Serving Time in Virginia Essay Example | Topics and Well Written Essays - 750 words

Serving Time in Virginia - Essay Example Sir Edwin Sandys has tried to rebuild the Jamestown in three ways. He attracted the new investors by granting them the head rights for introducing and brining in new tenants. He grabbed the attention of new settlers by introducing lotteries. He tried to make the colony a more peaceful and pleasant place to settle down in by abolishing martial law. Citizens were extended the rights to select two members of the colony as their representatives or spokespersons. Even after the years of struggle and reconstruction, Jamestown was lacking a lot of attention. Citizens were legally enforced to grow corns. Insufficient food, arrival of unprepared settlers, inadequate housing facilities and presence of contaminated wells were becoming the reason of spreading disease. People were more interested in growing tobacco than corn despite food scarcity. This raised the question why Jamestown was still not self-sufficient despite the hard struggle. Another reason could be the transformation of Virginia into a boom country. The settlers discovered new innovative ways to produce more crops of tobacco. They also predicted that they could grow more tobacco crops only if they would have servants or peons taking care of their crops. This idea pinned the concept of slavery for the first time. The tenants gave fifty percent of their crops to plantation owners and worked for four to seven years in their fields. On the other hand, the servants worked with full commi tment and dedication in exchange for food, shelter and their passage from England. As a result, with the help of tenants and new laborers, colonists looked forward to become richer by producing more tobacco. Gradually, tobacco became the economic trademark of the colony. Serving Time in Virginia also raises some questions as to why slavery didn’t grow well during the time when labor was valued greatly. It is worth mentioning that only 5 percent of the Africans

Personal Narrative and First-Hand Observation Essay Example for Free

Personal Narrative and First-Hand Observation Essay Personal Narrative and First-Hand Observation in a Narrative Life of Frederick Douglass, the Ballot or the Bullet, and Dance with the Devil By davidleny Personal narrative and first-hand observation are key components if an author wishes to be effective in his writing. Through the use of personal narrative and first- hand observation, the author is able to gain sympathy from or relate to the audience. Although it can be argued the use of these two components does not result in effective writing, it is proven to be true in Frederick Douglass A Narrative Life of Frederick Douglass, Malcolm Xs The Ballot or the Bullet, and Immortal Techniques Dance with the Devil. In A Narrative Life Of Frederick Douglass by Frederick Douglass, Frederick uses his personal life experience to demonstrate the inhumane brutality and mistreatment against the African American slaves. Douglass is effective in his writing and attracts the attention of the audience. For example, earlier in the narrative Frederick mentions how loving and caring his grandmother was and how she took care of and nurtured every slave child. Later on in the narrative he mentions that when his old masters die, his grandmother was isolated and taken away from her children to live alone in the woods in a mud chimney hut. Text 1) The use of Douglass personal experience with his grandmother captivates his audience because the African American enslaved community, whom this narrative at the time was directed towards, also had a grandmother who nurtured them. Likewise in The Ballot or The Bullet by Malcolm X, Malcolm discusses that even though people have differences, we all face the same problem. Malcolm expresses that whether you are Muslim, Baptist, or Methodist, we all are going to suffer the decisions of the man that is in charge of us. (Text 2) The audience is able to connect to his experience because e involved people of all religions. Malcolms experience allows the audience to become aware of what is to come and that they will all suffer the consequences. Malcolm is effective in his writing because he includes the rights of every human. The audience concerning their well being of is captivated and becomes aware of the situation. Furthermore in Dance with the Devil by Immortal Techniques, the artist reveals the truth that not everyone is good, that everyone has evil in them. The artists engagement of all races and of the welfare of the people gains the attention f the audience and is effective. For example, the artist says that the person right next to you could be the devil and that the devil consumes the hearts of the selfish and the wicked. (Text 3, Lines 1,2, and 5. ) His use of the devil as evil supports his belief that not everything is good. First-hand observation and personal narrative is required to have effective writing in order to grasp the attention of the audience. This is evident in Frederick Douglass A Narrative Life of Frederick Douglass, Malcolm Xs The Ballot or the Bullet, and Immortal Techniques Dance with the Devil.

John F. Kennedy :: essays research papers

John F. Kennedy was the 35th president of the United States (1961-1963). He was the youngest person ever to be elected president. Also, He was the first Roman Catholic president and the first president to be born in the 20the century. He served in World War II on PT boat. He also helped to solve the Cuban Missile Crisis and started Peace of Corps to help 3rd world countries better them selves. Kennedy was assassinated before he completed his third year as president. Therefore, his achievements were limited. He was shot in the head and died within an hour. Kennedy was born on May 29,1917 in Brookline, Massachusetts. He was the second of nine children of Joseph Patrick Kennedy and Rose Fitzgerald Kennedy. "The other children in the family were Joseph, Rosemary, Kathleen, Eunice, Patricia, Robert, Jean, and Edward."(Encarta' 95). "The Kennedys were an active family. With 11 people in the house, someone was always busy. The children took swimming, sailing, and tennis lessons."(Potts, Steve - 7). The Kennedy family had long been active in politics. His brothers Robert and Edward Kennedy also entered politics. Kennedy's both grand fathers had been active in politics. His father was a self-made millionaire. He served as first chairman of the Securities and Exchange Commission and as U.S. ambassador to Great Britain during the administration of President Franklin D. Roosevelt. Kennedy's family called him jack. He and his older brother Joe were strong rivals. Jack was quiet and often shy, but held his owns in fights with Jo e. "The boys enjoyed playing touch football."(The World Book Encyclopedia, 261). His childhood was full of sports, fun and activity. This all ended when he grew up old enough to leave for school. Kennedy attended elementary schools in Brookline and Riverdale. "In 1930, when he was 13 years old, his father sent him to the Canterbury School in New Milford, Conn." (The World Book Encyclopedia, 261). One year later, he transferred to Choate Academy in Wallingford, Coon. He graduated from Choate in 1935 at the age of 18. He was promised a trip to London as a graduation gift but he became ill with jaundice and would have to go to the hospital. He spent the rest of the summer trying to recover. He was not entirely well when he started Princeton, several weeks later in the fall of 1935. The jaundice returned and he had to drop out of school.

The Incarcerated and Bare Life Essay -- The Birth of a Nation

Bare life refers to a kind of living, whereby, one does not interact with the society and enjoys only the biological life. One is inhibited to rights such as politics, social events, family sharing, religion, and conjugal rights. The bare life condition is basically characterized by subjecting an individual to sovereign power. Bare life pertains to incarceration. This is clearly depicted by several narratives. These narratives do so by exhibiting characters that are faced with difficult situations. The narratives seem to be biased on the basis of race. This is evidenced by the fact that, most of the characters who are assigned these roles are portrayed as black people. In the narrative The Birth of a Nation: Confederate Myth, it exhibits presence of slaves. The slaves are depicted as the people who are to work in the fields the whole day. The day working hour’s being from six in the morning to six in the evening. The slaves are seen to just enjoy a two hour break which was for feeding their bellies. The author further acknowledges that for the slaves, they faced numerous difficulties that nobody took note of them or showed a sign of concern (Wallace 91). Further depiction of bare life is illustrated by the narrative of Uncle Tom’s Cabin. In this narrative, one character who is Topsy, is depicted as a slave subjected to difficult lifestyle. She appears as a slave with uncombed hair, poorly dressed, and she is ever moving from place to place. Various factors and processes that an individual is exposed to in life, lead him to incarceration. The narrative red as an example, the author talks of a story of three people. He clearly points out that, the three do not know their fate, but the kind of lives they will live will det... ...that, the incarcerated people are not necessarily criminals. Some find themselves there due to various situations that they are faced with in life. This varies from the time of growth and development of an individual point of view, to the interaction with the society or surrounding environment. Also, the encounter has helped in the change of the perception that, the incarcerated should receive severe punishment of their acts. Since the incarcerated are exposed to bare life only while in prison, there is a need to have a look at the situation and help in creating systems that will enhance interaction between the bare life and other kinds of life for the incarcerated. Cited Works Sherwin, R, Nomos and Cinema, Hein Online 2000-2001 Wallace, M, The Good Lynching and â€Å"The Birth of a Nation†: Discourses and Aesthetics of Jim Crow, University of Texas Press 2003

Concepts of Equality, Diversity and Rights in Health and Social Care Essay

Within this assignment, I have been addressed as a manager of a residential care home and I have the responsibility to provide a set of materials (leaflets, booklets, PowerPoint slides, posters) that can be used for information and training purposes) for my training staff. I have chosen to do this by writing a detailed leaflet in the style of an assignment so information can be thorough and clear. Rights Within the category of health and social care, the rights that we’re entitled to are significantly important. From time to time, or even regularly individuals will have to use sectors that relate to health and social care such as going to the doctors, hospital or a dentist. These public health services are mandatory for individuals and the public to use as individuals with long term health conditions or disabilities rely on the care they provide. Among public health services there are also social care services which have a responsibility to provide support for individuals with mental health problems, supporting the elderly and also the disabled within their homes. Other services include receiving appropriate care in day centres, residential and nursing homes and giving children who don’t live with their parents the care they’re entitled to. From this, it is concluded that whenever an individual is provided to have to use the health care service, experience medical treatment or social care – they have the right not to be discriminated against in terms of gender, race, gender identity, religion, disability of sexual orientation. Not only are these rights mandatory, individuals are also fully supported and protected by the written rights under the European Convention on Human Rights which have relevance within health and social care as their rights include: The right to life, the right not to be subjected to torture or to inhumane degrading treatment or punishment, the right to liberty and security of person and also the right to respect for private and family life. Choice Across the UK, it is becoming more common that an individual is obtaining more control from being able to choose the care and treatment they are receiving. The full aim from this change of choice is to be able to entitle an individual to become fully aware of the treatment and support that is available to them and advice on which would be best to choose. An example of this could being able to choose the hospital and individual receives their care in or if they require care at home they should be given a cash budget to be able to suit their needs and money limits. Overall, choice is imposed within health and social care as it’s to ensure that individuals have access to the best and right support, having access to a range of health and social care services locally and nationally, being equal partners with their doctor or carer in their decisions about their health and social care, and also being entitled to what their choices are and to make this clear within all health and soci al care circumstances. Equality During 2010 the equality act was introduced, mandatory for protecting individual’s rights and promoting the significance and importance of equality of opportunity for every single individual. Whether these opportunities would be minor or major in value, the equality act would play a significant role in allowing these opportunities to commence. Examples of opportunities may include having the right to attend a public event, or having the right to use public services. Furthermore, equality is an important role which also links back to the role of discrimination as people can be discriminated against due to their age, race, disability, and gender and so on, the equality act of 2010 stops this from occurring within health and social care settings and it signifies that each individual should all be treated equally. Diversity Diversity is a more complex word for ‘difference.’ However, diversity is about acknowledging the differences between individuals themselves, and also group differences. Individual differences include factors such as differing within race, age, gender, social status, disability, weight and so on. A person within a health and social care setting as a worker may experience misuse of diversity due to a difference they may have to another individual. For example, if a nurse refuses to treat a patient who may be suffering from a common but life threatening issue such as a heart attack, but is also a disabled individual, this current nurse would be misusing the legislation of diversity awareness, and would also most likely be on the way to becoming unemployed. In terms of acts that are significant to the roles of diversity happening in health and social care settings, the sex discrimination act of 1975 is a prime example of how men and women are treated equally even though thei r genders differ.

Free Essays on Harry Potter And The Socerers Stone

Harry Potter and the Sorcerers Stone By J.K. Rowling J.K. Rowling was a struggling single mother when she wrote the beginnings of Harry Potter and the Sorcerer’s stone on scraps of paper at a local Cafà ©. But her efforts soon paid off, as she received an unprecedented award from the Scottish Arts Council enabling her to finish the book. Since then, the debut novel has become an international phenomenon, garnering rave reviews and major awards, including the British Book Awards, Children’s Book of the Year and the Smarties Prize. J.K. Rowling lives in Edinburgh with her daughter. Since J.K. Rowling was about five or six years old, She had always wanted to be a writer, though she rarely told anyone because she was afraid they’d tell her she didn’t have a chance. As J.K. Rowling approached teen-hood she started writing a lot mainly about funny fantasy like stories. When J.K. Rowling was working as a secretary she never paid much attention in her meetings because she was usually scribbling bits of her latest stories in the margins of the paper or choosing excellent names for the characters in her book. Which became a problem since she was supposed to be taking minutes down at the meeting. When she was 26 she gave up on offices completely and went abroad to teach English as A Foreign Language in Brazil. Since she only worked afternoons and evenings she had mornings free for writing. This was particularly good news as she had now started her third novel because the first two had been abandoned when she realized how bad they were. The new book was about a boy who found out he was a wizard and was sent off to Wizard school. When she came back from Brazil she had half a suitcase full of papers covered with stories about Harry Potter. She set a goal and decided to have the Harry Potter Novel done before starting work as a French teacher. ... Free Essays on Harry Potter And The Socerers Stone Free Essays on Harry Potter And The Socerers Stone Harry Potter and the Sorcerers Stone By J.K. Rowling J.K. Rowling was a struggling single mother when she wrote the beginnings of Harry Potter and the Sorcerer’s stone on scraps of paper at a local Cafà ©. But her efforts soon paid off, as she received an unprecedented award from the Scottish Arts Council enabling her to finish the book. Since then, the debut novel has become an international phenomenon, garnering rave reviews and major awards, including the British Book Awards, Children’s Book of the Year and the Smarties Prize. J.K. Rowling lives in Edinburgh with her daughter. Since J.K. Rowling was about five or six years old, She had always wanted to be a writer, though she rarely told anyone because she was afraid they’d tell her she didn’t have a chance. As J.K. Rowling approached teen-hood she started writing a lot mainly about funny fantasy like stories. When J.K. Rowling was working as a secretary she never paid much attention in her meetings because she was usually scribbling bits of her latest stories in the margins of the paper or choosing excellent names for the characters in her book. Which became a problem since she was supposed to be taking minutes down at the meeting. When she was 26 she gave up on offices completely and went abroad to teach English as A Foreign Language in Brazil. Since she only worked afternoons and evenings she had mornings free for writing. This was particularly good news as she had now started her third novel because the first two had been abandoned when she realized how bad they were. The new book was about a boy who found out he was a wizard and was sent off to Wizard school. When she came back from Brazil she had half a suitcase full of papers covered with stories about Harry Potter. She set a goal and decided to have the Harry Potter Novel done before starting work as a French teacher. ...

The Five

The Five The five-factor model employs five fundamental and important factors that are useful because organization and companies need to understand the character traits of their employees. Scholars and psychologists presume that the model elucidated by the five-factor theory represents all behavioral traits.Advertising We will write a custom term paper sample on The Five-Factor Model of Personality specifically for you for only $16.05 $11/page Learn More According to McCrae (2002), the five-factor model is very useful to many companies and organizations because it clearly explains different personality traits demonstrated by employees. The traits include neuroticism, conscientiousness, agreeableness, openness, and extraversion. Neuroticism personality trait has features like sensitiveness, nervousness, ineffective management of emotions, and feelings. In other words, individuals with the trait demonstrate emotional instabilities. The conscientiousness personality tra it is associated with interactive, accountable, organized, and objective people, whereas agreeableness trait has features such as teamwork and kindness. In addition, openness personality trait shows discipline, responsibility, organization, and self-control. Extraversion is a personality trait that is associated with characters such as excitement, talkativeness, and assertiveness. In this view, the term paper focuses on openness to experience and conscientiousness, which are two personality traits as elucidated by the five-factor theory. The five personality traits of the five -factor model are very important to organizations and managers as they enable organizations and companies understand how to handle people with different personalities and temperaments. Gully, Payne, Koles, and Whiteman (2002) argue that a good understanding of personality trait also enables individuals to understand and appreciate each other. Since the five-factor model presents five major traits of personalit y, individuals and organizations can employ the theory in managing their workforce. Moreover, it also enables people create good relationships, which are fruitful and productive, and thus enhance teamwork in a number of organizations and societies (Levy, 2013). The theory is consistent and encompasses a wide range of demographics. Furthermore, the model employs five factors to explain the different personalities of different individuals. Openness to experience is a personality trait that displays features like creativity, inquisitiveness, adventure, and innovativeness. Openness to experience shows the level of creativity, individual preference, and interest of an individual.Advertising Looking for term paper on psychology? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to Cattell (2007), openness is a trait that depicts preferences of an individual towards a wide range of activities, which are performed regularly. Individ uals who have the trait are innovative and creative. Moreover, openness to experience is associated with high levels of curiosity and desire to engage in new experience and ideas. Furthermore, the personality trait makes an individual more adventurous and less conservative. Cattel (2007) states that people who have the trait are more likely to demonstrate relationships that are productive and reasonable. Additionally, individuals with the trait understand their feelings and express them in an assertive manner. Hence, openness to experience is an important personality trait, which is useful in distinguishing liberal and artistic individuals. Conscientiousness is a personality trait, which has features such as organization, efficiency, and commitment. Individuals with the conscientiousness personality trait are responsible, goal oriented, disciplined, and independent. In addition, individuals with the trait have good control of their impulses and are watchful of facts. People with the conscientiousness personality trait are usually smart, orderly, and organized. Furthermore, the trait makes people to be more watchful, thoughtful, objective, and determined. McCrae notes that conscientious individuals are responsible, committed, and critical as they perform their duties perfectly. The conscientious personality trait has two major attributes, namely, industriousness and organization. Industriousness is an attribute that depicts meticulous, neatness and systematic way of performing duties, while the organization is an attribute that shows determination, responsibility, and productivity. Hence, people who have this trait are good problem solvers and conflict managers. Additionally, these individuals can interact and socialize well with other members of staff, a factor that is important in understanding and minimizing workplace conflicts. Conflict Management in the Workplace Conflicts are ideological differences between two or more parties, the differences can lead to heated debates and emotional flare-ups. In extreme scenarios, conflicts can turn into violent exchanges. Conversely, when controlled and managed effectively, conflicts produce positive results that help the company grow and attain its objectives (Rahim, 2002). Negative consequences of conflicts take place when there are no control measures to solve or manage the disagreements in their early stages. Usually, conflicts spiral out of control and even result in riots.Advertising We will write a custom term paper sample on The Five-Factor Model of Personality specifically for you for only $16.05 $11/page Learn More Conflicts are common in every organization because individuals working in companies have different personalities, thinking capacities, and behaviors. Levy (2013) argues that conflicts take place when the individuals differ in terms of opinions, ideas, and points of view. In addition, conflicts take place when an individual or a party is not willing t o compromise and reason from the perspective of the other party. While working as a hotel supervisor, I witnessed a number of conflicts between the junior staff and senior staff, executive and staff, or between clients and employees. The conflicts started because of misunderstandings, poor service delivery, and failure to reach compromise on matters that relate to unfair promotions. According to Keith and Frese (2005), conflicts in the workplace are common, and thus organizations should formulate effective measures to reduce the negative effects occasioned by conflicts. The conflicts greatly affected the performance of the organization. Consumers received poor services, as many employees were in conflict with one another. In addition, the chain of communication was hierarchal and bureaucratic; hence, junior and senior staff could not present their grievances or complaints on time. Therefore, the firm could not effectively manage the difference of ideas and points of view among the m embers of staff on time. Furthermore, conflict management strategies were not efficient, as many members of staff did not get enough time to know and understand the characters of other employees in the firm as they had busy schedules. Additionally, teamwork, which is one of the important components of a successful organization, was no longer practical as many employees, management team, and the executives had frequent conflicts and disagreements. Therefore, many staff members preferred doing duties according to their own will and interests. The result was reduced productivity, poor product quality, dissatisfied clients, and frequent strikes. Poor working relationship among members of staff created a hostile environment for the employees, management team, and clients, which affected organizational performance. Keith and Frese (2005) argue that substantial conflicts transpire when group members disagree over a task or on how to perform the task. Therefore, the organization was experie ncing substantial challenges such as intra-organizational and interpersonal conflicts as the members of staff disagreed over crucial issues that are central to organizational performance.Advertising Looking for term paper on psychology? Let's see if we can help you! Get your first paper with 15% OFF Learn More Most members of staff were not willing to compromise with their colleagues so that they would arrive at workable solutions to challenges in the workplace. The unwillingness attitude further complicated the magnitude of conflicts among employees, management team, and clients, and thus hampered organizational performance. There was a need for the firm to devise strategies that would help in the resolution of conflicts. According to Rahim (2002), â€Å"conflict management minimizes the negative outcomes of conflicts and promotes the positive outcomes of conflict with the goal of improving learning in an organization† (p. 208). Hence, the firm had to quickly employ conflict management skills and provide realistic and workable solutions to the conflicts. This would not only help the management in improving the firm’s performance, but also enhance working relationships among the members of staff. Relevance of the Five-Factor Model Theory in Conflict Management The five-facto r model theory is very instrumental in providing solutions towards conflict management, which is the existing situation in the firm. The organization can use qualities of openness to new experiences and conscientiousness personality traits from the five-factor model theory to manage and resolve existing conflicts. Furthermore, the organization can instill features such as openness and encourage their employees to be assertive so that they can express their feelings without hurting others and without fear (Cattel, 2007). This will enable the human resources of the firm to present their views and opinions assertively without hurting other members of staff. Additionally, the five-factor theory of personality will help the organization and its employees understand different behaviors of individuals and the different ways of handling each personality. Therefore, an understanding of the personality traits is paramount in an organization because it helps in shaping organizational behavior. The understanding of personality enables human resource managers to hire individuals who are suitable for a given job. Furthermore, employers can also place people in various job positions basing on their traits, and thus become relevant as they can turn ideological differences into productive conflicts. In addition, Rahim (2002) states that conscientiousness and openness will help an organization and the members of staff to control their emotions, mind about others, attain smartness, and become responsible. These factors are very vital in ensuring that an organization achieves its targets. Furthermore, the individuals will work in creative a manner by turning conflicts into avenues for organizational growth. References Cattel, H. (2007). Personality Theory and Testing. London: Sage. Gully, S. M., Payne, S. C., Koles, K., Whiteman, J. A. K. (2002).The impact of error training and individual differences on training outcomes: An attribute-treatment interaction perspective. Journal o f Applied Psychology, 87(1), 143. Keith, N., Frese, M. (2005).Self-regulation in error management training: emotion control and meta-cognition as mediators of performance effects. Journal of Applied Psychology, 90(4), 677-685. Levy, P. (2013). Industrial Organizational Psychology: Understanding the Workplace. New York: Worth Publishers. McCrae, R. (2002). An Introduction to Five Factor Model and its Applications. Journal of  Personality, 60(2), 175-215. Rahim, M. (2002). Towards a Theory of Managing Orgsanizational Conflict. The  International Journal of Conflict Management,44(5), 206-235. The Five Executive Summary The study of operational management has been around for decades. A general understanding of the nature of operations in management takes businesses to the next level.Advertising We will write a custom research paper sample on The Five-star Hotels’ Operational Management specifically for you for only $16.05 $11/page Learn More Any business has a number of operations divided by their functions, such as the accounting and sales divisions and in any operational unit, work processes exist to smooth operations and eliminate mistakes. All operations of a company are important. They complement and aid each other in the overall operations. This paper will analyze a historic five-star hotel’s operations. It will focus specifically in its current marketing operation. The marketing division is in focus because of the current setback the hotel is experiencing. The hotel used for this study has special features that provide information adeq uate for the study. Common operational management concepts are used to identify and evaluate the current system. Concepts from lectures and other secondary data are also used to describe, supplement, and reference previous research. Some concepts used are lean manufacturing, benchmarking and business process re-engineering. They were used to identify problems and challenges of the hotel. Potential problems and following recommendations were explored by the end of the paper. The main concern for the hotel is the decreasing number of customers because of the cheaper and quaint hotels in its vicinity. This information is the reason for selecting the operational unit focused on. Methodology The existing data available is provided. There are certain features in the information provided that will allow me to assume a number of things, such as the implications that being a historic hotel will offer.Advertising Looking for research paper on business economics? Let's see if we can h elp you! Get your first paper with 15% OFF Learn More The concepts used to analyze the data from the hotel and its operations were presented in a lecture during class. They will be discussed on the historic hotel to provide useful information for the improvement of the effectiveness and efficiency of the operations of the hotel. Other secondary data will also be used. The method of analysis will be as follows. First, the current situation of the hotel and the specific operational unit chosen will be described and analyzed. Then existing problems of the hotel and the operational units will be identified and analyzed. Next, the paper will provide recommendations for solutions to the current problems identified. Lastly, the paper will provide potential problems, recommendations, and opportunities that the hotel can plan ahead for. This paper will refer to concepts presented from the class lectures and will aim to improve the overall operations of the hotel by the above method. Brief Description of Special Features Special features of the hotel are as follows: the hotel is historic, it was highly profitable and popular before the past few years, it is privately owned, it is a five-star hotel, it is near hotels which appear economical and quaint, it is strategically in the center of an international city that has a high level of tourists, particularly international tourists. A â€Å"historic† hotel means that the hotel was the setting of a historical event, whether it is a cultural or political event. Thus, it would hold a certain ambience prevalent to the culture of the country in that time of history. The hotel will have retained the architectural style of the period it was built in or at least influenced by it. We can assume that the hotel was popular throughout the years because of this and as suggested by the statement of its high profitability.Advertising We will write a custom research paper sample on The Five-star Hotelsâ₠¬â„¢ Operational Management specifically for you for only $16.05 $11/page Learn More That the hotel is privately owned means it is not publicly traded in a securities exchange in the country (Privately owned n.d.). Depending on which type of economy the nation falls into, privately owned enterprises such as this hotel will have a number of implications. If it falls into a traditional economy, operations would be controlled and less dynamic than other systems. A command economy has strong government control while a free market economy has little government control. Mixed economies which combine elements of command and free market economies are the most common economies used by many countries today because of it provides an enough mix of public and private interventions on economic decisions and resource allocation and distribution. (Schmoop Editorial Team 2008). Since it was not stated in the problem what the hotel is like in its economic decisions we will assume it is under the most common economy which is a mixed economy. The historic hotel is described to be a five-star hotel. This means its standard for quality is of the highest ranking. Five-star hotels are expected to offer excellent service and the highest standards of comfort for their guests. Additional features of five-star hotels include originality in architecture and interior design, high quality construction, and special touches such as fresh flora as decoration. Space, services, and amenities are always sufficient and comfortable (Star rating system hotel requirements for four, five star etc n.d.). Analysis of Hotel There are several operational units in this hotel. These would include general management, front office, rooms division, maintenance, food and beverage, purchasing, marketing, human resources, finance, security and safety, and parking (Best practices n.d.). An overall process flow follows. Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The hotel’s processes are service types. They are considered service shops, which are characterized by medium levels of volume of customers, medium or mixed levels of customer contact, medium or mixed levels of customization, and medium or mixed levels of staff discretion (Slack, Chambers Johnston 2010). These characteristics put the operations between the extremes of professional and mass services. The implications provided by the description of the hotel are that the hotel’s design is not contemporary and the accommodations are pricey. The main problem of the hotel is in marketing their products and services to tourists amidst cheaper hotels in the area. The hotel is in an area where competition is high because it is located in an international city and in a tourist spot. It is essential that a new marketing strategy is applied to save the hotel from lesser profitability in the near future and possible bankruptcy in the long-run. Although not on the same level, com petition with the cheaper hotels is challenging and needs to be addressed immediately. The hotel’s marketing division, since this is the main concern, is the focus of the paper. Analysis of Marketing Operation I chose the marketing division as the operational unit to focus on because it pertains to the mentioned problem of the hotel, which is the decrease of customers. The marketing team is responsible in providing leadership on serving guests better. They provide insight on how to serve the hotel’s customers better by developing pricing, conducting customer surveys, contributing insights on product and service development, and examining competition. The team also supports other divisions in their operations. They support the general management and the purchasing division. Marketing is responsible for advertising and promoting the establishment. Different media are used to do so. Finally, the marketing team is responsible for managing relationships, whether with suppli ers, competitors, or customers (4 core marketing strategies n.d.). Below is a process flowchart of the marketing division. The hotel is said to have lesser customers due to the existence of cheaper quaint hotels around its vicinity. It is located in the middle of an international city and is a tourist spot. Tourists choose other hotels because of the price and charm of neighboring hotels over our hotel. This is not unexpected since tourists do generally vacation on a budget. Affordability is a major factor taken into account by most tourists (Tourists seek cheaper travel options 2012). It is, however, not the only reason as we will discuss later. What the hotel needs to do is ‘think outside the box’ and innovate their services to attract tourists to stay at their hotel regardless of the price. Although the hotel can be said to offer exceptional services as evidence of its five-star status, it needs to think outside the box and market what it can offer to customers that other hotels cannot. Tourists on a budget trip do not mind cheaper hotels’ lack of quality service and the competition in the area is the main challenge the hotel faces. What the hotel needs to do is to â€Å"think outside the box.† Jones (2001, p.82) says that consumers are increasingly looking for â€Å"solutions†, where product, service, advice and expertise are seamlessly integrated. Innovation is important in any industry. It is important for the hotel we are looking at. Innovation with products and services will give the business a competitive edge against competitors in the vicinity. It will give value and uniqueness to the product and services offered and it is up to the managers of the hotel to think of â€Å"solutions† for the customers. Once consumers needs are determined and agreed, then can the innovators work out precisely what to deliver to the consumers and when. It is sensible to learn from past mistakes. A lesson learned from automakers from the past is this – while western automakers focused on ‘adding luxury’ to their vehicles, Japanese automakers focused on ‘adding quality to everything’ (Tennant 2001, p. 4). It is a feature of any five-star establishment to be luxurious but the lesson the hotel can draw from this is to re-focus efforts not on adding luxury to the products offered but to the quality of existing products and services of the hotel. Continuing from this line of thought, the hotel can also do this – focus on quality – by adapting ‘lean’ principles in its operations. Lean principles state that expenditures of resources, if not seen by consumers as value-adding or worthy, should be eradicated (Holweg 2007). This practice reduces unnecessary costs and staffing requirements. For the management of a luxury hotel though, it can be hard to decide if the luxuries offered are reasonable. There is a fine line for five-star establishments between lux uries and those extras that should be eradicated because in definition, luxuries are extra indulgences conductive to pleasure and comfort (Luxury n.d.). The hotel can also do to benchmark. Benchmarking is identifying, analyzing, evaluating, and adapting the industry’s best practices for the advantage of the hotel (Boxwell 1994). The hotel has function rooms that can be used for all kinds of events, from weddings to conferences. Von Starck (2004, para. 3), a general manager of a five-star restaurant and a consultant on hotel marketing issues, particularly on food and beverage issues, says that the design and furniture of function rooms gives an establishment a big advantage. Socialites and brides, in particular, are heavily attracted to the appearance. Food and beverage is also important in drawing good reviews. Food, he says, should be imaginative, with good presentation. The service provided is also important. The quality of service will keep customers coming back developing good relations to clients. Von Starck (2004, para. 6), also said that hotels could really boost sales by working on their menus. By customizing the style, pictures, and look of the design, menus could target different audiences, separately and discretely. Another good marketing strategy practiced by hotels is to bring a personal touch to their websites. Von Starck (2004, para. 1) claims it a fact that the most visited websites are those that include stories and bios about employees of the establishment. The reasoning behind this is that people want to know about the people behind the business. In addition to what the business offers to its customers and what the staff is like, people want to know how these will reflect on them. They want to know if the business will coincide with their personality and lifestyles. They want to know if the business is worth paying and they base these off the websites. The internet is the most convenient and economically friendly media both for busine sses and consumers (Negi 2011). The hotel’s website is a helpful tool in marketing if used wisely. Studies showed that people are increasingly using the internet to book reservations (Crick n.d.). There may come a time when it will become the only media for information gathering that people will use. The hotel having problems with its marketing implies that the current marketing operation is not effective or efficient anymore. Another concept that might help the business in the long run is the concept of business process re-engineering. Business process re-engineering or BPR means that process or work flow of marketing operation will be scrutinized, analyzed and changed if its performance is not effective or efficient for the hotel anymore (Business process re-engineering 2001). The steps in BPR requires the analyst to first identify the processes in the work flow, review and analyze the data and information gathered, design a new work flow, test the new work flow, and after adjustments, implement it. Implementation of BPR is said to be difficult. The rate of failure of BPR is over fifty percent (Revenaugh 1994). The process of changing the work flow takes time and persistence because it requires participation and cooperation of everyone involved. Possible Difficulties and Recommendations It is daunting to face major challenges, especially in the large-scale. Innovation always comes with risk. Implementation of new strategies requires careful planning and attention. There should always a contingency plan or a backup for when going through with a new radical idea. When implementing new strategies, there will be risks of failure. There is a potential that the business would lose more money than they would have gained. When benchmarking and adapting new practices, there is the potential that the best practices do not go well with the particular establishment. Working on smaller projects for the hotel might be more difficult. When working on menus and websi tes, it is noteworthy to be meticulous. A potential problem for the management when looking to eliminate products or services that add no value is the risk of opposite results. When implementing a new work process, problems such as resistance or difficulty in transition of persons involved is expected (Allen Fifield 1999). Careful planning is important when acting on new strategies. To avoid losing money and other set-backs, management should take the time to test products before buying them in bulk and be certain that new services offered will perform to standard before applying them to customers. Management should have contingency plans and emergency procedures for retaliating on defects and errors to stop problems at the earliest time. Maintenance and constant monitoring is necessary to avoid accidents. Opinions and suggestions should be welcomed and taken into account. Resources should be used wisely to avoid loses (Lean manufacturing techniques 2011). Summary of Key Findings B y analyzing the given business using several concepts in operational management, this paper was able to discuss and evaluate the hotel. To start, the hotel needs to think outside the box and implement a new marketing strategy to increase profitability – a demand from any establishment when competition is high in its area. To do this, management needs to add value to their products and services to meet consumers’ ever evolving wants and needs. Instead of focusing on adding luxury to the products and services, management should look at the current quality offered by the hotel and work on improving that. The lean practice of operational management suggests that the establishment eliminates products and/or services with no value to the customers, therefore reducing costs and unnecessary actions. The hotel can benefit greatly by benchmarking. Learning from the best in the industry and adapting practices that suit the establishment will allow the hotel to grow and be competi tive amidst heavy competition. Improving the establishment’s tools is helpful. Paying attention to menus and websites will subtly improve the hotel’s marketing. Adding personality gives the hotel uniqueness and advantage. Finally, the business process re-engineering method would be helpful in the long-run but be prepared for the difficulties it would ensue. Reference List 4 core marketing strategies n.d., marketingplan.net/marketing-responsibilities/. Allen, D Fifield, N 1999, ‘Re-engineering change in higher education’, Information Research, vol. 4, no. 3, pp. 104-110. Best practices n.d., bestpracticehotel.com/. Boxwell, R 1994, Benchmarking for competitive advantage, McGraw-Hill Professional Publishing, London, UK. Business process re-engineering (BPR) 2001, http://searchcio.techtarget.com/definition/business-process-reengineering. Crick, C n.d., Travel opinions – key influences on tourist decision making, http://ezinearticles.com/?Travel-Opinio nsKey-Influences-on-Tourist-Decision-Makingid=3296190. Holweg, M 2007, ‘The genealogy of lean production’, Journal of Operations Management, vol. 25, no. 2, pp. 420-437. Jones, D 2001, ‘Thinking outside the box’, ECR Journal, vol. 1, no. 1, pp. 81-89. Lean manufacturing techniques for identifying waste 2011, http://manufacturing.hubspot.com/bid/30958/Lean-Manufacturing-Techniques-for-Identifying-Waste. Luxury n.d., merriam-webster.com/dictionary/luxury. Negi, S 2011, E-publishing: the most convenient, eco-friendly and 244 accessible online media, http://technology.ezinemark.com/e-publishing-the-most-convenient-eco-friendly-and-244-accessible-online-media-7d2dc205ae62.html. Privately owned n.d., investopedia.com/terms/p/privately-owned.asp#axzz1mirAxVZh. Revenaugh, D 1994, ‘Implementing major organizational change: can we really do it?’, The TQM Magazine, vol. 6, no. 6, pp. 38-48. Shmoop Editiorial Team 2008, Types of economic systems, shmoop .com/economic-systems/types.html. Slack, N, Chambers, S Johnston, R 2010, Operations Management, 2nd edn, Pearson Education Limited, England. Star rating system hotel requirements for four, five star etc n.d., cerf-resort.com/hotelstarratings.html. Von Starck, E 2004, Food and beverage: how caterers can cream hotels and what to do to get the business back, panetieremarketing.com/news_articles/caterer_beats_hotels.html. Von Starck, E 2004, Menus that work as a sales tool, panetieremarketing.com/news_articles/hotel_menus_marketing_tools.html. Von Starck, E 2004, Personality on your web site and why, panetieremarketing.com/news_articles/personality_sells_website.html. Tennant, G 2001, Six sigma SPC and TQM in manufacturing and services, Gower Publishing Company, England. Tourists seek cheaper travel options 2012, cruiseshalong.com/content/tourists+seek+cheaper+travel+options+/8/2856.

Article Review for Hope Leslie essays

Article Review for Hope Leslie essays Bell, Michael Davitt. History and Romance Convention in Catharine Sedgwicks Hope Leslie. American Quarterly, Volume 22, Issue 2, Part I (Summer, 1970). 213-221 Michael Davitt Bell is a renowned literary researcher whose scholarly work has been mostly focused on nineteenth-century American fiction. He received his BA in 1963, from Yale, and my Ph.D. in English, from Harvard, in 1969. He taught English at Princeton from 1968 to 1975, and later moved to Williams College, where he taught until his death in 1997. In his article, History and Romance Convention in Catharine Sedgwicks Hope Leslie, Bell approaches the novel from a historical perspective, examining Hope Leslie as pertaining to its historical accuracy, and how the style of the novel fits into the template of the conventional American historical romancer (221). He introduces the story through a brief yet thorough summary, in order to go into detailed analysis of the characters, their relationship to each other, and their historical significance. Bell states that, Hope Leslie, in spite of the confusion of its plot can be quite instructive in showing in detail how, in America in the early 19th century, historical material became historical romance (216). Bell makes comparisons between Magawiscas self-sacrifice to save Everell with the story of Pocahontas and John Smith. He also relates the story of the Indian attack to have been inspired by the account on the Deerfield Massacre in John Williams The Redeemed Captive Returning to Zion (217). Although these accounts are not identical to the actual historical occurrences, Bell maintains that they are very similar and most definitely based on these true stories. He goes on to draw similarities of the character of Sir Philip Gardiner to an actual historical figure, Sir Christopher Gardiner. Although Se ...

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Importance Of Strategic Planning For Food Service Business Marketing Essay

Importance Of Strategic Planning For Food Service Business Marketing Essay Strategic planning is important for the food service business, because it matches market opportunities with business strengths and provides direction to achieve set goals. A strategic plan is a roadmap for food service business; it defines the objectives for each critical area of à ¢Ã¢â€š ¬Ã¢â‚¬ ¹Ãƒ ¢Ã¢â€š ¬Ã¢â‚¬ ¹business development, including organization, management, marketing, sales, target customers, products, services and finances. This enables an organization to successfully draw a path and progress towards the set objectives. Function Each level of the food service business can benefit from a well-written strategic plan. A strategic plan should be established before the start of the company, used to as a flexible document during the first year in business and eventually be updated annually during the life of the operation. Although nearing the end of company, strategic plan helps the business, which includes information about the ownership transition benefit. Features The most important elements of the food service strategic plan includes a summary, mission statement, company vision, industries customer profiles, descriptions of all products and services, competitors information, organization and management structure, marketing strategy and key financial statements that include balance sheets, profit loss statement and cash flow statement. The strategic plan is easy to read and understand the companys operations. Most important is to be effective to be used as a measuring tool strategic plan throughout the year. Considerations In the creation of strategic plan, owners should collect information such as company mission statement last years vision, target customer base data, departmental budgets and financial documents that include a balance sheet, profit loss account and the cash flow statement. Key findings from the past year are very important to the partners, directors, officers or key employees who will be working on the companys strategic plan. Advantages Strategic plan gives owners peace of mind, knowing that the company is on the right path towards success. In difficult times, the realization that requires certain aspects of attention is priceless. Owners may be surprised that the communication be improved to find within the company. Company employees can benefit from a better understanding of their roles and the direction of the company. Invest the time in a strategic plan, and the company will be on the road to success. Importance of Mission Statement for Food Service Business (Restaurant) A mission statement is written in the best cooperation. The decision makers in society should sit down and talk about their thoughts and how they want to represent the company to the public. Ideas should be bandied about, considered and voted then. Once they thoroughly discuss, write and re-write the statement, they should make sure that it is something that people know to appreciate and buy customers. It should provide a statement that remains relevant no matter the difficulty of the enterprise, and can serve as an instrument to overcome the adversity rallying the troops. Mission Statement Our mission is to use superior product, service and management innovations to build a global foodservice company that serves value and quality-driven meals, demonstrates transparent integrity in the marketplace and has one of the best rates of return on invested capital in the foodservice arena Mission Statements role in Companys Success The above mission statement is firm articulation of the companys customers, employees and the world about the purpose of its existence. Obviously, our food service business exists to make money, to maximize profits and equity value, but our mission statement is more on the front than the bottom line. Our mission resonates with the public and tells them why it would be advantageous to do the business with our company. This mission statement represents the companys vision, as the company wants to be seen by our clients. Mission statements include a statement of purpose, a business statement, and an indication of the companys values. The indication of the purpose expressly the purpose of the company, in our case, a food service companys purpose is to provide the target market with quality food. Mission statement should inspire the staff. Thus, our mission brings a certain focus on the employee as the purpose of their work, crystallized, and they are able to see the value of their contribution. Customers are reassured when they are exposed to the mission, as they will be able to see that the company is on its purpose (value driven quality food). There are several things that our Mission Statement addresses, 1), who are our customers, 2) what are their needs and desires, 3) how I can meet those needs and wants, 4) What are the values à ¢Ã¢â€š ¬Ã¢â‚¬ ¹Ãƒ ¢Ã¢â€š ¬Ã¢â‚¬ ¹that have built our company at present, 5) What values à ¢Ã¢â€š ¬Ã¢â‚¬ ¹Ãƒ ¢Ã¢â€š ¬Ã¢â‚¬ ¹are our company want to have that there, 6), we are all constantly veering together with a single purpose or individual course. Importance of Vision Statement for Food Service Business (Restaurant) Vision Statement Companys well-trained staff, careful planning, targeted market segments, excellent menu, unique value proposition, product quality, hours of operation and accessibility will ensure that Company has a promising future. The management style is flexible, progressive and energetic. Enthusiasm of the management and associates will greatly stimulate the envisioned growth. Vision Statements role in Supporting Companys Mission An organization develops a vision statement and a comprehensive and inspiring mission statement, does not lose the opportunity to present themselves positively to existing and potential stakeholders. All organizations have customers, employees and managers, and most companies need creditors, suppliers and distributors. The vision and mission statements are effective vehicles for communicating with key internal and external stakeholders. The capital value of these statements as tools of strategic management is derived from its specification of the ultimate goals of a company. Entrepreneurial vision provides a context in which people can make decisions at all levels. A shared vision is like a compass and distant destination in the mountains. If you give a group of people a target point and then turn them loose in the mountains in order to reach this goal, they will probably find a way to get there. You may encounter obstacles and bad curves on the road, but with the general direction of the compass, a clear end goal and the belief that they work to a worthy goal, they will probably reach the target. Key objectives and Companys Success Key objectives Establish a financial culture of positive net profit from day one in operation. Successful development of the first two stores in thirty-six months. Achieving accumulated revenue for the first thirty-six months of Companys operations, through two operating stores of $5 million. Creating a Dining Icon in the marketplace through flawless execution of standards and companys core concepts at every level of each stores operations. Become a market leader in the fast casual segment nationwide USA. Key objectives and Companys Success Meeting breakeven point and achieving net profit from day one in operations will make sure that the company is on right track. This will also enable the company to meet its long-term growth funding requirements from within the company, thus eliminating the need for external funding. Operating the second store within first three years will ensure the companys growth. It will also increase the brand visibility which will help increase daily customer visits. Achieving five million dollars in revenue will make sure that the company has enough cash to fund its future growth plan and enable the company to use its internal resources for future funding requirements. Our companys initial two restaurants will provide live operational insight into key areas that affect customer service, product quality and profit performance, including: size of future restaurants; future equipment mix; optimum floor plan for the concept; optimum restaurant staff strength; optimum scheduling-to-peak-demand strategy; and menu-mix based on customer preferences reflected in sales reports. Information from the pilot will contribute to a successful roll-out of the restaurant throughout the country.

T-Totals Investigation :: Papers

T-Totals Investigation Introduction If you look at the 9x9 grid with the T-shape, you can see that the total of the numbers added together is 37 because it is1+2+3+11+21 which equals 37. This is what we call the T-total (37) And T-number is the number at the bottom of the T-shape which in this case is 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 My tasks The tasks I have been set are: 1) Investigate the relationship between the T-total and the T-number. 2) Use grid of different sizes. Translate the T-shape to different position. Investigate relationships between the T-total, the T-numbers and the grid size. 3) Use grids of different sizes again. Try other transformation and combinations of transformations. Investigate relationship between the T-total, the T-numbers, the grid size and the transformations. Standard T-shapes 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

Free Essays on Crime and Punishment - Suffering, Death, and Resurrectio

Crime and Punishment -   Suffering, Death, and Resurrection Fyodor Dostoevsky wrote the novel, Crime and Punishment, during a turbulent time in Russian history. Yet his work will speaks to any age. Dostoevsky   wrote to warn against what he considered the negative effects of the trend of nihilism and rational egoism. He advances this objective by employing themes of suffering, resurrection, and death--all of these currents running through a surprisingly benevolent universe.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   If Dostoevsky's fellow Russian Marx was correct in stating that religion is the opiate of the people, then suffering is the proverbial needle that injects it into a person. Suffering is the dominant theme of this work. It twists and contorts itself into so many aspects of the story, that any other classification of it would simply not do it justice. Immediately following Raskolnikov's crime, he begins to suffer. The inadvertent death of Lizaveta is a crushing blow to his conscience. Dostoevsky is conveying his message: a wanton act will lead to a deluge of suffering. A theory is no protection fro...

Fin 202- Group Assignment

â€Å" p c l h n t Ms h m Le H S ei t a k o . a i a a P n frh ligu t d t i po c† o e n s o o hs rj t p e Table of content: Excutive Summary: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 3 Business Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 3 Vision:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 3 Main Services:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 3 Evaluating the market:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 4 Financial Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 5 Initial Investment:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 5 Interest Payment:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 6 Wages Payment: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 6 Variable cost:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 7 Fixed cost per year for Selling and Admin activities:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 7 Expected number of customers:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 7 Total expense:†¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 8 Price of each services:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 8 Revenue Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. Profit & Loss Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 9 Break even for each year:†¦Ã¢â‚¬ ¦P. 9 Cash flow& Analysis:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 10 Conclusion:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 10 Reference:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 11 Excutive summary: In order to bring customers a new service, especially for the female customers, our group decided to bring a new project- call Cake Paradise. Nowadays, need of making a handmade cake or chocolate of female customers for their lovers, friends or families is very high but not everyone has enough money to buy for herself an expensive oven or cake cooking tools. Our project is created to solve this problems.We provide a service for customer to hire our kitchen with full machines & tools of cake co oking to made a cake or chocolate. We also provides ingridiants in Shop of cake ingridients in 1st floor and Class of learning how to make a cake 2 times/week. With this advantages and professional of this service, we believe we will achieve the highest expectation from customer. To be the first company provide service in hiring Cake making machines and Tools, Cake paradise have high grow rate and fullfill the need of customers about the cake making-which means profitable and deserve to be invested.Business plan: Vision: Customers Focus High quality services Grown up by 100% in the first 5 years Making profits since 2nd or 3rd year operating Main Services: 1st Floor: Shop of Cake ‘ingridientswhere you can find any kinds of cake ingridients and tools. 2nd & 3rd Floor: Cake paradise’s Kitchen – for hiring with fullfill cake making ‘s equipment and tools. It is call DIY service- With VND120,000 for 3 hours, you will have full of cake making equipment and tools to make your ideal cake for your lovers.Every Friday and Sunday, we have classes of making cake, which are teached by cookers who are very experienced in making cakes- With VND400,000 for a 4-hour class, you will learn to make 3 kinds of delicious cakes or chocolate in the world, it is a best price for any learners. Evaluating Market: Instead of going to a cake shop and buy for the lovers or family, friends a cake, recently, many girls and women want to make for her relatives a cake by herself.This gift is unique and more meaningful to her relatives and in other way, it prove the womenliness and caringful of who made it. It now creates a trend not only in making cake but also in making handmade stuffs. We notice that there is a lack for cake handmade market. We can easily find handmake ‘s materitals and tools in the market as paper, stuff,†¦.. with a quite cheap price. But in making cake, the ingridients, especially the cake making equipments are very expensive.Not every one has enough money to buy for herself a expensive oven or cooking tools. When in the market, there are many suppliers provides for other handmade things but there aren’t a supplier which provide hiring cake making machine & tools although the demand of it is very high. Seeing this, our group decided to bring Cake paradise service to customer. Financial Plan: Innital Investment: We plan the project will be implemented in 5 years For the long-term assets, time for full depreciation is 5 years. No.Tool& Equipment Capital Expense 1st Floor -Shop for Cake's ingridients Good shelf Refrigerator Table Electronic Cash Regristor Cost of Installment& Decoration 2nd & 3rd Floor- Place for DIY and Learning Kitchen cupboard Oven Refrigerator Hand-mixer Blender Gas cooker Fan Table Cost of Installment & Decoration 4th Floor -Office Destop & PC Phones Printer Office Table and chairs Cost of Installment& Decoration Working capital for the zero year Uniform for Staff Training course for staf f Tools for the kitchen Tools for the office CashINITAL INVESTMENT Quantity Cost per Unit Total Cost 148,500,000 17,800,000 4,800,000 3,500,000 1,000,000 3,500,000 5,000,000 99,900,000 30,000,000 18,000,000 26,000,000 2,800,000 1,100,000 4,000,000 4,000,000 4,000,000 10,000,000 30,800,000 20,000,000 800,000 3,000,000 5,000,000 2,000,000 45,000,000 2,000,000 3,000,000 5,000,000 5,000,000 30,000,000 193,500,000 29,700,000 1 1 1 600,000 3,500,000 1,000,000 3,500,000 5,000,000 15,000,000 3,000,000 13,000,000 700,000 550,000 2,000,000 1,000,000 1,000,000 10,000,000 10,000,000 800,000 3,000,000 1,000,000 2,000,000 200,000 500,000 TOTAL DEPRECITAION 2 6 2 4 2 2 4 4 2 1 1 5 10 6 Interest Payment: Year Quarter 1 I II III IV 2 I II III IV 3 I II III IV 4 I II III IV 5 I IIIII IV INTEREST PAYMENTS (VND) Beginning Balance Principal Payment Interest Payment Total Payment Total Payment/Year Ending Balance 80,000,000 4,000,000 2,400,000 6,400,000 24,880,000 76,000,000 76,000,000 4,000,000 2,280,00 0 6,280,000 72,000,000 72,000,000 4,000,000 2,160,000 6,160,000 68,000,000 68,000,000 4,000,000 2,040,000 6,040,000 64,000,000 64,000,000 4,000,000 1,920,000 5,920,000 22,960,000 60,000,000 60,000,000 4,000,000 1,800,000 5,800,000 56,000,000 56,000,000 4,000,000 1,680,000 5,680,000 52,000,000 52,000,000 4,000,000 1,560,000 5,560,000 48,000,000 48,000,000 4,000,000 1,440,000 5,440,000 21,040,000 44,000,000 44,000,000 4,000,000 1,320,000 5,320,000 40,000,000 40,000,000 4,000,000 1,200,000 5,200,000 36,000,000 36,000,000 4,000,000 1,080,000 5,080,000 32,000,000 32,000,000 4,000,000 960,000 4,960,000 19,120,000 28,000,000 28,000,000 4,000,000 840,000 4,840,000 24,000,000 24,000,000 4,000,000 720,000 4,720,000 20,000,000 20,000,000 4,000,000 600,000 4,600,000 16,000,000 16,000,000 4,000,000 480,000 4,480,000 17,200,000 12,000,000 12,000,000 4,000,000 360,000 4,360,000 8,000,000 8,000,000 4,000,000 240,000 4,240,000 4,000,000 4,000,000 4,000,000 120,000 4,120,000 Notes: Debt of VND80,000, 000 from bank, maturity of 5 years, interest rate 12% Interest is paid in from the first month, principal payment is incurred once a quarter Wages payment:Job title 1 Director 2 Secretary 3 Accountant 4 Sales Assistant 5 Cooking teacher 6 Securities Total Quantity 1 1 1 6 2 2 WAGE PAYMENTS (VND) Year 1 Year 2 72,000,000 75,600,000 42,000,000 44,100,000 48,000,000 50,400,000 144,000,000 151,200,000 96,000,000 100,800,000 48,000,000 50,400,000 450,000,000 472,500,000 Year 3 79,380,000 46,305,000 52,920,000 158,760,000 105,840,000 52,920,000 496,125,000 Year 4 83,349,000 48,620,250 55,566,000 166,698,000 111,132,000 55,566,000 520,931,250 Year 5 87,516,450 51,051,263 58,344,300 175,032,900 116,688,600 58,344,300 546,977,813 Notes: 1. Wages of Director, Secretary, Accountant, Sales Assistant, Securities are included in Selling and Admin Fixed expense each year 2. Wages of cooking teacher is included as Direct Labor for Learning Services 3. Wages growth rate is 5% each year Variable cost :We have three services in this project, in general, to estimate the variable cost, we estimate the variable cost beyond the number of customers we service. Services Included Shopping DIY Learning Bag Tool packgage 1 Tools package 2 Ingridients Using CP's kitchen Using CP's tools Teacher Services Included Bag Tool package 1 Tool package 2 Ingridients Using CP's kitchen (gas, water, electricity cost,†¦) Using CP's kitchen ‘s tools Teacher Total VARIABLE COST PER CUSTOMER Shopping DIY 500 3,500 Learning 500 3,500 15,000 3,000 10,000 500 3,500 15,000 50,000 3,000 10,000 50,000 132,000 4,000 32,000 Fixed cost per year for Selling and Admin activities:FIXED COST PER YEAR FOR ADMINSTRATIVE & SELLING ACTIVITIES Detail Per month Per year Internet bill 250,000 3,000,000 Electricity bill 1,500,000 18,000,000 Water bill 200,000 2,400,000 Phoning bill 200,000 2,400,000 Advertising exp 6,000,000 Other exp 1,000,000 12,000,000 43,800,000 Expected number of customers: year 1 Shopping DI Y Learning Total EXPECTED NUMBER OF CUSTOMER year 2 year 3 year 4 3500 4550 5460 2920 3796 4555 768 998 1198. 1 7,188 9,344 11,213 year 5 5733 4783 1258 11,774 6020 5022 1321 12,363 We assume that because this is a new services which haven't existed in the market so it will have a numerous of customers The growth rate will be 30%, 10% and 5% for the year of 2, 3, 4 and 5 respectively , after the services enter the market. Total expense:Year 0 Total Variable costs Shopping DIY Learning Total Fixed costs Wages Depreciation House Renting Fixed cost of selling and admin Intersest payment Total cost TOTAL EXPENSE Year 1 Year 2 Year 3 Year 4 Year 5 208,816,000 271,460,800 325,752,960 342,040,608 14,000,000 18,200,000 21,840,000 22,932,000 93,440,000 121,472,000 145,766,400 153,054,720 101,376,000 131,788,800 158,146,560 166,053,888 512,380,000 354,000,000 29,700,000 60,000,000 43,800,000 24,880,000 721,196,000 528,160,000 371,700,000 29,700,000 60,000,000 43,800,000 22,960,000 799,620,800 544,825,000 390,285,000 29,700,000 60,000,000 43,800,000 21,040,000 870,577,960 562,419,250 409,799,250 29,700,000 60,000,000 43,800,000 19,120,000 904,459,858 359,142,638 24,078,600 160,707,456 174,356,582 580,989,213 430,289,213 29,700,000 60,000,000 43,800,000 17,200,000 940,131,851 Price of each services:Customer Year 1 Shopping DIY Learning Year 2 Shopping DIY Learning Year 3 Shopping DIY Learning Year 4 Shopping DIY Learning Year 5 Shopping DIY Learning 3,500 2,920 768 4,550 3,796 998 5,460 4,555 1,198 5,733 4,783 1,258 6,020 5,022 1,321 Variable Cost 14,000,000 93,440,000 101,376,000 18,200,000 121,472,000 131,788,800 21,840,000 145,766,400 158,146,560 22,932,000 153,054,720 166,053,888 24,078,600 160,707,456 174,356,582 Fixed cost Toatal cost Cost per customer Average cost in 5 year 512,380,000 51,238,000 65,238,000 18,639 15,138 230,571,000 324,011,000 110,963 92,074 230,571,000 331,947,000 432,223 360,406 528,160,000 52,816,000 71,016,000 15,608 237,672,000 359,144,000 94 ,611 237,672,000 369,460,800 370,053 544,825,000 54,482,500 76,322,500 13,978 245,171,250 390,937,650 85,822 245,171,250 403,317,810 336,637 562,419,250 56,241,925 79,173,925 13,810 253,088,663 406,143,383 84,915 253,088,663 419,142,551 333,186 580,989,213 58,098,921 82,177,521 13,652 261,445,146 422,152,602 84,059 261,445,146 435,801,728 329,932 Shopping DIY Learning Original Cost plus 1% Final Price Note: We calculate the total cost of a service and base on it to estimate the price 15,289 17,000 For the Shopping services, the price is the average profit we gain from each shopping bill 92,995 120,000Assume that the shop don't have inventory because the goods are directly taken from agent 364,010 400,000 Revenue Plan:Year 0 Shopping Customer Profit/bill DIY Customer Price Learning Customer Price Total Growth rate of revenue (%) Year 1 EXPECTED REVENUE Year 2 Year 3 Year 4 Year 5 59,500,000 77,350,000 92,820,000 97,461,000 102,334,050 3,500 4,550 5,460 5,733 6,020 17,000 17,000 17,00 0 17,000 17,000 350,400,000 455,520,000 546,624,000 573,955,200 602,652,960 2,920 3,796 4,555 4,783 5,022 120,000 120,000 120,000 120,000 120,000 307,200,000 399,360,000 479,232,000 503,193,600 528,353,280 768 998 1,198 1,258 1,321 400,000 400,000 400,000 400,000 400,000 717,100,000 932,230,000 1,118,676,000 1,174,609,800 1,233,340,290 30 20 5 5 Because this is a completely new services, so after the first year, the number of customers increase sharply in the 2nd and 3rd year, but in the 4th and 5th year when Cake paradise (C has the competitor, ( who enter the market to join this segment), the growth rate of CP increase slightly at 5%. Profit & Loss Plan:Year 1 Revenue Variable Cost Contribute Margin Fixed Cost Earning before Tax Tax Earning after tax PROFIT AND LOSS PLAN Year 2 Year 3 Year 4 Year 5 717,100,000 932,230,000 1,118,676,000 1,174,609,800 1,233,340,290 208,816,000 271,460,800 325,752,960 342,040,608 359,142,638 508,284,000 660,769,200 792,923,040 832,569,192 874,197,652 512,380,000 528,160,000 544,825,000 562,419,250 580,989,213 (4,096,000) 132,609,200 248,098,040 270,149,942 293,208,439 28% 28% 28% 28% 28% (4,096,000) 95,478,624 178,630,589 194,507,958 211,110,076 We can see that in the first year, because this is a new service and it needs time for the customers to know and have the habit to use this service, so the earning after tax for the first year is negative. After the first year,the number of customers who know and use Cake Paradise service increase (beyond word of mouth), the earning after tax for the 2nd, 3rd, 4th, 5th increase sharply. Break even for each year:Year 1 CM CM unit CM Ratio Break even point Break even revenue Safety of margin 508,284,000 70712. 9 0. 7088 7,246 722,878,741 (5,778,741) BREAK EVEN Year 2 Year 3 Year 4 Year 5 660,769,200 792,923,040 832,569,192 874,197,652 70712. 9 70712. 9 70712. 9 70712. 9 0. 7088 0. 7088 0. 7088 0. 7088 7,469 7,705 7,954 8,216 745,141,567 768,652,973 793,475,388 819,674,364 187,088,433 350, 023,027 381,134,412 413,665,926 Cash flow: We have, cost of capital was calculated by WACC assumption: ( ( ) ) Year 0 Revenue Operating Expense EBITDA D&A EBIT (1- Tax) NOPAT CFOP Capital expense Working capital Add W. C Free Cash flow Payback Period Cost of capital NPV IRR MIRRCASH FLOW Year 1 Year 2 Year 3 Year 4 Year 5 717,100,000 932,230,000 1,118,676,000 1,174,609,800 1,233,340,290 691,496,000 769,920,800 840,877,960 874,759,858 910,431,851 25,604,000 162,309,200 277,798,040 299,849,942 322,908,439 29,700,000 29,700,000 29,700,000 29,700,000 29,700,000 (4,096,000) 132,609,200 248,098,040 270,149,942 293,208,439 0. 72 0. 72 0. 72 0. 72 0. 72 (4,096,000) 95,478,624 178,630,589 194,507,958 211,110,076 25,604,000 125,178,624 208,330,589 224,207,958 240,810,076 (148,500,000) (45,000,000) (193,500,000) 2. 5 15. 30% 277,726,609 54% 30. 39% (45,000,000) 25,604,000 (58,500,000) (13,500,000) 111,678,624 (70,200,000) (11,700,000) 196,630,589 (73,710,000) (3,510,000) 220,697,958 (77,395,50 0) (3,685,500) 314,520,076 The Payback Period is:Conclusion: 1. 2. 3. 4. The project completely has the ability of reaching the break-even point from the first year. Payback period is nearly 2. 5 years, a very appropriate period in the whole process of 5 years. NPV is a positive numbers and IRR is at 54%, much more higher than the cost of capital. MIRR is at 30. 39%, a high figure. ? Although the initial investment is quite small, all the figures above have proved that this project is profitable and promises to bring high profit. Reference: Fundamental of corporate financial Book Vatgia. vn Kitchenart. wordpress. com Nguyenkim. vn â€Å"Special thank to Ms. Pham Lien Ha to helps us to do this project† Fin 202- Group Assignment â€Å" p c l h n t Ms h m Le H S ei t a k o . a i a a P n frh ligu t d t i po c† o e n s o o hs rj t p e Table of content: Excutive Summary: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 3 Business Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 3 Vision:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 3 Main Services:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 3 Evaluating the market:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 4 Financial Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 5 Initial Investment:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 5 Interest Payment:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 6 Wages Payment: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 6 Variable cost:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 7 Fixed cost per year for Selling and Admin activities:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 7 Expected number of customers:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 7 Total expense:†¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 8 Price of each services:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 8 Revenue Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. Profit & Loss Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 9 Break even for each year:†¦Ã¢â‚¬ ¦P. 9 Cash flow& Analysis:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 10 Conclusion:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 10 Reference:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 11 Excutive summary: In order to bring customers a new service, especially for the female customers, our group decided to bring a new project- call Cake Paradise. Nowadays, need of making a handmade cake or chocolate of female customers for their lovers, friends or families is very high but not everyone has enough money to buy for herself an expensive oven or cake cooking tools. Our project is created to solve this problems.We provide a service for customer to hire our kitchen with full machines & tools of cake co oking to made a cake or chocolate. We also provides ingridiants in Shop of cake ingridients in 1st floor and Class of learning how to make a cake 2 times/week. With this advantages and professional of this service, we believe we will achieve the highest expectation from customer. To be the first company provide service in hiring Cake making machines and Tools, Cake paradise have high grow rate and fullfill the need of customers about the cake making-which means profitable and deserve to be invested.Business plan: Vision: Customers Focus High quality services Grown up by 100% in the first 5 years Making profits since 2nd or 3rd year operating Main Services: 1st Floor: Shop of Cake ‘ingridientswhere you can find any kinds of cake ingridients and tools. 2nd & 3rd Floor: Cake paradise’s Kitchen – for hiring with fullfill cake making ‘s equipment and tools. It is call DIY service- With VND120,000 for 3 hours, you will have full of cake making equipment and tools to make your ideal cake for your lovers.Every Friday and Sunday, we have classes of making cake, which are teached by cookers who are very experienced in making cakes- With VND400,000 for a 4-hour class, you will learn to make 3 kinds of delicious cakes or chocolate in the world, it is a best price for any learners. Evaluating Market: Instead of going to a cake shop and buy for the lovers or family, friends a cake, recently, many girls and women want to make for her relatives a cake by herself.This gift is unique and more meaningful to her relatives and in other way, it prove the womenliness and caringful of who made it. It now creates a trend not only in making cake but also in making handmade stuffs. We notice that there is a lack for cake handmade market. We can easily find handmake ‘s materitals and tools in the market as paper, stuff,†¦.. with a quite cheap price. But in making cake, the ingridients, especially the cake making equipments are very expensive.Not every one has enough money to buy for herself a expensive oven or cooking tools. When in the market, there are many suppliers provides for other handmade things but there aren’t a supplier which provide hiring cake making machine & tools although the demand of it is very high. Seeing this, our group decided to bring Cake paradise service to customer. Financial Plan: Innital Investment: We plan the project will be implemented in 5 years For the long-term assets, time for full depreciation is 5 years. No.Tool& Equipment Capital Expense 1st Floor -Shop for Cake's ingridients Good shelf Refrigerator Table Electronic Cash Regristor Cost of Installment& Decoration 2nd & 3rd Floor- Place for DIY and Learning Kitchen cupboard Oven Refrigerator Hand-mixer Blender Gas cooker Fan Table Cost of Installment & Decoration 4th Floor -Office Destop & PC Phones Printer Office Table and chairs Cost of Installment& Decoration Working capital for the zero year Uniform for Staff Training course for staf f Tools for the kitchen Tools for the office CashINITAL INVESTMENT Quantity Cost per Unit Total Cost 148,500,000 17,800,000 4,800,000 3,500,000 1,000,000 3,500,000 5,000,000 99,900,000 30,000,000 18,000,000 26,000,000 2,800,000 1,100,000 4,000,000 4,000,000 4,000,000 10,000,000 30,800,000 20,000,000 800,000 3,000,000 5,000,000 2,000,000 45,000,000 2,000,000 3,000,000 5,000,000 5,000,000 30,000,000 193,500,000 29,700,000 1 1 1 600,000 3,500,000 1,000,000 3,500,000 5,000,000 15,000,000 3,000,000 13,000,000 700,000 550,000 2,000,000 1,000,000 1,000,000 10,000,000 10,000,000 800,000 3,000,000 1,000,000 2,000,000 200,000 500,000 TOTAL DEPRECITAION 2 6 2 4 2 2 4 4 2 1 1 5 10 6 Interest Payment: Year Quarter 1 I II III IV 2 I II III IV 3 I II III IV 4 I II III IV 5 I IIIII IV INTEREST PAYMENTS (VND) Beginning Balance Principal Payment Interest Payment Total Payment Total Payment/Year Ending Balance 80,000,000 4,000,000 2,400,000 6,400,000 24,880,000 76,000,000 76,000,000 4,000,000 2,280,00 0 6,280,000 72,000,000 72,000,000 4,000,000 2,160,000 6,160,000 68,000,000 68,000,000 4,000,000 2,040,000 6,040,000 64,000,000 64,000,000 4,000,000 1,920,000 5,920,000 22,960,000 60,000,000 60,000,000 4,000,000 1,800,000 5,800,000 56,000,000 56,000,000 4,000,000 1,680,000 5,680,000 52,000,000 52,000,000 4,000,000 1,560,000 5,560,000 48,000,000 48,000,000 4,000,000 1,440,000 5,440,000 21,040,000 44,000,000 44,000,000 4,000,000 1,320,000 5,320,000 40,000,000 40,000,000 4,000,000 1,200,000 5,200,000 36,000,000 36,000,000 4,000,000 1,080,000 5,080,000 32,000,000 32,000,000 4,000,000 960,000 4,960,000 19,120,000 28,000,000 28,000,000 4,000,000 840,000 4,840,000 24,000,000 24,000,000 4,000,000 720,000 4,720,000 20,000,000 20,000,000 4,000,000 600,000 4,600,000 16,000,000 16,000,000 4,000,000 480,000 4,480,000 17,200,000 12,000,000 12,000,000 4,000,000 360,000 4,360,000 8,000,000 8,000,000 4,000,000 240,000 4,240,000 4,000,000 4,000,000 4,000,000 120,000 4,120,000 Notes: Debt of VND80,000, 000 from bank, maturity of 5 years, interest rate 12% Interest is paid in from the first month, principal payment is incurred once a quarter Wages payment:Job title 1 Director 2 Secretary 3 Accountant 4 Sales Assistant 5 Cooking teacher 6 Securities Total Quantity 1 1 1 6 2 2 WAGE PAYMENTS (VND) Year 1 Year 2 72,000,000 75,600,000 42,000,000 44,100,000 48,000,000 50,400,000 144,000,000 151,200,000 96,000,000 100,800,000 48,000,000 50,400,000 450,000,000 472,500,000 Year 3 79,380,000 46,305,000 52,920,000 158,760,000 105,840,000 52,920,000 496,125,000 Year 4 83,349,000 48,620,250 55,566,000 166,698,000 111,132,000 55,566,000 520,931,250 Year 5 87,516,450 51,051,263 58,344,300 175,032,900 116,688,600 58,344,300 546,977,813 Notes: 1. Wages of Director, Secretary, Accountant, Sales Assistant, Securities are included in Selling and Admin Fixed expense each year 2. Wages of cooking teacher is included as Direct Labor for Learning Services 3. Wages growth rate is 5% each year Variable cost :We have three services in this project, in general, to estimate the variable cost, we estimate the variable cost beyond the number of customers we service. Services Included Shopping DIY Learning Bag Tool packgage 1 Tools package 2 Ingridients Using CP's kitchen Using CP's tools Teacher Services Included Bag Tool package 1 Tool package 2 Ingridients Using CP's kitchen (gas, water, electricity cost,†¦) Using CP's kitchen ‘s tools Teacher Total VARIABLE COST PER CUSTOMER Shopping DIY 500 3,500 Learning 500 3,500 15,000 3,000 10,000 500 3,500 15,000 50,000 3,000 10,000 50,000 132,000 4,000 32,000 Fixed cost per year for Selling and Admin activities:FIXED COST PER YEAR FOR ADMINSTRATIVE & SELLING ACTIVITIES Detail Per month Per year Internet bill 250,000 3,000,000 Electricity bill 1,500,000 18,000,000 Water bill 200,000 2,400,000 Phoning bill 200,000 2,400,000 Advertising exp 6,000,000 Other exp 1,000,000 12,000,000 43,800,000 Expected number of customers: year 1 Shopping DI Y Learning Total EXPECTED NUMBER OF CUSTOMER year 2 year 3 year 4 3500 4550 5460 2920 3796 4555 768 998 1198. 1 7,188 9,344 11,213 year 5 5733 4783 1258 11,774 6020 5022 1321 12,363 We assume that because this is a new services which haven't existed in the market so it will have a numerous of customers The growth rate will be 30%, 10% and 5% for the year of 2, 3, 4 and 5 respectively , after the services enter the market. Total expense:Year 0 Total Variable costs Shopping DIY Learning Total Fixed costs Wages Depreciation House Renting Fixed cost of selling and admin Intersest payment Total cost TOTAL EXPENSE Year 1 Year 2 Year 3 Year 4 Year 5 208,816,000 271,460,800 325,752,960 342,040,608 14,000,000 18,200,000 21,840,000 22,932,000 93,440,000 121,472,000 145,766,400 153,054,720 101,376,000 131,788,800 158,146,560 166,053,888 512,380,000 354,000,000 29,700,000 60,000,000 43,800,000 24,880,000 721,196,000 528,160,000 371,700,000 29,700,000 60,000,000 43,800,000 22,960,000 799,620,800 544,825,000 390,285,000 29,700,000 60,000,000 43,800,000 21,040,000 870,577,960 562,419,250 409,799,250 29,700,000 60,000,000 43,800,000 19,120,000 904,459,858 359,142,638 24,078,600 160,707,456 174,356,582 580,989,213 430,289,213 29,700,000 60,000,000 43,800,000 17,200,000 940,131,851 Price of each services:Customer Year 1 Shopping DIY Learning Year 2 Shopping DIY Learning Year 3 Shopping DIY Learning Year 4 Shopping DIY Learning Year 5 Shopping DIY Learning 3,500 2,920 768 4,550 3,796 998 5,460 4,555 1,198 5,733 4,783 1,258 6,020 5,022 1,321 Variable Cost 14,000,000 93,440,000 101,376,000 18,200,000 121,472,000 131,788,800 21,840,000 145,766,400 158,146,560 22,932,000 153,054,720 166,053,888 24,078,600 160,707,456 174,356,582 Fixed cost Toatal cost Cost per customer Average cost in 5 year 512,380,000 51,238,000 65,238,000 18,639 15,138 230,571,000 324,011,000 110,963 92,074 230,571,000 331,947,000 432,223 360,406 528,160,000 52,816,000 71,016,000 15,608 237,672,000 359,144,000 94 ,611 237,672,000 369,460,800 370,053 544,825,000 54,482,500 76,322,500 13,978 245,171,250 390,937,650 85,822 245,171,250 403,317,810 336,637 562,419,250 56,241,925 79,173,925 13,810 253,088,663 406,143,383 84,915 253,088,663 419,142,551 333,186 580,989,213 58,098,921 82,177,521 13,652 261,445,146 422,152,602 84,059 261,445,146 435,801,728 329,932 Shopping DIY Learning Original Cost plus 1% Final Price Note: We calculate the total cost of a service and base on it to estimate the price 15,289 17,000 For the Shopping services, the price is the average profit we gain from each shopping bill 92,995 120,000Assume that the shop don't have inventory because the goods are directly taken from agent 364,010 400,000 Revenue Plan:Year 0 Shopping Customer Profit/bill DIY Customer Price Learning Customer Price Total Growth rate of revenue (%) Year 1 EXPECTED REVENUE Year 2 Year 3 Year 4 Year 5 59,500,000 77,350,000 92,820,000 97,461,000 102,334,050 3,500 4,550 5,460 5,733 6,020 17,000 17,000 17,00 0 17,000 17,000 350,400,000 455,520,000 546,624,000 573,955,200 602,652,960 2,920 3,796 4,555 4,783 5,022 120,000 120,000 120,000 120,000 120,000 307,200,000 399,360,000 479,232,000 503,193,600 528,353,280 768 998 1,198 1,258 1,321 400,000 400,000 400,000 400,000 400,000 717,100,000 932,230,000 1,118,676,000 1,174,609,800 1,233,340,290 30 20 5 5 Because this is a completely new services, so after the first year, the number of customers increase sharply in the 2nd and 3rd year, but in the 4th and 5th year when Cake paradise (C has the competitor, ( who enter the market to join this segment), the growth rate of CP increase slightly at 5%. Profit & Loss Plan:Year 1 Revenue Variable Cost Contribute Margin Fixed Cost Earning before Tax Tax Earning after tax PROFIT AND LOSS PLAN Year 2 Year 3 Year 4 Year 5 717,100,000 932,230,000 1,118,676,000 1,174,609,800 1,233,340,290 208,816,000 271,460,800 325,752,960 342,040,608 359,142,638 508,284,000 660,769,200 792,923,040 832,569,192 874,197,652 512,380,000 528,160,000 544,825,000 562,419,250 580,989,213 (4,096,000) 132,609,200 248,098,040 270,149,942 293,208,439 28% 28% 28% 28% 28% (4,096,000) 95,478,624 178,630,589 194,507,958 211,110,076 We can see that in the first year, because this is a new service and it needs time for the customers to know and have the habit to use this service, so the earning after tax for the first year is negative. After the first year,the number of customers who know and use Cake Paradise service increase (beyond word of mouth), the earning after tax for the 2nd, 3rd, 4th, 5th increase sharply. Break even for each year:Year 1 CM CM unit CM Ratio Break even point Break even revenue Safety of margin 508,284,000 70712. 9 0. 7088 7,246 722,878,741 (5,778,741) BREAK EVEN Year 2 Year 3 Year 4 Year 5 660,769,200 792,923,040 832,569,192 874,197,652 70712. 9 70712. 9 70712. 9 70712. 9 0. 7088 0. 7088 0. 7088 0. 7088 7,469 7,705 7,954 8,216 745,141,567 768,652,973 793,475,388 819,674,364 187,088,433 350, 023,027 381,134,412 413,665,926 Cash flow: We have, cost of capital was calculated by WACC assumption: ( ( ) ) Year 0 Revenue Operating Expense EBITDA D&A EBIT (1- Tax) NOPAT CFOP Capital expense Working capital Add W. C Free Cash flow Payback Period Cost of capital NPV IRR MIRRCASH FLOW Year 1 Year 2 Year 3 Year 4 Year 5 717,100,000 932,230,000 1,118,676,000 1,174,609,800 1,233,340,290 691,496,000 769,920,800 840,877,960 874,759,858 910,431,851 25,604,000 162,309,200 277,798,040 299,849,942 322,908,439 29,700,000 29,700,000 29,700,000 29,700,000 29,700,000 (4,096,000) 132,609,200 248,098,040 270,149,942 293,208,439 0. 72 0. 72 0. 72 0. 72 0. 72 (4,096,000) 95,478,624 178,630,589 194,507,958 211,110,076 25,604,000 125,178,624 208,330,589 224,207,958 240,810,076 (148,500,000) (45,000,000) (193,500,000) 2. 5 15. 30% 277,726,609 54% 30. 39% (45,000,000) 25,604,000 (58,500,000) (13,500,000) 111,678,624 (70,200,000) (11,700,000) 196,630,589 (73,710,000) (3,510,000) 220,697,958 (77,395,50 0) (3,685,500) 314,520,076 The Payback Period is:Conclusion: 1. 2. 3. 4. The project completely has the ability of reaching the break-even point from the first year. Payback period is nearly 2. 5 years, a very appropriate period in the whole process of 5 years. NPV is a positive numbers and IRR is at 54%, much more higher than the cost of capital. MIRR is at 30. 39%, a high figure. ? Although the initial investment is quite small, all the figures above have proved that this project is profitable and promises to bring high profit. Reference: Fundamental of corporate financial Book Vatgia. vn Kitchenart. wordpress. com Nguyenkim. vn â€Å"Special thank to Ms. Pham Lien Ha to helps us to do this project†