Socially Responsible Investing And Morally Responsible Investing Management Essay

Socially Responsible Investing And Morally Responsible Investing Management Essay Introduction The last decades a bid debate is going on about the responsibility of business. The most known debate is the one that started with the book of Milton Friedman (1962) Capitalism and Freedom. Then at 1970 Friedman published an article at the New York Times Magazine, repeating his views on corporate responsibilities and he supported them further. After that publication many responses where published from many scholars (ex. Mulligan 1986, Shaw 1988, Nunan 1988) each one arguing for or against Friedmans views. One of the well-promoted debates is the one between Friedman and Freeman who is a major supporter of the stakeholder theory. This last debate ended with the death of Friedman and the essay of Freeman (2008) that he is ending the debate. The main argument between the scholars is focused in the following phrase of Friedman (1962, 1970): there is one and only one social responsibility of business-to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.. In this essay I will try to focus on these rules of the game in now days, the demands of the global market and some arguments that confirm a change in the rules or at least a movement toward a fundamental change. The New Rules of the Game In short time after Friedmans publications, Davis (1973) presented a very prophetically article. He tried to illustrate argument for and against social responsibility, presenting very accurate the issues that led to the CSR development and spreading. Among others he spotted the benefits of CSR towards the public image of a company, the long-run self-interest, the implications from government regulation, social norms and the increasing stockholder interest toward responsible behavior. Cooper suggests that Friedman was right, since the rules of the game are now changed, and have nothing to do with the rules in 1970 that extended only to the basic free market principles. He argues that now the societys expectations of business are including also environmental concern, consumer safety, ethical governance and other. A modern company has to deal with multiple stakeholders that are increasing because of the rising interest and also because of the globalization of the markets. NGOs, trade un ions, consumers organizations, all are trying to influence with the companys activities and support their interests. So now CSR has to go beyond corporate philanthropy and charity work. Row (2006) argues that now there is greater awareness that CSR encompasses not only what companies do with their profits, but also how they make them. For better understanding of the changes of the rules I will present some of those that had change and what is required, from a company, to deal with now. Public Image Vivien and Thompson (2005) in their essay commented the study of FTSE 100 that found that, in UK, around 60 percent of the firms market value was not reflected in the balance sheet. That means that the value of a firm is coming also from other non-financial assets. Deephouse (2000) proposed that reputation is the most competitive advantage that companies can have. With the development of the media and the technology, it is crucial for a company to have a good public image. It is now very easy to spread out a problem that occurred in a company, something that in the past was more difficult due lack of means. Now with the internet almost anybody in the world can express an opinion and be read (or heard) by anyone in the world. So a minor problem can easily take global dimension and publicity. Also with the rising number of multinationals millions of people are becoming stakeholders and are interested in the activities of these companies. Fombrun (1996) stated that reputation is based o n stories various stakeholders tell about the organization. Now with millions of stakeholders, there are millions of stories to be told and the technology provides the means to do it. Fombrun (1998) also lists six criteria that effect reputation of a company in the public eye: financial performance, product quality, employee treatment, community involvement, environmental performance and organizational issues. It is easy to see that many of these criteria are connected with CSR strategies. So CSR can assist a company to create or preserve a good public image, something that in the past was not essential for the business. Rowe (2006) argues that the growing numbers of NGOs, campaigning groups and activist organizations can strongly affect the image of a company. Some years before the numbers of these stakeholders and their power were far smaller. Friedman, driven by the political status of cold war, was facing any critic on the system as a socialist or communistic approach. Now, in a globalized market, these stakeholders have an important role and influent consumers, shareholders and more or less even nations. People in different countries have different values but the structure of human value system is universal (Schwartz, 1994, 1999). That is why a bad image can affect the stakeholders around the world, even if they have different values. But we should not forget that reputation also affects shareholders behavior. When having substance, favorable reputation attracts stakeholders as well as shareholders and investors for usually creating refection of investments security and trustworthy treading partner (Dowling, 2004; Gregory, 1991). Government Regulation Some years ago the balance of power shifted away from government in favor of corporations. Under globalization, deregulation, privatization and technological innovation accelerated that phenomenon (Rowe, 2006). But now, in the post-Enron world and in the middle of a global economic crisis, voices raising and asking for more regulation. Greenfield (2006) argues that the law governing corporations need to be more protective of corporations. Lydenberg and Sinclair (2009) argue that there may be battles between corporations, government and NGOs over the appropriate circumstances for regulation and the degree of that regulation, but the ground rules will have changed only when corporations are seen fighting for, not against, such oversight. CSR, for now, is a voluntary initiative that corporations are taking beyond their legal requirements. Reporting CSR initiatives was part of the communication strategy of each company. Now governments and regulators increasingly expect, and are beginnin g to require, CSR reporting (Lydenberg and Sinclair, 2009). Governments, especially in Europe, ask from public traded companies to include social and environmental indicators in their reports to shareholders (Lydenberg and Sinclair, 2009). National pension funds are required to adopt social and environmental guidelines for their investments. Also raising economies and markets, such as China, are requiring from the state-owned companies to report their CSR initiatives (Ethical Performance, 2008). We see that, starting from reporting, CSR starts to be regulated. For now reporting of public companies and public interests investments are required to report and consider social and environmental issues. For sure that will expand to the private sector, maybe through contracting from public companies. Socially Responsible Investing (SRI) and Morally Responsible Investing (MRI) Calvert Investments states that SRI funds aim to integrate personal, social and environmental concerns with financial considerations, their objective is to increase investors wealth while ensuring that the selected companies have a positive impact on people and the Planet.. SRI funds are also known as Green Funds or Ethical Funds (Ghoul and Karam, 2007). Lydenberg and Sinclair (2009) argue that systematic corporate disclosure on social and environmental issues is increasingly demanded by responsible investors and consumers. SRI Funds are going a step further. SRI Funds demand their investments to be in an ethical way and in ethical sectors of economy. Usually SRI Mutual Funds are not involved with alcohol, gambling, tobacco and weapons production or distribution. Beyond that they pursue to have good performance is areas of welfare, board diversity, community relations, corporate governance, environment, human rights, indigenous peoples right, product safety and impact, and workplace practices (Lydenberg and Sinclair, 2009). Baue and Cook (2008) note there has been a changing behavior of mutual fund voting on climate change issues. Also public pension and investment funds have moved significantly on their transparency with respect to proxy voting (Global proxy Watch, 2008). Moreover in 2006 the United Nations Global Compact and the UN Environment Programme Finance Initiative lunched, at the New York Stock Exchange, the Principles for Responsible Investment, an initiative that aim to connect pension funds and money managers from around the world to commit to principles of responsible investment. As we see there is a turning to the way that investments are done. Beaver (2001) argues that institutional investors have been taking large and long-term positions in firms while playing more dominant role in corporate affairs. Also Warren (2002) notes that over 60% of shares are held by financial institutions, which seek the best returns on behalf of their investors [à ¢Ã¢â€š ¬Ã‚ ¦] however, there is now a growing sector of the investment market that is guided by ethical criteria in the selection of its investment portfolio. At last Hendry et al. (2007) argue that the activism of public pension funds, and more recently of trade unions pension funds, has had greater effect on company-shareholder relationship. [..] Public pension funds, have taken the view that the pensioners of the future have an interest not only in financial returns but also in such things as environmental sustainability and ethically and socially responsible capitalism.. A different kind of responsible investment is the so-called Morally Responsible Investing (MRI). These are faith-based funds that invest in companies whose products and policies are consistent with the investors religious (usually moral) beliefs (Ghoul and Karam, 2007). There are basically two types of MRI funds, the Islamic Mutual Funds and the Christian Funds. Both are based on the religion and their investment is more focused on ethical (each in its own perception) field of investing and less on social or environmental contribution (Ghoul and Karam, 2007). That is the major difference with the common SRI funds. Conclusions When Milton Friedman was writing his famous book and essay couldnt predict these changes in the world. He was actually right when he argued that companies should act within rules of the game. Those rules have change. Cooper supports that companies of the 21st century have as an essential component of success a balanced approach of CSR issues. As we saw many of the rules are changed and keep changing. The image of a company is now more important than ever before. CSR makes the corporate image better. Also the way of investing had changed. Personal values of the investors or sustainability strategies of Mutual Funds are affecting the investors portfolio towards ethical and responsible investing. Regulatory systems are changing and moving towards more ethical accountability. The corporate scandals and the financial crisis triggered a reaction of multiple stakeholders that now demand a more regulatory system. Companies also start to support that, since they see that the bad actions of so me targeted whole industries (ex. Bonuses of bankers). Risk and sustainability strategies are becoming a mainstream in the business world. Those cant work if they are not connected with CSR strategies and responsible behaviors. Klein and Dawar (2004) propose that CSR has value to the firm as a form of insurance policy against negative events. There is still to see if these rules are going to change more and how are they going to interact with the market and companies behavior. Googins et al. (2007) argue that the rules of the game are to change, however this redefinition will need to encompass shifts that are legal, regulatory, theoretical and cultural.

The Craft Era

The first major era is now referred to as ‘craft’ manufacturing and service ‘shop’ delivery. This system was European in origin and linked to the way in which skills were developed: the apprentice–journeyman– master progression, which led to the creation of guilds of skilled people who sought to control the supply of their speciality, and the consolidation of skill within a subsector of society (as, for example, skills were passed on from father to son). This was noted for low-volume, high-variety products, where workers tended to be highly skilled and quality was built into the very process of operations. It was also appropriate for largely national markets, supplied internally with minimal imports and exports. Some craft manufacturing still remains today, in markets where exotic products and services can control demands through some unique feature or high level of desirability. For instance, some house building, furniture making, clock and watch making are still carried out by skilled craftsmen/women working on a single or few items of output at a time. While the processes and techniques used by these craftsmen/women are highly inefficient, the unique quality of their products commands a premium price, as illustrated by the secondhand value of products such as a Daniels pocket watch or a Morgan car. In the case of Morgan, however, it is a mistake to conclude that the passenger car industry might still be able to employ craft production. Morgan is unashamedly part of a sector that is closer to specialist toys than that concerned with personal transportation. It is also the end of a very thin tail, other parts of which (AC, Aston Martin, Rolls Royce, etc. have already been absorbed by volume producers, keen to operate in exotic niches for purposes that are closer to corporate advertising than to income generation. In the clothing industry, one significant sector of the industry – haute couture – is based on the craft production approach. In services, the craft era has also continued – perhaps even more so than in manufacturing. The slower pace of change within services derives from the extent to which customer processing operations can adopt new technologies and new systems. Only services that require little skill at the operating level (such as FMCG or petrol retailing) or processing large amounts of information (such as financial services) are significantly different now from what they were like even 30 years ago. Many services such as hotels, schools, hospitals, hairdressers, vehicle repair and transportation have changed very little, despite new technologies. The mass production era The second major era is known as mass production, although once again its principles were by no means restricted to manufacturing. This system grew in North America to accommodate three principal requirements of the developing giant: the need to export, the need to provide employment for a massive, largely unskilled workforce, and the need to establish itself as a world player, which meant infiltrating other regions with ideas clearly associated with the USA. In short, the Americans could not play by the European rules, so they reinvented the game: innovating by destroying the competitive position of craft production. The system was massively successful and changed the working and buying practices of the world in the first three decades of the twentieth century. In order to sell the standardized products made by standardized operations practices, mass production had to standardize the market requirements too. Fortunately, the market was immature and would do what it was told to do. Thus, mass production reversed the paradigm of craft production: volume was high with little variety. The marketing ploy (and the resultant manufacturing strategy) was exemplified by Henry Ford’s famous declaration, from now on, ‘a customer can have a car painted any colour he likes, as long as it is black! ’ In mass production, workers were typically unskilled. This was the era owing much to the contribution of F. W. Taylor’s Scientific Management, whereby workers had very narrowly defined jobs, involving repetitive tasks, and quality was left to ‘quality experts’ at the final stage of the overall process rather than being an integral part of operations at each step (Taylor, 1912). Taylor enabled firms, for the first time, to control costs, times and resources, rather than rely on skilled craftsmen and women to decide what was appropriate. Coupled with the developments made in mechanization and employee co-ordination during the European industrial revolutions, Taylor’s ideas provided an entirely different way of operating. In 1926, Encyclopaedia Britannica asked Henry Ford to christen his system and he called it mass production. He meant ‘mass’ in the sense of large volume production. Perhaps he did not see the other meaning of mass as ‘heavy and cumbersome’, which is what the system turned out to be (in terms of management systems and superstructure), once the market no longer bought what it was told. These principles originating in the 1920s were slow to be adopted in services, but by the 1970s, Ted Levitt, from Harvard Business School, was able to identify the ‘production-lining’ (Levitt, 1972) of service and the ‘industrialization’ (Levitt, 1976) of service. He cited fast food, the automatic teller machine (ATM) outside banks and supermarket retailing as examples of this. Schmenner (1986) coined the phrase ‘mass service’ to exemplify this type of service operation. More recently, the aspects of working life that are typical in this mass production context have been extended to life in general by Ritzer (1993), who refers to it as the McDonaldization of society. The shift from ‘craft’ marketing to marketing in the mass production age is clearly demarcated by the publication of Levitt’s (1960) article in the Harvard Business Review entitled ‘Marketing myopia’. In mass production, customers bought what was supplied; producers concentrated on keeping costs, and hence prices, down, and focused on selling to customers through aggressive advertising and sales forces. As organizations were product-led, operations management was relatively straightforward. Mass producing goods at the lowest cost meant minimizing component and product variety, large production runs and scientific management. The success of Ford made this view highly persuasive. In 1909, the Model T automobiles were sold for $950, but by 1916, following the introduction of the assembly line, it had fallen to $345, and three-quarters of the cars on American roads were built by Ford (Bryson, 1994). However, as Levitt (1960) pointed out, Ford was eventually outstripped by General Motors, who were not product-led but market-led. They gave customers what they wanted – choice, model updates, a range of colours (not just black! ). The symbol of this age is the brand. Originally (in the craft era) the brand was a mark on the product, often a signature – for example, on a painting – or symbol, signifying its ownership or origin. But in mass production the brand took on far more significance. It became the means by which one product (or service) could differentiate itself from a competitor’s product (or service). Procter & Gamble set up brand managers in 1931 to sell their different soap products. Later the brand also became a guarantee of product/service quality. Kemmons Wilson’s motivation in 1952 to open the first Holiday Inn hotel was his own disappointment with the ariable standards and sleaziness of the motels he stayed in whilst on a family holiday. The success of delivering a consistently standard level of service resulted in Wilson opening one hotel every two and half days in the mid-1950s. But by the 1990s, brands had come under threat. Markets are highly fragmented, the proliferation of niches makes target marketing more difficult, product and service life cycles are shortening, and product/service innovation is quicker than ever before; increasing customer sophistication has reduced the power of advertising. As a result, a more holistic view of operations management is required, as Crainer (1998) suggests: Companies must add value throughout every single process they are involved in and then translate this into better value for customers. This is because the modern era has brought profound changes in operations management and operations has to be at the heart of successful strategic thinking.

American Psychiatric Association, 2000 - 3062 Words

According to the DSM IV-TR (American Psychiatric Association, 2000), the diagnostic category of pervasive developmental disorders (PDD) refers to a group of disorders characterized by delays in the development of socialization and communication skills. Parents may note symptoms as early as infancy, although the typical age of onset is before three years of age. Symptoms may include problems with using and understanding language; difficulty relating to people, objects, and events; unusual play with toys and other objects; difficulty with changes in routine or familiar surroundings; and repetitive body movements or behavior patterns. Males are two times more likely to be diagnosed with PDD than females (Stewart, 2003). Autism, a†¦show more content†¦In the first section of this paper I examine the research on the etiology of ASD. Current research on etiology focuses specifically on PDD and ASD as one category, not looking at the differences among individual cases. There is li ttle information on PDD-NOS as a separate condition under PDD or ASD. Examining the literature on the etiology of ASD is useful for understanding PDD-NOS. This body of literature may be important in one day distinguishing PDD-NOS as a separate syndrome in the PDD category. In the second section of this review, I focus on treatment. I consider interventions for the PDD-NOS category because the prognosis for this population can be greatly affected by the presenting symptoms as well as the chosen interventions. While certain interventions have proven useful for children with autism or Asperger’s syndrome, PDD-NOS requires a multi-modal approach that can incorporate strategies used with the autistic population as well as the behavioral interventions used with Asperger’s syndrome. Clinicians working with children diagnosed as PDD-NOS have to be creative, flexible and prepared to use a wide array of interventional tools in order to serve this population. 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The Character of Pearl in Hawthornes The Scarlet Letter...

The Scarlet Letter: Pearl Children are incredibly sensitive and can sense almost any emotion of an adult by observing body language and facial expressions. Such is the case with the youthful Pearl from the novel The Scarlet Letter, by Nathaniel Hawthorne. As the daughter of the adulteress Hester Prynne, the townspeople view Pearl as a demon in an angel’s clothing; who not only knows exactly what the letter A signifies on the bosom of her mother, but as the demon who placed it there, as well. The townspeople believe that Pearl uses this information against Hester by constantly mentioning the letter in order to make Hester extremely uncomfortable. This belief of the townspeople is certainly not supported by the†¦show more content†¦It is important for one to understand these references are an attempt on Hawthorne’s part to display to the reader a fragment of Puritanical society. By no means is Pearl a mischievous child. She is a curious child. 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Religious Communities and The Consumption of Alcohol

The legislation surrounding the banning of alcohol in America had intent to boost a moral and righteous America however and was not expected to affect the economy however; the country responded in a polar way; corrupting officials, hurting the economy and American people, and even dividing the country and its politics. The Prohibition was put in place to benefit America; to do away with drunkenness and make America more productive and healthy. Although the intentions of the legislations were good natured a sleeping demon was awakened and America was thrown into disarray. The disapproval of alcohol consumption and its effects on the body are rooted in religious communities. Temperance in America was brought to the surface by communities†¦show more content†¦This is not the only devastating effect organized crime had on america during the Prohibition. They also caused the government to spend a fortune on trying to contain their ruthless behavior. The bureau of the Prohibition was set up to try and pry control of Americas cities back from crime bosses. Law enforcement including agencies such as Coast Guard and Customs had to be revamped. This drove Americas law enforcement expenses up 500% to compensate for the violence and contraband running throughout the country. Even though these changes were made corruption still occurred and crooked officers were common. There corruption of the police was a lasting scarring effect as well. The Prohibition introduced organized crime members and crooked cops thus beginning a relationship that lasts today. All these factors of organized crime destroyed a large part of the economy and safety of Americans. The Prohibition was the main cause of the violent crime outbreak already making the Prohibition have a negative on the American people. Agriculture in the United States was drastically affected during the Prohibition. The production of alcohol was a major industry accounting for large portions of the barley, wheat, and corn crops. The American farmer struggled significantly with the loss of alcohol production. They no longer had business from largeShow MoreRelatedThe Temperance Movement Of Antebellum America708 Words   |  3 Pagesmoral reforms of in 1800s. Several members of the community fought for the prohibition of alcohol, rather than just limiting the about being consumed. However, â€Å"many farmers argued that the society and its desire to eradicate King Alcohol—as temperance advocates often termed alcoholic beverages—were a scheme to deprive the people of their liberty. Starting with main in the 1851, twelve states and territories outlawed the consumptions of alcohol. Temperance leaders came about and the movement createdRead MoreDoes Developmental Generativity Predict Substance Use? Mid dle Aged Adults? Essay1597 Words   |  7 Pagesto reflect outside of the self. 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Religiously, The Second Great Awakening strongly The religious concept of earning salvationRead More alcohol Essay1576 Words   |  7 Pagesalcohol Substance abuse and addiction are major problems in society today. Every segment of society, regardless of race, gender, or age is affected. Some of the substances that are used grow naturally, where as others are manufactured illicitly or even legitimately in laboratories. They may be smoked, inhaled, ingested, or injected and used for social, religious, or self-medicating purposes. The substance that are abused include caffeine, nicotine, alcohol, steroids, stimulants, depressantsRead MoreHow Alcohol Consumption Is Culture1237 Words   |  5 Pages Furthermore, another area that relates to alcohol consumption is culture. What is culture?. Culture is known to be a set of values and beliefs and that has been transmitted from one generation to another Roche et al (2007,p.63).Sociologists define culture as not only practices but also a network of representations that shapes an individuals social life Roche et al (2007,p.64). It is used to celebrate birthdays, deaths, marr iages and graduation Roche et al (2007,p.57). When is it enoughRead MoreProhibition During The Era Of 1920-1933 Essay814 Words   |  4 Pagesthe legal prohibiting of the manufacture and sale of alcoholic drinks for common consumption according to dictionary.com. Furthermore, this amendment concurs that alcohol beverages could not be made, transported, or sold legally in the United States. People started to trust that drinking would demolish ones character, change politics, and created crime. 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The Vampire Diaries The Fury Chapter Eight Free Essays

string(122) " And this was the worst place of all to be, in a classroom where he couldn’t care less about what was being taught\." â€Å"Who-? Oh, it’s you!† Bonnie said, starting at the touch on her elbow. â€Å"You scared me. I didn’t hear you come up. We will write a custom essay sample on The Vampire Diaries: The Fury Chapter Eight or any similar topic only for you Order Now † He’d have to be more careful, Stefan realized. In the few days he’d been away from school, he’d gotten out of the habit of walking and moving like a human and fallen back into the noiseless, perfectly controlled stride of the hunter. â€Å"Sorry,† he said, as they walked side by side down the corridor. â€Å"S’okay,† said Bonnie with a brave attempt at nonchalance. But her brown eyes were wide and rather fixed. â€Å"So what are you doing here today? Meredith and I came by the boardinghouse this morning to check on Mrs. Flowers, but nobody answered the door. And I didn’t see you in biology.† â€Å"I came this afternoon. I’m back at school. For as long as it takes to find what we’re looking for anyway.† â€Å"To spy on Alaric, you mean,† Bonnie muttered. â€Å"I told Elena yesterday just to leave him to me. Oops,† she added, as a couple of passing juniors stared at her. She rolled her eyes at Stefan. By mutual consent, they turned off into a side corridor and made for an empty stairwell. Bonnie leaned against the wall with a groan of relief. â€Å"I’ve got to remember not to say her name,† she said pathetically, â€Å"but it’s so hard. My mother asked me how I felt this morning and I almost told her, ‘fine,’ since I saw Elena last night. I don’t know how you two kept-you know what-a secret so long.† Stefan felt a grin tugging at his lips in spite of himself. Bonnie was like a six-week-old kitten, all charm and no inhibitions. She always said exactly what she was thinking at the moment, even if it completely contradicted what she’d just said the moment before, but everything she did came from the heart. â€Å"You’re standing in a deserted hallway with a you know what right now,† he reminded her devilishly. â€Å"Ohhh.† Her eyes widened again. â€Å"But you wouldn’t, would you?† she added, relieved. â€Å"Because Elena would kill you†¦ Oh, dear.† Searching for another topic, she gulped and said, â€Å"So-so how did things go last night?† Stefan’s mood darkened immediately. â€Å"Not so good. Oh, Elena’s all right; she’s sleeping safely.† Before he could go on, his ears picked up footfalls at the end of the corridor. Three senior girls were passing by, and one broke away from the group at the sight of Stefan and Bonnie. Sue Carson’s face was pale and her eyes were red-rimmed, but she smiled at them. Bonnie was full of concern. â€Å"Sue, how are you? How’s Doug?† â€Å"I’m okay. He’s okay, too, or at least he’s going to be. Stefan, I wanted to talk to you,† she added in a rush. â€Å"I know my dad thanked you yesterday for helping Doug the way you did, but I wanted to thank you, too. I mean, I know that people in town have been pretty horrible to you and-well, I’m just surprised you cared enough to help at all. But I’m glad. My mom says you saved Doug’s life. And so, I just wanted to thank you, and to say I’m sorry-about everything.† â€Å"That’s all right,† he said. â€Å"How’s Chelsea today?† â€Å"She’s at the pound. They’re holding the dogs in quarantine there, all the ones they could round up.† Sue blotted her eyes and straightened, and Stefan relaxed, seeing that the danger was over. An awkward silence descended. â€Å"Well,† said Bonnie to Sue at last, â€Å"have you heard what the school board decided about the Snow Dance?† â€Å"I heard they met this morning and they’ve pretty much decided to let us have it. Somebody said they were talking about a police guard, though. Oh, there’s the late bell. We’d better get to history before Alaric hands us all demerits.† â€Å"We’re coming in a minute,† Stefan said. He added casually, â€Å"When is this Snow Dance?† â€Å"It’s the thirteenth; Friday night, you know,† Sue said, and then winced. â€Å"Oh my God, Friday the thirteenth. I didn’t even think about that. But it reminds me that there was one other thing I wanted to tell you. This morning I took my name out of the running for snow queen. It-it just seemed right, somehow. That’s all.† Sue hurried away, almost running. Stefan’s mind was racing. â€Å"Bonnie, what is this Snow Dance?† â€Å"Well, it’s the Christmas dance really, only we have a snow queen instead of a Christmas queen. After what happened at Founders’ Day, they were thinking of canceling it, and then with the dogs yesterday-but it sounds like they’re going to have it after all.† â€Å"On Friday the thirteenth,† Stefan said grimly. â€Å"Yes.† Bonnie was looking scared again, making herself small and inconspicuous. â€Å"Stefan, don’t look that way; you’re frightening me. What’s wrong? What do you think will happen at the dance?† â€Å"I don’t know.† But something would, Stefan was thinking. Fell’s Church hadn’t had one public celebration that had escaped being visited by the Other Power, and this would probably be the last festivity of the year. But there was no point in talking about it now. â€Å"Come on,† he said. â€Å"We’re really late.† He was right. Alaric Saltzman was at the chalkboard when they walked in, as he had been the first day he’d appeared in the history classroom. If he was surprised at seeing them late, or at all, he covered it faultlessly, giving one of his friendliest smiles. So you’re the one who’s hunting the hunter, Stefan thought, taking his seat and studying the man before him. But are you anything more than that? Elena’s Other Power maybe? Elena. Stefan’s hand clenched under his desk, and a slow ache woke in his chest. He hadn’t meant to think about her. The only way he had gotten through the last five days was by keeping her at the edge of his mind, not letting her image any closer. But then of course the effort of holding her away at a safe distance took up most of his time and energy. And this was the worst place of all to be, in a classroom where he couldn’t care less about what was being taught. You read "The Vampire Diaries: The Fury Chapter Eight" in category "Essay examples" There was nothing to do but think here. He made himself breathe slowly, calmly. She was well; that was the important thing. Nothing else really mattered. But even as he told himself this, jealousy bit into him like the thongs of a whip. Because whenever he thought about Elena now, he had to think about him. About Damon, who was free to come and go as he liked. Who might even be with Elena this minute. Anger burned in Stefan’s mind, bright and cold, mingling with the hot ache in his chest. He still wasn’t convinced that Damon wasn’t the one who had casually thrown him, bleeding and unconscious, into an abandoned well shaft to die. And he would take Elena’s idea about the Other Power much more seriously if he was completely sure that Damon hadn’t chased Elena to her death. Damon was evil; he had no mercy and no scruples†¦ And what’s he done that I haven’t done? Stefan asked himself heavily, for the hundredth time. Nothing. Except kill. Stefan had tried to kill. He’d meant to kill Tyler. At the memory, the cold fire of his anger toward Damon was doused, and he glanced instead toward a desk at the back of the room. It was empty. Though Tyler had gotten out of the hospital the day before, he hadn’t returned to school. Still, there should be no danger of his remembering anything from that grisly afternoon. The subliminal suggestion to forget should hold for quite a while, as long as no one messed with Tyler’s mind. He suddenly became aware that he was staring at Tyler’s empty desk with narrow, brooding eyes. As he looked away, he caught the glance of someone who’d been watching him do it. Matt turned quickly and bent over his history book, but not before Stefan saw his expression. December 5-I don’t know what time, probably early afternoon. Dear Diary, Damon got you back for me this morning. Stefan said he didn’t want me going into Alaric’s attic again. This is Stefan’s pen I’m using. I don’t own anything anymore, or at least I can’t get at any of my own things, and most of them Aunt Judith would miss if I took them. I’m sitting right now in a barn behind the boardinghouse. I can’t go where people sleep, you know, unless I’ve been invited in. I guess animals don’t count, because there are some rats sleeping here under the hay and an owl in the rafters. At the moment, we’re ignoring each other. I’m trying very hard not to have hysterics. I thought writing might help. Something normal, something familiar. Except that nothing in my life is normal anymore. Damon says I’ll get used to it faster if I throw my old life away and embrace the new one. He seems to think it’s inevitable that I turn out like him. He says I was born to be a hunter and there’s no point in doing things halfway. I hunted a deer last night. A stag, because it was making the most noise, clashing its antlers against tree branches, challenging other males. I drank its blood. When I look over this diary, all I can see is that I was searching for something, for someplace to belong. But this isn’t it. This new life isn’t it. I’m afraid of what I’ll become if I do start to belong here. Oh, God, I’m frightened. The barn owl is almost pure white, especially when it spreads its wings so you can see the underside. From the back it looks more gold. It has just a little gold around the face. It’s staring at me right now because I’m making noises, trying not to cry. It’s funny that I can still cry. I guess it’s witches that can’t. It’s started snowing outside. I’m pulling my cloak up around me. Elena tucked the little book close to her body and drew the soft dark velvet of the cloak up to her chin. The barn was utterly silent, except for the minute breathing of the animals that slept there. Outside the snow drifted down just as soundlessly, blanketing the world in muffling stillness. Elena stared at it with unseeing eyes, scarcely noticing the tears that ran down her cheeks. â€Å"And could Bonnie McCullough and Caroline Forbes please stay after class a moment,† Alaric said as the last bell rang. Stefan frowned, a frown that deepened as he saw Vickie Bennett hovering outside the open door of the history room, her eyes shy and frightened. â€Å"I’ll be right outside,† he said meaningfully to Bonnie, who nodded. He added a warning lift of his eyebrows, and she responded with a virtuous look. Catch me saying anything I’m not supposed to, the look said. Vickie Bennett was entering as he exited, and he had to step out of her way. But that took him right into the path of Matt, who’d come out the other door and was trying to get down the corridor as fast as possible. Stefan grabbed his arm without thinking. â€Å"Matt, wait.† â€Å"Let go of me.† Matt’s fist came up. He looked at it in apparent surprise, as if not sure what he should be so mad about. But every muscle in his body was fighting Stefan’s grip. â€Å"I just want to talk to you. Just for a minute, all right?† â€Å"I don’t have a minute,† Matt said, and at last his eyes, a lighter, less complicated blue than Elena’s, met Stefan’s. But there was a blankness in the depths of them that reminded Stefan of the look of someone who’d been hypnotized, or who was under the influence of some Power. Only it was no Power except Matt’s own mind, he realized abruptly. This was what the human brain did to itself when faced with something it simply couldn’t deal with. Matt had shut down, turned off. Testing, Stefan said, â€Å"About what happened Saturday night-â€Å" â€Å"I don’t know what you’re talking about. Look, I said I had to go, damn it.† Denial was like a fortress behind Matt’s eyes. But Stefan had to try again. â€Å"I don’t blame you for being mad. If I were you, I’d be furious. And I know what it’s like not to want to think, especially when thinking can drive you crazy.† Matt was shaking his head, and Stefan looked around the hallway. It was almost empty, and desperation made him willing to take a risk. He lowered his voice. â€Å"But maybe you’d at least like to know that Elena’s awake, and she’s much-â€Å" â€Å"Elena’s dead!† Matt shouted, drawing the attention of everyone in the corridor. â€Å"And I told you to let go of me!† he added, oblivious of their audience, and shoved Stefan hard. It was so unexpected that Stefan stumbled back against the lockers, almost ending up sprawled on the ground. He stared at Matt, but Matt never even glanced back as he took off down the hallway. Stefan spent the rest of the time until Bonnie emerged just staring at the wall. There was a poster there for the Snow Dance, and he knew every inch of it by the time the girls came out. Despite everything Caroline had tried to do to him and Elena, Stefan found he couldn’t summon up any hatred of her. Her auburn hair looked faded, her face pinched. Instead of being willowy, her posture just looked wilted, he thought, watching her go. â€Å"Yes, of course. Alaric just knows we three-Vickie, Caroline, and I-have been through a lot, and he wants us to know that he supports us,† Bonnie said, but even her dogged optimism about the history teacher sounded a little forced. â€Å"None of us told him about anything, though. He’s having another get-together at his house next week,† she added brightly. Wonderful, thought Stefan. Normally he might have said something about it, but at that moment he was distracted. â€Å"There’s Meredith,† he said. â€Å"She must be waiting for us-no, she’s going down the history wing,† Bonnie said. â€Å"That’s funny, I told her I’d meet her out here.† It was more than funny, thought Stefan. He’d caught only a glimpse of her as she turned the corner, but that glimpse stuck in his mind. The expression on Meredith’s face had been calculating, watchful, and her step had been stealthy. As if she were trying to do something without being seen. â€Å"She’ll come back in a minute when she sees we’re not down there,† Bonnie said, but Meredith didn’t come back in a minute, or two, or three. In fact, it was almost ten minutes before she appeared, and then she looked startled to see Stefan and Bonnie waiting for her. â€Å"Sorry, I got held up,† she said coolly, and Stefan had to admire her self-possession. But he wondered what was behind it, and only Bonnie was in a mood to chat as the three of them left school. â€Å"But last time you used fire,† Elena said. â€Å"That was because we were looking for Stefan, for a specific person,† Bonnie replied. â€Å"This time we’re trying to predict the future. If it was just your personal future I was trying to predict, I’d look in your palm, but we’re trying to find out something general.† Meredith entered the room, carefully balancing a china bowl full to the brim with water. In her other hand, she held a candle. â€Å"I’ve got the stuff,† she said. â€Å"Water was sacred to the Druids,† Bonnie explained, as Meredith placed the dish on the floor and the three girls sat around it. â€Å"Apparently, everything was sacred to the Druids,† said Meredith. â€Å"Shh. Now, put the candle in the candlestick and light it. Then I’m going to pour melted wax into the water, and the shapes it makes will tell me the answers to your questions. My grandmother used melted lead, and she said her grandmother used melted silver, but she told me wax would do.† When Meredith had lit the candle, Bonnie glanced at it sideways and took a deep breath. â€Å"I’m getting scareder and scareder to do this,† she said. â€Å"You don’t have to,† Elena said softly. â€Å"I know. But I want to-this once. Besides, it’s not these kind of rituals that scare me; it’s getting taken over that’s so awful. I hate it. It’s like somebody else getting into my body.† â€Å"Anyway, here goes. Turn down the lights, Meredith. Give me a minute to get attuned and then ask your questions.† In the silence of the dim room Elena watched the candlelight flickering over Bonnie’s lowered eyelashes and Meredith’s sober face. She looked down at her own hands in her lap, pale against the blackness of the sweater and leggings Meredith had lent her. Then she looked at the dancing flame. â€Å"All right,† Bonnie said softly and took the candle. Elena’s fingers twined together, clenching hard, but she spoke in a low voice so as not to break the atmosphere. â€Å"Who is the Other Power in Fell’s Church?† Bonnie tilted the candle so that the flame licked up its sides. Hot wax streamed down like water into the bowl and formed round globules there. â€Å"I was afraid of that,† Bonnie murmured. â€Å"That’s no answer, nothing. Try a different question.† Disappointed, Elena sat back, fingernails biting into her palms. It was Meredith who spoke. â€Å"Can we find this Other Power if we look? And can we defeat it?† â€Å"That’s two questions,† Bonnie said under her breath as she tilted the candle again. This time the wax formed a circle, a lumpy white ring. â€Å"That’s unity! The symbol for people joining hands. It means we can do it if we stick together.† Elena’s head jerked up. Those were almost the same words she’d said to Stefan and Damon. Bonnie’s eyes were shining with excitement, and they smiled at each other. â€Å"Watch out! You’re still pouring,† Meredith said. Bonnie quickly righted the candle, looking into the bowl again. The last spill of wax had formed a thin, straight line. â€Å"That’s a sword,† she said slowly. â€Å"It means sacrifice. We can do it if we stick together, but not without sacrifice.† â€Å"What kind of sacrifice?† asked Elena. â€Å"I don’t know,† Bonnie said, her face troubled. â€Å"That’s all I can tell you this time.† She stuck the candle back in the candleholder. â€Å"Whew,† said Meredith, as she got up to turn on the lights. Elena stood, too. â€Å"Well, at least we know we can beat it,† she said, tugging up the leggings, which were too long for her. She caught a glimpse of herself in Meredith’s mirror. She certainly didn’t look like Elena Gilbert the high school fashion plate anymore. Dressed all in black like this, she looked pale and dangerous, like a sheathed sword. Her hair fell haphazardly around her shoulders. certainly didn’t look like Elena Gilbert the high school fashion plate anymore. Dressed all in black like this, she looked pale and dangerous, like a sheathed sword. Her hair fell haphazardly around her shoulders. â€Å"You could go somewhere else,† Bonnie suggested. â€Å"I mean, after this is all over, you could finish the school year someplace where nobody knows you. Like Stefan did.† â€Å"No, I don’t think so.† Elena was in a strange mood tonight, after spending the day alone in the barn watching the snow. â€Å"Bonnie,† she said abruptly, â€Å"would you look at my palm again? I want you to tell my future, my personal future.† â€Å"I don’t even know if I remember all the stuff my grandmother taught me†¦ but, all right, I’ll try,† Bonnie relented. â€Å"There’d just better be no more dark strangers on the way, that’s all. You’ve already got all you can handle.† She giggled as she took Elena’s outstretched hand. â€Å"Remember when Caroline asked what you could do with two? I guess you’re finding out now, huh?† â€Å"Just read my palm, will you?† â€Å"All right, this is your life line-† Bonnie’s stream of patter broke off almost before it was started. She stared at Elena’s hand, fear and apprehension in her face. â€Å"It should go all the way down to here,† she said. â€Å"But it’s cut off so short†¦Ã¢â‚¬  She and Elena looked at each other without speaking for a moment, while Elena felt that same apprehension solidify inside herself. Then Meredith broke in. â€Å"Well, naturally it’s short,† she said. â€Å"It just means what happened already, when Elena drowned.† â€Å"Yes, of course, that must be it,† Bonnie murmured. She let go of Elena’s hand and Elena slowly drew back. â€Å"That’s it, all right,† Bonnie said in a stronger voice. Elena was gazing into the mirror again. The girl who gazed back was beautiful, but there was a sad wisdom about her eyes that the old Elena Gilbert had never had. She realized that Bonnie and Meredith were looking at her. â€Å"That must be it,† she said lightly, but her smile didn’t touch her eyes. How to cite The Vampire Diaries: The Fury Chapter Eight, Essay examples

Mattel Marketing Case Study free essay sample

Mattel, Inc. (Mattel or the company) designs, manufactures and markets toys across the globe. The company operates in the Americas, Europe and the Asia-Pacific region. Headquartered in El Segundo, California, and the company employs approximately 30, 000 people as of December 31, 2012. Mattel has some of the highly recognized brands in the toy industry, with its core brands providing strong sales and earnings. Mattels product lineup consists of some of the best-known brands in childrens toys, including Barbie, Hot Wheels, American Girl, Power Wheels, Polly Pocket and Fisher-Price. Barbie has been the most popular fashion doll brand for over 50 years. In 2012 and 2011, Barbie was named one of the 100 global brands that translated the latest consumer trends into its brands by a globally recognized brand/design studio. Monster High, an emerging key brand in the company’s portfolio, is the second largest selling fashion doll property in the US as well as five European markets including the UK, France, Germany, Italy and Spain, as of August 2012, according to the latest toy industry estimates. We will write a custom essay sample on Mattel Marketing Case Study or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Until August 2012, Mattel owned 6 of the top 10 properties in the American toy industry. The company’s strong brands will continue to help it to penetrate further into new and existing markets as they provide a competitive advantage to the company in most of the markets in which it operates. The company’s does face challenges to continue sustained growth and market share and some of these issues will be addresses throughout this analysis. Some concerns for the company include: Is Barbie past her prime? Barbie’s failure in China, products recalls, constant competition, changing technology and existing product saturation of the market. II. Problem/Issue Statement Mattel has been around for several decades and has a maintained a strong stake in the toy games industry. The industry can be stated to be a mature industry, although due to constant technological and societal changes, as well as growth in emerging markets, there is great opportunity to continue to grow profits and expand. There is an every revolving need for need for learning games for children and teens, and also for games with higher levels of interactivity, i. e. virtual, computer, etc. Rather than view these changes as a threat, if analyzed appropriately, they can lead to strong growth opportunities, and a chance for the company to grow with its base and extend its product life cycle per user. Societal changes will always affect the consumer products markets, including changing birth rates, cultural changes, women/men’s roles, poor economy, etc. Mattel has to deal with the fact that the toy industry is very saturated with their products, although they do have extensive product lines, the duration the products have been on the market can lead to boredom with products if the products don’t change with the times even if the user changes and matures and they get new users. A significant opportunity still remains to further penetrate emerging markets, however the company has to be able to properly addressing other cultures both without offense, and to properly understand the difference in markets. Even domestically, the company has to address changing women’s issues as it relates to its major products lines. Are their products targeting girls changing with the times? Should girls still play with dolls Kids grow up: how to extend product life line per user; another opportunity is to capture more mature market through high tech toys. Even the adult toy market has opportunities, but have to be concerned not to lose identity with customer base. The counter-fit toy market poses a serious threat to the company’s bottom line. I attempt to look at several of these challenges to Mattel throughout this case analysis. III. Situational Analysis Mattel SWOT Analysis StrengthsWeaknesses †¢Strong Brand Recognition †¢Mostly Positive, Trustworthy Image †¢Extremely Large Portfolio of Brands †¢Strong Licensing Agreements Partnerships †¢Worldwide Distribution Network†¢Frequent, Major Product Recalls †¢High Customer Concentration in the US Market †¢High Concentration of Sales, amongst a few Retailers, approx. 40% †¢Weak Penetration of Large, Emerging Chinese Market Opportunities Threats Extension of Product Life Cycle per User, As Kids Mature †¢Changing Technology, Need for Learning Games, Games with Interactivity, Societal Changes affecting children’s toys †¢Reaching Into More Global Markets/Cultures†¢Dangerous Market for Counterfeit Goods †¢Ever Revolving/Maturing Customer Base †¢Oversaturation of Products †¢Currency Fluctuations Environmental Analysis: PEST Analysis Political Economic Social Technological †¢Political Instability per Country †¢Differing Global Safety Regulations †¢Loose Employment Environmental Laws in Some Countries †¢Loose Copyright Infringement Enforcement in Some Countries †¢Trade Restrictions Tariffs Tax Laws†¢Currency/Exchange Fluctuations †¢Economic Instability per Country †¢Need to Adapt to Different Global Markets †¢Changing Gender Roles †¢Differing Cultural Views Issues†¢Movement Toward Smart Devices, Electronic Toys Games †¢Ever Changing Technology Creates High Competition and RD Costs Market Analysis: The international toy games market has experienced moderate growth in the recent years. In the 2012-2017 period, this is predicted to continue, abut at an even higher rate. The market is forecast to accelerate with an anticipated CAGR of 4. 5% for the five-year period 2012 2017, which is  expected to drive the market to a value of $105,821. 2 million by the end of 2017. Porter’s 5 Forces Model Buyer Bargaining Power High Consumer buying power as a whole is strong due availability of low cost, acceptable quality substitutes, making the tendency to switch, and therefore modest brand loyalty to a particular retailer/manufacture. Threat of New Entrants – Low The high level of product differentiation and lowered disposable income amongst consumers due to the economy pose strong challenges to new entrants, in addition to the high fixed costs associated with operations. Supplier Bargaining Power Moderate Although supplier power is diminished numerous substitutes and the low switching costs for retailers and the importance of the retailers to supplier revenues, most retailers will not backwards integrate into manufacturing toys/games. Retailers are highly dependent on providing the popular high quality products. In addition, a high level of product differentiation is needed in the market and government regulation is fairly strict regarding toy safety. Threats of Substitutes – High Computer video games are strong substitutes to the toys and games market. Children are now playing computer games at a younger age in this growing digital environment. Game consoles, PCs and mobile phones are playing an ever growing part in childrens lives by providing games, education and entertainment. Although they are not cheaper substitutes, these electronics are becoming increasingly popular to the detriment of traditional toys and games, where consumer loyalty is low with no switching costs. The counter-fit toy market is also a major concern, encroaching on profits, particularly stemming out of Asia. Intensity of Rivalry High There is a high tendency for consumers to change between toys and games, partnered with low switching costs, which serves to increase competition. The popularity of many games and toys is short-lived and/or seasonal, meaning the market is subject to rapid change, further increasing rivalry. IV. Alternatives Some alternatives to promote continued growth for Mattel include. Seeking New Partnerships with Other Industries: There is a particular opportunity with its rival substitute products in the digital arena. Possible Partnerships include PC, Software and Phone manufacturers, i. e. : Apple, Microsoft, etc. and Social Networking, i. e. Facebook, Myspace (Teens) 2. Additional Product Segmentation: Moving into older age Group of toys: tweens, teenagers and/or even adults. 3. Extending Global Market Reach: Moving into More Cultural Markets More including previously unsuccessful markets such as China, but also, not yet widely dominated markets such as Africa. Evaluation of Alternatives 1. Seeking New Partnerships with Other Industries: Given Mattel’s strong brand recognition, high product success and the current success of its partnerships, I believe it should be able to easily get into talks with new partners to cross transfer popularity from Mattel products on to with maturing kids to more electronic platforms. The kids are already familiar with Mattel products and it could help transfer the kid’s interests to these electronic products while allowing Mattel a gateway to stay in the kid’s lives for longer. This can be down through exploring the opportunity to have Mattel game applications on different devices or online games through social applications. Mattel has already started to have online games for certain brands through its website, however, its website is not as popular as other electronic device platforms such smart phones, games consoles, social networking platforms, etc. Due to shared costs between partners, and/or just paying more moderate costs to add on to be a compliment to these existing platforms, I feel that this option is probably the least costly and least risky of the alternative. Additional Product Segmentation: Moving into an older age group of teenagers requires significant market research (RD) expenditures, however, it is a natural transition from their core customer base and would allow them to stay in their consumer’s life for a longer duration. Alternatively, upon a closer look, moving into the older adult toy and games market might deviate the company too far from its natural base and confuse parents who wouldn’t to play with the same toy maker as their kids. 3. Extending Global Market Reach: There is certainly a lot of untapped market share for Mattel to reach into in the global arena. Extending into further into global markets is the most costliest and riskiest of opportunities. With the huge $30 million dollar failure of its Shanghai, China project, the company has learned the obvious lesson that they have to thoroughly research the particular cultural market they plan to move into and enter into the market slowly. VI. Recommendations I think it would be lucrative for Mattel to explore each one of the alternatives recommended. Some of which they are currently exploring. The website shows that they are expanding into the online game market with their brands, but need to gain a stronger foothold into this market with more popular partnerships in this area. Seeking New Partnerships with other Industries can be down relatively easily, less costly with shared costs. Trying to penetrate into more global markets is the most costly and riskiest opportunity, but due to the growth in emerging markets, offers a high level of growth potential. VII. Financial Implications The company can still be characterized as financially sound, with strong revenues and operation margins. The company had 8% sales growth in 2011 and 7% in 2012 and nearly $1Billion in operating income in each of the years of 2012, 2011, 2010. However, as slow-down has been occurring in Barbie sales and stagnation in Hot Wheels growth over the last three years. Although, Barbie sales continue to decrease, the company’s other girls products increased 47% in 2012, driven primarily by higher sales of its Monster High products. Additionally, costly product recalls in 2006, 2007 and again in 2010 and 2011 have cost the company both financial and damaged their product image. Due to product recalls, the company was subjected to numerous lawsuits and regulatory actions, and suffered sales and profit losses along with significant damage to its reputation. Two main issues were involved: excessive levels of lead in numerous toy surface paints because Chinese subcontractors used unapproved paint; and small unsecured magnets, which could be swallowed, in toys caused by faulty Mattel toy designs. Because of the two problems, many Chinese toy manufacturers and their suppliers were either put out of business entirely or had lost significant business; toy distributors, retailers and logistics companies had potentially incurred additional costs to manage the millions of recalled toys; parents had become more concerned about toy safety and buying Mattel toys; and children had been harmed. Additional product segmentation through products target to older teen-agers as well as expanding into even more global markets are a huge expenditure, however, with possible large rewards if successful. Adapting to another global market would not have as much overhead costs given the company’s current manufacturing facilities. A significant amount of RD and innovation would be required, however, a large investment into the proper market research to truly capture what the foreign market wants, would be highly lucrative. The products must be designed to fit the cultural, social as well as economical dynamics of each country. The failure of its efforts in China can be overcome. Due the size of emerging and developing markets, there is enormous profit potential. VIII. Action Plan †¢Seek Partnerships with Complimentary Product Providers oIdentify Brands Products that its core base is transitioning to after maturing from Mattel Toys oPinpoint Lucrative Partnerships within the PC, Software, Console arena †¢Additional Product Segmentation oDevelop New Market Research (RD) Budget oThoroughly Analyze Older Teenage Market Tastes oTest Pilot Products †¢Extending Global Market Reach. Pinpoint possible markets with expansion opportunity. oSetting up a presence of in these regions oPerform extensive market research regarding tastes and preferences and product adaptability with extensive research on the social, cultural and economic dimensions of the group. oEnsure strength in distribution channels in the new market oEnsure quality control and all pertinent legal compliance in regional market. oTest pilot products on a smaller level before making huge investments into a niche cultural market.