according to the expected result and considering assumption of strategy of the competitors. Some times in the process, one or more member can have their drive going down. In this situation other member did motivated the team to keep up the winning spirit. Controlling was also involved in the process, by focus on one thing and sacrifices in other thing, align with the strategy. These four processes of management were implemented in the process of gaining the final decision and in determining the content to be made (such as production/manufacturing, shipping, labor, price, etc. ), in which the final decision was made by consensus. The experience in the game gives the learning point in practicing of implementing management process, planning, organizing, directing, and controlling. Within a given time, group should be able to do planning (including crafting the strategy, and establish the goal), organizing the process (including agreed on the road map of the process, listening and expressing opinion, and adjusting to the characteristics of the group), directing (including do and accept direction, motivating others, make or initiate decision), and controlling (to be aligned with strategy). Management Functions Strategy plays a critical role in the process, and aim to make the company have differentiation that creates competitive edge compare with the competitors. Decisions are determined align with the chosen strategy. Strategy such as increasing market share and or increasing price to obtain more profit, and or have a low cost production by moving the manufacturing to the low cost location, and or lowering the labor cost, and or increasing the quality of the product, etc. , were became the issues discussed during the process. Any decision made in the process should be linked to the strategy and eventually to the expected result (goal). Marketing management initiatives plays important role in the process. Attention was put in the advertising or promotion program. The decision on the initiatives was made in relation with other initiatives, and initiative should be congruence to be able to reach expected impact. Operations management was also applied, in order to have efficient and low cost production, to be able to lower the price, or put emphasizing in better quality of product and therefore adjust the price to a higher number. Having different locations of manufacturing was also part of consideration in operation management, including the days needed for shipping, and inventory level. Financial management was critical. At the end of the day, the success of the strategy, whether the plan was achieved of not, was determined by facts and figures which was analyzed and interpreted in terms of financial. The situation or condition of the company was considering of profitable, safe or potentially bankrupt, and whether the strategy was effective or not was determined from numbers including financial ratios. Production plan and realization, exchange rate, labor cost, product sold or unsold, inventory level, price, etc. were contributed to the financial condition, and will be analyzed further for determining next strategy (for next run). Human Resource was also had major role in the decision process. Number of labor involved, salary and incentives, were several factors considered in human resource function. During the discussion it was also considered incentive factors as the factor that can boost the motivation of the employees, in which can increase the productivity and eventually proportionally can lower the cost. Experience in the business games told that the management functions will be more effective if it was take into consideration in integrated way. The strategy made was comprise of many functions of management, Working in Teams Team work was a factor that can smooth the progress of the practice toward a productive way. At one time one member took the role as leader, and expressed the idea or opinion which regarded as reference that was supported or argued by other members. The leader than guide or direct the process toward obtaining acceptable or best solution. Other member played role as follower, tried to understand point of view of the leader, and gave opinion to enrich the information for having the decision. In one process it can happened that the role of leader was switch from one member to another member, and lead the discussion toward the decision. Working in team in the business games demonstrated by listening to other opinions or ideas and, gave contribution to the group by doing analysis and expressing constructive argument and idea or opinion to the group. In the process of making group decision, group tried to obtain consensus, with all group members support the decision. Experience and Lesson Taken to Working Place In leading unit in the working place, it is important to have clear goals for the unit, which are determined in the process of performance planning that usually take place at the beginning of the year. The goals comprises of organization (unit) objective, and individual objective which should be clear and measurable (refer to SMART Goals principle) and cascaded from top to bottom, means that the goals are aligned from executive or manager position to staff position. Having a clear goals or expectations will make all employees within the unit know exactly what are expected to be achieved and will make the monitoring of performance become more effective, and eventually it will make the evaluation of the achievement more effective. Leader should be able to define the goals, which reflected what the unit wants to be, particularly for the respective year. For the unit, strategy than decided to define what is the best way to achieve the goals or answering how to get there. Leader should be able to determine the strategy, which should consider of having different way of doing rather than just following the same thing. Strategy should have put into consideration opportunities and obstacles that can potentially will be faced along the year. For the unit performance, flow of work, service level agreement, number of employee, training and development program that will have impact to the quality of work, compensation practice, etc. should be considered in order to have effective strategy. Every people in the organization have potential, and leader should put effort to unleash the potential of the individual and support them to perform in their work. Many initiatives of improvement or programs come from the people in the unit that can give positive impact to the unit. Motivation is needed to keep the work spirit not fall to the lower level. Leader should do coaching to ensure people in the unit understand and on track, make sure that people move to the same direction with same strategy. Every function of management can be implemented to achieve optimum result. Managing the operation implemented to ensure effectiveness and efficiency of work. Human resource management will help in ensuring what unit do are align with the business. Financial management can be implement whether in business or support function, for instance to measure Return on Investment of certain initiatives. As member of management team, we should contribute in a positive way by giving opinion and ideas, or doing what has been decided productively. Discussion should be conducted in conducive way, listen what other people say and express opinion to reach to the decision. When decision has been made, member should follow and committed to perform the decision in effectively. Success of the unit is also determined by the competency, performance, and contribution of the members. To have an optimum result, member should be able to look the purpose as unit purpose not individual purpose. This principle can create synergy between members in the team and can contribute more to the performance of the team. The business strategy games provide inspiration that can be applied in the working situation. Having competitors that can affect the result of one group convey the message that in establishing standard, one unit should not look into inside factors, but should also consider outside factors. The capability of the unit can be seen differently and will lead to different goals and strategy. Strategy can be different if the external condition is supportive and indicates opportunity and will be different if the external conditions are not accommodating. Macro and micro analysis can be conducted to have a more comprehensive analysis for obtaining effective and right decision. Read more: http://www. ukessays. com/essays/business/reflection-on-personal-performance-in-business-strategy-game-business-essay. php#ixzz2leirR8KT BUSINESS SIMULATION GAMES INDIVIDUAL REFLECTION PAPER On 10 November 2010 afternoon, Our Can group get a chance to get the materials business simulation games, the first time we were a little confused and not understand what the content and intent or purpose of this program. Until then we get the opportunity to play an active role play in the game by forming a company in our Group Can. Listen Read phonetically Dictionary View detailed dictionary I am a member of cans group discussion 3, in this business game, we manage the company named CHAMP. We chose the name CHAMP for our company becouse we hopes that companies will become a leader or a winner in this Business Simulation Game. Growth of our company in this game very interesting and gave many valuable lessons. Our company was ranked second on the game in first year, after making changes in the manufacturing and marketing strategy; we became the first winner in the game in the second year. In the third year we make changes in the shipping, manufacturing also marketing strategy again to maintain its position as champion, but in the fact that our ranking dropped to be number 3. In the fourth year we wanted to get back into champions. We did totally change the strategy in all sections and mainly to increase product awareness, we contracted with many famous artists paid a high price for promotion. But the results we slumped to the lowest ranking (sixth). This surprised us and made us confused to find out where our biggest mistakes in managing the company. Listen Read phonetically Dictionary View detailed dictionary noun camp compound Did not want to continue to decline, in the fifth year we try to flash back to learn the success stories in the first and second year, besides that we also study the companys strategy of competitors, then we create a new strategy and the results we were able to ride into fourth place. In the sixth year we try to make small changes to strategy in several sections and the results we rose again to number three. In the seventh year we do not make changes to our strategy and stay at rank 3. After doing business game above, there are many valuable lessons that I get. Those lessons were: About Management Process (Planning, Organizing, Directing, Controlling) In managing a company as a manager or owner of a business we must have: a. Planing ? Both long-term planning and short term, this really helps us to determine the strategy or action we should do in the near future or the preparation for long-term corporate strategy. b. Organization ? Complete, clear and transparent as one of the supporters because of the companys people are assets of a company†, the placement of people with appropriate knowledge and skills that will facilitate the acceleration of the process as well as the operations of a company. It also must be supported by a clear Job Description and detail-enter the respective functions of the organization. c. Directing ? In the governance of a company also must be supported by rules or standard operating systems or procedures are clear and understood by all line employees. we often call with company regulations, standard operating procedures etc. d. Controlling ? As a manager or owner in a company we still have to implement controls on employee performance, corporate governance, corporate operating costs and market conditions that support the smooth and that we manage the companys growth periodically. We can also be done with checking Monthly Report / Balance Sheet , hold on monthly meetings, etc. Listen Read phonetically Dictionary View detailed dictionary adjective inside deep indoor internal interior profound inland intrinsic cavernous thoughtful three-dimensional adverb deeply sound preposition in within on to inside under in the course of prefix endo- 2. About Management Function (Strategy, Marketing, Operations, Finance, Human Resources, etc. ) Strategy ? Corporate strategy should be set appropriately by considering several factors, including supporters of human capital, finance, market share and also that there are competitors in the same type of business with our company. In the governance of a business may take a few strategies such as for launching a new product needs some backup strategy, it is necessary whenever the initial strategy does not show results in maximum then we still have some alternative backup strategy, so it does not require a long time to take any action appropriate in market penetration. Marketing ? According to my opinion, the success rate of a company also backed with the full functionality of the marketing is true both in the company engaged in the services or products etc. Capable marketing, product master, around the existing market and marketing must knowing the strengths and weaknesses of competitors. Listen Operations ? Operational support from both system and service level aggrement factor in a process of corporate governance is very important. It also needs to be supported with the latest technology. Listen Read phonetically Dictionary View detailed dictionary verb hold conduct make organize provide establish arrange carry out throw take set up call launch institute stage put on bring about impose carry on incur exercise levy open put up effect float lay on negotiate afford touch off operate stage-manage generate phrase bring into being Finance ? A company can be said in good condition when to generate maximum profit. As a manager or the owners of a company we should be able to manage our capital versus operating costs required, the greater the profit earned by production costs that are not too large will show the healthy of a business. However, we also must consider the placement of funds and financial governance of our company, whether already in accordance with the budgeting or is not appropriate. In terms of business expansion or major factor that should we consider is the condition of our corporate finance, whether supportive or not, when lack of support but the potential or opportunities that we have a large, one financial source of our business is on loan from the Bank with a source of return and specific timeframe. Human Resources ? In addition to the above factors one important thing to note is that inadequate human resources that are reliable and have the skills to suit the needs of the company. A competent leader should be able to determine the amount of labor requirements and can put the right people-enter the respective divisions within an organization. 3. About Working In Teams To work as a reliable teamwork are some things we have to consider include: Get familiar with either all members of the team, it is useful to the division of tasks and towards solving problems that arise. We must be willing to hear opinions of all members of the team in making changes in strategy or action for operasinal company. Explore more information and opinion that reliable and resonable with the case or problem that we should solving as a good team work, eq. Browsing some data from internet or from any sourches. Putting the right people on the job or responsibilities in accordance with the characteristics of our team members are. Based on the experiences and lessons I got from the business game I have done, I plan to apply some advantages in my workplace. As the leader of my unit : A leader should have strong leadership and enough skills to manage the organization and the company. Planning, directing (also mentoring or choaching program) and controlling periodicly to all of my sub ordinate. Delegate some responsibilities to the deputy business with a fixed control function properly . Sharing knowledge to all sub-ordinate, sub-branch manager and exploring new knowledge, new technology and strategy for the success of Bank Mega Cluster Balikpapan Special Hire employee from another Bank (Manager or Marketing) to help me manage the company and make the vision 1000 of Bank Mega become reality (become the leader bank in Balikpapan – East Kalimantan Indonesia) As a member of my management team : Being more creative, proactive and always have new ideas to supporting the management team More details in targeting business opportunities and increase market share. Establishing a reliable team work with 2-way communication is effective and still value the opinions of other members of management team Read more: http://www. ukessays. com/essays/business/business-simulation-games-individual-reflection-paper-business-essay. php#ixzz2lej5YvdS REFLECTION PAPER – THE BUSINESS STRATEGY GAME About Management Processes From the Business Strategy Game, I learned that first important process for a company to determine its future business path was to set a strategic and realistic planning about what is the company goal, how long the goal will be achieved and how to achieve the goal among the competition. In setting the plan, company should define first what is their mission statement or strategic vision. This mission statement is a statement which indicates the purposes and activities of the company’s business/goals in brief, clear and focus words. Along with mission statement, company must clearly define its objectives quantitatively within certain period. From these quantitative objectives, company could set a realistic and attainable long term strategic planning to allocate budget and resources in the company. In strategic planning, company should define clearly its target market, financial objective and competitive position among the industry. This strategic planning will be the direction of the company in running its business. After setting the strategic planning, company should design an organization structure to manage the company effectively, by designating persons who will in charge in each roles and held responsibility in each area of the business in the company (marketing, finance, operation, sales and so on), especially the person who will be responsible as the leader of the company (as CEO). The role of CEO is very essential because he/she must lead company to the right direction in implementing company strategy to achieve company’s objectives. From the clear and effective organization structure, CEO and management will have clear legitimation and authority in directing all resources in the company to implement the company’s strategy. Finally, the company should closely and intensively controlling and monitoring the performance of the strategy during implementation to assess its progress against the pre-defined targets and ensure that all the company elements were doing their parts and responsibility in the right track. About Management Functions In a company, management should establish the right and important functions which will run the company operational activities, define what are the responsibilities of each functions and ensure that each functions performed in accordance with the company objectives. In order to give more value to the company in terms of profitability, management should work together to set a strategy in making company’s output (product or services) more competitive in the market by considering all aspects involved. As an example, to gain more profitability company could set pricing strategy to be higher or lower compare to market but before decided the price, company should consider other aspects such as costs, quality and resources needed in creation of the product or services. About Working in Teams In working as a team member in the company, it is very important to determine a clear designation about who will act as the leader and the follower. Because if there’s no clear designation, potentially will cause the resources in the company to move to the wrong direction and this will destruct company effort in achieving its objectives. As a leader, a person should show the ability to manage and to coach the entire team member to do their tasks properly, and he/she should has willingness to listen and appreciation to his/her followers insights at the same time. And as a follower, one should give respect to the leader and obey the leader decisions. But it is important too for the company to define what is the follower assignment and designation, because if it is not clearly defined, the follower couldn’t perform nor contributed optimally in attaining company’s objective process. What I plan to do in my work place from the experience and lessons I took from the BSG are : As the leader of my unit I will put more effort to be an effective and efficient leader of my unit and will put more awareness to all my team member that our jobs especially in designing the most efficient operational work flow in my company has essential impact in saving the company budget and optimizing company resources which will contributed in achieving the company’s objective especially in financial aspect and giving more value to the customer and shareholder. And furthermore I will spend more time and effort to evaluate designation and job description for each member of my team, to put the right person to the right job and responsibility. If the designation and job description were not fit or not clear to the team member, it will impact to the performance of the working unit itself because each team member do not know exactly what is their role in their working unit. As a member of my management team I will put more consideration and attention about financial impact of any decision that my management made. From the BSG, I see that all activities in each working unit must be contributed and affected to the company strategic planning especially in achieving financial goals. And I will put more respect to any member and any decision of my management team made, even though sometimes the decision seems to be hard to be implement, I will try to see it from wider perspective that the decision must be made deliberately and considered many important aspects which ending is to give more value for the company.