Tuesday, March 10, 2020
African Media Structures and Content Free Online Research Papers A liberal pluralist approach to understanding African media structures and their content Understanding African media structures and their content can be very complex especially taking into consideration the fact that the continent has embraced democracy. This is mainly so because the media in Africa has mainly two extremes functions. On the one hand the media play a Ã¢â¬Å"watchdogÃ¢â¬ role and on the other it play public relation service to the government. Given these two extremes of media structures it is evident that not any media approach can help one to understand media structures within such a context. However it is also a fact that given the democratization of the African continent, the media must inform citizens on matters of public policy by presenting and debating alternatives. Hence the liberal pluralist approach appears to be the best approach in understanding African media structures because it looks into the media as a Ã¢â¬ËwatchdogÃ¢â¬â¢ that may uncover and publicize political corruption, other abuses of power, and inept policies. However it is also crucial that the problems of the media in Africa, such as the crisis of power, the crisis of ownership and the crisis of resources are acknowledged. It is pivotal that a liberal pluralist approach that is only interested in ending state ownership and control of the media without considering alternatives be avoided. By and large what is important is that a liberal pluralist approach reminds journalists and state leaders that they are accountable to the nation. Introduction Understanding media structures from an African perspective is tantamount to recognizing political developments over the last decade of the 20th century throughout the African continent. Historically most if not all countries in the African continent used to be colonies of western and European countries. However the last years of the 20th century, most African countries witnessed a rise in the democratization of their governments. This resulted in the phasing out of one party states and dictatorship. Most if not all countries started calling for free and elected democratic governments throughout the African continent. It is imperative to mention from the onset that the media are among the forces that have shaped and continued to define the establishment of democracy in Africa. It is also crucial to point out that in spite of the significant role of the media in the development and consolidation of democratic governance in Africa, there have been several influences where states misused or completely did not respect the role of the media in society. As a result it become difficult if not impossible to assess and understand how media influences politics of the day. It therefore becomes critical to evaluate the importance of media structures in the wake of African democracies. The theoretical approach that can make this evaluation resourceful is the liberal pluralist because of its Ã¢â¬Å"watchdogÃ¢â¬ focus and interest in upholding and protecting individual freedom in the face of government indoctrination. As a result of the above discussion this essay will endeavour to find out why a liberal pluralist approach to media appear the most insightful theory to understanding African media structures and their content. To achieve this goal this essay will first try to assess the role of the media in the democratization of Africa. In the same token the essay will also rewind a little bit by looking at the rationale behind the liberal pluralist approach. But it will be unfair to discuss African media structures without putting the entire media structures challenges into context. Hence the essay will try to discuss everything from the perspective of the three major crises of the media in Africa as identified by Paul A. V. Ansah (Ronning, 1994:02-11). Media and African democracy The demise of one party regimes and development of multi party systems and democracy in Africa resulted in a demand for more democratic structures (Ronning, 1994: 02). There are many theories and definitions of democracy and the process of democratization. With the emphasis on the role of the media in democracy, Winseck in Fourie and Oosthuisen (2003) characterized democracy as the historical process of eliminating totalitarianism in the state, civil society and in economic practices. It is clear that through the media and access to information and the formation of a strong public opinion about the values of democracy, the media play a crucial role in the democratic process (2003:417). Fourie and Oosthuisen argue that apart from the adoption of democratic, political and legal frameworks, democracy also means and involves the processes that allow the procedures of achieving the democratic goals of society to be opened up to citizen participation through [the media] (ibid). It is also critical at this stage to point out that to live in a democracy and to live democratically, means that the adoption of rules and laws of a society are shaped through the media that are open to all. Fourie contends that it is not enough to say that [a country] have a democratic constitution, a democratically elected government, democratically institutions and so forth, what is further needed is to continuously debate all those issues in the interest of the public and in the interest of the well-being of society through the means of the media (2003:419). Hence the demand for freedom of expression and the need for independent and critical media become imperative in Africa (Ronning, 1994:02). It will be an understatement if not a mistake to take it for granted that the media have a democratic role to play in Africa as a result of the dawn of democracy in the continent. A liberal pluralist approach which looks at whether the media fulfill the role of promoting a free exchange of ideas and opinions of informing the citizens in such a way that they are able to form opinions in a climate of independence must be taken if one is to understand the media structures. It is crucial to acknowledge that in most African countries the state used to control the media in all respects. Hence the role of the media in this continent is still mainly dominated by public service ideology. Thus the problematic role of the market in relation to the media has been underplayed, and consequently too little attention has been paid to a discussion of the media in relation to citizenÃ¢â¬â¢s rights (Ronning, 1994: 03). As a result of this development there are two main variations on the role of the media in an African context. The two are clearly defined by Ronning (1994) who see on the one hand, African critiques of the existing media who felt that strong state control only can be met by introducing market forces, and on the other hand government who see their influence of the media threatened and fear that they will loose control over the flow of information have had a tendency to regard all forms of independent media be they commercial or alternatively as mouthpieces for a political opposition. Considering some African governmentsÃ¢â¬â¢ perspectives on the role of the media it is very significant that one takes a liberal pluralist approach because it endeavours to closely observe and monitor the government activities. This is also important taking into task that the new democracies in most African countries need to be nurtured and preserved. To this effect McNair (1995) argues that the [media] should be free from government control and government influence, and there must be a free market for ideas and information. In other words, liberal pluralist approach shed some light on the exact relationship between the state and the media focusing on the implication of that relationship to rights of individuals. Hence the media becomes the Ã¢â¬ËwatchdogÃ¢â¬â¢ or Ã¢â¬Å"the fourth estate through which the governing elites could be pressurized and reminded of their dependency on majority opinionÃ¢â¬ (Bennet, 1982:40-41). It is crucial at this stage to point the root or the origin of most if not all of AfricaÃ¢â¬â¢s two main conflicting views and perspectives about the role of the media in society. One of the reasons that most African countries are wary of the media is the legacy left by their former colonizers. Most of the media structures during colonialism was used not in the interest and advantage of African countries. Hence the new regimes today feel that the media must play a developmental role. It is a general norm that most if not all African states Ã¢â¬Å"advocate the positive use of the media to promote national development, autonomy and cultural identityÃ¢â¬ (Fourie, 2003:247). But this kind of theory is very much open to manipulation and abuse and can end up being used to the disadvantage of the media and democracy at large. Development theory is open to abuse and manipulation because certain liberties of the media should be made subordinate to the achievement of national development and economic development (Fourie, 2003:274). Some of the factors that makes development theory open to manipulation and abuse as discussed by McQuail in Fourie (2003) are that the state should be able to restrict the media if economic interests and development needs of the society are at stake, and that to protect development objectives, the state has the right to intervene by restricting and censoring the media. Hence in the latter factor state subsidies and direct control are therefore justifiable. Obviously these kinds of thinking pose several major problems for the media structure to operate as required in a democratic manner. To understand why the watchdog role of the media is relevant and necessary one also need to acknowledge the challenges the media face in the African continent. The problems were clearly captured b y Paul A. V. Ansah who Ã¢â¬Å"pinpointed three major crises of the media in Africa; namely the crisis of power, the crisis of ownership and the crisis of resourcesÃ¢â¬ (Ronning, 1994: 3-19). The crisis of power According to Ronning (1994) the crisis of power has two sides. One is related to weakness of the African states and the other is related to weakness of the media themselves. Ronning argues that weak states are particularly suspicious of the media as this are seen as tools of sowing of dissident and as a result the states tried to control the media with the help of a Ã¢â¬Å"variety of techniques ranging from outright censorship and oppression to more subtle means which often combine ownership with a system of economic awards to those in the media who tow the line, and reprisals against those who do notÃ¢â¬ (1994: 04). This perspective is also shared by Tetty (2001) who argues that a lot of governments in the African continent continue to impose judicial and extra judicial barriers on journalists and media houses in a manner which defeats the professed goals of democratic governance and the purpose behind constitutional provisions of a free press and freedom of expression. However the new democratic media are very sharp and resilient in reporting any incident of authoritarian abuse visited on pro-democracy activities. Hence the media have been very active in exposing activities within the state that would otherwise have been unknown to the citizenry (Tettey, 2001: 10). Tetty argues that it is through this kind of information that the populace is able to measure the pronouncements of politicians against their deeds, and hence make informed judgements about the political future of those individuals. In this regard the media can be seen to play a development role because the likelihood of exposure is also instrumental in, at least making government officials more circumspect in their activities. Moreover the media also impose a certain measure of accountability on the part of government officials that they did not have to worry about in the past (Tetty, 2001:10). In these processes of democratization, the media play a central role by mediating between views and opinions. Ronning contends that this way of using the media contrasts with the manner often Ã¢â¬Å"employed in societies with weak states, where the media are linked directly to the state apparatus, and where they are often used for promoting various forms of personality cults of the head of state and other prominent politicians (1994: 04). Ronning also argues that the weakness of the African media in all aspects make itself vulnerable to be used in such undemocratic ways by the state. Obviously the fact that the media reach a small proportion of the population can be an advantage to the media. In other words government can let the media to broadcast or report unnoticed and unchecked if they know that they only reach a small number of audience. But that same advantage can be turned upside down by the state depending on the influence of target audience of the media. For instance, if the media target intellectuals the state can monitor its content. On the other hand the major disadvantage is that the state is the major news source. As a result the media have to rely on the state for the supply of news content. Hence if a news media is viewed in a negative light the supply of news comes with hidden strings attached. It is from this background that Tetty contends that in most African democracies, Ã¢â¬Å"the parameters of freedom of expression and of the press continue to be determined by how well the contents of the particular print or electronic medium portray power brokers in a positive or, at least neutral light (2001:12). Practically this means that in the case where the state wishes are not fulfilled the media will be victimized. The state can starve the media concerned of news and advertising revenue by not placing government advertisements. Tetty argues that these acts of state intimidation continues to be the case even though there are legal provisions for dealing with cases of unsubstantiated or libelous reporting (2001:12). He maintains that it is ironic that several years after independence, a lot of African countries continue to retain colonial laws, which were used to intimidate anti-colonial activists, including some of the current leaders of these countries. Tetty contends, Ã¢â¬Å"These anachronistic laws have stayed on the books because they now serve the political purpose of the post-colonial ruling elite. They have been employed under the guise of the rule of law and state security to undermine press freedom and freedom expression, as well as to intimidate journalistsÃ¢â¬ (2001:15). Moreover the professional media organizations are also weak in terms of underdeveloped infrastructures and distribution systems. In most cases journalist received poor training that result often in them becoming extended public relations officers for government officials. These facts have a negative impact on how journalists report their news. In many instances they will just go with what the government officials give them because they do not have enough resources to do further research and investigations of their own. Ronning contends that in such trying circumstances the media has little ability to present their case in times of crises as there are few parallel media outlets, and they cannot count on support from other media in the country, which would be the case in societies with a fully developed media structure (1994:04). As indicated earlier in this essay, weakness in terms of financial viability makes most of the private media not to be really independent. As a result they tend to push particular, not always objective, political agendas as more powerful partners dominate them. Tetty argues that in a free democratic society, the mediaÃ¢â¬â¢s credibility tends to be called into question, when they present themselves as Ã¢â¬Å"disinterested surveyors of the political scene but when in reality their views and claims are tainted by narrow ethnic or political trappings, quite at variance with the interest of the nation which they tout as their motivational and call to serviceÃ¢â¬ (2001:22). Tetty further contends that in the worst scenarios the manner in which some of these media present their views has stretched the bounds of adversarial politics to the point where animosity appears to define the relationship between the state and journalists (ibid.). According to Tetty (2001) such circumstances led the citizen to begin to wonder whether the media are engaged in a campaign of vilification that would open up political opportunities for them when the current regime is replaced. It is obviously clear that once the citizen start to have such a negative perception about the media its credibility is at stake. It is also clear that much of the public is alienated by the extreme negativity which characterizes some of the contents from the media as acknowledged by The independent, a private Ghanaian newspaper (Tetty, 2001:22). Crisis of media ownership In the middle of who and how the media must report is the crisis of media ownership. According to Ronning (1994) the African crisis of ownership has three aspects. One is that the media in Africa to a large degree, in some way or other, are owned or economically controlled by the state. The result of this arrangement is much often that the media will be the mouthpiece of the government. The second is that international conglomerates often partly control the independent media with corporate interests in the national and regional economies. It is mainly from this side where the media try to play the Ã¢â¬Å"watchdogÃ¢â¬ role over the government. But in the worst case is when the media take a pure pessimistic negative stance. The last aspect of media ownership is concerned with the so-called alternative media. Alternative media are often owned by small trusts, which again are controlled by a small group of allies and friends or are totally dependent on one personÃ¢â¬â¢s dedication (Ronning, 1994:04). Ronning contends that alternative media are faced both with being economically weak due both to low penetration in that they cater for special interests, have little access to advertising and lack proper distribution system (ibid.). Practically, in South Africa we have the Mail Guardian, which is a good example of this kind of ownership. Originally this newspaper, which had some foreign backing, catered for sophisticated readers that were mainly composed of intellectuals and academics. Hence the newspaper used to have great support of advertising revenue that comes from tertiary institutions. As such it used to play a very independent and active Ã¢â¬Å"watchdogÃ¢â¬ role over the government activities. However after the newspaper experienced financial problems and eventually bought by Trevor Ncube the paper has to change its content drastically for it to survive the government relations. As a result the aggressive and investigative approach towards the government that the newspaper used to take has been softened in favour of advertisement revenues from the government. According to Ronning (1994) solutions to the crises of power and ownership have in a number of instances been sought through the establishment of various organs which represent a form of compromise between direct state control or ownership and private ownership such as press councils and media trusts. Ronning argues that the Zimbabwe Mass media Trust which controls among others, the majority of shares in the countryÃ¢â¬â¢s largest newspaper group, the national news agency, the regional newspaper project and the countryÃ¢â¬â¢s largest chain of bookstores is one of the most elaborate structures of this nature (1994: 04). Last year (April 2003), the South African government successfully launched a media structure to this effect through the Presidential Press Corps. In summary Ã¢â¬Å"the Presidential Press Corps was born out of engagements between the South African National Editors Forum and the government during 2001. It [was] recognized that while, as in any democracy, there is a necessary tension between the government and the media, this need not be characterized by animosity as all sides are working towards the same goal of building a vibrant democracy that faces up to the challenge of reversing poverty and underdevelopment. It [was] agreed that the countrys most senior political writers should form into a corps which would, in a systematic way, be able to access information and gain a greater understanding of the work of governmentÃ¢â¬ (http//www.gcis.gov.za) Ronning warns that structures such as this point to dangers inherent in a situation where Ã¢â¬Å"the dividing line between government interests and [journalists] independence are unclear and often carry with them a large degree of self-censorshipÃ¢â¬ (1994:05). This fact can be cleary understood if one looks into the Code of Conduct of the Presidential Press Corps (PPC) especially conducts Ã¢â¬ËbÃ¢â¬â¢ and Ã¢â¬ËdÃ¢â¬â¢: a. Normal adherence to journalistic principles and ethics b. Observance of on/off record, embargo agreements c. Protocol in briefing room (cell phone interruption, rowdiness, etc) d. Broadly accepted protocols and standards of behaviour in relation to state functions. (Source: http//www.gcis.gov.za) To make matters worse, in addition to the above, government reserves the right to adopt its own sanctions against any PPC member who is deemed by his/her peers to have violated the Code of Conduct. The crisis of resources According to Ronning (1994) the crisis of resources pertains to all levels of the media. It includes the experience and education of media personnel in Africa. It is a general and accepted fact that most of AfricaÃ¢â¬â¢s media personnel levels of experience and education are generally low by international standards. Ronning argues that poor levels of experience and education are more problematic when it comes to electronic media. This is ironic considering the fact that radio is the most used and viable medium in Africa. The shortage of material resources is obviously one of the major disadvantages, which hamper the development of the media and also make the media vulnerable to political and economic pressure. For instance economical and technological disadvantages prevent most African countries to have as many community radio and television stations as they would like. Conclusion It is a fact that African politics and government structures can be very difficult to understand especially after the continent embraced democracy. The same can be said when it comes to understanding media structures and their content. This is mainly so because the essay has showed that the media in a democratic Africa has mainly two extremes functions. On the one hand the media play a Ã¢â¬Å"watchdogÃ¢â¬ role and on the other it play public relations service to the government. Given these two extremes of media structures it is evident that not any media approach can help one to understand media structures within such a context. However it is also a fact that given the democratization of the Africa continent, the media must inform citizens on matters of public policy by presenting and debating alternatives. Hence the liberal pluralist approach appears to be the best approach in understanding African media structures because it looks into the media as a Ã¢â¬ËwatchdogÃ¢â¬â¢ that may uncover and publicise political corruption, other abuses of power, and inept policies. However it is also crucial that the problems of the media in Africa, such as the crisis of power, the crisis of ownership and the crisis of resources are acknowledged. A liberal pluralist approach that is only interested in ending state ownership and control of the media without considering alternatives will not shed valuable light. This has been experienced when certain media were freed from state control only to be swallowed by international interests. Hence Africa media becomes the dumping zones for old and often inferior western content. By and large what is important is that a liberal pluralist approach reminds journalists and state leaders that they are accountable to the nation. 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Sunday, February 23, 2020
Relationship Between Culture And Psychological Processes - Essay Example Different cultures have different personalities, and this also differs between males and females (Mead). People of different cultures have personalities that connect them with their culture. Some communities share the same personalities between men and women while others have different personalities among the genders. According to Mead, culture is extremely powerful and determines the fate of a person. Ruth Benedict was also a successful anthropologist who was also an instructor on anthropological studies (Benedict, 3). Both Ruth and Mead studied culture and its relation to human personality, and human sexuality. She studied different cultures and how they mould the personality of individuals, and also tried to recognize the association between psychosomatic processes, and cultural processes (Meyerowitz, 1063). These two are interrelated as they influence the emotions and cognition of human beings. Culture and personality brought about a large group of people including anthropologist s and psychologists. They, however, had different views on the same topic of culture and psychological processes. While Ruth Benedict and Margaret Mead were anthropologists, Sigmund Freud was a psychoanalyst but they all joined hands in exploring culture and human personalities. Mead and Benedict shared their views that culture is responsible for individual development and emotions of cultures. Freud tried to explain that psychoanalytic theory could be used in the study of culture. It focused on child and toilet training and their influence on the development of children. Human personality is plastic according to Sigmund Freud and can be changed in any environment including culture. If somebody relocated, to another are which practice different cultural activities, he, or she will adapt be forced to that environment. Their personality will change, as well. Individual behaviors are much controlled by their minds; they are not only controlled by culture. Psychology plays a crucial rol e in the way an individual acts and thinks and, therefore, it is extremely vital in the studying of culture and human personalities. Both Mead and Benedict worked tirelessly in order to prove that the biological aspect of individuals did not determine the culture (Benedict, 16). This differed with FreudÃ¢â¬â¢s theory which explained that, both biological and psychological aspects played a role in cultural development. Race and ethnicity, according to their research do not determine the culture too. They, therefore, chose to study the relationships of the native groups because they argued that the native groups had not been exposed to modernity incredibly much. They further explained that civilization had been brought about by the contribution of many races and could not be attributed to only one race. It takes different personalities in order to build an economy, social system and also political systems. These different personalities are from different cultural organizations. Each element of culture has its own history and some cultural traits are shared among different communities (Meyerowitz, 1065). Cultural traits are not limited by boundaries and can spread to a large area. Sigmund Freud found out that personality and culture could be explained through the use of the psychoanalytical hypothesis. This included use of examinations and interviews (Meyerowitz, 1064). The views of Margaret mead and Ruth Benedict on culture and human sexuality are related to those of Sigmund Freud in such that they believe that personality changes according to the area of residence and situations. Personality traits are largely based on the surrounding environment and can be acquired by anyone. Every human being s unique in nature, and they perceive things in different ways. This
Friday, February 7, 2020
Expanding Product Offerings and Quality - Essay Example Change occurs based on the fluctuation in the market due to innovations on new ways of doing things. It can also be based on the actions of the competitors for substitute products which may change customer loyalty. This may result from reduced sudden decline in sales. Pay a closer look at the customerÃ¢â¬â¢s feedback against the brand. Check on the activities of your competitors in terms of their blending, grading and sorting. Check on the marketing trends and the promotional feedbacks. The most attribute of iPhone is its retina-display screen which has a higher screen resolution. Its high density pixel presents quality images and better text display. The phoneÃ¢â¬â¢s curved font edges and the color combination attracts customers in various niches (Sander & Scott 2012). To this end, the phone has a higher contrast ratio with a combination of brighter white screen resolution and deeper In-Pane thus improving the brandÃ¢â¬â¢s viewing angle, a feature that its close substitute are far from reaching. It chemically hardened glass pane; ultra-durable and greatly resistant to any form of scratches. The possession of the 3G internet enabled, music player, touch pads, glossy appearance and wide screen raises the attractiveness of the AppleÃ¢â¬â¢s product leaving no option but to purchase. AppleÃ¢â¬â¢s retail management appreciates the need for window display which is most appealing for the sale of iPhone product (Elliot, 2012, p.111). This draws the customers, promotes-slow moving items leading to better sales even during economic depressions. The window display approaches proves cost-effective and hence attributes further presents a further platform for special advertisement which translates into its sales. Changing the brandÃ¢â¬â¢s contrast ratio which has a combination of the brighter white screen resolution and deeper In-Pane will interfere with the brands viewing angle. Most loyal customers have been urged to buy this brand based on its contrast ration
Wednesday, January 29, 2020
The Extension of Man by Marshall McLuhan Essay In this monumental work, Marshall Mcluhan rigorously examined mass media, a term which he coined how it affects pop culture and in turn how it affects human beings and their relations. According to McLuhan, there is no single factor in human life more important than technology and yet most users have little or no idea of how most technologies work or even that their own bodies are sophisticated collections of technological systems. McLuhan rejected Marxs view of production as a primarily determinant in social change and replaces it with technological inventions. The most important aspect of media is the technical medium of communication. In this book, he provided insights on how technological innovations influence mans perception. It provided insights not only on what people communicate but on how the message is being communicated. One factor to consider into understanding the book is the milieu when it was written. McLuhan developed his theory when television was still is at its infancy and the personal computer was still being developed. However his book in a way predicted what is to come. McLuhan established himself as the patriarch of media criticism and the high priest of pop culture after this book. He made a lot of revelations in this book; things which are imperceptible to most but have great impact. For instance, the existence of global village (another term he is credited of coining); the exploitation, manipulation and control of the individual; the medium is the message; and technology as extensions of human body. McLuhanÃ¢â¬â¢s global village is where media penetrates the whole of society and culture. Today few would dispute that mass media have indeed decentralized modern living and turned the world into a global village. It is something that universalizes culture and existence where everyone shares something in common. The mass media have created a world of instant awareness to which the categories of perspective space and sequential time were irrelevant and in which a sense of private identity was untenable. He noted the fact that there are more people watching TV than attending church is something of no great consequence but McLuhan warns Ã¢â¬Å"we become what we beholdÃ¢â¬ . Constant television exposure has its drastic effects. Notice how plastic surgery and other artificial beauty enhancements have become highly popular. In this line, he provided an insightful view on how advertising manipulates the unsuspecting audience. He believed that the available media shapes human activity, more so than what media are used for. Content analysis misses the point and is not as effective because it is the medium that affects the body and the psyche in unconscious ways. Early on the book he differentiated hot and cold medium and points that the medium is more powerful than the message. He touched on how women were turn into objects of desire and how they are in turn made to buy the products that will help them achieve desirability. He also discussed how man highlights the technological extensions but ignores the amputations. McLuhan said that technology is the extension of Man meaning for every technology that is invented, there is a corresponding internal technology (performing similar functions) within the physical bodies of people. For example clothing is the man-made extension of the skins role in keeping us warm inside. He called media the extension of man he based his theory on the fact that content follows form, and the insurgent technologies give rise to new structures of feeling and thought, new manners of perception. He saw media as make happen agents rather than make-aware agents. Highly anecdotal and riddled with wordplay and notorious firing quips, McLuhan made a breakthrough in this book by breaking down how media and technology is conventionally perceived.
Tuesday, January 21, 2020
Dealing with Loss in Killing the Bear Often things that we experience as children have lasting affects on us that creep up when we least expect them. In Judith Minty's story "Killing the Bear", a woman finds herself in just such a situation. She finally deals with something that happened to her as a young child that she probably never even realized was bothering her. In this story the central character painfully comes to grips with a major loss of security from her childhood. Throughout "Killing the Bear" the author flips back and forth from the story at hand and seemingly only loosely related anecdotes about the main character and bears. One of the first of these side stories is about the woman's childhood. It talks about something that happens to most children, the loss of an object of security. The girl is attached to a stuffed bear and her mother takes it away "for three months" (12). She is told that when the time is over if she has stopped sucking her thumb, she can have the toy back. When the time passes, however, the child discovers...
Sunday, January 12, 2020
Nike Case 1. Should Nike be held responsible for working conditions in foreign factories that it does not own, but where subcontractors make products for Nike? No, I do not believe Nike should be responsible for working conditions in foreign factories. I do believe that there should be working standards in place and adhered to but I do not believe that is NikeÃ¢â¬â¢s responsibility. Nike is a business in order to run a successful business one must abide by good business practices including respecting others beliefs and values.It would be no different than if a Nike employee another employee how to raise their kids. As long as they are abiding by the laws governed in that their own country people are free to raise their children how they please. 2. What labor standards regarding safety, working conditions, overtime, and the like, should Nike hold foreign factories to: those prevailing in that country, or those prevailing in the United States? Nike should uphold the standards prevail ing in the particular country.If there are issued regarding safety, working conditions, overtime, etc, they should be discussed through separate entities, for instance the United Nations. 3. An income of $2. 28 a day, the base pay of Nike factory workers in Indonesia, is double the daily income of about half the working population. Half of all adults in Indonesia are farmers, who receive less than $1 a day. Given this, is it correct to criticize Nike for the low pay rates of its subcontractors in Indonesia? It is not appropriate to criticize Nike for low pay rates.According to salary. gov, the average American income is 46,326. If a company from United Arab of Emirates came exports products from a store in the U. S. and paid the works 105,623 (equal to the percentage raise Nike is paying in Indonesia), Americans would be grateful. 4. Could Nike have handled the negative publicity over sweatshops better? What might it have done differently, not just from a public relations perspectiv e, but also from a policy perspective? Yes, Nike could have handled the negative publicity better.For instance Andrew Young should have brought is own interpreter into the factories. There is no way of knowing what is actually being said and the motives behind a foreign interpreter. Nike took the right steps when it mandated hours worked per week, minimum wage per governing country, and raising the child labor laws. They set emplace standards and followed up with them. When they found businesses not adhering to the regulations they increased them, and gave the business a clear definition of what the regulation mandates.I donÃ¢â¬â¢t think Nike could/should have done anything else. 5. Do you think Nike needs to make any changes to its current policy? If so, what? Should Nike make changes even if they hinder the ability of the company to compete in the marketplace? No, I do not believe Nike needs to make changes to its current policy. The fact that they even implanted policy shows th eir character. If Nike did make changes and couldnÃ¢â¬â¢t compete in the market place thousands of Americans would be upset about losing their favorite sports brand, and millions of people would be out of jobs.The failure of Nike to compete in the market place could literally mean the down turn of foreign economies. 6. Is the WRC right to argue that the FLA is a tool of industry? The WRC is correct in stating FLA is a tool of the industry. However, the businesses involved are exactly that, businesses. The FLA was an appropriate step in the right direction for the pursuit of better business practices by other countries while maintaining the best business relationship possible. Disrespect, is not only a great way to lose business, but wars are literally started over it.FLA takes the times to look at the beliefs, and values of the companies it is working with and not just Ã¢â¬Å"do what they feel is the right thing to doÃ¢â¬ . 7. If sweatshops are a global problem, what might be a global solution to this problem? The United Nations should handle the sweatshop issue. That way it is not just the U. S. attacking, or implementing their business structures on other countries. The United Nations is specifically designed to handle global issues. Having multiple nations give their input and suggests would be an incredibly helpful and compromising tool for employees and employers in all countries. Nike Case Corporate Finance Nike, INC: Cost of capital 1. What is the WACC and why is it important to estimate a firmÃ¢â¬â¢s cost of capital? Do you agree with Joanna CohenÃ¢â¬â¢s WACC calculation? Why or why not? Definition of WACC (Weighted Average Cost of Capital): WACC is basically the average of the cost of finance (debt and equity). Since a companyÃ¢â¬â¢s assets can be financed by debt or equity, WACC can show the averages of the costs involved in the sources of financing. These costs are then weighted by the users of the information as required in a specific situation.This shows how much both debt holders expect to pay in interest and how much return the shareholder can expect to receive, for each dollar of financing (Investopedia, ND). The calculation of the cost of capital is one of the important elements that decide the enterprise value. The value of the enterprise can significantly change when the percentage of cost of capital changes in the business model, with the cost of ca pital representing the expected return for shareholders. We disagree with JoannaÃ¢â¬â¢s WACC calculation for following reasons: The calculations of WACC and DCF can be effected as they are subjective by her human judgment.Even though there are no right answers to make these decisions, our team disagrees with some of the assumptions Joanna Cohen made. i. Ã¢â¬ËRatio of debt financingÃ¢â¬â¢ and Ã¢â¬ËRatio of equity financingÃ¢â¬â¢ It has to be applied the market value because current shareholdersÃ¢â¬â¢ expected return has to be reflected. Both ratios should be calculated not by using Ã¢â¬ËBook ValueÃ¢â¬â¢ but Ã¢â¬ËMarket ValueÃ¢â¬â¢. ii. Cost of Debt Cost of Debt can be calculated with the current yield publicly traded in the market, because we are projecting the future cash flows. Joanna calculated this by using historical data.However cost of debt should be calculated using current YTM of debt. iii. Cost of Equity Joanna calculated cost of debt by using following CAPM formula: Cost of Equity = 5. 74% (20 year Treasury bond) +0. 80 (Average Historic Nike beta) *5. 9% (Average premium of the market over Treasury) =10. 5% When calculating the beta, using the most current beta is better than using the average, because the current beta reflects the most recent environment of Nike stock. 2. If you do not agree with CohenÃ¢â¬â¢s analysis, calculate your own WACC for Nike and be prepared to justify your assumptions. i. Ratio of debt financingÃ¢â¬â¢ and Ã¢â¬ËRatio of equity financingÃ¢â¬â¢ Market value of debt = 5. 4 + 855. 3 + 435. 9 = $1,296. 6million Market Value of equity= There is no information about market value of debt. We will use Ã¢â¬ËBook ValueÃ¢â¬â¢ $1296. 6million Market Value of equity= Share price ($42. 09) * Shares outstanding (271. 5million) =$11,427. 4million Ratio of debt financing=1,296. 6 / (1,296. 6+11,427. 4) = 10. 19% Ratio of equity financing=11,427. 4/ (1,296. 6+11,427. 4) = 89. 81% WACC=9. 81%*89. 81%+7. 168 %* ( 1-38%)*10. 19% =9. 26% ii.Cost of Debt Market value of debt should be: Current price of debt: $95. 60 Coupon rate: 6. 75%(semiannual) =coupon $3. 375 per 6month Period to maturity: 20 years =40 period Face value: $100 YTM (=cost of debt) =3. 584% (semi annual) =7. 168% (annual) iii. Cost of Equity Using CAPM formula Cost of Equity = 5. 74% (20 year Treasury bond) +0. 69 (Latest beta) *5. 9% (Average premium of the market over Treasury) =9. 81% 3. Calculate the costs of equity using CAPM and the dividend discount model. What are the advantages and disadvantages of each method? * CAPM Cost of Equity = 5. 4% (20 year Treasury bond) +0. 69 (Latest beta) *5. 9% (Average premium of the market over Treasury) =9. 81% Advantage:| * CAPM considers only systematic risk, beta. It does not consider company specific risk. * It is useful to see an individual stock in entire portfolio. | Disadvantage:| * Some inputs are hard to reflect the situation of real world. * Relatively difficult to use co mpared to DDM| * DDM Share Price($42. 09) = Dividend($0. 48) / (re Ã¢â¬âDividend Growth(5. 5%)) re(Cost of Equity) = 6. 64% Advantage:| * DDM only focuses on an individual stock rather than a portfolio. Always use, when calculating stock price. * Relatively easy to use compared to CAPM. | Disadvantage:| * Results are very sensitive to change when assumptions are inputted| 4. What should Kimi Ford recommend regarding an investment in Nike? RECOMMENDATION: should buy NIKE stock. NIKE stock price should be $58. 22 under the condition WACC, 9. 26%. Currently Nike stock is $42. 09. Now Nike stock is under value by $58. 22 Ã¢â¬â $42. 09 = $16. 13 per share. Works Referenced Investopedia, ND. M&A, Preferred Shares, Investopedia. [Online] Available at: http://www. investopedia. com/terms/w/wacc. asp [Accessed 1 April 2013].
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