The Concept of Photons

Table of Contents Introduction Origin of photons Lifecycle of the photon Characteristics of photon Uses of photon Conclusion Works Cited Introduction A photon can be defined as a particle or unit that represents a quantum of electromagnetic radiation for example light. It usually contains energy that is proportional to the radiation frequency. A photon is always in motion with a constant speed of light which is approximately 2.998* 108 m/s whenever there is no form of resistance.Advertising We will write a custom research paper sample on The Concept of Photons specifically for you for only $16.05 $11/page Learn More Photons are usually formed in a number of ways, for instance, we can get a photon via the progression of an electron (in an atom) discharging energy which is reached when the particular electron moves to a somewhat lesser orbit around a nucleus. Another way in which a photon could be created is through an acceleration of a given charge (A nato, Moskalenko and Snoke 1). This paper gives an in depth discussion in regard to photons including their origin, their lifecycle, their characteristics as well as their uses. Origin of photons The origin of photons can be traced back in the early twentieth century. Lewis Gilbert is associated with photons as he was responsible for bringing out the various concepts of photons in 1926 although the general concept of light had been there for a long time. There had been a belief that light is usually made up of some form of energy even in the ancient times which can be seen in the book of Optics which was published long time ago. This was true but people did not have the understanding of the photons concept and the fact that they were the ones responsible for the production of energy. During the seventeenth and the eighteenth centuries, people had gained a lot of interest on the aspect of light and a variety of theories were developed in order to understand the key factors underlying it for instance the wavelength and refraction characteristics associated with other particles like the protons. It was in the beginning of the twentieth century that the discovery of photons came about raising a lot of concern among people. Various studies have been carried out since then in regard to photons leading to many discoveries with the most recent one being that of the laser which have been proved to be very effective in various fields and procedures like X-rays (Bortz 28). Lifecycle of the photon Just like a living organism, a photon undergoes t some processes during its entire lifetime (formation, living and death) and the processes can be termed as the lifecycle. A photon has a relatively long life span and could be even infinite unless the light energy in it is consumed, for example, when a photon strikes an object that is likely to absorb it. The determination of the lifecycle of a photon is an aspect that has proved to be very difficult unlike that of other particle s like atoms, ions and electrons. This is due to the fact that in most cases, photons tend to be destroyed once they are detected due to the risks linked with them.Advertising Looking for research paper on natural sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to the Centre National De La Recherche Scientifique (par 2), the determination of the life cycle has been made possible through a technique where photons are trapped in a superconducting cavity for study. This way, it was a bit easier to study in real time the birth, the life as well as the death of a single photon whose result could be taken as a representative whole. Anato, Moskalenko and Snoke (3) assert that the emission of a photon could be as a result of excitons which usually have a finite probability for an excited electron to reunite with the whole hence the emission of a photon. The life cycle for an exciton could be described as follows; there is usually an exciton which is formed as a result of absorption of a photon, the exciton then passes through a solid whereby scattering process is experienced and finally the exciton recombines to emit a photon which usually take place far from the creation point, at some area in the solid. The lifetime of the exciton is not constant but rather dependent on some factors, for instance, the proportions of the recombination processes and the experimental conditions among other factors. According to the above factors it is argued that the lifetime can range from picoseconds to milliseconds or even longer. All in all much have not been discovered in regard to the life cycle of photons although there is still hope that with time a definite conclusion will be reached. Characteristics of photon Photons have a wide range of characteristics and the following are just some of them according to the photon theory of light. According to Zimmerman (2), photons have no mass and resting energy an aspect that s ounds not to be realistic but it is proven to be true. Photons however have momentum and energy at the antinodes which is responsible for taking on mass from energy expansion. This is unlike other particles (like neutrons) that always have a small amount of accumulation under all circumstances. They also move at the speed of light which is 2.998* 108 m/s. Another unique characteristic of photons is that they can either be destroyed or formed when either radiation is absorbed or else emitted. Photons are also known to have various particle related interactions with electrons and other particles. They do not contain any electric charge whereas all other related particles have an electric charge. For example, neutrons are neutral, protons are positive and electrons are negative. They are generally the smallest measure of light and are able to exist in all possible states concurrently.Advertising We will write a custom research paper sample on The Concept of Photons specifically fo r you for only $16.05 $11/page Learn More Another characteristic unique to photons is that once they are polarized, it becomes very difficult to measure them precisely and it would call for the use of a filter, which is exactly equivalent to that produced by their current spin. They are also emitted through a variety of natural processes and do not decay instinctively in empty space. Apart from the above characteristics, photons posses a distinctive wavelength and a specific state of polarization which is absent in other particles (Clark par. 4) Uses of photon Photons have become very essential tools in regard to technology today. They have for instance found their application in various technological devices that either create or produce light as a mechanism of their usability for instance camera flash or even flashlight. This is because the photons are created and manipulated to provide the energy needed for these devices to function. It is the mechanism a nd working of photons that has enabled individuals through the use of technology to capture and create light energy in a number of productive ways necessary for various developmental processes (Akkermans and Montambaux 12). Photons have found various applications in the different fields of life like X-rays in medicine, construction sector, weaponry and even electronics. This has been made possible due to the use of the photons to produce lasers which have various uses in different fields. Despite the benefits associated with photons, there are also some risk factors that come along with handling photons and so people should be more careful on this to avoid injuries. This is so because some photons could be dangerous due to the amount of energy they possess which is dependent on their patterns as well as their wavelength (Orkwell 4). Conclusion The concept of photons is not very new although most discoveries have only been made recently. All in all, it has helped a great deal through its various applications especially in medicine and electronics. Photons have been able to stand out distinctively among other particles like the protons, electrons and neutrons due to the unique characteristics they posses. We can also state that photons in the form of energy are usually infinitely small just as it is the case, infinitely large. Matter as finite energy is also considered as an intermediary as well as part of infinite energy. The future of photons is bright as there are still other discoveries on the way with an aim of bringing even more improvements in various sectors of the economy. Works Cited Akkermans, Eric and Montambaux, Gilles. Mesoscopic physics of electrons and photons. Cambridge: Cambridge University Press, 2007.Advertising Looking for research paper on natural sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More Anato Sviatoslav, Moskalenko Evich and Snoke D.W. Bose-Einstein Condensation of Excitons and Biexcitons: and Coherent Nonlinear Optics with Excitons. United Kingdom: Cambridge University Press, 2000. Bortz, Alfred .The Photon. New York: The Rosen Publishing Group, 2004. Centre National De La Recherche Scientifique. â€Å"Life And Death Of A Photon ‘Filmed’ For The First Time.† Science Daily, 2 Apr. 2007. April 14, 2011. Clark, Josh. â€Å"How Quantum Cryptology Works†. Howstuffworks. 2011. Web. Orkwell, Mark. â€Å"About Photons†. Ehow. 2011. Web. Zimmerman, Jones Andrew. â€Å"What is a Photon?† About.com. 2011. Web. This research paper on The Concept of Photons was written and submitted by user Addilyn S. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Dr. Jekyll and Mr. Hyde

Dr. Jekyll and Mr. Hyde Free Online Research Papers Robert Louis Stevenson’s, Dr. Jekyll and Mr. Hyde is probably one of the best known works to come out of the Victorian Era. This short novella griped the audiences of the late nineteenth century Britons, and its popularity has not wavered. You would be hard pressed to find an average person who does not know the story of Dr. Jekyll and Mr. Hyde. In 1894 Joseph Jacobs wrote that â€Å"it stands beside The Pilgrim’s Progress and Gulliver’s Travels as one of the three great allegories in English.† While this novella displays many of the values of the Victorian Era, it really anticipates twentieth century pessimism. It struck â€Å"an undeniable truth of human nature.† Dr. Jekyll and Mr. Hyde captivated millions of people, while displaying many of the key morals, principles, and ethics of the Victorian Era; it echoed the controversial Charles Darwin, Karl Marx, and Sigmund Freud. This story more relates to the modern gothic, than to traditional Victor ian Era literature. Dr. Jekyll and Mr. Hyde is a story seen from many different perspectives. It is about a doctor that has a split personality, split in the sense that within the same human lies good and evil. This story can be interpreted as examining the duality of human nature. Within everyone, there exists good and evil, and to deny this tension results in evil being cast upon our human nature. Dr. Jekyll is a man who has covered up a secret life full of very bad and cruel deeds. He feels as if he is constantly battling within himself between what is good and what is evil, and is pushing away people valued to him. â€Å"After drinking a potion of his own creation, Jekyll is transformed into the cruel, remorseless, evil Edward Hyde, representing the hidden side of Dr. Jekylls nature brought to the fore. Dr. Jekyll has many friends and has a friendly personality, but in the nature of Mr. Hyde, he becomes mysterious, violent, and secretive and as time goes by, Mr. Hyde grows in power. After taking th e potion repetitively, he no longer relies upon the potion to unleash his inner demon.† Dr. Jekyll and Mr. Hyde represents a classic touchstone of Victorian sensibilities. This novella really embodies some of the most important values the Victorians had. Especially that the world, was one dominated by males. The Victorian Era, except for the monarch, was a male-centered era. Men had all the rights, privileges, and power in Victorian Britain. This story on moral behavior can best be seen from a male perspective. The lack of female characters or even the mention of a females name is non existent in this story. This peculiarity of this demonstrates the male dominance of the era. All of the central figures in the novella are gentlemen and professionals, they are doctors and lawyers. These figures embody what the era respected. The men are men of status, and the story would not have been as groundbreaking, had they been anything other than what they were. The importance of status was heavy during the Victorian Era, and this characteristic rings throughout the story. Mr. Utterson does not say anything to anyone when Dr. Jekyll gives him a very unique will. Utterson thinks that Dr. Jekyll is being blackmailed by Mr. Hyde, but will say nothing to not endanger his friend’s reputation. Utterson tries very hard throughout the novella to protect his friend’s reputation, living up to Victorian standards. Many times throughout the story, characters are silent and fail or refuse to express themselves. They seem to be unable to a horrifying observation, such as Mr. Hyde’s appearance, or they deliberately avoid certain conversations. The characters refusal to speak on certain topics reflects the values of the era. Reputation and decorum were held above all things and anything that would compromise those, whether true or not, needed to be repressed. The rigid structure of Victorian society plays a roll in the development of th e story. Victorian England feared what Mr. Hyde represented. He represented the qualities that Victorian’s were supposed to hate and dislike. â€Å"There is something wrong with his appearance; something displeasing, something downright detestable. I never saw a man I so disliked, and yet I scarce know why.† This is Mr. Richard Enfield’s description of Mr. Hyde. Hyde is not beautiful, graceful, or elegant. He is rude, and unappealing to everyone who meets him. The idea that these qualities existed in everyone really personifies the opposite of Victorian optimism. At the end of the 1800’s, Britain had experienced intense social, economic, and spiritual change. Many new ideas were developing about economics, science, and the human psyche. Dr. Jekyll and Mr. Hyde was a symbolic representation of the threat of these new ideas to the traditional Victorian. Through many political reforms, the working class had been given the right to vote. The working class started to show its power. The works of Karl Marx and his views on social class threatened upper class Briton’s standards. To some of the upper class, Mr. Hyde could represent this increasing political power of the working class. He was not a gentleman, or a man of status. He was unknown and new, as was the working class in politics. This comparison shows how, on a political level, Dr. Jekyll and Mr. Hyde challenges the ideas of Victorians. In the area of religion, the writings of Charles Darwin had started to shake the world. His ideas of â€Å"evolution† and â€Å"survival of the fittest† (though the terms were coined by other people) challenged the traditional religious views held by the Victorians. Mr. Hyde could be seen as the strong individual who would survive while Dr. Jekyll fell. This victory of evil over good would definitely be a new and radical idea that would scare many Victorians. Stevenson exploited man’s fear of being close to savage animals brought about by Darwin’s new ideas. He shows the descent of an intelligent, respected, and rational man, to the level of a dumb beast. Many times in the story, Mr. Hyde is likened to an ape, â€Å"And the next moment, with ape-like fury, [Hyde] was trampling his victim under foot and hailing down a storm of blows, under which the bones were audibly shattered.† The idea that men were related to apes was one that shattered their tr aditional views. Another new and radical thinker during this time was Sigmund Freud. His ideas about psychoanalysis and the subconscious are paramount in the story. Freud’s belief that human beings are powerfully influenced by impulses of which they are not aware can be seen in the story. Mr. Hyde could represent Dr. Jekyll’s subconscious desire to be freed from the boundaries this Victorian society has implemented on him. As Freud pointed out, the repression of the driving force of nature (Mr. Hyde) often leads to horrible, barbaric consequences. Many have compared Dr. Jekyll and Mr. Hyde to that of the modern gothic, like Mary Shelly’s Frankenstein. Dr Jekyll, not unlike Dr. Frankenstein, were men of science who attempted to discover more about the world and its people, become a prisoner of their creations. This comparison to the modern gothic novels pulls Dr. Jekyll and Mr. Hyde further away from the typical Victorian side, and more towards the cynicism of the twentieth century. With the revelation of Dr. Jekyll’s letter at the end, Stevenson makes the readers reconsider what it is to be evil. Robert Louis Stevenson’s short novella, Dr. Jekyll and Mr. Hyde, had lasting effects on the minds of Victorian society. Many values, morals, and principles of the era are apparent throughout the novel, especially those of male dominance and the importance of reputation. Stevenson was very aware of the new ideas about economy, society, and the human psyche, and used them in his story. The works of Charles Darwin, Karl Marx, and even Sigmund Freud can be seen as influences to Stevenson. This influence was also very apparent to the readers of his novella. These radical ideas drastically contradicted those of the normal and accepted. This story can be seen as a leader and groundbreaker for the modern gothic, as it has many similarities to such stories as Mary Shelley’s Frankenstein. This tale is not so much and example of Victorian optimism because it truthfully anticipates twentieth century pessimism. Calder, Jenni. Robert Louis Stevenson A Life Study. New York: Oxford University Press, 1980. Kiely, Robert. Robert Louis Stevenson and the Fiction of Adventure. Massachusetts: Harvard University Press, 1964. Stevenson, Robert Louis. The Strange Case of Dr. Jekyll and Mr. Hyde. New York: Scribner, 1886. NovelGuide. Dr. Jekyll and Mr. Hyde. Available from novelguide.com/dr.jekyllandmr.hyde/themeanalysis.html. Internet; accessed 10 April 2009. Research Papers on Dr. Jekyll and Mr. HydeHarry Potter and the Deathly Hallows EssayThe Masque of the Red Death Room meaningsMind TravelHonest Iagos Truth through DeceptionTrailblazing by Eric AndersonMarketing of Lifeboy Soap A Unilever ProductBook Review on The Autobiography of Malcolm XHip-Hop is Art19 Century Society: A Deeply Divided EraComparison: Letter from Birmingham and Crito

Economics Case Study Example | Topics and Well Written Essays - 2000 words

Economics - Case Study Example To earn the wealth countries need to trade and maximize the difference in their balance of trade by maximizing exports that is a source of generating revenue and minimize imports that cost it to pay. There were two types of manufacturers; one who were export oriented and others who were domesticated with their products. Export oriented manufacturers favored the mercantilist approach and believed in subsidies, tax rebates etc. to increase their sales to foreign countries. But the domestic manufacturers foresee threats to their produces and wanted tariff quotas and stringent policies to restrict the trade. This mercantilist theory was before Adam Smith's. Then came the theory of absolute advantage; according to Adam Smith countries should export goods in which they have an absolute advantage and import other goods from countries that have absolute advantage in producing them i.e. goods in which they are more productive. Adam Smith's criticism to Mercantilists approach was that it confused the accumulation of treasure with the accumulation of wealth. The gold and silver that the country holds is not the wealth of the country. Wealth of a country according to him is measured by the wealth that the nationals of the country hold. And thus use the term absolute advantage to compare the productivity of people with other people, firms with other firms or between nations. The contemporary of Adam Smith was David Ricardo, who gave the concept of comparative advantage; according to Ricardo if there is no difference in productivity then there is no absolute advantage and hence no trade will take place amongst countries. There are some subtle and slight differences among the absolute and the comparative advantage theories, but it is important to take into account the differences. Firstly, as the term absolute and the comparative in the name themselves suggests that Adam Smith's theory takes absolute measures of productivity to compare and David Ricardo's relative measures to compare the productivity amongst the nations. Therefore if absolute productivity is same then trade should not occur according to Adam Smith but Ricardo suggests that it is important to look at the relative productivity for the trade to occur or not. Adam Smith's trade theory does not incorporate any differences that might arise from the different use of technology or probably the difference in the combination of the labor or capital input used. David Ricardo's model has an inherent assumption and a more practical approach that tells that countries differ in their usage of production technologies such that obviously one country will be more productive in use of its resources than the other. And therefore if both the countries specialize in their production areas then output for both the countries can increase. This increase in output would be because of enhanced productivity even when no more inputs are put into the production process. Then countries can contract between themselves and trade goods that are there specialty i.e. import products in which other country specializes and export in which it has its specialization. Then both countries can benefit from one another. Adam Smith's absolute

Freedom of Speech Essay Example | Topics and Well Written Essays - 500 words - 2

Freedom of Speech - Essay Example The paper aims to refute all arguments against freedom of speech and provides arguments against any restrictions on freedom of speech in certain countries like Canada. Freedom of speech provides people with different views about life, political condition, people, education, society and the whole world. This freedom is not aimed to defame anyone or anything but people provide their deepest thoughts and perceptions about different issues. These varying ideas and opinions provide the uninformed with a wide range of possibilities and sufficient grounds to make their own judgement. Hence freedom of speech, in this context, must remain untied with restrictions and laws. The criticism against freedom of speech is the fact that people may use this right in order to defame other people, develop controversies and negatively change people’s arguments. The criticisers believe that restrictions must be imposed in order to protect people’s privacy and reputation from the abusers of this freedom. The justification to their criticism is the increasing debates over political, social and religious issues. The increasing conflicts and worsening law and order situation provide them with the chance to stand against such freedom. In my opinion, all these arguments are, to a great extent, baseless. Milton describes in Areopagitica two kinds of people: the prudent ones and others who are imprudent. Prudent class of people are able to distinguish between good and bad, reasonable and unreasonable; imprudent, on the other hand, are unaffected by any judgements. In other words, we may say that prudent class has the power to analyze, asses and judge every event, claim or argument; whereas, imprudent do not have their own opinion and they lack the power of expressing and judging. Hence, imprudent remain unaffected by the opinions and expressions of others and prudent accept the claims only if they have any instance of truth in them. Moreover, it is

Chinese and American High School Essay Example | Topics and Well Written Essays - 500 words

Chinese and American High School - Essay Example So, a student who is attentive but never speaks up is prone to receiving a lower grade. However, in America, students’ personal expression is valued heavily, which affects the final grade. Many classes are based on group-based discussion, speeches, and classroom participation. The high schools of both the countries express cultural values. The Chinese classroom environment is collectivist where the teacher is the authority and the students lead him, while an American classroom is individualistic where each and every student is given attention. Chinese teachers may call students in front of the class, and tell them to discuss the lesson or ask questions. American students consider it damaging for their self-esteem if they are called individually in front of the class. They consider it shameful if they are not able to answer a question while the whole class looks at them. This is not the case in Chinese classrooms.To conclude, both the Chinese and the American high schools are f it for their own countries’education systems. Both have their own advantages and disadvantages, and their own systems of admissions and examinations. There are differences in classroom environments, parental concerns, teacher attention, and curricula. No matter how much different they are with respect to their classroom environments, teaching processes, and examination systems, the truth is that both countries’ high schools are trying their best to raise highly qualified students who are able to go far ahead in their academic lives.

An Analysis Of The Financial Situation Marketing Essay

An Analysis Of The Financial Situation Marketing Essay Upon the successful completion of ACCAs fundamental level, I met the eligibility criteria of BSc Honours Programme, offered by Oxford Brookes University in partnership with ACCA for ACCA students. I had to select a topic from a vast variety of more than twenty topics to embark upon. After short listing them one by one, I decided to choose Topic 8 The business and financial performance of an organisation over a three year period for my research project. There were several reasons for choosing this particular topic. Apart from my personal interest, I wanted to apply my academic learning into a real world scenario as studying F7, Financial Reporting in the fundamental level of ACCA and P2, Corporate Reporting in the Professional Level, gave me high conceptual grip of financial analysis. It would also prove helpful to me in the future as I have a strong desire to invest into Plcs through the stock exchange once I start my career as an Investment Banker. I wanted to analyze on an organisation that operated in a highly competitive environment so that I would be able to compare its results with a competitor to see the financial and operational performance and the relation to the proposed strategy. This would also help make the report more interesting for the readers. Increasing trend in fashion, new clothing brands being introduced and the rapidly changing style sense of people, brought me to the conclusion to select an organization in the clothing retail industry. After researching on a few of the leading brands in the clothing industry of UK, I decided to analyse the financial performance of Next Plc and to compare it with Marks and Spencers. United Kingdom Clothing Market: In 1992, the United Kingdom clothing market emerged from the recession of the late 1980à ¢Ã¢â€š ¬Ã‚ ²s and has continued to benefit from the renaissance of High Street spending throughout the 1990à ¢Ã¢â€š ¬Ã‚ ²s. In late 1996, early 1997, the clothing retail industry showed signs of being boosted by the continued growth in personal spending, aided most recently by the payments consumers received from the building society conversion. In order to prevent economic overheating, the United Kingdom government and its major financial institutions were keen to dampen consumer spending. This occurred with the Bank of Englandà ¢Ã¢â€š ¬Ã‚ ²s decision to raise interest rates. The introduction of new entrants into the clothing market and their, expansion, growth and diversification of outlets both in the chain and independent sector at all ends of the market i.e high, mid, and low were also important factors in the development of the United Kingdom clothing industry. Furthermore the retailers, revolutionized and thought to introduce new ways to sell their products. One of the popular methods was via the mail-order catalogues. This has now been super seeded by the arrival of television and Internet-based clothing outlets. There are in excess of 25,000 clothes retailing businesses in the United Kingdom, with a combined outlet total of 45,500 outlets. 1.2 Company Profile The Next retail chain was launched in February 1982 and the first store opened with an exclusive coordinated collection of stylish clothes, shoes and accessories for women. Collections for men, children and the home quickly followed. Next clothes are styled by the in-house design team to offer consistency of style, quality and value for money with a contemporary fashion edge. (Next Plc, Business Overview, The Next Brand [online]) Next Plc is a brand name in the United Kingdom clothing market for stylish, trendy men and women between 20 and 40 years of age. Menswear, womenswear, childrenswear and babywear is part ot the expansion into all the sectors of the clothing market under the NEXT brand label. Today Next Plc employees over 30,000 people and operates from more than 500 stores in the UK and Eire and over 170 franchise stores overseas, including Europe, Asia and Middle East. This makes Next Plc, one of the biggest High Street retailers in the United Kingdom. Over the last few years several larger format stores have opened across the UK and, in October 2005, Next opened the anchor store at the Manchester Arndale Centre with a store in excess of 80,000 square feet. Next Plc mainly operates through 5 basic divisions: Next Retail operates the high street shops through more than 330 stores covering the UK and Ireland; Next Directory is the mail order division which also contain the e-commerce platform; Next Overseas operates retail outlets in the United States, Asia, Europe, and the Middle East through franchise agreements; The company also provides home shopping and financial services, that make up the other 2 divisions: Ventura runs the financial services division by providing customer services management to clients wishing to outsource their customer contact administration and fulfilment activities Other activities include telecommunications software services and property management. For the first time in August 1985, Next launched its interiors range of soft furnishings for the home. Following the success of this diversification and the introduction of Next directory and home shopping, later in 1993, Next Plc announced its brand strategy, of One Brand Two Ways of Shopping, bringing together the common ranges across both retail and home shopping formats. 1.3 AIMS AND OBJECTIVES OF THE REPORT The primary aim of this report is to evaluate the business and financial performance of Next plc between, the three years ended, from 28th January 2006 to 24th January 2009. The main focus of this report can be summarized into: To understand Next Plcs Business Strategy; and how it has facilitated Next Plc to achieve success. To analyze and present financial information in a manner which will enable to evaluate the overall financial performance of Next Plc from the year-ended 28/01/2006 to 24/01/2009. To analyze the nature of clothing retail industry and the competitive environment in which Next Plc operates, and the affects it had on the company. 1.4 Executive Summary Exciting,beautifully designed,excellent quality clothing and homeware;presented in collections that reflect the aspirations and means of our customers (Annual Report 06) Next Plcs aim is to provide its customers with good quality clothing at a reasonable price. According to Michael Porter, in terms of Porters Generic Strategies this would be more of a stuck in the middle position, as it is competing with the market cost leaders as well as product differentiators. However, the success of Next Plc has shown that it has successfully operated in such a mid-market position and has done very well to implement its strategy. The overall business strategy has been successful. Despite an ongoing programme of expansion over the last few years, the company has continued to increase profits, besides the decline in 2009 due to the unstable economy of United Kingdom. It has been forced to close only four outlets due to poor performance over the past years. The above chart shows a steady increase of 32.3% during the years 2004 to2008. This followed brand-strengthening strategies and a new perspective in overseas development. During the three fiscal years ended, the performance of the group can be summarised as follows; Turnover increased by 7.17% Profit before tax increased by 10.91% Earnings per share incresed by 32.41% Dividends increased by 25% Overall the figures are not much high, but they look promising and have shown a steady improvement over the years except in 2009 when the figures declined steeply. The group has set a target to increase its sales turnover in the years to come and increse its earnings per share, that is one of the most important financial objective. Uncertain economic outlook, rising tax rates and weakinig pound against euro and dollar may act as barriers to this target, but it is highly probable that it will be achieved, by better and efficicient stock, margins, costs, including overhead and administration cost controls. 2 INFORMATION GATHERING 2.1 Sources used and their reasons 2.1.1 Primary Research Primary research is the research in which the researcher collects original data directly about the product, market and organization by whatever means appropriate to answer the research questions i.e it is specificially related to a particular Research Project. It is data that did not exist before. Due to the availability of sufficient information from secondary sources, I felt that there was no need of primary data. Hence, most of my work is based on secondary sources. 2.1.2 Secondary research I used two main sources for the secondary research. Library I went through various books in the College library. I used BPP study text Success in your research and analysis project which gave me an initial outline, approach, and structuring for the project. Studying the Bsc Oxford Brookes Information Pack gave me the essential information on how to go about the project. The study texts published for ACCA examinations provided me with an array of analytical tools to use in achieving the aims of this report. Electronic research I mainly relied on the Internet to formulate this report, as there was vast information available on the internet, needed for this report. The various databases and search engines to collect the information I needed for the report were: Next Plcs website was the most important and authentic source of information. It provided me with the annual reports, company profile, its history and all the other information I needed for this report which includes the audited financial statements aswell. The website also had an archive of company news which gave me a hindsight of the more immediate matters faced by the company. Competitor websites (for the same reasons) Reuters website (http://stocks.us.reuters.com), this provided me with the financial statements of Sainsburys and Tesco for the past five years along with ratios of both companies and the industry averages for the current period. London Stock Exchange website, providing details of historic share performance and relevant industry and competitor news Using internet search engines (Google, and Wikipedia) to gather information related to Next Plcs and the UK clothing retail industry. Other business related databases used to obtain relevant industry and competitor news are: Financial Times (www.ft.com) Accountancy age (www.accountancyage.com) Business Week (www.businessweek.com) BBC (www.bbc.co.uk) 2.2 Methods Used Information gathering is a critical and crutial phase, as the whole of the research is based on the information gathered, so it should be done in an organized and systematic way. Information access has become simpler with extensive details and volume available online and offline therefore a plan has to be made beforehand to be able to extract the relevant and accurate material in order to form a well-structured and organized report, which is easy to understand to the users of the report. Main method I used to collect the information was to use the GOOGLE search engine. By just entering a few key words in the search bar it provided me with the links of numerious different websites, that contained loads of information, which was both relevant and irrelevant for this report,. So I went through all the information and chose the one that was relevant and necesaary to formulate this report. I wanted to have the relevant material in hand before I actually started the report writing process. I started my research way before I actually started to write the report, so as I used to browse different websites, I bookmarked the web pages which had the relevant articles so that I would not have any problems referencing the information if I had chosen to quote it in my report. I printed the Financial Statements of Next Plc that I downloaded from its website and had also imported it into MS Excel to perform the ratio analysis on. 3 ANALYSIS 3.1 PORTERS GENERIC STRATEGIES Next Plcs aim is to concentrate on the design, quality and value of the product, together with excellent customer service and deliver. ( John Barton, Chairman Next Plc, Annual Report 2009) Michael Porter identified three generic strategies (See Appendix A) by which organizations gain competitive advantage. Porter argued that to be successful an organization should select and implement one of the strategies, i.e. either cost-leadership or differentiation. According to Porters viewpoint Next Plc would be a classic stuck in the middle whereby it is trying to compete with the Industry Cost Leaders, Primark etc. as well as the Product Differentiators, House Of Fraser However, the overall success of Next Plc has proved quite the opposite and there exists another viewpoint that a single generic strategy is not always best because within the same product customers often seek multi-dimensional satisfactions such as a combination of quality, style, convenience, and price. Next Plc seeks to provide its customers with fair price products without compromising on their quality and has been successfully operated in such a mid-market position. When interpreted narrowly as referring to the appeal of a product to its target buyers, the proposition that firms should not be stuck in the middle should not be taken to imply that companies must be down-market or up-market, but nothing in-between. Such a view is belied by the evident success of companies such as Next Plc, which earn substantial economic rents in a mid-market position. PIMS (Profit impact of marketing strategy) data and other evidence shows, however, that intermediate positions are indeed profitable and are successfully exploited by many firms. (Michael Cronshaw, Evan Davis and John Kay (1994), pp. 19-33) 3.2 SWOT ANALYSIS Next Plc STRENGTHS Brand Name Niche strategy WEAKNESSES E-Commerce Concentrated market OPPORTUNITIES Expand into EU Marketing Opportunity THREATS Competitor price war Economy Strengths BRAND NAME Next Plc uses its own label Next to sell its products. Customers of Next associate themselves with the Next label. As they use their own brand it is easier for them to react on customers wishes and to adapt them very quickly keeping control over the quality management. NICHE STARTEGY Next Plc adapts a niche strategy and its main target group is between the ages of 20-40. This strategy has worked quite well over the past years and it has emerged as one of the strengths of Next Plc, designing adult fashion wear for the people between 20-40. While some of its competitors have problems to satisfy this segment, NEXT managed it very well in the past, selling their stylish products at reasonable prices. WEAKNESSES E-COMMERCE Although Next Plc introduced its online shopping in 1999 and the entire collection is available to shop from on the internet, but Next Plc does not invest a significant amount on e-commerce as its competitors do. Debenhams for example invest approximately GBP 5m on internet technology while on the other hand Marks Spencer spend around GBP 50m on e-commerce and digital TV. Trend of internet shopping is increasing rapidly; therefore Next Plc should reconsider their IT strategy and invest more into e-commerce to stay in the competition. CONCENTRATED MARKET Next operates in a highly competitive retail clothing market, therefore there is concentration of similar type of clothing manufactures, e.g. Marks Spencer, Arcadia. This can damage Next, if competitors gain the market share or if consumers change their habits and Next does not adapt to these changes quickly. OPPORTUNITIES EXPAND INTO EU More than 90% of the revenue generated by Next Plc is within the UK under the brand names of Next Retail and Next Directory. However there is an opportunity to increase the revenue and sales by expanding its operation into EU countries. Next Plc has already its operations in mainland China, Hong Kong, Romania, Sri Lanka, India, Turkey but if it expands into EU it can diversify the risk of the concentration of UK retail market and the strength of Great Britain Pound over Euro, which currently is not that high due to the recession but in future this can be a good source of income. MARKETING OPPORTUNITY Next plc is already running a groundbreaking mail order operation Next Directory, which was launched in 1988 with a hardback, creating the blueprint for catalogue retailing. It is ranked number one among the High Street names that offer mail order clothing. This is an effective marketing techniques added by Next Directory, i.e. the online shopping service for its targeted age group 20-40 as they have little time to do their shopping. This could be a great opportunity for Next to increase its market share. THREATS COMPETITOR PRICE WAR The UK clothing retail industry is a highly competitive industry. Next Plc has over the past few years managed to compete very well and occasionally offering sale and promotions as well. However if cost-leaders retaliate this, it may have serious consequences as the business strategy of Next Plc is different to the cost-leaders, such as Primark, and it may not be able to compete with them in this area. Also indulging in a price war would mean that the quality of its products may have to be compromised. ECONOMY Due to the recent credit crunch, UK economy generally is facing a downturn. This has affected many industrys including retail. This is one of the main reason for the downfall in the revenue of Next Plc in 2009. The other worrying factor is the weakning of pound, this affects adversly to Next Plc due to its international suppliers. According to the analysts, UK economy will improve in 2010, and bringing back the sales for Next Plc. PEST Analysis Political: A stable and sound political environment is the basis for long-term decisions. The United Kingdom, as a Member State of the European Union, fulfils this prerequisite. The government has to act within a definite political framework to achieve the conditions of the European Union and this guarantees Next Plc a higher scope of economic actions. Another advantage of the European Union is the open transfer of goods. This makes it easier for Next Plc to sell their products in the different European countries. There are no trade barriers that aggravate sales. Economic United Kingdom had a stable economy in the last few years but since 2008, it is experiencing one of the worst recession in the history. This has affected almost all of the businesses in the United Kingdom. Due to this, Pound has become weaker than Euro and Dollar. This can be alarming for Next Plc, as these two are the main purchasing currencies oof the group. Secondly, due to this, foreign investments have become expensive for the group and it may become a hurdle for the group in order to expand overseas. The group now, can not exploit the favourable economic conditions of United Kingdom, when the Pound was exceedingly stong in the past few years where the group expanded its operaions the most. Social: The social structure has changed dramatically over the last few years. People are eager to find more convinent way to shop e.g internet shopping and shopping from home, due to the busy life and lack of time to go and shop from the retail stores. Nexts target customers are in the range of 20 to 40. People in this age group are much busier than rest and prefer to shop online, due to their interest in technology. In order to retain this customer age group, Next Plc must need to understand the needs of people and respond immediately. This will also result in customer satisfaction and an increase in market share for the group if it tends to satisfy its customers . Techinlogical: The age of Internet and the reception of new media reveal a lot of potential opportunities for Next Plc to boost profits Therefore the group relies heavily on its sub-brand Next Directory, through which customers can shop online, conveniently from home or through a mail order catalogue and the products are delivered the next day. Using this method the group can react instantly to changes in behaviours of its customers. 3.4 FINANCIAL PERFORMANCE The activities of the company in recent years have resulted in an exceptional financial performance. 3.4.1 SALES REVENUE The sales revenue of the group increased reasonablly well in the two years 2006-2008. Revenue incresed from  £ 3106.20m to  £ 3283.80m during the year ended 27th January 2007 resulting in an increase of 5.71% and in the year ended 28th January 2008, revenue further increased by 1.37% showing a consistant performance. This was achieved by roburst performance of Next Directory, and an effective cost control system. These are good results in a period of economic slowdown and are a reflection of the efforts we have made in building and improving the Next brand. (John Barton, Chairman Next Plc, Annual Report 2008) In 2009 the revenue of the group fell by 1.73% from  £ 3329.10M in 2008 to  £ 3271.50M in 2009. It was a tough year for the group, mainly because of the unstable economic conditions of UK as a whole, which began by the end of 2008 and still continues to worsen. Another reason for the decline in the turnover was the weakening of Great Britain Pound against dollar and euro, which are the main purchasing currencies of the group. But still the group did well to survive in these conditions and the management was pretty much optimistic about the financial conditions of the country. 3.4.2 PROFITABLITY RATIOS Gross Profit Margin The gross profit margin changed a little over the three years, this is because of the highly effective and efficient cost management of Next Plc. Revenue has increased over the years but the cost of sales hasnt changed much, proving that the group is cutting down its cost to save its customers from higher prices. In 2009, even under the tense economic conditions, the group has managed to decrease its cost of sales by 0.7% from  £2380m in 2008 to  £ 2,363m in 2009. This became possible due to the effective supplier management and good buying terms with its suppliers, even though pound got weaker against dollar and euro, which are the two main purchasing currencies of the group and higher tax rates, Next Plc aimed at reducing its costs rather than charging its customers with higher prices. Their response has been excellent,working hard with our suppliers to protect our customers from unaffordable price increases and our own margins, as far as possible. ( John Barton, Chairman Next Plc, Annual Report 2009) Marks and Spencers G.P margin was 38.6%% in 2008 and this decreased to 37.2% in 2009. This shows that the economic conditions were affecting everyone. But still GP margin of Marks and Spencers is better than Next. This is due to the increased amount of revenue generated by Marks and Spencers over the years from 2007 to 2009, in contrast with Next Plc. Net Profit Margin In 2008 net profit increased by 0.68% from 15.45% in 2007 to 16.13% in 2008. This was mailny due to the increase in revenue and effective management of overhead costs. In 2009, net profit declined by 9.3% from 16.13% in 2008 to 14.62% in 2009. Along with the weak economic environment and the decline in sales, another reason for this decline was the 39.9% increase in the overhead costs since 2008. This increase in the cost was due to the overseas expansion of the operations and the investment to strenghthen the Next brand. We are also extending the Next Brand into new overseas markets where we believe there are opportunities to build profitable businesses. If this is successful it will bring new sources of growth over the longer term. (John Barton, Chairman Next Plc, Annual Report 2008) Our goal has been to put a little of the magic back into the Next Brand through our product ranges, marketing and shopfit (Simon Wolfson, CEO Next Plc, Annual Report 2008) In contrast to this, the Net Profit Margin of Marks and Spencers is quite low as compared to Next Plc. It showed a varied trend over the three year period, being 10.9% in 2007, increasing to 11.8% by the year ended March 2008. In 2009, net profit declined by 22.16% from 11.8% in 2008 to 9.6% in 2009. Marks and Spencers incurs a very high cost on its admin, selling and general expenses amouting to almost  £2400m on average every year where as, Next Plc incurs just  £ 345m a year. Return on Capital Employed The return on capital employed (ROCE) assesses profits with the amount of funds (capital) employed to make the profits. This increased from 49.77% in 2007 to -53.27% in 2008. This represents an increase of 3.5%. But due to the economic unstability, the group could not maintain its high ROCE over the years and it declined by 9.85% from 53.27% in 2008 to 43.42% in 2009. On the other hand Marks and Spencers ROCE in 2008 increased by 0.44% to 22.37%. In 2009, it declined by 9.75% to 12.62%. This difference shows that Next is managing its resources much better, despite the fact that the revenue generated by Next Plc is approximately 37% lower than Marks and Spencers. The reason for a low ROCE for Marks and Spencers is the high overhead costs. It must control its costs in order to generate a higher return and free up additional extra capital invested. 3.4.3 LIQUIDITY RATIOS Current Ratio: This is a measure of the adequacy of companys current assets to meet short-term liabilities as they fall due, i.e its a basic liqiudity ratio. A ratio between 1 and 2 thought to be a standard level of liquidity. Next Plcs current ratio was 1.33, 1.11 and 1.50 in 2007, 2008 and 2009 respectively. This shows a healthy situation of the group as it has more current assests than its current liabiliteis as the ratio is greater than 1, therefore there does not seem to be any alarming situation for the group. If we compare the ratio of 1.50 in 2009, with the industry average of 1.93, it is very reasonable for the group but it can be improved by more efficient working capital management. Comparing the ratio to Marks and Specers, it was 0.52,0.59,0.60 respectively in 2007,2008 and 2009. This is because Marks and Spencers have a relatively high amount of current liabilities than Next Plcs, almost 30% more in year 2009. Quick Ratio: This differs from current ratio as it eliminates inventory from current assets providing a more useful position of the company to settle its immediate liabilities. Norms for quick ratios range from 0.7 to 1. Quick ratio of less than this is seen as a signal of illequidity. However, the trend of the ratio over time and comparison with the sector average are the most important indicator, as they are with current ratio aswell. Next Plcs quick ratio has been 0.82, 0.54, 0.93 for 2007 2008 and 2009 respectively. The ratio had a sharp decline in 2008 because of the  £242.7m short term debt raised by the company during the year in order to expand internationally. In 2009, the ratio was 0.93 which is quite good as compared to the industry average of 1.35. In comparison Marks and Spencers quick ratio was 0.22, 0.25, 0.30 in 2007, 2008 and 2009. This is quite alraming for the company as compraed to Next or the industry average, as it is very low. This is maily due to the high amount of debt finance invested in the group. This can be an alrming situation for the group as it can lead to illiquidity. This trend shows that Next Plcs in a better liquidity position and it may not face any problem settling short-term debts, whereas there may be pressure on Markss and Spencers suppliers. It indicates that Next Plc is making better use of its working capital. 3.4.4 GEARING RATIOS Capital Gearing Ratio: This indicates the extent to debt finance involved in a business. Next Plcs gearing ratio changed from 74.26% in 2007 to 111.22% in 2008 and 81.5% in 2009, whereas Marks and Spencers gearing ratio was 50.71% , 58.9%, 59.3% in 2007 2008 and 2009 respectively. In 2008, gearing ratio crossed over a 100% for Next Plc because of high level of debt taken by the group in order to finance the expansion and it exceeded the level of equity present in the group. We continued to invest in the Next Brand, spending  £39m refitting stores, maintaining advertising spend and improving the quality and design of our clothing and Home ranges (Simon Wolfson, CEO Next Plc, Annual Report 2008) Interest cover: The interest coverage ratio indicates the extent of which earnings are available to meet interest payments. An interest cover ratio of more than 3 times is considered safe as even if profits are reduced to half the company will still be able to meet its financing costs. Next Plcs had a very high interest cover of 15.37 in 2007. It then decreased to 12.38 and 9.74 in 2008 and 2009. On the other hand, the interest cover of Marks and Spencers showed a varied trend. It increased to 10.15 from 9.14 in 2008 and then decline by 51.6% to 5.24 times in 2009. Interest covere declined for both the companies in 2009. This was mailny due to the financial crisis the economy of UK is going through, but still it is much more than the safety margin i.e 3 times, therefore both the companies are in the position to settle their financial obligations. 3.5 INVESTOR OUTLOOK The earnings per share measures how much profit after tax is made for each individual share. (EPS) has been quite high for the group despite of the fall in the revenue in the 2009. The EPS of the group was 127.4p and it increased by 15.4% from 146.1p in 2007 to a record high of 168.7p in 2008. In 2009, EPS fell to 156p due to the fall in revenue. The continued use of surplus capital to buy back shares has again enabled us to deliver superior growth in earnings per share, our main financial objective ( John Barton, Chairman, Next Plc, Annual Report 08) The dividend per share of Next Plc was 44p and it then increased by 12.24% from 49p in 2007 to 55p in 2008. The group managed to maintain the same dividend per share of 55p in 2009, which is covered 2.8 times by earnings. Marks and Spencers EPS was 39.1p in 2007 and increased to 49.2p in 2008 before declining to 32.3p in 2009. The dividends per share were 18.3p, 22.5p, 17.8p in 2007,2008 and 2009 respectively. Despite having a very high EPS, the dividend payout ratio of Next Plc is much lower than Marks and Spencers. It was 33.5%, 32.6%, 35.2% in 2007,2008 and 2009 while the ratio of Marks and Spencers was 46.8%, 45.7%, 55.2% in 2007,2008 and 2009. This shows that Next Plc retains much of its profit as compared to Marks and Spencers. This can turn out to

Essay --

In the twenty-first century, you would never imagine schools being segregated, but in the 1900’s, most schools in the south were segregated. In 1954, the supreme court ruled that black and white schools had to have the same education and the same working environment. That year a girl named Ruby Bridges was born. Ruby ended up being the first black child to go to an all white school in 1960, 6 years after the supreme court ruled that the schools have to be equal. The schools obviously weren’t equal by 1960 because it made Ruby’s parents put Ruby in a better school. Desegregation of schools in the south did not happen as fast as it should have. The Massachusetts Supreme Court ruled that segregation of schools is legal under the constitution. Linda Brown was black girl in the third grade and her father wanted to enroll her into an all black school. Her father tried to enroll her but the principal refused. Her father got really angry so he went to the Supreme Court. On May 17, 1954, the Supreme Court said, â€Å" Separate educational facilities are inherently unequal. Therefore, we hold the ...