Simmel Modern Individual

Beatrice Ajighevi March 13, 2013 Berlin Irene According to Simmel, the development of a protective, rational barrier has a profound impact on individuals living in a metropolis. A modern individual becomes indifferent, the â€Å"blase outlook† becomes a consequence of the urban mind-set which results in a larger degree of personal freedom, they are freed from prejudices, develop a cosmopolitan attitude which develops a greater degree of personal freedom and struggle to maintain their personality and preserve their unique inwardness in a metropolis. The metropolis does differ significantly from the upbringing of a rural town.While living in a metropolis, the modern individual is constantly bombarded by a constant change of stimuli on a daily basis, â€Å"In order to adjust itself to the shifts and contradictions in events, it does not require the disturbances and inner upheavals which are the only means whereby more conservative personalities are able to adapt themselves to th e same rhythm of events. Thus the metropolitan type creates a protective organ for itself against the profound disruption with the fluctuations and discontinuities of the external milieu that threaten it†.Unlike those of a more rural setting, whose daily activities are more common, ritualistic, and expected, the modern individual deals with rapid change in a very short amount of time. In order to cope with these constant shifts, one develops a â€Å"protective organ†. The metropolitan encounters so many individuals, the protective organ allows one to not deal with each person on an emotional or personal based level. Especially in a money based economy, personal relationships are nearly impossible.The modern individual becomes indifferent to all things personal because intellectual relationships deal with others specifically for self-gain and how can other help ones advancement. One must deal with others in a matter-of-fact attitude. People are no longer treated based of f of personality or their individuality, but numerical value and worth. The blase attitude is a direct consequence of the urban mindset. The metropolitan dulls themselves due to the constant changes. It arouses the one’s mind so significantly that they can no longer harvest reaction at all. The urban environment is so superfluous, that which would amaze one from a ural setting, is boring, below average, and simply not worth noticing to the metropolitan. â€Å"Not in the sense that they are not perceived, but rather that the meaning and the value of the distinctions between things are experienced as meaningless†. In a more pastoral lifestyle, one grows up not as themselves, meaning that they have no personal freedom. Yes, they might have individual freedom; however, this is still very restricted. They are an individual of their community. They must still abide by the unspoken rules, and tolerate what is acceptable and what is not.One might be considered an individual pa rt to a larger organism, instead of its own being. Although, in a metropolis, one is exposed to personal freedom, they are allowed to make their own choices without the stipulation of another’s individual’s opinion. The blase mind-set results in a larger degree of personal freedom because â€Å"it assures the individual of a type and degree of personal freedom to which there is no analogy in other circumstances†. A being has more space to cultivate his/her own abilities and undertakings for which they themselves are accountable.The blase attitude allows a person to separate themselves from other and explore themselves internally and externally. In a rural community, things may be more closed off and closed minded. An individual in an urban setting may be freed from the kinds of political and religious prejudices felt in smaller communities because a metropolitan city is made of different people from different backgrounds with different experiences coming togethe r to form a community. There is no need for self-preservation of traditional values or beliefs that one has been brought up believing.People of incomparably individualized personalities were in constant struggle against the incessant inner and external oppression of the de-individualizing small town. A cosmopolitan attitude is when an individual’s horizon is enlarged, â€Å"For the metropolis it’s decisive that its inner life is extended in a wave-like motion over a broader national or international area†. A cosmopolitan person does not have one home, but the world is their home. They can identify with many places in the world and many cultures, unlike one from a small town, who is restricted to their traditional lifestyle.It is not about being in a place physically or being there when the action takes place, but acceptance of the moments that once took time in that place. A cosmopolitan person is not motivated to make long term roots in any given area. It is ra ther about planting seeds in many areas and making personal connections in each one. This is where quantitative values are replaced by qualitative, because it’s no longer about personal gain, but now individual relationships. Having a cosmopolitan attitude reflects a degree of personal freedom that can be achieved in an urban setting because one is not bound to one area in particular.They are free in the literal sense to go where they please, and not be bound by time-based relationships. â€Å"It is our irreplaceability by others which shows that our mode of existence is not imposed upon us from the outside† this is the definite magnitude in which ones independence and being are articulated. A cosmopolitan attitude allows a greater sense of personal freedom to set one self apart from anything else, without having to worry about the negative reprocautions imposed by a small town life.It allows one to be themselves in any given area at any given time. In a metropolis, be cause of its large size, the modern individual may have to struggle to maintain his/her personality and preserve their unique inwardness. It may be difficult to stand apart in a highly diversified community. One must make themselves noticeable. Through the responsiveness accumulated from others one may feel a feeling of self-worth, in a community where everyone has a blase attitude, and everyone is average, one wants to be out of the ordinary, and most importantly remembered. Simmel Modern Individual Beatrice Ajighevi March 13, 2013 Berlin Irene According to Simmel, the development of a protective, rational barrier has a profound impact on individuals living in a metropolis. A modern individual becomes indifferent, the â€Å"blase outlook† becomes a consequence of the urban mind-set which results in a larger degree of personal freedom, they are freed from prejudices, develop a cosmopolitan attitude which develops a greater degree of personal freedom and struggle to maintain their personality and preserve their unique inwardness in a metropolis. The metropolis does differ significantly from the upbringing of a rural town.While living in a metropolis, the modern individual is constantly bombarded by a constant change of stimuli on a daily basis, â€Å"In order to adjust itself to the shifts and contradictions in events, it does not require the disturbances and inner upheavals which are the only means whereby more conservative personalities are able to adapt themselves to th e same rhythm of events. Thus the metropolitan type creates a protective organ for itself against the profound disruption with the fluctuations and discontinuities of the external milieu that threaten it†.Unlike those of a more rural setting, whose daily activities are more common, ritualistic, and expected, the modern individual deals with rapid change in a very short amount of time. In order to cope with these constant shifts, one develops a â€Å"protective organ†. The metropolitan encounters so many individuals, the protective organ allows one to not deal with each person on an emotional or personal based level. Especially in a money based economy, personal relationships are nearly impossible.The modern individual becomes indifferent to all things personal because intellectual relationships deal with others specifically for self-gain and how can other help ones advancement. One must deal with others in a matter-of-fact attitude. People are no longer treated based of f of personality or their individuality, but numerical value and worth. The blase attitude is a direct consequence of the urban mindset. The metropolitan dulls themselves due to the constant changes. It arouses the one’s mind so significantly that they can no longer harvest reaction at all. The urban environment is so superfluous, that which would amaze one from a ural setting, is boring, below average, and simply not worth noticing to the metropolitan. â€Å"Not in the sense that they are not perceived, but rather that the meaning and the value of the distinctions between things are experienced as meaningless†. In a more pastoral lifestyle, one grows up not as themselves, meaning that they have no personal freedom. Yes, they might have individual freedom; however, this is still very restricted. They are an individual of their community. They must still abide by the unspoken rules, and tolerate what is acceptable and what is not.One might be considered an individual pa rt to a larger organism, instead of its own being. Although, in a metropolis, one is exposed to personal freedom, they are allowed to make their own choices without the stipulation of another’s individual’s opinion. The blase mind-set results in a larger degree of personal freedom because â€Å"it assures the individual of a type and degree of personal freedom to which there is no analogy in other circumstances†. A being has more space to cultivate his/her own abilities and undertakings for which they themselves are accountable.The blase attitude allows a person to separate themselves from other and explore themselves internally and externally. In a rural community, things may be more closed off and closed minded. An individual in an urban setting may be freed from the kinds of political and religious prejudices felt in smaller communities because a metropolitan city is made of different people from different backgrounds with different experiences coming togethe r to form a community. There is no need for self-preservation of traditional values or beliefs that one has been brought up believing.People of incomparably individualized personalities were in constant struggle against the incessant inner and external oppression of the de-individualizing small town. A cosmopolitan attitude is when an individual’s horizon is enlarged, â€Å"For the metropolis it’s decisive that its inner life is extended in a wave-like motion over a broader national or international area†. A cosmopolitan person does not have one home, but the world is their home. They can identify with many places in the world and many cultures, unlike one from a small town, who is restricted to their traditional lifestyle.It is not about being in a place physically or being there when the action takes place, but acceptance of the moments that once took time in that place. A cosmopolitan person is not motivated to make long term roots in any given area. It is ra ther about planting seeds in many areas and making personal connections in each one. This is where quantitative values are replaced by qualitative, because it’s no longer about personal gain, but now individual relationships. Having a cosmopolitan attitude reflects a degree of personal freedom that can be achieved in an urban setting because one is not bound to one area in particular.They are free in the literal sense to go where they please, and not be bound by time-based relationships. â€Å"It is our irreplaceability by others which shows that our mode of existence is not imposed upon us from the outside† this is the definite magnitude in which ones independence and being are articulated. A cosmopolitan attitude allows a greater sense of personal freedom to set one self apart from anything else, without having to worry about the negative reprocautions imposed by a small town life.It allows one to be themselves in any given area at any given time. In a metropolis, be cause of its large size, the modern individual may have to struggle to maintain his/her personality and preserve their unique inwardness. It may be difficult to stand apart in a highly diversified community. One must make themselves noticeable. Through the responsiveness accumulated from others one may feel a feeling of self-worth, in a community where everyone has a blase attitude, and everyone is average, one wants to be out of the ordinary, and most importantly remembered.

My Body

My Body When I face in front of the mirror, I can see a woman with short hair, round eyes, pale lips, and with an average height, â€Å"that† is my body. When I do things like brushing my teeth, eating dinner, walking, writing homework, sitting, and etc, â€Å"which† is what I am, I am a human because of what my body can do. But who or what am l? As simply as it sounds, it'll take time to internalize and answer this question. People would start to think from the simplest to complex things and varying answers would omen and go.Without looking in front of the mirror, without thinking the things that I can do, without thinking of what others might answer, but with my perception, experiences, and surroundings to answer the question – Who or what am l? Well, I have answers. With my body as a basis, I know that I am Marjorie Valiance Hamlin, 19 years of age, residing at Sat. Maria, Gambling City since 1995, the seventh child, fourth daughter of my mother and father, st udying at Western Mindanao State University, taking up Bachelor of Science in Biology.With my answer above, it seems like there is something lacking like a missing puzzle piece. With my intimate relation of myself to my body, I have also a spirit, which gives me the ability to control and claim my body in which Gabriel Marcel stated in his Second Reflection. With this body, I am able to interact with other people like having new friends and sharing experiences together. I am also able to participate in the events that have been happening like family gatherings, celebrating holidays, and even supporting organizations.I am also able to e and appreciate God's creation with my own two naked eyes. With this body, I am able to express myself to the other people. I can say what I feel inside of me. I may also show it along with my gestures. With all the experiences of my body and my soul, it formed me to become the ‘me' of today. To answer who am l? I am ‘me'. A creation of God , a soul embodied, a steward of His creation. I am in this body to serve others and the world. I am a unique independent member of human race like everyone else with an essential purpose living on earth.

Analysing The Challenges Facing Multilateral Organisations Today Politics Essay

Analysing The Challenges Facing Multilateral Organisations Today Politics Essay War is often the result of non negotiable problems/disputes. Since the end of the Second World War, liberal international theory advanced the establishment of international organizations such as the United Nations (UN) and its sub bodies, in the belief that such international forums were where state members have a chance to discuss and air their common issues and grievances and could prevent war and, widen the corporations between nation states. However, since its creation, the legitimacy as well as the effectiveness of these multilateral institutions has always been questioned. The end of the Cold War marked a new era of world politics where the United States (US) became the predominant power in the international system. In addition, the Iraq war of 2003, led by the US, but was not authorised by the United Nations Security Council (UNSC) and the issue raised a question about the hegemonic position of the US over the United Nations. This is just one of the many challenges multilater al organizations like the UN are facing today. The terrorist attack on 9th November on the US and similar attacks elsewhere in the world, as well as the increasing threat of weapon of mass destruction (being used by either a rogue state such as Iran or a terrorist group) in the 21st Century is another major challenge for the United Nations and its administrative departments. Moreover, with the increasing involvement of non state actors and non governmental organizations nowadays, the value of formal institutions like the UN is clearly affected in adverse ways. To clarify if multilateralism is in crisis or not, it is essential to firstly look at the difficulties posed by these new dimensions to multilateralism, then evaluate its reaction and effectiveness at tackling them. In this essay, the focus will be on UN as this is often seen as the vanguard of multilateralism. Firstly, the essay will examine what multilateralism can be defined as and will name the current challenges which Mul tilateralism faces, it will then go on to give analysis of the sources of those troubles. Finally, it concludes that such multilateral institutions like the United Nations are under real challenge to the effectiveness of their multilateralism; however, it is not yet in a crisis situation. The leaders of these organizations can no long presume their exchanges to be â€Å"business as usual† but need to take into account these growing troubles and think more about â€Å"reform† if multilateralism is to continue to function in a stable way. Before discussing whether multilateralism is effective one needs to consider what exactly multilateralism is. For Paul Nielsson, UN Commissioner, multilateralism is about ‘all parties’ carrying out ‘concerted efforts’ to strengthen the international regulatory framework’ (Jorgensen, 2007, p.2) and involves states ‘pooling’ both resources and sovereignty. The problem for many participants in multilateral processes is that the processes themselves are ‘often slow and difficult, and rarely do their results satisfy every participant’ (ibid). Thus, multilateralism is by definition a process where participants cannot expect a zero-sum outcome, where they can clearly identify their gains or losses and say it was a success or failure. Multilateralism is a compromise between states where its greatest success is that everyone is a winner and everyone is a loser, because nobody gets everything they want.

Pagan Influence in the Culture of Ukraine Essay Example | Topics and Well Written Essays - 500 words - 11

Pagan Influence in the Culture of Ukraine - Essay Example   Although this construct may come as something of a shock to many, the different methods whereby Ukraine and the influences that have acted upon as compared to the United States ultimately make for a very distinct culture (Schulman 1998). The first determinant of this is the level to which paganism plays into the fabric of society. True, the nation itself has been â€Å"Christian† since the time of Prince Vladimir the Great (circa 988 AD), the long history of the people and the subsequent invasions from the East, including Mongols, Tatars, Khazars, and a litany of other peoples from the steppes of Central Asia meant that a great deal of diverse pagan beliefs were interjected into the culture of the nation as a function of the various tribes and kingdoms that spent time ruling over Ukraine (Holmes 2007). This level of paganism is exhibited in a litany of different ways within the culture; one of these being the celebration of the holiday â€Å"Ivana Kupala† which celebrates the life force of the rivers, lakes, and streams and continues to be celebrated throughout Ukraine and many other Eastern European countries (Culture and Arts 2009). Similar winter solstice activities have also engrained themselves into the culture as dances around the base of fir trees, harvest celebrations, days for the dead, and a litany of other pagan holidays and references pervade the culture in ways that would not necessarily be the case in the United States. There are of course a number of superstitions that continue to pervade the culture as well. An example of this includes the belief that whistling indoors means that the individual will soon have no money.  Ã‚  

Personal Computer, Desired Requirements Essay Example | Topics and Well Written Essays - 750 words

Personal Computer, Desired Requirements - Essay Example He can buy a powerful computer now or buy an inexpensive computer and plan for its upgrade in the future. Some computer vendors offer leasing programs that allows upgrade of the computer every 2 to3 years. It is also worthwhile to browse the website of large computer manufacturers to see the latest technology and the price. He can also ask friends, fellow students or co-workers in similar line of work as to what computer are they using, where they bought them, if there were any problems, and whether they are happy with their choices. One can buy a top-of-the-line model with an eye towards keeping the computer for years. Some buy the basic version of the fastest computer they can afford, and add extra memory, a sound card and speakers, a DVD drive, a larger monitor, and/or a printer over time. More sophisticated applications require faster computers, more memory, more disk space, and other resources. In general, the newer the computer, the better for the owner to take advantage of the new programs, internet resources, and the latest computing and presentation applications. In the case of laptop computers, newer models are faster and lighter, in addition to offering better displays, more memory, and more disk storage. Be prepared to spend at least $1,000 to $2,000 for a general-purpose computer. There are desktop computers whose price range for anywhere from $400 to $10,000. One should budget for hardware and software such as Microsoft and Adobe products. Word processing and spreadsheet software can be purchased with most systems. There may also be need for other software for communications, graphics, and specialized projects. The mostly widely used operating systems are Windows 2000 or Macintosh. Apple computers run using Macintosh. Other brands run on Windows 2000. Macintosh is easier to set up, learn, and to use because it has more easy-to-use built-in software. DOS/Windows systems are less expensive for similar processing speed. Windows 2000, together with Linux and Unix, are more flexible as it can allow multiple users to use the same computer at the same time and/or different times; capable of supporting and utilizing more than one computer processor; capable of allowing multiple software processes to run at the same time; and allow different parts of a software program to run concurrently. The choice of the operating system and software will depend on the use of the computer - will the computer be used for basic tasks or to meet special requirements Do you intend to connect the computer to the office or school server Decide if you are better served by the PC/Windows platform or the Macintosh. Look at the system components and determine if they will suit your needs. When buying a new computer, look for a system with a Pentium 2.8 to 3.2 gigahertz (GHz) processor. The processor is considered the brain of the computer the most important part of a computer and its speed determines how quickly the processor can execute computer code. The amount of random-access memory (RAM) or system memory is another very important part of a computer system because it has the largest influence on performance of the new operating systems. One can buy as much RAM that one can afford. At the minimum, it is preferable to buy not less that 256 megabytes (MB) or 512 MB. For a Macintosh, it should be at least 256 MB. The hard drive space required is dependent on the types of installed applications. General

Lean thinking game Assignment Example | Topics and Well Written Essays - 1750 words

Lean thinking game - Assignment Example The production system seemed to be push system where the master production schedule 1 has been followed in this round. U-Shaped layout has been implemented at the beginning of the game. The allotments of the members were same as in the round one. The further additions to the round two were that there were some changes in the inspection criteria. The inspection of the quality was done along the line instead at the end. With the inspections being done along with the operations the lines where encouraged to pace up the process. The speeding up of the operations certainly reduced the cycle time of the station. Significant changes have been made to the operations of the process. Long pull was introduced between the operations. The team has decided to use Mini heat treat unit in round 3. Additionally, the team decided to cut off the quality control and move forward to total quality control; that means eliminating all the possible defects from the process rather than identifying the defects by the end of the process. The observations of the end of the round 3 of the game concluded the following results. With the lack of alignment with production and demand the over production of the product will occur which can be seen in every round of the game. The production of the product shall be designed so as to fulfill the demand so that there shall be no over production in the upcoming rounds. The over production also occurred due to the lack of knowledge of inventory. With the proper transfer of the knowledge as where the inventory is present in the process and how much work is to be done on each of the station then the over production can be reduced to the minimum. With the control in the over production of the products the direct costs shall decrease along with the overheads and shall be beneficial. The production system shall be Kanbaan where the product is produced as per the demand of the customers and the demand of the next

Final Essay Example | Topics and Well Written Essays - 500 words - 9

Final - Essay Example Democrats were of the opinion that there should be a proper democracy everywhere in US, rather than a division amongst tribes and their rule at various places. So US is bound to expand and to spread democracy everywhere across the continent. That would be very natural for Americans and would be in very much favor of country. During those times, every American was full of nationalism spirit and wanted the country to prosper more and more by acquiring other areas of the continent. This air of rather a selfish kind of nationalism was very much in air particularly after freedom war in 1812. There were many aspects behind this motivation. Religious sector was in favor of making the Indian tribes Christian so that the Christian population becomes more and the souls get satisfaction. They say that God wanted all these things to happen with US. The economic factors were also present as the trade would grow more so there had been the greed for making great entrepreneurs. So overall, there had been a great importance of the concept of Manifest destiny in US history (manifest dynasty. 2011 ). Returning to the discussion that is this concept divides us or unite us, we must keep in mind that Manifest destiny contains the concept of superiority of American over other races or people of color. There was also the concept of cultural superiority that Hispanic people and the native tribes are backward and are not able to move in the world on their own behalf. It’s the people of Texas who represent US in the whole world so they should be the ones who rule over it, alone. This concept eventually caused a lot of slavery in the area after the Mexico war particularly, when many locals were made slaves and were treated badly. This racism and color bias is still present in our society in other forms. Today, most white people consider themselves superior than people of any other race in comparison of culture, social

American Business History Essay Example | Topics and Well Written Essays - 750 words

American Business History - Essay Example Professionalism ensued and caused the struggle to narrow down the social divide in terms of equality that was now prevailing against women. The expansion of this trading by reaching new geographical terrains due to the demand of the end products that was coupled by improved transportation links in the world, saw it advancement to the present global form of business corporations. In this recent stage of business evolution in America, women have started coming out of the lime light and are starting to be appreciated again in the business community. During the early times, before the eighteenth century in America, where the household economy was in effect, women and men worked hand in hand. They shared the same energy and responsibility in maintaining their business. This exhibited a high level of equity and equality in the performance of their tasks as they were not biased in terms of gender. However, women were like a sole property to the women once they entered marriage, and therefore had little command of decisions. The advent of industrialization forced women to accustom themselves with domestic ideals. Their importance became insignificant and thus, resistance became inevitable and many women who could not embrace this idea had a rough time in trying to adjust. In an exemplary situation in Illinois, it is noted that not all white women agreed to the domestic status that was being imposed on them due to the encroachment and establishment of separate spheres. Researchers have since established that quite a number of women who had established themselves in Illinois ignored the idea of civilizing the wilderness via domestic work. Many of these settlers had migrated from the rural South, where they had not seen themselves entangled in the wider economic 'metamorphosis' that provided the grounds for division of labor and the formation of divided spheres. (Wilson, Douglas, 1998) Importance of the Early American Woman in Business Women were very important to the business of the early America. Albeit their major role which was domestic, the early American women were serious business people let alone investors. It is noted for example in Boston that, about five of the eight major seed retailers where women during the early 1770s. married women of the time were describe as "deputy husbands" because they were left with the responsibility of taking care of their husbands' enterprises while they were away which was often some long time. The example Elizabeth Meredith of Philadelphia and her hard work in the financial sector of America reveals the enormous importance that was accorded to women that led to the growth of the present America. She was the wife to Jonathan Meredith, a tanner too by profession. Meredith controlled the tannery company's account books, negotiated for money for the company's running, collected debts, and contracted with workers, suppliers, and customers. (Branson, 1996) The early American women even if not married or widowed were very industrious in the financial field and many of them could be found in the heal care field, authors, tailors, cobblers, brewers among a multitude of other professions. This was because no legalities were imposed on them to restrict them to domestic work. However, certain aspects of their existence with respect to the ideology of the divided sphere caused a reduction in domestic routines to a new form of leisure and hence sought to diminish the economic and

Explain why regarding the complex project as a 'system' or 'group of Literature review

Explain why regarding the complex project as a 'system' or 'group of integrated systems' will help us to ensure delivery - Literature review Example Statement of Problem For any Corporation, as well as government or other service institutions the challenge is to deliver specialized services to a particular clientele yet in doing so in an efficient manner. It might be possible for a company to offer extremely favorable terms and financially unsustainable discounts on goods and services in order to attract customers in the short term, but there is a limit to the amount that can be given away as a gesture of goodwill. A company must also demonstrate inefficiency in its operations and organization in order to remain profitable and viable. On the other hand, an operation thinking only of the efficiency and interest of itself and its highest ranking members will be unable to draw new clients/customers competitively. With concern only for the interest of the operation internally, it becomes a virtual impossibility to be attractive to outside customers. Therefore, such an operation will be unable to grow – and will suffer the loss of new business to competitors. There are numerous variations on this theme, but ultimately the construction organization – for any other company providing services to clientele must strike a balance between these extremes. An operation must be efficient enough that the company is able to pay employees while still retaining profit for itself, yet at the same time it must have sought after products or services that it can offer under attractive terms for customers. Achieving this balance is the fundamental factor determining the rise and fall of businesses. Even organizations with only a small number of clients, perhaps a single investor or another company contracting a second company to perform some specific task is not immune to these challenges. Whoever the customers or clients are, they must be sufficiently satisfied to permit repeat business, and yet the organization itself must remain internally viable so that it is able to continue doing business. Neither of these fact ors can be ignored. Achieving this balance requires the deliberate establishment of management structures to ensure the efficient delivery of client objectives through a process of knowledge management (Anumba et al. 2005). In some respects, these twin factors can intertwine in terms of viable solutions to either issue. If a company is able to resolve issues of internal management sufficiently, that its own of viability is insured – it is then able to address the issue of client satisfaction. The reverse also applies; achieving client satisfaction in a sustainable way allows the organization to devote more attention to internal bookkeeping. This investigation will explore the potential of administrative models to address challenges in the delivery of client objectives and services. Fulfilling this dimension of business operations is integral to the success of the enterprise, and ongoing research permits new possibilities to achieve efficiency for client services. Specifically , this investigation will focus on integrated systems for the delivery of client objectives. The balance between customer service and efficiency is hypothesized to be enhanced by a theory of integrated systems for complex project management to achieve the delivery of client objectives. Analysis of the Problem Initially, it is helpful to discuss the systems themselves in order to foster an understanding of

Death Penalty Pro's Essay Example | Topics and Well Written Essays - 1250 words

Death Penalty Pro's - Essay Example A number of organizations have gone against death penalty, with convincing arguments surrounding its ineffectiveness in preventing future crimes, its cruelty and various other reasons. Listening to their arguments would make one think that the supporters of death penalty are nothing but cruel and inhumane individuals devoid of compassion and willing to kill, which is the very crime that they abhorred in the first place. One of the most vocal of all the activists is Amnesty International, which made a public declaration that "death penalty is the ultimate cruel, inhuman and degrading punishment." The group also believes that this type of punishment is a form of human rights violation, irrevocable, may be inflicted on the innocent, and does not certainly stop future crimes to be committed. Abolitionists back their claim with statistics and studies, although most of these studies have been misrepresentation of the truth. They have succeeded in their quest in a number of nations around the world. Amnesty International states that from the time that it started the movement against death penalty, the number of nations that have abolished death penalty from the judicial system has risen from 16 to 86 nations. Notwithstanding the strong opposition to death penalty, however, the American public continues to quietly support this form of punishment for heinous crimes. This support was even reinforced after the September 11 attack on the United States. It is reported that one-fifth of those who usually go against the death penalty feel that the terrorists who execute such crime against humanity deserve death sentence (Cable News Network). This goes to show that people feel that it is necessary to punish those who are willing to kill numerous others and still justify their murde rous actions. First among the arguments of opponents of the death penalty surrounds its ability to deter crime. They state that there is not enough statistical basis to say that the imposition of death penalty prevents further crimes from happening. Opponents even think that crime rates are higher for those states with death penalty statutes than those which do not adopt capital crime punishment. While it is difficult to convince people who have already made up their minds against death penalty, it should be emphasized that deterring crime is not solely the reason for exacting death penalty on those who committed heinous crimes. John McAdams aptly states that execution of murderers even without deterrent effect, would still be better as this will diminish the number of criminals in society than if they were left to live and with that inaction, people expect future crimes to be prevented (American Bar Association). Even as opponents of death penalty believe that the punishment does not ensure the d ecline in crime rates, they also do not provide enough evidence that inaction against doers of heinous crimes warrant the decrease the occurrence of crimes. George E. Pataki believes that death penalty is effective in preventing future crimes from happening, and that the government should use every action possible in order to protect

Leadership & Change Management Essay Example for Free

Leadership Change Management Essay Transactional leadership styles are more concerned with maintaining the normal flow of operations. Transactional leadership can be described as keeping the ship afloat. Transactional leaders use disciplinary power and an array of incentives to motivate employees to perform at their best. The term transactional refers to the fact that this type of leader essentially motivates subordinates by exchanging rewards for performance. A transactional leader generally does not look ahead in strategically guiding an organization to a position of market leadership; instead, these managers are solely concerned with making sure everything flows smoothly today. Transactional leadership motivates followers by setting up social or financial transactions that persuade them to act. For example, a transactional leader might offer bonuses to her sales staff for exceeding quotas. The bonus is a form of financial transaction. Transactional leadership often is set in opposition to transformational leadership, which is a leadership style that relies on convincing followers that a particular vision of what the organization can achieve is worth working toward. Transformational leadership A transformational leader goes beyond managing day-to-day operations and crafts strategies for taking his company, department or work team to the next level of performance and success. Transformational leadership styles focus on team-building, motivation and collaboration with employees at different levels of an organization to accomplish change for the better. Transformational leaders set goals and incentives to push their subordinates to higher performance levels, while providing opportunities for personal and professional growth for each employee. Transformational leadership might sound preferable because the leader doesn’t cynically harness the self-interest of her followers, as the transactional leader does. But there’s a problem. A transformational leader might not be forthright with her followers. For example, a business owner might motivate her workforce with stirring speeches about the nobility of hard work, while her real aim is to increase production for personal gain. This type of transformational leader might be called inauthentic. Advantages Both leadership styles are needed for guiding an organization to success. Transactional leaders provide distinct advantages through their abilities to address small operational details quickly. Transactional leaders handle all the details that come together to build a strong reputation in the marketplace, while keeping employees productive on the front line. Transformational leadership styles are crucial to the strategic development of a small business. Small businesses with transformational leaders at the helm shoot for ambitious goals, and can they achieve rapid success through the vision and team-building skills of the leader. Applications Different management styles are best suited to different situations. When it comes to front-line supervisors of minimum-wage employees, for example a transactional leadership style can be more effective. Shift supervisors at a fast food restaurant will be much more effective if they are concerned with ensuring all of the various stations run smoothly, rather than spending their time thinking up better ways to serve hamburgers. On the other hand, CEOs or sales managers can be more effective if they are transformational leaders. Executive managers need the ability to design and communicate grand strategic missions, passing the missions down to transactional leaders for implementation of the details. Organizations emphasize the concept of leadership in training managers or group leaders to propel a team or the organization forward. Within leadership, the effectiveness of the transformational versus transactional leader is often debated. Transactional leadership relies more on a give and take understanding, whereby subordinates have a sense of duty to the leader in exchange for some reward. Transformational leadership, on the other hand, involves a committed relationship between the leader and his followers. In 1985, industrial psychologist Bernard Bass identified and wrote about four basic elements that underlie transformational leadership. Idealized Influence Transformational leaders act as role models and display a charismatic personality that influences others to want to become more like the leader. Idealized influence can be most expressed through a transformational leaders willingness to take risks and follow a core set of values, convictions and ethical principles in the actions he takes. It is through this concept of idealized influence that the leader builds trust with his followers and the followers, in turn, develop confidence in their leader. Inspirational Motivation Inspirational motivation refers to the leaders ability to inspire confidence, motivation and a sense of purpose in his followers. The transformational leader must articulate a clear vision for the future, communicate expectations of the group and demonstrate a commitment to the goals that have been laid out. This aspect of transformational leadership requires superb communication skills as the leader must convey his messages with precision, power and a sense of authority. Other important behaviors of the leader include his continued optimism, enthusiasm and ability to point out the positive. Intellectual Stimulation Transformational leadership values creativity and autonomy among the leaders followers. The leader supports his followers by involving them in the decision-making process and stimulating their efforts to be as creative and innovative as possible to identify solutions. To this end, the transformational leader challenges assumptions and solicits ideas from followers without criticizing. She helps change the way followers think about and frame problems and obstacles. The vision the leader conveys helps followers see the big picture and succeed in their efforts. Individualized Consideration Each follower or group member has specific needs and desires. For example, some are motivated by money while others by change and excitement. The individualized consideration element of transformational leadership recognizes these needs. The leader must be able to recognize or determine through eavesdropping or observation   what motivates each individual. Through one-on-one coaching and mentoring, the transformational leader provides opportunities for customized training sessions for each team member. These activities allow team members to grow and become fulfilled in their positions. The Benefits of Transformational Leadership Motivation A transformational leader uses her belief in the vision of the company to inspire the staff to be more productive and work towards company goals. The drive behind a transformational leader is to find ways in which she can get the entire staff on board with corporate strategy and planning. When the entire company is on the same page with the corporate vision, it can make achieving that vision easier. Planning Inspirational managers do not focus their energy solely on motivating the staff. A good transformational leader has broad visions for the companys future, and those visions can become instrumental in company planning. Whether it is refining the overall business plan or affecting individual marketing programs, the transformational manager has ideas and visions for the future of the company that he wants to share with the management team and work to turn those plans into reality. Retention The idea of transformational leadership is to reach out to each employee and bring out the best in them. An inspirational manager spends time with each employee discussing ways to make the employees job easier, and helping to create plans for developing the employees career. This individual attention that is offered by transformational leaders helps to create a strong bond between the manager and his employees that will reduce employee turnover. Growth  A manager that is not intimately involved in the growth of the company and the development of her staff can start to struggle with managing her department as the company grows. A transformational leader is constantly involved with the growth of the company and the ongoing development of employees. As the company grows, the transformational leader maintains that close contact to the company and employees and can make the process of growing a more involved experience for new and veteran employees.

The Los Angeles Dodgers and the Los Angeles Angels of Anaheim Essay Example for Free

The Los Angeles Dodgers and the Los Angeles Angels of Anaheim Essay Despite the competition derived from proximity, the Los Angeles Dodgers and the Anaheim Angel both maintain financial success. Rather than one team dominating the market in ticket sales, both have a profitable organization. Every year, both teams manage to generate a substantial revenue – despite sharing a city. The population forms an allegiance with one team or the other for a multitude of reasons. The Los Angeles Dodgers had an average attendance of 51,396 fans per game in 2009 (sportsnetwork. com, 2010). The Los Angeles Angels of Anaheim’s average attendance was 40,005 in 2009 (sportsnetwork. com, 2010). While there is a substantial difference between the average ticket sales of both teams, other factors can account for this such as stadium size and winning streaks. For example, the Angels only have a seating capacity of 45,050 while Dodger stadium has a seating capacity of 56,000. For example, a winning streak that could lead to future playoff games and a potential spot in the World Series, the ticket sales will naturally increase for that particular team. This is true of teams that are distanced far apart as well. Proximity is merely one of several factors that contribute to the financial success of a baseball team. The Los Angeles Dodgers have a team value of $632 million and their yearly revenue is about $211 million (forbes. com, 2007). The Los Angeles Angels of Anaheim have a team value of $431 million and a yearly revenue of $187 million (forbes. com, 2007). Second, which is the major part, discuss the Marginal Cost and the Marginal Benefit of both teams. also, discuss some issues that could affect their marginal cost and their marginal benefit. There are many times in which marginal cost and marginal benefit can affect the team. If one piece of merchandise outsells another piece of merchandise, the manufacturer will produce less of the unpopular product and produce more of the item that has high sales. In the case of the Los Angeles Dodgers and the Los Angeles Angels of Anaheim, if one team is losing more games than the other, there could be an increased number of consumers buying tickets to the winning team’s games. The substitution of goods effect would take place in fans without an allegiance to either the Los Angeles Dodgers or the Los Angeles Angels of Anaheim. For example, if the ticket prices are lower for one team than the other, and a family merely wants a fun afternoon watching a baseball game, the consumer would choose the lower price tickets. This is assuming the consumer has no preference for the specific teams. As the consumers in the stands buy beers and purchase hotdogs, they are eventually affected by the law of diminishing utility. In other words, as the consumer ingests more hotdogs, he will become satiated and each subsequent hot dog will be less enjoyable. As a result, the consumer will be less inclined to buy more. There are many factors that can affect the supply and demand of the market for ticket sales. Increasing the number of seats affects the aggregate supply the manager can offer fans. On a supply and demand curve, the supply would shift to the right in this scenario. An occasion to increase the number of seats would be a sold-out stadium each game. This would likely cause the owners of the stadium to try to increase the supply of seats to meet the demand of the ticket holders. Another factor that could increase the supply is a increase in the amount of merchandise offered. Usually the increase in supply is prompted by an increased demand, unless the merchandise could suddenly be produced at a cheaper cost to the manufacturer.

Alibaba Is A Business To Business Company Marketing Essay

Alibaba Is A Business To Business Company Marketing Essay Alibaba.com is regarded as a dominant player and a high-growth company due to its large membership base and its phenomenal growth. Its total registered user base grew from 6.0 million in 2004 to 19.6 million in 2006. In the same vein, it registered a cumulative annual growth rate of 94.8% in 2006 alone. One of its major competitors in the international marketplace B2B giant Global Sources, which has an online directory of many other B2B services it offered, such as print business directories and exhibitions, (Farhoomand, 2008, p. 7). However, Alibaba.com has various strengths which served as its competitive advantages over Global Sources and other competitors. Indeed, Alibaba.com should continue in being a dominant player in the B2B eCommerce industry. Among all the upcoming B2B in china, Alibaba.com has received much despite not been listed in NASDAQ .In 2001 the company was featured by Forbes as its cover story also selected as the only firm on the Forbes Best of the Web:B2B list founded in china (Doebele,2000).By 2002 the Alibaba.com was selected and featured by Forbes again as its only Best of the Web:B2B in the month of September.(Qin Hu et al.,2004). 1. 0 Background 1.1 What is Alibaba.com Alibaba.com was founded in June 1999 by Jack Ma and eighteen other founders (Farhoomand, 2008, p. 3). It is a business-to-business portal which allows suppliers of everything from 176 countries to connect with buyers around the world. (Bi, 2002). The Companys founder Jack Ma was nominated as one of the 100 Global Leaders for Tomorrow by the World Economic Forum and was honored as a recipient in the Asian Business Association Business Leadership Award in 2001, on the 27 December 2001 with the registered 1,000,000 Alibaba.com member, which became the only B2B Webster with 1,000,000 registered business members from 202 countries. (Qin Hu et al., 2004) Since inaugurating its website in simplified Chinese to serve the Chinese mainland market in 1999 (Farhoomand, 2008, p. 3), it has now become worlds largest online business-to-business global trading marketplace, with 2.5 million and 14 million registered users in its international and Chinese domestic marketplaces respectively , (Alibaba.com: A Smiling Community with a Dream, undated). Based on the number of registered users and market share by revenue at the end of the second quarter of 2007, Alihaba.com was considered as the largest online B2B company in China. The international marketplace was served through its English language website which caters to global importers and exporters (Farhoomand, 2008, p. 4). On the other hand, the China marketplace was served by its Chinese language website, Alibaba.com which caters to domestic suppliers and buyers (Farhoomand, 2008, p. 4).Alibaba.com online transaction basically has six levels as describe CTO,John Wu which are information exchange, negotiation, price bargaining, shipping, insurance, inspection and customs processing and payment. As its lowest level that Alibaba.com operates. In other words it only provides an information platform on which the buyers and sellers meet and post business information.(Qin Hu et al 2004). Farhoomand (2008, p. 4) explains that the business model of Alibaba.com centers on the use of the marketplace by suppliers and buyers who would establish their presence online, identify potential trading partners and conduct business with each other. Farhoomand (2008, p. 4) describes the manner by which the Alibaba.com interface is used by suppliers and buyers in China and around the world in their trading activities: , Suppliers and some buyers would use the marketplaces to host their company profiles and catalogues in standardised formats known as storefronts and post listings such as products, services and trade leads. Users could view storefronts and listings in over 30 industry categories and nearly 5,000 product categories by either searching for keywords or browsing through the online industry directory. (Farhoomand 2008, p. 4). Figure 1 presents the value proposition of Alibaba.com and the manner by which it effectively facilitates the conduct of trade within the context of B2B commerce. Figure 1 Alibaba.coms Value Proposition Source: Farhoomand (2008, p. 17) Figure 2 below shows the typical process of trade in Alibaba.com. Suppliers and buyers were able to successfully establish large online comminutes in Alibaba.com which features active listings, enquiry exchanges, instant messaging, discussion forums and other user-friendly community features, (Farhoomand, 2008, p. 4). Figure 2 A Typical Trading Process in Alibaba.com Source: Farhoomand (2008, p. 17) Although Alibaba.com offers free basic services to its all its registered members, it generates is revues from the services purchased by suppliers which include membership packages that provided priority placement of storefronts and listings in the industry directory and search results, (Farhoomand, 2008, p. 5). These suppliers are charged from their subscription to value-added services which include: (1) purchase of additional keywords which help improve their search result rankings; and (2) premium placement on Alibaba.coms web pages (Farhoomand, 2008, p. 5). 1.2 Why Should Alibaba.com be Considered a High Growth Company? Alibaba.com should be considered as a high-growth company due to its large membership base and its phenomenal growth. Its total registered user base grew from 6.0 million in 2004 to 19.6 million in 2006. In the same vein, the total number of its paying members grew from 77,922 in 2004 to 219, 098 in 2006. Figures 3 and 4 below show the growth in the number of Alibaba.coms registered users and paying members, respectively. . Figure 3 Growth in the Number of Alibaba.coms Registered Users from 2004 to 2006. Source: Farhoomand (2008, p. 5). Figure 4 Growth in the Number of Alibaba.coms Paying Members from 2004 to 2006. By the end of 2007, Alibaba.com has already successfully captured 50% of the market share of Chinas online e-commerce revenue (Farhoomand, 2008, p. 19). Figure 5 below presents the market share of Chinas online e-Commerce Market by Revenue. Basically the pie chart demonstrated how successful Alibaba.com has been able to stay above its major competitors by seizing half of the market share. Figure 5 Market Share of Chinas Online E-Commerce Market by Revenue Source: Farhoomand (2008, p. 19). Moreover, its phenomenal growth in the B2B industry is buttressed by its impressive financial standing. By the end of 2004, its annual revenues totaled US$48.3 million, (Farhoomand, 2008, p. 5). With a cumulative annual growth rate of 94.8%, its annual revenues amounted to US$183.2 million at the end of 2006. Figure 6 below presents the financial data of Alibaba.com from 2004-2007. Figure 6 Financial Data of Alibaba.com from 2004-2007 Source: Farhoomand (2008, p. 5) 1.3 Who is Jack Ma? Jack Ma is the founder and chairman of Alibaba.com and is a native of Hangzhou, which is situated approximately 100 miles southwest of Shanghai, where the companys headquarters resided (Farhoomand, 2008, p. 3). Jack Ma is one of the first entrepreneurs to develop e-commerce in China, (Alibaba.com: A Smiling Community with a Dream, undated). He, together with his partners have successfully established the following: (1) first internet commercial website in China; (2) a B2B marketplace platform for suppliers and buyers around the word; (3) the worlds first on-line credit platform for companies, called the Trust Pass (Alibaba.com: A Smiling Community with a Dream, undated). Jack Ma grew up during Chinas Cultural Revolution and became fascinated in learning English at the tender age of 12, (Farhoomand, 2008, pp. 3-4; Fannin, 2008). For eight years, he rode 40 minutes every morning on his bicycle to a hotel near the West Lake and practised his English by giving free tour guides to foreigners, (Farhoomand, 2008, p. 4). Later, when he decided to pursue a degree in education out of his desire to teach English to high school students, he flunked his admission exam twice for a University, prior top being accepted at Hangzhou Teachers University, (Fannin, 2008). After graduating, he was offered a teaching job with a rate of 100 to 120 renminbi, which is equivalent to USD $12 to $15 per month, (Fannin, 2008). Then in 1995, he was employed by the Chinese government to settle a dispute between a Chinese firm and its US partner, (Farhoomand, 2008, p. 4). The US partner held Ma captive at gunpoint for two days before he regained his freedom by agreeing to become a p artner in an internet startup in China, even though he had no concept of the internet at all, (Farhoomand, 2008, p. 4). During the same year, Ma joined a trade delegation in Seattle as an interpreter wherein a friend showed him a computer with an internet connection (Fannin, 2008; Farhoomand, 2008). There, he was surprised to find out that nothing turned up in the search results when he searched for the word China. This prompted Ma and his friend to set-up a website and name it China Pages ((Fannin, 2008). Upon his return to China, he borrowed $2,000 to establish China Pages which shared a strikingly similar ideology with Alibaba.com: to list Chinese companies on the internet and help foreigners find their websites, (Farhoomand, 2008, p. 4). However, China Telecom bought out his stake which eventually forced him to return to civil service. In 1998, he started to resume work on his vision of connecting Chinese companies to the world through the internet. Then, in December of that same year, Ma finally realised his vision with the establishment of Alibaba.com, (Farhoomand, 2008, p. 4; Fannin, 2008). Indeed, Ma had the makings of a successful business leader. Under his leadership, Alibaba.com became a leading B2B marketplace which have successfully attracted more than 17million registered members in 220 countries globally, with daily postings exceeding 35 million, making Alibaba.com the most active Internet marketplace and B2B community worldwide, (Alibaba.com: A Smiling Community with a Dream, undated). 1.4 What is the Basis for the Report? This report is primarily based on secondary data obtained from the case study undertaken by Farhoomand (2008) and from other relevant online and offline sources. This study did not use any primary research methods such as interviews in gathering information about Alibaba.com. 2.0 The beginning of Alibaba.com Jack Ma officially launched Alibaba.com online in December 1998, (Farhoomand, 2008, p. 3). Alibaba.com originally served as a bulletin board service for businesses to post buy and sell trade leads. Jack Ma and 18 other founders established the Alibaba group in June, 1999, which is the parent company. It first served clients domestically (Farhoomand, 2008,p.3). 2.1 The Opportunity In 1995, while in Seattle, Jack Ma made his first contact with the computer and internet and was shocked to find out that no search results could be found for the keyword China. Together with a friend, Ma decided to set up an online company and name it China pages. In 1998, upon his return to China, he launched China Pages which featured a list of companies on the internet and help foreigners find their websites, (Farhoomand, 2008, p. 4). After three months, Ma and his team established Alibaba China which was a major operating subsidiary in China and which served to carry out the business of operating B2B marketplaces, ((Farhoomand, 2008, p. 4). After three more months, three more sites were set up by the team, which include: (1) an English site for international users; (2) a Korean site for Korean users; and (3) a traditional Chinese site for Chinese users outside China ((Farhoomand, 2008, p. 4). 2.2 Competitive Environment Even during its infancy, Alibaba.com has already been faced with stiff competition from rivals based domestically and internationally, (Farhoomand, 2008, p. 7). One of its major competitors in the international marketplace B2B giant Global Sources, which has an online directory of many other B2B services it offered, such as print business directories and exhibitions, (Farhoomand, 2008, p. 7). Global Sources was first established in Hong Kong in 1971 as a monthly trade magazine for consumer products made in Asia for export to Western markets , (Farhoomand, 2008, p. 7). As of the end of September 2007, Global Sources already has a community of over 647,000 buyers and 160,000 suppliers (Farhoomand, 2008, p. 7).Moreover, Global Sources has successfully : (1) enabled suppliers to sell to hard-to-reach buyers in over 230 countries; (2) delivered information on two million products annually; (3) operated 14 online marketplaces that delivered more than 23 million sales leads annually; (4) pu blished 13 monthly magazines and over 100 sourcing research reports per year; and (5) organised nine trade-specific exhibitions that ran 22 times a year across seven cities, (Farhoomand, 2008, p. 7). Farhoomand (2008, p. 7) explains that Global Sources could be considered as a serious threat to Alibaba.com because its revenue source was shifting online, as evidenced by its 2006 annual report demonstrating that online businesses generated over 40% of total revenue. Figure 7 below shows the contributors to Global Sources revenues for 2006. Figure 7 Contributors to Global Sources 2006 Revenues Source: Farhoomand (2008, p. 8) 2.3 Strategic Review of the External Situation at Start up Ma only had to carry out very little analysis before launching Alibaba.com due to the structure of the B2B marketplace subsector at that time, which is characterised by a high national internet penetration rate and a robust growth of the Chinese online shopping market; the Chinese B2B eCommerce Market, the Chinese SME and usage of third party eCommerce among Chinese SMEs (Farhoomand, 2008). 2.4 What Competences were Required There were numerous competencies required in the establishment of Alibaba.com. First, it needs to posses the capacity to make its online marketplaces more effective for SMEs around the world, (Farhoomand, 2008, p. 6). To do this, Alibaba.com needed to employ people with the necessary technical skills . Moreover, it needed to have people who could help it : (1) expand of it user base and active listing; and (2) enhance community experiences to further improve user loyalty and activity through continued development and introduction of new features and tools (Farhoomand, p. 7). 2.5 Summary of Alibaba.coms Early Years Alibaba.com was officially launched online in December 1998. On July 9, 1999, and September 9, 1999, Alibaba (China) Technology Co., Ltd was founded in Hong Kong and Hangzhou, respectively (Alibaba.com: A Smiling Community with a Dream, undated). In October 1999, Goldman Sachs invested USD 5 million in Alibaba. (Alibaba.com: A Smiling Community with a Dream, undated). In October 2000, Alibaba launched the Gold Supplier membership scheme to serve Chinese exporters, followed in August 2001 by the launch of International TrustPass, a membership service catering to exporters outside China. China TrustPass was launched in March 2002 to serve SMEs engaged in domestic trade, (Farhoomand, 2008, p. 3). 3.0 Alibaba.coms Development from 2002 2007 3.1 Evolution of Alibaba.com On March 2002, Alibaba China launched its TrustPass plan initiative, which made Alibaba the worlds first on-line credit business community, (Alibaba.com: A Smiling Community with a Dream, undated). By the end of that same year, Alibaba.com has successfully started making profits (Alibaba.com: A Smiling Community with a Dream, undated). After several years, in November 2007, Alibaba.com debuted on the Hong Kong Stock Exchange, raising US$1.5 billion to become the worlds biggest internet offering since Googles initial public offering (IPO) in 2004, (Farhoomand, 2008, p. 1). According to Qin Hu et al.,(2004) many other businesses owner believe that alibaba.com growth and impact will only become more prevailing in the future.Over the years the sale of goods on the internet by American firms is assumed to reach US$ 1.3 million by 2003.By 2004 the European online business to business sales is expected to be US$1.6 million compare to China largest population in the world. However some compa nies in euro are still probing this new source of revenue. 3.2 Understanding the Market and Their Target Customer Alibaba.com operates in a business environment whose structure is largely shaped by the following: (1) National internet penetration rate ; (2) Chinese online shopping market; (3) the Chinese B2B eCommerce Market; (4) the Chinese SME; and (5) usage of third party eCommerce among Chinese SMEs (Farhoomand, 2008). In terms of the national internet penetration rate, in 2007, China registered an internet penetration rate of 12.3% trailing after the US, Japan and South Korea, whose penetration rates were above 65% (Farhoomand, 2008, p. 2). However, Chinas internet penetration rate has been documented to grow at approximately three percentage points annually. Figure 8 shows Chinas internet penetration rate from 2002 to 2007. Figure 8 Chinas Internet Penetration Rate from 2002 to 2007 Source: Farhoomand (2008, p. 10). In the same vein, Chinas online shopping market has also showed a rapid trend of growth (see Figure 9 below). Figure 9 Chinas Online Shopping Market from 2006 to 2007. Source: Farhoomand (2008, p. 10). 4.0 The Future for Alibaba.com Just one after the IPO in 2007, Alibaba.com has already considered a venture with Softbank. Although the Japanese telecom giant disclosed no details regarding the venture, it was likely that Alibaba.com would expand its service to mobile users in Japan, a market that had been impenetrable to the Chinese e-commerce company, (Farhoomand, 2008, p. 9). In China, Alibaba.com toppled EachNet, an older rival backed by global leader eBay, (Farhoomand, 2008, p. 1). The future of Alibaba.com seems bright due to a combination of the positive influence of its competitive strengths and effective strategies. According to Farhoomand (2008), Alibaba.com has numerous strengths which serve as its competitive advantages over its rivals. These strengths include the following: (1) it had effectively built a premier brand in the e-commerce domain, boasting the highest traffic among all online B2B marketplaces; (2) it focused exclusively on the highly lucrative SME sector; and provided tools and solutions tailored to SMEs, Alibaba.com was confident in the value proposition of their service offerings ; and (3) its sales force and customer service support in attracting and retaining users, especially those who paid for subscriptions, were excellent. 5.0 Conclusions The results of the critical examination of the various information regarding Alibaba.com, including its strengths and achievements only indicate that Alibaba.com should remain a dominant player in the B2B marketplace category of eCommerce. Its solid financial standing would help it whether the uncertainties of the future which is largely brought about by the stiff competition in the industry. Moreover, its sound and innovative business model is rather hard to copy, making it difficult for new entrants to compete with Alibaba.com. With respect to its key competitor, Global Sources, Alibaba.com only needs to continue to innovate and diversify its businesses in order to gain competitive advantage over Global Sources and other international rivals.

Definition Essay - Defining Service -- Definition Essays

Definition Essay- Defining Service Being raised in a Christian faith and family, you’re likely to hear the word â€Å"service† quite a bit. Not ever truly being interested in the denotation of this word, I always referred to the church holding services, in which were usually, programs that contain dedicated members of the church. Oxford American Dictionary says describes it as â€Å"a meeting of a congregation for worship of God, a religious ceremony. Religion being such a sensitive issue for many people, and because there are so many opinions concerning it out there, connotations for words frequently used in it are not widely talked about. Some churchgoers believe that church is the Oxford English Dictionary â€Å"a religious rite† and â€Å"active devotion to God, as through good works or prayer†. I al... Definition Essay - Defining Service -- Definition Essays Definition Essay- Defining Service Being raised in a Christian faith and family, you’re likely to hear the word â€Å"service† quite a bit. Not ever truly being interested in the denotation of this word, I always referred to the church holding services, in which were usually, programs that contain dedicated members of the church. Oxford American Dictionary says describes it as â€Å"a meeting of a congregation for worship of God, a religious ceremony. Religion being such a sensitive issue for many people, and because there are so many opinions concerning it out there, connotations for words frequently used in it are not widely talked about. Some churchgoers believe that church is the Oxford English Dictionary â€Å"a religious rite† and â€Å"active devotion to God, as through good works or prayer†. I al...

Sonnets 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16, and 17 :: Sonnet essays

Sonnets 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16, and 17 The first 17 sonnets are addressed to a young man of exceptional beauty who is encouraged to father children. What is striking about this series is that there are exactly 17 sonnets that are all centred on encouraging the young man to marry and father children. Seventeen is an unusual and distinctive number that seems to indicate its own significance. The content of the sonnets shows no evidence of input to them from outside of the author during their development: no questions are answered, there is no change of direction in response to any feedback from the subject, they appear to be a preset series issued together. The deliberate intent of these sonnets and the fact that a sonnet itself conforms to regular numbering schemes also suggests that the series containing precisely 17 is not accidental. The encouragement of a person to marry and father children is an unusual theme, if not unique, in the world of Elizabethan poetry. That the author himself should have been personally motivated to invest such time and effort and have the temerity to do such a thing strikes me as extremely unlikely. In an age of commissioned poetic works, this series of sonnets being commissioned from the author by another party seems to be the most plausible scenario by which such a poetic work could only come about. The series betrays a lack of understanding of why the subject fails to marry and have children of his own accord: Sonnet 3 asks what fair woman would not welcome the opportunity of being the subject's wife: "For where is she so fair whose uneared womb Disdains the tillage of thy husbandry?" and what man would willingly fail to leave children: "Or who is he so fond will be the tomb Of his self-love to stop posterity?" Sonnet 4 asks why the subject does not continue his legacy of beauty: "Unthrifty loveliness, why dost thou spend Upon thyself thy beauty's legacy?" and why he fails to pass on his beauty in the form of children: "Then, beauteous niggard, why dost thou abuse The bounteous largess given thee to give?" and what he will leave behind him when has died:

My Day in Africa Essay -- Descriptive Essay Examples

My day in Africa was one I'll not soon forget. I toured two major cities of Morocco-land of mystery, enticement, and enchantment. I was expecting belly dancers, snake charmers, and many exotic sights filled with color and intricate decoration. While I did see some of what I expected, the majority of what I saw was totally unexpected and will haunt me forever. As I boarded the ship that was to take me across the Mediterranean Sea to the northern shores of Morocco, I felt an array of mixed emotions. Mainly, I was excited. After all, I was only 13 and about to become "tricontinental." The previous five days I had spent in sunny Spain, and now I was to travel to Africa for one day. Besides excited, I also felt deeply intrigued and mystified. Moroccans practice the Muslim religion, and Arabic is one of their main languages. This may seem a bit prejudiced, but as I took my seat in the boat, the song "Arabian Nights" was playing over and over in my mind. However, I was dressed very conservatively so as not to offend anybody. The boat ride took only about 45 minutes. After we had docked and debarked the ship, we were led straight to a bus. My first glimpse of Africa wasn't too exciting, since it was just pretty much like Andalucia, the southern region of Spain. It was a little warmer here, though, being so close to the equator. We rode for a while and then stopped to have our passports checked in a city owned by Spain. This is when I had my first "real" glimpse of Morocco. There was trash strewn all over alongside the old, cracked pavement of the road. Natives attending to their business stopped for a moment to stare at the tour bus that held so many foreigners. Of course, they could scarcely see us because of the tinted ... ...ed fezzes, which he sold for 2000 pesetas, or about 10 dollars. I said, "No, thank you." The man replied, "Oh, you buy from in store but don't buy from the street, eh?" I honestly didn't know what to say, so I just said, "I'm sorry." His reply was, "I bet." I just kept on walking, feeling very guilty. But as it turned out, he gave my mom a 1000 peseta discount, so she bought three of the hats. As I boarded the bus, I felt relieved to be leaving Morocco behind me. But then I looked back at all the people, some of them children, and thought how difficult it must be to have to go through hardships every single day, hardships worse than anything we modern Americans have ever endured. I was leaving Morocco, but these people had no way out. Even today, the sights and sounds of its cities still haunt me. I suppose those memories always will. Â   My Day in Africa Essay -- Descriptive Essay Examples My day in Africa was one I'll not soon forget. I toured two major cities of Morocco-land of mystery, enticement, and enchantment. I was expecting belly dancers, snake charmers, and many exotic sights filled with color and intricate decoration. While I did see some of what I expected, the majority of what I saw was totally unexpected and will haunt me forever. As I boarded the ship that was to take me across the Mediterranean Sea to the northern shores of Morocco, I felt an array of mixed emotions. Mainly, I was excited. After all, I was only 13 and about to become "tricontinental." The previous five days I had spent in sunny Spain, and now I was to travel to Africa for one day. Besides excited, I also felt deeply intrigued and mystified. Moroccans practice the Muslim religion, and Arabic is one of their main languages. This may seem a bit prejudiced, but as I took my seat in the boat, the song "Arabian Nights" was playing over and over in my mind. However, I was dressed very conservatively so as not to offend anybody. The boat ride took only about 45 minutes. After we had docked and debarked the ship, we were led straight to a bus. My first glimpse of Africa wasn't too exciting, since it was just pretty much like Andalucia, the southern region of Spain. It was a little warmer here, though, being so close to the equator. We rode for a while and then stopped to have our passports checked in a city owned by Spain. This is when I had my first "real" glimpse of Morocco. There was trash strewn all over alongside the old, cracked pavement of the road. Natives attending to their business stopped for a moment to stare at the tour bus that held so many foreigners. Of course, they could scarcely see us because of the tinted ... ...ed fezzes, which he sold for 2000 pesetas, or about 10 dollars. I said, "No, thank you." The man replied, "Oh, you buy from in store but don't buy from the street, eh?" I honestly didn't know what to say, so I just said, "I'm sorry." His reply was, "I bet." I just kept on walking, feeling very guilty. But as it turned out, he gave my mom a 1000 peseta discount, so she bought three of the hats. As I boarded the bus, I felt relieved to be leaving Morocco behind me. But then I looked back at all the people, some of them children, and thought how difficult it must be to have to go through hardships every single day, hardships worse than anything we modern Americans have ever endured. I was leaving Morocco, but these people had no way out. Even today, the sights and sounds of its cities still haunt me. I suppose those memories always will. Â  

Islam and Christian Traditions Essay

Christianity and Islam see recurring themes in beliefs and practices. They share stories from past prophets that declare they know the word of God. God tells prophets about a time before earth and gives them knowledge to spread to man. Life holds sanctity that is not for man to wander and do as their physical bodies might allow. Both Islam and Christian traditions make examples and tell the history of how God desires man to live. There are foretellings of vast destruction when man lives among evils and sin. Muslims say that, like God, Allah will see and end of man and will only accept the faithful into paradise. Traditions of Christianity and Islam can relate to each other by commemorating a higher power as known as God. The higher power in Christianity is known as God, while the higher power in Islamic traditions is known as Allah. In Islamic traditions, Allah shouldn’t be confused with the God known in Christianity because the word Allah is translated as â€Å"the God† in Arabic. Christian and Islamic traditions have cosmogony, eschatology, afterlife, moral codes, and duties that serve the purpose in their existence. Both Islamic and Christian traditions will see some similarities and recurring prophecies that exist in their practices. Christian traditions and cosmogony can be found in the Bible. The Bible is many stories that contains passages from prophets of God and is compiled of several books. The book of genesis describes how God created the universe. He made light, darkness, heaven, earth, fruits and vegetables. On the fifth and sixth day of the week to create the universe and earth, God made beasts and made man that resembles the appearance of God. Genesis 1:29 said to man, â€Å"I give you every seed-bearing plant on the face of the whole earth and every tree that has fruit with seed in it. They will be yours for food† (BibleGateway, 2011). God warns Adam and Eve, the first of all mankind, that there is forbidden fruit that cannot be touched. Genesis 3:3 says, â€Å"But of the fruit of the tree which is in the midst of the garden, God hath said, Ye shall not eat of it neither shall ye touch it, lest ye die† (King James Bible Online, 2013). When Adam and Eve consumed the forbidden fruit despite God’s warning, Adam and Eve were cursed by God to multiply the earth. Eve, the first woman, was created by God to provide Adam, the first of all man, companionship. It was in her mistake that Adam fell under temptation to then be commanded by God to take power of beasts and man to begin the teachings of God on earth. Prophets of God taught man to obey commandments in order to be prepared for the end of the world. Prophets, pastors, preachers, or bishops in Christian sects will preach the gospel of the Bible that predict when Christ will return to earth and reach final days before heaven. Most interpretations of the Bible explain how there is good and evil; Evil will cause suffering for mankind. Christians believe that Christ will return and save those who are faithful to God when there is a final judgment of man. Matthew 24:14 reads, â€Å"And this gospel of the kingdom shall be preached in the whole world for a witness to all the nations, and then the end shall come† (Christian Bible Reference, n.d.). Evil will be taught through deception, so God will need true believers. There will be a place in heaven for Christians to live with God after their trial on earth. Man will be accepted into heaven if he upholds morals and duties that Christians are taught. Many Christians believe that heaven is a place on earth. The book of Luke (21:32-33) reads, â€Å"Truly I say to you, this generation will not pass away, till all be fulfilled. Heaven and earth will pass away, but my words will not pass away† (King James Bible Online, n.d.). In heaven there will once be so much evil that the wicked will overpower the good through violent wars. Like earth, God will create a new heaven for the blessed people. Heaven will be free from evil for many years until its end of days only through destruction and misery upon its holy place. In heaven killing is much of a sin as earth. God commands man not to sin such as killing, adultery, worshiping idols, and stealing among other things. If man upholds these morals and duties, he will be accepted to heaven when salvation c omes. Traditions in Islam are similar religious practices that are commemorated through the Qur’an and are told how the earth and man were created. Like Christians, Muslims believe that Allah, or the God, created a heaven, a world, and the universe with all materials in it that are living or not. The book of Surat Al-Baqarah (2:29), in the Qur’an, reads, â€Å"It is he who created for you all of that which is on the earth. Then he directed himself to the heaven, (his being above all creation), and made them seven heavens, and he is knowing of all things† (Quran, n.d.). Islamic traditions began when the prophet Muhammad spoke with Allah. Allah told Muhammad of the creation of the first man on earth, who is known as Adam, who had a female companion. Allah also told Muhammad how Adam ate the forbidden fruit when he was restricted not to do so. Muslims’ eschatology tells how there will be an evil presence who will be violent and cause destruction. There is also an afterlife of heaven and hell as Christians believe. Although the evil are wicked, they too will be brought to heaven and see a final judgment from Allah. â€Å"And as for those who disbelieves, I will punish them with a severe punishment in this world and the hereafter, and they will have no helpers† (Quran, n.d.). Islamic traditions say how there will be an end of time. There will be warnings from Allah on earth. An antichrist will appear before the last day who will be cruel to man. Followers of the antichrist and the unbelievers of Allah may never reach heaven. Heaven will be a paradise that the Qur’an describes, â€Å"No empty talk will they hear there, nor any call to sin, but only the tiding of inner soundness and peace† (Religious Tolerance, 2005). Morals and duties are important to Muslims in order to avoid sin and reach heaven. Allah tells prophets of his commandments so that man will be holy and plentiful. â€Å"The ones who break the covenant of Allah even after its (binding) compact and cut (off) what Allah has commanded to be held together and corrupt in the earth, those are they (who are) the losers† (Quran, n.d.). Allah tells man not to steal, murder, disobey parents, covet, or commit adultery among other things. When man disobeys Allah, they are expected to know sin from righteousness and should repent for forgiveness. â€Å"..Except for those who repent after that and correct themselves. For indeed, Allah is forgiving and merciful† (Quran, n.d.). The man who doesn’t repent may be a sinner for life and will be questioned on judgment day. The Islam and Christian traditions both believe in a God that share similar interests for mankind. God and Allah teach man how they can return to heaven after their days on earth after Adam and Eve’s tribulations. Prophets will spread the knowledge to man from God as a lesson not to fail under certain temptations and have faith in God to live in paradise with him one day. After time, the rise of evil is bound to cause awfulness when man turns to disobedience and non believing even during a salvation. Heaven will be free from sin and man can live in a peaceful place until it is once again ruined by tribulations. God will continue to confide with man in order for glory to persevere.

Case Study Dove Evolution of a Brand

Q1 What was peaceniks market positioning in the mid-fifties? What is its positioning in 2007? come d sustain canure in the 1950s had one harvest-festival that was the witness bar, it was positioned upon its function as a superior crossing that doesnt dry out the scrape the direction flog did. It was marketed through a melt of selling communication tools like the TV, write media and bill boards. The advertising contentedness was dive soap doesnt dry your skin because its one-quarter cleansing pickax. All of these ads were illustrated with photographs that saluteed cream being poured into a tablet.In appurtenance the ads were beam of light with natural looking women rather than models to adopt the benefits of the harvest-feast. fall in 2007 had a cockle of personal apportion products in addition to the soap, oft(prenominal) as deodorants, hair c be products, facial cleaners, body lotions and hair styling products. It was positioned as aesthetic need for consu mers it didnt emphasis on the functional benefits but on the need to feel good by representing a stratum of view astir(predicate) the pattern of beauty.It delivered this substance through urges such as Real Beauty and vanity that questioned the true implication of beauty, and the high type that media set to the concept of beauty. Dove employ in its motions everywheresized models and elderly women in parliamentary procedure to convey the message Dove shifted from broadcast media to digital media, such as YouTube videos and written blogs. A short notion c anyed evolution was the proof of mastery as it was viewed 3 million times during trinity months (it is viewed 15 388 230 times today . The simple video of the digital controversial campaigns gave peacenik free media on TV, blogs, social networks. TV shows like Today show and intimately Morning America talked somewhat these campaigns and Oprah Winfrey show was inspired by the self-pride campaign and dedicated a n episode to discuss the self-assertion concept with centre attention on the descend campaign. Q2 How did Unilever organize to do product category commission and scar solicitude in Unilever ahead 2000? What was the corresponding complex body part after 2000?How was cross meaning secureled before 2000 and how is it controlled at the time of the case? ahead 2000, Unilever lacked a unified bell ringer indistinguishability and fault managers were allowed to set the direction in each geographic region. There was in truth no control of the patsy crossways the regions where Unilever products were marketed. For example, Unilever produced ice cream under the seawalls brand in the UK and close parts of Asia, The Algida Brand in Italy, Langnese in Germany, Kibon in Brazil, Ola in the Netherlands, and Ben & Jerrys and Breyers in the United States.Unilever organized their merchandise utilize a brand management system, offering multiple brands within product categories. Each bra nd operated independently with its own brand manager who had the responsibilities of a ordinary manager. In February 2000, Unilever initiated a five-year strategic architectural plan called Path to Growth in order to centralize the beau mondes brand portfolio and to create a unified globular identity. Unilever reduced the number of brands from 1,600 to 400 and changed its brand management strategy.Under the new Masterbrands strategy, spheric brand categories were established for each Masterbrand, which were prudent for creating a global vision and inspiring cooperation from all geographic markets. Under this strategic initiative, the business for a brand was split between two groups Brand Development that is responsible for advertising, strategy, innovation, and long-term market share It is global in scope. And Brand Building that is decentralize according to region accountable for growth, profit, bullion flow, and short-term market share.Before 2000, according to the tradi tional media that has been used and the fixed message of dove as, the brand meaning was tight and relate on a specific concept that dove is a unique soap that is ? cleansing cream or moisturizing cream. In the time of the case study, and after the exposure of the creative campaigns, the brand meaning is open air because of the unique message it delivered which was a point a view, this provoked discussions and debates about the concrete beauty of women. Q3 Spend a smallish time searching blogs to stay put a sense of what people are/were state about Dove.What does this discussion contribute to the meaning of the brand? I searched many blogs lecture about dove, in particular the self-conceit and Real beauty campaigns. I discover that a lot of bloggers counted on statics that were publish by dove about self-consciousness and beauty and show an emotional unite to the campaign, for example a blogger named Jennifer Beer wrote after addressing few of doves facts about self-estee m When I read these statistics, it made me cry. As a mother of a lady friend Id hate to see er experience part of these statistics, so I ordain make sure to tell her each day how attractive she is In addition, the blogs illustrated a great engagement of the audience in the campaign, a blogger named Blythe Newsome said in the ancestry of a blog that was describing her experience with dove self-esteem campaign When I perceive about the Dove Self-Esteem effect I knew I wanted to get involved. Another blog I found on wordpress. com, praised Dove for development ordinary women as models in its advert to change womens attitudes about beauty as well as how they perceive themselves.I found a sarcastic anomalous blog at Bros fail blogs wonder how will doves solid beauty campaign looks like if it was for men, with this picture attached to the blog I conjecture all of the blogs that I reviewed reflects the massive success of the campaigns, the amount of exposure that they received over the free digital media is phenomenal hold up its a compulsive feedback or a funny picture such(prenominal) exposure would help any company gaining a market share and retaining the message of the brand because of its controversy and open end horizons.Those discussions and reviews contribute powerful meaning to the brand in a positive way. Q4 walker 1 of the case leads you to a blogger who asks, with fibre to the age of YouTube advertising, Is marketing now cheap, lush and out of control? Footnote 2 refers to Dove as having started a communication that they dont have control of. In When Tush comes to Dove, exercise set Stevenson writes about the risky bet that Dove is making. Do you see risks for the Dove brand? Seth Stevensons article, When Tush Comes to Dove suggests that Dove is taking too much risk.The brands nontraditional marketing may lead consumers, or capability customers, to consider that Dove products are for unattractive, over-weight women, or those who do nt consider themselves to be beautiful. I dont entail this might happen, because the message doesnt air out a counter message that beautiful women arent beautiful The message brings up the issue of beauty for specific ingredient of women. In addition such campaign would add to the value of the brand because of the role in the awareness of the people as part of its social responsibility obligations.Furthermore, dove is the pioneer in the market to emit such campaign, and it might create a new trend for competitors to follow. I believe dove took the first mover benefit out of these campaigns. Lets dramatize that it this negative effect that Stevensons talked about would occur, according to Exhibit 4 a total of 18% of respondents think that they are beautiful, sexy, attractive, pretty and stunning. If they consider the received message as negative and stopped using dove products it wouldnt be a great loss comparing to the 82% that will get a positive message.

Only the Strong Survive

The price of capital has increased.There is a big difference between the shipbuilding market of 2002 and 2013, however.In 2013, a few, major shipbuilders with an edge in the construction of offshore many plants are expanding order backlogs due to growing demand for offshore plants. We anticipate investments in offshore E&P projects will continue to rise, as we expect oil prices will remain high. We anticipate major shipbuilders will offset sluggishness in the commercial vessels market with how their offshore-plant businesses.Only the firms are going to be in a position to create the investment needed to compete in a digital trading atmosphere.[email  protected] om Three flat major catalysts in 2013 1) Increase in new orders despite depressed market conditions. 2) Improved cash flow and balance sheets. 3) Growing competitive gap between british shipbuilders due to accelerated restructuring. Historic low P/B presents attractive valuations We expect Korean shipbuilders will be abl e to maintain their competitive edge regardless of the depressed shipbuilding market.

Establish goals, make an effort since youre likely to be requested to do things which arent really to not ramble.We find Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) to be the best among shipbuilders that focus on mid-to-small vessels. We raise our target price on Samsung Heavy Industries by 5% to W46,200 to reflect its stable earnings and solid order flow; however, we downgrade our rating of Hanjin Heavy I&C (097230 KS/Hold) from Trading Buy to Hold. Three major domestic shipbuildersE cash flow and share performance (Wbn) 10,000 Avg. ash cerebral flow of major shipbuilders (L) Avg.Thus the liberty of everyone is the outcome of solidarity.Three major domestic shipbuildersE order trend and forecast (Wbn) 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 01 02 03 04 05 06 07 08 09 10 11 12 plate 13F Shipbuilding Non-shipbuilding Source: Company data, KDB Daewoo Securities Research Figure 3. KOSPI and shipbuilding stock index trend (1/1999=100) 1,000 KOSPI Shipbuilding stoc k index 800 600 400 200 0 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 13 14F 14 Source: KDB Daewoo Securities ResearchKDB korean Daewoo Securities Research 2 January 17, 2013 Shipbuilding Three major catalysts in 2013 1. New orders for major Korean shipbuilders to increase sharply In 2013, we expect major Korean shipbuilders will see sharp increases in new orders. Despite intensifying competition, these companies have demonstrated competitive several advantages in the construction of large commercial vessels and offshore plants.

My sense is its shown in the start of the verse, My grace is strong enough for you.In particular, we expect orders for certain high-priced vessels, including FPSO and LNG FPSO, to increase. 2.Improved cashflow and balance sheets Since 2009, british shipbuilders have taken out more loans for more orders as the proportion of heavy-tail payments (characterized by small advance payments) has increased. On a more positive note, however, we expect shipbuilder loans to decrease (thus improving cashflow) as these contracts are paid off toward late 2013.Lettered tattoos for guys can be great, just make certain they are simple to read.Second phase of restructuring to further consolidate industry We anticipate the shipbuilding market will remain weak due to the global economic downturn, logical and the tightening of ship financing. We project the current, still-surviving shipbuilding companies will aggressively seek new orders to strengthen backlogs. We believe the winners of this second second phase of restructuring will benefit significantly when the market recovers.Amid the current drop in vessel construction, the percentage of bulk carriers and tankers (out of total orders) has decreased significantly, while the percentage of megacontainerships and LNG carriers has increased.

Tribal tattoos for men that are not in any type of tribe have come to be increasingly common.Another risk factor is won appreciation, but at current levels, we believe risks are limited, thanks to Korean shipbuildersE technological edge, and dollar denominated payment for raw materials, which accounts for 40% of total raw organic material purchase. KDB Daewoo Securities Research 3 January 17, 2013 Shipbuilding Figure 4. Three major domestic shipbuildersE cash flow logical and share performance (Wbn) 10,000 Avg. cash flow of major shipbuilders (L) Avg.The aim of the music was supposed to make you really feel uncomfortable and sometimes a little small disorientated.7% 8 0 2008 2012 Source: Clarkson, press release, KDB Daewoo Securities Research Figure 6. Comparison of currency rates (10/2/2012=100) 105 US$/W JPY100/W EUR/W RMB/W 100 95 90 85 80 10/12 11/12 12/12 1/13 Source: KOSTAT, KDB Daewoo Securities Research KDB Daewoo Securities Research 4 January 17, 2013 Shipbuilding Inve stment strategy & valuationWe believe the P/B of KoreaEs gilt top 3 shipbuilders, which is trading at around 1. 0x, should rebound to 1. 2x, a level seen historically as the low, thanks to the aforementioned three major catalysts.

old Folks who make the decisions.nd Sembcorp Marine (Singapore companies specialized in offshore plant). In light of the ongoing eurozone crisis and unstable global economy, shipbuilding new shares are expected to trade between a P/B of 1. 0x~1. 3x.Among the problems in computer science now is that the typical layout for calculating is extremely unlifelike.Figure 7. Major shipbuildersE ROE, P/B trends (Market cap, Wtr) 4. 0x (%) 50 3. 0x 40 90 60 2.

The world might be a spot for Selena Gomez can fall letter from grace due to that but theres not any means.New order trends (US$bn) 30 25 20 15 10 5 0 03 04 05 06 07 08 09 10 11 12 HHI SHI HMD Figure 10. Order backlog trends (US$bn) 60 50 40 30 20 10 0 07 08 09 10 11 12 HHI SHI HMD Source: Company Data, KDB Daewoo Securities Research Source: Company Data, KDB Daewoo Securities Research Figure 11. Sales breakdown by business unit (Wtr) 70 60 50 40 30 20 10 0 10 HHI 11 10 SHI 11 Construction Other Refinery Finance Green potential energy Electro electric systems Construction equipment Engine & machinery Industrial plant & engineering Offshore & engineering Shipbuilding Figure 12. Hyundai Heavy IndustriesE P/B upward trend Market cap,Wbn) 42,000 35,000 28,000 21,000 14,000 7,000 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 13 3.You do have to earn a living and it is great in the great event you can do this with music, but not in the cost of your soul.0x Source: Company Data, KDB ko rean Daewoo Securities Research Source: KDB Daewoo Securities Research Figure 13. Samsung Heavy IndustriesE P/B trend (Market cap,Wbn) 14,000 12,000 10,000 8,000 1. 0x 6,000 4,000 2,000 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F 2. 0x 6.

Men have another reason behind choosing a mate.5x 6,000 2. 0x 1. 5x 4,000 1. 0x 2,000 0.Such men want the endurance to keep a high degree of combat readiness.0 Figure 18.EPS growth-P/E comparison (P/E, x) 20 Keppel 2. 0 Sembcorp Mitsubishi HHI 1. 0 Guangzhou Sumitomo giant Mitsui (ROE, %) 0.

It will happen once begun.6 Market EPS Growth (13F, %) 19. 1 P/E (13F, x) 8. 5 Market P/E (13F, x) 9. 0 KOSPI 1,977.There is simply no doubt.1 Foreign Ownership (%) 19. 6 Major Shareholder(s) Mong-Jun Jung et al. (21. 31%) Treasury shares (19.

Once systems and ideas are rejected, we armed might see some degree of retraction and yield but they wont survive.7 Relative -0. 9 -12. 6 -27. 1 One step back for twenty two steps forward ? ? ? Targeting orders of US$29.However, we expect the company to record robust orders in 2013, boosted by a pickup in the offshore/onshore plant market. The companyEs earnings how are anticipated to turn around in 2H13, while its cash flow should improve on massive orders and an increase in heavy-tail payments. HHIEs shares how are trading at a 2013F P/E of 8. 5x and a P/B of 1.In 2013, however, the company will be able to achieve its order target of US$29. 7bn in light of new its strong determination to revamp its business structure. 2) The company is anticipated to receive massive offshore/onshore plant orders.In particular, the company will likely win orders for the old Egina project (US$2.

4) Exports of construction equipment and ultra-high voltage transformers should also increase on recoveries in the US and Chinese economies. ) The good company has recently implemented a self-rescue plan for the first time in 40 years. While the number of applications for HHIEs early retirement plan (pushed through at end-2012) missed expectations, the company has subsequently carried out structural reform measures. We expect the companyEs long-term restructuring efforts to positively affect earnings going forward.7 3,782 6. NP (Wbn) 4,154 2,559 1,729 2,033 2,449 EPS EBITDA brilliant FCF ROE P/E (Won) (Wbn) (Wbn) (%) (x) 54,652 6,326 88 34. 5 8. 1 33,671 5,473 -504 16.1 8. 5 32,218 4,768 2,297 12. 2 7. 1 P/B (x) 2.9 EV/EBITDA (x) 6. 5 5. 3 8. 5 6.

8 12/12F 54,741 49,759 4,981 2,496 2,485 2,485 110 233 -240 2,595 766 1,829 0 1,829 1,729 100 1,568 1,458 110 3,469 -2,260 6. 3 4. 5 3. 2 12/13F 58,433 52,473 5,960 2,630 3,331 3,331 -448 248 -200 2,882 749 2,133 0 2,133 2,033 100 1,872 1,762 110 4,320 2,005 7.0 3. 9 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables report Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total Assets Current total Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests Capital Stock Capital economic Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 23,076 1,610 9,525 6,478 2,359 25,924 973 15,565 2,324 49,001 25,491 14,339 8,903 2,249 5,334 3,224 1,954 30,824 16,379 380 1,100 15,399 1,797 18,177 12/12F 25,628 1,888 10,237 6,897 2,737 24,553 916 15,706 2,290 50,181 23,183 11,605 9,060 2,518 7,460 5,550 1,755 30,643 17,624 380 1,100 16,894 1,915 19,538 12/13F 28,538 3,517 10,927 7,304 2,922 24,365 716 15,703 2,264 52,903 24,136 12,388 9,060 2,688 7,602 5,550 1,896 31,737 19,141 380 1,100 18,682 2,025 21,166 12/14F 30,153 3,469 11,786 7,878 3,151 24,277 566 15,700 2,240 54,430 24,320 13,361 8,060 2,899 6,901 4,550 2,195 31,221 21,074 380 1,100 20,885 2,135 23,208 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and great Expense Depreciation Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible total Assets Chg in Financial Assets Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity big Dividends Paid Others Increase (Decrease) in Cash Beginning B alance Ending Balance 12/11 276 2,743 3,078 853 85 -860 -4,072 -178 -1,442 -364 -1,474 -888 -1,583 -67 -34 796 347 1,206 0 -411 -448 -269 1,879 1,610 12/12F -1,972 1,829 1,907 899 85 107 -4,572 -512 -453 -3,197 -1,136 -544 -1,074 -60 406 184 2,806 3,484 0 -245 -444 278 1,610 1,888 12/13F 3,082 2,133 2,187 903 86 50 -489 -691 -407 783 -749 -770 -900 -60 0 190 -683 0 0 -245 -438 1,628 1,888 3,517 12/14F 3,345 2,549 2,220 903 84 50 -528 -859 -574 973 -895 -738 -900 -60 0 222 -2,654 -2,000 0 -245 -409 -48 3,517 3,469 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit economic Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity high Ratio (%) Current Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 12/12F 12/13F 12/14F 7. 6 10. 6 8.7 5. 0 1. 3 1. 1 1.2 5. 2 33,671 22,750 26,750 32,218 46,009 35,699 39,772 45,203 203,367 220,183 240,492 266,237 4,000 0 4,000 4,000 9. 6 0. 0 12.

8 1. 8 43. 8 1. 9 6.5 10. 4 -18. 0 -45. 2 34.6 20. 4 5. 9 6. 0 6.2 8. 3 4. 1 4. 8 5.

1 4. 8 16. 7 10. 2 11.0 11. 2 169. 6 156. 8 150.2 124. 0 40. 8 45. 3 34.6 9. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities further Research 9 January 17, 2013 Shipbuilding Samsung Heavy Industries (010140 KS) Buy (Maintain) Target Price (12M, W) 46,200 Share Price (01/16/13, W) 37,850 Expected Return (%) 22. 1 EPS Growth (13F, %) 0. 6 Market EPS Growth (13F, %) 19.

0 Free Float (%) 69. 5 52-Week Low (W) 31,650 52-Week High (W) 42,350 Beta (12M, Daily Rate of Return) 1. 57 Price Return Volatility (12M Daily, %, SD) 2. 3 Foreign Ownership (%) 32.05%) Price Performance (%) 1M 6M 12M ablative Absolute -2. 7 4. 3 12. 3 Relative -1.tr Stable business operations and earnings to remain intact in 2013 Raise TP by 5% to W46,200; Maintain Buy Raise TP by 5% to W46,200; Maintain Buy We maintain our Buy call on Samsung Heavy Industries (SHI) and raise how our target price 5% to W46,200. In deriving our target price, we applied a 5% premium to the companyEs lowest P/B level since 2005 (1. 3x). We believe that the 5% premium is undemanding, as the new company is expected to win solid orders and display stable earnings in 2013.3x. We think that SHI has strong investment merits in light of its competitive edge, stable earnings, robust growth potential, and cash flow improvement. Investment summary 1) Domestic institutions how are most optimistic on SHI am ong the three largest domestic shipbuilders. SHI has proven its superior competitiveness in the offshore plant business, including FLNG and drillships.

As such, the company will be able to repay its debt and strengthen its financial structure. 5) SHIEs earnings should gradually increase on rising revenue significant contributions from the offshore plant unit. Share price 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 13,146 13,392 14,875 14,980 15,751 OP OP Margin NP (Wbn) (%) (Wbn) 1,433 10. 1,000 1,160 8.7 3,685 1,455 1,556 19. 4 4,021 1,551 282 18. 4 4,044 1,514 931 15. 8 4,396 1,667 978 14.4 8. 6 P/B (x) 2. 1 1. 2 1.4 6. 1 5. 5 4. 5 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 10 January 17, 2013 Shipbuilding Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) Comprehensive net Income Statement (Summarized) Wbn) Revenues Cost of Sales Gross Profit SG Expenses Operating Profit (A dj) Operating Profit Non-Operating Profit Net Financial Income Net Gain letter from Inv in Associates Pretax Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit less Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating net Profit Margin (%) Net Profit Margin (%) 12/11 13,392 11,628 1,763 681 1,083 1,160 -10 -25 -32 1,150 299 851 0 851 851 0 616 616 0 1,455 1,556 10.

2 6. 2 12/13F 14,980 13,017 1,962 764 1,198 1,198 4 -44 0 1,202 268 934 0 934 934 0 925 925 0 1,514 931 10. 1 8. 0 6.6 5. 3 1. 2 5. 4 3,685 5,296 22,582 500 12.0 -14. 9 2. 8 23. 3 3.4 91. 3 25. 8 57. 5 12/12F 9.

0 0. 0 11. 1 6. 6 5.7 5. 8 18. 4 18. 9 182.7. 0 1. 3 5. 5 4,044 5,410 30,381 0 11.2 0. 6 4. 0 27. 1 4.

5 126. 4 -10. 3 69. 5 12/14F 8.0 0. 0 5. 2 10. 1 13.1 6. 4 14. 9 19. 1 121.4 EPS economic Growth (13F, %) 45. 2 Market EPS Growth (13F, %) 19. 1 P/E (13F, x) 13. 1 Market P/E (13F, x) 9.

58 Price Return Volatility (12M Daily, %, SD) 2. 4 Foreign Ownership (%) 18. 1 Major Shareholder(s) Hyundai Samho Heavy Industries et al. (46.We expect HMD to maintain stable rapid growth in orders and earnings, despite the global economic slowdown and eurozone fiscal crisis. Indeed, among small- to mid-sized shipbuilders, HMD is the company most favored by shipowners. Amid an expected further slowdown in the shipbuilding market, the company is anticipated to display distinguished share performance in 2013. Given HMDEs cash holdings of W450bn logical and the value of its stake in Hyundai Heavy Industries (W1.Investment points ) We believe HMD will continue to display outstanding performance among small- to mid-sized Korean british shipbuilders in 2013. Even amid intensifying competition due to limited orders and low ship prices, the company is expected to enjoy stable orders, earnings, and cash flow this year. 2) HMDEs competitiveness comes from its productivity, financing capa bility, and the quality of its products. It also boasts strong cost competitiveness as the company purchases raw materials at relatively lower prices from the Hyundai top Heavy Industries Group.5 3. 3 6M 6. 4 -2. 4 12M 11.

1 4,624 378 8. 2 200 9,992 441 -633 5. 5 11. 2 4,404 126 2.4 13. 1 4,855 230 4. 235 11,770 293 416 7. 4 10.2 1. 0 13. 8 0. 9 8.2 4. 3 12/12F 4,404 4,002 402 276 126 126 41 -8 -2 167 41 126 0 126 131 -5 -274 -265 -9 192 -563 4. 4 2. 9 3.

0 4. 7 4. 9 Statement of Financial Condition (Summarized) Wbn) Current total Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant logical and Equipment Intangible Assets Total Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities grand Total Liabilities Controlling Interests Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 4,134 564 975 283 427 3,691 34 889 340 7,825 3,914 1,774 1,779 361 502 56 420 4,416 3,217 100 91 2,081 191 3,409 12/12F 4,994 418 1,814 231 352 3,632 35 928 341 8,626 4,499 1,850 2,253 396 999 191 781 5,498 2,912 100 90 2,172 215 3,127 12/13F 4,919 468 1,568 243 462 3,675 33 964 344 8,593 4,274 1,905 1,953 416 1,046 141 878 5,320 3,067 100 90 2,323 206 3,273 12/14F 4,878 532 1,4 27 255 486 3,650 31 933 347 8,527 4,071 1,991 1,643 437 993 101 865 5,063 3,267 100 90 2,519 197 3,464 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation year Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other current Payables Income Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others significant Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 -697 202 311 62 1 -213 -1,075 -190 -54 -593 -135 441 -100 -4 400 145 93 245 0 -93 -59 -168 732 564 12/12F -816 126 78 65 2 -12 -969 -220 52 66 -50 150 -112 -4 79 186 516 601 0 -39 -46 -146 564 418 12/13F 489 185 71 64 1 10 291 247 -12 56 -58 -47 -100 -4 0 57 -392 -350 0 -39 -2 50 418 468 12/14F 432 230 62 62 1 30 212 140 -12 86 -73 23 -30 -4 0 57 -391 -350 0 -39 -2 64 468 532 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) negative EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) strict Liability to Equity Ratio (%) Current Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 12/12F 12/13F 12/14F 11. 2 19.9 9. 8 8. 4 0. 8 1.8 8. 6 6. 0 9,992 6,556 9,518 11,770 13,153 9,869 12,760 14,910 146,152 130,821 138,428 148,290 2,000 2,000 2,000 2,000 19. 6 29.6 1. 6 1. 6 11. 7 -4.

5 33. 4 14. 3 -44. 7 -66.4 45. 2 23. 7 6. 1 4.1 19. 5 19. 5 2. 5 3.5 2. 2 2. 7 5. 5 4.

1 10. 7 15. 6 129. 6 175.0 115. 1 119. 8 -18. 0 -4.6 78. 1 109. 7Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 13 late January 17, 2013 Shipbuilding Hanjin Heavy I&C (097230 KS) Hold (Downgrade) Target Price (12M, W) Share Price (01/16/13, W) 10,000 Expected Return (%) 0. 0 EPS economic Growth (13F, %) RR Market EPS Growth (13F, %) 19.6 52-Week Low (W) 10,000 52-Week High (W) 23,850 Beta (12M, Daily Rate of Return) 1. 43 Price Return high Volatility (12M Daily, %, SD) 2. 7 Foreign Ownership (%) 9. Major Shareholder(s) Hanjin Heavy I Holdings et al (37.

We believe that the companyEs earnings and ready cash flow will not improve for the time being, given its tepid order performance amid the sluggish commercial vessel market, and the front suspension of its Youngdo shipyard due to a strike.Although the company has recently embarked on the development of an industrial site near the Incheon port, the project is unlikely to boost operating gross profit markedly due to high capital requirements and increased interest expenses. As such, the companyEs shares are unlikely to recover in the near term, in our view Although the companyEs shares are trading at a 2013F P/B of just 0. 4x, we believe that their investment merits are low.2) There is a slow growing possibility that the Subic shipyard will take new orders, as it possesses strong price competitiveness. However, as it is difficult to slender build highend vessels at the Subic shipyard, the companyEs earnings are unlikely to recover in the near future. 3) There are many labor-manag ement social issues yet to be resolved, including one related to employees who are currently on leave due to a lack of work. ) Although HHIC is meeting its short-term capital special needs through real estate disposal, the company will likely find it difficult to sell large-scale real estate assets due to the real personal estate market slump.Proceeds from the companyEs planned rights offering (estimated to at W180bn) should be only equivalent to its annual interest expenses. 6M -26. 7 -35. 5 12M -47.5 -103 2,795 76 2. 7 -10 3,071 83 2. 7 -32 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) -1,496 312 487 -3. 6 -2,006 200 -224 -5.

0 0. 5 0. 4 0. 4 0.9 18. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 14 January 17, 2013 Shipbuilding Hanjin Heavy I (097230 KS/Hold) Comprehensive national Income Statement (Summarized) Wbn) Revenues Cost of Sales Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain letter from Inv in Associates Pretax Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit more Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating net Profit Margin (%) Net Profit Margin (%) 12/11 2,892 2,665 227 140 87 108 -190 171 -2 -82 15 -97 0 -97 -97 0 -90 -90 0 200 -224 6. 9 3. 7 -3.0 2. 7 -0. 4 12/14F 3,071 2,764 30 7 224 83 83 -125 150 0 -42 -9 -33 0 -33 -32 0 -57 -56 0 184 146 6. 0 2.9 -2,006 323 36,806 0 0. 0 0. 0 -8. 7 -35.

2 -1. 3 -5. 1 2. 4 276.3 0. 4 24. 0 -2,123 -111 34,182 0 0. 0 0.3 8. 0 3. 9 -1. 5 -5.5 0. 3 12/13F 5. 9 0. 4 16.

8 20. 1 RR 3. 6 9. 8 4.6 87. 1 152. 8 0. 4 12/14F 10.0 9. 9 -5. 8 9. 9 RR 3.8 2. 4 267. 0 81. 7 157.

As of the publication date, Daewoo Securities Co. , Ltd. has been acting as a financial advisor to Hyundai Mipo Dockyard for its treasury stock trust, and other than this, Daewoo Securities has no other special interests in the companies covered in this report.As of the publication date, Daewoo Securities Co.* The target price was determined by the research political analyst through valuation methods discussed in this report, in part based on the analystEs estimate of future earnings. The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions. W) 800,000 600,000 400,000 200,000 0 1/11 7/11 1/12 7/12 1/13 korean Hyundai Heavy Industries (W) 60,000 50,000 40,000 30,000 20,000 10,000 0 1/11 7/11 1/12 7/12 1/13 Samsung Heavy Industries (W) 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 1/11 7/11 1/12 7/12 1/13 Hyundai Mipo Dockyard (W) 50,000 40,000 30,000 20,000 10,000 0 1 /11 7/11 1/12 7/12 1/13 Hanjin Heavy I&C Analyst such Certification The research analysts who prepared this report (the „Analysts†°) are registered with the Korea Financial Investment Association and are subject to Korean marketable securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof.Except as otherwise specified herein, the Analysts have logical not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in direct connection with this report.No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Daewoo Securities, the Analysts receive compensation that is impacted by overall firm profitability, which includes public revenues from, among other business units, the instituti onal equities, investment banking, proprietary trading and private client division. At the time of publication of try this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or korean Daewoo Securities Co. , Ltd.Information and pinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information old has not been independently verified and Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, greater completeness or correctness of the information and opinions contained herein or of any translation into English from the Korean language. If this report is an English french translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. Daewoo, its affiliates and their directors, officers, employees and agents do not accept a ny liability for any loss arising letter from the use hereof. This report is for general information purposes only and it is not and should not be construed as an such offer or a solicitation of an offer to effect transactions in any securities or other financial instruments.

The price and value of the investments referred to in this report and the income from them may go down as well as up, and institutional investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a great loss of original capital may occur. Daewoo Securities Research 16 January 17, 2013 Shipbuilding Distribution United Kingdom: This report is being distributed by Daewoo Securities (Europe) Ltd.S. by Daewoo Securities (America) Inc. , a member of FINRA/SIPC, and is only intended for major institutional investors as defined in Rule 15a-6(b)(4) under the U. S.Any U. S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and same place orders with Daewoo Securities (America) Inc. , which accepts responsibility for the contents of this report in the U.S. or to U. S. ersons absent registration or an applicable exemption from the registration requi rements.