Niels Bohr and the Manhattan Project

Danish physicist, Niels Bohr won the 1922 Nobel Prize in Physics in recognition of his work on the structure of atoms and quantum mechanics. He was part of the group of scientists that invented the atomic bomb as part of the Manhattan Project. He worked on the Manhattan Project under the assumed name of Nicholas Baker for security reasons. Model of Atomic Structure Niels Bohr published his model of atomic structure in 1913. His theory was the first to present: that electrons traveled in orbits around the atoms nucleusthat the chemical properties of the element was largely determined by the number of electrons in the outer orbitsthat an electron could drop from a higher-energy orbit to a lower one, emitting a photon (light quantum) of discrete energy Niels Bohr model of atomic structure became the basis for all future quantum theories. Werner Heisenberg and Niels Bohr In 1941, German scientist Werner Heisenberg made a secret and dangerous trip to Denmark to visit his former mentor, physicist Niels Bohr. The two friends had once worked together to split the atom until World War II divided them. Werner Heisenberg worked on a German project to develop atomic weapons, while Niels Bohr worked on the Manhattan Project to create the first atomic bomb. Biography 1885 - 1962 Niels Bohr was born in Copenhagen, Denmark, on October 7, 1885. His father was Christian Bohr, Professor of Physiology at Copenhagen University, and his mother was Ellen Bohr. Niels Bohr Education In 1903, he entered Copenhagen University to study physics. He received his Masters degree in Physics in 1909 and his Doctors degree in 1911. While still a student he was awarded a gold medal from the Danish Academy of Sciences and Letters, for his experimental and theoretical investigation of the surface tension by means of oscillating fluid jets. Professional Work Awards As a post-doctoral student, Niels Bohr worked under J. J. Thomson at Trinity College, Cambridge and studied under Ernest Rutherford at the University of Manchester, England. Inspired by Rutherfords theories of atomic structure, Bohr published his revolutionary model of atomic structure in 1913. In 1916, Niels Bohr became a professor of physics at the University of Copenhagen. In 1920, he was named director of the Institute of Theoretical Physics at the University. In 1922, he was awarded the Nobel Prize in Physics ​for recognition of his work on the structure of atoms and quantum mechanics. In 1926, Bohr became a Fellow of the Royal Society of London and received the Royal Society Copley Medal in 1938. The Manhattan Project During World War II, Niels Bohr fled Copenhagen to escape Nazis prosecution under Hitler. He traveled to Los Alamos, New Mexico to work as a consultant for the Manhattan Project. After the war, he returned to Denmark. He became an advocate for the peaceful use of nuclear power.

Biography of John Dewey

Biography of John Dewey John Dewey is the American philosopher who can be seen as the leader of the pragmatism school of thought. This pragmatism school of thought is in essence the naturalistic view that knowledge surfaces when a human being actively adjusts to his surroundings instead of observing the world in a static, inactive manner (Internet Encyclopedia of Philosophy). His philosophy is focused on stretching the mind in an active manner and experience. Dewey himself is evidence for the experiences, he has used theories of â€Å"modern biology, psychology, physics, and the historical sciences† (Hook, 2008, p.3). His influence from these theories and on these theories is so crucial, that it is said that John Dewey’s ideas and persona have been part of shaping intellectual America (Hook, 2008, p.4). Every person and his thoughts are shaped by his environment and that is no different for this philosopher. John Dewey was born on the 20th of October, 1859 (Hook, 2008, p.10). The place of birth of John was Burlington, Vermont in which he was raised in a homogenous, almost classless New England community with rarely any outliers or extremities. It was in that peaceful and yet liberal environment that his ideas on justice and equality were ingrained on him. But it was in Michigan and Chicago that he began to develop his ideas which were brought to final fruition in the cosmopolitan city of New York (Hook, 2008, p.5). His Michigan and Chicago period were marked by difficulties in the sense that it was a hard life to live back then. It was a period in which thinking, good thinking, could make a great difference. It was at the University of Chicago that John could reap the ideas he had and there he created his pattern of thoughts that would make up his philosophy. When John was a student, the context of studying and university were ingrained with religion and theology (Hook, 2008, p.11). However, John based his pattern of thoughts on psychological foundations and focused it on education and learning which had the implication that â€Å"genuine learning can only be achieved by doing† (Hook, 2008, p.8). With his ideas Dewey changed how the American education system was viewed and assessed. He transformed the framework of thought of the education system and became a famous person because of it. After graduating from the University of Chicago, Dewey gave lessons at a school in Pennsylvania while he himself continued to educate himself further in philosophy. He continued his studies in 1882 at Johns Hopkins University and did his dissertation on the â€Å"Psychology of Kant (Hook, 2008, p.12,13). Influences on Dewey were Hegel (Hook, 2008, p.15). In the cosmopolitan city of New York, he could elaborate his ideas further because the city with its financial and industrial influence and the presence of every social culture and subculture was like a laboratory for him (Hook, 2008, p.8). His ideas were very influential and over time were used in most disciplines such as economics, art, psychology and education but also fellow philosophers, scientists and peers. His ideas became not only famous in the US but worldwide and he was proud to be an American. He was unique as a philosopher in the international arena because most of the philosophers were not known outside of their own borders, John Dewey was and he was revered as well. Because his thoughts were revolutionary for the education system, he received requests from educators and education systems from all over the world (Hook, 2008, p.10). However, his persona remains somewhat hidden because he rarely spoke or wrote about himself. His interest was always outward oriented, not inward or regarding himself. He loved books and the ones who read them (Hook, 2008, p. 18). He worked until he died in 1952. References Hook, S. (2008). John Dewey, An Intellectual Portrait. Cosimo Publications, New York. Internet Encyclopedia of Philosophy, A Peer-Reviewed Academic Resource. Retrieved March, 19, 2012 from http://www.iep.utm.edu/dewey/

The Story Of An Hour By Kate Chopin - 980 Words

The loss of a loved one should bring about an overwhelming feeling of loneliness and depression. In The Story of an Hour, written by Kate Chopin in 1894, the protagonist, Louise Mallard, has to deal with the apparent death of her husband Brently. Brently Mallard is suspected to have died in an accident near a railroad, but the information about his death is false. Due to the lack of technology, his family is misinformed about him and the story follows Louise Mallard in her final moments. After thinking about her future without Brently, Louise is startled by his reappearance and the shock causes her to die of heart disease. Her death is foreshadowed earlier in the story when the author characterizes Louise as â€Å"afflicted with a heart trouble† (Chopin). One would infer that when a couple reaches the highest stage of a relationship (marriage) that their connection and bond has become too powerful to be questioned. Although in some instances this theory may be true, one can ne ver be too sure about the emotions and feelings of others even if marriage is a binding factor. Kate Chopin uses symbols and characterization within The Story of an Hour to demonstrate the uncertainty in relationships. Symbols in The Story of an Hour bring meaning and understand to the enriched short story. Louise locked herself in her room after the news of her husband and as she look out the window â€Å"she could see....the tops of trees that were all aquiver with the new spring life.† (Chopin). The new springShow MoreRelatedThe Story Of An Hour By Kate Chopin1241 Words   |  5 Pagesâ€Å"The Story of an Hour† by Kate Chopin is a wonderful short story bursting with many peculiar twists and turns. Written in 1894, the author tells a tale of a woman who learns of her husband’s death, but comes to find pleasure in it. Many of the elements Kate Chopin writes about in this story symbolize something more than just the surface meaning. Through this short story, t old in less than one thousand one hundred words, Kate Chopin illustrates a deeper meaning of Mrs. Mallard’s marriage with herRead MoreThe Story Of An Hour By Kate Chopin855 Words   |  4 PagesThe Story of an Hour In the â€Å"Story of an Hour† by Kate Chopin, is about pleasure of freedom and the oppression of marriage. Just like in Kate Chopin’s story, inside most marriages, even the ones that seem to be the happiest, one can be oppressed. Even though, one might seem to be happy deep inside they miss the pleasure of freedom and living life to the fullest. Just like, in this story Mrs. Mallard feels trapped and when she hears about her husband’s death she first feels distraught, but ultimatelyRead MoreThe Story Of An Hour By Kate Chopin1457 Words   |  6 PagesEmotions and Death Everyone who reads a story will interpret things slightly different than the person who reads it before or after him or her. This idea plays out with most every story, book, song, and movie. These interpretations create conflict and allow people to discuss different ideas and opinions. Without this conflict of thought there is no one devoting time to debate the true meaning of a text. Kate Chopin’s â€Å"The Story of an Hour† tells about a woman who is informed of her husbands deathRead MoreThe Story Of An Hour By Kate Chopin987 Words   |  4 PagesIn Kate Chopin’s short story, â€Å"The Story of an Hour† reader’s see a potentially long story put into a few pages filled with rising action, climax and even death. In the beginning of the story, character Louise Mallard, who has a heart condition, is told of the death of her husband by her sister and one of her husband’s friends. Afterwards Mrs. Mallard is filled with emptiness and then joy of freedom. This joy of freedom is actually what consequently leads to her death in the end when she discoversRead MoreThe Story Of An Hour By Kate Chopin1061 Words   |  5 PagesThroughout the short story, â€Å"The Story of an Hour†, readers are introduced to characters whose lives change drastically in the course of this writing. Through Kate Chopin’s story we can identify many different themes and examples of symbolism in her writing. Chopin’s choice of themes in this writing are no surprise due to the time frame of which this story was written. Chopin often wrote stories with of women’s rights, and is noted as one of America’s first open feminists. As this story of an ill, helplessRead MoreThe Story Of An Hour By Kate Chopin972 Words   |  4 Pagesâ€Å"The Story of an Hour† by Kate Chopin expresses Ms. Mallard’s feelings towards her husband’s death in an appalling train accident. Due to her bad heart, her sister Josep hine had to be the bearer of bad news and approach his death gently to her. According to the quote, â€Å" But now there was a dull stare in her eyes, whose gaze was fixed away off yonder on one of those patches of blue sky. It was not a glance of reflection, but rather indicated a suspension of intelligent thought†, it lets us know thatRead MoreThe Story Of An Hour By Kate Chopin998 Words   |  4 Pagesâ€Å"The story of an hour† by Kate Chopin was a story that was ironical yet profoundly deep. As a student I have been asked to read â€Å"a story of an hour† many times, and every time I’m surprised by how I enjoy it. People can read thousands of stories in their life times and only a handful will every stand out to them, stories that can draw out an emotion or spark a thought are the ones that will standout more. For me and â€Å"a story of an hour† the thought of freedom is what draws me the most as a teenageRead MoreThe Story Of An Hour By Kat e Chopin1542 Words   |  7 PagesIn the short story, â€Å"Story of an Hour†, Kate Chopin writes about a woman with heart trouble, Mrs. Mallard, who, in finding out about the death of her husband, Mr. Mallard, experiences some initial feelings of sadness which quickly transition into the exhilarating discovery of the idea of a newfound freedom lying in front of her. When it is later revealed that her husband is not actually dead, she realizes she will not get to taste that freedom. The devastation kills her. What Mrs. Mallard goes throughRead MoreThe Story of an Hour by Kate Chopin596 Words   |  2 PagesIn â€Å"The Story of an Hour,† Kate Chopin focuses on the idea of freedom throughout the story. Mrs. Mallard is a lonely wife who suffers from heart trouble. She is told by her sister Josephine and her husband’s friend Richards that her husband has passed away in a train accident. She locks herself in a room expecting to be devastated, but instead feels freedom. Later, she exits her room and her husband walks through the door, causing her to die of a heart attack. Chopin uses this story to demonstrateRead MoreThe Story Of An Hour By Kate Chopin886 Words   |  4 Pages In Kate Chopin â€Å"The Story of an Hour†, the reader is presented with the theme of prohibited independence. In Kate Chopin â€Å"The Storm†, the scenery in this story builds the perfect atmosphere for an adulterous affair. The importance of these stories is to understand the era they occurred. Kate Chopin wrote stories with exceptional openness about sexual desires. In â€Å"The Storm†, a short story written by Kate Chopin in a time when women were expected to act a certain way and sexual cravings was considered

H.H. Holmes - 3086 Words

Running head: SERIAL KILLER H. H. HOLMES H. H. Holmes Valerie Jones Theories of Criminal Behavior September 23, 2012 Phillip Neely Abstract The United States first known serial killer was named H. H. Holmes. H. H. Holmes would later be said to be an alias created by Herman Webster Mudgett who was a doctor. It was said that Herman as a child had a privileged childhood. As a young child Holmes appeared to be remarkably intellectual. According to Holmes’s personality traits; there were†¦show more content†¦After marrying Myrta, Holmes filed for divorce from Clara; but that divorce would never be finalized. In January 1894 while in Denver, Colorado, Holmes was still married to Clara and Myrta would marry again to Georgiana Yoke. It was during his time in Chicago; Holmes started to grow even more shady and criminal. Holmes took a job in a drugstore, which he later bought and promised to let the current store owner live in after her husband died. When her husband died however, she simply disappeared people began to question where she was. Holmes lied and told people she went to California she liked it so much that she decided to stay there. These people actually would turn out to be his first victims in his long murder spree, and it is unknown how and when he murdered them. Not long after this Holmes would purchase several acres across from the drugstore and would build what would later be known as his Murder Castle (which is where it is believed that he hid the bodies of Dr. E.S. Holton and his wife). Holmes now centered on 63d Street and transferred his activities to the district of Chicago; it was here he would achieve fame. Once in Chicago Holmes would drive out a proprietress. Holmes worked in a drugstore. Across the street from the drugstore he would begin to build an extremely large building 50 ft. wide and hundred and 150 ft. long this was a gigantic and obnoxious building. The place was more than three stories high and had a colossalShow MoreRelatedJack the Ripper and H.H. Holmes1279 Words   |  5 Pagesmurderer, H.H. Holmes, but not just any connection. By looking at The Dev il in the White City, we can see that there are things about murderer H.H. Holmes that are very similar to Jack the Ripper. This could mean that we finally have an answer to the mystery: who was Jack the Ripper? Let us begin with Holmes. Holmes lived in Chicago and owned a pharmacy. He had medical training and loved money and women (Larson 36-37). He was able to smooth talk and gave people a sense of happiness. Holmes could convinceRead MoreAnalysis Of The Confession Of Dr. H.h. Holmes1205 Words   |  5 Pagesthe fact that I was a murderer, no more than the poet can help the inspiration to sing.† This quote was in the confession of Dr. H.H. Holmes when he was caught in 1896. These words are very chilling due to the fact that this man is believed to had killed up to 200 people and not only thinks that he couldn’t help himself but in some ways compares himself to an artist. Holmes’ gruesome murders still inspire ideas in modern day society, such as T.V. shows like American Horror Story. It could be arguedRead MoreH.H. Holmes. After The Industrial Revolution Fabricated1593 Words   |  7 PagesH.H. Holmes After the Industrial Revolution fabricated society for nineteenth century America, many families were moving to the cities for new opportunities. Immigrants found a niche in society and life was beginning to flourish and build the nation into what it’s citizens know it as today. However, while most of the country was settling down, a man by the name of Herman Webster Mudgett, otherwise known as HH Holmes, had a different approximation of why he should move to the city. HH Holmes wasRead MoreErik Larson s The White City, And H.h. Holmes s World s Fair Hotel Essay1760 Words   |  8 Pagesaround the country, especially in terms of the form and function of architecture. Perfect examples of a differing culture can be found in Erik Larson’s Devil in the White City. Through the description of building of Daniel Burnham’s White City, and H.H. Holmes’s World’s Fair Hotel, it can be inferred that both projects had different goals and very clearly repre sented the differences of a new period in American History. Holmes’s Hotel represented an older, darker, and more violent Chicago, while Burnham’sRead MoreIs America s First Serial Killer Essay908 Words   |  4 PagesConsidered America’s first serial killer, H.H. Holmes demised a plan like no other to torture and kill woman in the early 1890’s in Chicago, Illinois (H.H. Holmes, 2004). Masquerading as a charismatic prominent businessman, and caring doctor, H.H. Holmes was a true monster (H.H. Holmes, 2004). Known later as the â€Å"torture doctor† or the â€Å"monster of 63rd street†, he methodically planned, attacked, and controlled his victims till the very end (H.H. Holmes, 2004). Born Herman Webster Mudgett on MayRead MoreDr. H. H. Holmes: Americas First Serial Killer Essay1527 Words   |  7 Pagescan help the inspiration to sing – I was born with the Evil One standing as my sponsor beside the bed where I was ushered in the world, and he has been with me since† (Troy, Taylor). This statement was a quoted confession from Dr. H. H. Holmes himself in 1896. Holmes was the first major serial killer in America, even though he came after many others in his time. Thomas Neil Cream, the Austin Axe Murderer, the Bloody Benders, and Jack the Ripper came before him. His name was originally Herman WebsterRead MoreSerial Killer And Serial Killers Essay1171 Words   |  5 Pageskiller who is well known in American history is H.H Holmes, as well as the infamous Bloody Benders. H.H Holmes is one of Americas first known serial killer during the 1893 Columbian Exposition. He was known as Dr. Henry Howard Holmes. Holmes was born Herman Webster Mudgett on May 16, 1861, in Gilmanton, New Hampshire. He was born into a wealthy family, it is said that H.H Holmes at an early age appeared to be unusually intelligent. As a kid H.H Holmes was bullied and it is said that he was scaredRead MoreAmerica s First Serial Killer1347 Words   |  6 PagesH.H. Holmes, born in 1861 as Herman Webster Mudgett, was an extremely notable con man, fraud and murderer. More popularly known as America’s first serial killer, Holmes had a vast and varying criminal record. For instance, his criminal record ranged from forging checks and life insurance claims, to killing off entire families in his â€Å"murder† hotel. The one most identifiable pattern to his offenses resides in his economic struggle. As seen in a documentary directed by John Borowski, most of the individua lsRead MoreHolmes : Americas First Serial Killer1139 Words   |  5 Pages According Florida Gulf Coast University Serial Killer Database, there has been 2,625 serial killers so far in the United States, the most of any country in the world. However, this trend all started out with H.H. Holmes: America’s first serial killer. H.H. Holmes was born in New Hampshire as Herman Webster Mudgett in 1861. He was extremely bright in school and excelled beyond the other kids in his class. Because of this, he was bullied a lot by his jealous schoolmates. One incident stands out amongRead MoreThe City Of Chicago, A New City Block And Towering Three Stories Above Englewood1472 Words   |  6 Pageswould come to know. It was 1886 when H.H. Holmes, who was formally known as Herman Webster Mudgett came to the city of Chicago. Throughout his lifetime Holmes had several other aliases that he used to elude numerous creditors and former acquaintances he feared would step forward with accusations of fraud, poisoning and murder, so deciding he would change his identity now going by Henry Howard Holmes. But, to the rest of the world he would forever become H.H. Holmes, torcher doctor, monster of 63rd street

Starting a Business Musical Instrument Dealership Free Essays

string(97) " of importing instruments of various brand had became a lucrative opportunity for entrepreneurs\." The Opportunity Music has power to attract almost all the people. In a country like Bangladesh historically people have practiced music for a long time. That implies that musical industry can get only bigger and bigger in the future which should increase the demand of the musical instruments. We will write a custom essay sample on Starting a Business: Musical Instrument Dealership or any similar topic only for you Order Now And with only a few competitors the opportunity in musical instrument dealership and selling musical instrument can be really huge. In our research we have observed that now day’s people are very brand conscious. Keeping that in mind we are introducing ESP Guitar for the first time in Bangladesh which is a very much renowned brand in the whole world. It is a Japanese brand who makes electronic guitars and basses. It is a very popular brand in many countries right now. ESP is well known for their stylist guitars and basses. Many popular rock and metal bands are using ESP recently and we believe it will be very popular in our country as well because there are number of rock and metal bands in our country now. We are introducing this new brand because according to our analysis it will give us a competitive advantage over our competitors and it will also differentiate our company from all the major players of the industry. Apart from launching ESP in Bangladesh we are also offering installment system which should attract more students who are the main target customers of our company. With the help of the technical and management team of EBS we are also offering free servicing of the musical instruments. Overall we can say that the opportunity in the music industry is huge. We believe we can capitalize this for our benefit. We intend to do that by our creative idea and meeting all the customers’ needs. Products and Services Tune and Play will sell new and used musical instruments and accessories. Our primary items will be electric and acoustic guitars, amplifiers and electronic keyboards, drams and some local instruments like harmonium, tobla and flute. In addition we will have a full service, on-site repair and customization department (band instruments, guitars and electronics). Tune and Play will offer several name brand instruments such as: †¢ Electric and acoustic guitars by ESP. †¢ Bass Guitar †¢ Keyboards †¢ Pianos †¢ Drums †¢ Amps †¢ Mixer †¢ Microphone †¢ Processor †¢ Sound-Card †¢ Foot-Pedal †¢ Violin †¢ Saxophone A very well stocked accessory department to support the above items. In addition to complete repair services for  our products, we will emphasize upgrades and customization items to develop other income streams our competitors have not considered. When carrying a brand name item conflicts with giving the customer the best all-around value, we will always pursue the product that best suits o ur client’s interest. Marketing Analysis Target Market Our main target customers are musicians who are ready to pay anything for their desired instrument. However within that musician customer,  there are  different segments, ranging from professionals, to semi-professionals, to hobbyists and novices. We intend to target musical novices, hobbyists, and semi-professionals. These groups  include the largest percentage of musicians,  with the greatest amount of disposable income. These  market segments  can generally be approached with the same marketing techniques, and can be very loyal when treated properly. We are also targeting the students of those schools where ‘Music’ is offered as a mandatory course to them. Moreover there are many music school are present at Dhaka, and the numbers are in rise. Reasons for Buying our Product We are the only store in Dhaka who will offer ESP brand instruments for which musicians have a high demand. We will also offer the novice to semi-professional musician, the convenience of a wide selection, unique offers, experienced and reliable staff, and an educationally-focused community center; all in one location Again most musicians need support and service. The instruments that we sell can be difficult or impossible for end users to service. Potential clients tend to seek stores that can fulfill these services through word of mouth referrals or by using direct shopping experiences. These musicians come back time after time if they feel they are getting a fair deal. Therefore, we will ensure enough numbers of technicians for them always, so that they can find solution of their instrument’s problems any time. We will also provide one year warranty for the brand items. Analysis of Marketing Data: To know about the customer preferences and needs towards musical instrument, we conducted a market survey. After successfully completing the survey analysis, we had a more clear idea of what a potential buyer or musician desires from a music store. For our survey, we targeted people whose who are above 15 years old. We found that 53% people prefer rock music, 27% people prefer heavy metal and rest of the people like classical and pop music. 47% people like to buy Guitars from a music store, 27% 1ike to buy Keyboards, 13% like to buy Drums and others prefer to buy some local instruments like Harmonium, Flute etc. We found that people want both cash and installment payment available in the store. We found out, almost 40% people usually buy instruments for their learning purpose, 35% people buy because they are in band, and rest of the people buy by following their favorite artist. 80% people want lifetime free servicing if the instrument is not broken and rest of the people prefer stores should give year-end sales with 10%-15% discount. For people, Dhanmondi, Panthapath and Uttara as the most convenient place fir shopping. Industry Analysis Since the inception of Bangladesh, basic musical instruments were being manufactured by some local manufacturer. The department was being run by some minor players and import for marketing for international brands didn’t exist at all. The market of musical instrument grew massively during late 70s and early 80s when many artists bands were emerging. Demand of many international instruments like guitar, drums started to increase along with those regional instruments. From that time the need of importing instruments of various brand had became a lucrative opportunity for entrepreneurs. You read "Starting a Business: Musical Instrument Dealership" in category "Papers" Further, with the technological advancement and immensely growing demand, more and more instrument seller were becoming available but there was not enough legal and economic support to install any authorized dealership or franchising for the provision of brand demand. Though 40 years back from now Melody Co. , one of the musical instrument dealers, started their business in Old Town of Dhaka during the Pakistan era, they were just a dealer of regional instruments like harmonium, Tablas etc. Industry situation: Although enough growth has taken place in the musical instrument sector but most of it can be attributed to the random brand growth. Similarly Value Added Services have grown but are still a drop in the bucket. Now that the competition has been introduced in the instrument sector some very positive impact have been observed on the growth of the sector in a short span of time which is expected to continue to grow for at least next couple of years. Key Success Factors: †¢ Potentiality of music industry: As the music scenario in Bangladesh is improving and getting the touch of western influence, people are also getting interested in western instruments like electric guitars, drums etc. Emerging brand consciousness: Now days, musicians and artists are being more conscious about the brand. They now prefer brand over cost, as brand represent their image, style and quality. †¢ Globalization: Due to globalization the market in Bangladesh is also getting the attention of the rest of the world. MNC’s from different side of the world also want to access this new market before any of their competitors. So int ernational instruments brands will eagerly enter this market to diversify their risk. †¢ Economic stability: Though being a developing country, economic condition in Bangladesh is now days pretty much stable. So the buying power of Bangladeshi people is also healthy enough for these instrument businesses. Trends: Technological: Technologically Bangladesh is about a couple of years back dated from the developed countries. As a result of that technological advancement in musical instrument is not that significant for last few years. Due to lack of proper knowledge and equipments there is no authorized manufacturing sector for instruments, except those handmade instruments. Political: Politically Bangladesh is a very unstable country. But this specific business has no connection with politics at all. But considering the international DFI or Franchising, political assessment is necessary. Due to political corruptions and instability, Bangladesh is sometimes favorable or unfavorable country for MNCs depending on the situation. Considering the political aspect, this instrument business does not have much to care about. Societal: As this is related with culture and art, societal influence has tremendous impact over our business. Most societies of Bangladesh are conservative and they are attached with traditional Bangladeshi culture. These influence traditional Bangladeshi musical instruments like Harmonium, Tablas etc. But guitars drums are more likely considered as western influence which is sometimes considered as a negative aspect by them. So to certain extent societal factors drive the industry. Assessment of Industry: By considering the five forces of an industry, we can assess our musical instrument industry from five different sides. Bargaining Power of Supplier: In this specific business sector, suppliers have enough power to dominate over instrument dealership business in country like ours. Because of the economic sloth advancement, the suppliers (the brands) do not usually that much care about authorizing dealership in our country. †¢ Also the brands that are more popular in Bangladesh will have a higher demand, any musical store will want to be a licensed dealer of them. †¢ Cost of selecting and switching suppliers is quite high. All these factors determine the supplier’s dominance o ver the industry. Bargaining Power of Buyers: †¢ Presence of a few numbers of stores and dealers. †¢ Cost of buying brand products from abroad is quite high and heavily taxable. These factors determine the buyer’s low power over the industry. Threat of new Entrant: †¢ High opportunity of profitable venture. †¢ The market is not saturated yet. †¢ Low burden of government rules and regulations So, the threats from new entrants are high in this industry. Threats of Substitute: †¢ Substitute products are limited and weak. †¢ Substitute products like other recreational products are not completely substitutable. So, threat of substitute products is quite low even do not exist at all. Rivalry among Competitors: †¢ A very few established stores and dealers are present. Most of the other stores are discrete and unstable, which usually sell those regional instruments like Harmoniums, Tablas. †¢ The cost of production is quite high. †¢ Products are rated at fixed price. †¢ Switching between products is costly. So rivalry among the existing competitors is moderate. It is not extreme because of less switching power of customers and fixed price, and also not much less because of the low number of dealers. Competition Analysis After doing some research we have come with some direct, indirect and also some future competitors of our music store. major ones are identified. 1. Existing huge music stores : In Dhaka city, there are 4-5 huge music stores which are OMNI, World music, Golden music and Music melody. They all have an approximate monthly sale of 10-15 lacs. Among our main competitor OMNI is our main concern. OMNI is the dealer of YAMAHA guitars and Pearl drums, which cost them a huge amount. Their initial investment was 2-3 crore, they business is mainly equity based, they didn’t take any loan because OMNI music store is a part of the huge business group. They reached their break even 4. 5 years. Demand for their music instrument is stable but on some special occasions their sales increase like on valentines day, pahela baishakh, independence day etc. Key success factor are commitment, honesty, right price quality and loyal customer. The other huge music stores mentioned earlier like golden music, music melody, world music whose business share is almost similar. They have a monthly sale of 10-12 lacs. They also bought many different brands that differentiate their music store. Music melody produce some local instruments but in a small scale. [pic] Competitors Position based on Sales 1. Existing small music stores: There are some small competitors in this market. They mainly get their product from the big competitors because investment costs need a huge amount of money to bring instruments. They also sale regionally produced instruments like harmonium, bahala etc. This kind of stores is also our concern because some of them may have the potential to grow as a huge competitor. 2. Future opening of music store: Music appeals everyone in the world. Music industry in Bangladesh is growing at a steady rate. Because now days Nokia, Benson hedges etc are coming up with competition to bring out the talents from our country. This gives even small time musicians grow in confidence to buy some heavy instruments. Also music TV programs in all channels and music schools are establishing in Dhaka this also demand music instruments. So as demand for music instruments are growing, the more there will be openings of music store. Competitive advantage: In order to sustain and expand in this competitive marketplace we will take effective decision and implement them. Our store is providing the product of ESP. We will provide brand uniqueness. Also we will offer some after sale service to our customers who will buy expensive instruments costing more than 50,000tk. We are also providing some different service like: an exchange offer of your instrument with similar instrument but this would not be similar for everyone like we will check the instrument first that decide whether it will be profitable to exchange so that after repairing we can sell it again a good price also sometimes we may require some money with the instrument depending on the product. We will also repair different instruments in our store with a minimum charge of starting tk. 1000. Also we will provide customers with the service of customizing the instruments like color requirements, putting a tattoo or art, band logo on their guitar or other instruments charging differently depending on instrument. These services make our stores different from others. Marketing Plan Pricing Policy: For pricing, we divided our products in two segments. For ESP brand items, we are going to follow cost based pricing policy and for other products, we are going to follow competitor based pricing policy. These pricing strategies will help us sustain in the market, as well as make profit. Cost Based Pricing Policy: In this policy, we would consider all our expenses. These include transportation cost, utility cost, rental cost, promotional cost, storage cost etc. Once we find out all our expenses, we would divide it by the number of instruments kept in our store. This will give us expense per unit. After that, we would add the cost of the instrument itself with the expenses per unit. Then we will add 30% profit margin. An example is shown below: Selling price = Total Cost / ((100-margin) / 100) If Total Cost of a guitar is TK 70,000, then by applying this formula, we get: Selling price = 70, 000 / ((100 – 30) / 100) = TK 100,000 Competitor based pricing policy: This is a method where we will use prices of the competing products as a benchmark instead of considering own costs or the customer demand. This will be applicable for products that my competitors are offering as well. For example guitar accessories, amps, keyboard, piano, drums etc. The reason for selecting this strategy is because it would be really difficult to survive in price wars with my competitors. They have more experience and they are also in this business for a longer time. As a result they have already covered a lot of their investment. This means they can offer products at a lower price than us. Place: Our store will be located in Panthopath, Dhaka. It will be situated near Bashundhara City. Reasons for selecting this place are as follows: -some of my competitors are located here. This means customers will prefer this place, since they have many options. since our store will be outside Bashundhara City, we can operate at a comparatively lower rent. -Panthopath is lucrative place for conducting business. -as there is sufficient transportation facility, people can easily visit our store. -Since there are some jamming pads located near our store, people are likely to pay us a visit. After some years, we are planning to expand our business to some other locations. One of our priorities will be Uttara. This is because looking at the current market scenario, there are no musical stores in Uttara till now. Product: Our main focus is ESP guitars because ESP guitars are unique and are preferred by a lot of the younger generation. They like its exceptional designs. Some of the designs available are X-shaped, V-shaped etc. Besides that, the sound of ESP guitars is good for both riffs and lead guitar. For other guitars, it is tough to match the price of ESP, providing the same quality. Promotion Strategy Our  critical marketing program will be the grand opening, so we will place our initial advertising to give the greatest coverage. Our specific goal for the event is to create a big buzz for the local music community has ever seen regarding a new store. We will target our desired customer base using radio, newspapers, hand leaflet, banners and word of mouth. At present, radio is the easiest way to reach musicians for the simple reason that the love of music is what drives us to become musicians. Newsprint reaches a large portion of the public, letting them see what  we have to  offer before making a trip to the store. Large billboard and banners in different areas and hand leaflets are also very useful way to inform the people about our promotional activities. We will also have regular advertisement in different youth oriented magazines. Another promotional plan is to telecast our advertisements in different area based local cable channels. This is also a useful tool to inform people in economic way. Word of mouth is the one area we really hope to see develop, as a personal endorsement by a customer is worth more to us than what any advertisement can achieve. Distribution: We will follow the following strategies: 1. Direct purchases from manufacturers – generally the best price, but higher minimum orders. 2. Purchases from national distributors – large selections, good prices. 3. Purchases from regional distributors – small selection, average pricing. Management team We believe an efficient management team can increase the productivity of company. And a productive workforce can be an asset for a company and it can provide the company with a competitive advantage over the major players of the industry. We have started this business on the basis of partnership rules and regulation. There are seven partners and we all are the students of North South University. We know each other for a long period of time and we believe with our co operative effort we can make this company a very successful one. As we all are partners of the company and have contributed equally to the initial investment so all of us will be included in the decision making process. But for instant decision making we have prepared an organ gram. |Chairman |M. Riaz Mahmud | |CFO |M. Nahian Morshed | |Board of Directors |M. Faizur Rahman | |Board of Directors |Mustafa Waki Chodhury | |Board of Directors |Mohona Khan | |Board of Directors |M. Shahriar Firoz | |Board of Directors |Rizon Minhazur Rahman | We are hiring 5 sales executives, who will run our store. Our requirement is H. S. C. passed, fluent in English and have basic computer literacy knowledge. We will hire persons who are with good interpersonal skill and can convince the customers easily to buy instrument and behave well with the customer so that they remain loyal and happy with our service. Delivering Process Our business is an import oriented business. So, we’ll have to wholly depend on shipping for the delivery process and also container trucks will also be involved to deliver the instruments as the port is situated in Chittagong and we’ll have to transport the items to Dhaka. Customers will have the responsibility to transport their bought product to their favored destination. For payment to the parent company we will follow the Letter Of Credit (LC) system. In this system, we will get affiliated with an international bank which have subsidiary in Bangladesh. The international bank will have to be selected as the parent company might have trust issues and the international renowned bank will help us gain reliability. As soon as we receive the products, we will issue an LC. As our chosen company ESP is an established brand worldwide, they will take responsibility for the shipments. We had to get a license of ESP to get their permission of selling their product. The licensing took a great toll of our investment as we had to pay BDT. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ to ESP. According to the license, we need to achieve some requirements which are their benchmarks. †¢ We had to show projected sales and their requirement was to achieve an average of BDT. 50 lakh mark yearly within 5 years. †¢ We had to show them our work on balance sheet, income statement and break even analysis as they were looking into our business’ feasibility. †¢ Also they checked the location of the store to find out if enough demand will be generated from the â€Å"place† factor of four P’s. We reached an agreement that we will to train our servicing employees according to their training methods to create the same environment and to comply with their customer service. †¢ We also had to show them an overview of the demand of their brand ESP in Bangladesh. Financial Projections Income Statement Our income statement is initiated with finding out the sales of first month and it is utterly based on our surveys. We first found out the total market value in terms of BDT. We went through our surveys and found out the competitors’ yearly sales and the total represents the presumable market size. As we are in the initiation stage we are assuming to get a hold of no more than three percent (3%) of the market size. We did a sales forecast for every month. For starters, we assumed a growth rate of 0. 5 percent for the first three months which gradually increased to 1 percent and later we ended the first year with a growth rate of 2% in the last three months. The increasing growth rate will be as a consequence of our extensive marketing policies. The first year’s growth rate being only 12. 65% percent, we had to incur losses in every month. The econd year, the yearly growth rate we have assumed will be 12. 68% owing to the steady growth rate every month. And third year we expect a growth rate of 16% approximately. For our cost of goods sold, we presumed forty percent (40%) of our sales and we counted our sales discount to be 2. 5%. Another variable cost is sales commission of one percent (1%) of sales which is categorized as selling expenses. Fixed costs include both selli ng and administrative expenses. Selling expenses include store salaries of BDT. 20,000 per month, rent of BDT. 50,000 per month, advertising expenses of BDT. 5,000 per month, utility of BDT. 5,000 per month and depreciation expenses of BDT. 250 per month. The administrative fixed costs consist of salaries which is monthly BDT. 10,000, utility monthly 2,000, insurance monthly BDT. 2,000 and depreciation expenses of BDT. 200 per month. We expect to reach the break even in 6. 62 years and we have shown income statements for 10 years just for getting an idea of the net income in following years. Sensitivity: We have shown sensitivity analysis changing the sales revenue by five percent in both directions. For worst case scenario with 5% downfall in sales, our net loss in first year will rise by more than BDT. 70,000. In the most likely case, we also incur a loss of BDT. 105,000 approximately and best case scenarios with 5% sales increment, net profit will be almost BDT. 33,000. For 2nd year, most likely case scenario will produce a profit of BDT. 342,566 and worst case scenario will produce profit of BDT. 155,858. But, the best case scenario will generate less net income than most likely case because of tax rules. The 3rd year most likely case will see us earn a net income of BDT. 04,398. We have also assumed the worst case and best cases and if that happens we will have net income of BDT 508,314 and BDT 700,483 respectively. Cash-Flow Statement Cash flow statement is the way of constructing the cash inflows and outflows according to type of activities such as operating, investing and financing activities. It gives us the idea about if the company will be profitable over the years by generating sufficient cash and if it will be able to pay off its debt. We have done cash flow statements for 8 years and those will be included in the appendices. For our cash flows, we followed direct method starting with the operating activities which includes inflow from sales revenue and outflows from different expenses like cash paid to suppliers, salaries expenses, rent expenses, sales commission, advertising expenses etc. in investing activities, outflows includes BDT. 10,000,000 of purchasing of assets, other investment of BDT. 1,000,000 and purchasing of contract of rent BDT. 1,000,000 and there are no inflows. Financing activities has inflows form loan and owners investment worth BDT. 8,000,000 and BDT. 7,000,000 respectively. Cash outflows from financing includes loan payment of BDT. 171,438 per month. The payment of installment continues till year 7 when we paid off our debt. Our total cash flow will be negative till year 4, first quarter and since then its uprising. But we maintained a cash balance from the beginning generated from loan which will see us through these periods. From first year, our cash balance is reduced to BDT. 2,004,607 from BDT. 2,910,411 which is the starting balance of the first month. Second year it is reduce to BDT. 1,398,301 and by the end of year three the cash balance will be BDT. 20,853. Sensitivity: The sensitivity analysis of every year attached to appendices will show how much the expected cash flows can differ when we consider worst possible and best possible cases. The first year’s best case is likely to reduce the outflows by about BDT. 120,000 but the worst scenario will increase outflows by about BDT. 117,000. the second and third years’ sensitivity anal ysis shows the same effect reducing or increasing the cash outflows in best and worst cases respectively. Balance Sheet Our balance sheet shows how much the venture capitalist can depend on our business. In the balance sheet we tried to figure out the total asset each year as the first objective of a business is to maximize the value of its assets. We also showed if the assets matched the liabilities. Our total assets included cash, inventories, receivables, other current assets categorized as current assets and long term assets consists of non current assets, accumulated depreciation etc. Current liabilities are payables, short term debt and others while non current liabilities are long term debt and others and these two makes up the liabilities part. Equity has only common equity invested by the owners. For most of these items, we tried to maintain a specific percentage of sales such as for inventories, we maintained 20. 69% of sales, 40. 14% of sales as short term debt etc because we know these items are vulnerable to the change of sales and move in the same direction. Our first year’s total assets are BDT. 17,350,008 while the next two years it went down to BDT. 16,912,962 and BDT. 16,623,039. This can be associated with the increment in negative cash flows or increase in outflows. But it’s uprising from then as we expect it to rise as high as BDT. 5,481,609 in eight years. A significant change occurs in year seven as we reach break even; our total assets rises from about 20 million to above 24. 5 million. This is because of the rise in cash balance that year after recuperating the total investment. Sensitivity: By changing the sales by 5% positively and negatively, we found out the best and worst case scenarios which can contribute to the change of our total assets. Again, as we are looking to maximize the value of our assets, we have to be conscious about what the best and worst situations can do to our business. For the first two years, the worst case scenario doesn’t do much damage as the reductions in total assets are by about BDT. 50,000 from the most likely scenarios; BDT. 17,292,408 in first year and BDT. 16,846,620 in second year. While the best case scenarios in the first two years see our total assets to rise to BDT. 17,407,482 and BDT. 16,979,158. The third year the change about BDT. 75,000 in both cases as the best case scenario puts our total assets to BDT. 16,698,871 and the worst case to BDT. 16,547,041. For al these time, the increases and decreases in total assets are backed by the retained earnings portion of owner’s equity. Breakeven: |Pay Back | | | | | | | |Initial Investment | -15,000,000. 00 | | |Year 1 | 1,061,866. 91 | -13,938,133. 09 | |Year 2 | 1,450,954. 8 | -12,487,178. 20 | |Year 3 | 1,739,046. 20 | -10,748,132. 00 | |Year 4 | 2,119,043. 11 | -8,629,088. 89 | |Year 5 | 2,667,444. 37 | -5,961,644. 52 | |Year 6 | 3,328,314. 32 | -2,633,330. 20 | |Year 7 | 4,203,767. 76 | ,570,437. 55 | |Year 8 | 4,366,613. 47 | 5,937,051. 02 | | | | | | | 11,517. 17 | | | |228. 6438216 | | | |0. 26421429 | | |Pay back in years |6. 626421429 | | Exit Strategy: Our ongoing business is Musical instrument dealership. Our exit strategy is a mixture of liquidation and our own strategy. First we will liquidate some percentage of our assets. We are planning to sell those underperforming assets at a lower price and we will also invest some additional capital to establish a diversified service line. This will be actually a recording studio as we are planning to seize the opportunity created by lack of recording studio in Bangladesh. We are planning to open a recording studio which will contribute to the uprising music scenario in Bangladesh. Due to lack of quality music studios, we believe our exit plan from musical instrument dealership to recording studio will shift our position from decay to a growing stage in company life cycle. It will be our long term plan because we do not want to loose the face value of the product. Initial Investment: Rent (4 months)= Tk. 200,000 Equipments (Estimated Average per unit) Electric Guitar(5*30,000) |150,000 | |Bass Guitar(5*30,000) |150,000 | |Acoustic Guitar(20*3000) |60,000 | |Piano(2*100,000) |200,000 | |Keyboard(10*20,000) |200,000 | |Drums(5*30,000) |150,000 | |Mixer(3*50,000) |150,000 | |Microphone(5*10,000) 50,000 | |Processor(5*20,000) |100,000 | |Accessories(Strings, Cables, Tuners etc) |90,0000 | |Other Equipments |100, 000 | |Total |1,400,000 | Estimated Initial Marketing Cost=300,000 Furniture=100,000 Reserve For Cash Requirements=3,000,000 Dealership Cost=10,000,000 Total Initial Investment=15,000,000 Conclusion We have worked on this business plan for the last three months and gathered all the related information about the music industry. After analyzing all the data we have came up with the idea investing in this business can be really challenging but profitable. If we can survive through the initial trouble we can diversify our business by investing in different regions of Bangladesh. In the era of communication people are very fond of the creative ideas and we believe our business is creative and unique enough to attract the potential customers. Reference: www. google. com www. yahoo. com acct. tamu. edu/smith/acctwebs. htm Haque, Akkas Ashif (2008) ‘Three taxes of Bangladesh’ How to cite Starting a Business: Musical Instrument Dealership, Papers

Ethical Issues and Financial Analysis Case Study †Free Samples

Question: Discuss About the Ethical Issues and Financial Analysis? Answer: Introducation Through this report, various case studies have been analyzed with reference to their ethical position, financial information and disclosures, ethical dilemmas and the review of an article mentioned in the Business review. The aim of the report is to confine the readers and the users with knowledge and meaning of the concept of ethics and finance. The report has been framed with the executive summary summarizing the start of the report and the major aim of preparing the report. Then the brief introduction has been given for whole of the report detailing the structure of the report. Then the first case study has been discussed with respect to the questions asked and it deals with the ethical and governance issues. The second case study has been discussed which deals with the financial analysis of the annual report of the company namely David Jones Limited. The third case study is dealt with the decision about whether to do or not do something as to whether the company shall engage the particular accounting firm or not and what are the requirements of getting the same selected. Then in the fourth case study the ethical issues have been discussed with auditing issues and scope of the work of audit committee and that last case study is the literature review of any article published in the Business Review Weekly. With these considerations, the report has been bifurcated in different sections and headings followed by the adequate and proper conclusion and recommendation. Etihics and Governance Each person shall follow some code of conducts either defined by the law or defined by the religious statutes or defined by the inner morality of the person dealing with many situations. If no person follows the ethics then he or she will face the difficulty of doing any kind of work in an effective and efficient manner. The Governance is related to the world which means that all the activities of individuals those working in the company or working in their day to day life shall be governed in the proper manner and it shall be so governed by the top management of the organization or the inherent code of conducts which has been provided by the relevant laws or statutes (Dandino, 2016). Thus, the concept of ethics and governance are inter related and have to be worked simultaneously. It is so said in the sense that if ethics are there without the governance system then no one will be ready to follow the ethics and in other sense if governance system was there but without ethics then the purpose of having the governance will be futile. Thus, ethics and governance needs to be worked simultaneously (Andrews, 2011 and Arjoon, 2016). In the given case, Vicky have to go home and have given her friend Becks to buy the accounting text book on her behalf and she has given $100 to him and said that keep the balance after returning from home. The market price of the text book is $85. After few days Becks went to the shop and finds that the book seller was engaged in selling the second hand book for $65 to the students. This second hand book is really in new frame and looks like it is the new one. By seeing this, he has purchase the accounting text book for $65 and thought that he will be able to gain $20 and giving the $15 back to his friend Vicky and Vicky would not find it possible to identify whether it is the second hand book or the new one. In respect of the above case study, the following have been answered: Stakeholders in the situation - Stakeholders are the persons who have the requisite interest in the matter in which they are dealing. For instance in case of the organizations stakeholders are the persons who have interest in the affairs of the organization like shareholders, financial institutions and other lenders, employees and government, etc. In the given case study stakeholders are Vicky and Beck. Vicky is regarded as the stakeholder in the sense that she has given the amount of $100 to her friend Becks in the view that he will purchase the best accounting text book for her which is available in the market at $85 and remaining $15 she will obtain from Becks after she returns from the home. Beck is regarded as the second stakeholder in this situation in the sense that the he has to purchase the accounting text book on the behalf of her friend and is liable to return the balance amount along with the accounting text book to her (Fontaine, 2016 and Philips, 2014). Involved Ethical Issues Ethical issues means that whether the ethics involved in the case study are positive in nature or negative in nature. As per the case study, the ethical issues are involved in the terms of finance, compliance and personnel. Ethics in the terms of the finance includes the manipulation with the available funds of the Vicky as the same has been given in the view that the accounting text book as bought will be new but opposite has been happened. Beck has knowingly bought second hand book in the urge of having the financial gain of $20 and hence manipulated the financial figures to Vicky. Ethics in terms of the compliance is involved in the sense that Beck has not complied with the defined stipulations of buying the new accounting text book and hence has violated the issues. Ethics in personnel includes the situation where Beck has not maintained the transparency and fairness of the transaction so entered. Our View If I would have been in the situation of Becks, then I would have purchased the books as per the requirement of Vicky and in case she finds herself okay with second hand book then I would have purchased that and have returned the remaining amount to her without any motive of cheating her or making any gain out of the work so done (Weisul, 2012). Financial Analysis The financial analysis of the company David Jones Limited has been made with reference to annual report of the company for the year ending 2013 in view of the following parameters: Main activities and operations - The company is registered and listed in Australia and is engaged in the business of up market departmental store since its inception. It is the subsidiary of Woolworths Holdings Limited which is also engaged in the business of departmental store and is one of the leading companies in Australia. David Jones limited was founded in the year 1838 in Australia by Mr David Jones thereafter it has been expanding since then. In today scenario the company has 43 stores in Australia. The business operations of the company have been bifurcated in the four segments namely fashion and beauty, lifestyle, home and food and electrical appliances. Each segment of the company provides various products ranging not only for the adults or teenager but also for the kid and children and even new born babies. They have the online shopping model where you can place the order and track it till the order is received. Also they have their different stores where everyone can go a nd buy the products as per the defined needs and expectations. They have also opened the financial model where the financing is also being given to their customers (David Jones Limited Official Website, 2013). Chief Executive Officer and Chief Financial Officer - As per the annual report of the company for the year ending 2013, Paul Zahra is the Chief Executive Officer of the company and Brad Soller is the Chief Financial Officer of the company (David Jones Limited Official Website, 2013). Important Financing and Investing Decision - As per the Notes to the accounts of the financial statements, the company has hedged its currency exposures by holding the derivative instruments. These derivatives include the futures, options and derivative contracts. The major investment decision that the company has taken is that to get itself merged into the Woolworths Holding Limited and in the forthcoming year ending 2014 the company has been merged into the Woolworths Holding Limited (David Jones Limited Official Website, 2013). Directors Declaration in relation to the Information in the Financial Statements Following declarations have been made by the directors in their report that That the directors are fully responsible for the preparation and management of the financial statements and the notes to the financial statements and the annexed schedules if any. That the financial statements so prepared shall be for the interest of the shareholders as well as the stakeholders That the financial information so contained shall be provided with full set of the financial statements to the external auditors of the company That the external auditors of the company are required to take an independent examination in accordance with the relevant accounting standards and auditing assurance standards duly standardized by the Australia accounting standards board. That the financial statements containing financial information are prepared in accordance with the International Financial Reporting Standards and the provisions of the Corporations Act 2001. That further declaration is made that the financial statements containing the financial information so prepared with the application of the going concern assumption and the material respect of prudence (David Jones Limited Official Website, 2013). Compliance with the ASXCGC In the annual report of the company it has been mentioned and declared under the heading Statement of Compliance that the company has complied with the Australian Securities Exchange Corporate Governance council, corporate governance principles and recommendation and the provisions of the Corporations Act 2001. Also the companies in its Statement of Corporate Governance have laid down the eight principles and have mentioned its compliances. Independent Auditors Report Following have been addressed in accordance with the independent auditors report- Companys audit firm is Ernst and Young Global Limited and audit partner was Graeme Mc Kenzie Statement of Auditors in relation to Accounting Information That the responsibility of the auditors are to express their opinion of the financial statements of the company in the form of auditor report That the company and its management is fully responsible for the preparation and management of the financial statements including the notes to accounts That the audit has been conducted with the Auditing Standards of Australia (David Jones Limited Official Website, 2013) Statement in relation to Independence That the audit opinion so formed on the financial statements is totally independent and is free from any bias or any error. That no contraventions have been observed in relation to auditor independence within the requirement of the Corporations Act 2001 (David Jones Limited Official Website, 2013). Money other than Audit fees received by the Auditor As per the note detailing the auditor remuneration, it has been observed that apart of $495500 received for the auditing and reviewing of the financial statements, the amount of $163568 have been received on account of Assurance related services and the taxation services (David Jones Limited Official Website, 2013). Decision Analysis List of factors for selecting the accounting firm: The accounting firm shall process all the bills, invoices, payment and receipts in the timely manner The firm shall have adequate staff which can fulfill the requirements of the company The firm shall have competent staff that shall be able to handle the accounts and financials of the company. That the accounting firm shall give the competitive rates. It shall not be too much low and shall not be too much higher. List of services for selecting the accounting firm: Daily maintenance of books of accounts Reviewing the bills and invoices Follow up with parties for making and receiving the payments Relationship with the banks Compliance with the requirements of the different and applicable laws for the time being in force. Reconciliation with the bank and parties accounts Ethical Dilemma As per the requirements of the Corporations Act 2001 along with Australia Prudential Ethical Standards 110, the management of the company, board of directors, is required for the preparation of the financial statements of the company and the auditors are required to express their opinion on the financial statements of the company by applying their judgment and full independence. Further the audit committee is responsible for ensuring that all the compliances as listed in acts or laws or any standards have been made and have been properly discussed and disclosed appropriately (Arthur, 2016 and Metzger, 2013). The chief executive officer of the company is not in the picture of ensuring the compliances as the same work have been entrusted to the audit committee. In the given case the member of the audit committee raised the question that the impact of financial crisis in the year 2009 has not been mentioned in the agenda to the meeting of the audit committee. The clarification that he has received from the other member is that the Chief Executive officer of the company has said that the same has not any type of effect and thus its not useful to introduce as the agenda and also the compliance audit is also not required to be done. If I would be in that situation, then it would have been discussed in the meeting of the audit committee and have properly laid down the duties and responsibilities that lies with the chief executive officer and the relevant instructions shall be made to do the compliance audit and make the report thereon. Critical Thinking Marketing is tool for a business to express about its products and services to its prospective client to have revenue by selling goods and providing services to these clients by the company. The marketing is done by marketing department of the company in the forms of slogans, packet design, involvement any celebrity and other social media activities. For example making a feedback call, writing a thank you mail to customers are some marketing tools commonly used by the company now a days. The marketing is depend on four P elements which are known as Four Ps of marketing that are Price, Promotion, Product and Place. Before planning of marketing strategy by marketing department these factors are always taken into account to get good returns from the marketing. Marketing Strategy in Recession In an economy, when the economy is growing at a good pace, the quality products and services provided by the company are their marketing tools for attracting the customers and main focus of the companies are to have increased volume of revenue in addition to reduced expenditure on marketing. But in case when economy is going towards recession, every company and its management is getting concern about the revenue to be earned and then the management put pressure on the marketing division to identify new marketing strategy from which they can attract customers even if the purchasing power of the customer is reducing. The Finance division managers generally do non-sense things at the time of pressure on them in recession. This involves firing of employees at lower levels to reduce the cost and increase the margins, new products and services are initiated in the markets, cutting the costs related to marketing without knowing wants and requirements of the customers present in market at the time of recession. Most analysist says that the best time for doing the marketing is the recession time. In the recession time revenue is dropping and if the good marketing strategy applies at the time with full focused to gather the customers attention on the products and services, the company can do wonders. Following are the things which require to be done at the time recession by the company:- If the company has monopoly in the market, then only company should launch new product in the market to get the attention of the customers. And if the company has no monopoly then the company should focus on its key bran product and services which are already in the market and liked by the customers. For example, in case of Samsung, during recession of 2010 and 2011, the company shifted the focus to its galaxy brand and able to sustain in the market. The advertisements in recession times should be more attractive, lucrative, and creative and sometimes includes funny things to attraction the attention of customers in down time. Taking a feedback in bad times plays a major key role at the time of recession in marketing. People have a tendency of not taking feedback at the time of their low period but feedback at this time is very necessary to know whether there is any positive things in the negative feedback can be extracted. And if this could able to do by manager then company can use that positive point and can do miracles. Thus, in order to conclude, the bad time is good time for creating and establishing the exiting brand to deeper into the market and in the minds of customers. Conclusion The report has laid down different cases study and their analysis. In the first case study, it is observed that the act of Beck is unethical. In the second case study, the annual report of the company has been analyzed. Third case study has detailed the factors required from an accounting firm and requirements to appoint accounting firm. Fourth case study has described the responsibility of audit committee and Last case study has reviewed the marketing strategy. Thus, its recommended to follow the guidelines as prescribed and follow ethics in any kind of work. References Andrews K., (2011), Ethics in Practice : Managing the Moral Corporation, Harward Business Review School Press. Arjoon S. , J. Gopal, (2016), Ethical Orientation for Future Managers : The Case of Trinidad, Social and Economic Studies, pages 98-114. Arthur, (2016), Whats wrong with Tread way commission report?, Journal of Business Ethics, pages 183-193. Dandino P. (2016), Corporate Governance : Something for everyone, Franchising World, pages 40-41. David Jones Limited Official Website, (2013), Annual Report available on https://www.davidjones.com.au/Jones accessed on 07/05/2017 Fontaine C (2016), The Stakeholder Theory available on https://www.martonomily.com/sites/default/files/attach/Stakeholders%20theory.pdf accessed on 07/05/2017 Metzger M (2003) The Organization of Ethics and Ethics of Organization : The case for Expanded Organizational Ethics Audits Business Ethics Quarterly, pages 27-43. Phillips R., (2014), Some key questions about Stakeholder Theory, IVEY Business Journal . Weisul K., (2012), You mean cheating is wrong? Business Week Iss