Dow’s Bid for Rohm and Haas Essay

Dow started as a manufacturer of commercial bleach in 1897, and was founded by Herbert Dow. He merged his company in 1900 with Midland Chemical, which lead to diversification of his portfolio to agricultural and food products. In 1912, Dow started to pay dividends every quarter without any reductions or interruptions. By doing so, they were the only Fortune 200 firm that established these figures. Dow became a major player in the M&a field, since they acquired between 1983 and 2007 95 business, took stakes in 58 firms and divested 166 businesses. In 2006, Dow’s CEO Andrew Liveris announced the ‘Dow of Tomorrow’ strategy, which consisted of two pillars. One was pursuing an asset light approach to its commodity business. In order to do so, he signed a JV agreement with a subsidiary of the Kuwait Petroleum Company, named Petroleum Industries Company. Dow and PIC signed a Memorandum of Understanding, which generated Dow a $7.2 billion after tax revenues. Second, Mr. Liveris wanted to build a high-growth and high-value added performance business. In order to achieve this objective, Dow agreed to purchase Rohm and Haas. This acquisition had the purpose for Dow to become a producer of high-value chemicals and advanced materials. Why does Dow want to buy Rohm and Haas? As mentioned in the introduction, CEO Andrew Liveris announced the ‘Dow of Tomorrow’ strategy. This included becoming a high growth and high-value added producer of specialty chemicals, with less cyclicality. Rohm and Haas fitted the picture perfectly, since they were an advanced material and specialty chemicals company, operating in 27 countries. Besides the interesting company profile description, there were several other reasons  why Dow was interested in the Rohm and Haas company. Most important reason was that the acquisition would make Dow reduce its cyclicality and increase its growth prospects. Expanded product portfolios, increased geographic market, improved market channels and innovative technologies will obtain the expected growth and cost synergies. Forecasts predict additional growth synergies values between $2.0 and $2.6 billion and $0.8 billion costs synergies, including shared services and governance, manufacturing, supply chain and work process improvements. Besides the above-mentioned advantages, Dow and Rohm could be a global leader in specialty chemicals and advanced materials if they combined forces. Also by combining their R&D, the development of new products and innovations could be stimulated. So overall, Rohm and Haas fitted the picture projected by Andrew Liveris perfectly. Rohm and Haas supported Dow’s commitment to maintain their highest standards in pursuing and selecting growth opportunities to satisfy their long-term shareholder values. Was $78 per share a reasonable bid? In order to draw a conclusion of the reasonability of the bid, we need to valuate Rohm and Haas as a firm with and without the synergies created by the acquisition. If this total value exceeds the $78 share price, Dow will pay the price, since it will be beneficial for them. The benefits of the synergies can be calculated by dividing it between the two firms on a multiple or 50/50 basis. The excel file attached to the assignment contained a WACC of 8,5% based on a tax rate of 35%. In our analysis, we also calculated a WACC with a tax rate of 26%, since this was the average tax rate. This leads to a WACC of 8,7%. As a basis, we took 2% growth. Rohm and Haas had at time of the acquisition 195,200,000 shares outstanding. From the balance sheet of Rohm and Haas 2008H1, we took the values of cash and debt (long and short term debt). Both inputs were needed in order to calculate the share price. Below, you can find how we calculated the share price for the situations with and without synergies. The synergies involved consist of two different types, namely growth and cost synergies. Growth synergies include expanded product portfolios, increased geographic reach, improved market channels and innovative technologies. These synergies are expected to create between 2 and 2.6 billion dollars, which gives an average of 2.3 billion. Second, potential cost synergies consist of purchasing synergies, shared services and governance, manufacturing & supply chain improvements and work process optimization. These synergies are expected to generate 0.8 billion dollar. The values of these synergies combined totals a 3.1 billion dollar gross benefit, which is a netted by deducting the 1.3 billion cost of implementation, leaving a value of 1.8 billion dollars. In order to make the most suitable valuation and draw the best conclusion for the reasonability of the share price of $78, we take the original and revised forecast into account. Both cases are also used for the sensitivity analysis to be as specific as possible. Below are the sensitivity analyses of Rohm and Haas for the original forecasts. Based on our assumptions, share price of Rohm and Haas is $55.79 without synergies and $65.01 with synergies. These values differ a little from the share price we found in our valuation analysis, however this is due to rounding and number of decimals difference in WACC and growth percentages. Lowest value without synergies is $47.10 with a growth of 1% and a WACC of 9% and a highest share price of $95.58 with a growth of 3% and a WACC of 7%. If we now look at the original forecast with synergies, we see an increased share price, which is logical, since value is created by the synergy. The share price of Rohm and Haas is $65.01 based on the growth rate of 2% and a WACC of 8.7%. The share price differ between lowest value of $56.32 and highest value of $104.80, based on the same input as with the analysis with no synergies. In both cases, the share price is below $78 so if Dow offers this price in both situations, the will not profit from this acquisition. However, we will still perform the 50/50 and multiples valuation in order to see which is the best in the situation if Dow is obliged to acquire Rohm and Haas. Looking at  case were synergies are created and using the 50/50 method, we get a share price of $55.79 + ($65.01 – $55.79)/2 = $60.4. As we already mentioned, this price does not match the $78. Now using the gross profit of Rohm and Haas as a percentage of the gross profit of both companies combined, we get a multiple of 26.11%. Using this 0,2611 multiple, the appropriate share price is $55.79 + (0,2611 * (65.01 – $55.79)) = $58.20 Again, this is below the share price of $78, which makes the outcomes of both methods unfavorable for Dow. Now let us look at the revised forecast. Since this is a post-crisis forecast, predictions were lowered, which lead to a lower overall value. Hence, this will be reflected in our sensitivity analysis by lower share prices. Below are our findings. As already predicted, share prices are lower in the revised forecast due to the crisis adjustments. For the sake of the case, we will also perform a 50/50 and multiples calculation. If we look at the 50/50 share price, we get a share price of $41.38 + ($50.60 – $41.38)/2 = $45.99. The multiples basis will give us a share price of $41.38 + (0,2661 * ($50.60 – $41.38)) = $43.79. Reviewing both forecasts and within these forecasts both with and without synergy, we can conclude that a share price of $78 is not reasonable. This conclusion holds in the case of 50/50 and multiples calculations. Major deals risks and allocation We will pay special attention to Exhibit 4 when examining the major risks and their respective allocations. The first risk comes from the item 1.01 describing the financing of the deal. Dow will issue a fixed amount of $4 billion in convertible preferred stocks to Berkshire, Hathaway and Kuwait Investment Authority. This amount is independent of the current stock price of Dow, meaning that a drop in Dow’s share price would need more shares to pay for the deal, decreasing the relative voting rights of current shareholders. To be even more precise, in paragraph 2.1a it states that no matter what happens Dow has to pay $78 dollar per share at the time of the merger, transferring all the financial  risk to Dow. Furthermore, a large part of the deal is financed with a $13 billion loan, issued by a consortium of 19 banks lead by Citigroup, Merrill Lynch and Morgan Stanley, increasing their leverage ratio and overall risk of the company. These high debt values come with high interest payments, leaving fewer cash to meet its dividend obligations. In a possible economic downturn this problem becomes larger, increasing the probability of not meeting their dividend payments which have not been changed for over 97 years. A further interesting statement is the ticking fee to ensure the deal would close. When the deal is not closed before January 10, 2009, the payment per share will increase with 8% annually, translating to a higher deal price of approximately $3 million more per day until the deal is closed. In addition if the deal is not closed before October 10, 2009, Dow has to pay $750 million termination fee. This will, again, transfer all the risk to Dow if the deal cannot be closed before October 10, 2009. In paragraph 3.1 the Material Adverse Effect clause states that Dow is allowed to withdraw from the transaction if the business, operations or financial conditions of Rohm is hit by a material adverse effect. This seems fair but there is a large set of exceptions made in the clause for which Dow cannot withdraw from the transaction, including the following events: any event which affects the chemical industry, macro economy as a whole, the financial, debt, credit or security market, any decline in Rohm’s stock price or any failure to meet internal or published projections. So, in case of an economic downturn mainly Dow is affected and not Rohm. Roam and Haas are even protected from a decline in their share price. Thus, these statements will, again, transfer almost all the risk to Dow Furthermore, Dow takes on another risk by relying on the joint venture with Kuwait’s PIC to finance $7 billion of the deal. They do not take into account the possibility that this joint venture could fail due to i.e. a downturn in the overall economy. If it fails it leaves a gap of $7 billion in their financing plan, exposing Dow to even more risk. Finally, the overall high price and ticking clauses make it a risky deal when compared to the expected synergies. The probability of achieving all expected synergies is a magnitude smaller than the probability of high costs, which is certain. It leaves Dow exposed to a possibly large loss when the expected synergies are not met in the future. The only risk that Rohm and Haas face is the possible termination of the deal from their side if the deal is i.e. taking too long. They have to pay a $600 million termination fee if the decide to do so. Other than that, considering the mentioned risk allocations from above, the total risk of this deal is mainly resting on the shoulders of Dow Chemical. CEO recommendations To give a complete view of the options that both CEOs had at the time we will first describe the situation they were in.   Shortly after the deal announcement the financial crisis started, causing an overall recession including in the chemical industry. Dow was hit on many fronts: overall share prices dropped with over 50%, a fourth quarter loss of $1.6 billion, quarterly sales decline of 23% and a drop in operating rate to 44% in 2008. Forcing Dow to close off 20 facilities and firing over 5000 employees. Furthermore, after the joint venture deal was closed with KPC’s PIC, the failing oil prices and overall recession caused KPC to terminate the contract by paying a termination fee of $2.5 billion to Dow. This caused a gap in the financial plan for the merger for Dow, decreasing their stock price even further and degrading their rating to BBB. As mentioned before, Dow was not the only one affected by the economic recession. Rohm was facing a poor performance as well, forcing it to fire over 900 employees, freeze spending and a 20% decline in sales. Considering the above, Dow refused to close the deal with Rohm and Haas after approval from the European Commission and U.S. Federal Trade Commission. Arguing that the recent macro-economic developments are material adverse effects, enabling them to terminate the deal. Options and recommendation for Dow’s CEO, Andrew Liveris Considering the situation as described above, Liveris had three different options: continue with the termination of the deal, close the deal for $78 per share or renegotiate with Rohm and Haas to agree on different terms. If Dow continues to terminate the deal it will go to court for the approval by the judge. It needs to win in court otherwise Dow is forced to commit to the deal. Given the statements enclosed in the material adverse effect clause, the chances for Dow to win are pretty slim. If Liveris opts to close the deal for $78 per share he will need a lot of additional cash. Considering the economic situation, and the fact that the joint venture failed, acquiring this amount of additional cash will be very hard. The possibility to acquire more debt through the already existing bridge bank loan from 19 different banks is pretty small considering the low credit rating of BBB. If he does succeed in acquiring more debt he will probably not be able to meet the net-debt-to-total-capitalization restriction in the covenant. This is, according to the first loan of $13 billion, required to be lower than 65% which they will not be able to meet, thus not creating incentives for the banks to lend more money. Considering the above, terminating the deal will not be possible and closing the deal for $78 per share lacks financing. The best option Andrew Liveris thus has is to renegotiate the merger deal and buy some time. He will then be able to look for other sources of financing or renegotiate the already existing bank loan. One possible option could be to sue KPC for terminating the joint venture and claiming the $2.5 billion, which in turn could finance the termination fee. Considering that this will destroy the relationship between these two companies this would not be recommended. Options and recommendation for the CEO of Rohm and Haas, Raj Gupta The situation for Raj Gupta is a bit simpler: either sue Dow for not completing the deal or renegotiate with Dow to postpone the deal. Both having different advantages and disadvantages. The first option is to go to court and continue the case that Dow has to complete the deal or otherwise pay the termination fee. Considering the  exceptions stated in the material adverse effect clause that macro-economic effects and effect on the chemical industry in general are excluded from this clause, Gupta will have a strong case and is likely to prevail in court. Committing Dow to the deal or otherwise paying the termination fee of $750 million. The second option is to renegotiate the deal with Dow. The most important disadvantage considering this option is that it would almost certainly come to a deal which is less favorable for Rohm and Haas when compared to the original deal. Which term should be reconsidered? For example, a lower price per share would decrease the expected value for the shareholders. Shareholders will not vote for such a deal, especially the Haas family who owns 30% of the company and is waiting to exit for $78 a share. The only option, although shareholders will not be amused in the least, is to delay the due date of the deal, preserving the harmony between the companies. Even if Gupta will win in court, the possibility that the deal will go through considering the financing problems of Dow is still small. Rohm and Haas will in this case only receive the termination fee of $750 million. Gupta obviously wants the deal to go through and so do the shareholders of Rohm and Haas, enabling them to exit the company and receiving a high premium while doing so. Terminating the deal will negatively affect both companies and their shareholders. Therefore it would be better for Gupta to facilitate any possibility that the deal will go through, even implying a possible decrease in price per share. Our recommendation thus is to renegotiate the deal, making sure that it succeeds. The premium for the shareholders might be lower but both companies can benefit from the acquired synergies and shareholders can still opt to exit. Resolving the legal dispute Considering the above, it would have been in the best interest of both companies to renegotiate the deal. However, Rohm and Haas decided to continue their trail against Dow Chemicals. The judge will therefore make a decision based upon the facts presented to him. Based on the facts alone, the most likely option for me, William B. Chandler  the Third, Chancellor in the Delaware Court of Chancery, is to enforce the merger contract between the two parties. In particular, the specifics of the Material Adverse Effect clause in paragraph 3.1 state that the MAE clause does not include the following events: â€Å"any event which affects the chemical industry, macro economy as a whole, the financial, debt, credit or security market, any decline in Rohm’s stock price or any failure to meet internal or published projections.† To be more specific; the argument according to Dow that the recent material developments have created unacceptable uncertainties on the funding and economics of the combined enterprise, justifying the termination of the deal, is overruled by the ‘specific performance’ clause in paragraph 3.1. Therefore, the ‘specific performance’ clause, as requested by Rohm and agreed upon by Dow, is binding and hereby enforced. The merger will be executed as planned. Dow will have several different options to solve the financing issue, cutting dividends, renegotiating debt and other means to generate cash could be used. If the deal is not closed before January 10, 2009, as stated in the contract, Dow will pay a ticking fee of 8% per annum. Dow should have been more careful drawing up the contract as it is signed and before me today. Since the possibility of an economic downfall is especially stated in the deal clause, I will make no exception and hereby conclude that the Dow will meet all deal requirements as stated in the contract. Every penny has to sides, if you risk it, you could lose it. Thank you. *slams the hammer*

Houzit Homewares Essay

Company Introduction For this particular marketing assignment we are looking at an organisation based in the leafy suburb of Brisbane. The business is a home wares stores chain by two friends and business partners who have invested quite a huge sum of money and are running the business smoothly, but as always see the need for more growth and more profits on balance sheet. The strategies of the business have to completely match or outlive that of the rivals of the business so as to meet and obtain any growth. The current size of the organisation is not as big as some of the rivals in the area. The chain compromises of 15 stores and has a big head office and a management centre at Milton. Staff is also not as huge as some of the other hotels in the area. The strengths of the business are casual professional attitude to dealing with customer which many of them love as it gives them a feeling of home away from home and other strength of the business is the good repute that it has built over the years in the homewares world with its quality fittings etc. The weakness of the business being some of the rivals have better shelf products and have better prices and better visibility and presence in the market. Houzit business, in order to further the profits and help more financial and presence growth would have to take some steps and apply some marketing strategies and tactics in order to gain that profitability. Organizational Review This assignment is divided into two tasks: Task 1 is the preparation of a report and Task 2 relates to the development of a marketing plan for Houzit. Houzit is considered to be a famous chain of homewares stores in Brisbane offering wide range of bathroom fittings, mirrors, bedroom fitting and decorative items to its customers. The analysis of each of the aspect of the company overview is provided under the following heads. Strategic direction and Organizational objectives The strategic directions of Houzit can be ascertained from the company’s vision and mission. Houzit is a national retail brand that is satisfying the home makers’ needs by providing them unique, wide variety of quality homeware products with an easy payment procedure. The mission of the company asserts that the organization is planning to move towards enlargement of its business by ensuring its presence in all the major cities of Australian market by the year 2020. The basic focus of the company is on three parameters: Quality, Unique items and Selection The following are the stated objectives of the organization (Houzit): To bring an annual sales increase of $ 5 million by moving the sales figures from $15 million per year to %20 million per year during the next three years period. To enhance the list of loyal customers from 10,000 to 15,000 Considering Brisbane as a potential market, brand recognition need to be established so that one out of every 3 people will recognise the Houzit brand in a random survey that is conducted in 18 months’ time. Current size, capabilities and resources of the organization Houzit has completed almost five years of its operations. This part basically relates to the characteristics of each of the store that is under the platform of Houzit. Current size of each of the Houzit store: 1000-1500 m2 Capabilities: Each of the Houzit store has a capacity to generate the following sales breakup Bathroom fittings: 30% Bedrooms furnishings: 35% Mirrors and decorative items: 20% Lighting fixtures: 15% Resources: 15-20 fulltime employees along with number of casual workers Gaps between the objectives and the current capabilities and resources Gap analysis serves as the tool that will help to decide between multiple marketing options (Precision Group, 2009). The objectives that are set by Houzit are difficult to be achieved with the current capabilities and resources. It is because company has limited number of employees. In addition to it, the focus with which company operates to have its stores as bright and comfortable for shopping is not in alignment with the legislations that are put forth by the government. In this manner Houzit will have a gap between the objectives set for the company and the current strategies, capabilities and resources of the company. Opportunities With the help of external environment analysis, a company will be able to  develop a list of opportunities and threats that are provided by the environmental factors (David, 2006). This section of task 1 highlights the two major opportunities for Houzit along with their analysis. The first marketing opportunity that will be chosen to meet the demand in growth of overall business all across metropolitan Brisbane and as well as other parts of Australia would be mobility business, which encompasses the help of mobile apps and mobile webpages and desktop apps and desktop dedicated pages to online commerce of the business to be visible and appealing to the customers all around. They cannot just live by having a website and no online store in this modern day and age where everything from a small pin to an aircraft is being traded online. Most successful business people know where they fit in. It’s important because knowing what you have to offer determines how you approach the business. And one of the early questions for the business starter is one of growth: most of the small companies that get noticed in the media are of the fast-growing variety. But fast growth also means higher risk – the cash flow problems of a fast-growing business can be the same as an insolvent company. So decide if you want to grow fast – which will mean taking debt or giving away equity – or whether you are happy with manageable size and predictable revenues.   There’s nothing wrong with a conservative strategy: think of all the lawyers, accountants, retailers and tradies who may only employ two or three people but they are successful because their skills, products or technology are such that they can create a premium. So, having decided what the business owes you, and what kind of growth you will need to achieve it, you will need to do what the best business people do: plan. The clichà © goes that businesspeople don’t plan to fail, they fail to plan. Harsh but true. Even a one-page business plan is better than winging it. Making a plan and committing it to paper forces you to focus not only on your strengths, but your weaknesses. Since Houzit does not have any online presence whatsoever leaving aside their only presence in yellow pages and online address directory. So, after having realised that their current online presence is unable to generate any  business online which is budding day by day in every sector of life, we should contract a company specialist in building webpages and mobile apps and mobile webpages Mobile SBMS to create a totally new website. The new website will need to allow for growth in the e-commerce sector as well as providing the ability for continual updating of the website to showcase new products, services and their ever growing portfolio. This is only going to come across as a reality if the business is ready to provide the backend services in the warehouses on a large scale as if the demand outstrips the supply, it is going to bring about negative reputation from the customers and in today’s world online reputation is something that the business strive on. The outcome is an e-commerce website designed with the Mobile branding behind it, incorporating all 3 arms of their business. The time frames for the project have to be extremely tight and the company that should be employed to do the job should be the one which can be trusted upon in terms of punctuality and efficiency. The second marketing opportunity is to offer more and more unique products than rivals of Houzit in home ware sectors which cannot be attained while they are making the products in Australia on a small business line. The current trend in home wares is toward handmade rather than mass produced items and this creates an opportunity for getting started in import. Import will solve two sides of the business and will serve both the marketing strategies right as this will help in meeting the backend demand that would be generated by having online presence and increasing e-commerce business. There are things to consider before you go ahead and start buying. The first thing to do is to find out if you are legally allowed to import the product into Australia and if you need a permit. Some materials are banned or will need special treatment. For example, some items need to be quarantined and fumigated due to possible pest contamination. * Items made with plant or animal products such as bamboo plates or bone carvings. * Packaging materials are often made of wood and plant materials. * Decorative touches to your products may be made of plant materials. You need to list what materials were used in the making of the product so that you can have them properly treated. ICON has a list of import requirements for all  commodities including what documentation you will need. Sourcing and manufacturing and controlling the quality of home wares can be a big job. Each item that you choose is subject to different standards and import regulations. Does it meet the Australian Safety Standards? Drawstrings on blinds can be hazardous. There could be lead in your chinaware or even in the paint that it was decorated with. Have them assessed for safety. What about the duty payable? Some tariffs may be reduced depending on where your item was made but that requires a certificate of origin. Customs need your records including product list, insurance and freight papers so they can calculate the duty payable and ensure smooth Customs clearance. You also need to be sure that your goods have the correct classification so that the right amount of duty is paid.

Hunter College Acceptance Rate, SAT/ACT Scores, GPA

Located in Manhattans East Side, Hunter College is a large public university with a 36% acceptance rate. Part of  CUNY, Hunter has done well in national rankings because of its strong academic programs and relatively low cost of attendance. High achieving students should check out the Macaulay Honors College which offers tuition waivers, special classes, and many other perks. Hunter College has an impressively diverse study body, and the schools location in New York City offers students a world of cultural, social, and professional experiences. Interested in applying to Hunter College? Here are the admissions statistics you should know including Hunters acceptance rate, average GPA, and average SAT/ACT scores. Acceptance Rate For students who entered CUNY Hunter College in the 2018-19 academic year, the acceptance rate was 36%. This means that for every 100 applicants, 36 received acceptance letters and 64% were rejected. As these numbers suggest, Hunter has a selective admissions process. Admission Statistics (2018-19) Number of Applicants 31,030 Percent Admitted 36% Percent Admitted Who Enrolled 23% SAT Scores and Requirements All applicants to Hunter College must submit either SAT or ACT scores. The SAT is by far the most popular exam. For students entering the university in the 2018-19 academic year, 88% submitted SAT scores. Hunter College SAT Range (Admitted Students) Section 25th Percentile 75th Percentile ERW 570 650 Math 580 680 According to the colleges admissions website, the average combined SAT score for students who entered Hunter in the fall of 2018 was a 1300. When we compare that number to national SAT score ranges, we can see that the majority of Hunter students are among the top 20% of all test-takers. On the evidence-based reading and writing test, the middle 50% of Hunter students scored between a 570 and 650. It follows tht 25% scored a 570 or lower, and 25% earned a 650 or higher. Scores on the math section were slightly higher. The middle 50% of students scored between a 580 an 680. This tell us that 25% scored a 580 or lower, and students in the top quartile scored a 680 or higher. Requirements Hunter College does not require the optional SAT essay, nor does the college require applicants to take any SAT subject tests. ACT Scores and Requirements Because such a small percentage of Hunter applicants take the ACT, the college does not publish score ranges for the applicant pool. The colleges admissions website states that the average ACT composite score for matriculated students was a 28. Hunter does not require the ACT Plus Writing, nor does the college require applicants who take the ACT to also take any SAT subject tests. GPA Although Hunter College has a low acceptance rate, you do not need to be a straight A student to be admitted. According to the admissions website, the average high school GPA was a 3.5. Most of the schools data is presented using the type of 100-point scale that is popular in New York State high schools. The colleges 2017 Factbook reveals that 26.2% of students had an adjusted high school average between 90 and 100. 25.1% scored between 85 and 89.9. Another 21.3% scored between 80 and 84.9. The average high school GPA for students who are admitted to the Macaulay Honors College is a 3.9 (94 on a 100-point scale). Self-Reported GPA/SAT/ACT Graph Graph of Hunter College Applicants Self-Reported GPA/SAT/ACT Data. Graph Courtesy of Cappex.   The admissions data in the graph is self-reported by applicants to Hunter College. GPAs are unweighted. Find out how you compare to accepted students, see the real-time graph, and calculate your chances of getting in with a free Cappex account. Admissions Chances CUNY Hunter College receives thousands of applications, and well over half of applicants are unsuccessful in receiving an offer of admission. To get in, youre probably going to need grades and test scores that are above average. In the graph above, the blue and green dots represent accepted students. Note that there are some red dots (rejected students) and yellow dots (waitlisted students) hidden behind the green and blue in the middle of the graph. Some students with grades and test scores that were on target for Hunter did not get in. At the same time, some students were accepted with test scores and grades that were below the norm. These seeming inconsistencies are because the CUNY application used by all of the CUNY campuses is evaluated holistically. Hunter College and the other CUNY schools want to see high grades in rigorous courses and strong test scores, but they also take into consideration your application essay. Sources: Graph courtesy of Cappex; all other data from the National Center for Education Statistics and the Hunter College admissions website.

Inspiring Essay Topics Explained

Inspiring Essay Topics Explained Inspiring Essay Topics Ideas There are various elements of an essay you must understand how to write, and the way to compose the well. For the reason, here are a list of fifteen unique titles that may allow you to get started. While the ideas might not be just what you're searching for, it's possible they may still help to inspire you to consider something nice and relevant for your own work. A time once you received help from a comprehensive stranger 33. Together with helping think of great topic ideas, by reading over prewritten samples it may also help to inspire great ideas for what content to have in your own essay. Therefore, the topic you select plays a very important function. Explaining how to spend less by utilizing open-source texts and internet textbook rental websites would result in an extremely informative essay. It's often advisable to write about topics you know. The multiple topics could be found, for instance, in the dissertation abstracts international database. Now you are prepared to produce your very own argumentative topics. Fortunately, appropriate and intriguing topics will motivate students to overcome these skill-related hurdles so they're in a position to write about the subject. It is crucial that the essay doesn't appeal to the writer alone. The essay is just one of the important approaches it's possible to distinguish yourself. You've got to compose an informative essay. An argumentative essay requires you to choose a topic and have a position on it. Always think deeply about the way to make a fantastic essay structure it's a significant part academic writing. Below is a list of the best 15 amazing essay topics that is likely to make your writing joyful and effortless. Without an essay outline, it would be hard to recall the necessary sections, arguments, logical stream of essay, and general structure. You must be very careful when choosing an essay topic. Writing a superb persuasive essay is not an easy job, however, it's achievable. Selecting an essay topic can be tough to do, especially in the event that you lack the inspiration which you need in order to locate a wonderful title to write to. Essay Writing Guide Here's an excellent app that is regarded as the encyclopedia in teaching. To compose an outstanding essay, it's important to use specific academic language. What You Need to Do About Inspiring Essay Topics Starting in the Next Eight Minutes At any time you catch yourself feeling captivated by an individu essay or article, take a good look at it. You are able to even incorporate a quote by a renowned person to generate an even greater impression on your teacher. Perhaps you've exhausted your older idea lists, or perhaps you're searching for something even more inspiring. Well, funny as it might sound, the answer has been right before you! What You Should Do to Find Out About Inspiring Essay Topics Before You're Left Behind Your essay might incorporate the factors for teen pregnancy and talk about the recent rates of teen pregnancy and potential solutions. Popper food in our everyday life results in a lifetime habit toward a healthier extended life. By comparison, countless studies have proven that people are much better motivated by using positive feedback. The selection of the object, strength and caliber of attachment mostly depend on parents behavior connected to their infant. The Hidden Treasure of Inspiring Essay Topics When prior brainstorming is finished, you might begin drafting your essay. Quite simply, you have to inspire your employees. The procedure is a particular succession of events. If there's absolutely no feedback whatsoever, employees become complacent. New Ideas Into Inspiring Essay Topics Never Before Revealed Therefore, such an essay is a favorite at different phases of school and college education. You should have your reasons, and our principal concern is that yo u wind up getting an excellent grade. The solution can be found in the simple fact your tutor want to teach you to develop your analytical and argumentative skills. As a teacher having students that are masters in essay writing is a central goal.

Television Journalism And The Media - 893 Words

TV Journalism has been degraded to the point in which true factual and informative reporting free of bias has been replaced with short news bytes centered and focused on its entertainment value alone. Within the political process, this has mostly served as a disservice to both politicians and the general public audience. Edward J Epstein published a book entitled â€Å"News from Nowhere† in which he observed NBC’s news department and how decisions were made on what was news worthy. He discovered a decline in television network ratings and profits caused executives to change marketing strategies. This new direction in news reporting would be tailored to an audience low in sophistication with the network defining what would be newsworthy. Epstein wrote: â€Å"Dull and complicated stories would need to be of enormous importance to get on the air, but relatively trivial stories would make the cut if interesting enough†. (Edwards, p. 406). Supporting this observation Washington Post editors Leonard Downie Jr and Robert Kaiser argue that â€Å"Entertainment has pushed out information in the TV news business and that the history of TV news can be summarized in a couple sentences†. (Edwards, p. 406). An exception to this practice would be networks assigning their best reporters to cover major events or â€Å"Lead Stories† at well-established sources such as the White House, Congress, or the Pentagon. During the 1991 Gulf War, 50 per-cent of the stories came from these locations. During the 1991Show MoreRelatedYellow Journalism: Then and Now859 Words   |  4 PagesYellow Journalism: Then and Now Yellow JournalismÂ… the unbelievable headlines, gossip you hear from the paparazzi, although you think it is just harmless gossip, it is everything but that, as a matter of fact it has caused wars amongst America and other countries. 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Managerial Communication

Question: Discuss about the Managerial Communication. Answer: Introduction: Communication in an organization means exchange of ideas, thought and information between people working in an organization. Communication in an organization is regarded as one of the most effective tool in overcoming any existing problems and issues in an organization. It enhances the quality of work of the employees and enables them to meet the aims and objectives in an organization (Ruck and Welch 2012). In this report, we shall discuss the best communication approach that a Manager should take at the time of communicating lay off to employees and a communication plan for the same shall be developed. Types of Communication: In an organization, the following types of communication can take place: Intrapersonal Communication: This kind of communication involves the use of thought or language for communication by the communicator and it stays within the communicator itself. Examples such as talking aloud and reading aloud encompass intrapersonal communication (Macnamara 2015). Interpersonal Communication: This kind of communication involves exchange of information between two people at a personal level. This kind of communication may include non verbal communication or a written communication (Wright 2016). Organizational Communication: This type of communication means communication that takes place within an organization at a professional level. This primarily includes exchange of ideas and information within an organization (Chakravartula and Sengupta 2014). Group Communication: This communication means interaction between members of a small group of individuals. This kind of communication is the best for completing any project and management of a project (Dasgupta, Suar and Singh 2012). Intercultural Communication: In this communication, aims at sharing information across people of different social groups and cultures (Eisenberg et al. 2013). Interpersonal Communication The Best Approach In the given case study, a Manager needs to let go three of his employees from his organization, as it is going through bleak economy then it is advisable for him to prefer the interpersonal mode of communication for communicating this to my employees (Knapp et al. 2014). As mentioned above, interpersonal mode of communication means where there is communication between two parties at a very personal level. This type of communication is preferred when there is a need of communicating an information to the other person that is highly personal in nature. From the perspective of laying off employees or informing that their presence is not needed in the job anymore, is indeed, a difficult task from the managements end. To communicate such an information face-to-face communication is required as the employee who is being laid off may come up with innumerable questions, which the Manager will have to answer to the employee to satisfy him as per his existing doubts (Wood 2015). Loss of job can affect trust of employees. At the time of relaying such thoughts to the employee, he may feel lost, stressed and betrayed. Hence, it is important for a Manager to ensure that the employee who is being laid off is satisfied with the fact that it was important for the company to take such a step and that it was left with no other options (Eisenberg et al. 2013). This is possible only if the Manager chooses an interpersonal communication with his employees as it may not be possible for the Manager to give a detailed information regarding his lay off. Thus, interpersonal skills help in giving detailed information to the employees. While expressing his thoughts to the employee, a Manager should recognize the contribution he has made to the organization. Recognition is an important factor while relaying thoughts about lay off to an employee. This can be achieved through direct communication and it will help in avoiding problems and focus on key points of the communication (Macnamara 2015). At the time of communicating lay off to an employee, it is important to note how the employee reacts to this information. An interpersonal communication helps in observing the body language of the employee and the way he reacts after receiving this information. This helps the Manager in understanding the outlook of the employee and his perspective in relation to the work (Dasgupta, Suar and Singh 2012). Additionally, it is also important for a Manager to ensure that such a meeting does not take too long as it leads to a diversion from the given topic. One of the major concerns of people who are being laid off or terminated is the fear what other employees are going to say behind their back. Interpersonal communication is the best way to communicate termination, as the employees will feel secured about their dignity and respect. If such information is communicated verbally then employees may feel dissatisfied (Macnamara 2015). Conclusion: Conclusively, it may be stated that with the associated benefits of interpersonal communication, it is not only best suited for relaying thoughts about lay off the employees but also in other scenarios in an organisation wherein a highly personal information or thought is to be conveyed to the employees. It is advisable to adapt to this kind of communication by the management as it helps both the employees and the Management to express their ideas easily with each other about work place issues or any other associated issues in an organisation. Communication Plan: Communication Context: This shall include the reasons for laying off and the vision and mission of the organisation after the employee will be laid off. The following can be the context of communication in a lay off meeting: The rationale of lay off The mission, aims and objectives of the organisation The efforts taken to reduce job loss How will the layoff influence the organisation positively? Pre Meeting Preparation: To be familiar with the circumstances that has lead to elimination of the employee Prepare a script as a guide. This will be helpful to convey all the necessary information to the employee. To consider the tenure of the employees, that is, after they are laid off will they be serving the notice period or not. Communication Purpose: This shall include the reason of the communication of elimination of the employee. The following points can be included in the communication purpose: The people who will be impacted with the elimination of that employee? The changes that are anticipated to take place with the elimination. Plan of recommendation for the employee Elimination benefits that the employee may avail after elimination Communication Content and Channel: The Manager as part of the communication plan should also prepare the channel and content of communication. In this step, the Manager should decide the way of communicating lay off to employee and the content that he will be using for communication. In this case, the Manager shall choose interpersonal skills as his communication channel and the content is stated as part of the communication plan. Thus, one may conclude that in order to implement the plan that is made, the best approach is interpersonal approach. It may become difficult for the Manager to explain to the employee about the reasons, vision, mission and impact of his elimination in public. To exchange information of such kind, interpersonal communication approach is advisable in the given scenario. References: Chakravartula, C.M. and Sengupta, P.P., 2014. The managerial communication conundrum: exploring the effect of level and function in a corporate public sector organisation.International Journal of Indian Culture and Business Management,9(1), pp.1-16. Dasgupta, S.A., Suar, D. and Singh, S., 2012. Impact of managerial communication styles on employees' attitudes and behaviours.Employee Relations,35(2), pp.173-199. Eisenberg, E.M., Goodall Jr, H.L. and Trethewey, A., 2013.Organizational communication: Balancing creativity and constraint. Macmillan Higher Education. Knapp, M.L., Vangelisti, A.L. and Caughlin, J.P., 2014.Interpersonal Communication Human Relationships. Pearson Higher Ed. Macnamara, J., 2015. The work and architecture of listening: Requisites for ethical organisation-public communication.Ethical Space,12(2), pp.29-37. Ruck, K. and Welch, M., 2012. Valuing internal communication; management and employee perspectives.Public Relations Review,38(2), pp.294-302. Wood, J.T., 2015.Interpersonal communication: Everyday encounters. Nelson Education. Wright, M. ed., 2016.Gower handbook of internal communication. CRC Press.

South of the Border, West of the Sun Review Essay Example

South of the Border, West of the Sun Review Paper Essay on South of the Border, West of the Sun Every living creature dies alone . of k / f Donnie Darko Murakami I did not like. I read the truth a little bit. Dance-dance-dance yes Norwegian Wood. By Murakami, I asked, when a wave of his popularity in Russia was asleep, and only for the sake of Japanese exoticism in literature. no, I certainly did not expect the samurai, geisha, and strokes of ink on parchment, and new notes Sei ShÃ… nagon. I was expecting some special emotion , which is famous for Japanese literature. This, when the silence, the silence screams hardest and decibels tearing eardrums. E for I found later in the genius Kenji Maruyama. But what to Murakami. What sort of exotic. Too Europe this Japanese. Too American. Much of it this has affected, but first of all, I think the interest in jazz. Read Murakami after Hemingway -. pointless We will write a custom essay sample on South of the Border, West of the Sun Review specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on South of the Border, West of the Sun Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on South of the Border, West of the Sun Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer All the more surprising was for me this novel I opened it almost nothing to do and began to read the first proposal pulled on the surface this is a story of one impossible love. . Love, stretching for a hero through the years. Parting, memories, unexpected meeting and the new Firebolt feelings. Physiologically something like for example, as a hero of the long years of pulling colon through bruised wound in the abdomen. And one day abruptly pulled all without a trace. Pain, you see, a hell. And, as is typical heroes Hemiingueya and Murakami the pain that they are not only tolerated, but only the existence of his in it see Hajime (the protagonist) once a child meets Shimamoto and fall in love with it forever. . At the age of dvendatsati years they would part, and you will see only 25 years later again. As it turns out, one almost never for a moment forget the other, each soul was drawn through the distance, but pick up the phone, and did not dare. And everyone knew that without the others life will never be complete. History, in the spirit of Wong Kar-wai South of the Border. is the name of the composition jazz musician Nat King Cole. Not understanding her words, children, our heroes imagined unknown worlds, castles in the air that there south of the border. West of the Sun the direction, which tend Siberian peasants, when they are, tormented by loneliness and infinity surrounding areas, something dies and they rush to the west of the sun. Shimamoto explain it all to you at the end of the novel But it will take years and Shimamoto know what sings Cole -. Just about Mexico. Siberian peasants have their own disease Shimamoto will own. What to Hajime a country in the south of the sun and the disease for him it all -. Shimamoto Something very personal replied this novel in me. Something very intimate. I well understood Hajime that the soul strives for something different. Something unknown. Something that is to the South of the Border, to something that is in the country, and in fact could be so will send a parable about the division of human gods into two halves only half true. They say were looking for in the other half. This is not true. We are looking for her through others. But the other half is ourselves. We are illusory. We who live in a dream of how it could be. We who settled in the country that is South of the Border, West of the Sun And thats it for this pursuit of themselves this novel.. I think so. To advise him or not? Perhaps yes, but with reservations. This novel has to lie down on the prepared soil of your soul Read the novel by Haruki Murakami:. South of the Border, West of the Sun Buy a novel by Haruki Murakami: south of the border, west of the sun PS Such literature we wrote Eugene Grishkovec. And read Murakami Grishkovtsa in tandem, perhaps, very interesting. In order to see what happens to the literature, adjusted to talent =) As in the case of a very good product is obtained (Murakami), and graphomania pure second (Grishkovets).