Tuesday, December 31, 2019
Harriet Beecher Stowe s Uncle Tom s Cabin - 1015 Words
Mrs. Shelby and Marie St. Clare in Uncle Tomââ¬â¢s Cabin Brandi N. Harris November 20, 2014 A Paper Presented to Meet Partial Requirements For HIS 2111 Dalton State College Introduction Harriet Beecher Stoweââ¬â¢s Uncle Tomââ¬â¢s Cabin was a novel written in times of unrest where slavery was a controversial topic and women s rights were still suffering. Uncle Tomââ¬â¢s Cabin showed the grim reality of slavery and showed the importance for women to gain a societal role beyond the domestic domain. The reading contains a number of major characters throughout the novel. The two most notable characters we will discuss is Mrs. Shelby and Marie St. Clare. Throughout this paper we will compare and contrast these two characters and give specific examples to illustrate the similarities and differences between these two unique individuals. The first character we will discuss is Emily Shelby who is the wife of Arthur Shelby who is a Kentucky Plantation owner and the owner of Uncle Tom. Mrs. Shelby is a kind, loving, and Christian woman who is strongly opposed to slavery and takes it upon herself to treat them with most respect. Mrs. Shelby from a spiritual standpoint cares about her slaves relationship with God and teaches his word to them. Mr. Shelby and Mrs. Shelby treat the slaves with kindness but differ significantly in regards to slavery. Unlike other women of this time period, Mrs. Shelby stands by her views and morals regardless if herShow MoreRelatedUncle Tom s Cabin By Harriet Beecher Stowe901 Words à |à 4 PagesHarriet Beecher Stoweââ¬â¢s Uncle Tomââ¬â¢s Cabin was a story that described the real life plight of an American Slave. Kentucky farmer George Shelby amassed enormous debts and faces the possibility of losing everything he owns. To settle his debts he makes the decision to sell two of his slaves, Uncle Tom and Elizaââ¬â¢s son Harry. Eliza is a young, beautiful quadroon girl who George Shelbyââ¬â¢s wife took on as a daughter. Eliza overhears a conversation between George Shelby and his wife concerning the impendingRead MoreUncle Tom s Cabin By Harriet Beecher Stowe Essay1351 Words à |à 6 PagesIn Un cle Tomââ¬â¢s Cabin, Harriet Beecher Stowe uses the character of Augustine St. Clare to play a very important role in expressing her views of abolition to the reader throughout the novel. St. Clare is, in himself, a huge contradiction of a character, as his way of life is supported by the same system that he despises, slavery. St. Clare professes multiple times in the book that slavery is wrong, yet he holds slaves and refuses to release them, making him a hypocrite whose morals are right, mainlyRead MoreUncle Tom s Cabin By Harriet Beecher Stowe1295 Words à |à 6 PagesUncle Tomââ¬â¢s Cabin, one of the best classic novels by Harriet Beecher Stowe takes place in Kentucky on Mr. Shelbyââ¬â¢s land. In Uncle Tomââ¬â¢s Cabin, the author communicates to the reader the horrific actions and aftermaths of slavery. She does this by telling the story of slaves who were sold to unpleasant masters, showing slavery rips apart families and loved ones, and by showing how children - both free and slave - are affected by slavery. In Uncle Tomââ¬â¢s Cabin a main point to take away from the bookRead MoreUncle Tom s Cabin By Harriet Beecher Stowe1008 Words à |à 5 PagesIn the 1800ââ¬â¢s,a horrible sin of slavery took America by storm. Africans were brought to the United States as slaves. They were sold like animals, separated from their families, and forced to work for wealthy white men. They underwent torture, famine, and verbal abuse, the sole reason for their mistreatment being their skin color. Movements were made, protests held, but what no one was expecting was a short white lady by the name of Harriet Beecher Stowe to make the change that no one had yet achievedRead MoreUncle Tom s Cabin By Harriet Beecher Stowe1522 Words à |à 7 PagesLincoln is quoted as saying, ââ¬Å"So youââ¬â¢re the little woman who wrote the book that started this great war.â⬠upon meeting Harriet Beecher Stowe for the first time. The book that the former president is referring to is Uncle Tomââ¬â¢s Cabin, a 1850s book about the moral wrongs of slavery. It has been said to be the most influential anti-slavery book that has ever been written. Harriet Beecher Stowe is an effective author. She uses numerous literary devices such as facile characters, character foils, and symbolismRead MoreUncle Tom s Cabin By Harriet Beecher Stowe1357 Words à |à 6 PagesUncle Tomââ¬â¢s cabin Uncle Tom s Cabin from the author Harriet Beecher Stowe, was first published in 1852 was a book that tackled the repulsive acts of slavery. In this paper I will discuss my overview and opinion on this book. It is clear if you have a general idea of this book you would know how to this novel ultimately inspired the civil war. As said by our 16th Abraham Lincoln when he met the author ââ¬Å"so youââ¬â¢re the women who brought this Great Warâ⬠Uncle Tomââ¬â¢s cabin has had a great influence onRead MoreUncle Tom s Cabin By Harriet Beecher Stowe975 Words à |à 4 PagesThere are numerous likenesses and contrasts between the lives of the slaves from Uncle Tom s Cabin, composed by Harriet Beecher Stowe, and that of the wage slaves from Sinclair s The Jungle. Featured mutually in each books, was slavery. Along with that, both novels allocate the authorsââ¬â¢ perspectives on the issue. In Sinclairââ¬â¢s book, he wrote about the lives of the wage slaves, how capitalism aff ected the wage slaves. Meanwhile, Stoweââ¬â¢s consisted more on a religious aspect, going in depth of howRead MoreUncle Tom s Cabin By Harriet Beecher Stowe1019 Words à |à 5 PagesUncle Tomââ¬â¢s Cabin by Harriet Beecher Stowe is ââ¬Å"one of the most famous books in the worldâ⬠she is considered to be the woman that started the civil war. This book presents Anti-slavery ideas using Religion, Maternity and the idea of Gender Roles to promote the idea of Anti-Slavery. Throughout Uncle Tomââ¬â¢s Cabin there are ââ¬Å"slave problemsâ⬠,how slavery destroys and crumble families by splitting apart mother and child along with husband and wive.Stowe argues that these slavery brings out the femininityRead MoreUncle Tom s Cabin By Harriet Beecher Stowe1760 Words à |à 8 PagesHarriet Beecher Stowe was born in June 14, 1811 in Lichfield, CT and was the sixth of her familyââ¬â¢s eleven children. Beecherââ¬â¢s parents taught their children that their primary life goal was to make their mark. All seven sons became ministers, Isabella (the youngest) founded the National Womenââ¬â¢s Suffrage Association, and Harriet revealed the horrifying truths and dissolved the social injustice of slavery. During her 85 years Beecher published thirty novels, but her bestselling book Uncle Tomââ¬â¢s CabinRead MoreUncle Tom s Cabin By Harriet Beecher Stowe Essay1090 Words à |à 5 PagesUncle Tomââ¬â¢s Cabin was the most popular story in the mid to late 19th century. There are nearly thousands of copies of that novel sold. The author Harriet Beecher Stowe was an amazing author and abolitionist. The purpose of her writing Uncle Tomââ¬â¢s Cabin is to influence other people to abolish slavery. Uncle Tomââ¬â¢s Cabin was based on Religion and the abolition of slavery. Uncle Tomââ¬â¢s Cabin was epic story in the mid 1800ââ¬â¢s because it represents the cruelty of slavery and religious beliefs. Stowe kind
Monday, December 23, 2019
Bullying At School Is A Big Problem - 1977 Words
Bullying Epidemic Bullying at school is a big problem that is found in all the schools in the United States and across the world. Since the late 1990s there have been several fatal school shootings committed by victims of bullying that have brought bullying major media attention. This has resulted in an increase of awareness about the harmful effects on the kids being bullied as well as the bullies themselves. This has brought a large amount of local, state, and nationwide programs designed to try to prevent bullying or to at least try to contain the problem. ââ¬Å"In an effort to adequately address the problem, many schools are taking a proactive approach through prevention and intervention, but how do we know if and when such intervention is effective? First and foremost, we must have an accurate understanding of the dynamic and complex phenomenon of bullying across development and as it spans the multiple levels of the social ecologyâ⬠(Casper, Meter, Card, 2015, par 2). Many psycholog ists, sociologists, and school administrators have been publishing research on school bullying. Bullying is a significant threat to many children because it causes psychological problems not only for those who get bullied but also those who do the bullying. Even though bullying is a significant problem the are few solutions that can help prevent or significantly reducing bullying like reporting bullying, know the characteristics, and passing laws. What is Bullying? What is the definitionShow MoreRelatedBullying Has Been A Big Problem In Our School System For1745 Words à |à 7 PagesBullying has been a big problem in our school system for many years, but it has escalated over the past decade due to the new era of modern technology. Unanimously, we can agree that our daily lives greatly depend on technologies; the internet, cellphones, computers, tablets, IPad etc. Although the uses of technology positively impacted our lives, there is also the downside when it uses have negative connotations. For instance, modern technology made it very easy to engage in cyberbullying, perpetratorsRead MoreEssay on We Must Confront Bullying As a Nation722 Words à |à 3 PagesAnyone who has been bullied knows that pretending as if the perpetrator does not exist is virtually impossible. In fact bullying is a serious matter that we as a society must confront and strive to abolish. Since bullying can occur in a variety of ways, one must first understand its nuan ces to recognize that bullying is taking place and then realize the gravity of bullying. Bullying affects an entire community of kids. A single student who bullies can have a wide-ranging impact on the students, notRead MoreBullying Essay1509 Words à |à 7 PagesBullying comes in many different forms and can happen to anybody. It may start off as a game or as an annoying comment, and as time goes by it starts to escalate. Everyone knows what it feels like and no one particularly likes the feeling. Bullying happens to take place more at school, and for someone who may not fit in it can be a living nightmare. The head of the school needs to make and enforce stronger rules into fixing this problem. It causes the person who is bullied to have a low self-esteemRead MoreThe Effects Of Bullying On Everyone s Bullying1220 Words à |à 5 Pages2016 The Effects of Bullying on Everyone Bullying and in its many various ways effects everyone in a lot of ways. A lot of the people are being humiliated and hurt. Victims of bullying commit suicide because people that are being bullied think bullying will not stop. Bullying is a big problem in many countries, it is a problem that everyone can experience at anytime and anywhere. Bullying can be the number one problem everyone experiences in daily basis. Bullies think that bullying is fun. Bullies areRead MoreBullying . In Life There Is No Perfect Picture For A Non-Violent1379 Words à |à 6 Pages Bullying In life there is no perfect picture for a non-violent world, but then we turn to school, work forces and sadly enough, we as a community reach the point of having to find ways to prevent bullying. Bullying as we see is as a whole can create a foundation that certain people donââ¬â¢t want to particularly be involved with, such as school environments, workforces or even a neighborhood. This is a worldwide incident that is going on and people are getting hurt emotionally, physically and evenRead MoreBullying Should Be Addressed For The Proper Development Of Children1347 Words à |à 6 PagesBullying is a very strong word to all the people around the world but some time people may not know if they are bullying other people. Bullying to all of us means something different. This is why I consider it very hard to judge and punish bullying as definitely what is bullying? Is bullying when you just fight with a kid or simply insult him and he insults you back, is it when you tease him for something he does, or is it when you take things from him without his permission is that bullying? StudiesRead MoreTeens as Victims of Cyberbullying1482 Words à |à 6 Pagesof cyber bullies,â⬠Richard Webster from the ââ¬Å"Cyber bullying is when a person or a group is trying to embarrass and harm or intimidate those who are weaker than themâ⬠. ââ¬Å"Cyber bullying to texting: Whatââ¬â¢s on your kids ââ¬ËCell?â⬠What is cyber bullying? The Stop bullying Organization explains what the meaning of cyber bullying is. Cyber bullies are able to use cells phones and the internet to make it very easy bully other people. Lawmakers and Schools should take more action towards people who are beingRead MoreCyberbullying, An Online Harassment Of Children By Others1581 Words à |à 7 Pagescyberbullying that can be understood. Most cyberbullying instances happen at home and is often brought to the school campus. School systems are left unsure of how to response to the bul lying while balancing legal and ethnic responsibilities. Students across the nation are being bullied online and are bringing to school the residual effects of these personal attacks The issues include traditional bullying, teen social media use and cyberbullying. The issue of cyberbullying cannot truly be addressed unlessRead MoreCell Phones Persuasive Essay813 Words à |à 4 Pagesphones in school is occurring more and more. Do students deserve to have their cell phones for use during instruction time or school hours? Research states that cell phones are no benefit to students in school. Others claim to state that cell phones are in fact, beneficial to students and will not damage the learning environment for students. These arguments have been more plentiful in schools all over the country. Some schools have decided and ruled out cell phones, but other schools are still tiedRead MoreHigh School Cliques896 Words à |à 4 PagesCliques in Schools High school has always been a tough time for most teenagers. It is a time when classes are harder, schedules are tighter and most students are twice as mean. High school ââ¬Å"marks a time of extensive and sometimes rapid growth for adolescentsâ⬠(Clique Formation). A step up from junior high, ââ¬Å"the unfamiliar environment subjects students to vast array of new experiences, problems and decisionsâ⬠(Clique Formation). Most teenagers experience problems once they hit high school like peer
Saturday, December 14, 2019
Why Did the Us Introduce Marshall Aid Free Essays
Why did the US introduce Marshall Aid? The main reason why the US introduced Marshall Aid was to prevent the spread of Communism. In 1946 almost the whole of Eastern Europe was Communist, this was due to the actions of Stalin, he wanted to build up a line of countries around Russia and use them as a ââ¬Å"buffer zoneâ⬠to protect the USSR from being attacked. Britain had troops in Greece and was fighting a Civil War against the Communists in fear that it too would fall under Stalinââ¬â¢s Communist rule. We will write a custom essay sample on Why Did the Us Introduce Marshall Aid or any similar topic only for you Order Now The USA stepped in when the British announced that they could no longer afford to keep their troops in Greece, Truman feared that the whole of Eastern Europe would become Communist (the idea of Communism was very popular in times of hardship, the communists believed that the wealth of the richest people should be shared out among the poor) so he agreed to pay for military supplies, weapons, economic aid and British troops to be sent to Greece and Turkey. The USAââ¬â¢s aid soon became known as The Truman Doctrine. This was the idea that communism should not be allowed to grow and gain territory, and that it was Americaââ¬â¢s ââ¬Ëdutyââ¬â¢ to fight for liberty. It was agreed that they would send resources to any Government that was threatened by communism. The Truman Doctrine was significant as it divided the world, showing that Capitalism and Communism were in opposition, which suggested that the East and the West could no longer co-operate. This emphasised the many difference between them. The Marshall Plan started the Truman Doctrine in June 1947, when it was announced that $17 billion should be given to Europe to help rebuild their inefficient economy and prevent the spread of communism. For the USA, Marshall Aid was introduced to make the idea of Capitalism appear more appealing, it was also introduced to try and prevent communism spreading. This now highlights how terrified they were of Communism and to what extent they would go to prevent it influencing the whole of Europe. For the countries in Europe that received aid through the Marshall Plan it was seen as a way of rebuilding their economies and preventing communism in their own country. How to cite Why Did the Us Introduce Marshall Aid, Papers
Friday, December 6, 2019
Eco-Products, Inc. free essay sample
Margins were low and salaries were small. Friends and family supplied funds for business operations. This early history was suggestive of a life-style business. B. Discuss Eco-Productsââ¬â¢ revenue growth-based ââ¬Å"business modelâ⬠that evolved over the 2004 through early 2008 period in terms of (a) production versus distribution, (b) product line development, (c) branding, etc. The company remained a local marketer of green janitorial paper and building supplies until 2004 when the company was set on a new course with both business supply and building supply divisions. The management team was expanded and sales in the business supply division grew rapidly as a result of a focus on brand and Internet strategies. a) In 2004-05 Eco-Products remained primarily a distributor of eco-friendly products such as biodegradable disposable drinking cups, etc. that were purchased from a variety of manufacturers. As the business focus shifted from retail sales to wholesale distribution, pressure increased to produce their own brand of eco-friendly products. Product suppliers were selected in China and Taiwan. ) Steve Savage emphasized the development of a signature Eco-Products line from a Polylactide (PLA) resin from renewable resources such as corn and sugarcane. This allowed the firm to offer a full, uniquely designed line of environmentally friendly products. However, lead times were long since orders from the Asian original equipment manufacturers took from 7 to 12 weeks to be filed. c) As wholesale distribution grew, existing product manufacturers restricted Eco-Productsââ¬â¢ ability to sell many products in the wholesale marketplace. After identifying Asian manufacturers, the ââ¬Å"Eco-Productsâ⬠branded line of compostable cups and food containers hit the market in March, 2007. C. What is the size of the domestic and global markets for foodservice disposable packaging? Who are the major competitors producing/selling environmentally-friendly food service products. What intellectual property or competitive advantages does Eco-Products, Inc. possess? The global food service disposable industry produces an estimated $30 billion in sales annually. Biodegradable products represented the fastest growing segment of the industry and had sales estimated to exceed $700 million in 2008. Eco-Products previously carried the Fabri-Kal, International Paper, and Georgia Pacific paper product lines. These firms became direct competitors when Econ-Products decided to produce its own eco-friendly products line. It is difficult to produce intellectual property or competitive advantages in an industry where product production technology is reasonable simple and where there are several major competitors. In fact, the firm had a net loss in 2007 due in large part to the nearly $200,000 (actually $186,726) in interest expense associated with the obtaining of a line of credit which was $2,843,242 at the end of December, 2007. As sales ââ¬Å"ramp upâ⬠in the future, it is important to ââ¬Å"spreadâ⬠the ââ¬Å"fixedâ⬠and ââ¬Å"semi-fixedâ⬠operating expenses in order to improve the operating profit margin and the firmââ¬â¢s value. E. Exhibit 4 presents Eco-Productsââ¬â¢ Statement of Cash Flows for 2007. Was the firm building or burning cash in its operating activities? When also considering cash flows from investing activities, was Eco Products in a net cash build or burn position in 2007? In Chapters 4 and 6 we discussed the preparation of the Statement of Cash Flows. We use the indirect method which begins with an accounting periodââ¬â¢s (usually one year) net income (or loss) and adds back non-cash deductions (depreciation and amortization). We then adjust these income statement amounts by changes (between last year and this year) in non-interest bearing working capital accounts shown on the balance sheet to get net cash flow from operations. We also calculate cash flows from investing activities and cash flows from financing activities. In actual practice, accountants use the direct method for preparing the statement of cash flows which aggregates all individual transactions made throughout the year that impact accounting cash flows. Thus, because of the lack of detail, the indirect method for preparing the statement of cash flows is sometimes difficult to exactly reconcile with the more detailed results provided from the direct method. Also, as noted in the prior question, only the 2007 balance sheet was audited. Other financial statements were only ââ¬Å"reviewed by a CPA firm. This makes it more difficult to separately prepare (using the indirect method) a statement of cash flows for Eco-Products for 2007. While many of the changes in balance sheet accounts between 2006 and 2007 match with the amounts presented in the consolidated statements of cash flow in Exhibit 4, others do not. Thus, for this question we suggest that students concentrate on Exhibit 4 to determine the extent to which Eco-Products was building or burning cash in 2007. In Chapter 4 we presented a short method for determining whether a firm had been building or burning cash. The short method sums the net cash used in operating activities and the net cash used in investing activities. 2007 Cash Build/Burn = net cash used in operating activities + net cash used in investing activities = -2,891,887 + -356,745 = -3,248,632 Thus Eco-Products had a cash burn of over $3 million in 2007. A more detailed method for estimating cash build or burn was provided in Chapter 5. Cash Build = Net Sales ââ¬â Increase in Receivables = 10,867,104 ââ¬â 965,683 = 9,901,421 Cash Burn = Income Statement-Based Operating, Interest, and Tax Expenses + Increase in Inventories (Changes in Payables and Accrued Liabilities) + Capital Expenditures Note: there may be deferred income taxes as well as changes in other less common current asset and current liability accounts (as shown in Exhibit 4) that must be accounted for in determining net cash used in operating activities. These include prepaid expenses and other assets, income tax receivable, deposits, other current liabilities, deferred lease liability, and deferred revenue and are considered below. Cash Burn = 10,786,740 [i. e. , 7,726,455 + 1,822,206 +1,102,437 + 187,918 (interest other expenses) + -23,276 29,000 (deferred income tax)] + 1,553,188 + 664,003 (i. e. , 589,743 + 64,260 + 10,000) 84,156 (44,800 + 39,356) 126,467 (i. e. , 3,966 + 16,913 + 105,588) + 356,745 = 13,150,053 Net Cash Burn = Cash Burn ââ¬â Cash Build = 13,150,053 ââ¬â 9,901,421 = 3,248,632 F. Describe the early rounds of financing that occurred from Eco-Productsââ¬â¢ inception in 1990 through 2006. Beginning in 2007, the need for external financing began increasing. Describe the sources, amounts, and types of financing obtained during 2007and the early part of 2008. Exhibit 5 in the case summarizes previous rounds of financing. Eco-Products was started with $8,000 in seed money in 1990. Additional equity investments from the founders, family, friends, and employees for purchase of inventory and to support the building supply division occurred in 1995, 1999, and 2003. As sales began increasing rapidly in 2007, there was a need to finance more working capital, particularly inventory. In 2007, $220,000 was raised from 14 investors which included friends, family, and angels. An additional $2. million was raised from 30 angel investors in late 2007 and during the spring of 2008 through a private placement memorandum. Excerpts from the memorandum are shown in Appendix A. G. In mid-2007, Eco-Productsââ¬â¢ management prepared a five-year (2007-2011) projection of revenues and expenses (see Exhibit 1). What annual rates of growth were projected for ne t sales? Make a ââ¬Å"back-of-the-envelopeâ⬠estimate of the amounts of additional assets needed to support the sales forecasts. How might these assets be financed? Prepare a ââ¬Å"roughâ⬠estimate of the possible size of external financing needed to support these sales projections. First, letââ¬â¢s review recent actual sales growth rates: YearSales/RevenuesPercent Increase 2005 $3,649,799 2006 $5,751,78757. 6% 2007$10,867,10488. 9% Financial Projections (made in mid-2007) in Thousands of Dollars: Change YearSales/Revenuesin Sales Percent Increase 2007 $9,200 2008 22,000$12,800139. 1% 2009 38,000 16,000 72. 7 2010 55,000 17,000 44. 7 2011 78,000 23,000 41. 8 Actual revenues for 2006 were 5,751,787 or in Thousands of Dollars rounded to 5,752. The five-year compound rate of growth between 2006 actual revenues and projected 2011 revenues of 78,000 is: PV = -5752 FV = 78,000 N = 5 I%Yr = 68. 44% It is also worth noting that actual sales or revenues for 2007 of $10,867,104 substantially exceeded the mid-2007 forecast of $9. 2 million. Over the 2005-2007 period, Eco-Products changed from being primarily a retail distributor of eco-friendly paper and plastic products produced by other manufacturers to a wholesale distributor of its own ââ¬Å"brandedâ⬠eco-friendly products. If we assume that the sales to assets relationship that existed at the end of 2007 would hold going forward, we have: 2007 Sales to Total Assets = 10,867,104/5,647,015 = 1. 24 times And, 2007 Total Assets/Sales = 5,647,015/10,867,104/= . 5196 = 52. 0% Thus, it will take approximately a $. 52 investment in assets to support each $1. 00 increase in sales. Using the actual 2007 revenues, we have the following estimates for the change in both sales and assets: ChangeAssets/Change YearSales/Revenuesin Sale x Sales = in Assets 2007 (actual)$10,867 2008 22,000$11,133. 52$5,789 2009 38,000 16,000. 52 8,320 2010 55,000 17,000. 52 8,840 2011 78,000 23,000. 52 11,960 Total = $67,133 Total = $34,909 Based, on these estimates, Eco-Products will need to acquire nearly $6 million in assets in 2008 and nearly $35 million over the 2008-2011 period. Recently 2008 sales forecasts have been revised to 45 million which would more than double the amount of assets needed for 2008. Additional assets can be financed in part through the generation of net profits or income and the retention of those profits in the business. Some spontaneous financing will also occur through an expected increase in accounts payable and accrued liabilities. Any remaining asset financing needs will need to be met through the raising of external debt and equity funds. In Chapter 6, we introduced the a basic additional funds needed (AFN) equation which can provide a quick ââ¬Å"back-of-the-envelopeâ⬠estimate of future external financing needs. AFN = (Total Assets/Sales)(Change in Sales) ââ¬â (Accounts Payable + Accrued Liabilities)/(Change in Sales) ââ¬â (Next Yearââ¬â¢s Sales)(Net Income/Net Sales)(Retention Rate) 2007 Total Assets/Sales = 5,647,015/10,867,104 = . 5196 = . 520 (rounded) 2007 (Accounts Payables Accrued Expenses)/Sales = 568,131/10,867,104 = . 052 2007 Net Income/Sales = -36,199/10,867,104 = -. 003 Note: Eco-Products must return to profitability in order to finance its sales growth and to add to firm value. Exhibit 1 projects an EBITDA/Sales margin of 8. 5%. A net profit margin of 4. 25% (8. 5% x . 50) might be achievable and is used here for illustrative purposes. A 100% retention rate also is assumed. Two AFN estimates are prepared for 2008: 1) 2008 sales estimate (in $ Thousands) made in mid-2007 = $22,000; with a change of $11,133 ($22,000 $10,867) 2) 2008 sales estimate (in $ Thousands) made in early-2008 = $45,000; with a change of $34,133 ($45,000 $10,867) 1) 2008 AFN for Sales of $22,000 = . 20(11,133) . 052(11,133) ââ¬â 22,000(. 0425)(1. 00) = 5,789 ââ¬â 579 ââ¬â 935 = 4,275 2) 2008 AFN for Sales of $45,000 = . 520(34,133) . 052(34,133) ââ¬â 45,000(. 0425)(1. 00) = 17,749 ââ¬â 1,775 ââ¬â 1,913 = 14,061 The 2008 AFN ranges from $4. 275 million for $22 million in sales to $14. 061 million for $45 million in sales or revenues. The large AFN est imates are due in large part to working capital needs primarily in the form of higher accounts receivable and inventory. The amount of funds tied up in inventory is problematic due to supply chain lead times and supplier terms (see Figure 2). Furthermore, relatively little supplier financing is provided and the business does not generate large profit margins. As a result, Eco-Products will likely need to improve its supply chain model. Note: Actual 2008 operating results are presented in the Epilogue (What Happened) at the end of this teaching note: 2008 Actual Sales/Revenue: $34. 378 million (well below the early 2008 estimate of $45 million due to a slowing economy, greater competition, and supply chain issues) 2008 Net Income: $1. 338 million (resulting in a 3. % net profit margin) 2008 Year-end Inventory: $12,223 million (excess inventory was produced in anticipation of higher sales which did not materialize) H. Eco-Productsââ¬â¢ management developed a Confidential Private Placement Memorandum (PPM) dated October 16, 2007 in an attempt to raise $3,500,000. Appendix A contains excerpts from the PPM. 1. What is meant by a Regulation D offering? What is an accredited investor and how many investors can participate in the PPM? [You may wish to review materials from Chapter 8 and its appendices when answering these PPM-related questions. Regulation D (or Reg D) is a registration that offers a safe harbor from registration of securities with the SEC. Due to uncertainty about what constitutes a nonpublic offering, the SEC provided some ââ¬Å"safe-harborâ⬠conditions that will result in guaranteed exemption as a private placement. An ââ¬Å"accredited investorâ⬠was first defined under the Securities Act of 1933 and Section 4(6) provided that there is no limit to the number of accredited investors so long as the offering amount does not exceed $5 million. The definition of an ââ¬Å"accredited investorâ⬠was expanded to include eight categories of accredited investors under Rule 501 of Regulation D (see Chapter 8, Appendix B). Banks, private business development companies, and other specified organizations are considered to be accredited investors. Directors, executive officers, or general partners of the issuer of the securities being offered or sold are considered to be accredited investors. A natural person with individual net worth (or joint net worth with that personââ¬â¢s spouse) exceeding $1,000,000 is deemed an accredited investors. Also, a natural person who had individual income in excess of $200,000 in each of the two most recent years (or $300,000 of joint income with oneââ¬â¢s spouse) and who has a reasonable expectation of the same income level in the current year also is considered to be an accredited investor. There is no limit as to the number of investors (accredited or unaccredited) under Reg D: Rule 504 which has an offering limit of $1 million. Under Reg D: Rule 505 (offering limit of $5 million) and Reg D: Rule 506 (no offering limit) there may be a maximum of 35 unaccredited investors but no limit on the number of accredited investors. . Considering the planned use of proceeds, discuss the pros and cons of trying to raise $3,500,000 in increments as small as $50,000 each. A $3. 5 million private placement memorandum fall under Reg D: Rule 505 which has a $5 million offering limit in a 12-month period. While there is no limit on the number of accredited investors, there is a limit of 35 unaccred ited investors. At the extreme, raising $3. 5 million all in minimum $50 thousand amounts would require 70 different investors. At this minimum amount, only $1. 5 million could be generated from the maximum 35 unaccredited investors (i. e. , 35 x $50 thousand). Raising funds in small amounts requires more time, effort, and cost. Since there is a need to quickly build up working capital, particularly inventory, raising funds in relatively small amounts over an extended period of time could impede the firmââ¬â¢s ability to grow its sales. 3. Summarize the risk factors listed by management in the Private Placement Memorandum. Which factors do you believe are the most crucial in determining the future success of Eco-Products? Appendix A provides excerpts for Eco-Products 2007 Private Placement Memorandum. Risk factors include: a) Need for new product development b) Being subject to patent infringement laws c) Reliance on importing products from overseas suppliers d) Competition will continue to increase e) Supply could be constrained by raw material availability f) Subject to federal and state, as well as foreign, regulations g) Subject to product liability claims h) Need to hire and retain skilled personnel i) Need to successfully manage growth ) Impact by general economic conditions k) Restrictions on the transferability of, and no pubic market, for firmââ¬â¢s stock l) Determination of offering price was arbitrarily determined by current owners m) No expectation to pay dividends in foreseeable future Supply chain-related risks (availability to obtain raw materials and reliance on importing products from overseas suppliers), the need for new product development, and increasing competition clearly will be important if Eco-Products is able to achieve profitable sales growth and added to firm value in the future. Of course, the ability to avoid/manage the other risk factors listed by management also will have a major impact on the firmââ¬â¢s future success. I. Identify and discuss the factors and developments that led to the previously unexpected revenue growth during the first-half of 2008 by Eco-Products. Is such growth likely to be sustainable in the near future? What possible developments might interrupt or change this rapid rate of sales growth? In mid-2007, management forecasted full-year 2007 sales to be $9. 2 million with a sales forecast of $22 million for 2008 (refer to Exhibit 1). Then, the ââ¬Å"perfect stormâ⬠hit. Oil prices spiked to new heights and general awareness of environmental issues intensified. Orders for products made from renewable resources skyrocketed and Eco-Products experienced large and sudden increases in sales. In early 2008, forecasted 2008 full-year sales were increased to $45 million. The ability to meet and maintain such growth targets would depend on consumer demand for eco-friendly products, the ability to fulfill orders given the firmââ¬â¢s long inventory cycle, how competitors (particularly some very large firms) will react, and overall economic conditions. Actual 2008 sales were a little under $35 million (see the Epilogue, What Happened, at the end of this teaching note). This over $10 million short-fall in sales from the early 2008 forecast of $45 million was associated with a decline in economic activity (recession), increased competition, and a supply chain problem that made it difficult to first avoid stocking out of inventory and then accumulating excess inventory. By the end of 2008, inventory had increased to more than $12 million compared to $2. 4 million at the end of 2007. J. Explain Eco-Productsââ¬â¢ supply chain model that existed in early 2008. Describe the strengths and weaknesses of such a model from an operations viewpoint. What are the implications of this supply chain model on Eco-Products working capital financing needs and its cash conversion cycle? The supply chain model used by Eco-Products resulted in a long inventory cycle (for a relatively simple production process). Raw materials were often purchased in the U. S. or from suppliers in other countries, shipped to manufacturers in Asia, with the final products being shipped back for sale in the U. S. This long inventory cycle tied up cash and made it difficult to stock adequate inventory in some time periods, or produce excess inventory at other times. A long supply chain cycle involves larger asset financing requirements, particularly in the form of inventory. As shown below, both assets to sales and inventory to sales increased dramatically as the firm changed from a seller of products manufactured by other firms to a business model whereby Eco-Products became a manufacturer and wholesaler of eco-friendly products. 2005 Total Assets/Sales = 795,465/3,649,799 = . 179 = 21. 8% 2006 Total Assets/Sales = 2,103,478/5,751,787 = . 3657 = 36. 6% 2007 Total Assets/Sales = 5,647,015/10,867,104 = . 5196 = 52. 0% 2005 Inventory/Sales = 361,906/3,649,799 = . 0992 = 9. 2% 2006 Inventory/Sales = 862,728/5,751,787 = . 1499 = 15. 0% 2007 Inventory/Sales = 2,415,916/10,867,104 = . 2223 = 22. 2% Actual 2008 Results: 2008 Total Assets/Sales = 18,903,838/34,378,138 = . 5499 = 55. 0% 2008 Invento ry/Sales = 12,222,801/34,378,138 = . 3555 = 35. 6% Total assets to sales increased from 52. 0% for 2007 to 55. 0% in 2008. Of course, the primary reason for the need to finance more assets relative to sales was due to the increase in the inventory to sales ratio which increased from 22. 2% in 2007 to 35. 6% in 2008. The inability to efficiently manage inventory levels was due, at least in part, to the supply chain model being employed by Eco-Products. An examination of the Cash Conversion Cycle (CCC) also helps illustrate the working capital problem faced by Eco-Products. CCC Calculations: Inventory-to-Sale Conversion Period (Inv. CP): 2005 Inv. CP = 361,906/(2,584,326/365) = 361,906/7,080. 4 = 51. 1 days 2006 Inv. CP = 862,728/(3,684,492/365) = 862,728/10,094. 5 = 85. 5 days 2007 Inv. CP = 2,415,916/(7,726,455/365) = 2,415,916/21,168. 4 = 114. 1 days Sale-to-Cash Conversion Period (Rec. CP): 2005 Rec. CP = 101,690/(3,649,799/365) = 101,690/9,999. 5 = 10. 2 days 2006 Rec. CP = 862,728/(5,751,787/365) = 862,728/15,758. 3 = 54. 8 days 2007 Rec. CP = 1,330,562/(10,867,104/365) = 1,330,562/29,772. 9 = 44. 7 days Purchase-to-Payment Conversion Period (Pmt. CP): 2005 Pmt. CP = 123,429/(2,584,326/365) = 123,429/7,080. 4 = 17. 4 days 2006 Pmt. CP = 526,555/(3,684,492/365) = 526,555/10,094. 5 = 52. 2 days 2007 Pmt. CP = 568,131/(7,726,455/365) = 568,131/21,168. 4 = 26. 8 days Cash Conversion Cycle (CCC): 2005 CCC = 51. 1 days + 10. 2 days ââ¬â 17. 4 days = 43. 9 days 2006 CCC = 85. 5 days + 54. 8 days ââ¬â 52. 2 days = 88. 1 days 2007 CCC = 114. 1 days + 44. 7 days ââ¬â 26. 8 days = 132. 0 days The dramatic increase in the cash conversion cycle from 43. 9 days in 2005 to 132. 0 days in 2007 reflects the change in the firmââ¬â¢ business model from a seller of products manufactured by other firms to a manufacturer/wholesaler of eco-friendly products, as well as the firmââ¬â¢s supply chain model which resulted in a long inventory conversion period which was 114. days in 2007. Dividing 365 days by 114. 1 days results in an inventory turnover of 3. 2 times per year. This is a very low turnover for products that require very short production times. For reference, the actual CCC calculations for 2008 were as follows: 2008 Inv. CP = 12,222,801/(26,041,166/365) = 12,222,801/71,345. 7 = 171. 3 days 2008 Rec. CP = 3,109,920/(34,378,138/365) = 3,109,920/94,186. 7 = 33. 0 days 2008 Pmt. CP = 3,804,210/(26,041,166/365) = 3,804,210/71,345. 7 = 53. 3 days 2008 CCC= 171. 3 days + 33. 0 days ââ¬â 53. 3 days = 151. 0 days This further increase in the CCC meant that even more financing was required to support the actual 2008 sales. K. In mid-2008, Eco-Products management sought to quickly (hopefully) raise an additional $2 million in external financing through a single private equity investment. The term sheet prepared by Greenmont Capital is presented in Appendix B. 1. After considering a number of possible private equity investors, Greenmont Capital was selected by Eco-Productsââ¬â¢ management. Discuss the pros and cons of selecting a small locally-based private equity firm relative to a larger private equity investor? Large private equity firms have large amounts of funds to invest and will have a portfolio of several projects being simultaneously financed. Large private equity firms also usually can move quickly in providing funds to specific ventures and are likely to have broad industry and managerial expertise to offer in support of the ventureââ¬â¢s management team. However, given multiple investments, their working arrangements with a specific venture may be more impersonal. A small private equity firm will invest in fewer ventures and thus can devote more specific focus on understanding the business model of each of their venture investments. While a small private equity firm may have limited overall industry and managerial expertise, they will concentrate their investments in industries and firms they know and understand. However, small private equity firms likely will have smaller amounts to invest and may take longer to raise funds from their investors. As a result, ventures needing large amounts of immediate financial capital may be hindered if they try to work with a small private equity firm. 2. Review the investment terms presented in Appendix B and comment on any factors in the term sheet that might be ââ¬Å"deal breakers. If you were representing Eco-Products top management, which terms might you want deleted or modified from the term sheet? Now, if you were representing Greenmont Capital, which terms would be important in protecting its investment capital? It might be helpful to first review Chapter 11, Figure 11. 6 which provides a list of ââ¬Å"Typical Issues Addressed in a Term Sheet. ââ¬â¢ A term sheet should summarize the proposed principal terms with respect to a specific financing vehicle to be used to finance a venture. Included should be an identification of the issuer, the investor(s), the type of security being used, the price of the security being offered, and the amount of financing to be raised and an agreed to ownership position. In the proposed term sheet shown in Appendix B, Eco-Products is issuing Series A Convertible Preferred Stock (initially convertible on a 1:1 basis into shares of the companyââ¬â¢s common stock) at a price of $1. 50 per share to Greenmont Capital Partners. A total of $2 million will be raised in exchange for a 7. % ownership position on a fully-diluted basis (including shares reserved for any employee option pool including additional warrants being offered to Greenmont). The proposed terms of the Series A Preferred Stock are spelled out in Appendix B and include: dividends, liquidation preference, conversion, automatic conversion, anti-dilution provisions, voting rights, board of directors, board meetings, protective provisions, information rights, registration rig hts, right of participation, purchase agreement, employee pool, stock vesting, restrictions on sales, co-sale agreement, and employment agreements. The term sheet also addresses ââ¬Å"other mattersâ⬠that include: confidentiality, indemnification, legal fees and expenses, and conditions precedent to financing. A possible ââ¬Å"deal breakerâ⬠would be the number of warrants being offered to Greenmont Partners in the term sheet proposal. The July 18, 2008 term sheet proposal provides for Greenmont to receive 1. 5 million shares of Series A Convertible Preferred Stock initially convertible on a 1:1 basis into shares of Eco-Products common stock. The term sheet proposal also provides for a 25% warrant coverage (i. . , warrants to purchase additional Series A Preferred Shares at an exercise price of $1. 50 per share). This would amount to 333,333 warrants ($1. 5 million shares times . 25) which potentially dilutes Eco-Products equity ownership. Eco-Products likely would want the proposed ââ¬Å"warrantsâ⬠provision to be modified downwards or even deleted. Eco-Products also may want to modify downwards the proposed à ¢â¬Å"dividendsâ⬠provision for the Series A Preferred Stock which provides for cumulative dividends of 8% of the original purchase price per annum. Greenmont Capital, in an effort to protect its investment capital, would want to maintain the warrants provision. Anti-dilution provisions also are very important since additional equity capital will be needed to finance Eco-Products growth and this capital is likely to come from other private equity investors. 3. Some analysts employ a relative value method that uses multiples from comparable firms to estimate the value of a target venture. Exhibit 9 contains enterprise value-to-sales information for a number of possible comparable firms for the purpose of valuing Eco-Products. Estimate the enterprise value of Eco-Products. What portion of equity ownership should Eco- Products be willing to give up for the $2 million Greenmont Capital investment? Although Eco-Products had been in business since 1990, its business model changed between 2005 and 2007. Eco-Products became a manufacturer and wholesaler of eco-friendly products at a time when oil prices were at record highs and concern about the environment reached new heights. Sales grew rapidly in 2007. However, the firm operated at a loss in 2007. Thus, by 2008 Eco-Products possessed characteristics of a high sales growth venture that needed to still find a way to produce bottom line profitability and ultimately free cash flows for the equity investors. When trying to value such a venture, analysts may differ widely as to what they believe are reasonable values. As discussed in the text, ventures may be valued using a discounted cash flow (DCF) method (see Chapters 9 and 13), a venture capitalist (VC) short-cut method (see Chapter 10), or a relative valuation method (see Chapter 14). Analysts often attempt to value a firm on the basis of its top line (sales), its rough cash flow (as reflected in EBITDA), and/or its bottom line (net income). Here we concentrate on examining the relative valuation data provided by Greenmont Capital Partners in Exhibit 9 which included financial information on 7 ââ¬Å"possibleâ⬠transactions. Five of the transactions occurred While some analysts might argue for including all available transactions, a case could be made for including the five transactions that occurred during 2007 and which may be more representative of the valuation multiples that prevailed in mid-2008. The Insulair acquisition was in July, 2006 and had an enterprise value to revenue multiple that was several times higher than any of the other transactions. The Newspring acquisition occurred in March, 2005 and thus was over three years prior to the current mid-2008 valuation date. The average enterprise value to revenue multiple for the Tendercare International, Waddington, Van Houtte, Matrix Packaging, and Prairie Packaging transactions was 1. 55 times. Unfortunately, no information was available for EBITDA (except for the dated Newspring transaction) or net income multiples. As noted in the case, sales estimates changed rapidly in the case. Eco-Products management in mid-2007 had forecasted 2008 sales to be $22 million. By early 2008, the 2008 sales estimates were revised upwards to $45 million. Trailing twelve months revenues for the twelve months ended in June, 2008 were $19. 7 million. Exhibit 8 shows quarterly revenues increasing rapidly over the past three quarters with revenues amounting to almost $13. 5 million for the first-half of 2008. Thus, to reach the $45 million in forecasted sales for all of 2008, the second-half of the year sales would need to be $31. 0 million. However, as Eco-Products entered the second-half of 2008, there was reason for some concern due to an inventory-related problem and the fact that consumer spending and overall economic activity were slowing considerably. A range of possible values for Eco-Products using an enterprise value to sales multiple of 1. 55 might be: Sales or Rev. xMultiple = Value 12-Month Trailing Sales $19. 7 million 1. 55 $30. 535 million Managementââ¬â¢s Forecast$45. 0 million1. 55 $69. 750 million Actual 2008 Results$34. 4 million1. 55 $53. 20 million At the end of 2007, Eco-Products had a line of credit outstanding of $2,843,242, long-term debt (including the current portion) of $164,411, and long-term capital leases (including the current portion) of $215,530 for an interest-bearing debt plus capital leases total of $3,223,183 or approximately $3. 2 million rounded. Thus, the enterprise values shown above should be reduced by about $3. 2 million each. The equity value using trailing sales would be $27. 3 million while the equity value using managementââ¬â¢s $45 million sales forecast would be about $66. 5 million. Furthermore, it was likely that even more interest-bearing debt was outstanding as of mid-2009. For example, the $4 million line-of-credit (of which $2. 8 million was outstanding at the end of 2007) was increased to $8 million on July 1. Larger interest-bearing debt obligations would have further reduced the equity value of the firm. Note: As can be seen from the actual 2008 results, the lines of credit at the end of 2008 amounted to slightly more than $8 million, long-term debt (including the current portion) was nearly $. 5 million, and long-term capital leases (including the current portion) was nearly $. 3 million. Thus, the total interest-bearing debt plus long-term capital leases amounted to approximately $8. 8 million. In the proposed term sheet (see Appendix B), Greenmont Partners valued Eco-Products equity at $29. 6 million as of mid-2008. This amount was about $2. 3 million more than the equity value of $27. 3 million (30. 5 million $3. 2 million) estimated based on 12-month trailing sales. Greenmont Partnersââ¬â¢ post-money ownership (including shares reserved for the employee option pool but not the warrants to be issued to Greenmont) can be estimated as: $2,000,000/($29,587,500 + $2,000,000) = $2,000,000/$31,587,500 = 6. 3% Or, using pre-money and post-money shares the calculations would be: Pre-money shares (fully diluted to account for the employee option pool) = $29,587,500/$1. 50 = 19,725,000 shares Shares issued to Greenmont = $2,000,000/$1. 50 = 1,333,333 Post-money shares = 19,725,000 + 1,333,333 = 21,058,333 Greenmont Partnersââ¬â¢ ownership = (1,333,333 shares)/(21,058, 333 shares) = 6. 33% Of course, the potential dilution impact of the 333,333 (1,333,333 x . 25) warrants to be issued to Greenmont also need to be taken into consideration in determining Greenmontââ¬â¢s ownership percentage on a fully diluted basis. Greenmontââ¬â¢s potential total shares = 1,333,333 + 333,333 = 1,666,666 Total post-money fully-diluted shares = 21,058,333 + 333,333 = 21,391,666 Greenmontââ¬â¢s ownership position on a fully-diluted basis = 1,666,666 shares/21,391,666 shares = . 0779 = 7. 8% rounded As noted in the following epilogue, Greenmont Partners negotiated a larger percentage ownership as Eco-Products struggled to meet its revenue targets due to inventory-related problems and the rapidly slowing economy during the last-half of 2008. According to the 2008 balance sheet, 1,366,666 shares of preferred stock were actually issued to Greenmont, instead of the previously negotiated 1,333,333 shares (an increase of 33,333 shares). Adding the 333,333 warrants resulted in Greenmont Partners having potential 1,699,999 fully-diluted shares. EPILOGUE: What Happened Finance deal. Steve Savage and Greenmont Capital Partners signed a $2 million Series A investment round on July 1, 2008. Greenmontââ¬â¢s valuation was not the highest of those Savage received, but it was close. Savage chose Greenmont over others because the valuation was fair and provided the intangible benefits of a strategic partnership, and the Greenmont team was beset with industry veterans. Greenmontââ¬â¢s terms sheet contained what Savage considered were standard provisions and covenants and negotiations went smoothly. Ellieââ¬â¢s Organic Home Center, the retail operation, was the main sticking point for Greenmont because they felt the retail operation distracted from the companyââ¬â¢s core competencies. The valuation excluded Ellieââ¬â¢s and the terms contained a provision preempting any activity involving ââ¬Å"the investment of funds in Ellieââ¬â¢s Organic Home Center in excess of $200,000 beyond its current approved operating budget. â⬠Recession. Following the investment, Eco-Products struggled to meet revenue targets. Prior to the Greenmont deal, Eco-Products had never been accountable to outside investors for its performance and, at that time, introducing new products impeded accurate sales forecasts. The company faltered when a recession hit the market in late 2008 and sales slumped by as much as 30% industry wide. Greenmont ended up with nearly 8% of Eco-Products, shares fully diluted including an employee pool, up from its original 6. 3% share prior to adding the 333,333 warrants as part of the deal. Savage continued to believe he made the right decision, regardless of these difficulties, but ââ¬Å"I should have kept the PPM going,â⬠he stated. Recovery. Eco-Products overcame the decline in spending that most consumer good companies and manufacturers experienced beginning in the fall of 2008. The 2008 financial statements are given in Exhibits 1 and 2. One year later Eco-Productsââ¬â¢ ââ¬Å"GreenStripeâ⬠product line was being sold through than 450 distributors and the company launched a retail product line. In June of 2009, Savage resigned as CEO. The company replaced its CEO-Founder with an executive accomplished in growing established companies, the former CEO of Corporate Express who took that company from $50 million to $5 billion in revenue. Savage became Executive Chairman and looked to planned to conduct another round of private equity financing, this time for $5 million to operations. He stated: This $5 million in financial capital is more than enough unless the core business really takes off, or the new products lines really take off, or an attractive merger and acquisition comes along. Then that money could go up in smoke. I figure a pre-valuation equity stake of $9. 5 million and still in the single-digits. I hope to give myself and some others that have been part of the five previous rounds an opportunity to take money off the table. I never haveâ⬠¦. and I hold 9 million of the 21 million shares.
Friday, November 29, 2019
Intercultural Communication
Introduction Today, people live in a pluralistic society with diverse cultures. Culture refers to a set of characteristics common to a particular society. By definition, cultures are different in many aspects viz. beliefs, behavior patterns, social practices, and values.Advertising We will write a custom research paper sample on Intercultural Communication specifically for you for only $16.05 $11/page Learn More A particular culture exhibits a distinctive pattern of thought such as social norms and attitudes, definite patterns of behavior, especially in commerce and industry, and specific patterns of cultural artifacts. In a multicultural society, intercultural understanding is essential in creating an atmosphere of tolerance and respect. In this context, effective communication or sharing of information between people of different cultural backgrounds is critical. Since cultures embody distinctive patterns of behavior and perceptions, the intercultural communication approaches should take into account the cultural differences. In other words, approaches to intercultural communication should be difference-based. Otherwise, misunderstanding is likely to happen particularly when the differences between national cultures are significant. The misunderstanding may lead to a conflict or strained relations among the involved national cultures. Britons and Americans largely have similar cultures because of a common language and common ancestry (Comrie, 1981, p. 54). However, despite these similarities, subtle cultural differences, which have a far more impact on British-American intercultural communication than the minor linguistic differences, do exist. In particular, attitude to modesty between the two cultures is evident. While the British culture does not lay much emphasis on self-efficacy or modesty, we, the Americans tend to place a high value on these qualities. These cultural differences have a significant impact on intercultural c ommunication between the Britons and Americans. Understanding and developing awareness of the individual cultures are pivotal in intercultural communication. Cultural and Communication practices prevalent in British Culture Amongst the British people, the cultural multifariousness is rather substantial. The British people consist of English, Welsh, and the Scots. Thus, a single national culture in the United Kingdom is hard to define. However, in general, Britons, irrespective of their subcultures, would react similarly when they encounter people from a different culture such as the Americans. Most notably, the Britons have a tendency to favor individualism, as opposed to group orientation. In this regard, Britons hold a personal opinion or attitude towards many aspects without consideration for others.Advertising Looking for research paper on communication strategies? Let's see if we can help you! Get your first paper with 15% OFF Learn More Additionally, most Britons place more emphasis on individual privacy. Most often, a Britonââ¬â¢s daily life is confined to his/her home with all visits rearranged rather than on a casual basis. In particular, the old generation dislikes unexpected visits. However, among close friends, there is some degree of freedom as most visits are often casual (Allik, McCrae, 1998, p. 341). In addition, certain information, especially regarding personal details, is considered private in the British culture. For instance, the older Britons dislike questions requiring them to reveal their age. Others do not like questions probing their wages or social lives. Britons also exhibit reservation particularly towards new people. They do not show their deeper feelings or attitudes until they get to know the new person. In particular, Britons most often are not extrovert types especially in public and have a tendency to deliberate before making decisions, as opposed to impulse decision making. The British people, particularly in the north of the country, are hesitant to try out new things such as food. Additionally, in the British culture, faultfinding or constructive self-scoffing is highly reckoned. For instance, Shakespearean humor is highly regarded among the Britons. The British dislike boasting, either at an individual level or national level; instead, they prefer healthy criticism. Other notable cultural aspect common among the Britons is their emphasis on punctuality. In fact, punctuality is considered a virtue among the British people especially during meetings or appointments. Britons prefer to prepare in advance for a particular occasion and dislike last-minute arrangements unless it is an emergency. They like being organized in advance both in individual and national matters. Queues are common in transport points and shops, and failure to queue is considered an uncivilized behavior. Additionally, the Britons prefer a speedy and direct approach when dealing with a situation or making a request . With regard to disability or death, most Britons are unfamiliar with such situations as dead people and specialists take care for the mentally and physically handicapped people. As a result, most Britons express a feeling of uneasiness during such situations as burial. In British culture, the immediate family consists of the parents and their children. The children are expected to leave their home at the age of eighteen. Additionally, aged parents are cared for under the National Benefit Scheme in homes for the aged. In recent times, the divorce rates are particularly high causing a marked change to the traditional family life.Advertising We will write a custom research paper sample on Intercultural Communication specifically for you for only $16.05 $11/page Learn More Interpersonal relationships vary depending on the location within the country i.e. north or south of Britain. The location influences personal attitudes, accent, social background, and nationalistic tendencies. Most often, the northern people are friendlier and open compared to the southerners (Allik, McCrae, 1998, p. 344). The southerners would less readily start a conversation with a stranger as compared to the northerners. With regard to communication, the British can tolerate misuse of the English language; nevertheless, they will make no effort towards correcting it. Typically, in contemporary British culture, handshaking is no longer British. However, among the older generation, handshaking when being introduced to strangers is common (Comrie, 1981, p. 56). Sometimes, hugging among close friends is usual. Additionally, Britons prefer social space during conversations. Usually, a Briton would feel uncomfortable standing close with someone when conversing. Cultural and Communication Patterns Dominant in American Culture The essence of intercultural communication is to promote understanding of oneââ¬â¢s culture and identify how similar or different it is fr om another culture. As with the British culture, the American culture is quite diverse such that, no particular beliefs or values are applicable across the board. However, some core values and beliefs are representative of the American national culture. In general, the American attitude towards age is the same. The American culture emphasizes on concrete achievements and does not value age (Stewart, Bennett, 1991, p. 67). In this respect, younger people are recruited during hiring as the American culture emphasizes on improved productivity and youthfulness. Additionally, the Americans believe that new is better than the old is. The American concept of destiny and fate is also most distinctive. In the US, the concept of self-determination is extraordinarily common. Most Americans belief they can achieve whatever they want during their lifetime. Parents advise their children that they can be whatever they dream of, as opportunities are many (Stewart, Bennett, 1991, p. 76). Fundament ally, Americans consider people to be inherently virtuous and seek an explanation as to why one would turn into a bad person. As a result, in American courts, a person is deemed innocent until proven guilty. Additionally, Americans are fairly open and friendly to strangers. They are more willing to accept strangers than the Britons are.Advertising Looking for research paper on communication strategies? Let's see if we can help you! Get your first paper with 15% OFF Learn More The American attitude towards change is another common characteristic of the American culture. Usually, in the US, new is perceived as better and old things can always be improved. In this context, change is viewed as positive in achieving progress and improvements are seen as ways of achieving perfection. Americans have belief in taking risks or experimentation. Low personal savings and bankruptcies are typical among the Americans. In the American culture, failure is considered as only temporary and one can rise and try again. In the American culture, unlike in the British culture, people usually cheer up and show compassion to suffering individuals or during misfortunes. Americans strive to remain happy in the wake of misfortunes or sufferings (Stewart, Bennett, 1991, p. 82). Additionally, just like the British, Americans prefer being straight with people. Given that the American culture is an individualistic culture, Americans can openly voice their personal opinions without wor rying about hurting the otherââ¬â¢s feelings (Wiseman, Hammer, Nishida, 1989, p.349). In America, people are judged according to what they have achieved; aspects like seniority, birth, or authority do not confer self-worth or self-esteem; they are oneââ¬â¢s achievements. Additionally, the concept of equality is notable in the American culture. People are treated equally in the US irrespective of class or race save for the few cases of fading racism. The American culture is built around the notion of equality of all citizens regardless of personal wealth, fame, or power. Contrastingly, in the American culture, people are more casual and less formal compared to Britons. Americans have a casual tendency in both professional and social interactions. Optimism is generally high in the American culture largely because individuals feel that they are in charge of their own destiny. In general, most Americans remain positive that awful situations will get better with time. Moreover, th ey believe that the unfortunate situations happen for a reason. In other words, Americans have a relatively high degree of realism and optimism in all circumstances. Of particular importance, is their attitude towards doing or being practical in life. Generally, Americans prefer actions to words or talking. According to Allik and McCrae (1998, p. 346), ââ¬Å"pursuits not related to the production of meaningful resultsâ⬠, especially in academia are less valued in the American culture. Americans prefer things or actions that are practical and pragmatic to things that are beautiful or anti-intellectual. In this context, arts are considered not central to life in the American culture but rather an adornment of life. With regard to the natural world, Americans view the world as a system that is predictable and controllable. In America, many human acts such as building earthquake-proof structures, seeding of rain clouds, dams to control river flow or floods, and sophisticated weathe r prediction aim at controlling nature. Cultural Differences between the U.S and the U.K Statistically, the U.K. is one country that the U.S. has had the most failed expatriate assignments. Given the cultural, political, and linguistic similarities between the two countries, these statistics are surprising. However, the minor differences in cultural and communication patterns in each culture present a greater challenge to effective intercultural communication (McCrae, 2001, p. 819). The overwhelming similarities between the two cultures mask the subtle differences present. These differences usually revolve around language, cultural values, attitudes, and subsequently on business behaviors. Britain is historically a significant colonial power in the world. In this respect, the differences that contributed to violent confrontations between the U.K. and its colonies remain, and are largely, the source of misunderstanding when the Americans and the British try to work together. In Brita in, a culture of imposition of authority or monarchic leadership, i.e. Queens and Kings, is quite prevalent. In contrast, the American culture is built around equality for everyone (Hofstede, McCrae, 2004, p.52). The culture empowers all citizens based on their levels of competency with less regard to their class or social status. Although Britain has highly developed democratic institutions, it simultaneously holds on to aristocratic leadership; it is one of the surviving old monarchies of the modern day. In many aspects, social activities are based on social class and privilege. As a result, when the American and British cultures clash, the Americans, with a culture that empowers individual persons, feel a profound disconnect. In addition, Americans are more honest and forthright with their opinions and views when compared to the Britons. In contrast, Britons are reserved especially in their business interactions. Consequently, during business meetings, most commonly, Americans f eel that their input is not welcome. On the other hand, Britons feel that American meetings are merely brainstorming sessions with individuals offering competing views that hinders progress or solution finding. In effect, a conflict arises from these two contrasting styles or perspectives apparent in these two cultures. While the British meetings are often solution-oriented with strong recognition of authority or hierarchy (Hofstede, McCrae, 2004, p.81), American business meetings involve competing views from all attendants before arriving at a final decision. Misunderstandings are also likely to arise with regard to the English language. Many differences exist between the American and the British English (Basso, 1979, p. 78). Some English expressions in the British culture can mean differently or even oppositely in American culture. For instance, an expression like, ââ¬Å"let us table this ideaâ⬠in British culture means to begin a discussion on a particular subject; however , for Americans it means discussing the idea later (Basso, 1979, p. 81). In addition, minor differences in social practices, in both cultures, exist (McCrae, 2001, p. 841). For example, Americans keep right when driving while the Britons keep left, and in correspondence, Britons usually use ââ¬Å"day-month-yearâ⬠date format while the Americans use ââ¬Å"month-day-yearâ⬠date format. Thus, the two cultures, in many ways tend to conflict each other leading to misunderstandings that affect upstanding business relationships. Conclusion and Recommendations Despite the cultural similarities between the American and British cultures, especially with regard to linguistic, political, and socioeconomic aspects, subtle differences exist. Differences in attitudes, values, and social practices pose a challenge towards achieving meaningful business relations between the two cultures. More importantly, the British emphasis on authority conflicts with the American belief on equality. I n the American culture, brainstorming sessions are held in high regard whereas in the British culture discussions are under the control of an authoritative figure and are solution-oriented. These minor differences have a substantial impact on British-American interactions and can lead to misunderstandings. Therefore, to achieve a more competent intercultural communication between the British and the American cultures, education on intercultural communication is indispensable (Scollon, Wong, 2001, p.97). Creating awareness regarding the subtle cultural differences and communication patterns between the American and British cultures is one way of achieving competent intercultural communication. In this respect, overall information should be made available, not only on similarities between the two cultures, but also the differences. Another way of avoiding misunderstandings between the two cultures is developing flexible attitudes towards the differences in communication and cultural patterns (Wiseman, Hammer, Nishida, 1989, p.369). In this way, negative attitudes and stereotypes can be removed. In essence, to achieve cultural competence, creating awareness of the inherent similarities and differences between the two cultures is paramount. Reference List Allik, J., McCrae, R. (1998).Towards a Geography of Personality Traits: Patterns Of Profiles Across 36 Cultures. Journal of Cross-Cultural Psychology, 31(3), 341-347 Basso, K. (1979). Portraits ofââ¬â¢ The Whitemanââ¬â¢: Linguistic Play and Cultural Symbolsà among the Western- Apache. London: Cambridge University Press. Comrie, B. (1981). Language Universals and Linguistic Typology. Oxford, Basil: Blackwell. Hofstede, G., McCrae, R. (2004). Personality and Culture Revisited: Linking Traits and Dimensions of Culture. Cross-Cultural Research, 38(1), 52-88. McCrae, R. (2001). Trait psychology and culture: Exploring intercultural Comparisons. Journal of Personality, 69(6), 819-846. Scollon, R., Wong S. ( 2001). Intercultural communication. Oxford: Blackwell. P. 97 Stewart, E., Bennett, M. (1991). American Cultural Patterns: A Cross-Culturalà Perspective. Yarmouth, ME: Intercultural Press. P. 67-83 Wiseman, R., Hammer, M., Nishida, H. (1989). Predictors of intercultural communication competence. International Journal of Intercultural Relations, 13(3), 349-370. This research paper on Intercultural Communication was written and submitted by user Abdiel Z. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here. Intercultural Communication Introduction Communication is a critical element in the success of business organizations. The core objective of businesses in their operation is to maximize their profit. As a result, firms are increasingly expanding into the international market in an effort to attain their objective.Advertising We will write a custom essay sample on Intercultural Communication specifically for you for only $16.05 $11/page Learn More Upon determining the market potential in the international market, it is critical for firmsââ¬â¢ management teams to evaluate the various factors that would be necessary in the exploitation of the market opportunities. One of the factors that firms should take into consideration relates to communication. The article ââ¬ËIntercultural Communication in Business Ventures Illustrated by Two Case Studiesââ¬â¢ by Michael B. Hinner and Tessa Rulke clearly illustrates the importance of ensuring effective intercultural communication. This paper entails an analysis of this article by elucidating how the article relates to the course business communication. The principal thesis and the central arguments are highlighted. The significance of the article to businesses organizations is illustrated. The paper also highlights the various ways in which the paper has enhanced my knowledge, clarified issues and enlightened me. The important questions raised by the author are identified. Thesis of the article and its relationship to business communication Currently, businesses are faced with a challenge arising from the high rate of globalization. This has led into an increment in the intensity of competition amongst businesses. To survive in the long term as going concern entities, it has become necessary for firms to venture into the international market. To attain an optimal market share, it is critical for firms to be effective in their business communication. Despite integrating the concept business communication, a firm ma y fail in its internationalization efforts if it does not take into consideration the existing cultural differences. This arises from the fact that culture plays a critical role in determining the customerââ¬â¢s consumption behavior. Hinner and Rulke (2002, p. 3) asserts that intercultural communication has become an important element in the success of firms due to the high rate of globalization. The thesis of the article entails illustrating the importance of appreciating cultural diversity in a firmââ¬â¢s business communication. According to Gibson (2002, p.10), cultural diversity arises from existence of difference with regard to various cultural issues such as beliefs, attitude, perception, norms and language.Advertising Looking for essay on business communication? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to the article by Hinner and Rulke (2002, p. 3), one of the factors which causes organizations to fail in their internationalization strategy relates to failure to develop effective intercultural competence. The article highlights the fact that failure to take into consideration cultural differences a firmââ¬â¢s operation may result into mistakes which may arise from cultural misunderstanding. The article highlights that such misunderstanding may emanate from miscommunication. Significance of the article to businesses The article is of importance to business that is intending to venture into the international market. Upon venturing the foreign market, firms experience cultural difference which may limit its operational effectiveness. The article emphasizes the fact that intercultural communication is a critical consideration by firms in the process of formulating international marketing strategy. When formulating their marketing campaign, the article highlights that it is important for businesses to consider the existence of cultural differences. By attaining effectiveness in communicating across cultures, the article asserts that organizations are able to attain a competitive advantage in the foreign market. Businesses will also be able to appreciate the fact that that it is not possible to differentiate between culture and communication. Through the article, businesses will be able to appreciate intercultural communication as a core component in their international marketing. This arises from the fact that success in marketing can only be achieved through effective communication. Incorporation of intercultural communication will enable businesses to be effective in meeting the needs of customers in the international market. Ways in which the article has enhanced my knowledge The article has greatly enhanced my knowledge with regard to the importance of intercultural communication in a businessââ¬â¢ effort to attain an optimal market position in the foreign country. From the article, I have appreciated the importance of incorporating intercultural communication i n the process of formulating international marketing strategies. This means that it is possible for an organization to develop its competitive advantage through effective intercultural communication. Additionally, I have appreciated the fact that intercultural communication can aid in minimizing challenges such as business loss that may arise from miscommunication and misinterpretation due to cultural diversity. Important questions raised by the author The author raises two main questions. One of the questions relates to the importance of culture and communication. The author asserts that businesses should integrate culture in their business communication in order survive in the market.Advertising We will write a custom essay sample on Intercultural Communication specifically for you for only $16.05 $11/page Learn More Additionally, the author also raises a question regarding the relationship between culture, communication and international marketing. T he authors are of the opinion that organizations should understand the culture of their customers in order to be successful in introducing products to the foreign market. Summary The article has illustrated the importance intercultural communication in businesses. The article has emphasized that businesses should consider intercultural communication in their internationalization strategy. By developing competence in intercultural communication, an organization is able to position itself in the international market. Reference List Gibson, R. (2002). Intercultural business communication. Oxford: Oxford University Press. Hinner, M. Rulke, T. (2002). Intercultural communication in business venturesà illustrated by two case studies. Freiberg Working Papers. German: University of Bergakademie Freiberg. This essay on Intercultural Communication was written and submitted by user Benjamin Glover to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here. Intercultural Communication
Monday, November 25, 2019
Pope Leo III - Charlemagnes Pope - Pope Saint Leo III
Pope Leo III - Charlemagne's Pope - Pope Saint Leo III Pope Leo III was also known as: Charlemagnes Pope Pope Leo III is noted for: crowning Charlemagne Emperor and establishing the precedent that only the pope could confer the imperial crown. Leo was also physically attacked in the streets of Rome by supporters of his predeccessor. Occupation Role in Society: PopeSaint Places of Residence and Influence: Italy Important Dates: Elected pope: Dec. 26, 795Attacked: April 25, 799Died: June 12, 816 About Pope Leo III: Rather than keeping the papacy independent of secular authorities, Leo deliberately took steps to ally with Charlemagne and his growing empire. Attacked in the streets of Rome by supporters of his predecessors nephew, Leo sought the aid of Charlemagne and eventually crowned him emperor, establishing an important precedent. As pope, Leo was adept in diplomacy and managed to keep his Carolingian allies from exerting any real influence on matters of doctrine. He died in 816. For more about Leo, visit your Guides Concise Biography of Pope Leo III. More Leo III Resources: Concise Biography of Pope Leo IIIImage of Leo crowning Charlemagne Leo III on the Web Pope St. Leo IIIFairly substantial bio by Horace K. Mann at the Catholic Encyclopedia.Pope Saint Leo IIIConcise collection of useful data, heavily hyperlinked, at the Patron Saints Index. Leo III in Print The links below will take you to a site where you can compare prices at booksellers across the web. More in-depth info about the book may be found by clicking on to the books page at one of the online merchants. by Richard P. McBrienby P. G. Maxwell-Stuart Chronological Index Geographical Index Index by Profession, Achievement, or Role in Society
Thursday, November 21, 2019
Short answer Term Paper Example | Topics and Well Written Essays - 500 words
Short answer - Term Paper Example The second part listed a number of indictments that America required King George III to answer while the last part concluded that the thirteen American colonies were, thus, considered as sovereign states. The DOI was and has remained a significant part of the American history. Firstly, it led to the freedom of American States from the tyranny of King George III of England. Through the DOI, the colonies did not only declare Americas disloyalty to the colonizers but also pointed out King George IIIs gross violation of the Americans rights. Despite the signing of DOI, the British government was not ready to set the Americans free. They ruled the document as illegal and treasonous; however, this did not deter the American fighters from pushing for their freedom. Conversely, it set the stage through which America would acquire increased foreign assistance in their fight against the British. Following the signing of DOI, for example, France offered its exclusive military and monetary support to the American rebels. The DOI was not only significant to the American people, but also to other countries besides the United States. As Cole (780) explains, the signing of the declaration encouraged other colonies to fight for their independence. Shortly after the DOI, for instance, France revolted against the oppression of King Louis XV. The DOI and the consequent independence of America justified the rights of colonies to rebel against their masters in pursuit of freedom. The Jacksonian democracy refers to the political movement in the era of the prominent politicians Andrew Jackson. As Tillery (639) elaborates, Jacksonian democracy was a form of was a political ideology that sought to achieve greater democracy in America. It began in the presidency era of President Jackson in 1828 up until 1840. However, the certain democratic aspects that were instigated in the Jacksons era are still practiced
Wednesday, November 20, 2019
1) Women and the New Deal (2) Has New Labours child poverty strategy Essay
1) Women and the New Deal (2) Has New Labours child poverty strategy been a success - Essay Example When a society suffers from crisis, all the hell does not only loose break on men, but also on women. Initially this concept was quite common that men are the only earners of a family, but after the Second World War this idea is really changed. Humanitarian has tried hard to get full rights for women. The Equal Opportunities Commission once said ââ¬Å"if we get it right for women, well get it right for everyone" (Houston, 2006). Since 1997, efforts have made important progress in undertaking poverty and unfairness and in breaking down the barriers that put off people from fulfilling their potential. Efforts have been made to tackle prejudice and exclusion in every segment of our society This issue of even-handedness to women on which the Fabians Society, the Parliamentary Labour Party, and so many of the people in this room have battled so effectively for years, new deal is the part of their efforts (Houston, 2006). New deal was introduced in Great Britain in 1998. The aim of the program is welfare of society. All of the policies mentioned are for welfare reform. Multiple programs have been introduced: new deal for young, 50+, unemployed musicians, 25+, lone parents and for disabled. The approximate probability changes were slightly higher for women being unemployedà ensuing in a joblessness reduction of around 10-11 thousand and six months after the pseudo New Deal entry date. Though, as for men this reduction fell with a longer follow up time, so that 12 months after the pseudo New Deal entry date, there were 8,000 fewer unwaged young women than if there had been no NDYP. At 18 months from the New Deal entry date there were 5,000 fewer unwaged young women than if NDYP had not been introduced (Wilkinson, 2003). It is much harder to measure succeeding redundancy for unemployment spells that occur normally at the end of the proceedings period. The results show that for men, there is a 0.06 increase in the probability of exiting
Monday, November 18, 2019
TRADOC Essay Example | Topics and Well Written Essays - 750 words
TRADOC - Essay Example Indeed, it must be realized that in order to realize its mission, there must be a proper integration of the activities of TRADOC. Considering that the mission of the Command revolves around training, it is imperative to note that this training is geared towards creating effective formations that can help address the overall mission objectives of the US Army (TRADOC 2012) . TRADOC also has an objective of ensuring the Army is guided through doctrine. This is a very important objective especially in the disciplined forces. It is often realized that many people in the Army fail to understand much of the doctrine that guide their operations. In this respects, challenges often abound. In line with TRADOCââ¬â¢s missions of designing a capable and versatile US Army, this objective is definitely a proper way of ensuring the compliance with the law. TRADOC also seeks to develop very adaptive leaders both drawn from soldiers and civilians. Indeed, as a training unit, TRADOC seeks to transfo rm not only the army but civilians as well. It therefore extends its training in order to create a population that understands and appreciates the important role of the Army. Through proper leadership, it is expected that the mission of TRADOC will be achieved across the board as people will share much of the information obtained from the Command. As a training Command, the core objective of TRADOC is therefore to recruit and train solders and to provide various ways that support unit training. In this respect, TRADOC oversees Army school across the country which train over 500,000 soldiers and service members yearly. The training is always made to reflect the changing times and this call for much innovation and agility. In this case, the trainees are always suited to serve in both times of peace and war. All these objectives outlined above certainly have various measures to ensure they are effectively achieved. With respect to building and integrating the various formations, one me asurement aspect can be a united and cohesive Army and proper coexistence between the Army and the civilians. It is often realized that a lack of integration of the various units presents many challenges in administration. Such a measurement would therefore be effective in gauging the effectiveness of the training in this respect. As regards civilian training, one measurement metric can involve conducting a survey on the civilians to determine whether they understand the imperatives of Army training and the need to appreciate the role of the Army in the society. Lastly, with respect to overall training, measurement is achieved by the quality of the various Army commands and whether they realize their particular objectives. For instance their performance in war or in peacetime activities such as natural calamities can effectively provide an insight on their effectiveness DePuy, W. E., (Swain, Gilmore & Conway, 2000). Considering that the focus of TRADOC is essentially training, the e xpected level of performance or target is the lack of any challenges in operations with respect to the various formations. On civilian training, the target is the achievement is a cohesive coexistence between the solders and the civilians. In terms of general training, the target is professionalism and excellence in terms of performance at all times (King & Demsey, 2008). In order to ensure a successful
Saturday, November 16, 2019
Methods of Lipid Analysis in Food
Methods of Lipid Analysis in Food Lipids are defined as the biomolecules whose solubility in water is less than that in non-polar solvents. This definition puts structurally distinct classes of compounds such as fatty acids, terpenes, steroids, prostaglandins and carotenes in the same class (Carey Giuliano, 2014). Other definition for lipid has also been suggested (Eoin, et al., 2005). They perform a variety of functions in living system including but not limited to structural integrity, energy storage, digestion and communication (Nelson Cox, 2005). Although lipids are essential for many body functions, not all lipids are required in same amount. Food and Agriculture Organization (FAO) recommends that total fat of the food contribute to 20-35% of energy for adults. This should include 8% saturated fatty acid(SFA), 11% poly unsaturated fatty acid (PUFA) and less than 1% trans fatty acid (TFA) (FAO, 2010). Chances of insulin resistance is more in overweight person in high SFA diet (Lovejoy, et al., 2002). Similarly, excessive TFA intake also increases the risk of cardiovascular disease (Song, et al., 2015). Fat content also affects taste. It is proposed that fat has a unique taste Oleogustus that is dependent of chain length and is unique from five conventional tastes: sweetness, sourness, bitterness, saltiness and umami (Running, Craig, Mattes, 2015). Butter produced from milk with high unsaturated fatty acid (UFA) was found to be more spreadable, softer and less adhesive (Bobe, Hammond, Freeman, Lindberg, Beitz, 2003). As the fat content and type effects health as well as taste and texture, it is essential to know the fat content of food. Fat sample is characterized by a variety of criteria and methods. The selection of the criteria and method depends upon the sample type, purpose, accuracy, precision, legal requirement as well as available funds. Hence, despite having limited significance for nutritional purpose, total lipid (TL) measurement is widely carried out as many food labelling regulations require the TL report. Similarly, iodine value can be used for unsaturation study when sophisticated chromatography or spectroscopy methods are unavailable (Greenfield Southgate, Review of methods of analysis, 2003). This review intends to compile the available methods of lipid analysis of food products. Focus will be given on the type of sample required, result provided, resolving capacity of each criteria and method. Only brief discussion will be done on the theoretical and experimental process of the method. Sample preparation is very essential part of analysis of lipid sample. A separate section is dedicated to sample preparation. à à à In order to analyze the lipid, suitable sample must be prepared. If the sample has lipid inside cells (such as meat) the lipid should be extracted from the cells (Christie Han, Lipid Analysis, 2012). Samples must undergo some pretreatment before they can be used as test sample. Depending on the nature of sample one or more of the following work is necessary. 2.1. Storage Vessel Plastic container should be strictly avoided to store lipids. Plasticizers can leach into the sample and contaminate it. Glass vessels or Teflon coated vessels should be used. The atmosphere should be argon or nitrogen to prevent oxidation. (Christie Han, Lipid Analysis, 2012) 2.2. Protection from Oxidation Unsaturated fatty acids are prone to oxidation from atmospheric oxygen. Once the oxidation starts, autocatalysis accelerates the process. Different products are formed during oxidation and it may follow various mechanisms. Light, heat, metals, enzyme are known to catalyze the reaction (Angelo, 1996) Oxidation interferes with lipid analysis not only by destroying the unsaturated fats but also by formation of conjugated double bonds which show strong absorption at UV, thus providing false positive results (Christie Han, Lipid Analysis, 2012) Elimination of oxygen is the major step in prevention of oxidation. Therefore, all steps should be done in nitrogen atmosphere as far as possible. Equipment should be flushed with nitrogen before experiments. Small amount of antioxidant like 2,6-di-tert-butyl-p-cresol, which do not interfere with analytical process, may be added. Excess of these antioxidant should not be used as they can facilitate oxidation in high concentration. (Christie Han, Lipid Analysis, 2012) 2.3. Drying of Sample Lipid sample containing water can make analysis difficult and might be a source of error. Solvents cannot penetrate sample with >8% moisture easily. Hygroscopic solvents like diethyl ether can absorb the moisture, decreasing its extraction efficiency. Low moisture also facilitates grinding and increases the surface area of sample (Shahidi Wanasindara, 2008). Petroleum spirit, the most widely used solvent requires completely dried sample. (Greenfield Southgate, Review of methods of analysis, 2003) Depending on the type of water present (free, adsorbed or water of hydration) different methods may be required for water removal (Bradley, Jr, 2010). Care should be taken during drying as high temperature might lead to decomposition and combination of lipids with other components. These associated lipids cannot be extracted by solvents. Lyophilization (freeze-drying) and vacuum drying methods are preferred drying methods. (Shahidi Wanasindara, 2008) 2.4. Particle size reduction (Grinding) Solid food sample might need grinding. Grinding increases the surface area and decreases the length through which solvent need to penetrate the sample (Min Ellefson, 2010). Care should be taken that the particles are not too fine, too much heat is generated or too much moisture is lost. (IUPAC, 1979) 2.5. Hydrolysis Lipids in food may be bound ionically or covalently with non-lipid components such as carbohydrate or protein. Solvents are not able to extract them efficiently. Therefore, lipid needs to be hydrolyzed with acid or alkali to turn them into free state. Significant error in lipid extraction is reported when no hydrolysis is carried out. (Min Ellefson, 2010) Hydrolysis also breaks emulsified fat. (Shahidi Wanasindara, 2008) Acid hydrolysis is used for most foods except diary and high sugar content food which require alkaline hydrolysis. Hydrolysis is not preferred when the lipid extract needs to be further analyzed for fatty acid components because they can cause decomposition and oxidation of the sample components. (Greenfield Southgate, Review of methods of analysis, 2003) The given sample of food might not be entirely lipid. The amount of lipid in the food sample is called total lipid concentration. It is usually expressed as percentage or per 100gm food (Moreau, 2005). Although total lipid is widely used for food labelling and regulation of food composition, it has limited value as it does not provide the type of molecule in the lipid. (Greenfield Southgate, Review of methods of analysis, 2003) There are various methods to determine total lipid in food like solvent extraction, non-solvent extraction, instrumental methods. The selection of methods depends on a number of factor which is discussed below. 3.1. Solvent Extraction In solvent extraction, the lipid component of the food is extracted by dissolving in suitable organic solvent(s). The solvent selectively dissolves the lipid while leaving the non-lipid portion undissolved. The solvent is then evaporated to leave fat residue. Total lipid is then determined gravimetrically as: -(i) The above data gives the total fat. However, a significant portion of the fat includes glycerol (from triglycerides) phospholipids and other unsaponifiable matters. Thus, corrections are required so as to represent the correct amount of fatty acids in the sample. The correction factor is provided by FAO. (Greenfield Southgate, Appendix 5, 2003) The extracted portion of solvent extraction is highly dependent on solvent use. Hence selection of solvent is discussed in detail next. Solvent Selection Ideal solvent should extract all lipids and lipids only. However, due to wide range of polarity of different lipid types, no single solvent can provide an ideal solution. Moreover, the solvent selected should preferably be low boiling, non-flammable, non-toxic in liquid as well as solid, easily disposable after extraction, inexpensive and non- hygroscopic. It should also penetrate sample thoroughly (Min Ellefson, 2010). Petroleum ether is the most commonly used solvent for its selectivity towards lipid, cost and availability. However, diethyl ether is better solvent for lipids but its fire hazard and hygroscopic nature makes it less favorable than petroleum ether. Ethyl ether and petroleum ether is also sometimes used alternately or together for extraction. (Pomeranz Meloan, 1994) n-hexane is preferred for oil extraction. (IUPAC, 1979) Mixture of polar and non-polar solvents has shown to extract all the lipids from most food. However, care should be given so as to prevent extraction of unwanted portion. The lipids extracted by this method without hydrolysis is suitable for further treatment to determine fatty acid fractions. (Greenfield Southgate, Review of methods of analysis, 2003) Alcohol-ether can be used to remove fat from tissue. Water-butanol is used in cereals. Chloroform-methanol is preferred for animal tissue (Pomeranz Meloan, 1994). Solvent extraction is the standard method of analysis for many types of food. Hence, it is widely used and is undergoing continuous improvement. There are different types of solvent extraction, each with its pros and cons. 3.1.1. Batch Extraction Batch extraction is a very simple, yet widely used method of extraction. The sample is mixed with one or more solvent which along with endogenous water (if any) forms multiple layer of varying concentration. As the lipids are more soluble in non-polar solvents than in water, lipid portion goes to the layer with more solvents and non-lipid component remains in the layer with more water. The lipid part is then separated using a separating funnel. The separation is based on partition principle hence multiple extraction of the aqueous phase is necessary to obtain most of the lipid. The weight of lipid not extracted is given by the equation below: (Pomeranz Meloan, 1994) -(ii) Where, is the weight of lipid remaining, the volume of aqueous layer, volume of solvent in each extraction step, the distribution ratio of lipid in solvent, the number of extraction steps. The selection of solvent is then done using the distribution ratio of lipids in known solvents. Folch method uses chloroform-methanol extraction followed by washing with water. This extracts all lipid from tissue except strandin which remains with the non-lipid phase. (Folch, 1957) Folch method was improved by Bligh and Dyer to improve the speed of extraction and purify the sample at the same time. (Bligh Dyer, 1959) Extraction using low toxicity solvents like hexane: propanol has also been developed. (Hara Radin, 1978) Batch extraction is usually slow and requires a large amount of solvent. When other faster and easier methods are available, this method is not preferred. However, as no sophisticated equipment is necessary, batch extraction is very useful where the cost of equipment outweighs the usefulness of more accurate data. 3.1.2. Continuous Extraction Continuous solvent extraction recycles the solvent used so that small amount of solvent can accomplish the equivalent extraction of several steps. This process is preferred for solid samples and sample where the distribution ratio is low. These samples need multi step extraction as very little lipid is extracted to the solvent in each step. (Pomeranz Meloan, 1994) Soxhlet extractor is widely used extractor for lipid. Although first developed to measure milk fat it has developed as a standard extractor for lipid as well as other substances. (Soxhlet, 1879) It has gone various improvements since its first publication and now various modifications are commercially available. Goldfish extraction is a faster extraction system which suspends the sample in the solvent vapour. Although faster than Soxhlet based system, it might not completely extract the lipid due to channeling i.e. solvent may take a preferential path in the solid sample and may not cover whole of the sample. (Moreau, 2005) As continuous extraction is faster and uses less solvents than batch extraction it is the most widely used extraction system. Moreover, the equipment used is not very expensive and can be used for extraction of other materials. However, these processes are slow and disposal of solvent is an everyday problem. 3.1.3. Pressurized Fluid Extraction Pressurized fluid extraction (PLE) is carried out in high pressure and high temperature. In literature, this process is also called Pressurized Solvent Extraction or Accelerated Solvent Extraction. The term ASEÃâà ®is the registered trademark of Dionex Corporation which manufactures pressurized fluid extraction apparatus commercially. (Dean, 2009) Richter et al. studied the effect of variables like temperature, pressure, solvent volume on extraction. Their work showed that the ASEÃâà ® extractor could provide results comparable to Soxhlet but with reduced extraction time and solvent volume. This is attributed to decreased viscosity of solvent, weaker bond between components and increased diffusion capacity of solvent at higher temperature. Increased pressure is primarily applied to keep the solvent liquid, however, it provides the added advantage of forcing the solvent into pores blocked by insoluble matter. (Richter, et al., 1996) However, there is evidence that PLE is not selective to lipids for certain foods. (Boselli, Velazco, Caboni, Lercker, 2001) Moreover, no significant difference was seen on lipid extracted from poultry meat between Folch, Soxlet or ASEÃâà ® method. (Toschi, Bendini, Ricci, Lercker, 2003) Pressurized solvent extraction can be highly useful in labs where routine extraction is required as it greatly reduces the extraction time and solvent use. On the other hand, the investment on the apparatus may not be economical if extraction is not carried out regularly. In all cases the stability of temperature sensitive components should be known before using PLE. 3.1.4. Supercritical Fluid Extraction Substance in temperature above its critical temperature and pressure is called supercritical fluid. (IUPAC, 1997) Solvent property of supercritical fluid was first demonstrated in 1879. (Hannay Hogarth, 1879) They have huge prospects in extraction because they combine the solubility power of liquid with penetration power of gas. Moreover, their solubility can be fine-tuned by changing the pressure and temperature. Carbon dioxide and water are the most promising fluid for supercritical extraction due to their non-toxicity and environmentally friendly nature. (Hedrick, Mulcahey, Taylor, 1992) 3.2. Non-Solvent Liquid Extraction In this method, the sample is treated with some liquid reagent which separates the lipid from sample and the lipid fraction is then measured. This method is mostly used to determine milk fat. They require specialized vessels for each method and cannot determine phospholipids. (McClements, 2003) Several methods are present: 3.2.1. Babcock Method 3.2.2. Gerber Method 3.2.3. Detergent Method 3.3. Instrumental Methods Different instrumental methods have been developed to determine the total lipid content of the sample. They rely on some physical properties that vary systematically with lipid concentration. (McClements, 2003) Based on the property measured it is mainly of three types: 3.3.1. Measuring Bulk Properties Density: Density decreases as lipid content increases. This relation can be used to know the percentage of fat in a sample. (McClements, 2003) Electrical Conductivity: Conductivity decreases as lipid content increases. Thus, it can be used as fat concentration measure. (McClements, 2003) Ultrasonic Velocity: This is a fast and non-invasive method for fat content calculation. Amplitude and brightness analysis can be used to find the fat content and also distribution. (Abdul, N, Mohd, Abu, Z, 2013) Moreover, attenuation(absorption) of ultrasound is linearly proportional to the amount of fat in the body. (Dukhin, Goetz, Travers, 2013) 3.3.2. Measuring Absorption of Radiation UV-VIS: Fatty Acid absorb UV light proportional to its concentration. This method requires sample preparation to remove substances like proteins and hydrophobic peptides which interfere with the measurement. (Forcato, Carmine, Echeverria, Pecora, Kivatinitz, 2005) Because of the extraction and dilution needed the process can be time consuming and labor intensive. (McClements, 2003) IR: Near infrared (NIR) spectroscopy is mainly used to analyze fatty acid content in food. (Mossoba, Azizian, Kramer, 2012) Fat show strong absorbance at 5.74 mm which provides rapid and online fat composition measure. (McClements, 2003) The carbonyl absorption is the major reason for lipids NIR activity. This method requires intensive calibration with other approved methods hence is mainly used for routine analyses of large number of similar sample. (Greenfield Southgate, Review of methods of analysis, 2003) NMR: NMR is also a non-destructive and fast method of total fat analysis. Although it requires a calibration curve, it is better suited than IR or UV because it can be operated by non-experts and the calibration curve is long lasting. (Oxford Instuments Molecular Biotools, 2010) X-Ray: Fat absorbs less X-Ray than lean meat. Hence, by building a proper calibration curve, fat content in meat can be determined by X-Ray absorption (McClements, 2003) 3.3.3. Measuring Scattering of Radiation Light and Ultrasonic Scattering: Light as well as ultrasound waves are scattered by oil droplets present in emulsions. The linear relation between concentration of droplet and light scattering can be used to measure total fat, provided no other interfering molecules exist. (McClements, 2003) X-Ray: Fat molecules show a sharp X-Ray scattering peak at 1.1 nm-1 while a water rich tissue shows a peak at 1.6nm-1. Thus, varying amount of fat can give a scattering profile which can be used for fat content determination. (Elshemey, 2011) 3.4. Other Methods 3.4.1. Solid Phase Extraction 3.4.2. Microwave Assisted Extraction Total Lipid Concentration is a very simple data about food. As lipid contain diverse chemical species, in addition to total lipid, the type of lipid and their distribution also plays a major role to determine the purity, nutritional value, aesthetic look and taste. Hence, complete information about the type of lipids is necessary for scientist as well as legal bodies. (McClements, 2003) Sample preparation is the most important part in most method to analyses lipids. As the lipid is extracted, care should be given to prevent the change of one form of lipid to another. Hydrolysis should be rigorously prevented as it reduces triglycerides and increases free fatty acids. Extraction should cause as less oxidation as possible. (Greenfield Southgate, Review of methods of analysis, 2003) Extraction in chloroform, chloroform-methanol and hexane-isopropanol is preferred. Storage of sample in cold at -20oC is preferred. (AAFCO Lab Methods Services Committee, 2014) The various method present have their advantages and drawbacks and the preferable method depends on the type of food and the type of lipid to me examined, (Greenfield Southgate, Review of methods of analysis, 2003) 4.1. Chromatography It is a very powerful tool for lipid analysis. It can give compete profile of the lipid molecules in the given sample. Chromatography separates the different components of lipid in fractions, these are then subject to spectrometric analysis which gives the molecular identity as well as relative concentration. IR, NMR and Mass Spectrometry are most commonly used. (McClements, 2003) These methods, although very reliable and comprehensive are very expensive due to the instrumental and reagent cost and is only carried out where complete molecular identification is required. (Greenfield Southgate, Review of methods of analysis, 2003) Three types are used: TLC: Thin Layer Chromatography is used to find concentration of different lipid groups. The TLC plate is prepared with suitable adsorbent and kept in proper solvent. A drop of sample is placed on one end and let to flow. The plate after separation to different fractions is compared to standard plates to identify the lipids. The spots can be analyzed further by GC, MS, NMR. (McClements, 2003) After the advent of HPLC, TLC use has decreased considerably. However, after the availability of pre-coated plates, the use of TLC for instant result is still carried out when there are few samples only. It is cheaper than HPLC. However, care during experimentation is required. (Christie, Thin-Layer Chromatography of Lipids, 2011) This method cannot be used to separate different types of phospholipids. (Zaima, Goto-Inoue, Adachi, Mitsutoshi, 2011) HPLC: High Performance Liquid Chromatography is now a preferred method for lipid analysis. This is because it is more versatile than TLC and operates at room temperature, thus can be used to analyses labile groups that cannot be done using GC. (Christie, Thin-Layer Chromatography of Lipids, 2011) GC: Gas Chromatography is the preferred method for analysis of trans fatty acid. It can also be used for triglycerides and fatty acids; however, methylation is necessary. (Greenfield Southgate, Review of methods of analysis, 2003) Fatty acids are non-volatile, hence before carrying out GC, the lipids are saponified and methylated to give Fatty Acid Methyl Esters(FAME) which are volatile and can be used for GC. (McClements, 2003) -(2) It is now possible to convert a lipid sample of a fraction of a milligram in size to the methyl ester derivatives, separate these by gas chromatography, and have a quantitative result in under one hour. (Christie, Chapter 1 Introduction and Summary, 2011) 4.2. Chemical Methods These methods are very cheap and do not require expensive machinery. However, only crude and average results are obtained. Following test gives different information on fat: Iodine Value: It gives the average degree of unsaturation in the lipid. The lipid to be analyzed is titrated with ICl and the consumption of ICl gives the amount of unsaturation in lipid. Saponification Number: It gives the average molecular weight of triglycerols. The triglycerols are saponified with KOH and the amount of KOH used is determined. This is the saponification number. High saponification number corresponds to low molecular weight and vice versa. Acid Value: It gives the amount of free fatty acid. Here, the lipid is titrated with KOH until the solution turns alkaline. Other acids may interfere with results. (McClements, 2003) 4.3. Instrumental Techniques Various instrumental techniques for fat analysis are present. Methods like NMR, IR, MS are usually coupled with chromatography. Measurement of density and refractive index can be used to measure change in chain length and unsaturation. (McClements, 2003) Lipids with high unsaturation undergoes aerial oxidation. This includes variety of reactions usually summarized as follows: reactants à ¯Ã ¿Ã ½ primary products à ¯Ã ¿Ã ½ secondary products (unsaturated lipids and O2) à ¯Ã ¿Ã ½ (peroxides and conjugated dienes) à ¯Ã ¿Ã ½ (ketones, aldehydes, alcohols, hydrocarbons) 5.1. Chromatography Loss of reactants as well as formation of specific products can be monitored by using time profile. 5.2. Oxygen Uptake Measures the amount of oxygen consumed over time while maintaining constant oxygen concentration on the reaction vessel. 5.3. Peroxide Value Measures the amount of peroxide formed by titration with iodine. 5.4. Conjugated Dienes Measures the concentration of conjugated dienes by UV spectroscopy (at 233nm for diene and 268nm for trines) 5.5. Thiobarbituric Acid(TBA) Measures the secondary products (aldehydes) in the sample. The sample is treated with TBA and absorbance measured at 540nm. The absorbance value corresponds with the concentration of aldehyde. 5.6. Accelerated Oxidation Tests The sample is oxidized in oxidation friendly environment and the time taken for rancidity to form is measured. These tests help to know the physicochemical characteristics corresponding to flavor, appearance, flow etc. 6.1. Solid Fat Content(SFC) Measures the fraction of fat present as solid. Density measure is mostly used (3) Where is the density at given temperature and are the density if it was completely liquid or solid at the same temperature. NMR signal decay rate is also being used recently. More solid component, faster is the signal decay. Differential Scanning Calorimetry uses latent heat measure are also used to measure SFC-temperature profile. 6.2. Melting Point Used when SFC is not required but only the temperature of melting is required. Due to different components present no sharp melting point is seen. Instead different melting points are used: Clear Point: The temperature at which fat completely melts and becomes clear Slip point: The temperature at which the fat in a capillary tube starts to slip. Wiley melting point: the temperature at which a disc suspended in alcohol-water mixture turns to a sphere. 6.3. Cloud Point The temperature at which a completely melted lipid starts to develop turbidity. 6.4. Smoke Point The temperature at which the lipid starts to smoke at standard condition 6.5. Flash Point The temperature at which a flash appears on the surface at ignition at standard condition 6.6. Fire Point The temperature at which a continuous flame stats to form at standard condition 6.7. Rheology The measure of deformation and flow. Viscosity, elastic modulus and other relevant flow or plasticity measure is used. (n.d.). (FOSS) Retrieved from Analytical Solutions for Food Analysis and Quality Control FOSS: http://www.foss.dk/~/media/images/ca/soxtec8000/soxtech_extraction_sketch-jpg AAFCO Lab Methods Services Committee. (2014, January). Crude Fat Methods Considerations. Retrieved from Association of American Feed Control Officials: http://www.aafco.org/Portals/0/SiteContent/Laboratory/Fat_Best_Practices_Working_Group/Crude_Fat_Methods_Considerations.pdf Abdul, H. M., N, B., Mohd, S. M., Abu, K. R., Z, M. (2013). The Use of Ultrasound As a Fat Measurement Sensor. International Conference on Smart Instrumentation, Measurement and Applications (ICSIMA), (pp. 315-320). Kuala LAmpur. doi:10.1109/ICSIMA.2013.6717974 Angelo, A. J. (1996). Lipid Oxidation in Foods. Critical Reviews in Food Science and Nutrition, 36(3), 175-224. doi:10.1080/10408399609527723 Bligh, E. G., Dyer, W. J. (1959). A Rapid Method of Total Lipid Extraction and Purification. Canadian Journal of Biochemistry and Physiology, 911-917. Bobe, G., Hammond, E. G., Freeman, A. E., Lindberg, G. L., Beitz, D. C. (2003, October). Texture of Butter from Cows with Different Milk Fatty Acid Composition. Journal of Dairy Science, 86(10). doi:10.3168/jds.S0022-0302(03)73913-7
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