Nursing Assessment and Care of a Patient Following a CVA Essay

Nursing Assessment and Care of a Patient Following a CVA - Essay Example He has not passed urine since admission. He exhibits some paresis, and is leaking saliva at the right side of his mouth. Two possible nursing diagnosis related to this patient’s condition include: Risk for aspiration related to impaired swallowing secondary to cerebrovascular accident; Risk for falls related to bodily weakness, secondary to CVA. This paper shall discuss the patient’s assessment data and interventions which can be implemented for the patient. Body Assessment 1: Risk for aspiration related to impaired swallowing secondary to cerebrovascular accident. This nursing diagnosis relates to this patient’s assessment data because the patient’s swallowing reflex is compromised and he is also unable to control his saliva flow into his tracheobronchial passages. As a result, his saliva getting into his bronchial tubes and on to his lungs is a significant possibility. Two priority nursing interventions to address the problem includes: clear secretions f rom the mouth or throat with a tissue of gentle suction; and maintain side-lying position. Clear secretions from the mouth or throat with a tissue of gentle suction This intervention would involve the regular checking of the patient’s mouth for saliva build-up, clearing such build-up with a tissue or via gentle suction. Preventing saliva build-up in the mouth prevents the saliva from flowing down the throat and into the bronchial tubes and lungs, thereby preventing aspiration (Carpenito-Moyet, 2008). Moreover, cleaning of the oral cavity would also help prevent the build-up of bacteria. Since the patient manifests right-sided hemiparesis, there is a need to assist the patient in controlling the saliva flow, and prevent such from flowing unconsciously down his throat. Cleaning and suctioning the mouth is suitable because it can easily reduce saliva flow and it can be managed well as an independent nursing intervention by the nurse (Carpenito-Moyet, 2008). Cleaning and suctioni ng the patient’s mouth would also prevent bacteria build-up and prevent any additional health issues, like aspiration pneumonia, which may arise from the patient’s current condition. Suctioning may however also promote dryness in the patient’s mouth, therefore, the suctioning must not be excessive. Suctioning may also cause oral and throat irritation. If not properly and carried out under sterile conditions, it may promote bacteria build-up (Carpenito-Moyet, 2008). Suctioning must therefore be carried out gently and with the proper application of sterile techniques. The application of suctioning among patients whose swallowing reflexes have been compromises has been proven an effective practice by various researches. In a paper by Coffman, et.al., (2007) the authors sought to investigate the benefits of using cuffed tracheotomy tubes in order to suction patient’s saliva. The authors were able to establish a significant decrease in aspirate with the use of intermittent suction. In effect, the authors concluded that the use of suctions can reduce the risk of aspiration and therefore reduce the patient’s risk for aspiration. This was also echoed in the study by Yoon and Steele (2007), where the authors highlighted the fact that proper oral care is an effective way of reducing incidents of aspiration pneumonia and bacterial colonization in the mouth. Evaluation criteria to establish efficacy of the intervention is

Macroeconomics Essay Example | Topics and Well Written Essays - 1000 words - 1

Macroeconomics - Essay Example Industry A Industry A has 20 firms and a (CR) of 20%. The Concentration Ratio is centered around how much of the market is controlled by the firms involved, in this case with 20 firms and a (CR) of 20% the controlled value is low. (Concentration Ratio, 2011 p 1) This implies that the industry is either highly competitive industry. This means that every involved organization in this particular industry is able to enter and exit the market with low barriers. This industry type could be termed a â€Å"perfect competition† however, because it has a (CR) of 20% it is also close to an oligopoly. To be a â€Å"perfect competition† the characteristics would need to include, all firms selling the same products, all firms involved being price takers, all firms having a relatively small market share, buyer knowing what is being sold and for how much and the ability to enter and exit the market. (Perfect Competition, 2011 p 1) In this environment the ability to enter the market wit h low to no barriers will allow for more competition to be available. The long term adjustments would need to be expecting lower prices and normal profits. The (CR) will remain low in this industry model due to greater competition. Industry B Industry B has 20 firms and a (CR) of 85% which places it in the oligopoly to monopoly range in business types. An oligopoly is characterized by a few dominant firms and many small ones, standardized and differentiated product depending on the industry, power of dominant firms over pricing, barriers to becoming a dominant firm and the use of non-price competition due to fear of price wars. (Petroff, 2002 para. 2) A monopoly however, is a situation where a single company or group owns the entire market, or close to it. Because this tends to mean it is a business that has a single firm it would not necessarily apply in this case. (Monopoly, 2011 p 1) To figure out the proper concentration ratio it is necessary to use the Herfindahl-Hirschman Inde x, â€Å"a commonly accepted measure of market concentration. It is calculated by squaring the market share of each firm competing in the market and then summing the resulting numbers.† (Herfindahl-Hirschman Index, ND) Conclusion Industry A would be appropriate for a small business given the ability to enter and exit with relative ease. This however, should not discount the possibility of Industry B’s ability to control a market and pricing as well. The entry barriers may be insurmountable in this industry type though the rewards could be significantly greater. Given the available information Industry A seems to be the best approach for a small business venture. Reference page Concentration Ratio,. (2011). Concentration ratio, investopedia.com. Retrieved from http://www.investopedia.com/terms/c/concentrationratio.asp Herfindahl-Hirschman Index, . (ND). The herfindahl-hirschman index, justice.gov. Retrieved from http://www.justice.gov/atr/public/testimony/hhi.htm Monopo ly,. (2011). Monopoly definition, investopedia.com. Retrieved from http://www.investopedia.com/terms/m/monopoly.asp Perfect Competition,. (2011). Perfect competition, investopedia.com. Retrieved from http://www.investopedia.com/terms/p/perfectcompetition.asp Petroff, J. (2002). Oligopoly characteristics. Professional Educational Organization International Retrieved from http://www.peoi.org/Courses/mic/mic7.html Memo follows- TO: Managing director FROM: (insert your name) DATE:

Strategic Marketing Plan Essay Example for Free

Strategic Marketing Plan Essay This growth will be the direct result of a new toothpaste product launch. The following plan draws on related Industry, Competitive, and Consumer analyses to justify the production of a â€Å"mouth pod† and the market for such a future-oriented design. The plan also provides an implementation plan for the launch of this product, as well as a recovery plan. Overall, this â€Å"outside-the-box† thinking will set Crest apart from its competitors. Unfortunately, given the current state of the economy, there are insufficient resources to support a national or even a regional launch of the new product. Thus, the product will initially launch in only one New York County. Rochester, in Monroe County was chosen on the basis that it holds the highest potential for the product’s success. Syracuse in Onondaga County and Binghamton in Broome County were not chosen. This choice is supported with data from a comparative analysis that demonstrates how and why it is believed to be the best potential geographical market. The recommended geographic area is premised on a detailed and careful assessment of the geographic market(s) and how the chosen county best suits this proposed strategy. This will serve as a trial; if the product performs well in Monroe County, it will later be rolled-out to more areas. This subsequent roll-out will determine whether the product is given a national launch. SITUATIONAL ANALYSIS: SWOT STRENGTHS * Inventive design, unlike any other toothpaste product on the market. * TWBA Chiat Day will significantly assist Crest in leveraging the So Mod Mouth Podsâ„ ¢. * Consumers are seeking coupons due to the current state of the economy. WEAKNESSES * Most of Crest’s products are either mature or declining within the product life cycle. As a result, new products are continuously introduced. * Competitors are able to quickly release comparable products, intensifying competition. * Toothpaste promotions often use sales to drive new purchases based on price. OPPORTUNITIES * Product differentiation- with the amount of rivalry, there is plenty of reason to invent and innovate. * Essential to western hygiene- there is no one who would argue that brushing one’s teeth with toothpaste is not a hygienic staple in western culture. * Emerging markets- as is true with a large variety of industries, the developing world poses a huge opportunity for growth. THREATS * Everyone is essentially selling the same thing- The Company is no longer selling toothpaste, but more the brand or the features of the toothpaste. * Low switching costs- At one point, toothpaste purchases were mainly driven by individual habits, inclination towards particular flavor and familiarity with the product However, consumers are much more price-sensitive after the recession, even in the recovery stage. They do not always stick to brands they desire, they are now shopping for the best value. * Competitors, namely Colgate, infringing on prized shelf space. ISSUES ANALYSIS amp;OBJECTIVES Issue #1: Product differentiation The toothpaste product market is heavily saturated with products (and product lines) that are very similar to each other. They all cover the range of benefits that toothpaste consumers seek, from whitening to tartar control. Consumers are fatigued by the vast array and similarity of toothpaste products available on store and virtual shelves. Fatigue in relation to innovation exists as well, because toothpaste brands have pushed innovation to its limit. Even the newest toothpaste products like Colgate â€Å"New? Optic White Toothpaste and Crest â€Å"New? 3D White Toothpaste do not have much of an edge. Six months after launch, the perception of innovation and relevance fades away. Whitening was once an innovative feature, but is now expected. For a new toothpaste product to be successful, it will need to break free of this mold. Objective: To achieve sales of 50,000 packs of day and night â€Å"mouth pods† by the second quarter. Strategy: Crest will follow a strategy based on innovation and disruption. The launch of this new product will break through the clutter comprised of existing toothpaste products. It will feature the Crest logo, thereby boosting brand awareness and sales of other Crest products. Ultimately, a new product category may arise out of a successful campaign for this launch. The new product will be available in two versions: one made specifically for brushing in the morning, and a companion product made specifically for brushing at night. The daytime use product would have light-colored packaging, and the nighttime use product would have dark-colored packaging. If the product is very successful, it could set other brands into their own category of being â€Å"anytime† toothpaste products. Crest’s new brand will gain market share from being in its own niche. A companion product for nighttime use will push more people to brush their teeth before going to sleep. This will not only improve the top line growth of Crest’s new brand, but it will also cause consumers to develop the good habit of brushing two or more times a day; this may also increase the frequency in which a consumer must purchase toothpaste. Tactics: The new product will have a slightly higher price point than that of Crest’s current â€Å"New? products and those of competitors. Since toothpaste is a low involvement purchase, tactics will focus on drawing consumers? attention. Display stands and posters will accomplish this by brining consumers? attention to the product’s placement on retail shelves. The package design will stand out amongst other toothpaste products on the shelves. Online promotions will include banner ads on retail websites and social media profiles, including Facebook and Twitter. Special offers for the product will be made both online and in stores. Issue #2: Growth Stagnant growth in the U. S. market has plagued the toothpaste industry. As mentioned in the Industry Analysis, 98% of Americans are users of toothpaste, which does not allow for much growth. The population it is not increasing at a rate high enough to sustain our goals of driving up sales in this country. Objective: To move Crest to the position of market leader by at least 5% points by the end of the fourth quarter. In current terms, Crest would need to gain another 6% of the market to ultimately have 41% and a five point advantage over Colgate. Strategy: Jump start the competition against Colgate by targeting a niche segment of the U. S. population who already enjoy luxury grooming products and are willing to try wild and new products. The primary target would be adults, ages 18-45 who consider themselves to be upper-middle class. The secondary target includes 18-30 year-olds who are still experimenting with new products and have not settled into a rut of brand loyalty. Our new product delivers the burst of innovation that has been so severely lacking in the toothpaste industry. We are offering a brand new delivery system and a feature that has yet to be mass-produced. Tactics: Strategic product releases that start in higher end supermarkets and drugstores. Releases will then move down the scale towards large discounters and superstores such as Wal-Mart. Although the new product will be priced only slightly higher than the average toothpaste, the goal is to position it as a more luxurious and fun way to brush one’s teeth. The roll-out for the test market will begin in January of 2013 and continue being released, hitting discount stores in July. The time sensitivity of this product release is almost irrelevant because there is no season of increased sales. Starting early in the year is just a ploy to have a fresh and energizing start to 2013. Placement on shelf will be further taken into consideration once packaging is completely finalized. Issue#3: Existing Brand Loyalty Consumers are more likely to continue purchasing toothpaste brands that they have used since an early age. Therefore, in order to gain a leading market share within the toothpaste segment of the oral care industry, it will be essential to break current purchasing behaviors of our targeted consumers. Objective: Our objective is to increase our brand equity by 25% within the first year of our pilot phase, specifically from repeat purchases by conquest buyers, who initially try Crest „New? So Mod Mouth Podsâ„ ¢ after being exposed to our integrated advertising campaign. Strategy: To spend $3M on advertising and promotion through an integrated advertising campaign that will highlight the benefits exclusively offered by our brand. Crest „New? So Mod Mouth Podsâ„ ¢ will reinvent the functionality of toothpaste and will bring a refreshing change to consumer perceptions of the category. Pamp;G and its competitors provide toothpaste products that meet current consumer expectations: whitening, plaque and tartar control, fluoride treatment, sensitivity, cavity and gingivitis prevention, and fresh breath. However, Pamp;G understands that consumers more strongly demand value, quality, and convenience. Overall, Pamp;G acknowledges the current, stagnant, state of the oral care industry and projects that the â€Å"pod† design will be a profitable opportunity to capitalize upon. Crest „New? So Mod Mouth Podsâ„ ¢ will fuse the benefits of current products with such a futuristic product design, that in effect it will weaken the bonds of loyalty non-Crest users have. The awareness of this fusion will be accomplished through targeted advertisements. Tactics: Advertising amp; Promotion Ad Agency Service Pamp;G will assign TBWA Chiat Day responsibilities for the launch campaign of Crest â€Å"New? So Mod Mouth Podsâ„ ¢, aligning our vision of Crest â€Å"New? So Mod Mouth Podsâ„ ¢ with the culture of this agency that values the concept of disruption as the underlying basis of its campaigns. Trial offer Pamp;G will send out to a sample of consumers $1. 50 off any purchase of our Crest â€Å"New? So Mod Mouth Podsâ„ ¢. This will be for a limited time of one month, before coupon discounts decline in value. Social Media Facebook â€Å"Likes† amp; Free Samples: Pamp;G will offer a 2-flavor sample pack to the first 1000 consumers, who â€Å"like† the Crest â€Å"New? So Mod Mouth Podsâ„ ¢ Facebook Page on the day of our launch. MARKETING MIX Product: Crest „New? So Mod Mouth Podsâ„ ¢ A pack will contain 60 pods; consumers could use one to brush in the morning and one at night. One product would be expected to last for one month before replacement. Crest aims to provide a whole-mouth cleaning experience that is convenient and intuitive. The product is sleek and modern in both look and feel. Our New Product’s Features The new product will have a mix of innovative and expected features. Innovative features include the products formulation; it is a fusion of toothpaste, gel and mouthwash in a round capsule. Within each capsule there will be invisible pockets of pressurized air. Like foaming toothpastes, this product will begin to foam soon after popping in a user? s mouth. The foam will get in-between teeth to fight cavities and kill germs that cause bad breath. The volume of one capsule is smaller than the amount of toothpaste generally applied by consumers to a toothbrush. The mouth pods are safer than toothpaste in cases of accidental ingestion. Active Ingredients Sodium Fluoride (0. 243%). Energy blend: panax ginseng root extract, acai fruit extract, yerba mate leaf extract, guarana seed extract. Inactive Ingredients: Glycerin Hydrated Silica, Water, Sorbitol, Sodium Hexametaphosphate, Propylene Glycol, Flavor, Peg-12, Cocamidopropyl Betaine, Sodium Lauryl Sulfate, Carbomer 956, Sodium Saccharin, Poloxamer 407, Polyethylene Oxide, Xanthan Gum, Sodium Hydroxide, Cellulose Gum, Titanium Dioxide. A blend of panax ginseng root extract, acai fruit extract, yerba mate leaf extract and guarana seed extract will serve as a very slight stimulant. While these substances won’t provide the kind of instant jolt expected from caffeine, they will deliver a healthier feeling of energy and alertness. The product for use in mornings would promote this feature as a burst of energy, a perfect way to start the day. Silica is similar to what dentists use to create a professional clean feeling. Expected Features Initially in relation to the research found about our target market, there will be a variety of basic flavors like Mint and Bubblegum. One of the product’s ingredients are a patented flavor booster to keep breathe ultra fresh. The product uses a fluoride mineral formulation to strengthen weakened tooth enamel. It reinforces enamel layers by rebuilding the weak spots on teeth. A sensitive element in the formulation protects against painful oral sensation. The product provides twelve hour protection from gingivitis, plaque, tender gums, bad breath, cavities and tartar. It promotes healthy gums and safely lifts off yellowing surface stains to restore natural whiteness to teeth. Packaging Design: The packaging will divide its capacity amongst a place for the day pods and the night pods. It will be clearly labeled. An advantage of this is that two different flavors can be included in one package, which gives the consumer the ability to have choice. This is innovative because usually a consumer is confined to one flavor, until they purchase a new tube of paste. Price With an analysis of current products and our assumptions of the cost of goods sold, we believe Crest „New? So Mod Mouth Podsâ„ ¢ must initially be priced at $5. 25 unit cost (without sales tax or shipping cost). Promotion An integrated marketing communications campaign will leverage the strengths of outdoor, print and television advertisements to create positive brand impressions. Online promotions will also be used: the design of Crest? website is modern and easily navigable, with links to social media extensions. A Facebook page will be created to focus solely on the new product, while Crest? s main Twitter account will promote the new product. Word of mouth buzz will be generated as the product becomes more popular. It will stem from creative in-store displays and social media communications. Place amp; Distribution Channels Crest â€Å"New? So Mod Mouth Pods will be available in the oral health care aisle of many stores in Monroe County, including CVS Pharmacy, Wegmans, Target, Walgreens, Wal-Mart, K-Mart, Sam? Club, and Costco. It will further be available for purchase online at the following websites: CVS. com, Target. com, Costco. com, Drugstore. com, Walgreens. com, Amazon. com, and Soap. com. Target Market Overall, the current target consumers for Crest „New? Toothpaste Podsâ„ ¢ are adults, ages 18-45 who consider themselves to be upper-middle class. The secondary target includes 18-30 year-olds who are still experimenting with new products and have not settled into a rut of brand loyalty. The basis for this decision is supported by the overall situational analysis, and pecifically the Consumer Analysis, which demonstrates that young adults are the largest demographic segment that adopts new product innovations. In effect, introducing a higher priced innovative product will be perceived as attractive to yo unger men and women, who are financially able and willing to try a new product. Given the research completed within the Consumer Analysis the county that best fulfills our target market is Monroe County. This county contains the highest population size of all three counties with a population of 735,343 people (Census, 2010). As shown in figure 1, Rochester (the largest metropolis area in Monroe County) has one the largest percentage of individuals between the ages of 15-49. Figure 1 also indicates that Rochester contains the highest percentage of the population with households containing individuals less than 18 years of age. By capturing this segment of the market, Crest can capitalize on repeat purchasing of these individuals, who will eventually be purchasing their own products. The Rochester area contains the highest population of African Americans of the three major cities with 41. 7% (Census 2010). This is a concern when marketing a new toothpaste product because as mentioned in the Consumer Analysis, African Americans are the most prone out of any demographic to purchase store brands over national brand toothpastes. However, when looking at the snap shot of the three counties provided in the Consumer Analysis African American’s only represent 15. 2% out of 735,343. This makes the finding insignificant and should not hinder the success of our new product when looking at the total population of the county. Figure 1: Overview of the three most populous areas in each of the counties | Monroe | Broome | Onondaga | Households with individuals under 18 years | 30. 40% | 23. 40% | 29% | 15-49 | 54% | 44. 60% | 54. 70% | 0-49,999 | 70. 30% | 67. 60% | 70. 00% | $50,000 to $200,000+ | 29. 70% | 32. 40% | 30% | Per capita money income in past 12 months (2010 dollars) 2006-2010 | $17,865 | $21,455 | $17,866 | Median household income 2006-2010 | $30,138 | $30,702 | $30,891 | Persons below poverty level, percent, 2006-2010 | 30. 40% | 27. 80% | 31. 10% | Since we are marketing a new innovative toothpaste product, promotion is another primary aspect in reaching our target market. The advertisements that accompany the launch of the â€Å"New? So Mod Mouth Podsâ„ ¢ should focus on the point of differentiation that this product will provide, such as convenience and multi-functionality. This will propel the product into a more diverse demographic segment as well. The income of the consumer is another factor driving the sales of this product. The Claritas? profiles that were identified in the Rochester Area were as follows: Suburban Sprawl, Young Influential, Domestic Duos, Home Sweet Home, New Empty Nests, and Country Casuals. These profiles were seen to be the most apt to be innovators or at the very least have the capital to try a new product. As outlined in the Consumer Analysis, these profiles have the income as well as the innovator psyche. When analyzing the areas surrounding Rochester, Esri data shows that the population contains affluent Prosperous Empty Nesters, College Towns, Sophisticated Squires, Connoisseurs, and Aspiring Young Families. The profiles of the surrounding areas of Rochester are ideal consumers for our new product because they indicate savvy consumers, who have the appropriate discretionary income to spend on new innovations and are motivated to do so. The Rochester area contains a number of colleges and universities, which will further fuel the sales of this new product, with convenience as the primary selling point. The benefits analysis section within the Consumer Analysis outlines what the consumer needs are. Consumers desire a product that makes clear points of difference, making the selection process less cumbersome. Since So Mod Mouth Podsâ„ ¢ are so unique from the other typical toothpaste products available, it will be easy for the consumer to perceive the added benefits of this product. So Mod Mouth Podsâ„ ¢ provide the consumer with all the mainstream benefits, while reinventing the toothpaste industry. RESEARCH amp; EVALUATION 1. Objective: To achieve sales of 50,000 packs of day and night mouth pods by the second quarter. Evaluation Mechanisms: Sales will be monitored by retail databases as they occur, and reported back to Crest immediately. 2. Objective: To move Crest to the position of market leader by at least five (5) percentage points by the end of the fourth quarter. In current terms, Crest would need to gain another 6% of the market to ultimately have 41% and a five point Advantage over Colgate. Evaluation Mechanisms: Market-share charts the issue of stagnant growth, will need a constant eye on the whole industry. Specifically, the amount of sales each company is acquiring. A market-share chart will become the most important tool in keeping the goal of becoming the industry leader on track. Sales will be monitored by retail databases as they occur, and reported back to Crest immediately. Other research will come from reevaluating the most desirable shelf space in stores. To negotiate the best spot in the aisle, the most looked-at spot needs to be known. Its common knowledge that eye level is preferable, but reaffirming research wouldn’t hurt. The research on market share will begin immediately and continue throughout 2013. The ideal shelf space research will finish 3 months prior to the launch to allow time for negotiation with retailers. Evaluation of the tactics will come via tracking sales figures, units sold, and the market share throughout 2013. 3. Objective: Our objective is to increase our brand equity by 25% within the first year of our pilot phase, specifically from repeat purchases by conquest buyers, who initially try Crest „New? So Mod Mouth Podsâ„ ¢ after being exposed to our integrated advertising campaign. Evaluation Mechanisms: Management Dashboard Through the use of our Active Data Warehouse we will be able to track all of our marketing campaigns and how closely they are aligning with our strategies stated above. We will initially be offering $1. 50 coupons, and will be actively measuring the impact of this on our weekly sales and revenue. Furthermore, TWBA Chiat Day will gather extensive consumer data based upon the advertising and promotion campaigns that the agency puts forth to implement within the next year.

Alternatives to Human-embryo Stem-cell Research Essay -- Argumentative

Alternatives to Human-embryo Stem-cell Research      Ã‚   This essay counters the media and many scientists' claims that there are no viable alternatives to human-embryo stem-cell research (ESCR).    The media restate the claim (made repeatedly in NIH documents) that adult stem cells do not have the same potential as embryonic stem cells, which in theory can form any tissue. But studies done with adult stem cells (studies which mirror the ones done with embryonic stem cells) show that adult stem cells do have the capacity to form essentially any tissue.    The most misleading term which continues to be used is "pluripotent." Literally, this means able to form most (but not all) tissues. This term continues to be used incorrectly, primarily to imply that human embryonic stem cells can form all human tissues except "trophoblast" tissue - this is an essential outer layer of cells in the early embryo which allows it to implant into the uterine wall and nourishes early development. The trophoblast is also the part of the embryo removed in its destruction to harvest the inner embryonic stem cells. The phrase "human pluripotent stem cells" has been used to counter the question of whether human embryonic stem cells in culture could actually reform a human embryo, implying that this is not possible. Yet in testimony before the Senate, then-Director of the NIH, Harold Varmus, said that this possibility was uncertain, and that in fact it would be unethical to attempt such an experiment to determine whether this was possible (Varmus). Enter the te rm pluripotent - if the embryonic stem cells cannot form trophoblast, they cannot form an embryo. Mouse embryonic stem cells cannot form trophoblast tissue. BUT, as stated in Thomson... ... disputing that we are a human being even at the one-cell stage. It has never been acceptable to sacrifice one set of human lives for the potential benefit of others (and they are only potential benefits at this point.) Human embryonic stem cell research assigns different values to different human beings, designating some as people and some as property.    It is totally UNNECESSARY. Ethical alternatives exist such as adult stem cells which have already shown much more promise than embryonic cells, these results for adult stem cells are fully detailed in the scientific literature, and that adult stem cells are already being used clinically, making good on the potential that embryonic stem cells only promise.    WORKS CITED: Varmus, Harold. http://www.nih.gov/news/stemcell/statement.htm Thomson, Professor. http://www.erp.wisc.edu/faculty/thomson/

Greek audience Essay

The minds of modern theatre goers are somewhat lazy compared to their Greek counterparts, hundreds of years ago. Today we go to a play and at best mope and follow the story, we remain silent throughout and maybe the most analytical and critical of us will have some thoughts on the screenplay. The Greeks however had a rapport with the play, they watched every move, and got behind every line especially in tragedy. The reasons why this occurred are as follows: Modern plays fall into the category of illusion dramas. The Audience are invisible spectators of others lives. The characters are made to look and act convincing, so a king will be dressed ornately, a girl will actually be small girl, and a cowboy will sport a Stetson and colt 45. The audience have everything made up for them and so they find it easy to fall into the illusion and just watch. Greek Theatre is conventional drama, the characters are often not in costume and symbols merely indicate who was who in the play. For example a king may wear a simple crown on his head. In Greek drama all the actors wore masks. All these factors made it very demanding on a Greek audience to follow the play before them. In effect they are forced to watch very carefully and a rapport is developed between the audience and the play. This audience got very vocal during a performance, which is all part of the rapport. Today we go to a theatre and maybe watch a play, which we have never seen, Greek plays were all well known stories, and the themes and issues were well known to the audience. The lack of a surprise element means the audience watches the play with a critical eye seeing how well the play was done, and also whether dramatist has inserted a moral or political issue. This is illustrated in The Aeneid, Virgil makes Aeneas a ancestor to the Roman race. Iulus who was his descendant was directly linked to Julius Caesar the dictator of the time. By doing this he legitimises the history of the peoples past, and they look upon the story in a new light. The Aeneid would be politically interesting to the average Greek due to the Carthaginian wars. Even the mention of Carthage would have alerted the audience and they would be pleased to see that the city was â€Å"raised to the ground† The issue of morality, as I said is often explored, and personified in a character, Was Oedipus immoral? The Greek audience would have to think hard over this tragic question. On the one hand he wasn’t because he didn’t know what he was doing, but yet he was cursed and destroyed like an immoral person. This is where the tragic element lies, the audience would feel for him and pray that they themselves don’t suffer a similar fate. On the other hand he was impious, which was highly immoral in Greek times, and this is an issue I will cover later in my essay. Greek theatre however is full of tense and surprising moments. During Oedipus the king, Jocasta was aware that Oedipus was going to find out his fate. The scenes here were very tense. The audience would get behind it and voice their excitement. The best dramatists when they put on the play will include dramatic irony in the play. The whole Oedipus the king is based around this. The audience aware of his fate watch him squirm to his doom, because they know and cannot stop it happening makes it even more tragic. When Tiresias the prophet enters, Virgil creates many references to blindness and confusion, all reflect Oedipus’ state, as he doesn’t know the truth, but is highly ironic because the blind priest is the only one aware of the imminent danger. As I have illustrated the last thing a Greek audience is going to do is to sit silently through the play. They would murmur to each other, gasp, sometimes-even cheer at the action unfolding before them. The whole experience would be more than just a trip; it is more a moral lesson, and a place full of high emotion reminiscent of a modern church. The Greek audience would be very religious people; the whole theatre experience was infact an act of worship, and it was regarded the right and duty of every citizen to attend. In the theatre a statue of Dionysus was present adding to the religious undertone. Having establishes the religious importance of the theatre; it is understandable how the audience have issues of morality and respect to the Gods on their minds. When Oedipus is impious, this is considered highly immoral as he had full control over his actions unlike his other actions. Everyone was expected to attend the theatre, and even those who couldn’t afford it were paid for by the state. One can only imagine but the atmosphere was full of people from all walks of life. It is said there were around 14000 people in the oval shaped arena sat all round, this is almost like a modern day football match. The huge social importance of the theatre can be seen and understood from this, people went there to share ideas with friends, see friends, and meet people. I can imagine that because of all these factors and variety of people, the theatre was a very interesting place. People would obviously have different motives for going but it is established that it was more than just ente rtainment.

Nike Wacc Case Study

Financial Management Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 2 Case Overview Nike, Inc. NorthPoint Group Investment Decision Current share price of USD 42. 09 ? Declining market share for the period 1997-2000 ? Strategy for revitalizing the company under consideration ? Plan to boost revenue and optimize costs ? Highly experienced management team ? Mutual fund management firm ? Emphasis on large-cap value stocks ? Has been outperforming the market for the past 18 months ? Kimi Ford – portfolio manager seeking to identify undervalued stocks, consistent with the fund’s investment strategy ? Stock valuation based on forecasting future cash flows over a ten year period ? Discounting the UFCFF using a predetermined WACC value ? Calculating the discount factor based on the CAPM approach ? Considering sensitivity analysis 3 Understanding the WACC ? The Weighted Average Cost of Capital is the interest rate (minimal return) at which investor-supplied capital (equity and interest bearing loans) has been provided. Therefore, it is the weighted average minimum expectation, which shareholders and creditors require for their respective investments made with the company under consideration. The WACC reflects both, the cost of equity and the cost of debt. Different sources of funds have different costs and therefore, depending on the capital structure of the organization, the weightings of debt and equity are calculated and assigned. ? The WACC is calculated using the following equation: WACC = [E/(D+E)] x Ke + [D/(D+E)] x Kd (1-t) ? The minimum required return on shareholders’ investment. ? CAPM method has been widely used in calculating the cost of equi ty. ? Ke = Rf + b. (Rm – Rf) ? Risk level and volatility are calculated based on historical data. Cost of Equity Cost of Debt ? The interest rate at which a company can acquire new debt. ? Any fixed rates on outstanding debt are not relevant, since the investors are concerned with what it will cost the company to generate cash from any future investments, which would occur at market rates rather than historical ones. ? After tax cost of debt = (1-t)Kd, since interest is tax deductible. 4 Critique of Joanna’s Calculations Calculating Ke Since Joanna’s FCF forecast reflects a ten year period, it could be argued that, for the sake of consistency, the yield of a risk free ten year security should be used instead. ? An arithmetic mean estimation of the risk premium is generally accepted as an appropriate approach by the investment community. * ? Since Nike is a multinational company, its revenue stream bears additional risk based on the specific allocations to various countries. This should reflect additi onal risk premium such as exchange rate risk, political risk etc. Such calculation goes beyond the scope of this case but it should not be ignored. Beta has been calculated as a historic average but the included value YTD 06/30/01 should be excluded not only since it is not consistent in terms of period length, but the apparels business is seasonal with great portion of the revenues coming during the months of Dec. and Nov. Historic betas prior to 1996 should not be excluded. Calculating Kd ? Cost of debt is not properly calculated since potential shareholders and creditors are not concerned with interest on outstanding debt, but rather the current market rate at which the company could borrow to finance its operations and potential expansion. The technique used by Joanna is useful only to get some rough insight on what Nike is paying on its existing debt. ? Joanna has undertaken an appropriate approach in calculating the after tax cost of debt, since debt is tax deductible. ? Joann a is right to consider debt denominated in foreign currency, however her approach is flawed since she is once again looking at outstanding debt, which arrangements that occurred some time in the past might significantly differ from the current market reality. ? Since existing Nike bonds are trading at discount, we already know that the market yield exceeds the coupon rate. 5 Strong arguments exist for using the geometric mean under certain circumstances. This point will be further elaborated Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regardin g an investment in Nike? Calculating Cost of Equity ? Rf = 5. 39% based on the current 10 year yield for the sake of consistency with the forecasted 10 year FCFF. ? Calculating risk premium based on arithmetic average vs geometric mean: ? Arithmetic average assumes no serial correlation and thus could be overstating the premium. ? Arithmetic average ignores estimation error and available data is limited. ? Arithmetic average works best for forecasting short term periods where long term periods seem to be better captured by the geometric mean. Cost of Equity Yield on 10-year Treasuries Risk premium – developed market (geo. Risk premium – developed market (arit. ) 5. 39% 5. 90% 7. 50% Average risk premium Risk premium – country specific Levered ? Unlevered Cost of Equity 6. 70% 0. 00% 0. 82 0. 77 10. 91% ? Both methods are acceptable and even though the arithmetic mean is widely accepted as the proper method, we are using an average of both since we are dealing wi th a long term period and the geometric mean could be potentially more representative. ? No additional country risk premium is assumed due to lack of data. ? Unlevered beta has been calculated in order to reflect only the amount of business risk. For any future beta projections it will be more appropriate to calculate relevered beta based on the targeted capital structure. Beta 1996 1997 1998 0. 98 0. 84 0. 84 1999 2000 Average 0. 63 0. 83 0. 82 7 Sources: Ibbotson Associates, Aswath Damodaran Calculating Cost of Debt ? To calculate the appropriate yield to maturity we need to take into account that the settlement date (05/07/2011) falls between coupon payments, meaning that the first period will be shorter than the remaining 40 (20 years of semiannual payments). ? We calculate a transaction price (dirty price) of USD 98. 9 using a YTM of approximately 7. 17%. After adjusting for the accrued interest we get the quoted price of USD 95. 60. ? We are not considering the effective YTM for the cost of debt since it is not clear whether the returns could be reinvested at the same rate due to the following reasons (list not exhaustive): ? The yield curve is usually not horizontal. ? The shape of the curve is dynamic and changes over time. ? Some premium should be considered on debt issued in foreign currency, but this goes beyond the scope of this assignment and no debt breakdown has been provided for that matter. Cost of Debt Coupon Years to maturity Periods within one year Total periods Face value of c-bond Market price of c-bond YTM* Effective YTM 6. 75% 20. 03 2 40. 05 100. 00 95. 60 7. 17% 7. 30% Yield to Maturity Days from last coupon date Days to next coupon date Days between coupon dates Transaction price Accrued interest adjustment Quoted price Yield to maturity 171 10 181 98. 79 3. 19 95. 60 7. 17% 8 * Calculations have been made based on a 360 day year Calculating WACC 10. 26% WACC †¢ Calculations of the weightings †¢ We use book value of debt since not Weightings Ke / Kd onsider the market value of equity based on the current price per share and the diluted shares outstanding. 89. 87%* 10. 13%** all interest bearing debt is in the form of bonds maturing on 07/15/21 with a current YTD of 7. 17%. However, since the company has low leverage and is not under financial distress, there should not be a significant difference between the current market and book value of the outst anding debt. Cost of Equity After Tax Cost of Debt 10. 91% †¢ Calculations are based on revised 4. 44% †¢ Before tax cost of debt has been assumptions previously described. †¢ Cost of equity is not to be adjusted reviously calculated at 7. 17%. †¢ After applying tax rate of 38% the for taxes. after tax cost of debt amounts to 4. 44%. 9 * Market capitalization as of 05/07/2001 is USD 11. 5 bn. ** Total interest bearing debt (current + non-current) as of 31/05/2001 is USD 11. 3 bn. Figures as of 05/07/2001 are not provided for a better estimate. Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 10 Other Methods for Calculating Cost of Equity ? Po = Do(1+g)/(r-g) ? Could be used for mature companies, which pay dividends on a constant basis, and it is reasonable to expect that they will also do so in the foreseeable future. ? The DDM model is overly sensitive over the value of assumed growth (g), however it is a very simple and straight forward method of calculating the fair value of a mature company. Since Nike is expected to undergo cost optimization over the next years, as well as shift in sales strategy, we should consider a high growth period of the expected dividends, after which constant growth could be assumed. ? For the purpose of this case, however, we are given than dividends increase by 5. 50% on an annual basis, even though Joanne predicts a CAGR of NOPAT for the period 2002-2011 equal to approximately 10. 4%. Dividend Discount Model Earnings Cap. Ratio ? Po = EPSo(1+g)(1-b)/(r-g), where b is the retention ratio. ? EPS is an accounting figure. The ratio depends on dividend policy. ? Useful and simple approach for mature firms with easily predictable future EPS and constant growth rate and retention ratio. ? For simplicity, we are assuming g = 5. 50%, just like in the DDM method. 11 DDM and Earnings Capitalization Ratio Calculations ? D1 has been calculated as of 30/06/2002, assuming 5. 5% increase in annual dividends paid in both 2001 and 2002. Do captures the period 30/06/2000-30/06/2001. ? Based on the DDM and Earnings Capitalization Ratio, we obtain a cost of equity of approximately 6. 7%-6. 8%. Both estimates seem unreasonably low. ? This is significantly lower than the calculated cost of equity using the CAPM model. Due to the flaws of both the DDM and Earnings Capitalization Ratio methods described above, we should hold the CAPM approach as most reliable in calculating the cost of equity. ? The calculation of the cost of equity using both the DDM and and Earnings Capitalization Ratio methods has been based on assumed constant growth in perpetuity, which will most likely not be the case, especially considering Nike’s new sales strategy and cost optimization over the next few years. Therefore, we are more likely going to observe a higher growth period followed by a stable growth period. Dividend Discount Model g Po 5. 50% 42. 09 Do D1 r 0. 48 0. 53 6. 77% Earnings Cap. Ratio g Po b (retention ratio) EPSo EPS1 r 5. 50% 42. 09 77. 75% 2. 16 2. 28 6. 70% 12 Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 13 Investment Decision Based on the calculated WACC value, using the CAPM approach, and the predicted UFCFF for the period 2002-2011, Nike’s stock appears undervalued Since the purpose of the assignment was to calculate the WACC value only, we have taken all predicted UFCFF levels as given, even though certain adjustments could be appropriate to better reflect the expected boost in sales resulting from the new sales strategy, and the expected cost optimizations. Based on the predicted NPV of UFCFF, we are given that the current price of USD 42. 09 suggests a 11. 17% discount rate. Since our calculations reveal that the actual discount rate ought to be 10. 26%, Nike’s share price is trading under its intrinsic value. Therefore, Kimi Ford should recommend a buy on the stock. 14

Extra Sensory Perception essays

Extra Sensory Perception essays Have you ever had the feeling that youve been in an establishment before youve actually gone inside? Did you ever feel like youve known that something was about to happen before there were any signs that it was about to occur? If youre not a skeptic about the powers of the mind, then there might just be an explanation for your seemingly coincidental premonitions. Its a phenomenon called extra sensory perception, better known as ESP. The textbook definition of this classification of parapsychology is "sensing" anything beyond the normal.(www.paranormalatoz.com) Most scientists do not believe that this phenomenon exists. Nevertheless, controversial evidence can be used to sway the incredulous. By viewing and researching evidence of ESP and/or having a personal experience, the truth lies within the eye of the beholder. The man who said it best was C.G. Jung during a lecture given to the Society for Psychical Research in 1919. He quotes, "I shall not commit the fashionable stupidity of regarding everything I cannot explain as a fraud." (http://moebius.psy) ESP includes telepathy, precognition or premonition, and clairvoyance or "remote viewing".(www.paranormalatoz.com) Telepathy is the direct response to another individuals thoughts.(Schmeidler,805) Premonition is a direct response to a future event.(Schmeidler,805) Clairvoyance is the direct response to a future event.(Schmeidler,805) These types of ESP and other forms of parapsychology were not even studied until 1882.(Schmeidler,806) In 1882, the Society for Psychical Research was established in London , England by a extraordinary group of Cambridge scholars. Its purpose was to examine allegedly paranormal phenomena in a scientific and unbiased way. It was the first society of its kind in the world. (http://moebius.psy) This society is still in full operation today, 117 years later. The actual term extra sensory per...