The Myth Of The Earnings Yield Essay Example For Students

The Myth Of The Earnings Yield Essay a href=http://www.geocities.com/vaksam/Sam Vaknins Psychology, Philosophy, Economics and Foreign Affairs Web SitesA very slim minority of firms distribute dividends. This truism has revolutionary implications. In the absence of dividends, the foundation of most if not all of the financial theories we employ in order to determine the value of shares, is falsified. These theories rely on a few implicit and explicit assumptions: (a) That the (fundamental) value of a share is closely correlated (or even equal to) its market (stock exchange or transaction) price (b) That price movements (and volatility) are mostly random, though correlated to the (fundamental) value of the share (will always converge to that value in the long term) (c) That this fundamental value responds to and reflects new information efficiently (old information is fully incorporated in it) Investors are supposed to discount the stream of all future income from the share (using one of a myriad of possible rates all hotly disputed). Only dividends constitute meaningful income and since few companies engage in the distribution of dividends, theoreticians were forced to deal with expected dividends rather than paid out ones. The best gauge of expected dividends is earnings. The higher the earnings the more likely and the higher the dividends. Even retained earnings can be regarded as deferred dividends. Retained earnings are re-invested, the investments generate earnings and, again, the likelihood and expected size of the dividends increase. Thus, earnings though not yet distributed were misleadingly translated to a rate of return, a yield using the earnings yield and other measures. It is as though these earnings WERE distributed and created a RETURN in other words, an income to the investor. The reason for the perpetuation of this misnomer is that, according to all current theories of finance, in the absence of dividends shares are worthless. If an investor is never likely to receive inc ome from his holdings then his holdings are worthless. Capital gains the other form of income from shareholding is also driven by earnings but it does not feature in financial equations. Yet, these theories and equations stand in stark contrast to market realities. People do not buy shares because they expect to receive a stream of future income in the form of dividends. Everyone knows that dividends are fast becoming a thing of the past. Rather, investors buy shares because they hope to sell them to other investors later at a higher price. In other words, investors do expect to realize income from their shareholdings but in the form of capital gains. The price of a share reflects its discounted expected capital gains (the discount rate being its volatility) NOT its discounted future stream of income. The volatility of a share (and the distribution of its prices), in turn, are a measure of expectations regarding the availability of willing and able buyers (investors). Thus, the expected capital gains are comprised of a fundamental element (the expected discounted earnings) adjusted for volatility (the latter being a measure of expectations regarding the distribution of availability of willing and able buyers per given price range). Earnings come into the picture merely as a yardstick, a calibrator, a benchmark figure. Capital gains are created when the value of the firm whose shares are traded increases. Such an increase is more often than not correlated with the future stream of income to the FIRM (NOT to the shareholder!!!). This strong correlation is what binds earnings and capital gains together. It is a correlation which might indicate causation and yet might not. But, in any case, that earnings are a good proxy to capital gains is not disputable. And this is why investors are obsessed by earnings figures. Not because higher earnings mean higher dividends now or at any point in the future. But because earnings are an excellent predictor of the future value of the firm and, thus, of expected capital gains. Put more plainly: the higher the earnings, the higher the market valuation of the firm, the bigger the willingness of investors to purchase the shares at a higher price, the higher the capital gains. Again, this may not be a causal chain but the correlation is strong. This is a philosophical shift from rational measures (such as fundamental analysis of future income) to irrational ones (the future value of share-ownership to various types of investors). It is a transition from an efficient market (all new information is immediately available to all rational investors and is incorporated in the price of the share instantaneously) to an inefficient one (the most important information is forever lacking or missing altogether: how many investors wish to buy the share at a given price at a given moment). An income driven market is open in the sense that it depends on newly acquired information and reacts to it efficiently (it is hi ghly liquid). But it is also closed because it is a zero sum game, even in the absence of mechanisms for selling it short. One investors gain is anothers loss and all investors are always hunting for bargains (because what is a bargain can be evaluated objectively and independent of the state of mind of the players). The distribution of gains and losses is pretty even. The general price level amplitudes around an anchor. A capital gains driven market is open in the sense that it depends on new streams of capital (on new investors). As long as new money keeps pouring in, capital gains expectations will be maintained and realized. But the amount of such money is finite and, in this sense, the market is closed. Upon the exhaustion of available sources of funding, the bubble tends to burst and the general price level implodes, without a floor. This is more commonly described as a pyramid scheme or, more politely, an asset bubble. This is why portfolio models (CAPM and others) are unlike ly to work. Diversification is useless when shares and markets move in tandem (contagion) and they move in tandem because they are all influenced by one critical factor and only by one factor -the availability of future buyers at given prices. .uf537dfd395a31e786e904547a7f66225 , .uf537dfd395a31e786e904547a7f66225 .postImageUrl , .uf537dfd395a31e786e904547a7f66225 .centered-text-area { min-height: 80px; position: relative; } .uf537dfd395a31e786e904547a7f66225 , .uf537dfd395a31e786e904547a7f66225:hover , .uf537dfd395a31e786e904547a7f66225:visited , .uf537dfd395a31e786e904547a7f66225:active { border:0!important; } .uf537dfd395a31e786e904547a7f66225 .clearfix:after { content: ""; display: table; clear: both; } .uf537dfd395a31e786e904547a7f66225 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uf537dfd395a31e786e904547a7f66225:active , .uf537dfd395a31e786e904547a7f66225:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uf537dfd395a31e786e904547a7f66225 .centered-text-area { width: 100%; position: relative ; } .uf537dfd395a31e786e904547a7f66225 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uf537dfd395a31e786e904547a7f66225 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uf537dfd395a31e786e904547a7f66225 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uf537dfd395a31e786e904547a7f66225:hover .ctaButton { background-color: #34495E!important; } .uf537dfd395a31e786e904547a7f66225 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uf537dfd395a31e786e904547a7f66225 .uf537dfd395a31e786e904547a7f66225-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uf537dfd395a31e786e904547a7f66225:after { content: ""; display: block; clear: both; } READ: Huck Finn 10 Essay We will write a custom essay on The Myth Of The Earnings Yield specifically for you for only $16.38 $13.9/page Order now

The Noahs ark myth

Noah’s Ark is a vessel, which according to the Book of Genesis (chapters 6-9), was built by Noah at God’s command to save himself, his family, and the world’s animals from a global torrent.Advertising We will write a custom essay sample on The Noah’s ark myth specifically for you for only $16.05 $11/page Learn More Bailey (10) observes that â€Å"the narrative of the ark is found in Abrahamic religions such as Judaism, Christianity and Islam.† In this essay the real account of events shall be explained and then the truth and logic in them will be analyzed. It is therefore an analysis of the events that are written in the bible and how true they could be in relation to the current world. God realized that mankind was very wicked and therefore decided to sweep people out of the planet. Nonetheless, there was one righteous man called Noah and his family of 8 persons. Noah warned people to stop their wicked ways but no one listened to him, but instead they mocked him. God therefore instructed Noah to build an ark in which he, his family and the animals would stay while he destroyed human kind with water. â€Å"Then the LORD said to Noah, ‘Come into the ark, you and your entire household, for I have seen that you are righteous. Take with you seven pairs of all clean animals, the male and his mate; and a pair of the animals that are not clean† (Emerton 6). At this time Noah was 600 years old; the ark was built it for almost 120 years, but despite the mockery Noah got from the people. Emerton (7) describes the ark as a â€Å"barge-like structure probably built of cypress or cedar, 450 feet long by 75 feet wide and 45 feet high.† The ark of this size would therefore put out of place approximately 20,000 tons because it would weigh 14,000 tons; it had, three decks, one door on the side and a window 18 inches high. The first deck was for the food, the second for accommodation and he thir d for waste. The ark was therefore big enough for the animals since they were the most and the small family of Noah. When it was done Noah parked food for him and the animals to last them till the floods were over. â€Å"He then led animals into the ark seven pairs of each clean species and one pair of the unclean† (Emerton 69). As they entered they were harassed by the sinful mankind but God put his toughest creatures such as lions and tigers to protect them.Advertising Looking for essay on religion theology? Let's see if we can help you! Get your first paper with 15% OFF Learn More After they had all entered into the ark, God opened the fountains of the deep waters and the windows of heaven and it rained for days and nights. The world was covered with water for 150 days, even the highest mountains were all under water therefore destroying every sinful; mankind that was in existence. Noah waited for the waters to dry up and the ark rested on the peak of Mount Ararat and as the waters resided Noah would send ravens every seven days out to check whether the waters had dried up. They stayed on the mountain peak for five months until he sent a dove that confirmed that the water had dried up by bringing him an olive twig meaning that vegetation was growing and when he sent it again it did not return meaning it had found some where to stay. They came out of the ark with the animals one by one and Noah decided to offer sacrifice to God for saving him and his family. God was pleased and he made a covenant with him using a rainbow in the sky to never to destroy mankind with floods again because man was born evil. â€Å"I will never again curse the ground because of man, for the imagination of man’s heart is evil from his youth; neither will I ever again destroy every living creature as I have done† (Emerton 18). He ordered the animals to be fruitful and fill the world again and so were the three sons of Noah from whom the whole of m ankind was born. The above events seem to be true according the history of the planet because some of its geographical features could be as result of the massive flood. However some of these facts are disputable; some of these are the ages of these people that existed then. Noah is said to have been 600 years when he was ordered to build the ark, which he did so in 120 years. It’s disputable how long man could live then considering that the current man can only live at most a sixth of Noah’s age which is a very big variance. The change in man’s lifespan could be attributed to the changes in ecosystem caused by the flood but still that variance is unimaginable. The ark was built in 120 years that would mean that even after a century mankind did not get the message, a very disputable fact too and also apparently out of 7 billon people only 8 people were righteous (Bailey 205). Animals are also said to have been led to the ark, animals do not have the brain capacit y to cooperate and be led to an ark more so in pairs. Moreover, how could herbivores and carnivores live in the same ark and yet not maul on each other? The carnivores would have also eradicated Noah and his family in the process of putting them in the ark, leave alone living in the ark.Advertising We will write a custom essay sample on The Noah’s ark myth specifically for you for only $16.05 $11/page Learn More Noah sent a dove to check whether the waters had dried up, how did it identify that was its mission and that it should come back. The food lasted them a year, but how was this food preserved for so long, and finally how could have Noah and his family built such a strong ark to survive such a massive flood without any sophisticated scientific and technological knowledge. Furthermore, the waters from the flood are said to be from the fountains of the deep seas: where are those fountains that released so much water? Where did the water evapo rate to because to submerge the entire earth surface a lot of water was really needed and it is not seen today? Scientists claim that the water is below the earth deep into the underground but they also say that for such amounts of water to be trapped so deep there must have been a lot of pressure applied. Scientists attest to the flood occurrence but they claim it was due to the break up of a planet between Mars and Jupiter hence causing the floods that subsequently led to too much pressure on earth hence the waters was forced underground. The mountains are also said to have formed at this point and so is the continents due to the immense pressure of the waters, hence before the floods there were no mountains where did the ark stop. Aviators, Christians and other interested people have explored Mount Ararat in turkey to find the ark remains but no evidence has been found yet. The ark story can not be considered a lie altogether because if there were floods then there must have been people who survived it, and for them to survive there must have been some one to protect them. The changes in ecosystem could be the reason of the changes in man as it is evident on what evolution can do. However, some things remain unbelievable but humankind has no other information to prove them wrong and such are the book of Genesis stories. Science could answer some questions but still leave out some that the bible answers but still the bible answers some while others it does not. Therefore, whether to believe the story or not will depend on the method of achieving rationality being used which is influenced by several factors depending on one’s environment and the culture and beliefs that one is exposed to.Advertising Looking for essay on religion theology? Let's see if we can help you! Get your first paper with 15% OFF Learn More Works Cited Bailey, Lloyd. Noah, the Person and the Story. South Carolina: University of South Carolina Press, 1989. Print. Emerton, Jackson. An Examination of Some Attempts to Defend the Unity of the Flood Narrative in Genesis: Part II. Vetus Testamentum XXXVIII. (1988): 1-21. Print. This essay on The Noah’s ark myth was written and submitted by user Anderson Everett to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Sparta And Athens Essay Research Paper Sparta free essay sample

Sparta And Athens Essay, Research Paper Sparta and Athens Sparta and Athens are like apples and oranges ; the same but different. Both are fruit grown on trees in the instance of the apples and oranges, and both are city states in Greece in the instance of Athens and Sparta. Apples and oranges have clearly different gustatory sensations, textures and spirits. Athinais and Sparta had markedly different types of beginnings, societal category, authorities and military history. In this paper both similarities and differences between Athens and Sparta will be explored, so as to larn the existent truth about these two antediluvian city-state giants. The beginnings of these two city states have some similarities and some differences. What started as two uninhabited little packages of land ended up as Athinais and Sparta. Around 3000 B.C. the Mycenaeans inhabited Athens. Mycenaean regulation lasted for 2900 old ages. From 1100 B.C. to 950 B.C. , the Dorians invaded Athens along with other Mycenaean city states. We will write a custom essay sample on Sparta And Athens Essay Research Paper Sparta or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Mycenaean regulation and civilisation were destroyed. Athinais survived the Dorian invasions and developed into an advanced city state. The city-state Sparta was formed as a consequence of the Dorian invasions. In 900 B.C. , 50 old ages after Athens was invaded, the Dorians invaded Laconia in southeasterly Greece, destructing about all of the little small towns. In 800 B.C. many Dorian small towns banded together to organize Sparta ( Encyclopedia Vol. 4 ) . Sparta was the ideal topographic point for the development of a military because it had natural protective barriers ; mountains in the North, E, and west. The development of societal category and authorities in Sparta and Athens had a long route that had many bumps before the two city states reached their concluding end or finish. How each city state took the bumps separated one city state from the other. Sparta s societal category was foremost made of two male monarchs who were posterities of the Dorian male monarch. In 735 B.C. the Spartans invaded Messenia, doing its people the lowest category of citizens, serfs. Sparta used Messenia s fertile land for farming. The income generated from agriculture was used addition the nobilities wealth, doing Sparta more powerful. In 600 B.C. one hundred 35 old ages after Sparta conquered Messenia, Sparta developed a fundamental law which gave power to the seniors of the nobility. Sparta s fundamental law called for town meetings which gave male non-aristocratic citizens 35 old ages of age and older the chance to blackball statute law proposed by the male seniors of the nobility. ( Encyclopedia Vo l. 4 ) The seniors of the nobility reported to the two male monarchs who controlled the Spartan ground forces. In 669 B.C. Sparta suffered its first licking, doing the serfs to revolt. The serfs outnumbered the nobility seven to one. After old ages of combat, the rebellion was put down ; the serfs were defeated. After the rebellion, Sparta made a drastic alteration and shifted to a military province, in which rights of the persons were secondary to the good of Sparta. Land was divided every bit among big work forces, who in bend served as foot. This was done to forestall any more helot rebellions. Following the rebellion, there were still two male monarchs, but nobility was dismantled because land was divided every bit among all the grownup males. The lone difference between the nobility, in-between category and the serfs was that the nobility had a somewhat higher topographic point in the armed forces than the in-between category and serfs. In 700 B.C. a Grecian hero, Theseus, united Athens with several other city states and established a monarchy. In 600 B.C. the monarchy was replaced by a group of blue persons who called themselves Archons. The nobility, in a meeting called the Ecclesia elected three Archons. The figure of Archons was subsequently changed to nine. The Aristocracy besides controlled a council called the Areopagus. As the blue power increased the small freedom the lower category had diminished, which led to several societal crises. In 621 B.C. Athenian swayer Draco, established a series of Torahs that gave terrible penalties for minor offenses. Most of the offenses were punishable by decease. Twenty-one old ages after Draco s regulation ended in 594 B.C. , Athenian leader Solon abolished the Draconian Torahs, and established new 1s that eliminated the Archons in the Ecclesia. ( Encyclopedia Vol. 1 ) Statesman besides established a council of four hundred members of separate folks to govern, which distributed power more equally. Solon besides established the foundation for democratic authorities. In 560 B.C. popular leader Pisistratus seized Athens. During Pisistratus regulation Athens became the political, economical, and spiritual centre of the part. ( Encyclopedia Vol. 1 ) Athens besides extended its power beyond the district it had originally ruled. In 510 B.C. a power battle erupted between Democratic leaders and Archons. After old ages of contending the democratic leader won. A freshly elected democratic leader Cleisthenes decreased power of the upper category so as to extinguish power battles. During the Persian war Athens played a great function in the licking of Persia by beef uping its naval forcess so as to get the better of the Iranian naval forces. Athens besides formed the Delian League, a common confederation with other city states in order to derive power and licking Persia. After the Persian War Athens became the strongest city state in Greece. Athens transformed its control over the Delian League to an imperium of over 200 city states ( Encyclopedia Vol. 1. ) As Athens new leader, Pericles, focused on regenerating the cultural, economic, and military heritage it had known in anterior old ages. Pericles appealed to the people s strive for excellence, by promoting them with quotation marks such as the esteem of the present and wining ages will be ours. By 500 B.C. Sparta had become a military world power. In 480 B.C. Sparta led other city states in get the better ofing Persia in the Iranian Wars. Sparta s power was short lived. In 464 B.C. , shortly after the Iranian Wars, a atrocious temblor hit Sparta, which caused many deceases and sparked another rebellion. Sparta was in convulsion, and Athens became the most powerful city-state. Afraid of Athenian domination Sparta started a rebellion against Athens in 431 B.C. This rebellion was known as the Peloponnesian War. The Peloponnesian War was a long and disruptive war between Sparta and Athens. When Sparta invaded Athens it split Greece into two different sides. Sparta, Corinth, and Thebes, which made up the Peloponnesian League on one side, and Athens and its other Alliess, which made up the Delian League were on the other side. The war raged on for many old ages. In 415 B.C. , Athens suffered a suppression licking at Syracuse. Following the loss at Syracuse, Athens hereafter was inexorable. In 404 B.C. Athinais surrendered to Sparta, and lost its imperium. The triumph over Athens was Sparta s last major triumph. In 371 B.C. Sparta was crushed by rival city states. Sparta was forced to give up its Messenian land and its serfs. After the annihilating licking, Sparta s system of kid raising and military preparation fell apart, and its two male monarchs were replaced by a individual monarchy. ( Encyclopedia Vol. 4 ) Sparta tried to restore itself as a military power, but neer achieved the illustriousness it had before. During the times of Athens and Sparta, their several armed forcess played a big portion in the power-struggle between the two city states. Although Sparta is known for its military accomplishments, Athens besides had a strong military. In the long tally, the power-struggle led to both city states death. Democracy, which had its roots in Athens is still around today but has been altered, improved upon, and implemented in many successful authoritiess around the universe. Sparta s military codification, which requires service from every male citizen, has besides been incorporated and altered in many other states, such as Israel. Greece has evolved from a state that was split into two separate parts to a incorporate state in which no 1 is contending over the others land. Although Athens and Sparta still exist, their one time great imperium has been diminished to the position of two metropoliss, with no regulation of its ain, but as portion of a larger state. Today apples and oranges come in many new and different assortments. Athinais and Sparta still exist but as cultural and diverse metropoliss. As Sparta and Athens provided the foundation for authorities and regulation, apples and oranges provide a edifice block for good nutrition and wellness.

don giovanni essays

don giovanni essays Don Giovanni is centered around the main character, Don Giovanni, and his effects on the people surrounding him. Don Giovanni is a self-proclaimed lover who cannot resist in seducing women regardless of their availability. Some of the major themes of Don Giovanni are revenge and deception. Revenge is one the more obvious themes of Don Giovanni and is emphasized by the characters, Don Ottavio, Donna Anna, and the Commendatore. This issue of revenge comes about after the masked Don Giovanni slays the Commendatore, Donna Annas beloved father. Donna Anna makes Don Ottavio, her future husband, vow to avenge the death of her father by killing Don Giovanni. She does not know the exact identity of Don Giovanni but after meeting him later, she realizes that he is the one. This encounter increases Donna Anna and Don Ottavios motivation to avenge the Commendatores death. Ottavio had almost succeeded in killing Giovanni during the peasants wedding feast but he managed to escape Ottavio and his sword. Ironically, the character that ends up fulfilling Annas wish is the Commendatore who comes back to life in the form of statue. He dismisses Don Giovanni into the fiery pits of hell where he will forever experience the effects of his sins. The character that fuels the theme of deception in Don Giovanni is Don Giovanni himself. He deceives everyone- from Masetto to his own servant, Leporello. Giovanni throws a wedding celebration for Masetto and Zerlina not because he is happy for the couple but because he wants to seduce Zerlina. Giovanni attempts to build Masettos trust in him so that he will not suspect him of trying to win the affections of Zerlina. After Donna Elvira tries to tell Ottavio and Anna that Giovanni is someone who cannot be trusted, Giovanni tries to convince them that Elvira is insane in efforts to destroy her credibility. Giovanni wants to seduce yet another woman, this time the...

Lloyds Bank Building and the Northern Rock Building Essay

Lloyds Bank Building and the Northern Rock Building - Essay Example The pillars have connotations of classical antiquity, while the carvings are reminiscent of an age when craftsmanship was valued and used as a demonstration of wealth and success. Ordinary buildings like homes and shops did not have these features, and they were reserved for the aristocracy and for civic buildings, imparting an air of authority and â€Å"establishment†. This is the origin of the rather conservative cultural meaning that the building conveys (Rotenberg, 1993).   Quite apart from these historic features of the Lloyds bank building, there are also distinctive visual elements which convey meanings to the observer. The building is taller than it is broad, which suggests a towering presence that dwarfs the viewer. The implication is that the bank is both strong and dominant, providing a stable, if somewhat stern, or even forbidding presence on the high street. The rather narrow door is brought slightly forward of the main building and set to the left, with a series of steps leading up to it. This suggests that entry to the bank is a privilege granted only to those who are worthy to climb the steps and enter its narrow frame. The entrance is dark and reveals nothing of the interior. This increases the mystery of the institution for the uninitiated, and the feeling of privilege for insiders, and this illustrates the contested nature of meaning when it comes to architectural spaces (Gieryn, 2000).   The bank’s name is positioned in modestly proportioned uppercase letters above the door as if to emphasize the act of entering this special portal. There is no distraction or adornment to the name, which is allowed to stand as the main advertising feature of the whole building.

Play (The Zoo Story) Essay Example | Topics and Well Written Essays - 500 words

Play (The Zoo Story) - Essay Example It didn’t make a lot of sense to me. I had trouble understanding the way that Jerry talked. It seemed like he was crazy and abstract. I wanted him to get to the point. I sympathized a lot more with Peter. He seemed to be a character that was a lot more like me. I often find it annoying when strangers strike up conversations with me about nothing. In the course of these kinds of conversations, I often try to figure out what the other person wants. In this play, I kept wondering what Jerry wanted. Nothing he was saying had any kind of point. That for me was disorientating at first. After finishing the play, I began to understand that Jerry is really seeking fellow feeling and understanding. He is trying to create a narrative of his life that will help him find meaning. He is obviously not very good at this, and the surprise ending at the end of the play, where Jerry is impaled on the knife is the best example of this. In a way, Jerry is so out of tune with the world that he can’t live in it anymore. He seeks friendship and understanding—and so he has to die in this way. He can’t simply kill himself alone—he needs to have that human connection. I think that is why, in part, he makes sure that Peter picks up the knife. The idea of the zoo is important. It is clear that the author of the play thinks that people are too often trapped in their own cages by social norms and unable to escape and actually talk to one another in a normal way. I found this to be an interesting and thought-provoking play. It surprised and challenged me. I would like to read more works by Edward Albee and read other playwrights from this era in American history. Overall, I enjoyed this course. I found it invigorating and stimulating. In general, the professor was extremely approachable and it was clear that he had a real appreciation and interest in the subject matter. I now see things in a different light and I intend to go to the theatre for pleasure.

Assignment (primary research required) Essay Example | Topics and Well Written Essays - 3000 words

Assignment (primary research required) - Essay Example This report explores the application of theoretical concepts of small business management in particular the issues surrounding marketing aspects of small businesses and the strategies that need to be adopted with particular reference to the restaurant industry. A primary study was conducted involving a family restaurant. The purpose of the research was to explore how successful small business entrepreneurs apply theoretical concepts of small business management such as marketing to their businesses. The findings suggest indicate that marketing is perceived as a means to build customer awareness about the enterprises and offerings. It was also found that application of marketing thoughts and practices are useful for profitability of the firm, but are constrained by lack of resources. Contents Abstract ii Contents iii Table of Figures iv Photo credit iv Managing Small Business Marketing 1 1. Introduction 1 1.1 Significance 1 1.2 Aims and objectives 2 2. Literature Review 2 2.1 Definiti on of small business 3 2.2 Marketing and business orientation 3 2.3 Marketing mixes and approach to marketing 4 2.4 Customer acquisition in small businesses 5 2.5 Customer relationship management in small businesses 6 2.6 Summary of critical review 8 3. Primary Research 8 3.1 Interview with owner manager 9 3.2 Findings 11 4. Discussion 11 5. Conclusion and Recommendations 12 5.1 Recommendations 12 The researcher also recommends that further studies may be undertaken to reveal the difference in the levels of success of small businesses in terms market share and profitability caused due to implementation of marketing principles and techniques. 12 References 13 Table of Figures Figure 1: EU Classification of enterprises 3 Figure 2: Small businesses usually follow the bottom-up marketing approach 5 Figure 3: Observations from literature review 8 Photo credit Cover page photo: http://www.oxfordrestaurantguide.com/gees/ Managing Small Business Marketing 1. Introduction The small business sector is a major contributor to the economy in many parts of the world. In the year 2000 the sector in the UK comprised approximately 3.7 million small firms, majority of which were micro businesses, of which 66 per cent were either run solo or self-employed people (Fraser & Thompson, 2011). Twenty-five per cent of these had less than 10 employees. These figures are growing steadily. The UK government believes that â€Å"the health of the economy requires the birth of new enterprises in substantial numbers. We cannot assume that the ordinary working of market forces will necessarily preserve a small firm sector† (Fraser & Thompson, 2011, p. 29); and considers it to appropriate to intervene in proliferation of small business. There are however other reasons for phenomenal growth of small business as, (1) free market economy; (2) control by large firms; (3) spirit of individualism; (4) growth of IT; (5) growth of niche marketing; (6) growth in service sector; and (7) unemploym ent. 1.1 Significance In the UK small businesses contributed a significant 25 per cent of total private sector employment. Their combined turnover represented almost 20 per cent of the total turnover of the private sector. Small business firms employing fewer than 50 people accounted for 9.5 million jobs