Night World : Black Dawn Chapter 10

But at the instant which would have made it akiss, Delos pulled away. Maggie felt the brush of his warm lips and then cold air as he jerked back. â€Å"No,†he said.†No.† She could see the clash of fear and anger in his eyes, and she could see itsuddenly resolve itselfas the pain grew unbearable.He shuddered once, and then all the turmoil vanished, asif it were being swept aside by a giant hand. It left only icy determination in its wake. â€Å"That's not going to help,† Maggie said. â€Å"I don'teven understand why you want to be this way, butyou can't just squash everything down-â€Å" â€Å"Listen,† he said in a clipped, taut voice. â€Å"Yousaid that in your dream I told you to go away. Well,I'm telling you the same thing now. Go away anddon't ever come back. I never want to see yourface again.† â€Å"Oh, fine.† Maggie was trembling herself withfrustration. She'd had it; she'd finally reached thelimit of her patience with him. There was so muchbitterness in his face, so much pain, but it was clear he wasn't going to let anyone help. â€Å"I mean it. And you don't know how much of aconcession it is. I'm letting you go. You're not justan escaped slave, you're an escaped slave whoknows about the pass in the mountains. The pen-.alty for that is death.† â€Å"So kill me,† Maggie said. It was a stupid thingto say and she knew it. He was dangerous – andthe master of that blue fire. He could do it at theturn of an eyelash. But she was feeling stupid andreckless. Her fists were clenched. â€Å"I'm telling you to leave,† he said. â€Å"And I'll tellyou something else. You wanted to know what happened to your brother.† Maggie went still. There was something differentabout him suddenly. He looked like somebodyabout to strike a blow. His body was tense and hiseyes were burning gold like twin flames. â€Å"Well, here it is,† he said. â€Å"Your brother is dead. I killed him.† It was a blow. Maggie felt as if she'd been hit. Shock spread through her body and left her tingling with adrenaline. At the same time she felt strangely weak, as if her legs didn't want to hold her up any longer. But she didn't believe it. She couldn't believe it, not just like that. She opened her mouth and dragged in a breathto speakand froze. Somewhere outside the cave a voice was calling. Maggie couldn't make out the words, but it was agirl's voice. And it was close †¦and coming closer. Delos's head whipped around to look at the entrance of the cave. Then, before Maggie could say anything, he was moving. He took one step to the wall and blew out theflame of the little stone lamp. Instantly, the cavewas plunged into darkness. Maggie hadn't realizedhow little light came from the entrance crack-almost none at all. No, she thought. Less light is coming throughthan before. It's getting dark. Oh, God, she thought. Cady. I just walked off and left her there. What's wrongwith me? I forgot all about her-1 didn't eventhink†¦. â€Å"Where are you going?† Delos whispered harshly. Maggie paused in mid rush and looked at himwildly. Or looked towardhim, actually, becausenow she couldn't see anything but darkness against paler darkness. â€Å"To Cady,† she said, distracted and frantic, clutching the water bag she'd grabbed. â€Å"I left herdown there. Anything could have happened bynow. o. â€Å"You can't go outside,† he said. â€Å"That's the hunting party I came with. If they catch you I won't beable to help-2†² I don't care!† Maggie's words tumbled over his.†A minute ago you never wanted to see me again.Oh, God, I left her. How could I do that?† ‘It hasn't been that long,† he hissed impatiently. â€Å"An hour or so.† Vaguely, Maggie realized that hemust be right. It seemed like a hundred years sinceshe had climbed up to his ledge, but actually every thing had happened quickly after that. â€Å"I still have to go,† she said, a little more calmly.†She's sick. And maybe Gavin came back.† A waveof fear surged through her at the thought. â€Å"If they catch you, you'll wish you were dead,† he said distinctly. Before Maggie could answer, hewas going on, his voice as brusque as ever. â€Å"Stayhere. Don't come out until everybody's gone.† She felt the movement of air and the brush ofcloth as he passed in front of her. The light fromthe entrance crack was cut off briefly, and then shesaw him silhouetted for an instant against gray sky. Then she was alone. Maggie stood tensely for a moment, listening.The sound of her own breathing was too loud. She crept quietly to the entrance and crouched And felt a jolt. She could hear footsteps crunching on the broken slate outside. Rightoutside. Thena shadow seemed to fall across the crack and sheheard a voice. â€Å"Delos! What are you doing up here?† It was a light, pleasant voice, the voice of a girl only a little older than Maggie. Not a woman yet.And it was both concerned and casual, addressingDelos with a familiarity that was startling. But that wasn't what gave her the bigjolt. It wasthat she recognized the voice. She knew it and shehated it. It was Sylvia. She's here, Maggie thought. And from the wayshe'stalkingshe's been here before – enough to getto know Delos. Or maybe she was born here, and she's just started coming Outside. Whatever the truth, it somehow made Maggiecertain that Miles had been brought here, too. But then-what? What had happened to him after that?Had he done something that meant he had to disappear? Or had it been Sylvia's plan from thebeginning? Could Delos have really†¦ ? I don't believe it, Maggie thought fiercely, butthere was a pit of sick fear in her stomach. Outside, Sylvia was chatting on in a musical voice. â€Å"We didn't even know you'd left the groupbut then we saw the blue fire. We thought youmight be in trouble-â€Å" â€Å"Me?†Delos laughed briefly. â€Å"Well-we thought there might betrouble,† Sylvia amended. Her own laugh was like wind chimes. â€Å"I'm fine. I used the fire for practice.† â€Å"Delos.† Sylvia's voice was gently reproving now,in a way that was almost flirtatious. â€Å"You knowyou shouldn't do that. You'll only do more damageto your armit's never going to get better if youkeep using it.† â€Å"I know.† Delos's brusque tone was a sharp con trast to Sylvia's teasing. â€Å"But that's my business.†Ã¢â‚¬ I only want what's best for you-â€Å" â€Å"Let's go. I'm sure the rest of the party is waiting for us.† He doesn't like her, Maggie thought. All herwhinnying and prancing doesn't fool him. But Iwonder what she is to him? What she really wanted at that moment was to dash out and confront Sylvia. Grab her and shake her until she coughed up some answers. But she'd already tried that once-and it had gotten her thrown into slavery. She gritted her teethand edged closer to the entrance crack. It was dangerous and she knew it, but she wanted to seeSylvia. When she did, it was another shock. Sylvia always wore slinky tops and fashionable jeans, butthe outfit she had on now was completely medieval.More, she looked comfortable in it, as if thesestrange clothes were natural to her-and flattering. She was wearing a sea-green tunic that had longsleeves and fell to the ground. Over that was another tunic, a shade paler, this one sleeveless andtied with a belt embroidered in green and silver. Her hair was loose in a fine shimmering mass, andshe had a falcon on her wrist. A real falcon. With a little leather hood on itshead and leather ties with bells on its feet. Maggie stared at it, fascinated despite herself. That whole fragile act Sylvia puts on, shethought. But you have to be strong to hold up a big bird like that. â€Å"Oh, we don't have to rush back just yet,† Sylvia was saying, moving closer to Delos. â€Å"Now that I'm here, we could go a little farther. This looks like anice path; we could explore it.† Cady, Maggie thought. If they go to the end ofthe path, they'll see her. Sylvia will see her. She had just decided to jump out of the cavewhen Delos spoke. â€Å"I'm tired,† he said in his flat, cold way. â€Å"We'regoing back now.† â€Å"Oh, you're tired,† Sylvia said, and her smile wasalmost sly. â€Å"You see. I told you not to use yourpowers so much. â€Å"Yes,†Delossaid,evenmoreshortly. â€Å"Iremember.† Before he could say anything else, Sylvia went on. â€Å"I forgot to mention, a funny thing happened.A guy named Gavin dropped in on the huntingparty a little while ago.† Gavin. Maggie's stomach plummeted. He got away. And he saw everything. And he must have moved fast,she thought absently. To hook around and get to a hunting partyon the other side of this ledge-in time for Sylviato come find Delos. â€Å"You probably donI know him,† Sylvia was saying. â€Å"But I do. He's the slave trader I use to getgirls from Outside. He's normally pretty good, but today he was all upset. He said a group of slavesgot loose on the mountain, and somehow his part ner Bern got killed.† You†¦ witch,Maggie thought. She couldn'tthink of a swear word strong enough. Sylvia knew. There was no doubt about it. IfGavin was her flunky, and if he'd told her that Bernwas dead, he must have told her the rest. That Bernhad been killed by Prince Delos himself, fried withblue fire, and that there were two slave girls infront of Delos at the time. She knew all along, Maggie thought, and she wasjust trying to trap Delos. But why isn't she afraidof him? He's the prince, after all. His father's dead; he's in charge. So how come she daresto set upher little traps? â€Å"We were all concerned,† Sylvia was going on,tilting her silvery head to one side. â€Å"All the nobles,and especially your greatgrandfather. Loose slavescan mean trouble† â€Å"How sweet of you to worry,† Delos said. Fromwhat Maggie could see of his face, it was expressionless and his voice was dry and level. â€Å"But youshouldn't have. I used the fire for practice-on the other slave trader. Also on two slaves. They interrupted me when I wanted quiet.† Maggie sat in helpless admiration. He did it. He outsmarted her. Now there's nothing she can say. And there's no way to prove thathe didn't kill us. Gavin ran; he couldn't have seenanything after that. He saved us. Delos saved Cady and me bothagain. â€Å"I see.† Sylvia bowed her head, looking sweet andplacating, if not quite convinced. â€Å"Well, of courseyou had every right to do that. So the slaves aredead.† â€Å"Yes. And since they were only slaves, why arewe standing heretalking about them? Is there something about them I don't know?† â€Å"No, no. Of course not,† Sylvia said quickly. â€Å"You're right; we've wasted enough time. Let's go back.† In her mind, Maggie heard Gavin's voice. â€Å"It's not like they were ordinary slaves. If we don't deliver that maiden we're dead.† So she's lying again, Maggie thought. What a surprise. But who's the maiden? And why's she so important? For that matter, she thought, who's this greatgrandfather of Delos's? When Sylvia mentionedhim it sounded almost like a threat. But if he's agreat-grandfather he's got to be ancient. How areSylvia and some old geezer teamed up? It was an interesting question, but there was no time to think about it now. Sylvia and Delos wereturning away from the cave, Sylvia murmuringabout having to take a look at Delos's arm when they got back. In another moment they'd passed out of Maggie's line of sight and she heard thecrunching noise of feet on slate. Maggie waited until the last footstep faded, then she held her breath and waited for a count ofthirty. It was all she could stand. She ducked through the entrance crack and stood in the openair. It was fully dark now. She was very nearly blind.But shecould sense the vast emptiness of the valley in front of her, and the solidity of the mountain at her back. And she should have felt relieved, to be outsideand not caught-but instead she felt strangely stifled. It took her a moment to realize why. There was no sound at all. No footsteps, novoices, and no animals, either. And that was whatfelt eerie. It might be too cold at night for mosquitoes and gnats and flies, but there should have been someanimal life to be heard. Birds heading intothe trees to rest, batsheadingout. Deer feeding.Bucks charging around-it was autumn, after all. There was nothing. Maggie had the unnervingfeeling that she was alone in a strange lifelessworld swathed in cotton, cut off from everythingreal. Don't stick around and think about it, she toldherself sternly. Find Cady. Now! Gritting her teeth, she thrust the water bag intoher jacket and started back. By keeping close to the mountains bulk on her left and feeling ahead with her foot before each step, she could find her way in the dark. When she reached the ledge, her stomach tightened in dismay. Terrific. Going down in pitch darkness-there's going to be no way to see the footholds. Oh, well, I'll feel for them. The worst that can happen is I fall a hundred feet straight down. â€Å"Cady,† she whispered. She was afraid to talk tooloudly; the hunting party might be anywhere andsound could carry surprisingly well on a mountain slope. â€Å"Cady? Are you okay?† Her heart thumped slowly five times before she heard something below. Not a voice, just a stirring,like cloth on rock, and then a sigh. Relief flooded through Maggie in a wave that wasalmost painful. Cady hadn't died or been abducted. because Maggie had left her. â€Å"Stay there,† she whispered as loudly as she dared. â€Å"I'm coming down.I've brought water.† It wasn't ashard going downas she'd expected. Maybe because she was still high on adrenaline,running in survival mode. Her feet seemed to findthe toeholds of their own accord and in a few minutes she was on the boulders. â€Å"Cady.† Her fingers found warmth and cloth. Itmoved and she heard another little sigh. â€Å"Cady, areyou okay? I can't see you.† And then the darkness seemed to lighten, andMaggie realized that she couldsee the shape shewas touching, dimly but distinctly. She glanced up and went still. The moon was out. In a sky that was otherwisecovered with clouds, there was a small opening, a clear spot. The moon shone down through it like asupernatural white face, nearly full. â€Å"Maggie.† The voice was a soft breath, almost awhisper, but it seemed to blow peace and calm into Maggie's heart. â€Å"Thanks for letting me rest. I feel stronger now.† Maggie looked down. Silver light touched thecurves of Cady's cheek and lips. The blind girllooked like some ancient Egyptian princess, herdark hair loose in crimped waves around her shoulders, her wide, heavy-lashed eyes reflecting themoon. Her face wasas sereneasever. â€Å"I'm sorry it took so long. I got some water,†Maggie said. She helped Cady sit up and put thewater bag to her lips. She doesn't look as feverish, she thought asCadywas drinking. Maybe she can walk. But where?Where can we go? They would never make it to the pass. And even if they did, what then? They'd be high on a moun tain-some mountain-in the dark and cold of aNovember night. â€Å"We need to get you to a doctor,† she said. Cady stopped drinking and gave the bag back. â€Å"Idon't think there's anything like that here. There might be some healing woman down there in thecastle – but. .She stopped and shook her head. â€Å"It's not worth it.† â€Å"What do you mean, it's not worth it? And, hey, you rereally feeling better, aren't you?† Maggieadded, pleased. It was the first time Cady had gottenout more than a few words. She sounded very weak,but rational, and surprisingly knowledgeable. â€Å"It's not worth it because it's too much of a risk. I'm too much of a risk. You have to leave me here, Maggie. Go down and get to shelter yourself.† â€Å"Not this again!† Maggie waved a hand She really couldn't deal with this argument anymore. â€Å"IfI left you up here, you'd die. It's going to get freezing cold. So I'm not going to leave you. And ifthere's a healing woman down at the castle, thenwe're going to the castle. Wherever the castle is.† â€Å"It's the place all the Night People are,† Arcadiasaid, unexpectedly grim. â€Å"The slaves, too. Everybody who lives here is inside the castle gates; it'sreally like a little town. And it's exactly the placeyou shouldn't go.† Maggie blinked. â€Å"How come you know so much?Are you an escaped slave like Jeanne?† â€Å"No. I heard about it a year or so ago from someone who had been here. I was coming here for a reason-it was just bad luck that I got caught bythe slave traders on my way in.† Maggie wanted to ask her more about it, but anagging voice inside her said that this wasn't thetime. It was already getting very cold. They couldn't be caught on the mountainside overnight â€Å"That road the cart was on-does it go all theway to the castle? Do you know?† Cady hesitated. She turned her face toward the valley, and Maggie had the strange sense that shewas looking out. â€Å"I think so,† she said, at last. â€Å"It would makesense that it does, anyway-there's only one placeto go in the valley.† â€Å"Then we've got to find it again.† Maggie knewthat wouldn't be easy. They'd run a long way fromBern and Gavin. But she knew the general direction. â€Å"Look, even if we don't get to the castle, weshould find the road so we know where we are. And if we have to spend the night on the mountain,it's much better to be in the forest. It'll be warmer.† â€Å"That's true. But-â€Å" Maggie didn't give her a chance to go on. â€Å"Canyou stand up? I'll help-put your arm around myneck†¦ .† It was tricky, getting Cady out of the nest of boulders. She and Maggie both had to crawl most of the way. And although Cady never complained, Maggiecould see how tired it made her. â€Å"Come on,† Maggie said. â€Å"You're doing great.†And she thought, with narrowed eyes and set teeth,If it comes to that, I'll carryher. Too many people had told her to leave this girl.Maggie had never felt quite this stubborn before. But it wasn't easy. Once into the woods, the canopy of branches cut off the moonlight. In only minutes, Cady wasleaning heavilyon Maggie,stumbling and trembling. Maggie herself was stumbling, tripping over roots, slipping on club mossand liverwort. Strangely, Cady seemed to have a better sense ofdirection than she did, and in the beginning shekept murmuring, â€Å"This way, I think.† But after awhile she stopped talking, and some time afterthat, she stopped even responding to Maggie'squestions. At last, she stopped dead and swayed on her feet. It was no good. The taller girl shivered once, thenwent limp. It was all Maggie could do to breakher fall. And then she was sitting alone in a small clearing, with the spicy aroma of red cedar around her, and an unconscious girl in her lap. Maggie held still and listened to the silence. Which was broken suddenly by the crunch offootsteps. Footsteps coming toward her. It might be a deer. But there was something hesitant and stealthy about it. Crunch, pause; crunchpause. The back of Maggie's neck prickled. She held her breath and reached out, feeling fora rock or a stick-some weapon. Cady was heavyin her lap. Something stirred in the salal bushes betweentwo trees. Maggie strained her eyes, every muscle tense. â€Å"Who's there?†

Target Financial Analysis

Juan A. Torres Rodriguez D01596038 Mini Case Assignment Target Corp. started in 1902 as Dayton’s Dry Goods company. At 1911, Dayton’s Dry Goods is renames as Dayton Company, and commonly known as Dayton’s Department Store. In 1946 Dayton’s Department Stores started giving the community back 5% of their pretax profits, a practice that Target Corp still maintains. During the 1960’s Dayton’s create a new kind of store to appeal the masses called Target, opening the first Target store in the Twin Cities on May 1, 1962. The industry sector in which Target Corporation competes is in the retail sector reaching the $62. 7 Billion in sales. As mentioned above, Target competes in the retail sector, which makes the operating risks of the company mainly focused on customer’s perceptions, differentiation of brand, and anticipating consumer preferences to boost their sales, gross margin and profitability. If we take a look at Target’s 10K, th e first risk factor they mention is the ability of differentiate the business from other retailers by creating attractive value propositions through a careful combination of price, merchandise assortment, convenience, guest service and marketing efforts.Another risk that all companies in this sector face is the macroeconomic condition of the country and the impact this has in their consumers. This lead us to the financial risk the company might have. One of the financial risks we have to consider in any type of company is the debt to total capitalization ratio. Based on financial information of their 2011 report, we can calculate the debt to total capitalization ratio in the following manner: Total debt: 15,726 million Total stockholder’s equity: 15,487 million, therefore: 15,726 / 31,213= . 50 or 50%Comparing their debt to total capitalization ratio with industry average, Target’s is too high. The industry debt to total capitalization ratio is 0. 36. Comparing the fin ancial information of previous years Target went from 0. 58 in 2009 to 0. 52 in 2010, to 0. 50 in 2011. Overall, Target is improving significantly their debt to capitalization ratio, but still has some work to do. In regards of Target stock, currently they don’t have any preferred stock outstanding, just common stock. Target’s common stock is traded in the NYSE as TGT. The price of it’s common stock as of today is $62. 0, going up 0. 06 points. Target’s cash dividend yield on the Common Stock is 0. 0192 = 1. 92% = 2. 0: Cash dividends declared per share: $1. 20 Current stock price: $62. 50 Cash dividend yield= 1. 15 dividends declared/ 62. 50 stock price = 1. 92 = 2. 0 Target’s market capitalization is: 668. 4 million shares issued and outstanding x $62. 50 of stock prices = 41. 8 Billion Continuing with Target’s capital structure, if we look at Target’s liabilities section: Short portion of Long-Term Debt = $3. 3 Billion Long-term de bt = $15. 2 Billion Therefore the total debt for Target would be: . 3 B + 15. 2 B = 18. 5 Billion Dollars Taking the previous calculation of Targets market capitalization of 41. 8 the total capitalization would be: 18. 5 B + 41. 8 B = 60. 3 Billion, or: 31% Debt 69% Equity As of November 18, 2012, Target’s current beta is . 48. Now if we would like to calculate what would be Target’s new beta without the long-term debt (unlevered beta) we need to use the Hamada formula for the unlevered beta bu= b/ [1 +(1-T)(D/S) bu= . 48 / [ 1 + (1-34. 3%) (18. 5/40. 6)] bu= . 37 If Target would not have any long-term debt, its beta would be of . 7. Moving to Target’s current Marginal Tax Rate, according to the Income Statement found at Target’s annual report, the rate is 34. 3%. In order to calculate Target’s Cost of debt before and after taxes, we need to look for the bonds issued by a corporation. Since Target has not issued bonds, I took the cost of a long-ter m debt due in 2020 as my example. The rate of that long-term debt is 3. 875%. This would be the Cost of debt before any taxes taken. Now to calculate the Cost of Debt after tax, we need to proceed with the following calculation: 3. 875 ( 1 – 34. %) = 2. 545875 As mentioned before, Target doesn’t have any preferred stock. We can calculate the Cost of Equity using the Risk Free Rate of 3. 00% and a Risk Premium of 7. 5% points. Using the new beta of . 48 we can determine what is the Expected Total return by Common Stockholders: rRF = 3. 00 rRP = 7. 5 b= . 48 Cost of Equity = rRF + (rRP x b) =3. 00% + (7. 5% pts x 0. 48) = 0. 066 ? 6. 6% Given the dividend yield of 2. 0 we can also determine the Expected annual appreciation of Target’s Common Stock: 6. 6% Total Return – 2. 0 Dividend Yield = 4. % of E. A. A. With the previous information calculated we could proceed and calculate the Weighted Average Cost of Capital: wd = 31% ws = 69% rs = 6. 6% rd = 3. 875% Tax = 34. 3 WACC = wd ( 1 – T)rd + ws(rs) =31% ( 1 – 34. 3%) 3. 875% + (69% x 6. 6%) = 0. 053432 = 5. 3432% One of the last things used to evaluate in order to consider investing in a company is its Price Earnings Multiple. Target’s Price Earnings Multiple is calculated the following way: Stock Price= $62. 50 Earnings Per Share = $4. 50 P/E = Stock Price / EPS = 62. 50 / 4. 50 = 13. 89If we compare Target’s P/E ratio with Wal-Mart, which is in the same industry, (14. 03 P/E), Target’s P/E is within ndustry. http://finance. yahoo. com/q/bc? s=TGT+Basic+Chart&t=5y This chart was retrieved from Yahoo! Financial. In here we can see the performance of Target’s Stock (TGT) during the past five years. In 2008 Target’s started at approximately $55. 00; looking at 2009, the stock plummeted from the 60’s to the mid 20’s, which reflects the market crash. After this episode in the economy we can see that Target’s stock has re covered significantly.After performing the calculations, Target’s capital structure is optimal. However, the debt to capitalization ratio is high, at 50%. Target needs to lower its Long-Term Debt. Comparing Target’s debt to capital to the industry average, the industry average is 0. 36. However I would invest in Target. I think I would have an advantage over outsiders, because I used to work at Target Corporation. Target is a company that is constantly growing, and their sales demonstrate their market advantage over other retailers. What convinced me to invest into Target mostly was the P/E ratio.Comparing it to a corporation like Wal-Mart, which is really successful, Target’s P/E ratio is acceptable and attractive. References 1. Scovaner, Douglas A. (2011). Target 2011 Annual Report. Retrieved on November 18, 2012: https://corporate. target. com/annual-reports/2011/images/company/annual_report_2011/documents/Target_2011_Annual_Report. pdf 2. Stock Analysis on n et. (2012). Retrieved on November 18, 2012. http://www. stock-analysis-on. net/NYSE/Company/Target-Corp/Ratios/Long-term-Debt-and-Solvency#Debt-to-Capital 3. Retrieved on November 18, 2012 http://ycharts. com/companies/TGT/pe_ratio 4.Yahoo! Finance. (2012). Retrieved on November 18, 2012. http://finance. yahoo. com/q/bc? s=TGT+Basic+Chart&t=5y ——————————————– [ 1 ]. https://corporate. target. com/annual-reports/2011/images/company/annual_report_2011/documents/Target_2011_Annual_Report. pdf, page 5. [ 2 ]. http://www. stock-analysis-on. net/NYSE/Company/Target-Corp/Ratios/Long-term-Debt-and-Solvency#Debt-to-Capital [ 3 ]. https://corporate. target. com/annual-reports/2011/images/company/annual_report_2011/documents/Target_2011_Annual_Report. pdf, [ 4 ]. http://ycharts. com/companies/TGT/pe_ratio

Advertising, Sex and Shifting Cultural Attitudes Assignment

Advertising, Sex and Shifting Cultural Attitudes - Assignment Example The long time ago, the society demanded of us to repress our instincts even though this often resulted in psychic dissatisfaction. Over the last few decades, advertising and particularly using sex appeal has led to a massive shift in this attitude. Today, passions are advocated for to be freely indulged. Individuals have been led to believe that they are entitled to seek romantic and sexual zeal. As a result, social ills such as divorce, unfaithfulness in marriages and polygamy are now considered legitimate solutions. In fact, the sexual sell in advertising effectively trashes sex, which should be respected as a human activity meant for reproduction rather than just a mere recreational exercise. The other concern that sex appeal advertising has bred over the years is that of people as objects. Additionally, recent advertising’s perspective of sex is nothing but pornographic which reduces sexuality to a stupid joke. This is in itself a direct insult to any cultural values that uphold human dignity. Even more worrying is the fact that people have come to accept these demeaning images to the point of actualizing them. Besides, human beings being prone to accepting trends even when some are wrong have been trapped by this shift in cultural attitudes towards sex and romance. Some advertising images portray the woman consumer of a particular product as a superwoman. These images present a woman capable of performing all sorts of activities at home and at work assisted by the product being advertised. This effectively renders the people around such as the husband, friends, and children as just passive spectators. In connection to romance, this product gives the woman self-esteem and independence that no man can afford to offer.  

Hypothesising the effect of the Internet on research Essay

Hypothesising the effect of the Internet on research - Essay Example Also there is impact on research from the researcher perspective as he/she is also a person with variability. So, the researcher has to focus on the evidence of live experience which involves the surveillance and collection of data from surroundings. The collection of data includes the interviews of persons, Focus on groups, photographs and records, where internet stands the primary source for such critical information with speed and ease of use. Primary research involves the gathering information from the world; and secondary research requires reading the books, journals, papers and articles that can be find in the library or on the Internet. Internet is acting like a medium for the data collection. Knowledge base is a fully hyperlinked text which can be used as a sourcebook for the experienced researcher to browse. In order to provide the evidence to the research hypothesis, qualitative research uses literature reviews. A proper support and broad array of literature avoids the related aspects of own, favoritism and assumptions, expectations and bias in study. Internet offers such scope to collect the large literature from the www. Levinson (1990) believe that asynchronous electronic communications capability is to provide opportunity for reflection and editing of messages before sending them adds to the production of a closer fit between ideas, intentions and their expression in writing. Responding at their convenience instead of waiting for turn-taking, as required in face-to-face interactions, potentially provides more equality of participation to more reserved participants (Hiltz and Wellman, 1997). While analyzing the case studies as part of qualitative method, internet gives the information in the form of interviews, blogs, forums where valuable information is hidden directly expressed by the persons or representatives from the case.

Why is New Mexico poor and what should be done about it Research Paper - 1

Why is New Mexico poor and what should be done about it - Research Paper Example Poverty is a factor that is present in nearly all corners of the world. New Mexico is one of the nations strongly affected and hit by poverty (Garcia, 2006). This country has the highest poverty levels in the world, with a 22 percent of poverty levels. According to reports, New Mexico has the highest number of children under poverty. This is the highest level in the United States of America. New Mexico belonged to the Spanish empire for over two centuries and also the independent Mexico for more than two and half decades before being conquered by the United States in the American-Mexican war, in 1846 (Melzer et al, 2011). After the United States moved to conquer this state, many of the New Mexicans looked forward to the day that it would become a state and part of the United States. This took long, more than sixty years before it became a state. By the time this state was becoming a state of the United States; other nations had already gained their statehood. This delay in acquiring statehood is one of the factors that are attributed to its high poverty levels. Despite efforts by the New Mexican leaders and residents to support their nation, there are some factors that led to the delay in the acquisition of statehood. The first factor that hampered early efforts was a common ignorance on the state and unfair suspicion about its citizens. The other states of the United States were against the acquisition of statehood of New Mexico because of the high population of the Native Americans and the Hispanics who were considered foreign in terms of language, culture and religion. The people in the other states questioned the Hispanics and the Native Americans loyalty, who had for long lived under the Mexican and Spanish rule (Melzer et al, 2011). Secondly, territorial politics hampered New Mexico’s opportunities of acquiring statehood. The government was dominated by a bunch of corrupt politicians and businessmen. After the other states realized this, they tried to prevent New Mexico from becoming state by criticizing it. According to Melzer et al (2011), this led to the delayed statehood of the nation, which later culminated to the high poverty levels within the nation. In addition, the national policies adopted hampered the nation’s progress towards attaining statehood. Most of the policies adopted within the political arena had nothing to do with the New Mexico, and this immensely affected the progress towards statehood. Another cause of the delayed statehood of New Mexico was the prolonged Indian wars, which were very costly. In addition, these wars perpetrated the region’s reputation as a region typified by violent and primitive people. While some of the United States defeated some Indian uprisings, some Native American soldiers such as Geronimo fought many United States troops till 1886. The prolonged nature of the fights consumed a lot of resources (Melzer et al, 2011). These resources would have been used in developme nt projects, which would have assisted in alleviating the present high poverty levels. By this time, New Mexico was under the claim of United States, Spain, Mexico and numerous Indian nations. The Indian-Mexican wars started as early as the end of the 16th century, when the Indians tried to go against Spanish rule. Later, the Indians came together to fight, kill, and chase Spanish colonists (Saragoza et al, 2012). The Indians continued to fight against the Spanish till when the United States army general, Kearny, promised the inhabitants of New Mexico that they would defeat the rebelling tribes once the country became a state and made part of United States. The United States forged with numerous strategies that would defeat the other Indian and Spanish tribes.

Customized Learning Theory Research Paper Example | Topics and Well Written Essays - 1750 words

Customized Learning Theory - Research Paper Example Moreover with the advancement in the work on educational grounds, Experiential Learning can be utilized to create a student centered class room setting. Learning Theory and its importance ELT provides a comprehensive learning process model as well as multi-linear representation of adult development that are mutually consistent with what is assumed of the learning, growth and development mechanism of individuals. It emphasizes on experience, which helps in distinguishing it from the behavioral and cognitive theories of learning. Another reason of being known as experiential theory is its origin from the works of philosophers like Piaget, Dewey and Lewin. It integrates the philosophical pragmatism of Dewey, social psychological aspects of Lewin’s work and the constructivist model of Piaget. Thus it can be said that it provides an inclusive model of learning in adults intended to explain the differences and complexities of adult learner’s abilities in a single framework. T he basis of this theory is experience which is the main motivating instinct in learning (Eickmann, Kolb & Kolb, 2004). Erikson indicated that teachers need to develop ways of approving the potentialities of students by giving close consideration to their activities and distinguishing and sharing with them the areas of their core competence. So an increase in the time of interaction of teacher and student is most likely to occur as the time spent by the teacher with student increases. The theory of Erickson proposed the impact of a teacher on the learning capability of adolescent students. This theory basically emphasizes on the role of teacher in the academic learning of students and is incorporated to understand... According to the research findings to develop a learning community based on inclusive setting and ensuring ability grouping, instructor needs to realize and consider the individual differences among the students within a classroom. The teacher needs to perform at its best level to ensure effective delivery of knowledge. Students should be encouraged by teachers to create personal discovering while actively communicating. In an ideal world, the teachers would be always focused on t he needs of students and they should have high motivation to increase their knowledge and there would be excessive resources to furnish the needs of a learning community. But in a real world nothing like this exists. The real world differs from an ideal world in many ways. So the teacher needs to analyze the real world situation and propose a strategy that may help in adjustment of the real world complications. Real world requires efforts from all side within the limited resources available. To effectively conceptualize the learning, a fusion is required between the construction of experts and students. By contrasting and comparing the construction of students with experts, an insight can be gained by the students into both and they may re- conceptualize themselves to attain similarity to that of the experts. Being faced by the constraints of real life, teacher need to split their attention amongst varying students of diverse origins, capabilities, and interests and learning styles.

Digital multi-channel communication system Lab Report

Digital multi-channel communication system - Lab Report Example Immediately, the US embarked on a dominant move to out-compete the Russian mission and conquer the space. In a period of about ten years the exploration gathered the momentum. First; Alan shepherd went capricious in a Mercury shell while Genn John moved the globe 3 times in 1962 and finally Neil Armstrong set base on moon in 1969. Wilson S.K & Cioffi J (1991) Since this period, a mood of findings has been subdued over time, yet satellite has been relaying information from around the globe that has been termed as newsworthy. Satellite is an object that runs around a bigger object the reminiscent of a planet. The moon is a natural satellite, man on the extreme end has launched millions of satellites in space and they revolve around the Earth. The satellite consists of the broadcasting antenna, radio receivers as well as transmitters that enable the satellite to correspond with one or more opinion stations, known as control axis. Communications relayed to the satellite from a soil level are unlinked; messages transmitted from the outpost to Earth are down connected. Satellites have silver plates that recharge the power source stored in batteries. Some satellite uses fuel energy that changes compound energy into electricity. There are satellites that run on nuclear energy. Miniature propellers offer outlook, elevation, as well as forward mot ion parameters to develop and alleviate the satellite’s site in space. To supplement climate monopoly onboard, energy is needed. Specialized configurations accomplish the errands dispersed to the satellite. These mostly incorporate sensors competent of photographing a variety of signal lengths. Whereas ecological satellite demands optics, telecommunications satellites don’t. Ecological satellite remits statistics in binary format on a computer that translates the same numbers into geometric images. Gerven S.V and Compernolle D.V (2000) Communication satellite is a radio transmitter antenna that

Social Justice Essay Example | Topics and Well Written Essays - 750 words - 1

Social Justice - Essay Example First of all, it is highly important to know about different forms of organizational justice. Distributive justice and procedural justice are two different forms of justice that can be implemented in organizational operational process. Distributive justice generally developed upon several distribution principles. This distributive justice generally has three important elements, such as equity, needs and equality. Equity generally exists when the possible outcomes are proportional to the specific contributors. In terms of equality, the recipients generally receive similar level of result. In terms of needs, the end results or outcomes are proportionate to the needs (Hegtvedt, 2005). On the other hand, procedural justice can be considered as the study subjective evaluation of justice for people considering some specific procedures, whether they are ethical or unethical and fair or unfair. These specific procedures have several key organizational elements, such as interaction, problem solving, decision making, leadership, management and interpersonal dynamics (Tyler, 2005). These two approaches are very much important in the effective operational process of modern day organizations. The organizational leaders, such as CEO needs to develop and implement unique strategies in order to ensure effective organizational within the workplace. First of all, it is highly important to ensure effective leadership style in order to confirm effective workplace environment. Democratic leadership style will help the organizations to ensure effective corporate governance, ethical operational process and workplace diversity. Secondly, adoption and implementation of stakeholder engagement in the strategy development and decision making process will help the organization to increase the motivation level of employees. According to these strategies, the leaders of organizations can ensure effective organizational justice for both employees and employers

EFFECTIVE MANAGEMENT OF THE IMERGING OIL AND GAS INDUSTRY IN GHANA(CAN Essay

EFFECTIVE MANAGEMENT OF THE IMERGING OIL AND GAS INDUSTRY IN GHANA(CAN GHANA AVOID A RESOURSE CURSE) - Essay Example Whether or not Ghana’s current institutional framework will be capable of meeting the challenges posed by oil exploitation, and will be able to use this opportunity to bring greater prosperity and stability to the country, is a difficult question. In this paper, the reasons why other oil producers have failed to make a success of this industry will be examined. Having made this analysis, recommendations will be given for how Ghana can channel its new mineral wealth into strong economic growth and an improvement in living standards across the country. Contents 1. Introduction 1.1 West African Oil Production 1.2 Western Interests 1.3 Advantages of West African Oil 1.4 The ‘Resource Curse’ 1.5 Ghana 1.6 Oil Exploitation in Ghana 1.7 Drilling Begins 1.8 Chinese Interest 2. Literature Review 2.1 Ghana’s Success 2.2 Kosmos-Exxon Mobil Contract 2.3 Warnings of a Resource Curse 2.4 The Beginnings of Insurgency 2.5 Excessive Borrowing 2.6 The Nigerian Experience 3. Methodology 3.1 Choice of Subject 3.2 Data Collection and Analysis 4. Recommendations 4.1 Democracy 4.2 Transparency and Accountability 4.3 Investor Confidence 4.4 Role of Foreign Oil Companies and Governments 4.5 Revenue Management 4.6 A Diverse Economy 5. Conclusion Bibliography Figures Fig.1. Sources of U.S. Oil Imports, 2007 Fig.2. Ghana’s offshore oil fields. Fig.3. ... line from landlocked Chad to coastal Cameroon, and new explorations for potential oil fields on the Atlantic coast were signs that the region was becoming one of the West’s major oil suppliers. There is a general consensus that the proven reserves of West Africa are greater than those of either North American or Eastern Europe and Russia, and current major suppliers are Nigeria, Angola, Congo (Brazzaville), Gabon and Cameroon. Indeed, Nigeria is the world’s sixth largest provider of oil, and Angola will probably prove to have more oil than Kuwait. In response to increased Western demand for oil, it is expected that Nigeria and Angola, the region’s two biggest producers, will double or even triple their output in the course of the next decade. 1.2 Western Interests During the Cold War, the United States in particularly was heavily engaged in Africa in a strategic and military capacity, as part of its fight against global communism. Its administrations were determi ned that the Soviet Union would be able to find extensive allies in the region. Economic assistance was offered through the World Bank and the International Monetary Fund (IMF), both of which are heavily influenced by the United States government. United States engagement also the form of military intervention, in regions where Communist insurgencies threatened capitalist governments, regardless of whether or not the latter were setting an example of good governance. In Angola, for example, the United States launched covert and overt CIA and special forces operations, in collusion with several different groups, and was concerned above all that Communist forces in the country should not gain control over the oil reserves. This often involved supporting unrepresentative governments in Luanda or the

Physicians Assisted Suicide in the USA Research Paper

Physicians Assisted Suicide in the USA - Research Paper Example In addition, the practice would lessen the urgency to develop new medicines designed to prolong life. Those who oppose the practice on religious grounds argue that it is ‘playing God’ therefore sinful. Health care professionals cite the Hippocratic Oath which forbids them from carrying out this procedure. This paper will examine the moral and ethical concerns surrounding euthanasia, clarify the meaning of the term, present arguments both for and against the practice and conclude with a recommendation to resolve the issue. The word euthanasia is from Greek origin meaning ‘good death.’ Writers of 1700’s Britain referred to euthanasia as a being a preferential method by which to ‘die well’ (â€Å"Definition†, 2007). Euthanasia describes a situation in which a terminally ill patient is administered a lethal dose of medication, is removed from a life-support system or is simply allowed to die without active participation such as by resu scitation. A doctor’s involvement in the procedure could be to either prescribe a lethal dose of drugs with the express intent of ending a life or by intravenously inserting a needle into the terminal patient who then activates a switch that administers the fatal dose (Naji et al, 2005). Physicians, lawmakers, and philosophers have debated the notion of euthanasia since the beginning of recorded history but the wide public debate regarding its legalization has only surfaced over the past four decades. In the 1970’s it became lawful to draft ‘living wills’ which allows a patient to refuse ‘heroic’ life saving medical assistance in the event they were incapacitated and could only survive by artificial means (Rich, 2001). In other words, it gave the next of kin the right to direct doctors to ‘pull the plug’ if the patient’s condition was considered hopeless, a practice which is now broadly accepted. However, these wills did no t eliminate the potential problem of individuals being kept alive for incredibly long periods of time in permanent unconscious states as there were often no provisions for withdrawing nutrition and hydration when no other life support interventions were necessary. This oversight has been largely addressed through power of attorney. Today, the debate centers on individual autonomy, whether or not patients who suffer from extreme pain and have a terminal or degenerative diseases such as Alzheimer’s, AIDS and multiple sclerosis have the right to an assisted death of the type and time of their own choosing (â€Å"The Fight†, 2004). The euthanasia debate embraces compelling and impassioned arguments on both sides of the issue. Proponents of euthanasia are concerned with human suffering. Many diseases such as cancer cause a lingering and excruciatingly painful death. Watching a loved one as they wither away from the disease eating away at their organs is tough enough on fami ly members, but to see them suffer even when drugs are administered is unbearable not to mention what the patient must endure. This emotionally and physically torturous situation is played out in every hospital, every day of the year but serves no purpose.

Consumers as Individuals Essay Example for Free

Consumers as Individuals Essay The self-concept refers to the beliefs a person holds about their attributes, and how they evaluate these qualities. Components of the self-concept It is composed of many attributes, some of which are given greater emphasis when the overall self is being evaluated. Attributes of self-concept can be described along such dimensions as their content (for example, facial attractiveness vs. mental aptitude), positivity or negativity (i. e. elf-esteem), intensity, stability over time and accuracy (that is, the degree to which one’s self-assessment corresponds to reality). Self-esteem Self-esteem refers to the positivity of a person’s self-concept. People with low self-esteem do not expect that they will perform very well, and they will try to avoid embarrassment, failure or rejection. People with high self-esteem expect to be successful,, will take more risks and are more willing to be the centre of attention. Self-esteem is often related to acceptance by others. Marketing communications can influence a consumer’s level of self-esteem. Exposure to ads can trigger a process of social comparison, where the person tries to evaluate their self by comparing it to the people in these artificial images. Real and ideal selves Self-esteem is influenced by a process where the consumer compares their actual standing on some attribute to some ideal. The ideal self is a person’s conception of how they would like to be, while the actual self refers to our more realistic appraisal of the qualities we have or lack. And we often engage in a process of impression management where we work hard to ‘manage’ what others think of us by strategically choosing clothing and other cues that will put us in a good light. The ideal self is partly moulded by elements of the consumer’s culture, such as heroes or people depicted in advertising who serve as models of achievement or apprearance. Products may be purchased because they are believed to be instrumental in helping us achieve these goals. Some products are chosen because they are reaching the standard set by the ideal self. Multiple selves We have as many selves as we do different social roles. Depending on the situation, we act differently, use different products and services, and we even vary in terms of how much we like ourselves. A person may require a different set of products to play a desired role. The self can be thought of as having different components, or role identities, and only some of these are active at any given time. Symbolic interactionism If each person potentially has many social selves, how does each develop and how do we decide which self to ‘activate’ at any point in time? The sociological tradition of symbolic interactionism stresses that relationships with other people play a large part in forming the self. This perspective maintains that people exist in a symbolic environment, and the meaning attached to any situation or object is determined by the interpretation of these symbols. Like other social objects, the meanings of consumers themselves are defined b social consensus. The consumer interprets their own identity, and this assessment is continually evolving as they encounter new situations and people. The looking-glass self When you choose an article of clothing, the mirror superimposes it on your reflection so that you can see how it would look on you. This process of imagining the reactions of others towards us is known as ‘taking the role of the other’, or the looking-glass self. According to this view, our desire to define ourselves operates as a sort of psychological sonar, we take readings of our own identify by ‘bouncing’ signals off others and trying to project what impression they have of us. Self-conciousness There are times when people seem to be painfully aware of themselves. If you have ever walked into a class in the middle of a lecture and noticed that all eyes were on you, you can understand this feeling of self-conciousness. Some people seem in general to be more sensitive to the image they communicate to others. A heightened concern about he nature of one’s public ‘image’ also results in more concern about the social appropriateness of products and consumption activities. Several measures have been devised to measure this tendency. Consumers who score high on a scale of public self-conciousness, for example, are also more interested in clothing and are heavier users of cosmetic. A similar measure is self-monitoring. High self-monitors are more attuned to how they present themselves in their social environments, and their product choices are influenced by their estimates of how these items will be perceived by others. High self-monitors are more likely than low self-monitors to evaluate products consumed in public in terms of the impressions they make on others. Products that shape the self: you are what you consume Recall that the reflected self helps to shape self-concept, which implies hat people see themselves as they imagine others see them. People use an individual’s consumption behaviours to help them make judgements about that person’s social identity. A consumer exhibits attachment to an object to the extent that it is used by that person to maintain their self-concept. Objects can act as a sort of security blanket by reinforcing our identities, especially in unfamiliar situations. Symbolic self-completion theory predicts that people who have an incomplete self-definition tend to complete this identity by acquiring and displaying symbols associated with it. Self/product congruence Because many consumption activities are related to self-definition, it is not surprising to learn that consumers demonstrate consistency between their values and the things they buy. Self-image congruence models predict that products will be chosen when their attributes match some aspect of the self. These models assume a process of cognitive matching between these attributes and the consumer’s self-image. Research tends to support the idea of congruence between product usage and self-image. Congruity has also been found between consumers and their most preferred brands of beer, soap, toothpaste and cigarettes relative to their least preferred brands, as well as between consumers’ self-images and their favourite shops. Some specific attributes that have been found to be useful in describing some of the matches between consumers and products include rugged/delicate, excitable/calm,†¦. The extended self. Many of the props and settings consumers use to define their social roles in a sense become a part of their selves. Those external objects that we consider a part of us comprise the extended self. Many material objects, ranging from personal possessions and pets to national monuments or landmarks, help to form a consumer’s identity. Four levels of the extended self were described. These range from very personal objects to places and things that allow people to feel like they are rooted in their larger social environments. †¢ Individual level. Consumers include many of their personal possessions in self-definition. These products can include jewellery, cars, clothing and so on. The saying ‘You are what you wear’ reflects the belief that one’s things are a part of what one is. †¢ Family level. This part of the extended self includes a consumer’s residence and its furnishings. The house can be thought of as a symbolic body for the family and often is a central aspect of identity. †¢ Community level. It is common for consumers to describe themselves in terms of the neighbourhood or town from which they come. †¢ Group level. Our attachments to certain social groups can be considered a part of self. A consumer may feel that landmarks, monuments or sports teams are a part of the extended self. Sexual identity is a very important component of a consumer’s self-concept. People often conform to their culture’s expectations about how those of their gender should act, dress, speak and so on. To the extent that our culture is everything that we learn, then virtually all aspects of the consumption process must be affected by culture. Gender differences in socialization A society’s assumptions about the proper roles of men and women are communicated in terms of the ideal behaviours that are stressed for each sex (in advertising, among other places). Gender goals and expectations In many societies, males are controlled by agentic goals, which stress self-assertion and mastery. Females, on the other hand, are taught to value communal goals such as affiliation and the fostering of harmonious relations. Every society creates a set of expectations regarding the behaviours appropriate for men and women, and finds ways to communicate these priorities. Gender vs. sexual identity Sex role identity is a state of mind as well as body. A person’s biological gender does not totally determine whether they will exhibit sex-typed traits, or characteristics that are stereotypically associated with one sex or the other. A consumer’s subjective feelings about their sexuality are crucial as well.

Le Secteur Pharmaceutique Doit Actuellement French Essay

Le Secteur Pharmaceutique Doit Actuellement French Essay Le secteur pharmaceutique doit actuellement faire face diffrents problmes. En effet, dici 2012, les leaders du march vont perdre les brevets de leurs produits vedettes. Une fois tombs dans le domaine public, ces brevets vont ainsi pouvoir profiter aux mdicaments gnriques qui gagnent de plus en plus de part de march. De plus, les gouvernements des pays industrialiss rentrent dans une politique de rduction des dpenses lies la sant ce qui a pour consquences des dremboursements de mdicaments et une baisse des prix. Il est de plus en plus complexe et long de lancer un mdicament sur le march ce qui a pour consquences daugmenter les coà »ts et de diminuer la dure de vie du produit sur le march. Face cela, les groupes de lindustrie pharmaceutique se rapproche et crent une pression concurrentielle de plus en plus importante. Lentreprise pharmaceutique Merck, consciente des challenges que lui impose son environnement, a dcid en 2009 de fusionner avec un de ses concurrents: Shering Plough. En effet, aprs Introduction Lindustrie pharmaceutique reprsente aujourdhui le secteur le plus fructueux de lconomie mondiale.Laugmentation significative de lesprance de vie, laccs de plus en plus large aux diffrents services de sant et la science en perptuel progrs sont trois des nombreux facteurs expliquant limportance de linfluence de cette industrie sur notre conomie. Bien que trs rentable, cette industrie prsente aussi diffrents obstacles pour les entreprises qui doivent ainsi relever de nombreux dfis sur ce march. En effet, celles ci doivent affronter une concurrence trs importante, notamment due aux mdicaments gnriques. De plus, les entreprises pharmaceutiques doivent faire face une vigilance croissante venant des autorits (la FDA et la EMEA) ce qui ralentit souvent la commercialisation de leurs produits. Enfin, une barrire financire freine souvent les entreprises, les budgets ncessaires la recherche et au dveloppement des produits tant excessivement importants. Afin de se maintenir sur le march, les entreprises doivent continuellement revoir leur stratgie et sont ainsi amenes se transformer en prenant dimportantes dcisions stratgiques. Cest le cas de lentreprise Merck qui, jusquen 2009, tait la 7me plus grande entreprise du march pharmaceutique et qui a dcid de fusionner avec un de ses concurrents Schering Plough, devenant ainsi le 2me leader mondial pharmaceutique. Afin de comprendre les facteurs responsables de cette dcision de fusion, nous prsenterons dans un premier temps le secteur pharmaceutique dans son ensemble et son environnement concurrentiel puis nous nous focaliserons sur lentreprise Merck. Puis dans un deuxime temps nous analyserons les causes internes et externes lentreprise qui ont encourag cette dcision. Enfin, nous tudierons la dcision de fusion plus en dtail, son droulement, ses modalits et les diffrentes consquences. Diagnostique interne et externe de lentreprise Merck 1.1 Analyse externe: le secteur pharmaceutique Lanalyse externe de lentreprise Merck a pour but de comprendre les dynamiques de lenvironnement sur sa position stratgique et va donc ainsi nous aider expliquer sa stratgie de croissance et quels ont t les attraits et ses performances. Lindustrie pharmaceutique est un secteur conomique abritant la recherche, la fabrication et la commercialisation de mdicaments destins la mdecine. Nous allons donc ainsi analyser lensemble de ce secteur en dcrivant son activit, son environnement et ses concurrents. 1.1.1 Lactivit pharmaceutique Lactivit du secteur pharmaceutique est destine produire des mdicaments. Il faut savoir que sa dfinition rpond une dfinition juridique prcise. Larticle L. 5111-1 du code de la sant publique dfinit le mdicament comme suit:  «On entend par mdicament toute substance ou composition prsente comme possdant des proprits curatives ou prventives lgard des maladies humaines ou animales, ainsi que toute substance ou composition pouvant à ªtre utilise chez lhomme ou chez lanimal ou pouvant leur à ªtre administre, en vue dtablir un diagnostic mdical ou de restaurer, corriger ou modifier leurs fonctions physiologiques en exerà §ant une action pharmacologique, immunologique ou mtabolique. » Pour quun mdicament soit commercialis, il ncessite davoir reà §u lautorisation de mise sur le march (AMM). Il est prsent sous un conditionnement spcifique, sous la marque de lexploitant, identifi par une dnomination et fabriqu industriellement. Sur le march, il existe diffrents types de mdicaments: Les mdicaments dtenant un brevet (nous verrons plus tard la notion de brevet) Les gnriques: cest une copie parfaite dun mdicament dont le brevet a expir et qui est donc tomb dans le domaine public Les biosimilaires: selon la rglementation europenne de 2004, ils reprsentent  «tout mdicament biologique de mà ªme composition qualitative et quantitative en substance active et de mà ªme forme pharmaceutique quun mdicament biologique de rfrences » Les vaccinsqui permettent de simmuniser contre une maladie infectieuse. Une partie des mdicaments doit à ªtre prescrite par une ordonnance et peut à ªtre dlivre par une officine uniquement aprs avoir prsent une prescription dun mdecin tandis quune autre est vendu en libre service dans les pharmacies. Lactivit du secteur pharmaceutique est soumise une forte rglementation. En effet, elle porte sur: * Lautorisation de mise sur le march du mdicament Un mdicament doit possder une autorisation de mise sur le march pour pouvoir à ªtre vendu. * Les rgles de prescription et de dlivrance Certains mdicaments peuvent à ªtre dlivrs sans ordonnance mdical sur simple demande au pharmacien. Cependant, la majorit des mdicaments exige une prescription. Une ordonnance doit maner dun professionnel de la sant tel quun mdecin, un dentiste ou encore un vtrinaire†¦ Concernant lordonnance, celle-ci doit à ªtre rdige aprs examen du malade et doit comporter les informations concernant le prescripteur, celles propos du mdicament (dnomination, posologie, dure du traitement) et celles propos du malade. * Les conditions de remboursement * Les essais cliniques et la recherche * La proprit intellectuelle Les molcules originales bnficient dune exclusivit de commercialisation de 20 ans la date du dpà ´t du dossier pour obtenir le brevet. Lentreprise peut faire la demande de 5 ans supplmentaires. Aprs avoir dcris lactivit de ce secteur, nous allons analyser son environnement. 1.1.2 Lenvironnement et son impact Afin de comprendre linfluence de lenvironnement pharmaceutique sur le comportement des entreprises et des clients, nous allons baser notre analyse sur le modle de Pestel. * Politique gouvernementale Les politiques gouvernementales ont une forte influence ngative sur la stratgie des entreprises du secteur. Elles sont la base des enjeux de financement des dpenses lies la sant. Actuellement, dans la majorit des pays industrialiss, les gouvernements sorientent vers une diminution des dpenses des assurances maladies. Les consquences de ces restrictions sont la baisse des prix des mdicaments ainsi que des dremboursements mais aussi la promotion des gnriques qui les place alors comme un concurrent majeur des laboratoires traditionnels du secteur pharmaceutique. En effet, les gnriques affectent les ventes de ces laboratoires et deviennent donc les principaux bnficiaires de la restriction des dpenses de sant dans les pays industrialiss. * Economie et conjoncture Lconomie a une influence ngative mais cependant limite sur la stratgie des entreprises pharmaceutiques. En effet, les nouvelles mesures conomiques sur les dpenses de sant dues une dgradation des comptes des assurances maladies ainsi que la crise financire ont pour impact: => Une baisse des ventes de lauto mdicamentation soit des mdicaments non-rembourss car les consommateurs rvaluent leurs dpenses prioritaires =>Une rduction de la valorisation boursire due la crise financire qui incite les grands groupes entrer dans une phase de rachat, de fusion et de croissance. * Les comportements socioculturels Les comportements socioculturels ont une influence globalement positive sur le secteur pharmaceutique. En effet, les besoins mdicaux insatisfaits ne cessent daugmenter, la population mondiale devient de plus en plus à ¢ge et de nouvelles pathologies se dveloppent ce qui a pour consquences une demande croissante envers les laboratoires pharmaceutiques ainsi quune tendance au dveloppement des ventes. * La lgislation Le secteur pharmaceutique est soumis de nombreuses rglementations qui entravent fortement sa croissance. En effet, trois types de rglementations influent considrablement le secteur: Les brevets: La protection dun mdicament dure de 20 25 ans mais il faut savoir que 10 13 ans sont ncessaires pour dvelopper le produit et obtenir lautorisation de mise sur le march, il ne restera donc que 10 15 ans au laboratoire pour profiter de lexclusivit du mdicament. Lautorisation de mise sur le march: le processus pour obtenir cette homologation est de plus en plus complexe et difficile La fixation des prix et le remboursement: le prix et les conditions de remboursement dun mdicament sont fixs avant son lancement sur le march afin que les gouvernements puissent contrà ´ler les dpenses de sant et de permettre un libre accs au mdicament. En conclusion, les dpenses du lancement dun mdicament ne cessent daugmenter tandis que lexclusivit et les dlais de commercialisation ne cessent de diminuer. * Les volutions technologiques Lvolution thrapeutique est le second moteur de croissance du secteur aprs les comportements socioculturels. Les laboratoires ne cessent de rpondre la demande et de samliorer. Ainsi, les mdicaments rcents et plus chers remplacent les anciens et deviennent un bien de consommation courante li la qualit de vie. Ceci a pour consquence de placer la rechercher et le dveloppement comme le moteur de lindustrie et va lui permettre de se focaliser sur des nouveaux champs de recherche. * Lcologie Actuellement, les contraintes cologiques psent considrablement sur lindustrie pharmaceutique et cela deux niveaux: Les produits et les usines des industries pharmaceutiques ont un impact sur lenvironnement. Par exemple, des rsidus de mdicament sont retrouvs dans leau cause du rejet des usines, de llimination et du recyclage de leurs dchets. Lenvironnement actuel est la source de nombreuses pathologies modernes. Afin de conclure lanalyse de lenvironnement externe de lentreprise Merck, nous pouvons dire que le secteur pharmaceutique est marqu par un besoins important en mdicament dà » au vieillissement de la population mondiale, laugmentation de pathologies nouvelles et dune augmentation de laccs aux mdicaments dans de nombreux pays. Cette industrie est marque par une innovation constante qui joue le rà ´le de moteur dans un domaine ou les anciens produits sont souvent soumis un dremboursement. Cependant, les laboratoires pharmaceutiques doivent aussi faire face une augmentation des rglementations qui engendre des coà »ts suprieurs et qui diminue la dure de vie de leur produit sur le march avant que le brevet tombe dans le domaine public. Face une stratgie gouvernementale globale qui souhaite rduire les coà »ts lis la sant, les laboratoires traditionnels doivent subir la promotion des gnriques qui devient un de leur concurrent majeur. 1.1.3 Les concurrents prsents sur le march pharmaceutique Afin danalyser de faà §on pertinente lindustrie pharmaceutique et la concurrence, nous allons dfinir le modle trs utile des 5 forces de Porter. Ce modle va rpondre la question: quel est le fondement de la concurrence dans le secteur? Et nous allons y rpondre au travers de la hirarchisation des 5 forces de Porter. * La rglementation Le secteur pharmaceutique est soumis une forte pression rglementaire. En effet, le processus dhomologation dun mdicament est de plus en plus long et complexe (Brevets, AMM†¦) Il est impos tous les nouveaux produits pour quils puissent à ªtre vendus sur le march. Ceci a donc pour consquences daugmenter les coà »ts et les dlais du lancement du produit et donc de rduire son temps de commercialisation. * Concurrence intra-sectorielle Le march pharmaceutique est un march oligopolistique soit  «un march sur lequel la concurrence est fausse du cà ´t de loffre, du fait dun trs petit nombre de vendeurs par rapport la multitude des acheteurs » En effet, le nombre de laboratoire en concurrence troite sur le mà ªme traitement est limit. Nous pouvons prendre lexemple des vaccins grippaux dtenus seulement par Sanofi-Aventis, GSK et Novantis. Cependant, cette concurrence est marque par une forte pression due la mga fusion de Pfizer/Wyeth qui ouvre donc les portes une vague de consolidation. * Les fournisseurs Les entreprises de ce secteur se sentent en position de force face aux fournisseurs notamment dans la sous-traitance dactivit non-stratgique, tandis quelles auront une relation de partenariat avec les acteurs de recherche donc les laboratoires deviennent de plus en plus indpendants. * Les substituts Les entreprises pharmaceutiques ne sont pas menaces par les produits de substitution par quil nen existe pas. Cependant, elles se sentent de plus en plus menaces par la contrefaà §on qui touche les pays mergents. En effet, elle occupe de 6 10 % du march pharmaceutique mondial. * Les nouveaux entrants Les barrires lentre du secteur sont lourdes cause des rglementations, des investissements consquent ncessaire la rechercher et au dveloppement, aux technologies. La pression des entreprises actuelles du secteur vient surtout des gnriques qui profitent des brevets tombs dans le domaine public. Ils prennent une place de plus en plus importante dans le secteur cause de la promotion de ceux-ci par une majorit de gouvernements. Concernant les biotechs, ils ont plus un rà ´le de partenaires que de menace. Pour conclure, le march pharmaceutique est peu concentr lchelle mondiale. Toutefois, elle lest bien plus lorsquon centre son analyse par classe thrapeutique oà ¹ on est en situation doligopole. En effet, dans chaque classe, les 3 premiers mdicaments les plus consomms concentre plus de la moiti des ventes de la classe. Le nombre dentreprise est en augmentation face lessor des start-up de biotechnologies bien que la tendance au rapprochement de nombreux groupes diminue le nombre doprateur sur le march. Ces rapprochements actuels sont dus la perte des brevets car les 10 premires entreprises mondiales vont perdre leurs brevets dici 2012, elles vont donc à ªtre fortement soumises la menace des gnriques qui profitent des brevets tombs dans le domaine public. De plus, les rglementations deviennent de plus en plus complexe et retarde donc la mise sur le march du produit, augmente les coà »ts et diminue sa dure de vie sur le march. 1.2 Analyse de lentreprise Merck Co Merck Co, qui est galement connu sous le nom de Merck Sharp Dohme (MSD) est lune des plus importantes socits pharmaceutique dans le monde. Cre en 1891, Merck co tait lorigine une filiale de la socit allemande Merck KgaA mais pendant la premire guerre mondiale, elle devint une socit indpendante amricaine. Aujourdhui, Merck Co emploi 51 000 employs dans 120 pays et 30 usines travers le monde. Elle a donc bien plus de poids que son ancà ªtre allemand qui lui, emploi 32800 employs travers 62 pays. En France, lentreprise est connue sous le nom de MSD. La socit Merck Co est hautement axe sur la recherche et linnovation. De la dcouverte la commercialisation, Merck Co gre tout le processus de production dune large gamme de produits novateurs dont le but est lamlioration de la sant humaine. Dans les annes 50, Merck a t le premier groupe pharmaceutique fournir un programme dassistance aux patients qui ne pouvaient accder aux soins pour des raisons financires. Aujourdhui, Merck fournit 7 programmes dassistance, ayant chacun des critres dligibilit prcis. Paralllement son activit de production et de recherche, Merck publie des manuels, livres mdicaux de rfrence, dont le Manuel Merk de diagnostique et thrapeutique connu mondialement. Merck co occupe la 7me place dans le classement des plus gros groupes pharmaceutiques mondiaux. En 2009, la socit a gnr un revenu de 27.4 milliards de dollars et un rsultat dexploitation de 4.83 milliards de dollars. Merck atteint cette rentabilit grà ¢ce au renouvellement constant de son offre mais aussi du nombre croissant de produits en dveloppement. Merck Co dtient 4 domaines dactivit stratgiques (DAS):  · Les mdicaments Ce DAS reprsente 81,3% de son activit. Merck investit la majorit de ses ressources dans la recherche et le dveloppement de ce DAS. Merck dtient plus de 40 mdicaments diffrents sur le march dans des secteurs thrapeutiques clefs tels que le cholestrol, lhypertension, lostoporose, la cardiologie et le systme respiratoire. Ce domaine regroupe tous les produits  «vache lait » de lentreprise, gnrateurs de la majorit de son chiffre daffaire, on y retrouve: Singulaire, asthme et allergies Januvia, diabte Cozaar, hypertension Vytorin et Zetia, cholestrol Isentress, sida Le domaine des mdicaments reprsente donc la partie la plus importante de lactivit de Merck  · Les vaccins Le deuxime domaine dactivit stratgique de Merck est la vaccination. La stratgie de Merck dans ce domaine est de traiter les maladies devenues rares de nos jours telles que la rougeole ou les oreillons, mais aussi les maladies oà ¹ la prvention semblait impensable telles que le cancer du col de lutrus. Ce DAS reprsente 17.8% de lactivit du groupe et constitue donc la deuxime activit la plus importante pour Merck. Le produit phare de ce DAS est le Gardasil, vaccin contre le papillomavirus, sorti rcemment, seul vaccin sur le march pouvant protger les femmes contre le cancer du col de lutrus.  · La sant animale et les produits de consommation Au-del de ces deux principales activits, Merck possde deux autres domaines dactivit stratgiques dont la part de chiffre daffaire et dinvestissement et beaucoup moins importante. Merck: la sant animale (anti parasite, gestion de la fertilit, anti infectieux†¦) et les produits de consommation type semelle, crme solaire) Les causes internes et externes de la fusion Merck/Schering 2.1 Les causes internes Diffrents vnements apparus au sein de lentreprise Merck sont lorigine de cette dcision de fusion. En effet, un nombre croissant de menaces interne lorganisation ont motiv la socit Merck dans cette dmarche stratgique. 2.1.1 La mauvaise performance conomique des annes passes Ces dernires annes, la socit Merck Co a du faire face diffrents obstacles qui ont fortement pes sur le rythme de son expansion. Dun point de vue conomique, plusieurs faits ont t responsables dune rduction considrable de ses ventes et lont affaibli: La polmique autour du mdicament anti-douleur et anti-inflammatoire Vioxx, utilis pour les traitements contre larthrite (1999-2004) a t nocive pour la socit qui sest vu accuse de commercialiser un mdicament augmentant les risques de crises cardiaques tout en cachant les rsultats de ses recherches. La socit Merck Co a t condamne payer une somme trs importante afin de ddommager les personnes victimes de ce produit mais aussi une amende. Cette polmique a pes lourdement sur la socit qui a vu ses ventes et son chiffre daffaire dgringoler et a t contraint de licencier massivement (7000 postes). La notorit de lentreprise fut alors touche et les articles de presses condamnant la socit se sont multiplis. Merck a du essuyer ces dernires annes de nombreux refus de la part des autorits amricaine quant la commercialisation de nouveaux mdicaments, notamment le Cordaptive, mdicament contre le cholestrol, qui la contraint supprimer de nouveau de nombreux postes (1200). Le groupe mettait de grands espoirs sur ce produit en termes de chiffre daffaire et lenvisageait dj comme un des produits vedette de son portefeuille futur. Enfin, Merck a du faire face de nombreuses attaques, de magasines ou de laboratoires, remettant en cause lefficacit de ses produits. Une des plus importante concernait les mdicaments Vytorine et Zetia, deux produits vedettes, accusant Merck davoir exagr leur efficacit lors des campagnes publicitaires. 2.1.2 Le problme des brevets chez Merck Le secteur pharmaceutique est soumis la contrainte des brevets et de leur expiration. Le groupe Merck, tout comme ses concurrents doit continuellement renouveler ses produits afin de pallier aux pertes engendres lorsque ses produits tombent dans le domaine public. Ces dernires annes, Merck a perdu les brevets de produits vedettes tels que Zocor (2006) et Fosamax (2008). Les ventes de ces produits ont largement chut tant dsormais soumis la loi de la concurrence. Lexpiration imminente des brevets dautres mdicaments clefs pour Merck tel que Singulair, et le faible nombre de produits en phase III, prs à ªtre lancs sur le march devenait trs inquitante pour la socit qui risquait ainsi de perdre plus de 35% de chiffre daffaire. Conscient de ce risque, la fusion avec Schering Plough permettait ainsi Merck de doubler le nombre de mdicaments en phase III (18 produits), dernire tape de dveloppement avant la commercialisation. De plus, cette fusion permettait Merck davoir accs un mdicament prometteur, le TRA, un anticoagulant prà ªt sortir sur le march en 2011. Le portefeuille de nouveaux mdicaments que Schering Plough apporterait Merck reprsentait un potentiel de ventes de 6 milliards de dollars par an. Cette fusion apporte ainsi Merck un nouveau souffle en termes de dveloppement de produits et lui offre une certaine assurance quant au renouvellement de ses mdicaments vedettes. 2.1.3 Schering Plough, un concurrent trs attractif Lancien concurrent de Merck, Schering Plough, a ralis en 2008 un chiffre daffaire de 18.5 milliards de dollars. Il dtenait de nombreux produits vedettes et un portefeuille plutà ´t vaste. A la diffrence de nombreux laboratoires, Schering Plough est peu concern par la concurrence des mdicaments gnriques ce qui rend sa gamme de produits trs attractive pour Merck. Des  «blockbusters » attirent notamment lattention de Merck: lanti-inflammatoire Remicade, Temodar, qui combat les tumeurs au cerveau, et Nasonez, contre la rhinite. Depuis plusieurs annes, Merck et Schering Plough commercialisaient ensemble les mdicaments anti-cholestrol Zetia et Vytorin via une joint-venture. En rachetant Schering Plough, Merck bnficierai alors de la totalit des ventes gnres par ces mdicaments (4.6 milliards en 2008). En fusionnant avec Schering Plough, Merck pourra renforcer sa prsence dans des domaines quil ne maitrisait pas encore. Il compte se renforcer dans loncologie, les maladies cardiovasculaires, les maladies infectieuses, limmunologie et la sant des femmes, secteurs oà ¹ Schering Plough excellait. Le domaine fminin intresse tout particulirement Merck. En effet, dj prsent grà ¢ce son vaccin contre le cancer du col de lutrus Gardasil, Merck souhaite tendre ses comptences convaincu que ce secteur deviendra une problmatique clef ces prochaines annes. Merck hritera ainsi de la pilule minidose Mercilon, le traitement pour la fertilit Puregon et le diaphragme Nuvaring jusqualors commercialiss par son concurrent. La prsence gographique de Schering Plough a aussi motiv Merck dans sa dcision de fusion. En effet Merck pourra dsormais acclrer son dveloppement linternational, Shering Plough ralisant 70% de son chiffre daffaire hors Amrique du nord. De plus, la prsence trs soutenu de Schering dans les pays mergeant (2 milliards de chiffre daffaire par an) est un atout majeur pour Merck, dont lobjectif est de conqurir ce march. En rachetant Schering Plough, Merck augmentera considrablement sa production et aura donc lopportunit de raliser dimportantes conomies dchelle 2.2 Les causes externes Grace lanalyse du secteur pharmaceutique, nous pouvons ainsi dterminer les causes externes de la fusion de Merck et Schering plough. En effet, celle-ci peut sexpliquer par le fait que ce secteur soit marqu par une rglementation de plus en plus lourde, de nouvelles politiques commerciales qui recommandent les gnriques mais aussi par un environnement concurrentiel sous pression cause des mgafusions. 2.2.1 Des rglementations lourdes Le lancement dun mdicament est soumis une rglementation de plus en plus lourde. Les laboratoires pharmaceutiques possdent des brevets qui peuvent durer jusqu 25 ans et qui protgent leurs produits. Dici 2012, les leaders du secteur, dont Merck, vont perdre les brevets de leur produits vedettes qui reprsentent pour la majorit dentre eux plus de 40% de leur chiffre daffaire. Une fois le brevet tomb dans le domaine public, les gnriques sortent lquivalent de ces mdicaments et reprsentent donc une concurrence accrue du fait de leur prix largement infrieur au produit initial des laboratoires traditionnels. Ceci reprsente donc une grosse menace pour les entreprises du march. De plus, lobtention de lautorisation de mise sur le march (AMM) et de plus en plus longue acqurir. Depuis quelques annes, les groupes pharmaceutiques ont des difficults lancer de nouveaux mdicaments car les autorits sanitaires sont devenues de plus en plus exigeantes mà ªme aprs avoir obtenu lautorisation de mise sur le march. Or, pendant ce temps, comme nous lavons dit prcdemment, les molcules vendues ont leur brevet qui tombe dans le domaine public et ils deviennent donc concurrencs par les mdicaments gnriques. Nous pouvons ainsi prendre lexemple du mdicament Singular qui reprsente 18% des ventes du groupe Merck. 2.2.2 Les politiques gouvernementales et la promotion des gnriques Beaucoup de pays industrialiss rentrent dans une politique de rduction des dpenses lies la sant (comme cest le cas actuellement en France). En effet, ils mettent en place des dremboursements et font la promotion des mdicaments gnriques qui coà »tent moins cher ce qui amne une baisse des prix des mdicaments vendus par les laboratoires pharmaceutique traditionnels. Ces nouvelles mesures conomiques sont dues la dgradation des comptes des assurances maladies. Suite cela, les groupes du secteur font face une baisse des ventes de mdicaments non-rembourss car les consommateurs revoient les priorits de leur dpense mais aussi des mdicaments gnriques qui grappillent de plus en plus de part de march. Nous pouvons prendre lexemple du plan Obama qui a dclench une vrai rvolution aux Etats-Unis, il va permettre 46 millions de personne de bnficier de mdicaments grà ¢ce leur nouvelle couverture tandis que le prix des mdicaments vont considrablement baisser. 2.2.3 La mgafusion de leurs concurrents directs Face aux conjonctures actuelles du secteur, les leaders du groupe se rapprochent afin de fusionner et de devenir plus fort comme à §a a t le cas de Pfizer et Myeth au cours de 2007. Ces rapprochements crent une forte pression concurrentielle sur le march. En effet, elles permettent de toucher plusieurs domaines thrapeutiques, de raliser des conomies dchelle et de bnficier des brevets restant. Cette fusion est donc lorigine dun colosse sur le march avec un chiffre daffaire de 75 milliards de dollars. Le nouveau grant se place donc la place de numro 1 sur le march. Cette croissance se fera seulement quelques moi avant celle de Merck et Schering plough. Pour conclure, les causes externes de la fusion de Merck et Schering Plough sont les suivantes: 1 Laugmentation des coà »ts et des dlais de la mise sur le march de leurs produits diminuant ainsi le cycle de vie de leur vente 2 La perte de leurs brevets de leurs produits vedettes qui vont donc amener une diminution de leur chiffre daffaire 3 Les nouvelles politiques gouvernementales qui ont pour consquence de diminuer le prix des mdicaments, de faire des dremboursement et de promouvoir les gnriques 4 Laugmentation des parts de marchs des gnriques qui profitent de la tombe des brevets dans le domaine public ainsi que des nouvelles politiques gouvernementales 5 Le rapprochement de Pfizer et Myeth qui les a propulss au rang de numro 1 mondial Analyse de la dcision stratgique: Loffre publique dachat de Schering par Merck Co 3.1 Le droulement chronologique Cest dans un contexte 2009, difficile et touch par la crise, que pourtant le secteur pharmaceutique voit ses plus grands acteurs lancer des OPA sur leurs concurrents, fusionner. Les pressions de lenvironnement et du secteur pharmaceutique que lon a pu dcrire dans les parties prcdentes vont peu peu porter leurs fruits, ou consquence, chez MerckCo. Ainsi peine un mois aprs la fusion du numro 1 mondial du secteur pharmaceutique avec lun de ses concurrents, Merck, alors second leader mondial, lance son tour une O.P.A., amicale. LO.P.A. amicale signifiant bien que le but est de sallier afin de faire face une concurrence accrue. En effet cest le 9 mars 2009, aprs de longues semaines de rumeurs sur les marchs de Wall Street, quenfin est officialis laccord tabli entre les conseils dadministration des deux laboratoires amricains, Merck et Schering-Plough. Un accord ferme de fusion entre les deux entits. A ce moment la finalisation de la transaction est dj prvue pour le quatrime trimestre 2009. Les termes de laccord sont clairs, la nouvelle entit conservera le nom de  «Merck » et la compensation globale pour Schering-Plough sera de 41,1 Milliards de dollars en numraires et actions. La somme sera rpartie comme suit: 44% en argent comptant et 56% en actions. Cependant le chemin sera long, nourri de rebondissements, pour atteindre le jour oà ¹ la transaction est ralise: la clà ´ture de Wall Street, le 3 Novembre 2009. Un temps ncessaire en effet la mise en place dune telle transaction et son approbation et autorisation par les diffrentes parties prenantes. 3.2 Le financement et les parties prenantes 41,1 Milliards de dollars, avec cette somme faramineuse, la fusion entre Merck et Schering-Plough entre dans le  «Top 5 » des plus grosses fusions-acquisitions de 2009. Alors quon dit le secteur fragile, soumis aux diverses pressions (tatiques, boursires, lgales), comment Merck a-t-il pu financer un tel montant? On la vu, la somme est divise en numraire et en actions. Merck possdant une bonne trsorerie, a ainsi pu sautofinancer en grande partie. Il libre de ses caisses existantes 9,8 Milliards de dollars, et met 22,8 Milliards de dollars en actions Merck. Pour le reste de la somme, cest le cabinet J.P. MORGAN, spcialiste du financement dinvestissement, qui donne son accord Merck pour un prà ªt dune valeur de 8,5 Milliards de dollars. Le financement structur, laccord entre les diffrents conseils dadmini

Social Construction of Crime

Social Construction of Crime The essay focuses on the social construction of crime, and the possible reasons for these social constructions. In the first section, the essay explains what crime is, and the constructionist perspective theory. In the Second section my essay focuses on the crime as socially constructed and why it is socially constructed. In the third section essay explains, three levels of explanation in the study of deviant and criminal behaviour. In the final section, it focuses on the historical theoretical periods, which plays an important role in revitalising past discoveries. Crime is a term that refers to many types of misconduct that is forbidden by law. There are a number of different reasons as to why crime can be viewed as a social construction. There cannot be social problems that are not the product of social construction naming, labelling, defining and mapping them into place through which we can make sense of them (Clarke, 2001). In this essay I will explain what is social construction, also what crime is, and why we think, that crime is socially constructed. Furthermore, I will explain how media construct crime and the stigma of black crime. In the last paragraph I will explore the importance of Marxist and Durkheims theories on the emergence of crime. There is no doubt that crime is socially constructed. The constructionist perspective draws on a very different sociological inheritance, one that treats society as a matrix of meaning. It accords a central role to the processes of constructing, producing and circulating meanings. Within this perspective, we cannot grasp reality in a direct and unmediated way Reality is always mediated by meaning (John Clarke p.6). Indeed, some of its proponents argue that what we experience is the social construction of reality (Berger, 1967). How something or someone is named, identified and placed within a map of the social orders has profound consequences for how we act towards it or them (Becker, 1963). Public concern over crime relates mainly to theft and violence, which are regarded as being serious enough to warrant sustained attention from the police. This concern, reflected in periodic moral panics, tends to ensure that many of those who are involved in theft and criminal violence do so as a form of secondary deviation. As a result, many of them develop a criminal identity (Becker, H. S, 1963). The national British crime survey (BCS) reports showed that the risk of being victims of crime is shaped by locality, lifestyle, age, gender and ethnicity. BCS confirm that the risk of being a victim of contact crime are highest for men those aged under 30, those living in intercity areas and those living in privately rented accommodation. Noon the less according to the BCS it is frequently those who are least at risk of crime who are most anxious about it, notably older people and women(May et al,2009). The very good example of how crime can be socially constructed is Black Crime (McLaughlin, 264). During the early 1970s indicated, that the media has continued to project an image of Britain as a white society (Hartman 1974). Crime and criminality came to be the central motif that constructed black people as a problem presence, and also signifying that they were not really British (McLaughlin, 264).   Gilroy (1987) has added to this by analysing discourses on race, crime and nations. Perceptions of the weakness of black culture and family life, sometimes explained by absence of a father or authority figure, or more crudely, by a lack of respect for the Law and British tradition of civility, served to define black people as lesser breeds without the Law , as the others who stands outside what is meant to be British(Gilroy, 1987). However the significance of the prolonged campaign that led to the inquiry into the murder of Stephen Lawrence cannot be overstated. Dominant representatio ns of black people as a problem for white British society have been successfully challenged (Murji, 274).   The media is the most powerful organisation which does a big impact on social construction of the crime. The importance of the news media in framing the public understanding of social problems is widely recognized (McLaughlin, 263). Research in many countries confirms that crime reports are among the most headlines catching of news commodities. It is also suggested that there is broad correspondence between the images of criminality articulated in the news media and the interpretation for this (Murji, 264). Such as media presentation of the information reinforces social construction of the crime (McLaughlin et al, 264). There are three levels of explanation in the study of deviant and criminal behaviour. A first level of explanation is concerned with the existence of the many different forms of human behaviour that occur in any society (Becker, 1963). Biology may contribute towards an explanation of this diversity, but it can never provide the whole explanation. It is always necessary to take account of processes of socialization (Becker, 1963). Biological theory of crime, arguing that any association between physical characteristics and their behaviour can be explained(Young 1999). According to Young, lower working class children who are more likely to be involved, in the crime, are also by virtue of diet, continual manual labour, physical fitness and strength, more likely to be mesomorphic (Young 1999, 387).Young claims that males chromosome could lead to behaviour that to others it would look odd, and this differences may exclude them from normal social life, which in turn may lead them to crime. However according to Kelly, behaviour attributed to biological causes may not necessary lead to crime. The biochemistry of the body may affect behaviour as he points out for example A Diabetic person,   without recent insulin injection may become tense, short tempered, but his behaviour does not constitute a criminal act( Haralambos 1999). A second level of explanation is concerned with the variation in norms between social groups, as manifested particularly in cultural and subculture differences (Becker, 1963). Lea and Young stress out that crime is only one aspect, though generally a small one, of the process of cultural adaptation to oppression. Unlike Gilroy, they see West Indian crime as a response to condition in Britain rather than as a continuation of traditions from the West Indies (Lea el at.1999, 428). Socialization takes place within particular social groups, and it is the norms of these groups that provide the standards for the identification of particular kinds of b ehaviour as criminal (Becker, 1963). The third, and final, level of explanation is concerned with the ways in which particular individuals are identified as criminals by others and so come to develop a criminal identity. This is a matter of social reaction and control (Becker, H,1963). In addition to understand social construction of crime, it is very important to look back at historical theoretical periods, which plays an important roles in revitalising past   discoveries, putting new stress on the interpretation of events and relating these to current happenings(Jock Young, 307). First of all I would like to look at Marxist theory, where he sees crime being endemic in the social order. According to Marxism, men make their own history, but they do not make it just as they please: they do not make it under circumstances chosen by themselves, but under circumstances directed encountered, given and transmitted from the past (Marx, 1969,p.360).   Marxist frameworks have developed a Marxist theory of crime. From Marx perspectives crime is seen largely as the product of capitalism, with criminal and antisocial behaviour indicative of the contradictions and problems inherent in the capitalist system (Marsh, 1997, 519). The basic motivation of capitalism, such as emphasis on materialism and self- enrichment, encourage self-interested, anti-social and, by implication, criminal behaviour (Marsh, 1997, 519). Marxist s argues that business crime is largely ignored by the legal system. There are some well publicized exceptions, but these tend just to reinforce the impres sion that criminals are mainly from the working classes and that business criminals are not real criminals they are just doing what everyone else does (Marsh,1997,519). Marxist arguments suggest that capitalism produces the conditions that generate criminal behaviour. According to him, crime occurs because of economic deprivation and because of the contradictions that are apparent in capitalist society. Working-class crime is a rebellion against inequality and against the system that uses the legal process- including the Law, the police, courts and prison as weapons in a class war(Marsh, 1997, 522). According to Durkheims crime theory, he points out two arguments on crime growth. The first argument is, that modern industrial urban societies encourage a state of egoism which is contrary to the maintenance of social solidarity and to conformity to Law , and second is, that in periods of rapid social change anomies occurs. By this he meant an anomic disordered society lacking effective forms of social control, and thereby leading to a state of individually perceived formlessness (Frank Heathcote, 347). Durkheim arguments that crime is inevitable and functional does not explain the causes of crime or why certain people are more likely to engage in, criminal activities than others (Frank Heathcote, 348). Regarding to Durkheim, crime is present in all types of socially, and that crime is higher in more industrialised countries   ( Haralambos 1999,389). Durkheim explains why he sees crime inevitable, he explains that it is inevitable because not every member of society can be equally committed to the collective sentiments, and that it is impossible for all to be alike (Holborn 1999.389). He also explains crime as being functional, and that its function not to remove crime in society, but to maintain the collective sentiments at their necessary level of strength. Durkheim believed that without punishment the collective sentiments would lose their force to control behaviour and crime rate would become dysfunctional. Durkheim view that healthy society requires both crime and punishment ( Haralambos. 1999, 390). More recently functionalist theories, based on the notion of there being a general consensus of values and norms, have focused on causes of criminal behaviour. Functionalist theories of crime tend to assume that there is general consensus within society over what is right and wrong behaviour. The interactionist approach questions this assumption; it does not see criminals as essentially different from so called normal people. Many people commit criminal action and it is therefore not easy to maintain a clear distinction between the criminal in terms of particular personal characteristics (Marsh, 1997, 517).   To summary, in my essay firstly I discussed that, crime has been seen as a response to the frustration felt by those who cannot achieve the norms or goals of society. Secondly, how dominant representations of black people as problems for white people society have been successfully challenged. Thirdly, that the media is the most powerful organisation which does a big impact on social construction of the crime, and finally I argued two most important theories, which are still in use. References: Becker. H. S. (1963), Outsiders: Studies in the Sociology of Deviance (New York: Free Press). Fitzgerald. M. el at (1990). Social Disorganisation theories. Heathcote F (1990). Crime and Society. London: The Open University Press. Haralambos, M. el at (1999). Themes and Perspectives. Fourth Edition. London: Harper Collins. May. M. el at (2009). Crime Disorders and Community Safety. Dee Cook. (2009) Understanding Social Problems, Australia: Blackwell. Marsh. I. el at (2009). Making Sense of Society. Fourth Edition. London: Longman.