King’s attitude towards slavery Essay Example for Free

King’s attitude towards slavery Essay Reconciliation struck King as divinely just, and he recommended the same practice for the United States. He suggested that this was the only moral and practical way to bring the Negro’s stand-ups to a realistic level. Reconciliation in the form of compensation was such a good idea in King’s mind because the practice would support the freedom of the human personality and lead to a just society. He also believed that it would make freedom real and substantial for the black people. He never believed that the mere absence of desegregated public accommodations would fully free the human personality and establish a just society. Although many whites were against him, he began to emphasize his belief that real and substantial freedom as well as the mandates of the just society, require not desegregated public facilities but also the economic goods that would allow blacks to use such facilities. King equated freeing the blacks and leaving them just like that to giving a pair of shoes to a man who has not learned to walk. His point was that freedom from desegregation requires the material goods to enjoy freedom from integration. King’s own response to the Johnson administration was to post for state atonement for the Disadvantaged. In King’s view, just as the state properly compensated World War II veterans for the time they spent away from their home, jobs, so too should it compensate blacks for their years of enslavement. He argued that only a few people considered the fact that in addition to being enslaved for two centuries, the Negro was during all those years, robbed of wages of his toil. He believed that no amount of gold could provide adequate compensation for the psychological turmoil caused by slavery, but that a price could be placed upon unpaid wages. King’s extra marital affairs It is clear that King did a lot of good deeds, most of which were based on pure ethical standards. However, there are some ethical challenges that were hard for him, and the most common is the sexual relationships with many women. Two years after King married his wife Coretta, he began his work in the civil rights movement. He left his young wife and baby to pursue endeavors that would take him far from home, putting aside his wife, and while he was home, he spent a lot of time on the phone. His friends who were worried of what these extramarital affairs would do to his reputation cautioned him about the importance of avoiding the appearance of wrongdoing. They also cautioned him that due to his prominence, he would become the target of those seeking to discredit him. He was also warmed that women could become his downfall if he failed to resist this temptation. King failed to take these warnings. By the time he won the Nobel Peace Price of 1964, his relations with women outside his marriage were far from secret. Wiley Branton, a close associate of King approached him about the subject when he was unable to ignore the rumors. He told king that colleagues had expressed concern over his behavior and were worried that he was going to get hurt, but King was unresponsive. The topic again came up with another friend, and this time King responded that because he was away from home the majority of each month, sex served as a way to reduce his anxiety. King’s attitude towards money While king had a hard time resisting sexual temptation, the temptation to profit from his fame was by no means a temptation for him. He had never bee influenced by the prospect of making money. In fact, while in college he had developed an opposition to his father’s concern with money. His lack of desire for material possessions increased after he visited India. Even his wife sensed a change in him. She said that this growing selflessness had led to his increasingly dismissive attitude toward his clothing and appearance, which up until then he had taken pride in. Since his college years at the Morehouse, King had enjoyed nice clothing. His selflessness also affected the financial status of SCLC. When he won the Nobel Peace Prize, he donated the price money to the group, despite the objection of his wife. She wanted to put some of the money aside for college for their children, but King insisted that the money go in full to the SCLC. Later, when two board members suggested that he accept a salary from the organization, King declined the offer. He explained that his income from Ebenezer Baptist church and the sum that he kept from speaking and writing was enough to support his family. Conclusion Due to King’s legacy as a man of good man, his shadow persisted even after his assassination. The poor people’s campaign initially was identified with the martyred prophet, not with his successor. The goals King established, especially for the campaign of equality among the whites and the blacks were probably unreachable, but King-the-symbol remained untarnished by failure. In addition to the charisma of his leadership, King had clear strategies for achieving goals. He believed that besides the use of legal tactics, the federal government was a necessary ally. King believed that because of man’s sinfulness, a restraining force was needed. According to him, it was the government that could counteract collective evil. His ultimate goal in many of his campaigns was to force the federal government to act. Time after time, his strategy worked. From the term paper, it is clear that his leadership was two fold. He was able to mobilize blacks, while at the same time appealing to the consciousness of the whites. King’s influence was as a result of several factors. To African Americans, his background was rooted in the black community, he was a Baptist preacher, and his academic training combined with religious faith provided the leadership skills he needed. To white Americans, he was an African American with the extraordinary ability to convince them of the evil of segregation. His words carried a powerful punch that, while what he was saying about segregation was not new, he stirred a moral awakening. Cementing his position was his leadership through nonviolent resistance, which appealed to decency and the commonality of humanity that, until then, had been ignored. Reference 1) Long M. G. (2002). Against us, but for us: Martin Luther King, Jr. and the state. California; Mercer University Press

Elites And The Masses Essay -- essays research papers fc

Elites and the Masses There are many theories pertaining to the nature of power in society. In modern society, it is important to identify where and when power is exercised, who benefits and who suffers from it being exerted upon them. In this tradition, it is useful to examine the managerialist perspective.   Ã‚  Ã‚  Ã‚  Ã‚  Managerialism focuses on organizations as the basis, or unit of analysis of society, to which all other aspects of society are subordinate to. These organizations use their resources in an attempt to dominate each other and society. Managerialism tells us that power is concentrated among a group of elites who control organizations, and use them as an instrument to gain more power and expand their realm of control. Organizational power is increasingly the most important force that explains the direction of change in both state and society (Alford and Friedland, p.174). Thus, elites are becoming the most important factor that determines our society, and do not serve the full interests of society, but rather attempt to manipulate the masses to better serve itself.   Ã‚  Ã‚  Ã‚  Ã‚  Max Weber’s theory of bureaucracy lends itself to the notion of the managerialism. He claims that as society becomes more integrated and complex, organizational elites come to be more dependent on specialists and experts, or bureaucracies to advise and influence them on decisions. Bureaucracies are groups of individuals doing specialized tasks which blend into a cohesive and efficient unit. Power becomes increasingly centralized within bureaucracies and the elites who control them because as they grow, becoming more powerful, they use that power to gain more control over the masses. Weber saw the historical development of societies as a movement toward rational forms of organization, that is, groups organized not on the basis of the authority of personalities and traditions but on the basis of specific functions to perform or objectives to meet (Marger p. 72). Weber often used the notion of a machine to illustrate what he meant by modern organizations, refer ring to people as “cogs'; that serve the machine, losing their identity and creativity in the process. Although Weber admitted that both mechanization and bureaucracy together created an extremely efficient and productive economic system, they also worked to bui... ...with common interests who join together for a common goal, while managerialism believes that power is centralized among a small group of elites who work to get more power, and will even manipulate the masses in their own best interest. Pluralism believes that the citizens dictate to our government the proper policies to enact, when managerialism says that people in a position of power dictate policies to the public. In addition, pluralism assumes a consensus of values among individuals, while managerialism sees society working by conflict and coercion Bibliography Alford and Friedland, Chapter Seven, “State and Society in Managerial Perspective,'; in Powers of Theory, 1985, p.161-83. Martin Marger, Ch.4, “The Elite Model,'; in Elites and Masses (New York: D. Van Nostrand, 1981). George Ritzer, “The Weberian Theory of Rationalization and the McDonaldization of Contemporary Society,'; p 37-62 in P. Kivisto (ed.), Illuminating social like (Thousand Oaks, Pine Forge Press, 1998). C. Wright Mills, “The Structure of Power in America,'; in James Farganis (ed.), Ch. 11 “Conflict Theory,'; Readings in Social Theory (NY: Mcgraw-Hill, 1996).

Perception towards mutual funds Essay

Abstract: Mutual Funds provide a platform for a common investor to participate in the Indian capital market with professional fund management irrespective of the amount invested. The Indian mutual fund industry is growing rapidly and this is reflected in the increase in Assets under management of various fund houses. Mutual fund investment is less risky than directly investing in stocks and is therefore a safer option for risk averse investors. Monthly Income Plan funds offer monthly returns and invest majorly in debt oriented instruments with little exposure to equity. However it has been observed that most of the investors are not aware of the benefits of investment in mutual funds. This is reflected from the study conducted in this research paper. This paper makes an attempt to identify various factors affecting perception of investors regarding investment in Mutual funds. The findings will help mutual fund companies to identify the areas required for improvement in order to creat e greater awareness among investors regarding investment in mutual funds. Introduction A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money, thus collected, is then invested  in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciation realized is shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. Monthly Income Plans or MIPs invest maximum of their total corpus in debt instruments while they take minimum exposure in equities. It gets benefit of both equity and debt market. These schemes rank slightly high on the risk-return matrix when compared with other debt schemes. There is considerable amount of research being done regarding investment in mutual funds. However very little research has been done to study the perception of investors regarding investment in mutual funds especially MIP funds. Literature Review Ippolito (1992) states that an investor is ready to invest in those fund or schemes which have resulted in good rewards and most investors’ are attracted by those funds or schemes that are performing better over the worst. Goetzman (1997) opined that investor’s psychology affects mutual fund selection for investment and to withdraw from the fund. De Bondt and Thaler (1985) submitted that mean reversion in prices of stock is backed by investor’s retrogression which is based upon investor’s psychology to overvalue firm’s recent performance in forming future expected results which is also known as endowment effect. Gupta (1994) surveyed household investor to find investors’ preferences to invest in mutual funds and other available financial assets. The findings of the study were more relevant, at that time, to the policy makers and mutual funds to design the financial products for the future. Kulshreshta (1994) in his study suggested some guidelines to the investors’ that can help them to select needed mutual fund schemes. Shanmugham (2000) conducted a survey of individual investors with the objective to find out what information source investor depends on. The results explained that they are economical, sociological and  psychological factors which control investment decisions. Madhusudhan V Jambodekar (1996) conducted his study to size-up the direction of mutual funds in investors and to identify factors that influence mutual fund investment decision. The study tells that open-ended scheme is most favored among other things and that income schemes and open-ended schemes are preferred over closed- ended and growth schemes. News papers are used as information source, safety of principal amount and investor services are priority points for investing in mutual funds. Sujit Sikidar and Amrit Pal Singh (1996) conducted a survey to peep in to the behavioral aspects of the investors of the North-Eastern region in direction of equity and mutual fund investment. The survey showed that because of tax benefits mutual funds are preferred by the salaried and self-employed individuals. UTI and SBI schemes were most preferred in that region of the country over any other fund and the other funds had been proved archaic during the time of survey. Syama Sunder (1998) conducted a survey with an objective to get an in-depth view into the operations of private sector mutual fund with special reference to Kothari Pioneer. The survey tells that knowledge about mutual fund concept was unsatisfactory during that time in small cities like Visakapatanam. It also suggested that agents can help to catalyse mutual fund culture, open-ended options are much popular than any other schemes, asset management company’s brand is chief consideration to invest in mutual fund. Anjan Chakarabarti and Harsh Rungta (2000) emphasised the importance  of brand in ascertaining competence of asset management companies. Shankar (1996) suggested that for penetrating mutual fund culture deep in to society asset management companies have to work and steer the consumer product distribution model. Raja Rajan (1997) underlined segmentation of investors and mutual fund products to increase popularity of mutual funds. Objectives of Study 1. To study the investment pattern of Indian Investor. 2. To find out the awareness level of investors regarding mutual funds. 3. To find the type of scheme of mutual fund preferred by investor. 4. To find out the importance of factors like liquidity, higher return, company reputation and other factors that influence investment decision of mutual fund holder. 5. To find out awareness level of investors regarding Monthly Income Plan fund. 6. To ascertain the most preferred factor for investing in MIP fund. Research Methodology Investor’s main objective is to earn higher returns keeping in mind the risk and liquidity factor. With this objective in mind, an investor is looking out for various investment avenues. Mutual funds offer comparatively better returns and have less risk as compared to direct investment in stock market. In this research paper, an attempt has been made to evaluate the perception of investors regarding mutual fund investment with special emphasis on Monthly Income Plan funds. A survey was conducted in Pune city during the period June 2013 to September 2013. A sample of 150 individual mutual fund investors were surveyed through a pre-tested questionnaire. The investors were selected on the basis of those who have made prior investment in mutual funds and have some knowledge about the basic terminologies involved with mutual funds. An attempt has been made to find out the perception of investors regarding mutual fund investment and to identify the factors considered to be important by the investors before investing in any mutual fund. The awareness level of investors regarding Monthly Income Plan funds and their benefits is also studied.

Coles supermarket Essay Online For Free - Free Essay Example

Sample details Pages: 9 Words: 2617 Downloads: 2 Date added: 2017/06/26 Category Business Essay Type Case study Did you like this example? Analyse the business environment for Coles supermarket chain. 1.0 Introduction 1.1 Background Coles is a national supermarket chain; liquor, fuel and convenience retailer in Australia. It was acquired in 2007 by Wesfarmers, â€Å"a diversified Australian company with strong, established market positions and recognised brands with the objective of delivering satisfactory returns to shareholders† (Wesfarmers, 2013, p.4).. According to Wesfarmers (2013), Cole’s sole purpose has been to give the Australian people a shop they can trust, to deliver quality, value and service. The main sources of business include the following: Don’t waste time! Our writers will create an original "Coles supermarket Essay Online For Free" essay for you Create order 756 full service supermarkets 810 liquor outlets fewer than three brand and 92 hotels 636 fuel and convenience stores More than 99,000 team members As of 2013, according to Wesfarmers (2013), Coles operating results and drivers were: Revenue of $35.8 billion, up 4.9 per cent EBIT of $1,533 million, up 13.1 per cent Return on capital of 9.5 per cent, up from 8.7 per cent Total food and liquor sales growth of 5.5 per cent and comparative store sales growth of 4.3 per cent Over four years of industry outperformance Continued investment in customer value funded from cost reductions and business efficiencies Continued investment in product quality particularly fresh categories Ongoing transformation of the supply chain Launch of 90 more stores in renewal format and opening of 6 larger format stores and net space growth of 1.6 per cent Good progress on multi-channel initiatives including trials of new Coles Online website Growth in financial services including Coles Insurance and flybuys loyalty program Strong customer response to fuel offers and better range and value in the convenience store network 1.2 Scope and Approach This essay takes a critical look at the company, its current position, the internal capabilities, and its external environment, and considers strategic changes necessary to ensure Coles maintains its traditional offering of long term value creation. In developing this Business Analysis for Coles, the following tools have been used to assess present and future performance of the company: Situational Analysis, PEST Analysis, SWOT Analysis, 5 Forces Analysis Furthermore, this essay gives consideration to the current growth strategies adopted by the company and questions if these practices are the best options going forward, for delivering sustainability of the group’s strategic framework. 2.0 Situational Analysis 2.1 Internal Market Audit According to its 2013 sustainability report, Coles’ business focused on six key areas to improve its sustainability: Training and development of its team Customer trust in the produce range, value and quality Water savings and energy efficiency of the stores Workplace safety Supporting the local communities in which we operate Working with suppliers to further develop strong sustainable relationships. 2.1.1 Present Business Review Wesfarmers’ â€Å"operating model is focused on ensuring each of its Group’s divisions has a very strong management capability and day-to-day operational autonomy, overseen by divisional boards and a well-established Group-wide framework where governance processes are coordinated over a 12-month operating cycle. This approach encourages strong accountability for operating results and assurance in areas such as: Strategic planning, Budgeting and monitoring of performance; Risk management, including internal audit and insurance protection; Group-wide human resource management systems such as executive remuneration and share schemes, talent development and key role succession planning; Centralised statutory accounting, tax, treasury and legal support.† (Wesfarmers 2013, p. 6) Coles’ revenue in 2013 was $35.8billion, an increase of 4.9 per cent from the previous year. Its five year financial history report (See Appendix1) shows a steady growth in revenue generation. â€Å"Coles delivered earnings growth of 13.1 per cent to $1,533 million, building on the 16.3 per cent and 21.2 per cent earnings growth in the 2012 and 2011 financial years respectively† (Wesfarmers 2013, p. 3). Figure 1: Five year Revenue Increase Source: Adopted from Wesfarmers 2013, Annual reports. Coles’ proposed strategies and prospects are to: Embark on second wave of transformation with a focus on quality, service and value. And take advantage of further store renewal opportunities, supply chain transformation and operating efficiencies; as well as investment in category innovation, Coles brand and development, multi-channel integration and a tailored loyalty offer and a culture of continuous improvement. â€Å"In 2013, the Coles turnaroun d strategy produced strong trading results by improving quality, service and value. The business continued to out-perform the industry and successfully completed the final year of a five-year turnaround plan† (Wesfamers, 2013, p.25) 2.1.2 Customer Analysis From its various outlets nationally Coles handles more than 19 million customer transactions a week. Coles claims its customer-focused strategy continues to improve in efficiency and productivity, while investing in lower prices, delivering better quality through its ‘Australian First’ sourcing policy and developing a stronger store base through new store openings and renewing existing stores contributed to it steady revenue growth as the financial indicators have shown. â€Å"The transformation of Coles since its acquisition has progressed with operational efficiencies and continued fund reinvestment in price. As well as a sustained turnaround of the business, providing benefits for consumers, suppliers and employees for the past five years thus, delivering a much stronger platform for future growth† (Wesfarmers 2013, p.25). 2.1.3 Financial Analysis As of the last 2012/2013 financial year, Coles was able to generate earnings before interest and Tax (EBIT) of $1,533m as can be seen in figure 2 below. Figure 2: EBIT Source: Adopted from Wesfarmers 2013 Financial Reports. Tables 1 2 below show the key financial indicators and Coles’ performance over the past few years. Table 1: Key Financial data Coles 2012 2013 Revenue $m 35,780 34,117 Earnings before interest and tax $m 1,533 1,356 Segment assets $m 20,367 19,940 Segment liabilities $m 4,145 3,676 Capital employed $m 16,114 15,572 Return on capital employed % 9.5 8.7 Source: Adopted from Wesfarmers 2013 Financial Reports Table 2: Key Financial Indicators For the year ended 30 June 2009 2010 2011 2012 2013 Revenue ($m) 28,799 30,002 32,073 34,117 35,780 Earnings before interest and tax ($m) 831 962 1,166 1,356 1,533 Capital employed (R12) ($m) 15,140 14,886 15,018 15,572 16,114 Return on capital employed (%) 5.5 6.5 7.8 8.7 9.5 Capital expenditure ($m) 606 683 840 1,218 1,181 Source: Adopted from Wesfarmers 2013 Financial Reports. As reported in the Wesfarmers 2013 Financial Reports and shown in table1 above it can be observed that, for year 2012/2013, Coles has generated a healthy return on capital employed (ROE) of 9.5%, and improvement from 8.7% for the previous year. An increase in capital expenditure and liabilities has been due to the company’s support for net capital investments across the Group. This is up to an increase of $1.5 billion to $1.9 billion in 2014. â€Å"The group also managed strong credit ratings with Moody’s Investor Service upgrading Wesfarmers’ issuer and senior unsecured long-term debt rating from Baa1 (positive) to A3 (stable) consistent with the Group’s credit rating from Standard and Poor’s of A- (stable)†¦ It settled all outstanding debt in the name of the Coles group and continued to neutralise the dilution that would otherwise have occurred from the Dividend Investment Plan and Employee Share plans†(Wesfarmers 2013, p. 13). Interests, income and expenditure are however not allocated to operating segments at Wesfarmers. This type of activity is managed on a group basis. Revenue and earnings of various divisions are also affected by the effect of high seasonality such as, for the retail divisions like Coles, earnings are typically greater in the December half of the financial year due to the impact of the Christmas holiday shopping period on the retail business. 2.2 External Market Audit Given the nature and scale of Coles’ business, the impact of macro and micro forces on its operations is considered to be relatively large compared to the standard in the industry. The external market has been assessed based on PEST analysis and Competitor analysis. 2.2.1 PEST Analysis To explore how the macro environment has impacted the supermarket chain industry and Coles specifically, a PEST analysis has been used, which consists of Political, Economic, Social and Technology factors as shown below. Figure 3: PEST ANALYSIS – Coles Group Ltd Source: Author. i. Political Factors The supermarket chain industry attracts a great deal of attention from the government, non-governmental organizations and even advocacy groups. Due to the size of the industry and how significant a component of the economy and social welfare of countries it is, it has trigged debates on the future and current state of the industry on a global basis. The industry is mature in many countries and in Australia, it is considered a ‘duopoly’, which is a market situation where â€Å"two companies own all or nearly all of the market for a similar product or service† (Kumar Sharma 1998, p.229). With regards to Coles and the supermarket chain industry in Australia, the political situation as described in the preceding paragraph holds true. According to the Australian Competition and Consumer Commission, Australia is one of the largest importers of grocery products and its a key contributor to the economy of neighbouring countries. Coles is also an equal opportuni ties employer which provides equal employment opportunities nationwide. Coles also sources products responsibly and contribute positively to the communities in which it operates. Other political factors that have an impact can include: Government initiatives and subsidies for local produce and foreign export policies Legislation for local farmers’ protection Market deregulation for foreign groceries to compete ii. Economic Factors The Supermarket chain industry is a high-risk industry, which requires a substantial strategic planning process, customer satisfaction and significant investment. To compete many companies have pursued alliances and joint ventures with shared facilities and outright buy outs to maintain the cost. The global recession of the past years has also had a significant impact on smaller retailers and the supermarket industry as a whole. Other economic factors that have had an impact include: Rise in currency rates Competition from developing countries Competitor rivalry Mergers and Acquisitions of big players Market seasonality and trade cyclesSupplier and customer drivers iii. Social Factors Aging populations and longer life expectancies, changing taste, healthy living styles and specific dietary requirements have increased demand for more organic food, and have been an important factor in the growth of new brands. In the US and UK, greater life expectancy will depend on diet, exercise and a positive attitude to life and increasing knowledge, according to Newell et al (2006). The Australian government’s plays an important role in promoting exercise, healthy living and a positive culture, which in effect can reduce consumption of certain brands and product demographics for Coles. iv. Technological Factors Increased use of the Internet has helped to reduce media costs and also made room for increase innovation in the supermarket chain industry. Coles has capitalised on the internet to continue to develop its online sales platform which has thus managed to attract interest from younger audiences and increased sales significantly. 2.2.2 Competitor Analysis 5 Forces The Five Forces model developed by Michael Porter provides a frame work to identify the competitive nature of an industry. Even though extremely subjective, a broad Five Forces analysis indicates that competitive rivalry within the supermarket chain industry is medium in Australia. Figure 4: Porter’s Five Forces Model Source: Author Based on the research and competitive analysis carried out and relative to Porter’s five analyses as shown in figure4, it can be observed that: As a known fact that, â€Å"Australia’s grocery markets is one of the most concentrated in the world, Woolworths and Wesfarmers (owner of Coles) account for almost 80% of supermarket sales, 60% of alcohol retail, 50% of petrol retail and 40% of all retail in Australia† (Ethical Consumer Group 2014). With their large market share they have and continue to exert considerable influence over suppliers and make the playing field extremely tough for much smaller independ ent retailers such as IGA, Foodland, 7-Eleven, Lucky 7, BP and several other liquor retailers. See figure 5 below. Figure 5: Australian Grocery Market Share Source: Ferrier Hodgson Ferrier’s Focus May 2011 from Wesfarmers and Woolworths annual reports 2010, NARGA November 2010 Report, Master Grocers Australia December 2010 Thus, Coles has only one major competitor – Woolworths; and a few direct competitors such as Aldi and Metcash. These four, Coles inclusive make up the big players in the industry. With each of them having a different and unique operating model, competitor rivalry is therefore high to medium. The market concentration of private label brands from these giants have been blamed for Australia having the fastest rising grocery prices in the developed world. Threat of substitution is therefore also high to medium because there are only four main competitors with similar prices. This is the same reason why customer bargaining power is me dium to low, and threat of market entry to compete with the big four is very low. Other competition therefore can only come from local harvests, independent grocers and small supermarkets and recently Costco. 3.0 SWOT Analysis As a result of the internal and external market audits undertaken, a complementing SWOT analysis for Coles’ group will help to evaluate areas of strength, weaknesses, growth opportunities and threats for the company. Results are shown in figure 5 below: Figure 6: SWOT Analysis for Coles Group Source: Author 4.0 Conclusion In conclusion, there are no real threats or key issues for Coles presently except for the recurrent price wars with its major competitor and concerns about the sustainability of these battles. With continuous market dominance however, leading to Australias powerful supermarket duopoly, this could be termed as inhospitable and leaving consumers to revel in cheaper staples. A key to survival of any business is the need to increase revenue and reduce dependence upon financing via debt bearing instruments. Coles, in respect to these strategic options is already in the process of developing new initiatives by reducing its debts and focusing on quality, service and value. Coles is in the forefront of innovation by taking advantage of further store renewal opportunities, supply chain transformation and a strategic approach to improved operational efficiencies and continued fund reinvestment in price. Reference List Ethical Consumer Group 2014, viewed 08 May 2014, www.ethical.org.au/get-informed/issues/supermarkets-in-australia/ Kumar, R Sharma, R 1998, Managerial Economics, New Delhi: India Atlantic Publishers Distributors Newell, RG, Jaffe, AB Stavins RN 2006, ‘The effects of economic and policy incentives on carbon mitigation technologies’, Energy Economics, vol. 28, p. 563 – 578. Wesfarmers, 2013, Wesfarmers Annual Report 2013. viewed 08 May 2014, https://media.corporate-ir.net/media_files/IROL/14/144042/wes/WESFARMERS%20ANNUAL%20REPORT%202013.pdf Bibliography Brownlee II, ER, Ferris KR Haskins ME 1990, Corporate Financial Reporting: Text and Cases, Boston: BPI/Irwin, Grant, RM 2010, Contemporary Strategy Analysis, 7th edn, West Sussex, UK.: John Wiley Sons Ltd, Johnson, G, Scholes, K Whittington, R 2009, Fundamentals of Strategy, Essex, England: Pearson Education Kruger, C, Greenblat E Butler, B 2012, ‘Its all shelf interest in a price war’, Sidney Morning Herald, 21 April, viewed 08 May 2014, https://www.smh.com.au/business/its-all-shelf-interest-in-a-price-war-20120420-1xcms.html#ixzz31Bc7Z5gu Mableson, T Stewart, J 2011, Supermarket shootout: Will the independents survive?, Ferriers Focus, p.2. Porter, ME 2004, Competitive Advantage: Creating and Sustaining Superior Performance, New York: Free Press,. Slack, N, Chambers, S, Johnston, R Betts, A 2009, Operations and Process Management: Principles and Practice for Strategic Impact, 2nd edn, Pearson Education, Essex, England. Stuart Alexander 20 14, viewed 09 May 2014, https://www.stuartalexander.com.au/aust_grocery_market_woolworths_coles_wholesale.php Wickham, PA 2004, Management Consulting Delivering an Effective Project, 2nd edn, Essex, England : Pearson Education Zehner, D Sanders, M 2012, The new reality for grocery suppliers in Australia, Bain Company, viewed 14 May 2014, https://www.bain.com/offices/australia/en_us/publications/new-reality-for-grocery-suppliers-in-australia.aspx Appendix : 5 year financial History All figures in $m unless shown otherwise 2013 2012 2011 2010 2009 Summarised Income Statement Sales revenue 59,422 57,685 54,513 51,485 50,641 Other operating revenue 410 395 362 342 341 Operating revenue 59,832 58,080 54,875 51,827 50,982 Operating profit before depreciation and amortisation, finance costs and income tax 4,729 4,544 4,155 3,786 3,803 Depreciation and amortisation (1,071) (995) (923) (917) (856) EBIT 3,658 3,549 3,232 2,869 2,947 Finance costs (432) (505) (526) (654) (951) Income tax expense (965) (918) (784) (650) (474) Operating profit after income tax attributable to members of Wesfarmers Limited 2,261 2,126 1,922 1,565 1,522 Capital And Dividends Ordinary shares on issue (number) 000s as at 30 June 1,157,194 1,157,072 1,157,072 1,157,072 1,157,072 Paid up ordinary capital as at 30 June 23,290 23,286 23,286 23,286 23,286 Fully-franked dividend per ordinary share (declared) (cents) 180 165 150 125 110 Financial Performance Earnings per share (weighted average) (cents) 195.9 184.2 166.7 135.7 158.5 Earnings per share growth 6.4% 10.5% 22.8% (14.4%) (9.0%) Return on average ordinary shareholders equity (R12) 8.9% 8.4% 7.7% 6.4% 7.3% Fixed charges cover (R12) (times) 3.0 2.9 2.8 2.5 2.2 Net interest cover cash basis (R12) (times) 12.2 10.8 9.5 6.8 5.0 Financial Position As At 30 June Total assets 43,155 42,312 40,814 39,236 39,062 Total liabilities 17,133 16,685 15,485 14,542 14,814 Net assets 26,022 25,627 25,329 24,694 24,248 Net tangible asset backing per ordinary share $4.69 $4.45 $4.12 $3.61 $3.13 Net debt to equity 20.2% 19.1% 17.1% 16.3% 18.3% Total liabilities/total assets 39.7% 39.4% 37.9% 37.1% 37.9% STOCK MARKET CAPITALISATION AS AT 30 JUNE 45,936 34,846 36,913 33,171 26,337 Source: Adopted from West farmers 2013 Annual Report