Objectives of the Firm Essay

The standard economic assumption underlying the analysis of firms is profit maximization. Real world firms, however, might not, and many times do not, make decisions based on the profit-maximization objective, or at least exclusively on the profit-maximization objective. Other objectives include: (1) sales maximization, (2) pursuit of personal welfare, and (3) pursuit of social welfare. Although firms are assumed to make decisions that increase profit in standard economic analysis, real world firms often pursue other objectives on a day-to-day basis. Some firms set their sights on maximizing sales. For other firms the owners or employees are inclined to enhance personal living standards. And more than a few firms take steps that promote the overall welfare of society. In some cases, these other objectives help a firm pursue profit maximization. In other cases, they prevent a firm from maximizing profit. Profit Maximization Profit maximization is the process of obtaining the highest possible level of profit through the production and sale of goods and services. This is the guiding principle underlying the analysis of short-run production by a firm. In particular, economic analysis is assumed that firms undertake actions and make the decisions that increase profit. Profit is the difference between the total revenue a firm receives from selling output and the total cost of producing that output. Profit-maximization means that a firm seeks the production level that generates the greatest difference between total revenue and total cost. Consider how profit maximization might work for The Wacky Willy Company. Suppose that The Wacky Willy Company generates $100,000 of profit by producing 100,000 Stuffed Amigos, the difference between $1,000,000 of revenue and $900,000 of cost. * If profit falls from this $100,000 level when The Wacky Willy Company produces more (100,001) or fewer (99,999) Stuffed Amigos, then it is maximizing profit at 100,000. Alternatively, if profit can be increased by producing more or less, then The Wacky Willy Company is NOT maximizing profit at the current level of production. Suppose, for example, that producing 100,001 Stuffed Amigos adds an extra $11 to revenue but only $9 to cost. In this case, profit can be increased by $2, reaching $100,002, by producing one more Stuffed Amigo. As such 100,000 is NOT the profit maximizing level of production. * In contrast, suppose that producing 99,999 Stuffed Amigos reduces cost by $11 but only reduces revenue by only $9. In this case, profit can also be increased by $2, reaching $100,002, by producing one fewer Stuffed Amigo. As such 100,000 is NOT the profit maximizing level of production. Sales Maximization A reasonable, and often pursued objective of firms is to maximize sales, that is, to sell as much output as possible. Clearly sales lead to revenue, meaning that maximizing sales is also bound to maximize revenue. But as the analysis of short-run production indicates, maximizing sales does NOT necessarily maximize profit. So why do firms do it? Are firms unreasonable? Are they irrational? Do they NOT understand the basic economic principles of short-run production? For some firms, the answers to these questions could be yes. But for other firms, sales maximization is actually a reasonable, even better, alternative to profit maximization. Consider, the day-to-day production of Wacky Willy Stuffed Amigos. Suppose the President of The Wacky Willy Company, William J. Wackowski, issues a corporate directive to sell as many Stuffed Amigos as possible, to maximize sales. Is Willy Wackowski wacky? It might be that Mr. Wackowski has no knowledge of basic economic principles. Alternatively Wacky William might have more business sense than it appears. In particular, if the price received from selling Stuffed Amigos is greater than the cost of producing each one, and looks to remain that way regardless of the quantity produced, then a reasonable goal is to maximize sales. If sales are greater, then so too is profit. Wacky Willy does NOT maximize profit under these circumstances. That is, it does not produce the quantity that achieves the highest possible profit. However, with each Stuffed Amigo produced, profit increases. In fact, Wacky Willy might not KNOW the profit-maximizing production level. All it knows is that selling more Stuffed Amigos, increases profit. While sales maximization can serve as a means of pursing profit maximization, it can also prevent a firm from maximizing profit. The reason, of course, is that if sales become so large that the cost of production increases such that marginal cost exceeds marginal revenue, the maximizing sales does not maximize profit. Pursuit of Personal Welfare The people who make decisions for a business are, in fact, people. They have likes and dislikes. They have personal goals and aspirations just like people who do not make decisions for firms. On occasion these people use the firm to pursue their own personal welfare. When they do, their actions could enhance the firm’s profit maximization or, in many cases, prevent profit maximization. How about a few examples? Once again, consider William J. Wackowski, the president of The Wacky Willy Company. Perhaps Willy enjoys the finer things in life–a large house, fancy cars, and expensive vacations–which require a hefty income. As the primary stockholder of The Wacky Willy Company, when the business maximizes profit, then William J. Wackowski benefits with more income. In this case, the pursuit of personal welfare coincides with profit maximization. Alternatively, suppose that the Mr. Wackowski hates the color purple. He simply refuse to produce ANY purple Stuffed Amigos. However, market studies clearly indicate that buyers want purple Stuffed Amigos. Moreover, the purple fabric that would be used to produce purple Stuffed Amigos is significantly less expensive than other colors. Mr. Willy clearly is wacky in this case. His purple-phobia prevents profit maximization. William the Wackster might also decide to enhance his corporate lifestyle at the expense of corporate profit. He could, for example, give himself a bigger, more luxurious (but unneeded) office, a higher (but unneeded) salary, a company jet (also unneeded), season tickets to Shady Valley Primadonnas baseball team (clearly unneeded) and other (unneeded) amenities that are NOT needed to profitably produce Stuffed Amigos. These improve William’s personal welfare, but at the expense of corporate profit. Pursuit of Social Welfare The people who make decisions for firms also have social consciences. Part of their likes and dislikes might be related to the overall state of society. As such, they might use the firm to pursue social welfare, which could enhance or prevent the firm’s profit maximization. How might William J. Wackowski’s pursuit of social welfare enhance or prevent profit maximization of The Wacky Willy Company? Suppose that William wants a cleaner environment. As such, he might implement more costly environmentally â€Å"friendly† production techniques and materials. He does his part to â€Å"clean the environment,† but at the expense of company profit. Then again, Mr. Wackowski might feel that government environmental quality regulations restrict capital investment and economic growth. As such, William might have The Wacky Willy Company use part of its advertising budget to promote this view point. He might even use company revenue to set up the Wackowski Foundation for Policy Studies that is both a scientific think tank and a special interest lobbying organization with the goal of reducing environmental quality regulations. While the pursuit of social welfare is likely to reduce company profit, it could have the opposite effect as well. Such activities could give The Wacky Willy Company a likeable public image that motivates people to buy more Stuffed Amigos than they would otherwise. In fact, some firms use the pursuit of social welfare as one aspect of their overall advertising efforts. They enhance their public image at the same time they do something â€Å"good† for society. Natural Selection Whichever objective a firm pursues on a day-to-day basis, the notion of natural selection suggests that successful firms intentionally or unintentionally maximize profit. That is, the firms best suited to the economic environment, and thus generate the most profit, are the ones that tend to survive. The natural selection of business firms is an adaptation of the biological process of natural selection, in which biological entities best suited to the natural environment are the ones that survive. The concept of economic natural selection means that those firms that generate the greatest profit are the ones that avoid bankruptcy and survive to produce another day. While firms might pursue sales maximization, personal welfare, or social welfare, only those firms that also maximize profit remain in business. 2) The following   is from chapter one in the text   Financial Management and Policy, by James C. Van Horne, Copyright 1974 by Prentice-Hall. It is classic finance. THE OBJECTIVE OF THE FIRM In this [course], we assume that the objective of the firm is to maximize its value to its shareholders. Value is represented by the market price of the company’s common stock, which, in turn, is a reflection of the firm’s investment, financing, and dividend decisions. Profit Maximization vs. Wealth Maximization Frequently, maximization of profits is regarded as the proper objective of the firm, but it is not as inclusive a goal as that of maximizing shareholder wealth. For one thing, total profits are not as important as earnings per share. A firm could always raise total profits by issuing stock and using the proceeds to invest in Treasury bills. Even maximization of earnings per share, however, is not a fully appropriate objective, partly because it does not specify the timing or duration of expected returns. Is the investment project that will produce $100,000 return 5 years from now more valuable than the project that will produce annual returns of $15,000 in each of the next 5 years? An answer to this question depends upon the time value of money to the firm and to investors at the margin. Few existing stockholders would think favorably of a project that promised its first return in 100 years. We must take into account the time pattern of returns in our analysis. Another shortcoming of the objective of maximizing earnings per share is that it does not consider the risk or uncertainty of the prospective earnings stream. Some investment projects are far more risky than others. As a result, the prospective stream of earnings per share would be more uncertain if these projects were undertaken. In addition, a company will be more or less risky depending upon the amount of debt in relation to equity in its capital structure. This risk is known as financial risk; and it, too, contributes to the uncertainty of the prospective stream of earnings per share. Two companies may have the same expected future earnings per share, but if the earnings stream of one is subject to considerably more uncertainty than the earnings stream of the other, the market price per share of its stock may be less. For the reasons above, an objective of maximizing earnings per share may not be the same as maximizing market price per share. The market price of a firm’s stock represents the focal judgment of all market participants as to what the value is of the particular firm. It takes into account present and prospective future earnings per share, the timing, duration, and risk of these earnings, and any other factors that bear upon the market price of stock. The market price serves as a performance index or report card of the firm’s progress; it indicates how well management is doing in behalf of its stockholders. Management vs. Stockholders In certain situations the objectives of management may differ from those of the firms stockholders. In a large corporation whose stock is widely held, stockholders exert very little control or influence over the operations of the company. When the control of a company is separate from its ownership, management may not always act in the best interests of the stockholders [Agency Theory]. [Managers] sometimes are said to be â€Å"satisficers† rather than â€Å"maximizers†; they may be content to â€Å"play it safe† and seek an acceptable level of growth, being more concerned with perpetuating their own existence than with maximizing the value of the firm to its shareholders. The most important goal to a management [team]of this sort may be its own survival. As a result, it may be unwilling to take reasonable risks for fear of making a mistake, thereby becoming conspicuous to the outside suppliers of capital. In turn, these suppliers may pose a threat to management’s survival. It is true that in order to survive over the long run, management may have to behave in a manner that is reasonably consistent with maximizing shareholder wealth. Nevertheless, the goals of the two parties do not necessarily have to be the same. Maximization of shareholder wealth, then, is an appropriate guide for how a firm should act. When management does not act in a manner consistent with this objective, we must recognize this as a constraint and determine the opportunity cost. This cost is measurable only if we determine what the outcome would have been had the firm attempted to maximize shareholder wealth. A Normative Goal Because the principal of maximization of shareholder wealth provides a rational guide for running a business and for the efficient allocation of resources in society, we use it as our assumed objective in considering how financial decisions should be made. The purpose of capital markets is to efficiently allocate savings in an economy from ultimate savers to ultimate users of funds who invest in real assets. If savings are to be channeled to the most promising investment opportunities, a rational economic criteria must exist that governs their flow. By and large, the allocation of savings in an economy occurs on the basis of expected return and risk. The market value of a firm’s stock embodies both of these factors. It therefore reflects the market’s tradeoff between risk and return. If decisions are made in keeping with the likely effect upon the market value of its stock, a firm will attract capital only when its investment opportunities justify the use of that capital in the overall economy. Put another way, the equilibration process by which savings are allocated in an economy occurs on the basis of expected return and risk. Holding risk constant, those economic units (business firms, households, financial institutions, or governments) willing to pay the highest yield are the ones entitled to the use of funds. If rationality prevails, the economic units bidding the highest yields will be the ones with the most promising investment opportunities. As a result, savings will tend to be allocated to the most efficient users. Maximization of shareholder wealth then embodies the risk-return tradeoff of the market and is the focal point by which funds should be allocated within and among business firms. Any other objective is likely to result in the suboptimal allocation of funds and therefore lead to less than optimal level of economic want satisfaction. This is not to say that management should ignore the question of social responsibility. As related to business firms, social responsibility concerns such things as protecting the consumer, paying fair wages to employees, maintaining fair hiring practices, supporting education, and becoming actively involved in environmental issues like clean air and water. Many people feel that a firm has no choice but to act in socially responsible ways; they argue that shareholder wealth and, perhaps, the corporations vary existence depends upon its being socially responsible. However, the criteria for social responsibility are not clearly defined, making formulation of a consistent objective function difficult. Moreover, social responsibility creates certain problems for the firm. One is that it falls unevenly on different corporations. Another is that it sometimes conflicts with the objective of wealth maximization. Certain social actions, from a long-range point of view, unmistakably are in the best interests of stockholders, and there is little question that they should be undertaken. Other actions are less clear, and to engage in them may result in a decline of profits and in shareholder wealth in the long run. From the standpoint of society, this decline may produce a conflict. What is gained in having a socially desirable goal achieved may be offset in whole or part by an accompanying less efficient allocation of resources in society. The latter will result in a less than optimal growth of the economy and a lower total level of economic want satisfaction. In an era of unfilled wants and scarcity, the allocation process is extremely important. Many people feel that management should not be called upon to resolve the conflict posed above. Rather, society, with its broad general perspective, should make the decisions necessary in this area. Only society, acting through Congress and other representative governmental bodies, can judge the relative tradeoff between the achievement of a social goal and the sacrifice in the efficiency of apportioning resources that may accompany realization of the goal. With these decisions made, corporations can engage in wealth maximization and thereby efficiently allocate resources, subject, of course, to certain governmental constraints. Under such a system, corporations can be viewed as producing both private and social goods, and the maximization of shareholder wealth remains a viable corporate objective.

Venuti’s Theory of Foregnisation Applied to the Phenomenon

Fan-Translation and heterogeneity: Venuti’s theory of foregnisation applied to the phenomenon of fan-translation In this essay I set out to explore the extent to which Lawrence Venuti’s theory of foreignising translation can be usefully applied to explain the practices of fan-translation communities. Fan-translation (hereafter, FT) is a relatively recent phenomenon. O’Hagan , following Flew’s definition of User Generated Content (Flew 2008 in O'Hagan 2009, p. 7) derives the term ‘User Generated Translation’ (hereafter, UGT) in order to describe a â€Å"wide range of translation, carried out based on free use participation in digital media spaces where translation is undertaken by unspecified self-selected individuals† (O'Hagan 2009, p. 97). The user in question is therefore somebody who â€Å"voluntarily act as a ‘remediator’ of linguistically inaccessible products and ‘direct producer’ of translation on the b asis of [his] knowledge of the given language as well as that of a particular media content or genre, spurred by [his] substantial interest in the topic (O'Hagan 2009, p. 7). UGT then could be applied to all those translations carried out by non-professional translators, often for non-financial motives. The term FT in this essay will be used more specifically to describe the practice of those users whose interest is directed towards a particular genre: that of Japanese cultural commodities or, more specifically, Japanese graphic novels (Manga), and animated movies (anime). The question that I would like to address in this essay is whether Lawrence Venuti’s influential theory of translation (Venuti 1995,1998)can help further understanding the phenomenon of FT.The intention of this essay is to claim that some aspects of Venuti’s ‘foregnisation’ theory do indeed serve to characterise fan-translators activities, despite the obvious contextual differences. Thes e differences are easily summarised: FT is not carried out by a single individual or even by a single group of individuals (unlike the cases cited by Venuti, where he either refers to a group of romantic intellectuals in 19th century Germany, or later isolated cases (Venuti 1995, pp. 9-147, 187-272), but a practice carried out on a wider scale, embraced by a greater number of individuals working together as a community of practice, mostly composed of non-professional translators, often very young, not always sharing the same national identity, and mostly lacking the clearly defined cultural agenda that Venuti exposed as a justification for advocating the adoption of foreignising translation practices (Venuti 1995, pp. 6-17). Fandom Fan activities have gathered scholarly attention in recent years due to the opportunities for community building and the ease of sharing content that the recent incarnation of the World Wide Web, or Web 2. 0, offers (see for example (Diaz Cintas and Munoz Sanchez 2006; Lee 2009; Sanchez 2009; Koulikov 2010; Watson 2010; Denison 2011; Lee 2011; Castells and Cardoso 2012).The reason for such scholarly attention is that fan activities, in the form of sharing digital content online, can be said to occupy a ‘liminal space’ (Denison 2011) that is dangerously close to what is often called (but not often clearly defined) ‘piracy’: fan texts that are at the â€Å"liminal edge between fan creativity and piracy. Essentially†¦text augmented by, rather than created by, fans† (Denison 2011, p. 450).For this reason, fan activities built on the relationship that is constituted in the reception of a particular form of literature have been the subject of academic interest: â€Å"Anime texts have become nexus points for discourse around ownership and rights†(Napier 2007 and Thornton 1995 in Denison 2011, p. 450). Within the wider spectrum of fan-related practices, some individuals play the role of ‘pr osumers’: producers and consumers of products, rather than passive spectators (Tapscott and Williams, 2006 in O'Hagan 2009, p. 9). Prosumers not only consume cultural products, but also manifest agency by responding creatively to their favourite text or medium. Some examples of fans creative response analysed by legal scholars could be the theatrical audience participation to showings of The Rocky Horror Show, Town bands performing free concerts, the American musical tradition â€Å"the blues† (Madison 2007, pp. 87-703), amateur fan actors producing new episodes of Star Trek, fan produced Harry Potter Lexicon, fan-made flash based animation derived from music, fan-created version of commercially created virtual mascot Miku Hatsune (Noda 2010, pp. 149-158), which are all forms of participation that sit uneasily with the notion of intellectual property rights. The practices of fans of Japanese comics and animation have been of particular interest to legal theorists (Mehr a 2002; Hatcher 2005; Lessig 2005; Muscar 2006; Noda 2008, 2010).Here it is useful to distinguish between the practices of the dojinshi (hereafter non italicised) community and the practices of the FT community or, to be more specific, communities, since fan translators operating on different media are described with different names: translation of Japanese graphic novels is carried out by a process of Scanlation; subtitling of Japanese animation is carried out by a process called Fansubbing; and finally, the process of modification and translation of video games is called RomHacking. DojinshiWhat are dojinshi, and why are they of interest to legal scholar? Lawrence Lessing, professor of law at Harvard Law School and founding board member of Creative Commons, in his 2004 work Free Culture: how big media uses technology and the law to lock down culture and control creativity, uses dojinshi as an example of derivative works that could not exist in America, since dojinshi are â€Å"A kind of copycat comic†¦ It is not dojinshi if it is just a copy; the artist must make a contribution to the art he copies, by transforming it either subtly or significantly.A dojinshi comic can thus take a mainstream comic and develop it differently—with a different story line. Or the comic can keep the character in character but change its look slightly. There is no formula for what makes the dojinshi sufficiently â€Å"different. † But they must be different if they are to be considered true dojinshi† (Lessig 2005, pp. 25-26) Dojinshi are the Japanese version of what is otherwise called fan-fiction; in other words, unauthorised fan-created version or original works.The term Dojinshi (. Literally ‘dojin’ stands for ‘same person’ and ‘shi’ stands for ‘periodical publication’, which in English could be rendered as Fanzine or Fan-magazine). Dojinshi denoted a type of fan works that are â€Å"self-published, small scale publications written by fans for fans of a particular work (be it a movie, a book, a television series, or a video game) or of a particular romantic pairing possible within that work†(Hemmann 2010).Dojinshi are an important side of the culture that surrounds Japanese graphic novels (manga: literally ‘man’ stands for ‘whimsical’ and ‘ga’ stands for ‘drawings’) in Japan. Manga represent both an industry and a form of expression, so much so that in recent years the Japanese Ministry of Economy, Trade and Industry (METI) began to see manga as the new source of Japan’s â€Å"Gross National Cool’ (McGray 2002 in Koulikov 2010, p. 18) and began promoting the country’s content industry abroad (Yoshimoto 2003 in Koulikov 2010, p. 10).The Japanese manga industry and the dojinshi fan-communities reinforce each other in a way that is perhaps surprising to western legal theorists because it raises import ant questions in regards to the efficacy and meaningfulness of copyright practices and of the ideas about originality and authorship that underpins copyright law and associated commercial practices in the west: â€Å"This market exists in parallel to the mainstream commercial manga market. In some ways, it obviously competes with that market, but there is no sustained effort by those who control the commercial manga market to shut the doujinshi market down.It flourishes, despite the competition and despite the law [†¦] in the view of many, it is precisely because it exists that Japanese manga flourish† Lessing 2004, p. 26 The practice of scanlation and fansubbing differ from those of dojinshi artists in some important ways. First of all, they are mostly carried out by fans outside of Japan, and more specifically, while they are carried out in a variety of languages, the majority of the work is carried out by English language fans (Denison 2011, p. 54). Additionally, I wo uld argue that scanlation and fansubbing do not inhabit the same conceptual space of fan-fiction and dojinshi, even if copyright law regards adaptation and translation equally as derivative works (WIPO article 2 (3)). Dojinshi artists working within the idea of ‘complementing the original work’, while unauthorised, are conceptually closer to the wider spectrum of fan activities that are often tolerated in the west (like audience participation to theatrical performances).FT seems to inhabit a narrower conceptual space, closer, and more readily compromised by proximity, to the practices of unauthorised copying that is denounced as piracy, despite the ambiguity of the term piracy itself: â€Å"piracy has never had a stable legal definition and is almost certainly better understood as a product of enforcement debates than as a description of a specific behaviour. The terms blurs, and is often used intentionally to blur, important distinction between types of uncompensated use† (Karaganis et al. 2011, p. ) In order to attempt a conceptualisation of the practices of fan translators, here I would like to adopt Venuti’s framework of domesticating and foreignising translation. My intention in the next part of the essay is to illustrate how FT of Japanese manga and anime could find precedents in the history of translation. In short, I draw from Venuti’s critical genealogy of fluent discourse in the English language translation in order to show that FT should not merely be thought of as free-riding, but that it contains elements of previous use of translation as tool for building a national culture (Venuti 1995, 100).Similarly, FT can be said to represent a vehicle for the construction of sub-cultural capital , the â€Å"knowledge about an area of fandom that allows one to feel comfortable with other like-minded fans, but also to gain status among fellow enthusiasts â€Å" (Napier 2007, p. 150 in Denison 2011, p. 450) Translation Trans lation studies as an academic discipline has a relatively short history, emerging about twenty years ago from the back of comparative literature departments. The independence of translation studies as an academic discipline revolves around its methodology and the questions it aims to answer.Hence, an important question faces every Translation Studies student: should one restrict his enquiry to the analysis of linguistic features of a text, or should attention be paid to the context where the practice of translation takes place: the figure of the translator; his/her motivation; what void in the receiving culture is the translator trying to fill; the interests played behind the importation and exportation of culture; how law, market, social norms and publishing practices all influence the creation of culture of which translation is part of; whether all these form a kind of censorship, and should the translator resist of conform to such censorship, even when is self-censorship? In this essay I would like to explore the possibilities offered by the latter approach, by comparing and contrasting two common elements of contemporary translation: on the one hand, the critical work of Venuti in regards to ‘domestication and foregnisation’ and on the other, the â€Å"phenomenon of user participation in otherwise highly specialised areas of professional translation practice† (O'Hagan 2009, p. 96). To begin with, I would like to introduce the work of Lawrence Venuti (1995, 1998).Venuti describes the state of contemporary translation around the world as characterised by imbalance: the imbalance between the large number of books that are translated from English and the small number of books that are translated into English. This trade imbalance is an effect of the global domination of English which, according to Venuti, leads to a â€Å"complacency in Anglo-American relations with cultural others† apparent in publishing practices in Britain and Ame rica that â€Å"decreases the cultural capital of foreign values in English by limiting the number of foreign text translated and submitting them to domesticating revision† (Venuti 1995, p. 7) According to Venuti, publishing practices in Britain and America reinforce the global domination of English by imposing â€Å"Anglo-American cultural values on a vast foreign readership†, while adopting practices of translation that produce domestic cultures that are â€Å"aggressively monolingual, unreceptive to the foreign, accustomed to fluent translations that†¦provide the readers with the narcissistic experience of recognising their own culture in a cultural other†(Venuti 1995, p. 15) Emphasis added). Venuti is critical of the canon of fluency that dominated the practice of translation into English. By fluency, Venuti wants to describe a particular way of translating which emphasise the production of texts that conceal their foreignness and instead makes them app ear as the original expression of the foreign author, essentially unmediated by the process of translation. Venuti defines such process of assimilation, in a manner that conceals the text foreign origin, as ‘domestication’.While admittedly all translation is appropriation and assimilation, domestication has the troubling effect, according to Venuti, of reinforcing an ethnocentric attitude towards foreign cultures: the belief that other cultures are in fact no different from one’s own and therefore, that one’s own culture is universal: â€Å"the prevalence of fluent domestication has supported these developments [the monolingual, unreceptive and narcissistic culture above] because of its economic value: enforced by editors, publishers, and reviewers, fluency results in translation that are eminently readable and therefore consumable in the book market, assisting in their commoditisation and insuring the neglect of foreign texts and English-language transla tions discourses that are more resistant to easy readability (Venuti 1995, pp. 15-16).In order to â€Å"resist and change the conditions under which translation is theorised and practiced today, especially in the English-speaking countries† Venuti wants to put forward a â€Å"strategic cultural intervention in the current state of world affairs, pitched against the hegemonic English language nations and their unequal cultural exchanges in which they engage theory global others† (Venuti 1995, p. 20). Venuti’s argument then is that literary translators, in an effort to challenge current translation practices, should attempt a ‘foreignising’ approach to translation. What this mean in practice is the production of texts that read as translations and the suggested method to achieve this effect is a theory of translation that emphasise heterogeneity of language.Languages are never monolithically homogeneous entities: different agents will employ language in a different way, according to whom, and in what manner, is an utterance is addressed. Standard literary English is language that exists only in translated foreign literature. Foreignising translation then should attempt to disrupt the homogeneity imposed by textual ‘transparency’ and ‘fluidity’ of the reading experience by inserting traces of heterogeneous language (slang, dialect, archaism, cliques, etc†¦ ) into an otherwise canonical translation. Foregnisation, according to Venuti, â€Å"can alter the way translations are read as well as produced† (Venuti 1995, p. 24).Whether foregnisation can achieve the results that Venuti’s cultural political agenda aim towards is still unclear; Venuti himself reports that critical reviews of his translated works did indeed cause some reactions; some reviewers found this choice of words unconvincing, suspecting that Italian romantics would not have expressed themselves with the obvious colloquiali sm that Venuti strategically employed (Venuti 1998, 19). Such criticism only goes to confirm Venuti’s belief: â€Å"the fact is that Italian romantics would not have used most of the words in my translation because they wrote in Italian, not English† (Venuti 1998, 19-20). The reader had to suspend her cultural and linguistic expectations towards to the foreign text and was forced to take notice of the mediated nature of the translated text, exposing in the criticism the â€Å"dominant narrative form† and â€Å"a prevalent ethnic stereotype† (Venuti 1998, 20). Pym (Venuti’s Visibility Anthony Pym Target 8/2 (1996), pp. 65-177) is unconvinced about the passage from foregnisation to the professed democratic agenda: â€Å"if translators refuse to produce fluent texts, if they make themselves visible through the use of â€Å"resistant† strategies†¦all the rest will surely change too. Such would appear to be the gung-ho reasoning that makes Venuti so visible (Pym 2010, p. 2). The passage from a disrupted reading experience to the wider democratic agenda that Venuti takes for granted is rather unclear. Supposing a reader ‘gets’ what Venuti is trying to do and is taken out of the illusion of being actually reading the words of the original author: the reader becomes aware of the translation being a translation. How can this, beyond achieving a degree of visibility for the translators, achieve further goals?Venuti himself is aware of these difficulties and asks â€Å"what would happen if a translator tried to redirect the process of domestication by choosing foreign texts that deviated from transparent discourse and by translating hem so as to signal their linguistic and cultural differences? Would this effort establish more democratic cultural exchanges? Would it change domestic values? Or would it mean banishment to the fringes of Anglo-American culture? † (Venuti 1995, pp. 40-41). Central to Venutià ¢â‚¬â„¢s concerns, however, there is an aspect of translation that Pym recognizes as key to contemporary translation practices: the question of copyrights. Copyrights Venuti dedicated a chapter of his 1995’s work to the Italian writer Iginio Ugo Tarchetti (1839-1869) (Venuti 1995, 148-186). In 1865, Tarchetti plagiarised Shelley’s tale â€Å"the mortal immortal† by translating it into Italian without acknowledging the English author.While Venuti recognises that â€Å"the shrewdness and sheer audacity of Tarchetti’s plagiarism may make it attractive to dissidents in Anglo-American literary culture†, he also recognises the practical limits of such practice: â€Å"Tarchetti’s translation practices cannot be imitated today without significant revision. Plagiarism, for example, is largely excluded by copyright laws that bind translators as well as authors†¦ to publish an unauthorized translation of a copyrighted foreign text is to invite le gal proceedings whose cost will far exceed the translator’s income from even a bestselling translation† (Venuti 1995, 185). Venuti advice to contemporary English-language translator is not break the law, but rather, to choose carefully what to translate: The choice of a foreign text for translation can be just as foreignising in its impact on the target-language culture as the invention of a discursive strategy.At a time when deviations from fluency may limit the circulation of a translation or even prevent it from getting published in the first place, Tarchetti points to the strategic value of discriminating carefully among foreign texts and literatures when a translation project is developed† (Venuti 1995, 185-186). Venuti calls attention to the manner in which contracts and copyright laws regulate the production of translated literature. Translation, according to the Berne international copyright convention is defined as ‘derivative’ work (WIPO art icle 2 (3)). Therefore, translation is morally and legally bound to the will of the original author (WIPO article 8).Copyright law varies according to nations, the US and UK lacking the concept of ‘Author’s rights’ that is present in most continental Europe’s laws, while the US and UK have clearly defined ‘fair use’ clause that are not present in continental Europe. Pym agrees that copyright law on translation need revision: â€Å"The idea of limiting the author’s translation rights to a short period of perhaps five years sounds like an excellent practical way of stimulating translationsâ€Å" but at the same time, he is sceptical of drastic measures: â€Å"But is our complaint really that â€Å"the translator’s authorship is never given full legal recognition†? (Venuti 1995, p. 9) Do we have to do away with the distinction between author and translator, or even with copyright altogether? † (Pym 2010, p. 4).Intern ational Copyright law reinforces the idea that translation is not ‘transformative’ work, which is defined more narrowly in terms of criticism or parody. Translation as derivative work falls within the category of ‘copy’ that is regulated by ‘copy-rights’. While much translation theory in the past 20 years since the emergence of translation studies as an academic discipline has struggled to establish translation as a serious intellectual endeavour worthy of scholarly attention, the commercial reality that regulates the production of translation tells a strikingly different tale: literary translation, as a form of cultural production, is regulated by the practices of the publishing industry.The translation of foreign literature is subject to norms, laws and market restrictions, as well as architectural conditions. Lessing model of restriction that applies to all cultural commodities (i. e. : culture that is bought and sold, of which translated li terature is part of (Lessing 2005, 133). Lessing sees cultural commodities as subjected to restrictions that until the 20th century were fairly balanced: publishers’ rights were regulated by copyrights law, so as to limit their monopoly over the production and distribution of culture. This guaranteed the exclusive ability to reproduce and translate literary works on behalf of the author for a limited time.The concept of a ‘limited monopoly’ was balanced by the fact that once such monopoly expired, artistic works would fall into the public domain and so become available for the general public to read, print, distribute and translate without the need to acquire the copyright holder permission. Unlike the law in continental Europe, according to common law practices in the US and UK, the copyright holder could control the distribution and translation of a work regardless of the author’s wishes. In continental Europe, by contrast, the concept of ‘authorâ €™s rights’ recognise the moral right to claim authorship of a work and to retain the ability of stop distribution of his work.One might wonder if, before the introduction of copyright laws, translators indulged indiscriminately in the plagiarism of foreign works as in the example of Tarchetti. The truth is that until 1790, in the United States the right granted by a copyright only gave the author the exclusive right to ‘publish’ a particular book and did not extend to derivative works: â€Å"it would not interfere with the right of someone other than the author to translate a copyrighted book, or to adapt the story to a different form (such as a drama based on a published book)† (Lessing 2005, 136) It seems almost impossible in the contemporary world to imagine a time where the right of translators matched those of the foreign author.It seems natural to imagine the chaos that lack of copyrights would cause: an infinite number of translators plagiarisi ng the work of foreign authors and passing them as their own creations. It is this anxiety in regards to plagiarism, of a lack of clearly established standards of authorship that drives suspicion about translation. Authorship as creative genius is a value that is attached to a person or a work of art. This value can be seen reflected in the idea of ‘intellectual property’ which depicts copyrights rights as a natural state of affairs, that is, a natural property right. However, according to William Patry, copyrights are created solely the government and therefore should not be understood as an end in itself, but instead an end to a social objective: furthering learning (Patry moral panic, 103).Patry argues that the essence of property is not absolute dominion over things, but rather, it is determined by a system of social relationships: â€Å"property is quintessentially and absolutely a social institution. Every concept of property reflects†¦those choices that we – as a society- have made† LAURA UNDERKUFFERLER, 203, 54 IN PATRY 103 (Patry 103). That means that copyrights, and the idea of authorship that underpins copyrights, are determined by social practices and therefore reflected in social norms, and finally and more concretely, in the legislation that regulate copyrights. Before copyright renewal in the United States became automatic in 1992, only a small percentage of authors claimed them, and even smaller percentage applied for renewal (Patry, 67-68).Paradoxically, copyright became valuable to corporations only when they were given automatically without authors having to do anything to claim it: â€Å"Survey of renewal rates in the United Stes from 1910 to 2001 found a range between 3 percent in 1910 to 22 percent in 1991†¦of all the books published the united states in 1930, and therefore under copyright until 2025, only 174, or 1. 7 percent, are still in print† (Patry 68). The boundary that separates a legiti mate creative response to a work of art and an illegitimate one is made tangible in law by the prohibition to copy, adapt or translate without the consent of the foreign author. Such law, which seems almost common sense in contemporary society, has a relatively short history. Changing attitudes towards intellectual property rights reflect contemporary anxiety in regards to originality and authorship, which contributes to the marginality of translation.According to Venuti â€Å"whereas authorship is generally defined as originality, self-expression in a unique text, translation is derivative, neither self-expression nor unique: it imitates another text given the reigning concept of authorship, translation provokes the fear of inauthenticity, distortion, contamination† (Venuti 1998, 31). This anxiety affects the most those concerned about plagiarism, especially academic institutions and academic publishing: â€Å"translation is rarely considered a form of literary scholarship, it does not currently constitute a qualification for an academic appointment in a particular field or area of literary study, and, compared to original compositions translated texts are infrequently made the object of literary research† (Venuti 1998, 32). Here Venuti is critical of the academic deference towards the ‘original’ at the expenses of translation.The concept of authorship here joins that of fluent translation in an attempt to present the foreign author as the one who is ‘speaking’ through the medium of the text, in order to â€Å"ascertain the authorial intention that constitutes originality† (Venuti 1998, 31). The Translator hence become an uncomfortable middle man that must hide, as much as possible, both the facts that the text in question is a not the original, and that the foreign author did not employ the language of the translation. The middle man goes unnoticed, not by mere oversight, but quite deliberately. Copyright law, a lso reflected in translation contracts, perpetuate this neglect. Copyright, as we have seen, by defining translation as derivative work, justify contracts that employ translators as work-for-hire, so that the product of their work belongs to the publishing company who do not have to acknowledge the translator.Practical example of this is the lack of the translator’s name on the cover of a volume or in library catalogue indexes, or the disparity between the royalties that the translator receives in comparison to those of the foreign author. The disparity between authorship and translation affects the whole production of commercially translated literature. What i would like to explore next is the side of contemporary translation that is not affected by commercial consideration or in need of academic recognition. Here the terminology varies from non-commercial translation to amateur translation or fan-translation, but from the point of view of copyright holders it represents a m ore straightforward phenomenon: theft of intellectual property, or in other words, piracy. PiracyAs Castells and Cardoso points out, we usually look at media consumption, of which translated literature is an example of, starting from a media industry definition (Castells and Cardoso 2012). In other words, the content that is normally available to us to read, watch or listen to is usually made available through the payment of a fee or because it is supported by advertising. The commercial relationship that binds together media companies and individual is regulated by a set of rules that are legally formalised into rights and obligations (Castells and Cardoso 2012). Piracy, by infringing these rights and obligations, can be a usefully employed to illustrate some of the issues that characterise the status of translation in the current world, how translation is produced and distributed.In short, the argument I would like to put forward is such: piracy is used to describe everything that is not in the public domain but that can be obtained from non-authorised sources, shared with others, whether for free or not. This means that piracy could be whatever is made available to share that contain even parts, or traces, or adaptations, of existing copyrighted works. A pirate here is defined as anybody who makes use of existing copyrighted material in order to express something of his own (with the exception of criticism or parody, which are allowed by law) (WIPO? ). On one side of the debate there are internet users and in particular peer-to-peer (P2P) networks function as efficient tools of distribution of digital content. On the other, litigious media corporations fighting a moral crusade against intellectual theft.The sides of this war, however, assume different connotations depending on who is doing the description: for the copyright holding corporations, authors are being robbed of the fruits of their work; here the fight is described as one between intellectual cop yright owners and thieves. On the other side, is it estimated that more than 40 million American citizens have used the internet to download content; hence a substantial part of US citizens is being criminalised. Lessing asks: â€Å"Is there another way to assure that artists get paid without transforming forty-three million Americans into felons? Does it make sense if there are other ways to assure that artists get paid without transforming America into a nation of felons? † (Lessing 2005, 202).The model of distribution of culture that once revolved around a few selected corporations is now being challenged by technological innovations that were unimaginable a generation ago. Digital content can be shared across the world free of physical constrains (such as books, shops, printing press, etc. ) but also free from the editors, publishers, and reviewers which Venuti sees as the source of neglect of foreign texts and translation practices that emphasise heterogeneity of discour se. The sharing possibilities offered by the net act as a source of heterogeneity: they provide easily accessible, free to share, translated foreign literature that constitutes an alternative to what is available commercially.Venuti limited his theory of translation within the boundaries of commercial translation, albeit as a form of dissidence in respect to the practices enforced by institutional channels. What is of interested here from the point of view of translation are the possibilities offered by working outside the commercial paradigm, the translation practices of those communities that focus on literature, like dojinshi, that are not accessible to the translators working within the legitimate sphere, whether due to social norms, ideology, poetics, of purely economic reasons. The net provides a venue (cultural space? Deleuze and Guattari) for that sub-cultures that are neglected by commercial organizations (and that could not be catered for legally by other institutions). Re ferencesCastells, M. and Cardoso, G. 2012. Piracy Cultures Editorial Introduction. International Journal of Communication [Online] 6. Available at: http://ijoc. org/ojs/index. php/ijoc/article/view/1610/732 [Accessed: 13 June 2012]. Denison, R. 2011. Anime fandom and the liminal spaces between fan creativity and piracy. International Journal of Cultural Studies [Online] 14(5). Available at: http://ics. sagepub. com/content/14/5/449. full. pdf+html [Accessed: 13 June 2012]. Diaz Cintas, J. and Munoz Sanchez, P. 2006. Fansubs: audiovisual translation in an amateur environment. The Journal of Specialised Translation [Online] 6. Available at: http://www. jostrans. rg/issue06/art_diaz_munoz. pdf [Accessed: 13 June 2012]. Hatcher, J. 2005. Of otaku and fansubs: a critical look at anime online in light of current issues in copyright law. [Online]. Available at: http://www. law. ed. ac. uk/ahrc/SCRIPT-ed/vol2-4/hatcher. pdf [Accessed: 13 June 2012]. Hemmann, K. 2010. Dojinshi [Online]. Avai lable at: http://japaneseliterature. wordpress. com/2010/02/20/dojinshi-part-one/ [Accessed: 13 June 2012]. Karaganis, J. et al. 2011. Media piracy in emerging economies. [Online]. Available at: http://bibliotecadigital. fgv. br/dspace/bitstream/handle/10438/8526/MPEE-PDF-Full%20Book. pdf. txt? sequ.. [Accessed: 13 June 2012]. Koulikov, M. 2010.Fighting the fan sub war: Conflicts between media rights holders and unauthorized creator/distributor networks. Transformative Works and Cultures [Online] 5(0). Available at: http://journal. transformativeworks. org/index. php/twc/article/view/115/171. Lee, H. K. 2009. Between fan culture and copyright infringement: manga scanlation. Media, culture, and society [Online] 31(6). Available at: http://www. yorku. ca/rcoombe/courses/Owning%20Culture/class03_Lee. pdf [Accessed: 13 June 2012]. Lee, H. K. 2011. Participatory media fandom: A case study of anime fansubbing. Media, Culture ; Society [Online] 33(8). Available at: http://www. kcl. ac. uk/ artshums/depts/cmci/people/papers/lee/participatory. df [Accessed: 13 June 2013]. Lessig, L. 2005. Free culture: The nature and future of creativity. Penguin Group USA. Madison, M. J. 2007. Intellectual property and Americana, or why IP gets the blues. Fordham Intell. Prop. Media ; Ent. LJ [Online] 18. Available at: http://ir. lawnet. fordham. edu/cgi/viewcontent. cgi? article=1407;context=iplj [Accessed: 13 June 2012]. Mehra, S. 2002. Copyright and comics in Japan: Does law explain why all the cartoons my kid watches are Japanese imports. Rutgers L. Rev. [Online] 55. Available at: http://corneredangel. com/amwess/papers/copyright_comics_japan. pdf [Accessed: 13 June 2012]. Muscar, J. E. 2006.Winner Is Who-Fair Use and the Online Distribution of Manga and Video Game Fan Translations. Vand. J. Ent. ; Tech. L. [Online] 9. Available at: http://www-prod. law. vanderbilt. edu/publications/journal-entertainment-technology-law/archive/download. aspx? id=1694 [Accessed: 13 June 2012]. Noda, N. T. 2008. When Holding On Means Letting Go: Why Fair Use Should Extend to Fan-Based Activities. University of Denver Sports and Entertainment Law Journal [Online] 5. Available at: http://law. du. edu/documents/sports-and-entertainment-law-journal/issues/05/05-noda. pdf [Accessed: 13 June 2012]. Noda, N. T. 2010. Copyrights retold: How interpretive rights foster creativity and justify fan-based activities.Seton Hall Journal of Sports and Entertainment Law [Online] 20(1). Available at: http://law. shu. edu/Students/academics/journals/sports-entertainment/Issues/upload/Vol20_Noda_Formatted. pdf [Accessed: 13 June 2012]. O'Hagan, M. 2009. Evolution of user-generated translation: fansubs, translation hacking and crowdsourcing. Journal of Internationalisation and Localisation [Online] 1(1). Available at: http://pablomunoz. com/wp-content/JIAL_2009_1_2009_APA. pdf#page=102 [Accessed: 13 June 2012]. Sanchez, P. M. 2009. Video Game Localisation for Fans by Fans: The Case of Romhacking. Th e Journal of Internationalisation and Localisation Volume I [Online].Available at: http://pablomunoz. com/wp-content/JIAL_2009_1_2009_APA. pdf#page=176 [Accessed: 13 June 2012]. Venuti, L. 1995. The translator's invisibility: A history of translation. London ; New York: Routledge. Watson, J. 2010. Fandom squared: Web 2. 0 and fannish production. Transformative Works and Cultures [Online] 5. Available at: http://journal. transformativeworks. org/index. php/twc/article/viewArticle/218/183 [Accessed: 13 June 2012]. WIPO. Berne Convention for the Protection of Literary and Artistic Works [Online]. World Intellectual Property Organisation. Available at: http://www. wipo. int/treaties/en/ip/berne/trtdocs_wo001. html [Accessed: 13 June 2012].

Rights of Third Parties Case Study Example | Topics and Well Written Essays - 3000 words

Rights of Third Parties - Case Study Example Contract is an agreement or set of promise between two or more persons which is binding and therefore legally enforceable. It covers transactions like buying and selling, employment of staff, partnership agreement and so on. It can also be described as: "an agreement which is legally binding on the parties to it and which broken may be enforced by action in court against the defaulting party. Existence of contract - Damages sought by claimants on the basis of fraud and breach of fiduciary duty in respect to diverted insurance premiums - Negotiations between the parties taking place after proceedings issued - Letter sent by claimant asking whether defendant accepted responsibility for the fraud - Letter signed and returned by defendant but with caveat - Whether binding agreement concluded between parties. Willis Management (Isle of Man) Ltd v Cable and Wireless plc [2005] 2 Ll L R 597 (CA/UK) A trust is an equitable obligation, binding a person (who is called a trustee) to deal with property over which he has control (which is called the trust property) either for the benefit of persons (who are called beneficiaries or cestuis que trust) of whom he may himself be one, and any one of whom may enforce the obligation, or for a charitable purpose, which may be enforced at the instance of the Attorney-General, or for some other purpose permitted by law though unenforceable. Pettit Equity and The Law of Trusts 8th ed. (1997) p 24. CONSTITUTION OF TRUSTS Constituting the Trust - act of vesting the trust property in the hands of the trustee. If inter vivos transferor will vest the property concurrent with declaration of trust, If testamentary property will vest upon testator's death in executors/administrators, - Rule - if trust not constituted, it is invalid- Problems: A declares trust in favour of B on Day 1, but doesn't transfer $$ to trustee until Day 5. - Rule - until the trustee receives the property, trust incompletely constituted invalid - Curative: On day 5, trust valid & operative b/c trustee has property - Settlor can be compelled to transfer property they promised to place in trust - where S received valuable consideration for promise to create trust RIGHT OF THE THIRD PARTY The Contracts (Rights of Third Parties) Act, which was given Royal Assent on 11th November 1999, radically changes a fundamental principle of English law, namely that only those who are parties to a contract can enforce rights under that contract - the 'privity of contract' rule. The Act applies to virtually all contracts. Therefore the construction industry must consider its impact on all its contracts - building contracts, subcontracts, consultants' appointments, collateral warranties, insurance policies, bonds, adjudication agreements etc. Right of third party to enforce contractual term: The third party must be expressly identified in the contract by name, as a member of a class or as answering a particular description but need not be in existence when the contract is entered into. This section does not confer a right on a third party to enforce a term of a contract otherwise than subject to and in accordance with any other

Criticism on Management by Objective (MBO) Approach Essay

Criticism on Management by Objective (MBO) Approach - Essay Example One of the major flaws within the MBO technique is the failure to address motivational factors effectively. Although the MBO approach allows the managers and subordinates to align their short-term goals with organizational objective, individual motivational components are not adequately addressed. According to Levinson, the MBO technique fails to incorporate emotional components of motivation into the system hence creating more pressure in the employees (1). In particular, employees are not emotionally motivated in achieving the set goals and hence the development of the conflict between the managers and subordinates. MBO technique does not provide means of achieving the set objectives. Ideally, in the MBO technique, the managers and subordinates formulate timely and measurable objectives within the organization (University of San Francisco 4). However, in this technique, the required sets of behavior in order to achieve set objectives are not stipulate. This causes confusion and challenge to the employees, especially the one who is not accustomed to the organizational process. In conclusion, the MBO technique has been criticized because of several flaws within the system. It is clear from the above discussion that failure to provide behavioral means of achieving objectives and lack of emotional motivation form the basis of criticism for the technique. Therefore, the manager using this approach should try to incorporate the discussed aspects in order to get the good outcome.

Jazz Article Example | Topics and Well Written Essays - 1000 words - 1

Jazz - Article Example Interestingly, even though most true jazz musicians seek to distance themselves from the understanding the jazz is ultimately a form of dance music, society’s perception of jazz continues to be concentric upon the belief that jazz is ultimately an early form of modern dance music. Some various jazz songs could be could be said to incorporate this element where the musicians thought it would be healthier to do something different instead of the ordinary music production (Ferreira, 2012). These songs are Triple Threat, The Crawl, Household of Saud, Prism, Uranus, It could Be, If it was - But it wasn't and Rahssan's Run. This paper will discuss both the intellectual and mental aspect of these songs as performed in a jazz concert. As a function of this level of understanding, it is the hope of this author that the reader will be able to integrate a more firm and complete understanding of jazz within the context of the way in which jazz can ultimately integrate within the musical e xperience and life of the listener. Triple Threat The intellectual aspect of jazz means that people can make connections between a jazz song and liberal arts or sciences (Ferreira, 2012). This song was magnificent in bringing out these elements. The song, accompanied with various instruments, could easily be understood by the audience. The song twisted my brain like an algebraic equation, which almost left me limp and lifeless. The trumpet was the lead instrument in this performance, which appeared to guide the artists. It carried the melody of every tune (Ferreira, 2012). This was an interesting dynamic to note due to the fact that regardless of the musical genre that one seeks to discuss, ultimately a single instrument or a group of instruments will seek to differentiate themselves from the others as a means of providing a firm and solid lead. Oftentimes within classical music this is realized within the lead violin or other instrument. Similarly, within rock ‘n roll this is oftentimes realized with regards to the lead guitar. Invariably, jazz exhibits the same constraints and allows different instruments to perform the lead even within the same song; thereby helping to set jazz apart from the other forms of music that a previously been listed by way of the fact that it is able to integrate and incorporate a number of instruments within any given piece that all can serve as the lead instrument. The saxophone section consisted of 5 players - one baritone sax, two tenors and two altos. Playing uniformly granted them the power to cut through harmony and punches played by the brass sector (Ferreira, 2012). The piano, on the other hand, acted as the rhythm outside the solos. The bass player in this performance did his work well by providing the rhythmic and harmonic foundations. It is of course at this juncture that the listener and/or reader should integrate with an understanding of the supreme importance of the bass player plays within understanding of ja zz music. Whereas the driving rhythm of jazz necessitates the drums and bass both work together in order to define complex beat and rhythm mechanics, the work of the

Hinduism Paper Assignment Example | Topics and Well Written Essays - 750 words

Hinduism Paper - Assignment Example Hinduism has its roots in India and dharma, which is their way of life, has similar beliefs that every follower should follow. The religion absorbs beliefs and practices from a variety in the world and incorporates them into their practices to make the unique religion. This absorption of ideas from various sources extends to a wide range of life issues, which guide the followers’ way of life. They share the same themes of ethics and duties, rebirth, right action, liberation from the cycle of rebirth. Hinduism shares common ethical standards and they believe in telling the truth and karma. Karma is the belief that people should act knowing that the same actions they do to others could happen to them later. Hinduism is deeply rooted on the cultural practices of the ancient days, and they believe that followers should ensure that they stick to the Hindu Dharma (Rood, 2008). This is because it lays down the actions to take for different life issues using the traditional beliefs th at their ancestors were practicing. Dharma is the pivotal law, which governs actions of every Hindu follower with their basic scriptures being the Shastras. 2 Hinduism is an ancient way of life and dates back to millions of years ago and its unique due to the fact that it has no founder. It also does not have a specific doctrine that governs how the followers should live, but its doctrines are associated with the place it originated, India. It has picked religious beliefs of people from different religions to come up with the Hindu umbrella. It originated from India and the cultural and society practices of people of ancient India are the core values that people from this religion practice. In 1500 BC, India was invaded by the indo-Aryan tribe, which took over the territories of the Mohenjo-Daro who were the main tribe in the area. These two tribes interconnected and they started sharing commo0n beliefs and practices with the first one being worship of goddesses and performing simil ar practices such as bathing in temples and performing yoga. As time progressed, they started forming idols of god’s of war which they could worship. The invasion of Sakas further transformed Hinduism and they started building temples, and came up with their sacred laws, which could govern their way of living. As time passed, the Hindus incorporated the practices of the time into their way of living, and they continued to gather a following over the years. They continuously took up the traditional practices they came across over time and altering them to fit into their religion, and this has continued to the present times. Today, their beliefs still have the ancient beliefs in their practices, and they believe that people are free to believe as they desire provided the actions are good. The cultural and societal practices such as worship of idols and reincarnation have survived over the years, and they are still under practice today. 3 People from all religions seek from eart hly liberation so that they can escape from earthly suffering, to continue into the after life, and for the purpose of spiritual blessings. However, Hindus do not believe that when people die they either go to heaven or hell. They believe in reincarnation and the way people live their lives determines what they will come back on earth as. They believe that when good people die, they will come back as good creatures, and when the bad people die, they come back as bad or

Expanding a Multinational Company Research Paper - 1

Expanding a Multinational Company - Research Paper Example The revenue earned by the company in 2012 is $4.2 billion. After doing a market research on different countries the company decided to extend its operations to Singapore. Environmental Analysis An environmental scanning of the new market chosen for expansion of Network Manufacturing Company is being done using PESTEL analysis. PESTEL analysis helps to analyse the macro economic factors which are used in the environmental scanning (Lorat, 2009). Factors Analysis Political The political structure of Singapore is headed by the President at the top, who is the Head of the State. It is followed by the Prime Minister who is the Head of the Government and then the cabinet which consists of the executives who are also controlled by the President. The political structure of the country allows many foreigners to come and reside in Singapore and carry out their businesses without the fear of any political barrier. Thus the company will not face any threat from the political environment of Singa pore. Economic The Gross Domestic Product of the country in 2012 is $239.7 billion. The Gross National Income per capita is 59380 (in Euros) and the present inflation rate is 5.2 per cent (Singapore Economic Development Board, 2012). It is a well developed country and is highly successful for carrying out businesses. The country has an open business environment and is free from corruption. Therefore, the chosen company does not possess any threat from the economic scenario of the country and can carry out its business in the new market chosen freely and successfully. Social Singapore is a place of various cultures. The country possesses a strong social responsibility and allows different foreigners from all parts of the world with diversified cultures. The country is also known as a nation of many languages as the residents here speak in different languages. Thus the social environment of the country allows many outsiders to reside in the country and continue their business operatio ns. The chosen company is free from the barriers related to the social and cultural dimensions of the country. Technological The country is full of new technologies and allows many foreign investors as well as many foreign companies to continue their operations in the country under the controlled administration of the government. Environmental The environmental factors of the country support foreign investors as well as foreign businesses to start and continue their operations in the country. The country possesses a code of ethics for the businesses running there. It includes transparency; coordination among the managers, the directors and the investors and professionalism in the business. A business following these ethics will have no environmental barrier from this country. Legal The regulatory business of the country helps to encourage the businesses that are operating there. The regulatory framework of the country favours the businesses running there. The investments that are ma de by the foreign investors are supported by the law of Singapore. Entry strategy and Ownership Structure A company expanding into a new market involves a lot of risks. The company may possess several threats from the new market. Thus it is always beneficial for the company if it goes into a joint venture with an existing company in Singapore. It will reduce the

World Wild foundation advertisement Research Paper

World Wild foundation advertisement - Research Paper Example It is virtually in all areas of society. Nonetheless, violence is highly depicted in advertisements, from advertising household commodities to industrial machinery. In addition, violence is not only expressed physically, it is also expressed socially and psychologically. All these forms of violence are exhibited through advertisements. Nonetheless, media stakeholders have tried dealing with this issue (Hamilton, 1998). This paper will consider violence in relation to advertisement and how it affects children and women. The significance of violence in television interference impact is highlighted by proof that violence is common in television programs. Nonetheless, while some advertisers avoid programs containing violent content, other advertisers do not air violent programs. Bushman conducted research on the impact of a violent content on memory for advertisements not containing violence. Bushman concluded that while violent television programs may cause enraged thoughts, this may af fect the processing of nonviolent advertisement programs. Violent advertising affect memory of individuals, mostly children and women. ... Also, violence is mostly recalled when a person is placed in a violent environment. An explanation for this is that violence in a violent environment makes violence associated concepts more within reach (National Television Violence Study 2, 1998). The attack on the Twin Towers instigated negative impact on the economy of the country and also had a tremendous effect on world economies. Therefore, advertisements related to the Twin Towers have negative effects to women and children. The analysis of the World Wild foundation advertisement takes into account children and women as the targets of the advertisement. This considers the objective of the advertisement and the view of the advertising content or intention of the advertiser. The analysis also looks at the children and women as advertising resource. This can stimulate impacts at the level of thought, behavioral or affective level. The analysis also may refer to women and children as receivers of advertising. This notion is linked with the habits and behavior of intake of advertising by the women and children (National Television Violence Study 2, 1998). The World Wild foundation advertisement does not consider women and children viewers of the advertisement. This is because there is a person pointing a gun at a child. This will make women and children have a negative view of the advertisement. This is because children will view themselves as targets of violence and women will have a negative attitude due to their care giving nature. The city of New Jersey lost the largest number of people after New York City. Over 90 different nations lost nationals in the World Trade Centre attacks. Additionally, there were two individuals who were listed in the official death number. This was

International Financial Management Essay Example | Topics and Well Written Essays - 2500 words - 3

International Financial Management - Essay Example Thirdly, firms aim at broadening their market. Fourthly, companies aim at increasing their returns. In terms of career, International financial management is focused to the students who aim at being involved in investment across the border where they will be involved in making financing decision while working managers, investors or consultants. Four key areas that are covered by International financial management include currencies, multinational financial decision making, institution and finance and cross border valuation. This paper seeks to discuss various issues that came about during the half yearly meeting of International Investments plc from various stakeholders. Being the world’s primary reserve, the dollar is a key aspect that helps US government to keep interest at low level. On their part, foreign countries buy the US treasury debt for two main reasons. First, it is an investment that the countries can use to improve their monetary policies. Secondly, dollar-denominated assets as compared to other currencies are the best way to hold foreign exchange reserves (Brealey and Myers, 1991). As indicated by Catherine Mann, long-term global economic health demands that United States and the trading partners to collect internal imbalances as well as external balances. In order to ensure that the future position of the dollar remains strong there is need for co-dependency between US and the trading partners (Grimwade, 2000). In the case of depreciation of a dollar, there will be an economic problem that will involve global re-balancing. Global re-balancing refers to complementary narrowing of two imbalances across the globe. These include e xpansive dependence of other countries on the net exports of the US as well as the increasing US current account deficit. One of the key roles of global co-dependency is that it prevents the dollar from depreciation while at the same time keeping the current configuration of the world imbalances at the best position

Eagle Boys Pizza Report Essay Example for Free

Eagle Boys Pizza Report Essay Founded by a young baker in his mum’s garage in 1987, Eagle Boys now operates more than 335 stores throughout all states of Australia. It is one hundred per cent Australian owned and operated and delivers pizzas to hungry families across Australia from metropolitan inner city areas to small remote towns. With over 8,000 team members nationally, Eagle Boys makes just under 18 million pizzas a year and generates an annual turnover of more than $200 million. Focused on delivering real taste, real size and real value to pizza lovers across Australia, Eagle Boys is customer-focused and continually examines ways to improve its customer satisfaction and service. Eagle Boys ensures pizza lovers across Australia receive tasty meals and exceptional service every time by training its franchises to commit 110% to customers’ satisfaction. Explanation of its legal structure Eagle Boys pizza is a Proprietary company, meaning that it is private. The shareholders of Eagle Boys Pizza Pty Ltd, have limited liability protection, which means that the most money they can lose is the amount they paid for their shares. Eagle Boys began as a family business, as it was founded by Tom Potter and his mum in 1989. It is an incorporated business, meaning that the business is a separate legal entity from the owners. This allowed the business to be sold and still be operated, in 2007 to Todd Clayton who is now the CEO and managing director of Eagle Boys Pizza. The fact that it is a separate legal entity, allows the company to sue, be sued, buy or sell property and also have perpetual succession. Identification of the current stage of the business life cycle the business is currently in and give reasons for your views Eagle Boys pizza is currently at the maturity stage of the business cycle. Its goal is to maintain profits at pre-existing levels. Recently, in February 2011, Eagle Boys responded to the growing sophistication of Australians’ pizza palate by unveiling its new Gourmet Pizza Range featuring ingredients such as, Roasted Potato, Salmon Steaks and Tandoori Chicken. Eagle Boys is also the only Australian pizza maker to offer Ready 2 Go! â„ ¢, which allows customers to get their hands on some of their favourite pizzas without phoning beforehand or waiting between 5. 30pm and 8pm daily. Since Eagle Boys was purchased by private equity firm NBC Capital and the current executive team in 2007, Network store numbers have grown by 63% which is the highest period of growth in the company’s 24-year history. Eagle Boys saw sales grow 15. 4% during the 12 months up to June 2010, bringing total sales growth during the past three years to 43. 2%. The company expects the strong double digit growth to continue with the opening of additional stores and the launch of new products. Identification of one business law and one regulatory body in relation to this business – explain how this business complies An example of a business law of the Eagle Boys pizza is a privacy law. Eagle Boys is subject to Privacy Legislation, including the National Privacy Principles (NPPs) under the Privacy Act 1988, The Privacy and Personal Information Protection Act (1988) and contractual requirements relating to Privacy pursuant to a number of State and Territory Government Licence Agreements. Eagle Boys Pizza complies with this law by collecting information by either specifying or letting the reason be apparent at the time the information is collected. It is not Eagle Boys’ general practice to collect sensitive information and they will only collect sensitive information with the persons consent. A regulatory body that Eagle Boys Pizza complies with is the Australian Competition and Consumer Commission. Eagle Boys applied for notification of conduct whereby it would grant franchises on condition that franchisees acquire goods and services from specified suppliers. That notification was lodged on 13 August 2009 and allowed to stand on 21 September 2009. Eagle Boys complies by ensuring product safety and liability and does not provide any false or misleading advertising. Identification of two significant challenges for management in the business life cycle – one challenge management has faced prior to 2011 and one they will face in the future (ensure you state which stage of the life cycle the business experienced /will experience this challenge). A significant challenge that Eagle Boys pizza management has faced prior to 2011 is responding to the growing amount of different pizza businesses, in competition with Eagle Boys, and the need to introduce new ranges and varieties of products to satisfy the needs of consumers. They had been challenged to introduce new products such as gourmet pizzas, desserts, and sides such as pastas, chicken wings, garlic bread etc. This challenge was experienced during the growth stage of the business cycle. A significant challenge that Eagle Boys pizza management will face in the future is decline, in the Recession stage of the business life cycle. As the business would have been running for a while now, it will have become a high-risk business. Products may become obsolete, leaving the business with unsold stock. Another factor influencing decline is well qualified employees beginning to leave and seek better job opportunities. Due to the ongoing introduction of new businesses in the same field, Eagle Boys will be affected by consumers no longer buying the businesses products, resulting in a large dent in the cash flow. Consequently, profits will also decline. Identification of the business environmental influences, both internal and external, that have impacted upon this business Internal environmental influences that have impacted Eagle Boys Pizza include product influences such as the range of menus that it provides as well as services provided. E. g. Delivery services. Location influences also have a large effect on the business. The location of franchises is vital as a prime location means the business will attract higher numbers of customers as it is convenient and visible. The proximity to customers, suppliers and support services is also essential in determining the location of the business. Another internal influence is resources. Employees, being the main asset to the business are an extremely important resource. Other important resources include cooking and servicing equipment and machinery as well as raw materials that allow the business to create and sell their products. Management influences control the workers and help to provide a more organised structure and easy way of communication and co-operation. External environmental influences that have impacted Eagle Boys Pizza include Legal influences such as increasing legal obligations and business requirements. Political and institutional influences include taxation, employee superannuation, approval of new development and alteration applications. These influences have a strong impact on how and where the business is run. Another external influence is financial influences. Financial influences create changes in the financial market which can cause risk for the business. Geographical influences heavily impact the opportunities for the business. Demographic factors such as population, age, and income control the popularity of the business. Explanation and critical analyses of how management has responded to the above range of challenges and influences The first Eagle Boys Pizza opened in Albury, New South Wales. Eagle Boys advertised their products as semi-gourmet pizzas that quite unique to the larger chains, yet cheaper due to the high production output. This successful idea caught on, and the first store in Albury was quickly creating a generous profit. Within less than a year, Eagle Boys opened up two more stores in the neighbouring cities of Wagga Wagga and Dubbo. As the company sustained its growth, it put a lot of energy into researching ways to meet consumer demands in different regions. With stores opening up in rural, suburban and urban areas throughout Australia, the company became very popular due to operating in areas that other large fast food businesses would often ignore. One particularly successful store model was the development of a drive-thru pizza store in 1999, a concept which was unheard of at the time. Australia’s first drive-thru pizza store demonstrated to be immensely popular, as it was easy and convenient. Expanding on this quick pizza delivery system, the company launched the Eagle Boys Pizza Express Store shortly after, which was designed to provide quick service pizza out of a small location in highly populated foot traffic areas. This express system proved to be very popular, and new locations started to spring up at airports, shopping malls and pedestrian malls around the country. Many locations were now generating up to forty precent of their sales. As the company started to experience increased competition, it had to do something to differentiate its express pizza service from other companies offering similar products. Eagle Boys eventually developed a popular offshoot menu for Eagle Express stores: â€Å"Ready, Fresh Go! † in 2008. This idea meant that while it is an express delivery system, the pizzas are made fresh and held in specially-designed slow-cook ovens that ensure their freshness. The company’s dedication to research and response to consumer trends and the development of new, quality products quality concluded in the largest reformation of the Eagle Boys menu in its history. Launched in early 2010, the new menu featured a variety of new items. Apart from new pizzas, new items such as a chocolate fudge mousse dessert, pasta dishes, additional side dishes and drinks were introduced. Customers have responded with a resounding satisfaction, and throughout 2010 Eagle Boys enjoyed one of its biggest increases in sales in company history. Eagle Boys continues to develop new and accessible ways to respond to challenges and internal and external influences. Creating innovative and unique products is what has propelled the company to success, and it continues to be a mainstay of Eagle Boys’ activities today.

The Apple Inc After Steve Jobs Commerce Essay

The Apple Inc After Steve Jobs Commerce Essay The purpose of this assignment and the selection of Steve Jobs case study draw in many features of leadership theories and works connected with Jobs Apple or his business activity. His leadership tells again one further thing that sometimes successful leaders may divide into two camps the whole world : some adore the leader and others cannot stand him. This sensation is not so unusual as example of Margaret Thatchers political leadership and many military leaders over the centuries. Apples success made Steve Jobs a successful leader and the main thing is Jobs personal creation is Apple. During his time there were Bill Gates and Michael Dell who were fabulously successful in different parts of the IT business, but Jobs Apple was among the three brands, always the most inventive, the idiosyncratic, maybe even the imperturbable brand. By this time, many of us already learned, heard, read and watched about Steve Jobs many contributions to the society, his achievements on many accounts. Consumers passions about Steve Jobs and the Apple are rare in the business world. In Soho I was passing by an Apple store not long ago and found flowers and hundreds of post it notes from so many expressing gratitude to Steve Jobs. As Mr. Walter Isaacson, his biographer and others have pointed out that however, Steve Jobs was beyond perfection.   Anyway, his leadership and management style, in particular is my main concern.   Most of us by this time know that Steve Jobs could be egotistical, autocratic, and harsh.   Yet he was a great leader. So, this overturns some management writers claims and thoughts todays business leaders need to be nice, kind, humble (Level 5 leadership), and practice servant leadership? I think the contradiction about leadership can be clarified by two sets of aspects. One we need to recognize the situational leadership. In some circumstances one style could work properly but that might not work in some others at all. Ambiguity or the surprise matter always there while claims being made about the behaviour and the characteristics of the universal leadership. Woking overseas and leading cross functional global teams definitely recognize leadership needs to be adapted culture specific. Mr. Jobs leadership not mentioning his genius activities was a key part in the success of Apple. If he had used another style, might not be able to achieve the glorious success at Apple. The other one is apart from arrogance style of Mr. Jobs he had some great executive leaders qualities visionary, risk taker, emotional stability, openness to experience, and highly focused, committed or persistent, passionate and positive attitude. Not only he dived into his vision, he made sure companys everyone brought into that created for the company a higher purpose which excited really the company employees. His products and passions of course were legendary in Apple. He established trust among company members not as a founder but in marketing and product design. Leadership and Organisational Behaviour Issues Section # 2 Leadership Organisational Behaviour Issues To understand the attached case studys key aspect module Organisational Behaviour, I have done a detailed research on Apple Inc. policies, leadership strategies etc. Balanced Scorecard Institute defined the balanced scorecard which is a management and planning system used to bring into line business activities to the vision and the organisations strategy, communications (internal external) improvement, and against strategic goals monitor organisational performance. Most organisations, to bring effective changes use the balanced scorecard. But APPLE INC. doesnt implement the scorecard for operating changes but uses for long term performance. It focuses on various categories of measurement in the following order Financial Perspective Shareholder Value Customer Perspective Market share and customer satisfaction Internal Process Perspective Core Competencies The Innovation and Improvement Perspective The three wide-ranging Organisational Behaviour aspects have been taken i.e. Leadership, Motivation, and Change Management to identify whether Apple Inc. is following a good strategy or any possibility of improvement or any requirement of complete change. Especially the focus is more or less orbited around the Apple Inc.s CEO Steve Jobs throughout the report and the way he be able to manage and motivate the Apple Inc.s employees Leadership Through the case study and because of Steve Jobs I deeply researched and found on crisis moment Apple called him and simply Steve Jobs turned the things around and took the organisation at top level, honestly I got charmed by this man. His leadership styles sets for everyone example, he is visionary and transformational leaders role model. For example the price of Apple share 2% fell on Steve Jobs illness rumour in 2008. Because of some power struggles internally, Apple forced Steve to leave his job in 1985 and after that nearly one decade Apple was in serious crisis. In 1996 financial losses was reaching $81600000 and in 1997 it was $1 billion and instead of $70 per share (1991) it became $14 per share. In 1997 March issue Fortune Magazine described Apple as Silicon Valleys paragon of dysfunctional management. (Woods, 1997). Later Apple appointed Steve Jobs as the CEO and everything started changing even Apple is much ahead than rivals HP, Dell, Microsoft etc. and posited or ranked sixth in the list of reputable companies. In spite of his all achievements, Steve always been encircled with arguments. Beside the concern of the products of Apple, he is looked up as a business idol. Transformation leadership consists of charisma, motivation (inspirational), stimulation (intellectual) and consideration (individual). Everybody knows that Steve Jobs had these all qualities except the last one consideration (individual). He had a perfection achieving phenomenal hunger and acted as a one man army to reformed computing system. From his past as well as the past of Apple we can see his greatness. Todays the digital image of the society is enhanced by the Apple i.e. Steve Jobs. During 1985 to 1997, successfully he transformed Pixar into a successful speculation. Only lack was Steve Jobs liked secrecy. Apple builds trust but never talked about their forthcoming products. They always talked about their achieved things and this behaviour effects a lot to the Apple Inc. employees. His arrogant and top-down approach is not going to work according to William C. Taylor (Harvard Business Review, 2009) With an excellent speech ability and superb fascinating influence over the audience and his employees, Steve Jobs is a very powerful charismatic leader. He made his employees enthusiastic by the charismatic power and convinced customers to buy Apples products. Apart from his charismatic power he is also known as devious, rude and corrupt. He did not respect individual, employees scared him, though its perfection quest but still shows his consideration for individual is low to some extent. He made his employees better but not to be easy on them. Survey in 2008 shows that employees were not enough satisfied with their bonus and compensation level but they had towards the products and the policies of the company full passion. Steve Jobs tremendous qualities of charismatic power, Apple outperformed others primarily in the business market. Though charismatic leadership power matched with him but his individual consideration does not go with him. In this respect my doubt goes whether Steve Jobs is a charismatic leader or a personalised leader more. Motivation The purpose and direction of behave is the psychological process which is referred by the Motivation. An organisation will be benefitted if the employees are motivated by effective productivity though its a very complex task as motivation keeps on changing. In 2010, Glassdoor results show clearly that Apples employees are respectful to their boss and are motivated. A few years before and the present Apple if compare, anyone can easily realise that Jobs was outstanding to get his employees commitment properly that proved Apples employees motivation. When excellence expected then employees need not be told anything said by Steve Jobs in 1989, initially needs to coach them. The motivation model of the Maslows hierarchy of needs (1943) describes that the needs can be classified into these stages (including last need being basic need most). SELF ACTUALISATION Doing what best you can do ESTEEM NEEDS Self-respect and respect from others BELONGING Acceptance and being part of something SAFETY NEEDS Physical and Psychological security PHYSIOLOGICAL NEEDS Hunger, Thirst, Rest etc. Esteem , Belonging and Self Actualisation needs are as highlighted is that according to me, these are the underperformances in the Apples motivation level for employees. Apple never put hard gear on the employees motivation as they never knew what company coming up with next. They are restricted to go from one department to another by using electronic badges as terrorists. Jobs kept software and hardware department separate and set in different buildings. Steve Jobs always looking for perfection, a notorious manager, instead of motivate he used his stick. This definitely is not followed the Maslows hierarchy of needs. Steve Jobs was an autocratic as he wanted people to listen to him. Though innovation is part of the involvement of the employees but this theory had a doubt on Apples innovation. Definitely it conflicts with the Self Actualisation Stage of Maslows hierarchy. In 2006, Roderick Kramer wrote for Harvard Business Review, a certain degree of forcefulness might prove to be useful when it comes to handling intractable problems. So, Steve jobs always worked on his own way and delivered fabulous results does not mean that his ways is the right way. Because its not about Steve Jobs, its the question about Apple Inc. So, therefore the way Jobs worked is not the right way. According to an insider Steve was acute with his employees, made them cry but also most of time he was right. His viewpoint was exceptional and he had no asshole rule, he was tyrant in his workplace but if employees not fully pleased then things not going to work same way in future. Change Management The development of an organisation depends on Change Management, a set of behavioural science-based theories, values and strategies. It is not an easy job. W Pasmore in 2010 said that many leaders failed to make operating and critical changes to led the organisation. Apple like many other big companies gained mastery in this matter. Not only Apple Inc. comes up with new and innovative technology but also the implementation of the financial figures of them vastly accepted all over the world. Steve Jobs has many reasons to be successful in change management and out of those understanding and anticipation of customers requirement most. Change Management helps an organisation to take from one level to the next level by treating Employees as Focus Group. Steve doesnt rely on focus groups, instead he is a steady believer that customers themselves dont know their requirement. Without asking them he has a strong understanding ability and can anticipate his customers call. So he treats as focus group his own employees and without any customer intervention makes the decision. By giving such huge importance to the employees, the employees themselves feel a part of the change. Thus he gains the employee loyalty very easily. The products like iPod, iPhone, and iTunes are great examples that prove his expertise in understanding the customer needs. Every individual thinks own way differently and has got own different insights and assertiveness in life. So, therefore, its not possible to get 100% support from all the employees. Rather, to accept and adapt to change, they need to be motivated and inspired enough. Jobs chooses team members by selecting multiplier factor of excellence. He believes that the extraordinary designers, engineers and managers are not only better than the good ones by 10 or 20 % but 10 times better. He feels that outstanding products come from their contributions. Eliminating Fear of Change: Over time, Steves leadership has made the organisations mantra, together with its distribution and channel partners. While iTunes launch, people thought it might change the entire music industry. With the charismatic ability Jobs eliminated the fear of change, and they achieved their 100% contribution and iTunes in the music industry made a revolution. Managing Changes in Distribution Strategy: the whole distribution strategy might be disrupted at time by the innovation and Apple faced the problem on their iPod launching time. They made good relation with big box stores like Wal Mart, Target etc. before introducing them in the consumer electronics industry. For distributing digital music iTunes also built a complete new distribution strategy successfully and thats the way Apple overcome the changing problem in distribution strategy. Analytical Framework and Evaluation Section # 3 Analytical Framework Evaluation Most business leaders expect to touch the level Steve Jobss did before he died in October 2011. He is the legendary visionary player one in a century. He is a dynamic and controversial leader and his success totally relied upon his innovation capabilities. During time the legacies left by many other protruding leaders become clear. However, we already by today have tremendous clarity of Jobss leadership. Because of the masterful biography of Walter Isaacson, we know that Jobs pursued former CEO of CNN and managing editor of  Time Isaacson, for five years (Jobss determination example in the book first among many), and then of course a much rarer incidence giving a free hand to him, promising: Its your book. I wont even read it. Certainly Steve Jobs was a wayward and ambitious leader, and his innovation, commercialization and services to the society through Apple Inc. changed the way of life styles of many of us and developed truthfully great ways for computing, publishing, movies, music, and mobile telephony industries. His way or style of leadership is complex, risky, committed and charismatic to convince customers and employees on his aspiration. Though he is greatest business executive of the era but he was critical, tyrant one. All too often he was the antithesis of the servant leader model popularized in the 1990s (the giving, caring organizational mentor who in many ways contrasted with the hero model of a century prior). Not only at Apple Inc. but at NeXT and at Pixar, he seeded powerful culture. He created a place where motivated people make great products. He had fascinating and perplexing leadership. Personally and professionally he fell in and out of love with people easily. Because of his great talent he created extraordinary skilful organisation but he missed many peoples potential contribution. In question of teamwork, he always challenged to do beyond the possible. So, a few strong people cope with this challenge to keep remain the pride but many others usually become frustrated. In a way this is a loss of encouragement and emotional effect as the theme comes up A players and B players. Then the misrepresenting habit of Steve Jobs in reality for fulfilling his purpose together with the intolerance, condemnation, and unfriendliness that often accompanied it. In one sense Steves version could create a compelling vision of what might be. Could observe his fostered cultures at his company Apple Inc. even though he was not with Apple for 10 years but his underlying essence of the culture which he had established somehow stayed alive. But on another sense, Steve Jobss criticism, unfriendliness and arrogance could be extremely estranging, which actually shattered his credibility, particularly the way he used it to terminate a hopeful impression or a determination as a piece of crap. The way Apple Inc. worked on last decade was a way to sink a company. It successfully did everything because of Jobs extraordinary talent at foreseeing and providing revolutionary products and services. His ability to originate for his customers in a way few leaders had done before obliged as a liniment to his bad-tempered personal style. There will be really few countable top leaders who pay much attention on design detail and other things of products as Jobs did. Without counting cost efficiency or sales volume or even the profit, Steve Jobs always measured the consumer appeal, functionality and simplicity of products. That attention was the vital part of his organisation Apple Inc.s strategic and marketing capabilities. Steve Jobs was alike Walt Disney and Edwin Land an entrepreneurial leader in these respects and he admired both of them. Jobs without any hesitation always declared that without showing what they want, customers do not know their requirements. Indeed, not infallible but he remarkably was able to develop products that consumers would buy and enjoy, as well as the self-reliance, audacity, and ambition to bring them to life. According to Isaacson, a blue collar mechanic and his adoptive father Jobs genius for imaginative leaps [that] were instinctive, unexpected, and at times magical Time goes on and Steve Jobs became a better leader of people. Though he never liked to live on his own shortcomings, Isaacson in 2007 quotes a statement revealing a somewhat unenthusiastic, even concealed sense of an imperative flaw. Because Steve Jobs and Woz were not good enough in making partnership with people but based on doing the whole banana they started the company, he said of Apples design philosophy. Only God knows if he could have some more time, he might be able to less the gap difference between his leadership DNA and the Apple Inc.s one. Conclusion and Recommendations Section # 4 Conclusion Recommendations If consider the Apple Inc. financial results then people might remark that most of the things in the company are going quite well. But the above entire analysis explains that a lot of loopholes are inside the functions of Apple Inc. which have need of a subterranean thought. All over the world millions of people were considering Steve Jobs as an idol but side by side his attitudes, arrogance or behaviours questions straightway whether he can be symbol as a transformational leader truly or should level him as a personalised leader. Definitely if someone think that Apples innovative products are a result of employee involvement and motivation then the idea is totally wrong. After getting the critical analysis of the motivation levels according to the Maslows Hierarchy of Needs help, it could be easily explainable that the sequentially described top three needs levels go uncertain in Apple employees case. But there is no doubt on the question that Apple has mastered in the concept of ch ange. Whether it is about training the employees for change or it is about managing the changes in distribution strategy, Apple has successfully managed changes both within as well as outside the organisation. My recommendations to the company, particularly to Steve Jobs, are: No wonder apple has no match in its innovation. But things can further improve provided that employees are given more freedom to express their thoughts. Moreover, if instead of Stick, Jobs can manage with some positive motivation, it can do wonders for the company as far as employee loyalty is concerned. Steve Jobs, undoubtedly, is a fantastic charismatic leader. The analysis in the report clearly shows that the charisma of Steve Jobs has single handed taken the company to such heights. But Apple needs to think beyond Steve Jobs. The company should start focussing more on its future, for which it is really important that the other members of the organisation also start scratching their heads and reduce their dependency on one man. According to The June 11, 2012 issue of  Fortune, at present the employees of Apple Inc. seems more than satisfied with Mr. Cook who often sits down with the Apple employees randomly at lunchtime whereas typically Jobs dined with his design chief. Employees used to loved, admired and feared Jobs but the way Cook treating his employees is the way employees expect to interact with their CEO. According to a University of Iowa study one statement easily can be perceived for Apple Inc. that no co-worker or colleague would be supportive or friendly with an abusive or critical boss like Steve Jobs, they will tolerate the behaviour of the boss as long as he is productive. At present all over in North America, current and aspiring executives either quoting what Steve Jobs said, but would urge others by criticizing them by the caution that Steve Jobs wouldnt do that. One thing is for sure, bringing up the next generation of leaders to emulate Steve Jobs leadership style will take our organizations, if not our society, backwards. Interestingly, Jobs may not be the incarnation of an effective leader in a way, he was far from being a conventional text-book example. Nevertheless, his captivation, self-confidence and thirst for work outshine all his imperfections, making him one of most successful CEOs of the decade.