eLETRONIC BANKING essays

eLETRONIC BANKING essays The Electronic Banking Association (EBA) is a non-profit organization established to do one simple thing-help more people get started with electronic banking. Here's why. Who taught you how to write paper checks? Probably your parent's right? Well, who's going to teach you how to write electronic checks? Probably NOT your parents. That's where they come in. E-banking is so much more convenient and so much quicker that everyone should know about it. The EBA was established as an independent source of helpful information about electronic banking for consumers and businesses. Financial institutions, merchants, and other financial service firms actually provide financial e-commerce services, but the Electronic Banking Association (EBA) monitors progress in the financial e-commerce industry and provides information that will enable users of those services to become better informed and to locate providers of the services they seek. Everyone hates paying bills. It's time-consuming, frustrating, and you have to lick that awful envelope glue. But not with e-banking. You'll spend less time paying bills, and more time doing fun stuff. Here are some advantages to e-banking: Your computer remembers who you write checks to. You simply enter an amount then point-and-click. You'll never run out of checks again. You can schedule your payments in advance, so they'll get paid while you're on vacation or away on business. Electronic payments are processed quickly, in as little as 24 hours to 5 days (unlike a paper check sent in the mail, which takes an average of 10 days to post). No envelope glue. No paper cuts on your tongue. And you can stop writing your return address again, and again, and again. It takes forever to write checks and addresses every month. E-banking cuts ...

The Evolution of the First Tetrapods

The Evolution of the First Tetrapods Its one of the iconic images of evolution: 400 or so million years ago, way back in the prehistoric mists of geologic time, a brave fish crawls laboriously out of the water and onto land, representing the first wave of a vertebrate invasion that leads to dinosaurs, mammals, and human beings. Logically speaking, of course, we dont owe any more thanks to the first tetrapod (Greek for four feet) than we do to the first bacterium or the first sponge, but something about this plucky critter still tugs at our heartstrings. As is so often the case, this romantic image doesnt quite match up with evolutionary reality. Between 350 and 400 million years ago, various prehistoric fish crawled out of the water at various times, making it nearly impossible to identify the direct ancestor of modern vertebrates. In fact, many of the most celebrated early tetrapods had seven or eight digits at the end of each limb and, because modern animals adhere strictly to the five-toed body plan, that means these tetrapods represented an evolutionary dead end from the perspective of the prehistoric amphibians that followed them. Origins The earliest tetrapods evolved from lobe-finned fishes, which differed in important ways from ray-finned fishes. While ray-finned fishes are the most common type of fish in the ocean  today, the only lobe-finned fish on the planet are lungfish and coelacanths, the latter of which were thought to have gone extinct tens of millions of years ago until a live specimen turned up in 1938. The bottom fins of lobe-finned fishes are arranged in pairs and supported by internal bones- the necessary conditions for these fins to evolve into primitive legs. Lobe-finned fishes of the Devonian period were already able to breathe air, when necessary, via spiracles in their skulls. Experts differ about the environmental pressures  that prompted lobe-finned fish to evolve into walking, breathing tetrapods, but one theory is that the shallow lakes and rivers these fish lived in were subject to drought, favoring species that could survive in dry conditions. Another theory has it that the earliest tetrapods were literally chased out of the water by bigger fish- dry land harbored an abundance of insect and plant food, and a marked absence of dangerous predators. Any lobe-finned fish that blundered onto land would have found itself in a veritable paradise. In evolutionary terms, its hard to distinguish between the most advanced lobe-finned fish and the most primitive tetrapods. Three important genera nearer the fish end of the spectrum were Eusthenopteron, Panderichthys, and Osteolopis, which spent all of their time in the water yet had latent tetrapod characteristics. Until recently, these tetrapod ancestors nearly all hailed from fossil deposits in the northern Atlantic, but the discovery of Gogonasus in Australia has put the kibosh on the theory that land-dwelling animals originated in the northern hemisphere. Early Tetrapods and Fishapods Scientists once agreed that the earliest true tetrapods dated from about 385 to 380 million years ago. That has all changed with the recent discovery of tetrapod track marks in Poland that date to 397 million years ago, which would effectively dial back the evolutionary calendar by 12 million years. If confirmed, this discovery will prompt some revision in the evolutionary consensus. As you can see, tetrapod evolution is far from written in stone- tetrapods evolved numerous times, in different places. Still, there are a few early tetrapod species that are regarded as more-or-less definitive by experts. The most important of these is Tiktaalik, which is thought to have been perched midway between the tetrapod-like lobe-finned fishes and the later, true tetrapods. Tiktaalik was blessed with the primitive equivalent of wrists- which may have helped it to prop itself up on its stubby front fins along the edges of shallow lakes- as well as a true neck, providing it with much-needed flexibility and mobility during its quick jaunts onto dry land. Because of its mix of tetrapod and fish characteristics, Tiktaalik is often referred to as a fishapod, a name that is also sometimes applied to advanced lobe-finned fish like Eusthenopteron and Panderichthys. Another important fishapod was Ichthyostega, which lived about five million years after Tiktaalik and achieved similarly respectable sizes- about five feet long and 50 pounds. True Tetrapods Until the recent discovery of Tiktaalik, the most famous of all the early tetrapods was Acanthostega, which dated to about 365 million years ago. This slender creature had relatively well-developed limbs, as well as such fishy features as a lateral sensory line running along the length of its body. Other, similar tetrapods of this general time and place included Hynerpeton, Tulerpeton, and Ventastega. Paleontologists once believed that these late Devonian tetrapods spent significant amounts of their time on dry land, but they are now thought to have been primarily or even totally aquatic, only using their legs and primitive breathing apparatuses when absolutely necessary. The most significant finding about these tetrapods was the number of digits on their front and hind limbs: anywhere from 6 to 8, a strong indication that they couldnt have been the ancestors of later five-toed tetrapods and their mammalian, avian, and reptilian descendants. Romers Gap Theres a 20-million-year-long stretch of time in the early Carboniferous period that has yielded very few vertebrate fossils. Known as Romers Gap, this blank period in the fossil record has been used to support Creationist doubt in the theory of evolution, but it is easily explainable by the fact that fossils only form in very special conditions. Romers Gap particularly affects our knowledge of tetrapod evolution because, when we pick up the story 20 million years later (about 340 million years ago), there is a profusion of tetrapod species that can be grouped into different families, some coming very close to being true amphibians. Among the notable post-gap tetrapods are the tiny Casineria, which had five-toed feet; the eel-like Greererpeton, which may already have de-evolved from its more land-oriented tetrapod ancestors; and the salamander-like Eucritta melanolimnetes, otherwise known as the creature from the Black Lagoon, from Scotland. The diversity of later tetrapods is evidence that a lot must have happened, evolution-wise, during Romers Gap. Fortunately, we have been able to fill in some of the blanks of Romers Gap in recent years. The skeleton of Pederpes was discovered in 1971 and, three decades later, further investigation by tetrapod expert Jennifer Clack dated it smack to the middle of Romers Gap. Significantly, Pederpes had forward-facing feet with five toes and a narrow skull, characteristics seen in later amphibians, reptiles, and mammals. A similar species active during Romers Gap was the large-tailed Whatcheeria, which seems to have spent most of its time in the water.

US-Britain industrial power Essay Example | Topics and Well Written Essays - 1750 words

US-Britain industrial power - Essay Example The Britain remained evidently predominant in the nineteenth century among the world powers as consequence of tremendous economic and industrial expansion in the eighteenth century. The British firms had expanded and export trade boomed vigorously in the industrial revolution.This paper investigates into the reasons that enabled the United States to replace the Britain as the world's leading industrial power after the time when Britain used to dominate the world with its industrial strength. Evidently, there happened to be several causes underlying the sharp decline in the British dominance among all the powerful countries in the world. In the same manner, there were various reasons that served to be the supporting elements for the economy and industry of United States to supersede the position of Britain.Apparently there happened to be abounding reasons behind the deterioration of British industrial and economic power in the late nineteenth century. Britain's economic diminution was in fact a consequence of the decline in the country's industrial potency that happened to be the backbone of the country's growth in the eighteenth century. However, this industrial failure did not erupt out of nothing, rather it too was an aftermath of several factors and events responsible for undermining the British industrial ascendance in the world.One of the pre-eminent causes of the failure of British industrial power was also the country's technical training and education system. The country, due to its highly advanced technical training system, produced and accumulated a large number of trained and high calibre workers for some industries. This turned out to be negative for various industrial sectors in the long run, as the country immensely began to lose unskilled workers that could perform duties on machines in the factory. This problem was faced by most of the industries in Britain, causing them to run high on costs and consequently low on profits. The British industry also lacked the most substantial ingredient i.e., machine tools required for technological excogitation in the manufacturing sector of the industry. Britain remained far behind on this ground that could have otherwise backed the deteriorating industrial strength of the country. The machine tool industry had been flourishing in the early period of British industrial development but the growth in this industry came to a gradual halt in the early twentieth century. This backwardness marked the inability of British industry to cope with the technological prerequisites of that era and the country seriously lacked behind on the technological edge. Another significant factors underlying the fall of British dominance was also that it seriously lagged on the ground of export in the late nineteenth century as compared to United States. The growth in export witnessed in the earlier decades started to tumble down and imports, on the contrary, took on a rising trend. At this time, most prominently, the United States was advancing in export trade through technological advancement and thus started to captivate even the portions of markets in Britain. This had a severe impact on the British economy and thus it started to lose dominance over other countries. This happened primarily because the Britain failed to advance in terms of new technology and as a result, the country's export trade started to decline. Free trade policies inflicted serious harms to the British industrial expansion. The country perpetually adopted the free trade policy enhancing the free flow of imported goods into the market without any restriction. This resulted in an outbreak of international

Effects on humans and environment by acid rain Essay

Effects on humans and environment by acid rain - Essay Example Polluted rainfall is also harmful to those who suffer from asthma and those who have breathing difficulty.   It is also proven by scientists that even healthy people can have their lungs destroyed as a result of inhalation of these harmful fapors (Ahmed, 2012; Clark, 2001). Acid rain also affects people and the environment through the soil from which our food is grown. It weakens toxic metals that decomposes and are assimilated into soil. The toxic metals might then be absorbed by water and consumed by animals or vegetation and consequently affects human health upon consumption. It also has effects on our environment particularly in forests; the deposition of the acid leads to degradation of tree plantations by lowering maturity of trees and other plantations, promoting their susceptibility to natural threats like drought, storms, forest fires and insect infestation. It also results to leaching and depletion of natural nutrients in forest soil that in turn loses valuable nutrients like calcium. This affects the sensitivity of the soil with time. On surface waters, acid rain minimizes the survivability of animal life in lakes and streams. It might as well eliminate most of the organisms in these water bodies (Ahmed, 2012; Clark, 2001). Acid rain therefore leads to destruction of plants and kills many organisms that live in ponds and other water bodies. It also has adverse effect on human health. This is so because destruction of the environment by acid rain affects our lives as

Acts of Kindness Essay Example for Free

Acts of Kindness Essay Category: Community Description of Act: Today I went to portage Park (which is very close to my house) and I picked up garbage with my pink gloves in a trash bag around the whole Park. Reflection: Since I live close to portage Park I go there a lot and when I go there I see that there’s a lot of trash around and nobody picks it up. So I decided that the nice thing that I would do would be to pick up the trash and put in a trashcan. I know I’m not helping that much because people are going to keep putting trash on the ground but at least I know that I can help a little bit. At first it was a little weird because people started wondering why I was wear pink gloves and picking up trash but then this one older woman came up to me and thanked me for picking up trash because she didn’t like it when the park was dirty and after that I felt really good about what I was doing and I felt like what I was doing had purpose. Act of kindness #2 Category: Community Description of Act: Me and my family decided that we should do something good for the community and we decided that we should make sandwiches for homeless people around the neighborhood and give them out to soup kitchens and other places like that. Reflection: So one day my family decided that they wanted to help the homeless people around my neighborhood since we have all this food and a roof over our house to be thankful for we should help those that were in need. When I was making the sandwiches I thought what I was doing was really positive and was a good thing but then I also thought what if they don’t want to be helped or pitied what if they have too much pride? But after we went around and gave around the sandwiches to homeless people and  soup kitchens and felt like it was still was kind of a rude but people need other people to help them sometimes and we were those people. The homeless people were very thankful for the sandwiches and were happy that we did what we d id. Act of kindness #3 Category: Teachers Description of Act: After school one day I went to one of my math teacher’s class and I helped them out with organizing papers, grading quizzes, and whatever else he needed. Reflection: Sometimes the only time I help teachers of the schools because of extra credit or they give me candy but this time I went because I wanted you guys out there that knew that he had a lot of work that he had to do but little time. When he saw me come into the classroom after school use a little surprised because he didn’t ask for any help for extra credit but I told him that I was there because I just wanted to help and be nice. He thought that it was very thoughtful me to help him with his grading and organizing and I felt really happy afterwards because I did something good without needing to have credit extra credit be a motivation. Act of kindness #4 Category: Teachers Description of Act: Today I saw a teacher going up the stairs with a lot of books and I came over and helped out and grab some of the books which were very heavy and helped her put them in the classroom that they needed to be in. Reflection: Even if I wasn’t doing this project which is pretty cool project if I do say so myself I would’ve still helped her out because of the kind of person I am and it just feels really nice when you help someone out without having them ask you. I know that if I was going to stairs with heavy books I would want someone to help me out too. When I asked if she needed help she smiled which made me smile made me feel good to help her. Act of kindness #5 Category: Parent/Guardians Description of Act: Today I woke up early in the morning I went into the kitchen and started cooking some breakfast. I cooked eggs, bacon, and hash  browns. I talked a lot so everybody my house could eat some and believe me they ate some. They didn’t ask me to cook and they were surprised that I cooked. Reflection: My Mom and Dad when I was little always used to cook me breakfast with eggs and bacon and all that other good stuff but since they work more often didn’t have the time to cook for us which was sad because I love bacon in the morning. So I decided I should make breakfast for them this one time because I’m terrible at cooking so I did and I did pretty well for my first time. They loved it and they loved that didn’t have asked me they love that it was a surprise they loved that it was actually good LOL. I felt really good inside and felt really nice to see my family together eating and it made me feel like I brought the family together. Act of kindness #6 Category: Parent/Guardians Description of Act: Again I woke up early and decided I would do a nice thing and clean house and when I meant clean the house I mean clean the HOUSE. I went all around the house cleaned every corner in every dusty place until it was spotless or close enough to spotless. And no one asked me to do it. Reflection: My mom always bugs me about cleaning my room and yells at me when I don’t so I thought to myself in the morning at 7:00 AM when everybody was sleeping why don’t I just clean no one else will do it and then she would never yell at me ever again just kidding. But I know I would make her happy so that’s the main reason why did it. I clean the house so good that I think I will never have to clean the house ever again. When my parents came home and saw the house I think they fainted cried almost there were happy that I did it without them having to ask. It made me happy that they were happy. But my arm still hurts though. Act of kindness #7 Category: Classmates/Friends Description of Act: Yesterday there was a friend at my rehearsal and she was crying and I asked her why she was crying and she responded to she felt uncomfortable and didn’t want to do something. I told her that she didn’t have to do anything that she didn’t want to and that she can talk to me anytime if she has any problems with anything or if she just wants to talk  and helped her back to rehearsal. Reflection: When I saw her crying I immediately went over and asked her what was wrong because I never like it when people are crying I like it when people are happy. I know and I was crying I would want someone to comfort me as well and that the cheapo uncomfortable with something even made it worse because no one should feel uncomfortable ever. When she was crying I felt like I just needed to help her in any way I could and so I talked to her and let her know that she can talk to me anytime because of space that I am free all the time and I just like to make peo ple feel better. She said she was happy that she had me as a friend and it made me feel all good inside will Act of kindness #8 Category: Classmates/Friends Description of Act: I spent some time with my friend when they were feeling lonely and they really needed some company. So I went over to the house and we played to videogames talked about politics and the world (not really we were just worrying about the ACT). We ate some stuff and had I had a really good time. Reflection: When my friend asked me to hang out I didn’t really feel like it but I didn’t want her to feel all alone and stuff so I got my butt over to her house as fast as possible and I hung out with her. She was really glad that I came over and I was glad that I came over to because to bored people make for a really interesting and weird time. Again I felt like a really good for spending some time with my good friend and the really nice to make someone feel better. Act of kindness #9 Category: Strangers/Random Description of Act: Today I was on a bus and I have going on I saw that the person behind me was viciously looking into her purse for money and for the life of her could not find it and I saw that in my purse I had an extra card for the bus that had one more ride on it. So I decided to give it to her so she can get on the bus because she really looked like she needed to get on the bus. So I did. Reflection: I’ve never had that before like when I don’t have any money on the bus and someone’s like â€Å"Oh here I’ll give you money here you go â€Å"but the bus driver usually just let me go so that’s pretty  nice. I felt like this one time I should at least help this lady out because this bus driver does not look like the type to give free rides and I’m pretty sure she really needs to be somewhere by the way she is tearing up that purse. When I gave her the bus card I think in her point of view there was like a gleaming light behind me and a choir singing because her eyes got huge and I think she was about to kneel before me but she said â€Å"Thank you so much†. I always have extra money on me because my mom is always scared that something terrible is going to happen to me so if you ever need money look for me. I felt like a hero after I gave her the money just without the Cape. Act of Kindness #10 Category: Strangers/Random Description of Act: Today there was a woman who looked like she was lost so I went up to her and asked her if she was having any trouble finding something and she was trying to find Lakeview which is lucky for her because I know exactly where that is. So I gave her directions to Lakeview. Reflection: Sometimes I get lost a lot and I mean a lot and I know that I should know where everything is in Chicago because I’ve been here since I was born so I’m a true Chicagoan but let’s face it I am not a true Chicagoan because I’ve never really been around Chicago a lot like my whole life. But this lady is a lucky because I know exactly where Lakeview is because I’m a student there of course not because I have my phone with me with a map in it. Preposterous! So anyways I gave her the directions and she was very thankful that I was there to save the day. I knew what I did was a really good and patted myself on the back and went on to do whatever I was doing th at day which is probably nothing.

Varying Attitudes Toward Death in the Masque of the Red Death Essay

Varying Attitudes Toward Death in the Masque of the Red Death      Ã‚  Ã‚   "Since the day of my birth, my death began its walk. It is walking toward me, without hurrying." Edgar Allen Poe provides us symbolically with the reaction of man to the pursuance of death that Jean Cocteau described before, in his gothic short story, "The Masque of the Red Death." Prince Prospero symbolizes the optimist who seeks to avoid death. The Masqueraders represent the pessimist-the carefree who seek to forget about death. The Masked Red Death is the ultimate realization and enlightenment of death's power over all-the realist view. Poe's work symbolically demonstrates the attitudes of man through Prince Prospero, the Masqueraders, and the Masked Red Death.    Prince Prospero symbolizes the optimist who is defiant and furious. Prospero believes that death can be evaded if not escaped entirely. Prospero seeks to protect himself from the red death, a disease that has ravaged his kingdom. He does this by taking a thousand of his friends, with whom he "retires to the deep seclusion of one of his castellated abbeys" (Poe 176). However he does more than try to dodge or hide from death's powers. Prospero has his courtiers take hammers and furnaces to weld the bolts shut so to leave no "ingress or egress," effectively he barricades himself taking faith the physical barriers of man can somehow defeat the non-corporeal entity. While the pestilence rages outside the prince's secure shelter, Prospero arranges that a masquerade or ball take place. He and his revelers take part in jovial and pleasant activities during a time when hundreds are suffering. What's more is that he has his party be "waltzers" (Poe 177). Such a dance involves t... ...to death in the masqueraders one can see the third attitude toward death, one of understanding and acceptance because the ignorance that shrouded their eyes has been removed. With understanding which comes when one becomes closer to death one may adopt the third attitude which Bhagavad Gita has, "Death is as sure for that which is born, as birth is for that which is dead. Therefore grieve not for what is inevitable."       Sources Consulted: Cassuto, Leonard. " The Coy Reaper: Unmasque-ing the Red Death". Stud Short Fiction, 25(1988) 317-320. Poe, Edgar Allan. Tales of Mystery and Imagination Norwalk: Heritage P.,1969. 317-322. Starret, Vincent. "Tales of Mystery and Imagination." Norwalk: Heritage P., 1969. Intro. Wheat, Patricia H. " The Masque of Indifference in The Masque of Red Death". Stud Short Fiction, 19(1982), 51-56.   

Walt Disney: Swot, Pestel and Porter Analysis

SUBJECT:Walt Disney: SWOT, PESTEL and Porter analysis Introduction2 Pestel analysis2 Political factors2 Economic factors3 Social factors3 Technological factors4 Environmental factors4 Porter’s Five forces model5 New entrants5 Buyers5 Substitutes6 Suppliers6 Competitors6 Swot analysis7 Strengths7 Weaknesses8 Opportunities9 Improvement of customer relations strategy9 Advertising Growth9 Differentiation9 The further introduction of ICT technologies9 Superior market segmentation10 Threats10 Economic conditions10 Winnie the Pooh trial10 Stakeholder analysis11 Conclusion12 references13 Appendix i – Portfolio vs core competence perspectives14 Introduction Walt Disney is a developer, producer and worldwide distributor of feature films and television programs, cable network programming and character-based merchandise. Besides, its theme parks are the most popular in the world. The current forces in the market create certain challenges for future success of the company’s development. The presents analysis starts with the discussion of current environmental and industry factors. This analysis produces the holistic view of the macro factors that affect the industry players and the company. The second step comes to the analysis of the business environment competitive environment and the way the company develops and maintains its competitive advantage. This analysis creates a picture of internal capabilities of the companies. Basing on the evaluation of external and internal factors the analysis of strengths and weaknesses is delivered. It creates a framework for devising possible strategic intent of the company and identifies possible vulnerable points that can affect the feasibility of the strategy. Basing on the analysis of the environmental factors and company’s capabilities the paper reviews current opportunities and threats. Pestel analysis According to Grant (1998), in order to identify the key success factors and the company’s opportunities and threats it is important to study environmental factors that effect the firm’s strategy on the industrial level. To do this, PESTEL analytical tool is applied. Political factors Political and legal factors influence the development of the industry. These factors shape the rules of competition, operational costs (minimum wage, safety requirements and consumer law) and the presence of various lobby groups. The important political factor is local legislations regarding foreign ownership, cross-ownership and concentration. For example, Chinese government limits foreign ownership to 49%, when the right to control directly a subsidiary requires 51% of ownership. It means that a company shall look for potential partners to form joint ventures or strategic alliances. Hill (2002) points out these market entry options translate into the reduced control of the subsidiary’s activities. Economic factors The economic factor has a crucial importance for the industry development. According to Mintel report (2003) the theme parks and consumer goods are the most dependant on the economic factors. For instance, US and European markets were recently strongly affected with recent economical downturns. The reason for such the influence is the relationship between the economic cycle and the growth of PDI. As Hill shows (2002) the PDI positively affects consumer confidence in economic health and their capability to buy entertainment products. Thus, the healthier the state of a country the higher will be the growth of a consumer market and its corresponding value. The company's theme parks and resorts are vulnerable to exchange rate fluctuations, travel industry trends, changes in available leisure time, oil and transportation prices and weather patterns. Social factors The demand trends are shaped by the following major factors: demographic shifts, attitudes and beliefs and fashion cycles. Demographic shifts create different niche markets; whereas fashion cycles together with attitudes formation create necessary growth for the market. For instance, changing lifestyles as a result of influences from other countries and cultures, various media, create new expectations and requirements for the content of media sources. Various products of the company as character-based merchandise and producer/distributors of children's audio and film-related products strongly depend on social factors as seasonal purchasing behaviour and the popularity of animated releases which determine the life cycle of particular products and their return of investment potential. Technological factors Technological factors affect the way industry players compete. The introduction of improved technological solutions allows the companies to reduce cost of operations, increase the manufacturing capacity and quality. Besides, the further R&D development allows the introduction of new products that can potentially break the markets of existing products (Bradley, 1995). The developments of new IT technologies introduce new media delivery solutions and change the architecture certain companies’ value chain (Chaffey, 2002). Environmental factors The environmental factors directly impact the travel industry trends. The weather conditions in France and Japan determine the profitability of theme parks. The better the weather conditions the higher is the number of visitors. Environmental factors play an important part in the success of the business as it affect input manufacturing capacity. Without proper yield a company will be unable to meet the existing market demand, creating a strong opportunity for its competitors. Porter’s Five forces model The following model shows the macro analysis of the business conditions under which Walt Disney operates. Adopted from Porter (1990) New entrants The deregulated state of the market provides certain opportunities for new entrants to start the business. The company operates in a mature market, divided between existing large companies. The continuous change of life style preferences create various opportunities for the media content. The advertising, film-making, character-based merchandise and theme parks areas have serious entry barriers, especially for small players, as the existing brands have strong reputation, develop economies of scale and continuously invest in new technologies. Buyers The global operations, especially on the U. S. and Asian-Pacific markets shows that consumers have a very strong bargaining power. Strong competition between global and regional niche players and constant change of preferences for various content significantly reduce life cycles of various products. Substitutes Internet, other types of media create serious substitute threats to current media distribution channels. According to Mintel report (2003) the further increase of Internet proliferation with vast electronic media opportunities create is likely to reduce drastically the use of hard copy products. Suppliers The scale of operations, the size of the company and highly recognised strong brand identity provide the company with bargaining power against local and global suppliers. Competitors The company competes with such powerful competitors as AOL Time Warner Inc. , Viacom Inc. , The News Inc, Comcast Corp. , Canal + etc. The presence of powerful competitors with established brands create a threat of intense price wars and poses s strong requirement for product differentiation. The other important feature of the media industry is a continuous shift of competitors’ market power. This notion takes place as the result of various strategic alliances and industry consolidation. For instance, the merge of Time Warner with America Online Inc. created powerful internal capabilities. If they were met with market demand, it would have boosted the company’s profit margin. The other threat goes from the continuous development of The News Inc. which uses very aggressive expansion strategy. It plays a â€Å"gatekeeper† role in the development of digital broadcasting and has already been developing long-term technical capabilities to build its internet presence. At the same time, the global media industry is very fragmented due to various cultural differences. Thus, the permanent change of consumer trends and the market fragmentation create a lot of niche markets. Today, the major theatre for fierce competition is US and EU markets. The company has to compete with other entertainment companies, broadcasters and content providers, who pursue very aggressive customer-switching strategies. Swot analysis According to Wit & Meyer (1998) the analysis of capabilities shall focus on the analysis of â€Å"core competence† or â€Å"portfolio† assessment (see Appendix I). Applying this table to the case of Walt Disney it must be admitted, that the global nature of operations and high intensity of competitive environment create importance for using both types of analysis. Strengths From the core competence perspective, one of the main strengths of Walt Disney’s strategy is a capability of fast and intensive transfer of operational capabilities across the markets, which allow the company to benefit from learning curve, operational and other cost reduction benefits. The other important capability is the ability to develop new innovative solutions to meet changing demand. The development of Mission: SPACE is the good example of the application of latest digital technologies to enhance the entertainment experience of theme park visitors (Datamonitor, 2004). From the portfolio perspective, the company’s strength is in its experience of international operations. According to Bennet (1999) the development of local knowledge along with learning curve might create potential synergies over different strategic business units. The other strength is a diversified portfolio. Walt Disney is involved in various areas of the media distribution, including television and cable, book publishing and filmed entertainment, character merchandise and internet content delivery. The company's wide-ranging interests protect it somewhat from the effects of adverse market conditions in any one of the sectors within which it operates. Its presence in a large number of markets gives the company a more balanced and stable portfolio of assets, and therefore a more secure business. The diversity of the media portfolio creates a strong advertising potential. The company operates with six domestic sports channels, reaching 85 million viewers, and has several brand extensions including ESPN Radio, which is the largest radio sports network in the US. Its A Television Networks, featuring cultural and entertainment programming such as The History Channel, reach 77 million homes. Lifetime Television is devoted to women's lifestyle programming and reaches 83 million cable subscribers. Its Toon Disney channel, targeted at 2-11 year olds, is available in 26 million homes and began carrying advertising in 2000. Disney's SoapNet channel was also launched in 2000, and now reaches more than 18 million homes (Datamonitor, 2004). Weaknesses One of the strong weaknesses of the company is the dependence of theme park distribution on seasonal component. All of Disney's theme parks and associated operations are open all year round. However, there are extreme fluctuations in park attendance and resort occupancy, caused by the nature and patterns of vacations. Peak attendance and occupancy occur during the school holidays in summer, early-winter and spring. These fluctuations cause natural operational difficulties, but also make the business more vulnerable as it relies heavily on a few key months. If economic downturns, poor weather or other outside influences occur during the crucial periods, the effect on annual results is magnified. The analysis of financial data for the last 10 years (www. hoovers. com) show that despite overall healthy growth f its sales and successful penetration into new markets, the company had very high operation costs and unbalanced cash flows along different SBUs. The financial figures show that only cable broadcasting and television create sound profit. The situation with filmed entertainment requires consideration regarding the future strategy of running this business area as the company’s certain failures seriously affected the profitability of this area. Opportunities Improvement of customer relation s strategy According to D’Agostino (2003) Walt Disney has a unique opportunity of developing strong customer relations strategy based on database marketing capabilities. It predicts that the introduction of these technologies will enable the company to target and tailor the media delivery to active and prospective customers. However various analysts strongly advise to find the balance between â€Å"being digital and human† (D’Agostino, 2003). Advertising Growth The analysis of social factors influence shows the strong impact of various social events on the content requirements. Various social events as summer holidays or adventure trips might create significant a potential for advertising growth what can bring great financial benefit. Differentiation The continuous change of global lifestyles and attitudes create niche markets for specific quality products. The ongoing diffusion of new technological solutions creates new possibilities to capture these markets. Thus the combination of these factors provides a feasible opportunity to expand. However, the success will strongly depend on the ability to react quickly to keep abreast of fast-changing market requirements. The further introduction of ICT technologies As Datamonitor (2003) recommends, the ICT technologies shall be further implemented in the business process. The further proliferation of broadband technologies on the EU market might create various opportunities for Walt Disney providing its extensive development of online applications. Besides, it will enable the company to exploit various internet media channels that will enable the company to use various e-marketing tools to create stronger relations with its customers.. Superior market segmentation The company has the opportunity to develop stronger demographic segmentation in order to anticipate the further market trends. The Mintel report (2003) shows that there are significant differences in preferences across different demographic and psychographic groups. Given the importance of content as a strong â€Å"pull† and differentiating factor, the further success might depend on the ability to spot the requirements of niche markets and meet them. Threats Economic conditions The Walt Disney’s media production and distribution indirectly dependent on advertising for their revenue. Changes in US, global or regional economic conditions may affect the advertising market for broadcast and cable television programming, which in turn may affect the volume of, and price for, the advertising on Walt Disney’s cable networks and shows and the volume of, and price for, the programming that the company is able to sell. Winnie the Pooh trial According to Datamonitor (2004) a one-billion-dollar lawsuit against Walt Disney over the cash generated by the Winnie the Pooh character is likely to finally go to trial in 2005. The case centres on the US marketing rights to he character, created by British author A. A. Milne and popularized by the Disney entertainment empire. Among the issues at stake, are revenues from computer software, DVDs and videotapes, merchandise that mostly comes in formats that came into being after the agreement was signed. Pooh revenues, said to be the most of any character that Disney markets, are estimated to be in the region of three billion to six billion dollars a year, and the lawsuit represents a considerable threat to the company's performance in the future. Stakeholder analysis Stakeholders are persons, groups or institutions with interests in a project or programme. According to McLarney (2002) there are two types of stakeholders: primary or key stakeholders, and secondary ones. Primary stakeholders are those ultimately affected, either positively (beneficiaries) or negatively (for example, those involuntarily resettled). Secondary stakeholders are the intermediaries in the aid delivery process. McLarney (2002) suggest that the group of primary stakeholders consist of shareholders, employees and customers. Shareholders Shareholders can be considered as one of the most influential type of primary stakeholders as they might exert direct or indirect control over the strategic action of the company. That is why one of the Disney's overriding objectives â€Å"is to create shareholder value by continuing to be the world's premier entertainment company from a creative, strategic, and financial standpoint†. Shareholders’ evaluation of the company’s current and future performance has a direct effect on the company’s stakes’ value. The recent bidding of Comcast Corporation for The Walt Disney Company (Business Week, 2004) exemplified the way market evaluation might determine the bidding process during the possible merging. This group expect the company to deliver consistent sound financial performance what will be a proof that the company can fulfil its mission’s objectives. Employees Employees have a direct influence over the quality of the business concept delivery. According to Drucker (1998) employee possess important tacit and explicit knowledge, which can significantly contribute to the learning capability of the company, especially during business process reengineering and continuous improvement activities. They expect to work for the socially responsible company, which is adherent to its mission and brand promise. They also expect certain degree of involvement in decision making, personal development and adequate performance appraisal. Customers Customers have a direct influence over company’s profitability. According to Kotler et al. (1999) the direction of customers’ attitude formation may determine the success and failure of particular goods or brand. Customers expect the company to deliver the quality promised by the brand, and communicated to them through various promotion mix activities. The issue of company’s social responsibility, especially in the case of Walt Disney is crucial, as the company is involved in character–based merchandise which is heavily dependant on the proliferation of specific image of particular characters. Conclusion The analysis of the current PESTEL factors identified the particular importance of socio-cultural, political and legal, economic, technological and environmental factors on the environment. All of these factors determine the success of operations. If socio-cultural and economic factors affect the demand patterns and vulnerability of strategic development, other factors create the conditions for value chain architecture. The review of environmental factors identified the opportunities to improve financial health, capitalize on the growth of advertising market and develop further ifferentiation using technological solutions. At the same time economic conditions and copyright issue create serious threats to the company. The analysis of five forces identified the strong power of buyers and the analysis of strategic capability defined the following strengths: diversified portfolio, fast and intensive transfer of operational capabilities and the experience of running the international oper ations. At the same time the current portfolio management and the dependence of certain business units on various external factors were defined as major weaknesses. The paper identified various feasible opportunities. The analysis of current capabilities along with the further development of technological solutions create strong case for the development of customer relations management based on database marketing techniques. Besides the company might pursue the development of new ICT technologies. The current success of Mission: SPACE attractions show vast market opportunities with regards to the introduction of new entertainment experience. The company may develop superior market segmentation. The high influence of social factor and the influence of fashion trends on market demand and product life cycles create the space for niche market strategies. The stakeholder analysis defined three types of key stakeholders, as shareholders, employees and customers, who might exert sufficient influence on the strategic development of the company. references Bennett, R. (1999) Corporate strategy – 2nd ed. – London: Financial Times Bradley F. 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(1998) Strategy: process, content, context: an international perspective – 2nd edn. – London : International Thomson Business Hoovers Online Official site – www. hoovers. com Appendix i – Portfolio vs core competence perspectives | |Portfolio |Core Competences | |Emphasis on |Responsiveness over synergy |Synergy over responsiveness |View of competition |Firms compete within a business |Corporations compete across business | |Competitive strategy at |Business level |Corporate level | |Key success factors |Responsiveness to business demands |Competence leverage | |Corporate composition |Potentially unrelated (diverse) |Shared competence base (focused) | |Mulitibusiness synergy |Cash flow optimization |Rapid competence building | |Primary task corporate centre |Capital allocation to SBU’s |Competence development & application | |Position of Business un its |Highly autonomous (independent) |Highly integrated (interdependent) | |Co-ordination between SBU’s |Low, incidental |High, structural | |Corporate control style |Setting financial objectives |Joint strategy development | |Diversification acquisitions |Simple to accommodate |Difficult to integrate | Adopted from Witt and Meyer (1998) ———————– Competitors High New entrants Low Buyers (bargaining power) High Substitutes High Suppliers