Monday, July 27, 2020
Gluten-free at MIT Hey, everyone. Ive been hosed (I know, I know, tell me something/ new) on all fronts and I hate first post (Ive been labeling all of them as junk. Try to leave comments NOW.), so I havent been around. But Im here now, so its okay! Or something like that. Moving on to the point of this post a few weeks ago, MITblogs got a question from Claire: I have multiple food allergies (eggs, wheat, dairy, gluten), none of which cause anaphylaxis, but Im wondering how food-allergies are accommodated at MIT. Can people opt out of the meal plan in order to make their own food in dorm kitchens? If you have multiple food allergies that require specific methods of food selection and preparation, you might want to consider living in a dorm with kitchens instead of a dining hall. (Burton-Conner, East Campus, Senior House, Random, Bexley, New House, and Macgregor fall into this category.) I go grocery shopping at either Whole Foods or Trader Joes every one to two weeks, both of which have tons of options for people with food allergies. You can go shopping for food even if your dorm does have a dining hall (Baker, Simmons, McCormick, and Next, for those of you following at home), since theyre only open for dinner anyway and buying all of your other meals gets really expensive really quickly. These dorms also all have one kitchen open to all residents (for example, Next Houses Country Kitchen is in the basement). Unfortunately, living in a dorm with a dining hall requires that you buy into the House Dining Plan each semester, and you are not permitted to opt out of it regardless of your situation. Theres hope for you yet, though Gillian 10 (yes, that Gillian), who moved to Baker last semester, sent me the following email about being gluten-free while living in a dorm with a dining hall: I live in Baker now and I have to pay for preferred dining, so I figured I would make the best out of it. i introduced myself to the head chef and he introduced me and my gluten-free situation to the other chefs and told me about all my possibilities. They include almost any kind of stir fry or saladboth of which are offered nightly, so Im always guaranteed choices for dinner. They use mostly gluten-free sauces in their stir fry and offer it with rices or rice noodles! I can occasionally have soup, but I can never remember which. And I generally steer clear of the specials, but if I felt like it I could ask whether things are gluten-free or not. Also, I keep a mini fridge in my room with other gluten free staples and snacks. Having LaVerdes central in our campus is great because as anyone with serious food limits knows, the supermarket is always a guarantee! Lastly, Au Bon Pain is going to be your best friend, as they are wayyyy ahead of the curve with accomodating the foodly challenged. At the Kendall Square location, they have this computer with their menu that tells the complete nutrition info of ever item they serve along with the ingredients and possible allergensits amazing! And they have soooo many choicestheir soups are a winterly staple of mine. Jessie (yes, that Jessie. No, I could not resist the possibility of using parallelism. My AP English Language teacher would be proud of me) also compiled a list of local stores and restaurants with gluten-free options: Most local grocery stores (though not LaVerdes as far as I know) have a gluten-free section. Whole Foods even has gluten-free bagels sometimes. Verified to have a gluten-free menu available: PF Changs (Chinese, locations at the Prudential Center and near Boylston) Legal Sea Foods (Kendall Sq and other locations) Outback Steakhouse (Medford and other locations) The Elephant Walk (Cambodian, Davis Sq area) Wagamama (Noodle dishes, Harvard Sq) Claim to have gluten-free menus: Pizzeria Uno Carrabbas Italian Grill Jake Earls Dixie Roadhouse Bugaboo Creek Steakhouse Not Your Average Joes Claim to accommodate GF diners (I have not been to these): On the Border Burtons Grill I realize that most of this response was specifically about having a gluten allergy, but everyone should feel free to ask me questions about food allergies that this entry didnt answer. Ill get to them. Really. I will. Even though Im perpetually hosed.
Friday, May 22, 2020
According to the DEAÃ¢â¬â¢s acting administrator, Paul Rosenberg, approximately 120 people die each day in the United States of a drug overdose. Lives are being recklessly spent because of the strict drug enforcement laws and social stigma surrounding addiction and addition-related crime. Law enforcement is losing the battle because every time they take down one king pin, another pops up. Addicts are quickly losing the war of addiction because they feel the need to isolate, going anywhere near a hospital during an overdose can result in jail time, and there is no guarantee that their next hit wonÃ¢â¬â¢t be their last. The only efforts that have been put into place is locking people up or sending them away to rehabilitation centers. Government officials, addicts, and Ã¢â¬Å"normalÃ¢â¬ people who turn against drugs and addiction may not realize that legalizing heroin could be a turning point for society. It is truly an important matter because we are letting our community die, p erpetuating drug-related illnesses, and destroying lives through death or an unjust legal system made up of for-profit prisons and jail time for addiction. America should remove heroin from the schedule I drug classification and move towards decriminalization. America is losing the war on drugs. Each time they take down another drug dealer, another pops up overnight. There will, of course, always be the addict. The President of the Center on Addiction and Substance Abuse at Columbia University has some informationShow MoreRelatedThe Prohibition Of Marijuana And The United States1559 Words Ã |Ã 7 Pagescannabis were soon passed (huffpost.com). This essay seeks to shed light on the actual reasons behind the prohibition of marijuana and the racial prejudice that has followed it from the years it was outlawed to today. By better understanding the reasons behind the prohibition of marijuana, one can gain a better understanding on the benefits and consequences of legalizing marijuana and determine how it would affect us socially and economically. The war on drugs has been a failure to protect us due toRead MoreShould Marijuana Be Legalized?1245 Words Ã |Ã 5 PagesMarijuana is a highly debatable topic that is rapidly gaining attention in society today. Ã Legalizing marijuana can benefit the economy of this nation through the creation of jobs, increased tax revenue, and a decrease in taxpayer money spent on law enforcement. Ã Ã Many people would outlaw alcohol, cigarettes, fast food, gambling, and tanning beds because of the harmful effects they have on members of a society, but this is the United States of America; the land of the free and we should give peopleRead MoreWhy Marijuana Should Be Legal998 Words Ã |Ã 4 Pages Marijuana can be used to make a difference In todayÃ¢â¬â¢s society, marijuana is used for many different reasons. Marijuana is a plant that is known as cannabis, weed, pot, hash, grass and dope. This type of drug is popular all over the country therefore, the intake of marijuana should be taken, very seriously. Regardless, how weed makes a person feel, it comes with positive effects as well as negative outcomes. Without a doubt, smoking marijuana or eating the drug will affect peopleÃ¢â¬â¢s behaviorRead MoreShould Marijuana Be Legal?978 Words Ã |Ã 4 Pageswere desperate to hide their personal cannabis use out of fear of shame, incarceration, or even worse, accusations of child neglect. Public perception of the Ã¢â¬Å"stonerÃ¢â¬ has all but crippled the progress of those fighting the cause. We live in a society where alcohol consumption is not only accepted, but glorified. Even the morning talk show hosts on a popular national news network spend their morning sipping on wine yet the mainstream media would l ike us to think a parent who tokes a joint willRead MoreMarijuana Legalization. Marijuana Is A Very Discussed Topic1319 Words Ã |Ã 6 PagesMarijuana Legalization Marijuana is a very discussed topic that has been talked about since decades in the past and has not made legal. Weed has been categorized as a harmful drug and was made illegal back in 1937. Even though it was legalized in some states there is still a big amount of states that have not yet legalized it. Cannabis use can be traced back to ancient cultures and still continues in our present society despite legal curtailment, while it does have many medicinal factors, it canRead MoreAmerican Freedom And Self Government1519 Words Ã |Ã 7 PagesThe residents of America had worn down their leaders to the point that they could no longer hold back what they thought was their God-given right (Blumenthal pages 62-65). Another internal issue that America previously faced was the racial inequality. African Americans residents were not offered the same opportunities as the white citizens. Slowly, it was coming to realization of society that they were to be seen as equals and should be given the same resources. Groups such as The Black PanthersRead MoreNever In My Life Would I Have Thought About Running And1694 Words Ã |Ã 7 Pages Never in my life would I have thought about running and hiding from the police. Until one day at about 4:20pm, I was sitting in my living room on the couch, overlooking my backyard. I saw eight Police Officers standing next to the 70 Marijuana plants that I was getting ready to harvest. I thought to myself, Ã¢â¬Å"Oh shit! They found all of my plants and now I either have the option of running out my front door and try to escape the police or go outside and get thrown in prison.Ã¢â¬ As bad as I wantedRead MoreThe Impact Of Rastafari On The Late 1920s And Early 1930s Essay1567 Words Ã |Ã 7 Pageshelp develop the message of Rasta theology. As E.E. Cashmore explains: All, in their own ways, added pieces to the jigsaw, and the whole picture came together in the mid-1950s when a series of congregations of Rastas appeared at various departure points on Jamaica s shores, awaiting ships bound for Africa. (BBC) This cemented the future of the Rasta Movement, bringing hopefulness for the freedom of the African race. There are also two other branches of Rastafari, known as the Bobo Shanti and TheRead MoreDrug Testing : A Potential Drug Test Coming Up? Test Yourself And Let Us Tell You Where You961 Words Ã |Ã 4 PagesEven the prospect of job advancement could necessitate desirable test results before a promotion may be implemented. Testing Is Now an Established Practice How did drug testing requirements become an accepted practice among employers? The turning point was likely the Drug-Free Workplace regulations that were set in motion in 1988. A highlight of that program was the mandate that companies with Federal government contracts of more than $25,000 require drug testing among their workers. An act thatRead MoreGovernmental Efforts to Achieve a Drug Free Society1498 Words Ã |Ã 6 PagesObviously, government has not at any point shown laxity in her effort to achieve a drug-free society, a dream that, perhaps by the virtue of existing measures, seems unrealizable. Its efforts include enforcements and bringing drug-offenders to justice which entails incarceration, capital punishment, and what a few. This has financial impacts on the government, for instance, cost of custodial services, police and court cost, community supervision etc; as well as social impacts and collateral costs
Saturday, May 9, 2020
The founder of the popular fast food franchise, WendyÃ¢â¬â¢s, is Dave Thomas. He was born in Atlantic City, New Jersey in 1932. DaveÃ¢â¬â¢s adoptive mother died when he was still a child. He spent his childhood moving from city to city while his adoptive father tried to find work. Dave spent a lot of summers in Michigan with his Grandmother and she became a huge influence on Dave. She taught Dave the importance of product quality, good service, and respect. Dave did not get a lot of alone time with his father, but when they did they would go eat at neighborhood cafes that sold good burgers. Dave loved watching families sit together and enjoy sharing a meal. These trips to cafes are what led Dave to decide to own a restaurant one day. At age nine, Dave had become an expert on the type of quality and service a business should provide. He began to work in the restaurant business at age 12, but he was fired a lot because he was underage. Dave then began working at the restaurant Hobby House at age 15. He started as a bus boy and eventually moved to the front of the kitchen. Dave knew that if he was going to own a restaurant one day, he would need to know how to do every job. His family moved again and he stayed behind. Dave lived alone at the YMCA at age 15. After he went into the army at age 18, Dave returned to the Hobby House and eventually married one of the waitresses. He also met Colonel Harland Sanders who founded the Kentucky Fried Chicken franchise. Colonel Harland Sanders soonShow MoreRelatedFast Food Nation By Eric Schlosser1596 Words Ã |Ã 7 Pagesby consumerism and big business. Companies selling cheap food and cheap goods are scattered across the nation in every state and town. This is Eric SchlosserÃ¢â¬â¢s main topic in his novel Fast Food Nation. From telling the start of the first fast food restaurants in America, to explaining how the food is made, Schlosser s covers the whole history of the wor ld wide food phenomenon. Eric Schlosser is an American journalist and Author of Fast Food Nation. He was born in Manhattan, New York, but grew upRead MoreEssay on The Success of the McDonaldÃ¢â¬â¢s Franchise 1267 Words Ã |Ã 6 Pagesflexibility that owning a business franchise creates provides this option. Success is not reached by simply creating a business, however. The level of success is measured by the size and efficiency of the business. Business growth is the driving force of the economy. The additional jobs and revenues created when a business expands allow the economy to grow at exponential rates. One of the fastest and most popular ways to increase the size of a business is to turn it into a franchise, which can then be purchasedRead MorePho 24 - Vietnamese Franchise System1388 Words Ã |Ã 6 PagesPHO24 plans to open more stores in all major cities of Vietnam as well as in overseas markets, where there are extensive Asian populations. The founders believe that PHO24Ã¢â¬â¢s business concept is unique but easy to multiply due to its small space requirement, low investment, standardized operational procedures, and most importantly, the top quality of the food.Ã Now, PHO24 noodle restaurant chain belongs to VTI, owner of Highlands Coffee, Hard Rock Cafe,Ã Emporio Armani, Swarovski, Aldo,Ã La Vie EnRead MoreMcdonald s Bar B Q Essay740 Words Ã |Ã 3 Pagesmagazine, or browse the internet without hearing about McDonaldÃ¢â¬â¢s. This beloved fast food chain is everywhere and itÃ¢â¬â¢s not going anywhere soon. The original idea of McDonaldÃ¢â¬â¢s came to fruition in 1937, when a man named Patrick McDonald opened The Airdrome, which was a food stand, where he sold hamburgers for ten cents each. This stand was located in Monrovia, California. The stand was very popular among the locals; so popular, that his sons, Maurice and Richard McDonald, aged 37 and 31, respectivelyRead MoreFast Food, As We Know It1593 Words Ã |Ã 7 Pages Charles Benck Fast food, as we know it, exists because of changes leading up to, during, and slightly after World War Two. With the war s pressure on efficiency and production in the farming industry as well as the numerous factors contributing to America s rise from a depression the country saw a boom in spending power and food production. With the mindset of efficiency and convenience prevailing in the American household a whole new type of restaurant was born, the drive-through. From theRead MoreBurger King vs Mcdonalds1068 Words Ã |Ã 5 PagesBurger King vs. McDonaldÃ¢â¬â¢s Burger King and McDonaldÃ¢â¬â¢s are two of the most popular fast food restaurants and have been in competition for years. Both of the restaurants have been in business for over 50 years, though Burger King was started before McDonaldÃ¢â¬â¢s. Burger King was established in 1953 as Insta-Burger based in Florida. The company ran into financial issues and was bought out by David Edgerton and James McLamore in 1954, and the name was then changed to Burger King and a year later, the kingRead MoreBlack Canyon Coffee1480 Words Ã |Ã 6 Pagesarticles states, BCC founders had no prior experience in restaurant business and were not even coffee drinkers. Coming from an IT background, founders of BCC wanted to start a business of their own. BCC follows an industrial organization (I/O) model because the company was formed by strategically analyzing external environment and factors. Realizing that food is one of the basic necessity of human being, Pravit along with his colleagues without any prior experience in the food sector saw that coffeeRead MoreMcdonalds : The Largest Fast Food Service Company1295 Words Ã |Ã 6 PagesMcDonaldÃ¢â¬â¢s Corporation- S.W.O.T. Analysis Introduction/Overview McDonaldÃ¢â¬â¢s has become the largest fast food service company in the world, with more than 35,000 restaurants in over 100 countries. Based out of the United States, McDonalds primarily operates from franchise restaurants offering not only hamburgers and fries as what they are known for, but many other menu items as well. A lot has changed from their days of 15 cent hamburgers in 1955, and they are an iconic fixture in our culture overRead MoreThesis: Chapter2 and 31771 Words Ã |Ã 8 Pagesmore traditional business models. In franchise business, it is not only the products or service that the franchisee can avail; it is more of the system-the business plan of the chosen franchise. It is fact that before franchise companies offer their business packages, they already conducted strenuous researches and studies to test the capability of the franchise to withstand the various factors that might affect the operation of the business. Simply put, franchise business offers a time-t ested businessRead MoreProduct Analysis of Kfc Essay1639 Words Ã |Ã 7 PagesProduct Analysis of Kentucky Fried Chicken History of Kentucky Fried Chicken KFC (Kentucky Fried Chicken) as one of the most popular and successful fast food restaurants, which was founded by Harland Sanders in North Corbin, Kentucky in 1930 and concentrate on fried chicken, after decades of development, KFC has become the worldÃ¢â¬â¢s second largest fast food restaurant chain. In the first twenty years of fried chicken was invented, Harland Sanders opened a restaurant to sell the fried chicken
Wednesday, May 6, 2020
American Pop Culture Americas culture is evolving everyday although, society is not aware of this change due to the everyday hustle that we exert on ourselves trying to accomplish what the media and advertising has imprinted in regard to what our lives should contain. Media and advertising have a huge impact on how society thinks, acts, feels, and what is expected therefore, Americans subconsciously are trying to achieve what the media has painted as the American Dream. There are many ways that societies thoughts have been altered with the assistance of the media, one action that evolved the entire country would be the Roe vs. We will write a custom essay sample on Abortion in American Culture or any similar topic only for you Order Now Wade ruling. Prior to Roe vs. Wade women throughout the country were making decisions on abortion but abortion was not legal at the time. Ã¢â¬Å"Abortion was widely available in many places across the United States if you were a woman who had good medical contacts and sufficient money. If you lacked either those contacts or the money, then abortion was either not available or available under exceptionally unsafe circumstancesÃ¢â¬ (Garrow, D. 1999). During the 1960Ã¢â¬â¢s women received better medical services because of the higher social status they contained. Compared to women who did not have those types of social contacts or the money, they would put their lives at risk when making the decision to continue with an abortion under unsafe circumstances. Decisions like this were made because of the consequences that society or culture would place on the woman. When Roe vs. Wade went to trial in 1973 to determine if a womanÃ¢â¬â¢s constitutional rights were being violated the final ruling had an enormous impact on the country. It gave women the chance to decide for themselves without the complications of being exposed to unhealthy or possibly deadly situations. This did not change the way Americans felt about the issue but it did change the way women all over the country dealt with the issue. Women now had a voice of their own in regard to making a decision that would affect them for the rest of their lives. This also changed how the rest of the country would react because now it is not a secret, the issue is out in the open and everyone sees the outcomes whether positive or negative. The legal struggle of Roe vs. Wade has impacted the country with the assistance of the media and advertising. The impact has affected all Americans but for some the impact on their lives is larger than others depending on the daily tasks. For example, physicians must deal with patients who are requesting an abortion. The physician must choose to assist the patient or have them seen by another physician because he or she does not want to participate in an action that they do not believe in. Politics is another example where the abortion issue is always discussed, especially during the election season. Running representatives are always careful in choosing pro-life or pro-choice, this type of decision can make or break their career. As noted in Abortion in America, Ã¢â¬Å"Abortion is too much part of the American SceneÃ¢â¬ (Shostak, A. 1991) therefore this is an issue the country must deal with or years to come. References Garrow, D. (1999, March). Abortion Before and After Roe v. Wade: An Historical Perspective. Albany Law Review, 62(3), 833. Retrieved August 5, 2009, from International Security Counter Terrorism Reference Center database. AB, S. (1991, July). Abortion in America. The Futurist, 25(4), 20-24. Retrieved August 5, 2009, from MEDLINE with Full Text database. How to cite Abortion in American Culture, Essay examples
Tuesday, April 28, 2020
Strategic Analysis for Imax Paper Term of Refrences: We have refered to the book that was assigned to us in this semster which is Management (10th edition) by Stephen Robbins, Mary Coulter and Nehrika Vohra. We also consulted Strategic Management: An Integrated Approch (8th edition) by Charles Hill and Gareth Jones. Another two books that helped us to analyse this case study were Startegic Management : Creating Competitive Advantage (5th edition) by Gregory Dess, G. T Lumpkin and Alan Eisner and Strategic Management (6th edition) by John Pearce and Richard Robinsons Description of Report: In Section 1 we analyize the corporate strategy of IMAX corporation followed by their integration strateges. In Section 2 we access the comparitive advantage of IMAX Corporation. Section 3 talks about the effect of enviorment on IMAX, both internal and external. Section 4 is the breif discussion of Industry Analysis and how IMAX has been performaing compartivily with the rest of the firm, then followed by EFE Matrix. In Section 5 we have calculated and interpreated the financl ratios of IMAX Corporation. SECTION 1: CORPORATE STRATEGY A Corportae strategy is one that specifies what business a company is in or wants to be in and what it wants to do with those business. ItÃ ¶s based on the mission and goals of the organization. Mission on IMAX as stated by co-CEO Gelfond is : ? ItÃ ¶s[IMAX] is designed to deliever the worlds most immersive movie experience? IMAX designs and manufactures large image producing format cameras and projection system as well as film development,production, post production and distribution to IMAX affiliated theatres worldwide. IMAX has about 400+ theatres in 47 countries. We will write a custom essay sample on Strategic Analysis for Imax specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Strategic Analysis for Imax specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Strategic Analysis for Imax specifically for you FOR ONLY $16.38 $13.9/page Hire Writer IMAXÃ ¶s strategy is to entice consumers happiest infront of 60-inch plasma screen TV. In order to get a consumer out of his home and make him go and watch an IMAX format movie, the company needs to give them something amazing and something special. And IMAX does it. INTEGRATION STRATEGIES There are basically two types of integration 1. Vertical Inegration 2. Horizontal Integration Page | 1 Vertical Integration The process in which several steps in the production and/or distribution of a product or service are controlled by a single company or entity, in order to increase that companys or entitys power in the market place. IMAX is into vertical integration as it is into processing, distribution and exhibition of its own films. Vertical integration is further sub divided into two parts and that is 1. Forward Integration 2. Backward Integration Forward Integration: Gaining ownership or increased control over distributors or retaliers. When an organization becomes its own distributor its called Forward Integration e. g. a manufacturing firm open up its own franchise. In such situations the organization has control over the output. IMAX initialy was focused on large format films that were educational yet entertaining and the theatres were located in institutions, museums, aquariums and national parks. IMAX forwrad integration took place when it become the distributor of its own produced films. IMAX is relatively small when it comes to rival studios and theatres but in itself IMAX is the leader in the industry when it comes to producing image in large format. IMAX not only played its films in its own theatres but gives its films to other theatres so that they would further promot the movie. Backward Integration: Backward integration takes place when an organization becomes its own supplier. As we have earlier discussed IMAX was mainly focused on producing films that were of large format. To do so obviously they would require special cameras, projectors, screens etc. From past 15 years IMAX has aquired the ownership of the companies listed below: y y y y y y y IMAX Corporation acquiring Imagery Rentals (September 07 1995) Acquiring minority shares in Mainframe Entertaintment Inc. ( June 1999) Acquiring Sonics Associates Inc. 2009 whole ownership) Acquiring David Keighley Production. Acquiring Digital Projection Int Ltd. (September 27 2000) Acquiring Cinema Plus Ltd. (October 29,2006) Acquiring a minority stakes in Laser Light Engines Inc. (July 14,2010) IMAX has a subsidiary company (meaning IMAX has 51% ownership in that company) Sonics Associates Inc which is an audio develpement company. It manufactures the sound systems for IMAX. And David Keighley Production,which i s wholley owned by IMAX, works on the post prouduction. Most of the firms above mentioned were the suppliers to IMAX. In this way IMAX has reduced the chances of suppliers effecting the prices. When IMAX has made itself independent in manufacturing all the aspect required to deliever as high quality large format film, it has access to all the new technology which is an essntail element in survival of IMAX. Page | 2 So we can see that through backward integration IMAX has made itself more stronger by being its own suppiler. In this way it has ganied control over the technology and cost to manufacture the systems that produce 2D or 3D images or audio system. Horizontal Integration When an organization reduces the competition by combinig with its competitors. In case of IMAX it had only two competitor that too produced images in large format. One was which Iwerks which produced films in 15/70 and 8/70 format and ride simulations but its main focus was on the later. Another rival was Megasystems which manfactured large format projection system and provided technical services. But as IMAX has expanded itself to the commercial business but converting an 35mm Hollywood films into large format, Iwerks didnt do that. It limited itself to ride simulation packages that are located in theme parks or museums and such other locations. Megasystem later stopped its production of projction systems and renamed itself to Pollavision. Now Pollavision is only involved in consultancy services of the large format film theaters. If we just analyize these three organizations i. e. IMAX, Iwerks and Pollavision, all of which were the manufactures of high definiton image producing projection systems, then the only organization left in the market that converts commercial movies into large format is IMAX. Its as good as a Monopolist in this feild. And if we analyize IMAX in the category of Studios and theaters, then IMAX is relativily very small. IMAX stands at 12th position when it comes to studios, Disney taking the lead with 1st position. We think it would not effect IMAX if it didnt merge with other studios. It is because of the reason that cosumers have now fully become aware of IMAX format movies,the demand of watching movie in large format is increasing. And IMAX has expereinced a growth rate of 128% in the 1st quater of 2010 alone. It if merges with other studio, it wont be able to work with rest of the studios. IMAX should launch many more commercial theatres where it can run converted Hollywood movies of 35mm to large format so that it can compete against large theatres like Regal Enternaintment Group. Page | 3 BCG MATRIX OF IMAX CORPORATION Market Share High IMAX System Sales Production of Movies Low Conversion of Movies into IMAX format Growth Rate High Low The BCG matrix is a strategic tool used to identify that which business of the organization offers high potentail and which were draining organizations resources. Accorning to the Annual report of IMAX 2007, 51. 04% of the total revenue was generated by IMAX system sales like camers, screens, projection systems etc so we added it in the Stars section. As IMAX has has an advantage over the technology of larger-than-life image production,it should invest more in in RD of the systems used to produce 2D and 3D films. We added Ã µConversion of movies into IMAX formatÃ ¶ in the question mark section on BCG matrix. Its is because that though now-a-days lots of studios convet their movies into IMAX format, IMAX gains not that much from it. As IMAX is not part of any studio,it doesnt get all the share in the profit. The growth is really high in converting movies but the market share is low. In the year 2008-10 IMAX only produced one documentary and that is Space Station. IMAX is orignally know for producing documentary movies but that hasnt given them the oppertunity to have a higher market share. In the motion picture industry,documentry segmant is considered significant than the others. The Motion Picture Association of America gives out seperate award for documantry movies in the grand Oscar Award. IMAX is a brand name not only for the fact that it produces larger-than-life image format but also because of its great collection of documantries which are not only educationall but also entertaining. But as IMAX hasnt produced any movie since 2008, itÃ ¶s not growing on the pace it should. So we added Ã µproduction of moviesÃ ¶ in the star section IMAX should produce more movies. The dogs section of the BCG matrix is empty because there is no such business done by IMAX that should be liquidated. Its earning profit from all the three industries that it is working in i. . photographic equipment and supplies, motion picture and video tape production and Motion Pictur and Video Distribution Page | 4 SECTION 2: PORTERÃ ¶S FIVE FORCES MODEL It helps in accessing where the power lies in a business situation. A series of IMAX Business Talks have been developed to complement the Big Screen Business Education Pack and provide student with an overview of business operations and marketing. PorterÃ ¶s Model is actually a business strategy tool that helps in analyzing the attractiveness in an industry structure. It let you access current strength of your competitive position and the strength of the position that you are planning to attain. PorterÃ ¶s Model is considered an important part of planning tool set. When youÃ ¶re clear about where the power lies, you can take advantage of your strengths and can remove the weaknesses and can compete efficiently and effectively. PorterÃ ¶s Model of Competitive Forces Assumes that there are five competitive forces that identify the competitive power in a IMAX business situation. These five competitive forces identified by the Michael Porter are: 1. 2. 3. 4. 5. Threat of substitute products Threat of new entrants Intense rivalry among existing players Bargaining power of suppliers Bargaining power of Buyers Page | 5 1. Threat of Substitute Products Threat of substitute products (film cinema) means how easily IMAX customers can switch to IMAX competitors product (film cinema). IMAX is the largest and most exciting film format in the world. With crystal clear images, ten times larger than traditional cinema format. Imagine the difference between watching a film at home on video and the same film at a normal 35mm cinema. The film might be the same, but the experience couldnÃ ¶t be more different. Well consider the jump from traditional cinema to IMAX as a similar dramatic leap. Threat of substitute(film cinema) is high when: There are many substitute products (cinema) against IMAX are available Customer can easily find the product or service (film cinema)that ImaxÃ ¶s offering at the same or less price Quality of the Imax competitors(film cinema) product is better Substitute product (film cinema) is by a company earning high profits so can reduce prices to the lowest level. In the above mentioned situations, Customer can easily switch to substitute products(film cinema). The screens in IMAX Theatres are the biggest in the world. Up to eight stories high, they are ten times larger than a traditional cinema screen and fill the whole field of human vision. Sound is critical to the IMAX experience. The film soundtracks are delivered through a 15 000 watt digital surround sound system manufactured by Sonics Associates Inc, one of the world leaders in sound system design. Now-a-days you can find DVDÃ ¶s and VCDÃ ¶s with great resoultion. Even in cinemaÃ ¶s the quality of the film is really good so there might be customers who wont be willingto pay an extra $4-$5 to watch a movie in 3D. This could prove a fatel blow to the IMAX Page | 6 2. Threat of New Entrants A new entry of a film theatre into your market also weakens IMAX power. Threat of new film theatre depends upon entry and exit barriers. Threat of new film theatre is high when: Capital requirements to start the business are less Few economies of scale are in place Customers can easily switch (low switching cost) Your key technology is not hard to acquire or isnÃ ¶t protected well IMAX film theatre is not differentiated There is variation in attractiveness of segment depending upon entry and exit barriers. That egment is more attractive which has high entry barriers and low exit barriers. Market research carried out by WorldÃ ¶s Biggest Screens Pty Ltd has helped to define the IMAX brand in the competitive film market and understand the key drivers (and barriers) to attendance. The lessons drawn from the research indicate that IMAX can sustain a positioning as a premium cinema destination not simply b ecause it offers a better experience than other cinema destinations, but because it offers a very different cinema experience. IMAX is perceived as being at the cutting edge of new cinema, potentially offering new experiences in film. The IMAX. Experience gives visitors the sense of real exhilaration Ã ± a real Ã µbuzzÃ ¶. It is also about the strong sense of realism of the film style which allows visitors the feeling of destination exploration; the feeling of Ã µbeing thereÃ ¶. There are main threats of IMAX film theatre: Primary threat: Conventional cinemas Home viewing: Pay TV, Video, free to air TV Other Darling Harbour Attractions: Sydney Aquarium Other Sydney Attractions: harbour cruises, shopping, Other Sydney Attractions: harbour cruises, shopping The Rocks area, Opera House tours, Taronga Park Zoo, Sydney Tower, bus tours, museums art galleries Some new film theaters enter into industry and low performing film theaters leave the market easily. When both entry and exit barriers are high then profit margin is also high but film theatres face more risk because poor performance companies stay in and fight it out. When these barriers are low then film theatres easily enter and exit the industry, profit is low. The worst condition is when entry barriers are low and exit barriers are high then in good timeÃ ¶s film theatres enter and it become very difficult to exit in bad times. Page | 7 3. Industry Rivalry Industry rivalry means the intensity of competition among the existing film theatres in the market. Intensity of rivalry depends on the number of film theatre and their capabilities. Period of uncertainty during liquidation and restructuring in 2000. Poor film line up, combined with the aftershocks of company restructuring, resulted in low attendance figures. Industry rivalry is high when: There are number of small or equal film theatre and less when thereÃ ¶s a clear market leader. Customers have low switching costs Industry is growing Exit barriers are high and rivals stay and compete Fixed cost are high resulting huge production and reduction in prices The marketing strategy will aim to achieve its objective in three key areas: The release of a minimum of 6-8 new films in each market A groups sales program with a key focus on niche visitor groups e. g. schools, groups and functions/ events. Value-based promotions to drive business in traditional ly softer trading periods The marketing strategy will be executed using the full range of the marketing mix including: Advertising Public Relations Internet/ Email Promotions Events Sales Point of Sale These situations make the reasons for advertising wars, price wars, modifications, ultimately costs increase and it is difficult to compete. 4. Bargaining Power Of Suppliers Bargaining Power of supplier means how strong is the position of a film theatre. How much film theatreÃ ¶s suppliers have control over increasing the Price of supplies. Film marketing takes the form of a combination of elements: advertising, publicity promotions, word of mouth, website and e-communications. Films are released usually every 6-8 weeks in a staggered program timed to coincide, where possible, with key school holiday periods. The release of a new film is the prime driver to attendance. Each new film release aims to sell the IMAX experience through the title, reminding all consumers of the key IMAX proposition (i. e. IMAX is a giant screen cinema experience) whilst presenting a Ã µcall to actionÃ ¶ to visit the theatre again, or to trial for the first time. Page | 8 Suppliers are more powerful when Suppliers are concentrated and well organized a few substitutes available to supplies Their product is most effective or unique Switching cost, from one suppliers to another, is high Films are not an important than other The criteria for title selection are based on a number of factors: Format: 2D or 3D? 3D films have now surpassed 2D films as the most popular. There is however, a limited supply of 3D films (TheyÃ ¶re more expensive to make) to choose from. Experience of similar titles: An examination of the success of previous titles and the potential audience reaction to new titles. Success of titles in other markets: If a film has performed well overseas, it may do well in Australia also. Title testing: Testing the appeal of a film title with current IMAX audiences through surveys site. Expand the market: Titles that present an opportunity to draw a new market into the theatres and encourage trial. When suppliers have more control over supplies and its prices that segment is less attractive. It is best way to make win-win relation with suppliers. ItÃ ¶s good idea to have multi-sources of supply. conducted on 5. Bargaining Power Of Buyers Bargaining Power of Buyers means, How much control the buyers have to drive down your products price, Can they work together in ordering large volumes. Buyers have more bargaining power when: Few buyers chasing too many goods Buyer purchases tickets of film theatre Film theatre is not differentiated BuyerÃ ¶s cost of switching to a competitorsÃ ¶ product(film theatre) is low Film ticket cost is low Page | 9 Buyers are price sensitive Credible Threat of integration Our market research indicates that 78% of those who have seen an IMAX film express the intent to return. Activities to encourage this process include: Using the interior of the theatre building to highlight new releases Screening of trailers at least 3 months prior to the feature release Interior light boxes featuring coming soon films e. g. behind box office WhatÃ ¶s On Brochures featuring Ã µcoming soonÃ ¶ films BuyerÃ ¶s bargaining power may be lowered down by offering differentiated film theatres. If IMAXÃ ¶ serving a few but huge quantity(tickets)ordering buyers, then they have the power to dictate IMAX. PORTERÃ ¶S GENERIC STRATEGIES According to porterÃ ¶ strategies allow company to gain competitive advantage from three different bases: Cost Leadership Strategy: A primary reason for pursuing forward, backward and horizontal strategies is to gain cost leadership benefits IMAX could be considered a part of three different industries: Photographic equipment and supplies, motion pictures and video tape production and motion picture and video distribution, it is called horizontal integration. The purpose is overhead is kept minimum, and the firm does everything it can to cut costs. IMAX should be produce and distribute its movies in digital format also this shift will allow it to lower its operational cost significantly. Differentiation Strategies: The unique feature of IMAX is large format films, which differentiated it with others filmmakers and production houses. Its library of films and by locating itself in prestigious venues firm had created a unique brand image. Its goal is to provide his customers with high quality entertainment and documentary movies with 3D images and distortion free sounds. For this IMAX had even developed a 3D directional sound technology that offered location and depth to the audio. If IMAX is able to continuously improve the quality and reliability of its programmes, it may have competitive advantage that canÃ ¶t be taken away. ItÃ ¶s not enough simply to create a competitive advantage. A corporation must be able to sustain that advantage. And IMAX must be developed the skills knowledge and capabilities to design and assemble the critical elements in its projector and camera systems with technological changes. Page | 10 Focus Strategies: A successful focus strategy depends upon an industry segment that is of sufficient size, has good growth potential and is not crucial to the success of other major competitors. Growth opportunity for IMAX is to focus on retention of the customers. According to IMAX more than 20 percent of its audience were school group, about 70 per cent of its viewers were between 19 and 65 years of age, and the majority were college or university educated. IMAX needed to figure out a way to attract this demographic. To retain them IMAX should focused on educational documentaries and entertainment movies. As a result zoos, museums software, TV shows and toys were all redesigning their products to entertain and educate. The Value Chain The business of a firm can best be described as a value chain in which total revenues minus toal costs of all acrivities undertaken to develop and market a product or service yields value. Given is the semi income statment of IMAX. We can see that for two years 2007 and 2008 IMAX faced loses PERIOD ENDING Total Revenue Cost of Revenue Gross Profit Operating Expenses Research Development Selling General and Administrative Non Recurring Others Total Operating Expenses Operating Income or Loss Dec 31, 2009 171,211 89,659 81,552 3,755 56,207 1,247 546 61,755 19,797 Dec 31, 2008 Dec 31, 2007 106,226 115,832 68,766 74,673 37,460 41,159 7,461 43,652 2,005 526 53,644 (16,184) 5,789 44,705 562 547 51,603 (10,444) Page | 11 SECTION 3: ENVIRONMENTAL ANALYSIS: IMAX interacts with its environment as it takes inputs and distributes its output, in form of large screen format movies with 3D images and distorted sound. Like every organization IMAX has also external and internal environment which affects its outputs. The External Environment The factors and forces outside the IMAX Corporation that affects its performance are its external environment. External environment of the IMAX Corporation has two components: a) Specific environment b) General environment Specific Environment Specific environment includes those forces and factors those directly relevant to the achievement of the IMAXÃ ¶S goals. The main forces that that make the IMAXÃ µs specific environment are: Customers: Customers represent potential uncertainty to the IMAX because their taste changes. Therefore IMAX should need to create educational and entertainment movies and show them in full screen format. Demand for animated and technological base movies is increasing rapidly. IMAX should merge with some large theaters like Pixer to fulfill the demands of their customers. Suppliers: IMAX had developed the skills, knowledge and capabilities to design and assemble the critical elements involved in its projector and camera systems, though most of the components were purchased from the suppliers with whom it maintained long run relationships. So it is supplier of its own cameras and projection systems. Competitors: IMAX has also competitors like other profit and non profit organizations. Now it faces competition from digital cable, satellite, DVDs and the internet all of which offer customers a much broader choice. Within the large format film segment, Iwerks was the only rival to IMAX. General Environment Includes the political/legal social cultural demographic, technological that affects the IMAX indirectly. Movies which are presented in IMAX theater should represent the social culture of Page | 12 that area, where it going to be released. Mostly the audience is college or university educated, are between 19 and 65 years of age, so its projects should fulfills theirs desires. The Internal Environment Internal environment of IMAX includes the procedures and inputs which are used to attain its goals. IMAX had successfully developed 3D cameras and projection systems to produce realistic 3D images. IMAX projection system produced images on screen that were brighter and sharper those found in conventional movie theater. The company had even produced a 3D directional sound technology that offered location and depth to the audio. IMAX also focuses on its research and development programmersÃ ¶ to present movies in latest technological method . for this IMAX had spend $12. 6 million in research and development in past three years. As part of lease IMAX advised customers on theater design, supervised the installation of the system, trained theater staff and maintain the system. Page | 13 SECTION 4: INDUSTRY ANALYSIS Industry analysis is an market assessment tool designed to provide a business with an idea of the complexity of a particular industry. Industry analysis involves reviewing the economic, political and market factors that influence the way the industry develops. Major factors can include the power wielded by suppliers and buyers, the condition of competitors, and the likelihood of new market entrants. We analyize the positon of an organization in the industry. In this case, we will be analyizing IMAXÃ ¶s position in the industry which is Photographic Equipment and Supplies. IMAX shares performance according to 30th July 2010 is as PERFORMANCE SUMMARY Name IMAX Corporation Ticker IMAX Change 0. 13% Photographic Equipment And Supplies YHoh726 0. 24% The above table shows us the performance of IMAX corporation in the share market. IMAX is losing by -0. 13% of the share price where as the rest of the industry is booming at 0. 24% of their share prices. The main competitors of IMAX are : Canon Inc Eastman Kodak Co X-Rite Incorporated Ballantyne Strong Inc Ikonics Coropration. Given below is table which tell us the different share prices of different firms in the industry andwhose share prices are increasing in th industry Page | 14 Top Photographic Equipment Supplies Companies By Market Cap Company Canon Inc. Eastman Kodak Co IMAX Corporation X-Rite Incorporated Ballantyne Strong Inc Ikonics Corporation Symbol CAJ EK IMAX XRIT BTN IKNX Price 43. 32 3. 97 15. 47 3. 70 7. 72 7. 30 Change 0. 28% 1. 49% 0. 13% 1. 65% 0. 39% 4. 14% Market Cap 53. 48B 1. 07B 982. 67M 316. 04M 108. 80M 14. 37M P/E 27. 23 4. 12 27. 14 N/A 43. 37 N/A We can see that on 30th July 31, 2010 Canon Inc. was leading the photographic equipment and supplies industry with share price as high as 43. 32. It expereinced an increse in its market share by 0. 8% and has the highest market capitalization in the industry by $53. 48 Billion. Where as IMAX Corporation, Eastman Kodak and Ballantyne faced a downfall in the prices of their shares by 0. 13%, 1. 49% and 0. 39% respectivily. GROWTH OF IMAX CORPORATION Below is the tabel which shows us quaterly growth of IMAX Corporation as compared to rest of the firm of the industry Leaders in Quarterly Reven ue Growth (YoY) Imax Corporation Ballantyne Strong, Inc. Eastman Kodak Canon Inc. X-Rite Incorporated Ikonics Corporation 128. 00% 47. 80% 30. 90% 10. 00% 9. 90% 3. 40% As on 30th July 2010, IMAX has expereiced growth of about 128% in an quater alone. This is amazingly high when we compare with rest of the industry. IMAX with its great control and knowledge of technology has outrun Canon Inc,who had experienced an increase in its share prices at mentioned above. IMAX also converting movies into large format,has helped to increase its revenues. This quater alone IMAX has a list of hit movies which have been converted into IMAX format. Toy Story 3, The Twilight Saga: Eclipes, Inception, Resident Evil, Avatar, Legends of The Gurdians are a few of them. Consumers interest watching a movie in IMAX format has been increasing alot. Page | 15 Following IMAX is Ballantyne Strong Incorporation which has expereinced growth of about 47. 80% this quarter. The growth is good but comparing it with IMAX Corporation, its very low. Laging behind in the league of growth is Ikonics Corporation with about only 3. 40%. Ikonics is going through rough time, with only 3. 40 % growth this quater and fall in the price of it shares. IMAX CORPORATION VS INDUSTRY We will now analyize IMAX position against rest of the industry. Below is the table which tells us about the different aspects that will detemine the value and rank of each organization. Statistic Market Captialization P/E Ratio (ttm) PEG Ratio(5 yss expected) Revenue Growth (Qtrly YoY) EPS Growth(Qtrly) Long Term Growth Rate (5yrs) Return on Equity(ttm) Long Term Debt Equity (mrq) Divident Yeild (annaul) Where: Ttm= Trailing Twelve Months Mrq= Most Recent Quater Qtrly= Quaterly Industry Leader IMAX CAJ 53. 48B 982. 67M BTN 43. 37 27. 14 CAJ 0. 87 0. 66 IMAX 128. 00% CAJ 220. 20% N/A IMAX 25. 00% EK 84. 25% N/A N/A IMAX Rank 3/6 3/6 2/6 1/6 N/A 1/6 N/A N/A N/A In finance, the Trailing twelve months (TTM) is a moving measurement calculated using a companys interim or quarterly reports together with its annual report to show the twelve months of income statement data trailing the end date of an interim or quarterly report. Coming back to the case study, IMAX is doing really good when it comes to ranking. In market captialization, IMAX stands 3rd as comapred to the 6 firms in the industry. It leads the industry in Quaterly Growth and in five years the firm most likely to have the highest growth rate is IMAX Corporation itself. IMAX gains the 2nd rank when it comes to Price Earning to Growth Ratio (PEG Ratio). The above statistics tells us that IMAX has growth potential Page | 16 AS PER PRICE TO EARNINGS VALUE Leaders in P/E Ratio (ttm) Ballantyne Strong Inc. Canon Inc. Imax Corporation Eastman Kodak Company 43. 54 27. 29 27. 18 4. 18 The P/E ratio (price-to-earnings ratio) of a stock (also called its P/E, or simply multiple) is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share. It is a financial ratio used for valuation: a higher P/E ratio means that investors are paying more for each unit of net income, so the stock is more expensive compared to one with lower P/E ratio. Very intrestingly we saw earlier that Ballantyne Strong Inc expereinced a decrese in its share price by 0. 39% but here we see that investors are more willing to invest in Ballantyne Strong as compared to Canon Inc. IMAX CorporationÃ ¶s P/E ratio is $27. 18, the amount investors are willing to pay to have a single share of IMAX Conclusion As the above statistics has shown that up to 30th July 2010, the leader of the Photographic Equipment and Supplies industry was Canon Inc. IMAX Corporation took the 3rd rank. But in case of growth, IMAX has more potentail than any of the firms with 128% growth the first quater of 2010 alone. This shows that IMAX will lead the photographic equipment and supplies industry in coming future THE EXTERNAL FACTOR EVALUATION MATRIX (EFE) An EFE matric allows strategies to summerize and evaluate economic, social, cultural, demographic, enviormental, technological, legal and comeptetive information. Both the opportunities and threats effecting the organization are listed. It is used to see the competitness of a firm. The highest possible total weighted score for an organization is 4. 0 and the lowest possible is 1. 0. The average total weighted score is 2. 5. A 4. 0 score indicates that an organization is respoding in an outstanding way to exsisting opportunites and threats in the industry Through the matrix we see that the strategies opted by IMAX corporation are effective. Its is throught the fact that the weighted score of all the opportunities and threats is above 2. . so we can see that IMAX is responding effectivly to the opportunites and threats comign tis way. The matrix is given on the next page Page | 17 OPPORTUNITIES Increase in the demand of Hollywood Movies Teaming up with other studios for joint ventures Opening IMAX theatres within Multiplexes No competitor that is converting movies into lareg format Converting existing multiplexe screens to IMAX format MPAA has g iven documantary movies segmant special significance Opening up IMAX in Pakistan and other countries High Populartiy of watching IMAX format movies WEIGHT 0. 07 RANKING 3 W. S 0. 24 .10 2 0. 20 0. 12 4 0. 48 0. 05 1 0. 05 0. 08 2 0. 16 0. 05 1 0. 05 0. 04 1 0. 04 0. 09 3 0. 27 THREATS Piracy of movies High quality DVD s Home theatre Systems Social factor Union of labor Joint partner, AMC rolling out its own big screesns Political Intervention Change of Taste of consumers Total 0. 04 0. 02 0. 04 0. 07 0. 13 0. 07 1 2 3 4 3 4 0. 04 0. 04 0. 12 0. 28 0. 39 0. 28 0. 02 0. 01 1. 00 2 3 0. 04 0. 03 2. 71 Page | 18 SECTION 5: IMAXÃ ¶S FINANCIAL ANALYSIS Activity (Asset Utilization) ratios: DayÃ ¶s sales in Receivables: ays sales in receivable Days sales in Receivable 300 200 100 0 2004 2005 2006 2007 Days sales in Receivable 53. 413 224. 57 73. 357 80. 369 Days sales in Receiva ble years Interpretation: The number of dayÃ ¶s sales in receivables relates the amount of the accounts receivables to the average daily sales on account. IMAX shows better improvement in 2004 where his days sales in receivable is 53. 413 days and then in 200 5 his days sales in receivable is 224. 57days which is not good for company and then in 2006 2007 IMAX shows big improvement in their days sales receivables. Page | 19 Account Receivable Turnover: accou t ece a e tu o e Account ece eab e Turnover 6 4 2 0 2004 2005 2006 2007 Account 2 493 2 516 5 025 4 542 ece ve ab e Turnover yea s Account ece veab e Turnover Interpretation: The Account Receivable Turnover ratio gives the number of times account receivable is collected during the year. it indicates the liquidity of receivables. In general the higher the account receivable turnover, the better since the company collecting quickly from customers. In 2006 IMAX has greater account receivables turnover as compared to other years indicating the highest liquidity of receivables and in 2007 IMAX shows some decline and is significant and indicates some problem in 2007 which is 4. 542 times as compare to 2006 which is 5. 025 times. Page | 20 Account Receivable Turnover in Days: rn ver Accoun Receivable Tu nover in Days 200 100 0 n receiable Accoun Receivable Turnover in Days 2004 2005 2006 2007 72. 64 80. 37 acc Accoun 146. 4 145 Receiv able Turnov years Interpretation: The account receivables turnover can be expressed in term of days instead of times per year. In 2004,2005 2006 IMAX is efficient in managing its receivables and shows the positive trend in collection of its receivables turnover in days indicate an improvement in the control of receivables but in 2007 IMAX some negative trend in collection of its receivables turnover in days. Page | 21 Days Sales in Inventory: Days Sales in Inven ry days sales in inven ry 200 100 0 Days Sales in Inven ory 2004 2005 2006 2007 151. 09 141. 46 127. 74 107. 78 Days Sales in Inven ory years Interpretation: It relates the amount of ending inventory to the average daily cost of goods sold . t gives an indication of the length of time that it will take to use up the inventory through sales. the days sales in inventory estimates the number of days that it will take to sell the current inventory . in our data IMAX shows positive trend means that it takes less and less days to selling its inventory which is shown in the graph and this is the good symbol for the company. Page | 22 Inventory Turnover: In ventory Turnover 4 3 2 1 0 2004 2005 2006 2007 Inventory Turnover inventory turnover Inventory 2. 44566 2. 64477 3. 14123 3. 38653 Turnover years Interpretation: It indicates the liquidity of the inventory in times per year. IMAX shows the positive trend in their inventory turnover. Which is good for the company and increase in the inventory turnover indicates that the IMAX is not stocking the goods. Page | 23 Inventory Turnover in Days: Inven ory Turnover in Days inven ry in days 200 100 0 Inven ory Turnover in Days 2004 2005 2006 2007 Inven ory 149. 244 138. 008 116. 197 107. 78 Turnover in Days years Interpretation: The inventory turnover figure can be expressed in the number of days instead of times per year. It gives an indication of the length of time that it will take to use up the inventory through sales. The dayÃ ¶s sales in inventory estimate the number of days that it will take to sell the current inventory. IMAX shows the positive trend in their inventory turnover in days, means IMAX takes less and less days to sale its inventory which shows the improvement in inventory turnover in days. Page | 24 Operating Cycle: Opera ing Cycle 200 pera ing cycle 150 100 50 0 Opera ing Cycle 2004 2005 138 2006 2007 Opera in 149. 2 g Cycle 116. 2 107. 8 years Interpretation: The operating cycle represents the period of time elapsing between the acquisition of goods and the final cash realization resulting from sales and subsequent collections. IMAX shows the positive trend and takes the less number of days to convert inventory and receivables to cash. Page | 25 Liquidity Ratios: Working Capital: Worki pi l i l Worki worki pi l Worki pi l y r Interpretation: The working capital of a business is an indication of the short run solvency of the business. It is the difference between the current assets and current liabilities. If current liabilities exceed the current assets then it shows the bad short run solvency of the firm. In 2004 2005 IMAX shows that their current assets are more than their current liabilities indicating the better short tern solvency as compared to the 2006 2007 in which IMAX shows that their current assets are less than their current liabilities indicating the shows the bad short run solvency of the IMAX and unfavorable sign. Page | 26 Current Ratio: Curren Ra io 3 2. 5 c rren ra i 2 1. 5 1 0. 5 0 Curren Ra io 2004 2005 2006 2007 Curren Ra io 1. 2777 2. 4781 1. 1991 0. 8973 years Interpretation: Current ratio which is subject to seasonal fluctuations is used to measure the ability of an enterprise to meet its current liabilities ut of current assets. The above graph of IMAX shows that in 2005 his ability to pay their short term liabilities is much stronger as compared to others years. which shows the decline over the year. Page | 27 Acid-Test Ratio: Acid Tes Ra io 2 acid es ra i 1. 5 1 0. 5 0 Acid Tes Ra io 2004 0. 779 2005 2006 2007 Acid Tes Ra io 1. 8289 0. 7335 0. 571 years Int erpretation: The acid test ratio relates the most liquid assets to current liabilities because it ignores the inventory figure while collecting the short term debt paying ability of the firm. On examining the company, we can find that in 2005 IMAX is greater to 1 means that IMAX shows strong position enough liquid assets to pay their short term debt while ignoring its inventory. In 2004 2006 IMAX is closer to 1 means that it is somewhat in a better condition while ignoring its inventory. Page | 28 Cash Ratio: Cash Ra io 0. 5 0. 4 cash ra i 0. 3 0. 2 0. 1 0 2004 2005 2006 2007 Cash Ra io Cash 0. 46177 0. 39196 0. 36034 0. 22757 Ra io years Interpretation: The cash ratio relate to extreme analysis of the firm debt paying ability. Because in this ratio we only take the figures of such liquid assets as cash in bond, bank balances, marketable securities, the ratio shows that how much firmÃ ¶s cash in their hands and accounts to pay their short term liabilities . it gives us the extreme closer view of the firm short term paying ability. The above graph of IMAX shows that the company has not more cash in hand and at bank to pay its short term liabilities. In fact the cash ratio is more extreme analysis of the firm debt paying ability so we can say that IMAX is in better conditions but not as much good because its ratio is less than in all four years. Page | 29 Sales to Working Capital: Sale to Wor ing Captal sa es to working capita 60 40 20 0 -20 2004 2005 2006 2007 Sale to Wor ing Captal Sale to 2. 492 2. 745 41. 38 -15. 19 Wor ing Captal yea s Interpretation: Relating sales to working capital gives an indication of the turnover in working capital per year. A low working capital turnover ratio indicates an unprofitable use of working capital. In other words, sales are not adequate in relation to the available working capital. The above graph of IMAX shows working capital turnover ratio of different firms over the tfour years. e can see that IMAX have positive working capital turnover ratio in 2004, 2005 2006 because, their current assets are more than their current liabilities while in 2007 IMAX has more liability thatÃ ¶s why their working capital turnover ratio show the negative trend. in comparison the 2006 is better off in respect to their ratio as compared to 2004 2005 which indicates that in 2006 working capital is effi ciently utilizing to generate sales as compared to other years and in a better position Page | 30 Operating Cash flow/Current Liabilities Ratio: OCF/Curren liabili ies OCF/c rrent liabilities 0. 2 0. 1 0 -0. 1 OCF/Curren liabili ies 2004 2005 2006 2007 OCF/Curr 0. 1819 0. 0288 -0. 085 -0. 084 en liabili ies years Interpretation: This ratio is an indication of short term debt paying ability of the firm. This ratio shows the relationship if cash generated from operating activities to the current liabilities of the firm. If the firm generates enough cash from its operations which is greater than its liabilities than the firm is in better condition and its short term debt paying ability. The above graph of IMAX in years 2004 2005 shows that there are a positive trend, means the firm generates enough cash from its operations which is greater than its liabilities than the firm is in better condition and its short term debt paying ability while in 2006 2007 shows the negative trend, shows IMAX have not cash to meet their current liabilities. Page | 31 Leverage (Solvancy, Long-Term Debt) Ratios Debt Equity Ratio: Deb Equi y Ra io 0 debt eq ity rati -5 Deb Equi y Ra io -10 -15 2004 2005 2006 2007 -6. 448 -13. 15 -4. 903 -3. 436 Deb Equi y Ra io years Interpretation: The debt/equity ratio is another computation that determines the entityÃ ¶s long term debt paying ability. Thus computation compares the total debt with the total shareholderÃ ¶s equity. The debt/equity ratio also helps determine how well creditors are protected in the case of solvency, for the prospective of long term paying ability, the lower this ratio is the better of the companyÃ ¶s debt position. The above graph shows that IMAX is not in a better condition showing the negative trend in all four years . The negative indicates that their stockholderÃ ¶s equity figures in negative thatÃ ¶s why they lie below the zero line Page | 32 Debt Ratio: Deb Ra io 1. 5 debt ratuo 1 0. 5 Deb Ra io 0 2004 2005 2006 2007 Deb 1. 18356 1. 08234 1. 2562 1. 41047 Ra io years Interpretation: This ratio also indicates long-term debt-paying ability of the firm. the debt ratio indicates the percentage of assets financed by creditors and its help to determine how well creditors are protected in the case of insolvency, if the creditors are not well protected the company is not in a position to issue addition long term debt paying ability, the lower this ratio the better the company position. In the above graph of IMAX clearly shown that in 2005 is better off as compared to other years. In the 2005 the IMAX much better condition as compared to others because its total assets contain not much from the creditor side. Those firms whose ratio is less then are better off, indicating that their assets do not include more from creditorsÃ ¶ side. Page | 33 Operating Cash Flows/Total liabilities: OCF/To al liabili ies OCF/total liabilities 0. 06 0. 04 0. 02 0 -0. 02 -0. 04 2004 2005 2006 2007 OCF/To al liabili ies OCF/T 0. 042 0. 007 -0. 02 -0. 02 o al liabili i es years Interpretation: This ratio is also indication of long term debt paying ability of the firm. This ratio shows the relationship if cash generated from operating activities to the total liabilities of the firm. If the firm generates enough cash from its operations which is greater than its liabilities than the firm is in better condition and its long term debt paying ability includes transitioned interest debts and principal sum in good. The above graph of IMAX shows that in years 2004 2005 are generating enough cash from operations to meet their long term and short term debt because in these years the IMAX shows the positive trend, while in years 2006 2007 the IMAX shows the negative trend in generating enough cash to meet their liabilities over the two periods. The higher the ratio the better will be the position of the fir Page | 34 Long-term Debt-Equity Ratio: Long erm Deb Equi y Ra io l ng term debt equity rati 0 -5 -10 -15 2004 2005 2006 2007 Long erm Deb Equi y Ra io Long -4. 968 -10. 08 -3. 706 -2. 566 erm Deb Equi y Ra io years Interpretation: This ratio also shows the long term debt paying ability of the firm. This ratio relates the portion of total equity financed by the long term debt. The lesser the ratio the better will be the companys position and its ability to pay its debts. The above graph of IMAX shows that in all four years there are negative, the negative trend of the IMAX is due to that their total equity figure is in negative which leads to lie their ratio below the zero line. Page | 35 Time Interest Earned: Time In eres Earned time interest earned 2 1 0 -1 -2 Time In eres Earned 2004 2005 2006 2007 Time In eres Earned 0. 77132 0. 93299 -0. 4019 -1. 2075 years Interpretation: The time interest earned ratio indicates a firmÃ ¶s long term debt paying ability from the income statement view. If time interest earned is adequate, little danger exits that the firm will not able to meet its interest obligations. If the firm has a good coverage of the interest obligation, it should be able to refinance the principal when it comes due. In the above figure of IMAX show the positive trend in years 2004 2005 means that in good position to pay its interest obligations on the long term liabilities while in 2006 2007 shows the negative trend and are not in good position to pay its interest obligations on the long term liabilities and it may seem also be difficult for the IMAX to pay their principals amount of their long term debts. In 2004 2005 the IMAX shows the positive trend indicating that it is generating enough income to meet its interest obligations and is able to pay its principal some debt as compared to other years. Page | 36 PROFITABILITY ANALYSIS Net Profit Margin: Net Profit M r i . r i . t rofit . . . Net Profit M r i . . . . Net Profit M r i y r Interpretation: A commonly used profit measure is return on sales often termed net profit margin. This ratio gives a measure of net income rupees generated by each dollar of sales. it is desirable for this ratio to be high, competitive forces within the industry, economic conditions, use of debt financing an operating characteristics such as high fixed costs will cause the net profit margin to vary between and within the industry,. he above graph of IMAX net profit margin shows a profitable position over the two years and its profit from sales increases substantially from 2004 to 2005, while in next two years the IMAX faces losses on sales continuously i. e. 2006 to 2007. Page | 37 Total asset Turnover: Total asset Turnover total asset turn ver 0. 62 0. 6 0. 58 0. 56 0. 54 0. 52 2004 2005 2006 2007 Total asset Turnover 0. 5701 0. 6122 0. 5948 0 . 5569 Total asset Turnover years Interpretation: The total asset turnover measures the activity of the assets and the ability of the firm to generate sales through the use of assets. The above graph of IMAX shows that who efficiently the years uses their assets to generate sales. The high figure shows that that the firmÃ ¶s net sales are than its total assets. It indicates that the firm is not using enough of the assets to generate sales. In the above graph of IMAX, the activity of assets in the years 2004 2007 is greater than the other years that are why its ratios is lower as compared to other. As we look towards the years 2005 2006 its figure is higher indicating that this firm is not using much of its assets to generate sales. Page | 38 Return on Assets: Return On Assets 0. 1 return n assets 0. 05 0 -0. 05 -0. 1 -0. 15 2004 2005 2006 2007 Return On Assets Return 0. 043 0. 061 -0. 077 -0. 13 On Assets years Interpretation: Return on assets measures the firm ability to utilize its assets to create profits by comparing the profits with the assets that generate the profits. The higher the firmÃ ¶s return on assets better will be the companyÃ ¶s position. The above graph of IMAX shows the return on assets of four years . By looking toward the graph we can see that from 2004 to 2005 years shows the positive and profitable trend. This indicates that in 2004 2005 management is efficiently utilizing their assets to generate profits, and also there is a positive trend over the two years while in next two years i. e from 2006 to 2007 shows the negative and non profitable trend which indicates that in these years IMAX management is not efficiently utilizing their assets to generate profits. Page | 39 Operating Income Margin: Operating Income perating inc me margin 0. 3 0. 2 0. 1 0 -0. 1 Operati ng Income argin 2004 0. 22 2005 argin Operating Income argin 2006 2007 0. 224 0. 077 -0. 031 years Interpretation: It shows the relationship of operating income to net sales. This ratio indicates that how much the firm generates income from its net sales after excluding administrative, selling and other expenses from the gross profit. The higher the figure of operating income margin the better the companyÃ ¶s better position and its profitability. The above graph of IMAX shows that the in years 2004 2005 are in better position in relation to operating income margin as compared to the other years in the IMAX Company while in years from 2006 to 2007 IMAX shows the decline means in these years IMAX CompanyÃ ¶s position is not good and non profitability. So we can say that there are only two years i. from 2004 to 2005 that generate positive incomes from net sales. Further we can see that the in years 2004 2005 shows the continuous improvement over the two years while 2006 2007 shows decline over the two years. Page | 40 Return on Operating Assets return n perating assets Return On Operating Assets 2 1 0 -1 2004 2005 2006 2007 Return On Operating Assets R eturn 1. 076 1. 261 0. 415 -0. 15 On Operati ng Assets years Interpretation: This ratio measures the ability of operating assets to generate sales dollars. The higher the ratio the better will be the position of the company. The above graph of IMAX shows that there are only two years in the company i. e. 2004 to 2005 whose position is better as compared to other years in the company. Because these years shows positive figure over the two years, while next year shows big decline i. e. 2006 and in 2007 the IMAX shos the negative fingure. The IMAX company show an improvement from year 2004 to 2005 but in last two years they show the decline position In year 2004 2005 operating assets are efficiently contributing in the generation of the sales while in the years 2006 2007 are not utilizing efficiently contributing in the generation of the sales Page | 41 DuPont Return on Operating Assets: dupont return on operating assets DuPont Return on Operating Assets 2 1 0 -1 2004 2005 2006 2007 DuPont Return on Operating Assets DuPon 1. 076 1. 261 0. 415 -0. 15 t Return on Operat years Interpretation: It shows the relationship between operating and average operating assets of the firm. It indicates that how efficiently the management of the firm operates its assets to generate income. The higher the figure the better will be the position of the firm. The above graph of IMAX shows that that the management of years 2004 to 2005 has a control over its operating assets in relation to generate income while in next two years the IMAX shows the declining position means have not a control over its operating assets in relation to generate income and these two years shows the declining figure in the year 200 and 2007 indicating that they are not generating income from their operating assets in fact they faces a lose in the year 2007 . Page | 42 Sales to Fixed Assets: Sales To Fixed Assets sales to fixed assets 2. 5 2 1. 5 1 0. 0 2004 2005 2006 2007 Sales To Fixed Assets Sales To 1. 895 2. 081 1. 923 1. 725 Fixed Assets years Interpretation: The ratio measure the firmÃ ¶s ability to make productive use of its property, plant and equipment by generating sales rupees. The above graph of IMAX shows that in the years from 2004 to 2005 have a the positive trend indicating that their fixed assets are contributing more efficiently toward the sale s while in years from 2006 to 2007 the IMAX have a negative trend indicating that their fixed assets are not contributing more efficiently toward the sales. In fact In last year they faces a lose in the year 2007 . Page | 43 Return on Investment: Return On Investment return n investment 0. 2 0. 1 0 -0. 1 -0. 2 2004 2005 2006 2007 Return On Investment Return On 0. 1204 0. 148 Investmen t -0. 041 -0. 118 years Interpretation: It applies to ratio measuring the income earned on the invested capital. These types if measures are widely used to evaluate enterprise performance. Since return on investment is a type of return on capital, this ratio measure the ability of the firm to reward those who provide long term funds and to attract provides of future funds. This ratio evaluates the earning performance of the firm without regard to the investment is financed. The higher the ratio, the better will be the position of the company. The above graph of IMAX shows that in the years from 2004 to 2005 have a better positive and shows positive trend over the two years but in last two years the IMAX shows the negative trend and shows the continues losses. Page | 44 Return on Total Equity: Return On Total Equity return n total equity 0. 5 0 -0. 5 Return On Total Equity Return On Total Equity 2004 2005 2006 2007 0. 327 -0. 3664 0. 2347 0. 3156 years Interpretation: It measures the return to both common and preferred stockholders. The higher the ratio the better will be the position of the company. This ratio is important for shareholder point of view. Higher returns attract more shareholders. The above graph of IMAX Company shows in the years 2004 to 2005 have the decreasing trend over the two years also below the zero line i. e. negative returns. Wh ile in last two years from 2006 to 2007 have a positive trend and shows the better position. Page | 45 Gross Profit Margin: Gross gr ss pr fit margin 0. 6 0. 4 0. 2 0 rofit argin Gross rofit Margin 2004 2005 2006 2007 Gross 0. 485 0. 496 0. 406 0. 355 rofit Margin years Interpretation: The ratio shows the relationship between gross profit and net sales. Higher the figure the better will be the position of the firm. The above graph of IMAX shows that the company generate profits continuously over the two years from the net sales, while in last two years shows decline from 2006 to 2007 and shows the continues losses. Page | 46 INVESTOR ANALYSIS Degree of Financial Leverage: Degree Of i i ll v r ci l Lever ge of fi Degree Of Fi ci l Lever ge 2004 2005 2006 2007 2 . 9 0. 2 r Degree 2. 296 2. Of ci Fi l Lever y r Interpretation: The use of financing with a fixed charge (such as interest) is termed financial leverage. Financial leverage is successfully the firm earns more on the borrowed finds than it pays to use them. It is not successful if the firm earns less on the borrowed funds than it pays to use them. If the earning before interest increases, the financial leverage will be favorable. If earning before interest deceased the financial leverage will be unfavorable. The above graph of IMAX shows that the years from 2004 to 2005 the negative trend over the two years earning before interest decreased the financial leverage are unfavorable while in 2006 the IMAX company goes to the below the zero line shows negative figure but then in the year 2007 shows the positive trend here the earning before interest increases, the financial leverage is the favorable and the degree of financial leverage becomes favorable from 2006 to 2007. Page | 47 Earning Per Common Share: arning per c mm n share Earning er Common Share 0. 2 0. 1 0 -0. 1 -0. 2 -0. 3 2004 2005 2006 2007 Earning er Common Share Earning 0. 086 0. 118 -0. 138 -0. 22 er Commo n Share years Interpretation: It is the amount of income earned on a share of common stock during period, applies only to common stock. The higher the ratio, the higher will be position of the firm. The above graph of IMAX company shows that only in the years from 2004 to 2005 shows a continuous positive trend in the earnings per common share and also show improvement in their earning . While in next two years the company going to down and down and not shows a good position. Page | 48 Book Value per Share: Book Value per Share k value per share 0 -0. 2 -0. 4 -0. 6 -0. 8 2004 2005 2006 2007 Book Value per Share b Book -0. 364 -0. 167 -0. 477 -0. 697 Value per Share years Interpretation: It indicates the amount of stockholderÃ ¶s equity that relates to each share of outstanding common stock. The above figure of IMAX Company shows a book value per share below the zero line over the four years. Page | 49 Operating Cash flow Per Share: perating cash fl w per year Operating Cash flow er Share 0. 15 0. 1 0. 05 0 -0. 05 -0. 1 2004 2005 2006 2007 Operating Cash flow er Share Operatin 0. 096 0. 015 -0. 049 -0. 051 g Cash flow er Share years Interpretation: Operating cash flow per share indicates the funds flow per common share outstanding, it is usually substantially than the earning per share because depreciation has not been deducted. It is the indication of a firmÃ ¶s ability to make capital expenditures decisions and pay dividends than is earning per share. This ratio does not viewed as substitute for earning per share in terms of its profitability. The higher the ratio, the better will be the position of the firm. The above graph of IMAX shows the negative trend continuous over the four years also shows below the zero line in last two years which is in a continuous non profitability position. Page | 50
Friday, March 20, 2020
Reflection of Black Like Me essays The book I read was called Black Like Me and the author is John Howard Griffin. John Howard Griffin is also the main character, author, and narrator of the story. He is a middle-aged white southerner who wanted racial justice in 1959. His plan is to make his skin color darker and posing as a black man. He calls medical information services and tells them what he plans to do and they give him three names of some Dermatologists. The first name on the list he gives a call and gets an appointment immediately. He is exposed to ultraviolet rays and takes a medication orally. Within a week he looks like a black man. He then makes sure us has full support from George Levitan who is the editor for a black-oriented magazine called Sepia. This magazine is going to fund Griffins excursion. Everywhere he goes he is insulted and experiences difficulties. He cant find jobs or bathrooms to use that he had no problems using when he was a white man. No one takes his money and is bullied a round all the time by white people. Its been several days now and Griffin decides to travel to Mississippi and Alabama, which happens to be worse than New Orleans. He is very tired and losing hope and calls P.D. East who is a white newspaperman. P.D. East also is very opposed to racism. Griffin spends one day with P.D. East and they talk about how the legal code of the south is influenced by writers and politicians. After spending the day with his friend he ventures throughout Alabama and Mississippi. In Montgomery however Martin Luther King J.R. shines no light on the black community. Its called passive resistance and its a nonviolent way to deal with the racist laws. He starts to switch from a black man to a white man because he is starting to lose hope in the whole plan (this is the climax of the story). He will first go somewhere as a black man and then go to the same place as a white man and spot the differ...
Tuesday, March 3, 2020
Plans, Plains, and Planes Plans, Plains, and Planes Plans, Plains, and Planes By Mark Nichol The three words in the headline for this post, and words derived from them- listed and defined below- stem from a common source. Plan, plain, and plane all derive from the Latin adjective planus, meaning Ã¢â¬Å"clear,Ã¢â¬ Ã¢â¬Å"even,Ã¢â¬ Ã¢â¬Å"flat, level,Ã¢â¬ and Ã¢â¬Å"plain.Ã¢â¬ Plan comes from the French word meaning Ã¢â¬Å"mapÃ¢â¬ ; the English word, originally a technical term in perspective drawing, soon came to apply to any diagram or drawing; usage was extended around the same time to refer to any set of details about a project or an event. The word also describes the action of preparing for a project or event. (A planform is the contour of a mass or object as seen from above.) The adjectival use of plain stems from the Old French word meaning Ã¢â¬Å"even,Ã¢â¬ Ã¢â¬Å"flat,Ã¢â¬ and Ã¢â¬Å"smoothÃ¢â¬ and came also to mean Ã¢â¬Å"clearÃ¢â¬ or Ã¢â¬Å"evidentÃ¢â¬ as well as Ã¢â¬Å"free from obstruction.Ã¢â¬ Later, additional senses of Ã¢â¬Å"ordinary,Ã¢â¬ Ã¢â¬Å"undecorated,Ã¢â¬ and Ã¢â¬Å"unattractiveÃ¢â¬ joined those meanings. Idioms include Ã¢â¬Å"plain dealer,Ã¢â¬ meaning Ã¢â¬Å"one who is candid or honest,Ã¢â¬ Ã¢â¬Å"plain Jane,Ã¢â¬ for a woman of unprepossessing appearance, and Ã¢â¬Å"as plain as the nose on (oneÃ¢â¬â¢s) faceÃ¢â¬ as an expressive substitution for obvious. Plainclothes refers to a police officer in civilian clothing (plainclothesman was ubiquitous before female undercover police officers were common), someone who is plainspoken is frank, and a plainsong is a religious chant. In Old French, plain also means Ã¢â¬Å"open countryside,Ã¢â¬ and it developed the sense of Ã¢â¬Å"level terrainÃ¢â¬ in English, originally in reference to Salisbury Plain. A floodplain is terrain built up by deposits of soil material caused by flooding or flat land susceptible to flooding. To explain (the word, originally explane, literally means Ã¢â¬Å"make levelÃ¢â¬ ) is to make clear, but complain and complaint (and plaintive) are all unrelated, deriving from the Latin verb plangere, meaning Ã¢â¬Å"lament.Ã¢â¬ Plane stems directly from Latin, and its use came about to distinguish what were originally both geometric and geographical senses of plain. Except for those who practice geometry or woodworking, it is best known as a truncation of airplane (originally aeroplane), which technically alludes to the aerodynamic wings of an aircraft rather than the entire structure. Biplane and triplane denote aircraft with two and three wings, respectively (generally stacked), not including smaller stabilizing wing structures. (Other specialized terms include seaplane and warplane.) To board a plane is to enplane (or emplane), exiting a plane is called deplaning. In woodworking, a plane is a tool for smoothing surfaces, and to plane is to make level or smooth. As a verb, the word also denotes gliding or soaring or, in the case of a boat, skimming over the surface of water. (Hydroplane also serves for this meaning, especially in the context of powerboat racing, though the word also applies as a verb to any action of skimming over water.) The name of the plane tree is unrelated, but planar means Ã¢â¬Å"two-dimensionalÃ¢â¬ or Ã¢â¬Å"pertaining to a planeÃ¢â¬ and planaria is the designation for a genus of freshwater flatworms. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the General category, check our popular posts, or choose a related post below:How to Format a UK Business LetterPrecedent vs. PrecedenceParataxis and Hypotaxis