Financial Performance Analysis of Amazon - Free Essay Example

Executive Summary Amazon.com, Inc (Amazon) registered strong growth of 36% in 2008 mainly due to increased unit sales and expanded sales base in several categories. Meanwhile during the 3rd quarter of 2009, Amazon managed to report a steady growth despite the recession period. This report reviews and analyse Amazon financial performance as well as comparison with its competitors. All analysis and ratios are derived from data collected from respective companies annual reports and www.reuters.com. Brief Description of the Company Amazon is one of the leading online retailers in the world based in Seattle, Washington, United States of America. The company started its operation in 1995 and has regional involvement in the Asia Pacific, North America and Western Europe. Initially the core business of the company is selling online books however has diversified to products such as apparel, electronic and home improvement products. The company is involved in the internet retailing industry with 7.5% market share in 2008. The e-commerce industry has gone through major phases of growth and decline however, Amazon persevered and surprised everyone. Amazon achieved its first annual profit in 2003 and has continuously performed better each year. Amazons main competitors are the book retailer, Barnes and Nobles (BN) and third party retailing non-book related good, Ebay.com (Ebay). BN and Ebay are engaged in the similar industry as Amazon, which is online business and catalogue retailing of single and diversified product lines In terms of market capitalisation, Amazon has the highest at $59.57 billion and followed by Ebay and BN at $30.59 billion and $1.21 billion respectively. This indicates that Amazon has greater stability and low risk compared to the competitors. Financial Analysis Profitability The companys performance has improved wherein it has performed above the projections made throughout the four years period. Net sales have increased by 29.2% from $14,835 million in 2007 to $19,166 million in 2008 with net income of $476 million and $645 million respectively. The Cost of Sales (COS) has increased throughout the years partly contributed from the free shipping cost and has affected the net income figure. There was a drop in the net income in 2006 due to increase spending on technology and content and in income tax expenses. However, the said figure has increased thereafter. In terms of sales, Amazon has performed double from the competitors throughout the four-year period. Sales increased tremendously primarily due to low prices, vast selection of products and free shipping offers. However, in terms of Gross Profit Margin (GPM), Ebay operated at 74% has outperformed Amazon at 23% in 2008. The reason behind this is due to Amazons high expenditure on Cost of Sales (COS), which is about 70% of its sales value. The high COS was mainly contributed from the free shipping cost incurred. In comparison to Ebay, the company applies different business model from Amazon and have managed to minimise its expenditure on COS at about 20% of its sales value and therefore reflected to a high GPM. GPM proves that eBay is generating a very large percent of net income from each dollar of sales and this contributes greatly to the growing of eBays overall financial strength. Meanwhile, BN showed a better margin because of its smaller size and the retailer aspect. Amazon and BN have a stable Operating Profit Margin (OPM) of 4% compared to Ebay, which fluctuates within the same period. Its constant operating expenses of 20% from its sales value support the stable growth for Amazons OPM. Ebays fluctuation figures are resulted from high expenses incurred from selling, general and administrative. Based on the industry standard, Amazon and its competitors have performed ahead from the standard, which are 14.1% and 0.53% for GPM and OPM respectively. The low OPM standard can be ascribed to the effect of the recent financial crisis. As of the 3rd quarter of 2009, Amazons sales were $14,989 million with net income of $518 million. For the current year, it is projected a further increase of 21% and 19.5% in sales and COS respectively from 2008 primarily to the low prices, vast selection and free shipping offers. With the said sales projection, the net profit is projected at $743 million in 2009. The basis for the projection takes into consideration on the global economic downturn and changes in customer purchasing preferences. Based on the current quarter performance, the same trend was observed wherein Amazon is still having the highest net sales while Ebay still dominating the net income figure. BN was badly hit from the result of economic crisis. In comparison with the competitors, Amazons Return on Equity (ROE) was high in 2005 at 135% but drastically dropped throughout the years to 40% and 20% in 2007 and 2008 respectively. The main reason for the decrease was due to the yearly increase in the businesss equity. As at 2008, Amazons ROE is equivalent to the competitors and is expected to be in line with the competitors in the future. In comparison on the ROE and Return on Assets (ROA), Amazon has the highest growth among its competitors as it has a smaller capital base than Ebay and a higher profit level than BN. The high ROE is indicates that Amazon is continuing to grow. Meanwhile the ROA showed that Amazon is efficient in generating income from its assets compared to its competitors. The industry standard for the ROE and ROA are 3.8% and 1.6% respectively. The lower industry standard might be driven by the economic condition, which has a great impact to the performance and profitability of most companies. There was an increase of 1% for each year from 2006 to 2008 for the Return on Investment (ROI), whereas the Return on Capital Employed (ROCE) was at the highest in 2008 at 29%. These have indicated that Amazon is efficientat using its assets to generate earnings compared to the competitors. Liquidity and leverage analysis The companys current ratios are more or less similar to BN during the four-year period. The companys current ratio was between the ranges of 1.3 to 1.5 for the past four years. This indicates that Amazon is able to lay its hands on $1.30-$1.50 for every $1.00 they owe. In comparison between current and acid test ratio, acid test ratio is lower at average of 1.0 within the years. It will enable the company to cover its short-term liabilities adequately with its liquid assets. This is within some of the industry standards of 1:1, showing that the company will be able to cover its short-term liabilities adequately with its liquid assets. In comparison with the industry, Ebay performed better than Amazon for both the current ratio and acid test ratio. Amazon fell below the standard in the initial years but almost meeting the standard in 2008 at 1.5:1. Although not performing better than the industry average, Amazon has good and stable ratios, which indicates that the company is able to cover its current liabilities. Amazons gearing ratio was high in 2005 at 86% and subsequently reduces within the years to 13% in 2008. Due to the operational efficiency, increased sales and improved liquidity, Amazon was able to reduce its debt and currently the business is funded with internal generated funds. Meanwhile, Ebay has no borrowings and BN has an average of 30% for the gearing ratio. The high borrowing in 2005 has a huge impact on the debt-to-equity ratio, which was 6:0:1. However as the borrowings is paid, the debt equity ratio when down to 0.2:1 in 2008. This indicates that Amazon has 20 cent debt for every $1 equity the company have. As for BN, its debt/equity ratio was at average of 0.5:1 during the four years. Therefore, in comparison, Amazon is less risky than BN. As Ebay has no borrowing, the interest cover for the said company is high compared to Amazon and Ebay. In comparison with the debt-to-equity ratio set by the industry, Amazon has a very low ratio of 0.2 compared to 40.98. As mentioned earlier, the industry ratio is on the high side due to the economic condition. Investment analysis Amazons common shares outstanding plus shares underlying stock-based awards outstanding totalled 446 million on December 31, 2008, compared with 435 million a year ago. As of to date, the said shares amounted to 451 million. Based on Amazons Earning per Share (EPS) trend, it indicated that the markets willingness to pay for the companys earnings has increased. This indicates that the market foresees Amazons long-term prospects over and above its current position. As at 3rd quarter 2009, the EPS was $1.20 and to grow further based on the companys projection on higher earnings in 4th quarter. Analyst predicts that strong online holiday sales will boost the shares of retailers, including Amazon and has recommended that the said shares will outperform in the market (Reuters.com, 2009). In terms of market performance, Amazons share price fluctuates throughout the years and increased tremendously in 2007 at $92.64 due to the launch of its e-book reader, Kindle. However, during the economy downturn in 2008, the share price dropped to $51.28 due to low operating profit as Amazon begins its price reduction for the goods and services. In 2009, the share price gradually increased and after the 3rd quarter results, it continuously went up and as at 11 December 2009, the share price was $134.15. The current Price/Earning Ratio has increased to 80.70 times from 33.80 times in 2008. Analyst predicted that with a strong revenue growth Amazon would be able to gain significant market share from other competitors (Stahl, 2009). Due to the economic downturn, all companies are affected which was reflected in its performance. Similar to Amazon, Ebays and BNs share prices had an initial stable growth but in 2008 it dropped by about 50%. While others are still struggling to recover from the economic situation, Amazon has showed a growth in 2009 and the share price has currently increased by 168% compared to Ebay and BN at 70% and 62% respectively. Cash flow Analysis As at 3rd quarter 2009, the cash and cash equivalents was $2,514, which a reduction from the opening balances at the beginning of the year of $2,769. During the period, the cash used in financing activities was $229 million compared to $1,199 million in 2008 of which the cash outflows results from repurchases of common stock, repayments of long-term debt. Repayments on long-term debt and payments on capital lease obligations were $379 million for the 3rd quarter 2009 and $335 million in 2008. Meanwhile, free cash flowwas $446 million for the quarter. Throughout the years, Amazon has managed to have a positive cash flow from its operating activities. This indicates a good sign that the core operation of the company is generating income. In comparison of Amazons total liabilities to the cash flow generated from operations, the company has enough funds to cover level of investment and takes about 3.3 years to pay back all its financial commitments. With the current cash, cash equivalents, and marketable securities balances, the company is likely to be able to meet its anticipated operating cash needs for at least the next 12 months. In comparison between the cash flow from operating activities and net income, it indicated that Ebay has the higher ability compared to Amazon in managing its operating cash cycle through receivables, payables and inventory. The reason is that Ebay takes advantages of its payable days for as long as 361 days. Due to the similar business model, both companies have a negative cash cycle of which cash is generated from its payable and quick settlement payment from the customers. Management of Working Capital In terms of managing working capital, Amazon had maintained its positive cash flow being the highest at 2007 for an amount of $1,450. This indicates that the company is able to pay off its short-term liabilities and operating expenses accordingly. In comparison between the competitors, Ebay has the highest working capital of $4,023 million in 2007 while BN has the lowest at $841million in 2006. The high working capital for Ebay has enabled the company to be successful in its expansion programme and improve their operations. For the 3rd quarter ending 31st December, Amazons working capital is $1,832 million and is expected to increase further due to higher expectation of sales in the coming quarter. Working capital provides information on the companys underlying operational efficiency. In terms of efficiency, Amazon is efficient in using its assets in generating sales compared to its competitors, which are reflected in the asset turnover ratio. This indicates Amazons improved efficiency in inventory and asset management that is partly supported from the low pricing strategy and low profit margin. In comparison to the competitors, BN has the lowest account receivable days due to its retail business model, which is based on the cash transaction. Based on the account payable days, Ebay has taken advantage on the free source of finance for the business at 361 days compared to Amazon at 62 days. In respect of the inventory days, Amazon is able to turn the inventory quickly as low as 12 days compared to BN at 140 days. BN has high stock inventory days due to the reason of its retailing business model and product which requires some time to be sold. Due to the same business application, both Amazon and Ebay have a negative cash operating cycle, which indicates efficiency in cash management. In term of the industry standard, the three companies are performing above the indicative ratios, which are supported by the significant growth in the industry. Based on the industry standard, Amazon and the competitors are performing ahead from the standard. For the assets turnover ratio, Amazon was the highest at 2 times compared to 0.7 times industry standard. This indicates the companys efficiency at using its assets in generating sales. The reason Amazon performed better than the competitors is relatively derive from the pricing strategy wherein low profit margin company tends to have high asset turnover. Amazon Future Prospects Based on Amazons current performance, it is projected that the company will have a strong growth supported by the low pricing strategy and free shipping. Moreover, the latest acquisition of Zappos.com and improvised version of Kindle are expected to increase Amazon sales which leads to higher profitability. Due to the growth of Amazon, its annual earning is expected to grow over the next two to three years with sales reaching $2.38 million and $2.86 million respectively. Due to robust financial performance during the current economic condition, it has enhances investors confidence. Share prices are expected to increase with earnings of $2.57 and $2.38 per share in 2008 and 2009 respectively. In line with the said growth, Amazon will benefit in gaining additional market share despite tough competition from other online sites such as Ebay. References Amazon.com Annual Report 2008 Available from: https://amazon.com (accessed on 11th November 2009) Amazon.com 3rd Quarter 2009 Report Available from: https://amazon.com (accessed on 11th November 2009) Ebay.com Annual Report 2008 Available from: https://ebay.com (accessed on 11th December 2009) Barnes and Noble Annual Report 2008 Available from: barnesnobleinc.com ((accessed on 11th November 2009) BBC News (2008), Amazon Shares Fall Despite Growth. (Online) Available from: https://news.bbc.co.uk (accessed on 5th December 2009) George Stahl (2009), Amazon Shares Hit All Time High. The Wall Street Journal (0nline), Available from: https://online.wsj.com/article/SB125630854623203899.html (accessed on 4th December 2009) John Pacskowski (2009), Spare Change for Amazon Shares. The Wall Street Journal (Online), Available from: https://online.wsj.com/article/SB125630854623203899.html (accessed on 4th December 2009) Richard Waters and Jonathan Birchall (2009), Amazon Share Surge Recalls Tech Boom Days (Online) Available from:https://ft.com (accessed on 5th December 2009) Reuters.com (2009), Nasdaq rises with Online Retailers Dos Dips on Oil. (Online), https://ul.reuters.com (accessed on 3rd December 2009) www. reuters.com (accessed on 1st December 2009)

The Protests Of The Syrian Uprising Essay - 2431 Words

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A National Tradegy free essay sample

Turning significant events into narrations allows Americans to replay events and go over them constantly throughout their lifetime. Many victims were injured on September 11th and in order to remember that day we tell the story frequently on the news and throughout the news paper remembering the disastrous event. â€Å"Stories are, among many other things, templates of behavior† (Peck 735). We as Americans have no choice but to put events into context. Peck states â€Å"Tragedy is above all a genre of suffering and witness. A form of lamentation, it facilitates mourning and generates memories. † (735). By stating this we are able to understand that in suffering we continuing mourn while being able to recall the memories of our family member or loved ones that suffered from the twin towers. It makes people doubt opinions they stand by and believe they are failing them, whether it is religious views or a certain belief. Although September 11th was a heartbreaking event, Peck states â€Å"I think this ought to be the tenor of our discourse in the wake of September 11th† (736). We will write a custom essay sample on A National Tradegy or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Many Americans have mourned over the loss of victims but many Americans lives were altered by this awful incident. We as Americans have benefited by having military personal patrol airports and having better security throughout the country. The attackers have been condemned allowing us to see into another person’s point of view to look into the outlook of Americas safety. The attackers of September 11th had a clear message, â€Å"In their rhetoric, the World Trade Center figures Americas global economic power and certain modernist insouciance; the pentagon figures America’s Military power† (Peck 736). The attacks dramatize the destruction and construct America as the wealthy super power it is, clearly these attacks were criminal acts and the attackers must be brought to justice through the Supreme Court and internationally. The world knows America better than us Americans know of it. Through emotion and painful events such as this one America has came to better understand itself and the strengths that it has. America has one of the strongest military personal in the world, allowing us to be able to react to attacks such as this one. Peck states â€Å"Since September 11th, I believe we’ve been living out a national melodrama† (737). A western movie was created by President Bush â€Å"Wanted: Dead or Alive† casting Osama bin Laden causing the defining moment of Americas melodrama allowing people to be aware of the attacker by posting posters throughout the United States. America has sent military troops over to Iraq in search of the attackers killing innocent citizen in order to voice our opinions on this matter. The best assurance that the US will not again be the object of comparably horrific terrorist attack is an equitable distribution of global capital that moves wealth more evenly though out the world and generates genuinely reciprocal forms of cultural encounter† (Peck 738). September 11th should open Americans eyes to this matter and may they always remember this day and remember to who they are and who died for them on that tragic day. Works Cited James Peck. â€Å"September 11 th-a National Tragedy? † Writing Analytically with Readings. 2nd Ed. Eds. David Rossenwasser and Jill Stephen. Boston: Wadsworth, 2012. 734-740. Print

The Weather Underground Essay Example

The Weather Underground Essay Name: Course: Instructor: Date: We will write a custom essay sample on The Weather Underground specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Weather Underground specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Weather Underground specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The Weather Underground The film, Weather Underground, is a 2002 documentary based on the American radical organization, The Weathermen. The film, based on real life events characterizing the American political system narrated the ascent and descent of the organization employing the use of archived footage from 1969. Directed by Bill Siegel and Sam Green, the documentary explored the lives of a few young people waging war against the United States Government, who would eventually be inaugurated from college activists to the Federal Bureau of Investigation’s most wanted. Reactions to the film Centered on a political theme, the Weather Underground elicited various but profound reactions. At a time where the United States government was largely involved in the Vietnam War, most Americans were aware of the violence that escalated but could not do anything about the bloodshed. Negative rejoinders were centered on criticizing the group’s violent tactics oninnocent government officials asserting that the youth carried out politics that was misguided. Furthermore, negative reactions stemmed because of the revelries the youth engaged in at college such as sex and drugs asserting that the youth were idle and thus wanted action. However, some reactions praise the efforts of the Weathermen. Most of the reactions deem them as the pioneers of activism and American revolutionaries addressing the repressive tactics of the government to silence the discontentment of the American citizens. Political Views The main theme of the film was on politics. The documentary, though portraying the lives of the Weathermen in 1969, addressed the polarization of the political situation in America between the 1960s and the 1970s. The schism was becoming more acute characterized by the Vietnam War and the Civil Rights Movement, which pressed the government. Such strong issues led to the creation of various youth political movements such as the Students for a Democratic Society (SDS) who utilized peaceful protest methods to protest against the Vietnam War. The movements also protested against the role of the United States government in addressing racism because it was profound at that time, especially against the African American community. Furthermore, the movements criticizing the government eventually portrayed the dictatorial side of the government, which used law enforcement agencies such as the police to suppress the efforts of the activists. Storyline The documentary focuses on the lives of a group of college activists bent on addressing the government’s involvement in the Vietnam War and the repression of the Civil Rights Movement. Such issues led to the rise of youth movements who employed peaceful protest techniques to address the political issues. However, some factions of the movements found it ineffective to express peaceful dissent against the government. This notion eventually led to the separation of a group of college activists from the youth political movement, SDS, who advocated for the use of extremist approaches, which the government could not risk ignoring. The group, which would later become known as the Weathermen, joined together with another extremist group, The Black Panthers, and begun participating in street riots and even proceeded to bombing buildings and further planning to bomb government representatives. Eventually, the group became most wanted according to the FBI, undergoing violent suppression tactics and eventually being forced to go underground. The Weathermen will continue being emulated in America’s political history as the voice of a distressed nation. Presently, people are able to form movements that criticize the government without ear of suppression once they express dissent. Furthermore, the group indirectly raised awareness on the privileges and rights accorded by the United States Constitution such as the freedom of association, which at that time the government censored. Without such influential movements, activism and democracy would be devoid of the United States.

Running Head Organizational Behavior Case Study

Running Head Organizational Behavior Case Study Introduction Organizational behavior is a broad and interdisciplinary area in management, which relies on the research and ideas of many other disciplines which explain human interaction and behavior.Advertising We will write a custom research paper sample on Running Head: Organizational Behavior Case Study specifically for you for only $16.05 $11/page Learn More Such disciplines include psychology, sociology, industrial psychology, social psychology, anthropology and communication (MacGinins, n.d). The focus of organizational behavior is the study of organizational; design, management and effectiveness (Martin, 2005). Organizational behavior therefore involves the interdependences and interrelationships of various topics like motivation, emotions, change process, culture, power and control, ethics, management and leadership, job design and technology, organizational structure, conflict and politics, stress in groups and individuals, learning, and communicat ion which involves decision making and negotiations. Managers must therefore understand the relationships between all these topics, and see how they can strike a balance, to ensure that there is a conducive environment for the progress and survival of the organization (Martin, 2005). In this assignment, I will explore organizational behavior by the use of the case study of RR Feeds, Inc., which is a large feed processing plant located in North Dakota. I will identify the challenges, conduct an in depth analysis and provide recommendations to the Management team. Discussion Challenges facing RR Feeds, Inc One challenge facing the organization is that of economic down turn, which brings in the problems of financial instability for the company because it makes less profit as the expenses remain constant. This made the organization lay off some of the employees and cut spending, so as to survive. The other challenge is that of change of employees’ attitude towards the organizatio n. The employees no longer feel obliged to commit themselves to the organization, and that is why they are ready to do as little as they can for the organization.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The employees’ morale in working is greatly reduced due to lack of or poor motivation for them to dedicate their efforts to the organization. The management is faced with the challenge of enabling the organization to survive under the economic down turn, as they safeguard the welfare of the employees. This is a challenge of change management. In depth analysis The problems facing the organization can be attributed to change management. The organization has had a good history in its relationships with the employees and it’s clients for a long time. It usually gave bonuses to employees, and committed a lot of resources in various activities of the organ ization. The employees were very satisfied and they had a very positive attitude towards the organization. The levels of the employee commitment, motivation and morale were high before the economic down turn. With the onset of the economic down turn, which is a universal economic catastrophe, the organization was faced with the challenge of maintaining the status quo, in terms of giving bonuses to employees, and spending in organization activities. This made the employees change their attitudes and perceptions towards the management of the organization. The fact that some employees were laid off did not go down well with some employees, who sensed something fishy in the management of the organization. Their perception was that the laying off of some of them was aimed at victimizing them for their reduced morale in their work at the company. The key problem for the organization is how to effect and manage change within the organization, which is necessary for its survival. When chang e happens within an organization, each individual reacts differently whereby some embrace the change while others do not. †¦ However, the organization must survive despite the challenges. When the management started laying off some employees, cutting on spending and bonuses, it did so as a reaction to the external forces to the organization. The employees on the other side reacted to the change by reducing their commitment to the organization due to lowered motivation.Advertising We will write a custom research paper sample on Running Head: Organizational Behavior Case Study specifically for you for only $16.05 $11/page Learn More Recommendations to the Management Organizational change is always a challenge to many managers because they are faced with the challenge of maintaining the status quo for the organization in terms of employee satisfaction on one hand and retaining the organizational performance and output on the other. Mr. Nates idea of redes igning the jobs for the employees is one way of initiating the desired change to deal with the prevailing situation. This is because the jobs would be redesigned to enable one employee handle various tasks which were being handled by the laid off staff. However, the management will need to train the remaining staff on the extra fields or dockets, so that they may be able to discharge the duties effectively. The idea of reexamining the performance evaluation program and aligning it to the current organizational situation is aimed at bringing some changes in the manner in which employees are compensated for their labor. Chances are that the manager may come up with a contract performance system of working, in which employees are given some targets to meet, then get paid depending on how they meet those targets†¦.. This is different from the normal payment in which employees are paid after the end of each month without any targets set for them. The idea is good because it would en sure that the company divides its workload to the number of employees and attach some time frames under which those targets must be met, and then pay the employees depending on how they meet the targets. This can increase productivity and flexibility in the organization, because each employee will work hard to see that he or she meets the targets, so as to receive the payment. It would increase flexibility because each employee would set his or her own work plan, and develop a time table to accomplish the tasks. The employees may work hard to meet the set targets within a short time, so as to spare some time to engage in other income generating activities so as to supplement what they earn at the company (Martin, Fellenz, 2010). Regarding the stress levels and new employee behavior of low commitment to the company, the management should use Lewin’s three phases of change management namely unfreezing, transition and refreezing of behavior.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More During the unfreezing stage, the management should prepare the employees for the change through talking to them about the prevailing economic situations and how it is affecting the company, and therefore the need for the company to adapt and align itself to the prevailing economic situation in order for it to survive and remain in business. The management should then use push and pull strategies to prepare the employees for the change, which is implemented during the transition phase. At the refreezing phase, the management should refreeze the newly acquired behavior in line with the new work environment. This would make the employees satisfied and restore their confidence, loyalty and commitment to the organization (Lewin, 2011). Conclusion Organizational behavior is a very crucial field in management which is very broad in nature. Managers need to understand organizational behavior in order for them to be able to be able to deal with the dynamic nature of organizational environmen t, which keeps at changing. Organizational behavior entails interaction between the organization and the employees. One major challenge for organizations is how to deal with change, like the one which faced RR Feeds, Inc due to the economic down turn. In such cases, managers should borrow Lewin’s three phase strategy of dealing with change namely unfreezing, transition and refreezing of behavior, so as to align the employees’ behavior with the prevailing organizational environment (Lewin, 2011). References Lewin, K.(2011). Lewin’s Freeze Phases. Web. MacGinins, S.K.(n.d). Organizational Behavior and Management Thinking. Web. Martin, J. (2005).3rd ed. Organizational Behavior and Management. Andover SP10 5BE: Cengage Learning EMEA. Martin,J., Fellenz, M.(2010).4th ed. Organizational Behavior Management. Andover SP10 5BE: Cengage Learning EMEA.

Analysis of Neoclassical and Romantic Art Essay Example | Topics and Well Written Essays - 250 words

Analysis of Neoclassical and Romantic Art - Essay Example He mostly worked with historical paintings and portraits. "Portrait of Colonel Guy Johnson" represents the British commissioner of Indian Affairs in the American colony. Next to him is represented a figure with the "peace pipe" in his hand, contrast to the Englishman, holding a gun. In the background we can see a large waterfall, Niagara. In the picture, the figure of the colonel is highlighted, while the aborigine is hidden in the shadow. In this way, the painter contrasts illuminated mind to the civilization located in the darkness of ignorance culture. In general both pictures represent the spirit of â€Å"antiquity†. â€Å""Visions of Antiquity" broadens our understanding of neoclassicism.† (Pagel, D., 1993). The picture of Francisco Goya is definitely a representation of romantic Art. â€Å"In Romantic art, nature—with its uncontrollable power, unpredictability, and potential for cataclysmic extremes—offered an alternative to the ordered world of Enlightenment thought.† (Galitz, K. C., 2000). Comparing two pictures, we can see that they are performed in the same color pattern. The authors mostly use dark background and light items of closing in order to highlight the personalities. In terms of shape, both pictures are presented in two dimensional areas, separating the images of the characters from the surrounding world by the invisible boundaries. Talking about space, the authors used the method of overlap in order to make people on the pictures closer to the viewer. Taking into consideration the art principles, it is necessary to state that the elements of graphic design are expressed in a united and harmonious way. The balance is revealed through the proportional placement of the main elements. The dominance is created by means of the contrasting figures on the first place and the elements behind. Pagel, G. ART REVIEW: A Progressive Definition of Neoclassicism in Visions: LACMAs

'Tourism education and training in China Essay Example | Topics and Well Written Essays - 2500 words

'Tourism education and training in China - Essay Example This figure continued to rise in subsequent years, as depicted by the figure below1. The total number of inbound tourists and growth rates between 1996-2000 were respectively as follows: 51.1275 million in 1996, with an increase of 10.2% over the previous year; 57.5879 million in 1997, a rise of 12.6%; 63.4784 million in 1998, up 10.2%; 72.7956 million in 1999, up 14.7%; and 83.4439 million in 2000, increasing by 14.7%. But the real impetus came after China joined the WTO regime in December 2001. Thereafter European tourists also headed towards China in big numbers, as they wanted to unravel the mystery called China, the land of billions. Business community from Europe and America now wanted to explore the market potential of China. This further helped the Chinese tourism industry, which too started realizing the need for bringing in more professionalism in the industry. Tourism education forms a basic component for managing the industry more professionally. Tourism education began in a big way in 1978 when Nanjing Tourism School was first established and Shanghai Tourism College the year after. China National Tourism Administration (CNTA) set up tourism departments in seven colleges and universities in the 1980s to meet the needs of developing managerial personnel for the tourism industry. To prosper, tourism requires participation of the industry, the government and the public in good measure. Me anwhile, many other colleges and schools began to set up their own tourism education departments or specialties (Zhang et al, 2001). In addition, some organizations, like international hotel chains, tourism companies also started taking interest in setting up their own training system, providing on the job training, various management trainings etc. From Chinese government statistics, in 1986, there were only 27 universities and colleges offering hospitality and tourism programs with 4,800 students. The number increased to 69 universities with 8,551 students in 1989. Subsequently in 1998 there were 936 tourism schools and colleges having 29,566 students (Huyton et al, 1999). Before the onset of the liberalization era Chinese government was known for keeping a firm control on almost all service sectors. But gradually the public sector units with the government are being handed over to private management and government has started concentrating on governance. A report by United Nation s' World Tourism Organisation, at the end of the year 2004, China stands as the fourth largest international tourist destination in the world with 109m inbound visitors in 2004.that brought in a foreign exchange of around US$25.7bn. The Global Competitive Report 2006-2007, brought out by the World Economic Forum, places China at 71st place in terms of Travel and Tourism Competitive. The report states that2, "Although China is ranked 3rd in terms of World Heritage sites, and 11th in terms of price competitiveness, it has a policy environment that is not at all conducive for T&T development (ranked a low 97th), with property rights that are not sufficiently protected, strong foreign ownership restrictions and stringent visa requirements." That effectively means that there's still a lot for China to encourage tourism in the country. Providing, tourism education to the