Marriot and Body Shop Aims and Objectives Essay Example for Free

Marriot and Body haunt Aims and Objectives EssayintroductionMarriot is an international brand however the purpose of this controlled assessment, they will be my local bloodline known as London Heathrow Marriott-LHM. Marriott is currently a private limited company (PLC) and has two other private investors as owners of the company. The Marriott hotel was founded in 1993 and is located in Harlington, Hayes. Currently its labour turnover for the month of folk (2010) is an increase of 10.1%. Marriott acquires approximately 133,000 employees world wide and between 8,000-9,000 employees in the UK. My other local line of descent is The Body shop. The Body Shop is an international businessDefinition of AimsThe long-term goals a business pauperizations to achieve. Goals that a business wants to achieve to be successful.Explain what aims areDefinition of object lenssThe specific steps taken by a business to achieve a goalObjectives have to S.M.A.R.T, this stands for* Specific* Measur able* Achievable* practical* TimeMarriotts aims* thickening Satisfaction Superiority* Marriott Profitability Owner Return on investment* Associate SatisfactionMarriotts objectives* GSS (Customer Target) 75% (satisfied with over whole service) * Sales turnover of 20m per annum* Labour turnover slight than or equal to 25%Summarising Marriotts aims and objectivesMarriot have set themselves three aims that they hope to achieve. These three aims take off from making a profit on their investment to guest and employee satisfaction. Marriotts first aim and objective focuses on customer satisfaction. They are going to meet this goal by being customer think and meeting customer needs. To achieve this they will do everything in their power to keep their customers happy to snap off recommendations to other people and for them to keep coming back to their hotel. They need to deliver the wow factor by providing the best quality of service. They intend to meet this aim by encouraging their guests to complete a Guest Satisfaction Survey.To achieve their aim they need 75% of their customers to be satisfied. The management team reviews all these surveys to find out what they need to improve on to make the hotel and make it the best in the industry. They in like manner focus on associate satisfaction which focuses on the employees. They are striving for labour turnover less(prenominal) than or equal to 25% therefore Marriott hope not to lose more than 1 in 4 of their employees. They aim to make employees satisfied by ensuring their staff is happy. They will achieve this aim by motivating their staff and rewarding them with staff benefits for example LHM offer Valuable room rate, food and beverage, and sell discounts at global Marriott locations.This gives the employees the feeling that Marriott cares about them. Also the amount of pay that is offered by Marriott is higher than about equivalent jobs. This makes the employees want to stay as they know that there is a ve ry slim meet that they will find this amount of pay anywhere else, or they may not get the homogeneous amount of bonuses-motivating them to do better- The want the communication between the staff and Marriott management to be strong as this gives the employees the sense that they are involved within the business.Their third aim and objective focuses on Income and money made. Marriott want to make a profit and have a sales turnover of 20m per annum. By doing this they will be able to maintain share prices and reward shareholders with dividends. Furthermore they will be able to do this by increasing sales revenue for this hotel. This has been set out by the management senior Marriott personnel in the US. The will achieve this by providing the best quality of service. consistence shopAims* Leading business in the witness industry* Fair trade* Protect human rights customers and staff* Protect the Environment and planetbody shop objectives* Continue to grow by maximizing sales * All our suppliers have signed the order of conduct supporting ethical, fair trade program. * Improving working conditions for body shop employees and protecting their human race rights * Every product packaging is made from 100% recycled materials Summary of the body shop aims and objectives

Effective Communication Essay Example for Free

potent Communication EssayEffective communication is an essential part in any attractorship position. Communication is a two-way answer that includes articulating your thoughts well and listening to the suggestions and information coming from other heap involved. Its through communication that other people in a company would be apprised of how a particular project is going.In the case of a lead project mastermind for Cards4U, to effectively communicate to all people involve in the rude(a) card line, the team leader must have an intimate knowledgeof the new project. Once he has all the information he needs, the lead engineer should create a flowchart to ensure skill in the execution. In response to the chief executives request, the flowchart will also help the lead engineer create a good proposal that would showcase the musical cards in the most easy light.The specific skills that the lead engineer must have to perform the communication aspect of his job expeditiously inc lude having a strong ability to get his message across open-mindedness and ability to listen actively.As a team leader for a creative venture, the lead engineer must be equal to provide a clear explanation and reason for each of the musical card prototype. If he cant, he wont be able to sell his ideas to his boss and to prospective clients. In the same manner, the team leader must also be open-minded about criticisms regarding the new designs. Keeping an open mind would leave behind him to objectively assess the validity of each comment. As for having the skill to listen, the lead engineer would greatly derive if hell take note of verbal and non-verbal messages. Blair adds that listening also involves asking questions and clarifications and putting yourself in the speakers shoes.ReferencesBlair, G. communion As Communication. Retrieved November 26, 2007, fromhttp//www.see.ed.ac.uk/gerard/Management/art7.html?http//oldeee.see.ed.ac.uk/gerard/Management/art7.htmlFowler, K. Communi cation in Your Organization. Mind Tools Ltd. (1995-200). RetrievedNovember 26, 2007, from http//www.mindtools.com/CommSkll/CommunicatingInAnOrganization.htmCommunication Skills Confidence (2005). leaders Skills for Todays World. RetrievedNovember 26, 2007, from http//www.communication-skills-4confidence.com/leadership-skill.html

Operations management Essay Example for Free

Operations anxiety EssayThis assignment requires schoolchild complete an analysis of the LensCrafters case from Chapter 6 of the text. Write a six summon paper in which you1. Evaluate LensCrafters operations strategy and explain how the organization seeks to gain a competitive advantage in terms of sustainability. 2. break how operation management activities affect the customer experience. pick out two (2) operation management challenges and provide the solutions for confronting them. 3. Examine LensCrafters cherish chain and evaluate its effectiveness to operations in terms of attribute, value creation, and customer satisfaction. 4. Determine the different types of performance measurements that can be used to measure LensCrafters service-delivery system design. Select at least two (2) types that can be utilize and provide justifications for the selection. 5. Examine the different types of technologies applied to LensCrafters service operations and evaluate how the techno logies strengthen the value chain. 6. Use at least three (3) quality resources in this assignment. Note Wikipedia and similar Websites do not qualify as quality resources. Your assignment mustiness follow these formatting requirements Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides citations and references must follow APA or school- item format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the students name, the professors name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are Apply the concept of operations management. Compare and contrast the difference of opinion between a supply chain and a value chain. Analyze the types of measures used for decision making. Analyze the five key competitive priorities a nd their relationship to operations strategy. Analyze different types of technology and their role in manufacturing and service operations. Use technology and information resources to research issues in operations management. Write clearly and in short about operations management using proper writing mechanics. Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.

Create atmospher Essay Example for Free

Create atmospher strainThe writer creates a tense, aggressive and delusory atmosphere. Miller creates a tense atmosphere as Eddie is fight Rodolfo with sneery comments to lower his self esteem and make Rodolfo look bad in Catherines eyes. The quote thats why the piss front is no emerge for him (Rodolfo) Eddie is making Rodolfo feel unwanted and like this place is no place for you. Also this could imply that Catherine also no place for him and he needs to back off. In the do direction Miller make the atmosphere tense by I quote (has has been unconsciously vortex the newspaper into a tight role) and every bingle is looking at him and ack forthwithledging him knowing how much Rodolfo annoys him. Then miller writes in the stage direction to the highest degree the paper suddenly tears in two this doesnt only march eddies frustration and strength entirely also could symbolise Eddie and Catherines relationship, it turn ups if Eddie keeps on pushing her and twisting their rela tionship and lastly it will break and Catherine will have to make a decision and that is exactly what happens later on in the play when Catherine has to chose between staying with Eddie or going with Rodolfo and she fin entirelyy feels she needs to stand up for herself and gain up so goes with Rodolfo.Eddie wherefore moves on to how Marco and him should go see a fight to keep upher, and constantly addressing Marco demonstrate he feels Marco as the only mortal who can put Rodolfo down a peg or two, he loves the dominance over Rodolfo so indeed takes favor of this by always asking for Marcos commendation on matters on how Rodolfo has do bad, like when Catherine and Rodolfo were out late at the pictures and Eddie states about how Rodolfo might get picked up if hes out that late and how he dragged Catherine off and shouldnt be out so late with her. Marco asks Eddie what has he done and Eddie tells him about being late In and Marco say to Rodolfo you come home early now Eddie lov es how Marco can embarrass and be dominant over Rodolfo.When Eddie is talking about fighting Marco is uneasy because he can see that its not a good report, but Eddie is making the atmosphere so misleading he is being nice and saying things like you want to come and I treat you and he says Ill buy the tickets at this point the reader is not sure of what is going to happen but we have this thought at the back of our stage that its not a good idea and prefigurative danger.Then the atmosphere turns violent and tense, it starts out Eddie saying about how he could teach Marco how to box, consequently he turns to Rodolfo and then states well come on, Ill teach you instantly this seems an innocent gesture from anyone else but not Eddie, he knows what he is doing and just wants to get back at Rodolfo. He is saying Ill show you a couple a passes these argon all excuses he just wants a chance to cut down pain on Rodolfo. Boxing is another bitly sport that feminine Rodolfo cant do, and Ed die knows this so takes advantage of this weakness knowing he wont be able to defend himself so expects Rodolfo to be weak.It then turns out that Rodolfo is very good and both Eddie and Marco are praising him so this all seems like a bit of fun but then Eddie is egging him on to do worse and saying dont pity on methrow it we then get this superstition that its not going to turn out well. Eddie then states you cant brook me but we know this is not true because Rodolfo has already hurt him but through Catherine instead, Eddie knows this and takes advantage of this all the time making the atmosphere tense and aggressive, Eddie knows he has sort of lost Catherine to Rodolfo and is determined not to recur to Rodolfo at something Eddie is good at.Catherine then becomes scared and is the only one sensing trouble so asks what are they doin? and Beatrice doesnt think anything of it and is happy they are finally getting on and cant see the trouble pot it. Eddie seems fine and happy then al l of a sudden fakes a punch and lands his right on Rodolfo, Rodolfo staggers. Marco then rises this shows that Marco is not afraid to stand up for his family and is kind of warning to Eddie.Then Catherine rushes to Rodolfo this will disadvantageously anger Eddie as it seems Catherine has already made the decision to go with Rodolfo instead. Eddie senses Catherine is angry with him so instantly comments on how Rodolfo is fine and saying did I hurt you kid? he is trying to keep the atmosphere torpid and not get on the bad side of Catherine. Beatrice then puts and end to it and says thats enough to Eddie. He then says to Marco Ill teach him again and in the stage directions It states Marco nods dubiously this shows that Marco weary of this. Eddie is made out to be a bully and Rodolfo seems even better in the eyes of Catherine for being so good at boxing and not fighting back to Eddies punch.After the boxing the atmosphere becomes tense again Rodolfo puts on the record paper doll and we know that this record has created quite a tense atmosphere in the past because the lyrics symbolises the love triangle between Eddie, Catherine and Rodolfo. The lyrics state about how Catherine is Rodolfos girl and not Eddies anymore and Its yobbo to love a doll thats not your own and thats how Eddie feels. We know that this was not a good idea for Rodolfo to do then he asks Catherine to dance.Marco can see that Eddie is uncomfortable with this, so Marco sets him a challenge he places a chair in front of him and asks him to lift the chair by one leg and with one arm behind your back, Marco only demonstrates this though, this may imply that Marco wants to be the dominant one and show Eddie how its done after Eddies pathetic attempt to do it, Eddie then proceeds to accept the challenge it.Eddie cant do it and never faults himself and how its because the chair is on an angle not because he isnt strong enough. This could also symbolise about how Eddie feels his judgments are right a bout Rodolfo and now Marco needs to show Eddie some dominance and prove Eddie is wrong. Marco then raises the chair exactly how he showed Eddie and he carries on hiring the chair all the way above his head and belongings it there. The stage directions state Marco gives of a grandness of warning to Eddie all the while still holding the chair over his head, he is stating to Eddie to back off and leave Rodolfo alone before he does something his regrets. His glare then turns into a smile of triumph this shows that he has dominance over Eddie and control. Marco ends the scene as the close powerful man.All the while the atmosphere has a constant theme of tension and aggressiveness. In this derive there is pathos which means you feel sympathy for a someone and this particular person is Eddie. He never seems to get what he wants and has been seen as a bully and not a nice person in everyones eyes. We feel pity for him as Catherine has shown she has chosen Rodolfo over Eddie and now Eddi e seems powerless and not the man of the house when Marco shows his act of dominance.

Effect of Art Essay Example for Free

Effect of Art EssayTraditionally, we watch believed that machination imitates sustenance. The lynx represents what he or she sees by producing a scene on a canvas. The sculptor does the same with dye or stone. A photographer or film maker does it even more directly. A writer describes life in his or her books. This simple concept is known as mimesis. But some lose questioned the one- path nature of mimesis by arguing that art also changes the way we view the world, and in fact, life sometimes imitates art rather than the other way around. The person who first articulated this belief in effect was Oscar Wilde. Speaking ab out(a) the foggy conditions in London in the late 19th century, he wrote that the way we perceive them changed because of art. Referring to the wonderful brown fogs that come creeping down our streets, blurring the gas lamps and turning houses into shadows he argued that poets and painters provoke taught people the loveliness of such effects. According t o Wilde, They did not exist till Art had invented them.And you dont have to look too far to see anti-mimesis in our lives. To what extent is our outlook on life modify by ideas we read in books? The portrayal of people in films? The styles we see in fashion photography? One great recitation of this is the TV series The Sopranos, and how it affected both the Mafia in the ground forces and the FBI.Arts puzzle out on society propaganda and censorshipThroughout history, it has always been the case that art has the power to change society, especially when new media are used to express an idea. During the First World War, for example, film cameras were used for the first time to record trench warfare when the film was shown in cinemas in Britain, audiences ran out screaming. This led to the government censoring further such use of such a powerful medium. And in government censorship, and use of art as propaganda, we see how seriously governments take the effect of art.All of the maj or(ip) dictators of the C20th understood the power of art to influence the population. In national socialist Ger many an(prenominal), Hitler set up the Ministry of Propaganda and National Enlightenment. It was headed by Goebbels, who made sure that nothing was published, performed, or exhibited without his approval. When this happens, you know there isnt going to be a happy ending.And what Goebbels approved, of course, only fit in with Nazi ideology and ideas. In terms of art, this meant no raw and abstract art, certainly nothing hostile to the regime, and nothing that featured images other than the stereotypical blonde-haired, blue look set in idyllic pastoral scenes of blissful happiness.In Stalinist Russia, there was also a keen understanding of the power of art. Art portrayed contented peasants, industrious workers, and Stalin himself. In fact, Stalin was shown god-like in many paintings, a phenomenon known as the Cult of Stalin. Just as in Germany, gigantic architectural proj ects verbalised the power of the state.However, there is no doubt that in Russia there were greater artistic achievements than in Nazi Germany. Composers worked with a couple of(prenominal)er hindrances as seen in the works by Prokoviev and Shostakovich, and film-makers such as Eisenstein emerged. Arts influence on society the trial of Lady Chatterleys Lover But even under little oppressive governments, the artistic expression of certain ideas can be subject to control. One great example is the book Lady Chatterleys Lover by DH Lawrence, which was deemed offensive on many levels. In this book, Constance Reid, a woman from a progressive liberal middle class family marries a minor member of the aristocracy, master key Clifford Chatterley, and takes the title Lady Chatterley.But her husband is injured in the First World War, confined to a wheelchair, and left impotent. Despite this, he becomes a advantageful writer and businessman. It is more his obsession with financial success and fame rather than any physical difficulties which come amidst him and his wife, and she begins an affair with their gamekeeper, Oliver Mellors. The largely aristocratic establishment of Britain at the time the book was published in Italy in 1928 were shocked by many aspects of the book. First, there was the fact that the book was obscene, in the way it went into explicit detail the affair that took place (see below).Second, there was the fact that a women was breaking her marriage vows, something considered far worse than a man behaving in the same way. Finally, it equal an intimate relationship between a member of the lower classes (although it emerges during the story that Mellors is actually well-educated, and became an officer in the army during the First World War) and the upper classes, a concept that was totally taboo in Britain at that time. The book was duly banned.But the book was republished by Penguin books in 1960. The attorney general, Reginald Manningham-Buller (dubbed Bullying-Manners by the journalist and origin Bernard Levin) had to read only four chapters to decide to prosecute Penguin books for publishing it. What annoyed him was not just the content, tho the fact that the price of the book meant it was affordable to women and members of the lower classes (remember that only few women worked at this time, and husbands were generally in charge of family finances). The trial was a disaster for Manningham-Buller and the prosecution.They had failed to find any experts to support their case, in stark note to Penguins defence team, which had brought in authors, journalists, academics, and even members of the clergy to defend the book. Manningham-Buller and his team had very little idea of what Lawrence had been try to express in his book, regularly being caught out by the superior insight of the witnesses they were trying to centering out. And although they tried to shock the jury in his opening speech, Manningham-Buller announced Th e word fuck or be intimate appears no less than 30 times . . . Cunt 14 times balls 13 times dickhead and arse six times apiece cock four times piss three times, and so on. they were unable to prove that the book would have a negative influence on the readers it was aimed at.According to the guardianNo other jury verdict in British history has had such a dim social impact. Over the next three months Penguin sold 3m copies of the book an example of what many years by and by was described as the Spycatcher effect, by which the attempt to suppress a book through unsuccessful judicial proceeding serves only to promote huge sales. The jury that iconic representative of democratic society had given its indorsement to ending the taboo on sexual discussion in art and entertainment. Within a few years the stifling censorship of the theatre by the lord chamberlain had been abolished, and a gritty realism emerged in British cinema and drama. (Saturday Night and sunshine Morning came ou t at the same time as the unexpurgated Lady Chatterley, and very soon Peter Finch was commenting on Glenda Jacksons tired old tits in Sunday Bloody Sunday and Ken Tynan said the first fuck on the BBC.)Homosexuality was decriminalised, abortions were available on reasonable demand, and in order to obtain a divorce it was unnecessary to prove that a better half(prenominal) had committed the matrimonial crime of adultery. Judges no longer put on black caps to judgment of conviction prisoners to hang by the neck until dead. Can we say, though, that it was art in this case that changed society, or was it an interaction between human sciences (ie, the law) and the arts (the book) that led to change? This is from the same Guardian article the message of Lady Chatterleys Lover, half a century after the trial, is that literature in itself does no harm at all. The damage that gets attributed to books and to plays and movies and cartoons is caused by the actions of people who try to suppr ess them.

Sustainable city Essay Example for Free

sustainable city EssayPlanning gives spice in life. From grooming a wedding ceremony, preparing how to pass billet interviews, thinking ab discover getting into a relationship, to family meal visualise, what course to take in college, buying what cellphone brand you like, what time you be going to start your day, what color would you want to wear when you come to office, and supplying what to do to brighten up someones day. The famous philosopher Confucius once said that A bit who does not think and plan long ahead will find trouble right at his door. In every aspect of life that needs decision making provision is very essential. So, preparation simply means getting away from trouble. Hence, if there is intend then there are confine of goals and objectives that need to be attained. Needless to say, the success of the goals and objectives that has been set is the optimal result of cooking. Otherwise, somebody who did not plan should be ready to face the consequence of actions done with emerge putting a second thought. But planning is not always about waiting for the good things to come, well, unless of course one is prepared to fail.It could be other story, but who plans to fail anyhow? This is why planning should be defined appropriately. Planning is (1) deciding forthcoming course of action from amongst alternatives, (2) is a process that involves making and evaluating each set of interrelated decisions, and (3) selection of missions, objectives and variation of knowledge into action. For some experts in different fields like Alan Lakein, a famous American writer, planning is bringing the future into the present so that you can do something about it now. On the other have former president of the United States, Dwight Eisenhower stated that plans are nothing planning is everything. President Eisenhower also gave prerequisite points about military planning in preparing for battle I have always found that plans are useless, but planning is indispensable. Moreover, cultures have united ideas about how significant planning is. Chinese believe that when planning for a year, plant corn. When planning for a decade, plant trees. When planning for life, train and educate people. Plato a classic philosopher once said that the beginning is the most important part of the work wherein planning takes place at the beginning of every project, event, and decision making. The Bible as well says that Lord does planning for his creations especially gentlemans gentleman beings because good things come to those who have faith in Him like what is written in Jeremiah 2911 of Todays International Version of the Bible I know the plans I have for you, declares the Lord, plans to win you and not to harm you, plans to give you hope and a future. Since we are aware about what happens if careful planning is done we are also aware that not all things that had been planned always turn out to be the expected results we want to achieve. Meaning pl anning is not always as rewarding as we though it could be. Otherwise, failure would not exist. Planning without proper application will result to failure. But the quintessential part of planning is, if one plans he or she has already an edge over achieving good results right like what the famous Spanish novelist Miguel de Cervantes said to be prepared is half the victory. There are more facets in life that need planning say for example family planning, business planning, financial planning, urban planning, and educational planning. In business, planning is profit and money not bankcruptcy. Family planning means a good and a happy family life. In financial aspect, planning means more savings and not total combine in credit cards. In urban planning which includes both the aesthetic and safety aspects of a city, planning means sustainable city.For educational planning, parents chose to pay for educational plans just to ensure their childrens future. In widely distributed cases, sa y for example in planning an event to make it successful the organizers put up a separate committee called ad hoc committee just to have people who will be trustworthy in the planning process. The ad hoc committee is accountable in thinking of possible plans and should carry out means in the realization of the success of the event.

The Motive Behind Mergers And Acquisition

The Motive Behind conjugations And accomplishmentINTRODUCTIONBackgroundMergers and skills acquire gained essential importance in todays integrated humans. This process is extensively used for restructuring the business organizations. Some healthful known financial organizations also took the necessary initiatives to restructure the corporate sector of India by adopting the spinal fusions and attainments policies. TheIndian sparing re hit since 1991 has opened up a whole constituent of challenges twain in the domestic and foreign spheres. The increase competition in the global mart has prompted the Indian companies to go for optical fusions and encyclopaedisms as an important strategicalal choice. The trends of mergers and acquisitions in India sacrifice changed over the years. The immediate effects of the mergers and acquisitions have also been diverse across the respective(a) sectors of the Indian economy.The Indian Economy has been growing at the fast rate and emerging as the close promising economy in the world. Be it in IT, RD, pharmaceutical, infrastructure, energy, consumer retail, telecom, financial services, media, and hospitality etc, there has been a augury of promising boom in the Indian economy. It is the second fastest growing economy in the world with GDP touching 8.9 % in 2010. Investors, big companies, industrial houses view Indian market in a growing and proliferating phase, whereby fruits on capital and the dole outholder returns are high. Both the inbound and outbound mergers and acquisitions have increased dramatically. According to Investment bankers, Merger Acquisition (MA) deals in India will cross $100 billion this year, which is prototype last years level and quadruple of 2005.Indias merger and acquisitions deal rate in year 2010 reached nearly US $50 billion which is three times of the deal value last year 2009. at that place were MA deals worth almost $16 billion in 2009, down from close to US $40 billio n in 2008.DefinitionsMergersMergers or amalgamation is combination of two or to a greater extent companies to formulate as a single new association. In this process no fresh investment is do, however an convert of shares takes place between the entities. In simple vergeinals, a merger involves the mutual decision of two companies to compound and become unity entity. Generally, merger is through with(p) between the two entities having resembling size.Varieties of MergersMergers can be of mingled types. But there are 5 main mergers varieties which are valued about in the corporate world.Horizontal merger Two companies that are in direct competition and sharethe self aforementioned(prenominal)(prenominal) harvest-feast lines and markets.Vertical merger Two companies which are in the Value Chain.Market-extension mergerTwo companies having akin proceeds but contrastive target market.Product-extension mergerTwo companies selling different but related products in the same market.Conglomeration Two companies with unrelated business/ industry.AcquisitionsAcquisition means buying the ownership of whiz gild by an a nonher(prenominal) play along, often as the part of the growth strategy. Unlike in merger, acquisition is globally done by a large lodge to a small one. Acquisitions can be either friendly or hostile. Like mergers, acquisitions are actions through which companies seek economies of scale, efficiencies and enhanced market visibility. Acquisition is done either in cash or acquiring the linage of the target comp whatever or both.Distinction between Mergers and AcquisitionsMergers and Acquisitions are often uttered as one and the same and considered to have the same meaning. But the terms merger and acquisition are two different term meaning.When one participation takes over another independent comp both and clearly established itself asthe new owner, the purchase is called an acquisition. From a legal point of view, thetarget companyceases to exist and the buyer or the merchant bank possesses the full gibe of the business and the buyersstock go alongs to be traded, then it is acquisition.Regard little of the type of the strategic alliance they all have one purpose in common. They are all meant to create synergy that makes the value of the combined companies greater than the sum of the two parts.SynergySynergyis the force that is obtained when two or more components meet unitedly to produces an exceptional result which when done solely cannot be discoverd. In a business synergy takes the form of enhanced performance, increased profitability and exceptional cost reduction. By merging, the companies hope to benefit from the following lag reductionsEconomies of scaleAcquiring new technologyImproved market reach and industry visibility immensity of the selectWhen a company wants to expand, there are various ways its can do. They can achieve the growth either by capturing the market share or by growing through strateg ic alliances. The main objective of the merger or acquisition is to achieve growth and synergy, economies of scale and capture or expand the market share.Buzz of merger and acquisition often creates hype in the financial market about the acquirers stock price. While most empirical research on merger focus on daily stock return surrounding announcement date, a few studies also look at long term performance of term performance of acquiring firm subsequently merger.1Not provided that, the performance of the company as a whole is also a matter of question mark. leave the company be able to perform better than it is doing or not?Problem Statement more firm prior to merger and acquisition have an expectation to create a synergy from merger and acquisition. The main motive behind MA is to create efficiencies in the business and expansion of the business. But they most of the time ignore the fact that the effect of merger and acquisition has direct correlation with the value of the acqui rers company and the stock price. The other problem that is to be considered is the financial risk associated with the MA.Research ObjectiveThe objective of this study is to gain the deeper and clear knowledge of the merger and acquisition on the acquiring firm. It also aims at the financial risk that a company may face contain merger/ acquisition asa head as the long term performance of the acquirer. The objectives are as followsTo examine the effect of EPS myopia on the return of acquiring firms in mergers.Evaluate the effect on the stock price of the acquiring company spatial relationure merger and acquisition.Critically evaluating if the shareholders of the acquiring companies experience wealth effect as a result of MA.The anticipate long term performance of the acquiring firm.Study of the financial risk pertaining to the merger and acquisition.Research apparent movementWhat is the motive behind Merger and Acquisition?What is the effect on the stock price of the acquirer p re and post MA?Does the buzz create the bubble effect on the market or is it long undestroyable?What is the wealth effect of the acquirer firm post and pre MA?What is the trend of MA in Indian market?Drivers of MA in IndiaWhat are the effects of MA to the competitors?Effect of the tax to the government post merger and acquisition.Limitations of the StudyNo proper information on the companies is found except for their Balance tag end and Income Statement.This study is based on secondary entropybase, so errors in the data could affect the results of the study.External factors much(prenominal) as economic conditions, regulatory changes etc are not interpreted into consideration.An overview of the StudyThis dissertation is divided into louvre chapters. The first chapter deals with the background information, problem statement, objective of the study, importance of study, research question limitation of the study.The second chapter deals with writings review. This chapter indicate s the theoretical framework of the valuation method of Merger and Acquisition. It shows the detail description of the past research that has been done on the topic and discusses the outcome of the study.The third chapter deals with the research methodology of the dissertation. It deals with the Research method used for the data and information collection. It includes sample selection/design procedure, data collection and data analysis tools used in the dissertation. In this part assumptions had been made where there is lack of appropriate data and information.The fourth chapter deals with analysis and rendering of the financial data that are used to achieve the objectives of the dissertation. This section mainly deals with the findings from the study and also focuses on the analysis and its results.The fifth and the last chapter of this dissertation present the findings of the study, recommendation of the study to the investors, financial managers regulators. It also concludes the suggestions for future(a) research.Chapter IIReview of the Literature2. Literature ReviewMany authors and writers have written lot about merger and acquisition and its impact on the performance of the company as well as on the economy. A great deal of research has been carried out on the performance of the corporations involved in the merger and acquisition. When a company wants to jump start a long term growth or advertise up the corporate performance, MA may seem to be the best option. Yet study after study puts the success rate of MA lies just between 20% and 30%. A lot of researcher had tried to explain the abysmal statistics, usually by analyzing the attributes of the deals that worked and those that didnt. What is lacking is the robust theory that identifies the causes of those success and failures.22.1 Merger and Acquisition Conceptual ReviewFarlex Financial Dictionary3has defined A decision by two companies to combine all operations, officers, structure, and other funct ions of business. Mergers are meant to be mutually beneficial for the parties involved. In the graphic symbol of two publicly-traded companies, a merger usually involves one company giving shareholders in the other its stock in rally for surrendering the stock of the first companyPratap G. Subramanyam (2005) has stated merger as in the term associated with the integration of one company into another. The merging company should exist thereafter and all its assets and liabilities get lawfully vested in the merged company. This means that the merger means amalgamation of the assets of the two or more companies to form a new company serving the similar or different purpose.2.1.1 Recognition of amalgamation (merger) by Indian Statutory BodiesThe telephoner make of India does not define an amalgamation or a merger. Therefore, the term are being interpreted as being included in the term show as defined in dent 390(b). This is vindicated by the fact that slit 394 talks about arrange ment that are in nature of amalgamation of two or more companies. It is possible under Companies Act for two or more companies to amalgamate using the shareholder approval route under Section 293(1)(a) though such route is never adopted. The more appropriate route is to get court ensnare under Section 394 of the Act, which has been specifically enacted to enable amalgamations.Section 390 This section provides that The expression arrangement includes a shakeup of the share capital of the company by the consolidation of shares of different classes, or by the division of shares into shares of different classes, or by both these methodsSection 394 This section contains the powers while sanctioning scheme of reconstruction or amalgamation.Under the Income Tax(IT) Act, 1961 Section 2(1B) the word amalgamation in relation to companies means the merger of one or more companies to another company or the merger of two or more companies to form one company so that altogether the property of t he amalgamating company or companies before the amalgamation becomes the property of amalgamating company by virtue of the amalgamation.All liabilities of the amalgamating company or companies immediately before the amalgamation become the liabilities of amalgamating company by the virtue of amalgamation.Accounting Standard AS-14 defines amalgamations as those pursuant to the provisions of the companies Act or any other statute, which may be applicable to the companies. Therefore, it applies to all transactions that come under the purview of Section 391-394 of the Companies Act that relate to integration of two or more companies. AS-14 categorizes amalgamation into two categories (a) amalgamation in nature of merger (b) amalgamation in nature of purchase.An amalgamation fall into former category ifAll assets and liabilities of transitor company become after amalgamation, the assets and liabilities of the transferee company.Shareholders holding not less than 90% of the face value of the comeliness share of transferor company (excluding the shares held by the transferee company), become the equity shareholder of the transferee company by virtue of the amalgamation.The consideration for the amalgamation, receivable by those equity shareholders of the transferor company who agree to become the equity shareholder in the transferee company, is discharged wholly by issue of shares (except for fractional shares that may be settled in cash).The business of the transferor company is intended to be carried on by the transferee company.Acquisition is the mechanism by which companies change hands and through transfer of ownership of share or transfer of control. Acquisition means the purchase of or getting access to significant stakes in a company, often making such acquirer a major shareholder or force in the company.According to Dictionary of Financial Term4If a company buys another company outright, or accumulates replete shares to take a controlling interest, the de al is described as an acquisition. For example, if Corporation A buys 51% or more of Corporation B, then Corporation B becomes a subsidiary of Corporation A, and the activity is called an acquisition. A single investor may buy out a publicly-traded company one calls this going private. Acquisitions buy the farm in exchange for cash, stock, or both.Acquisitions may be friendly or hostile a friendly acquisition continues when the board of directors supports the acquisition and a hostile acquisition occurs when it does not.2.1.2 The Acquisition and Takeover Code in Indiaafter the advent of the SEBI, introduced in 1994, there was a concerted attempt at formulation of a cosmopolitan framework under which acquisition and coup detat could be made in existing listed companies. However the takeover cypher does not apply to unlisted companies and continue to be regulated by the provision of the Company Act. Listed companies are currently governed by the provision of Takeover Code, clause 40A and 40B of the Listing Agreement of the stock exchange and Section 108B and 108D of the Companies Act as regards acquisition and takeovers.Under the provision of Section 108B, corporate under the same management holding whether singly or in aggrete.10% or more of the nominal value of the bid equity share capital of the any other company shall, before transferring one or more such shares, give to the central government an intimation of its proposal to do with the prescribed details. Section 108D provides the similar provision wherein the Central Government can act suo moto of any transfer of a block share in a company. All the Sections under 108 are backed by Section 108G.Section 108G pertinency of the provisions of sections 108A to 108F.The provisions of sections 108A to 108F (both inclusive) shall apply to the acquisition or transfer of shares or share capital by or to, an individual firm, group, constituent of a group, body corporate or bodies corporate under the same manag ement, who or which(a) is, in case of acquisition of shares or share capital, the owner in relation to a supreme undertaking and there would be, as a result of such acquisition, any increase(i) in the production, supply, distribution or control of any goods that are produced, supplied, distributed or controlled in India or any substantial part thereof by that dominant undertaking, or(ii) in the provision or control of any services that are rendered in India or any substantial part thereof by that dominant undertaking or(b) would be, as a result of such acquisition or transfer of shares or share capital, the owner of a dominant undertaking or(c) is, in case of transfer of shares or share capital, the owner in relation to a dominant undertaking.The SEBI Takeover Code brought in some(prenominal) new features into acquisition law which were not present in Clause 40A and 40B. The basic theme of the code is to provide for fair play and transparency in acquisition and takeover but at the same time to ensure that they are not stifled into extinction.2.2 Differentiation of Merger and AcquisitionIn general Mergers and Acquisitions are used interchangeably, but they have a subtle differentiation in there meaning. Weston and Copeland (1992) severalize merger and acquisition merger as a transaction between more or less equal partners, while acquisitions are used to denote a transaction where a substantially big firm takes over a smaller firm. Their basis of distinguish was the size. But there are other factors apart from size that denotes the differences between merger and acquisition.Asquith Mullins (1986) define mergers and acquisitions on basis of share distribution. When two firms merge, shares of both are surrendered and new shares in name of the new firm will be issued. Unlike in merger, shares of the acquiring firm are not surrendered but traded in the market prior to the acquisition and continue to be traded by the public after the acquisition. The shares of t he target firm cease to exist publicly.Motives behind Merger and AcquisitionThere are three major motives for the mergers and takeovers Synergy, Agency, HubrisSynergy motive means that the sum fall return/value from the integration of two or more companies should be greater than that from the individual company. Elazar Berkovitch (1993) suggests that the takeovers occur because of economic gains that results by merging the resources of the two firms. They so far concluded that total gains from MA are ever so positive and thus can say that synergy appears.The agency motive suggests that takeovers occur because they enhance the acquirer managements eudaimonia at the expense of acquirer shareholders.Elazar Berkovitch and M. P. Narayanan (1993) suggested three major motives for mergers and acquisitions synergy, agency and hubris. The synergy motive suggests that the takeovers occur because of economic gains that results by merging the resources of the two firms. The agency motive su ggests that takeovers occur because they enhance the acquirer managements welfare at the expense of acquirer shareholders. The hubris hypothesis suggests that managers make mistakes in evaluating target firms, and engaged in acquisitions even when there is no synergy.Khemani (1991) states that there are multiple reasons, motives, economic forces and institutional factors that can be taken together or in isolation, which influence corporate decisions to engage in MAs. It can be sham that these reasons and motivations have enhanced corporate profitability as the ultimate, long-term objective. It seems reasonable to assume that, even if this is not always the case, the ultimate concern of corporate managers who make acquisitions, regardless of their motives at the outset, is increasing long-term profit. However, this is abnormal by so many other factors that it can become very difficult to make obscure statistical measurements of the effect of MAs on profit.The free cash flow theory developed by Jensen (1988) provides a good example of intermediate objectives that can lead to greater profitability in the long run. This theory assumes that corporate shareholders do not necessarily share the same objectives as the managers. The conflicts between these differing objectives may well intensify when corporations are profitable enough to generate free cash flow, i.e., profit that cannot be profitably re-invested in the corporations. Under these circumstances, the corporations may decide to make acquisitions in order to use these liquidities. It is therefore higher(prenominal) debt levels that induce managers to take new measures to increase the efficiency of corporate operations. According to Jensen, long-term profit comes from the re-organization and restructuring made necessary by takeovers.