Seal Air Corporation Essay Example

Seal Air Corporation Essay The management of Sealed Alarm was unable to Identify profitable acquisitions or expansion projects and simply increasing the dividend [would be] admitting defeat. Starting with the World Class Manufacturing program to improve Sealed Airs manufacturing process, Sealed Air established new priorities, such as using cash flow from operations as a major factor in managers bonuses instead of airings per share, and Sealed Air put more emphasis on employee stock ownership after the rationalization. We believe that Sealed Air made a good choice to leverage themselves to the extent that they did, and that decision benefited multiple parties. Management believed that they were not as well suited to invest the $54 million in Sealed Airs cash as their investors would be able to, thereby making those investors happy with the companys decisions. Any shareholders that kept their shares following the rationalization did not lose equity in Sealed Air, which could have happened if Sealed Alarm decided to Issue more shares. The company itself was able to stay Independent without any need for an anti-takeover device. In order to determine how much value was created from Sealed Airs decision to leverage itself, we had to figure out the present value of the interest tax shield. We will write a custom essay sample on Seal Air Corporation specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Seal Air Corporation specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Seal Air Corporation specifically for you FOR ONLY $16.38 $13.9/page Hire Writer For the senior secured bank credit agreement of $136. 7 million, we reduced the principal by the given repayments from 1991 to 1996 and each year calculated the interest due by multiplying the 1 1. 5% by the beginning balance at the start of each year. Each interest amount for those years was multiplied by the corporate tax rate (34% for 991 and 1992 and 35% thereafter) In order to determine the present value of the tax shield, and the NP of $1 5,904,368 was determined based on those individual year values. For the subordinated bridge notes, the $170 million value was multiplied by the 12. 25% interest rate to determine the interest due. We multiplied this by a constant 35% corporate tax rate to determine the interest tax shield. Using a formula to determine the full tax shield over the 10 years of the bridge notes, this present value was found to be $41 Adding the NP and the bridge notes IV resulted n a $57,283,921 total tax shield, which represents the value that sealed Air gained by the leveraged rationalization By creating value in terms of a tax shield, Sealed Air Corporations decision to pursue this leveraging up plan coincided with World Class Manufacturing. The purpose of the WAC program was to revivalist the culture and operations of the company. In order to execute this program, however, the company had to change directions and become much more disciplined and organized in their operations. Once they were operating efficiently, they then had a structure In place hat served as the foundation for the financial discipline that was then needed to take on a large amount of debt. Termed Dumpy, the CEO of Sealed Air, believed it was necessary to change the companys priorities and incentive structure following the recap. Dumpy felt that management needed to place a greater emphasis on the importance of generating cash flow. Prior to the recap, their Incentive structure was based on earnings-per-share, which takes Into account non-cash accounting expenses. By swelling ten Touch to A, management was teen addle to Touch on cash flow from operations. Additionally, Sealed Air focused on meeting inventory, receivables, and working capital goals that required management to be more aware of cash that was tied up in these balance sheet items. Dumpy also placed a strong emphasis on employee stock ownership. He felt that this sort of profit sharing would greater align the interests of shareholders and employees, and effectively improve the overall performance of the company. After the recap, many institutional investors had sold their holdings, and were replaced by cash flow investors. On one hand, the institutional investors were more conservative. They aimed at investing in companies with consistent growth, a solid financial situation, and limited downside risk. On the other hand, the one-time special dividend eliminated pension funds that required themselves to hold dividend paying stocks. Moreover, other institutional investors who sold their shares were negative toward leverage and deficit net worth. The managers of Sealed Air should be concerned more about this situation, and focus on cash flow projections. The important new shareholders for Sealed Air became speculative wealthy private investors who were looking for significant gains n profitability. This leveraged rationalization plan required management to curb their capital expenditures per year. This situation could make it hard for a firm to stay competitive in the market but in the case of Sealed Air, the constraint imposed on capital expenditures under the bank lending agreement was good for the company, although it was difficult to achieve. Capital expenditures were restricted to a set amount from 1990 to 1995, which forced the Sealed Air to make wiser decisions to reduce capital expenditures and restructure the formal capital budgeting process. In this way, the company would generate more free cash flows, which would benefit the leveraged rationalization to some extent. We think the managers would be able to renegotiate the covenant successfully. By the end of 1989, the leveraged recap proved to be successful, putting the company a year ahead of the principal payments required by the banks. The managers could renegotiate the covenant by identifying the success of the rationalization with stronger balance sheets. Leverage rationalization is a risky business venture for any company. When evaluating several options for the use of Sealed Air Corporations cash, management did not want to sit on their $54 million. Rather, they wanted to keep company performance at a maximum. In order to do this, management decided to leverage up the company by borrowing money and paying out dividends to their shareholders. Management was confident Sealed Airs cash flows would stay constant for the foreseeable future, which is necessary for leveraged rationalization to work. Furthermore, by leveraging the company, operational improvements were made by holding management responsible for increasing the corporations cash flows. The use of leverage rationalization to change the organizational structure of the company also coincided with managements implementation of World Class Manufacturing. Although leveraged rationalization worked out well for Sealed Air Corporation, it would not be good for all companies to do. A company who participates in leveraged rationalization has to be able to maintain or increase their cash flows for the life of their debt repayment. If a company is not able to hold a steady cash flow, they will have a hard time maintaining the interest payments on their loans. A company who prates In a non-volatile environment Witt a lack AT competition Is Test salute Tort this procedure. A company whose cash flows can change as the market moves would not be well suited for this capital structure. In addition, a corporation must have a strong management core in order to maintain operational efficiency thus improving future cash flows for the company. If management shirks even a little bit, a corporation may be unable to lean out their operations as necessary. Finally, a company that needs to invest in capital expenditures in order to continue their operations would not be suited well for a leveraged rationalization plan. As seen by Sealed Air Corporations binding debt covenants, Sealed Air was only allowed to spend a certain amount per year on capital expenditures. From analyzing this case study, as well as further research on Sealed Air Corporation, it can be seen that a leveraged rationalization plan worked out well for Sealed Air. Sealed Air had all of the necessary requirements in order to make a plan like this successful. The company created value for the corporation as a whole, as well as their shareholders. Management was able to show that the corporations shares were undervalued and improved investors perception of the company in the market.

Sample Essay on to Kill a Mockingbird

Sample Essay on to Kill a MockingbirdWriting a sample essay on to kill a mockingbird is one of the most challenging tasks in writing for college. The writer must master the art of succinctness, logic, humor, and syntax.Mock birds are birds that are able to imitate different sounds of human speech. When someone picks up this talent, they become known as a mockingbird. They are in fact among the most famous creatures in the world and their nickname is sometimes regarded as one of the funniest.One of the ways you can identify a mockingbird is by watching their appearance. If you see one fly away from a perch, then they are probably not aware of their abilities. Mockers do not normally leave their perches unless they have discovered a high-potential target to grab.Mockingbirds generally fly from perch to perch, catching different birds, thus spending a lot of time singing to attract different species. They usually sing in a very sweet tone, raising their voices and imitating human tones. A male will try to intimidate its potential mates by singing to arouse them and attract them.As mentioned, mockingers are sensitive creatures. They will generally flatter their desired mates with a very sweet tone, making them appear almost human. If a female is placed near the perch, the mockingbird will imitate what she says, so much so that she will feel threatened and if she moves away, the mockingbird will actually begin to cry.In order to write a mock essay on to kill a mockingbird, the writer should start by identifying the interest of the reader. By this, it means that it is the subject of the essay that is worth paying attention to. The other part of the concept is to demonstrate the ability to learn, so that the reader knows that the writer has the necessary skills to complete the assignment.You must also consider how long the sample essay on to kill a mockingbird should be. This would depend on how many times the student has already done this task. If the student has to spend the time to write this essay again, then the essay should be longer.

Free Essays on Technology Vs. Evolution

, all of us have two agendas: one hidden in the recesses of our minds, and one that we sell to ourselves and others† (De Waal 662). What this is saying is that even if someone has no thought in their head that what they are about to do is unselfish; the... Free Essays on Technology Vs. Evolution Free Essays on Technology Vs. Evolution Technology Vs Evolution Until the recent discovery of cloning, no one thought that technology was in any way related to morality. In reality isn’t technology against the morals of the natural world to begin with? But is there even such a thing as a purely selfless act? Sure there are actions that seem selfless, but the reason for doing them is consciously or unconsciously selfish. Evolution is a natural occurrence that one would think is unselfish and completely moral, however in reality the process of evolution is very selfish. It is a species genes changing so that the species will ultimately survive, this is an act that only helps that species. Technology is created to conform to how far evolution has gone. Technology is the next step in the evolution process for humans, and it is making all humans a little more immoral. A tribal shaman â€Å"ensures that the relation between human society and the larger society of beings is balanced and reciprocal, and that the village never takes more form the living land than it returns to it – not just materially but with prayers, propitiations, and praise† (Abram 5). While this seems to be natural and morally thanking the earth for what is has given, the shaman are doing this because the â€Å"scale of a harvest or the size of a hunt are always negotiated between the tribal community and the natural world† (Abram 5). This seemingly selfless act is really only to help the amount of food they can grow or catch that season. This leads to the thought that there is no such thing as a purely moral person. â€Å"If people think they are at times unselfish, so the argument goes, they must be hiding the selfish motives from themselves. In other words, all of us have two agendas: one hidden in the recesses of our minds, and one that we sell to ourse lves and others† (De Waal 662). What this is saying is that even if someone has no thought in their head that what they are about to do is unselfish; the...

Learn Chemistry - A Guide to Basic Concepts

Learn Chemistry - A Guide to Basic Concepts Chemistry is a logical science. You can master the essential concepts yourself. You can study these concepts in any order, but its probably best to start from the top and work your way down  since many concepts build on understanding units, conversion, and how atoms and molecules interact. Key Takeaways: How to Learn Chemistry Its possible to learn the basic concepts of chemistry online.Chemistry concepts should be studied in a logical order because concepts build upon each other. Jumping into the middle of the science can lead to confusion.While its fine to learn chemistry principles online, be aware that the lab component is an important part of the science. Its a good idea to supplement textbook learning with experiments using a chemistry kit. Introduction to Chemistry: Learn about what chemistry is, what chemists do, and why you would want to study this science.Units Measurements: Get a handle on the metric system and the common units used in chemistry.The Scientific Method: Scientists, including chemists, are systematic about the way they study the world. Find out how to use the scientific method to collect data and design experiments.The Elements: Elements are basic building blocks of matter. Learn what an element is and get facts for them.The Periodic Table: The periodic table is a way elements can be organized, based on their similar properties. Find out what that table is, how it was designed, and how you can use it to make your study of chemistry much easier.Atoms and Ions: Atoms are single units of an element. Ions can be made up of one or more types of elements and carry an electrical charge. Learn about the parts of an atom and how to identify the different types of ions.Molecules, Compounds, Moles: Atoms can b e joined together to make molecules and compounds. A mole is a useful way of measuring an amount of atoms or larger components of matter. Define these terms and learn how to perform calculations to express quantities. Chemical Formulas: Atoms and ions dont bond together randomly. Find out how to predict how many of one type of atom or ion will combine with others. Learn to name compounds.Chemical Reactions Equations: Just as atoms and ions combine in very specific ways, molecules and compounds react with each other in definite quantities. Learn how to tell whether or not a reaction can occur and what the products of a reaction will be. Write balanced chemical equations to describe reactions.Thermochemistry: Chemistry is the study of both matter and energy. Once you learn to balance the atoms and charge in a chemical reaction, you can examine the energy of the reaction as well.Electronic Structure: Electrons are found in regions around the nucleus of an atom. Learning about the structure of the electron shell or electron cloud is important for understanding how atoms and ions will form bonds.Chemical Bonds: The atoms in a molecule or compound are attracted and repelled with respect to each other i n ways that determine the types of bonds they can form. Molecular Structure: Once you understand the types of bonds that can be formed between components in a substance, you can begin to predict and understand how molecules are formed and the shapes they take. Valence shell electron pair repulsion (VSEPR) theory helps chemists understand molecular structure.Liquids Gases: Liquids and gases are phases of matter with properties distinctly different from the solid form. Collectively, liquids and gases are termed fluids. The study of fluids and how they interact is important for understanding the properties of matter and predicting the ways in which that matter can react.Rates of Reaction: Several factors affect how quickly and completely a reaction proceeds. Learn about these factors and how to calculate the speed at which a reaction can occur.Acids Bases: There are several ways to define acids and bases. One way is to look at hydrogen ion concentration. No matter which method you choose, these categories of chemicals participate in some v ery important reactions. Learn about acids, bases, and pH. Oxidation Reduction: Oxidation and reduction reactions go hand in hand, which is why they are also called redox reactions. Acids and bases may be thought of as reactions involving hydrogen or protons, while redox reactions tend to be concerned with electron gain and loss.Nuclear Reactions: Most chemical reactions involve exchanges of electrons or atoms. Nuclear reactions are concerned with what happens inside the nucleus of an atom. This includes radioactive decay, fission, and fusion.

FINANCIAL REPORTING & ANALYSIS Essay Example | Topics and Well Written Essays - 1500 words

FINANCIAL REPORTING & ANALYSIS - Essay Example counting standards include a constant approach towards solving of problems and do not present a sequence of ad hoc reactions that deal with the accounting issues. The main function of the framework is to support the International Accounting Standard Board in the progress of consistent and coherent accounting standards. The conceptual model is not referred to a standard, although it directs in the preparation of financial statement in order to facilitate them to determine accounting issues. It is an extremely influential and important document which helps the users to understand the function as well as the limitation of the financial reporting (Ruppel, 2010). The conceptual framework is an existing subject because it is being amended as a combined project with the International Accounting Standard Board’s American Counterparts; the FASB (Financial Accounting Standard Board). However, the conceptual framework is being criticised for not accomplishing its functional goals, mainly that of offering a base for directing standard-setting and resolving accounting arguments. The main rationale behind this project is to highlight the criticism of financial accounting and problems with prevailing conceptual framework. The aims of universal purpose financial reports are also taken into consideration. The purpose of the theoretical/conceptual framework is to build up an enhanced framework which offers a sound base for developing the future accounting models. Such a structure is crucial in fulfilling the Board’s objective of developing benchmarks that are value based, internally reliable, and that show the way to the financial reporting; which gives the information to the capital providers who requires to make judgments in their capability as wealth providers. Moreover, the new Financial Accounting Standard Board framework will be constructed on the prevailing framework (Fasb, 2014). Although the prevailing conceptual framework has assisted the International Accounting

The Lottery by Shirley Jackson Essay Example | Topics and Well Written Essays - 500 words

The Lottery by Shirley Jackson - Essay Example The story reveals the misguided beliefs of the villagers and their specific customs. The day, in which the lottery was conducted, Mr. Summers, an old man in the village, gives guidance for the villagers. He arrives in the village square carrying a black wooden box with slips of paper in it and Mr. Graves, a young man in the town, follows Mr. Summer, carrying a three- legged stool. People keep a distance from the box and the reader can see that the villagers show their willingness as well as their hesitations towards the rituals. Amelia Tibbet observes that â€Å"Basically, the story revolves around the misguided belief that if the villagers sacrifice one of their own to what readers are led to believe is a Rain God, then they will have good crops the next year† (Tibbett). The villagers believe that if they fail to follow the tradition of the lottery, they will face some tough consequences like starvation, poverty and drought. Before the lottery is conducted, various lists had to be made, such as the heads of households, heads of eminent families, and the members of each family. The old man keeps and classifies all the details and begins the lottery. From the words of the old citizens in the town, the reader can see that there had been a ritual solute which the officials of the lottery used to practice. They had addressed each and every person who come up and draw from the box. Examining the procedures, the reader can see â€Å"there had been a recital of some sort, performed by the official of the lottery, a perfunctory, tuneless chant that had been rattled off duly each year† (Jackson). After the drawing, the winner is stoned to death by the villagers, and their activity exposes their superstition and brutality. Here, the modern reader may feel the situation as absolutely ironic because they have positive expectations

Influence of Technology in Modern Life: Social Networks

Influence of Technology in Modern Life: Social Networks The accessibility of the new information technology has led that social structures change, and with it the ways of relating to others. With this process of change has created what is known as virtual communities, Rheingold defined the virtual communities as a group of social aggregates which arises from internet when a group of people create public discussions long enough to create networks of personal relationships in cyberspace. (Rheingold, 1993, The Virtual Community,). Thus individuals create new social networks where they can exchange information anytime, anywhere, depending on their needs and desires. Issues such as that new information technologies can interfere interpersonal relationships are increasingly questioned by several studies that analyze the impact positive and negative to the use and abuse leads. The aim of this essay is to discuss the pros and cons of the effects that are producing social networks. The influence of technology in modern life entails negative and positive aspects, Bauman (2010) argues that contemporary men are desperate to relate, however they avoid a permanent relationship, for fear of the tensions that might imply, contrary to what which are not able or willing to endure, as they would limit the freedom they need. The relations are characterized by the ambiguity and they occupy the spotlight of modern individual’s liquids, being the priority in their life projects. Digital communication has caused formal changes in communicative genres and materials in interpersonal relationships (Laborda Gil, 2005). Interpersonal relationships are in constant transformation in everyday human being, and this transformation have influenced the new technological applications generating changes in interpersonal communication. The fact that digital interactions between people increases, is creating a different perception of space and time, a sense of immediacy of events and an acceleration in the process. Interpersonal relations is mutual interaction between two or more people. It involves social and emotional skills that promote effective communication skills, listening, conflict resolution and authentic self-expression. One of the first theorists to dedicate himself to the study of interpersonal behavior was Leary (1957), defining it as any behavior that is related open, conscientious, ethical or symbolically with another real or imagined collective human. Today, we tend to regard interpersonal relationships and cognitive processes as two sides of the same coin, as it begins to pay more attention to the emotional and motivational aspects involved in the interaction, and integrate the contributions from the field of interpersonal theories. This is how it leads to the deepening understanding of the cognitive processes that are involved in interactions with other individuals. However, from a critical look Bauman (2010) argues that people rather than tra nsmit their experience and expectations in terms of relationships and relationships, talk about connections, connecting and staying connected. Instead of talking about couples, prefer to speak of networks. Unlike relations, kinship, partner or any other idea that emphasizes mutual commitment; disengagement network represents a matrix that connects and disconnects at the same time. In networks both activities are enabled at the same time, ie connect and disconnect are equally legitimate elections, equal status and equal importance. The network suggests moments of being in contact and other time to snoop; in the networking the connections are established on demand and can be cut as desired, being able to be dissolved before becoming detestable. The pre virtual relationships and real relationships are replaced by virtual relationships or connections. These latter are easily to access and output, are characterized by being sensible, hygienic, easy to use, friendly for the users, as oppo sed to the heavy, inert, slow and complicated the trues. The relationship between users of social networks goes from vertically to horizontal, enabling a fictitious equality, in which any user becomes emitter producing their own content, and even as a receiver transmitter information for Caldevilla Domà ­nguez (2010) these new forms of communication and interaction, emerge new threats to privacy, if does not differ the public for each of the profiles, being one of the disadvantages of using networks, the identity spoofing and individualism as possible trend to the actual isolation from sociability network. The absence of direct perception of the body and the inaccessibility of the same in cyberspace constitute a limit whose intersubjective effects are paradoxical, as it is lived as both defect and deficiency in the relationship, or as possibility of eliminating a factor of discrimination against others. The difficulty, would lead search reinforcing relations to others through other means with which manages to avoid physical presence or direct exposure in social situations and can remain anonymous or develop a fictitious, or even personality, leave the virtual relationship without negative consequences directly perceptible. Pretend downplay changes in human relations that the new virtual culture presents is to deny the possibility of believing that a new era related between social media and individuals are emerging. These relations between both parties requires significant knowledge to recognize and use those tools to approach the other from the place that elapses your experience. It will be left to the professionals responsible for an election that contributes to the growth and welfare of those who demand service. References Bauman, Z. (2003).Liquid love. Cambridge, UK: Polity Press. Bergo, B. (2006).Emmanuel Levinas. [online] Plato.stanford.edu. Available at: http://plato.stanford.edu/entries/levinas/ [Accessed 6 Apr. 2015]. Caldevilla Dominguez, D. (2010).Las redes sociales. TipologiÃÅ' a, uso y consumo de las redes 2.0 en la sociedad digital actual. EspanÃÅ'Æ’a: Universidad Complutense de Madrid, Facultad de Ciencias de la Informacion. Internet Archive, (2015).Interpersonal diagnosis of personality; a functional theory and methodology for personality evaluation : Leary, Timothy, 1920-1996 : Free Download Streaming : Internet Archive. [online] Available at: https://archive.org/details/interpersonaldia00learrich [Accessed 6 Apr. 2015]. WhatIs.com, (2015).What is virtual community? Definition from WhatIs.com. [online] Available at: http://whatis.techtarget.com/definition/virtual-community [Accessed 6 Apr. 2015]. http://whatis.techtarget.com/definition/virtual-community Bauman, Z. (2010). Amor Là ­quido: acerca de la fragilidad de los và ­nculos humanos. 1a ed. 13 ª reimp. Buenos Aires: Fondo de Cultura Econà ³mica. Laborda Gil, X. (2005). Tecnologà ­as, Redes y Comunicacià ³n Interpersonal. aà ±o XII nà ºmero II (24) / 2011 fundamentos en humanidades 229 Efectos en las formas de la comunicacià ³n digital. Anales de documentacià ³n, N °8, pp. 101-116. Leary, T. (1957). Interpersonal diagnosis of personality: A functional theory and met- hodology for personality evaluation. New York: Ronald Press. Caldevilla Domà ­nguez, D. (2010). Tipologà ­a, uso y consumo de las redes 2.0 en la sociedad digital actual. Documentacià ³n de las Ciencias de la Informacià ³n, vol. 33, pp. 45-68. http://plato.stanford.edu/entries/levinas/ https://archive.org/details/interpersonaldia00learrich Vodafones Entry into Japan: An Analysis Vodafones Entry into Japan: An Analysis Globalization is regarded as a tool which has facilitated the movement of businesses from independent market economies to an inter-reliant and incorporated global economy thereby reducing trade barriers between countries and continents. (Hill, 2007). With the reduction of these trade barriers many companies have grown from Small and Medium Enterprises (SME) to Multi-National Enterprise (MNE). Through international growth and globalization these MNEs are recognisable world wide. One such organisation is the Vodafone group which is a telecommunications company founded in the United Kingdom. Vodafone is currently ranked as the 11th most valued brand in the world and 2nd in Europe. (Vodafone, 2009).According to Anwar (2003) they have achieved this status by using different market entry strategies to expand their enterprise via acquisitions and joint ventures with Orange (UK), Air Touch and Verizon (USA) and Mannesmann (Germany). Although Vodafone has been successful in the above listed c ountries, its entry into Japan failed after a few years due to reasons which will be explained later in this essay. This is the main reason for the choice of Vodafone as a case study. This essay will first give an outline of Vodafones history and then provide a review of theories which influence global expansion and internationalization, as they relate to market entry, business strategy and culture. Following this a case study of Japans mobile market and an analysis of Vodafones operations and strategies as they affect its entry to and exit from the market will be provided. Finally, recommendations based on their choice of strategy will be made. Company Background Vodafone was created in 1991 as a subsidiary of Racal Telecom (RT) which was formed in 1984. RT was created from a joint venture between Racal Strategic Radio Ltd (80% which was a subsidiary of Racal Electronics Plc and winner of one of the first two cellular telephone network licenses in the UK), Millicom (15%) a US-based Communications Company and the Hambros Technology Trust (5%), a UK-based venture capital fund. The name Vodafone was coined with the first four letters of its name denoting its services (VOice Data Fone). (Vodafone, 2009) Vodafone has become a very prominent mobile operator in the world with a large presence in Europe, America, Asia, Middle East and Africa. Its services include but are not limited to mobile advertisement, network business, distribution business, retail shops, data services, Short Messaging Service (SMS), multi-media portal, third generation (3g) licences and data and fixed broadband services. (Vodafone, 2009) Over time Vodafone has expanded into different parts of the globe including, Belgium, France, Greece, Germany, Italy, France, Romania, USA, Egypt, Kenya and South Africa to mention a few. (Vodafone.com, 2009) Vodafones early success has been attributed to its usage of key niche strategies and first mover advantages regarding location economies. This helps gain market share which leads to economies of scale and earning curve advantages through the utilization of its core competencies in foreign markets. (Anwar, 2003; Pan et al, 1999) Vodafone entered the Japanese market in 1999 when it inherited stakes in nine regional mobile phone companies through its merger with US rival Air Touch making it the second largest shareholder in the market at that time. Another reason for their entry into the Japanese market was that they considered the market as very vibrant and it would give them a technological edge over domestic and European rivals. (Anwar, 2003; Dodourova, 2003; Kim et al, 2009) Theoretical Review In considering global expansion, companies need to make decisions about the choice of market to enter, timing, products to be sold and market entry mode. (Hill, 2007). Market entry modes refers to the way in means an organisation chooses to enter a particular market such as are exporting, franchising, foreign direct investment, international joint ventures and wholly owned subsidiaries. (Hill, 2007; Root, 1994) Although all these forms of entry have been used by Vodafone, for the purpose of this paper specific attention will be paid to the use of acquisitions and joint ventures (JVs) as entry modes, since they have been used repeatedly by Vodafone in different locations including India, Japan, Egypt, Germany, The Netherlands, Sweden, Italy, Greece, Portugal, Spain and Australia. (Vodafone, 2009; Anwar, 2003). An acquisition is a situation whereby a firm acquires a company in an intended market while a joint venture involves the combination of two or more firms to create a company. JVs enable firms to split the necessary risk and capital required for international ventures. They usually involve a foreign company with a new product and a local firm with access to distribution and local knowledge such as culture, political and business systems. However, using JVs has its disadvantages as firms face difficulties merging different cultures and some parties may not understand the strategic intent of their partners which may lead to problems (Root, 1994; Pearce and Robinson, 2007;Hill,2007 ). On the other hand, acquisitions allow firms to make very rapid international expansions and can be accomplished quickly. However, they are very expensive and legal regulatory requirements and organisational culture may act as barriers. Despite these drawbacks they are considered a very safe means of global expansion. (Ives and Jarvenpaa, 1991, Pearce and Robinson, 2007) The internationalization model (Uppsala) advices that global expansion is a learning process and that the more experience a firm gathers it strengthens its dedication to foreign markets. (Hollenson, 2004). However, most firms have to consider the level of global integration and local responsiveness (both are at alternative ends of the standardization scale) required in the target market. This is known as I-R framework, since it is a necessity for firms operating in multiple country locations to be responsive to market (cost reduction) and governmental demands (local needs) for each location. Bartlett and Ghoshal (1989) divided the framework into four strategies, namely global, International, Multi-Domestic and Transnational. However, many companies tend to shift from one strategy to another in an attempt to meet local demands and capitalize on competitive advantages. (Bartlett and Ghoshal (1989) in Roth and Morrison, 1990; Hill, 2007, Pearce and Robinson, 2007) Vodafone attempted to move from the global to the transnational strategy because they largely ignored local responsiveness and lost market share as a result of the international strategy. The advantages and disadvantages of the global and transnational will now be examined. Global integration indicates the fusion of different national economic systems into one global market. A key aspect is the pressure of cost reduction while local responsiveness refers to the readiness of firms to make modifications to their products, services, and ways of doing business at local levels considering local culture and needs. (Hill, 2007; Pearce and Robinson, 2007)The core focus is of the global model is on high global integration since firms sell standardized products in and across all national markets with minimal levels of local adaptation. Also, most business decisions are made from the firms central office as there is a great need for resource sharing and cross border co-ordination which is sometimes difficult to achieve. Organisations use this strategy due to high levels of competition in the global market and all Strategic Business Units are mutually dependent. As a result of this the firm attempts to maximize the advantages of location economies and the experienc e curve and it is not very concerned with responsiveness to local markets. Location economies refer to the advantages a company would accrue from being in a particular location and the experience curve that shows the level of experience gained based on reduction of production cost. Many MNEs, such as McDonalds in the United Kingdom, have used this strategy successfully. Others for example Vodafone in Japan, have failed due to the level of local responsiveness needed for the location. (Daniels et al, 2009; Hollenson, 2004; Hill, 2007; Weber, 2007, Kim et al, 2009; Pearce and Robinson, 2007; Bartlett and Ghoshal (1989) in Roth and Morrison, 1990) The Transnational strategy focuses on satisfying the condition of local responsiveness and global integration irrespective of pressure levels for both factors. Its has been suggested that this strategy be used if cost pressure and local responsiveness are high or low as they fluctuate depending on the level of development of the country or location and globalization. (Bartlett and Ghoshal (1989) in Roth and Morrison, 1990; Hill 2007) This approach allows MNEs to tailor their products and marketing practices to the intended market and more profit is made in a situation where cost reduction pressures are not great and the firm can increase price. Although in situations where cost reduction pressures are high the organisations make try to make profit from other means. (Roth and Morrison, 1990; Weber, 2007) According to Hill, (2007) this strategy is difficult to implement as firms attempt to balance economies of scale, attain low costs through location economies, experience curve effects, local responsiveness and global learning (Global learning refers to the transference of knowledge and products between the firms head office and its subsidiaries). The difficulty arises from organisational problems because there is a need for firm central control and organization to achieve efficiency, local flexibility and decentralization to attain local market receptiveness. This is aside from the need to acquire global and organisational learning for competitive advantage. CASE STUDY The Japanese mobile industry was considered a year or two ahead of the rest of the world and was ready for Vodafone to enter because Japans market was more technologically advanced than most other European telecommunication markets. It was the pioneer country for the third generation network {3G} and the European market was becoming saturated and competition and regulatory pressures were forcing prices lower. (Economist, 2004; Fackler and Belson, 2005; Yamauchi et al 2004). Also the Japanese market was highly competitive and Japan was the first country to introduce a packet switched wireless network {DoPa}; the first to introduce wireless internet {i-mode} in 1999; the first to introduce camera phones, 3Gs in 2000 and 3.5G in 2003. Japan had advanced broadband communications system as early as 2000. (Yamauchi et al 2004; Kim et al 2009; Chen et al 2007) In addition, the Japanese market is known for its opposition to foreign investors and has always been considered as a hard market to penetrate as consumers usually favour local brands over foreign products. Also Japans governance has a strong hold on corporate activities and many organization owners usually do not do sell or merge with foreign investors unless they are convinced of the firms performance levels which in turn makes acquisitions and mergers with foreign investors a difficult process.(Anonymous,2002) VODAFONE IN JAPAN. As mentioned earlier Vodafone entered Japan in 1999 as a result of its Acquisition of Air touch in America which gave it a 26% stake in J-Phone a Japanese mobile phone group by 2000 Vodafone had acquired an estimated 60% of J Phone. Vodafone took its time before entering the Japanese market. This approach paid off as they could not afford a hostile takeover as was the case when they acquired Mannesman in Germany because this could have affected their relationship with other Japanese stakeholders. (Anonymous, 2002; Blokand, 2007; Anwar, 2003) After its acquisition J Phone seemed to be making progress as it rose to become the 3rd largest telecommunications group in Japan by 2002 as its subscriber base had exceeded 12 million in the same year. J Phones target population prior to its acquisition was young adults and they had developed handsets with gadgets that were appealing to the young generation. They also introduced the Sha-mail (Picture messaging service) which marked the beginning of the picture messaging trend in Japan. Their marketing campaigns involved using Japanese pop stars and idols to attract new customers (Blokand, 2007; Dodourova, 2003) However, with the introduction of Vodafones globally standardized product things began to change. Vodafone introduced handsets which were acceptable in Europe to Japan ignoring the fact that Japan was more technologically advanced than Europe. As a result of this J Phone (re-named Vodafone KK in 2003) began to loose its customer base. Also in an attempt to create a global brand Vodafone delayed the launch of its 3g service (which allows customer watch videos and use teleconferencing) because they wanted to create a global product allowing their local competitors such as the KDDI group and NTT DoCoMo to commence 3g usage one year ahead of them. Eventually, when Vodafone KKs 3g package was finally launched supply was limited because the 3g handsets were being shipped from overseas. (Hill, 2009; Blokand, 2007; the Economist, 2004) Also inadequate investment in network infrastructure caused Vodafone to suffer bad network connection that caused them to lose subscribers. (Euro-Technology, 2009) Vodafones choice of strategy for its expansion into Japan is obviously the global strategy advocates the standardization of all products and services irrespective of the level of local responsiveness required in the location. Vodafone attempted to change strategies by involving so level of local responsiveness(from global to transnational) via the introduction of handsets tailored for the Japanese market to rectify its underestimation of Japanese customers peculiarity by offering them what they required instead of what the company wanted. Also the Japanese government in 2004 brought in new regulations against handsets which could be roamed since there was a propensity for them to be used by criminals. (Euro-Technology, 2009; Anwar,2003) However due all the above listed reason Vodafone KK struggled to retain its market share from 2002 to 2004 (See Diagram) .Its competitors like DoCoMo, who was the market leader with about 56% share and KDDI with about 23%. Diagram I: Mobile Phone Subscribers Net Growth Source: The Economist, 2004(September 30th Edition) By 2004 when KDDI had moved most of its subscribers to the 3G technology and DoCoMo had moved about 10%, Vodafone had been able to connect only 1% of its subscribers (Economist, 2004). By February 2005, Vodafone had gained 527,300 subscribers while KDDI and DoCoMo had gained 10 million and 17 million 3G subscribers respectively. By October 2005, Vodafones figures dropped by 103, 100 subscribers while DoCoMo and KDDI had attracted 1.65 million and 1.82 million subscribers respectively. At this time, Vodafone KK had captured only 4.8% of the market. (Blokand, 2007; the Economist, 2004; Lewis, 2006) Vodafone sold its Japanese branch to Soft Bank in March 2006 and by October in the same year Soft Bank reported a year-on-year sales revenue increase of 144.3%, with operating profits up a staggering 260.4% because they used a purely localized approach and catered to the markets needs. (Jing, 2009) Nevertheless, Vodafones global strategy succeeded in Germany although according to Weber (2006) Germany was a few years behind Japan considering the obtainability of mobile services, such as data services, 3g, cameras and music phones. It was able to utilize its economies of scale and experience curve advantages, to maximize profits. Vodafone applied a slightly different strategy in entering this market as it merged with Mannesmann via a hostile bid for the company whilst it was in financial trouble. Mannesmann acquired Orange (UK) in 1999 and faced difficulties recuperating its investment. Vodafone saw this opportunity and bid for Mannesmann to subvert other companies like WorldCom or ATT acquiring the company. (Boemer, 2007) On entry into the market in 2000 Vodafone divested some of Mannesmann subsidiaries to recover funds. However, it is apparent from the above that the challenges Vodafone in Japan were much more complex in comparison to Germany. Its main competitors are T-Mobile, E plus and O2. At inception the Vodafone introduced its standard products from the United Kingdom like Voice calling and SMSs, mobile internet was not introduced until 2003 as it was not popular and Vodafone decided not to begin this service in Germany till 2005. (Boemer, 2007; Weber, 2006; Henten et al, 2004) Vodafone utilized different forms of marketing approaches but the most successful was its loyalty packaged dubbed stars introduced in 2002 helped it increase its market share substantially. Furthermore by 2005 Vodafone had gained 35% market share followed by O2 which had 32% then E Plus with 19% and T-Mobile had 14%. This was a total opposite of Vodafone performance in Japan. (Von Kuczkowski, 2005) In addition Japan is noted for being at the helm of technological development called gijutsu rikkoku in Japanese which means technological nation building and it exports its technology. Therefore it is possible to assume that the Japanese would be more interested in high-tech gadgets and services than Germans. (Boemer, 2007; Weber, 2006) The difference in cultural practices must not be ignored because the German business circle was not controlled by Guan Xi which refers to the relationships between people in a community the higher and tighter the level of Guan Xi a person has in China and Japan the better his business prospects within the country .(Yeung and Tung, 1996) Vodafone Japan did not generate a trustworthy brand image in the Japanese market and failure to tailor their product to the needs to its customers, which is a major faux pas in marketing and company survival made matters worse. Recommendations Vodafone in Japan would have succeeded if it had avoided using a global strategy as it had the capability to succeed, if it had considered the tastes of the people and attempted a transnational approach to its expansion plans. Also, Vodafone should have used its competitors products and services offering as a benchmark for its own services. Instead of taking a one size fits all approach into Japan as this had a negative impact on its services and performance. Similarly, if Vodafone had tried to satisfy its customer base of students and the younger population before endeavoring to penetrate a new market of families and the corporate world. Moreover, considering that J-Phone had been on a market increase streak for over five years, Vodafone should have used J-Phones local knowledge of the market and combined its experience create a winning team instead of trying to create a global brand and cut cost by introducing a large number of handsets that could be sold throughout the world. Private and Public Self: A Comparison of Identities Private and Public Self: A Comparison of Identities Private self is the information regarding to a person which he/she has difficulties to express publicly. Public self is the perspective other people view an individual as portrayed in public information, interaction with others and public action. Generally, public self relies on the public for definition but it’s also the individual’s perspective of the way he/she appears and steps taken when in public. Mostly, public self and private self is revealed in speaking and actions. Private and public speaking is generally feared almost by everybody. Some people will avoid public speaking at all costs. Sometimes, the avoidance may lead to missing a great chance to make an impression which is good and/ or long-lasting, opportunity to sell their product or themselves. Development of authentic speaking has made it easy for the improvement of the way people come across, and reduction of the people’s feeling of fear before and during their presentation. Authentic speaking de fers from other approaches since it doesn’t inculcate any other methodology or technique to the individual and the learning involves experience. Authentic speaking gets the individual to meditate on what he or she is thinking before speaking. Once the speaker opens their mouth to speak, he/she should be relaxed, comfortable and in a good mental state. Therefore, thorough preparation and mental awareness of the speaker’s own talk is paramount. In order for the individual to feel better and prepared for the task ahead, he/she should acknowledge the â€Å"script† and then rewrite it. This is due to the fact that the task (talk) has a profound impact on how the individual will feel. Physical posture is also necessary in creating confidence in a presenter. The presenter may adopt an upright and proud posture, but not trying to hide from the audience. Mostly, the reason as to why people fear public and private speaking is due to self-consciousness. Self-consciousness refers to an acute sense of self awareness. It is opposed to the philosophical definition of self-awareness since it is a pre-occupation with one’ self, the awareness that an individual being exists. An individual may have an unpleasant feeling of self-consciousness when he/she comes to know that other people are watching or observing him/her. The unpleasant feeling of self-consciousness is occasionally paired with paranoia or shyness. When an individual is self-conscious, he/she becomes aware of his/her own actions no matter how small they are. A person’s ability to perform complex actions can be impaired by such awareness. a person may be shy or introverted if he/she has a chronic tendency towards self-consciousness. Being excessively conscious of a person’s appearance or manner is at times problematic. Shyness and embarrassment, where the resul t is low self-esteem and lack of pride can be paired with self-consciousness. During high self-consciousness period, people come to the closest understanding themselves objectively, and this has potential to have impact on development of identity. The impact of self-consciousness has varying degree in people since; some are self-involved or constantly self-monitoring while others are quite and totally oblivious about themselves. Private self-consciousness is a norm to examine or introspect one’s inner self and feelings, while public self-consciousness is self-awareness resulting from other people’s views. Both types of self-consciousness are objectively personality traits which are considerably stable over time though there is no correlation between them. Public self-consciousness may lead to social anxiety and self-monitoring. Behavior is affected by various levels of self-consciousness since it is normal for people to act differently if they â€Å"lose themselves in crowd†. This can result to an inhibited and regularly destructive behavior. Different people have varying tendencies of self-disclosure. Self-disclosure is the means of communication where a person reveals himself/herself to another. It includes all that an individual choses to disclose to the other person about him/herself, to make him/her known. The information can be evaluative or descriptive and can comprise of aspirations, feelings, thoughts, successes, fears, failures, dreams, goals, as well as one’s favorites and dislikes. As social penetration theory poses, there are two self-disclosure dimensions which are breadth and depth. These dimensions are essential in developing a relationship which is fully intimate (Modell, 1993). Breadth disclosure is the range of topics which two individuals discuss while depth disclosure is the degree to which the revealed information is private or personal. Breadth disclosure is easier to be expressed first in a relationship since it has more accessible features which comprise layers of personality and daily live s such as preferences and occupations. It is considerably difficult to reach depth disclosure since its inner location comprises of painful memories and traits we keep secret from most people. Intimacy relies much upon self-disclosure which is expected to be reciprocal and appropriate. Assessment of self-disclosure can be done through analysis of costs and rewards. During early relational development is where most self-disclosure takes place but more intimate disclosure comes later. As social penetration theory poses, development of a relationship is relative to systematic changes in communication. Generally, relationships start with exchange of superficial information and eventually move to conversations which are more meaningful. It is essential to increase breadth and depth of a conversation if partners need to develop a more intimate relationship. Conversations between partners usually begin with â€Å"small talk† which provides little revelation about the speaker’ s information. It reaches the intimate level where the breadth and depth of the conversation increases and more personal details are revealed till it reaches the very intimate level where couples share extremely private information. Development of intimacy in relationships can only develop if both parties reciprocate disclosures. If only one partner reveals more intimate details while the other continues to disclose superficial information only, intimacy will not develop. The reciprocity process needs to be gradual and partners should match the intimacy level of the disclosures. Revelation of too personal information too soon causes an imbalance in the relationship and therefore making the other person uncomfortable. The gradual process differs from relationship to relationship and may depend on the communication partner. Reciprocity is the positive response from a person with whom one is sharing information. It can be described by three theories which are: norm of reciprocity, social exchange theory and the social attraction-trust hypothesis. The norm of reciprocity poses that reciprocating disclosure is a social norm and failure to adhere to it makes a person uncomfortable. The social exchange theory states th at people try to maintain equality in disclosing themselves since an imbalance in self-disclosure makes them uncomfortable. Social attraction-trust hypothesis states that people disclose themselves to one another since they have the belief that the person who they disclose the information to, likes and trusts them. There are two types of reciprocity which are extended reciprocity and turn-taking reciprocity. The extended reciprocity is where disclosure takes place over a period of time while turn-taking reciprocity is when there is immediate self-disclosure between partners. Disclosure and responsiveness form the key components for intimacy. The range of topics which individuals disclose (breadth) also varies in different cultures. For example, people from the American culture tend to reveal more personal topics like relationships, body, finances and other issues concerning their health and personality than any other cultures. This is not the case when it comes to individuals from the Japanese culture. The Japanese are very conservative and mostly don’t reveal their personal issues to the public. Also, the degree of how personal the topics to be reveled are also varies across different cultures. These include feelings, thoughts and also more impersonal topics like hobbies and interests. Some individuals prefer not to reveal their feelings and private thoughts while holding conversations as they feel that this will make them seem vulnerable or insecure. The negative or positive aspect of the topic to be revealed is also an important factor that also varies in different cultures. For example a person participating i n a debate may feel that revealing a real life event that took place and had a negative effect on them may help them prove their point. However, this person may end up hurt as their opponent may not get this and may also end up using the fact to their own advantage. The individuals that tend to reveal more personal issues than others undergo more psychological problems. When establishing a relationship, there is a time period that one takes before they can fully disclose to the other. Individuals from cultures that are more conservative tend to withhold much information until they feel that the relationship has grown and they can trust the other party. Revelation of too much personal information before the relationship has grown is considered inappropriate, some other cultures however, disclosure is done after a very short period of time. The target party, to whom an individual discloses themselves, is also an important factor that is considered in many communities. For example, spouses trust each other hence, they self-disclose almost everything. Some consider the age of the target and what topics are appropriate to disclose to them. According to Alder and Proctor (2007), self-disclosure is important and at the same time it can have unfavorable outcomes. For instance, self-disclosure can help strengthen the relationship between two individuals by improving the trust between the two. It can also increase one’s influence over the other individuals and can also be used as a way of bringing out the good qualities in an individual. At the same time self-disclosure may reflect vulnerability in one’ self and may also make the other party develop a negative attitude towards the relationship leading to its termination. There are various factors to consider before a person decides to self-disclose. Sometimes, disclosure of information can be harmful than helpful. The discloser must weigh if the probable benefits level the risk. Self-disclosure is most useful when used constructively and when revealing relevant information in reasonable amounts to a person who reciprocates with their own disclosures equally. It is also crucial to reveal information that could probably save someone from harm or to help them. References Adler, R.B., Proctor, R.F. (2007).  Looking out looking in (12th Ed.). Belmont, CA:Thomas Learning, Inc. Baumeister, R. F. (1986). Public self and private self. New York: Springer-Verlag. Modell, A. H. (1993). The private self. Cambridge, Mass: Harvard University Press.