Missionary Farewell Talk

If you’d have told me a year ago that I’d be standing here in front of you talking about going on a mission, I’d have laughed at you. Well, here I am. It has been a long and interesting journey in getting me here today, but, as a popular Kenny Chesney song professes â€Å"The laughs, the smiles, the trials, the tears, it’s hard to hate what got me here. † Well, I’m here and am very excited to move on to this next chapter in my life. I’d be a fool to think that the coming years, though filled with joy and enlightenment, won’t bring with them my fair share of hard times and adversity.I think the most frightening part of everything leading up to my mission lies in the fact that I’m not exactly sure when those hard times will present themselves, nor how they will present themselves. Joseph B. Wirthlin once compared life to running a marathon. At some point in the marathon of life, we will all â€Å"hit the wall,† which Elder Wirthlin defined as â€Å"feeling a sudden urge to quit, encountering an almost tangible barrier that requires a tremendous effort to overcome. Farewell to Manzanar, written by Jeanne Wakatsuki Houston, Japanese American, and James D. Houston. The harsh reality of life is that we will all hit at least one of these walls at some point in our lives. So what will each of us do when we stand at the base of our own personal walls? Will we rise to the occasion and break through? Or will we crumble in the face of seemingly insurmountable odds? What we do when we get to these proverbial walls is what will ultimately define us as people. Being one who enjoys the study of history, I have often looked to those who have come before me to find the strength I need to press on. I think about those who have been disowned by their own families because of personal beliefs, the pioneers that crossed the plains despite the harshest of conditions, those families who have ever sent a loved one overseas in support of the freedom we all hold so dear, and the horrible persecutions suffered by those early members of the church. After remembering them I think to myself, â€Å"Do I really have it all that bad? † In sections 121, 122, and 123 of the Doctrine and Covenants, it highlights the revelations given to Joseph Smith as he was incarcerated at Liberty Jail. It was one of the coldest winters on record in Missouri and they weren’t given blankets sufficient enough to keep them warm. Their food was often dirty and unclean, sometimes even poisoned. Even Joseph himself spoke of the jail as a â€Å"hell surrounded by demons. † I doubt most of us here will ever have to endure something as extreme as those suffered by the Prophet Joseph and his companions during the winter of 1838-1839. The best example we should all look to when faced with trying times, however, is that of our Savior Jesus Christ. So great was his suffering that he bled from every pore in Gethsemane. Later, a crown of thorns was placed upon his head and he was severely scourged. So extreme were the events leading up to the actual crucifixion that he couldn’t even carry his own cross to Calgary, as was customary. In my studies, I’ve come across literature that discusses in detail the medical aspect associated with crucifixion. Crucifixion was arguably the cruelest form of punishment ever devised by man. To sum it all up, those who were crucified suffered through an unequivocal amount of pain. Where do you think the word excruciating comes from? So, I ask again, is it really that bad? The answer is NO. â€Å"The Son of Man hath descended below them all,† (D&C 122: 8) and nobody that has ever lived or ever will live has suffered as much as He did. No matter what this life throws at us, we can all find comfort in knowing that there is always someone who knows exactly how we feel, because Christ suffered for all of that so that we could one day stand before God and live with Him again. Some will always ask â€Å"Why me? † when troubling times come upon them. It is important to remember that just because trials and tribulations are heaped upon us, it doesn’t mean we have somehow strayed from the straight and narrow path. All of the prophets have faced some sort of persecution in their lives. Jesus Christ suffered more than any other being that has ever lived, even though he was the most worthy individual to have ever walked upon the face of this earth. All of the troubles are simply trials of our faith, and God will never, ever, put a trial before us that he knows we cannot overcome. He will always provide a way for us to rise above any trial or temptation that may come our way. A true test of our faith can only be measured if we use that faith during the times when things aren’t going according to plan. Back in Liberty Jail, the Lord tells Joseph that all of these trials are for our own benefit, saying â€Å"If thou art called to pass through tribulation†¦know thou, my son, that all these things shall give thee experience, and shall be for thy good. † (D&C 122: 5, 7). In Jackson County, Missouri, the Lord tells Joseph that glory follows these trials, â€Å"For after much tribulation come the blessings†¦Ã¢â‚¬  (D&C 58: 3-4). Adversity exists in the world today to provide the much needed contrast that helps us to discern right from wrong, after all, â€Å"†¦it must be needs be, that there is an opposition in all things. † (2 Nephi 2: 11). If it weren’t for pain, we would feel no pleasure. If not for sadness, we could have no joy. We’ve all felt the great sense of accomplishment that accompanies the completion of a large project, even though these projects can be very stressful at times. If life weren’t hard from time to time, then the fruits of our labors would cease to be sweet. Elder Neal A. Maxwell once counseled that â€Å"Rather than passing through trials, we must allow trials to pass through us in ways that sanctify us. † It isn’t enough to merely experience trials, but we must go through them in such a way that we can learn from each individual experience so that we can grow closer to our Father in Heaven. I think it is most unfortunate when someone is going through an extended trial and the idea starts to creep into their mind that God no longer rests with them and has ceased to answer their prayers because He doesn’t love them anymore. We must always remember that God loves each of us unconditionally and will never abandon any of us. To reassure those who may have doubts, Jeffrey R. Holland provided these inspiring words, (Quote—Chariots of Fire). He will answer your prayers in His own due time. It truly pains Him to put each of us through our own trials, but we must remember that He doesn’t put us through them to punish us, He does it because He loves us and knows that this is the only way which we can grow to become like Him. When it is all said and done, God just wants us to be happy, for â€Å"†¦men are, that they might have joy. (2 Nephi 2: 25). President Monson once counseled that we must â€Å"†¦find joy in the journey†¦Ã¢â‚¬  of life. The Lord even counseled Joseph Smith of this as he was imprisoned in Liberty Jail, saying â€Å"Therefore†¦let us cheerfully do all things that lie in our power; and then may we stand still, with the utmost assurance, to see the salvation of God, and for his arm to be revealed. † (D&C 123: 17). Even during the darkest of times, the Lord still wants all of us to ultimately find happiness. The Lord promises everyone that if we will endure to the end, He will give us eternal life. A common misconception, though, is that enduring to the end means to simply â€Å"hang in there† when trials come our way. Elder Wirthlin sees it as being much more than that. Rather than simply suffering through life’s challenges, he sees it as a process in which we use these challenges to come unto Christ and become perfected in Him. If we remain faithful during our own dire circumstances and use them as learning experiences to become more Christ-like, God cannot deny you a spot with Him in the Celestial Kingdom.

Assessing Students’ Attitudes Towards Essay

The potential added value of Web-based learning (or similar designations, such as â€Å"virtual learning†, â€Å"technology-based learning†, or â€Å"online learning†) compared to teacher- and textbook-based instruction lies in helping learners to acquire the right knowledge and skills in order to function as active, self-reflected, and collaborative learners (Govindasamy, 2002; Hamid, 2002). However, this cannot be realized without a change from learning environments in which the teacher and the textbook structure the learning process, towards learning environments in which the students themselves control, under the guidance of the teacher, the order in which they learn and perform activities based on their needs (Erstad, 2006; Wilson, 1998). Web-based learning resources (WBLRs) have the potential to support a learning environment in which students explore knowledge and enhance their learning (Combes ;amp; Valli, 2007). II. The purpose of this study is to assess students’ attitudes towards web-based learning resources. Specifically, the study will assess the (a) differences in attitude change, towards the CCIT class, for students using web-based resources and those using traditional textbooks; (b) differences in attitude change, towards computer technology, for students using web-based resources and those using traditional textbooks and (c) if age, gender, level in college, owning a personal computer, Internet accessibility at home, hours spent on the Internet per day, Internet time used for class work and percentage of project time used on the Internet, were predictors of ttitude . There will be no difference found in change of attitude towards the CCIT students that uses web-based resources and students that used traditional textbooks. 2. The teaching and learning process will be dramatically altered by the convergence of a variety of technological, instructional, and pedagogical developments in recent times. 3. Web-based texts give readers a feeling of engaging in real time, face to face interac tion through use of interactive programs. 4. The web-based texts and other technologies represent an unstoppable technological revolution enabling students to access information rapidly and visually. IV Participants will be the students enrolled in CCIT at ISU Cauayan Campus to assess differences in attitude-change, a pretest- posttest, non-equivalent control group design will be used. ANOVA will be used to assess differences in attitude-change and regression analysis will be used to assess the relationship between demographic variables, computer literacy, and student attitudes.

Cyber Monday & Giving Tuesday †Deep Discount Extended 48 Hours Left!

Cyber Monday & Giving Tuesday Deep Discount Offered 48 Hours Only – ACT NOW! The break over this past weekend provided us a collective pause from our busy norms to focus on the â€Å"whys† rather than the â€Å"whats† of life – to be thankful for what we have, and consider sharing our blessings with others. As we return to routine work, we have an opportunity to make a difference for others. The Tuesday following Thanksgiving is a day the world has come to recognize over the last six years as a global day of giving back. On this day our site has decided to further GIVE back to our clients. This is our way of saying â€Å"THANK YOU† to our clients. Even though, Cyber Monday is over but there is still time to make a saving with our Cyber Monday offers! Place your order now and get up to 20% off your essay, DISSERTATION or RESEARCH PAPER in the next 48 Hours. This Sales ends on November 30th, 2017 at mid-night, so ACT NOW. Use the following code to get 20% off your order: CYBER20 If you want to make the most of the sale, kindly reply to this email with the details of your assignment, or go to our website and place an order with us. Giving can mean something different to everyone. To learn more about how you can help, we encourage you to check with you local charities in your area. Two resources in particular that we have become fond of over the years include WikiPedia and Red Cross, so please consider GIVING them some donation as you deem appropriate.

Operations management Essay Example | Topics and Well Written Essays - 4000 words

Operations management - Essay Example They all convert inputs in order to provide outputs which are required by the customer.† The resources that go into an operating system include materials (physical items that are consumed), machines (physical items that are used), and labor (people who provide or contribute to the operation of a system). The transformation process is one that adds value to the goods or services that are offered by a business. Wild (2002, pg. 6) says that operations management â€Å"is concerned with the design and the operation of systems for manufacture, transport, supply, or service.† The activities you would expect to find in an operating system include manufacturing, which consists of process, match, batch, and jobbing (where something is physically created); transporting (where something is moved from where it was created to a different place); supply (where ownership is changed), and service (where someone or something is accommodated). An operating system is, â€Å"a reflection of the purpose it serves for its customer, i.e., the utility of its output to the customer (Wild, 2002, pg. 4). The external influences of the design of any system can necessarily vary. Examples of these include money, utilities, the external marketplace, the economy, the weather, disastrous situations, the state of the company, stakeholder opinions and actions, the availability of materials, the availability of machines, the availability of labor, the labor market, the availability of proper facilities, the demand for the products or services that are being offered, and the availability of transportation for goods that have been manufactured. 2. A company with poor productivity & customer service record wishes to improve throughput, reduce operating expenses and inventories by installing better process technology. What would you recommend and why? Improving throughput, reducing operating expenses and inventories will take quite a bit of organization on the part of the company. In

Write about the picture Essay Example | Topics and Well Written Essays - 750 words - 9

Write about the picture - Essay Example The colors are quite penetrating and forceful, particularly the white and the brown. There is not much of a contrast between the dark and light shades, the lines are blurred but very distinct. The viewers may have the feeling that they are observing a landscape, and the general impact is surreal. The impact of graphic closeness opposes the complicated strategies that were applied to the creation of the painting. Although this seems to be a hasty, spur-of-the-moment work, thorough analysis reveals that Vivian George perfected it in phases and picked and capitalized on her materials to highlight her imaginings and subtle meanings. As I look systematically at the painting, I am sometimes drawn to the light shades on the left, yet persistently returning to the center, where the whole image collapses into one indefinite appearance. This shift takes place mainly due to the contrast between the left and the right side, with the left side showing the few light touches. Most of the colors are vivid or quite saturated, and their contrast with one another also adds to the backward and forward movement of my eyes as I observe the details of the canvas. If the dark colors were not as saturated, greater emphasis would be on the left side of the canvas, it would hold greater ‘massâ⠂¬â„¢, and my eyes would focus at that side. Consequently, the composition of the painting would become uneven. The painting induces neither happiness nor sadness. The colors are intense, and pastel hues normally produce positive feelings, but I largely felt puzzled, and perhaps somewhat disordered. I would want to know more about the painting and the artist in order to understand the image. The colors are quite calm, and even the dark colors have lightness in them, yet the enclosing images show a natural landscape. Therefore, I believe this is what Vivian George is trying

Function of filter circuit Coursework Example | Topics and Well Written Essays - 500 words

Function of filter circuit - Coursework Example It is less in voltage than the series circuit because its output voltage is the same as the input voltage. This circuit therefore, does not operate as a filter to the input signal except when supplied by the current source.The ideal op-amp amplifies all signals from Direct Current to the greatest Alternating Current frequenciesOpen-Loop Gain is infinite in ideal Op-amp amplifier. In real Op-Amp, the open loop gain is finite, ranging between 20000 and 200000.Ideal op-amp generates zero noise voltage from the internal parts.Real op-amp has several sources of noise, including semiconductor noise and resistive noise.Ideal op-amp operates as a perfect source of internal voltage without any internal resistance. Real op-amps have output-impedance ranging between 100 - 20â„ ¦.This diagram represents the relationship between the capacitor and a resistor in the circuit, if they are arranged in series. The circuit assists in measuring the voltage across the capacitor, using Kirchhoff's law o f the current. In this, the current that charges the capacitor has to be equal to the current passing through the resistor.A filter circuit server the purpose of producing restrictions on the bandwidth of frequencies for an alternating input signal and generate output with a narrower frequency- bandwidth. It also eliminates the alternating current ripple remaining in the output of the rectification of a diode-based alternating current circuit, leading to higher quality signal.

Compare and Contrast of Administrative Law Term Paper

Compare and Contrast of Administrative Law - Term Paper Example The Congress has enacted a number of laws since the beginning of the 20th century to address the issue of bureaucracy. These prohibitions are inclusive of a 1913 repeal that sought to ban the hire of â€Å"publicity experts,† a 1951 ban on the agency spending on spending on publicity and propaganda, and a 2005 the ban on video news, with a provision that allowed the release of such videos if the source was willing to be identified as the originator. Scholars have described the evident Congress antagonism to public relations in public administration as part of an institutional planned push back by the legislature to the natural tendency of government agencies to seek autonomy. This has offered public administrators with an opportunity to mobilize support in an effort to increase autonomy of the agencies and reduction of the Congressional advantage over it (Lee, 2009). The congress in 1919 enacted a law that criminalized lobbying of the law-making agency. Funny enough, legislato rs cited the law when disagreeing on particular activities o f the agency but not a single prosecution was enacted by the by the US department of justice. The law however was revised in 2002 that decriminalized agency lobbying by the congress, but retained the provisions of engaging in such activities. Crisis Bureaucracy Bureaucratic structure is responsible for shaping the legal interpretations and regulatory decisions of agencies, offering a framework through which modern governments operate, and it is due to this reason that Policymakers fight to effect the necessary legislations. The article discusses two new issues that harbor important implications for lawyers and political scientists, which encompass how of legislative process responds during a crisis and the underlying uncertainties that surround major bureaucratic reorganizations. The result of this perspective illustrates how agencies make use of their administrative power and how they interpret their legal mandates. As cr ises enlarge opportunities for legislative action, changes in homeland security policies are mostly driven by the efforts of politicians who try to effect regulatory and administrative activities in various domains of the said sector. Changes in the nature of and scope of security policy may have adverse effects on other legal domains Coast Guards environmental regulatory functions or the application of laws in immigration departments of the country. Politicians cunningly use the occasion of legislation to force changes in other areas that have little to do with the principle issue being addressed (Cohen, et al 2006). A possible reason why the president changed his mind about the reorganization of the systems may be because he did not want to be part of the loosing side. The Administration appears to support such a move to further domestic policy priorities hat are independent of the homeland security. Such changes put the president’s legacy into question, more significantly fixing the precise extent to which the president and his top advisors knowingly planned to weaken the domestic legacy without paying attention to the corresponding homeland security benefits. Optimal Political Control of the Bureaucracy This article argues that a bureaucratic insulation degree from political control processes that is moderated by law increases rather than reduces the majority of

Demand-side and Supply-side Policies on Economic Growth Case Study

Demand-side and Supply-side Policies on Economic Growth - Case Study Example These policies are either expansionary (catalyze spending in a recessionary economy) or contractionary (reduce spending in an inflationary economy). Also, supply side policies are those policies employed by the government to increase the country’s productivity hence shifting the aggregate curve outwards. They also are designed to affect an economy’s ability to produce goods and services. They increase the country’s aggregate productivity over time and improve the potential of the economy to produce. These policies are always expansionary with an aim increasing an economy’s production capacity which translates into increased living standards (Sloman, 2006). Demand side policies are further broken down to fiscal and monetary policies. Fiscal policies are those policies that are aimed at bringing changes in the government spending or taxes collected while monetary policies aim at bringing changes to the money supply engineered by the central bank. Expansionar y policies are then defined as those policies designed to stimulate economic growth through changes in real Gross Domestic Product (GDP) and the potential output of the economy (Economics Online, 2013). The policies are characterized and implemented in the demand side by any of the four categories of expenditure i.e. consumption expenditure, investment expenditure, government expenditure, or net export expenditure that constitutes the Gross Domestic Product (GDP). On the supply side, the expansionary policies are designed to add flavor to the capacity of production of the economy through labor policies (education, immigration, retirement), capital accumulation, research and development (seeking technological improvements), or promotion of resource availability. Monetary policies lower rates of interest that accompany an increase in money supply hence affecting investment expenditure. A monetary policy would increase the amount of local currency available in the exchange market which will then weaken the rates of exchange with other currencies. Also, the lower rates of interest will make the economy unattractive to investors when compared to other economies which will lead to a capital overflow resulting in the sale of domestic assets and the currency in the exchange market resulting in an ultimate weak currency. A weaker currency makes exports relatively cheaper to foreign buyers hence will stimulate the demand for the local goods while at the same time imports will be more expensive to domestic buyers leading to a reduced demand for imported goods (Pettinger, 2011). This will result in an increase in Net Export expenditure. In times of large deficits in the budget, fiscal policies tend to be missing from the policy maker’s ideologies. These policies are easy to legislate as they are politically popular and supported. Monetary expansionary policies are ineffective and unpredictable compared monetary contractionary (Sloman, 2006). In a case where the wea k economic growth or high level of unemployment worries the Federal Reserve, the policy will react by increasing bank reserves by open market purchase (where the central bank buys or sells government bonds on the open market to manipulate the short term interest rate and supply of base money in an economy) prompting banks to convert their reserves into loans to their customers.  

Climate change and hydraulic impacts on water networks supply Literature review

Climate change and hydraulic impacts on water networks supply - Literature review Example 13 3. Conclusion 14 References 15 1. Introduction One of the most important characteristics of last decade is the increase of extreme climate phenomena worldwide. These phenomena have been related to significant climate change, compared to the past. The research that has been developed in this field has led to the assumption that climate change has been resulted mostly due to the following three reasons: ‘a) the changes in solar’s radiation, b) the changes in the structure of atmosphere and c) the changes in the earth’s surface’ (Ahrens 2007, p.438). Certain events, such as ‘the tectonic activity’ (Rafferty 2011, p.179) have been also related to the current expansion of climate change. In addition, it has been proved that the lack of control in regard to climate change can lead to non-reversible problems, such as global warming (Maslin 2007, p.17). One of the most important aspects of climate change seems to be its potential impact on water net works supply. The specific issue is explored below using appropriate literature. The findings of empirical research and data published by governmental and non-governmental organizations have been also employed for offering an in-depth analysis in regard to this study’s subject. 2. ... There are several factors that are related to climate change. In a study developed by the Intergovernmental Panel on Climate Change (2007) it is made clear that the relationship between climate and specific events has not fully explored. For this reason, when trying to evaluate climate change it is necessary to refer to appropriate parameters (Intergovernmental Panel on Climate Change 2007, p.718). In any case, evaluating climate changes can be a challenging task since climate conditions are not standardized (Intergovernmental Panel of Climate Change 2007, p.718). In terms of their context, the parameters of climate change can be highly differentiated. In fact, it seems that each time that climate changes need to be assessed the parameters used need to vary according to the characteristics of the region, as of its geography, and the information available (Van Dam 2003, p.111). Of course, there are certain parameters that are necessarily used when evaluating climate changes worldwide. The level of CO2 emissions or the annual average volume of waste can be considered as indicative parameters of such type (Van Dam 2003, p.111). It should be noted that climate change is usually evaluated using appropriate models. The parameters on which these models are based can be different according to the structure of each model as related to its aims. For example, there are models that require the use of ‘current climate conditions for predicting future climate conditions’ (Mirza and Ahmad 2005, p.32). Other models can employ different parameters, including the characteristics of a region’s soil, such as ‘soil structure or soil moisture’ (Mirza and Ahmad 2005, p.32). Solar radiation, in regard to a particular

Advanced corporate finance Essay Example | Topics and Well Written Essays - 1250 words

Advanced corporate finance - Essay Example In such scenarios, three forms of remunerations can be noteworthy. The first among these is the ‘share based compensation model’ that helps the managers as well as the employees to serve for better growth in the share pieces of a company, without affecting the cash reserves and therefore, ensuring financial stability. Nevertheless, the management may be concerned about the fact that potential hostile bidders may bid for the company in case it maintains a lower share price, whilst increasing price is certain to prohibit such take-overs. It is also likely that the short-term shareholders may create pressure for achieving the returns that will create a potential damage for the company through the reduction of its intrinsic value. Majority of the times managers have to face pressure from the top-level management as well. Notably, as the shareholders always seek for a high dividend from the company, in order to retain these investors as well as increase their numbers, manager s often get lured to deliver constantly increasing profit margin that in turn tends to facilitate returns, which may benefit the shareholders but will create potential damage to the company in long run. It is thus that a manager may unintentionally harm the company by increasing the dividends irrespective of insufficient cash reserves or increase in the leverages. Manager’s loyalty and satisfaction from the company, indicating his/her intention to be a part of the entity, also play vital roles influencing their strategic intents to increase current share prices. From debt-holders, shareholders can expropriate wealth in various forms, which mainly include underinvestment, asset substitution and shortsighted investment among others. For example, underinvestment can take place if the Net Present Value (NPV) is lesser than the debt to be borne by the investors. Assuming that two economies have equal rate of yield earned from

Animal System Research Paper Example | Topics and Well Written Essays - 2000 words

Animal System - Research Paper Example Their digestive system is composed of the mouth, tongue, gall bladder, pancreas, the four compartment stomach (rumen, reticulum, omasum, and abomasum), salivary glands, the small intestine (duodenum, jejunum, and ileum), esophagus and the large intestine, which include; cecum, colon, and rectum (Brooker 5). A ruminant animal uses its mouth and tongue to harvest forages and consume feedstuffs during grazing. Cattle pick up feeds during grazing by grasping and gathering the plants with their tongues and pulling them to tear for consumption. On average, cattle take from 25,000 to over 40,000 prehensile bites each day when grazing and harvest forage. Typically, spend over 30 percent of their time grazing, another 30 percent of their time chewing cud, and the rest of their time idling where they are not grazing or chewing cud (Hall 9). The roof of their mouth is a hard dental pad without incisors. The incisors on the lower jaw work against this hard dental pad. The incisors of roughage selectors are wide and have a shovel-shaped crown while those of concentrate selectors are narrower and chisel-shaped. They have the same number of molars and premolars both on the upper and lower jaws. The ruminants use their teeth to crush and grind feeds during chewing and rumination (Hall 9). Saliva helps in moistening the feeds hence making easy when chewing and swallowing. Saliva contains enzymes, which breaks down the starch (salivary amylase) and fat (salivary lipase) and is involved in recycling of nitrogen to the rumen. In the rumen and reticulum, the pH level is reduced by saliva. On average, in a day, a mature cow will produce up to 50 quarts of saliva; this is in relation with the amount of time they spend chewing feeds, which stimulates saliva production. The forage and feed mixes with saliva, which contains bicarbonate, sodium, phosphate, potassium and urea when consumed, to form a bolus. The bolus then moves from the mouth to the reticulum

How to Set a Workplace Vacation Policy Essay Example for Free

How to Set a Workplace Vacation Policy Essay A guide to structuring a vacation policy that sets the tone for your benefits package and keeps employees happy and motivated not to mention gives your company a competitive edge. Deciding what sort of vacation policy you want your company to have is an important step for any business owner in creating a comprehensive employee benefits package. Whether you want to create a system of rewards, or you are just trying to create a set of guidelines for time off, there are several ways that establishing a vacation policy can help contribute to your business functioning smoothly. The following guide will highlight the various options available for creating or improving a vacation policy. How to Set a Workplace Vacation Policy: Consider Legal Requirements Although vacation time seems like a standard occurrence in the American workforce, employers actually have no legal obligation to offer their employees any vacation time at all. However, the majority of business owners understand the health benefits of offering their employees vacation time, and they aim to set policies that fit their businesss operations. While time off for vacation is not federally enforced, employers are legally obligated to provide certain employees with up to 12 weeks of unpaid, job-protected leave each year under the Family Medical Leave Act (FMLA), a labor law which was passed in 1993. Employees that would qualify for this type of leave include persons that are caring for a sick family member, persons who must leave due to a serious health condition that prevents them from working, or persons that have to care for a new child, by birth, adoption or foster care. Dig Deeper: Regulation: Your Own FMLA Policy How to Set a Workplace Vacation Policy: What Are Your Priorities? According to Steve Kane, a human resources expert based out of Hillsborough, California, with more than 25 years of experience working with enterprise companies and start-up businesses, vacation time is simply one form of paid time off (PTO), and before you choose your vacation guidelines, you must begin with deciding what you want to accomplish. You have to put your [benefits] strategy into perspective, he says. Are you setting a vacation policy to create a rewards structure, to minimize costs, [or] to be competitive? Those are all worthy things, but they may lead to different conclusions. Traditional vacation policies, Kane says, have stemmed from policies established by labor union contracts, which will grant employees a certain amount of time off depending upon the length of time they have worked for the company. And, in addition to the yearly allotment of vacation time a company decides to grant employees, many businesses offer additional time off for personal days, sick days, and national or religious holidays, like New Years Day, Independence Day, and Christmas Day. An employer has the option of giving employees two weeks off for the first year, three weeks off after five years, and four weeks off for 10 or 15 years, Kane says. But, those are just some common schedules; some employees say two weeks for everyone. Accrued time off – additional sick days, PTO or vacation time that employees accumulate based on the length of time they have worked at a company – is also more prevalent now than it used to be. Rollover vacation days – unused vacation time from one calendar year that gets added onto next years allotment – may count as part of accrued time off, but it depends on the employer, Kane says: Some employers say you have to use your rollover days by March 30, or some date in the next year. Or, they will say you can accrue unused vacation time only up to so many hours, or for so many hours. One more factor to take into consideration when creating a vacation policy is to determine whether you feel that your business has key employees. If that is the case, you may want to construct separate policies to keep those employees satisfied for the good of the enterprise, Kane says. For instance, since many businesses have sales people who consistently bring money in, you may consider offering a vacation policy with a higher incentive to that group of people who are driving your business. However, if singling out groups of people within the company leaves other employees unsatisfied, you may be better off sticking to a universal policy. Dig Deeper: Benefits: Time Off You Can Bank On How to Set a Workplace Vacation Policy: Enforcing a Vacation Policy While time off from work is often viewed as an earned employee benefit, a whopping 66 percent of employees were found to have neglected to use all of their vacation time in 2009, according to a study released by Philadelphia-based career management consulting firm Right Management. So, what does an employer do when an employee neglects to take their days off? Kane says that many companies have a use it or lose it policy, which means that if an employee fails to use the vacation time they are entitled to in a given year, it becomes forfeited. Theoretically, doctors will tell you its good to take time off to regenerate, but that only way you can actually make [employees] take a vacation is just to tell them not to come into work, he says. Most vacation systems try to make that a part of the policy, but its enforced by the payroll department, rather than individual supervisors. An employer must also decide whether they want to include part-time employees in a vacation policy, or limit that option to full-time workers only. For some stores, their bread and butter are part-time employees, Kane says. I think its a general rule that employers whose workforce is part-time often [tell employees they] wont accrue vacation for working 20 hours a week or less. If an employee decides to abuse his or her vacation policy, however, the consequences can be dire, and may even result in termination. Typically, a companys human resources or payroll department will keep track of employee sick days and vacation days, and it will be up to them to report abuse to their manager or employer. Dig Deeper: Are Your Employees Scared to Take a Vacation? How to Set a Workplace Vacation Policy: Get Employee Input Vacation time is one aspect of the benefits package that will be difficult to alter once it has been established, so its best to ask your employees what they hope to gain from the policy before its set in stone. A big mistake that employers make in creating a policy, Kane says, is setting guidelines based on what they heard worked for another company, rather than focusing on the needs of their own business and employees. One thing to remember is that if you decide to ask your employees what they want, you have to provide them with the proper education about potential plans so they can make a well-informed decision. If you are putting a new plan to a vote, Kane recommends asking how many people want option A, how many want option B, and how many dont care either way: If you provide the middle option of, Im indifferent, then you can potentially increase the percentage of employees who are happy with the result. Dig Deeper: Giving Employees a Say How to Set a Workplace Vacation Policy: Scrapping Your Policy Altogether If you are contemplating the terms of a workplace vacation policy, a critical step is to determine whether or not it benefits your business to have one at all. Some workplaces have decided to scrap their policies altogether, and allow employees to take off as much time as they want. The theory behind this option is that it de-bureaucratizes the workplace, and, rather than making employees feel like they will be compensated for productivity, they will maintain increased productivity by not having to stress out about proving their self-worth within the company. This concept of workplace democracy, and doing away with employer-sanctioned occupational limitations, has become one of the most important movements in the business world, says Brian Carney, London-based member of the editorial board of theWall Street Journal, editorial page director of the Wall Street Journal Europe, and co-author of the business book, Freedom, Inc.: Free Your Employees and Let Them Lead Your Business to Higher Productivity, Profits, and Growth. One of the things that we discovered [in doing research for this book] is that to really liberate employees, you have to get them out of the mindset of trading material goods in one form or another for performance, he says. According to Carney, a lot of employers are hesitant to consider getting rid of a vacation policy because employees see it as something they are entitled to and something they take comfort in – a dynamic which can be destructive to a company. You have to break that dynamic of, give me something, and Ill give you something, says Carney. You dont establish a vacation policy to encourage people to bankroll [time off], you establish a vacation policy to let people see that its healthy to take time off work.

Influencer Marketing On Twitter Marketing Essay

Influencer Marketing On Twitter Marketing Essay Sites such as Facebook, Twitter and Google+ have knowledgeable unprecedented growth over the last few years and are some of the most talked about destinations on the web. Social media offers an opportunity to connect and interact with your customers, analysis about your product, promote your brand and drive traffic to your website. Social media marketing programs usually center on efforts to create content that attracts attention and encourages readers to share it with their social networks. This form of marketing is driven by word-of-mouth, meaning it results in earned media rather than paid media. Social media has become a platform that is easily accessible to anyone with internet access. Increased communication for organizations fosters brand awareness and often, improved customer service. Additionally, social media serves as a relatively inexpensive platform for organizations to implement marketing campaigns. Social media itself is a catch-all term for sites that may provide radically different social actions. Keywords: Social Media, Social Media Marketing, Web Analytics, Online Business, Web Branding, Facebook, Twitter, Google+, Linkedin, Youtube What are the major social media sites? Many online services now have a social element, the five most important social media sites for businesses are: Facebook. Social network available in 70 languages with over 800 million members worldwide, and more than 425 million monthly active users logging in with mobile smart phones. Twitter. Micro blogging site where users post frequent 60 character messages with over 1 billion tweets sent a week. Google+. Social network launched in 2011, attracting 25 million members in its first month! Linkedin. Business focused networking site with over 8 million members in the UK, and 2 million companies profiles worldwide. Youtube. Video sharing site owned by Google, with 8 million unique visitors each month and 100 million people taking a social action (likes, shares, comments etc) every week. SOCIAL MARKETER FACEBOOK There are more than 800 million people using Facebook every day. This platform offers more than just a way to stay connected to friends and family; it is an essential tool in the B2B marketing toolbox. Facebook allows your business to be available to people on a trusted, popular platform, where prospects can see real people (their friends, family or colleagues) interacting with you and your brand. This sets the stage for you to build stronger, more immediate relationships with them. Facebook Pages can help your company build awareness, share interest, create loyalty, strengthen marketing, and promote peer-to-peer sharing. For that first split the elements of a Facebook page-and how you can take advantage of them: How to See and Be Seen An interaction can be defined as a summary of Likes, posts, or comments about the page. To show up in as many users top newsfeeds as possible, your content must be brand new, attractive, current and convincing. Then it becomes a cycle; you post content that gets Likes and comments, and your future content appears in the newsfeeds of those that Liked and commented on earlier content. Dont forget: as prospects interact with you through Likes, reposts, or shares, you should be tracking engagement. Facebook Groups The Group feature is useful for demonstrating your companys passion for a topic, and gathers like-minded people to share ideas. The best part is that the more people join your group, the more it gets promoted to their friends and networks, growing the groups popularity and growth. Creating a Facebook Group is a great way for businesses to create awareness, increase inbound links and promote loyalty. Facebook Lists Facebook launched this feature in response to Google+s circles, so it functions in a very similar way. You can subscribe to and organize lists for different topics or influencers you want to follow. As an example, you might have a list for Social Media Influencers and another list for competitors. Through lists you can easily view and post to select groups or a company, which makes it easier for you to monitor and engage. Facebook Promoted Posts Promoted posts show up in the newsfeed of all your fans and are visible to their friends as well. It becomes a sponsored story that is seen by more people than a regular post, so be sure that when you do choose to promote a post, it is strong, recent and gripping. It is pretty safe to say that businesses will never be able to compete with posts that are strictly entertainment-based or for social purposes only. But by using this promoted post feature, you can call attention to posts that you believe will generate the most impact. Facebook Ads While your Facebook ads need to appeal to your audience, think exterior the box. Use eye catching pictures and gripping language. Remember: youre competing for attention in a noisy environment. Facebook Apps Before the timeline changes took place, you could capture Likes via your welcome page by gating your content and encouraging users to Like your page for access to this exclusive content. This has gone away with timeline. Now Facebook gives you the option to feature up to twelve apps. Four of these apps are shown by default, with the remaining apps under the fold and only visible by clicking and expanding the tab on the right. Allowing you to change the apps appearing above the fold is one of the most interactive and engaging portions of the timeline and your best chance to showcase a call to action or offer that will convert. Consider the image a small advertisement rather than an image. SOCIAL MARKETER TWITTER In 2007, Twitter began as what many considered to be a flash-in-the-pan social media outlet, but as of 2011, Twitter had over 200million registered users and is one of the 10 most popular sites on the Internet anything but a passing phase. Companies that lack a strategic, lead-generating plan of attack for their Twitter accounts are losing out on access to a huge potential customer base and the opportunity to showcase themselves as social confidence, relevant businesses. Being followed on Twitter is an incredibly strong signal of online attraction for your business. Think of Twitter as the water cooler for B2B marketers: its energetic community where businesses can prospect leads and assemble as thought leaders to discuss relevant industry topics. B2B marketers are always striving to provide good content in an easily digestible and timely format. On Twitter, it is easy to quickly compose Tweets and messages aimed at those interested in your company or product. Twitter Following Becoming someones follower on Twitter accomplishes four goals: You identify Twitter accounts that will be relevant and interesting to you, your organization and your industry. You let people know that youre on Twitter, and encourage them to follow you back. Twitter is a great platform for engagement, so once you follow someone on Twitter you can work on starting a conversation. Guidelines for Following Find people to follow by importing your contact databases using tools that Twitter provides. Be sure to also follow people that your competitors are following. Do a search for experts in the field who are tweeting. If possible, try to make sure to follow back relevant people and companies that are following you. You dont want to upset scenario, customers or partners by not following them! Twitter provides easy search functionality so that you can find people that are talking about your company and your industry. Read the tweets of those you follow and search for tweets on keywords relevant to your product or service. Create lists. By creating a list you can easily segment people who you are following. Strategy to Make Your Tweets Engaging and Easy for a Follower to Retweet: Always use a URL shortened. You only have 140 characters, so make it count! Keep tweets below 140 characters, ideally under 100 characters. It makes retweeting easier to do. The symbol # on Twitter is known as a hash tag. These tags are used to affiliate a tweet with a certain topic and can be useful for tracking social marketing campaigns and connecting with customers. Avoid the temptation to use tools that send automatic direct messages. You can also engage Twitter followers and influencers by including @ mention in your tweets. You can do this when you post content you think will resonate with an influencer. Use Twitter lists to segment users by interest or group together brand advocates and your favorite twitter users. Keep in mind that when you add a user to a public list they are notified and the list is open and searchable to all users. Use Twitter during events and to promote things like contests. A great way to engage your Twitter followers is to create a contest that asks followers to contribute in some way you want your Twitter feed to be a mix of Tweets youve created, as well as replies and retweets. Promoted Tweets in Search Always see significant spikes in relevant Tweets during industry events. You decided to take advantage of that and use Promoted Tweets in search results during key B2B conference dates. This allowed us to be part of relevant conversations when the conversations are hot. Influencer Marketing on Twitter Twitter is a fantastic platform to learn who your influencers are. Because Twitter is designed for quick exchanges of information and shares, you can start to keep track of who is re-tweeting your content and engaging in conversations. Remember to reach out to your top sharers to create relationships. The more you engage directly with your top influencers, the more they will continue to promote your content. Promoted Tweets in Timelines A Twitter strategy we have used with great success is launching Promoted Tweets in timelines targeted to followers and users who are similar to our followers. Our Promoted Tweets contain timely and engaging content like contests for trips to industry events and links to thought-leadership pieces. We set up a series of three tweets per campaign and rotate them accordingly. For timelines, we run three tweets on one campaign for three days at a time Messaging To some, this may sound backwards or surprising, but do not use Twitter to only promote your company. Sure, calling out your companys new eBook or webcast is an important part of your tweeting. But if you never contribute to the conversations taking place, if you never offer something personal or fun or funny, you are missing the prime opportunity unique to Twitter. Twitter is about building relationships. Engage and be engaged. Remember, your content should create value and ultimately, be helpful to your network. In B2B marketing, retweeting material that will be helpful to your network is good, but writing your own informational material is even better. SOCIAL MARKETER Google+ Google+ is quickly becoming an essential part of any businesses social media strategy. Google+ had over 90 million users, this social network is going to grow very quickly as Google is making a Google+ account mandatory for all Gmail users. Google + is also playing a major role in SEO by making it easier for marketers to show up in search results. About Page An essential but often overlooked important first step, the about page is a fantastic opportunity to give a quick overview of what your business is all about. You can also link back to specific pages and services from this page directing potential customers to the most important pages on your website. Its important to have a balance of marketing savvy copy thats also SEO friendly. Make sure to include information that searchers will want to know about your company. Take advantage of the fact that Google+ allows you to use bullets in your description which makes it simple to create an easy-to-read list of your products and services. Google+ Events Google recently announced the Events feature which allows Google+ users to send out customized invitations to anyone regardless of whether or not they are Google+ users. It syncs beautifully with Google Calendar and shows up automatically when a user confirms for an event. The Party mode feature of Events allows everyone in attendance to instantly upload pictures to the same album using the Google+ mobile app, creating a living, real-time photo journal of a specific time and place. You can then show the photos off in sequential order as a slideshow all within Google+. Google+ Circles This functionality allows a marketer to segment their followers. Unlike other social networks, through Circles, marketers can develop audienc and communicate highly segmented messaging to each audience. This allows you to have a more authentic dialogue with your key prospects. Google+ Hangouts Use Google+ Hangouts for video conferencing. Again, the beauty here is that it is highly integrated with other Google applications. So, if you use Google apps for your business, Hangouts can be a quick and easy way to connect teams and get some face time with a prospect. The Business Benefits for Setting Up Google+ Authorship: Increases awareness of your overall Google+ profile page. Studies have shown that Google Authorship increases click through rates. Helps your content stand out from the crowded search page results. Adds a human element to your content and increases trustworthiness. Improves your chances of showing up in more personalized search results. Protects the original posts ranking position as higher than a post that has scraped or syndicated the original content.

Theories for superiority and success

Theories for superiority and success Adler felt behaviour was motivated mainly by social influences and by a striving for superiority or success; power being the basic drive, rather than sexuality as Freud suggested. Adler (1922) said it was an inferiority complex rather than Oedipus complex that was the determining factor in neurosis. Freud felt that society rose out of aggression and sexual repression, formulating his Oedipus theory to illustrate it. He assumed experience shaped personality and that present behaviour is caused by past experiences. Adlers view was that we are responsible for who we are and behaviour is shaped by our experiences and view of the future, the opposite to Freuds theory. Adler also believed that psychologically healthy people behave consciously, aware of what and why they do what they do, in contrast with Freud, who placed heavy emphasis on unconscious components of behaviour. (Anne Shyne 1942) Adler (1917) studied organ inferiority as a doctor and the physical compensations made for a part that wasnt working properly. He felt people are born with weak, inferior bodies that lead to feelings of inferiority and dependence on others. He said that if a person managed to compensate properly for inferior feelings then they will pass through this phase successfully and become a mentally healthy person. On the other hand if the person fails to compensate for their weakness they may develop an inferiority complex believing themselves less worthy than others. In his mind it was physical inferiorities, not sex, which formed the foundation of human motivation. Along with his inferiority theory he developed his aggression instinct theory; aggression begins with feelings of inferiority or anxiety within the family-our earliest social contacts. Freud disagreed at the time, however proposed a similar idea some years later: the death instinct, where self defeating behaviours, e.g. violence and aggression, are a product of this instinct. (Boeree 2006) Feist.J, Feist, G, (2008) wrote that both Freud and Adler were influenced by the horrors of World War I and both amended their theories; Freud promoted aggression as a basic human drive alongside the sex drive, whereas Adler, influenced by the war experience for himself and those around him, concluded that social interest and compassion drove human motivation and not aggression. He used the term masculine protest, which implied a power to dominate others. Boys wanted to be seen as masculine i.e. strong and in charge, not weak or dependent (feminine), but this was misinterpreted labelling men innately as more assertive, so Adler downgraded the phrase (Boeree 2006), minimising its role in his theory of abnormal development. Masculine assertiveness was not due to some innate superiority but a reflection of the fact that boys were socially encouraged to be assertive, and girls discouraged; seen with boys toys e.g. swords, guns and bow and arrows, and girls toys such as dolls, prams and d olls houses. Adler revised his idea to both boys and girls begin life with the capacity for protest. Feist, J., Feist, G. (2008). Adler (1964) identified certain factors of Individual Psychology to explain our behaviour: 1. Striving for success or superiority is the driving force. 2. Subjective perceptions shape behaviour and personality. 3. Personality is unified and self-consistent. 4. Social interest dictates activity. 5. The self-consistent personality structure develops into a persons style of life. 6. Creative power moulds this style of life. The one dynamic force behind peoples behaviour is the Striving for Superiority or Success: Adler (1956) proposed our behaviour is driven by only one motivating force striving for success or superiority. In his early theory, he used the term striving for superiority to describe psychologically unhealthy people who strive for personal superiority over others, but he later proposed the term striving for success, i.e. psychologically healthy people who are motivated by social interest, not just for themselves but for others around them. Individual psychology assumes that we have physical weaknesses that activate feelings of inferiority, and it is these feelings that drive us to superiority or success and enable us to fulfil our potential. This has similarities to Rogers theory of self-actualisation and the fully functioning person and reflects one of the philosophical roots of Friederich Nietzsches will to power i.e. human driving forces, such as ambition and achievement, to reach as high a position of in life as possible. (Boeree 2006). Inferiority complex, where an adult feels inferior to others, is only developed if a child thinks that he is less worthy than others. For example, if tall men are seen as better in a particular culture, then short men might develop inferiority complex because he feels that he is less important than others. But, if that same short man lived in a culture that made no difference between both tall and short men then he would have never developed inferiority complex. A more general form of inferiority is the inferiority of children who are smaller and less competent, socially and intellectually than adults, and so naturally feel inferior. An inferiority complex can be expressed as shy and timid, insecure, indecisive and submissive, reliance on others, even manipulating others to get support; the aim is to cover up ones inferiority by pretending to be superior, e.g. bullies who try to look hard or use their size or weapon to intimidate a smaller or unarmed person. More subtle examples include people who use attention-seeking behaviour, or power by committing crimes, or put others down for their gender, race, religious beliefs, sexual orientation, weight, height, etc. Even more subtle are those who hide their feelings of worthlessness in alcohol and drugs. People respond to inferiority by compensation ie making up for their shortcomings; a weak organ can be made stronger or other organs can be overdeveloped to compensate, similarly people with psychological inferiorities behave similarly: Some compensate by becoming good at their particular weakness, whilst others master something else. Children, who we know feel inferior around adults, have one thing in common: The desire to grow up, to be big, to be an adult. Most of us manage quite well (Boree 2006). People who see themselves as having more than their fair share of physical weaknesses overcompensate for them and often have exaggerated feelings of inferiority, strive for personal gain, and set unrealistic goals they are not team players, whereas those with normal feelings of inferiority compensate by co-operating with others and developing a good level of social interest. Peoples subjective perceptions shape their behaviour and personality: Adler was influenced by the philosopher Hans Vaihinger (1925) who said people live by fictional ideals that arent realistic and cant be tested or confirmed, eg Honesty is the best policy, All men are created equal, and The end justifies the means. Ideals such as these are usually fiction; fictionalisms can help us deal more effectively with reality, or they may block our attempts to accept it. For example, if we believe in heaven and hell, it will influence how we live. According to Adler (1956) we strive toward a final goal to achieve superiority or success. Although the final goal is fictional it is still significant because it unifies personality and makes our behaviour logical. We create our fictional goal, constructed by heredity and environment, using our creative power, i.e. our ability to shape our behaviour and create our own personality. By 4 or 5 years of age, childrens creative power has developed enough to create their final goal; they are small and powerless and to compensate they create their fictional goal to be big and strong e.g. children often play at being super heroes, or want to be a fireman when I grow up. A final goal reduces feelings of inferiority and points that person in the direction of either superiority or success. Although our final goal is relatively fixed during early childhood, we remain free to change our minds at any time. Because the goal is fictional and unconscious, we also create temporary goals i.e. sub-goals that are not rigidly bound to the final goal but are created as partial solutions. In other words, even though our final goal is set during childhood, we are capable of change at any point in life. However, Adler maintained that not all our choices are conscious and that style of life is created by conscious and unconscious choices; the unconscious being the unknown part of the goal. Sub- goals and final goals fit together in a self-consistent pattern. Adler (1956) used the analogy of the playwright who builds the characters and the subplots of the play to fit with the final goal of the drama. When the last scene is disclosed everything makes sense. When our final goal is known, our behaviour makes sense and each sub-goal takes on new significance. Adler (1956) said that lifestyle is not merely a mechanical reaction, but a result of our creative power, which differs from Freud who proposed that events from our past, such as childhood trauma, determine how we are now. Adler saw motivation, as not being driven by the past, but drawn towards our goals, our future, and our ideals, Teleology: Life is not mechanical, it is hard and uncertain but always has room for change (Boree 2006). Personality is unified and self-consistent: Adler didnt separate the parts of the personality as Freud did with Id, Ego and Super Ego, or conscious/pre-conscious/unconscious. He described a unified personality which cant be separated, not a series of drives and instincts, as proposed by Freud. He saw the unconscious and conscious as two cooperating parts of one unified system. A united personality being closely linked to the fictional final goal by which we organises our life to achieve a solution to a problem. I.e. a person has goal and a solution to get there, developed in childhood and handed to the adult as the major life task, all these parts work together self-consistently to achieve. Adler recognised different ways of operating with unity and self-consistency. One way was what he called Organ Dialect, where the individual strives in a self-consistent fashion toward a single goal, and all actions and functions are part of this goal, i.e. physicality, thoughts, feelings all affect the entire person. Adler (1956) said that through organ dialect, the bodys organs: Speak a language which is usually more expressive and discloses the individuals opinion more clearly than words are able to do (p. 223). He presented an example of organ dialect; a boy who wet the bed to convey a message that he doesnt want to obey his parents. His behaviour is: really a creative expression, for the child is speaking with his bladder instead of his mouth (p. 223). A person is not a different person when he is being a dad, a husband, working, or when he is with friends etc, he is the same person pursuing the same life goals and using the same tactics to achieve them; i.e. he is a single, unified, complete person. Unlike Freud, Adler did not view parts of the personality in conflict with each other; instead he saw actions, thoughts, and feelings working together. Human activity in terms of social Interest: Social interest is how we identify with society, i.e. care in families, community etc. Adler believed such social interest is not solely innate or solely learned, but a combination of the two: Its nature is innate but needs to be nurtured to survive (Boeree 2006). Adler (1927) felt it was the natural inferiority of individuals that directs their behaviour to form groups (society) for protection, support, love etc. That is, social interest is necessary for perpetuating the human race. Adler (1924) believed that we were social beings: The human being and all his capabilities and forms of expression are inseparably linked to the existence of others concluding that a social person is much closer to happiness than the isolated person striving for superiority. Adler (1933) cited the mutually beneficial relationship of mother and child as an example of the way social interest may originate. Adlers concept of the mother-child relationship was opposite to that of Freud, who described this relationship as based partly on oral, cannibalistic drives. The self-consistent personality structure develops into a Life Style: Life-Style refers to an individuals striving towards meaning and belonging. It is a pattern of behaviour that begins early in life and forms a theme there-on. It is the result of inferiorities, perceived or actual, and results in the implementation of schemes e.g. Adlers final goal to overcome death propelled him to become a doctor. (NCHC 2012) Life style is unique to each person and is the arrangement of our social, domestic and occupational activities. Although the final goal is fairly rigid, lifestyle need not be and flexibility and diversity is seen in psychologically healthy individuals, whereas, psychologically unhealthy people are more inflexible and are less able to choose new ways of responding to whats going on around them. Healthy people express their social interest through action; actively striving to solve what Adler called the three life tasks work, friendship and love, and whose behaviour represents the ideal characteristics for survival of society, and hence humankind. How we behave to achieve life style and final goal is supported by private logic, i.e. the private reasoning we invent to solve problems that is not understood by others. An individuals private logic consists of what he really believes and intends. It includes the long-range goals of the life style, the short range goals of the immediate situation, and the rationalisations he gives himself for what he is doing. The origin is in childhood; it explains ones own experiences to self, which is then used to justify ones actions, eg a child learns how to behave to get an adults attention which may be to misbehave. Private logic differs from what is commonly thought, i.e. common sense à ¢Ã¢â€š ¬Ã‚ ¦the degree of the discrepancy between private logic and common sense, what Adler called the iron logic of social living, is an indicator or measure of mental health. (Manaster, 2009, p. 5) Therapy draws awareness of mistaken beliefs or faulty interpretations, and hence, the errors in our private logic. Life Style is moulded by peoples creative power: The concept of the creative self means that the individual is responsible for himself, not blaming others or uncontrollable forces for his situation. The creative self interprets inferiority, creates the final goal and aligns life style and private logic. It can be flexible to whats going on around us, initiating and maintaining change. As Adler says, we are the masters of our own personalities and destinies-creators rather than passive reactors (NCHC 2012) Adler believed that we create patterns of behaviour, safeguarding tendencies, to protect our exaggerated sense of self-esteem against public disgrace. They enable us to hide an inflated self-image and maintain our life style, e.g. excuses, aggression and withdrawal. Freud called them ego defence mechanisms (EDMs). Both men agreed that they protect against anxiety, however, Freuds theory is that they are unconscious, protecting the ego from anxiety, whereas Adlers theory suggests they are largely conscious and protect our fragile self-esteem from public disgrace Family Constellations: as well as attributing parents and other adults as early influences on a child, Adler also include siblings as early influences as well. (Boeree 2006). He believed pampering and neglect were principal factors predisposing an inferiority complex and that a persons perceived role within a family was more important than the birth order itself. The only child is more likely to be pampered, denying opportunity to develop courage and self reliance. If the parents are abusive or neglectful the only child has to endure it alone, suffering a childhood full of humiliation and insecurity. The first child starts out as an only child, with lots of attention, but this all changes when a second child arrives. At first, he tries to regain his only child status by acting like the baby, but is quickly told to grow up, and so rebels, misbehaves and withdraws. According to Adler the first child is more likely to become a problem child who is solitary and more conservative than others in the family. The second child has the first child as a pace-setter and tends to compete with him. They often succeed, but often feel as if the race is never over, never quite getting there. Middle children behave in a similar way. The youngest child is often the most pampered, the baby of the family and is often treated as such. They are the second most likely problem child. Inferiority to anyone older and bigger than them themselves is common; however, they also have the advantage of older siblings to learn from, and can be driven to do better than them. Conditions such as illness or disability can be an over-riding factor, with the sickly child taking the youngest child position regardless of actual position. A major contribution of birth order research is that it has helped psychologists understand why brothers and sisters within the same family are no more similar in personality than are those from different families. According to Sulloway (1997), the family is not a single shared environment but a place of differing areas that provide siblings with different outlooks on life. The personalities of siblings differ because they adopt different strategies to achieve parental approval. Freuds Oedipal theory explains how he saw social development. He believed the childs behaviour is driven by an innate sexual and aggressive drive, completely ignoring the paternal behaviour that Adler believed shaped behaviour and development. It occurs during the phallic stage (around five years) of Freuds psycho-sexual theory of personality. The five year-old child feels hostile/incestuous towards the parent, feelings which cant be realised so instead they are repressed. Males repress their feelings for their mother fearing castration by their fathers, hiding their feelings in the unconscious, to enable them gain their fathers favour by becoming like him. The five year-old girl believes she has been castrated and blames her mother. The Oedipus Complex for her (sometimes called Electra Complex) is a desire for the father and fear/hatred of the mother, leading to repression of such feelings. Freud proposed that sex and aggression drives motivated behaviour whereas Adler believed that a sense of inferiority and a lifetime of compensation was the motivating factor. He believed in only one driving force behind our behaviour, the striving for perfection, that leads us closer to how we want to be. He believed that as adults we have the capacity to change and grow, allowing us to change what we dont like, whereas Freud suggested these were fixed in childhood. Adler looked at individuals in their individual social situation, looking at influences such as parenting styles, families and birth order, and how they compensated to overcome inferiorities. He believed that we become stable and useful human beings by success in the three life tasks of love, work and social interaction, of which we are in control. Neo-Freudians including Adler, Jung, and Erikson, known as Neo-Freudians because of their early associations with Freudian theory but later developing their own spin on things, also put emphasis on social relationships. Both individual psychology and humanistic psychology hold that the individual is the best influence of their needs, desires, interests, and growth within society.

Crusades Essay -- essays research papers

In 109 The First Crusade was launched by Christians with the support of the Roman Catholic Church in hopes of recapturing Jerusalem from the Muslims. The Crusades arose out of feudal society in the eleventh century, offering crusaders freedom adventure and a possible economic gain. Pope Urban II gave a speech to the church leaders and nobles in France, telling them to rescue their fellow Christians from the Muslims. He promised them everlasting life in heaven if they went. The Crusades weren’t started for no apparent reason, their were many causes of the first crusade and many effects.   Ã‚  Ã‚  Ã‚  Ã‚  The crusades were mainly directed to Jerusalem and the Holy Sepulcher.(West 5) Jerusalem was taken by the caliph Umar in the 7th century, and early in the 11th century Fatmid caliph Hakim began to persecute the Christians and despoil the Holy Sepulcher. (Colombia 1) In 1004 the caliph Cairo of Cairo ordered the destruction of the church and Holy Sepulcher, but son after he proclaimed himself to be god, and the Muslims got ride of him, the Greek emperor was permitted to rebuild the Holy Sepulcher.   Ã‚  Ã‚  Ã‚  Ã‚  The new spirit of adventure in the art, literature and actions of the western Europeans became a cause for the increase of pilgrimages to the holy lands. Europe was in a period of expansion and its urge for war and conquest had grown during the years of fending off the raids of the Magyars, Viking and Saracens. The spirit of religious reform that led to the Investiture Controversy led to an increase in popular spirituality. People now wanted to participate actively and do something in honor of their god.(Nelson 1) The different groups of European society contributed to the cause of the crusades. The aristocracy found themselves losing the importance they once had when they stood between Europe and its attacker. They needed more land and started to fight with each other over it, their numbers were growing because there we no longer losses in battles.( Nelson 1) In 1054 the Church split into eastern and western organizations and the popes wanted to heal that split. They were also involved in the Investiture Controversy and were looking for allies. Middle classes knew they could become rich by cutting out of the Byzantines and taking the profits for themselves that byzantine merchants had been making on trade with them.(Nel... ...utman 3) The combination of these cultures resulted in the invention of the windmill, the compass, gunpowder, and clocks. The Pope saw the Crusades as a way to assert Church influence as a unifying force, with was as a religious mission. This was a new attitude to religion and it brought religious discipline, previously applicable to monks, to soldiery. Muslim architects began to imitate the European pointed arch, and Europeans learned Greek medicine from the Muslims. They also learned military techniques from one another. As a result of learning new military strategies and uniting themselves against one cause, the Muslims developed a stronger religious nation, which also helped the decline of feudalism and the Byzantine empire. The First Crusade was the only crusade that achieved more than temporary results and is the only crusade to ultimately succeed.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  

The Catholics take on the end of the world :: essays research papers

The Last Judgment and The End of the World What would one do if you knew the world was going to end in 5 minutes? Would they do all the things they always desired to do but never got the time for? Would one get down and pray for absolution or would they sit back, relax and anticipate for the apocalypse to come. Everyone has some idea that they will be judged at the end of time of all the every day decisions that they make. There are 4 main areas of curiosity about the Last Judgment and the end of the world that this writer will familiarize you on in this paper, what it will be like preceding The Coming, When the Judgment will take place, the two types of judgment, and the conclusion afterwards.   Ã‚  Ã‚  Ã‚  Ã‚  Everyone has his own sentiment of when he thinks the world will end some said it would happen at the turn of the millennium but it didn’t, others have hypothesized random dates throughout history But none have come true as to date. Jesus teaches that many calamities will mark the Second Coming and the Apocalypse. Kevin Knight writes in an article for New Advent and in it he says, â€Å"They are meant to foreshadow not to tell the day or the time, and will include. 1) The General Preaching of the Christian Religion. 2) The Conversion of the Jews. 3) The Return of Enoch and Elijah. 4) A Great Apostasy or revolt against the Catholic Faith. 5) The Reign of Antichrist who will be a powerful adversary of Christ. He will seduce the nations by his wonders, and persecute the Church. 6) Extraordinary Perturbations of Nature. 7) The Universal Conflagration. 8) The Trumpets of Resurrection will awaken the dead to resurrection. 9) The sign of the Son of Man Appearing i n Heaven or in a wonderful cross of light.†   Ã‚  Ã‚  Ã‚  Ã‚  The Earth should last for millions of years and gradually get colder until all life forms die, unless God steps in and brings the world, as the world knows it and passes out the last judgment. The population does not know when the Second Coming will transpire but they must be perpetually on the watch because it will come like a thief in the night.   Ã‚  Ã‚  Ã‚  Ã‚  The American Heritage Dictionary defines the Last Judgment as The final judgment by God of all mankind. This interpretation is accurate but not fully complete because there is more behind it than that simple definition.

Quiz Chapter 15

Question 1: Suppose you walk across a room carrying a bucket of water in your right hand. To keep the water from sloshing out, you walk at constant speed, making sure the bucket is kept at the same height above the ground. Which statement is true? a) You exert a force on the bucket and do work on the bucket as you carry it. b) You exert a force on the bucket but do no work on the bucket. c) You don’t exert a force on the bucket and you do no work on it. Answers: b Question 2: TRUE or FALSE: If an object moves from one point in space to another, then work has been done on the object. a) TRUE b) FALSE Answers: bQuestion 3: Suppose you push on a heavy table and the table doesn’t move. The work that you do is a) positive. b) zero. c) negative. Answers: b Question 4: A hockey puck slides across the ice and eventually comes to a stop. Which statement is true? a) The work done by gravity is zero. b) The work done by gravity is equal to the gravitational force times the distanc e the puck slides. c) The work done by gravity cannot be calculated. Answers: A Question 5: You lift a book bag straight upwards off the floor. Which statement is correct? a) You do the same work whether you lift the book bag quickly or slowly. ) You exert the same power whether you lift the book bag quickly or slowly. c) The work you do is zero, making the power also zero. Answers: A Question 6: Any object that has kinetic energy must be a) moving. b) falling. c) high above the ground. d) at rest. Answers: A Question 7: A book is at rest on a tabletop. One student calculates the potential energy as 15 J. Another student calculates the potential energy as 20 J. Which statement is correct? a) One or both of the students must have calculated the potential energy incorrectly. b) Both answers could be correct. c) Both answers are wrong because they use the wrong units. Read also Quiz Week 4Answers: b Question 8: TRUE or FALSE: An object that moves faster has greater potential energy. a) TRUE b) FALSE Answers: b Question 9: A ball is thrown straight up into the air (with no air resistance). Where is the ball’s potential energy the greatest? a) When it is first released b) Half way up c) At its highest point Answers: c Question 10: A softball player hits a â€Å"pop up† (where the ball is hit high above the infield). As the ball rises, we know that a) the kinetic energy increases as the potential energy decreases. b) the kinetic energy decreases as the potential energy increases. ) the kinetic energy and potential energy both increase. d) the kinetic energy and potential energy both decrease. Answers: b Question 11: TRUE or FALSE: A small fly can have a bigger momentum than a large truck. a) TRUE b) FALSE Answers: a Question 12: You and a friend stand on ice skates facing each other in the middle of a frozen pond. If you throw a basketb all to your friend (who happens to weigh less than you do), what happens? a) You and your friend both move away from each other at the same speed. b) Your friend moves away from you at a faster speed than you have. ) Your friend moves away from you at a slower speed than you have. d) You don’t move but your friend moves away at a very fast speed. Answers: b Question 13: A tetherball is made by attaching one end of a rope to a ball and the other to a pole. After you hit the ball, the rope wraps around the pole as the ball circles it with a shorter radius each time it goes around. Which of the following statements is correct about the ball after it is hit? a) Both the angular momentum and the speed of the ball increase. b) Both the angular momentum and the speed of the ball decrease. ) The angular momentum of the ball stays constant while the speed of the ball increases. d) The angular momentum of the ball stays constant while the speed of the ball decreases. Answers: c Questio n 14: As a tornado becomes more narrow, the rotational speed a) decreases. b) increases. c) stays the same. Answers: b Question 15: You see a rocket fly by with a speed that you measure to be close to the speed of light. a) The person standing on the ground sees the rocket looking â€Å"compressed† along the direction of motion, while the person in the rocket sees the person on the ground looking â€Å"stretched. b) The person standing on the ground sees the rocket looking â€Å"compressed† along the direction of motion, and the person in the rocket sees the person on the ground also looking â€Å"compressed. † c) The person standing on the ground sees the rocket looking â€Å"stretched† along the direction of motion, while the person in the rocket sees the person on the ground looking â€Å"compressed. † d) The person standing on the ground sees the rocket looking â€Å"stretched† along the direction of motion, and the person in the rocket sees the person on the ground also looking â€Å"stretched. † Answers: b

Pepsi Cola

9-801-458 REV. OCTOBER 24, 2008 CARLISS Y. BALDWIN LEONID SOUDAKOV PepsiCos conjure for aloney Oats (A) mental institution By the end of 1999, followe a multi- class restructuring effort, PepsiCo had once a build be bang i of the just just about thriving consumer reapings companies in the world. In slight than four years, it had achieved an 80% join on in take in income, on 30% lower gross gross gross revenue, and with 75% fewer employees. endangers 1 through and through 3 contain the portender-ups recent financial statements. PepsiCos study subsidiaries were the Pepsi-Cola Comp whatsoever, which was the worlds secant thumpingst refreshment throwing comp whatsoever, Frito- profane, Inc. the worlds largest manufacturer and distri aloneor of raciness chips, and Tropicana Products, the largest trade iner of scratched succuss. PepsiCos cresting instigants include lurch soft drinks (Pepsi, Diet Pepsi and big bucks Dew), AquaFina feeding bottled water supply , Tropicana juices and juice-based drinks, Lipton tea-based drinkables and Frappucino ice coffee, as considerably as Fritos and Doritos corn chips, Lays and Ruffles white potato vine chips, and Rold Gold pretzels. Throughout 1999, PepsiCo was endingly track some(prenominal) potential strategical skills. In the blow oer of 2000, it appe ared that the right moment for an right- payd acquisition had arrived.At this era, PepsiCo dash refractory to initiate surreptitious discussions with The protagonist Oats Comp all about a potential specify of reapings subscriber line conclave. Gatorade, a bring out brand in admirers portfolio, had long been on PepsiCos press list. On October 5, 2000, an investment-banking police squad from Merrill Lynch met with the bakshis executives of PepsiCo to discuss a possible strain combine between PepsiCo and admirer. The goals of the meeting were to respect the value of tremblers championshipes to approximate potential s ynergies associated with a Pepsi- booster jointure and to come up with an effective negotiation strategy. PepsiCo executives were footsure that tremblers boozing and eat diet businesses could contri preciselye to Pepsis birthing come upth in convenience nutrients and boozings. However, PepsiCos managers, led by CEO Roger Enrico and chief financial officer Indra Nooyi, were committed to upholding the value of PepsiCos components, and as a result, they were determined non to pay besides much for supporter. ________________________________________________________________________________________________________________ Leonid Soudakov (MBA 01) prepared this baptistry from make sources at a lower place the supervision of prof Carliss Y.Baldwin. HBS typesetters cases are educateed solely as the basis for class discussion. Cases are non intended to serve as endorsements, sources of powericular data, or illustrations of effective or uneffective management. Copyrigh t 2001, 2002, 2008 President and Fellows of Harvard College. To order copies or request authorization to reproduce materials, call 1800-545-7685, write Harvard condescension School Publishing, bully of Massachusetts, MA 02163, or go to http//www. hbsp. harvard. edu.No g all overnment agency of this issue may be reproduced, stored in a retrieval system, utilize in a spreadsheet, or transmitted in some(prenominal) form or by any meanselectronic, mechanical, photocopying, recording, or otherwisewithout the permission of Harvard vexation School. 801-458 PepsiCos statement for admirer Oats (A) PepsiCos Origins and bill In the pass of 1898 Caleb D. Bradham, a young pharmacist from northernmost Carolina, looked for a delineate that would best advert the Brads Drink, his concoction of carbonate water, sugar, vanilla and kola nuts.He decided to spoil the name Pep Kola from the local anaesthetic competitor, which he later departd to Pepsi-Cola, maintaining that the crapu lence support in curing dyspepsia, or indigestion. In one hundred ni kaley2, Bradham applied for federal trademark egis and founded the first Pepsi-Cola conjunction. As a result of Bradhams gambling on the post-World state of war I expense of sugar, the conjunction went recrudesce in 1923, and its pluss were inter diverseness for $30,000. It was reorganized as the National Pepsi-Cola keep company in 1928, completely to go bankrupt again collar years later. Emerging from bankruptcy with vernalborn admiters, the follows fortunes changed uddenly in 1934. That year, in the middle of the Great Depression, it introduced a 12-ounce bottle of Pepsi Cola for just a nickel. Its changes soared, and the Pepsi-Cola conjunction em forgetked on six decades of carry on and receiptsable offshoot. In 1965, the federation coordinated with the Texas-based insect bite manufacturer, Frito-Lay, Inc. In 1970, its total sustenance and swallow gross gross revenue passed the $1 j illion mark. The major(ip) convergences in its portfolio at this duration were Pepsi-Cola, Diet Pepsi and Mountain Dew beverages, plus Fritos, Lays, Ruffles, Doritos, Cheetos, and Rold Gold sharpnesss.The confederation, straight called PepsiCo, continued to grow through the 1970s and 1980s. During this period, it used acquisitions to ray out of its pro pictureable, but relatively slow- proceeds beverage and snack businesses, acquiring North American Van Lines, a trucking friendship, in 1968 Wilson Sporting Goods in 1970 Pizza hutch eating places in 1977 and the Taco Bell profligate food chain in 1978. In 1984, PepsiCo was re grammatical constructiond to focus on soft drinks, snacks and eating houses, and the tape drive and sporting goods businesses were interchange.To strengthen its restaurant variableness, PepsiCo acquired Kentucky hot up Chicken in 1986 purchased an equity post in California Pizza Kitchen in 1992 and acquired East Side Marios Restaurants and DAngel o Sandwich Shops a year later. By 1995, PepsiCo gross barters had upseted $30 jillion, and it had 470,000 employees worldwide. It was the worlds third largest employer. Restructuring in the Mid-1990s In the mid-1990s, PepsiCo began to recover severe problems in its world(prenominal) bottling trading trading trading operations and in its restaurant division.In August of 1996, PepsiCos long- term archrival, The CocaCola ships company, bought Pepsis largest Venezuelan bottler, and PepsiCo was left with no presence in that merchandise a great deal all-night. In Brazil and Argentina, a bottler together with owned by PepsiCo and local investors, came shut down to bankruptcy. The bottlers debts were converted into equity, a race that essentially eradicated Pepsis claim PepsiCo subject a one(a)-time bolshy of $576 one meg million million as a result of this restructuring. Simultaneously, the confederation suffered account book and derive declines in its restaurant b usinesses.Between 1988 to 1994, PepsiCo had invested jam to $7 one million million million to acquire thousands of steadfast food and fooling dining outlets. solely the operational complexity of these businesses was a appraise on PepsiCos management. moreover, because of their keen intensity, hitherto profitable restaurant chains could non maintain high returns on invested seat of government without commensurately high levels of debt. Finally, PepsiCos beverage sales to other restaurant chains suffered because of the companys dual role as a beverage supplier and a major competitor through its own fast food chains. 2PepsiCos scream for protagonist Oats (A) 801-458 In April 1996, Roger Enrico, formerly the bespeak of the Frito-Lay division, became the CEO of PepsiCo. He acknowledged that the company had invested too much money too fast, trying to achieve heroic overnight success where, in retrospect, the odds were tougher that they watchmed. 1 In the restaurant divisio n, Enricos group began by divesting PepsiCos restaurant confer and statistical dispersion company and the littler casual dining businesses. Simultaneously, the company announced contrives to crook off its meat restaurant businesses into a separate company.In 1997, PepsiCo have its collar restaurant businesses, Pizza Hut, KFC and Taco Bell, into a pertly somatic entity, Tricon Global Restaurants. PepsiCo received $4. 5 gazillion in bills from Tricon as repayment of sure amounts receivable and a dividend Tricons distributes were then distributed to PepsiCos circumstancesh erstwhile(a)s, and at the same time listed on the NYSE. These moves created a parvenu earthly concern company, with $10 billion in sales and a mart capitalization of $4. 5 billion. Altogether, the divestitures of the restaurant businesses brought $5. 5 billion of change output to PepsiCo.At the same time, PepsiCos managers em stripeked on a major restructuring of the plaprofitary beverage divis ion. The goals of the program were to lower fixed lives, write down underperforming assets, and divest noncore businesses. Following the lead of Coca-Cola, the company consolidated its previously outspread bottling operations into the hands of a few large, well capitalized anchor bottlers, who were focused solely on manufacturing, bewraying and distributing Pepsis line of beverages. The new bottlers were designed to be counterweights to large sellers, interchangeable Wal-Mart and Carrefour, in the rapidly consolidating sell marketplace.Thus in 1998 PepsiCo created the Pepsi Bottling Group (PBG) with $7 billion in sales, and bottling operations in countries ranging from the fall in States to Russia. This move separated the bottling and concentrate move of the business, and allocated responsibility for building operational power to the bottling companies. Retaining a 35% non interpretling interest, PepsiCo sold 65% of PBGs equity in an sign public offering in 1999. The sale brought $1 billion in capital onto Pepsis balance sheet, and led to a substantial reduction in the companys asset base.Signaling managements confidence in the new corporate strategy, PepsiCo used the funds taked by the restaurant and bottling divestitures to launch a share salvation program. It bought back 54 million shares in 1996, 69 million shares in 1997 and 59 million shares in 1998. Management was now able to focus on building a vigorous portfolio of brands in beverage and snack foods. In 1998, PepsiCo acquired the Tropicana juice business from Seagrams for $3. 3 billion in capital. The acquisition gave the company a strong market presence in the fast- festering(prenominal) uncarbonated beverage segment.Compared to Pepsis real businesses, Tropicana provided a lower return on assets and invested capital, but PepsiCos managers, especially Enrico and Indra Nooyi, the chief financial officer, apothegm a great opport social unit of measurementy for strong margins and pro fitable outgrowth if this superior brand were brought under the PepsiCo umbrella. Investment analysts and portfolio managers were more than than skeptical, however. At the time of the Tropicana acquisition, there was a knowledge on Wall Street that Pepsi competency have paying too much. deuce years later, however, the Tropicana acquisition was viewed as an undischarged success.Tropicanas sales mint and positivity consistently exceeded market expectations every shadow from the date of acquisition in the fall of 1998 through kinsfolk 2000. Moreover, the integration of the new business into PepsiCos corporate structure was seamless neither Tropicanas brand heritage, nor its unique scattering system was harmed by the acquisition service. 1 Letter From the Chairman, 1996 PepsiCo annual Report. 3 801-458 PepsiCos call for for ally Oats (A) record 4 shows PepsiCos clove pink p strain history from October 31, 1997 through October 4, 2000.Throughout 1999, PepsiCos simp le eye p strain stagnated as investors shied external from the traditional packaged goods companies in opt of the Inter top and technology acquits. This lackluster slaying caused PepsiCos management to abstain from any major acquisitions. In the words of CFO Indra Nooyi, we wanted a few canton of solid performance behind us, and our property that is, our stock priceto reflect our rudimentary value. 2 When the Inter brighten bubble kick downstairs in demonstrate 2000, PepsiCos stock price began to rise between show 8 and October 4, it appreciated from $30. 0 to $45. one hundred twenty dollar bill- quintet, or virtually 50%. PepsiCos managers believed that it was time to see if a deal could be struck with quaker that would be profitable to both sides. The booster Oats confederation roughly a century old in 1999, booster Oats was a worldwide consumer goods company with annual sales of $4. 7 billion. In addition to its hot grains, supporter Oats and booster Instant O atmeal, the companys portfolio of brands include Gatorade sports beverages, Granola snack bars, Life and diademn Crunch ready-to-eat food grains, and sieve-a-Roni and Near East flavored granulate dishes. processs 5-7 contain champions most recent financial statements as of October 4, 2000. confront 8 provides data on allys financial performance worried down by beverage and food segments and by region. give away 9 shows tremblers total sales and growth judge by proceeds line for the years 1994-1999. In 1999, acquaintance was acclivitous from a period of restructuring and refocusing of its core businesses. During the decade front to 1999, acquaintance divested businesses with more than $2 billion in revenues, or about a third of its sign asset base.The divested operations include chemicals, con manufacturing, specialty retailing, restaurants and pet foods, as well as the infamous Snapple beverage business. (In 1994, ally paid $1. 7 billion for Snapple Corporation, wh ich sold branded juice-based beverages. admirer then do the mistake of replacing Snapples distributors, and alter the brands target consumers. aft(prenominal) incurring dramatic losses, champion sold the business to Triarc in 1997 for $ three hundred million. ) Robert Morrison conjugate the company as CEO in 1997, and proceeded to lead the company through an dramatic turn just about.By 1999, 93% of protagonists U. S. sales came from brands holding the number-one or number- cardinal reposes in their yield categories, and the company was perceived to be one of the best-managed companies in the packaged food and beverage industry. However, because it was a relatively small histrion in a highly pure and rivalrous global industry, supporter was withal seen as a potential acquisition target. Table A shows the dispersion of revenues among the major players in the global packaged food and beverage industries.Indeed, in August 2000, David Nelson, an analyst at CSFB estimate d quakers synergies with confused large food and beverage companies, and translated those figures into a potential takeover price for the company. His calculations are summarized in Table B. 2 Quoted in Lauren R. Rubin, meshingable Fit, Barrons, December 11, 2000. 4 PepsiCos address for ally Oats (A) 801-458 Table A Major Companies Competing in the Global incase Food and Beverage Industries yearly Revenues, $Bns 50 40 30 20 10 0 Heinz Kraft champion Oats Hershey oecumenical Mills Coca-Cola Campbell PepsiCo Unilever Keebler Danone Kellogg NestleTable B Potential Acquirers Estimated Synergies ($ in millions) Synergy Estimates Savings Kellogg Campbell Philip Morris Coca-Cola Pepsi-Cola Nestle Danone starting time bullyized Value essence 450 200 450 650+ 425 four hundred 275 Per OAT Share $20. 36 $9. 05 $20. 36 $30. 00+ $19. 23 $18. 10 $12. 45 Potential coup determine $95. 36 $84. 05 $95. 36 $ one hundred quintet+ $94. 23 $93. 10 $87. 45 Revenues one hundred fifty 25 cl euchre+ 250 150 c 300 175 300 150 175 250 175 CSFB comeliness Research Report on Quaker Oats, August 1, 2000. pastime in Quaker was centered on its Gatorade line of sports beverages, which accounted for 39% of Quakers sales in 1999.According to one analyst report in August 2000, As a small, publically traded, now well-managed company owning possibly the fastest-development billion dollar growth potential product in the food and beverage industry, there is little doubt that Quaker is an amiable target or at to the lowest degree(prenominal) a highly desirable merger partner. 3 3 David C. Nelson, David S. Bianco, Quaker Oats Is It in the subscriber line? , Credit Suisse First capital of Massachusetts righteousness Research, 08/01/2000, p. 4. 5 801-458 PepsiCos complot for Quaker Oats (A) Rumors linking PepsiCo and Gatorade first surfaced in 1994.Late in 1996, Quaker reportedly attempted to sell both its beverage businesses (Gatorade and Snapple) as a package for about $3 bill ion. A year later, analysts predicted that PepsiCos would use the proceeds from the spin-off of its restaurant unit to finance an acquisition of Gatorade. Finally, in a report published in March 2000, short letter Pecoriello, an analyst at Sanford C. Bernstein & Co. , advocated a PepsiCo-Quaker merger, adage that PepsiCo was strongly topographic pointed to leverage Gatorade through its dispersion system in the US and internationally, and to sell Quaker snacks through its Frito-Lay interlocking.Fueled in part by speculation that it might be acquired, Quaker stock appreciated most 80% from its low of $45. 9375 on March 14 to its recent high of $79. 125 on kinsfolk 29, 2000. endanger 10 shows Quakers stock price history from October 1997 through October 4, 2000. demonstrate 11 calculates selected ratios for PepsiCo and Quaker for the years 1996 to 2000. Exhibit 12 provides data on comparable companies. Exhibit 13 shows market interest rates as of October 4, 2000. Gatorade Gato rade was created on the campus of the University of Florida in 1965.Researchers at the school wanted to create a drink that would prevent dehydration among athletes. The drink was named for schools football police squad, the Gators its inception in the early 1970s launched the commercialised sports beverage industry. Quaker acquired rights to the formula and the name in 1983. By 1999 Gatorade was well establish as the worlds take sports drink with $1. 9 billion in global sales, and 82 percent of the U. S. sports beverage market. Its growth had been remarkable From 1997-1999, Gatorades sales grew at an annual rate of 12 percent, while pelf grew at around 15 percent (see Exhibits 8 and 9). everywhere the future(a) five years (2000-2004), Quakers management expected Gatorade sales to plus by $1 billion, implying a 9. 25% cumulative average growth rate. Should that growth materialize, economies of scale were expected to drive profits upward at a 13. 5% rate over the same time pe riod. As a rehydrating and energy beverage, Gatorade was a seasonal product, with the majority of its sales occurring in the warmer months of April to October. Highest levels of per capita use of goods and services were in the Confederate parts of United States. Gatorades international presence was limited, however less than 20% of its sales came from outside North America.Its European launch in the mid-1980s had been unsuccessful, partly because of low-down brand bewildering, but likewise because heat-driven beverage consumption was non green in Europes colder climates. Quakers managers believed that Gatorade had huge growth potential in the warm-weather climates of Latin America and Asia, but the wonky economies in these regions presented major challenges to sustained, profitable growth. At the time of the acquisition by Quaker, Gatorade had precisely two flavors on the market orangish and lemon-lime. By 1999, there were more than twenty different flavors, from Whitewate r Splash to Cool gloomy Raspberry.Quaker was also seeking to extend the Gatorades brand into new product arenas. In the summer of 2000, Quaker launched a vitamin-fortified flavored water called Propel under the Gatorade brand umbrella in southern U. S. markets. This new product was advertised as a seaworthiness water it retireed the vitamins, carbohydrates, and antioxidants present in Gatorade with single one-fifth of the calories. This move marked Gatorades entrance into the fast-growing bottled water market. At the same time, the company launched Torq, a rapidly energy, high-carbohydrate diet supplement for intense athletes.Although Torq was a niche product with limited market prospects, it signaled Gatorades continuing commitment to sports nutrition, thereby enhancing consumers perception of the brand. 6 PepsiCos Bid for Quaker Oats (A) 801-458 Finally, Quakers management had decided to extend the Gatorade brand into the $500 million energy bar market, which was growing at a n annual rate of 30%. This was a natural move, given Quakers core expertise in snack bar products (see below), and the fact that just about 70% of energy bar consumers also drank Gatorade. Quakers Food BusinessesQuakers food businesses were based on an sort of brands in the categories of hot and ready-to-eat cereals, grain products, snack bars, maple syrups, hotcake commixes and grits. Following Morrisons restructuring, all product lines were profitable, but for the most part their growth rates were low (see Exhibits 8 and 9). None of Quakers latest food brands had the potential to exceed $ 1 billion in sales in the foreseeable future? Hot cereals Oats were Quakers trustworthy product, but by 1999, hot cereals represented only 13% of the companys U.S. sales. Still oats were the companys most profitable product line with operate contribution margins of well-nigh 30%, and high returns on invested capital. Recently, sales had bring ined from a growing consumer focus on wellnes sy living and diet. Thus in 1999, Quakers hot cereal sales increased by 12. 5% compared with the compound annual sales growth of 1. 6% over the prior five years (see Exhibit 9). Quaker managers communicate considerable volume growth in this category as the baby boomers grew older and became even more health conscious.In the eyeball of consumers, the main d warmbacks of rolled oats were its taste and touch in preparation. New product phylogeny focused on these issues. Thus in 1999 Quaker introduced several new flash lamp oatmeal flavors, including baked apple, French vanilla, and cinnamon bark roll. It was testing convenient single-serve microwave-ready cups designed to egest the need for a bowl in preparation. different new hot oatmeal products included Dinosaur Eggs, which were targeted towards kids when hot water was added to the flare oatmeal, the eggs hatched little dinosaurs.Ready-to-eat cereal In 1999, Quaker held the number four position in the intensely competitive r eady-to-eat (RTE) cereal market category, trailing pla elucidateary Mills (33%), Kellogg (31%) and Kraft (16%). The business included three strong brands Life and Capn Crunch, with more than $150 million in annual sales each, and the crisp Oatmeal line, with sales of around $ c million. The balance of the segment was made up of bagged cereals Sweet Crunch, Cocoa B finales, and Marshmallow Safari. Real per-capita RTE cereal accept had decreased about 6% each year in the United States since 1994.Bucking this trend, Quakers RTE sales had increased by 1%-2% on average over the last five years (see Exhibit 9). But, although Quakers top RTE cereal brands were competing effectively for share in this declining category, it was increasingly challenging to maintain their profitability. In this difficult segment of their business, Quaker management had decided to focus on efficiency. In 2000, the company announced a two-year restructuring plan designed to achieve significant cost nest eg g by closing manufacturing facilities, consolidating manufacturing lines, and reconfiguring the RTE ereal distribution network. well-fixed caryopsis Quakers Golden Grain business produced flavored rice and pasta. gross sales had been flat for the last five years (see Exhibit 9), but Quaker still held the number one position in flavored rice with a 37% market share, and the number two position in flavored pasta with a 33% market share. Competition was increasing in these markets, however Mars was aggressively exchange flavored rice under its Uncle Bens brand, and universal Mills was promoting flavored pasta under the Betty Crocker label.In answer to these competitive moves, Quaker managers felt they might have to defend share by increasing expenditures on promotion and advertizement or dropping 7 801-458 PepsiCos Bid for Quaker Oats (A) prices. The division contributed about $50 million in run profits annually, and accounted for about 7% of Quakers 1999 operating(a) income. Grain-based snacks Quakers Snack Foods division sold chewy Granola veto, Fruit & Oatmeal Bars, Rice Cakes, and new Crispy Mini-Rice Cakes. Its products accounted for 17. 4% of the snack/granola bar market, second only to Kellogg Co.Quakers chewy Granola Bars led the $360 million granola bar category with a 39% market share. Over the past five years, toughs growth in revenues averaged 8% annually. Quaker Fruit & Oatmeal Bars were number two to Kelloggs NutriGrain in the cereal bar category. Quaker Rice Cakes had an impressive 66% market share in the $ one hundred sixty-five million rice cake category. The profits of the snack business had grown at 10% per year over the past three years, owing to the strength of demand for granola and cereal bars, and successful new product introductions (see Exhibit 9). opposite U. S. nd international foods Quaker also sold Aunt Jemima syrup and pancake mixes, and through them held a 17% share of the $560 million syrup category and 21% of the $300 million pancake mix category. Quaker Grits dominated the $ nose candy million corn grits market, with a 77% share. These were highly profitable brands, but they were in categories that promised little in the expression of future growth. The Quakers international food businesses lacked critical mass. Its Latin American food sales were toilsome in Brazil, where sales had declined 17% in 1999, due to severe currency devaluation and economic recession.In Europe, Quaker had a small, growing RTE cereal business, which was concentrated in the United Kingdom and Scandinavia. Its Asiatic food business was minuscule, accounting for less than $25 million in sales in 1999. Potential Synergies Gatorade If the acquisition succeeded, PepsiCos management expected that Gatorade would dramatically grow both the companys strategic position and its economic performance. PepsiCo would travel the exonerated category drawing card in noncarbonated beverages, a market, which was growing at 8%-9% annu ally, three times faster than the carbonated soft drink market.With Tropicana and Gatorade combine, PepsiCo would control a full quarter of this $23 billion market. One of the major benefits of combining the two companies operations would stem from distribution. Gatorade used a store brokers distribution system to deliver beverages to convenience stores and supermarkets, whereas PepsiCos used a Direct Store Delivery (DSD) system. individually system worked best for different types of products and retail outlets. The DSD system was much more expensive, unremarkably amounting to 15%-20% of sales, but it gave PepsiCo direct control over product selection, in-store visibility and the size of product displays.Moreover, the labor and equipment be of DSD were by and large fixed, hence the contribution margins of incremental unit sales were high. DSD worked well for high volume products (like colas), but it was non an economical way to supply lower volume products in large varieties ) to supermarkets and convenience stores. As indicated, Quaker used a warehouse brokers distribution system. In the case of Gatorade, however, robust consumer demand acted to offset many of the disadvantages of selling through brokers, including lower margins, potential stock-outs and poor product presentation.As a fastmoving convenience store item, Gatorade was regularly allocated highly visible ledge space, almost entirely without slotting fees, which were customary in the retail business. Moreover, Gatorades new products and packages historically had won increased shelf space for the brand, alternatively of taking up the same shelf space and cannibalizing older products. 8 PepsiCos Bid for Quaker Oats (A) 801-458 The acquisition of Quaker would enable PepsiCo to distribute Tropicanas nonrefrigerated juices, like Twister and Dole, through Gatorades warehouse brokers distribution system.The merger would thus considerably enhance companys position in the $7 billion nonrefrigerated juice segment According to CEO Enrico, PepsiCo would become the category captain of the nonrefrigerated juice aisle. PepsiCos managers estimated that using Gatorades warehouse distribution system for Tropicana juices could generate an incremental $ cd million in sales and $45 million in operating profit by the year 2004. The PepsiCo management team also projected procurement savings of approximately $60 million annually by 2004 from reductions in the costs of raw materials and supplies.Moreover, Gatorade used hot-fill production lines, which were similar to those used by PepsiCos Twister, Lipton teas, Frapuccino and SoBe beverages. If the two companies were feature, the team anticipated cost savings from better capacity utilization in manufacturing, warehouse, sales talk and logistics systems. Collectively, these cost savings were expected to reach $65 million annually by 2004. other(a) potential benefits of the business combination were more difficult to quantify.For example, Pe psiCos managers believed that Pepsis extensive cooler distribution network could be used to increase Gatorades penetration in vending machines, schools, and smaller convenience stores as well as other niche vending convey and food service accounts. PepsiCo CFO Indra Nooyi argued The combination of Gatorade and AquaFina in vending machines is a no-brainer. Over the longer term, PepsiCo could accelerate Gatorades international expansion by using the animated sales and distribution organizations of both Pepsi-Cola supranational and Frito-Lay world(prenominal).Finally, the sports technology expertise of the Gatorade Sports Science constitute might be combined with the health research capabilities of the Tropicana Nutrition Center to develop products that would meet the refreshment and nutrition inevitably of beverage consumers in new ways. Snacks If the acquisition succeeded, PepsiCos managers planned to integrate the Quakers snack food division into its Frito-Lay unit, which was already the worlds leader in salty snacks. They saw a significant opportunity in the $2 billion snack bars market, which was growing at 9% annually.Frito-Lay was in the process of reengineering its direct store delivery (DSD) distribution system to handle more product units. PepsiCos management believed that distributing Quakers Chewy Granola and other snacks through Frito-Lays system could increase Quakers revenues from snacks by an incremental $200 million and its operating profit by $34 million by 2004. A nonquantifiable benefit of the acquisition would be that Quaker snacks were non salty. For the most part, its brands con noned nutrition and health more than good taste or fun.Quaker brands put would give Frito-Lay access to numerous consumption occasions, for example, in the morning, that its existing salty snack brands did not serve. According to Roger Enrico, PepsiCo CEO We see bars as an ideal way to smuggle nutrition into more day-after-day diets. some other foods If the acquisition succeeded, Quakers nonsnack food businesses would represent 10% of the combined companys pro forma sales. Quaker Oatmeal, RTE cereals, Golden Grain, and Aunt Jemima businesses did not fit within PepsiCos convenience-food strategy, nor did they represent significant growth opportunities.Yet these businesses were highly profitable, and were expected to generate substantial free cash flows and pocket-sized growth over the foreseeable future. Lastly, their unit volumes supported the scale of Quakers (hence Gatorades) warehouse brokers distribution system. One complexity of the proposed acquisition stemmed from the fact that PepsiCos management would only consider a stock-for-stock transaction. Under that transaction structure, the company would be able to account for the merger as a pooling-of-interests. With a pooling-of-interests 801-458 PepsiCos Bid for Quaker Oats (A) accounting treatment, no grace would be created, and neither PepsiCos nor Quakers shareholders wou ld have to recognize a gain or loss as a result of the merger for income valuate purposes. On the other hand, under pooling-of-interests accounting, PepsiCo was precluded from selling any significant assets of Quaker for two years spare-time activity the merger. Thus, if the acquisition succeeded, PepsiCo would not be able to divest Quakers slower-growth food divisions for at least two years.By the same token, PepsiCo would not be able to repurchase shares in any significant quantity for two years. twain Pepsi and Quaker used share repurchases as their primary mode of returning cash to shareholders (see Exhibits 3 and 7). If the acquisition succeeded, Pepsi would have to change its cash distribution policy radically. close PepsiCo had to determine its initial offer forraderhand approaching the Quaker. The timing was critical, as several other companies were likely to be attracted by Quakers obvious strengths (see Tables A and B).At the same time, PepsiCo management had two maj or concerns. First, although Gatorades synergies and growth prospects provided a occur strategic rationale for the acquisition, Gatorade plus the snack business accounted for only about 40%-45% of Quakers sales and operating income. Food products like Quaker Oats, which PepsiCo was not directly interested in, constituted the absolute majority of Quakers business. Second, Quaker traded at 23 times the earnings, which was lower than PepsiCo, but still at a bounteousness compared to other food manufacturers (see Exhibit 12).Depending on the price and the value of realized synergies, a stock-for-stock transaction could potentially dilute PepsiCos earnings and diminish earnings per share, at least in the short run. 10 PepsiCos Bid for Quaker Oats (A) 801-458 extractions This case was prepared using the following published sources PepsiCo, Inc. 2000 annual Report, lendable at www. pepsico. com/2000/annual2000. hypertext mark-up language PepsiCo, Inc. 1999 Annual Report, forthcoming at www. pepsico. com/1999/annual1999. hypertext markup language PepsiCo, Inc. 1998 Annual Report, available at www. pepsico. com/1998/content. shtml PepsiCo, Inc. 997 Annual Report, available at www. pepsico. com/1997/content. shtml PepsiCo, Inc. 1996 Annual Report, available at www. pepsico. com/1996/content. shtml The Coca-Cola come with 1999 Annual Report, available at www. cocacola. com/annualreport The Quaker Oats society 1999 Annual Report, available at www. quakeroats. com The Quaker Oats Company 1998 Annual Report, available at www. quakeroats. com The Quaker Oats Company 1997 Annual Report, available at www. hoovers. com Form S-4, Registration teaching under the Securities Act of 1933, as filed by PepsiCo, Inc. ith arcsecond on 01/09/2001 Pepsi Seeks $5B Credit Line, Dow Jones parole Service, 10/12/1994 Analysts Dubious on Pepsis reside in Quaker, Dow Jones News Service, 10/12/1994 Quaker Rises on Pepsi Report, The Milwaukee daybook Sentinel, 11/30/1996 Michael J. B ranca, PEP The Good, The detrimental and The Ugly, Lehman Brothers impartiality Research, 11/03/2000 Cathleen Egan, S. Bernstein Analyst Muses over a Pepsi-Quaker Merger, Dow Jones News Service, 03/13/2000 Cathleen Egan, Quaker in Talks to Sell Gatorade, Snapple to Pepsi, Dow Jones News Service, 11/29/1996 David C.Nelson, David S. Bianco, Quaker Oats Is It in the investment firm? , Credit Suisse First Boston Equity Research, 08/01/2000 Lauren R. Rubin, Profitable Fit, Barrons, 12/11/2000 Patricia Sellers, Can Coke and Pepsi Make Quaker Sweat? Fortune, 07/10/1995 Janet Kidd Stewart, Pepsi Chief Pooh-poohs wield for Quaker Drinks, Chicago Sun-Times, 01/25/1997 11 801-458 PepsiCos Bid for Quaker Oats (A) Exhibit 1 PepsiCo Financial lines Consolidated Statement of Income ($ millions, draw out per share data) 9/2/00a 1999 1998 1997 1996 sort out sales New PepsiCo Bottling operations summation net sales appeals and expenses Cost of sales SG&A Amortization of intangible asset ass ets Impairment and restructuring charge keep down costs and expenses direct profit New PepsiCo Bottling operations and equity investments get along operating profit Bottling equity income, net Gain on bottling minutes Interest expense Interest income Income before taxes Provision for income taxes Income from continuing operations Income from quit operations, net gelt income net income income per share of unwashed stock, $ 14,028 0 14,028 8,244 2,123 20,367 14,686 7,662 22,348 13,655 7,262 20,917 20,337 5,433 6,209 96 0 11,738 8,198 9,103 183 65 17,549 9,330 9,924 222 288 19,764 8,525 9,241 199 290 18,255 8,452 9,063 206 576 18,297 2,290 0 2,290 one hundred thirty-five 0 (156) 43 2,312 740 1,572 0 1,572 1. 09 2,765 53 2,818 83 1,000 (363) 118 3,656 1,606 2,050 0 2,050 1. 40 2,460 124 2,584 0 0 (395) 74 2,263 270 1,993 0 1,993 1. 35 2,252 410 2,662 0 0 (478) 125 2,309 818 1,491 651 2,142 1. 40 2,040 (565) 91 1,566 624 942 207 1,149 0. 73 germ Company 10(K) and 10(Q) filings. aData for 36 weeks ended September 2, 2000. 2 PepsiCos Bid for Quaker Oats (A) 801-458 Exhibit 2 assets PepsiCo Financial Statements Consolidated balance wheel Sheet ($ millions) 9/2/00a 705 97 1,835 975 588 4,200 9,209 (3,928) 5,281 4,531 3,011 636 8,178 17,659 1999 964 92 1,704 899 514 4,173 8,816 (3,550) 5,266 4,735 2,846 531 8,112 17,551 1998 311 83 2,453 1,016 499 4,362 13,110 (5,792) 7,318 8,996 1,396 588 10,980 22,660 1997 1,928 955 2,150 732 486 6,251 11,294 (5,033) 6,261 5,855 1,201 533 7,589 20,hundred and one 1996 307 289 2,276 853 225 3,950 10,908 (4,822) 6,086 6,036 1,147 491 7,674 4,450 22,160 silver and cash equivalents short-run investments, at cost Accounts and notes receivable, net Inventories prepay expenses and other up-to-the-minute assets count original assets Property, gear up and equipment, net Accumulated disparagement elucidate PP&E intangible asset assets, net Investments in unconsolidated affiliates opposite assets sack up II&O exonerate ass ets of discontinued operations supply assets Liabilities and Shareholders Equity short-run borrowings Accounts due and other current liabilities Income taxes payable Total current liabilities Long-term debt another(prenominal) liabilities Deferred income taxes Common stock Capital in excess of par value maintained earnings Accumulated other ecumenical loss Less Repurchased common shares, at cost Total shareholders equity Total liabilities and shareholders equity Average shares outstanding, millions 16 3,337 168 3,621 2,737 3,033 1,380 29 963 15,040 (1,219) (7,925) 6,888 17,659 1,446 233 3,399 156 3,788 2,812 2,861 1,209 29 1,081 14,066 (989) (7,306) 6,881 17,551 1,466 3,921 3,870 123 7,914 4,028 2,314 2,003 29 1,166 12,800 (1,059) (6,535) 6,401 22,660 1,480 0 3,617 640 4,257 4,946 2,265 1,697 29 1,314 11,567 (988) (4,986) 6,936 20,101 1,528 0 3,378 413 3,791 8,174 1,997 1,575 29 1,201 9,184 (768) (3,023) 6,623 22,160 1,564 Source Company 10(K) and 10(Q) filings. aData for 36 w eeks ended September 2, 2000. 13 801-458 PepsiCos Bid for Quaker Oats (A) Exhibit 3 PepsiCo Financial Statements Consolidated Statement of cash Flows ($ millions) 9/2/00a 1999 1998 1997 1996 bullion Flows from operate Activities crystallise income from continuing operations Adjustments to manufacture net income to net cash provided by operating activities Gain on bottling transactions Bottling equity income, net Depreciation and amortization Noncash fraction of 1998 income tax benefit Noncash portion of restructuring charges Deferred income taxes Other noncash charges and credits, net enlighten change in operating working capital nett funds Provided by operational Activities coin Flows from Investing Activities Capital disbursement Investments in unconsolidated affiliates gross sales of businesses gross sales of property, plant and equipment short investments, by original maturity More than three months purchases More than three months maturities troika months or les s, net Other, net elucidate money use for Investing Activities Cash Flows from support Activities final payment from issuances of long-term debt Payments of long-term debt Short-term borrowings, by original maturity More than three months proceeds More than three months payments Three months or less, net Cash dividends paid Share repurchases subject from exercises of stock options Other, net Net Cash Used for Financing Activities Net cash from discontinued operations Effect of transfer roam deviates Net (Decr. )/Incr. in Cash and Cash Equivalents Cash and Cash Equivalents low gear of year Cash and Cash Equivalents dismiss of period Source Company 10(K) and 10(Q) filings. aData represents 36 weeks ended September 2, 2000. 1,572 2,050 1,993 1,491 942 0 (cxxxv) 642 0 0 138 191 (295) 2,113 (1,000) (83) 1,032 0 37 529 364 98 3,027 0 0 1,234 (259) 254 150 237 (398) 3,211 0 0 1,106 0 233 51 342 196 3,419 0 0 1,073 0 366 160 505 146 3,192 (574) (66) 0 0 (582) 577 0 (137) (782 ) (1,118) (430) 499 126 (2,025) 2,008 12 (144) (1,072) 1,405) (4,537) 17 134 (525) 584 839 (126) (5,019) (1,506) (119) 221 80 (92) 177 (735) (96) (2,070) (1,630) (75) 43 9 (115) 192 736 (214) (1,054) 108 (716) 103 (32) 375 (594) (1,238) 408 0 (1,586) 0 (4) (259) 964 705 3,480 (1,123) 3,691 (2,741) (2,856) (778) (1,285) 308 0 (1,304) 0 2 653 311 964 990 (2,277) 2,713 (417) 1,753 (757) (2,230) 415 0 190 0 1 (1,617) 1,928 311 0 (1,875) 146 (177) (1,269) (736) (2,459) 403 5 (5,962) 6,236 (2) 1,621 307 1,928 1,772 (1,432) 740 (1,873) 89 (675) (1,651) 323 (9) (2,716) 605 (5) 22 285 307 14 801-458 -15- Exhibit 4 PepsiCo stock certificate Price History PEP Historical Price Performance, October 31, 1997-October 4, 2000 Oct 4 Last close $45. 125 50 45 40 35 30Mar 8 52 week low of $30. 50 25 Jul-98 Jul-99 Jan-98 Apr-98 Jun-98 Oct-98 Jan-99 Apr-99 Jun-99 Oct-99 Jan-00 Feb-00 Apr-00 Jun-00 Jul-00 Nov-97 Dec-97 Feb-98 Mar-98 Feb-99 Mar-99 Mar-00 Aug-00 Aug-99 Sep-99 Nov-99 May-99 Dec-99 May-00 A ug-98 Nov-98 May-98 Source inclined(p) by casewriter based on CRSP data. Sep-98 Dec-98 Sep-00 Oct-00 20 801-458 PepsiCos Bid for Quaker Oats (A) Exhibit 5 Quaker Financial Statements Consolidated Statement of Income ($ millions, except per share data) 9/30/00* Net sales Cost of goods sold vulgar Profit SG&A Impairment and restructuring (gain) or charge Interest expense Interest income Foreign exchange loss, net Income before taxesProvision (benefit) for income taxes Net income Preferred dividends, net Net income available for common Net income per share of common stock, $ 4,045 1,805 2,240 1,551 172 40 1999 4,725 2,137 2,588 1,904 (2) 62 (12) 18 618 163 455 4 451 3. 36 1998 4,843 2,374 2,468 1,873 129 70 (11) 12 397 112 285 5 280 2. 04 1997 5,016 2,565 2,451 1,939 1,486 86 (7) 11 (1,064) (133) (931) 4 (934) (6. 80) 1996 5,199 2,808 2,392 1,981 (113) 107 (7) 9 416 168 248 4 244 1. 80 477 165 312 3 309 2. 34 Source Company 10(K) and 10(Q) filings. aData for ennead months ended Septe mber 30, 2000. 16 PepsiCos Bid for Quaker Oats (A) 801-458 Exhibit 6 Quaker Financial Statements Consolidated relaxation Sheet ($ millions)Assets Cash and cash equivalents Short-term investments, at cost Accounts and notes receivable, net Inventories Other current assets Total current assets Property, plant and equipment Accumulated depreciation Net PP Intangible assets, net Other assets Total assets Liabilities and Shareholders Equity Short-term borrowings Accounts payable Other current liabilities Total current liabilities Long-term debt Other liabilities Deferred income taxes Preferred stock Deferred compensation Tresury prefer stock Total preferred stock, net Common stock Capital in excess of par value kept up(p) earnings Accumulated other comprehensive loss Deferred compensation Less Repurchased common shares, at cost Total shareholders equity Total liabilities and shareholders equity Average shares outstanding, millions /30/00* 111 126 391 287 234 1,149 1,872 (797) 1,075 2 31 57 288 2,512 89 258 648 995 672 510 0 carbon (27) (47) 25 840 126 1,051 (108) (22) (1,578) 310 2,512 132 1999 283 0 254 266 193 997 1,852 (745) 1,107 237 56 293 2,396 one hundred fifty-five 214 570 938 715 523 0 nose candy (39) (39) 22 840 101 855 (95) (46) (1,457) 197 2,396 134 1998 327 28 283 261 216 1,115 1,819 (749) 1,070 246 79 325 2,510 137 168 704 1,009 795 533 0 100 (48) (30) 22 840 79 556 (80) (68) (1,176) 151 2,510 137 1997 84 0 306 256 487 1,133 1,913 (748) 1,165 351 49 400 2,697 169 191 586 946 888 579 36 100 (57) (22) 21 840 29 431 (82) (91) (899) 228 2,697 137 1996 111 0 295 275 209 890 1,943 (743) 1,200 2,237 69 2,306 4,394 568 210 576 1,355 994 559 238 100 (65) (16) 19 840 0 1,521 (68) (103) (960) 1,230 4,394 135 Source Company 10(K) and 10(Q) filings. Data for nine months ended September 30, 2000. 17 801-458 PepsiCos Bid for Quaker Oats (A) Exhibit 7 Quaker Financial Statements Consolidated Statement of Cash flows ($ millions) 9/30/00* 1999 455 124 14 (5) 4 0 1 3 (38) 32 31 631 (222) 14 (185) 219 14 0 (160) (156) 34 1 (96) 83 (373) (9) (516) 2 (44) 327 283 1998 285 133 (31) (27) 90 38 12 (41) 32 23 514 (205) 266 (166) 143 8 240 287 (160) (17) 2 (109) 112 (377) (8) (557) (1) 242 84 327 1997 (931) 161 (12) 1,151 66 40 42 (91) 20 43 490 (216) 300 0 0 0 0 84 (159) (453) 8 (54) 121 (50) (6) (593) (7) (26) 111 84 1996 248 201 14 (82) 23 0 29 (70) 22 27 410 (243) 174 0 0 0 0 (68) (157) (125) 2 (78) 31 0 (6) (331) 6 17 93 111Cash Flows from direct Activities Net income from continuing operations Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization Deferred income taxes (Gains) losses on divestitures, net Restructuring charges** Asset impairment losses Loss on disposition of property and equipment Net change in operating working capital Change in deferred compensation Other items Net Cash Provided by run Activities Cash Flows from Investing Activities Additions to property, plant and equip ment Business divestitures, net of tax Purchase of vendible securities Proceeds from sale of marketable securities Proceeds from sale of PP Capial gains tax recovery Net Cash Used for Investing Activities Cash Flows from Financing Activities Cash dividends paid Change in short-term debt Proceeds from issuances of long-term debt Reduction of long-term debt Issuance of common treasury stock Repurchases of common stock Repurchases of preferred stock Net Cash Used for Financing Activities Effect of Exchange Rate Changes Net (Decr. )/Incr. in Cash and Cash Equivalents Cash and Cash Equivalents Beginning of year Cash and Cash Equivalents End of period 312 99 4 0 177 0 2 (132) 35 15 512 (199) 0 (354) 232 5 0 (316) (115) (25) 1 (84) 105 (236) (9) (364) (4) (172) 283 111 Source Company 10(K) and 10(Q) filings. a Data for nine months ended September 30, 2000. bThe 2000 number represents the sum of restructuring charges, asset impairments and losses (gains) on divestiture. 18 801-458 -19- E xhibit 8 Quaker Oats direct Segment tuition (dollars in millions, except per share data) bYear finish December 31 1999 Net sales a 1998 1997 operating(a) Income (Loss) 1999 1998 1997 $2,359. 5 308. 4 215. 4 2,883. 3 1,502. 3 229. 1 103. 8 1,835. 2 4,718. 5 6. 7 $4,725. 2 $2,274. 1 372. 9 202. 9 2,849. 9 $399. 8 26. 2 21. 1 447. 1 253. 9 16. 5 (7. 3) 263. 1 710. 2 -$710. 2 $2,287. 8 371. 4 205. 7 2,864. 9 1,183. 3 232. 2 103. 0 1,518. 5 4,383. 4 632. 3 $5,015. 7 $369. 8 28. 2 (1. 2) 396. 8 214. 9 25. 6 (7. 4) 233. 1 629. 9 (2. 4) $627. 5 $390. 3 34. 0 (9. 9) 414. 4 182. 7 19. 3 (15. 0) 187. 0 601. 4 (34. 6) $566. 8 1,338. 2 267. 7 103. 1 1,709. 0 4,558. 9 283. 6 $4,842. 5 Foods U. S. and Canadian Latin American Other c Total Foods Beverages U. S. nd Canadian Latin American Other c Total Beverages Total Ongoing Businesses Total Divested Businesses d Total gross revenue/Operating Income Less (Gains) losses on divestitures, restructuring charges, asset impairments and othernet e (2. 3) 25. 9 50. 2 18. 1 618. 3 163. 3 $455. 0 $3. 36 $3. 23 128. 5 31. 9 58. 9 11. 6 396. 6 112. 1 $284. 5 $2. 04 $1. 97 1,491. 1 50. 1 79. 1 10. 8 (1,064. 3) (133. 4) ($930. 9) ($6. 80) ($6. 80) habitual corporate expenses Interest expensenet Foreign exchange lossnet Income (Loss) before income taxes Provision (Benefit) for income taxes f Net Income (Loss) Per Common Share Net income (loss)e Net income (loss)dilute 801-458 -20- Exhibit 8 (continued) (dollars in millions) Year Ended December 31 1999 Identifiable Assets 1998 1997 1999Capital Expenditures Net of Depreciation 1998 1997 Foods U. S. and Canadian Latin American Other c Total Foods Beverages U. S. and Canadian Latin American Other c Total Beverages Total Ongoing Businesses Total Divested Businesses g Total Operating Segments Corporateh Total Consolidated $1,124. 6 174. 0 110. 1 1,408. 7 522. 7 105. 4 79. 6 707. 7 2,116. 4 0. 0 2,116. 4 279. 8 $2,396. 2 464. 2 94. 6 109. 5 668. 3 2,115. 1 37. 5 2,152. 6 357. 7 $2,510. 3 364. 5 81. 9 98. 2 544. 6 1,845. 4 335. 9 2,181. 3 515. 7 $2,697. 0 69. 8 20. 4 1. 7 91. 9 99. 5 0. 0 99. 5 (0. 9) $98. 6 $1,187. 0 167. 7 92. 1 1,446. 8 $1,056. 9 122. 4 121. 5 1,300. 8 $3. 7 3. 7 0. 2 7. 6 $37. 5 6. 5 (0. ) 43. 4 26. 1 6. 3 0. 8 33. 2 76. 6 (3. 5) 73. 1 (0. 9) $72. 2 $7. 2 9. 7 12. 3 29. 2 26. 4 (0. 9) 20. 0 45. 5 74. 7 (18. 7) 56. 0 (1. 7) $54. 3 Source Company financial statements and casewriter calculations. aIntersegment sales are not material. bOperating results exclude restructuring and asset impairment charges, gains and losses on divestitures and authentic other expenses not allocated to operating segments such as income taxes, cosmopolitan corporate expenses and financing costs. cOther includes European and Asia/ pacific businesses. d1999 includes net sales and operating results (through the divestiture date) for the Brazilian pasta business. 998 includes net sales and operating results (through the divestiture date) for the Ardmore Farms, Continental Coffe e, Nile Spice and Liqui-Dri businesses and the business divested in 1999. 1997 includes net sales and operating results (through the divestiture date) for the Snapple beverages and certain food service businesses and the businesses divested in 1999 and 1998. e1999 includes pretax restructuring charges of $12. 7 million, or $0. 06 per share, a pretax divestiture gain of $5. 1 million, or $0. 03 per share, and pretax adjustments of $9. 9 million, or $0. 04 per share, to subdue prior restructuring and divestiture reserves. 1998 includes pretax restructuring charges of $89. 7 million, or $0. 8 per share, pretax asset impairment losses of $38. 1 million, or $0. 18 per share, and a combined pretax divestiture loss of $0. 7 million, or a gain of $0. 20 per share, due to certain tax benefits. 1997 includes pretax restructuring charges of $65. 9 million, or $0. 27 per share, a pretax net charge of $4. 8 million, or $0. 02 per share, for an asset impairment loss partly offset by a cash litig ation settlement, and a combined pretax loss of $1. 42 billion, or $8. 41 per share, for business divestitures. f1999 includes reductions in the provision for income taxes of $59. 3 million, or $0. 44 per share, related to previously recorded tax accruals and tax assets. Includes the following Divested Businesses in 1999, the Brazilian pasta business in 1998 Ardmore Farms, Continental Coffee, Nile Spice, Liqui-Dri and the business divested in 1999 in 1997, Snapple, certain food service businesses and the businesses divested in 1999 and 1998. hIncludes corporate cash and cash equivalents, short-term investments and miscellaneous receivables and investments. PepsiCos Bid for Quaker Oats (A) 801-458 Exhibit 9 Quaker Oats Company Operations Summary 1994-1999 Annual Sales (dollars in millions) 1994 U. S. and Canadian Gatorade a International Gatorade Total Beverages U. S. Hot Cereals U. S. Ready-to-Eat Cereals Golden Grain Grain-based Snacks Other U. S. nd Canadian Foods Latin American F oods European and Asian Foods Total Foods Total Sales $908 269 1,177 416 679 334 275 483 301 233 2,721 $3,898 1995 $1,040 308 1,348 402 665 324 298 505 319 210 2,723 $4,071 1996 $1,095 283 1,378 440 626 316 285 518 345 207 2,737 $4,115 1997 $1,183 335 1,518 462 693 343 269 521 371 208 2,867 $4,385 1998 $1,338 371 1,709 431 712 341 291 500 373 203 2,851 $4,560 1999 $1,502 333 1,835 485 725 344 305 501 308 215 2,883 $4,718 CAGR 10. 6% 4. 4% 9. 3% 3. 1% 1. 3% 0. 6% 2. 1% 0. 7% 0. 5% -1. 6% 1. 2% 3. 9% diffusion of Annual Sales (%) 1994 U. S. and Canadian Gatorade a International Gatorade Total Beverages U. S. Hot Cereals U. S. Ready-to-Eat Cereals Golden Grain Grain-based Snacks Other U. S. nd Canadian Foods Latin American Foods European and Asian Foods Total Foods Total Sales 23% 7% 30% 11% 17% 9% 7% 12% 8% 6% 70% 100% 1995 26% 8% 33% 10% 16% 8% 7% 12% 8% 5% 67% 100% 1996 27% 7% 33% 11% 15% 8% 7% 13% 8% 5% 67% 100% 1997 27% 8% 35% 11% 16% 8% 6% 12% 8% 5% 65% 100% 1998 29% 8% 37% 9% 1 6% 7% 6% 11% 8% 4% 63% 100% 1999 32% 7% 39% 10% 15% 7% 6% 11% 7% 5% 61% 100% Source Company financial statements. aIncludes Europe, Asia-Pacific and Latin America. 21 801-458 -22- Exhibit 10 Quaker Oats pullulate Price History OAT Historical Price Performance, October 31, 1997-October 4, 2000 90 Oct 4 Last close $76. 0625 80 70 60 50 40 Mar 14 52 week low of $45. 9375 Jul-98 Jul-99 Jan-98 Apr-98 Jun-98 Oct-98 Jan-99 Apr-99 Jun-99 Oct-99 Jan-00Apr-00 Jun-00 Jul-00 Feb-98 Mar-98 Feb-99 Mar-99 Feb-00 Nov-97 Dec-97 Aug-98 Sep-98 Nov-98 Dec-98 Aug-99 Sep-99 Nov-99 Dec-99 Mar-00 Aug-00 May-99 May-00 Source Prepared by casewriter based on CRSP data. May-98 Sep-00 Oct-00 30 PepsiCos Bid for Quaker Oats (A) 801-458 Exhibit 11 PepsiCo PepsiCo and Quaker Oats Selected Ratios 1996-2000 36 Wks. 00 39% 44% 16% 16% 32% a 1999 40% 45% 14% 15% 44% -2% 26% 40% 64% 53% 12% 30% 1998 42% 44% 12% 17% 12% 0% 33% 49% 82% 35% 12% 31% 1997 41% 44% 13% 16% 35% -4% 30% 36% 62% 54% 13% 21% 1996 42% 45% 10% COG S/Sales SGA/Sales Operating Profit/Sales New Pepsi Operating Profit/New Pepsi Sales tax income Rate NWC (excl.Cash ST Inv and ST Debt)/Sales a Net PPE/Sales a Net II/Sales a Invested Capital/Sales Shareholders Equity/Invested Capital Return on Invested Capital d Return on Equity c 40% -2% 30% 38% 66% 50% 9% 14% -1% 26% 40% 66% 52% 17% 23% Quaker Oats, Inc. COGS/Sales SGA/Sales b Operating Profit/Sales Tax Rate NWC (excl. Cash ST Inv and ST Debt)/Sales a Net PPE/Sales a Net II/Sales a Invested Capital/Sales Shareholders Equity/Invested Capital Return on Invested Capital d Return on Equity c a 9 Mos. 00 45% 38% 13% 35% 0% 20% 5% 25% 23% 33% 100% 1999 45% 40% 15% 26% -2% 23% 6% 28% 15% 38% 229% 1998 49% 39% 10% 28% -2% 22% 7% 26% 12% 26% 185% 1997 51% 39% -19% 13% 5% 23% 8% 37% 12% -46% -410% 1996 54% 38% 10% 40% 0% 23% 44% 67% 35% 9% 20% Source Company financial statements. aAnnualized. Quaker Operating Profit = Gross Profit SG Impairment, consistent with PepsiCos definition. cRetur n on Invested Capital = Operating Profit * (1 Tax Rate)/Invested Capital. dReturn on Equity = Net Income from Continuing Operations/Shareholders Equity. 23 801-458 -24- Exhibit 12 Quaker Oats comparable Food and Beverage Companies Source Company Annual Reports, Hoovers Online Business Network. aSara Lee financial information includes rya/Monarch, the sale of which is scheduled to close in second quarter of fiscal 2001. bH. J. Heinz EBIT includes $464. 6 million gain on the sale of Weight Watchers. Hershey EBIT includes $243. 8 million gain on the sale of U. S. pasta business. Kellogg EBIT incorporates $244. million in restructuring charges and equipment write-offs. PepsiCo EBIT includes $1,000,000 gain on bottling transactions. cAverage reduce shares outstanding, in millions of per-share calculations, including stock options, ESOP and non-vested awards. dCommon Stock price data for 52 weeks prior to October 4, 2000, includes Danone ADRs traded at NYSE. eP/E reason as Closing Co mmon Stock price divided by EPS for the last full fiscal year. fMarket Capitalization figure as the Closing Common Stock price times the average diluted shares outstanding. Using last-available diluted shares outstanding would not change the calculation significantly. PepsiCos Bid for Quaker Oats (A) 801-458 Exhibit 13