Friday, May 22, 2020
Sample details Pages: 16 Words: 4756 Downloads: 8 Date added: 2017/06/26 Category Statistics Essay Type Analytical essay Did you like this example? DeÃâÃ LaÃâÃ Rue Plc dates its origination way back to 1821 when its founder Thomas de la Rue started it as a stationer and printer on a small scale in the UK. Since then the company has diversified geographically and has spread its footprints across 24 countries today employing approximately 4000 people all over the world. De La Rue is rated as the worlds largest commercial security printer and papermaker, which is involved in producing over one hundred and fifty national currencies along with a wide gamut of security documents like fiscal stamps, passports, authentication labels to name a few. DonÃ¢â¬â¢t waste time! Our writers will create an original "Strategic Analysis and Valuation of De La Rue" essay for you Create order Besides this, it is also the leading provider of equipment to sort cash and is also a reputed software solution provider to central banks worldwide that helps to minimize the total cost of handling cash. It has also ventured into new innovations and technologies in passport issuing schemes, drivers license and national identification schemes. DeÃâÃ LaÃâÃ Rue is a member of the FTSE 250 and its ordinary shares have been listed with the UK Listing Authority and are tradingÃâÃ on the market on the London Stock Exchange under the symbol DLAR. Its current market capitalization stands at $811.57 million. 2. Strategic Implications of the Takeover Deal Recently De La Rue has been witnessing a series of production problems along with the resignation of its chief executive James Hussey which has taken a toll on its profits to the tune of GBP 35 million. This crisis-hit company has been the subject of takeover in recent times because of its leading position in several growth markets that have high barriers to entry. Its lucrative business potential coupled with its well established business globally makes it a good take-over candidate. Oberthur, a French company, has expressed interest to take over the company in an all cash offer which it has valued at GBP 896 million by offering 905 pence per share. 3. Analysis of the Recent Financial Performance of De La Rue Plc 3.1 Summarizing Ratios Takeover deals can be broadly categorized under two heads (Jostarndt, 2007): Financial, and Strategic. While the intent of financial deals is to turn around the loss-making businesses in a profitable manner and command premiums on the time of exit, strategic buyers aim to integrate the businesses with its existing operations to reap the benefits of economies of scale and scope. In the absence of the relevant details, it has been assumed that the buyers have a strategic outlook for the deal and accordingly the analysis has been carried out. Strategic buyers are more concerned about the operating strengths of the business rather than focusing on financial measures of profitability like return on equity, dividend payout ratio which are of primary concern to the retail investor. Thus, while analyzing the performance of De La Rue, emphasis has been laid on the sales figures and turnover ratios along with the asset utilization practices prevailing at the target company. Its l everage has also been analyzed to gain an understanding of the financial risks of the company. The ratios available at Reuters (2011) have been used for the purposes of the above analyses and have been comprehensively summarized underneath: Table 1: Key Financial Measures from the perspective of a Strategic buyer Ratio De La Rue Plc Industry Sector Asset Efficiency Ratios: Receivable Turnover ratio (times) 5.72 4.27 5.91 Inventory Turnover Ratio (times) NA 12 15 Asset Turnover Ratio (times) 1.13 0.97 0.57 Average Return on Assets (%) 23.02 1.80 2.89 Operating Margin (%) 24.69 3.12 8.15 Capital Structure Ratios: Quick Ratio 0.44 1.43 1.27 Current Ratio 0.68 1.70 1.58 Long Term Debt to Equity Ratio 4.85 19.32 54.94 Total Debt to Equity Ratio 197.58 26.59 73.12 The inputs of ratio analysis are the financial statements of the company and it is essential that the input should be reliable to get consistent output. Thus it is a general practice to use audited financial statements to avoid confusions about its integrity. Hence, for the purposes of analysis, the year ended March, 2010 has been considered for computing the asset efficiency ratios. The capital structure at the latest date of takeover should be considered and hence the un-audited interim results have been considered to compute the leverage and solvency ratios. 3.2 Analysis of the Assets Efficiency Earning Power Asset efficiency ratios throw light on the turnover that can be generated by deploying the assets in an efficient and effective manner. Since the takeover deal in this case aims to acquire control of the target company, it should be primarily interested in how good the assets of the target are because the major purchase consideration paid would be for acquiring these assets. Asset turnover ratios describe the number of times of it; the particular asset(s) can generate sales. Thus while the asset turnover ratio describes the number of times of the total assets that the sales have been generated, debtors turnover ratio reveal the quality of the current asset debtors that the target has on its balance sheet. A large debtor base with a large proportion of bad and doubtful debts is of less relevance than a small debtor base of high and recoverable quality. A high debtor turnover ratio indicates that the debt collection procedure is sound and hence the incidence of bad debts should be low. Ratios, on a stand-alone basis, are of little relevance as the absolute figures do not convey much information. It is essential to compare them with industry and sector benchmarks to gain a complete insight in its relative positioning in the industry and peer group. Hence accordingly, the benchmark ratios have been also considered. A look at the total asset turnover ratio and debtor turnover ratio show that both these ratios were better for De La Rue than the industry or the sector. The asset turnover ratio for the company De La Rue Plc was almost double than the sector which indicates that the productive power of assets or the revenue generating capacity of the assets of De La Rue is quite good and hence they can be considered to be worth taking over. Even if we look at the earning power of the assets as indicated by operating margin and the return on assets, De La Rue scores well above its industry and sector benchmarks. The return on assets of the company is almost 12 times the industry standard and nearly 8 times the sector benchmark. The operating margin for De La Rue is also nearly 8 times and 3 times greater than the industry and sector benchmark respectively. The following graph indicates the earning potential and the revenue-generating capacity of the assets of De La Rue Plc vis-Ã -vis the benchmarks. It is clear that De La Rue Plc scores above average on all the parameters on a consolidated basis when compared with its peers or the industry and hence it can be deduced that it has a productive asset base which can be effectively managed to reap the benefits of the takeover deal. Figure 1: Comparing the revenue-generating and earning potential of the assets of De La Rue Plc with the industry and sector benchmarks 3.3 Capital Structure Analysis Another arena worth considering in a takeover deal is the financial risk of the company. Takeover deals can be undertaken to achieve financial synergy benefits in the form of reduced cost of capital. It is essential to consider the debt burden of the target company which would be taken over by the acquirer. De La Rue Plcs short term liquidity position as indicated by its current ratio and quick ratio are well below the benchmark standards. Its quick ratio is almost a third of the industry standard and current ratio is also a meager 40% of the industry standard. The situation seems to be a bit less bad when compared with the sector benchmark but still it falls very short of what the prevailing benchmarks have been. A look at the solvency ratios narrates a different story however. Its leverage as implied by the long term debt to equity ratio is way below the standards. It is about 25% and 9% of the industry and sector benchmarks respectively which indicate that the threat of in solvency is low when compared with the peers. Thus it appears to be a safe bet. However, the total debt to equity ratio is quite high for De La Rue, almost 8 times and 2.5 times the industry and sector benchmark respectively. This mismatch indicates that it has substantial liabilities which need to be retired in the short term period and hence the acquirer should determine the consideration payable accordingly. Overall, though the long term financial prospects do not appear bleak, the short term financial stability might command a great amount of resources. 4. Valuation of De La Rue Plc 4.1 The Valuation Process The above cross sectional analysis of De La Rue Plc clearly indicates that its asset base is of good quality and hence attracts significant interest from strategic buyers. However the success of any takeover deal lies in the valuation. Paying a low value may cause the deal to be shelved, while offering a higher price can lead to the syndrome popularly known as Winners curse, wherein the acquirer fails to reap the benefits of the takeover deal due to excessive premium paid. It is essential to determine a fair value of the target. The valuation process is a highly subjective process and calls for careful planning. The fair value is not computed using a single method but by computing the weighted average of the values obtained from a range of methods. The weights are placed according to the relevance of the method for the purpose with which the valuation is done. The valuation methods have been broadly categorized under two heads: Fundamental Valuation, Relative Valuation. Both the methods have been used here to compute the fair value of the purchase consideration that should be paid to the shareholders of De La Rue Plc. 4.2 Fundamental Valuation Fundamental Valuation or Intrinsic Valuation, as it is commonly known, is based on the premise that the fair value of any company can be deduced by discounting the future stream of returns accruing from the company (Pinto et al, 2010). Returns can be either in the form of dividends or cash flows. Since the takeover deal is carried out with the intent to gain control over the operations of the company, the free cash flow approach is being implemented to value the firms equity. Computing the Free Cash Flow of the Enterprise Free Cash Flow to the firm refers to the cash flows that accrue to the stockholders and bondholders after all the capital expenditure requirements and working capital needs have been met. Cash flows are lesser subject to manipulation than the earnings and are hence of primary interest to the acquirer. FCFF can be computed as the net cash flow from operations adjusted for after tax interest payments and capital spending. The FCFF of De La Rue Plc as on March 27, 2010 has been computed under: Amount (GBP million) Net CFO 95.1 Interest 5.4 Tax Rate 13.46% Add: After-tax Interest 4.67 Less: Capital Spending 33.1 FCFF 66.67 Determining the Short Term Sustainable Growth Rates The consensus estimate for the long term growth rate of both the capital spending and the revenue of the business has been estimated at around 10.5% (Reuters, 2011) and accordingly, this assumption has been used for valuation purposes. But the sustainability of a growth rate greater than the growth of the industry is questionable in the long run. De La Rue Plc is a matured firm and hence it would grow indefinitely in the long run at a rate no more than the growth of the industry. Hence the sustainable long term growth rate has been assumed to be 5%. However, the time value of money needs to be factored in and accordingly, the indefinite cash flows need to be discounted at the cost of capital. Computing The Weighted Average Cost of Capital Cost of Capital refers to the minimum return the business must provide to its financers. It is calculated as the weighted average of the cost of equity and after tax cost of debt. The cost of equity here has been computed using the Capital Asset Pricing Model, as shown below: Risk-free return (%) 3.70 Beta 0.11 Market Return (FTSE 250)(%) 20.14 Cost of Equity (%) 5.51 The yield on 10 year bond issued by the UK government has been used as a proxy for the risk free rate (Bloomberg, 2011) while the market return is assumed to be the return earned on investment in FTSE 250. To compute the cost of equity, there are several other approaches available. Hence, to determine the intrinsic cost of equity, the Gordons Growth Model has been applied and accordingly the required rate or return has been computed as shown: Expected Dividend per share 46.74 p Current Market Price 819.5 p Long-term growth 10.50% Cost of Equity 16.20% Both the m ethods have yielded significantly different values and hence the weighted average is used with 80% weight being assigned to the latter. Thus the cost of equity is 14.06%. The cost of debt has been computed by dividing the post-tax interest with the amount of long term debt and is equal to 10.27%. The long term debt equity ratio of 4.85 implies that the capital structure is made up of 82.91% debt and 17.09% equity. Thus the weighted average cost of capital has been computed as shown: % of debt 82.91 % of equity 17.09 Cost of debt in % 10.27 Cost of equity in % 14.06 Weighted Average Cost of Capital (%) 10.91 Valuing the firm using the Free Cash Flow Net Present Value Approach Applying the Free Cash Flow to Firm Valuation approach, we estimate the value of the firm which can be computed by applying the formula: Firm Value = FCFF (1+ Growth rate)/(Cost of capital-Sustainable growth rate) Inputting the above calculated parameters in the equation, the value of the firm is GBP 1245.45 million. In the absence of information regarding the market value of debt, the book value of debt has been deducted to determine the value of equity which stands at GBP 841.95 million and thus the amount to be paid on a per share basis stands at 856 pence. Valuing the firm using the Rappaports approach Alfred Rappaport introduced a new concept of deriving shareholder value. As per Rappaport, shareholder value is driven primarily by the understated seven factors: Sales Revenue Operating Margin Tax Rate Incremental Capital Expenditure Investment in Working Capital Weighted Average Cost of Capital Planning Horizon or the Competitive Advantage Period Rappaport states that the total economic value of any business can be computed as theÃâÃ sum of the values of its debt and equity.ÃâÃ Thus, shareholder valueÃâÃ can be deduced asÃâÃ the corporations value minus the value of the debt, wherein the corporate value is equal to the sum of its future cash flows that are discounted at the weighted-average cost of capital (WACC). The free cash flows equal the present value of all of the operatingÃâÃ cash flows (the net of cash inflows outflows) during theÃâÃ planning horizon and theÃâÃ terminal value. The terminal value is computed as the present value of the businesses estimated value beyond the forecast period. It can be expressed as: Enterprise Value = Present Value of Net Operating Cash Flows during the planning horizon + Terminal Value + Value of marketable securities. The FCFF has been computed above as GBP 66.67 million. While the long term growth rate as per analysts consensus is 10.5%, the sustainable growth rate is 5%, the growth rate of the entire industry. The competitive advantage period in the current scenario seems to be no greater than 4 years as per analysts consensus and accordingly, that estimate has been used here. The weighted average cost of capital has been computed above to be 10.91%. These estimates have been used to value the firm as shown below: Ãâ Rappaports Approach Year 1 Year 2 Year 3 Year 4 FCFF 73.67 81.41 89.96 99.40 Present Value of FCFF 66.43 66.18 65.92 65.67 Sum of Operating Cash Flows during Planning Horizon 264.20 Terminal Value 1763.06 Present Value of Terminal Value 1164.74 Value of Marketable Securities 44.5 Firm Value 1473.43 Equity Value 1069.93 Per Share Value (GBP) 10.87 Under this approach, the per share vale comes close to 1087 pence which is quite higher than the one obtained through the other NPV approach. Thus it is advisable to consider other methods also. Limitations of Fundamental Valuation Approach The estimates obtained above are subject to several limitations, the primary being the reliability and consistency of the input parameters. Several assumptions have been made regarding the long term growth rate of the company, its cost of equity, etc. Past performance can provide some insight, but cannot be deemed to be sufficiently reliable to predict the future. But this model relies on past performance to estimate future performance, which is a major drawback. Moreover, the achievability and sustainability of the estimates is also questionable. This model also ignores the synergy benefits that accrue form the deal and is overly simplistic. It also assumes that the growth rate would be constant in perpetuity which is rarely the case. Hence, other models need to be applied to determine the fair value of consideration payable. 4.3 Relative Valuation This method is based on the law of one price. The principle that similar securities should be equally priced is the foundation of this approach. Under this approach, the price multiples of the industry and peer group are deemed to be the best indicator of the worth of the stock and they are correspondingly multiplied with the measure to determine the fair value of the security. It assumes that markets are efficient and prices all securities efficiently. Hence the valuation should be arrived at using the market consensus. There are several price multiples that are applied in this approach but here the focus is limited to the following four multiples (DePamphilis, 2009): Price to Earning Multiple, Price to Sales Multiple, Price to Free Cash Flow Multiple, and Price to Book Value Multiple. The weighted average of the price obtained through the above approaches is calculated to arrive at the fair price. All the multiples are not weighted equally, but a larger weight is a pplied to P/S multiple and P/FCF multiple because in the process of acquiring control, the acquirer stands to gain by turning sales and free cash flows in an efficient manner. Moreover these two measures are less subject to manipulation than earnings which is normally believed to be window-dressed. The Price-Earning Multiple Approach The PE approach is the most commonly used approach in stock valuation because of its simplicity and easily accessible information. The mean ratio for the trailing twelve months in the industry has been 26.12 (Reuters), while the reported earnings per share were 71 pence. Accordingly, the value of share has been computed as 1854.52 pence. But for valuing takeover targets, this method is given less weightage as the earnings can be manipulated and the acquirer is always more interested in the turnover of the target which it can effectively convert into profits. Thus we need to use a combination of methods. The Net Asset Valuation Approach Herein, the book value per share is used to value the equity of De La Rue plc as shown in the adjoining table. The price per share under the different methods of relative valuation have been computed and shown under: Table 2: Relative Valuation Price Multiple of Sector (Source: Reuters) Per Share Measure of De La Rue Plc (p) Per Share Value (p) Weight Assigned Per Share Value-Weighted (p) Sales 1.71 570.22 975.08 0.4 390.03 Free Cash Flow 17.86 67.75 1210.09 0.4 484.04 Book Value 1.37 9.65 13.23 0.05 0.66 Earnings 26.12 71.00 1854.52 0.15 278.18 Total 1152.91 Thus the relative valuation approach provides a per share value of 1152.91 pence valuing the company at a price of GBP 1134.46 million. Limitations of Relative Valuation Approach This approach is also widely subject to criticisms. It is based on the premise that markets are efficient which does not hold good in reality. It is not necessary that the benchmarks are always aptly priced. They may be over priced in boom periods and under priced in the depression periods which affects the valuation of the company as their over/under valuation is reflected in the fair value of the target too. Moreover, it also ignores synergy benefits and is based on the past performance (the trailing multiples) which provides an insight on the future performance but do not serve as a good proxy for it. Besides this, it is essential to cover the entire cycle of a business rather than just a year. Despite of all these shortcomings, both the methods provide a starting point for deal valuation. 4.4 Final Valuation While the fundamental valuation assigns a value of 856 pence per share, relative valuation assigns a value of 1152.91 pence. If we average the two, the per share value comes close to 1002 pence. Hence the bid can be made accordingly. Since the bid of 905 pence per share has already been rejected, it can bid more than that to the limit of 1002 pence. If the group can estimate the synergy benefits accruing from the deal, the present value can also be computed and a portion added to the bid offer to share the gains of the takeover with the shareholders of De La Rue Plc. 5. Analysis of the Stock Market Reactions The stock price of De La Rue Plc rose from 647.5 pence to 861 pence, implying a gain of around 33% the very same day. This spurt in prices can be explained by several theories, but two have been discussed here: 5.1 Stock Market Efficiency Theory Financial market is a broad market that provides for the exchange of both capital and credit. It can be broadly segregated intoÃâÃ money marketsÃâÃ and theÃâÃ capital markets. Money market refers to the market of short-term debt securities. Such securities are typically safe and highly liquid in nature. On the other hand, capital market refers to the market which provides for the transaction of long-term debt and securities. Every transaction involves the exchange of some consideration, and to determine the amount of this consideration, it is essential to correctly value the securities to conduct a fair transaction. Hence it is essential that the markets are efficient. By Market efficiency, we mean that the current price of the security should include all the values of publicly available information about the particular security. The basic idea that underlies market efficiency is that the existence of competition drives all information about a security into its pr ice quickly.Ãâ The maximum price that a prudent investor would be willing to pay for the financial security is determined by the current value of all the future cash flows that are discounted at a slightly higher rate so as to compensate for the riskiness and uncertainty in the future cash flow projections. Thus, investors are actually trading information in the form of commodity in the financial markets for the expected stream of future cash flows along with information about the level of uncertainty. Efficient marketÃâÃ refers to the state of the market when new information is speedily incorporated in the price to make the price become information. Put simply, the current market price of a stock reflects all the available information about it. Thus the current market price in the financial market can be regarded as the best-unbiased estimate that can be assigned to the value of the particular investment. Here in our case, De La Rue Plc shareholders would stand to ben efit if the takeover attempt is successful, as they would stand to gain a higher margin on their investment than they could get by simply trading on the market exchange. Thus, as per this theory, the stock price of De La Rue Plc should provide an indication of this possibility and it should not be possible for traders to beat the market by arbitraging on the shares of De La Rue Plc. TheÃâÃ Efficient Market Hypothesis (EMH), as the theory is popularly known, has been ranked as an important cornerstone of modern financial economics. Fama (1970) laid the foundation of the theory and defined the term efficient market as a market in which the security prices completely reflect all the available information about it. The market is said to be efficient if the reaction of the market prices to the newly obtained information is instantaneous and more importantly unbiased.ÃâÃ Thus it undermines the fact that no old information can be used to predict the future price movements, a m ajor blow to the technical analysts. Consequently, there are three versions of EMH which have been distinguished depending on the level of information available.Ãâ TheÃâÃ weak form of the Efficient Market Hypothesis states that the current asset prices have already incorporated historical price and volume information. In other words, the information that is contained in the historical sequence of values of a particular security is completely reflected in its current market price. This form is labeled as the weak form because it is based on security prices that are the most easily accessible and publicly available piece of information. The theory asserts that no one would be in a capacity to outperform the market just by using something which everybody else in the market knows. However there are several financial researchers who have been studying the sequence of historical stock prices along with the data on trading volume so as to generate profit. This methodology, popul arly called technical analysis, is asserted by this form of EMH as insignificant for the prediction of the future price changes. TheÃâÃ second form of EMH the semi strong form, stipulates that the entire gamut of publicly available information about a security is already incorporated in the asset prices in a similar fashion. In another words, all of the publicly available information about a security is comprehensively reflected in its prevailing market price. Here, the public information stated covers both the past prices and the data that is reported in the companys announcements, its financial statements, prevailing economic factors to name a few. It also implies, like the weak form, that no one can outperform the market simply by using something that is a known fact of everyone else. This also indicates that a particular companys financial results are of no use in the process of forecasting the future price movements of the stock so as to secure higher investment return s. TheÃâÃ strong form of EMH, the final form,ÃâÃ states that all the insider information or the private information is also quickly incorporated by the market in the prices of the security and hence cannot be exploited to gain abnormal trading profits. Put simply, it implies that all information, public and private, is fully consolidated in the securitys prevailing market price. Thus, the companys management or the insiders too cannot make supernormal gains from the inside information which they hold as per this thesis. The insiders cannot take the undue advantage to profit from the private information such as a take over or an acquisition decision that has been taken minutes ago. The underlying rationale behind this is to support the fact that the market predicts future developments and accordingly incorporates that information in the stock price in an objective and more informative manner than the insiders. There have been several extensions to this work, the popul ar one being the random walk model, which also asserts the notion that the stock market cannot be beaten on a consistent basis, and it also rules out the possibility of arbitrage. Thus, in a nutshell, the efficiency theory states that the price of a particular asset on the exchange includes the value of all publicly available information about that particular underlying asset (Fama, 1970). De La Rue Plc had been grappling under serious production issues which had taken a toll on its share price. But the news of a possible takeover has generated interest in the stock. Yet the deal is not confirmed and there also exists the probability of the deal fading off. Thus accordingly, the price did not rise to match to the bid offer but was a bit low factoring the possibility of failure. This reaction shows that the efficiency theory holds good to some extent in practice. 5.2 Merger Acquisition Theory of Target Share Price Movements In takeover deals, the shareholders of the target can be compensated by two means cash or stock or a combination of both. Since the group is interested in an all cash offer, it implies that the shareholders of the target wont benefit from the long run synergistic benefits of the deal since after the takeover they would cease to exist as shareholders of the combined entity. Hence the consideration payable on the spot would be higher than the actual value of the target to proportionately share the gains from the deal with the target shareholders. Moreover, all cash offer also implies the confidence of the acquiring firms management in the target company and accordingly the targets shareholders would command a premium price for the same. Thus the stocks value increased by 33% on a single day, in anticipation of the deal, after factoring the probability of a possible failure.
Thursday, May 7, 2020
This paper will analyze PascalÃ¢â¬â¢s wager, which demonstrates that even without empirical evidence of a God, wagering for the existence of God will maximize our happiness. Through his wager, one can use simple reasoning to understand that believing in a God which you cannot see may still be the most logical option to live your life. Pascal states that because there is no evidence that a God exists, nor is there any evidence that no God exists, it is entirely possible that a God exists. Wagering for the existence of an almighty God will either bring you eternal life and happiness, or it simply will not affect you. However, if one were to wager against the existence of a God, they would never be able to experience eternal happiness regardless if they were right or wrong. Some may argue that PascalÃ¢â¬â¢s wager does not take into account the fact that different religions believe in different Gods. The God that a follower believes may not be the Ã¢â¬Å"trueÃ¢â¬ God who grants e ternal life and happiness. Therefore, the time spent practicing the religion of their God would have been wasted. These followers could have been maximizing their happiness by devoting their time to other activities instead. However, I argue that PascalÃ¢â¬â¢s argument is still persuasive as there is still a chance that a God exists, albeit the chances of reaching eternal happiness would be drastically lower considering this new variable. Those who do not believe in the existence of a God will be punished for their lack ofShow MoreRelatedThe Existence Of God By Pascal s Wager Essay1597 Words Ã |Ã 7 Pagesthe most well known theories about the existence of God is PascalÃ¢â¬â¢s Wager. Upon first look, this theory seems fairly sound, even if not overly convincing. Under more thorough inspection, however, it quickly becomes clear the theory is rather counter productive. Not only does the wager fail to prove the existence of God or anything about the true nature of God, it also fails to prove what it was created to prove. Aside from simply being ineffective, PascalÃ¢â¬â¢s Wager also leads to serious doubts about theRead MoreSummary Of Blaise Pascal s The Wager 1286 Words Ã |Ã 6 PagesBlaise PascalÃ¢â¬â¢s famous work, Ã¢â¬Å"the Wager,Ã¢â¬ utilizes about the concept of pragmatic justification in the terms of deciding whether or not to believe in God. In response to this, William Clifford publishes Ã¢â¬Å"The Ethics of BeliefÃ¢â¬ countering PascalÃ¢â¬â¢s view. Neither Pascal or CliffordÃ¢â¬â¢s views are perfect, but they are both worth examining. Clifford s universal rejection of pragmatic justification is ultimately too harsh on PascalÃ¢â¬â¢s Wager. Pascal utilizes reason to come to the conclusion whether or notRead MorePascal, The Founder Of The Pascal s Wager899 Words Ã |Ã 4 PagesBlaise Pascal was the founder of the PascalÃ¢â¬â¢s Wager. 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Wednesday, May 6, 2020
string(396) " mai hi samjhdari haiÃ¢â¬ , Bajaj with it all time hit tagline Ã¢â¬ËHamara BajajÃ¢â¬â¢, or it be Lux with tagline Ã¢â¬Å"filmi sitaron ka saundarya sabunÃ¢â¬ , Dalda-vanaspati was a impressive success and ruled the perch during its time, the unforgettable Liril campaign, the ad was all about waterfalls, abundant water and the girl splashing about in total abandon singing Ã¢â¬Å"la la la la laaaÃ¢â¬ \." Understanding the value of Creativity in Advertising Creativity is thinking new things. Innovation is doing new things. Ã¢â¬ (Theodore Levitt) In todayÃ¢â¬â¢s media landscape where itÃ¢â¬â¢s very difficult to shape consumers attitude and intentions and move them to next level of buying process, advertisers find it even more difficult and challenging to break through the clutter of competing advertisement. We will write a custom essay sample on Understanding the Value of Creativity in Advertising or any similar topic only for you Order Now The advertising industry has experienced dynamic changes over the last several decades. The changes have been good in terms of Technology advancement, Medium and more methods to attract consumers and on Creativity. This study represents how creativity impacted advertising and understanding the value of creativity in advertising through the Review of various literatures. The importance of creativity factor in advertising has got wide recognition by many researchers, practitioner, but there is a miss of true systematic research to define advertising creativity and how it relates to ad effectiveness. The review study discusses some campaigns that have left their strong impression on consumers. The presented review study tries to come up with some evidence of creativity by reviewing expert views, past literature in advertising and marketing. The study discusses different forum on how creativity works, and what makes an ad to travel good or poorly. It summarized the value of creativity in advertising through Expert interviews, published material and related secondary data to understand the logic. Methodology: This study used a review study method to analyze the secondary data observations. David Ogilvy once quoted that Ã¢â¬Å"If it doesnÃ¢â¬â¢t sell, it isnÃ¢â¬â¢t creative. Ã¢â¬ In this review study researcherÃ has analyzed secondary data through the series of interview, expert comments, and live cases of various literatures and through live observations to understand the value of creativity in advertising. The review paper includes a various article, discussion and market insight from the leading marketers, creative director insights about how this promising form of advertising is constantly evolving. INTRODUCTION AND BACKGROUND: Creativity is seeing something new when you look at something old; it is all heart of civilization and is the driving force of revolutionÃ¢â¬ -David Ogilvy It is an accepted fact that there should be an element of creativity in an advertisement. This creativity is something new, unique, extreme attractive and appealing to the consumers. In fact, advertising itself is a creative process. It is the outcome of long term planning and h ard work on the part of the copy writer creative director who prepares shapes the final copy of advertisement. http://www. baclubindia. com /forum/files/37_37_creativity_in_advertising_project_report. doc In todayÃ¢â¬â¢s media landscape advertisers find it even more challenging to break through the clutter of competing ads in order to shape consumers attitudes and intentions. A good alternative strategy to greater advertising spending may be more creative advertising. Understanding the fact that creative ideas do not come over night they are required to be developed through systematic thinking. Breakthrough ideas might appear to be instant or impulsive, but they are not. They are based on sound strategy, outstanding visuals and copy, and the correct application of timing and media. The art is in ensuring that all elements of communication work together so that the end result is more powerful and effective. http://crackminds. com/? p=221 There are much bold evidences that significant changes faced by this industry. Some of these changes are good: big ideas, innovative partnerships, interesting new work, that show what advertising can do for brands. Advertising allows you to communicate a salient message to a large group of consumers faster than any other form of communication. It allows you to truly connect with your consumer; it gives you an opportunity to develop an ongoing relationship between the consumer and a brand. At its best, advertising will create a sense of urgency for the consumer, honest awareness and accurate that there are products, places, styles or sensibilities that cry out for attention or action. To do that there are various styles of advertising, a soft sell or a hard sell, a subtle approach or a blatant approach, an informative style, humor or a modern and edgy one. Style will always change: with the product or service you are selling; with the timing of the message and with the medium you are using. But important aspect is how you can engage your consumers to watch that Creative challenge you took with the blend of style. The important thing is finding the right balance between defining a good creative message and execution. The true craft is in identifying ways to interest consumers in what is being offered at the same time justifiable creativity. A creative strategy can put you on the right course, but in a world filled with distractions and clutter you must develop communications that capture consumer attention and interest. The key is delivering the selling point in an interesting, single-minded, non-contrived manner. Some advertising sells brands. Great advertising also builds them. Advertising might, at times, trod on the fine line between creativity and ethical considerations. Creativity makes advertisement popular among the consumers and motivates them to purchase advertisement specific product. The advertising message is received well by the target audience for follow-up action. LEARNING FROM PAST: SOME HERITAGE BRANDS AND RECALL VALUE In India there are some brands who have acquired distinct space in consumer mindset. These brands played very important role in initial marketing era, and managed to become an unforgettable brand for Indian households. These brands have endured the test of time. Colgate Toothpaste, Vimal, PearÃ¢â¬â¢s soap, Mysore Sandal Soap, WoodwardÃ¢â¬â¢s Gripe Water, Dabur, Amrutanjan balm, Vicco, PondÃ¢â¬â¢s, Surf, Amul and Prestige Pressure Cooker are symbols of heritage brands of India. Some of these brands are represent the Indian culture. Sometimes the brand relies heavily on product and price features, rather than advertising creativity. The recalled values of some of these heritage brands are higher than todayÃ¢â¬â¢s brands, the ColgateÃ¢â¬â¢s Surkasha chakra, ViccoÃ¢â¬â¢s jingle Ã¢â¬Å"Vicco turmeric nahi cosmeticÃ¢â¬ Advice of lalita ji for Surf,Ã¢â¬ Surf ki khariddari mai hi samjhdari haiÃ¢â¬ , Bajaj with it all time hit tagline Ã¢â¬ËHamara BajajÃ¢â¬â¢, or it be Lux with tagline Ã¢â¬Å"filmi sitaron ka saundarya sabunÃ¢â¬ , Dalda-vanaspati was a impressive success and ruled the perch during its time, the unforgettable Liril campaign, the ad was all about waterfalls, abundant water and the girl splashing about in total abandon singing Ã¢â¬Å"la la la la laaaÃ¢â¬ . You read "Understanding the Value of Creativity in Advertising" in category "Papers" The ad was major success very much appreciated, at the same time it became the highest selling premium toilet soap in a period of two years. Basically Most of the Heritage brands appeal to many age groups, probably the product /brands is what used by one generation, had been used by the previous generation and is used presently by the current generation. Understanding the success mantra behind these heritage brands can be tough but there are strong evidence stating towards their advertising appeal. The uniqueness of the campaign leads towards the high recalling. The frequency of television commercial was less and during that era there wasnÃ¢â¬â¢t much competition and managed with only National TV channel, Ã¢â¬Å"DoordarshanÃ¢â¬ these brands made their presence heavily on consumers, whereas TodayÃ¢â¬â¢s as a competitive market emerged in various categories i. e. soaps, shampoos, TVÃ¢â¬â¢s fridge, Air conditioner and computers so did the media options to reach more people. THE CAMPAIGNS: HOW CREATIVITY WORKS? The current scenarios focuses that advertising has altered in many ways, now advertising become more and more creative, and getting real. Creativity increases the brand value. There is enough evidence that value for a brand will be formed through creativity. With Pointing on IndiaÃ¢â¬â¢s phenomenal growth, it has become even more important for ad agencies and their clients to gear up together to meet challenges that come with such expansion. Creative ideas have no boundaries, Ideas can strike anytime. A successful great creative idea can give brands the required thrust to explore new heights. It is very important that with creativity involved in advertising it should not forget its basic agenda Ã¢â¬âof informing, convincing, and selling. Creative advertising needs to intelligent, sharp, imaginative to the point and extremely catchy. It must motive people to purchase advertisement product. The message and appeal made should be able to make positive impact on the consumers. The creativity develops new useful ideas which further fulfill the desired requirement. Creativity should focus the attention of the customer on the product and he must feel the urge to have that product for same benefit. This suggests that creative advertising should be able to create demand for the product when it is introduced for the first time. Some of the distinct creative ads impacted hard. VODAFONEÃ¢â¬â¢S Creation Ã¢â¬Å"The ZoozooÃ¢â¬ : After successfully rebranding Ã¢â¬Å"Hutch to VodafoneÃ¢â¬ Vodafone Essar Limited, the India-based subsidiary of the global mobile network operator, Vodafone started expanding its presence in pan India. The new avatar of Vodafone is Ã¢â¬Å"ZoozooÃ¢â¬ has created a new dimension of creativity. The Zoozoos advertising campaign highlighted the different value added service (VAS) offered by the company. This creative aspect got huge appreciation from the customer and they say you simply Love them and you just canÃ¢â¬â¢t ignore them. The Zoozoos were everywhere. The creative ad series of 30 TVCs, were Created by Ogilvy Mather for IPL Season 2. The Zoozoos Coffee Mugs and T-shirts became instant hit in the market. Prior to this what Vodafone did to show the transition from Hutch to Vodafone, ad agency OM launched a rather direct, thematic ad showing the trademark pug in a garden, moving out of a pink colored kennel symbolizing Hutch, and making his way into a red one (the Vodafone color). A more energetic, chirpier version of the Ã¢â¬ËYou and IÃ¢â¬â¢ tune associated with Hutch, plays towards the end, as the super concludes, Ã¢â¬ËChange is good. Hutch is now VodafoneÃ¢â¬â¢. Public Awareness: A simple public awareness TVC shows a man manipulating a remote control toy car in an office set up. He receives a call and tries to answer it with continuing to manipulate the controls of the car. The car crashes. The message is clear and gets across with no extra layers. Driving while talking on a mobile can cause accidents. Ã¢â¬ËIDEAÃ¢â¬â¢ Cellular: The ideas of Idea cellular campaign were worked really well. It has been an interesting and almost Ã¢â¬Ëoff the trackÃ¢â¬â¢ ride for the brand belonging to the Aditya Birla Group. This cellular service used its brand name Ã¢â¬Å"ideaÃ¢â¬ and real social issues to successfully showcasing its message in the consumerÃ¢â¬â¢s mind. The campaign shows ugly reality in the social and political arena in India, itÃ¢â¬â¢s very unique and different combination of creative aspect, Ã¢â¬Å"What an Idea sir jiÃ¢â¬ campaigns raised issues related to Caste wars, Education for all, Democracy, health Campaign, Ã¢â¬Ëwalk and talkÃ¢â¬â¢. The creativity of ideas worked well, while the team is well aware that most of the solutions it propagates in its ads may seem improbable, but at least it makes people think. The job is done if consumer also starts saying Ã¢â¬Å"what an Idea, Sirji!! There are many creative ads which made a direct entry into customer mind. CamlinÃ¢â¬â¢s Permanent Marker made a distinct effect on the consumer it leaves Lowe Lintas, devised a cool concept for the brand to advertise the product. This time this is OOH advertising, the simple but eye-catching hoarding, with the three cut-out men having mechanically-backed moving limbs, trying to wipe off the words written in bright red, also displays the product Ã¢â¬â the permanent marker. The category of permanent markers are a very low involvement, in such scenario also ad agency had done clutter breaking, and at the same time, something that brings out the essage clearly Ã¢â¬â here the message being Ã¢â¬ËpermanentÃ¢â¬â¢. Ã¢â¬ WHAT MAKES ADS TRAVEL GOOD OR BAD; A REALITY CHECK There are numerous factors play roles in determining whether advertisement travel well or poorly. Marketers need to test multiple markets to get a full understanding of an adÃ¢â¬â¢s likely effectiveness, but it becomes equally imperative to understand what it takes to beat the odds and create a truly Creative Advertising. The combination of creativity and the characteristics of ads that travelled well are, Children, Celebrities, Music, Humor and Emotions. In India presence of Celebrities makes a big difference and this can work across markets. True to the phenomena that the famous celebrity can contribute to an ad travelling well but the ultimately success comes down to the power of good copy. Humor, this word will now be associated with advertising for a long time to come. Humor can work greatly well, probably because it was cracked not long ago by the advertising fraternity, Or probably because the otherwise fretting Indian audience feels largely pepped up with humor in ads, and therefore, there are more chances of an ad acquiring mind space. Whatever be it, itÃ¢â¬â¢s a formula which now everybody is trying hands on. Some ads are surely worth the effort. Particularly when it comes from visual and music, the examples can be Ã¢â¬ËHappydent whiteÃ¢â¬â¢, and the great Ã¢â¬ËAmul butterÃ¢â¬â¢ print series with Ã¢â¬Å"Amul girlÃ¢â¬ , Ã¢â¬ËFevicolÃ¢â¬â¢ ads, Ã¢â¬ËMentosÃ¢â¬â¢ , Vodafone ad Children in the ads can certainly help to travel well it is not simply the cuteness that adds to creative portability, but rather the childÃ¢â¬â¢s unique perspective and reaction to an event within the ads. An excellent example is Ã¢â¬Å"Dirt is Good or Ã¢â¬ËDaag Achche HaiÃ¢â¬â¢Ã¢â¬ ad for Surf Excel, in which a brother Ã¢â¬Å"fightsÃ¢â¬ the mud his sister fell into. And the recent on which shows a little boy pretending to be a dog in order to make his teacher, who has just lost her dog, smile. Of course, in the process his white uniform gets mud spattered and totally worthy of a Surf Excel wash. This one from Lowe Lintas tugs the heart strings. This campaign sticks to its Ã¢â¬ËDaag Achche HaiÃ¢â¬â¢ premise. Bank of India showing kid with piggy bank is yet another creative scoop. At the same time advertising that generates an emotional response also has its own benefit, like it can help generate engagement and memorability and it can help the emotions transfer to the brand shaping the brand perception. DoveÃ¢â¬â¢s real beauty campaign is perfect example. CREATIVE ADVERTISING: IS THERE A STRONG NEED: Most brands in the same category deliver more or less the same functional benefits and answer the same needs of the consumers. With so many products on the market having the same function, the only way to position a product, service, or company differently from anything else in the same category is through creative development in advertising. Today traditional advertising is losing its sheen. The biggest problem with traditional media is that consumers today have lots of choice for ad avoidance. The fragmentation is very high and there is very less scope of customized message for all. The Indian consumer has changed if we focus on this issue there is a lot more on the menu to choose from. Now the message unlike the past is no longer a one way process. But public opinion is far more mobilized, they have immediate platform for expression. The expert believes that the creativity in advertising could never exist in isolation without a context. The success of final product completely depends on empathy and the relevance of message it intends to deliver. The trigger for ideas and insights must necessarily come from the environment. The new millennium is just decade old, advertising, which is about creating demand, also has undergone a complete transformation. Many things have changed and many things have stayed exactly the same in this industry. The media agencies have witnessed the tremendous growth in skills set. If one critically analyze, Ã¢â¬Å"advertising reflects the mood of the times. The simplistic inform-persuade-sell mode worked beautifully for a long time but once communication became sophisticated, technology entered, there was a paradigm shift. Multi-tasking became the order the day. It is not uncommon to see todayÃ¢â¬â¢s kids on the mobile while hitting the net, right? So in this age of Youtube, Twitter and Facebook, advertising content has to keep pace. It canÃ¢â¬â¢t be as direct, naive and simplistic as it once was. The new-age consumer would dismiss it, straightaway. Ã¢â¬ For hard-core information and details about products and services that are in the hi-ticket category, the internet provides it all; one doesnÃ¢â¬â¢t have to completely depend on advertising. So the job of advertising today is to primarily push the brand in an endearing fashion that triggers the recall factor, and examples discussed indicates that Ã¢â¬ËcreativityÃ¢â¬â¢ stored better recall value. Unlike other businesses, advertising is ultimately a peopleÃ¢â¬â¢s business. Thus creative advertising that sells is the results of three ingredients: people, information, and environment. If you create the appropriate environment for creative people with right information, they can create great advertising. To make the right environment, Ad people must bond together as a Ã¢â¬ËteamÃ¢â¬â¢ not as individual. Therefore, creative advertising that actually sells is the result of Ã¢â¬Ëteam work. Ã¢â¬Ë This is one single most important characteristic of creativity in advertising business. Creativity resulting from Ã¢â¬Ëteam workÃ¢â¬â¢, effectiveness and communication, these are the key factors in successful advertising campaigns. The Ad agencies must strive for balance between them. How many TVCs of toothpastes, soaps, creams, shampoos, of different companies could were differentiated from one another? Examples are many, all toothpastes promises white teeth fresh breath some shampoos promise Zero Hair Fall, another one promises Zero Dandruff and remaining guarantee strong, shine and strength. With creative ads they can certainly communicate it differently so as to create a distinct brand image in the minds of the consumer,Ã¢â¬ Consumers often remember and memorize the creative ads than the product; rarely any advertisement makes the product memorable. So understanding the various dimension of advertising creativity is important. To fully understand creativity, one would need to expose what factors are generally held to comprise it. Some dimensions are Novelty, Meaningfulness, Well Craftiness, Positivity, and Humor. How to cite Understanding the Value of Creativity in Advertising, Papers
Monday, April 27, 2020
Introduction In 1996, the US congress approved the Defense of Marriage Act (DOMA), which was a federal regulation that explained marriage within the precincts of law. It stated that marriage is a consensual union between one man and one woman. The law was supported by the assembly and was consequently consented by the president. Under the same establishment, no authority could come up with another law recognizing same sex relationships as marriage.Advertising We will write a custom research paper sample on The Defense of Marriage Act (DOMA) specifically for you for only $16.05 $11/page Learn More The law extended its rules to other organs of society, including the insurance sector, health sector and the employment sector (Ignatieff 90). However, the court has so far termed the law unconstitutional. The Massachusetts court ruled twice that the law is inapplicable in society. Equally, the California court has also claimed that the law cannot be applied to resolve emerging issues in society. Defendants of the law have moved to court to challenge the recent rulings by the two courts. In 2011, the Obama regime came to the realization that the law was against the wishes and desires of the majority in society. Thus, the administration stated that it would implement it but could not support it in court. Due to this declaration, the House of Representatives vowed to support the law, claiming that it was representing the federal government. This article will examine some of the issues that affect the DOMA law, specifically the court rulings. The court has always opposed the law because it does not represent the interests of the majority in society. To understand the intricacies of the law, the paper will give its background briefly and proceed to give examples of how the court has always frustrated the political elites supporting the DOMA regulations. Background Marriage as a social basic unit was uncontested until the early 1980s when some gay groups raised concerns over their mistreatment in society. The groups wanted to be granted the right to marry their fellow men as sexual partners. In early years, a gay activist had tried to persuade the court to allow him marry a male partner. In Barker v. Nelson, the court ruled that restricting marriage to members of opposite sex was in accordance to the provisions of the US constitution. In 1989, the State Bar Association of California requested the government to allow marriages between people of same-sex.Advertising Looking for research paper on common law? Let's see if we can help you! Get your first paper with 15% OFF Learn More Consequently, the high court ruled that same sex marriage could only happen under special circumstances (Lauren 32). This could only happen due to expenses incurred by individuals in the city and the deteriorating standards of living. In 1993, the Hawaiian Supreme Court observed in Baehr v. Mike case that the state should give detail ed reasons as to why homosexuality should not be allowed in society. In 1996, republicans were much concerned about the rising cases of homosexuality. This encouraged them to draft a bill that would contain the vice. Republican representative, Bob Barr, introduced the bill to the House of Representatives chamber while Senator Don Nickles took it to the senate. Both houses approved the bill but the democrats interpreted it in terms of politics. Clinton approved the bill since there was little time left for campaigns. In 2002, the Republican Party reiterated that it supported the DOMA principles and went a notch higher to claim that the judiciary was against the law (Ishay 51). In 2004, the Bush administration sanctioned DOMA principles and cautioned that the judges were interpreting the law in a way that could easily cause confusion in society. Accordingly, the Bush administration was keen to support the law in court, including the case in Washington termed as In re Kandu, the Florid a case termed as Wilson v. Ake where two women wanted to legalize their marriage, and the Bishop v. Oklahoma case. In 2008 political manifesto, Obama promised Americans to support the repealing of DOMA principles. However, since the issue was still under contention, the Justice Department supported the DOMA rules in Smelt v. United States case. In 2009, human rights groups pushed the president to sponsor a bill that could repeal DOMA principles from the constitution. Consequently, the government decided not to defend the law in court since it believed that it was unconstitutional and went against the wishes of the majority. The government did not send representatives to the Pedersen v. OPM and Windsor v. United States cases. Challenges from the Court Same sex groups tried to change the sections of the DOMA law but the political class thwarted their efforts. For instance, the defendants of the DOMA principles defeated a joint bankruptcy petition of same-sex couples in Washington. In 2009, the US Court of Appeal for the Ninth Circuit affirmed that DOMA was illegal and could not be applied in resolving cases related employment.Advertising We will write a custom research paper sample on The Defense of Marriage Act (DOMA) specifically for you for only $16.05 $11/page Learn More The federal authorities declined to offer spousal benefits to one of the complainants because of the DOMA law. In 2008, Golinski filed a case demanding for health benefits from her spouse. The chief Judge declared that she was indeed entitled to marriage benefits, even though the Office of Personnel Management had rejected her claims due to DOMA rules. The office of personnel management refused to pay her since the complainant had violated the DOMA rules. Golinski filed a court case against OPM in another court to enforce the ruling of the previous judge. Even though White, the judge in charge, dismissed her claims, she was given a confirmation to adjust her cas e, which would challenge the illegality of DOMA. In 2011, Paul Clement, the former US Solicitor General acting on behalf of the Bipartisan Legal Advisory Group challenged the legality of DOMA law in court. Clement argued that the definition of marriage was discriminative, something that the Justice Department avoided for years. With this realization, the Department of Justice moved to court to challenge the provisions of DOMA, arguing that the law violated the rights of gays and lesbians. The DOJ argued in the same way as Golinki, claiming that homosexuals have never enjoyed their rights, which are contained in the constitution. The Department of Justice further observed that gays and lesbians receive unfair treatment from societal members. On the other hand, religious groups, which are usually stakeholders in governmental policymaking, argued that the Department of Justice had decided to attack DOMA principles (Okihiro 17). The church claimed that the activities of the jury could c ause conflicts between the church and the state. According to the church, the state had allowed immoral conducts to go on in society. On 22 February 2012, the judge in charge (White) ruled in favor of Golinski, claiming that section 3 of DOMA violates the rights and freedoms of Golinski, as outlined in the Fifth Amendment. The judge further claimed that no authority had the powers to deny another individual his or her rights provided in the constitution (Adam 7). Therefore, the homosexuals had the right to exercise as they wish. In Smelt v. County of Orange case, the DOMA principles were also faulted. The couple wanted to be identified as legal marriage partners but the court refused to recognize their union. The couple filed another court order on 9 March 2009. The couple challenged the legality of DOMA, as well as Proposition 8. Even though the jury dismissed the case, the couple was allowed to marry and could access all federal benefits such as employment, healthcare and many mor e.Advertising Looking for research paper on common law? Let's see if we can help you! Get your first paper with 15% OFF Learn More Conclusion From the above analysis, it can be concluded that DOMA principles were unpopular to the majority of Americans right from the beginning. The law deprives people of their democratic rights and freedoms. In the US, the Fifth Amendment allows individuals to exercise whatever they feel is right for them, as long as they do not interfere with the rights of other individuals. The issue of morality has been debatable since 1980s when AIDS was first tested. Those against homosexuality claimed that gay-sex was not safe as regards to disease transmission. On their part, homosexuals have gone through difficult times trying to lobby the government to accept their wishes. The government has always given them a cold treatment because the majority of policy makers in government believe that homosexuality is immoral. However, the courts have stepped in to help homosexuals redefine the Fifth Amendment, which grants each citizen the right to freedom of expression. The Obama administration r ealized that many people were against the provisions of the DOMA law. The government has consequently decided to distance itself from the DOMA law. Works Cited Adam, Barry. The Rise of a Gay and Lesbian Movement. New York: G. K. Hall Co, 1987. Print. Ignatieff, Michael. American Exceptionalism and Human Rights. Princeton: Princeton University Press, 2005. Print. Ishay, Micheline. The History of Human Rights: From Ancient Times to the Globalization. 2nd ed. California: University of California Press, 2008. Print. Lauren, Gordon (2003). The Evolution of International Human Rights: Visions Seen. 2nd ed. Pennsylvania: University of Pennsylvania Press, 2003. Print. Okihiro, Gary. Margins and Mainstreams: Asians in American History and Culture. Washington, Dc: University of Washington Press, 1994. Print. This research paper on The Defense of Marriage Act (DOMA) was written and submitted by user PrinceofOrphans to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.
Thursday, March 19, 2020
no more accidents essays Bike helmet safety is a big problem in our society. People do not realize that a bike helmet to a biker is the same as a seat belt to a motorist. We as bikers need all the protection that we can get since we dont have the tank-like protection of a 88 Ford Tempo. So now I am going to tell you a story of a personal experience, the basics to a helmet and some statistics Even though bike helmets are designed to lessen the impact in one particular spot and disperse the force throughout the helmet. The helmet however is not the most safest thing to but in our society. Most manufactures today tend to make helmets that have a lot of holes and are made for fashion instead of for being a good helmet. The plastic coating on most helmets is there to prevent less friction when you are sliding down on your head. The air holes on the helmet provide better air flow and a fresh new style but they lessen the fact of the force upon impact will have less of a space to disperse the force into. Do not get me wrong all the bicycle helmets on the market pass at least the minimum of the standard. In Austrailia the market had to lower the standard of their helmets because they were soo expensive, so that people would buy their helmets. Being in a bike accident is a very tramatizing thing to go through. I went through several accidents, but one accident in particular knocked some sense into me about helmet safety. One summer morning I woke up like every other day. I did all the normal things one would do in the morning like taking a shower, eating breakfast and getting dressed. After I got myself all set up to go out for the day, I called up one of my friends to go do something. It was another one of San Franciscos beautiful weather days so we decided to go bicycle riding and to play some basketball. So, then I start to head out of my house to get my bicycle ready for departure about 10am. ...
Tuesday, March 3, 2020
Top Characteristics of Ancient Civilizations The phrase top characteristics of civilization refers both to the features of societies that rose to greatness in Mesopotamia, Egypt, the Indus Valley, Chinas Yellow River, Mesoamerica, the Andes Mountains in South America and others, as well as to the reasons or explanations for the rise of those cultures. Why those cultures became so complex while others faded away is one of the great puzzles that archaeologists and historians have attempted to address many times. The fact that complexity happened is undeniable. In a short 12,000 years, humans, who organized and fed themselves as loosely associated bands of hunters and gatherers eventually developed into societies with full-time jobs, political borders, and detente, currency markets and entrenched poverty and wristwatch computers, world banks, and international space stations. How did we do that? So, What is a Civilization? The concept of a civilization has a fairly grubby past. The idea of what we consider a civilization grew out of the 18th-century movement known as the EnlightenmentÃ and the term is often related to or used interchangeably with culture. These two terms are tied up with linear developmentalism, the now-discredited notion that human societies evolved in a linear fashion. According to that, there was a straight line that societies were supposed to develop along, and ones that deviated were, well, deviant. That idea allowed movements such as kulturkreis in the 1920s to brand societies and ethnic groups as decadent or normal, depending on what stage of the societal evolution line scholars and politicians perceived them to have achieved. The idea was used as an excuse for European imperialism, and it must be said still lingers in some places. American archaeologist Elizabeth Brumfiel (2001) pointed out that the word civilization has two meanings. First, the definition arising from the grubby past is civilization as a generalized state of being, that is to say, a civilization has productive economies, class stratification, and striking intellectual and artistic achievements. That is contrasted by primitive or tribal societies with modest subsistence economies, egalitarian social relations, and less extravagant arts and sciences. Under this definition, civilization equals progress and cultural superiority, which in turn was used by European elites to legitimize their domination of the working class at home and colonial people abroad. However, civilization also refers to the enduring cultural traditions of specific regions of the world. For literally thousands of years, successive generations of people resided on the Yellow, Indus, Tigris/Euphrates, and Nile rivers outliving the expansion and collapse of individual polities or states. That sort of a civilization is sustained by something other than complexity: there probably is something inherently human about creating an identity based on whatever it is that defines us, and clinging onto that. Factors Leading to Complexity It is clear that our ancient human ancestors lived a far simpler life than we do. Somehow, in some cases, in some places, at some times, simple societies for one reason or another morphed into more and more complex societies, and some become civilizations. The reasons which have been proposed for this growth in complexity range from a simple model of population pressure- too many mouths to feed, what do we do now?- to the greed for power and wealth from a few individuals to the impacts of climate change- a prolonged drought, a flood, or tsunami, or a depletion of a particular food resource. But single-source explanations are not convincing, and most archaeologists today would agree that any complexity process was gradual, over hundreds or thousands of years, variable over that time and particular for each geographic region. Each decision made in a society to embrace complexity- whether that involved the establishment of kinship rules or food technology- occurred in its own peculiar, and likely largely unplanned, way. The evolution of societies is like human evolution, not linear but branched, messy, full of dead ends and successes not necessarily marked by the best behavior. Nevertheless, the characteristics of burgeoning complexity in a prehistoric society are pretty much agreed upon, falling roughly into three groups: Food, Technology, and Politics. Food and Economics increasing sedentism- a reduction in the amount of mobility within a society, allowing or requiring people to settle down in one place for longer periodsthe need to produce a stable and reliable source of food for your group, whether by growing crops, called agriculture; or raising animals for milking, plowing or meat, called pastoralismthe ability to quarry and process tin, copper, bronze, gold, silver, iron and other metals into usable objects, knownÃ as metallurgythe creation of tasks that require people who can dedicate part or all of their time to complete, such as textile or pottery production, jewelry production and referred to as craft specializationenough people to act as a workforce, be craft specialists and require the stable food source, referred to as high population densitythe rise of urbanism, religious and political centers, and socially heterogeneous, permanent settlementsthe development of markets, either to meet the demands of urban elites for food and status goo ds or for common people to enhance the efficiency and/or economic security of their households Architecture and Technology the presence of large, non-domestic buildings constructed to be shared by the community, such as churches and shrines and plazas and collectively known as monumental architecturea way to communicate information long distances within and outside of the group, known as a writing systemthe presence of a group level religion, controlled by religious specialists such as shamans or priestsa way to know when the seasons will change, by means of a calendar or astronomical observationroads and transportation networks that allowed communities to be connected Politics and People Control the rise of trade or exchange networks, in which communities share goods with one another, leading tothe presence of luxury and exotic goods, such as baltic amber), jewelry made from precious metals, obsidian, spondylus shell, and a wide variety of other objectsthe creation of classes or hierarchical posts and titles with different levels of power within the societyÃ called social stratification and rankingan armed military force, to protect the community and/or the leaders from the communitysome way to collect tribute and taxes (labor, goods or currency), as well as private estatesa centralizedÃ¢â¬â¹ rule, to organize all those various things Not all of these characteristics necessarily have to be present for a particular cultural group to be considered a civilization, but all of them are considered evidence of relatively complex societies. Sources Al-Azmeh, A. Concept . International Encyclopedia of the Social Behavioral Sciences (Second Edition). Ed. Wright, James D. Oxford: Elsevier, 2015. 719Ã¢â¬â24. Print.and History of CivilizationBrumfiel, E. M. Archaeology of States and Civilizations. International Encyclopedia of the Social Behavioral Sciences. Ed. Baltes, Paul B. Oxford: Pergamon, 2001. 14983Ã¢â¬â88. Print.Covey, R. Alan. Rise of Political Complexity. Encyclopedia of Archaeology. Ed. Pearsall, Deborah M. New York: Academic Press, 2008. 1842Ã¢â¬â53. Print.Eisenstadt, Samuel N. Civilizations. International Encyclopedia of the Social Behavioral Sciences (Second Edition). Ed. Wright, James D. Oxford: Elsevier, 2001. 725Ã¢â¬â29. Print.Kuran, Timur. Explaining the Economic Trajectories of Civilizations: The Systemic Approach. Journal of Economic Behavior Organization 71.3 (2009): 593Ã¢â¬â605. Print.Macklin, Mark G., and John Lewin. The Rivers of Civilization. Quaternary Science Reviews 114 (2015): 228Ã¢â ¬â44. Print.Nichols, Deborah L. , R. AlanÃ Covey, and Kamyar Abdia. Rise of Civilization and Urbanism. Encyclopedia of Archaeology. Ed. Pearsall, Deborah M. London: Elsevier Inc., 2008. 1003Ã¢â¬â15. Print.
Saturday, February 15, 2020
Management information system - Assignment Example This has direct impacts on the business by touching on such aspects as finance, sales, marketing, accounting, customer service as well as the human resource aspects. It is the postulation of this paper that the adoption of e-commerce strategies is an effective tool towards reforming the cafÃ © especially in the modern day era of technological advancement. The Broadway cafÃ © would be more suited in adoption of electronic marketing strategies, computerized information management as well as adoption of an online system of ordering and correspondences. These are among other emerging features especially within the food industry such as in which the Broadway cafÃ © operates in. e-marketing strategies are not only convenient and efficient in saving costs of marketing but they increase the capacity of the advert to reach large number of target audiences easily (Baltzan, 2012). The internet has eased the mechanisms of advertisement and as such, the Broadway cafÃ © would have itself to blame in the event of failure to exploit the great opportunities brought about by internet and technological advancement in general. Information management as well as data handling is poorly done in the cafÃ © hence necessitating the adoption of the more improved systems of data/information management through computerized systems. Though the initial costs o f installing computers systems in the cafÃ © may be considered high, the efficiency realized through the system by far outweighs the costs incurred in installation. This would equally enable the management of the cafÃ © to adopt advanced services of data handling such as cloud computing. Moreover, this system would enable easy correspondences with customers through social media platforms among other improvements. This would be effective in business transactions of ordering and reservation placements as well as