Relevance of the Sarbanes-Oxley Act of 2002 to the Madoff Scandal Essay Example

Relevance of the Sarbanes-Oxley Act of 2002 to the Madoff Scandal Essay The investment scandal perpetrated by Bernard Madoff is the largest financial fraud in the history of capitalism. It is believed that Madoff’s secretive investment advice firm caused a loss of nearly $65 billions for the 4,000 odd investors who trusted his firm with their wealth. The investors consisted of several celebrities as well as people from middle and lower classes, thereby making the loss more acute for the latter group. This essay will explore the relevance of the Sarbanes-Oxley Act of 2002 to the Madoff Scandal. The Securities and Exchange Commission (SEC), which is an agency of the Federal government that is entrusted with the task of regulating the financial markets is one of the chief culprits behind this failure. The SEC had brushed aside several warning signals in the years leading up to 2008, either due to the incompetency of their auditing staff or due to collusion with the fraudsters. Ever since Madoff started his ponzi investment scheme two decades ago, there have been independent reports that questioned the sustained high earnings of Madoff’s investments, in spite of the market downturn. It was only in 2008 that the truth about the firm’s fabricated accounting practices came to light, following which Bernard Madoff was duly tried and convicted for 150 years in prison. (Long, 2009) We will write a custom essay sample on Relevance of the Sarbanes-Oxley Act of 2002 to the Madoff Scandal specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Relevance of the Sarbanes-Oxley Act of 2002 to the Madoff Scandal specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Relevance of the Sarbanes-Oxley Act of 2002 to the Madoff Scandal specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Unfortunately, for many investors, the conviction is not an adequate compensation for the amount of wealth they lost. Seen in this context, the enactment of the Sarbanes-Oxley Act in the year 2002 was long overdue. The act attempts to tighten accounting and audit procedures by making business corporations in America comply with higher standards of accountability. Studied in retrospect, the Madoff scandal could have been thwarted at an initial stage if the firm had complied with the regulations mandated by the Sarbanes-Oxley Act. For example, â€Å"Section 404 of the Sarbanes-Oxley Act requires each issuer’s annual report to include an internal control report which shall †¦ contain an assessment, as of the end of the most recent fiscal year of the issuer, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting. In addition, section 404 requires each issuer’s auditor to attest to and report on management’s internal control assessment†. (Coustan, 2004) When the Sarbanes-Oxley bill was initially proposed, it set out to address the loopholes then present in the corporate governance laws. While the whole of Sarbanes-Oxley Act includes many clauses and subclauses, its essence is to make accounting practices in the USA more ethical. The only drawback of such an elaborate reworking of corporate governance laws is the additional cost involved. It is a matter of speculation if the Madoff scandal could have been prevented had Sarbanes-Oxley been implemented earlier than 2002. But there is no doubting the fact that the accounting misrepresentations carried out by Bernard Madoff and his cohorts were in breach of Sarbanes-Oxley regulations, both in letter and in spirit. (Kohn, 2004) For example, Madoff’s ponzi investment scheme showed investors double digit annual returns on their investments, when in truth the money went straight to Madoff’s business bank account with Chase Manhattan Bank. Whenever an investor would request a redemption, Madoff’s firm would pay using funds from new investors, the excess being sent straight to the Chase Manhattan account. The trouble started when this vicious spiral of new infusions and redemptions went out of control. The savings and retirement pensions of many investors were lost in this artificial investment scam, reiterating the fact that regulatory overhauls such as Sarbanes-Oxley are highly relevant to the prevention of such scandals in the future. (Parles et. al., 2007) It should also be mentioned that the provisions under Sarbanes-Oxley are not universally welcome by accountants and managers. While some of the measures were inevitable, they also impose additional encumbrances on the business corporations. For example, a systematic study of managers’ opinions elicited mixed reactions. â€Å"The interviewees unanimously agreed the legislation has many good aspects. Specifically mentioned as a good idea was the part of section 302 requiring top management to certify it had reviewed each quarterly and annual report. Furthermore, requiring management to certify that the financial statements–and other financial information included in the reports fairly present the issuer’s financial condition, as well as the results of operations, will force management to become more engaged in the financial reporting process.† (Moberly, 2007) While there are more plusses than minuses, it would be premature to conclude that Sarbanes-Oxley has achieved its stated purpose. One should not expect the Act to be a panacea for improving financial reporting. It would be unreasonable to expect that fraud would be eliminated from Corporate America. Only in another five years’ time would researchers have enough time and data to perform longitudinal studies of the legislation’s effectiveness. The act can been deemed a success even if it reduces the magnitude of corporate crime (Green, 2005). In other words, making Corporate America crime free would be a Utopian dream; but frauds such as Enron and Lehman Brothers could be identified and thwarted at an earlier stage with greator vigilance from the regulators. References: Anatomy of a Credit Crisis. (2009). Australian Journal of Management, 34(1), i+. Coustan, H., Leinicke, L. M., Rexroad, W. M., Ostrosky, J. A. (2004). Sarbanes-Oxley: What It Means to the Marketplace; from Support to Apprehension, Accounting Professionals Express Their Thoughts. Journal of Accountancy, 197(2), 43+. Culp, C. L. Niskanen, W. A. (Eds.). (2003). Corporate Aftershock: The Public Policy Lessons from the Collapse of Enron and Other Major Corporations. Hoboken, NJ: Wiley. Ex-Madoff Executive Pleads Guilty to Fraud. (2009, August 12). Daily Herald (Arlington Heights, IL), p. 2. Green, S. (2005, March). The Limitations of the Sarbanes-Oxley Act. USA Today (Society for the Advancement of Education), 133, 66+. HE STOLE FROM THE RICH, THEPOOR THEINBETWEEN; Madoff’s Victims Hit out as the Conman Is Given 150-Year Prison Sentence. (2009, June 30). Daily Record (Glasgow, Scotland), p. 9. Kohn, S. M., Kohn, M. D., Colapinto, D. K. (2004). Whistleblower Law: A Guide to Legal Protections for Corporate Employees. Westport, CT: Praeger. Lander, G. P. (2004). What Is Sarbanes-Oxley?. New York: McGraw-Hill. Long, R. (2009, July 20). From the Desk of Bernard Madoff. National Review, 61, 41. Longnecker, B. M. (2004, May). The Sarbanes-Oxley Act: Altering the Fabric of American Business. USA Today (Society for the Advancement of Education), 132, 28+. Moberly, R. E. (2007). Unfulfilled Expectations: An Empirical Analysis of Why Sarbanes-Oxley Whistleblowers Rarely Win. William and Mary Law Review, 49(1), 65+. More Arrests on Way over Madoff Scandal. (2009, June 30). The Evening Standard (London, England), p. 33. Parles, L. M., O’Sullivan, S. A., Shannon, J. H. (2007). Sarbanes-Oxley: An Overview of Current Issues and Concerns. Review of Business, 27(3), 38+. Romano, R. (2005). The Sarbanes-Oxley Act and the Making of Quack Corporate Governance. Yale Law Journal, 114(7), 1521+. SEC Chief Outlines Plan to Build Investor Confidence. (2009, July 15). The Washington Times (Washington, DC), p. A12. Smith, R. C., Walter, I. (2006). Governing the Modern Corporation: Capital Markets, Corporate Control and Economic Performance. New York: Oxford University Press.

Occupational in Psychology

Occupational in Psychology "Nurses dispense comfort, compassion, and caring without even a prescription" (Val Saintsbury). This quote is true for patients all around the world that has experience the care and kindness of a good nurse. Usuimalo AhSoon Nua is a Licensed Practical Nurse (LPN) at the LBJ Hospital in Fagaalu for 32 years. I would say she knows something if not almost everything about being a nurse. Her job is to care for people who are sick, injured, convalescent, or disabled under the direction of physicians and registered nurses (RN).Usuimalo AhSoon Nua care for patients in many ways. Often, she would provide bedside care. At times she would measure and record patients' vital signs such as height, weight, temperature, blood pressure, pulse, and respiration. She also prepares and gives injections and enemas, monitor catheters, dress wounds, and give alcohol rubs and massages. To help keep her patients comfortable, she assists with standing, walking, moving them in bed, personal hygiene, dressing a nd even bathing.Journal of Health Psychology

The Circumstances of Adolf Hitlers 1943 Death by Suicide

The Circumstances of Adolf Hitlers 1943 Death by Suicide With the end of World War II imminent and the Russians nearing his underground bunker beneath  the Chancellery building in Berlin, Germany, Nazi leader Adolf Hitler shot himself in the head with his pistol, likely after swallowing cyanide, ending his own life just before 3:30 pm on April 30, 1945. In the same room, Eva Braunhis new wifeended her life by swallowing a cyanide capsule. After their deaths, members of the SS carried their bodies up to the Chancellery’s courtyard, covered them with gasoline, and lit them on fire. The Fà ¼hrer Adolf Hitler was appointed Chancellor of Germany on January 30, 1933, beginning the era of German history known as the Third Reich. On August 2, 1934, German President, Paul Von Hindenburg, died. This allowed Hitler to solidify his position by becoming der Fà ¼hrer, the ultimate leader of the German people. In the years following his appointment, Hitler led a reign of terror that embroiled many millions in the Second World War and murdered an estimated 11 million people during the Holocaust.​ Though Hitler promised that the Third Reich would reign for 1,000 years,1 it only lasted 12. Hitler Enters the Bunker As Allied Forces closed in on all sides, the city of Berlin was partially evacuated to prevent approaching Russian troops from seizing valuable German citizens and assets. On January 16, 1945, despite advice to the contrary, Hitler chose to hole up in the vast bunker located below his headquarters (the Chancellery) rather than leave the city. He stayed there for over 100 days. The 3,000-square-foot underground bunker consisted of two levels and 18 rooms; Hitler resided on the lower level. The structure was an expansion project of the Chancellery’s air raid shelter, which had been completed in 1942 and located under the building’s diplomatic reception hall. Hitler contracted Nazi architect Albert Speer to build an additional bunker under the Chancellery’s garden, which was located in front of the reception hall. The new structure, known as the Fà ¼hrerbunker, was officially completed in October 1944.  However, it continued to undergo several upgrades, such as reinforcement and the addition of new security features. The bunker had its own electricity feed and water supply. Life in the Bunker Despite being underground, life in the bunker exhibited some signs of normalcy. The upper quarters of the bunker, where Hitler’s staff lived and worked, were largely plain and functional. The lower quarters, which contained six rooms specifically reserved for Hitler and Eva Braun, contained some of the luxuries that they had become accustomed to during his reign.   Furniture was brought in from the Chancellery offices for comfort and decoration. In his personal quarters, Hitler hung a portrait of Frederick the Great.  Witnesses report that he stared at it on a daily basis to steel himself for the continued fight against outside forces. Despite the attempts  to create a more normal living environment in their underground locale, the strain of this situation was palpable. The electricity in the bunker intermittently flickered and the sounds of war reverberated throughout the structure as the Russian advance grew nearer. The air was stuffy and oppressive. During the final months of the war, Hitler controlled the German government from this dismal lair. The  occupants maintained access to the outside world via telephone and telegraph lines. High-level German officials made periodic visits to conduct meetings on items of importance related to the government and military efforts. Visitors included Hermann Gà ¶ring and SS Leader Heinrich Himmler, among several others. From the bunker, Hitler continued to dictate German military movements but was unsuccessful in his attempt to stop the forward march of Russian troops as they approached Berlin. Despite the claustrophobic and stale atmosphere of the bunker, Hitler rarely left its protective atmosphere. He made his last public appearance on March 20, 1945, when he surfaced to award the Iron Cross to a group of Hitler Youth and SS men. Hitler’s Birthday Just a few days before Hitler’s last birthday, the Russians arrived at the edge of Berlin and encountered resistance from the last remaining German defenders. However, since the defenders consisted of mostly old men, Hitler Youth, and policemen, it didn’t take long for the Russians to sweep past them. On April 20th, 1945, Hitler’s 56th and final birthday, Hitler hosted a small gathering of German officials to celebrate. The event was overpowered by the imminence of defeat but those in attendance tried to put on a brave face for their Fà ¼hrer. Attending officials included Himmler, Gà ¶ring, Reich Foreign Minister Joachim Ribbentrop, Reich Minister of Armaments and War Production Albert Speer, Propaganda Minister Joseph Goebbels and Hitler’s personal secretary Martin Bormann. Several military leaders also attended the celebration, among them were Admiral Karl Dà ¶nitz, General Field Marshall Wilhelm Keitel, and recently appointed Chief of the General Staff, Hans Krebs. The group of officials attempted to convince Hitler to evacuate the bunker and flee to his villa in Berchtesgaden; however, Hitler put up great resistance and refused to leave. In the end, the group gave in to his insistence and abandoned their efforts. A few of his most devoted followers decided to remain with Hitler in the bunker. Bormann remained along with Goebbels. The latter’s wife, Magda, and their six children also chose to remain in the bunker rather than evacuate. Krebs also remained below ground. Betrayal by Gà ¶ring and Himmler Others did not share Hitler’s dedication and instead chose to leave the bunker, a fact that reportedly upset Hitler deeply. Both Himmler and Gà ¶ring left the bunker shortly after Hitler’s birthday celebration. This did not help Hitler’s mental state and he is reported to have grown increasingly irrational and desperate in the days following his birthday. Three days after the gathering, Gà ¶ring telegraphed Hitler from the villa at Berchtesgaden. Gà ¶ring asked Hitler if he should assume leadership of Germany based on Hitler’s fragile state and the decree of June 29, 1941, that placed Gà ¶ring in the position of Hitler’s successor. Gà ¶ring was startled to receive a reply penned by Bormann that accused Gà ¶ring of high treason. Hitler agreed to drop the charges if Gà ¶ring resigned all of his positions. Gà ¶ring agreed and was placed on house arrest the following day. He would later stand trial in Nuremberg. Upon leaving the bunker, Himmler took a step that was even brasher than Gà ¶ring’s attempt to seize power. On April 23, the same day as Gà ¶ring’s telegram to Hitler, Himmler began movements to negotiate surrender with U.S. General Dwight Eisenhower. Himmler’s attempts did not come to fruition but word reached Hitler on April 27. According to witnesses, they had never seen the Fà ¼hrer so infuriated. Hitler ordered Himmler to be located and shot; however, when Himmler could not be found, Hitler ordered the execution of SS-General Hermann Fegelein, Himmler’s personal liaison who was stationed in the bunker. Fegelein was already on bad terms with Hitler, as he had been caught sneaking out of the bunker the previous day. Soviets Surround Berlin By this point, the Soviets had started bombarding Berlin and the onslaught was unrelenting. Despite the pressure, Hitler remained in the bunker rather than make a last minute escape attempt to his hideaway in the Alps.  Hitler worried that fleeing could mean capture and that was something he was unwilling to risk. By April 24, the Soviets had the city completely surrounded and it appeared that escape was no longer an option. Events of April 29 On the day that American forces liberated Dachau, Hitler began the final steps toward ending his life. It is reported by witnesses in the bunker that shortly after midnight on April 29, 1945, Hitler married Eva Braun. The pair had been romantically involved since 1932, although Hitler was determined to keep their relationship fairly private in its initial years. Braun, an attractive young photography assistant when they met, worshipped Hitler without fail. Although he is reported to have encouraged her to leave the bunker, she vowed to stay with him until the end. Shortly after Hitler married Braun, he dictated his last will and political statement to his secretary, Traudl Junge. Later that day, Hitler learned that Benito Mussolini had died at the hands of Italian partisans. It is believed that this was the final push towards Hitler’s own death the following day. Shortly after learning about Mussolini, Hitler is reported to have asked his personal physician, Dr. Werner Haase, to test some of the cyanide capsules he had been given by the SS. The test subject would be Hitler’s beloved Alsatian dog, Blondi, who had given birth to five puppies earlier that month in the bunker. The cyanide test was successful and Hitler was reported to have been rendered hysterical by Blondi’s death. April 30, 1945 The following day held bad news on the military front. Leaders of the German command in Berlin reported that they would only be able to hold off the final Russian advance for another two to three days, at most. Hitler knew that the end of his Thousand Year Reich was fast approaching. After a meeting with his staff, Hitler and Braun ate their final meal with his two secretaries and the bunker’s cook. Shortly after 3 pm, they said goodbye to the staff in the bunker and retired to their private chambers. Although there is some uncertainty surrounding the exact circumstances, historians believe that the pair ended their lives by swallowing cyanide while sitting on a couch in the sitting room. For added measure, Hitler also shot himself in the head with his personal pistol. Following their deaths, Hitler and Braun’s bodies were wrapped in blankets and then carried up into the Chancellery garden. One of Hitler’s personal assistants, SS Officer Otto Gà ¼nsche doused the bodies in gasoline and burned them, per Hitler’s final orders. Gà ¼nsche was accompanied to the funeral pyre by several of the officials in the bunker, including Goebbels and Bormann. The Immediate Aftermath Hitler’s death was publicly announced on May 1, 1945. Earlier that same day, Magda Goebbels poisoned her six children. She stated to witnesses in the bunker that she did not wish them to continue to live in the world without her. Shortly thereafter, Joseph and Magda ended their own lives, although their exact method of suicide is unclear. Their bodies were also burned in the Chancellery’s garden. On the afternoon of May 2, 1945, Russian troops reached the bunker and discovered the partially burned remains of Joseph and Magda Goebbels. Hitler and Braun’s charred remains were found a couple of days later. The Russians photographed the remains and then reburied them twice in secret locations. What Happened to Hitler’s Body? It is reported that in 1970, the Russians decided to destroy the remains. A small group of KGB agents dug up the remains of Hitler, Braun, Joseph and Magda Goebbels, and the Goebbel’s six children near the Soviet garrison at Magdeburg and then took them to a local forest and burned the remains even further. Once the bodies had been reduced to ash, they were dumped into a river. The only thing not burned was a skull and part of a jawbone, believed to be Hitler’s. However, recent research questions that theory, finding that the skull was from a woman. The Fate of the Bunker The Russian army kept the bunker under close guard in the months following the end of the European front. The bunker was eventually sealed to prevent access and attempts were made to detonate the remains of the structure at least twice over the next 15 years. In 1959, the area above the bunker was made into a park and the bunker entrances were sealed. Because of its proximity to the Berlin Wall, the idea of further destroying the bunker was abandoned once the wall was built. The discovery of a forgotten tunnel renewed interest in the bunker in the late 1960s. The East German State Security conducted a survey of the bunker and then resealed it. It would remain this way until the mid-1980s when the government built high-end apartment buildings on the site of the former Chancellery. A portion of the bunker’s remains were removed during excavation and the remaining chambers were filled with earthen material. The Bunker Today After many years of attempting to keep the location of the bunker secret to prevent Neo-Nazi glorification, the German government has placed official markers to show its location. In 2008, a large sign was erected to educate civilians and visitors about the bunker and its role at the end of the Third Reich.

World History I Essay Example | Topics and Well Written Essays - 500 words - 1

World History I - Essay Example However as we very well know, that situation is not true and Diamond (1997) presents some very interesting insights into how and why the development of societies took place as it did. The explanations given by him are quite interesting since they are logical and appear to make perfect sense. For instance, the argument about technology appeals considerably because today we live in a world which is very technology oriented and it is clear that countries which have taken modern technology to be an integral part of their economies have gained a lot from it. For example, in recent years both India and China have become economic giants mainly due to the investment in technology made by their respective governments and due to the technological contacts they have had with western powers like America and Europe. Of course the development of America is simply a result of the development of the European powers and their ability to create a food surplus from agriculture and domestication of animals. Diamond (1997) is correct when he says that African armies on rhinos and hippos could have decimated European cavalry charges but horses were domesticated while rhinos and hippos still remain wild and dangerous animals. The food surplus created by effective management and agriculture caused populations to expand which often meant that the chances of a region producing a thinker, inventor or discoverer were also increased. Additionally, the argument about human contact improving societies is very true since the contact between the Europeans, the Arabs, the Indians and the Chinese eventually took technologies like cartography, paper, numbers, and many other developments from one end of the globe to the other. The example of Australia in its relative isolation is quite correct since Australia did not know about these developments there was little chance of them developing these technologies on the same lines as the Eurasians. So the two fundamental

Liability & Use of Force Assignment Example | Topics and Well Written Essays - 1000 words

Liability & Use of Force - Assignment Example Some state statutes actually necessitates that the other individual should have received the demand or request, and confirmation of commission about the overt act in furtherance of the conspiracy. Examples of such crimes include solicitation of murder, prostitution or bribery. In other statutes, solicitation crime takes place right away the asking occurs despite of what the outcomes of such a deed are whether or not, the solicited individual was ready and capable to conduct the offense or not. States do have specific solicitation statutes as well as general solicitation statutes, such as obstruction of justice solicitation (Ross, 2012). A number of statures require specific corroboration necessity under general solicitation. A case in point is the Texas penal code section 15.03(b) which defines that any individual cannot be convicted under such section based on uncorroborated testimony of the individual purportedly solicited evidence (Gardner & Anderson, 2011). Two options are used w hen trying to prove that a defendant is guilty of solicitation crime. Firstly, there is the provision of corroboration only a single witness plus corroborating evidence. Second, corroboration is provided by two witnesses, in addition to the corroborating evidence. Thus, under a solicitation crime, the corroborating evidence needs to link crime commission to the accused. That is why it is independent from witness confirmation facts. It may comprise acts, behavior, statements, as well as other circumstances that display a link of the defendant to the stated crime (Singer & La Fond, 2010). Question 2 Conspiracy is substantiated when there is an accord to perform any illegal act. However, majority of the federal statutes necessitate that one of the co-conspirators should have commit an overt deed, such as assassination, abduction, defrauding of the government, or else commit a breach of a person civil rights in furthering the intentions of the conspiracy (Gardner & Anderson, 2011). Furt hermore, there is no much consideration concerning which one of the supposed co-conspirators performed the overt act.   Thus, it need not be a criminal deed, but just a single overt deed is sufficient to establish the reality of the conspiracy (Gaines & Miller, 2012). The reason being that without an overt action, it is not legally sufficient to validate that the said crime was performed with the declarant being conscious of the present conspiracy, and went further to get  connected to such a crime intentionally. The rationalization is that the declarant collaborated positively inside the action, or just offered an agreement to collaborate, and which does not substantiate that they participated in the crime (Gardner & Anderson, 2011).   Notably, the overt act cannot be brought against the other suspected co-conspirators, when it was not wished to further the broader intentions of the conspiracy. Nevertheless, it qualifies when both clandestinely planned to further the particip ant own individual purpose.   Moreover, the overt act need not be a subsequent autonomous act which follows the structure of the conspiracy. When it comes to multiple conspiracies, the defendant can be linked to different conspiracy, and the co-conspirator is the only individual permitted to tender

Macro Environmental Forces Slept Analysis Marketing Essay

Macro Environmental Forces Slept Analysis Marketing Essay The financial crisis initiated four years ago has been the reason for purchasing cuts on all dispensable products. Bottled water has been perceived as one of them and, therefore, its consumption has slightly decreased (Mintel, 2012). Consumers are not keen any more to pay for unnecessary goods and services, especially, those which can be substituted for other alternatives, for instance, the consumption of tap water in replace of bottled water. This could suggest that the issue has influenced the consumers mind by inciting them to drink tap water rather than to spend extra money on something which can be obtained for an extremely cheap price. Thus, the companies find themselves in a position where they need to reduce the price of their products in order to keep the business afloat. According to the newspaper reporter Smithers (2009) from the Guardian, the immediate impact of this credit crunch meant a declination of 9 % on number of bottles sold in the UK. http://www.guardian.co.uk/lifeandstyle/wordofmouth/2009/mar/23/bottled-water-sales-fall The companies have needed to find a reason which could motivate consumers to appreciate the benefits of bottled water and, hence, motivate them to purchase it as the economy has become an issue preventing its sales even though it is currently showing a slow improvement (The Guardian, 2012). http://www.guardian.co.uk/business/2012/oct/25/british-economy-recession LEGAL FACTORS Specification of components and labelling requirements Bottled water companies production in the UK is restricted by laws at European and national level which not only concern with the protection of consumers but also the protection of the environment (Bottled water information, no date). The Food standard legislation is one of those regulations and it defends the rights of the consumers from being mislead when purchasing a food product (Food Standards Agency, no date). As a result, bottled water producers are obliged to state the components of the water ensuring the customers awareness of them. The labels of their products must specify these constituents. However, the requirements and rules on the positioning and labelling are different depending on the water category: natural mineral water, bottled drinking water and spring water (Mendip District Council, 2010). http://www.mendip.gov.uk/CouncilService.asp?id=SX9452-A7808400 Natural mineral waters must come from a recognised underground source and can only be subject to very limited treatments.   Any water labelled spring water must come from an underground source and meet certain exploitation and labelling requirements but does not need to be from an officially recognised source.   Bottled drinking can come from any water source and has fewer labelling restrictions than the other two categories Department of Environment, Food and Rural Affairs (no date). The aim of this regulation is to stop the use of ozone-enriched air, in the case of the spring water, as disinfectant treatment and to ensure a better healthcare by reducing the toxic substances. The bottled water producers have to make sure to follow these rules before placing their products in the market place. Regulations to reduce environmental impacts Bottled water may be a serious impact on the environment and, for that reason; there are existing harsh rules which determine the way companies have to operate in order to maintain the impact to the lowest. Companies have to ensure they use the natural resources in a sustainable way (Bottled water information UK, no date) because the situation has come to a stage where their contribution in pollution is really significant. The production of plastic bottles and the transportation of water have actively affected the medium. Every year more than 3.5 billion pounds of PET plastic bottles come to be roadside litter, worthless material (Hays, no date, p:15)and another large quantity is burned liberating harmful pollutants into the atmosphere. Some companies have tried to improve their brand image by launching  initiatives with environmental words like plastic neutral and zero waste. However, campaigners still believe that generating and eliminate plastic bottles are catastrophic to the environment in any circumstance (Manchester Evening News, 2009). The Environmental Agency, the institution standing for the care of the environs, has dictated the Environmental Permitting Regulations 2010 which controls this liberation of contaminants into the air from large and multiple industrial operations (Environment Agency, no date). The bottled water producers are forced to find a way not to surpass these established limits as their infringement could lead to serious consequences. POLITICAL FACTORS This industry has constantly been affected by a succession of negative impacts as it has been seen previously. However, it has also taken advantage of opportunities which have been presented through positive factors. One of these opportunities is the health report given by the government which remarks the importance of drinking water, being hydrated .This health report is the new marketing strategy that the business needed in order to re-position itself in the market. Consumers commence to take more consideration for their health. Nonetheless, the main target that the government is intending to appeal is children as the obesity and other health issues are rapidly increasing in their sector (National Health Service Information Centre, 2012, p:24) .They want to influence them to follow a healthier lifestyle. http://www.ic.nhs.uk/webfiles/publications/003_Health_Lifestyles/OPAD12/Statistics_on_Obesity_Physical_Activity_and_Diet_England_2012.pdf The Health Protection Agency, a department which concerns with the health issues, wants to prevent and significantly reduce the morbidity and mortality arising from gastrointestinal disorders and other health effects, by ensuring that adequate measures are taken to improve access to safe and affordable water and adequate sanitation for all children Health Protection Agency (no date). This is a clear chance for the bottled water producers to stand and succeed generating a product which appeals to this particular target audience. Different sizes of bottles which can fit in their hands or in their launch box. Moreover, it has helped to create new advertising campaigns that promote and highlight the gains obtainable from bottled water, for example, Nestlà ©s pure life 2011 advertising campaign (YouTube, 2011). http://www.youtube.com/watch?v=oS5P9Y-ah3s SOCIAL FACTORS The bottled water industry has witnessed certain social aspects occurred in the outside world which have sometimes jeopardized its place in the beverage market. Nevertheless, some others factors have also become new doors for the business to expand. The conditions of tap water and its taste have caused a growth of tension among people. Consequently, consumers have started demanding something purer with nutrients and vitamins (McQueeney, 2012). It is then that the bottled water producers have realized the need of creating a product which suits the requests of this particular type of customer. They have understood their message by launching a range of bottled waters with different flavours widening, in this way, their choice (Jones, 2009). Volvic is clear example of one of those companies which has grasped this opportunity. http://www.beveragedaily.com/Markets/Flavour-and-function-triumph-in-bottled-water-market Another revolutionary social fact that changed the industry is the rise of body/health consciousness (NamNews, 2010). Society has become increasingly obsessed with their body shape to the point of being selective with the food and the drinks they consume. Food and drink production companies noticed that a place was being created for products low in calories which meant a new way to develop business (Public Relations Web, 2012). The bottled water market is one of the industries that considered that it was coming to be a sizeable and relevant market. Therefore, they strived to find a way to connect fitness with water (Forsyth, 2010). They created advertising campaigns where the characters (with great bodies) were involved in some kind of sport or activity. They were effective because people started to perceive water as indispensable for active life. However, there still was the need to portray that, to have the best of the bodies, the best water had to be consumed. That is exactly what Evian did. http://www.prweb.com/releases/food_additives_acidulants/fat_replacers_sweeteners/prweb10148697.htm http://www.bbc.co.uk/news/business-11813975 The French brand Evian recognised the growing, wider health and fitness trend and exploited it to the full by marketing their bottled water the ultimate health and wellness product Forsyth, H. (2010). Bottled water was now being included as part of the shopping list and its demand has rapidly increased as people live a more beneficial life (BBC Two, 2010). http://www.kamcity.com/namnews/asp/newsarticle.asp?newsid=41408 https://release.worc.ac.uk/watch.php?r=ZC72HMLN TECHNOLOGICAL FACTORS For any bottled water company, the expense to generate its products requires constant analysis at all levels. The extensive companies keep becoming stronger, coercing the suppliers to enhance quality and productivity but diminishing costs (Pall Corporation, 2006). This could be possible with the apparition of a new revolutionary way of production that could actually achieve that: The hollow fiber membrane technology. http://d2xjwcgentlu24.cloudfront.net/pdfs/Food-and-Beverage/Bottled_Water_App_Bulletin.pdf This innovation is based on the separation of both gassy and liquid elements. It has been demonstrated that the membranes work in water treatment. As a result, its development still proceeds. Nevertheless, there are few remaining problems that need to be solved (Stanford Research Institute International, no date). The European Commission (2010, p:9) also agrees with that. For that reason, it also emphasizes the relevance of this problem which makes it point of focus in its investigation. http://www.sri.com/work/projects/advanced-hollow-fiber-membrane-water-purification http://ec.europa.eu/research/environment/pdf/membrane-technologies.pdf MICRO-ENVIRONMENTAL FORCES The bottled water industry has faced some internal aspects occurring in its environment which have been harnessed appropriately in order to help the business boost its sales: competitive advantage within the soft drink market, convenience of bottled water, rise of focus on better healthcare, increase of eco-friendly interest ,etc (Mintel, 2012). COMPETITORS The successful outcome and behaviour of a company depend on the competition level in its market (Oxford University Press, 2007). Thus, companies must identify their relevant competitors in order to generate the most efficient marketing strategy to obtain profits and also help them become the leading company in their product category. The bottled water producers have made sure to achieve a developed competitive advantage which has helped them gain position (Mintel, 2012). For that reason, it is wrong to believe that tap water is the industry main competitor. Bottled water is currently occupying a high position in the market competing in the same level as soft drinks. It has maintained competitive prices by offering the minimum cost which has proved to be effective as it continues to be appealing to those customers seeking value for money (Mintel, 2012). The soft drink industry has struggled to sell its products due to the unfavourable publicity causing consumers to change their drink choices for healthier ones (Highbeam Business, 2012). This has meant a huge opportunity for the bottled water brands to gain popularity over their competitors. That is the reason why some big distributors of soft drinks, such as Coca-Cola and Pepsi, have realized the need to also get involved in the distribution of bottled water (i.e. Dasani, Aquafina) with the interest of expanding the business (McWilliams, 2010). However, some have succeeded in this purpose more than others. Today bottled water is the fastest-growing beverage category in the world (FiberWater, no date) despite their rivals try hard other strategies to recover their losses and regain market share. CUSTOMERS The number of consumers that see their lives as time-pressured grows every day (Mintel, 2012). According to this fact, convenience becomes an important factor influencing their decisions when purchasing a drink or a food product (Wales, 2009). That explains the growth of microwave dinners, drive-thru windows and online purchasing of groceries. However, there are other reasons that make bottled water convenient. When people buy it, what they are buying it is not the water so much as the bottle, what they are buying is the convenience of the package at that moment (Fisherman, 2010). If one finds himself in a situation where there is need of drinking water while being out (without availability of tap water), the first thing that would come to mind is to buy a bottle of water from the nearest store. In short, this suggests that what the industry is actually selling is the benefits of the product (portable, opportune at the needed time) which is what the customer wants, rather than produc t itself. The focus of the customers on convenience is good news for the industry as they gradually switch to the appropriateness of the beverage (Australasian bottled water institute, no date) with the extended variation of leisure activities, travelling and also the growth of life out home. http://www.bottledwater.org.au/scripts/cgiip.exe/WService=ASP0003/ccms.r?PageId=5002 SEGMENTATION, TARGETING POSITIONING The bottled water companies need to recognize and describe their potential markets. They need to break them down into different segments using demographic variables, psychographic variables and/or behavioural variables. Once this step is fulfilled, they have to evaluate the relevant segments and decide which ones to target. Finally, they design the product which meets the requirements of their targeted audience (Adcock et al., 2001). The market can possibly be divided by using different variables. However, the most relevant for the bottled water industry is probably the behavioural variables: non-users, light, moderate or heavy users (E-learn portal, 2012). For example, according to Euromonitor (2002) the bottled water consumption was heavy in Italy with an average of 155 litres per person a year while it was light in Finland with an average of 14 litres per person. http://www.elearnportal.com/courses/business/consumer-behavior/consumer-behavior-market-segmentation http://www.nationmaster.com/graph/foo_bot_wat_con-food-bottled-water-consumption EVIAN Evian is UK leading brand specialized in the distribution of bottled water (BBC, 2012). It is part of the product mix supplied by the French company Danone. http://www.bbc.co.uk/news/uk-scotland-scotland-business-19743806 The brand is generally aimed at heavy mineral water drinkers (Nielsen, 2009). However, on a detailed basis, Evian targets people of all ages; mums, babies, children, seniors and also people who carry an active lifestyle (Evian PET bottles), for example, students. Moreover, it also aims at restaurants, hotels and nightclubs as that explains the existence of Evian glass bottles (Evian, no date). A lot of people would say water does not offer too many opportunities. Nevertheless, Evian has achieved positioning its brand in the premium market by gaining from every parent concerned for the health of their newborns (Michael, 2012). Evian uses a unique brand communication which proves to be effective. It was clearly reflected on their advertising campaign under the slogan Live Young (Lab Brand, 2009). Brand Positioning on Emotional Benefits http://www.labbrand.com/brand-source/evian-strives-brand-differentiation-build-brand-equity EVIANS MARKETING MIX PRICE Evian wants the customers to distinguish their product as being a luxury from Mother Nature; consequently, they price it at the premium level (Fisher, 2012). This is due to the reliance they have developed over the years since the establishment of the brand. The price is what gives standard to their product line (Kapferer, 2008). The following image gives an idea of the average price of Evians product line in Tesco. Figure 1: Evian brand price at Tesco (My supermarket 2012). PLACE Evian clearly distributes its bottles through supermarkets, such as, Tesco, Asda, Waitrose, Ocado and Sainsburys (My supermarket, 2012). Similarly, they use some smaller retailers as their supply channel as it is a wider way to reach their customers. In some occasions, the brand may also be placed in vending machines as it can be seen in the picture below. http://t3.gstatic.com/images?q=tbn:ANd9GcRL-LKivJKsbaGbwI7qTyEq0EG-7BkObbtFCXPi_ykx8sFpS33eoQ Figure 2: Evian bottles in a vending machine (Source: Google, 2011). PRODUCT The brand offers ranges of bottles suited to each of their different target audiences. For example, the PET bottles for sports practitioners and the glass bottles for the restaurants. It is noticeable that the firm uses different materials to generate its bottles: plastic bottles, resistant to movement, and glass bottles, more delicate, sign of sophistication (Evian, no date). In addition, Evian offers its water in bottles of different sizes adapted to the convenience of the customer. http://www.evian.com/files/contents/38/bottles_PET_BE.png Figure3: Evian bottles in different sizes (Source: Evian, no date). PROMOTION It uses different ways to communicate its message to the target audience with the interest of creating a connection between them and the product. Some of the various effective techniques they utilize to make that possible are brand endorsement and advertising through different channels. In addition, the brand is sponsor of sport icons like Maria Sharapova (The drum, 2012). Figure 5: Evians billboard advert (Source: Google 2012). Figure 4: Evians brand endorsement (Source: AdWeek 2006).http://t3.gstatic.com/images?q=tbn:ANd9GcSwg1SFW7p_fwN4mSlHvY0Pdu9WHXFWizkyTgMIYXuRCfBouuoqCYvGtj1bSA http://t2.gstatic.com/images?q=tbn:ANd9GcQ9zwxjho_G7ARm8PA5qhZORnp-MylAVKZVyPCrw_cIxunvbXiKLw http://liamsmarketingandprblog.blogspot.co.uk/2012/11/analysis-and-swot-analysis-of-one-brand.html http://books.google.co.uk/books?id=8PoItiB7bicCpg=PA235lpg=PA235dq=evian-+premium+pricesource=blots=ewZc0xoEWBsig=_b3qj2975SIOafxq1j49xu89Ldghl=ensa=Xei=NO61UO_yLYiH0AW69YHoBgved=0CFkQ6AEwBg#v=onepageq=evian-%20premium%20pricef=false http://www.mysupermarket.co.uk/brands/evian_in_tesco.html http://www.mysupermarket.co.uk/#/tesco-price-comparison/mineral_water/evian_natural_still_mineral_water_2l.html http://www.google.co.uk/imgres?q=Evian+bottles+in+a+vending+machineum=1hl=ensa=Ntbo=dbiw=1366bih=653tbm=ischtbnid=Ut337L89YKN7rM:imgrefurl=http://vintage.johnnyjet.com/folder/archive/France-South-Nice-Aix-en-Provence-DiScala-Wedding-Chateau-Grimaldi-Best-Western-2011-7.htmldocid=Wxlz77d416FJLMimgurl=http://vintage.johnnyjet.com/photos-2011/Nice-France-June-2011-176.jpgw=640h=480ei=SOu5UJXeGcLF0QWAqIHIAwzoom=1iact=rcdur=399sig=113099667739855397104page=1tbnh=143tbnw=212start=0ndsp=23ved=1t:429,r:22,s:0,i:157tx=131ty=95 http://www.evian.com/en_GB/54-evian-PET-bottles James Blake is cool, but can he heat up? http://www.google.co.uk/imgres?q=evian+billboard+adsstart=185hl=ensa=Xtbo=dbiw=1366bih=653tbm=ischtbnid=Op4ec1VRnuLuXM:imgrefurl=http://www.artrick-playground.com/article/Evian-T-Shirts-Are-Back/3247/1024811docid=4RFzSZrgBnMPyMimgurl=http://www.artrick-playground.com/static/images/3247/Evian-T-Shirts-Are-Back_1024811_profile.jpgw=440h=330ei=XuO5UP2CGqrQ0QWln4GgBgzoom=1iact=hcvpx=1066vpy=301dur=485hovh=194hovw=259tx=147ty=66sig=113099667739855397104page=8tbnh=149tbnw=214ndsp=34ved=1t:429,r:78,s:100,i:58 http://www.thedrum.com/news/2012/06/28/evian-extends-sponsorship-deals-maria-sharapova-and-wimbledon

Analysis of the Forge by Seamus Heaney Essay

The title of the poem means a blacksmith.The line presents a contrast between the dark, the older time period of his profession, and the outside, modern world, in which his profession is less visible and honored.The poem uses the image of a blacksmith and the nature of the profession. â€Å"Old axles and iron hoops† show that he has been doing this for years.The previous line describes how the older tools are outside, outdated and now unusable they are. In this line however it talks about how although the old and once trusted tools are no longer in use, work is continuing on in the blacksmith’s shop. Their work does not stop just as the times change and new equipment is developed.â€Å"The unpredictable fantail of sparks† describes how long the black smith has been working. Being a blacksmith, shifting metal has certain qualities. Such as when the sparks fly.He notices the sparks can symbolize how the sparks seem never ending there are too many of them. This coul d also be shown as his life in the blacksmith profession, Neverending and unpredictable.This line describes how when something new comes into the blacksmith shop it doesn’t fit in well. The change is not adapted to the shop.This line shows the image of putting a hot horseshoe in cold water, the steam rising up as the cool water hits the heated steel.Describing the ring of the anvil the hiss of the water. It uses sound to tell the reader in the environment and action he is in.The fact that the anvil has to be in the â€Å"centre† shows the importance that the blacksmith puts on the anvil. since he later refers to it as an â€Å"altar† it relates to the fact that he treats it religiously, its very important. The altar is place in the center so that it can be the center of everything in order to honor the item and give it worship.It is also described with the word â€Å"unicorn† gives the anvil a fantastical and mystical quality which also shows that the blacksmith relies on it very much. The anvil is like dark age of the man. It’s foreign to the rest of society.Also he is talking about the anvil and how it is a simple tool that is square wi th two horns on each end. There is nothing fancy or detailed, reflecting the past and how tools and other things were made for one purpose only and that was to get the job done nothing else. Many tools have numerous detailed parts to them. Yet here is this blacksmith who is stuck in his ways and refuses to move forward with the rest of the world and  stick to his old ways. However the blacksmith himself views his work, and calls the anvil an â€Å"altar† which supports how much he honours his work. Where he â€Å"expands himself in shape and music† shows how more focused on his anvil.The blacksmith sees his work as something that is highly valuable and you should people should respect him for that. Furthermore the profession of a Blacksmith is not nice and sweet . It is not about looking good while being at work, rather it is only about making a useful object for someone else.The â€Å"Sometimes† of this line shows that the job of a blacksmith is not in a suit and tie kind of job. There is no profession and no required uniform. He has been doing this job for such a long time, that he has lost the urge to look or dress a certain way. All of his customers have known him for a long time and know what all he does, so he has become comfortable with who he is and does not worry if there are â€Å"hairs in his nose. †Leaning† means he is maybe tired of doing his job and the effort he puts in is fading away. In this line the speaker shows his enjoyment of his work but as he is getting older doesn’t care as much. His references the â€Å"clatter of hoofs where traffic is flashing in rows† referring to a time when the street were his place of business and was not filled with cars, but with horses.This can be further informed on line five â€Å"Or the hiss when a new shoe toughens in water† This line also shows the speakers change and how the modern world finds him remarkably old. The blacksmith has seen his job as his main routine in hi s life working with the â€Å"bellows† and beating â€Å"real iron†.The poem ends in this image to show that a persons way of life is natural.