William Stafford and Randall Jarrell

William Stafford and Randall Jarrell There are two poetry writers that have wrote very good pomes and have quite a few that are popular. To compare and contrast two, it would have to be â€Å"Traveling through the Dark† by William Stafford and â€Å"The Death of the Ball Turret Gunner† by Randall Jarrell. These two authors have a different way and style they write there poems, that is why it makes sense to look at these two really close and really see how they write and how they get the message across. Both Stafford’s and Jarrell’s poem is in the book read in class so having read these two works it is somewhat familiar what they are about.But further reading is needed to really understand what these poets are trying to say and what they are writing about. So it is best to read these poems or any poem in general, more than one time. Just so it becomes easier to understand the words and the theme. To compare and contrast these two poems every detail makes a difference because that way the reader understands what is going on in the poem. When a poet begins to write a poem there is always that one message they are trying to get across or a little story they are trying to tell.So as a reader, it is important to read a poem more than once to really understand it. Imagery is a big key that both of these poets use. This is good when writing so that the readers are interested when reading the poem and to really draw mental pictures in the heads of the readers. Metaphor is also a big tool used in poetry, and without that many poems do not make sense. In both of these poems there is metaphor but it is not very clear to see sometimes. A lot of poets just ramble on with words and sometimes is not clear on what they are trying to say.So with these two poems you see how one is easier to read than the other. In William Stafford’s â€Å"Traveling through the Dark† it is very clear on what he is writing about and the theme is simple to u nderstand. But in Randall Jarrell’s â€Å"The Death of the Ball Turret Gunner† it is not that easy to get if you just read the poem once. Randall Jarrell is a type of writer that criticizes a lot of other writings he does not like. He gives a lot of harsh criticism because he is a big fan of literature so by seeing work that is badly written he is not afraid to come out and say something about it.But many other writers say over time he softens up because he is worried about the writer’s extinction. Even though he was really tough on other writers work, Jarrell’s passion for writing shows in his poetry. His poetry is more of the modern plain style which other famous writers use like Robert Frost. Jarrell likes to write about ordinary experiences that connect to the reader’s feelings. Not all of his poetry makes sense like â€Å"The Death of the Ball Turret Gunner† if it is only read once. Jarrell writes in a colloquial voice and mostly all hi s poems have no development in them.He will write about a topic and just go one and one but you do not see what he is really talking about at first. When you read Randall Jarrell’s work there is a lot of critical thinking that is involved and a lot of questions. For example in this poem the title says â€Å"The Death of the Ball Turret Gunner† and by seeing the word â€Å"Gunner† it makes sense to say this poem might be about war or a fighter plane. Jarrell’s other work was a lot about war because that is what he enjoyed to write about, so it only seems right that this poem is about war. But when you read it at first it seems as if he may be writing about an abortion.Because he uses the word mother, it may throw off the reader but he uses a lot of imagery in the poem, so when you think about it, it may connect to an abortion. The â€Å"Gunner† in this case could be the doctor and the Ball Turret could be the mother’s womb. Since he connects a lot of his work to war the Ball Turret could be the sphere like space where the pilot of a jet fighter would be in and the Gunner of course would be the enemy. And when the character in the poem was attacked he went upside down in the turret, little sphere, and looked like a fetus in the womb.But when a reader reads it for the first time it is not as clear, so it is safe to say that Randall Jarrell’s type of writing is not as clear and makes the reader think while reading. Jarrell’s poems were meant to have the reader really think about what they are reading to a point where one might get confused. So now there is the other side where it is much easier to read and comprehend what the author is saying. Stafford’s work is mostly always dealing with the outdoors and that’s mainly because of where Stafford grew up. He is also known for his unique method of composition and soft spoken voice.You can easily tell by reading his work because he does not try to c onfuse the reader and just gets the main point of the poem out there. Unlike Jarrell, Stafford goes into a lot of detail and uses imagery to show the reader what to think about while reading. For example, his poem â€Å"Traveling through the Dark† is taken place along a roadside near the woods. The poem is viewed as a dramatic lyric because Stafford develops the scene just like a playwright. You have the characters (speaker, deer); setting (nighttime on Road) complication (â€Å"swerve might make more dead†); action (â€Å"dragged†) climax (â€Å"pushed deer over the edge†).When you first read the poem it seems simple, that there is a dead deer on the road and the speaker pulls over and pushes the dead deer over the bank into the river. Yes the dead deer is pregnant because the character explains how he could feel the warmth on her belly, and yes he decides to roll it into the bank to prevent accidents. But why does Stafford write about a dead deer on the road. It is to show how a person unexpectedly faces a crisis which tests his or her moral sensitivity in everyday life. And that is what Stafford mostly writes about, everyday life situations.So by looking at these two poets you can see that Randall Jarrell likes to write with so much passion and wants it to be so perfect that sometimes his work is not easily understood. Jarrell wants the reader to think about what they are really reading, but sometimes bores the reader. Now William Stafford also wants the reader to think about the theme but it is much clearer on how he sets up his poems. He uses more and clear imagery so that the reader can see what the main point to the poem is. And these two pieces of work are good examples on how these two poets write their feelings and thoughts down.

Automobile and Tucker Essay

The movie, Tucker: The Man and His Dream, is the story of a man named Preston Tucker and takes place in the 1940’s. Preston Tucker’s dream was to design and build the greatest automobile ever made. At first, he began by bringing home drawings of his dream car, which was to be called the Tucker Torpedo. He showed the drawings to a man who would eventually become his partner, Abe. Initially, Abe doesn’t like the idea of building a car, but he didn’t know anything about cars. Tucker placed an advertisement in a magazine about his car, and the public became excited. The car would have an engine in the rear, a middle headlight that turned with the car, and a windshield that would pop out when the car was in a wreck. In the meantime, Robert Bennington, who was the CEO of Ford, became worried that the Tucker Torpedo may put Ford out of business, so Bennington made a deal with him to allow him to buy a plant to build the car in. This also gave Ford a reason to be involved in building the car. The deal stated that Tucker must make at least fifty cars in one year in order to keep the plant, and the first car needed to be presented to the public within sixty days. Abe invested $6,000 to help Tucker build the first car. On the day of the presentation, the car was built but had no engine. Therefore, they had some problems getting it on stage, but once it was on stage, the thousands of people who attended the presentation cheered. After that, Bennington announced to Tucker that he wanted to change the car. He didn’t want the engine in the rear of the car, and since the ? Big 3†², the three largest automobile makers in the US, were buying all of the steel, there was not enough for Tucker to buy to build his cars. Tucker protested the ? Big 3†². A man named Howard Hughes, who owned a steel company, told Tucker about a helicopter company who needed to sell steel. So Tucker bought a helicopter engine and converted it to a car engine, and the car worked. After Tucker protested the ? Big 3†², he was spied on by people who worked for the ? Big 3†² companies. They accused him of not running his business properly, but it was not true. Abe got scared because he had already served three years in prison for bank fraud and did not want to get caught up in another mess, so he resigned. Then, there were commercials out that told the public that Tucker’s car was built piece by piece from a junkyard. Eventually, the government started a full investigation on Tucker and charged him with fraud. Tucker lost most of his investors from this, and had already spent too much money trying to build the car. He did make all the cars, but he did not make the fifty car minimum in time and lost his plant. He was found not guilty of fraud, but after all the bad publicity, people no longer wanted the cars, and Tucker had lost a lot of money, so no more cars were ever made. Today, some of Tucker’s Torpedo’s are still around; some are in museums, and some of them even still run. After watching the movie, I researched the Tucker Tornado on the Internet. One source, The History of the Tucker 48, at www. gizmohighway. com, says that the car actually had additional features not mentioned in the movie. In addition to the turning headlight, rear engine and the windshield that would pop out, the Tucker Torpedo also had more room inside the car and padded steering wheels and dashboards. Another source, 1946 Tucker Torpedo, at www.cybersteering. com, also says that Tucker applied for a $30 million loan before he was accused of fraud and that in 1956, Tucker died of lung cancer in Brazil while trying to build another car, the Carioca. I also found in the open letter from Preston Tucker, at www. tuckerclub. org, that this is a letter that Preston Tucker wrote to protest the other automobile companies and the investigations that eventually killed his company. In it he says that he actually had 1,872 Tucker dealers and almost 50,000 investors that put $25 million into his company. The definition of an entrepreneurship is a person who organizes and manages a business, assuming the risk for the sake of a profit. Preston Tucker started a company and wanted to build a car for Americans knowing that it would take a lot of money that he did not have. He organized and managed the business and assumed the risk of losing a lot of money for a lot of people. I think that Tucker was not treated fairly by his competition. New entrepreneurs like Preston Tucker should be given the same fair chance to build a business just like the others had to build theirs.

Letter of intent & GPA explanation letter Personal Statement

Letter of intent & GPA explanation letter - Personal Statement Example Additionally, during my undergraduate period I had not matured enough to understand the dynamics of career. However, with the passage of time it has become evident to me that I am suited for the healthcare administration area and I intend to act on this passion, potential and opportunity by enrolling for Masters Degree in healthcare administration from the university of Saint Joseph’s. I have chosen Saint Joseph’s University because of its reputation in offering credible courses and quality education. Several of my colleagues and people I have a lot of respect for also recommended this university to me. I also chose this university because it has a good standing as regards the discipline of healthcare administration. Prior to the choice I considered a number of universities where I performed a thorough evaluation of their strengths and weaknesses. I settled on Saint Joseph’s University to its versatility as concerns the course I selected. Though quite specific, the course content of the university for healthcare administration is versatile enough to incorporate a wide array of parameters that are not only required for success in the field but also recommended by education bodies along with government agencies. As a result, I am satisfied with the course content of Saint Joseph’s University and I think it appropriately fits my career objectives . Moreover, the overall environment provided in the university is complementary to the ideals of higher education, career advancement and general launching of students’ career advancement; I find the university a great choice for the advancement of my objectives regarding education. I have worked in a number of healthcare entities and therefore I possess substantive work experience that will enable me to benefit from the master degree program at Saint Josephs University. I have worked in several capacities

Royal Exchange Theatre, St Anns Square Assignment

Royal Exchange Theatre, St Anns Square - Assignment Example The place where the Royal Exchange is housed is one of the most visited places in Manchester and is dotted with shopping centres and malls. Therefore, it gives the people every chance of entertainment and the people are too happy to take the chance. The architectural beauty of the theatre has been revered by all sectors of the society and it holds a place of pride for the people of the society. (Royal Exchange Theatre, Manchester, n.d.; Background information, n.d.; Welcome, n.d.) The Royal Theatre of Manchester was made in 1968. The theatre was constructed in a house, which was the place for the cotton trading of the world. The hall of the house was one of the largest places of trading in the world. The largeness of the hall raised the interests of the group of men and they conceived the idea of the theatre. The Theatre was damaged considerably in the bombing of the Manchester City Center in 1996. However, the management of the theatre was quick to reciprocate and the theatre came into being in a completely new shape and style. The new theatre had malls and eating centres attached to the theatre. This gave the people more reasons to visit the theatre. The theatre had become one of the favourite pastimes of the people in Manchester. The modern-day theatre consists of three parts - the theatre, the studio and the corporate lounge. The theatre is where the performances or the theatres take place. The studio is the place where the performances of the small groups or the visiting theatre companies take place. The companies and the organizations for their private functions take the corporate lounge. Therefore, the theatre has encompassed itself in all types of activities. The theatre has become an absolute package for entertainment purposes. The theatre caters to the different sectors of the society-the common man, art lover, and the corporates.  Ã‚  

Studying chemical engineering in the united states Essay

Studying chemical engineering in the united states - Essay Example It is clear that most of the renowned institutions in the world are located in the US including Stanford, Harvard, Yale and John Hopkins University. Sadly, Kuwaiti universities do not enjoy a similar stature. I hope to study in the US because the society has persistently changed because employers are not accepting graduates from any learning institution. A degree from a university can be insignificant especially if it is not recognizable by universal employers and major institutions. Consequently, I saw it essential to choose US since its degrees are recognizable in the world because of their quality. Unlike the colleges in Kuwaiti, the accreditation of US colleges is dependent on the experience of their lecturers, educational structures and appraisal from major corporations. Leading corporations recruit excellent students from reputable organizations to become employees in their institutions. The organizations are confident the recruits present the best talent in the market. The universities in the US are attractive based on their diverse education system; thus, my desire to study in the country. The universities scout for tutors and professors from various backgrounds who are experts. Additionally, the students originate from different nationalities and cultural backgrounds. This allows them to share similar classrooms and living environments. I believe the diverse perspectives and knowledge of the students and professors add value to the quality of education. Consequently, I am likely to understand diverse viewpoints of the material presented during class when the students and tutors originate from diverse backgrounds. I believe a diverse educational setting presents unique opportunities to the students and tutors. Globalization enhances an individual’s capacity to interact with persons from different cultural settings. The experiences in the American universities will broaden my social and cross cultural

Why Death Penalty Should Be Abandoned Essay Example | Topics and Well Written Essays - 750 words

Why Death Penalty Should Be Abandoned - Essay Example First, the death penalty puts innocent lives at risk. The above is so due to inadequate legal presentation in court. As a result even though not guiltily, some end up in death penalty thus losing their lives for mistakes not done. In the US, since 1976, about 138 innocent people have been saved from death row. Also, one the most frequent causes of reversals in capital punishment cases is ineffective assistance of counsel. For instance, a study at Columbia University showed that 68% of death penalty cases were reversed on appeal, due to inadequate defense. Accordingly, to execute an innocent person is morally reprehensible thus a risk that should not be taken. Also despite the fact that the U.S. Supreme Court has said that people with mental retardation should not be persecuted, research has shown that one percent of those executed in the US since 1977 are mentally ill. Many mentally ill defendants are unable to take part in their trials in an efficient way and appear un-engaged, cold , and unfeeling before the jury. Some are even forcefully medicated to make them competent to for execution (Haines,1999). Second, Racism and social class inequality also plays a role in the provision of the death penalty. Research has indicated that injustice is practiced on race and social class, as far as the death sentence provision is concerned.

Behavioural Finance Essay Example | Topics and Well Written Essays - 2000 words

Behavioural Finance - Essay Example In some mathematical conditions, this differential equation can be integrated to solve it as indifference curve through x which is called integrability problem (Newman, 1995). 6) Georgescu-Roegen proved that if we consider two goods where differential equation defining an indifferent element is always integrable, it is essential to consider that indifference is transitive relation that denotes that integral curves are indifferent curves. Georgecu proved that transitivity condition guarantees integrable differential equations in all dimensions. Therefore, integrability conditions are unnecessary. In economic terms, integral curves are meaningless unless Axiom I and II are adopted (Newman, 1995). (8, 9) By following Sauelsons techniques, Herman Wold claimed that demand-function approach is rationally equal to the ordinal preference approach. He asserted that Houthakkers theorem is same as his method of proof. However, an analysis of Wolds proof revealed his implicit assumption that his revealed preference is a transitive relation. Wold proved his point by using certain assumptions of perfect competition; however, it is impossible to do because Wold didnt define indifference (Newman, 1995). (10) Wolds integrability assumptions are obsolete because existence of a convex boundary curve comes from this implicit assumption of the transitivity of preference not from explicit assumptions of integrability. (11) Ville deduced the existence of a utility function through excellent analytic evidence. A reasonable interpretation of his axiom can lead to a relation that brings a complete weak ordering on the commodity space. However, his criterion for consumer as "worse off" is insufficient (Newman, 1995). (12) Integrability problem suddenly appears when commodity space has three goods while transitivity problem arises when three situations are considered. Therefore, it arises even when there is two-goods case. Littles treatment assumes

Quantifying systemic risk in the European banking sector. A Research Paper

Quantifying systemic risk in the European banking sector. A multidimensional approach - Research Paper Example Systemic risk is the ultimate threat, its sources are varied and the propagation mechanisms involve major imbalances. The financial banking domain supports the present research, a choice motivated by the imperative of identifying potential risk-carrying factors in order to deeply analyse their impact and raise mechanisms for an efficient calibration of financial exposure levels. A major breakup within the banking sector, initially designed to serve the real economy generates severe imbalances with long-term implications for the whole financial industry and potential destructive nature for the economic environment. The preference for this topic is justified by its actuality and utmost importance for the European banking, financial community and the entire economic arena. Banks’ policies and strategies, new products, technologies and services, competition policies and the competitive environment provide space for risk’s rise. In addition, the increased level of financial integration and the globalization ties facilitate the appearance of new contagion channels, as previous banking experiences and worldwide tensions show. Mapping the current needs of the global economy means to identify risks and quantify their effects. A major challenge is to restore and strengthen the financial and economic stability and the prerequisite for achieving this goal is the understanding of systemic risk nature, its sources in terms of structures and sizes. The rich existing academic literature focused on theoretical models and empirical evidences around the systemic risk notion and the effects on the entire financial-banking industry support the importance of the addressed subject. The new global realities and the features of the regulatory and supervisory activities underline the need for a more powerful, solid crises management and European solutions for managing systemic risk. I. Literature review The first theoretical approaches on systemic risk can be traced back t o the period 1929-1933, during the Great Depression; as a distinctive figure, history invokes John Maynard Keynes1, who describes the economy marked by a shock in the financial system - a sequence of events generically called contagion. Broadly speaking, systemic risk is related to complex negative events simultaneously affecting institutions, markets and networks. In a narrow sense, the core element of the term is the contagion from one market structure to another. Explaining the notion of systemic risk requires a clarification of concepts proceeding and succeeding its rise: the systemic event, and respectively, the systemic crisis. A systemic event occurs when negative information about an institution spreads in the system and adversely impacts the participants. Allen and Gale (2000) and Freixas, Parigi and Rochet (2000) examine the risk of contagion in the shape of a domino effect, as an essential element of the systemic risk architecture. High-impact systemic events (for example , a bank collapse result of an initial shock) translate into contagion; if the shock doesn’t lead to failure, the event can be narrowed. A systemic event has two components: the shocks (idiosyncratic, systematic) and the propagation mechanisms. If idiosyncratic shocks affect individual financial institutions, systematic shocks spread across the whole economy and imbalance all financial structures in the same time. Systematic shocks are reflected in

Are Small Cap Stocks Influenced Similarly and by the Same Economic Essay

Are Small Cap Stocks Influenced Similarly and by the Same Economic Indicators as Large Cap Stocks An Annotated Bibliography - Essay Example The study used monthly data from 1974 to 1989 for macroeconomic indicators and for the Fed monetary policy (as independent variables) and used 39 portfolios of 10 value weighted stocks from large cap and small cap categories (as dependent variables) to study the volatility in stock return. They found that 32% of the stock market return volatility could be explained by the monetary policy which is similar to the finding of Chang, Yeung, & Yip. (2000) below that macroeconomic indicators do not fully explain the stock market movements. It was also found that 96% of the cases showed that a tightening of the monetary policy (reduced money supply) reduced stock returns. Further, the study found that while both small and large firms were harmed by the disinflationary monetary policy, only large firms benefited from expansionary monetary policy. The study illuminates the bibliographic topic by making a distinction between small and large cap stocks and the difference in effect of macroeconom ic indicators on different stock categories. The authors at the time of the study were Doctoral Students at the University of Pennsylvania. They studied the impact of a set of 21 economic indicators and followed a regression analysis approach to identify whether economic indicators could explain the stock market movements from 1997 to 1999.... They first started with testing for correlation between the economic indicators and excluded some of them based on the statistical correlation. For the remaining indicators, they developed a multiple linear regression model to explain the stock price. They found that even after multiple regressions and excluding the insignificant variables, the resulting regression model could not fully explain the stock market movements. This finding is in line with that of Thorbecke and Coppock (1995) above. This study is of importance for the current research as I intend to use a similar methodology for multiple regression on 9 economic indicators in the US that this study found to be statistically significant in their regression model. Vygodina, A. V. (2006). Effects of size and international exposure of the US firms on the relationship between stock prices and exchange rates. Global Finance Journal 17 , 214-23. The author at the time of the study was a Professor at the Department of Finance, CBA , California State University at Sacramento. The research was aimed at studying whether the changes in exchange rates have a difference in impact on the stock prices based on the size of a firm. The methodology used was to conduct a Granger Causality test to verify the causality from large cap and small cap stocks to the exchange rate. The Granger Causality test was used in the study as it statistically tests whether one time series causes movements in another time series. It was found that while there did exist a statistically significant Granger Causality from large-caps to the exchange rate, there was no causality from small caps. The study also noted that the as both variables are significantly affected by the federal monetary policy and that the nature of relationship

Theory of Knowledge Essay Example for Free

Theory of Knowledge Essay Art is a thing created by an individual using a rare, natural and creative talent. Some people say that it is impossible to define the meaning of art. They could be wrong as if it couldnt be defined, then the word art would have no value in our language. Since we use it all the time, it must have some meaning to it. Some people say art can be anything and everything. However, if everything is seen as art, then the word art is in danger of losing its meaning because it no longer distinguishes certain things from others. According to the Theory of Knowledge, there are three possible criteria of what is classified as an art; the creative intentions of the artist, the quality of the work and the response of spectators. Beyond this, everyones opinion about what art is compiled of differs from each other. An artist is basically a creator of his art. He also is said to create the meaning of his art. He sees an object with his eyes and reveals the beauty in everyday objects. Besides that, he also tells a particular story through his work of art, whether they are his emotions, experiences or maybe his opinions. However, we should truly take into account that it is also possible that the artist refuse to create meanings within his art. As he is the creator of his art, he is the one who decides what he wants in his work. It is likely that he, in the first place, constructed his artwork without wanting to engage any meaning or substance in it and also, possibly, as an act of spontaneity. In a closer scrutiny, many people believe that an art has to have a meaning. Basically, it starts with the artists intention(s), whether he wants to convey a message to his viewers, express his thoughts and feelings through his art in many ways, such as through paintings on a piece of canvas, music with a pleasing melody, or even a well-crafted rhyme. For instance, take a simple sketch of beautiful butterflies on a notebook. As we, the spectators respond by scrutinizing the artists intention(s) based on the art, it will somehow evoke various emotions in our minds such as freedom, beauty or perhaps also, fragility and gracefulness. That is the meaning of an art. Another constructive example would be Vincent van Gogh, who did not consider himself an Impressionist as his artworks were all symbolic and has deep meanings in them. Basically, his art exploited nature to reflect his inner vision and emotional state through lines, colours, spatial composition, distortion and exaggeration. These methods were all manipulated to create a meaning in his art. Similarly to Van Gogh, another famous artist Picasso is another good example. For many years people criticized Picassos work of art, described it as devilish and -well insane. The main reason was that his art simply looked rather unnatural in its ways. However, they are still universally known around the world just because of the meanings implied within his artworks as it provokes thoughts and feelings. On the contrary, what if a piece of work of an artist does not have a meaning within it? Is it still considered as an art? What if the artist refuses to provoke emotions, feelings and thoughts of the audience? Does it still make his piece of work an art? What if the artist wants his work to be meaningless? What if he has no message to convey to his viewers? Maybe that piece of work is constructed with the intention to spend the spare time that he has?  As we view from a different perspective, it can also be considered that as long as artists have a creative intention and the urge to produce a piece of art, their work is definitely believed as an art through qualities such as the excellence of the work and the various materials, methods and technical skills used to produce the art regardless of whether or not their work has a meaning. Through my own experience, a few years ago, I drew a simple sketch of butterflies during free period in my notebook as I wanted to just draw whatever that comes to my mind at that moment. To be honest, I never thought of conveying any messages such as independence, beauty, fragility and so on to my audience. I had never considered how the butterflies carried deep, fundamental meaning and how they could be represented as symbolisms. As I was the creator of my art, to me, they were just butterflies. All I wanted them to be were butterflies, without any meanings at all. However, it is still considered as an art because my intention while drawing those butterflies was to loosen up my mind, and besides that, the quality of the drawing was fairly beautiful and attractive as it reveals the beauty in everyday objects. Lastly, I also gained response from spectators with their opinions about my drawing. To emphasize on my point, again, according to the Theory of Knowledge, things are considered as art if they fulfil the three criteria stated above. Thus, my work was without a doubt an art, even though it has no meanings within it. In conclusion, it shows that there isnt a definite answer of Yes or No to the question given above. Through the study of Theory of Knowledge, we are encouraged to see things in a bigger perspective and to examine every angle of a situation. In this matter, from one point of view, art has to have meaning in much the same way as words written on paper have meaning considering how an artist intends to convey a message and to communicate emotions without words. On the other hand, art also does not have to be about anything to be good. In fact, the more people tried to scrutinize and understand the meaning of the artwork, the less interesting that work becomes as they are easily deciphered by the audience. It is also said that the greatest art takes a lifetime to understand; the slightest takes a moment. While more people tried to make their own meaning from a piece of art, it does not mean that it is the initial meaning that the artist intended. Sometimes, many tried hard to figure out the meaning of an art but it turns out that the artists intention does not want his art to have any meaning at all.  I believe it is open to interpretation whether does something have to have a meaning or if it does not, is it still considered as an art?

Bharti and Walmart in the Indian retail market

Bharti and Walmart in the Indian retail market India: A Preferred Destination? The cradle of one of the oldest human civilization, India is a kaleidoscope of cultures, ideologies and topographies. A democracy supported by mixed economy, it provides a market comprising of close to 1.2 billion consumers, most of whom are young (below 25 years of age). The judiciary is separate from legislative branch to facilitate a free and just society. The country has witnessed robust GDP growth over the past couple of decades, following economic liberalization in 91. The economy is expected to touch a growth rate of 9.5% in 2010. Some other key indicators are listed below. Source: World Bank Emerging relatively unscathed from the Global recession of 2008-09, India exhibited its prowess in managing foreign policies and business. It seems that it is poised for its next stage of growth. It is expected that if overall economic growth remains around 7 to 8 percent then consumption will soar. According to Mckinsey, real consumption will grow from 17 trillion Indian rupees today to 70 trillion Indian rupees by 2025, a fourfold increase. This will put India in the premier league among the worlds consumer markets. Presently, its consumer market ranks 12th. The Great Indian Bazaar With more than 12 million outlets, the retail industry contributes nearly 14% to the GDP of India and employs more than 18 million people. A.T. Kearneys annual Global Retail Development Index (GRDI) ranked India as No. 2 retail destination (India held the top spot from 2005-07). The history of this sector can be traced back to village melas and haats, which subsequently evolved into convenience stores and cooperatives until the modern day retailing formats such as hypermarts, malls and supercentres. However the industry is still fragmented; organized retail constitutes a meagre 4% of retail sector in this country. On the bright side, the organized retail is set to grow at a CAGR of 50% and set to be worth $90 billion by the end of 2010. Major factors contributing to this rapid growth are changing lifestyles, strong income growth and favourable demographic profile. A lot of multinational players like Carrefour, TESCO and Wal-Mart have been sitting on fence waiting to enter India and g ain a share of this increasing pie. WalMart WalMart a globally recognized retail format was started by Sam Walton. It relied on the concept of discounting products to attract buyers. WalMart relied on the concept of operating in mid-sized towns which didnt have a retail store and built its base by opening in smaller towns; which eliminated competition. It implemented a robust distribution channel while leveraging economies of scale to ensure on-time delivery for all its diverse range of SKUs. WalMart relied on the concept of EDLP (Every Day Low Price) to sell its products. WalMart proposes to enter India in the Cash Carry Format (CC) for which distribution and supply-chain management will be the key elements in determining its success.Its operating income in FY 2010 was $24 billion over revenue of $ 405 billion and in all 8500 retail units. 64% of sales still came from WalMart USA against 25% of international sales. As of today, the only retail unit opened in India is in Amritsar with plans of opening 15 more soon. Leadership in Operations Supply Chain Management Leadership in operations came through following certain basic principles such as: Every Day Low Prices WalMart is the preferred choice for various customers for providing the promise of constant prices every time a customer walked in the store. The prices were around 20% less than the competition. They also followed a variety of other philosophies such as: Rollback Philosophy All the savings made during the operational efficiency attained was passed down to the customer through continuous negotiations and whenever an opportunity arose. Special Buy Logo WalMart from time to time flagged many of its items with the Special Buy logo to attract customers. It could be any of the regularly available items with a mark-up in quantity or a mark-down in prices till stocks last. The focus on customer was relentless. Customer service received immense importance with a philosophy to exceed customer expectations through the Sundown Rule answering customer queries by the End of Business hours and Ten Feet Rule to serve customers by greeting and asking if he/she needed anything while at WalMart. Success Model of WalMart Cost Control Culture WalMart believes in controlling cost through reducing operational expenses and maintaining a lean organization. This is followed to an extent that it became WalMarts core capability. Everyone from the top management to employee followed this rule diligently. Scott Lee, Chairman of the Executive Board and CFO Tom Schoewe too followed by travelling economy class and sharing budget hotels. Supplier Network One of the notable features of WalMart is its large network of suppliers. It also enjoyed a major bargaining advantage with them. It maintained operational excellence by pushing its suppliers to do the same through various methods. Logistics Distribution WalMart owns one of the largest fleet of trucks which helps it in retail operations immensely when IT was not yet a strategic factor. Later sourcing was centralized and its hub-spoke distribution model became robust providing inventory to 8500 units. Advent of EDI and RFID for its shipments were also beneficial for its logistic systems. Small Town Locations The factor of running WalMart in small towns was a successful idea but something that WalMart will not do considering its leadership potential. Various Initiatives taken for SCM WalMart has been continuously working towards getting its costs down and provide its benefit to its customers. Some of the recent developments have been: Arrival of RFID chips to track shipments WalMart has become its own freight forwarder which means that it will provide logistics support using its 6500 trucks and 55000 trailers and help reduce suppliers their wholesale price wherever suppliers are not able to This will help use excess capacity of WalMart and at the same time ensure that they get better efficiency from their suppliers Movement towards green-SCM by being users of renewable energy 100% in 7 years, reduce energy consumption by 30% in 7 years, create zero waste WalMart also has the state-of-the-art ERP solutions to support its logistics infrastructure Bharti-WalMart in India Since Government regulations became a deterrent in FDI in India, WalMart was forced to create a JV between Bharti WalMart USA which was floated as a separate entity. With just 26% investment allowed by foreign player, prospect of WalMart to operate independently has become a distant dream. Another rule that works against them is the prohibition of foreign investment in Multi-brand retail. In April, a rule said that transactions between group companies should be limited to 25% of the sales was implemented. This was challenged by Bharti-WalMart Private Ltd. And the Finance Ministry conceded that such a rule was flawed but still the 25% cap on the volume of trade will continue to stay. Bharti-WalMart is adopting creative ways of gaining favor with the government by opening its second Bharti-WalMart training institute that would train and provide jobs to people in the field of cash and carry format of stores. This also comes as a strategic move in a scenario where talent acquisition is a challenge for WalMart. A Memorandum of Agreement was signed between Bharti-WalMart and Department of Technical Education (New Delhi) Currently WalMart is leading the lobbying of opening up multi-brand retail in India by various requests being made to the Ministry of Industry Commerce. Analysis of a partnership between Bharti and Walmart Bharti and Walmart seem to be a good fit for each other. Bharti is a seasoned Indian player with good relationships with local enterprises and governments. Walmart has expertise in providing maximum value to consumers at lowest cost. Bharti knows the rules of the game and will save Wal-Mart a lot of time and energy to overcome the system. Walmarts logistics capability and Bhartis execution expertise will form a potent combination; therefore on paper the venture looks great. They have taken a step in the right direction by going in with Cash n carry format first as the government allows foreign partnership only in this sector, this will sort out the operational issues of the partnership. Though this franchise strategy with Bharti was a deviation from Wal-Marts usual way of entering countries, it was because the policy restrictions on foreign direct investment (FDI) in the Indian retail sector. As part of the agreement, Bharti was expected to pay a royalty between 2 percent and 3 percent of sales to Wal-Mart for using the latters brand name. As the retail sector is opened up for foreign players Bharti-Walmart is expected to be a formidable force in the Indian retail. The retail industry in India is estimated at about US$ 300 billion and is expected to grow to US$ 427 billion in 2010 and US$ 637 billion in 2015. The biggest competitor for Bharti-Wal-Mart is expected to be Reliance Retail, the retail wing of Reliance, which had planned to establish 10,000 stores by end of 2010. Even Pantaloon Retail, the retail arm of the Future Group was expected to give stiff competition as it has a first-mover advantage. The strength of these companies lies in understanding the Indian consumer better, Bharti with years of experience with Indian consumer and a famed success story can help Walmart overcome the competition. Besides competitive forces a major threat to this venture is the Indian governments policies, the government under political pressure from huge mom and pop stores which control the majority of sales in Indian retail can not just allow big players like Walmart to enter Indian market. Entry of Walmart may put lot of middle class people out of business whose sole source of income are these small retail stores. Besides this Walmart-Bharti will find it tough to beat the economies of small stores which are most of the times just walking distance from the consumer and have long term relationships with consumers. In sum, the Bharti-Walmart venture has a lot of positives on paper but it will be interesting to see how the venture performs once Indian retail is opened up. There are lot of competitive forces and other factors which may put the relationship under immense stress. Porters Five Force Analysis Indian consumers are gradually transiting from their habit of saving. They are becoming more brand conscious and starting to look upon retail shopping as an experience rather than an obligation. Global retailers would be happy to serve Indian markets but a major challenge is the strict Government regulation policy which restricts FDI to wholesale business. As of 2006, GoI allowed 51% FDI in multi-brand retailers and 100% FDI in wholesale (typically cash and carry format) and back-end logistics. It is in this context that we need to analyze the entry of Wal-Mart into India. SWOT Analysis of Bharti Strengths Large group with diversified investments Expertise in operating in developing countries Deep pockets to funds new businesses Started by an entrepreneur, that sense still prevails in the top management Weaknesses Slowing growth because of competition in prime area of operations : telecom Large size, has made the company somewhat bureaucratic No big and streamlined plan for future Focus on defending its advantage in Indian telecom sector Present in just south Asia and Africa Opportunities Enjoys good relations with governments/companies in India- one of the fastest growing economies in the world. It can move into other businesses easily A lot of new sectors coming up in Indian economy like retail, financial services etc. Has invested in branding of Bharti over the years, consumers have instant brand recognition with Bharti brand With opening of Indian economy it can tie up with huge MNCs to get the technical expertise Investors ready to invest in Bhartis new businesses because of positive experience with Bharti Airtel Threats Huge in Indian Telecom sector, can be tied down by competition here A lot of its businesses can be highly impacted by governments licensing decisions Indian economy is opening up with large MNCs setting up bases on their own, these pose direct competitive threats to Bhartis businesses The governments in India can change and Bharti may not enjoy the same relationships with new government SWOT Analysis of Walmart Strengths Wal-Mart has a reputation for value for money, convenience and a wide range of products all in one store. Wal-Mart has grown exponentially over recent years, and has experienced global expansion (for example its purchase of the United Kingdom based retailer ASDA). The company is adept at using information technology to support its international logistics system. For instance, Wal-Mart can see how individual products are performing in different countries and stores at a glance. IT also supports Wal-Marts efficient procurement. Human resource management and development are key elements of Wal-Marts strategy. It invests time and money in training people, and retaining them. Weaknesses Wal-Mart is the Worlds largest retailer; despite its IT advantages its size poses an inherent weakness. Walmart lacks flexibility since it is spread across many product categories. Despite being global it is present in only few countries across the world. Opportunities To form strategic alliances with other global retailers in China and eastern Europe Walmart is present in limited number of countries, the opportunity exists for it to expand in growing markets like India and China New types of stores offer Wal-Mart opportunities to exploit market development. They diversified from large super centres, to local and mall-based sites. Opportunities exist for Wal-Mart to continue with its current strategy of large, super centres. Threats Being a leader means that Wal-Mart has to fend off competition, locally and globally. Walmart may be exposed to political environments in countries that it is present. The cost of producing many consumer products has reduced because of lower manufacturing costs. Manufacturing costs are also low due to outsourcing to low-cost regions of the World. This has lead to price competition, resulting in price deflation and such intense price competition is a threat. The story thus far The entry strategy of Wal-Mart in India has been drastically different from that followed by the company when it expanded first in the markets outside US. The launches in China and Germany were marked by huge media frenzy just before the opening day leading to a deluge of customers thronging the stores. Also, Wal-Mart opted for metros and major cities to kick-off their operations since the urban customer was expected to be more aware of the brand Wal-Mart and thus the target market selected. Wal-Mart tweaked its strategy by making a low-key entry in Amritsar, Punjab in May 2009. There was also a deliberate attempt to avoid attention to the brand Wal-Mart by naming the initiative Best Price Modern Wholesale. Bestprice-modern-wholesale.jpg The emphasis in the logo is on Best Price with both Bharti and Walmart logo in small font acting as the supporters rather than the drivers of the project. The reasons for such a strategy are as follows: Local Opposition: Over the past 5 years various pilot retail ventures in India have met with stiff resistance from local communities especially farmers and retail store owners. By making its entry a low-key affair, Wal-Mart does not want to attract undue attention. Also, since it is the Cash and Carry business, there is no to blow the trumpet when the target audience is itself the retailer and not the end customer. The requirement was a focused and not high profile entry and Wal-Mart executed it accordingly Competition: Metro and other Cash and Carry giants started off their operations in India by opening stores in Bangalore, Delhi, Mumbai and other metros. The hinterland thus offered opportunities in terms of untapped market. Wal-Mart recognizes and acknowledges the fact that more than 10 million other tiny retailers in India are its greatest challenge and greatest opportunity. If it can win them over, they are likely to become its biggest customers. Anger them and they could use their political power to block expansion. Cash Rich State: At first glance, opting hinterland over metros seems consistent with Wal-Marts US strategy where the company expanded by targeting small towns because of low cost of entry. There is, in fact, more to the same. Punjab in years since the Green Revolution has had among the highest per capita income levels in the country. Thus, it makes sense for Wal-Mart to enter a cash-rich state. Brand Recognition: Even though Wal-Mart has made a low key entry de-emphasizing the brand Wal-Mart, the customer needs to have enough trust in the organization he is making the transaction with. The name Wal-Mart is in some ways familiar in Punjab due to the large diaspora from the region in US/Canada and thus breeds recognition. In order to make enhance their image in the region, Wal-Mart has also embarked upon a host of social initiatives. 1. Donation of push carts to village vendors. 2. Part time employment to cart vendors and senior citizens 3. Plantation drive: Planting saplings around the store 4. Mera Kirana and Business Solutions Centers to help small and medium retailers implement best retailing practices The Wal-Mart strategy so far has been low-decibel while steadily gaining acceptance of the local community. This is essential for when the FDI in retail is finally approved by the government, the company shall hope to make a smooth transition from Cash and Carry to their traditional stores and announce the same, hopefully, with a bang. Will WalMart succeed in India? India boasts of a buzzing retail market with growing incomes. However WalMart must realize that it will face woes in forward logistics considering that India loses 40% of its produce due to storage and transportation issues. Even if WalMart builds up its fleet in India, the logistics network in India is far from the best. Indias highway network can carry around 65% of freight traffic and 85% of passenger traffic and many National Highway Development projects not yet complete the challenge will be immense to be cost-effective. Many of the SCM initiatives followed by WalMart will take more time to get implemented in India including the RFID initiative, green SCM initiative. However freight forwarding is something that WalMart can look at to increase their effectiveness in India. Analysts say that typically cost-measures taken in investments in cold-storage and other logistics measures take around 3-5 years to yield benefits. Currently with the single-store in Amritsar, the backyard of wheat-bowl of India such a problem is averted. Analysts also have pointed out that a supply-chain of international standard will take at least a decade before it comes to India. WalMart is also facing issues in terms of keep itself away from its share of controversies. With an intention of staying low-profile in India to avoid any retaliation from local retailers it opted for an alternate name Best Price Modern Wholesalers logo, which was claimed to have 4 trademarks already by the Department of Trademarks. With the existing Government regulations the growth story of WalMart in India looks slow to moderate in medium term. With a new target of opening just 7 stores and hiring around 1100 employees against the existing 450 employees says about the sentiment of Bharti-WalMart in India. Commentary on Walmart WalMart is presumably doing many things right by playing its cards intelligently and in sync to the Indian sentiments of not being too pushy about its prospects in India. Also taking up initiatives to gain local sentiment is something that will work in its favor. Government on the other hand is also looking towards easing out rules in Cash and Carry Format which could benefit WalMart and speed up plans for same.