Mergers and Acquisitions in SME Lending

Mergers and Acquisitions in SME Lending CHAPTER 1 INTRODUCTION In the process of industrialization small business plays an important and economic growth. It increases per capital income and output, makes available employments for the labour market and usually promotes successful deployment of resources which are considered vital to steering of economic development and growth. It is presumed that the lower income segments of Nigeria benefit when SMEs have better access to finances because they alleviate poverty by creating more jobs and better wages. ( Emeni and Okafor 2008). In many of the developed economies and developing economies both have come to value, realise and appreciate small businesses. Being that small business are pioneering, well-organized, resourceful and allows fast decisions process to be taken because of their relative small size. They are major players in the process of industrialization and economic development. ( Ememi and Okafor, 2008) In most up-and-coming nation of the world, small and medium enterprises (SMEs) have become the vanguard of economic expansion. They create employment opportunities as the most significant employer of labour force; in addition they increase the nations per capital income and output invariably increasing the GDP by effective resource utilization. Also in large developed nations, SMEs plays a noteworthy role in influencing the economy. Taking China for example, SMEs are said to be accountable for sixty percent of the industrial output employing seventy-five percent of the workforce in the metropolitan centres. ( Anas A.Galadima, 2006). All over the world and in all country, government have come to realise the significant of this class of companies. And as such have originated all-inclusive policies to encourage, give confidence, support and promote the establishment of SMEs. Improvements in small and medium enterprise are a plus for employment generation, solid entrepreneurial base and encouragement for the use of local raw materials and technology. (Oladele, 2009). There are a lot of challenges that SMEs face in both the developed and developing countries and they are massive. One main aspect is financing, the ability to obtain and acquire loans. Most small businesses are not attractive prospects for banks. Berger et al. ( 1998) suggest that larger banks may be less predisposed than smaller banks with less complex structure, to supply credit to small businesses. Back home in Nigeria the talk is very similar with the on-going of other country. But of late the Bankers Committee intervened in 2001 with a scheme called the Small and Medium Industries Equity Investment Scheme (SMIEIS). The idea brought life and empowerment to SMEs discarding all other credit schemes which were not properly implemented. (Aina, O. 2007). Nigerian banking reform is a product of global effort and consolidation is one of its major achievement that everyone have welcomed happily. This consolidation wave has greatly enhance the average magnitude and size of banking institution generally. The mean size of the total assets of banks has increased by 439% from 2003 – 2009, recording =N=2767.78 billion to =N=14,923.00 billion banks total assets figure (CBN report 2009). Prior to the introduction of banking reform, the banking sector was repulsively undersized, small, weak and frail, leading to numerous and several economic setback. Besides the benefits related to consolidation on the supply of credit to small and medium enterprises, merger and acquisition have also increase the size of banks from small less complex establishment to conglomerate multinational companies in Nigeria. These includes mobilization of domestic savings, improved allocation of resources, elimination of deep-rooted inefficiency , mobilization of foreign savings and above all enhanced accessibility of small scale funding. But in all these what is less comprehensible, is the effect that bank MA has on the supply of credit to small businesses in Nigeria.(Emeni and Okafor, 2008). Related Literature Other related studies have established some well renowned facts on the effect of consolidation on small business lending. In a recent article Berger, Allen N., R. Demsetz and P. Strahan. (1999) suggest that consolidation is only valuable and favourable to a certain extent. The consequences of consolidation could have direct and also indirect effects. The direct effect being an increases in bank size, increase in market share and enhance bank performance, the indirect effect can be a reduction in the availability of financial services to small businesses. (Berger, Allen N. R. Demsetz and P. Strahan. 1999). Other studies Vera and Onji (2010) illustrate that because most small businesses depend greatly on less complex small banking institution for their principal source of funding, consolidation of the banking industry may reduce ease of access of loans to small business in the US. Earlier researchers find that small businesses have not been unfavourably affected by bank merger and acquisition on making credit available to small business (Peek and Rosengren 1995, 1998; Berger et al. 1995). This is because these studies relied on data up to the mid-1990, while data as at 1995-1997 being the peak of consolidation were not fully employed. This has proven to be of interest to further scrutinize whether the new wave of consolidation may affect small businesses differently. In view of this importance piece of information and the imperfection of the market mechanism to mobilise and allocate financial resources to socially desirable economic activities of any nation it is worthwhile to investigate the relationship between merger and acquisition and credit availability. Based on the above background, the enthusiasm and motivation of this research is to critically scrutinize and observe if there is any relationship, or connection between bank mergers and acquisitions as a resourceful solution to lending. This study, therefore, want to investigate and find evidence that consolidation between banks of diver structure and asset base that occurred as a result of the Nigerian banking reform of 2004, could negatively affect small business lending. This is the reason why we choose to examine the effect of MA to SMEs in Nigeria. Aim and Objective Aim The main purpose of this dissertation is to examine whether bank mergers and acquisitions are a resourceful solution to lending to SMEs. As a result the main research question is: Do banks mergers and acquisitions increase or decrease credit availability to SMEs? This leads to a number of sub-questions: Does financial performance in the banking sector adversely affected small business lending after MA occurs? What other factors affects or is responsible for credit availability to SMEs from the Nigerian banks? To present key findings and recommendation based on data analysis and information collected. Research Methodology There are several research methods that could have been used in this work, such as a Questionnaire based survey through the distribution of questionnaire. Carrying out direct interviews with Small business owner and Bank managers or loan officers is also an effective means to collection of data information. Since the main purpose of this study is to examine if bank mergers and acquisitions increase or decrease credit availability to SME, we will be using accounting based financial ratio analysis. The use of financial ratio in measuring a banks performance and its effectiveness to distinguish high-performance banks from others is quite common in the literature (Abdulla, 1994a; Samad, 2004a). Data Sample Ten Nigerian commercial banks which have effectively been consolidated with other smaller banks will be considered in this study over the period of 2000-2009 based on the following reasons: First, these banks are long established locally incorporated banks in Nigeria. Secondly they have been involved in the consolidation process from small bank to mega banks, passing through the premerger phase up to the post merger phase. Thirdly the period 2000-2009 effectively covers the span before consolidation and after consolidation. The data that will be used in this study is taken from Bank Scope. The annual financial statement of the top ten commercial banks based on their asset base. All the figures are expressed in Naira (=N=) the Nigeria indigenous currency. Since one of our aims is to examine whether the amount of small business lending is affected by the new consolidation legislation passed by Nigeria government on bank reform, we will also be comparing the figures from the statutory reserve. This is mandatory for all commercial banks in Nigeria to invest 10% of their profit before tax to Small and Medium Enterprise Equity Investment Scheme. It is more likely that we will capture the total amount of small business lending that is actually supplied to small businesses within Nigeria. Dissertation Structure The dissertation is split into five chapters: Chapter one is the introduction of the dissertation topic, related studies and the motivation for the choice of the dissertation Chapter two focuses on the Nigeria banking sector, how the banking sector has developed in Nigeria over the years. Covering the history of the Nigerian banking sector divided into four periods: the budding period, the expansion period, the consolidated period and the post-consolidated period. High lighting major financial developments from liberalisation that saw the existence of 87 banks to the consolidation of banks by the Central Bank of Nigeria deadline of 2005. Chapter three is a literature review on academic literature and analytical view on merger and acquisition and its theory in banking. This chapter aims at providing a complete picture of bank mergers and acquisitions (MAs) in the theory of banking and at offering economic evaluation and strategic analyses of the process. The main characteristics of this process is how it has affected lending to small business Chapter four introduces the Small and Medium Enterprises, what they are, why they exist. This Section will review some recent literature that is particularly relevant to the effect of bank consolidation on small business lending. Chapter five discusses the empirical results, in which the main findings of the performance of the banks during the period 2002 – 2009 are analysed. This last chapter, Chapter six concludes and highlights the limitations of the study and recommendations for the future research Summary We have been able to introduce the topic of the dissertation and the motivation behind why it was considered important to investigate funding of the small and medium enterprises. Small business play vital role in the process of industrialization and economic growth. It is presumed that the lower income segments of Nigeria benefit when SMEs have better access to finances because they alleviate poverty by creating more jobs and better wages. Developments in small and medium enterprise are a plus for employment generation, solid entrepreneurial base and encouragement for the use of local raw materials and technology. Governments all over the world have realised the importance of this category of companies and have formulated comprehensive public policies to encourage, support and fund the establishment of SMEs. The most worrying challenges facing SMEs in many developing countries is funding. In the next chapter we will be reviewing the Nigerian banking system. We will be looking at a brief history of the Nigerian banking system dividing its growth into four phases, and see how it has evolved from many smaller banks into fewer mega banks. We shall also be looking at the major regulators of this industry and see how they have effectively influence the actions that has lead to merger and acquisition in the banking industry. Also see how the merger and acquisition phase has influenced lending to the small business through the new monetary policies on SMEEIS and Microfinance banks to aid economic growth, which is the main aim of this dissertation.

Managerial Skills – Essay

This essay will argue that without good managerial skills, a business is far from becoming successful. Firstly, this essay will discuss the importance of: communicating with foreign colleagues, wielding dealt Influence and delving attention deliberately to enhance proficiency of the workers, Secondly, It will evaluate and analyses how effective the three skills are In today's dynamic work environment. Based on some examples, the problems faced by managers will be transparent, and what precautions need to be taken should also be visible to help improve managerial skills.Communication for managers is the most important skill managers need to adapt fore any other skill because, if a manager is not flawless in communicating with colleagues or workers, then simply a manager has failed to be a manager. Communication is essential for effective functioning in every part of an organization which will facilitate organizational success (Effective Communication in the workplace, 2012). For examp le, Millions, (2012), a Korean CEO running a software company In Shanghai Is facing difficulties In retailing the Chinese workers.The mall problem faced by the CEO is language barrier so the decision- making process becomes tough for the CEO. Due to this effect, there will be an unskilled management team and this may result in boredom of the workers, delay in organizations project deadlines, reduced profits and lastly goodwill of the organization will be hampered. Without communication in today's environment, managerial work is not tough, it's merely impossible. Communication may be of two types, it may be verbal or non- verbal, managers need to be effective on both cases.Managers should be able to communicate non-verbally as good as they may communicate verbally. This is because sometimes agreements between businesses are sometimes done non- urbanely, In this case managers should be able to set out clearly his requirements and the terms and conditions of the agreement and also unde rstand clearly the opposing terms and conditions, otherwise the manager will cause a great mishap for the business and this will result in an adverse effect on reputation for the manager.A When all members of a team, department, or organization are able to communicate effectively with each other and with people outside their group, they are much more likely to perform well. The successful manager, therefore, needs effective communication skills in order to have a good workplace, become successful and attain the goals of the organization. Even though communication is the most important factor for a success seeking manager, nowadays digital influence is also one of the main factors which need to be taken into consideration by the managers.Technology in the workplace allows businesses to expand quickly and efficiently. Business technology such as video conferencing, social networks and virtual office technology has removed workplace boundaries that previously limited business expansion . With business technology, companies can target a wider customer base and grow to higher levels. A manager deeds to be flexible/adaptable to change in different environments (Required skills of a manager, 2012). A manager who is not familiar with latest technology, there will be less room for improvement for the organization.Most work nowadays is being done electronically, data analysis is done electronically and because of technology, information has become readily available to make better decisions and improvements. Digital influence has actually reduced the per head workforce needed at an organization, this means, a work that used to take two to three people to get done now can be done by one person using a computer. Office technology saves time by speeding up the work flow process. Technology systems save space, paper and printing costs. The use of computer systems allow corrections to be made instantly.Resources like electronic files and access to information technology are av ailable with the click of a button. By reducing the number of workers and using more technology, expenses for the organizations will fall resulting in increased profits. Technology in the workplace practically eliminates space and time. Video conferencing technology lets businesses on any part of the globe interact with one another. Technology reduces travel costs because businesses can set up virtual meetings and distribute data without the need to be in the same room. Technology allows businesses to establish a global presence at a fraction of the cost.Cromwell, (2009), sates a very important fact, ‘The role that technology plays for the business sector cannot be taken for granted. If we were to take away that technology trade and commerce, the world will come to a standstill and the global economy would collapse'. It is almost impossible to conduct a business without the use of technology. A simple example an be used, Dreamers, the founder and chief technology officer of Hu bbubs (web marketing company) has 216,000 Linked group for entrepreneurs and 98,000 twitter followers. How is this relevant to digital influence?Well, Dreamers uses his Linked members to get multi-rater feedback from other entrepreneurs for Stack overflow and also hosts Q community through where he gets valuable information for improvements. By doing this, Dreamers has managed to build his reputation, specialization and network position to one of the world's best marketing company (3 Management Skills every 21st century manager needs, 2012). This is why digital influence is necessary for every manager to become successful and achieve the Lastly, dividing attention deliberately, in other words attention to detail is also important for managers.At work places, people's minds normally drift away, this is normal as our minds are meant to multi task. Research has shown that internal factors (business related stress) rather than external factors (social stress) cause distractions. How can this be resolved? Managers need to focus on detail and make a job as less stressful as possible for employers, like when an employee takes a break o use social networks like Backbone or Twitter at a workplace, normally managers don't accept this type of behaviors, they consider it distracting. Actually, a study at the University of Melbourne of 300 students resulted in a really fascinating outcome.It showed that even though people use internet at workplace for socializing, their productivity increases by 10% (3 Management Skills every 21st century manager needs, 2012). There are other ways managers could actually increase effectiveness to become successful. Managers could have regular meetings with staff members, insult why there is a lack of performance, create pairs of employees so they may double-check work for errors and also managers may provide incentives for toughness (How to improve attention to detail in employees, 2012).Managers need to create a friendly environment for w orkers so they are not undermined by stress. Managers need to think from the organizations perspective, how the goals can be achieved and how effectively and efficiently they can be achieved. Managers to have a great skill for dividing attention deliberately, which is known as ‘Satisfying sessions', this means choose the first satisfactory alternative that comes to their attention and allocate work accordingly (Shoehorning, p. 75).Three major abilities managers need to consider in order to become successful: communicating effectively, technology innovation, and attention to detail. To conclude, managers who do not have the skills cited above will have a hard time in coping with the business world today, managers are responsible for making sure that this happens. If a team is working really hard but not delivering what is needed, then they are not effective. Effectiveness is measured by setting out clear objectives before work starts and then evaluating whether the objectives h ave been met or not.Managers not only need to be good at what they do, but their level of communication should be high in order to be an effective manager and by acquiring the three key skills, managers are well set off to becoming prosperous. In management, operating in efficient and in effective ways is a key to good performance and to successfully reaching the goals set for the business. Looking at the interplay of the two characteristics can give a clear insight into the ideal behavior for a successful anger when faced with tasks which must be completed quickly, but also completed in such a way that the key goals are attained.

Benjamin Franklin The Greatest Inventor Of All Time

Benjamin Franklin was a very accomplished man from his childhood up to his adulthood. Throughout his life he was a small but smart child. He was born into a poor family but he became a wealthy man. Then when he was very old but even more wise he became the greatest inventor of all time. Benjamin Franklin was an influential founding father because of all of hi practices he did as a young child, his great intellectual ingenuity , and his Political career as a Pennsylvanian colonial legislature. Benjamin Franklin s childhood was full of grueling and hard working experiences. When Benjamin was first born he was the tenth son of a soap maker. He was one of the sons of Josiah s second wife, Abiah Folger. When benjamin was a young boy his father wanted to send him to a clergy school but sadly couldn’t afford the schooling for Benjamin. So instead he sent Benjamin to Benjamin’s older brother James who worked as a printer. When Benjamin was fifteen his older brother started â€Å"The New England Courant† which just so happened to be the first actual â€Å"‘newspaper’† in Boston. In doing so Benjamin and his brother, as well as some other workers had to work very hard to get the news, print it, and then send those copies to everyone in Boston. After a while Benjamin was bored and decided to ask his brother, James, if he could write something in the papers. James his older brother, said no. So in doing so Benjamin decided to write letters abo ut women and their struggles using a made upShow MoreRelatedBenjamin Franklin the Inventor Essay example964 Words   |  4 PagesBenjamin Franklin the Inventor Benjamin Franklin is recognized as one of the greatest Americans ever. He contributed to the advancement of our country in many different ways. Since Franklin was a statesman, journalist, diplomat, inventor, and philosopher he was always in the middle of everything of importance. 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Changes in Americas Agriculture From 1865-1900 Essay

Through the period of 1865-1900, America’s agriculture underwent a series of changes .Changes that were a product of influential role that technology, government policy and economic conditions played. To extend on this idea, changes included the increase on exported goods, do the availability of products as well as the improved traveling system of rail roads. In the primate stages of these developing changes, farmers were able to benefit from the product, yet as time passed by, dissatisfaction grew within them. They no longer benefited from the changes (economy went bad), and therefore they no longer supported railroads. Moreover they were discontented with the approach that the government had taken towards the situation. After the civil†¦show more content†¦Moreover, the document also helps visualize the linking of the regions in which national markets emerged, as well urbanization and industry expansion. To extend on this idea, immigration grew alongside industry expansion. For more land became accessible for sale, which was an advantage to those whom jobs (like those building railroads or working in companies near them) called for them to live near. Although the most convenient way to transport goods was using the railroad, it also worsened the economic hardship that farmers had, for the prices that they had to pay to export their goods, were quite elevated. The rates as well as the lack of support from the government angered the farmers, and lead them to form farmer alliances and the Grange, led by Oliver Hudson Kelly. Most farmers, such as the prairie farmer in document C, sought state regulation on railroad freight rates and pleaded the government consider making new law. As a response to this, government passed the granger laws in Illinois, which protected farmers from being abused or discriminated through the high tariffs on exporting their goods. 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Essay Smoking Cigarettes - 538 Words

Smoking Cigarettes In todays society, three out of five Americans are addicted to smoking cigarettes. In other words, every individual in America is either a smoker or has a friend or relative who smokes. The tobacco industry is one of Americas largest growing industries. There are many smokers and non-smokers in the world and just the same there are many differences and similarities between the two. From being treated different publicly to being looked at differently in terms of health, both smokers and non-smokers have their pros and cons. Just as smokers attend social events so do non-smokers. A few examples of the social events attended are: bars, clubs, concerts, restaurants, bowling alleys,†¦show more content†¦Both smokers and non-smokers see this as difficult. For instance, if you had to attend a meeting for work at a restaurant. You might end up as a non-smoker sitting next to someone puffing away or feeling uncomfortable as a smoker sitting next to someone who condemns cigarette smoke. Even though both are at a disadvantage some smokers feel as if they are being punished by having to sit on opposite sides of the building. In comparison, both smokers and non-smokers have to deal with stress. While living in this money-crazed and fast paced society, we will all get stressed out at one point. A full-blown smoker must deal with the stress of addiction. Addiction comes with an array of problems such as: money, health, family, etc†¦ A non-smoker living with a smoker also has to deal with these problems. Whether it is that they are worried about the health of the individual or worried about the individual (Non-smokers Behavior) 3rd Subject (Non-smokers Behavior) (Smokers Behavior) spending too much money buying cigarettes. Unlike smokers, non-smokers do not stress out about situations such as not getting a smoke break at work, how many cigarettes they have left, or why cigarette prices have sky-rocketed. Non-smokers also do not have to deal with the burden of quitting. In the same way, both smokers and non-smokers have to deal with health problems due to cigarette smoke. Second hand smokeShow MoreRelatedThe Smoking Of Cigarette Smoking855 Words   |  4 Pageschild as well. What a mother ingests is what her growing fetus ingests through her umbilical cord; the life line from the mother to the precious innocent life she holds so dear. The goal of this paper is to give some insight on the use of cigarette smoking in pregnancy. Let’s begin with a short history of what was previously called Nicotiana. Today it is known to humans as Tobacco. Tobacco has been in existence prior to Pre-Columbian America (900 – 1500) when it was first discovered as an herbRead MoreSmoking Cigarettes791 Words   |  4 PagesWhy Smoking Cigarettes Should be Illegal Smoking cigarettes should be illegal due to the vast amount of annual deaths it causes. Smoking produces 10 times the amount of pollution that a diesel car exhaust would. This shows that not only are humans and animals affected by smoking, our environment is greatly damaged by the amount of pollution smoking creates. Smoking is something that people usually get addicted to, like a drug.This drug can cause many diseases such as lung cancer. Not only can itRead MoreThe Dangers Of Cigarette Smoking Essay1669 Words   |  7 Pages People smoke cigarettes for various reasons. Some smoke only when they are drinking alcohol and others smoke regularly. The level of smoking among the regular smokers varies from individual to individual. There are those who smoke a cigarette or two during the day and their others who smoke at least a pack a day. How people start to smoke varies. The main entry point however is peer pressure. Many smokers came to be introduced to the habit at a young age in either high school or in college or toRead MoreElectronic Cigarettes And Cigarette Smoking774 Words   |  4 PagesTobacco cigarette smoking includes various physical associations such as hand and mouth motions, suckling, and taking cigarette breaks (Oh Kacker, 2014). According to Patrounova, 2015, in comparison to other forms of nicotine replacement therapies, Electronic cigarettes satisfy smokers’ needs to fulfill certain smoking rituals. Electronic cigarettes may be able to quench certain urges and cravings due to its design, which can also assist in fulfilling the habitual dependence of smokers (PatrounovaRead MoreThe Dangers Of Smoking Cigarette Smoking Essay1627 Words   |  7 Pagesbecome popular around the globe, such as cigarette, cigar, e-cigarette, and chewing tobacco. The origin of the tobacco plant was in North and South America where the American Indian utilized tobacco for religious and medical purposes. Later on, many forms of tobacco have been created and harmful substances have been integrated in. After world war 1, the use of cigarette became significantly notorious. Several decades later in 1964, the hazards of smoking cigarette became known to the public (Boston universityRead MoreThe Death Of Cigarette Smoking Essay2110 Words   |  9 Pagespreventable cause of death and disease in the United States of America is Cigarette smoking. In America yearly, more than 480,000 deaths occur due to cigarette smoking; within those numbers more than 41,000 deaths are due to inhalation of second hand smoke. As we progress and advertisement for the serious complications of cigarette smoking continues to increase our world begins to show a decline in the amount of cigarette smokers. The Center for Disease Control and Prevention states that there hasRead MoreSmoking Vs Cigarette Smoking1802 Words   |  8 PagesSmoker vs. Non-Smoker: Evaluating The Effects of Cigarette Smoking Cigarette smoking is the leading preventable cause of death in the U.S. The use of tobacco products such as cigars, pipes, hookahs, bidis, and kreteks have proven to develop various health effects. It has been linked to the following medical conditions: †¢ Aortic aneurysms †¢ bronchitis †¢ cancer of the lip or mouth †¢ cancer of the stomach †¢ cancer of the urinary bladder †¢ cervical cancer †¢ emphysema †¢ esophagus (food pipe) †¢ heartRead MoreThe Dangers of Cigarette Smoking1040 Words   |  5 PagesCigarette smoking is a dangerous habit that most users regret starting on. Nowadays, smoking can cause health problems for any human. Whether or not cigarette smoking should be banned completely, has become an object of controversy in many countries. Some people think that smoking cigarettes are a helpful way to reduce stress for the moment. In my point of view, tobacco smoking has seriously negative effects such as smoking-related cardiovascular diseases, respiratory diseases, cancer and it costsRead MoreThe Dangers Of Smoking Cigarettes786 Words   |  4 PagesDangers of Smoking Cigarettes are everywhere. They’re sold in almost every gas station, pharmaceutical store, and even ordinary grocery stores in the United States. Cigarettes have endorsements from celebrities, big tobacco companies, advertised on billboards, and through commercials. Smoking is a problem because it causes diseases which cost billions of dollars a year in healthcare. It is also the leading cause of diseases and deaths in the US. Smoking cigarettes is an unhealthy habit that unfortunelyRead MoreEssay On Cigarette Smoking1268 Words   |  6 PagesCigarette smoking is something people all over the world have been doing for about 2000 years. Back in 2003, the first electronic cigarette was successfully created by a gentleman named Hon Lik. Lik was a 52 year old pharmacist at the time, whom of which was also a smoker. The inspiration behind making the electronic cigarette came after Lik’s father passed away from lung cancer due to him also being a heavy smoker. â€Å"A Hist orical Timeline of Electronic Cigarettes.† cassia.org. Consumer Advocates

“Sleep Improves Memory the Effect of Sleep on Long Free Essays

Journal Article Critique of â€Å"Sleep Improves Memory: The Effect of Sleep on Long Term Memory in Early Adolescence† Comprehension Purpose The Purpose of â€Å"Sleep Improves Memory: The Effect of Sleep on Long Term Memory in Early Adolescence† by Katya Trudeau Potkin, Willsiam E. Bunney, JR was to assign the selected students to sleep and no sleep conditions and compare tested results about adolescents on how getting sleep and not enough sleep could affect the memory. The results were an increase of 20. We will write a custom essay sample on â€Å"Sleep Improves Memory: the Effect of Sleep on Long or any similar topic only for you Order Now % in long-term memory (Figure 1) was found as measured by the number correct in the paired-associate test following sleep, compared to the groups which was tested at the same time interval, but without sleep. Results/Conclusion The study showed that older adults performance did not improve following sleep. Sleep dependent memory consolidation decreases with age. Lack of sleep can cause the subject to not be able to reach his or her full potential on â€Å"cognitive performance† which was not observed in the sample (4). Analysis and Evaluation Strengths One of the strengths was that the groups tested were divided into two groups, â€Å"Twenty females and twenty male adolescents† (1). I feel that it was evenly distributed to find out if it affected male or female differently. Each subject had a better experience of testing with the comfort of his or her home and was able to eat a good meal before testing. Subjects were asked about how good of nights rest did they get and most of the answers were good to very good which made the testing a little bit more accurate. The students were also given the test over the weekends and school breaks inside a quiet room, away from all distractions. The sleep group’s mean age was 12. 9 compared to 12. 4 for the non-sleep group (t= (1. 52), df (1,38), p =0. 14). (See Table 1 for demographic characteristics and performance scores). There was no statistically significant sex difference in performance for either task (2). The test used to test memory on the subjects is called the paired-associate test. This test is the standard way to monitor memory. The memory is measured by using this scale (2). The results that were given were compared to another outside study group and after comparing the two, the outcomes were consistent. The studies showed that it didn’t matter what time of day, but periods of sleep helped enhance the declarative memory. Taking a nap at different times of the day is just as good as getting a full nights rest, not saying that its better than a full nights rest but it helps to build and repair memory. Weaknesses The author stated that â€Å"It is important to have data on the effects of normal sleep† (4). There are so many different types of sleep disorders that can keep someone from getting a good night’s rest. One paragraph states â€Å"Sleep disorders are even more prevalent in adolescents with psychiatric disorders and developmental disabilities† (4). Twenty five to forty percent of adolescents have sleep disorders. It’s very important to get data on the effects of normal sleep. There are consequences from having lack of sleep and bad sleep patterns, none of these things were talked about in the studies of the subjects. All of the subjects that were chosen were healthy and didn’t have any health issues. If there were to be someone with these issues, then the numbers would be different. Some other studies of sleep that effects other types of memory wasn’t used in this article, for example visual, procedural and emotional memory. The chart used in this article is very hard to understand but this is the standard chart to use for documenting memory. This chart is hard to understand when looked at for the first time; it just looks like numbers on a page. Another issue that I had with the article is the studies ended with using adolescents. Synthesis and Evaluation One of the major changes that I feel should be done is to create a longer sample. One paragraph stated â€Å"Our study was limited as the sample was pportune† (4). There were a lot of sources that could have been used but wasn’t. Memory would be more understandable if there were more included. People with sleep disorders could have been included to show how that affects memory. Another thing that could help understand memory is if adults, middle age and the elderly were used. The older you get, your memory starts to taper off and remains the same then it declines as you grow even older. Memory is at its greatest when you are an adolescent and memory is at its worse when you are elderly. Alzheimer is a big factor when dealing with the elderly. The mind can deteriorate if rest is needed over a long time period. If the body continues to go without rest over the years then it will be hard for the mind to repair itself. This topic would have been something to help us understand memory as we age. I would have added a formula to the chart to show how the numbers come about. The bar graph was something good as a visual but how did we get those numbers? I would have shown step by step process on how to make these calculations. The research results were compared to another study from an outside source, on the same subject and the outcomes matched. We can’t come to conclusion that these answers are right because it is simply not enough information to say these results are true. I think that if the results were compared to even more outside sources to see how the results compare would give us a wider range and more accurate results. These are just a few ways that I think would have made this article stronger and better to understand. Works Cited Potkin KT, Bunney WE Jr. â€Å"Sleep Improves Memory: The Effect of Sleep on Longterm Memory in Early Adolescents†. Plos one 7. 8 (August 2012): 1-4. Academic Search Complete PsycINFO. EBSCO. Wake Technical Community College, Raleigh, NC. 28 Feb 2013 How to cite â€Å"Sleep Improves Memory: the Effect of Sleep on Long, Papers

Crown, Cork Seal free essay sample

As many successful companies do, Crown Cork Seal began with an idea—one that had the potential to improve the world in which we live. In 1891, a machine shop foreman conceptualized a superior method for creating bottle caps, and set about to do so. Crown Cork Seal was born, and what followed were intermittent periods of triumphant achievements and costly missteps, soaring profits and depressing losses, eventuating in a successful company with rich tradition and history. However, the competitive business environment slows for no one, and the company finds itself constantly reevaluating its strengths, its competitive advantages, and the viability of the industry in which it has built its legacy. Industry Outlook One of Crown Cork Seal’s foundational questions involves their industry in general—is it an attractive industry in which to compete? Like most industries, there are things that make the metal container industry an advantageous one, and there are elements of the nature of the industry that are troublesome to its members. The low potential for new entrants does provide somewhat of a safeguard against fresh competition; however, the strong buyer power, high threat of substitutes, and intense competition from rivals makes the industry relatively unattractive on several key levels. For potential new entrants, the metal container industry does not seem to be attractive due to the high barriers to entry. Most of all, the economies of scale provide current players with economic advantages that would be extremely difficult to reach for new entrants. Additionally, the saturation of the market does not make it very attractive to new entrants, as competition for current sales is so intense. The high barriers to entry are, however, an advantage for current producers, which do not have to be scared by the arrival of new competitors. When viewing the industry through the lens of the buyers, the main consideration is the price, since the products are definitely undifferentiated and offer low switching costs. The idea for companies in the metal container industry is therefore to reduce shipping and managing costs. In this quest to always obtain lower costs, some buyers even started to produce their own metal cans (major beer producers making 55% of their necessary cans). Therefore, the power of buyers is relatively high, which weakens the producers’ power in this industry. On the supply side, various factors exert influence over the power of suppliers, leaving it relatively benign. The superior quality and recyclability of aluminum compared to steel leads to a higher demand for aluminum; however, the price is still the main constraint, and aluminum costs have to be limited to prevent steel from increasing its market share (which explains Alcoa‘s decision to limit prices). Some producers are also suppliers of raw materials (Reynolds Metals) and benefit from advantages that other companies don’t have access to (Crown, for instance). The cost of aluminum also tends to grow (even with the limitations in order to compete with steel), but on the other side, the overall capacity of production has really increased from 1987 to 1989 (7%), offering more latitude to the producers. The threat of substitutes in the industry is a powerful force, especially domestically. As plastic gains traction and technologies advance (possibly increasing the ability to preserve carbonation in plastic containers), this pressure is only likely to increase. The existence of many substitute products (glass, steel, plastic, etc. ) is another constraint on prices, especially given the high percentage of production costs per can due to raw material (around 65%). Finally, due to the importance of keeping prices low, the industry is run by fierce price-based competition to maintain market share; the main companies in the industry also utilize volume discounts to provide more attractive offers. But once again, the fierce competition based on prices reduces the attractiveness of the industry, where margins tend to be tightened. Despite important barriers to entry that protect current producers, the industry is not very attractive mainly because of its saturation that offers very few opportunities and its price-based competition that lowers the margins. Rivalry is fierce over prices, and customers benefit from a real power over the producers. Strategic Positioning Most great organizations can trace a portion of their success to a visionary, a leader, or a champion of some sort. For Crown Cork Seal, that leader was John Connelly. Connelly took over the presidency of the company in 1957, while the company was on the brink of bankruptcy. His overall strategy focused on controlling costs while prioritizing quality and service. Connelly reduced staff, discarded the divisional accounting departments and central RD facility, and increased accountability through the organization. His approach kept Crown Cork and Seal from bankruptcy and on a road to exponential growth in profitability (1,646% increase in profits from 1957-1961). Products and Markets: Crown positioned itself as a small producer in the industry, and therefore targeted specialized uses and international markets, as well as focusing on their current high-competency area of tin-plated cans and crowns. When fiber-foil cans encroached the market of motor oil, Crown exited the oil can market and targeted beverage cans and the aerosol market in the US. In response to the emerging soft drink industry, Crown specialized in two-piece steel cans and began to design its equipment to allow for rapid changeover. The company also improved flexibility to accommodate just-in-time delivery. Emphasizing the needs of the industry allowed Crown to gain competitive advantage and economic scale to lower the cost. Production process: Crown reorganized its manufacturing facilities, increasing the number of facilities across the country but decreasing the size of each facility. New facilities were located near customers to reduce transportation cost. Crown not only kept more inventory to accommodate urgent customer demand, but also improved the quality control process to improve efficiency and lower costs. As the selling price for metal cans decreased and the profit margin diminished, manufacturers had to compete with qualified products and deeply discounted prices. Research and Development: Crown did not consider itself pioneers, therefore the RD strategy is to enhance the existing product line, such as adapting to customer needs. This strategy allowed Crown to meet customers’ expectations and innovate organically without large research expenses. Marketing and customer service: Crown emphasized the quality of customer service. Sales forces maintained close relationships with customers, and other functions such as RD and manufacturing worked to accommodate the customers’ needs. With the consolidation of soft drink bottlers, buyers’ power increased. Crown believed that it had to provide better customer service to maintain the customer relationships and grow sales. Finance: Crown paid off its debt by reducing inventory and liquidation, repurchasing preferred stock and halting dividends, all of which improved the financial performance of Crown. The debt ratio dropped from 42% in 1956 to 5% in 1986. International: Due to the transportation cost, shipping products to overseas market was not profitable; therefore, Crown invested heavily in developing countries to meet the demand of international markets. Crown’s overseas subsidiaries hired local people to serve the marketplaces, and used obsolete equipment from US facilities that was adequate to serve the needs of these emerging markets. Strategy By 1989, Crown Cork Seal had moved from an innovation-focused strategy with a central decision maker, to an owner-operator strategy that gave individual managers more control. Connelly had developed this functional approach to help realign the company around three key pillars: (1) lower costs, (2) improve quality and (3) best-in-class customer service. According to a Crown spokesperson, this new strategy made certain that everyone in the company was held accountable. With those strategic pillars in place and the company’s â€Å"back to basics† system of activities, it is most likely that Crown would target customers with high customization needs as well as customers in developing countries. In a highly saturated, commoditized, and price sensitive market, Crown’s only point of differentiation was their quality and service. These core strengths are best suited for a target that had more intense service needs. The developing market aligned well with Crown’s non-risk approach to innovation. They were able to use older machines in these areas and were not as susceptible to the risk of substitute products. Crown creates value with the high-customization target by providing unprecedented customer service, quick turnaround on projects, and a tailored RD team that works directly with the customer to find solutions for their business needs. Crown captures this value by marketing their quality and promoting constant improvement within the organization. Because of the ownership model, managers in different plants can capture value faster for clients with immediate fulfillment needs, as opposed to having to go through a system of approvals within Crown. To create value with the international market, Crown uses a national management system. They lean on the local managers to determine consumer needs and to provide consistent quality in developing nations. They capture this value through their â€Å"pioneer rights† strategy that allows them the first right of refusal on new contracts. Through this partnership, they lower the threat of rivals and increase barriers to entry.